CHART OF THE DAY-SNAPCHAT

There is no chart. 3 days of trading does not make a chart. You know our thoughts on valuation but you also know if it breaks out of an IPO base, we may look to buy it as overvalued can get more overvalued. We have seen it time and time again with so-called glamour names. But we just want to point out if you decided to buy some SNAP in the 11 am hour on Friday, you are already down 20% from that hour. So a reminder…when a new company comes public, trading is random. We could easily report to you that the stock is up 20% from Friday’s high. We just thought it important to point out that when you do not have a great edge, it is best to play spectator.