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Best of Blair on Sunny Day 💜Pumpkins, Dress Up, & Positivity | Nick Jr. - Duration: 3:12.
Hello, Sunny Salon.
Blair is the manager at Sunny Salon.
Have a Sunny Day!
She keeps everything in order.
- Who's our first customer, Blair? - Let's see.
She loves purple!
I love it!
- Pedicures... - We're almost finished.
And most of all, staying positive.
I'm so excited!
Best day ever!
Really, are you sure?
Let's check out The Best of Blair.
- Ready to give it a try? - So ready!
[laughing]
Blair enjoys dressing up.
Can I try it on? Can I try it on?
- Like a princess. - Here, try this one.
Wow!
[laughing]
A cheerleader.
- Give me a D! - Huh?
D is for Doodle.
A clown.
- Pick a card, any card. - Hm...
Whoa! Oh!
Um, your card was definitely one of those!
[cheering]
And even a pumpkin?
I really love pumpkins.
That's the best biggest pumpkin I've ever seen!
Yay, perfection!
Blair loves pumpkins.
This is the best pumpkin ever! I love it!
That's one for the Style Files.
Blair is organized.
- I could use a break. - No problem.
We only have 37 more appointments left.
Really organized.
I've organized all the nail polishes, sparkles here, neon colors on top.
- All the reds together. - That's great, Blair!
She likes to keep the salon clean.
Happy spring cleaning day, Rox.
Uh, not my favorite day of the year, Blair.
- Oh no! - I'm up.
And the whole world's pink? I like it!
Oh, Doodle.
Actually, Blair likes to keep everything clean.
- This is amazing! - Wow!
Can you imagine having to clean this place? Fun!
- And she never met a list... - Shampoo, hair spray, gels.
She didn't like.
I made a list of all the activities we can do today.
One, volley ball. Two, ice cream. Three...
Seventy-four, collect sea shells.
- Seventy-five-- - Blair.
Maybe you can read the rest in the glam van.
Camping may not be Blair's favorite...
I can do this.
No, I can't do this. No, I can't do this. I wanna go home!
But she sure loves a beach day.
Yup, not that's how you do a day at the beach.
Blair makes sure that fun and friendship
are always on the schedule at Sunny Salon.
- Good morning. - Morning, Sunny.
Ready for another day of smilin' and stylin'?
Gear up and go with Blair!
That's me! Thanks.
And all of your friends on Sunny Day.
This is like something out of my dreams.
Everywhere you find Nick Jr.
You can find more Sunny Day in the free Nick Jr app,
and everywhere you find Nick Jr.
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5 Exercises You Should NEVER DO AGAIN | Top 5 WORST Exercises Everyone Should AVOID - Duration: 2:46.
5 Exercises You Should NEVER DO AGAIN | Top 5 WORST Exercises Everyone Should AVOID
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Native American Elder Nathan Phillips On Confrontation: 'I Forgive Him' | TODAY - Duration: 9:26.
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Desi Tips For You
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Frame Game | The Scott Brothers | Michaels - Duration: 2:03.
- We know it can be daunting when you're trying
to create a finished look in your living space,
but we want to have a little fun with it.
- So, we are gonna play a game.
I have a card that has a theme in it,
and that's how we're gonna design
these spaces for the people who live here.
- We're gonna read this card for the first time right now,
then we have 90 seconds to turn these
walls into a complete look using frames.
- 90 seconds? - Yeah, 90.
- Wow. (intense music)
A young family with a love for the ocean.
- I can do it, I mean, I can do it
in 90 seconds, no problem.
- If you could do it, I could definitely do it.
- Let's count this down, ready?
Three, two...
- One, go!
- First I want to find my space
between the wall and our floating shelves here,
and I want to go for a larger piece, like this fella.
- You've heard about measuring twice and cutting once?
Well, when you're doing a gallery wall or a tryptic
you want to measure 100 times, so you only
have to put one hole in the wall.
- I want to start with a larger piece
as my focal point, and then work around it.
I'm going for nautical, he's going for not-a-chance.
Hey, leave it it alone!
- No, this is part of my process here.
You can't beat a corkboard, because you can display
all those family photos and all the memories.
- Maybe if I put my photo on there
it means I win either way.
- This looks pretty well-balanced.
Always step back to make sure
there are no unintentional clusters.
I am doing a shadow box so I can get a little bit
of dimension and texture to beat you.
Boom, I did it! - I did it!
- We did it, I guess, and it goes to show you
even though it looked tough, you can
do a lot in a small amount of time.
- And that every room looks more complete
when you use the right frame game.
- Now it's your turn, get out there
and check out our Scott Living Collection
at Aaron Brothers, and have fun framing.
- I would go this again. - And I would beat you again.
- Oh, come on, I think I won that one.
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Dylan Dreyer Reveals She Was Once A Stock-Photo Model | TODAY - Duration: 3:56.
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Princess Cruises Sky Suites Reveal: The largest balcony at sea - Duration: 1:01.
[lively music]
♪ ♪
[rousing music]
♪ ♪
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What's Moving Marijuana Stocks Higher? The Farm Bill - Duration: 29:50.
Shannon Jones: Welcome to Industry Focus, the show that dives into a different sector
of the stock market every day. I'm your host, Shannon Jones. Today is Wednesday,
January the 16th. We're talking Healthcare. I'm joined in the studio via Skype by healthcare guru
Todd Campbell. Todd, how are you? Todd Campbell: Hi, how are you today?
It's great to be back! It's going to be a packed, fun show today. We'll cover some topics that
we haven't talked about in a little bit. I think our listeners are going to love it.
Jones: Yes. Super excited for today's show. We're going to be covering some of the bigger
news stories surrounding the marijuana industry. Todd, it's been a couple of months since we've
gone through the top stories and what's happening in the industry. There's been a lot going
on over these past couple of months. Campbell: It's really fascinating. You might
think that, given that share prices of most marijuana companies fell dramatically after
the Canadian recreational market opened in mid-October -- buy the rumor, sell the news
proving itself out yet again -- people might think, "Well, these stocks have been horrible.
Nothing good is happening." But underneath the surface, it's business as usual.
got companies that are reporting big deals that could have billion-dollar impacts down the road.
Jones: Absolutely. For investors that may be hurting,
those that wanted to be the first movers into this industry, certainly with
the marijuana industry, it's still very a young industry that's budding -- excuse the pun there.
It's growing, so there's going to be growing pains. But just like you said, Todd,
it's business as usual. Talking about deals, let's start off with
the more recent news. It was big news coming from the largest marijuana producer by market cap,
which is Canopy Growth, ticker CGC. It now appears to have a pathway to the United States.
That's really thanks to some crucial pieces of legislation that came on both the
federal and state levels. I took a look this morning -- right now, Canopy is sitting on
a hefty $14 billion market cap. The shares are priced right around $41 a share. Year to date,
shares are up about 54%, vs. the S&P up about 4.3%. Todd, lots of good news
happening for Canopy Growth. Is it true? Is Canopy Growth coming to America?
Campbell: Yeah, and we're not talking about the 80s Eddie Murphy movie, for anybody
who's been around the block -- Jones: [laughs] And potentially a reboot coming
for Coming to America! Which I'm super excited about! One of my favorite movies.
But, I apologize, I digress. Campbell: The big news here is that Canopy
Growth has long said, "Listen, we're not going to do business in the U.S." That's because
cannabis is still illegal federally. Listing rules on stock exchanges in Toronto and New York
say that if the business is illegal federally, you can't participate and still be on the exchange.
So, they have long stated, "We're not going to do business in the U.S. until
we find a legal pathway so that we don't run afoul of federal laws."
They got their path. They got their path in December, Shannon, when the U.S. passed the newest,
latest Farm Bill. That Farm Bill included some really important language tied to the
legalization of hemp, which, as people may or may not know, is a low-THC strain of cannabis sativa.
It's a strain of the same plant that marijuana comes from that does not have the
same level of psychoactive activity that cannabinoid THC, normal traditional marijuana, has.
Shannon, I'm sure you're going to dive into this little bit more. The Farm Act
and the changes in the Farm Act open the door up now for companies to come in and start
developing cannabis-based products that, up until now, couldn't have happened.
Jones: Absolutely. Talking about the Farm Bill a little bit more, this was the 2018 Farm Bill,
signed into legislation in December. Specifically doesn't change marijuana
on a legal level. What it does is remove hemp. As you so well explained, hemp is very different
than marijuana. There are actually a lot of differences. The main one, you mentioned,
of course, is the levels of THC. For hemp, you're looking at THC levels below 0.3%.
Marijuana THC levels can be anywhere from 15% up to 40% in terms of concentration level.
So, you're talking about a product that has lower levels of the psychoactive ingredient that many people
think of with the high that comes with marijuana. It's no longer scheduled, it's no longer a controlled
substance in the United States. That opens the door wide open for all of these
practical applications. Hemp has actually become a much more intriguing industry for
a lot of investors apart from marijuana because of all the practical applications. We're talking about,
of course, the oils, clothing, think about athletic wear. You already have some
companies that have hemp in place of cotton in their clothing. You're talking about building materials,
food products, skin creams. The list goes on and on. This has really opened
up the door a whole lot in terms of practical applications.
Also, it's interesting because hemp compared to marijuana in the court of public perception
is much easier to be digested overall because it's not marijuana. It's not lighting up a joint.
When you talk about oils and creams and even vapes, in the court of public perception,
people are much more willing to use these products than marijuana itself. I think this
Farm Bill in and of itself has really opened the door wide open here in the United States.
Campbell: Right, by making it an agricultural commodity now, you have farmers that will
be able to take advantage of all sorts of supports that are in place from the USDA to
be able to dedicate more of their land back to growing hemp. You could see an explosion
of hemp farming over the course of the next couple of years because of this change.
It's a change that a lot of people have been lobbying for for a long time. According to the Congressional
Research Service, I believe that the U.S. was the only developed nation that still listed
hemp not as a crop but as a controlled substance like this. Finally getting on board with many
other countries, including Canada, when it comes to hemp, and opening the door now, again,
to a path for Canopy Growth to come into the United States, start developing products that
contain the other chemical cannabinoids that are in hemp, specifically cannabidiol,
or CBD, which is known to have more medicinal properties. CBD is what's behind the drug
Epidiolex, which we've talked about on the show in the past. It's the drug that won approval
from the FDA for use in epilepsy patients. A lot of excitement around the potential to
create products containing CBD, whether it be beverages or edibles or vapes or whatever.
As part of this, backing up a second to what's going on here with Canopy Growth, after that announcement,
Canopy Growth said, "We think this provides us with the path we need."
And then, sure enough, now we find out that they have inked a deal where they've received
a license to process hemp in New York State. They plan on investing $100 million to $150 million
into this industrial park that will be filled with hemp-based companies.
It's like a hub of hemp innovation, if you will. Jones: Very similar to where I got my start
in healthcare, Research Triangle Park in North Carolina, where a lot of smaller biotechs
are now housed. It'll be just like that, but for hemp in New York. Just like you mentioned,
Todd, it does open up the door for U.S. farmers. And not only Canopy Growth, but many of the
other large producers, you'll also see benefiting from this. On both the federal and state level,
good news there. With all that's happening with Canopy,
we'll have to wait and see, even on the industry level. Will other states follow suit when
it comes to Canopy producing these products, these CBD-based products and hemp-based products?
Can they distribute across state lines? There will be a lot of questions to watch moving forward.
But, it's certainly a positive on the side of Canopy Growth right now.
Campbell: The other thing to consider here, this is something that investors may not have
really thought about, there are CBD products on the market today,
but they're sold as nutritional supplements.
There's no real controls, and as a result, there's a lot of variability
in the amount of CBD that they claim is in a package and, when testing is done, how much
CBD is actually in there. So, clearing this pathway through the USDA is going to open
up all sorts of doors for companies to get serious about making sure they're using processes
and practices that will allow them to consistently produce a product. When you pick it up one week,
it's going to have the same exact flavor, taste, content of CBD or whatever cannabinoid
is in it, as next week or the week before. I think that's really important to drive demand.
Like you said, a lot of it's going to come down to how the government or regulators treat
these goods. Will they just be limited to sale in New York? Will you be able to sell
them across state lines? My assumption is they'll be able to sell across state lines.
That would be great news for Canopy Growth because 38% of Canopy Growth
is owned by Constellation Brands.
Constellation Brands is one of the largest beer, wine and spirits makers in the country.
Their headquarters is in New York already. They've got plenty of branding experience,
distribution experience, research experience, all the things that would be necessary to
take products that are made in New York and distribute them throughout the country.
Now, in New York alone, I was speaking with Matt Karnes at GreenWave Advisors the other day,
he thinks that the medical and recreational New York market for marijuana and marijuana
products could be about $2.7 billion in five years. That's still incredibly significant
when you consider that last year, Canada's recreational and medical sales only totaled
about $1.6 billion. That state alone could generate out more total market opportunity
than Canada did in 2018. Jones: Very good point there. I believe they're
announcing the location for this new hemp industrial park in the next 100 days.
I'm sure a lot of eyes will be on that, and I'm sure you'll hear more announcements moving
forward from other marijuana companies. Let's shift gears and talk about the second
company making headlines. That second company was none other than Aurora Cannabis,
ticker ACB. They released their preliminary Q2 guidance last week. Todd, with that guidance,
we're finally getting a sneak peek to see what exactly is happening
on the sales side post this Canadian legalization.
Campbell: Right. This is their fiscal second
quarter numbers, but it would be of the calendar fourth quarter results. As we already said,
Canada's recreational market opened in the middle of October, so you've got a pretty
good period of time now to get a feel for how that market may move the needle for these
various companies. Aurora Cannabis is particularly important to watch because alongside Canopy Growth,
they're arguably neck-and-neck for the biggest producer, in terms of production
capacity and in terms of sales. While the results -- I'm sure you're going
to talk about this in a second -- may have fallen shy of some people's expectations,
they were still pretty impressive nonetheless. According to management, sales clocked in
at between $50 million and $55 million. At least a $200 million run rate for Aurora Cannabis
last quarter. For perspective, that's a 327% year over year.
Jones: That's impressive, but still, Todd, not everyone was quite pleased with that.
You alluded to it, but there were some analysts that were actually hoping to see sales much
higher than that. They were looking for at least $67 million in Canadian dollars in terms
of sales. Of course, they fell a little bit short of that. But, as you and I talked about
before the show, there are so many factors that go into this. The first is the fact that,
No. 1, the marijuana industry is so new, I think it's hard for analysts to get a good
benchmark in terms of what sales should be. We're only looking at a couple of months'
worth of sales coming out of the Canadian legalization. It's hard to set a benchmark,
and it's even harder to set a benchmark for an industry that's so new. Also,
there's supply issues going on on top of that, not necessarily the fault of Aurora. With any
new industry, you're going to have logistics and distribution issues, too.
Campbell: We had so much demand in the first weeks when the recreational market opened
up in Canada. A lot of products were out of stock. It was taking people weeks to get the
products that they were ordering online. If they went to the shelves, there weren't many
choices there. I think that you hit the nail on the head. You have to remember, people,
when we think about consensus estimates about big U.S. companies, they can be based on
10, 15, 20 different analysts. The marijuana market is so young and so emerging, there aren't
a lot of the big institutional analysts covering this industry yet. It's going to improve as
time goes on. They'll get better at building their models, and those consensus numbers
will get more useful. But for now, they're not quite as useful. I wouldn't put as much
weight on them as I would, say, the consensus earnings estimates for a company like Altria.
I think the thing to watch more for investors is the sales and growth run rates; what that
translates into for operating margin, which we don't know yet. That wasn't released
in the preliminary figures that were outlined. And, what that could mean for eventual profitability.
The other thing I would keep an eye on is how quickly companies like Aurora Cannabis
are growing their production to meet all the demand that's emerging, not only in Canada,
but also in other markets like Germany. They did provide us with a little bit of insight
into that. Production capacity in November was 70,000 kilograms per year. That was the run rate.
Now, it's about 100,000 kilograms per year. Their expectation is that they'll
reach a run rate of 150,000 kilograms, which is more than a doubling from November,
by the end of their first calendar quarter, so, the third quarter of 2019. Rapid production
there could provide the fuel that's necessary for even greater sales as we go forward.
I expect that we're going to see that. I think a $200 million run rate probably undersells
what we'll be talking about in six months. Jones: You talked about them beefing up their
production capacity. We really won't see them hit peak capacity for at least another year,
year and a half. There's still some ways to go. You also talked about margins.
Aurora is also developing a series of products, like many of the others, that are higher-margin products
beyond just marijuana itself. You're talking about the CBD oils, the vapes, a number
of different things that they're actually investing in. I think you'll see both the
top line and you'll see some margin expansion, as well.
But that wasn't the only thing that Aurora announced. They also announced an acquisition
of a specialty marijuana brand named Whistler. Todd, what can you tell us about that deal?
Campbell: Whistler was one of the first 10, I believe, to get granted licensed by Health Canada.
It's a niche player. They make premium cannabinoid-type products, marijuana products.
They have indoor facilities, which are typically more expensive, but you have greater control
over your ability to produce a premium-type product. Their average prices are significantly
higher than the average prices of marijuana that you would typically find, say, on any shelf
in Canada or inside of a dispensary. This is an important move as far as trying
to differentiate their product lineup. Like a lot of consumer goods companies,
they have products that are at the entry level point, they'll have products for the average person,
and then they'll have these high-end premium products that will most likely offer better margins.
One of the things that's interesting is,
they alluded to how important developing value-added consumer goods could be to the profitability
of these companies. Dried bud is a commodity. As we produce more and more and more,
there's less of an opportunity for them to command really high prices. You could see price pressure
like we saw in Colorado and Washington and some of these other states where marijuana
is legal in the United States. That won't really be as big of a deal for these value-added products.
If anything, it'll help their margins because they'll have lower input costs,
especially if they're buying supplies from other growers. That will change a little bit with Whistler.
Whistler has these high-end strains, so it can command a higher price than, say, traditional dried
bud inside one of these stores. Jones: Absolutely. They're actually really
highlighting the fact that Whistler is the first organic certified company.
So, really going after that market that I think we can all safely say is the Whole Foods consumer of today.
Whistler represents a really interesting opportunity. I think it was a $175 million deal.
It wasn't typically one of those billion-dollar blockbuster deals that we're looking at here.
I think it was a very smart move. Everything that you said, Todd. It really helps them
start to differentiate. That will be key to pricing power moving forward with all of these
marijuana players now. More to come. That'll be a key area to watch.
I also think, moving forward with Aurora, just to level-set, we'll get their Q2 earnings,
I believe that comes out on February 11th. We'll actually see exactly what they did and
be able to dive into that a little bit further. But I think one of the key takeaways is, overall,
this is still a new industry. You'll have to give it some time to allow the industry
to mature. It's going to have growing pains, for investors out there that are sitting on
stocks that maybe aren't doing that well. Be sure to keep up with the news, see what
they're doing to differentiate their product lines. Take a look at their margins.
Compare them to their peers. Really identify and see if you're, A, holding on to one that likely
won't be around much longer because it will become just another commodity, like you mentioned, Todd;
or, one that will truly have a product line that will drive top and bottom line growth
for the long-term. Campbell: Wise, wise words.
Jones: Our last major headline is going to take us back, again, to December. It's one
I wanted to make sure that we covered, Todd. We got news of the second-largest marijuana deal.
This was behind, of course, the Canopy-Constellation deal that we heard about in 2018. This is a deal
between Altria, ticker MO, and Cronos Group, ticker CRON. Altria, the tobacco giant,
parent company of Philip Morris, announced it would invest $1.8 billion into Cronos in
exchange for a 45% stake in The Cronos Group, which has a portfolio of various marijuana investments
and some joint ventures, including some smaller growers. Todd, what else is
Altria getting in this deal? Campbell: This is a massive deal.
This is something that a lot of people were wondering and have been wondering for the better part
of a year, what other companies, specifically tobacco companies, might be interested in
diversifying the portfolio away from tobacco and embracing the movement towards marijuana?
Altria had been rumored for a while to be kicking tires alongside some of the other
major alcohol companies and beverage companies. Coca-Cola was even mentioned. Altria was the
one that made the big splash, though, with this deal.
They get the 45%, as you mentioned, of Cronos Group. They hand Cronos Group $1.8 billion,
which is huge. That's massive financial flexibility that Cronos can use now to elevate itself
into the leadership of this emerging industry. Altria also got a warrant that will allow it
to buy an additional 10%, bringing its ownership to 55%. They can do that within
four years at a price of about $19 Canadian per Cronos Group share. Right now, they're at 45%.
We could go to 55%. Cronos Board of Directors has expanded from five to seven directors.
Altria will get to nominate four of them. So, the majority of the members of
the board will now be those who have been nominated by Altria. That's also useful to know.
This is also a very important deal because
it came only about a week before Altria announced another huge deal. That was its $12.8 billion investment
in the e-cig player Juul. They got 35% of Juul in that deal. Those who aren't
familiar with Juul, Juul has about 30% of the e-vapor market. Now, it doesn't take a
rocket scientist to see where Altria may be going with this! They may be looking at this
and saying, "OK, if the barriers to entry federally are falling in the United States,
why wouldn't we want to have a company like Cronos that's on the cutting edge of being
able to figure out how to extract not only CBD and THC but the other hundred cannabinoids
that are found in marijuana, to be able to include them in vapes that could be sold throughout
the United States using our massive distribution marketing brand experience?" I think that's
maybe the end game. Again, we're still far away from that in terms of marijuana itself.
But, it wouldn't shock me if Cronos was one of the next companies to join Canopy Growth
and say that they're going to use the Farm Bill passage in December to enter the U.S. market
to start creating hemp-derived CBD products. Whether or not those end up in Juul someday,
we'll have to wait and see. Jones: Totally agree on all fronts, Todd.
This is such an interesting deal. Strategically, you really see the benefit to both companies
in making this deal. What I like from Altria's perspective is the optionality. This is a risky industry
to dive into. Obviously, it finally gets Altria a foot in the game in
the marijuana space. But, with this 45% stake, which gives them the option to up that to
55% over the next four years, I love the fact that they're going to give the market and
the industry some time to mature. I also love the fact that Cronos Group is
now also going to be the benefactor of the regulatory compliance know-how that Altria
brings to the table. That couldn't be more important, especially as they start to dive
into U.S. markets. Altria is known as the leader in tobacco when it comes to the U.S. markets.
They're getting that. In addition, they're also getting the manufacturing expertise,
scale of production, all of these things which I think are key to the underlying thesis with
Cronos Group. Now, they've got a match made in heaven.
You mentioned Juul. I talk about the regulatory know-how of Altria, but I just have to say,
with Juul, some investors have probably been watching the news, it's got its own fair share
of regulatory scrutiny from the FDA thanks to their vapes, which allegedly have been
targeted toward teens with their fruity mango flavors and these vapes. That'll be interesting
to watch, to see how they navigate that. It's certainly not the first time they've dealt
with regulatory issues at Altria. I like the expertise and the experience that they're
bringing to the table. Campbell: Yeah, they've been there,
done that, no question. If you look at Juul, they make the ones that look like a pod,
it looks like a USB stick that you'd stick into your computer. They look less like traditional cigarettes.
Altria had actually made a decision to stop selling its own pod vapes prior to
entering the Juul agreement as a nod to the FDA, saying, "OK, we recognize that
maybe these pods are much more attractive to younger people to smoke than, say, something that
looks like they're smoking a regular cigarette, so we'll stop manufacturing those."
The FDA has since come out after this deal was announced and said, "Shame on you," essentially,
for going out and buying such a big stake in Juul and raising, again, those question marks.
But, yeah, this is not new territory for Altria. I think they'll be able to navigate this.
If they do navigate it well, there's obviously a tremendous amount of synergies.
The other thing that we didn't mention, Shannon, is that it's kind of a backdoor way for Cronos
Group to potentially get relationships going with Anheuser Busch.
Jones: Yeah. They've got a 10% stake in Anheuser Busch. This certainly gives Anheuser Busch
the actual opportunity to make a move into the cannabis-infused beverage area.
That'll be a really interesting play. I'm sure all investor eyeballs are on that right now, Todd.
Campbell: Absolutely. This is going to be so much to watch. It's going to be a fast-growing
market in 2019. Investors are going to want to be paying attention.
Jones: Wise, wise words. We'll certainly keep you updated on all the latest.
In terms of Industry Focus, that's it for this week's show. Thank you so much for tuning in!
As always, people on the program may have interest in the stocks they talk about,
and The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks
based solely on what you hear. This show is produced by Austin Morgan. For Todd Campbell,
I'm Shannon Jones. Thanks for listening and Fool on!
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¡Nos visita la mujer más tatuada de Estados Unidos! | Un Nuevo Día | Telemundo - Duration: 4:42.
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Can Snap (and its Stock) Recover From Another Executive Departure? - Duration: 5:40.
Dylan Lewis: Alright, Evan. Switching gears and talking about another big story in tech.
We got news earlier this week that Snap's CFO Tim Stone was going to be leaving the company.
This is one of most dominant headlines that our readers and listeners probably saw this week.
Evan Niu: It's pretty big news. They only poached Tim Stone away from Amazon back in May.
It's only been eight months. And they got him with a $20 million pay package.
[laughs] He's giving up quite a bit by leaving so soon.
That compensation package included $19 million in standard equity units that vest over time,
as well as a $1 million grant that invested within six months.
As of last Form 4 filing, he still had like 2.3 million shares. But there's a lot that he's leaving on the table.
And it's never good news when you're losing two CFOs in under a year.
Lewis: He was there to replace Drew Vollero, who left the company.
As a reminder for some folks who may not be as familiar with Tim Stone, his pedigree,
he spent 20 years at Amazon before coming to Snap.
Certainly not a guy that needed money, but to see him leave $18 million -- or, I've seen
some estimates at $16 million -- he left a lot of money on the table, one way or the other, to leave.
That says to me that he was not happy with the situation at this company.
Niu: Right, exactly. We were talking about this earlier, there's a Bloomberg report, Stone apparently was
interested in being really ambitious and wanted a promotion.
He wanted an even higher pay package, and he also wanted to be promoted to COO.
Then he went behind Evan Spiegel's back to talk to the board, which, of course, Spiegel is part of.
And, apparently, that caused a lot of tension between the two.
Lewis: And that COO role was vacant because Imran Khan, who was the Chief Strategy Officer
at the company, and was there for several years, left last year to pursue his own opportunities.
He's working on some e-commerce startup. So, he'd left for some other opportunities.
Stone, it wasn't clear that he was leaving for any reason aside from not necessarily
getting along, or not necessarily having the same vision as Evan Spiegel.
Niu: Spiegel's management has been called into question a lot lately.
There are reports that the previous CFO, Drew Vollero, left in part because Spiegel was
so obsessed with making Spectacles.
We've talked about Spectacles at length on this show, how they seem to be more trouble
than they're worth, no one buys them, no one uses them, but Snap keeps putting all this
money into developing and marketing and distributing these things.
And apparently, Spiegel was just so obsessed with this, and Vollero was really against
this wasteful spending on hardware development.
Obviously, we don't know the exact circumstances around Stone's departure now, but the point being,
I don't think Evan Spiegel is a great leader. Lewis: Yeah, I think a lot of people thought
Stone was going to be the adult in the room, so to speak, the guy that at least got them
on the up-and-up with their books, maybe got them focused on the right priorities and investing
in the right places. For him to be leaving, I think, does say quite a bit about Spiegel.
It's also concerning because, you look at their management team over the last two years,
it's been a mass exodus. [laughs] You know?
You look at their current executives and directors page on the company website, only Bobby Murphy
and Evan Spiegel, the two co-founders, have been in their current positions prior to July
2017, and the company went public in March of that year.
That really doesn't speak to a management team that people want to be a part of and
are ready to work for long-term. Niu: Yeah, exactly.
There's also news this week that broke that apparently, their head of IR had left back
in November, but it wasn't reported until just now.
Specifically, if you're an investor, the two positions that are pretty important to you
are the CFO and the head of investor relations.
With no head of IR, and the CFO on his way out, that's a pretty terrible combination
for investors in terms of corporate governance, investor transparency, and all these things.
Speaking of investor transparency, Stone, to his credit, was the one that implemented financial guidance.
Snap previously never provided any financial guidance, which left investors in the dark
about what's going on, what to expect the next quarter, on top of not having any votes
or any way to actually influence the company.
These are just a lot of really negative developments back to back.
Lewis: If there's a silver lining looking at the Stone news, I think, in digging into
what his comp package was, we can say that Snap as a company has gotten better at setting
up their share vesting schedules.
One of the big criticisms that we had of this company was, when they IPO-ed, Evan Spiegel
immediately received, what, a $650 million share grant?
Niu: Roughly, yeah. As a bonus for taking the company public.
He'd sold like $200 million or $300 million of the stock in the IPO, and then they just
gave him another $600 million or $700 million just for taking the company public.
Certainly, he's looking to enrich himself, but he might not be as interested in enriching other people.
Lewis: Yeah. That wound up being a very costly decision for them because they had to realize all of
that grant immediately.
It was such a large grant, they didn't have it vest over time, so it hit their books all at once.
With this grant that we saw with Stone, it was in equal installments over 48 months or something like that.
So, clearly, they're thinking a little bit more long-term with how they're giving executives
their shares over at Snap.
Niu: Yeah. That was definitely a much more traditional way of structuring a vesting schedule.
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Экшен игры с пиксельной графикой на телефон и планшет - Duration: 4:39.
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Sledding Injuries | Winter Activity Safety Tips - Duration: 1:46.
As the weather gets colder and we start seeing forecasts of snow, I wanted to
take a minute today to talk to you about injuries that can be associated with sledding.
So sledding injuries occur, unfortunately
frequently across the country and can actually be quite severe. One in ten
children who gets injured while sledding will have some permanent disability as a
result of that injury. The sled on a steep hill can easily reach speeds of 20
miles an hour or more, so this is certainly an activity where you can
sustain some pretty serious injuries. The first and foremost thing you can do
to help protect your child is to insist that he or she wears a helmet. Snow
sports helmets are available in big-box stores, online relatively reasonably and
like a bike helmet they're your first and best layer of protection against a
serious head injury. And the best things you can do to prevent against both head
injury and some of these other injuries would be to really assess the situation,
make sure you're supervising children while sledding and that they're sledding
in an appropriate place away from any of those fixed or stationary obstacles, so
away from trees, on a hill that is not going to end in a road or other area
that would be dangerous for children to end up. Make sure that you don't have
more people on the sled than it was intended to hold, make sure that kids are
riding facing forwards so that they can see where they're going and have the
opportunity to bail out of the sled if they are veering off-course. So it's
great to get kids outside, and sledding can be a wonderful wintertime activity
for the whole family, but it is really important that as parents we supervise
our kids and keep them safe while they're doing it.
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Juan Guaidó, el nuevo líder de la oposición venezolana | Un Nuevo Día | Telemundo - Duration: 5:54.
For more infomation >> Juan Guaidó, el nuevo líder de la oposición venezolana | Un Nuevo Día | Telemundo - Duration: 5:54. -------------------------------------------
Hearsthone - Duration: 4:55.
For more infomation >> Hearsthone - Duration: 4:55. -------------------------------------------
¡Nos visita el #TeamFonsi luego de sus audiciones a ciegas! | Un Nuevo Día | Telemundo - Duration: 8:48.
For more infomation >> ¡Nos visita el #TeamFonsi luego de sus audiciones a ciegas! | Un Nuevo Día | Telemundo - Duration: 8:48. -------------------------------------------
The amazing maker and doer community of Gilbert, Arizona - Duration: 2:56.
- Coming live from a town that was once known
as the Hay Shipping Capital of the World,
Gilbert, Arizona.
(upbeat music)
Doesn't get bigger than Goat Yoga, ladies and gentlemen.
Oh, yeah.
The goat is all over you, buddy.
Oh, yeah!
I'm so nervous with these goats.
Here at the Riparian Preserve, you can see rabbits, snakes,
birds of course, coyotes, dogs, frogs
and yeah, that's about it.
I present to you the Hale Centre Theater.
- We're in our 16th year.
We have 270 performances.
- I'm here at Arizona Wilderness Brewing Co.
The first brewery in all of Gilbert.
We're gonna have a good time here, eat some good food
and drink some good beer, right?
We're here in Agritopia.
What exactly is Agritopia?
- Agritopia is like a village.
We're trying to preserve urban agriculture
and then the "topia" part's trying
to make the best community that we could.
- Okay, here we go.
This is Bar None, an old grain storage
that has turned into a lot of different businesses.
- We are a whole food, plant-based restaurant.
We focus on organic ingredients,
we are located on an organic farm.
- We do everything from custom and corporate gifts
to private consigned projects.
The best thing is that people can come,
see things we made and then also have input
on customizing things and creating their own projects.
- We are Prickly Pear Paper.
We are a letterpress greeting card company,
so everything we make is printed
on this letterpress right here in the store.
- And I'm making a cactus, right?
- You're making a cactus coaster.
- Cactus makes perfect.
Welcome to the Farmers Market here in Gilbert, Arizona.
- One of the only bakeries in the United States
that does sourdough pastry.
- Pumpkin spice danish.
Come on, man, you know I like spicy, brother.
Take my taste buds on a journey.
Biscuits and gravy.
I ain't too lazy.
The Heritage district.
This is rated one of the top five places
in the Phoenix area for food.
It's time for a little pick-me-up.
So I'm gonna check out Bergies Coffee.
Let's go.
- We do specialize in full brewed coffee.
We are a coffee roast house. - Okay.
- We roast everything right out back.
It's always fresh.
- Aww.
What makes you guys so good at Liberty Market?
- Passion for food comes out in the ingredients we use,
how the guys cook the food, what we select.
We eat food that we love.
- Now we're on our way to check out Joe's Real BBQ.
I don't plan on being skinny today.
We got so many sides, macaroni and cheese,
potatoes, apple sauce.
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