My name is Michael North and I'm hosting an extraordinary person today, Arthur Lipper. He's joining us by Skype from San Diego and we're going to be talking about a new method of providing financing for growing young companies that Arthur calls revenue royalties. Good day, Arthur. How's San Diego today? Beautiful as always, Michael. Delighted to see you. Delighted to see you too, Arthur. And Arthur and I have been friends and associates for a number of years and I haven't had him on this show yet and I thought, why not? I'll get this gentleman here because while Arthur, there's a description of you in the show notes here. Everybody can watch it but nobody reads anymore. So could you give us the nickel tour of Arthur Lipper, where you came from and what you've done and why? Well, we have a short show. How it could take all night? I'm essentially two-part as far as royalties go. Number one, I'm a Wall Street animal having formed and managed two relatively large member firms of the New York Stock Exchange and all the exchanges and the commodity exchanges. And also I was the owner and editor-in-chief of Venture Magazine with 450,000 paid subscribers. So the experience that I've had with hundreds of companies in terms of either investing or advising them has been augmented by the thousands of companies that were covered in Venture Magazine over the 10 years. So I think that's really what is necessary to explain perhaps why I created royalties. And I did that because I see an irreconcilable and inevitable conflict of interest between investors in private companies and those who found private companies and on and manage them. And give us the 10-cent tour of royalties.  I guess you were involved in the financial community since the early to mid-60s. So you've seen a lot come and go and somehow at this stage in your career you've decided that this royalties thing is significant for business people to know about. Why is this so important? Just give us the quick top-level outline. Okay, number one, I've been involved in Wall Street since the early 1950s. Number two, royalties, a percentage of revenues of the royalty issuing company are the most direct and fairest way of rewarding both investors and others who make a contribution to the success of the company. Profits, which are the measure that investors in equity use, are a discretionary item. They're discretionary to the degree that companies have perfectly legal means of controlling the amount of profit reported. And number two, the profits of a company are to a much greater degree outside the control of the management than our revenues. So Arthur, you're talking about top-line revenues and you use this word royalties. You use this word royalties, which is we commonly associate royalties with the movies or with books or maybe with mining and oil and gas and so on. But what you're talking about is not that. It's not Stephen King in his latest novel or the latest blockbuster movie on the screens. This is a different kind of royalties. What's the difference between those types of royalties and your investor style, say revenue royalties? That's absolutely correct, Michael. Royalties have been around for hundreds of years and have been used in a wide range of industries. The royalties that you're talking about as issued by publishers, theatrical stages, oil and gas, mining are very different. Mining has made the greatest use of royalties, but franchising essentially is a royalty business as well, where the franchisor receives a premium off the top of the total revenues of the franchisee as a right to use their name and business mechanism. Now, I found that in investing in private companies, as early stage companies are, that I was in the unfortunate position of having to negotiate ownership of the company with the founder. You mean the valuation of the company? No, not the valuation, the percentage of ownership, which is different than valuation. My point was that I was embarrassed and founded unconstructive, determined that we had a mutual interest in increasing revenues. The business owner in private companies does not always want to report the highest possible profits and pay the highest possible taxes. Many businesses are able to grow based upon capital that they did not pay in taxes. That is a conflict between the interest of the business founder and manager and that of the business investor. What's the chief advantage of your plan with revenue royalties for the owner of the company, the issuer of the royalties? Let's focus just on that for a moment. The principal benefit is that there is no transfer of ownership of the company. All the royalty purchaser is buying is an agreed percentage of the defined revenues of the company. So you're not selling stock in the company. A young company is not selling 20% of its equity to a venture capitalist, right? Well, in point of fact, it's much more likely to be selling 60% of its equity to the venture capitalist if any serious amount of money is involved. The experience of the entrepreneur founding a company financed by the venture capital industry is that after the financings are done, he will end up with less than 20% of the equity. And so that's not in his or her long-term interest. They're not retaining control over the company and they're not retaining ownership so that if the company does succeed and it's ultimately worth something on the market, then their total return may be reduced to from 100% to 20% over a series of stages. Is that correct? That is correct. But even more concerning is that they are highly likely to have their job function either shifted or eliminated by the controlling investors, which are the venture capitalists. And in most cases, the venture capital, the capitalists believe that it is a different skill set required to start a business than to run a business. And sometimes they're right about that. They certainly are right about that. And one can value both skill sets, but one can hire business managers. It's difficult to hire business founders. So is it safe to say that for the issuer of a company accepting a royalty investment, they in general maintain more control over their company, its destiny and the rewards that they reap for the hard work that they put in? They maintain total control as far as the royalty investor is concerned. And of course, one point that is mandatory that people understand is that royalty payments by the company. I think what Arthur is saying is royalty payments are tax deductible to the company that makes them to the investors who receive them. So they take in a royalty investment and then they pay out the royalties that are due as a percentage of their gross revenues. Exactly. And in the hands of the investor, the royalties are a return of capital until the investor has recaptured their investment. This is the initial investor. And thereafter, the royalty payments are ordinary income. Let's get concrete about this. Let's give an example. A company is seeking, let's say, five million dollars in capital in order to expand their business. And they're interested in royalties. And does the company need to have a track record of revenues? Do they need to be an established company? Is that the ideal situation? Well, it's the ideal situation perhaps for an investor who is conservative. That company are likely to be based upon projections. The projections will be made by the company. And there are means to assure that the projections are conservatively projected. The company may agree to pay, for example, let's say, 7% of their gross, their top line revenues to investors for a period of time, let's say, for five or six years in order to allow the investors to recover their capital. We're going to take a break for a moment and we'll be right back. This is Think Tech Hawaii, raising public awareness. Hi, I'm Pete McGinnis-Mark. And every Monday at one o'clock, I present Think Tech Hawaii's research in Manoa, where we bring together researchers from across the campus to describe a whole series of scientifically interesting topics of interest both to Hawaii and around the world. So hopefully you can join me one o'clock Monday afternoon for Think Tech Hawaii's research in Manoa. We're back with Arthur Lip. We're talking about revenue royalties. And Arthur, I wonder if you would help to walk us through an example, because you've put together some analytical tools that make all this very direct and concrete. We're able to enter the key information about a company and its anticipated revenue growth and the rates of royalties and see what kind of a royalty contract might be viable in the interest of the investors and in the interest of the company. So your model is available at RexRoyalties.com. And we constructed a sample scenario here where a company receives $5 million in capital. And for the first six years, the company agrees to pay 7.5% of its gross revenues to investors. And then for the next several years until year 10, that royalty rate declines to 5.75%. And then it declines again for the balance of a 20-year term to 4.5%. So those are a couple of the key components to entering a royalty scenario. And then the next ones, the key ones, are the anticipated gross revenues of the company, which the company should be able to provide from its own sources for the first five years. Sort of a bottoms-up analysis based on where the revenues have come from, where they are today, and where they are anticipated to grow given the application of this $5 million in capital. And then your model allows us to enter an anticipated compound annual growth rate. You can see it on the screen here as CAGR. That after those first five or six years where the company can make its own projections, the company says, OK, then starting in year 7, I think we can keep those revenues growing at 16%. In year 12, we'll be pretty big by then. So we can keep it growing, but maybe just at 12%. And then for the balance of the 20-year term at 10%. So I think I've summarized all of the really key, the core values that need to be entered to understand a revenue royalties scenario. There's some others that are sort of benchmark and modeling tools, but am I correct? It can be that simple in creating a revenue royalties model. Yes, except that in an early stage company, it's likely to be pre-revenue. And the model that is shown assumes that there is a basis, a base revenue. Right. So this is not a pure early stage company. This is a company that has been in business for some time and has a track record of revenues. The issuer to be conservative because he gets a benefit if he exceeds the projected revenues and has a penalty if he underperforms from what he is projected. So can we look at that in the control room? Can we look at screen 5 here? I was just outlining what that means. This is the basic scenario. And the assumption is that we're dealing with a company that has existing revenues. Now let's go forward to screen number 6. And this shows a table of the anticipated results. And Arthur, in the column that's labeled IRR, our internal rate of return, if we go down to year 20, this model is generating an anticipated internal rate of return of 18.7%. Is that a desirable? Is that a feasible result for a royalty's investor? It depends upon the industry in which the company is active, the maturity of the company. 18% would be okay, but not exceptional. In an early stage company, you probably, as an investor, would want more than a 20% internal rate of return. So this is sort of a middle-of-the-road type return. It's not very high, it's not very low. What's the lowest rate of return that a royalty's investor might look to accept? Well, the answer is it depends upon the stage of the market. And probably it should be something like 150% of the prime rate of interest charged by a commercial bank for a term loan. Right, which would be right now probably eight or eight and a half percent. So are we saying right around 11 or 12% would be the low water mark for a royalty, but we're trying to get to 20% or higher if we can? The royalty rate is established to reach an internal rate of return based upon the level of revenue. Right, now let's go to the screen number seven, if we can. Arthur, we're showing this screen now that is a graphic representative of basically the rate of return to be anticipated over 20 years. And you can see how it slopes up, it declines a little bit, it slopes up again, it declines a little. And those are artifacts of the fact that the growth rate changes and the royalty rate changes at different points during the 20-year term. So although the general trend is always upwards, there are some advances and declines that are part of the natural progression of this model. And the graphic allows us to see that clearly. Yes, and to the extent that revenues are positively impacted by inflation, royalties have an advantage of inflation, whereas profits are negatively impacted by inflation. So let's go back to the live shot now. Are you saying that royalties are a kind of a hedge against inflation? I don't want to call them a hedge but they are positive revenues for most companies where they have price elasticity and can raise the price with the inflation, the royalty benefits, because it's focused solely on the revenue and has no interest in the profit level. Right, and doubly so no interest in the profit level because you're not trying to create a future valuation based on profits that the market judges you buy like your PE ratio, for example. That's a measure of profitability and for a royalty's investor that's of secondary interest. Is that correct? Well, the pricing's ratio is not really of any interest to the royalty investor, nor is the market valuation of the company of any interest to the royalty investor because they're never going to be an owner of the business. They are only an owner of an agreed percentage of defined revenues. And I want to take a moment to emphasize the defined revenues. They could, for instance, exclude international sales. Another interest that investors have, obviously, is that the company survives and thrives in order to generate revenues and hopefully an increasing pattern of revenues. Otherwise, there's no royalties to pay, correct? No. There are always royalties to pay as long as there are revenues, but the amount of revenues will be disappointing to the investor if the revenues do not increase. Right. So we need to be satisfied in the basic soundness of the enterprise before we invest at all. We're not just purely interested in the top-line revenues. We have to make sure there's something under those top-line revenues to sustain them over time. Revenue growth will come from both the customer satisfaction with the product or service, but also the company taking market share. We've come to the close of Royalties 101 with Arthur Lipper joining us by Skype from San Diego today. I want to thank you, Arthur, very much for joining us. And we may be able to pick this up again at another time to get into a little bit more detail. So from Honolulu, we bid you aloha and have a great day.


Personal Finance PowerPoint presentation, cash value, life insurance, prepare to get financially fit by practicing personal finance. Insurance is part of our long-term risk mitigation strategy where we follow the adage of measure twice, cut once, put in a formal process in place, look in something like set the goals, develop a plan to reach them, put the plan in action, review the results and repeat the process periodically. Most of this information can be found at Investopedia, Cash Value, Life Insurance, which you can find online. Take a look at the references, resources, continue your research from there. This is by Julia Kagan, updated May 23, 2022. In prior presentations, we've been taking a look at insurance in general, then moving on over to life insurance, looking at different components or kinds of life insurance in conjunction with that overall discussion, remembering that as we look at life insurance, I would be always thinking about the baseline life insurance being the term policy, which is basically pure life insurance, and then thinking about why I might want to deviate from that under what circumstances would I remove or leave from the adage of investing the cheaper, pure life insurance, the term life insurance, and then invest the difference in something like the stocks and bonds and whatnot and what kind of strategies would be in place for me to move from that, possibly tax strategies, possibly estate planning strategies, for example. So what is cash value life insurance? Cash value life insurance is a form of permanent life insurance as opposed to term or pure life insurance, lasting for the lifetime of the holder that features a cash value savings component. So if you're thinking about the tree of life insurance and you're doing it, you're putting together your little tree diagram, you've got the term or pure life insurance versus on the other side, you've got the permanent life insurance, and then under permanent life insurance, we're thinking about the different components or categories of permanent life insurance, cash value life insurance being on that category or on that side. The policy holder can use the cash value for many purposes, such as a source of loans or cash or to pay policy premiums. So as the cash value value builds up, we could think about that as kind of an investment component or feature of the life insurance as opposed to term insurance, which doesn't have that cash value because you're just buying the pure life insurance. What are the benefits of having the cash value? Well you might be able to use it in particular ways, possibly taking loans against it and you possibly could have tax value or benefits with relation to estate planning possibly for them. So the cash value life insurance works, how does it work? Cash value insurance is permanent life insurance because it provides coverage for a policy holder's life. So unlike the term insurance where you put it in there for a set term, 10 years, 20 years, 30 years, which is usually fairly good to do for life insurance because you can estimate when you're going to need the life insurance. In other words, when people are going to be dependent upon you. So that's usually going to be in the midst of your life when you don't have a lot of money, you possibly have debt that's going to be involved in people that are depending on your salary as time passes, you would expect then that you're going to pay off your debts hopefully and then you're not going to have so many people dependent upon you because they will be hopefully independent at that point in time. So in any case, traditionally cash value life insurance has higher premiums than term life insurance because of the cash value. So term life insurance, pure life insurance is typically cheaper because it's just purely life insurance doesn't have like this investment component to it. So cash value life insurance policies require a fixed level premium payment of which a portion is allocated to the cost of insurance and the remaining deposited into a cash value account. The cash value of life insurance earns a modest rate of interest with taxes deferred on the accumulating interest. So that's one of the benefits. You put money into the cash value side, it's got that investment component, you're making some interest on it, which might be tax free or at least tax deferred in a similar way as if you put money under the umbrella of say like an IRA or 401k plan, you might not be paying taxes at that point in time on the earnings. And then when you take the money out, then that's when you could have a tax benefit for it. So again, even on that strategy, you might be saying, well, why don't I just buy the cheaper term life insurance, for example, and then invest the difference in say an IRA or 401k. That would typically be a fairly decent strategy. If you can still put money into those into those items, or if you have not yet maxed them out, you know, that you could do that, or you can even even if you have maxed them out, you might still be able to put them in and have the earnings be deferred. Or else you might have some other tax strategy that you're basically put into play there or an estate planning strategy. Thus, the cash value of life insurance will increase over time. As the life insurance cash value increases, the insurance company's risk decreases because the accumulated cash value offsets part of the insurers liability. Example of cash value life insurance, consider a policy with a $25,000 death benefit. So that means at the point of death, $25,000 being paid out to the beneficiary. The policy has no outstanding loans or prior cash withdrawals and an accumulated cash value of $5,000. So there's a cash value kind of like the investment portion of it of the $5,000 upon the death of the policy holder, the insurance company, insurance company pays the full death benefit of $25,000 money collected into the cash value is now the property of the insurer because the cash value is $5,000. The real liability cost to the insurance company is $20,000, which is the $25,000 minus the $5,000 advantages and disadvantages of cash value life insurance. The cash value component serves as a living benefit for policy holders from which they may draw funds. So that could be used as kind of like a safety net component. So the life insurance net cash value is what the policy holder or the beneficiary has left over once the insurance company deducts its fees or any expenses incurred during the ownership of the policy. There are several options for for accessing funds for most policies, partial surrenders or withdrawals are permissible, but these can reduce the death benefit. Taxes are deferred on the earnings until withdrawal from the policy and distribution. So as that's one of the tax benefits, you have the money in there. You might not have the earnings as something that would be taxable until the withdrawal or distribution. Once distributed, earnings are taxable at the policy holder's standard tax rate. So that's kind of similar to like an IRA, if you had money into the IRA or 401k plan, the earnings on it, you could have a benefit whereas obviously in the IRA, you might have a tax benefit when you put the money in to the IRA as well. But in any case, it's a form of deferral. And then when you take the money out, there might be tax consequences at that point. Some policies allow for unlimited withdrawals, while others restrict how how many draws can be taken during a term or calendar year. Some policies limit the amounts available for removal, e.g. a minimum of $500. Most cash value life insurance arrangements allow the loan allow for loans from the cash value. Much as with any other loan, the issuer will charge interest on the outstanding principal. With the outstanding loan amount will reduce the death benefit, benefit dollar for dollar in the event of the death of the policy holder before the full repayment of the loan. So again, this is kind of a tricky type of thing where you've got the cash value in there, which is which you're saying, okay, I can't take the cash value out, but maybe I can take a loan against it. Why can you take a loan against it? Because you're using the cash value as basically the collateral on the loan, the downside of course, if you take a loan out, then you're going to be paying possibly interest on the loan because interest kind of require a loan requires, you know, interest to be to be there. So it makes it accessible in that way, but you still have that kind of issue. Some insurers require the repayment of the loan interest and if unpaid, they may be deduct deduct the interest from the remaining cash value. Cash value may also be used to pay policy premiums. If there is a sufficient amount, a policy holder can stop paying premiums out of pocket and have the cash value account cover the payments, which can be nice. But obviously the cash value would have to accumulate in order for that to be applicable or be it worth able to do cash value life insurance, what are the pros can borrow against the cash so you can use that cash value possibly as an emergency kind of fund if necessary, can withdraw from cash value in a tax advantaged way, possibly a way that you might not be able to withdraw as easily if your money was under the umbrella of some other tax advantaged account like a 401k plan or an IRA. So that's one of the kind of advantages of the cash value there because you could take possibly a loan against or something like that as we looked at.  Again, you got to measure whether that is a real pro or con because again, most people need actual pure life insurance for a term of their life in which they're going to have more debt, most likely more people are dependent on their current income.  So cons, more expensive out-of-pocket premiums, withdrawals reduce death benefits, unpaid policy loans and interest deducted from death benefits. Why consider cash value life insurance at all? Policyholders of permanent life insurance, life insurance have the ability to borrow against the accumulated value which comes from regular premium payments along with interest and dividends credited to the policy. So should I look into buying a cash value life insurance policy, those looking to build a nest egg over a time horizon of several decades may want to consider cash value life insurance at a savings options alongside a retirement plan like an IRA or 401K plan. Be aware that cash values often don't begin accruing until two to five years have passed. So what about those high premiums though? They got high premiums. Yes, cash value policy premiums are typically higher than regular life insurance like term insurance because part of your payments are going towards savings. So what happens when you withdraw cash from your life insurance? If you make a withdrawal from the cash value in a life insurance policy, the death benefit will decrease. So now they're going to make a calculation on it, the death benefit because they're calculating the risk related to it. So the death benefit could be offsetting when you pull the money as a cash value. If you withdraw everything the policy terminates withdrawing money from life insurance is tax advantaged in that the IRS considers your withdrawal as a return of the premiums you paid for the policy. So meaning if you take the money out, it's basically a return of the payment or the premium that you put in therefore possibly not be an income at that point in time and possibly not having a tax consequence. So you can withdraw that amount of money without paying taxes. Any gains from dividends however, so the gains on it, the amount that you didn't simply put in but the amount of earnings that you had over and above what you put in which you didn't pay any taxes on it because you had the tax deferral of the gains, those would be taxed. But these would not occur until you withdraw all of your premium payments. So in other words, when you draw the premium payments out you might first try to think about what amount am I drawing out, am I drawing out the earnings or am I drawing out the actual cost that I put in and getting a return of the cost that I put in. If we calculated as the return of the cost that I put in, I'm just getting my principal back in other words instead of the earnings and therefore you might be able to not have the income which would be a taxable event.


I'm Deborah Bortart and marijuana money minute. Th of Illinois signed HB 1438 use cannabis for people o makes Illinois the 11th s recreational cannabis. It records of over 700,000 convicted of marijuana r bill also includes a soci make it easier for those to get business licences will be allocating $12 m businesses related to can began a public offering o 125 million canadian dole the stop down and tradin showed their displeasure though said it intends t to fund part of its aquis holdings. Private cannabis closed on a $100 million s and they expended their b said it plans to use the strategic acquisitions and capital spending. Particip existing and new investe the Petrone Spirits Co. E a new board member. Sir they're acquiring molecular a Boston based biotech r Greengrass Brands continues the mall as Abercrombie and sell their 7th sense botan 160 stores that follows a must have been pretty suc decided on a much bigger acquisitions to go over t deliveries, completed th runner cannabis delivery outside of inside of Cali of little over 2.2 million 49% of Kanova Medical. Th of innovative solutions f do have the option to aqui 51% vice ventures said it $25 million fund. Vice v investment management co developing early stage c the vice space that's g The company was founded who served as an early me native vertical brand's i Wal-Mart and she did that CEO Andy Dunne. And finally we commend all those who h pride month and we commend for the rights of the L. Love is love, respect e who you are because we th people. And that's it for board chart with the grea


Hi everyone, Joe for Jaspy's CaseBreaks.com with another four box break of 2022-23, Bowman University Chrome basketball random letter break number 19 from a fresh case. It's the first letter of their first name. Big thanks to the letters for existing. Big thanks to this group for making it well. So I have a little promo where we're giving away six spots right here. So we're going to do that with the first dice roll. So top six after nine, we'll be able to get some extra spots. Two, three, four, five, six, seven, eight, and ninth and final time. We've got Daniel, Tristan, Daniel, Michael, Daniel, Daniel. So little buy one, get one opportunity for you. All right. Oh yeah, David's on the East Coast. It's getting late out there, huh? Good night, David. Thanks for hanging. We'll see you next time for the next one. Now let's gather everybody's names here. All the letters, new list. That's everybody. Let's roll it, randomize it. Five and a five at 10 times each. 10, we've got Michael, Daniel, Daniel. Five and a five at 10 times for the letters. Two, three, four, five, six, seven, eight, nine, and 10. It's five and a five, 10 the hard way. We've got D all the way down to J. DJ, this DJ, B, Joe Jaspi. All right. Michael with the letter D, Daniel with the V and P. Michael with T, Daniel with C. Tristan with K, Daniel with W, Z. Michael with B, A. Daniel with M, bam. Tristan with F, L, H. Daniel with S. Tristan with E, G. Daniel with R, N, O, N, J. I think a nice little, nice draw for Daniel here. Let's order these alphabetically. He's got C for Caitlyn Clarks and V for Victor Wendt-Banyamas. We're going to pause the video just for a little bit, see if there's any trade opportunities here. And when we come back, we'll have the break. Stick around, BRB. All right, welcome back, ladies and gentlemen. No deals were done. Predictably, letters don't often get traded here, especially for the big name letters. This is going to pop from a fresh case. Well, I think you can see my face camera right here. Let's create stacks of four here. So on the dice roll, we'll go one, two, three, four, and five, six on the dice roll. And it's two. We'll go left side right here. Let's see what we got in here, folks. Good luck, everybody. Fresh case, so fresh opportunities to maybe try to find some of the big names in here. You know who they are. A lot of these players, both on the men and women's side, we should see, hopefully see, most of these players in their respective leagues, mostly guys, I think. But I think a lot of these dudes are supposed to be, they're going to end up in the NBA, I hope. And they become perennial All-Stars. That would be awesome. That'd be good for the hobby. And then you'd have their bowman first right here. Caitlyn Clark, I think she's doing, is she doing one more season? But, I mean, she'll obviously be, you know, a top pick whenever, whatever she declares for the WNB draft. Box one, good luck. And of course, all-card ship, Khalif Battle to 199 for the letter K. That will be for Tristan. Duane Harris Jr. to 199. That'll be for Michael in the letter D. That purple shimmer not numbered, by the way. All-card ship, though. And our first autograph is Jared McCain. Letter J, that's going to be for Daniel. Four out of 50 on that one. Nice big kahuna. I think those are shorter printed inserts. Chris Livingston, I presume. That's going to go to Daniel in the letter C. Sometimes these can be autographed, too. We've seen those. And we've got Grady Dick. Tristan with G for Grady. All right, box one in the books. Nice little start here. Next box. We've got obviously game five of the NBA Finals on in the background. It's halftime. Miami, up 51-44. They're coming out firing. Not really. I guess it's only 51 points at the half. Kind of an old school score line. But they're leading. That's all that counts. Trying to make the series interesting. We've got some close to baseball games here as well. Bottom of the 10th, Tigers and Braves are tied in Detroit. Five-five. And there's runners at the corners for the Tigers in the bottom of the 10th, first and third. Rockies are also tied with the Red Sox going into the bottom of the ninth, or in the bottom of the ninth, 2-2. Red Sox starting home. They're trying to walk it off. Cardinals are down a run at home to the Giants. They're trying to tie it up in the bottom of the eighth. They've got a runner on first, four-three Giants. Going into the bottom of the sixth, the Rangers are leading the Angels by a run, five-four. Royals leading the Reds three run in the top of the sixth. Marlins, Mariners just started. And Rays at A's just started. Not a lot of baseball games today. Thursday's usually the light day. That's the travel day. I guess some Mondays can be travel days. Lighter than usual. All right, got some purple shimmer. We got Colin Chandler. Colin Chandler going to Daniel in the letter C, which after these cards here, Trey White, yellow parallel to 75. 37 out of 75. That'll be for the letter T, that'll be for Michael. And we got a Kyle of Filipowski. The Duke player going to Tristan in the letter K. 19 out of 99 on that one. Murray Bailey. We got Autario Morris in Victor, a Raywave. It's out of 150 for the letter A, Michael. Lauren Betts from Stanford. And on to the next box. And I think, did Spencer Torkelson just block it off? Got him on my fantasy team. Did he get a delicious, delicious rib? A game-winning rib? I think Torkelson actually hit a home or to tie it. No, to get them within a run. And then someone else got them, got the tie game. Then they went to the 10th. And a Torkelson single gives them the run, 6-5. Nice, Spencer Torkelson, I feel like he's on the verge of breaking out, maybe? Three for six today with a home run and a few ribs. Need him to, I mean, that'd be good for the hobby too. Mikey Williams is your autograph. Daniel, the letter M. We got a Chance Westry blue or aqua wave to 299. Daniel with the letter C. And Mikey Williams, purple shimmer. And Chris Livingston, I presume. Going to the letter C, Daniel with the letter C. 13 out of 499. Looks like that card got caught in the pack crimping machine there. Got Chris Livingston aqua to 150 for Daniel. And there's our first Katelyn Clark for Daniel. All right, fourth and final box, good luck. Fourth and final box, good luck. All right, second half underway, game five. Miami up 51 to 44. I suppose the pressure would be on Denver, right? To close it out when their first championship. Let's see what they can do in the second half. There's Brandon Miller, Michael with the letter B. That's Westry and JJ Starling. I thought the autos would be in the second half. Both autos pop in early. That's gonna go to Daniel in the letter J. Kyle Fulipowski, green shimmer to 99. Katelyn Clark for Daniel in the letter C. James Smith blue to 199. And that, my friends, is that. Nice little break here. Nothing too huge, but some solid stuff here. Got some Katelyn Clark, some nice autos, the Brandon Miller, and the big Kuna, and some color here, which is cool. There you go, gang. I'm Joe for jazby'scasebreaks.com. Thanks for watching. Thanks for breaking with us, and I'll see you next time for the next one. Bye-bye.