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2021-06-19

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Sundial Growers’ Mixed Business Model Provides Diversity But Also Risks

2021-02-26

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If I had proposed to my partners at my former firm in the 1990s that one day we could buy stock in a company that grows marijuana, I would have been fired on the spot. Canadian based<b>Sundial Growers</b>(NASDAQ:<b><u>SNDL</u></b>) is just one of the many recognizable names in the industry, though, and SNDL stock is a hot commodity.</p>\n<p><img src=\"https://static.tigerbbs.com/9a479cfb16dfe97a4f99ada5c11147fe\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Source: Jetacom Autofocus / Shutterstock.com</p>\n<p>SNDL produces and markets various marijuana products for the adult-use market throughout Canadian territories. The company’s primary focus is on inhalable products and brands (flower, pre-rolls, and vapes). Sundial’s top brands include highly evocative names like Sundial, Top Leaf, Palmetto, and Grasslands.</p>\n<p>As I started research, in order to access their investor relations I had to tell them which Canadian province I live in (I live inNunavut). Make no mistake, this is not a biotech or pharmaceutical company using marijuana to advance medical science — these guys grow pot so you can get high.</p>\n<p>The company operates a state-of 448,000 square foot indoor growing facility in Alberta. The company claims this facility can grow small batch consistent product, but at a scale that is necessary to support its long-term growth goals.</p>\n<p><b>Spiritleaf Retail Stores</b></p>\n<p>In May, SNDL announced it was buyingretail marijuana company<b>Inner Spirit</b>&nbsp;<b>Holdings</b>in a cash-and-stock deal worth 131 million CAD ($104 million). Inner Spirit operates approximately 86 retail stores under the brand Spiritleaf with the goal of reaching 100 units in 2021.</p>\n<p>Retail sales in 2020 exceeded 100 million CAD ($80 million). Inner Spirit Holdings was EBITDA positive in Q1 2021. This retail presence gives the company an integrated supply chain model that will help with future growth and quality control.</p>\n<p><b>SNDL Stock in Growth Mode</b></p>\n<p>Sundial is still in start-up or growth mode as reflected in its past 2 years financials. Net revenue was 60.9 million CAD ($48.5 million) in 2020 and 63.6 million CAD ($50.6 million) in 2019, while net losses were 240 million CAD ($191 million) and 272 million CAD ($216 million) respectively. A big chunk of the 2020 losses were a 45.9 million CAD ($36.5 million) inventory obsolesce charge and 79 million CAD ($63 million) in asset impairment charges. Regardless of those two items, operating losses were still significant.</p>\n<p>The company is still expected to continue burning cash for the foreseeable future. The good news is that after a share and warrant issuance in Q1 2021, the company now has 873 million ($695 million) in cash on the balance sheet and no debt (that was before the Inner Spirt transaction).</p>\n<p>The bad news is the share issuance was highly dilutive as fully dilutive shares stood at 1.77 billion at the end of Q1 2021 which increased from 913 million at the end of 2020. If you see reasonably good companies with no debt and their stock is selling for less than a dollar per share, it’s usually related to highly dilutive share offerings.</p>\n<p>SNDL Stock and Investments</p>\n<p>The company has been actively using its cash for investments and strategic partnerships, so much so that accounting guidelines in conjunction with management decisions dictate that they now have two segments going forward — marijuana and investments. These investments include forming a joint venture through a new corporation, SunStream Bancorp:</p>\n<blockquote>\n “The Joint Venture will leverage a strategic financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry to provide exposure to a portfolio of attractive debt, equity and hybrid investments.”\n</blockquote>\n<p>Other investment include a $22 million investment in an edibles company call<b>Indiva</b>and taking a 10% stake in cannabis research company<b>Valens</b>(OTC:<b><u>VLNCF</u></b>).</p>\n<p><b>Conclusion</b></p>\n<p>It will be an enormous undertaking for SNDL stock to grow into its highly dilutive $1.5 billion market cap. All those investment and strategic partnerships may pay off, but they should be recognized for what they are — investments. So does that diversify the risk, or does it increase the risk by allocating cash to risky or unproven business models? It likely increases the risk.</p>\n<p>Therefore, in order for SNDL stock to perform steadily over time, the core business needs to be profitable and generate free cash flow. Until that happens, or a clear path can be seen for that to happen, SNDL stock is entirely speculative and risky.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sundial Growers’ Mixed Business Model Provides Diversity But Also Risks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSundial Growers’ Mixed Business Model Provides Diversity But Also Risks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 19:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sundial Growers recent focus on investments and strategic partnerships might be risky.\n\nThe investing world has certainly changed in recent decades. If I had proposed to my partners at my former firm ...</p>\n\n<a href=\"https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc."},"source_url":"https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196327690","content_text":"Sundial Growers recent focus on investments and strategic partnerships might be risky.\n\nThe investing world has certainly changed in recent decades. If I had proposed to my partners at my former firm in the 1990s that one day we could buy stock in a company that grows marijuana, I would have been fired on the spot. Canadian basedSundial Growers(NASDAQ:SNDL) is just one of the many recognizable names in the industry, though, and SNDL stock is a hot commodity.\nSource: Jetacom Autofocus / Shutterstock.com\nSNDL produces and markets various marijuana products for the adult-use market throughout Canadian territories. The company’s primary focus is on inhalable products and brands (flower, pre-rolls, and vapes). Sundial’s top brands include highly evocative names like Sundial, Top Leaf, Palmetto, and Grasslands.\nAs I started research, in order to access their investor relations I had to tell them which Canadian province I live in (I live inNunavut). Make no mistake, this is not a biotech or pharmaceutical company using marijuana to advance medical science — these guys grow pot so you can get high.\nThe company operates a state-of 448,000 square foot indoor growing facility in Alberta. The company claims this facility can grow small batch consistent product, but at a scale that is necessary to support its long-term growth goals.\nSpiritleaf Retail Stores\nIn May, SNDL announced it was buyingretail marijuana companyInner Spirit Holdingsin a cash-and-stock deal worth 131 million CAD ($104 million). Inner Spirit operates approximately 86 retail stores under the brand Spiritleaf with the goal of reaching 100 units in 2021.\nRetail sales in 2020 exceeded 100 million CAD ($80 million). Inner Spirit Holdings was EBITDA positive in Q1 2021. This retail presence gives the company an integrated supply chain model that will help with future growth and quality control.\nSNDL Stock in Growth Mode\nSundial is still in start-up or growth mode as reflected in its past 2 years financials. Net revenue was 60.9 million CAD ($48.5 million) in 2020 and 63.6 million CAD ($50.6 million) in 2019, while net losses were 240 million CAD ($191 million) and 272 million CAD ($216 million) respectively. A big chunk of the 2020 losses were a 45.9 million CAD ($36.5 million) inventory obsolesce charge and 79 million CAD ($63 million) in asset impairment charges. Regardless of those two items, operating losses were still significant.\nThe company is still expected to continue burning cash for the foreseeable future. The good news is that after a share and warrant issuance in Q1 2021, the company now has 873 million ($695 million) in cash on the balance sheet and no debt (that was before the Inner Spirt transaction).\nThe bad news is the share issuance was highly dilutive as fully dilutive shares stood at 1.77 billion at the end of Q1 2021 which increased from 913 million at the end of 2020. If you see reasonably good companies with no debt and their stock is selling for less than a dollar per share, it’s usually related to highly dilutive share offerings.\nSNDL Stock and Investments\nThe company has been actively using its cash for investments and strategic partnerships, so much so that accounting guidelines in conjunction with management decisions dictate that they now have two segments going forward — marijuana and investments. These investments include forming a joint venture through a new corporation, SunStream Bancorp:\n\n “The Joint Venture will leverage a strategic financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry to provide exposure to a portfolio of attractive debt, equity and hybrid investments.”\n\nOther investment include a $22 million investment in an edibles company callIndivaand taking a 10% stake in cannabis research companyValens(OTC:VLNCF).\nConclusion\nIt will be an enormous undertaking for SNDL stock to grow into its highly dilutive $1.5 billion market cap. All those investment and strategic partnerships may pay off, but they should be recognized for what they are — investments. So does that diversify the risk, or does it increase the risk by allocating cash to risky or unproven business models? It likely increases the risk.\nTherefore, in order for SNDL stock to perform steadily over time, the core business needs to be profitable and generate free cash flow. Until that happens, or a clear path can be seen for that to happen, SNDL stock is entirely speculative and risky.","news_type":1},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178087904,"gmtCreate":1626772585508,"gmtModify":1703764910320,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572499390850492","idStr":"3572499390850492"},"themes":[],"htmlText":"Huat","listText":"Huat","text":"Huat","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/178087904","repostId":"165987943","repostType":1,"repost":{"id":165987943,"gmtCreate":1624087586282,"gmtModify":1703828622592,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572499390850492","idStr":"3572499390850492"},"themes":[],"htmlText":"Have a great saturday","listText":"Have a great saturday","text":"Have a great saturday","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/165987943","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165776730,"gmtCreate":1624159604720,"gmtModify":1703829786954,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572499390850492","idStr":"3572499390850492"},"themes":[],"htmlText":"Sunday","listText":"Sunday","text":"Sunday","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":7,"repostSize":0,"link":"https://ttm.financial/post/165776730","isVote":1,"tweetType":1,"viewCount":298,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":165987943,"gmtCreate":1624087586282,"gmtModify":1703828622592,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3572499390850492","idStr":"3572499390850492"},"themes":[],"htmlText":"Have a great saturday","listText":"Have a great saturday","text":"Have a great 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learning","listText":"Good learning","text":"Good learning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/383998262","repostId":"1195153829","repostType":4,"repost":{"id":"1195153829","pubTimestamp":1612781502,"share":"https://ttm.financial/m/news/1195153829?lang=&edition=fundamental","pubTime":"2021-02-08 18:51","market":"us","language":"en","title":"Here’s What the GameStop Affair Has Taught Us","url":"https://stock-news.laohu8.com/highlight/detail?id=1195153829","media":"Barrons","summary":"This commentary was issued recently by money managers, research firms, and market newsletter writers","content":"<p><i>This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s.</i></p>\n<p>What GameStop Taught Us</p>\n<p><i>The Weekly Speculator</i></p>\n<p><i>Marketfield Asset Management</i></p>\n<p>marketfield.com</p>\n<p>Feb. 4: After all is said and done, one of the most lasting effects of theGameStop(ticker: GME) episode will be to educate many market participants about the key role and ultimate power held by the clearing institution, the Depository Trust Company. One of the stranger aspects of the affair has been the attempt to paint it as some form of moral crusade, or an opportunity for the “little guy” to get even with Wall Street. The truth is that some large investors lost a great deal of money, while others were well rewarded, just as some small investors will have reaped life-changing sums while others will have lost funds that may prove to be equally impactful. In this sense, the market is a meritocracy, which isn’t quite the same as saying that it is always fair in delivering outcomes.</p>\n<p>What is also clear is that late January saw a very significant degrossing of levered hedge-fund investors, without causing a deep correction in the equity market. The S&amp;P 500 essentially respected support at the 50-day moving average, and didn’t need to move down to 3600, which we had set as a “worst case” target. The Nasdaq 100, Russell 2000, and MSCI Emerging Markets Index didn’t need to touch their corresponding trend support, and all three indexes managed to generate a positive return in January, unlike the S&amp;P 500, which registered a small loss. The subsequent bounce has been rapid and broad, as would be expected from a catalyst that was both technical and ephemeral in nature.</p>\n<p>That it is not a wholly positive or inconsequential affair. The long bull market is now showing signs of developing into a historic mania. This doesn’t mean that a market peak is imminent, but the normative process—whereby what is “appropriate” is ultimately influenced by extremes—means that the levels of risk being taken by the average investor are probably significantly higher than they were pre-Covid.</p>\n<p>—Michael Shaoul, Timothy Brackett</p>\n<p>Heigh-Ho Silver!</p>\n<p><i>The Aden Forecast Weekly Update</i></p>\n<p><i>The Aden Forecast</i></p>\n<p>adenforecast.com</p>\n<p>Feb. 4: Silver caught on fire by zipping up to the August highs near $30 on Monday during the Reddit buying frenzy. Silver was strong anyway, and it’s been holding up well, so whoever pegged silver knew what they were doing. Silver shares also got a big boost upward, and while they have since calmed down, it looks like volatility will stay with us. Silver has been holding above its 15-week moving average since December, and it’ll remain strong by staying above it at $25. The next milestone to surpass is the $30 level, the highs for this bull market. If clearly broken, another leg up will be underway. Keep your silver and silver share positions.</p>\n<p>—Mary Anne and Pamela Aden</p>\n<p>How to Play Oil’s Recent Rally</p>\n<p><i>Daily Insights</i></p>\n<p><i>BCA Research</i></p>\n<p><i>bcaresearch.com</i></p>\n<p>Feb 4: The recent oil rally will have consequences for asset prices beyond the energy market. While higher oil prices benefit oil exporters, they hurt the economies of oil importers, often with a lag.</p>\n<p>A great example of these dynamics is China. The Chinese economy is a large oil importer; hence, rising oil prices act as a tax on Chinese growth. Moreover, Chinese A shares massively overweight tech stocks, which receive no benefit from higher energy prices. In fact, over the past four years, increasing Brent prices reliably lead to a decline in on-shore domestic markets by roughly three months. The current setup is reminiscent of early 2018. Back then, Chinese A shares had been rallying for a few months after oil prices had started to rally. Ultimately, a deceleration in Chinese growth and cautious policy making from Beijing resulted in a powerful selloff of Chinese equities. Today, Chinese growth is once again decelerating and Beijing is conducting some significant regulatory tightening, while the People’s Bank of China is draining liquidity. Thus, a significant correction in Chinese shares is likely this spring.</p>\n<p>A lower-octane strategy to play these dynamics is to go long United Kingdom equities relative to Germany’s while espousing the implicit currency exposure. German equities are extremely underweight energy, and Germany imports its entire oil consumption. Meanwhile, the U.K. benchmark is replete with energy stocks and the U.K. remains an oil producer, even if it imports some of its oil (rising Brent represents a comparatively smaller tax on the U.K. economy). As a side benefit, the pound is very cheap against the euro and the U.K.’s vaccination campaign is massively ahead of the eurozone’s, which could result in earlier economic dividends north of the Channel and hurt the euro/pound in the process.</p>\n<p>—Mathieu Savary and Team</p>\n<p>High-Yield Opportunities</p>\n<p><i>Carret Credit Insight</i></p>\n<p><i>Carret Asset Mangaement</i></p>\n<p>carret.com</p>\n<p>Feb. 3: At year-end 2020, the iBoxx High-Yield Index yielded 4.23%, an all-time low. Spreads also registered record tightness. Low yields aren’t a surprise as investors globally reach for income. The Federal Reserve has backstopped the “fallen angels,” allowing many high-yield (HY) companies to refinance at ever-lower rates and extend upcoming maturities for another day. Strong equity markets are forecasting an earnings rebound, and the vaccines will bring brighter days soon. We continue to find attractive values in the short/intermediate portion of the high-quality HY market.</p>\n<p>We want to share a recent academic study with you regarding the risk and returns in the HY bond market: George Mason Universityrecently publisheda report on HY bond-fund returns and volatility relative to equities (S&amp;P 500). Since 1990, the average HY bond fund has delivered average annualized returns of 7.1% with a volatility of 7.7%. Over the same time period, the S&amp;P 500 delivered an average annualized return of 7.8%, but with almost double the volatility of 14.5%. The conclusion: HY bonds have paid total returns near those of the U.S. stock market with half of the volatility. We believe the HY market will offer competitive returns in the decade ahead, as equity valuations have risen and Treasury yields have plummeted. Our ability to utilize busted convertibles, preferreds, and special-situation income investments enhances our cash-flow opportunities.</p>\n<p>—Jason R. Graybill, Neil D. Klein</p>\n<p>Emerging Markets Blast Off</p>\n<p><i>PCM Report</i></p>\n<p><i>Peak Capital Management</i></p>\n<p>pcmstrategies.com</p>\n<p>Feb. 1: So far, 2021 has been a good year for emerging-market equities. Year to date, theiShares MSCI Emerging Marketsexchange-traded fund (EEM) is higher by roughly 8%, compared to a gain of approximately 3% for theSPDR S&amp;P 500ETF (SPY). Ever since the financial crisis of 2008, emerging markets collectively have woefully lagged U.S. equities.</p>\n<p>What could propel the asset class higher in 20201 and beyond? In the long term, the likely catalyst is demographics. Developed markets such as the U.S. and Europe have aging populations, which could suggest lower productivity and gross-domestic-product growth over the next decade compared to emerging-market economies.</p>\n<p>In its most recent capital-markets report, JPMorgan projected GDP growth across emerging markets to be 3.9% in 2021, compared to 1.6% across developed markets. The report suggests China and India will drive GDP growth, and emerging markets’ productivity and human capital will gradually converge to developed-market levels.</p>\n<p>—Clint Pekrul</p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title> Here’s What the GameStop Affair Has Taught Us</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n Here’s What the GameStop Affair Has Taught Us\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-08 18:51 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.barrons.com/articles/gamestop-episode-offers-lessons-for-investors-51612572300?mod=RTA><strong>Barrons</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s.\nWhat GameStop Taught Us\nThe Weekly Speculator\nMarketfield Asset ...</p>\n\n<a href=\"https://www.barrons.com/articles/gamestop-episode-offers-lessons-for-investors-51612572300?mod=RTA\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GME":"游戏驿站",".SPX":"S&P 500 Index",".DJI":"道琼斯",".IXIC":"NASDAQ Composite"},"source_url":"https://www.barrons.com/articles/gamestop-episode-offers-lessons-for-investors-51612572300?mod=RTA","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1195153829","content_text":"This commentary was issued recently by money managers, research firms, and market newsletter writers and has been edited by Barron’s.\nWhat GameStop Taught Us\nThe Weekly Speculator\nMarketfield Asset Management\nmarketfield.com\nFeb. 4: After all is said and done, one of the most lasting effects of theGameStop(ticker: GME) episode will be to educate many market participants about the key role and ultimate power held by the clearing institution, the Depository Trust Company. One of the stranger aspects of the affair has been the attempt to paint it as some form of moral crusade, or an opportunity for the “little guy” to get even with Wall Street. The truth is that some large investors lost a great deal of money, while others were well rewarded, just as some small investors will have reaped life-changing sums while others will have lost funds that may prove to be equally impactful. In this sense, the market is a meritocracy, which isn’t quite the same as saying that it is always fair in delivering outcomes.\nWhat is also clear is that late January saw a very significant degrossing of levered hedge-fund investors, without causing a deep correction in the equity market. The S&P 500 essentially respected support at the 50-day moving average, and didn’t need to move down to 3600, which we had set as a “worst case” target. The Nasdaq 100, Russell 2000, and MSCI Emerging Markets Index didn’t need to touch their corresponding trend support, and all three indexes managed to generate a positive return in January, unlike the S&P 500, which registered a small loss. The subsequent bounce has been rapid and broad, as would be expected from a catalyst that was both technical and ephemeral in nature.\nThat it is not a wholly positive or inconsequential affair. The long bull market is now showing signs of developing into a historic mania. This doesn’t mean that a market peak is imminent, but the normative process—whereby what is “appropriate” is ultimately influenced by extremes—means that the levels of risk being taken by the average investor are probably significantly higher than they were pre-Covid.\n—Michael Shaoul, Timothy Brackett\nHeigh-Ho Silver!\nThe Aden Forecast Weekly Update\nThe Aden Forecast\nadenforecast.com\nFeb. 4: Silver caught on fire by zipping up to the August highs near $30 on Monday during the Reddit buying frenzy. Silver was strong anyway, and it’s been holding up well, so whoever pegged silver knew what they were doing. Silver shares also got a big boost upward, and while they have since calmed down, it looks like volatility will stay with us. Silver has been holding above its 15-week moving average since December, and it’ll remain strong by staying above it at $25. The next milestone to surpass is the $30 level, the highs for this bull market. If clearly broken, another leg up will be underway. Keep your silver and silver share positions.\n—Mary Anne and Pamela Aden\nHow to Play Oil’s Recent Rally\nDaily Insights\nBCA Research\nbcaresearch.com\nFeb 4: The recent oil rally will have consequences for asset prices beyond the energy market. While higher oil prices benefit oil exporters, they hurt the economies of oil importers, often with a lag.\nA great example of these dynamics is China. The Chinese economy is a large oil importer; hence, rising oil prices act as a tax on Chinese growth. Moreover, Chinese A shares massively overweight tech stocks, which receive no benefit from higher energy prices. In fact, over the past four years, increasing Brent prices reliably lead to a decline in on-shore domestic markets by roughly three months. The current setup is reminiscent of early 2018. Back then, Chinese A shares had been rallying for a few months after oil prices had started to rally. Ultimately, a deceleration in Chinese growth and cautious policy making from Beijing resulted in a powerful selloff of Chinese equities. Today, Chinese growth is once again decelerating and Beijing is conducting some significant regulatory tightening, while the People’s Bank of China is draining liquidity. Thus, a significant correction in Chinese shares is likely this spring.\nA lower-octane strategy to play these dynamics is to go long United Kingdom equities relative to Germany’s while espousing the implicit currency exposure. German equities are extremely underweight energy, and Germany imports its entire oil consumption. Meanwhile, the U.K. benchmark is replete with energy stocks and the U.K. remains an oil producer, even if it imports some of its oil (rising Brent represents a comparatively smaller tax on the U.K. economy). As a side benefit, the pound is very cheap against the euro and the U.K.’s vaccination campaign is massively ahead of the eurozone’s, which could result in earlier economic dividends north of the Channel and hurt the euro/pound in the process.\n—Mathieu Savary and Team\nHigh-Yield Opportunities\nCarret Credit Insight\nCarret Asset Mangaement\ncarret.com\nFeb. 3: At year-end 2020, the iBoxx High-Yield Index yielded 4.23%, an all-time low. Spreads also registered record tightness. Low yields aren’t a surprise as investors globally reach for income. The Federal Reserve has backstopped the “fallen angels,” allowing many high-yield (HY) companies to refinance at ever-lower rates and extend upcoming maturities for another day. Strong equity markets are forecasting an earnings rebound, and the vaccines will bring brighter days soon. We continue to find attractive values in the short/intermediate portion of the high-quality HY market.\nWe want to share a recent academic study with you regarding the risk and returns in the HY bond market: George Mason Universityrecently publisheda report on HY bond-fund returns and volatility relative to equities (S&P 500). Since 1990, the average HY bond fund has delivered average annualized returns of 7.1% with a volatility of 7.7%. Over the same time period, the S&P 500 delivered an average annualized return of 7.8%, but with almost double the volatility of 14.5%. The conclusion: HY bonds have paid total returns near those of the U.S. stock market with half of the volatility. We believe the HY market will offer competitive returns in the decade ahead, as equity valuations have risen and Treasury yields have plummeted. Our ability to utilize busted convertibles, preferreds, and special-situation income investments enhances our cash-flow opportunities.\n—Jason R. Graybill, Neil D. Klein\nEmerging Markets Blast Off\nPCM Report\nPeak Capital Management\npcmstrategies.com\nFeb. 1: So far, 2021 has been a good year for emerging-market equities. Year to date, theiShares MSCI Emerging Marketsexchange-traded fund (EEM) is higher by roughly 8%, compared to a gain of approximately 3% for theSPDR S&P 500ETF (SPY). Ever since the financial crisis of 2008, emerging markets collectively have woefully lagged U.S. equities.\nWhat could propel the asset class higher in 20201 and beyond? In the long term, the likely catalyst is demographics. Developed markets such as the U.S. and Europe have aging populations, which could suggest lower productivity and gross-domestic-product growth over the next decade compared to emerging-market economies.\nIn its most recent capital-markets report, JPMorgan projected GDP growth across emerging markets to be 3.9% in 2021, compared to 1.6% across developed markets. The report suggests China and India will drive GDP growth, and emerging markets’ productivity and human capital will gradually converge to developed-market levels.\n—Clint Pekrul","news_type":1},"isVote":1,"tweetType":1,"viewCount":45,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3572125033182972","authorId":"3572125033182972","name":"GaryGui","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":2,"crmLevelSwitch":0,"idStr":"3572125033182972","authorIdStr":"3572125033182972"},"content":"Yo yo reply to my message","text":"Yo yo reply to my message","html":"Yo yo reply to my message"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":360699724,"gmtCreate":1613896735068,"gmtModify":1704885778910,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Good weekend","listText":"Good weekend","text":"Good weekend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":2,"repostSize":1,"link":"https://ttm.financial/post/360699724","isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":315069557,"gmtCreate":1612190405679,"gmtModify":1704868010071,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Thanks for the news","listText":"Thanks for the news","text":"Thanks for the news","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/315069557","repostId":"2108271388","repostType":4,"isVote":1,"tweetType":1,"viewCount":22,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3527667803686145","authorId":"3527667803686145","name":"社区成长助手","avatar":"https://static.tigerbbs.com/2b7c7106b5c0c8b0037faa67439d898f","crmLevel":1,"crmLevelSwitch":0,"idStr":"3527667803686145","authorIdStr":"3527667803686145"},"content":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","text":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation","html":"Finally, when you first post [compare heart] [compare heart] post, you can get more exposure by related stocks or related topics. If you want to create high-quality articles, please checkGuidelines for Tiger Community Creation"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184578387,"gmtCreate":1623720207349,"gmtModify":1704209467041,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Go SGX","listText":"Go SGX","text":"Go SGX","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://ttm.financial/post/184578387","isVote":1,"tweetType":1,"viewCount":400,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175534503,"gmtCreate":1627040787902,"gmtModify":1703483019270,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Great","listText":"Great","text":"Great","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/175534503","repostId":"1196327690","repostType":4,"repost":{"id":"1196327690","pubTimestamp":1627039886,"share":"https://ttm.financial/m/news/1196327690?lang=&edition=fundamental","pubTime":"2021-07-23 19:31","market":"us","language":"en","title":"Sundial Growers’ Mixed Business Model Provides Diversity But Also Risks","url":"https://stock-news.laohu8.com/highlight/detail?id=1196327690","media":"InvestorPlace","summary":"Sundial Growers recent focus on investments and strategic partnerships might be risky.\n\nThe investin","content":"<blockquote>\n Sundial Growers recent focus on investments and strategic partnerships might be risky.\n</blockquote>\n<p>The investing world has certainly changed in recent decades. If I had proposed to my partners at my former firm in the 1990s that one day we could buy stock in a company that grows marijuana, I would have been fired on the spot. Canadian based<b>Sundial Growers</b>(NASDAQ:<b><u>SNDL</u></b>) is just one of the many recognizable names in the industry, though, and SNDL stock is a hot commodity.</p>\n<p><img src=\"https://static.tigerbbs.com/9a479cfb16dfe97a4f99ada5c11147fe\" tg-width=\"300\" tg-height=\"169\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\">Source: Jetacom Autofocus / Shutterstock.com</p>\n<p>SNDL produces and markets various marijuana products for the adult-use market throughout Canadian territories. The company’s primary focus is on inhalable products and brands (flower, pre-rolls, and vapes). Sundial’s top brands include highly evocative names like Sundial, Top Leaf, Palmetto, and Grasslands.</p>\n<p>As I started research, in order to access their investor relations I had to tell them which Canadian province I live in (I live inNunavut). Make no mistake, this is not a biotech or pharmaceutical company using marijuana to advance medical science — these guys grow pot so you can get high.</p>\n<p>The company operates a state-of 448,000 square foot indoor growing facility in Alberta. The company claims this facility can grow small batch consistent product, but at a scale that is necessary to support its long-term growth goals.</p>\n<p><b>Spiritleaf Retail Stores</b></p>\n<p>In May, SNDL announced it was buyingretail marijuana company<b>Inner Spirit</b>&nbsp;<b>Holdings</b>in a cash-and-stock deal worth 131 million CAD ($104 million). Inner Spirit operates approximately 86 retail stores under the brand Spiritleaf with the goal of reaching 100 units in 2021.</p>\n<p>Retail sales in 2020 exceeded 100 million CAD ($80 million). Inner Spirit Holdings was EBITDA positive in Q1 2021. This retail presence gives the company an integrated supply chain model that will help with future growth and quality control.</p>\n<p><b>SNDL Stock in Growth Mode</b></p>\n<p>Sundial is still in start-up or growth mode as reflected in its past 2 years financials. Net revenue was 60.9 million CAD ($48.5 million) in 2020 and 63.6 million CAD ($50.6 million) in 2019, while net losses were 240 million CAD ($191 million) and 272 million CAD ($216 million) respectively. A big chunk of the 2020 losses were a 45.9 million CAD ($36.5 million) inventory obsolesce charge and 79 million CAD ($63 million) in asset impairment charges. Regardless of those two items, operating losses were still significant.</p>\n<p>The company is still expected to continue burning cash for the foreseeable future. The good news is that after a share and warrant issuance in Q1 2021, the company now has 873 million ($695 million) in cash on the balance sheet and no debt (that was before the Inner Spirt transaction).</p>\n<p>The bad news is the share issuance was highly dilutive as fully dilutive shares stood at 1.77 billion at the end of Q1 2021 which increased from 913 million at the end of 2020. If you see reasonably good companies with no debt and their stock is selling for less than a dollar per share, it’s usually related to highly dilutive share offerings.</p>\n<p>SNDL Stock and Investments</p>\n<p>The company has been actively using its cash for investments and strategic partnerships, so much so that accounting guidelines in conjunction with management decisions dictate that they now have two segments going forward — marijuana and investments. These investments include forming a joint venture through a new corporation, SunStream Bancorp:</p>\n<blockquote>\n “The Joint Venture will leverage a strategic financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry to provide exposure to a portfolio of attractive debt, equity and hybrid investments.”\n</blockquote>\n<p>Other investment include a $22 million investment in an edibles company call<b>Indiva</b>and taking a 10% stake in cannabis research company<b>Valens</b>(OTC:<b><u>VLNCF</u></b>).</p>\n<p><b>Conclusion</b></p>\n<p>It will be an enormous undertaking for SNDL stock to grow into its highly dilutive $1.5 billion market cap. All those investment and strategic partnerships may pay off, but they should be recognized for what they are — investments. So does that diversify the risk, or does it increase the risk by allocating cash to risky or unproven business models? It likely increases the risk.</p>\n<p>Therefore, in order for SNDL stock to perform steadily over time, the core business needs to be profitable and generate free cash flow. Until that happens, or a clear path can be seen for that to happen, SNDL stock is entirely speculative and risky.</p>","source":"lsy1606302653667","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Sundial Growers’ Mixed Business Model Provides Diversity But Also Risks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSundial Growers’ Mixed Business Model Provides Diversity But Also Risks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-23 19:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/><strong>InvestorPlace</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Sundial Growers recent focus on investments and strategic partnerships might be risky.\n\nThe investing world has certainly changed in recent decades. If I had proposed to my partners at my former firm ...</p>\n\n<a href=\"https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNDL":"SNDL Inc."},"source_url":"https://investorplace.com/2021/07/sndl-stock-mixed-business-model-provides-diversity-but-also-risks/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1196327690","content_text":"Sundial Growers recent focus on investments and strategic partnerships might be risky.\n\nThe investing world has certainly changed in recent decades. If I had proposed to my partners at my former firm in the 1990s that one day we could buy stock in a company that grows marijuana, I would have been fired on the spot. Canadian basedSundial Growers(NASDAQ:SNDL) is just one of the many recognizable names in the industry, though, and SNDL stock is a hot commodity.\nSource: Jetacom Autofocus / Shutterstock.com\nSNDL produces and markets various marijuana products for the adult-use market throughout Canadian territories. The company’s primary focus is on inhalable products and brands (flower, pre-rolls, and vapes). Sundial’s top brands include highly evocative names like Sundial, Top Leaf, Palmetto, and Grasslands.\nAs I started research, in order to access their investor relations I had to tell them which Canadian province I live in (I live inNunavut). Make no mistake, this is not a biotech or pharmaceutical company using marijuana to advance medical science — these guys grow pot so you can get high.\nThe company operates a state-of 448,000 square foot indoor growing facility in Alberta. The company claims this facility can grow small batch consistent product, but at a scale that is necessary to support its long-term growth goals.\nSpiritleaf Retail Stores\nIn May, SNDL announced it was buyingretail marijuana companyInner Spirit Holdingsin a cash-and-stock deal worth 131 million CAD ($104 million). Inner Spirit operates approximately 86 retail stores under the brand Spiritleaf with the goal of reaching 100 units in 2021.\nRetail sales in 2020 exceeded 100 million CAD ($80 million). Inner Spirit Holdings was EBITDA positive in Q1 2021. This retail presence gives the company an integrated supply chain model that will help with future growth and quality control.\nSNDL Stock in Growth Mode\nSundial is still in start-up or growth mode as reflected in its past 2 years financials. Net revenue was 60.9 million CAD ($48.5 million) in 2020 and 63.6 million CAD ($50.6 million) in 2019, while net losses were 240 million CAD ($191 million) and 272 million CAD ($216 million) respectively. A big chunk of the 2020 losses were a 45.9 million CAD ($36.5 million) inventory obsolesce charge and 79 million CAD ($63 million) in asset impairment charges. Regardless of those two items, operating losses were still significant.\nThe company is still expected to continue burning cash for the foreseeable future. The good news is that after a share and warrant issuance in Q1 2021, the company now has 873 million ($695 million) in cash on the balance sheet and no debt (that was before the Inner Spirt transaction).\nThe bad news is the share issuance was highly dilutive as fully dilutive shares stood at 1.77 billion at the end of Q1 2021 which increased from 913 million at the end of 2020. If you see reasonably good companies with no debt and their stock is selling for less than a dollar per share, it’s usually related to highly dilutive share offerings.\nSNDL Stock and Investments\nThe company has been actively using its cash for investments and strategic partnerships, so much so that accounting guidelines in conjunction with management decisions dictate that they now have two segments going forward — marijuana and investments. These investments include forming a joint venture through a new corporation, SunStream Bancorp:\n\n “The Joint Venture will leverage a strategic financial and operational partnership to generate asymmetrically enhanced risk-return opportunities in the cannabis industry to provide exposure to a portfolio of attractive debt, equity and hybrid investments.”\n\nOther investment include a $22 million investment in an edibles company callIndivaand taking a 10% stake in cannabis research companyValens(OTC:VLNCF).\nConclusion\nIt will be an enormous undertaking for SNDL stock to grow into its highly dilutive $1.5 billion market cap. All those investment and strategic partnerships may pay off, but they should be recognized for what they are — investments. So does that diversify the risk, or does it increase the risk by allocating cash to risky or unproven business models? It likely increases the risk.\nTherefore, in order for SNDL stock to perform steadily over time, the core business needs to be profitable and generate free cash flow. Until that happens, or a clear path can be seen for that to happen, SNDL stock is entirely speculative and risky.","news_type":1},"isVote":1,"tweetType":1,"viewCount":391,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":368879169,"gmtCreate":1614312700951,"gmtModify":1704770519636,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Happy weekend","listText":"Happy weekend","text":"Happy 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monday","listText":"Great monday","text":"Great 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weekend","listText":"Happy weekend","text":"Happy weekend","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/350418613","isVote":1,"tweetType":1,"viewCount":93,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":363478472,"gmtCreate":1614168885196,"gmtModify":1704889006102,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Have a good evening","listText":"Have a good evening","text":"Have a good evening","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/363478472","isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":314536173,"gmtCreate":1612361741292,"gmtModify":1704870191023,"author":{"id":"3572499390850492","authorId":"3572499390850492","name":"TTJLeong","avatar":"https://static.laohu8.com/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3572499390850492","authorIdStr":"3572499390850492"},"themes":[],"htmlText":"Up up away","listText":"Up up away","text":"Up up away","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/314536173","repostId":"1190569667","repostType":4,"repost":{"id":"1190569667","pubTimestamp":1612349733,"share":"https://ttm.financial/m/news/1190569667?lang=&edition=fundamental","pubTime":"2021-02-03 18:55","market":"us","language":"en","title":"GameStop climbs 12% in volatile premarket trade as Reddit traders dig in","url":"https://stock-news.laohu8.com/highlight/detail?id=1190569667","media":"cnbc","summary":"KEY POINTS\n\nShares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% ju","content":"<div>\n<p>KEY POINTS\n\nShares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock.\nBut the momentum ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/03/gamestop-climbs-11percent-in-volatile-premarket-trade-as-reddit-traders-dig-in.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>GameStop climbs 12% in volatile premarket trade as Reddit traders dig in</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nGameStop climbs 12% in volatile premarket trade as Reddit traders dig in\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-03 18:55 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/02/03/gamestop-climbs-11percent-in-volatile-premarket-trade-as-reddit-traders-dig-in.html><strong>cnbc</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>KEY POINTS\n\nShares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock.\nBut the momentum ...</p>\n\n<a href=\"https://www.cnbc.com/2021/02/03/gamestop-climbs-11percent-in-volatile-premarket-trade-as-reddit-traders-dig-in.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a6f99468960c8d559870f82a67747dd7","relate_stocks":{"GME":"游戏驿站"},"source_url":"https://www.cnbc.com/2021/02/03/gamestop-climbs-11percent-in-volatile-premarket-trade-as-reddit-traders-dig-in.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1190569667","content_text":"KEY POINTS\n\nShares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock.\nBut the momentum had waned earlier this week.\nGamestop stock dropped 60% on Tuesday and it has lost more than 70% of its value since Friday.\n\nGameStopshares gained 12% in premarket trade on Wednesday as the short squeeze fueled by retail traders on Reddit looks to revive itself following a steep decline.\nThe stock had been down by more than 11% earlier on Wednesday morning but swung into the black shortly after 5 a.m. ET.\nShares of the bricks-and-mortar video game retailer surged 1,625% in January and 400% just last week, as traders led by Reddit thread WallStreetBets piled into the stock.\nBut the momentum had waned earlier this week. Gamestop stock dropped 60% on Tuesday and ithas lost more than 70% of its value since Friday.\nAMC Entertainment, another heavily shorted stock that was also targeted by Reddit traders, was up by around 4% in premarket trade.\nRobinhood and other retail trading appscontinue to limit some buying of a collection of stocks pursued by the Reddit thread. Many Wall Street hedge funds began short-covering toward the end of last week after taking significant losses in the squeeze.\nShort selling is a strategy in which investors borrow shares of a stock at a certain price on expectations that the market value will fall below that level when it’s time to pay for the borrowed shares. 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