It's been a while since we've posted a Razor's Edge episode, and a lot has happened! A whole banking crisis came and went and apparently is all resolved (?). More relevant to the sort of things we talk about, the Nasdaq has returned to full bull market mode, powered by the excitement around generative AI, as best embodied by Nvidia's smashing earnings report of late May 2023. There's a lot to be legitimately excited about with this trend, and at the same time, like every exciting new thing, there's a lot to be suspicious of. Is generative AI going to generate us right out of what was still a re-centering, declining tech market? Can generative AI be good for every publicly traded tech company except CHGG? When does chat GPT replace us as hosts? That's what we cover on this week's episode, more or less.Topics Covered3:00 minute mark - The macro backdrop for this bifurcated rally 7:30 – What we learned from NVDA’s report 15:30 – How this AI compute trend plays out across the semiconductor sector 24:00 – AI uses and AI losers or trade-offs 34:00 – Bear market rally, death of permabears, and the many crosswinds 46:00 – How the cost-cutting rally collides with the AI investment rally 53:30 – How does anyone get an edge using AI

It's been a while since we've posted a Razor's Edge episode, and a lot has happened! A whole banking crisis came and went and apparently is all resolved (?). More relevant to the sort of things we talk about, the Nasdaq has returned to full bull market mode, powered by the excitement around generative AI, as best embodied by Nvidia's smashing earnings report of late May 2023. There's a lot to be legitimately excited about with this trend, and at the same time, like every exciting new thing, there's a lot to be suspicious of. Is generative AI going to generate us right out of what was still a re-centering, declining tech market? Can generative AI be good for every publicly traded tech company except CHGG? When does chat GPT replace us as hosts? That's what we cover on this week's episode, more or less.Topics Covered <ul><li>3:00 minute mark - The macro backdrop for this bifurcated rally</li> <li>7:30 – What we learned from NVDA’s report</li> <li>15:30 – How this AI compute trend plays out across the semiconductor sector</li> <li>24:00 – AI uses and AI losers or trade-offs</li> <li>34:00 – Bear market rally, death of permabears, and the many crosswinds</li> <li>46:00 – How the cost-cutting rally collides with the AI investment rally</li> <li>53:30 – How does anyone get an edge using AI</li></ul>

The AI Rally: Sorting out Heft from Hype

It’s been a funky start to the year, as a dash for trash rally has extended into a not as bad as expected earnings rally, and now it’s easy to be wrongfooted. We dive into this market, including how markets don't go straight to zero, no matter what December felt like; how recessions take a long time to play out; what we can learn from moves in Twilio and Meta; and why the rise of AI has complicated narratives. 

It’s been a funky start to the year, as a dash for trash rally has extended into a not as bad as expected earnings rally, and now it’s easy to be wrongfooted. We dive into this market, including how markets don't go straight to zero, no matter what December felt like; how recessions take a long time to play out; what we can learn from moves in Twilio and Meta; and why the rise of AI has complicated narratives.

The 2023 Market’s Squeezy, Trashy, Inevitable Start to the Year

On this week's The Razor's Edge, we talk about software as a service and how the market seems to repeat the same patterns over and over. Those patterns include: Taking the last three months and the next three months and extrapolating far into the future Ignoring valuation until it's too late to ignore valuation Searching for silver bullet explanations and one-size-fits-all theories  This time around that means that some of the first Covid winners and first Covid hangover victims are starting to look like interesting post-hangover recoveries; that usage based business models are just business models with their pluses and minuses; and that profitability matters, whether its actual profitability or easy to see how a company cuts to get there.

On this week's The Razor's Edge, we talk about software as a service and how the market seems to repeat the same patterns over and over. Those patterns include: <ul><li>Taking the last three months and the next three months and extrapolating far into the future</li> <li>Ignoring valuation until it's too late to ignore valuation</li> <li>Searching for silver bullet explanations and one-size-fits-all theories</li> </ul> This time around that means that some of the first Covid winners and first Covid hangover victims are starting to look like interesting post-hangover recoveries; that usage based business models are just business models with their pluses and minuses; and that profitability matters, whether its actual profitability or easy to see how a company cuts to get there.

Docusign, Zoom, MongoDB, and the SaaS Circle of Life

All-star guest Compound248 joins us to follow up on a wild week in the markets. We talk Elon Musk’s high volume start as owner of Twitter and the SBF, FTX, crypto crisis. Akram's Razor and Compound go back and forth on the import for the cryptosphere, why Elon and team could have taken easier shots on goal, and break down what breaking the buck means, among other topics.  It's a story of the Hindenburg and the Titanic, and we see how things got to where they are and what might change. 5:00 minute mark – Twitter – the Twitter turmoil in the Musk era, and what Twitter could/should be doing now, the power of direct messages, Elon’s core thesis and the voices in his ear, the timing; Twitter’s data business and a SaaS digression 44:00 minute mark – FTX – the building blocks that lead to FTX’s and SBF’s rise; where things went wrong; the importance of staying silent as a levered brokerage business; the Lehman and other parallels; SBF’s use of Twitter; Binance’s checkmate move and whether it was proximate or definitive; breaking the buck; the final takeaways for crypto and for bitcoin – bull or bear?

All-star guest Compound248 joins us to follow up on a wild week in the markets. We talk Elon Musk’s high volume start as owner of Twitter and the SBF, FTX, crypto crisis. Akram's Razor and Compound go back and forth on the import for the cryptosphere, why Elon and team could have taken easier shots on goal, and break down what breaking the buck means, among other topics.  It's a story of the Hindenburg and the Titanic, and we see how things got to where they are and what might change. 5:00 minute mark – Twitter – the Twitter turmoil in the Musk era, and what Twitter could/should be doing now, the power of direct messages, Elon’s core thesis and the voices in his ear, the timing; Twitter’s data business and a SaaS digression 44:00 minute mark – FTX – the building blocks that lead to FTX’s and SBF’s rise; where things went wrong; the importance of staying silent as a levered brokerage business; the Lehman and other parallels; SBF’s use of Twitter; Binance’s checkmate move and whether it was proximate or definitive; breaking the buck; the final takeaways for crypto and for bitcoin – bull or bear?

Compound248 on Twitter’s New Era and the SBF/FTX Meltdown

Last week was a big week in tech, so we’re back with an episode on two of the biggest stories. First, (2:40 minute mark) we break down Meta Platforms’ bummer of an earnings result and why it shouldn’t have been so surprising. What choice does Zuck have and where is the business heading? We then (57:00) get into Amazon and AWS’s disappointing quarter, and the future of public cloud. That opens up some space for talking about the generals no longer leading and what a downturn in VC funding means for big tech. We wrap up with a few minutes on Twitter (1:30:00) now that the Elon Musk deal is done and dusted. Check out Akram’s post on these matters.

Last week was a big week in tech, so we’re back with an episode on two of the biggest stories. First, (2:40 minute mark) we break down Meta Platforms’ bummer of an earnings result and why it shouldn’t have been so surprising. What choice does Zuck have and where is the business heading? We then (57:00) get into Amazon and AWS’s disappointing quarter, and the future of public cloud. That opens up some space for talking about the generals no longer leading and what a downturn in VC funding means for big tech. We wrap up with a few minutes on Twitter (1:30:00) now that the Elon Musk deal is done and dusted. Check out <a href="https://the-razors-edge.ghost.io/meta-the-kindness-of-strangers-public-cloud-and-the-kindness-of-vcs/" rel="nofollow" target="_blank">Akram’s post</a> on these matters.

Meta’s Crash And Tricky Position, and the Slowing of AWS and Public Cloud Growth

Q2 earnings season has delivered many surprises on the one hand and continuations of trends on the other hand. For SaaS companies, that has meant continued drifting. Last week, Okta, MDB, and Veeva reported, and we break down each of those companies on this week's the Razor's Edge (you can also read Akram's take here). We get into the challenges each of those companies face, but also the broader difference between "legacy" SaaS companies like Salesforce and the newer all cloud products like Okta.Topics Covered2:30 minute mark - Okta’s earnings – what went wrong and what differentiates the Oktas from the Salesforces 10:00 – The value of “the suits” and the challenge of building a microservice-based business model 23:00 – The presumption that software is a great model 28:00 – MDB’s earnings 40:00 – Cutting to profitability amidst the tech recession 52:00 – The consolidation calvary is not about to arrive, and what else to watch 58:00 – Notes on Veeva 1:04:00 – Docusign preview

Q2 earnings season has delivered many surprises on the one hand and continuations of trends on the other hand. For SaaS companies, that has meant continued drifting. Last week, Okta, MDB, and Veeva reported, and we break down each of those companies on this week's the Razor's Edge (you can also read Akram's <a href="https://the-razors-edge.ghost.io/razors-edge-veev-mdb-okta-nvda/" rel="nofollow" target="_blank">take here</a>). We get into the challenges each of those companies face, but also the broader difference between "legacy" SaaS companies like Salesforce and the newer all cloud products like Okta.Topics Covered <ul><li>2:30 minute mark - Okta’s earnings – what went wrong and what differentiates the Oktas from the Salesforces</li> <li>10:00 – The value of “the suits” and the challenge of building a microservice-based business model</li> <li>23:00 – The presumption that software is a great model</li> <li>28:00 – MDB’s earnings</li> <li>40:00 – Cutting to profitability amidst the tech recession</li> <li>52:00 – The consolidation calvary is not about to arrive, and what else to watch</li> <li>58:00 – Notes on Veeva</li> <li>1:04:00 – Docusign preview</li></ul>

The Latest SaaS Turns: Okta, MDB, Veeva, and Twilio and the Challenges for SaaS 2.0

Roku's dud of a quarter echoed both Snap's report from the week earlier and the start of the pandemic as the sudden advertising slowdown hit them as well. The issues with Roku go beyond the quarter, starting primarily with how much harder it is to understand the details of their business. Will this quarter force a change? And what else does the advertising slowdown mean for the market? We discuss on this week's The Razor's Edge.Topics Covered3:30 minute mark – Breaking down Roku’s wipeout 11:30 – How important is the advertising wipeout in general 19:30 – Whisper numbers and the Roku black box 31:30 – Will this force Roku to be more transparent? The Twilio example 39:30 – What makes Roku more interesting? 55:00 – The death of never sell

Roku's dud of a quarter echoed both Snap's report from the week earlier and the start of the pandemic as the sudden advertising slowdown hit them as well. The issues with Roku go beyond the quarter, starting primarily with how much harder it is to understand the details of their business. Will this quarter force a change? And what else does the advertising slowdown mean for the market? We discuss on this week's The Razor's Edge.Topics Covered <ul><li>3:30 minute mark – Breaking down Roku’s wipeout</li> <li>11:30 – How important is the advertising wipeout in general</li> <li>19:30 – Whisper numbers and the Roku black box</li> <li>31:30 – Will this force Roku to be more transparent? The Twilio example</li> <li>39:30 – What makes Roku more interesting?</li> <li>55:00 – The death of never sell</li></ul>

Roku’s Wipeout and whether the Black Box will Open

It’s all happening: Elon Musk filed to terminate his deal to buy Twitter, Twitter sued him for specific performance, and now the trials begin. Today, not a trial actually but a hearing to see whether the trial should take place on Twitter’s requested timeline, in September, or Musk’s requested timeline, in February. Still, the two sides are starting to show their hands. While much of this ‘negotiating’ has been done in public, the filings were still revelatory. So, as we approach the endgame of the endgame, Akram's Razor and Daniel talk about what we learned, what happens next, and who has a stronger hand; though I don’t think you’ll be surprised by our conclusions if you’ve listened to us before.  Topics Covered 3:30 minute mark – Initial takeaways from the filings 12:30 – Twitter bot approach and response 15:00 – Breaking down Elon’s breach filing 23:30 – Takeaways from Twitter’s filing 29:00 – Recutting a deal and the Anaplan parallel 48:00 – Musk’s motivations and laziness 1:00:00 – What happens next? 1:09:30 – The “the court wouldn’t risk being ignored” argument 1:14:00 – The prisoner’s dilemma result of an actual acquisition 1:18:00 – The size of the deal  1:28:30 – Last thoughts

It’s all happening: Elon Musk filed to terminate his deal to buy Twitter, Twitter sued him for specific performance, and now the trials begin. Today, not a trial actually but a hearing to see whether the trial should take place on Twitter’s requested timeline, in September, or Musk’s requested timeline, in February. Still, the two sides are starting to show their hands. While much of this ‘negotiating’ has been done in public, the filings were still revelatory. So, as we approach the endgame of the endgame, Akram's Razor and Daniel talk about what we learned, what happens next, and who has a stronger hand; though I don’t think you’ll be surprised by our conclusions if you’ve listened to us before.  Topics Covered <ul><li>3:30 minute mark – Initial takeaways from the filings</li> <li>12:30 – Twitter bot approach and response</li> <li>15:00 – Breaking down Elon’s breach filing</li> <li>23:30 – Takeaways from Twitter’s filing</li> <li>29:00 – Recutting a deal and the Anaplan parallel</li> <li>48:00 – Musk’s motivations and laziness</li> <li>1:00:00 – What happens next?</li> <li>1:09:30 – The “the court wouldn’t risk being ignored” argument</li> <li>1:14:00 – The prisoner’s dilemma result of an actual acquisition</li> <li>1:18:00 – The size of the deal</li> </ul> 1:28:30 – Last thoughts

Twitter Trial Breakdown

On this week’s The Razor’s Edge, we talk about the bear market. It’s here, it’s real, so now what? Neither Akram nor Daniel are in an apocalyptic mood, so we explain why we’re not, what green shoots there are on the supply side, what risks there are on the demand side, how this echoes 2020 (or not), how much crypto contagion worries us, and why it’s tricky picking individual names.Topics Covered2:00 minute mark – An apocalyptic moment? Maybe not 10:00 – Is supply solving itself just as demand is weakening? 20:00 – The energy pullback – why was it predictable 23:00 – The echoes of March 2020 30:00 – Crypto contagion and its risks 38:00 – Opportunities in the current market 48:00 – What if inflation doesn’t slow down? 52:00 – The challenge of individual names and the hopes for a quiet summer

On this week’s The Razor’s Edge, we talk about the bear market. It’s here, it’s real, so now what? Neither Akram nor Daniel are in an apocalyptic mood, so we explain why we’re not, what green shoots there are on the supply side, what risks there are on the demand side, how this echoes 2020 (or not), how much crypto contagion worries us, and why it’s tricky picking individual names.Topics Covered <ul><li>2:00 minute mark – An apocalyptic moment? Maybe not</li> <li>10:00 – Is supply solving itself just as demand is weakening?</li> <li>20:00 – The energy pullback – why was it predictable</li> <li>23:00 – The echoes of March 2020</li> <li>30:00 – Crypto contagion and its risks</li> <li>38:00 – Opportunities in the current market</li> <li>48:00 – What if inflation doesn’t slow down?</li> <li>52:00 – The challenge of individual names and the hopes for a quiet summer</li></ul>

The Bear Market Is Here: What Next?

This week's episode picks up where last week's The Razor's Edge episode left off. We talk the current whipsaw/whiplash macro environment, where a smaller, often over optimistic social media company can trigger a panic, and then news that is no worse than expected can fire up a bear market rally. We discuss tech stocks, retail stocks, and whether it's possible to be too bearish or too bullish as the winds shift.

This week's episode picks up where last week's The Razor's Edge episode left off. We talk the current whipsaw/whiplash macro environment, where a smaller, often over optimistic social media company can trigger a panic, and then news that is no worse than expected can fire up a bear market rally. We discuss tech stocks, retail stocks, and whether it's possible to be too bearish or too bullish as the winds shift.

The 2022 Whipsaw Market and the Hedgehog: Retail Stocks, Tech, and More

The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy,  battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, VP of Content at Investing.com and someone who has seen thousands of investing pitches and ideas and how they play out over the past decade. The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.

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How do you short a stock you can’t even pronounce correctly?

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The Razor’s Edge is an investing podcast that combines a prop trader’s viewpoint and deep-dive fundamental research to provide a unique take on the markets. The show is co-hosted by Akram’s Razor, a trader, tech enthusiast, meat lover, Marvel fanboy, battle tested activist short-seller and humble market servant, and by Daniel Shvartsman, VP of Content at <a href="http://Investing.com" rel="nofollow" target="_blank">Investing.com</a> and someone who has seen thousands of investing pitches and ideas and how they play out over the past decade. The duo start with a theme or idea from Akram’s investing, then break it down to understand what goes into the idea, what could go wrong, and what else investors and traders need to know. They also interview industry leaders, executives, and other investors to get a wider perspective. The show has thousands of listeners around the world.

The Razor’s Edge

The market has seemed to be on an up and to the right path, but underneath there's been a surprising amount of churn. Large-cap growth stocks especially have moved suddenly on unclear reasoning, moves that seem skittish amidst a bull market. This may just be a sign of late-cycle behavior, or it may be a source of opportunity for the nimbly patient investor. We discuss several tech stocks and provide examples of what is going on.Topics Covered2:00 minute mark - Setting the scene on this market10:45 - The whiplash effect and how this affects relative valuation13:15 - Is long term investing in trouble?17:30 - ZOOM, WORK, DBX as long-term examples of this phenomenon28:00 - Finding the right pair trade... harder in this market?35:00 - The general risk climate in the market49:00 - Apple (AAPL) and 5G54:15 - Given the issues, how are you going to trade for the year?1:00:00 - Streaming vs. SaaS in terms of valuation1:09:00 - Will there be a rush back into growth stocks in 2020?

The market has seemed to be on an up and to the right path, but underneath there's been a surprising amount of churn. Large-cap growth stocks especially have moved suddenly on unclear reasoning, moves that seem skittish amidst a bull market. This may just be a sign of late-cycle behavior, or it may be a source of opportunity for the nimbly patient investor. We discuss several tech stocks and provide examples of what is going on. Topics Covered 2:00 minute mark - Setting the scene on this market 10:45 - The whiplash effect and how this affects relative valuation 13:15 - Is long term investing in trouble? 17:30 - ZOOM, WORK, DBX as long-term examples of this phenomenon 28:00 - Finding the right pair trade... harder in this market? 35:00 - The general risk climate in the market 49:00 - Apple (AAPL) and 5G 54:15 - Given the issues, how are you going to trade for the year? 1:00:00 - Streaming vs. SaaS in terms of valuation 1:09:00 - Will there be a rush back into growth stocks in 2020?

The Razor's Edge #5: Trading In A Surprisingly Choppy 2020 Market

Akram's Razor was a notable bear on Nvidia in 2018 before closing a short position. Recently, he switched from the sidelines to becoming an owner of shares and a bull. We discuss what changed with the company over the past year, how it's proven itself, and what may be ahead.Topics Covered2:00 minute mark - revisiting the short case12:30 - NVDA's competitive position in artificial intelligence23:00 - Expanded advantage in artificial intelligence, with the USPS deal as an example33:00 - How Nvidia's moat plays out for new potential entrants38:00 - The change in the valuation picture47:00 - How crypto wreaked havoc on understanding Nvidia's gaming segment56:00 - The structural questions in the gaming segment1:11:00 - Mellanox and its import/fit with Nvidia1:19:00 - Has management regained its credibility?1:34:00 - Applying a lens to management's views

Akram's Razor was a notable bear on Nvidia in 2018 before closing a short position. Recently, he switched from the sidelines to becoming an owner of shares and a bull. We discuss what changed with the company over the past year, how it's proven itself, and what may be ahead. Topics Covered 2:00 minute mark - revisiting the short case 12:30 - NVDA's competitive position in artificial intelligence 23:00 - Expanded advantage in artificial intelligence, with the USPS deal as an example 33:00 - How Nvidia's moat plays out for new potential entrants 38:00 - The change in the valuation picture 47:00 - How crypto wreaked havoc on understanding Nvidia's gaming segment 56:00 - The structural questions in the gaming segment 1:11:00 - Mellanox and its import/fit with Nvidia 1:19:00 - Has management regained its credibility? 1:34:00 - Applying a lens to management's views

The Razor's Edge #4: Nvidia's Expanding AI Edge

Robert Hvide Macleod

On January 14th, Value Investor's Edge Live hosted Robert Hvide Macleod, CEO of Frontline (FRO), to discuss the crude tanker markets and their balance strategy to IMO 2020. Frontline is one of the largest tanker operators in the world and is backed by shipping legend John Fredriksen. FRO is set to pay large dividends in this market and they have maintained a premium valuation ahead of peers. Robert discusses the various tanker segments and his overall viewpoints and areas of focus into the new year.Topics covered:0:50 minute mark - Start of discussion: How is IMO 2020 impacting tankers? Any surprises? 3:00 - What is your current scrubber uptake status? Global fleet percentage? 4:30 - What is the current spread dynamic? Any plans to expand scrubbers? 7:15 - Will the time charter markets follow the strength in the spot markets? 10:00 - What is driving Suezmax strength and Aframax strength? 13:45 - Will eco-vessels improve your TCE results? How much? 14:45 - Confirm fleet splits of scrubber installations? 15:45 - Any broad market concerns for tankers? Why are stocks stalling? 17:30 - What are your capital allocation priorities besides the dividend? 19:15 - FRO trades at a premium, why is that a potential benefit? 22:00 - What is your target leverage? Planned split between spot and TC? 25:45 - Why is LR2 weak compared to the strong Aframax market? 28:00 - What are some of the key risks and uncertainties in the market? 31:00 - If placing a newbuild order, what type of design? LNG? Scrubber? 34:00 - How long are yards backed up with scrubber conversion work? 35:15 - Any potential for consolidation in the tanker sector? Frontline role? 36:00 - How many ships are laid up for COSCO sanctions? Potential impact? 40:00 - What is the market missing right now?

On January 14th, Value Investor's Edge Live hosted Robert Hvide Macleod, CEO of Frontline (FRO), to discuss the crude tanker markets and their balance strategy to IMO 2020. Frontline is one of the largest tanker operators in the world and is backed by shipping legend John Fredriksen. FRO is set to pay large dividends in this market and they have maintained a premium valuation ahead of peers. Robert discusses the various tanker segments and his overall viewpoints and areas of focus into the new year. Topics covered: 0:50 minute mark - Start of discussion: How is IMO 2020 impacting tankers? Any surprises?  3:00 - What is your current scrubber uptake status? Global fleet percentage?  4:30 - What is the current spread dynamic? Any plans to expand scrubbers?  7:15 - Will the time charter markets follow the strength in the spot markets?  10:00 - What is driving Suezmax strength and Aframax strength?  13:45 - Will eco-vessels improve your TCE results? How much?  14:45 - Confirm fleet splits of scrubber installations?  15:45 - Any broad market concerns for tankers? Why are stocks stalling?  17:30 - What are your capital allocation priorities besides the dividend?  19:15 - FRO trades at a premium, why is that a potential benefit?  22:00 - What is your target leverage? Planned split between spot and TC?  25:45 - Why is LR2 weak compared to the strong Aframax market?  28:00 - What are some of the key risks and uncertainties in the market?  31:00 - If placing a newbuild order, what type of design? LNG? Scrubber?  34:00 - How long are yards backed up with scrubber conversion work?  35:15 - Any potential for consolidation in the tanker sector? Frontline role?  36:00 - How many ships are laid up for COSCO sanctions? Potential impact?  40:00 - What is the market missing right now?

Value Investor's Edge Live #13: Frontline CEO Robert Hvide Macleod On Crude Tanker Markets

Craig Stevenson, CEO of Diamond S Shipping (DSSI), and Kevin Kilcullen, CFO, joined Value Investor's Edge last Thursday, December 12th, to discuss the product tanker and Suezmax crude shipping markets ahead of pending IMO 2020 regulations. We reviewed capital allocation priorities and why they believe their stock price has been underperforming, and what they plan to do going forward. This conversation is relevant for anyone long the product tanker or the crude tanker sector, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm plc (TRMD) or Tsakos Energy Navigation (TNP). Topics Covered0:45 minute mark - Start of discussion- Market review: any IMO 2020 impacts2:25 - Product rates are lagging crude, what is driving this separation? 5:25 - Should we expect a significant spike in rates? Any disruptions yet? 7:55 - DSSI trades at a significant discount? How to address PE overhang? 11:20 - How is the market shaping up for product/crude versus Q3 guidance? 16:10 - Any new charters? Looking for cover here? Current 1-2y charter rates? 18:35 - Any desire to add additional scrubbers to the Suezmax fleet?22:25 - What trade flows are we seeing with MGO and VLSFO? Sources? 27:15 - What efforts can DSSI take to reach to peer valuation levels? 29:45 - How do you view capital allocation priorities? 32:25 - Tackling 2021 maturities yet? Timing on those? 35:35 - How is management compensation structured? Fleet growth? 37:35 - Is DSSI available for sale at the right price?

Craig Stevenson, CEO of Diamond S Shipping (DSSI), and Kevin Kilcullen, CFO, joined Value Investor's Edge last Thursday, December 12th, to discuss the product tanker and Suezmax crude shipping markets ahead of pending IMO 2020 regulations. We reviewed capital allocation priorities and why they believe their stock price has been underperforming, and what they plan to do going forward. This conversation is relevant for anyone long the product tanker or the crude tanker sector, including Ardmore Shipping (ASC), DHT Holdings (DHT), Euronav (EURN), Frontline (FRO), Navios Maritime Acquisition (NNA), Nordic American Tankers (NAT), Scorpio Tankers (STNG), Teekay Tankers (TNK), Torm plc (TRMD) or Tsakos Energy Navigation (TNP). Topics Covered 0:45 minute mark - Start of discussion- Market review: any IMO 2020 impacts 2:25 - Product rates are lagging crude, what is driving this separation?  5:25 - Should we expect a significant spike in rates? Any disruptions yet?  7:55 - DSSI trades at a significant discount? How to address PE overhang?  11:20 - How is the market shaping up for product/crude versus Q3 guidance?  16:10 - Any new charters? Looking for cover here? Current 1-2y charter rates?  18:35 - Any desire to add additional scrubbers to the Suezmax fleet? 22:25 - What trade flows are we seeing with MGO and VLSFO? Sources?  27:15 - What efforts can DSSI take to reach to peer valuation levels?  29:45 - How do you view capital allocation priorities?  32:25 - Tackling 2021 maturities yet? Timing on those?  35:35 - How is management compensation structured? Fleet growth?  37:35 - Is DSSI available for sale at the right price?

Value Investor's Edge Live #8: Diamond S's Management On The Product Tanker Market

Mark Kremin, CEO, and Scott Gayton, CFO, of Teekay LNG Partners (TGP) joined Value Investor's Edge live in New York City to discuss the current LNG markets and TGP's specific prospects. We discussed their Q4 guidance, 2020 expectations, overall deleveraging goals, future growth areas, how to balance growth versus deleveraging, sanctions risks, valuation comps, and their smaller LPG assets. Topics Covered:45 minute mark - Start of discussion- Overall LNG market views?3:15 - Fixed charters and performance versus spot players?5:50 - Remarks on Q4-19 Guidance (see slide below)?8:00 - Timeline for the final growth (Yamal #6 &amp; Bahrain)?10:45 - Deleveraging target? 5.5x versus 4.5x? 12:50 - Timing for future growth projects? 2023/2024?14:55 - How to balance growth vs. stock repurchases?19:35 - Is the COSCO-related risk fully resolved?23:35 - TGP earnings multiple &amp; comp discussion? 26:35 - Uses of $100M Awilco proceeds? NOK Bond plans? 32:35 - Are dividends driving your stock? When will payouts increase? 38:25 - What sort of forward growth is prioritized? Anything industrial? 41:05 - Final push! Confirm no growth unless the ROE is better than stock?43:55 - LPG assets: Are these core? Multi-gas core?

Mark Kremin, CEO, and Scott Gayton, CFO, of Teekay LNG Partners (TGP) joined Value Investor's Edge live in New York City to discuss the current LNG markets and TGP's specific prospects. We discussed their Q4 guidance, 2020 expectations, overall deleveraging goals, future growth areas, how to balance growth versus deleveraging, sanctions risks, valuation comps, and their smaller LPG assets.  Topics Covered :45 minute mark - Start of discussion- Overall LNG market views? 3:15 - Fixed charters and performance versus spot players? 5:50 - Remarks on Q4-19 Guidance (see slide below)? 8:00 - Timeline for the final growth (Yamal #6 &amp; Bahrain)? 10:45 - Deleveraging target? 5.5x versus 4.5x?  12:50 - Timing for future growth projects? 2023/2024? 14:55 - How to balance growth vs. stock repurchases? 19:35 - Is the COSCO-related risk fully resolved? 23:35 - TGP earnings multiple &amp; comp discussion?  26:35 - Uses of $100M Awilco proceeds? NOK Bond plans?  32:35 - Are dividends driving your stock? When will payouts increase?  38:25 - What sort of forward growth is prioritized? Anything industrial?  41:05 - Final push! Confirm no growth unless the ROE is better than stock? 43:55 - LPG assets: Are these core? Multi-gas core?

Value Investor's Edge Live #6: Teekay LNG Partners' Management On The State Of The LNG Market

Oystein Kalleklev, CEO of Flex LNG (FLNG), joined Value Investor's Edge live to discuss the overall LNG shipping markets, US-China potential, and IMO 2020 impacts. We discussed the various types of vessel propulsion technology, reviewed their capital allocation priorities, and pressed their charter vs. spot strategy. This conversation is relevant for anyone with interests in the LNG sector including GasLog (GLOG), GasLog Partners (GLOP), Golar LNG (GLNG), Golar LNG Partners (GMLP), and Teekay LNG Partners (TGP). Some of the US-China information might also be relevant for those interested in LNG export infrastructure including Cheniere Energy (LNG), Energy Transfer (ET), and Tellurian (TELL). Topics Covered:0:55 minute mark - Start of discussion- Market review: LNG sentiment now terrible?3:25 - What market differentials exists between modern and older carriers?7:15 - Precisely what sort of premium can investors expect to see?8:45 - Any clear impacts or benefits from the US-China 'Phase 1 Deal'?12:55 - Do steam propulsion LNG carriers have a future?16:25 - Any major new technologies on the horizon? 2030 carbon reduction? 21:25 - What about TFDE propulsion? Is there a clear future for these? 25:10 - Are there any direct impacts coming from IMO 2020 regulations?29:50 - Are you planning to increase your charter coverage into 2020?34:45 - What are your capital allocation priorities with extra free cash?39:15 - Will dividends be closely tied to earnings going forward?

Oystein Kalleklev, CEO of Flex LNG (FLNG), joined Value Investor's Edge live to discuss the overall LNG shipping markets, US-China potential, and IMO 2020 impacts. We discussed the various types of vessel propulsion technology, reviewed their capital allocation priorities, and pressed their charter vs. spot strategy. This conversation is relevant for anyone with interests in the LNG sector including GasLog (GLOG), GasLog Partners (GLOP), Golar LNG (GLNG), Golar LNG Partners (GMLP), and Teekay LNG Partners (TGP). Some of the US-China information might also be relevant for those interested in LNG export infrastructure including Cheniere Energy (LNG), Energy Transfer (ET), and Tellurian (TELL).  Topics Covered: 0:55 minute mark - Start of discussion- Market review: LNG sentiment now terrible? 3:25 - What market differentials exists between modern and older carriers? 7:15 - Precisely what sort of premium can investors expect to see? 8:45 - Any clear impacts or benefits from the US-China 'Phase 1 Deal'? 12:55 - Do steam propulsion LNG carriers have a future? 16:25 - Any major new technologies on the horizon? 2030 carbon reduction?  21:25 - What about TFDE propulsion? Is there a clear future for these?  25:10 - Are there any direct impacts coming from IMO 2020 regulations? 29:50 - Are you planning to increase your charter coverage into 2020? 34:45 - What are your capital allocation priorities with extra free cash? 39:15 - Will dividends be closely tied to earnings going forward?

Value Investor's Edge Live #9: Flex LNG's CEO On The State Of The LNG Shipping Market

Ted Young, CFO of Dorian LPG (LPG) joined us live this morning (1 November 2019) to discuss the LPG shipping markets and specific company prospects and capital allocation potentials. This interview and discussion is relevant for anyone with LPG sector investments including Avance Gas (OTCPK:AVACF), BWLPG (OTCPK:BWLLF), and Navigator Holdings (NVGS). Topics covered1:00 minute mark - Overall VLGC market review4:00 - Does the arbitrage curve and forward cycle still look strong? 7:40 - What sort of risks should investors look for? 10:40 - Leverage is away down, what are your targets now? 12:50 - Capital allocation priorities for Dorian? Enough cash reserved? 14:40 - Priority for dividends, repurchases, financing deals20:00 - Repurchases low thus far? Any reason for this? 23:30 - Possibility for a buyback deal with BW Group? Any covenants? 26:40 - Scrubber update on timing? Delay with shipyard? 28:30 - Discussion on scrubber fuel spreads? Savings per day? 34:00 - LPG retrofit potential? Any expenses in 2021? 37:50 - Reviewing utilization numbers - expectations for Q4/Q1? 39:40 - Update on the 4x charters coming off Q4-19?

Ted Young, CFO of Dorian LPG (LPG) joined us live this morning (1 November 2019) to discuss the LPG shipping markets and specific company prospects and capital allocation potentials. This interview and discussion is relevant for anyone with LPG sector investments including Avance Gas (OTCPK:AVACF), BWLPG (OTCPK:BWLLF), and Navigator Holdings (NVGS). Topics covered 1:00 minute mark - Overall VLGC market review 4:00 - Does the arbitrage curve and forward cycle still look strong?  7:40 - What sort of risks should investors look for? 10:40 - Leverage is away down, what are your targets now? 12:50 - Capital allocation priorities for Dorian? Enough cash reserved?  14:40 - Priority for dividends, repurchases, financing deals 20:00 - Repurchases low thus far? Any reason for this?  23:30 - Possibility for a buyback deal with BW Group? Any covenants?  26:40 - Scrubber update on timing? Delay with shipyard?  28:30 - Discussion on scrubber fuel spreads? Savings per day?  34:00 - LPG retrofit potential? Any expenses in 2021?  37:50 - Reviewing utilization numbers - expectations for Q4/Q1?  39:40 - Update on the 4x charters coming off Q4-19?

Value Investor's Edge Live #5: Dorian LPG's CFO On The LPG Shipping Industry Outlook

PagerDuty was a screaming short last summer, an example of SaaS's over-competitive landscape and trading at a high valuation to boot. But with half the valuation and a stronger competitive advantage than expected, has the page turned for this tech company? Akram's Razor explains why he's taken the other side of the trade, and why the moat for PD has held up versus new entrants.Topics Covered3:00 minute mark - What does the competitive landscape look like?5:30 - What is PD's space exactly?9:15 - How wide a moat?11:00 - Why are you long?17:00 - Are they attracting new business?20:00 - Pricing discussion25:15 - Have competitors had any success at slowing down PD?30:45 - Net dollar retention going in the wrong direction?39:30 - What are you looking for in terms of the stock at this point?42:00 - Acquisition candidate?54:00 - Why own "value SAAS"?

PagerDuty was a screaming short last summer, an example of SaaS's over-competitive landscape and trading at a high valuation to boot. But with half the valuation and a stronger competitive advantage than expected, has the page turned for this tech company? Akram's Razor explains why he's taken the other side of the trade, and why the moat for PD has held up versus new entrants. Topics Covered 3:00 minute mark - What does the competitive landscape look like? 5:30 - What is PD's space exactly? 9:15 - How wide a moat? 11:00 - Why are you long? 17:00 - Are they attracting new business? 20:00 - Pricing discussion 25:15 - Have competitors had any success at slowing down PD? 30:45 - Net dollar retention going in the wrong direction? 39:30 - What are you looking for in terms of the stock at this point? 42:00 - Acquisition candidate? 54:00 - Why own "value SAAS"?

The Razor's Edge #8: PagerDuty On Value Alert

Greg Zikos, CFO of Costamare (CMRE) joined Value Investor's Edge to discuss the containership markets and specific company prospects and capital allocation priorities. This interview and discussion is relevant for anyone with containership investments or interests, including Capital Product Partners (CPLP), Danaos Corp (DAC), Global Ship Lease (GSL), Navios Maritime Containers (NMCI), and Seaspan Corp (SSW). Topics covered1:25 minute mark - Market review: Strong rates vs. Trade War Concern5:45 - What is your scrubber plan for IMO 2020? Approach for capital spending?9:45 - What are the biggest risks/concerns for this market?12:15 - How does the supply-side look? Concerned about newbuilds? 14:15 - Have you seen any interest in LNG-fueled ship transactions?16:10 - What is the most attractive area to invest in for containerships?18:35 - What are your current leverage levels and long-term targets?23:15 - What are your priorities for capital allocation? Dividends? 26:35 - Ready to raise the dividend yet, or need more growth? 28:55 - How are the longer-term charter markets shaping up?

Greg Zikos, CFO of Costamare (CMRE) joined Value Investor's Edge to discuss the containership markets and specific company prospects and capital allocation priorities. This interview and discussion is relevant for anyone with containership investments or interests, including Capital Product Partners (CPLP), Danaos Corp (DAC), Global Ship Lease (GSL), Navios Maritime Containers (NMCI), and Seaspan Corp (SSW).  Topics covered 1:25 minute mark - Market review: Strong rates vs. Trade War Concern 5:45 - What is your scrubber plan for IMO 2020? Approach for capital spending? 9:45 - What are the biggest risks/concerns for this market? 12:15 - How does the supply-side look? Concerned about newbuilds?  14:15 - Have you seen any interest in LNG-fueled ship transactions? 16:10 - What is the most attractive area to invest in for containerships? 18:35 - What are your current leverage levels and long-term targets? 23:15 - What are your priorities for capital allocation? Dividends?  26:35 - Ready to raise the dividend yet, or need more growth?  28:55 - How are the longer-term charter markets shaping up?

Value Investor's Edge Live #7: Costamare's CFO Greg Zikos On The Containership Market

In a continuation of the first ever Virtual Investor Forum on Value Investor's Edge, J Mintzmyer hosted Svein Harfjeld and Trygve Munthe, co-CEOs of DHT Holdings (DHT), on January 16th, to discuss the VLCC markets and their current scrubber program and capital allocation priorities. They reiterated the strong prioritization of dividends while also ensuring the balance sheet remains very conservative- even targeting the potential for zero net debt in the future.Topics Covered1:30 minute mark - How is IMO 2020 impacting the markets? Any surprises? 3:30 - What fuel spreads are you seeing? Expectations on forward moves?5:00 - Current progress of the scrubber program? 6 ships still deferred?8:00 - Any indications of a 2nd wave of installations? Doing more?9:15 - How long will it take for you to install the last 6 scrubbers?11:15 - Any pickup in HSFO storage? Are you participating in this market?12:45 - Any indications of COSCO sanctions impact? Recent changes?15:00 Why would the trade deal potentially be positive for DHT?16:45 - With regards to the recent weakness, what are you seeing?19:30 - Some of your top concerns in the market into 2020?21:45 - Current capital allocation priorities?24:00 - Target leverage? Down to zero net debt?26:30 - How will the convertible notes factor into your structure?27:45 - Are investors missing anything in these markets?29:45 - Thoughts on the charter market? Willing to take cover?31:45 - Standard reporting timing for Q4-19? Early February?

In a continuation of the first ever Virtual Investor Forum on Value Investor's Edge, J Mintzmyer hosted Svein Harfjeld and Trygve Munthe, co-CEOs of DHT Holdings (DHT), on January 16th, to discuss the VLCC markets and their current scrubber program and capital allocation priorities. They reiterated the strong prioritization of dividends while also ensuring the balance sheet remains very conservative- even targeting the potential for zero net debt in the future. Topics Covered 1:30 minute mark - How is IMO 2020 impacting the markets? Any surprises?  3:30 - What fuel spreads are you seeing? Expectations on forward moves? 5:00 - Current progress of the scrubber program? 6 ships still deferred? 8:00 - Any indications of a 2nd wave of installations? Doing more? 9:15 - How long will it take for you to install the last 6 scrubbers? 11:15 - Any pickup in HSFO storage? Are you participating in this market? 12:45 - Any indications of COSCO sanctions impact? Recent changes? 15:00 Why would the trade deal potentially be positive for DHT? 16:45 - With regards to the recent weakness, what are you seeing? 19:30 - Some of your top concerns in the market into 2020? 21:45 - Current capital allocation priorities? 24:00 - Target leverage? Down to zero net debt? 26:30 - How will the convertible notes factor into your structure? 27:45 - Are investors missing anything in these markets? 29:45 - Thoughts on the charter market? Willing to take cover? 31:45 - Standard reporting timing for Q4-19? Early February?

Value Investor's Edge Live #11: DHT Holdings' Co-CEOs On The VLCC Markets

J Mintzmyer of Value Investor's Edge Live spoke with Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), to discuss their views on the tanker markets and IMO 2020. This followed on INSW's investor day in January, and comes in advance of the company's Q4 earnings report.Topics Covered1:15 minute mark - Any surprises or different impacts in the markets?3:00 - Impact from the lightering business? Additional EBITDA?5:00 - Rate and fixture guidance? Old VLs doing well, Aframaxes poor?7:45 - Difference between spot and TC fixture guidance?8:45 - How do today’s rates compare to last year’s levels?10:00 - Anything else impacting the market? Just seasonality?12:45 - How are the Suezmax and Aframax spot markets doing?13:30 - Priorities for cash flow allocation post-refinancing?16:30 - Plans for INSW-A baby bonds? Call this summer?19:15 - How do you balance dividends and repurchases now?23:30 - Thoughts on current NAV range? How far underneath?27:00 - What are some of the top risk factors in this market?31:00 - If China imports from US, what sources are they replacing?36:45 - Current status of the scrubber program? Any additions?40:00 - All 2020 capex ($70M) internally financed from cash?40:45 - More risks in the market which aren’t getting reviewed?42:30 - Willing to look for time-charters? Where are they at now?49:15 - Viewpoints on FSO joint-venture? Core to business?53:00 - Closing comments- MR market, any resilience there?

J Mintzmyer of Value Investor's Edge Live spoke with Lois Zabrocky and Jeff Pribor, CEO and CFO of International Seaways (INSW), to discuss their views on the tanker markets and IMO 2020. This followed on INSW's investor day in January, and comes in advance of the company's Q4 earnings report. Topics Covered 1:15 minute mark - Any surprises or different impacts in the markets? 3:00 - Impact from the lightering business? Additional EBITDA? 5:00 - Rate and fixture guidance? Old VLs doing well, Aframaxes poor? 7:45 - Difference between spot and TC fixture guidance? 8:45 - How do today’s rates compare to last year’s levels? 10:00 - Anything else impacting the market? Just seasonality? 12:45 - How are the Suezmax and Aframax spot markets doing? 13:30 - Priorities for cash flow allocation post-refinancing? 16:30 - Plans for INSW-A baby bonds? Call this summer? 19:15 - How do you balance dividends and repurchases now? 23:30 - Thoughts on current NAV range? How far underneath? 27:00 - What are some of the top risk factors in this market? 31:00 - If China imports from US, what sources are they replacing? 36:45 - Current status of the scrubber program? Any additions? 40:00 - All 2020 capex ($70M) internally financed from cash? 40:45 - More risks in the market which aren’t getting reviewed? 42:30 - Willing to look for time-charters? Where are they at now? 49:15 - Viewpoints on FSO joint-venture? Core to business? 53:00 - Closing comments- MR market, any resilience there?

Value Investor's Edge Live #14: International Seaways' Management On The Tanker Markets

Facebook entering an election year is about as hot-button a topic as there is in the market outside Tesla. Akram's Razor has called it a compelling buy on two previous podcasts this year, and after the company sold off on its earnings, it seemed good time to revisit the story in full. With comparisons to Amazon and Google, as well as news media and the inevitable diversion into the issue of political ads, we try to tease out the case for Facebook.Topics Covered1:30 minute mark - Is Facebook a consensus buy despite the sell off?9:00 - Pulling in Amazon as a proxy14:15 - Amazon, Facebook, Google and the tech conglomerate benefit or discount18:30 - Facebook's PR challenge vs. their profit rush26:30 - What is Facebook's "product"?34:00 - Drilling into what's different about the modern tech companies vs. traditional media44:00 - The actual effect of the scrutiny on Facebook's business - opportunity set and costs to overcome52:30 - Finalizing the scrutiny arbitrage play, the e-commerce upside, and the $300 stock trading for $200

Facebook entering an election year is about as hot-button a topic as there is in the market outside Tesla. Akram's Razor has called it a compelling buy on two previous podcasts this year, and after the company sold off on its earnings, it seemed good time to revisit the story in full. With comparisons to Amazon and Google, as well as news media and the inevitable diversion into the issue of political ads, we try to tease out the case for Facebook. Topics Covered 1:30 minute mark - Is Facebook a consensus buy despite the sell off? 9:00 - Pulling in Amazon as a proxy 14:15 - Amazon, Facebook, Google and the tech conglomerate benefit or discount 18:30 - Facebook's PR challenge vs. their profit rush 26:30 - What is Facebook's "product"? 34:00 - Drilling into what's different about the modern tech companies vs. traditional media 44:00 - The actual effect of the scrutiny on Facebook's business - opportunity set and costs to overcome 52:30 - Finalizing the scrutiny arbitrage play, the e-commerce upside, and the $300 stock trading for $200

The Razor's Edge #7: The Uneven Scrutiny Around Facebook

As the coronavirus bear market continues to roil investors, we talk about what effect its had on the tech sector in general. Is the bubble over? Will the Nasdaq be a safe haven and a future outperformer? We discuss the impact already felt in the market and where things might go.Topics Covered3:00 minute mark - The seismic shift6:00 - Change in valuation approach12:00 - Can the Nasdaq continue to outperform19:00 - Risk assessment25:00 - Owning market performance and the loss of margin of safety34:00 - How ot assess going forward39:00 - Potential sectors to invest in48:00 - Are we at a divergence?56:00 - Does a safe haven now sacrifice future growth?1:03:00 - The flattening of volatility and the natural reaction1:09:00 - The longer-term impact1:12:00 - Close the market?

As the coronavirus bear market continues to roil investors, we talk about what effect its had on the tech sector in general. Is the bubble over? Will the Nasdaq be a safe haven and a future outperformer? We discuss the impact already felt in the market and where things might go. Topics Covered 3:00 minute mark - The seismic shift 6:00 - Change in valuation approach 12:00 - Can the Nasdaq continue to outperform 19:00 - Risk assessment 25:00 - Owning market performance and the loss of margin of safety 34:00 - How ot assess going forward 39:00 - Potential sectors to invest in 48:00 - Are we at a divergence? 56:00 - Does a safe haven now sacrifice future growth? 1:03:00 - The flattening of volatility and the natural reaction 1:09:00 - The longer-term impact 1:12:00 - Close the market?

The Razor's Edge #11: Tech As A Safe Haven, But For How Long?

Four different forces combined to create a big sell-off last week, and then a jagged but strong rebound this week. There's of course the spread of the coronavirus, COVID-19. There is the Democratic primary in the US and what it foretells for the Presidential election in November. There is the, ahem, healthy valuation of the stock market, poised at all-time highs before the 7-session sell-off. And there's the role of the Federal Reserve, both in setting interest rates and in providing liquidity to the markets. We try to break down what matters and what is transient here, while conceding that uncertainty is a big part of the overall outlook.Topics Covered3:00 minute mark - How are you sizing the current market correction? Does this change your stance?6:30 - Once you figure out your starting point how much does the virus matter?11:00 - Is there a risk of market contagion?20:00 - Was repo buying necessary?21:30 - Has there been a fundamental change in the market such that it won't bounce back this time?29:00 - NVDA as an example31:45 - Have you made changes to your exposure?40:00 - Does something like this week change people's perspectives?47:00 - How do you evaluate a "drop" vs a recession?1:00:00 - The election from a markets perspective... general politics.

Four different forces combined to create a big sell-off last week, and then a jagged but strong rebound this week. There's of course the spread of the coronavirus, COVID-19. There is the Democratic primary in the US and what it foretells for the Presidential election in November. There is the, ahem, healthy valuation of the stock market, poised at all-time highs before the 7-session sell-off. And there's the role of the Federal Reserve, both in setting interest rates and in providing liquidity to the markets. We try to break down what matters and what is transient here, while conceding that uncertainty is a big part of the overall outlook. Topics Covered 3:00 minute mark - How are you sizing the current market correction? Does this change your stance? 6:30 - Once you figure out your starting point how much does the virus matter? 11:00 - Is there a risk of market contagion? 20:00 - Was repo buying necessary? 21:30 - Has there been a fundamental change in the market such that it won't bounce back this time? 29:00 - NVDA as an example 31:45 - Have you made changes to your exposure? 40:00 - Does something like this week change people's perspectives? 47:00 - How do you evaluate a "drop" vs a recession? 1:00:00 - The election from a markets perspective... general politics.

The Razor's Edge #9: Correction City

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