# Due Dilly > The money is always talking. We help you listen. Public Ghost content for AI and LLM tooling. This file includes a bounded export of public pages first, then recent public posts. Append `.md` to any post or page URL to get the content in Markdown (for example, `/example-post.md`). ## Pages ### About URL: https://www.duethedilly.com/about/ Last updated: 2026-04-26T02:13:31.000Z ## What is Due Dilly? Due Dilly is a research practice and platform focused on understanding how money actually moves, and what happens becaause of it. Every headline, every acquisition, every collapse, every “overnight success” is preceded by a paper trail: contracts, cap tables, side letters, incentive structures, governance decisions, and quiet negotiations. Those documents exist long before the narrative does. We study that layer. Due Dilly examines the mechanisms behind transactions, institutions, and power. Not what happened, but how it happened. Not *just* the signal, but the system producing it. The money is always talking. We help you listen. ## Who are you ? ![](https://www.duethedilly.com/content/images/2025/12/Screenshot-2025-12-15-at-5.26.45---PM.png) Jonathan Jackson (L) and Carl Joseph-Black (R). 📸 Chuck Marcus Carl is an New York State licensed attorney for venture funds, startups, and creators. Jonathan is an operator and strategist, who co-founded [Blavity Inc.](https://www.blavityinc.com/?ref=duethedilly.com) ## Sign up for Due Dilly The money is always talking. We help you listen. Subscribe Email sent! Check your inbox to complete your signup. No spam. Unsubscribe anytime. ## What to expect If you care about how things actually work—and why outcomes look inevitable only in hindsight—you are in the right place. We're what you read to get smarter before a meeting, and to take a longview after one, and to help you build what is coming next. ## The Due Dilly Ecosystem We have two newsletters and a podcast. 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I’m just a gangsta I suppose.” - Avon Barksdale![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--9.png)Due DillyCarl Joseph-Black![](https://www.duethedilly.com/content/images/thumbnail/marlo-money-gif-2.gif)](https://www.duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/) [The Dime💰 Notes on Venture Capital - Part II: How to raise the money“Man, money ain’t got no owners. Only spenders.” - Omar Little![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--10.png)Due DillyCarl Joseph-Black![](https://www.duethedilly.com/content/images/thumbnail/now-you-re-in-the-game-1.gif)](https://www.duethedilly.com/the-dime-venture2raising/) [The Dime💰 Notes on Venture Capital - Part III: What metrics matter and why“You juke the stats, and majors become colonels.” - Roland ‘Prezbo’ Pryzbylewski![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--11.png)Due DillyCarl Joseph-Black![](https://www.duethedilly.com/content/images/thumbnail/prezbi.gif)](https://www.duethedilly.com/what-metrics-matter-and-why/) [The Dime 💰 - Venture Capital Is Changing: What Founders Need to Know“So it’s grade school T-Ball versus the New York Yankees.” - Walter White![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--8.png)Due DillyCarl Joseph-Black![](https://www.duethedilly.com/content/images/thumbnail/say-my-name.png)](https://www.duethedilly.com/the-dime-venture-capital-is-changing-what-founders-need-to-know/) ### Creator Economy ### [Cayman for Creators: How South Africa Could Shake Up the Global Creative Economy](https://www.duethedilly.com/cayman-for-creators/) ### [The Dime💰 - Artists Deserve Cap Tables Too: Why the Artist Corporation, and the LP Model, Might Be the Future of Creative Independence](https://www.duethedilly.com/the-dime-artists-deserve-cap-tables-too-why-the-artist-corporation-and-the-lp-model-might-be-the-future-of-creative-independence/) ### Deal Structure [Deal or No Deal: How a creator takes investment, and what it meansMuch has been made about the future of what creator economy is, could be, and is turning into. So here’s a real deal, with an actual person, and what the thesis was. Hopefully the gives a tangible example of both how a business is being built, and why an![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--17.png)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/thumbnail/Due-Dilly-Trailer-1.gif)](https://www.duethedilly.com/deal-or-no-deal/) ### [Ryan’s World: Obsession, Deep Collaboration, and Deal Terms](https://www.duethedilly.com/ryans-world-obsession/) ### ### Media & Advertising [Free Agency Vol. 15 📈 : Media operates on a Power Law. Understanding it can change everything.The math continues to math.![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--13.png)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/thumbnail/Gangnam-Style.jpg)](https://www.duethedilly.com/free-agency-vol-15-the-dominance-of-the-bedroom-documentarian-2/) [The Not So Secret Media Job MarketWhat was low is now high, and it’s all the same.![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--14.png)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/thumbnail/1774405673090.jpeg)](https://www.duethedilly.com/the-not-so-secret-media-job-market/) ### Artificial Intelligence [The Dime💰- AI Plug-ins and Lawsuits](https://www.duethedilly.com/the-dime-ai-plug-ins-and-lawsuits/) ### [The Dime💰: AI For The Public's Benefit](https://www.duethedilly.com/the-dime-ai-for-the-publics-benefit/) ### Mergers & Acquisitions [The Dime💰 - Spotify Buys WhoSampled“The Future Is Real. The Past Is All Made Up.” - Logan Roy![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--12.png)Due DillyCarl Joseph-Black![](https://www.duethedilly.com/content/images/thumbnail/whosampled-spotify-2.webp)](https://www.duethedilly.com/the-dime-4/) [The $100B PDF: How Paramount Is Fighting Netflix(Almost) everything you need to know is in a presentation everyone has too much ‘expertise’ to read.![](https://www.duethedilly.com/content/images/icon/Youtube-Podcast-Background--16.png)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/thumbnail/photo-1623375428145-4d276c83ce5e-2)](https://www.duethedilly.com/paramount-netflix-warner-brothers/) ### Subscribe URL: https://www.duethedilly.com/subscribe/ Last updated: 2024-09-04T01:55:23.000Z _No content available._ ### Welcome to Due Dilly URL: https://www.duethedilly.com/welcome/ Last updated: 2024-09-10T01:41:32.000Z Hi! Welcome to Due Dilly. We're grateful you're with us. 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[Due Dilly Episode 1: One Smart Black BoyWhen Jay opened the market up, how big did it get?![](https://www.duethedilly.com/content/images/size/w256h256/format/png/2022/07/Due-Dilly-Trailer-high.GIF)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/2022/07/DD_Episode-1.jpeg)](https://www.duethedilly.com/due-dilly-episode-1-one-smart-black-boy/) [Due Dilly Episode 2: Operation Takeover Corporate6 years after selling Rocawear, Jay is back outside, with capital and a plan for more independence.![](https://www.duethedilly.com/content/images/size/w256h256/format/png/2022/07/Due-Dilly-Trailer-high.GIF)Due DillyJonathan Jackson![](https://www.duethedilly.com/content/images/2022/08/tidal-568799609-1.jpg)](https://www.duethedilly.com/episode-2-operation-takeover-corporate/) [Even If I Fall, I Land on A Bunch of MoneyHov certainly did, but Hov has been DOING it for a long time. 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Always. ### Archive URL: https://www.duethedilly.com/archive/ Last updated: 2024-09-04T22:27:42.000Z _No content available._ ### Tip Jar URL: https://www.duethedilly.com/tip-jar/ Last updated: 2025-03-20T17:47:51.000Z _This page is for subscribers only._ ### Advanced User Settings URL: https://www.duethedilly.com/advanced-settings/ Last updated: 2025-03-20T17:47:51.000Z _This page is for subscribers only._ ### Group Subscriptions URL: https://www.duethedilly.com/group-subscriptions/ Last updated: 2025-03-20T17:47:52.000Z _This page is for subscribers only._ ## Posts ### The Dime💰- Oura Farming URL: https://www.duethedilly.com/the-dime-7/ Last updated: 2026-09-05T21:41:36.000Z The first thing I do when I wake up in the morning is check my sleep score on Oura app. It's a habit I developed in the last year since a friend of mine gifted me an Oura ring. Prior to that I only knew how to communicate my sleep based on how I felt. I'm assuming, for millions of people, that is now the same. That's the business Oura built, and on August 20th a proposed class action filed in the Northern District of California argued that the number is closer to a guess than a measurement, **and that Oura knew it**. The case is *Surber v. Oura Inc.*, filed by the Clarkson Law Firm, the same shop behind a long run of consumer class actions against companies that make specific, quantified claims about what their products can do. Madison Surber bought an Oura Ring 4 Gold for $513.68 in May 2025\. She says she bought it because Oura told her the ring could track her sleep stages accurately, and that if she'd known it couldn't, she wouldn't have paid what she paid, or paid at all. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment, music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. Let's start with what Oura actually said, because the specificity here is the whole case. Here's this week's edition of The Dime💰. ## **The claims, in their own words** [oura lawsuitoura lawsuit.pdf2 MBdownload-circle](https://www.duethedilly.com/content/files/2026/09/oura-lawsuit.pdf "Download") Oura's marketing made numbers up front and center: "79% agreement with gold-standard polysomnography," and, more recently, "95% Sleep Staging Accuracy compared to clinical sleep lab." Add to that "built for accuracy," "unparalleled accuracy," and language describing the ring as an "alternative to PSG sleep studies," PSG being polysomnography, the lab-based sleep study that's the actual clinical standard. That standard matters here, so walk through it with me for a second. A polysomnography study measures brain electrical activity through electrodes on your scalp, eye movement through leads near your eyes, and muscle tone through sensors on your chin. REM sleep, the stage most people care about most, is defined by rapid eye movement. Deep sleep is defined by a specific frequency of brain wave, 0.5 to 2.0 Hz at a minimum amplitude, present in at least 20% of a 30 second window. None of that is optional or approximate. It's how sleep stages are clinically defined. An Oura ring measures none of it. It measures heart rate, heart rate variability, skin temperature, movement, and in newer models, blood oxygen. Then a proprietary algorithm infers what stage of sleep you're probably in based on those signals. It's not the same thing as measuring the thing itself, the way checking whether your neighbor's porch light is on tells you something about whether they're home, but it's not the same as opening their door and looking. ## **The number that should worry Oura's lawyers** Here's where the complaint gets its teeth. A Nature-published study tracking 45 patients over 45 nights found Oura's sleep staging came in at 53.18% accuracy against actual polysomnography, not 79%, not 95%. A separate University of Massachusetts study found the same gap, worse in older adults. Even Oura's own self-funded validation study, buried in its technical documentation rather than its marketing, admits the product overestimates light sleep under certain durations and underestimates it under others, same story for deep sleep. The complaint's phrase for what a consumer is actually getting for that 79-95% promise: "a coin flip's chance of being correct." That gap between the marketing number and the real number is the entire lawsuit. And it points to something every founder reading this newsletter should understand cold, because I see it in contracts and pitch decks constantly. There's a legal difference between puffery and an actionable representation, and that difference lives almost entirely in whether you attached a number to it. ## **Puffery versus a number, and why it's not a technicality** "Built for accuracy" is the kind of statement courts have historically treated as puffery, vague, subjective, not the sort of thing a reasonable consumer relies on as a factual promise. Companies say things like that constantly and mostly get away with it. "95% Sleep Staging Accuracy compared to clinical sleep lab" is a different animal entirely. That's a specific, falsifiable, measurable claim. You can test it. Clarkson's firm apparently did, or at least found the studies that did. Once you put a percentage next to a comparison to a named clinical standard, you've made a factual representation the FTC and California's consumer protection statutes can hold you to, not an opinion you can shrug off in a deposition. This is why the complaint stacks so many causes of action on the same underlying facts: fraud by misrepresentation, unjust enrichment, all three prongs of California's Unfair Competition Law (unlawful, unfair, and fraudulent, each requiring its own proof but all fed by the same set of marketing statements), the False Advertising Law, the Consumers Legal Remedies Act, and breach of both express and implied warranty under the Song-Beverly Act. Seven causes of action, one underlying fact pattern: a specific, quantified, testable claim that independent researchers say wasn't true. ## **Why this matters beyond Oura** Oura is an $11 billion company that sold nearly 3 million rings in 2025 alone, more than a billion dollars in revenue. That kind of scale is exactly what makes a plaintiff's firm confident about class certification, thousands of purchasers, one uniform set of marketing claims used across every unit sold. But the legal exposure here isn't really about Oura's size. It's about the decision, somewhere in a marketing meeting, to put "95%" on a product page instead of leaving it at "clinically informed" or "built with sleep science." That one word choice is the difference between a defensible brand claim and a seven count complaint. If you're building a health or wellness product and your team wants to quantify a performance claim, ask the question this lawsuit answers for you for free: do you have independent, peer-reviewed validation for that exact number, not just your own internal study, and are you willing to defend it against whatever a plaintiff's expert finds in the literature. If the answer is no, the marketing team needs to hear that before the lawyers do, because by the time the lawyers hear about it, it usually looks like this complaint. Oura hasn't answered yet. When they do, expect the fight to center on exactly this line between opinion and fact, and on whether "compared to clinical sleep lab" was ever a claim a reasonable consumer should have taken literally. I'll be watching the docket. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### The Dime💰 - Fanatics is the biggest winner URL: https://www.duethedilly.com/the-dime-fanaticsthebiggestwinner/ Last updated: 2026-08-29T00:33:13.000Z Friday afternoon, a federal appeals court ruled that Nevada can shut down Kalshi, one of the biggest prediction market apps in the country, for operating what the court called sports gambling in disguise. If you don't follow this stuff closely, that sentence probably needs some unpacking. So let's back all the way up, because by the time we get to the end of this, I think you'll see why I believe this ruling, and everything sitting around it, adds up to one company walking away the outright winner of the entire sports betting era. That company is Fanatics. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment, music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. ### What Fanatics Actually Is You know Fanatics as the merch company, the one that makes the jersey you bought after your team won it all. That's still true, but it's not the whole story anymore. Fanatics is now four businesses stacked on top of each other under one private company run by founder and CEO Michael Rubin. There's Commerce, the original apparel business. There's Collectibles, built off buying Topps trading cards in 2022 for about 500 million dollars, and it now pulls in roughly 1.6 billion dollars a year with some of the best profit margins in the entire company. There's Betting and Gaming, the sportsbook. And there's Markets, a brand new prediction contracts business we'll get into shortly. Jay-Z sits inside that third bucket as cofounder of Fanatics Betting and Gaming. He's a real investor who put his own money in back in August 2021 alongside Roc Nation, Insight Partners, Major League Baseball, and SoftBank, when the whole company was valued at 18 billion dollars. He used the same approach with Fanatics Sportsbook. Instead of building a platform from zero, he used FBG Enterprises Opco, LLC to acquire PointsBet's US operations for $225 million, which gave the platform access to 95% of the addressable online sports betting market in the US. That deal was cash, not stock, structured on a cash-free, debt-free basis and paid in two installments of $175 million and $50 million. PointsBet Holdings Limited remained a separately traded company on the ASX throughout, later selling its remaining Canada and Australia operations to Mixi, Inc. For context, this was smart. PointsBet was a public company in Australia, the smallest player in the New York market, so acquiring just the American operations for cash rather than the whole company was the efficient move, and it's the same instinct that made Tidal work: buy the platform, not the baggage. ### The Loophole Prediction Markets Were Built On Now, the actual news from Friday. Picture two ways to bet on whether the Chiefs cover the spread this weekend. Way one, you open DraftKings, FanDuel, or Fanatics Sportsbook, all three of which had to apply for a gambling license in every single state they operate in, one at a time, and all three of which get taxed by that state on what they win off you. Way two, you open an app like Kalshi or Polymarket and buy something called an event contract, which pays out based on the same outcome, whether the Chiefs cover. Functionally it's the same bet. Legally, Kalshi calls it a derivative, the same category of financial product as a wheat futures contract or an interest rate swap, which puts it under one single federal regulator, the Commodity Futures Trading Commission, instead of fifty different state gaming commissions. That's the entire business model. Skip the state by state grind DraftKings, FanDuel, and Fanatics all had to go through, operate everywhere at once under one federal registration, and keep every dollar of it out of state gambling tax rolls. For a while, courts let that argument stand. States started sending cease and desist letters anyway, Nevada, New Jersey, New York, Arizona, Illinois, Connecticut, all arguing a bet dressed up as a swap is still a bet. Kalshi sued back, and this April the Third Circuit Court of Appeals actually sided with Kalshi, ruling federal law overrides New Jersey's gambling laws. Friday, the Ninth Circuit looked at the identical legal question and ruled the exact opposite way. ### Argument One, The Chaos Doesn't Touch Fanatics The Ninth Circuit's ruling came out of Nevada, where regulators tried to shut Kalshi down and Kalshi asked the court to block that shutdown while its case plays out. The court said no, and it didn't say no gently. The panel wrote plainly that the substance of Kalshi's sports contracts is sports gambling, no matter what Kalshi calls them on paper. That ruling now binds every federal judge across California, Arizona, and six other states inside the Ninth Circuit. So now you've got the Third Circuit saying federal law wins, and the Ninth Circuit saying states win, on the same exact question. That's a circuit split, and Columbia law professor Joshua Mitts told CNBC it's the kind of split that all but guarantees the Supreme Court eventually has to step in and settle it. Nobody realistically expects that resolution before 2027. Here's why that matters for Fanatics specifically. Fanatics never made the bet Kalshi made. It holds a fully licensed sportsbook in every single state it operates in, through its acquisition of PointsBet. While Kalshi is now facing a real shutdown risk in Nevada, an active 36 billion dollar lawsuit from New York's Attorney General, and conflicting rulings piling up in New Jersey, Maryland, Ohio, and Massachusetts, Fanatics loses exactly nothing from any of it. Not one license at risk. Not one product paused. Eighteen months of legal chaos is about to sit on top of this entire industry, and Fanatics is one operator standing completely outside the blast radius. ### Argument Two, Fanatics Is Buying The Legal Path Anyway Fanatics isn't just watching Kalshi struggle from a safe distance either, it's building the exact same product Kalshi built, just doing it the way the courts actually allow. In December 2025, Fanatics launched its own prediction markets business, Fanatics Markets, after buying a company called Paragon Global Markets. At first it ran on borrowed infrastructure from Crypto.com. Then on July 27, the same week the legal fights were heating up, Fanatics agreed to buy Water Street Labs, which holds a CFTC approved license to operate as a Designated Contract Market, plus CX Clearinghouse, a CFTC registered Derivatives Clearing Organization, both bought from a company called BGC Group. There was no price on the deal, presumably because both parties were waiting on this decision. It appears that it's starting to clear now, which will give Fanatics the advantage in this transaction. Once that deal closes, Fanatics owns its own federally sanctioned exchange outright. Think about what that actually buys Fanatics. If the Supreme Court eventually rules the other way and prediction markets survive as a category, Fanatics already has a fully compliant seat at that table too. Fanatics isn't picking a side in this fight. It built a structure that wins no matter which side the Supreme Court eventually lands on. ### The Cultural Capital Sits On Solid Ground This is where Jay-Z's role actually connects to this fight, and it's the part I think gets underrated. Every bit of cultural weight Jay-Z and Roc Nation Sports bring to Fanatics, the athlete relationships that feed Fanatics Collectibles, the programming that feeds Complex Bets, sits on top of a legal foundation that isn't going anywhere regardless of how any of these rulings shake out. You can build the coolest marketing campaign in the world, but if regulators can pull the plug on the underlying product, none of that marketing means anything. Jay-Z's equity stake only pays off if the company underneath him keeps operating, and Friday's ruling just made that outcome a lot more certain for Fanatics and a lot less certain for everyone trying to skip the licensing process Fanatics never skipped. ### The Tax Math Explains Why States Are Fighting This Hard New York taxes mobile sports betting at 51 percent of what an operator wins off bettors, tied for the highest rate in the country. Since Fanatics took over the license from PointsBet in early 2024, it has sent New York roughly 194.6 million dollars in tax revenue, more than it's actually kept as revenue for itself in that same stretch. Brutal number if you're only looking at it as a cost to Fanatics. But flip it around and it tells you exactly why states are fighting Kalshi this hard. A state that built a 51 percent tax structure around sports betting has every reason in the world to make sure a federally chartered workaround doesn't quietly drain that same betting activity into a lane where the state collects nothing. Every ruling like Friday's protects that tax base. And the operator best positioned to absorb whatever bettors get pushed back out of the prediction market lane and into a licensed sportsbook is the one that already has the licenses everywhere. That's Fanatics. [fanatics sportsbook revenue mobilefanatics sportsbook revenue mobile.pdf272 KBdownload-circle](https://www.duethedilly.com/content/files/2026/08/fanatics-sportsbook-revenue-mobile.pdf "Download") ### The Economics Nobody Else Can Copy DraftKings and FanDuel win from Friday's ruling too, to be fair, both stocks moved up on the news. But neither of them has what Fanatics has underneath it. Signing up a new sports bettor costs the industry somewhere between $250 and $400 per customer, mostly spent on ads trying to convince a stranger to download your app instead of a competitor's. Fanatics mostly skips that cost. It already has tens of millions of people who buy jerseys and trading cards, and it's converting a slice of that existing base into bettors instead of paying to find brand new ones from scratch. It can hand a winning bettor a signed jersey at almost no cost, because Collectibles already paid for that athlete licensing relationship somewhere else in the building. DraftKings and FanDuel are winning a legal fight right now. Fanatics is winning the same legal fight while running an entirely different, cheaper economic engine that neither of them has access to. ### Where I'll Push Back On My Own Argument I'd be lying if I said this was a guaranteed outcome. The Supreme Court could still rule the other way and hand Kalshi a durable federal win, at which point a good chunk of this legal tailwind disappears and Fanatics goes back to fighting DraftKings and FanDuel head to head in a sportsbook market where it currently sits around sixth place. Matt King, who runs Fanatics Betting and Gaming, has said publicly the company isn't chasing market share numbers, which I take as an honest admission that it's still the newer player here, not the leader. And Kalshi isn't dead, it still has real footing in states inside the Third Circuit's jurisdiction, this fight is far from over. ### The Ultimate Victory But step back and look at where all of this is actually pointing. Every court ruling that goes against Kalshi's federal preemption argument removes risk from Fanatics and adds risk to Kalshi. Every state that wins its case widens a tax and licensing moat that Fanatics already built years ago the hard way. Every dollar of cultural capital Jay-Z and Roc Nation pour into the brand compounds on top of a legal foundation that isn't moving, while the ground under Kalshi keeps shifting month to month. [Michael Rubin also has a personal stake in Kalshi so I guess he wins regardless?](https://frontofficesports.com/inside-fanatics-battle-to-block-a-polymarket-hire/?ref=duethedilly.com) That's the whole argument. Fanatics didn't need the loophole everyone else was racing to exploit, it built the fortress the slow way while the loophole was still working, and now that the loophole is starting to close, Fanatics is an operator sitting on both sides of the wall at once, fully licensed the traditional way and now fully positioned in prediction markets too. To the victor goes the spoils, and right now, no matter which circuit court you ask, Fanatics is the one nobody else in this fight can touch. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### The Dime💰- Private Equity Is Now Your Lawyer URL: https://www.duethedilly.com/the-dime-private-equity-is-now-your-lawyer/ Last updated: 2026-08-21T03:49:37.000Z You know that feeling when you find out the last mom-and-pop shop on your block just got bought by the same guy who owns the car wash chain, the HVAC company, and the pest control outfit down the street? That's not a coincidence. Private equity has spent the last fifteen years buying up every fragmented, boring, recurring-revenue business in America. Laundromats. Veterinary clinics. Plumbing outfits. Roofers. The formula is always the same: find an industry where nobody owns more than a sliver of the market, buy a bunch of small operators cheap, bolt them together, and sell the whole platform for a much bigger multiple than you paid for the parts. It works so well it has a name, the roll-up, and it's been the [dominant strategy in lower-middle-market PE since the 2010s](https://ctacquisitions.com/private-equity-roll-up-strategy/?ref=duethedilly.com). But there was always a wall PE couldn't get past. Not a regulatory wall exactly, a professional one. Doctors, dentists, lawyers, these are people who need a license from the state to do their job, and in most states, only a licensed person is allowed to own the business that does that job. That's the corporate practice of medicine doctrine for physicians, and it has a cousin for lawyers called Rule 5.4\. For decades those doctrines were the moat. You could buy the plumber. You could not buy the doctor. That moat is long gone. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment, music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. In the world of PE we'll talk about what's changed. PE didn't get the law changed. The lawyers helped them get smarter about the paperwork. **The workaround, and why it works** The structure is called a Management Services Organization, or MSO, and once you understand it you'll see it everywhere, because it's basically the same trick applied to dentistry, medicine, and now law. The licensed professional keeps 100 percent ownership of the actual practice, the entity that holds the license and treats the patient or represents the client. That's the "friendly PC." Everything else, the real estate, the equipment, the billing system, the marketing, the HR department, the IT stack, gets sold to a separate company the investors actually own, the MSO. The two entities are tied together by a long-term Management Services Agreement, and the MSO charges the practice a management fee for running the business side of the business. [The PE firm never technically owns the doctor](https://sovdoc.com/corporate-practice-medicine-doctrine/?ref=duethedilly.com). It owns everything the doctor needs to function. Roughly 33 states enforce some version of the corporate practice of medicine doctrine, which is exactly why the MSO model became [the standard architecture for healthcare investment banking](https://ibinterviewquestions.com/guides/healthcare-investment-banking/physician-practice-management-mso-cpom?ref=duethedilly.com) rather than an occasional workaround. It's not a loophole anymore. It's the industry. **Dental got there first, and it's basically done** Dentistry was the test kitchen. As of 2024, [16.1 percent of US dentists were affiliated with a dental support organization](https://dealseam.com/dental-pe-rollup-tracker-2026?ref=duethedilly.com), double the 2017 rate, and more than a quarter of dentists within a decade of graduating. There are roughly 130 PE-backed DSOs operating right now, and dental logged more than 120 add-on acquisitions in 2024 alone, more than any other healthcare category that year. TUSK Practice Sales tracked at least 175 dental locations changing hands to DSOs and PE groups in just the first half of 2026, and TUSK, citing ADA data, puts the industry at [roughly 35 percent consolidated already](https://www.oralhealthgroup.com/dental-industry/us-dental-practice-sales-2026-1003997582/?ref=duethedilly.com). The names by now are basically household names if your household happens to include a dentist. Heartland Dental, backed by KKR, runs [more than 2,500 offices](https://ctacquisitions.com/private-equity-firms-specializing-in-rollups/?ref=duethedilly.com). Aspen Dental is Leonard Green and Ares. MB2 Dental is Charlesbank and Warburg Pincus. Practices with $1 million or more in EBITDA are trading at [5 to 12 times EBITDA](https://dentaltransitions.com/articles/dental-practice-sale-multiples-2026/?ref=duethedilly.com) depending on scale, and an ADA-affiliated study in Health Affairs found the share of dentists affiliated with private equity [nearly doubled from 6.6 percent in 2015 to 12.8 percent in 2021](https://www.oralhealthgroup.com/dental-industry/us-dental-practice-sales-2026-1003997582/?ref=duethedilly.com). That trajectory did not slow down, it kept climbing. **Medicine is a few years behind dentistry on the same curve** Physicians are following the same path, just later. The AMA's biennial Physician Practice Benchmark Survey found that [6.5 percent of physicians characterized their practice as private-equity owned in 2024](https://www.ama-assn.org/press-center/ama-press-releases/more-physicians-move-practices-owned-hospitals-private-equity?ref=duethedilly.com), up from about 4.5 percent in both 2020 and 2022\. That sounds small until you look at the bigger picture it sits inside. Physician ownership of their own practice has collapsed from 53.2 percent in 2012 to [35.4 percent in 2024](https://berkowitzlawfirm.com/blog/trends-from-the-2024-physician-practice-benchmark-survey/?ref=duethedilly.com), roughly 80,000 fewer privately owned physicians than a decade earlier. Hospital ownership grew from 23.4 percent to 34.5 percent over the same stretch, and by the start of 2024, private equity firms owned [at least 386 hospitals, roughly 30 percent of every for-profit hospital in the country](https://pmc.ncbi.nlm.nih.gov/articles/PMC11482842/?ref=duethedilly.com). A Health Affairs study by researchers at Berkeley tracked PE-acquired physician practices and market penetration by specialty from 2012 to 2021 and found penetration [increased substantially across that window](https://nihcm.org/publications/private-equity-ownership-of-physician-practices-is-rising?ref=duethedilly.com), and a separate study found physicians at PE-sold practices were [16.5 percentage points more likely to leave within two years](https://www.ncbi.nlm.nih.gov/pmc/articles/PMC11829224/?ref=duethedilly.com) of the sale than physicians at practices that stayed independent. That's the human cost side of the ledger, and it's worth sitting with for a second before we get to why the money side works so well. **Now it's coming for the people who write the contracts (Me)** Here's the part that should get your attention if you're in my line of work. The same MSO structure that dentistry and medicine spent thirty years perfecting is now being deployed against law firms, and it's happening fast. In January 2026, Louisiana personal injury firm Dudley DeBosier announced a partnership with [Orion Legal MSO](https://clsbluesky.law.columbia.edu/2026/04/30/private-equity-is-coming-for-law-firms-and-the-rules-arent-ready/?ref=duethedilly.com), backed by Uplift Investors, which stated the ambition plainly, build a national roll-up platform for personal injury practices the same way DSOs did for dental. Uplift didn't stop there. It [closed a $670 million debut fund in July and signed a fourth MSO deal](https://www.lawfuel.com/private-equity-law-firm-mso-structure-2026/?ref=duethedilly.com) with a Rhode Island PI firm on July 22\. In Arizona, Rafi Law Group launched its own MSO, Rafi Law Services, with $125 million from an unnamed PE backer, at a reported valuation of roughly $450 million. Cohen & Gresser, an elite boutique, is reportedly in PE negotiations of its own, with its founder citing more than a decade of preparation for institutional capital. McDermott Will is exploring an MSO transaction. This is not a fringe experiment anymore, it's the exact same playbook, running one industry behind where medicine already is. The regulatory patchwork is doing what patchworks always do, which is create the gaps sophisticated capital slides through. Arizona eliminated its version of Rule 5.4 entirely and built a licensing regime for it. Puerto Rico now lets nonlawyers own up to [49 percent of a law firm](https://www.sidley.com/en/insights/newsupdates/2026/03/private-equity-investment-in-us-law-firms-part-ii?ref=duethedilly.com). Utah runs a regulatory sandbox. Texas allows lawyers and outside investors to hold equity in the MSO itself, as long as the MSO isn't paid a cut of legal fees. And the US legal services market, [$426.7 billion in 2025 and still growing](https://www.ibisworld.com/united-states/market-size/law-firms/1389?ref=duethedilly.com) by IBISWorld's count, is exactly the kind of enormous, fragmented, no-single-player-above-a-sliver market that makes a roll-up strategist's mouth water. No court has ruled on where the line actually sits between permissible management services and impermissible control of a law firm. [Nobody's tested it yet](https://clsbluesky.law.columbia.edu/2026/04/30/private-equity-is-coming-for-law-firms-and-the-rules-arent-ready/?ref=duethedilly.com). That uncertainty is a feature for the first movers, not a bug. **Why now, and why this is actually a different animal than what PE usually buys** So why the professions, and why right now? Two things, at the same time. First, PE has an enormous amount of cash sitting around with nowhere obviously good to put it. Global dry powder, meaning capital that's been raised but not yet invested, [peaked north of $2.6 trillion in late 2023](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2023/12/private-equity-firms-face-pressure-as-dry-powder-hits-record-2-59-trillion-79762227?ref=duethedilly.com) and was still sitting around $2.18 trillion as of last spring. That's an enormous pile of committed capital that needs a home, and the traditional homes, industrials, retail, straight leveraged buyouts of normal operating companies, have gotten more expensive and more competitive. Meanwhile healthcare PE deal value alone went from $60 billion in 2023 to $115 billion in 2024 to a record [$190 billion in 2025](https://www.bain.com/about/media-center/press-releases/2026/global-healthcare-private-equity-hits-record-$190-billion-deal-value-in-2025bain--company/?ref=duethedilly.com). That's more than tripling in two years. Money follows where the returns are, and the returns have been in the licensed professions. Second, and this is the part that actually matters for how you should think about this trend, buying a licensed practice is a fundamentally different acquisition than anything PE is used to making. When a firm buys a manufacturer or a retail chain, it's buying assets, cash flow, and a management team it can replace if it wants to. When it buys into a medical practice, a dental group, or now a law firm, it's buying proximity to a person the state has decided must retain independent professional judgment, whether that's a doctor's clinical decision or a lawyer's duty to the client. The MSO structure exists precisely because PE cannot own that judgment directly. It can only own everything around it, and then use the management contract, the billing system, the equipment lease, and the employment of every non-licensed staffer to make that judgment as commercially convenient as possible. That's a genuinely different kind of leverage than owning a widget factory, and it's why healthcare's three decades of MSO experience is the cautionary tale everyone citing the law firm deals keeps [pointing back to](https://clsbluesky.law.columbia.edu/2026/04/30/private-equity-is-coming-for-law-firms-and-the-rules-arent-ready/?ref=duethedilly.com): arrangements that start with clean governance have a documented history of drifting. **Why it's such a good trade** Strip away the ethics questions for a second and just look at the mechanics, because the mechanics are genuinely elegant. You're buying into industries that are wildly fragmented, no dental group, no physician practice management company, no law firm anywhere controls more than a sliver of its market, which means there's an almost unlimited runway of small targets to buy cheap and roll into a bigger platform. You're buying recurring, largely non-discretionary demand. People need their teeth fixed and their gallbladders removed regardless of what the Fed does with rates, and a personal injury client doesn't shop around on price the way a retail customer does. You're capturing the classic roll-up arbitrage, buy the small practices at [4 to 6 times EBITDA, sell the combined platform at 8 to 12 times](https://ctacquisitions.com/private-equity-roll-up-strategy/?ref=duethedilly.com), and the multiple expansion alone does a lot of the work before you've improved a single operation. And you're locking in the cash flow through a management services agreement that typically runs long enough, and is structured tightly enough, that lenders are comfortable [underwriting debt against it](https://www.reedsmith.com/articles/private-equity-and-the-business-of-law-recent-market-trends-in-msos-and-alternative-structures/?ref=duethedilly.com) the same way they'd underwrite any other contracted revenue stream. Put that all together and you get why licensed practices are being called the last frontier. Every other fragmented, recurring-revenue slice of the American economy has already been rolled up. The professions were the one category that had a legal wall built specifically to keep outside capital from owning the judgment of the person doing the work. That wall is still standing, technically. It's just that the MSO gave PE a very good set of blueprints for building around it, and dentistry proved the blueprints work at scale, medicine is proving it at scale right now, and law is exactly where dentistry was about a decade ago. As a person who's done several MSO deals in the past 4 years. I'm waiting to hear what PE has for me. [Wood Smith sold today for 18 times EBITDA](https://abovethelaw.com/2026/08/private-equity-found-a-law-firm-that-said-yes/?ref=duethedilly.com). The future looks bright. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### How Universities Cash in On VC Funds (and soon Creators) URL: https://www.duethedilly.com/the-future-of-us-education-is-creators/ Last updated: 2026-08-03T10:00:41.000Z 💡 Apologies for the hiatus, I was interviewing for a role that took most of my bandwidth, which is the inspiration for this essay. TL:DR I didn't get it, but I did learn an unreasonable amount about how universities are thinking about creators and the future of education, which I'm going to start sharing over the next few weeks. I'll talk about ****The Athletes, The Alumni,** and ****The Educators.** But lets start with **Part 1: The Schools.** To talk about higher education in the US right now, we have to start with 3 different facts. ### 1.The United States has a child shortage. ### It's been in free fall since before the Great Recession, and we are just now starting to see the effects. ![](https://www.duethedilly.com/content/images/2026/07/image-10.png) [2025 fertility rate dropped 9% from 2019, CNN 2026](https://www.cnn.com/2026/04/09/health/fertility-rate-record-low-2025?ref=duethedilly.com) ### 2\. We don't trust anything. We barely believe anything anymore. That's not good, because it has a real impact on the business model for college. It's one thing to change your major. It's another to lose all belief that going to college even makes sense and it is a waste of time. ![](https://www.duethedilly.com/content/images/2026/07/image-11.png) ### ### 3.The labor market is brutal, confusing, and full of half truths. ![](https://www.duethedilly.com/content/images/2026/07/image-12.png) Much of it is, as one commentator puts it, [corporate theatre.](https://jamaalglenn.substack.com/p/stop-falling-for-corporate-ai-theater) The entertainment All of these things set the backdrop for a very confusing rebrand for universities, who are tasked with helping students prepare for a world that no one quite understands. ## Follow the (endowment) money. The other reason that the college ecosystem is important, is because it funds the venture ecosystem. [In our last episode,](https://www.youtube.com/watch?v=1e3Bc-EPdj4&ref=duethedilly.com) Brian Hollins from Collide Capital, talked about how he cold emailed the Chief Investment Officer of the University of California System. They put in $11M for their first fund, and $15M for their second. What we didn't get into, is the scale of the UC system. It's huge: ![](https://www.duethedilly.com/content/images/2026/07/image-6.png) [UC Annual Report, 2025](https://www.ucop.edu/investment-office/2024-25-annual-report.pdf?ref=duethedilly.com) UC has a different set of clients: students, faculty and staff, retirees, and the University of California’s 10 campuses and six academic health centers. That's who they serve. To do that, they have to manage risk and find new opportunities. Which is why they are invested in all kinds of things, and keep a [public record of all their private investments. ](https://www.ucop.edu/investment-office/%5Ffiles/updates/pe%5Firr%5F06-30-21.pdf?ref=duethedilly.com) But it's not just funds that take endowment money. Remember when Elon was beefing with OpenAI? Well they went to discovery, which means documents. In those documents, we got to see who invested in OpenAI early. There was a university who made a killing: ![](https://www.duethedilly.com/content/images/2026/07/image-1.png) This is why we love docs. At the same time, the market has been punishing schools who have portfolios that may be overexposed to specific types of capital. ### The Prestige Olympics ### ![](https://www.duethedilly.com/content/images/2026/08/image-2.png) The kind of school you go to doesn’t just decorate your LinkedIn. It plugs you into a specific status and signal system. That status still matters, and it shows up in hard numbers, especially in fields where people are literally paid to price risk. It's easy to say it doesn't matter, but it's incomplete. A recent study followed more than[ 100,000 venture capitalists](https://download.ssrn.com/2026/6/25/6995859.pdf?response-content-disposition=inline&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEIX%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCXVzLWVhc3QtMSJHMEUCIQDBqfxzlQrrpERT6SvYqFB%2BOxjdAINQpczTiRWNOJ%2FVNQIgOwQy42VhKPhUauKkccuz3xVxXaMOmAgJxV0kkGbjjM0qvQUIThAEGgwzMDg0NzUzMDEyNTciDIiASFnpP5msDDvE6CqaBZ2Z37fAFCN%2BLn%2B0dlEeHZtarG8O25WRnsFWSZOqX2yLuM9Ja5mZZhFwa5A98qqjcj2XDuwmDw7N8sTAhnuWN646MleW3kO8kAmY%2FZ1vc5j4jyrf0uXwgOM2qBmIoIm0oqcYVB1JmXUYlPSFUGU%2FT8D4eH1hTwNjbxA3%2F2exQal5sc%2BX7BR8e821fN%2F2e5HjGFz%2BWxhCCTGYy34sVVNZSLGhYknfFcMaacAddLqCHl1yj5wqt%2FyUpIdrJwIWvJM8x1zsaV5tD6GTveaeK5vPzagR8aJ7JgtryJ3r0mg0GhyXE7%2Bg1oWY9a7Tve%2BiRRzJHY%2BriCwqU5za1vxLFA29D6oma8NuaCwzem5vGk1EYB8SJTl8MG6sCWW5j8Y8qyydbT8Q2BzNI3%2BX2mFtEhfT2G1QGnx75zXbr%2FXDLK0BY%2FPLcKmee7RHRdrXfxH86CD%2FMUPTfdFi2nCOsFQNzDINFppQG%2BMn%2FZbtfkmVj3vSTT%2F2ZxQUyeLoGqNpdpKQ0r5Lmi4xx%2BxmDZuTbhz%2Fi2FmqLJOmsDRtIusCjJ7DwtBIzBbgzUPFKraWp2yd6aQIpS0aRJNojRiuCbXu90jmV5V3j7W87tG66N3nrw8fVId8MYByHThM%2Faz6%2Fr0DhtkDCj4kmjx3brzRezRU%2FdMEhK%2FBWCcDk6cpqRhoNu4nkSULK%2BKIkAoXHE%2B1r%2BPu3gUqUjN1wzU8S4mMYozwcgaLawbOiafo9LHWEv9N%2BIHKIe4NXZi0zTzohzgnpZwlC5Gsy7Uy2lrd33oDfCLp0x1O7AAjiw00hVMzuUUR7Mm9ceZX2WElZc80VlsbQn3HldsjLFlvVtqVLFAcIqu%2F%2B0%2F9mXbPZr%2FkI3pVxRqOcvTHwc6Vg7n5sgFmAun6jIYqTDlpJ3TBjqxAZPGLAl8nhi%2BOchSGZXc0tJSHb5pxJj%2FwdmnqZlen8eEiApKaviTDozCTZOatCl13mCcfuVCnLgKDyLSMbTyNdOdsfx2uGUh9Ybr6n%2FxAONb6KOccLhaOi7Xj0sFzl5aX4qgZF83kw%2FrSUbQGIF1trlPQLHF6ilXZOx2hM846KTItDHj2XvCfKCpcxiPnhMtCrK3ngopWijxyCm48Nsj01R7472OpDZoUOKURjzrpXu%2BCA%3D%3D&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20260727T125845Z&X-Amz-SignedHeaders=host&X-Amz-Expires=300&X-Amz-Credential=ASIAUPUUPRWEVMS3BCI3%2F20260727%2Fus-east-1%2Fs3%2Faws4%5Frequest&X-Amz-Signature=0588e9167df39e28bbcedcc6660f3553b295564e166e377089ce9dd5b7109fba&abstractId=6995859&ref=duethedilly.com) and rebuilt their careers from old firm websites and commercial data. The researchers asked how much money each person actually made for investors over their lifetime, and compared that to where they went to school. A few takeaways: - VCs with **Ivy League or “Ivy‑adjacent” undergraduate degrees** (Stanford, MIT, etc.) generated, on average, **tens of millions more** in lifetime profit than peers who entered the industry in the same year. In many cases, the gap is on the order of **$50–$100 million per person**. - A generic **MBA** is not a free upgrade. In this dataset, having an MBA at all is associated with **less** lifetime profit—again, on the order of **tens of millions**. - A degree from places like **Stanford GSB or Harvard Business School** is correlated with individual partners generating **well into nine figures more** for their investors over a career than otherwise similar VCs. The talk about “elite schools,” is not theoretical, nor is it reduced to raw intelligence. In the parts of the economy where universities recycle their endowment money into venture funds, the educational hierarchy is literally encoded in who gets to run the money—and how many millions they end up returning (which is the necessity of being a venture capitalist, because it's not your money!) This is not to say that the *only* way to make it is to go to a specific school. I could write 15 different essays on outliers (I in several respects am one myself). It is to say that specific schools do give access and entrance into particular networks that also have distinctive impacts on certain aspects of your career. This is in part why "going to college" still matters, specific to the *what* people are solving for. It is not everything, but it is *something*, and in certain career fields, it can mean something very specific. ## The University Response Schools have been trying to adjust to these rapid cultural shifts around the creator economy, and are coming up with a variety of solutions. Arizona State has a Bachelors in Content Creation: ![](https://www.duethedilly.com/content/images/2026/07/image-8.png) USC built a club exclusively for college creators, and scaled it to other schools: [![](https://www.duethedilly.com/content/images/2026/07/Screenshot-2026-07-30-at-9.39.11---PM.png)](https://uscreach.com/?ref=duethedilly.com) But one school has fully committed to the shift: Syracuse. ### The Syracuse Creator Economy Center ![](https://www.duethedilly.com/content/images/2026/08/image.png) Syracuse University is attempting to change this, by bringing all of this together in their new Creator Economy Center. They just hired their first Executive Director, and are off to the races. They have a few advantages going for them. ***1.The best communications school on earth (Newhouse)*** Newhouse gives Syracuse a native, institutional foothold in the one part of the economy (media + creators) that’s actually growing in power as trust in everything feels like its collapsing. ***2\. D1 Athletics*** Syracuse also plays in the top tier of college sports. Division I athletics isn’t about school spirit; it’s about distribution. It gives the university a constant, renewable stream of live content people actually care about—games, rivalries, tournaments—and a cast of built‑in characters in athletes and coaches. 1. ***250,000+ alumni all over the world*** For students, that means four years in Syracuse quietly buy you decades of optionality: who will pick up your call, amplify your work, hire you, wire into your fund, or put you on air. In a labor market full of half‑truths and “corporate theatre,” that kind of downstream surface area is one of the only real hedges—especially in fields, like venture and media, where relationships literally are capital. Also, its helpful that those "alums" are people like Speedy Morman. 2. ***It's private*** A private university leans much more heavily on its endowment and donors, which ties it directly into the same venture ecosystem that allocates risk everywhere else. It has tighter control over its governance and brand, so it can move faster than a public system constrained by state politics and budget cycles (like UC). It can experiment with new programs, credentials, and creator‑focused tracks without waiting for a legislature to understand TikTok. Remember the birth rate decline we talked about earlier? Syracuse missed its enrollment numbers this year because of it. Add that to geopolitics and visa restrictions, and there's real pain they have to navigate. Here's a letter from their Chancellor explaining the situation: ![](https://www.duethedilly.com/content/images/2026/07/image-9.png) Chancellor Mike Haynie, June 2026 So how do they weather this, and survive? *They have to build demand, desire, and new value.* Here's how they can do that. **Build a Flywheel.** First they reimagine their offering to 4 different cohorts: students, alumni, employers, and ecosystems. You then double down on what's working and make a flywheel over time. It could look something like this: ![](https://www.duethedilly.com/content/images/2026/07/Screenshot-2026-07-30-at-9.37.25---PM.png) **Research arbitrage.** Second, Syracuse also can start publishing research *about* the space, because they aren't conflicted. As a research institution, they have the people, means, and reputation to create studies about things, that help test what is happening. Right now, must of the data about the creator economy is written, funded, and supported by companies who literally need to promote themselves. Syracuse has world class faculty who study marketing, law, business, and politics for a living. In a low trust environment, they could create seminal work people cite and learn from, which creates value: ![](https://www.duethedilly.com/content/images/2026/07/Screenshot-2026-07-30-at-9.46.37---PM.png) **Alumni compounding.** Third, partners (and future employers) want talent that can show and prove. Thats where the alumni come in. Syracuse (read: Newhouse mainly) produces actual media monsters. The going nickname is the Newhouse Mafia for a reason. Syracuse has alumni in every sector of the entertainment and media landscape, and have been successful, people like: ![](https://www.duethedilly.com/content/images/2026/07/Screenshot-2026-07-30-at-9.47.44---PM.png) Chelsea went to Whitman, but it still counts 😂 Alumni make, keep, and sustain lore. The better they do, the better the school looks, the better the story, the clearer the return is. Syracuse has thousands of active and past success stories to pull from. **1st Party Data.** It's not enough to say "hey come here, and be a creator. And you have 25,000 people to engage. So Syracuse could build a campus wide dashboard/index that showed business being built, revenue being and how many creators were active, and passing through the center. You could then license out the data, let other providers build on top of it. The index compounds, and every one on campus because an amplifier for the university. You could start comparing classes, majors, schools, and how well students are able to start and build businesses. Again, a sample of the index: ![](https://www.duethedilly.com/content/images/2026/08/Screenshot-2026-08-01-at-10.52.21---AM.png) You can imagine a world where, instead of just seeing what people major in, prospective students see what kinds of opportunities are available for them to create and express, and how much they can earn per semester or year, what brands are engaging, etc. Syracuse could start marketing the amount of small businesses that are being launched and scaled on campus, and since [upstate New York is a designated technology corridor ](https://www.eda.gov/funding/programs/regional-technology-and-innovation-hubs/2023/NY-SMART-I-Corridor-Tech-Hub?ref=duethedilly.com), it bodes well as a regional story too. This isn't a novel strategy: any school with means and will could do this, with the right leadership and environment. I'm not clear its *good* either; there's lots of things that education is supposed to do, and ways it is intrinsically good. But schooling in the US has been a business for a long time. Right now it is having to reimagine what the value it provides will be. Those questions are both specific and existential. But anyone asking them has to start at the same place: Is twhat students want and need for the world they are going to inherit? ### The Dime💰 - Turns Out Maximizing Shareholder Value Is Optional (Sometimes) URL: https://www.duethedilly.com/the-dime-turns-out-maximizing-shareholder-value-is-optional-sometimes/ Last updated: 2026-07-31T11:19:55.000Z Here's a scenario. You run a music label. Business is decent, but you're a few weeks from missing a loan payment, and if you miss it, the bank can call the whole loan. Two of your biggest lenders, who already have equity in the label, step in with a rescue offer. Take our cash now, they say, or the label goes under. Only catch, if you don't pay us back by a certain date, the money you owe us converts into more equity in the label. Suddenly the two guys who lent you cash last Tuesday own most of your label, ***and everyone who had a piece of it before is stuck with basically nothing.*** That, with a few more commas and a Delaware judge involved, is basically what happened to MPower Financing, and a court just ruled on whether the people who approved that deal did anything wrong. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. Today we talk about how the board of a Public Benefit Corporation finessed their way out of being owned by their lender. We also give you the step by step on how to execute the same exact finesse. Here's this week's Dime💰. **WHAT ACTUALLY HAPPENED** MPower Financing is a company that lends money to international students so they can attend school in the U.S. It's structured as a Public Benefit Corporation, or PBC, which we'll get to. In early 2025, MPower needed to keep at least $17 million in the bank by January 31st or it would breach its loan covenants. It tried to raise equity to cover the gap. That didn't work. So two of its existing lenders, Tilden Park and King Street, stepped in. Together they already held about $109 million of MPower's debt and owned roughly 25.5% of its stock. On January 30th, one day before the deadline, they sweetened their offer, $20 million in new financing, plus the right to convert all that existing debt into stock at a steep discount. If they exercised it, their combined ownership would jump from 25.5% to nearly 85%. Everyone else's stake would get crushed down to about 15%. MPower's board formed a special committee of three independent directors to evaluate the deal. That committee hired its own lawyers and its own investment bank, ran a process, and eventually approved the transaction on March 28th. Stockholders who collectively owned more than half the company sent letters demanding a shareholder vote first. No vote happened. The deal closed. Those stockholders sued, claiming the special committee breached its fiduciary duty by not getting them a better deal and not letting them vote on it. **QUICK PBC DETOUR** [If you remember, I wrote a piece way back about how I learned how to practice law from the person who basically created Public Benefit Corporations](https://www.duethedilly.com/the-dime-ai-for-the-publics-benefit/). I also talked about AI companies becoming public benefit corporations as well. Today, Anthropic is a Public Benefit Corporation and so is OpenAI. So let's bring you back down memory lane and tell you what a Public Benefit Corporation is. A Public Benefit Corporation is a for-profit company that's legally required to balance making money for shareholders with some other stated public benefit, whether that's environmental impact, social good, or in MPower's case, expanding access to education. Patagonia and Kickstarter are probably the most recognizable examples. Delaware's PBC statute says directors have to balance stockholder profit against the interests of people affected by the company's conduct and the company's stated mission, all three, not just one. This matters here because of a famous line of Delaware cases called Revlon, which says that once a company is being sold or control is changing hands, directors have to focus like a laser on getting stockholders the best price, full stop. So the question in this case was simple to ask and hard to answer, does Revlon apply to a company that's legally required to think about things other than stockholder profit? **THE RULING: MAXIMIZING SHAREHOLDER VALUE IS OPTIONAL** Judge Cook said no, not really. Revlon's demand that directors chase the single highest price is inconsistent with a PBC's legal obligation to balance three different interests at once. You can't tell a PBC board "the only thing that matters is stockholder cash" when the legislature already told them "three things matter." So as a rule directors have to follow, Revlon doesn't bind PBC boards. Which, yes, I'm going to say it, means maximizing shareholder value is now officially optional for a chunk of corporate America. Great. Somewhere a business school professor just had a stroke. The court didn't totally let Revlon off the hook though. It said the underlying idea behind Revlon, that big control transactions deserve closer judicial review than the usual hands-off deference, might still apply to PBCs in a modified form. He even gave it a name, "PBC enhanced scrutiny." But he didn't have to decide whether that standard actually applied here, because of what happened next. **WHY THE SPECIAL COMMITTEE WON ANYWAY** Delaware's PBC statute has its own safe harbor. If a PBC director's decision is informed, disinterested, and not so lopsided that literally no reasonable person would approve it, the director is deemed to have satisfied their fiduciary duty automatically. Think of it as a legal force field, get inside it and it almost doesn't matter what standard of review a court would otherwise apply. The stockholders conceded the special committee members were independent and disinterested. That's most of the battle right there. On the "informed" piece, the stockholders' whole argument was that the committee's investment bank didn't shop the deal hard enough. But the court pointed out that's only one of the three interests a PBC board has to balance, pecuniary interest to stockholders, and the stockholders never even alleged the committee failed to consider the other two, MPower's mission and the interests of people affected by its conduct. On waste, nobody claimed MPower got literally nothing for the deal. It got $20 million it desperately needed. Case dismissed, with prejudice. One detail that should make every plaintiff's lawyer panic, the stockholders never used Delaware's Section 220 to demand board books and records before filing suit. They sued off pure speculation about what the committee did or didn't consider, and the court had nothing in the actual complaint to hang a claim on. If you're going to challenge a board's process, go get the receipts first. **WHY THIS MATTERS BEYOND MPOWER** This is the first Delaware opinion to squarely address how Revlon interacts with the growing world of Public Benefit Corporations, and that world is only getting bigger. [OpenAI converted its own structure into a PBC last year, and I wrote about it back in May 2025](https://www.duethedilly.com/the-dime-ai-for-the-publics-benefit/). Every company that makes that conversion is signing up for this exact tension down the road, a board that has to balance mission against money, and a stockholder base that mostly still just wants the money part maximized. If the AI companies are PBC's then they can pull this same move, for critical decisions. If you're an equity holder in an AI company this should be concerning. Especially when Anthropic is doing deals with [Morgan Stanley and other banks to borrow $15 Billion for a data center](https://www.wsj.com/tech/banks-in-talks-to-lend-15-billion-for-anthropic-data-center-backed-by-google-606d7afd?ref=duethedilly.com). If some of these deals have equity conversion as part of a recourse for default, that means existing shareholders could be diluted. This entire article is an example of how Dario or Sam Altman would get away with diluting shareholders if the AI boom goes bust. The practical lesson for anyone running or advising a PBC through a dilutive rescue financing, form a genuinely independent committee, hire your own counsel and banker, run some kind of a process, and then write down that you actually weighed the mission and the affected stakeholders, and that you weighed those against the price. That paper trail is the difference between getting the safe harbor and getting dragged through years of litigation over a deal that kept the lights on. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### The Dime💰- Go Borrow The Money URL: https://www.duethedilly.com/goborrowthemoney/ Last updated: 2026-07-24T01:05:35.000Z Back in October of 2024, I wrote a piece called ["You Asked For Money, Here It Is"](https://www.duethedilly.com/you-asked-for-money-here-it-is/), walking through, step by step, how I personally pulled together $750,000 in financing without giving up a single point of equity. A lot of you used that piece as a blueprint. Some of you are still messaging me about it. So today's edition is a bit of a sequel, because the rules of the game just changed, and if you're a founder, operator, or small business owner who's been sitting on an SBA application, this affects you directly. The Small Business Administration just did something it hasn't done since 2010: it raised the ceiling on how much government-backed capital a single borrower can stack. Go borrow the damn money. Here’s this week’s edition of The Dime💰. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures. So if you need help acquiring a company with SBA funding I can help you with that. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. **THE OLD MATH** For fifteen years, if you were borrowing through SBA's two flagship programs, the 7(a) program (working capital, equipment, refinancing, acquisitions) and the 504 program (real estate, heavy equipment), you could combine a maximum of $5 million across both. That number hasn't moved since Obama's first term, which means it hasn't moved since the iPhone 4. **THE NEW MATH** Administrator Kelly Loeffler approved a rule, effective July 4, that doubles the cumulative cap to $10 million, $5 million from 7(a) stacked on top of $5 million from 504\. She did this unilaterally, using authority she already had, without waiting on Congress. That matters, because the individual per-program caps (the $5 million ceiling on 7(a) specifically) can only be changed by legislation, and that legislation, the Made in America Manufacturing Finance Act, has passed the House but is still stuck waiting on the Senate. So think of it this way: Congress controls the size of each individual bucket. Loeffler just gave borrowers permission to use two buckets at once. If Congress approves an increase of each individual bucket now you'll be able to stack both. We could be looking at a $15 - $20 Million situation in the near future. **WHY NOW** The timing isn't random. This is squarely aimed at manufacturing, one of the administration's stated priorities, and it follows more than a year of lobbying from banks and trade groups who've been asking for exactly this. TD Bank's SBA head made the inflation argument plainly: a $5 million cap set in 2010 would need to be somewhere between $7.5 and $8 million just to keep pace with where the dollar sits today. Ohio State's Walter Hill told the Senate Small Business Committee back in May that raising the limits was fiscally sound and, in his words, economically necessary. **WHO THIS ACTUALLY HELPS** This is where you need to read the fine print instead of the headline. The 504 program only funds real estate and heavy equipment. So the "$10 million" number is really only accessible to businesses that have a real estate or equipment component to their capital needs, think restaurant franchise groups, corporate daycare chains, hotel operators, manufacturers buying machinery. If you're running a professional services business, a firm, an agency, a practice, you don't have a real estate or equipment need that qualifies you for 504 dollars. You're still capped at whatever 7(a) alone will lend you, and structuring something like a large ownership change or buyout stays exactly as difficult as it was last month. TD Bank's Tom Pretty made this point directly to American Banker: raising the 7(a) cap by itself would be the cleaner fix for a much wider set of businesses than this stacking maneuver. **THE TAKEAWAY** This is a real, meaningful expansion of borrowing capacity for the businesses it touches. It rewards businesses with hard assets and leaves everyone else waiting on the Senate to finish what the House already started. If you're in that second bucket, don't wait around for the cumulative cap to help you. Go back to my October 2024 piece, get your documentation and structure right, and go get the $5 million that's already available to you under 7(a) as it stands today. I'll keep tracking the Made in America Manufacturing Finance Act and let you know the moment it clears the Senate, because if it does, we're not talking about a $10 million stack anymore, we're talking about a genuinely higher individual ceiling for everybody. Don't be stingy with the 🏀. Pass this to a friend. See Y'all Next Week, CJB ### The Dime💰 - Why Joe Budden and Team Are Building A Technology Company URL: https://www.duethedilly.com/the-dime-why-joe-budden-and-team-are-building-a-technology-company/ Last updated: 2026-07-17T11:19:38.000Z In late June 2026, with zero press release and zero fanfare, Joe Budden and Ian Schwartzman quietly launched [joebuddencommunity.com](https://joebuddencommunity.com/login?ref=duethedilly.com), a fully owned membership platform built in-house rather than licensed from anybody. That sentence reads like a podcast update. It isn't. It's a technology story, and it's one that touches Patreon's fee structure, Whop's balance sheet, Apple's App Store cut, and eventually the $10 a month you're paying some creator right now without thinking twice about it. Quick intro if you're new here. I'm Carl, by day I run Joseph Black Law PLLC, a New York law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time. The music press covers the artist. The financial press covers the companies. The Dime💰 covers the deals. Today we talk about what Budden and Schwartzman actually built, why it's not the same thing as a Patreon page, and why every independent creator you follow just got a preview of where their own business is headed. Here's this week's edition of The Dime💰. #### THE NUMBERS Joe Budden Network 2025 projected revenue: $20 million+, per Ian Schwartzman's numbers reported by the New York Times in July 2025\. (Source: New York Times, via AfroTech and Entrepreneur reporting, July 2025.) Patreon subscription revenue alone: $1.04 million a month average, off more than 70,000 paid subscribers paying between $5 and $50 monthly. That's over $12 million a year, making Budden Patreon's single top earner on the platform, a fact Patreon itself confirmed to the Times. 2018 Spotify exclusive deal, for comparison: roughly $2 million a year, no equity, no ad revenue share. A $44 million offer came later. It would have required pulling everything off YouTube. They said no. 30+ independent contractors work inside the network. On-air talent alone, Queenzflip, Marc Lamont Hill, Damona Love, Parks Vallely, Ish, and Ice, collectively earn more than $1.5 million a year. JBN was also finalizing a $2 million purchase of a waterfront studio space in Edgewater, New Jersey, as of last year. ![](https://www.duethedilly.com/content/images/2026/07/chart1_revenue_evolution.png) #### WHAT THEY ACTUALLY BUILT The Joe Budden Community is not a Patreon page with a new coat of paint. Reporting and commentary around the launch describe it as something Ian Schwartzman built in-house, not licensed from Mighty Networks, Circle, Whop, or any of the dozen white-label community platforms that exist for exactly this purpose. Budden himself joked publicly that he had nothing to do with building it, that it was all Schwartzman, which is its own small tell. The business guy built the software. That distinction matters more than it sounds like it should. A creator using Patreon is a tenant. They don't own the code, the database, the payment rails, or the terms of service governing their own relationship with their own audience. A creator running their own app owns all four. This isn't the first time these two have made a move like this. In 2021, when they signed with Patreon, Budden didn't just take a bigger revenue split. He took a paid advisory title, Head of Creator Equity, and structured the deal for standing and equity inside Patreon itself. They've been playing this game since before most creators knew there was a game to play. The Joe Budden Community also isn't built like a Discord server. Instead, it's built like a standalone social network, in the same architectural family as X, Threads, Bluesky, and Truth Social. Feed, posts, follows, a native timeline. That's a meaningfully different animal than a membership tier bolted onto somebody else's app. ![](https://www.duethedilly.com/content/images/2026/07/chart4_platform_valuations.png) Look at where that category actually sits on a balance sheet. X was valued at $33 billion standalone right before Musk folded it into xAI in March 2025, before the whole stack got absorbed into the $1.25 trillion SpaceX entity this year. Truth Social's parent company, Trump Media, trades publicly and sits around $2.35 billion as of this month, down hard from its $8.7 billion peak in January 2025\. Bluesky raised at a $700 million valuation in January 2025 off 35 million users and has since grown to over 41 million. Threads doesn't have a standalone number at all, because Meta owns it outright and never has to say what it's worth. Four different points on the map, but all four sit inside the same territory: owned social infrastructure, not rented membership tools. That's the category Budden and Schwartzman just built into, whether or not it was intentional. Either way, that value is added on top of the $20 Million per year announced in The New York Times. #### THE PLATFORM TAX Here's the part that never makes it into a fan-facing headline. Every dollar flowing through a rented platform gets taxed on the way in. Patreon moved to a flat 10% platform fee as of August 2025\. Add roughly 3% in payment processing. Then, if a fan subscribes through the iOS app instead of the web, Apple takes its own cut of up to 30% on that transaction. By the time a $10 monthly subscription clears all three layers, there's about $6.09 left for the creator. Multiply that across 70,000-plus paying subscribers and you're talking about millions of dollars a year sitting in other people's pockets, controlled by fee schedules Budden and Schwartzman don't write. ![](https://www.duethedilly.com/content/images/2026/07/chart2_platform_tax.png) Owning the app doesn't eliminate Apple's cut entirely if you're still distributing through the App Store. But it does mean nobody else gets to unilaterally change your fee structure, your billing terms, or your access to your own subscriber data, the way Patreon has now done multiple times in the last two years. #### WHY DISTRIBUTION ISN'T THE PROBLEM HERE Every platform in mentioned in this article had to solve the same brutal problem first: get people to show up. X inherited Twitter's user base. Threads leaned on Instagram's three billion accounts to bootstrap overnight. Bluesky spent two years grinding out 41 million users one news cycle at a time, mostly off people fleeing X. Truth Social had to build an audience from a standing start with no existing platform to lean on, and its stock chart tells you how that's gone. Budden and Schwartzman skipped that step entirely. They didn't need to go find an audience for a new social platform, they already had one, the same 70,000-plus paying Patreon subscribers and the audience behind 30 million monthly site visits. Standing up a new social network usually means years of cold-start user acquisition before you have anything worth selling. JBN launched with the users already inside the building. That changes the economics of advertising too, not just membership revenue. A platform that has to beg for distribution takes whatever ad deal it can get, usually programmatic scraps sold through a network, at whatever rate the market sets. A platform that owns its own feed, with an audience it already controls, can sell ad placement directly inside that feed, and it can hold out for package sizes and rates that reflect the fact that the buyer has nowhere else to reach that exact audience. JBN already runs its own in-house ad sales operation instead of going through a network, on the podcast side. Owning the platform layer on top of that means the inventory they're selling against, the feed itself, is theirs to price, not a network's. #### WHY THIS BLEEDS INTO EVERY CREATOR YOU FOLLOW None of this stays inside hip-hop media. Every independent creator building an audience right now, YouTubers, newsletter writers, course creators, is running the same exact experiment, just usually without the leverage to finish it. A musician paying Stripe's processing fee. A writer splitting revenue with Substack. A trader running a Discord paying Whop 3% on every transaction. They're all building inside somebody else's house, and most of them will never get big enough, or patient enough, to move out. That's what makes this move genuinely instructive rather than just a hip-hop media story. Budden and Schwartzman spent a decade positioning for exactly this moment, turning down $15 million here, $21 million there, $44 million with strings attached, in service of one outcome: not needing anyone else's pipes. #### WHAT CHANGES FOR THE INDUSTRY Look at how the market actually prices these two categories of business. Whop, a company that creates zero content and just sells payment infrastructure to creators, was valued at $1.6 billion in February 2026 after a $200 million investment from Tether, off roughly $3 billion in annual creator payouts. It's priced like fintech. Patreon peaked at a $4 billion valuation after its 2021 Series F. Today it sits somewhere between $864 million and $1.5 billion, depending on which source you trust. Same infrastructure category. Completely different trajectory. ![](https://www.duethedilly.com/content/images/2026/07/chart3_valuation_comp_1.png) That gap is the whole thesis. A podcast gets valued on cash flow, usually a modest multiple of what it throws off in a year. A software or infrastructure company gets valued on growth, users, and payment volume, which is exactly how Whop is priced. Budden and Schwartzman just planted a flag in the second bucket instead of the first, whether or not the Joe Budden Community ever takes on a single outside creator. The global creator economy just crossed roughly $313 billion and Goldman Sachs projects it could hit $480 billion by 2027\. Podcast advertising, the category Budden's been in for a decade, crossed $2.86 billion in the US last year. Healthy growth, but it's a rounding error next to where the real money in this space is actually flowing. The advantage that Budden and Schwartzman have is that what tech companies lack is distribution. Budden and Schwartzman have been building their own distribution channel for over 10 years. Now it's time to put it into action and compete right next to the other platforms. #### THE CATCH Nothing here is confirmed beyond what's been built for Joe's own audience. There's no public indication that Schwartzman and Budden plan to license the Community platform out to other creators the way Whop or Mighty Networks do. That's the logical next door once you've built the house yourself, and it's exactly why the math above matters, but it remains speculation on my part until they say otherwise. Owning the infrastructure also doesn't guarantee a tech multiple by itself. Patreon is proof of that. It's been "infrastructure" the entire time and its valuation has been cut by more than half since 2021\. Building your own app is necessary if you want the option of software-style economics. It is not sufficient. Execution, scale, and whether anyone besides Joe Budden's own fans ever pay to use it will decide which bucket this business actually lives in five years from now. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week, CJB ### The VCs Who Bet on Collisions, Not Categories URL: https://www.duethedilly.com/the-vcs-who-bet-on-collisions-not-categories/ Last updated: 2026-07-13T15:15:07.000Z 💡 **We're hosting our first ever Due Dilly Supper Club this Friday.* **No big stage, no panel, just people who read this newsletter sitting around a table talking about money, culture, and everything in between󠇟󠇠󠇡󠇢󠅷󠄺󠆇󠅔󠆁󠇣󠆵󠆠󠆤󠇨󠆽󠆄󠄛󠅰󠆌󠅯󠅱󠅮󠇓󠄜󠅴󠄁󠅽︍󠄊󠅊󠄊󠄛󠅨󠄂󠇟󠄅󠆀󠆅󠆖︁󠆓󠆆󠇅󠇢. First one goes down* ***this Friday.** *and tickets are $60󠇟󠇠󠇡󠇢󠆫󠄀󠇭󠅂󠄥󠇔󠅋󠅆󠅞︃󠇢󠇜󠄓󠇑󠅛󠅓︇󠇥󠇫󠅶󠅂󠆜󠅿󠇪󠆶󠆙󠄾󠇎󠇭󠆄󠆜󠆱󠆬󠄔󠅙󠄛󠄺󠇃󠇑󠄬. Grab your tickets.* [**here*](https://luma.com/2u3b2rsl?ref=duethedilly.com)**󠇟󠇠󠇡󠇢󠅳󠆠󠅈󠇨󠅥󠆦󠄅󠄽󠄦󠅔󠇜󠇊󠇁󠄰󠄧󠆦󠄥󠆚󠄠󠆊󠆚󠄳󠄒󠅵󠆿󠆵󠆲󠄱󠅊︈󠄶︀󠇬󠇉󠄵󠅷︊󠄿󠆃󠆛.* I (Jonathan) met Aaron Samuels when I was 20\. At the time he was a nationally recognized slam poet, and a few years ahead of me in college. We didn't know Blavity would become what it did, but we knew that the right density of talent, with clarity and ingenuity would give us a fighting chance. The rest, became very public history. [Collide Capital ](https://www.collidecap.com/?ref=duethedilly.com)is making a mark across fintech, future of work, and supply chain. With a fresh $95M, they have another turn to play the game and do it at a high level. [ ![Video thumbnail](https://i.ytimg.com/vi/1e3Bc-EPdj4/maxresdefault.jpg) ](https://www.youtube.com/watch?v=1e3Bc-EPdj4&ref=duethedilly.com) Their thesis is simple: *at the intersection of the communities that shaped them, the schools that trained them, and the institutions that refined them, there is boundless innovation. But to get engage that institution, you need to be colliding on purpose.* Executing on that is exceptionally hard. [A recent study of 100,000 VC ](https://download.ssrn.com/2026/6/25/6995859.pdf?response-content-disposition=inline&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEDQaCXVzLWVhc3QtMSJHMEUCIEm6boQN10Yx4ik0aOQ1dV4gsSHkxqFqrZq2OovBxrthAiEAlI4g%2FSFon8ga%2BewzxiJpqyrHC70FnuiZ2JMJMB8BMJgqxwUI%2Ff%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FARAEGgwzMDg0NzUzMDEyNTciDADLdmzKYvswgMrxViqbBfReCmWo7HqHOvXm49axS41mw4GhakPc2IyCbt5O7sW8ekFFAtFvB68D8EtoOpo6hv%2BXZH9%2BOULlnAjil0OvjaxKm6SDVdpa%2FiSFgztaNLyfsS6r0N7UPf4NpzBkj8C7dVXXOgYL8e5PgGEGr15Gx7kVdWru3HgkBnoJ8zMKpPN8ymoKmRqloXr4O72zdvEmbRER7lfVtx8qWLDeFxUfZ1n86%2BCeDZxHkY0ZXsUuPTHJ607k4zg5DAvF5Hpeu7g%2BRuCq7iV3MIBuTqL5%2BuhiRtzFZ8g5bnhMo%2F9ZVxC8aBDQBLUHoDUZ%2BilV9uo7SnbWkvKz7pZGSogwwNYPtIuj3VeiqU%2BdpW%2B2IPJN0YvZKvyDPe22btVmZKo%2BS6hnWxNm1rSlx5PDPCABZqC94ASQDCDF8CmxAx4lzmNIfbMNn3VN%2FaXZpykBQQZhTKxdjg2WqQcqLKvaovNOmSv4FM2Q0CdcAxvXi9ocDc57WZn33MEi3ENQrZieXJnSUO993qVrLCBBI1szFWTNiBFbrPYfPtgBdRgP9DjraCzUTgDtB6TdtDt7fZRx1NVoM9HHyKu1VWs5xKQNylL1xQGTv%2FqUiF6NRzllrR1N3Gc%2Bet893pnuUP9lO%2Fs58cPR%2BDSWBdLJNaFd1TSIrcCPQq6xdgTe4dLheVkLtzr%2Ft3XZ%2Ba8ueowkbkjoWFUksnC1Qx4Ibj8Io3IymNIA%2FAcnP8sBhiZw8csdv7XEa0kuRyUDo72TQBKvgPy82cDXl3x0B1%2Bjk9dYL3ZTrRrzpkOWwd%2BBe3UK2geB35hEltE8xsXPqM%2B8q6G6AH9X3TmQLZpA7H0AdMkCrsDryBkJ53YqSAYzHhhVT4R9hHvOyy2f25urvpOgp2%2BD8toXDQWhTGHW5UUwpqXT0gY6sQE0dSrhwetV4pHWiLmr5L2fMRa1lwFyaKLU7IcAKSUllos2TgskdkCkmXKyljuOm7XdPSqnDLAM%2FZ6QksG3v1LzwbSghMFGQfLPKM3JDYKQ%2BgUrMAFMnY%2F6FjWgsOynsRNwX5R0fZD4yg43VJsRH0HH0Ny8GHMCyF0gkiK9PzW4Q%2FC4a95tNgyZLjLslpuZuv%2BHpPuGyK%2B0%2B7axZiI1CcB0DV072Im5kqIQ3apHtPYu0gI%3D&X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Date=20260713T120548Z&X-Amz-SignedHeaders=host&X-Amz-Expires=300&X-Amz-Credential=ASIAUPUUPRWE6N4TJC7B%2F20260713%2Fus-east-1%2Fs3%2Faws4%5Frequest&X-Amz-Signature=4d23cb15b220f2a0de27f5faf8053fedf3912209335ebbda6c9012eb6734546b&abstractId=6995859&ref=duethedilly.com)professionals found that 90% of all profits are generated \~5% of firms. This is *similar in statistical spirit* to becoming a perennial NBA All‑Star: theoretically anyone *can do it*, but it is a rare thing to be one who does. ![](https://www.duethedilly.com/content/images/2026/06/Aaron_JJ_smiles.JPG) Aaron and Brian are just [on their second fund](https://youtu.be/1e3Bc-EPdj4?ref=duethedilly.com), and plan on doing this for the next 20 years. So far, they've been an outlier: 75 investments, and a top performing fund. That means they are not incentivized to lie, and they have too many active investments to be anything but direct, especially if they want to keep using *other people's money* to do it. Bank of America, University of California, Morgan Stanley do not play around with their own money. ### **Stuff we talked about:** - How the combination of cultural ecosystems, financial capital, and deep trust gave them a competitive advantage early on - Building value outside of just giving founders money (especially when you do not have it) - What marks a founder as *undeniable* and their mix of evaluation criteria - Building a culture of well-received and well-given feedback for founders and themselves - Cold emailing the Chief Investment Officer of a $200B investment platform - How they built an internship program across 20 college campuses that brings them active deal flow while giving students the ability to co-invest and gain experience - Building a track record of investment in business school - The kindest thing someone did for them when they started the firm - Why many founders aren't prepared for the enterprises deals they think they want (and what it takes to get there) ![](https://www.duethedilly.com/content/images/2026/07/CJBRIAN_smiles.JPG) If you're curious about venture capital, if you are building a company (or know someone who is), or just love people who have something other than *just competition* moving them forward, this is for you. ### The Dime💰 - Sony Just Got A US License To Print Money URL: https://www.duethedilly.com/the-dime-sony-just-got-a-us-license-to-print-money/ Last updated: 2026-07-10T02:16:08.000Z > *Before we get into Sony, a quick note󠇟󠇠󠇡󠇢󠄊󠅕󠆪󠄚󠅑󠆉󠅮󠅔󠇊󠅽󠇀󠆧󠆜󠄧󠆩󠅕󠇐󠅀󠆐󠆓󠆙󠇅󠅲󠅹󠅨󠄄︍󠇮󠄻︀󠅦󠄝󠆩󠆁󠇋󠅖󠆴󠇏︍󠆢. We're launching the Due Dilly Supper Club, an intimate evening with friends and supporters of this community󠇟󠇠󠇡󠇢󠅤󠇫󠅯󠅯󠄣󠅯󠆳󠄅󠅿󠄼󠅵󠅺󠄩󠇇󠆳󠆛󠄚󠄈󠄘󠄩󠄓󠇮󠇙󠆷󠆱󠄝󠄓󠆪󠄋󠆴󠆥󠄔󠄝󠆨󠅨󠇀󠅨󠅱󠆴󠆤. Think food, drinks, and real conversation in a private space in Brooklyn󠇟󠇠󠇡󠇢󠄅󠆹󠅂󠇟󠅈󠅡󠅐󠇯󠅝󠅬󠇀󠇫󠇇󠅑󠆐󠇐󠇭󠄣󠇫󠄀󠆞󠅕󠆊󠄴󠅹󠆿󠄠󠄠󠅝󠄈󠅃󠅍󠇀󠆡󠄧󠅶󠇡󠇔󠆂󠄱. No big stage, no panel, just people who read this newsletter sitting around a table talking about money, culture, and everything in between󠇟󠇠󠇡󠇢󠅷󠄺󠆇󠅔󠆁󠇣󠆵󠆠󠆤󠇨󠆽󠆄󠄛󠅰󠆌󠅯󠅱󠅮󠇓󠄜󠅴󠄁󠅽︍󠄊󠅊󠄊󠄛󠅨󠄂󠇟󠄅󠆀󠆅󠆖︁󠆓󠆆󠇅󠇢. First one goes down next week and tickets are $60󠇟󠇠󠇡󠇢󠆫󠄀󠇭󠅂󠄥󠇔󠅋󠅆󠅞︃󠇢󠇜󠄓󠇑󠅛󠅓︇󠇥󠇫󠅶󠅂󠆜󠅿󠇪󠆶󠆙󠄾󠇎󠇭󠆄󠆜󠆱󠆬󠄔󠅙󠄛󠄺󠇃󠇑󠄬. Grab yours* [*here*](https://luma.com/2u3b2rsl?ref=duethedilly.com)*󠇟󠇠󠇡󠇢󠅳󠆠󠅈󠇨󠅥󠆦󠄅󠄽󠄦󠅔󠇜󠇊󠇁󠄰󠄧󠆦󠄥󠆚󠄠󠆊󠆚󠄳󠄒󠅵󠆿󠆵󠆲󠄱󠅊︈󠄶︀󠇬󠇉󠄵󠅷︊󠄿󠆃󠆛. Space is *very limited* so don't sleep on it.* 󠇟󠇠󠇡󠇢󠅘󠆾󠄀󠇙󠇫󠄹󠇛󠆁󠅥󠄧󠄟󠄼󠇐󠆭󠄎︌󠄗󠄽󠆣󠅄󠆯󠆶󠄈󠄥󠅭󠄏󠅞︌󠅾󠆓󠆿󠄭󠄚󠄩󠄋󠇮󠄚︇︀󠄔On July 7, 2026, Sony Bank got word from Washington that most Sony shareholders never saw coming:[the OCC handed it conditional approval](https://www.americanbanker.com/news/sony-gets-conditional-approval-to-establish-us-trust-bank?ref=duethedilly.com)to stand up a national trust bank called Connectia Trust, whose entire job is issuing a dollar-backed stablecoin󠇟󠇠󠇡󠇢󠆪󠄍󠄼󠅆󠆗󠆐󠅭󠆑󠅯󠅃󠆖󠇠󠄪󠆱󠆱󠆨󠅲󠇄󠇖󠅃󠄓󠆑󠇫󠄽󠆶󠅄󠅞󠇊󠆆󠆷󠅈󠆅󠄾󠇏󠇯󠅁󠆅󠄷︀󠄎. That sentence reads like a banking trade story󠇟󠇠󠇡󠇢󠄇󠆙󠇒󠄭󠇓󠆎︃󠅛󠅹󠅲󠆘󠆈󠅆󠄼󠆧︃󠆀󠆦󠄽󠇜󠆝󠆝󠆩󠄣󠄏󠅥󠆩󠇐󠅮󠆅󠅴󠆥󠆢︋󠅦︇󠅵󠄟󠅾󠇙. It isn't󠇟󠇠󠇡󠇢󠆋󠅚󠅇󠅟󠅆󠆶󠇁󠆁󠆡󠅶󠅏󠄍󠇤󠄕󠅌󠅙󠅜󠅎󠅽󠄒󠆨󠄵󠄧󠇋󠇨󠄓󠇃󠄟󠅚󠇋󠆒󠇄󠇍󠆯󠅴󠇧󠄷󠇨󠄿︅. It's an entertainment story, and it's one that touches PlayStation, anime, music royalties, and eventually your credit card statement. 󠇟󠇠󠇡󠇢󠆥︄️󠄶󠅕󠅦󠆿󠇆󠅢󠇮󠇈󠅻︄󠄦󠄄󠇟︃︅󠅍󠆣󠅲󠅔󠆺︄󠆉󠇊󠄥󠄩󠄆󠅋󠅁󠅉󠄲󠆃󠄆󠄎󠇩󠆴️󠆵Quick intro if you're new here󠇟󠇠󠇡󠇢󠄳󠆠󠄻󠄏󠇐󠅔󠅧󠅻󠅜︃󠄅󠇡󠅹󠅠󠇉󠇃󠆑󠄄󠆉󠆦󠄅󠇞󠆢󠇭󠇆󠄏󠄞󠅧󠄂️︌󠇊󠄕󠆝󠄠󠅆󠅺󠄱󠇜󠄋. I'm Carl, by day I run Joseph Black Law PLLC, a New York Law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures󠇟󠇠󠇡󠇢󠅇󠇗󠅟󠇩󠄿󠆸󠅊󠅯󠄤󠇍󠄻󠄽󠄤󠄌󠆦󠇖︂︀󠄂󠇜󠅴󠄭󠅤󠄧󠇎󠄮󠇬󠅖󠇠󠄵󠆖󠄹️︀︍︀󠄒󠇭󠆡󠅉. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. 󠇟󠇠󠇡󠇢󠆠󠄓󠇍󠄅󠄂󠅧󠄥󠄸󠆶󠄳󠆟󠅃󠇚󠄕󠇄󠅞󠅣󠇍󠆍󠅐󠅈󠄩󠆫󠇯󠆼󠆡︋󠇓󠅲󠇑󠄢󠇀󠆉󠇩󠅻󠅏󠆨󠄓󠅰󠅲The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time󠇟󠇠󠇡󠇢󠄬󠆜󠄖󠆍󠅀󠅎󠆜󠆧󠅀󠅨󠅨󠆃󠆋󠄧󠄈󠅞󠇣󠆮󠇃󠇮󠆴󠅩󠆮󠆩󠆫󠆊󠇖︀󠆣󠄴󠄧󠆏󠄞󠇝󠆍︁︄󠇒󠆝󠅡. The music press covers the artist󠇟󠇠󠇡󠇢󠇔󠆉󠇂󠆯󠅽󠆮󠇞󠅶󠆦󠇀󠆖󠇀󠄅󠄷󠅷󠆄󠆇󠅾󠅖󠄻󠅹󠆞󠄨󠅱󠄑󠄬󠇎󠅚󠇡󠄐󠅳󠇙󠄏󠄜︉󠆦󠄅󠄂󠄝︄. The financial press covers the companies󠇟󠇠󠇡󠇢󠆭󠅲󠄄︋󠄍󠆛󠅠󠆓󠄴󠅄󠇀󠆘󠇄󠄠󠄵󠅸󠆭󠄞󠆗󠄳󠆸󠇡󠆝󠄦︉󠆕󠅛󠇓󠇂󠆕󠆦󠇇󠆆󠆗󠆗󠄑󠅿󠆎󠆯󠇪. Sports covers the teams and athletes󠇟󠇠󠇡󠇢󠄧󠆟󠆞󠇠󠆹󠆶󠇬󠆜󠆿󠄾󠄱󠄄󠇜󠅤󠅖󠄨󠆙󠇨󠅈󠇫󠅱󠇪󠄼󠄵󠇡󠄡󠄎󠄁󠅢󠅨󠇩󠆗︇󠅋󠆘󠇚︌󠇐󠇘󠅺. The Dime💰 covers the deals󠇟󠇠󠇡󠇢󠅮󠆾󠆂󠄙󠇗󠅺󠆆󠆤󠄱󠅭󠄡󠅜󠅩󠆦󠅗󠄭󠄝󠄄󠇀󠅟󠅑󠄟󠅢󠄿󠇪󠇅󠆱󠅽󠅽󠄡󠆱󠄳󠄮󠆫󠆀󠅭󠅗󠇪󠄱󠆜. The term sheets, the filings, the multiples, the leverage. 󠇟󠇠󠇡󠇢󠇇󠅥󠆴󠅾︇󠆛󠆲󠄃󠇁󠆽󠄸󠅄󠇡󠇕︌󠄣󠆣󠄒󠄀󠅊󠆪󠄞󠆃󠇩︎󠄀󠄸󠆆󠆷󠇗󠅆󠅷︌󠇎󠄫󠆉󠆾󠇫󠄄󠇫Today we talk about Sony's setup, the corporate maze behind it, and why every major media company just got a preview of where their payment rails are headed󠇟󠇠󠇡󠇢󠆀󠄐󠄄󠅡󠄪󠅘󠅚󠅍󠄘󠅵󠇧󠅷󠄫󠆘󠆹︄󠆜󠆒󠆿󠄇󠆙󠅻󠆟󠆍󠄻󠅕󠅖󠆖󠆣󠇨󠄆󠇝󠄷󠆫️︊󠄹󠆙󠅟󠇍. Here's this week's edition of The Dime💰. ### 󠇟󠇠󠇡󠇢󠅗󠇫󠄥󠄴󠅗󠆰󠇪󠅋󠆩󠇪󠇊󠇎󠄊󠅧󠄢󠄕󠄀󠅴󠆣󠄸󠆔󠄎󠅃️󠇮󠅗󠅰︎󠄀󠄻󠄝󠇝󠇞󠆣󠇉︈󠆹󠆶󠄌󠄼THE NUMBERS Sony Group FY25 total sales:**¥12,479.6 billion (\~$82.6B)**, a record󠇟󠇠󠇡󠇢󠄧󠆆󠆢󠆑󠅺󠄤󠅓󠅲󠇐󠆙󠅿︎󠄡󠅩󠄇󠄙󠆿󠆎󠆼󠄼󠇅󠆯󠄲󠅢󠄗󠇎󠄭󠅹󠇣󠇉󠅚󠄏󠄇󠄙󠄗︇󠅺󠅛󠆨󠅽. Operating income:**¥1,447.5 billion**, also a record󠇟󠇠󠇡󠇢󠅯󠄢︁󠇖󠅿󠅷󠇗󠆀󠅒󠅐󠇟︉󠆩󠆨󠄡󠇦󠅕󠄤󠇭󠄪󠄈󠅴󠇛󠆂󠄟󠅫󠄒󠄡󠄩󠆊󠄾󠇟󠄍󠇅󠆑󠆦󠅈󠇡󠅊󠇝. (Source: Sony Group Corp consolidated results,[May 8, 2026](https://investgame.net/news/pdf/2026-05-08-25q4%5Fsony%5Fearnings%5Fclean%5Fwp/?ref=duethedilly.com).) 󠇟󠇠󠇡󠇢󠄸󠆋󠆥︋󠇍󠆑󠅣󠇊︍󠇇󠆣󠄲󠄺󠇣󠄮󠇎󠆕︈󠆚󠄾︉󠇋󠇥︇󠆮󠄹󠇓󠆗󠄌󠇃󠆦󠄎󠇢󠅲󠅢󠆴󠄦󠅩󠆞󠅀Game & Network Services (PlayStation):**¥4,685.7B (\~$31B)**in sales, record operating income of ¥463.3B. PlayStation Network hit**132 million monthly active accounts**in December 2025. 󠇟󠇠󠇡󠇢󠇌󠆝󠅛󠆺󠆡󠆖󠆍󠄇󠄨󠆑󠇬󠆳󠇜︍󠄊󠄒󠇑󠆆󠄉󠅎󠅉︉︄󠇇󠅡󠇪󠆈󠅜󠆦󠆏󠄓󠇑󠄦󠆀󠆁󠄞︍󠆷󠅐󠆖Music segment:**¥2,120.1B**, up 15%󠇟󠇠󠇡󠇢󠇊󠇧󠄼󠆒󠇣󠄶󠆔︋󠇤󠇌󠄎󠄖︈󠇕︌󠆽󠄗︍󠅋󠇪󠆀󠆎󠄆󠅾󠅢󠅻󠆨󠅠󠇬󠄔󠆝󠅵󠆞󠅛󠄢󠆷︈󠅘󠄃󠅪. Pictures:**¥1,499.3B**󠇟󠇠󠇡󠇢󠇂󠇯󠅎󠆼️󠆥󠄓󠆉󠇖󠅑󠄯󠅕󠆼󠄖󠇕󠇀︈󠆖󠇅󠄅󠅯󠆐󠄆󠅇󠅗︉󠄺󠄕󠅝󠄨󠇅󠇂󠅼󠅍󠅙󠄫󠅈󠄶󠄋󠆈. Combined, Sony's entertainment businesses now dwarf its hardware legacy. 󠇟󠇠󠇡󠇢󠆗󠅻󠄄󠅰󠅘󠄿󠄇󠅉󠇞󠄀󠄐󠅡󠆥󠇁󠅗󠅓󠄱󠇈󠆢󠇁󠄯󠇥󠅓󠆅︅󠄈󠆤󠆍︎󠆢󠄻󠄆󠄀󠆃󠅡󠅠󠆭󠄤󠄝󠄛Sony's U.S. business alone generates[more than 30% of the parent company's external sales](https://news.bitcoin.com/occ-clears-sony-bank-to-open-connectia-trust-for-usd-stablecoin-business/?ref=duethedilly.com), most of it running through credit card networks today. 󠇟󠇠󠇡󠇢󠆢󠄜︅󠅷󠅗󠄆󠄾󠆔󠆑󠇌󠄐󠅟󠄙︅󠇜󠅯󠆹󠅙󠅿󠆅󠄈󠆙󠆜󠄜󠅞󠅋󠇥󠆊󠆻󠅅󠆡󠇑󠇒󠄵󠇤󠄴󠄌︋󠇈󠆽Connectia Trust's starting capital:**$40 million**󠇟󠇠󠇡󠇢󠆏󠆞󠆭󠄷󠆅󠇥󠇄󠅘󠆤󠆺󠆌󠆽󠄞󠆫󠇆󠅈󠄰󠅩󠄵󠄊󠄧︊︃󠄥︉󠆘󠄟󠆱󠇯󠇒󠇖󠇟󠄔󠆅󠆦︅󠄗󠅙󠄝󠅤. Sony's market cap as of this week:**roughly $125 billion**󠇟󠇠󠇡󠇢󠇄󠄅󠄯󠇠󠇜󠅵󠆍󠅆󠇎󠅖󠅽󠇠󠄫󠅹󠆡︋︍󠇙󠆚󠇘󠆢󠇝󠆽󠆂󠇠󠇎󠆙󠄀󠄉󠆄󠇂󠇩󠄉󠆺󠅺󠅽󠄙󠆹󠄇󠇅. This is a rounding error dressed up as a strategic pivot, which is exactly why it's worth paying attention to. ![](https://www.duethedilly.com/content/images/2026/07/sony_segment_revenue.png) ### 󠇟󠇠󠇡󠇢󠆕󠇭󠄫󠆱󠄷󠅹󠅿󠅘󠆝󠅵󠇕󠇥󠆴󠆌󠆌︃󠆢󠅸󠆬󠄅󠇂︆️󠄀󠅽󠇞󠆯󠇪󠆴󠅸󠆊︊󠇥󠇊󠄯󠆘󠅑󠅩󠄬󠄺WHAT THE OCC ACTUALLY APPROVED Connectia Trust, National Association won't take deposits, won't make loans, and won't touch a traditional checking account󠇟󠇠󠇡󠇢󠅺󠇥󠆩󠄼󠅝󠄦󠅱󠇘︁󠆨󠆻󠅘󠅪󠅣󠅮󠅇󠄀󠇟󠆿󠅡︋󠄸󠅒󠅍󠄦󠆋󠄳󠆖󠆖󠆄󠆹󠆣󠄭󠆹󠇁󠆄󠄆󠆂󠄳󠆹. Under its charter it can do exactly four things: issue a dollar-pegged stablecoin, hold the reserves backing it, provide custody for digital assets, and manage fiduciary accounts for Sony affiliates󠇟󠇠󠇡󠇢󠇗󠄄󠄖󠅵󠅆󠄵󠅥󠄺󠇏󠅗󠅽󠅩󠄟󠅶󠆤󠇠󠆁󠆅󠇞󠆼󠅟󠄙󠄝︈󠇠󠄫󠇙󠇢︃󠄛󠇝󠄆󠇬󠄥󠄢󠆻󠇧󠅥󠄣󠄊. That's it󠇟󠇠󠇡󠇢󠆸󠇣󠆜󠄖󠅷󠅐󠆸󠄫󠅗󠆨󠄫󠆂󠆹󠅀︀󠇞󠆆󠅴󠄎󠄱󠆏󠄕󠆫󠅋󠅧󠇁󠆗󠅜󠆺󠆒󠇛󠆸︌󠇍󠄧󠆿󠄵󠆫󠆧󠇥. It's a purpose-built utility, not a bank in the way you'd recognize one. 󠇟󠇠󠇡󠇢󠄒󠆼󠅫󠆶󠇧󠅙󠇣󠄍󠇥󠅹︉󠅮󠄰󠆱󠇝󠆲󠄙󠆁󠄐󠄏󠆱󠆶󠅑󠅏󠅜󠄒︀󠇭󠆻󠄯󠅦󠇐󠅹󠆢󠅨󠆽󠄚󠅶󠄞󠇕The whole thing exists because of the[GENIUS Act](https://www.americanbar.org/groups/business%5Flaw/resources/business-law-today/2025-august/genius-act-strategic-paths-stablecoin-issuers/?ref=duethedilly.com), signed into law in July 2025, which for the first time gave the U.S. a real regulatory lane for "permitted payment stablecoin issuers": 1:1 reserve backing in cash or short-term Treasuries, monthly disclosure, audits󠇟󠇠󠇡󠇢󠆢󠇐󠆴󠆸󠅒󠄀󠅳󠅽󠄄󠅘󠄯󠄉︊󠅉󠇯󠄱󠅊󠄳󠅁󠆣󠅣󠇧󠅲󠄚󠄨󠄂󠅘󠄂󠆙󠄀󠆙󠄛󠆗󠄊󠄄󠇛󠇐󠅭󠄄󠇒. Klaros Group's Roman Goldstein put the strategic logic bluntly: a national charter makes Sony the*"issuer of record"*instead of a tenant on somebody else's license. 󠇟󠇠󠇡󠇢󠄈︉󠄣︆󠇉󠇅󠆐󠅹󠅒󠅅󠅹󠆖󠆟󠄭󠆲󠄶󠅙󠄁󠅒󠄦󠄇󠆰󠅔󠆑󠆮󠄵︎︍󠇊󠇔󠆊︎︎󠇉︌󠅙󠅜󠆇󠆨󠆂Sony isn't building the plumbing itself.[󠇟󠇠󠇡󠇢󠆀󠇓󠇦︀󠄊󠆚󠄁󠇟󠆦󠄧󠇖󠅌󠇙󠇯󠆆󠆡󠇔󠆛󠇝󠆋󠇊󠅺󠅏󠅺󠅩󠅐󠅚󠄵󠆀󠇨󠇫󠇫󠇨󠇍󠇊󠇩󠄿󠄆󠇫󠅷Bastion Platforms](https://www.ledgerinsights.com/sony-bank-partners-bastion-for-us-stablecoin-issuance/?ref=duethedilly.com), a stablecoin infrastructure company, will handle issuance, custody, and reserve management under a deal announced in December 2025󠇟󠇠󠇡󠇢︈󠅣󠆠󠅺︂󠄒︇󠅱󠅪󠅎󠅲󠄹󠅥󠅘󠅄󠆞󠇜󠆅󠄖󠇥󠄎󠅨󠄖󠆓󠅞︁󠅣󠇒︁󠆵󠇬︌󠄠󠆗󠄕󠆳󠆴󠄯󠅊󠆬. Sony's own venture arm, Sony Innovation Fund, had already bought into Bastion's $14.6 million funding round three months earlier, alongside Coinbase Ventures, a16z crypto, and Samsung NEXT󠇟󠇠󠇡󠇢󠄳󠅰󠆂󠅡︎󠄉󠆆󠆽󠇁󠆳󠄽︀󠅧󠅩󠅨󠇒󠇩󠄨󠄋󠇣󠅱󠅕󠄤󠇗󠆇󠇃󠇮︈󠄼󠆙󠆞󠅁󠆕󠆂󠆣󠆲󠄰󠆷󠆞󠅮. Sony is simultaneously Bastion's customer and one of its investors. ### 󠇟󠇠󠇡󠇢󠇓󠆪󠅰︊󠇏󠇞󠆳󠆹󠅩󠇘󠄡󠄎󠄔󠅘󠆪󠅺󠅗󠄀󠆽󠅘󠅭󠆴󠇅󠇬︇󠇙󠄐󠆲󠄣󠇊󠄍︅󠄉󠄁󠅦󠅷󠇞︋󠆸󠄱THE CORPORATE MAZE Here's where it gets genuinely interesting for anyone trying to map who owns what, because Sony's stablecoin doesn't actually sit inside "Sony" the way most coverage implies. 󠇟󠇠󠇡󠇢󠇐󠇌󠄸󠅱󠄨󠄧󠅒󠅛︍󠆆󠄖󠇋󠅈󠆎󠆟󠄢󠇫󠆨󠇮󠅕󠆀󠄪󠆞󠇭󠇒󠆙󠄑󠇉󠅽󠇀󠄳󠄩󠇐󠇛󠄇󠇞󠅾󠇑󠅨󠆎On October 1, 2025,[Sony Group Corporation spun off its entire financial services division](https://www.clearygottlieb.com/news-and-insights/news-listing/sony-in-spin-off-of-sony-financial-group?ref=duethedilly.com)into a standalone, separately listed company: Sony Financial Group Inc., now trading on the Tokyo Stock Exchange under ticker 8729󠇟󠇠󠇡󠇢󠇅󠅙󠇔󠆿󠆞󠆸󠄎󠅡󠇧󠄨󠆮󠆻󠇇󠆘󠆚󠆠󠄘󠆌󠇥󠅁󠄸󠇛︍󠄪︆󠅆󠄞󠄧󠄷︅󠇕󠇒󠅺󠄹󠆏󠅎󠅻󠅯󠅀󠅟. Sony[distributed roughly 83.6% of SFGI's shares](https://www.tradingcalendar.com/post/sony-spin-off?ref=duethedilly.com)to its own shareholders as a stock dividend and kept about 16.4% for itself󠇟󠇠󠇡󠇢󠆃󠆇󠆊󠄄󠅞󠆄︅󠅥󠅏󠅲󠆆󠆕󠅷󠄰󠄀󠆾󠇟󠆳󠄸󠇑️󠄷󠆫︌󠆗󠄰󠆣󠅝󠇧󠄍󠅤󠇡󠇂󠄬︊󠇝󠇨󠄏︀󠄥. SFGI is now an equity-method affiliate, not a consolidated subsidiary󠇟󠇠󠇡󠇢󠄽󠄎󠅛󠄴󠅠󠅾󠄩󠄎󠄽󠅭󠄂󠇆󠅊󠇃︂󠇡󠆣󠆻󠄣󠇌󠆩󠄼󠆇󠇚󠇩󠅩︌󠄼󠆇󠅱󠄟󠄩󠅄︉󠄦󠄛󠆒󠄘󠆊󠆔. Sony Bank, and therefore Connectia Trust, sits underneath SFGI, two ownership layers removed from Sony Group Corporation itself. 󠇟󠇠󠇡󠇢󠆰󠄮󠆛󠄭󠄶󠇘󠅋󠆶󠅿󠅴󠅊󠆜󠇖󠆧󠅖󠅉󠄞󠄿︎󠇕󠄊󠆂︍󠄘󠄨󠅿󠆹󠇤󠅶󠆬󠅃󠆀󠅬󠅛󠅶󠅽󠄿󠅭󠅩󠆻That matters because every press release about this stablecoin describes it serving "the Sony Group ecosystem󠇟󠇠󠇡󠇢󠆭󠆅󠆟󠆧󠄃󠅸󠄟󠆃󠆴󠆬󠆞󠅞󠇄󠅒󠆬󠇖︅︇󠄟󠆲󠅁󠅭󠅭󠄋󠇃󠇖󠇌󠅐󠅙󠅅󠄘󠄏󠆦󠄈󠆀󠅇󠆙󠆨󠅀󠄼." Legally, Sony Group Corporation doesn't control the entity issuing it anymore󠇟󠇠󠇡󠇢󠆹󠅴󠇌󠅊󠇒󠇚󠆕󠇓󠅢󠄼󠅾󠆰󠆆󠇤󠆨󠄂󠇤󠇔󠇔︌󠆻󠄣󠄕󠇫󠇂󠆫󠆉󠆆󠇄󠇜󠆴󠆑󠇍󠇔󠆟󠆐󠆔󠆵󠄩󠆦. It's a 16.4% shareholder relying on a brand-licensing and commercial relationship to make the whole thing work. 󠇟󠇠󠇡󠇢󠄁󠆹󠅢󠆍󠅪󠅥󠄀󠇛󠄢󠄒︆󠄚󠅩󠅎󠆋󠇬󠅾󠆤󠅃󠇐󠆄󠄞󠄡󠇖󠆼󠅞󠆹󠆬󠇌󠄯󠇉󠆤󠅎󠄥󠇢󠅕︄︋󠇃󠄒Here's how the pieces actually connect: ![](https://www.duethedilly.com/content/images/2026/07/sony_corporate_structure_1.png) Sony Bank isn't new to this󠇟󠇠󠇡󠇢󠄮󠄤󠆶󠆝󠄐󠇚󠇦󠄞󠅕󠇟󠆆󠄫󠇙󠄑󠇚󠄻󠄦󠆠󠆻󠇡󠆊󠇣󠆳󠆮󠇦󠇀󠄀󠅮󠇓󠄪󠄋󠇖󠄚󠇧󠆗󠅆󠆝󠆋󠅷󠅔. It built a Web3 subsidiary called[BlockBloom in June 2025](https://www.tekedia.com/a-look-at-sony-banks-usd-backed-stablecoin-initiative/?ref=duethedilly.com)with a modest ¥300 million in capital, aimed at wallets, NFTs, and fan-facing crypto products󠇟󠇠󠇡󠇢󠅋️󠄍󠆇󠇡󠅙󠇑󠅻󠆶󠇕󠆠󠅠󠆎󠆯󠆁󠄮󠆼󠇍󠅋󠄥󠅠󠄀󠇪󠄃󠄠󠆌󠄗󠅜󠄑󠅅󠅹󠄯󠇗󠇡󠄷󠆕󠇅󠇔󠅵󠇂. It also runs its own Ethereum layer-2 chain, Soneium, launched back in January 2025󠇟󠇠󠇡󠇢󠆑󠆝󠇞󠇁︌󠆚󠅶󠆹󠆈󠅱󠅕️󠅮󠇃󠇋󠇦󠆇󠄭󠅛󠅎󠄩󠆶󠅞󠄒󠄕󠅞󠇥󠅟󠄓︃󠆨️󠇢︇󠆜󠇜︁󠆽󠆟󠆅. Connectia Trust is the third and most consequential piece: the one with an actual federal bank charter attached to it. ### 󠇟󠇠󠇡󠇢󠇭󠆨︋︍󠄵󠄑󠇎󠅒󠄗󠇔󠆵󠆭󠄷󠆖󠄞󠇐󠇅󠄀󠄃󠄎󠆴󠅫󠅦󠆬󠇐󠄁󠆔󠇨󠆎󠇕󠅵󠄳󠆃󠆳󠅀󠅔󠅊󠄲󠄆󠆸WHY THIS BLEEDS INTO PLAYSTATION, ANIME, AND MUSIC Sony has said the stablecoin is meant for PlayStation purchases, anime and streaming subscriptions, and Sony Group's own treasury and cross-border payments󠇟󠇠󠇡󠇢󠇦󠆀󠇢󠆸󠇉󠅏︄󠆲󠇬󠄌󠆢󠅺󠇀︍󠄿󠇬󠄧󠇆󠅮󠅮󠆕󠄗󠅽󠆅󠄦󠄌󠄎󠇌󠆇󠄭󠆐󠇣󠅛󠄁󠄠󠄯󠆼󠆌󠆕󠄰. That's not filler language󠇟󠇠󠇡󠇢󠅥󠆇󠅳󠇊󠄙󠇛󠅲󠅝󠄋󠇥󠅥󠅫󠅉󠄮󠆦󠅷󠅍󠆹󠅛󠅄󠆘󠅕󠅜󠆳󠄟󠅋󠄙󠅾󠄦󠇮󠆌󠅒󠅌󠄤󠅿󠅫󠄒󠄕󠆋︌. It lines up with where Sony's actual money is. 󠇟󠇠󠇡󠇢󠄱︁󠄉󠇑󠅢󠅴󠅡󠆇󠆡󠆜󠄨󠇀󠅚󠆙󠄢󠅲󠇣󠄛󠆞󠇃︅󠆈󠆙󠅬󠄔󠄔︊󠅀󠇔󠇤󠄾󠇜󠆖︁󠇙󠆭󠇠󠇖󠇈󠄆It also lines up with a decision Sony made three days before the OCC approval landed:[󠇟󠇠󠇡󠇢󠆹󠅟󠆠󠇭󠆣󠄜󠅰󠅘󠆶󠄋󠄀󠅙󠄿󠅲󠅢󠅹︋󠇆󠆔󠆿󠅪󠅮󠇃󠆃󠅐󠄱󠄾︄󠅕󠆧󠄫󠅗󠆷󠆆󠄁󠇃︊󠄟󠆣󠄌PlayStation is ending physical disc production entirely by January 2028](https://blog.playstation.com/2026/07/01/physical-disc-production-ending-in-january-2028-for-new-games-releasing-on-playstation-consoles/?ref=duethedilly.com), citing how far digital preference now outpaces physical media󠇟󠇠󠇡󠇢󠇓󠇄󠄰󠄎︀󠆍󠅟󠆂󠆞󠇜󠅩󠆩󠇙󠇚󠄪󠅗󠇠󠄅󠄥󠇗󠅴󠆢󠅅󠅂󠆹󠇥󠄞󠄙󠄔󠆉󠄿󠅰󠇁󠇥󠆶󠄁󠄶󠅐󠆙󠇖. Read those two announcements together and the strategy gets clearer: an entertainment company going fully digital on the product side has every incentive to go fully digital on the payment rail underneath it too, especially one currently paying 2 to 3 percent of every transaction to Visa and Mastercard. 󠇟󠇠󠇡󠇢󠆁󠅄󠇦󠆹︉󠅏󠄎󠆲󠄑󠅕󠆹󠇤󠅩󠅛󠆧︎󠅶󠄵󠄭󠄷󠆘󠆟󠇈󠇉󠄤󠄴󠇉󠇪󠇆󠆮󠄖󠅦󠅼󠄳󠆱󠇒️󠇋󠆷󠅹The anime side of the business adds a wrinkle that makes an internal settlement currency genuinely useful, not just a consumer gimmick󠇟󠇠󠇡󠇢󠇄󠄏︋︂󠆿󠅈󠇕󠅀󠅃󠄐󠄳󠆐󠄿󠆃󠇣󠆡󠅬󠆺󠄝󠅶󠆓󠄒󠅗󠄵󠅋󠄼︆️󠇚󠅂󠇀󠆩󠅚󠄞󠄪︋󠆔󠄢󠆌󠇐. Crunchyroll is a 50/50 joint venture between Sony Pictures Entertainment and Aniplex, which itself sits inside the Music segment under Sony Music Entertainment Japan󠇟󠇠󠇡󠇢󠅜󠆫󠅘󠇧󠄥󠅑󠆼󠄿󠆠󠅌󠇁󠄔︇󠅽󠄋󠅪󠇘󠄉󠅎󠇣󠅛󠄄󠇉󠄾󠄔︍󠆫󠄆󠅔󠄱󠆬󠆮󠅕󠅊󠅐󠇁󠅅󠄲󠇅󠄦. One writer covering the anime business[described the problem well](https://jeromemazandarani.substack.com/p/the-new-anime-distribution-wars-why): unlike a rival like Toho, which operates as a single pocket, Sony has to pass money formally across divisional lines, with arm's-length documentation, every time a hit like*Demon Slayer*generates revenue across Aniplex, Sony Pictures, and Crunchyroll simultaneously󠇟󠇠󠇡󠇢︇󠆑󠅚󠅊󠄈󠅏󠆘︎󠆦󠄲󠅳󠅆󠇙󠄄󠅍󠅑󠆠󠆂󠅡󠅟︇︎︍󠇑󠄉󠅨︎󠅔󠅄󠇧󠇏󠄀󠆲󠄹󠅛󠇓󠇗󠇨︊󠄯. A programmable, Sony-branded settlement asset doesn't just save PlayStation users a card fee󠇟󠇠󠇡󠇢󠇭󠇌󠄦󠅏󠄴︄󠄆󠇖󠅪󠇍󠄡󠆓󠅭󠄚󠇅󠇛󠄟󠅭󠅪󠄑󠄡󠄘󠄫󠆇󠄽󠅜󠄼󠇏󠅑󠆫󠅚󠆑󠅭󠇏󠆉󠇈󠄟󠅣󠆟󠆛. It's a plausible fix for exactly that kind of intercompany friction. ### 󠇟󠇠󠇡󠇢󠇉󠇪󠅊󠅴󠄕󠅭󠇝󠆽󠄌󠄶󠆣󠅵󠅳󠇉󠅪󠇜󠄒︂󠅓󠆊󠇦󠅔󠅶󠄍󠅭󠇞󠆑󠅘󠆫󠅫󠅑󠆧󠅗󠄤󠆻󠇜󠆤󠇛󠅥󠇗WHAT CHANGES FOR THE INDUSTRY Sony isn't first to the stablecoin idea generally󠇟󠇠󠇡󠇢󠅏︇󠅮󠅆︈󠅚󠇜󠅇︂󠅶󠇯󠇤󠇚󠅩󠇮󠅆󠅺󠄧󠅒󠅛󠅵󠅬󠅼󠅿󠆤󠆖󠇎󠄛󠄨󠄳󠇥󠄃󠅋󠅳︈󠇆󠄾󠅩󠄇️. It's first among legacy entertainment conglomerates to actually secure a federal bank charter to do it, rather than just partnering with an existing issuer. 󠇟󠇠󠇡󠇢󠅌󠄘󠆭︂󠅏󠄑󠇠󠇭󠆿󠄠󠆊󠅪󠅎󠅩󠇗󠆰󠄢󠅱󠄊︌︃󠅡󠄁󠇁󠅚󠄒󠅶󠅪󠅽󠇄󠄙󠅋󠄅󠅜󠇡󠇕󠇄󠆥󠅵󠆖The broader corporate stablecoin land grab is already crowded.[󠇟󠇠󠇡󠇢󠄩󠅽󠅬󠄕󠇗󠅙󠅲󠄩󠆬󠆾󠅁󠄤󠆊󠇚󠇛󠄵󠄴󠅦󠄹󠄘󠆰󠅨󠆼󠇫󠄓󠄀󠇫󠅬󠄢󠄤󠇛️󠆕󠆅󠆬󠇄󠆇󠅶󠅹󠅋Amazon and Walmart have explored issuing their own](https://coingeek.com/amazon-walmart-jpmorgan-explore-stablecoins-as-genius-advances/?ref=duethedilly.com)for internal settlement󠇟󠇠󠇡󠇢󠇙󠄋󠇪󠆞󠇂󠆄󠆰󠇦󠅢󠄦󠅰󠄰󠄠󠇈󠆊󠅩󠅭︂󠆬󠇯󠆥󠅮󠆙󠆄󠅆󠄻󠇈󠅎󠄣󠆎󠅏󠆷󠄢󠄻󠄁󠇜󠇌󠇘󠆱󠄼. JPMorgan has JPMD, a tokenized deposit product󠇟󠇠󠇡󠇢󠅞󠄕󠆩󠇣󠄍󠅮󠅀󠇣󠅋󠇊󠅎󠇠︊󠆘󠄄󠅣󠄑󠆍󠄃󠄲󠇖󠅝󠅖󠄸󠆖︃󠆡󠆩󠆛󠇐󠄼󠆢󠆍󠅠󠆘󠄾󠅩󠆗󠅲󠄜. Klarna launched KlarnaUSD󠇟󠇠󠇡󠇢󠄧󠄅󠇡︊️󠆠󠅫󠅶󠄲󠇛︁󠄚󠅢󠆩󠇉󠆐󠆜󠇃󠇍󠅝󠇆︍󠄷󠄯󠄷󠄖󠄘󠆉︃󠅇󠄋󠅚󠅿︊󠆼󠄨󠇤󠅦󠆮󠅯. Stripe and Visa just backed a 140-company consortium called[Open USD to compete directly with Tether and Circle](https://fortune.com/2026/06/30/stripe-visa-stablecoin-rival-ousd-tether-circle/?ref=duethedilly.com)󠇟󠇠󠇡󠇢󠄡󠆝󠄑󠅵󠆧󠄪︈󠅑󠆨󠅊󠆙󠅠󠇔󠅐󠅻󠅪󠄂󠄇󠅷󠅣󠇨︃󠇗󠆿󠆿󠇖󠅵󠇂󠆡󠄶󠆲󠅛󠅢󠄆󠆞︌󠆜󠆺󠆟󠆏. The global market for dollar-pegged stablecoins sits around $291 billion today and is projected to push toward $1.9 trillion by 2030. ![](https://www.duethedilly.com/content/images/2026/07/stablecoin_market_growth.png) 󠇟󠇠󠇡󠇢󠇑󠄂󠅚󠅺󠅫󠅫󠅴󠄣󠆿󠅿󠄉󠄉󠅪󠇔󠄶󠇓󠆨󠅰󠆀︆󠆫󠆶󠅀󠅅󠇙󠅬󠄑󠅁󠄘󠇭󠆜󠄌󠄲󠅬󠆦󠆉󠄤󠆲󠅉󠄧None of Sony's peer media companies (Disney, Warner Music, Live Nation) have announced anything comparable yet󠇟󠇠󠇡󠇢󠄁󠄫󠇘󠇋󠄑󠄛󠆆󠇭󠅒󠇞︌󠆚󠅲󠇭︈󠄘󠇝󠄗󠅓󠅱󠇄󠄈󠄨󠇄󠆻󠅦󠇖︃󠆬󠆳󠆕󠇧󠄚󠅥󠆟󠇣󠅡󠇀󠇉︋. If Sony's PlayStation stablecoin actually reduces card fees at scale on tens of billions of dollars in annual digital sales, expect that to change fast󠇟󠇠󠇡󠇢︀󠆜󠆕󠇒󠅴︄󠆔󠄐󠅣󠄌󠆜󠇗󠅵󠄮󠅃󠄉󠆊󠆖󠅱︈󠇟󠄜󠇐󠄂󠅿󠇡󠅉󠄬󠄮󠅖󠄇󠅳󠅯󠇢󠆟󠅢󠄊󠆫󠇜󠅤. Korea's gaming industry is already having the same conversation at a policy level, treating stablecoins as payment infrastructure rather than the speculative play-to-earn tokens that defined the last cycle. ### 󠇟󠇠󠇡󠇢󠄍󠆤󠅳󠇦󠆙󠇕󠄰󠄭󠅕󠇀︈󠄵󠇙󠅎󠇨󠄀󠇦󠆊󠆎󠇑󠆕󠆟󠆌󠇖󠆱󠅡󠇘󠄾󠇠󠇌󠅽󠅹󠆼󠄑󠅙󠄰󠆀󠄜󠅻󠇔THE CATCH Nothing about this is live yet, and the caveats matter as much as the ambition. 󠇟󠇠󠇡󠇢󠄞󠅥󠆔󠅊󠇤󠇐󠄕󠆇󠇙󠆩󠄋󠅻󠄐󠅨󠅇󠄕󠄳󠅮󠄨󠅄󠄒󠇨󠇣󠆝󠄘󠇛󠇫󠇠󠆤󠅖󠅬󠆽󠅒󠇅󠆛︃󠇦󠄊󠅍󠄩"Conditional approval" is not a final charter󠇟󠇠󠇡󠇢󠅽󠅅󠄚󠅙︂󠆾󠅵󠇥󠅤󠆙󠄁󠄖󠅜󠅌󠄯󠆮󠆄󠄊󠄣󠄊󠇠︍󠇦󠄜󠇠󠇍󠅝󠅄󠆨󠇐󠅾󠇝󠅉󠄑󠆽󠆎󠇯󠄤󠅾󠆭. Sony still needs the OCC's final sign-off, plus clearance from Japanese regulators, before Connectia Trust can issue anything󠇟󠇠󠇡󠇢󠄘󠄺󠆚󠆝󠅫󠄙󠆀󠇡󠅝󠄉︀󠆎󠇉󠄡󠅽󠅳󠆰󠆫󠅎󠄀󠅨󠅤󠅬󠄿󠆧󠆕󠅹󠅕󠆩󠇋󠆘󠅟󠇁󠆛︀󠄻󠅕󠅻󠄲󠆆. Sony's own language has been careful on this point: no stablecoin business happens until every authorization is in hand󠇟󠇠󠇡󠇢󠇭󠅥󠄲󠅛󠆄󠆡󠆑󠆽󠄪󠅲󠆓󠆠󠆒󠆉󠆦󠄪󠆴󠄿󠄸󠆦󠇕󠆳󠆕󠅞󠇯󠄒󠄣󠅠󠆶︍︉󠄑󠆁︁󠄴󠅒󠇊󠅬󠆛󠆚. The company's internal target is 2027, and Bastion is simultaneously trying to convert its own New York trust charter to a national one, adding a second layer of regulatory dependency to a plan that already depends on one. 󠇟󠇠󠇡󠇢󠅦󠅿󠇙󠄫󠇣󠅑󠄯󠆆󠆚󠆵󠅷󠄛󠅹󠆿󠅬󠆂󠇮󠄷󠅉󠄅󠆒󠆜󠇁󠄒󠄦󠆑󠅪󠆮󠅞󠇒󠆀󠄃󠅘󠄟󠆌󠅍󠄆󠇡󠆊󠇄What we do see from this is the ambition to create a clean internal ecosystem that runs on product payments󠇟󠇠󠇡󠇢󠇎󠇔󠆷︅󠆣󠇈󠄋︀󠆋󠇩󠄜󠅷󠅿󠅳︄󠇓󠅣󠅮󠄧󠇬󠄊󠄠󠇏︇󠇯󠆂󠇦󠄍󠆎󠇈󠄭︍󠄍󠇀󠅶󠄴󠅂󠄶󠆓󠇆. This structure allows Sony to operate like an airline where it prints its own points system, so long as it is backed 1 for 1 in its treasury󠇟󠇠󠇡󠇢󠄌󠆺󠄒󠇩󠄁󠆕󠇄󠆗󠇏󠅴󠆕󠄣󠅊󠆪󠅦󠇟󠇨󠆻󠇠󠅖󠇝󠄂󠅦󠆺󠅠󠅼󠄹󠇊󠅵󠄡󠄇󠇂󠆲󠅚󠅉󠅻󠄥󠇂󠆒󠆩. This is something that shouldn't be taken lightly, because it's a blueprint for how many entities with different lines of business will operate󠇟󠇠󠇡󠇢󠄱︎󠇖󠇘󠆜󠇒󠅡󠇂󠆨󠄧󠆉󠅹󠅶󠆚󠇮󠅤󠄥󠆢󠇛󠆗󠇣󠆆󠅿󠅀󠆴󠅗󠆭󠇞󠇔󠆺󠇣︀󠇌󠅱󠇓󠄴󠆚󠅠󠆄󠅭. Excited to see where this goes over time. 󠇟󠇠󠇡󠇢󠅟󠄪󠇭󠅽󠅞󠄓󠇊󠆒󠇫󠅇󠅘󠆭󠄲󠆸󠅖󠄦︃󠆭󠇅󠄍󠅷󠅧󠄔󠆃󠇀󠆆󠇐󠇁󠄲󠄮󠄅󠅬󠄍󠅈󠆼󠇝󠆛󠅦󠄛󠅢Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠆙󠅫󠅠󠆨󠆽󠆓󠅈󠆾󠆰󠅕󠄈󠆫󠄇󠄤󠄯󠄉󠆊󠅊︈󠄱󠆳󠇖󠄕󠆋󠆕󠅎󠇜󠅂󠄎󠄞󠇔󠅪󠅡󠇎󠇝󠄠󠇃󠇋︇󠅕. Pass this to a friend. 󠇟󠇠󠇡󠇢󠄵󠄜󠆛󠄬󠅐󠅨󠄷󠄼󠅇󠄤󠄝󠆶󠆒󠇫󠆊󠇛󠅢󠇇󠄣󠆟󠇭󠅹󠅲󠄠󠄿󠇎󠆒󠄞󠆶󠇞󠄧󠆹󠄔󠅷󠆯󠅷󠅅󠆱󠅾󠇨See y'all next week, CJB󠇟󠇠󠇡󠇢󠅱󠄏󠄁󠇕󠅆󠅎󠅇󠅫󠅲󠇁󠆬󠅌󠄂󠇭󠆕󠄑󠄿󠆎󠆴󠆥󠄥󠄳󠇅󠆕󠇟󠄸󠅜󠆵󠇈󠄘󠄃󠇈󠅄︃󠆫󠄷󠅾󠅝󠄱︌ 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄍󠄓︀︀󠄍󠄓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄌󠇭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅔󠄦󠄤󠅒󠄢󠅑󠄤󠅔󠄝󠅓󠄢󠄡󠅑󠄝󠄤󠄧󠄥󠄦󠄝󠅑󠅑󠄨󠄩󠄝󠅒󠄡󠅑󠅕󠅒󠄨󠅓󠄦󠄦󠄩󠄡󠄥︀︀︀︆󠄔󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄮󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︍󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄧󠄝󠄡󠄠󠅄󠄠󠄢󠄪󠄡󠄦󠄪󠄠󠄦󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄧󠄝󠄡󠄠󠅄󠄠󠄢󠄪󠄡󠄦󠄪󠄠󠄦󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄑󠄷󠅘󠅟󠅣󠅤󠄟󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄹󠅞󠅤󠅕󠅗󠅢󠅑󠅤󠅙󠅟󠅞󠄐󠅦󠄡󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄥󠄠󠄤󠅒󠅖󠄩󠄢󠅑󠅑󠄢󠄤󠅕󠄠󠄠󠄠󠄡󠅖󠅔󠄢󠄥󠅓󠅒󠅏󠅦󠄡󠄧󠄨󠄣󠄦󠄤󠄩󠄧󠄦󠄥󠅏󠄨󠄨󠄠󠄩󠄧󠄦󠅕󠄤󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄥󠄠󠄤󠅒󠅖󠄩󠄢󠅑󠅑󠄢󠄤󠅕󠄠󠄠󠄠󠄡󠅖󠅔󠄢󠄥󠅓󠅒󠅏󠅦󠄡󠄧󠄨󠄣󠄦󠄤󠄩󠄧󠄦󠄥󠅏󠄨󠄨󠄠󠄩󠄧󠄦󠅕󠄤󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆪󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅵󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅔󠄡󠄦󠄨󠄦︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄥󠄣󠅓󠅒󠄥󠅒󠅔󠄠󠄩󠄦󠄡󠄦󠄠󠄥󠄣󠄥󠄢󠅑󠄠󠄦󠄥󠅒󠄨󠅑󠄦󠄥󠄡󠅓󠅔󠄨󠄡󠄤󠅖󠅑󠅕󠄨󠅔󠄦󠄨󠅖󠅑󠅔󠄡󠅖󠄠󠅒󠅖󠄨󠄤󠄠󠅕󠅕󠄧󠅑󠅕󠄤󠄤󠄥󠄥󠅔󠄨󠄠󠄢󠄤󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠅉󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠅒󠄨󠄦󠄡󠄥󠅑󠅕󠄩󠄝󠅔󠄣󠅒󠅖󠄝󠄤󠅑󠄠󠅒󠄝󠄨󠅒󠄥󠅒󠄝󠄡󠄣󠄣󠄧󠄥󠄥󠅒󠅒󠄢󠄥󠄨󠅓󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄔󠆞󠆼󠆝󠇂󠄚󠅹︃󠄠󠇩󠅬󠄡󠆬󠇑󠅭󠅟󠇠󠄝󠄄󠆍󠅇󠅘󠆫︇󠄚󠆛󠆩︀󠄿󠅅󠆶󠆏󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠅑󠄊󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅤󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇝󠆧󠆳󠇒󠅓󠇟󠄧󠆣󠅴󠇣󠇥󠅵󠄑󠆇󠆐󠆡󠆽󠄬󠅿󠄭󠄜󠄽󠅟󠆑󠇋󠆲󠄇󠅇󠄵︉󠇣󠄪︀︀︄󠅙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄪󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠅑󠅔󠅕󠅓󠅖󠅔󠄩󠄝󠄤󠄩󠅕󠄡󠄝󠄤󠄥󠅓󠅒󠄝󠅒󠄦󠅕󠄠󠄝󠄧󠄠󠄣󠄠󠅕󠄥󠄣󠄦󠄢󠄥󠅒󠅖󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄑󠄷󠅘󠅟󠅣󠅤󠄟󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄹󠅞󠅤󠅕󠅗󠅢󠅑󠅤󠅙󠅟󠅞󠄐󠅦󠄡󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅔󠄦󠄤󠅒󠄢󠅑󠄤󠅔󠄝󠅓󠄢󠄡󠅑󠄝󠄤󠄧󠄥󠄦󠄝󠅑󠅑󠄨󠄩󠄝󠅒󠄡󠅑󠅕󠅒󠄨󠅓󠄦󠄦󠄩󠄡󠄥󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄢󠅛󠄩󠄧󠅾󠆭︂󠇖︍󠄻󠄕󠆹󠇤󠇫󠄒󠅡󠆂󠅜󠅴󠇫︆󠄓󠆣󠆍󠆀󠆇󠅨󠅔󠄼󠇂󠆝󠅘󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆊󠄢󠇡󠇠󠆈󠅥󠄌󠅕󠄏󠇅󠄫󠇧︊󠄛︃󠇬󠅀󠅹󠄖󠅄󠅮󠅆󠇢󠄾󠆻󠄉󠅀󠄋󠅭󠆽󠅱󠇜󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐︍︃󠄓󠆬󠄼󠅗󠅪󠅩󠄄󠇢󠆥󠄇󠅪󠆿󠅜󠆏󠇅󠆏󠆹󠅾󠄘󠆼󠆵󠆗󠅃󠅹󠄀󠄡󠅕󠇦󠄙󠅜󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇀󠄫󠅮󠆩󠄇󠄿󠄥󠆓󠅕󠄬󠇣󠅥󠅨󠄏󠄵󠇝󠅅󠇃󠄪󠇍󠇜󠅕󠄍󠄄󠇚󠄼󠅊󠅹󠆊󠇓󠆎󠆐󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆵󠆣󠇒󠆩󠆞󠅆󠇛󠄏󠅍󠅳󠄜󠇎󠄫󠅱󠄑󠆙󠅊︇󠅾󠇊󠇜󠅝󠅯󠇫󠆫󠄓󠄧󠆋󠄤󠇠󠆲󠅼󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇮󠆅󠇋󠆚󠆁󠅶󠄪󠄰󠄓󠄀󠅡󠆦󠄇󠅎󠇣󠆒󠆨󠇀︋󠇆︈󠆯󠅷󠆀󠆃󠆚󠆝󠆁󠇨󠄟󠄎󠆙󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀󠄂󠄑󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀󠄁󠇡󠅓󠅒󠅟󠅢󠇂󠅴󠄴󠆑︁󠄨󠄒󠆒󠄈󠄑󠅳󠅉︃󠆯󠄠󠅲︃󠆫󠄠󠅲︃󠄲󠆐︃︂︁︂︂󠄄󠄠󠄝󠆑󠅬󠄣󠆘󠆉󠄽󠆑󠇫󠇋󠇊󠆼󠅏󠇠󠅦󠅵󠇨󠆃󠄏󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄨󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄢󠄩󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄠󠄸󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄊󠄠󠄈︆︃󠅅︄︊︌󠄁󠄴󠅕󠅝󠅟󠄐󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅛󠆀󠇓󠇜󠅼󠅬󠄣󠆬󠄐󠄒󠅍󠆕󠆬󠇚󠆡󠇖󠄥󠇀󠇀󠇉󠆗󠇑󠆉󠆩󠆸󠅙󠆷󠄾󠅚󠆹󠄂󠆌󠅭󠆖󠆉󠄓󠄼󠅑󠄷󠅨󠄆︀󠄩󠄀󠄋️󠅍󠇘󠆻󠄡󠇇󠆭󠅡󠄁󠄃󠄂󠇅󠄀󠄌󠇫󠄲󠅝󠆲󠅭󠅤󠄫󠄼︌󠆒󠅧󠆛󠇢󠇐󠅡󠄪︍󠄢󠆓󠄗󠅎󠆽󠇠󠇦󠅔󠅑󠇊󠆧󠇠󠇟󠅕󠅰󠅿󠄖󠄜󠆽󠄢󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠅾󠆮︉󠇣󠆣󠆍󠅕󠆐󠆅󠄽󠅛󠅐󠄩󠅎󠄓󠇛󠆣󠆭󠆻󠄣󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅗︀󠄠󠅔︂󠄠󠅨󠆓󠄝󠇈󠆘󠅟󠇣󠄦󠇬󠆛󠄢󠅬󠆣󠅼󠅵󠄶󠄑󠇁󠄼󠇥󠅭󠇫󠇂󠇘󠄃󠇌︋󠅲󠅟󠆀󠄁󠇊󠇧󠆬󠇫󠇟󠅳󠅩󠇣󠅕󠆯󠄟󠅫󠄜󠄭󠇤󠆱󠅋︂󠄠󠄩󠄕󠄙︍󠅠󠆙󠄐︎󠅔󠄺󠄖󠅁󠄡󠅆󠄸󠄹󠇛󠇫󠄖󠅋󠅎󠆼󠆘󠇅󠅠󠇚󠅤󠆕󠇚󠄺󠆻󠄤󠄱󠅥󠇭󠄈󠄟󠅎󠆙󠅎󠅤󠅟󠆃󠆾󠄠󠅿︁󠅣󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄󠅏󠄣︈󠄩󠅣󠆛󠆇󠄓󠆓󠅬󠆛󠅑󠄈︃󠇂󠄸󠄃󠄩󠆏󠅥󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄣󠄡󠄠󠄥󠄢󠄣󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠄐󠇁󠄞󠄀󠇑󠇉󠄟󠇊󠄬󠆬󠆜󠆗󠆕󠅥󠅭󠄫󠇝󠄨󠆣󠄐󠅸󠅿󠇕󠆎󠆹󠇉󠅐󠄼󠆲󠄱󠄢󠄈󠆉󠇠󠆸󠄴󠆺󠄘󠄮󠇑󠄍󠄔󠆈󠅚󠅇󠇭󠄆󠅓󠅱󠄔󠆀󠅷󠇦󠆀󠇐󠇆󠄙󠆯󠇄󠅷󠆷󠅊󠇥󠆧󠅦󠆐󠄔󠄺󠅏󠅒󠇯󠇓󠅔󠄎︀󠅭󠇑󠅲󠇓󠆣󠆒󠄁󠄁󠄎󠆰󠆑󠆱󠅈󠄭󠅌󠅆︎󠆚󠆜󠅋󠅅󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠︁󠆾󠄉󠅝󠄲󠆁󠅢󠅚󠇍󠄚󠇔󠄦󠄿󠄖󠄏󠆇󠆭󠅙󠇁︁󠄷󠆓󠇯󠅼󠆛󠆌󠇩󠄀󠅲󠇆󠅉󠆩󠇩󠇃󠅆️󠅌󠆢󠇚󠅈︂󠇇󠄳󠇠󠄵󠅟󠆀󠆏︂󠄡︀󠆺󠅙󠄇󠆋󠇅󠇏󠇡󠅘󠅜󠆢󠆖󠄟󠄷󠆰󠄺󠆅󠄵󠆑︂󠆆󠄊󠄙︂󠅸󠄋󠇫󠆵󠅝󠆑󠄶󠆱️󠇭󠇖󠄚󠇭󠄛󠄊󠅆︎󠅁󠆟󠅑󠅨󠄽󠅳󠄶󠄼󠅉︃󠄈󠄠󠅲︃󠄄󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄻󠅜󠆾󠄑󠅴󠄺󠅙󠆞󠅭󠆢󠅥󠄧󠄥󠆳󠄵󠅙󠇇󠇃󠆦󠅰󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄤󠄦󠄠󠄥󠄡󠄧󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇋󠆥󠇖󠄴󠄇󠄨󠆈󠄽󠄍󠅑󠇥󠄑󠄞󠄛󠅿󠅸︉󠇈󠇎󠇄󠄳󠄢󠄷󠆭󠅪󠇬󠆕︇󠇕󠅐󠆸󠆻󠄙󠄿󠅋󠄟󠄷󠇈󠅧󠄙󠅬󠅛󠇢󠇉󠆕󠇫󠅊︌󠇣󠅕󠄂󠇪󠆌󠄦󠅼󠆇󠆗󠅭󠄼󠅘󠅀󠆁󠆅︍󠅿󠇕󠆯︉󠅮󠇑️󠆫󠆭󠆜󠄇󠄅󠇍󠆪󠆸󠇫󠇯︉︄󠆗󠅴󠅿󠆠󠇃󠆏󠆢󠅹󠄘󠆠󠆢󠄂︎󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠅑󠇖󠇬󠇍󠅱󠄋󠇬󠇘󠅭󠆨󠄲󠇞󠆬󠇟󠅓󠆕󠆯󠄩󠆒󠆤󠅆󠅉︈󠆌󠅪󠆗󠇤󠆠󠄜󠄡󠆤󠆌󠄤󠇟󠇨󠄒󠆻󠄟󠇑󠄓󠅀󠄵󠆭󠆤󠄉󠅡󠇩︋︂󠄡︀󠅿󠆸󠇏󠆲󠇒󠅂󠄗󠇂󠇓󠅩󠇖︋󠇭󠅅󠇂󠆥︅󠅳󠄍󠇜󠄡󠅜󠅺󠄞󠄐󠆗󠅈󠆕󠄟󠅉︆󠄗󠅙󠆢󠄟󠆤󠇆󠇊󠅀󠅓󠅈󠇫󠅚󠆂󠆰󠅌󠆱󠆾󠅗󠅣󠅙󠅗󠅄󠅣󠅤󠄢󠆑󠅙󠅤󠅣󠅤󠅄󠅟󠅛󠅕󠅞󠅣󠅱󠆑󠅓󠅦󠅑󠅜󠅉︆󠆀󠄠󠅲︆󠅼︆︉󠄚󠅶󠄸󠅶󠇧︍︁︇︂󠆐󠅲︆󠅭󠄠󠅲︆󠅩︂︁︃󠄡️󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︂︅︀󠄠󠅪︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︁︄󠆐󠅛︄󠅙󠄠󠅗︂︁︁︆︊󠄛︆︁︄︁󠅳󠇘󠅎︅︁󠄠󠄡󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︁︅︀︄󠄐󠄾󠆰󠇦󠅲󠄏󠇐󠄉󠆿󠇅󠆰󠇋󠆬󠆀󠄰󠅎󠇩󠆽󠄹︇󠇁︍󠄶󠄿󠆇︋󠇊󠇭󠄃󠆯󠆗󠇪󠇕︂︂︇󠄐󠄈️󠄢󠄠󠄢󠄦󠄠󠄧󠄡󠄠󠄠󠄢󠄡󠄦󠄠󠄧󠅊󠄠︃︂︁︁︂︉︀󠅷󠅦󠇏󠆛󠆌󠄦󠅶󠅝󠆐󠅲︃󠇜󠄠󠅲︃󠇘󠄠󠅲︃󠅞󠆐︃︂︁︂︂󠄄󠅥󠅤󠅩󠆈󠄂󠇋󠅯󠇪󠅧󠇬󠄉󠅖󠇣󠄌󠇋󠆢󠇬󠅇󠆭󠄷󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆅󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄚󠄠󠄘︆︃󠅅︄︃︌󠄑󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄤󠄡󠄥󠄥󠄥󠄢󠄠󠅊󠄇︍󠄢󠄧󠄠󠄥󠄢󠄤󠄡󠄥󠄥󠄥󠄢󠄠󠅊󠄠󠅱󠅼󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄑󠄠󠄏︆︃󠅅︄︃︌󠄈󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠅃󠅙󠅗󠅞󠅕󠅢󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆄󠆲󠆧󠅎󠄾󠅶󠇯󠇖󠇆󠄬󠄟󠄙󠇀󠄾︊󠅿󠇅󠆆󠆣󠅉󠅯󠅓󠅜󠅥󠅂󠅷󠆝󠇌󠆥󠄤󠅮󠅈󠇔󠅨󠅄󠅌󠇮󠇎󠄮󠅈︌󠇐󠆟󠄟󠄉󠅥󠅹󠄾︉󠆲󠄣󠆓󠅡󠅁󠅞󠄷󠄾󠄌󠄁󠅁󠅕󠆰️󠄗󠅊󠅃󠄿󠇝󠇕󠆴︇󠆶󠆼︃󠅦󠆫󠆝󠅸󠇌󠄌󠇑󠆢󠄾󠇃󠄕󠇕󠅋󠄰󠆰󠇝󠄧󠆔󠆆󠇣󠅐󠄴󠆓󠅲︁󠅴󠄠󠅲︁󠅰󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄆︆︃󠅅󠄍󠄕︁︁󠇯︄︌󠄠︊︆︈󠄛︆︁︅︅︇︃︈󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠅎󠅔󠅼󠄇󠅙󠇃󠇣󠅹󠅸︉󠇭󠆦󠇏󠄀󠄠󠄆󠆋󠇨󠆖︆󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄰︈󠆗󠇨󠇈︀󠆘󠅇󠇮󠅙󠄊󠅆️󠄣󠆈󠄱󠆀󠄇󠄆󠆅󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠅩︆︈󠄛︆︁︅︅︇︁︁︄󠅝󠄠󠅛󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄰︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄤󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅤󠅣󠅑󠄝󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄮︆︃󠅅󠄍󠄏︄󠄧󠄠󠄥󠄠󠄣󠆐󠄡󠆐󠄟󠅶󠄝󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅤󠅣󠅑󠄝󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄡︀󠆣󠆓󠄰󠇅󠆅󠇑󠇚󠆾󠇆󠆈󠇥󠅀󠆐󠇖󠅭󠆳︁󠆫︄󠇅󠅻󠄓󠆷󠆥󠇧󠆕󠄮󠄸󠅤󠅑󠄊󠅤󠆅󠆪︋󠇌󠄸󠅉󠄪︋︃󠅜󠅦󠅓󠆚󠄄󠅉󠅝︂󠄠󠄮︀󠇒󠅭󠇅󠅺󠆹󠅶󠅼󠄽󠇩󠆰󠇧󠄌󠄖󠆿󠇕󠅩︃󠅞󠄣󠇋󠆦︎󠄃󠆥󠄵󠆱︁󠇟󠄮󠄃󠇏󠆲︂󠆁︆󠅖󠄛󠇒󠄛󠅌󠄿󠅽󠅁󠄡󠄟󠇣󠄡󠅲︁󠇥󠄠󠅲︁󠇡︂︁︁󠄠󠅱󠆞󠄠󠅱󠆅󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄚󠄠󠄘︆︃󠅅︄︃︌󠄑󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦︂󠄄󠅥󠅤󠅩󠆈󠄂󠇋󠅯󠇪󠅧󠇬󠄉󠅖󠇣󠄌󠇋󠆢󠇬󠅇󠆭󠄷󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︂︅︀󠆐󠅱󠆦󠄠󠄊︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︃󠄡︍︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︁︄󠄠󠄎︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︅󠄡󠄁󠄈️󠄢󠄠󠄢󠄦󠄠󠄧󠄡󠄠󠄠󠄢󠄡󠄦󠄠󠄧󠅊󠄠󠄧︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︂󠄟󠄡󠄘󠄠󠄖󠄠󠄔󠄠󠄒︄󠄐󠇖󠆲󠄪󠄹󠄏󠄨󠇈󠅹󠅘󠆦󠅖󠅹󠄴󠆁󠅯󠇋󠅎󠆁󠆥󠆚󠆢󠇂󠅹󠆀󠅋󠄞󠆯󠆿󠅚󠄭󠆾󠇈󠄠󠄯︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︄󠄡󠄢︄󠄠️󠆳󠆤󠇉󠄽󠇉󠅩󠆎󠆑󠆹󠄡︇󠆞󠇂󠆋󠅈󠅗󠆄󠇊󠇓󠅅󠄦󠇧󠄦󠄧󠅔󠆮󠅐󠄈󠅹󠇮󠄵󠆦󠅿󠇢󠅾︊󠆲󠆮󠆤󠇨︂󠇭󠆕︎󠄙󠄕󠅷󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︄󠅗󠄠󠅕︂󠄠︆󠄍󠅂󠄖󠇓️󠄲󠄛󠄡󠅷󠅒󠇣󠅥󠄢󠄷󠅭󠄌󠄫︇󠄶󠆦󠄾󠆟󠆔󠅈󠄾󠆕󠅓󠅁︈󠄴󠇏󠅐󠆖󠅥󠅤󠇅󠄦󠇤󠇜󠇭󠄍󠇌󠄮󠄳󠇫󠄡󠅁︂󠄡︀󠇈󠆪󠄶󠄲󠇚󠄿󠅱󠄗󠅢󠄤󠇍󠆀︊󠇁󠆉󠄹󠅼󠅑󠇅󠅊󠆃󠇖󠆱󠅣󠄯󠅣󠄦󠄣︆󠇬󠇘󠅤󠅩󠅇󠆥󠅅󠇔󠅖󠆬󠅺󠆳︂󠆰󠆻󠄿󠄀󠄌󠇈󠇦󠅈󠅐󠆑󠇔󠄲󠇋󠆺󠆹󠄎󠇖󠇊󠄑󠄲󠆎︅󠆊󠆁󠅐󠇁󠆪󠆶󠆅󠄶󠅫󠆢󠅧󠆣󠄔󠇙󠄶󠄏󠄸󠅲󠆡󠆆󠆐󠄬󠇢󠅽󠇢󠆒󠇡󠅴󠆶󠇩󠆣󠄪󠅶󠆜󠄽󠄉️󠄈︎󠅊︌󠅫󠇠󠅁󠅋󠆷󠅪󠅌󠆂󠅼󠄩︄󠇬󠄕󠇇󠄛󠅁󠇉󠅄󠇏󠄗󠆻󠅒󠇈󠅬󠆫󠇕󠅶󠇝󠆀󠅰󠇚󠅲󠄣󠅲󠄮︁󠄸󠇮󠆸󠅮󠆘︌︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰 - The Stadium Bond Reckoning URL: https://www.duethedilly.com/the-dime-the-stadium-bond-reckoning/ Last updated: 2026-07-02T23:18:59.000Z Congress spent four hours Tuesday doing something it almost never does. Agreeing. Republicans and Democrats on the House Ways and Means Committee took turns dragging tax-exempt stadium bonds. Jason Smith called it corporate greed. Don Beyer called it indefensible. Even the committee's most reliable municipal bond defenders didn't say a word in favor of the practice. That is notable. Ways and Means does not agree on much. Here's this week's edition of The Dime💰, the stadium bond reckoning. Quick intro if you're new here󠇟󠇠󠇡󠇢󠇉󠅧󠇌󠅡󠅩󠅛󠅟󠅵󠅬󠆂󠄼󠅘󠅌󠆺󠄿󠆻󠆚󠆜󠅥󠇛󠅜󠄪󠆲󠅔󠆴󠇁󠅥󠄝󠄗︍󠅵󠆧󠅬󠆘󠇉󠆷󠇨󠅆︈󠅢. I'm Carl, by day I run Joseph Black Law PLLC, a New York Law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures󠇟󠇠󠇡󠇢󠇫󠄱󠇈󠇒󠆥󠇙󠄟󠆈󠆩󠆄󠄨󠄡︉󠇓󠇚󠅛︍󠇘󠆬󠆠󠆊󠆄󠅁󠅕󠇙󠅮󠄍󠆃󠇛󠄤︁󠇫󠆓󠅪󠅱󠆏󠅼󠇋󠄁󠄺. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. 󠇟󠇠󠇡󠇢󠄅󠆦󠆕󠅌󠄎󠇩︋󠄙︋󠆛󠇉󠆸󠄱󠆶󠆵󠆷︁󠄐󠅬󠆘󠄭󠅑󠅡󠅄󠆥󠅍︁󠄑󠆸󠄴󠆟󠅈󠇦󠄋󠆞󠅠󠅳󠅭󠇘󠆡The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time󠇟󠇠󠇡󠇢󠆞󠇂󠄻󠆨󠄶󠆱󠄵󠄁󠄬󠆯󠇚󠄖󠄢󠆊󠆏︃󠅤󠇦󠅳󠄉󠄩󠆙󠆰󠆍󠄃󠆐󠅿󠅎󠅛󠇨󠄄󠆴󠆛󠆅󠆛󠄰󠄽󠆖󠅄󠆩. Music press covers artists. Sports press covers athletes. The Dime💰 covers deal󠇟󠇠󠇡󠇢󠄼󠆚󠅬󠇓󠇉󠄌󠅚󠇛︃󠅊󠇭󠅍󠅍󠇑󠄚󠅝󠇈󠅭󠇜󠅝󠄞󠆯󠆽󠆊󠄟󠇈︂󠆎󠄐󠄲󠄲󠅵󠅌󠅭󠅥󠅗󠆽︍󠆬󠅌s. #### WHAT'S ACTUALLY BROKEN When a city needs money for a school or a bridge, it issues a municipal bond. Investors lend the money. The interest they earn back is exempt from federal tax. That exemption is the entire appeal. It is why high earners load up on munis. The tax code draws a hard line here. If more than 10% of a bond's proceeds benefit a private business, the bond is supposed to lose its exemption. A stadium built for a franchise worth billions is about as private as it gets. Issuers found the crack anyway. Structure the deal so no more than 10% of debt service is secured by stadium revenue, and the bond can stay technically governmental. Back it instead with hotel taxes, rental car fees, tourist surcharges. None of it touches the team directly. The exemption survives. This workaround has a name in policy circles: the 10% loophole. It has been running since the Tax Reform Act of 1986. Smith's number from the hearing: **43 of the last 57 stadium**s built in this country used it. $4.3 billion in tax revenue the federal government never collected. #### WHY THIS ISN'T NEW Congress has tried to kill this before. Cory Booker and James Lankford ran a version of this bill in the Senate in 2017\. Beyer, Blumenauer, and Speier ran one in the House in 2022, explicitly aimed at Dan Snyder and the Commanders. A version of the ban nearly made it into the final Tax Cuts and Jobs Act that same year, before it got stripped out in conference. Every attempt has died. This is at least the fourth Congress in a row where someone has introduced it. What's different this time is the room. Rep. Terri Sewell, a former bond counsel and one of the House's most reliable public finance advocates, told a witness directly that she shares the concern. Rep. Mike Carey of Ohio was the only voice in four hours who defended the practice at all, and even he was talking about a niche women's soccer financing structure in Columbus, not the NFL stadium arms race. #### HOW YOU'D ACTUALLY BUY ONE If you're wondering how a regular investor gets exposure to this corner of the market, there are three lanes. New issue, through a broker's (Fidelity, Schwab, etc.) municipal desk at the time of underwriting. Minimums usually run $5,000. Secondary market, where a broker pulls a live quote off EMMA, the MSRB's public disclosure system. Think of it as the place to check the official statement and recent trade history before you buy. Or the lane almost everyone is actually in without knowing it. A muni bond fund or ETF holding a slice of stadium paper as part of a much larger portfolio. Nobody is individually shopping the Buffalo Bills' $850 million issue. You own a sliver of it because it's 0.3% of some fund sitting in your brokerage account. #### WHAT CHANGES IF THE EXEMPTION GOES AWAY New deals get more expensive to build. Strip the exemption prospectively, and any new stadium bond has to price like a taxable instrument, competing directly with corporate debt instead of drawing a built-in audience of tax-averse buyers. The closest precedent is Build America Bonds in 2009, taxable munis where the federal government subsidized the issuer directly instead of exempting the investor. Those deals had to offer meaningfully higher yields to clear. Existing holdings likely don't change. None of the bills on the table strip the exemption retroactively. That would be a legal and political mess nobody wants. If you're holding stadium paper through a fund today, the working assumption is your tax treatment stays as is. The grandfathering language isn't identical across every version of this bill that's been introduced, so that's worth confirming if something actually moves. The buyer pool shrinks. Tax-exempt munis draw a specific crowd: high-bracket individuals and muni-dedicated funds chasing the shield. Remove the exemption and that exact crowd doesn't automatically show up for the taxable version. Less demand depth means wider spreads relative to comparable taxable paper. It falls out of the muni ecosystem entirely. Muni funds are often mandated to hold only tax-exempt paper. A taxable stadium bond gets kicked out of that index and has to compete on pure credit merit in a much larger, much less forgiving market. #### THE PART NOBODY'S SAYING LOUD ENOUGH Emily Brock of the Government Finance Officers Association said the quiet part out loud at her own organization's conference, days before the hearing. [This bill does not touch the team. It does not touch the owner. It raises the municipality's cost of borrowing, full stop. ](https://www.bondbuyer.com/news/tax-exempt-stadium-bonds-back-in-congressional-crosshairs?utm%5Fcampaign=editorial-content&utm%5Fmedium=organic&utm%5Fsource=linkedin) The stadium still gets built. The owner still gets his building. The city just pays more to finance it, and that cost lands right back on the same taxpayers this hearing claims to be protecting. Whether this actually becomes law is a separate question. This fight has died every session since 2017\. But when Sewell won't defend the practice to a witness's face, that tells you which way the room is leaning. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### The Reach Recession is here. Here's how to navigate it. URL: https://www.duethedilly.com/the-reach-recession-is-here-heres-how-to-navigate-it/ Last updated: 2026-06-29T22:00:15.000Z 💡 Hi! Social has never been more confusing, and as a result, everyone is feeling the pinch on their accounts. Here are a few thoughts about how we got here, why it matters, and how to navigate through it. ## What's Actually Going On - **Structural “attention recession”:** people are online more but engaging less per piece of content; default behavior is skimming, skipping, swiping. - **Platform saturation:** every network *seems* crowded with creators and brands, so the algorithm *feels* like it is rationing reach and prioritizes novelty and watch-time over breadth. - **Fragmented audiences:** instead of one or two dominant platforms, people splinter into niches by age, interest, and ideology, so any given channel delivers smaller, noisier slices of the market. - **Broken measurement:** Visibility and marketing are not simple to attribute: what is the ROI on Nike's World Cup ad? Is it the people who watched? Did it drive online purchases? It's not simple, and it's important. - **Pay‑to‑play shift:** the platforms’ economic model has matured; organic is now the teaser, not the product. You buy real reach, or you compete in the scraps of free distribution. *The reach recession is the phase of social where attention, not followers, is the scarce resource:* organic impressions are inflated, engagement per view is deflating, and brands have to trade volume hacks for depth, distinctiveness, and paid amplification just to stand still. ### **The Three Era Problem** At first, the core promise of social was simple: if it's good, it will travel. I built a business in the middle of this, and I can tell you firsthand — the way traffic worked back then was different. Buzzfeed was dominating the internet with listicles about cats. Vice was explaining how war worked around the globe. Lil Terio was giving us memes we wouldn't appreciate until later. ![](https://www.duethedilly.com/content/images/2026/06/image-4.png) We didn't deserve him. Agencies, brands, and consultants promised to unlock social or make you a star. The platforms were still establishing their dominance. This was the **Virality Era** — and the platform itself was your endorsement infrastructure. If the algorithm picked you up, you traveled. Then came what felt like the golden age. If you just made it well, people would see it. Engagement was up. Everything was awesome. This was the **Visibility Era** — and the comfortable assumption was that volume and quality were enough. Post consistently, build the right idea, and it would just "go." What was actually happening was that a market was being formed — and because it was "free," *we were the product.* The audience became the endorsement infrastructure. Follower counts and engagement rates became the signal that something was worth paying attention to, or investing in. That used to look like this: ![](https://www.duethedilly.com/content/images/2026/06/image-6.png) [Rachel Karten - Post Social Media ](https://www.linkinbio.news/p/social-media-followers-feed?ref=duethedilly.com) We are now in the **Viability Era**. Things changed to this: ![](https://www.duethedilly.com/content/images/2026/06/image-7.png) Audience size no longer determines what is possible. Trust does. The competition isn't about scale anymore — it's about legibility. Is what you're doing clear? Can it be acted on? The reach recession is what happens when you lose the algorithm as your endorsement infrastructure. What replaced it is something harder to manufacture and impossible to fake: specific humans, in specific contexts, vouching for you, and showing resonance in different ways. Plus, every channel has a distinct culture that sometimes overlaps, but in other ways does not. What may outperform on Threads, may have nothing in common with Youtube, even if it comes from the same person. ![](https://www.duethedilly.com/content/images/2026/06/bettershot_1781731401702.png) In this era, being distributed well is table stakes, and people are doing more from what they are making. ![](https://www.duethedilly.com/content/images/2026/06/image-5.png) [Rachel Karten - Your campaign needs more on-ramps](https://www.linkinbio.news/p/your-campaign-needs-more-on-ramps?ref=duethedilly.com) ### **What the Market Is Telling Us** **Private Equity is waking up (and throwing money around).** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/72dbdbf3-bbee-4bd0-9118-02be1e403b61-RackMultipart20260610-134-eimcm8.png) CAA and TPG just started a joint fund called Compound Creative Holdings, led by Tucker Brown, who helped [Dude Perfect raise $100M.](https://marketrealist.com/how-did-the-you-tube-creator-group-dude-perfect-raise-over-100-million/?ref=duethedilly.com) Their explicit mission: focus on creators who have built media businesses generating at least tens of millions in sales and could use capital to expand their operations. They're not interested in buying a share of revenue tied to an algorithm. That's because PE can't make a return on anything that isn't integrated and growing. The money people want is unlocked by the structure and systems that get avoided. They estimated there are hundreds of creators who fit their initial investment strategy. That should tell you how much growth is coming **What was free is becoming freemium.** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/3a6433ee-2bac-48d2-b14b-5d1915a35b1d-RackMultipart20260612-130-67qplz.png) Meta just launched [Instagram Plus](https://about.instagram.com/blog/announcements/introducing-instagram-plus?utm%5Fcampaign=meta-s-new-6-000-year-plan-worth-it&utm%5Fmedium=referral&utm%5Fsource=www.contenttocommas.co), [Facebook Plus](https://techcrunch.com/2026/05/27/meta-officially-launches-instagram-facebook-and-whatsapp-subscriptions-with-more-to-come-including-ai-plans/?utm%5Fcampaign=meta-s-new-6-000-year-plan-worth-it&utm%5Fmedium=referral&utm%5Fsource=www.contenttocommas.co), and [WhatsApp Plus](https://faq.whatsapp.com/1288717426659143/?cms%5Fplatform=android&utm%5Fcampaign=meta-s-new-6-000-year-plan-worth-it&utm%5Fmedium=referral&utm%5Fsource=www.contenttocommas.co) globally. And the big dog of the group, [Meta Verified Plus](https://www.meta.com/meta-verified/?utm%5Fcampaign=meta-s-new-6-000-year-plan-worth-it&utm%5Fmedium=referral&utm%5Fsource=www.contenttocommas.co). This is an attempt to create better incentives for features people have been asking for. I don't need to fight Manychat; I'll just build the feature and enough people will come around, because it will be integrated. **Agencies are getting priced out.** [LinkedIn is building a B2B Creator Marketplace ](https://www.netinfluencer.com/linkedin-introduces-creator-marketplace-to-connect-brands-with-b2b-creators/?ref=duethedilly.com) [Amazon launched its Creator Hub on FireTV](https://variety.com/2026/digital/news/amazon-creator-hub-fire-tv-videos-podcasts-youtubers-1236787207/?ref=duethedilly.com), [YouTube Creator has a Marketplace ](https://support.google.com/youtube/answer/9385307?hl=en&co=GENIE.CountryCode%3DUS&ref=duethedilly.com) What an agency used to promise is becoming self-service. Traditionally an agency was promising to get you deals at a higher margin, so you could focus. Now with the right system (and leverage) you can get deals. There is still opportunity for representation that helps you get somewhere *faster*, but it's a discernment process now. 💡 The Head of FOX Creator Studies [open-sourced what they are looking for, funding, and how they do deals. ](https://billyparkssorry.beehiiv.com/p/everything-you-wanted-to-know-about-fox-creator-studios?ref=duethedilly.com) **Formats are blurring.** MrBeast and James Patterson wrote a book together coming out later this year. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/a5c86b4f-b0a3-408c-88ea-322a26184ed0-RackMultipart20260618-128-nrosa5.png) Legitimacy is no longer conferred by format (book vs video vs social); it’s conferred by *legibility* and *viability* — whether real humans, in specific contexts, will vouch for you and your work. **Instagram wants you to cast reels on your TV.** ![](https://www.duethedilly.com/content/images/2026/06/bettershot_1782404810511.png) **Networks are investing in (younger) people to keep relevance.** ![](https://www.duethedilly.com/content/images/2026/06/bettershot_1781624391490.png) It's not enough to just have scale right now, you need trust. Kyla Scanlon has amassed a loyal following, covering issues that explicitly place Gen-Z at the center of changes across [housing, education, and finance ](https://kyla.substack.com/p/the-most-valuable-commodity-in-the) for years. Her newsletter reaches 100k+ people. CNN (or any other traditional network) really doesn't have a choice, given the data: ![](https://www.duethedilly.com/content/images/2026/06/image-8.png) ### **The Legibility Problem** Here's what makes this era genuinely hard: you need to be legible to three audiences simultaneously, and they want different things. Your mass audience wants relatability and clarity. Your potential investors want scalability. Your collaborators want reliability. Most people optimize for one and wonder why the other two don't show up. Viability is also not reserved for financial capital — it's about perception. The value propositions have changed. The value of a talent agency was to sign you and put you on. Now they can't actually promise you that, because things are moving too fast. What used to be "just content" now carries the vocabulary once reserved for high art. Audience size no longer determines profitability. You can do a lot with a little. What to do, and how to do it, is the challenge. ### ### **Things You Can Do** **Do not panic.** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/181b0c71-8729-429e-ab15-755cb29df8d7-RackMultipart20260613-126-ij10h.png) Much of internet discourse is led by fear or rage. These trigger our dopamine systems and hijack our executive functioning — which makes it harder to think about what you're thinking about. If every change is existential, then nothing is. **Know your bridge. Choose your home.** Social cannot be a home. It is a transport system at best. The key right now is to decide where you want your things to live, and how you want to help people — audience, collaborators, investors — get there. A lot of the angst in this moment comes from people who park their work on the proverbial Brooklyn Bridge and get upset when there's traffic in both directions. Great view, nice to walk across. But you can't live there. **Decide what you want to be known for. Take your time.** This is counterintuitive, but it takes longer to find what you want to be known for than it does to decide you want to learn something. Too many people confuse being lost with rebuilding a muscle. I had a trainer tell me that as you get older, mobility is actually the key — not just to lifting the weight, but to stabilizing under it. The same is true here. ### *OPERATIONS* **Take your team seriously.** [![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/2b22c3f6-09b9-41aa-8695-14889d29d57c-RackMultipart20260613-168-k826wz.png)](https://lex-img-p.s3.us-west-2.amazonaws.com/img/2b22c3f6-09b9-41aa-8695-14889d29d57c-RackMultipart20260613-168-k826wz.png?ref=duethedilly.com) Somewhere along the line of "doing it yourself" and "I can figure it all out," people get addicted to the solo life. Show me someone who did it completely alone and I will show you a liar — not because they didn't work hard, but because they have an attribution error. Somewhere, someone or something aided in their movement. If you're strapped for cash, barter and negotiate. Your skills and access are worth more to someone than you think. If you're strapped for time, pay for the help you need. Your time is worth more than you are valuing it at. Nothing destroys a business faster than poor leadership. You can survive a bad quarter. *Failures in people can erase years of work overnight.* **Every yes is a no.** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/fc153f84-f7a3-43e2-be57-007deee62e2b-RackMultipart20260613-126-zmwpes.png) Any tool you want to learn is something else you aren't doing. Every meeting you take is time uncommitted to something else. Learning the skill of saying no — and quitting things — is paramount right now. **Know where you eat.** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/ec82ee59-b188-4e69-a58b-7d4e23532135-RackMultipart20260612-214-knryn4.png) Sometimes where people want to hear from you is not the same as where you want to be heard. Accepting that reality can create a much deeper opportunity When people tell you "it's too late" or "not worth it," you should be asking: what is their incentive to disillusion you? What do they gain from communicating that hope is lost? **You should just do things. (and choose not do things).** ![](https://www.duethedilly.com/content/images/2026/06/Screenshot-2026-06-25-at-7.38.36---PM.png) 💡 The best thing I've ever read about this in recent memory is [HERE.](https://usefulfictions.substack.com/p/maybe-youre-not-actually-trying) I have an intimate struggle with public visibility. I've put effort into identify the why, the how, and even fight against it, but until recently, *I wasn't trying*. Effort connects to willpower, which is finite, so I gave myself the illusion of doing something, which is not a thing, but trying is very different. Instead of wasting all that energy on the feeling of effort , I could have: - Mapped where, exactly, I want influence, with whom, and why, instead of vaguely “being more visible.” - Asked all my friends about the people they listen to the most, and ask why they give their attention to those people - Chose 1–2 primary arenas (writing, speaking, building) to actually dominate. - Commit to 3–5 serious artifacts (read: projects) every quarter that clearly demonstrate my judgment and taste and share them. - Interview people across domains of expertise who have developed enduring influence, publish my findings, then adopt their principles as my own - Treat every "flop" as a formal experiment, do a pre and post-mortem, so the experiments can compound in value **Oversaturation is a mythology. The world needs more seasoning.** All of the reasons people give to not do something, are just downstream of their personal incentives. When you hear things like: *Everyone is already on Instagram, there's no more space to do \_\_\_.* *You need to post in the morning, because that is when engagement is highest.* *If it's not vertical video, no one will watch it.* *No one is reading. Books are finished.* None of us are on the *same* internet anymore. ### **No one has *the* answer. These are uncharted waters, which is the fun part.** ![](https://www.duethedilly.com/content/images/2026/06/bettershot_1782165935629.png) [Business Insider, May 12, 2026](https://www.businessinsider.com/mrbeast-jimmy-donaldson-teases-new-membership-program-private-advertiser-event-2026-5?ref=duethedilly.com) Nobody has the complete playbook for the Viability Era. We don't. The people with the biggest platforms don't. The difference between the people who will figure it out and the people who won't isn't certainty — it's the willingness to stay in the work long enough to find signal you can use. ### The Dime💰 - Fenty's Future URL: https://www.duethedilly.com/the-dime-fentys-future/ Last updated: 2026-06-12T01:30:50.000Z We did a whole episode on beauty companies. Tap in. Rihanna built a beauty empire with LVMH's money󠇟󠇠󠇡󠇢󠄸󠄚󠄛︉󠄁󠄏󠇭󠄇︎︉󠅠󠅋︅󠆲󠄼︈︇󠅌󠄓󠅟󠄑󠆬󠇦󠄮󠆘󠄔󠆪󠅩󠆏󠄘󠆻󠆨󠇠󠆳󠅽󠇡󠇋󠇗󠅔󠇅. Now LVMH wants out, and the leading bidder is a firm co-founded by Jay Z󠇟󠇠󠇡󠇢󠇔󠆄︉󠅚󠆜󠄒󠅝󠅵󠆽󠄣󠅧󠆗󠄍󠆹󠇫󠅟󠆊󠄷󠆷󠆥󠅖󠆱󠆁󠇅󠅤󠅖󠅿󠇪󠅮󠄖󠇘󠄙󠅵󠆦󠆯󠄐󠇐󠄨󠇄︉. You can't make this stuff up. 󠇟󠇠󠇡󠇢󠆷󠇀︌󠆸󠆳󠅏󠆮󠅯︊󠆏󠆚󠇤󠇋󠅎󠅥󠇈󠄂󠆓󠄢󠄞󠅣󠆠󠆃󠅎󠅶︆󠅶󠆸󠆇󠄽󠆵󠅣󠅀󠅑󠅾󠅥󠅶󠅐󠅦󠄦Let's break down what's actually happening, who MarcyPen Capital Partners really is, and the number everybody is dancing around: the discount. 󠇟󠇠󠇡󠇢󠆜󠄜󠄿󠅋󠆖󠆼󠆯󠅝󠇂󠅱󠄠︌󠅊󠅤󠆷󠇘󠇡󠅷󠇎󠄆󠇁︅󠅰󠄕󠄗󠇅󠆠󠅌󠄮︌󠄇󠅞󠇓󠅽󠅪󠄨󠄊󠄷󠅷󠄞Quick intro if you're new here󠇟󠇠󠇡󠇢󠇉󠅧󠇌󠅡󠅩󠅛󠅟󠅵󠅬󠆂󠄼󠅘󠅌󠆺󠄿󠆻󠆚󠆜󠅥󠇛󠅜󠄪󠆲󠅔󠆴󠇁󠅥󠄝󠄗︍󠅵󠆧󠅬󠆘󠇉󠆷󠇨󠅆︈󠅢. I'm Carl, by day I run Joseph Black Law PLLC, a New York Law practice where I work on startup and venture capital transactions, entertainment and music deals, and investment fund structures󠇟󠇠󠇡󠇢󠇫󠄱󠇈󠇒󠆥󠇙󠄟󠆈󠆩󠆄󠄨󠄡︉󠇓󠇚󠅛︍󠇘󠆬󠆠󠆊󠆄󠅁󠅕󠇙󠅮󠄍󠆃󠇛󠄤︁󠇫󠆓󠅪󠅱󠆏󠅼󠇋󠄁󠄺. By night, and honestly during a lot of stolen lunch hours, I write The Dime💰. 󠇟󠇠󠇡󠇢󠄅󠆦󠆕󠅌󠄎󠇩︋󠄙︋󠆛󠇉󠆸󠄱󠆶󠆵󠆷︁󠄐󠅬󠆘󠄭󠅑󠅡󠅄󠆥󠅍︁󠄑󠆸󠄴󠆟󠅈󠇦󠄋󠆞󠅠󠅳󠅭󠇘󠆡The Dime💰 exists for one reason: the most interesting financial stories in America run through culture, and almost nobody covers them with both the spreadsheet and the source material open at the same time󠇟󠇠󠇡󠇢󠆞󠇂󠄻󠆨󠄶󠆱󠄵󠄁󠄬󠆯󠇚󠄖󠄢󠆊󠆏︃󠅤󠇦󠅳󠄉󠄩󠆙󠆰󠆍󠄃󠆐󠅿󠅎󠅛󠇨󠄄󠆴󠆛󠆅󠆛󠄰󠄽󠆖󠅄󠆩. The music press covers the artist󠇟󠇠󠇡󠇢󠆇󠅽󠅁︆󠅄󠄶️󠄚󠄎󠆲󠇞󠆩󠆅󠆘󠇔󠅤󠄤󠄸󠄃󠇄󠇝󠆪󠆴󠅖󠇬󠅳󠅳󠆄󠆺󠆣󠆇󠄄󠄌󠅳󠅎󠇭󠅀️󠆼󠄟. The financial press covers the companies󠇟󠇠󠇡󠇢󠄛󠇙︉󠅷󠇁󠆑󠅄󠄆󠅇󠇋󠆭󠄘︎󠄒󠄹󠆧󠇇󠅙︃󠄩󠅸󠅩󠅂󠇚󠄜󠅯󠄲󠄇󠇕󠄸󠄈󠇞󠆆󠄓󠄄󠆂󠇓󠆟󠇁󠅻. The Dime💰 covers the deal󠇟󠇠󠇡󠇢󠄼󠆚󠅬󠇓󠇉󠄌󠅚󠇛︃󠅊󠇭󠅍󠅍󠇑󠄚󠅝󠇈󠅭󠇜󠅝󠄞󠆯󠆽󠆊󠄟󠇈︂󠆎󠄐󠄲󠄲󠅵󠅌󠅭󠅥󠅗󠆽︍󠆬󠅌. The term sheets, the filings, the multiples, the leverage󠇟󠇠󠇡󠇢󠆥󠇮󠆜󠄗󠅝󠆦󠇍󠆀󠅔󠄖󠆝󠇐󠅫󠄀󠇥󠇌󠇁󠅽󠄀󠆏󠆈󠅕󠆤󠆰󠄦󠅅󠇛󠄔󠆺󠄃󠅠󠆗󠇣󠅨󠅚󠅲󠅾󠄖󠅓󠄻. Then I translate it so you don't need a law degree or a Bloomberg terminal to follow along. 󠇟󠇠󠇡󠇢󠆐󠇦󠆹󠆔󠆩󠅘󠆿󠆇󠄯󠅯󠄨󠅦󠆡󠆧󠇐󠄥󠇬󠇅󠇪󠆓󠇔󠆞︅󠆆󠅛󠆞󠄀󠄚󠇌󠄉󠅃󠆅󠅾󠇀󠇓󠇁󠅹󠅟󠄐󠆀This story is the purest version of what we do here󠇟󠇠󠇡󠇢󠅀󠆬󠅆󠇕󠄝󠆘󠇪󠄁󠅽󠅋󠇢󠅩󠅟󠅕󠆵󠆎󠅦󠆛󠅠︃󠅤󠆂󠇐󠅉󠆄󠇈󠇟󠆹󠅗󠄡󠄳󠄺󠆯󠇈󠆊󠆒󠅞󠅟󠅤󠇃. A Brooklyn-born billionaire's investment firm bidding on a Barbados-born billionaire's beauty brand, with a French luxury conglomerate on the sell side and the paper trail sitting in plain sight on EDGAR󠇟󠇠󠇡󠇢󠆡󠇠󠄞󠆰︈󠇇󠇣󠅺󠅽󠄚󠅇󠄠󠇩󠇑󠇚󠆘󠅺󠇁󠅋󠅑󠆊󠄯󠆨󠇑󠄁󠄔󠄉󠄂󠇂󠄱󠆈󠇐󠄀󠄧󠆛󠄨󠆴󠅹󠆛󠅹. Culture on one hand, capital on the other󠇟󠇠󠇡󠇢󠆂󠇒󠅭󠄝󠅡󠅘󠄟︍󠄩󠆐󠇀󠄠󠅧󠅌󠅍󠄂󠄓󠄲󠅂󠆹󠆙󠇮︊󠇕󠆞󠅋󠇘󠅢︌󠄂󠇦󠄧󠆀󠄀󠆣󠄚󠇝󠄤󠆙󠆍. This is exactly what I do. ### 󠇟󠇠󠇡󠇢󠅨󠆑󠄻󠇃󠅛󠄆󠅡󠄕󠅫󠇓󠄫󠇘󠅦󠄴󠄭︈︂󠄠󠄼󠆡󠅂󠇑󠆭︀󠄇󠅟󠄶󠅰󠆘󠆯󠄇󠇝󠇇󠄿󠆰󠆑󠄩󠆭󠄦󠇭The Headline󠇟󠇠󠇡󠇢󠇪󠇊󠅨󠇉󠄮󠅽󠄱󠇇󠄈󠇎󠆓󠅁󠄣󠆜󠄠󠄝󠄁󠆁󠄨︈󠅱︂󠅃󠇍󠄂󠆄󠇂󠅠󠄋󠄴󠆘󠄓︃󠇜󠅟󠇗󠅭󠅉󠆾󠇂. MarcyPen Emerges as the Frontrunner for Fenty Beauty. 󠇟󠇠󠇡󠇢󠅒󠇑󠆁󠅎󠄉󠆭󠆦󠄎󠆤󠅚󠇑󠄗󠄌󠄟󠆪󠆃󠅛󠇫󠆢󠆔󠇂󠄇︆󠅞󠄪󠇜󠄢󠄎󠄜󠇆󠄄󠅩󠅻󠅠󠅯󠅉︁󠆚󠆈󠇚On June 10, 2026, [Beauty Independent reported that MarcyPen Capital Partners](https://www.duethedilly.com/the-dime-the-jalen-brunson-effect/), the investment platform backed by Jay Z, has emerged as a leading contender to acquire LVMH's 50% stake in Fenty Beauty󠇟󠇠󠇡󠇢󠄡󠇫󠅒󠆹󠅜󠆢︁󠇯󠇃󠄎󠅈󠄐󠆍︆󠆊󠇚󠇙󠇊󠇑󠅮󠆫󠅓󠄒󠇩󠄔󠅕󠇈󠄕󠇃󠄘󠅆󠆮󠆧󠇕󠄮󠄎󠇗󠇭󠄈󠅟. Rihanna holds the other half󠇟󠇠󠇡󠇢󠆬󠄾󠆸󠆔󠅨󠅳󠄫󠄴󠆷︊󠆐󠄺︌󠄾󠄬󠅊󠄼󠆲󠅑󠆭󠅊󠆻󠄏󠅫󠆎󠅹󠇣︄︄󠅏󠄢󠇁󠆽󠇪󠅀󠅊󠆚󠆚󠆢󠅙. If the deal closes, Jay Z's firm sits across the cap table from Rihanna in one of the defining consumer brands of the last decade. 󠇟󠇠󠇡󠇢󠆔󠆧󠅅󠅷󠄣󠆪󠅽󠄥󠄒󠇀󠇇󠇈󠆬󠆉󠆸󠄝󠆿󠅧󠆐󠄞󠅈󠅈󠆲󠄖󠇊󠅉󠆜󠅸󠅈󠆃󠆌󠆝󠄝︎󠅗󠇓󠅸󠄝󠆷󠅷A few things you should know from the reporting: - MarcyPen declined to comment󠇟󠇠󠇡󠇢󠆶󠆟󠅄󠄈󠇯󠅕󠇭󠆙󠄦󠄑󠄳󠄘󠅮󠄥󠆹󠄋󠆲󠆔󠄭󠇀󠆁󠇧󠅸󠄅󠅬󠆫󠆖󠄱󠆿󠆔️󠇙󠇇󠆏󠆁󠅗󠆶󠄩󠇍󠄿. LVMH didn't respond by press time󠇟󠇠󠇡󠇢󠄪󠅺󠅌󠄯󠅎󠇇󠇦󠅈󠆁󠆡󠇃󠅥󠆧︉󠇘󠄂󠅊󠄍󠇨󠅵󠅡󠄬︊󠆭󠇅󠄂󠅪󠇪󠄭󠇝󠇩󠄇󠅛󠄂󠆐󠇬󠄷󠇣󠅛󠅥. So it's clear that this is not a signed deal. - 󠇟󠇠󠇡󠇢󠆿󠆩󠆸󠄥󠇄󠄋︁󠆈󠄕󠇇󠅚󠅌󠇛︀󠆃󠅘︀󠆹󠇚󠄻󠆳󠅷󠅡󠄙󠆤󠄮󠆝󠅰󠆹󠆮󠅈󠄄󠇑󠄁󠆱󠄦󠅏󠅵󠄞󠄂MarcyPen is reportedly pursuing multiple financing options, including conversations with outside investors󠇟󠇠󠇡󠇢󠅸󠇧󠆍󠄟󠆺󠄕󠇊󠆨󠅋󠆽︌󠆀󠄱󠇀󠆽󠇌󠇉󠇦󠇟󠆫󠆩󠅐󠄣󠅸󠆪󠅧󠇨󠇓󠄥󠆨󠄈󠄞󠆵󠄲󠇌󠄂󠆂󠆬󠅡󠆘. That tells you the check is bigger than anything the firm has written before. - 󠇟󠇠󠇡󠇢󠇕󠄝󠅥󠅂󠄞󠄆󠄻󠄮󠇟󠇍󠅀󠄾󠇫󠄻󠄆󠆊󠇑󠅋󠇊󠅫󠇓󠇈󠇞︁󠆄󠆔󠇨󠄈󠄎󠄴󠄷󠇥󠇠󠄁󠄖󠆹󠆏󠄤󠄀󠇠One source compared MarcyPen's long-term ambition to [TSG Consumer](https://www.tsgconsumer.com/?ref=duethedilly.com), the $14 billion consumer PE shop󠇟󠇠󠇡󠇢󠆫󠄲󠄑󠅖󠇦󠅀󠇛︆󠆨󠇃󠅓󠄯󠆺󠅬󠄹󠅾󠄩󠆬󠄗󠆗󠆽󠆌󠅪󠄯󠅑󠇢󠇨󠇨󠅕󠅋󠄺󠄣󠇇󠅟︎󠄣󠆑󠄜󠆍󠇓. MarcyPen manages roughly $1.1 billion󠇟󠇠󠇡󠇢󠇉󠇜󠆩󠄐󠅭󠇌󠆝󠇙󠅉󠅫󠄣󠅸󠅅󠆋󠅾󠄉󠆬󠄅︃󠆩󠆤󠄫󠆚󠅞󠅪󠆬󠅴󠄡󠄾󠅥󠆼󠆇󠇑󠄬󠄄󠅟󠆥󠆋󠄵️. That's the gap they're trying to close, and Fenty would be the statement deal. 󠇟󠇠󠇡󠇢󠅱󠅔󠆺󠆻󠄨󠆊󠆠󠆑󠅳󠆂󠄢󠅿󠅹󠆭󠇛󠅣󠅖󠆆󠆍︄󠆆󠄕󠆃󠄅󠅁󠄻󠆗󠇫󠆈󠆷󠅤󠄴󠆐󠅋󠅺󠆉󠇟󠇖󠇂󠄁There's also a relationship angle here that the market is underpricing󠇟󠇠󠇡󠇢󠄈󠆄󠇘󠇚󠅈󠅣󠄼󠄇󠅹󠄳󠄣󠆟󠇥󠆁󠆌󠇡󠇖󠆡󠄟󠆶󠇅󠄸󠇠󠄝󠆥󠅘󠅻󠆾󠇝󠄝󠇆󠇭󠆥󠇫󠇑󠅥󠄗󠄜󠅛󠆆. Marcy Venture Partners, MarcyPen's predecessor, invested in Savage X Fenty in 2019 and again in 2022󠇟󠇠󠇡󠇢︌󠄋󠄒󠄄󠅅󠆋󠇝󠄱󠅟󠄈󠄌󠅭󠇂󠆩󠆭󠄃󠆰󠆇󠄏󠆲︊︅󠅙󠇃󠅁󠆝󠅱󠅓󠄔󠅇󠆳󠆥󠆅󠆯󠄪︀󠆖󠄮󠅧󠄻. Jay Z's firm has been in Rihanna's business for seven years. ### 󠇟󠇠󠇡󠇢󠇊󠅥󠆊󠄔󠇣󠅹󠇧󠆁󠇁󠇋︎󠅃󠆏󠇇󠆌󠅠󠇘󠅷󠄷󠄘󠇧󠆸󠄁󠆘󠅬󠆟󠅈󠅘󠆗󠆺󠅥󠅴󠇯󠅎󠇂󠄉󠆊󠇇󠅴󠆔Who Is MarcyPen Capital Partners? 󠇟󠇠󠇡󠇢󠅹󠇨󠄝󠆄󠆨󠆉󠆹󠇪︇󠆱󠄷󠇐󠅋󠅴󠅿󠅚󠄱󠆀󠅼󠆜󠄈󠅌󠇊󠄀󠇟󠄤󠆺󠅱󠅏󠅮󠆚󠆜󠅩󠄋󠄼󠆮󠆄󠄥󠆩󠆱Quick history lesson, because the name is new but the players are not. **2018.**󠇟󠇠󠇡󠇢󠇊󠅽︌󠆜󠇈󠇨󠅌󠇒󠆓󠅉󠆃󠆄󠅔󠅁󠆁󠆡󠄚󠇡󠇂󠆃󠅍󠆭󠄨󠆘󠄁󠇞󠅱󠄻󠄸︅󠄑󠄣󠄷󠅴󠅵󠄰󠇒󠄘󠆛󠅖Jay Z, Roc Nation co-founder Jay Brown, and Walden VC co-founder Larry Marcus launch Marcy Venture Partners󠇟󠇠󠇡󠇢󠆆︀󠆤󠄑󠅹󠄖󠅨󠄦󠅐󠅍︅︋󠆸󠄫︆︂󠄉󠄮󠄌󠆘󠅭󠇆󠆆󠄉󠄯󠅩󠇣󠅊󠅫󠅽󠅠󠅰󠄊󠅙󠆆󠄭󠇀󠄥󠆴󠅱. The thesis: back consumer brands that create, move, and lead culture󠇟󠇠󠇡󠇢󠇡󠅨󠄅󠇬󠆛󠆙󠆧󠅻󠄠󠄏󠆧󠄲󠇛󠇛︅󠆩󠅰󠅘󠆉︆󠄼󠅰︊󠆼︄󠅡󠆅󠄽󠆎󠄎󠆐󠅣󠄗󠅤󠇥󠅖󠄗󠄷󠆆󠅽. Portfolio names over the years included Savage X Fenty, Partake Foods, and others, typically with $5 million to $15 million checks for minority stakes. **󠇟󠇠󠇡󠇢︄󠇭󠇧󠆦󠅶︊󠄄󠄙󠆹󠆛󠄑󠇛󠇪󠅫️󠅏󠅎󠅆󠄽󠅹󠅌󠅃󠇉󠆐󠆃󠄊󠅿󠅼󠇫󠆄󠆱󠅆󠇊󠇌︊󠆃󠅮󠄛󠅦︄September 2024.**󠇟󠇠󠇡󠇢󠆉󠇛󠆜󠄫󠄲󠅳󠇡󠇏󠇀󠆃︋󠇤󠄖󠆂󠆠󠅄󠆌󠆰󠄸󠄄󠄤󠇇󠅠󠇂󠆿󠅍󠇊󠅬󠄧󠄟󠆏󠆾󠄋󠆲︌󠅙󠄈󠅝󠇯󠇜Marcy Venture Partners merges with Pendulum Opportunities[, the investment arm of Pendulum Holdings, the firm founded by Robbie Robinson, a former financial advisor to President Barack Obama󠇟󠇠󠇡󠇢︂󠇅󠇟󠇓󠆢󠇋󠅼󠅨󠄔󠆡󠄱󠄷󠇧󠄌󠅿󠄡󠆳󠅄󠅳󠆷󠅿󠄢󠆦󠇛󠇨󠇘󠆸󠆬󠆹󠅐󠆱󠇐󠇋󠆋󠅄󠅦󠄰󠅡󠇕󠇙. TechCrunch broke the story in December 2024󠇟󠇠󠇡󠇢󠅃󠇧󠅪󠆀󠆼󠆈󠆗󠆻󠅒󠅞󠅳󠄫󠅌󠅇󠅜󠆳󠇫󠇆󠅹󠆚󠆡󠄟󠅏󠆊󠆲󠇆󠄺󠄚󠆑󠆕󠅰︆󠅑︀󠇧󠅒︋󠅕󠅴󠇋. The combined entity, MarcyPen Capital Partners, launched with roughly $900 million in assets under management per PitchBook󠇟󠇠󠇡󠇢󠆒︆󠆓󠇍󠅗󠅬󠄳󠅻󠆳󠇓󠄵󠄶󠄡󠅂󠇀󠆄󠆌󠅫󠇟󠅖󠅻󠄓󠄾󠄹󠄓󠆷󠇞󠅔󠅢󠆟󠅻󠅴󠅥󠅟󠇤󠆏󠄊󠄒󠄥︌. The merger was confirmed through Preqin and California Secretary of State records.](https://techcrunch.com/2024/12/16/jay-zs-marcy-venture-partners-merges-with-investment-arm-of-pendulum-holdings/ ?ref=duethedilly.com)Today. **󠇟󠇠󠇡󠇢󠄌󠇤󠅗󠇑︈󠅵󠄉󠇓󠅤󠆯󠅳󠇄󠄁󠄝󠆆󠆎󠆙󠄲󠅻󠄁󠆭︁󠄈󠅬󠅪󠅛󠇑󠅡󠅌󠆖󠄜󠆹󠆯󠆾󠅴󠄰󠅑󠅙󠅡󠄺MarcyPen's founders are listed as Jay Brown, Jay Z, D'Rita Robinson, and Robbie Robinson, with Robinson serving as Managing Partner and CEO󠇟󠇠󠇡󠇢󠆅󠄔󠅏󠇉󠅆󠆭󠅏󠇐󠆭󠄏󠇈󠄏󠅰󠄘󠅽󠇋󠅨󠄏󠆑󠆉󠅆󠇏󠄣︁︊️󠄢󠅈󠄴󠇬󠄿󠄟󠇃󠇋󠄒󠆆󠅺󠅞󠄉󠇚. AUM is now approximately $1.1 billion per Beauty Independent󠇟󠇠󠇡󠇢󠅮󠆜󠄶󠅿󠄖󠆺󠇈󠄉󠅏󠅘󠅋󠄫󠆅󠅰󠆤󠄪󠄌󠇘󠄨󠇌󠇞󠆦󠄰󠅎󠄜󠅷󠇅󠇠󠄏󠄚󠅅󠅽󠄓󠄃󠇉󠅓󠆃󠆾󠄡󠄙. The portfolio includes Merit Beauty and Rael, and earlier this year the firm participated in Quince's $500 million Series E. That Quince check was the first signal that MarcyPen had outgrown the $5 million to $15 million lane.**󠇟󠇠󠇡󠇢󠅜󠄘󠆦󠇧󠅒󠆖󠄢︀󠅇󠆨󠄚󠄆︀󠅳󠅿󠄳󠅨󠇒󠄖︃󠆕󠇑󠄄󠆻󠅿󠄭󠆭󠆸󠆎󠆘󠅏󠇦󠄥󠆢︌󠆊󠆅󠅡󠄽󠆛The SEC and regulatory paper trail. **󠇟󠇠󠇡󠇢󠇇󠄭󠅸󠇆󠆡󠇊󠅍󠅈󠄰󠅂󠅪󠆶󠄀󠄫󠅞󠆲󠅷󠄌󠆀󠄅︌󠆘󠄮󠅶󠆖󠇟󠆡󠄭󠅷󠆘󠅴󠄞󠄂󠆇󠇑󠄞︀󠆝󠇍󠅻Here's where it gets fun for those of us who read filings for sport:**MarcyPen Capital Partners LLC appears in the SEC's Investment Adviser Public Disclosure system under CRD #306546󠇟󠇠󠇡󠇢󠆜󠇆󠄭󠄍󠆯󠅘󠆪󠄲︃󠄴󠄧󠆠󠆛󠄧󠆝󠄩󠄯󠅏󠆻󠇌󠅲󠆤󠇇󠄿󠄧󠆝󠅗󠅠󠄍󠆨󠄨󠇄󠄂󠇠󠇘󠇜󠇦󠇆󠆏󠇩. You can pull the current Form ADV there, which discloses AUM, fund structures, and ownership󠇟󠇠󠇡󠇢󠅖󠅀󠇡󠇖󠅙󠆑󠅄󠄖󠆹󠅓️︎󠅌︂󠅮󠇗󠇙󠄥󠄉󠅙󠅙󠆽󠇮󠄺󠇧󠅭󠅌󠅡󠆷︍︄󠇯󠄓󠄭󠇮󠅿󠅬󠇚󠅊󠅮. Link: - https://adviserinfo.sec.gov/firm/summary/306546[MarcyPen Opportunities Fund II LP (CIK 1941535, Delaware) filed a Form D/A with the SEC on October 23, 2024, accession number 0001941535-24-000002, signed by Elbert O. Robinson, Jr. as Managing Partner & CEO of the manager󠇟󠇠󠇡󠇢󠆩󠇈󠅶󠅼󠅪󠄬󠇧󠅜󠄂󠆠󠆼󠆠󠇉󠆥󠄴󠇝󠆦󠆩󠆱󠅨󠄘󠄖󠇍󠆲󠇘󠆘󠄍󠇅󠄳󠇍󠄱󠆼󠄧󠆭󠇋󠆵󠆦󠆰󠅙󠄊. This is the old Pendulum Opportunities Fund II, rebranded post-merger, targeting $250 million󠇟󠇠󠇡󠇢󠆍󠄞󠄕󠇘󠄷󠇉󠆾󠄋󠇛󠅀󠆅󠅝󠇮󠄢󠇤󠇜󠄉︎󠆋󠄧󠄮󠆷󠇧󠇘󠆃󠇍󠄩󠇆︄󠇫󠄼󠅼󠇒󠅾󠇫󠄥󠅷󠆪󠄡󠆿. TechCrunch reported SEC filings showed a little more than $100 million already secured as of December 2024.](https://adviserinfo.sec.gov/firm/summary/306546?ref=duethedilly.com) - MarcyPen Opportunities Fund II-B LP (CIK 1961587) has its own Form D/A on file, accession 0001961587-24-000004, a parallel vehicle structure that's standard for funds running onshore and offshore or ERISA-sensitive sleeves. - 󠇟󠇠󠇡󠇢︂󠅺󠆧󠄂󠄭󠆂󠆒󠄆󠇕󠄝󠄕󠄊󠆁󠅾󠄼󠇋󠇡󠆿󠆈󠆅󠇛󠇛󠄥󠄴󠄿󠄇󠇫󠆍󠇎󠄜󠆝󠆝󠅈󠅼󠄬󠇫󠅈︍󠅚󠇛MarcyPen Opportunities Fund II KE SPV LP filed a Form D in 2025, accession 0000905148-25-003467󠇟󠇠󠇡󠇢󠄄󠄏󠅉󠆔󠅾󠄂󠆦󠆰󠄧󠅨󠄼󠅻󠇁󠄂󠇆󠅱󠇦󠄝󠅻󠄖󠄵󠄎󠇙󠆨󠆠󠄮󠇖󠇁󠆩󠄽󠄰󠅘󠇘󠄄󠄓󠆍󠅑󠇝󠄷󠆀. An SPV filing like this usually means a single-deal co-investment vehicle󠇟󠇠󠇡󠇢󠄾󠇊󠆖󠆀󠄝󠆓󠅑󠄩󠅖󠅒︄󠄆︌󠆍󠇂󠆝󠅹󠆴󠆫󠇉󠄇󠇂󠇭󠇘󠄃󠅎󠇣󠇇󠄧󠄢󠄬󠅅󠆠󠆧󠄆󠅽󠄫󠄷󠅢󠇔. Worth watching whether more SPVs pop up if a Fenty deal gets structured. - 󠇟󠇠󠇡󠇢󠄼󠄾󠆝󠆏︎󠆚󠄳󠆠󠄺󠄸󠇮󠆟󠆥󠅻󠄐󠄈󠆰󠄱󠄝󠆩󠇨󠄪󠅼󠆪󠇑󠆞󠅠󠄋︍󠆞󠇦󠄖︃󠆠󠄖󠇐󠄣󠄤󠇩️The predecessor funds are on EDGAR too: Marcy Venture Partners Fund II, L.P. and Marcy Venture Partners Culture Fund II, L.P. (CIK 1849285) both filed Form Ds in 2021, with the standard management fee language paid to Marcy Venture Partners II GP, LLC. - 󠇟󠇠󠇡󠇢︉󠅔󠅇󠄵󠅢󠆴󠄓󠆋󠄒󠅯󠅿︃︊󠅑󠇤󠅼󠄉󠄖󠄭󠅫︉󠆻󠅂󠄍󠅄󠅧󠄋󠆆󠆷󠇐󠄐󠄜󠇣󠅱󠆙󠄩󠆬󠄆󠄰󠆺One note for the comment section: Form Ds are notices of exempt offerings under Regulation D, not registration statements󠇟󠇠󠇡󠇢󠄅󠄯󠅄󠅉󠅜󠇊︃󠆂󠅽󠇇󠄤󠄱󠅷󠆂󠅪󠅆󠅰󠄟󠅱󠄻󠅇󠆞󠆡󠅚󠆄󠇡󠄦︃󠅅󠅿󠆍󠇒󠄎󠄈󠇀󠅊󠅖󠇎󠆩󠄙. They tell you a fund is raising and roughly how much it has sold󠇟󠇠󠇡󠇢󠅦󠅲󠇕󠄯󠆡󠄍󠅚󠇘󠄈󠄪󠅙󠅴󠄥󠅡󠄝󠄷󠅞︁󠅔󠄡󠄦󠅅󠅾󠆔󠄹󠇠󠆬󠆨󠆫󠆂󠄶󠇚󠄔󠇆󠅗󠆵󠄕󠅄󠄋󠆀. They do not tell you performance󠇟󠇠󠇡󠇢󠆏󠇟󠅊󠆫󠄝󠅐󠄅󠅊󠄒󠅈󠄋󠅋󠅺󠆯󠆳󠅨󠅰󠅍󠅶󠄞󠄣󠆦󠅓󠄃󠆆󠇟󠅵󠄒󠄇󠆄󠅰󠇅︆󠄐󠇟󠄮󠅦󠄴󠄰󠄚. Anyone citing a Form D as proof a fund is "poppin'" is selling you something. 󠇟󠇠󠇡󠇢󠆜󠅋󠅁󠆕󠆏󠇣󠅛󠆊󠄝󠅋󠆵󠄫󠆌󠅁󠄧󠇛󠆤󠇩󠆳󠆀󠇋︅󠅜󠆰󠇦︅󠄣󠄛󠇭󠄱󠅂󠆔󠅩󠅥󠇮󠄞󠇋󠇑󠄊󠄦Fenty Beauty and LVMH󠇟󠇠󠇡󠇢󠅜󠄚󠅠󠆌󠆼󠇠󠇢󠄠󠅭󠅱󠆎󠄓󠇟󠆋󠇏󠇆󠅈󠅠󠇁󠇜󠅑󠄧󠄃󠆣󠄢󠄥󠄂󠄞󠇞󠅤󠅑󠅀︃󠄓󠆭󠆘󠄒󠅡󠆝󠇀. The History of the Relationship. ### 󠇟󠇠󠇡󠇢󠅧󠇐󠄪︅󠅨󠅂󠆡󠆛󠇩󠄈󠅅󠇫󠆀󠅭󠄟󠅱󠆀󠅇︂󠅔󠅛󠇃󠆻󠅀󠄹󠆲󠅻󠄻󠅫󠅷󠇆󠄱󠇬󠆿󠅬󠅶󠅾󠄎󠅣󠄌You need the backstory to understand why this sale is happening. 2016. **󠇟󠇠󠇡󠇢󠆗󠆌󠆘󠆹󠄤󠇊︋󠆔󠇮󠆰󠄂󠇨󠅸󠅬󠄡󠇓󠅰󠆣󠅎󠄖󠅈︍󠇈󠇅󠅯󠆲︄󠅤󠄳󠇎󠄉󠄅󠄆󠅫󠄈󠆊󠇠󠇠󠆪󠇣Rihanna and LVMH's beauty incubator, Kendo Brands, announce a partnership󠇟󠇠󠇡󠇢󠅱󠇊󠆖󠆡󠅱󠅶󠅮󠅕󠅕󠆗󠆓󠅎󠅿︍󠇄󠅅󠆎󠄥󠆿󠄔︄󠅖󠆃󠄱󠄀󠇊󠅼󠅾󠄡󠅷󠇋󠇩󠆣󠆛󠆐󠄌󠅃󠄅󠅙󠄻. Kendo is LVMH's brand factory, the same shop behind Marc Jacobs Beauty, Bite Beauty, and Kat Von D (later KVD) Beauty.**󠇟󠇠󠇡󠇢󠄃󠄫󠄆︄󠄪󠅇󠄒󠇂󠇂󠆒︀󠆾󠅁󠇀󠆦󠆧󠇋󠇔󠇒󠆡󠇖󠄿󠅓󠇁󠄲󠄰󠄐󠄾󠇝󠄡󠆲󠄚󠅺󠇝󠄈󠄳󠇆󠆀󠅥󠆩September 8, 2017. **󠇟󠇠󠇡󠇢󠇍󠆥󠅕󠅁󠅌󠅸󠅀󠅦󠆴󠆠󠅵󠅪󠆲󠇡󠇘󠅆󠆏󠆮󠄥︅󠇡󠄿󠇍󠅗󠇒󠄈󠅯󠇕󠆪󠆞󠇁󠄓󠄈󠄿󠆠󠆧󠆓󠇇󠇘󠇧Fenty Beauty launches exclusively at Sephora, also LVMH-owned, with 40 shades of Pro Filt'R foundation󠇟󠇠󠇡󠇢󠄩󠄰󠄉︋󠇌󠄈󠆮󠆄󠅯󠆼︎󠅄󠇨󠇣󠄃󠇨󠇒󠄥󠅇󠄘󠄁󠇭󠆝󠇥󠆞󠅗󠄅󠄜󠅞󠇉󠇭󠅩󠆿󠄴󠄄󠄲󠄮󠄃󠇜󠄿. The shade range wasn't a marketing gimmick󠇟󠇠󠇡󠇢󠄦󠆃󠇨󠄟󠄎󠄨󠄲󠇃󠅊󠅾󠅿󠄮󠄫󠆋󠆶󠆆󠆢󠄡󠆄󠅡󠇪󠇥︎󠆶󠇎󠅙︄󠇤󠆿󠅽󠄮󠇝󠇓󠅾󠄯󠆛󠇠󠇝󠆶︅. It was a product decision that exposed how badly the industry had underserved deeper skin tones, and it reset the standard󠇟󠇠󠇡󠇢󠄏󠆏󠅸󠄾󠅋󠆮󠆄󠆺󠄺󠇀󠅿󠄆󠇞󠇋󠆲󠅭󠆓󠆥󠄀󠆧󠇀󠆁󠄥󠆁󠅎󠆻󠅈󠅖󠅑󠆫󠄤󠄓󠇄󠆭󠅹󠆇󠆷󠅾󠄊󠅒. The structure: a 50/50 joint venture between Rihanna and LVMH.**2018. **󠇟󠇠󠇡󠇢󠅶󠄾󠅖󠅛󠆅󠆗󠄭󠅅󠅆󠆮󠅻󠄆󠄀󠄛︂󠇃󠄟󠆜︉󠇋󠇜󠄅󠆟󠄫󠅘󠇞󠅏󠅿󠆢󠆥󠅟󠅓󠇌󠄃󠄱󠄹󠆢󠅖︋󠅩Bernard Arnault himself bragged about it on LVMH's earnings call, citing roughly €500 million in sales in year one**, "starting from zero󠇟󠇠󠇡󠇢󠄒󠄺󠄬︉󠆐󠇪︁󠇛󠅮󠆦󠇑󠆗󠄄󠅩󠄊󠆜󠄐󠆊󠄚︃󠅖󠆭󠅜󠆄󠄳󠄑󠆫󠇂󠄖󠄨󠆵︍︋󠆉󠅔󠆰󠅓󠅢󠅤󠅶." Forbes-era reporting had first-full-year revenue around $550 million to $570 million󠇟󠇠󠇡󠇢󠄰󠆉󠅶󠅢󠆱󠅐󠅫󠅔󠇯󠄩󠆉󠄪󠅓󠄐󠆤󠄌︁󠅅︍󠇘󠄈󠅿󠄻󠄍󠄲︎󠇥󠅱󠄿󠄢󠇌󠄓󠅣󠇒󠄕󠆛󠅮󠇮󠅟󠄗. For context, that's a faster zero-to-scale ramp than Kylie Cosmetics or KKW Beauty managed.[2019 to 2021.](https://snobette.com/2019/02/fenty-beauty-500-million-euros-revenue-2018/?ref=duethedilly.com)󠇟󠇠󠇡󠇢󠅨󠅕󠄄󠆕󠄗󠆃󠇮󠆩󠄗󠇏󠄐󠆉󠄏󠄬︌󠄏󠅽󠇕󠄠󠅮󠇢󠇔󠆻󠅩󠅡︁󠇪󠇖︊󠆜󠇃󠅂󠄧󠆖󠆓󠇟󠆐󠅋󠆓󠅒LVMH doubles down, launching Fenty the fashion maison in 2019, the first house LVMH built from scratch since Christian Lacroix in 1987󠇟󠇠󠇡󠇢󠆯󠅐󠄈󠄨󠆬󠅪󠆉󠇒󠇙󠄗󠄻󠇘󠇋󠄔󠇢󠇤󠆋󠅕󠄟󠆒󠄫󠅮󠇦󠆌󠄑󠅨󠆹󠄌󠅳󠆌󠆴󠇈󠄢󠅷󠅻︅󠄺󠅢󠆎󠆈. It shutters in 2021󠇟󠇠󠇡󠇢󠅐󠅳󠆰󠅯󠄕󠇕󠄾󠅽︄󠇨󠅔󠅬󠇖󠄀󠄉󠇛󠆕󠅶󠇦󠆟󠆢󠅯󠄲󠄗󠆃󠅬󠆣󠇑󠄵󠄻︍󠄟󠆃󠆠󠆄󠆟󠆂󠅔󠆏󠅽. The beauty business, meanwhile, keeps printing󠇟󠇠󠇡󠇢︆󠇦󠇘󠄐󠇓󠄝󠆆󠅡󠄎󠅑󠆵󠆙󠅖󠆓󠅙󠅠󠄠󠄶󠅶󠆊󠄳󠄱󠆒󠅈󠄍󠄶󠅱󠇅󠄬︎󠄪󠇙󠅀󠇧󠆩󠅙󠅳󠅐󠆥󠅳. Fenty Skin launches in 2020, fragrance in 2021. **August 2021.**󠇟󠇠󠇡󠇢︁︉󠄘󠄶︁︇󠄻󠆸󠅸󠆂󠇚󠅒󠄽󠅮󠅳󠅐󠄨󠄌󠅺󠇖󠆗󠆼󠅔󠇘󠇡󠅉󠄸󠅐󠆃󠆿󠄘󠄡󠅃󠆛󠆟󠄝󠆸󠆕󠅒󠆮Forbes values Fenty Beauty at $2.8 billion and declares Rihanna a billionaire, with the brand as the core of her fortune. **2023 to 2025.**󠇟󠇠󠇡󠇢󠄙󠇋󠆧󠄰󠆠︄󠅨󠇫󠆾󠄌󠅼󠅍󠄪󠄮󠄣󠆅󠅂︅󠇙󠆐󠅙󠅌󠆨󠇨󠄯󠄪󠆄󠅱󠅙󠇑󠄋󠇦󠅇󠅊󠇍󠆸󠅜󠆼󠅫󠄾Growth cools, particularly in North America, as the prestige makeup field gets crowded: Rhode, Rare Beauty, Makeup by Mario, Haus Labs󠇟󠇠󠇡󠇢󠇈󠅭︆󠇞󠅖󠄢󠆳󠅧󠅽󠆺󠇌󠄣󠇍󠆽󠆑󠇚󠄆󠅎󠇟󠄃󠇫󠅑󠇖󠄺󠆇󠄈󠇠󠇌󠆞󠆅󠆁︈󠇞󠄈󠇠󠇛󠄋󠄯󠆡󠆕. Fenty expands into haircare in 2024 and launches at Ulta Beauty in 2025 with an exclusive body care line󠇟󠇠󠇡󠇢󠇂󠅪󠄒︃󠄓󠇪󠆮󠇂󠇄󠅨󠇣󠅶󠄡󠅘󠄽󠆲󠆏󠆮󠇀󠆟󠄂󠄭󠇖󠄣󠅽󠆉︍󠆷󠅮󠆭󠄎󠅣󠄥󠅶󠄿󠆔󠆒︌󠆑󠆠. Solid moves, but the brand is now fighting for share instead of defining the category. **October 2025.**󠇟󠇠󠇡󠇢󠅨󠅺󠆏󠅳󠅴󠇛󠇐󠄜󠅰󠆦︂󠆜󠆉󠇄󠅴︂󠅂󠆽󠄤󠇙󠇜󠆺󠆕󠆩󠆹󠇟󠆖󠄌󠆓󠆊󠇌󠅯󠅄󠄋󠇗󠄪󠇥󠅴󠇠󠅣Reuters, citing four people familiar with the matter, reports LVMH has **hired Evercore to explore a sale of its 50% stake**󠇟󠇠󠇡󠇢󠅡󠅦󠄩󠅼󠇝󠆐󠄞󠇀󠆪󠆕󠄉󠅯󠅓󠅠󠇕󠄥󠄕󠆒󠄼󠄾󠄍󠅀󠄃󠄾󠆌󠄰󠄂󠄀󠇁󠅜󠄪󠅢︍󠄄󠇉󠄃󠇄󠅺󠆢󠄪. The same reporting puts Fenty Beauty's[ 2024 net sales at roughly $450 million](https://www.businessoffashion.com/news/beauty/lvmh-fenty-beauty-rihanna-sale-evercore/?ref=duethedilly.com)and a potential valuation between $1 billion and $2 billion󠇟󠇠󠇡󠇢󠅮󠆹︎󠆑󠇥󠄼󠅧︀󠇛󠇥󠇎󠄱󠆩󠇒󠅉󠄾󠄶󠇢󠆾󠆝󠆘󠆴󠄐󠄐󠄬󠆊󠇜󠄙󠇨󠆋󠆖󠄃󠇨︅󠅤󠆇󠅏︀󠆳󠆇. The context: [LVMH's own revenue declined about 4% over the first nine months of 2025](https://finance.yahoo.com/news/lvmh-considers-stake-sale-fenty-093155574.html?ref=duethedilly.com), and the group has been pruning anything outside its Dior-and-Sephora beauty axis󠇟󠇠󠇡󠇢󠅋󠅒󠆆󠆝󠅠󠇬󠅁󠄀󠅦󠅸󠄸󠆝󠅟󠇢︋󠆯️󠇗󠄼󠆥󠇑󠇈󠄫󠅞󠄓󠇆󠅄󠅐󠆤󠄞󠄤󠆭󠅥󠅨󠆑󠅫󠄄󠆚󠆬󠅷. Kendo sold KVD Beauty to Windsong Global, and reporting indicates Lip Lab is under strategic review too󠇟󠇠󠇡󠇢󠇐󠆐󠄒󠅳󠆺󠆄󠇓󠄑󠅅󠇮󠆴︌󠅶󠄊󠇛︃󠅎󠄒󠇢󠅮󠄟󠇎󠅇󠆁󠄦󠇝󠇌󠅽󠅃󠄸󠆜󠇐󠄎︄󠄍󠇑󠅴󠆦󠆉󠄭. Fenty isn't being dumped because it's broken󠇟󠇠󠇡󠇢󠅥󠆕󠆩󠄤󠆣󠄎󠆋󠆨󠄾󠇍󠅦󠆢󠄜󠅡󠇌󠄢󠅷󠆻󠇥󠅋󠅯󠇎󠄕󠇜󠅌󠄓󠇀󠇧󠆍󠄘󠅅󠅘󠄆󠆵󠅤󠄱󠇈󠄼︅󠄊. It's being sold because it's no longer core to the LVMH machine. [󠇟󠇠󠇡󠇢󠅨󠆳󠅔󠆡󠄾󠇀󠆈󠇭󠅼󠄤󠄃󠅘󠅗󠇌󠆓󠄯󠄣󠆛󠇝︍󠇉󠅘󠆇󠅷󠄢󠇌󠆟󠅭󠄷󠆲󠄼󠆟󠅪󠅧󠅭󠇞󠆜󠆁󠅎️How Beauty Brands Actually Get Valued󠇟󠇠󠇡󠇢︌󠄧󠄂󠆅󠄙󠅯󠆐󠅊󠅾󠄘󠅀󠅘󠄇󠇓󠇫󠇇󠅣︅󠆿󠇑︁󠇂󠆊󠄼󠇠󠅖󠅍󠄔󠅂󠇊󠆟󠅷󠄡︆󠆔󠅈󠆟︋󠆤󠆏. And Where Fenty Sits.](https://www.ilsole24ore.com/art/lvmh-ricavi-calo-4percento-e-utile-22percento-AH2Qw2sB?refresh%5Fce=1&ref=duethedilly.com)󠇟󠇠󠇡󠇢󠄌󠄻󠅇󠆿︀󠆻󠄲󠆃󠇖󠅃󠆂󠇬󠅾󠄢󠄯󠅔󠆒󠄞󠆑󠆠󠅕󠆐󠅃󠆿󠆝︌󠇔󠄪󠆃󠇍󠆛󠇧󠄸󠆊󠆀󠄲󠅬󠄾󠇔󠆆Before you can judge whether MarcyPen is getting a deal, you need to know what a beauty company is supposed to cost󠇟󠇠󠇡󠇢󠄽󠆾󠄦󠄢󠄻󠅏󠅽󠄤󠅖󠄉󠄞󠄌󠆺󠅱󠅼󠄍󠆏󠆌󠆵︇󠄮󠇪󠄋󠇚󠆘󠇯󠅿󠇯󠆑󠅗󠄧󠅟󠆈︅󠄶󠅄󠄹󠅛󠅶󠇋. The market has been generous lately, so the benchmarks are fresh. ### 󠇟󠇠󠇡󠇢󠅍󠅶󠆻󠆫󠄖󠆬󠅤󠅒󠅢󠅣︎󠅌󠄶󠇉󠄬󠅟󠅶󠄐󠅼󠇅󠅪󠆮󠇞󠆶󠆉󠄸󠄜󠇀󠄱󠆟󠄓󠅬󠅗󠄵󠆐󠆚󠅁󠄪󠅦︂The headline number first: per Capstone Partners' deal coverage, beauty M&A averaged about 3.6x EV/revenue from 2022 through 2025 󠇟󠇠󠇡󠇢󠇉󠅀󠆸󠅗︍󠆚󠆬󠆧󠆡󠆡󠅋󠇀󠅤︆󠅴︃󠆄󠄇󠆺︁󠆆󠅿󠇕︋󠄔󠅻︈󠆺󠇚󠅤󠆚󠆝󠇌󠄅󠄂󠄙󠇁󠄧󠇓󠄸. That's the sector's center of gravity󠇟󠇠󠇡󠇢️󠆤󠇮󠄩󠄁󠄦󠄤󠆓󠆨󠄁󠇄󠅘󠄮󠅦󠅵󠄙󠇤󠇀󠄭󠄑︉󠄫󠆢󠄃󠄠󠅋󠄼󠄧󠅣󠇠󠆿󠆥󠇕󠆬󠅫󠇉󠆊󠇭󠆂󠅡. Breakout, founder-led, and celebrity brands clear well above it, routinely landing in the 5x to 8x range󠇟󠇠󠇡󠇢︎󠇋󠆽󠆉󠇐󠇡󠅓󠇧󠆦󠇊󠄲󠆃󠄂󠅨󠇙󠆇󠅔󠆊󠇔󠅿󠆳󠄅󠅸󠆰︈󠆛󠆚󠆁󠆱󠄆󠄜󠄣󠅴󠆧󠄴󠆉󠇁󠆰󠇥󠇬. Here's the recent tape: [󠇟󠇠󠇡󠇢󠅦󠆟󠅧󠄷󠄰︋󠆩󠆷󠆫󠇭󠅛󠅐󠄄󠄏󠇝󠄆󠅨󠄩󠅫󠆈󠇡󠅦󠇨󠇇󠄖󠅁󠄁󠆀󠆹󠇝󠆺󠇯󠄠󠅡󠅚󠆓󠄯󠆮󠅀󠇅Deal](https://eightx.co/blog/beauty-brand-acquirers-multiples-2026?ref=duethedilly.com)Year | Price | Revenue | Implied Multiple | e.l.f󠇟󠇠󠇡󠇢󠄴󠅼󠇀󠅮󠄅󠇋󠅰󠆁󠇠󠄵󠄉󠆸󠆡󠄷󠆸󠆩󠆝󠄺󠅽󠅧󠆌󠆶󠆋󠇑󠅆󠄄󠄎󠅍󠆯󠅭󠄛󠅀󠄻󠆚󠅃󠄡󠆯󠆛󠅙󠄑. Beauty buys Rhode (Hailey Bieber) | 2025 | | ----------------------- | ---------------------------- | ------------------------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | | \~$1B | \~$212M TTM net sales | \~4.7x | L'Oréal buys Aesop | 2023 | | $2.53B | $537M (2022) | \~4.7x | L'Oréal buys Medik8 | 2025 | | \~$1B (reported) | n/a | \~5x (reported) | Helen of Troy buys Olive & June | 2024 | | $240M | $33.4M | \~7.2x | Unilever buys Dr. Squatch | 2025 | | \~$1.5B (reported) | n/a | n/a | LVMH's Fenty stake (implied) | 2026? | | **$1B-$2B brand value** | **\~$450M net sales (2024)** | **󠇟󠇠󠇡󠇢󠅻󠆃󠅮󠇣󠅴󠅍󠇘󠄼󠅡︉󠇕󠅩󠇤󠅑󠅫󠇬︇󠆎󠆐󠆴󠆲󠅪󠄓󠄯󠅫󠄱󠆹︁󠆌󠅹󠆙󠆘󠆏󠄥󠅵󠅥󠄦󠆇󠅚󠄠\~2.2x to 4.4x** | **Now run Fenty through that screen.** | **󠇟󠇠󠇡󠇢󠅠󠇡󠆛󠆋󠅗󠄋󠄥󠇈󠇈󠅶󠅛󠆅󠄇󠆓󠇌󠆐󠇪󠄂󠆨󠅤󠅰󠄍󠅥󠅳󠄏󠄬󠆒󠆜󠆁󠅙󠇆󠄐︌󠇋󠇋󠆛󠇑󠆽󠅩󠇆At the top of the Reuters range, $2 billion on $450 million of sales, Fenty prices at roughly 4.4x revenue󠇟󠇠󠇡󠇢󠄘󠆩󠄕󠅷󠄪󠆯󠆿󠆽󠆕󠆲︌󠇟󠄸︂󠆖󠅃󠄇󠇅󠄜󠅅󠅮󠅵󠆤󠅻󠆒󠆉󠆄︅󠅳󠄇󠅯󠇬󠇆󠅢󠇦󠅊󠆱󠆠󠅏󠅛. That's Rhode and Aesop territory󠇟󠇠󠇡󠇢󠆎󠄲󠇩󠆦󠇂󠄊󠄡󠆣󠅯󠆁󠆒󠄽󠇆󠅷󠇚󠅳󠄕󠅗󠄥󠄾󠅕󠇡󠅼󠄱︆󠄔󠇅󠆆󠇨󠆌󠄸󠅆󠄟󠆄󠄹󠅎󠇝󠄨󠆼󠄞. Premium, prestige-scale pricing.** | 󠇟󠇠󠇡󠇢󠅅󠆀󠄐󠄀󠄞󠄷󠆍󠅥󠆔󠇄󠅿󠆢󠆃󠇃󠄲󠇐󠅫󠅷󠆳󠄸󠅇󠇩󠅯󠆃󠆏󠄬󠅿󠆭󠆡󠆝󠆷󠄩󠇥󠅹󠄐󠆏󠇔󠅉︎󠇝At the midpoint, $1.5 billion, you're at 3.3x󠇟󠇠󠇡󠇢󠅲󠆐󠆰󠄯󠆫󠄠󠇝󠆅󠄡󠆗󠆜󠇥󠇅󠅠󠅦󠆗󠆃󠇏󠆃󠅌󠇞󠆞󠄵󠇣󠅱󠄤󠅫󠆞󠆛󠆾󠇢󠆡󠅹󠅌󠇋󠄁󠄩󠄯󠇧󠄸. Slightly below the sector average󠇟󠇠󠇡󠇢󠆭󠅨󠅿󠄙󠆠󠅕󠆯󠆂󠄁󠇑󠆡󠄊󠅄󠇔󠇎󠆀󠅰󠅛󠆾󠆫󠄢󠆋󠅵︊󠇓󠄓󠄤󠆁󠇨󠅊󠆇󠇡󠆃󠆷󠇦︅︍󠇇󠇇󠅽. A globally recognized brand priced like an ordinary one. 󠇟󠇠󠇡󠇢︈󠇫󠄧󠇩󠅃󠄩󠆕︄󠅲󠆽󠄗︁󠄪󠆖󠄨󠅡󠆱󠄦󠄓󠄘󠄈󠇇︅󠆧󠇂󠆶󠄎󠅻󠆾󠅴︆󠅇󠆵󠇧󠆀︄󠅱󠆏󠇔︍At the bottom, $1 billion, Fenty trades at roughly 2.2x revenue󠇟󠇠󠇡󠇢󠆡󠇐󠄌󠆎󠆑󠄒󠄋󠇬󠆸󠆞󠆴󠅀󠅅󠄨󠄶󠇛󠆀󠆌󠇏︀󠆬󠅘󠄢󠄁󠄝󠄥󠅄󠅙󠇨󠇐︌︌󠄈󠄀󠄈󠆩󠇠󠆃󠇡󠆗. That's not celebrity-brand pricing󠇟󠇠󠇡󠇢󠅾󠄍󠆲󠆩󠇙󠅔󠇉󠅕︂󠅐󠅣󠄨󠇉󠆻︄󠅏󠆟󠆩󠇫󠆰󠇦󠅋󠆀︉󠇢󠅀󠅔󠄙󠄆󠄛󠄽󠆚󠅾󠄆󠅙󠄨󠅤󠆜󠆄󠄀. That's not even average pricing󠇟󠇠󠇡󠇢󠅵󠅇󠅶󠅚󠅱󠆆󠅠󠄁󠆕󠆥󠆧󠆓󠆮󠅖󠅰󠅕󠄄︊󠅺󠆺󠆺󠆯󠅙󠆻󠄨󠅀󠄎󠅌󠆹󠆗󠄨󠄍󠅦󠇗󠆨󠇏󠅇󠆇󠄞󠅱. That's distressed-adjacent pricing for a brand that still does nine figures a year and has name recognition most acquirers would kill for. 󠇟󠇠󠇡󠇢󠆈︇󠇉󠅑󠅼󠄫󠄅󠅋󠇠󠅁󠆡󠅷󠆮󠄉󠆶󠇘󠆼󠄏󠄒󠄄󠆦󠄿󠅴󠇈️󠄟󠅻󠄌󠄑󠆑󠄣󠅕󠆮󠅷󠅌󠅼󠅔󠆅󠅔󠆍And here's the perspective that should jump off the page: Rhode sold for $1 billion on $212 million of revenue󠇟󠇠󠇡󠇢󠆴󠅼󠅩󠄙󠆳︁󠄸󠅓󠅌󠄳󠅂󠅝󠄪󠆰󠅨󠅤󠄆󠄉󠇖󠆧󠅽󠄻󠅜󠄚󠄩󠄪󠅙󠄜󠆆󠇜󠅉󠅬󠅭󠄵󠇣󠇞󠆿󠅸︃󠅱. Fenty's floor valuation is the same $1 billion on more than double the revenue󠇟󠇠󠇡󠇢󠇦󠅕󠄋󠄊󠄡󠅷󠇖󠄆󠅄󠇀︈󠄝󠇦󠇪󠄢󠄾󠅸󠆂︅︃󠇜󠇥󠄼󠆴󠆛󠅊󠄜󠇀󠆏󠆇󠅲󠄈󠆤󠅏󠆍󠇓󠅓󠅑󠇋󠅋. Hailey Bieber's three-year-old brand and Rihanna's nine-year-old institution potentially clearing the same price tag󠇟󠇠󠇡󠇢󠄶︎︉󠅠󠄁󠆁󠆺󠄠󠄩󠄻󠆡󠅄󠅰󠆺󠇁󠇔󠄝󠆗󠆩󠆂󠆵󠇀󠇓󠄑󠇮󠅢󠇡󠇥󠅵󠆰󠅀︄󠇮󠄜󠅽󠅏󠅸󠅇󠄻󠇈. The market is paying for one thing above all: growth󠇟󠇠󠇡󠇢󠄽󠇂󠆜󠆵󠆒︌󠆴󠅈󠅗󠆟󠄒󠅎󠄐󠄸󠄫󠄼󠆌󠆷󠄑󠇨󠆑󠅋󠇣󠇘󠄈󠄓󠄩󠆖󠅋󠅦󠇞󠆀󠄛󠆠󠅓󠇂󠇘󠄱󠆆󠇞. Rhode was compounding󠇟󠇠󠇡󠇢󠆦󠄛󠅦︄󠅻󠅿󠆵󠆻󠆌󠄙󠇖󠅑󠄿󠇩︎󠆤︈󠅸󠅤󠇛󠇙󠄍󠅱󠄾󠆵󠆢󠇛󠆩󠄹󠆸󠅨󠇭󠇛󠆰󠄐󠆸󠆖󠇏󠄰󠄔. Fenty is flat to down. 󠇟󠇠󠇡󠇢󠅵󠆥󠇚󠅥󠇔󠅤󠅷󠇎󠇀󠅄󠄄󠅊󠅈󠄲󠅻︊󠇐󠅗󠄐󠆵󠅔︁󠆈󠅂󠇍󠄽󠇬󠄖󠆅󠅫󠇗󠆁󠇫󠆬󠇔󠄗󠇟󠄊󠄕󠅬That's the honest explanation for the gap, and it's worth saying plainly󠇟󠇠󠇡󠇢󠄭󠆮󠆍󠅽󠇗󠅰︉󠅁󠅻󠅱󠅗󠅊󠇡󠆈󠅶󠆂︅󠅟󠄧󠅡󠄘󠇯󠆥󠅅󠆤︃󠅠󠄭󠄄󠅚󠄇󠇄︃󠆼󠆮󠅢󠆴󠄩󠅗󠄓. Multiples in beauty are driven by three inputs: gross margin, growth rate, and channel mix󠇟󠇠󠇡󠇢󠅬󠄶󠅁󠆼󠇐󠇈󠄋󠇓󠄴󠆾󠆋󠆐󠇞󠆁󠅩󠇄󠇞󠆂󠅥󠄥󠅲󠅄󠅣󠄃󠅇󠄿󠄟󠆪︌󠅚󠆝󠆻󠅍󠅎󠆙󠅨󠇚󠄆󠅯󠅂. A brand growing 30% with strong margins gets 5x or better󠇟󠇠󠇡󠇢󠅧󠅧󠇔︍󠅲󠇓󠄴󠇜󠇎󠇃󠄴󠅨󠅗󠆍󠅠󠅕󠇩󠄻󠅻󠆱󠅠󠆅󠅒󠇌󠅹󠆦󠇎︋󠄻󠆺󠆦󠄏󠆢󠆣󠆑󠄜󠅄󠇑󠇡󠅇. A brand with declining North American sales in a crowded prestige field gets penalized below the 3.6x average, no matter whose name is on the box󠇟󠇠󠇡󠇢󠆝󠆼󠅂󠅘󠆝󠄦󠇖󠅥󠄺󠄉󠆄󠄏󠅓󠆲󠄴󠅺󠄓󠄵󠇅󠇇󠄲󠅊󠆉󠅵󠄗󠆨󠅭󠆃󠆉󠇬󠄿󠄪󠅚󠇊󠅻󠇊󠄅󠆳󠆔󠅦. The market isn't disrespecting Fenty󠇟󠇠󠇡󠇢󠆜󠇦󠆲󠇀󠆑󠄞󠅨󠆾󠅈󠇇󠄮󠄊︄󠅙︍󠇞󠆪󠆀󠄘󠄉󠇆󠅻󠄘󠆄󠆋󠅧󠅆︇︀󠇥󠇞󠇦󠆐󠇗󠄊󠇫󠄹󠅂󠄷︄. It's pricing the trajectory. 󠇟󠇠󠇡󠇢󠅔󠄻󠄖󠅜󠇑󠆙󠄵︈󠅷󠇯󠅂󠄾󠄃󠄈󠇮󠅑󠄸󠄑󠆵󠄾󠄜󠇀󠅯󠇫󠆔󠅾󠅉󠅔󠄍󠇫󠅣︌󠅷󠇣󠆕󠅔󠅁󠅽󠇜︁Two caveats before anyone quotes this table back at me󠇟󠇠󠇡󠇢󠇝󠅼󠇦󠆩󠆘󠅡󠇃󠄥󠄺󠄛󠄖󠆁󠇤󠅎󠆣󠆯󠇮󠆅󠆑󠄹󠇎󠄣︃󠅣󠆳󠅶️󠆻󠆣󠅯️󠄎󠄛󠅪󠄣󠆋󠅘󠇃󠇇󠆦. First, Fenty's profitability is undisclosed󠇟󠇠󠇡󠇢󠇔󠆩︂󠄕󠄛󠄓︈󠄮󠇀󠄀󠇒󠆤︅󠆻︂󠇥︅󠄲󠄡󠅒️󠄎󠆂󠅭󠅼󠅰󠇠󠇙󠆶󠅈󠅡󠅕󠄪󠇔󠅨󠇛󠆪󠇢󠆦󠄝. Most large beauty deals also get sanity-checked against EBITDA, typically low-to-mid teens multiples for healthy brands󠇟󠇠󠇡󠇢︍󠆷󠅛󠄍󠇂󠆀󠄴󠇒󠅿󠆁󠆼󠇖󠄡󠇧󠄢︇󠆬󠇥󠆶󠆯󠅰󠅜󠇫󠇭󠅓󠇟︂󠆪︊󠇕󠅚󠄮󠆹󠆑󠆈󠅊󠆥󠄄󠅙󠆘. Without Fenty's margins, revenue multiples are the only public handle we have, and a high-margin Fenty looks cheaper than this table suggests while a thin-margin Fenty looks fairly priced󠇟󠇠󠇡󠇢󠄸󠄷󠄾󠅃󠄿󠅭󠆙󠄥󠅍󠅞󠆺󠆣󠄗󠄄󠇖󠄤󠆓󠆝󠆡󠆼︉󠇟󠇛󠅖󠄐󠇟󠄻󠅏󠄬󠆂󠇇󠅭󠇡︅󠆅󠅥󠄑󠇑󠆰󠆴. Second, these comps are 100% acquisitions of control󠇟󠇠󠇡󠇢︍󠇚󠅽󠆙󠄢󠅴󠅣󠅥󠆬󠅫󠇐󠅂︁󠅬󠇟󠄝󠅧󠄥󠆑󠇓󠇦󠇘󠄏󠇄󠇔󠇉󠄩󠇍󠆪󠄘󠅫󠅁󠆡󠅣󠅐󠄇󠅖󠇢󠇡󠇍. MarcyPen would be buying a 50% stake into a JV with Rihanna, and minority or shared-control positions typically price at a discount to control deals󠇟󠇠󠇡󠇢󠆠󠅍󠆀󠆆󠆬󠆘󠄯󠄫󠅕︁󠄹︈󠄜󠆠󠇪󠆘󠅫󠅎︁󠆽󠇖󠇄󠇅󠆯︎󠅊󠄭󠄓󠅎󠄨󠆮󠆉󠆃󠅢󠆜󠆜󠇦󠆜󠅴󠆅. Some of the "cheapness" here is structural, not a bargain. 󠇟󠇠󠇡󠇢󠇈󠅄󠇀󠅟󠆷󠆤󠆍󠄶󠇣󠅈󠄍󠄃󠅁󠆾󠅷󠄐󠆉󠇊󠆩󠇣󠄘󠅷󠆥󠄦󠇁󠅘󠄂󠄌󠅅󠆮󠅘󠆏󠄫󠇭󠄫󠄏󠅠󠅷󠆯󠄒But net it out and the thesis holds󠇟󠇠󠇡󠇢︈󠅓󠇒󠄮󠆆󠄷󠆖󠆂󠄥󠅠󠆧󠆥󠅯󠆂󠆏︃󠅷󠆦󠅟︉󠄛󠆳󠄁︊󠄸󠅴󠇤󠆊󠆵󠄻󠄰󠇅󠅬󠅌󠄤󠅼󠅑󠅾󠆜󠆒. If the deal lands anywhere in the bottom half of the range, MarcyPen is buying a top-tier prestige beauty franchise below the sector's average multiple, at a fraction of the per-revenue-dollar price e.l.f󠇟󠇠󠇡󠇢󠆘󠅦󠆤󠅎󠇬󠆶󠆐󠇆󠇌󠅓󠆺󠅈󠆭󠆞󠆋󠆘󠆞󠄧󠄂󠆼󠅣󠇗󠇦󠅺󠅅󠄿︋󠅊󠄚󠆦󠆄󠄁︌󠇝󠆛󠅧󠅠󠄺󠄀󠆏. just paid for Rhode󠇟󠇠󠇡󠇢︀󠇥󠄹󠆖󠄃󠄼󠇊󠄥󠄸󠄭󠅾󠄦󠇩󠄎︄󠄞󠅇󠅟󠄮󠆪󠆨󠄲󠅏︃󠅓󠆉󠅭󠅩󠅞󠇠󠆊︎󠇡󠆆󠅴󠇮󠇖󠇅󠆰󠆚. The entry price assumes Fenty never grows again󠇟󠇠󠇡󠇢󠆮󠄌󠅦󠄊󠆂󠆢󠆜󠆁󠆲󠅪󠆛󠅁󠅧󠆺󠆺︎󠆀󠇡󠇧󠅀󠇐󠅂󠇡󠅩󠅧󠇖󠆾󠅽󠇝󠄾󠅮󠅐󠇢󠅧󠅋󠅶󠇑󠅥󠅚󠇍. MarcyPen, with a $500 million Asia vehicle and Rihanna across the table, is betting that assumption is wrong󠇟󠇠󠇡󠇢󠆗󠇈󠅼󠆴󠆬󠆖󠅸󠆍󠄨󠄑󠆛󠇈󠇩󠄼󠇊󠄈󠆾󠆚󠄁󠄱󠇥󠄮󠆡󠇂󠆅󠇁󠅀󠇦󠅵󠇔︈󠆂󠄺󠆾󠆭󠅊󠄓󠄥󠅗󠆢. That's the whole trade. 󠇟󠇠󠇡󠇢󠅔󠆩󠄶󠅋󠆐󠅇󠄯󠇍󠄗󠄏󠄾󠇀󠇈󠅊󠇪󠆹󠆓󠄁󠆯︍󠇉󠆘󠇘󠆿󠇑󠄎󠅚︎󠆿󠅓󠆽󠄏󠄱󠄫󠆖󠆉󠅻󠆌󠄚︉The Value and the Revenue Story󠇟󠇠󠇡󠇢󠅒󠅻󠅮󠅂󠄨󠇍󠆶󠆆󠇤︂󠄰󠇠󠅍󠇠󠆘󠅂󠆕󠅉󠄓󠅠󠄒󠄖󠅮︍󠇯︈󠇦󠄃󠆦󠅆󠆴󠅆󠄁󠆹󠄧󠆟󠇐󠇝󠅧󠇓. Numbers On The Board. 󠇟󠇠󠇡󠇢󠅸󠆎󠆛󠆦󠄀󠅚󠄷󠆀󠅻󠅃󠅰󠆣󠆃︂󠆙󠅉󠆖︍󠆰󠄩󠇖󠆟󠆵󠄀󠆪󠅨󠆖󠅮󠅉󠆐󠄥︇󠇟󠆎󠇔󠅴󠅛︌󠄭󠅨Here's the trajectory in one table. ### 󠇟󠇠󠇡󠇢󠆞󠅅󠄽󠇫󠄅󠅹󠆃󠆥󠅑︈󠅰󠇐󠅭󠄜󠆒󠄥󠆿󠇢︂󠇡󠄞󠅙︃󠅵󠄄󠅯󠇀󠇏󠄊󠇆󠅖󠅐︃󠅳󠇂︄︅󠄢󠇢︊Year Revenue (reported/estimated) | Valuation marker | 2017 (launch) | \~$100M in the first 40 days (reported) | | -------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | | n/a | 2018 (first full year) | \~€500M per Arnault; \~$550M-$570M per Forbes-era reporting | | n/a | 2021 | n/a | | $2.8B (Forbes estimate) | 2024 | \~$450M net sales (Reuters) | | $1B-$2B (Reuters-reported range) | 󠇟󠇠󠇡󠇢︅󠆋󠆼󠇭󠇜󠅒󠄒󠅇󠇊󠆟󠄨󠄼󠆬󠇥󠅽󠄲󠄐󠅀󠅟󠆅󠄧󠅶󠇜󠆂󠄦󠅊󠅈󠅊󠇙󠆼️󠄲󠄑󠅧󠄿󠄸󠇭󠇟󠇎︍Fenty Beauty is a durable business, not a celebrity flash󠇟󠇠󠇡󠇢︉󠅢󠇑󠅅󠄲󠆮󠄳︀󠆋󠅖󠅫󠆵󠅲󠇁󠆆󠅧󠅣󠇗󠅚󠆠󠅙󠆜󠄵󠅀󠄱󠄄󠄟󠅗󠄄󠆿󠄓󠆯󠅱󠄫󠄉󠄚󠇯󠆣󠆡󠄡. It has held a nine-figure revenue base for seven-plus years while most celebrity brands die within two󠇟󠇠󠇡󠇢󠄞󠄵󠇒󠄭󠇏󠄡󠅦󠇮󠅆󠄰󠆹󠇫󠆽󠅒󠇋️󠆅︌︋󠅈󠄙󠄗󠅷󠄐󠇈󠄞󠆰󠄺󠆝󠆑󠅰󠅠󠆭󠆥󠇞󠆰󠇕󠄙󠅗󠇓. Kylie Cosmetics got marked from a $1.2 billion valuation to a $600 million sale price to Coty󠇟󠇠󠇡󠇢󠄃󠄬󠆕󠇘󠇃󠅖󠇠󠇆󠄟󠇣󠆧󠄅󠆶󠆴󠆂󠇋󠅷󠆌󠅅󠇍󠅏󠅆󠄇󠆰󠆭󠆧󠄤󠆦󠆈󠇯󠆘󠅃󠄥󠅅󠇨󠇒󠆍󠇦󠅺︆. Marc Jacobs Beauty, from the same Kendo incubator, got discontinued outright. | 󠇟󠇠󠇡󠇢󠅚󠆫︊󠄖󠅭󠆱󠄚󠅕󠅌󠆆󠆝󠇓󠇀󠅗󠅯󠆑󠄸󠄴󠅊󠄏︊󠇏︈󠇑󠇍󠇁󠄮󠅡󠅚󠄙󠅘󠇍󠄁󠇌󠆅󠅦󠅰󠇏󠄛󠅩If you take the \~$550 million 2018 figure and the \~$450 million 2024 net sales figure at face value, that's roughly an 18% decline from the early peak over six years, in a period when the prestige beauty category itself was growing󠇟󠇠󠇡󠇢︎󠄘󠇢︈︋󠄮󠆀󠅟󠄴󠆂󠅑󠇄󠅜󠅬󠆩󠇏󠄭󠅪󠄑󠄃󠅿󠄩󠆎󠅩󠇫️󠅣󠄐󠅵󠇍󠄂︄󠇡󠇂󠆜󠄞󠇖󠇄󠇁󠅼. Flat-to-down revenue in a growing category means lost share󠇟󠇠󠇡󠇢󠄆󠅪󠄉󠅪︀󠆌󠇋󠇕󠄅󠆔󠆯󠅚󠅔󠇢󠆟󠄕󠅲󠄋󠅕󠇤󠄯󠄍󠅨󠆃󠅶󠅄󠆸󠅥󠄞󠄕︄󠇨󠆀︎󠆺󠆪󠄦󠆲󠆹󠅏. And the valuation followed: from $2.8 billion in 2021 to a $1 billion to $2 billion range today󠇟󠇠󠇡󠇢󠅦󠅕󠇯󠅢󠇔󠅨󠅉󠄰󠆄󠅽󠅁󠇠󠆪󠆰︃︂󠅳󠆾󠆏󠄳󠄹󠆰󠇘󠄬󠄇󠅐󠄨󠆤󠆄󠇥󠅽󠆭󠇨󠄷󠄊󠄁󠅵󠇇󠆿󠆇. Even the top of the current range is a 29% haircut from 2021󠇟󠇠󠇡󠇢󠄒󠄹󠆱󠅳󠆛󠅖󠇀󠇤󠅼󠅕󠅨󠄑󠆧󠄫󠆮󠄚󠄟󠄙󠇣󠆟󠄺󠄻︅︎󠇠󠄣󠇃︂󠇩️󠆖󠄶󠆙󠄟󠄐󠆈󠄱󠅆󠅥󠅐. The bottom is a 64% haircut. | 󠇟󠇠󠇡󠇢󠄶󠅶󠆉󠅖󠄗󠅴󠅊󠅀󠆨󠄡󠅛󠆄󠆩󠇁󠇁︍󠆃󠅩︂󠆮󠆶󠇐󠆋󠆬󠇛󠅉󠇋󠆔󠇌󠅾󠄑󠇥󠄅󠅽󠆌󠆰󠆉︆󠇉󠆺For clarity though, Fenty Beauty is private󠇟󠇠󠇡󠇢󠅜󠄹󠆭󠄺󠆃󠇄󠆛󠇙󠄃󠄢󠄇󠅐󠅞󠇤󠅨󠅈󠄟󠇅󠄴󠇬󠆚󠅂󠅿󠄾︂󠇀󠅓󠄀󠆗󠅍󠇙󠇅󠅁󠅈󠆘󠄳󠆉󠆥󠇪󠄃. Every revenue figure here is either an executive's remark, a journalist's sourced reporting, or an estimate󠇟󠇠󠇡󠇢󠄄󠇎󠅛󠇐󠅱󠆕󠅘󠄘󠇧󠇍󠆯󠇫󠆾󠄨󠅵󠇥󠆻󠇓󠆎󠅏󠅦󠆭󠅟󠄨󠇕󠅂󠄨󠅧︉󠅊󠅉󠆊󠄁󠅆󠆩󠆪󠇧󠄧󠄕󠅡. Comparing Arnault's 2018 euro figure to Reuters' 2024 net sales figure is directionally sound but not apples-to-apples accounting󠇟󠇠󠇡󠇢󠆝󠅷󠅒󠇆󠄉󠆱󠄖󠄢󠆍󠅘󠆷󠆘󠄀󠇮󠇨󠅷󠆗󠄸󠇠󠆺󠄞󠄀󠄰󠆐󠆥󠅑󠆬󠅈󠆼󠄳󠇢󠅧︈󠄽󠄜󠄜󠅠󠆋󠄦󠇠. Nobody outside the deal room has audited numbers󠇟󠇠󠇡󠇢󠅳︈󠅶︈󠇃󠅜󠆣󠄶󠅼󠄰󠇋󠆲󠆓︉󠆤󠄪󠄈󠄇󠇮󠆭󠄍󠆽󠄯󠄢󠅋󠄄󠇠󠆮󠆼󠆻︇󠆪󠅗󠅂󠄧󠄨󠆳󠅋󠄮︈. Including me. 󠇟󠇠󠇡󠇢󠆆󠆾󠇞︉󠅱󠅀󠇏󠅔󠅞󠆱󠇍󠆒󠆓󠅦󠄎󠄟󠄜󠇃󠆼󠆅󠆸󠆤󠄯󠄟︍󠅺󠅿󠄍󠇍󠆄󠅤︃︅󠆂󠇃󠇂󠄲󠆹󠆉󠅴What to Watch Next A new Form D. ### If MarcyPen raises a dedicated vehicle or SPV to fund the Fenty acquisition, it will likely show up on EDGAR within 15 days of first sale󠇟󠇠󠇡󠇢󠇊󠇟󠇑󠅮󠇇󠆆󠇨󠆈󠆜󠆖󠄄󠅁󠆰︁󠆧󠇒󠅗󠇌󠆰󠆏󠄆󠅱󠅎󠄓󠇐󠇟󠄄󠅨󠄉󠇌󠆐󠆊󠅿󠆽󠆫󠄭󠇠󠆡󠄴︃. The Fund II KE SPV filing from 2025 shows they already use this structure󠇟󠇠󠇡󠇢󠅤󠇈󠄎󠆽󠆤󠆝󠆄󠄦󠄯︆󠄗󠆉󠅊︈󠄯󠅫󠅽󠇧󠇓󠇁󠅃󠇕󠄉󠄗󠅧󠇮󠇪󠄖󠅳󠄜󠆮󠅢󠅹󠅡󠆥󠄖󠆋󠄏󠅙󠄕. Search EDGAR full-text for "MarcyPen": - **https://www.sec.gov/search-filings**The Form ADV update.[󠇟󠇠󠇡󠇢󠆛︌󠆙󠇚󠄍󠆊󠄩󠅹󠅿︋󠆝󠆬󠇈󠆵󠇥󠇦󠅯󠄿󠇫󠄎󠄪󠅯󠆖󠄆󠇛󠄭󠆵󠅄󠇡󠅅󠄚󠄀󠄥󠇢󠅞󠇫󠅥󠄻󠄳󠅾MarcyPen's annual ADV amendment (CRD #306546) will show updated regulatory AUM and any new fund entities.](https://www.sec.gov/search-filings?ref=duethedilly.com) - **󠇟󠇠󠇡󠇢󠅶︋󠆤󠇫󠆲󠄴󠇭󠇢󠅐󠇋︄󠄮󠄿󠅺󠄉󠆔󠄡󠄍󠆴󠅪󠄄󠆗󠇏󠄇󠆔󠇝󠇂󠆳󠄃󠅶󠇫󠆝󠅊󠆎󠅒󠅞󠅄󠄁󠅍󠄀LVMH's disclosures.**󠇟󠇠󠇡󠇢󠇂󠄋󠅽󠅒󠇇󠄅󠄨󠇃󠅠󠆇󠆥󠅸󠅒󠇕󠅔󠇖󠅐󠇈︃󠅘︄󠆨󠆌󠆌󠆧︌󠄏󠆕󠇛󠄩󠆫󠇒󠆛󠇈󠅙󠅓󠄓󠄑󠄾︀LVMH isn't an SEC registrant (it trades on Euronext Paris and OTC in the US as LVMUY), so don't expect an 8-K󠇟󠇠󠇡󠇢️󠄜󠄺󠄋󠆲︍󠆵󠅯󠅫️󠄧󠆝󠅧󠆋󠄈︁󠇫󠇀󠄅󠇙󠅴󠅰󠆆󠆇󠅦󠇅󠅖󠄧󠅦󠇩︆󠅫󠄋󠅍󠄃󠆫󠅍󠆘󠅜󠆩. Any deal confirmation will come through LVMH's press releases and its AMF-regulated filings, including the Universal Registration Document: - **https://www.lvmh.com/investors**Whether Rihanna has consent rights.[󠇟󠇠󠇡󠇢󠇄󠄼󠇝󠅲︆󠆧󠇎️󠅏󠄟󠆝󠄬󠄗󠆜󠅲󠆜󠇭󠆓︍󠇋󠇬󠅝󠇌󠄐󠆑󠄫︇󠄀󠆨󠆺︍󠅝󠆬︎󠆶󠇀󠅭󠆾󠄆󠆘In a 50/50 JV, the operating agreement almost certainly gives her approval rights, a ROFR, or both over a transfer of LVMH's stake󠇟󠇠󠇡󠇢󠅷󠆦󠆐󠅇󠇧󠅊󠅫󠇊󠇔󠆪󠄓󠄹󠆗󠅥󠄈︀󠆱󠇤󠅣󠆳󠇞󠄡󠆽󠅒󠄵󠅃󠇠󠄽󠅀󠅙󠇓󠅏󠅆󠅉󠄕󠄛󠅦󠇠󠇐󠅸. The fact that MarcyPen, a firm that has backed Savage X Fenty twice, is the frontrunner suggests the Rihanna side is comfortable.](https://www.lvmh.com/investors?ref=duethedilly.com) - **Looking forward to seeing how this deal closes and if the final numbers get disclosed󠇟󠇠󠇡󠇢󠅎󠄔󠅁󠆭󠄱󠅹󠇚󠄮󠆆󠇝󠄆󠅌󠄃󠇪󠇆󠆀󠆥󠅍󠄪󠄿︆󠅠󠆱󠆌󠅥󠆦󠅦󠆁󠄗︆󠆼󠆅󠄿󠅸󠄰󠇨󠇗󠄥󠆚󠇩. Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠄸︃︆󠅖︈󠅚󠆡󠇘󠆉󠇐󠄰󠆚󠅩󠅞󠇯󠇘󠄬󠆷󠇛︄󠄮󠇧︄󠆛󠅜︎󠆪󠅝󠆯󠆽󠆄󠆨󠆺󠅬󠆏󠅑󠆎󠆿︂︁. Pass this to a friend.**󠇟󠇠󠇡󠇢󠅉󠆁󠆖󠅴󠄣︍󠄒󠄀󠇡󠅫󠅫󠄨󠆹󠆜󠄇󠄔󠆛󠆛️󠄦󠄼󠄫󠇍󠅔󠇏󠅓󠄹󠆫󠄕󠇇󠆄󠄤󠆖󠆈󠄇󠄢󠄯󠄞󠇔󠅬See y'all next week. 󠇟󠇠󠇡󠇢󠅋󠄱󠄤󠆛󠆳󠇟󠄊󠇦󠄣󠆝󠅛󠅷󠆀󠄤󠅽󠄷󠅼󠇘󠅚󠅌󠅔󠄊󠆰󠄯󠅊󠅩󠆶󠄙󠇙︈󠅏󠄻󠇮󠅢󠇜󠄀󠅹󠅍󠅷󠆀CJB See y'all next week. 󠇟󠇠󠇡󠇢󠇟󠄸󠄟󠄔󠅞󠇟󠄃󠅂󠅯󠅧󠄡󠆭󠆈󠄮󠅐󠄂󠇉󠆭󠇋󠅫󠅱󠄦󠄑️󠇪󠇪󠆳󠅕󠅾󠇚󠄛󠆚󠇤󠅗󠄭󠆬󠆼󠄟󠆭󠅞CJB󠇟󠇠󠇡󠇢󠄃󠄕󠆋󠄏󠅕󠆃󠄕󠇮󠄏󠆴󠇪󠅔󠆹󠄤󠅩󠆒󠇥󠆙󠄈󠆼󠆼󠅂︆︍󠇨︊󠅵󠅷󠄃󠄋󠆣󠆴󠅺󠆍󠅡󠇝󠅯󠅁󠅞󠆕 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄍󠄑︀︀󠄍󠄑󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄌󠇫󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄠󠅔󠄣󠄣󠅓󠄠󠅔󠅑󠄝󠄧󠅒󠅕󠄥󠄝󠄤󠄣󠄨󠄡󠄝󠅒󠄧󠄡󠄣󠄝󠅑󠄦󠄧󠅑󠄣󠄨󠄧󠄢󠄡󠅑󠅖󠄣︀︀︀︆󠄔󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄮󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︍󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄦󠄝󠄡󠄢󠅄󠄠󠄡󠄪󠄣󠄠󠄪󠄤󠄨󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄦󠄝󠄡󠄢󠅄󠄠󠄡󠄪󠄣󠄠󠄪󠄤󠄨󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄑󠄷󠅘󠅟󠅣󠅤󠄟󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄹󠅞󠅤󠅕󠅗󠅢󠅑󠅤󠅙󠅟󠅞󠄐󠅦󠄡󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄢󠅒󠄡󠄥󠄡󠄨󠄣󠅑󠄤󠄠󠅑󠅓󠄠󠄠󠄠󠄡󠄢󠄠󠄡󠄩󠄥󠅒󠅏󠅦󠄡󠄧󠄨󠄡󠄢󠄢󠄧󠄨󠄤󠄧󠅏󠄦󠄣󠅖󠄥󠅒󠅑󠅒󠅕󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄢󠅒󠄡󠄥󠄡󠄨󠄣󠅑󠄤󠄠󠅑󠅓󠄠󠄠󠄠󠄡󠄢󠄠󠄡󠄩󠄥󠅒󠅏󠅦󠄡󠄧󠄨󠄡󠄢󠄢󠄧󠄨󠄤󠄧󠅏󠄦󠄣󠅖󠄥󠅒󠅑󠅒󠅕󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆪󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅵󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅔󠄡󠄦󠄨󠄠︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄧󠄥󠅖󠅒󠄨󠄧󠄦󠅖󠄡󠅑󠄠󠄡󠄩󠄢󠅖󠄨󠄢󠄩󠄩󠅔󠄥󠄠󠅔󠄥󠅕󠄡󠄥󠄥󠅕󠄥󠄤󠅔󠄩󠅖󠅖󠅑󠄥󠅒󠅔󠄠󠄧󠄦󠄠󠅔󠄠󠄨󠄡󠅔󠄠󠄥󠄧󠄠󠅔󠄣󠄢󠄥󠄤󠄦󠅓󠄠󠄠󠄥󠄩󠄠󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠆕󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠄦󠄢󠄠󠄡󠄤󠅒󠄠󠄥󠄝󠅖󠄣󠄥󠄢󠄝󠄤󠄥󠄡󠅔󠄝󠄩󠄤󠅑󠄣󠄝󠅕󠄨󠄠󠄧󠄤󠄦󠄢󠄤󠄣󠄧󠄣󠅔󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆦󠇅󠅫󠆽󠅽󠅭󠅨󠅍󠆇󠆴󠇘󠄘󠇍󠇑󠇃󠄋󠅫󠄛󠄘󠇡󠇃󠇟󠄴󠅴󠆯󠅅󠅔︀󠄛󠇐󠆧󠇅󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠆘󠆻󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅤󠆱︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄠󠅙󠆏󠆌󠅮󠄼󠅵󠄅󠄲󠅡󠄀󠄠󠆤󠄏󠅻󠆵󠇞󠇁󠇅󠅹󠆗󠄕󠄅󠇈󠄤󠅇󠆦󠅘󠄄󠄋󠅻󠆅︀︀︄󠅙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄪󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠅒󠄣󠄠󠅕󠄥󠄨󠅓󠄝󠄡󠄣󠄧󠄥󠄝󠄤󠅕󠄢󠄥󠄝󠅒󠄩󠄧󠅓󠄝󠅒󠅔󠅑󠄠󠅔󠄧󠄨󠄦󠅑󠄣󠅒󠄡󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄑󠄷󠅘󠅟󠅣󠅤󠄟󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄹󠅞󠅤󠅕󠅗󠅢󠅑󠅤󠅙󠅟󠅞󠄐󠅦󠄡󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄠󠅔󠄣󠄣󠅓󠄠󠅔󠅑󠄝󠄧󠅒󠅕󠄥󠄝󠄤󠄣󠄨󠄡󠄝󠅒󠄧󠄡󠄣󠄝󠅑󠄦󠄧󠅑󠄣󠄨󠄧󠄢󠄡󠅑󠅖󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇡󠇠󠆥󠄚󠆗󠅻󠅝󠄹󠆿︉︍󠄣󠄺󠄠󠄴󠆶󠅒󠅐󠆝󠇂󠆩󠄎󠅖󠅿󠅯󠅛󠅧󠄃󠄀󠅹󠆙󠅳󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆡󠄌󠇠︂󠇄󠄷󠄹󠆨󠄍󠇪︁󠆭󠆩󠆕󠆜︊󠆟󠆏󠇪󠄑󠅴󠄐󠆯󠆿󠆐󠅋󠇈󠆥󠇉󠇥󠅑󠅘󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄻󠇘󠄢󠅊󠇪󠅱󠇩󠆔󠆒󠅾󠅨󠆹󠆶󠄲︍󠇍󠇨󠆌󠄀󠄣󠄚󠆕︄󠄍󠅶󠆁󠄢󠄍󠆕󠄂󠄋󠇍󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆣󠄕󠅑󠆶󠆓󠅰󠅇󠆂󠅖󠆗󠅻󠆽󠆐󠇬󠄘󠇤󠆵󠄑󠅰󠆂󠄳󠅸󠄌︍󠄝󠆆󠆿︇󠆻󠇢󠅦󠄏󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆉󠆵󠄃󠇇︁󠇧󠇂󠅳󠅪󠇂󠅍󠅇󠅛󠇩︃󠄮󠇅󠅃󠄞󠇤󠇠󠅘󠄨󠇙󠇥󠆾󠅁󠄩󠄞󠇘󠅄󠇆󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇜︋󠆰󠅏󠆑󠄦󠄦️󠆾󠆑󠅷󠇉󠆬󠆫󠆯󠄁󠅟󠅩󠇅︇󠇚󠄺󠆥󠆓󠇪󠆒󠇒󠄖󠆍󠅦󠄏󠅧󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀󠄂󠄏󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀󠄁󠇟󠅓󠅒󠅟󠅢󠇂󠅴󠄴󠆑︁󠄨󠄒󠆒󠄈󠄑󠅳󠅉︃󠆯󠄠󠅲︃󠆫󠄠󠅲︃󠄲󠆐︃︂︁︂︂󠄄󠄠󠄝󠆑󠅬󠄣󠆘󠆉󠄽󠆑󠇫󠇋󠇊󠆼󠅏󠇠󠅦󠅵󠇨󠆃󠄏󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄨󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄢󠄩󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄠󠄸󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄊󠄠󠄈︆︃󠅅︄︊︌󠄁󠄴󠅕󠅝󠅟󠄐󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅛󠆀󠇓󠇜󠅼󠅬󠄣󠆬󠄐󠄒󠅍󠆕󠆬󠇚󠆡󠇖󠄥󠇀󠇀󠇉󠆗󠇑󠆉󠆩󠆸󠅙󠆷󠄾󠅚󠆹󠄂󠆌󠅭󠆖󠆉󠄓󠄼󠅑󠄷󠅨󠄆︀󠄩󠄀󠄋️󠅍󠇘󠆻󠄡󠇇󠆭󠅡󠄁󠄃󠄂󠇅󠄀󠄌󠇫󠄲󠅝󠆲󠅭󠅤󠄫󠄼︌󠆒󠅧󠆛󠇢󠇐󠅡󠄪︍󠄢󠆓󠄗󠅎󠆽󠇠󠇦󠅔󠅑󠇊󠆧󠇠󠇟󠅕󠅰󠅿󠄖󠄜󠆽󠄢󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠅾󠆮︉󠇣󠆣󠆍󠅕󠆐󠆅󠄽󠅛󠅐󠄩󠅎󠄓󠇛󠆣󠆭󠆻󠄣󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅗︀󠄠󠅔︂󠄠󠅨󠆓󠄝󠇈󠆘󠅟󠇣󠄦󠇬󠆛󠄢󠅬󠆣󠅼󠅵󠄶󠄑󠇁󠄼󠇥󠅭󠇫󠇂󠇘󠄃󠇌︋󠅲󠅟󠆀󠄁󠇊󠇧󠆬󠇫󠇟󠅳󠅩󠇣󠅕󠆯󠄟󠅫󠄜󠄭󠇤󠆱󠅋︂󠄠󠄩󠄕󠄙︍󠅠󠆙󠄐︎󠅔󠄺󠄖󠅁󠄡󠅆󠄸󠄹󠇛󠇫󠄖󠅋󠅎󠆼󠆘󠇅󠅠󠇚󠅤󠆕󠇚󠄺󠆻󠄤󠄱󠅥󠇭󠄈󠄟󠅎󠆙󠅎󠅤󠅟󠆃󠆾󠄠󠅿︁󠅣󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄󠅏󠄣︈󠄩󠅣󠆛󠆇󠄓󠆓󠅬󠆛󠅑󠄈︃󠇂󠄸󠄃󠄩󠆏󠅥󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄣󠄡󠄠󠄥󠄢󠄣󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠄐󠇁󠄞󠄀󠇑󠇉󠄟󠇊󠄬󠆬󠆜󠆗󠆕󠅥󠅭󠄫󠇝󠄨󠆣󠄐󠅸󠅿󠇕󠆎󠆹󠇉󠅐󠄼󠆲󠄱󠄢󠄈󠆉󠇠󠆸󠄴󠆺󠄘󠄮󠇑󠄍󠄔󠆈󠅚󠅇󠇭󠄆󠅓󠅱󠄔󠆀󠅷󠇦󠆀󠇐󠇆󠄙󠆯󠇄󠅷󠆷󠅊󠇥󠆧󠅦󠆐󠄔󠄺󠅏󠅒󠇯󠇓󠅔󠄎︀󠅭󠇑󠅲󠇓󠆣󠆒󠄁󠄁󠄎󠆰󠆑󠆱󠅈󠄭󠅌󠅆︎󠆚󠆜󠅋󠅅󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠︁󠆾󠄉󠅝󠄲󠆁󠅢󠅚󠇍󠄚󠇔󠄦󠄿󠄖󠄏󠆇󠆭󠅙󠇁︁󠄷󠆓󠇯󠅼󠆛󠆌󠇩󠄀󠅲󠇆󠅉󠆩󠇩󠇃󠅆️󠅌󠆢󠇚󠅈︂󠇇󠄳󠇠󠄵󠅟󠆀󠆏︂󠄡︀󠆺󠅙󠄇󠆋󠇅󠇏󠇡󠅘󠅜󠆢󠆖󠄟󠄷󠆰󠄺󠆅󠄵󠆑︂󠆆󠄊󠄙︂󠅸󠄋󠇫󠆵󠅝󠆑󠄶󠆱️󠇭󠇖󠄚󠇭󠄛󠄊󠅆︎󠅁󠆟󠅑󠅨󠄽󠅳󠄶󠄼󠅉︃󠄈󠄠󠅲︃󠄄󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄻󠅜󠆾󠄑󠅴󠄺󠅙󠆞󠅭󠆢󠅥󠄧󠄥󠆳󠄵󠅙󠇇󠇃󠆦󠅰󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄤󠄦󠄠󠄥󠄡󠄧󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇋󠆥󠇖󠄴󠄇󠄨󠆈󠄽󠄍󠅑󠇥󠄑󠄞󠄛󠅿󠅸︉󠇈󠇎󠇄󠄳󠄢󠄷󠆭󠅪󠇬󠆕︇󠇕󠅐󠆸󠆻󠄙󠄿󠅋󠄟󠄷󠇈󠅧󠄙󠅬󠅛󠇢󠇉󠆕󠇫󠅊︌󠇣󠅕󠄂󠇪󠆌󠄦󠅼󠆇󠆗󠅭󠄼󠅘󠅀󠆁󠆅︍󠅿󠇕󠆯︉󠅮󠇑️󠆫󠆭󠆜󠄇󠄅󠇍󠆪󠆸󠇫󠇯︉︄󠆗󠅴󠅿󠆠󠇃󠆏󠆢󠅹󠄘󠆠󠆢󠄂︎󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠅑󠇖󠇬󠇍󠅱󠄋󠇬󠇘󠅭󠆨󠄲󠇞󠆬󠇟󠅓󠆕󠆯󠄩󠆒󠆤󠅆󠅉︈󠆌󠅪󠆗󠇤󠆠󠄜󠄡󠆤󠆌󠄤󠇟󠇨󠄒󠆻󠄟󠇑󠄓󠅀󠄵󠆭󠆤󠄉󠅡󠇩︋︂󠄡︀󠅿󠆸󠇏󠆲󠇒󠅂󠄗󠇂󠇓󠅩󠇖︋󠇭󠅅󠇂󠆥︅󠅳󠄍󠇜󠄡󠅜󠅺󠄞󠄐󠆗󠅈󠆕󠄟󠅉︆󠄗󠅙󠆢󠄟󠆤󠇆󠇊󠅀󠅓󠅈󠇫󠅚󠆂󠆰󠅌󠆱󠆾󠅗󠅣󠅙󠅗󠅄󠅣󠅤󠄢󠆑󠅙󠅤󠅣󠅤󠅄󠅟󠅛󠅕󠅞󠅣󠅱󠆑󠅓󠅦󠅑󠅜󠅉︆󠅾󠄠󠅲︆󠅺︆︉󠄚󠅶󠄸󠅶󠇧︍︁︇︂󠆐󠅲︆󠅫󠄠󠅲︆󠅧︂︁︃󠄡️󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︂︅︀󠄠󠅩︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︁︄󠆐󠅚︄󠅘󠄠󠅖︂︁︁︆︊󠄛︆︁︄︁󠅳󠇘󠅎︅︁󠄠󠄡󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︁︅︀︄󠄐󠆗󠄿󠆱󠅑󠄀󠇂󠄳󠅫󠇞󠄏︎󠅶󠄹󠆈󠇘︈󠄋󠇨︆󠄐󠆤󠅎󠅌󠅧󠄝󠆞󠅈󠄳󠇪󠆰󠅋︂︂︂︆︋󠄈️󠄢󠄠󠄢󠄦󠄠󠄦󠄡󠄢󠄠󠄡󠄣󠄠󠄤󠄩󠅊󠄠︃︂︁︁︂︈󠄼󠅌󠅎󠄶󠆕󠅙󠄄󠇦󠆐󠅲︃󠇜󠄠󠅲︃󠇘󠄠󠅲︃󠅞󠆐︃︂︁︂︂󠄄󠅥󠅤󠅩󠆈󠄂󠇋󠅯󠇪󠅧󠇬󠄉󠅖󠇣󠄌󠇋󠆢󠇬󠅇󠆭󠄷󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆅󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄚󠄠󠄘︆︃󠅅︄︃︌󠄑󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄤󠄡󠄥󠄥󠄥󠄢󠄠󠅊󠄇︍󠄢󠄧󠄠󠄥󠄢󠄤󠄡󠄥󠄥󠄥󠄢󠄠󠅊󠄠󠅱󠅼󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄑󠄠󠄏︆︃󠅅︄︃︌󠄈󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠅃󠅙󠅗󠅞󠅕󠅢󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆄󠆲󠆧󠅎󠄾󠅶󠇯󠇖󠇆󠄬󠄟󠄙󠇀󠄾︊󠅿󠇅󠆆󠆣󠅉󠅯󠅓󠅜󠅥󠅂󠅷󠆝󠇌󠆥󠄤󠅮󠅈󠇔󠅨󠅄󠅌󠇮󠇎󠄮󠅈︌󠇐󠆟󠄟󠄉󠅥󠅹󠄾︉󠆲󠄣󠆓󠅡󠅁󠅞󠄷󠄾󠄌󠄁󠅁󠅕󠆰️󠄗󠅊󠅃󠄿󠇝󠇕󠆴︇󠆶󠆼︃󠅦󠆫󠆝󠅸󠇌󠄌󠇑󠆢󠄾󠇃󠄕󠇕󠅋󠄰󠆰󠇝󠄧󠆔󠆆󠇣󠅐󠄴󠆓󠅲︁󠅴󠄠󠅲︁󠅰󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄆︆︃󠅅󠄍󠄕︁︁󠇯︄︌󠄠︊︆︈󠄛︆︁︅︅︇︃︈󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠅎󠅔󠅼󠄇󠅙󠇃󠇣󠅹󠅸︉󠇭󠆦󠇏󠄀󠄠󠄆󠆋󠇨󠆖︆󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄰︈󠆗󠇨󠇈︀󠆘󠅇󠇮󠅙󠄊󠅆️󠄣󠆈󠄱󠆀󠄇󠄆󠆅󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠅩︆︈󠄛︆︁︅︅︇︁︁︄󠅝󠄠󠅛󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄰︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄤󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅤󠅣󠅑󠄝󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄮︆︃󠅅󠄍󠄏︄󠄧󠄠󠄥󠄠󠄣󠆐󠄡󠆐󠄟󠅶󠄝󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅤󠅣󠅑󠄝󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄡︀󠆣󠆓󠄰󠇅󠆅󠇑󠇚󠆾󠇆󠆈󠇥󠅀󠆐󠇖󠅭󠆳︁󠆫︄󠇅󠅻󠄓󠆷󠆥󠇧󠆕󠄮󠄸󠅤󠅑󠄊󠅤󠆅󠆪︋󠇌󠄸󠅉󠄪︋︃󠅜󠅦󠅓󠆚󠄄󠅉󠅝︂󠄠󠄮︀󠇒󠅭󠇅󠅺󠆹󠅶󠅼󠄽󠇩󠆰󠇧󠄌󠄖󠆿󠇕󠅩︃󠅞󠄣󠇋󠆦︎󠄃󠆥󠄵󠆱︁󠇟󠄮󠄃󠇏󠆲︂󠆁︆󠅖󠄛󠇒󠄛󠅌󠄿󠅽󠅁󠄡󠄟󠇣󠄡󠅲︁󠇤󠄠󠅲︁󠇠︂︁︁󠄠󠅱󠆞󠄠󠅱󠆅󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄚󠄠󠄘︆︃󠅅︄︃︌󠄑󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅄󠅃󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦︂󠄄󠅥󠅤󠅩󠆈󠄂󠇋󠅯󠇪󠅧󠇬󠄉󠅖󠇣󠄌󠇋󠆢󠇬󠅇󠆭󠄷󠄠︍︆︉󠅐󠅶󠄸︁󠅕︃︄︂︂︅︀󠆐󠅱󠆦󠄠󠄊︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︃󠄡︍︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︁︄󠄠󠄎︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︅󠄡󠄁󠄈️󠄢󠄠󠄢󠄦󠄠󠄦󠄡󠄢󠄠󠄡󠄣󠄠󠄤󠄩󠅊󠄠󠄧︆︋󠄚󠅶󠄸󠅶󠇧︍︁︉󠄀︂󠄟󠄡󠄘󠄠󠄖󠄠󠄔󠄠󠄒︄󠄐󠇖󠆲󠄪󠄹󠄏󠄨󠇈󠅹󠅘󠆦󠅖󠅹󠄴󠆁󠅯󠇋󠅎󠆁󠆥󠆚󠆢󠇂󠅹󠆀󠅋󠄞󠆯󠆿󠅚󠄭󠆾󠇈󠄠󠄯︆︉󠄚󠅶󠄸󠅶󠇧︍︁︉︄󠄡󠄢︄󠄠󠄯︌󠇥󠆒󠆴󠇝󠆘󠇤󠄈󠄡󠇣󠇫󠅌󠅆󠄙󠄸︊󠅟󠇬󠆕󠇧󠄌︍󠆤󠇐󠄋󠄒󠇎󠄩󠇆󠇂󠇚󠄒󠇋︊󠆆󠆲󠅑︍︋󠅖󠆛󠅅󠅊󠇞󠅞︌︎󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︄󠅖󠄠󠅔︂󠄠󠅀󠅅󠄾󠆳󠅗󠄱󠅤󠆗󠆩󠆊󠄲󠇌︂󠅠󠄳󠅝󠇌󠆫󠄄󠆛󠅌󠇬󠅦󠇜󠆑󠆃󠆝󠄋󠆲󠅞󠅴󠅟󠇩󠅖󠅺󠇑󠄨󠄣󠄁󠆦󠄞󠆄󠄵󠆗󠄈󠆊󠇄󠄤︂󠄠󠅒󠄅󠅪󠅗󠇣󠇠󠇗󠅔󠆭︌󠇋󠆕󠇉󠅼󠇅󠆙󠇅󠇫󠅭󠅉󠅤󠆷󠄺󠆵󠆔󠇇󠄛󠄐︅󠅄󠇈󠅂󠄴󠆛󠅕󠇘󠄺󠆉󠅶󠆴󠅾󠅈󠅁󠆲󠇏󠅔󠄴󠆬󠇦󠅈󠅐︀󠄠󠆃󠄰󠄌󠇢󠅸󠆭󠆍󠅮︇󠆻󠄴󠄿󠅦󠆑󠅙︌󠄾󠅵󠅀󠆙󠇔󠇌󠅝󠆔󠄇󠄴󠆉󠇧󠅨󠄇󠄃󠄼󠄝󠇛󠄥󠆗󠇏󠇟󠅼󠅿󠆭󠅌󠅖󠄒󠇘󠇖󠄋󠆂󠆮󠄳󠄥󠇧󠄾󠆱󠆩󠄆󠄰󠄜󠆬󠄿󠄨󠇑󠆌󠆨󠆫󠆷︉󠅠󠇃󠆷󠆋󠄆󠅠󠅵󠆓󠄗󠆂󠄞󠇯󠅣󠆨󠆍󠅛󠇀󠆊︎󠆵󠄠󠇮󠇭󠆵󠄴󠅞󠄲︀︀︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰- The Jalen Brunson Effect URL: https://www.duethedilly.com/the-dime-the-jalen-brunson-effect/ Last updated: 2026-06-05T11:33:02.000Z ![](https://www.duethedilly.com/content/images/2026/06/image-1-1.png) In the summer of 2024, Jalen Brunson signed a four-year, $156.5 million extension with the Knicks󠇟󠇠󠇡󠇢󠅠󠄇󠆀󠇑󠅅󠇭󠄡󠅫󠅓󠄓󠆄󠅯󠇥󠄙︌︋󠆛󠄽󠅕󠆍󠅫󠇤󠄮󠄶󠆗󠆷󠅔󠇎󠅸󠅰󠆗󠆜󠆽󠆥󠄝󠅀󠅟󠅋󠆯󠄪. On the surface that sounds like a lot of money󠇟󠇠󠇡󠇢󠄨︆󠅬󠇁󠄮󠅘󠅓󠇚󠅽󠆙󠄌󠅑󠇀󠄭󠆵󠅁󠅠󠆋󠇞󠇥󠆠󠅐󠅪󠄁󠆩︁󠅠󠆌󠆵󠄓󠄽󠇠󠆮󠇓󠆢󠇊󠅭󠄅󠇚󠆏. And it is󠇟󠇠󠇡󠇢󠅌󠆪󠄱󠅶󠅗️󠅿󠅅󠄊󠅐󠆪󠄆󠇊󠇜󠆮󠄊󠄚󠄬󠆟󠅈󠇞󠆨󠄈󠅀󠄩󠅠󠅃󠇦󠅁󠅨︊󠄧󠆽󠇆︄󠇆󠄊󠅄󠆁󠆶. But context matters here󠇟󠇠󠇡󠇢󠅑󠆫󠄸󠄦󠇍󠅷󠆲︎󠆴󠆆󠅾󠆰󠄱󠄢󠆭󠇦󠇜󠇬󠄬󠇍󠆄󠅁󠅰󠇄󠆛󠅶󠄔󠆟󠅟󠅾️󠄈󠄩󠆼󠄨󠇗󠇎󠄭󠇕︊. He was eligible for a five-year, $269 million max deal the following offseason󠇟󠇠󠇡󠇢󠅋󠅱󠄃󠄰󠅞󠅬︉󠇆󠄬󠄨︁󠄍󠆼󠇬󠆖󠇜󠇞󠅅󠇣󠅭︋󠅉󠆯󠆣󠆲󠆊󠆐󠇧󠇏󠆞󠅇󠅯󠅣󠄌󠅔󠄑󠆯󠇜󠆬󠇎. He walked away from it󠇟󠇠󠇡󠇢󠇄󠄸󠆐󠅳󠆨󠆗󠆺󠆆󠇩󠄒󠆂󠆥󠅏󠆙󠅼︂󠆐󠆡󠆈󠄒󠆌󠄼󠄄󠅢󠅂󠅯󠅺󠅺󠇘︅󠄎󠄻󠆦󠇕󠇧󠆔󠅓󠆤󠇨󠇏. Voluntarily󠇟󠇠󠇡󠇢󠅤󠅔󠇂󠄅󠄭󠅭󠅻󠅛󠆚󠇞󠇟󠄙󠆯󠅝󠇩󠅶󠇪󠆚󠄍󠆹󠅟󠄜󠅌󠆚󠅝󠆃︁󠅯󠅲󠇜󠅽︊󠄮󠄃󠄴󠆁󠄞󠄹󠅩󠇖. That is a $113 million headline gap, or roughly $37 million in real near-term dollars when you account for the fourth-year player option he kept󠇟󠇠󠇡󠇢󠇄󠅇󠇔󠅄󠇟󠅰󠅝󠇔󠅂󠅚︉󠅽󠆄󠇕󠆥󠅎︈󠄒󠅟󠅦︉󠅧󠆵󠄕󠆸󠄴󠇟󠄉󠇡󠄙󠄪󠆩︀󠅀󠅁󠆩󠄆󠆥︆󠅒. Either way you cut it, no NBA star does this. 󠇟󠇠󠇡󠇢󠅘󠆏󠅌󠇓󠅸󠄄󠄠󠅷󠆷󠇄󠇣󠆋󠄝󠅭󠆥󠆨󠇡󠄪󠆛󠅟󠅙︂󠄕󠅧󠆗󠆌󠄐󠆮󠇚󠆻󠇨󠆚󠇙󠄅󠅶󠄺󠅎󠅕󠄕󠅻The reason he gave󠇟󠇠󠇡󠇢󠆡󠅕󠅖󠅇󠆋󠅭󠅇󠆪󠅆󠅠󠅿󠇙︂󠆢󠇑󠆥󠄈󠄖󠇤󠄮󠅅󠅚󠄡󠇣󠆩󠇎󠅄󠆧󠇌󠄒󠅽󠆹󠅢󠆻󠇝󠇎󠄱󠅍󠄸󠆓? He wanted to win󠇟󠇠󠇡󠇢󠄫︂󠆴󠇜󠄬󠇂󠆏󠆂󠄰󠄚󠅉󠄚󠇨󠇒󠅩󠇟󠆂󠄝󠇁󠄦󠆌󠄾󠆖󠇡󠇌󠄴󠆏󠅥󠄦󠇅󠅈󠅤󠄃󠆩󠆺󠇃󠄕󠅝󠇐󠄌. And he was honest about the psychology of it too󠇟󠇠󠇡󠇢󠅇󠄶󠅶󠅪︈󠆎󠅚󠇎󠅟󠄏󠄚󠆊󠄛󠅳󠅶󠆥󠆔󠄦󠄍󠆤󠄑󠆟󠆴󠄅󠅿󠇟󠆥󠇆󠄵󠇫󠇁󠆞󠆛󠄪󠆤󠆹󠅥󠅋󠄼󠆬. Playing without a contract hanging over his head freed him up mentally󠇟󠇠󠇡󠇢󠇚󠆤󠇡󠅬󠆴󠅜󠄩󠅌󠇆󠆌󠇒󠆸󠇪󠅘️󠆌󠅟󠅸󠄃󠅱󠄁󠄪󠄠󠇑󠆕󠆹󠇛︁󠆫󠇔󠆧󠇫󠅊󠄙󠅸󠅲󠅧󠆸󠆉󠄪. No pressure to perform for a paycheck󠇟󠇠󠇡󠇢󠇏󠆫︊󠅣󠆃󠅣󠄫󠇍󠄷󠅙󠄰󠄒󠅌󠆘󠅢󠇇󠇦󠄘󠇗󠄳󠄕󠅖󠄈󠄝󠆮︎󠆋󠄤󠇊󠆢󠄦︅︌󠇂󠆍󠅞︉󠇁️󠆤. Just basketball󠇟󠇠󠇡󠇢󠆉󠅅󠅦󠆻󠅗︋󠅝󠆘󠅕󠅩󠄮󠇋󠆘󠅍󠆹󠇋󠆀󠇮󠅇󠇪󠄚󠅣󠆞󠅏󠄯󠅅󠄒󠆌󠄎󠇑󠇕󠅐󠅣󠇨󠄓󠆷󠆄󠆝︅󠅀. That mindset showed up in his game and it showed up in the Knicks' results󠇟󠇠󠇡󠇢󠇍󠅈󠄑󠄭󠆂󠆔︈󠇦󠆿󠄽󠄼󠅞󠇮󠅦󠄺󠆚󠅩󠇭󠇤󠇯󠅃󠅢󠄑󠄜󠄤󠅫󠅗󠇁󠅋󠄩󠆥󠇥󠄀󠅙󠄲󠄭󠄑󠆤󠇛󠆉. Here's this week's edition of The Dime💰, the Jalen Brunson Effect. ### 󠇟󠇠󠇡󠇢󠇋󠄈󠆧︀󠆟󠅔󠅄󠇮󠆐󠆻󠄶󠅚󠇙󠆶󠆽󠄗󠆕󠅭︆︆󠇗󠆺󠄊󠆐󠆖󠅐󠅹︆󠄆󠅿󠆣󠆽󠆺󠅂󠄳󠅻󠆥󠆸󠄘󠅣WHAT IT UNLOCKED Here is where the business side gets interesting󠇟󠇠󠇡󠇢󠅔󠄪󠆓󠆾󠅪󠇤󠅶󠆱󠆀󠅧󠆗󠆀󠆵󠄕󠇌󠆒󠅄󠆗󠇧󠅣󠄆󠇋󠆖󠆭󠅦󠇪󠅞󠇍󠇂󠇬󠆿󠆤󠄧󠇞󠄮󠅥󠄹󠇚󠆘󠇖. Brunson's deal kept his cap hit below 23% of the salary cap for the life of the contract󠇟󠇠󠇡󠇢󠇂󠄐󠅬󠇀󠆹󠆟󠄖󠅚󠅝󠅵󠅈󠆀󠅢󠇔󠄓󠅟󠅱󠆤󠇨󠇆󠅴󠅯󠇚󠄿󠅈󠄂︇󠅠󠅉󠅾󠄤󠄄󠄴󠄫󠆩󠇀󠇄󠇓󠄾󠅞. That one decision created the structural room for everything else the Knicks built around him. 󠇟󠇠󠇡󠇢󠆜󠆉︂󠄄󠅣󠆏󠅳︆󠇓󠄻󠇞󠆑󠆊︄︍󠆉󠆵󠄀󠅺󠆿󠇧󠇔󠆢︁︍󠅅︁󠇌󠄿󠆎󠄨󠆘󠅂󠇔󠅽󠅱󠅔󠆢󠄂󠄝The O.G. Anunoby extension󠇟󠇠󠇡󠇢󠆪󠄵󠅘󠇝󠄧︁󠅪󠄈󠅺󠆆󠅯󠇥︇︍󠄷󠄅︌󠅹󠅫󠇚󠅕󠅎󠄴󠄟󠆆󠄜︊󠅁󠅓󠆦󠆉︍󠅾󠆮︋󠅳󠄰󠆣󠆚󠇕? Cap-dependent󠇟󠇠󠇡󠇢󠅤󠄨󠅦󠄐󠆤󠇘󠆰󠇖󠇉󠇉󠇠󠅁󠅨󠅣󠆫󠅶󠅌󠄤󠆑󠅏󠆵󠆈󠅂󠆝󠄯󠄉󠇋︋󠄾󠄙︁󠅶󠄚󠄓󠇥󠅯󠅟󠆓󠆷󠅍. The Karl-Anthony Towns trade󠇟󠇠󠇡󠇢︋󠇈󠆉󠅗󠇩󠅛󠅸󠄶󠅰󠇉󠅽󠆄󠄧󠆸󠇯󠄢󠇐󠅕󠆱󠅝󠅝󠄻󠅆󠅠󠄑󠅏󠇚󠄅󠄊󠆚󠅽󠇒󠇯󠅟󠄙󠄷󠄾󠅆󠅀󠆲? Could not have happened at max Brunson money󠇟󠇠󠇡󠇢󠄬󠅾󠄳󠆂󠇇󠅻󠅤󠅺󠄓󠄲󠆤󠅂󠆏󠇝󠆶󠅾︃󠅍󠄏󠇁󠄙󠅢󠅐󠇆󠅔󠆮󠇆󠆷󠅶󠅓󠄜󠄹󠄰󠄠󠇣󠆍󠆛󠅥󠇊󠅀. Under a full max deal, the Knicks would have been sitting above $205 million in payroll, locked above the second apron, and shut out of virtually every roster-building tool the new CBA offers󠇟󠇠󠇡󠇢󠇇󠄄️󠇘󠅞󠄩󠆯󠅺󠆇󠅧󠇎󠄺󠅆󠅥︍󠆌󠆺󠅪󠇤󠄭󠆩󠆸󠅁󠇨󠆺󠇡󠅚󠄾󠇠󠄡󠆳󠄏󠅁󠄾󠄋󠇮󠄗󠄯󠅕󠆔. Instead, they had flexibility󠇟󠇠󠇡󠇢󠇡󠇮󠅕󠆲󠆽󠆶󠅞󠄚󠄨󠄾󠄴󠇯󠅗󠆠󠆓󠆍󠅎󠄖󠆾󠄲󠆢󠅴󠄏󠆬󠆱󠇚󠅲󠅴󠅃󠇇󠅸󠇆󠆔󠄉󠄚︋󠅴󠄵󠆤󠆬. And they used it. 󠇟󠇠󠇡󠇢󠅯󠆗󠅏󠄣󠇍󠆲󠆴󠄋󠄥󠄋󠇅󠅜󠄊︈󠆮󠄒󠄐󠆜󠅎󠅤󠄋󠅠󠄶󠆘󠆕󠇋󠇭󠆦󠆿󠆂󠇗󠅍󠇈󠇥󠇄︅󠆵󠄝󠆙󠄑While other contenders were falling apart financially, the Knicks were quietly building󠇟󠇠󠇡󠇢︁󠇕󠅖󠇠󠇍󠇪󠇠󠇏󠆔󠆫󠅯󠆇󠇪󠆡󠄪󠄀󠇪󠄱󠄬󠄘󠄳󠆡󠆂󠄅︁󠄣󠅛󠅙󠆦󠄎󠅐󠇞︅󠆧󠇤󠄡󠇅󠅘󠆫󠅁. The Celtics entered this offseason looking at a luxury tax bill approaching half a billion dollars󠇟󠇠󠇡󠇢󠆐󠇇󠆄󠄇󠅡󠄞︇󠄃󠇁󠅃󠆣︇󠆺󠆬󠅂󠄯󠅞󠄴󠆝󠇫︎󠄛󠅋󠅰󠄿󠅃󠅵󠆡󠆆︀󠄳︊󠅟󠆾︍󠄢󠇘󠄦󠅃󠇤. The Cavs and Nuggets had similar headaches󠇟󠇠󠇡󠇢󠅷󠅎󠅃󠅲󠇊󠅃󠅖󠇅󠆚󠅝󠆁󠅰󠅋󠆷󠄹󠆹󠇍󠆬󠇧󠅠󠅷󠆢󠅴︋󠄐󠄃󠅒󠆡󠅙󠅔︅󠆨󠄓󠅡󠅓󠅣󠆉󠅸󠄸󠇟. The Knicks ran their core back intact and improved󠇟󠇠󠇡󠇢󠆼󠆊󠆪󠄪︈󠆄󠆕󠅮󠆊󠄞󠆓󠄡󠄹󠇝︈󠅷󠄍󠇣󠄴󠇑󠅌󠇓󠆟󠄎󠇘󠇓󠇝󠄘󠆤󠄬󠄤󠄁󠆼󠆢󠄻󠄙󠆏󠅿󠅲󠄤. That is a direct result of Brunson's 2024 decision. ### 󠇟󠇠󠇡󠇢󠅮󠄊󠆵󠄿󠄼󠄦󠇣󠆖󠅺󠇯󠆌󠆃󠆒󠅔󠅇󠄝󠅸︉󠅚󠄳󠅃󠇋󠅀󠄁󠅃󠅛󠅩󠄃󠄺󠇎󠇎󠅹󠄒󠇦︉︅󠄆️󠇘󠇎WHAT IT DID TO THE STOCK Now let's talk MSGS󠇟󠇠󠇡󠇢󠅧󠅤󠆖󠆝󠅬󠅾󠄇󠅙󠆞󠇫󠄥󠆀󠄮󠆡󠆰︂󠄢󠇃󠅸󠄇󠅘󠇇󠄱󠆩󠇁󠆁󠇀︊󠅗︌󠅢󠇉󠄐󠄯󠇞󠆠󠅪󠆪󠄻󠆀. Madison Square Garden Sports Corp. trades on the NYSE and is the holding company for the Knicks and the Rangers󠇟󠇠󠇡󠇢󠇔󠅬󠇅󠄻󠄪︃󠅣︉󠅒󠆟󠇍󠆥󠆣󠅥󠅒󠇓󠇊󠄲󠄙󠅗󠄵󠆩󠆫󠄼󠆅󠅿󠇙󠄰󠅏󠅕󠅡󠆨󠅀󠆅󠅟󠆏󠅩󠄩󠇬󠆣. It is one of only two publicly traded North American sports franchise holding companies in existence󠇟󠇠󠇡󠇢󠅺󠄸󠅇󠇟󠇊󠅪󠄂󠅙󠄣󠅚󠅑󠇦󠄋󠅿󠅽︄󠅟󠄦󠄼󠄣󠅔󠇄󠇂󠅉󠆰󠅮󠅘󠅊󠅁󠇏󠆧󠆯󠇕󠅉󠅹󠇧󠅸󠅣󠆫󠇗. So when the Knicks win, the market pays attention. 󠇟󠇠󠇡󠇢󠆈󠆀󠆴󠅂󠄈︇︅󠆊󠅃󠆁󠆬󠅔󠇕󠆰󠆿󠇉󠆬󠄛󠅐󠄳󠆈󠅂󠅺󠇂󠄪󠆙󠄖󠆈󠇫󠇌󠇞󠅂󠆷󠆃󠄽󠅻󠆺󠄉󠇠󠄆After the Knicks swept the Cavaliers in the Eastern Conference Finals last week, MSGS hit an all-time high of $383 per share󠇟󠇠󠇡󠇢󠆗󠆔󠅭󠄜󠇎󠆤󠇫󠅆󠅅︍󠆡󠄜󠆴󠆙󠆒󠅙󠅍󠅮󠄣󠅁󠇛󠄇󠅞󠅯󠅈󠆸󠄒󠇌󠅌󠅖󠄯󠆑󠆕󠇥󠅫󠆢󠄑󠇎󠆞󠅈. The stock is up over 90% in the past year and roughly 40% year-to-date󠇟󠇠󠇡󠇢󠅑󠄟󠆚󠆯󠆂󠆏󠄇󠄷󠅔︇󠆳󠅙󠅷󠅲󠆐󠅊󠄳󠄋󠆩󠆙󠆥󠆅󠇔󠇍󠅼󠇋󠅰󠅎󠅭󠅳󠆁󠆾󠅒󠄵󠇒󠆽󠄡󠄇󠅷󠇐. Analysts at Guggenheim have a price target of $470\. [󠇟󠇠󠇡󠇢󠅜󠇀󠄾󠇑󠄙󠆂󠄳󠅟󠇀󠅕󠄻󠅠󠅶󠅬󠅥󠅙󠆹󠅓󠅍󠆔󠆈󠆪󠄚︉󠆘󠇙󠆡󠇥󠆋󠆶󠇡󠆔󠇈󠆆󠆚󠅹󠅦󠆡󠇅󠆼Sportico values the Knicks alone at $9.85 billion](https://www.sportico.com/business/finance/2025/new-york-knicks-rangers-msgs-stock-1234874384/?ref=duethedilly.com), the Rangers at $3.65 billion󠇟󠇠󠇡󠇢󠅥󠅧󠆋󠆥󠄌󠆰󠅺󠄎󠄩︊󠇔󠄽󠆇󠄯󠇅󠆴󠄰󠆙󠅲󠇇󠆡︈󠆂󠆗󠆋󠅠󠅢󠅸󠅔󠇄󠅭󠆤󠄢󠅪󠅂󠆈󠅬󠄏󠆏󠅑. That is a combined $13.5 billion in private market value sitting inside a company whose enterprise value has persistently traded at a discount to that number󠇟󠇠󠇡󠇢󠇉󠄤󠆺󠅙󠇜󠄼󠇝󠅣󠆵󠅴󠆟󠆙󠅌󠆰︄󠇯󠇊󠄜󠄅󠄕󠅢󠄤󠄿󠅂︁󠅠󠄠󠆋󠇈󠆻󠇚󠆐󠆵󠇧󠅩󠄧󠄋󠇌󠇘󠄍. That gap is the whole bull case for MSGS investors and it has been compressing fast. 󠇟󠇠󠇡󠇢󠆫󠄁󠅠󠄲󠄳󠅆󠅚󠇟︋󠅌󠄺󠇂󠅕󠄇󠅗󠆚󠇬󠅘󠄟󠆾󠄎󠅷󠆇︊󠆘󠅮󠄉󠄔󠆼󠄻󠇛󠅠󠄗󠇆󠅞󠇨󠄻󠄀︃󠆱Playoff basketball is not just good for the soul at MSG󠇟󠇠󠇡󠇢󠇬󠇒󠅢󠄆︉︁󠆻󠄗󠇤󠅤󠄓󠄲󠆈󠅈󠇁󠅨󠄲󠄆󠆼󠆐󠅿󠄍󠅘󠆃󠅰󠆾󠇁︀󠄼󠇤󠇕󠇯󠇕󠇡󠆴󠆁󠅏󠄳︊󠄝. It is a direct revenue driver󠇟󠇠󠇡󠇢󠅮󠇎󠅺󠆲︎󠄽󠆬󠄰󠅽󠄡󠇣󠄄󠆤󠄮󠅱󠇐󠄈󠆷󠆺󠅬󠇐󠄣󠄛󠆉󠇦󠅻󠆏󠅷󠅈󠄿󠅹󠅒󠅯󠄼󠆙󠇕󠆮󠄕󠆳󠅁. Home games in the first round generate roughly $8 million per game in tickets, suites, concessions, and merchandise󠇟󠇠󠇡󠇢󠇍󠇊󠄑󠆩󠄁󠆓󠇡󠄸󠄧󠆘󠅾󠆌󠄭󠄕󠄟󠄅󠅄󠆥󠇗󠄴󠄭󠇜󠄛󠄔󠄂󠇖󠅄󠄺󠆟󠄦󠆂󠆵󠄺󠄞󠄮󠆱󠄫󠄥󠄷󠅁. That jumps to $12 million per game in the second round and $17 million in the conference finals󠇟󠇠󠇡󠇢󠄀󠆘󠇩︀󠆉󠆲󠇣󠄺󠄹󠅸󠆐󠅧󠆦󠄲󠅲︇󠄊︅󠆏󠅕󠄃󠇞󠄅󠇫󠄓󠄈󠆓󠅾󠆙󠄼󠆉󠄞︇󠆆󠄿󠅾︆󠄬󠄇︋. Finals games are expected to clear $20 million per contest󠇟󠇠󠇡󠇢󠄊󠇫󠅱󠄧󠅠󠅥󠅋󠅔󠅙󠄪󠄢󠇛󠇔󠅙󠆞󠆾󠆏󠄄󠇒󠇌󠄭󠄡󠄝󠅴󠆊󠄭󠆲︊󠆤󠄺󠄢󠅊󠅲󠆤󠆃󠆽󠆡󠆝󠇇󠄰. One deep run can produce $140 million or more in incremental operating income󠇟󠇠󠇡󠇢︉󠆋󠅎󠇜󠅟󠅒󠅍󠄛󠄘︀󠅛󠇢󠅄︀󠄓󠇎󠆻󠅈󠄜︎󠅙󠄵󠅇󠆳󠆼󠅓󠅵󠆅󠆥󠆽󠄧󠅦󠇬󠆵󠆛󠆗󠆑󠆑󠇫︂. That is real money flowing through to a publicly traded equity. [󠇟󠇠󠇡󠇢󠆨󠇅󠄤󠄪󠆅󠇗󠅱󠄞󠄂󠆿󠇪󠅴︇󠆨󠇍󠄸󠅗󠇒󠇫󠅎󠄲󠆺󠄾󠆟󠅸󠆿︅󠆑󠇒󠅹󠇍󠅬󠅘︎󠇠󠄦󠅼󠄹󠇁󠇓MSGS is also pursuing a tax-free spin-off of the Rangers](https://investor.msgsports.com/press-releases/news-details/2026/Madison-Square-Garden-Sports-Corp--Files-Initial-Form-10-Registration-Statement-for-Proposed-Spin-Off-of-Rangers-Business-from-Knicks-Business/default.aspx?ref=duethedilly.com) into a standalone public entity󠇟󠇠󠇡󠇢󠄇󠄴󠅅󠆃󠆨︅󠇣󠆵󠆡󠅇󠅳󠆅󠇌󠄕󠆱󠆳󠅫󠄷󠇀󠄅󠅋󠇁󠅱󠅔󠆋󠄞󠆆󠄂︃󠇯󠄩󠆼󠇄󠄆󠅢︂󠄳󠄟󠆽󠆘. The idea is that separating the two franchises would force the market to value each independently and close the discount to private market value󠇟󠇠󠇡󠇢󠇡󠆔󠆜󠅜󠅁󠆐󠆑󠄩󠇮︀󠆛󠄳󠄽󠅹󠇩󠆨️󠆟󠅃󠇁󠄲󠆷󠅘󠅢󠄘󠇇󠅘󠄂󠅝󠄾󠅄󠅚󠇢󠅤󠆌󠅗󠆌󠄶󠆭󠅀. The Knicks making the Finals right now is the best possible advertisement for that transaction. ### 󠇟󠇠󠇡󠇢󠄃󠆡󠆙󠅳󠅢󠆁󠆷󠅦󠅻󠄊󠄾󠇢󠅸󠄴󠇯󠅹󠅾󠄬󠄁󠆀󠅻󠆦󠄈󠇡󠅞󠇠󠇫󠆞󠅊󠄨󠅬󠄈󠇞󠅨󠄸󠄭󠆾󠄷️︂THE RULE CHANGE NOBODY IS TALKING ABOUT Here is the part of this story that deserves a lot more attention󠇟󠇠󠇡󠇢󠄹󠇇󠄒󠇕︅󠇓󠅷󠅻󠅽󠇛󠇇󠇀󠅙󠄀󠄶󠇁󠄳󠇣󠄂󠇐󠄇󠅫󠇗󠆟󠆰󠄼󠇉󠇔󠅳󠅆󠅆󠇛󠄎󠄃󠅻󠇑󠅛︎󠆅󠄄. The 2023 NBA collective bargaining agreement introduced a provision that quietly changed the economics of what a player can own. [󠇟󠇠󠇡󠇢︉󠇈󠅢󠆞󠅦︀󠅓󠅈󠄊󠅜󠅑󠇀󠅚󠆇󠅃󠇓󠇬󠅂󠆉󠄝󠅰󠄼󠅓󠆾󠇞󠄻󠅲󠅸󠅀󠄍󠅞󠄨︉︈󠄊󠅵󠅴󠄽󠇫󠆙The rule sits in Article XXIX (Miscellaneous), Section 12, titled "Limitation on Player Ownership󠇟󠇠󠇡󠇢󠆍󠄄󠆊󠅻󠆱󠆣󠅬󠇤󠅘󠇯󠄮󠅓󠅅󠇗󠅭󠄫󠄋󠆿󠄔󠅴󠇄󠄳󠆀󠅑󠄤󠄍󠄹︍󠆫󠇛󠇆︂󠅭󠇞󠆠󠇁󠅠󠄬󠅷󠆎."](https://ak-static.cms.nba.com/wp-content/uploads/sites/4/2023/06/2023-NBA-Collective-Bargaining-Agreement.pdf?ref=duethedilly.com) It is a new provision with no equivalent in the prior CBA (page 441). > **󠇟󠇠󠇡󠇢󠆺󠆊󠄤󠇮󠄨󠅚󠅠󠆶󠅥󠅺󠆗󠅀󠄰󠄰󠅟󠇧󠆩󠄧󠇩󠄮󠆐󠆤󠆉󠆸󠆚󠅖󠆴󠅑󠄣󠄳󠅤󠄋󠆙󠅕󠆰󠅧󠅮︂󠇇󠄴2023 NBA CBA — ARTICLE XXIX, SECTION 12 (LIMITATION ON PLAYER OWNERSHIP)** > 󠇟󠇠󠇡󠇢︍󠅬󠆁󠅼󠆛󠅽󠇍󠄤︊󠄉󠆏󠇞︇󠅑︋󠄣󠄾󠄦󠄹󠇥󠇈󠅵󠄏󠅞󠄙󠅆󠅦󠆑󠇂󠇪󠄤󠄟󠇪󠄹󠅫󠆕󠅞󠅀󠇢󠄽Under this section, NBA players are permitted to hold up to 1% of the publicly traded shares of a company that directly or indirectly owns an NBA team󠇟󠇠󠇡󠇢󠆟󠆨󠅵󠇅󠅹󠄂󠆼󠅹󠄑󠇬󠆜󠆈󠆋󠅌󠇇󠇞󠅥󠇃󠄇󠆵󠅊︈󠆜󠄥󠆈󠆷󠆏󠇞︎󠅺󠅺󠄲󠇦󠄺󠇎󠄚󠄊󠄰󠇈󠆉. Direct ownership of a team remains prohibited󠇟󠇠󠇡󠇢󠅞󠅲󠄐󠄐󠄉󠄸󠆁󠇏󠅠󠄐󠆄󠄑󠇤󠇜󠅝󠅳󠇂︄󠄕󠅢󠆑󠆠󠆶󠇊󠆁󠆪󠆪︀󠆞󠆋󠅳󠄵󠆪󠄊󠅰󠄦󠆍󠇔︁󠅐. The section also authorizes the NBPA to passively invest on behalf of all players in approved private equity funds that take stakes in NBA franchises, capped at 5% of a fund's aggregate committed capital. 󠇟󠇠󠇡󠇢󠆡󠄋󠅫󠅚󠅻󠅣︈󠇙󠇤󠅝️󠄣󠇒󠆋󠅎󠆏󠅍󠆭󠄏󠄑󠅧︈󠄵󠇀󠅶︂󠅁󠄳︉󠅖󠄢󠆭󠅓󠆷󠅢󠆳󠇬︎󠄚󠄠MSGS is exactly the company this rule was built for󠇟󠇠󠇡󠇢󠅶󠅲󠆒󠄉󠆿󠅢󠆣󠅝󠅚󠄀︎󠇑󠆴󠇢󠄐︂󠄆󠆿󠄌󠆔︈󠆷󠅂󠇓󠆈󠄇󠅢󠇮󠅆󠄇󠆈󠆾󠆉󠅅󠅴󠅱󠄢󠆒󠇢󠇭. It is the only publicly traded holding company of its kind in the NBA ecosystem󠇟󠇠󠇡󠇢󠇤󠅟󠇜󠆨󠄜󠇒󠅃︅󠆮󠆚󠅗󠄊︁󠆫󠇣󠆲󠆲󠆴︊󠆛󠆐󠆬󠆙󠄖󠄭󠄔󠆯󠅿󠅹󠅯󠅩󠅇󠆭︉󠆶󠅾󠅤󠄿󠄌󠆛. A direct ownership stake in the Knicks as a private entity is still off the table󠇟󠇠󠇡󠇢󠆿󠆺󠅁󠇥󠆐󠅒󠆨󠆱󠄾󠅑󠅹󠇔󠄧󠄶󠅭󠇤󠅇󠅚︎︊󠅫󠆉󠇆󠇬󠅬󠇁󠄠󠄽󠅓󠆇󠄉󠄷󠇄󠅵󠄆󠄆󠄹󠄴󠅶󠇡. But MSGS stock is liquid, transparent, and fully permissible under the rule as written󠇟󠇠󠇡󠇢󠄳󠅚󠇋︆󠄡󠄸󠇠󠇝󠇨󠅩󠆼︆󠄜󠅢󠆦󠆉󠆧󠇏󠅩󠇐󠄮󠄽󠄽︊󠇔󠆬󠄁󠆔󠇈︊󠆠󠅖󠄷󠄒󠇋󠄂󠇊󠇏󠆣󠆌. No other NBA player has a cleaner path to franchise equity than a Knick. 󠇟󠇠󠇡󠇢󠄛󠅺󠆯︋󠄫󠇣󠄁󠅎󠄝󠆢󠄳󠅫󠅻︋󠆯󠄉󠇆󠄑󠆑󠅦󠇥󠇟󠅕󠅃︂󠄗󠄕󠆨󠆜󠆨󠆷󠄙󠅺󠇫󠆡󠄚󠅴󠄂󠇄󠇥So here is the question worth sitting with󠇟󠇠󠇡󠇢󠅓󠄂󠅜󠄥󠄰󠇗󠅯󠅛󠄰󠄕󠇕󠆩󠆝󠄻󠆯︆󠄮󠅂󠆿󠆄󠅬󠄿󠄆󠇃󠆺󠆳󠅥󠅯󠄸󠅀󠄐︀󠇉󠇘︂󠅭󠇐󠅗󠅕󠆛. If the Knicks had awarded Brunson shares or an option grant at the time of the 2024 $156.5 million signing, as a form of equity compensation tied to his franchise-building sacrifice, what would that actually be worth? ### 󠇟󠇠󠇡󠇢︅󠄾󠆼󠄙󠄬󠅾󠄼󠆄󠆖󠅗󠆁󠅷󠇓󠆥󠅘󠆭󠅅󠇣󠆁󠇡󠅒󠅎󠆤󠆽󠄼󠅝󠄜󠅎󠆓󠅦󠆾󠆬󠄊󠄅󠅚󠆶󠆀󠇥󠇨󠇉THE MATH MSGS had approximately 24 million total shares outstanding in mid-2024󠇟󠇠󠇡󠇢󠅛󠆳󠆟󠅦󠆥󠅵󠅲󠅓󠅏󠇈󠄌󠄆󠄥󠄣󠄩󠆬󠅥󠇭󠆄󠆭󠅾󠄔󠇔󠅏󠄣󠅭󠇙󠅃󠇔󠄅󠆥󠆷󠇙󠄗󠅁󠆗󠄋󠆛󠆑󠄰. The stock was trading around $173 per share at the time, putting the market cap at roughly $4.1 billion󠇟󠇠󠇡󠇢︎󠆡󠆆︂󠅼󠆑󠄤󠆄󠇑󠅥󠄦󠄽󠇏󠄸󠄠󠄲󠄯󠆒󠆞󠄑󠅥󠄯󠄏󠆬󠅛󠆮󠄺󠄩󠅦󠆴󠅋󠆠󠅃󠆓󠅵󠅗󠅰󠄭󠆢󠆥. At the current all-time high of $383 per share, market cap is sitting near $8.7 billion󠇟󠇠󠇡󠇢󠇅󠇑󠆥󠇭󠅶󠅎󠅏󠅰󠆗󠇈󠆬󠄾︄󠆓󠄟󠄭󠇎󠆖󠄓󠆒󠇡󠄋󠅥󠆁󠅠󠆘󠆘󠆠󠅟󠆬󠄌󠅿󠆭󠆥󠆳󠆚󠅴︃󠅠󠆒. Here is what a 1% grant at CBA ratification would look like today. ![](https://www.duethedilly.com/content/images/2026/06/image-3-1-1.png) 󠇟󠇠󠇡󠇢󠅛󠇩󠅶󠆦󠅴︉󠅂󠇯󠆧󠄦󠄤󠇁󠄨󠇤󠅤󠅧󠅛󠄯󠆽󠄯󠆧󠆔︈󠅟󠅅󠅺󠆫️󠅟󠇁󠄏󠅰︍󠅁󠆾󠆊󠇞󠄾󠄽󠅄If the award was structured as stock options struck at the 2023 price of $193, Brunson would be sitting on roughly $46 million in in-the-money value at today's all-time high󠇟󠇠󠇡󠇢󠅨󠇅󠇌󠇨󠄇︄󠄕󠆳󠄰󠅥︋󠅏󠅞󠄦󠇑󠄾󠇀󠅏󠆤󠆻󠅩󠅽󠅡󠇂󠅄󠇪󠅂󠆉󠅬󠆻󠅉󠆝󠄔󠇗󠅃󠄑󠅐󠅿󠄖󠄃. On top of his salary󠇟󠇠󠇡󠇢󠅅󠆢󠄥󠇜󠆴︁󠄱󠆕󠆔︁󠅡󠄑󠄩󠅀󠅄󠇎󠆓󠆣󠅎󠄥󠅀󠅛󠆝󠄗󠇨󠆉󠆒󠆼󠆬󠄷󠄼󠄭︁󠄞󠆋󠆵󠅅󠄲󠆉󠆩. Before taxes󠇟󠇠󠇡󠇢󠇩󠆸󠅒󠅮󠇥󠇎󠆠󠅕󠆉󠄛󠇢󠇗󠅚󠅉󠆘󠆜️󠄓󠇘󠄱󠄾󠅮󠄜󠆩󠆃󠅛󠇠󠆤󠇆󠆯󠆋︈󠄿󠄲󠄁󠇓󠄨󠅃󠅝󠇌. Before a potential championship run pushes the stock even higher󠇟󠇠󠇡󠇢󠆕󠆻󠆃󠆻󠅄󠄐󠅹󠆻󠆴󠅵󠆞󠄃󠅺󠇛󠄰󠅟󠄄󠄼󠅜󠆖󠆩󠅦︈󠅞󠆻󠅊󠆲󠆊󠄘󠄤󠄕󠆥󠅞󠅮󠇮󠅚󠆡󠄘󠄶󠆇. Before any re-rating from the Rangers spin-off󠇟󠇠󠇡󠇢︄󠆌󠄃󠇅󠆷󠅡󠆪󠅥︉󠄑󠄲󠆄󠇚︅󠄝󠆅󠄔󠆌󠄪󠅠󠄻󠄮󠇍󠄙󠇌󠆟󠆼󠅌󠅠󠆐󠆰󠅌︂󠆏󠅀󠅥󠆺󠆇󠇌󠅛. Before the next broadcast rights cycle, which the NBA is already in the middle of collecting on at roughly $76 billion over 11 years. 󠇟󠇠󠇡󠇢󠅱󠅟︈󠅪󠇣󠄲󠇞󠇁󠅯󠆕󠅬󠇮󠅔󠆇󠄶󠆏󠆴︄󠄰󠅫󠄙󠅈󠇓󠆗󠄑󠄳󠆥󠇒󠄖󠅷󠆬󠄌󠆗󠆩󠇥󠄱󠄺󠅍󠅲󠆕That is what equity does that salary cannot󠇟󠇠󠇡󠇢󠆞󠆮󠆵󠆭󠆭󠆾󠇣󠆘󠆵󠅹󠅽󠇊󠅻󠅶󠆀󠄵󠅺󠆙󠅻󠅞󠄎󠇁󠄎󠄓󠄛󠇏󠆿󠅭󠅞󠄹󠅔󠄵󠄰︇󠇄󠄬󠅎󠆦󠇛󠅋. Salary compensates for performance󠇟󠇠󠇡󠇢󠇡󠇒󠇜󠆛󠇡󠇘󠇧󠄄󠅒󠇪󠄈󠆣󠄦󠄽󠅯󠆙󠅎󠄋󠅲󠄫󠆩󠆑󠄱󠅘󠄑󠅏󠅋󠅎󠅲󠅱󠄀󠅉󠇜󠇎󠄄󠅐󠅻󠇬󠄹󠆤. Equity compounds with the asset󠇟󠇠󠇡󠇢󠅍󠇣󠆃󠄢󠆯󠄙󠄋︌󠆖︂󠆮󠅵󠆡󠅺󠅲󠆓󠇋󠇛󠆮󠄧󠄹󠆜󠆐󠆴󠄠󠇗󠆋󠆌󠄽󠆵󠆎󠅏󠇩󠄠󠅜󠆸󠅭󠆃󠆾󠇗. A player who takes less salary to build a better team directly increases the value of the franchise he plays for󠇟󠇠󠇡󠇢󠅮󠇞󠇔󠅰󠅋󠅈󠄰󠆓󠅘󠅺󠇞󠅘󠅪️󠅭󠄧󠅴󠅔󠅺󠆣󠅠󠆰󠄃󠄅️󠇉󠅜󠅐󠅠󠆟󠆥󠇉󠄦󠅈︅󠆢󠇏󠅴󠅻󠄰. Under the old model, he captures none of that upside󠇟󠇠󠇡󠇢󠆊󠆼󠅯󠅙󠇤󠆃󠆴󠅫󠄴󠄻󠇢󠆂󠅼󠆤󠇂󠅒󠅥󠇗󠅗󠄆󠄜󠄷󠆑󠇟󠄍󠅞󠇅󠇉󠇜󠅠󠅖󠅎󠄨󠇨󠇃󠆕󠇔󠄼󠄬󠄰. Under Article XXIX, Section 12, he can. ### 󠇟󠇠󠇡󠇢󠅫󠆃󠅌󠇙󠇚󠅁󠇙󠄈󠄽󠆨󠆣󠄲󠆡󠄟󠅡󠄡󠇛󠄭󠄟󠅚󠇫󠄢󠅢󠆗󠆸󠄧󠄂󠅞󠆟󠆂󠄴󠄖󠄪󠄨󠅙󠅊󠅗󠄷󠅸︇WHY THIS IS BIGGER THAN THE KNICKS NBA franchise values have compounded at 15 to 20 percent annually for a decade󠇟󠇠󠇡󠇢󠅟󠅚︃󠆞󠇕󠄓󠅡󠇉󠇨󠅶󠅵󠇛󠄐󠄼󠄇󠆼󠄾󠄚󠄍󠆝󠅍󠇬󠄊󠄞󠅟󠆄󠅍󠅱󠅻󠄏󠅮󠅞󠄥󠅋󠆘󠇀󠆫󠆵󠇞︅. Players have received roughly 50% of basketball-related income under the salary cap system, which is a fixed share of revenue, not a claim on asset appreciation󠇟󠇠󠇡󠇢󠄊︍󠄋󠅮󠆄󠅆󠆜󠆷󠅫︈󠅕󠄄󠄋󠇧󠇚󠅠󠇢󠅹󠄠󠆍󠇐󠄮󠅸󠅷󠄏󠅶󠆊󠇀󠄋󠄯󠇁󠅯󠄆󠄱󠆣󠆥󠆲󠅊󠆴󠇬. The cap system was designed to split the pie󠇟󠇠󠇡󠇢󠆢󠅊󠆲󠅼󠅍󠅤󠄞󠆓󠆒󠇍󠅑󠆟󠆻󠅲󠅲󠅁󠇮󠄎󠇌󠆦󠇈󠇕󠄰󠆜󠅐󠅦󠇬󠇟󠄃󠅹󠇐󠅳︄󠇠󠄡󠄓󠅞󠄛︂󠄟. It was not designed to give players a seat at the table when the table itself grows in value. 󠇟󠇠󠇡󠇢󠄍󠄡󠆽󠅟󠇙󠄑󠆦󠇢󠆤󠆅︉︊󠅙󠇋󠅆󠇛󠇍󠅱󠇞󠄾󠄌󠄎󠆄󠆆󠅤󠄬︃󠇞󠆊󠆺󠆙󠅙󠄵󠅜󠅰󠇛󠆾󠇬󠇀󠄶That is the structural issue the 2023 CBA rule starts to address󠇟󠇠󠇡󠇢󠄷󠄾󠆛󠄕󠆼󠅨󠄅󠅪󠄲󠆺󠄁󠄔󠄏󠄡󠆽󠇒󠅖󠄼󠆠󠄕󠇀󠄙󠆀󠅽󠅟󠄾󠅺󠅤󠄆󠅤󠆆󠆕󠄙󠄩󠄎󠄪󠅰󠄵󠆚󠅞. Imperfectly, at a 1% ceiling, and only through public company shares󠇟󠇠󠇡󠇢󠄠󠆵󠇌󠆱󠅥󠄎󠄁󠅠󠅫󠆎󠆃󠆉󠆵󠄘󠆬󠇀󠆼󠆽󠇠󠄡󠅯󠄈󠆱󠆥󠄲󠇪󠅱󠄖󠄨󠆨󠇥󠅺󠄱󠄥󠅧󠄷󠅂󠄅󠆀󠄜. But it is a start󠇟󠇠󠇡󠇢󠆌󠅿󠅸󠆒󠄱󠇅󠅏󠅄󠇭󠄃󠄘󠆃󠄩󠆾󠇪󠆨󠅣󠅰󠅣󠆵︂󠅊󠄘󠅕󠆒󠆆󠅁󠆪󠅉󠆀󠆠󠅻󠄡󠆣󠆩󠅣󠅁󠇯󠅫󠆖. And the Brunson situation is the clearest possible illustration of why the conversation matters󠇟󠇠󠇡󠇢󠆷󠆖󠇑󠄡󠇖󠇫󠆕󠇆󠆑󠄈󠄋󠇢󠅲󠇙󠆫󠅻󠄓󠆵󠆕󠄪󠅭󠆦󠅵󠄘󠆀󠄸󠄚󠆮󠅑︉󠇫󠄦󠆧󠆸󠆫󠆪󠅜󠄉󠇬󠇅. A player voluntarily sacrifices salary, directly improves roster construction, helps drive on-court results, and those results flow directly into franchise valuation and stock price appreciation󠇟󠇠󠇡󠇢󠆿󠅩󠅆󠆰󠆗󠇗󠅴󠇔󠆮󠄿󠅲󠆩󠅵󠅆󠆁︄󠆊󠇤󠆱󠇨󠆾󠆕󠅙︍󠄋󠄁󠆤󠆣󠇁󠅭󠄹︎󠆯󠆜󠅿󠇑󠄙󠆄󠆚󠅈. The connection between player sacrifice and franchise equity value has never been more obvious or more quantifiable. 󠇟󠇠󠇡󠇢󠇜󠄖󠆮󠅚󠇦󠅕󠅁󠆩󠄆󠇯󠇗󠆫󠄩󠅦󠆌󠄒󠅡󠆝︂󠆞󠇠󠅟󠄎󠅭󠄴󠇘󠄍󠅭󠅩󠆍󠄚󠇏︋󠆒󠅘󠆊󠅧󠄆󠆑󠇛The next CBA negotiation is going to be a very different conversation than the last one󠇟󠇠󠇡󠇢󠄀󠄅󠄠󠄑󠇐󠄌󠅈󠆏󠄈󠄰󠄔󠅴󠄨󠇊󠄯󠅂󠅟󠅭󠅓󠆃󠄃󠅬󠆉󠆰󠆾󠇟󠄫󠅂󠄕︃󠇕︋󠆏︄󠅔󠅸󠇘󠆈󠄎󠄅. The Jalen Brunson Effect is part of the reason why. 󠇟󠇠󠇡󠇢󠆟󠇕󠄛󠄝󠆨󠄿󠄠︁︄󠄢󠆬󠇗󠅻󠅮󠆼󠆭󠄒󠇉󠅟󠆫󠅒︃󠅶︂󠇙󠇫󠆇󠅸︊󠅧󠅵󠅬󠆹󠅗󠅗󠄗󠆈󠆃󠄃󠇆Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠇜󠄀󠇁󠅀󠅈󠄯󠇪󠇍󠄦󠅙󠆸󠆪󠇔󠅫󠇮󠄑󠆸󠆚󠅋󠄒󠄕󠅓󠇇︉󠇆󠆔󠅓︀󠅪󠆲󠅩󠆁󠆊󠅩󠆗󠆹󠇗󠅱󠆓󠇊. Pass this to a friend. 󠇟󠇠󠇡󠇢󠆭󠄟󠆬󠆛󠅼󠇔󠇐󠄤󠆜󠅋󠆕󠅬󠄥󠅓󠇯󠅹󠇝󠄳󠅩󠆽󠅭󠆟󠆌󠆺󠇢󠅼󠅎󠆐󠄈󠆭󠇋󠅨󠅕󠇦󠇞︌󠆙󠄏󠆃󠅫See y'all next week. 󠇟󠇠󠇡󠇢󠆰󠇠󠄄󠅽󠇓󠇠󠅬︊︃󠇅󠄠󠄷󠄦󠄖󠅩󠅰󠇉󠆆󠄵󠇏󠆟󠆋󠄥󠄜󠆞󠇂󠇣󠅽󠅆󠄚󠄖︈󠇌󠄷󠇩󠇋󠅬󠄼󠆼󠅙CJB󠇟󠇠󠇡󠇢󠅚󠅥󠄴󠇔󠄐󠇃󠅪󠄿󠆭󠄡󠆷󠇋󠄊󠅯󠅕󠄁󠄰󠇃󠅽󠄭󠇒󠆌󠄺󠆛󠅐󠅕︋󠆟󠄰󠄋󠆖󠆨󠅀︀󠅎󠄠󠆬󠅞󠅝󠄑 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆍︀︀󠄊󠆍󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅧󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅔󠅒󠅕󠄠󠄦󠄡󠄤󠄡󠄝󠄥󠅔󠄨󠄨󠄝󠄤󠄥󠄣󠅖󠄝󠅒󠄥󠅖󠄥󠄝󠅖󠄤󠄨󠄨󠄧󠅔󠅕󠄧󠅔󠄠󠅑󠅓︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄦󠄝󠄠󠄥󠅄󠄡󠄡󠄪󠄣󠄣󠄪󠄠󠄡󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄦󠄝󠄠󠄥󠅄󠄡󠄡󠄪󠄣󠄣󠄪󠄠󠄡󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄢󠄢󠄤󠅕󠄣󠅕󠄦󠅒󠄥󠄨󠅕󠅔󠄠󠄠󠄠󠄡󠄣󠄥󠅕󠄧󠄣󠅑󠅏󠅦󠄡󠄧󠄨󠄠󠄦󠄥󠄩󠄡󠄨󠄠󠅏󠅑󠄣󠄡󠄤󠅓󠄣󠄢󠅑󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄢󠄢󠄤󠅕󠄣󠅕󠄦󠅒󠄥󠄨󠅕󠅔󠄠󠄠󠄠󠄡󠄣󠄥󠅕󠄧󠄣󠅑󠅏󠅦󠄡󠄧󠄨󠄠󠄦󠄥󠄩󠄡󠄨󠄠󠅏󠅑󠄣󠄡󠄤󠅓󠄣󠄢󠅑󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄤󠄥󠄦︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠅓󠄨󠄡󠅔󠅓󠅖󠅓󠄤󠄦󠄦󠄠󠄢󠄠󠅔󠅒󠅓󠄥󠅒󠄡󠄩󠄠󠄧󠅑󠅑󠅒󠄠󠅖󠄦󠄨󠄧󠄦󠄣󠄦󠄩󠅕󠄠󠅕󠅑󠄦󠅒󠄠󠄨󠅕󠄨󠄥󠄡󠄧󠅖󠅖󠄢󠄠󠄢󠄡󠅕󠅓󠄨󠄡󠅑󠄡󠄣󠅕󠅑󠄩󠄢󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠅓󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠅓󠄧󠄢󠄧󠅑󠄧󠅒󠄧󠄝󠄦󠄥󠄧󠄡󠄝󠄤󠄢󠅔󠄤󠄝󠅑󠄨󠄥󠅒󠄝󠄥󠄨󠅕󠅕󠄨󠄤󠄡󠄦󠄨󠄤󠄧󠅒󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅮󠇎󠆳󠄀󠆿󠅶󠇪󠅠󠇑󠅴󠄢󠅥󠅛󠄏󠅝󠅌󠇭󠄴󠆍󠄔󠆯󠅦󠇙󠅣󠅜󠅷󠄽󠇤︍󠆽󠆝󠅰󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠅏󠇫󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆡︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄎󠇋󠆹󠇗󠇔󠆔󠆱󠄁󠅴󠆹️󠆸󠇯󠆿󠅠󠄸󠆣󠆳󠄛󠆎󠆄󠄚󠆑󠅐󠇊︁󠆟󠆲󠅣󠅴󠄽󠆺︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄠󠄦󠅖󠄢󠄡󠄧󠄡󠄢󠄝󠄥󠄢󠅑󠄤󠄝󠄤󠄧󠅒󠄨󠄝󠄨󠄡󠅒󠄦󠄝󠄤󠄥󠅔󠄨󠄦󠅖󠄠󠄡󠅑󠅖󠄨󠅔󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅔󠅒󠅕󠄠󠄦󠄡󠄤󠄡󠄝󠄥󠅔󠄨󠄨󠄝󠄤󠄥󠄣󠅖󠄝󠅒󠄥󠅖󠄥󠄝󠅖󠄤󠄨󠄨󠄧󠅔󠅕󠄧󠅔󠄠󠅑󠅓󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅸︂󠄏󠆛󠅐󠆳󠅪󠇇󠆔󠇢󠅦󠆝󠄡󠆸󠅎󠄏󠄆󠅛󠄦󠅎󠄙󠅇󠆺󠇟󠄫󠅘󠆬󠄟󠄹︄󠅢󠇚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄜󠆈󠇧󠅎󠆛︊󠅓󠇥󠇑󠄲󠇧󠆾󠆓󠄶󠄥󠅄󠅖󠇖󠅀︍󠇛︀󠄛󠆅󠅖︃󠄈󠅩󠄆󠅐󠄏󠆵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇋󠆛󠅨󠅭󠆭󠇖󠄾󠄯󠄸󠄜󠇦󠄎󠄨󠅌󠇕︃󠄲󠇢󠄕󠆖󠅴󠅒󠆹󠄊󠅋󠅣󠇒󠄍󠆓󠄢󠄗󠄰󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄇󠄂󠅇󠅯󠇏󠄪󠆁︀󠇕󠅹󠆄󠄧󠇣󠅩󠆗󠆔󠆄󠇫󠆂󠄴󠇢󠆄󠆊󠇡󠄟󠆠󠆈󠇧︃󠅯󠄴󠇋󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄺󠄥󠇪󠅧󠄭󠅼󠆲󠇪󠅝󠇅󠆉󠆶󠆷󠅀󠆛󠆹󠇙󠅠󠅙󠄎󠇚󠇚󠄄󠇁󠄽󠅶󠄂󠄨󠄬󠇜󠆣󠄍󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇠󠅾󠇆󠄹󠄶󠆲󠅴󠄴󠆺󠆅󠅮󠄂󠅏󠄡󠅘󠅌󠇔󠄸󠅘󠄩󠄥︆󠆊󠄿󠄀󠆽󠄐󠇅︅󠅸󠇭󠇇󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆔󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅤󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆯󠄠󠅲︃󠆫󠄠󠅲︃󠄲󠆐︃︂︁︂︂󠄄󠄠󠄝󠆑󠅬󠄣󠆘󠆉󠄽󠆑󠇫󠇋󠇊󠆼󠅏󠇠󠅦󠅵󠇨󠆃󠄏󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄨󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄢󠄩󠄡󠄢󠄤󠄧󠄢󠄦󠅊󠄠󠄸󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄊󠄠󠄈︆︃󠅅︄︊︌󠄁󠄴󠅕󠅝󠅟󠄐󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅛󠆀󠇓󠇜󠅼󠅬󠄣󠆬󠄐󠄒󠅍󠆕󠆬󠇚󠆡󠇖󠄥󠇀󠇀󠇉󠆗󠇑󠆉󠆩󠆸󠅙󠆷󠄾󠅚󠆹󠄂󠆌󠅭󠆖󠆉󠄓󠄼󠅑󠄷󠅨󠄆︀󠄩󠄀󠄋️󠅍󠇘󠆻󠄡󠇇󠆭󠅡󠄁󠄃󠄂󠇅󠄀󠄌󠇫󠄲󠅝󠆲󠅭󠅤󠄫󠄼︌󠆒󠅧󠆛󠇢󠇐󠅡󠄪︍󠄢󠆓󠄗󠅎󠆽󠇠󠇦󠅔󠅑󠇊󠆧󠇠󠇟󠅕󠅰󠅿󠄖󠄜󠆽󠄢󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠅾󠆮︉󠇣󠆣󠆍󠅕󠆐󠆅󠄽󠅛󠅐󠄩󠅎󠄓󠇛󠆣󠆭󠆻󠄣󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅗︀󠄠󠅔︂󠄠󠅨󠆓󠄝󠇈󠆘󠅟󠇣󠄦󠇬󠆛󠄢󠅬󠆣󠅼󠅵󠄶󠄑󠇁󠄼󠇥󠅭󠇫󠇂󠇘󠄃󠇌︋󠅲󠅟󠆀󠄁󠇊󠇧󠆬󠇫󠇟󠅳󠅩󠇣󠅕󠆯󠄟󠅫󠄜󠄭󠇤󠆱󠅋︂󠄠󠄩󠄕󠄙︍󠅠󠆙󠄐︎󠅔󠄺󠄖󠅁󠄡󠅆󠄸󠄹󠇛󠇫󠄖󠅋󠅎󠆼󠆘󠇅󠅠󠇚󠅤󠆕󠇚󠄺󠆻󠄤󠄱󠅥󠇭󠄈󠄟󠅎󠆙󠅎󠅤󠅟󠆃󠆾󠄠󠅿︁󠅣󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄󠅏󠄣︈󠄩󠅣󠆛󠆇󠄓󠆓󠅬󠆛󠅑󠄈︃󠇂󠄸󠄃󠄩󠆏󠅥󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄣󠄡󠄠󠄥󠄢󠄣󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠄐󠇁󠄞󠄀󠇑󠇉󠄟󠇊󠄬󠆬󠆜󠆗󠆕󠅥󠅭󠄫󠇝󠄨󠆣󠄐󠅸󠅿󠇕󠆎󠆹󠇉󠅐󠄼󠆲󠄱󠄢󠄈󠆉󠇠󠆸󠄴󠆺󠄘󠄮󠇑󠄍󠄔󠆈󠅚󠅇󠇭󠄆󠅓󠅱󠄔󠆀󠅷󠇦󠆀󠇐󠇆󠄙󠆯󠇄󠅷󠆷󠅊󠇥󠆧󠅦󠆐󠄔󠄺󠅏󠅒󠇯󠇓󠅔󠄎︀󠅭󠇑󠅲󠇓󠆣󠆒󠄁󠄁󠄎󠆰󠆑󠆱󠅈󠄭󠅌󠅆︎󠆚󠆜󠅋󠅅󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇩󠄛󠆡󠅲󠇠󠅑󠇁󠄜󠄘󠄨︊󠆂󠄪󠄫︈󠄬󠆩󠆧󠆉󠇠󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠︁󠆾󠄉󠅝󠄲󠆁󠅢󠅚󠇍󠄚󠇔󠄦󠄿󠄖󠄏󠆇󠆭󠅙󠇁︁󠄷󠆓󠇯󠅼󠆛󠆌󠇩󠄀󠅲󠇆󠅉󠆩󠇩󠇃󠅆️󠅌󠆢󠇚󠅈︂󠇇󠄳󠇠󠄵󠅟󠆀󠆏︂󠄡︀󠆺󠅙󠄇󠆋󠇅󠇏󠇡󠅘󠅜󠆢󠆖󠄟󠄷󠆰󠄺󠆅󠄵󠆑︂󠆆󠄊󠄙︂󠅸󠄋󠇫󠆵󠅝󠆑󠄶󠆱️󠇭󠇖󠄚󠇭󠄛󠄊󠅆︎󠅁󠆟󠅑󠅨󠄽󠅳󠄶󠄼󠅉︃󠄈󠄠󠅲︃󠄄󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄻󠅜󠆾󠄑󠅴󠄺󠅙󠆞󠅭󠆢󠅥󠄧󠄥󠆳󠄵󠅙󠇇󠇃󠆦󠅰󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄥󠄢󠄢󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄇︍󠄤󠄦󠄠󠄥󠄡󠄧󠄡󠄣󠄤󠄩󠄥󠄦󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇋󠆥󠇖󠄴󠄇󠄨󠆈󠄽󠄍󠅑󠇥󠄑󠄞󠄛󠅿󠅸︉󠇈󠇎󠇄󠄳󠄢󠄷󠆭󠅪󠇬󠆕︇󠇕󠅐󠆸󠆻󠄙󠄿󠅋󠄟󠄷󠇈󠅧󠄙󠅬󠅛󠇢󠇉󠆕󠇫󠅊︌󠇣󠅕󠄂󠇪󠆌󠄦󠅼󠆇󠆗󠅭󠄼󠅘󠅀󠆁󠆅︍󠅿󠇕󠆯︉󠅮󠇑️󠆫󠆭󠆜󠄇󠄅󠇍󠆪󠆸󠇫󠇯︉︄󠆗󠅴󠅿󠆠󠇃󠆏󠆢󠅹󠄘󠆠󠆢󠄂︎󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠆧󠅰󠄞󠇙󠆣󠅯󠆷󠄝︆󠇋󠇎󠇛󠆚󠄟󠅵󠄬󠅰󠄩󠆺󠄀󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠅑󠇖󠇬󠇍󠅱󠄋󠇬󠇘󠅭󠆨󠄲󠇞󠆬󠇟󠅓󠆕󠆯󠄩󠆒󠆤󠅆󠅉︈󠆌󠅪󠆗󠇤󠆠󠄜󠄡󠆤󠆌󠄤󠇟󠇨󠄒󠆻󠄟󠇑󠄓󠅀󠄵󠆭󠆤󠄉󠅡󠇩︋︂󠄡︀󠅿󠆸󠇏󠆲󠇒󠅂󠄗󠇂󠇓󠅩󠇖︋󠇭󠅅󠇂󠆥︅󠅳󠄍󠇜󠄡󠅜󠅺󠄞󠄐󠆗󠅈󠆕󠄟󠅉︆󠄗󠅙󠆢󠄟󠆤󠇆󠇊󠅀󠅓󠅈󠇫󠅚󠆂󠆰󠅌󠆱󠆾󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄠󠄦󠅖󠄢󠄡󠄧󠄡󠄢󠄝󠄥󠄢󠅑󠄤󠄝󠄤󠄧󠅒󠄨󠄝󠄨󠄡󠅒󠄦󠄝󠄤󠄥󠅔󠄨󠄦󠅖󠄠󠄡󠅑󠅖󠄨󠅔󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅔󠅒󠅕󠄠󠄦󠄡󠄤󠄡󠄝󠄥󠅔󠄨󠄨󠄝󠄤󠄥󠄣󠅖󠄝󠅒󠄥󠅖󠄥󠄝󠅖󠄤󠄨󠄨󠄧󠅔󠅕󠄧󠅔󠄠󠅑󠅓󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅸︂󠄏󠆛󠅐󠆳󠅪󠇇󠆔󠇢󠅦󠆝󠄡󠆸󠅎󠄏󠄆󠅛󠄦󠅎󠄙󠅇󠆺󠇟󠄫󠅘󠆬󠄟󠄹︄󠅢󠇚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄜󠆈󠇧󠅎󠆛︊󠅓󠇥󠇑󠄲󠇧󠆾󠆓󠄶󠄥󠅄󠅖󠇖󠅀︍󠇛︀󠄛󠆅󠅖︃󠄈󠅩󠄆󠅐󠄏󠆵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇋󠆛󠅨󠅭󠆭󠇖󠄾󠄯󠄸󠄜󠇦󠄎󠄨󠅌󠇕︃󠄲󠇢󠄕󠆖󠅴󠅒󠆹󠄊󠅋󠅣󠇒󠄍󠆓󠄢󠄗󠄰󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄇󠄂󠅇󠅯󠇏󠄪󠆁︀󠇕󠅹󠆄󠄧󠇣󠅩󠆗󠆔󠆄󠇫󠆂󠄴󠇢󠆄󠆊󠇡󠄟󠆠󠆈󠇧︃󠅯󠄴󠇋󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄺󠄥󠇪󠅧󠄭󠅼󠆲󠇪󠅝󠇅󠆉󠆶󠆷󠅀󠆛󠆹󠇙󠅠󠅙󠄎󠇚󠇚󠄄󠇁󠄽󠅶󠄂󠄨󠄬󠇜󠆣󠄍󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇠󠅾󠇆󠄹󠄶󠆲󠅴󠄴󠆺󠆅󠅮󠄂󠅏󠄡󠅘󠅌󠇔󠄸󠅘󠄩󠄥︆󠆊󠄿󠄀󠆽󠄐󠇅︅󠅸󠇭󠇇󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐󠅶󠄜󠆌󠅷󠄘󠅼󠄳󠆜󠄸󠆥󠇕󠄶󠄺󠇊󠅖󠄒󠄈󠆢︂󠆏󠅞󠅗󠅈󠆦󠇁󠅙󠆵󠄈︂󠆥󠅚󠄓󠇌󠇫︆󠅂󠆰󠇑󠅜󠅌󠅸󠅃︂󠇘󠅇󠄰󠆨󠆀︍󠄀󠄑󠇜︃󠄔󠅶󠆺󠅝󠆲󠇡󠄈󠅚󠇪󠄙󠄞󠄭󠄰󠄾󠆖󠇘󠅠󠄀󠄣󠇒󠇞󠅵󠆚󠄆󠄌󠅡󠅔󠄦󠅥󠆀󠆭󠆣󠄍󠆌󠄜󠆣󠇭󠄾󠆀︁󠄕󠇇󠆨󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰 - Why does Gamma matter? URL: https://www.duethedilly.com/the-dime-why-does-gamma-matter/ Last updated: 2026-05-28T11:27:48.000Z If you heard about the lawsuit, we're not talking about it today󠇟󠇠󠇡󠇢󠇮󠇩󠆛󠅩󠄏︁︂󠄠󠆳󠅒󠅟󠇜󠄞󠅙󠅾󠆿󠄷󠇔󠄰󠅅󠄁󠅲󠄁󠇁󠅕󠇌󠇚󠆋︄󠆓󠄹󠄘󠅴󠇪󠇯󠅟󠆈󠅬󠅬󠄰. If you did not hear about the lawsuit, I've attached the complaint below󠇟󠇠󠇡󠇢󠄗󠇩󠅙󠇕︎󠇠󠄵󠄻󠆫󠅅󠅎󠄣󠆮󠄕󠆹󠆛󠄍󠄙󠆐󠆥󠇚󠄢󠅖󠆳󠇚󠅄󠆮󠅒󠆢󠆩󠆍󠄂󠇠󠇂󠄅󠆎󠄵󠅢󠄈󠇔. Gamma solves a major problem for established artists who want to be independent󠇟󠇠󠇡󠇢󠅛󠆯󠄩󠆋󠄉󠆙󠇈󠆑󠅑󠅡󠄛󠅆󠄴󠄕󠄒󠄺󠅁󠅘︀󠄶󠄖󠆃󠆽󠅾󠆶󠇕󠅨󠆣󠄋󠆡󠄠󠆚󠄞󠅵󠇧󠄱󠅭󠇢󠄳󠅋. But you have to understand the fundamentals of the industry first󠇟󠇠󠇡󠇢󠆦󠄒󠇪︉󠄺󠅥󠆈󠄌󠄢󠅳󠆂︄︎󠄌󠅳󠇕󠄌󠅘󠄰󠄏󠆨󠄼󠇚󠆁󠅯󠇫󠆐︇󠇔󠅇󠇪󠇤󠇄󠇁︊󠄳󠄚󠅢󠅞󠆿. Let's get into it. [󠇟󠇠󠇡󠇢󠇉󠆐󠅕󠄮󠄩󠅅󠆋󠄩󠄨󠅺󠄔󠄑󠇂󠄱󠄏󠅊󠅌󠄥󠄨󠄜󠅬󠅣󠄟󠄪󠆭󠅥󠇥󠆻󠇈󠆾󠄩󠄥󠅅󠅎󠄯󠇪󠆇󠄯󠅻󠇛gamma casegamma case.pdf434 KBdownload-circle](https://www.duethedilly.com/content/files/2026/05/gamma-case.pdf "Download") The three most important financial decisions a musician makes have nothing to do with talent󠇟󠇠󠇡󠇢󠆡󠄏󠄠󠅟󠅱󠅡󠄋󠄱󠅹󠄑󠇊󠇕󠅖󠇀󠅄󠄦󠇂󠅎󠅜󠅈󠅪︌󠄨︊󠆚󠅐󠅺󠄙󠄜󠆍󠆯󠅼󠆍󠆵󠆽󠅏󠆳󠆏󠄣󠆚. They are: who owns your publishing, who owns your masters, and who distributes your music. 󠇟󠇠󠇡󠇢󠆩󠇈󠄐󠆼󠄎󠇩󠆏󠅝󠇜󠇞󠇄󠄨󠄽󠅺󠇭󠅱󠄳󠇡󠅓󠆈󠄧󠄅󠄐󠆳󠆤󠄇󠇅󠄒󠇍󠇬󠅯︈󠆱󠅊󠄈󠅭󠅷󠄸󠆊󠇜Most artists get at least one of them wrong. 󠇟󠇠󠇡󠇢󠆑󠅖󠄭󠆶󠅋󠅯󠆚󠄟󠄕󠆄󠄬󠇡󠄲󠇞󠄂︋󠇪󠄛︌󠇛󠅡󠅈󠄩󠇨󠅘󠅫󠅕󠅬󠆊󠆞︈󠇔󠆀󠆰󠄎󠆤󠄨󠅙󠅧󠅴You own your publishing but are unable to lock in deals with it󠇟󠇠󠇡󠇢󠆝︎󠆏󠆥󠆂︍󠅰󠅈󠆼󠄽󠅵󠅢󠅡󠄴󠄫󠇀󠄦󠅆󠇘󠄺󠇙󠇊󠆅󠆟󠅯︈󠄺󠄘󠄮󠇊󠅼󠆔󠅰󠅞󠅃󠆡󠆪󠇚󠆛󠅳. You own your masters but fail to market or distribute them properly󠇟󠇠󠇡󠇢󠅞󠄵󠆾󠅌󠅝󠄄󠄪󠄇󠆘󠄤󠅎︀󠄿󠆔󠅷󠇡󠅬󠅆󠅮󠆋󠅫󠇂󠇯󠇇󠅑󠄾󠆘󠄼󠄟󠅷󠇡󠆭󠆯󠆓󠆱󠅫󠆓󠆉󠇊󠆅. You have a distribution deal but do not have the additional infrastructure to increase your streams. 󠇟󠇠󠇡󠇢󠆀󠄶󠄯󠆌󠅢󠅞󠄘󠆣︍󠅴󠆭󠄦󠆦󠇫󠄫󠄈󠄫󠄫󠇚󠄦󠅼󠄒󠇌󠄄󠇍󠆡︇󠄧󠅩󠄜󠅨󠆄︌󠆆󠅀󠅦󠅆󠇗󠇗󠄛This piece is about the ecosystem, how the money actually flows, why ownership is the single most important lever in that ecosystem, and why Gamma's model has created a path for established artists to get all three right simultaneously for the first time in the history of major-label music󠇟󠇠󠇡󠇢󠇃󠅜󠅽󠅰󠇮︆󠇨󠅛󠆏󠆘󠇐︁󠄌󠄶󠇍󠆝󠇢󠅳󠄞󠅯󠆃󠅵󠇡󠄥󠅴󠄬󠇧󠅢󠄑󠄐󠆩󠇛︅󠇩︇󠄾󠄺󠅄󠄨󠄚. Here's this week's edition of The Dime💰. ### 󠇟󠇠󠇡󠇢󠅟󠄣󠇈󠅱󠅅󠆮󠅕󠅃󠆶󠅜󠇄󠄩󠄑󠆊󠄵󠇖󠄩︈󠅄󠄳󠅳︉󠇄󠆼󠅙󠄀󠆶󠅒󠆭󠅬󠄊󠆄󠄱󠄗󠄛󠄍󠇉󠅔󠇡󠆭THE ECOSYSTEM: HOW MONEY ACTUALLY MOVES Let's start from the beginning. 󠇟󠇠󠇡󠇢󠄏󠅩󠆺󠆶󠆹󠅼︌󠆸󠅰︆󠅄󠆮󠇩󠄃󠆩󠆒󠅉󠄗󠅭󠄬󠇚󠄑󠆫󠅊󠅡󠆓󠇗󠄥󠄍󠆛󠄯󠅈󠄁󠄒󠅻󠅲󠅃󠄇󠄰󠅼When you listen to a song on Spotify, two separate payments happen󠇟󠇠󠇡󠇢󠅺󠆚󠅩󠇗󠆉󠇂󠅡󠄉󠄴󠆣󠄅󠆱󠅕󠅂󠇕󠄱󠄣󠆴󠆅󠆬󠄨󠄸󠆢󠇞︀󠄃󠆺󠅙󠄡󠇬󠅸󠇋󠆏󠆡󠄬︇󠆌󠇆󠇙󠄷. One goes to whoever owns the master recording󠇟󠇠󠇡󠇢󠇑󠄹󠄀󠇄󠆥󠄷󠆘󠆸︎󠆺󠆹󠄞︅󠆂󠅛󠄇󠆔󠄟󠆠󠆘󠇊󠆨󠅼󠄧󠆯︌󠅽󠄨󠇀󠆹󠆸󠇡󠅬󠅑󠅱󠅕󠅊󠇧󠄊󠄄. The other goes to whoever owns the underlying composition󠇟󠇠󠇡󠇢󠄚󠅤󠆸󠅂󠄌󠇩󠄪󠅀󠆨󠇂󠅼󠄋󠅛󠅂󠆷󠇍󠇖󠄙󠆀󠆠󠄍󠅕󠆻󠄡󠅳󠇊󠅵󠄩󠆹󠆥󠇐󠆛󠇟󠆭󠇝︃󠅯󠅲󠅹󠇒. These are not the same payment󠇟󠇠󠇡󠇢󠇏󠄭󠄱󠆜󠅪󠅬󠆂󠇠󠆈󠄠󠅨󠆳󠅻󠆺󠇖󠆹󠅽︂󠄣󠄮󠄊󠆇󠇠󠆓󠄖󠅒󠄕󠆶󠄐󠆷󠄽󠅢󠅷󠇇󠆮󠅻󠇢󠄄󠄧󠅱. They are not even processed by the same systems. 󠇟󠇠󠇡󠇢󠆩󠇠󠇍󠇣󠆘󠆧︄󠆰󠅲󠄗󠅸󠅡󠆴󠆑󠅧󠄅󠄕󠇥󠆕󠅠󠆏󠅩󠇄󠇯󠅚󠄧󠄯󠅛󠄾󠅌󠄟󠄒󠇮󠄕󠇓󠄥󠆳󠄃󠅸󠅜The master recording payment comes through Spotify's deal with whoever distributed the recording󠇟󠇠󠇡󠇢󠇦󠆮󠇍︎󠆙󠆅󠇅󠆢︎︃︊󠇐󠅕󠇝󠄦󠇡󠄉󠅋󠄺󠄏󠅅󠇍󠆘󠇯󠅔󠅾󠆆󠅐󠄛󠇖󠄥󠇖󠆏󠆛󠅰󠄹󠇗󠄎󠅄󠇢. Spotify keeps about 30 percent󠇟󠇠󠇡󠇢󠇌󠄮󠆏󠄑󠄛󠄾󠄀󠆓󠅐󠇕󠅯󠆫󠆈󠇠󠆮󠆙󠇈󠅅󠆘󠅪󠆉󠅧󠄑󠄉󠅚󠄇󠄕󠆤󠇋󠅬󠆞󠆻󠅴󠇨󠄩󠄈󠅡󠅉󠆾󠆘. The remaining 70 percent flows to the rights holder, meaning whoever owns or licenses that master󠇟󠇠󠇡󠇢󠅦󠄌󠄪󠅻󠆕󠇀󠆌󠆓󠇬󠇘󠄍󠅘󠄹󠅦󠄲󠇡󠅿󠇒󠇛󠄀󠄹󠅥󠅋󠄦︇󠄴󠄒󠆃󠄆󠆋󠆎󠄟󠄡󠇐󠆽󠆌󠅯󠇦󠄞󠅂. Under a traditional major label deal, that is the label, who then pays the artist their royalty rate after recouping their advance󠇟󠇠󠇡󠇢︌󠇟󠇝󠅏󠆉󠄦󠄬󠇠󠆍󠆰︉󠅕󠅼󠇠󠆍󠆝󠄈󠇩︇󠅟󠆸󠆛󠄉󠇊︍︇︈󠄟󠅀󠆀󠆁︂󠅾󠄺󠅸󠇅󠆛󠇛󠄍󠇌. Under a Gamma distribution deal, that flows to Gamma's Vydia infrastructure, which takes a small fee and passes the majority directly to the artist who owns the master. 󠇟󠇠󠇡󠇢󠆿󠄰󠅬󠇙󠄵󠆀󠄤󠄔󠇦󠄓󠄩󠇔󠅴󠅌󠆶󠇡󠅷󠆎󠆓󠄉󠅡󠄌󠄾󠄬󠆉󠄣󠄋󠄞󠇬󠅇󠄡󠄯󠇐󠆗󠆱󠄪󠄑󠄧︊󠄎The composition payment is separate󠇟󠇠󠇡󠇢󠅼󠆁󠄋󠄱󠇠󠅐︋󠇘󠆝︁󠆋󠅖󠆙󠇬󠄴󠄀󠄓󠄿󠇉󠆙󠅊󠇉︀󠄙󠅥︁︆󠆀󠇠󠇉󠅇󠆣󠅔󠄴󠄳󠄡󠅃󠅂󠄈󠆦. Spotify pays approximately 15.3 percent of its gross revenue to songwriters and publishers under the Copyright Royalty Board's Phonorecords IV ruling󠇟󠇠󠇡󠇢󠅕󠄛󠇞󠆴󠅏󠅸󠄔󠆁󠅄︊󠇅󠅧󠅛︈󠆰󠅤󠄴󠄕󠇜󠅇󠆪󠇔󠅖󠄗󠅜󠇡󠄂󠆹󠆤󠆲󠅼󠄶︅󠄩󠆌󠇪󠆭󠅹󠅵󠇩. That money goes through the Mechanical Licensing Collective (MLC) in the US and through Publishing Rights Organizations like ASCAP and BMI for performance royalties internationally󠇟󠇠󠇡󠇢󠄁󠇘󠇝󠄦󠄶󠄦󠅭󠇇󠇙󠆆󠆓󠇍󠄎󠇎󠅕󠅟󠄼󠆂󠄃󠆪󠅄󠆪󠅵󠇏󠆺󠄔󠄒󠅗󠇚󠆔󠆊󠅻󠇐󠆑󠄸󠇥󠆾󠅑󠇫󠆜. The songwriter gets the writer's share, which is typically 50 percent of the composition royalties󠇟󠇠󠇡󠇢󠆈󠅱󠇊󠄼󠇭󠄗󠄖󠆚️󠆐󠄫󠇆󠄍󠇜󠆠󠆅󠆄󠄎󠆕󠇃󠆢󠄪󠄅󠄎󠄬󠆾︁︈󠅮󠅮󠇒︀󠅾󠆓󠄼󠄁󠆙󠅞󠇎󠄰. The publisher gets the other 50 percent󠇟󠇠󠇡󠇢󠅼󠆹󠇨󠆴󠄄󠇃󠇍󠇂󠄨󠄊󠅊󠅰󠆙󠅉󠆶󠄒󠅇󠅀󠄉󠄣󠄘󠇩︍󠅞󠅩󠅥󠆐󠅯󠄁󠆎󠅛󠅤󠄡󠇮󠇟󠆒󠄅󠆄󠅿︍. If the artist is their own publisher, meaning they have set up their own publishing company and own both halves, they collect 100 percent of the composition income. 󠇟󠇠󠇡󠇢󠅴󠇤󠇑󠆌󠅥󠄱󠅔󠄗󠆄︍︈󠄩󠅷󠆰󠄹󠆺󠆒󠇣󠄻󠄰󠅠󠆠󠅒󠇩󠄿󠅡󠅔󠅞󠄅󠆶󠅨󠇋󠄔󠅍󠅆󠆡󠅋󠄺󠇥󠄙That is the ecosystem󠇟󠇠󠇡󠇢󠄿󠇗󠅸︆󠅹󠅽󠄑󠅪󠇙󠇌󠆴︂󠆣󠄅󠄾󠄮󠆧󠅛󠄝󠄁󠆭󠄑󠄛󠆹󠅀󠄳󠅬󠅐󠇤󠆭󠅤󠆯󠆢󠄭󠅴󠄻󠆈󠆲󠆲󠆇. Two payments, two copyrights, multiple intermediaries, and enormous amounts of money moving through each layer󠇟󠇠󠇡󠇢󠄉󠇎󠅸󠄵󠅗󠇢󠆝󠆠󠆜󠇑󠅜󠆔󠅬󠇮︋󠅌󠅢︋󠇈󠆰󠇄󠄵󠄴︄󠆨󠇞󠅴󠅹󠆦󠄺󠅟󠄊󠅔︁󠅈󠆽󠆁󠇕󠄆󠄒. The question for every artist is: at which layer do you get paid, and how much of the money that was generated by your work actually reaches you? ![](https://www.duethedilly.com/content/images/2026/05/image-14-1.png) ****Where the money goes: $1 of Spotify Revenue** ### 󠇟󠇠󠇡󠇢󠆇󠆴󠅶󠇔󠄩󠅜󠅬󠆶󠅰󠄨󠇊󠅳󠆠󠄎󠇥󠆡︁︇󠄥󠄔󠇂󠇗󠇆󠄫󠇁󠆬󠆉󠅥󠄫︀󠆈󠄚󠇀󠅿󠅷󠆚󠅔󠇤󠅉󠆙WHY PUBLISHING OWNERSHIP IS THE MOST IMPORTANT FINANCIAL DECISION IN MUSIC Of the two copyrights, publishing has historically been undervalued by artists and overvalued by the industry󠇟󠇠󠇡󠇢󠄕󠆰󠇤󠆆󠄇󠆱󠆀󠆿󠄗󠅯󠇄󠄡󠄪󠄱󠅼︀󠄇󠅸󠆌󠅹󠄷󠄼󠅹󠄶󠅛󠆦󠇓󠇁󠄿󠅴󠅙󠇈󠇣︂󠅧󠆕󠆆󠆣󠆩󠄐. Let me explain what I mean. 󠇟󠇠󠇡󠇢󠆇󠇆󠄢󠄪󠄺︆󠄚󠅓󠆕󠄱︎󠅦󠄇󠇐󠅧󠇥󠆀󠇟󠇗󠄩󠅟󠄛󠆱󠅰󠄌󠆓󠅑󠅪󠅾󠄩󠆍󠅚󠅵󠄟󠇔󠆛󠅴󠇜󠆜󠆴Artists undervalue it because the recording feels more important󠇟󠇠󠇡󠇢󠄋󠆅󠅞󠅑󠇆󠇥󠅱󠅝󠅘󠅛󠄳󠄂󠄙︍󠇓󠄃󠅴󠇭󠇁󠆿󠅯󠄍󠇀󠆽󠇭󠆂󠅍󠅜󠄡󠅛󠇘󠅌󠇌󠇛󠇏󠇮󠇧󠅠󠆵󠄤. The recording is what fans stream󠇟󠇠󠇡󠇢󠆴󠇛󠄜󠅂󠄲︊󠇩󠄼󠅣󠇎󠅔󠄪󠅸󠇌󠆧󠅄󠄤󠄉󠇙󠇆󠄀󠆑️󠄓︀︍︍󠅵︁󠅟️󠆋󠆮󠆃󠄐󠆭󠅯󠄧󠄬󠇌. The recording is what gets played on radio󠇟󠇠󠇡󠇢󠅻󠄣󠇏󠄲󠆡󠆀󠄫󠇚󠇖󠄗︂󠄞︄󠇒︃󠄉󠇅󠇆󠆔󠅌󠆧󠄖󠄎󠇩󠄁󠇪󠅊󠄧󠄨󠄉󠄳󠅖︅︁󠄍󠆤󠄵󠅃󠅫︋. The recording is what gets synced in a Netflix show󠇟󠇠󠇡󠇢󠅔󠆋󠇥󠇖󠇬󠅨󠄾󠄴󠇃󠅎󠇐󠇡󠅍󠅛󠅥︉󠅪󠇙󠇉󠄉󠆀󠅧︉󠇘󠄫󠇇󠅂󠆦󠆐󠄔󠄕󠅔󠅀󠇙󠆅󠇄󠇁󠅤󠄛󠅊. The master feels like the real asset. 󠇟󠇠󠇡󠇢󠇣󠇆󠅖󠇗󠄁󠆸󠄤󠆰󠄾️󠆀󠆒󠄮󠆸󠆜󠆮󠄱󠇑󠄙󠅟󠇉󠅈󠅹󠅐󠆅󠇛󠆂󠄴󠅆󠄭󠄷󠇁︁󠆂󠄁󠇭󠄯󠆻󠇝󠆓The industry has known for a long time that this perception is wrong󠇟󠇠󠇡󠇢󠄍󠅝󠆦󠆐󠅌󠅞󠅓󠄩󠆖󠅍󠆗󠅅󠄎︄󠇎︍󠄲︈󠅰︂󠆨󠅹󠄅󠇌󠇝󠆭󠄟󠄔󠆕󠄪󠆉󠇜󠇁󠄋󠅠󠅉󠆊󠆪󠇂󠅎. Publishing income is more durable, more diversified, more legally protected, and, per KBRA's research, now growing faster than recording income. [󠇟󠇠󠇡󠇢󠆥󠅳󠄔󠄞󠆅󠆎󠄢︂󠄜󠆎󠇩󠆟󠅶󠇙󠅼󠅃󠅙︌󠄈󠇫󠆁󠅗󠅸󠆴󠆫󠅝󠇉󠅻︈󠅣󠆞󠆫󠅗󠅜󠆱󠄙󠇪󠄞󠄚󠆈The global value of music copyright hit $47.2 billion in 2024](https://www.billboard.com/pro/global-value-music-copyright-doubles-decade-47-billion/?ref=duethedilly.com), nearly doubling over the past decade󠇟󠇠󠇡󠇢󠅦󠄛󠄦󠅈󠅅󠆣󠅕󠄰󠄍󠇖󠄔󠄊󠄅󠆔︇󠅨󠄊󠆄︉󠄝󠇣󠆻󠄢󠄒󠅥󠅀󠄈󠅟󠅌󠅂󠇃󠅤󠇏󠆄︇󠇣󠆹󠇕󠆖󠆧. Publishers' direct revenues have grown 112 percent over that same decade󠇟󠇠󠇡󠇢󠇆󠄥󠄎󠅱󠇘󠄁󠆙󠄔󠅼󠅒󠅼󠄳󠄍󠆤󠄜󠅬󠆈󠅖󠆸󠇇󠄙󠆘󠇝󠄲︌󠇬󠅌󠄩︌󠄝󠄠󠄩󠄦󠄹󠄣󠄨︇󠅬󠄞󠅳. And critically, the Copyright Royalty Board has been steadily raising the mechanical royalty rate that streaming platforms must pay to songwriters and publishers, from 15.1 percent in 2023 to a target of 15.35 percent by 2027󠇟󠇠󠇡󠇢󠅶󠅬󠄐󠅜󠄻󠇎󠇁󠆶󠅴󠇝󠆁󠇜󠅼︂󠇅󠇕󠆶󠆚󠄢󠄑󠆳︃󠇞󠄷󠆴󠅈󠅎󠆰󠅞󠅋󠇏󠇩󠄽󠆽󠆔󠇞󠄂󠄉󠆅󠆽. Every rate increase is free money for artists who own their publishing󠇟󠇠󠇡󠇢󠆨󠅵󠄤󠆠󠆠󠇩󠆊󠄪󠇢󠆝󠅐󠅮󠆜󠆌󠇍󠅍󠇞󠇬󠆯󠄔󠅧󠆗󠄊󠄹󠄏󠄯󠄭󠄽󠆭󠆵󠄅󠇘󠅾󠆫󠇃󠆛󠅳󠆡󠄆󠄇. For artists who signed away their publishing to a major, that money goes to someone else. 󠇟󠇠󠇡󠇢󠄏󠆦󠄸󠆟󠄤󠇐󠄂󠆘󠄿󠄝󠄨󠄚󠅊󠅦󠄹󠆪󠄑󠇂󠄚󠄺󠄽︀︃󠇏󠆧󠇁󠄶󠄭󠇂󠅉󠇢󠇂󠆥󠅾󠅽󠆩︀󠄵󠄊󠅛The math on what publishing ownership is actually worth is not complicated but most artists have never seen it laid out. 󠇟󠇠󠇡󠇢󠄎󠅊󠇥󠅧󠅌󠇤󠇀󠄨󠆽︌󠆾󠆾󠄾󠄰︃󠇅󠇑󠆁󠄢󠇕󠆽󠄫󠆻󠇪󠄍󠄐󠄿󠅡󠄚󠅗󠄨󠄙󠄜󠅿󠄥󠄌󠇄󠅦󠇡󠅩A song that generates $1 million in gross Spotify streaming revenue produces approximately $153,000 in composition royalties (15.3 percent of gross󠇟󠇠󠇡󠇢󠆹󠇓󠄂󠅇󠆩󠅼󠅻󠅫󠄟󠇃󠆷󠇜󠄖󠄊󠅕󠇝︉󠅚󠆼󠅺󠆜󠆕󠇦󠅁󠇪󠆳󠅈︆󠄹󠅺󠄘󠇂󠇇󠇩󠆮󠇪󠆦󠆂󠆜󠇮). That $153,000 splits 50/50 between writer's share and publisher's share󠇟󠇠󠇡󠇢️󠇨󠄘󠅄󠅠󠄾󠄹󠅅󠅤󠅸󠇡︄︄󠇃󠅧󠅄󠄩󠅌󠅐󠇘󠅶󠄑󠆮󠅗󠄧󠆟󠄈󠆘︃󠇞󠄾󠄩󠄉󠄤󠇏󠆮󠄣󠄣󠅻󠆢. The writer's share of $76,500 goes to the songwriter regardless of who owns the publishing󠇟󠇠󠇡󠇢︅󠄩󠄱󠅦󠆶󠅔󠅡󠆇󠇩󠅷󠄒󠆤󠅢󠄁󠆃󠆼󠆆󠆽󠄁󠆓󠆋󠅃󠆃󠇯󠇌󠅼󠅋󠅤󠅧󠆬󠄲󠆨󠇒󠆪󠅆󠄬󠄷󠆼󠅮󠅏. But the publisher's share of $76,500 goes to whoever owns the composition copyright󠇟󠇠󠇡󠇢󠅂󠆫󠄦󠆘󠅂󠅔󠇚󠆬󠅓󠆜󠆎󠇦󠅫󠆢󠆬󠆚󠅩󠇌󠆙󠇦󠅏󠄤󠆟󠅊󠇏󠆁󠄆󠅌󠅖󠅩󠇪󠄔󠅳︃󠆭󠄢󠆣󠅫󠆯󠆦. If a major publisher owns it, they get $76,500 per million in streaming revenue and the artist gets nothing from that side󠇟󠇠󠇡󠇢️︇󠅤󠅃󠄊󠄞󠅰󠅊󠄇︆󠆵󠆕󠄓󠆦󠇁󠅾󠄳󠄉󠄆󠇎󠄝󠇂󠄏󠇚󠅻󠄄󠅄󠆔󠄴󠆇󠄟︎󠇌󠄢󠆈󠄺󠄝󠅈󠆅󠆓. If the artist owns their own publishing, they get both halves: $153,000. 󠇟󠇠󠇡󠇢󠄥󠄃󠇘󠅢󠆷󠆙󠅡󠄉󠇃󠆳󠆉󠅪󠇃󠆖󠇫󠅉󠆧󠇋󠇣󠅆︀󠄧︂󠅢󠄠󠆆󠇗󠇀󠄑󠄦󠄛󠅆󠄜󠆺󠇞󠅄󠇝󠇋󠅂󠇃That is $76,500 per million in streaming revenue left on the table by an artist who did not own their publishing󠇟󠇠󠇡󠇢󠅄󠇚󠇪󠆽󠄂︋󠄼󠄂󠇟󠇍󠄌󠇣󠅶󠆈󠇍󠇌󠅺󠅂󠅊󠄵󠄓󠄟󠅟󠆙󠅽󠆟󠇚󠄾󠆗󠅪󠄈󠅩󠄝󠄳󠆍󠅭󠅰︁󠅪󠄾. Drake's catalog generates over 17 billion Spotify streams per year󠇟󠇠󠇡󠇢︍󠇬󠄴󠆳󠅓󠆒󠇮︆󠅄󠇂󠆺󠇕󠆈󠄥󠅇󠆟󠇜󠄿󠆐󠄓󠅥︁󠄤󠆞󠄔󠄚󠄾󠄠󠅫󠅹󠄦󠇤󠅴󠆀󠅴󠅴󠇒󠆥︁󠅯. The difference between owning and not owning the publishing on that catalog is tens of millions of dollars annually. 󠇟󠇠󠇡󠇢󠄒󠆝󠄧︋󠆒󠅛󠆴󠆱󠆚󠅚󠇗󠅪󠅲󠄯󠅄󠇏󠆬󠄘󠄑󠆸󠄣󠄐󠇆󠆦󠅘󠆴󠅝󠇧󠇕󠆾󠄩󠅇󠆓󠅸󠆏󠇗󠇁󠄄󠆴󠄫And that is before sync licensing󠇟󠇠󠇡󠇢󠄹󠇏󠄏󠆇︌󠇛󠅵󠆘󠆥󠄴󠆌󠄶󠅠󠇁︄󠅅󠅜󠇡󠆎󠄸󠇘󠆥󠆮󠇉󠄀󠇋󠄞󠇏󠅂󠄠󠄃󠇀󠆞󠄢󠆱󠆋︉󠄾󠆵󠆑. Sync is negotiated directly between the publisher (or rights holder) and the brand, film studio, or television network󠇟󠇠󠇡󠇢󠅌󠅹󠅭󠄽󠅕󠇆󠄉󠅍󠄁󠇆󠇣󠆸󠇪󠄅󠄐󠆗󠆳󠅯󠅟󠆄󠄾󠄝󠄌󠇇󠄐󠅈󠆲︇󠄏󠄺󠅐󠅳󠄇󠅼︊󠇙󠄗󠇊󠆥󠅂. Publishing deals for major syncs can range from $50,000 for a small commercial to $500,000 or more for a tent-pole film placement󠇟󠇠󠇡󠇢󠇧󠅦︎󠇉󠇁󠅍󠆘󠄷󠇋︂󠇥󠄊󠄼󠄟󠄳󠄻󠆎󠄔󠇗󠇣󠆻󠄃󠄏󠇌󠄋󠅐󠅆󠆇󠅄󠆅󠆑󠅘󠄥󠆒󠆡󠆢󠇡󠆮󠇋󠅟. An artist who owns their publishing negotiates those deals themselves or through their team and keeps every dollar󠇟󠇠󠇡󠇢󠅹󠇂󠇤󠇂󠄿󠇍󠅹︉󠅹󠇓󠆇󠆑󠄚󠆸󠄲󠇘󠆖󠆖󠄫︉󠆜󠅫󠄙󠄟󠄏󠅭󠅶󠇀󠆴󠆉󠄑󠆿󠆷󠅹󠅍󠄚󠆥󠆧󠅑󠄵. An artist who signed a traditional publishing deal splits every sync fee with their publisher󠇟󠇠󠇡󠇢󠇇󠅻󠄨󠅺󠇜︁󠄚󠄫󠅶󠅌󠄥󠅳󠅄󠇭󠆵󠆺︍󠆫󠆁󠆙󠄤︌󠅠󠇇󠄄󠅞󠅧󠅞󠅕󠆒󠆎󠄿󠆩󠇆󠄊󠇈󠆥󠆇󠄄󠄗. An artist who signed away publishing entirely has no seat at that table at all. ![](https://www.duethedilly.com/content/images/2026/05/image-15-1.png) ****Publishing Ownership Math: Per $1 Million in Spotify Steaming Revenue** 󠇟󠇠󠇡󠇢󠆙󠅸󠆃󠆅󠇀󠄦󠇙󠆖󠆾󠆆󠇏󠄬󠄵󠅲󠄫󠄺󠄱󠆨󠄰󠆺󠄡󠅇󠄷󠄈󠅈󠆆󠄍󠄏󠆏󠆟󠅍󠄉󠅾󠆶󠆭󠇎󠄜󠇖󠇆󠄶Taylor Swift understood this before most artists did󠇟󠇠󠇡󠇢󠅙︎󠇑︆󠄭󠄵󠇦󠅊󠄔󠆖󠄮󠅧󠄟󠆧󠄿󠅶󠆱󠆧󠄻󠆊󠄺︋󠇪󠄛󠆸󠅳󠅝󠆯󠅜󠆶󠅸󠄇󠆢󠄑󠄙󠅫󠆦󠆕󠄲󠆵. She signed with Big Machine Records in 2005 as a teenager and did not own the master recordings of her first six albums󠇟󠇠󠇡󠇢󠄂󠅶󠆏󠇀󠅓󠄴󠅐󠆾󠇦󠇤󠇔󠄚󠅆󠇊󠅩󠄨󠅛󠆪󠅂󠆛󠇏󠄳󠆄󠅫󠅶󠄋󠅹󠇣󠅿󠄴󠇧󠅲󠆸󠆨󠄜󠇃󠆕󠅤󠅍󠅂. When Scooter Braun acquired Big Machine in 2019, he got her masters󠇟󠇠󠇡󠇢󠆡󠆒󠆭󠄨󠅞󠇍󠅈󠄰󠇭󠄻󠅱󠆲󠄸󠅐󠆡󠆼󠆉󠄟󠄺󠄉󠅤󠄅󠄄︇󠅧󠄤󠄫󠆺󠄭󠇈󠅹󠄅󠆒󠄻󠇩󠆽󠇃󠄓󠇕︉. She spent the next six years re-recording those albums to diminish their commercial value and regain leverage󠇟󠇠󠇡󠇢󠆗︁󠇎󠆐󠅨󠄣󠇋󠆣󠇊󠆽󠄕󠅂󠇯󠇩󠇋󠅶󠅲󠆳󠆝󠆶󠆜󠄄󠅨󠇌󠅷󠇖󠅚󠄈󠅱󠅃󠅱󠅫󠅄󠅘󠅘󠅿󠇬󠇘󠆋󠆉. In May 2025 she finally bought them back󠇟󠇠󠇡󠇢󠆄󠄞󠅎󠅶󠇋󠄋󠄳︈󠆅󠅕󠄽󠇘󠆖󠅽󠆗󠅼󠄜󠅩󠄙󠆧󠅔󠆬󠅞󠇒󠆾󠅌󠅨󠄬󠇘󠄔󠆦󠇕󠇨󠅌󠇭󠇟󠆻󠄉󠄰󠄾. The entire saga, costing millions in re-recording expenses and years of legal maneuvering, was the consequence of signing one bad deal at age 15󠇟󠇠󠇡󠇢󠆲󠅃󠅟󠄔󠆫󠆄󠄀󠆛󠄭󠇖󠅓󠇨󠇈󠆼󠄧󠄍󠄡󠆹󠆽󠇜󠅽󠇗󠄙󠄷󠇩󠅣󠄉󠄊︍︉󠅇󠄿󠄡︁󠄁󠇛󠅝󠆵󠇂󠆸. Publishing is the long game󠇟󠇠󠇡󠇢󠅤󠄗󠇨󠄼󠄽󠇟󠆞󠇏︉󠄯󠇓󠅬󠅂󠄬󠆳󠇗󠇓󠄃︁󠆀󠅟󠅥󠇀󠅴󠅪󠆏󠆊󠇕󠄹󠇂󠅒󠆃󠆙󠅆󠆭󠄅󠆈󠅺󠅍󠄀. And the long game is the most important game. ### 󠇟󠇠󠇡󠇢󠇖󠆿󠅟󠆮󠄂󠅰󠆌󠅛󠆱󠆖󠇙󠆖󠅘󠅳󠅤󠇁󠆊󠄿󠅿󠆂󠄉󠆺󠅀󠄓󠄄󠆭󠇑󠆁󠇧󠄽󠇍󠇏󠄂󠅢󠇟󠆖󠇋󠄠󠄦︆THE STREAMING ECONOMY HAS CHANGED THE STAKES Here is why ownership matters more in 2026 than it did in 1996. 󠇟󠇠󠇡󠇢󠄁󠇨︊󠆉󠆘󠆓󠆄󠄜󠅃󠄳󠇏󠇅󠆡󠅀󠆭󠆳︎󠄂󠅉󠄲󠅦󠄠󠅎󠄳󠆑󠇂󠅢󠅻󠇛󠄳󠅌︊󠇩󠅠󠅪󠆉󠅏󠇄󠆧󠄢In the CD era, recording income was the dominant revenue stream󠇟󠇠󠇡󠇢󠄤󠄿󠅮󠅔󠅱󠅜󠄫󠅺󠄛󠅦󠄞󠄞󠆓󠄵󠅴󠆨󠄒󠄉󠄨󠇨󠆳󠆄󠇓︄󠅚󠄕󠅺󠅻󠅑󠇝󠄞󠆕󠆮󠅪󠅜󠇞󠄎󠇫󠇟󠇤. Publishing was real money but it was supplementary󠇟󠇠󠇡󠇢󠄈󠄫󠄿󠇮󠆮󠆓󠄘󠇑󠅅󠅚󠆖󠄤󠅠󠆡󠄽󠅐󠄡󠇒󠆄󠇙󠅥︆󠄎󠇇󠇐󠇠󠅌󠄋󠆒󠅅󠇓󠄑︀󠄫󠇘󠅂󠅧󠄧󠆲󠅢. The hit was the master󠇟󠇠󠇡󠇢󠆶󠆌󠄔󠇂󠆁󠅚󠆱󠇅󠇞󠇠󠄣︁󠅴󠆙󠅄󠅲󠇡󠅮󠄼󠅥󠅜󠄓󠅾󠇌󠆖󠅳󠄼󠄒󠇟󠅌󠅤󠆣󠇀󠅦󠄴︍󠇕󠅨󠅏󠄝. Selling physical product was where the money was󠇟󠇠󠇡󠇢󠇔󠆭󠆌󠇏󠅥󠄒󠇢󠅒󠄴󠄍󠆚󠅻󠄟󠄠󠇕󠆗󠆘󠆭󠅈󠅺󠆗󠅲󠇐󠄔󠆼󠄋󠄗󠄻󠆝󠄂󠅫󠄦󠅒︅󠆪󠄥󠆼󠅧󠄌󠇈. And labels had genuine infrastructure that artists needed: manufacturing, distribution, retail relationships󠇟󠇠󠇡󠇢󠇝󠆐󠅈󠅋󠄡󠅞󠄸󠆾󠄊󠆧󠆮󠆑︂󠅯󠄰󠅀󠅦󠆥󠇁󠇬󠅊󠆹󠄬󠅁󠆔󠇩󠅁󠄹󠄤󠄼󠅝󠇗󠇉󠆶󠇡󠆤󠆱󠅻󠆠󠄿. There was a reasonable argument that giving up your masters and your publishing in exchange for a label's infrastructure was a fair trade. 󠇟󠇠󠇡󠇢󠅟󠄻󠆆󠅄󠅮󠇤󠅍󠆧󠇂󠇒󠄦︆󠅙󠆇󠄾󠇢󠄀󠅺󠅶󠇜󠄃󠄪︁󠆮󠆠󠄧󠅅󠇤︎󠆇󠆒󠅃󠆩󠆧󠅉󠅪󠇓󠄼󠄹󠄗Streaming has inverted this. 󠇟󠇠󠇡󠇢󠄼󠆽︋󠄜󠄺󠆜󠇖󠆮󠇔︇󠅦︉︃󠅼󠄊󠅼󠆎󠅢󠄖󠆹󠇁󠇊󠇠󠄀󠅅󠄦󠆆󠆂󠅐󠅳󠅋️󠅂󠆌󠇑󠅅󠆩󠅼󠅣󠆉In 2024, Spotify paid out over $10 billion in royalties, a $1 billion increase from the previous year, bringing its total lifetime payouts to nearly $60 billion󠇟󠇠󠇡󠇢󠆓󠅗󠄖󠅂󠆡󠇢󠆍󠅊󠆕󠆋󠄔󠅊︃󠆾󠅨󠄙󠆈󠇎󠆷󠄚󠅮󠅂󠅀󠄦󠆴󠇮󠄥󠆭󠅂󠅺󠅑󠆝󠇝󠆉󠇛󠄯󠅖󠅵󠅖󠅺. Independent artists and labels collectively earned more than $5 billion from Spotify in 2024, accounting for approximately half of the platform's total royalty payouts󠇟󠇠󠇡󠇢󠄩󠆦󠄝󠄚󠇂󠄖󠅜󠆓󠄋󠆹󠄗︍󠅮󠅿󠅜󠅨󠄙󠄆󠅝󠇃󠄝︍󠆂󠄄󠆅󠆗󠄤󠄚󠄑󠄫󠇗󠆿󠇖󠅾󠅳󠆓󠆢󠅃󠆧󠅹. Nearly 1,500 artists generated over $1 million in royalties from Spotify alone. 󠇟󠇠󠇡󠇢󠇤󠇎󠇗󠆕󠇅󠇬󠇛󠆨󠄻󠅲󠄮󠇓󠄣󠆹︄󠄙󠅼󠇋󠆠󠇢󠆮󠅽󠅔󠇞󠇛󠇔󠇒󠄲󠆘󠅾󠅍󠅻󠆉󠆄󠇩󠅻󠄲󠄍󠅈󠅊The infrastructure barrier that justified the traditional label deal no longer exists at the same level󠇟󠇠󠇡󠇢󠅅󠇆󠄇󠄬󠆠󠆡󠆋󠅣󠅖󠄂󠆴󠇘󠅼󠆣󠅄󠅶󠄖󠆿󠇁󠄺󠅺󠄺󠅩󠆳󠆭󠄁󠆋󠄩󠄐󠄝󠅮󠆵󠄘󠄿󠅏󠆝󠅦󠆦︊󠄋. You can distribute your music to 200 platforms globally through Vydia today for a distribution fee󠇟󠇠󠇡󠇢󠄞󠄆󠄧󠆔󠆟󠄰󠆆󠄕󠇋󠅬󠆗󠇢󠅈󠆝󠇧︉󠅺󠆐󠇇︋󠄟󠇮󠇁󠆓󠆎︍󠇁󠇞󠇌󠇑󠆝󠄤󠅔󠆍󠅻󠇈󠆎󠆖󠅭󠆬. The question is not whether you can get your music to Spotify󠇟󠇠󠇡󠇢󠄱󠄓󠄂󠆧󠅨󠅡󠄞󠄅󠄫󠇈󠅠󠅸󠇜󠇡󠄲󠆍󠄀󠅘󠆨󠅈󠄡󠅷󠇑︈󠄽󠅦󠇢󠆦󠇜󠅿󠄶󠅳󠄸󠆐󠅉︅󠅸󠆾󠆾︎. The question is whether you have the marketing relationships, the sync team, the brand partnership infrastructure, and the DSP playlist relationships that turn distribution into real commercial performance. 󠇟󠇠󠇡󠇢󠅮󠅠󠇋󠆋󠄨󠆦󠄥󠅚󠆖︀󠄄󠆂󠆻󠆾󠆷󠄌󠅳󠇭󠇪󠆜󠆤󠆻󠅉󠇃󠅖󠇄󠇊󠄛󠆍󠅆󠆱󠆥󠄋󠇀󠆫󠇑󠅦︉󠆩󠄇That is the gap Gamma fills󠇟󠇠󠇡󠇢󠇅󠅯󠇞󠇠󠇡󠇩󠆂︆󠆇󠇜󠄾󠅴󠅠󠆳󠆙󠄢󠆟︉󠅦󠄅󠅓󠅕󠄹󠇭󠇉︇󠅚󠅩󠆝󠄱󠇮󠆹󠆨󠆄󠄏󠅱󠇪󠄒󠆕󠄏. Not the distribution itself󠇟󠇠󠇡󠇢󠇄󠅎󠅵󠄓󠅠︎󠆖󠆨󠅦󠅔󠄅󠇫󠄫󠄈󠇣󠄡󠅖󠅯︌󠄼󠇘󠅝󠇂󠄪󠅨󠇕󠄨󠅘󠄊󠆓󠇀︊󠅐󠆎️󠆃󠄥󠆪󠄪󠄌. The institutional infrastructure around the distribution. 󠇟󠇠󠇡󠇢󠄍󠆠󠅦󠆰󠇛󠇑󠅬󠅝󠅯󠄅󠆣󠇘󠆃󠄮󠄰󠆾󠄒󠇯󠄪󠆳󠆅󠆫󠅙󠇜󠄽︄󠆊󠆛󠄺󠄦󠄾󠄤️󠅩󠆖󠆏󠄝󠄨󠆥︌Here is the key number: of the $18.6 billion in streaming royalties distributed globally in 2024, labels captured 42 percent while artists pocketed approximately 10 percent and publishers approximately 5 percent󠇟󠇠󠇡󠇢︎󠅙󠅜󠇢󠇨󠇇󠇆󠅐󠄋󠇔󠅬󠇕󠄜󠄏󠄚󠅳󠇩󠆩󠆊󠆯󠄈󠅒︄󠆿󠅄󠆠󠆎󠄞󠅪󠅗︂󠄈󠅮󠄾󠄬󠅿󠅜󠇄︁󠄑. Streaming services kept 30 percent󠇟󠇠󠇡󠇢󠅕󠅤󠇩󠅜︅󠇑󠆴󠄤󠇘󠅤󠆁󠅘󠄜󠆲󠅒󠅃󠄇󠅚󠄃󠇣󠇦󠆒󠄹󠅎󠅇︌󠅏󠆛󠆡󠇖󠅄󠇭󠇒󠆯󠄉󠅼󠅡󠆶󠅾󠅄. The remaining revenue flowed through various intermediaries󠇟󠇠󠇡󠇢󠄕󠄣󠅟󠇩󠇢󠅋󠇦󠄾󠅀󠅘󠆔󠇬󠅟󠄥󠅺󠄼󠇪󠅔󠄁󠄁󠆃󠆄󠄁󠄞󠆪󠄞󠆌󠇬󠅗︁󠄪󠅝︇󠅚󠅒󠄳󠄧󠄒󠄑󠅦. An artist who owns both their master and their publishing, and who distributes through a platform like Gamma, collapses several of those intermediary layers and captures income that would otherwise flow to a label or publisher they gave those rights to decades ago. ![](https://www.duethedilly.com/content/images/2026/05/image-17-1.png) ****Where the $18 Billion in streaming royalties went** ### 󠇟󠇠󠇡󠇢󠆣󠆺󠄖󠇮󠅯󠆵󠅏󠄙󠆤󠄥󠅽󠆼󠄛󠇑󠄉󠄚󠅙󠅆󠆰󠅒󠄬󠆬󠄔󠅑󠄎󠆹︎󠄩󠅄󠇂󠇌󠇁󠄹󠆷󠆛󠄵󠇌󠆙︃󠅡THE OLD DEAL STRUCTURE VS󠇟󠇠󠇡󠇢󠄶󠄆󠆜󠇉󠆿󠇥󠆱󠄅󠅇󠅪󠅇󠆇󠆈󠆚󠅈󠄞󠄇󠇡︋󠅕󠄎󠆔󠅩󠆟󠄹󠇏󠆌󠆥󠇠󠆟󠇦󠅕󠇗󠆃󠇦󠄁󠅑󠇣󠄶󠆢. WHAT IS NOW POSSIBLE For fifty years the major label deal was the only path to institutional distribution, marketing, and commercial scale󠇟󠇠󠇡󠇢󠄦󠄲󠅛󠆢󠇣󠄱󠅝󠅅󠆾󠆏󠆛󠅤󠄣󠆎󠇕󠅫󠄄󠆳󠇢󠆀󠅑󠆁󠅇󠅗󠅤󠅠︄󠆖󠅌󠅯󠆏󠇎󠆡󠅸︅󠆅󠇝󠄂󠅟󠄂. The trade was brutal: give us your masters, give us a piece of your publishing, give us a 360 on your touring, merchandise, and brand, and in exchange we will put you in front of the world. 󠇟󠇠󠇡󠇢󠅦󠅫󠆪󠆪󠆌󠄞󠅉󠅣󠄄󠆝󠆃󠆨󠄋󠆆󠄳󠆼󠅓󠇇󠆉󠆾󠆑󠇨󠅶󠄿󠄱󠆂󠆜󠅖󠆠󠄸󠅶󠄔󠆹󠅆󠄀󠅚󠇁󠄹󠄷️Some artists did very well under that model󠇟󠇠󠇡󠇢󠆜󠆆󠆮󠇄󠇠󠄍󠅰󠇜󠄷󠆲󠄌󠅋󠄌󠆗󠇝󠆋󠅨󠅖󠆼󠅭󠄷︌󠆂󠆈󠆽󠄐󠆔󠄓󠆏󠅜󠆱󠅥󠆲󠄣󠄏󠇒󠄈︉󠇈󠇈. Most did not󠇟󠇠󠇡󠇢󠄙󠄃󠅅󠅋󠇐󠆫󠄯󠅔󠇗󠄪󠆬󠅠󠅰󠅍󠅑󠇌󠇋󠅙󠄕󠅋󠄽󠇜󠆉󠄉󠅻󠄳󠆙︎󠇥󠆦󠄋󠅼󠇘︋󠅖󠅨󠅒󠅏󠆐󠅣. The ones who did well were the ones generating enough revenue that even 15 to 25 percent of the total was life-changing money󠇟󠇠󠇡󠇢󠄡󠄒󠆮󠇖󠆚󠅞󠅦︅󠅝󠆢󠅺󠅚󠇨︆󠅏󠆏󠇔󠆦󠆘󠅂󠅌󠇓󠆌󠄂󠅎󠇑󠄺󠅤󠆟󠄠󠇞󠄮󠆢󠇚󠄇󠅻󠆕︆󠆭󠅠. For everyone else, the math did not work. 󠇟󠇠󠇡󠇢󠆱󠇗󠅀󠅎󠇚󠄋󠄨󠆘󠆎󠄌󠄳󠇝󠅚󠆭󠆝󠄀󠇐󠅔󠆉󠆨󠄽󠅺󠅄󠆶󠇕󠆘︉󠄣󠆅󠇒󠆱󠇄󠅎󠇠󠇍󠅧󠄑󠆶󠆀󠆉Here is what the spectrum actually looks like today for an established artist evaluating their options. ![](https://www.duethedilly.com/content/images/2026/05/image-18-1.png) ****THE THREE PATHS: WHAT AN ARTIST ACTUALLY KEEPS ACROSS DEAL STRUCTURES** 󠇟󠇠󠇡󠇢󠄬󠇑󠆍󠆠󠆤󠅹󠅮󠆝󠅟󠆜󠅷󠆕󠄛󠄜󠇣󠇈󠇣󠄤󠅦󠅣󠇨️󠇩󠄬󠄜󠅗󠆷󠅩󠇙󠇕󠇚󠅇󠄚󠅴󠇠󠄙󠆺︄󠇒󠄬The Gamma line is the one that changes the math󠇟󠇠󠇡󠇢󠄈󠆐󠄔󠇧󠅡󠆜󠆲󠇀󠅜󠄂󠄬󠅐󠆳️󠅥󠆭󠆣󠇆󠇝󠆲󠅗󠅒󠅭󠄱󠆙󠇂󠇉󠅻󠄋󠆬󠄈󠄖󠆪󠄋󠇤󠆧󠅔󠇕󠆐󠅲. Not because Gamma takes less than DistroKid on the distribution fee, but because Gamma's infrastructure adds the institutional layer that established artists actually need󠇟󠇠󠇡󠇢󠄧󠇊󠄹󠄶󠆗󠆥󠄔︆󠄦󠅔󠆀󠇁󠆸󠇗󠆪󠅿󠆒󠄵󠆯󠆱󠆓󠅦󠅙󠆥󠄺󠆨󠄋󠄰󠆥󠅜󠇧󠆀󠆬󠅁󠅱󠄢󠄵󠅯󠆢󠅺. The artists Gamma signs are not independent artists who need distribution󠇟󠇠󠇡󠇢󠆯󠇏󠆰󠆼󠇇︅󠇁󠅝󠄑󠄐󠇯󠄝󠇏󠆳󠄸󠄅︁󠄳󠇨󠄯󠄜󠆽󠅜󠆨󠄇󠅪󠄞󠆂︍󠄀󠅓󠅦󠅳󠅦󠄦󠇭󠄺󠇄󠇭󠆔. They are Snoop Dogg and Mariah Carey and Usher and Ye, artists who already have audiences of tens of millions and who need infrastructure that matches that scale󠇟󠇠󠇡󠇢󠄛󠇅󠆧󠄭󠄺󠅷󠇇󠆁󠇍󠇥󠇈󠄁󠄃󠅰󠇞󠄞󠆤󠆘󠇓󠅧󠇠󠅢󠅞󠄈️󠇚󠄢󠄺󠆴󠅥󠆽󠄤󠇙󠇜󠆹󠇭󠆊󠇡󠄷󠇩. For those artists, keeping 80 percent or more of their recording income while retaining master ownership is not a compromise󠇟󠇠󠇡󠇢󠆾󠇠󠅭󠆝󠆖󠆝󠅔󠇋󠅬󠄻󠇜󠆤󠅔󠅲︉︇󠇧󠆳󠅓󠇊󠆚󠄢󠆢󠄒󠇮󠅵󠅖󠄢󠇧︅󠆢󠅅󠄟󠇅󠄲󠆸󠇉󠄁󠆕󠅯. It is what they should have had the whole time. 󠇟󠇠󠇡󠇢󠄣󠇟󠇎󠆵󠆊󠆶󠆧󠄜󠆬󠄇󠆣󠆃󠇧󠇪󠅀󠅏󠆃󠆆󠆼󠆆󠆝󠆅󠆊󠇓󠄵󠆺󠅀󠄎󠆉󠆕󠆌󠅧󠅋︎󠆱󠆓󠇍󠅰󠄮󠇅And here is the critical piece that connects to the KBRA research we covered last week󠇟󠇠󠇡󠇢󠇊󠅙︆󠅼󠅱󠆹󠅠󠅂󠇝󠆶󠆊︍󠄧󠄺󠄔󠆄󠅮󠆸󠇑󠇣󠅌󠄤󠅠󠇝󠆳󠄌󠅁󠇇󠇈󠄕󠅠󠅶󠄬󠆰󠇫󠄬󠅝︊󠅺󠇧. Because these artists own their masters and own their publishing, they are building a two-income asset󠇟󠇠󠇡󠇢󠅡󠇄󠆪󠇟󠅆󠄣󠇜󠄹󠇜󠇂󠄐󠆍󠆰󠆂󠅴󠆘︃󠄍󠄤󠇮󠄩︌󠇬󠆐󠅡󠆻󠅏󠆡󠅊󠆙󠅩󠄸󠇈︉󠆶󠇊󠅡︉󠄀󠄳. The recording income flows through Gamma's Vydia infrastructure at favorable terms󠇟󠇠󠇡󠇢󠆎󠄧󠅘󠇭󠅋󠆙󠆎󠅱󠆧󠇈󠄚󠆌󠅅󠅚󠅁󠇧󠄚󠆶󠇒󠅥󠄠󠅉󠆅󠅚󠇦󠅸󠅀󠅍󠆻󠄣󠅜󠆦󠇑󠄠󠆝󠇠󠇋󠄭󠆐󠇗. The publishing income flows through their own publishing entities, which they own entirely, through the statutory collection systems that the Copyright Royalty Board protects and that grow at 9.6 percent per year󠇟󠇠󠇡󠇢󠅙󠄜󠅐󠆃󠅑󠆚󠆘󠄼󠆆󠆿󠅺󠇓󠆅󠅀󠆙󠆘󠇀󠅊󠆼︃󠆷󠆏󠄒󠆗󠆦󠆌󠇋󠆸󠇇󠅴󠆄󠆝󠆽󠅋󠅲󠄄󠅑󠇂󠄷󠅂. The two streams compound independently󠇟󠇠󠇡󠇢󠅿󠄌󠇟󠆤󠄦󠆍󠆗󠇚︁󠆤󠆢󠆘󠅪󠆧󠇠󠅔󠄆󠆋󠇤󠅵󠇒󠆉󠅘󠄚󠅯󠄋󠅗󠇂󠅯󠇦󠄺󠄵󠅮󠆇󠅛󠅿󠇋󠄴󠇦󠄞. Neither is dependent on the other󠇟󠇠󠇡󠇢︃󠇫︃󠇐󠄰󠄲󠅽󠄒󠅂󠄶󠄈󠅣󠆔󠆁󠄸󠇄󠆔󠇇󠅼󠇗󠇏󠇗󠄈󠇓󠆧󠅃󠄡󠄂󠄾󠆥󠅭󠅷󠅁󠇭󠆺󠇭󠄈󠇨󠄆󠄀. And both belong to the artist. ### **󠇟󠇠󠇡󠇢󠄏󠆹󠄻󠅄󠅐󠄰󠅂󠇊󠇔󠄏󠆟󠆣󠄃󠄎󠆧󠅳󠇡󠇯󠇞󠇫󠅓󠆥󠆳󠆙󠇖󠆏󠄒︍󠅤󠄔󠄊󠇠󠆛󠇏󠇑󠆾︍󠆠󠇥󠇗THE GAMMA INFRASTRUCTURE: WHY IT MATTERS AT THIS LEVEL** Let's be specific about what Gamma actually provides that DistroKid does not. 󠇟󠇠󠇡󠇢️󠆇󠄪󠄂󠅀︃󠇁︌󠅴󠇙󠆂󠆜󠄺󠆰󠄍󠆾󠇓󠅝󠅖󠅵󠄢󠄢󠅹󠄪︃󠄏󠆀󠆖󠄘󠄏󠅞󠅟󠆽︁󠆤󠄳󠆮󠆫︁󠆹First: preferred partner status with the DSPs󠇟󠇠󠇡󠇢󠅑󠄭󠇂󠆭󠄾󠅜󠇫󠅱󠅮󠇎󠆚󠇙󠆕󠅷󠄷󠄓󠆑󠅐󠄒󠇫󠆑󠇅󠇝󠅗󠇒󠆎󠄭󠅧󠇅󠅇󠅊󠄴󠇘󠄵󠄍󠇁󠅇󠆓󠄁︆. Gamma's Vydia platform has direct API connections and negotiated commercial terms with Spotify, Apple Music, YouTube, TikTok, and 200+ other platforms󠇟󠇠󠇡󠇢󠆌󠇈󠅃󠆠󠅫󠄹󠇎󠅎󠄉󠅞󠅳󠅃󠄔󠄈󠄡󠇩󠅒󠄛󠅣󠅚󠆁󠇉󠆇󠄰󠄥󠇯︊󠅣󠅽󠅼󠄒󠄗󠆽󠆲󠅈󠅊󠇯󠅗󠄹󠇒. That means releases go through a different pipeline than consumer-grade distribution services󠇟󠇠󠇡󠇢󠄿󠄬󠇚󠄃󠆕󠆵󠇡󠆃󠄇󠆠󠄌󠄲󠅦󠆔󠆄󠄦󠆠︎󠇤󠇝󠄉︋󠅰󠇬󠄆󠆇󠆱󠄛󠆈󠄅︉󠅈󠅠󠆰󠇕󠄰󠅀󠆓󠇋󠄲. Better metadata compliance󠇟󠇠󠇡󠇢󠄈︀󠅱󠆄󠇏󠄚󠆫󠄕󠅵︁󠅺󠇥󠇀󠅋󠄏󠅫󠄮︍󠅵󠅻󠆙󠅲󠆦︅󠄩󠇧󠇈󠆯󠅙󠅭󠆀󠅊󠅚󠆄󠄃󠅕󠄝󠆙󠆏󠄣. Priority playlist consideration󠇟󠇠󠇡󠇢󠇄󠅴󠄖󠅹󠇠󠆤󠆗󠅏󠆛󠆒󠅏󠆣󠄙󠆯󠆵󠄄󠆕󠆞󠄃︊󠅇󠅡󠇡󠅭󠄛󠆆󠄕󠆏󠇁󠆆󠄺󠅻󠇉󠄆󠄷󠄇︇󠅒󠅉󠅫. For an artist releasing at Usher or Mariah Carey's level, the difference between a good release and a great one often comes down to whether playlists pick it up in week one󠇟󠇠󠇡󠇢󠆳󠅪󠄯󠆎󠅟󠆄󠅱󠇀󠆕󠄊󠇭󠅐󠆹󠅩󠆔󠆃󠆚󠇇󠅚󠆮󠄀󠅎󠆲󠇃󠄅󠄿󠄧󠄆󠄅︁󠇄󠆞󠄉󠄵󠆷󠄃󠄑󠄨󠄥󠅀. Gamma's DSP relationships are an advantage. 󠇟󠇠󠇡󠇢󠆽󠆷󠄷󠇆󠆕󠄘󠄚󠆰󠇁󠆶󠆷󠆺󠆂󠆎︁󠇠󠆖󠇒󠇉󠇪󠄙󠆺󠆇󠆮󠄽󠇘󠅔󠅷󠄹󠄾󠆦󠇮󠇤󠆝󠆦󠅎󠇥︋󠅻󠅫Second: sync licensing infrastructure󠇟󠇠󠇡󠇢󠅃󠅘︅󠇪󠅐󠄵󠄠󠅫󠇗󠇗󠆄󠇨󠅲󠆹󠅗󠇬󠅗󠄏󠇞󠇤󠄖󠅣󠄾󠇉󠄕󠄶󠆽󠆧󠅠󠅟󠅆󠅳󠆊󠆛󠅼󠇧󠅂󠅃󠅺󠆔. Gamma has the institutional relationships with music supervisors, advertising agencies, and film and television production companies that turn a catalog into a sync revenue󠇟󠇠󠇡󠇢󠆛︈󠆀󠅚󠆅󠆤󠇄󠅙󠇒󠆼󠄝󠄻󠄻󠅙󠆅󠄠󠄱󠄷󠅊󠆺󠅿󠆳󠅃󠄎󠅖󠄌󠇄󠆽󠆶󠆘󠆯󠅔󠅼󠄻󠅗󠆆󠄵󠆵︇󠇪. Sync placements at scale require relationships. 󠇟󠇠󠇡󠇢󠆎󠆣󠄙󠅍󠅨󠅜󠅟󠆙󠆍󠅾󠄲󠇉󠆮󠆯󠄼󠆣󠅎󠇩󠆍󠆥︌󠅢󠄨󠆵󠆪󠄱󠇗󠅳󠅪󠄲󠅓󠅑󠇄󠆳󠇉󠆱󠆬󠆻󠅸󠆔Third: the Ye deal as case study󠇟󠇠󠇡󠇢󠆳󠇭󠄭󠄤󠄗󠆶️󠆱󠆆󠇑󠄌󠄧󠆗󠄛󠅘︀󠄗󠆛󠅷󠆼󠇠󠇂󠆫󠆹󠇅󠆵󠆱󠇫󠇓󠅮󠄥︍󠇙󠆷︃󠆙󠄇󠅰󠄇󠆬. Every established artist evaluating their next move should look at what Ye was able to accomplish through Gamma󠇟󠇠󠇡󠇢󠇙󠆳󠅨󠅋󠄾󠄫󠆱󠅌󠅷󠅓󠆣󠇟󠄉󠆞󠅠︃󠄥󠅂󠄔󠇆󠆷󠄷󠄓󠅦󠄲󠅯󠇜󠅡󠅩󠅱󠆳󠆲󠅦󠆸󠄖󠆸︋󠅅󠅊󠇀. He was radioactive to every major label󠇟󠇠󠇡󠇢󠇑︀󠆅󠄦󠅢󠄪󠇈︈󠄸󠅰󠅆󠅴󠆥󠆏󠆳󠆹󠆩󠅪󠄟󠆗󠄯︌󠄖󠆁󠅂󠇌󠇚󠆛󠄉︌󠅐󠆝󠆎󠄋󠄑󠄝󠆃󠆡󠄛󠆨. No publicly traded music conglomerate was going to take the reputational risk󠇟󠇠󠇡󠇢󠄀󠇎󠅼󠅽󠆡󠇃︊︀󠄝󠆽󠇘󠇤󠆃󠄫󠆾󠆏󠆖󠅐󠄘󠄍󠅛󠄍󠄵︌󠇍󠄂︁󠄫󠄀󠇢󠄴󠄉󠇘󠇊󠅱󠄡󠇂󠄼󠇢󠆺. Gamma made a single-album distribution deal, helped structure the Bully release, and delivered 152,000 first-week units and a No. 2 Billboard 200 debut without a major label in sight󠇟󠇠󠇡󠇢󠅛󠅢󠆪󠅆󠅷󠆕󠇈󠅏󠆨󠄒󠅰󠄶󠅡󠅩󠄭󠆾󠆿󠆱󠇊󠆮󠄰󠄖󠆪󠅭󠄙󠅴︋󠅭󠆆󠇂󠅽󠅰󠅱󠅱󠄰󠄶󠆳󠄭󠆡󠇗. More importantly: Ye owns the Bully masters󠇟󠇠󠇡󠇢󠇯󠆺󠄷󠄼󠅋󠄋󠆕󠆪󠅿󠄻󠅦󠄙󠄪󠅎󠇫󠇉󠇇󠆵󠄦󠆝󠅥󠆤󠇍︃󠄜︅󠅘󠆴󠄳󠄑󠄟󠆅︋︍󠄹󠄾󠅵︍󠄔󠇊. The income from those recordings flows to him󠇟󠇠󠇡󠇢󠄸󠇝󠅹󠇞󠅥︋󠇉󠅉󠆶󠆚󠅵󠅭︊󠅢󠆶󠆩󠆙󠅰󠆪󠇒󠅏󠇃󠆠󠅉󠄚󠇀󠄖󠇇︊󠅂󠄰󠇭󠅀󠄂󠅻󠅖󠅧󠅚󠅓󠅴. The publishing income from the compositions he wrote flows to him󠇟󠇠󠇡󠇢󠆞󠅇󠄊󠇈󠅭󠇮󠇨󠄟󠅟󠆜︃󠄮󠅵󠄝󠅢︊󠅨󠅉󠅱󠄢󠄅󠄱󠄬󠄵︃󠅾󠅙󠅲󠅆󠅡󠅑󠅒󠆉󠄽󠇝󠅙󠆘󠅞󠅔󠄾. Gamma took a distribution fee󠇟󠇠󠇡󠇢󠅊󠆖󠅂󠄲󠆬󠆛󠇖︋︀󠇡󠅧󠆙󠇑󠄄︌󠆁󠄽󠆩󠅾󠄽󠇉󠆬󠄺󠇦󠆂󠅹󠆈󠆵󠅭󠅛󠇀󠇜󠆵󠇐󠄘󠅅󠅑󠄒󠅂󠆊. That is it. ### 󠇟󠇠󠇡󠇢󠄎󠆚󠅗󠅛󠇦󠇪󠇍󠄴󠇠︍󠆘󠇡󠅟󠅟󠆴󠅛󠅨︌󠆜󠅮󠅜󠆚︉󠇡󠆸︋󠆞󠄢󠆪󠆟󠄔󠆳󠆴󠄐󠄁︁󠇤󠆕󠅹󠄯THE INVESTOR VIEW: WHY ALL OF THIS MATTERS FOR CATALOG VALUATION 󠇟󠇠󠇡󠇢󠄓󠇮󠅜󠆦󠄢󠆚󠅆󠅕󠇂󠄌󠄐󠆨󠅈󠆁󠇁󠄈󠇙󠄃󠄗︊󠆔󠇄󠆈󠇡󠆰󠄣󠆫󠅰󠇍󠆄󠇇󠄈󠄌󠅸󠅦󠆉︄󠇁󠇬󠄘If you are an investor evaluating a music catalog, the ownership structure is the first thing you look at󠇟󠇠󠇡󠇢󠅈󠇤󠅥󠇠󠅧󠅀󠇒︁󠄝󠇉󠆊󠅃󠅫󠇬󠆬󠆩󠇘󠆟󠆡󠄴󠄬󠅲󠅒󠄵󠅝󠄏󠄑󠅍󠄜󠅮󠆨󠆕󠅕󠄳󠆤󠄤󠅆︉󠆉󠅈. Not the multiple󠇟󠇠󠇡󠇢󠄏󠆄󠄗󠆙︀󠆺󠅴󠆝󠄖︌󠄃󠇐󠆕󠆲󠅤󠅕󠄱󠆚󠇁󠄈󠅶󠅛󠅳󠄅󠄭󠆉󠆣󠄧󠇩󠆫󠆒󠄡󠅽󠇇󠄣󠆴󠄥󠇎󠇔󠄳. Not the income. 󠇟󠇠󠇡󠇢󠄯󠄑󠅞󠄜󠄝󠆗󠇂󠆤󠅪󠅶󠅐︎︈󠆷󠇊︊󠄁󠆜󠆂︀󠇠󠄶󠇟󠆟󠅠󠅵󠄐︉󠆋󠄶󠆞󠆵󠇓󠄙󠄕󠅣󠅋󠆀︍󠇄Here is why. [󠇟󠇠󠇡󠇢󠄵︇󠆆󠆲󠆢󠅖︀󠄙󠅁󠆒󠆍󠄏︅󠄁󠆆󠇍󠆸󠄽󠅊󠆈󠄞︊󠅊󠇋󠅏󠅌󠇂󠇟󠆨󠆰󠄪󠅪󠄝󠅯󠆋󠄻󠅁󠅬󠄹󠆷Per KBRA's Track Split research](https://www.kbra.com/publications/DYhkTmgs/track-split-differentiating-publishing-and-recording-income?ref=duethedilly.com), catalog quality and income diversity are the primary drivers of credit outcomes in music ABS transactions󠇟󠇠󠇡󠇢󠅤󠄅󠆆󠄧󠄼󠅘󠇛󠄦󠆪󠄶󠆢󠇟󠇩󠇖󠄻󠆸󠅜󠅜󠇅󠄟󠇥󠄔󠆋󠄦󠄞󠅞󠆐󠅛󠇟󠅨󠅹󠆉󠄵󠅼󠅒󠄑󠄔󠄌󠇁󠇝. An artist who owns both their publishing and their master recordings controls both income streams󠇟󠇠󠇡󠇢󠆺︊󠄄󠆀󠅗󠄷󠅷󠅒󠆬󠇓󠆗󠅣󠆊󠄪󠄟󠆶󠅼󠅔󠆳󠆔󠆀󠄹︀󠅌󠇑󠅅󠄠󠅫󠆂󠄾󠅝󠆧󠅭󠅅󠅫󠆳󠅦󠅽󠇁︊. That catalog has no structural exposure to a label's decision to sell, a publisher's decision to raise fees, or a distributor's decision to change terms󠇟󠇠󠇡󠇢󠅳󠇣󠇤󠆝󠅠󠄰󠅦󠇇󠇜󠇕󠇮󠇆󠅱󠅯󠅞󠄩󠅵󠆃󠇅󠆜󠇛󠄃󠄄󠆖󠄻󠆮󠄘󠄭󠅺󠆳󠆰󠅋󠅜󠄔󠆜︅󠆢󠆗󠅕󠆦. The income flows are clean, diversified, and directly managed by the rights holder. 󠇟󠇠󠇡󠇢󠄸󠅟󠆦󠅠󠆲󠇈󠆩󠇤󠅷󠇃󠇥󠄞󠅱󠆜󠄫󠄓󠄻󠄑󠅧󠄃󠄥󠆋󠅣󠅶󠄻󠄋󠇟󠅛󠄉󠇆󠆜󠄛󠄵󠅎󠄤󠅥󠅂︌󠄃󠇂Contrast this with the traditional label catalog, where the label owns the masters but pays the artist a royalty, and a major publisher owns the composition but pays the artist a writer's share󠇟󠇠󠇡󠇢󠆥󠇠󠄎󠄯󠄙󠅂︋󠅺󠅚︊󠇙󠇔󠅐︉󠄘󠆞󠆷󠅁󠆂󠆧󠄯󠅫󠅊󠆭󠆄󠆋󠄲󠆪󠇜󠆮󠇈󠆶︂󠆠󠅼󠇎󠄓󠅳󠄙󠇎. That catalog has structural intermediary risk at every layer󠇟󠇠󠇡󠇢󠅗󠆈󠇓󠅫󠇠󠅂󠅚󠄥󠇡󠆯󠇊󠄐󠄇󠆑󠆁󠄅󠅚󠄠󠅽󠅴󠄟󠇪󠇦󠄀󠅷󠅅󠅎󠄝󠄔󠅵︉󠇨󠇝󠄵󠅁󠄕󠇫󠇪󠆫󠇛. The income that reaches the artist is the net of multiple fee structures, recoupment calculations, and contractual obligations that the artist often cannot audit independently. 󠇟󠇠󠇡󠇢󠅪󠄰󠇇󠄓󠅜󠆫󠆌󠆟󠆠󠄲󠆹󠄾󠆬󠆄󠅺󠇔󠅅󠄏󠅸󠇎󠄍󠄒󠆱󠄀󠆮󠄾󠇀󠆘󠆚󠄢󠅖󠅎󠄹󠇎󠅇󠇮󠅅󠄌󠄻󠇯Simplicity has value because it reduces the due diligence burden, legal risk, and reduces the discount that investors have historically applied to artist-controlled catalogs because they assumed those catalogs were harder to manage󠇟󠇠󠇡󠇢󠄘󠆜󠆖󠆨󠅾󠄤󠅁󠇇󠅜󠇝󠅰󠅱󠆉󠆍󠄄󠄂󠅈󠅟󠄏󠇟︍︈󠇟󠄐︍󠅆󠅟󠅯󠄶󠆴󠅂󠆐󠇌󠅩󠅀󠇊󠄉󠄹󠅟︂. Gamma's institutional infrastructure, certified by the fact that they are processing releases for artists at the scale of Mariah Carey, Ye, and Snoop Dogg, removes that assumption. 󠇟󠇠󠇡󠇢󠅸󠄉󠆟󠇄󠇟󠄖󠅉󠄗󠄥󠆋︎󠆘󠄻󠄎󠇊󠄎󠆷󠆹󠄷󠄸󠅐󠇄󠇜󠄶󠄲󠄤󠅥︂󠄳󠆴󠅴󠇣󠇄󠄯󠄏󠆔󠇄󠆮󠇔󠇤Publishing is growing at 9.6 percent per year󠇟󠇠󠇡󠇢󠆹󠅤󠄢󠄔󠅃󠆞󠅆󠇎󠇨󠆺󠆷󠇮󠇓󠅭󠇅󠄣󠄵󠅒󠄤󠆀󠇬󠄝︋󠆀󠅺󠆲󠇁󠇗󠇬󠄊󠇘󠅙󠄏󠆌󠆞󠅷󠆑󠅪󠆴󠆸. Recording income is growing at 5.2 percent󠇟󠇠󠇡󠇢󠄝󠄨󠄏󠅞󠅂󠆧󠄱󠄯󠇟︍󠇄󠇈󠇬󠇛󠅤󠄍󠅗󠅺󠇘󠄯󠆮󠇃󠆴󠄤󠅐󠄶󠄊󠄽󠄃󠄵󠇋󠇑󠅩󠄹󠇖︈󠇀󠅶󠆷󠆊. Both streams are growing. [󠇟󠇠󠇡󠇢󠆊󠇅󠆎󠆽󠆮󠄵︀󠆓󠆭︃󠄛󠇠󠆶󠄉󠆨󠄑󠅻󠄣󠅧󠆑󠇛󠇓󠇤󠄪󠄛︄󠄘󠄑󠆱󠆱󠆺󠅅󠇓󠆞󠄂󠇮󠆲󠄦󠆣󠆀The Copyright Royalty Board is raising statutory mechanical rates through 2027](https://www.hypebot.com/new-2026-us-mechanical-royalty-rates-set/?ref=duethedilly.com)󠇟󠇠󠇡󠇢󠅨󠄠󠆏󠅰󠅏󠇜󠅩󠄇󠇈󠇓󠅅︁󠄼󠆌󠆞󠆓󠇄󠆭󠄑󠅚󠇧󠄵󠇩󠆤󠆋󠇄󠅹󠆌󠇚󠆠󠆽󠄽󠆤󠄣󠄅󠆘󠅘󠄆︇󠄖. Spotify has paid $60 billion in lifetime royalties and keeps growing󠇟󠇠󠇡󠇢󠅁󠅣󠆴󠇐󠇯󠆕󠇏󠄙󠆘󠄭󠆈󠅪󠆂󠅮󠆥󠇋︉󠅋󠅾󠆓󠅽󠄴󠄦󠅻󠅽󠅊󠇟︍︊︀󠇜󠄊󠆒󠇞󠄭󠆠󠄀󠅈󠄇︃. The global value of music copyright hit $47.2 billion in 2024󠇟󠇠󠇡󠇢󠇔󠅗︌󠇢󠄛󠆫󠄃︅󠄣︉󠅇󠄁󠄆󠄲󠆲︍󠆿󠇝︅󠇃󠅋󠆨󠇗󠄠󠅹󠇌󠆼󠇏󠆁󠆰󠇅︊󠇁󠄞󠅶︂󠇚󠆢󠅬󠄻. The asset class is expanding󠇟󠇠󠇡󠇢󠄋󠆢󠇧󠅍󠆡󠅏󠆿󠆌󠄸󠆯󠄨󠄜󠅓󠄊󠆽󠄺󠅝󠇯󠄈󠄫󠄫󠇂󠆹󠄁󠇧󠅽󠇌󠅯󠆷󠅙󠅺󠆌󠆋󠄘󠅲󠇤󠄀󠆜︌󠄧. Investors are trying to buy into them in financial markets because they are an uncorrelated asset. 󠇟󠇠󠇡󠇢󠆉󠄆󠆺󠇓󠄡󠆊︄󠆥󠆃󠆺󠅇󠆪󠆲󠆌︂󠄆︋󠇏󠆆󠄙︉󠅗󠆗󠇐󠅚󠇋︊󠅻󠄌󠇮󠄱󠄵󠅧󠆩󠄻󠄣󠆱︅󠅳󠄗The artists who own both copyrights and distribute at institutional scale through independent infrastructure are accumulating the most valuable version of this asset󠇟󠇠󠇡󠇢︁󠆢󠆋︁󠄥󠆋󠆓󠅸󠄞󠅺󠇤󠅂󠆥󠇙󠄰󠇁󠆟󠇗󠇨󠄘󠄶󠄡󠆜󠇆󠄘󠄞󠅊󠅻󠆊󠅅󠆰󠆪󠄘󠄨󠄝󠇏󠇛󠅯󠅿󠅝. They are the ones who will be in the strongest negotiating position when they decide to sell, borrow against their catalog, or structure a deal with a Harbourview or a KKR or a Blackstone󠇟󠇠󠇡󠇢󠇕󠅄󠄘󠆠󠆾󠄐󠇪󠄰󠄲󠅕󠅛󠅽󠆁󠇦󠆚󠆸󠆍󠅐󠄵󠄐󠅼󠅟󠅀󠄇󠆉󠆟󠅤󠅥󠄩󠄮󠆖󠄭󠄥󠇥󠆏󠇗󠇪󠆦󠆈󠄲. This is why Gamma is important. 󠇟󠇠󠇡󠇢󠄇󠇡󠅣󠄺󠄨󠇇󠇍󠄛󠇋󠇏󠆌󠄘󠇜󠆆󠅖󠄒󠄵󠆶󠄰󠅖󠅙󠆓󠄚󠄰󠅟󠄘󠇬󠄝󠄖󠅷󠅤󠆇󠆈󠅦󠆔󠇇󠅿󠇛󠇯󠆏Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠇪󠆉󠆻󠇓󠇦󠅴︂󠆖󠆬󠄻󠄿󠆑󠇛󠅩󠅣󠇒︂󠇡󠄩󠄾󠄇󠇅󠇄󠇭󠄬󠄏󠆋󠆹󠆮󠄨󠆪󠄥󠄺󠅎󠆶󠄸󠇖󠄫󠅬󠆛. Pass this to a friend. 󠇟󠇠󠇡󠇢󠅦󠇤󠇧󠅻󠆡󠆢󠄭󠄽󠅗󠆼󠄶󠄲󠆅󠆙󠅵󠄗󠅻󠅯󠅔󠇀󠅯󠇉︇󠄑󠅾󠅇󠆱󠆡󠇧󠆳󠇧󠅜︆󠄅︍︂󠄪󠆙󠇯︊See y'all next week, CJB󠇟󠇠󠇡󠇢󠄱󠆧󠄴󠆐󠆈󠆘󠄡󠄟󠇍󠆽󠅎︇󠅐󠅙󠅘󠅻󠅔󠆫︇󠄮󠇈󠄒󠄻󠅚󠅙󠅘󠄚󠆹󠄔󠅤󠄈󠄞󠄰󠄞󠆄󠅝󠆽󠆤󠆑󠅙 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆓︀︀󠄊󠆓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠅖󠅓󠅒󠄢󠅔󠅔󠅓󠄝󠅒󠄦󠄩󠄧󠄝󠄤󠄣󠅕󠅓󠄝󠄩󠄣󠅒󠄩󠄝󠄦󠅒󠅕󠄢󠅒󠄢󠄤󠅖󠄤󠅑󠄢󠅓︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄢󠄨󠅄󠄡󠄡󠄪󠄢󠄧󠄪󠄤󠄧󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄢󠄨󠅄󠄡󠄡󠄪󠄢󠄧󠄪󠄤󠄧󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄡󠄧󠅓󠄥󠅖󠅔󠄣󠅑󠅕󠄧󠅕󠄥󠄠󠄠󠄠󠄡󠄥󠅕󠄡󠄩󠅓󠅑󠅏󠅦󠄡󠄧󠄧󠄩󠄩󠄦󠄧󠄦󠄦󠄦󠅏󠄩󠄡󠅒󠅖󠅕󠄣󠄥󠄩󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄡󠄧󠅓󠄥󠅖󠅔󠄣󠅑󠅕󠄧󠅕󠄥󠄠󠄠󠄠󠄡󠄥󠅕󠄡󠄩󠅓󠅑󠅏󠅦󠄡󠄧󠄧󠄩󠄩󠄦󠄧󠄦󠄦󠄦󠅏󠄩󠄡󠅒󠅖󠅕󠄣󠄥󠄩󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄤󠄢󠄥︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠅓󠄨󠅔󠄩󠄣󠄣󠄢󠄧󠄠󠄠󠄢󠅕󠅓󠄦󠅔󠄨󠅑󠅑󠄤󠄢󠅕󠄢󠄧󠅕󠄦󠄢󠄧󠄦󠅒󠄨󠄢󠄨󠅖󠄠󠄡󠄢󠄧󠄠󠅕󠅒󠅑󠄤󠄣󠅒󠄨󠄨󠅕󠅕󠅖󠄩󠄠󠅕󠅓󠄢󠅔󠅖󠄨󠄥󠄨󠅓󠄡󠄨󠄨󠅒󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠆓󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠅑󠄧󠄠󠄥󠄤󠄢󠄤󠄦󠄝󠄢󠅕󠄠󠄨󠄝󠄤󠅓󠄣󠅓󠄝󠄨󠅕󠄠󠅖󠄝󠅓󠅓󠄢󠅖󠄤󠄢󠄤󠄦󠅖󠄧󠄡󠅑󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅁󠇧󠆷󠇬󠄆󠆿󠆨󠅇󠅬󠄌󠇓󠆼󠄂󠅷󠆿󠄐󠆠︍󠅄󠅀󠆅󠆦󠇀󠅒󠆕󠆔󠅋󠅆󠇖󠄼󠇫︃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠆗󠅶󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄸󠄡󠇅󠆉󠄛︁󠅔󠄝󠅮󠆤󠄻󠅫󠇉󠇁󠄈󠆦󠇀󠆬󠇅󠄲󠅚󠄺󠄑󠆓󠄑󠇈󠆊󠄓︂󠄳󠅅󠆜︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠄩󠄨󠅖󠅓󠅑󠅔󠅑󠄝󠄡󠄥󠅖󠄦󠄝󠄤󠅒󠅒󠄡󠄝󠅑󠅔󠄧󠄣󠄝󠄧󠅑󠄠󠄠󠅒󠄡󠄦󠅒󠅑󠅒󠄧󠄩󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠅖󠅓󠅒󠄢󠅔󠅔󠅓󠄝󠅒󠄦󠄩󠄧󠄝󠄤󠄣󠅕󠅓󠄝󠄩󠄣󠅒󠄩󠄝󠄦󠅒󠅕󠄢󠅒󠄢󠄤󠅖󠄤󠅑󠄢󠅓󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅴󠇜󠆭󠆐󠆨󠆙󠆶󠆕󠄧󠇥󠆮󠆣︄︋󠇪󠇢󠆙󠅗︇󠇄󠅊󠅉󠅤󠇇󠇓󠇞󠄷󠇧󠇦󠅫󠇊󠅆󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇁󠇄󠇞󠅰󠄮󠄖󠇛󠇦︉󠆜󠅭󠅁󠅩󠇦︉󠄘󠅾󠆽󠅴󠇦󠇫󠆟󠅙󠇅󠅿󠆿󠄘󠅋󠇜󠆖󠄊󠄲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇮󠇞󠇥󠆛󠄈󠆫︊󠆛󠄆󠇘󠇍󠇗󠅴󠄁󠄒󠇎󠅲︈︉󠆧󠅧󠅸󠅶󠄒󠇎󠆜󠄼󠆃︋󠇁󠄿󠆵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄔󠇎󠅑󠆲󠇮󠄹󠆄󠆔󠆒󠇁󠄗󠆦︁󠆠󠇚󠄵󠄃󠄼󠆤󠅕󠆻󠅬󠅣󠄝󠅔︁󠆵󠇩󠄢󠄜󠆇󠆫󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆻󠆡󠅀󠆪󠅐󠄩󠇤󠅸󠆘︀󠄧󠅕󠄭󠅿󠅘󠄔󠇖󠅘󠆑󠄙︆󠇮󠇍󠄒󠆋󠄾󠄅󠆡󠆆󠄔󠇠󠅶󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄮󠆆󠆁󠄜󠄸󠄿󠆾󠇛󠅉󠅛󠆒󠇄󠆩︅󠇏󠄓󠆋󠇢󠇏󠇃󠆤󠆶󠆇󠆞︌󠇙󠅗󠆇󠄊󠅂󠇁󠅙󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆚󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅪󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆴󠄠󠅲︃󠆰󠄠󠅲︃󠄵󠆐︃︂︁︂︂󠄄󠄄󠆞󠆣󠄊󠆱󠆃󠄣󠄤󠆽︂󠅮󠅚󠄜󠇓󠆩󠅘󠇠󠇗󠅏󠄮󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄣󠄠󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄠󠄡󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄠󠄻󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄍󠄠󠄋︆︃󠅅︄︊︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅚󠇊󠆑󠄣󠅒󠅯󠆘󠇙󠆝󠆶󠅄󠄍󠇚󠆳󠆐󠅍󠆛󠇋󠄣󠅑󠅬󠄩󠄹󠆩󠅹󠇘󠆼󠆷󠇉󠄤󠇙︁󠄎︌󠄗󠄏󠆠󠄇󠇆󠇝󠅒󠅺󠆨󠅹󠅌󠅰󠆦󠆿󠅵󠆿󠅫︈󠆶󠇁︇󠄪󠇒󠅛󠇡󠄎󠇊󠇡󠅍󠄋󠇇󠅵󠅉󠆣󠇧󠅾󠅠󠄮󠄱󠇅󠇘󠄮󠄄󠅧󠇫󠆇󠄋󠆇󠆼󠅇󠇪󠆴󠆦󠆨󠆺󠅞󠆪󠇋󠇦󠅼󠅂󠄠󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇙󠆆󠅣󠆹󠆶󠇎󠅳󠇅󠄟󠆺󠆶󠄟󠅫󠅒󠅹󠅁󠅋󠇩󠆾󠇑󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆬󠅵󠇊󠄊󠇀󠆂󠇂󠄙󠄡󠅖󠅈︍󠄚󠅈󠇂󠄢󠆦󠄳󠇫︉󠇖󠇖󠅱󠆃󠄈󠆩󠅦󠄧󠆏︌󠅷󠆹󠅑󠄠󠄤󠄬󠅮󠆰󠅿󠄙󠆔󠇣︍󠆰󠆚󠇮︎󠇍︂󠄡︀󠆞󠆖󠇊󠅘󠇑󠄄󠇬󠆆󠅔󠆔󠆚󠆧󠅱󠄠󠆨󠅽󠆣󠅋󠇤︊󠆴󠅹󠆲󠄗󠄽󠅎︍󠆧󠅓󠆩󠅇󠆹󠆹󠆷󠆅󠇋󠅣󠇥󠇯󠅟󠇫󠇩︉󠅟󠇍󠅤󠅸󠆃󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄︃󠄩󠅞󠄯󠆨󠄘󠆁︋󠇮󠄗󠆢󠅐󠆇󠅪󠆵󠆏󠄟󠆱󠄨󠇢󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄇︍󠄣󠄡󠄠󠄤󠄡󠄦󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇣󠅆󠅊󠅤󠆴󠅎󠇒󠄾󠆙󠅋󠆕󠇮󠆀󠆩󠇍󠇒︃󠄕󠆑︆󠄩󠄀󠄻󠆡󠄫󠅋󠅸󠆧󠇠󠆀󠇬󠄐󠆺󠆣󠇪󠄏󠇈󠅺󠇛󠅎󠅸󠆵󠅝󠄽󠆱︀󠆩󠇯︀︃󠆹󠇈󠅑󠇗󠅱󠇪󠅀󠆴󠅴󠅗󠅂󠆚󠄞󠇋︀󠆗󠅀󠄾󠄩󠇦󠆜󠄼︁󠄜︎󠅪󠄕󠆉️󠄽󠆪󠆼︉󠅅󠄚󠆨󠅌󠆺󠆕︋󠄆󠇚󠆥󠅑󠇤󠅳󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠄈︃󠄮󠅴󠄆󠅼︄󠄪󠅻󠄰󠆶󠆴󠆓︎󠆛󠄪󠅳󠅥󠅓󠇜󠇐󠄡︍󠅑󠄾󠆀󠅛︄󠆄󠇔︄󠅕󠆡󠆜󠅿󠆀︉󠆭󠆋󠆞󠄄󠇠󠅂︌󠆟󠇐󠆱󠄕︂󠄡︀󠅾󠇒󠆙󠅠󠆗︇󠅇󠄹󠆦󠄀󠆢󠅐󠅗󠇠󠄨󠆼󠄻󠆀󠆠󠄵󠇀󠆄󠆡󠄾󠇊󠅌󠆍󠆬󠇔󠄉︉󠅭󠄼󠇪󠆂󠅮󠅬󠆴︊󠅩󠅸󠄨󠅷󠆧󠆪󠇃︉󠆈󠅉︃󠄉󠄠󠅲︃󠄅󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄞󠅎︄󠆥󠇛︈󠅍󠇂󠅗︈󠇓󠅁󠄉󠅴󠄾󠅵󠅘󠆷󠆵󠆬󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄇︍󠄤󠄦󠄠󠄤󠄡󠄠󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆢󠄜󠄦󠄢󠅑󠄵󠄺󠇩󠄪󠄬󠅔󠅫󠄱󠆭󠄍󠇙󠆉󠇍󠄈︊󠆠󠄤︎󠆗︄󠇜󠇝󠇠󠄒󠅹󠆙󠇖󠆫󠅦󠅊󠅣󠄠󠇪󠅡󠄠󠅬󠆌󠆭󠄓󠄫󠇒󠅾󠅹󠅜󠄭󠅈󠄮󠆛󠅵󠆚󠄺󠆮󠄿󠆻󠇃󠇣󠇈󠄱󠆔󠅯󠆖󠆲󠅠󠅜󠅛󠅩󠄀󠅱󠆩󠆩󠅙󠇃󠄓󠇚󠆹󠆓󠇐󠅀󠅊󠅌󠇏󠄾󠄭󠄹󠄻󠄃󠇇️󠅤󠇧󠅏󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆎󠆂󠄃󠆊󠆥󠇧󠅃󠆧󠆩󠄼󠆢󠆆󠄥︎󠅇󠄔󠄝󠄸️󠅩󠆑󠇛󠆎󠆷󠆗󠄜󠄟󠆸󠄋󠆅󠇤󠅮󠄹󠇠󠅢︈󠇊󠄢󠅖󠇪󠇐󠄒︃󠇆︈󠇕󠆳󠆥︂󠄡︀󠆩󠅛󠅟󠅬󠇎󠅢󠆑︍︍󠄾󠇎󠆏󠆉󠆌󠇅󠄱󠄣󠇟󠇄︂󠅪󠄁󠅰󠇤󠆿󠆭󠄳󠇟︂󠆗󠆜󠅒󠄑󠄜󠅀󠅙︂︋󠅾󠆯󠄍󠆢󠆜️󠄳︇󠄑󠄽󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠄩󠄨󠅖󠅓󠅑󠅔󠅑󠄝󠄡󠄥󠅖󠄦󠄝󠄤󠅒󠅒󠄡󠄝󠅑󠅔󠄧󠄣󠄝󠄧󠅑󠄠󠄠󠅒󠄡󠄦󠅒󠅑󠅒󠄧󠄩󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄢󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠅖󠅓󠅒󠄢󠅔󠅔󠅓󠄝󠅒󠄦󠄩󠄧󠄝󠄤󠄣󠅕󠅓󠄝󠄩󠄣󠅒󠄩󠄝󠄦󠅒󠅕󠄢󠅒󠄢󠄤󠅖󠄤󠅑󠄢󠅓󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅴󠇜󠆭󠆐󠆨󠆙󠆶󠆕󠄧󠇥󠆮󠆣︄︋󠇪󠇢󠆙󠅗︇󠇄󠅊󠅉󠅤󠇇󠇓󠇞󠄷󠇧󠇦󠅫󠇊󠅆󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇁󠇄󠇞󠅰󠄮󠄖󠇛󠇦︉󠆜󠅭󠅁󠅩󠇦︉󠄘󠅾󠆽󠅴󠇦󠇫󠆟󠅙󠇅󠅿󠆿󠄘󠅋󠇜󠆖󠄊󠄲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇮󠇞󠇥󠆛󠄈󠆫︊󠆛󠄆󠇘󠇍󠇗󠅴󠄁󠄒󠇎󠅲︈︉󠆧󠅧󠅸󠅶󠄒󠇎󠆜󠄼󠆃︋󠇁󠄿󠆵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄔󠇎󠅑󠆲󠇮󠄹󠆄󠆔󠆒󠇁󠄗󠆦︁󠆠󠇚󠄵󠄃󠄼󠆤󠅕󠆻󠅬󠅣󠄝󠅔︁󠆵󠇩󠄢󠄜󠆇󠆫󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆻󠆡󠅀󠆪󠅐󠄩󠇤󠅸󠆘︀󠄧󠅕󠄭󠅿󠅘󠄔󠇖󠅘󠆑󠄙︆󠇮󠇍󠄒󠆋󠄾󠄅󠆡󠆆󠄔󠇠󠅶󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄮󠆆󠆁󠄜󠄸󠄿󠆾󠇛󠅉󠅛󠆒󠇄󠆩︅󠇏󠄓󠆋󠇢󠇏󠇃󠆤󠆶󠆇󠆞︌󠇙󠅗󠆇󠄊󠅂󠇁󠅙󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐︊󠇍󠄂󠆋󠅢󠄺󠄠󠄘󠇣󠄲󠅽︍󠆏󠆏󠄶󠇑󠇏󠇀󠄅󠇣󠆇󠄥󠆊󠄫󠄈󠅴︊󠇍󠄨󠆶󠅖󠇮󠅈󠇥󠅝󠄖󠅉󠆃󠄲󠆝󠄙󠅇︇󠄵󠅊󠅐󠄗󠇤󠄖󠄟󠆞󠄒󠆶︆󠅳󠄣󠇍󠅀󠆎󠆠󠄕󠇗󠄓󠄲󠄻󠅞󠆴󠇧󠆻󠆘︅󠇩󠇮󠅝󠄆󠄭󠄑︃󠅶󠆇󠄮󠆏󠆞󠆫󠄔󠆊󠆡󠄔󠅖󠇈󠅷󠅎︇󠆕︈󠆒︀︀︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰- 3 Ways Drake Gets More Than $2 Billion URL: https://www.duethedilly.com/the-dime-3-ways-drake-gets-more-than-2-billion/ Last updated: 2026-05-21T11:31:24.000Z Last week Drake dropped three albums in a single night on everyone's head top󠇟󠇠󠇡󠇢󠄷󠅙󠄢󠅒󠆀󠆀󠆩󠇫󠇖󠇖󠄈󠄅󠆄󠆏󠇒󠄋󠄉󠆓︉󠅿󠇔󠆟󠅗󠅦︀󠄂󠄌󠇄︁󠆒󠅒󠅰󠄘󠄚󠅭󠅤󠅃󠆛󠇫󠄦. ICEMAN󠇟󠇠󠇡󠇢︃󠇅󠆤󠇦︋︉󠇨󠅼️󠄇󠇁󠄥󠄄︍󠅻󠇠󠅙󠆱󠆧󠅪󠄗󠄏󠇇󠅃󠆂󠄳󠄕󠇑󠆩󠆣︁󠆫󠆕󠆷󠆂󠇋󠄃󠄖󠆱󠇏. HABIBTI󠇟󠇠󠇡󠇢󠇐󠄍󠆑󠅩󠄚󠄒󠄈󠆡󠆤󠆕󠇡󠆽︅󠇅󠅝󠆡󠆋󠅮󠄽󠆸︍󠄠󠄟󠅛󠆫︄󠆏󠅻︅󠅯󠇍󠆺󠇬󠆆󠄐󠄘󠄽󠅑󠇚󠇎. MAID OF HONOUR󠇟󠇠󠇡󠇢󠄽󠇟󠅉󠄎󠆁󠇓︅󠄹󠄨󠅄︊󠅛󠇙󠄪󠆽󠆯󠇍󠆦󠄔󠅙󠆦󠇇󠅀󠆲󠇈󠅨󠆞󠇎󠆃󠇨󠄗󠅓󠄱󠆐󠇘󠅩󠅔󠅴󠇠󠄭. Lit up the CN Tower in Toronto󠇟󠇠󠇡󠇢︉󠇗󠇎󠅼󠄎󠆏󠆕︀︈󠅜󠄼󠆞󠅪󠅄󠅥󠇏󠇇󠆻󠅆︃󠄳󠇘󠄠󠇝󠄛󠇆󠆥󠆟󠅮󠆽󠇞︅󠆩󠆢󠇫󠆐󠄱󠅐󠄂󠅩. 43 new tracks󠇟󠇠󠇡󠇢󠆦󠇏󠇈󠅔󠄪󠄀󠅀󠆃󠄎󠄪󠄘󠆮󠇙󠇛󠄀󠅐󠄮󠆕󠇋󠄡󠅊󠄱󠄪󠆼󠄽󠅏︎󠆺󠇗󠇔󠄬󠄷󠅕󠆏󠇣󠆨󠄃󠅿󠇘︋. In less than 24 hours, ICEMAN became the most streamed album of 2026 on Spotify in a single day󠇟󠇠󠇡󠇢󠇉󠅫󠄋󠅽󠄾󠄜󠆡󠅶󠆲︍󠄼󠅥󠆇󠆺󠇦󠅵󠇠󠆲󠇏󠅑󠇃󠇕󠄟󠆚󠇚󠄺󠇝󠄄󠄯󠅲󠇪󠇌󠆁󠅠󠅷󠄋󠄩󠆹󠅨󠆡. Drake became the most streamed artist of 2026 in a single day󠇟󠇠󠇡󠇢󠇋󠅝󠇛󠆯󠅅󠅚︀󠅢󠆻︋󠆣󠄲󠅸󠆽󠇝󠆗󠄚󠄏󠆥󠄾󠇩󠆌󠅦󠄧󠄓󠅷󠆤󠅟󠇈󠆆󠇣󠅈󠆁󠇢󠅪󠅿󠆹󠄊󠄽󠇙. Combined, the three projects generated 196 million Spotify streams before most people had eaten breakfast. 󠇟󠇠󠇡󠇢󠆺󠇁󠄵󠇃󠄀󠆵󠆍󠇓󠅾󠅯󠄳󠅅︋󠄟󠅽󠅝󠅁󠄬󠄑󠆚󠄕󠄷󠅒󠄖󠇡︆󠆙󠅄󠅷︄󠇠󠇬󠆜︀󠇥󠆋︋󠆉󠅝󠅭First-week projections󠇟󠇠󠇡󠇢󠄽󠆀󠄀󠆂󠆶󠇌󠅉󠅌󠇄󠇜︄󠅊󠅍󠅃󠄁󠆀︅󠆦󠄲󠄟󠆯󠅣󠄣󠇊󠄏󠄧󠄞󠇃󠇜󠆚󠄦󠇉󠆭󠅥󠄑󠅑󠅀󠄀󠅪󠆌? 705,000 to 785,000 combined equivalent units󠇟󠇠󠇡󠇢󠆦󠆚󠇤󠅌󠄰󠆁󠅡󠄰󠆰󠇥󠆈︎󠇚󠄦󠅗󠆪󠅤󠇎󠄭󠄥󠄸󠇖︍󠆛︆󠆠󠆫󠅏󠇃󠄡󠄘󠇝󠅴󠄴󠆻󠄘󠅛󠅜󠆳󠆾. A potential 15th No. 1 on the Billboard 200, which would break Jay-Z's record for the most chart-topping albums by any rapper in history. 󠇟󠇠󠇡󠇢󠅩󠆮󠇀󠇥󠇈󠅷󠄅󠆔󠇚󠆁󠄌󠇯󠇦󠆮󠆄󠅠󠅉󠄯󠄢󠄻󠇛󠅎󠇩󠄖󠇙󠅥󠆿󠄍󠄆󠇖󠇅󠅼󠅀󠅶󠇢󠆧󠅕󠆮󠄗󠆵Those three albums are still credited to "OVO Sound under exclusive license to Republic Records," a division of Universal Music Group, the same company Drake is suing󠇟󠇠󠇡󠇢󠅵󠆢󠅋󠅡󠅇󠆁󠅹󠇖󠆦󠇂︈︊󠅦󠆼󠅈󠄪󠆦󠆟󠆝󠅨︂󠇁󠅇󠅈󠇦󠆽󠄨󠅻󠅧󠆝󠇂󠆏︎󠅊󠆙󠇃󠆨󠅶󠆋󠅾. Industry folks believe this triple drop was designed to fulfill whatever album obligations remained in his $400 million UMG deal󠇟󠇠󠇡󠇢󠇉󠆝󠆾󠇔󠇑󠅣󠄏︈󠆛󠅓󠄨󠅉󠇫󠅤󠇄󠆋󠄙󠄖󠆯󠇎󠅕󠅘󠆥󠄕󠆊󠇗󠅅󠆸󠄴󠄆󠆢󠅛󠅍󠄬󠇂󠆢󠆿󠅀︁󠆥. In a fraction of the usual time󠇟󠇠󠇡󠇢󠇢󠄖󠆂󠅳󠄱󠇈󠇧󠇯󠆛󠆠󠄠󠇁󠆊󠆝︌󠇕󠆏󠆡󠅋󠅖󠇐󠆢󠅱󠅤󠄃󠄳󠇨︃󠄚󠆍󠆀󠇒󠇢󠅨󠆝󠇉󠆋󠇃󠆘󠆤. Which means the most commercially dominant artist in the streaming era might be walking out that door. 󠇟󠇠󠇡󠇢󠇞󠆾󠄗󠇎󠆨󠄛󠆠󠄎󠄌󠆝󠄞󠆜󠆖󠄐󠅢󠆝󠄧󠇣󠅊󠄄󠄾󠄋󠇬󠄵󠄯󠄻󠄷󠇎󠆐󠄱󠆊󠅷󠇨󠅾󠆨󠅯󠄽󠅷󠆙󠄛That is where the money conversation starts. ## 󠇟󠇠󠇡󠇢󠅴󠅟󠆱󠇏󠆤󠆬️󠇥󠆿󠄓󠅃󠇦󠅯󠆞󠇀󠄝󠅕󠆏︍︄󠇥󠅱󠇛󠄧󠅙󠇁︁󠅘󠅥󠇃󠅶󠄾󠅮󠅠󠅇󠅻󠆬󠄯󠆋󠄼THE NUMBERS ![](https://www.duethedilly.com/content/images/2026/05/image-8-1.png) 2025 Spotify streams: 17.6 billion󠇟󠇠󠇡󠇢󠆎󠅈︂󠄫󠇬󠅾󠆄󠄒󠅠︎󠆇󠆥󠄸󠇫󠇖󠄣󠄑󠆇󠆟󠄋󠆷󠅨󠄍󠄸󠇆󠇡󠅚󠆋󠇁󠅃󠄱︄󠅜󠄁󠆼󠄨󠇗󠄧󠄩󠆈. Largest rap streaming year ever recorded󠇟󠇠󠇡󠇢󠆧󠅸︍󠆈󠅦󠅁󠅨󠇫󠅽󠆓󠄛󠆚︆󠄊󠅞󠄘󠄄󠅙󠇬󠄬󠅄󠅪󠇬󠇀󠅁󠄔󠆸󠅁󠆷󠆎󠇀󠅾󠅚󠅲󠇦󠄖󠄉󠅦󠄦󠆾. (Source: AllHipHop, December 2025󠇟󠇠󠇡󠇢󠅟󠄛󠅧󠆢󠅧󠆡󠅨︇󠆃󠇉󠅶󠅢󠄄󠅑︇󠇇󠄇󠄬󠄡󠅥󠇡󠅘󠅴󠆼󠅅󠄔󠅿󠇝󠆤󠄫󠄐󠅅󠄀󠅢︀󠅳󠆃󠇦󠆇󠅗.) Then he dropped 3 more albums. 󠇟󠇠󠇡󠇢󠄃󠅭󠇕󠆘󠅁︇󠆫󠅪︁󠄎󠅮󠆲󠆙󠆲󠄳󠄊󠅘󠅾󠆌󠆍󠆖󠄮󠄇󠆲󠅗󠇅󠆐󠆾󠆎󠄽󠅼󠆏󠆶󠄘󠅢󠄄󠆮󠇊󠅗󠄈Total Spotify streams, all-time: 130 billion+󠇟󠇠󠇡󠇢󠆢󠅷󠆈󠆯󠄨󠆕󠆤󠅳󠅪󠄫󠇊󠆪󠇒󠆼︀󠅽󠇁󠇛󠇄󠇗󠆰󠆖󠅋󠅟󠄍󠆕󠇁󠆰󠆎󠇭󠇖󠇕︋󠆍󠄥󠆮󠆍󠇯󠄯󠇘. First artist in history to cross that number󠇟󠇠󠇡󠇢󠄥󠆩󠅸󠄢󠄍󠅊󠅨󠆈󠇨󠅅󠄞󠆴󠆇󠅍󠄲󠇂󠇚󠇌󠇎󠅔󠇤󠆅󠄺󠆟︅󠇟󠅌󠅘󠇠󠆉󠆌󠅕󠅺󠅖󠆬󠄳󠄗󠄙󠅶󠅁. (Source: Hypebeast, March 2026.) 󠇟󠇠󠇡󠇢󠄾󠇬󠇧󠆈󠆲󠄳󠅐󠄯󠅚󠅶󠆒󠇞󠇘︄󠄏󠆡󠅶󠆂󠆚󠄎󠄸󠄛󠆓︀󠅿󠄿󠅅󠅨󠆬󠄨󠇫󠄀󠇘󠅖󠅁︁󠅙󠇌󠅱󠇙Gross royalties per year, post-trilogy: $100 million+󠇟󠇠󠇡󠇢󠄇󠄂󠆛󠄀󠆘󠆍󠅸󠄜󠅝󠄔󠇓󠆵󠆁󠆓󠇋󠄈󠄥︇󠆸󠄝󠄫󠅓󠇂󠄢󠄎󠄂󠅙󠇏󠅄󠇓󠆤󠅲󠆜󠄹󠆄󠆃󠇑󠅬︊󠆀. Estimated󠇟󠇠󠇡󠇢󠇡󠇇󠇇󠆌︆️󠆨󠄱󠅙󠄄󠄑󠅶󠅩󠄒󠇞󠆝󠆗󠇐󠅳󠆀︄󠆧󠄓󠆳︆󠆲󠄺󠆞󠄴󠆨󠇞󠅞󠅫󠆁︅󠆣︉󠇏󠅺︄. Multiple industry sources put annual streaming royalties at $50 to $70 million pre-trilogy󠇟󠇠󠇡󠇢󠆗󠅇󠆽󠄺󠇒󠅧︇󠅺︎󠅌󠆜󠄠󠇊󠇡󠅲󠅕󠅨󠅖󠆿󠄌󠅱󠆛󠄽󠆢󠅕󠅶󠅺󠆓󠅉󠆵󠇎︄󠆷󠆢󠅔󠆧󠄑󠇆󠆚︂. The three new albums push the year-1 gross past $100 million before co-writer splits and admin fees. 󠇟󠇠󠇡󠇢󠅞󠇐󠄆󠇛󠆃󠆳󠄰󠇇󠄏󠅩󠅱󠇐󠅗󠇫󠅋󠅮󠅍󠄅󠄇󠇘󠆡󠆇󠇢󠇔󠆾︉󠅉󠇖︎󠄆󠄈󠄼󠆤󠄷󠅪󠄺󠆇󠆀󠆢󠆿Gross revenue Drake generates for UMG: \~$310 million annually󠇟󠇠󠇡󠇢󠅝󠆫󠆯󠅞󠇒󠆡󠄆󠅈󠄒󠅜󠄱󠄟󠇃󠅆󠄻︌󠄖󠇋󠅕️󠅚󠅎󠆊󠄻󠅹󠅜󠆢󠇫︃󠄬󠆔󠅎󠆒󠇪󠇆󠆰󠆉󠇘󠄕󠇩. (*Derived estimate: 17.6 billion streams at $0.004 blended rate, \~52% label share, plus publishing and 360 deal income.)* 󠇟󠇠󠇡󠇢︇󠆔󠅴󠇁󠅦󠄥󠅁󠅻󠅬󠇍󠇏󠄥󠇒󠅖󠇊󠆰󠆨󠆓󠅨󠄗󠆸️󠇦󠄒󠇢󠅟󠅾󠅃󠆌󠇇󠇃󠅃󠄩󠅡󠅀󠅃︅󠅩󠅝󠄬Strip out UMG's cut, co-writer splits, and admin fees and you're left with roughly $50 to $66 million in net publisher share󠇟󠇠󠇡󠇢󠇣󠅐󠄦󠇮︂󠇤󠆍󠄍︎󠄨󠄽󠄳󠆕󠄋󠇃󠄘󠇔󠄃󠆏︅󠅖󠄋󠄔󠅥󠄕󠅞󠆿󠄵󠅂󠄠󠅨󠆴󠅦󠆘󠆾󠆟󠄐󠄪󠅱󠄚. That's the number acquirers underwrite󠇟󠇠󠇡󠇢󠇄󠆠󠄶󠄠󠅢󠆼󠆂󠄁󠄠󠄲󠆂󠇔󠅲󠆗︂󠄇󠆟️󠅲󠅪󠆾󠄀󠅩󠅮󠄃󠄅󠇙︍󠆸󠇏󠅶󠇝󠄘︉󠄉󠄋󠆧󠅑󠆎󠅟. At 17× NPS, the current market average for icon-tier catalogs, the catalog alone is worth $850 million to $1.1 billion󠇟󠇠󠇡󠇢󠇥󠆆󠆅󠇜󠆆󠆬︈󠇅󠄝︀󠄙󠆕󠆎󠆙󠅐󠄸󠇜󠅎󠇇󠅉󠅋󠄩󠄵󠆞󠄼󠄨󠅕󠅆󠅓󠄓󠅭󠇙󠄸󠇌󠅈󠄞󠅎︄󠇧󠄪. Add OVO Sound, DreamCrew, the OVO brand, and NOCTA's Nike royalty stream and you're at $2 billion or more depending on structure. 󠇟󠇠󠇡󠇢󠄅󠅀󠆰󠇊󠆦︁󠄷󠅅󠄩󠄢󠇕󠅗󠄏󠄗︇󠆄󠅭󠄫󠇃󠄇󠄲󠄉󠄑󠄰󠄐󠅴󠅋󠄑󠇇󠄗󠅘󠆟󠅗󠆠󠅿󠅧󠆭󠄅󠆺󠆴Three ways he gets there. ![](https://www.duethedilly.com/content/images/2026/05/image-9-1.png) ## PATH 1 : THE FULL BUYOUT A Harbourview-led syndicate acquires 70 to 75 percent of Drake's full IP empire󠇟󠇠󠇡󠇢󠇊󠆙󠅱󠅞︊󠇦󠇏󠅣󠆝󠄭󠇗󠅙󠆃󠄌󠇥󠄥︁󠇬󠄴󠆊︎󠆭󠅨󠆠󠄩󠅛︌󠄣󠇜󠆭󠆊󠅢󠆂󠄜󠆝󠆥󠄛󠅌󠄛󠇛. Headline valuation: $2.0 to $2.4 billion󠇟󠇠󠇡󠇢󠄓󠆵󠇣󠆋󠅏󠇂󠇑󠆆󠅃󠇦󠅙󠄦󠆞󠄒󠇑︋󠇟︄󠄺󠅦󠅇󠆍︃󠇨󠇪󠄂󠄮︊󠅓󠅋󠇋󠅖󠅵󠇛󠇦󠄘󠄨󠆹󠄫󠄝. Drake gets $1.4 to $1.7 billion at close and keeps 25 to 30 percent going forward. 󠇟󠇠󠇡󠇢󠄦󠅨󠄙󠅺󠄼󠅣󠅥󠄇︈󠆮󠇘󠇯󠆮󠅤󠇫󠇎󠄧󠆓󠅓︍󠆥󠇏󠅺󠆿󠆱󠆜︂󠅉󠄉󠅬󠇕︋󠇑󠅖󠅬󠅦󠇦󠅺󠅎󠄩KKR royalty-backed ABS notes: $650M Sony Music strategic equity: $450M Harbourview GP equity: $150M Sovereign LP pool (Bpifrance, ADIA, GIC): $350M Drake retained equity: $400M Total: \~$2.0 billion The ABS structure is already proven󠇟󠇠󠇡󠇢󠇠󠅿󠄒󠄤󠆶󠇓󠆘󠆕󠇋󠅅󠄟󠅰󠆺󠆤󠆉󠄱󠇂︎󠇟󠅉︋󠆍󠅘󠄫󠅽󠅄󠅪󠇥󠄿󠅾︌󠅢󠅯󠄦󠇄󠅽󠄥󠆮󠇥󠇞. Blackstone did $1.5 billion against the Hipgnosis catalog󠇟󠇠󠇡󠇢󠅝󠆹󠆉󠇦󠄌󠆯󠆩󠄊󠇨︇󠄁󠇣󠇇󠄠󠄔󠄇󠆉󠇎󠅖󠅺󠄤︄󠄹󠇕󠅯󠅮󠆱︉󠄒󠆵󠄻󠇆󠆣󠄍󠄗󠆄󠄥󠆅󠄮︅. Concord did $1.8 billion󠇟󠇠󠇡󠇢󠆅󠆬󠄑󠆧󠅿󠅏󠄅󠇑󠆇󠆉󠄇󠆂󠆅󠇅󠇩󠇃󠆂󠆐󠄌󠅊󠇊︂󠆪󠄰󠆊󠇉󠄩󠆰󠅜󠅎󠄾󠄛󠅋󠄕󠆡󠇡󠅾󠇘󠅷󠄎. KKR has done two consecutive $500 million financing rounds with Harbourview󠇟󠇠󠇡󠇢󠄞󠅔󠆗󠆋︊󠄳󠆮󠇄󠆅󠄇󠆁︃󠆑󠄥󠆅󠄭󠄥󠅧󠇊󠅂󠆜󠇘󠅪󠆲󠇘󠄡󠆱󠄄󠅻󠅚󠅎󠆛︇󠇞︆󠄹󠅁️󠆹󠅖. The plumbing is there. ## 󠇟󠇠󠇡󠇢󠇭󠅖️󠆈󠇟󠅊󠆊󠄄󠄈󠆌󠅓󠆚󠆧󠅗󠅮󠄐󠄤󠇛󠄗󠆗󠇐󠆭󠄧󠅢󠅴︃󠆟󠄲󠅊󠇀︌󠄣󠇍︊󠇫󠄅󠆈󠄨󠅮󠅻PATH 2: THE CREDIT FACILITY Drake doesn't want to sell󠇟󠇠󠇡󠇢󠇅󠅈󠅂󠆵󠆭󠆒󠆮󠄿󠄛󠆿󠆼󠄜󠅘󠄛󠆨󠆐󠄉󠆿󠆷󠄺󠄎󠄚󠅸󠅪󠆔󠆲󠆢󠄰󠅁󠄓󠇡︅󠄬󠄆󠄊󠇏󠆖󠆏︀󠇢? He doesn't have to󠇟󠇠󠇡󠇢󠄼󠄕󠇖󠅽󠅅󠆬󠆴󠄓󠅁󠆫󠅻󠇍󠅎󠆽󠄉󠇒︅󠅶󠆧󠅶󠆗󠇀󠇖󠆱󠅢󠅎󠆎︈󠆮󠆮󠄇󠅿󠇦󠆃󠆿󠆫󠇣󠆸󠆙󠆋. A royalty-backed credit facility delivers $750 to $900 million in immediate liquidity while he keeps every song he's ever made. 󠇟󠇠󠇡󠇢󠅔󠇮󠄴󠇧󠄝󠆍󠇤󠇬󠅎󠇁󠅻󠇪󠆽󠇨󠅆󠆤󠆙󠄤󠆜󠇠󠆠󠆡󠅪󠅵󠆹󠆣󠆺󠆇󠆲󠅠󠇜󠄎󠅨󠅅󠅲󠇓󠆝󠇓󠆧󠅅The catalog generates $100 million or more annually󠇟󠇠󠇡󠇢󠆠󠅆󠆜󠆞︎󠇎︇󠄏󠄕󠆃󠅉󠆫󠄼󠆯󠄭󠇨︃󠅃󠇒󠄤󠆿󠆈󠅞󠆒󠄓󠄙󠆫󠄌󠆪︁󠅳󠆨󠅿󠄀󠄂󠇌󠅎︀󠄮󠄿. Lenders extend a 5 to 7 year facility at 5.5 to 6.5 percent󠇟󠇠󠇡󠇢︉︁󠆇󠇉󠅯󠇑󠄵󠇖󠆵󠄺︄󠄦󠅤︃󠄀󠄮󠄍󠅅󠅊󠇮󠄤󠇖󠅛󠆭󠅞󠆺󠆍󠄖󠄇󠆩󠇆󠄰󠄼󠇣󠆼󠆼󠄮󠇥󠄑︅. Debt service runs about $50 million per year󠇟󠇠󠇡󠇢󠇅󠅭󠇘󠄃󠇪︄󠄊󠄛󠅥󠄠󠅹󠇄󠄛󠅊󠄨󠅑󠆃󠅎󠅡󠇍󠄗︀󠄛󠆽󠄫󠆗󠆌󠅗󠅜󠅚󠅳︃󠆝󠄳󠆴󠄬󠅉󠄖󠆣󠄧. His catalog covers it 2.5 times over󠇟󠇠󠇡󠇢󠅷󠆈󠆐󠅈󠅖󠅍󠆉󠆟󠆴󠇥󠄪󠄱󠆹󠄲󠇦󠇒󠅹󠅳󠅵󠄣󠇒󠅱󠆄︈󠇬󠄶󠄻󠄬󠆀󠄾󠄱󠆯󠄄󠇮︎󠆓󠄴󠇏󠇐󠆝. Ownership stays at 100 percent󠇟󠇠󠇡󠇢󠆴󠆂󠇦󠇄󠅌󠇫︁󠄦󠇗󠅅󠆺󠅻󠅧󠇐󠇕󠅻󠄐󠇓󠆜󠄉󠆱󠇯󠇮󠅗󠆐󠆝󠆓󠄵󠄛󠇊󠄫󠅏󠅯󠆠󠄨󠆂︋󠄸󠄵󠄒. This would be the largest single-artist royalty credit facility ever arranged. ## 󠇟󠇠󠇡󠇢󠄞︀󠅬󠅹︊󠆏󠇟󠆽󠇘󠅶󠆌󠄉󠆙󠅃︁󠄽󠇦󠅂󠆆󠆣󠆍󠆉󠅿󠆌󠄍󠄡󠅦󠄕󠅵︀󠅗󠅜󠄆󠆈󠇝󠆶󠆷󠄋󠅔󠄻PATH 3: THE HYBRID Drake sells 40 to 50 percent of his publishing catalog outright for $550 to $650 million󠇟󠇠󠇡󠇢󠇩󠄓󠄌󠅸󠄓󠄒️󠇜︉󠆉󠄥󠆖︍󠅭󠆷󠇈󠇑󠄚󠅠󠄥󠆒󠆗󠆭󠄕󠅫󠆌󠄼󠅵󠆦󠅘󠄍󠇐󠆓󠅆󠅼󠅷󠄳󠅥󠄛󠄭. Signs a new frontline label deal with Sony or Warner for $200 to $250 million in advance󠇟󠇠󠇡󠇢󠅆󠇬󠇧󠇡󠄋󠇦󠄲󠆸󠅸󠄎󠅣󠄌󠄐󠄎󠄫󠆓󠅰󠆁󠄀󠄻󠇣󠇚󠅱󠇑󠅔󠄹󠄉󠇝󠅎󠇆󠇊󠅼󠅏󠄍︅󠅃󠄽󠄚󠆍󠄾. Takes a $400 million credit facility against the retained portion. 󠇟󠇠󠇡󠇢󠇖󠄊󠄭󠄚󠄖󠄶󠇁󠅀󠅤󠄍󠇔󠅆󠆘󠅹󠄯󠄤󠅲󠄐︌󠅷󠄜󠆚󠆲󠅅󠅐󠇆󠇆󠅊󠅘󠄆󠆊󠆌󠆱󠅬︇︇󠄧󠄉󠄹󠅋Catalog partial sale: $600M cash New label advance: $225M cash Royalty credit facility: $400M cash Retained 50% catalog equity value: $650M OVO Sound + DreamCrew + OVO brand: $500M Total accessed and retained value: \~$2.375 billion He doesn't need one buyer to write a $2 billion check󠇟󠇠󠇡󠇢󠄟󠅯󠇣󠄲󠆼󠆐󠅍󠄼󠄪󠇨󠆓󠅫󠅳󠄮󠆭󠅊󠅫󠄷︂󠆐󠆃󠅪󠄵󠇍󠆅󠅑󠅎󠇛󠄐󠆰︁󠅃󠅦󠇞󠆛󠇜󠄣󠅨󠄷󠄃. He needs a transaction structured intelligently enough to unlock $2 billion from assets he already controls. ## 󠇟󠇠󠇡󠇢󠇠󠄢󠄟󠄎󠅜󠆅󠅢󠆬󠄣󠇣󠅢󠄻󠄧󠄮󠄯󠆄󠇁︎󠄑󠅇︇󠄩󠆒󠇐󠆆󠆳︎󠄺󠇏󠆱󠆿󠄓󠆨󠆢󠅤󠆍󠄺󠅇󠆷󠆀WHY DRAKE DESERVES A 30× MULTIPLE When Sony paid Springsteen roughly $500 million in 2021, his catalog was generating approximately $15 million per year󠇟󠇠󠇡󠇢󠆹󠄠󠇗󠄡󠅥󠅦󠇠󠇪󠄣󠇨󠆗󠅄󠇣󠄅󠇖󠇐󠆐󠆔󠆌󠄹︆󠇬󠆎󠆹󠅡󠆡󠅩󠄊︉󠆕󠄰󠇏󠇩󠅨󠆎󠆶󠇏󠇒󠆔󠅂. That's 33× on thin income, driven entirely by competitive panic after UMG got Dylan󠇟󠇠󠇡󠇢󠅶󠆧󠅗󠄽󠆟󠄭󠄁󠄸󠄭󠅅󠇀󠅡󠇤󠄈󠅗󠅍󠄟󠄄󠄖󠅞󠇓󠆊󠇘󠄕󠆌󠅰󠄎󠆜︊︋󠆰󠄠󠆞󠇗󠄕󠅢󠅿󠆝󠇀󠆫. The music was iconic󠇟󠇠󠇡󠇢󠄬󠅊󠄆󠄣󠄿󠇩󠄡󠇫󠅱󠅤󠇜󠅖󠅪󠄍󠄧󠆁󠆌󠇢󠅓󠇆󠇖󠅥󠅵󠄕󠇁󠆨󠆞󠆶󠇂󠅎󠆊󠆘󠆃󠆘︇󠅽󠇨󠄆󠄿󠆶. The cash flow was not. 󠇟󠇠󠇡󠇢󠆳󠄍󠇒︌󠄢󠇩󠄓󠅙󠅃󠅮󠄧︈󠅱󠄆󠄽󠄵󠇆󠅏󠄴󠇄󠅼󠄦󠄜󠇊󠆜󠇜󠅔󠆮󠅼󠄉󠅌󠆮︃󠅛󠇜󠄡󠄫󠅠󠇓󠆉Drake's catalog generates an estimated $50 to $66 million in net publisher share annually󠇟󠇠󠇡󠇢󠅊󠆎󠄸󠄝︇󠅛󠆱󠆱󠆤󠄪󠅒󠅦︉󠄣󠇮󠆖︅󠄷󠄢󠅰󠆰󠅰󠄛󠄯︋󠇒󠆦󠆄󠅱󠅵󠆚󠆢󠄌󠆞󠄽󠇐󠇍󠄟︅󠆞. More than three times Springsteen's income base󠇟󠇠󠇡󠇢󠅒󠇋󠆩󠄅󠇅󠇨󠇕󠆟󠄍󠄏󠇡󠆊󠄙󠇋󠅹󠇄󠅱󠅲󠆜󠆥󠆗󠆂󠆟︁󠅡󠆶󠆏󠄗󠆀󠄜󠅧󠅡󠆃󠄠󠄯󠆘󠇊󠅝󠇞󠇝. At 30×, you're paying $2 billion for a catalog generating real, documented, growing money󠇟󠇠󠇡󠇢󠅤󠄉󠅞󠆃󠄔󠇣󠆐󠄩️󠆀󠄝󠄘︃󠄟󠄪󠅐󠅫󠆈󠅳󠄂󠅭󠄙󠆕󠄬󠇘󠄥󠅧󠇫󠅮󠅮󠄋󠇆󠅴󠆰󠇜󠄦󠅗󠅦󠅰󠄎. The math is more defensible than Springsteen's was. 󠇟󠇠󠇡󠇢󠅼󠅿󠅳󠆗󠅵󠇨󠇅󠆄󠅉󠄅󠆥󠄫󠅠󠇚︈󠆴󠆳󠅻󠄳󠅺󠄼󠆊󠄺󠆽️󠄳󠇇󠇂󠄣󠄇󠆛󠅣󠄓󠄮󠇣󠅯󠄅󠅉󠅵󠆢But the argument that really closes it isn't income. **󠇟󠇠󠇡󠇢︈󠇡󠇋󠆁󠄩󠇠󠆷󠅈󠆸󠆬󠆦󠆇󠅅󠆻󠆷󠄥󠇏󠅡󠅑󠆻󠆨︋󠇩󠅌️󠇖󠅐󠄍󠆲󠅺󠇐󠇙󠅁󠄔󠄵󠆔󠅓󠆶󠇚󠆰It's geography**. 󠇟󠇠󠇡󠇢󠆴󠄟󠅐󠇄󠆜󠇋󠅢󠆎󠆨󠅇󠅞󠆁󠅵󠆐󠅶󠆣󠇡󠄪󠆵󠆻︈󠅪󠇟󠇀󠅞󠄳󠅴󠅙󠄒󠄂󠇄󠄐󠄍󠄖󠆨󠇔󠆿󠇆󠄛󠄍Sony bought Springsteen into a North American and European streaming base that has largely matured󠇟󠇠󠇡󠇢󠅳󠅽󠆠󠆃󠅈󠄔󠇗󠇆󠇛󠆘󠅷󠆖󠄡󠅴󠄣󠆇󠄦󠆺︈󠄿󠄞󠄊󠇜󠆤󠄊󠄄󠅌󠇢󠄱󠅡󠇒󠆛󠇎󠆗󠅹󠄦󠄍󠇔󠄲󠅐. The next 500 million Spotify subscribers are coming from Nigeria, South Africa, Brazil, India, and Indonesia󠇟󠇠󠇡󠇢󠇊󠇦󠄯󠅾󠅡󠅌󠄵󠆾󠄰󠅠󠆘󠄀󠆰︊󠆵󠆩󠆴󠅛󠇮󠄨󠄭︊󠅾󠅟󠄑󠄛󠆊󠇢󠅳󠇜󠆞󠅻󠄆󠅩︊󠇝󠆹󠄜󠄚󠇅. They are listening to hip-hop and R&B. Drake's genre blending, the dancehall on One Dance, the Afrobeats throughout the catalog, the R&B and trap fusion, Afrohouse connections with Black Coffee, Gordo, and Keinemusik travels into those markets in ways Born to Run never will. 󠇟󠇠󠇡󠇢󠅹󠄀󠅤︀󠆵󠆻︂󠆷󠇢󠆬󠄂󠄗󠅸󠇇󠄌󠆧󠅨󠄞󠆪󠆐󠄓󠆧󠅂󠆦󠄜󠆽󠇝󠄧󠅰󠅷󠅝󠄌󠄿󠆸󠄶󠅧︎󠅗︁︆For any buyer modeling royalty income to 2040, Drake's emerging market exposure is the single most important growth driver in the thesis󠇟󠇠󠇡󠇢󠆦󠅫󠆴󠅁󠆕󠇄󠄍󠄁󠆜󠄷󠆃󠄗󠅩󠅽󠅌󠄀󠄴󠇅󠇐󠅇󠇮󠄨󠄼󠇡󠅫︇︎󠄸󠅃󠇠󠅓︃󠆧󠅈󠆢󠆢󠄚󠄑󠇓󠅑. No previous catalog at this scale has been able to make that argument. 󠇟󠇠󠇡󠇢󠅹󠇩󠄯󠇮󠇅󠅋󠅭󠆪󠄭󠅸󠆠󠄡󠅜󠆡󠇌󠇣󠆣󠆱󠅉󠅗󠄚󠅯󠇚󠇪󠅉󠇗󠄲󠇊󠄷󠄌󠅂󠄿󠅌󠅁󠄭󠅁󠆑󠇗󠄂󠅒What drives a 30× multiple is always the same thing: a competitive auction where multiple buyers have existential reasons to prevent their competitors from winning󠇟󠇠󠇡󠇢󠅓󠄲󠆑󠇚󠆒󠇯󠄟󠆂󠄊󠅥󠅯󠅘󠄈󠅾󠄑󠄮󠇜󠆚󠄡󠄍󠄏󠅘󠅏󠆡󠅓󠇘󠆵󠆽󠆬󠇎󠅰󠆏󠄑󠄪󠄶󠅗󠅲󠆭󠅠︃. Dylan at 29.5×. Springsteen at 33×. That dynamic is starting to form around Drake right now󠇟󠇠󠇡󠇢󠄢󠄎󠄅󠅧󠆁󠅧󠇊󠇏󠇐󠆖󠇭󠄲󠅽󠅬󠄻󠅠󠅗󠆓󠅁󠇁󠆺󠅑󠆼󠅷󠆆󠅡󠇬︋󠄜󠆬󠆐󠅥󠇭󠆝󠅶󠇃󠆬︂󠆊󠄾. The triple-album drop just accelerated it. ## 󠇟󠇠󠇡󠇢󠇡󠆞󠇗󠄛󠆡󠄛󠇍󠄺󠇏󠆔󠇄󠇌󠇮󠆋󠅢󠄿󠄒󠇢󠆹󠇚︋󠄌󠇄󠄑󠄚󠄮󠅂󠅻󠇀︁󠅄󠄽󠅶󠇥󠇠︁󠅬󠆟󠆅󠅕THE BIDDERS **HARBOURVIEW EQUITY PARTNERS , Lead Operator GP , \~$150M equity** Newark-based, founded 2021 by CEO Sherrese Clarke󠇟󠇠󠇡󠇢󠅟󠆈󠄤󠄸󠆅󠆣󠅧︈󠄅󠆬󠆩󠆸󠄯󠆘󠆉󠆀󠄅󠆽󠇋󠅷󠅴󠄁󠇗󠄏󠄎󠅩󠄪︇️󠅪󠆖󠄭󠄯󠅻󠄂󠆺󠆵󠄸︋󠄓. $2.67 billion in regulatory AUM󠇟󠇠󠇡󠇢󠅝󠆒󠇛󠅥󠅽󠆖󠇞︎󠅲󠅵󠆪󠅓󠄁󠄥󠆬󠄍︆󠇚󠄢󠅕󠄍󠆞󠅹󠄚󠅇󠆡󠅕󠆖󠆅󠇄󠄿󠆣󠆼󠇙󠅕󠅤󠆱󠄲󠄬󠅩. Closed a $630 million fund in 2025 when fundraising was brutal󠇟󠇠󠇡󠇢󠅙󠄌󠄺󠆚󠅁󠄒󠄻︅󠅻󠇫󠅩󠇈︇󠇭󠆠󠆉󠆑󠇆󠅧󠅀󠅡󠇄󠄧󠄟󠆤󠆍󠅪︀󠄘󠅏󠅛󠄌󠄣󠅁󠇒󠆉󠆝󠅎󠇝󠄃. Two consecutive $500 million debt rounds from KKR󠇟󠇠󠇡󠇢󠄜󠅣󠅳󠇢󠅒󠅹󠄂︀󠆬󠅊󠇁︈󠆀󠇜󠇔󠆨󠆬󠄕󠅶󠆜󠇜󠆳󠄳󠄵󠅦󠇍󠄎󠅶󠅸󠄶󠆐󠇜󠇥󠆢󠆨󠅎󠄖󠅩󠄿󠅂. On paper they look like a financial fund󠇟󠇠󠇡󠇢󠅓󠆔󠅝󠄅󠅓󠅲󠄉󠆘󠆦󠆖️󠅢󠄬󠇆󠄆󠇙󠆫󠇊︇󠇩󠄷󠄉󠇤󠇁󠅃󠅞︂󠅤󠄁󠇤󠄷󠆁󠆳󠄦󠄇󠇟󠅇󠅈󠇕󠇜. In practice they're an active media IP platform󠇟󠇠󠇡󠇢󠅚󠄇󠆪󠅣󠄒󠅽󠆣󠆠󠆱󠇈󠄨󠅊󠄒󠆻󠅎󠅬󠄧󠄜󠄝󠆀󠆨󠅥󠄁󠄣󠅜︌󠆸󠆰󠅒󠅰󠇓󠆦󠇯󠇡󠇯󠆎󠅞󠄡󠆦󠆨. They produced Usher's Rendezvous in Paris concert film, financed a Queen Latifah biopic, placed Fleetwood Mac's "The Chain" in the F1 movie trailer, and placed Daniel Caesar's "Blessed" in Netflix's Forever. 󠇟󠇠󠇡󠇢󠇮󠄷󠅦󠇑󠆆󠅿︎󠄑󠄸󠆲󠆓󠄎󠅝󠇣󠄡︀󠄴󠅐󠄳󠆋󠄟󠄴󠆼󠅇󠆺󠆤󠇜︈󠇋󠆲󠅀󠇧󠇡󠇠󠇫󠄍󠇘󠄨󠄛󠆤Their role in a Drake deal is post-close value creation, sync placement, biopics, brand campaigns󠇟󠇠󠇡󠇢󠅷󠄝󠆳󠆦󠅱󠄥󠆂󠆑󠆱󠆺󠆣︂󠆑󠅾󠅬󠅽󠆠󠄟︇︂󠇍󠇓󠄅󠅏󠅔󠆂󠅳󠆽󠇕󠅑󠆶󠇮󠅆󠄴󠇪󠄬󠅵󠅄󠅀󠅳. A Drake biopic, his Degrassi-to-global-superstar arc, would be the highest-grossing music biopic ever made󠇟󠇠󠇡󠇢︇󠆑󠄂󠆽︀󠇑󠇈󠅈󠆖󠇝󠆖󠇫󠅂󠅰󠆦󠆜︄󠇠󠄧󠄘︀󠄊󠄈󠄘󠅉󠄭󠅥󠄽󠄤󠅺󠅨󠄅󠆆󠆢󠅰󠆎󠅞︅󠅑󠆨. The Bohemian Rhapsody effect took Queen's weekly streams from 15 million to 62 million overnight󠇟󠇠󠇡󠇢󠇔󠄜︃󠇧󠄇󠄤󠄏󠄖︎󠄥󠅒󠇓󠆭󠆚󠆳󠄳󠇍󠄨󠅗󠇎︋󠄴󠄾󠇉󠄃󠅬󠄮󠆜󠅽︋󠇛󠇀󠆚︊󠄫󠆭󠆉󠄚󠇥󠆟. The Michael Jackson biopic just did the same thing󠇟󠇠󠇡󠇢󠅱󠆠󠄳󠆲󠆽󠄃󠅳󠇈󠄆󠆋󠅠󠄵󠄢󠅝󠅴󠅥󠇎󠄼󠇔︅󠄞󠄢󠆲󠆍󠆥󠅏󠇚󠄊󠆗󠅡󠄯󠅀󠅲󠆂󠇈󠅁󠇁󠅾󠇜󠆊. Harbourview's check isn't the biggest󠇟󠇠󠇡󠇢󠄔󠄿󠆿︎󠇭󠇀󠅳󠄧󠄼󠆻󠆐󠆅󠆳󠅨󠇯󠄱󠄣︍󠇣󠆫󠄛󠆙󠆐󠇏󠇤󠇐󠆅󠆅󠅟󠆎󠇐︀󠄮󠄒󠄆󠆒󠆬󠅤󠆟󠆵. Their role is. **󠇟󠇠󠇡󠇢󠇮󠄙󠆼󠆭󠇌󠅹󠆨󠇎󠄌︋󠇠󠆓󠇞󠅟︆󠆼󠆶︈󠆮󠇙󠇝󠆫󠆰󠆒󠅠󠆝︃󠅣󠄲󠆐󠇐󠆠󠅆󠅭󠇑󠅒󠇈󠆂󠇋󠄁SONY MUSIC , Strategic co-lead , $400 to $450M equity** Sony paid $1.27 billion for Queen and $400 million for Pink Floyd in 2024󠇟󠇠󠇡󠇢󠄞󠆦󠄫󠄾󠄡󠅊󠅷󠆚󠄫󠇕󠆩︃󠄩󠅨󠅙󠇚󠇄󠇪󠅿󠆈󠇏󠅏󠆬󠄔︄󠅬󠆮󠅕󠄌󠄦󠆙︊󠇬󠅨󠅌󠆞︂󠆺︇󠆯. Most aggressive icon-tier catalog buyer in the market󠇟󠇠󠇡󠇢󠅧󠆊󠇫󠆲󠅾󠆀󠅳󠇗󠆇︇󠄭󠅍󠆰󠅱󠅦󠆬󠅞󠇪󠆿󠄞󠆜󠅈󠇩󠄔󠅫󠇚󠅁󠄶󠄕󠄽󠇋󠅌󠆘󠇪󠅮󠄐󠄡󠇊󠄹󠄾. OVO Sound is already distributed through Sony's Santa Anna Label Group as of January 2024󠇟󠇠󠇡󠇢󠆪󠄬󠅿󠆉󠇥󠆇󠄨󠇄󠇔󠅥󠆕󠅫󠇛󠄒󠇒󠄗󠄧󠄋󠄂︄󠇍󠆌󠄀󠆡󠆬󠅼󠅒󠆘󠅏󠆏󠆃󠄐󠄔󠄜󠇌󠅣󠆒󠇂󠅭󠆔. Sony is already in the building󠇟󠇠󠇡󠇢󠄎󠆾󠄮󠄲󠇮󠆜󠅒󠆘󠅗󠆢󠅊󠄣󠆻󠆎󠇔󠅅󠆌󠄿󠅄󠄋󠅿󠄮󠆥󠅻󠆖󠅃󠅉󠄨󠄩󠇃󠅏󠄮󠇐󠇨󠅜󠄤󠆖󠇭󠇒󠆉. A Drake acquisition would give them the most-streamed rapper alive and deal a competitive blow to Universal that no single acquisition since Springsteen has matched. **󠇟󠇠󠇡󠇢󠇁󠆿󠅄󠆂󠅗󠅇󠇁︊󠄇󠅮󠅄󠇟󠆁󠆉󠄼󠄋󠆎󠆀󠆽󠄝󠆠󠆰󠄔󠅫︀︁󠄬󠄘󠅊︎󠇒󠅏󠆜󠇭︁󠆃󠄪󠇈󠇏󠅭BLACKSTONE / RECOGNITION MUSIC GROUP , Financial co-lead , $300M+ equity** Acquired Hipgnosis for $1.6 billion in 2024, rebranded it Recognition Music Group, built it into a $4 billion portfolio, issued $1.5 billion in ABS against the catalog󠇟󠇠󠇡󠇢󠇚󠆁󠄂󠄬󠆘󠇢󠆵󠇍︍󠄣󠇐󠆆󠆟󠄤󠆸󠄊󠄯󠅿󠄲󠆉󠆉󠅲󠆛󠆃󠇩󠇋󠆺󠆪󠄮󠅤󠅚󠅟︀󠅜󠅎󠅠󠇟󠄦󠆓󠅫. The infrastructure is already done󠇟󠇠󠇡󠇢󠅏󠆇󠅇󠄗󠆱󠄐󠇥󠅶󠄑󠆙󠇌󠅽󠅣󠆗󠄪󠆑󠇕󠇍󠄼󠄋󠆅󠄖󠆊󠅳󠅔󠆂︁󠅭󠆧󠄑󠅠󠆏󠅃󠄯󠅴󠅴󠆎󠄫󠄶︅. A Drake acquisition deploys capital on an existing shelf at favorable terms. **󠇟󠇠󠇡󠇢󠄂󠆒︉󠅅︍󠄕󠇢󠄼󠅝󠄑󠅐󠄜󠄼󠇠󠅫󠄳󠅩󠅪󠇇󠅘󠅯󠄱󠅞󠆐󠄘󠇪󠆎󠅨󠆽󠇗󠄎󠆿︊󠄽󠄳󠆹󠄄󠇖󠇄󠆆KKR , Debt arranger , $650M ABS** Two consecutive $500 million debt rounds with Harbourview󠇟󠇠󠇡󠇢󠇕󠅙󠆼󠆢󠆜︃󠅸󠅯︆󠄽󠅈󠆃󠄜󠅛󠅢󠄪󠄆󠄖󠄥︀󠆯󠄍︍󠆊󠇜︌󠅵󠆼󠆹󠇤󠄃󠆪󠅬︆󠄊󠆀󠅖󠆰󠅙󠄇. The financing backbone of the entire transaction. **󠇟󠇠󠇡󠇢󠅧󠅸󠇇󠇫󠅚󠆔︂󠇟󠆂󠄐󠆣󠄓󠆰󠄅󠆈󠅴󠄖󠆓󠄜󠇔󠄳󠅹󠄺󠄧󠄔󠅟󠆝󠆖󠆘󠆒󠆻󠆩󠅯󠅴󠆢󠆚󠆆︀󠅕󠆹WARNER MUSIC + BAIN CAPITAL , Competing bidder , $1.2B joint vehicle** Announced a $1.2 billion acquisition vehicle in early 2026󠇟󠇠󠇡󠇢󠇠󠄷󠅃󠆙󠇅︁󠄽󠆱󠅞︍︍󠄉󠄐󠅗󠇊󠆨󠆰󠅵󠄆󠅿󠆼󠆶︁󠄔󠆹󠄎󠆮󠇋󠇋󠄒󠅶󠅏󠆽󠅪󠆰󠇭󠆽󠅿󠇚︄. Warner has 16 percent global market share against UMG's 32 percent󠇟󠇠󠇡󠇢󠅉󠄚󠇞󠅟󠄑󠇉󠆠󠅼󠅦󠆽󠇨󠇩󠅔󠇄󠆐󠄝󠄧󠆼󠇥󠅾󠅈󠄦󠄲󠆞󠄶󠄦󠇢󠆻︁󠆿󠆤󠄆󠅢︇󠇔󠅮️󠇍︄󠆟. Their role in this auction is to keep every other bidder honest󠇟󠇠󠇡󠇢󠆷󠇅󠅪󠅗󠄘󠆭󠇜󠅄󠅒󠄮︆󠆭︇󠆾󠅴󠇗󠆾󠆖󠆉󠄰󠄫󠆿󠆭󠇇󠅑󠄆︈󠄩󠇪󠅄󠆢󠆫󠄿󠇃󠆯󠇖󠅉󠅺󠅿󠄨. Sometimes the most important bidder is the one who drives the price, not the one who wins. ## 󠇟󠇠󠇡󠇢󠆥︉󠆨󠆍󠄤󠄁󠆜󠇙󠆛󠄾󠇤󠄒󠆰󠆈󠅵󠄥󠇧󠇜󠆹󠄦󠇓󠆫󠇄󠅈󠄬󠆜󠅇󠇢󠅆󠆶󠇑󠆎󠆒󠇔󠅷󠇤󠄥󠆢󠇌󠆖WHY UMG HAS TO BID $2 BILLION The most significant buyer in any Drake acquisition isn't Harbourview, Sony, or Blackstone󠇟󠇠󠇡󠇢︂󠅼󠅸󠅟󠅷󠆽︄󠆝󠄦︋󠅵󠇐󠇀󠅗󠄱󠇛󠇬󠅝󠆽︋󠆜󠅊󠇤󠇂󠅬︉󠅿󠄚󠇀︂󠅮󠅄󠆠󠆇󠇫󠄆󠆩󠅚󠆟󠇆. It's Universal Music Group󠇟󠇠󠇡󠇢󠆙󠅘󠅉󠅈󠆛󠄡󠄯󠅉󠆰󠇨󠇗󠅡󠅋󠆘󠆜󠆇󠇛󠆭󠆝󠆠󠄇󠄼󠅏󠆐󠇤󠅽󠅭󠄧󠅂󠅧󠆢󠅴󠆛󠇂󠆩󠆣󠄬󠇭󠄨󠄏. The company Drake is suing󠇟󠇠󠇡󠇢󠆎󠄊󠆀󠆔󠆓󠇖󠆟󠄐󠆽󠇎︁󠄾󠇉󠆎󠆲󠆠󠅛󠆘󠆴󠅹󠆓󠄚󠄜󠆦󠅘󠇮󠅂󠇒︀󠄏󠇬󠅢󠄱󠆾󠄍󠆇󠄁󠇮󠅱󠅂. The company that, if Drake walks, loses the most commercially dominant artist on their roster to a direct competitor. 󠇟󠇠󠇡󠇢󠆖︂󠅜󠇢󠅕󠄆󠄢󠆑󠅐󠆶󠄒󠇊︍󠅝󠇌󠇓󠆻󠅟󠇣󠇔󠄉󠅀󠄆󠅓󠇈󠅛󠄀󠄻󠄕󠄁󠅡󠆁󠄴󠇗️󠇄󠆞󠆃󠅭󠅀UMG total revenue (2025): $14.4 billion Drake's US consumption share, 10-year average: at least 1.9 percent (cited in Drake's own lawsuit filings) 󠇟󠇠󠇡󠇢󠇋󠄌󠄒󠄥󠅍󠅾󠆎󠅜󠄏󠆑󠅐󠅓󠅎󠆬󠆡󠄇󠆦󠄺󠅦󠅈󠇉󠆴󠆀󠆤󠄥󠇬󠆫󠄊󠇑󠄕󠄜︍󠄠󠄞󠄅󠆭󠅢󠇑󠄄󠅏Gross revenue Drake generates for UMG annually, post-trilogy: \~$310 to $360 million (derived estimate) Net EBITDA contribution UMG retains: \~$130 to $170 million per year Market cap headwind if Drake departs, base case: \~$740 million Market cap headwind, bear case, Sony gets him: \~$1.1 billion Here's where it gets interesting󠇟󠇠󠇡󠇢󠄯󠆢󠆎󠆘󠆟󠆵︌󠆕︉󠆼󠄆󠄐󠅐󠅵󠆖󠅎󠅶󠇉󠄠󠅮󠆄︌󠅵󠇠󠅿󠅕󠄧󠆄󠄩󠇌󠆤󠄅︊󠅀󠅝󠄆󠄘󠅈󠆥󠅳. Because the first reaction people have is wrong󠇟󠇠󠇡󠇢󠄦󠄠󠆌󠆉󠆭󠅿󠇅󠆤󠆝󠄏︍󠅦󠅸󠇧󠆨󠆓󠄥󠄕󠄲󠅺󠅝󠄴󠅒󠇋󠆳󠄞󠅓︁󠆌󠇀󠄆󠄶󠄈󠆝󠆏󠆅󠇟󠄨󠆂󠇌. And then there's a second thing that makes the first reaction even more wrong. 󠇟󠇠󠇡󠇢󠆿󠇬󠆞󠄄󠅏󠄈󠅣󠅎󠄈󠄝󠆧󠅇󠆘󠅃󠄫󠄢󠅈󠆹󠆾󠄥󠆙󠄈󠇑󠄢󠆄󠄴󠄛󠄢󠆑󠆺󠆃󠆵󠇜󠇐󠇀󠅍󠆼󠇊󠄈󠆧UMG keeps Drake's pre-2021 master recordings permanently󠇟󠇠󠇡󠇢󠅀󠅫󠅘󠇬󠅗󠇇󠅋︉󠅢󠆂󠄾󠅸󠄽󠄃󠇓󠆶󠆁󠅱󠄻󠆒󠄇󠅈󠄍󠅷󠅻󠄺󠆱󠇕󠇤󠄿󠅎󠄶󠆽󠇞󠄳󠆖󠄧󠅧󠅂󠆮. Thank Me Later through Scorpion󠇟󠇠󠇡󠇢󠆍󠇞󠅄󠆴󠅡󠅞󠆻︈󠇉󠄆󠄼󠇡󠇦󠆝︉󠄽󠅎󠄎󠇡󠆊󠅧󠇯︌︌󠇤︂󠄨󠅾󠅢󠄭󠆺󠅋󠆛󠅆󠇬󠆇󠄧󠄁󠆳󠄌. God's Plan, Hotline Bling, One Dance󠇟󠇠󠇡󠇢󠆒󠄅󠄏󠆹󠆖󠅀︍󠆕󠆪󠅈󠅰󠄔󠅏󠆜󠄷󠇜󠇥󠄟󠆎️󠇔󠆡󠇡󠅤󠅬󠅕󠄳󠇂︄󠄾󠅧︁󠇞󠆨󠆙󠄐󠅉󠅑󠇪󠄃. That's roughly $150 million per year in revenue that doesn't move no matter what Drake does next󠇟󠇠󠇡󠇢󠇗󠅷󠅘󠆥󠅱󠅷󠄵󠇓󠅠󠇏󠅡󠆜󠄱󠆜󠆆󠆁󠅍󠅏󠅀󠇋︃󠅳󠇕󠄬󠄠󠅻󠇝󠅬󠄘󠆚󠆿󠄥󠆣󠄂󠄬󠆞󠆜󠄧󠇢󠅍. The industry will tell you "they keep the catalog, it's fine󠇟󠇠󠇡󠇢󠄝󠄺󠆳󠄗󠆰󠆔󠇉󠄈󠆮󠄁󠅭󠅐󠄈󠇑󠅼󠇓󠇃󠅜󠅶󠅟󠆾︊󠆡󠆱󠆜︇󠆡󠇠󠅀󠅗󠇂󠆅󠅧󠇭󠄙󠄼󠇈︆󠅤󠄯." It is not fine. ## 󠇟󠇠󠇡󠇢󠅂︄󠄕󠅙󠆀󠄝󠆮󠅱󠄝󠅞󠅢󠅯󠆊󠄕󠄕󠆩󠆊󠅣󠅳󠄂󠆂󠆄󠄌󠄉󠇕󠄂︄󠆶󠅨󠄛󠄂󠆢󠇔󠆺󠅒󠅢󠅣󠄇󠆄󠅶THE COPYRIGHT CLOCK ![](https://www.duethedilly.com/content/images/2026/05/image-11-1.png) There is a federal law most people outside the music business have never heard of󠇟󠇠󠇡󠇢󠅂󠅝󠅮︂󠅵󠅖󠆽󠄗󠆎󠅚󠄽󠅤󠅿󠇚󠄉󠆈󠆗󠇟󠄺󠇀󠅱󠄥󠄨󠅰󠄎󠅱︀︄󠄽󠅻󠄣󠄡󠅛󠄫󠆰︇︋󠆌󠄜󠆾. Section 203 of the Copyright Act of 1976󠇟󠇠󠇡󠇢󠇪󠆺󠇘󠅳󠆇󠇪󠄰󠄦󠄛󠄡󠇢󠅡󠇔󠅄󠄺󠅥󠅗󠇢󠄮󠄬󠆽󠆐󠄊󠇆󠆎󠄙󠄿󠅰󠆚︋󠄼️︂󠄦︄󠅖󠅟󠄹󠅭󠇧. Congress built a reversion right into copyright law specifically because artists sign deals when they're young and broke and have no idea what their music is worth󠇟󠇠󠇡󠇢︀󠇑󠅱󠄒󠇘󠆡󠇤󠅫󠅲󠅻󠆎󠄲󠅷󠆠󠇜󠆞󠇘󠇠󠆳󠅰󠅏󠆛󠆝󠇟󠇢󠆾󠄏󠆎󠄳󠄓󠅲󠆌󠄝󠄐󠇠󠄙󠆸󠅼󠄜󠆖. The law gives authors the inalienable right to terminate any copyright grant and reclaim full ownership 35 years after publication󠇟󠇠󠇡󠇢󠅠󠇔󠇖󠆄󠇗󠆔󠄳󠆧󠆽󠆺󠅬󠅏󠇧󠇡︉󠆝󠇛󠆩󠄸󠇀󠄞󠇋︇󠅸󠅈󠅓󠄸󠄧󠅦󠅆󠅎󠆸󠆍󠄿󠅌󠅻︊󠇛󠅐󠄁. No matter what the contract says󠇟󠇠󠇡󠇢󠄩󠄉󠄀️󠄲󠅻󠄁󠅫󠇔󠇓󠅖󠆲󠇖󠆗󠇇󠅵󠇀󠇙︆󠅓󠄎󠄒󠆙󠇘󠅈󠄫󠄺󠇛︅󠄒󠇩󠄇󠅰󠅖󠇞︂󠆨󠆖󠄼󠅎. No matter what "in perpetuity" language UMG's lawyers wrote in󠇟󠇠󠇡󠇢󠅆󠇈󠅖︅󠅇󠅜︆󠇑󠄢󠆧󠅍󠆭󠄀󠅵󠅹󠇧󠅪󠄆󠇭󠆲󠅛󠅳󠄝󠄦󠅾󠅖󠄨󠇫󠅍󠅒󠅰󠆕󠅒󠄤󠆪󠇨󠇫󠇂󠅑󠅢. The termination right cannot be waived, contracted away, or signed off󠇟󠇠󠇡󠇢󠇏󠄚󠅌󠆪󠄲󠄲󠅓󠇊󠆝󠅖󠆮󠄞󠄜󠇡󠆺󠇃󠄰󠇂󠄐󠄎󠄠󠄪󠆀󠄈︃󠄇󠆝󠆰󠇑󠅟󠇏󠆳󠆮󠇩󠆨󠄑󠆀󠅀󠄵󠆛. It supersedes any private deal. 󠇟󠇠󠇡󠇢󠅔󠅸󠆹󠅜󠆧󠄉󠄧󠄔󠄶󠅻󠇘󠆅󠄞󠄔󠇨󠅖󠄒󠇢󠄈󠄖󠅔󠄦󠅀󠄪︇󠆗󠆢󠆎󠅆󠅚󠄟󠅊󠅂󠇢󠇯󠆙󠅍󠆊󠅐󠆂Drake's pre-2021 albums start reverting starting in 2045. 󠇟󠇠󠇡󠇢󠄨󠅏︍󠆁󠄰󠆠󠅵󠇮󠅝󠄜󠆃󠄖󠅩󠇖︂󠅀󠄲󠆉󠇋󠇙󠇍󠄧󠄖󠆚󠆚󠄃󠅹󠅿󠆖󠄵󠇂󠅛󠄥󠆥󠅂󠄞󠅦󠇃󠆅󠇟Thank Me Later (June 2010): window opens June 2045 Take Care (November 2011): window opens November 2046 Nothing Was the Same (September 2013): window opens September 2048 󠇟󠇠󠇡󠇢󠅢󠅢󠄻󠄾󠆴󠄋󠄞󠅁󠇒󠆍󠄫󠆞󠄘󠆰󠆴󠆽󠄳󠆙󠄙︈󠄳󠆉󠅀󠅀󠄕󠆰󠆫󠅹󠇇󠅴󠄚󠄰󠇞󠆜󠇁󠅱󠄮󠆫󠆗󠅑If You're Reading This󠇟󠇠󠇡󠇢󠅖󠄩󠅷︈󠅲󠆨󠄐󠇁󠅂󠆈󠆼󠇓󠅵󠅥󠄁󠅰󠆮️󠇅︀󠄗󠅻󠅂󠇨󠄺󠄹󠄮󠅓󠄖󠄫󠄃󠄯󠄽󠄜󠆂󠅶󠆭󠇉󠆧󠄤 It's Too Late (February 2015): window opens February 2050 Views (April 2016): window opens April 2051 Scorpion (June 2018): window opens June 2053 UMG's "permanent" ownership of Drake's most commercially dominant masters lasts 19 to 27 more years󠇟󠇠󠇡󠇢󠇄󠇞󠆾󠇪󠅲󠅓󠆑󠅅󠅭󠇢󠅢󠄫󠅹󠆱󠆦󠄴󠇘󠅺󠆔󠄓󠄑󠄨󠄯︊󠅉󠇞󠅭󠄲󠄨󠇋󠅕󠅣󠄻󠇖󠅂󠅅󠄟󠅑󠄶󠅡. Every album has a clock on it󠇟󠇠󠇡󠇢󠅞󠅦️󠅙󠇉󠇆󠅛󠅮󠇌󠅯󠇌󠅓󠇟󠆺󠇏󠄭󠇍󠅑󠇡󠄉󠄔󠆕󠄶󠇡󠆟󠇔󠆩󠄠󠇑󠇙󠇄󠅫󠆇󠆼󠄀󠄘󠄰󠆂󠆵󠆼. Drake or his estate could start serving reversion notices as early as 2035. 󠇟󠇠󠇡󠇢󠄍󠆸󠆇󠄓󠅆󠆤󠆜󠆭󠄺︇󠅗󠄄󠅂󠄓󠄀󠅀󠄣󠇉󠇏󠇓󠄼󠄒︂󠄘󠅺󠇄󠇍󠇕󠅑󠄔󠄔󠆾󠆤󠇚󠆜󠆲󠄰󠄲󠅕󠆁UMG will argue work-for-hire󠇟󠇠󠇡󠇢󠅟󠄠󠆖󠅨󠅌󠇣󠇅󠆳󠅺󠆚󠆶󠄧󠆨󠄩󠇎︎󠄿󠇠󠄖󠄷󠆘︄󠄈󠇎󠅷󠇘󠇋󠄽󠇂󠆒󠄆󠆸󠅟󠇀󠄁󠆀󠅹󠆟󠇉󠆊. Labels always do󠇟󠇠󠇡󠇢󠅼󠆒󠇡󠇄󠅈󠅳󠆤󠅾󠄳󠆡󠅃󠅗󠄾󠆫︁󠆞󠆒󠇞󠄗󠄏󠆷󠇨󠄟︎󠄊󠄷󠅉󠄅󠄌󠇡󠅇󠄳󠄌󠆺󠆴󠅖󠆅󠅎󠅮󠄥. But courts have been increasingly hostile to that argument󠇟󠇠󠇡󠇢󠅃󠄢󠇊️󠄨󠅑󠅼󠇗󠆑󠅖︀󠅺󠄈󠄊󠇁󠆍󠄥󠄏󠆱󠄏󠇐󠄀󠅽󠅩󠆆󠆇󠄨󠆷󠄛󠆶󠇫󠅎󠄾󠅗󠆴󠆘󠄴󠅍󠅝󠇢. A federal class action against UMG itself, Waite v. UMG Recordings, established that artists can proceed with Section 203 claims despite work-for-hire language in their contracts󠇟󠇠󠇡󠇢︂󠄖󠄶󠅲󠅜󠅢󠅡󠅽󠄙󠆰󠄱󠄁󠆠󠅡󠅃󠆥󠄮󠆃󠆄󠄯󠅌󠆛󠅙󠇬󠆍󠇞󠇣󠇬󠆳󠅲󠆼︊︌󠇘󠆋󠅌󠅲󠄢󠅊󠆺. Drake was signed to Young Money, Lil Wayne's imprint, not directly employed by Universal󠇟󠇠󠇡󠇢󠄖󠅞󠆻󠄕󠅨󠇮󠇟󠄇󠆲󠇎󠆉󠇋󠆋󠇇󠇚󠅪󠇠󠆲󠄠󠄰︇󠇍󠅁󠅐󠅺󠆗󠇨󠅠󠅵󠅔󠄠󠄞󠆦󠇁󠅏󠇗󠇒󠄈󠇚󠅖. The independent contractor argument is strong󠇟󠇠󠇡󠇢󠄌󠄀󠅕󠅯󠆟󠄻󠇚󠆸󠅬︎󠆃󠇧󠇕󠆠󠄻󠄦󠇚󠆝󠅣󠆆󠆰󠅈󠅾󠅼󠇙󠇚󠇥󠄜󠅚󠆆󠅭󠇕󠆊󠇣󠇟︆󠄢󠄇︁󠆼. The 2024 2 Live Crew ruling reinforced it. 󠇟󠇠󠇡󠇢󠄸󠆨󠇁󠅢󠄄󠄛󠆀󠄦󠄱󠇟󠆒󠆉󠄁󠆽󠆿󠆹󠇟󠅴󠇢󠇋󠇘󠅕󠄴󠇃󠇎󠄡󠆜󠅞󠅏󠆪󠆱󠄪︅︎󠇛󠆓󠄮󠅎︃󠆾At a 7 percent discount rate, $150 million per year for the next 22 years is approximately $1.6 billion in present value that UMG stands to lose from the pre-2021 catalog if Drake exercises reversion rights in the 2040s. 󠇟󠇠󠇡󠇢󠄁󠆼󠄸󠄈󠆯󠄘󠅃󠆔󠆌󠄗󠆎󠅋󠆑󠅇󠅲󠆋󠄿󠆠󠆃󠅉󠆴󠆎󠄖󠇢󠆗󠅣󠆤󠆥󠆛󠄉󠇦󠄆󠇙󠅸󠆧󠇧󠆱󠆮󠅂󠄼That is the card Drake is holding that nobody is talking about. 󠇟󠇠󠇡󠇢󠇒󠅅󠅈󠆈󠆉󠅫󠄾󠅸󠆤󠅺󠄏󠆊󠄭󠆘󠇣󠄾󠆠󠅅󠆀󠅄󠇡󠄙󠅎󠅿󠅘󠇮󠇑󠇜󠅣󠅂󠄯󠇢󠆺󠄘󠆦󠅝󠆤󠅿󠆺󠅇The only way UMG permanently protects those recordings is to negotiate a comprehensive deal with Drake today that contractually resolves the reversion exposure󠇟󠇠󠇡󠇢󠅒󠄆󠆝󠆗󠅱󠇩󠆥󠆈󠆉󠆛󠄫󠆌󠄝󠅲󠆽󠇮󠇕︂󠄓󠆅󠄮󠆦󠄞󠅟󠆾󠆙󠆷󠆺󠆓󠆓︊󠄔󠅛󠄛󠆬󠆆󠇈󠄞󠄨󠅊. A $2 billion transaction, done right, could include a settlement of future termination rights that no court case can unwind. 󠇟󠇠󠇡󠇢󠅽󠄌󠇕󠄚󠆱󠄷󠆄󠄼󠇕󠆌︎󠅀󠅩󠇭󠆤︅󠆞󠅟󠆼󠇤󠄠󠄶󠆛󠅵󠇚󠆜󠄀󠇋󠅞󠆙󠆘󠄵󠄿󠆅︆󠅄󠇓󠅬󠆓󠆐UMG's full exposure if they do not re-sign Drake, in present value terms: ![](https://www.duethedilly.com/content/images/2026/05/image-12-1.png) Frontline revenue loss, 10 years: \~$500 to $600 million DSP negotiation leverage lost: \~$200 to $400 million Pre-2021 master reversion exposure, Section 203, 2045+: \~$1.0 to $1.6 billion Total downside exposure: $1.7 to $2.6 billion There's also Bill Ackman. [󠇟󠇠󠇡󠇢󠇅󠄳󠆖󠄘󠇯󠅛󠇥󠆮󠇓󠆓󠆆󠄱󠄺󠆙︁󠆮󠄯︅󠅚󠇆︍󠆱󠅌󠅬󠇡󠇓󠄠󠄄󠄘󠄆󠇬󠄀󠆫󠄈󠄆󠅉󠄴󠅷󠅰󠄝Pershing Square just made a $64.7 billion bid for UMG. ](https://www.duethedilly.com/drake-universal-and-the-value-of-catalogs/)󠇟󠇠󠇡󠇢󠄎󠄐󠄴󠅛󠆜󠆠︃󠆫󠄈󠅢󠇏󠆱󠆛󠄯󠇗󠅫󠇄󠅳󠄳󠆋󠅃󠅻󠄴󠄴󠄢󠄊󠆕󠅫󠆫︊󠇖󠆚󠄩󠇃󠆃󠄈󠆁󠄃󠆇󠇑A Drake departure, followed by reversion notices arriving in the 2030s, creates a liability that wasn't in Ackman's model󠇟󠇠󠇡󠇢󠄄󠆁󠅳︁󠆱󠅮󠄋󠄺󠅰󠇤󠆬󠅫󠅥︌󠅆󠅇󠅛󠆰󠇎󠅬󠅂󠆭︅󠅧󠅡󠄌󠆂󠄃󠇠󠆄󠆨󠆸︌󠆙󠆱󠅦󠅮󠇌󠅖󠆈. UMG management cannot afford that right now. 󠇟󠇠󠇡󠇢󠅑󠅊󠅵󠅔󠆾󠅫󠅴󠄔󠄣󠇀󠄫󠄢󠆉󠄭󠅶󠅣󠅔󠇈󠄩󠅅︉󠆉︍󠅧󠄳󠅝󠄹󠅲󠇦󠅟󠅻󠄊󠇁󠆦󠅾󠅆󠆲󠄡󠄃󠇬Their rational bid is not "what is this catalog worth on an income basis󠇟󠇠󠇡󠇢󠆟󠆙󠆲󠅇󠆗󠄞󠄝󠇒󠅸󠆾󠅤󠇢󠅉󠅍󠆸󠄢󠆽󠄦󠄱󠆕󠇯󠄠󠆳󠄫󠆅󠅬󠅼️󠄦󠅎󠇡󠅽󠄤󠆶󠅹󠇧󠄴󠇌󠄔󠅽." It is "what is the total present value of everything we lose if Sony wins and Drake serves reversion notices in 20 years󠇟󠇠󠇡󠇢️󠄵󠅦󠅳󠄦󠅽󠅝󠅓󠅓󠆠󠇌󠆧󠄈󠄀󠄶󠅴󠄙󠅘󠇄︂󠇜󠇄󠅕󠄊󠆗󠇟󠅦󠇙󠅤󠄇󠇓󠆸󠅆󠇟󠄵󠄗󠄩󠆊󠆐󠇟." That calculation lands UMG at $2 billion or above. 󠇟󠇠󠇡󠇢󠇄󠆹󠆮󠆐󠆉󠄋󠅢󠅖︇󠆢󠅔󠅺󠅣󠆉󠄂󠄓󠅺󠅨󠄺󠆌󠆌󠄭󠄺󠄂󠇖󠆀︊󠅇󠇒󠄻󠆮󠅩󠇁󠇈︄󠄣󠄘󠆇󠇙󠇕The music industry spent five years watching catalog deals trade at multiples that seemed impossible until they happened󠇟󠇠󠇡󠇢󠅓󠄍󠄟󠇤󠅊󠄯󠆓󠆎󠄵󠆻󠆾󠇅󠆳󠇎󠇭󠇌︊︄󠇭️󠅼󠇀󠅫󠄐󠇨󠄝󠇌󠄶󠅫󠆸󠇝󠄅󠆢󠅿󠅂󠅾󠅽󠇯󠄼󠅤. Dylan at 29.5×. Springsteen at 33×. Queen at 25×. In every case, the multiple was not the conclusion of a financial model󠇟󠇠󠇡󠇢󠄮󠇎󠅶󠄴󠇧󠅇󠆖︇󠆨󠇘󠅪󠄒︌󠇒󠄏󠄂󠇊󠄱󠆓󠆺󠇕󠇜󠆝󠅨󠅄󠅅󠆊󠄰󠆒󠆱󠆢󠇋󠅺󠄏󠄢󠄯󠄛󠇂󠅎︈. It was the price of a war where at least one buyer decided that losing was more expensive than winning. 󠇟󠇠󠇡󠇢󠆥󠆸󠇄󠆐󠇅󠆏󠄡󠄺󠅹󠇆󠆦󠆦︍󠄽󠄖󠄈󠄉︆󠄒󠄦󠆨󠄐󠅇󠆔󠅄󠅏󠄸󠅞󠅃󠆚󠇄󠆽󠆝󠅮󠇩󠄊󠆶󠄭︃󠅬Drake is 38󠇟󠇠󠇡󠇢󠄛󠄃󠄘󠅹󠇣󠅈󠇗󠆃󠄧󠄣󠆬󠅸︍󠅻󠄈󠄂󠇨󠇙󠄴󠆌󠆲󠅮︋󠆯󠆯󠄥󠄿󠇚󠄂󠇄󠄝󠇊󠄶󠇥󠆤󠆜󠄚󠅾󠄲󠅘. Three albums in a single night󠇟󠇠󠇡󠇢󠇗󠅏󠄭󠄨󠅖󠆺󠇃󠄪󠄴󠄫󠄝󠇒󠅫︎󠇪󠅳󠆺󠄝󠅲󠄏󠅗󠇙󠅧󠅹󠆔󠆘󠅓󠄚󠅯󠇑︍󠅭󠅕󠄉󠆦󠆝󠅹︉󠇉󠇋. 2026󠇟󠇠󠇡󠇢󠇃󠅺󠅫󠆔󠅑󠆋󠅽󠅊󠆝󠇈󠆼︇󠆨󠅞󠄈󠄂󠅦󠆯󠅂󠄑󠇢︊󠇔󠆃󠆜󠅦󠄀󠄪󠅠󠆿󠆠󠄤󠅨󠅤󠇖󠇃󠆞󠆼󠄳󠄟 Spotify records for artist, album, and song simultaneously󠇟󠇠󠇡󠇢󠄁󠅞󠇂󠅓󠄅󠇡󠅜︅󠇛󠆲󠄿󠆕󠇬︃󠅳󠆗󠇌󠅪󠄃󠆖󠆆󠅡󠅏󠇍󠅴󠅂󠅯󠇪󠇝󠅡󠇩󠆲󠅫󠄦󠇬󠅜󠄽󠅦󠅌󠅓. Nearly 800,000 combined first-week units󠇟󠇠󠇡󠇢󠆵󠇝󠆨󠆀󠅟󠄃󠇡︊󠆼󠅍󠇆󠆛󠇦󠄀󠆨󠇏󠇪󠆼󠅋󠇤󠅊󠄓󠅡󠇢󠆐󠆥󠄴󠅝󠆞󠆻️󠆛󠆂󠇨󠆦󠄂󠄸󠅵󠆳󠆤. The most commercially dominant artist of the streaming era󠇟󠇠󠇡󠇢󠅉󠅾󠇥󠅛󠆤󠇢󠇪󠆣󠄱󠇂󠅛󠇜︇󠅰󠇛󠆺󠆚󠇁󠇘󠆭󠅒󠆱󠄤︈󠅩󠄛󠆑󠇭󠇡󠆿󠆾󠅈︁󠄙󠆔󠇝󠅷󠄽󠅶󠆾. He may be available. 󠇟󠇠󠇡󠇢󠇮󠆊󠇪󠆏󠅊󠇠󠇉󠅛󠇕󠇫󠄃󠇜󠆅󠇩󠄰󠇋󠇦󠄖󠄄󠇐︄󠅂󠆒󠆠󠇯󠆭󠄎󠅃󠅸󠆅󠄲󠄛󠄤󠅃󠅬󠆟󠆟󠇓󠅲󠅞And now we know there's a copyright clock ticking on the catalog UMG thinks they own forever. 󠇟󠇠󠇡󠇢󠅂󠆐󠅐󠄛󠇞󠇧︍󠆐󠄎󠄛󠆸󠄋󠅉󠆜󠇮󠆏󠆆󠄼󠄛󠅁󠆈󠇗󠄌󠅐󠅵󠆠󠇕󠅂︈󠇖󠆄󠄽󠅾󠆾󠅍󠄏󠆸󠇬󠇡󠆞I think the deal gets done above $2 billion󠇟󠇠󠇡󠇢󠆞󠆉󠅉󠇄󠆛󠄃󠅼󠄰󠄶󠄉󠄛󠄔󠅦󠇋󠆿󠄶󠅿󠆻󠇊󠆙󠄍󠇧󠇬󠆾󠆓󠅑︊󠆉󠄰󠆲󠄘󠅝󠇠󠇛󠄰󠆻󠄀󠅚󠄏󠄦. The only remaining question is whose name ends up on the press release. 󠇟󠇠󠇡󠇢󠅰󠇧󠇏󠅦󠅗󠇈󠄠󠄢󠅭󠅾󠅡󠆉󠆷󠆜󠅔󠆺󠅘󠆹󠅚󠆤󠄁󠆽󠄽︍󠄻󠄣󠄸󠇈󠅗󠆞󠆗︂󠄟󠅆󠇃󠆁󠆷󠆍󠅻󠄠Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠄓󠄆󠄖󠆛󠇫︌󠆟󠄡󠆕󠅰󠄦󠆃󠄫󠇇󠆋󠇯󠅭󠆛󠇁󠄲󠅇︃󠅓󠇕󠄇󠇏︉󠄜󠄣󠆭󠄝󠆤󠅷󠆾︊󠇁󠅚󠅜󠆊󠆪. Pass this to a friend. 󠇟󠇠󠇡󠇢󠆩︊󠅽󠅠󠄃󠇭󠅺󠇭︄󠄡󠆕󠆈󠇡︇󠇝󠅺󠇥󠆛󠅀󠄣󠄈︅󠄮󠅻󠆏󠆫󠅛󠆉󠅐󠅧︍󠆹󠆲󠇟󠄌󠇏󠆆󠄀󠄫󠅽See y'all next week, CJB󠇟󠇠󠇡󠇢󠇧󠄰󠄞󠆂󠅦󠆲󠇩󠅦󠄖󠇅󠆬󠇞󠇥󠇗󠄼󠆠󠇤󠇋󠅩󠄻󠆢󠆂󠆷󠆏󠄴󠄍󠄰󠆹󠅸󠇤󠄧󠇀󠄏󠆹󠄣󠇩󠆪󠆙󠄻󠄅 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆓︀︀󠄊󠆓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄩󠄨󠄣󠅓󠅕󠅒󠄧󠄤󠄝󠄣󠄡󠅑󠅕󠄝󠄤󠅒󠄣󠅕󠄝󠅒󠅓󠄠󠄦󠄝󠄦󠄣󠄡󠄦󠄢󠄩󠅓󠅔󠅑󠄡󠅖󠅕︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄢󠄡󠅄󠄡󠄡󠄪󠄣󠄡󠄪󠄢󠄡󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄢󠄡󠅄󠄡󠄡󠄪󠄣󠄡󠄪󠄢󠄡󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠅔󠄣󠄩󠅕󠄧󠅓󠄥󠄨󠅓󠅒󠅔󠄠󠄠󠄠󠄡󠅒󠄣󠅖󠄦󠅔󠄦󠅏󠅦󠄡󠄧󠄧󠄩󠄣󠄦󠄣󠄠󠄨󠄡󠅏󠄠󠄦󠄤󠅕󠅑󠄦󠄢󠄩󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠅔󠄣󠄩󠅕󠄧󠅓󠄥󠄨󠅓󠅒󠅔󠄠󠄠󠄠󠄡󠅒󠄣󠅖󠄦󠅔󠄦󠅏󠅦󠄡󠄧󠄧󠄩󠄣󠄦󠄣󠄠󠄨󠄡󠅏󠄠󠄦󠄤󠅕󠅑󠄦󠄢󠄩󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄢󠄩󠄧︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄠󠅔󠄠󠄧󠄩󠅔󠄨󠅒󠄦󠄨󠄠󠄠󠅕󠅒󠅒󠅕󠅕󠅑󠅒󠄥󠅒󠄨󠄠󠄢󠅓󠅕󠄦󠄡󠄢󠄥󠅑󠅖󠅕󠄣󠄩󠅒󠄡󠅑󠅕󠅖󠄤󠄥󠅖󠄠󠄩󠅖󠄣󠅔󠄠󠅕󠄩󠄩󠄨󠅖󠄦󠅔󠅒󠄠󠄡󠅔󠄦󠄨󠅓󠄠󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠆓󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠄠󠅑󠅕󠄡󠅔󠄠󠄤󠅓󠄝󠅒󠅓󠄡󠅓󠄝󠄤󠄢󠄡󠄡󠄝󠅒󠄠󠄤󠅕󠄝󠄠󠄥󠅓󠄨󠄤󠅕󠅖󠅔󠄨󠄢󠄦󠄡󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇉󠇃󠅸󠆔󠆂󠆄󠇃󠇔󠄆󠅠󠅰󠇡󠇬󠆲󠅆󠄻󠆦󠅣󠇇󠆐󠆞󠄸󠅰󠄖󠅝󠆶󠆛󠆩󠅾󠅗︈󠄀󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠆒󠄈󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇈󠆭󠆕︈︆󠄉󠄥󠅒󠄶󠅇󠄂󠄸󠄲󠆁󠆘󠄩󠆫󠅴󠄯󠇣󠄌︊󠅅󠅶󠄒󠄵︄󠄱󠄳󠅆󠅹︆︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠄡󠄠󠅖󠄧󠅑󠄥󠅒󠄝󠅒󠄥󠅑󠅑󠄝󠄤󠄣󠄩󠄡󠄝󠅑󠄡󠅓󠄢󠄝󠅒󠄨󠄢󠄨󠅕󠅕󠄨󠅑󠄠󠄡󠅑󠅑󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄩󠄨󠄣󠅓󠅕󠅒󠄧󠄤󠄝󠄣󠄡󠅑󠅕󠄝󠄤󠅒󠄣󠅕󠄝󠅒󠅓󠄠󠄦󠄝󠄦󠄣󠄡󠄦󠄢󠄩󠅓󠅔󠅑󠄡󠅖󠅕󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅤󠆘󠅝󠄎󠇀︍󠅄󠆈󠅑︈󠇔󠄏󠄭󠇊󠆾󠅟󠄤󠄒󠆒󠆙󠆂󠄸󠄲󠇪󠆤󠆨󠆈️󠆯󠅅󠄱󠇃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆧󠅗󠅻󠄉󠄯󠆡󠄬󠅅󠄵󠇞󠄍󠅢󠆮󠅭󠄫󠄽︎󠆰󠄒󠄤󠅏︁󠄌󠇕󠇚󠆣󠆮󠄷󠅖󠄂󠄰󠆨󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇓󠆱󠅾󠇝󠅧󠆖󠄸󠄄󠇁󠇛󠅌󠇌󠅀︉󠅾󠆥󠆮󠄮󠇍󠅳󠅂󠅔󠇘󠆃󠄾󠄄󠅲󠅂󠆵︃󠅐󠅵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆦󠄳󠄝󠆔󠅺󠄆󠇥󠄝󠄡︂󠆌󠄌󠆀󠇉󠅷󠆩󠇬󠅟󠅁󠄄󠄷󠆻󠆰󠅙󠆪󠄴󠇢󠇥󠄴󠇀󠆴󠆕󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅶󠄟󠅉󠄰󠆼󠆀󠅱󠄟󠆢󠆉︉󠄼󠆋󠄰󠆆󠅣󠄭󠆶󠄔󠄿󠇞󠇝󠆜︍󠇥󠅙󠄠󠄒󠆻󠆰󠅐󠄂󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄮󠄊󠅔󠇚󠇘󠇃󠆣󠆆󠄝󠄏󠅝󠇆󠄜󠅏󠄶󠇌󠄳󠇈󠆗󠄍󠄧󠄊󠄤󠅕󠆻󠇕󠄻󠄠󠇜󠄡󠄤󠇚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆚󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅪󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆴󠄠󠅲︃󠆰󠄠󠅲︃󠄵󠆐︃︂︁︂︂󠄄󠄄󠆞󠆣󠄊󠆱󠆃󠄣󠄤󠆽︂󠅮󠅚󠄜󠇓󠆩󠅘󠇠󠇗󠅏󠄮󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄣󠄠󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄠󠄡󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄠󠄻󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄍󠄠󠄋︆︃󠅅︄︊︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅚󠇊󠆑󠄣󠅒󠅯󠆘󠇙󠆝󠆶󠅄󠄍󠇚󠆳󠆐󠅍󠆛󠇋󠄣󠅑󠅬󠄩󠄹󠆩󠅹󠇘󠆼󠆷󠇉󠄤󠇙︁󠄎︌󠄗󠄏󠆠󠄇󠇆󠇝󠅒󠅺󠆨󠅹󠅌󠅰󠆦󠆿󠅵󠆿󠅫︈󠆶󠇁︇󠄪󠇒󠅛󠇡󠄎󠇊󠇡󠅍󠄋󠇇󠅵󠅉󠆣󠇧󠅾󠅠󠄮󠄱󠇅󠇘󠄮󠄄󠅧󠇫󠆇󠄋󠆇󠆼󠅇󠇪󠆴󠆦󠆨󠆺󠅞󠆪󠇋󠇦󠅼󠅂󠄠󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇙󠆆󠅣󠆹󠆶󠇎󠅳󠇅󠄟󠆺󠆶󠄟󠅫󠅒󠅹󠅁󠅋󠇩󠆾󠇑󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆬󠅵󠇊󠄊󠇀󠆂󠇂󠄙󠄡󠅖󠅈︍󠄚󠅈󠇂󠄢󠆦󠄳󠇫︉󠇖󠇖󠅱󠆃󠄈󠆩󠅦󠄧󠆏︌󠅷󠆹󠅑󠄠󠄤󠄬󠅮󠆰󠅿󠄙󠆔󠇣︍󠆰󠆚󠇮︎󠇍︂󠄡︀󠆞󠆖󠇊󠅘󠇑󠄄󠇬󠆆󠅔󠆔󠆚󠆧󠅱󠄠󠆨󠅽󠆣󠅋󠇤︊󠆴󠅹󠆲󠄗󠄽󠅎︍󠆧󠅓󠆩󠅇󠆹󠆹󠆷󠆅󠇋󠅣󠇥󠇯󠅟󠇫󠇩︉󠅟󠇍󠅤󠅸󠆃󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄︃󠄩󠅞󠄯󠆨󠄘󠆁︋󠇮󠄗󠆢󠅐󠆇󠅪󠆵󠆏󠄟󠆱󠄨󠇢󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄇︍󠄣󠄡󠄠󠄤󠄡󠄦󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇣󠅆󠅊󠅤󠆴󠅎󠇒󠄾󠆙󠅋󠆕󠇮󠆀󠆩󠇍󠇒︃󠄕󠆑︆󠄩󠄀󠄻󠆡󠄫󠅋󠅸󠆧󠇠󠆀󠇬󠄐󠆺󠆣󠇪󠄏󠇈󠅺󠇛󠅎󠅸󠆵󠅝󠄽󠆱︀󠆩󠇯︀︃󠆹󠇈󠅑󠇗󠅱󠇪󠅀󠆴󠅴󠅗󠅂󠆚󠄞󠇋︀󠆗󠅀󠄾󠄩󠇦󠆜󠄼︁󠄜︎󠅪󠄕󠆉️󠄽󠆪󠆼︉󠅅󠄚󠆨󠅌󠆺󠆕︋󠄆󠇚󠆥󠅑󠇤󠅳󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠄈︃󠄮󠅴󠄆󠅼︄󠄪󠅻󠄰󠆶󠆴󠆓︎󠆛󠄪󠅳󠅥󠅓󠇜󠇐󠄡︍󠅑󠄾󠆀󠅛︄󠆄󠇔︄󠅕󠆡󠆜󠅿󠆀︉󠆭󠆋󠆞󠄄󠇠󠅂︌󠆟󠇐󠆱󠄕︂󠄡︀󠅾󠇒󠆙󠅠󠆗︇󠅇󠄹󠆦󠄀󠆢󠅐󠅗󠇠󠄨󠆼󠄻󠆀󠆠󠄵󠇀󠆄󠆡󠄾󠇊󠅌󠆍󠆬󠇔󠄉︉󠅭󠄼󠇪󠆂󠅮󠅬󠆴︊󠅩󠅸󠄨󠅷󠆧󠆪󠇃︉󠆈󠅉︃󠄉󠄠󠅲︃󠄅󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄞󠅎︄󠆥󠇛︈󠅍󠇂󠅗︈󠇓󠅁󠄉󠅴󠄾󠅵󠅘󠆷󠆵󠆬󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄇︍󠄤󠄦󠄠󠄤󠄡󠄠󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆢󠄜󠄦󠄢󠅑󠄵󠄺󠇩󠄪󠄬󠅔󠅫󠄱󠆭󠄍󠇙󠆉󠇍󠄈︊󠆠󠄤︎󠆗︄󠇜󠇝󠇠󠄒󠅹󠆙󠇖󠆫󠅦󠅊󠅣󠄠󠇪󠅡󠄠󠅬󠆌󠆭󠄓󠄫󠇒󠅾󠅹󠅜󠄭󠅈󠄮󠆛󠅵󠆚󠄺󠆮󠄿󠆻󠇃󠇣󠇈󠄱󠆔󠅯󠆖󠆲󠅠󠅜󠅛󠅩󠄀󠅱󠆩󠆩󠅙󠇃󠄓󠇚󠆹󠆓󠇐󠅀󠅊󠅌󠇏󠄾󠄭󠄹󠄻󠄃󠇇️󠅤󠇧󠅏󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆎󠆂󠄃󠆊󠆥󠇧󠅃󠆧󠆩󠄼󠆢󠆆󠄥︎󠅇󠄔󠄝󠄸️󠅩󠆑󠇛󠆎󠆷󠆗󠄜󠄟󠆸󠄋󠆅󠇤󠅮󠄹󠇠󠅢︈󠇊󠄢󠅖󠇪󠇐󠄒︃󠇆︈󠇕󠆳󠆥︂󠄡︀󠆩󠅛󠅟󠅬󠇎󠅢󠆑︍︍󠄾󠇎󠆏󠆉󠆌󠇅󠄱󠄣󠇟󠇄︂󠅪󠄁󠅰󠇤󠆿󠆭󠄳󠇟︂󠆗󠆜󠅒󠄑󠄜󠅀󠅙︂︋󠅾󠆯󠄍󠆢󠆜️󠄳︇󠄑󠄽󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄩󠄡󠄠󠅖󠄧󠅑󠄥󠅒󠄝󠅒󠄥󠅑󠅑󠄝󠄤󠄣󠄩󠄡󠄝󠅑󠄡󠅓󠄢󠄝󠅒󠄨󠄢󠄨󠅕󠅕󠄨󠅑󠄠󠄡󠅑󠅑󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄩󠄨󠄣󠅓󠅕󠅒󠄧󠄤󠄝󠄣󠄡󠅑󠅕󠄝󠄤󠅒󠄣󠅕󠄝󠅒󠅓󠄠󠄦󠄝󠄦󠄣󠄡󠄦󠄢󠄩󠅓󠅔󠅑󠄡󠅖󠅕󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅤󠆘󠅝󠄎󠇀︍󠅄󠆈󠅑︈󠇔󠄏󠄭󠇊󠆾󠅟󠄤󠄒󠆒󠆙󠆂󠄸󠄲󠇪󠆤󠆨󠆈️󠆯󠅅󠄱󠇃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆧󠅗󠅻󠄉󠄯󠆡󠄬󠅅󠄵󠇞󠄍󠅢󠆮󠅭󠄫󠄽︎󠆰󠄒󠄤󠅏︁󠄌󠇕󠇚󠆣󠆮󠄷󠅖󠄂󠄰󠆨󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇓󠆱󠅾󠇝󠅧󠆖󠄸󠄄󠇁󠇛󠅌󠇌󠅀︉󠅾󠆥󠆮󠄮󠇍󠅳󠅂󠅔󠇘󠆃󠄾󠄄󠅲󠅂󠆵︃󠅐󠅵󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆦󠄳󠄝󠆔󠅺󠄆󠇥󠄝󠄡︂󠆌󠄌󠆀󠇉󠅷󠆩󠇬󠅟󠅁󠄄󠄷󠆻󠆰󠅙󠆪󠄴󠇢󠇥󠄴󠇀󠆴󠆕󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅶󠄟󠅉󠄰󠆼󠆀󠅱󠄟󠆢󠆉︉󠄼󠆋󠄰󠆆󠅣󠄭󠆶󠄔󠄿󠇞󠇝󠆜︍󠇥󠅙󠄠󠄒󠆻󠆰󠅐󠄂󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄮󠄊󠅔󠇚󠇘󠇃󠆣󠆆󠄝󠄏󠅝󠇆󠄜󠅏󠄶󠇌󠄳󠇈󠆗󠄍󠄧󠄊󠄤󠅕󠆻󠇕󠄻󠄠󠇜󠄡󠄤󠇚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐󠇑󠆷󠄮️󠇙󠅣󠅈󠅨󠆾󠄽󠄎󠅗󠅥󠅊󠇑󠆣󠄼󠄍󠄧󠄂󠆨󠇇󠇢󠆗󠄻󠅯󠆉󠅹󠆎󠄍󠆊󠄌󠆤︅󠆕︄󠄥󠆾󠅹󠇉󠄻󠇫󠅩󠅛󠅂󠅸󠆈󠆔︍󠆈󠅳󠅔󠄯󠆩︈󠆰󠄋󠅽︂󠇏︇󠇯󠅀󠄌︇󠅖󠄩󠄌󠅷󠇋︇󠇫󠇕︀󠇥︊󠄳︀󠇞󠅗︇︄󠅁󠅣󠆄󠆻󠆽󠅝󠅬󠆵󠄋󠅊󠇭󠆳󠆖󠆇︀︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### Drake, Universal and the Value of Catalogs URL: https://www.duethedilly.com/drake-universal-and-the-value-of-catalogs/ Last updated: 2026-05-20T01:30:23.000Z 💡 It's Tuesday, but I had to take my time with this one, because it's important. Bill Ackman runs a private equity fund named [Pershing Square](https://pershingsquareholdings.com/?ref=duethedilly.com). They are an activist hedge fund, which means they take positions in companies, then advocate for things that company should do, by [putting pressure on companies in public](https://www.musicbusinessworldwide.com/files/2026/04/PershingSquareLetter-1.pdf?ref=duethedilly.com). He dropped one of the hardest singles of the year so far, on Bloomberg. It's called *IPO Dreams.* Let's listen together: 0:00 /3:00 1× Ackman on the Beat (and the board) ### Now, let's break the lyrics down together: Transcript · Pershing Square · 2026 # IPO DREAMS **Bill Ackman** ft. Universal Music Group ✓ VERIFIED 3:00Runtime 10Annotations \~$33BSubject €18UMG Price \[Interviewer\] Can we talk about one of those big ideas? In Universal Music Group. You come forward with an offer to buy this company and a lot of people scratch their heads. What is the game plan? \[Verse 1 — Bill Ackman\] Actually, the game plan there is absolutely we need the support of Bolloré Group. But what we're proposing is very much aligned with what they're interested in. "we need the support of Bolloré Group" Vincent Bolloré's family controls \~18% of UMG. You can't restructure without them. Ackman isn't making a hostile move — he needs the biggest shareholder in the room to say yes. **This is how deals actually work at this level.** Due Dilly · Forensic Analysis \[Verse 2\] Universal remains the dominant company in the recorded music industry. It's done a very good job with that. But they've not sort of graduated from being operating like a private company into being a public company. "they've not graduated from operating like a private company into being a public company" UMG went public in September 2021 on Euronext Amsterdam. But public company behavior — transparency, IR discipline, clear capital allocation — takes cultural change. **UMG still acts like a Bolloré-controlled private asset.** Investors aren't pleased (Bill is 'investors'). Due Dilly · Forensic Analysis \[Hook\] And they've lost the confidence of shareholders in the analyst community. The business value has grown. And the multiple that people assign to the earnings of the company has declined. "the business value has grown, and the multiple has declined" This is the trap. Revenue is up. Streaming is growing. But the market is pricing in: How fast can streaming still grow? Will pricing power hold against Spotify, Apple, TikTok, YouTube? When investors can't answer those questions confidently, **they apply a discount.** Due Dilly · Forensic Analysis \[Verse 3\] The company first day of trading was 25 euros. September of '21\. Here we are almost five years later. The stock is 19 euros, 18 euros. So that's not a good performance. The company really needs a reset. "The stock is 19 euros, 18 euros...that's not a good performance" IPO was €25 in September 2021\. Five years later: €18–19\. In the same window, the S&P 500 is up \~60%. **The business didn't fail — the story did.** Markets punish conglomerate complexity, unclear accountability, lack of catalysts. Due Dilly · Forensic Analysis \[Bridge\] It's also listed really in the wrong exchange. It's really a U.S. company. So our transaction moves the company from Amsterdam to a U.S. listing. That alone is meaningfully value creating. "it's listed in the wrong exchange" UMG is a global company with most of its revenue tied to US-dominated streaming platforms and US artists. Being listed in Amsterdam means European institutional investors set the price — **and they think about this differently than US growth investors do.** Due Dilly · Forensic Analysis \[Verse 4\] The company has unmonetized assets on the balance sheet. Their stake in Spotify. We think they should sell the balance. But our transaction effectively enables a cancellation of about 17 percent of the outstanding shares, a migration of the company here, a new board of directors led by Mike Ovitz. "unmonetized assets...their stake in Spotify" UMG holds Spotify equity that isn't generating returns as a holding — it's just sitting there. Ackman's point: **monetize it.** UMG later announced selling half. He thinks they should sell all of it. Due Dilly · Forensic Analysis "a cancellation of about 17 percent of the outstanding shares" A buyback at this scale signals: management believes the stock is undervalued. It concentrates ownership and improves per-share metrics. **Combined with the Spotify sale, this is a balance sheet reset in one move.** Due Dilly · Forensic Analysis "a new board of directors led by Mike Ovitz" Ovitz co-founded CAA and was briefly president of Disney. **Ackman putting him at the head of the board is a credibility play** — someone who understands creative industry dynamics AND investor expectations. Due Dilly · Forensic Analysis \[Chorus\] And you're hopeful that they will be receptive to this? I mean, the company has to do something. This is a very good solution to the various issues that confront the company. "the company has to do something" This is the core argument. Not: *our offer is good.* But: **the status quo is untenable.** When you frame it that way, you're not selling a deal — you're naming a problem the other side already knows they have. Due Dilly · Forensic Analysis \[Outro\] I mean, yes. Look, the exchanges are natural monopolies. If you're not listed in a market which has the most demand, your cost of capital is going to be higher than it should be. Europe has too many exchanges. If I were in charge of Europe, I would consolidate the London Stock Exchange, Euronext, kind of bring the various exchanges. But there's sort of nationalism, I think, prevents that. "Europe has too many exchanges...nationalism prevents that" Exchanges are natural monopolies — liquidity concentrates. Europe has fragmented its capital markets across national lines for political reasons, not financial ones. **European listings structurally trade at a discount to US ones.** Ackman says the quiet part loud. Due Dilly · Forensic Analysis Due Dilly Infrastructure for comprehension ### **Why this matters** The market is asking: - How fast can streaming still grow? - Will pricing power hold against Spotify, Apple, TikTok, YouTube, etc.? - Is publishing/recorded revenue “bond-like” (stable, low-growth) or “tech-like” (compounding, high-multiple)? *Music catalogs are not just IP. They're infrastructure.* Bill Ackman is betting that Universal Music Group — the largest catalog on the planet — is mispriced. Not because the music got worse. Because the story told to markets hasn't caught up to the asset. He made those comments for a specific audience, because they are listening to him. If Universal goes, other labels will have to explain (or decide) who they want to be. Artists will too. ### The Accelerator Playbook: Where to Go, What to Know, and How to Get In URL: https://www.duethedilly.com/the-accelerator-playbook-where-to-go-what-to-know-and-how-to-get-in/ Last updated: 2026-05-19T22:16:36.000Z ### 🏙️ BY CITY --- ### 🗽 New York City New York's accelerator scene is built for founders who move fast and think bigger than just tech. Fintech, media, consumer, and enterprise software are all well-represented here. [**Entrepreneurs Roundtable Accelerator (ERA)**](https://www.eranyc.com/?ref=duethedilly.com) — One of NYC's longest-running and most active accelerators. Backs early-stage tech companies across consumer, SaaS, and fintech with a deep network of NYC investors and mentors. Demo Day here actually means something. [**AngelPad**](https://www.angelpad.com/?ref=duethedilly.com) — Runs programs out of both NYC and San Francisco and has been ranked the top US accelerator by MIT's Seed Accelerator Benchmark every year since 2015\. Tiny cohorts of 15 companies, intense mentorship, and a less than 1% acceptance rate. Getting in is the signal. Terms: $120K for \~7% equity. [**Dreamit Ventures**](https://www.dreamit.com/?ref=duethedilly.com) — NYC-based with a sharp focus on healthtech, securetech, and urbantech. Works with companies that already have a product in market but need to scale fast. Not for pre-product founders, this one's for founders who need to close their first big customers. [**IndieBio NY**](https://www.indiebio.co/?ref=duethedilly.com) — The NYC outpost of SOSV's biotech-focused accelerator. Designed to turn scientists into startup founders, with the biggest checks in the accelerator game, up to $525K at the start of the program. If you're building in biotech and you've got the science, this is your room. [**Techstars NYC**](https://www.techstars.com/?ref=duethedilly.com) — Part of the global Techstars network with a strong NYC chapter. 13-week program, $120K investment, access to 10,000+ mentors worldwide, and a track record that includes SendGrid, ClassPass, and Outreach. Terms: $20K + $100K convertible note for 6% equity. [**a16z Speedrun**](https://www.a16z.com/speedrun?ref=duethedilly.com) — Andreessen Horowitz's 12-week in-person accelerator. Up to $1M in investment, $5M+ in partner credits, and direct access to the a16z network. Runs cohorts in NYC and San Francisco. One of the most competitive programs out there right now. ### 🌉 San Francisco / Silicon Valley The OG. The accelerator ecosystem here is the most mature, most competitive, and most connected in the world. Every program here has institutional follow-on capital within reach. [**Y Combinator**](https://www.ycombinator.com/?ref=duethedilly.com) — The gold standard. Period. YC practically invented the modern accelerator model and still runs the most powerful one on earth. Up to $500K in funding, a three-month intensive program, and a Demo Day in front of the best investors on the planet. Alumni include Airbnb, Dropbox, Stripe, Reddit, and Coinbase. Acceptance rate is about 1%. Four batches a year as of 2024, with 60% of companies in recent cohorts focused on AI. [**Techstars San Francisco**](https://www.techstars.com/?ref=duethedilly.com) — 13-week program embedded in the heart of the Bay Area tech ecosystem. Strong mentorship, tight corporate partnerships, and a global alumni network. The SF chapter is one of the most active Techstars programs in the country. [**500 Global**](https://www.500.co/?ref=duethedilly.com) — 2,800+ companies across 80+ countries and counting. Their SF program is four months, rolling admissions, and focused on helping early-stage companies find product-market fit and scale. Terms: $150K for 6% equity. Strong global network if you're building for international markets. [**AngelPad SF**](https://www.angelpad.com/?ref=duethedilly.com) — The SF counterpart to their NYC program. Same intimate cohort model, same MIT-ranked top performance, same intense founder-first approach. [**South Park Commons**](https://www.southparkcommons.com/?ref=duethedilly.com) — More anti-accelerator than accelerator. No demo day, no deadline pressure, no cohort sprint. Just a tight community of experienced founders and domain experts working through ideas with serious intellectual rigor. Fellowship provides $400K upfront for 7% equity. If you want space to think before you build, this is it. [**Alchemist Accelerator**](https://www.alchemistaccelerator.com/?ref=duethedilly.com) — Exclusively focused on enterprise and B2B technology. If you're selling to businesses, not consumers, Alchemist is one of the best programs available. Virtual-first with optional co-working in SF or Memphis. Known for strong customer intro networks. [**Plug and Play Tech Center**](https://www.plugandplaytechcenter.com/?ref=duethedilly.com) — One of the most active accelerators on the planet by volume, with 2,800+ startups accelerated, $1B+ AUM, 35 unicorns, and 550+ corporate partners. Sector-specific programs in fintech, mobility, and healthtech. Zero equity required for participation. Alumni include PayPal, Dropbox, and LendingClub. [**IndieBio SF**](https://www.indiebio.co/?ref=duethedilly.com) — SOSV's flagship life sciences accelerator. Six-month residential program for founders turning scientific breakthroughs into startups. Up to $525K in investment at the start. The biggest check size in the accelerator world for a reason. [**HAX**](https://www.hax.co/?ref=duethedilly.com) — SOSV's hardware accelerator. For founders building physical products, devices, and hard tech. Six-month collaborative residency with engineering and design support, plus an initial $250K investment to de-risk the core technology before raising a seed round. [**StartX**](https://www.startx.com/?ref=duethedilly.com) — Stanford's accelerator. 2,500+ founders, $40B+ in total portfolio valuation. Equity-free, so you keep full ownership. You get mentorship, resources, and deep Stanford network access in exchange. One of the rare programs where the brand alone opens doors. ### 🎬 Los Angeles LA's accelerator scene runs on entertainment, consumer tech, and a growing wave of deep tech coming out of USC and Caltech. The vibe is different here and so is the deal flow. [**a16z Speedrun LA**](https://www.a16z.com/speedrun?ref=duethedilly.com) — One of the primary cities for Andreessen Horowitz's in-person accelerator cohorts. Being in LA gives you proximity to the entertainment and consumer industries that SF doesn't have. Up to $1M in investment for accepted companies. [**Amplify.LA**](https://www.amplify.la/?ref=duethedilly.com) — Seed-stage accelerator deeply embedded in the LA tech ecosystem. Backs consumer and B2B startups with capital and hands-on mentorship from operators who've built companies in this market. One of the best communities for founders new to LA. [**Techstars LA**](https://www.techstars.com/?ref=duethedilly.com) — The LA chapter of the global Techstars network, with a strong focus on entertainment tech, consumer, and the industries that make LA different from every other tech hub. [**USC and Techstars Accelerator**](https://www.techstars.com/?ref=duethedilly.com) — A joint program between USC and Techstars backed by Techstars' full network and resources. Draws from the USC ecosystem but is open to outside founders with relevant ideas. [**Viterbi Startup Garage**](https://www.usc.edu/?ref=duethedilly.com) — USC's one-year incubator for deep technology, machine learning, and AI-enabled companies. If you're coming out of USC with something technical, this is your first stop. [**Sputnik ATX LA**](https://www.sputnikatx.com/?ref=duethedilly.com) — The LA presence of the Austin-based accelerator focused on pre-seed companies in tech and fintech, with a strong emphasis on underrepresented founders. ### 🌴 Miami Miami's accelerator ecosystem is newer but moving fast, with a serious edge in fintech, LatAm-facing companies, and impact-driven ventures. [**Venture Hive**](https://www.venturehive.co/?ref=duethedilly.com) — One of Miami's foundational startup accelerators. Runs structured cohorts for early-stage tech and consumer companies and has been part of building the Miami ecosystem before it was cool to say "Miami is a tech hub." [**TheVentureCity**](https://www.theventurecity.com/?ref=duethedilly.com) — Founders and operators turned funders. Invests in early-stage mission-driven and diverse founders with a strong presence in Miami and Europe. Capital is not enough for these guys, they show up and work alongside the companies they back. [**eMerge Americas**](https://www.emergeamericas.org/?ref=duethedilly.com) — More of an ecosystem event than a traditional accelerator, but the programming, investor access, and LatAm connections make it one of the most important touchpoints for Miami founders raising their first round. [**Endeavor Miami**](https://www.endeavor.org/?ref=duethedilly.com) — Part of the global Endeavor network, selecting and supporting high-impact entrepreneurs in South Florida with mentorship, capital access, and a global network of fellow founders. ### 🔔 Philadelphia Philly's accelerator scene punches above its weight, powered by a deep university research pipeline in life sciences, healthcare, and deep tech. [**Dreamit Healthtech**](https://www.dreamit.com/?ref=duethedilly.com) — Philadelphia is Dreamit's home base and their healthtech track is one of the best in the country. If you're building in digital health and you have customers or pilots already, this is the room. [**Ben Franklin Technology Partners**](https://www.benfranklin.org/?ref=duethedilly.com) — State-backed early-stage program with an accelerator component focused on life sciences and technology coming out of Penn, Drexel, Temple, and Jefferson. Not sexy, but the capital is real and the university pipeline is deep. [**Technically Philly Ecosystem**](https://www.technical.ly/?ref=duethedilly.com) — More community than accelerator, but a critical entry point to the Philly startup network with programming, connections, and events that create the relationships that lead to checks. ### 🤠 Dallas / Fort Worth Dallas's accelerator scene is maturing fast, driven by the tech migration from the coasts and a growing base of enterprise, fintech, and energy tech founders. [**Dallas Entrepreneur Center (DEC)**](https://www.thedec.co/?ref=duethedilly.com) — The hub of the Dallas startup ecosystem. Runs programming, pitch events, and early accelerator-style support for founders across fintech, proptech, and SaaS. Your first stop if you're building in Dallas. [**Capital Factory Dallas**](https://www.capitalfactory.com/?ref=duethedilly.com) — The Austin-born accelerator with a strong DFW presence. Capital Factory is the most active investor in Texas startups and runs one of the best accelerator networks in the state. [**Techstars Industries of the Future**](https://www.techstars.com/?ref=duethedilly.com) — A Techstars program with a Dallas presence focused on energy tech, supply chain, and industrial sectors that are uniquely dominant in the Texas market. ### 🎸 Austin Austin's accelerator ecosystem is young, growing fast, and has the energy of a city that knows it's arrived. [**Capital Factory**](https://www.capitalfactory.com/?ref=duethedilly.com) — The flagship of the Texas startup ecosystem. The most active investor in Texas startups, running one of the best accelerator programs in the south. If you're building in Austin, this is the room you want to be in first. [**Sputnik ATX**](https://www.sputnikatx.com/?ref=duethedilly.com) — Pre-seed accelerator focused on tech and fintech with a real emphasis on underrepresented founders. Attached angel investor network. One of the most important programs in Austin right now. [**Quake Capital Partners**](https://www.quakecapital.com/?ref=duethedilly.com) — Seed-stage accelerator and venture fund investing across AI, fintech, healthtech, and consumer goods. 200+ companies backed, up to $200K investment, 12-week program, and Demo Days in major cities including Austin. [**Notley Ventures**](https://www.notleyventures.com/?ref=duethedilly.com) — Austin-based impact ecosystem backing founders solving social and environmental challenges. More community than traditional accelerator but with real capital behind it. ### 🏭 BY INDUSTRY ### 💰 Fintech [**Y Combinator**](https://www.ycombinator.com/?ref=duethedilly.com) — The most fintech exits of any accelerator on the planet. Stripe, Brex, Ramp, Mercury, and more all came through YC. If you're building in fintech at any level, YC is still the top of the list. [**Plug and Play Fintech**](https://www.plugandplaytechcenter.com/?ref=duethedilly.com) — Plug and Play's fintech vertical is one of their strongest, with corporate partnerships across major banks, insurance companies, and financial institutions that can be your first enterprise customer. [**Alchemist Accelerator**](https://www.alchemistaccelerator.com/?ref=duethedilly.com) — For B2B fintech companies selling to enterprises and institutions. One of the best customer intro networks in the game for enterprise deals. [**500 Global**](https://www.500.co/?ref=duethedilly.com) — Strong fintech portfolio globally, particularly in emerging markets. If your fintech has an international angle, 500 Global's network is unmatched. [**Startupbootcamp Fintech**](https://www.startupbootcamp.org/?ref=duethedilly.com) — Industry-specific accelerator with a deep fintech track. Global presence with programs in multiple cities and strong ties to banking and payments incumbents. ### 🏥 Healthtech / Biotech [**IndieBio**](https://www.indiebio.co/?ref=duethedilly.com) — The world's leading biotech accelerator. Scientists become startup founders here. Up to $525K investment, lab access, and a network of life sciences investors. If you have the science, this is the room. [**HAX**](https://www.hax.co/?ref=duethedilly.com) — For hardware and medtech founders building physical health devices and diagnostic tools. Deep engineering support and a $250K initial investment. [**Dreamit Healthtech**](https://www.dreamit.com/?ref=duethedilly.com) — Focused exclusively on digital health and medtech companies that have a product in market and need to scale. Strong customer intro network with health systems. [**Rock Health**](https://www.rockhealth.com/?ref=duethedilly.com) — San Francisco-based fund and accelerator exclusively focused on digital health. One of the most well-known names in healthtech investing with a portfolio that includes some of the biggest names in the space. [**MassChallenge Health**](https://www.masschallenge.org/?ref=duethedilly.com) — No equity taken. Cash prizes for winners. Strong track in healthcare and life sciences with mentorship from some of the best operators in the industry. ### 🌱 Climate / Cleantech [**MassChallenge**](https://www.masschallenge.org/?ref=duethedilly.com) — Equity-free model makes it ideal for cleantech and social impact companies that are often more capital-intensive at early stages. No equity, no problem. [**Imagine H2O**](https://www.imagineh2o.org/?ref=duethedilly.com) — San Francisco-based accelerator exclusively focused on water innovation and sustainability. If you're solving a water-related problem, this is the only program built for you. [**Greentown Labs**](https://www.greentownlabs.com/?ref=duethedilly.com) — The largest climatetech incubator in North America, based in Houston and Boston. Workspace, community, and resources for hardware-intensive cleantech founders. [**SOSV Climate**](https://www.sosv.com/?ref=duethedilly.com) — SOSV runs climate-focused programming through their existing HAX and IndieBio tracks. If your climate solution has a hardware or biotech component, SOSV is a natural home. ### 💻 Enterprise / B2B SaaS [**Alchemist Accelerator**](https://www.alchemistaccelerator.com/?ref=duethedilly.com) — Exclusively enterprise. If you're selling to businesses and not consumers, Alchemist is the best accelerator in the game for your category. Customer intros are the real currency here. [**Forum Ventures**](https://www.forumvc.com/?ref=duethedilly.com) — B2B SaaS-focused accelerator that pairs each founder with a dedicated managing director who functions as a fractional co-founder. Probably the most hands-on program for SaaS companies at the pre-seed stage. [**Techstars AI**](https://www.techstars.com/?ref=duethedilly.com) — Techstars' dedicated AI accelerator launched in 2025, focused on AI-native products. Terms: $220K for \~5%. Specifically built for the founders who are building what everyone else is talking about. ### 🖤 Diversity-Focused [**HBCUvc**](https://www.hbcu.vc/?ref=duethedilly.com) — Trains HBCU students and alumni to become venture investors and deploy capital into Black-founded startups. In 2024 their alumni fellows invested over $10M into Black-founded companies. Building the pipeline from the ground up. [**Google for Startups Accelerator**](https://www.startup.google.com/?ref=duethedilly.com) — Google's direct accelerator program for underrepresented founders, with tracks for Black founders, women founders, and founders from emerging markets. No equity taken. Access to Google's resources, mentors, and cloud credits. [**MassChallenge**](https://www.masschallenge.org/?ref=duethedilly.com) — Known for its commitment to supporting founders from non-traditional backgrounds. Equity-free model removes one of the biggest barriers for underrepresented founders who can't afford to give up equity at the earliest stage. [**Collab Capital**](https://www.collabcapital.com/?ref=duethedilly.com) — Atlanta-based accelerator and fund built to back Black founders with capital and operational support. One of the most active in Black-led startups nationally. ### 🎓 BY UNIVERSITY ### Stanford [**StartX**](https://www.startx.com/?ref=duethedilly.com) — Stanford's flagship accelerator. 2,500+ founders, $40B+ in total portfolio valuation, 18 unicorns in the portfolio. Equity-free model means you keep full ownership. You need a Stanford affiliation to get in. Portfolio includes eero (acquired by Amazon), EdCast, and Nearpod. [**Stanford Ignite**](https://www.gsb.stanford.edu/?ref=duethedilly.com) — A certificate program from the Stanford Graduate School of Business designed to help scientists, engineers, and researchers commercialize their ideas. More educational than traditional accelerator, but the GSB network alone is worth the price of admission. ### MIT [**MIT Innovation & Entrepreneurship**](https://www.entrepreneurship.mit.edu/?ref=duethedilly.com) — Dozens of programs for founders affiliated with MIT, from the idea stage through scaling. Covers everything from climate to health to hardware. Prize funding, grants, and internship opportunities are all on the table depending on the program. [**The Engine**](https://www.engine.xyz/?ref=duethedilly.com) — MIT's tough-tech accelerator, focused on startups solving the world's hardest problems in energy, biotech, and advanced systems. Longer time horizons, real lab infrastructure, and patient capital. Not for the faint of heart, but for the founders building things that actually matter. ### Harvard [**Harvard Innovation Labs (i-lab)**](https://www.innovationlabs.harvard.edu/?ref=duethedilly.com) — Harvard's innovation hub offering co-working space, mentorship, maker space, and exclusive programming for students and alums. Not a traditional accelerator with checks, but the Harvard network and the i-lab community are resources that money can't fully replicate. [**Rock Accelerator**](https://www.hbs.edu/rock-center?ref=duethedilly.com) — Harvard Business School's student-run venture accelerator. Stipends, mentorship, and pitch competition access for HBS-affiliated founders. The alumni network from HBS alone makes this worth pursuing. ### Columbia University [**Almaworks**](https://www.startup.columbia.edu/?ref=duethedilly.com) — Columbia's startup accelerator for student entrepreneurs. Equity-free, no fees, and oriented toward helping early-stage founders compete for the $250K Columbia Venture Competition. If you're a Columbia student with something real, start here. [**Columbia Startup Lab**](https://www.cslab.columbia.edu/?ref=duethedilly.com) — Post-program community and co-working space for Columbia-affiliated startups. The bridge between the university and the NYC startup ecosystem. ### NYU [**NYU Summer Launchpad**](https://www.nyu.edu/?ref=duethedilly.com) — A nine-week immersive accelerator for graduating NYU founders making the leap to full-time startup life. $10K in non-dilutive grant funding, $15K in perks, and a Demo Day in front of NYC angels and investors. [**NYU Biomedical Entrepreneurship Program**](https://www.nyu.edu/?ref=duethedilly.com) — NYU's program for commercializing biomedical discoveries and inventions coming out of NYU research. Pipeline straight into the NYC healthtech and life sciences investor community. ### UC Berkeley [**SkyDeck**](https://www.skydeck.berkeley.edu/?ref=duethedilly.com) — Berkeley's flagship accelerator, with strong Silicon Valley connections and a two-track model covering both a traditional cohort accelerator and a Europe-focused program. Particularly strong for founders with academic research backgrounds. [**Berkeley SkyDeck Accelerator**](https://www.skydeck.berkeley.edu/?ref=duethedilly.com) — $100K for 7.5% equity, mentor access, investor introductions, and the full weight of the Berkeley network. You need a Berkeley affiliation to apply but the program punches well above its weight in terms of investor connections. ### UPenn / Wharton [**Wharton Venture Initiation Program (VIP)**](https://www.wharton.upenn.edu/?ref=duethedilly.com) — Penn's accelerator program that brings the ecosystem to San Francisco for current students and alums because, as Penn knows, most formidable startups end up in the Valley anyway. Smart move. [**Penn Center for Innovation**](https://www.pennventures.upenn.edu/?ref=duethedilly.com) — The commercialization arm of Penn's research enterprise. Strong pipeline for life sciences and deep tech coming out of Penn Medicine, engineering, and the broader university. ### HBCU Network [**HBCUvc**](https://www.hbcu.vc/?ref=duethedilly.com) — The connective tissue for the entire HBCU startup and investor ecosystem. Trains HBCU alumni to deploy capital and funds Black-founded startups through an angel investing program that has invested $10M+ in 2024 alone. Partnerships with Silicon Valley Bank, BLCK VC, and Opportunity Hub. ### The Dime💰- Your "Investment" Might Be Worth Nothing URL: https://www.duethedilly.com/the-dime-your-investment-might-be-worth-nothing/ Last updated: 2026-05-14T11:33:32.000Z Anthropic, one of the most valuable private companies on the planet, published a warning on its official support page that sent shockwaves through the pre-IPO investment world󠇟󠇠󠇡󠇢󠅱󠇒󠆏󠅱󠄔󠆞󠅼󠅯󠆰󠆌󠄈󠄴󠅥󠅯󠅘󠄰󠅟󠆴󠄣󠇎󠇪󠄺󠄶󠄉󠅟󠆋󠇔󠆽󠆌󠄶󠅷󠇀󠅞󠆦󠅜󠆻󠇎󠆆󠅊󠆢. The warning was about people selling what they claim to be Anthropic shares󠇟󠇠󠇡󠇢󠅋󠆧󠄳󠅠︋󠅮󠅪󠅖󠅜󠇌󠆼󠄠󠇆󠆯󠇑󠆥󠇬󠇏󠆎󠇫󠄎󠄁󠄂󠆲󠇌󠄎󠆋󠅤󠅙󠅶󠆝󠅋󠇟󠇬󠇨󠅘󠇍󠅕󠄤󠅕. And the message from Anthropic was blunt. *󠇟󠇠󠇡󠇢󠅵󠄂󠅮󠇢󠆠󠅁󠄩󠅨󠅠󠇠󠅹󠄦󠆊󠄤󠆖󠆴󠄾󠇇󠄟󠄏󠅈󠇝󠇥󠄬󠄅󠆨󠆩󠅌󠄳󠇩󠄯󠇊󠅶󠇤󠇆󠆎󠄨󠆼󠄨󠅬"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and records󠇟󠇠󠇡󠇢󠆤︁󠇈󠄥󠅤󠆐󠄮󠄷󠅮󠆒󠅁󠇬󠅫︁󠇁󠄉󠄘󠆅󠅶󠆢󠄔󠄑󠄅󠄾󠆽󠄸󠅓󠇒󠄾󠄪󠅦󠄶󠆻󠅆󠅩󠄁󠇖󠅀󠄽󠆟."* (Anthropic Support Page, support.claude.com) Void󠇟󠇠󠇡󠇢󠄖︃󠄁󠄤󠅹󠄗󠆝󠄑󠆒󠅺󠆦󠄐󠅑󠄔󠆭󠄨󠄽󠅚󠇢󠇡󠄜󠅳󠆩󠆐󠆖󠇖󠆐󠇁󠅚󠅏󠆰󠅪󠆱󠅻︄󠇗󠆵󠆤󠄃󠆫. Not voidable󠇟󠇠󠇡󠇢󠅇󠄃󠇚︄󠄋︍󠇚󠄾󠆀󠅐󠇁󠆤󠅭󠆁󠆀󠆯󠅉󠇂󠄗󠅒︉󠇭󠅤󠆅󠅁󠆆󠆽󠆑󠆚󠇗󠅟󠆎󠅧️󠄤󠄭󠅰󠆮󠇘󠄕. Not disputed󠇟󠇠󠇡󠇢󠅄󠆹󠄶󠄫󠄎󠄚󠅂󠇛︉󠇔󠆜󠅠󠆖󠆎󠄄󠆡󠄘󠇌󠆷󠆴󠆦󠄆󠆍󠄬󠅏󠄛󠆀󠆅󠆍󠇝󠆛󠄥󠆈󠅍󠇌󠄗󠇎󠆩󠇤︅. Not "subject to review." VOID󠇟󠇠󠇡󠇢󠇃󠅟︃󠄞󠄽󠄒󠆙󠇊󠅃󠄻󠄋󠄶󠇯󠄷󠆻󠄆︈󠅻󠆣󠅂󠅪󠇋󠆸󠄧󠅅󠅜󠇦󠇭󠄪󠄯󠄰󠄋󠄔󠆵︀󠅭󠅆󠄛󠆒󠆮. As in, the transaction never happened󠇟󠇠󠇡󠇢󠄁󠄖󠄤󠆷󠄷󠄋󠄅󠄾󠇆󠆡󠇘󠆚󠅥󠇞󠄯󠅅󠅲󠇌󠅌󠅕󠄊󠄲󠅵󠄼󠆓󠇕󠇨󠆒󠇁󠇞󠆽󠄗󠄁󠄛󠇆󠆇︂󠇤󠅞󠆻. As in, if you paid money for it, you might not own anything. 󠇟󠇠󠇡󠇢󠇆󠅊󠄹󠅀󠅼󠆨︂󠄩󠅮󠆊󠄄󠅳󠇞󠆐︋󠄃󠄦󠅊󠇠󠅤󠄫󠆥󠅦󠄡󠇛󠅅︎󠆓󠅦󠅼󠅜󠇤󠆗󠄲󠄊󠆐󠅚󠅬󠆼󠅚And then Anthropic did something nobody expected󠇟󠇠󠇡󠇢󠄨󠅢󠄫󠄃󠇙󠅹︋󠄥󠅞󠆦󠅽󠅷󠆵󠅋󠄚︆󠅱󠄅󠅞󠆩󠇥󠆧󠆶󠄮󠄫󠄏󠅊󠅙󠄍󠇔󠄡󠄦󠇌󠆔︁󠄹󠇠󠅠󠅁󠆝. They named names. 󠇟󠇠󠇡󠇢󠆵󠇝󠄡󠅝󠆍󠆠󠇞︃󠆨󠄜󠆝󠆽󠇮󠆤󠆆󠆘󠇕󠇬󠇘󠄏󠄳󠆝󠄈󠆵󠅛󠇏󠅣󠅃󠄜󠇒󠅥󠄄󠆼󠆾󠄾󠅈󠇉󠅹︎󠆈Eight platforms, specifically Open Door Partners, Unicorns Exchange, Pachamama Capital, Lionheart Ventures, Hiive (new offerings), Forge Global (new offerings), Sydecar, and Upmarket, were called out by name as unauthorized to buy, sell, or facilitate access to Anthropic shares. ### 󠇟󠇠󠇡󠇢󠅦󠇏︃󠅇󠆁󠆘󠇟󠇜󠅲󠅀︋󠅌󠅵󠄺󠆘󠄛󠇒󠄉󠆅󠅱︉󠅢󠆕󠅃󠇅󠄰󠅒󠅔󠅑󠆸󠄟󠆎󠄤󠇛󠇧󠅻󠇢󠅗󠄦󠇗First, Let Me Explain What an SPV Is󠇟󠇠󠇡󠇢󠄮󠅋󠄄󠅒󠄵󠇁󠄚󠅑󠄤󠆠󠄌󠆾󠆏󠅕󠅭︌󠅒︉󠆏󠆄󠇁󠇀󠄻󠆜󠄕󠄛󠆴󠆩󠅾󠄇󠇮󠄶︊󠇦󠆏󠄪󠅆󠅊󠄼󠇌. Because That's the Core of This. 󠇟󠇠󠇡󠇢󠄂󠄹󠅙󠅆󠇟󠅋󠆗󠆽󠄋󠆖󠄎︆󠅕󠄃󠅗󠄭󠄳󠄅󠄔󠄞󠆘󠅙󠆿󠇟󠅷󠇠󠄋󠄧󠅋󠆛󠆼️󠅳󠆓󠅆󠄆󠆵󠇐󠅣󠇀An SPV is a Special Purpose Vehicle󠇟󠇠󠇡󠇢󠄽󠄆󠄫󠆢󠆯󠆊󠄇󠅪󠆻󠅔󠇂󠆨󠆂󠄝󠄦󠅡󠄫󠇔󠄰︄󠇕󠆄󠅐󠆤︄󠆩󠄚󠇆󠇩󠄔󠆾󠆟󠆋󠅊︎󠆁󠄤󠄖󠇓󠆻. It sounds fancy󠇟󠇠󠇡󠇢󠄈󠇊󠅎󠄄󠆭󠅔󠆓󠄤󠇢︈󠇘󠇟󠄦󠅤󠆵󠅢󠄰󠅿︊󠇏󠅪󠆷󠆏󠆉󠇉󠄁󠆤󠆧󠇄󠄋︃󠅠󠆥󠅼󠅏󠅒󠆬󠄃󠅉󠇚. It's actually pretty simple󠇟󠇠󠇡󠇢󠆾󠅽󠆵󠆘︊󠆤󠇚󠆫︀󠇏󠄜󠅰󠅬󠆎󠅞󠇃󠅏󠇆󠇨󠅜󠆶󠅀󠇔󠆚󠆌󠇧󠇭󠆸󠅑󠆜󠄿︁󠇦󠄭󠆼󠄥󠇈󠄞︊󠄫. Think of it like this. 󠇟󠇠󠇡󠇢󠇞󠄕󠇌󠆦󠅶󠄎󠆁󠄟󠇥󠆉󠄿󠆆󠆱󠄱󠆳󠇘︊󠅬󠆏󠆞︋󠄯󠅑󠆦󠆷󠆗󠄡󠆑󠆻󠄟󠆊󠆨󠅹︁󠄣󠄱︍︃󠄘󠇇You and 99 of your friends all want to invest in a hot startup󠇟󠇠󠇡󠇢󠅱󠆭󠅜󠇂󠆻󠅏󠆇󠅡󠅇󠅫󠅃󠇐󠆅󠇍󠆃󠇗󠄜󠇔󠄽󠇚︄󠄹󠅑󠄇︊󠇜󠆗󠄻︄󠄏󠆾󠇍󠆮󠄊󠅶︍󠄂󠆏󠆰󠅗. But the startup's legal documents say shares can only be transferred with the company's approval󠇟󠇠󠇡󠇢󠅠󠅐󠅦󠅻󠅲󠄸󠅮󠆱︋󠄔󠆩󠄶󠄻󠆑󠅾󠅅󠇘󠇡󠅠󠅧󠆀󠆆󠆱󠅕󠄆󠆩󠅿󠅮︌󠆊󠇯󠅷︂󠆣󠇭󠆣󠆠󠆽󠆳󠄤. They have a long cap table and don't want 100 new names on it󠇟󠇠󠇡󠇢󠆣󠆢󠅡󠄨󠇈︋󠅷󠅜󠆧󠇌󠆩󠇊󠄝󠇈󠅚󠇆󠆬󠄖󠄆󠄣󠆐󠄆󠅪󠆥󠅕󠇐󠄌󠄠󠅟󠅴︆󠅄󠅟󠅸󠆱󠅼󠄪󠄴󠅽󠆮. So what do some clever people do󠇟󠇠󠇡󠇢󠄧󠄋󠅟󠅀󠇩󠆈󠆌󠅕󠅷󠆽󠅏󠄓󠄲󠆥󠇜󠅖󠆄󠇢󠅘︀󠆙󠅋󠅶󠇈󠄡󠄥󠆖︃󠆌󠅰󠅳󠄱󠇦󠆌󠇏󠆘󠇇󠅿󠆚󠇢? They create one LLC, one single entity, stuff all 100 investors' money into it, and then that ONE entity goes and buys the shares󠇟󠇠󠇡󠇢󠄬󠅽󠇑󠆼󠅮󠅀󠅲󠆂󠄼󠇬󠅴󠅲󠆭󠇭󠄰󠄑󠄧󠅶󠆦󠄨󠆺󠄨󠅄󠄤󠆵︍󠆺󠅒︍󠅲󠅰󠅩󠅃󠅴󠇁󠄛󠄯︁󠅴󠄉. Now only one name shows up on the cap table󠇟󠇠󠇡󠇢󠇨󠅛󠄹󠄇󠆉󠅀󠄐󠇙︍️󠆶󠇗󠆲󠄜󠆥󠆏󠅘󠅔󠅤󠄒󠇇︇󠄚󠅮󠅃󠄫󠅮󠅨󠇙󠄷󠆙󠇣󠅦󠇜󠄸󠅻󠆾󠄽󠄣󠅷. The LLC󠇟󠇠󠇡󠇢󠆊󠅑󠅁󠅔󠇞󠇓󠄡󠄉󠇨󠅹󠇯󠄄󠄡󠆩󠆙󠇠󠆇󠄷󠄣󠇥󠆨︊󠇨︆󠆮󠆰󠄃󠄰󠆺󠄉󠄪󠇅󠄫󠇎󠅩󠅐󠆭󠆹️󠅜. And all 100 investors own a piece of that LLC, which owns a piece of the startup. 󠇟󠇠󠇡󠇢󠅤󠅥󠆣󠄜󠄯󠆺󠆿󠆂󠅖󠅫󠅀󠄞󠇖󠆁󠇦󠅥󠇩󠆘󠄮󠄔󠇃󠅾󠅥︀󠅿󠆛󠅆󠇫󠅹󠅃󠆻󠆦󠇞󠄟󠆫󠄆󠅨󠆞󠆱󠆇That's an SPV󠇟󠇠󠇡󠇢󠇘󠅗󠆫󠆘󠅁︀󠇑󠇈󠆫󠅔󠆦󠆧󠄆󠅷󠆕󠇋󠄿󠅩󠆽󠄋󠆊󠄗󠄁󠅈󠆔󠇕󠄚󠅵󠆤󠆭󠄚󠆯󠇯󠄵󠄏󠆲󠅶󠄿󠅰󠅽. It's a shell company built to hold one thing, and let many people own a piece of that one thing. 󠇟󠇠󠇡󠇢󠅍︉󠇟󠆁󠄖︊󠆿󠆶󠄘󠆄󠇘󠅋︎󠆞󠅽󠆮󠆢󠅆󠆊󠅹󠇈󠆡󠅾󠆘󠅃󠄚︆󠆣󠅸󠆌󠇋󠇎󠄆󠅸󠆜󠇮󠄦󠇝󠅻󠅚An SPV is a pooled entity created to hold one investment󠇟󠇠󠇡󠇢󠇦󠄛︁︍󠄢󠅊︁󠆾󠆩󠆅󠆁󠆛󠇏󠆥󠇨󠅮󠄿󠅓󠇌󠆔󠄦󠆉󠇍󠇉󠄇󠅲󠅛󠅼󠇭󠄚󠇫󠄱󠇅󠇇󠄁󠆲󠆸󠆇󠇙︋. Instead of 100 people individually buying shares, 100 people invest in an LLC or fund that claims to own shares or exposure to shares󠇟󠇠󠇡󠇢󠅼󠅅󠆺󠄼󠄎󠅬︅󠄚󠇝󠇍󠄂󠆓󠆂︅󠄏󠆅󠅻󠅕󠅲󠇛︆󠆠󠆕󠅻󠄍󠄰󠆨󠇋󠇁󠄅󠄪󠄼󠆖󠇅️︆󠄙󠇉󠆏︈. That can be legitimate when the company approves it󠇟󠇠󠇡󠇢󠄯󠆀󠄈󠅨󠄈󠅨󠅬󠇓󠆢󠅣󠇌󠄰󠇑󠅸󠅘󠅔󠅕󠄒󠅰󠅴󠇖󠄼󠆹󠅾󠇭󠇖󠄏󠆻󠆧󠅼󠅭󠄅󠆜󠆧󠅞󠅗󠄑󠆫󠅺󠄨. But in the unauthorized version, several things can happen: a current shareholder sells shares to an SPV without company approval, someone sells interests in an SPV that supposedly owns shares, or someone sells a forward contract, tokenized interest, or synthetic exposure tied to future liquidity󠇟󠇠󠇡󠇢󠇞󠇕󠅡󠅞󠆤︅󠅎󠆉󠇜󠆜󠆣󠆹󠆾󠇑󠆻󠄑󠅿󠆖󠄴󠅕󠆓󠄑󠄣󠇥󠅉󠅈︍󠅜󠅧️󠅻󠇊󠆼󠄬󠄹󠇤󠆆󠄼󠆏󠆀. At some point, the "cap table" starts to look less like a ledger and more like a hall of mirrors. 󠇟󠇠󠇡󠇢󠆘︉󠆁󠅗󠅉︃󠇔󠅨󠇏󠄔󠄸󠇜󠆵︊󠅼󠄛󠅔󠇞󠄶󠆬󠇦󠄷󠇜󠇁󠅷󠅣󠇢󠆁󠄐️󠅳󠅊󠆷󠅎󠅌󠄲󠄴󠄥󠆲️That hall of mirrors description󠇟󠇠󠇡󠇢󠆏󠄐󠆀󠆎󠄌󠄺󠆆󠆞󠇟󠄙󠄊󠅇󠄌󠆧󠅞󠄘󠆻󠆉󠆟󠅤󠆡󠇯󠇥󠆊󠅰󠄨󠅪󠄀󠅰󠇬󠇧󠆬󠅭󠅑󠇦󠄩󠇓󠆜󠇓󠅻? That's exactly what Anthropic just went and broke every mirror in. ### 󠇟󠇠󠇡󠇢󠆪︆󠄮󠇎󠅡󠇌󠄸󠄎󠇊󠅆󠆳󠆒󠄊󠅁󠇥󠆌󠄙󠆙󠄇󠄊󠇌󠆇󠄂󠇓󠅲󠆴󠄫󠇄󠄆󠄤󠆐︎󠅩󠆏󠄯󠆜󠆚󠇁󠆅󠇑What Is a ROFR and Why Does It Matter Here? Before I get into what happened to each platform, let me teach y'all something that's going to be relevant for the rest of your investing life, especially if you ever deal with private companies. 󠇟󠇠󠇡󠇢󠄢︌󠄌󠅢󠄃󠇝󠇟󠄤︂󠇈󠄮󠆱󠅏󠄮󠄭︇󠆃󠇖󠅝󠇥󠇐󠅡󠇝󠆼󠅢︄󠆫󠄲︁󠆳︍︃󠅲󠆁󠆩󠆋󠅯︈󠆥󠇖ROFR stands for Right of First Refusal. 󠇟󠇠󠇡󠇢󠄠󠆁︆󠆾󠅜󠅦󠇝󠄌󠅗󠆦󠄫󠇫󠄅󠄪󠄑󠄜󠆼󠄔󠆻󠆱︋󠄧︎󠅞󠄽󠇙󠇥󠄅󠅛󠄆󠅿󠆞󠄿󠆚󠅬󠆱󠆚󠆱󠆨󠆌Here's how it works󠇟󠇠󠇡󠇢󠅊󠄮󠇨󠅩︊󠅚󠄩󠄬󠆈󠅍󠆉󠄎󠄵󠆛󠅑󠅼󠅐󠄴󠆹󠄤󠅔󠆓󠅱󠅝󠅤󠄱󠄫󠆙󠇔󠅥󠅑󠇯󠄢󠄡󠄏󠆚󠅟︁󠇩󠆪. When a shareholder in a private company wants to sell their shares, the company, or in some cases other existing shareholders, get the RIGHT to buy those shares first, before any outside buyer can purchase them󠇟󠇠󠇡󠇢󠇖󠄚󠇑󠅾󠄬󠅟󠅝󠄍󠇞󠆮󠅕󠅎󠄨󠄢󠆝󠅬󠇟󠆳󠅰󠄦󠅿󠇈󠅪󠆪︆︆󠆌󠄀󠄹󠅣󠄄󠅋󠆟󠆝󠅷󠅽󠄈󠆒󠆪󠆼. The shareholder has to offer the shares to the company at the same price and terms they're willing to sell to an outsider󠇟󠇠󠇡󠇢󠅘󠆲󠆑󠆪󠇇󠆆󠇌󠄳󠇢󠄚󠄴󠅄󠄊󠇞󠅸󠆁󠇈󠇊󠇤󠅳󠇎󠇠󠆕󠆳󠄷󠇕󠇕󠇢󠇏󠆍󠅩󠇂󠄹󠄣󠇄󠆇󠅈󠄝︉󠅞. Only if the company says "no thanks" can the shareholder go sell to someone else. 󠇟󠇠󠇡󠇢󠆳󠇟󠆙󠄟󠆿󠆨󠅃︃󠆥󠇫󠅭󠅅󠆉󠇯󠄴󠆇︂󠅿󠆌󠇟󠄇󠄁󠆁󠇛󠄐󠅺󠄢󠇚︁󠇈󠄬󠅎󠇪󠄲󠅬󠇀󠆝󠆾󠇬󠆎Many private companies have policies like rights of first refusal, transfer limitations, or required board approvals that can block or delay transactions. 󠇟󠇠󠇡󠇢󠄾󠄰󠇄󠆏󠆧󠅾󠄳󠅺󠅐󠆗󠇃󠅍󠄵󠆘󠅫󠆓󠇊󠄊󠆮︌󠇚󠆕󠆊󠅙󠅩︌󠄭󠆝󠇀󠇕󠅤󠄣󠇕󠄱󠅛󠅭󠇢󠅤󠅂󠇦Why do companies do this󠇟󠇠󠇡󠇢󠄛󠄟󠅎󠇖󠇀󠇔󠇗︋󠇐󠇚󠆒󠇢󠄨󠅤︌󠅑󠄬󠇇󠆋󠅽󠄸󠄕󠆛󠆙󠅏󠅃󠇛󠅼󠇝󠄊󠆣󠇈󠇨󠅩󠄪󠇓󠅝󠆅󠆕󠅯? Control󠇟󠇠󠇡󠇢󠄞󠅷󠄷󠆉󠅅󠄽󠆍󠄋󠄹󠇊︂󠄡󠄣󠇬󠄫󠄒󠄹󠄟󠅈󠅯󠄁󠄑󠇮󠇘󠆩󠄇󠄔󠇄󠅤󠄀󠅄󠅩󠅐︊󠆿󠄻󠇐󠆬󠇏󠅲. A ROFR is how a company like Anthropic keeps random people from buying their way onto the cap table without permission󠇟󠇠󠇡󠇢󠆨󠅙󠇋󠄢󠅜󠅯󠄀︁󠆕󠅯󠅤󠆜󠅬󠄫󠅘󠅈️︉󠅳󠇦󠄿󠄋󠆱󠇘︄︇󠇤󠆀︅󠆉󠅸︀󠄔󠅜󠅾︀󠅛󠄁󠇎󠅀. It's how they prevent a competitor, a hostile actor, or just an unvetted stranger from becoming a shareholder󠇟󠇠󠇡󠇢󠅝󠆞󠅭󠄩󠇯️󠅝󠇬󠅻󠅘󠅐󠇄︀󠅼󠅣󠅗󠇞󠅋󠆆󠄉󠅒󠇖󠆍󠅯󠄍󠆵󠄕︍󠅦󠄙󠄉󠅠󠄍󠇦󠇝󠆀︅󠆗󠄁󠆆. It's how they maintain a clean, controlled ownership structure that will hold up when they eventually go public or get acquired. 󠇟󠇠󠇡󠇢󠇬󠇩︁󠅣󠆏󠅳󠆹󠅫󠅐󠄾󠅬󠄧󠄺󠅣󠄥󠅇󠇖󠇫󠅴󠅼󠇄󠄮󠄑󠄿󠆗󠇯󠇙󠄇︁󠄴󠄚󠅹󠄪󠅐󠇞󠆻󠄍󠄽󠇡󠇘The ROFR is the wall󠇟󠇠󠇡󠇢󠇉󠆁󠄱󠇣󠄷󠆷󠄎󠅬󠄇󠄜󠆲󠆃󠅗󠇏󠇊󠆝󠅟󠄳󠅆󠄏󠅱󠇗󠆹󠆆️󠅑󠅽󠆄󠅂󠆐󠅤󠆕󠄠󠅵󠄐󠅖󠅏󠆉󠄄󠆄. The SPV is the ladder people build to try to get over it󠇟󠇠󠇡󠇢󠄍󠄇󠄄︊󠅃󠆼󠆕󠆢󠅼󠇧󠄛󠆭󠅿󠄵󠆓󠄷󠄺󠅴󠅵󠇙󠆎󠄖󠄼󠅅󠇗󠇑󠆮󠅸󠆶󠄩󠅯󠅅︁󠅺︅󠆞󠆊︋󠇜󠇔. And what Anthropic just did is announce that any ladder built without permission will be knocked down, AND anyone who climbed it doesn't get to stay on the other side. 󠇟󠇠󠇡󠇢︍󠅙󠆠󠆴󠅵󠆝󠅉󠅅󠆭󠇁󠆆󠅴󠄓󠅷󠄫󠆹󠄌󠄠󠆊󠅟󠆸󠄳󠅲󠆙󠄙󠄏󠇮󠄍󠅚󠇫︃󠅰︃󠆨󠆼󠆵󠇔󠇝󠇃󠆺The ROFR trend from 12% in 2023 to 18% in 2024 indicates risk to direct transfer buyers is increasing󠇟󠇠󠇡󠇢󠆄󠄉󠄏︍󠆿󠄋󠄽︋︆󠇟󠄑󠆠󠆏󠄼󠆎󠅒󠅑󠅧󠇋󠆎󠇯󠆇󠄗󠇨󠄻󠇙󠄅︍︋󠆒󠇂󠄈󠅠󠅔︈󠇇󠅐󠄊󠅅󠅳. Investors should not extrapolate lower historical rates forward󠇟󠇠󠇡󠇢󠅡󠇗󠄍󠄘󠅋󠆐󠅲󠆩󠇛󠆕︈󠅺󠇁󠆹󠆆󠅁󠄟󠅬︇󠇀󠆟󠅿󠅬󠄧󠄯󠆳󠆟󠅛󠅉󠅲󠅘󠇨󠄖󠇔󠆒󠆇󠆹󠆲󠄋︋. And that was BEFORE Anthropic dropped this announcement󠇟󠇠󠇡󠇢󠇝󠇔󠆗󠆾󠅍󠅍󠇛󠇥󠄵󠆔󠄲󠇅󠅔󠅖󠅢󠇨󠄴󠇒󠆞󠇄󠆥󠇭󠅣󠆵󠇧󠇣󠆣󠅼󠄷󠅢󠅚󠅀󠅢󠄮︊󠄓󠅼󠇚︃󠆆. The rate is only going higher from here. ### 󠇟󠇠󠇡󠇢󠆀󠄠󠆏󠆏󠄵󠇣︆󠄗󠅨󠅬︆󠇁󠅴󠄨󠇣󠇋󠄢󠅗󠅰󠄝󠆫󠄐󠇙︉󠆣󠇪󠇔󠆢󠆫󠄸󠇖󠅩󠆹󠄱󠅦󠄧󠅅󠆕󠅔󠇍The Platforms That Got Called Out󠇟󠇠󠇡󠇢󠄤󠅗󠇧󠇒󠆎󠇆󠅮󠆶󠄜󠅄󠄯󠅾󠆕󠄠󠆺󠇐󠄝󠆳󠄮󠇐󠅶󠅼󠅦󠅫︌󠄎󠅠󠅖󠄐󠄆󠆜󠄓󠆷󠆩󠄷󠄎󠄗󠆿󠆧󠄢. And What Their Own Documents Say. 󠇟󠇠󠇡󠇢󠆹󠆳󠅍󠄨󠄋󠅀󠄄︅󠅟󠆣󠅊󠆐󠅐︂︁󠄷󠄪󠆒󠆟󠅤󠄔󠄛󠄡󠇫󠆁󠆱󠇟󠅈󠅴󠆲󠆨󠆋󠄕󠆋󠄠󠆆󠆇󠆌󠆻󠇛Now here's where I want to get really specific, because this is important󠇟󠇠󠇡󠇢󠄟󠇘󠆐󠅳︅︄󠄁󠇝󠆽󠄉󠅿󠅐󠇡󠄃︅󠇫󠅾󠅯󠆹󠆞󠅠󠆵︀︎󠅘󠅡󠅆󠄅󠆍󠇆󠅏󠆩︆󠆗󠅕󠅽󠅌󠅵󠅱󠇥. Let's go through the named platforms and look at what their own terms say, because the answer to "do I have any recourse?" lives in those documents. #### 󠇟󠇠󠇡󠇢󠄢󠇐󠄱󠄭󠄽󠇏󠇇󠇕󠆧︇󠇑󠆽󠆓󠄤󠄴󠇞󠄽󠅡󠆈󠅣󠆡󠆨󠆉󠇤󠇯󠄥󠇤󠆐󠇕󠄫󠅟󠆣󠄻󠄨󠄒󠆿󠇩󠄡󠅳󠅅Hiive Hiive is one of the most reputable secondary marketplaces for private company shares󠇟󠇠󠇡󠇢󠅷󠇣󠄮󠆆󠅍󠆿󠄷︉󠄈󠄉󠅡︇󠇧󠄝󠅰󠆒︊󠄬󠇃󠇤󠅌󠇑󠅊󠇗󠆣󠅅󠄡󠆏󠆒󠅟󠆱󠄖󠄞󠆵󠄊󠆎󠆒︌󠄅󠄘. They are a registered broker-dealer, FINRA and SIPC member, and they take compliance seriously󠇟󠇠󠇡󠇢󠄲󠅠󠄣󠇇󠄋󠆭󠄓󠇋󠅄󠆳󠆏󠆫󠅾󠅟󠆀󠇞󠇍󠇋󠄸󠆡󠅺󠄝󠄧󠇦󠄝󠄠󠄮󠅢󠅰󠇇󠇤󠄠󠄞󠄚󠆆󠅥󠄆󠅾󠇉󠅉. Their spokesperson said*"all share transfers facilitated by Hiive are approved by the issuer󠇟󠇠󠇡󠇢󠆩󠆾󠄄󠄬󠆢󠇖󠄬󠅛󠄷󠅶󠄻󠇆󠆇󠆸󠆲󠆘︎󠆐󠄤󠄘󠇪󠅷󠆲󠅈󠇊󠆇󠆢󠇄󠄥󠄬󠆍󠄤󠅾󠄻󠅖󠇀󠆏󠆸󠅡󠆮."*Forge said something similar. 󠇟󠇠󠇡󠇢󠅍󠆌󠆤󠄩󠆜󠅥󠆺󠄦󠄻󠅫󠆯󠅍󠅘󠄝󠄋󠇋︃󠄿󠄈󠇢󠄋︊󠆼󠅼󠇃︋󠅮󠆈󠅲󠅖󠄒󠅲󠄰󠆏󠅳󠆒󠅤󠅥󠆼󠅰But here's what Hiive's own terms say to investors, pulled directly from their Terms of Use and Risk Disclosures: *"Investing in unregistered private securities is highly speculative involving a high degree of risk󠇟󠇠󠇡󠇢󠇔󠆁󠆩󠅾󠄠󠅈︌︀󠇃󠆩󠄫󠇤󠄪󠅙󠆪󠄎󠇑󠇧󠅙󠇫󠇨󠆄󠅞󠇫󠄜󠇦󠅘󠇟󠅥󠄟️󠅞󠄯󠇟󠄠󠆙󠅡󠅒󠆑󠆄. Unregistered private securities are inherently illiquid and there is no guarantee that a market will be available for them󠇟󠇠󠇡󠇢󠇇󠄙󠅨󠅶󠇮󠇡󠅂󠅃󠆦󠄆󠅎󠅻󠆢️󠄠󠄧󠇫󠅡󠇇󠆣󠄙󠆃󠅂󠆪󠅳󠆻󠆛󠇧󠄼󠆌󠅹󠆧󠇕󠇭󠄣󠄇󠄆󠇓󠇮󠆠. Accordingly, investment in these securities is appropriate only for those investors who can tolerate a high degree of risk, can withstand a total loss of investment, and do not require liquidity of their investment󠇟󠇠󠇡󠇢󠄁󠇆󠄵󠆍󠅻󠆩󠄈󠇓󠆏󠆰󠅕󠆸︎󠇏󠆍󠄯󠆎󠅲󠄖󠆣󠅲️󠅂󠆲󠅙󠅎󠆷󠄩󠅖️󠇈󠆦󠅦󠇏󠅅󠄟󠇦󠆳󠇯󠄄."* (Hiive Terms of Use, hiive.com/terms) 󠇟󠇠󠇡󠇢󠇃󠇉︉󠅤󠅒󠄺󠄣󠅲󠇗󠇍󠅘󠅛󠆒󠆐󠅩󠇒󠇧󠆈󠇗󠄀︃󠅈󠆳󠅎󠅫󠄣󠄪󠆺󠅈󠆘󠄒︀︂󠇦︄󠅊󠄰󠆞󠅦󠄸And from their Regulation BI Disclosure Statement: *"Investments through Hiive are highly speculative and involve a high degree of risk󠇟󠇠󠇡󠇢󠅗󠅟󠄴󠅴󠅕󠅫󠆈󠆩󠇈󠅛󠅂󠄩󠄑󠄤󠆼󠇉󠇅󠅼󠅽󠆅󠄑󠅞󠄱󠅊󠆏︌󠄡󠅶󠆾󠅖󠇛︉󠇐︂󠅡󠅸󠅡󠆄󠅤󠇎. Therefore, only customers who are willing and able to bear the risk of loss and can accept a lack of liquidity for an indefinite period of time, and are prepared to withstand a total loss of investment, should enter into transactions facilitated by Hiive󠇟󠇠󠇡󠇢󠄭󠇢󠆮󠅜󠇨󠇜󠅑󠄡󠅖󠆋󠅔󠇈󠅽󠆀󠄋󠆅󠅄󠅷󠄇󠆕󠅘󠄛󠇌󠇁󠆽󠅰󠇞󠄬󠅫󠆉󠇒󠆗󠆆󠅎󠄝󠅶󠆘︆󠆦󠇗. Neither the SEC nor any other federal or state securities commission have approved any investments that Hiive facilitates󠇟󠇠󠇡󠇢󠄇︉︄︀󠆉󠇣󠆚󠆲︎󠇤󠆌︄󠅤󠅫󠅎󠅬󠇉󠇆󠇃󠅲󠅠︈󠇛󠅦󠄹󠆨󠆡󠆲󠄈󠄨󠄊󠆐󠆫󠇒󠆨󠄙󠆄︍󠆩󠄌."* (Hiive Regulation BI Disclosure Statement) Read that last sentence again󠇟󠇠󠇡󠇢󠅃󠄮︌󠆀󠆼󠅅󠄩󠅾󠇣︅󠆘󠇠󠆒󠅰󠇣󠇢󠇤󠅈󠇜󠄻󠅧󠅕󠅵󠆪󠅛󠅓󠄪󠇬󠅽︍󠇚󠅮󠅢󠅯󠅽󠅮󠆛󠅼󠅡︆. TOTAL LOSS󠇟󠇠󠇡󠇢󠄜󠆼󠆴󠅀󠅝󠅹󠄈󠆳󠄒󠅬󠄆󠆕󠇊󠄌󠄛󠇤󠅻󠆎󠅫󠅶󠄩󠅁󠆃󠆨󠅈󠇂󠆚󠇍󠄥󠆍󠄻󠆉󠇬󠄁󠄵󠇫󠇞󠅿󠆱󠅐. That's not a cautionary footnote󠇟󠇠󠇡󠇢󠅧󠇏󠆔󠇭󠇕󠅵󠆌󠆍󠆸︇󠇗󠇗󠅡󠅧󠄩󠅃󠅻󠆜󠄍󠄈󠅸󠇙󠆩󠄞󠆶󠅕󠄟󠄰󠆍󠅟󠄨󠄺󠇙󠄀󠅲󠄐󠆹󠄥󠅑󠅝. That is the baseline risk they're disclosing to you before you even put a dollar in󠇟󠇠󠇡󠇢󠇞󠅣󠅨󠆐󠆄󠇏󠅕󠇀󠄐󠄁󠆑󠇌󠅅󠇕󠅋󠄭󠆟󠄪󠆚︆󠄤󠅘󠇪󠆵󠆋󠄽󠇀󠇐󠄬󠆩󠆨󠆗󠆿󠆄︂󠅹󠄓󠅹󠆭󠆰. And that's for approved deals󠇟󠇠󠇡󠇢󠅼󠇤󠇗󠇥󠅿󠆗󠄡︉󠅗󠆦󠄈󠇙󠅳󠇠󠄽󠇡󠅾󠅒︋󠇡󠅖󠇉󠆙󠆄󠄰󠆪︊󠇪󠆼󠄼󠄪󠆆󠇏󠄪󠅢󠆸󠇮󠆠󠄰󠅦. An unauthorized transfer would be even worse. 󠇟󠇠󠇡󠇢󠄁󠇉󠄲󠆁󠇕󠄯󠄄󠄹󠄪󠄫󠅖󠇛󠅞󠄸󠄚󠄧󠆧󠄖󠄽󠇇󠆄󠇢󠇅󠆳󠄒󠄆󠇫︆󠆘󠇪󠇇︇󠇜󠅠󠇤󠅸󠆍󠅌󠅁󠅛Hiive does have FINRA arbitration available as a dispute mechanism󠇟󠇠󠇡󠇢󠄮󠇣󠄸󠆬󠆓󠆉󠄧󠄥󠇉󠄍󠇊󠆎︍󠆆󠅒︃󠆤󠇕󠆜󠄄󠆐󠅴󠆨󠄊󠅥󠅬󠅩󠅱󠄭󠆞󠅥󠇕󠆶󠅞󠇕󠆄󠆢󠅺󠆮󠆩. Most investor disputes against broker-dealers like Forge Securities LLC are handled through arbitration󠇟󠇠󠇡󠇢︄󠆡󠆘󠆨󠄥󠆅󠅃󠇃󠆅󠄯󠆼󠇇󠇊󠆮󠅗󠅝󠆮󠆛󠅵󠆑󠅧󠄍󠄜󠆙󠆗󠅣󠅯󠅃󠆬󠅃󠇠󠇮󠅕󠇯󠄘󠅍󠆠󠄽󠆿󠄰. You may be able to assert claims for unsuitability, negligence, or a failure to disclose material risks if your broker's recommendations did not align with your financial profile󠇟󠇠󠇡󠇢󠇤󠇒󠄍󠆠󠆔󠄰󠇟󠇓󠄾󠇔󠆣︈󠄡󠅴󠄬󠄏󠅘󠇏󠅿󠅔󠇝󠄦󠆎󠄿󠆑󠆀󠇀󠇈󠇟󠅗󠆌󠄑󠅤󠆬󠆓󠅤󠄬󠅚󠅓󠆔. The same FINRA arbitration framework would apply to Hiive, since they're also a registered broker-dealer󠇟󠇠󠇡󠇢󠆼󠆑󠅃󠆸󠇝︁︇󠄰󠄄󠇢󠇭󠅉󠇑󠄘󠇁󠆥󠇮󠆩󠆸󠄫󠇜󠇕󠄸︎󠄬󠅡󠆁󠅥󠅄󠆨︈󠄑󠅕󠄀󠆴︌󠇥󠅨󠇁󠆴. So for Hiive specifically, if they facilitated a transaction that turned out to be void because it lacked issuer approval, you potentially have an arbitration claim󠇟󠇠󠇡󠇢󠇖󠇭󠆵󠅫󠅑󠇩󠇣󠇠󠅒󠄿󠅰󠇞󠄫󠆌︌󠆅󠄘󠄃󠄙󠄖󠆧󠇛󠄐󠅡󠆖󠅩󠄣󠄰󠄶󠄫󠇬󠇗󠅒󠇀󠇒󠆢󠄴󠄸󠆺󠆄. That is your main avenue. #### 󠇟󠇠󠇡󠇢󠅌󠄧󠆴󠇍󠆱󠅋󠇆󠆜󠄋󠄧󠄤󠇈󠄫󠇠󠅆󠄳󠄱󠅚󠇝︄󠄁󠄯󠅬󠄀󠄕󠄻󠆥󠄙󠆏󠄇󠆀󠆛󠆿󠆵󠄊󠆡󠇇󠄢󠇃󠇊Forge Global Forge Global is the biggest name on this list󠇟󠇠󠇡󠇢󠇉󠆅󠄞󠅤󠆢󠅴󠅛󠅿︆󠆙󠆣󠇋󠆆󠄜󠇊󠆮󠇉󠇒󠄃󠅂󠇈󠄡︂󠄦󠆫󠆓󠆒󠅋󠄳󠆒󠄼󠇄󠆶󠄴︂󠆘󠅼󠄚󠄜󠄰. They're a publicly traded company, NYSE listed (ticker: FRGE), they've completed over 27,000 private market transactions across 600+ companies󠇟󠇠󠇡󠇢󠆚󠄔󠅝󠅻󠇤󠄿󠇂󠅋󠄇󠄡󠆁󠆜󠇉󠄵󠇦󠆄󠆤󠆙󠇑󠄄󠅦󠅦󠄦󠆥󠄨󠆩󠆽󠆵󠄧󠇮󠅻󠇦󠇯󠇤󠅢󠅑󠅔󠅋󠇮󠄠. Being on Anthropic's blocklist clearly rattled them󠇟󠇠󠇡󠇢󠄇󠇐󠇀󠄞󠆜󠅖󠆪󠅼󠅯󠇉󠄧󠇍󠆏󠆫󠅪󠆛󠆌󠇭󠆾󠇡󠄛󠄪󠆭󠅝󠅥󠆦︆󠇔󠄓󠆒󠇬󠆬󠆭️󠅳󠆫󠇎󠆙󠄚󠇔. They immediately said they were included erroneously and told TechCrunch they are*"working with Anthropic to remove Forge's name from this alert."* 󠇟󠇠󠇡󠇢󠇆󠆁󠇓󠄎󠄦󠅪󠆹󠇐󠆠󠄒󠄪󠄫󠇭󠅽󠅄󠅋󠄫󠇣󠇄󠇝󠇞󠇆󠆵󠄐︊󠆬󠇫󠆦󠆎󠇁󠅄󠆤󠄸󠄡󠄹󠆂󠆡︌󠅜󠄨But look at what Forge's own Disclaimers and Disclosures say: *"Each buyer and seller in a Forge facilitated transaction is solely responsible for making his, her or its own legal determination about the availability of an exemption from applicable securities laws󠇟󠇠󠇡󠇢󠆺󠅓󠅮󠇂󠄝󠅓󠅇󠆵󠄳󠇅󠇠󠄖󠅊󠅊󠆋󠅇󠅿󠆦󠇣󠅮󠄧󠇛󠅏󠅤󠅖󠇝󠆩︄󠄛︋󠄠󠇏󠇋󠅋󠆝󠇞󠄙󠇚󠄦󠇉."* (Forge Global Disclaimers and Disclosures, forgeglobal.com) And: *"Investing in private company securities is not suitable for all investors󠇟󠇠󠇡󠇢󠇑󠆫󠆬󠅾󠇦󠄷︀󠇕󠆱󠅇󠄓󠅹󠆮󠆶󠇧󠅵󠅽󠆜󠅚󠇏󠆯󠄜󠅣︌󠆄󠅷󠅳󠄛󠄙󠇄󠅃󠆮󠆸󠄲󠇙︎󠆩󠅧󠇢󠅸. An investment in private company securities is highly speculative and involves a high degree of risk and should only be considered a long-term investment󠇟󠇠󠇡󠇢󠇉󠄉󠆋󠄌󠆪󠇂󠇮󠆻󠄠󠄡󠇙󠇃󠆸󠆛󠇗󠄄󠆟󠆝󠅺󠄫󠆉󠄘󠆡󠄨󠇓󠅜󠆗󠇟󠅮󠆰󠇆󠄾󠆣󠇝󠆸󠆵󠇛󠆗󠇠󠄤. You must be prepared to withstand a total loss of your investment󠇟󠇠󠇡󠇢󠆯︎󠅓󠇤󠇝󠄑󠆶󠇣󠄐󠄸󠅼󠇯󠇞󠆗󠅓󠆼󠅞︍󠅂󠄪︎󠇙󠆨󠄱󠇏󠅘󠅉󠆭󠄏󠆿󠆭󠄝󠄼︈󠇐︊︈︇󠄴󠆱."* (Forge Global Disclaimers and Disclosures, forgeglobal.com) "Solely responsible󠇟󠇠󠇡󠇢󠄺󠄈󠄮󠅊󠅺󠅶󠄋󠅔󠆧󠅒󠅏󠇥󠅾󠆎︀󠄝󠆠󠄠󠄊󠅠󠄉󠄰󠄱󠆬󠄂󠇀️󠅙󠆔󠄒︌󠇚󠆇󠅧󠇗󠄗󠄖󠆺󠅍󠄌." That's Forge telling you that YOU are responsible for figuring out if the transfer is legal, not them󠇟󠇠󠇡󠇢︌󠅃󠇬󠅣󠇬󠅡󠅺󠆯󠄥󠆞󠆖󠄁󠇒󠆟󠄬︉󠄫️󠅣󠆳︎󠇁󠅀󠅸󠄩󠆾󠄩󠄉󠆤󠆘󠄴󠆞󠆩󠇚󠇕󠆤󠆚󠅘󠆗󠇩. Your recourse with Forge is also FINRA arbitration as they operate through Forge Securities LLC, a registered broker-dealer󠇟󠇠󠇡󠇢󠄈󠅺󠆡󠆕︃󠄐󠄯󠄿󠄢󠄉󠆿󠇇󠅴󠄼󠄩󠆯󠇬󠆎󠅳󠄁󠄴󠅋󠄰󠇜󠅈󠄶󠅹󠄆󠅾󠆟󠇥󠅙󠄤󠄧󠅽︇󠇯︆󠇟󠄸. But the "solely responsible" language in their disclosures is going to make that a harder fight than it sounds. #### 󠇟󠇠󠇡󠇢󠄀󠇏󠄮󠆻󠆡󠅾󠄸󠆑󠄉󠄵󠄯󠅀󠆛󠇘󠄦󠆛󠄢󠄵󠇢󠄪󠅣󠇤󠄯︇︀󠆸󠆃󠅭󠇉󠄵󠆭󠇫󠇖󠅪︇󠆕󠅖󠄂󠄔󠆃Sydecar Sydecar's situation is a bit different󠇟󠇠󠇡󠇢󠄬󠇑󠆐󠄢󠄮󠇎󠆎󠄻󠆫󠅶󠄢󠆒︄󠇋󠇞󠄴󠆣󠇐󠆯󠅂󠇥󠇩󠅛󠅿︁󠅝󠇠󠄦󠆕󠄺󠆧︆󠅻󠄟󠄃󠆙󠇐󠄃󠄦󠇋. Sydecar is not a marketplace where investors go to buy shares󠇟󠇠󠇡󠇢︈󠆐󠇂󠇃󠅶󠇤󠆝󠆫󠅘󠄣󠅒󠄱󠇚󠄤󠆗󠆻󠇍󠅗󠅎󠆙󠄴󠇍󠆏󠅦󠆫󠄋󠆗󠄮󠅐󠅊󠅝󠇟󠇦󠄝󠆎󠆰󠄐󠇆󠄰󠅸. Sydecar is an infrastructure platform, a back-office tool that fund managers and deal sponsors use to set up and administer SPVs󠇟󠇠󠇡󠇢󠄣󠄪󠆝󠇂󠄑󠆢󠆰󠄼󠇍󠆘󠄶󠄕󠆭󠅢󠄓󠇞󠄲󠅅󠄻󠆽󠄨󠆑󠄋︁️󠅅󠄭󠇪󠅾︃󠇑󠇇󠇃󠇝󠄘󠆰󠄍󠄚󠆓︋. Think of them as the plumbing, not the house. 󠇟󠇠󠇡󠇢󠅊︊󠅌󠆼󠄣󠄫󠅆󠅪󠆡󠄤󠆣󠄒󠇗󠅐󠄰󠆆󠅕󠇇󠄉󠄄󠅠󠇢󠄽󠆐󠇪󠆓󠇐󠆕󠇃󠇩󠆇󠅦󠄃󠄠󠆼󠆜󠅠󠄃󠇉󠅏Their official response to being named was telling:*"The company does not buy or sell securities or solicit transactions in any private companies󠇟󠇠󠇡󠇢︅󠆂󠅭󠇠󠇤󠄂󠄣󠆭󠅕󠇨󠄕󠇛󠆏󠅞󠇬󠆷󠆮󠄟󠇈󠆷󠇄󠇆󠄋󠆉︆󠆵󠄬󠄻󠄰󠇞󠅴󠆘󠆕󠄻󠇠󠄴󠆈󠇫󠅵󠅟. Further, Sydecar requires sponsors to attest that they have reviewed relevant documents relating to the transferability of shares and that they have the required approvals and consents from the company󠇟󠇠󠇡󠇢󠄭󠆪󠅥󠅄󠄤󠆙󠄾󠄵󠅒󠄊󠅔󠇇󠅧󠅂󠇎󠆻󠇎󠇊󠇊󠅀󠇫󠅒󠆐󠇘󠆸󠅫󠆙󠆥󠆶󠇗󠅠󠅋󠅽󠄸󠇓󠆂󠅕󠆡󠄞󠅯."* Sydecar says they require attestation from the sponsor󠇟󠇠󠇡󠇢️︇󠆦󠄔󠅞󠅃󠇠󠅈󠄷󠇐󠅣󠆤︉󠅼󠄨󠆚󠄠󠄠󠅋󠄐󠆚󠄥󠄳󠆹󠅌󠅼󠅾󠇥󠅦󠅑󠅈󠆳󠇄󠆐󠅱󠆶󠆡󠅞󠄚󠇧. That means if a deal sponsor lied to Sydecar about having approval and used their platform to set up an unauthorized SPV, Sydecar's legal position is essentially: that's the sponsor's problem, not ours󠇟󠇠󠇡󠇢󠄞󠆺󠅶󠆺󠆿󠆐󠇏󠇌󠆕󠆡󠇖󠆾󠅿︀󠆆󠆊󠄊󠆿󠄴󠄿︂󠇮󠅘󠇪󠇬󠇛󠇃󠄢󠆁󠇞󠆇󠆼󠅗󠆣󠇤󠆛󠆾󠆰󠇉󠄵. And their terms back that up. *󠇟󠇠󠇡󠇢󠇂󠇈︌󠄱󠄟󠆩󠄡󠆎󠅖󠄱󠅗󠇞󠆝󠄾󠇖󠇎󠄷󠅃󠅭󠄨󠇡󠆘󠇋󠄛󠆣󠅕︁󠆁󠆇󠅀󠇞󠆌󠆮󠇎󠅿󠅏󠅎︊󠅬󠆈"The Terms of Service, our Privacy Notice, and any Terms of Sale constitute the sole and entire agreement between you and the Company regarding the Website󠇟󠇠󠇡󠇢󠅲󠇎󠅝󠄱󠄆󠇁󠅳󠆋󠆴󠄔󠇔󠇐︎󠆝︍󠇪󠅶󠆏󠅊󠆹󠆼󠆬󠆖󠅤󠆮󠆯󠅂󠄶󠄬󠄸󠅔󠆣󠆁󠆧󠄇󠅖︊󠆮󠅈󠄪."* (Sydecar Terms of Service, sydecar.io/policies/terms-of-service) There is no investor protection mechanism here from Sydecar itself󠇟󠇠󠇡󠇢󠅹󠅼󠅎󠄊󠇋󠇪󠇋󠄄󠇀󠆪󠅦󠇜󠇂󠇗󠆖󠅦󠅭󠅊󠇏󠇠󠅕󠅍󠇦󠅜󠄋󠆗󠅐︋󠇧󠅸󠇮󠇍󠄞︋︄󠄜󠅉󠅌󠇞󠅭. Sydecar is not a broker-dealer󠇟󠇠󠇡󠇢󠆘󠅡󠄤󠅕󠆄󠅃󠆣󠄲󠇢󠇈󠄐󠅹󠄳󠆠󠆙󠄠󠇣󠅌󠆬󠇑󠆰󠆥︍󠆲󠅊󠅤󠇉︌󠅑󠆨󠆮󠄞󠇛󠅧󠅧󠇝󠆝󠄑󠆅󠆢. They are not FINRA registered󠇟󠇠󠇡󠇢󠇊󠅤󠅼󠆟󠆛󠄐󠅴󠅨󠄳󠅿󠇕󠅣󠆋︈󠆕󠆵󠇃󠄭󠄰󠆴󠆓󠇯󠅓󠅠󠆭󠄊󠇑󠇓󠅊󠅒󠆄󠅔󠇗󠇤󠇒󠇕󠅝󠆙󠅎󠆅. Your recourse if a Sydecar-administered SPV turns out to be backed by void shares󠇟󠇠󠇡󠇢󠄾︂󠄴󠆣󠅨󠆿󠆋󠅔󠇊󠄲󠇏󠅾︁󠆨󠆓󠆗󠇏󠄐󠅭︄󠄤󠅝󠄵󠄳︎󠇎󠇬󠅍󠇭󠅿󠅖󠇕󠇡󠅛󠇚󠅮󠄸󠄹󠄣󠇒? You go after the deal sponsor󠇟󠇠󠇡󠇢󠄮󠆭󠄂󠄤󠅰󠇇󠆊󠆆󠄮󠅰󠄜󠄹󠅱󠅇󠆕󠄽︂󠇊󠄘󠄸󠇗󠄉󠅲󠄾󠅠󠅨󠆿󠄀󠆹󠅵󠅟󠄌󠅞󠄩󠅔󠇋󠆠󠇍󠆕󠅉. The person who created the SPV󠇟󠇠󠇡󠇢󠅸󠆇︄󠄑󠆳󠅓󠆫󠄙󠇫︀󠅮󠇦󠄣︉󠆏󠄤󠅀︊󠅇󠆽󠅴󠄅󠄖󠆣︋󠆬󠄘󠅣󠅧󠆄󠆓󠆳󠅎󠄭󠆖󠅋󠅯󠅳󠄢󠄁. Which could be some random guy with an LLC who has disappeared󠇟󠇠󠇡󠇢︂󠄍󠆤󠅻󠇍󠅊󠇆󠅺󠅆󠆥󠆗󠅌󠅅󠅶󠄨󠆄󠇀󠅺󠇉󠇕󠄠󠄒󠄻󠆅󠇞󠄗󠇋󠄣󠆸󠆶󠆤󠇉󠄅󠅟󠅁󠄃󠄚󠄼󠄧󠄍. Good luck. #### 󠇟󠇠󠇡󠇢󠅘󠆪󠇪󠆥󠅋󠄔󠇩󠇅󠆝󠅍󠄱󠅺󠇑︋󠅍󠅐󠆰󠅳󠅄󠄞󠅤󠆦󠄒󠆛󠅀󠄲󠄽󠇋󠆑󠆂󠆔󠄝󠆬󠅞󠄹󠄫󠆶󠆖︃󠆝The Tokenized Platforms: PreStocks and the Blockchain People This is the wildest part of this whole story󠇟󠇠󠇡󠇢󠇣󠆝󠆍󠅗︁󠇚󠆦󠅣󠅜󠅶󠇉󠄝󠅫󠆦󠄵󠅺󠄥󠆁󠄾󠅋󠅼󠄋󠆆󠄃󠆨󠅕︅󠆋󠅆󠄘󠆞󠅛󠄁󠅜︎󠅕󠄡󠅵󠅂󠄭. There are platforms, specifically crypto-native ones like PreStocks, that were selling TOKENS on the Solana blockchain that claimed to represent economic exposure to Anthropic shares through SPVs. [󠇟󠇠󠇡󠇢󠆛󠄋󠆊󠄈󠄩󠅰󠆠󠇜󠆝󠆟︄󠄭󠅍︄󠄃󠅬󠅖󠇣󠇯󠇛󠄔󠇞󠆷󠇍󠄴󠄲󠅈󠅉󠆘󠅝󠇀󠄳󠆀󠄸󠄷󠆔󠇩󠇗󠅿󠅠PreStocks holds only $333,000 in stablecoins and $18,000 in SOL to back Anthropic tokens, against an implied platform valuation above $1.3 trillion.](https://www.coindesk.com/markets/2026/05/13/anthropic-openai-tokens-plunge-nearly-40-as-ai-firms-warn-spv-transfers-are-invalid?ref=duethedilly.com) 󠇟󠇠󠇡󠇢󠄄󠅶󠆆󠆐󠆣󠄀󠇈󠄩󠇘󠆞󠅜󠅾󠆭󠇁󠅼󠄓󠄖󠇅︌󠅬󠆯󠇩󠆆︆󠆵︊󠆗󠄩󠅨󠄉󠄄󠆋󠄆󠄞󠅏󠄬󠅵󠄏󠇀󠅪Read that again slowly󠇟󠇠󠇡󠇢󠆃󠄒󠄕󠅜󠇧󠆧󠆌󠆴󠆕󠅆󠇀󠅘󠇙󠆅󠆪󠅂󠇛󠄦󠆡󠆨󠇚󠅮󠅥󠄁󠇪︇󠄆󠇜󠇏󠇒󠅚󠇡󠆐󠅃󠄘󠇯󠅁󠆤󠇏󠆔. $351,000 in actual assets󠇟󠇠󠇡󠇢󠇍󠆠󠆋󠇎󠄙󠅹󠅄󠆹󠇌󠆩󠅓󠅻󠅡󠅮︂󠆞󠅎󠆰󠇅󠆕󠄺󠅊󠇢󠆶󠄍󠄨󠅃󠅥󠇤󠄤︇󠅥󠅟󠇬󠇐󠆅󠄊󠇦󠄧󠅭. $1.3 TRILLION in implied valuation󠇟󠇠󠇡󠇢󠄋󠆇󠇧󠄰󠄢󠅚󠆖󠆍󠄜󠅣󠆣󠄐󠇉󠇤󠅶󠇏︊󠆣︄󠇮󠄂󠇦󠆣󠅟󠆡󠅄󠅰️󠄣󠇟󠄍󠅘󠅑︃︈󠆚󠆦󠆠󠇠󠅞. And the moment Anthropic dropped their statement󠇟󠇠󠇡󠇢󠄶󠅰󠇈󠇏󠇥󠅎󠅲󠅥󠅍󠇈󠇮󠇮󠇘󠅾︍󠄖󠆶󠅼󠄭󠅯󠆣󠄊󠇡󠄟󠇭󠆏󠄯󠄃󠆥󠅪󠄹󠇩󠄏󠄛󠄲󠆄󠅰󠄔󠅁︌? The Anthropic token on PreStocks dropped from $1,400 to $900 after Anthropic's announcement, according to Coingecko󠇟󠇠󠇡󠇢󠅧󠇧󠇯󠅩󠄸󠄱󠅂󠇂󠅛󠇓󠇣󠄤︍󠄐󠅂󠆔󠄓︃󠅗󠇓󠇢󠄶󠄊󠅾󠅨󠅎󠇎󠄑󠆷󠄾󠆒󠅩󠆕󠅴󠄪︇󠆂󠇗󠄙󠅄. OpenAI's equivalent performed even worse, crashing from $1,400 to $900 in 24 hours. 󠇟󠇠󠇡󠇢󠇒󠇐󠅋󠄏󠄹󠄘󠅏󠇍󠆽󠄋󠇈󠄡󠆃󠅮󠆭󠅚󠄩󠄠󠇃︆󠆶󠆓󠇎󠅐󠅅󠄲󠅈󠄿󠅂󠇛󠇨󠆾󠅬󠅕󠄁󠄭󠆈󠆾󠆺󠅱Your recourse on tokenized platforms that hold $333,000 in stablecoins against a $1.3 trillion implied cap󠇟󠇠󠇡󠇢󠅠󠆶󠅔󠅎󠄙󠅷󠅶󠄈󠆡󠅼󠅗︎󠄂󠅄󠇭󠆢󠆦󠄅󠄍󠆭󠄎󠆛󠄚󠆖󠅳󠅋󠅡󠄺󠆙󠅢󠆥󠆦󠅋󠅫󠅷󠅾󠅣󠅷󠅲󠆯? There is no recourse󠇟󠇠󠇡󠇢󠄾󠅸󠅓󠆿󠅟󠆈󠄀󠆏󠆨︅󠆸󠄒󠄟󠄇󠅞󠅶󠇘󠄝󠄃󠄯󠇯︇󠄵󠅱󠄨󠇝󠅎󠇡󠆉󠄝󠅴󠅴󠄄󠇜󠅞󠇋󠄛󠅨󠆀︀. The original sellers might get to keep both their cash AND their shares󠇟󠇠󠇡󠇢󠇧󠇯󠄻󠅅󠅦󠅔󠇊󠆑︃󠆷︃󠄢󠄪󠇟󠅰󠇒︉󠄸︄󠅝󠄅󠇉󠅥󠅼󠄲󠅌󠅧󠅶󠅅󠅡󠆙󠅏󠅭󠄧󠆁󠄲󠆲󠅩︆󠄩. The chain of downstream buyers gets left holding worthless tokens with almost no underlying asset󠇟󠇠󠇡󠇢󠅔󠄂󠅻󠄮󠇪󠅹󠇤󠆷󠆗󠆅󠅲󠆌󠄴󠅃󠇌󠄯󠆣󠆏󠄢󠅁󠅹󠇙︀󠄍󠄺󠅞󠄔󠆗󠅖󠅳󠆟󠄃󠆽󠄣︃󠄞󠆄󠅭󠇞󠄳. This could lead to a scenario where original sellers keep both their cash and their shares, while a chain of secondary buyers is left with worthless tokens and must chase upstream parties for recourse. 󠇟󠇠󠇡󠇢󠇕󠅿󠄮󠅃󠇂󠅭︁󠄡󠆢󠇘󠇫󠆩󠄹󠆹󠅸󠄙󠄀󠅔󠄅󠆠󠅝󠇟󠅋󠇈󠄐󠄗󠅏󠆣󠆼︉󠆽󠅢󠄔󠅲󠆅󠄊󠅹󠆃󠅍󠅾Chase upstream parties󠇟󠇠󠇡󠇢󠄸󠅌󠆫󠅩󠄸󠆒󠆶󠄖󠄢󠆙󠆋󠄘󠅥󠆹󠄃󠇈󠆻󠆔󠄝󠄒󠇫︈󠄜󠇀󠄼󠅞󠆐󠆭󠄛󠅻︊󠆆󠇜︋󠅆󠅗󠅯󠅷󠅦󠆧. Fam󠇟󠇠󠇡󠇢󠅙󠆑󠄕󠆴󠆷︊󠆏󠅔︍󠄸󠇉󠅝󠆦󠅧󠄼󠄅󠆓󠆅󠅌󠄓︌󠆧󠄯󠄁󠅏󠄚󠆘󠅜󠇞󠆤󠆾󠅾󠄍󠆭󠅖󠅈󠅅󠇠️󠄥. These are the three most devastating words in investing. ### 󠇟󠇠󠇡󠇢󠆒󠆒︎󠆔󠅠󠇤󠄑󠄳󠆈󠄧󠆦󠆫󠄾󠇁󠄗󠄸󠅘󠅛󠆊󠅑󠄑󠄅󠇆︅󠇃󠅡󠅥󠄉󠅈󠆀󠆚󠄚󠅯󠇕󠅴󠅉󠇑󠇄󠄱󠆤Why Anthropic Actually Did This, and What It Tells You This wasn't a random act of corporate housekeeping󠇟󠇠󠇡󠇢󠄗󠅂󠅪󠇮󠅫󠅉󠅤󠄳󠇏󠅩󠆔󠆙󠄏︋󠅶󠄛󠆯󠇈󠅒󠄐󠇦󠆈󠅉󠅠󠄰︌󠄀󠄟󠄰󠅓󠄵󠅅󠆑󠇈󠆓󠄼󠅿󠇥󠆌󠆔. There are three big strategic reasons Anthropic went nuclear on the secondary market right now. **󠇟󠇠󠇡󠇢︁󠅚󠇝󠆍󠇃󠄾󠆝󠅸󠄼󠇪󠇌󠄙󠅾󠆌󠆰󠅰󠇜󠇡󠅅󠆘󠅼󠇣󠅔󠅲󠆯︈󠆌󠇨󠄗󠄲󠆪󠅗󠇡󠆪󠆢󠅧︄󠆃󠅩󠆰One:**󠇟󠇠󠇡󠇢󠄸󠇥󠅡󠇅󠇩󠄍󠅃󠅭󠄛󠄗󠅐󠅄󠄏󠄲󠆸󠄨󠄨󠅫󠅷󠆧󠆌󠅢󠆱󠄝󠅧󠇔󠄟󠅆󠅧󠇞󠄇󠅳󠆘󠅑󠅄󠆳󠄥󠅏󠆢󠅆Anthropic is reportedly raising a new round at a valuation close to $900 billion󠇟󠇠󠇡󠇢󠇜󠆶︆󠆂󠅢󠇎󠇅󠄯󠆫󠄖󠄠󠅹󠄰󠇘󠇌󠇫󠇙󠆆󠅝󠆱󠇂󠄃󠅦󠆺󠆲󠄁󠆉󠅗󠆃󠆯󠆵󠆔󠄔󠇗󠅖󠆧️󠆹󠅣󠄪. If Anthropic is preparing for a future public listing, it has an incentive to clean up ambiguity around ownership before underwriters, auditors, regulators, and public-market investors want a clean answer to a basic question: who owns the company󠇟󠇠󠇡󠇢︃󠇛󠅕󠅯󠅣󠆺󠄇󠆏󠇭󠇚󠅴󠄂󠄻󠆹󠇪󠅄︌󠄧󠆑󠇜󠅓󠅻󠆙󠆞󠅭󠆈󠇁󠄸󠄅󠄛︅󠇐󠇂󠇊󠄊󠆇󠇋󠄟︂󠄓? "We have a shadow ecosystem of synthetic holders who think they own exposure through unauthorized SPVs" is not the kind of sentence anyone wants near an S-1. **󠇟󠇠󠇡󠇢󠄔󠇎󠄙󠄕󠅋󠄗󠄟󠅔󠄆󠇡󠅎󠆮󠇪󠅤󠆟󠆈󠅆󠆏󠆿󠄽󠇭󠇗󠄧️︋󠆽󠇖󠅙󠇚󠄤󠅲󠄷󠇗󠆫󠇒󠄻󠇓󠄎󠄲︎Two:**Unauthorized secondary markets were creating a phantom valuation problem󠇟󠇠󠇡󠇢󠆟󠆥󠇤󠇙󠅺󠇚󠆿󠄅󠄙󠆇󠄆󠇤󠄺󠅴󠄒󠇗󠇊󠆂󠅑󠄆󠅶󠄗󠅆󠄌󠄓󠄅󠇒󠄲󠆛󠇨󠇂󠅊󠅼︂󠇍󠅘󠄦󠄃󠅶󠇛. Unauthorized secondaries can create weird implied prices from thin, opaque trades󠇟󠇠󠇡󠇢︂󠆛󠇥󠅾󠇕󠅧󠆯󠅨󠇖󠄛󠆄󠄚󠄀󠅓󠅇󠇅󠆅︈󠆉󠇏︄󠆞󠆣󠇙󠅥󠅚󠄗󠄀󠆲󠆵󠄲󠆔󠅶󠄛󠅅󠇐󠇅󠆞󠅬󠇨. A few transactions in a private market can become the unofficial mark for the whole company󠇟󠇠󠇡󠇢󠇊󠆗󠅐󠆱󠆗󠅄󠆉󠅬󠅪󠄝󠆗︆︎󠇬󠇅󠆤󠆆︂󠆁󠅡󠆞󠄪󠆛󠄵󠅻󠄢󠅩󠆠󠇯󠅹󠅧󠅵󠇋󠆽󠅀󠇡󠇐󠆎󠇨󠅔. That can distort employee expectations, investor negotiations, tender pricing, and media narratives󠇟󠇠󠇡󠇢󠇕󠅙󠄨󠆪󠅡󠄎󠄴󠆜󠆊󠅉󠆤󠇆󠆈󠆛󠆈󠄟󠄢󠆱󠄹󠆧󠅀󠇔󠄁󠇛󠆢󠇖󠄲󠄔󠅌󠄟󠇚󠆗󠇎󠅢󠇬󠄥󠄇󠆈︈︁. The company loses control of its own valuation story to a market it did not authorize. **󠇟󠇠󠇡󠇢󠇘󠄯󠇀󠇊󠇢󠄸󠅥󠇬󠇚󠆒󠅑︃󠇆󠇍󠄋󠆍󠆛️󠇁︌󠇑󠆂󠆤󠄲󠅼󠆨󠄡󠅁󠆨󠆞︂︇󠆵󠄈󠇄󠅄󠄠󠇕󠅅󠄟Three:**Anthropic's revenue is growing so fast that demand for shares has become almost unmanageable󠇟󠇠󠇡󠇢󠄡󠆟󠅏󠆌󠇎󠄽󠅷󠇌󠄙󠆱󠇄󠆠󠆁󠇤󠄥󠄥󠇃︉󠄰󠄟󠆴󠆠󠆔󠆫󠄯󠄺︀󠄂󠆐󠅱󠅿󠆇󠇌󠇂︌󠆍󠆹󠄶󠆭󠅁. Anthropic's annualized revenue jumped from $9 billion at end-2025 to $30 billion by April 2026, a 233% increase in a single quarter, driven largely by Claude Code, with Amazon committed to invest up to $25 billion in the company󠇟󠇠󠇡󠇢󠄼󠇙󠇦󠇘󠅌󠇮󠇓󠆈󠄚󠅻󠅯󠆧󠆓󠄝󠄱󠄋︋󠅃󠆮󠅯︍󠅣󠆈󠅵󠄭󠆔󠅢󠇘󠄡󠇞󠅤󠆔󠅟󠅶󠆴󠆏󠅛󠅶󠆥󠆳. When a company is growing that fast, the line of people trying to find a side door to buy shares gets very long󠇟󠇠󠇡󠇢󠇟󠅌󠄝󠆭󠄒󠅦󠆌󠅦󠅌󠄡󠇔󠇍󠅑󠅙󠅌󠄎󠆫󠄛󠄦󠇍󠅼󠇘󠇦󠅩󠆸󠆈󠄕󠅯󠅸󠆖󠅱󠄛︍󠆕󠄔󠄨󠅏󠆗󠆍󠄼. Anthropic just bricked the side door󠇟󠇠󠇡󠇢󠇀󠆁󠇆󠄛󠆭󠅁󠄪󠇈️󠄞󠄤󠆍󠄕󠄹󠇧󠄮󠅐󠇃󠄯󠇊󠇝︄󠄇󠅙󠆀󠇠󠅚󠄍󠄜󠆙︆󠆕󠆴󠅣󠆘󠄣󠅖󠆛︁󠅿. And posted a sign on it. ### 󠇟󠇠󠇡󠇢︁󠆋󠄩󠇦󠇭󠄉󠇘󠇏󠅲󠆖󠇟󠆰󠄉󠅻󠄘󠆆󠅶󠅗󠆁󠅒󠅂︉󠄼󠄦󠅥󠆸󠅅󠇏󠆵󠄜󠅋󠆝󠆕󠇤󠅂󠇇󠅨󠅼󠆟󠄥What Should You Do If You're Already Invested in One of These? **󠇟󠇠󠇡󠇢󠇯󠄉󠇞󠅍󠄑󠅘󠆑󠆖󠄒󠇏󠆔󠆠󠆋󠅵󠅥󠅍󠇞󠇋󠄡󠄡󠄔󠅣󠆶󠅹󠅝󠄮󠅦󠅤󠆪󠇄󠄴󠆮󠅳󠄺󠄰󠆅󠅫󠆃󠅋󠅳I'm not your lawyer󠇟󠇠󠇡󠇢󠆜󠅣󠆒󠆔󠅖󠄿󠆕󠇟󠆦󠅇󠄀󠆧󠇣󠆛󠄧󠆑󠆪󠄩󠄸󠇢󠅯󠄏󠆛󠆂󠅶󠄂󠄻󠄡󠇐︌󠄗󠅌󠆏󠅼󠄵︋󠅺󠆊󠆒󠆴. This is not legal advice.** 󠇟󠇠󠇡󠇢󠅔󠄆󠄉󠄂󠅌󠅭︂󠄚󠅏󠄋󠆴󠅯󠄤󠇌󠅪︄󠄣󠇭󠄘󠆗󠆕󠇗󠄙󠅶󠇈󠇥󠆠︅󠅾󠇥󠅥󠄪󠇪󠆬󠅚󠆖󠆥󠅄󠄼󠄮But here's the framework for thinking about it. 󠇟󠇠󠇡󠇢󠅙󠄁󠄰󠄵󠄭󠄐󠄁󠄾󠆆󠇫󠄲󠆲󠄼󠇘󠆕󠅿󠇍󠅒󠆵󠄤󠅵󠆉󠆸󠄸󠄹󠆀󠇌󠅩󠅮󠄇󠅓󠇫󠆇󠅠󠆇󠆽󠅬󠆖󠆥󠇁If you invested through Hiive or Forge, and those platforms obtained proper issuer approval for your specific transaction, you're likely fine󠇟󠇠󠇡󠇢󠆝󠅉󠇋󠆋󠇅󠆫󠆲󠇐󠅖󠅇󠄀󠄾󠆥󠆭󠅰󠆦󠄿󠇝󠆨󠅊󠆌󠄳󠄛󠄟󠇯󠄋󠆃󠄶󠅤󠅱󠇃󠅵󠄉󠅢󠄒󠅒󠅕󠆱󠆷󠇘. Both companies insist they only facilitate approved transfers󠇟󠇠󠇡󠇢󠅀󠆵󠄹󠇓󠆙󠆟󠄿󠆗󠄋󠄆󠆌󠅻󠆖󠆰󠅐󠄎︇󠅏󠄙󠆒󠇉󠅲󠇪󠆓󠆀󠄊󠅫󠅁󠆁󠆘󠅈︁󠅬󠄝󠆌󠇣󠅷󠄴󠄙󠄆. The key question is whether your specific deal had written board approval from Anthropic󠇟󠇠󠇡󠇢󠇭󠆘󠇚󠄤︁󠇩󠇞󠆷󠇯󠆈󠆮󠄲󠇎󠇍󠅜󠆨󠄦󠅊󠅸󠆉󠅑󠅂󠆍︄󠇘󠄡󠅗󠆰󠄦󠆯󠆾󠇪󠆠󠆻󠆞󠄭󠆁󠄖󠅯󠄒. If you're unsure, you need to contact your broker directly and ask for documentation of that approval. 󠇟󠇠󠇡󠇢󠆐︂󠆽󠆿󠄲󠄥󠄗󠆋︌󠇑󠄱󠄘󠇜󠇆󠅉󠅮︆󠇫󠄿󠇃︎󠆁󠄟󠅟︋󠄞󠆦󠅆󠄷󠇊󠅩󠆠󠄼󠄡󠅱󠆍󠅲󠆡󠅇󠇈If you invested through a less regulated platform, an SPV sponsor you don't know well, a tokenized instrument, or any of the other named platforms that don't have FINRA broker-dealer status, your situation is significantly more complicated󠇟󠇠󠇡󠇢󠅢󠅇󠆈︀󠄏󠅢󠄗󠄢󠅽󠅤󠄾󠄺︃󠅥󠇄󠆴󠄳󠅧󠅧󠇮󠅼󠅡︋󠆼󠆖󠆳󠅟󠄏󠅪󠄈󠇊󠆲󠅪󠆦󠇚󠆋󠄏󠇖󠅆󠆔. Your recourse is against the entity that sold you the interest, and the strength of that claim depends entirely on what representations they made to you at the time of sale and whether those representations were accurate. 󠇟󠇠󠇡󠇢󠅞󠅷󠄏󠇅󠆄󠄻󠆼󠅍󠆻󠆰︌󠇟󠄖󠆾️󠇯󠅞󠆌󠇔󠆣󠄼󠄔󠆕󠅪󠇃󠆅󠄫󠆥󠅓󠄤󠆅󠅒󠆽󠇑󠇗󠄶󠅽󠆸󠄹󠅖If someone told you they had Anthropic approval and they didn't󠇟󠇠󠇡󠇢󠇃󠇗󠆅󠆣󠇥󠆗󠆳️󠆪︃󠄔󠄑󠄆󠄾󠇀󠆆󠅝󠆕󠄒󠄷󠄳󠆎󠇮󠄩󠆶󠆘󠆙󠄐󠄭󠇇󠄁󠆱󠅼󠄣󠇮󠆬󠇯󠄙󠄛󠄴? That might be fraud󠇟󠇠󠇡󠇢󠆙󠄟︂󠅕󠆳󠇤󠆂󠇩󠆓︁󠇌󠅋󠇭󠅣󠅤󠄅󠄱󠅫󠄗󠆡󠅓󠄣󠄋󠆳󠅠󠄱󠇁󠇓󠆇󠆝󠆯󠅮󠄘󠇃󠅣󠄑󠇉󠅖󠆍󠄐. Contact an attorney󠇟󠇠󠇡󠇢󠄡󠄑󠄘︀︅󠇟󠄗󠆰󠆴󠄋️󠅰󠇜󠆭󠆠󠆒󠆲󠄭󠄸󠆎󠇞󠅕󠆊󠇏󠆼󠅤󠇟󠆋︎︋︎󠅍󠇚󠆝󠅋󠄓󠄶󠄫󠄎︇. Contact the SEC󠇟󠇠󠇡󠇢󠄼︅︃󠇚󠅾󠄓︈󠅎󠇒󠅟󠆁󠄰󠅅︍󠆓󠇝󠅥󠆄󠆇󠄺󠄞︋󠅁󠅖󠄙󠅦󠅏󠇙󠆡󠄼󠇆󠇯󠄸󠇤󠅋󠆍󠅛󠇙󠇡︋. File a report. *󠇟󠇠󠇡󠇢󠇛󠆃󠅻󠆚󠆚󠆴󠆞󠅲󠇪󠅏󠆚󠅝󠆽󠇓󠆥󠅘󠄪󠄲︅󠄎󠅇󠇊󠆤︈󠇉󠄁︇󠄦󠆌︌󠅁󠆡󠇦󠅮󠆾󠇢󠆅󠅤󠅜󠅘Anthropic says: "If you have concerns about someone claiming to sell Anthropic stock or marketing access to Anthropic equity, please email \[email protected\]."* (Anthropic Support Page, support.claude.com) *"If you believe you have been targeted by a stock scam: consider contacting your local law enforcement or securities regulator󠇟󠇠󠇡󠇢︍󠄬󠇚󠅀󠆕󠄉󠆘󠇦󠆁󠄘󠄅󠆈󠅦󠆻󠆠󠇬󠄨󠅾󠆶󠅚󠄧󠇙󠇖󠅣󠄝󠇜󠄕󠇌︀󠅃󠄲󠇕󠄿󠇎󠅕󠄾󠆛󠄈󠅧󠄿. In the United States, you can report suspected fraud to the Securities and Exchange Commission (SEC) or review investor alerts on Investor.gov."* (Anthropic Support Page, support.claude.com) ### 󠇟󠇠󠇡󠇢󠅠󠄙󠇚󠅢󠅞󠆾󠆅󠄺󠅧󠄅󠇚󠄢󠅀󠇇󠇘󠄓󠄲󠇞︈󠄗󠆃󠄝󠄙󠄮󠄡︈󠆜︅󠅝󠇟󠇤󠄦󠄆󠇃󠅲󠆹󠄵󠅭󠇈󠇌The Bigger Picture OpenAI did the exact same thing the same day Anthropic did󠇟󠇠󠇡󠇢󠆌󠄧󠅒󠅍󠆘󠇊󠇐󠅞󠅔󠆽󠆍󠆷󠄅󠇫󠅘󠇏󠇥󠅦󠆟󠇘︆󠆖󠆱󠇋󠄦󠇔󠆪󠇚󠅔󠆓︃︇󠄛󠅖󠄛󠆕󠆻󠆥󠆼󠅼. Using almost identical language󠇟󠇠󠇡󠇢󠅱󠅓󠆡󠆜󠆪󠇂󠆙󠅚󠇜󠄥󠇂󠆕󠇢󠄲󠆛󠄆󠅀󠅟󠅖󠆶󠄛󠆬󠅒󠆌󠇘󠇆󠅬󠅗󠄚󠆌󠆎󠆒󠄺󠇖󠆳󠅉󠆥󠆊󠆹󠅮. OpenAI's update states any transfer without written consent ["will be void, the sale will not be recognized and carry no economic value to you󠇟󠇠󠇡󠇢󠇐󠄉󠅗󠆯󠇠󠆓󠇑󠅋󠅔󠆮󠇍󠇩󠆣󠅜󠄽󠅳󠇨󠅳󠆈󠄏󠇏󠆑󠅃󠅔󠄺󠆻󠄆󠇧󠇢󠆛󠅔󠄊󠆴󠅮︎󠆯󠇘󠄬󠆰󠆺."](https://finance.yahoo.com/markets/stocks/articles/anthropic-openai-warn-buyers-unauthorized-180743368.html?ref=duethedilly.com) This is not a coincidence󠇟󠇠󠇡󠇢󠆵󠄌󠆍󠄩󠄔󠆋󠆔󠅔󠅊󠇡󠅬󠄯󠅄︎󠄢󠄲󠄥󠄰󠄲︋󠅁󠇅󠄧󠆭󠅟󠅚󠇂󠅺󠆡󠅢󠅡󠆥󠆳󠅓󠇤󠆂󠆭󠅁󠆷󠄵. The two most valuable private AI companies in the world coordinated, whether formally or informally, to lock down their secondary markets on the same day󠇟󠇠󠇡󠇢󠆳󠇞󠇥󠅭󠇃󠆓󠇀󠅭󠄒󠄁󠆩󠄩󠆅󠇗󠇔󠄒󠅘󠅇󠄨︋󠆳󠅑󠄳󠅳󠅅󠄵󠆑󠄕󠆇󠆿󠆨󠆇󠅊󠇫󠄊󠆇󠇣󠅨︈󠅍. That is a message to the entire pre-IPO industry. 󠇟󠇠󠇡󠇢󠄗󠆭󠆬󠅢󠄩󠇆󠆞󠄰󠄄󠇉󠇤󠄪󠆲󠇞󠆐󠄗󠅈󠆉󠄬󠆘󠅗󠆞󠅢󠅰󠄖󠅑󠅖󠅸󠇋󠄪︄󠄯󠇄󠅧󠇈󠇆󠆴󠅊󠆲󠄁The best private companies are staying private longer than ever, and the demand to invest in them is historic󠇟󠇠󠇡󠇢󠄃󠆦󠄲󠇫󠅫󠄞󠆤󠆧󠅐󠆬󠅹󠇥󠆭󠅂󠆇󠆦󠅈󠅘󠅄󠄲󠆉󠆲󠇊󠄃󠇯󠅆󠄾󠄦󠇮󠆣︂󠅋󠆑󠅘󠇏󠄟󠆯󠅦󠅆󠇣. That gap between "the company is private" and "everyone wants a piece of it" created an entire ecosystem of platforms, vehicles, tokens, and structures designed to give people access󠇟󠇠󠇡󠇢󠆄󠆔󠅬󠄙󠇤󠄐󠇡󠅘󠄓󠇤︇󠇘󠅴󠇍󠅉󠄼󠄨󠅎󠆵︅️󠆨󠇦󠇅󠅬󠇣󠅐󠇆󠇪󠆉󠅗󠇞󠆛󠄒󠅸󠄢󠅊󠄆󠅪󠆨. Some of those structures were legitimate󠇟󠇠󠇡󠇢󠇁︈󠅫󠄫󠅫󠆻󠄉󠇡󠅔󠅠󠇝󠆂󠆤󠆔󠄍󠄲󠆑󠅄󠄸󠅺󠄍󠇌󠇗󠄃󠄚󠅇󠅞󠄵󠅑󠅞󠄵󠇗󠆾󠄥︆󠆶󠅙︀󠄀󠅎. Some were gray area󠇟󠇠󠇡󠇢󠄡󠄧󠅨󠅍󠄵󠄊󠆸︎︁󠅇󠆯󠄬󠆨󠄟󠄺󠇑󠇇󠅤󠄌󠅐󠅊󠇄󠆳󠄞󠇖󠇟󠄭󠅔󠄻󠇂󠅯󠄸󠆾󠇈󠇘󠆮󠅜󠅌󠇣󠆂. Some were outright scams. 󠇟󠇠󠇡󠇢󠆭󠄉󠄪󠅘󠆒󠄦󠄼󠇯󠄍󠇈󠅞󠄜󠆃󠄿󠅟󠄒󠇅󠇏󠄑󠆜󠄵󠇁󠆅󠄟󠇄󠆕󠆣󠆽󠇘󠄢󠇘󠆡󠇋󠅷󠆃󠆊󠄱󠄜︇󠇍Anthropic just drew a very bright line between all three categories, and named the ones that are on the wrong side of it. 󠇟󠇠󠇡󠇢︈󠄑󠄌󠆙󠆇󠇫󠄎󠄼󠇠󠇦󠅐󠇍󠅥󠄲󠄄︎󠅚︍󠅸󠇠󠆢󠅜󠆲󠆻︁︄󠄔󠅺󠆞󠄦󠇉󠄄󠅆󠆣󠄕󠅗󠅨󠄫󠆦󠅀Y'all󠇟󠇠󠇡󠇢󠄆︌󠅏󠄈󠄚󠅈󠅉󠅌󠇓󠅯󠇫︋󠇧󠆫󠄸󠄦󠄙󠇐󠇍󠆸󠅮󠇚󠆤󠆔󠇛󠆉󠅓󠅠󠆺󠅗󠇚󠅷󠅱󠇦󠅺󠆼󠅠︍󠄠󠇡. If someone is offering you pre-IPO shares of ANY hot private company and they can't show you written board approval for the transfer󠇟󠇠󠇡󠇢󠄳󠅵󠄄󠅏󠅱󠅝󠅵󠄻󠆈󠇠󠄁󠇃󠄡󠆃󠇯󠆪󠄪󠄗󠆉󠆑󠇊󠄻󠅥󠆨󠆮󠄑︈󠄂󠇓󠆾󠆋󠄶󠅵︉󠇟︉󠅱󠆼󠇉󠄀? Walk away󠇟󠇠󠇡󠇢󠆃󠆟󠅸︈󠅠󠄥󠅼󠆽󠅱󠆈󠅵︄󠄼󠇐󠆂󠆑󠄲󠄡󠇎󠅈󠄿󠄺󠇁󠅻󠅃󠇬󠇩󠆠󠅌󠅽󠄍󠅻󠄬󠅃󠇤󠇞󠆳󠅊󠆵󠆍. That piece of paper is the only thing standing between you and the three most devastating words in investing. 󠇟󠇠󠇡󠇢󠅔󠄄󠅺󠆼󠄻󠄡󠆌󠅅󠆟󠄝󠇁󠄮󠅈󠅡︆󠆈󠇢󠄯󠅓󠄿󠆥󠆴󠄥󠅧󠄔󠆯󠆚󠅙󠆌󠄧󠇛󠅆󠆛󠅖︉󠆒󠄂󠆸󠄂󠅝Chase upstream parties. 󠇟󠇠󠇡󠇢󠇐󠄰󠅾󠄆󠅻󠆊󠅰󠆵󠄦󠄗󠆈󠅒󠅩󠅧󠇖󠅤󠅊󠆥󠅺󠆫󠅩󠅧󠄩󠅛󠄎󠆳󠆟󠄄󠇯󠅡󠅊󠄒󠅴󠄣󠄧󠆩󠄓󠇍󠄕󠇛Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠄡󠇝󠄯󠅒󠆣︎︌󠆨󠆡󠅙󠇩󠄷󠄙󠆺󠅛󠇧󠅪󠅵󠇐󠆕󠆷󠇎󠄌󠆄󠄑󠇥󠆝󠄀󠆣󠄨󠄷󠆾󠅊󠇚󠇁󠆵󠇑󠇃󠄑󠅖. Pass it to a friend. 󠇟󠇠󠇡󠇢󠇟󠇖󠆓︃󠅆󠆋󠆴󠇈󠅡󠄏󠆆󠄤󠆶󠇩󠅆󠅭󠄤󠆾󠄀󠄽󠇓󠄳󠅌󠄂󠄨󠄱󠄝󠄛󠆻󠆍󠆲󠆆󠅿󠆗󠆾󠄘󠇇󠅗󠄿󠆕See y'all next week. 󠇟󠇠󠇡󠇢󠅇󠇧󠆖󠄝󠄗󠄩󠅧󠇣󠅑󠄌󠄊󠅓󠆇󠆂󠇫󠄽󠆏󠆛󠇁󠇨󠆳󠅾󠄤󠆏󠄼󠅸󠅳󠇦󠆎󠆸󠆊󠄩︇󠇛󠆓󠄇󠆨󠆐︎󠇧CJB󠇟󠇠󠇡󠇢︁󠅻󠆃󠄐󠄗󠅲󠄵󠅘󠆌󠅸︅󠇭󠄁︋󠇦󠆡︎󠆅󠇉󠅪󠄇󠆼󠇧󠆛󠅩󠆗󠅭󠇐󠅊󠇩󠆔󠆑󠅚󠅌󠄅󠆎󠆾󠄉︃󠄣 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆓︀︀󠄊󠆓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠄤󠄦󠄤󠄧󠅔󠅔󠄦󠄝󠅖󠄩󠅖󠄣󠄝󠄤󠄩󠅕󠄧󠄝󠄩󠅖󠄣󠄥󠄝󠄩󠄩󠄢󠅓󠄠󠅔󠅔󠅕󠄤󠄧󠄠󠄣︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄡󠄤󠅄󠄡󠄡󠄪󠄣󠄣󠄪󠄣󠄠󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄡󠄤󠅄󠄡󠄡󠄪󠄣󠄣󠄪󠄣󠄠󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠄥󠄥󠅑󠄣󠅔󠄢󠅓󠄠󠄣󠄡󠅕󠄠󠄠󠄠󠄡󠄠󠅔󠄤󠄨󠄥󠅕󠅏󠅦󠄡󠄧󠄧󠄨󠄧󠄥󠄨󠄤󠄠󠄩󠅏󠄤󠄡󠅕󠄩󠅖󠄢󠄣󠄥󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠄥󠄥󠅑󠄣󠅔󠄢󠅓󠄠󠄣󠄡󠅕󠄠󠄠󠄠󠄡󠄠󠅔󠄤󠄨󠄥󠅕󠅏󠅦󠄡󠄧󠄧󠄨󠄧󠄥󠄨󠄤󠄠󠄩󠅏󠄤󠄡󠅕󠄩󠅖󠄢󠄣󠄥󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄢󠄨󠄢︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄦󠅕󠄥󠄤󠄥󠅓󠄩󠄠󠄣󠅕󠄥󠅖󠄢󠄩󠄠󠄣󠄦󠄣󠄧󠄩󠄡󠄩󠅖󠄨󠄠󠄡󠅔󠄢󠅓󠄤󠄧󠅑󠅖󠅓󠅒󠅑󠅕󠅖󠅒󠅔󠄥󠄥󠄢󠄩󠅓󠅕󠅕󠄠󠄧󠄩󠄨󠅓󠅓󠄥󠄢󠄩󠅔󠄥󠅕󠅑󠅒󠄧󠄩󠄤󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠆧󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠄤󠅔󠄢󠄩󠄡󠅑󠅑󠄢󠄝󠄩󠄦󠅖󠄣󠄝󠄤󠄠󠅖󠄠󠄝󠅑󠄩󠅑󠅔󠄝󠄡󠅕󠄥󠄧󠅒󠄧󠅕󠄤󠄢󠄧󠅕󠅕󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆮󠄂󠇌󠅱󠄩󠇧󠄙󠅳󠅮󠆅︎󠇙󠅘󠅏󠄐󠇢󠆄󠄉󠆽󠅦󠆝󠇨󠆠󠅲󠇀󠅆󠅞󠄚󠄳󠇕󠆽󠆳󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠆪󠆫󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅍󠄕󠄰󠇑󠅪󠆏󠇬󠅩󠄡󠇀󠇘󠇙󠇐󠇡󠄷󠄸󠄤󠄚󠅧󠅪󠇭󠅥󠄛󠆜󠆪󠄞󠆩󠄗󠇝󠅚󠆡󠆖︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄥󠄦󠅒󠅒󠄩󠄨󠄧󠅓󠄝󠄧󠄧󠄨󠅕󠄝󠄤󠄧󠄤󠄩󠄝󠅒󠄠󠄩󠄥󠄝󠄣󠄢󠄠󠅖󠅖󠅔󠅕󠄥󠄠󠄨󠅕󠄡󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠄤󠄦󠄤󠄧󠅔󠅔󠄦󠄝󠅖󠄩󠅖󠄣󠄝󠄤󠄩󠅕󠄧󠄝󠄩󠅖󠄣󠄥󠄝󠄩󠄩󠄢󠅓󠄠󠅔󠅔󠅕󠄤󠄧󠄠󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆐󠄝󠄁󠅏󠄽󠅰󠄹󠆗󠄝󠅶󠄉󠄖󠅘󠅆󠆾󠇈︆󠇂󠆹󠆻󠆼󠄠󠇛︆󠄖︉󠅲󠇌󠄦󠅶󠆁󠆋󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄳󠄉󠇖󠇮󠇫󠅧󠇕󠄚󠇤󠅟󠅷󠅪󠄴󠄡󠇇󠄎󠆩󠆉󠅬󠇒󠆂󠇍󠇫󠄜󠄡󠅍󠇑󠄜󠇒󠆊︁󠄢󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅴󠅙󠅯󠇫️󠅓󠅡󠆮󠇎󠇒󠄎󠄑󠆭󠅸󠇫󠄵󠇯󠇩󠆼󠅊󠆍󠄺󠆈󠄑󠆓󠆺󠅵󠄢󠆘󠆴󠄦︍󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇪󠄀󠅋󠆻︁󠆡󠆙󠆏󠅎󠆻󠅅󠆹󠅼󠇉󠄁󠅜󠅣󠅙󠆮󠆦󠇯︅󠅍󠅲󠇯󠄦󠇂󠅽󠅍󠄴󠅈󠇗󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄝󠇉󠆕󠅒󠆾󠇘️󠅱󠅉󠄽󠅇󠆔󠅡󠇇󠆌󠅰󠄶󠇛󠅴󠄀󠅢󠅬󠇯︀󠆔󠄑󠅵󠄈󠅥󠅓󠇕󠆐󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆃󠅰󠅜󠄨󠅼󠅼󠄡󠆉󠅔󠄞󠇝󠇄󠇦󠅠󠆧󠆖󠄒󠆽︇󠇚󠅬󠅷󠆳󠆙󠄌󠆑󠄭󠅘󠆎󠅓󠄉󠆓󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆚󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅪󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆴󠄠󠅲︃󠆰󠄠󠅲︃󠄵󠆐︃︂︁︂︂󠄄󠄄󠆞󠆣󠄊󠆱󠆃󠄣󠄤󠆽︂󠅮󠅚󠄜󠇓󠆩󠅘󠇠󠇗󠅏󠄮󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄣󠄠󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄠󠄡󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄠󠄻󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄍󠄠󠄋︆︃󠅅︄︊︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅚󠇊󠆑󠄣󠅒󠅯󠆘󠇙󠆝󠆶󠅄󠄍󠇚󠆳󠆐󠅍󠆛󠇋󠄣󠅑󠅬󠄩󠄹󠆩󠅹󠇘󠆼󠆷󠇉󠄤󠇙︁󠄎︌󠄗󠄏󠆠󠄇󠇆󠇝󠅒󠅺󠆨󠅹󠅌󠅰󠆦󠆿󠅵󠆿󠅫︈󠆶󠇁︇󠄪󠇒󠅛󠇡󠄎󠇊󠇡󠅍󠄋󠇇󠅵󠅉󠆣󠇧󠅾󠅠󠄮󠄱󠇅󠇘󠄮󠄄󠅧󠇫󠆇󠄋󠆇󠆼󠅇󠇪󠆴󠆦󠆨󠆺󠅞󠆪󠇋󠇦󠅼󠅂󠄠󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇙󠆆󠅣󠆹󠆶󠇎󠅳󠇅󠄟󠆺󠆶󠄟󠅫󠅒󠅹󠅁󠅋󠇩󠆾󠇑󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆬󠅵󠇊󠄊󠇀󠆂󠇂󠄙󠄡󠅖󠅈︍󠄚󠅈󠇂󠄢󠆦󠄳󠇫︉󠇖󠇖󠅱󠆃󠄈󠆩󠅦󠄧󠆏︌󠅷󠆹󠅑󠄠󠄤󠄬󠅮󠆰󠅿󠄙󠆔󠇣︍󠆰󠆚󠇮︎󠇍︂󠄡︀󠆞󠆖󠇊󠅘󠇑󠄄󠇬󠆆󠅔󠆔󠆚󠆧󠅱󠄠󠆨󠅽󠆣󠅋󠇤︊󠆴󠅹󠆲󠄗󠄽󠅎︍󠆧󠅓󠆩󠅇󠆹󠆹󠆷󠆅󠇋󠅣󠇥󠇯󠅟󠇫󠇩︉󠅟󠇍󠅤󠅸󠆃󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄︃󠄩󠅞󠄯󠆨󠄘󠆁︋󠇮󠄗󠆢󠅐󠆇󠅪󠆵󠆏󠄟󠆱󠄨󠇢󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄇︍󠄣󠄡󠄠󠄤󠄡󠄦󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇣󠅆󠅊󠅤󠆴󠅎󠇒󠄾󠆙󠅋󠆕󠇮󠆀󠆩󠇍󠇒︃󠄕󠆑︆󠄩󠄀󠄻󠆡󠄫󠅋󠅸󠆧󠇠󠆀󠇬󠄐󠆺󠆣󠇪󠄏󠇈󠅺󠇛󠅎󠅸󠆵󠅝󠄽󠆱︀󠆩󠇯︀︃󠆹󠇈󠅑󠇗󠅱󠇪󠅀󠆴󠅴󠅗󠅂󠆚󠄞󠇋︀󠆗󠅀󠄾󠄩󠇦󠆜󠄼︁󠄜︎󠅪󠄕󠆉️󠄽󠆪󠆼︉󠅅󠄚󠆨󠅌󠆺󠆕︋󠄆󠇚󠆥󠅑󠇤󠅳󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠄈︃󠄮󠅴󠄆󠅼︄󠄪󠅻󠄰󠆶󠆴󠆓︎󠆛󠄪󠅳󠅥󠅓󠇜󠇐󠄡︍󠅑󠄾󠆀󠅛︄󠆄󠇔︄󠅕󠆡󠆜󠅿󠆀︉󠆭󠆋󠆞󠄄󠇠󠅂︌󠆟󠇐󠆱󠄕︂󠄡︀󠅾󠇒󠆙󠅠󠆗︇󠅇󠄹󠆦󠄀󠆢󠅐󠅗󠇠󠄨󠆼󠄻󠆀󠆠󠄵󠇀󠆄󠆡󠄾󠇊󠅌󠆍󠆬󠇔󠄉︉󠅭󠄼󠇪󠆂󠅮󠅬󠆴︊󠅩󠅸󠄨󠅷󠆧󠆪󠇃︉󠆈󠅉︃󠄉󠄠󠅲︃󠄅󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄞󠅎︄󠆥󠇛︈󠅍󠇂󠅗︈󠇓󠅁󠄉󠅴󠄾󠅵󠅘󠆷󠆵󠆬󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄇︍󠄤󠄦󠄠󠄤󠄡󠄠󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆢󠄜󠄦󠄢󠅑󠄵󠄺󠇩󠄪󠄬󠅔󠅫󠄱󠆭󠄍󠇙󠆉󠇍󠄈︊󠆠󠄤︎󠆗︄󠇜󠇝󠇠󠄒󠅹󠆙󠇖󠆫󠅦󠅊󠅣󠄠󠇪󠅡󠄠󠅬󠆌󠆭󠄓󠄫󠇒󠅾󠅹󠅜󠄭󠅈󠄮󠆛󠅵󠆚󠄺󠆮󠄿󠆻󠇃󠇣󠇈󠄱󠆔󠅯󠆖󠆲󠅠󠅜󠅛󠅩󠄀󠅱󠆩󠆩󠅙󠇃󠄓󠇚󠆹󠆓󠇐󠅀󠅊󠅌󠇏󠄾󠄭󠄹󠄻󠄃󠇇️󠅤󠇧󠅏󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆎󠆂󠄃󠆊󠆥󠇧󠅃󠆧󠆩󠄼󠆢󠆆󠄥︎󠅇󠄔󠄝󠄸️󠅩󠆑󠇛󠆎󠆷󠆗󠄜󠄟󠆸󠄋󠆅󠇤󠅮󠄹󠇠󠅢︈󠇊󠄢󠅖󠇪󠇐󠄒︃󠇆︈󠇕󠆳󠆥︂󠄡︀󠆩󠅛󠅟󠅬󠇎󠅢󠆑︍︍󠄾󠇎󠆏󠆉󠆌󠇅󠄱󠄣󠇟󠇄︂󠅪󠄁󠅰󠇤󠆿󠆭󠄳󠇟︂󠆗󠆜󠅒󠄑󠄜󠅀󠅙︂︋󠅾󠆯󠄍󠆢󠆜️󠄳︇󠄑󠄽󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠄥󠄦󠅒󠅒󠄩󠄨󠄧󠅓󠄝󠄧󠄧󠄨󠅕󠄝󠄤󠄧󠄤󠄩󠄝󠅒󠄠󠄩󠄥󠄝󠄣󠄢󠄠󠅖󠅖󠅔󠅕󠄥󠄠󠄨󠅕󠄡󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅕󠄤󠄦󠄤󠄧󠅔󠅔󠄦󠄝󠅖󠄩󠅖󠄣󠄝󠄤󠄩󠅕󠄧󠄝󠄩󠅖󠄣󠄥󠄝󠄩󠄩󠄢󠅓󠄠󠅔󠅔󠅕󠄤󠄧󠄠󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆐󠄝󠄁󠅏󠄽󠅰󠄹󠆗󠄝󠅶󠄉󠄖󠅘󠅆󠆾󠇈︆󠇂󠆹󠆻󠆼󠄠󠇛︆󠄖︉󠅲󠇌󠄦󠅶󠆁󠆋󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄳󠄉󠇖󠇮󠇫󠅧󠇕󠄚󠇤󠅟󠅷󠅪󠄴󠄡󠇇󠄎󠆩󠆉󠅬󠇒󠆂󠇍󠇫󠄜󠄡󠅍󠇑󠄜󠇒󠆊︁󠄢󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅴󠅙󠅯󠇫️󠅓󠅡󠆮󠇎󠇒󠄎󠄑󠆭󠅸󠇫󠄵󠇯󠇩󠆼󠅊󠆍󠄺󠆈󠄑󠆓󠆺󠅵󠄢󠆘󠆴󠄦︍󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇪󠄀󠅋󠆻︁󠆡󠆙󠆏󠅎󠆻󠅅󠆹󠅼󠇉󠄁󠅜󠅣󠅙󠆮󠆦󠇯︅󠅍󠅲󠇯󠄦󠇂󠅽󠅍󠄴󠅈󠇗󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄝󠇉󠆕󠅒󠆾󠇘️󠅱󠅉󠄽󠅇󠆔󠅡󠇇󠆌󠅰󠄶󠇛󠅴󠄀󠅢󠅬󠇯︀󠆔󠄑󠅵󠄈󠅥󠅓󠇕󠆐󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆃󠅰󠅜󠄨󠅼󠅼󠄡󠆉󠅔󠄞󠇝󠇄󠇦󠅠󠆧󠆖󠄒󠆽︇󠇚󠅬󠅷󠆳󠆙󠄌󠆑󠄭󠅘󠆎󠅓󠄉󠆓󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐︈󠅏󠄩󠄒󠆕󠅹󠆯󠅁󠅻︊󠄔󠄑󠅕󠅞󠆯󠄳󠆻󠇬󠆱󠇖󠇗󠆱󠇓󠇮󠄪󠇊󠄥󠅴󠅋󠇖󠅎󠇧󠄁︊󠅃󠅦󠅠󠅯󠇐󠄯󠆡󠄑︃󠅢󠇙󠇎󠆼󠆠󠆺󠇧󠇄󠄼󠆙󠆑󠅖󠆌󠆀󠆻󠇋󠅆󠅨󠄬󠄸️󠆒󠄙󠄬󠇅󠅉󠇑󠆲󠇒󠆇󠅐󠅰󠄵󠇘󠄠󠆧󠅄󠅯󠄣󠆦󠆻󠆳󠇜󠄭󠇑󠅪󠅺󠆮󠄽󠇪󠅶󠄆󠇝︀︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Angel List URL: https://www.duethedilly.com/the-angel-list/ Last updated: 2026-05-12T19:12:51.000Z *Finding funding can feel like searching for a secret club with no address󠇟󠇠󠇡󠇢󠄸󠅚󠇒󠇋󠅖󠇢󠄰󠇑󠅆󠇜󠅾󠅼󠆡󠅨󠅁󠆟󠅵󠆺󠇬󠆕󠆡󠆝󠄤󠅇󠄄︈︌󠆤󠇂︇󠄚󠄫️󠄐󠄯󠆪󠇄󠄽󠅍󠆶. We did the legwork, so you don't have to󠇟󠇠󠇡󠇢󠇑󠇢󠇂󠇚󠆯︌󠇫︋󠄴󠄐󠅄󠇨󠄷󠅦󠄬󠄮󠇪󠅑󠅝󠄠󠅁󠄓󠅲󠅭󠆹󠆦󠄈󠄋️󠄅󠇘󠅫󠄵󠇈︀󠆼󠇠󠄺󠅍󠆋. Here's who's writing checks, where they're based, and how to get in the room.* ### 󠇟󠇠󠇡󠇢︌󠇌󠄲󠄦󠅤󠆱󠇫󠇭󠅢︌󠆧󠇫󠆫󠅲󠆿󠆤󠅣︌󠇎󠄸󠇇󠄢󠇙󠆦󠄪󠆀󠆐󠅖󠅠󠅐󠅶󠄮󠄪︁󠅸󠄧󠅧󠅁󠅻󠇉Born Inside Google [**Black Angel Group**](https://www.blackangelgroup.com/?ref=duethedilly.com)— Started as an informal collective of Black Googlers and Alphabet employees who decided to pool their capital and put it behind seed to Series A startups worldwide󠇟󠇠󠇡󠇢󠇛󠅹󠇟󠇒󠅻󠄚󠅢︉󠄏󠆥󠅇󠇈󠆩󠄔󠇮󠆇󠆄󠇗󠆸󠇤󠄒󠄤󠄌󠅱󠄴󠅦︌︈󠆷󠄴󠆽󠄫󠆺󠇂󠅢󠆑󠄓󠅥󠄕󠅋. Now 50+ members strong with affiliates across the US and Europe, including senior leaders from Google Cloud and Gradient Ventures󠇟󠇠󠇡󠇢󠅝󠇄󠅵󠅵󠄑󠇐󠅯󠄞󠆢󠇅︃󠇄󠅕󠄶󠄧󠆯󠇦󠆐󠇭󠆋󠅬󠄈󠄿󠇥󠄥󠄢󠄗︈󠆸󠆠󠇍󠄹󠇌󠅡︅󠆖󠆄󠅂󠄰󠆀. About half their portfolio companies are led by underrepresented founders, not because it's the rule, just because diverse networks source diverse deals󠇟󠇠󠇡󠇢󠅝󠆿󠄀󠅭󠇅󠆭󠄢󠅝󠆖󠅿󠄨󠇙󠅜󠇏󠇖󠅏󠆞︀󠄅󠄃󠅝󠄁󠅌󠄡󠇖󠅗󠆸󠅓󠇗󠇓󠆅󠅕󠆫󠇖󠅠󠇟󠅝󠄲󠅎󠇎. The mission is simple: more Black capital, more Black investors in the ecosystem󠇟󠇠󠇡󠇢󠇕󠄴️󠅷󠄿󠅚󠆍󠇏󠅤󠄶󠆕󠄟󠇞󠇭󠆎󠅠󠅻󠄗󠆾󠇓󠆮󠅥󠅦󠆙󠄃󠅤󠄘󠄼󠆵󠄁󠇏󠅐󠆇󠆆󠄤󠇛󠄒󠅖󠇨󠆄. If you're building something ethical at the seed stage, this is one of the most valuable rooms you can get into. [**󠇟󠇠󠇡󠇢󠅫󠄭󠇮󠇔󠅴󠅫󠅔󠅙󠇟󠅒󠆷󠅗󠄺󠄻󠄮󠄨󠄜󠄰󠅪󠅦󠆩󠅜󠄳󠅍󠄉󠆨󠅰󠆗󠄤󠄬󠅣󠆴󠅞󠅢󠄀󠆃󠄧󠅳󠄳󠅮Google for Startups Black Founders Fund**](https://startup.google.com/?ref=duethedilly.com)— Google's direct grant program for Black founders, started in 2020 and expanded globally to Brazil, Europe, and Africa󠇟󠇠󠇡󠇢︁󠅫󠇚󠆒󠆣󠆩󠅫󠄀󠆔󠄔󠅱󠇨󠅚󠄟󠆲󠄹󠄢󠅌󠄈󠆈󠆠󠅘󠆧󠆶󠄎︌󠄺󠄅󠅒︈󠄉󠆙󠇚󠅻󠅐󠅶󠇥󠆳󠆹󠆼. Not an angel group in the traditional sense, but it functions as a first check for founders who don't have access to the friends-and-family round that the traditional fundraising playbook assumes you have󠇟󠇠󠇡󠇢󠅸󠅫󠆅󠄍󠇐󠅄󠆬󠇠󠆸󠆠󠇭󠆳󠄁󠄏󠄨󠅉󠄶󠅚󠆜󠅤󠅨󠇚󠇎󠇒︀󠄐󠄅󠇩󠇌︌󠄗󠆯󠆙󠆾󠅬󠆩󠆘︊󠄶󠄢. Average grants have run around $86K with no equity taken. ### 󠇟󠇠󠇡󠇢󠅻󠆰󠄲󠅗󠅻󠄆󠄬󠄀󠅩󠆯󠆾󠇢󠇡󠄓󠆺󠆤󠇐󠅐󠄪󠅟󠆠󠄹󠆖󠅒󠄗󠄓󠆜󠆞󠅞︍󠅼󠄊️󠆄󠅃󠅳󠇍󠄳󠄇󠅀🎓 Born Out of Stanford / HBCU Networks [**Black Angel Tech Fund**](https://www.blackangeltechfund.com/?ref=duethedilly.com)— Born out of a conversation at the 2015 Stanford Black Alumni Summit in Atlanta󠇟󠇠󠇡󠇢󠇒󠄌󠅲󠆃󠄍󠅱󠄶󠅔󠆍󠅅󠆆󠅦󠇊︈󠆤󠅜󠆡󠆾󠄇󠆮󠅀󠄎︈︃󠄃󠅻󠄎󠄡󠇓󠆨︉󠆃󠄗󠅨󠅅󠆥󠆠󠇠󠆩󠇀. They call themselves "the antidote to the 2% problem in Silicon Valley," and they mean that literally󠇟󠇠󠇡󠇢︋󠇆󠆪󠆠󠆗󠅡󠅯󠅷󠅹󠅵󠇘󠇣󠄣󠆫󠄍︇󠄄󠆎󠇢󠇩󠇇󠄾︌︇󠅏󠆨󠅛󠄹︀󠆜󠇝󠆜󠆛󠄆󠇇󠅩󠄴󠆲󠅲󠅀. Structured as a boutique fund with limited partners, backing high-growth tech companies with Black techpreneurs at the helm󠇟󠇠󠇡󠇢󠄠󠄙󠆱󠇚󠅶󠇓󠅌󠄱󠆯󠄡󠅦󠅧󠅁󠄳󠇐󠆭󠆌󠇀󠆞︃󠆾󠅣󠆁󠄿󠇨󠇤󠄘󠆤󠆙︂󠆸󠆒󠄧󠄅󠆓󠄵󠅔󠆨󠇥󠆤. Founded by Mark Thaiya, Ken Grimes, Ron Berry, and Amy Reid󠇟󠇠󠇡󠇢󠄂󠅡󠅏︈󠄗󠄑󠄈︊󠆑󠇃󠅧󠄯󠇀󠇝󠄋󠇑󠅶󠅏󠅾󠄰󠄩󠅠󠅽󠄲󠆴󠆴󠆇󠅾󠇈󠅟󠄜󠅽󠄑󠇖󠆰󠅥󠇔󠆜󠆶󠆯. This group was doing this work before it was trendy to talk about. [**󠇟󠇠󠇡󠇢󠄱󠅃󠄘󠄚󠅮󠅺󠆥︇󠅮󠄭󠇜󠆃󠆯󠇦󠄁󠆝󠄡󠄗󠅚󠇋󠅾󠅏󠅭󠄯󠇟󠆍󠄟󠅌󠅎󠄢󠅓󠅌󠅷󠅢󠅰󠆙󠅒󠄡󠄱󠄧HBCUvc**](https://www.hbcu.vc/?ref=duethedilly.com)— Not a traditional angel group, but one of the most important pipelines in the game right now󠇟󠇠󠇡󠇢󠇎󠇩󠆸󠇞󠄏︃󠆻󠄦󠆷󠇤󠅈󠄱󠆙󠄊󠇣󠅽󠅃󠆁󠇭󠆺󠆗󠅔󠇥󠄵󠇣󠄀󠇦󠇣󠄈󠆕󠄇󠅕󠇬󠄙󠆯󠄌󠄉󠄀󠆥󠅒. HBCUvc trains HBCU students and alumni to become venture investors and deploy capital into Black-founded startups󠇟󠇠󠇡󠇢󠇠󠄉󠄳󠇃󠆡󠇐󠄋󠄸󠄭󠅰󠆰󠅫󠄯󠄁󠆲󠄽󠅠󠇍󠇄󠆟󠆃󠄙󠆼󠆓󠆰󠇋︃󠇌󠄕󠆛󠆉󠅐󠇢󠇑󠄩󠆬󠄳󠅄󠇇󠄪. In 2024 alone, their alumni fellows invested over $10M into Black-founded companies󠇟󠇠󠇡󠇢︉󠄲󠄰󠅺󠄰󠆘󠄱󠆅󠅖󠅎󠄴󠆳󠆾󠅌󠇢󠄖󠄂󠆩󠇜󠅾󠅡󠆴󠆠󠆣󠅒󠅋󠆈󠄴︌󠄓󠄿󠅗󠆪󠅌󠅸󠅍󠅷󠄽󠄇󠄧. They're now formalizing an angel investing training program to scale that number󠇟󠇠󠇡󠇢󠄔󠅰󠄖󠇚󠅋️󠄦󠅏󠄰󠅉󠄬󠅢󠄋︄󠇔󠄚󠅽󠄺󠄧󠄹󠅟󠅣󠇮󠄮󠄤󠅨󠇐󠅐󠆞󠇬󠄺󠆥︎󠅵󠅄󠅧󠅣︅󠄦󠄯. Think of them as the feeder system for the next generation of Black capital. ### 󠇟󠇠󠇡󠇢󠄵󠄤󠄪󠇨󠇨󠇡󠄗󠇗󠇤󠅧󠄦󠇠󠅆󠅝󠇍󠇦󠇄󠆧󠆰󠇈󠇚︊󠄅󠅗󠄼󠆷󠅸󠅚󠇘󠇩󠄅󠇯󠄈󠇮󠇡󠅰󠅤󠄈󠆒︍👩🏽‍💻 Born Inside Silicon Valley's Senior Executive Networks [**Broadway Angels**](https://www.broadway-angels.com/?ref=duethedilly.com)— Founded in 2010, this is one of the most powerful and quietly influential angel groups in tech󠇟󠇠󠇡󠇢︊󠄔︊︂󠇒󠆗󠅿󠇎󠆱󠄀󠅌󠅼󠅳󠄀󠅭󠅆󠇓󠆇󠇑󠇣󠄸󠅵󠅥󠄴󠆲󠄌󠇡󠄙︁︃󠄢󠅒󠄉󠅯󠆋︋︀󠇭󠆜󠇒. The entire membership is made up of GP-level investors and senior executives from the top tech and consumer companies in the world, all of whom happen to be women󠇟󠇠󠇡󠇢󠇅︈󠄊󠄱󠆳󠆉󠄝︉󠅾󠇞󠇖󠅡󠆯󠄲󠅙󠅉󠅘󠇥󠄗󠆮︊󠆌󠅀󠅞󠄉󠇆󠄺󠅔󠄙󠇇󠅳󠄋󠄝󠆺󠄄︅︄󠆣󠅮󠇆. 74 companies in the portfolio, 7 unicorns, 19 exits, and they're still actively writing checks as recently as 2025󠇟󠇠󠇡󠇢󠆖󠄦󠆀󠅯󠆶󠆽󠄂󠇯󠇎󠄠󠇚󠄁󠆛󠄟󠅼︀󠅷󠇢󠆗󠅨︁󠇍󠄥󠅐󠆟󠆰󠄡󠄚󠄫󠄓󠄳󠅰󠆪󠅞󠆜󠆪󠇯󠄊󠆖󠅹. They backed Nextdoor, The RealReal, and Owlet, among others󠇟󠇠󠇡󠇢󠄯󠅫󠇄󠇊󠆥󠄧󠄵󠆺󠅦󠄃󠇐︉󠅝󠅏󠄇󠄣︉󠅤󠅔󠆛󠄦󠄽󠄘󠆯󠄾󠅍󠄉󠄡󠅩󠄊󠇣󠅧󠅪󠅇︍󠇑󠇉󠆸󠅇󠇈. Gender-agnostic when evaluating deals󠇟󠇠󠇡󠇢󠇞󠄟󠄎󠅻󠇠󠅺󠅃󠇤󠄙󠅇️󠆘󠅖󠆟󠇑󠇎󠆹󠄼󠇮󠆵󠆭󠆛󠇊󠄡󠄶󠆡󠇙󠄻󠇤󠆙󠄖󠇥︌󠆙󠄑󠇡󠆎󠄚󠅵󠅪. Warm intro is your best path in. [**󠇟󠇠󠇡󠇢󠇇󠅦󠆮󠄢︅󠇢󠄘󠆟󠇋󠄲󠆑󠅁󠇑󠄙󠆌󠆍󠅭󠇏󠆋󠄒󠇀󠄋󠅹󠇔󠅟󠆕󠇆󠇘󠄞󠆜󠇚︄󠄖󠇎󠄩󠆡󠅖󠄽󠇆󠅅Hyphen Capital**](https://www.hyphencapital.com/?ref=duethedilly.com)— An angel fund built by and for Asian-American founders, executives, and industry leaders󠇟󠇠󠇡󠇢󠄓󠇑󠆂󠇅󠆇󠆴󠆙󠅆󠄒󠇖󠇂󠆢󠇁󠅟󠆮󠇋󠄴󠅾󠅛󠆝󠄁󠅛󠆹󠇗󠇃󠆦󠅠󠆉󠄻󠄸󠄂󠄍󠇓󠆑󠅚󠅼󠆅󠅝󠆌󠄾. They invest in innovative companies at all stages, and their portfolio includes companies like Vimcal, Runway, Modern Loop, Italic, and Mighty Health󠇟󠇠󠇡󠇢󠄢󠆾󠅫󠇇󠆵󠅞󠄊󠆩󠇇󠅛󠅍󠅚󠇮󠄂󠄎󠆗︃󠅇󠄧󠆄󠅵󠇭󠅸󠇤󠄒󠆽︄󠅳︎󠇇󠅦︎󠅼󠅮󠆈󠄄󠅁󠄟󠅝󠇁. The bet here is simple: when investors who look like the founders write the first check, the whole network opens up. ### 󠇟󠇠󠇡󠇢󠇣󠆩󠄿󠄨󠅗󠅖󠆥󠆂󠆮󠇗󠅟󠅫󠅑︄󠄾󠆞󠆻󠇍󠇑󠇉󠅙󠆨󠄲󠇫󠆋󠆌󠆋󠅴󠇒󠆫󠆡󠅤󠄺󠅎󠄽󠄴󠅬󠄒󠆸󠆊🌎 Community-Built Tech Angel Networks [**BLCK VC**](https://www.blckvc.com/?ref=duethedilly.com)— A national community of Black venture investors working to increase Black representation across the entire VC and angel ecosystem󠇟󠇠󠇡󠇢︎󠅍󠇜󠄁󠅐󠆺󠅢󠅜󠇍︌󠅿󠄮󠄌󠅸󠇨󠄿󠇕󠅬󠅅󠆦󠅾󠅲󠄛󠇄󠄐󠇉󠇦󠅼󠆐󠇉󠅆󠆨󠇫󠅠󠅭󠆮󠄯󠅈󠆒󠄹. Not a fund, but a network with real deal flow power󠇟󠇠󠇡󠇢󠇍󠅳󠆟󠄖󠅒󠅂󠆍󠇥󠅻󠅦󠄟󠅧󠄡󠅿󠇛󠅦󠆾󠇠󠄟󠄼󠄨󠅖󠄷󠄑󠅦󠅴󠅣󠄮󠆛︇󠆕󠄫︇󠅬󠆕󠅺󠆸󠇒󠅚󠇥. Their events and programs connect Black investors to founders and each other, creating the kind of warm relationships that lead to checks. [**󠇟󠇠󠇡󠇢︀󠄐󠄴󠄫󠄡󠇭󠅠󠄎󠄲󠅐󠆠󠇙󠆓󠆠󠆊󠅶󠄬󠇓󠄧︇︋︁︈󠆼󠅄󠅨󠅷󠄛󠇨󠆹󠅶󠄉󠅭︂󠄅󠆼󠄥󠇩󠄌󠇠Collab Capital**](https://www.collabcapital.com/?ref=duethedilly.com)— Atlanta-based fund and community specifically built to invest in Black founders, with a model that combines capital with operational support󠇟󠇠󠇡󠇢󠅜󠇮󠇉󠄄󠄤󠅑󠅷󠇒󠇗󠅳󠆅󠅸󠆒󠅭󠄞󠅮󠄕︉󠅃󠄢󠄀󠅑󠅺󠅩󠆧󠅿󠇧󠄖󠄸󠄽󠆆󠄵󠅸󠆑󠄂󠅈󠇙󠇂󠄼󠅭. One of the most active investors in Black-led startups in the country, regularly showing up in deal syndicates alongside Techstars and Gaingels. [**󠇟󠇠󠇡󠇢󠄘󠆩󠆇󠆌︈󠇄󠆼󠆒󠇞󠇧󠆳󠅇󠄹󠇯󠅈󠇉󠆢󠇑︄󠆛󠅯󠆑󠇞󠆰󠅚󠄉󠄌󠄑󠇔󠄾︅󠅰󠅔󠅳󠆲󠇁󠇘󠄶󠆯󠄊Gaingels**](https://www.gaingels.com/?ref=duethedilly.com)— A global LGBTQ+ venture syndicate with over 900 members, making it one of the largest diversity-focused angel and venture networks in the world󠇟󠇠󠇡󠇢󠆇󠇕󠅺󠄪󠇄󠇞󠄖󠇩󠄈󠄌︉󠆟󠄢󠅜󠇦󠄱󠇝󠆝󠇀󠆕︁󠅠󠆓󠅦󠅞󠅥󠆍󠇚󠅦󠄓󠅴󠅤󠄽󠇬󠅮󠄰󠅳󠆡󠅝󠇔. They invest alongside traditional VC rounds, showing up as a value-add block of capital that signals diversity on the cap table󠇟󠇠󠇡󠇢󠇉󠆩󠆸󠄙󠄗󠅡󠄪󠄈󠄔󠅨󠅌󠄷️󠄯󠆱󠄥󠅮󠅻󠄴󠇗󠆆󠄠󠅯󠄉󠆶󠅉󠅞󠅔︆󠅲󠅞󠄖󠅻󠅋󠇉󠆇󠄧󠆯󠅗󠆸. Portfolio includes companies backed by Sequoia, a16z, and Tiger Global. [**󠇟󠇠󠇡󠇢󠅭󠄏󠄚󠄤󠅈󠄀󠇕󠄭󠅨󠅉󠇅󠆐󠇨󠆅󠇁󠆹󠅄󠆊󠄩󠆤󠇇󠇁󠅍󠄄󠆺󠄰󠇃󠆫󠇝󠆅󠄿󠄹󠆆󠅔󠇌󠆇󠅘󠅶󠅴󠅾VamosVentures**](https://www.vamosventures.com/?ref=duethedilly.com)— Early-stage fund focused on Latinx and diverse founders, operating across healthcare, sustainability, fintech, and the future of work󠇟󠇠󠇡󠇢󠆄󠄦󠄈󠅽󠄩󠄄󠇈︀󠇚󠇤󠄙󠆀󠅜󠄦󠅁󠇉󠆃󠄪󠅈󠅒󠅓󠄻󠄎︄󠆬󠅨󠄴󠄂󠇥󠄪󠅢󠄊󠆫󠄟󠆑󠅨󠇁󠄏󠄲󠇒. Raised $50M in 2021, oversubscribed from a $25M target󠇟󠇠󠇡󠇢󠆠󠇠︆󠅕󠅗󠄥󠄠󠄇󠇑󠅹󠄍︊󠄽󠄫󠄚󠆾󠆡󠅶󠇍󠇡󠇒󠇃󠇟󠇆󠅓󠅒󠅰︁󠇞󠇔󠄌󠄗󠇮󠅺󠅿󠆱󠄍󠇊󠄤󠇀. Typical check size runs $500K to $2M. One of the few Latinx-focused funds with this kind of institutional backing. ### 󠇟󠇠󠇡󠇢󠆃󠄔󠄎󠇙󠄬󠆀󠇐󠅰󠆪󠆌󠅗󠆭󠄖󠄁󠄈󠄂󠄪󠆵󠅷󠅴󠆝󠆛︈󠄎󠆑󠅏󠆤󠇊󠇆󠆌󠅍󠅛󠄉󠅤󠅭󠅓󠄆󠆗︅󠅺🗽 New York City New York's angel scene is as dense and competitive as its real estate market󠇟󠇠󠇡󠇢󠆒󠇖󠆬󠄖󠅋󠇥󠄓󠇝󠅓︄󠅄󠅽󠇚󠄢󠅿󠅈󠇫󠇃󠆭󠅷󠆫󠅥󠇚󠄣󠅭󠅬󠇊󠅟󠇏󠄐󠆉󠄠󠄕󠆀󠄤󠅇󠅇󠇚󠇠󠅣. With a deep concentration of finance veterans, media executives, and serial founders, NYC hosts some of the most institutionalized angel networks in the country󠇟󠇠󠇡󠇢󠆻󠅯󠄊󠇑󠄪󠇞󠅎󠄝󠇜󠅯󠆂󠇐󠅭󠆌󠆯󠄘󠆹󠆧󠅱󠇤󠅄󠄘󠅍󠆬󠄲󠅟󠅓︆󠆰󠇦󠄋󠇂󠅖󠅭󠅶󠇘󠅓󠅬󠇭󠆹. If the money is out there, it's here. [**󠇟󠇠󠇡󠇢󠄚󠅌󠆚󠅊󠆂󠇧󠇟︈󠄩󠅚󠅒󠄌󠅳󠆟󠇐󠆨󠆉󠇢󠄖󠇔󠆄󠄋󠄇󠄽󠆈󠇖󠇭󠇓󠄁󠅧󠄛󠆔󠄜󠄷󠇉󠇭󠅨󠆿󠅹󠇉New York Angels**](https://www.newyorkangels.com/?ref=duethedilly.com)— The gold standard for NYC angel investing󠇟󠇠󠇡󠇢󠅽󠆜󠆱󠆤󠄳󠆨󠆊󠆝󠇞󠆶󠇅󠄆󠅶󠅗󠅁󠇉󠇍󠄽󠆔󠇩󠇠󠅁󠆒󠇀󠅬󠄃󠇔󠅫󠆁󠆐󠄭󠄲󠅿󠆲󠇢󠇝󠆢󠄙󠆠󠆳. With 150+ members, they run a rigorous due diligence process and monthly pitch events󠇟󠇠󠇡󠇢︎󠇟󠆙󠅊󠇒󠅛󠆵󠆙󠇀︁󠅰󠄍󠆬󠅃󠄖󠇘󠅬󠇩󠇡󠇬󠆺󠇮󠅊󠇊󠆫󠅌󠄡󠅦󠅡󠅢󠅯󠆜󠅤󠆴󠄊󠄈󠄾󠅬󠆽󠆋. Check sizes range from $25K to $1M across all sectors󠇟󠇠󠇡󠇢󠄌󠆍󠄞︄󠇦󠄱󠄰󠅃󠆒󠇆󠄦󠇡󠆼󠅃󠇨󠅶󠆱󠆢󠄍󠇈󠄯󠅤󠄐󠅹󠆺󠆙󠄝󠄥󠄂󠇐󠅍󠆢󠄃󠆿︄󠅩󠄹󠄝󠅬󠇆. If you're serious about raising in New York, this is the room you want to be in. [**󠇟󠇠󠇡󠇢󠆏󠇒󠆌󠅗󠆗︎󠇧󠆱󠇡󠆴󠆂󠆾󠅰󠄐󠇑󠇛󠆒󠆟󠇯󠅃󠅺󠆐︎️︉󠄀︎󠆪󠄥󠅕󠇇󠅇󠇠󠆖󠇏󠄌󠄷󠇁󠆺󠇔Golden Seeds**](https://www.goldenseeds.com/?ref=duethedilly.com)— One of the most active investors in women-led businesses in the US󠇟󠇠󠇡󠇢󠆓󠆌󠅗︉󠇢󠇢󠇩︎󠆦󠆴󠇃󠇀󠇬󠇌󠄽󠄚󠄄󠇏󠆓󠄠󠄕󠄖󠄇󠅝󠄐󠇯︉󠆛󠄵󠇟󠆡󠅪󠇙󠄡󠄾󠄂󠅤󠄣󠅁󠄯. The NYC chapter is a flagship location for this national network and they have the receipts to prove it. [**󠇟󠇠󠇡󠇢󠄍󠄏󠅱󠇒󠆛󠆚󠅎󠇛󠅇︅󠆀󠄓󠇃︀󠇢󠅑󠄑󠆮󠆽󠇮󠇋󠄫󠄴󠅁󠅚󠄙󠅡󠄥󠄊󠆫󠆲󠇝󠇁󠆖󠄈󠅥󠆰󠅢󠇓󠇟NextGen Angel Network**](https://www.nextgenangels.com/?ref=duethedilly.com)— Built for investors under 40, this group focuses on tech, fintech, and media deals in the tri-state area󠇟󠇠󠇡󠇢󠄩󠅻󠅇󠅕︌󠇙󠇚󠆒︄󠄩󠇃󠆢󠇢󠅉󠅨󠇆󠄒󠆔󠄗󠇇󠅦󠄙󠇟︃󠄔󠆴󠆈󠅧︍󠅉󠆪󠇝󠇗󠄳️󠄱󠇦󠆪󠇂󠆹. Check sizes run $25K to $500K. Young money, real money. [**󠇟󠇠󠇡󠇢︂󠅛󠆜󠆂󠆋󠅺󠄍󠅚󠄄󠄀󠇭󠄘󠆡︋󠆧󠆊󠆯󠄇󠆾󠄏󠇏󠅭󠅗󠄕󠇋󠅺󠅳󠆁󠆬󠆖︅󠅣󠄍󠆿︅󠆝󠄂󠄓󠆩󠄣New York Tech Alliance Angels**](https://www.nytechalliance.org/?ref=duethedilly.com)— Affiliated with the NY Tech Alliance, this group backs hardware and software startups with capital and hands-on mentorship from people who've actually built things. [**󠇟󠇠󠇡󠇢󠆍󠄮󠄎󠇩󠆆󠅀󠄊󠆘︊󠆤󠄉󠇤󠇭󠅤󠅖︃󠄉󠅰󠆹󠆐󠅔󠅵󠆟󠇧󠄀󠄇󠄁󠇡󠆿󠇇󠄬󠄺󠄻󠆄󠆥󠆠󠆀󠅼󠅘󠇑Astia Angels NYC**](https://www.astia.org/?ref=duethedilly.com)— Part of the global Astia network, the NYC chapter backs gender-diverse leadership teams with both capital and advisory support󠇟󠇠󠇡󠇢󠇪󠅁󠄎󠆠󠇩󠅐󠆧󠆪󠄆󠆣󠄾󠄖󠅎󠄳󠅾󠄩󠄣󠅾︄󠇬󠇖󠄴︋󠄞󠇞󠇉󠄍󠆪󠅝󠆀󠇕󠄺󠇜︅󠅱󠅃󠅩󠅈󠅦󠆊. They're not just writing checks, they're showing up. [**󠇟󠇠󠇡󠇢󠅸󠅟︊󠄭︇󠆹󠄰󠆥󠆿󠇯󠄌󠅰󠆊󠅭󠄺󠆄󠆈󠄛󠇢︊󠅼󠄐󠅿︅󠇪󠆱󠅔󠆫󠅑󠄁󠅯󠄲︅󠄮󠆕󠄮󠅐󠆤󠅟󠆑Jumpstart NJ Angel Network**](https://www.jumpstartnj.com/?ref=duethedilly.com)— Covers the Metro NYC and New Jersey corridor󠇟󠇠󠇡󠇢󠆨󠆃󠅘󠆫󠇪︃󠅭︆󠄧󠇄󠆕󠇂󠅲󠄹󠅹󠆙󠄩󠄮󠅳︌󠆎︇󠅴󠆂󠅤󠄵󠇞󠆄󠅗󠄃󠆚󠇩󠇆󠆲󠄕󠅟󠆉󠄜︈󠅽. Particularly active in life sciences and consumer goods󠇟󠇠󠇡󠇢󠄽󠇃󠅂󠆮󠄁󠄛󠆳󠆬󠅩󠆜󠄛󠆜󠅓󠅻󠇏󠅠󠇥󠄃󠇡󠆴󠇚󠄽󠆏󠄁󠆎󠇯󠅪︁󠅗󠅸󠄥󠄴󠅳󠇌󠇃󠆱󠄈󠆳󠅐󠆚. Check sizes hit $100K to $1M. Don't sleep on Jersey, fam. [**󠇟󠇠󠇡󠇢󠅾󠄫󠆭󠄶󠅠󠇂󠆃󠇜󠅝󠆯󠆮󠅭󠆞󠅐󠇭󠅛󠆓󠄕󠄈󠅭󠄊︊󠅋󠆕󠄈󠄌󠅷󠆺󠅇︃󠇉󠅣󠆜󠇆󠆄󠄕󠄑󠆗󠆑󠅼New York Venture Community**](https://www.nyvc.co/?ref=duethedilly.com)— A large community of angels, VCs, and founders running regular pitch nights and networking events across Manhattan and Brooklyn󠇟󠇠󠇡󠇢󠄋︁󠆃󠄳󠄡󠇙󠄊󠆂󠇖󠅄󠆷󠄱󠆉󠄠󠄼󠄔󠅡󠅽󠇄󠇞󠄯󠆰󠅓󠅓󠆿󠆼󠆵󠆆󠇌󠆊󠄽󠄪󠇡󠅼󠇛󠆥󠄨󠆢󠇫󠅕. Great for getting into the ecosystem before you're ready to pitch. ### 󠇟󠇠󠇡󠇢󠇧󠅾󠅸󠇥󠆪󠄷󠆫󠄖󠇧󠄩󠆠󠄫󠄅︍󠅭󠄘󠄜󠆢󠅼󠇒︅󠅜󠆓︎󠇋󠅓󠄃󠅝󠅙󠅾󠇝󠆅󠇋󠅅󠅲󠅕󠆄󠅻󠄨󠄿🌉 San Francisco Silicon Valley's angel ecosystem is the oldest and most evolved in the country󠇟󠇠󠇡󠇢󠇈󠇅󠇒󠆚󠄭󠅔󠇂󠄆󠇀󠅆󠆾󠆉󠄥󠆦󠆗󠄳󠆡󠆱󠅃︊󠆺󠆕󠇪󠅯︃󠄝󠄯󠄴󠇄󠆳󠇚󠅋󠇊󠆘󠇃󠄤︉󠄾︆󠅺. This is where the formal angel group was essentially invented, and it shows󠇟󠇠󠇡󠇢󠅎󠅜󠄳󠆞︅󠇅󠄒󠄘󠄢󠇬󠆚󠅙󠆾︎󠅄️󠆒︃󠆛󠆴󠇋󠄝󠆼󠄲󠇯󠄡󠄽󠆹󠇔󠇞󠆍󠆰󠄍󠅜󠅬󠆎󠅄󠇀󠄐️. The infrastructure here is unmatched. [**󠇟󠇠󠇡󠇢󠅑󠅆󠄲󠅷󠅛󠅇󠄻󠄥󠄫󠄧󠆴󠄾󠅢󠆕󠅛󠄢󠅷󠆙󠆺󠇝󠄛󠇭󠆏󠆶󠄍󠄡󠆧󠆾󠆼󠄛󠅝︌󠄅󠄥󠅨󠄕󠅀󠄥󠅼󠅩Band of Angels**](https://www.bandangels.com/?ref=duethedilly.com)— Founded in 1994, one of the oldest active angel groups in the US󠇟󠇠󠇡󠇢󠅰󠄮󠆪󠇁󠇌󠅍󠇛󠇧󠆑󠆡󠄓󠆴󠇁󠅀󠆸󠆿󠅛󠇣󠆩󠆣󠆸󠆛󠆩󠄓󠅖󠇡︀︅󠅍󠇙󠇭󠅠󠄉󠄩󠄵󠄗󠅴󠄋󠆳󠇗. Members are senior tech executives and operators who've been doing this since before "angel investing" was even a term people used at dinner parties. [**󠇟󠇠󠇡󠇢󠅄󠄂󠄪󠄚󠇜󠆐󠄈︄󠆍󠇯󠄎󠅲󠆇󠅗󠅷󠆔󠄰󠇯󠅃󠇝󠆩󠅟󠄯󠆏︋󠇛󠅳󠅋︌󠆒󠇕󠇆󠆽󠆢󠅻󠄒󠆛󠇑󠄮󠅋Keiretsu Forum Bay Area**](https://www.keiretsuforum.com/?ref=duethedilly.com)— The Bay Area chapter of the world's largest angel investor network󠇟󠇠󠇡󠇢󠄣󠄕󠄗󠆬󠆮󠅰󠄳󠄲󠄘󠄂󠆖󠇄󠄱󠆐󠅆󠄺︀󠇇󠇯󠇂󠅉󠅔󠄖󠄀󠄛󠄇󠄾󠆶︎󠆤󠆠󠆜󠆒󠇅󠆰󠆡︋󠇎󠆤󠅳. 100+ members, a structured monthly pitch process, and check sizes that can reach $5M+󠇟󠇠󠇡󠇢︀󠅶󠆽󠇁󠅈󠇮󠆀󠄋󠅖󠄨󠅨󠇪󠅠󠄁︃󠄊󠆚󠄒󠆨󠅣󠅊󠅈󠄂󠆷󠆑󠅇️󠇆󠆠󠆹󠅝󠅿󠆺󠇢︂󠅋︅󠇔󠇫󠄸. This is not a casual situation. [**󠇟󠇠󠇡󠇢󠅹󠇔󠇕󠇄󠅴󠅤󠄺󠅉󠆻󠆭󠅿󠆄󠇎︎󠅻󠆴󠇋󠅒󠄗󠅌︁󠇯󠅝󠄏󠆎󠄽󠄧󠅜󠆘󠇄󠇪󠅸󠅸︋󠇅󠆑󠅫󠆰󠇮󠄧AngelList**](https://www.angel.co/?ref=duethedilly.com)— Headquartered in San Francisco, AngelList is the world's largest startup investment platform, enabling syndicate investing, rolling funds, and direct angel deals globally󠇟󠇠󠇡󠇢󠅴󠆴󠇚󠅀︌󠆭󠅛󠄪󠆩󠆲︅︋󠇤󠇠󠅑󠅙︈󠆡󠅖󠆿󠆩󠄍󠅻󠇖󠅋󠆌󠅾󠇟︄󠆿󠇈󠅓󠅳󠆠󠆳󠄨󠄩󠆉️︋. If you don't have an AngelList profile yet, what are you doing? [**󠇟󠇠󠇡󠇢󠅼󠇃󠅃󠄌󠅅󠆴󠅦󠄛󠅜󠅗󠆬󠄳󠆌󠄀󠇞󠄌󠇎󠆘︄︌󠄂󠅆󠆭󠄱󠄟󠅑󠆉󠇘󠆗󠅥󠆍︎󠄱󠇮󠅙󠄥︃󠆦󠅎󠇖Golden Gate Angels**](https://www.goldengateangelssf.com/?ref=duethedilly.com)— SF-based with strong coverage of technology, healthcare, and clean energy󠇟󠇠󠇡󠇢︀󠄏󠆛󠅭󠅘󠇛󠆟󠆭󠆍󠅮󠄤󠅡󠅦󠇉󠇮󠆣︍󠄎󠇭󠅐︍󠄯󠅳󠄜󠆂󠆋󠅍󠆦󠇐󠄛󠄋󠆤󠅤󠇅󠅹󠆖󠅝󠄵󠅠󠅏. A reliable pipeline for seed-stage Bay Area companies looking for their first institutional-style check. [**󠇟󠇠󠇡󠇢󠆠󠇈󠆤︇󠄺󠇗󠆕󠆈︎󠇬󠄟󠇄󠄙󠅓󠅓󠆼󠅲󠅹󠅇󠅲󠅮󠄵󠆀󠆮󠅱󠆒󠆖󠆶󠆉󠆬󠆵󠅿󠇏󠆙󠇃󠇩󠅩󠆼󠅲󠄛Investors Circle**](https://www.investorscircle.net/?ref=duethedilly.com)— An impact-first network connecting capital with mission-driven startups in sustainability, education, and social enterprise󠇟󠇠󠇡󠇢󠄦󠄬󠄫󠅍󠇕󠄃󠅇󠄂󠇚󠅈󠅐󠅂󠄳󠅬󠆊󠅃󠅊󠄻︁󠅂󠄯󠄜󠇖󠇐󠅜󠆠󠅨󠅬󠅭󠆎󠆻󠆐󠆦󠅼󠄗󠆛󠇗󠄘󠆜󠅫. Doing good and making money at the same time, the way it should be. [**󠇟󠇠󠇡󠇢󠄝󠇭󠆢󠇀󠄨󠅂󠅆󠇩󠆯󠇘󠄱󠆕󠅋󠅝󠆒󠄽︋󠄂󠇥󠆞󠇨󠅸󠄳󠄴󠆢󠅭󠅡󠅡󠄦󠇃󠆼󠅠󠄊󠅥󠅅󠅾󠇟󠄮󠆧󠅜Pipeline Angels**](https://www.pipelineangels.com/?ref=duethedilly.com)— Trains women and non-binary femme investors while creating deal flow for women-led startups󠇟󠇠󠇡󠇢󠄦󠄊󠅥󠅦󠄜󠄥󠅯󠆶󠅍󠇭󠆢󠇕󠇊󠆪︄󠅽󠇥󠅘󠆃󠄁󠄮󠆇󠄂󠅢󠅟󠅂󠅓󠅈󠆗󠆤󠄴󠅷︅󠄉󠅠󠆫󠇦󠄲󠇙󠄋. They run an intensive investment bootcamp paired with a pitch summit󠇟󠇠󠇡󠇢󠄞󠄳󠄌󠆂󠆪󠅵󠆚󠄙󠅦󠇔󠆙︃󠅭󠄳󠇈󠅮󠇤󠇠󠄺󠄯󠄖󠇦󠆿󠅜󠇛󠇋󠄽󠄜󠆛󠅂󠇭︁󠄬󠆟󠇭󠇟󠆛󠄂󠇓󠅢. Community-building done right. [**󠇟󠇠󠇡󠇢󠅕󠇪󠆣󠅆󠄀󠅰󠆦󠆋︆󠄀󠅺󠆗󠆻󠅧󠆳󠆜︋󠇩︅󠄐󠄓󠆢󠄛󠄅󠇘󠆞󠆎󠅞󠄒󠅬󠄿󠆭󠆫󠆤󠄬󠆨󠅓󠄨󠅏󠆲500 Startups Alumni Angels**](https://www.500.co/?ref=duethedilly.com)— A network of angels from the 500 Startups accelerator community, frequently co-investing in global early-stage deals󠇟󠇠󠇡󠇢︈󠅉󠅿󠄁󠇞󠇨󠇆󠄻󠇃󠆈󠅞󠆘󠇮󠄛󠆈󠅡󠇟󠆸󠄑󠄔󠄮󠄂󠆢󠆏󠅻󠅵󠆏󠇂󠄻󠆎︌󠄾󠆄󠆗󠆸󠆗󠄞󠄓󠇚󠆩. Global reach with a strong SF base. [**󠇟󠇠󠇡󠇢󠆶󠇭󠄕󠄀󠆗󠆉󠄦︃󠅢󠅣󠆷︊󠅎󠆱󠇭󠄸󠇥󠇋󠅜󠄂󠅽󠇝󠄏󠆩󠄥󠅱󠇕󠅉󠆾󠆎󠆀󠄚󠄺󠅩󠆣󠆴󠅍󠅂󠅷󠅋Slow Ventures**](https://www.slow.co/?ref=duethedilly.com)— An angel-style early fund known for personal checks and deep founder relationships󠇟󠇠󠇡󠇢󠄅󠅑󠇥󠅍󠅺󠄟󠄧󠄮󠄈󠇣󠄞󠆔󠄩󠇬󠄏󠆎󠅔󠆴󠄽󠆊󠆌󠇥󠆮󠆢󠄹󠆪󠆐󠆹󠇗󠅵󠄉󠅟󠄪󠆥󠇞󠆬󠇞󠅵󠆱󠆮. They cover consumer internet, the creator economy, and crypto󠇟󠇠󠇡󠇢󠇣󠇫󠄢󠇝󠆾󠅅︄󠅾󠅀︂󠄝󠄻󠇝󠆔󠅬󠄕󠄻󠆁󠆗󠅮󠅓󠆜󠄗󠆫󠄬󠆎󠇍󠅽󠇜󠄔󠆄󠅑󠆓󠇐󠅗󠄾󠄥󠇁󠄽󠆮. The name is ironic because their deal flow is anything but. --- ### 󠇟󠇠󠇡󠇢󠇍󠆑󠅴󠅦󠇑󠇂󠇉󠄽󠆕󠆵󠆚󠆭󠅉󠄗󠅬󠆷󠇋󠆷󠄲󠅉󠄤󠅀︃󠅜︉󠇓󠆛󠅕󠄜󠅟󠅁󠆫󠄝󠅬󠄁󠅜󠄹󠇌󠅞󠆽🎬 Los Angeles LA's angel scene is shaped by the city itself󠇟󠇠󠇡󠇢󠄒󠄤󠇯󠅱️󠅣󠄂󠅖󠄜󠆖󠆯󠆺󠅓󠅤󠄲󠇃󠅄︇󠇦󠄬󠅁󠄓󠇎󠆋󠄜︋󠅋󠇖󠇓󠄫󠅃󠄊󠄵󠄝󠄂󠆮󠄬󠇪󠅠󠆾. Entertainment, media, and consumer brands are just as likely to come through pitch events as pure tech plays, and that's exactly what makes this market different from everywhere else. [**󠇟󠇠󠇡󠇢󠄭󠅕󠄊󠆵󠄲󠄺󠆿󠄻󠆭󠆾󠇖󠅏︉󠆊󠇌󠅅󠆳󠇤󠅞󠅣󠆹󠆫󠄈󠆂󠆛󠄯󠄘︇󠅌󠆪󠄬󠆓󠇯󠇥󠄐󠆹󠇀󠅕󠄭󠆐Tech Coast Angels**](https://www.techcoastangels.com/?ref=duethedilly.com)— One of the most active angel networks in the US, with 300+ members across five SoCal chapters󠇟󠇠󠇡󠇢󠅷󠄏󠆕󠄻󠆺󠅪󠄯󠄖󠄆󠅤󠆹󠇊︈󠅠󠅴󠆥󠆀󠆽󠅀󠅞󠄣󠇆󠆔󠅾󠇏󠆛󠇋󠄩󠅌︄󠆬︀󠄽󠅸󠆿󠆃󠇃󠇗󠅲󠄆. Over $200M invested since inception󠇟󠇠󠇡󠇢󠄫󠄔󠇎︊󠅣󠆓󠆨󠇫󠄐󠅻󠅋󠆍󠆻󠆈󠅼󠅌󠆗󠆭󠅃󠆢󠅿󠄉󠆲󠅙󠄑󠅒󠅥󠆢󠅻󠄤󠆊󠅥󠅈󠆅󠄽󠇩󠄙󠅁󠆇󠄢. Check sizes run $250K to $2M. This is the anchor of the LA angel ecosystem. [**󠇟󠇠󠇡󠇢󠆁󠅬︊󠄱︄󠆶󠆹󠆡󠆌󠇮󠄆󠄱󠇋󠄓󠆼󠅑󠅞󠇜︅󠅯󠇦󠅷󠇫󠆚󠄝󠆃󠆑󠇍󠆴󠆆󠄦󠅚󠅰󠆊󠅴󠇤󠄭󠆒󠆼󠅁Pasadena Angels**](https://www.pasadenaangels.com/?ref=duethedilly.com)— A well-established LA-area group with 80+ members investing in clean tech, healthcare, IT, and consumer products󠇟󠇠󠇡󠇢󠄮󠄶︋󠄐󠆒󠄒󠇕󠄬󠄐󠆕󠇦󠄙󠇏󠇤󠅉󠇚󠆿󠆑󠄘󠇝󠅒󠄮󠆮󠄊󠅪󠄿󠇦󠄛󠅟󠆿󠅑󠄛󠆙󠅗󠆷󠄪󠅼󠄙︆︉. Old school in the best way possible. [**󠇟󠇠󠇡󠇢󠅮󠅙󠅩󠇕󠆄󠅨󠆲󠄛󠄢󠅌󠆝󠄧󠇧󠅀󠆆󠇡󠅛︅󠅒󠄭󠅼󠇫󠇑󠇌󠄢󠅜︂󠆞󠄤󠆌󠅭︋󠄫󠅧󠄙󠅍󠄕󠅪󠇓󠅙Maverick Angels**](https://www.maverickangels.com/?ref=duethedilly.com)— Focuses on disruptive technology and entertainment tech, leveraging Los Angeles's unique position at the crossroads of tech and media󠇟󠇠󠇡󠇢󠆼󠇐󠅢󠄝󠆭󠅢󠄑️󠆲󠄿󠇙󠅡󠇚󠄥󠅥󠄉󠇙󠄝󠇉󠆽󠄫󠇕󠅊󠇛󠅢󠆗󠇘󠇦︉󠅡󠇜󠄡󠄚󠆄󠆈󠄦󠆙󠅠󠄐︌. Only in LA does this combination make total sense. [**󠇟󠇠󠇡󠇢󠅿󠆊󠆝󠆌󠄹󠄂󠆶󠅘󠄉󠅇󠄫️󠆖󠅶󠇗󠆰󠄎󠆈󠆁󠇕󠅪󠄘󠅆︍󠄉󠇕󠆤️󠅜󠅝󠇨󠇦󠅤󠇢󠇁󠄿󠅘󠅠󠄅︊Amplify󠇟󠇠󠇡󠇢󠄏󠅪󠇓󠅻󠇓󠄂󠄥󠄸󠆾󠄖󠄳󠇁󠆻󠄿󠄅󠇇󠆿󠅇󠇭󠇕󠆭︁󠅩󠆌󠆝󠇀︀󠄮󠆢󠇤󠄎󠄽󠆊󠆹󠄹󠆏󠇚󠆙󠅏󠆛.LA**](https://www.amplify.la/?ref=duethedilly.com)— Seed-stage accelerator and angel community embedded in the LA tech ecosystem, backing consumer and B2B startups with capital and real mentorship󠇟󠇠󠇡󠇢󠄩󠇆󠅙󠇓󠄃󠅮󠆾󠄓󠇄󠄧󠄩󠅥󠄀󠆊󠆛󠅂󠇝󠅒󠇝󠇖󠄥󠅼󠄜󠅾󠆦󠄝󠇢󠇖󠄃󠅠󠇖󠅻󠅅󠄕󠇨󠆋︉󠅏󠇑󠅳. A great landing spot for founders new to the market. [**󠇟󠇠󠇡󠇢󠆷󠄺󠆱︎󠆫󠆣󠄡󠄧󠇕︈󠅠󠅋󠆟󠇉︂󠆸︍󠅰󠇭󠄥󠄿󠄙󠅖󠆂󠆈󠄃󠇆󠆏󠅕󠅚󠆿󠇢󠄤󠄚󠄁󠅍󠇏󠆐️󠄣Lit Angels**](https://www.litangels.com/?ref=duethedilly.com)— A diverse angel group focused on underrepresented founders in the LA market, spanning consumer goods, tech, and entertainment󠇟󠇠󠇡󠇢󠅔󠅍󠅂󠄼󠆅󠅴󠆉󠆝󠇣󠇛󠇣󠅠︉󠆚󠇣󠄁󠆝󠆿󠄹󠄛󠇙︂󠇡󠅈󠅗󠆧󠅻󠅸󠅦󠆷󠄮󠅪󠄗󠆩󠅦󠄥󠆦󠇌󠆴󠆿. Investing in founders that the traditional networks missed. ### 󠇟󠇠󠇡󠇢󠆄󠅝󠅪︃󠄅󠅣󠆎󠅮󠇁󠆃󠄇󠇤󠆳󠄂󠇆︁󠄨󠄻󠅥󠅌󠇫󠅆󠄭󠄞󠄡󠅀󠆸󠄄󠆿󠄫󠄹󠆚󠅛󠅸󠅰󠇢󠄻󠄩󠄍󠄁🌴 Miami Miami's startup and investor ecosystem has exploded since 2020󠇟󠇠󠇡󠇢󠆕󠅨󠄽󠇄󠅉󠅀󠇃󠇗󠄋󠇊󠇘󠆱󠆞󠅓󠇝󠇞󠇣󠄩󠄥󠅂󠄍󠇇󠄜󠇘󠆼󠆝󠇩󠆲󠆈󠇫︃󠄱󠇁󠄸󠄊󠇯󠄔󠄄󠄠󠇫. What was once a sleepy market is now a serious destination for founders and capital alike, with a distinct LatAm-facing edge that no other city can match󠇟󠇠󠇡󠇢󠇜︄󠆮󠄣󠄆󠅮󠄣󠄝󠆲󠄼󠄥󠅵󠅉󠇦󠆕󠇝󠅰󠅐󠄚󠅺󠄌󠆾󠄘󠅀󠅀󠄑󠅚󠆫󠇎󠆩󠅤󠆡󠄨︀󠄪󠇏󠄎󠇌󠇄󠇙. The energy down here is real. [**󠇟󠇠󠇡󠇢󠇈󠆡󠄆󠆢󠆀󠅮󠇀︋󠅉󠄯󠆏󠅁󠄥󠅷󠇬󠆷︊󠄗󠄘󠇖󠅘󠅧󠄓󠇀󠄣󠅴󠆼︋󠄨󠆿󠆨󠆩󠄤󠆏󠄇󠄉󠅮󠆍󠄱󠅇Florida Funders**](https://www.floridafunders.com/?ref=duethedilly.com)— Florida's most active angel and venture network, headquartered in Miami󠇟󠇠󠇡󠇢󠆧󠄝󠇢︊󠇋󠅰󠄦󠆁󠆋󠆞󠅋󠇡󠇪󠄱󠅞󠆳︉󠆂󠄋󠄴󠅷󠆯󠅆󠅊󠅭󠅶󠆓󠅋󠅙󠆪󠇃󠅖󠆗󠆤󠆔󠆿󠆰󠄃︂󠄛. Backs fintech, health, and SaaS startups across the state󠇟󠇠󠇡󠇢️󠄳󠅣󠇄󠅷󠆞󠅱󠄪󠄷󠇅︁󠄬󠆒󠅼󠄠󠆖󠆂󠇎󠅟󠆏󠅋󠅮󠆯󠆍︈󠆝󠆙︆󠅧󠄯󠅵󠄓󠇝󠄎󠆆󠄁󠇝󠆣󠇦󠇝. If you're raising in Florida, this is your first call. [**󠇟󠇠󠇡󠇢󠆗︊󠆕󠇔󠅠󠇀󠄦󠇖󠅕󠄱󠆥󠅅󠄳󠅇󠇏󠄱󠅞󠆃󠆘󠄭󠄿󠄭️󠄉󠄃󠆉󠄢󠅠󠇋󠅚󠄾︁󠄰󠆾󠅔󠆱󠆳󠆏󠄛󠆤Miami Angels**](https://www.miamiangels.co/?ref=duethedilly.com)— The premier angel investor group in South Florida󠇟󠇠󠇡󠇢󠅎︊󠅚󠄄󠅠󠅌󠆾󠆏󠄛󠄦󠇦󠄳󠇦󠅪︅󠇡󠇁︅︆󠇒󠄼󠆋󠅱󠆞󠇡󠆵󠄙󠅐󠅬󠇐󠅫󠄻󠄼󠄗󠇨󠅷󠆈󠆦󠄟󠅻. Monthly pitch events with a focus on consumer tech and fintech󠇟󠇠󠇡󠇢󠅄󠆷󠅉󠆍󠅮󠆛󠆸󠆜︆󠅓󠅨󠅴󠇫󠄉󠅆󠄵󠄓󠄻󠇫󠄐󠆴󠄇󠇞󠅌󠅘󠄝󠇡󠄮︋󠆨󠅥󠆥󠇛󠇂󠆇󠅼󠆥󠅈󠆱󠆛. Check sizes run $50K to $1M. They've been building this community long before Miami became the hot market it is now. [**󠇟󠇠󠇡󠇢󠄅󠇉󠇆󠇏︊󠆮󠄂󠅑󠆭󠄱󠄵󠆔󠅭󠄚󠇉󠄃󠅕󠅼󠇞︀󠇗󠄥󠄍󠆽󠅧󠆸󠇭󠅄󠆤󠆀󠅳󠆏󠆔󠅨󠆰󠄾󠇞󠄒󠅍󠅚eMerge Americas Angel Network**](https://www.emergeamericas.org/?ref=duethedilly.com)— Tied to the eMerge Americas conference, this group connects tech investors with Latin American and US founders, using Miami as the bridge to LatAm markets󠇟󠇠󠇡󠇢󠇑󠇒󠄣󠄮󠇖󠇪󠅨󠅘󠅓󠇖󠅁󠆘󠇝󠄥󠆬︄󠇆󠇂󠆄󠆐󠅴󠄨󠇝󠅈󠇩󠄿󠅓󠇦󠅗󠅛󠇓󠆕󠇀󠇡󠄌󠄧󠆝󠇪󠄡󠄒. The LatAm angle here is a serious competitive advantage. [**󠇟󠇠󠇡󠇢󠆡󠄓󠄸󠆾󠄩󠆼︊󠇥󠆣󠆿󠄥󠅗󠇐󠅩󠅐󠇟󠄜󠄝󠅿󠄗󠅲󠆡󠇁󠅨󠇖󠅓󠅡󠅹󠆐󠅁󠅟󠆧󠆦󠄷󠄶󠆼︆󠅎󠆍󠇯Endeavor Miami**](https://www.endeavor.org/?ref=duethedilly.com)— Part of the global Endeavor organization, connecting high-impact entrepreneurs with experienced angels and mentors in South Florida󠇟󠇠󠇡󠇢󠄣󠄗󠄩󠆇󠆉󠆼󠅺󠄍️󠇉󠅋󠆬󠅀󠆭󠅺󠇙󠄖󠄍󠅀󠆍󠅂󠇎󠇡󠆍󠆈󠅨󠇦󠇧󠅑󠅀󠇔󠄂󠄆󠅢󠄷󠇑󠅷󠄿󠅥󠅸. Quality over quantity, every time. [**󠇟󠇠󠇡󠇢󠆳󠄗󠇍󠆦󠄤󠅈󠆦󠄜󠆱󠇙󠅲󠄁󠆪󠅌︊󠅿󠇟󠅾󠇍󠆠󠄿󠄠󠆪󠇥󠅙︍󠄶󠆃︊󠆟󠇪󠅕󠅪󠆳󠇉󠄧󠅉󠇑󠇡︈Refresh Miami**](https://www.refreshmiami.com/?ref=duethedilly.com)— A broader startup and tech community with an embedded informal investor network󠇟󠇠󠇡󠇢󠆮󠄷󠅓︌󠅖󠄡󠄦󠇐󠇘󠄷󠅪󠄹󠅠󠅅︀󠇗󠇐󠄣󠆏󠇛󠄛󠇋󠆟󠆉󠆪󠇘󠆱󠇂󠄄︍󠇈󠄜󠆁󠄆󠅬󠇂󠆶󠆥󠆈󠄶. A great entry point for founders who are new to the Miami ecosystem and need to build relationships first. [**󠇟󠇠󠇡󠇢󠄨󠅟󠄕󠅂󠆤︊󠇏󠄻󠆸󠆔󠄼󠆜󠄆󠄐󠄪󠅸󠅽󠄰︆󠇢󠅄󠆊󠅤󠆌󠅉󠆉󠄁󠇩󠄻󠆍󠆞︍󠆢󠄁󠇭󠆒󠇅󠆙󠅁󠆁LAB Miami Investor Network**](https://www.thelab.miami/?ref=duethedilly.com)— An investor community based at the LAB Miami coworking hub, supporting early-stage startups with informal angel capital and access to the dense Miami startup network. [**󠇟󠇠󠇡󠇢󠅥󠆴󠆚󠆼󠄺󠇋︀󠇛󠇊󠆫󠆊󠅓󠇯󠇠󠄖󠆐󠆲󠄭️󠆛󠆚󠆒󠄅󠄵󠅩󠆪󠄻󠄙󠅭󠄼󠇁󠆋󠇩󠄙󠆬󠆄󠄩󠄅󠇯󠄾Venture Hive Angels**](https://www.venturehive.co/?ref=duethedilly.com)— Connected to the Venture Hive accelerator, this group backs program graduates and other early-stage Miami startups in tech and consumer categories󠇟󠇠󠇡󠇢󠄍󠆄󠆑󠅺󠆳︎󠆻󠇒︈󠄦󠅅󠄥󠇦󠄮󠆮󠄒󠆗󠄓︃󠇢󠇂󠅣󠆫󠆴󠇂󠄆󠆬󠅩󠅪󠆪󠇁󠇜󠄼󠆸︈󠆜󠅦󠅧󠆷󠇭. A warm introduction is your best bet here. --- ### 󠇟󠇠󠇡󠇢󠆫󠅀󠄕󠆿󠆁󠄢󠄉󠅮󠄀󠅋󠅑︂󠆶󠄼󠆠󠇂󠄐󠄢󠆘󠇡󠄷󠇢󠆪󠇎󠄡󠄶󠄯󠆲󠆪󠇌️󠅨󠅙󠆸󠆸︎︄󠄲󠅝󠄸🔔 Philadelphia Philly is quietly one of the strongest angel markets in the country󠇟󠇠󠇡󠇢󠅌󠇈󠇛󠆤󠄄󠇦󠄜󠄐󠆹󠇠︀󠆬󠆘󠇞󠇦︅󠅘󠇔󠆈󠄡󠄡󠅠󠄖󠅤󠅂󠅓󠅐󠇬︅󠇛󠆙󠆧󠇒󠅍󠅆︅󠆮󠄉󠅐󠄵. Powered by a world-class university corridor with Penn, Drexel, Temple, and Jefferson driving a deep pipeline of life sciences and deep tech companies, this city doesn't get enough credit. [**󠇟󠇠󠇡󠇢󠇄󠄩󠇯󠅞󠅤󠅪󠇉󠅚󠆣󠇓󠇣󠄹󠇋󠆨󠇂󠅣󠆚󠄰󠄌󠄷󠅳󠇂︁󠇜󠅻󠇁󠆍󠅆󠆜󠇦󠆋󠅦󠆸󠅽󠄳󠅬󠅢󠅎󠇂󠄶Robin Hood Ventures**](https://www.robinhoodventures.com/?ref=duethedilly.com)— One of the most active angel groups in the Mid-Atlantic, with 125+ members investing in tech, life sciences, and consumer companies󠇟󠇠󠇡󠇢󠆸󠄅󠄵󠄅󠇗󠆇󠄲󠄱󠅘󠅣󠄏󠄞󠅌󠄳󠄧󠆎󠄦󠅭󠆞󠄘󠆲󠆧󠄃󠆆󠅽󠇀󠄺󠅼󠆭󠆦󠇈󠄒󠆎󠄥󠆴󠄬󠆰󠆑󠆡󠆦. They've been doing this long enough to know a real deal when they see one. [**󠇟󠇠󠇡󠇢󠆤󠇙󠄏󠄟󠄺󠆌󠅏󠆔󠄓󠅜󠇚󠅰󠇌󠄣󠅠󠆕󠄙︄󠆪󠇉󠇘󠅥︇󠅥︊󠆯󠄏󠅁󠅂󠆀󠄝󠄔󠆾󠅧󠅘󠆐󠆯󠆗󠆜︋Mid-Atlantic Angel Group (MAAG)**](https://www.midatlanticangelgroup.com/?ref=duethedilly.com)— A consortium of regional investors working closely with universities and incubators to source early-stage deal flow󠇟󠇠󠇡󠇢󠄵︎󠆜󠅇󠆿󠅤󠇏󠅫󠆅󠇈󠅂󠅧︊󠇧󠄫󠄡󠆔󠆅󠄭󠆷︈󠅼󠄿󠅱󠅿󠇠󠅀󠆩󠇉󠆕󠅾󠄳󠆢󠅀󠅧󠅷󠆫󠆱󠄋󠇕. University connections are the secret weapon here. [**󠇟󠇠󠇡󠇢󠅲󠅛󠆼󠅶󠆘󠅟󠆟󠆠󠅉︄󠅺󠆘󠆕󠄖󠆅󠄈󠆣󠅊󠄪󠄀󠅃󠇢󠄼󠅏󠇜󠄩󠅿󠆃󠄃︄󠄩󠇠︀󠅳󠆇󠇂󠆥󠄳󠅧󠄛Keiretsu Forum Philadelphia**](https://www.keiretsuforum.com/?ref=duethedilly.com)— The Philly chapter of the global Keiretsu Forum, running monthly pitch events with a multi-phase due diligence process󠇟󠇠󠇡󠇢󠇂󠄼󠇝󠆆󠇊󠇏󠇬︂󠇁󠅴󠅾󠅆󠅢󠅖󠇄󠇯󠅝󠅈󠅐󠅝󠄢󠅦󠄙󠇭󠅜󠅴󠅀󠆽󠆴󠄈󠅡󠇡󠄦󠅊󠄟󠆶󠄒󠅅󠄑󠇮. Structured and serious. [**󠇟󠇠󠇡󠇢󠄱󠆖󠆤󠅺󠆓󠅰󠇅󠄪󠆇󠅡󠆓󠄈󠆄󠄓󠄟󠅿︊󠇍󠄻󠆝󠆇󠄭󠆌󠆊󠅄󠅞󠆅󠆌️󠄽󠄅󠄚󠇦󠆅󠄚󠅦󠆜󠆁󠄵󠆻Ben Franklin Technology Partners**](https://www.sep.benfranklin.org/?ref=duethedilly.com)— Primarily a public venture fund, but with an angel network component investing in life sciences and tech startups coming out of Pennsylvania universities󠇟󠇠󠇡󠇢󠄈󠆿󠆣󠅀󠇦󠆝󠇀︇󠆔󠇂󠄶󠅏󠄡󠇭󠄻󠅳󠇛󠆳󠅩󠆗󠆚󠆕󠄯󠅚󠄕󠆣󠆩󠆎󠆖󠇃󠅂󠇜󠆑󠄊󠄮󠆁󠇧󠄔󠅒󠆐. State-backed money with real teeth. [**󠇟󠇠󠇡󠇢󠅿󠅜︈󠆻󠆁󠄳󠇢󠄙󠇙󠆀󠆐󠅫󠅤󠆁󠆸󠆖󠄧󠇫󠄣󠄉󠅵󠆮󠄸󠄤󠆎󠄯󠅃󠆜󠄻󠄃󠇍󠇖󠆢󠅍󠅿󠅘󠇩󠅟󠆊󠆈Philadelphia Alliance for Capital and Technologies (PACT)**](https://www.philapact.com/?ref=duethedilly.com)— Connects entrepreneurs with investors and strategic partners through pitch events and networking across Greater Philadelphia󠇟󠇠󠇡󠇢󠆩󠅪󠄿󠇡󠄝󠇓󠇣󠅀󠆒󠅆︉󠇯󠄝󠆛︎󠄟︂󠅧󠆭󠄯󠆅󠄌󠄮󠅃󠇤󠅸󠅭󠄂︋󠇞󠄏󠆥󠄿󠄽󠆅󠅠󠆵󠅳󠅄️. The connective tissue of the Philly startup ecosystem. [**󠇟󠇠󠇡󠇢󠅙󠇝󠆦󠄢󠄿󠅡󠇘󠇚󠆘󠅄󠇕󠇆︁󠇏󠆧󠆣󠄤︈󠆨󠆻󠄗󠆩󠅹󠆑󠄌󠄩󠅹󠆯󠅂󠇗󠄩󠅑󠅂󠅣󠇫󠄘󠅰󠄍󠄸︉University City Science Center Angel Network**](https://www.sciencecenter.org/?ref=duethedilly.com)— Sources deals from Penn, Drexel, Temple, and Jefferson󠇟󠇠󠇡󠇢󠄷󠄮󠄂󠄈󠇗󠇣︈󠄞󠆸󠄒󠄿󠅷󠄏󠄗󠄤󠆵󠅵󠄊󠆚󠆎󠅔󠄯󠅖󠆔󠄺󠇕󠄉󠄍󠇜󠅻󠆨󠅸󠄨󠄅󠆼󠆈󠅳︍󠇧󠅔. Focused squarely on life sciences and deep tech󠇟󠇠󠇡󠇢󠆽󠄩󠆥︋󠇊󠆀󠄶󠇞󠄫󠄴󠄉󠆞󠅾󠅔󠄖󠄉󠆙󠇠󠅇󠆐󠄻󠄗󠆆󠆫󠄑󠅋󠄌󠆲󠅅󠆛󠆗︍︈󠄯󠅑󠅾︁󠆞󠆑󠅬. If you're coming out of one of those schools with a company, start here. [**󠇟󠇠󠇡󠇢󠅦󠇒󠅸󠅃󠅂󠆛󠅬󠄶󠆯󠄒󠄣󠇉󠅵󠅝󠇎󠅘󠅽󠅭󠅊󠇨󠆌󠇨󠄱󠆤󠄖󠅲󠄻󠄯︌󠇝󠄰󠇃󠅒󠄡󠄤󠇥󠆟󠄭󠄡󠇥Investors Circle Philadelphia**](https://www.investorscircle.net/?ref=duethedilly.com)— The Philly chapter of the national impact investing network, backing social enterprises and sustainability-focused companies󠇟󠇠󠇡󠇢󠆫󠆤󠅌󠇬󠅄󠅒󠄦󠄂󠆮󠅊󠅸󠆝󠇗󠆙󠅤︉󠅀󠆖󠅹︄󠇝󠅗󠅻󠄍󠇗󠅠󠄲󠇕󠄥󠆞󠅍󠆀󠇫󠅃󠆁󠅲󠅺󠅇󠆝󠅵. Doing good work, backed by good capital. ### 󠇟󠇠󠇡󠇢󠅵󠆝󠄡󠅿󠅛󠄕󠇆󠅖󠅥󠆵󠅿󠇣󠄹󠆠󠄲󠅴󠅏󠄹󠆬󠄴󠅞󠅶󠅕󠄟󠄲󠆀󠅧󠅊󠇩󠄮󠅒󠇟󠅑󠆮󠇆󠇅󠆮󠇓︃󠇐🤠 Dallas Dallas-Fort Worth is not just oil money anymore, fam󠇟󠇠󠇡󠇢󠅣󠆕󠆍󠇨󠄤󠅅󠄮󠇞︅󠅸󠆬󠆖󠇬󠅣󠆝󠄊󠄞󠆌󠇄󠄒󠄠󠄎󠅫󠅕󠅅󠇊󠆜󠆲󠄬󠇈󠇆󠆲󠄤󠄶󠅯󠅛󠅺󠅮󠇞󠆤. The DFW angel scene has matured into a sophisticated, organized ecosystem, with several of the most active Keiretsu chapters in the country and growing serious interest in healthcare IT and enterprise software. [**󠇟󠇠󠇡󠇢󠆔󠆰󠆙︋󠇯󠅒󠅨󠆼󠅻󠆓󠅺󠆻󠅿󠅠󠄘󠅯󠄂󠅓󠇄󠆈󠄼󠄠󠅋󠇩󠄓󠄐󠄼󠄫︃󠅀󠆛󠆳󠇬󠅋󠇚󠄩󠇄󠄄󠅅󠅓North Texas Angel Network (NTAN)**](https://www.northtexasangelnetwork.com/?ref=duethedilly.com)— The flagship angel group in DFW, with 100+ members and a structured monthly pitch forum󠇟󠇠󠇡󠇢󠆒󠇀󠅽󠅢󠇑󠄃󠆤󠄀󠇇󠅧󠆍󠄟󠄠󠄛󠇚️󠅁󠇨󠄕󠅒󠄊󠆗󠆌󠅵󠅊󠆍︌󠄻󠆖󠆯︊󠅊󠇐󠇔󠇉󠄶󠄍󠇖󠆆󠄲. Check sizes run $250K to $2M. If you're building in the Metroplex, this is your starting point. [**󠇟󠇠󠇡󠇢󠇞󠄤󠇜󠆮󠅞󠆼︈󠅆󠄨︂󠅪󠆶󠆪󠄟󠆬󠅖󠇑️󠅄︄󠅟󠆰󠅘󠇓󠄡󠇊󠄋󠄨󠅿󠅗󠄄󠅄󠇗󠇌󠆳󠅢󠅽󠅧󠅬󠄻Keiretsu Forum Dallas**](https://www.keiretsuforum.com/?ref=duethedilly.com)— One of the largest and most active Keiretsu chapters in the southwest󠇟󠇠󠇡󠇢󠄞󠆀󠄦󠆈︎󠇝󠅬󠇓󠄀󠇊󠆛󠇤󠄆󠄝󠆁󠄠󠅸󠅔󠆓󠇥󠅧󠇐󠇝󠄅󠄔󠄭󠄴󠅏󠄦󠅄󠇟󠄿󠆋󠇍󠆂󠅟󠄙󠆱󠅨󠅍. Monthly pitch events, rigorous diligence, and check sizes that can reach $3M. Not for the faint of heart, but the upside is real. [**󠇟󠇠󠇡󠇢󠄨󠇐󠄕󠅍󠅀󠅍󠇠︍󠅏󠆖󠄳󠄅︈󠆋󠄈󠄭󠄯󠄒󠄕󠇋󠆲󠄰󠇤󠇗󠆂󠆇󠅓󠄼󠆥󠅬󠄗󠅵︆󠄇󠆝󠆷󠅯󠄞󠆟󠇯Dallas Entrepreneur Center (DEC) Angel Network**](https://www.thedec.co/?ref=duethedilly.com)— An informal investor network rooted in the DEC ecosystem, connecting founders with local angels across fintech, proptech, and SaaS. A great place to get your foot in the door. [**󠇟󠇠󠇡󠇢󠇗󠄏󠇘󠇛󠄖󠅣󠆶󠆐󠄸󠄗󠅍󠅹󠅆󠇎󠅻󠄍︃󠅏︋󠇆󠅅󠄢󠇭󠆏󠅑󠅀󠄬󠅗︆󠅆󠄶󠇌󠆣󠄱󠆫󠄇󠆡󠆔󠄏󠄍Texas Women Ventures**](https://www.texaswomenventures.com/?ref=duethedilly.com)— A statewide but Dallas-headquartered network focused on investing in and connecting women entrepreneurs with women angel investors across Texas󠇟󠇠󠇡󠇢󠆳󠄚󠅯󠅵󠅓󠅴󠆐󠇛󠅄󠆝󠅀󠆓󠄺󠅏󠅟󠄷󠅢󠆠󠄮󠅀󠇈󠆾󠆨󠇚󠆠󠄩󠅏󠄛󠇜󠄋󠆉󠅸󠄭󠅙󠅃󠄞󠆯󠇈󠇘󠇍. Building the pipeline from the ground up. [**󠇟󠇠󠇡󠇢󠆷󠅌󠅌󠆰󠄘󠄇󠄁󠅟󠆭󠄱󠇭󠅽󠄂󠅴󠄲󠅽󠅭󠆄︇󠆯󠆄󠄺󠆉󠄡󠆸󠇪󠄛󠆎󠇖󠅩󠅺󠄿󠆫󠇦󠆨︌󠆄󠅴󠇂󠅂SMU Cox Angel Network**](https://www.smu.edu/?ref=duethedilly.com)— Connected to SMU's Cox School of Business, providing capital and mentorship to early-stage companies󠇟󠇠󠇡󠇢󠇜󠆷󠅍︈󠆡󠆓󠇎󠅱󠆑󠅅︌󠅠󠄚󠆢󠄗󠄶󠅄󠄉󠄩󠆲󠇥󠄿󠄷󠅍󠇜󠅅󠄱󠅆󠆛󠆪󠆢󠅸󠇚󠄓󠄈󠆩󠅶󠄎󠇜󠆽. A rare case where the university network is actually plugged into real deal flow. [**󠇟󠇠󠇡󠇢󠄥󠄥󠇑󠄳󠅖󠄼󠅑︄︃󠄲󠅝󠄰󠅄︋󠅎󠇋󠅿󠄄︃󠄠󠄥︇󠇛󠅫󠄑󠆩󠇮󠅜󠅷󠆰󠄀󠄻󠄣󠅐󠄬󠄔󠇉󠇂󠅎󠅉DFW Metroplex Angel Network**](https://www.dfwangels.com/?ref=duethedilly.com)— Covers the broader Dallas-Fort Worth area, with a diverse membership investing in healthcare IT, enterprise software, and energy tech󠇟󠇠󠇡󠇢︆󠄻︂󠇭󠅕󠄶󠅆󠆓󠅓󠇧󠅇󠆽︄󠄰󠆂󠅤󠄒︍󠄺󠄣󠇓󠆝󠇃󠅀󠅺󠆙︃󠆓︌󠄿󠇀󠅶󠅶󠆾󠆚󠄵󠇌󠄮󠇬󠅬. Check sizes hit $100K to $1M for the right company. [**󠇟󠇠󠇡󠇢󠇔󠇗󠄟󠆑󠇉󠅽󠆣︊󠅦󠇁󠇪󠆡󠅗󠅖󠇑󠆲󠆬󠄯󠄈󠆰󠆖󠄉󠄦󠅤󠅶󠅽︈󠅀󠇎󠇦󠇞󠇠󠇣󠅁󠆇󠆍︅󠅹󠆐󠇙Impact Angel Network Texas**](https://www.impactangeltx.com/?ref=duethedilly.com)— A Dallas-based angel group focused on increasing diversity in venture capital and supporting minority-led startups across the state󠇟󠇠󠇡󠇢󠇧󠇪󠆆󠇙󠆞󠅆󠅒󠄨󠄣󠆄󠆺󠅉󠅻󠆋󠆑︀󠅠󠄜󠇯󠅾󠇥︎󠄢󠄵󠄽󠅌󠅳󠅲󠅤󠅈󠅫︃󠇦󠆚󠆍󠄖󠇋󠅅󠄗󠇮. The kind of network Texas actually needed. ### 󠇟󠇠󠇡󠇢󠄦󠇟︁󠄜󠅂󠇖󠆿󠆪󠄒󠇚󠅱󠄢󠇑󠇖󠄦󠄢󠇢󠄯󠇁󠆟󠇈󠄏󠅿󠄨󠅑󠄾󠅸󠆔󠆽️󠅙󠆃󠆠󠅑󠆲󠅽󠄈󠅾󠇞󠅃🎸 Austin Austin has gone from a quirky cultural outlier to one of the hottest startup markets in the country, and it happened fast󠇟󠇠󠇡󠇢󠆽󠆉󠆬︇󠆶󠆒󠆜󠇥︈󠄞󠅵󠄨󠅏󠇃󠄛󠇆󠇨󠆪︂󠆼󠆥󠆾󠄻󠇬󠄣󠇖󠆥󠆪󠅮󠆠󠇎󠅣󠅻󠇒󠅇󠆷󠅱󠄹󠆴󠄤. The city's angel ecosystem is young, hungry, and growing, with CTAN as its anchor and a wave of new groups emerging alongside the tech migration from the coasts. [**󠇟󠇠󠇡󠇢󠄖󠆝󠆻󠆓󠅎󠄥󠅊󠆣󠆐󠆍󠄼󠄳󠄎󠅱󠆉󠇯󠆖󠅠󠄎󠆰󠇌󠆗󠆋󠄐󠅱󠄋󠇃󠆇󠅾󠆿󠅆󠄲󠅺󠅜󠆶󠅍󠅩󠆎󠇑󠆂Central Texas Angel Network (CTAN)**](https://www.centraltexasangelnetwork.com/?ref=duethedilly.com)— Austin's flagship angel group and one of the most active in the entire country󠇟󠇠󠇡󠇢󠅑󠄶󠇕󠇫󠇓󠄺󠄙󠅄󠅔󠄧󠆑󠇬󠄔󠆏󠅑󠅟󠇀󠅈󠇭󠄷󠆹󠄩󠄯󠇄󠆭󠇂󠆮󠅹︍󠆞󠇧󠅰󠇌󠇦󠄧󠆩󠆲󠆇󠅂󠅀. 80+ members, $100M+ invested since 2006, and a thorough monthly pitch process󠇟󠇠󠇡󠇢󠄗󠄰︇︁󠅋󠄖󠅚󠅿︄󠅪󠄉󠄴︎󠆣󠄕󠇠󠅰󠅍󠇏󠇎󠆑󠇛󠇓󠅶︆󠄗󠇤󠇦󠆖󠆫󠆇󠆩󠄮󠇢󠇆󠇨󠆛󠅉󠆡󠇠. Check sizes run $250K to $1.5M. This is the one. [**ATX Seed Fund / ATX Angels**](https://www.atxseedfund.com/?ref=duethedilly.com)— A community of angels investing alongside the ATX Seed Fund, focused on enterprise software and marketplace businesses at the pre-seed and seed stage󠇟󠇠󠇡󠇢󠄘󠅏︈󠄞󠆨󠇜󠅂󠆪󠇡󠅙󠆓󠆀󠅫󠇍󠅨︅󠄨󠄼󠇚󠇋󠇬󠆻󠄗󠆻󠇆󠆑󠇖󠆎󠄲󠆑󠅺󠆼󠄘󠄪󠅊󠄁󠇃󠅥󠅂︄. Early and active in the best way. [**󠇟󠇠󠇡󠇢󠅈󠇪󠇍󠆼󠅏󠄂󠄍󠅪󠅋󠅺󠅢󠄄󠇗︀󠅜󠅆󠆉󠅼󠄄󠇐󠄴󠅆󠄓󠇢󠄀󠆲󠄓󠅺󠅤󠄮󠅭󠄎󠄄󠅠󠅚󠅂󠄯󠇦󠆞󠆨Keiretsu Forum Austin**](https://www.keiretsuforum.com/?ref=duethedilly.com)— The Austin chapter of Keiretsu Forum, rapidly growing alongside the city's tech boom󠇟󠇠󠇡󠇢󠅛󠆠︋󠅻󠄭󠇟󠄣󠆺󠅮󠇤󠆇󠄱︃󠄇󠄺󠄯󠇝󠅪󠇐󠅎󠇂󠅼︆󠆷󠅖󠅤󠅉󠆱󠄟󠅙󠇅󠅧󠅪︁󠇔󠅱󠅛󠆋󠄎󠅕. Quarterly forums with investors from across Texas󠇟󠇠󠇡󠇢󠆂󠄸󠄙󠅎󠄦︀󠇡󠇠󠄣󠇭󠇬󠄕󠄷󠄌󠆀󠅺︅󠆾󠇬󠇪󠇑󠅓󠄞󠆛󠇯󠄷󠇆󠆟󠄳󠄞󠇯󠆼󠇃󠆐󠆎󠅵󠄌󠄼󠅏󠇮. The network effect here is no joke. [**󠇟󠇠󠇡󠇢︆󠄩󠄮󠄜󠅤󠄚󠇉󠄶󠄚󠄑󠆯︂󠆎󠄿󠆨󠆁󠅵󠄴󠄕󠆫󠄙󠅂󠆤󠇦󠇁󠆁󠅤󠇟󠄎󠅥󠄰󠆬󠄞󠄺󠅫︋󠇩󠆏󠅬󠅶Wild Basin Investments**](https://www.wildbasin.com/?ref=duethedilly.com)— Austin-based angel fund co-investing in early-stage startups from the UT Austin and broader Texas university ecosystems󠇟󠇠󠇡󠇢󠄤󠄵󠅕󠄌󠆵󠅬󠄟󠅯󠅈󠇆󠄔󠄵󠆛󠄾󠅯󠆵󠆌󠄏󠆞󠄳󠄧󠆯󠇓󠆶󠆾󠅤󠆋󠇨󠇘󠆑󠄎󠇐󠆻󠄻󠆤󠆋︌󠅺︁󠇄. Good for founders coming straight out of school with something real. [**󠇟󠇠󠇡󠇢󠄽︇󠇇󠅁󠅲󠆩󠆊󠆚󠇕󠇁󠆾󠇭󠆀󠅑󠄊󠅲󠄇󠇤︄󠆤󠇟󠄍󠄴󠅀󠄠︅󠄿󠇃󠅪󠆮󠇩󠆮󠇃󠅕󠅆󠇃󠅿󠇄󠅟󠄡Texas Halo Fund**](https://www.texashalofund.com/?ref=duethedilly.com)— Bridges early angel rounds with institutional seed capital across the Texas startup scene, structured around co-investing principles󠇟󠇠󠇡󠇢󠆬󠇬󠄌󠅵󠄞󠅁󠄣︆️󠅪󠅔󠆊󠇀󠄺󠅎︀󠅜󠄃󠇧󠇙󠇐󠄕︇󠄖󠆷󠆹󠅞󠄝󠄫󠄡󠄭󠄬󠆙󠇆󠄕󠇏󠆆︊󠅖󠅐. Think of them as the connective tissue between angel money and VC money. [**󠇟󠇠󠇡󠇢󠇡󠄵󠄿󠆎󠄥󠇗󠄵󠅄󠇒󠄓󠆣󠆗󠆓󠅮󠆭󠆦󠇈󠆿󠆎󠇫󠆢︄󠄻󠄠︍︊󠇠󠇘󠇨︌󠇞󠅍︂󠆖󠄢󠆈󠅿󠆡󠆠󠆲Austin Women in Technology (AWT) Angels**](https://www.austinwomenintechnology.com/?ref=duethedilly.com)— A community of women investors supporting women-led and women-founded companies with early-stage capital and mentorship󠇟󠇠󠇡󠇢󠅲󠄎󠇎󠅞󠄞󠄄󠇫󠄛󠄤󠅽󠅞󠇣󠆦󠇕󠆈󠄐󠆧󠄨󠆠󠄠󠅹󠆺󠆠󠄎󠇉󠆦󠅖󠅛󠆗󠄌︈󠆦󠅟󠄡󠇅󠄙󠆌󠆻󠇗󠆎. Community and capital, together. [**󠇟󠇠󠇡󠇢󠅄󠆏󠆞󠆆󠇒󠇍󠅄󠄵󠇍󠆳󠆭︉󠄷󠆪󠆈󠆭󠆣󠆛󠄞󠄬󠅩󠄒󠇦󠆄󠆁󠄈󠇜󠅯󠅎󠇠︃󠇇󠆗󠆿󠅶󠄙󠅽󠅐︊󠇌Notley Ventures Angel Community**](https://www.notleyventures.com/?ref=duethedilly.com)— Part of the Notley impact ecosystem, backing founders solving social and environmental challenges with early-stage capital󠇟󠇠󠇡󠇢󠄿󠅙󠆲󠄧󠄤󠅩󠆖󠄗󠅻󠅿󠆖󠄏󠅥󠇀󠄰󠅬󠇈󠄚︄󠅮󠇌󠄯󠇡󠄡󠄅󠇋󠆃󠆮󠇝󠇭󠇍󠅾󠄠󠄵󠇭󠅋︎󠄙️󠆻. Austin has always had a conscience and this group proves it. [**󠇟󠇠󠇡󠇢󠄴󠄿︉󠆷󠅺󠇭󠇭󠇮󠅸󠇙󠄃󠆬󠅀󠅮󠇟󠅛󠆤󠄨󠅮󠅲󠅇󠆣󠆋󠅚󠄽󠆷︋󠄱󠇉󠇧󠅃󠅮󠅉󠄹󠄺󠄛󠇘󠄶󠄙󠅵Sputnik ATX**](https://www.sputnikatx.com/?ref=duethedilly.com)— Austin-based accelerator with an attached angel investor network󠇟󠇠󠇡󠇢󠄬󠄑󠆞︄󠄱󠆯󠄶󠄤󠅶󠇞󠇩󠇥󠅓󠆠󠆆󠆴󠄏󠇞󠄻󠅐󠇤󠅩󠆚󠇚󠄥󠇘󠄁󠅻󠄜󠅿󠆾󠇛󠆸󠅩󠇋󠅽󠆴󠇋󠆣󠄳. Focuses on pre-seed companies in tech and fintech, with a real emphasis on underrepresented founders󠇟󠇠󠇡󠇢󠆶󠆛󠄟󠇩󠆙󠅵︍󠄽󠅍󠄺󠄍︁󠅲󠇕󠇯󠄗󠆔󠅤󠇯󠄟󠅥󠆥󠅵󠆁︌󠅨󠇫󠄠󠄾󠄼󠄸󠆒󠆉󠅋󠇇󠅞󠇠󠇔󠆈󠄇. One of the most important groups in the city right now󠇟󠇠󠇡󠇢󠆮󠆕󠆇󠆼󠅾︃󠇒󠆔󠅇󠆡󠆾󠅶󠆟󠆊󠅱󠄂󠅸󠅮󠆯󠅚󠇈󠆇󠇭󠄾󠄅󠅧󠇬󠆡󠄨󠇕󠄷󠄠󠇋󠄑󠅱󠄹󠅋󠆶󠇢󠅴. 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆓︀︀󠄊󠆓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄢󠄢󠅑󠅕󠄠󠅕󠅔󠄩󠄝󠄤󠅔󠄦󠄣󠄝󠄤󠅒󠄢󠄨󠄝󠄨󠄨󠅔󠄧󠄝󠄨󠄡󠄧󠄣󠅔󠄤󠄥󠅓󠅖󠄤󠄧󠄦︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄡󠄢󠅄󠄡󠄩󠄪󠄡󠄢󠄪󠄤󠄩󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄡󠄢󠅄󠄡󠄩󠄪󠄡󠄢󠄪󠄤󠄩󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠄣󠄧󠄩󠄥󠄥󠄧󠄢󠄦󠄠󠄡󠄠󠄠󠄠󠄠󠄡󠄧󠅒󠄣󠄣󠅓󠄨󠅏󠅦󠄡󠄧󠄧󠄨󠄦󠄡󠄣󠄡󠄦󠄨󠅏󠄨󠅔󠄢󠄡󠄠󠄡󠄨󠅓󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠅑󠄠󠄣󠄧󠄩󠄥󠄥󠄧󠄢󠄦󠄠󠄡󠄠󠄠󠄠󠄠󠄡󠄧󠅒󠄣󠄣󠅓󠄨󠅏󠅦󠄡󠄧󠄧󠄨󠄦󠄡󠄣󠄡󠄦󠄨󠅏󠄨󠅔󠄢󠄡󠄠󠄡󠄨󠅓󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄢󠄥󠄡︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄡󠅓󠅖󠅔󠅓󠅔󠄦󠄩󠅑󠄤󠅔󠄣󠄣󠅔󠄥󠅑󠅒󠅖󠄨󠄧󠅓󠄤󠄢󠄧󠄡󠅑󠅔󠄢󠄨󠄠󠄠󠅖󠅕󠄡󠅔󠄦󠄦󠄦󠅓󠄡󠅑󠄩󠄡󠄢󠄩󠅖󠅑󠅒󠄥󠅒󠄢󠄡󠄥󠅑󠄦󠄠󠅓󠄨󠄡󠄢󠅔󠅓󠄩󠄩󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠆖󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠄩󠄠󠄢󠅔󠅕󠄡󠄢󠅔󠄝󠄦󠄨󠄡󠄠󠄝󠄤󠅕󠄠󠄣󠄝󠅒󠄩󠅑󠅑󠄝󠄤󠅑󠅕󠄦󠄦󠄤󠄦󠄧󠄤󠄢󠄡󠄠󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆾󠆻󠇘󠄁󠇡󠅿󠆌󠇭󠄇󠅳󠅑󠇃󠇭︊󠅼󠆵󠆥󠇓󠇡󠆫󠄋󠅁󠅏󠄸󠄄󠄲󠆎︇󠇗󠅿󠄟󠇆󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠆣︊󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐︎󠆖󠅿󠇏󠇣󠆀󠆻󠇓󠆅󠆗󠅂󠄔󠆆󠄉󠄡󠆎󠄞󠄓󠆃󠅡󠇄󠇛󠅰󠄄󠄜󠆀󠅂󠅬󠇞󠅰󠆕󠆫︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠅕󠅕󠄤󠄨󠄤󠅒󠅔󠄨󠄝󠄤󠄩󠅑󠄦󠄝󠄤󠅑󠄧󠄠󠄝󠄩󠄨󠅑󠄤󠄝󠅖󠅒󠅑󠅖󠄡󠅑󠄩󠅔󠅕󠄥󠄢󠅓󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄢󠄢󠅑󠅕󠄠󠅕󠅔󠄩󠄝󠄤󠅔󠄦󠄣󠄝󠄤󠅒󠄢󠄨󠄝󠄨󠄨󠅔󠄧󠄝󠄨󠄡󠄧󠄣󠅔󠄤󠄥󠅓󠅖󠄤󠄧󠄦󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇐󠆶󠅨󠄪󠄜󠅓󠄽󠆱󠄜󠄠︆󠇏󠆱󠆟󠆂󠆥󠇗󠇓󠅜󠇃󠄯󠅊󠄆󠄟︌󠅸󠆮󠅌󠅤󠇀󠅞󠄘󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐︇󠇓󠆺󠄋󠇧󠅀󠇐󠇆󠄇󠅡󠆜󠇭󠄭󠅽󠅯󠇅󠇫︀󠄰󠇯󠄐󠇙󠅟󠄥󠅼󠄷󠅚󠆱󠄈󠅻󠅓󠆾󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆈󠇐󠄦󠆢󠄛󠄩󠄰󠅸󠅨󠅠󠅭󠅪󠇁󠅶󠆛󠄎󠆥󠄩󠅴󠆙󠅿󠇤󠇎󠆒󠆍󠄎︍󠄑󠆟󠅯󠄁󠅃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄻󠅥󠇍︀󠄥󠄆󠅩󠄔󠆃󠆷󠅁󠆚󠄡󠇗󠆮󠄇󠅘󠅘󠅒󠆾󠄔󠆘󠆡󠅩󠇮󠄮󠇯󠆧󠇛󠆠󠆵󠄞󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅑󠄙󠄱󠆽󠇖󠆶󠄤󠄿󠇮󠆄󠆿󠇤󠄲󠄇󠇩󠄜󠅌️󠄟︂󠇓󠅹󠆙󠄍󠆹󠅕󠅼󠆡󠅟󠆽󠆳︄󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄘󠅨󠄴󠅶󠅿󠅂󠄡󠅟󠆋󠆥󠅑󠆹󠄵󠅼󠅺󠄲󠄻󠆏󠅲︊󠆳󠅴󠆚󠇪󠆉󠄔󠇬󠄴󠇋󠅅󠄢󠆃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆚󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅪󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆴󠄠󠅲︃󠆰󠄠󠅲︃󠄵󠆐︃︂︁︂︂󠄄󠄄󠆞󠆣󠄊󠆱󠆃󠄣󠄤󠆽︂󠅮󠅚󠄜󠇓󠆩󠅘󠇠󠇗󠅏󠄮󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄣󠄠󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄠󠄡󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄠󠄻󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄍󠄠󠄋︆︃󠅅︄︊︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅚󠇊󠆑󠄣󠅒󠅯󠆘󠇙󠆝󠆶󠅄󠄍󠇚󠆳󠆐󠅍󠆛󠇋󠄣󠅑󠅬󠄩󠄹󠆩󠅹󠇘󠆼󠆷󠇉󠄤󠇙︁󠄎︌󠄗󠄏󠆠󠄇󠇆󠇝󠅒󠅺󠆨󠅹󠅌󠅰󠆦󠆿󠅵󠆿󠅫︈󠆶󠇁︇󠄪󠇒󠅛󠇡󠄎󠇊󠇡󠅍󠄋󠇇󠅵󠅉󠆣󠇧󠅾󠅠󠄮󠄱󠇅󠇘󠄮󠄄󠅧󠇫󠆇󠄋󠆇󠆼󠅇󠇪󠆴󠆦󠆨󠆺󠅞󠆪󠇋󠇦󠅼󠅂󠄠󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇙󠆆󠅣󠆹󠆶󠇎󠅳󠇅󠄟󠆺󠆶󠄟󠅫󠅒󠅹󠅁󠅋󠇩󠆾󠇑󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆬󠅵󠇊󠄊󠇀󠆂󠇂󠄙󠄡󠅖󠅈︍󠄚󠅈󠇂󠄢󠆦󠄳󠇫︉󠇖󠇖󠅱󠆃󠄈󠆩󠅦󠄧󠆏︌󠅷󠆹󠅑󠄠󠄤󠄬󠅮󠆰󠅿󠄙󠆔󠇣︍󠆰󠆚󠇮︎󠇍︂󠄡︀󠆞󠆖󠇊󠅘󠇑󠄄󠇬󠆆󠅔󠆔󠆚󠆧󠅱󠄠󠆨󠅽󠆣󠅋󠇤︊󠆴󠅹󠆲󠄗󠄽󠅎︍󠆧󠅓󠆩󠅇󠆹󠆹󠆷󠆅󠇋󠅣󠇥󠇯󠅟󠇫󠇩︉󠅟󠇍󠅤󠅸󠆃󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄︃󠄩󠅞󠄯󠆨󠄘󠆁︋󠇮󠄗󠆢󠅐󠆇󠅪󠆵󠆏󠄟󠆱󠄨󠇢󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄇︍󠄣󠄡󠄠󠄤󠄡󠄦󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇣󠅆󠅊󠅤󠆴󠅎󠇒󠄾󠆙󠅋󠆕󠇮󠆀󠆩󠇍󠇒︃󠄕󠆑︆󠄩󠄀󠄻󠆡󠄫󠅋󠅸󠆧󠇠󠆀󠇬󠄐󠆺󠆣󠇪󠄏󠇈󠅺󠇛󠅎󠅸󠆵󠅝󠄽󠆱︀󠆩󠇯︀︃󠆹󠇈󠅑󠇗󠅱󠇪󠅀󠆴󠅴󠅗󠅂󠆚󠄞󠇋︀󠆗󠅀󠄾󠄩󠇦󠆜󠄼︁󠄜︎󠅪󠄕󠆉️󠄽󠆪󠆼︉󠅅󠄚󠆨󠅌󠆺󠆕︋󠄆󠇚󠆥󠅑󠇤󠅳󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠄈︃󠄮󠅴󠄆󠅼︄󠄪󠅻󠄰󠆶󠆴󠆓︎󠆛󠄪󠅳󠅥󠅓󠇜󠇐󠄡︍󠅑󠄾󠆀󠅛︄󠆄󠇔︄󠅕󠆡󠆜󠅿󠆀︉󠆭󠆋󠆞󠄄󠇠󠅂︌󠆟󠇐󠆱󠄕︂󠄡︀󠅾󠇒󠆙󠅠󠆗︇󠅇󠄹󠆦󠄀󠆢󠅐󠅗󠇠󠄨󠆼󠄻󠆀󠆠󠄵󠇀󠆄󠆡󠄾󠇊󠅌󠆍󠆬󠇔󠄉︉󠅭󠄼󠇪󠆂󠅮󠅬󠆴︊󠅩󠅸󠄨󠅷󠆧󠆪󠇃︉󠆈󠅉︃󠄉󠄠󠅲︃󠄅󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄞󠅎︄󠆥󠇛︈󠅍󠇂󠅗︈󠇓󠅁󠄉󠅴󠄾󠅵󠅘󠆷󠆵󠆬󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄇︍󠄤󠄦󠄠󠄤󠄡󠄠󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆢󠄜󠄦󠄢󠅑󠄵󠄺󠇩󠄪󠄬󠅔󠅫󠄱󠆭󠄍󠇙󠆉󠇍󠄈︊󠆠󠄤︎󠆗︄󠇜󠇝󠇠󠄒󠅹󠆙󠇖󠆫󠅦󠅊󠅣󠄠󠇪󠅡󠄠󠅬󠆌󠆭󠄓󠄫󠇒󠅾󠅹󠅜󠄭󠅈󠄮󠆛󠅵󠆚󠄺󠆮󠄿󠆻󠇃󠇣󠇈󠄱󠆔󠅯󠆖󠆲󠅠󠅜󠅛󠅩󠄀󠅱󠆩󠆩󠅙󠇃󠄓󠇚󠆹󠆓󠇐󠅀󠅊󠅌󠇏󠄾󠄭󠄹󠄻󠄃󠇇️󠅤󠇧󠅏󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆎󠆂󠄃󠆊󠆥󠇧󠅃󠆧󠆩󠄼󠆢󠆆󠄥︎󠅇󠄔󠄝󠄸️󠅩󠆑󠇛󠆎󠆷󠆗󠄜󠄟󠆸󠄋󠆅󠇤󠅮󠄹󠇠󠅢︈󠇊󠄢󠅖󠇪󠇐󠄒︃󠇆︈󠇕󠆳󠆥︂󠄡︀󠆩󠅛󠅟󠅬󠇎󠅢󠆑︍︍󠄾󠇎󠆏󠆉󠆌󠇅󠄱󠄣󠇟󠇄︂󠅪󠄁󠅰󠇤󠆿󠆭󠄳󠇟︂󠆗󠆜󠅒󠄑󠄜󠅀󠅙︂︋󠅾󠆯󠄍󠆢󠆜️󠄳︇󠄑󠄽󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠅕󠅕󠄤󠄨󠄤󠅒󠅔󠄨󠄝󠄤󠄩󠅑󠄦󠄝󠄤󠅑󠄧󠄠󠄝󠄩󠄨󠅑󠄤󠄝󠅖󠅒󠅑󠅖󠄡󠅑󠄩󠅔󠅕󠄥󠄢󠅓󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄢󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠄢󠄢󠅑󠅕󠄠󠅕󠅔󠄩󠄝󠄤󠅔󠄦󠄣󠄝󠄤󠅒󠄢󠄨󠄝󠄨󠄨󠅔󠄧󠄝󠄨󠄡󠄧󠄣󠅔󠄤󠄥󠅓󠅖󠄤󠄧󠄦󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇐󠆶󠅨󠄪󠄜󠅓󠄽󠆱󠄜󠄠︆󠇏󠆱󠆟󠆂󠆥󠇗󠇓󠅜󠇃󠄯󠅊󠄆󠄟︌󠅸󠆮󠅌󠅤󠇀󠅞󠄘󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐︇󠇓󠆺󠄋󠇧󠅀󠇐󠇆󠄇󠅡󠆜󠇭󠄭󠅽󠅯󠇅󠇫︀󠄰󠇯󠄐󠇙󠅟󠄥󠅼󠄷󠅚󠆱󠄈󠅻󠅓󠆾󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆈󠇐󠄦󠆢󠄛󠄩󠄰󠅸󠅨󠅠󠅭󠅪󠇁󠅶󠆛󠄎󠆥󠄩󠅴󠆙󠅿󠇤󠇎󠆒󠆍󠄎︍󠄑󠆟󠅯󠄁󠅃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄻󠅥󠇍︀󠄥󠄆󠅩󠄔󠆃󠆷󠅁󠆚󠄡󠇗󠆮󠄇󠅘󠅘󠅒󠆾󠄔󠆘󠆡󠅩󠇮󠄮󠇯󠆧󠇛󠆠󠆵󠄞󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅑󠄙󠄱󠆽󠇖󠆶󠄤󠄿󠇮󠆄󠆿󠇤󠄲󠄇󠇩󠄜󠅌️󠄟︂󠇓󠅹󠆙󠄍󠆹󠅕󠅼󠆡󠅟󠆽󠆳︄󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄘󠅨󠄴󠅶󠅿󠅂󠄡󠅟󠆋󠆥󠅑󠆹󠄵󠅼󠅺󠄲󠄻󠆏󠅲︊󠆳󠅴󠆚󠇪󠆉󠄔󠇬󠄴󠇋󠅅󠄢󠆃󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐󠅜︌󠆞󠆝󠅠󠅂󠆾󠄾󠄜󠅎󠅷󠇪󠄭󠅴󠅡󠄰󠆈︌󠄵󠅦󠆈󠇤󠅤󠅡︁󠇥󠅫󠄃󠆙󠇋󠇬󠄍󠄛󠆶󠄥󠆞󠅘󠅝󠆯󠆇󠅛︀󠄂󠄔󠄄󠅏󠆐󠇪󠄤󠄪󠅙󠅛󠄱󠆭󠅷󠆎󠇚󠅾󠅐︁󠅵󠅡󠆱󠇊󠄎󠇪󠅫󠇎󠄉󠆽󠇇󠆙󠅣󠅠󠅔󠅀󠆁󠇫󠆰󠅀󠇪󠄆︈󠅳󠄭󠅤󠆘󠆄󠇞󠄅󠄉󠆦󠄒󠄺󠅑󠇞󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰 - Bankruptcy Lessons URL: https://www.duethedilly.com/the-dime-bankruptcy-lessons/ Last updated: 2026-05-07T11:44:10.000Z I'm not a bankruptcy attorney, but a friend of mine is one at Kirkland & Ellis󠇟󠇠󠇡󠇢︃󠆝󠆂󠄫󠅇󠄐︂󠄉󠅶󠅛󠄴󠄊󠅴󠅵︄󠄦󠄚󠇏󠄚󠆘󠄍󠄑󠇛󠇎󠇇󠄜󠅹󠄠󠄪󠆱󠅏󠅪󠇒󠇡󠄄︀󠄚󠆄󠆊󠄚. So every time I think about catching up with him, I read a few bankruptcy cases to carry a conversation for our catch up󠇟󠇠󠇡󠇢󠆾󠅽󠅌󠅎󠅐󠅖󠅸󠅱󠅑󠆴󠇨󠇅󠅃󠇎󠆍󠄄󠄜󠆼︂󠄻󠆡󠆿󠆬󠆏󠅎󠅖󠆦󠇘󠆺󠅝󠅹󠄝󠅊󠆃󠆟󠄥󠄑️󠄂󠄬. One bankruptcy was really interesting this year󠇟󠇠󠇡󠇢︈󠄊󠆟󠄁󠅘󠆷󠆬󠇃󠅒󠅇󠆩󠅰󠆲󠅿󠄖󠅏󠄰󠇑󠄜󠄝󠅜󠄓󠇪󠅢󠄔󠆦󠅫󠄁󠆝󠇕󠄁󠅹󠄹󠅙󠄞󠇀󠅠󠆵󠆺󠆪 and I learned some stuff about it which I felt would be fun to share. 󠇟󠇠󠇡󠇢︎󠇮󠄛󠇀󠄆󠄽󠅙󠆽󠅭󠆒󠅞󠄛󠅕󠅊󠅬󠅛󠄌󠆁󠄃󠄱󠇎󠇌󠇛󠅠󠆥󠄬󠅠󠇏󠆘󠅕󠆅󠆖󠄬󠆀󠄑󠆬󠆋󠅉󠇥󠇎Food52 filed for bankruptcy󠇟󠇠󠇡󠇢󠆰󠄽󠅏󠅹󠄬󠆛󠄒󠇪󠇀︊󠅬󠇂󠅠󠆇󠇤️󠆀󠄖󠄯󠇢󠅁󠆦󠄥󠇯󠅮󠅏󠅺󠇁󠆪󠆦󠆇󠅭󠅣󠅵󠅧󠄍󠆭󠅧󠄜󠆼. The brand you probably know from those beautiful kitchen photos and the cookware you bookmarked but never bought󠇟󠇠󠇡󠇢󠅘󠆼󠆉󠄄󠆷︁󠅌󠄨󠄅󠇄󠆄󠄇󠄕󠅂󠄇󠅜󠅁󠇋󠄐󠆩󠄆󠅆󠇗󠆌󠅻󠆼󠅃󠅙󠅛󠅍󠄂󠆣󠅗󠄇󠄤󠅾󠅓︄󠅑󠆻. Yeah, them󠇟󠇠󠇡󠇢󠆰󠇕󠆡󠇅󠄑󠅻󠄷󠄸󠆖󠆯󠇮󠄾󠄷󠅣󠄣󠅯󠇋󠄖󠅇󠅒󠇣󠇓󠄔󠆐󠅟󠇡󠅝󠅃︄︌󠄬󠆵󠅲󠇅󠅴︈󠄌︂󠄀󠇝. They filed for Chapter 11 in January of this year and needed money to keep the lights on while they figured out their next move󠇟󠇠󠇡󠇢󠅕︌󠆅󠆎󠅧󠄂󠄒󠆑󠇡󠄺︋︆󠅪󠆖󠆜󠄌󠄡󠇐︆󠅞󠅂󠇖󠆠󠅑󠅖󠅨󠄘󠄎󠆁󠆽󠆍󠄛󠅲󠆂󠅜󠆍󠄚󠅃󠄅󠆽. That money is called DIP financing, and the way they structured this particular deal is what caught my eye. 󠇟󠇠󠇡󠇢󠆲󠆣󠅌󠆁󠆒󠆎󠇟󠇎󠅶󠄻󠅄󠆚󠆈󠄠󠇉󠆯󠇧󠇊󠅍󠅟󠆡󠅼󠄴󠆊󠄿󠆹󠄮󠅥󠇈󠅟󠄛󠆯󠄏󠄟󠆷󠅱󠄱󠇅󠆨︄Let's get into it󠇟󠇠󠇡󠇢󠄗󠅏󠅩󠄾︉︆󠅣󠄊󠇢󠆝󠅐︉󠆑︂󠅌󠆭󠄺󠅪󠆲󠄿󠄸󠆈︊󠆇󠇚󠄓󠆻󠅂󠅳󠄘󠄘󠆽󠆚󠆈󠇔󠄼󠄤󠄽󠅘󠄨. Here's this week's edition of The Dime💰. ## 󠇟󠇠󠇡󠇢󠆮󠇋󠆫󠄉󠇡󠅷󠅞︌︋󠆏󠇊󠆘󠄯󠇞󠆌󠆵󠆭󠄂︀󠅃󠅆󠄬󠅗󠇙󠄗󠅄󠅄󠄠󠄵󠆘󠄀󠆋󠅤󠆿󠆜󠆾󠄱󠅵󠄨󠇡First, What the Hell is DIP Financing? 󠇟󠇠󠇡󠇢󠅟󠅬󠄕󠇩󠇠󠅷󠅣󠄸󠅅󠆐󠇀󠅥󠄛󠅐󠇀󠇙󠆡󠄤󠄩󠇩󠇢󠄧󠆨󠆻󠄙󠄣󠄘󠆧󠆮󠄟󠇌󠄷󠄘󠄆󠇎󠅍󠅜󠄼󠅺󠆺DIP stands for Debtor-In-Possession󠇟󠇠󠇡󠇢󠆽󠄛󠆤󠆲︉󠅖󠆞󠇜󠅪󠅦󠅰󠄋󠆙󠇎󠅾󠇔󠅚󠄁︉󠄚󠄏󠆤󠆍︄󠆹󠇏󠅽󠅨󠄎󠇇󠄡󠄷󠆥󠅨󠄥󠅖󠄸󠄲󠇙󠅬. When a company files for Chapter 11 bankruptcy, they don't just close up shop󠇟󠇠󠇡󠇢󠄺󠆄󠄫󠆔󠄰󠄅󠆮󠇝󠄙󠅀󠄼󠄖󠅱󠇟󠄻︊󠅴󠅝󠄣󠅚󠆂󠅾󠆢󠄝󠅃󠅑󠆺󠇥󠅄󠄾󠇁󠆊󠇆󠆫󠆶󠅑󠆸󠇩󠄤󠇋. They keep operating, keep the staff working, keep the website running, all while trying to restructure their debts and get a plan together󠇟󠇠󠇡󠇢󠆟󠅆󠇃󠇦󠆝󠄽󠄑󠇒󠇢󠆁󠅂󠅧󠄎󠇧󠅊󠆓󠆬󠆠󠇤󠇄󠅼󠇓󠆻󠅐󠇩󠇐󠆧󠄣󠅌󠄬󠇭󠄢󠅟󠄘󠅪󠄎󠄤󠇆󠅮󠆼. But here's the problem: they're broke󠇟󠇠󠇡󠇢󠇫︁󠆴󠆃󠄣󠅲󠆹󠆴󠅍󠅕󠆅󠄟󠆐󠅠󠇙󠄶󠅄󠅐󠆉󠄾󠅿󠅋󠆧󠇉󠇥󠇭󠅻󠇉󠅆󠅪󠄏︎󠆊󠄀󠆍󠅠󠄌󠆞󠄜󠄛. Or at least they're in a situation bad enough to need court protection󠇟󠇠󠇡󠇢󠆋󠅄󠇘󠅧󠆑︂󠄘󠆽󠄾󠅫󠇓󠆾󠇘󠇥󠇓󠇬󠇟󠄂󠄜󠆡󠇭󠅦󠇪󠅭󠄦󠅻󠇈󠆾󠆪󠅢󠅵󠇋︁󠄣󠆀󠅒󠆺󠇁󠄎󠆈. So how do they keep the lights on? 󠇟󠇠󠇡󠇢󠇝󠆭󠆈󠅎︍󠅭󠇟󠅮󠄝󠆬󠄙󠅁󠅫󠄳󠅿󠅺󠅔󠇄󠇡󠅓󠆤󠇥󠇖󠄗󠇖󠆡󠅉󠆪󠅷󠄕󠇧󠇬󠄒󠅈󠆷󠅎︃󠄺󠄿󠇩They borrow more money. 󠇟󠇠󠇡󠇢󠄨󠆝󠇢󠆀︀󠆚󠆄󠆆󠄦󠅭󠆺󠆥󠇃󠇧󠄏󠄒󠄸󠆭󠄥󠇞󠄘󠅨︂󠅖󠇐󠅈󠄿󠅆󠅄󠆽󠄇󠅇󠄾󠆪󠆍󠅥︇󠄣󠄑󠄉Wild, right󠇟󠇠󠇡󠇢󠄉󠅆󠆎󠄅︍󠅺󠅌󠄮󠄋󠅳︌󠄜󠆛󠄈󠇞󠅞󠄶󠅺󠇒󠄗󠆓󠅌󠇂󠄨󠅨󠆷󠅴󠅲󠄛󠄦󠇐󠅅󠄬󠆵󠅌󠆏󠆘󠄘󠄔󠄩? A company that can't pay its bills goes out and gets a new loan󠇟󠇠󠇡󠇢󠄹󠄰󠄈︇󠄵󠅣󠄠󠇩󠇄󠄾󠇁󠆌󠆟󠇠󠄾󠄶󠇏󠄙󠆽󠆞󠅃󠇪󠇩󠆪️󠄲󠅔󠄓󠆗󠅽󠆂󠄇󠅽󠅖󠄯󠆙︋󠆾󠆅󠆎. But this is actually one of the most powerful and protected types of loans in all of finance󠇟󠇠󠇡󠇢󠆍󠅫󠅴󠆩󠆉󠄏󠇅󠅍󠄎󠆄󠇮󠆬󠇅󠄏󠇃󠅃󠆎󠇤󠄾󠄳󠄩󠄝󠅽󠆘󠆟󠄟󠇢󠇈󠄋󠇘󠆤󠇧󠄯󠆔󠇟󠇕󠄨󠆿󠆷󠆪. DIP lenders get what's called super-priority status, which means if this company liquidates, the DIP lender gets paid back before almost everybody else󠇟󠇠󠇡󠇢󠆖󠆃󠆱󠆊󠇩󠆟󠅁︁󠄋󠇎󠅀󠇣󠅎󠆓󠇏󠄉︄󠆕󠆥󠅉󠇥󠆔󠅻󠇦󠅴󠆙󠇀󠆒󠄨󠄏︉󠆢󠅺󠆌󠄫󠄥󠆂󠄆󠆞󠆕. Before the old creditors󠇟󠇠󠇡󠇢󠆊󠄗󠅤󠆤󠇟󠅌󠄓󠄭󠅤󠆒󠆥󠆉󠄒󠅌󠇟󠅿󠇖󠅒󠇀󠆓󠆃󠅉󠆥󠅗󠄱󠇀︇󠆙󠆒󠄠󠇫󠄐󠄡󠄠󠄈󠅲󠅀󠅹󠅆󠆩. Before the vendors󠇟󠇠󠇡󠇢󠅌󠆹󠇑󠄥󠄜󠆮󠇎󠄎󠄉󠅯︃󠇨󠅙󠄆󠅵󠆵︉󠅿󠄟󠆙󠄘󠇓󠇄󠆁󠄦󠅯󠄝󠄽󠇈󠇋︁󠆝󠆨󠇉󠅤󠅘󠅰󠆺󠇀󠅎. Before a lot of people who are already mad they're owed money. 󠇟󠇠󠇡󠇢󠄙󠆵󠇊󠆄󠅒󠆷󠅙󠅒󠇄󠅞󠇏󠆃󠆿󠄎󠄵󠆐󠄡︃󠄟󠇈󠅭︂󠅸󠇧󠄭󠄪󠇏󠅇󠇆󠅀󠇧︍󠅅︄󠆊󠇀󠇅󠅛󠇅󠅸Think of it like this󠇟󠇠󠇡󠇢󠅨󠆎󠄸︂󠆆󠄩󠄹󠄋󠆷󠇕󠅘󠅋󠆬󠅬󠆻󠆶󠅐󠆋󠅿󠅌󠆄󠄜󠅚󠅳󠄬󠅍󠆈󠆇󠇐󠇔󠅼󠇯󠅽󠄨󠇞󠇣󠄣󠇟󠅔󠇭. Imagine your homie owes ten people money and then tells you "hey, I need to borrow $50 so I can get to work󠇟󠇠󠇡󠇢︃󠇣󠅛󠅐󠅟󠇘󠅻󠆈󠄖󠅧󠆆󠇫󠅊󠇍󠅼󠆯󠄢󠅏󠅳󠆨󠆿󠄧󠅼󠇜󠅶󠆢󠄇󠇌󠄴󠄾󠆕︆󠅋󠇒󠆧󠅞󠄕󠆞󠇒󠅦." If you loan him that $50, you're saying "I'll help you, but I get paid back FIRST before anyone else gets a dime󠇟󠇠󠇡󠇢󠄅󠅺󠇉󠅘󠄆󠅊󠄺󠄘󠆰󠅺󠄚󠅪󠄈󠄪󠅜󠆺󠆙󠆔󠆙󠅦︈󠄯󠅻󠄖󠄻󠇋󠅛󠅡󠇁󠅁󠇑󠆁󠆩󠅿󠅔󠆪󠇊󠆟󠆆󠆗." That's the DIP lender. ## 󠇟󠇠󠇡󠇢󠇃️󠇮󠅙︍󠇙󠄶󠆺󠄭󠇙󠆉󠇟󠇐󠆺󠅵󠇇󠇖󠄚󠅾󠆯󠄩󠆘󠄯󠆷󠆊󠄘󠄾󠅙󠆗󠇇󠅩󠆲󠅰󠆍󠆝󠆸󠇭󠅲󠄕󠄁So Who Loaned Food52 the Money? 󠇟󠇠󠇡󠇢󠅷󠅓󠇁󠄗󠆅󠇤󠆄󠄾󠅵󠇌󠆕󠇢󠇓󠅘󠆺󠄴󠆬󠄽󠇥󠅭󠆛︈󠄵󠅁󠇊󠆸󠆈󠄉︃︄󠄢󠅬󠆅󠅺󠄼󠆈󠇀󠄤󠇇󠄾This is where it gets really interesting. 󠇟󠇠󠇡󠇢︋󠅌󠆮󠆍󠅯️󠅘󠄒︋󠆱󠄌󠇉󠆰︂󠄤󠄇󠆛︌󠄭󠇢󠅓󠇡︍󠅎︊󠅺󠅶󠆞󠆏︆󠄕󠇏󠄌󠆃󠅑󠆱󠆍󠄺󠇩󠆳The loan didn't come from a bank󠇟󠇠󠇡󠇢󠅈󠆱󠆁󠄐󠅿󠇖󠇟󠅝󠅃󠇭󠆄󠆈󠇙󠄋󠇦󠄝󠆆󠇢󠅌󠇍󠆾󠅭󠇎󠅗󠅇󠆢󠅢󠅬󠆝󠇢󠄚󠇊︉󠅭󠆶󠅏󠄜󠇖󠆇󠅃. It came from F52, LLC, which is an entity controlled by TCG, short for The Chernin Group󠇟󠇠󠇡󠇢󠄌󠇭󠆷󠄈󠇁󠇔󠄗󠇮󠅹󠆛︎󠄛󠅕󠆢󠇯󠄊󠆩󠅣󠇞󠄋︀󠄁󠅥󠄘󠆿󠆅󠆒󠆡󠄽󠅹󠆾󠆸󠇔󠇢︄󠇬󠄾󠄾󠇦︇. If you don't know Chernin, they're a media and consumer investment firm󠇟󠇠󠇡󠇢󠆉󠇎󠆚󠇤󠇑󠄹󠆪󠇤󠆁󠅻󠅦󠅈󠆑󠄰󠇗︄󠆮󠄡󠅧󠄧󠇪󠇊︀󠆚󠆬󠄛󠅫󠇇󠆱󠅜󠇙󠄱️󠇞󠇙󠇭󠆗︂󠆜󠄾. They were already an existing investor in Food52 before the bankruptcy󠇟󠇠󠇡󠇢󠅲󠆜󠅮󠇫󠇇󠆗󠆠󠅡󠇗󠄊󠆚󠆉󠆋󠄮󠆋󠅔󠆶󠅮󠆻󠅫󠆓󠇂󠄬󠅲󠆑󠄌󠅛︎󠅡󠅧󠆻󠆤󠄋︆󠆍󠆦󠇫󠇢󠇌︋. This is someone who was already in the building, knew exactly what was going on, and decided to keep betting. 󠇟󠇠󠇡󠇢󠄖󠄛󠆥󠇯󠅺󠅝󠄯󠅌󠇦󠇓󠆠󠆌󠆺󠄿󠄵󠅈󠆷󠅗󠅩󠄊󠄏󠆹󠄹󠅩󠇚󠆰󠇝󠅇︉󠆼︋󠄥󠆑󠄉󠆻󠄒󠆀󠅪󠄜󠆫The amount? $3 million󠇟󠇠󠇡󠇢󠅵󠄣󠄧󠇘󠆉󠇓󠄝󠇯󠄏󠅣󠄏󠆆󠅦󠆈󠆸󠆯󠇟󠄬󠇤󠇫󠇈️󠄬󠄇󠅝󠆗󠄜󠄌󠆂󠇚󠄧󠄞󠆪󠄜󠆾󠄫󠆬󠅷󠄨󠅖. And that $3 million came with a very specific set of terms that are worth understanding. ## 󠇟󠇠󠇡󠇢󠅄󠆗︀󠅞󠆝︆󠆼󠆤󠄫󠇈︇󠄦󠄣󠅢󠄋󠄺󠆕󠆶󠅤󠄖󠄌󠇈󠆷󠅵󠄩󠇗󠅻󠄲󠆈󠄈󠆡󠆵󠄔️󠆘󠄼󠆑󠆔󠄯󠄝The Part That Really Got My Attention: The Roll-Up Here's the move I want you to understand, because it shows up in bankruptcy deals all the time and most people have never heard of it. 󠇟󠇠󠇡󠇢󠇄󠅡󠆲󠅃󠄭󠆱󠇤󠇒󠆌︇󠄀󠅰󠄉󠅄󠆷󠆌󠄨󠆪󠄙󠄡󠇣󠅀󠅝󠄕󠇊󠆖󠆒󠇡󠄻󠆪󠇝󠄂󠄨︁󠇕󠄄󠆮󠅥󠄲󠇂In this term sheet, F52, LLC had what's called a "roll-up󠇟󠇠󠇡󠇢󠅠󠅓󠇤󠇁󠅶󠅁󠆣󠆋󠆜󠅓󠇁󠆍󠅀󠅮󠄞󠅁󠆎󠄨󠅂󠇧󠆸󠅃󠆶󠆏󠇌󠅗󠆟︍󠇬︂󠄭󠄽󠇉󠆓️󠆁󠇤󠅝󠄊󠄚." That means the lender had pre-existing debt that Food52 owed them, and as part of the DIP loan agreement, that old debt gets "rolled up" into the new DIP loan󠇟󠇠󠇡󠇢󠆮󠅉󠅿󠅄󠅨󠆹󠄮󠄂󠇬󠅲︈󠆙󠅉󠄟󠆐︍󠇙󠇄󠇀󠆇󠇃󠅛󠅡󠇈󠅼󠄆󠅶󠆾󠆻󠇎󠄦󠇈󠅲󠅈󠄩󠆞󠄲󠄌󠅉󠆝. So now all of it, the old stuff AND the new $3 million, sits together under the super-priority DIP umbrella. 󠇟󠇠󠇡󠇢󠅝󠄮󠄔󠅃󠆗󠇭󠅃󠆔󠇨󠄎󠇝󠄳󠆖󠆵︊󠇍󠄔󠄹󠄅󠄜󠅥󠄴󠆃󠆩󠆶󠇁󠄳󠅟󠄊󠆂︋󠆖󠆱󠄢󠇡󠄀󠅗︂󠅮󠄝Why does this matter󠇟󠇠󠇡󠇢󠇠󠄰󠅶󠇝󠇀󠇪󠅓󠆯󠇁󠅢󠇒󠇂󠆶󠆝󠄤󠇤󠄲󠆰︎︌󠄯󠆪󠅇󠄄󠅛󠅺󠅡󠅮󠆠󠆳󠇆󠆻󠄚󠄣︎󠄫󠄏󠄹󠄪󠆃? Because now that pre-petition (before bankruptcy) debt, which would have been at the back of the line with everyone else fighting for crumbs, suddenly jumps to the front of the line󠇟󠇠󠇡󠇢󠄪󠇘󠄚󠇩󠇙︂󠆵󠆅󠅨󠇯󠇝󠅭󠇂︄󠄤󠇀󠄇󠆴󠅺︈󠇀󠇢󠆚󠇂󠇁󠄓󠅀󠅍󠇞󠇜󠇦︄󠄫󠆸󠆚󠄈󠆳󠇢︆󠇝. It gets super-priority protection. 󠇟󠇠󠇡󠇢󠄾︂󠄫️󠇏︈󠆅󠅣󠅺󠄙󠄁󠅕󠅬󠅲󠄻󠅍󠆘󠄃󠄇󠄊󠄫󠄭󠅵󠄽󠅌󠄶󠅶󠅍︆󠅇󠇟󠇣󠄵󠆉󠆡󠆇󠇕󠇃󠄪󠅤Let me say that again differently󠇟󠇠󠇡󠇢󠇧󠅑󠆅󠅵︅󠇁󠇗󠆗󠆥󠅬󠄿󠇙󠅗󠆽󠅑󠅖󠄁󠅘󠄼︄󠄐󠇞󠅣󠅂󠇕󠆑󠅯󠆘󠅰󠆌󠄹󠇖󠇙󠅌󠄵󠇉󠆭󠅓󠄆󠆿. If you're owed money by a bankrupt company and you loan them even more money during the bankruptcy, you can sometimes get your OLD debt treated as new super-priority debt󠇟󠇠󠇡󠇢󠄖󠅱󠅄󠄡󠇣️󠅌󠇙󠅍󠆑󠄱󠅊󠇭󠆳󠆂󠇥󠄵󠅌󠅁󠆪󠆨󠆸󠆕󠄋󠅵󠅍󠅘󠆽󠇣󠄗󠅱󠆙󠄽󠇏󠇒󠄪󠅽󠄀󠄺󠄅. You essentially get to cut the line. ## 󠇟󠇠󠇡󠇢︉󠄢󠄉󠇩󠇩󠅻󠄉󠄁󠇭󠆚󠆾󠅊󠆤󠅏󠇍󠆻󠅴󠅠󠄳󠅣󠆶󠇇󠅃󠆫󠇥󠄓󠅙󠅤󠅋󠇬󠆗󠅥󠇦󠄺󠆢󠅑󠅝󠄨󠄃󠄥The Interest Rate and Fees (It Ain't Cheap) 󠇟󠇠󠇡󠇢󠄓󠆾󠄲󠇇󠄤󠆇󠄧󠇖󠅡󠅓󠆳󠆑󠅼󠅯󠆒󠄒󠆝︁󠇓󠅽󠆋󠄤󠄩󠄔󠇍󠇩󠅃󠇌󠄅󠄹󠅮󠇝󠇚󠅒︉󠄘󠇂󠅨󠆥󠆛You think your credit card rate is wild󠇟󠇠󠇡󠇢󠆀󠆯︉󠄮󠆊︊󠄽󠅵󠇡󠇗󠄻󠅉󠆨󠅆󠅼󠆤󠅌󠆫󠇪󠇡󠅅󠆈︉󠅮󠄚󠆽󠆫󠄻󠅾󠅛󠇋︂󠇘󠅾󠆵󠆺󠅏󠇚󠆤󠅷? DIP loans operate in a different universe. 󠇟󠇠󠇡󠇢󠄹󠇏󠆍󠆿󠆋󠆏󠅈󠅥󠆨󠆪󠇧󠄷󠆩󠇃󠇆󠆲󠇐︇󠄏󠄻󠇛󠅢󠅬󠇁󠅸󠄡󠇗󠆈󠅭󠆲󠅱󠆞󠄜󠇗󠇫󠇔󠆓󠅸󠅢󠅭Food52's DIP loan had an interest rate of SOFR plus 8.5%󠇟󠇠󠇡󠇢󠄰󠄭︊️󠆄󠆕󠆙󠇩󠄾󠆮󠆈󠅲󠄅󠆧󠄂󠆡󠅴󠄰󠆎󠄃󠆻󠅞󠆒󠇖󠆛󠄭󠅮󠆐󠅥󠆢󠅪󠅸󠆟󠆵󠅧󠆱󠄃󠆲󠄓︉. SOFR, which stands for Secured Overnight Financing Rate, is basically the benchmark rate that replaced LIBOR (you may have heard of LIBOR, the old standard that banks got caught manipulating, which is a whole other story󠇟󠇠󠇡󠇢󠆰󠄒󠄉󠆋󠄘︇󠄟󠅋󠅒󠄴󠄳󠅖󠄨︍󠆃󠅈󠄼󠆷󠇂󠅩󠇌󠅉󠇃󠅬󠄾󠆧󠆣󠇀󠆰󠅢󠆊󠆙󠄼󠅍󠄞︈󠄹󠆬󠆥󠆐). Think of SOFR as the base rate, kind of like the floor, and then the lender stacks their margin on top. 󠇟󠇠󠇡󠇢󠇞󠆯󠇄󠆁󠆛󠅅󠆙󠅐󠅺󠄸󠅧󠅮󠄒󠇁󠆖󠆥󠄖󠆹󠄣󠅘󠇢󠅋󠅝󠆖󠄼󠆰󠇏󠆅󠆇󠄲󠆋︊󠆝󠅼󠆵󠇩󠆐󠅫󠇟󠅥So if SOFR is sitting around 4-5%, you're looking at an all-in interest rate somewhere in the low-to-mid teens󠇟󠇠󠇡󠇢󠆻️󠅝󠆆󠄞󠄚󠄤󠅓󠄽󠄪︆︃󠄱󠅮󠅑󠅺️︄󠇆󠆛󠄷󠅖󠇉︈󠆷󠄋󠇥󠄒󠄩󠅌󠄒󠇝󠄒󠄥󠆨󠇭󠄞󠆻󠇄󠅾. On top of that󠇟󠇠󠇡󠇢󠅕󠆟︌󠅭󠄌󠄉󠄜󠅏󠇡󠅚󠆅󠅝󠅁󠆂󠆠󠆦︀󠆝󠅒󠅰󠄠󠅧󠆸󠇀︋󠇯️︁󠄡󠅔󠄢󠆦󠆙󠄏󠅛󠅩︍󠆇󠆆󠇨? There was an origination fee and an exit fee󠇟󠇠󠇡󠇢󠄆󠄚︀󠄽󠇡󠆏󠄎󠅼󠇟󠅿󠇬󠅾︉󠄆︎󠅥󠆡󠆊󠆔󠆵󠅉󠄎󠆌󠇇󠇍󠄔󠅼󠆕󠅩󠇅󠄱󠄺󠆎󠇣󠇀󠅐󠇗󠅵󠅆󠄓. You pay to get in, and you pay to get out󠇟󠇠󠇡󠇢︎󠇉󠆕󠇢󠆥󠇋︊󠇮󠆂󠄄󠅜󠇀󠄦󠆽󠇠󠇦󠆫󠆷󠄵󠅣󠄬󠇥󠇟󠇍󠆣󠇭󠅮󠄶󠆧󠆜󠄛󠄯󠄁︂󠄯󠄫󠆥󠅐󠇥󠄒. That's the price of money when you're a distressed borrower󠇟󠇠󠇡󠇢󠇯󠆡󠆞󠇈󠆂󠄪󠄮󠅃󠇟󠄂󠇡󠇗󠅛︋󠄨󠆛󠄏󠇤︋󠇖󠆊󠄝󠇓󠅏︊󠆤󠅇󠄎󠆇󠅫󠆙󠆡󠆔󠆡󠇅󠆙󠄢󠆜󠅰󠆌. Nobody's doing you any favors here󠇟󠇠󠇡󠇢󠄁󠆭󠄄󠇆︀︄󠆹󠆟󠅵󠄣󠇚󠅎︂󠅽󠄉󠅥󠄉󠅪󠆣︉󠆧︂󠇐󠆡󠄠󠇃󠆧󠅒󠅞󠄢󠇒󠅘󠄚󠆿󠅍󠅿󠅷󠄰󠆨󠅨. The DIP lender is taking a risk, and they're getting compensated for it. ## 󠇟󠇠󠇡󠇢󠇩󠇒󠆯󠅄󠅺󠅟󠅺󠇝󠅵󠄜󠅞󠅜󠅣󠆏󠅹󠅶󠆦󠅣︀󠄃󠆓󠅈󠇥󠅑󠆥󠄪󠇬󠅠󠇬󠄽󠄼󠆕︊󠆡󠇚󠇡󠄇󠄜󠅘󠄛The Collateral: They Put Everything on the Table To secure this $3 million, Food52 had to pledge basically every asset they had󠇟󠇠󠇡󠇢󠇝󠄊󠄏󠇕󠄝󠄆󠆭󠇌󠄏󠅁󠆭󠇗︄️󠅜󠇍󠇂󠅐󠄐󠇀󠇦󠇩󠄕󠅉󠇛️󠄓󠆢󠇄󠄃︋󠅬󠆞󠅐󠇙󠅔󠄯󠆜󠄢󠇟. We're talking a first-priority lien on all assets of the borrowers󠇟󠇠󠇡󠇢󠆉󠇈󠄽󠅦󠇇︄󠆯󠆘︅󠄘󠄂󠆋󠆹󠅈󠆕󠆧󠄿󠆜󠅴︊󠅬󠇠󠅬󠄏󠆝︂󠆐󠆽󠇩󠄌󠅫󠇩󠄴󠅊󠆘󠅳󠆋︎󠄇︉. That includes: Accounts receivable (money people owe them), inventory, intellectual property, equipment, cash, all of it󠇟󠇠󠇡󠇢󠇓󠆮󠆫󠇟󠆬󠆆󠆾󠅍󠄠󠄞󠇖󠄚󠅆󠅰󠆤󠆘󠆥󠅕󠅐󠄏󠅬󠇈󠇐󠅬󠅝󠆛󠄛󠅯󠄥󠇄󠆡󠄮󠇔󠇏󠇏󠄅󠇀󠄔󠆂󠅄. The lender gets a security interest in the whole thing󠇟󠇠󠇡󠇢︄︆󠅦󠇭󠅦󠆬󠄹󠄡󠅬󠄪󠇨󠇒︋󠆖󠅿󠇜󠄶󠄊󠆿󠄢󠇛󠄄󠇃󠇮󠄟󠄾󠆿󠄽󠅻󠄲󠆄󠄺󠅒󠆫󠄫󠅩󠆜󠄲󠅎︅. If Food52 can't perform under this loan, the DIP lender has the right to step in and take control of those assets. ## 󠇟󠇠󠇡󠇢󠅳󠄒󠆘󠅂󠅁󠄧󠆸󠄵󠆓󠅠󠆺󠄏󠄛󠄬󠇈󠄈󠄹󠄫󠆠︍󠇧󠄵󠆛󠅢󠄬󠆀󠆴󠅺󠅦󠅇󠅧󠆤󠇁󠄜󠆌︇︀︌︀󠆟The Milestones: Borrow the Money but You Better Move Fast Here's something that separates DIP loans from regular loans󠇟󠇠󠇡󠇢󠅴󠆯󠇦󠄯󠇜︍󠄲︋󠄰󠄨󠅛󠇒󠄢󠅒󠄲󠇔󠄴󠅐󠄮󠄺󠆟︍󠅗󠄰󠅰󠇥󠆧󠄕󠆤󠅦󠇒︁󠄤󠅴󠆮󠅸︌󠄅󠆯󠅞. DIP lenders don't just hand over the money and say "figure it out󠇟󠇠󠇡󠇢󠄻󠆛󠆃︊︆󠆌󠄑󠅛󠆇󠅲󠇈󠆋󠆓󠄺︍󠅵󠆭󠆾󠄫󠄼󠆵󠆅󠆒󠇕󠄃󠅽󠄍󠄉󠄢󠅦󠄿󠆛󠇘󠅱󠅨󠇌󠅂󠆿󠄤󠇃." They set milestones, which are basically deadlines baked into the loan agreement󠇟󠇠󠇡󠇢󠅵󠄳󠇟󠅖󠄏󠄖󠄾󠄞󠅬󠅌󠄋󠅳󠇍󠄕︌󠅨󠇔󠄒󠇋󠅋󠄳󠅒󠄝󠄶󠅜󠆠󠅁󠄻󠆊︉󠆺󠆈󠇥󠅉︇󠄗󠄲󠅚󠇛󠅖. Miss a milestone󠇟󠇠󠇡󠇢󠇫󠇌󠇡󠄬󠇕󠇫󠇧󠇣󠆏󠅜󠇢󠆚󠄞󠆦󠅲󠆴󠅏󠅛󠆮󠄉󠅺󠆞󠅰󠇂︃󠅲󠆓󠇓󠆖󠅉󠄟󠆛󠅡󠅣󠇭󠇧󠅂󠅹󠆪󠆣? That can be an event of default, meaning the lender can potentially pull the plug on the whole thing. 󠇟󠇠󠇡󠇢󠄄󠇕󠆣󠇋󠅰󠅘󠇤󠇟󠆵󠄎󠆮󠄈󠇑󠇨󠄅󠇓󠄅󠆶󠅠󠄐󠇙󠇋󠇍󠅬󠇄󠇈󠇦󠅱󠅯󠅑󠅊️󠄯󠅭󠅳󠆑󠄦󠅢󠆃󠅟In Food52's case, the term sheet laid out a tight timeline around getting a sale process done󠇟󠇠󠇡󠇢󠅀󠆱󠆚󠄌󠆠󠄎󠅨󠄸󠇛󠄧󠅜󠆸󠅌󠄢󠆉󠇔󠇥󠄂︃󠆞󠅞󠇆︌󠄬󠅱󠅱󠆅󠅴󠄖󠆱︊󠄂󠄲󠄝󠇡󠅵󠄅󠆱󠅑󠅀. The expectation was a structured sale under Section 363 of the Bankruptcy Code, which is the part of the law that lets a bankrupt company sell assets relatively quickly and with fewer complications than a normal sale󠇟󠇠󠇡󠇢󠇟󠅓󠆕󠆊󠆾󠅳︂󠄠󠆤󠅀󠄠󠅖󠄺󠅧󠅗󠅘󠆖󠆤󠅧󠄛󠆊󠇍󠄓󠆲󠅫󠅦󠆂︆󠄽󠆎󠆂󠄤󠆪󠆊󠅬󠅅󠄖󠇙󠆈󠄆. Buyers actually like 363 sales because they typically get to buy the assets "free and clear" of most liabilities and claims. 󠇟󠇠󠇡󠇢󠆈󠆿󠆘󠄍󠄍󠅠󠄥󠆿󠅖󠄕󠅚󠆀󠄳󠅛󠆿󠅖󠅪󠄶󠅮︆︇󠅋󠄳󠅂󠆐󠆔󠄥󠇜󠆑󠄟󠇕󠆯󠄟󠇍︌󠆎󠅆󠄽󠄢︄So the clock was ticking from day one󠇟󠇠󠇡󠇢︄󠆮󠇥󠄉󠄬󠅞󠆭󠇤󠆕︋󠄃󠇘󠅪󠆥󠄹󠇎︍󠇄󠅪󠇃󠅄󠄁󠅹󠆖󠆂󠄸󠇤󠆊󠅱󠆝󠇋︎󠄽󠄨︀󠆛󠆌󠅦󠅙󠄺. Get the financing approved󠇟󠇠󠇡󠇢󠆗󠇗󠅛︆󠆤󠆲󠆜󠄭󠆽󠇪󠆾󠇔󠇝󠆐󠄜󠅞󠄊󠅖󠅜󠅳󠇪󠆔󠄵󠄆󠄡󠅱︅︅󠄶󠆐󠄮󠄧󠇎󠄉󠄂󠇆󠄇󠇙󠄯󠇋. Get the sale process running󠇟󠇠󠇡󠇢󠅻︋󠆎󠄪󠇚󠄧󠆍󠅺󠅴󠄱󠆲󠄕󠅥󠆻󠄀󠄧󠆽󠄠󠄣󠇆󠅐󠅲󠆞󠇫󠅗󠇉󠅊󠄡󠆹󠆇󠇮󠄒󠅊󠄇󠄞󠅸󠇙󠇋󠄻󠄯. Close a deal󠇟󠇠󠇡󠇢󠅭󠇩󠄎󠆮󠅡︃󠇐󠄼󠅡󠇕󠄲󠄢󠆄󠄨󠅬󠆅󠆙󠄻󠆹󠄩󠄥󠇐󠄏󠄫󠇖󠄡󠄌󠆨󠄚󠄿󠇁︍󠄌󠄻󠅱󠆺󠄾󠅔󠆘󠇜. All of this had to happen within a very specific window. ## 󠇟󠇠󠇡󠇢󠇈󠄤󠆳󠇥󠇜󠆸󠆫󠄗󠆨󠅧󠇢󠇫󠅜󠅅󠆦󠆯󠆿󠅋󠅳󠅎󠆁︂󠆑󠄲󠆴󠆒󠄃󠆢︊󠅃󠄿󠇧󠄲󠇌󠅟󠆞󠇍󠄪︅󠄦What Happens to the Employees and Vendors in All of This? 󠇟󠇠󠇡󠇢󠄲󠇬󠇣󠄔󠅼󠅗󠆆󠅏󠇉󠄭󠄙󠇍󠅹󠄍󠅪󠇧󠅎󠄂󠆄󠇪󠆅󠆋󠇥󠄿󠅈󠅇󠆩󠆻󠄪󠅖󠆈󠅕󠅈󠇈󠅁󠆫󠆫󠄑󠅎󠆖This is the hard part of any bankruptcy story󠇟󠇠󠇡󠇢󠆻󠄘󠇯󠄚󠆵󠇓󠅝󠆔󠅴󠆸󠇫󠄒󠆦󠇟󠅄󠆊󠅥󠅽󠄦󠆽󠄻󠅞󠆱󠆐󠆁󠇅󠇤󠆴󠇌︋󠄹󠄌󠇎󠄰󠄥󠆢󠆽󠇧󠅀󠄉. The sophisticated financial structure we just talked about exists in large part to benefit the people at the top of the capital stack󠇟󠇠󠇡󠇢󠄨󠇭󠇉󠅻󠅭󠇏󠄭󠆅󠄳󠆒󠄍󠆞󠇊󠄛󠆤󠄅󠅚󠅙󠄍󠇅󠇈󠆈󠇊󠆡󠆱󠆉︉󠆭󠄫󠆛󠄽󠇆󠅁󠇬󠄐󠅖󠅻󠄵󠅁󠇜. The DIP lender󠇟󠇠󠇡󠇢󠅗󠇠󠅑󠆔󠅓󠅡󠅅󠆼󠄗󠆓󠆷󠅿󠆨󠆤︎󠄎󠅂󠅇󠅒󠆩󠆀󠆮󠅐󠅿󠄗󠆹󠆶󠄪󠄑󠇄󠄤󠆗󠇝󠆲󠅙󠆈󠄸󠇋︄󠄛. The secured creditors󠇟󠇠󠇡󠇢󠇓󠆍󠅢󠄅󠇦󠅟󠇜︄󠄳󠇋󠅳󠇠󠄦󠇍󠆋󠅎󠄠󠆿󠆼󠄏󠄫󠅉󠇠︎󠇋󠇏󠅴󠆑󠄖󠆱󠆡󠄥︀󠆃︁󠄄󠄗󠆶󠄝󠄅. Those folks have protections. 󠇟󠇠󠇡󠇢󠆸󠅔󠄜󠇚󠄯󠇆󠇘󠇁󠅒󠇢󠄀󠄊󠆰󠆑󠆘︄󠆨󠇤󠄻󠅬󠇀󠇀󠄵󠆻󠄖󠅆󠄫󠆹󠆞󠅋󠅛󠅑󠇒󠅹󠄔󠆲󠅾󠄸󠆣󠆍The vendors who shipped Food52 product and are waiting on invoices, the employees hoping their last few paychecks clear, the landlords, they're all in a very different position󠇟󠇠󠇡󠇢󠆑󠅇󠇔󠇔󠅼󠅛󠄃󠄒󠅓󠆭󠄢󠆢󠆀󠆵󠆚󠆓󠆃󠆲󠆡󠄒󠄴󠅨󠆻󠆥󠄰󠄆󠇣󠄥󠅚󠇧󠆒󠆲󠆏󠇊󠅭󠄜󠄤󠄙󠄸󠅾. Chapter 11 gives the company breathing room to try to reorganize or sell in a way that hopefully takes care of more people than a straight liquidation would󠇟󠇠󠇡󠇢󠇩󠄨󠅔󠇍󠆺󠅐󠄰󠆗󠇕󠆠︃󠆬󠆳︇󠇪󠆝󠇓󠄙󠅸󠇑󠄜󠄝󠆕󠆒󠆸󠅞󠅲󠆀󠆁󠅟︆󠄾󠆉󠅄︊󠇜󠄌󠅻󠄵󠄂. But there are no guarantees. 󠇟󠇠󠇡󠇢󠅤󠄲󠅖︉󠄺󠅕󠄚󠄝󠆂󠄮󠆼󠄅󠄞󠄏󠅢󠅜󠇬󠆸󠄫︋󠆬󠆖︆󠆤󠅗󠇂󠅶󠇤󠅵󠄂󠅲󠅓󠆆󠆒󠇔󠅓󠇅󠇒󠆂󠄐The whole reason DIP financing exists is to try to preserve value during the process󠇟󠇠󠇡󠇢󠄱󠆙󠆔󠄶󠅝󠄣︃󠆟󠅄󠄁󠅤󠅎󠄼󠇏󠆙󠅵󠅴󠇎󠆿󠅙󠄜󠆜󠆑󠅫󠄛󠅟󠇫󠄯󠅕󠇑󠄔󠇢󠇩󠇥󠇋󠅳󠇖󠇍󠆄󠆗. A going-concern sale, meaning someone buys the business as a running operation rather than just auctioning off the furniture, usually results in better outcomes for more stakeholders󠇟󠇠󠇡󠇢󠆀󠅛󠅋󠅈︇󠅉󠅌󠄔󠆡󠅒󠄷󠄪󠇢󠄽︄󠄧󠅋󠆵󠆲󠆳󠇘󠅲󠅷󠆇󠅇󠅝󠆑󠅍󠆝󠆔󠄖󠅄󠄿󠆿󠇠󠄮󠅘󠇧󠅿󠇪. That's the theory at least. ## 󠇟󠇠󠇡󠇢󠄇󠇟󠆨󠅌󠇙️󠄘󠄔︈󠆠󠆶󠆦󠅰󠅖󠇨󠇑󠄗󠄦󠄒󠄌󠆟󠇩󠄠󠆝︀︍󠇙󠄁󠄡󠆸󠄉󠇉󠄃󠅏󠆦󠅭󠆜󠆇󠆝󠇨The Lesson Here's what I want you to walk away understanding. 󠇟󠇠󠇡󠇢󠇄󠅰︍︉󠇆󠄢󠇎󠇍󠅂󠆭󠇪󠅗󠆔󠄘󠄼󠇄󠆲󠅿󠄽󠅃󠇚︄󠇠︅󠅰󠄜󠄓󠅻󠅠󠇘󠄠󠄊︄󠄞󠅜󠆰󠄓󠇂󠅘󠄠When a company files for bankruptcy, it doesn't disappear overnight󠇟󠇠󠇡󠇢󠇥󠄋󠆌󠅽︈󠄿󠇯󠄪󠄺󠅥󠄲󠆟󠆑󠇯󠅼󠆡󠇃󠆩󠆐󠆝󠇂󠆟︅󠄭󠆨󠆗󠇔󠄆󠄤󠅥󠄧󠆪󠄴󠇁︆󠅏󠅅󠆶󠄼󠇌. There is an entire financial ecosystem that kicks in to manage that process󠇟󠇠󠇡󠇢󠇠󠇉󠄍󠆠󠄳󠄳󠅙󠆺󠅐󠄆󠆄󠆽󠆇󠄩󠇢󠆕󠅎󠆎󠆯󠄿󠆮󠅿󠅳󠆒︊󠆄󠆾󠇡󠇬󠅃󠄟󠇨󠆒󠆲󠇄󠇠󠇨󠅱󠅳󠆦. DIP lenders provide the liquidity to keep things running󠇟󠇠󠇡󠇢󠇔󠄾︂󠄇󠅠󠆛󠆬︇󠆰󠅾︂󠄙󠅙󠆕󠆡󠄝󠆲󠇆󠅶󠅼󠇗󠆂󠇪󠆶󠆒󠆔󠅌󠄑󠆄󠄻󠅒󠇠󠆢󠇗󠆽󠄭󠄺󠇪󠅷󠄉. They take super-priority positions, charge high rates, and set tight timelines󠇟󠇠󠇡󠇢󠇐󠆑󠅶󠄬󠅶󠆞󠄛󠅚󠇫󠇪󠄕󠇢󠄗󠄉󠇘󠅓󠄻󠆟󠇣󠅖󠄌󠆆󠆺󠄻󠅾󠅖️󠅜󠄷󠅴󠆙󠆨󠆎󠇧󠄔󠇏️󠆼︌󠅿. Existing investors sometimes use these moments to strengthen their position through roll-up mechanics󠇟󠇠󠇡󠇢󠅟󠄦󠆒󠆈󠅙󠄋󠅸󠅜󠆪󠄭󠆄󠅚󠅅󠄧󠆣󠇯󠆁󠆃󠆅󠅰󠅬󠆒󠄃󠄤󠅻󠄖󠄓󠄵󠅀󠆛󠇟󠆛󠅑󠆐󠅺󠆓󠅫󠄧󠄃󠅿. Assets get pledged as collateral󠇟󠇠󠇡󠇢󠄌󠅀󠇆󠄵󠇔󠅚󠇑󠆃󠅷󠄸󠄿󠆂󠄯󠄓󠆣󠆪󠄁󠅚󠅲󠄈󠆚󠇤󠆼󠆊󠄥󠅽󠆨󠄎󠄍󠄻󠆔󠅶󠄬󠇣󠅎󠄉󠄽󠆶󠄦󠆂. And everything is court-supervised󠇟󠇠󠇡󠇢󠇐󠅟󠇥󠆝󠅼󠄐󠆐󠄅󠄗󠆛󠄾󠄎󠇮󠆳󠇯󠆴︋󠅐󠇯󠇉︀󠆣󠅤󠄆󠇏︈󠆺󠆠󠅩󠅡󠆊󠄭󠇑󠄖󠅐󠆜󠆤󠆉󠄁󠆭. This is how Wall Street profits from distressed companies and possibly how you should think about these software companies that are walking down this path. 󠇟󠇠󠇡󠇢󠅡󠇝󠄮󠇄󠆴󠆭󠇫󠄥󠇐󠆧󠆉󠇢󠄡󠇠󠅾︅︌󠇡󠇫󠆪󠅘󠆖󠇢󠆹󠅫󠄛󠅥󠆟︅︋󠅤󠄄󠆞︉󠅠󠇄󠆫︌󠆛︅Food52 was trying to use this process to get to a 363 sale, find a buyer, and hopefully preserve some version of the brand and business. 󠇟󠇠󠇡󠇢󠆏󠄫󠇔󠄡󠆴󠆺󠇇󠅴󠇜󠇑󠆣󠆂󠆻󠅢󠆾󠄔󠆋︎󠆭󠄼󠇔︎󠆦󠅚󠅵󠅇󠆅󠇂︍︌󠇪󠅱󠅀󠅠󠇅󠇈󠅙󠇥󠆕󠇪Whether that worked out󠇟󠇠󠇡󠇢󠅍󠄚󠆟󠄛󠆊󠆽󠄒󠄻󠇙󠇣󠅿︍󠅅󠆾󠇏󠇥︅󠇧󠅓󠆁󠇖󠇘󠅟󠇒󠆄󠅗󠄈󠇏󠅩󠄹󠄉󠄶󠅳󠅇󠆭󠄅󠆅󠅤󠅠󠇁? That's a story still being written. 󠇟󠇠󠇡󠇢︇󠇕󠆖󠆳󠅾󠇯󠇪󠇆󠄅󠄰󠆻󠆡󠇡󠅴󠆸󠄁󠆢󠄔󠅘󠇠󠄆󠄎󠇘󠄺󠇭󠅊󠅘󠇉󠄥󠇛󠅰󠇬󠄤󠆅󠄆󠅱󠇟󠆕︄󠄡But the financing structure󠇟󠇠󠇡󠇢󠄺󠆪󠅥󠄺󠇑󠆌󠇌󠆈󠄙󠇊︀︋󠄐󠇓󠅀󠆱︌︍󠄧󠄱󠆺󠄹󠅨󠅁󠅔󠆮󠇣󠇥󠆤󠅦󠇓︅︄󠅎󠆉󠄻󠆄󠅄󠆨󠅹? Now you understand it󠇟󠇠󠇡󠇢󠅂󠇞󠅌󠆚󠅬󠇅󠄊󠅳󠄠︃󠅥󠅨󠅑󠄇󠄽󠄖󠄖󠄟︅︉󠇡󠄨󠅚󠆝󠄺󠅀󠄄󠅁󠅕󠄂󠇈󠄝󠅕󠇇󠆼󠆣︃︃󠅌󠄎. And understanding how money moves in situations like this is exactly the kind of knowledge that makes you sharper about how businesses actually live, die, and sometimes get resurrected. 󠇟󠇠󠇡󠇢󠇈󠄽󠅠󠆁󠄇󠅋󠇒󠄡󠆦󠄲󠅀󠆄󠇣󠇍󠇩󠆌󠇈󠅩󠄷󠄰󠅀󠆬󠄢󠇙󠆹󠅓󠆔󠄳󠆹󠄲󠄰󠄚󠆁󠅝󠆻󠅣︀󠄈󠅐󠆁Don't be stingy with the 🏀󠇟󠇠󠇡󠇢󠇅󠅒󠅺󠇍󠇅︆󠄠󠅭󠄵󠄐󠄕󠅚󠇓󠄡󠇦󠅐󠄈󠆥󠅈󠅶󠆩󠄀󠄤󠄺󠇤️󠄌󠄼󠆊󠅜󠇠󠇛󠅓󠅸󠇭󠅕󠄑󠄸󠆼󠄔. Pass this to a friend. 󠇟󠇠󠇡󠇢󠆽󠆀󠅉󠅌󠄻󠇇󠆃󠇋󠅬󠆙󠄉󠇉󠇄󠅂󠅟󠆚󠇏󠆛󠇤󠇘󠄋󠄃󠇫󠄕󠄺󠆃󠆆󠆓󠄝󠇊󠇇󠇐󠆷󠄮󠆊󠆢󠄶󠄸󠅥󠇒See y'all next week. 󠇟󠇠󠇡󠇢󠄐︁󠆿󠄮󠆔󠆪󠄰󠅅󠄖󠇌󠄱󠄆󠄿︄󠆿󠅙󠅙󠄛󠆹󠆌󠇌󠆌󠅤󠅑󠅾󠄊󠇐󠇭󠆘󠆋󠆜󠆚󠇎󠅿󠇥󠅁󠆳︈󠆨󠇓CJB󠇟󠇠󠇡󠇢󠅗󠄡󠆹󠆻󠇪󠄴󠄦󠅐󠆹󠆕󠆨󠅔󠄵󠄥󠆿󠆛󠄳󠄼󠇤󠇛󠄿󠇄󠆟󠇐󠅾󠄜󠆘󠇯󠆸󠅸󠄭󠅰︍󠅍󠇀󠄊︈󠆺󠅇󠇋 󠄳󠄢󠅀󠄱󠅄󠅈󠅄︀︁︀︀󠄊󠆓︀︀󠄊󠆓󠅚󠅥󠅝󠅒︀︀︀󠄎󠅚󠅥󠅝󠅔󠅓󠄢󠅠󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑︀︀︀󠄊󠅭󠅚󠅥󠅝󠅒︀︀︀󠄷󠅚󠅥󠅝󠅔󠅓󠄢󠅝󠅑︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅒󠄣󠅓󠄥󠅖󠄠󠄩󠅑󠄝󠄧󠄥󠅕󠅕󠄝󠄤󠅒󠄦󠄢󠄝󠅑󠄨󠄢󠄢󠄝󠄢󠄠󠅔󠄧󠅔󠅓󠅑󠄤󠄣󠄥󠄠󠄠︀︀︀︆󠄏󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠄢󠅑󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣︀︀︀︁󠄪󠅚󠅥󠅝󠅒︀︀︀󠄙󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢︀︀︀︁︉󠅓󠅒󠅟󠅢󠆑󠅗󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠅲󠆓󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄠󠄧󠅄󠄡󠄡󠄪󠄤󠄤󠄪󠄠󠄩󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅧󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄵󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄐󠄱󠅀󠄹󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅛󠅓󠄢󠅠󠅑󠄞󠅕󠅔󠅙󠅤󠅕󠅔󠆔󠅖󠅑󠅓󠅤󠅙󠅟󠅞󠅦󠅓󠄢󠅠󠅑󠄞󠅧󠅑󠅤󠅕󠅢󠅝󠅑󠅢󠅛󠅕󠅔󠄞󠅒󠅟󠅥󠅞󠅔󠅔󠅧󠅘󠅕󠅞󠅤󠄢󠄠󠄢󠄦󠄝󠄠󠄥󠄝󠄠󠄧󠅄󠄡󠄡󠄪󠄤󠄤󠄪󠄠󠄩󠅊󠅝󠅣󠅟󠅖󠅤󠅧󠅑󠅢󠅕󠄱󠅗󠅕󠅞󠅤󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅛󠅔󠅕󠅣󠅓󠅢󠅙󠅠󠅤󠅙󠅟󠅞󠅨󠄟󠅄󠅕󠅨󠅤󠄐󠅕󠅝󠅒󠅕󠅔󠅔󠅕󠅔󠄐󠅧󠅙󠅤󠅘󠄐󠅅󠅞󠅙󠅓󠅟󠅔󠅕󠄐󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠄐󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠅣󠄞︀︀︁󠄙󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑︀︀︀︀󠇪󠅓󠅒󠅟󠅢󠆕󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅢󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠄞󠅟󠅢󠅗󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄳󠅢󠅕󠅑󠅤󠅙󠅦󠅕󠅇󠅟󠅢󠅛󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠄩󠅖󠅓󠄣󠄣󠄦󠄩󠄦󠄠󠄣󠅕󠄨󠅔󠄠󠄠󠄠󠄡󠄣󠅖󠄦󠅖󠅖󠅓󠅏󠅦󠄡󠄧󠄧󠄨󠄡󠄥󠄤󠄢󠄤󠄨󠅏󠄣󠄦󠅖󠄢󠅓󠄣󠅖󠅖󠅔󠅞󠅑󠅝󠅕󠅨󠄨󠅗󠅘󠅟󠅣󠅤󠅏󠅠󠅟󠅣󠅤󠅏󠄦󠄩󠅖󠅓󠄣󠄣󠄦󠄩󠄦󠄠󠄣󠅕󠄨󠅔󠄠󠄠󠄠󠄡󠄣󠅖󠄦󠅖󠅖󠅓󠅏󠅦󠄡󠄧󠄧󠄨󠄡󠄥󠄤󠄢󠄤󠄨󠅏󠄣󠄦󠅖󠄢󠅓󠄣󠅖󠅖󠅙󠅠󠅥󠅒󠅜󠅙󠅣󠅘󠅕󠅢󠆒󠅕󠄰󠅤󠅩󠅠󠅕󠅜󠄿󠅢󠅗󠅑󠅞󠅙󠅪󠅑󠅤󠅙󠅟󠅞󠅚󠅙󠅔󠅕󠅞󠅤󠅙󠅖󠅙󠅕󠅢󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠆩󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣︀︀︀︀󠅴󠅓󠅒󠅟󠅢󠆒󠅤󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄳󠅢󠅕󠅔󠅕󠅞󠅤󠅙󠅑󠅜󠅨󠅀󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅦󠅕󠅢󠅙󠅖󠅩󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅣󠅤󠅑󠅤󠅥󠅣󠄟󠅦󠄡󠄟󠅜󠅙󠅣󠅤󠅣󠄟󠄤󠄩󠄧󠅑󠄣󠄨󠅖󠄩󠄝󠄩󠄧󠅒󠅖󠄝󠄤󠅖󠅒󠄠󠄝󠄨󠄢󠄧󠄨󠄝󠅕󠄡󠄤󠅔󠅒󠄤󠅖󠄥󠅒󠄡󠄥󠄥󠅟󠅣󠅤󠅑󠅤󠅥󠅣󠄼󠅙󠅣󠅤󠄹󠅞󠅔󠅕󠅨󠅓󠄢󠄤󠄠︀︀︀󠇘󠅚󠅥󠅝󠅒︀︀︀󠄠󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡︀︀︀︀󠆠󠅓󠅒󠅟󠅢󠆔󠅙󠅢󠅟󠅟󠅤󠅏󠅘󠅑󠅣󠅘󠅨󠄰󠄥󠄩󠄩󠅕󠄢󠅒󠅖󠅔󠄣󠄢󠄧󠅔󠄢󠄤󠄩󠅓󠄧󠄢󠄤󠄦󠄤󠄢󠅕󠄩󠅑󠅖󠄨󠄨󠄦󠄦󠄡󠅔󠄤󠅓󠅖󠅓󠅖󠅕󠄥󠄥󠄩󠄦󠄦󠅒󠄢󠅕󠄤󠄩󠅔󠄩󠄦󠄩󠅔󠄣󠅕󠄦󠄧󠄤󠄩󠄣󠄥󠄥󠅕󠄠󠅞󠅤󠅟󠅤󠅑󠅜󠅏󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅣󠄈󠅟󠅗󠅢󠅟󠅟󠅤󠅏󠅙󠅔󠅨󠄔󠅒󠄦󠅕󠄧󠄧󠅑󠅑󠅖󠄝󠄨󠄠󠄩󠅖󠄝󠄤󠄠󠄩󠄢󠄝󠅑󠅒󠅓󠄠󠄝󠄢󠅓󠄤󠄧󠄤󠅒󠄡󠅖󠅕󠄠󠄩󠅑󠅢󠅣󠅕󠅗󠅝󠅕󠅞󠅤󠅑󠅤󠅙󠅟󠅞󠅏󠅜󠅕󠅦󠅕󠅜󠅘󠅣󠅕󠅞󠅤󠅕󠅞󠅓󠅕︀︀︀󠅍󠅚󠅥󠅝󠅒︀︀︀󠄝󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢︀︀︀︀󠄘󠅓󠅒󠅟󠅢󠆑󠅙󠅣󠅙󠅗󠅞󠅕󠅢󠅏󠅙󠅔󠅤󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧︀︀︀󠅣󠅚󠅥󠅝󠅒︀︀︀󠄞󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤︀︀︀︀󠄭󠅓󠅒󠅟󠅢󠆑󠅘󠄰󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅨󠄙󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠄢󠅠󠅑󠄞󠅟󠅢󠅗󠄟󠅣󠅓󠅘󠅕󠅝󠅑󠅣󠄟󠅦󠄢󠄞󠄣󠄟󠅓󠄢󠅠󠅑󠄞󠅚󠅣󠅟󠅞󠅜󠅔︀︀︀󠅻󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑︀︀︀︀󠅋󠅓󠅒󠅟󠅢󠆓󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆍󠅠󠆙󠆜󠇣󠅏󠄶󠆯󠄻󠆫︂󠆿󠆹󠆒󠄅󠇜󠄼󠄵󠆨󠇃󠆳󠇖󠆥󠅾󠇖󠇥󠅮󠄥󠅞󠄈︈󠅕󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅚󠅕󠅨󠅓󠅜󠅥󠅣󠅙󠅟󠅞󠅣󠅱󠆒󠅕󠅣󠅤󠅑󠅢󠅤󠄉󠅚󠆦󠅖󠅜󠅕󠅞󠅗󠅤󠅘󠄉󠅚󠆹︀︀︀󠅿󠅚󠅥󠅝󠅒︀︀︀󠄛󠅚󠅥󠅝󠅔󠅓󠅒󠅟󠅢︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗︀︀︀︀󠅌󠅓󠅒󠅟󠅢󠆒󠅓󠅑󠅜󠅗󠅨󠄖󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅥󠅞󠅙󠅓󠅟󠅔󠅕󠅏󠅦󠅑󠅢󠅙󠅑󠅤󠅙󠅟󠅞󠅏󠅣󠅕󠅜󠅕󠅓󠅤󠅟󠅢󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆉󠇛󠅝󠄒󠆺󠆉󠆜󠅛󠅖󠇤󠄫󠄮󠇈󠅢󠆴󠇣󠄋︉󠅘󠇆󠇪󠆏󠄱󠅺󠇖󠆀󠄑󠇓󠆓󠄰󠅊󠆠︀︀︄󠅕󠅚󠅥󠅝󠅒︀︀︀󠄗󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅜︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅓󠅜󠅑󠅙󠅝󠄞󠅦󠄢︀︀︀︄󠄦󠅓󠅒󠅟󠅢󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠅕󠄧󠄡󠄣󠄢󠄩󠅒󠄤󠄝󠄤󠄧󠅑󠅑󠄝󠄤󠅑󠄩󠄠󠄝󠅒󠄨󠅓󠅔󠄝󠅒󠄩󠅑󠅓󠅒󠅒󠄨󠄨󠄡󠅖󠅓󠅕󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄤󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅒󠄣󠅓󠄥󠅖󠄠󠄩󠅑󠄝󠄧󠄥󠅕󠅕󠄝󠄤󠅒󠄦󠄢󠄝󠅑󠄨󠄢󠄢󠄝󠄢󠄠󠅔󠄧󠅔󠅓󠅑󠄤󠄣󠄥󠄠󠄠󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆥︂󠆅󠄕󠄗󠇕󠅣︍󠄬󠄴󠆮󠆩︎󠆗󠆅󠆉󠅫󠆒󠄃󠄖󠅆󠆑󠇧󠇦󠅢󠄠󠇞󠅕󠆆󠇖󠇃󠅚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄅󠆙󠆿󠅤󠇎󠆧󠅦󠇃󠆝󠄰󠆚󠆆󠅃󠇤󠅓󠅌󠅳󠇗󠅎󠅅󠄰󠄮󠄄󠇪󠆰󠅳󠆴󠇈󠇟󠆋󠇟󠇂󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇥󠅧󠇋󠆕󠆥󠇈󠅐️︌󠅲󠇅󠄖󠄷󠄈󠄧󠄵󠇨󠄻󠇓󠅲󠄎󠆋󠆾󠄜󠄿󠇫󠅷󠆡󠇢󠇇󠆣󠄟󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄚󠄅󠄬󠅯󠆞󠇡︇󠇜󠆒󠅍󠅀󠇢󠅗󠇡󠄲󠅷󠄶󠇌︆󠄂󠆮󠇌󠇪󠅆󠇙󠄍󠅎󠇔󠆵󠆀󠄮󠆙󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆫󠄝󠅭󠆙󠄀󠆢󠅀󠆸󠇃󠄒󠄟󠄜󠄔󠅊󠄚󠄑󠄒󠅂︈󠄜󠇛󠅶󠅺󠆑󠇨󠆎󠇇󠇤︃︄󠆭󠇅󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆞󠇒︉󠄋󠄷󠇞󠅩󠄲󠇭󠅵󠄊󠄴󠅭󠇒󠇣󠄆󠇋󠆫󠅼󠆉󠅇󠅁︊󠅫︍󠇠󠆷󠅄︇󠅯󠇠󠄝󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦︀︀️󠆚󠅚󠅥󠅝󠅒︀︀︀󠄘󠅚󠅥󠅝󠅔󠅓󠄢󠅓󠅣︀󠄁︀󠄀󠅰︀︀󠆚︀󠄨󠆋󠅡︃󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕︀︀︀️󠅪󠅓󠅒󠅟󠅢󠅴󠄴󠆑︁󠄨󠄒󠆑󠄈󠄑󠅳󠅉︃󠆴󠄠󠅲︃󠆰󠄠󠅲︃󠄵󠆐︃︂︁︂︂󠄄󠄄󠆞󠆣󠄊󠆱󠆃󠄣󠄤󠆽︂󠅮󠅚󠄜󠇓󠆩󠅘󠇠󠇗󠅏󠄮󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄣󠄠󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄇︍󠄢󠄧󠄠󠄥󠄠󠄡󠄡󠄤󠄤󠄠󠄠󠄦󠅊󠄠󠄻󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄍󠄠󠄋︆︃󠅅︄︊︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄡󠄍󠄠󠄋︆︃󠅅︄︃︌󠄄󠅟󠅢󠅗󠅏󠄣󠅕󠄥󠅓󠄧󠄩󠄡󠄨󠄧󠄩󠄧󠄢󠅖󠅖󠅔󠄧󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠅚󠇊󠆑󠄣󠅒󠅯󠆘󠇙󠆝󠆶󠅄󠄍󠇚󠆳󠆐󠅍󠆛󠇋󠄣󠅑󠅬󠄩󠄹󠆩󠅹󠇘󠆼󠆷󠇉󠄤󠇙︁󠄎︌󠄗󠄏󠆠󠄇󠇆󠇝󠅒󠅺󠆨󠅹󠅌󠅰󠆦󠆿󠅵󠆿󠅫︈󠆶󠇁︇󠄪󠇒󠅛󠇡󠄎󠇊󠇡󠅍󠄋󠇇󠅵󠅉󠆣󠇧󠅾󠅠󠄮󠄱󠇅󠇘󠄮󠄄󠅧󠇫󠆇󠄋󠆇󠆼󠅇󠇪󠆴󠆦󠆨󠆺󠅞󠆪󠇋󠇦󠅼󠅂󠄠󠆓󠅲︁󠆑󠄠󠅲︁󠆍󠄠︌︆︃󠅅󠄍󠄃︁︁󠇯︄︂󠄠︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︆󠆰󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇙󠆆󠅣󠆹󠆶󠇎󠅳󠇅󠄟󠆺󠆶󠄟󠅫󠅒󠅹󠅁󠅋󠇩󠆾󠇑󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄪︆︃󠅅󠄍󠄏︄󠄣󠄠󠄡󠄠󠄟󠆐󠄝󠆐󠄛󠅶󠄙󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠󠄉︆︉󠄛︆︁︄︁󠅳󠇘󠅎︃︄︌︆︊󠄛︆︁︄︁󠅳󠇘󠅎︃︊󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆬󠅵󠇊󠄊󠇀󠆂󠇂󠄙󠄡󠅖󠅈︍󠄚󠅈󠇂󠄢󠆦󠄳󠇫︉󠇖󠇖󠅱󠆃󠄈󠆩󠅦󠄧󠆏︌󠅷󠆹󠅑󠄠󠄤󠄬󠅮󠆰󠅿󠄙󠆔󠇣︍󠆰󠆚󠇮︎󠇍︂󠄡︀󠆞󠆖󠇊󠅘󠇑󠄄󠇬󠆆󠅔󠆔󠆚󠆧󠅱󠄠󠆨󠅽󠆣󠅋󠇤︊󠆴󠅹󠆲󠄗󠄽󠅎︍󠆧󠅓󠆩󠅇󠆹󠆹󠆷󠆅󠇋󠅣󠇥󠇯󠅟󠇫󠇩︉󠅟󠇍󠅤󠅸󠆃󠅉︃󠇟󠄠󠅲︃󠇛󠄠󠅲︃󠅡󠆐︃︂︁︂︂󠄄︃󠄩󠅞󠄯󠆨󠄘󠆁︋󠇮󠄗󠆢󠅐󠆇󠅪󠆵󠆏󠄟󠆱󠄨󠇢󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄇︍󠄣󠄡󠄠󠄤󠄡󠄦󠄡󠄤󠄡󠄡󠄤󠄩󠅊󠄠󠅱󠆁󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄖󠄠󠄔︆︃󠅅︄︃︌󠄍󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠄹󠅣󠅣󠅥󠅙󠅞󠅗󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠇣󠅆󠅊󠅤󠆴󠅎󠇒󠄾󠆙󠅋󠆕󠇮󠆀󠆩󠇍󠇒︃󠄕󠆑︆󠄩󠄀󠄻󠆡󠄫󠅋󠅸󠆧󠇠󠆀󠇬󠄐󠆺󠆣󠇪󠄏󠇈󠅺󠇛󠅎󠅸󠆵󠅝󠄽󠆱︀󠆩󠇯︀︃󠆹󠇈󠅑󠇗󠅱󠇪󠅀󠆴󠅴󠅗󠅂󠆚󠄞󠇋︀󠆗󠅀󠄾󠄩󠇦󠆜󠄼︁󠄜︎󠅪󠄕󠆉️󠄽󠆪󠆼︉󠅅󠄚󠆨󠅌󠆺󠆕︋󠄆󠇚󠆥󠅑󠇤󠅳󠆓󠅲︁󠅹󠄠󠅲︁󠅵󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︀󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄐︆︃󠅅󠄍󠄕︄󠄉󠄠󠄇︆︊󠄛︆︁︄︁󠅳󠇘󠅎︂︁︆︉󠄚󠅶󠄸󠅶󠇧󠄟︁︁︅󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠇚󠆢󠆅󠄏󠇢󠆫󠅇󠄏󠆿󠄬󠆫󠅣󠆞󠇛󠄘󠄸󠇊󠅀︅󠄄󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄧︆︃󠅅󠄍󠄏︄󠄠󠄠󠄞󠄠󠄜󠆐󠄚󠆐󠄘󠅶󠄖󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅓󠅢󠅜󠄟󠅢󠅟󠅟󠅤󠄝󠅓󠅑󠄞󠅓󠅢󠅜󠄠󠅥︆︈󠄛︆︁︅︅︇︁︁︄󠅙󠄠󠅗󠄠󠄗︆︈󠄛︆︁︅︅︇󠄠︁󠅶󠄋󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅟󠅓󠅣󠅠󠄠󠄬︆︈󠄛︆︁︅︅︇󠄠︂󠅶󠄠󠅘󠅤󠅤󠅠󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅙󠅣󠅣󠅥󠅙󠅞󠅗󠄝󠅓󠅑󠄞󠅓󠅢󠅤󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅘︀󠄠󠅕︂󠄠󠄈︃󠄮󠅴󠄆󠅼︄󠄪󠅻󠄰󠆶󠆴󠆓︎󠆛󠄪󠅳󠅥󠅓󠇜󠇐󠄡︍󠅑󠄾󠆀󠅛︄󠆄󠇔︄󠅕󠆡󠆜󠅿󠆀︉󠆭󠆋󠆞󠄄󠇠󠅂︌󠆟󠇐󠆱󠄕︂󠄡︀󠅾󠇒󠆙󠅠󠆗︇󠅇󠄹󠆦󠄀󠆢󠅐󠅗󠇠󠄨󠆼󠄻󠆀󠆠󠄵󠇀󠆄󠆡󠄾󠇊󠅌󠆍󠆬󠇔󠄉︉󠅭󠄼󠇪󠆂󠅮󠅬󠆴︊󠅩󠅸󠄨󠅷󠆧󠆪󠇃︉󠆈󠅉︃󠄉󠄠󠅲︃󠄅󠄠󠅲︂󠆊󠆐︃︂︁︂︂󠄄󠄞󠅎︄󠆥󠇛︈󠅍󠇂󠅗︈󠇓󠅁󠄉󠅴󠄾󠅵󠅘󠆷󠆵󠆬󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠄎󠄇︍󠄢󠄦󠄠󠄤󠄡󠄥󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄇︍󠄤󠄦󠄠󠄤󠄡󠄠󠄡󠄤󠄡󠄡󠄢󠄤󠅊󠄠󠅱󠅾󠄡︋󠄠︉︆︃󠅅︄︆󠄃︂󠅅󠅃󠄡󠄃󠄠󠄁︆︃󠅅︄︈︌︊󠄳󠅑󠅜󠅙󠅖󠅟󠅢󠅞󠅙󠅑󠄡󠄆󠄠󠄄︆︃󠅅︄︇︌︍󠅃󠅑󠅞󠄐󠄶󠅢󠅑󠅞󠅓󠅙󠅣󠅓󠅟󠄡󠄇󠄠󠄅︆︃󠅅︄︊︌︎󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠅟󠅢󠅠󠄞󠄡󠄄󠄠󠄂︆︃󠅅︄︋︌︋󠄳󠄱󠄐󠄴󠅙󠅦󠅙󠅣󠅙󠅟󠅞󠄡󠄓󠄠󠄑︆︃󠅅︄︃︌󠄊󠄵󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄐󠄳󠄢󠅀󠄱󠄐󠅂󠅟󠅟󠅤󠄐󠄳󠄱󠄐󠄢󠄠󠄢󠄦󠄠󠅦󠄠󠄀︆︇󠄚󠅶󠄸󠆾󠄭︂︁︆︅󠄛󠅱︄︀󠄒︃󠅒︀︄󠆢󠄜󠄦󠄢󠅑󠄵󠄺󠇩󠄪󠄬󠅔󠅫󠄱󠆭󠄍󠇙󠆉󠇍󠄈︊󠆠󠄤︎󠆗︄󠇜󠇝󠇠󠄒󠅹󠆙󠇖󠆫󠅦󠅊󠅣󠄠󠇪󠅡󠄠󠅬󠆌󠆭󠄓󠄫󠇒󠅾󠅹󠅜󠄭󠅈󠄮󠆛󠅵󠆚󠄺󠆮󠄿󠆻󠇃󠇣󠇈󠄱󠆔󠅯󠆖󠆲󠅠󠅜󠅛󠅩󠄀󠅱󠆩󠆩󠅙󠇃󠄓󠇚󠆹󠆓󠇐󠅀󠅊󠅌󠇏󠄾󠄭󠄹󠄻󠄃󠇇️󠅤󠇧󠅏󠆓󠅱󠆦󠄠󠅱󠆣󠄠󠄂︆︃󠅅󠄍󠄃︁︁󠇯︄︈󠄠︆︁︁󠇯︂︁︁󠄠︎︆︃󠅅󠄍️︁︁󠇯︄︄︃︂︁︆󠄠󠄍︆︃󠅅󠄍︎︄󠄆︄󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄏︆︃󠅅󠄍󠄓︄󠄈󠄠󠄆󠅰󠄄󠄉󠇧󠅊󠄨󠅩󠆨󠆧󠄚󠅒󠅌󠆪󠇏󠇫󠇧󠄲︈󠄔︆︁󠇘󠄠󠄽︆︃󠅅󠄍󠄐︄󠄶󠄠󠄴󠄠󠄲︆︊󠄛︆︁︄︁󠅳󠇘󠅎︁︁󠄠󠄤󠄠󠄢︆︈󠄛︆︁︅︅︇︂︁󠄆󠄖󠅘󠅤󠅤󠅠󠅣󠄪󠄟󠄟󠅓󠅑󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅝󠄟󠅢󠅕󠅠󠅟󠅣󠅙󠅤󠅟󠅢󠅩󠄟󠅓󠅠󠅣󠄠︊︆︈󠄚󠅶󠄸󠆾󠄭︄︃︃︃󠅙︀󠄠󠅖︂󠄡︀󠆎󠆂󠄃󠆊󠆥󠇧󠅃󠆧󠆩󠄼󠆢󠆆󠄥︎󠅇󠄔󠄝󠄸️󠅩󠆑󠇛󠆎󠆷󠆗󠄜󠄟󠆸󠄋󠆅󠇤󠅮󠄹󠇠󠅢︈󠇊󠄢󠅖󠇪󠇐󠄒︃󠇆︈󠇕󠆳󠆥︂󠄡︀󠆩󠅛󠅟󠅬󠇎󠅢󠆑︍︍󠄾󠇎󠆏󠆉󠆌󠇅󠄱󠄣󠇟󠇄︂󠅪󠄁󠅰󠇤󠆿󠆭󠄳󠇟︂󠆗󠆜󠅒󠄑󠄜󠅀󠅙︂︋󠅾󠆯󠄍󠆢󠆜️󠄳︇󠄑󠄽󠅉︄󠄞󠆕󠅚󠅙󠅞󠅣󠅤󠅑󠅞󠅓󠅕󠄹󠄴󠅨󠄝󠅥󠅢󠅞󠄪󠅥󠅥󠅙󠅔󠄪󠅕󠄧󠄡󠄣󠄢󠄩󠅒󠄤󠄝󠄤󠄧󠅑󠅑󠄝󠄤󠅑󠄩󠄠󠄝󠅒󠄨󠅓󠅔󠄝󠅒󠄩󠅑󠅓󠅒󠅒󠄨󠄨󠄡󠅖󠅓󠅕󠅤󠅓󠅜󠅑󠅙󠅝󠅏󠅗󠅕󠅞󠅕󠅢󠅑󠅤󠅟󠅢󠅏󠅙󠅞󠅖󠅟󠆓󠅔󠅞󠅑󠅝󠅕󠅨󠄍󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄝󠅕󠅞󠅤󠅕󠅢󠅠󠅢󠅙󠅣󠅕󠄝󠅑󠅠󠅙󠄟󠄢󠄞󠄠󠄞󠄠󠅗󠅦󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄡󠄞󠄠󠅛󠅣󠅠󠅕󠅓󠅆󠅕󠅢󠅣󠅙󠅟󠅞󠅓󠄢󠄞󠄤󠅙󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅨󠄷󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅥󠅢󠅞󠄪󠅓󠄢󠅠󠅑󠄪󠅒󠄣󠅓󠄥󠅖󠄠󠄩󠅑󠄝󠄧󠄥󠅕󠅕󠄝󠄤󠅒󠄦󠄢󠄝󠅑󠄨󠄢󠄢󠄝󠄢󠄠󠅔󠄧󠅔󠅓󠅑󠄤󠄣󠄥󠄠󠄠󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅙󠅗󠅞󠅑󠅤󠅥󠅢󠅕󠅢󠅓󠅢󠅕󠅑󠅤󠅕󠅔󠅏󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠅸󠆓󠅓󠅥󠅢󠅜󠅨󠄚󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅑󠅓󠅤󠅙󠅟󠅞󠅣󠄞󠅦󠄢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆥︂󠆅󠄕󠄗󠇕󠅣︍󠄬󠄴󠆮󠆩︎󠆗󠆅󠆉󠅫󠆒󠄃󠄖󠅆󠆑󠇧󠇦󠅢󠄠󠇞󠅕󠆆󠇖󠇃󠅚󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄘󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅝󠅕󠅤󠅑󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄅󠆙󠆿󠅤󠇎󠆧󠅦󠇃󠆝󠄰󠆚󠆆󠅃󠇤󠅓󠅌󠅳󠇗󠅎󠅅󠄰󠄮󠄄󠇪󠆰󠅳󠆴󠇈󠇟󠆋󠇟󠇂󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅟󠅢󠅗󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅤󠅑󠅤󠅥󠅣󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠇥󠅧󠇋󠆕󠆥󠇈󠅐️︌󠅲󠇅󠄖󠄷󠄈󠄧󠄵󠇨󠄻󠇓󠅲󠄎󠆋󠆾󠄜󠄿󠇫󠅷󠆡󠇢󠇇󠆣󠄟󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄡󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅝󠅕󠅢󠅛󠅜󠅕󠄞󠅦󠄡󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠄚󠄅󠄬󠅯󠆞󠇡︇󠇜󠆒󠅍󠅀󠇢󠅗󠇡󠄲󠅷󠄶󠇌︆󠄂󠆮󠇌󠇪󠅆󠇙󠄍󠅎󠇔󠆵󠆀󠄮󠆙󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄞󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅣󠅙󠅗󠅞󠅕󠅢󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆭󠇬󠆭󠄺󠇌󠆹󠄤󠅳󠅳󠄼󠄂󠅱󠅔󠇎󠆚󠇇󠆧󠇞󠆎󠆿󠅹󠆺󠄄󠇎󠆤󠇮󠅰󠇈󠆒󠄲󠆪󠆲󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄟󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠅟󠅝󠄞󠅕󠅞󠅓󠅩󠅠󠅘󠅕󠅢󠄞󠅓󠅟󠅞󠅤󠅕󠅨󠅤󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠅐󠄗󠄔󠅅󠄑︉󠇉󠆊󠆮󠇑󠅫󠇧󠄴󠆭󠅋󠇋󠅚󠇔︍󠆿󠆦󠇏󠆂󠄡󠆎󠇨󠆒󠆆󠆫󠇬󠅻󠄒󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄙󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅘󠅑󠅣󠅘󠄞󠅔󠅑󠅤󠅑󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆫󠄝󠅭󠆙󠄀󠆢󠅀󠆸󠇃󠄒󠄟󠄜󠄔󠅊󠄚󠄑󠄒󠅂︈󠄜󠇛󠅶󠅺󠆑󠇨󠆎󠇇󠇤︃︄󠆭󠇅󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠆓󠅓󠅥󠅢󠅜󠅨󠄜󠅣󠅕󠅜󠅖󠄓󠅚󠅥󠅝󠅒󠅖󠄭󠅓󠄢󠅠󠅑󠄞󠅑󠅣󠅣󠅕󠅢󠅤󠅙󠅟󠅞󠅣󠄟󠅓󠄢󠅠󠅑󠄞󠅣󠅟󠅖󠅤󠄝󠅒󠅙󠅞󠅔󠅙󠅞󠅗󠅔󠅘󠅑󠅣󠅘󠅈󠄐󠆞󠇒︉󠄋󠄷󠇞󠅩󠄲󠇭󠅵󠄊󠄴󠅭󠇒󠇣󠄆󠇋󠆫󠅼󠆉󠅇󠅁︊󠅫︍󠇠󠆷󠅄︇󠅯󠇠󠄝󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅓󠅑󠅜󠅗󠅖󠅣󠅘󠅑󠄢󠄥󠄦󠅈󠅐󠄥󠆦󠇃󠄰󠄎󠆌󠄴󠅐󠆍󠄟󠄅󠄅󠇣󠅎󠆬󠅷󠆍󠇗󠆧󠅑󠆘󠇜󠆑󠄃󠇡󠇋󠅊󠅻󠄫︊󠄣󠅏󠇭󠇃󠅰󠆇󠄅󠅊󠆿󠅏󠆺󠆤󠆬󠄤󠇠󠅑󠇄󠅽󠆣󠆊󠅨󠆠󠅜󠄿󠅘󠆱󠄇󠅡󠅇󠇖󠅰󠅶󠄋󠇔󠅱󠇜󠅛󠅴󠄴󠇩󠆐󠆰󠆑󠆋󠅾󠆡󠄯󠇭󠅃󠇜󠅐󠇑󠇖󠅝󠅡󠄴󠅭󠇂󠅕󠆇󠄄󠇅󠇄󠅜󠄛󠆯︀︀󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯󠇯 ### The Dime💰- It's All Connected URL: https://www.duethedilly.com/the-dime-its-all-connected/ Last updated: 2026-04-30T11:19:08.000Z ![](https://www.duethedilly.com/content/images/2026/04/dime_ecosystem_chart-1.jpg) You don't work in tech. You don't know what a NAV loan is and you don't care. You're a teacher in Ohio, a nurse in Atlanta, a union electrician in Pittsburgh, a firefighter in Phoenix. You've been putting money into your pension every single paycheck for fifteen years and you're counting on it being there when you retire. Here's what nobody told you. That pension? Your state pension, your union retirement fund, your university endowment if you work in higher education, your 401k if you work in the private sector? It is almost certainly invested in private equity funds, venture capital funds, and private credit funds. And those funds have spent the last decade betting HEAVILY on software companies. The California Public Employees' Retirement System, CalPERS, the largest public pension in the United States with $502 billion in assets, allocates billions to private equity. The Teacher Retirement System of Texas manages $200 billion and has significant private markets exposure. The New York State Common Retirement Fund, which covers over one million public employees and retirees, manages $267 billion and has been steadily increasing its alternatives allocation. The Harvard University endowment, which funds financial aid and research, manages $53 billion with substantial private equity exposure. None of these institutions invest in software companies directly. They invest in the funds that invest in software companies. The private equity funds. The venture capital funds. The private credit funds. And right now, the thing those funds bet on most heavily for the last decade is under a structural threat unlike anything those fund managers have ever had to navigate before. That's why this article is for you, not just for the finance people. Because if the software financial ecosystem takes a serious hit, the losses don't stay in Silicon Valley. They travel. They travel through the private equity funds, into the pension funds, and eventually into the retirement accounts of people who never wrote a line of code in their lives and never planned to. You deserve to understand how the dots connect. So let's walk through it. **Let me start with a pattern.** Every major financial correction in modern history has had one thing in common: somebody invented something new, that new thing got wildly overvalued, and then reality showed up and body-slammed it in front of everybody. The Savings and Loan Crisis of the 1980s? Institutions started making novel loans and investing in financial instruments they didn't fully understand, real estate values collapsed underneath them, and over 1,000 banks failed. The U.S. government had to bail out the wreckage to the tune of $130 billion. The collapse of Long Term Capital Management in 1998? A hedge fund full of Nobel Prize winners built novel trading strategies using mathematical models so sophisticated that literally nobody outside the firm fully understood them. Then Russia defaulted on its debt, the models blew up, and LTCM lost $4.6 billion in four months. The Federal Reserve had to organize a private sector bailout to prevent a global financial cascade. The dot com crash of 2000? Venture capital and public markets poured money into internet companies that had no business models, no revenue, and sometimes no actual product, just because the internet was new and exciting and everyone assumed it would change everything. It did change everything, eventually. But first it wiped out $5 trillion in market value in two years. The Financial Crisis of 2008? Credit default swaps. Subprime mortgages. Mortgage-backed securities. All of it somewhat novel. All of it poorly understood. All of it catastrophically overlevered. And then the housing market turned and the entire system almost went with it. Notice the pattern? Novel idea. Overvaluation. Reality check. Correction. But this time feels different. And I mean that in the most unsettling way possible. ### This Time the Novel Thing Is Eating the Old Thing In every correction before this one, new technology or financial innovation disrupted markets. But the underlying industries, the businesses, the assets, the jobs, they mostly survived. The internet had a huge correction but software companies kept growing. The banking industry corrected but lending slowly kept happening. What we're potentially looking at now is not just a new technology disrupting markets. We're looking at a new technology pushing for the obsolescence of an entire industry category. This is like cars eliminating the need for horses, or electricity eliminating the need for kerosene. But the pace is happening at a faster rate. [We talked about this a last week. Software companies built their entire business model around a per-seat licensing structure.](https://www.duethedilly.com/the-dime-6/) More employees equals more seats equals more revenue. It's a beautiful, predictable, recurring revenue machine. And it's being dismantled seat by seat as AI makes each individual worker more productive, reducing the number of seats companies need to buy. [Software has represented roughly 14% of total US PE deal value over the past decade, totaling $121 billion in 2024\. That share increased to 18% in 2025, with deal activity surging to $203 billion last year. ](https://finance.yahoo.com/news/analysis-pe-exposure-software-booms-142403782.html?guccounter=1&guce%5Freferrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce%5Freferrer%5Fsig=AQAAAGv2Q8P8uzr9amsZwuJP-6kaeE0yLIWEE6oFViNNfGJrInzt5VAhQNy11qi0ctAf9JBPTSGyyILX4xd6pYTJCBp98SsFDhuBMI1vwS-ZlGIJdCkP2yU3L3OdcHMqvpXUVfKSPyyWV0VHZE5fGrjqqNuZM0YQyNN3x6UEqnJB9Zz7&ref=duethedilly.com) That's how much private equity is currently betting on software. And public software multiples are down more than one standard deviation from their eight-year average due to the potential of AI disruption. What we DIDN'T talk about, and what I want to walk y'all through today, is the full economic architecture sitting underneath the software industry. Because this isn't just about software companies losing value. This is about the entire financial ecosystem that was built to fund, grow, buy, and lend against software, and what happens to all of it if the thesis breaks. So let me lay out every layer of this thing. ### Layer One: Venture Capital This is where it starts. Long before a software company goes public or gets bought by private equity, venture capital finds it, funds it, and builds it. And between 2020 and 2023, venture capital went ABSOLUTELY nuclear on software. Global VC funding surged to historic levels in 2020 and 2021\. Stimulus policies, digital transformation, and investor optimism pushed funding to [$643 to $671 billion in 2021, according to Crunchbase and PitchBook](https://growthequityinterviewguide.com/venture-capital/venture-capital-resources/venture-capital-statistics?ref=duethedilly.com). This period was marked by high valuations, fast deal cycles, and an abundance of capital, particularly in tech-heavy sectors like SaaS, fintech, and digital health. Y'all. $671 billion in a single year. Remember all those unicorns? Remember all those companies raising at $1 billion, $5 billion, $10 billion valuations during the pandemic? [SaaS has grown to a nearly 50% share of all global venture capital investments.](https://smash.vc/venture-capital-statistics/?ref=duethedilly.com) Half. Half of all venture capital money globally went into software subscription businesses. Then reality showed up. Global venture capital funding dropped to approximately $357 billion in 2022 and further declined to around $214 billion in 2023, reflecting a more cautious investment environment. This represents a 40% year-over-year decrease from 2022 to 2023. So the VC industry bet hundreds of billions on software during the boom years. Many of those bets haven't been resolved yet. The companies are still private, still holding those inflated valuations on paper, and the exit market has been largely frozen. Holding periods are the longest they've been in a decade. That means the money is locked up, and the question of what it's actually worth is about to get answered. In a market where AI is eating the business model those companies were built on. [Total US VC assets under management: $1.21 trillion as of 2023, according to the NVCA.](https://nvca.org/nvca-yearbook/?ref=duethedilly.com#:~:text=By%20the%20end%20of%202023,highest%20levels%20in%20a%20decade.) ### Layer Two: Private Equity After VC, private equity steps in. They buy the mature software companies, optimize them, load them with debt, and flip them to a bigger buyer or the public markets. Private equity remains the largest private market asset class with global AUM of $5.3 trillion as of 2023. And software has been PE's favorite toy for over a decade. The technology sector remained private equity's staple, representing 33% of buyout deals by value and 26% by volume. So if you take 33% of $5.3 trillion in global PE AUM, you're looking at roughly $1.75 trillion in private equity exposure to technology, the majority of which is software. [PE firms are sitting on 32,000 unrealized portfolio companies valued at $3.8 trillion. Over 16,000 of those have been held for more than four years, representing 52% of the total buyout inventory.](https://www.bain.com/about/media-center/press-releases/2026/private-equity-resurgence-gathers-steam-as-new-era-challenges-firms-to-enhance-value-creationbain--company-global-pe-report/?ref=duethedilly.com) Let me put that plainly. Private equity is sitting on over 16,000 companies it has held for more than four years and hasn't been able to sell yet. Many of them are software companies. The exit market is backed up. And the very thing that was supposed to make these companies valuable, their per-seat subscription revenue and predictable ARR growth, is now the thing under AI threat. We already talked about what happened to Thoma Bravo and Medallia. That $5.1 billion write-off is the loudest example. It will not be the last. ### Layer Three: Private Credit Now here's the layer most people don't think about. Because it's not just equity money in these companies. There's a massive amount of DEBT. As of 2025, global private credit assets under management have surpassed $2 trillion, a staggering tenfold increase since 2009. [Private credit lends to software companies at every stage of their life. Early on, they come in as convertible notes, which we talked about in a previous Dime. As companies get bigger, the loan types change, payment-in-kind loans, unitranche facilities, first and second lien debt, and many others, all of which we covered as well.](https://www.duethedilly.com/the-dime-private-credit-startups-an-evolving-marketplace/) But here's the part that really matters for this article. Private credit isn't just lending to software companies directly. They're lending to the private equity firms that own the software companies. When ThomaBravo buys a software company, they put equity in, but they also put debt in. That debt comes from private credit. So when the software company struggles, it's not just the equity that's at risk. The private credit lenders are sitting there too, in the capital structure, waiting to get paid. The AUM of private credit assets is expected to nearly double to [$4.504 trillion in 2030 from an estimated $2.280 trillion in 2025, according to a report by Preqin](https://www.spglobal.com/market-intelligence/en/news-insights/articles/2025/11/private-credit-gains-ground-among-top-private-equity-managers-94290783?ref=duethedilly.com#:~:text=The%20AUM%20of%20private%20credit%20assets%20is,estimated%20$2.280%20trillion%20in%202025%2C%20according%20to). And on top of lending to software companies and PE firms, private credit is also financing the AI data centers being built by the technology companies doing the disrupting. So the same pool of private credit capital is simultaneously funding the companies being disrupted AND the companies doing the disrupting. That is a genuinely wild situation. Private credit total: $2.28 trillion and growing. ### Layer Four: NAV Lending And then on top of ALL of that, we have NAV lending. When private equity and venture capital funds need liquidity for their investors but can't exit their positions because the market is frozen, they borrow against the value of what they own. That's a NAV loan. It's how the whole machine keeps moving when exits are slow. [According to S&P Global, market participants expect that the $150 billion in NAV facilities currently in the market will double within the next two years.](https://www.withintelligence.com/insights/nav-lending-reshaping-private-credit-equity/?ref=duethedilly.com) So right now there's $150 billion in NAV loans outstanding, secured against the portfolios of PE and VC funds. Many of those portfolios have significant software exposure. If software valuations continue to get crushed by AI disruption, the NAV calculations get challenged, the loan covenants get stressed, and the lenders start making phone calls. NAV lending total: $150 billion outstanding, projected to reach $300 billion within two years and $700 billion total addressable market by 2030. ### So What's the Total Economic Value at Stake? Let me add this up for y'all. And I'm being conservative because some of these categories overlap. | Layer | Estimated Exposure | | ------------------------------------ | -------------------- | | Venture Capital AUM | $1.21 trillion | | Private Equity (tech/software share) | \~$1.75 trillion | | Private Credit AUM | $2.28 trillion | | NAV Lending Outstanding | $150 billion | | **Total** | **\~$5.39 trillion** | **Five. Point. Four. Trillion. Dollars.** To put that in perspective? The entire U.S. subprime mortgage market at the peak of the 2008 financial crisis was approximately $1.3 trillion. The total losses from the 2008 crisis were estimated at around $2 trillion globally. What we're looking at here, in terms of total capital at risk across the software financial ecosystem, is potentially MORE than two times the total losses of the worst financial crisis since the Great Depression. Now, is ALL of this going to zero? No. Not every software company is going to be disrupted. Not every PE deal is going to blow up. Not every private credit loan is going to default. But the concentration of risk, the interconnected nature of it, and the structural nature of the threat, which isn't a recession or a rate shock but a TECHNOLOGY DISPLACEMENT, makes this unlike anything the financial world has navigated before. Every previous correction had a solution. Lower rates. Government bailout. Wait for the cycle to turn. The dot com companies eventually recovered, because the internet was still real and still valuable. But if your software company's revenue model is being made structurally obsolete by AI, you can't just wait for the cycle to turn. The cycle isn't turning back. ### And The Jobs. Let's Talk About The Jobs. Behind all these trillions of dollars are real people with real jobs. [Software developers held about 1.7 million jobs in 2024\. But that's just developers. When you add in the full tech workforce, tech job growth is projected from 6.09 million in 2025 to 7.03 million in 2035, according to CompTIA's State of the Tech Workforce report. ](https://www.comptia.org/en-us/resources/research/state-of-the-tech-workforce-2025/?ref=duethedilly.com) 6 million tech workers. Median salary over $100,000\. The median annual wage for this group was $105,990 in May 2024, which was higher than the median annual wage for all occupations of $49,500\. These are middle class, upper middle class, and frankly in many cases wealthy jobs. They are the jobs that pay mortgages in San Francisco, Austin, New York, Seattle, and Raleigh. They are the jobs that fund 401ks, pay property taxes, support local economies, and buy the goods and services that keep other people employed. The tech sector employs 6 million people directly. Every tech job supports an estimated 4 to 5 additional jobs in the broader economy through spending and supply chain effects. So the total employment impact of this sector, when fully counted, is somewhere between 25 and 30 million American jobs. If a significant portion of software companies lose revenue to AI displacement, and the private equity firms that own them can't service their debt, and the private credit firms that lent to everyone start seeing defaults, and the NAV loans supporting the whole liquidity structure get stressed, the job losses don't stay in Silicon Valley. They spread. Don't be stingy with the 🏀. Pass it to a friend. See y'all next week. CJB *This is not legal advice, financial advice, or attorney advertising. This newsletter is for educational and informational purposes only. For actual guidance on investments or financial decisions, please consult a licensed financial advisor. The numbers cited throughout this article are sourced from NVCA, S&P Global, Preqin, PitchBook, Bain & Company, McKinsey, the U.S. Bureau of Labor Statistics, and CompTIA. Don't be out here making moves based on a newsletter. You're smarter than that.* ### How to Invest in Your Creative Friends (Part 2) URL: https://www.duethedilly.com/how-to-invest-in-your-creative-friends-part-2/ Last updated: 2026-04-28T03:38:29.000Z 💡 THIS IS NOT LEGAL ADVICE. KNOW THIS AND KNOW PEACE. My hope is that this gives a bit of forward thinking to what is possible and how to think about yourself (or the people around you) and their art, in this next era. --- A-Corps are, by definition, limited liability companies and are subject to the same federal laws as all other LLCs. What sets them apart are their distinct guidelines around ownership, governance, and intellectual property rights. The artist owns 51% of voting shares in an A‑Corp. That threshold is built into the law, so that the artist always has ultimate creative control over the company. ### **How this started** Last year, Carl and I dug into creators and IP.[ He outlined A‑Corps;](https://www.duethedilly.com/the-dime-artists-deserve-cap-tables-too-why-the-artist-corporation-and-the-lp-model-might-be-the-future-of-creative-independence/) [I mapped the mechanics of investing in creators.](https://www.duethedilly.com/how-to-invest-in-your-creative-friends/) Now the core of that model is on the verge of statute—and here’s how it would work.[We recorded that episode in October](https://youtu.be/cJkvD5OgXSo?si=jSI0H%5FuUBBRTgZ2P&t=2638&ref=duethedilly.com). Eight months later, it is almost a law. Here’s what it looked like then, as an idea: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/8708c049-6836-4220-8156-57efcb6cfcf0-RackMultipart20260427-185-8atyz7.png) ### **The core statues of an A-Corp:** 1. **51% Artist Control:** Artists must own at least 51% of all voting securities at all times; this can’t be changed by contract. 2. **Artistic Mission:** Every A‑Corp must have a stated artistic mission, which can be defined as superior to, equal to, or balanced with financial objectives. 3. **IP Protection:** Artistic IP assigned or licensed to the company can’t be transferred to non‑artist investors or third parties; if the company dissolves, the work reverts to the artists and isn’t available to creditors. 4. **Separation of Rights:** Economic rights (distributions, royalties, revenue participation) can be separated from governance/control rights, so investors don’t automatically get voting or creative control. 5. **Shares & Collective Ownership:** A‑Corps can issue ownership units, including fractional units, treat creative work as in‑kind capital, and share equity with collaborators while artists keep majority control. 6. **Flexible Formation:** By July 1, 2027, the Colorado Secretary of State must provide long‑form, check‑box / fill‑in‑the‑blank articles covering ownership, governance, IP terms, tax treatment, etc., so formation doesn’t require expensive lawyers. #6 is HUGE. Traditionally company formation is a nightmare. Even with new tooling and AI, it’s still confusing, because depending on the state or jurisdiction you are in, the laws change and are not relevant to the environment. The A-Corp presents a specific format for artists and creators that has a mix of other formulations, with some statutes that are legally binding, and others that are flexible. [![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/645a7a99-3a32-4d72-8b00-8ead6e214171-RackMultipart20260427-216-bw30vo.png)](https://www.artistcorporations.com/compare?ref=duethedilly.com) A-Corp Comparison Chart, 2026 ## **The Musician Example** Let’s imagine three established musicians are making a collaborative album. A major label pulls up with a deal. They propose: - One‑album deal with a $500,000 advance, global distribution, and marketing spend.There’s a recording revenue split: 70/30 in favor of the label. The group has shared manager fees that takes 15% of gross profit. - Mechanics: The $500,000 is effectively recouped from the trio’s 30%. Every dollar of recording income (streaming, downloads, neighboring rights) is split 70/30; their 30% goes to recoup the advance and label‑approved costs. Only what’s left becomes money they actually see. *Outcome:* If the album hits, the label keeps 70% and most catalog value. If it misses, the trio keeps no masters and the long‑tail upside lives on the label’s balance sheet. The manager’s 15% comes off the top either way. ### **The A‑Corp approach** In this setup, the three artists have their A-Corp and have 80% of the company, and all of the voting rights. The other 20% stays unused for now, so they can bring in future collaborators without losing control. They plan a $300,000 budget for making the album, visuals, touring, and day‑to‑day costs. Instead of signing a one‑album deal, the A‑Corp offers temporary revenue shares tied only to this album. A handful of supporters and two financial investors—including the major label—buy into these shares. In return, they get a percentage of the album’s net income: streams and sales from this album, the profit from touring tied to it, and any brand or sync deals specific to this project. That payout lasts for a set window (for example, two years after release) or until the investors earn back a target multiple of what they put in—whichever happens first. After that, their cut stops. The artists keep the catalog and control. Here’s what it looks like built out: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/05e20331-5cb2-4ac3-9084-3751de3b49c9-RackMultipart20260427-139-6i0gt4.png) Artist Example ## **Current legal status** A‑Corps are proposed in Colorado as [SB 26‑133 (Colorado Artist Company Act)](https://leg.colorado.gov/bills/SB26-133?ref=duethedilly.com). Bipartisan sponsorship in both chambers; moving through the House as of April 22, 2026. [![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/3193b3e7-ac11-4309-a7f4-757c8a5260ee-RackMultipart20260427-152-3rkxof.png)](https://www.artistcorporations.com/law/annotated?ref=duethedilly.com) It’s not helpful to speak about upside without risks though. There are a few to keep in mind: - *Legislative risk:* The bill may not pass or could be amended (e.g., weakening 51% voting or IP reversion). - *Adoption risk:* Artists may not formalize; investors may prefer fewer constraints. - “Too protective” risk: No transfer of IP to non‑artists removes some traditional exits (e.g., catalog sale to a big fund). - *Coordination risk*: Without platforms, secondary markets, or funds, the form stays niche, and other types of capital struggles to interact with it. - *Perception risk:* Could be read as anti‑investor rather than aligned‑investor, or push away people who want to be a part of it. This requires narrative liquidity to make it clear how people can work with it. - *Tax/valuation risk:* Contributing IP as capital raises valuation and tax questions. Non-profit and for-profit blending gets dicey as well. Lawyers will be needed! - *Interstate recognition risk:* Other states will recognize a Colorado LLC, but “artist company” nuances may be misunderstood outside CO, and require more interstate cooperation. Again, lawyers! ### **Why this is a big deal** This isn’t just a wrapper for a few artists; it’s a way to shift from patronage/labels/platform dependency to entity‑level finance with hard‑wired creator control.It encodes creator power at the statute level, letting artists present a structure investors can plug into without surrendering control. We know streaming by itself is not enough for music. If creative output is under‑institutionalized relative to its economic role, A‑Corp is a rare attempt to build the missing corporate form—making an entire asset class more legible, easier to underwrite, and better protected. Theory can become reality. You just need to decide where and how to push for it. ### The Dime💰: Software Ate The World. Now AI is Eating Software. URL: https://www.duethedilly.com/the-dime-6/ Last updated: 2026-04-23T11:30:20.000Z In August 2011, venture capitalist Marc Andreessen wrote an essay in the Wall Street Journal that became one of the most quoted pieces in the history of Silicon Valley. The title was simple: *Why Software Is Eating the World.* His argument was that software companies were going to take over enormous chunks of the global economy, and that every industry had better wake up or get eaten alive. He was right. Amazon ate retail. Netflix ate video rental. Spotify ate the music store. Airbnb ate hotels. Uber ate the taxi industry. Software didn't just show up to the table, it ate everybody else's food, ordered dessert, and asked for the check. For the next decade, the smartest money in the world bet heavily on software. Venture capital poured in. Private equity firms built entire strategies around it. Valuations went through the roof. A company that could show recurring subscription revenue, a growing customer base, and some semblance of a moat could raise money on a napkin and go public at 20 times revenue without breaking a sweat. **That world is over.** ## So What Happened? Fifteen years after Andreessen's prophecy, something started eating software itself. And that something, of course, was **artificial intelligence.** The term people started throwing around was the *SaaSpocalypse.* Between January 15 and February 14 of this year, approximately $2 TRILLION in market cap evaporated from the software sector. This wasn't a normal tech correction. It wasn't rising interest rates or a macro scare or a bad earnings season. It was a structural shift in how businesses think about software. And it happened fast. Here's the kicker… The SaaS business model, which is the subscription software model that every company from Salesforce to your project management app to your HR platform runs on, was built on one beautiful, simple equation: more employees at a company equals more software licenses equals more revenue. You hire 50 new people, you need 50 more seats. The software company prints money. Beautiful business, right? Now what happens when AI makes one person as productive as five? The company doesn't need five seats anymore. Revenue per customer drops. Growth stalls. Valuations compress. **I'm gonna say that again so it hits right. When AI makes one person as productive as five, companies stop buying five seats. They buy one. That's not good for the software companies that built their entire business around selling five.** In February 2026, approximately $285 billion in market value vanished from software stocks IN A SINGLE TRADING SESSION. ServiceNow dropped 7%. Salesforce fell 7%. Intuit plummeted 11%. Thomson Reuters collapsed nearly 16%. The catalyst wasn't a recession or a regulatory crackdown. It was AI agents doing the work that human employees used to need software subscriptions to do. Companies are moving from "one tool per task" to "one agent per outcome." Instead of buying separate subscriptions for project management, CRM, email marketing, customer support, and analytics, businesses are building AI agents that handle entire workflows on their own. And when you don't need all those separate tools? You cancel all those separate subscriptions. That's the game right now. ## The Numbers Don't Lie Let me give y'all the valuation data because this is where it gets REAL. In Q3 2021, private SaaS revenue multiples hit a staggering 41.48x. That means investors were paying $41 for every $1 of annual revenue a software company generated. That's like paying $41 for a dollar bill because the dollar bill had a good year. At the end of 2022, on the eve of ChatGPT's launch, software companies traded at an average EBITDA multiple of 30\. By the end of 2025 that fell to 22\. Today the median multiple on forward profitability is only 16\. Revenue multiples dropped as well, from 10 to 12 times expected revenue in 2022, down to about 4 times under current valuations. To put that in plain English: **the premium investors used to pay for software companies because of their predictable recurring revenue and high growth rates? GONE. The market is essentially saying that a lot of these companies don't have a moat anymore, because AI is climbing over the wall, knocking it down, and setting up shop on the other side.** The SaaS index, which represents companies that sell subscription-based software to enterprises, fell 6.5% in 2025, compared with a 17.6% RISE in the S&P 500\. So while the rest of the market was popping bottles, software was getting its face beat in. And 2026? Even worse. ## OpenAI and Anthropic Are Coming For Everything. Now I need to talk about something that a lot of people haven't connected yet, which is the fact that the companies building the AI that's disrupting software? They're also building the software directly. They're not just selling shovels to the gold miners. They're out here mining too. Let's start with OpenAI. In January 2025, OpenAI launched something called Operator, an AI agent that literally browses the web for you, clicks things, fills out forms, and completes tasks from start to finish. On its own. No human needed. And by July 2025 they folded it directly into ChatGPT as Agent Mode, so every ChatGPT user now has access to an AI that can operate software on their behalf. Think about what that means for a second. Every company that built a beautiful SaaS product with a gorgeous dashboard and a smooth user interface? Congratulations. Your users might not need to open your product anymore. They'll just tell ChatGPT what they want done, and ChatGPT will go do it inside your product without the user ever touching it. You're not even getting the engagement credit. Your product is becoming the back end that an AI agent operates invisibly. But wait. It gets worse. In June 2025, OpenAI revealed it was building collaborative document features that would put it in DIRECT competition with Google Docs and Microsoft Word. Not "inspired by." DIRECT competition. And ChatGPT already has a deep research feature that goes out, reads dozens of sources, synthesizes everything, and gives you a full research report. That's a product that a whole category of research software companies built their entire businesses around. [**900 million people use ChatGPT every week. 193 million use it every single day.**](https://techcrunch.com/2026/02/27/chatgpt-reaches-900m-weekly-active-users/?ref=duethedilly.com) Now let's talk about Anthropic, the company that makes Claude. On January 12, 2026, Anthropic launched Claude Cowork. This is Anthropic shipping a full enterprise productivity platform that connects to Slack, Google Drive, Gmail, Notion, Asana, Jira, Monday.com, ClickUp, HubSpot, Figma, Canva, Box, and 50 other tools, and then handles your workflows across ALL of them simultaneously. The day Cowork launched, Monday.com's market cap dropped $300 million before the session closed. BEFORE THE SESSION CLOSED. That's how fast the market processed what had just happened. And it didn't stop there. Anthropic shipped 21 specialized plugins covering productivity, marketing, sales, finance, legal, data analysis, HR, engineering, design, and operations. There's even a plugin for investment banking, one for equity research, and one for private equity. You type one command and Claude reviews your priorities, organizes your task list, and sets up your day. The people building this stuff are calling it "vibe working." The idea is the same as "vibe coding," which is where you just tell an AI what you want built and it builds it. Except now instead of code, you're describing the work outcome you want, and Claude just goes and does it. Then in February 2026, Anthropic dropped Claude Code Security, which scans entire codebases for security vulnerabilities and suggests patches. The day that dropped, CrowdStrike fell 7.2%, Zscaler fell 7.1%, and Palo Alto Networks dropped 2.6%. Cybersecurity companies. Getting destroyed by an announcement from an AI company. And in March 2026, Anthropic added a feature where you can send a prompt from your phone and Claude accesses programs on your actual computer, including browsers and spreadsheets, to complete the task. Your computer. Remotely. From your phone. Now Claude Mythos is out and I don't even know how crazy that model is going to be. So let me paint the full picture for y'all. OpenAI is coming for your browser, your documents, your research tools, and your workflows. Anthropic is coming for your productivity software, your project management tools, your security software, your CRM, and your desktop. So basically, that's the unemployment line for like... everybody. The software companies that built moats around specific workflows for the last 20 years are now watching two of the best-funded companies in the history of technology ship products that make those moats irrelevant. And they're doing it fast. Anthropic's core code for Cowork was AUTONOMOUSLY WRITTEN BY CLAUDE in just a week and a half. The AI is literally building the tools that are replacing the software that humans spent years building. ## Enter Private Equity. And Then Exit Private Equity. Here's where shit gets uglier than a Master P sneaker. For the past decade, private equity firms that specialized in software were basically printing money. The playbook was simple: find a boring but stable software company, cut costs, raise prices on the captive customer base that can't easily switch, load it up with debt because interest rates are low, grow revenue, sell it to another buyer at a higher multiple in 3 to 5 years. Rinse and repeat. Nobody ran this playbook harder than Thoma Bravo. Thoma Bravo is a private equity giant managing about $180 billion in assets, **and roughly 80% of their portfolio is enterprise software.** They've made over 530 acquisitions in software and technology over the years. They are THE defining firm in software-focused private equity. Like if software private equity was the NBA, Thoma Bravo is the Golden State Warriors at their peak. In October 2021, right at the peak of that 41x valuation mania, Thoma Bravo bought a customer experience software company called Medallia for $6.4 billion. Today, that $6.4 billion is... gone. Thoma Bravo is nearing an agreement to hand over Medallia to its lenders, wiping out $5.1 billion in equity for Thoma Bravo and its co-investors. Medallia has been crushed under $3 billion in debt owed to Blackstone, KKR, Apollo Global, and Antares Capital. READ THAT AGAIN. They bought it for $6.4 billion. They're handing the keys to creditors. The equity, all $5.1 billion of it, is completely wiped out. That is one of the largest private equity write-offs you will ever see on a single software deal. That's not a loss. That's a catastrophe. Now to be fair, Blackstone's credit head said Medallia's problems were due to execution issues, not purely AI. But here's the thing, you can't separate the two anymore. The entire software private equity landscape is feeling this. Medallia is just the loudest example today. It won't be the last. In fact, back in February, Thoma Bravo and another big software PE firm (Vista Equity Partners) were out here rushing to reassure their fund investors that everything was fine, that their portfolios were healthy, that the AI selloff was an overreaction. When firms are rushing to reassure investors, that is not a good sign y'all. That's the finance equivalent of the "Everything Is Fine" meme. ![](https://www.duethedilly.com/content/images/2026/04/this-is-fine.gif) Vista be like ## Why This Matters to You and Me Now look, I know what some of y'all are thinking. "Carl, I don't own Thoma Bravo. I don't care about some software company called Medallia. Why does this matter to me?" I got you. Here's why. Private equity firms that bought software companies at inflated prices loaded those companies with debt. That debt has to get paid back through the cash flows of the business. When those cash flows slow down because AI is eating into their revenue, they can't service the debt. And when you can't service the debt, you hand the keys to the creditors, which is exactly what just happened with Medallia. But this isn't just one company's problem. Gartner, the most establishment research firm in enterprise technology, [**predicts that 35% of point-product SaaS tools will be replaced by AI agents by 2030.** ](https://www.deloitte.com/us/en/insights/industry/technology/technology-media-and-telecom-predictions/2026/saas-ai-agents.html?ref=duethedilly.com) The companies that survive this shift are going to be the ones that genuinely integrate AI into their products, not just slap a chatbot on top of what they already built and call it an AI feature. We're already seeing how the market is judging this. Public investors are now valuing software companies based on their AI integration, or their death risk from AI disruption, rather than just how big their market is. That's a totally different game than the one these companies thought they were playing. ## The Irony Is Thick Marc Andreessen wrote that software would eat the world. He was right. And now his own venture capital firm, Andreessen Horowitz, which has a core strategy built around enterprise software, SaaS, and cloud companies, is watching AI consume the very thing it spent 15 years betting on. But they're already invested in AI so... LOL. The next wave is already here, and the scoreboard is updating in real time. Thoma Bravo losing $5.1 billion on Medallia is today's headline. It won't be the last one. Software ate the world. Now AI is eating software. The only question left is what's next on the menu. And whoever figures that out first? They eat. *This is not legal advice, financial advice, or attorney advertising. This newsletter is for educational and informational purposes only. For actual guidance on investments or financial decisions, please consult a licensed financial advisor. Don't be out here making moves based on a newsletter. You're smarter than that.* Don't be stingy with the 🏀. Pass it to a friend. See y'all next week. CJB ### Why OpenAI bought a livestream (you probably haven't heard of) for $150M URL: https://www.duethedilly.com/why-openai-bought-a-livestream-you-probably-havent-heard-of-for-150m/ Last updated: 2026-04-13T22:58:37.000Z 💡 Two weeks ago, one of the largest media acquisitions of the **loudest* acquisitions of the year happened: OpenAI bought a livestream show called TBPN for over $100M. It felt worth writing up some thoughts about both the deal, and what it does and does not represent. All thoughts my own, unless they're data points. ### **What is TBPN ?** ![](https://www.duethedilly.com/content/images/2026/04/image-1.png) A creator-led media startup — [a daily, three-hour live tech talk show](https://www.tbpn.com/?ref=duethedilly.com) hosted by entrepreneurs Jordi Hays and John Coogan. TBPN *had* 11 employees, 58,000 YouTube subscribers, and generated $5 million in ad revenue in 2025\. They were on track to clear $30M in 2026\. Put a nice media multiple on that ( around 2-4x) and you easily get to $100M+ acquisition price. **Who’s the audience?** The technology industry: Tech founders, VCs, executives, and the Silicon Valley [ecosystem.](http://ecosystem.it/?ref=duethedilly.com) It’s a hit there, so capital flows easily, because what the Valley may lack in legibility, they make up for in financial capital. **What’s the production cadence?** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/8220d486-edff-4712-87cc-c450ec11b4a3-RackMultipart20260403-175-yhw62m.png) They go live for 3 hours, Monday - Friday, 11-2pm PST (2-5pm EST). This is in the middle of two work days in the two epicenters of their show’s focus. The show ends when the market closes. Think of this like iShowSpeed going live daily; TBPN has the same network effects, but for a smaller, wealthier group. A live show can become a well-edited podcast. A podcast has to reinvent itself to become a live show. Whether right or wrong, people judge on appearance, then substance. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/391866e7-a0ab-4489-a945-452e3a9c32a2-RackMultipart20260403-141-x0acrn.png) ### **Who were the sponsors?** A who's who of well-funded technology companies that build infrastructure for different industries. And the New York Stock Exchange. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/dc0100a0-4127-4d82-b37f-cbaddeee680c-RackMultipart20260403-127-rwtx23.png) Here's an example of an ad they did for [Wander](https://www.wander.com/?ref=duethedilly.com), vacation rental business, during their first year. If you're a fan of 80s or 90s cinema, you'll get the references: 0:00 /0:45 1× ### How do they get attention? By treating the tech industry like sports. They have a clear format to explain and communicate big and small things. When someone raises capital, their announcement looks like playing cards. Here's how they announced one of their last weeks of guests in late March: ![](https://www.duethedilly.com/content/images/2026/04/image-2.png) Anything that is a surface can be utilized (and sponsored). Recording daily (or having a compounding habit) allows faster adjustments due to immediate recognition. Media has one of the fastest feedback loops, making it difficult and exponential when you get it right. Here’s Jordi: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/39b46e5a-8cd4-4510-b126-ef87d45560c9-RackMultipart20260403-126-6m7jkx.png) ## **Why would OpenAI buy it?** ![](https://www.duethedilly.com/content/images/2026/04/image.png) Trust acquisition. OpenAI and the ecosystem are overwhelming people with new releases, but they’re not making them legible. Tech has a shaky narrative. The environment lacks trust. TBPN built that with people who fund, build, and create technology. They have become the center of gravity for how *technology in Silicon Valley* wants to be talked about. Here’s Sam Altman explaining the acquisition: 0:00 /2:24 1× **Is it a good deal?** Depends on your definition of *good.* OpenAI just closed a $122 billion funding round at an $852 billion post-money valuation. They project a cash burn of $17B this year, not turning cash-flow positive until at least 2030. The test, like with most acquisitions, is can you keep the flavor while adding new seasonings. When you buy something people liked, you have to overcome their suspicion and keep serving them what they want. The value of TBPN lies in their editorial independence; they say what they want, how they want, from where they are, with a general bent towards being neutral-positive about the industry at large. The upside is, their audience is influential voices in the industry they cover, so they have a built-in net of supporters for now. *TL;DR:* OpenAI bought the equivalent of a Richard Millie and needs to ensure it fits with the rest of their outfit. **Who else is doing acquisitions like this?** A few major ones in technology this year: - a16z acqui-hired Eric Torenberg & his Turpentine podcast - Plaid bought a newsletter business called This Week in Fintech. - HubSpot acquired Starter Story, a site all about people who start and build things. Ideas always need distribution. **Are there other comps in the ecosystem like TBPN?** Europe has its own version, aptly titled [etn](https://www.linkedin.com/company/eutncom/about/?ref=duethedilly.com) (European Technology Network). Similar model, completely different market dynamics because its Europe. This is why when someone says “we have enough of that” it’s rarely true. Every industry has insiders and norms, which means there are unlimited untold stories that you can tell, and formats you can use. **What are the risks?** Independence and trust erosion. Audiences are sensitive to values erosion, so OpenAI doesn’t scream *freedom of expression* as a core value. TBPN was built for Silicon Valley to discuss their work openly, among peers. Having it happen under the flag of OpenAI We have few examples of a non-publisher buying a publisher. An owned platform forces their preferences onto the platform. Execution is getting cheaper due to technology. Judgement, specificity, and taste are tangible things that people care about and are becoming more real. But Jordi and John are smart, so announcing the acquisition themselves was an exercise in trust. Why let someone break a story about you, for you, when you have the distribution already? **What does this mean for me?** It could mean a few things. But I believe one of the most important ones is to realize that we are in an era of interest-based media and algorithmic consumption. I found some of these comparisons useful: ![](https://www.duethedilly.com/content/images/2026/04/bettershot_1775246829101.png) **They don't have that many subscribers though? What's going on?** Subscribers has never been an indicator of influence, in the same way social followers has never equalled sales conversions. A better question might be: your favorite thing to watch that covers what you do well, does it change in value if *more* people find out about it? The question is, who are their guests? Here's advice they got from David Senra, the host of Founders. I think it's good for anything being built. 0:00 /0:54 1× ### The Not So Secret Media Job Market URL: https://www.duethedilly.com/the-not-so-secret-media-job-market/ Last updated: 2026-04-07T01:12:27.000Z There’s a term in psychology called the *assumption of competence:* because something looks simple when done well, we assume the doing is simple too. You see a clean feed of clips, trailers, and episodes and think the game is volume—just hit publish more often, have something interesting to say. But the reason IP-driven brands compound isn’t that they shout louder or longer; it’s that they’ve quietly built the infrastructure that makes consistently good work possible at all. Editors, trailer specialists, thumbnail designers, producers—these roles exist to turn “just podcasting” into a machine, and without that scaffolding, most people’s dreams of being an IP business collapse under the weight of their own output. But if you've never been behind the scenes (or beneath the fold), it's hard to understand everything that goes into it. The work is always behind the work. ## How to Make a Hit Steven Bartlett’s team was recently hiring and I came across the advertisement. Here were the open roles they shared: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/7bd34d0b-2798-49f7-a7c0-406941d1f03a-RackMultipart20260222-131-8omgii.png) Some of these are traditional roles, some are specific to the demands of an IP driven media company. All of them are about keeping the mechanism moving forward. Let’s focus on the trailer editor for a second. Reporting to the[ Director of Trailers ](https://www.linkedin.com/in/antsmith93/?ref=duethedilly.com)(obviously). This role is a specific outcome based role for a specific kind of viewing experience. It is the *first* thing a viewer encounters, and might be the difference between them stopping, or continuing on the feed. By themselves, trailers operate as their own form of episode; enough to generate intrigue, but just enough to not give everything away. You make the first thing people see, and decide if they want to keep going. But if you're making trailers, you're also: - **Translating episodes into hooks:** Watch long-form content and distill it into sharp, standalone narrative hooks that can stop a cold audience in the feed. - **Own first-impression performance:** Design the first 3–10 seconds (visual + audio) to maximize scroll-stopping and retention, not just aesthetics. - **Cut for conversion, not art:** Edit trailers specifically to drive a next action—full episode view, subscribe, follow, click—using structure, pacing, and framing. - **Read and react to data:** Monitor watch time, drop-off points, CTR, and completion rates on trailers; adjust formats, openings, and topics based on what the numbers say. - **Collaborate on packaging:** Work closely with title, thumbnail, and copy roles so the trailer, title, and thumbnail form a single, coherent promise to the viewer. So the question is: how much is a role worth that brings new people and helps convert them into audience members who can become customers? Kevin O'Leary has an answer: 0:00 /0:50 1× Kevin O'Leary - Iced Coffee Hour It's quite for all that *it's just posting it's not that serious.* It's customer acquisition that starts with attention and ends with card details. ## **Where the Roles Reside** One of the best ways to see what people are finding value, is to see what they *call* the things they need to hire for. Sites like YTJobs are servicing an entire ecosystem. Everything we watch, needs infrastructure to be made. ![](https://www.duethedilly.com/content/images/2026/02/bettershot_1772319072465.png) YTJobs posting, 2/28/26 ## Selling Money With Media ![](https://www.duethedilly.com/content/images/2026/03/image-3.png) Let's talk about finance and venture. In an industry where having money is the commodity, you have to stand out, and it's not going to be how much you have. But when you've been trained to behave into taking consensus bets (but call it marketing innovation), that's tough to do. So you need to find a way to get clear, quickly. How? *Make shows about things you know.* Here's what that looks like, through a few different lenses. **The Firm: Forum Ventures** Forum Ventures is a $100M fund that invests in B2B businesses. Here's one of their partners: ![](https://www.duethedilly.com/content/images/2026/02/image-7.png) Here's the video from said *Gen-Z creator:* 0:00 /1:10 1× ### **The Fund: First Round Capital** First Round Capital is a seed-stage firm managing a bit over $1 billion across multiple funds. They have run a well-known blog for more than a decade, and recently launched a new show, called [Executive Function](https://review.firstround.com/executive-function/?ref=duethedilly.com). ![](https://www.duethedilly.com/content/images/2026/02/First-Round-Capital.png) First Round in a spotless 'thought cave' with Restoration Hardware starter kit ### **The Bank: Morgan Stanley** Morgan Stanley is…well…Morgan Stanley. They span investment banking, wealth management, and institutional securities. They've got a new show called [Hard Lessons.](https://www.youtube.com/playlist?list=PLMUnYeeTvzNuJi1Mlg9dM1eFj8ULZ-zVP&ref=duethedilly.com) [![](https://www.duethedilly.com/content/images/2026/02/Morgan-Stanley-Show.png)](https://www.youtube.com/watch?v=dPjQe%5Fn2JKI&list=PLMUnYeeTvzNuJi1Mlg9dM1eFj8ULZ-zVP&index=7&pp=iAQB&ref=duethedilly.com) Peaky ‘Finance’ Blinders - only missing the ale and explosives On top of that, Morgan Stanley has a[ slate of audio-only podcasts](https://podcasts.apple.com/us/channel/morgan-stanley-podcasts/id6448733212?ref=duethedilly.com) that cover all different sectors of the market featuring analysts and other leaders across the organization. **The Asset Manager: KKR** KKR (Kohlberg Kravis Roberts) is a global alternative asset manager best known for private‑equity buyouts, with businesses spanning private equity, credit, real assets, and infrastructure. [![](https://www.duethedilly.com/content/images/2026/02/KKR-Show.png)](https://www.youtube.com/watch?v=cthjqowgCY0&ref=duethedilly.com) **The Big AUM, small fruit bowl set.* ## **Selling Your Own Book** ![](https://www.duethedilly.com/content/images/2026/03/image-5.png) All of this ladders up to the need to expand on *narrative capital.* The set, the dynamics, and the conversations exist to reinforce a worldview and an atmosphere that the ideal viewer can inhabit and return to. In finance this means publicly promoting ideas, assets, or positions you already hold to make them more valuable. In VC, this looks like creating narratives and content that increase demand for what you’ve invested in—your fund’s thesis, portfolio, product category, or your own expertise. This works because: - *Incentives:* you care most about the things you’re personally long on (invested in). - *Asymmetry*: you have better information, relationships, and stories around the positions you’ve taken, because you took them - *Narrative gravity*: repeated, credible storytelling shapes how markets and audiences allocate attention and different forms of capital. Put together, it starts to look like this: ![](https://www.duethedilly.com/content/images/2026/03/Screenshot-2026-03-31-at-2.14.45---PM.png) That's why an editor is just as important as an investor right now. You might be able to say something that matters, but if you can't communicate it across a format and build resonance, it might never get to the person who needs to see it. ## ### Legibility, Love, and The Economics of Wash Day URL: https://www.duethedilly.com/economics-of-wash-day/ Last updated: 2026-03-16T22:00:29.000Z About 60% of the world’s population has textured hair, creating a significant market that needs products, education, and access. For the last decade, Jamelia Donaldson has been building [TreasureTress](https://www.treasuretress.co.uk/?ref=duethedilly.com) to meet that need. If this were basketball, Jamelia would be A’ja Wilson: a generational player with record-breaking statistics, unmatched work ethic, and a knack for making the extraordinary so normal it changes how the league operates. 30-15-10 is the norm. Jamelia is also [obsessed with her customers](https://www.linkedin.com/feed/update/urn:li:activity:7437029620820066304/?ref=duethedilly.com). She’s built, tested, and implemented most of the current trends—IRL gatherings, subscription models, embedded partnerships, trust over following, nano and micro influencers, unscalable outreach—years before they became part of the marketing zeitgeist. Necessity breeds more than innovation; it incubates solutions that scale quietly, then all at once.. When retailers saw no value in her audience, she produced custom reports to size the market. There are billions in bathrooms, and Jamelia has drawn maps for consumers and retailers alike. As we said, *she knows ball.* This is about data, distribution, and what it costs to make something legible that was always real. [ ![Video thumbnail](https://i.ytimg.com/vi/EbXmkg_Ei2w/maxresdefault.jpg) ](https://www.youtube.com/watch?v=EbXmkg%5FEi2w&ref=duethedilly.com) [![](https://www.duethedilly.com/content/images/2026/03/image.png)](https://podcasts.apple.com/us/podcast/how-to-build-with-community-at-the-center-w/id1844489944?i=1000755135308&ref=duethedilly.com) [![](https://www.duethedilly.com/content/images/2026/03/image-2.png)](https://open.spotify.com/show/0sdq7pTF1gxtqq8BHHJuJW?si=80AxzU78S4-YXO6MEyJHYQ&ref=duethedilly.com) ### **A note on format** Conversations are exercises in stewardship; you are holding and handling a story that is not yours that you have been granted access too. Our goal is to make pieces with enough resonance that whoever we speak to feels proud enough to share them like they made them themselves. You'll let us know if we did our job, and where we can improve. We hope you enjoy, learn something, and share it with someone who is building. Have a great week. ### The Bully Is Back URL: https://www.duethedilly.com/the-bully-is-back/ Last updated: 2026-02-24T14:29:38.000Z When people talk about “podcasting” vaguely, they are speaking about an industry that is so packed with tools, platforms, agencies, and technology, it is hard to encapsulate. Here’s a map to show you what I mean. I've been using it to make sense of the landscape. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/c4e73ec3-06d3-4862-a3e1-a60e430df5f6-RackMultipart20260223-162-p3wktx.png) [2025 Podscape ](https://www.magellan.ai/news-insights/podscape-2025?ref=duethedilly.com) ⌨️ *For a sharper overview, copy this into your LLM and ask it:* 1\. Who controls distribution to listeners in this map? How? 2\. Show me how each segment makes money? 3\. Which companies appear multiple times? Why does that matter? Have fun 😄 What Apple has done is reshuffle the map to stop the conversation about *whether video matters,* and make it a norm, that will need to be bundled into measurement. _This post is for subscribers only._ ### The (Right) Visibility Is Only As Good as the Infrastructure Beneath It. URL: https://www.duethedilly.com/the-right-visibility/ Last updated: 2026-02-10T22:29:36.000Z Sugarcane season. _This post is for subscribers only._ ### Free Agency 📈 - 100 Days of Beginning Again URL: https://www.duethedilly.com/100-days/ Last updated: 2026-02-24T14:22:01.000Z 💭 I hope January has been off to a wonderful start for you. Below you'll find my reflection on the last 100 days of building Due Dilly. It's been wild, super hard, and I wouldn't trade it for anything. Hopefully you can avoid and learn from a bunch of mistakes I made and steal some tactics that we've seen work for what we are working to build. ## **What We're Making:** **The Due Dilly Show** explores how deals happen, how money moves, through the lens of creators, operators, and investors. We use analysis, deep research, and context to illuminate things hidden in plain sight. We serve 3 core audiences: **Creators** who want and need infrastructure to grow their ideas and sustain their work. **Operators** who need context and information they can use for what they are making and stay adaptable. **Investors** who need to match capital to ideas, and are inundated with noise. I can only write that, because of the last 100 days of rewriting it every other day. ## **The Season 1 Process** ![](https://www.duethedilly.com/content/images/2026/02/image-1.png) Christopher Nolan's Inception Storyline We planned out Season 1 in an Apple note. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/b75bd70b-c127-4fea-876b-6a462ab538d2-RackMultipart20260129-147-oxrwwe.png) Where dreams are made We wanted to test what resonated and have evergreen topics we believed would continue to be relevant at least 6 months after release. ### The Team We met[ our video editor](https://lawrencemediahouse.com/?ref=duethedilly.com) Staphon in 2022, so he has institutional knowledge about the show, how we work, and our personalities, so he can make suggestions. He was behind our first episodes. We have a short-form editor, Sean. who has helped shape our entire visual identity across Instagram. Outside of that, it's just me and Carl. 💡 If you're in the market for either, reply to this, and I'll link you directly. They are both exceptional. ## Finding Channel-Content Fit ![](https://www.duethedilly.com/content/images/2026/02/image-2.png) We made a decision that sounds subtle, but is very important. Due Dilly would be a show. Shows have: - repeatable formats - workflows - producer(s) - recognizable signatures - themes and introductions So building a show for us is distinctly different than *having a podcast.* It gave us something to aim at, and to remain focused when other things came in the way. Also, it keeps us away from all the tactics that erode trust for the sake of cheap growth. ### Using Instagram #### Thesis: Make the best appetizers and serve them regularly. IG is our tasting menu. Dense ideas, bite-sized delivery. Each reel we release is a as micro-experiments—low stakes, fast learning. Each reel is a condensed version of our core offering and lets us get immediate feedback in a specific context. Instagram though is also about entertainment. You have to find what people want to hear from you, and then figure out where they want it *Key Stats:* - IG up 466% (helped by this [viral post](https://www.instagram.com/p/DRsScgvD0FE/?ref=duethedilly.com) of Jackie Aina, more on that later) - 41 reels (as of 1/28/26). ### *Using YouTube* **Thesis: Full-course meal that is worth returning too.** YouTube is a packaging platform, not *just* a distribution one. Format, repeatability, and packaging matter as much (if not more) than what you say. You have to learn the constraints, then play inside them. We got the basics down, and need to begin optimizing for retention and increased watch time. *Key Stats* - 312 subscribers - 580ish hours of watch time - Average watch time is around 5 minutes. ### What We Measured ## 💡 Picking the right thing to measure, will save immeasurable amounts of pain and self-doubt. There is a vested interest in convincing you that the only metrics you need are the ones someone else tells you. That is a lie. You can make sense of whatever you have, if you know what you are looking for. We measured two things over these 100 days, primarily on Instagram: *Lagging indicators* \= (views and reach). Good for setting a baseline, terrible for steering. *Signals* \= high intent behavior (saves, shares, DMs/texts). They guide what to double down, cut, or boost. 💡 You can copy my IG measurement sheet [HERE](https://docs.google.com/spreadsheets/d/11uUQMKOiHtGv6OW0ji9WGu5dwC-6HWQ9qFvPE7s-iE4/edit?usp=drive%5Flink&ref=duethedilly.com). [![](https://www.duethedilly.com/content/images/2026/02/bettershot_1770065282433.png)](https://docs.google.com/spreadsheets/d/11uUQMKOiHtGv6OW0ji9WGu5dwC-6HWQ9qFvPE7s-iE4/edit?usp=sharing&ref=duethedilly.com) This data is up to Episode 6. ### The Viral Moment Everything we said was available in plain sight, but how we packaged it touched a nerve. Jackie has been on Youtube since 2009, and has a deeply loyal fanbase. She is what you could call *inevitable*: you can't talk about beauty in this era, and not mention her. But what was interesting was the breakdown of the viewership after the reel caught fire. Jackie helped a generation of women learn to do makeup, which maps pretty neatly on who engaged with it. ![](https://www.duethedilly.com/content/images/2026/02/image-5.png) Data accurate as of 2/2/26 And in part *where* they consumed from: ![](https://www.duethedilly.com/content/images/2026/02/image-4.png) Data as of 2/2/26 The velocity of this is around what it says, how it is packaged, and how it feels. ### Formats Make Shows ## ![](https://www.duethedilly.com/content/images/2026/02/bettershot_1770065210484.png) Top 15 reels excluding Jackie We recently encountered a format fit moment, with reels from our Favorite Things Episode on [Jaeki Cho](https://www.instagram.com/reel/DS6ShHBjGqE/?ref=duethedilly.com), [Gina](https://www.instagram.com/p/DTJUwsoj18Z/?ref=duethedilly.com), and [Deanté](https://www.instagram.com/reel/DTTrzHsj1-O/?ref=duethedilly.com). They each have loyal audiences across categories (food, fitness, culture/politics respectively) that engage heavily with them on Instagram as a primary platform. Jaeki and Gina both collaborated on our reels, which connected it to the people who followed them, who discovered more about us. 💡 The engagement rate % is the equation: Likes + Comments + Shares +Saves ➗ Total Views ![](https://www.duethedilly.com/content/images/2026/02/bettershot_1770017226410.png) Episode 6 Reel Performance ### Key Takeaways: - **Shares and saves drive virality** — our top-performing reels (Drake's LLCs, Jackie Aina) have disproportionately high share, comment, and save counts relative to their other metrics. - **Audience responds to who, not just what -** This makes sense, but it is counterintuitive, because you might *feel* like something hits, but - There's a clear **spike-and-drop pattern** within each episode — the first or second reel often gets a boost, then views decline. Not all reels are created equal and have different fandoms on Instagram. - **Repurposing**: we haven't had the bandwidth to repurpose all the content we have in different places (and admittedly need help with it), but its a massive opportunity, because different platforms have different topics ## A Minimum Viable Content System ## ![](https://www.duethedilly.com/content/images/2026/02/image.png) ⛔ People spend way to much time choosing tools. (**It’s me, I’m people)*. We had to lower the stakes, find what worked, and build momentum. Simple but hard. **4 tools form the base of our production:** ![](https://www.duethedilly.com/content/images/2026/02/image-3.png) Transistor for audio. Riverside for virtual interviews. Descript for transcripts. Frame.io for reviewing footage and edit notes. From there, we needed to find a way to make the most of what we made on limited time. Our process looks roughly like this: ![](https://www.duethedilly.com/content/images/2026/02/bettershot_1770065026071.png) The math for this season is straight forward: ![](https://www.duethedilly.com/content/images/2026/02/bettershot_1770065089445.png) So, for every 9 things we make, we can multiply output 3x, and still keep salience. This helps us test more things, and make our own small factory so we can get the most out of what we make. ## Stuff I Didn’t Do Well - **Episode Intros:** way to long - its a show not an album interlude. Get to the point! - **Energy management:** the making, the editing, and the promoting all take a different kind of focus, so burnout is around the corner if you are not careful. - **Did not design for my constraints:** I get energy before we film, not after. I have to work on designing the system so I can recover not just so I can reproduce - **Lack of capture:** we didn't have a layer for giving people something to do after they watched a reel - **Not separating the workflows**: researching is not producing which is not promoting. Each of them requires a shift in focus. - **Too much overthinking, not enough playing:** because I enjoy the process more than the promotion, we missed opportunities to just throw stuff out there - **Not critically ignoring enough:** Learning what to listen to and implement, versus what to listen to and appreciate, or just ignore is something I am still adjusting into ## Opportunities To Explore: - **Finding 'signature series' :** We took the hard end, now there's a few more formats we can both collaboratively do that will have impact. - **Better packaging**: on YouTube, a memorable format seems to be just as important as what you say. You have to prove the promise quickly. We're learning to find the right packaging for the ideas and the frameworks. - **Content-Platform Fit:** We often find content-channel mismatch: something on Instagram that is a dud, can boom on LinkedIn because of the appetite. We have a big opportunity to test and learn in new places and learn. - **Physical media:** So much of our lives now are ephemeral. We think things that you can touch and interact with are worth keeping and engaging with, and making something like that is exciting. - **Showing the process:** Carl's been on me about this, but we have a lot to give out about behind the scenes ## Notes To Myself 🫥 These are things I wrote to myself over the past 100 days as i was learning things that I had to integrate, unlearn, and practice. Not that you asked, but two books I highly recommend if you're going to building anything right now: [Quit by Annie Duke](https://bookshop.org/p/books/quit-the-power-of-knowing-when-to-walk-away-annie-duke/33c9d25d4120d9ba?ean=9780593422991&next=t&ref=duethedilly.com) [7 Rules of Power ](https://bookshop.org/p/books/7-rules-of-power-surprising-but-true-advice-on-how-to-get-things-done-and-advance-your-career-jeffrey-pfeffer/426aa291c279d77f?ean=9781637746479&next=t&ref=duethedilly.com) **Efficiency and efficacy must be held in tension.** Efficiency = how well you use resources. Efficacy = how well the thing works. The most efficient process isn’t always the one that moves the needle. You can ship fast and cheap (efficient) but fail to resonate (inefficacious). The most efficacious thingstoofor us (deep research, bespoke edits, clear inputs) have a heavy cost in time and energy, lowering efficiency, but they provide huge value in the long run. A mix of both is required when you’re starting out. **Thinking you “deserve an audience” (or that they owe you) is dangerous.** I am finding much more ease in treating what we do as invitational instead of a demand. If you see it as a privilege, you’ll find a way to endure the stuff that is required of you, and quit what isn't. **Find other things to pour into.** This can't be everything. There has to be something above what you make that gives your life definition. Find it, protect it, and cling to it. **Constantly doing something, it's not make you consistent.** The advice given has to be filtered through what you are solving and where you are finding people. **You either believe in abundance, or you perform it.** The amount of people who believe there is not enough, for a variety of reasons, is evidenced by what they will and will not share. **Nervous system regulation > almost everything else.** Making something in public will test what you believe about yourself, your value, and your abilities. You cannot outrun what your body is yelling at you about. **Cringe is courage.** Embarrassment is the cost for living out dreams. If you cannot bear that, then perhaps you prefer the regret of never trying. You will be required to choose. **The dip is unavoidable. Embrace it. Learn to cherish it.** If you come outside, you have to be able to stomach the dip. It comes for everyone. What made you great your career might make you insufferable on camera. There is no getting around it. Being a beginner is hard, for people who have had any taste of public success, because it demands you disrupt yourself and what made you comfortable. **Fear of repetition is avoidance.** If Nike continues to release the Air Force One, in the same color way, year after year, you should reshare core ideas. You are not that special. **Be militant about inputs; liberal with output.** What you take in will show up in what you make, so you should be sensitive to that, and open with what you share. **There's a language gap and a knowledge gap.** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/5fc8c734-9445-41d5-9e6d-e3172ac51fc4-RackMultipart20260107-140-y16vrs.png) Well said Steven, well said. Depending on context, calling yourself a creator is a ceiling. There is still a preconceived notion about what that means, depending on the general sense of . In 2-3 years I think we'll just call them entrepreneurs and it will get bundled together, or **You will lie to yourself about quality as a reason to not share. Don't.** You have to take embarrassingly small steps over long periods of time to build anything. A relationship, a business, a gumbo worth eating. ## Filters I’m developing to not lose my mind Being a beginner again has made me susceptible to all kinds of manipulation and distrust. This is a bad cocktail because I believe it’s important to let yourself be influenced, but you need to pick what and why. Because I have insecurities about visibility, I tend to be easily swayed by tactics and tools that play on this reality. So I have had to develop a few tools: 1. *Is there n > 1?* In a research study, n= the number of people who participated. If a person is speaking to me about results, and their n is *only* themselves, I love it, but I can’t necessarily use it for the show. Anecdotes are great but they have to be filtered through what I am trying to do. One of the tells is a lack of curiosity and an unwillingness to say "I don't know". *2 . Are they good enough to tell me how they do it?* Former NBA player Isaiah Washington tells a story about [Kobe Bryant teaching him to watch game film](https://x.com/swishcultures%5F/status/2015868677112156295?s=20&ref=duethedilly.com), the year he averaged 29 points. He used to just watch his own film; Kobe taught him how to watch every other player on the court. I think about that whenever people present secrets they are afraid to teach, because they think the magic is in what they learned. If you can't give it away and still earn from it. *3\. Do I want their outcomes?* This is something to be really clear about. A lot of times, I just want the experience, so I have to recalibrate from taking their advice to looking at their system, and seeing what I can keep. ## 2026 Focuses - PBS for Business 1. *Make the show sustainable.* Sustainable means that it pays for itself and allows us to make only what we can, in the ways we know, for the people that need it and want it. 2. *Grow this newsletter to 5000 people.* That's about the venue size of Radio City Music Hall, which feels like a healthy size. *3 Have 4 IRL events that bring together our people.* Creators want and need infrastructure. Operators need increased context to navigate. Investors and capital need to find new ideas. These groups are disincentivized from spending time together, and are often goaded into thinking the worst about each other. Plus you can't prompt your way into connection. *4 Collaborate across borders.* Because of what we do and how we do it, we can be embedded into almost anything and speak clearly about it. We don't have a **lane**, we have a perspective we invite people into. We need to scale that more aggressively. We'll see what happens next. ### The Dime💰 - Zohran Wants to Buy Everything URL: https://www.duethedilly.com/zohranunlimitedbudget/ Last updated: 2026-01-17T23:48:52.000Z "What's the point of having f*ck you money, if you never say f*ck you?" - Bobby Axelrod _This post is for subscribers only._ ### The $100B PDF: How Paramount Is Fighting Netflix URL: https://www.duethedilly.com/paramount-netflix-warner-brothers/ Last updated: 2026-01-16T15:37:51.000Z The story of Hollywood isn’t art. That existed long before (and will long after) this current iteration is transformed. The story of the Hollywood we know, is about studios being bought and sold, and in between, producing things we watched. A lot of those buyers, we would be shocked at. For instance: In the 1950s, a music label called Decca, purchased Universal Studios. NBC later merged with Universal, and then Comcast took it—all to say: institutions trade studios like assets, because they are. The battle for Warner Brothers is about much more than movies, but we don’t have to act like it the first time something like this has happened. This analysis focuses on Paramount’s case to the Warner Bros. shareholders—and how a presentation, positioned well—while Netflix plays the parallel public game. But to do that, you need a deck that tells people why and how you are going to do what you say you are going to do. ## The Deck That Launched 1000 Lawyers [![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/99a2658f-b733-42d3-a2a8-2c0ad98fde5e-RackMultipart20251208-170-8ja0sn.png)](strongerhollywood.com) All caps for effect. Capital *needs* to flow to ideas. It is a commodity that needs a job. Presentations are means to communicate what can happen *when* that money finds the right job. A few key slides tie this all together. And they are tactics anyone can (and probably should) to communicate their own ideas. Take what works, leave the rest. Here's a snapshot: ### **The Opener: Always BLUF (Bottom Line Up Front):** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/96fcc91f-7823-46fd-8d99-6a999dd31ae3-RackMultipart20251208-216-kxnj90.png) BLUF is a term used in military briefings to communicate critical information. You state the decisive takeaway first, then supply the supporting facts, assumptions, and caveats. It forces clarity, and prevents important information from being missed or buried. ## **The ‘You Know What Time It Is” Slide** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/6cf51c8d-e601-4ae7-9b8f-516c51e4fe17-RackMultipart20251208-170-3imli.png) This is the crux of the argument - Paramount never got a call back when it revised its offer, so they are saying this puts the shareholders at a disadvantage. ### **The ‘Clear Ask’ Slide** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/5df6d66e-0044-4c33-b9c9-d0cf8e4a60e0-RackMultipart20251208-190-kxnj90.png) Frame skepticism about the rival bid’s true economics without overstepping—apply pressure, don’t libel. ### **The Business of Convening Slide** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/3b27a622-2005-4770-8584-cd435b3c5450-RackMultipart20251208-192-fguway.png) [This is Due Dilly Episode 3](https://www.youtube.com/watch?v=9v-mq65tlLk&ref=duethedilly.com), as a slide. The bottom left quadrant deserves some time. NFL, MLB, March Madness, WNBA, PGA, and Champions League, are all institutions unto themselves. You layer in tentpoles and live rights, and you lift average CPMs, reduce churn, and increase distributor leverage—exactly the economics a board wants to see. ### **The Content Flywheel Slide** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/33e0c717-3bea-4d14-81e2-57bec3c17fbb-RackMultipart20251215-162-hyeg9.png) This is my favorite. SO. MUCH. IP. Paramount by itself has its hands all over the place, and works with its rivals on particular deals and shows all the time. If you’re a gamer, you know that Batman: Arkham Asylum went gold on PS5\. What you might not know is how many other games they make. Movies, cartoons, shows, games, live events, and products all flow out of franchises. This is where the business compounds itself. 💡 You can find the full presentation [HERE](https://cdn.prod.website-files.com/68dfcf83d19a4d2900dfe786/693705e0d1c41b3ea83dbf74%5FParamount%20WBD%20Presentation.pdf?ref=duethedilly.com) , if you want to explore more. ## The war is private, the battle is public In the public markets, Warner Bros. is the short‑term “winner” so far—volatility and price action since bids surfaced have created leverage in the court of opinion. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/10f23eb7-8b24-4646-8a51-ff16a056b7ff-RackMultipart20251215-195-hqmtsq.png) Evan Shapiro, Media War & Peace, 2025 But the average consumer is not going to go look at earnings number or a deck like the one you did. They are going to check their email though. And Netflix will be there, with that gigantic N, playing offense: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/a5b0904c-28b5-43ec-b9c0-738f6cfb21f3-RackMultipart20251208-160-x1d6ap.jpg) Here's the CEO of Paramount, recapping that same deck, in under a minute: 0:00 /1:41 1× Succession Season 5 Premiere Different strategies, but the same determination: I need to win out in public sentiment, because we're going to court regardless. When the message is clear, you reinforce the talking points. Over, and over and over again. ## **The Allspark Deal** ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/c86969b9-e1e2-4eb1-b916-7b1b811cb3cd-RackMultipart20251216-184-m7e7dh.png) The Allspark Lake I am a lifelong Transformers fan. In the lore, there’s something called the Allspark; it a singular source of all the power that connects the Transformers. This singular power source that animates everything, including how they move and operate. Both Netflix and Paramount are selling an idea of what Warner Brothers could become, if they win. What they *actually* do with it, will play out, but the drama of it, is what people are tuning in for. Whoever wins, will reshape something. Before something even becomes a deal though, its an idea. Before its an idea, its a choice. And before it’s a choice, it’s a spark. ### The Dime💰 - Is This Podcast Real? URL: https://www.duethedilly.com/the-dime-5/ Last updated: 2025-12-05T05:04:17.000Z What is a podcast? From what we know, it is a microphone, a quiet room, and a person with something to say. In 2025, that formula is being rewritten. AI voice models are moving from experiments to mainstream production tools, and suddenly entire podcasts are being hosted, narrated, localized, and cloned by software. This shift is one of the most legally complicated and commercially significant evolutions happening in audio today, and the implications for founders, investors, creators, and platforms are enormous. Here's this week's edition of The Dime💰. _This post is for subscribers only._ ### Podcasting is much harder (and much simpler) than I thought. URL: https://www.duethedilly.com/much-harder-and-much-simpler/ Last updated: 2025-12-01T23:11:43.000Z If you’re reading this, someone you know probably has one. Here's what they should know. _This post is for subscribers only._ ### The Dime💰 - Spotify Buys WhoSampled URL: https://www.duethedilly.com/the-dime-4/ Last updated: 2025-11-21T05:07:20.000Z *There's a new episode of the Due Dilly Podcast. It's our best episode yet. We talk about why Beauty Companies are the most innovative companies in the world. I think you'll love it. Play it on* [*YouTube*](https://youtu.be/5faYM2N7so8?si=uZdC7wJGGUOXvAm%5F&ref=duethedilly.com)*,* [*Spotify*](https://open.spotify.com/show/0sdq7pTF1gxtqq8BHHJuJW?ref=duethedilly.com&si=80AxzU78S4-YXO6MEyJHYQ&nd=1&dlsi=c35e3eba8dbf461f)*, or* [*wherever you listen to podcasts*](https://pod.link/aHR0cHM6Ly9mZWVkcy50cmFuc2lzdG9yLmZtL2R1ZS1kaWxseQ?ref=duethedilly.com)*.* _This post is for subscribers only._ ### The Dime💰 – Vibe Shift URL: https://www.duethedilly.com/the-dime-vibe-shift/ Last updated: 2025-11-14T12:45:46.000Z *Due Dilly Episode 3 is out if you haven't seen it yet. Catch it on YouTube or* [*wherever you listen to podcasts*](https://linktr.ee/duedillypod?fbclid=PAZXh0bgNhZW0CMTEAc3J0YwZhcHBfaWQMMjU2MjgxMDQwNTU4AAGnQPTSz70WvOH0hB%5F2LfS%5FMGWd9ZSGQml%5FL%5FycMiXm2xmLosqHwe1rFlWG0DQ%5Faem%5FwWOs8uLHd-KP%5FEjXH5JweQ&ref=duethedilly.com)*.* When deciding to move The Dime💰 to the Due Dilly site, I decided to take a completely different approach to writing. Firstly, I wanted to write in a more stately manner because the platform was different. I felt that writing on Instagram required a bit more of a relaxed style, something that felt like speaking on the living room couch with a friend, but since Instagram is a social media platform it fit well for that. On a formal website, and as a formal email newsletter, it would need to be something more refined. Something more respectable for the inbox. Secondly, I wanted to dedicate more time to talking about the law. Primarily because most do not cover it and it actually affects you every single day, but also because I felt like it would be a way for you to be able to speak to the things that matter to you in a comfortable way. I aim to continue keeping that mission, but today, we are taking a trip back to how things used to be on Instagram. It is only this week, because the message this week is a very important one. We are experiencing a vibe shift. A very important one. It is going to affect all of us. It is going to be very weird. It is going to be very confusing. You are going to need to be prepared. > [https://t.co/zVRxgsG1VK](https://t.co/zVRxgsG1VK?ref=duethedilly.com) [pic.twitter.com/xEzHyR8ESL](https://t.co/xEzHyR8ESL?ref=duethedilly.com) > > — CJB, Esq. (@CJoeBlack) [November 14, 2025](https://twitter.com/CJoeBlack/status/1989211903277887556?ref%5Fsrc=twsrc%5Etfw&ref=duethedilly.com) **Where We Started** November 2024 was the previous vibe shift. Donald Trump had a decisive victory in the Electoral College and beat Kamala Harris by more than two million votes. Millions of Democrats stayed home. It was not even close. The Right decisively won the culture war. Young men overwhelmingly voted Republican. The right wing of Silicon Valley took control of the corporate side of politics and kicked off January 2025 with pro tech, pro crypto, policy and a wave of effective accelerationism rhetoric that swept social media and in many ways traditional media as well. For a while, that energy carried the year. The mood of the internet tilted in one direction. The CEOs, the influencers, the founders, the traders, the content creators, all spoke the same language and you could feel it in the air. Companies bent the knee, donated money, gave Trump a bunch of praises, attended dinners, and cancelled DEI programs/initiatives. Democrats spent most of the year languishing. But 11 months later, the vibe has shifted again. Before we talk about where the vibe is going, we need to talk about how the vibe shifted slowly, then all at once. **Trump’s Promises** Donald Trump has broken every single one of his promises to his voters. Literally, every single one. The people who voted for him in November 2024 did so because they believed they were signing up for a particular vision of America. What they got instead was something that contradicted the very language of the campaign. Let’s get into each. **No more wars** The promise of disengagement evaporated by March 2025\. After the January 12 attack on U.S. personnel in northern Iraq, the administration authorized targeted air operations that evolved into sustained involvement by April. Troop deployments increased. Contractors increased. The Middle East did not calm down. It escalated. We dropped a huge bomb on Iran using B-2 Stealth Bombers "killing" their nuclear program. Ukraine is still at war with Russia. The Gaza ceasefire is probably the only ***major*** thing we can say “happened” but it’s too early to tell if that will really hold. **America First** Earlier this year the under-currents around the H‑1B visa program began to boil over, and as of last week they have burst into full view. On November 11, 2025, Donald Trump told an interviewer on Fox News that while America is “leading China by a lot on AI,” the United States “doesn’t have a certain talent” and therefore needs to bring in foreign skilled workers under H-1B visas. He also stated that he'd be allowing 600,000 students from China to attend universities in the US, which his voters view as taking US seats. The timing is significant. In September 2025 President Trump signed a proclamation imposing a $100,000 fee on each new H-1B visa application, effective September 21, 2025, a move framed as protecting American jobs and training U.S. workers. That fee, and the broader scrutiny of H-1B, exposed deep fractures in the Republican coalition and in the tech economy. On one flank you have business and tech leaders arguing that foreign talent is essential to innovation, especially in AI and advanced engineering. On the other you have nationalist and “America First” voters furious at any program seen as displacing domestic workers or suppressing wages. The “debacle” lies in the contradiction. On one hand federal policy is tightening access (the six-figure fee). On the other hand the president is acknowledging talent shortage and endorsing foreign-skilled workers to keep competitive. The result is confusion among employers, prospective immigrants, and U.S.-born workers alike. For startups this matters. When the cost of hiring international talent skyrockets, and the political risk of using H-1Bs rises, that changes how you plan for hiring, how you price labor, how you assess VC backers who count on global talent. Meanwhile domestic workers who were promised protection feel betrayed when talent shortage becomes the justification for foreign hiring. In short, the H-1B issue is not just about immigration. It is a symbol of the broader vibe shift: the promise of “America First, jobs for Americans” running headlong into the reality of “global talent, global competition.” The mismatch is now raw and visible. **Return of Manufacturing Jobs** ![](https://www.duethedilly.com/content/images/2025/11/Screenshot-2025-11-14-at-2.38.51---AM.png) Manufacturing output has barely grown over the last year and has dipped in several quarters. The new tariffs raised input costs for American factories. Plants in Ohio, Indiana, and Pennsylvania announced layoffs between June and August. The administration responded by saying the “adjustment period” would take time. Nothing real improvement so far. **Repeal of Obamacare** The House could not agree on a replacement bill by July. The administration quietly stopped talking about it. The promise died in committee. **Lower food prices** The combination of tariffs on fertilizers, energy price volatility, and supply chain disruptions has inflation at 3.2% by August 2025 when it probably would have already reached the Fed's 2% goal if the tariffs never happened.. The average grocery bill is higher today than it was under President Biden. **Lower home prices** Home prices continued to climb because supply is historically low. Adding tariffs on Canadian lumber raised construction costs, not lowered them. Housing prices are still high and are barely moving lower. **Lower interest rates** The Federal Reserve raised rates in March 2025 precisely because the tariff induced inflation spike made financial conditions worse. The White House blamed the Fed. The Fed blamed fiscal policy. Voters blamed Trump. The Fed eventually lowered rates (twice this year) but only by 50 basis points so far (.50%). So we're not seeing significant changes from that. **Epstein Files** He said he'd expose them. Hasn't happened yet. > [https://t.co/bFLBwdGsvd](https://t.co/bFLBwdGsvd?ref=duethedilly.com) [pic.twitter.com/WUycoAYJYs](https://t.co/WUycoAYJYs?ref=duethedilly.com) > > — CJB, Esq. (@CJoeBlack) [November 13, 2025](https://twitter.com/CJoeBlack/status/1988769582962864609?ref%5Fsrc=twsrc%5Etfw&ref=duethedilly.com) Nearly every major promise made to the coalition that elected him has not been met. That is the root of the vibe shift. **Here’s the Timeline of What Actually Caused the Vibe Shift** Below is how the energy changed, month by month, and why everyone suddenly feels like the air is different. **January 2025 – Tariffs Announced** The administration launched a 20 percent tariff on all Chinese imports on January 8, followed by sector specific tariffs over the next two weeks. Markets dipped. Retailers panicked. The public was confused. This was the first crack in the energy. The online conversation shifted. TikTok creators who had been loudly pro tariff in theory suddenly realized how much of their lives depended on Chinese manufacturing in practice. By the end of January, even conservative influencers were complaining about the price of everything from microphones to gym equipment. By April Trump slapped a tariff on damn near everyone. He even slapped a tariff on a country populated by penguins and did so on a chart that look like it was all calculated on ChatGPT ![](https://www.duethedilly.com/content/images/2025/11/tariff.webp) **Spring – Cluely & Venture Capital** 0:00 /1:40 1× If tariffs were the policy signal, Cluely was the culture signal. Cluely is an AI desktop assistant that sees your screen and hears your audio, then feeds you real time suggestions for what to say in interviews, sales calls, meetings, even dates. The founders describe it openly as a way to “cheat on everything,” and they built a whole brand around that idea. In July, Cluely’s 21 year old CEO and his cofounders were profiled for throwing a $1.5 million rave as a launch stunt, leaning into a fratty, transgressive image. Around the same time, reports highlighted how the product can help users fake expertise in live settings, whispering answers in job interviews, technical screenings, or sales calls, with little concern for what that does to trust in the process. The important part is not just that Cluely exists. The important part is who funded it. A16z led a $15 Million Series A round for a product that is literally branded as “cheating,” with a manifesto that proudly reframes cheating as “just another tool,” the same way calculators and Google were once framed. That is the vibe shift in venture capital. For most of the last decade, the ideal founder archetype was either the deeply technical domain expert, or the obsessive operator with a track record and a reputation for integrity. You did not have to be a saint, but investors at least pretended to care about whether you were building something durable, legal, and aligned with your users. What we are seeing now is different. Capital is chasing whatever is loudest online. If a product can go viral on TikTok, if it can produce screenshots that travel on X, if it can generate enough controversy to keep the engagement flywheel spinning, that alone becomes a reason to wire the money. Cluely is not the only example, but it is a clean one. Young founders. A deliberately provocative brand. A tool that openly undermines trust in hiring and sales. And big name venture capital backing it anyway, not in spite of that, but partly because of it. The lesson for the wider culture is simple. The money is no longer rewarding only expertise and integrity. It is rewarding attention. This has lead to incessant rage baiting and a true question into whether building technology still has a pure purpose. To the point where there are wars on X between anonymous accounts and prominent venture capitalists like Marc Andreessen and other institutions like Y-Combinator. ![](https://www.duethedilly.com/content/images/2025/11/andreesen-pope.jpg) > Don’t mock the pope > > — Daniel (@growing\_daniel) [November 8, 2025](https://twitter.com/growing%5Fdaniel/status/1987072055326720244?ref%5Fsrc=twsrc%5Etfw&ref=duethedilly.com) **The AI Arms Race That No One Understands** While tariffs and culture wars were playing out on the surface, something much bigger was happening in the background. From January to now, the entire AI industry has turned into a circular funding diagram. The same handful of companies keep investing in each other, signing enormous infrastructure contracts, and talking about artificial general intelligence like it is right around the corner, while regular people mostly see higher electric bills and headlines about layoffs. Let us walk through what actually happened. **January – Stargate and the Mega Data Centers** In January, the Trump administration stood up with OpenAI, Oracle, and SoftBank to announce “Stargate,” a $500 billion initiative to build a massive network of AI data centers across the United States. The pitch was national greatness and technological dominance. The fine print was ten gigawatts of new data center capacity and hundreds of billions of dollars in long term commitments between OpenAI and its infrastructure partners. By the fall, OpenAI, Oracle, and SoftBank were announcing specific Stargate sites in Michigan, Wisconsin, Texas, and other states. On top of that, analyses now estimate that OpenAI has committed to more than $1 trillion of hardware and cloud spending between 2025 and 2035, spread across vendors like Broadcom, Oracle, Microsoft, Nvidia, AMD, AWS, and CoreWeave. So before you even get to the models, the core story is that AI has become a giant capital expenditure machine. **Spring – Everyone Invests in Everyone** ![](https://www.duethedilly.com/content/images/2025/11/circlejerk.jpeg) The money did not stop with Stargate. OpenAI continued raising equity at enormous valuations, with Thrive Capital, SoftBank, Nvidia, Microsoft, Fidelity, and Khosla Ventures all either leading or participating in recent rounds that pushed the company’s valuation well north of $150 billion and set the stage for even more capital this year. Apple deepened its partnership with OpenAI, integrating ChatGPT into Apple Intelligence and iOS, and quietly positioning OpenAI as one of several model providers that will live in the Apple ecosystem. Oracle signed a cloud contract with OpenAI that is expected to total around $300 billion in compute over several years, making it one of the largest cloud deals in history. CoreWeave extended its own relationship with OpenAI through a new $6.5 billion contract, taking the total value of its OpenAI deals above $22 billion this year. At the same time, the other AI players were not sitting still. Meta spent about $15 billion to buy a 49% percent stake in Scale AI, effectively pulling a major data labeling company into its orbit to feed its own models. Anthropic announced plans to invest roughly $50 billion in U.S. AI infrastructure, starting with custom data centers in Texas and New York. Google signed expensive licensing deals and made bets on code generation startups, while pushing its own Gemini models into every product it can. The result is an industry where the same names show up in every cap table and every cloud contract. Firms that sell chips invest in firms that buy chips. Cloud providers invest in model labs that in turn commit to buying billions of dollars of compute from the same cloud providers. Investors who already hold equity in OpenAI then fund the companies that build the infrastructure OpenAI needs, and those infrastructure companies sign long term deals with Nvidia, which itself holds stakes in multiple cloud providers. ![](https://www.duethedilly.com/content/images/2025/11/IMG_1390.JPG) To the average person, it feels less like a clean market and more like an enclosed financial ecosystem. These deals have been driving the market this year. Most of the other companies are yelling "AI" in their earnings calls. Everyone's life is hitched on OpenAI. **Sora, Sora 2, and the Confusion About Value** When OpenAI first emerged, a lot of the public rhetoric was about curing diseases, accelerating scientific discovery, and tackling major global problems. The messaging was about moving humanity forward. What people are actually seeing in 2025 looks different. The flagship consumer facing releases have been models like Sora and Sora 2, video generation tools that create highly realistic clips from text prompts. In practice, investigative pieces and early users have documented Sora producing content that includes violent scenes, racist and ableist stereotypes, and fetish adjacent imagery, even when OpenAI’s formal policies say those use cases are not allowed. One outlet documented how Sora 2 clips of women being strangled spread across social media. Another described users making fetish style videos, including belly inflation and “giantess” scenarios, while using real people’s faces with their consent, raising a whole new set of questions about what counts as porn, harassment, or exploitation in a world of AI generated media. At the same time, there have been ongoing debates about OpenAI’s content policies and whether the company is quietly opening the door to more explicit sexual content in some settings while publicly stressing guardrails in others. For regular users, it does not feel like the technology is “curing cancer” yet. It feels like it is very good at generating content for ads, entertainment, and speculative attention games, and only slowly and unevenly improving things like healthcare, public services, or everyday productivity. **Electricity Bills and Local Backlash** The other thing people are noticing is their power bills. Data centers already accounted for roughly four percent of total U.S. electricity use in 2024, and projections suggest that figure could more than double by 2030 as AI demand ramps up. In specific regions near big data center clusters, wholesale electricity prices have surged, in some cases more than doubling over a five year span, and those higher costs are being passed on to residential customers. In cities like Chicago, local reporting has connected rising utility bills to the growing number of AI related data centers on the grid. Residents are showing up to community meetings asking why their bills increased while multinational tech firms are receiving subsidies and favorable land deals for their server farms. Even when utilities and policy experts point out that data centers can help stabilize the grid if they participate in demand response programs, the public narrative is not that nuanced. People see higher bills, headlines about AI, and politicians posing with tech executives, and they connect the dots in the simplest way possible. **Layoffs, DOGE, and the “Lean” Excuse** Then there are the layoffs. By the end of October, U.S. employers had announced roughly 1.1 million job cuts for 2025, the highest year to date total since 2020 and a sixty plus percent jump over last year. Tech companies alone have cut more than one hundred thousand workers this year, even as they spend tens of billions on AI infrastructure and model development. Microsoft laid off about 7000 employees, roughly 3% of its workforce, explicitly to “reallocate resources” toward advanced AI. Other tech giants made similar moves, cutting staff and explaining to investors that AI would make the remaining teams more productive and the companies “leaner.” Outside of tech, a huge driver of layoffs has been DOGE, the Department of Government Efficiency. That was the new federal agency created at the start of the administration and heavily influenced by Elon Musk, with a mandate to shrink the government. In March alone, more than 200,000 federal workers and contractors lost their jobs due to DOGE related cuts, and year to date DOGE impact accounts for hundreds of thousands of announced reductions in the public sector. So when you hear “over 1 million people got laid off this year,” that is not exaggeration. That is what the data actually shows. And over and over again, the justification is the same. Companies say they are investing in AI. They say they are cutting costs. They say they are “right sizing.” They tell Wall Street that AI will allow them to do more with fewer humans. From the point of view of the average worker, AI so far looks like a reason to build data centers, push up utility bills, and cut jobs, not a reason to improve their day to day life. We went from believing in AI to hating AI. Our timelines are filled with slop, writing has been filled with slop, and we’re watching all of our friends get fired left and right. **Zohran Mamdani and the Affordability Realignment (ALL AT ONCE)** If you want to understand how deep this vibe shift actually goes, you have to look at what just happened in New York City with Zohran Mamdani. In November, Mamdani became the first Democratic Socialist to win a citywide office in modern New York politics, and he did it by running on one thing that both parties have failed to speak to clearly for years. Affordability. His entire campaign revolved around the cost of living crisis that everyone feels every single day. Not just in vague terms. In direct terms. He talked about rent freezes. He talked about fare free buses. He talked about expanding childcare. He talked about the price of groceries. He talked about the cost of being alive in the most expensive city in the country. He treated affordability like a public emergency instead of a talking point, and voters responded. The numbers tell the story better than any slogan. Youth turnout hit nearly 30% among eligible voters between 18 and 29\. Of those who voted, roughly 75% voted for Mamdani. Young men were a huge part of that surge. Polling breakdowns show that when cost of living becomes the frame, young men who have been drifting away from Democrats will come back if someone is actually speaking their language. Mamdani did that. He did not run on vibes. He ran on the bill that hits you on the first of every month. Even outside the youth vote, his message landed. Latino voters rated affordability and housing as their top priorities this cycle, and he outperformed among them because his proposals actually addressed those issues. That matters because in a city that has been shaped by rising rents, transit failures, and lopsided economic recovery, Mamdani created a blueprint for how to talk about these pressures in a way that people believe. Republicans noticed immediately. For a year they have been living off cultural grievances and the energy of the 2024 election. But once Mamdani won with a pure affordability message, Republican strategists began shifting their tone. Suddenly affordability is the phrase you hear in conservative media. Suddenly the messaging is about groceries, housing, cars, and medical bills. Suddenly they are trying to position themselves as the party that can fix the cost of living crisis by cutting regulation, cutting taxes, and blaming Democrats for everything from energy prices to food inflation. Republicans are realizing they have a communication crisis. For months Washington has told voters that the economy is strong. They have pointed to GDP growth. They have pointed to major legislation. None of it has moved the needle because voters do not feel any of it. They feel the rent. They feel the grocery bill. They feel childcare. They feel the cost of traveling to work. No amount of charts or press releases can override the lived experience of a household budget. This past weekend Donald Trump, through Federal Housing Finance Agency Chair Bill Pulte, announced a 50 year mortgage. Which is probably the absolute worst housing idea since redlining. Immediately everyone rejected it, called it stupid, and Trump basically had to walk it back and this week announced a "portable" mortgage which will allow people to take their lower rate mortgage with them to a new home. Republicans are scrambling. This is why Mamdani’s victory is so important to understanding the vibe shift. It is not about ideology. It is not about left or right. It is not even about New York. It is about the political class finally discovering what regular people have been saying for two straight years. The cost of living is crushing them, and they are willing to vote for whoever addresses it in a concrete and believable way. The old coalition lines are cracking. The old talking points are collapsing. The old assumptions about who votes for whom are already outdated. The only thing cutting through right now is affordability. That is the new political gravity. Mamdani just proved it. Republicans are trying to copy it. But for Republican's it's looking like it's too late and voters are losing faith. > Vibe shift complete. [https://t.co/Fm2HBJa3QF](https://t.co/Fm2HBJa3QF?ref=duethedilly.com) > > — CJB, Esq. (@CJoeBlack) [November 12, 2025](https://twitter.com/CJoeBlack/status/1988720073305919910?ref%5Fsrc=twsrc%5Etfw&ref=duethedilly.com) Voters are making it clear that the vibe has shifted. They want answers to the bill on the table, not the one in the press conference. It's looking like Trump and the Republican blew a 3-1 lead. I'm not sure where we go from here. But 2026 is going to be a weird trip for all of us. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### Free Agency 📈: Build it like Bartlett URL: https://www.duethedilly.com/steven-bartlettother-peoples-money/ Last updated: 2025-11-11T04:44:17.000Z Data, distribution, and teams. _This post is for subscribers only._ ### The Dime💰 - Comcast is trying to Finesse URL: https://www.duethedilly.com/the-dime-comcast-is-trying-to-finesse/ Last updated: 2025-11-07T03:56:02.000Z Comcast, one of the largest media and telecommunications companies in the world, has started exploring a potential acquisition of parts of Warner Bros. Discovery, the parent company of HBO, CNN, and Max. According to Reuters, Comcast hired Goldman Sachs and Morgan Stanley to conduct financial due diligence and has been granted access to Warner’s confidential data room. In corporate terms, that means the conversation has moved from rumor to real analysis. Let's get into it, here's this week's edition of The Dime💰. _This post is for subscribers only._ ### The Dime💰- Jamaica is the Financial Innovator of the Decade URL: https://www.duethedilly.com/the-dime-jamaica-is-the-financial-innovator-of-the-decade/ Last updated: 2026-01-16T15:36:26.000Z It is not every day that one of the most sophisticated financial innovations in the world comes out of a Caribbean island rather than a Manhattan skyscraper, but that is exactly what happened when Jamaica, through [Dr. Nigel Clarke](https://x.com/nigelclarkeja?s=21&ref=duethedilly.com), built a catastrophe bond to insure itself against hurricanes. Instead of waiting for international relief, hoping for grants, or borrowing money when the roof is already blown off the economy, Jamaica pre funded its own disaster recovery. In simple terms, the country convinced global investors to take the financial hit if a major storm hits Jamaica, not Jamaican taxpayers. If the hurricane qualifies, Jamaica collects the cash immediately. If it does not, investors get their money back with interest. That is not charity, that is contract law and capital markets working as climate defense. It is finance as survival strategy. This week I get to tell you all about it. Here's this week's edition of The Dime💰. _This post is for subscribers only._ ### The Dime💰- Music = Money URL: https://www.duethedilly.com/the-dime-music-money/ Last updated: 2025-10-24T04:52:28.000Z “Everything everywhere is always moving, forever. Get used to it.” - Logan Roy _This post is for subscribers only._ ### Free Agency 📈: Need Distribution? Better Call iHeart. URL: https://www.duethedilly.com/flava-in-both-ears-iheart/ Last updated: 2025-10-20T22:30:26.000Z 💡 Hi! Quick announcement: ****Episode 2 is available on** [****Apple Podcasts**](https://podcasts.apple.com/us/podcast/the-due-dilly-podcast/id1844489944?ref=duethedilly.com) ( video tomorrow on Spotify and YouTube). You get it first. **This one’s for the creatives, the musicians, and anyone caught between making work and financing it—trying to protect what they build while still daring to build it.* **I won't mince words: this episode is Carl's legal genius on display. I don't talk that much, but you'd probably wouldn't interrupt Miles Davis in the studio either. You bear witness to someone doing what they are great at.* In preparation for this new season of the show, I had an epiphany: I have no idea how podcast distribution works. ZERO. I am a simple man: I see a thumbnail, it comes to my screen, I listen. I got the *how* of podcasting, but I was deeply ignorant on the *who*. But I couldn't stay that way. Since podcasting is not algorithmically driven, you need distribution and endurance. Something has to power all of that. The best infrastructure is good by being visible in what it allows to happen. In my basic research, I kept finding the same name, over and over and over: iHeart Media. That pesky little heart in the corner of show headers is seemingly everywhere. So I did what anyone would do: incessantly dug into their [earnings report(s)](https://s24.q4cdn.com/216390268/files/doc%5Fearnings/2025/q2/presentation/iHMedia-Investor-Deck-2025-Q2.pdf?ref=duethedilly.com) to find out how they do what they do and why they are so good at it. **TL;DR - they are everywhere sound is, doing (almost) everything.** _This post is for subscribers only._ ### The Dime💰 - The Unicorn Algorithm URL: https://www.duethedilly.com/the-dime-the-unicorn-algorithm/ Last updated: 2026-01-16T15:37:03.000Z “I believe I’ve isolated the algorithm for making friends.” - Sheldon Cooper _This post is for subscribers only._ ### The Due Dilly Podcast is Back URL: https://www.duethedilly.com/due-dilly-podcast/ Last updated: 2025-10-08T00:30:06.000Z Three years ago, we sat in a Harlem apartment with nothing but an idea. In the crowded world of podcasting, we noticed something was missing. Everyone talks about what they did and why they did it, but almost no one breaks down *how* they did it. If someone built a company that got acquired for $200 million, selling clothes in their own music videos, what were the actual steps they took? If someone bought a tech company, and sold it for more than it was worth, how did they pull that off? What issues came up along the way? What parts of the story are unseen? Why do we only know what we know? And then… we disappeared. We made a promise though: if we came back we’d do it in a way that was sustainable, and allowed us to do what we know we can be best in the world at. Anything less than that would be a waste of our time. Art and science are forever intertwined for us. We’ve grown, we’ve leveled up, and we’ve built something we truly hope you’ll enjoy. Welcome to **The Due Dilly Podcast, Season 1:** *The Creator Economy*. We're live on [YouTube](https://www.youtube.com/@DueDillypod?ref=duethedilly.com), [Spotify,](https://spti.fi/DueDilly?ref=duethedilly.com) [Apple,](https://podcasts.apple.com/us/podcast/the-due-dilly-podcast/id1843879567?ref=duethedilly.com)and anywhere else you listen to [podcasts](https://dub.sh/PodLinkDueDilly?ref=duethedilly.com). ## Why The Creator Economy? First, because its booming, emerging, and maturing all at the same time. There are theories, hot takes, failures, outliers, schemes, and everything in between. However, we observed a persistent and overactive shift in interest and financing towards creators and creator infrastructure. This prompted us to look a bit deeper, and through that process, we not only realized the interest is real, but that many creators may not be ready for, or recognize the size of this opportunity. Plus, something slated to be worth $500 billion that is still difficult to piece together, felt like a perfect place to start. We're diving deep into the financing, opportunities, industries, and ripple effects all through the lens of people, places, and new realities being established. ## Our Value Proposition 1. The internet is about 25 years old. 2. We take about 25 hours to research and craft episodes that focus on inflection points, that often intersect with media and finance. 3. You get the best of that in an hour. (43 minutes for you efficiency-obsessed warriors who listen on 1.5x speed. Love it for you.) ### Why We Exist: The Missing Analyst Class While others push out endless "hot takes," we're in the trenches building, advising, and structuring real businesses. This gives us three unique advantages: 1. **Direct Intelligence**: We source insights from actual operators, not just headlines. 2. **Future-Forward Analysis**: We spot emerging opportunities before they hit the mainstream 3. **Bias for adjustment:** We're willing to be wrong in public and adjust as needed. We also believe the current landscape suffers from four critical failures that allow for innovation: 1. **Surface-level coverage**: Most coverage barely scratches the surface - you get headlines but miss the real story of what's driving change. Rigor always leaves clues. 2. **Disconnected expertise**: The analysts writing about it aren't doing it, and the people doing it are too busy to write about it. 3. **Analysis paralysis**: More data isn't helping - people are drowning in information but still struggling to make better decisions. 4. **Liars and charlatans:** Turns out, when you are open to every kind of incentive, it can make you available to other types of deals that are not good for what you want to do. Entire industries are being upended. New ones are forming daily. The cost of technology is dropping, but the cost of decision fatigue is increasing. You can do more with less, but gaining and sustaining attention requires entirely new skillsets. All of this requires adaptability, curiosity, and infrastructure. Luckily, those are things we enjoy. ## Our Principles 1. **Trust, taste, and community are everything.** The ability to get 100 pages of research in 9 minutes doesn't make it more useful. What matters is what to pull out, what to ignore, and how to synthesize it when the map and the territory are at odds. 2. **Dangerously competent.** If you engage with Due Dilly, there should be something you walk away with that can be instructive, impactful, and sticky. Anything less is not acceptable. 3. **Anti-slop, pro-craft.** Respect is conveyed through the way you communicate, what you say, and the effort you invest into it. We want to be seen trying, and for you to know it and feel it. ## Our Approach We believe things change at the speed of culture and endure at the quality of principles. Flattening conversation does a disservice; it removes the ability to embrace new solutions in favor of easy consensus. At the same time, being complex for no reason is a sign of avoidance. The best people, as Charlie Munger quipped, take a simple idea and take it seriously. You also don’t have to choose; something can be entertaining and dense with insights. The idea that picking means something is the worst kind of false equivalency. Podcasting isn't just crowded—it's a craft that demands rigor. Between the flood of AI-generated content and the [countless shows launching daily](https://podcastindex.org/stats?ref=duethedilly.com), finding authentic, expert-driven insights has become increasingly rare. That's exactly why we're here: to deliver something real, researched, and worth your time. We’ve found that there’s always a blue ocean when you commit to going as far as possible. Plus, it's an endurance exercise: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/29d1c2b7-59d0-48cf-a32a-ce065678b210-RackMultipart20251007-150-r2r0mw.png) **Our competitive advantages are simple:** - We aren't easily impressed or discouraged. - We read and write things others ignore and avoid, then share them publicly. - We repeat this with violent precision. We want to be what the lawyer sends their client, the artist sends their manager, the college student uses during finals, a stressed-out founder can look to for some new inspiration, and the investor texts their group chat. To have replay value, you can go back and gain something from. We want to be a place you can learn an idea, call your friend, and go do something. ## How to Support Us 1. **Rate and review the show:** your feedback helps shape our direction and gives us feedback we can use. Also, it's great to know who's listening and watching. 2. **Share an episode** with someone who's building something meaningful. 3. **Talk to us:** Tell us what topics or questions you're thinking about. We're focused on being the highest signal environment possible and we need your help to do it. See you in the deep end. Carl & Jonathan P.S. If you’re waiting to launch something, this is your notice to do it. ### The Dime💰- Venture Capital Deal Terms in 2025 URL: https://www.duethedilly.com/the-dime-venture-capital-deal-terms-in-2025/ Last updated: 2025-10-03T04:54:34.000Z As a founder sometimes it's hard to negotiate with investors because you don't know what the typical market deal terms are. What should my valuation be? What should the discount on the SAFE be? 10%? 30%? What's a good interest rate for a convertible note? Am I asking for too much or too little? This is primarily because most of the documents that are signed in the Venture Capital industry aren't public information. It's usually the lawyers that know everything. So what we as lawyers tend to do is give each other phone calls and talk about critical deal terms and what is currently market from our perspective (without divulging client information of course). We usually do this by saying things like "yeah, for the last 8 or 9 healthcare startup deals we closed, the valuation was in the $7-$9 million range." That information helps other lawyers guide their clients on what the market has a taste for since the industry is somewhat opaque. _This post is for subscribers only._ ### Q3 High Signal Review URL: https://www.duethedilly.com/q3-high-signal-review/ Last updated: 2025-09-30T04:45:39.000Z Just a few changes, no biggie. _This post is for subscribers only._ ### The Dime 💰 - Ssense, a Cash Crunch, and the Mechanics of a Fashion Bankruptcy URL: https://www.duethedilly.com/the-dime-ssense-a-cash-crunch-and-the-mechanics-of-a-fashion-bankruptcy/ Last updated: 2025-09-26T03:55:26.000Z Back in 2021, Ssense looked like a rocket ship. The Montreal-based luxury e-commerce platform raised at a $5 billion valuation with Sequoia Capital backing, and people were calling it the Canadian answer to Farfetch. Fast-forward to September 2025, and Ssense is in a Canadian court fighting for survival under the Companies’ Creditors Arrangement Act, or CCAA, which is essentially Canada’s version of Chapter 11 bankruptcy in the U.S. The company has filed to restructure its debts and find a way forward. If you have ever wondered how a fashion giant with a billion dollars in revenue can collapse so quickly, the filings tell the story. Here's this week's edition of The Dime💰. I've attached the filing documents below. _This post is for subscribers only._ ### Free Agency 📈: How Angel Studios is flipping the Hollywood model URL: https://www.duethedilly.com/divine-productions/ Last updated: 2025-10-07T23:53:03.000Z # In 2017, a company VidAngel filed for bankruptcy. By 2025, reborn as Angel Studios, they've built something unprecedented: a film studio where audiences—not executives—choose what gets made. This March, they proved their model by raising $55 million in just 18 days, entirely from their own fans. The secret? They've inverted the traditional Hollywood playbook. Instead of guessing what audiences want, they let 1.5 million paying subscribers vote on every project. Rather than relying on traditional distribution, they've built direct relationships with viewers who pre-fund films they want to see. And in place of standard studio deals, they offer filmmakers transparent profit-sharing and creative freedom. The model looks like this: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/e8e8ea35-7e8b-49ac-8b78-ad7d191ef303-RackMultipart20250915-144-ytvq5e.png) Let’s explore it in more detail. _This post is for subscribers only._ ### The Dime💰 - The TCPA Trap: A Text Message That Costs Millions of Dollars URL: https://www.duethedilly.com/the-dime-the-tcpa-trap-a-text-message-that-costs-millions-of-dollars/ Last updated: 2025-09-19T03:47:21.000Z The last week and a half has been heavy. I hope you're doing well. Although all of our nervous systems may still be unregulated, I'll try my best to see if we can maintain some semblance of normalcy. As a startup your goal should be to contact your customers in the most effective way possible. Some do so via email, others do so via notification, but I find that most contact their customers via text message or phone call. It makes sense since text messages have significantly higher open rates than email but when doing so you want to make sure you're being compliant. If not, you'll end up calling me on the phone asking to save you from a multi-million dollar lawsuit. _This post is for subscribers only._ ### Don't Play On The Net: How AI is Flexing on the Ad Ecosystem URL: https://www.duethedilly.com/dont-play-on-the-net-how-ai-is-flexing-on-the-ad-ecosystem/ Last updated: 2025-09-02T05:00:19.000Z The original online contract used to be clear: - Publishers provided content in exchange for attention and payment. - Users accepted ads for free content. - Advertisers paid for access to users' attention. It looked like this: ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/e60d9260-cda6-4b83-9238-ce0c9c49f553-RackMultipart20250902-171-lndnt3.png) Ben Thompson, Stratechery This system worked because traffic meant monetization. More visitors meant more ad impressions, which meant more revenue. Sites could invest in better content, knowing they'd be compensated through advertising, and a selection of visitors became subscribers. For a long time, this worked. Entire empires were built off this idea. AI destroyed that contract and replaced it with a new one: The reason it’s quicker than ever to get things is because they’re being indexed *without permission.* It’s starting to look more like this. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/3b29f2ac-fb09-4e7c-82b9-e96da52b98b1-RackMultipart20250902-139-72kg3s.png) Ben Thompson, Stratechery Now it’s all changing again. As agents become more intelligent, traffic is dropping, and an entirely new protocol is being developed. There are some interesting proposals about what may come next. _This post is for subscribers only._ ### The Dime💰 - Soho House Goes Private Again URL: https://www.duethedilly.com/the-dime-soho-house-goes-private-again/ Last updated: 2025-08-22T04:47:43.000Z [Remember when I said Private Markets are the new Public Markets?](https://www.duethedilly.com/the-d-2/) Well, Soho House decided to tell you that Carl is right as it agreed to go private. The headline is simple, shareholders get $9 per share in cash, a deal that implies about $2.7 Billion of enterprise value, with majority shareholders like Ron Burkle and Yucaipa rolling their stakes, MCR stepping in as a new lead investor, Ashton Kutcher joining the Board of Directors, and Apollo and Goldman Sachs Alternatives providing a hybrid financing package. The reality behind the headline is a legal machine that kicks into gear the moment a board chooses private over public. This week I am walking through the mechanics, the filings, the committees, and what actually happens to you if you hold common stock on the day a take-private closes. If you are a founder, operator, or investor, this is the playbook you will eventually see up close.[ Sources throughout include the company’s announcement and related SEC materials](https://sohohouseco.com/news-and-events/news-details/2025/Soho-House--Co-Inc--Signs-Definitive-Take-Private-Agreement/default.aspx?ref=duethedilly.com). _This post is for subscribers only._ ### Free Agency 📈- You Only Get One Face URL: https://www.duethedilly.com/you-only-get-one-face-2/ Last updated: 2025-08-19T23:00:40.000Z 💡 This was stuck in drafts yesterday, so apologies! Back to regularly scheduled programming. When I first grew my locs, I had no idea what I was doing. Everyone had advice, products to recommend, and techniques I *had* to try. Kind of like building a company. There's tactics, techniques, and principles. But the intersection of e-commerce, supply chain dynamics, investor expectations, and changing market dynamics is a volatile situation. Beauty founders have principles that are powerful if you can see and apply them. _This post is for subscribers only._ ### The Dime💰 - Fawn Weaver, Uncle Nearest, and the Hidden Powers of Lenders URL: https://www.duethedilly.com/the-dime-fawn-weaver-uncle-nearest-and-the-hidden-powers-of-lenders/ Last updated: 2026-07-02T02:44:35.000Z If you’ve been following headlines, you’ve probably heard about the court filings involving Uncle Nearest, the whiskey company celebrated for honoring the legacy of Nathan “Nearest” Green, the formerly enslaved distiller who taught Jack Daniel. But beneath the headlines about culture, brand equity, and leadership, there is a much more technical and sobering lesson for founders: how the very credit agreements that fuel growth can also put your company’s fate in the hands of lenders. Here's this week's edition of The Dime💰. This case is a real-world example of what happens when debt meets default, and why every founder should think twice before signing a loan agreement they do not fully understand. The past few days I've been reading both the complaint by the lender (Farm Credit Mid-America, PCA) and the response by Fawn Weaver. I have attached them below for download so please feel free to dig in and share with friends if you so choose. [Uncle Nearest ComplaintUncle Nearest Complaint.pdf162 KBdownload-circle](https://www.duethedilly.com/content/files/2025/08/Uncle-Nearest-Complaint.pdf "Download") [Fawn Weaver ResponseFawn Weaver Response.pdf86 KBdownload-circle](https://www.duethedilly.com/content/files/2025/08/Fawn-Weaver-Response.pdf "Download") ## How Lenders Get the Power The filings in the Uncle Nearest case (see Petition, p. 2, Sec. I) show that the company entered into secured credit facilities with its lenders. In plain English, that means Uncle Nearest borrowed money under agreements that gave the lenders rights over the company’s assets as collateral. Just like when you take out a mortgage on a house, the bank gets a lien on the property. If you fail to pay, the bank can foreclose. Here, the “house” was not just whiskey inventory or trademarks, it was the entire business. These types of facilities are common in consumer brands because they allow rapid scaling, funding production, distribution, and marketing, but they also come with heavy strings attached. ## What Events of Default Really Mean According to the filings (Petition, p. 3, Sec. II), the lenders had “Events of Default” clauses that were triggered when Uncle Nearest allegedly failed to meet certain payment obligations. Think of Events of Default as the tripwires built into a contract. They can be obvious, like missing an interest payment, or technical, like breaching a financial covenant that requires you to keep a certain ratio of assets to debt. Once tripped, the lenders often gain extraordinary rights, including accelerating the loan (demanding immediate repayment of the entire balance) and seeking the appointment of a receiver. That is exactly what happened here. The lenders petitioned the court to appoint a receiver, essentially a third-party manager, to step in and run Uncle Nearest. This is a drastic remedy, but one the lenders had bargained for in advance. ## The Mechanics of Collateral and Priority Liens The mechanics of why lenders had this power comes down to security agreements and intercreditor arrangements. In the filings (Petition, Exhibit A, Loan Agreement, Sec. 7.1), the lenders were given first-priority liens on Uncle Nearest’s assets. First priority means that in the pecking order of creditors, they get paid before anyone else if assets are liquidated. To enforce this, courts will grant remedies like foreclosure or receivership. Importantly, the lenders were not equity holders—they were not shareholders in the traditional sense, but because of the way the agreements were drafted, they had more immediate power than equity investors. Equity gets you upside when things go well, but debt gets you control when things go poorly. ## Understanding the Credit Facilities: Revolvers and Term Loans The types of credit agreements involved are worth unpacking. From the filings (Petition, Exhibit B, Credit Facility, Sec. 2.1), we see a revolving credit facility paired with term loans. A revolving facility works like a corporate credit card, you can borrow, repay, and borrow again, up to a limit. A term loan is more like a mortgage, borrow once and pay down over time. Startups often like this mix because it provides flexibility for seasonal cash flow while also locking in longer-term capital. But the catch is that both are usually secured by all assets of the borrower. In startup slang, that means the lenders have a “blanket lien.” If you default, they can come after everything. ## Why Receivership is the Nuclear Option The lenders in Uncle Nearest asked the court for a receiver, which is essentially a court-appointed manager who takes over the company’s operations, assets, and decision-making. This is considered a “nuclear option” because it strips control from management without requiring a full bankruptcy proceeding. Section references in the filing make clear that the lenders wanted to protect their collateral and ensure repayment, not necessarily to shut the company down. For startups, this shows that lenders have powerful remedies that go beyond simply demanding payment. ## Fawn Weaver’s Response and the Nature of Disputes Fawn Weaver’s response filing (Response, p. 4, Sec. III) highlights that she disputed the lender’s interpretation of events, arguing that the company was not in material default. This underscores another key point for founders: defaults are not always clear-cut. Lenders may claim you are in breach, but you may have defenses. The problem is, fighting those claims takes time and money, and while the dispute plays out, your business operations hang in the balance. Courts tend to give lenders wide latitude if the agreements are clear, which is why negotiating those definitions on the front end is so critical. ## Takeaways For startups reading this, the cautionary takeaway is simple. Debt is not evil, it can be a lifeline, but it is also a leash. Unlike equity investors, lenders are not betting on your growth, they are protecting against your failure. That means the documents will be filled with covenants, collateral pledges, and remedies that tilt the balance of power toward them. If you miss a covenant, even one that feels technical, the lenders can pull the trigger. This is why legal diligence matters. Too many founders think of a loan agreement as boilerplate. It is not. It is a set of shackles you willingly step into, and you need to know how tight they are. Courts have consistently upheld lender remedies when contracts are explicit. The Uncle Nearest case fits squarely within this tradition: the lenders bargained for control mechanisms, the company accepted them, and once defaults were alleged, the lenders exercised their rights. To analogize, imagine you give someone your car keys as part of a loan deal, with the promise that they will only use them if you stop making payments. If you miss a payment, they not only have the right to take the car, they may have the right to sell it, lease it, or give it to someone else to drive. That is essentially what happens when you give lenders broad collateral rights. They hold the keys to your company, and whether they turn them depends not just on whether you miss payments, but on how they interpret the fine print. ## In Short For founders in consumer brands, tech, or any capital-intensive sector, this case is a reminder to think strategically about financing. Equity dilutes you, but it keeps you in control. Debt preserves your cap table, but it can put you at the mercy of creditors. There is no "one size fits all" answer, but if you go the debt route, you need to lawyer up and negotiate the covenants, cure periods, and remedies with as much care as you negotiate valuation in a term sheet. Do not just look at the interest rate, look at the triggers and the consequences. The Uncle Nearest filings show how quickly power can shift from founders to financiers. What starts as growth capital can end as a fight for survival. For startups, the lesson is not to avoid debt altogether, but to enter those relationships with eyes wide open. Understand the documents, push back where you can, and always remember: the money that fuels you today can control you tomorrow. ## **Shoutouts** A few years ago I was a rookie in this field of law but over time I've been able to ramp up my learnings in navigating credit agreements and understanding covenants by reading several books. The main books are the [LSTA's Complete Credit Agreement Guide](https://www.amazon.com/LSTAs-Complete-Credit-Agreement-Second/dp/1259644863?ref=duethedilly.com) and [Mezzanine Financing](https://www.amazon.com/Mezzanine-Financing-Tools-Applications-Performance/dp/1119941814?ref=duethedilly.com). That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### The Dime 💰 - How Artists Are Using Holding Companies to Launch Empires URL: https://www.duethedilly.com/the-dime-how-artists-are-using-holding-companies-to-launch-empires/ Last updated: 2026-01-16T15:41:56.000Z I’ve been thinking a lot lately about how artists are structuring their empires. Not just deals, not just IP rights, but actual legal entities. As more creatives start looking at themselves like founders, the question isn’t just how to get paid, it’s how to build something that scales, protects, and compounds. One way we’re seeing this play out? Holding companies. Artists are increasingly launching clothing lines, alcohol brands, production studios, and tech ventures under a central legal entity they control. Think of it as an ArtistCo. One LLC or corporation at the top, with subsidiary businesses beneath it. This isn’t just savvy, it’s strategic, and there are serious legal implications worth understanding. **The Jay-Z Playbook: Roc Nation as ParentCo** [Although Jay-Z’s Roc Nation is a subsidiary of Live Nation](https://en.wikipedia.org/wiki/Roc%5FNation?ref=duethedilly.com), it isn’t just a record label, it too is a holding company. Under Roc Nation’s umbrella you’ll find music publishing, management, sports representation, film production, and more. Each of these operates as a separate legal entity. When Jay launched Armand de Brignac (Ace of Spades) or invested in D’Ussé, those weren’t just endorsement deals. They were strategic equity positions often held through corporate entities. That structure creates liability protection, tax planning flexibility, and clearer ownership rights. If Armand de Brignac gets sued, Roc Nation isn’t automatically on the hook. If D’Ussé gets sold, the proceeds can flow up to the parent. This is basic corporate law, applied to creative scale. **Rihanna and Fenty: Licensing with Leverage** Rihanna’s Fenty brand, launched under LVMH, is another instructive case. While LVMH provided capital and infrastructure, [Rihanna retained creative control and likely significant IP leverage](https://www.investopedia.com/rihanna-net-worth-7108308?ref=duethedilly.com). Fenty Beauty and [Savage X Fenty](https://en.wikipedia.org/wiki/Savage%5FX%5FFenty?ref=duethedilly.com) are not just brand deals, [they’re corporations in which she has equity](https://boardroom.tv/rihanna-portfolio-fenty-companies-investments/?ref=duethedilly.com). That means control over hiring, over budget, and over exit terms. More importantly, Rihanna likely licensed her name and image to the subsidiaries through formal agreements. That matters, because licensing IP instead of transferring it allows you to keep ownership while still profiting from it. If the venture fails, she still owns her name. If it scales, she can renegotiate. This is a key strategy for any artist building a brand, own the IP, license it to your businesses. **Ye and Yeezy: The Limits of Licensing** Kanye West’s deal with Adidas shows both the power and the limits of these arrangements. Through licensing agreements, [Ye retained ownership of the Yeezy trademark through his holding company Mascotte Holdings, Inc.](https://trademarks.justia.com/869/81/yeezy-86981009.html?ref=duethedilly.com). But because [Adidas likely held manufacturing, distribution, and branding rights under the contract](https://www.adidas-group.com/en/media/press-releases/adidas-full-year-results-exceed-latest-expectations-company-decides-not-to-write-off-most-of-its-yeezy-inventory?ref=duethedilly.com), the collapse of their relationship meant he lost access to the supply chain even while technically retaining the name. This is a cautionary tale. It underscores the need for clear operating agreements, fallback rights, and contingency planning. Artists building under holding companies should think like founders raising venture money: negotiate board control, build optionality into your agreements, and preserve the right to spin out or shut down as needed. **How the Corporate Structure Looks** Here’s a diagram illustrating how this can work in practice, modeled on real examples like Roc Nation, Fenty, and Yeezy: ![](https://www.duethedilly.com/content/images/2025/08/artist-holding-company.png) In this model: - The Artist Holding Company owns or controls IP, sits at the top, and licenses assets down. - The Clothing Brand, Beverage Brand, and Media Venture are separate LLCs or subsidiaries. - Licensing agreements, revenue-sharing deals, or equity partnerships are executed between the subs and third parties. - If the artist brings in investors, they can do so at the sub-level, not the top, preserving full ownership and control of the entire structure. This approach allows for targeted fundraising, legal protection, and a path to long-term wealth creation. Too many artists get equity in someone else’s business instead of building one of their own. A holding company structure flips the script. You’re not licensing your name to someone else, you’re licensing it to yourself. That’s how you go from being talent to becoming a brand, and from brand to something else entirely. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y’all next week. CJB ### Free Agency 📈- $20M, Joe Budden, and becoming dangerously independent URL: https://www.duethedilly.com/20-million-on-mics/ Last updated: 2026-01-16T15:47:16.000Z 🔖 **Hi! Was* traveling *last* week**, but we* back**! .* ***Joe Budden telling the**[ **New York Times** ](https://www.nytimes.com/2025/07/22/business/media/joe-budden-podcast-finances.html?searchResultPosition=1&ref=duethedilly.com)***how he is making $20M in top line revenue in 2025** *is something worth writing about, but not for the reasons you might think.* **Transparency in media is rare, but an individual explaining what they make and where it is coming from is unprecedented. I hope we stop talking about things like this like they're "regular" and give them the analysis they deserve. This is my humble attempt.* This is a deep dive, so ****TL;DR:** • Know what you’re paying for—Budden trades platform fees for ownership, control, and community tools. Price your independence consciously. • Independence is still interdependence—Joe owns the IP, and is in a healthy relationship with Patreon. Map your dependencies and build exit ramps. • Don’t confuse luck with leverage—Budden’s fifteen-year runway made scale possible. Start where you are, but structure for longevity. --- In the event you do not know who Joe Budden is: A former rapper who first gained fame in the early 2000s with his hit single "Pump It Up" (honestly, a banger to me) and as a member of the hip-hop supergroup Slaughterhouse. After retiring from rap in 2016, he successfully pivoted to media, launching The Joe Budden Podcast and establishing himself as one of hip-hop's most influential cultural commentators and independent content creators. This entire thing stems from Joe deciding to flex on his Instagram about his earnings and views on Patreon. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/d4c5b50a-b2b6-4605-9662-07ff17abdb2b-RackMultipart20250729-187-m7q91u.png) The infamous screenshot seen across the internet. I agree with Joe. It is *different.* From Joe’s own disclosure in the NYT, we learn a lot about his business operations: ## **Things We Know:** - The Joe Budden Podcast has at least 70,000 paying subscribers. - Averaging around $1M in monthly subscription revenue in 2025 - Subscriptions ranging from $5, $10, $25, and $50 monthly - Two weekly releases to the public - 30 independent contractors on payroll - $1.5M in overhead costs - Active Discord server with thousands of fans - Maintains his own advertising operations in-house - They have licensing deals for their catalog This is the makings of a healthy media business, with margins, if I had to guess, above 30%. ## **What We Don’t Know (and I’m curious about)** - How many free listeners convert to paid, and what is the marketing cost per converted patron? - What share of total income comes from in-house ads, and how volatile is that stream compared to subscriptions? - What are CPMs, brand categories, and long-term viability without platform network effects? - With $1M gross monthly and $1.5M overhead, what’s margin once contractor pay, taxes, and platform fees are included? Either way, we know a lot about what it takes to go (and stay) independent: people, platform, and flexibility. ## The Right Deal at the Right Time Joe inked a Spotify deal in 2018, which was around $2M a year. The challenge was that it was an audio exclusive, meaning he could not distribute podcast episodes on other audio platforms, though he could still post content on YouTube. That deal went [publicly sour in 2020.](https://variety.com/2020/music/news/joe-budden-podcast-spotify-deal-exclusive-exit-1234750199/?ref=duethedilly.com) Spotify of course had another interest in podcasts at the time: because streaming services have to pay out rights holders (the people who own the music), and artists (who make the music), there’s slim margins for profitability. Podcasting was a unique way to partner with someone, and own more of the pie, since advertising is a means of paying for the content. With podcasts, its an entirely free revenue stream that doesn’t require paying labels. He then turned down another deal reportedly worth $44M, because they wanted him to pull everything from Youtube. In 2021, Patreon became the official home for the Joe Budden Podcast Network. ## **Creator-Platform Fit** To understand how massive this story is, we also need to investigate the other party, Patreon. Patreon was started by former musician Jack Conte, Patreon’s entire ethos revolves around putting creators first. Conte is on record as saying [he was upset with the splits Youtube gave him](https://www.ted.com/talks/jack%5Fconte%5Fhow%5Fartists%5Fcan%5Ffinally%5Fget%5Fpaid%5Fin%5Fthe%5Fdigital%5Fage?ref=duethedilly.com), and wanted a better way to make his art and live his life. The thing that makes Patreon beloved by creators is the same thing that makes it difficult for them to become profitable. They need a critical mass of creators using their services and enough of them to become financially successful to keep attracting more. [In 2021, their last public valuation in 2021 had them around $4B ](https://www.businessinsider.com/patreon-valuation-creator-deals-fell-flat-ahead-of-layoffs-2022-10?op=1&ref=duethedilly.com)and there were ambitions to IPO. But to do that, they have to chart a path towards profitability, which is exactly why a story like Joe’s is so important. If you can show that people are not just growing, but making money. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/d71f5327-4430-40d1-aa19-f926fde5ee2a-RackMultipart20250730-135-xd7c1k.png) Patreon employs a sachet strategy. Here’s founder and African media expert David Adeleke to explain the concept: *Sachetisation is a colloquial term that describes the repackaging and breakdown of products and services into smaller, more affordable sizes. It’s one of the most effective tools for*[ *penetrating markets at the bottom of the economic pyramid.*](https://www.readcommunique.com/p/media-sachetisation-and-product-pricing?utm%5Fsource=publication-search) This strategy is not exclusive to emerging markets or places with economic challenges though ; It’s used across industries to expand market opportunities via price. ### **On Patreon, sachetisation is built into the product dynamically:** - **Free membership tiers** \= entry without commitment - **$1–$5 pledges** \= low-friction entry points - **One-off digital products** \= pay once, no subscription - **Gifted memberships** \= fans subsidize others to expand reach - **Timed discounts or trials** \= time-sensitive upsell windows Instead of locking fans into high monthly fees, creators offer micro-access—more ways to say “yes” at lower psychological and financial cost. Anyone can charge any price for anything, and allow choice. To give creators the ability to engage membership across services they already use, and to defending against YouTube and Facebook platform dominance, Patreon looks to help give creators the opportunity to connect membership across tools. Things like: - Spotify streams for patron-only podcast episodes inside the native app once accounts are connected. - Private RSS feeds let members hear gated audio in Apple Podcasts, Overcast, Castro, and any standard podcatcher. - Vimeo integration delivers un-shareable, paywalled videos within Patreon posts using Vimeo’s player security. - Discord roles auto-synced to membership tiers, granting gated text/voice channels The more revenue a creator earns, the more commission Patreon gets, and the more intertwined the platform dynamics become. This means if you come with an audience, Patreon is a great look: the tools tools will service your growth, without hampering your ownership. ## 70,000 Reasons Joe came with an arsenal of work, a loyal audience, celebrity and a voice. Patreon provided a unique set of infrastructure tools that did not meddle in his IP. He is free to do exactly what he wants, when he wants, and Patreon reaps the benefits of having a prominent voice occupy space in their ecosystem, drawing more attention to them. They need to be acquiring more creations *like* Joe, to make their move towards profitability. They also need to grow into new and emerging markets, where membership Let’s assume he’s on the lower end of their existing payment plan: *For every $1M month, that means:* - Patreon's cut (8%): \~$83,200 - Payment processing: \~$30,000+ (e.g.Stripe, Paypal) - **Joe Budden Podcast : \~$926,800**\` If that was the only revenue stream that the network had, it’s an $11M take away. But it gets better, because of compounding. Let's build a model together to explain why this kind of independence can become so lucrative, by focusing exclusively on the subscriptions. First a few assumptions: ### *The Assumptions* 1. The 70,000 subscribers are unequally distributed across the four pricing tiers: - 50% at $5 - 20% at $10 - 20% at $25 - 10% at $50 1. The podcast grows at a gross rate of 8% monthly 2. It loses 3% to churn (people unsubscribing) 3. So there's a **net growth rate of 5%.** If all the Joe Budden Podcast did was keep the same growth rate, in 16 months the subscription business grows to $1.67M a month, making it a $20M a year business, with 160,000 paying fans. While that growth may be slower and less viral, it charts a path to profitability and creates clarity about the kind of growth required. He doesn't have to guess what is necessary month to month. Even if you played with the percentages on the tiers, you can get to an 8 figure business, in under 3 years. That's just subscriptions. A supporter who joins at $25 or $50 delivers 5–10x the value of someone at $5\. That means part of the business model hinges on *tier-weighted conversion*, not just volume. Sustained growth comes from moving people up the ladder of pricing, not just onto it. It's not easy, but it is a real thing. Once you come into the ecosystem, there's tons of opportunity to woo you into new offers and experiences. ## **Beware the Fantasy** While Budden's success is remarkable, it's crucial to ground this in reality. The creator economy isn't just about the winners - it's about understanding the full spectrum. A few stats are consistently floating across the interwebs. - Only about **4% of creators earn more than $100K/year.** - 78% make [**less than $23,500 annually**](https://influencermarketinghub.com/income-disparity-creator-economy/?ref=duethedilly.com) - 50% reference [**experiencing burnout**](https://www.billiondollarboy.com/news/over-half-of-creators-face-burnout/?utm%5Fsource=chatgpt.com) So if we are going to talk about Joe is building (and we should), then we’d also have to talk about the underlying realities of a growing market where the *averages* are deeply skewed, and the infrastructure is still being built. ## Anything is possible. Not at the same time in the same way. Anywhere there is “independence” there are tools and services that facilitate it. That’s because being independent requires an ecosystem of services to go direct. Joe has been podcasting for 15 years straight. That kind of volume lends itself to [economies of scale](https://www.patreon.com/cw/joebudden?ref=duethedilly.com); at a certain point, you can start to use your library as leverage, the same way a recording artist can take out a loan against their catalog of songs. He is in a beneficial relationship with Patreon: *To keep growing as a company they need creators to keep signing up and being publicly successful, so others will bring their libraries over (or start) and pay for their services.* [*Their acquisition strategy* ](https://techcrunch.com/2018/08/08/patronage-empire/?ref=duethedilly.com)*has been about extending their core ethos: people pay people, and we want to be the way they transact.* But as of yet, there is no substantive creator “middle class.” There are 4 factors contributing to this: 1. **The Algorithm Game.** Consistency doesn't get you noticed - spikes do. Think viral moments, not steady growth. The system rewards whoever's hot right now, creating a "winner takes most" dynamic that's brutal for emerging creators. 2. **The Money Math.** Creator revenue is not linear. Going from 10K to 100K followers isn't just adding zeros. It's exponential. Your earning potential from ads, patrons, and sponsors multiplies dramatically once you hit certain thresholds. 3. **The Independence Tax.** There's no safety net as a creator. No benefits, no base salary, no guaranteed ownership of your work (unless you ensure it). You're essentially running a startup with few of the usual protections. You are persistently adapting and hedging against new risks. ### **Things To Take Away:** **Choose what the product is.** For Joe, the podcast is the product. Every week, you are getting something new, whether you pay or not. But when you pay, you get access to even more. Everything revolves around the show and the brand of the show, which has become a cultural staple. That works for him, but it isn’t for everyone. For some, the media is a means to an end: consulting, advising, speaking, etc. **Define independence personally and professionally.** This gets dicey, but the clearer you can get about what it means *for you*, the less likely you are to have things just passively happen *to you*. If it’s creative control, there are ways to solve for that. If it’s steady income, you might take a different kind of deal. **Decide what you’re comfortable paying.** There’s a cost to whatever form of freedom you’re pursuing. For Joe, it’s the tools he uses to facilitate direct fan engagement, monetization, and community. Knowing the tradeoffs can help you from being surprised by the *cost of doing business.* **You can wing it, but not forever.** Admittedly, Joe said he did know what he was doing when he first started. Then he learned and iterated. He found the help he needed, and built strategically from there. **Know the dependencies.** Joe and Patreon are interconnected, and it’s working. There’s a value that is clear and they have shared outcomes that make the relationship work. That could change, and if it does, he is free to leave with his IP and work product. You can and should have the same contingencies. Joe Budden represents something remarkable: a self-retired rapper in his mid-40s who became the highest-earning creator on Patreon by understanding the long game. [His first YouTube video dropped 17 years ago](https://www.youtube.com/watch?v=MstLqa0-LfU&ref=duethedilly.com). Building something is always challenging and comes with unforeseen hiccups. That's exactly why what Budden's has built deserves deep examination - to separate the practical blueprint from the personal legend. ### The Dime💰 - Subscription Auto-renewals Can Get You Sued URL: https://www.duethedilly.com/the-d/ Last updated: 2025-08-01T00:56:57.000Z While you’ve been building product and chasing CAC efficiencies, State Attorneys General have been quietly assembling the playbook to go after subscription businesses that lean too hard on murky auto-renewal practices. The subscription model has been a growth hack for startups for over a decade, but it’s also become a legal minefield, and the regulators are making it clear that 2025 will be the year they detonate. _This post is for subscribers only._ ### The Dime💰 - Private Markets are the new Public Markets URL: https://www.duethedilly.com/the-d-2/ Last updated: 2025-07-25T03:49:32.000Z "Gale was a very talented chemist. But for reasons I never understood, he was more interested in taking shortcuts." - Gus Fring _This post is for subscribers only._ ### Want to understand an industry? Study who represents it. URL: https://www.duethedilly.com/industry-associations/ Last updated: 2025-07-22T01:00:28.000Z Athletes have agents. Industries have associations. _This post is for subscribers only._ ### The Dime 💰 - Private Credit & Startups: An Evolving Marketplace URL: https://www.duethedilly.com/the-dime-private-credit-startups-an-evolving-marketplace/ Last updated: 2025-07-19T02:35:40.000Z Private credit is no longer a back-office alternative for distressed companies. It is now one of the most powerful and fastest-growing options in finance. This week, [BlackRock](https://apnews.com/article/81eafed3f5781a527fc650f4a672fa75?ref=duethedilly.com) finalized its $12.5 billion acquisition of HPS Investment Partners, a move that brings its private credit portfolio to more than $220 billion and puts the firm in the top tier alongside Apollo, KKR, and Ares. If you are a founder, operator, or early-stage investor, this is a big deal. Private credit (in Startups, usually called "Venture Debt") is not just a source of capital, it is a new source of control, and understanding how it works is now essential. ### What Is Private Credit? Private credit, sometimes called direct lending, refers to nonbank institutions, like private equity firms, asset managers, and hedge funds, lending directly to businesses without going through public markets or traditional banks. These loans are often large, customized, and come with contractual terms that govern not just the repayment schedule, but also what the borrower can and cannot do. The growth has been staggering. According to the [Financial Times](https://www.ft.com/content/021ac18b-0b23-489f-83a2-cfe352bb3926?ref=duethedilly.com), private credit has more than doubled in the past five years and is expected to top $2.3 trillion globally by the end of 2025. _This post is for subscribers only._ ### The New Starting 5: Small Teams in the Age of AI URL: https://www.duethedilly.com/the-new-starting-5/ Last updated: 2025-07-15T05:45:09.000Z 💡 ****TL;DR** \- The future of media doesn't need massive headcount—it needs precise infrastructure. While traditional companies stack departments with specialists, tomorrow's winners will build lean teams focused on outcomes. Here's the blueprint for a 10-person shop that can outperform companies five times their size. So this week, we'll talk about what that might look like. The first team I managed ballooned to 40 people across 10 markets, coordinated through Slack, Wordpress, and too many emails. The experience taught me a crucial lesson: team size has nothing to do with effectiveness. (I also wasn't a great manager, which is a very different email). This week I want to talk about how that might look, and someone already doing it. _This post is for subscribers only._ ### The Dime 💰 - Venture Capital Is Changing: What Founders Need to Know URL: https://www.duethedilly.com/the-dime-venture-capital-is-changing-what-founders-need-to-know/ Last updated: 2025-07-11T05:02:32.000Z A lot has changed in venture capital over the last few years, but we’re now seeing something deeper than just market correction or hype cycle reset. We’re witnessing a structural shift in how companies are capitalized, how cap tables are constructed, and how the legal backdrop of company formation is playing out. Andreessen Horowitz, the most powerful VC firm in the country, just reincorporated in Nevada. That move should not be ignored. Here's this week's edition of The Dime💰. _This post is for subscribers only._ ### Cayman for Creators: How South Africa Could Shake Up the Global Creative Economy URL: https://www.duethedilly.com/cayman-for-creators/ Last updated: 2025-07-08T02:15:44.000Z So I thought we’d talk about a different bill, in a different part of the world, that also has big implications for media and creativity. We spend a lot of time looking at technology. That’s great. But laws end up shaping the environments quietly, then all at once. Two weeks ago, [Carl wrote about A-Corporations and cap tables.](https://www.duethedilly.com/the-dime-artists-deserve-cap-tables-too-why-the-artist-corporation-and-the-lp-model-might-be-the-future-of-creative-independence/) He mentioned Yancey Strickler, the founder of the A-Corp structure, frames the structure as a response to a problem, which he calls the*"1099 NPC"* : creators generate massive value but can't capture it because they lack proper economic structures. His approach is to **build better cars.** Create **Artist-led companies:** \- new legal structures combining: - LLC protection + corporate equity sharing + nonprofit grant access - Built for how creators actually work: fluid collaboration, profit-sharing, uncertain timelines ![](https://www.duethedilly.com/content/images/2025/07/image-4.png) Yancy's Dream South Africa is thinking about it a different way: **building better roads.** Their Constitutional Court is deliberating on a Copyright Amendment Bill that attacks the same issue from the opposite direction - rebuilding copyright law to prevent predatory extraction while trying to ensure creators get more economic participation. _This post is for subscribers only._ ### The Dime💰 - Small Businesses have a Big Beautiful Bill URL: https://www.duethedilly.com/the-dime-small-businesses-have-a-big-beautiful-bill/ Last updated: 2025-07-04T01:31:33.000Z I’m enjoying my time out here in Portugal, but that doesn’t mean I’m not paying attention to what’s happening back home. This week, Congress passed what lawmakers are calling the “One Big Beautiful Bill,” a sweeping tax and economic package that’s equal parts political marketing and real business relief. If you’re building something, especially through an LLC, S corp, or bootstrapped operation, this one isn’t just noise, it’s leverage. This week’s edition of The Dime💰 breaks down what’s inside, what matters, and how founders, freelancers, and small business owners can actually take advantage of it. _This post is for subscribers only._ ### Free Agency 📈 - High Signal Brief URL: https://www.duethedilly.com/high-signal-brief-h1/ Last updated: 2025-08-11T05:31:18.000Z *Hi! I’m Jonathan, and I write Free Agency. I do deep research on media, creativity, and the business behind it all. Thanks for reading.* *Usually when writing I can’t put everything I’m finding and seeing into play, because I need to focus. So instead I collect ‘signals’. I define signals as things that represent something much larger, and might not always become “newsworthy” and I just think are really, really interesting because I haven't seen more people talk about it.* *My hope is you find something useful, interesting, or at least viable enough to look like a hero in your group chat. If not, charge it to the game 😂* --- ### **Media & Entertainment** ![](https://www.duethedilly.com/content/images/2025/06/image-16.png) **Universal & Coca Cola start a label.** They’re calling it [Real Thing Records](https://www.realthingrecords.com/home?ref=duethedilly.com). Focus is on emerging talent from around the globe. **Open AI x Mattel are making toys.** This gives OpenAI access [to legendary IP](https://hypebeast.com/2025/6/mattel-openai-strategic-partnership-smart-toys-announcement?ref=duethedilly.com) and Mattel a way to manage increased pressure on their margins (because, tariffs). **Starbucks is hiring two ‘**[Global Coffee Creators](https://about.starbucks.com/global-coffee-creator/?ref=duethedilly.com)**’.** The role includes “traveling to 10-15 designated Starbucks locations around the world in a one-year timeframe.​” Marriott and Delta are providing flights and hotel stays. **Big dogs get bigger.** Omnicom and IPG [get approval for their merger](https://www.axios.com/2025/06/23/ftc-approves-omnicom-ipg-merger?ref=duethedilly.com). When this clears, they will be largest advertising company in the world by headcount and earnings (for now). _This post is for subscribers only._ ### The Dime💰 - Surveillance Pricing: When Algorithms Target Your Wallet URL: https://www.duethedilly.com/the-dime-surveillance-pricing-when-algorithms-target-your-wallet/ Last updated: 2025-06-27T04:47:22.000Z “And a man, a man provides. And he does it even when he’s not appreciated, or respected, or even loved.” - Gus Fring _This post is for subscribers only._ ### The Dime💰 - Artists Deserve Cap Tables Too: Why the Artist Corporation, and the LP Model, Might Be the Future of Creative Independence URL: https://www.duethedilly.com/the-dime-artists-deserve-cap-tables-too-why-the-artist-corporation-and-the-lp-model-might-be-the-future-of-creative-independence/ Last updated: 2025-06-20T01:56:30.000Z ## **A Juneteenth Reflection on Ownership** Happy Juneteenth to those who celebrate. It’s a day that reminds us that freedom is not something given, it’s something claimed. For artists, that idea extends well beyond cultural legacy. It touches who owns your work, who profits from your creativity, and who controls your future. This week, I want to talk about something I believe represents a real shift in how artists can build businesses that reflect their values and protect their value. It’s called the Artist Corporation, and if you haven’t seen it yet, now’s the time to pay attention. _This post is for subscribers only._ ### Deal or No Deal: How a creator takes investment, and what it means URL: https://www.duethedilly.com/deal-or-no-deal/ Last updated: 2025-06-17T05:45:25.000Z Much has been made about the future of what creator economy is, could be, and is turning into. So here’s a real deal, with an actual person, and what the thesis was. Hopefully the gives a tangible example of both how a business is being built, and why an institution would want to invest. My belief is we’ll see more of this, but because it’s still early, there are early still blueprints to be found and examined. Here's one from 2021\. _This post is for subscribers only._ ### The Dime💰 - The Free $500k Tax Credit Used To Be Easy. Now? Not So Much. URL: https://www.duethedilly.com/the-dime-the-free-500k-tax-credit-used-to-be-easy-now-not-so-much/ Last updated: 2026-08-11T01:38:06.000Z Earning tax credits from the IRS have typically been easy but as of late audits have made them a little more difficult. Here’s this week’s edition of The Dime*💰*. It’s about the R&D tax credit, how it really works, what startups are getting wrong, and why the IRS is finally paying attention. ### What Is the R&D Tax Credit? The Research and Development (R&D) Tax Credit is a federal tax incentive created to encourage U.S. companies to invest in innovation. Originally passed as part of the Economic Recovery Tax Act of 1981, it allows companies to reduce their tax liability if they spend money on “qualified research activities,” or QRAs. In startup terms, this means work that’s technological in nature, done to eliminate uncertainty, and aimed at developing or improving a product, process, or software. Translation: If your dev team is actually building new infrastructure, proprietary code, or core functionality, not just installing plug-ins or tweaking a Shopify theme, you may be eligible. Here’s why startups love it. If you’re an early-stage company with no taxable income, you can apply the credit against your payroll taxes instead of your corporate income tax. That means you get a refund even if you’re pre-revenue. For qualifying startups, the credit is capped at $500,000 per year, but that’s a serious offset for teams with real engineering spend. ### Why the IRS Is Warming Up the Audit Machine For years, this was a niche benefit that only high-growth SaaS companies and defense contractors used. Then boutique tax firms, fintech startups, and AI-powered filing services came along promising to automate and “maximize” the credit. Suddenly, every startup was claiming six figures in credits, even companies with no technical employees or only contractors based overseas. The IRS noticed. In 2023, the agency issued [Chief Counsel Memorandum 20214101F](https://www.irs.gov/newsroom/irs-sets-forth-required-information-for-a-valid-research-credit-claim-for-refund?ref=duethedilly.com), which laid out detailed documentation requirements for claiming the credit. It basically said, “If you want this money, you better prove you earned it.” Now, the IRS has created specialized teams to audit R&D claims, especially from software companies, biotech firms, and venture-backed startups. If your startup claimed the credit and used a third-party provider to do it, you’re in the crosshairs. ### What the IRS Looks For in an Audit Let’s be clear. The IRS is not saying startups can’t use the credit. It’s saying startups can’t abuse it. And abuse usually falls into four categories: 1. **Wrong Classification of Work** Startups often claim routine bug fixes, UI enhancements, or vendor integration work as R&D. But under IRC § 41, qualifying R&D must be technological, eliminate uncertainty, and involve a process of experimentation. That means actual innovation, not routine software development or product maintenance. 2. **No Internal Documentation** The IRS wants contemporaneous documentation. That means emails, sprint plans, Jira tickets, engineering notebooks, or GitHub commits that show how a team designed and tested new solutions. It’s not enough to write a summary report six months later. 3. **Contractor Confusion** A lot of startups outsource work to contractors, especially overseas. But unless those contracts are structured properly, assigning IP to the startup and placing financial risk on the company, the expenses might not qualify. Section 41(b) is strict about who gets to claim the credit. The IRS wants to see “substantially all” the rights and risk sitting with the U.S. startup. 4. **Recycled Claims Without Review** Some tax credit providers recycle last year’s report and adjust the numbers without re-interviewing the team. If your credit has increased but your headcount hasn’t, that’s a red flag. The IRS will want to know why. ### What Founders and Finance Teams Can Do Now If you claimed the credit in the last three years, assume you may get reviewed. The statute of limitations for audits is typically three years from the filing date, but the IRS can go back further if they believe the claim was fraudulent or materially incorrect. Here’s what to do: - **Pull your original credit reports and workpapers**. If a third-party firm filed on your behalf, make sure you have full copies, not just summaries. - **Build a compliance folder**. Include contracts, internal engineering logs, task management tickets, and payroll records that show the work and who performed it. - **Review your contracts with contractors and vendors**. If the IP or risk doesn’t sit with you, talk to counsel about renegotiating those terms going forward. - **Avoid “success-based” fees**. If a tax firm only charges you if you get the credit, and takes a large cut, that’s a red flag for the IRS and often a signal that they’re inflating claims. ### The Legal Risk: It’s Not Just About Repayment If the IRS audits and denies your claim, they’ll require you to pay back the credit with interest. But if they find your claim to be intentionally inflated, you could face civil penalties under IRC § 6662, which covers substantial understatement of tax, or even IRC § 7206 for fraud, if the claim was willfully false. For founders, this also opens the door to potential investor disputes. If you overstated your runway or cost efficiency based on a fraudulent tax credit, that could violate your reps and warranties in the financing docs. And if the company sells and the buyer discovers an overclaimed credit, it could trigger indemnification or escrow clawbacks. This isn’t paranoia. This is what legal cleanup looks like after shortcuts. ### And This Isn’t Just a Tech Problem Let’s say you’re running a startup in the food industry. You’re developing a plant-based protein that mimics the texture of chicken, using custom equipment and proprietary binding processes. That R&D work may qualify, if your team is experimenting with new formulas, controlling scientific variables, and documenting each iteration. But if you’re just sourcing ingredients, testing flavors, and refining packaging, that’s product development, not qualified research. Too many food startups are being told “lab work equals credit” by outsourced tax advisors, when in fact the line is much narrower. And if you’re using overseas food scientists under vague contractor terms? That claim might not hold at all. ### So Is It Still Worth Filing? Yes, if you qualify and document everything properly. The R&D tax credit is still a smart tool for reducing burn, extending runway, and recouping part of your payroll expense. But it’s not passive income. It takes real diligence, technical record keeping, and legal review to do it right. You should treat the credit like you would a venture round or a stock option plan, an opportunity with real upside and real responsibility. It can help you grow, but it can also break your back if you get lazy. ### In Short The R&D credit used to fly under the radar. It doesn’t anymore. The IRS has the funding, the tools, and the mandate to chase abuse in the startup sector. And they’re not just targeting massive unicorns. They’re auditing seed-stage companies with $2 million in ARR and 12 engineers. This is the year to clean up your credit filings, tighten your documentation, and make sure your legal and finance teams are in sync. Don’t wait for a letter. By the time it arrives, it’s already too late. That’s it for this week’s edition of The Dime*💰*. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB --- ### The Lion, The Wine, and the Yacht: How Cannes Makes a Killing on Creativity URL: https://www.duethedilly.com/the-lion-the-wine-and-the-yacht-how-cannes-makes-a-killing-on-creativity/ Last updated: 2025-06-10T00:10:37.000Z Awards are the plumbing of every industry—invisible infrastructure that everyone relies on but rarely thinks about. They just *happen*. The James Beard Awards and The Michelin Star tell us which chefs and restaurants matter. The Grammys decide which music gets praised. JD Power rankings determine which car you'll trust with your family. These aren't just ceremonies; they're rating systems that create hierarchies, generate revenue, and give industries a way to argue about "good." If you can't build the thing everyone's competing for, build the system that decides who wins. In the business of media and advertising, Cannes is unmatched. Despite the largest contraction the media industry has ever seen. [ Record layoffs](https://deadline.com/feature/hollywood-media-layoffs-list-1236007845/?ref=duethedilly.com), consolidation, and budget cuts aren’t stopping the parade. Why? Because it’s always on the calendar. _This post is for subscribers only._ ### The Dime💰- You Forgot to File Your 83(b). Now the IRS Owns Your Startup URL: https://www.duethedilly.com/the-dime-you-forgot-to-file-your-83-b-now-the-irs-owns-your-startup/ Last updated: 2025-06-06T00:30:08.000Z I know folks are focused on co-founder splits, Delaware flips, and convertible rounds in a down market, but there’s a little IRS form that will absolutely wreck your exit if you ignore it. It’s not in your pitch deck. It’s not on your board agenda. And your seed investors probably won’t bring it up until it’s too late. I’m talking about the 83(b) election. _This post is for subscribers only._ ### Pricing is a game. It should be treated that way. URL: https://www.duethedilly.com/pricing-is-a-game-it-should-be-treated-that-way/ Last updated: 2025-06-02T23:00:53.000Z Most creators think they have two pricing options: take what's offered or walk away. That's not pricing power—that's pricing panic. Real pricing is strategic. It's understanding that a $5,000 Instagram post and a $50,000 brand partnership can involve the same amount of work, but completely different value propositions. It's knowing when to charge for reach versus expertise, when to bundle versus unbundle, and why your worth isn't determined by a rate card someone else wrote. The uncomfortable truth? You have more pricing power than you think. You're just not using the right frameworks to access it. _This post is for subscribers only._ ### The Dime💰- AI Plug-ins and Lawsuits URL: https://www.duethedilly.com/the-dime-ai-plug-ins-and-lawsuits/ Last updated: 2025-05-29T22:25:38.000Z Regulators use fines and lawsuits to raise money for their agencies. If you’re building anything with AI right now you can be a target and you need to read your privacy policy like it’s a subpoena. Because if your app logs prompts, tracks users without consent, or buries disclosures in the fine print, you’re not just playing with brand trust, you’re playing with the law. _This post is for subscribers only._ ### The Dime💰: AI For The Public's Benefit URL: https://www.duethedilly.com/the-dime-ai-for-the-publics-benefit/ Last updated: 2026-08-11T01:37:12.000Z Everyone’s watching OpenAI’s next model drop. Tech Twitter is arguing over prompt hacking. Wall Street’s parsing compute costs like it’s the Fed. But while all that noise dominated the headlines, OpenAI just made a decision that could prove far more consequential than any paper or demo: it announced that its LLC subsidiary will be converted into a Public Benefit Corporation, or PBC. Here's this week's edition of The Dime💰. This change might look like corporate housekeeping. But for those of us who live at the intersection of law, startups, and mission-driven business, it’s a tectonic move. It’s a bet that long-term governance, real, enforceable, structural governance, matters more than short-term margins. And it’s a signal that companies building exponential technology should be constrained not just by profit, but also by purpose. I briefly learned about benefit corporations in law school. But where I really got a deep understanding of the structure was in practice, at the start of my legal career working directly under Dirk Sampselle. Dirk isn’t just a startup lawyer. He helped write the model legislation used to create the Public Benefit Corporation statutes adopted across the country. He was a drafting author in the white paper that gave birth to the Benefit Corporation and he co-authored the most comprehensive legal and economic analysis of the benefit corporation form published to date. With Dirk, I didn’t just learn how to form these companies. I learned how to govern them, how to defend their fiduciary structure (a legal system that outlines the duties of directors to act in good faith for others' benefit), and how to represent them as real economic actors, not just brand vehicles for doing good. And that’s what makes OpenAI’s conversion worth talking about. Most startups launch as LLCs (Limited Liability Companies, a flexible and simple business structure that protects owners from personal liability) or C corporations (traditional corporations where profits are taxed separately from their owners). LLCs are flexible and fast. C corps, especially Delaware ones, are the industry default for raising capital. But both are hardwired around shareholder primacy (the principle that a corporation’s main duty is to maximize value for its shareholders). Under Delaware law, directors of C corps have a fiduciary duty (a legal obligation to act in someone else’s best interest) to maximize shareholder value. Even if the company markets itself as purpose-driven, even if the founders care deeply about climate, equity, or AI safety, the structure demands one outcome: return. Benefit corporations are built differently. Delaware law defines a PBC as a for-profit corporation that is intended to operate in a responsible and sustainable manner while producing a public benefit (a positive outcome for society or the environment beyond making money for shareholders). The board must balance three interests: the stockholders’ pecuniary interests (their financial gain), the best interests of those materially affected by the corporation’s conduct (such as employees, customers, or communities), and the public benefit stated in the certificate of incorporation (the company’s legal document that defines its mission and purpose). That balancing requirement, codified in Section 365 of Delaware law, is not a loose guideline. It is a statutory mandate (a rule created by law). Directors are protected from liability if their decisions are informed (based on adequate information), disinterested (made without conflicts of interest), and not so irrational that no reasonable person would agree. Importantly, the statute makes clear that directors have no duty to any person solely by virtue of their interest in the stated public benefit. That provision helps insulate boards from frivolous claims, while also requiring meaningful good-faith consideration (honest, thoughtful deliberation) of non-shareholder interests. OpenAI’s adoption of this structure turns its mission into an enforceable standard. In the past, courts have hesitated to allow directors to prioritize social outcomes if it conflicted with shareholder wealth. Even in states with so-called constituency statutes (laws allowing boards to consider other stakeholders in addition to shareholders), the expectation remains that shareholder interest is supreme. Benefit corporation statutes upend that model. They recognize a plural set of interests and formalize a legal obligation to consider each in good faith. This is not without risk. Delaware’s statute introduces a specific form of litigation: actions to enforce the balancing requirement in Section 365\. These actions, whether derivative (a lawsuit brought by shareholders on behalf of the company) or direct (a lawsuit brought by someone for their own injury), cannot be brought by just anyone. The plaintiffs must collectively hold at least 2% of the corporation’s outstanding shares, or $2 million in market value if the company is publicly traded. This standing threshold (a minimum requirement to file a lawsuit) was designed to filter out nuisance claims while preserving accountability for material breaches of duty. The statute limits damages (financial penalties) and allows courts to focus on injunctive or declaratory relief (court orders telling a company to start, stop, or clarify behavior), but even these remedies carry reputational and operational weight. That’s why it is critical for benefit corporations to document their decisions, formalize board deliberations, and be able to show how they balanced competing interests. OpenAI’s new structure also imposes reporting obligations. Under Section 366, Delaware PBCs must, at least every two years, provide stockholders with a report assessing the company’s pursuit of its public benefit purpose. That report must include four things: the objectives set by the board (what the company aimed to do), the standards adopted to measure progress (how success is evaluated), factual outcomes based on those standards (what actually happened), and an overall assessment of success. Although Delaware does not require the use of a third-party standard (an independent framework like B Lab to measure impact), the company may choose to adopt one, and can also opt to publish the report or issue it more frequently if required by its certificate of incorporation or bylaws (internal company rules). This reporting is not fluff. It becomes evidence in any future litigation. If a board fails to produce or substantiate its report, it undermines its credibility and exposes itself to claims that it has abandoned its purpose. If it documents its decision-making with care, it can defend itself in court and in the court of public opinion. This is what makes the PBC form more than a moral commitment. It’s a legal architecture. It binds companies to their values, but gives them the tools to defend those values when challenged. It invites scrutiny, but also equips companies to meet it. For OpenAI, a company committed to ensuring artificial general intelligence benefits humanity, this structure is more than appropriate. It is necessary. If AGI will touch every aspect of our economy and society, then the companies building it must be legally obligated to consider more than the interests of shareholders. They must consider the interests of workers, communities, and future generations. The PBC form doesn’t guarantee good outcomes, but it forces the right questions to be asked in the boardroom, not just the press room. Several high-profile companies have already adopted the Public Benefit Corporation structure, signaling that this is no longer a fringe idea but a mainstream shift in corporate governance and OpenAI's move adds confirmation to this. Patagonia became one of the early champions of the model, famously aligning its corporate charter with environmental and social missions. Kickstarter converted to a PBC in 2015 to enshrine its commitment to creative communities rather than shareholder pressure. Warby Parker operates as a PBC, balancing profitability with goals like providing vision care to underserved populations. Even major publicly traded companies are making the switch: Lemonade Inc., the AI-powered insurance company, went public in 2020 as a Delaware PBC, embedding its social impact promises into its governance. Vital Farms, the ethically sourced food company, did the same. These companies are proof that the PBC form is not just legally viable, it’s commercially competitive. They show that founders don’t have to wait until IPO or exit to embed purpose, they can do it at formation, and still scale, raise capital, and succeed on their own terms. For founders, this is a case study in choosing a structure that matches your mission. Don’t default to a C corp just because it’s standard. If your company exists to shift culture, empower users, or solve systemic problems, the PBC may be the only structure that protects your intent at scale. For investors, this is a wake-up call. PBCs are not anti-capitalist. They are pro-alignment. They create legal scaffolding (rules and systems) that ensures your investment thesis isn’t diluted the moment a growth fund joins the board. They are the right structure for long-term value creation, especially in sectors where trust, transparency, and public legitimacy are essential. The benefit corporation is still young. There will be fights over its meaning. Courts will disagree. Boards will fall short. But if we’re serious about building companies that shape the future, especially in AI, we can’t let mission be a memo. We need it to be a mandate. OpenAI just gave us a template. Now it’s our job to study the structure. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week. CJB ### Some thoughts on writing, thinking, and building. URL: https://www.duethedilly.com/some-thoughts-on-writing-thinking-and-building/ Last updated: 2025-05-20T04:56:48.000Z 🔖 **"Talent is insignificant. I know a lot of talented ruins. Beyond talent lie all the usual words: discipline, love, luck, but most of all, endurance." - James Baldwin* Creative confidence is funny. You need to build it through habitual action, but to create that, you need to clear space for routines and habits. In my own practice of writing, I have admittedly been driven more by vibes than routine. To avoid being a talented ruin myself, I thought I’d share some aphorisms I wrote to myself over the past year. **Your calendar is the most honest autobiography you'll ever write" - Shane Parrish** You make time for what matters. It’s a harsh reminder anytime I *feel* like I did not have time to write, but I gave zero time or effort to doing it in a meaningful way. Usually its my ego wanting to feel good, instead of doing something well. **Systems are leverage. Routines are building blocks. Tools are scaffolding.** When Carl and I decided on doing weekly newsletters, I was not concerned about *if* we could write them. I knew we could. We're committed, and if all else failed, I didn't want to hear Carl on my phone, yelling at me about *what the streets need.* But, my concern was more primal: I have long run my own creative processes off of vibes, not structure. So building structure was much more important than new ideas, fresh concepts, or even *knowing* something changed. If the main thing is writing, then not writing because I'm too busy doing something else is, well, not helpful. **Care about the craft. Also, don't care so much.** There is a tension between taking something seriously and being precious. Writing demands that you sacrifice the idea you think is good for the idea that is clear. It is a dance of removal and creation, which is why I love it. It leaves nowhere for bad thinking to hide. Writing is like getting naked consistently and being like *wow, I feel the air everywhere, and this is crazy.* _This post is for subscribers only._ ### Free Agency Vol. 35 - Real Yearners Only URL: https://www.duethedilly.com/real-yearners-only/ Last updated: 2025-05-13T05:50:37.000Z Floetry whispering poetic confessions, Tamia hitting those impossible notes in "So Into You," Dru Hill begging on "Tell Me," Joe promising to be "All The Things," AzYet harmonizing their hearts out, and Charlie Wilson carrying the torch from one generation to the next - they're all practitioners of *the yearn*. You know it when you hear it. The crooning, the dramatic hand movements reaching for something just beyond grasp, the sincerity that refuses ironic distance. You know it when you feel it, that emotional resonance that hits somewhere between second-hand embarrassment and profound connection. Even the uncles, those pioneers of the art form, are on tour this summer, proving that yearning never goes out of style. ![Image](https://lex-img-p.s3.us-west-2.amazonaws.com/img/cc52c757-6e76-436a-b3e2-87b7a38f12eb-RackMultipart20250506-176-f5q80q.png) This is where the *yearn* lives - in that vulnerable space where emotion trumps calculation. Community requires an element of the same thing. Someone has to care deeply enough to keep showing up, to keep nurturing connections, to keep doing the work when it doesn't 'make sense' on a spreadsheet. Just like those R&B vocalists who abandon cool detachment for raw emotional expression, meaningful communities are built by people willing to risk looking too earnest, too committed, too invested." You’re either in one, building one, or connected to one. That matters, because that’s where growth is coming from and being sustained by. _This post is for subscribers only._ ### The Dime💰 - Gatekeeping the Loans URL: https://www.duethedilly.com/the-dime-3/ Last updated: 2025-05-31T00:10:53.000Z "The Feds are a business, Anthony." - Neil Mink _This post is for subscribers only._ ### The Dime💰 - The Great IP Heist URL: https://www.duethedilly.com/the-dime-the-great-ip-heist/ Last updated: 2025-05-01T22:48:36.000Z "You guys know who you're robbing?" - Chris Moltasanti _This post is for subscribers only._ ### Ryan’s World: Obsession, Deep Collaboration, and Deal Terms URL: https://www.duethedilly.com/ryans-world-obsession/ Last updated: 2025-05-01T23:21:20.000Z No film director in the history of modern film, has grossed more money at the box than Ryan Coogler onfewer than 4 movies ($2.4 billion to be precise). I start here, because what I am going to say next, is something I've been thinking about since *Sinners* came out.\* The deal he has is not new structure or idea. It is just being presented that way. And it irks me, because instead of actually saying what's possible, people would rather pontificate. First though, let's hear from Mr. Coogler himself. 0:00 /3:03 1× Democracy Now, 2025 _This post is for subscribers only._ ### The Dime💰 - The Best Acquisition of the Year (So Far) URL: https://www.duethedilly.com/the-dime-the-best-acquisition-of-the-year-so-far/ Last updated: 2025-04-25T05:01:07.000Z "You took John's loan. He helped you expand. Now it's time to cash in." - Tony Soprano _This post is for subscribers only._ ### The Dime💰 - Competition is for Losers URL: https://www.duethedilly.com/the-dime-competition-is-for-losers/ Last updated: 2025-05-31T00:11:32.000Z I know we’re in the midst of tariff talks and Trump is spooking markets left and right, but a court has just ruled that Google’s digital advertising product has monopolized three advertising technology markets and stifled competition in those markets. This is a significant decision by the US District Court (Eastern District of Virginia) and may have far-reaching implications for the digital advertising market and the way profits are distributed in that space moving forward. Let’s get into it. Here's this week's edition of The Dime💰. _This post is for subscribers only._ ### The Vibecast is Here to Stay URL: https://www.duethedilly.com/tax-the-mics/ Last updated: 2025-04-15T05:31:30.000Z Something profound is changing. We've entered the age of *vibecasting* – where what's being transmitted isn't just information but a complete emotional experience. While algorithms curate content and metrics track engagement, the most magnetic creators aren't just sharing knowledge—they're transmitting feeling states that audiences crave. I've been mapping this shift for months, watching as "vibe coding" shapes software around emotions and "vibe marketing" sells through cultural resonance. But *vibecasting* represents something more fundamental: a complete reinvention of how media connects with its audience. It's not just what you say, but the energy with which you say it. Here's my working definition: *A genre of podcasting defined less by content delivery and more by emotional transmission. Vibecasting prioritizes tone, mood, rhythm, and presence over almost everything else.* What fascinates me is how vibecasting has crystallized into distinct archetypes, each with its own strategy for emotional connection at scale. Here are three that standout. _This post is for subscribers only._ ### Free Agency - Lessons from the Slutty Vegan Restructuring URL: https://www.duethedilly.com/free-agency-violent-valuations/ Last updated: 2025-04-08T02:30:39.000Z The money always comes with terms and conditions. _This post is for subscribers only._ ### The Dime💰 - Tariff Safe Haven URL: https://www.duethedilly.com/the-dime-tariff-safe-haven/ Last updated: 2025-04-04T11:19:32.000Z *The United States can’t just slap tariffs on everything. In fact, there are several products that live in a *tariff truce zone* – permanently duty-free thanks to trade agreements, global commitments, and a natural human understanding. New trade policy can’t touch these locked-in exemptions without breaking treaties. Below, we will walk through some *“untouchable” tariffs* to see which deals tie President Trump’s hands and why.* _This post is for subscribers only._ ### Free Agency Vol. 30 - Global Enticement: The Marketing of Citizenship by Investment URL: https://www.duethedilly.com/free-agency-vol-30-global-enticement-the-marketing-of-citizenship-by-investment/ Last updated: 2025-04-01T06:30:00.000Z Once a year, I get a text from someone that usually reads like this: “*I just got back from \*insert island nation \*! It was incredible. I’m thinking about moving. You have family there right? Let’s build.* I usually think to myself, *brother, you like Soca, not the sun.* But to each their own. I usually keep these thoughts to myself and just send back a 🔥 emoji. That's all I have to give. Recently though, more people have been exploring permanent options beyond vacation destinations, in earnest. They're shopping for second passports, alternative residences, and new citizenships. Some are motivated by political anxiety, others by global mobility and family legacy. But there's a kind of urgency afoot. But few discuss he costs of buying in. So let's explore that. _This post is for subscribers only._ ### Dilly Digest 005 URL: https://www.duethedilly.com/dilly-digest-005/ Last updated: 2025-03-30T17:00:29.000Z $50 Million to store nothing, Why VCs ghost founders, and Oracles on TikTok _This post is for subscribers only._ ### The Dime💰- We Are All Lifestyle Merchants Now URL: https://www.duethedilly.com/the-dime-we-are-all-lifestyle-merchants-now-2/ Last updated: 2025-03-28T05:14:05.000Z "It's over for the little guy." - Patsy Parisi _This post is for subscribers only._ ### Free Agency 📈 Vol. 29 - Convening is the most important aspect of a modern media company. It's also one of the hardest to execute. URL: https://www.duethedilly.com/business-is-booming-for-convenings/ Last updated: 2025-03-25T06:00:03.000Z In a world drowning in digital content, the power to gather people physically has become the ultimate competitive edge. The global events industry hit [$1.3 trillion in 2023](https://www.alliedmarketresearch.com/events-industry-market?ref=duethedilly.com), yet [according to Forrester Research](https://www.forrester.com/report/the-future-of-events/RES176349?ref=duethedilly.com), only 5% of professional gatherings create lasting impact beyond their runtime. While anyone with a venue and a budget can host an event, building a true convening—a gathering with gravity that transforms industries and careers—requires something deeper. The data is compelling: [EventMB's 2024 study](https://www.eventmanagerblog.com/event-statistics?ref=duethedilly.com) found that attendees at meaningful convenings are 3.4x more likely to maintain relationships formed there, and the [Harvard Business Review](https://hbr.org/2023/07/the-return-on-investment-of-in-person-business-gatherings?ref=duethedilly.com) reports companies with successful community-building events see 65% higher customer retention rates. As digital fatigue intensifies (with Americans now spending [7.4 hours daily on screens](https://www.forbes.com/sites/forbestechcouncil/2023/02/22/digital-wellness-in-the-age-of-screen-time/?sh=1b0bb6e73019&ref=duethedilly.com)), creating transformative in-person experiences has become the new media moat that technology alone cannot replicate. _This post is for subscribers only._ ### The Dime💰 - Funding Cuts That Hurt URL: https://www.duethedilly.com/the-dime-funding-cuts-that-hurt/ Last updated: 2025-03-21T02:42:53.000Z "Like many non-profits, we've fallen on hard times. Republican administration plus proliferation of new charities post 9/11" - Maurice Tiffen _This post is for subscribers only._ ### Free Agency Vol. 28 - On artists, corporate structure, and compounding your agency URL: https://www.duethedilly.com/universal-music-group/ Last updated: 2025-03-18T17:59:17.000Z *Recently, a friend asked for some insight on the business of their art, as they are in the process of working on some new projects. I went back and forth on sharing this, but I think it might help artists and creatives understand why it feels like the ground is shifting beneath them, and how to be more resilient through that. I thought there would be no better example than Universal Music Group: one of the best examples of a business operating at scale around the world, focused on monetizing creativity via artists. Like it or not, they continue to grow, and it's because of the processes they have, and how they utilize them.* *I've seen artists get exploited for three reasons: fear, mindset, and predatory frameworks. This piece addresses all three. When I talk to friends about business, I skip the pleasantries - our relationship means I owe them direct honesty. Some details have been obscured to protect privacy.* --- _This post is for subscribers only._ ### The Dime💰 - Europe's Defense Spending Surge URL: https://www.duethedilly.com/the-dime-europes-defense-spending-surge/ Last updated: 2025-04-04T05:38:50.000Z "Buckle Your Seatbelt, Ma." - Carmela Soprano _This post is for subscribers only._ ### Free Agency Vol. 27 📈 - Very expansive, very profitable: How intellectual property turned Mattel into a silent giant URL: https://www.duethedilly.com/very-expansive-very-profitable/ Last updated: 2025-03-10T22:45:04.000Z # When Ruth Handler watched her daughter Barbara playing with paper dolls in 1959, she saw possibility. While other toy companies were focused on helping little girls practice being mothers, Handler noticed Barbara gave her dolls adult roles, imagining their careers and futures. That insight led to what we know today as ‘Barbie’ and would eventually help transform Mattel from a picture frame company into a $9 billion entertainment empire. But Mattel's true superpower isn't just making toys - it's turning intellectual property into perpetual money machines. While everyone talks about Disney's mastery of IP, Mattel has quietly built one of the most valuable IP portfolios in entertainment. They've done it by understanding a fundamental truth: when you build worlds, you build wealth. _This post is for subscribers only._ ### The Dime💰 - So You Want to Do International Business? URL: https://www.duethedilly.com/the-dime-so-you-want-to-do-international-business/ Last updated: 2025-04-04T05:39:08.000Z Greetings from Brazil! I’ve been here a few weeks and have been learning how things get done from an international trade standpoint. Whether you're looking to conduct international trade, acquire property overseas, or are an overseas person looking to finance significant events in the U.S., mastering the complexities of these activities is essential. This guide should operate as a starter pack for figuring out how to set up some overseas operations. _This post is for subscribers only._ ### Free Agency Vol. 26 : Uncle Nearest, Vertical Integration, and the conundrum of total ownership URL: https://www.duethedilly.com/free-agency-vol-26-uncle-nearest-vertical-integration-and-the-conundrum-of-total-ownership-2/ Last updated: 2025-03-08T18:23:14.000Z # Uncle Nearest, Vertical Integration, and the conundrum of total ownership In a world where AI is redefining what it means to "own" something, the traditional notion of controlling your entire supply chain feels almost quaint. Yet vertical integration—owning every step from raw materials to final sale—is experiencing an unexpected renaissance. The twist? While AI enables companies to outsource and automate more than ever, some founders are doubling down on total ownership, while others are discovering new hybrid models powered by artificial intelligence. I find that other industries adjacent to media offer both clues and examples, and what Fawn Weaver has done with Uncle Nearest is one of the best around to describe both the advantages and costs of complete ownership. _This post is for subscribers only._ ### The Dime💰 - Nonprofits Fund Startups Too URL: https://www.duethedilly.com/the-dime-nonprofits-fund-startups-too/ Last updated: 2025-02-28T02:30:06.000Z "There ain't much to talk about. It's all done through our nonprofit corporation." - Paulie Gualtieri _This post is for subscribers only._ ### The Dime💰 - QSBS and A Note From CJB URL: https://www.duethedilly.com/the-dime-qsbs-and-a-note-from-cjb/ Last updated: 2025-02-21T02:28:26.000Z The right tax strategy can make a massive difference when you're building a company or backing one, and QSBS is one of the biggest tax advantages out there. If you play your cards right, you could exclude up to $10 million (or 10 times your investment) from federal capital gains taxes under 26 U.S. Code § 1202\. Let’s break it down. ### What is QSBS? QSBS stands for Qualified Small Business Stock, and it’s a special tax incentive under 26 U.S. Code § 1202\. The idea is to reward people for investing in small businesses. If you hold QSBS for at least five years, you might be able to exclude 100% of your capital gains from federal taxes. That means more money in your pocket and a major reason why investors love early-stage startups. ### Who Qualifies for QSBS? Not every company or investor qualifies for QSBS. The company must be a C-Corporation—LLCs and S-Corps don’t qualify (26 U.S. Code § 1202(c)(1)). If you’re an LLC, you’d have to convert to a C-Corp, and the five-year clock starts the day you convert, not the day you first issued shares. The company must be engaged in an active trade or business, meaning certain industries, like finance, law, and healthcare, are not eligible (26 U.S. Code § 1202(e)(3)). The company’s gross assets must be under $50 million at the time of stock issuance (26 U.S. Code § 1202(d)(1)). The stock must be acquired directly from the company, meaning you can’t buy it secondhand from another investor (26 U.S. Code § 1202(c)(1)). _This post is for subscribers only._ ### Free Agency Vol. 25 📈 How to Invest actual money in Your creative friends ( and how to not fumble it, as a creator) URL: https://www.duethedilly.com/how-to-invest-in-your-creative-friends/ Last updated: 2025-02-18T02:00:35.000Z The creator industry is entering a new phase of maturity. While the past decade was about building platforms and tools for creators, the next wave is about serious institutional capital flowing into creator-led businesses. But investing in creators isn't as simple as writing a check—it requires new frameworks that can balance creative autonomy with investor protection. Recent market signals suggest we're at an inflection point. Major platforms are restructuring revenue shares, venture funds are raising creator-focused capital, and infrastructure players are scaling up. The question isn't whether creators will become a legitimate asset class, but how to structure these investments for mutual success. ### **Some Signals:** - Yahoo News is splitting [ 50% of advertising revenue with 100 creators](https://www.bloomberg.com/news/articles/2025-02-12/yahoo-news-courts-instagram-youtube-creators-to-draw-traffic?accessToken=eyJhbGciOiJIUzI1NiIsInR5cCI6IkpXVCJ9.eyJzb3VyY2UiOiJTdWJzY3JpYmVyR2lmdGVkQXJ0aWNsZSIsImlhdCI6MTczOTM4MzAzNiwiZXhwIjoxNzM5OTg3ODM2LCJhcnRpY2xlSWQiOiJTUkhNWEJUMVVNMFcwMCIsImJjb25uZWN0SWQiOiIyQjY1MTBGMjk4NDA0MTE0QTE2Q0E1MzYyQzU2NEQwRSJ9.3AGN%5FImyDtgwSGsH%5FuMk691l90NMg1I0gV3jX9YMWk8&ref=duethedilly.com). - Slow Ventures just raised [60M fund for creators](https://www.axios.com/2025/02/12/slow-ventures-seed-fund-creators?ref=duethedilly.com). - Uscreen gets a [$150M injection](https://psgequity.com/news/uscreen-announces-150-million-investment-from-psg-to-drive-its-next-phase-of-growth?ref=duethedilly.com) to scale out mobile and tv apps for creators - Creator agency Whalar launched [The Lighthouse](https://www.thelighthouse.com/?ref=duethedilly.com), a physical campus for creators based in LA and Brooklyn. - ShopMy,[ pulled $77.5M](https://menlovc.com/perspective/investing-in-the-future-of-creator-driven-commerce-shopmy-series-b?ref=duethedilly.com) to expand internationally and reshape creator-driven commerce **The creator industry will become increasingly capitalized by venture.** It is only a matter of **when,** not if. Being early is costly, being late ensures you get none of the upside. So if you have the risk tolerance, means there is a massive opportunity. First something is fringe. Then it’s up and coming. Then it’s mainstream. Then people make market maps about it on LinkedIn. But by that time, it’s too late. I believe in a media-first approach to analysis and building businesses. This means that showing is much better than telling. When it comes to product, you build something people want. As an artist, you make something you want to see in the world. Entrepreneurs learn how to do both. That’s what makes creators an undervalued asset class. They can make what they want, build audience, then build businesses with and for their community. **That’s what makes creators, founders.** *Most creators* are operating on a cashflow basis, meaning that monetization is usually the biggest variable. The ones that are household names and have gigantic audiences are generally self-sufficient (e.g. Mr. Beast, Kai Cenat) and do not need to take capital for their operation. They might take it for a new venture, but that line of potential “collaborators” is long, so they are what is desired. But that’s no different than any other investment, and the upside is huge. With institutional dollars increasingly flowing into the creator economy, creators and investors need frameworks that protect intellectual property (IP), align incentives, and offer flexibility for diverse revenue streams. The challenge isn’t a lack of vision; it’s facing the tactical realities of putting vision and capital to work. Multi-company contracts can accomplish exactly that. _This post is for subscribers only._ ### The Dime💰 - Trade Loopholes URL: https://www.duethedilly.com/the-dime-trade-loopholes/ Last updated: 2025-04-04T05:39:59.000Z If you have ordered from Shein, Temu, or AliExpress, you have benefited from one of the most exploited trade loopholes in U.S. history. The de minimis exemption, under Section 321 of the Tariff Act of 1930, allowed goods valued under eight hundred dollars to enter the U.S. duty-free. Originally, it was meant to simplify customs processing and reduce paperwork for small shipments. But what started as an efficiency measure has turned into a massive loophole that foreign e-commerce giants use to evade tariffs. Now, President Trump temporarily suspended the exemption, throwing a wrench into the operations of global retailers that have used it to dominate American markets. However, the suspension was short-lived as an overwhelming backlog of packages at customs created logistical chaos. Faced with mounting delays, frustrated consumers, and supply chain disruptions, Trump repealed the suspension, allowing the de minimis exemption to remain in place while policymakers debate a more structured approach. _This post is for subscribers only._ ### Free Agency 📈 Vol. 24 - A few models that people are using to make money in media, in 2025. URL: https://www.duethedilly.com/new-money-models/ Last updated: 2025-02-11T06:35:20.000Z Every single week, it seems like the price of production keeps being driven into the ground. It's impossible to keep up, and I don't think you have too. But, there is a common theme that emerges: with this much change happening, where should you focus? > Excited to introduce Icon, The First AI Admaker. > > We’re backed by Peter Thiel’s Founders Fund & execs of frontier AI labs like OpenAI, Pika, & Cognition. > > Icon ([https://t.co/Ze3NCCSld6](https://t.co/Ze3NCCSld6?ref=duethedilly.com)) is like ChatGPT + CapCut, but for making winning ads with AI in minutes. > > How it works: > 1.… [pic.twitter.com/2oI6Ctr8mE](https://t.co/2oI6Ctr8mE?ref=duethedilly.com) > > — Kennan Davison (@kennandavison) [February 4, 2025](https://twitter.com/kennandavison/status/1886836061378372064?ref%5Fsrc=twsrc%5Etfw&ref=duethedilly.com) Well, looking at business models that *actually* make money in media right now, is a pretty good place to start. Here are a few that caught my attention, and why. _This post is for subscribers only._ ### Dilly Digest 004 URL: https://www.duethedilly.com/dilly-digest-004/ Last updated: 2025-02-10T00:25:49.000Z $7 Billion Dollar Shadow industry, 321 Use Cases for AI, and $60M payout _This post is for subscribers only._ ### The Dime💰- The Fight For Corporate Power URL: https://www.duethedilly.com/the-dime-the-fight-for-corporate-power/ Last updated: 2025-04-04T05:40:48.000Z What's good y'all. I was out last week with the flu. Hope you didn't miss me too much. Here's this week's edition of The Dime💰. One of the most significant shifts happening in corporate America right now is the migration of tech companies away from Delaware to states like Texas, Florida, and Nevada. This trend isn’t just about geography, it’s about power, corporate governance, and the changing landscape of investor and shareholder rights. If you’re a founder, an investor, or just someone who cares about the future of business in America, you need to understand what’s going on and why it matters. _This post is for subscribers only._ ### Free Agency📈 - Subprime Social Crisis Part 4: Opportunities, Pitfalls, and Unanswered Questions URL: https://www.duethedilly.com/free-agency-subprime-social-part-4-opportunities-pitfalls-and-unanswered-questions-2/ Last updated: 2025-02-04T07:00:59.000Z _This post is for subscribers only._ ### Free Agency 📈 -Subprime Social Crisis Part 3: Everything Maxxxed URL: https://www.duethedilly.com/one-person-unlimited-leverage/ Last updated: 2025-01-28T17:28:59.000Z 💡 This is part 3 of a 4 part series on the state of media in 2025, through a theory I've been working on called the **Subprime Social Crisis.* Media is going through the same kinds of corrections, implosions, and new beginnings, and I wanted to explore that on a more fundamental level. You can find [Part 1 HERE](https://www.duethedilly.com/free-agency-vol-16-m/), and [Part 2 HERE](https://www.duethedilly.com/platforms-positioning-ai/). ****Actionable Summary:** ****\-** We've never been at a point in this time in history where a single person can use technology to create this kind of leverage. \- Picking a platform and using it persistently, pays off (and requires tradeoffs). \- You can build an ecosystem that supports what you want to talk about and who you want to talk too. ****Why it matters**: Single-person entertainment companies aren't pipe dreams. They are the backbone of a new media ecosystem. This is a time of growth, by what appears to be any means. Maxxxing is what the effort to find the edges of what is possible and do as much of that, for as long as possible. Due to the technological revolution we’re living through, distrust in legacy media, and a hunger for people and voices, there's a special kind of opportunity arising: *individual market influence.* Individual market influence is the ability for a person to take what they know, distribute that information at scale, and produce value and capital from it. Value is subjective to the needs of an audience, but capital is tangible. In the Subprime Social Crisis, this is where a lot of the opportunity lies and will continue to be realized. So let’s talk about someone who has done that really, really well. _This post is for subscribers only._ ### The Dime💰: The New Financial System URL: https://www.duethedilly.com/the-new-financial-system/ Last updated: 2025-04-04T05:40:35.000Z If you’re like me, you were probably introduced to Bitcoin by some random person with a random handle on Reddit deep in the depths of the internet where you probably weren’t supposed to be. Some mysterious poster who basically described it as “The Hardest Money Ever Made.” You learned that it was trustless, that it was unhackable, that if you lost the seed phrase to your wallet it was gone forever, and last but not least, that it would change the world as you knew it. Everyone you probably told about it in the period of 2009 to 2020 looked at you like you were crazy. I remember working at JPMorgan and people laughing at me telling me that I was playing with “magic money.” But it still made sense, it made sense because US dollars made sense. It made sense because the previous forms of money made sense. It made sense because we believed in it. That was enough to keep learning more about what was going to happen. As more people adopted, more people believed and now everyone has no choice but to believe. Today’s executive order, "Strengthening American Leadership in Digital Financial Technology," marks a pivotal shift in the financial landscape. While it champions innovation, it also redefines the rules of the game, aiming for harmony between digital assets and traditional finance. _This post is for subscribers only._ ### Free Agency 📈 - Subprime Social Crisis Part 2: Platforms, Positioning, and AI URL: https://www.duethedilly.com/platforms-positioning-ai/ Last updated: 2025-01-28T02:46:16.000Z 💡 This is part 2 of a 4 part series on the state of media in 2025, through a theory I've been working on called the **Subprime Social Crisis.* Media is going through the same kinds of corrections, implosions, and new beginnings, and I wanted to explore that on a more fundamental level. You can find [Part 1 HERE.](https://www.duethedilly.com/free-agency-vol-16-m/) ****Actionable Summary:** \- We used to have a way for competing ideas to be shared in a common space, and that would allow us to interact \-Platforms are competing for share of attention, not just users. \- We are drowning in data, and starved for insights. \- The New US Government is positioned to be an *Internet Administration.* This means we will see policy play out live, at a speed and pace we haven't before. ## It Wasn’t Always Like This The Fairness Doctrine was started by the Federal Communications Commission in 1949, to ensure that broadcast media provided fair and balanced coverage. The point was to create an environment that there wouldn’t be a monopolization of viewpoints at any given time. It meant things like: - Equal Airtime for Candidates - If you were running for public office, you had to be given equal airtime as your opponent. - Coverage of Controversial Issues - You had to devote airtime to discussing significant matters of public interest. - Response Opportunities - if you felt like you were misrepresented or attacked, broadcasts were entitled to a reasonable opportunity to respond on air. Since broadcast radio and television were the primary means of reaching the American populace at scale, this worked. It was in play until 1987, when it was repealed under Reagan. People felt like it infringed on First Amendment Rights, and didn’t let people operate without government interference. The problem is we aren’t sure what or who to believe anymore. That’s even harder because depending on where you spend time, the information that comes to you is curated by *who* you follow. _This post is for subscribers only._ ### The Dime💰- Trump, M&A, You, and Wealth URL: https://www.duethedilly.com/the-dime-2/ Last updated: 2025-01-17T03:05:57.000Z "The point is, he's got the title. He's a happy fucking camper. The house is secure." - Tony Soprano _This post is for subscribers only._ ### Free Agency 📈 - The Subprime Social Crisis Part 1: State of Play URL: https://www.duethedilly.com/free-agency-vol-16-m/ Last updated: 2025-01-28T22:03:37.000Z Trying to make sense of it all. _This post is for subscribers only._ ### The Dime💰 - Paying in Equity URL: https://www.duethedilly.com/the-dime-paying-in-equity/ Last updated: 2026-08-11T01:38:26.000Z Happy New Year, folks. Welcome to 2025\. I hope your holiday went well. I’m looking forward to what we share together this year, and hope you’ll keep opening and reading. Let’s dig in though, here’s this week’s edition of The Dime💰. One of the most vital issues you will have to solve as a founder is distributing equity in your company. You will constantly ask yourself who should have equity, how much, and why. It’s a very difficult question to answer and each question should be answered on a case by case basis. There’s no real balancing test or formula that can fast track this as each person at each stage provides different value. What you should always keep in mind is that you need to be as effective as possible when doing so because at the end of the day each person who has equity in your company needs to play a vital role in its success and ensuring that it moves forward. Typically in the beginning it appears that every single person who expresses interest in taking your company to the next level should get a piece of it. I mean it’s only fair right? Usually the early conversations with those people are very rosy and the possibilities are endless about where you can go in the future. Over time though, when you have to execute, the rose tinted lenses tend to become a bit more clear and those endless possibilities don’t look so endless anymore. Sometimes these relationships even end, whether you let them go, or they volunteer to leave, or simply stopped showing up. But you already gave your equity away, the only way to get it back is to use company cash to buy it. The tools I’ll introduce you to in this Dime may help you navigate those a bit better and also ensure that your cap table stays a bit cleaner for a longer period of time. ## **Vesting** Vesting is one of the most powerful tools you can use to protect your equity and incentivize commitment from team members. The concept is simple: instead of granting equity outright, you grant it over time or upon achieving certain milestones. This ensures that equity is earned and not just given away. A standard vesting schedule in startups is four years with a one-year cliff. This means that an individual doesn’t actually own any of their equity until they’ve been with the company for at least one year, at which point 25% of their shares “vest.” After that, the remaining shares vest incrementally each month or quarter over the next three years. If someone leaves before the cliff period, the company retains their unvested shares. Why is this important? It gives you a safety net. If someone joins your team but turns out not to be the right fit—or worse, they ghost the company—you aren’t stuck with them holding a chunk of your equity. It’s a safeguard that aligns ownership with contributions. And don’t forget, this applies to you as well as a founder, especially if you have co-founders or investors. Founder vesting shows your commitment to the business and reassures investors that you’re here for the long haul. ## **SEC Rule 701 Employee Incentive Plans** If you’re looking to issue equity to your employees or contractors, *SEC Rule 701* is your go-to guide. This regulation provides a framework for private companies to offer stock options, restricted stock, or other securities as part of employee incentive plans without registering them with the SEC. Here’s the key: Rule 701 is meant to make offering equity affordable and simple for startups. It allows you to issue up to the greater of $1 million, 15% of your total assets, or 15% of your outstanding securities in any 12-month period without triggering SEC registration requirements. But you’re not off the hook entirely—if you issue more than $10 million in equity in a 12-month period, you’ll need to provide detailed disclosures, including financial statements and a description of the risks involved. Why should you care? Rule 701 makes it easier to create equity-based incentive plans that reward employees while staying compliant with securities laws. Keep in mind, though, that these securities must still comply with state securities “blue sky” laws, so it’s worth working with an attorney to ensure you’re on solid ground. ## **Option Agreements** Option agreements are the bread and butter of startup equity compensation. They give employees the right to purchase company stock at a fixed price—known as the exercise or strike price—sometime in the future. Options are typically granted as part of a company’s equity incentive plan and subject to a vesting schedule. One of the main advantages of options is that they serve as an alternative to giving equity away outright. Unlike direct equity grants, options allow you to offer the promise of ownership while keeping the actual ownership—and its impact on the cap table—on hold until the options are exercised. This is a game-changer for maintaining a clean cap table, as the dilution only happens when an option holder exercises their options and converts them into actual shares. Just like equity, options can—and should—be subject to a vesting schedule. For instance, you might offer a four-year vesting schedule with a one-year cliff, so the option holder earns the right to exercise their options incrementally over time. If they leave before vesting fully, the company retains the unvested options. When it’s time to exercise, the option holder pays the strike price for the shares they’ve vested in. Here’s how that works: 1. **Determine Vesting:** The option holder can only exercise the portion of their options that have vested. For example, if they’ve vested in 50% of their options and their total grant was 1,000 shares, they can only exercise 500 options at this point. 2. **Pay the Strike Price:** The option holder pays the agreed-upon strike price to purchase the shares. For example, if the strike price is $1 per share, they’ll pay $500 to exercise 500 options. 3. **Convert to Shares:** Once exercised, the options convert into actual shares, and those shares are added to the cap table. Until the options are exercised, they don’t appear on the cap table as actual shares. Instead, they exist as a "right to purchase," meaning there’s no immediate dilution or impact on ownership percentages. This delayed impact makes options particularly appealing for startups aiming to conserve ownership while still incentivizing team members. By structuring compensation through options, you create a win-win scenario: employees see the upside potential of your company’s growth, and you retain flexibility in managing your cap table until those options are exercised. It’s a tool that, when used correctly, can drive commitment and align incentives without giving away the store too soon. When giving away equity don’t restrict yourself to one universe. There are may tools and different deals that can create an outcome that allows everyone to be happy. That’s it for this week’s edition of The Dime💰. Don’t be stingy with the 🏀. Pass this to a friend. See y’all next week. CJB ### The Annual Due Dilly Reader Survey URL: https://www.duethedilly.com/what-do-you-want-from-us-2/ Last updated: 2024-12-31T20:32:13.000Z An ask and a thank you. _This post is for subscribers only._ ### The Dime💰 - Freelance isn't Free. It's Costly. URL: https://www.duethedilly.com/the-dime-freelance-isnt-free-its-costly/ Last updated: 2024-12-20T00:19:27.000Z "Aight y'all, it looks like we're gonna make more money... together." - Stringer Bell _This post is for subscribers only._ ### Free Agency Vol. 16 📈 - Media 'advice' is (usually) behind, sometimes dead wrong. That's good news. URL: https://www.duethedilly.com/media-advice/ Last updated: 2024-12-17T07:58:00.000Z 2024 is almost done, which means it’s prediction season. Every year, people pontificate about what will and will not happen across media. Predictions are fun because they’re binary; they either age well or terribly, but you still get to speculate. I stumbled upon a video from Nickelodeon recently which, as a 90s baby, was insane to watch. I thought it could be fun to review a few of the most common misconceptions and fallacies I heard coming into 2024, and how they did (and didn’t) stand up to scrutiny. _This post is for subscribers only._ ### The Dime💰 - Notes & SAFEs URL: https://www.duethedilly.com/the-dime-notes-safes/ Last updated: 2024-12-13T04:27:31.000Z "Fuck right, it ain't about right, it's about money." - D'Angelo Barksdale _This post is for subscribers only._ ### Free Agency Vol. 15 📈 : Media operates on a Power Law. Understanding it can change everything. URL: https://www.duethedilly.com/free-agency-vol-15-the-dominance-of-the-bedroom-documentarian-2/ Last updated: 2024-12-10T02:20:57.000Z ### What is the Power Law? The Power Law states that a small number of things account for the majority of impact, value, or success in a system. It also means that whatever or whoever is deemed successful in that system receives a disproportionate amount of attention and resources. ![](https://www.duethedilly.com/content/images/2024/12/image-8.png) The Power Law in action In professional sports, about 1% of athletes make it into the league, and 1% of those athletes earn a disproportionate amount of money from the sport. In venture capital, one single investment can outperform all the others. In a venture fund, 10% of investments usually generate 90% of the financial returns. That means “success” often looks like an exponential outcome—this is what people aim to achieve. There’s a Power Law in media too. It means a tiny percentage of creators are responsible for the majority of attention. A small percentage of Netflix shows (*Stranger Things, Squid Game*) attract most viewers. This is how MrBeast moves from your phone to your TV and back again. **Warning:** Once you understand the Power Law and how it shows up, you’ll start seeing it everywhere. If you've ever watched a documentary on Youtube, you're already on your way. _This post is for subscribers only._ ### The Dime💰 - End of Year Deal Rush URL: https://www.duethedilly.com/the-dime-end-of-year-deal-rush/ Last updated: 2024-12-06T00:19:42.000Z One thing I’ve learned practicing law over the years is that December is one of the most pressure sensitive months of the entire year. While everyone is doing the “Let’s circle back in the new year” rigamarole, the lawyers are in Game 7 of the NBA Finals because all at once our clients are trying to close out every deal possible before that December 31st date. In particular, I find myself on many deals where funds are being wired around so that clients can realize tax (or non-taxable) activity for this year instead of next year. _This post is for subscribers only._ ### Free Agency Vol. 14 📈 - No More Shooting in LA URL: https://www.duethedilly.com/no-more-movies-in-la/ Last updated: 2024-12-03T04:55:51.000Z As a proud NYC resident, you get used to seeing film crews distributed at random times during the day. In Harlem, on the right day or night, you can catch Law & Order, Power, or a random A24 movie shooting on a a treelined block. There are certain neighborhoods that are great for filming , because they look like they could be an entirely different part of the city or the world. That's the beauty of New York. _This post is for subscribers only._ ### The Dime💰 - So It’s Time To Sell Your Business. URL: https://www.duethedilly.com/so-its-time-to-sell-your-business/ Last updated: 2024-11-30T00:30:42.000Z What’s good y’all. I hope you enjoyed your holiday. I decided to push back this week’s drop to give you time to spend with the family instead of having your face stuck in a phone/computer. Please tell me you didn’t get into any political debates and that everything is okay. Since we’re back in action, linked here is the “[Notes on Venture Capital](https://www.duethedilly.com/the-dime-notes-on-venture-capital-additional-thoughts/)” series we just wrapped up in case you missed it. It covers everything you need to know about Venture Capital and raising money. If you raised the money you need and you’re not considering an initial public offering (IPO) you may be considering selling your business. Today, we’ll pour over the proper process and the best way to position yourself if you’re looking to sell for the highest price. Here’s this week’s edition of The Dime💰. _This post is for subscribers only._ ### Free Agency Vol. 13 📈 - People build teams before they have a stack. That's a mistake. URL: https://www.duethedilly.com/the-future-is-the-stack-you-build-not-the-team-you-hire-2/ Last updated: 2024-12-05T13:52:56.000Z Free Agency Vol. 14 - Before you hire a team, you need to build a stack. If you’re a talent agent operating in the State of California, you have some core responsibilities to your client, according to the law: 1. **Duty of Care:** Act diligently and competently on behalf of the client. 1. **Duty of Loyalty:** Prioritize the client's interests over personal earnings. 1. **Duty of Confidentiality:** Protect the client's private information. 1. **Duty of Notification:** Keep clients informed of all relevant career developments. 1. **Duty of Obedience:** Follow the client's directives and priorities. 1. **Duty of Accounting:** Properly manage client funds. Ironically, these are all duties one could and should have to themselves and what they’re building. If you are in the business of attention or desire, there are three overarching areas where a stack can help you: to focus, to compound, and to distribute. Each is critical in its own right, but when brought together, they create momentum you can utilize. Stacks are sets of tools that can work in interconnected ways to develop a system for yourself. These days, they are everywhere. _This post is for subscribers only._ ### The Dime💰 Notes on Venture Capital - Part IV: Additional thoughts URL: https://www.duethedilly.com/the-dime-notes-on-venture-capital-additional-thoughts/ Last updated: 2026-08-11T02:42:38.000Z 💡 *This is part four of a four part series called "Notes on Venture Capital." In these notes, I will tell you my understanding of what venture capital is, who the players are, what the environment is like, the process of fundraising, what metrics matter, and some additional thoughts on my end.* [**If you haven't read part one, you should read it to get the context behind what you are reading right now.*](https://duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/?ref=duethedilly.com) [****Part 1 - Who the players are.**](https://duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/?ref=duethedilly.com) [****Part 2 - The process of fundraising.**](https://duethedilly.com/the-dime-venture2raising/?ref=duethedilly.com) [****Part 3 - What metrics matter, and why.**](https://duethedilly.com/what-metrics-matter-and-why/?ref=duethedilly.com) ****Part 4 - Additional thoughts.** If you made it here, congratulations and thank you. I truly hope that what I've shared has been helpful and that you were able to share it with others. The goal at the end of the day is to empower others with information needed to fundraise for their businesses. Simple and plain. While we're here, there's at ton people who won't tell you either because they don't want to or simply don't have the exposure to properly equip you with appropriate thoughts or responses. So I felt that adding some context for you to take with you as you navigate your way through this journey would be a well intentioned parting gift. So here's this week's edition of The Dime💰. Part four of the "Notes on Venture Capital" series - "Additional Thoughts." ***First Time Founders*** If you're a first time founder all of this is going to be very scary and exciting for you. Each decision is life altering and you may even enter a phase where you can imagine what your life can (or even will) be in the next few years. In some ways, you may be counting your eggs before they hatch. Don't do it. Live in the moment and be forever present in these moments. Take time to journal and take detailed notes on as much as you can. Your wins, your losses, you perfections, and your mistakes... take notes on everything. The reason why is because it's going to be valuable in what I'm about to talk about in the next paragraph. As a first time founder you have one focus and one focus only, building the best business you can sell. This is probably the total opposite of what you hear people on Twitter say but listen to me. Unless you're building a something that is creating an economy around it or are changing the face of an entire industry, the likelihood of your product going to IPO or reaching unicorn status is sub 1%. This is entirely okay. The reason why this is okay is because if you end up selling a company for $100 Million and you own 20% of that company when it sells you would have made $20 Million in 7-10 years. That's a very nice chunk of money. Additionally, you can use the notes I told you to take, plus the money, to build a new company, move much faster, and raise money at a faster rate because now you are a founder who has exited their investors. You will now have great credibility and your own money to take yourself to that IPO or that unicorn status on your second go around. Before PayPal, Peter Thiel started Thiel Capital Management, Elon Musk started Zip2 (which sold to Compaq for $341 Million and must only got $22 Million from that), there are many more stories like this. The first company is rarely the one that hits it out the park. It's usually the second or third one that goes really crazy. I know you want to be the Steve Jobs, Mark Zuckerberg, or Bill Gates but those are truly the anomalies in this space. You want it to be the Jobs way... but it's the other way. ***Board Seats Matter*** I can't express this enough. You need to make sure that you retain a level of control in your company because as it gets bigger your control will slowly dwindle away. If you have a lawyer worth their salt, they'll make sure you will always have a way to retain control. That lawyer should be proactive about it but just in case they aren't, make sure you put that request in. I've been in the rooms in a post-series A situation where the board make up looks crazy cause now its 4 against 1 and that 1 is you. From there decisions aren't really yours to make anymore even though it is your job to drive the company to profitability. You won't get the option to choose every single person on the board (because your investors will ask for seats and will choose who sits there) but building a relationship with these investors before taking their money will help you discern who to take money from because that may be who will sit on your board some day. ***Equity Matters*** Beyoncé spoiled you guys. I mean yes, she's right, being paid in equity in certain circumstances is better but as a founder that doesn't mean you should be giving equity away like candy. I often encounter founders who just run around saying "hey, do this for me I'll give you ummm 5% of the company or whatever." That's all fun and games until you're trying to raise money from real people with real money and they say "yeah here's $10 Million for (insert egregious amount of equity)." Now you're in a position where you can't say no because it's $10 Million but after they take their equity you look at how much you have left and you realize now you're basically the little guy on the cap table and you still want to raise money in the future. Now you're regretting giving away so much equity in the beginning for people who did you little favors here and there (and possibly those didn't even pan out the way you thought they would). From my experience you should be highly selective in who you give your equity to. There should only be two criteria. 1\. This person will do work that will make the company money today, the immediate future, and long term. 2\. This person is giving me cold, hard, cash. Person in criteria 1 should never get their equity all at once, they should earn it over time. Person in criteria 2 should choose when they want their equity but you should always try your best as a founder to give it to them as late as possible. ***Your First Very Big Check*** This is going to vary but usually your first very big check comes in late in your seed round or in your Series A round. Either way that big check is usually something over $1 Million. For like 99% of you reading this, it will be the most amount of money you ever held in a bank account with your name associated with it. The first phone call you need to make is to your Mom. The second phone call you need to make is to your Lawyer. The third phone call you need to make is to a Chief Financial Officer (CFO) because that's the person who's going to make sure that you don't fuck this up royally. You get one chance and one chance only. There are a few options if you don't want to hire a CFO in the beginning. You can get a fractionalized CFO which basically is just an outside consultant who makes sure your books are handled well and the money is in tip top shape. But if you're really trying to do it right, you're going to want a person who either was a CFO somewhere before or was at a pretty big accounting firm or something like that. You want a stone cold killer who's going to figure out any way possible to make sure that you're stretching that money as far as possible. ***Whatever You're Trying to Do Just Call The Damn Lawyer*** ![](https://www.duethedilly.com/content/images/2024/11/fontbolt.png) Founders dream of never having to call a lawyer once and really believe in that dream. I don't know where founders picked up this culture from but early on they have the tendency to avoid talking to lawyers until someone else tells them they should. I'm guessing because LegalZoom's horrible marketing has convinced you that you can create a well standing corporation that's prepared for Series A funding for a simple payment of $500\. Maybe it's because Google has convinced you that whatever that user posted on Quora 10 years ago about their legal issue is correct. Maybe that janky ass contract that ChatGPT wrote you will work and hold up in court (it won't). It's a lie. It's all a lie. You should be talking to the Lawyers first. The Lawyers are very well connected, they probably dealt with whatever issue you're dealing with before, and they likely won't charge you a dime if they're just on the phone with you for 15 minutes and don't have to do any paperwork or anything. You should be calling the Lawyers first. If you're thinking about starting a company? Call the lawyer. Thinking about doing your first hire? Call the lawyer. First contract? Call the lawyer. Trying to get your first office space? Call the lawyer. Splitting equity with your friends? Call the lawyer. Stop being afraid of the lawyers. The reason why I say this is because the lawyers are tired of cleaning up the mess that was made which could've been saved by a phone call. Stop being scared, stop being cheap. Call the lawyer. Even if you have to borrow money from your Mom, it doesn't matter, its cheaper to call the lawyer early than it is to call them later because most of the time you're already fucked if you're saying I think it's time to call the lawyer. ***Have Fun*** Never forget that this is a privileged process. Millions of people start businesses everyday but not everyone gets access to venture capital. If you're making it this far you're doing great already so do not torture yourself by comparing how much you got with someone else. Do not try to expedite yourself to the big money. Do not be so caught up in the industry game that you forget why you started your business in the first place. Being in control of your own destiny in this particular way is a very special experience and I never want you to look past that. You will meet some incredible people along the way who may actually be a part of your life forever. You will learn things about yourself and others that will make you a better person. Do not discount those from your experience. Have fun and I wish you the best. That's it from this week's edition of The Dime💰. See y'all next week. CJB ### Free Agency Vol. 11 📈 - When we say 'The Culture', what are we even talking about? URL: https://www.duethedilly.com/the-culture/ Last updated: 2024-11-19T05:55:20.000Z Growing up, there was this weird thing that would happen when people called the house. My mom would pick up, and they’d be confused about who they were talking to. It took me a few years to learn that the way my mom answered the phone had a heavier accent than when people spoke to her in public. The way they experienced her English changed based on the mode of communication, not her ability to speak it. There was an expectation that she wouldn’t sound the way she did. _This post is for subscribers only._ ### The Dime💰 Notes on Venture Capital - Part III: What metrics matter and why URL: https://www.duethedilly.com/what-metrics-matter-and-why/ Last updated: 2026-08-11T01:42:13.000Z 💡 **This is part three of a four part series called "Notes on Venture Capital." In this note, you will learn the value of metrics in the startup world and why they matter.* [**If you haven't read part one, you should read it to get the context behind what you are reading right now.*](https://www.duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/) [****Part 1 - Who the players are.**](https://www.duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/) [****Part 2 - The process of fundraising.**](https://www.duethedilly.com/the-dime-venture2raising/) ****Part 3 - What metrics matter, and why.** ****Part 4 - Additional thoughts.** One of the greatest lessons I've ever learned was from Jonathan Jackson who simply said "Everything is a story, and the best story wins." It's easy to read that quote and say "Facts!" but it goes even deeper than that. When lawyers are in court arguing in front of a jury, the story that is told the best using the evidence, is at times the story that the jury decides to make its verdict on. When there's a public relations issue that hits the web, it is typically the best story that wins. Even in extremely important elections, the candidate that tells the best story about themselves and the vision for the role they're campaigning for, is the candidate that wins. Your business is no different. Here's this week's edition of The Dime💰. When pitching your startup, you're telling a story. It usually goes something like this: > *"(insert product name) is a product that will revolutionize (insert industry) by providing a novel service that (insert current competitors) haven't figured out yet. If you just invest x dollars into (insert product name) then you will have the chance to bring (insert product name) to market and be along for the ride as we shift (insert industry) into a new age.* You will also make a ton of money in the process.*"* Of course that's not the entirety of a pitch but it usually should be short, sweet, and to the point. Especially when you're in an elevator with someone who is an investor or are connected to potential investors. This is why many accelerators will tell you to craft what they call an "Elevator Pitch." Over time you will have to hone that pitch and also expand on that pitch. Depending on the audience you will have to insert data points and additional information about your customer to make your business, your story, the best story ever. That's what part III of this series is about. This piece will be focused on the metrics that Venture Capitalists (VC's) look at to determine if your business is worth investing in. You need to know some (or all) of these metrics. Preferably by heart. If you asked about some of these metrics and you don't know what they are, most VC's will assume you're just wearing the costume of a founder and not an actual founder for real. It's no different than speaking with a person who says they are a math wiz and are unable to tell you what the quadratic formula is. There are just some things in this world you simply should just know. Knowing these metrics aren't simply for vanity. These metrics also tell the story of your business. They're simply a story told with numbers, instead of being told by words. The better you know the numbers and how to explain the numbers, the better story you're able to tell. The better story you're able to tell, the more money you can raise. The more money you can raise, the better chance you have a running a successful business. Successful business either leads to an Initial Public Offering or an acquisition which means an exit for all of the investors. In simple terms, the best story leads to money for everyone. So let's give you the ABC's to telling the best story using metrics for your startup. I'm pretty sure that I will not cover every single metric known to man here, so please do not enter the comments saying "You missed x metric, you don't know anything." If anything, if you're a founder, I'd love it if you added metrics that you use, or metrics that you created, as a comment below this article. As my assumption is that other founders will use this document to guide them through their journey. If you choose to do so, please also add why you use your metrics and tell us what story it tells about your business. **Why Metrics Matter** The game hasn't been the same ever since. Metrics tells you how your business is doing. The more metrics you use, the more details you have about your business' performance. Instead of digging into business to find value though, I'll use another sports story. Baseball is a very old sport. If I'm correct, you can trace baseball back to the 1700's (or even earlier). During that time, all you cared about was how many times a person hit the ball and how many times they scored. There wasn't much to it until 1858 when a guy by the name of Henry Chadwick invented this thing called the "box score." The box score changed everything about baseball because it was the first time that you can quantify multiple actions about one player and place them in a chart. It was the very first time that we could measure a players performance. By measuring a players performance you can measure the impact that they have on a team. By measuring a teams performance, you can not only determine how good they are, but also the chances that they will beat another team that they're playing at a particular time. People who loved math and sports, fell in love with the box score. They would use the metrics from the box score to bet on games, bet on players, and also discuss what new metrics should be measured to better predict outcomes. In 1964, Earnshaw Cook wrote a book called *Percentage Baseball* which was the first book of its kind. It didn't just discuss numbers, Cook decided to formulate the game of baseball around numbers and numbers only. Here is some of what he covered in that book: ### 1\. Quantitative Analysis Cook’s approach applied statistical and mathematical models to evaluate baseball strategies and player performance systematically. This was at a time when decisions in baseball were mostly made based on experience and intuition rather than hard data. Cook compiled extensive data on various aspects of the game, including batting averages, on-base percentages, and other performance metrics. He used this data to perform statistical tests and create models that could predict outcomes based on historical performance. His work was a precursor to the use of data analytics in baseball, showcasing how statistical analysis could provide insights that traditional methods might overlook. ### 2\. Offensive Strategy In his analysis of offensive strategies, Cook challenged the conventional wisdom surrounding how effective of certain traditional plays like the sacrifice bunt and stolen bases. By analyzing historical game data, Cook argued that these strategies often resulted in a net negative impact on a team’s ability to score runs. For example, he calculated the run expectancy (the average number of runs a team can expect to score from a given on-base situation) before and after bunts and steals, often finding that these plays did not contribute as positively to team scoring as traditionally believed. This made managers and players to reconsider when and how they used these tactics. ### 3\. Optimal Lineup Construction Cook argued that the order in which players appeared at the plate could significantly affect the number of runs a team scores over the course of a game. He suggested that lineup construction should be based on empirical data rather than tradition or gut feeling. For instance, he advocated for placing players with high on-base percentages (OBP) in the most crucial batting positions to maximize the chances of scoring. His analysis suggested that the conventional lineup arrangement underutilized players' abilities and that strategic adjustments could lead to more efficient scoring opportunities. ### 4\. Run Expectancy Cook developed the concept of run expectancy, a statistical measure that estimates the number of runs a team is likely to score from a specific on-base situation during an inning. This model considers the current base occupancy and number of outs to calculate the expected runs. This concept allowed teams to make more informed decisions regarding when to attempt certain plays (like stealing bases or executing bunts) based on the potential change in run expectancy rather than just intuition. This methodology has since become a foundational tool in sabermetrics, helping to shape modern strategies in baseball analytics. ### 5\. Pitching Analysis While Cook's work on offensive strategies and lineup construction had a huge impact, his analysis of pitching was less revolutionary but still provided insight. He examined the effectiveness of different types of pitchers and analyzed how different pitching strategies affected game outcomes. Cook looked into how pitchers' styles (like power pitchers vs. control pitchers) and their game management impacted their effectiveness and team success. Though this part of his analysis did not gain as much traction as his offensive critiques and strategies, it still contributed to the broader understanding of how to evaluate pitchers using statistical methods. Earnshaw Cook became the father of statistical analysis for sports. In the 1970's a man named Bill James started releasing regular issues of what he called *Baseball Abstracts* which added onto Cook's work and he founded an organization called the Society for Baseball Research. The numbers and analysis that came out of it was called SABRmetrics. Fast forward to the late 1990's and the Oakland Athletics General Manager, Billy Beane, hired a statistician by the name of Paul DePodesta who both went on to completely change baseball by finding undervalued players to create a team that won 20 games in a row (only 5 teams in baseball history ever accomplished 20 wins or more in a row). This style of building teams became known as *Moneyball* which was popularized by the author Michael Lewis and became a movie starring Brad Pitt and Jonah Hill. If you haven't seen it, you should. This is the style of approach you should take when looking into your business because this is the type of analysis Venture Associates are using to determine if your business is something worth investing in, how much should be invested, and at what price. **What Metrics Matter** Every metric doesn't mean the same for every business. Some metrics will matter for your business and other businesses, other metrics won't mean a damn thing and you're basically measuring nothing. You always want to measure metrics that are impactful. So here are some of the metrics I've seen other startups use along with some examples of how popular technology companies use them. ***Customer Acquisition Metrics*** **Customer Acquisition Cost (CAC):** The first metric in our tale is CAC, a pivotal figure representing the cost incurred to acquire a new customer. It's calculated by dividing the total marketing and sales expenses by the number of new customers gained in that period. For example, a digital marketing startup like AdQuick, which helps brands manage their ad campaigns, would closely monitor CAC to ensure the profitability of each campaign and adjust their marketing strategies accordingly. > CAC=Total Marketing and Sales Expenses/Number of New Customers Acquired **Lifetime Value (LTV):** Counterbalancing CAC is LTV, which estimates the total revenue a business expects from a single customer over the course of their relationship. The higher the LTV relative to CAC, the more profitable each customer is. Startups like Dollar Shave Club, which rely on subscription models, use LTV to predict long-term revenue and adjust retention strategies to maximize profit. > LTV=Average Revenue Per User (ARPU)×Customer Lifetime ***Performance Metrics*** **Monthly Recurring Revenue (MRR):** MRR is crucial for any subscription-based startup like SaaS platforms. It's the predictable revenue expected every month, calculated by multiplying the total number of paying users by the average revenue per user. MRR is a heartbeat metric for startups like Zoom, where consistent growth in MRR can attract further investments. > MRR=Total Number of Paying Users×Average Revenue Per User (ARPU) **Gross Margin:** This metric reflects the efficiency of a startup in terms of production and service delivery by showing the percentage of revenue that exceeds the cost of goods sold. High gross margins are particularly crucial for tech startups like Tesla in its early days, where capital-intensive production can otherwise consume capital resources rapidly. > Gross Margin=(Revenue−Cost of Goods Sold/Revenue)×100% ***Growth Metrics*** **Burn Rate:** Often discussed in hushed tones, the burn rate tells the story of how quickly a startup is using up its cash reserves before becoming profitable. It's calculated by subtracting the monthly expenses from the monthly income. A startup like Snap, in its early stages, watched this metric closely to time their next funding round before the coffers ran dry. > Burn Rate=Monthly Cash Outflow−Monthly Cash Inflow **Virality Coefficient:** The measure of a product’s organic growth rate from existing users referring new users. For social platforms like Twitter in its nascent stage, a high virality coefficient meant rapid scale-up without proportional increases in marketing spend. > Virality Coefficient=Number of New Users from Referrals/Number of Current Users ***Usage Metrics*** **Daily Active Users (DAUs) / Monthly Active Users (MAUs):** For consumer tech startups like Spotify, DAUs and MAUs provide a snapshot of engagement and scale, crucial for both attracting ad revenue and demonstrating growth to investors. > DAUs or MAUs=Number of Unique Users per Day or Month **Churn Rate:** This reveals the percentage of customers who stop using the startup’s product over a certain period. It’s particularly vital for service-based startups like Netflix, where minimizing churn is key to maintaining a stable revenue base. > Churn Rate=(Number of Customers Lost during the Period/Number of Customers at the Start of the Period)×100% **Net Promoter Score (NPS):** NPS measures customer satisfaction and loyalty by asking customers how likely they are to recommend a company's product or service. A high NPS indicates strong customer satisfaction, which is pivotal for companies like Apple and Amazon. > NPS=(% of Promoters−% of Detractors)×100 **Customer Retention Rate:** This metric is vital for subscription-based businesses like Netflix or software services, as it measures the percentage of customers who remain subscribed over a specific period. > Retention Rate=(Number of Customers at End of Period - Number of New Customers during Period/Number of Customers at Start of Period)×100% **Activation Rate:** This metric tracks the percentage of new users who take a key action within a certain timeframe after signing up, indicating successful onboarding. For example, a social media platform like Instagram might track the percentage of users who make their first post within the first week. ***Unique Company-Specific Metrics (AKA Metrics companies created for themselves)*** **Amazon - Unit Economics Model:** Amazon tracks its "Unit Economics," which break down the profitability and cost structure on a per-unit basis across its various segments. This metric is crucial for understanding the profitability of Amazon's diverse range of products and services, from AWS to its e-commerce operations. Amazon communicates these insights during quarterly earnings calls to showcase efficiency improvements or growth in high-margin sectors. **Tesla - Direct Order Efficiency:** Tesla developed a metric called "Direct Order Efficiency," which measures the cost-effectiveness of customer acquisitions via their website versus traditional sales channels. This metric is critical for Tesla's direct-to-consumer sales model, reducing reliance on dealerships. Tesla discusses this metric in shareholder letters and earnings calls, highlighting the streamlined efficiency of its sales model. **Facebook (Meta) - User Engagement Score:** Facebook (now Meta) developed its own "User Engagement Score," which combines daily active users, time spent on the platform, and interaction rates across posts. This proprietary metric offers a comprehensive view of user engagement, which is critical for selling ads. Meta reports this score during earnings releases to link platform engagement directly with advertising revenue growth. **Spotify - Playlist Engagement Index:** Spotify tracks a "Playlist Engagement Index" that measures user interaction with curated playlists, including plays, shares, and follows. This metric helps Spotify demonstrate the value of its discovery features to artists and advertisers, communicated through its annual reports and investor presentations to underline the strength of its platform in retaining user attention. **Conclusion** It's time for you to lock in on the metrics for your business. Not only to tell you what exactly is going on, but also so that you can communicate that to current and potential investors. A lack of metrics tells an investor you may not know what it is that you're doing and instead are acquiring customers and revenue because of vibes. People don't invest in vibes. People invest in businesses. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass it to a friend. See y'all next week for part IV. CJB ### Free Agency Vol. 10 📈 - The Building Has New Plumbing: Media Infrastructure and making moments URL: https://www.duethedilly.com/the-building-has-new-plumbing/ Last updated: 2024-11-18T08:26:11.000Z I've seen enough hot takes to last me the entirety of this next decade. These are conclusions backed by available data, political leanings, and general sentiment. There is rampant uncertainty and lots to prepare for and understand, but I have seen a through-line of agreement, even among the staunchest political opponents: the media we refused not understand, had an impact we could not have imagined. That's always the risk when you're a paid to be an expert but are no longer a practitioner. Your lack of curiosity can betray you. When Dana White celebrated Trump’s victory, he thanked Joe Rogan, The Nelk Boys, Theo Von, Bussin’ with the Boys, and Adin Ross. Kamala went on Call Her Daddy, All the Smoke, and The Breakfast Club (not a podcast, but operationally similar). Also, large audiences, albeit, different core listener bases. There were different tactics employed by both campaigns, but the strategy was clear: we can’t pretend to not engage where the audience is, especially if they are undecided. I’m not here to talk about what was and was not successful. My argument is that the most effective carriers of mass messaging about what is, what could be, and what should be were not traditional celebrities, party platforms, commentators or ads: it was the "creators". Again. _This post is for subscribers only._ ### The Dime💰 Notes on Venture Capital - Part II: How to raise the money URL: https://www.duethedilly.com/the-dime-venture2raising/ Last updated: 2026-08-11T02:32:20.000Z 💡 **This is part two of a four part series called "Notes on Venture Capital." In these notes, I will tell you my understanding of what venture capital is, who the players are, what the environment is like, the process of fundraising, what metrics matter, and some additional thoughts on my end.* [**If you haven't read part one, you should read it to get the context behind what you are reading right now.*](https://duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/?ref=duethedilly.com) [****Part 1 - Who the players are.**](https://duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/?ref=duethedilly.com) ****Part 2 - The process of fundraising.** ****Part 3 - What metrics matter, and why.** ****Part 4 - Additional thoughts.** If you read part one of "Notes on Venture Capital" you now know who the players are. You also know what their incentives are, but most importantly you know who exactly cuts the checks and who they listen to. Part two will primarily be about the process of fundraising. This is arguably the most important part of your business as you will need the cash to continue to exist if you're not already making revenue (or profitable). Fundraising is a skill. It is a skill you need to perfect in order to survive the Startup environment. You cannot and will not be able to delegate this skill. In the early rounds (friends and family up to Series A) people will primarily be investing in you as a founder. They will scrutinize your resume, your education, your skillset, your team, and most importantly your ability to actually follow through with what you're pitching them. Anything after the initial rounds will be scrutiny about the business and its performance. Every second of fundraising will be difficult, but I'm confident that you will be fine. The skill of fundraising is centered around your ability to clearly communicate your company, product, market, core consumer, and metrics to the proper audience. Each part of what I mentioned in the previous sentence will need to be perfect. Any slip up means a loss in potential fundraising and one step closer to potential failure to your business. Fundraising is also a high pressure environment. The questions asked require quick and correct answers. The "right" answer is always dependent on the audience. When a term sheet is provided you need to review it quickly, decide on it quickly, raise issues quickly, get it signed quickly, and get the check quickly. [One example of this is the process of Tiger Global, who would take a look at your company's stats and get you a term sheet in 48 hours](https://finance.yahoo.com/news/hedge-funds-leading-race-stake-050000287.html?ref=duethedilly.com). That means you have to get that term sheet to your lawyer, have it reviewed, and agree to it immediately in order to guarantee the price and funding amount that you have on that term sheet. But a bunch of things can blow up a term sheet. Having bad legal documents typically is the biggest issue, but there's also active litigation, regulatory and compliance issues, employment issues, issues with your founding team, or simply disclosing the wrong information at the wrong time. So today I'll try to give you as much information as I can to make sure that you don't screw that up. I'll make sure that when fundraising you know what stage you're at, what a real expectation should be if you're a first time founder, what the process is going to look like, and what routes you should take as you move through the fundraising process. Watch this video and watch it closely. DO NOT END UP LIKE STRINGER BELL. CALL YOUR LAWYER EARLY AND OFTEN. ## **Legal Structure** The first thing you need to know is that you're raising money from very serious people. If you are not a serious person or are not serious about this process, stop reading now and choose another path in life. This is not a game. This is not TikTok. This is not Instagram. This is not social media. This is real fucking life and the people handing you checks have to respond to real people with real money and real lawyers. You need to know that absolutely nobody is playing with you. No one will forgive you. No one has time for any mistakes on your end. People will tell you no, people will decide to not even hit you back. People will use their networks to tell others not to invest in you. You have very few second chances in this space. So if you're going to stand in someones face and ask for money, you better have everything in fucking order. Every. Single. Thing. Since the people investing in you are very serious people, they will want you to have a very serious entity structure. That is where your Delaware C Corporation comes in. The Delaware C Corporation is the most litigated entity in United States history. Delaware Chancery Court is basically the Supreme Court for investor litigation. They have years and years of history in court decisions on how companies and investors should operate. You want to know how powerful investor representation is in Delaware C Corporations? [Delaware Chancery Court blocked Elon Musk from getting a $56 Billion payout because investors sued him over the pay being too much.](https://fortune.com/2024/08/03/elon-musk-56-billion-pay-package-delaware-court-tesla-board/?ref=duethedilly.com) This is why investors want Delaware C Corporations. If you approach an investor with some LLC a dude on social media told you about, they'll either tell you to get a job or simply won't call you back. Get a lawyer to draft you all of the necessary documents that go with your Delaware C Corporation filing and get on with building your company. It should cost you about $4500 to do it. If a lawyer charges you less, they're either not good at drafting the documents or are desperate and you don't want either of these issues. If an investor sees that you skimp on this, they'll just assume you'll skimp on everything else and you're simply unreliable. In short, they'll just pass on your business, no matter how "good" the idea is. ## **The Rounds** If you're familiar with basketball, the fundraising rounds for Startups are like creating a MyPlayer in NBA 2k but instead of starting off in college, you're starting off as a pre-teen. The rounds metaphorically are like the list below (I'll explain each metaphor for each level): 1. Friends and family round = AAU Basketball 2. Pre-Seed round = AAU/High School Basketball (Senior Year of High School) 3. Seed round = College Basketball (Freshman Year) 4. Series A round = College Basketball (Sophomore Year to NBA Draft) 5. Series B round = NBA G-League or Euro league (depending on how good you are) 6. Series C round = NBA Rookie 7. Series D and subsequent rounds = NBA player to Veteran Once you IPO (Initial Public Offering) you're a public company so there's no more rounds to play. Once your company fails or sells, you're no longer in the game anymore. ### ***Friends and Family Round*** ![](https://www.duethedilly.com/content/images/2024/11/mom-give-me-money.gif) If you're a fan of basketball you're probably familiar with the Amateur Athletic Union, or usually said simply, AAU Basketball. If you're not familiar, its basically the league where pre-teens and high school kids play to get discovered by college scouts (outside of playing basketball for their school team). When you come up with an idea for your business this is where you start. AAU Basketball requires a large investment from your friends and family. It requires money for uniform and an insane amount of time to get dropped off at practices and games that usually are away from home. Your Startup will be no different. Your friends and family are the first people you're going to raise money from. That's why it's called the "friends and family round." These are the people who are going to hear your about your business and give you your first checks. They're really just giving you a check because they believe in you but it's also a good indicator that you're onto something. You're going to give them a document called a Simple Agreement in Future Equity (SAFE) which basically is debt you owe them until the company reaches it's first priced round (which is usually the Series A). This round is where you're going to use the money to do research on your market and come up with a bare-bones version one of your product. You're going to use this time and money to create a serious pitch deck. This pitch deck is going to heavily focus on the total addressable market (TAM) of your product. This will be your first pitch deck so you need to do a really good job at communicating your idea but to be quite honest it will be your worst pitch deck, so make it really really good so that every deck after that is even better. It won't be bad because you're not a good founder, it will be bad because you will only have an initial idea about your product but not enough money or resources to test it properly. So as you raise more money and do more research you'll discover that your pitch deck needs to be tweaked over and over again to fit the new discoveries you've made. ***Pre-Seed Round*** This round is a little more intense than your friends and family round because it will be the first time you get a check from people you don't know. To get these checks you will have to apply and be accepted to these things called "Accelerator programs" (or Accelerators, for short). These Accelerators will teach you how to build your product, how to perfect your pitch and pitch deck, better understand your market, connect you with mentors/experts, and will put you in front of potential investors who specialize in investing at the really early stage of a company's life. Some Accelerators also invest in your company using the same SAFE document. The Accelerator terms are usually like this: "Hey, we'll give you $100,000 in $20,000 increments as you complete our Accelerator program for 5% of your company, but you'll simply owe us the $100,000 until your company reaches it's Series A round and at that point we'll just convert into your company as shareholders holding 5% of the total shares." They also usually stick additional provisions inside of their SAFE documents that say something like "Andddd if we really think your company has insane potential, we reserve the right to give you more money for up to 14% of your company when you reach your Series A round. But the price we buy into your company has to be today's price, not tomorrow's price, okay?" Unless you're really rich, you'll take the deal. It's not the best deal, but it's not a horrible deal either. You get access to a bunch of resources that you will hold onto for the rest of your Startup career. Each introduction is valuable, so don't fuck anything up. Also, before giving you a dime, they're going to do "due diligence" which really is a company colonoscopy to make sure that you have the right legal structure. We already spoke about that and now you see why the legal documents being prepared properly are important. Because the wrong legal structure (or no legal structure) will basically blow up your chance to get the first $100,000 investment for your company. By the time you're done with your Accelerator program, you should have, what they call, a Minimum Viable Product (MVP) which basically is a clear, decently designed version of your product which is ready to be tested in the market. You should also have a well thought out plan on how to find your first few customers, and some company based metrics to track your own progress. Some companies do only one Accelerator program because they raise so much money on the pitch day of the Accelerator that they basically just have to focus on getting to the next level. Some companies do multiple Accelerator programs because they didn't raise enough money. Where you end up in this spectrum is based on how well your product does, how much money you need to raise to figure out how to get to the next level, and how well you pitch that product to investors on pitch day. ***Seed Round*** This round is like your freshman year of college basketball. You're either a redshirt freshman who doesn't play yet, or you're a freshman who gets a few minutes. This is all okay, because you're still figuring your shit out. In this round, you'll be raising money from the network that is provided to you from your Accelerator program or from people you meet via the internet or at networking events/pitchfests. During this time, you'll be working on perfecting your product and matching it with the proper customer. Basically you'll be finding what they call "Product-Market Fit" (or PMF). In short, PMF is achieved after months of surveys, customer trials, research, testing, and analysis on how people feel about your product. You're also getting your first set of customers and trying to keep them. This is still considered early-stage investing, so you'll be raising from early-stage venture capital funds and Angel Investors. They'll all still be using the SAFE document that I mentioned earlier but if you're doing a great job, you'll be able to negotiate how much equity they can get later versus having no choice like you did with the Accelerator programs. If you're trying to talk to late-stage venture capital funds at this time, whoever you're talking to is likely going to look at you like you have five heads. Don't make this mistake. Also, when you're raising, please make sure you're raising from funds that focus on the product category that matches your product. If you're a consumer packaged goods or food company, please do not go and try to raise money from a healthcare technology focused early-stage fund. They too will look at you like you have five heads. ***Series A Round*** ![](https://www.duethedilly.com/content/images/2024/11/oh.gif.webp) If you made it here. Congratulations. Lots of companies never make it here. It takes a long time to get here. On average, I find that it takes companies about two years to get here. As a result, most companies run out of money by the time they reach this level. But don't get gassed, you are still far away from the end of this thing. You're still considered an early-stage company. You're just an early-stage company that should be taken seriously and are actually a decent prospect. At this level, you'll start attracting several venture capital funds, and they'll start asking for lots of documents and multiple pitches from you. They'll want to know about your legal risk, how much compliance you need to follow, if you're currently following it, if you have a lawyer, who's on your team, and what your future prospects look like. This is the type of scouting or analysis NBA teams have on college basketball players when they're considering them for the NBA draft. They want to basically know everything about you. The reason they want to know everything about you is because this is the first time you will be raising millions of dollars. This fundraising process is very different than everything you have experienced up to this point. There will be no more SAFE documents, instead, you will be dealing with a bunch of documents. We're talking about term sheets, stock purchase agreements, right of first refusal and co-sale agreements, agreements referring to the investors rights, and a slew of other agreements. It's a decently long process because you will have to do some heavy negotiating, so make sure your lawyer is on every single call and email. You will likely have one venture capital fund who will be your "lead investor" for your Series A round. They will basically convince other venture capital funds to "follow on" or invest in your company with them which is where the millions of dollars come from. The lead investor will also ask you for a board seat in your company. This is basically when shit gets super real. This is a priced round, so this will be the first time you will have a very real valuation for your company. The due diligence process for this will be pretty deep, so you need to make sure all your documents are clean and in order. But yours will be, because you'll be in contact with your lawyer once a week and they will make sure that they have a data room with all of your documents in it. Your pitch decks will have to be detailed and perfect. You will have to provide detailed numbers on who you plan to hire, how you plan to market your product to your consumer, and you will have to prove to these venture capital funds that you have achieved Product Market Fit. If you fail to do this, you will blow up your Series A round, and your company will be dead. You'll be pitching every second of every day during this time. It will be exhausting. To be honest, your life should be pitching so maybe you'll be used to it by then. After this money is raised, you will likely have the most amount of money you have ever seen in your lifetime in your business account. The very first thing you need to do is hire a Chief Financial Officer (CFO) to manage that money. This money will go to hiring, supplies, and anything else you mentioned that they money will go to in your pitch deck. The amount of cash you raise in this round, will need to last you another two and a half years. So raise as much as you can, and be as diligent as possible with the money. You're constantly in a race against cash when running a startup and if you run out of cash, you die. I have some strategies to extend that race, but I can't give you that for free lol. ### ***Series B Round*** ![](https://www.duethedilly.com/content/images/2024/11/series-B.gif) If Series A is like getting drafted into the NBA, then Series B is akin to playing in the NBA G-League or the Euro League. At this stage, you're no longer a prospect with potential, you’re a professional with a product that works, a growing customer base, and a business model that’s starting to scale. But you’re not quite in the big leagues yet, and you’re working hard to prove you belong. By the time you’re raising a Series B round, your startup should have achieved Product-Market Fit (PMF) and shown investors that there’s a real demand for what you’re building. You’ve got some revenue coming in, but you’re not just trying to survive anymore, you’re gearing up to thrive. This round is about growth. It’s about hiring more talent, expanding into new markets, and building out systems that will help you scale. Think of it as adding depth to your roster, hiring that specialist 3-point shooter or defensive anchor to round out the team. Unlike the Series A round, where you were convincing investors that your company was worth taking seriously, Series B is about proving that you can execute. This is why investors in this round are less about taking risks on early-stage companies and more about betting on businesses that show they can win. Think late-stage scouts who already know you can ball but are watching to see how you stack up against tougher competition. These investors want to see traction—revenue growth, customer retention rates, and operational efficiency. They're looking for clear metrics that show your startup is on its way to becoming a dominant player in your industry. During Series B, the focus will shift from building your product to scaling it. You’ll use this round to hire like crazy, think sales teams, marketing experts, engineers, and customer success managers. You’ll also spend money on infrastructure, like upgrading your tech stack, opening new offices, or improving your supply chain. The idea is to set up systems that can handle exponential growth. If your Series A was about proving you could score, Series B is about proving you can run a full offense and dominate the game. The fundraising process in a Series B round will also feel different. The stakes are higher, and so is the scrutiny. Venture capital funds that invest at this stage are looking for companies that can become category leaders or industry disruptors. The due diligence process is intense. Investors will pour over your financials, customer acquisition cost (CAC), lifetime value (LTV), and your unit economics. Your pitch deck must reflect a level of polish and sophistication that matches the maturity of your business. You’re not pitching dreams anymore—you’re pitching a machine that works and needs fuel to go faster. The amount of money raised in a Series B round is usually significantly larger than Series A, often ranging from $10 million to $50 million or more. This is the cash you’ll use to make that leap from being a promising startup to becoming a true contender. But with this money comes expectations. Your investors are no longer content with you taking baby steps; they want results, and they want them fast. When you close your Series B, you’ll likely have a stronger board, more resources, and a clearer path to the next big milestone, Series C. But don’t get too comfortable. The G-League and Euro League are great, but the ultimate goal is the NBA. Keep your eyes on the prize, and don’t forget that the journey gets tougher from here. You’re playing with bigger budgets, bigger egos, and bigger stakes. But if you’ve made it this far, you’ve got what it takes to keep going. ### ***Series C*** If Series B was the G-League or Euro League, then Series C is your rookie season in the NBA. You’ve made it to the big stage, but you’re still proving you belong. You’re no longer a scrappy startup trying to figure things out, you’re a real business with serious revenue, a growing team, and investors who are betting on you to become an All-Star. But just like an NBA rookie, you’re not quite in your prime yet. The stakes are higher, the competition is tougher, and the expectations are sky-high. By the time you hit your Series C round, your company has likely evolved from “early-stage startup” to “growth-stage powerhouse.” You’ve proven your business model works, shown consistent revenue growth, and demonstrated that you can execute on a larger scale. Now, you’re raising money to dominate your market, fend off competitors, and potentially expand into entirely new verticals or geographies. This round isn’t just about growing, it’s about taking over. Investors in a Series C round are like NBA coaches and team owners. They’re not just here to help you refine your game; they’re putting big money behind you to take your team to the playoffs. They’re looking for clear signs that you’re ready to scale even further: robust financials, a clear market strategy, and the operational infrastructure to support massive growth. At this stage, investors are less interested in your potential and more focused on your results. How much revenue are you generating? What’s your profit margin? What’s your customer acquisition cost (CAC) compared to your lifetime value (LTV)? Every metric matters, and every move you make will be scrutinized. The fundraising process in a Series C round is a whole different ballgame. You’ll be talking to late-stage venture capital firms, private equity funds, and even strategic investors, big players who don’t cut checks unless they’re convinced you can deliver a significant return. These investors are writing checks that often range from $50 million to hundreds of millions, and they’ll want detailed plans on how you’ll use that money to drive exponential growth. At this stage, you’ll likely need to work with investment bankers to manage the fundraising process and navigate the complexities of structuring deals with multiple large investors. Your pitch decks and financial models will need to be pristine. Forget the early days of scrappy ideas and hopeful projections, this is where you bring cold, hard data. You’ll need to show a clear path to profitability (if you’re not there already) and provide evidence that your company can scale into a dominant industry leader. This means showing traction across multiple fronts: market share, customer retention, operational efficiency, and product innovation. With the money raised in Series C, you’ll likely focus on international expansion, acquiring competitors, launching new product lines, or entering new industries. This is when you start building a dynasty, not just a team. You’ll also need to invest in senior leadership, hiring experienced executives who can help you manage the complexities of running a large, rapidly growing organization. But remember, being an NBA rookie is tough. You’re no longer the big fish in a small pond; now you’re playing against the best of the best. The pressure is relentless, and the margin for error is hella thin. If you fumble at this stage, whether it’s mismanaging your funds, losing key customers, or failing to scale effectively—you risk losing the confidence of your investors and your shot at raising more money or an acquisition. Closing a Series C round is a huge milestone, but it’s not the end. Whether your ultimate goal is to go public (IPO), get acquired, or continue raising funds, the grind doesn’t stop here. In the NBA, rookies who shine set themselves up for long, successful careers. In the startup world, a successful Series C round sets the stage for your company to make the leap from a growth-stage business to an industry titan. ***Series D (and subsequent rounds)*** If Series C is like your rookie season in the NBA, then Series D and beyond is that sweet spot in your career where you’re no longer new to the game, but you’re still proving that you’ve got what it takes to become a franchise player. You’re a sophomore or junior in the league now, experienced enough to be a key part of the team but still climbing toward that veteran status. At this point, your company isn’t just “promising” anymore. You’re raising big money to take your game to the next level, whether that’s dominating your market, expanding internationally, or preparing for the big exit that will define your legacy. For first-time founders, this is typically where you need to start thinking seriously about acquisition. Your investors didn’t back you out of charity, they’re here for a return, and this is the round where they’ll start expecting you to deliver it. That means positioning your company to get acquired by a strategic buyer for a lot of money, usually in the high tens or hundreds of millions. If you’re a second- or third-time founder, however, you might have the industry experience and confidence to aim higher. Maybe you’re thinking about an IPO or simply reaching unicorn status ($1 Billion valuation). That’s not a small leap, but it can make sense if your company is something really special, dominating your market, gaining massive market share, or even creating an entirely new economy. Think Airbnb or Shopify-level dominance. This is the point where you have to be brutally honest with yourself about your company’s capabilities and where it’s headed. By now, your valuation is likely sky-high. Investors and acquirers aren’t giving you this much money because they like your pitch deck, they’re expecting major results. If you’re leaning toward acquisition, your focus needs to be on attracting a strategic buyer. These are usually big companies in your space (or adjacent ones) that see your business as the missing piece to their larger puzzle. Think Google snapping up smaller tech companies to strengthen its AI capabilities, or Amazon buying up logistics startups to improve its delivery network. The people investing at this stage are also very different from the ones you dealt with in your early rounds. You’re not talking to angel investors or seed-stage VCs anymore. Now you’re working with private equity funds, late-stage venture capital firms, and strategic buyers. Private equity firms are looking to help you scale further or prep for a sale. Late-stage VCs are betting on you to deliver a big return sooner rather than later. And strategic buyers, those corporate giants in your industry, are already imagining how you’ll fit into their broader operations. If you’re a healthcare tech company, that might mean a pharmaceutical giant like Pfizer. If you’re in consumer goods, maybe it’s Procter & Gamble. The point is, you’re playing with the big boys now, and they’re looking at you as more than just an investment, they’re looking at you as a way to strengthen their team. If you’re planning for an acquisition, your job is to make your company as attractive as possible to those strategic buyers. That means streamlining your operations so they can integrate easily into their systems, building partnerships that align with their goals, and showing a clear path to profitability if you’re not already there. Acquirers don’t just want to buy your product—they want to buy your potential. On the other hand, if you’re aiming for an IPO, your focus needs to shift to proving that your company is ready to play on the biggest stage. You need to show that you’re dominating your market or carving out a new one entirely. Your financials need to be pristine, no sketchy accounting or unclear paths to revenue. And you’ll need to assemble a leadership team that can handle the public markets. This isn’t the time for rookie mistakes; it’s the time to show you’re ready to lead the league. ### ***Bridge Rounds*** ![](https://www.duethedilly.com/content/images/2024/11/bridge-gif.gif) A bridge round is a smaller round of funding designed to keep your company afloat between major rounds. Maybe you’re running out of cash faster than expected, the market conditions aren’t right for your next big raise, or you need a little extra runway to hit those key milestones that make you more attractive to investors. Whatever the reason, a bridge round is all about getting you from where you are now to where you need to be for the next step, whether that’s a Series A, B, or even an acquisition. Bridge rounds can come in different forms, but they’re typically structured as convertible notes or SAFEs. This means the investors putting money in during the bridge round aren’t buying equity at today’s valuation. Instead, they’re agreeing to convert their investment into equity at a later date, usually during your next funding round, often with a discount or a valuation cap to make it worth their while. Think of it like signing a player with a team-friendly contract who can grow into a more valuable role later. What makes a bridge round different from a regular funding round is the focus. You’re not trying to tell investors a grand story about how you’re going to conquer the world. Instead, you’re making a tactical pitch: “We’re doing great, but we need a little more time to close the gap.” Investors will want to know exactly how you plan to use this money to bridge the gap, whether it’s to finalize a new product, land a key customer, or grow revenue enough to justify a higher valuation in your next round. Bridge rounds are common for early-stage companies that might have missed their original targets or need more capital to achieve Product-Market Fit. But they’re not just for companies in trouble. Even solid startups with good traction might use a bridge round to capitalize on a new opportunity, like launching in a new market or building out an unexpected feature that could change things. The biggest challenge with bridge rounds is managing the perception. Just like a mid-season trade can sometimes signal desperation, raising a bridge round can make people wonder if your team is struggling. That’s why it’s crucial to frame the narrative correctly. You need to show investors (and your current team) that this isn’t a last-minute Hail Mary, it’s a calculated move to get to the next level. The investors in a bridge round are usually your existing backers. These are the people who already believe in you and your business and want to protect their investment by giving you a little extra cash to succeed. Occasionally, you might bring in new investors, especially if you’re working on something exciting and they see the potential for a great deal. But make no mistake: bridge rounds aren’t about splashing headlines or raising big numbers, they’re about staying in the game. When structuring a bridge round, you’ll need to work closely with your lawyer. There’s a lot of nuance in the terms, discount rates, valuation caps, and repayment schedules, that can make or break the deal. You want terms that are fair enough to attract investors without boxing you into a corner for your next round. Think of it like negotiating a trade deal in basketball: you’re trying to strengthen your team without giving away too much of your future. **Other Important Points for Fundraising** As you continue to fundraise there's going to be a few things you're going to hear or see over and over again. Those will be your term sheet, questions about your capitalization table (cap table), and your valuation. ### ***The Term Sheet*** ![](https://www.duethedilly.com/content/images/2024/11/thrones-terms.gif) In startup terms, a term sheet is the document that outlines the major points of an investment deal between you and your investors. Think of it as the blueprint for what’s about to go down. But here’s the key thing: it’s not a contract. It’s more like a handshake in writing, a set of guidelines that says, “Here’s what we’re both thinking, let’s work out the details later.” So why isn’t it a contract? Because a term sheet isn’t binding. It’s like saying, “We’re going to play this game, and here’s how we’re going to set it up,” but no one’s signed anything that says they *have* to play by these rules yet. That comes later, in the actual contracts, the stock purchase agreements, investor rights agreements, and all those other thick, lawyer-heavy documents that lock everything into place. But the term sheet sets the tone. It’s your first look at what the deal will look like if you and the investors agree to move forward. Now, let’s break down what makes up a term sheet. First and foremost, there’s the valuation, this is the number that says what your company is worth, at least in the eyes of your investors. If you’re playing this game, you better have done your homework, because this number will dictate everything else. Then there’s the amount being invested. How much money is coming in, and what will your investors get in return? That leads to another big section: the equity split, which outlines how much of the company you’re giving up for that cash. Next up are the rights and preferences, which is basically where investors make sure they’re protected. This includes things like liquidation preferences (how they get paid if your company is sold or goes under), anti-dilution clauses (so they don’t lose out if you raise more money later), and board seats (how much say they’ll have in how you run the show). If you’re not paying attention to these sections, you could end up in a deal where you raise a ton of money but have almost no control left over your own company. Another section is the vesting schedule, which is all about keeping you and your team locked in. Investors don’t want you taking their money and bouncing, so they’ll make sure your shares are earned over time—usually over four years with a one-year cliff. Translation: if you leave the company before the first year is up, you get nothing. It’s their way of saying, “We’re investing in you, not just your idea, so stick around.” ### ***Valuations*** ![](https://www.duethedilly.com/content/images/2024/11/the-math.gif) Your valuation is the number that tells everyone—investors, employees, competitors, and even you—how much your company is worth. But just like a player’s stats don’t tell the whole story, your valuation isn’t the full picture of your startup. It’s part art, part science, and a little bit of whatever you and your investors can agree on. So, how do we get to this magic number? Let’s start with the basics. A valuation is a mix of what you’ve done, what you’re doing, and what people believe you’ll do in the future. Investors look at a lot of factors when they decide how much your company is worth. The first thing they check is traction, are you putting up points on the board? This means revenue, user growth, or any metric that shows people actually want what you’re selling. The more traction you have, the easier it is to argue for a higher valuation. Next, they’ll look at your total addressable market (TAM). This is basically the size of the opportunity you’re chasing. Are you playing in a small-town league, or are you trying to take over the NBA? A bigger market means more potential customers and more room for growth, which makes your company more valuable. Then there’s the team. Investors want to see if you’ve got an all-star roster or just a group of rookies figuring things out. A strong team with a history of execution can bump your valuation significantly. Another big piece of the puzzle is product-market fit (PMF). This is like showing scouts you’ve mastered the fundamentals. If you’ve proven your product solves a real problem and people are willing to pay for it, you’re in a great position to negotiate. And let’s not forget competition. If you’re the only player in your space, you’ve got an edge. If the field is crowded, investors might knock your valuation down a bit because the road to domination looks tougher. Now, here’s where things get tricky. Your valuation isn’t just about what your company is worth today, it’s about what people think it *could* be worth. That’s why valuations often feel inflated or, depending on the market, unfairly low. It’s a projection of future success, and everyone’s betting on whether you’ll make it. But valuations aren’t just for investors—they matter for your employees, too. This is where 409A valuations come in. A 409A valuation is like an official stat line for your company, but it’s all about fairness. It’s required by the IRS to determine the fair market value (FMV) of your company’s common stock. Why? Because when you give employees stock options, the IRS wants to make sure you’re not giving them shares at a price that’s too low, which could lead to tax problems. A 409A valuation is done by a third-party appraiser who looks at things like your financials, market conditions, and comparable companies. They’ll come up with a number that represents the “true” value of your stock, not the hyped-up valuation you negotiated with investors. This number is critical because it determines the price your employees will pay to exercise their stock options. If it’s set too high, employees might feel like their options aren’t worth much. If it’s too low, the IRS could call foul. The thing to remember is that your 409A valuation is separate from the valuation you use to raise money. The number you pitch to investors is all about future potential, while the 409A is focused on what your company is worth right now. Think of it like the difference between your highlight reel and your game tape, they’re both important, but they serve different purposes. At the end of the day, your valuation is a story you’re telling the world. It’s a reflection of what you’ve built, how big you can grow, and how much people believe in you. Whether you’re negotiating with investors or setting up stock options for your team, your valuation is the stat line everyone’s watching. Get it right, and you’re setting yourself up for a championship run. ### **Your Cap Table - your Company Bible** ![](https://www.duethedilly.com/content/images/2024/11/the-bible.jpeg) The cap table is like the Bible of your startup. It’s the ultimate reference point, the holy book that tells the story of who owns what in your company. Every share, every option, every investor, and every founder is recorded here. If you’re running a startup, this document isn’t just important, it’s sacred. It’s what investors use to decide if they’re getting a good deal, what employees look at to see if their stock options are worth sticking around for, and what you’ll rely on to make sure you’re not accidentally giving away the farm. So, what exactly is a cap table? Short for “capitalization table,” it’s a spreadsheet (or software-managed document if you’re smart) that shows the ownership breakdown of your company. It details the shares held by founders, employees, investors, and anyone else with equity in your business. It also tracks stock options, warrants, convertible securities, and the percentage ownership each person or entity holds. In short, it’s the story of your company told through the lens of equity. Why does it matter so much? Because equity is the lifeblood of your startup. It’s what you give to investors in exchange for funding. It’s what you use to recruit and retain top talent. It’s what you rely on to maintain control as your company grows. If your cap table is messy or inaccurate, you’re setting yourself up for disaster. Imagine sitting down with an investor, only to realize you can’t explain how much of the company you actually own. Or worse, discovering that you accidentally gave away more equity than you intended because your cap table wasn’t up to date. These kinds of mistakes can kill deals and create chaos when it’s time to exit. This is why cap table management is crucial. As your company grows and you raise more rounds of funding, your cap table will get more complicated. Founders take equity. Employees are granted stock options. Investors get preferred shares with all kinds of rights and preferences. And each time something changes, whether it’s a new hire, a funding round, or someone leaving the company, you need to update the cap table. Keeping it clean and accurate is non-negotiable. At first, you might think you can manage your cap table yourself. Maybe it’s just you and a co-founder, and you’ve got a simple Excel sheet tracking everything. But as soon as you bring on investors or employees, that’s no longer enough. You need to start using professional tools like Carta or Pulley to track everything and make sure you’re not dropping the ball. A clean, well-maintained cap table isn’t just a nice-to-have, it’s a sign that you run a serious, investable business. This is also where lawyers come into play. A good lawyer is like your cap table’s guardian angel, ensuring everything is structured correctly and that you don’t make any mistakes that come back to haunt you. When you’re issuing shares, negotiating term sheets, or setting up stock option plans, your lawyer is there to make sure the details are airtight. They’ll help you draft and review the documents that affect your cap table, things like stock purchase agreements, option grants, and board resolutions, and make sure they align with what’s recorded in the cap table itself. Lawyers also play a critical role when you’re raising money. During a funding round, investors will scrutinize your cap table to see if it matches the promises you’ve made. If your lawyer hasn’t kept things in order, you could end up in a situation where investors walk away because your ownership structure looks sketchy. Worse, if you’ve accidentally over-promised equity to someone, you might have to renegotiate deals or even buy back shares at a premium to fix the mistake. Finally, your cap table is the backbone of every major decision you make about your company’s future. Planning to raise another round of funding? You’ll need to know how much equity you can offer without diluting yourself or your team too much. Thinking about an acquisition? The acquirer will want a clean cap table before they even think about writing a check. Considering an IPO? Your cap table will be picked apart by investment bankers and public market investors to make sure there are no hidden surprises. In short, your cap table is more than just a spreadsheet, it’s the foundation of your company’s story. Treat it with the respect it deserves, keep it clean, and make sure you’ve got the right team (and tools) in place to manage it. If your term sheet is the playbook and your valuation is the stat line, then the cap table is the Bible that holds it all together. Don’t mess it up, because once it’s broken, it’s a nightmare to fix. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See y'all next week for Part III. CJB ### Free Agency Vol.9 📈 - 'Mainstream' means everything and nothing at the same time URL: https://www.duethedilly.com/mainstream-dreams/ Last updated: 2024-11-05T04:45:23.000Z My grandfather was born in Alabama in 1920\. He was a boxer in the Navy and a chef who taught himself to read and loved science fiction. He had so many L. Ron Hubbard and Star Trek novels that I never saw him read, but I know he found time to. We had a ritual: anytime I was visiting, we would watch 60 Minutes. It always came on after the local news, so we’d get a solid 90 minutes of quiet time together. He was persistently enraptured. Whether the anchors were interviewing a world leader or walking through a high school, he had the same posture; he wanted the information and to see the world differently. He let me see him as he saw things he had never experienced. I learned to appreciate the power of media by watching my grandfather’s curiosity. He was comfortable because he knew what he didn’t know. _This post is for subscribers only._ ### The Dime💰 Notes on Venture Capital - Part I: Who The Players Are URL: https://www.duethedilly.com/the-dime-notes-on-venture-capital-part-i-who-the-players-are/ Last updated: 2026-08-11T02:26:50.000Z 📝 **This is part one of a four part series called "Notes on Venture Capital." In these notes, I will tell you my understanding of what venture capital is, who the players are, what the environment is like, the process of fundraising, what metrics matter, and some additional thoughts on my end.* ****Part 1 - Who the players are.** ****Part 2 - The process of fundraising.** ****Part 3 - What metrics matter, and why.** ****Part 4 - Additional thoughts.** We're all just trying our best to make it out of the struggle. As a Corporate Attorney, I'm typically the first person a founder calls when they get a term sheet (I'll also tell you what that is later) of course after calling their mom. I help startups raise money and function for a living. I also help investors form "syndicates" and venture capital funds for a living as well. So I'm fortunate enough to see the world from both sides. I'm writing this because my personal belief is that Black founders (to be honest, most founders in general) do not have a deep enough understanding of venture capital. Most read news articles and believe they can be the next unicorn, and in some cases that may be true. However, there's a world bigger than that, and it's necessary to learn as much about it as you can. As a warning, this won't be perfect, and this is only from the perspective of a person who draws/facilitates the paper that every single person signs. Those are my limitations and I acknowledge them. So if you disagree, please read all four parts before responding. My hope is that you learn something from this and that you pass it along to a founder (or soon to be founder). ## **The Financial Ecosystem** ![](https://www.duethedilly.com/content/images/2024/11/the-map-is-the-territory.jpeg) A core principle investing is ensuring that you have a diverse set of investments. This means investing in bonds, stocks, and private companies. Investing in private companies has been on a growing trend in the past 15 years and is slowly growing in recognition as the populous becomes exposed to the returns of Private Equity and Venture Capital. As of 2023, the Global Bond Market has [$140 Trillion invested in it](https://www.sifma.org/resources/research/fact-book/?ref=duethedilly.com). The Global Stock Market has [$115 Trillion invested in it](https://www.sifma.org/resources/research/fact-book/?ref=duethedilly.com). Private Markets have [$13.1 Trillion invested in it](https://www.mckinsey.com/~/media/mckinsey/industries/private%20equity%20and%20principal%20investors/our%20insights/mckinseys%20private%20markets%20annual%20review/2024/mckinsey-global-private-markets-review-2024.pdf?ref=duethedilly.com). Venture Capital falls inside of the Private Markets bucket. When people want to invest in startups, the definition of that falls within Private Markets, but Venture Capital as an asset class is an institution of its own. The beauty of Venture Capital is that it provides investors an alternative source of returns that are not directly tied to stock market performance. Venture Capital has its own rules, and its own valuation methods. Venture funds make their own calls on when to mark down their portfolio companies and create their own agreements between their investors. This freedom, allows Venture funds to be creative in their choice of startups to invest in but this range, of course, is not unlimited. ## **How do Venture Capital Funds work?** ***Fund Structure*** ![](https://www.duethedilly.com/content/images/2024/10/vc-fund-structure.jpeg) If you read last week's Dime, you may have seen that I might a light mention on the Delaware Limited Partnership (LP). This entity is typically the entity of choice when establishing a venture capital fund. VCs love Delaware LPs, first off, they give you flexibility. You’re not locked into a rigid structure—Delaware lets you create an agreement (called a Limited Partnership Agreement (LPA)) that fits exactly what you and your investors need. You decide how profits get split up, who manages what, and what to do when things go sideways. That’s a big plus because no fund is the same, and everyone has their own goals. Then, there’s the “investor comfort” factor. Delaware’s setup is investor-friendly, think of it like the investors’ safe space. Limited partners (LPs) don’t have to worry about liability. They get protection without sticking their hands in the day-to-day operation of the fund. It’s peace of mind for them and smooth operations for the General Partner (GP). Now, tax benefits. Delaware LPs are pass-through entities, meaning the gains, losses, all that, it goes straight to the partners. No double taxation like with corporations, so when the portfolio companies (basically the startups) pay off, the investors feel it directly, which is exactly what they’re here for. Legal precedent? Delaware is stacked with it. Every issue you can imagine has been argued, decided, and written into a massive case law library. There's no wondering how a judge will interpret your agreement, they’ve seen it all before. Plus, Delaware has its own business court: the Court of Chancery. You end up in a dispute? It’s business judges, not random juries, making the calls. Quick setup and privacy are big wins too. Setting up an LP in Delaware is about as simple as it gets, and they don’t make you plaster your name or your investors’ names all over public records. Everyone stays a little more private, and compliance is minimal. ## **How do people get paid?** ***Management Fees*** Management fees are the bread and butter for a VC firm’s day-to-day operations. This fee, typically around 2% per year, is based on the total amount of capital committed to the fund. So, if a VC firm raises a $100 million fund, it might charge $2 million annually in management fees. This money goes toward salaries, rent, research, and other operating expenses that keep the firm running. While 2% is standard, some funds may charge slightly more or less depending on their size and structure. For investors, the management fee is a known cost and covers the firm’s overhead regardless of how the investments perform. ***Carried Interest*** ![](https://www.duethedilly.com/content/images/2024/11/IMG_2604-1.jpg) Carried interest, or “carry,” is where VC firms make most of their money. This is the share of the profits that the fund takes after a successful exit, typically around 20%. If a fund invested $1 million in a startup and that company exits for $10 million, the profit is $9 million, and the VC firm would keep $1.8 million (20%) as carry. This incentive aligns the interests of the firm with its investors because the firm only earns carry when investments pay off. Some top-performing funds may charge even higher carry, but it’s usually around 20%. There are additional requirements like the Hurdle Rate that is required to capture the carry but that's a conversation for another day. There are also other fees like Capital Call fees and other provisions that matter, but for brevity, I'll hold back on that as well. ## **Fund Life Cycle** ![](https://www.duethedilly.com/content/images/2024/11/knicks-cycle.jpeg) ***Capital Commitment and Initial Close*** When a VC fund raises money, it doesn’t receive all of it upfront. Instead, the LPs make a “capital commitment,” which is an agreed-upon amount they’re willing to invest over the fund’s life, typically around 10 years. The fund will call on this capital in increments, called capital calls, only when it’s ready to deploy the money into startups or cover expenses. Once the fund reaches its target commitments, it has its initial close, meaning it’s ready to begin investing. ***Investment Period (Years 1–5)*** The first half of a fund’s life is the investment period, usually lasting about 3–5 years. During this time, the VC fund actively deploys capital into portfolio companies, calling on the LPs to fulfill portions of their capital commitment as deals are made. The fund’s focus is on sourcing, vetting, and investing in startups that fit its thesis. The goal is to build a diversified portfolio with the hope that a few companies will generate outsized returns. ***Holding and Growth Period (Years 3–10)*** After the initial investment, the fund enters a holding period, typically overlapping the latter part of the investment period. During these years, the VC fund focuses on portfolio management—working closely with founders, helping companies grow, and preparing them for eventual exits. This period is when the VC firm adds value to its investments, helping the startups scale, raise further funding, or reach critical milestones that increase their valuation. ***Exit and Distribution Period (Years 6–10)*** Around the 6th to 10th year, the fund shifts its focus to harvesting returns by exiting investments. Exits typically happen through acquisitions, IPOs, or secondary sales (selling shares to other investors). This is when the fund starts realizing returns and can distribute proceeds back to the LPs. Since not all investments exit simultaneously, returns might be staggered over a few years. The timing of these exits is critical, as VC firms aim to sell when valuations are high to maximize investor returns. ***Returning Capital to Investors (Years 6–10)*** ![](https://www.duethedilly.com/content/images/2024/11/give-my-money-back-mark-angel.gif) As portfolio companies exit, the VC fund begins returning capital to its investors. These distributions include the original investment amount and any profits, after deducting the fund’s carried interest (usually around 20%). LPs receive returns as each company exits, meaning they might get multiple distributions over time rather than a single payout at the end. A successful fund will distribute profits that exceed the initial capital commitment, ideally providing strong returns to LPs. ***Wind-Down Phase (Years 8–12+)*** By the 10th year (or sometimes longer), the fund reaches its formal end date and enters the wind-down phase. Any remaining investments that haven’t exited are either sold off, liquidated, or distributed in-kind to the LPs. At this point, the fund aims to complete all distributions and officially close. If a few investments still have potential but need more time, the fund might request a term extension (usually in 1- or 2-year increments) to allow for a profitable exit. ***Final Close and Reporting*** Once all capital has been returned to investors, the VC fund has its final close. The firm provides LPs with final reports detailing the fund’s performance, overall returns, and any relevant tax documents. This final close wraps up the fund’s lifecycle, although LPs may still review the fund’s performance metrics over time as they decide whether to reinvest in future funds from the same VC firm. ***General Partners and Limited Partners*** GPs be calling LPs like General Partners (GPs) are the ones running the show. They make all the big calls—deciding where to invest, how to grow the portfolio, and when to exit. Limited Partners (LPs), on the other hand, are basically along for the ride. They bring the money, and they expect the GPs to grow it. GPs are like the drivers of the car; LPs are the passengers who trust they’re headed to the right destination. Now, with control comes responsibility, legal liability, specifically. GPs hold all the liability. If something goes wrong, like an investment blows up or there’s some regulatory issue, the GPs are on the hook, not the LPs. That’s why LPs are called “limited” their risk is capped to what they’ve invested. They’re protected from getting dragged into lawsuits, debts, or anything else that might blow up. Their only exposure? The money they’ve put in. Because GPs carry all that risk, they’re careful with control. LPs don’t get to make decisions about how the fund is managed; they’re not in the weeds telling GPs what to invest in. There’s a line in the sand: LPs put in the money, GPs do the work. If LPs started pulling the strings, they’d open themselves up to liability, and nobody wants that. To keep everyone on the same page, there’s usually a Limited Partnership Agreement (LPA). This is the fund’s rulebook. It spells out what GPs can and can’t do, how profits get split, and what LPs can expect from the fund. This isn’t some template from the internet, it’s customized to spell out who’s accountable for what and what happens if things go south. At the end of the day, GPs take on the risk because they have control, and LPs take on a passive role to keep their liability limited. Everybody stays in their lane, and it works because both sides get what they need, GPs get the freedom to run the fund, and LPs get the chance to make returns without legal blowback. So if you're ever out here raising money for your startup, the GPs are the only people who can write you a check. Anyone else that I mention from here on out cannot write you a check, all they can do is get your company in front of a GP and say "We think this is an excellent investment and here's why." ***Venture Associates*** Venture Associates are the workhorses of the fund. They’re usually the first set of eyes on any deal coming in. If a startup pitches, the Venture Associate is likely the one combing through the pitch deck, researching the founders, and digging into the numbers before anyone else sees it. They’re the ones who make sure it’s even worth the partners’ time to take a closer look. Now, Associates are also the pipeline builders. They’re not just waiting around for deals to land in their inbox; they’re out there networking, attending events, meeting founders, and scanning for the next big opportunity. They’re often on the lookout for new trends too. If the VC firm is mostly invested in AI, but gaming tech is starting to blow up? It’s the Associate’s job to bring that insight back to the team. Once a potential investment is on the table, Venture Associates get to work on due diligence. This is where they’re diving deep into a startup’s finances, market position, competitive landscape, and the founding team’s background. They’re looking for red flags or anything that might make the deal risky. They put together a report on what they find and make a case for (or against) the investment. The partners rely on them to do this homework because it’s how they avoid getting burned. Associates are also in charge of keeping tabs on the startups the fund has already invested in. They check in, track milestones, and keep the partners updated on how things are going. If a portfolio company is struggling, the Associate might be the first one to catch it and sound the alarm. They’re the behind-the-scenes crew, but they make everything run smoothly, and their insights and groundwork make or break a lot of deals. So, while they might not be the ones writing the check, they’re crucial to making sure the partners have the best possible deals in front of them. It’s a high-pressure gig, but it’s how you learn the ropes if you’re aiming to move up in the venture game. ***Venture Scouts*** Venture Scouts are the deal-spotters, plain and simple. They’re out in the trenches, often way before any of the traditional VC players even hear about the next big thing. Scouts don’t work full-time for the fund like Associates; instead, they’re usually founders, startup mentors, or just super-connected people in the tech scene who have a knack for finding promising startups before anyone else. Here’s how it works: Scouts are the fund’s eyes and ears. They’re attending pitch events, hanging out in founder circles, going to meetups, and getting coffee with entrepreneurs. They’re constantly networking, and when they come across a startup they think has serious potential, they bring it to the fund’s attention. Scouts are all about spotting diamonds in the rough, so they’re often the first point of contact for founders looking to raise money. Scouts don’t handle all the analysis or deep due diligence, that’s for the Associates and Partners. But they’re the ones who get the ball rolling. If they see something with major promise, they pass it up the chain for the team to dig deeper. They’re like talent scouts in sports: they find the raw talent and bring it into the spotlight. Now, why do funds love working with Scouts? Simple, they get access to a broader network and can see deals way earlier. Scouts bring in unique opportunities that might not have hit the VC radar otherwise. And for the scouts, it’s a win too. They might get a finder’s fee or a slice of carry (a share of the profits if the investment pans out) if the fund invests and makes a return on that startup. It’s a flexible setup. The fund doesn’t have to bring scouts on as full-time employees, and the scouts get to be out there, doing what they do best—finding talent and building connections, without being tied to a desk or bogged down by heavy analysis. ***Operators*** Operators are the folks who’ve been in the trenches running companies themselves. They’re usually former founders, executives, or senior leaders in successful startups. When they join a VC firm, they’re bringing in that hard-earned experience of actually building and scaling companies, which makes them a powerful asset. Operators are the people who know what it’s like to manage teams, face down crises, and push a company through growth stages. Operators come into play big-time once the fund has made an investment. They’re the ones who step in to help portfolio companies tackle the day-to-day challenges of growing a business. If a startup needs to hire key talent, build a sales strategy, or refine its product roadmap, the Operator’s there with advice that comes from real-world experience, not just theory. They’ve been through it, and they know what works and what doesn’t. Now, Operators also bridge the gap between the VC team and the founders. Since they’ve been in a founder’s shoes, they can speak the language and understand the pressure. They’re not just advisors throwing around ideas—they’re practical problem-solvers who get the gritty details of running a business. Operators might work directly with multiple startups in the fund’s portfolio, helping with specific projects or guiding them through tough times. Or they could be “Operating Partners,” a more official title at some firms, where they take on a more hands-on role in driving growth across the whole portfolio. Some Operators work part-time with the VC firm, while others are fully on board, especially if the fund relies heavily on adding operational expertise to its investments. They’re not there to micromanage or run the business themselves, though. Operators are there to offer guidance and resources so founders can make better decisions, faster. In a lot of ways, Operators are the secret weapon in a VC’s arsenal, helping portfolio companies avoid mistakes and scale smarter by sharing what they learned from their own paths. ## **Why do people invest in certain Venture Capital Funds?** ***Uncorrelated Returns*** In plain terms, uncorrelated returns mean that the performance of VC investments doesn’t move in sync with the public stock market. If the market tanks, VC returns might still do fine, or even thrive. This is because venture investments aren’t tied to the same factors that drive traditional markets, like interest rates or economic cycles. Venture funds invest in private, early-stage companies that don’t trade on the stock market, so these companies are growing or failing based on their own internal factors, not on what the Dow or NASDAQ is doing. Now, why does this happen? First, VCs are playing a long game. When they invest in a startup, they’re looking at a 7–10-year timeline before they see major returns. During that time, the public market can go through ups, downs, and even recessions, but the startups are still growing, developing products, or creating new technology. The success of a startup has more to do with its market fit, product demand, and execution than with what’s happening in the broader economy. Another reason is that VCs are betting on innovation. A lot of the companies they invest in are creating completely new markets, like AI, climate tech, or biotech. These startups aren’t as affected by the same market pressures because they’re usually disrupting industries and finding new ways to solve problems. That’s why, while most industries might feel a hit during an economic downturn, an innovative startup in a niche market could keep climbing, giving VCs that buffer from the public market swings. For investors, this uncorrelation makes VC funds appealing because it adds diversification to their portfolio. When stocks are down, there’s a chance that their VC investments will still deliver. It’s not guaranteed, of course, venture capital is risky, and many startups fail, but when a VC firm gets it right, the potential for high returns that don’t follow the market’s roller-coaster can be a huge win. So, uncorrelated returns in VC offer a way for investors to spread their bets across different types of risks. It’s a unique advantage in venture capital that makes it a valuable part of a diversified investment strategy, balancing out the highs and lows of more traditional, market-tied assets. ***The Law of Averages*** In VC, the law of averages is basically the idea that, out of a bunch of investments, a few will hit big, some will do okay, and plenty will fail. But those big winners? They’re the ones that make up for all the losses and then some. VCs know they’re not going to hit it out of the park with every startup they back—that’s just not realistic. So, instead of putting all their eggs in one basket, they spread their bets across a bunch of companies, hoping that a few will break out and return multiples on the original investment. Here’s how it works: VC firms expect that most of their investments aren’t going to make it, or they might only return a modest amount. Maybe one or two will do decently, but they’re really banking on a small percentage to blow up. We’re talking about the “unicorns” companies that return 10x, 50x, or even 100x on the original investment. Those are the ones that drive the returns for the whole fund. The law of averages is the VC version of “don’t put all your eggs in one basket,” but on a much bigger scale. This belief affects how VCs invest. They’ll look at a hundred startups, invest in ten, and hope that one or two of those ten will carry the fund. They’re not looking for safe bets or low-risk returns because that doesn’t work in their model. They need high-growth potential, even if it means taking on higher risk. That’s why you’ll see VCs focusing on startups with huge market opportunities or companies that could change entire industries, anything that could give them those outsized returns. It’s also why VCs are so focused on scaling quickly. Once they find a startup with potential, they’ll push the founders to grow fast, capture market share, and get that “hockey stick” growth curve. The faster a company grows, the better chance it has of becoming one of those rare winners. ***The Thesis*** ![](https://www.duethedilly.com/content/images/2024/11/venture-thesis.jpeg) A VC fund’s thesis is its game plan. It’s a clear statement about how the fund plans to invest: what types of startups it’s looking for, what industries it’s focusing on, what stage companies it’ll invest in, and why it thinks these bets will pay off. Think of it as a road map that guides all the fund’s decisions. Without a solid thesis, a VC fund is just throwing money around and hoping for the best, which, trust me, isn’t a great way to convince investors to part with their cash. So, why does a thesis matter to investors? For starters, it shows that the fund has a strategy. If the thesis is, “We’re investing in early-stage fintech startups because the market for digital payments is exploding,” that tells investors the fund has thought through where the opportunities are. A clear thesis also makes it easier for investors to decide if the fund’s approach fits with their own risk tolerance, industry knowledge, and portfolio needs. A good thesis also means the fund can build expertise in its chosen area. If the thesis is focused on, say, climate tech, the partners can specialize, make smart connections in that space, and develop a better nose for what makes a winner. That expertise is attractive to investors because it increases the chance of finding those successful startups that can return multiples. For investors, the thesis is also a risk management tool. By looking at the thesis, they can tell if the fund’s investments will complement the rest of their portfolio. Maybe an investor is already exposed to traditional tech but has no exposure to health tech. If a fund’s thesis is about investing in innovative health solutions, that can help balance out the investor’s portfolio and diversify their risk. The thesis is what sets expectations for everything: the types of startups the fund will back, the timeline for potential returns, and the risks involved. If the fund sticks to its thesis and that thesis is well thought out, investors know what they’re getting into. They can decide if the fund’s approach fits their appetite for risk, their investment goals, and even their beliefs—like if the thesis focuses on socially responsible or sustainable investments. ## **Who invests in Venture Capital?** ***Institutional Investors*** Institutional investors are the big players in venture capital. These include pension funds, university endowments, and insurance companies. They have large amounts of capital to allocate and are often looking for high-risk, high-reward investments to balance out more traditional, stable investments. Venture capital offers them the chance for significant returns, and since they’re often managing massive sums, even a small percentage allocated to VC can lead to big gains if the fund succeeds. ***Family Offices*** Family offices manage the wealth of high-net-worth families, often across generations. Because they have a lot of capital and a longer time horizon, they can afford to invest in riskier, less liquid assets like venture capital. Many family offices look to VC not only for the potential financial returns but also because they can invest in innovative sectors they’re passionate about, like clean energy or healthcare. For family offices, VC is often part of a diversified portfolio meant to grow and sustain family wealth over the long term. ***High-Net-Worth Individuals*** High-net-worth individuals (HNWIs) are wealthy individuals who want to diversify their investments with high-growth opportunities. They may be successful entrepreneurs, industry experts, or tech enthusiasts looking to back the next big startup. HNWIs are often “angel investors” as well, making them more hands-on with startup investments. Unlike institutions, these investors may get involved for more personal reasons, such as interest in a specific industry or a connection to the founders. VC funds give them access to bigger, more competitive deals they might not be able to access solo. ***Corporations*** Corporations, especially large tech or innovation-driven companies, invest in venture capital to stay close to emerging trends in their industries. Sometimes, they set up their own corporate venture arms (like Google Ventures) or invest in traditional VC funds to gain insights and early access to new technology. For corporations, investing in VC isn’t just about financial returns—it’s also about strategic alignment. By backing relevant startups, they get a front-row seat to innovation, which can later become partnership or acquisition opportunities. ***Government and Sovereign Wealth Funds*** [![](https://www.duethedilly.com/content/images/2024/11/IMG_8739-1.jpeg)](https://www.sanabil.com/en/our-partners?ref=duethedilly.com) Sovereign wealth funds, or government investment funds, are increasingly participating in venture capital to diversify their portfolios. Countries like Singapore and Norway have large sovereign funds that actively invest in VC. These funds seek to generate substantial long-term returns that can contribute to their nation’s financial stability. They’re also interested in fostering innovation and technology that could benefit their economies, making them strategic players in the VC landscape. ***Fund of Funds*** A fund of funds (FoF) is an investment vehicle that invests in multiple venture capital funds rather than directly into startups. This model allows investors to diversify their exposure by holding a mix of VC funds across sectors or stages. FoFs appeal to those who want access to venture capital but might not have the resources or expertise to invest in individual funds themselves. By pooling capital, fund of funds can open up opportunities to access top-tier VC funds that may be otherwise closed off to new investors. ***Foundations and Non-Profits*** Foundations and non-profits invest in venture capital as part of their endowment or capital preservation strategies. Some foundations have large enough endowments that they can afford to take risks with a portion of their portfolio in pursuit of long-term returns. They may look for VC funds with a focus on sectors aligned with their mission, like clean energy, healthcare, or social impact, blending their financial goals with social objectives. ***Retail Investors*** While less common due to the high minimum investment requirements, retail investors have started to gain access to venture capital through new, innovative platforms. Crowdfunding platforms like WeFunder and Republic and other types of venture capital investment platforms have opened the door for smaller investors to participate in VC in a more limited way. For retail investors, VC is often a high-risk, high-reward part of their portfolio, and these platforms allow them to gain exposure without needing to meet the high capital requirements of traditional VC funds. Now you know the ecosystem and the players. Next week we get deeper into how this all plays out. That's it for this week's edition of The Dime💰. Don't be stingy with the 🏀. Pass this to a friend. See you next week. CJB ### Free Agency Vol. 📈 8 - Privacy is big business, because we gave it away. URL: https://www.duethedilly.com/privacy-is-big-business-because-its-yours/ Last updated: 2024-10-29T03:30:00.000Z One of the most impressive people I’ve met was a woman from Myanmar named Esther. We participated in a program together, and she casually mentioned that she had won a Pulitzer. She didn't even mention that she and her colleagues at the Associated Press had conducted an 18-month investigation that freed 2,000 Burmese slaves. [Awards Content (Seafood from Slaves) | The Associated PressVideo, photo, text, audio data news agency![](https://www.duethedilly.com/content/images/icon/apple-touch-icon-4.png)The Associated Press![](https://www.duethedilly.com/content/images/thumbnail/AP17748677527-768x500-f50_50.jpg)](https://www.ap.org/news-highlights/seafood-from-slaves/?ref=duethedilly.com) I asked her how often she goes home. She said never, because she is an enemy of the state for reporting on the Rohingya refugee crisis. When she did visit, she had to sneak across the border under an assumed identity, ensuring she wasn’t using anything digitally traceable, because the state was surveilling and tracking her. It made me look at privacy in a way I never had before. You don’t think about what being restricted means, until you can't move freely in the ways you want. _This post is for subscribers only._ ### The Dime💰 10/24/24 - You Asked For Money, Here It Is. URL: https://www.duethedilly.com/you-asked-for-money-here-it-is/ Last updated: 2024-10-24T23:45:56.000Z First and foremost, I want to thank all the folks who came showed love for my birthday. There’s a few tapes out there with tears in my eyes, do me a favor and don’t share them 😂. The party was a vibe. Lots of people met each other. Some deals were made. Things were great. To move our focus to markets, were in the middle of a weird period with investors basically being hands off until the election is over. The Fed is still monitoring jobs but through all this, business needs to get done which is what we’re gonna cover today. Here’s this week’s edition of The Dime💰. ![](https://www.duethedilly.com/content/images/2024/10/thanks-thanks-partner.gif) Recently, I took a trip down to DC to celebrate a yearly event hosted by my friend Davey. It’s called Brunchwarming and it’s great. It’s basically like a Homecoming event but for when you’re too old to go back to your college campus. We all got way too sauced that weekend and a friend of mine ended up missing his train back to New York so I decided to give him a ride back. While on the four-hour drive back we discussed life, our goals, and other things. But one thing we decided to dig into a bit is how to obtain financing. He started the conversation with “Yeah, I’m not trying to dig into your business, you can share what you want, but how are you out here able to obtain financing for the things you do?” Firstly, I think it’s necessary for friends to be transparent about money. Nothing is worse than having a broke friend. You love them, but things become a drag because they aren’t able to enjoy certain moments with you because they are financially strapped. Most of your conversations lack substance because money is a background issue. The worst part is when you have to actually hear about any suffering they go through because they aren’t able to pay for certain things like rent, food, or other necessities. The opposite is great. Friends with money are people you can invest with together. You get to take cool instagram pictures. You get to have more substantive conversations and lastly, people with money seem to meet other people with money who end up meeting you. This simply cycles more money your way somehow. That's why we're going to talk about how I was able to obtain $750,000 in financing without raising money for equity. If you guys leave enough comments asking for it below, maybe next week I’ll talk about Venture Capital Financing and Mergers & Acquisitions which are the transactions I work on for my 9-5\. I’m only writing it if its requested. Let’s get started. _This post is for subscribers only._ ### Free Agency Vol. 7 📈 - Quit Like You Mean It: The Ari Lennox Theory of Creative Freedom URL: https://www.duethedilly.com/the-big-quit/ Last updated: 2024-10-22T02:51:20.000Z I have a weird relationship with Instagram. When I first got my account, everything was sequential. My 20s were spent building on it, so I remember a totally different ecosystem. I still it in terms of funnels, process, and audience engagement. I’ve had to learn how to have fun there, so I show up to troll my friends exclusively, congratulate people on accomplishments, then leave. I love the relationships the internet has afforded me and loathe the banality of it. ![](https://www.duethedilly.com/content/images/2024/10/Screenshot-2024-10-17-at-1.25.19-PM.png) How i feel sometimes. Then I saw Ari Lennox shake the timeline. ![](https://www.duethedilly.com/content/images/2024/10/image-10.png) Courtney using IG to publish a soliloquy 🔥 If you're unfamiliar with Ms. Lennox, let me help. Ari decision to leave social, has zero impact on her fans. It presumably will do wonders for her nervous system and overall wellbeing, which in turn, would have a positive impact on her artistry (which is great for her fans). This is a masterclass in public relations: she's direct and to the point without capitulating, states her intentions, acknowledges the state of affairs, and doubles down on her convictions. She's working on a plan, a lot of other artists are scared to implement. But it's much more than that. She's pointing out an incisive truth: Being social and being on social are not the same thing. Let me explain, using her own words. _This post is for subscribers only._ ### The Dime💰 10/17/24 - The Lawyers Run The Economy URL: https://www.duethedilly.com/the-dime-10-17-24-the-lawyers-run-the-economy/ Last updated: 2024-10-17T23:19:03.000Z What’s good y’all. Markets have been on a Yo-Yo this week but we are still cookin. The S&P has returned over 22% year to date for 2024\. Can’t be mad at that at all. The American Stock Market is continuing to outpace the rest of the world in growth. The election continues to rage on and we’re all nervous about how it will turn out. In the mean time though, let’s cook on this week’s edition of The Dime💰. ![](https://www.duethedilly.com/content/images/2024/10/Screen-Shot-2024-10-14-at-10.11.18-PM.PNG) My birthday is Saturday. This is how I'm poppin' out. 📝 ***This week's edition of The Dime💰 is a very very long one so I've decided to give you a summary. Although I urge you to read the entire thing, I've provided some spark notes for you below. If you plan on reading the whole thing, skip the summary and come back to it for future use.** ****TL;DR** \- **The entire economy runs on contracts, which are facilitated, protected, and enforced by the legal system. That brings us to Alexander Hamilton, the lawyer who* ***built the American financial system** *.* **A lawyer built the economy, lawyers run it, and understanding the law can help you navigate it.* ****Key Takeaways:** **Hamilton’s Financial System** *: After the Revolutionary War, the U.S. was in deep debt. Hamilton’s solution? Establish credit and a national financial system through his* ***Four Reports** *.* ***1.First & Second Reports on Public Credit** These reports introduced the idea of public credit and Treasury bonds. By making debt an asset, Hamilton created a system where the U.S. could borrow money, build credit, and grow the economy. This system also tied the states together under one national debt, giving the federal government power and unifying the country financially. 2\. Treasury bonds became a key tool, setting the standard for interest rates on all borrowing, from personal loans to corporate debt. When Treasury bond rates rise or fall, so do interest rates across the board. ***2.Global Impact** U.S. Treasury bonds are a benchmark for the entire world. Nations, corporations, and investors track these bonds to guide their own financial decisions. In crises, Treasury bonds are the go-to safe investment, showing Hamilton’s long-lasting influence on global finance. **3** *.* **Report on Manufactures** Hamilton argued for government support to help U.S. industries compete. He pushed for tariffs, innovation, and immigration to build a strong manufacturing base. His ideas about specialization, government intervention, and infrastructure investment still drive the economy today. Think of tariffs on steel and the push for tech innovation—that’s Hamilton’s vision in action. ***4\. Plan for the Further Support of Public Credit** Hamilton also introduced the ****sinking fund**, a way to gradually pay off debt while maintaining the value of U.S. credit. His system of managing debt and using it to grow the economy is still in place today. Hamilton knew debt could fuel growth as long as it was managed wisely. _This post is for subscribers only._ ### Free Agency Vol. 6📈 - Behind the scenes, but in front of the money: Why sports documentaries are always profitable URL: https://www.duethedilly.com/behind-the-scenes-in-front-of-the-money/ Last updated: 2024-10-15T04:20:24.000Z There are certain moments that are unprecedented in sports history. Lionel Messi winning the world cup for Argentina. Lebron James blocking Andre Iguodala. Reggie Bush giving 513 yards to Fresno State. I remember watching this dumbfounded. Reggie Bush was iconic in college, but 500 yards?! What makes these moments special are the stories behind them. But that's the thing about sports. Any day can be legendary. ## **Give Us Docuseries** Americans love a good biography. And if we love reading it, we tend to enjoy watching them. Documentaries are like living memoirs. They capture the moment something happened, and then can capitalize on everything around it. ![](https://www.duethedilly.com/content/images/2024/10/image-11.png) Prof G, 2023 I remember exactly where I was when *The Last Dance* dropped. I had gone home to check on my parents and was in their basement, back from an emergency run to Costco. I knew who MJ was, but I didn’t get to see him play in his prime. To watch him be described in vivid detail was incredible. To watch it with the rest of the world at the same time!? Unprecedented. It’s still ESPN’s most successful documentary ever. It showed a different generation who Jordan was and revealed what he cared about while focusing on building the Bulls dynasty. 5.6 million people could not look away. Netflix and its other streaming cousins found a golden market with sports docuseries because they can create franchises out of singular stories. Do you want to cheer for an underdog against all odds? [*Last Chance U*](https://www.netflix.com/title/80091742?ref=duethedilly.com). How about the life and reality of an NFL star? [*Receiver*.](https://www.netflix.com/title/81733809?ref=duethedilly.com) A mob boss running a hockey team with his 17-year-old son? [*Untold: Crime and Penalties.*](https://www.netflix.com/title/81026438?ref=duethedilly.com) How do the fastest people on the planet train? [*Sprint*.](https://www.netflix.com/tudum/articles/sprint-release-date-trailer-news?ref=duethedilly.com) The rise of Name, Image, and Likeness (NIL) at a major university? [*The Money Game: LSU*.](https://www.amazon.com/The-Money-Game-Season-1/dp/B0D7KT8VQM?ref=duethedilly.com) How about embedding yourself into a Premier League club for a year?[*All or Nothing: Aresenal*](https://www.primevideo.com/detail/All-or-Nothing-Arsenal/0U4BJCPKS2XTFUQI8G3PONZPHA?ref=duethedilly.com) **Your Alma Mater Wants Your Subscription** Few properties in the world have more access to sports media than a Division 1 University. You’re looking at all of the major sports (football, basketball, baseball, soccer, track and field). Let’s pretend I’m a diehard Clemson football fan. I love it. The games, the giant paw print on everything, how orange everything is. I graduated, I’m doing well in my career, and I come back for homecoming. As part of the 189,000 alumni, I feel a connection. I want to know what’s going on when I want to. That’s why I happily pay $60 a year to get complete awareness of what is happening in our program—all original content, all the time. ![](https://www.duethedilly.com/content/images/2024/10/Screenshot-2024-10-14-at-4.24.20-PM.png) [Clemson+](https://clemsonplus.com/?ref=duethedilly.com) is a complete media house, disguised as a college . Press conferences, practice vlogs, player profiles, podcasts, game recaps—you name it, it’s there. And I can stream it. If it’s athletic and you need a jersey to play, they are capturing it. As a university, you need to find innovative ways to compete and drive attention. Clemson isn’t Ohio State, meaning they are a notable program but still a medium-sized operation. But if you can create a funnel for fans and alumni, you can entertain them year round. Everything is exclusive when you're not on campus anymore. ## **Games End, Moments Endure, Athletes Age** Sports are one of the only monocultural events we have left. Monocultural means a singular point of enjoyment for all kinds of people. If it’s big enough, people watch for the moments, the highlights, the analysis, the breakdowns. There is a built-in lack of predictability that we are drawn to: anyone can lose at any moment. It’s exhilarating because you do not know what will happen until it does. But it’s almost always a safe bet. It combines celebrity, talent, behind-the-scenes access, action, drama, and intrigue—all at the same time. Sports documentaries can touch every single emotion within the scope of one episode or drag them through an entire season. David Beckham is [going live from his garden](https://www.youtube.com/watch?v=qclG0A2CjxM&ref=duethedilly.com), Tom Brady is [doing vlogs with his daughter,](https://www.youtube.com/watch?v=K%5FdZeewQ3wM&ref=duethedilly.com) and Christiano Ronaldo is having is wife [rate his outfits](https://www.youtube.com/watch?v=tizVemSwwmc&ref=duethedilly.com). We are in for an entirely new landscape of personality-driven content, where our nostalgia is persistently piqued by moments we were present for but did not know the story behind.As a generation of athletes enters retirement from the game we knew them for, they are shifting to telling their stories directly to the audiences that have followed them. That’s maybe the best part, though. The stories we’ll get to watch later, that we’re living through today. See you next week. Jonathan ### The Dime💰 10/10/2024 - Dirty Money & Networking Across URL: https://www.duethedilly.com/the-dime-10-10-2024-dirty-money-networking-across/ Last updated: 2024-10-11T00:57:19.000Z "Game's the same. Just got more fierce." - Slim Charles _This post is for subscribers only._ ### Free Agency Vol.5 📈: Countries get rebrands do URL: https://www.duethedilly.com/nation-branding/ Last updated: 2024-10-08T02:00:57.000Z Do you know why the Olympics never gets old? Why people all over the world wear *I Love NY* tees? Why people crash out to take pictures in front of the Eiffel Tower? **Because national identity matters.** It's a product and a promise, that people choose to opt into and helps shape how themselves, and how the world sees them. In order to continuously compete in a global marketplace, countries have to reframe national identity. National identity is one of the biggest exports a country has, especially if they are comparatively small. The story of winning, becomes part of the identity for everyone, forever. ### **Unité, Travail, Patriotisme (Unity, Work, Patriotism)** The history of Rwanda is nuanced and complex. But 30 years ago this year, it was ground zero for a horrific genocide**.** So while an entire generation died, and another had to survive in its wake, the country itself had to rebuild and reimagine itself. _This post is for subscribers only._ ### The Dime💰 10/3/24 - Port in a Storm URL: https://www.duethedilly.com/the-dime-10-3-24-port-in-a-storm/ Last updated: 2025-08-11T05:23:48.000Z "You know what the trouble is, Brucey? We used to make shit in this country, build shit. Now we just put our hand in the next guy's pocket." - Frank Sobotka _This post is for subscribers only._ ### Free Agency Vol. 4 📈 : Everything is for $ale URL: https://www.duethedilly.com/free-agency-vol-3-sell-off-write-down/ Last updated: 2024-10-01T15:38:14.000Z When the dogs aren't eating, everyone is on the menu. _This post is for subscribers only._ ### The Dime💰 9/26/24 - The Feds are WORKING. URL: https://www.duethedilly.com/the-dime-9-26-24-the-feds-are-working/ Last updated: 2024-09-26T23:19:22.000Z Everything seems to be coming together like the final scene of Godfather 1. _This post is for subscribers only._ ### Free Agency Vol. 3 - Who Is Going to Feed the Big Dogs?! You Are. URL: https://www.duethedilly.com/free-agency-vol-3-youtube-is-a-library/ Last updated: 2025-08-11T05:22:57.000Z One one of my favorite pastimes is curating my personal YouTube feed. I have spent YEARS doing this and then seconds messing it up because I wanted to watch something else. Where else on earth can you see a grown man dressed like Frozone, competing as a wide receiver in Columbus, Ohio!? Nowhere but the ‘Tube. And that's the point. ## **LLM's Gotta Eat** A Large Language Model (LLM) is artificial intelligence designed to understand and generate human-like text. They are trained on lots of textual data to learn patterns, context, and nuances of language. Large Language Models (LLMs) There are usually 3 ways to think about what an LLM needs to be 1. Model size: Larger models generally require more data. 2. Task complexity: More complex tasks may need more diverse data. 3. Desired performance: Higher accuracy often requires more training data. Whenever you use ChatGPT, Claude, or Gemini, you are getting answers from an LLM. When you ask it to *“edit this cover letter in a clear, concise voice, and check for weak language and missing commas”* it is responding to you based on its training, and your specifications. This is also why, sometimes it tells you that it cannot do research past a certain point in time because there is a limit to where its data has ended. That’s because it is confined to how it is trained, and what it is trained on. To function optimally, LLMs need to be fed data, consistently, and constantly. For any tool that is using an LLM, the kind of data can change all the time. That is creating a challenge that is both legal and ethical: what does AI get trained on, and who gets compensated for it being trained. I’ll leave the legal conversation to Carl, but my guess is we will see a lot of legislation coming out in the next three to five years to manage this kind of gray area. It’s getting spooky. [What ScarJo v. ChatGPT Could Look Like in CourtIf Scarlett Johansson pursues legal action against OpenAI for giving ChatGPT a voice she calls “eerily similar to mine,” she might claim the company breached her right to publicity.![](https://www.duethedilly.com/content/images/icon/favicon.ico)WIREDCondé Nast![](https://www.duethedilly.com/content/images/thumbnail/Scarlett-Johansson-Oepn-AI-Lawsuit-Business1707035409.jpg)](https://www.wired.com/story/scarlett-johansson-v-openai-could-look-like-in-court/?ref=duethedilly.com) What it does mean, though, is that a different kind of market is emerging. _This post is for subscribers only._ ### The Dime💰 9/19/24 - What's Normal? URL: https://www.duethedilly.com/the-dime-9-19-24-whats-normal/ Last updated: 2024-12-17T20:46:58.000Z What’s good y’all. After enduring a grueling two years of rate hikes, we finally got a rate cut. We’re going to dig into that, the Fed’s new focus, and a few other things. Let’s get straight to it. Here’s this week’s edition of… The Dime💰. _This post is for subscribers only._ ### Free Agency Vol. 2 📈 - How to build the biggest advertising agency in the world, quit, then do it again, as a short king: The Martin Sorrell Saga URL: https://www.duethedilly.com/conglomerate-short-king/ Last updated: 2025-08-11T05:18:20.000Z 💡 ****Actionable Insights** ****Vehicles become brands**. Too often, people focus on what something looks like, and not what it does. WPP started off as a means to build something, and over time became known for what it did. ****Long term games.** WPP's strategy did not deviate, even if the tactics shifted. Across a long enough time horizon, it looks genius. **Buying over building.** Sorrell used acquisition as a strategy to scale WPP, and is running a similar playbook at S4 Capital. One is not necessarily better than the other, but it does look different. There's a lot of talk about building conglomerates, buying companies, making acquisitions. This week, I want to talk about someone who did it, and reshaped an industry. Someone who referenced themselves as being "as tall as Napoleon", and shared his appetite for conquest and domination. Martin Sorrell. Nothing and no one grows on accident. It's all intentional and specific. ## Get to the Money To understand Martin, you have to have to look into what he built. WPP is his crown jewel, one of the notorious ***BIG 4*.** The Big Four refers to the four holding companies that are dominant the field of marketing and advertising. ![](https://www.duethedilly.com/content/images/2024/09/image-2.png) They are called 'holding companies', because they are collections of other agencies with focus areas. Some do PR, others do design, some do experiential marketing, media buying etc. They are ecosystems that feed other ecosystems, and it is always changing and growing. Imagine each of them like an octopus, with tentacles in all kinds of industries, but connected to a central place. ![](https://www.duethedilly.com/content/images/2024/09/image-4.png) Dentsu and Havas (also agencies) can be included for a more comprehensive 'Big Six'\*. Here's an adjusted chart of the Big 4 revenue for 2023, in their reported currencies. | **Agency** | **Revenue (2023)** | **Employee Headcount** | **Number of Countries** | | --------------------- | ------------------ | ---------------------- | ----------------------- | | **WPP** | £14.8 billion | 114,000 | 112 | | **Omnicom Group** | $14.3 billion | 75,000 | 100 | | **Publicis Groupe** | €14.8 billion | 101,000 | 100 | | **Interpublic Group** | $10.9 billion | 58,000 | 100 | ### Paper or Plastic Fresh out of Cambridge and Harvard Business School, Sorrell worked at IMG, a talent management firm. He looked after the financial affairs and merchandising of some the high-profile stars, and he ended up investing on behalf of a client, buying into shell companies that were publicly traded. In 1985, Sorrell and his business partner started searching for their own company to buy and used it to acquire an advertising business. They had a clear thesis for what the company needed to look like: - Management that was "mature, but not senile" - Simple manufacturing process - Profitable - Listed on a public exchange The company they acquired was called Wire and Plastic Products. They got 29.9% for around £400,000 ($675,000) and WPP was born. ### The Balance Sheet Bully For growth, Sorrell had one key strategy: acquisition by any means. As a buyer, you can approach the leadership, express interest, go through a vetting process, get agreement from the board of directors, and proceed. Not all takeovers are equal; some are **hostile.** A **hostile takeover** means approaching the shareholders directly without any input from leadership input. This typically happens by purchasing enough shares in a company to have significant voting power then making an offer to the remaining shareholders for their shares as well. You can buy their shares, or you can convince them to vote with you to boot the management team of the company. If you have enough buy-in, you can purchase the company, regardless of the management’s feelings. In the case of companies that are publicly traded, their shareholders are interested in returns. If you present a better case than the management team, you can take control without their approval, as long as the board approves. You may want to play nice with the founder, but you don’t have to, because you have leverage. The movie "Wall Street" with Michael Douglas and Charlie Sheen, has a scene where the Douglas' character talks about how "Greed is good". This is an old school example of presenting a case to shareholders that you have a better plan for growth. The businesses WPP targeted usually had some form of institutional investors and shareholders that had a vested interest in getting their money back, and Sorrell presented WPP and its size and dominance an opportunity to get to that faster. Let’s say you’re a pension fund for teachers somewhere in Europe, and you invested in a company WPP wants. Your shareholders are the educators and deserve a secure retirement. Martin comes over and says, “Hey, *I want to pay 20% more than this business is worth, and give you stock in my big company, that has a history of buying and growing companies, how does that sound? I just need you to agree, and the other investors will like it, and we’ll tell the founder later, ok?”* Buying was a core to WPP’s growth. Over the next two decades, Sorrell kept going. If he wanted your company, he’d get it. This is a snapshot of a few of his greatest hits while CEO: | **Year** | **Company Acquired** | **Deal Size (USD)** | | -------- | -------------------------- | ---------------------- | | 1987 | J. Walter Thompson (JWT) | $566 million | | 1989 | Ogilvy & Mather | $864 million | | 1997 | Brierley & Partners | $150 million | | 1998 | Research International | $40 million | | 2000 | Young & Rubicam (Y&R) | $4.7 billion | | 2001 | Tempus Group | $629 million | | 2002 | Cordiant Communications | $415 million | | 2003 | Finsbury | Undisclosed | | 2004 | Grey Global Group | $1.52 billion | | 2007 | 24/7 Real Media | $649 million | | 2008 | TNS (Taylor Nelson Sofres) | $2.24 billion | | 2015 | Essence Digital | Estimated $300 million | | 2018 | AKQA | Estimated $540 million | ### Non-Disclosure for What? I mean, this is a guy who made the teleprompter look like a Twitter feed every time he got on camera. ![](https://www.duethedilly.com/content/images/2024/09/image-6.png) With quotes like that, who needs enemies? No run lasts forever though. In April 2018, Sorrell resigned from WPP, amidst [wild accusations. ](https://www.theguardian.com/media/2018/jun/11/martin-sorrells-wpp-exit-came-amid-bullying-and-sex-worker-allegations?ref=duethedilly.com)It’s the stuff that ends careers, tarnishes legacies, and will have you riding off into the sunset to go live a quiet life. Unless it doesn't. He did what any good founder would do after leaving a company you built for 33 years with a market capitalization of £24B; build a direct competitor in public. He left without a non-compete clause, meaning he was free to do whatever (within the law). He invests £40M of his own capital and raises £100M to start S4 Capital. His vision was to create a “next generation multinational communications business.” In July 2018, he buys Dutch agency Media.Monks for $350M, beating WPP. S4 Capital debuted on the London Stock Exchange in September 2018, giving them access to capital markets, and five months after the WPP fiasco. Five months is the compound interest of 33 years remaking a market. Since then, they’ve done over 20 more acquisitions of digital agencies and providers that fit the thesis. | **Year** | **Company Acquired** | **Industry** | | -------- | --------------------- | -------------------------------- | | 2018 | MediaMonks | Digital Content Production | | 2018 | MightyHive | Programmatic Ad Services | | 2019 | IMA | Influencer Marketing | | 2020 | Circus Marketing | Digital Content & Campaigns | | 2020 | Brightblue Consulting | Analytics and Data Consulting | | 2021 | Firewood Marketing | Digital Marketing | | 2022 | XX Artists | Social Media Marketing & Content | | 2023 | Formula Consultants | Technology Consulting | When you are that big, speed can become your weakness. You have to stay nimble, but you also have global operations, economic headwinds, changing industries, massive headcount, and a whole host of other issues. You are vulnerable for the same reason the businesses you purchased were: you are looking for efficiency, and will make changes to ensure that the business persists. Reinvention is a demand. ## **Legacies Are Mixxy** In June 2012, Sorrel wrote a Financial Times op-ed outlining his personal credo for running WPP. *“I have been *behaving as an owner*, rather than as a ‘highly paid manager.’ If that is so, mea culpa. I thought that was the object of the exercise, to behave like an owner and entrepreneur and not a bureaucrat.”* That explains your zeal and abandon in structuring an organization of 200,000 people in 112 countries. He ran WPP like an early stage business, but had the resources to do things an early stage company can’t and wouldn’t risk. Founders navigate risk in building companies. Sorrell did it via his strategy of buying ones. Today, S4 Capital has 7,700 people in 32 countries. It brought in £1B revenue in 2023, much smaller than WPP. Why compete on size when you can win on speed, in disrupted market? [![](https://www.duethedilly.com/content/images/2024/09/Screenshot-2024-09-12-at-1.39.17-PM.png)](s4capital.com) S4 Capital, Annual Report and Accounts, 2023 Tactics are actions, strategy is the plan. Sorrell aimed to maximize and build the biggest business using available resources. It’s early for S4, but he’s employing a similar updated strategy for the current market. WPP is still a giant, buying things, and looking to reclaim its position as the most valuable holding company. Founders aren’t *just* CEOs, not all CEOs are (good) managers, and managers are not owners. You can take an old formula, apply it in a new way (or industry), and build something new. Once you have that knowledge, your limits are your imagination (and where you find capital). There are always costs, but what’s really free these days? See you next week. Jonathan ### The Dime💰 9/12/24 - Things Are Getting Weird. URL: https://www.duethedilly.com/the-dime-9-12-24-things-are-getting-weird/ Last updated: 2024-09-12T23:19:14.000Z What’s good y’all. This has been one hell of a week so far. This week was 9/11\. We lost Fatman Scoop, James Earl Jones, and Frankie Beverly. The debate was crazy. Kendrick dropped a new track. Twitter said Haitians are eating cats and dogs? Trump decided to recite those facts in the debate and said he got the info from TV? Everything is weird. I can’t make sense of anything in this opening but we’ll try our best to make sense of what’s going on with the money. Here’s this week’s edition of The Dime💰. ![](https://www.duethedilly.com/content/images/2024/09/Powell-Inflation.gif) We're on our way! _This post is for subscribers only._ ### Free Agency vol. 1 📈 - Rise of the Dangerous Reader URL: https://www.duethedilly.com/free-agency-read-dangerously/ Last updated: 2025-08-11T05:13:40.000Z Media isn't dead. It's different. It will probably never be the same. That's uncomfortable, exciting, exhausting, and bewildering. *Free Agency* is my attempt to wrestle, explore, and explain much of what continues to happen around us, and the forces that are weaving that together. **Why:** Well, media is a hard place to be in, and it is a glorious place, all at once. You are really beset by the winds of platform changes, advertisers whims, and the changing perspectives of consumers. But, we want and *need* entertainment, so it's not going anywhere soon. However, it is much easier to speak of media in terms of what is happening, instead of what is being built. There are institutions among us, silent giants, but they slip through the radar because we call them everything but what they are. ## Where have you been? What do you even do? *Free Agency* is the result of almost a decade of being in, out, and around the creative industries. I say in and out, because I have never really felt like I had a foot firmly in one place, for that long. After building and leaving [Blavity](https://www.blavityinc.com/?ref=duethedilly.com), I went to do a fellowship, where I looked at IP and creativity across the UK and the Caribbean. At that point, what we had built was often perceived as *just* a website where Black people did stuff and looked happy. Ironically, there's lots of businesses to be built in the things people ignore and choose to misunderstand. I went to work for the [Smith Family](https://westbrookinc.com/?ref=duethedilly.com) (yes, *that* one), and people talked about it like it was *just* entertainment. I worked at an international bank in 56 markets across Asia, and that was *just* communications. Everything is *just* something, until it isn't. I've spent my career working in, on, and around, *managing attention*. Selling it, attracting it, deploying it, and looking to capture it. I was neck deep in the game of attention management. I was talking to someone I respect deeply a few months ago, and they mentioned, "Wow, you've done some things...make it make sense to me." *That's what Free Agency is about.* Making it make sense. I don't connect dots because I am told too. I connect the ones I think can tell the stories I believe are worth learning and investigating. I'm interested in exploring things with range. Things like: **How Youtube is quietly and persistently punishing Netflix (and all the other streamers).** ![](https://www.duethedilly.com/content/images/2024/09/image-1.png) Nielsen Gauge Report, July 2024 **Why Paramount sold the largest video conference for GenZ so it can clean up its balance sheet (but still needs your subscription).** [Paramount Sells VidCon Creator Conference to UK Firm InformaParamount Global is selling its creator conference VidCon to London-based media firm Informa, which already owns fan conventions like Toronto Comicon.![](https://i0.wp.com/www.thewrap.com/wp-content/uploads/2024/05/the_wrap_symbol_black_bkg.png?fit=192%2C192&ssl=1)TheWrapSharon Knolle![](https://www.thewrap.com/wp-content/uploads/2024/08/vidcon.jpg)](https://www.thewrap.com/paramount-sells-vidcon-convention-informa/?ref=duethedilly.com) **Satirical accounts are getting so good at parodying real things, it's hard to tell the difference.** **'Advertising' is Richard Millie going to 🇯🇲 to see if Shelly-Ann's left wrist was available and if she felt like matching a bezel to her hair color.** [SHELLY-ANN FRASER-PRYCE WATCH WATCH ⋅ RICHARD MILLEThe Unstoppable !![](https://www.richardmille.com/apple-icon-180x180.png)Richard Mille![](https://media.richardmille.com/wp-content/uploads/2023/11/27155627/covershelly.jpg?dpr=1&width=2000)](https://www.richardmille.com/friends-and-partners/shelly-ann-fraser-pryce?ref=duethedilly.com) **And how Lego is not a toy company, but a dream merchant for adults (some who happen to have kids).** [Over the Moon with Pharrell Williams 10391 | LEGO® Icons | Buy online at the Official LEGO® Shop USAn inspiring building project for adults![](https://www.lego.com/apple-touch-icon-180x180.png)LEGO® Icons![](https://www.lego.com/cdn/cs/set/assets/blt9ed1ffff7ffb0c2d/10391_Prod.png?fit=bounds&format=png&width=1500&height=1500&dpr=1)](https://www.lego.com/en-us/product/over-the-moon-with-pharrell-williams-10391?CMP=AFC-AffiliateUS-bI3pFuC5e6s-3972578-1606623-10&ref=duethedilly.com) *Here's my promise to you and myself:* - Deep analysis on the creator economy and the adjacent worlds that are affected by it, what's changing and what continues to evolve. - Highlighting deals and transactions that are off the radar, but critically important to the major shifts and shakeups across industries that shape the new paradigms for how media institutions and universes get built. - Stories on modern media businesses and how they operate (a particular focus on creators, because that is and will become a deeper part of our economy). - A global focus; There are things that are borderless and should be examined as such. Plus, I don't want to get yelled at by my cousins. ## A Deeper Motivation I'm writing this, and more broadly the things we care about at Due Dilly, because of something much more personal to me. ### **I'm interested in seeing people become more dangerous and discerning readers.** There are institutions all around us; they shape how we view culture, how we engage with it, and what we see and decide is valuable. But we only talk about a fraction of them. That's why I call it *Free Agency.* You should be free to mix, match, and master what is happening, and make it work for you. To do that well, I've found that understanding the make up of *how* something functions, allows you to remix what you need, and leave anything else that does not work. If you can develop range, you get to be more proactive and adaptable. A dangerous reader is someone who doesn't let the feed (or anyone else) play with their intelligence or time. They are in control of how they assess what is going on around them, and what those ideas mean and how they are executed. Media, advertising, marketing, and all the adjacencies that exist around it and each has an intention. For my own ambitions to be realized, I need to be a consistently courageous writer. Time will tell if I execute on that. I have no doubt you will keep me honest. See you next week. ### The Dime💰 9/5/24 - Welcome Back I Guess? URL: https://www.duethedilly.com/the-dime-9-5-24-welcome-back-i-guess/ Last updated: 2024-09-05T23:19:16.000Z 0:00 /0:03 1× My apologies. 0:00 /143.30775 1× If the video above is you, I get it. But this is real. I’m back and I’m here to stay. I’ve been gone for basically two years now and it’s crazy what I’ve been seeing. The timeline is different. People ain’t selling stocks anymore. Those who are selling stocks doing the worse job possible. People getting robbed left and right trying to “run the play.” It’s been bad and I’m sorry I had to be gone during that time of suffering. So here’s what the last two years have been like. First thing’s first. I got REALLY nice at Corporate and Securities Law. I done spent the last two years representing investment funds and technology companies, financing them, representing buyers and sellers. It’s been fun and at this point, I have a very different view of the world. This version of The Dime💰 will cover more of those types of stories and Due Dilly will cover that too. I can’t wait to share some of what I’ve learned. I also sit on the Board of Directors of a Financial Institution. So I’ll spend less time criticizing other financial institutions to be classy and to stay away from any regulatory issues. That’s been fun. I’ve been lending money to the people who need it most. I’ve been growing it as well. I can’t lie it’s probably one of the most difficult but rewarding experiences of my life. I bought more Aimé Leon Dore. I bought a row machine. I have weights in the office. New Balances are still comfy. Markets are still choppy but we’re about to turn a new leaf. On that note, I missed y’all. Here’s this week’s edition of The Dime💰. _This post is for subscribers only._ ### Research is an art and a craft. We are back to do both. 📝 URL: https://www.duethedilly.com/research-is-an-art-and-a-craft/ Last updated: 2024-09-24T19:23:56.000Z Due Dilly was initially an idea that came out of an Apple note. We simply asked: do people know that Jay didn’t own *all* of Rocawear, and it didn’t matter? Do we know who else did? So we dove into NY court documents, old presentations, news clips, and anything else we could get our hands on. We knew people liked Jigga; we just didn’t expect that people would want to hear about *how* he did what he did, using documents. We were wrong.The response was overwhelming. People found it insightful, exciting, and deeply resonant. You can’t prompt engineer taste. You also can’t expect growth without consistency and distribution. We had the former, and not the latter. We also had a bunch of things we did not account for. Early traction breeds a different set of questions you have to account for? - *How to continue production in a scalable way?* - *How often should we drop?* - *What do we want to focus on?* - *Is this a business? Do we want it to be?* While the aspiration was there, we were still trying to figure out the operations to sustain it. And we told ourselves if we stopped having fun, we would stop it altogether. 24 months is enough time to reconsider what you want and what you don’t. It is also enough time for technological advances to fill in some of the gaps you had. It also lets you strip everything down to the studs, and decide what you want to keep, and what can’t stay. ## **The Thesis** We believe that media and markets shape what we think, what we build, and what we see as possible, together and separately. Due Dilly wants to explain what we see changing, what we see shifting, and what continues to remain the same. We stumbled on an audience, and frankly were surprised by the response. ### **We want to build a public research layer that can engage the businesses and creativity we see and believe are interesting.** Typically, reading and finding research on businesses and creativity is pretty opaque. Due Dilly is our effort in democratizing that.We write to think and understand things and believe you should too. We believe that by making it open source, we can find people who find it valuable and want to see it as well as engage with it. To achieve this, we must produce a volume of work worth investing in, over a long enough period of time. We believe it’s an opportunity that people do not explain things clearly and directly. We recognize there are more beginners than experts. A beginner has an advantage that an expert struggles to embrace; there is no risk to the beginner when learning something, because they engage in experimentation without the same risk their reputation being cooked. An expert has to manage the perception of the knowledge they are supposed to have; a beginner can simply learn and keep going. If you keep the beginner’s mindset, you can always begin again. > **We built and are building Due Dilly for anyone who thinks like a beginner and embraces that mindset to execute on what is in front of them.** We believe depth is a distinction in a world of exclusively sound bytes and clips. We do not want to do what we see; rather, we want to bring to life what we discover. The map is not the terrain, and recognizing that allows you to explore things that are right in front of you but may not be clear at first glance. And we get to have fun doing it. There are all kinds of new businesses, formats, opportunities, and insights springing up everywhere. Much of how you can grow and scale something has been, and will continue to be forever changed. But some things are enduring. Product-market fit is not going anywhere; it might just be that the fit looks different and is represented by different things. There’s no reason that we can’t be boundary-less with what we cover and where we go to explore it. Our audience deserves it. ## **How We’re Trying to Build This** Media is a terrible business to be in, if you do not have a product. Ours is research. We write everyday. That is who we are. We do it to clarify our thinking, expand on new ideas, and make sense of a world that continues to change rapidly, and stay the same. That paradox is where we feel like we do our best work. So that’s what we’re starting with. Our core activity is to write the best analysis on markets and media through our lens. We aim to earn a place in your inbox with consistency, clarity, and memes. Tons of memes. To begin, we’ll have two newsletters, arriving weekly. 1. The Dime💰 - Carl’s analysis on the market for the cultured and the curious. **To sign up to get The Dime💰, click** [**here**](https://www.duethedilly.com/the-dime/)**.** 2\. Free Agency 📈 - Jonathan’s analysis on the media landscape for the prepared and proactive. **To sign up for Free Agency 📈, click** [**here.**](https://www.duethedilly.com/free-agency) These will be the core of your communications with us. Our promise is that it’ll be fun and that we won’t miss. Our focus here is to give enjoyable, informative, and contextual looks at both these massive worlds weekly, and give insight into what we are seeing and experiencing. Good thinking begets good writing, and that is hard to find. The better we write to you, and put our ideas in public, the more you get to know us, what we are doing, and subsequently, the better everything else we produce is. The podcast is coming back, and we’ve got a slate of topics we think you’ll enjoy and find insightful. There are new narratives, emerging markets, and deeper insights to recognize and be a part of. ## **Fun Games, Great Prizes** We are convinced that there are people who want to see how things work, and then take action on that understanding. We are also aware that there is a continuous influx of merchants competing for attention. We don’t want to play that game, and instead, we’d rather build and create things that people want to occupy time with, find interesting, and want to support. We also want to build community; real, bona-fide, see you in person and give you a dap and ask how your moms is, community. We have thoughts and plans on that, but it is an area we think is sorely needed and deeply overlooked. If you have thoughts, things you want us to cover, or just want to reconnect, feel free to reach us at *jonathan@duethedilly.com* or *carl@duethedilly.com.* ### Even If I Fall, I Still Land on A Bunch Of Money URL: https://www.duethedilly.com/due-dilly-episode-3/ Last updated: 2024-09-05T03:13:12.000Z We know Hov Did, but we also know Hov has been doing this, for awhile now. Episode 3 is about: ✅ The challenges Tidal faced after the acquisition and the backlash that followed ✅ Building momentum and getting the proper financing to stabilize Tidal ✅ Block acquiring Tidal and what we think the future might look like [Due Dilly Episode 3 Citations Due Dilly\_Episode 3 Citations .docx17 KBdownload-circle](https://www.duethedilly.com/content/files/2022/09/Due-Dilly%5FEpisode-3-Citations-.docx "Download") ### Operation Takeover Corporate URL: https://www.duethedilly.com/episode-2-operation-takeover-corporate/ Last updated: 2024-09-10T19:11:02.000Z ****Carl and Jonathan have a slight argument on this episode. Tell us who's side you lean towards.** [Operation Corporate Takeover BibliographyOperation Corporate Takeover\_Bibliography.pdf85 KBdownload-circle](https://www.duethedilly.com/content/files/2022/08/Operation-Corporate-Takeover%5FBibliography.pdf "Download") We fast forward to 2014 and Jay is flush with cash. He's fresh off building a new venture in RocNation and as the music industry makes a shift he realizes that he has a problem... he needs to control his distribution. His solution? Join the streaming wars by buying his own streaming platform. Buying a company is never an easy process. First and foremost, you can only trust sellers so much due to the fact that they have their own best interest in mind. If you're dealing with a public company, the sellers likely have a fiduciary duty to their shareholders. As a result, you really to inspect every part of the business you're buying and you also have to make sure that you're buying it for a fair price. We recently saw this with Twitter and Elon Musk. Elon Musk made an offer, Twitter accepted it. Elon DID NOT do his due diligence and found something he didn't like which affected the price. Now he wants to back out of the deal and either has to pay a steep break up fee or worse... he has to buy the company at the offer price anyway. Don't be like Elon. Follow these key takeaways. **Key Takeaways:** 💡 Know your thesis. By defining your what and your why you can move with more conviction and be more critical of new facts. 💡 Never underestimate the power of diligence. Knowing every part of your business allows you to know exactly what you're buying and you'll also know where the bodies are buried. 💡 Vision always looks like delusion before you win. Believe in your vision and the facts that you put together because the public (or just other onlookers) will look at you crazy. You only look like a genius when you become successful in your venture. As usual, don't be stingy with this, pass it to the homies. With love for the dilly, Carl & Jonathan ### One Smart Black Boy URL: https://www.duethedilly.com/due-dilly-episode-1-one-smart-black-boy/ Last updated: 2024-09-01T04:57:49.000Z In part one of a three-part series on Jay Z, we dig into the history of Rocawear. We start with it's inception at Jones Street, dig through ownership structure, the connections necessary to jump-start the company, the business model, contracts, and how it set itself up to be sold to Iconix for $204 Million. ### Key Takeaways: 💡 Your intellectual property has value before it becomes a tangible item. 💡 The better your brand reputation, the more value your intellectual property has. 💡 Getting a buyout is very similar to partnering up with another business; it's a courting process to find the buyer that fits. ### Sources [Due Dilly Episode 1 Bibliography Due Dilly\_Episode 1 Bibliography .pdf138 KBdownload-circle](https://www.duethedilly.com/content/files/2022/07/Due-Dilly%5FEpisode-1-Bibliography-.pdf "Download") Don’t follow us… follow the money.