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Evan Epstein
@evanepstein
Exec. Dir & Prof. / Founder Pacifica Global / Host 
boardroom-governance.com / Author Newsletter 
evanepstein.substack.com #corpgov
boardroom-governance.com / Author Newsletter evanepstein.substack.com #corpgovEvan Epstein’s Tweets
Stock performance this year:
Coinbase: +111%
Wayfair: +104%
Affirm: +88%
SoFi: +62%
Meta: +55%
Roku: +54%
Tesla: +54%
Shopify: +53%
Nvidia: +44%
Airbnb: +39%
Roblox: +35%
Block: +35%
AMD: +33%
Salesforce: +29%
Netflix: +24%
Amazon: +23%
eBay: +22%
Alphabet: +19%
Apple: +19%
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Interesting story. The infographic is very telling. / Toyota’s new chief set to steer conventional course towards electric future on.ft.com/3l9Y8YS
So many more questions than answers on this one / U.S. jet fighters shot down a suspected Chinese surveillance balloon over the Atlantic Ocean on Saturday, days after it was spotted crossing the U.S.
JUST IN: 🇺🇸 US credit card debt reaches $930.6 billion, a new all-time high.
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This late stage capital has gone down by ~50% in < 18 months for the reasons Tom outlines as we have seen in our internal analysis. Pull back of cross-over, mutual funds, hedge funds & SWFs
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I’d like to coin a new term on the topic of Dry Powder in venture capital —
Sublimation:
The disappearance of the capital from hedge funds, mutual funds, corporate VCs, family offices, sovereigns, etc. when markets turn frosty.
The disappearance of the capital from hedge funds, mutual funds, corporate VCs, family offices, sovereigns, etc. when markets turn frosty.Show this thread
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Apple has bought back $566 billion in stock over the past 10 years, which is greater than the market cap of 494 companies in the S&P 500.
$AAPL
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Interesting thread on
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A typical Planet Fitness has 7,500 members, of which only ~10% show up on a given day.
In fact, the large majority of their 17,000,000 members worldwide rarely go to the gym.
The genius behind the Planet Fitness franchise model:
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BREAKING: Record low temperature recorded in the US as wind chill in New Hampshire drops to -105°F (-76°C).
“This case is another example of Mr. Musk’s unusual appetite for seeing cases through to trial. From 1997 to 2021, less than 0.2% of federal securities class-action cases, excluding those involving M&A, were tried to a verdict.”
That’s some return.
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Steve Jobs bought Pixar on this day in 1986.
It was part of Lucasfilm.
George Lucas wanted to sell.
Jobs had left Apple and was looking for a new adventure.
He paid $5 million.
He then invested another $5 million.
20 years later, Disney bought Pixar for $7.4 billion.
Great read. Tether remains an enigma but has resisted a lot… / “If Tether’s nearly $68 billion asset portfolio is paying 4.5% a year, roughly what short-term Treasurys are yielding, the company is taking in about $3 billion a year. Tether coins pay no interest.”
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"An amateur pilot himself, in 2008 he crashed a plane into his neighbor’s garden after attempting to land on a private landing strip at his wife’s home"
Great read on Tether's owners. Also included: an online gambling attorney & two electronics importers
wsj.com/articles/tethe
All this whole Wyoming is proposing to phase out the sale of new EVs… wyoleg.gov/Legislation/20
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Wow, I was curious to find out what US state had the best EV incentives. You can get a brand new Model 3 RWD in Oregon for as little as $30,630 after incentives!
The state will give you up to $7,500 (in additional to the $7.5k federal incentive). The state also has no sales tax.
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What a take on the enforcement actions targeting Whatsapp use 👀
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This newsletter gives you maximum optionality. bloomberg.com/opinion/articl
On his quote of Mark Twain, who was thought to have said that “a mine is a hole in the ground with a liar on top,” imagine if all mining was banned? No modern infrastructure and economy could be built!
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Not much nuance here by Charlie Munger. Praising a 100-year public trading ban in England in the early 1700s and then thanking the Chinese communist party leader seems like a stretch. The US should not throw the baby out with the bathwater.
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Incredible effect of ’s report / “Losses for Adani Group stocks escalated to $100bn after the conglomerate’s flagship company called off the equity issue, saying it would “not be morally correct” to proceed given the stock wipeout.”
“Profits hit ~$40bn in 2022, double last year's total and the highest in its 115-year history. Energy firms have seen record earnings since oil and gas prices jumped following the invasion of Ukraine.”
Cost Of A 30-Second Super Bowl Ad:
1967: $42,500
1970: $78,000
1975: $107,000
1980: $222,000
1985: $525,000
1990: $700,000
1995: $1.2 million
2000: $2 million
2005: $2.4 million
2010: $3 million
2015: $4.25 million
2021: $5.5 million
2022: $6.5 million
2023: $7 million
Crazy 🤯
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Partner Mario Mancuso joined the Boardroom Governance Podcast, with Evan Epstein of UC Hastings College of the Law, to discuss geopolitics, strategy, M&A and national security in the boardroom. Listen here: bit.ly/3WY4Zl8
Interesting succession trend here #corpgov / Late Subway co-founder leaves 50 percent of sandwich chain to charitable foundation cbsnews.com/news/subway-pe via
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How not to do it... / The chief executive of cloud computing startup PagerDuty apologized for quoting Dr. Martin Luther King Jr. in a layoff announcement wsj.com/articles/pager via
Some more details on the Lithium Americas / General Motors mega deal:
✅ GM now largest shareholder in $LAC
✅ Biggest OEM investment in battery raw materials / upstream
✅ Designed to maximise DOE loan programs - policy actually works, a direct hit!
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The Third Circuit is very much correct in throwing the LTL Management bankruptcy out of court, and in doing so lays out a clear principle: Firms that are not financially distressed have no business seeking the bankruptcy court as bargaining space for their problems.
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Today I learned that Madison Square Garden Entertainment has 17 board members including 9 members of the Dolan family! $MSGE
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Incredible sketch. Well done!
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How much battery raw material will Tesla’s expanded 140GWh Gigafactory in Nevada consume each year?
A really good @benchmarkmin sketch of just how critical mineral hungry these super sized EV battery plants are.
There are 13 gigafactories in the Benchmark pipeline over 100GWh.
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The Del. Chancery Court refused to dismiss Caremark claims against a corporate officer - marking the 1st time a Del. court has applied Caremark's oversight duties to a corporate officer. thecorporatecounsel.net/blog/2023/01/c
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Check out this new online course from the UC Center for Business Law SF (@uclaw_sf). Prof Abe Cable discusses legal ethics, including Q&A with @Paul_Hastings attorneys. Plus regulatory developments with Flavia Naves (GC @circle).
Register in this link: lnkd.in/g9FWy6wv
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Adani’s response to is the same as ’s response to our original 350-page presentation. Herbalife remains a pyramid scheme. I found the Hindenburg report highly credible and extremely well researched. response speaks volumes. Caveat emptor.
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Great response, especially the last sentence. twitter.com/HindenburgRes/…
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Through affinity scams, a bad actor might pose as someone or an organization that you know or trust.
Curious how affinity fraud works?
Learn more about what you can do to avoid it:
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Amex has an incredible business model.
Convinced tech + finance professionals to pay $695/year in fees for a metal credit card, which grants you the luxury experience of waiting 45 minutes to get into a crowded airport lounge at 7:25am with bad coffee and free newspapers.
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Annual US government spending on climate is skyrocketing 🚀🚀
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“Sullivan [earned] $8.6M performing multiple assignments for FTX. Now the law firm may be in line for a windfall of tens of millions of dollars paid by the bankruptcy estate for helping steer the stricken crypto empire through bankruptcy.”
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