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iinvested
4Q'24 Heartland Value Fund on $DK, $PDCO, $XRAY
More fund letters here:
https://t.co/dVDkhhwsJS https://t.co/L8tGQm6yso
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4Q'24 Heartland Value Fund on $DK, $PDCO, $XRAY
More fund letters here:
https://t.co/dVDkhhwsJS https://t.co/L8tGQm6yso
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InsideArbitrage
✈️ $GE GE Aerospace reports strong Q4 with top and bottom line beating estimates, plans $7B buyback in 2025 while increasing dividend by 30%; expects another year of substantial growth in 2025
✈️Repurchased shares worth $4.9B in FY'24 under current $15B authorization
Chairman and CEO H. Lawrence Culp, Jr. :“GE Aerospace delivered a strong finish to 2024 given robust demand for our services and products with fourth quarter orders up 46%, EPS more than doubling, and free cash flow increasing over 20%. Our performance capped off a monumental first year as a standalone company with $1.7 billion of profit growth and $1.3 billion of free cash flow growth.”
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✈️ $GE GE Aerospace reports strong Q4 with top and bottom line beating estimates, plans $7B buyback in 2025 while increasing dividend by 30%; expects another year of substantial growth in 2025
✈️Repurchased shares worth $4.9B in FY'24 under current $15B authorization
Chairman and CEO H. Lawrence Culp, Jr. :“GE Aerospace delivered a strong finish to 2024 given robust demand for our services and products with fourth quarter orders up 46%, EPS more than doubling, and free cash flow increasing over 20%. Our performance capped off a monumental first year as a standalone company with $1.7 billion of profit growth and $1.3 billion of free cash flow growth.”
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Startup Archive
Chamath Palihapitiya on the growth principles that got Facebook to billions of users
“The most important thing we did was I teased out virality, and said, ‘You cannot do it. Don’t talk about it. Don’t touch it. I don’t want you to give me any product plans that revolve around this idea of virality. I don’t want to hear it.”
Instead, Chamath urged the growth team at Facebook to focus on “the three most difficult and hard problems that any consumer product has to deal with”:
1. How do you get people in the front door?
2. How do you get them to an aha moment as quickly as possible?
3. How do you deliver core product value as often as possible?
Chamath warns that focusing on virality is why you see so many startups experience this amazingly steep rise and then fall off a cliff.
The second thing he set out to do at Facebook was invalidate all of the lore:
“In any given product, there’s always people who strut out around the office like, ‘I have this gut feeling.’ It’s all about gut feeling. And most people’s gut feelings are morons. They don’t know what they’re talking about. Gut feel is not useful because most people can’t predict correctly. We know this. So one of the most important things that we did was just invalidate all of the lore… You can’t believe your own BS. Because when you do, you start to compound these massively structural mistakes that don’t expose core product value… You don’t listen to customers because you think it’s all about your gut. You don’t bother doing any of the traditional, straightforward, obvious things, and you lose yourself.”
As Chamath explains, a maniacal focus on delivering core product value as frequently and fast as possible is what led Facebook to its most important realization:
“The single biggest thing we realized was to get any individual to 7 friends in 10 days. That was it… There was not much more complexity than that. There’s an entire team now of hundreds of people that have helped ramp this product to a billion users, based on that one simple rule — a very elegant statement of what it was to capture core product value… And then what we did at the company was talk about nothing else. Every Q&A. Every all-hands… It was the single, sole focus.”
He continues:
“You have to work backwards from: What is the thing that people are here to do? What is the ‘aha moment’ that they want? Why can I not give that to them as fast as possible? That’s how you win.”
Chamath recommends starting with a cohort of your most engaged users — What features are they using? What pathways in your product did they take? Then work backwards and try to get all of your other users to that same state.
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Chamath Palihapitiya on the growth principles that got Facebook to billions of users
“The most important thing we did was I teased out virality, and said, ‘You cannot do it. Don’t talk about it. Don’t touch it. I don’t want you to give me any product plans that revolve around this idea of virality. I don’t want to hear it.”
Instead, Chamath urged the growth team at Facebook to focus on “the three most difficult and hard problems that any consumer product has to deal with”:
1. How do you get people in the front door?
2. How do you get them to an aha moment as quickly as possible?
3. How do you deliver core product value as often as possible?
Chamath warns that focusing on virality is why you see so many startups experience this amazingly steep rise and then fall off a cliff.
The second thing he set out to do at Facebook was invalidate all of the lore:
“In any given product, there’s always people who strut out around the office like, ‘I have this gut feeling.’ It’s all about gut feeling. And most people’s gut feelings are morons. They don’t know what they’re talking about. Gut feel is not useful because most people can’t predict correctly. We know this. So one of the most important things that we did was just invalidate all of the lore… You can’t believe your own BS. Because when you do, you start to compound these massively structural mistakes that don’t expose core product value… You don’t listen to customers because you think it’s all about your gut. You don’t bother doing any of the traditional, straightforward, obvious things, and you lose yourself.”
As Chamath explains, a maniacal focus on delivering core product value as frequently and fast as possible is what led Facebook to its most important realization:
“The single biggest thing we realized was to get any individual to 7 friends in 10 days. That was it… There was not much more complexity than that. There’s an entire team now of hundreds of people that have helped ramp this product to a billion users, based on that one simple rule — a very elegant statement of what it was to capture core product value… And then what we did at the company was talk about nothing else. Every Q&A. Every all-hands… It was the single, sole focus.”
He continues:
“You have to work backwards from: What is the thing that people are here to do? What is the ‘aha moment’ that they want? Why can I not give that to them as fast as possible? That’s how you win.”
Chamath recommends starting with a cohort of your most engaged users — What features are they using? What pathways in your product did they take? Then work backwards and try to get all of your other users to that same state.
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AkhenOsiris
$FLUT $DKNG
FOS:
Prediction Market Company Kalshi to Launch Super Bowl Betting
Kalshi filed with the CFTC to list Super Bowl betting odds. Industry observers wonder whether exchanges could disrupt traditional sportsbooks.
There’s been discussion in sports business circles about how much of an existential threat exchange-based sports betting poses for traditional sportsbooks like FanDuel and DraftKings.
The exchanges are available in all 50 states, whereas sportsbooks are not available in about a dozen states, including California and Texas. And exchanges can offer substantially lower “vig” on bets since they are peer-to-peer as opposed to the public betting against the house.
This month Kalshi began offering odds on which NFL coaches would be hired by various teams with vacancies, including the Bears (who have landed Ben Johnson) and the Jaguars.
Right now, exchanges are dipping their proverbial toes in the water of futures wagers. But if and when they start offering single-game odds and player props, they’ll pose a much greater threat to the traditional sports betting industry. frontofficesports.com/predic…
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$FLUT $DKNG
FOS:
Prediction Market Company Kalshi to Launch Super Bowl Betting
Kalshi filed with the CFTC to list Super Bowl betting odds. Industry observers wonder whether exchanges could disrupt traditional sportsbooks.
There’s been discussion in sports business circles about how much of an existential threat exchange-based sports betting poses for traditional sportsbooks like FanDuel and DraftKings.
The exchanges are available in all 50 states, whereas sportsbooks are not available in about a dozen states, including California and Texas. And exchanges can offer substantially lower “vig” on bets since they are peer-to-peer as opposed to the public betting against the house.
This month Kalshi began offering odds on which NFL coaches would be hired by various teams with vacancies, including the Bears (who have landed Ben Johnson) and the Jaguars.
Right now, exchanges are dipping their proverbial toes in the water of futures wagers. But if and when they start offering single-game odds and player props, they’ll pose a much greater threat to the traditional sports betting industry. frontofficesports.com/predic…
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InsideArbitrage
🚨 Aptiv $APTV Plans to Spin Off Its Electrical Distribution Systems Business.
🌍🚗The Board has approved the separation of its Electrical Distribution Systems (EDS) business, creating two independent companies.
🔌 Aptiv Post-Spinoff: Focused on advanced safety, electrification, and automation with a sensor-to-cloud technology stack serving industries like automotive, telecom, and aerospace.
⚡ EDS Post-Spinoff: Specializing in low and high-voltage electrical architectures for vehicles, with a focus on electric vehicle growth and optimized systems for OEMs. 🚘
🗓️ Timeline: The spinoff is expected to be completed by March 31, 2026, pending approvals, tax opinions, and regulatory filings.
The transaction is expected to be tax-free to Aptiv and its shareholders for both Swiss and U.S. federal income tax purposes.
🔜 Aptiv will release Q4 2024 results on February 6, 2025
1/4
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🚨 Aptiv $APTV Plans to Spin Off Its Electrical Distribution Systems Business.
🌍🚗The Board has approved the separation of its Electrical Distribution Systems (EDS) business, creating two independent companies.
🔌 Aptiv Post-Spinoff: Focused on advanced safety, electrification, and automation with a sensor-to-cloud technology stack serving industries like automotive, telecom, and aerospace.
⚡ EDS Post-Spinoff: Specializing in low and high-voltage electrical architectures for vehicles, with a focus on electric vehicle growth and optimized systems for OEMs. 🚘
🗓️ Timeline: The spinoff is expected to be completed by March 31, 2026, pending approvals, tax opinions, and regulatory filings.
The transaction is expected to be tax-free to Aptiv and its shareholders for both Swiss and U.S. federal income tax purposes.
🔜 Aptiv will release Q4 2024 results on February 6, 2025
1/4
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Stock Analysis Compilation
Upslope Capital Management on QinetiQ $QQ/ LN
Thesis: QinetiQ is a high-quality UK defense company well-positioned to benefit from increased UK and European defense spending, with a strong financial model and undervalued shares.
(Extract from their Q4 letter) https://t.co/MRe6FyqFjY
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Upslope Capital Management on QinetiQ $QQ/ LN
Thesis: QinetiQ is a high-quality UK defense company well-positioned to benefit from increased UK and European defense spending, with a strong financial model and undervalued shares.
(Extract from their Q4 letter) https://t.co/MRe6FyqFjY
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Investing visuals
Palantir $PLTR stock prediction update: pretty much on track so far👀
I think there are two likely scenario's moving forward. See comments. https://t.co/KPJ57V1sJ8
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Palantir $PLTR stock prediction update: pretty much on track so far👀
I think there are two likely scenario's moving forward. See comments. https://t.co/KPJ57V1sJ8
Palantir $PLTR stock: a bold prediction of how I think its stock chart will look like🔮
Details in comments https://t.co/wblJeJtfu0 tweet
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Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $BKNG 🧘🏽♂️
•NTM P/E Ratio: 22.76x
•3-Year Mean: 20.52x
•NTM FCF Yield: 5.35%
•3-Year Mean: 5.17%
As you can see, $BKNG appears to be trading near fair value
Going forward, investors can receive ~10% LESS in earnings per share & ~3% MORE in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $BKNG is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $15.78B
•Long-Term Debt: $13.79B
$BKNG has a great balance sheet, an A- S&P Credit Rating, & 9x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2019: 33.3%
•2020: 2.7%
•2021: 14.2%
•2022: 29.1%
•2023: 47.3%
•LTM: 48.8%
$BKNG has strong ROIC, highlighting the financial efficiency of the business
REVENUES✅
•2014: $8.44B
•2024E: $23.43B
•CAGR: 10.74%
FREE CASH FLOW✅
•2014: $2.78B
•2024: $7.52B
•CAGR: 10.46%
NORMALIZED EPS✅
•2014: $53.31
•2024E: $182.76
•CAGR: 13.11%
SHARE BUYBACKS✅
•2014 Shares Outstanding: 53.02M
•LTM Shares Outstanding: 34.51M
By reducing its shares outstanding 35%, $BKNG increased its EPS by 54% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 84.7%
•LTM Operating Margins: 28.7%
•LTM Net Income Margins: 21.8%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~10% LESS in EPS & ~3% MORE in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $BKNG has to grow earnings at an 11.38% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than (11.38%) required growth rate:
2024E: $182.76 (20.1% YoY) *FY Dec
2025E: $208.88 (14.3% YoY)
2026E: $241.36 (15.6% YoY)
2027E: $282.17 (16.9% YoY)
$BKNG has a decent track record of meeting analyst estimates ~2 years out, but let’s assume $BKNG ends 2027 with $238.17 in EPS & see its CAGR potential assuming different multiples
23x P/E: $6489💵 … ~13.0% CAGR
22x P/E: $6207💵 … ~11.3% CAGR
21x P/E: $5925💵 … ~9.6% CAGR
20x P/E: $5643💵 … ~7.8% CAGR
19x P/E: $5361💵 … ~6.0% CAGR
As you can see, $BKNG appears to have attractive return potential if we assume >22x earnings, a valuation above allowing for slight multiple compression, yet one that’s below its 3-year mean
Additionally, $BKNG EPS growth rate ( >12%) more than justifies a >22x multiple
Today at $4620💵 $BKNG appears to be a decent consideration for investment & fairly valued
I’d consider $BKNG a great purchase closer to $4300 (~18.50x multiple) roughly 7% below today’s share price or closer to 21x NTM estimates
This is where I can reasonably expect ~10.50% CAGR assuming a more conservative 20x 2027 earnings estimates, ensuring a substantial margin of safety & leaving room for potential multiple expansion
#stocks #investing
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜[...]
A quality valuation analysis on $BKNG 🧘🏽♂️
•NTM P/E Ratio: 22.76x
•3-Year Mean: 20.52x
•NTM FCF Yield: 5.35%
•3-Year Mean: 5.17%
As you can see, $BKNG appears to be trading near fair value
Going forward, investors can receive ~10% LESS in earnings per share & ~3% MORE in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $BKNG is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $15.78B
•Long-Term Debt: $13.79B
$BKNG has a great balance sheet, an A- S&P Credit Rating, & 9x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2019: 33.3%
•2020: 2.7%
•2021: 14.2%
•2022: 29.1%
•2023: 47.3%
•LTM: 48.8%
$BKNG has strong ROIC, highlighting the financial efficiency of the business
REVENUES✅
•2014: $8.44B
•2024E: $23.43B
•CAGR: 10.74%
FREE CASH FLOW✅
•2014: $2.78B
•2024: $7.52B
•CAGR: 10.46%
NORMALIZED EPS✅
•2014: $53.31
•2024E: $182.76
•CAGR: 13.11%
SHARE BUYBACKS✅
•2014 Shares Outstanding: 53.02M
•LTM Shares Outstanding: 34.51M
By reducing its shares outstanding 35%, $BKNG increased its EPS by 54% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 84.7%
•LTM Operating Margins: 28.7%
•LTM Net Income Margins: 21.8%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~10% LESS in EPS & ~3% MORE in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $BKNG has to grow earnings at an 11.38% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than (11.38%) required growth rate:
2024E: $182.76 (20.1% YoY) *FY Dec
2025E: $208.88 (14.3% YoY)
2026E: $241.36 (15.6% YoY)
2027E: $282.17 (16.9% YoY)
$BKNG has a decent track record of meeting analyst estimates ~2 years out, but let’s assume $BKNG ends 2027 with $238.17 in EPS & see its CAGR potential assuming different multiples
23x P/E: $6489💵 … ~13.0% CAGR
22x P/E: $6207💵 … ~11.3% CAGR
21x P/E: $5925💵 … ~9.6% CAGR
20x P/E: $5643💵 … ~7.8% CAGR
19x P/E: $5361💵 … ~6.0% CAGR
As you can see, $BKNG appears to have attractive return potential if we assume >22x earnings, a valuation above allowing for slight multiple compression, yet one that’s below its 3-year mean
Additionally, $BKNG EPS growth rate ( >12%) more than justifies a >22x multiple
Today at $4620💵 $BKNG appears to be a decent consideration for investment & fairly valued
I’d consider $BKNG a great purchase closer to $4300 (~18.50x multiple) roughly 7% below today’s share price or closer to 21x NTM estimates
This is where I can reasonably expect ~10.50% CAGR assuming a more conservative 20x 2027 earnings estimates, ensuring a substantial margin of safety & leaving room for potential multiple expansion
#stocks #investing
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬 𝐨𝐫 𝐚𝐜[...]