Feb 19Liked by Brad Freeman

Great stuff as always, Brad! I know you exited PENN but any interest still out there in sports betting stocks? In particular wondering if you've ever reviewed league data rights holders such as Genius Sports (GENI) or Sportradar (SRAD)?

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on TTD -everything is great and great tailiwinds but

"Announced a new $700 million buyback to offset the $600 million founder package awarded to Jeff Green Q4 2021 in connection with eclipsing all performance benchmarks. I love this decision."

Stock comp was 25% of sales vs. 30% QoQ and 51% YoY when the founder package began vesting. That package will finish vesting by the end of 2023 -- but again now all of that dilution is being offset "

The dilution offset costs real money to the shareholders . it is hardly a partnership a la Buffett when the SBC is so egregious . This company will do well but share holders will not benefit much due to wedge created by the SBC

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