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            PLUS: Amazon’s podcast play, explained.
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                  January 4, 2021
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                  TOGETHER WITH
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                   New Year. New Bitcoin highs.
                  </p>
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                   The cryptocurrency crossed $30k for the first time over the weekend and continues to be an endless fountain of FOMO.
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               The Big Idea
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               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 10px;">
                A recreation of Tim Cook’s conversation with Elon Musk (accuracy may vary)
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                The reason Apple wouldn’t acquire Tesla
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It’s a deal that would have broken the internet: Apple acquiring Tesla.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                According to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Elon Musk
                </a>
                , the Tesla CEO reached out to Apple’s CEO Tim Cook in 2017-18 to discuss a possible deal, but -- as they say in official M&amp;A language -- Cook ghosted.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                This revelation came a day after
                <em>
                 Reuters
                </em>
                recently reported that Apple was aiming to have car production online by
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 2024
                </a>
                .
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Tesla was worth ~$60B when Musk reached out...
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                ...1/10th of its current market value. Apple
                <em>
                 did
                </em>
                have the cash on hand at the time (~$120B) to make a deal at those eye-watering numbers.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                However, such an acquisition simply doesn’t fit into Apple’s M&amp;A playbook. According to Apple analyst
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Neil Cybart
                </a>
                , there are 3 business components that Apple doesn’t look for in an acquisition:
               </p>
               <ul style="font-size: 15px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Brand:
                 </strong>
                 Apple already has the world’s leading brand.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Revenue:
                 </strong>
                 It grows revenue through internal efforts, not acquisition.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  User base:
                 </strong>
                 Apple already has 1B+ users that will happily buy anything it sells.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Neither Tesla’s sterling brand nor its loyal fan base would have been much use to Apple.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 What does Apple use M&amp;A for?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                According to Cybart, Apple typically acquires a company for
                <strong>
                 technology
                </strong>
                or
                <strong>
                 talent
                </strong>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Consider Apple’s biggest acquisition: Beats Electronics for $3.2B in 2014. While the Beats brand was well-known, the lasting legacy from the acquisition is the underlying
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 tech
                </a>
                and know-how that has powered Apple Music and the expanding AirPods line.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Instead of spending tens of billions to acquire Tesla, Apple has gone the much cheaper route of selectively poaching talent.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 The biggest name poached: Doug Field
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                He is a former Apple employee who left for Tesla in 2013. After 5 years working with Musk, Field was one of
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 46
                </a>
                employees who left Tesla for Apple in 2018.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                He heads Apple’s car project (“Project Titan”) and -- per
                <em>
                 Reuters
                </em>
                -- must now decide if Apple will manufacture its own car or license its auto software to a third party.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While Apple didn’t get to break the internet with a Tesla acquisition, we all know it’s gonna get cray when the iCar hits in the next few years.
               </p>
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               Snippets
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                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Speaking of Tesla,
                 </strong>
                 the electric car manufacturer nearly hit its
                 <a style="color: #d62829; text-decoration: none;">
                  500k
                 </a>
                 delivery target for 2020, ~35% more than 2019.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <em>
                  <strong>
                   The Great Gatsby
                  </strong>
                 </em>
                 is among a number of classic works copyrighted in 1925 that have entered the public domain. Now, there’s chatter -- which we 1000% support -- of people wanting a Muppets
                 <a style="color: #d62829; text-decoration: none;">
                  remake
                 </a>
                 of F. Scott Fitzgerald’s classic.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Big News:
                 </strong>
                 Tribune Publishing -- home to 9 papers including the Chicago Tribune and New York Daily News -- is mulling a buyout bid from Alden Global Capital, a hedge fund that already owns
                 <a style="color: #d62829; text-decoration: none;">
                  32%
                 </a>
                 of the news organization.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  And, you’re out:
                 </strong>
                 The
                 <a style="color: #d62829; text-decoration: none;">
                  NYSE
                 </a>
                 is removing 3 Chinese telecom companies from its exchange. Why? A new executive order in the US puts restrictions on firms with ties to China’s military.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  In our own backyard:
                 </strong>
                 Russian hackers behind the
                 <a style="color: #d62829; text-decoration: none;">
                  SolarWinds
                 </a>
                 hack did the attack from servers within the US so as to “evade ‘legal prohibitions on the National Security Agency from engaging in domestic surveillance,’” writes the
                 <a style="color: #d62829; text-decoration: none;">
                  <em>
                   New York Times
                  </em>
                 </a>
                 .
                </li>
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              <td style="color: #D62829; font-size: 15px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               Get The Shell Out Of Here
              </td>
             </tr>
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              <td style="padding: 0 0 6px;">
               <img alt="money gif" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FBank_Money.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kwP2K:zHpovPvJmzxT2GuEd9X3GgKgQ2KYMcVAVUcOKnTcCHA" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Anonymous shell companies will (finally) be illegal
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In the ranking of “Why is this thing allowed to exist?”, anonymous shell companies are pretty high up there.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Per
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  The Economist
                 </em>
                </a>
                , the situation is so bad that America ranks 2nd-worst on another list, The Tax Justice Network’s financial-secrecy index. It barely beats out the Cayman Islands, a place synonymous with shady financial dealings.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Here’s an embarrassing fact: In all 50 states, there are more disclosure requirements to get a library card than to start a new LLC.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Things are set to change
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                As part of the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 new
                </a>
                defense bill, anti-money-laundering rules will have stricter disclosure requirements, including naming
                <em>
                 true
                </em>
                owners, not just people who signed the papers.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                “Required ownership disclosures will help prevent terror groups, drug cartels or other bad actors,” writes the
                <em>
                 Wall Street Journal
                </em>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The US Treasury Department will outline the exact measures over the next year.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Not everyone is happy with the new rules
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The National Federation of Independent Business says additional requirements -- and threats of fines -- will be a burden for small businesses.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                However, the estimated filing time is only 30 minutes.
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The new bill will also create new avenues for whistleblowers to report on financial crimes, per the
                <em>
                 WSJ.
                </em>
                Together, these moves should improve America’s dubious standing on that good ‘ol financial-secrecy index.
               </p>
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                <strong>
                 We’re entering crisis mode: Our copywriter keeps losing weight and gaining confidence
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                As of this week, he’s down 13 lbs and up one heaping dose of swagger. And frankly… it’s a problem:
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                 He signed off our all-hands Zoom meeting on Monday by doing the double-finger-guns and winking at Sam
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                 He said he’s getting into the “
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                 ” but won’t elaborate (he thinks it’ll “
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                 )
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                 He just started rocking an earring
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                But hey, that’s just what happens when you feel good about yourself.
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                 And it’s all thanks to Noom.
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                <strong>
                 Noom year, Noom me
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                Noom’s approach to changing your eating habits works by
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                 focusing on 3 common (and underutilized) areas
                </a>
                .
               </p>
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                <strong>
                 Knowledge:
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                Learn what to eat, why you make the choices you do, and how to build new habits that last -- all on your own terms and pace.
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                <strong>
                 Flexibility:
                </strong>
                Noom accommodates your favorite foods, existing schedule, and lifestyle, so making a change doesn’t feel overwhelming.
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                <strong>
                 Support
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                : Your
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                support -- not pressure -- you on your way to success.
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                That means unlike traditional New Year’s Resolutions, you can stick with it for the long haul.
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                <strong>
                 Want to try Noom for yourself? Get a 7 day trial of for $0.50:
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               In Pod We Trust
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Amazon’s podcast play, explained
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Last summer, Spotify had a very noteworthy job posting on its
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 website
                </a>
                : “Head of Audio Books.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It was a logical step for the streaming giant, which has aggressively expanded from music to podcasts.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Amazon -- which owns the current audiobook leader, Audible -- must have taken notice, and its
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 $300m
                </a>
                deal for podcast studio Wondery (“Dr. Death,” “Dirty John”) is likely in response to the rising Spotify threat.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Amazon is building a moat for Audible and Amazon Music
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                According to leading podcast analyst
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Nick Quah
                </a>
                , Amazon made 2 notable additions in the fall designed to keep users on its platform:
               </p>
               <ul style="font-size: 15px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Podcast distribution:
                 </strong>
                 It now hosts third-party podcasts so that users don’t have to jump to another app for podcast playing.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Original content:
                 </strong>
                 A slate of exclusive “podcasts” were created, allowing Amazon to differentiate its audio offerings.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While Wondery content will initially appear on Amazon Music, the deal can clearly help Audible down the line, too.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Podcast listeners are projected to hit 2B by 2025...
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                ... up from
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 800m
                </a>
                in 2019, per data firm Omdia.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Amazon’s move is the latest in a
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 space
                </a>
                that has seen a frenzy of activity:
               </p>
               <ul style="font-size: 15px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Spotify
                 </strong>
                 scooped up talent like Joe Rogan, The Ringer, and Gimlet Media as well as tech for production (Anchor) and ads (Megaphone)
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  The
                 </strong>
                 <em>
                  <strong>
                   New York Times
                  </strong>
                 </em>
                 acquired Serial Production, an audio production company
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Sirius XM
                 </strong>
                 (which owns Pandora) acquired podcast player Stitcher and hosting service Simplecast
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Apple
                 </strong>
                 acquired
                 <a style="color: #d62829; text-decoration: none;">
                  Scout FM
                 </a>
                 , which uses AI to curate custom podcast playlists
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The land grab is so crazy that
                <em>
                 The Hustle
                </em>
                is mulling a new job posting: Head of WTF is Going On in Podcasts.
               </p>
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               Stonks
              </td>
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              <td style="padding: 0 0 6px;">
               <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fstonks.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kwP2K:zHpovPvJmzxT2GuEd9X3GgKgQ2KYMcVAVUcOKnTcCHA" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                What were the top stocks of 2020?
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                If you were invested in the S&amp;P 500 on January 1, 2020, and fell asleep for the entire year, you would have woken up on December 31, 2020, with a
                <strong>
                 +16.3%
                </strong>
                gain.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                That is nuts (as if nothing happened!).
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The index would have gone even higher if its top 2 performing stocks (Tesla, Etsy) were added to the index earlier in the year.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Across the entire S&amp;P 500 index, 6 stocks gained at least
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 100%
                </a>
                :
               </p>
               <ol style="font-size: 15px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Tesla ($TSLA):
                 </strong>
                 +743%
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Etsy ($ETSY):
                 </strong>
                 +302%
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Nvidia ($NVDA):
                 </strong>
                 +122%
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Paypal ($PYPL):
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                 +117%
                </li>
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                 <strong>
                  L Brands ($LB):
                 </strong>
                 +106%
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Albemarle ($ALB)
                 </strong>
                 : +102%
                </li>
               </ol>
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                 Get your MBA in 2021 from a top 10 online program
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 2020:
                </strong>
                Total wash.
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                <strong>
                 2021:
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                Full of opportunity -- especially when it comes to your career.
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                , which is *also* the #1 school for graduate entrepreneurship
                <em>
                 and
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                the #5 school for best finance MBA.
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                Not a bad combo, Rice. Not a bad combo at all.
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                Fine-tune your innovation, feed your curiosity, and do it all from that very comfy couch you just upgraded to.
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                Land Rover ad... pls do not try this at home
               </p>
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                 The car industry is no stranger to M&amp;A deals,
                </strong>
                with many huge ones taking place in recent
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 decades
                </a>
                :
               </p>
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                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Daimler-Benz’s takeover of Chrysler for $38B in 1998.
                 </strong>
                 At the time, it was the world’s largest cross-border deal ever, but the “marriage made in heaven” saw a huge clash of cultures between the German and American car manufacturers. Following a number of lawsuits, Daimler sold Chrysler off for $6B in 2007.
                 <br/>
                 <br/>
                 Chrysler filed for bankruptcy in 2009, which started a process that would see Fiat take over the car company by 2014 (costing $10B+ in total).
                 <br/>
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Ford sells Land Rover and Jaguar to Indian carmaker Tata Motors for $2.3B in 2008.
                 </strong>
                 At the time, Ford was fighting for its own survival amidst a challenging economy. Tata’s “hands-off” policy has helped UK-based Jaguar Land Rover revive the brands.
                 <br/>
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Volkswagen acquires Porsche.
                 </strong>
                 This one is pretty wild. Porsche’s chairman acquired ~50% of Volkswagen between 2005-08. At 75% ownership, he would receive “€8 billion cash back on its purchase.”
                 <br/>
                 <br/>
                 Amidst worsening economic conditions in Europe in 2012, Porsche ran out of financial ammo, and Volkswagen turned around and “swallowed” the luxury car company for €4.5B.
                </li>
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