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EndGame Macro
Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies
If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else we’ve been seeing under the surface.
MacroEdge has total job cuts jumping to around 155k in October, the highest in at least two years. Challenger’s layoff announcements are back above 150k, the worst October in more than two decades. WARN notice data from Revelio shows over 40k workers formally told they’re about to be laid off, and the broader tally for 2025 is already more than 1.1 million announced job cuts with roughly 650 large corporate bankruptcies. That’s not a quirky outlier. That’s a cluster.
You can think of it as the moment when the spreadsheet version of the economy (earnings, margins, delinquencies) finally shows up in the human version (jobs, paychecks, anxiety).
Why It’s Happening Now
For a while, the story was things feel bad, but the labor market is still strong. That was true on the surface and false underneath.
Households and companies were living off buffers: pandemic savings, cheap mortgages, ultra low interest costs, and nominal revenues goosed by inflation. That bought time. It let consumers keep spending even as real wages lagged, and it let companies tolerate weaker volumes because pricing power and low funding costs kept margins afloat.
Those cushions are now mostly gone.
On the household side, you’re seeing it in the delinquency mix. Serious auto delinquencies at the highest since 2010. Credit card 90 day delinquencies pushing up toward GFC territory. Student loan delinquencies ripping higher now that payments are back. Commercial office delinquencies at record levels. That’s what it looks like when people are out of slack and start choosing which bills not to pay.
On the corporate side, higher rates and slower demand are colliding. Interest expense has reset upward, refinancing windows are tighter, and investors are no longer paying up for growth at any cost. Revenues are flattening while costs stay sticky. Something has to give, and what gives first is usually payroll. That’s exactly what these charts show: management teams moving from hiring freezes and quiet performance cuts to visible, headline layoffs.
You can also see the structural layer. Tech and white collar jobs are being restructured around AI and automation; retailers and warehouses are cutting as goods demand cools; government and quasi public entities are reacting to budget pressure. It’s not just one sector blowing up. It’s a broad shift from we might need this capacity to we can’t afford this capacity.
The Feedback Loop This Sets Up
Layoffs aren’t just an outcome; they become an input to the next phase of the cycle.
When over a million people are told their jobs are gone or at risk, they stop behaving like confident consumers. They cut discretionary spending, delay big purchases, run down savings faster, and lean harder on credit cards and BNPL to bridge the gap. That pushes delinquencies even higher, which tightens lending standards further, which forces more companies to cut costs, which means more layoffs.
Rising job cuts, rising delinquencies, and rising bankruptcies together are the classic late cycle signal. It’s the transition from a world where excess liquidity can paper over problems to a world where cash is scarce, credit is rationed, and everyone starts playing defense at the same time.
We are clearly past the soft landing without consequences fantasy. The labor market is finally lining up with what the credit markets and delinquency data have been whispering for a year: the buffers are gone, the cost of money is biting, and the adjustment is now happening in people’s paychecks, not just in spreadsheets.
Alternative data shows US layoffs are surging:
Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 year[...]
Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies
If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else we’ve been seeing under the surface.
MacroEdge has total job cuts jumping to around 155k in October, the highest in at least two years. Challenger’s layoff announcements are back above 150k, the worst October in more than two decades. WARN notice data from Revelio shows over 40k workers formally told they’re about to be laid off, and the broader tally for 2025 is already more than 1.1 million announced job cuts with roughly 650 large corporate bankruptcies. That’s not a quirky outlier. That’s a cluster.
You can think of it as the moment when the spreadsheet version of the economy (earnings, margins, delinquencies) finally shows up in the human version (jobs, paychecks, anxiety).
Why It’s Happening Now
For a while, the story was things feel bad, but the labor market is still strong. That was true on the surface and false underneath.
Households and companies were living off buffers: pandemic savings, cheap mortgages, ultra low interest costs, and nominal revenues goosed by inflation. That bought time. It let consumers keep spending even as real wages lagged, and it let companies tolerate weaker volumes because pricing power and low funding costs kept margins afloat.
Those cushions are now mostly gone.
On the household side, you’re seeing it in the delinquency mix. Serious auto delinquencies at the highest since 2010. Credit card 90 day delinquencies pushing up toward GFC territory. Student loan delinquencies ripping higher now that payments are back. Commercial office delinquencies at record levels. That’s what it looks like when people are out of slack and start choosing which bills not to pay.
On the corporate side, higher rates and slower demand are colliding. Interest expense has reset upward, refinancing windows are tighter, and investors are no longer paying up for growth at any cost. Revenues are flattening while costs stay sticky. Something has to give, and what gives first is usually payroll. That’s exactly what these charts show: management teams moving from hiring freezes and quiet performance cuts to visible, headline layoffs.
You can also see the structural layer. Tech and white collar jobs are being restructured around AI and automation; retailers and warehouses are cutting as goods demand cools; government and quasi public entities are reacting to budget pressure. It’s not just one sector blowing up. It’s a broad shift from we might need this capacity to we can’t afford this capacity.
The Feedback Loop This Sets Up
Layoffs aren’t just an outcome; they become an input to the next phase of the cycle.
When over a million people are told their jobs are gone or at risk, they stop behaving like confident consumers. They cut discretionary spending, delay big purchases, run down savings faster, and lean harder on credit cards and BNPL to bridge the gap. That pushes delinquencies even higher, which tightens lending standards further, which forces more companies to cut costs, which means more layoffs.
Rising job cuts, rising delinquencies, and rising bankruptcies together are the classic late cycle signal. It’s the transition from a world where excess liquidity can paper over problems to a world where cash is scarce, credit is rationed, and everyone starts playing defense at the same time.
We are clearly past the soft landing without consequences fantasy. The labor market is finally lining up with what the credit markets and delinquency data have been whispering for a year: the buffers are gone, the cost of money is biting, and the adjustment is now happening in people’s paychecks, not just in spreadsheets.
Alternative data shows US layoffs are surging:
Job cuts tracked by MacroEdge jumped +70,609 MoM in October, to 154,559, the highest in at least 2 year[...]
Offshore
EndGame Macro Don’t Worry, Everything’s Fine… Except the Layoffs, Bankruptcies, and Delinquencies If you strip the noise out, all of these series are saying the same thing: the labor market is finally cracking in a way that’s consistent with everything else…
s.
Monthly job cuts have now exceeded 100,000 for the 5th time this year.
At the same time, layoff announcements compiled by Challenger Gray spiked +99,010, to 153,074, the highest since March.
This also marks the highest monthly number for any October in 22 years.
All while employees notified of mass layoffs via WARN notices tracked by Revelio rose +11,912 last month to 43,626, the 2nd-highest in at least 2 years.
US layoffs are accelerating. - The Kobeissi Letter tweet
Monthly job cuts have now exceeded 100,000 for the 5th time this year.
At the same time, layoff announcements compiled by Challenger Gray spiked +99,010, to 153,074, the highest since March.
This also marks the highest monthly number for any October in 22 years.
All while employees notified of mass layoffs via WARN notices tracked by Revelio rose +11,912 last month to 43,626, the 2nd-highest in at least 2 years.
US layoffs are accelerating. - The Kobeissi Letter tweet
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EndGame Macro
The Ratio That Never Lies: Stocks Are Losing the Fight to Gold
This is the Dow to Gold ratio stretched across more than a century. It’s one of those rare charts that doesn’t scream, it whispers but the message is the same every time. When the ratio is high, stocks are massively favored over real money. When it rolls over from those highs, it usually marks the start of a long period where that relationship flips.
You can see the big turning points clearly…the late 1920s, the early 1970s, and the mid 2000s. Each time, once the ratio broke, it didn’t just drift lower. It unwound for years. Sometimes because stocks fell. Sometimes because gold ripped. Usually some mix of both. What matters is the pattern: the reversal doesn’t stop at the dotted line, it tends to keep going until sentiment, valuations, and macro conditions all reset.
Why This Moment Feels Familiar
Now we’re watching that same rollover again. The ratio has already slipped back to the levels we saw near those previous major peaks, and the macro backdrop that follows these turns is already taking shape. Growth is slowing, layoffs are rising, credit stress is spreading, and real yields are unstable. Meanwhile, central banks especially outside the U.S. are quietly accumulating gold like they don’t trust the next decade of policy one bit.
You don’t need a stock market crash or a gold mania to push this lower. You just need a world where stocks don’t deliver the dream scenario they’re priced for, and gold does what it always does when people stop trusting paper promises: quietly absorb the doubt.
My Read
My view is that we’re early and not late in this turn. I’d put a high probability that this ratio keeps sliding over the next several years, not because of drama, but because the cycle is shifting underneath it. Margins are thinning, liquidity is tightening, and real assets are becoming the safety valve again.
Could the ratio snap back up? Sure…if growth reaccelerates, deficits shrink, inflation behaves, and geopolitical risk evaporates. But that’s not the world we’re living in. The world we’re in looks a lot more like the early chapters of 1929, 1973, or 2008 a period where the old regime quietly fades and hard assets slowly regain the upper hand.
tweet
The Ratio That Never Lies: Stocks Are Losing the Fight to Gold
This is the Dow to Gold ratio stretched across more than a century. It’s one of those rare charts that doesn’t scream, it whispers but the message is the same every time. When the ratio is high, stocks are massively favored over real money. When it rolls over from those highs, it usually marks the start of a long period where that relationship flips.
You can see the big turning points clearly…the late 1920s, the early 1970s, and the mid 2000s. Each time, once the ratio broke, it didn’t just drift lower. It unwound for years. Sometimes because stocks fell. Sometimes because gold ripped. Usually some mix of both. What matters is the pattern: the reversal doesn’t stop at the dotted line, it tends to keep going until sentiment, valuations, and macro conditions all reset.
Why This Moment Feels Familiar
Now we’re watching that same rollover again. The ratio has already slipped back to the levels we saw near those previous major peaks, and the macro backdrop that follows these turns is already taking shape. Growth is slowing, layoffs are rising, credit stress is spreading, and real yields are unstable. Meanwhile, central banks especially outside the U.S. are quietly accumulating gold like they don’t trust the next decade of policy one bit.
You don’t need a stock market crash or a gold mania to push this lower. You just need a world where stocks don’t deliver the dream scenario they’re priced for, and gold does what it always does when people stop trusting paper promises: quietly absorb the doubt.
My Read
My view is that we’re early and not late in this turn. I’d put a high probability that this ratio keeps sliding over the next several years, not because of drama, but because the cycle is shifting underneath it. Margins are thinning, liquidity is tightening, and real assets are becoming the safety valve again.
Could the ratio snap back up? Sure…if growth reaccelerates, deficits shrink, inflation behaves, and geopolitical risk evaporates. But that’s not the world we’re living in. The world we’re in looks a lot more like the early chapters of 1929, 1973, or 2008 a period where the old regime quietly fades and hard assets slowly regain the upper hand.
Keep an eye on the Dow Jones to Gold Ratio.
Chart technical indicators are saying it's about to plummet. https://t.co/jx4y2rOyEv tweet
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EndGame Macro
RT @TOzgokmen: LARGEST CLUSTER HIGH-RISE FIRE & NO FREE FALLS:
7 towers in Hong Kong have been burning for 24 hours.
This is from grok:
"Hong Kong's Wang Fuk Court complex—where flames engulfed seven high-rise towers simultaneously—is the largest documented incident of multiple high-rise buildings burning together in a single fire event in modern history. This scale is unprecedented."
I have a better memory thaN fruit flies in that I can detect anomalies with respect to what I have seen in my life.
In comparison, World Trade Center started collapsing in a free fall after 56 mins. No other high rise or modern building ever collapsed during a fire, apart from 9/11.
tweet
RT @TOzgokmen: LARGEST CLUSTER HIGH-RISE FIRE & NO FREE FALLS:
7 towers in Hong Kong have been burning for 24 hours.
This is from grok:
"Hong Kong's Wang Fuk Court complex—where flames engulfed seven high-rise towers simultaneously—is the largest documented incident of multiple high-rise buildings burning together in a single fire event in modern history. This scale is unprecedented."
I have a better memory thaN fruit flies in that I can detect anomalies with respect to what I have seen in my life.
In comparison, World Trade Center started collapsing in a free fall after 56 mins. No other high rise or modern building ever collapsed during a fire, apart from 9/11.
Seven tall buildings burned in Hong Kong today; none collapsed in a free fall, unlike during 9/11. tweet
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memenodes
me realizing I spent 2 years grinding a 9-5 while Sophie made $95M posting spider-man videos and bible verses 😭😭
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me realizing I spent 2 years grinding a 9-5 while Sophie made $95M posting spider-man videos and bible verses 😭😭
thankful for two years on here 🫶🏻 https://t.co/hDxtyHskVy tweet
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memenodes
When your buddy is saying they won’t buy more bitcoin at $90,000 because it feels too risky https://t.co/M2kktujkZ6
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When your buddy is saying they won’t buy more bitcoin at $90,000 because it feels too risky https://t.co/M2kktujkZ6
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Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $MSFT 🧘🏽♂️
•NTM P/E Ratio: 29.25x
•5-Year Mean: 30.92x
•NTM FCF Yield: 1.98%
•5-Year Mean: 2.80%
As you can see, $MSFT appears to be trading near fair value on an earnings basis
Going forward, investors can expect to receive ~6% MORE in earnings per share & ~29% LESS in FCF per share🧠***
Before we get into valuation, let’s take a look at why $MSFT is a quality business
BALANCE SHEET✅
•Cash & Equivalents: $102.01B
•Long-Term Debt: $35.38B
$MSFT has an excellent balance sheet, an AAA S&P Credit Rating & 58x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2021: 31.1%
•2022: 34.0%
•2023: 30.9%
•2024: 29.7%
•2025: 28.0%
RETURN ON EQUITY✅
•2021: 47.1%
•2022: 47.2%
•2023: 38.8%
•2024: 37.1%
•2025: 33.3%
$MSFT has great return metrics, highlighting the financial efficiency of the business
REVENUE✅
•2021: $168.09B
•2026E: $326.83B
•CAGR: 14.22%
FREE CASH FLOW🆗*
•2021: $56.12B
•2026E: $75.70B
•CAGR: 6.17%
*This is largely due to heavy AI-related reinvestment — current 2028 FCF estimate $116.45B
NORMALIZED EPS✅
•2021: $7.97
•2026E: $16.10
•CAGR: 15.10%
SHARE BUYBACKS✅
•2016 Shares Outstanding: 8.01B
•LTM Shares Outstanding: 7.46B
By reducing its shares outstanding ~7%, $MSFT increased its EPS by ~8% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 68.8%
•LTM Operating Margins: 46.3%
•LTM Net Income Margins: 35.7%
PAID DIVIDENDS✅
•2015: $1.24
•2025: $3.32
•CAGR: 10.34%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~6% MORE in EPS & ~29% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $MSFT has to grow earnings at a 14.63% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2026 - 2028 EPS growth over the next few years to be more than the (14.63%) required growth rate:
2026E: $16.10 (18% YoY) *FY Jun
2027E: $18.73 (16% YoY)
2028E: $22.27 (18% YoY)
$MSFT has an excellent track record of meeting analyst estimates ~2 years out, so let’s assume $MSFT ends 2028 with $22.27 in EPS & see its CAGR potential assuming different multiples
32x P/E: $712💵 … ~16.7% CAGR
30x P/E: $668💵 … ~13.9% CAGR
29x P/E: $646💵 … ~12.4% CAGR
28x P/E: $623💵 … ~10.9% CAGR
27x P/E: $601💵 … ~9.4% CAGR
As you can see, we’d have to assume a 28x multiple for $MSFT to have attractive return potential
At 27x earnings $MSFT has ok CAGR potential
$MSFT is one of the highest quality companies in the world & is firing on all cylinders
Although I wouldn’t want to rely on a >30x multiple, I feel comfortable accumulating $MSFT shares at ~$485💵 while relying on 28x - 29x
I consider $MSFT a steal with a large margin of safety at $440💵, where I can reasonably expect ~12% CAGR while assuming a more conservative 26x
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️
𝐓𝐡𝐢𝐬 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞, 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫, 𝐨𝐫 𝐚 𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐬𝐞𝐥𝐥 𝐚𝐧𝐲 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲.
𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐨𝐥𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝. 𝐀𝐧𝐲 𝐨𝐩𝐢𝐧𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐧𝐨𝐭𝐢𝐜𝐞.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
tweet
A quality valuation analysis on $MSFT 🧘🏽♂️
•NTM P/E Ratio: 29.25x
•5-Year Mean: 30.92x
•NTM FCF Yield: 1.98%
•5-Year Mean: 2.80%
As you can see, $MSFT appears to be trading near fair value on an earnings basis
Going forward, investors can expect to receive ~6% MORE in earnings per share & ~29% LESS in FCF per share🧠***
Before we get into valuation, let’s take a look at why $MSFT is a quality business
BALANCE SHEET✅
•Cash & Equivalents: $102.01B
•Long-Term Debt: $35.38B
$MSFT has an excellent balance sheet, an AAA S&P Credit Rating & 58x FFO Interest Coverage Ratio
RETURN ON CAPITAL✅
•2021: 31.1%
•2022: 34.0%
•2023: 30.9%
•2024: 29.7%
•2025: 28.0%
RETURN ON EQUITY✅
•2021: 47.1%
•2022: 47.2%
•2023: 38.8%
•2024: 37.1%
•2025: 33.3%
$MSFT has great return metrics, highlighting the financial efficiency of the business
REVENUE✅
•2021: $168.09B
•2026E: $326.83B
•CAGR: 14.22%
FREE CASH FLOW🆗*
•2021: $56.12B
•2026E: $75.70B
•CAGR: 6.17%
*This is largely due to heavy AI-related reinvestment — current 2028 FCF estimate $116.45B
NORMALIZED EPS✅
•2021: $7.97
•2026E: $16.10
•CAGR: 15.10%
SHARE BUYBACKS✅
•2016 Shares Outstanding: 8.01B
•LTM Shares Outstanding: 7.46B
By reducing its shares outstanding ~7%, $MSFT increased its EPS by ~8% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 68.8%
•LTM Operating Margins: 46.3%
•LTM Net Income Margins: 35.7%
PAID DIVIDENDS✅
•2015: $1.24
•2025: $3.32
•CAGR: 10.34%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~6% MORE in EPS & ~29% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $MSFT has to grow earnings at a 14.63% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2026 - 2028 EPS growth over the next few years to be more than the (14.63%) required growth rate:
2026E: $16.10 (18% YoY) *FY Jun
2027E: $18.73 (16% YoY)
2028E: $22.27 (18% YoY)
$MSFT has an excellent track record of meeting analyst estimates ~2 years out, so let’s assume $MSFT ends 2028 with $22.27 in EPS & see its CAGR potential assuming different multiples
32x P/E: $712💵 … ~16.7% CAGR
30x P/E: $668💵 … ~13.9% CAGR
29x P/E: $646💵 … ~12.4% CAGR
28x P/E: $623💵 … ~10.9% CAGR
27x P/E: $601💵 … ~9.4% CAGR
As you can see, we’d have to assume a 28x multiple for $MSFT to have attractive return potential
At 27x earnings $MSFT has ok CAGR potential
$MSFT is one of the highest quality companies in the world & is firing on all cylinders
Although I wouldn’t want to rely on a >30x multiple, I feel comfortable accumulating $MSFT shares at ~$485💵 while relying on 28x - 29x
I consider $MSFT a steal with a large margin of safety at $440💵, where I can reasonably expect ~12% CAGR while assuming a more conservative 26x
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𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️
𝐓𝐡𝐢𝐬 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞, 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫, 𝐨𝐫 𝐚 𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐬𝐞𝐥𝐥 𝐚𝐧𝐲 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲.
𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐨𝐥𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝. 𝐀𝐧𝐲 𝐨𝐩𝐢𝐧𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐧𝐨𝐭𝐢𝐜𝐞.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
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