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2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below:

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

Playboy going public: Porn, Gambling, and Cannabis

NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY.
https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html
NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1.
https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html
NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%)
NEW INFO 2 Here is the full webinar.
https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866
NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below
https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx
Playboy going public: Porn, Gambling, and Cannabis
!!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should.
In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase.
Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below:
https://www.playboy.com/
https://www.playboytv.com/
https://www.playboyplus.com/
https://www.iplayboy.com/
Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success.
“Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.”
https://www.scientificgames.com/
https://www.microgaming.co.uk/
“This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.”
https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/
As per their SEC filing:
“Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1
They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon.
https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era
Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again:
https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea
“Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.”
“According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently:
https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae
Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress.
Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait.
https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/
Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video:
https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html
Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05
Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing:
“For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.”
“In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.”
“In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.”
“In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.”
They are profitable across all three of their current business segments.
“Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.”
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF
Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders).
https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm
This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world.
"Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.”
Also in the SEC filing, the Time Frame:
“As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn.
The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :(
He should be fine with the 16 million PLBY shares he's going to have though :)
Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw.
I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets.
https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003
Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this:
“Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy.
“Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company
Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative.
https://www.secform4.com/insider-trading/1832415.htm
https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html
Y’all like that China money?
“Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.”
Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.”
https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company
These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose.
I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future.
https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF
I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing.
https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing
“Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.”
“Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.”
Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong.
Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will.
Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way.
Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains.
TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here:
WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though
https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf
Or here:
https://www.mcacquisition.com/investor-relations/default.aspx
Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.”
STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon.
Position: 5000 shares. I will buy short, medium, and long-dated calls once available.

DD - Funko Toys (+$15 per share / +$600m Market Cap)

2/9/21 Update: Additional info posted here

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

TEKKORP DIGITAL (TEKK): Unsung Hero of the Casino/Gaming SPAC World. Stellar Team!

Michael Burry Compra Calls de LAS VEGAS SANDS y WINN RESORTS: Mi opinión sobre $LVS Y $BOLT --- PRIMER DD PERSONAL SERIO: Análisis extenso sobre la situación del sector CASINOS y CASINOS ONLINE

26 Capital Corp (ADERU) is a new at-NAV SPAC with world-leading online gambling expertise - worth a bet

EDIT - one week after i posted this, Britain's most successful hedge fund manager Michael Platt has taken a 6.5% stake
tl;dr
At-NAV new SPAC with world-leading expertise in online gambling. Worth a bet on potential to be next DKNG on the hype train

+++++++
Hi all - have had a lot of great tips from this sub. Hopefully this pays some of you back. I have been watching and researching this since 23 December when it first filed S1, awaiting the units to be listed - they are available today trading as ADERU
Positions - 500 units @ 10.42 to start. Will be monitoring and building position below $15, especially if attention starts to build ahead of units and warrants splitting and shares coming available to Robinhood.
(My other SPAC positions are OPEN, IPO-E-F, PSTH, FUSE, PIPP, ACTC, CCIV and DMYD, 100 to 1000 shares each mostly around NAV and numerous warrants and options around these.)
As ever, this is not investment advice and do your own research
+++++++

26 Capital Acquisition Corp or ADER
is a 240m SPAC with usual terms - 10$ units, 1/2 warrants. Seeking a merger in "gaming and gaming technology, branded consumer, lodging and entertainment, and Internet commerce sectors".
I think this is highly worth a play on the online gambling hype if you can get in at near NAV, based entirely on the management which is unbeatable in its knowledge of the gambling industry

CEO Jason Ader
has held director level positions at Las Vegas Sands Corp. ($42bn one of biggest casino groups in world), IGT (£3.72bn multinational gambling firm specialised in software and slot machines) and Playtech (£1.4bn multinational gambling software firm)
Before starting his own fund in 2013 he was regularly ranked Wall Street's top analyst on the gambling and leisure sector
His fund, Spring Owl Capital, is a small activist fund focused on gambling and leisure. They are probably most famous for ousting the CEO of Viacom in 2016 and a crusade against Yahoo CEO Marissa Meyer in 2015.
Ader knows the gambling - and online gambling - industry inside out. He drove bWin to a £1.1bn takeover by gambling giant GVC (now Entain) in 2016, and has been driving similar change and demands for improvement at board level at Playtech
The fund mostly manages money for a select group of wealthy families, which could be a positive sign for the SPAC (although I don't know how much skin in the SPAC the fund has, if any)
Here is a video of Ader from November talking about how he's excited about SPACs. He talks about how he has been advising certain States about legalising sports betting and how to maximise value and liquidity by linking up with European companies in the space (Playtech e.g.??).
Ader is extremely bullish on US legalising online casino and more sports betting options, accelerated by need for revenue because of pandemic

Rafi Ashkenazi
One of the most highly respected names in the online gambling world, including COO and CEO positions at major online gambling firms such as Playtech and Stars Group (a world leader in online poker and casino). At Stars he led the $4.7bn takeover of Sky Betting to create the world's largest publicly listed online betting firm in 2018. Most recently he led the £10bn merger between Flutter (biggest gambling company in world by revenue, market cap £26bn), and Stars Group (Ader also involved). Also has connections into the booming Israel tech space which is interesting

Joseph Kaminkow
Special Advisor to the Chief Product Officer at Aristocrat, a leading gambling software provider and games publisher, previously Vice President of Game Design at Zynga Inc. This guy is a former video game / pinball designer who is credited with revolutionising the slots industry after moving into gambling software from video games in 1999. Regarded as a "legend" and "hall of famer" in this niche. At Zynga he designed so-called 'social casino games' which don't involve real-money gambling but are otherwise basically gambling apps (revenue from microtransactions etc). 130 patents on gambling/gaming design inventions

Greg Lyss
This is a very interesting but extremely low profile person. He was Bill Ackman a.k.a SPACman's right hand man at Gotham Capital. Ackman respected him so much that when Ackman set up a personal hedge fund to invest the Ackman family's money, he put Lyss in charge of it. To repeat - Bill Ackman thinks this guy is such a good investor and trustworthy that he put him in charge of investing his family's money. Don't know anything more about him, but I like this association with Ackman, which suggests to me some integrity around management of this SPAC, especially as the gambling world can be very murky.
The other member of the team is the CFO of SpringOwl with 20+ years' hedge fund experience and not notable (although clearly competent)

Thesis / potential targets
Based on the above experience and many public comments by Ader over the past year, I would be very surprised if ADER is not looking to merge with an online gambling technology provider / existing online betting website / social casino app / possibly a supporting technology provider
They are activist inventors, and specifically say in the IPO prospectus that they could look for businesses that can benefit from turnaround or are not being run well. I speculate that their deep knowledge of the European / global online gambling industry means they have a target in mind that they think would benefit from their expertise and US liberalisation of gambling legislation.

1) Ader believes the listing of UK-listed gambling companies in US is immediately big in terms of market cap because of the premium on online gambling stocks in US. He has pitched DraftKings to takeover Playtech and called on Playtech to spin off non-core business. This makes me wonder if he would spin off some element of Playtech to list in US to cash in on gambling hype.
This might be Finalto.com / TradeTech which is an online financial platform owned by Playtech. Playtech has been trying to sell this for 200 - 240m since August so it fits. This company provides liquidity and trading to brokerages and runs markets.com a trading site. I wouldn't be that excited although apparently the business has been booming during COVID and there could be a decent pop just on fintech hype.

2) This could be a 'picks and shovel' type data/B2B betting software play a la DMYD, or something like e.g. Israel based CRM software Optimove which works with some of biggest online gambling cos and has links to Ashkenazi. This would be interesting but probably not a huge pop

3) Possibly - given Ader's links to Sands - an online gambling tie-up with one of the big Vegas casinos who are desperate to get into the online betting space (see MGM's attempt to buy Entain for $8bn last week). Interestingly, Sands' owner Sheldon Adelson, previously a major opponent of online betting, has just died. Ader predicted a few months ago that Sands would be moving in this direction.

“There’s no stopping online gaming,” Ader said [before Adelson's death]. “(Las Vegas Sands’) initiatives to stop online gaming, at this stage, are largely historic. There hasn’t been a lot of spending recently to do that, especially post-pandemic.”
“I think the company will see the value created by DraftKings and FanDuel and Penn (National) Gaming and others. They’re not foolish,” Ader added. source

4) Ader is very confident that Macau will legalise online gambling in next year or two. Sands is big in Macau, the biggest gambling market in the world. A SaaS-type product positioned to capitalise on Asian gambling would be MASSIVE - at present however, China's attitude to gambling and local regulations mean this is unlikely

5) I also wonder if they might try to take legitimate one of the offshore bookmakers with big customer databases and brand recognition but which have been grey-area/illegal under US gaming legislation. For example, Five Dimes recently announced a settlement with the FBI to attempt to transition into newly legalised US markets. This might have the most hype potential

Potential upside
This is entirely a play on management experience and the meme factor / hype around online gambling in the US. I think if they pick a good target - which given their experience and connections seems likely - and get the right publicity and attention from retail investors looking for the next DKNG this could easily 3x and maybe 5-6x if on DKNG-type hype levels.
There is currently little spotlight on this and it is a good time to get in at NAV

Potential Downside

Ader has been vocal that he thinks US online betting is overvalued and in a bubble - why is he starting his own SPAC in the space then? Does he just want to cash in while the hype is at all-time high or does he have a legitimate business goal?
If he just wants to dump a part of Playtech which he does not like onto retail investors, this is a bad deal.
Other targets could be e.g. hotel industry or other leisure sector which would be zero sexiness to retail. Given Ashkenazi and Kaminkow's background this seems unlikely though
Usual SPAC caveats apply about potential difficulty finding a target, locking up your money for unspecified period of time, and the fact I may have completely misread the potential and my above thesis might be totally wrong

USA Today article

'Looking down their nose at you': GameStop frenzy showed a fresh contempt for hedge funds. Why do Americans hate them? Updated 2:25 pm EST Feb. 11, 2021 In the middle of a pandemic and slow economic recovery, Americans think they’ve identified their Wall Street villain: hedge funds. Their nemesis is summed up in a few searing images: a hedge fund manager who makes millions betting that the subprime mortgage market will collapse, without warning them. Or another relaxing on a yacht as the economy tanks. Years of anger culminated late last month when a group of angry small-time investors on Reddit took on a few of those firms in the GameStop “short squeeze” frenzy. That spurred millions of others to join in, as their effort to drive up the price of a stock perceived as undervalued soon shifted to a campaign to “Stick it to Wall Street." They used the "squeeze" to rally the share price and make profits for themselves while forcing the hedge funds who had bet it would fall to buy it to prevent greater losses. What are these funds, and where does this resentment come from? Hedge funds, known for using higher risk investing strategies, are private investment vehicles that typically wealthy individuals use to get higher returns. They control more than $3 trillion in assets globally. They've angered many Americans by gutting companies such as former American retail icon Sears, causing layoffs and engaging in questionable financial practices that contributed to the near collapse of the U.S. financial system in 2008, experts say. 'This is life changing': Meet the Redditors behind the GameStop saga “Most people see it as guys in suits looking down their nose at you,” says Adam Bixler, 28, an active user on the WallStreetBets Reddit forum, whose members led the charge against the funds. “How I feel is probably how a lot of people feel when thinking about the financial crisis and the massive wealth inequality that exists in this country.” Radio Shack, Toys ‘R’ Us and Payless ShoeSource, along with mall-based retailers such as the Limited, Wet Seal, Claire’s and Aeropostale faced further financial woes after hedge funds and private equity firms loaded them up with debt. A fight is raging in the stock market: Should you worry about your 401(k)? Where to get vaccines: CVS, Walgreens to begin delivering COVID-19 vaccines on Friday “The idea that you can crack open a hedge fund like a piñata and redistribute all this money to people in the form of a short squeeze is very appealing,” says Bixler, who lives in Boonton, New Jersey, and works as a product manager for a company that makes software and tools for the advertising industry. “These are the stimulus checks that everyone wanted.” Proponents of hedge funds say the firms identify and support distressed industries such as retailers and newspapers. These funds are owned by groups of big investors pooling the savings of millions of unionized workers, such as teachers and firefighters, who count on hedge funds to grow and protect their nest eggs. Even so, hedge funds are viewed as vultures by many Americans. Kaysha Apodaca, an emergency room nurse in Dallas, was furious last summer when she lost thousands of dollars after CytoDyn, a biotechnology company she owns, was hammered following a negative report from a “short selling” research firm, about one of CytroDyn's drugs in clinical trials. The post with the research was later pulled. This year, Apodaca thought she missed the opportunity to jump in and buy GameStop or AMC, so she supported the Reddit campaign against hedge funds by investing a few thousand dollars into shares of Nokia, another beaten-down stock discussed on the forum. “I hate hedge funds. Even if this goes to zero, I’m OK with it. I’m not selling, just to prove a point,” Apodaca said. “Hedge funds have unfairly made money off retail investors for years. Now they’re getting a taste of their own medicine.” For Iris Findlay of Orlando, Florida, joining the movement was a way for Americans to show their strength in numbers. “I’m definitely not OK that there are so many billionaires hoarding their wealth while people are struggling, especially during the pandemic,” said Findlay, 31, who is disabled and retired from the Air Force. A large portion of hedge-fund assets are owned by institutional investors, such as pension funds and endowments. Hedge fund research has been critical in exposing an array of accounting fraud scandals in recent decades, including the one involving energy firm Enron. “Hedge funds do play a very important role in the financial ecosystem, but at the same time, they have a PR problem,” says Andrew Lo, a finance professor at MIT Sloan School of Management. They are an easy target, experts say, because some high-profile managers' massive wealth offends Americans who struggle to make ends meet. Michael Burry, founder of Scion Asset Management, is an investor whose billion-dollar bet against the housing market was chronicled in Michael Lewis' book "The Big Short." He personally collected $100 million and made $750 million in profits for his investors. These managers “are seen as multibillionaires that really don’t care about the public good and are focused on enriching themselves and their investors,” Lo says. “But I think that’s a caricature, especially given that hedge funds now have become much more institutionalized as pension funds and endowments are investing in these financial vehicles.” Who do Americans blame? When asked who was the “most in the wrong” in the trading mania that set off one of the biggest short squeezes in history, nearly half of Americans polled said it was either hedge funds (27%) or online brokerage Robinhood (22%), according to a Harris Poll survey conducted Jan 29-31 that was given to USA TODAY exclusively. Just 8% said it was the Reddit retail investors on the WallStreetBets forum, who angered hedge funds that had bet GameStop's stock would remain low. The small-time investors used the forum to help drive up the prices for shares such as GameStop, theater chain AMC Entertainment and several other companies. Many respondents were angry that hedge funds were shorting stocks – betting that the share prices would fall – of companies that average people use and love, according to John Gerzema, CEO of the Harris Poll. “This wasn’t just an attack on a few weak companies,” Gerzema says. “These are companies that are a part of middle-class America and ordinary people’s lives.” How did these funds begin, and how did they grow into such big villains in the minds of so many? What are hedge funds? Hedge funds are financial partnerships between a professional fund manager and investors who pool their money into the fund to earn active returns. Hedge funds can be traced back to the 1940s when Alfred Winslow Jones, an investor, sociologist and former Fortune magazine writer, created a "hedge" by “shorting" stocks he thought were poised to fall. The "hedge" was meant to reduce risk and protect against market fluctuations. It was unconventional at the time but remains the basic strategy for these funds. Hedge fund strategies today are more diverse and run the gamut of extremely risky to fairly conservative. There's another theory about the origin of hedge funds, and this one is connected to a more beloved figure. Some people credit the founding of hedge funds to Benjamin Graham, a mentor to Warren Buffett and the author of "The Intelligent Investor" – the bible of everyone who loves Buffett's method of investing. Buffett, one of the world's richest people and a folksy inspiration to small-time investors, argued that Graham managed a fund with a "hedge"-like strategy in the 1920s. So you made a bundle on GameStop: Get ready to pay the taxes How did hedge funds evolve? Hedge funds have gained in popularity over the past two decades after many of them delivered hefty outsize returns in either up or down markets, an attractive selling point for savvy investors. Some of the world's largest hedge funds include Bridgewater Associates, founded by billionaire Ray Dalio; Renaissance Technologies, founded by billionaire Jim Simons; and Pershing Square, run by Wall Street billionaire Bill Ackman. They have historically charged much higher fees than mutual funds, which are professionally managed funds that invest in stocks, bonds or money market instruments. Since hedge fund managers are nearly always paid a performance fee, or percentage of the gains they create, they have a strong incentive to make money for their investors. For the hedge fund managers to earn performance fees, their investors have to make money first. Hedge funds charge an expense ratio and a performance fee. The common fee structure is known as two and twenty – a 2% asset management fee and a 20% cut of generated gains. How did they become villains? While many Americans lost money during the depths of the financial crisis, some big-time investors did astonishingly well, including those who predicted and profited from the buildup and collapse of the housing and credit bubble in 2007 and 2008. For those Americans who had their livelihoods upended in the financial crisis, it left a bad taste in their mouths, experts say. “They’re associated with ruthless financial institutions that are out there to make money and not care where it’s coming from,” says Itay Goldstein, a professor of finance and economics at the University of Pennsylvania's Wharton School of Business. A big winner from that time is billionaire investor John Paulson, a hedge fund manager who netted $20 billion in profits when he bet against subprime mortgages at the peak of the credit bubble in 2007. In general, short sellers keep stock prices in check by voicing their opinion on where they believe a stock is valued, says Dennis Dick, head of markets structure and a proprietary trader at Bright Trading in Las Vegas. “I’m concerned with this public image that ‘evil short sellers are betting against America’ and that it’s ‘un-American to short stocks,’” Dick says. “It’s not like every short seller is making bets against America. They’re making calls on whether a stock is overvalued or not.” GameStop: Reddit ran a 5-second Super Bowl ad in honor of WallStreetBets, GameStop stock volatility The hedge fund industry has faced a rough stretch in recent years and underperformed the broader stock market but produced its best return in a decade at 11.6% in 2020, according to data provider Hedge Fund Research. Some received a boost from shares of technology firms and companies that focused on goods that people used when stuck at home during the pandemic. Americans who don’t invest directly in hedge funds still receive a benefit from the returns that hedge funds generate, according to Daniel Smith, a partner at ACA Compliance Group, an advisory firm for financial services. Of the $4.5 trillion in state and local pension plans, about 6.9% is allocated to hedge funds, according to data published by the Center for Retirement Research at Boston College, the Center for State and Local Government Excellence and the National Association of State Retirement Administrators. ”Hedge funds help secure the retirement of more than 26 million teachers, firefighters and other public employees by helping pensions navigate all market conditions and meet long-term financial obligations,” says Bryan Corbett, president and CEO at Managed Funds Association, a hedge fund lobby group. GameStop and questions of power The rollercoaster involving GameStop, Reddit and Robinhood has prompted Capitol Hill’s harshest criticisms of Wall Street in years. Several prominent lawmakers on Capitol Hill have warned of such moments, cautioning that companies and hedge funds have too much power. One of these lawmakers, Sen. Elizabeth Warren, D-Mass., who is well known for her disapproval of Wall Street, called on the Securities and Exchange Commission (SEC) to address the dramatic swings surrounding these companies. Warren wrote in a letter that it is “long beyond time for the SEC to act” and asked it to investigate the rallies in GameStop, AMC Entertainment and others that “have seen huge shifts in their share price driven by similar internet reading schemes.” "These wild fluctuations are just the latest indication that many private equity firms, hedge funds, and other investors, big and small, are treating the stock market like a casino, giving little consideration to the companies, communities, workers, and consumers that may be affected by these risky bets," she wrote. The House Financial Services Committee will hold a virtual hearing Feb. 18 regarding “recent market volatility” involving GameStop and the other companies. According to Politico, the CEO of Robinhood, Vlad Tenev, is likely to testify. GameStop-Robinhood stock revolution: Not a secure retirement plan Does the movement have legs? Questions have been raised as to whether the populist movement threatening to disrupt the financial system will be sustained. It’s too early to tell, experts say. “It has the potential to gather momentum. It depends on whether we see other related episodes in the next few weeks that show the same kind of patterns in the financial markets," Goldstein says. "We live in a period of so many unusual things going on that it will probably take the edge off this event." Hedge funds such as Melvin Capital Management took the brunt of losses from soaring stock prices of GameStop and other heavily shorted stocks. Others made a ton of money on the rally, including Senvest Management, which had a profit of nearly $700 million, The Wall Street Journal reported. “Is it sticking it to Wall Street? Only temporarily, but in the long term probably not,” Goldstein says. “At the end of the day, the sophisticated financial institutions will find ways to recuperate and make money out of this.” Lo of MIT agrees. “This incident highlights the growing dissatisfaction, distrust and dislocation that many people feel with respect to the financial sector,” Lo says. “It suggests that people are sick and tired of being disenfranchised and being pushed around by large financial institutions.” Contributing: Savannah Behrmann

What Sportsbook is safe to have $400,000 balance online?

$CLIS - Winners Subsidiary VegasWINNERS Names Howard Lefkowitz, Former CEO of VEGAS.COM and Senior Executive at Earthlink & Home Shopping Network as President

I got scammed. What are YOU gonna do about it?

Bloomberg: Nikola founder Milton's fall reveals what his backers feared

Back in March, long before a short seller would raise questions about electric-truck company Nikola Corp. and hasten its founder’s exit, early investors in the company were expressing concerns of their own. Those investors, led by mutual-fund giant Fidelity Investments, were worried that Trevor Milton, for all his brash visionary talk and Twitter braggadocio, lacked the ability that Elon Musk possesses to deliver these sorts of newfangled products to market. They lobbied successfully to remove him as CEO before the company’s June IPO and for Milton’s father to leave the board, according to people familiar with the matter. When the deal was done, Milton only held the title of chairman, the post he resigned this month.
The back-room negotiations show that Milton’s past was a concern to investors months before General Motors Co. executives placed a bet on the company in a US$2 billion deal carved out after the IPO. They liked Milton’s vision and his ability to raise cash and felt the venture was safeguarded from his shortcomings in operations by his push upstairs, say people familiar with the matter. Nonetheless, the events that have unfolded since the short-seller report, with Nikola’s stock plunging amid a steady stream of negative headlines, have exposed just how high the risks still were.
Now, it’s up to former GM Vice Chairman Steve Girsky, whose blank-check company VectoIQ took Nikola public via reverse merger in June, and Nikola CEO Mark Russell to stabilize the business and regain investor confidence. The plan with GM was to use Nikola’s hot stock and Milton’s ability to raise money to build a hydrogen-fueled trucking business with GM’s technology.
“There is obviously someone on the diligence side who isn’t going to get a nice bonus this year,” said Reilly Brennan, founder of the venture capital fund Trucks Inc. “The best possible thing if you’re a shareholder is that Milton is no longer running the company and you have Girsky as chairman and GM providing technology.”
The GM deal was originally scheduled to close Sept. 30, and the automaker has said it plans to carry through, but that timing may slip, say people familiar with the matter. BP Plc is still engaged with Nikola in talks to partner on a network of hydrogen fueling stations for fuel-cell trucks the company hopes to sell, but also is slowing the pace for a deal, said the people, who asked not to be identified discussing private information. BP and GM declined to comment.
Milton’s tale reads like a Greek tragedy. The report by short seller Hindenburg Research accused Milton of overhyping Nikola’s technology and has prompted investigations by the Justice Department and U.S. Securities and Exchange Commission. A cousin has accused him of a decades-ago sexual assault, which he denies. The company’s value peaked at US$30 billion and is now worth about US$7 billion.
Girsky and GM Chief Executive Officer Mary Barra have both said publicly that they did plenty of due diligence. People familiar with the matter say that GM found out when scouting the deal that it had better batteries and fuel-cell technology but joined forces because Nikola had a working semi truck and access to capital markets. In addition, GM will get paid to build Nikola’s Badger pickup on existing assembly lines. Milton was so excited to get the Badger pickup program moving that he signed a deal that heavily favored GM, one of the people said.
Nikola’s stock and GM’s US$2 billion stake are worth less than half what they were on Sept. 8, when the deal was announced. Milton’s own stake is worth US$1.7 billion, down from almost US$5 billion at one point.
Milton said in a June interview with Bloomberg News that he grew up in modest surroundings in Layton, Utah. His family moved to Las Vegas when he was very young and he lost his mother to cancer shortly after moving back to Utah in the sixth grade. He wrote on Twitter he didn’t finish high school, earning an equivalency certification instead, and later dropped out of college. His Twitter account has since been deleted.
He grew up in a tight-knit Mormon family, according to Aubrey Smith, his first cousin. She went on social media recently and accused him of sexually assaulting her in 1999 when she was 15 and he was 17.
In a public account on Facebook and Twitter, and repeated in a phone interview, Smith said that Milton came onto her at the funeral of their grandfather. He took her shirt off without permission, Smith wrote, and then he touched her inappropriately before someone knocked at the door and she ran out.
Milton denied the allegations through a spokesman.
Smith said Milton raised money from family members to get his start. He founded and ran several businesses, including a home-security company that Milton claims he sold for US$1.5 million. Next, in 2009, he founded an e-commerce platform called Upillar.com, which Milton claims “pioneered the shopping cart online.”
Then he got into clean propulsion but ended up embroiled in litigation with dHybrid Inc., which he founded in 2009. The company retrofitted diesel vehicles with natural-gas-burning turbines, claiming the dual system had greater efficiency.
But a deal with Swift Transportation Co. in 2010 ended in court when Swift alleged dHybrid defaulted on a US$322,000 loan and that it retrofitted only half of the agreed vehicles. The case was dismissed in 2015.
Milton later tried to sell dHybrid to a company called sPower in May 2012 but that, too, got mired in lawsuits after sPower backed out and accused Milton of exaggerating its technological capabilities.
Amid the litigation, Milton started another company with a very similar name, dHybrid Systems, selling it in 2014 to Worthington Industries.
During an interview with Bloomberg in June, Milton said that dHybrid Inc. was a success but conceded that, “we ended up closing that one down because of some litigation.”
His next startup was Nikola, founding it in 2014 in Salt Lake City before moving to Phoenix. Emulating Musk, he took the name from the electricity pioneer Nikola Tesla, and the company was soon billed as the Tesla of Trucks. His plan was seen as potentially disrupting the entire transportation industry by making trucks that ran on batteries or hydrogen-fuel cells. He also planned to build a network of hydrogen filling stations.
Friends and Family
Milton had friends and family members working for Nikola despite resumes that didn’t match the job. His brother, Travis Milton, is director of hydrogen and infrastructure. His LinkedIn profile shows that most of his experience was being “self-employed” in Maui. The short seller, Hindenburg Research, said that Travis Milton poured concrete as a contractor. Milton’s father Bill was originally on the board but stepped down when VectoIQ took the company public.
The company’s stock prospectus said that Nikola had awarded more than 3 million stock options “to recognize the superior performance and contribution of specific employees.” The list included Travis Milton and an uncle, Lance Milton, the document said, acknowledging that they are relatives.
As Milton went public with Nikola’s technology, questions soon arose involving his claims about the company’s fuel-cell system. He bragged in an investor video in 2019 that the company had created “what other manufacturers said was impossible to design.” But while Nikola holds patents in fuel-cell and battery technology, most of its planned hardware was coming from German supplier Robert Bosch Gmbh.
Nikola Demonstrations
It became clear that Milton had gotten ahead of himself. A 2016 demonstration showed a truck that didn’t have a working hydrogen-fuel-cell system and was missing key parts, people familiar with the matter said in June. Milton said at the time that the parts were removed as a safety precaution.
In July of this year, he recorded a video of the semi truck in which he ran alongside the vehicle as it coasted at low speeds in a parking lot. Aping Musk’s combative social-media persona, Milton took a shot at his detractors saying, “these damned trolls, I wonder if they are going to apologize to everyone for the lies they spread the tens of thousands of comments about how fake we are.”
Girsky said in the webcast “Autoline This Week,” in which Bloomberg participated, that he has been in Nikola’s fuel-cell trucks and that they work.
Still, when the GM deal was done, GM will be supplying all of the technology for every global market except Europe. Nikola’s pickup truck, called Badger, will use GM’s Ultium battery, and the semis will run on a fuel cell developed by GM and Honda Motor Co.
Since Milton’s departure, Nikola has billed itself more as an integrator of other technologies into its Badger pickup and semi trucks.
For GM’s part, the automaker is protected from any financial downside. GM got 11 per cent of the stock for no cash investment and gets paid for its technology. If Nikola fails, GM won’t lose a dime.
Milton has remained silent and is out of the company. He unknowingly presaged his own downfall in the June interview with Bloomberg: “Part of becoming a better person in life is losing everything you have got and having nothing left.”
https://www.bnnbloomberg.ca/nikola-founder-milton-s-fall-reveals-what-his-backers-feared-1.1500376

[Table] r/Music — HEY! This is Portugal The Man and “Weird Al” Yankovic – we make music – Ask Us Anything

Source
The AMA ended with the message:

Okay, gotta go. Thanks, everybody, this was fun! And thanks PTM! /Al

Questions	Answers
hello PTM! i dont even know where to start. I knew yall exist from the 2017 hit from Woodstock "Feel it Still", but i actually didn't know how great of a band yall truly are... You see, earlier this year around April/May I began to make myself monthly playlists with many new songs that i hadn't had heard. Out of sheer luck, I struck gold mine and found Purple Yellow Red and Blue. I heard the melody and i was absolutely mesmerized. Then you had me hooked. I explored through all your albums. This year i have listened to you more than anyone else, and I'm sure I will continue to enjoy listening to you again and again. My favorite songs from you are countless, but to say some : I absolutely love Atomic Man - what a great bridge and outro... perhaps my all-time favorite song from you (so many i cant even pick one) Purple yellow red and blue - one of the best melodies ive ever heard in my life... once listening to this, i can't stop singing along the chorus (same with atomic man; i love this one a lot) Waves - the one line right before the chorus " No One Cares About The Waves At the Bottom of the Ocean ". WOW. how can someone even come up with such a line... insane Evil Friends : what an intro! peaceful and slow, and that specific keyboard sound; perfect setup to set the theme for that song, also I love how it connects with the lyrics from the bridge of the Creep In A T-shirt! Holy Roller: "Another day feeling crazy, I try my best to keep my feet on the ground. I'm always all-around" are you kidding me? FABULOUS line. Noise Pollution : groovy chorus! love it. Live in the moment : absolute masterpiece - also what a legendary unique drum work! it's just awesome. INSANE. a close contender for the most favorite song from you, but Atomic Man is just amazing man. the intro, the verse, the chorus, the bridge and the outro. NOTHING BEATS ATOMIC MAN. Number One : perfect song for rainy days. the outro is a bit weird fo ngl Rich Friends : summer vibes. lovely. My Mind: nice stuff Shade : undoubtedly an amazing chorus - also another example of great drum work. People Say : yes sir! IT WILL BE ALL RIGHT. we just gotta make it through the night. Guns and Dogs : great song as a whole; especially when you slow down when you're reading the first few lines of the either verses. and ofc another great bridge. Plastic Soldiers : " COULD IT BE WE GOT LOST IN THE SUMMER!!!!" _________________________________________ I love all your works and I'm so happy that i have found you. definitely inspiring me as i also make little verses here and there. and besides that; it's just good times whenever I'm peeping your songs. Big ups! Keep up the good work. cant wait for more albums and more sogns. Please never stop blessing us with your unmatched talents. Also a suggestion; please please please! upload an acoustic version of your songs on Spotify! At least do one for the songs from Evil Friends! I can't stop watching the YouTube videos where yall are covering songs from Evil Friends :) love; ali	Wow thank you so much!!!! Hopefully we get back out there soon. We miss shows. /ptm
^{the below is a reply to the above}
any words on releasing acoustic versions on Spotify?! at least one for "Atomic Man" :( ? Also where can i buy some of your merch!!! (i.e. hoodies)	Online! I’m sure we have acoustic versions of AM on YouTube, but I’ll check out Spotify for sure. /PTM
In the song "The Biggest Ball of Twine in Minnesota", where did the family live? Where was their point of origin? They "drove for three whole days and nights" (stopping for pickled wieners now and then). If we assume a bit of hyperbole here, and perhaps they drove ~600 miles a day, that forms a certain radius around Minnesota of around 1800 miles. That's farther away than the corners of the country (San Diego, Seattle, Miami, Bangor). Of course, I'm assuming they drove in a somewhat linear fashion... it's possible they made a circuitous route (perhaps to visit the Shuffleboard Hall of Fame again?) Anyways, they crossed the state line around 6:39pm, and saw a sign that said Twine Ball in 50 miles. Then, of course, at 7:27pm the ball appeared on the horizon of the Minnesota sky. So the twine ball is somewhere within 50 miles of the border. That helps. It means they didn't cross the whole state of Minnesota on their 3 day journey. Can you shed some light on this? Thanks!	They live in Springfield, like the Simpsons. /Al
First, I'd to say thanks to both of you for holding this. Now, my question: Mainly relating to Who's Gonna Stop Me: PTM, why work with Al for such a serious song when he's known for much more lighthearted content? Al, why work with PTM on such a serious song when you're known for much more lighthearted content? I'm interested to see how both sides of this line up. Also, I'd like to take this moment to say "Happy (early) Birthday" to the world's chronologically second polka-loving, accordion-playing Mr. Yankovic! Lastly, as a mod, I'd be remiss if I didn't toss in a reference to WeirdAl, we're big fans of you over there, Al, and while you certainly don't have to, it would be awesome to see you popping in when you have some free time. I'll also toss in portugaltheman for balance but I know u/Rallier already knows about it.	There doesn’t need to be such hard lines between humor and heavy topics. Humor heals and connects people. Al is the best at that. /ptm
	Awww, you guys!! /Al
Al, I know your 1992 album Off the Deep End was delayed for a bit while you waited for a lead parody, but do you recall if you had any concern at the time that the parodies of acts like Milli Vanilli, New Kids On the Block, and MC Hammer were already stale by the time it came out, and is that why you followed up so quickly with Alapalooza?	When I was making albums, that was always an issue - I'd record a few parodies early on, and then by the time the album finally came out, those songs might be a couple years old (a pop culture eternity!). It was always a challenge to release an album without it sounding instantly dated. That's a big reason why I've chosen to forego albums, and now enjoy the freedom of just putting out anything I want, whenever I want... like THIS single! /Al
Hey, Al! You called me when I was in the hospital back when I was 12, sent me a care package, and invited me backstage at a concert that summer. Really saved me, and almost made having three brain tumors worthwhile. Thank you so much! Anyways, was the Larry in I Remember Larry based on anyone in particular?	Thank YOU - hope you're feeling better!
	And the Larry in "I Remember Larry" is Larry Fine from the Three Stooges. (No it isn't - I just thought for a second I should mess around with the Wikipedia entry. There was no Larry in mind.) /Al
Weird Al - You've been parodying pop music for nearly 40 years. Are there good pop songs that aren't good parody songs? If so, what is the main difference for you?	I don't think any song is beyond parody or can't be parodied, but there are a lot of songs (I'd say about 98% of them) that I'm just not able to come up with a clever enough idea for, and if at all possible I try not to force an idea if it's not working. /Al
Thanks for doing an AMA! @Mr. Weird Al- Has music gotten harder or easier to parody since everything seems to be a joke nowadays? @Portugal the Man I don't really know you guys but my friend Sam loves you, so keep it up!	Pop culture has always inherently been pretty ridiculous, so I don't think that's changed too much. The 3 main reasons why I haven't been more prolific in the last few years are 1) I've been putting my energy into a few non-music-related projects, 2) I'm lazy, and 3) I'm too lazy to come up with the third reason. /Al
	Thanks bud! /PTM
Question for Al: is it true that your next tour will be a world tour and will you be doing a show in Ireland? Question for Portugal, The Man: what was it like working with Al?	We were originally planning to tour early next year - now we're tentatively planning on LATE next year - but absolutely nothing is confirmed because, well... you know. And the plan and hope is that it will ABSOLUTELY be a world tour - if we're actually allowed to leave the country by that point. /Al
	He is the most fun and most talented person out there. He’s exactly what you would hope. /PTM
Something I've always wondered about artists - do you have all your songs memorized, even after years? Like, Al, could you recite all the verses to something like "Addicted to Spuds", or "The White Stuff"? I imagine you're super out of practice with them, but maybe the amount of time you spend meticulously writing them means they'll stick in your head forever.	Sometimes I forget the words to a song I've performed thousands of times. That's the only downside of performing live for me - I'm always afraid my brain is just going to shut down. Need more neurons!! /Al
	I think I know all the words to those still /ptm
Portugal, Evil Friends is likely my favorite album of yours. I love following the different themes in your albums and I am curious as to what inspired this sort of sacrilegious/dancing with the devil theme inherent in Evil Friends? Also, how was working with Danger Mouse?	It’s just a representative of the outsider. The outcast. Also a shoutout to unbelievable talented black musicians like Robert Johnson. People didn’t believe a person of color could be that good at guitar so he must have made a deal with the devil. Stand in solidarity. 🤘/PTM
First off thanks for doing a AMA, Weird Al you have had lots of great songs and their always funny. Why did you choose to make a serious song "Who’s Gonna Stop Me" with Portugal. The Man. How was making a serious song different than your normal song making process.	The process is exactly the same - literally the only difference is that the words aren't funny. And I wasn't actively looking to do a "serious" song, but PTM approached me about this - I love those guys and I loved the track, so I agreed to be involved immediately. /Al
Now that you’ve (finally) had a huge hit with “Feel it Still”, do you feel pressure (from the label, society, yourself) to “live up” to it and have another hit radio single? Personally, I’d be happy with another Evil Friends or ITMITC.	That’s why we did Who’s Gonna Stop Me with Weird Al, Jeff Bhasker, Paul Williams and Dodgr. Solid follow up. /PTM
How did you guys come up with the band name Portugal. The Man. (As opposed to Portugal. The Country.?)	We wanted to create a fictional character to represent all the people in the band. A country is one name for a group people so our guys name is Portugal. We wanted to separate it from the country because we aren’t from there. It was on the other side of the world and that’s where we wanted to go. See and listen and learn. /ptm
Al, favorite Portugal. The Man song? Portugal, favorite Al song?	I'm going to go with "Who's Gonna Stop Me" because it has more "Weird Al" Yankovic vocals than virtually any other PTM song. /Al
	I agree. /ptm
	I’m going to throw in Mellow When I’m Dead because my daughter has been dancing to it every morning. Punk Al! /ptm
How tough has it been for you as musicians during the Covid-19 Pandemic? And what's the highlight of it?	Because of COVID, I've been recording from home. Now, I don't have a full-on studio at home - it's just a laptop, a microphone, and a digital interface device. But that's how I recorded my vocals for "Who's Gonna Stop Me" as well as my vocals for the Gregory Brothers' presidential debate video. PTM's audio engineer was able to clean it up and make it sound better than I would have imagined. /Al
	We miss touring and shows, but it’s nice to actually spend time at home with our families. More than we’ve got since we were kids. /PTM
Portugal. The Man- Y’all are my absolute favorite band ever. I moved to Alaska from Florida in July and am absolutely in love with this State. What is something unique to Alaska that you wish more people knew? How can people local to Alaska be a part of the Portugal. The Man Foundation?	Big move!!! Learn and support Indigenous culture! Say hello to our home! We miss it. /ptm
Hey Al. How did you find finally not having a record deal after so many years of having one? Also any reason why the last two tours never came to Australia?	It's great not feeling like I OWE anybody anything. And it's also nice not having to get anybody's written permission if I want to do an outside project. Having said that, my record label was very good to me, and I appreciate all the support over the years.
	And there's no good reason why our last two tours didn't make it to Australia. We tried, but the logistics just didn't work out. Hopefully we'll see you on the next one! /Al
How did you guys meet each other? Portugal. The Man and Weird Al is the combo we never knew we needed	We met in 2013 when we were rehearsing for a live webcast called BLAM - it was to announce all the acts that were going to be playing at Bonnaroo that year, and it was wrapped in an hour-long "comedy" show. From what I remember, the show itself was a bit of a train wreck - my personal highlights were definitely the songs that PTM and I played together. I played accordion on "So American" and they backed me up on "Canadian Idiot." It's all online somewhere if you want to search for it. /Al
	Bonnarroo announcement back in 13’. /PTM
Any likelihood an acoustic version of Evil Friends will ever come out? Personally Majestic Majesty has been my favorite album of y'all's to go back to Also @weirdAl, you defined my childhood and made me interested in music that takes its lyrics seriously	Not a bad idea... /ptm
Hey, Al and PTM, I have a question for Mr. Yankovic. What instruments do you know and how long have you been playing them? I'm a huge fan of your stuff.	Thanks! The accordion is the only instrument I play fairly well. I play a TON of instruments extremely poorly (and you can too!) /Al
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Didn't you actually play the keyboard in your songs pre-1990 though?	Yes, and I still play the keyboard, but I'm really only good with my right hand (my left hand is used to playing buttons!) /Al
^{the following is another answer to the original question}	We all kinda play a bit of everything. Jack (and Jill) OG all trades, master of nine. /PTM
hi guys!! yall's new song is really really good!!!im terrible with questions, so i guess this one goes to al - did you decide to collab with portugal. the man by your own terms or did they reach out to you and want to do so? either way is super cool!(btw big fan since i was little thank you for being really cool!!!!!!) edit: OH one more thing: al, i've heard you like oingo boingo - do you have a favorite album by them? or a favorite song?	PTM and I have been friends for years - they approached me, and I jumped at the chance to work with them again. And I love all Oingo Boingo, but I think my favorite might be their original debut EP. /Al
Hi Al! I met you at the art gallery in LA in December, cried after meeting you and cried through the first 10 minutes of your concert at Greek Theater last year. And I'll probably cry again many times thinking about it. Heck, i'm tearing up right now! For PTM and Al - Is there a band/singeceleb that makes you happy that you would cry? Or if you met them you would cry from happiness?	Al. /PTM.
Al, thank you for being the soundtrack to my 12 year-old's life. The Stitcher recordings of "The Ridiculously Self-Indulgent, Ill-Advised Vanity Tour" were our accompaniment on the drive to school for his entire fifth grade. It is always exciting to hear how you tailor your shows to the audience. Last year, we saw you at the Ascend Amphitheater on the "Strings Attached" tour, and when you came through the audience, my son went nuts. It was all he could talk about for the rest of the year... "I WAS WITHIN FIVE FEET OF WEIRD AL!" Here's hoping we have a vaccine soon so that you can come back to Nashville! And thanks for introducing us to PTM!	That's so great to hear. Thanks so much - hope to see you in person again sometime soon! /Al
Mr weird al yankovic can we ever except to see a full non comedy album sometime in the future?	Absolutely!! But not from me, of course. /Al
This one goes for both of you! FAVORITE MOVIE??? Love you guys <3	Top Secret! (That's the name of the movie, I'm not saying that I won't tell you.) /Al
	2001 /ptm
Does the magical floating orb still exist?	I see it every time I close my eyes. /Al
Hey guys! I really loved the new song! Can we expect more collaboration between you guys in the future? I would love to hear more serious stuff from you, Al, it’s lovely!	I certainly hope so! /ptm
Hey guys! You've been my favorite band since Censored Colors was released and I'm so happy for all the success you have found over the last few years. My favorite song of yours is Mornings, it cuts my soul DEEP. Was wondering if you would wanna talk a bit about the lyrics and what the song means to you. Love you guys!	Thanks a bunch! That album has some of my favorite lyrics for sure. A lot of growing up in Alaska and reincarnation. Life and death and everything in between /ptm
I bet you know some really awesome vegetarian recipes. What are one or two of your favs? I want to add more vegetarian food into my life. Don't need the full recipe, just a good idea of what to look for! :)	I've got this one for a peanut butter and jelly sandwich. You spread peanut butter on one slice of bread, and jelly on the other, and then you stick them together - yummy!! /Al
Would you like to take a survey? Do you eat beans? Would you like to see a new movie starring George Wendt? Do you eat beans with George Wendt? Would you like to see George Wendt eating beans in a movie? Do you eat beans at George Wendt movies? Would you like to see George Wendt in a bean eating movie? How many beans do you eat at George Wendt bean eating movies? How many bean eating movies have you seen with George Wendt? If you were a bean what kind of bean would you be?	The magical fruit. /ptm
Al, did you enjoy working on non-comedic music with Portugal the Man? Have you thought about doing that kind of thing more in the future?	I had an absolute blast doing this with PTM and would work with them again anytime. And this is not signaling any kind of new direction for me - I have no intention of ever "going serious" - but I also like the freedom of leaving myself open to whatever opportunities come my way. /Al
You've brought great joy to so many people, and that my friend is a life well lived. Thank you for sharing yourself with us over all these years! Question: Do you have any "serious" songs that you have written but are keeping to yourself? If so, would you ever get the point of releasing any of them?	Every time I've tried to write "serious" lyrics, it feels like I'm going against my DNA. That's just not how my brain is wired. There are plenty other people that can write sincere, heartfelt, non-ironic lyrics - and I'm happy to leave that to them. /Al
Hey Al and PTM! Last week during the Save the Stages show that PTM graced us with, there was a message projected behind the band talking about how the crowd reminded you of your 2007 tour, joking about how little of a crowd you had at those shows. I was at one of those, at Jack Rabbits in Jacksonville, FL, and sure enough there was only like a dozen people there. But it was a fantastic, intimate show that me and my friends will never forget. We even got to hang with you guys at the bar before and after, and created some wonderful memories. How did the low turnout on that tour have an effect on where your music took you creatively? And for Al, what are some memories you have of small crowds when you were starting out? And did it have an effect on you creatively? Neither of you let it seem to discourage you, and the world is a better place with your music in it! So thank you for the wonderful memories and music!	Someone stole my passport off stage that night! Ha. /ptm
Stoked on the new song. Any timeline for an album any time soon?	I'm not really doing albums any more - I just put out tracks whenever the mood strikes. But I've got a couple exciting projects in development - nothing I can talk about yet, though - sorry! /Al
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Hi Al! I have two questions for you: 1.) What's the biggest change (or changes) in the music industry you've witnessed over the span of your career?	There are definitely more mp3s sold now than there were in 1979.
2.) Any plans to release Medium Rarities on Spotify and other streaming services?	That's totally up to the record label - I have zero control over that. /Al
I don't really have a question and I'm kinda late anyway so I don't expect a response, but I've been a big fan of PTM for 10+ years now. Easily the most consistently good band I've listened to in my life, your albums just don't miss the mark ever. And on a more personal note, John's "we don't need it" story about hunting with his Dad when he was younger had a pretty big impact on how I feel about interacting with each other and our environment, so a big thanks for sharing something special like that in a time where I didn't have that same figure to teach me first hand.	I love that story too. I always look to music and other stories when things are lacking in my life as well. Appreciate all the kind words bud. /ptm
PTM, my religious mother is worried that my favorite band said “hail Satan” at the Grammys, always wondered the uhh.. intention behind that? Like is it a just for kicks kinda thing, metal kinda thing, do you guys actually worship Satan? Thanks	Na we worship no one. It’s a shout-out to Robert Johnson. Also we love metal. /PTM.
Hey Al, are there ever going to be video remasters of your music videos? ~~i want to help with them~~	Nothing planned. I kinda doubt they're ever going to look much better than they already do, sorry. /Al
Hey, thanks for doing this AMA! What's for dinner today?	La la la la lasagna. /PTM
	Beans. /Al
What are the most normal facts about you?	I weight more than 35 pounds and my blood is liquid. /Al
The album “It’s Complicated Being A Wizard” was astounding work. Where did that energy or inspiration come from?	That was all John. He usually does some solo after thoughts right when we’re done with an album. Also to annoy our dear friend and producer Casey Bates. Making a 23 minute long song for him to edit. I love that one too. /PTM
a question for Al: any interest in uploading audio of older concerts (exclusive parodies aside) as an official release so we wouldn't resort to finding fans' YouTube channels like some HOOLIGAN*? If not... what has been your stance on fans uploading older tours? for P.tM: favorite Weird Al concert memories?	Probably him jamming with us on stage in 13’. /ptm
Portugal. The Man: Modern Jesus and Sleep Forever seems to me to carry an agnostic message, which resonated with me and drew me further into your work. Just wanted to hear your intented message or interpretation. Also, your music gets me through the grind, thank you.	Both of those songs are about finding strength in yourself, friends and family. Which kinda makes sense from how you took it. 🤘/PTM
If you told teenager me anatomy of a ghost would break up, form a new band, and make a song with weird al....well I’m not sure I would’ve believed it. Nice work all around👍	I know right? Believe me, if you told me then what I know now, I wouldn’t believe it either. /ptm
Question for both P. TM and Al - how do you get in the creative mindset for making music?	I like to fish. /ptm
	Same. /Al
How dope was that tour with Minus the Bear in 2008? Would you tour with Al dressed as a bear, playing the accordion?	That tour was a blast!!! And yes absolutely. /ptm
Hey PTM and AL!! Loving the new single! This question is for PTM - after years of developing your sound and really going from underground darlings to mainstream rockstars, what would you say has been the hardest part of keeping continuity or a solid vision with your sound as you continue to grow? And how do you appeal to older listeners to continue this musical journey?	The solid vision of our sound is constantly changing. That’s the whole point. Evolution. /PTM
Hi PTM! Would you ever consider streaming a live set and mixing in some of your older stuff? I’ve gone to a bunch of your shows but the setlists are usually In The Mountain In the Clouds and beyond	Just did a bit! Planning on more for sure. We have a lot of songs! /PTM
Question for PTM. Loved the skit you did with the cast of it's always sunny. How did that come about?	We’re big fans of the show and have some buddies on the crew. They are all so funny and great. /ptm
Hey Portugal! Not sure if you’ll see this, but I just wanted to say thank you. During Hangout fest in May of 2016 you came onto our event bus and gave everyone on the bus free VIP tickets. It’s a memory my friends and I will always cherish. That was at the end of my sophomore year of college and is still one of my all time favorite memories. Hope to catch a show of yours sometime in the future.	Oh yeah!!! That was fun and a little awkward. Ha. Dude I miss Hangout. That place is a blast. /PTM.
To any: What's a little known fact about you?	I can juggle. /PTM
This one is for Portugal The Man. I want to know which pedals or effects were used on the bass at the beginning of "Feel it still". How do I achieve that bass sound that makes it sound like drops of water?	Reverb!!! I use the Surf Rider. Killer 60’s sound. /PTM
Not gonna lie. Your new music isn’t exactly up my alley but waiter: You vultures! will always be one of my favorite albums. I also remember seeing you guys with Minus the Bear and the big sleep in Grand Rapids Michigan back in my early college years first time seeing all three live and still one of the best shows I’ve ever been too.	Oh god that was my birthday night. Terrible things happened that night. Ha. /ptm
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Sound like a successful night then. Do you still have the red beanie with the big puff?	Ha. Yeah that was johns. Totally still have it.
Hey, you might not see this, but I'm really a big fan of your stuff, Weird Al. I've been listening to you for 4 years, and your stufd Is incredible. I almost saw you on the tour you did in 2018 (forgot the name of it), but I couldn't go due to a field trip that was scheduled the same day as the concert. :( Portugal The Man, your stuff is incredible as well! I enjoy the song you did with Weird Al. Anyways, the only question I have (for Al) is why haven't they inducted you in the Rock & Roll Hall Of Fame yet? I think you deserve to be in there.	I agree. /PTM
AL: If you HAD to parody a PTM song, which would you choose, and what might the chorus be? PTM: If Al HAD to parody one of your songs, which would you choose, and what would you hope it's about? Dave & Ethan	Hey dudes!!! I’d leave that to him. But yeah I have some ideas. ☺️/PTM
Question for PTM - What are your top 5 tracks off of Weird Al’s album “Even Worse”?	This song is just six words long Fat Think I’m a clone now Good old days Lasagna
I miss your old albums with more experimental style.	A lot of people think we were more experimental. Honestly, we just didn’t know what we were doing or how to write a song. We would change keys and change time signatures cause we didn’t know how to write transitions. I love prog. But I’ve learned there’s a line between art and lazy. However.. I still believe that you should never follow rules that aren’t your own or someone’s that you respect a great deal. I love our old albums, but also look at them like shit we used to draw when we were kids. The feeling is right. And the feeling is all that matters. 🤘/ptm
whats your favorite color?	Oh gosh - probably either periwinkle or vermilion. DEFINITELY not chartreuse!!! /Al
Boxers or briefs?	Depends. (Mel Brooks joke FTW!) /Al
Portugal The Man - huge fan! What was the inspiration for Easy Tiger? It's so visceral and raw and I feel like it HAS to be sourced from someone or something.	At that time we were kinda writing to our 17 year old selves. Asking what we would have liked to hear and what we should hear. If that makes an sense. /ptm
What song on your playlist(s) would surprise people the most if it came up on shuffle?	Most of my songs would surprise people. /ptm
For PTM how do you feel about people being surprised to find out the lead singer is a man's voice For weird al who was your favorite celebrity you collaborated with for your parodies. For example key and peele in white and nerdy.	I’ve always loved female vocals and androgynous music. Always take it as a compliment /ptm
Hi, guys! What are you doing to stay sane with all the political nonsense and concert/party/gathering restrictions?	Fly fishing. /ptm
Weird AL, what's your favorite sit com and why is it 30 rock? I enjoyed your cameo in thst show haha, what was it like behind the scenes?	God we love that show. /ptm
This is for both of you. What do you want your legacy to be?	Inspire others to pick up an instrument or just use their voice. /ptm
This question is for everyone: do you have any advice for those who may be lost in life at the moment?	Now is certainly a crazy time. We are all a bit lost at the moment. I feel ya. /PTM.
Much love to the boys and Weird Al from New Orleans! I've seen you both play live there. My question is for both the band and Al: What is your favorite part about this city?	The food alone is worth the trip. /PTM
Al, My Wife and I are big fans of yours. My wife is generally not a music person (Crazy right?) but if I put on one of your songs she ALWAYS sings along. And that always leads to more laughing. My Question: What was you favorite song to work on? Portugal The man, How does it feel to know that something you made is being watched by millions of people? Great song both of you!	This has been wild! So cool. /ptm
Hey Al, was there ever a song you wanted to parody but just couldn’t think of good lyrics for it? Or have you written parodies and then scrapped them for not being funny enough?	I'm pretty good with figuring out whether a humorous concept will work or not... which is why I'm incredibly picky about which songs I choose to do. But once I've committed to an idea, I've never given up on it. Every song I've ever written has been released - there's no vault full of crappy material. /Al
Hey PTM, did you fan-boy tf out when you first met Al? What was it like to meet a legend who’s been with us since we were kids?	I like to think we played it cool, but probably didn’t. ☺️/PTM
Hey Al and PTM, I've been a fan of both of yours for many years now and I'm thankful for the great music and bad times you've both got me through. Have you guys ever considered doing a full covers album like Weezer did? I know Al did a load of covers on one of his recent tours, but I'd love to see more bands do studio versions of their own favourite songs.	Oh we cover songs constantly. Always rep where you come from and what inspires you. /PTM
Thank you for taking time for this Al! Several years ago you randomly appeared via video on WWE Raw to wish Hulk Hogan a happy birthday. Do you recall how you were approached for this, and was it just a one off or do you otherwise have an affinity for the world of Professional Wrestling?	Oh, that was just a personal arrangement I had with Hulk Hogan. I agreed to wish him Happy Birthday on camera, and he agreed not to beat the living crud out of me. /Al
Hey PTM! Big fan ever since ITMITC came out. Seen you guys prob a dozen times live or so since. I know that there’s been a huge increase in your guys main stream popularity over the last few albums. But is there any particular reason you guys rarely perform pre itmitc songs live anymore? Satanic satanist is full of bangers. Would give me left nut to catch mornings live sometime. Cheers dudes, stay silly.	We just did it!! We just have so many damn songs. /PTM.
Hey, I dont have a question I just want to say I've been a huge fan of both of yours. I saw Al once in 2000 and was going to see PTM but got too drunk before the show and got escorted out of the venue... Maybe next time. Thankyou for the joy and memories you all have given me and my friends.	Oh we’ve been there too buddy! Probably at one of our shows as well. ☺️/ptm
Al, because you captured my imagination -- and my deeply-buried craving to be a knucklehead show-off -- I've written parodies since the early 80's. Dude, you completely ruined me for writing serious songs. THANK YOU! I've worked at NASA for over 20 years since it was clear I'd never match your level of execution with the music gig. ;)	NASA!!! Awesome. /PTM.
I need to come up with two words to get tattooed on me. What should they be? Also for PTM, you guys rule! Oh and will you ever release any B sides or unreleased songs?	I’m sure we will eventually. We have hundreds. /PTM
@Al and @Portugal - If you had no obligations to anyone or anything - purely free will - how would you want to spend your life?	Outside. /ptm
Portugal the man’s album “Censored Colors” save me from killing my self in 2010, thanks so much guys! Not a question i just had to post	Dude! So glad you’re still here. That’s huge! That’s the best thing I’ve heard in a long time. Thank you. Really really appreciate that. /PTM
@Al and @Portugal - What are your top 5 favorite albums?	Dark Side of The Moon 36 Chambers Off The Deep End The White Album Give Me Convenience Or Give Me Death /ptm
Hey Al, how's your quarantine going? How have things changed for you in terms of day to day life and music production?	My life really hasn't changed all that much. I still wake up in the afternoon, eat a bowl of beans, do a Reddit AMA, and go right back to sleep. /Al
What’s your Waffle House order?	Smothered covered topped and peppered. /PTM
Walrus?	Little buddy didn’t make it. 😢 I cried a lot.
Hey PTM. How does it feel that Al's getting all the questions?	It feels like this is the way it should be. Ha. All good here. I would be asking him questions too. /ptm
Al, and PTM: would you rather jump naked on a huge pile of thumbtacks, or stick your nostrils together with crazy glue? Also, Al, huge fan. Your music meant a lot to me as a child, and now as an non-child.	Crazy glue. /ptm
Where can I send unsolicited demos of my music to become famous like everyone else	Send it everywhere. /PTM
@portugal luckiest fly?	My buddy makes a streamer called the Makiza maribou. Blue and black. /ptm
Al, I'm a lifelong fan, hooked since UHF. While you can't recapture the magic of that movie, have you thought about writing more films?	I wrote a screenplay last year. Will it ever see the light of day? Who knows! /Al
Who approached who to initiate this collaboration?	Oh we did it. 🤞/PTM
Hey PTM and Al. I've been to both of your shows and had a fantastic time at each one. Al, your set and costume changes were amazing. Also it was a pleasure to meet you after the show for a quick minute. My question for PTM is will you consider adding such epic wardrobe changes to your show?	Ha. That would be fun. John changes many times a day. I can’t do it. We’re not as good at the performance part of the show. We leave that to the greats. /ptm
Q for PTM - In a world where Al accepts parody ideas, what’s the parody you would pitch to him (Portugal The Man songs or otherwise) Q for Al - Last 3 vinyl records you bought?	I would let the master decide. /PTM.
Question is to both parties, appreciate both for doing this and thank you. Has drug use in your life been more of a deterrent to creativity or an invoker of it. In music it seems that often these substances can be entwined, what are your thoughts? Thank you again, awesome of y'all!	It can easily be both. Really depends on so many factors. I I enjoy those things, but it’s not a necessity for our creative process at all. /ptm
How did you guys come to meet each other? Plus, can we expect more new music from either of you any time soon? Big fan of both of you.	We met for the Bonnarroo announcement back in 13. We were so nervous.
PTM - What would be your dream song in Al's catalogue that you'd love to have been featured on? - Dave & Ethan	Yoda/ptm
P.TM, your music keeps my world rocking! Can we expect to see you in Europe anytime soon when the pandemic allows?	We miss y’all over there! Yes as soon as we can responsibly. /ptm
Hello from Alaska! Question for Al: I went to your show when you performed in Anchorage, Alaska (oh so many years ago). Assuming this pandemic thing gets squared away eventually is there any possibilities of you and PTM doing a combo show again up here? If you do can I get a front row seat? Just want to say that you all are awesome. Thanks.	Hello Alaska! /ptm
What’s your guilty pleasure?	I don’t really believe in guilty pleasures anymore. Like what you like! /PTM
Hi PTM. Saw you guys and experienced your music for the first time when you performed with Cage the Elephant and Twin Peaks at the Hard Rock in Las Vegas! One of my most memorable shows and you guys killed it. Thanks for the good time!	That tour was wild!!! Holy shit what a couple rad bands. Every night was one hell of a party. Miss all those boys. /ptm
Hi Al, I don't have a particular question to ask you.. so... what did you have for breakfast?	Beans. /Al
PTM, any specific artists that has influenced the sound of the awaiting new record? (Besides the great Alfred Yankovic of course)	The Beatles and Wu Tang.
Mr Al, As you are the Wicker of Yanks, has the queen given you any royal duties? PTM, do you feel inspired to make a cover album of songs you grew up with? Edit: also I can’t wait to have you back on Comedy bang bang.	Never thought about a whole album, but always throw them in the live set. /ptm
Both PTM and Al- Will you guys be working with each other again sometime? I would love to see more	I’d like to think so. /PTM
Do you still feel it?	New phone who dis?
What’s up with your obsession with Beavis and Butthead?	90’s kids. /ptm
Gentlemen, thanks for being here. I was going to say: “Who’s Gonna Stop Me” is a human feat of musical gorgeousness. Or maybe it's a musical feat of human gorgeousness. It thrills me and fills me with hope. It makes me feel floaty all over. I feel like it's the dream I've been trying to have. So, what do you think? Is it Love Boat or Musician Ship?	Love boat. And thank you. Love you boat loads. /ptm
What do you want for Christmas?	To hang with my Ma. 😇/PTM
Another question for PTM.. How was working with Danny brown? Anymore hip hop collabs planned for the future? Evil friends bumps	His shit is awesome. Yeah we have some stuff up our sleeve /ptm
If you were going backpacking right now, no restrictions, where would you go?	Alaska. /PTM
Just wanted to say you guys are awesome and I love how you answered most of the questions, keep up the great work and stay safe!	Doing what we can! You stay safe out there too! /ptm
Hey Al & PTM, What is your favorite Dinosaur?	Barney. /ptm
Just wanted to let you know you are my childhood Al. Keep on being amazing	Same. /PTM
Al, can I borrow five bucks? If not, PTM, can I borrow five bucks?	Sure /ptm
u/rallier when can we expect to see some vintage pieces for sale as posted on portugaltheman?	That’s the plan. /ptm

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