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Subject: =?UTF-8?q?Weekly_Recap:_Zaz=E2=80=99s_Fire_Sale_Options_&_A_Buffett_Miles?=
 =?UTF-8?q?tone?=
From: Puck <puck@puck.news>
To: enzo@showfile.com
Message-Id: <20240908120710.916b3f8914341202@cio66752.puck.news>

--3860b676d3416772803c72f74a1be5b73ccc9b737c9e7ffe4da4bbe19cf0
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Puck logo ( https://puck.news/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%=
2F24%29&utm_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Dema=
il_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )Hey the=
re,

=C2=A0

Welcome back to your weekly roundup of Puck=E2=80=99s greatest hits from th=
e past seven days.

=C2=A0

In this issue: Matt Belloni wrangles bankers, analysts, and Warners insider=
s to compile a detail-rich (and highly speculative) rundown ( https://puck.=
news/how-the-wbd-fire-sale-could-play-out/?utm_campaign=3DWeek+Review+-+LEA=
DS+%289%2F8%2F24%29&utm_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_=
medium=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48=
d28 ) of David Zaslav=E2=80=99s fire sale options in the aftermath of WBD=
=E2=80=99s grueling second quarter; Marion Maneker chats with art market ex=
pert Magnus Resch about a potential panacea ( https://puck.news/the-art-mar=
kets-lo-fi-tech-solution/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%=
29&utm_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_ac=
tion&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 ) for the auc=
tion house doldrums; Lauren Sherman hears from=20
( https://puck.news/can-kristina-oneill-make-sothebys-magazine-a-thing/?utm=
_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+Review+=
-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io=
&utm_term=3Df6c60615e3d301d48d28 ) Kristina O=E2=80=99Neill about her new g=
ig running Sotheby=E2=80=99s Magazine; and Bill Cohan chews over ( https://=
puck.news/warren-buffetts-bans-fourth-comma-other-wall-street-news/?utm_cam=
paign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+Review+-+LE=
ADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm=
_term=3Df6c60615e3d301d48d28 ) Warren Buffett=E2=80=99s $1 trillion milesto=
ne, Wall Street=E2=80=99s A.I. hysteria, and the leadership kerfuffle at Tw=
o Sigma.

=C2=A0

Enjoy!

=E2=80=8A
Zaz fire sale ( https://puck.news/how-the-wbd-fire-sale-could-play-out/?utm=
_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+Review+=
-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io=
&utm_term=3Df6c60615e3d301d48d28 )
How the Zaz Fire Sale Could Play Out ( https://puck.news/how-the-wbd-fire-s=
ale-could-play-out/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm=
_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&u=
tm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )

MATTHEW BELLONI

Coming off a stock price nadir, with its legacy TV business cratering, Warn=
er Bros. Discovery has reached the point where it may need to sell some stu=
ff. Herewith, a rating of marketable assets and the highly speculative like=
lihood that David Zaslav will part with them.

=E2=80=8AMagnus Resch ( https://puck.news/the-art-markets-lo-fi-tech-soluti=
on/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+=
Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcust=
omer.io&utm_term=3Df6c60615e3d301d48d28 )The Art Market=E2=80=99s Lo-Fi Tec=
h Solution ( https://puck.news/the-art-markets-lo-fi-tech-solution/?utm_cam=
paign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+Review+-+LE=
ADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.io&utm=
_term=3Df6c60615e3d301d48d28 )

MARION MANEKER

For years, tech platforms have been pining to disrupt the art market with A=
=2EI. or blockchain or a jazzy new plat=
form. I came up with a better solution=
 during a chat with the Yale School of Management=E2=80=99s Magnus Resch.

=E2=80=8AKristina O'Neill ( https://puck.news/can-kristina-oneill-make-soth=
ebys-magazine-a-thing/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&=
utm_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_actio=
n&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )A Kristina Caro=
l ( https://puck.news/can-kristina-oneill-make-sothebys-magazine-a-thing/?u=
tm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_content=3DWeek+Revie=
w+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm_source=3Dcustomer.=
io&utm_term=3Df6c60615e3d301d48d28 )

LAUREN SHERMAN

Is there life for an editor-in-chief after the magazine industry effectivel=
y ends? Kristina O=E2=80=99Neill is trying to figure it out at newly relaun=
ched Sotheby=E2=80=99s Magazine.

=E2=80=8A
Warren Buffett ( https://puck.news/warren-buffetts-bans-fourth-comma-other-=
wall-street-news/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_c=
ontent=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=3Demail_action&utm=
_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )
Buffett=E2=80=99s Four-Comma Club ( https://puck.news/warren-buffetts-bans-=
fourth-comma-other-wall-street-news/?utm_campaign=3DWeek+Review+-+LEADS+%28=
9%2F8%2F24%29&utm_content=3DWeek+Review+-+LEADS+%289%2F8%2F24%29&utm_medium=
=3Demail_action&utm_source=3Dcustomer.io&utm_term=3Df6c60615e3d301d48d28 )

WILLIAM D. COHAN

News and notes from the Wall Street hype machine as Berkshire Hathaway hits=
 $1 trillion, Sam Altman=E2=80=99s OpenAI trades at 33x (!) revenue, and Tw=
o Sigma continues to flirt with disaster.

swash divider
Join ( https://puck.news/join/?utm_campaign=3DWeek+Review+-+LEADS+%289%2F8%=
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ebkit-text-size-adjust:none;text-size-adjust:none"><div style=3D"display: n=
one; max-height: 0px; overflow: hidden; mso-hide:all;">Welcome back to your=
 weekly roundup of Puck=E2=80=99s greatest hits from the past seven days.  =
   In this issue: Matt Belloni wrangles bankers, analysts, and Warners insi=
ders to compile a detail-rich (and highly speculative) rundown of David Zas=
lav=E2=80=99s fire sale options in the aftermath of WBD=E2=80=99s grueling =
second quarter; Marion Maneker chats with art market expert Magnus Resch ab=
out a potential panacea for the auction house doldrums; Lauren Sherman hear=
s from Kristina O=E2=80=99Neill about her new gig running Sotheby=E2=80=99s=
 Magazine; and Bill Cohan chews over Warren Buffett=E2=80=99s $1 trillion m=
ilestone, Wall Street=E2=80=99s A.I. hysteria, and the leadership kerfuffle=
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line-height:1.5"><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24=
px"><span style=3D"word-break: break-word; font-size: 16px;">Hey there,</sp=
an></p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=C2=A0=
</p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Welcome back to yo=
ur weekly roundup of Puck=E2=80=99s greatest hits from the past seven days.=
</span></p><p style=3D"margin:0;font-size:16px;mso-line-height-alt:18px">=
=C2=A0</p><p style=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">In this issue: <st=
rong>Matt Belloni</strong> wrangles bankers, analysts, and Warners insiders=
 to compile a detail-rich (and highly speculative) <a href=3D"https://email=
=2Epuck.news/e/c/eyJlbWFpbF9pZCI6ImRnVD=
J4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJh=
Ymx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG93LXRoZS13YmQtZmlyZS1zYWx=
lLWNvdWxkLXBsYXktb3V0Lz91dG1fY2FtcGFpZ249V2VlaytSZXZpZXcrLStMRUFEUyslMjg5JT=
JGOCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2VlaytSZXZpZXcrLStMRUFEUyslMjg5JTJGO=
CUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1=
c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI=
6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MTAxNTc0M30/908ad2342252638dc5=
72bfd2dfccd880713fd7c3e1a8fac633b44d6fc854aabf" style=3D"text-decoration: u=
nderline; color: #d40000;">rundown</a> of <strong>David Zaslav</strong>=E2=
=80=99s fire sale options in the aftermath of WBD=E2=80=99s grueling second=
 quarter; <strong>Marion Maneker</strong> chats with art market expert <str=
ong>Magnus Resch</strong> about a potential <a href=3D"https://email.puck.n=
ews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDR=
HRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWFydC1tYXJrZXRzLWxvLWZpLXRlY2=
gtc29sdXRpb24vP3V0bV9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGM=
jQlMjlcdTAwMjZ1dG1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQl=
MjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXI=
uaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNj=
A2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoxMDE5NDUxfQ/d8e2f2f5a16c5d089fd5d20bd8=
ddbe984ea0ab1b646e31bf054cc76dab024844" style=3D"text-decoration: underline=
; color: #d40000;">panacea</a> for the auction house doldrums; <strong>Laur=
en Sherman</strong> <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6=
ImRnVDJ4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM=
6Ly9wdWNrLm5ld3MvY2FuLWtyaXN0aW5hLW9uZWlsbC1tYWtlLXNvdGhlYnlzLW1hZ2F6aW5lLW=
EtdGhpbmcvP3V0bV9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlM=
jlcdTAwMjZ1dG1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlc=
dTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9=
cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MT=
VlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoxMDE4NTY3fQ/ac9f17c85d4df59f5230d359c23b3b=
5427b16ab77111acbb571c5a0b60d622aa" style=3D"text-decoration: underline; co=
lor: #d40000;">hears from</a> <strong>Kristina O=E2=80=99Neill</strong> abo=
ut her new gig running <em>Sotheby=E2=80=99s Magazine</em>; and <strong>Bil=
l Cohan</strong> <a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImR=
nVDJ4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly=
9wdWNrLm5ld3Mvd2FycmVuLWJ1ZmZldHRzLWJhbnMtZm91cnRoLWNvbW1hLW90aGVyLXdhbGwtc=
3RyZWV0LW5ld3MvP3V0bV9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJG=
MjQlMjlcdTAwMjZ1dG1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQ=
lMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZX=
IuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjN=
jA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoxMDE4NTY4fQ/d2974dbc26275aa3ad51d8c43=
4b5e22fa14a2faba1c0da1d9644fc0fd656b991" style=3D"text-decoration: underlin=
e; color: #d40000;">chews over</a> <strong>Warren Buffett</strong>=E2=80=99=
s $1 trillion milestone, Wall Street=E2=80=99s A.I. hysteria, and the leade=
rship kerfuffle at Two Sigma.</span>
</p><p style=3D"margin:0;mso-line-height-alt:18px">=C2=A0</p><p style=3D"ma=
rgin:0;font-size:16px;mso-line-height-alt:24px"><span style=3D"word-break: =
break-word; font-size: 16px;">Enjoy!</span></p></div></div></td></tr></tbod=
y></table></td></tr></tbody></table></td></tr></tbody></table><table class=
=3D"row row-3" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-=
table-rspace:0"><tbody><tr><td><table class=3D"row-content stack" align=3D"=
center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentati=
on" style=3D"mso-table-lspace:0;mso-table-rspace:0;border-radius:0;color:#0=
00;width:600px;margin:0 auto" width=3D"600"><tbody><tr><td class=3D"column =
column-1" width=3D"100%" style=3D"mso-table-lspace:0;mso-table-rspace:0;fon=
t-weight:400;text-align:left;padding-bottom:5px;padding-left:30px;padding-r=
ight:30px;padding-top:5px;vertical-align:top;border-top:0;border-right:0;bo=
rder-bottom:0;border-left:0"><table class=3D"divider_block block-1" width=
=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"present=
ation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class=
=3D"pad"><div class=3D"alignment" align=3D"center"><table border=3D"0" cell=
padding=3D"0" cellspacing=3D"0" role=3D"presentation" width=3D"100%" style=
=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class=3D"divider_=
inner" style=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><s=
pan style=3D"word-break: break-word;">=E2=80=8A</span></td></tr></tbody></t=
able></div></td></tr></tbody></table>
<table class=3D"image_block block-2" width=3D"100%" border=3D"0" cellpaddin=
g=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0=
;mso-table-rspace:0"><tbody><tr><td class=3D"pad" style=3D"width:100%"><div=
 class=3D"alignment" align=3D"center" style=3D"line-height:10px"><div style=
=3D"max-width:540px"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI=
6ImRnVDJ4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cH=
M6Ly9wdWNrLm5ld3MvaG93LXRoZS13YmQtZmlyZS1zYWxlLWNvdWxkLXBsYXktb3V0Lz91dG1fY=
2FtcGFpZ249V2VlaytSZXZpZXcrLStMRUFEUyslMjg5JTJGOCUyRjI0JTI5XHUwMDI2dXRtX2Nv=
bnRlbnQ9V2VlaytSZXZpZXcrLStMRUFEUyslMjg5JTJGOCUyRjI0JTI5XHUwMDI2dXRtX21lZGl=
1bT1lbWFpbF9hY3Rpb25cdTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm=
09ZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4I=
iwibGlua19pZCI6MTAxNTc0M30/908ad2342252638dc572bfd2dfccd880713fd7c3e1a8fac6=
33b44d6fc854aabf" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1">=
<img src=3D"https://userimg-assets.customeriomail.com/images/client-env-107=
382/1725725843454_wbd%20fire%20sale_01J76MD839A0Q51GSM7H6K5HN0.jpg" style=
=3D"display:block;height:auto;border:0;width:100%" width=3D"540" alt=3D"Zaz=
 fire sale" title=3D"Zaz fire sale" height=3D"auto"/></a></div></div></td><=
/tr></tbody></table><table class=3D"text_block block-3" width=3D"100%" bord=
er=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D=
"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tbody><tr><t=
d class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div style=3D"=
font-family:&#39;Times New Roman&#39;,Georgia,serif"><div class=3D"" style=
=3D"font-size:14px;font-family:TimesNewRoman,&#39;Times New Roman&#39;,Time=
s,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;color:#000;line-heig=
ht:1.2"><p style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvaG9=
3LXRoZS13YmQtZmlyZS1zYWxlLWNvdWxkLXBsYXktb3V0Lz91dG1fY2FtcGFpZ249V2VlaytSZX=
ZpZXcrLStMRUFEUyslMjg5JTJGOCUyRjI0JTI5XHUwMDI2dXRtX2NvbnRlbnQ9V2VlaytSZXZpZ=
XcrLStMRUFEUyslMjg5JTJGOCUyRjI0JTI5XHUwMDI2dXRtX21lZGl1bT1lbWFpbF9hY3Rpb25c=
dTAwMjZ1dG1fc291cmNlPWN1c3RvbWVyLmlvXHUwMDI2dXRtX3Rlcm09ZjZjNjA2MTVlM2QzMDF=
kNDhkMjgiLCJpbnRlcm5hbCI6ImY2YzYwNjE1ZTNkMzAxZDQ4ZDI4IiwibGlua19pZCI6MTAxNT=
c0M30/908ad2342252638dc572bfd2dfccd880713fd7c3e1a8fac633b44d6fc854aabf" tar=
get=3D"_blank" style=3D"text-decoration: none; color: #d40000;" rel=3D"noop=
ener"><span style=3D"word-break: break-word; font-size: 30px;">How the Zaz =
Fire Sale Could Play Out </span></a></p></div></div></td></tr></tbody></tab=
le><table class=3D"text_block block-4" width=3D"100%" border=3D"0" cellpadd=
ing=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace=
:0;mso-table-rspace:0;word-break:break-word"><tbody><tr><td class=3D"pad" s=
tyle=3D"padding-bottom:5px;padding-top:5px"><div style=3D"font-family:sans-=
serif"><div class=3D"" style=3D"font-size:14px;font-family:Arial,Helvetica =
Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;color:#000;line-height=
:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"><span style=3D"word-=
break: break-word; font-size: 16px;"><strong>MATTHEW BELLONI</strong></span=
></p></div></div></td></tr></tbody></table><table class=3D"text_block block=
-5" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D=
"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:br=
eak-word"><tbody><tr><td class=3D"pad" style=3D"padding-bottom:5px;padding-=
top:5px"><div style=3D"font-family:sans-serif"><div class=3D"" style=3D"fon=
t-size:14px;font-family:Arial,Helvetica Neue,Helvetica,sans-serif;mso-line-=
height-alt:21px;color:#000;line-height:1.5"><p style=3D"margin:0;mso-line-h=
eight-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Coming off a stock=
 price nadir, with its legacy TV business cratering, Warner Bros. Discovery=
 has reached the point where it may need to sell some stuff. Herewith, a ra=
ting of marketable assets and the highly speculative likelihood that David =
Zaslav will part with them.</span></p></div></div></td></tr></tbody></table=
></td></tr></tbody></table></td></tr></tbody></table><table class=3D"row ro=
w-4" align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa=
cing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspa=
ce:0"><tbody><tr><td><table class=3D"row-content stack" align=3D"center" bo=
rder=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;border-radius:0;color:#000;width:=
600px;margin:0 auto" width=3D"600"><tbody><tr><td class=3D"column column-1"=
 width=3D"100%" style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:=
400;text-align:left;padding-bottom:5px;padding-left:30px;padding-right:30px=
;padding-top:5px;vertical-align:top;border-top:0;border-right:0;border-bott=
om:0;border-left:0"><table class=3D"divider_block block-1" width=3D"100%" b=
order=3D"0" cellpadding=3D"10" cellspacing=3D"0" role=3D"presentation" styl=
e=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class=3D"pad"><d=
iv class=3D"alignment" align=3D"center"><table border=3D"0" cellpadding=3D"=
0" cellspacing=3D"0" role=3D"presentation" width=3D"100%" style=3D"mso-tabl=
e-lspace:0;mso-table-rspace:0"><tbody><tr><td class=3D"divider_inner" style=
=3D"font-size:1px;line-height:1px;border-top:1px solid #bbb"><span style=3D=
"word-break: break-word;">=E2=80=8A</span></td></tr></tbody></table></div><=
/td></tr></tbody></table><table class=3D"image_block block-2" width=3D"100%=
" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" st=
yle=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td class=3D"pad" =
style=3D"width:100%"><div class=3D"alignment" align=3D"center" style=3D"lin=
e-height:10px"><div style=3D"max-width:540px"><a href=3D"https://email.puck=
=2Enews/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1l=
EQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2R=
DRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvdGhlLWFydC1tYXJrZXRzLWxvLWZpLXRl=
Y2gtc29sdXRpb24vP3V0bV9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJ=
GMjQlMjlcdTAwMjZ1dG1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMj=
QlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZ=
XIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZj=
NjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX2lkIjoxMDE5NDUxfQ/d8e2f2f5a16c5d089fd5d20b=
d8ddbe984ea0ab1b646e31bf054cc76dab024844" target=3D"_blank" style=3D"outlin=
e:none" tabindex=3D"-1"><img src=3D"https://userimg-assets.customeriomail.c=
om/images/client-env-107382/1725726005447_magnus%20resch_01J76MJ69M601Q4CMQ=
M515JF9C.jpg" style=3D"display:block;height:auto;border:0;width:100%" width=
=3D"540" alt=3D"Magnus Resch" title=3D"Magnus Resch" height=3D"auto"/></a><=
/div></div></td></tr></tbody></table><table class=3D"text_block block-3" wi=
dth=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"prese=
ntation" style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-wo=
rd"><tbody><tr><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5p=
x"><div style=3D"font-family:&#39;Times New Roman&#39;,Georgia,serif"><div =
class=3D"" style=3D"font-size:14px;font-family:TimesNewRoman,&#39;Times New=
 Roman&#39;,Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;colo=
r:#000;line-height:1.2"><p style=3D"margin:0;font-size:14px;mso-line-height=
-alt:16.8px"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ=
4Z1lEQU5TTktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdW=
NrLm5ld3MvdGhlLWFydC1tYXJrZXRzLWxvLWZpLXRlY2gtc29sdXRpb24vP3V0bV9jYW1wYWlnb=
j1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fY29udGVudD1X=
ZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPWVtYWl=
sX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mNmM2MD=
YxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJsaW5rX=
2lkIjoxMDE5NDUxfQ/d8e2f2f5a16c5d089fd5d20bd8ddbe984ea0ab1b646e31bf054cc76da=
b024844" target=3D"_blank" style=3D"text-decoration: none; color: #d40000;"=
 rel=3D"noopener"><span style=3D"word-break: break-word; font-size: 30px;">=
The Art Market=E2=80=99s Lo-Fi Tech Solution </span></a></p></div></div></t=
d></tr></tbody></table><table class=3D"text_block block-4" width=3D"100%" b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tbody><tr=
><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div style=
=3D"font-family:sans-serif"><div class=3D"" style=3D"font-size:14px;font-fa=
mily:Arial,Helvetica Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;c=
olor:#000;line-height:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"=
><span style=3D"word-break: break-word; font-size: 16px;"><strong>MARION MA=
NEKER</strong></span></p></div></div></td></tr></tbody></table><table class=
=3D"text_block block-5" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rs=
pace:0;word-break:break-word"><tbody><tr><td class=3D"pad" style=3D"padding=
-bottom:5px;padding-top:5px"><div style=3D"font-family:sans-serif"><div cla=
ss=3D"" style=3D"font-size:14px;font-family:Arial,Helvetica Neue,Helvetica,=
sans-serif;mso-line-height-alt:21px;color:#000;line-height:1.5"><p style=3D=
"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">For years, tech pl=
atforms have been pining to disrupt the art market with A.I. or blockchain =
or a jazzy new platform. I came up with a better solution during a chat wit=
h the Yale School of Management=E2=80=99s Magnus Resch.</span></p></div></d=
iv></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></=
table><table class=3D"row row-5" align=3D"center" width=3D"100%" border=3D"=
0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-t=
able-lspace:0;mso-table-rspace:0"><tbody><tr><td><table class=3D"row-conten=
t stack" align=3D"center" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" =
role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0;border=
-radius:0;color:#000;width:600px;margin:0 auto" width=3D"600"><tbody><tr><t=
d class=3D"column column-1" width=3D"100%" style=3D"mso-table-lspace:0;mso-=
table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-l=
eft:30px;padding-right:30px;padding-top:5px;vertical-align:top;border-top:0=
;border-right:0;border-bottom:0;border-left:0"><table class=3D"divider_bloc=
k block-1" width=3D"100%" border=3D"0" cellpadding=3D"10" cellspacing=3D"0"=
 role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbo=
dy><tr><td class=3D"pad"><div class=3D"alignment" align=3D"center"><table b=
order=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" width=
=3D"100%" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody><tr><td cl=
ass=3D"divider_inner" style=3D"font-size:1px;line-height:1px;border-top:1px=
 solid #bbb"><span style=3D"word-break: break-word;">=E2=80=8A</span></td><=
/tr></tbody></table></div></td></tr></tbody></table><table class=3D"image_b=
lock block-2" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"=
0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><t=
body><tr><td class=3D"pad" style=3D"width:100%"><div class=3D"alignment" al=
ign=3D"center" style=3D"line-height:10px"><div style=3D"max-width:540px"><a=
 href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT0=
5LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3MvY2FuL=
WtyaXN0aW5hLW9uZWlsbC1tYWtlLXNvdGhlYnlzLW1hZ2F6aW5lLWEtdGhpbmcvP3V0bV9jYW1w=
YWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fY29udGV=
udD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fbWVkaXVtPW=
VtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVybT1mN=
mM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjgiLCJs=
aW5rX2lkIjoxMDE4NTY3fQ/ac9f17c85d4df59f5230d359c23b3b5427b16ab77111acbb571c=
5a0b60d622aa" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"><img=
 src=3D"https://userimg-assets.customeriomail.com/images/client-env-107382/=
1725726476508_KRISTINA%20ONEILL_01J76N0J85NJZEZPXT65S0Z0EK.jpg" style=3D"di=
splay:block;height:auto;border:0;width:100%" width=3D"540" alt=3D"Kristina =
O&#39;Neill" title=3D"Kristina O&#39;Neill" height=3D"auto"/></a></div></di=
v></td></tr></tbody></table><table class=3D"text_block block-3" width=3D"10=
0%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" =
style=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tbod=
y><tr><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div s=
tyle=3D"font-family:&#39;Times New Roman&#39;,Georgia,serif"><div class=3D"=
" style=3D"font-size:14px;font-family:TimesNewRoman,&#39;Times New Roman&#3=
9;,Times,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;color:#000;li=
ne-height:1.2"><p style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8=
px"><a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5T=
TktOT05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3M=
vY2FuLWtyaXN0aW5hLW9uZWlsbC1tYWtlLXNvdGhlYnlzLW1hZ2F6aW5lLWEtdGhpbmcvP3V0bV=
9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fY=
29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fbWVk=
aXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGV=
ybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMj=
giLCJsaW5rX2lkIjoxMDE4NTY3fQ/ac9f17c85d4df59f5230d359c23b3b5427b16ab77111ac=
bb571c5a0b60d622aa" target=3D"_blank" style=3D"text-decoration: none; color=
: #d40000;" rel=3D"noopener"><span style=3D"word-break: break-word; font-si=
ze: 30px;">A Kristina Carol</span></a></p></div></div></td></tr></tbody></t=
able><table class=3D"text_block block-4" width=3D"100%" border=3D"0" cellpa=
dding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspa=
ce:0;mso-table-rspace:0;word-break:break-word"><tbody><tr>
<td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div style=
=3D"font-family:sans-serif"><div class=3D"" style=3D"font-size:14px;font-fa=
mily:Arial,Helvetica Neue,Helvetica,sans-serif;mso-line-height-alt:16.8px;c=
olor:#000;line-height:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8px"=
><span style=3D"word-break: break-word; font-size: 16px;"><strong>LAUREN SH=
ERMAN</strong></span></p></div></div></td></tr></tbody></table><table class=
=3D"text_block block-5" width=3D"100%" border=3D"0" cellpadding=3D"0" cells=
pacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rs=
pace:0;word-break:break-word"><tbody><tr><td class=3D"pad" style=3D"padding=
-bottom:5px;padding-top:5px"><div style=3D"font-family:sans-serif"><div cla=
ss=3D"" style=3D"font-size:14px;font-family:Arial,Helvetica Neue,Helvetica,=
sans-serif;mso-line-height-alt:21px;color:#000;line-height:1.5"><p style=3D=
"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">Is there life for =
an editor-in-chief after the magazine industry effectively ends? Kristina O=
=E2=80=99Neill is trying to figure it out at newly relaunched Sotheby=E2=80=
=99s Magazine.</span></p></div></div></td></tr></tbody></table></td></tr></=
tbody></table></td></tr></tbody></table><table class=3D"row row-6" align=3D=
"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" ro=
le=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody>=
<tr><td><table class=3D"row-content stack" align=3D"center" border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-=
lspace:0;mso-table-rspace:0;border-radius:0;color:#000;width:600px;margin:0=
 auto" width=3D"600"><tbody><tr><td class=3D"column column-1" width=3D"100%=
" style=3D"mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align=
:left;padding-bottom:5px;padding-left:30px;padding-right:30px;padding-top:5=
px;vertical-align:top;border-top:0;border-right:0;border-bottom:0;border-le=
ft:0"><table class=3D"divider_block block-1" width=3D"100%" border=3D"0" ce=
llpadding=3D"10" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table=
-lspace:0;mso-table-rspace:0"><tbody><tr><td class=3D"pad"><div class=3D"al=
ignment" align=3D"center"><table border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" width=3D"100%" style=3D"mso-table-lspace:0;mso=
-table-rspace:0"><tbody><tr><td class=3D"divider_inner" style=3D"font-size:=
1px;line-height:1px;border-top:1px solid #bbb"><span style=3D"word-break: b=
reak-word;">=E2=80=8A</span></td></tr>
</tbody></table></div></td></tr></tbody></table><table class=3D"image_block=
 block-2" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" r=
ole=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0"><tbody=
><tr><td class=3D"pad" style=3D"width:100%"><div class=3D"alignment" align=
=3D"center" style=3D"line-height:10px"><div style=3D"max-width:540px"><a hr=
ef=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktOT05LQ=
UdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2FycmVu=
LWJ1ZmZldHRzLWJhbnMtZm91cnRoLWNvbW1hLW90aGVyLXdhbGwtc3RyZWV0LW5ld3MvP3V0bV9=
jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fY2=
9udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1fbWVka=
XVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1fdGVy=
bT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkNDhkMjg=
iLCJsaW5rX2lkIjoxMDE4NTY4fQ/d2974dbc26275aa3ad51d8c434b5e22fa14a2faba1c0da1=
d9644fc0fd656b991" target=3D"_blank" style=3D"outline:none" tabindex=3D"-1"=
><img src=3D"https://userimg-assets.customeriomail.com/images/client-env-10=
7382/1725726729400_WARREN%20BUFFETT_01J76N899SC6AA4KVHD3G5X1T5.jpg" style=
=3D"display:block;height:auto;border:0;width:100%" width=3D"540" alt=3D"War=
ren Buffett" title=3D"Warren Buffett" height=3D"auto"/></a></div></div></td=
></tr></tbody></table><table class=3D"text_block block-3" width=3D"100%" bo=
rder=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=
=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tbody><tr=
><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div style=
=3D"font-family:&#39;Times New Roman&#39;,Georgia,serif"><div class=3D"" st=
yle=3D"font-size:14px;font-family:TimesNewRoman,&#39;Times New Roman&#39;,T=
imes,Beskerville,Georgia,serif;mso-line-height-alt:16.8px;color:#000;line-h=
eight:1.2"><p style=3D"margin:0;font-size:14px;mso-line-height-alt:16.8px">
<a href=3D"https://email.puck.news/e/c/eyJlbWFpbF9pZCI6ImRnVDJ4Z1lEQU5TTktO=
T05LQUdSMFlHLUNrS2NZdlJhYmx2RDRHRT0iLCJocmVmIjoiaHR0cHM6Ly9wdWNrLm5ld3Mvd2F=
ycmVuLWJ1ZmZldHRzLWJhbnMtZm91cnRoLWNvbW1hLW90aGVyLXdhbGwtc3RyZWV0LW5ld3MvP3=
V0bV9jYW1wYWlnbj1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1d=
G1fY29udGVudD1XZWVrK1JldmlldystK0xFQURTKyUyODklMkY4JTJGMjQlMjlcdTAwMjZ1dG1f=
bWVkaXVtPWVtYWlsX2FjdGlvblx1MDAyNnV0bV9zb3VyY2U9Y3VzdG9tZXIuaW9cdTAwMjZ1dG1=
fdGVybT1mNmM2MDYxNWUzZDMwMWQ0OGQyOCIsImludGVybmFsIjoiZjZjNjA2MTVlM2QzMDFkND=
hkMjgiLCJsaW5rX2lkIjoxMDE4NTY4fQ/d2974dbc26275aa3ad51d8c434b5e22fa14a2faba1=
c0da1d9644fc0fd656b991" target=3D"_blank" style=3D"text-decoration: none; c=
olor: #d40000;" rel=3D"noopener"><span style=3D"word-break: break-word; fon=
t-size: 30px;">Buffett=E2=80=99s Four-Comma Club </span></a></p></div></div=
></td></tr></tbody></table><table class=3D"text_block block-4" width=3D"100=
%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation" s=
tyle=3D"mso-table-lspace:0;mso-table-rspace:0;word-break:break-word"><tbody=
><tr><td class=3D"pad" style=3D"padding-bottom:5px;padding-top:5px"><div st=
yle=3D"font-family:sans-serif"><div class=3D"" style=3D"font-size:14px;font=
-family:Arial,Helvetica Neue,Helvetica,sans-serif;mso-line-height-alt:16.8p=
x;color:#000;line-height:1.2"><p style=3D"margin:0;mso-line-height-alt:16.8=
px"><span style=3D"word-break: break-word; font-size: 16px;"><strong>WILLIA=
M D. COHAN</strong></span></p></div></div></td></tr></tbody></table><table =
class=3D"text_block block-5" width=3D"100%" border=3D"0" cellpadding=3D"0" =
cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-tab=
le-rspace:0;word-break:break-word"><tbody><tr><td class=3D"pad" style=3D"pa=
dding-bottom:5px;padding-top:5px"><div style=3D"font-family:sans-serif"><di=
v class=3D"" style=3D"font-size:14px;font-family:Arial,Helvetica Neue,Helve=
tica,sans-serif;mso-line-height-alt:21px;color:#000;line-height:1.5"><p sty=
le=3D"margin:0;mso-line-height-alt:24px">
<span style=3D"word-break: break-word; font-size: 16px;">News and notes fro=
m the Wall Street hype machine as Berkshire Hathaway hits $1 trillion, Sam =
Altman=E2=80=99s OpenAI trades at 33x (!) revenue, and Two Sigma continues =
to flirt with disaster.</span></p></div></div></td></tr></tbody></table></t=
d></tr></tbody></table></td></tr></tbody></table><table class=3D"row row-7"=
 align=3D"center" width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=
=3D"0" role=3D"presentation" style=3D"mso-table-lspace:0;mso-table-rspace:0=
"><tbody>
<tr><td><table class=3D"row-content stack" align=3D"center" border=3D"0" ce=
llpadding=3D"0" cellspacing=3D"0" role=3D"presentation" style=3D"mso-table-=
lspace:0;mso-table-rspace:0;color:#000;width:600px;margin:0 auto" width=3D"=
600"><tbody><tr><td class=3D"column column-1" width=3D"100%" style=3D"mso-t=
able-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bo=
ttom:5px;padding-top:5px;vertical-align:top;border-top:0;border-right:0;bor=
der-bottom:0;border-left:0"><table class=3D"image_block block-1" width=3D"1=
00%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" role=3D"presentation"=
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d" style=3D"padding-top:10px;width:100%"><div class=3D"alignment" align=3D"=
center" style=3D"line-height:10px"><div style=3D"max-width:600px"><img src=
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=3D"600" alt=3D"swash divider" title=3D"swash divider" height=3D"auto"/></d=
iv></div>
</td></tr></tbody></table><table class=3D"image_block block-2" width=3D"100=
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