Summer 2019

TheCROW’SNEST

Summer 2019

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TheCROW’SNEST

Ahoy Crow’s Nesters,

I hope your summer is treating you well...

Mine has been hectic with travel — both business and personal — which has pretty much defined the entire year for me.

Like I mentioned last month, I’ve recently been on business trips to Colombia, Copenhagen, and Canada. I’m currently booking my next business adventure to Long Beach, California to check in on an exciting new technology that could revolutionize the future of travel.

More on that after I return...

But I have been sure not to let all of that business interfere with something far more important: family.

I’ve been incredibly busy with my family this summer. We just got back from our annual “Lake-cation” (And I assure you, it wasn’t my idea to name it that) in the Poconos. Every year my father-in-law books a lovely house in Lake Harmony, Pennsylvania so that my wife and I can splash around in the water with our children and all of their cousins.

It’s a relaxing time (as relaxing as possible in a house full of fired up children and in-laws).

But that was merely my first family trip to Pennsylvania this month. Last weekend we loaded up my Jeep and headed to the World Capital of Sweets: Hershey Park.

I hadn’t visited since I was a little kid, and I must say — the place looks a lot different these days.

Now, I remember being an elementary school student in the late 80s and visiting the Hershey Chocolate Factory. It was somewhat interesting to see how cacao beans were harvested, how much milk the company went through in a given day (tens of thousands, from over 17,000 cows), and we were rewarded at the end of the presentation with broken up bits of chocolate.

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It was fun...

But today, “Chocolate World” is a full-fledged beast of its own, with a giant warehouse-sized store filled with candy of all kinds, a 4-D movie theater, and a complete food court with “chocolate braised brisket” and other less-than-subtle chocolate-based food.

It was a sight to behold.

The “Factory Tour” these days is like a Walt Disney ride — with a legit roller coaster-type cart, animatronic cows singing about milk, and a magic show about the wonders of chocolate.

While it is currently massive, Hershey is already building out a huge expansion for Chocolate World. It shall be dubbed CHOCOLATETOWN.

You can see more of it here…

It has also built out a massive concert pavilion — which, hilariously enough, is hosting KISS this summer. Hershey KISSES, get it? Holy brand tie-ins, Batman…

Speaking of, here’s my interview with Gene Simmons of KISS.

Anyway… I digress, per usual.

Most importantly for you as investors, Hershey has an impeccable history of delivering dividends to shareholders. I believe it’s time that we sweeten up our dividend portfolio. You can read my company profile in the “Plundering” section.

Speaking of Hershey Chocolate factories, my favorite tour is still the one I did of Canopy Growth — famously started in an abandoned Hershey Chocolate factory — which I discussed in the last issue. I have some big news for Canopy and for “Mr. Wonka”, CEO Bruce Linton, who was just ousted.

We’ll dig into that as well.

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As I also mentioned, I spent some time in Pennsylvania in the water. In the Poconos, we visited Camelbeach Water Park. My son and I hit the High Noon Typhoon — which, if I’m being honest — scared the shit out of me.

I had to grab him by the legs to keep us from spilling down the side of the massive funnel and ending the vacation in a rather unpleasant fashion.

Plato once wrote; “We can easily forgive a child who is afraid of the dark; the real tragedy of life is when men are afraid of the light.”

I can safely say that I was afraid of both. My son, however, did not waver at all and wanted to go right back. So I must be doing something right, right?

We also went to Hershey’s water park as well, which wasn’t nearly as harrowing, but still used a TON of water. It got my work-mind thinking: Who could be providing all of the water for the parks?

According to Pelican Water Systems, a large water park would use “a stunning 328,500,000 gallons a year if it refilled every day.”

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However, they are smarter than that, and reuse as much of that water as possible.

From the Fort Worth Star-Telegram:

Although it may take 900,000 gallons to initially fill a water park, a park consumes only about 2.2 percent or 19,800 gallons a month. Water is lost through evaporation, splash off, deck cleaning and backwash operations. Most of the water is recirculated.

“They are not out there spending money for water willy-nilly. The designers are very cognizant of how the water interacts with the guests,” Eric Hansen, director of development services for Hotel & Leisure Advisors noted.

“It’s true a water park is a highly intensive water-use attraction.”

While I love that someone used “willy-nilly” in an interview, the truth is that folks use an absolutely massive amount of water, and someone needs to source it, clean it, and distribute it.

That’s why we’ll be checking back in with my favorite water utility stock — also operating in Pennsylvania — as well.

Let’s get to it...

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Charting the Course

Now, when I was in Hershey, I also managed to go through some water-based roller coasters. It also hosts the world’s fastest racing slide: the Whitecap Racer.

Check this out:

It just so happens that in Pennsylvania, one of my favorite stocks — get this — supplies water. Allow me to attempt to stitch this whole issue together…

Aqua America (NYSE: WTR)

This has been one of my most quietly successful stocks. And I plan on owning it forever.

Aqua America is the second-largest publicly-traded water utility based in the U.S., and serves more than 3 million people in Pennsylvania, Ohio, North Carolina, Illinois, Texas, New Jersey, Indiana, and Virginia.

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Just take a look at how it’s done since we bought in…

That’s well over 100% when you take into account the 5% discount it gives you for buying stock through the DRIP.

It has just announced its 28th dividend increase in the past 29 years. Even more impressive, Aqua America has paid a consecutive quarterly cash dividend for more than 74 years.

The September 2019 dividend will represent a $0.0153 increase, or 7%.

The board’s stated long-term targeted dividend payout ratio continues to be in the range of 60% to 70% of earnings from operations.

Go, utilities, go!

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Peoples Acquisition

Aqua has an agreement to acquire Pittsburgh-based natural gas company Peoples for $4.275 billion. It’s expected to close this year, and when it does, the company will add 740,000 customers in Western Pennsylvania, Kentucky, and West Virginia.

Aqua America Inc. just announced that its Ohio subsidiary has signed an agreement with the City of Campbell in Ohio to purchase the city’s water treatment plant and distribution system for $7.5 million.

The system serves approximately 3,200 connections.

Closing of the sale is anticipated in late 2019 upon approval by the Public Utilities Commission of Ohio.

“As we embark on a new chapter for our company with the acquisition of Peoples, our new platform for growth and investment will help us continue our long history of delivering value to shareholders,” according to CEO Christopher Franklin.

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“Our record of 28 consecutive years of dividend growth is a testament to our operational excellence and our ability to grow and invest in infrastructure to better serve our customers.”

I cannot express enough how important Aqua America’s DRIP is. As I mentioned, it actually gives you an extra 5% discount if you buy stock through the company. That’s free money.

In these times of turmoil, utilities will continue to sneakily add money to your bottom line. And you don’t have to worry about the whims of the market: people need water and they have to pay companies like Aqua America to provide it.

I would highly suggest owning Aqua America as a DRIP. Again, it gives you a 5% head start.

You can do so here.

Here’s the prospectus.

We’ve already been profiting, but for new readers, we’re still buying.

Stats

Market Cap: $9.41 billion

52 Week: $32.09 – 44.13

Average Volume: 1,047,662

Dividend: 2.14% (plus 5% on the DRIP)

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Plundering

Hershey (NYSE: HSY)

To put it bluntly, I don’t care for chocolate all that much.

I usually don’t put my money where my mouth isn’t, but in this instance, it’s too good of an opportunity.

People love chocolate. Americans eat nearly 20% of the world’s chocolate — or around $18.27 billion.

That helps make Hershey a dividend machine. It has paid a higher dividend every year since 2009 and has maintained or grown its payout every year since 1930.

Yes, 1930 — the year after the largest stock market crash in world history. The year that began the Great Depression. The decade that was called the “Dirty Thirties” due to the Dust Bowl.

While “Black Blizzards” made of dust were whirling around the southern plains, Hershey Chocolate was still selling.

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These black beauties were rolling off shelves...

It stood the test of time. In good times — and in horrible times — people still splurge for the creature comforts of chocolate. Well-branded consumer foods companies like Hershey are known for their stability.

They are the only ones that are stocking the shelves….

They continue massive marketing campaigns...

They have existing relationships with retailers to make sure that when you buy a candy bar, Hershey is the first product you see.

Sure, Hershey could coast on its brand. It could keep selling Kisses, Reese’s Pieces, and whatever Luciferian concoctions they can dream up.

Just look at this:

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It owns ALL of the candy.

But it isn’t resting on its rich, chocolate laurels...

In the past five years, the company has invested over $3 billion into marketing and research and development. Its rivals could only dream of catching up to that.

It has made Hershey the biggest player in North American chocolate with a 45% market share.

Wall Street tends to agree…

• Credit Suisse raised its price target to $155 from $130

• BMO raised it to $133 from $108

• Stifel raised it to $145 from $132

• UBS raised it to $148 from $100

• BofA Merrill Lynch raised it to $165 from $152

Highlights from its last quarter:

• Organic sales rose by 2%, or about even with the prior quarter’s results. There were many moving pieces within the company’s reported 1% revenue uptick, though. Hershey’s recent purchases of the Amplify and Pirate snack brands raised sales, while its divestment of low-margin products lowered them.

• Gross profit margin leaped to 46.5% of sales from 44.5% a year ago as the company’s sales mix tilted toward its newer snack acquisitions. Pricing and sales volumes were strong, and both factors contributed to the broader profitability increase.

• Cost cuts amplified Hershey’s gross profitability wins, leading to a 9% increase in operating profit after adjusting for unusual items.

• Market share held steady in the U.S. geography, while its strategic growth markets of Mexico, Brazil, India, and China saw a 5% organic sales spike.

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Acquisitions

Acquisitions have played a big part in its success. The company bought barkTHINS in 2016 and Amplify Snack Brands in 2017. It also – ARRR – purchased Pirate Brands in 2018, giving the chocolate maker rights to snack brands such as “Pirate’s Booty,” “Smart Puffs,” and “Original Tings.”

Oh, and its gross margins came in at 49.5% in the 2019 second quarter, compared to 45.3% during the same time last year. Net income topped $312.8 million, or $1.48 per diluted share, a 38% jump year-over-year.

Not too shabby...

THE DRIP

You just need to own one share.

If you have 50 shares or more, you can choose partial or full reinvestment of your dividends and may receive your dividends by check or direct deposit.

Optional cash investments can be made through the plan, either by check or automatic monthly deduction from a bank account.

Here’s what the stock looked like over the past 20 years without the DRIP:

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And with the DRIP

Here are the details for signing up:

Computershare

PO Box 43006

Providence, RI 02940-3006

Questions about the Plan: 1-800-851-4216

Enrollment Materials: 1-800-851-4216

We’re buying Hershey (NYSE: HSY) for the long term.

Stats

Market Cap: 32.6 billion

52 week range: 97.91 – 156.65

Average volume: 1,352,398

Dividend: ~2%

More Fun and Games…

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TheCROW’SNEST

Take-Two Interactive (NASDAQ: TTW)

What if I told you that a leisurely competition gave out more than $30 million in cash prizes? Would you be interested?

Of course you would.

But I’m not talking about the lottery, the World Poker Tournament, or even the Masters.

I’m talking about video games. And some kids today are making more money playing them than some of the biggest names in professional sports.

Kyle Giersdorf, a sixteen year old, just won the Fortnite World Cup Finals, earning himself — get this — a cool $3 million.

One Twitter user pointed out the gravity of such a win:

“In case you’re wondering if eSports is really going to be that big of a deal, the winners of the Fortnite tournament just brought home $3mn… Which is $1mn more than Tiger made for winning the Masters.”

Let that soak in... a teenager just made more money in a day than Tiger Woods.

Now, I know plenty of you are probably apoplectic and confused that these kids could make more than most of us have in our life savings for one day of playing a video game. I’ll admit that it burns me up a bit too. If I knew that, I would have probably played more video games.

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But I don’t want to get into the argument about dweebs in basements whittling their lives away on what many consider to be frivolous hedonism.

It has to do with making money...

Now, in full disclosure, I’ve grown up my entire life with video games. One of my favorite memories is waking up on Christmas Day to find The Legend of Zelda sitting under the tree.

My brother and I loaded it into our Nintendo immediately, and became completely lost in this new, electronic world. Exploring the digital world of Hyrule was mesmerizing, addictive, and powerful. We played that Nintendo into the ground — it actually broke.

Things were so simple back then...

The rub is this: while I used to mow lawns, wash cars, and save for months to buy a video game, the script has totally flipped. Now kids are becoming multimillionaires for doing what I used to do to waste time.

Just look at some of the money made in video game tournaments over the past few years...

Kuro “KuroKy” Salehi Takhasomi is the single highest-paid eSports player in the world. He has already pulled in over $4 million. His “Team Liquid” won The International 2017, pulling in over $10 million.

He got $2.2 million for himself.

All for playing a game where your avatar helps others defend bases, like some dystopian version of capture the flag.

But just look at the size of the crowd:

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I would have had to mow 200,000 lawns for that kind of payday...

When I wasn’t playing video games as a kid, I occasionally played soccer. Boy was that a waste of time.

Germany’s Mohammed Harkous just scored $250,000 for winning first place in the FIFA eWorld Cup Grand Final. A quarter-million bucks for an afternoon. Not too shabby.

Lionel Messi — the most famous soccer star ever AND the richest athlete in the entire world — makes around $645,000 a game.

Harkous isn’t an international soccer star, he was playing a soccer video game.

I could go on and on. However, there are ways that you can cash in without ever picking up a PlayStation controller...

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Take-Two Interactive (NASDAQ: TTW), for instance, has gone on a wild tear over the past few years.

The company has produced massive games like Grand Theft Auto and its 2K Sports series. It’s the third-biggest gaming company in the United States behind Activision Blizzard (NASDAQ: ATVI) and Electronic Arts (NASDAQ: EA).

If you invested in Take-Two Interactive five years ago, you would have reaped a 527% gain.

It shows no signs of stopping. The company just reported adjusted revenue of $422 million for the fiscal first quarter. That beat the Wall Street estimate of $357 million. Take-Two also posted per-share earnings of $0.27 for the quarter, surpassing the average analyst estimate of $0.04.

It seems like investors and Wall Street haven’t given the power of video games their respect.

To tell you the truth, I never really did either. But that is about to change. You can expect more coverage of this expanding market in these pages going forward.

We’re buying Take-Two Interactive (NASDAQ: TTWO) under $132.

Now, to bring this chocolate, roller-coaster, video game show to a close...

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Cannabis

Canopy Growth Corp. (TSX: WEED) (NYSE: CGC)

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Bruce Linton from Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) was ousted as CEO. My buddy Bruce is moving on to (greener?) pastures. 

Here’s the official statement from the company:

Canopy Growth Corporation (“Canopy Growth” or the “Company”) (TSX: WEED) (NYSE: CGC) and Bruce Linton announced that Bruce will step down as co-CEO and Canopy Board member. Mark Zekulin has agreed to become the sole CEO of the company and will work with the Board to begin a search to identify a new leader to guide the company in its next phase of growth, which will include both internal and external candidates. Rade Kovacevic, a long-serving member of the team currently leading all Canadian operations and recreational strategy will assume the role of President. These changes are effective immediately.

“Creating Canopy Growth began with an abandoned chocolate factory and a vision,” said Linton. “The Board decided today, and I agreed, my turn is over. Mark has been my partner since this Company began and has played an integral role in Canopy’s success. While change is never easy, I have full confidence in the team at Canopy – from Mark and Rade’s leadership to the full suite of leadership – as we progress through this transition and into the future.”            

“We thank Bruce and Mark for establishing the foundation for a company that is very well-positioned to lead in the emerging global cannabis market,” said Canopy Growth board director, David Klein. “We are also excited to embark upon our next phase of growth as global leader in the cannabis industry.”

Canopy Growth has experienced rapid growth since being founded in 2013, establishing leading positions in Canada’s medical and recreational cannabis markets and building an emerging presence in a number of additional markets around the world. The company recently received a $5 billion (CAD) investment from Constellation Brands, a leading beverage alcohol company, which provides a significant benefit as Canopy continues to establish a first-mover advantage in the quickly evolving global cannabis market.

“While Canopy will never be the same without Bruce, the team and I look forward to continuing to do what we have done for the past 6 years: investing in world class people, infrastructure and brands, and always seeking to lead through credibility and vision,” said Zekulin. “I personally remain committed to a successful transition over the coming year as we begin a process to identify new leadership that will drive our collective vision forward. I know the company will continue to thrive as the Canopy story continues on for years to come.”

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I’ll be the first to say, this really took me by surprise…

As you know  from the last issue, I was just at the facilities to check in on the company’s progress. If you missed it, here’s my interview with VP of Communications Jordan Sinclair about how much the company has grown since I last visited.

Bruce just had an interview with Proactive Investors, which I’ll share with you below:

Bruce is Bruce: warm, effusive, but still laser-focused on his other projects. His energies will go elsewhere, he explains, but it still stings — Canopy was his baby and the people there feel like family

He is, in short, a nice guy.

Linton is a poster boy for the cannabis industry: the most well-known cannabis CEO in Canada (possibly, globally) who built Canopy Growth from the ground up, starting in 2013. Canopy grew from a $100 million market cap to a $15 billion one in a few years. It was Canada’s first so-called “cannabis unicorn.”

But following Constellation Brands’ (NYSE: STZ) $4 billion investment in Canopy last year, the structure of its board changed and party line was clear: time to make money. Stat. Post-termination, Linton’s non-compete agreement means he can’t work in the Canadian cannabis sector, but that still leaves other jurisdictions wide open.

Proactive Investors caught up with him in a series of interviews over two days to hear more about his reaction to the news and what’s ahead, as well as more about his two latest projects.

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Q. It’s been a week since the termination. How are you feeling?

I have a cold, which is very unusual. To be honest, I found the last eight months and two days prior to the termination to be very stressful because of the structure of the board having been amended: four from Constellation and three not. I found it difficult to get my footing and understand how do we achieve what we used to achieve so routinely under the prior structure. That whole structure is very tiring because you are accustomed to being a productive person and you’re frustrated by a process that is incomprehensible to you.

As soon as the ultimate but not unexpected conclusion occurred, you then finally go ‘I’m relaxing’ and that’s when you finally get a cold. I didn’t find anything prior to that eight months stressful, even though it was insane. When I say that, think about it... starting the beginning of 2013, everybody thought it was a terrible idea and I was scrambling to find anyone who would work on it and any place I could get money. Over the course of the next six years or so, we found the need to raise 17 rounds of financing for a total of almost $7 billion dollars. Part of the money was used for 31 acquisitions and part of it was to accumulate 4,000 folks working with me in 16 countries. That was a relatively active period of time.

Q. It sounds like the decision wasn’t totally unexpected

No. We’ve all been in different types of relationships that ebb and flow. Ultimately, as boring as it may sound, I think a lot of this rises out of accounting. What I really mean by that is the US mode of business for many companies, and some in Canada, is every 90 days they measure how it is doing based on earnings per share. It’s always supposed to go up. That’s a very unusual thing if you’re trying to build something substantial that never existed before... I could have been very profitable three years ago. We were seeking to build a globally dominate entity and profit now would be potentially a lesser return later.

Q. You are a Google trend and your name led all the cannabis news. Why?

The sector is known to everybody but understood by no one. When someone over a period of time establishes themselves as logical, credible and knowledgeable, you are no longer speaking on behalf of your company, you’re actually speaking on behalf of an entire global sector. I don’t know when that transformation occurred but it’s been some time like that. The second part is your shareholder base.

One of the most fantastic, unintended consequences of making cannabis federally legal and therefore traded on big exchanges, is we had 700,000 shareholders. That’s a lot of shareholders by any company standard.

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A huge proportion of them had probably never purchased a stock before. People would stop me in the street and say ‘I have never bought stock before I heard about Canopy and now I’ve watched you do this and this.’

They are learning to read financial statements and they are into the stock market. And they are generally millennials. I would say the online nature of the medium in which you were seeing me correlated very well with who were the people who sponsored us and followed what we were up to.

Finally, the news was extraordinarily shocking to everyone. Here’s a company that is number one in every category. It was created by someone somewhat known and this company that effectively the chairman that did the firing had only eight months, two days earlier said we think everything is fantastic - here’s $5 billion - and only a couple of weeks before approved a transaction for $3 billion for our position in the US. Those don’t look like breadcrumbs leading to a conclusion of dismissal...

If you ask anyone that works there what’s special about Canopy, it’s the energy. Most of them have never done what they’re doing now and they’re doing an outstanding job of it. I feel quite choked up for those people. I have not been permitted to go back into the building, which is kind of odd, given that I bought it but there will be a time that that can happen. I think that will be a very challenging time for me.

Q. It sounds like you were really connected to the people at Canopy

100%. It’s my number one thing. I fundamentally made sure that there was not one person there that worked that didn’t have a bit of ownership, and the people who performed well got more...

Many people if they are given an opportunity feel grateful but they also appreciate if they work in an environment where the leader is someone they can connect to and talk to and feel proud. I was trying to do that.

I was very clear that I did not like anyone to buy new, posh cars. It’s not that I have any dislike for luxury automakers but I said: ‘if you guys do that sort of thing what you’re essentially saying is I’m better and different than your staff buying the culture. I was quite clear: if you want to buy a posh car, I didn’t want to see the goddamn thing.

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Q. Ha, ha. What do you drive?

I bought a used Ford Flex. It looks like a loaf of bread with wheels on it.

I had a prior version of it when I started the company. I could have afforded a different car but I think it would’ve signaled something.

Q. You have a certain skill set. How do you decide how to use it?

I find I poke around at stuff for a little while and then it sort of screams at me to do it. You know what I mean? I don’t hang out by myself, I interact with a bunch of different people. The biggest thing that’s happened with this business is the folks I’ve gotten involved with -- some of them fly at pretty high altitudes. They’ve all been extraordinarily kind. They’re saying ‘you know, you take this time to think but you should do this with me.’

One thing I have been doing is accumulating all sorts of stuff in my inbox to read. My method is to graze through them, put them into buckets and then I figure out what bucket makes sense and how many buckets I can be in at once.

Honestly, it’s been like a firehose pointed at me but it’s good.

Q. Do you have hobbies?

My hobby is leading a group of people to create something. Could that be a hobby? Because that’s what I like doing.

Q. What companies are at the top of your list when it comes to putting your efforts elsewhere?

I have two things actively ongoing. Ruckify is one. It’s essentially the Uber of things, for example, why have a mixmaster when you could ruckify [rent] a mixmaster? It’s an online person-to-person rental marketplace. It’s a sharing economy so we’re finding people that have small footprint lives in terms of their accommodation but still have needs. We’ve launched that in two Canadian cities and the next two are Austin and Nashville. The goal is to be in 50 cities before the end of the year. The business already has about $17-18 million of cash already invested in it. It’s been at it for four or five years and its gaining momentum.

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The other one, which I was the CEO of for about five years, until about a year and a half ago, whilst also doing Canopy, is called Martello Technologies (CVE: MTLO) (OTC: DRKOFDRKOF). That one is about 60 people now, operating out of three countries, and has 4-5000 customers. If you’re working in an office you’re doing a lot of stuff that involves video and voice streaming.

The texture of the fabric affects how well your application works. When you start to be a company across geographies, the bandwidth and the processing are not equivalent. You need Martello to figure out what the problems are and some are software components to solve those problems, so you get smooth video conference streaming and high-quality voIP.

My Take

We’re still buying Canopy.

I can’t stress it enough, this company is going to take things to the next level. It hasn’t even begun selling edibles or beverages. It’s barely begun the international expansion.

While Bruce will be sorely missed, these guys are thinking big. Call them sellouts if you want, but understand that Constellation didn’t sink billions into this company expecting to lose money.

It will carry on with a much firmer grasp on quarterly earnings and the international beverage business.

I will say that I’m sad to see this era of the company end. Bruce was nothing but a peach to me, and I’m sure many longtime readers owe their retirement savings to what he accomplished. But all good things must end.

I’m betting that he’ll be fine and Canopy will flourish with new ownership.

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The Crow’s Nest Pirate Cruise

It has been five years — almost to the day — since we first set sail for the inaugural Crow’s Nest pirate cruise.

We had several dozen crewman aboard. There was grog. There was swashbuckling.

It was a blast.

We’re doing it again. Here is the map of our route…

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Now that the time has come to set sail again, I hope that some of you can join us...

Here are the details:

Urban Pirates Adventure Cruise

Friday August 23rd at 4:00

911 S. Ann Street in Fells Point

Baltimore, MD 21231

I want to give lifetime members the first crack. If you are a lifetime member, please contact me here to get your seat.

If you are not, sign up here to claim your ticket.

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Closing

Now, I’d also be doing you a horrible disservice if I didn’t introduce you to the Perry Bible Fellowship.

It is not for the faint of heart…

But my favorite comic just seems to hit all of my sweet spots...

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I’m a dad, so I can make terrible puns and laugh when my kids wince. But both of my kids love PBF.

By the way, I love you too…

And be sure to tell the same to whoever deserves it.

Godspeed,

Jimmy MengelInvestment Director, The Crow’s Nest

The Crow’s Nest © Outsider Club 2019, 111 Market Place, Suite 720, Baltimore, MD 21202. All rights reserved. No statement or expression of opinion, or any other matter herein, directly or indirectly, is an offer or the solicitation of an offer to buy or sell the securities or financial instruments mentioned. While we believe the sources of information to be reliable, we in no way represent or guarantee the accuracy of the statements made herein. The Crow’s Nest and Outsider Club do not provide individual investment counseling, act as an investment advisor, or individually advocate the purchase or sale of any security or investment. Neither the publisher nor the editors are registered investment advisors. Subscribers should not view this publication as offering personalized legal or investment counseling. Investments recommended in this publication should be made only after consulting with your investment advisor and only after reviewing the prospectus or financial statements of the company in question. Unauthorized reproduction of this newsletter or its contents by Xerography, facsimile, or any other means is illegal and punishable by law.

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