Anything You Can Get Away With

The duct-taped banana is back in the news... Rich people get really weird about art... Anything you can get away with... The latest ploy from the 'meme stock' poster child... The world will have as many as 5 billion 'APEs'... The latest garbage stock didn't have as much luck... [Stansberry Research Logo] Delivering World-Class Financial Research Since 1999 [Stansberry Digest] The duct-taped banana is back in the news... Rich people get really weird about art... Anything you can get away with... The latest ploy from the 'meme stock' poster child... The world will have as many as 5 billion 'APEs'... --------------------------------------------------------------- We haven't looked at the crazy art world in a while... Perhaps you remember the [$18,000 "invisible art" piece in Italy](... the [$69 million non-fungible token](... or the [$84,000 "Take the Money and Run" attempt]( of a Danish artist. I (Dan Ferris) personally enjoyed [the banana duct-taped to a wall]( at a Miami art expo in December 2019 the most... Artist Maurizio Cattelan titled his banana artwork, "Comedian." He ultimately sold three editions for a total of $390,000. The buyers got a certificate of authenticity and instructions for installation, including the precise angle and height at which to tape the banana. You also might remember that performance artist David Datuna walked up to Cattelan's banana on the wall... said, "Art performance, hungry artist"... ripped it off the wall... and ate it. It was a classic sign of a massive bubble nearing its end... The financial markets' cup runneth over and stains everything it touches. And, well, rich people can get really weird about art. The stories from the crazy art world develop like the sagas of [Cathie Wood]( and [Adam Neumann]( that we've covered several times in the Digest over the past few years... A moment always arrives when it seems they've finally gone as far as they can go and that we'll never hear from them again. But then, they pop back up and double down on their previous antics... They give us another signal that financial excess is alive and well. And they show us that we're nowhere near a bear market bottom. Similarly, as it turns out... The duct-taped-banana soap opera is just getting started... You see, artist Joe Morford of Glendale, California alleged that Cattelan plagiarized his own 2000 work titled, "Banana & Orange." In a December 2019 Facebook post, Morford showed a picture of his own work and wrote... I did this in 2000. But some dude steals my junk and pimps it for 120K+ in 2019. Plagiarism much? Morford is now suing Cattelan. And in early July, a federal judge in Miami denied Cattelan's motion to dismiss the case. As Justice Robert N. Scola Jr. wrote in his ruling... The question of whether a banana taped to a wall can be art is more a metaphysical question. But the legal question before the Court may be just as difficult – did Morford sufficiently allege that Cattelan's banana infringes his banana? Weighty stuff, to be sure. I hope our legal system doesn't break under the strain. Now, the absurd part... Morford, who has chosen to represent himself in court, is seeking damages that exceed $390,000. That's the amount Cattelan charged for three copies of his artwork, as well as court costs and travel expenses (since the proceedings will be held in Miami). It might seem even crazier than the story itself, but Morford registered his work with the U.S. Copyright Office in 2000. And he posted it on his own website, Facebook page, and YouTube account before Cattelan displayed his own work in Miami in December 2019. According to Scola's ruling... However, where a plaintiff cannot establish that the alleged infringer had access to the copyrighted work, the plaintiff must meet a higher standard and show that the works are "strikingly similar." I'm no lawyer, but it seems like "strikingly similar" means it's too close to be a coincidence. And that there's no way Cattelan could have made his piece without looking at Morford's piece first. It goes deeper than that, but you'll probably need a lawyer to figure it all out. A 'brighter light bulb' moment of the whole affair may yet lie ahead – perhaps after the trial is over... But if you had to pick one right now, it would have to be this quote from the opening sentences of Scola's ruling... In any event, a banana taped to a wall recalls Marshall McLuhan's definition of art – "anything you can get away with." Anything you can get away with. Morford's lawsuit suggests Cattelan hasn't gotten away with it. If Morford prevails, maybe this is the beginning of the end of six-figure price tags for high-school-prank-type art. Only time will tell. Meanwhile, it sure seems like the banana is still taped firmly to the wall in the financial markets... For example, as we discussed last Friday, the charismatic, hard-drinking entrepreneur Neumann can still attract hundreds of millions in capital by telling stories about real estate... Wood is still attracting investors to her ARK Innovation Fund (ARKK) full of profitless garbage... And the crypto market is suffering, but folks are still hanging on to thousands of worthless cryptos and believing they'll be worth something someday. I could expound on any of these examples to show you how they prove "anything you can get away with" is still in play. But let's pick on ARKK, since we haven't done so in a while... The next episode of [the Stansberry Investor Hour podcast]( will feature a recently recorded interview with Jeff Muhlenkamp. He's the lead portfolio manager of asset-management firm Muhlenkamp. During our conversation, Jeff looked at ARKK's share count as a gauge of the speculative frenzy... It has risen from 3.35 million shares outstanding five years ago to about 190 million today, according to Bloomberg data. And here's the kicker... ARKK's share price peaked in February 2021. It's down more than 70% since then. But the share count didn't peak until July 2022 – just last month. In other words, investors kept piling into ARKK for 17 months after its market value peaked. And that's even if it really has peaked at all... ARKK's share count is only down less than 9% from its high. This much smaller contraction in share count versus share price tells me investors haven't really abandoned ARKK yet. It will take more pain before investors abandon ARKK, causing its share count to shrink... Just Google something like "how ETFs work" to learn the mechanics of share creation and redemption within exchange-traded funds ("ETFs") like ARKK. But put simply... greater investor interest makes ETF share counts rise and waning interest makes them fall. ARKK's still-elevated share count implies that folks aren't nearly as bearish on profitless, highly speculative tech stocks as you might think they would be after losing 70%. As we covered in [our May 13 Digest]( most of the money in ARKK came in at the top. All those people have since been bludgeoned. Now, many folks who thought they could turn a quick buck have probably started telling friends and family they're "in it for the long haul." They've gone from sipping the Kool-Aid to gulping it. And it's probably worth remembering that "drinking the Kool-Aid" killed everyone in Jim Jones' Peoples Temple cult in 1978. In reality, they didn't drink Kool-Aid at all. A poisoned batch of knock-off drink mix Flavor Aid led to the deaths of more than 900 people. But let's not get lost in the minutiae. I promise you... ARKK's bulls will become totally discouraged one day when the stock is down 90% or so. They'll finally sell out... And the share count will plummet. The bottom in ARKK – and maybe in speculative tech stocks as a whole – might be around there somewhere. But that day is a long, long way off. Now, if you really want to talk about 'anything you can get away with' in the financial markets... It's hard to compete with "meme stock" poster child AMC Entertainment (AMC). AMC is a struggling business in an industry in secular decline (movie theaters). It doesn't have much hope of ever becoming profitable again. Since the core business stinks, AMC did what most folks would do in the same situation... It exploited its status as a meme stock for all it's worth – at the expense of its enthusiastic shareholders. For starters, AMC sold a lot of new equity... The stock had roughly 52 million shares outstanding in August 2020. Today, AMC has gotten away with increasing that amount roughly 10-fold in two years to nearly 517 million. The fact that AMC has already lost millions on [its investment in a crappy mining stock called Hycroft Mining (HYMC)]( is sheer poetry. But let's get back to my point... Corporations have an authorized number of shares. That's the maximum number they're allowed to issue. AMC is limited to issuing about 524 million shares of common stock. So since it has nearly 517 million shares outstanding already, it can sell no more than about another 7 million. And corporations can't raise the authorized maximum without shareholder approval. AMC tried to get shareholders to authorize another 500 million shares back in May 2021. But shareholders wouldn't let them get away with it, so AMC withdrew the proposal. The company is also currently authorized to issue up to 50 million preferred shares. But instead of trying to do that, AMC did something very 'clever' last Friday... It issued one new AMC preferred equity unit for each of its roughly 517 million outstanding shares. Each AMC preferred equity unit is equal to one-hundredth of an AMC preferred share. And get this... these preferred equity units trade under the "APE" ticker. Yes, the preferred equity units are called APEs and the shareholders are called Apes. It makes a lot of sense. Just think how thrilled I would be if I were an idiot and my favorite company issued a security with the ticker symbol "DAN." Due to the vagaries of securities law, you can design your preferred shares so they're almost identical to your common shares. The details are boring and technical. But based on everything the company has put out about APEs, I think it's fair to say that APE is very much like a common share of AMC... so issuing the APEs was like doing a 2-for-1 stock split. According to AMC's documents, the board has authorized up to 1 billion APEs. But those same documents acknowledge the potential for AMC to get away with issuing as many as 5 billion APEs. That would be like taping a banana the size of Costa Rica to a wall the size of Brazil... But the current outstanding APEs were given to current AMC shareholders, not sold. That means the company raised zero cash by distributing them. So why do it? AMC did it to create a brand-new liquid market for a brand-new security that's as close to its common stock as possible without actually being its common stock. Since its business burns cash, AMC needs to tap the capital markets if it wants to stay alive (much like many of the money-losing tech stocks in ARKK). And the company's bonds are garbage, so it can't borrow right now. So it created APEs – a near-equivalent to common stock. The board of directors authorized 1 billion APEs. And AMC gave a little more than 500 million to its shareholders as a non-cash "dividend" – which just means a stock split. AMC's shareholders told them not to issue any more common stock... So the company issued APEs and got away with it anyway. Anything you can get away with. Next, AMC might be able to get away with selling as many as nearly 4.5 billion more APEs to its insanely bullish, totally uniformed shareholder base of the world's worst investors. Maybe you think I'm too critical of the Apes' investing prowess. But the truth is, I'm probably being too kind... AMC's shareholders think they're 'sticking it to the man' by owning heavily shorted meme stocks... They think that because when they caused short-squeezes on AMC and GameStop (GME) in early 2021, investors in those two companies lost money. One of them – Melvin Capital – lost so much money being short meme stocks that it eventually had to shut down. But the thing is... the Apes aren't sticking anything to anybody. By trading meme stocks actively, they're actually making "the man" richer by giving their money to market makers like billionaire Ken Griffin's company Citadel Securities. Every time they trade, Ken gets paid. Both AMC and APE trade tens of millions of shares per day. Citadel handles roughly one-fifth of U.S. equities trading volume. And it handles more retail-order flow than any other firm. Citadel makes so much more money facilitating trades by small retail investors than it does with big institutional investors that the firm and other market makers pay for the ability to handle that order flow (so-called "payment for order flow"). And it's no surprise that the company earned record revenue of $7 billion in 2021. Forbes estimates Griffin's net worth at nearly $27 billion today. He must be so pleased to have it stuck to him in this fashion. It kind of makes you wish you were "the man" and could have it stuck to you, doesn't it? Apes believe they're part of some great social movement. They post AMC's ticker everywhere, like banana republic revolutionaries painting anti-establishment graffiti on the side of buildings. I live in a rural area in the Pacific Northwest, several hours from any major city. Earlier this week, I was driving down a country road behind a dirty white truck. That's when I noticed "Buy #AMC #AMC" scrawled into the dirt on the back of the truck... Whoever did that might as well have scrawled, "This one's for you, Ken!" Or perhaps they could've written, "Citadel Securities Forever!" Trading in AMC shares and APEs has produced an odd result since the APEs began trading on Monday morning. You would expect them to be near the same price. But as of today's close, the APEs trade at a roughly 27% discount to the value of AMC common shares. Many smart folks have seized on the obvious trade implied by this discount... Now, I don't recommend doing this yourself. It's not for the rent money. But if you can stomach the risk of trading securities in a market heavily under the influence of the world's worst investors... You could sell short AMC shares and buy an equal dollar amount of APE until the prices converge at around the same number. Folks are talking about this trade all over Twitter. And on Wednesday, famed short seller Jim Chanos said he's doing it. As he told financial-news network CNBC... Functionally, the two securities are the same. And I'd guess the Apes will be putting pressure on [AMC CEO Adam] Aron, if the discount continues, to make it freely convertible sooner rather than later. Chanos is implying that the two stocks' similarity will probably lead to AMC shareholders ("the Apes") insisting that they be allowed to convert APE to AMC common stock. At that point, the value of AMC and APE will become identical. And hopefully, you would be able to exit the short AMC/long APE trade with a profit. Since they're both worthless, you won't catch me doing it. I would rather spend $100,000 or more for a banana duct-taped to a wall. In the end, AMC is continuing its sleazy ways. The company has gotten away with issuing a security nearly identical to its common stock without shareholder approval. So as you can see, it can be great if your shareholders are the world's worst investors... It lets you get away with shady shenanigans for longer than good investors would tolerate. We'll see if AMC's management can actually sell the new APE securities for cash. If not, maybe this is when AMC's banana-taped-to-the-wall moment transitions to its banana-plagiarism-lawsuit moment. AMC's management is doing everything it can to keep that banana on the wall, including telling its shareholders that the way it lights cash on fire every quarter is "spectacularly encouraging." Yes, really. On August 4, while setting shareholders up to tell them about the company's intention to issue APEs, Aron said... [AMC's second-quarter 2022] results are spectacularly encouraging, as we showed dramatically increasing attendance and revenues, along with positive Adjusted [Earnings Before Interest, Taxes, Depreciation, and Amortization] so very much improved versus the same quarter last year. Thank you, Doctor Stephen Strange. Thank you, Tom Cruise. Thank you, Elvis Presley, and thank you, too, to all those hungry people-eating Jurassic dinosaurs. AMC reported revenue of nearly three times last year's second quarter. On the surface, that performance does seem spectacularly encouraging. But let's not forget that AMC's revenue fell 80% in 2020 due to the COVID-19 pandemic. Its trailing 12-month revenue is still 29% below pre-COVID-19 levels. And the company still isn't profitable... AMC reported a net loss of about $122 million in the second quarter. The company hasn't been consistently profitable since 2016. Back then, it had $4.4 billion of debt. Today, it has $10.5 billion. Between common shares and APEs, AMC has a total equity market cap of about $9.5 billion. The equity value will fall to zero when this banana finally rots off the wall and goes bankrupt – the most likely outcome. All of AMC's outstanding bonds trade for less than $900. That's bad. Some of them trade for less than $800. That's really bad. And equity is subordinate to all other claims in a bankruptcy. So if the market hates the bonds that much, there's no way the stock has any value left. AMC is a melting ice cube pretending to its know-nothing shareholders that it's anything but that. And it's pushing as many new securities at them as it can get away with. Anything you can get away with. Who knows, maybe we've finally been in this crazy market for too long... Perhaps the cracks are starting to appear. And perhaps the issuance of a half-billion APE securities by the meme-stock poster child will be remembered years from now as the dying gasp of the "anything you can get away with" bubble. We'll see. --------------------------------------------------------------- Recommended Links: # [Oil's New Inflection Point (Prepare NOW)]( It's a new turning point for oil that could drastically alter our economy this year. Goldman Sachs says it's the crux of its next 2022 play... and numerous top hedge funds have just changed their oil positions. [Click here for full oil story](. --------------------------------------------------------------- # [TICKETS SELLING FAST!]( You don't want to miss our biggest and best event of the year: Stansberry Research's 20th Annual Conference. And with the volatile, confusing stock market so far in 2022, tickets are selling FAST. For the dates, speakers, and all the details... including LIVESTREAM PASSES, [click here](. --------------------------------------------------------------- New 52-week highs (as of 8/25/22): SPDR Bloomberg 1-3 Month T-Bill Fund (BIL), CTS (CTS), Huntington Ingalls Industries (HII), Northrop Grumman (NOC), and ShockWave Medical (SWAV). Today's mailbag includes a "boots on the ground" report from Italy on the burgeoning energy and inflation crisis in Europe that [we wrote about yesterday](... and more thoughts about forgiving student loans. Do you have a comment or question? As always, e-mail us at feedback@stansberryresearch.com. "Good brief today. Many underestimate the impacts to U.S. markets due [to the] coming global recession, which to a large degree is being created or fueled by the Ukraine War, but is now being fueled by Main Street expectations." – Paid-up subscriber Bill B. "I am a Stansberry's Investment Advisory subscriber from Italy. As you always give good information and analysis, I think [it] is right to give you back some information from somebody that is 'boots on the ground' in Europe about the topic discussed in the Digest. "Italy's weak side has always been energy. In the last years, natural gas has been pushed to be used by a vast amount of people (even if I know many owners having a pellet/wood, or independent oil heating system). They now face increasing costs of gas (and of fixed costs of transport trough pipelines). Electricity bills have doubled for retail, but it is worse for some small business (3 times average). Some artisans selling handmade products have closed because the increase of energy cost has erased their margin (death of middle class). "Our government said that our supply is 90% filled. I don't know how long it will last... and anyway our new providers (Algeria and all the other African countries we forgot of during the previous years) can increase their production at a low rate. "In the meanwhile, Germany, considered the engine of Europe, is 40% dependent for energy from Russia. How will they obtain energy considering that the river Rhein is without water and so the ships can't transfer the coal (yes the dirty coal, enemy of the environment)? "There is a real threat that German industry can work only at low level, dragging down all the rest of Europe that is connected to them (Italy, for example). What will happen to Austria? What will happen to all the European owners that bought apartments in Italy?... "Pasta has seen a 50% increase in the area where I live... [and] for a certain period of time, you could only buy two bottles of sunflower oil in the supermarket. Everything points to a rough winter if not a severe recession. "Anyway, a danger is also an opportunity, but I don't think it will be an easy task." – Paid-up subscriber Franco F. "Biden's student loan buyouts plan just chaps my hide. When you take out a loan, you do so with good faith that you will pay it back. When you take out a mortgage, you do so in good faith that you will complete ALL of the payments! That's why you signed a contract to do so. If you decide at a later date that you don't want to do that anymore, then there are consequences. "It's NOT the government's job to take care of you, to pay your bills when you decide you don't want to do that anymore. It's YOUR job to take care of you and pay any obligations that you decide to include in your future. On a personal level, people can't act like the government and run their financial life into a deep debt hole. That's the core of the U.S. financial system. All individuals in our society are responsible for their own financial health. "Thousands of people have already gone before (myself included), taken out loans to pay for education and have been honest and worthy enough to pay it all back. Now these new young people want to make everyone else (taxpayers) pay off their debt for them. Where is their pride and love of country? "People who chose technical schools and apprenticeship like plumbers who did not rack up student loans are now going to pay for loans for future doctors and lawyers who will be knocking down six-figure incomes. If that doesn't anger millions of taxpayers, I don't know what will. It's insanity of the third dimension." – Paid-up subscriber John M. "Forgiving the public debt of people who've made bad financial decisions is so incredibly unfair and maddening to those who've made better choices, and paid their debt. It's also another example of this government rewarding bad behavior while punishing everyone else. It's disgusting, not to mention a blatant attempt to buy votes. But pleasing some 40 million people while enraging some 80 million others may not work out so well. "It's also an indictment of current university/college education. Clearly it's too expensive and not worth nearly what it costs. It's the same old story... when someone else pays, the price goes up and the quality goes down. It's a sad state." – Paid-up subscriber Ron M. "As a college professor for 32 years, I watched the spiral of increased tuition followed by increased loans. Colleges charge more without resistance. Suppose loans hadn't increased?" – Paid-up subscriber Chet R. "Community service should be required to compensate [for student debt forgiveness]." – Paid-up subscriber Bill M. "Wow. I remember when I paid the last installment of my student loans after college AND an MBA at USC (Los Angeles). With tuition reimbursement from my employer at the time, I got almost 50% from them – and my loan payment was $53.17 per month! "Turn the clock ahead almost 40 years and both of my sons took out the max – about $25K, but they both made it through 4 years in 4 years. One chose to pay off his loans last year – but he's making more money than my wife and I combined (and is over the reimbursement limit). The other one only has about $6K balance remaining – he stopped paying when the moratorium came into effect. I just hope it doesn't cause friction between them! "Is it inflationary? 'Doh,' as Homer Simpson would say. Does it help those who have loans? Yes – and for that reason I think it's a good investment. We're probably going to hell in a deficit-spending handbasket anyway, so let's go there with some students who made it through 4 years so they could join the workforce!" – Paid-up subscriber George R. Good investing, Dan Ferris Eagle Point, Oregon August 26, 2022 --------------------------------------------------------------- Stansberry Research Top 10 Open Recommendations Top 10 highest-returning open positions across all Stansberry Research portfolios Stock Buy Date Return Publication Analyst MSFT Microsoft 11/11/10 1,001.9% Retirement Millionaire Doc ADP Automatic Data 10/09/08 903.8% Extreme Value Ferris MSFT Microsoft 02/10/12 862.0% Stansberry's Investment Advisory Porter ETH/USD Ethereum 02/21/20 595.6% Stansberry Innovations Report Wade HSY Hershey 12/07/07 556.3% Stansberry's Investment Advisory Porter BRK.B Berkshire Hathaway 04/01/09 428.6% Retirement Millionaire Doc AFG American Financial 10/12/12 423.7% Stansberry's Investment Advisory Porter WRB W.R. Berkley 03/16/12 376.8% Stansberry's Investment Advisory Porter NTLA Intellia Therapeutics 12/19/19 307.3% Stansberry Innovations Report Engel FSMEX Fidelity Sel Med 09/03/08 302.9% Retirement Millionaire Doc Please note: Securities appearing in the Top 10 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the model portfolio of any Stansberry Research publication. The buy date reflects when the editor recommended the investment in the listed publication, and the return shows its performance since that date. To learn if a security is still a recommended buy today, you must be a subscriber to that publication and refer to the most recent portfolio. --------------------------------------------------------------- Top 10 Totals 3 Retirement Millionaire Doc 1 Extreme Value Ferris 4 Stansberry's Investment Advisory Porter 2 Stansberry Innovations Report Engel/Wade --------------------------------------------------------------- Top 5 Crypto Capital Open Recommendations Top 5 highest-returning open positions in the Crypto Capital model portfolio Stock Buy Date Return Publication Analyst ETH/USD Ethereum 12/07/18 1,358.2% Crypto Capital Wade ONE-USD Harmony 12/16/19 1,189.7% Crypto Capital Wade POLY/USD Polymath 05/19/20 1,065.0% Crypto Capital Wade MATIC/USD Polygon 02/25/21 842.0% Crypto Capital Wade BTC/USD Bitcoin 11/27/18 474.3% Crypto Capital Wade Please note: Securities appearing in the Top 5 are not necessarily recommended buys at current prices. The list reflects the best-performing positions currently in the Crypto Capital model portfolio. The buy date reflects when the recommendation was made, and the return shows its performance since that date. To learn if it's still a recommended buy today, you must be a subscriber and refer to the most recent portfolio. --------------------------------------------------------------- Stansberry Research Hall of Fame Top 10 all-time, highest-returning closed positions across all Stansberry portfolios Investment Symbol Duration Gain Publication Analyst Nvidia^* NVDA 5.96 years 1,466% Venture Tech. Lashmet Band Protocol crypto 0.32 years 1,169% Crypto Capital Wade Terra crypto 0.41 years 1,164% Crypto Capital Wade Inovio Pharma.^ INO 1.01 years 1,139% Venture Tech. Lashmet Seabridge Gold^ SA 4.20 years 995% Sjug Conf. Sjuggerud Frontier crypto 0.08 years 978% Crypto Capital Wade Binance Coin crypto 1.78 years 963% Crypto Capital Wade Nvidia^* NVDA 4.12 years 777% Venture Tech. Lashmet Intellia Therapeutics NTLA 1.95 years 775% Amer. Moonshots Root Rite Aid 8.5% bond 4.97 years 773% True Income Williams ^ These gains occurred with a partial position in the respective stocks. * The two partial positions in Nvidia were part of a single recommendation. Editor Dave Lashmet closed the first leg of the position in November 2016 for a gain of about 108%. Then, he closed the second leg in July 2020 for a 777% return. And finally, in May 2022, he booked a 1,466% return on the final leg. Subscribers who followed his advice on Nvidia could've recorded a total weighted average gain of more than 600%. You have received this e-mail as part of your subscription to Stansberry Digest. If you no longer want to receive e-mails from Stansberry Digest [click here](. Published by Stansberry Research. You're receiving this e-mail at {EMAIL}. Stansberry Research welcomes comments or suggestions at feedback@stansberryresearch.com. This address is for feedback only. 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