Daily Coffee — Friday, February 27, 2026
BRC FinTech Corporation
"I may be old… but I got to see the world before it went to crap." — Fred Flintstone
Fred is right, of course, but not for the reason the cartoon implies. The world has not "gone to crap" because of age or nostalgia. It has gone to crap because we traded the Oxford English Dictionary ("OED")-verified reality of physical assets — things you can hold, weigh, assay, and deliver — for the hallucinatory paper claims of institutions that have elevated financial engineering above physical engineering. Fred Flintstone lived in Bedrock. His economy was denominated in rocks. Rocks do not rehypothecate. They do not backwardate. They do not fail to deliver on First Notice Day. Rocks are, in the OED's precise formulation, real.
Today is International Stand Up to Bullying Day, No Brainer Day, and National Strawberry Day.
On a day when we celebrate standing up to bullies, the four institutions that own and operate the London Precious Metals Clearing Limited ("LPMCL") system — HSBC, Industrial and Commercial Bank of China ("ICBC") Standard Bank, JPMorgan, and UBS — continue to operate a price-discovery mechanism in precious metals that serves the interests of the short sellers over the interests of the producers, the industrial users, and the citizens who hold silver as a store of value. The broader "Big 8" — add Citigroup, Bank of America, Deutsche Bank, and BNP Paribas — carry concentrated short positions whose aggregate notional value, at various points in the past twelve months, has exceeded multiple years of global mine production. Naming them is not rumor-mongering. It is the logical prerequisite for accountability. You cannot stand up to a bully you refuse to identify.
On No Brainer Day, the Financial Accounting Standards Board ("FASB"), the Securities and Exchange Commission ("SEC"), and the Federal Reserve persist in treating the most visible systemic risks of a generation as though they require further consultation periods, additional comment letters, and another round of stress tests calibrated to a world that no longer exists. The strawberry — that singular fruit whose seeds grow on the outside, visible to anyone who bothers to look — is the perfect emblem for an economy whose vulnerabilities are not hidden. They are not buried in footnotes. They are not concealed in off-balance-sheet vehicles. They are sitting on the surface, in plain sight, being studiously ignored by every regulator with the statutory authority to act.
As Lars sips this morning's coffee — black, precise, and wholly unburdened by the inclusive fluff of cream — the conclusion is not "scary." It is candid. Being the only one who sees the brick wall does not make you a pessimist. It makes you the only one with the brakes.
First Notice Day: The Collision That Is No Longer Invisible
Today — Friday, February 27, 2026 — is First Notice Day for March Commodity Exchange ("COMEX") silver futures contracts. This is the date on which holders of long positions who intend to take physical delivery must declare their intent, and sellers must demonstrate their ability to deliver actual metal. It is, in the OED sense of the word, the day when claims must become things.
Current open interest concentration in March 2026 contracts stands at approximately 127 million ounces. At historical delivery percentages, this requires approximately 23 million ounces of registered silver. At the elevated delivery rates that industrial users and sovereign buyers have been demanding since the January rupture, the requirement could reach 32 to 38 million ounces. COMEX registered inventories have declined by over 70% since 2020. In a single week in mid-January, 33.45 million ounces — roughly 26% of COMEX registered inventory — were physically withdrawn for delivery.
The Tau Intelligence Engine, proprietary to Brass Rat Capital LLC ("BRC"), flagged this precise convergence in December 2025 when it identified the London Bullion Market Association ("LBMA")-to-COMEX spread divergence as "pre-fracture" — a condition in which paper and physical markets begin to decouple. Lars does not foresee a crash. Lars is reporting on a collision that has already begun in the invisible plumbing of the LBMA. Tau's December warning was validated with uncomfortable precision when silver breached $122 on January 29, before the bullion banks orchestrated a violent 50% correction — the largest single-month price swing in the metal's modern history.
That correction bought time. It did not buy solvency. The bus is currently in mid-air, and the models are still debating the wind speed.
The Mercurial Metal: Silver's State of Convalescence
Let us anchor the numbers with the precision that the subject demands.
As of this morning, spot silver trades at $89.64 per troy ounce, up 0.90% from yesterday's $88.84 close and up 26.11% year-to-date. Gold trades at approximately $5,217 per ounce. The gold-to-silver ratio stands at 57.78:1, compressed from the 80:1 levels that prevailed through much of 2024 but still well above the historical monetary ratio of 15–20:1.
The word mercurial — derived from Mercury, the Roman god of commerce and thieves — is the precisely correct adjective for silver's current behavior. Silver is not merely "volatile." It is in a state of convalescence after a violent attempt by the bullion banks to bully the price back to the $60 floor. The January correction — from $122 to sub-$65 and back to $90 in less than thirty days — was not a market event. It was an intervention. United States Treasury Secretary Scott Bessent himself stated that the "extreme swings were driven by speculative activity, particularly from Chinese traders" — a characterization that conveniently omits the concentrated short positions of the LPMCL clearing members whose variation margin obligations were the actual transmission mechanism.
The global silver market has fragmented into three islands: Asia (centered on the Shanghai Gold Exchange, where physical premiums of 12–13% above LBMA spot persist), North America (centered on COMEX, where registered inventories have declined to multi-year lows), and Europe (centered on the LBMA, where lease rates exploded to 39% in October before moderating to a still-extraordinary 11%). This is not a functioning market. This is a market in which the Exchange for Physical ("EFP") spread has widened from a historical average of $0.25 to over $1.10 per ounce. This is a market in which silver is being air-freighted — a transport method historically reserved for gold due to its superior value-to-weight ratio — because the arbitrage spreads are wide enough to cover freight, insurance, and tariff risk. When you are flying silver across oceans, the word dysfunction does not suffice. The OED would reach for structural breakdown.
The silver market faces a sixth consecutive annual structural deficit in 2026. Mine supply growth remains constrained by declining ore grades and limited new project development. Industrial demand from solar photovoltaic manufacturing (each gigawatt of capacity requires approximately 10–15 tonnes of silver), AI data center infrastructure, and electric vehicle production continues to outpace supply. Five consecutive years of deficits have consumed approximately 800 million ounces — nearly an entire year of global production — from above-ground inventories.
When — not if — silver retests the $120+ level, and when the gold-to-silver ratio continues its compression toward the 30:1 level that increasingly appears to be near-term equilibrium, the implied silver price at current gold levels exceeds $170 per ounce. At the historical 15:1 ratio, the implied price exceeds $340. At either level, at least one and possibly two of the Big 8 bullion banks face variation margin calls that exceed their available liquidity in the metals clearing system.
The fire department — the Federal Reserve, the SEC, the Commodity Futures Trading Commission ("CFTC") — is using a 2024 map for a 2026 fire. The fire has already reached the second floor of the metals clearing system. The fire department is still parked outside, consulting last year's inspection report.
The Broader Loss Landscape: Worse Than 2023, and Structurally Different
The silver fracture is the most acute wound, but it is not the only one. Across the financial system, the losses on institutional books in the first two months of 2026 are shaping up to exceed anything since the 2023 fixed-income debacle — and this time, the damage is more broadly distributed and structurally more dangerous.
The software selloff constitutes what can only be described as an ontological crisis — a crisis of identity, not merely of valuation — for the technology sector. The S&P 500 software and services index has experienced what J.P. Morgan's analysts describe as the largest non-recessionary 12-month drawdown in over 30 years, wiping out approximately $2 trillion in market capitalization and reducing software's weight in the S&P 500 from 12.0% to 8.4%. This is not a "dip." It is the market repricing the fundamental question of whether the "Magnificent Seven" narrative — the proposition that a handful of technology companies can carry the entire index indefinitely — was ever more than a momentum trade dressed in the language of innovation.
Palantir Technologies is down approximately 22% year-to-date. Adobe, Salesforce, and ServiceNow have each shed 25% to 30%. Microsoft is down nearly 18% for the year. The Roundhill Magnificent Seven ETF is off nearly 6%. Tesla and Amazon have each lost more than 8%. Today, the S&P 500 is down another 0.8% on hot Producer Price Index ("PPI") data — wholesale inflation rose 0.5% against expectations of 0.3%, with core PPI at 0.8% against expectations of 0.3% — putting the index on pace for its worst month since March. The Dow has dropped 715 points, or 1.5%. The VIX has risen back above 21.
The February 2026 selloff was global. South Korea's KOSPI fell 5.26% on February 2 and 3.86% on February 5. India's Nifty IT Index had its worst day since March 2020. Bitcoin crashed alongside equities and precious metals, demonstrating once again that "uncorrelated" is a word that applies to assets in calm seas and evaporates the moment the storm arrives.
When all correlations converge to one, diversification is a narrative, not a strategy.
The fixed-income losses compound beneath the surface. With the 10-year Treasury yield hovering near 4% and the 30-year refusing to fall below 4.4%, the mark-to-market losses on bond portfolios — particularly those of regional banks and insurance companies that loaded up on long-duration paper in 2020–2021 — remain a slow-motion catastrophe. The FASB's held-to-maturity accounting treatment has not resolved these losses. It has costumed them. Invisible losses are not nonexistent losses. They are losses waiting for a liquidity event to make them visible.
The Asset Owner Crisis of Confidence: The Remanence of a Dying Consumer Model
The equity declines are not merely a valuation correction. They are an ontological crisis for the asset-owner class — the pension funds, sovereign wealth funds, endowments, and high-net-worth individuals whose wealth is denominated in the very assets being repriced.
For two years, the narrative was simple: AI would generate unprecedented productivity gains, justify unprecedented capital expenditure, and deliver unprecedented returns. The hyperscalers' combined capital expenditure guidance for 2026 exceeds $660 billion. Alphabet issued a rare 100-year bond for $20 billion. OpenAI raised $110 billion today in a deal that values the startup at $730 billion — a number that would have been the GDP of a mid-sized European country a generation ago and is now the pre-revenue valuation of a company that has yet to demonstrate sustained profitability.
The question rattling asset owners is precise: What if the returns never materialize at scale?
The fear has a name. The market is simultaneously pricing in an AI boom (via infrastructure stocks) and an AI bust (via software and services stocks), which, as Bank of America's Vivek Arya noted, is "internally inconsistent." You cannot simultaneously believe that AI capital expenditure is unsustainable AND that AI adoption will be so pervasive that it destroys incumbent software businesses. One of these propositions must be wrong. The market has not yet decided which one.
The "lack of faith" flagged by Home Depot's chief executive officer is not a sentiment indicator. It is the remanence — the residual magnetism that persists after the external field is removed — of a dying consumer model. The wealthiest 10% of American consumers now generate nearly half of all spending, according to Moody's Analytics. The bottom half of the economy is, in Evan Sheehan of Deloitte's assessment, "already in recession to some extent." When the asset class that sustains the spending class begins to wobble — when the S&P 500 has its worst month since March, when software sheds $2 trillion, when the VIX breaks above 21 — the feedback loop is not gentle.
The wealthy spend because they feel wealthy. They feel wealthy because their portfolios are up. When their portfolios are not up, they stop spending. When they stop spending, the 90% who depend on that spending for employment lose their jobs. When they lose their jobs, they stop spending. This is not a theory. This is a mechanism. And the mechanism is engaged.
The Cliff Edge: A Kakistocracy of Held-to-Maturity Accounting
So the question that no one at Davos wanted to ask aloud, but that Lars will ask over coffee on a Friday morning in Palm Beach County:
Are we about to fall off the economic cliff?
The word risk, in the OED's first recorded usage (1661, from the French risque), denotes "the possibility of loss, injury, or other adverse or unwelcome circumstance." Note the precision: possibility, not certainty. Risk is the space between what is known and what is not yet known, between the model's output and reality's input. What follows is not a prediction. It is an enumeration of possibilities whose combined probability has reached a level that responsible fiduciaries cannot ignore.
Recession probability. Moody's assigns approximately 42% — nearly three times the 15% baseline in a healthy economy. J.P. Morgan Global Research assigns 35%. The New York Federal Reserve's model showed 20.4% as of January, before the February selloff, before the silver rupture's aftershocks, before the latest tariff escalation to 15%, before today's hot PPI print. Bloomberg's Mark Zandi of Moody's Analytics put it plainly: "Nothing else can go wrong. Like, nothing. We're pretty much on the edge." These are not fringe estimates. These are the house odds at the most connected institutions on the planet.
The zombie banks. The institutions whose unrealized losses on held-to-maturity securities exceed their tangible equity have not been resolved. They have been masked. The FASB is the belle of the ball at the kakistocracy's masquerade — providing the accounting treatment that allows functionally insolvent institutions to report solvency, quarter after quarter, while the unrealized losses compound in the footnotes that no retail depositor will ever read. When the next liquidity event forces mark-to-market — and liquidity events, unlike consultation periods, do not wait for comment letters — the revelation will not be a surprise. It will be a confirmation.
Private equity: the fraud that the numbers are beginning to reveal. Private equity-owned companies now account for the majority of defaulted debt, with Moody's reporting an 80% jump in defaults driven by private equity. Deutsche Bank projects high-yield default rates of 4.8% to 5.5% in 2026 — and that is the headline number, excluding the shadow defaults the industry has elevated to an art form. Payment-in-Kind ("PIK") interest, maturity extensions without lender compensation, amend-and-extend mechanics, "creative marks" that the Department of Justice has publicly flagged — these are not risk management techniques. They are the accounting equivalent of moving the furniture to cover the stain on the carpet.
A BlackRock private-credit Collateralized Loan Obligation ("CLO") failed its over-collateralization tests. Blue Owl's fund merger was aborted amid redemption pressures and Net Asset Value ("NAV") mismatches. The Bank of America analysts who warned of "cockroaches in private lending" and "bad vintages due in 2026" are being proven correct, cockroach by cockroach.
The circular financing of data centers deserves its own paragraph because it is the structural fragility that connects the AI bubble to the private credit reckoning. Private equity funds lend to portfolio companies that build data centers, generating revenue that justifies the loan used to fund construction. On No Brainer Day, it bears stating: lending to yourself to buy your own product is a No Brainer — in the precise sense that no functioning brain could mistake this for sustainable finance. It is a structural fragility that cannot survive a liquidity event. It is Ponzi logic, absent the intentional fraud, but possessing the identical terminal trajectory.
The Japanification Choice: Not an Accident, but a Decision
Japan's experience from 1990 to 2020 — three decades of asset deflation, demographic decline, and economic stagnation — has always been treated by American policymakers as an exotic pathology, a peculiarly Japanese affliction that could never cross the Pacific. The assumption rested on American dynamism, American demographics, and American monetary policy creativity.
Examine the current conditions with the OED's precision:
Asset prices require perpetual growth to justify current valuations. The S&P 500's price-to-earnings ratio, the private equity industry's marks-to-model, the $730 billion valuation of a pre-profit AI company — all of these depend on a future that delivers returns at least equal to the expectations embedded in today's prices. When growth falters, the deflation of asset values compresses the wealth effect, reduces consumer spending, and creates the demand shortfall that perpetuates the cycle. This is not a prediction. This is the mechanism by which Japan's asset bubble became Japan's Lost Decades.
The Federal Reserve has limited ammunition. With the federal funds rate at 3.5% to 3.75%, the Fed has approximately 350 basis points of cuts available before reaching the zero lower bound — compared to the 500+ basis points typically deployed in a recession. And with today's PPI print confirming that inflation remains stubbornly above the 2% target, even those cuts are constrained by the dual mandate. The new Federal Reserve Chair, Kevin Warsh, takes office in May. The markets have already priced in his hawkish orientation. Rate cuts in a stagflationary environment are not stimulus. They are a choice between two kinds of damage.
Demographics are turning. The labor force participation rate has not recovered to pre-pandemic levels. Immigration restrictions have tightened the labor supply at exactly the moment when AI is reducing labor demand. The combination is deflationary in the classical sense: fewer workers producing more output with less human input, exerting downward pressure on wages, which exerts downward pressure on consumption, which exerts downward pressure on prices. Morgan Stanley's own global outlook notes that China's GDP deflator is expected to hover below 0% as excess capacity dissipates only gradually. Replace "China" with "the United States in 2028" and the sentence is not a stretch. It is a scenario within the distribution.
The critical difference between Japan and the United States in 2026 is that Japan's Lost Decades were, at least partially, an accident of policy timing. The United States is choosing the Japanese path — by allowing private equity's bad vintages to be papered over with creative marks, by permitting the FASB to costume unrealized losses as held-to-maturity "assets," by refusing to force delivery accountability on COMEX, by treating the circular financing of data centers as "innovation" rather than as the structural fragility it is. The Japanification of the American economy is not a natural disaster. It is a policy choice being made in real time by institutions with the statutory authority to choose differently.
The system is "crap" — to borrow Fred's formulation — not because it is old. It is "crap" because it is human-manipulable when it should be machine-readable. A Standard Business Report Model ("SBRM") for regulatory reporting, a machine-readable disclosure regime for metals inventories, a transparent mark-to-market requirement for private credit — these are not exotic technologies. They are implementations of the same principle that Fred Flintstone understood intuitively: if you cannot hold it, weigh it, and verify it, it is not real.
The Paradox: Profits Up, Employment Down — The Engels' Pause at Digital Velocity
Here is the observation that should keep every policymaker, every pension fund trustee, and every citizen awake at night.
Corporate profits continue to rise. S&P 500 earnings per share are up 12% year-over-year, beating consensus estimates by 5%. NVIDIA just posted record quarterly revenue of $68.13 billion, beating estimates by nearly $2 billion. Dell reported record full-year revenue of $113.5 billion. The companies are doing well.
Employment is contracting. Layoff announcements exceeded 1.1 million in 2025 — the highest since the COVID-19 pandemic. In the first two months of 2026, technology firms alone have shed 32,000 jobs. AI was cited as a contributing factor in 55,000 domestic layoffs in 2025, but as Oxford Economics notes, companies are "dressing up layoffs as a good news story" — rebranding the destruction of the middle class as "productivity gains" to convey "a more positive message to investors." Forty percent of employers expect to reduce their workforce in response to AI automating tasks. Employee fears of AI job loss have doubled from 28% in 2024 to 40% in 2026. The International Monetary Fund's Managing Director, Kristalina Georgieva, stated at Davos that AI is "hitting the labor market like a tsunami, and most countries and most businesses are not prepared for it."
A Stanford study documented a 16% relative decline in employment for recent graduates in AI-exposed roles. Young workers ages 22 to 25 in the most AI-exposed occupations have experienced a 13% decline in employment since November 2022, according to research cited by the Federal Reserve Bank of Dallas. The junior positions — the entry-level roles that train the next generation of professionals — are being automated first, which means the pipeline of experienced workers is being severed at the source.
This is the Engels' Pause at digital velocity. During Britain's Industrial Revolution, GDP soared while workers' wages stagnated for five decades — the surplus value was captured entirely by capital. The resolution required labor organization, political reform, and the construction of the welfare state. We are entering the identical dynamic at a velocity that compresses fifty years into a single decade. The mechanism that generates the profits is the same mechanism that destroys the employment. AI is not merely automating tasks. It is restructuring the relationship between capital and labor at a speed for which there is no institutional framework, no regulatory apparatus, and no political consensus.
When corporate profits rise, and employment falls simultaneously, the economy is running on one engine — the wealth effect from asset appreciation driving consumption by the top decile. That engine stalls when asset prices correct. And as every preceding section of this post has documented, the conditions for an asset price correction are not accumulating. They have accumulated. The snowflakes have become the snowpack. The question is not whether the avalanche occurs. The question is which footstep triggers it.
Still Glad to Own Corning and Generac? Emphatically Yes.
In this maelstrom, two positions merit examination — not as speculations, but as structural necessities.
Corning Incorporated ("GLW") is not a glass company. It is the sine qua non — the essential condition without which nothing — of the AI infrastructure buildout. Corning closed near $160.61 this week, having just hit an all-time high of $162.10 on the back of a $6 billion multiyear agreement with Meta Platforms for optical fiber and connectivity solutions. The stock has appreciated by over 300% from its 52-week low of $37.31. Citi has raised its price target to $170. Q4 2025 earnings of $0.72 per share beat consensus, with revenue of $4.41 billion up 13.9% year-over-year.
The thesis is physical, not narrative. Every AI data center on the planet requires optical fiber. Every hyperscaler buildout — the $660 billion in combined 2026 capital expenditure — flows through Corning's manufacturing facilities. The Meta anchor contract provides revenue visibility, converting the AI capital expenditure cycle from a risk into a revenue stream. If the world is "going to crap," the fiber optic backbone is the only thing that stays lit. You can shut down the software. You cannot unbuild the fiber. And today, February 27, is Corning's ex-dividend date — a $0.28 quarterly dividend, payable March 30, to shareholders of record as of today. In a world of paper promises, dividends paid on time are a form of physical delivery.
Generac Holdings ("GNRC") trades near $236.58, also at its 52-week high, projecting mid-teens net sales growth in 2026 and a 30% increase in Commercial & Industrial ("C&I") sales driven substantially by data center backup power demand. The acquisition of Enercon and the expansion into large-scale diesel generators position Generac as the domestic supplier of choice for the backup power infrastructure that the AI buildout demands. The CEO has stated that every 1% increase in home standby generator penetration represents a $4.5 billion addressable opportunity.
Generac is the "Kitchen Table" hedge — the position that makes sense not because of a financial model, but because of a physical reality that any homeowner understands. The American power grid cannot sustain the AI data center buildout without massive incremental backup and distributed generation capacity. The grid is fragile. It was fragile before AI. AI makes it more fragile. Every megawatt of AI compute requires reliable power, and the grid is not reliable. Generac supplies the reliability that the grid does not. As the grid fails under AI demand, the home generator becomes the ultimate symbol of individual sovereignty in a world whose centralized systems are visibly failing.
Both positions are leveraged to the AI infrastructure thesis. If the thesis breaks — if $660 billion becomes $300 billion — both stocks will reprice. But physical infrastructure has a quality that software does not: once built, it persists. Fiber does not depreciate to zero on a sentiment shift. Generators do not lose their utility when a narrative changes. In a world of mercurial paper assets, the companies that manufacture irreplaceable physical inputs retain the pricing power that the market's current convulsions are stripping from everything else.
Tau Intelligence Engine: Current Assessment
Silver/Metals Complex. Today is First Notice Day for March COMEX delivery. Structural fragility is at its highest level since the January rupture. The paper-to-physical divergence has not been resolved; it has been temporarily suppressed. The global silver market remains fragmented into three islands (Asia, North America, Europe) with arbitrage mechanisms unable to equalize pricing. Probability of a retest above $120 within 90 days: elevated and rising. Probability of a bullion bank clearing failure: non-trivial and rising. Tau's "pre-fracture" designation from December 2025 remains in effect.
Equity Markets. Cross-sector correlation remains abnormally high. The AI narrative is a two-way catalyst — capable of driving both rallies and selloffs depending on the headline. The S&P 500 is on pace for its worst month since March. Hot PPI data has narrowed the path to rate cuts. This is characteristic of a late-cycle market in which conviction has been replaced by momentum and momentum has been replaced by fear.
Private Credit. Tau's structural fragility indicators for private credit are at their highest level since the model's inception. Rising defaults, creative marks, redemption pressure, failed over-collateralization tests, and circular data center financing create conditions for a non-linear event — not a slow slide, but a cliff edge.
Real Economy. The divergence between corporate profitability and household economic sentiment is at a historic extreme. This divergence is not stable. It resolves either through rising employment (which AI dynamics militate against) or through declining profits (which would trigger the asset price correction that the current consumption model cannot survive). The Engels' Pause, compressed to digital velocity, is the defining structural risk of 2026.
Stand Up to Bullying Day: A Final Word
The greatest bully in modern capital markets is not a person. It is a model.
The Value-at-Risk ("VaR") model tells regulators the system is safe. The mark-to-model framework that tells pension funds their private equity allocations are worth par. The held-to-maturity classification tells depositors their bank is solvent. The economic forecast that tells the public the recession probability is "only" 30%. The same stupid, anonymous algorithms that censor a photograph of skin on a social media platform are the intellectual cousins of the algorithms that run the VaR models telling us we are "safe." Both substitute pattern-matching for judgment. Both are confident. Both are wrong at the tails.
These models are bullies because they substitute mathematical confidence for empirical truth. They tell comfortable lies in the language of precision. And they silence the dissenting voices — the Tau engines, the independent analysts, the old-school risk managers who learned their trade at Lehman Brothers and Citigroup and know what a system in failure smells like — who point out that the emperor's quantitative wardrobe is notably transparent.
Lars does not apologize for being dour. Candor is not pessimism. In a kakistocratic world — governed by the least qualified, advised by the most conflicted, and regulated by the most captured — the willingness to state plainly what the data show is not a luxury. It is a fiduciary obligation.
The seeds are on the outside of the strawberry. The bus is in mid-air. The fire has reached the second floor. The COMEX is taking delivery notices today on metal that it may not possess in sufficient quantity. And the models — all of them — are still debating the wind speed.
The coffee, at least, is reliable, and rocks are still a physical reality. Thank you, Fred Flintstone. Someone has to keep us grounded.
— Lars Toomre, Managing Partner, Brass Rat Capital LLC ("BRC")
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