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So, Todd, if FFNTF reminds you of Gonzaga ... who are the VCUs and George Masons, or even UMBCs out there that could pull off some of the biggest upsets in the history of March Madness aka US Reefer Madness? While my investments [appropriately] favor some of the aforementioned larger MSOs, hopefully a few of the little guys out there will have their One Shining Moment in the upcoming year or two and it's not just the heavy favorites who win every round in this tourney of generational opportunity.

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No need for you to mention any names, but I am interested in your opinion on the small US players in general (some examples that come to mind, and note I hold shares in just a few* of them -- 1933*, Flower One*, Indus, BellRock*, PLUS, Halo, Harborside, Captor, etc.) ... is the only hope of the lower (lowest?) tier to get acquired by one of the larger MSOs, or, do you more or less see the larger MSOs snuffing out most of the underdogs? Is there room for these smaller companies to coexist with the big boys long-term?

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Hi Meghan, have you seen this? and we own a few of the names u mentioned fwiw; the back-end is where the beta is (while the alpha fe/males share the spotlight.

https://toddharrison.substack.com/p/weight-watchers

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Thanks, Todd. I did see your Weight Watchers piece. I dig your barbell analogy (or, wait, is it a metaphor). Possibly just hyper-sensitive on my end, I just didn't see you call out anyone that's not in the, I'll call it the second tier, so wasn't sure if any of the players even smaller than the ones you mentioned in Weight Watchers were included in the back of the totem pole. Been debating what to do with my "forgottens" which are still deep in the red from when I entered (even after some nerve-wracking averaging down) .... whether to take losses and reallocate to first or second tier, or continue to hold for their One Shining Moment (albeit more risk as you pointed out, knowing me I'll hold with hope for the latter). Have a good rest of the weekend. Enjoy the SB tomorrow.

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