Welcome back to a five-day workweek. Also, apparently you can watch hockey from a boat now.
As we head into the second year of the coronavirus experience,
the days still are confusing.
It seems every day the last year has been confusing: Zoom
classrooms, empty streets, mask or no mask, stock market records with high
unemployment and cheap money, no friend visits, take-out dinners, I could go on
and on.
Well, another one occurred this past Saturday. It was a
beautiful day in California, 70 degrees and cloudless skies. I did my necessary
school and financial work early in the day for a free afternoon of television
viewing of my two favorite sports hockey and golf.
The National Hockey League was playing the winter classic
series in Lake Tahoe, Nevada in an unbelievably picturesque setting.
Additionally, the Los Angeles Open golf tournament was playing the annual event
at Rivera Country Club near Malibu, another picturesque venue.
I turn on the television to view these events, with perfect
weather (perhaps too perfect in the case of Lake Tahoe), yet to find weather
delays, very confusing. Evidently, golf and hockey have more in common than
just similar motions in the golf swing and slap shot.
The NHL outdoor game, between Vegas Golden Knights (sorry
Clarkson) and Colorado Avalanche, was halted after one period, to resume
Saturday night at 9:00 p.m. because the sun was shining too brightly, and the
ice quality was suffering.
Meanwhile at Riviera, a breeze developed in the early morning.
Winds reached 35 mph at times, blowing hats off and moving balls on the greens,
forcing the PGA tour to suspend play for four hours.
Thus, my Saturday afternoon was ruined. I did laundry! Very
confusing times indeed.
CYBERBULLING – Speaking of confusing,
how about this investing tool, cyberbulling.
Cyberbulling: when people who are "bullish" on a
stock stoke massive buying campaigns of that stock on social media (especially:
Reddit, Discord, TikTok). One of the earliest cyberbulling episodes happened
back in June, when bankruptcy-bound Hertz saw its shares inexplicably soar
900%. But...
Cyberbulling has never been as prominent as it has been these
past few weeks: While the broader market plunged, throwback stocks like
GameStop, AMC, Nokia, and even Tootsie Roll, soared thanks to cyberbulls.
“Little guy vs. big guy” mentality: Some cyberbulls feel
they're shifting the power dynamic by betting against Wall Street — after
feeling historically wronged by big shots like banks and hedge funds. Funds
that were betting GameStock would fall — like Melvin Capital and Maplelane —
lost billions after cyberbulls pumped up the stock.
Cyberbulling is also fueled by a strong sense of (cyber)
community. Like: people posting screenshots of gains, thanking the
"community" for helping pay off student loans and hospital bills.
There’s a general feeling that the GameStop saga speaks to
something larger about the nature of financial markets, and even our culture.
To try to make sense of it all, we’ve distilled some of the most popular
theories that...try to make sense of it all.
1. The “stick it to the man” theory: This theory suggests that
these traders are motivated primarily by their disdain for “suits,” the
longtime wardens of Wall Street, who, Redditors argue, exploited the little guy
to get filthy rich.
As Bloomberg’s John Authers writes, “The people investing
today are driven by righteous anger, about generational injustice, about what
they see as the corruption and unfairness of the way banks were bailed out in
2008 without having to pay legal penalties later, and about lacerating poverty
and inequality.”
2. The “everyone’s super bored” theory: Without much else to
do during the pandemic, people have turned to the stock market as a form of
entertainment...and to make a lot of money. Last summer, individual investors
accounted for roughly 20% of stock market activity on average, up from 10% in
2019.
3. The “Robinhood” theory: The rise of the amateur investor
can be traced back to Robinhood, the app that pioneered no-fee trading and
empowered individuals to influence the stock market like never before.
4. The “memeification of society” theory: Some observers have
linked the behavior of Reddit’s trading army to other online communities like
4chan that engage in “astroturfing” campaigns. “If you can create enough hype
around something, through memes, conspiracy theories, and harassment campaigns,
you can manifest it into reality via capital,” Ryan Broderick writes.
MARKET WEEK - Barely five months after
unveiling its first 5G phone, Apple is already hiring engineers to work on 6G.
Knowing Apple, "10G Plus Max Pro" job postings are probably next.
Stocks fell for the week on rising unemployment claims and
inflation worries. The US 10-year Treasury yield crossed 1.3% for the first
time since February 2020. Meanwhile: Bitcoin hit a $1T market cap for the first
time ever.
Walmart posted record sales of $152B last quarter, as we
stocked up on groceries and #selfcare goodies. In 2020, Walmart filled 7X more
online orders than in 2019 (curbside pickup FTW). But it's projecting slower
growth this year, so the stock dipped after last week's earnings. What didn't
dip: wages.
Walmart is raising wages for 425K workers, bumping its
employee average to ~$15/hour (up from $14). But it's keeping its starting wage
at $11.
Walmart = America's largest private employer. With the raises,
about half of its 1.5M US workers will earn at least $15/hour.
The Biden admin is trying to raise the federal minimum wage to
$15/hour by 2025 (from $7.25/hour). It's questionable whether that'll get
through lawmakers. A Congressional study found that a $15 minimum wage would
lift 1.3M Americans out of poverty. The same study found it may also leave 1.3M
jobless because of higher labor costs. This month, Walmart CEO Doug McMillon
met with Biden: McMillon supports raising the federal minimum wage, but hasn't
yet endorsed a $15/hour minimum. Still...
Walmart has to compete with its peers for essential workers,
especially in online-order fulfillment roles. That's why the raises are only
for frontline associates.
Amazon (aka: Walmart's biggest rival) raised its US starting
wage to $15 back in 2018, and has lobbied Congress for a $15 federal minimum.
Target made $15 its starting wage for all workers in 2020. Why isn't Walmart
doing the same?
Profit margin could be a factor... explaining Amazon's and
Walmart's different stances on wages. Amazon's biz is mainly online, making it
more cost-friendly than Walmart's (which includes 11K+ physical stores). Also:
groceries make up more than half of Walmart's sales, and they're harder to
profit from than tech. While broccoli has a slim profit margin, Amazon's AWS
cloud is its biggest profit puppy. Walmart did more sales in 2020 than Amazon,
but its profit was much smaller than Amazon's: on $520B in sales, Walmart made
$15.2B in profit — on $386B in sales, Amazon made $21B in profit. Walmart's biz
is more sensitive to wage increases, but it needs them to compete with the
'Zon.
US jobless claims hit a four-week high of 861K for the week
ended February 13th, rising for the second week straight. Despite a steady drop
in Covid cases as vaccines roll out, ~10M Americans are still unemployed. And
the pace of recovery is slowing: in January, the US economy added just 49K
jobs. Investors are looking forward to more help from Uncle Sam. Dems are on
track to (narrowly) pass President Biden’s $1.9T stimulus package, which
includes boosted unemployment aid and $1.4K payments to most Americans.
COVID-19 UPDATE - More people have now
died from COVID-19 in the U.S. — 500,000 — than American troops were killed in
action for WWI, WWII and Vietnam combined.
Many of our co-workers, friends and family have just
experienced the worst year of their lives.
"Each death has left an empty space in communities across
America: a bar stool where a regular used to sit, one side of a bed unslept in,
a home kitchen without its cook," the New York Times' Julie Bosman writes.
Case counts are falling as the weather warms.
The FDA meets Friday to evaluate the single-dose Johnson &
Johnson vaccine, and an emergency use authorization could help accelerate the
vaccination pace.
Hospitals are getting a crucial respite, and many hospital
staffers are now fully vaccinated.
Flags will be lowered to half-staff on federal properties for
five days, White House press secretary Jen Psaki told reporters today.
The United States has more COVID-19 deaths than any other
country in the world.
One word: Leadership
MARCH A LAGO - The Thing has said he
will be emerging from his Mar-a-Lago shell next weekend to attend the
Conservative Political Action Conference in Orlando, Fla. Maybe it is the start
of something bigger… or maybe not.
In his first post-presidential appearance, Donald Trump plans
to send the message next weekend that he is Republicans' "presumptive 2024
nominee" with a vise grip on the party's base.
A longtime adviser called Trump's speech a "show of
force," and said the message will be: "I may not have Twitter or the
Oval Office, but I'm still in charge." Payback is his chief obsession.
The few Republicans who have spoken ill of Trump since the
election — including House members who voted to impeach him, and senators who
voted to convict — have found themselves censured, challenged and vilified by
the parties in their home states.
Many Trump confidants think he'll pretend to run but
ultimately pass. He knows the possibility — or threat — gives him leverage and
attention.
Trump's leadership PAC, Save America, has $75 million on hand,
and he has a database of tens of millions of names.
FEBRUARY 16, 2021 - JOE
BIDEN has been president for 26 days, but today is the unofficial start of his
presidency.
It’s the first day of the post-Trump era.
Biden’s November and December transition period was dominated
by DONALD TRUMP, who refused to concede the election, delayed the formal
transition process and instructed non-cooperation from his aides.
Biden’s pre-inaugural January was dominated by Trump, who
incited a mob of supporters to sack the Capitol and was impeached by the House.
Biden’s first weeks in office in late January and February
were dominated by Trump, who at the White House was the target of dozens of
Biden executive actions meant to reverse his policies on immigration, climate,
health care and several other areas, and in Congress was the subject of the
Senate trial.
Trump was kicked off social media but continued to drive an
attention-hogging debate within the Republican Party that dragged on for weeks.
Even the general election, a referendum on Trump’s failed
response to the pandemic, was also dominated by Trump rather than the more
low-key Biden.
Fittingly, on Presidents Day, Biden, who returns to the White
House from Camp David this afternoon, finally gets to be president. On Tuesday
he’ll be in Wisconsin for a CNN town hall, where he will no doubt make the case
for his Covid relief bill. On Thursday he’ll do the same in Michigan while
touring one of Pfizer’s vaccine manufacturing plants. On Friday, Biden will
Zoom into a virtual meeting of the G-7 and the Munich Security Conference,
where he has been a regular guest for years. (The conference is to Biden what
Burning Man is to tech moguls.)
There are three dynamics to watch as they navigate this new
political-media era:
The GOP: Does the party become less defined by its divisions
over Trump and unify around opposition to Biden’s agenda? (The political
dynamics of Biden’s Covid bill, which has no Republican support in Congress,
suggest the answer is yes.)
The media: Does the Biden White House encounter a much more
aggressive press corps than it was accustomed to during the Trump-dominated
campaign that catches them off-guard? (The TJ Ducklo episode suggests the
answer is yes.)
Biden: Does a solo-act Biden retain his relatively high
approval rating (54%) and leverage it to pass his agenda now that the deeply
unpopular Trump is off center stage? (Only time will tell!)
DRIVING THE WEEK - On Tuesday President
Biden will virtually meet with Canadian PM Justin Trudeau. … He has another
economy executive order planned for Wednesday … Index of leading indicators on
Monday at 10:00 a.m. expected to rise 0.4 percent.
Fed Chair Jerome Powell testifies on Tuesday at 10 a.m. before
Senate Banking and Wednesday at 10 a.m. before House Financial Services on the
state of the economy and monetary policy. Powell is likely to stand firmly
behind the Biden push for big new stimulus soon and reject any idea that the
central bank can pump the brakes any time soon.
As it stands, the Democrats’ de facto deadline for getting a
package passed — the March 14 expiration of expanded unemployment benefits — is
now less than three weeks away, and Senate Democrats say they’re ready to run
with the baton once it’s passed on by the House.
GOP lawmakers are prepared to make their case against several
elements of the coronavirus measure, including the further aid for state and
local governments. But Democrats don’t seem too afraid, noting that the measure
is polling quite well these days.
The House of Representatives plans to hold its first floor
vote on the Biden administration’s $1.9 trillion pandemic rescue package this
coming Friday. Democrats hope to pass the measure before March 14, when
additional federal unemployment benefits ($300 a week, provided on top of
existing state unemployment benefits) are set to expire. Through a legislative
loophole, the stimulus bill could be approved with a simple Congressional
majority and no Republican support. What happened to the working together
spin?
Retail sales jumped 5.3 percent in January, indicating that
Americans spent the stimulus checks they received at the end of the year
instead of saving them. Parler, the social network that was forced offline
after it drew millions of Trump supporters calling for violence around the time
of the Capitol riot, is back up and running. And New York’s attorney general
has sued Amazon, accusing the company of providing inadequate safety protection
for workers in New York City during the pandemic and retaliating against
employees who raised concerns.
I know what you did last summer. Nothing. I'm less sure about
what you're gonna be doing next summer. But it's looking increasingly likely
that 'something' is a distinct possibility. Rather than an abrupt end to the
pandemic, the coming months will be more like the beginning of an extended and
still-volatile tail of the outbreak globally. What that will look like, and how
long it will last, depends on how nations cooperate and coordinate—or fail to.
Regardless of how quickly the immediate threat of viral illness subsides in the
U.S., America's choices in the coming weeks and months could mean the
difference between a pandemic that ends this year and one that haunts everyone
indefinitely. The one thing I've enjoyed during the pandemic is being able to
avoid so many social events. Five years from now when someone invites me
somewhere, I'll respond that I still don't feel quite safe.
BIRTHDAYS THIS WEEK –
Birthday wishes and thoughts this week to Drew Barrymore (46), Cindy Crawford
(55), Michelle Graves ….famous gymnast and financial manager, Maria Suffredini
… famous niece Purdue University bound, George Thorogood (71).
WHITEOUT – As of this weekend 73% of the
continental United States was covered in snow, the highest since 2003.
LIFETIME - Deaths from COVID-19 are the
main factor in the overall drop in U.S. life expectancy by one year between
January and June 2020, the CDC says. But it's not the only one: A surge in drug
overdose deaths is a part of the decline, too.
COLLEGE CHRONICLES - The
spring semester is well underway at America’s universities and sure enough,
college town Covid-19 scares are generating fresh headlines. Now, some experts
are suggesting new strategies to protect students and the communities they live
in.
— Dorm residents at the University of California-Berkeley just
emerged from a two-week lockdown, after a surge of cases in residence halls and
off-campus housing that had suspected links to small off-campus gatherings. The
University of North Carolina at Chapel Hill is urging students not to travel
during two scheduled days off this week. Campus leaders already had to adjust
UNC's plans for limited face-to-face classes after crowds flooded a city bar
district following a dramatic basketball game.
— Students at the University of Massachusetts Amherst also
have orders to largely stay indoors and refrain from travel to tamp down
outbreaks. “To many of you these may seem like drastic measures,” Chancellor
Kumble Subbaswamy wrote to campus . “But faced with the surge in cases we are
experiencing in our campus community, we have no choice but to take these
steps.”
— The higher education industry has learned an abundance of
lessons on how to press through a plague year. That includes constant virus
testing and an unrelenting approach to masking and social distancing. But the
latest spate of infections is enough to raise an intriguing and thorny
question: Should college students get higher priority to receive vaccines?
Stanford athletes have raised $40 million to save the
university’s athletics department after the school decided to discontinue 11
varsity sports programs last summer.
What's the Difference Between U-Minnesota and Harvard?
The first has a top-20 global MBA program, the second is
unranked.
A handful of business schools, including Stanford, Harvard,
Penn, and Columbia, skipped the 2020 rankings by the Economist and Financial
Times. And Bloomberg Businessweek is taking the year off from publishing its
MBA program rankings.
Don't worry, the Ivies will be fine
Imperfect measurements though they may be, rankings are an
influential factor for student and employer interest, alumni donations, and
faculty recruitment. To get ranked, schools submit data including recent grads'
salaries and student and faculty diversity.
Some programs said the pandemic made it difficult to compile
that info, especially as they were transitioning to ZooMBA.
The Graduate Management Admissions Council, the leading MBA
association, called for all rankings to be postponed because Covid could skew
stats like job placement.
Even with some programs holding out, the Financial Times found
that MBA demand for the current academic year remained strong across the globe
(that's typical during a recession). Average tuition fees rose 3%.
Looking ahead...applications for the upcoming academic year
are booming. MBA programs at MIT, Columbia, and Penn have reported double-digit
growth in applications. More in the next RR Blog.
BITCOIN - Twelve years ago, bitcoin was
just an idea. Now, it’s worth as much as a tiny house.
On February 16, the world’s largest cryptocurrency briefly
surpassed $50,000 for the first time ever, extending a run that’s mesmerized
the business world and frustrated your friend who sold all their bitcoin in
2019.
How we got here ---
A brief timeline of bitcoin’s rise, fall, and even bigger
rise.
2008: Satoshi Nakamoto published the bitcoin white paper that
laid out the principles of a "new electronic cash system that's fully
peer-to-peer, with no trusted third party." To this day, one knows who (or
what group of people) Satoshi is.
2010: A programmer bought two pizzas for 10,000 bitcoin in
what will go down as the most expensive pizza transaction ever. Let's just
assume there were 16 slices between the two pies and you take 15 bites per
slice—at today's bitcoin price, that's about $2 million per bite.
2017: JPMorgan CEO Jamie Dimon called bitcoin a
"fraud" (a comment he later walked back).
2018: The NYT ran an article with the headline, "Everyone
is getting hilariously rich and you're not" after bitcoin jumped from $830
to $19,300 in the span of one year. Things stopped being quite so hilarious
later in 2018, when bitcoin crashed to $3,200.
2020–2021: After hovering below $10,000 for months, bitcoin
refueled its rocket ship. It's already up about 200% this year alone, closing
Monday at $50,376.42 per coin. Really?
What's next? Next week dogecoin, huh?
Initially conceived as a way of sidestepping traditional financial
institutions, bitcoin is now being smothered by them. BNY Mellon, the oldest
bank in the US, said it would handle bitcoin for its clients. Mastercard
pledged to support cryptos later this year. And a vaunted Morgan Stanley
investing unit is reportedly considering placing bets on bitcoin.
Plus, Tesla poured $1.5 billion of its cash into bitcoin and
said it would accept payment for its products in bitcoin on a limited basis.
Bitcoin has been increasingly legitimized by the business
community, but it still faces existential questions, including 1) how should it
be regulated? 2) what is it actually useful for? and 3) when will Rink Rats
invest in bitcoin?
STOCKX - Business is booming at the
Detroit-based retail site, which has a potential IPO on the horizon.
StockX is known for sneaker and apparel resales, but the
marketplace has leveled up through the popularity of gaming consoles. StockX
brought in over $400 million in revenue last year, with PlayStation and Xbox
hardware emerging as the site’s top grossing products.
The figure is likely to please investors, who bought in on a
$275 million Series E funding round in December at a $2.8 billion valuation.
At the time, the company — which was co-founded by Cleveland
Cavaliers owner Dan Gilbert — predicted $141 million in profit on $350 million
in revenue, expectations that now look modest. StockX previously had $239
million in revenue in 2019.
Competitor Goat Group raised $100 million in September on a
Series E round at a $1.75 billion valuation.
Around 7% of PS5s sold in the U.S. have been resold on eBay
and StockX, often for double the retail price.
Scalpers have taken advantage of resale markets, buying an
estimated 10-15% of all Xbox Series X|S consoles and PS5s since the products
launched.
StockX is rumored to be considering going public this year.
E-commerce sites Poshmark, Mytheresa and Wish have all gone public or filed to
do so in recent months.
Rink Rats investors keep an eye on this one.
PETROBRAS TROUBLES -
Brazil's oil reserves are tiny in comparison to Venezuela, which sits on the
largest reserves in the world.
But Brazil is producing far more oil, about 3 million barrels
per day.
Brazil's state oil company Petrobras lost 19% of its value
Monday after President Jair Bolsonaro announced he was firing the company's CEO
and replacing him with a former general.
Bolsonaro pledged to "put a finger on electricity" —
to keep prices at artificially low levels, worrying investors who had
previously been counting on him to have more of a laissez-faire approach to
industry.
TEXAS COLD ‘EM - If you haven't been at
the South Pole you've heard that it got quite chilly this week in Texas. In
fact, Dallas briefly had a lower temperature than McMurdo, the main U.S. base
in Antarctica. The upshot of all this has been some unpleasant and even
dangerous conditions for millions of residents of the state.
Texas is recovering from a freakish cold snap that left
millions without power and running water for days, but its economy remains
stricken. Its agriculture industry has been literally frozen, and livestock are
dying. Several semiconductor companies had to idle production, compounding a
global shortage of computer chips that has already slowed car manufacturing at
plants worldwide. But devastating incidents like this one may become the new
normal. Economists — including one top Federal Reserve official — are warning
that banks need to be better prepared for more climate-change-related
disruptions to manufacturing, power, and other industries.
PLAY BALL – Major League Baseball Season
schedule:
Feb. 26: Mandatory reporting spring training
Feb. 28: Exhibition games begin
Apr. 1: Opening Day
July 13: All-Star Game (Atlanta)
Oct. 3: Regular season end
Oct. 26: World Series, Game 1
MLB's health and safety protocols will give spring training a
slightly different look.
Mandatory, five-day quarantine for all players prior to
reporting.
Altered schedules in Florida's Grapefruit League to cut down
on travel.
Camps are capped at 75 players to limit crowding, and most
minor leaguers won't report until the big leaguers have decamped.
Attendance will be limited to about 25% capacity in the
municipalities where laws allow for even that many fans.
What they're saying: Spring training will still have some
magical elements, but the experience will be far from normal — something
players and coaches are acutely aware of, and familiar with, following last
season's fanless campaign.
MINOR LEAGUES - When Minor League
Baseball begins its 2021 season, there will be 25% fewer teams than there were
at this time last year.
The realignment removes a net of 40 teams from 2020, for a
total of 120 teams across 39 states.
43 teams lost MLB affiliation. Two were Double-A clubs, while
the other 41 were Single-A or lower.
Three independent teams — the Somerset Patriots, St. Paul
Saints and Sugar Land Skeeters — gained MLB affiliation.
The reshaping of the minors is a push towards modernizing
MLB's development pipeline, but the changes will leave pockets of the country
without access to high level baseball.
In a letter sent to Congress in 2019, MLB cited poor
facilities, geographic inefficiency, and "too many players" among the
minor league system's key problems. So that's what this restructuring plan
addresses.
Due in part to fewer roster spots, player salaries will
increase between 38 and 72%.
Big league teams will be an average of 200 miles closer to
their Triple-A affiliates, and most will be within driving distance.
Under the new structure, MLB will modernize facility standards
and improve amenities and working conditions.
Sen. Bernie Sanders (I-Vt.) has vocally opposed MLB's plan
since 2019, suggesting that it has "nothing to do with what is good for
baseball" and "everything to do with greed."
Sanders' local team, the Vermont Lake Monsters, were
eliminated, leaving them without a big league club after 27 seasons with the
Athletics (2011–2020), Nationals (2005–2010) and Expos (1994–2004).
"Closing down Minor League teams ... is a disaster for
baseball fans, workers, and communities across the country. I will do all I can
to fight it," Sanders tweeted last week.
The 40 eliminated teams aren't all going away. Some will join
independent leagues, while others will join the newly formed MLB Draft League,
which focuses on draft-eligible prospects.
LENT LINEUP – Here is what we have on hiatus
during the Lent season:
- Soft drinks
out
- Fast food out
- Double bogeys
out
- Reply all
email out (I hope)
See you on Holy Thursday April 1.
SWAMI’S WEEK TOP PICKS –
NBA Pick of the Week – Sunday
2/28, 3:30 PM (EDT), ABC: Los Angeles
Clippers (22-10) vs. Milwaukee Bucks (18-13). Two top teams fighting the COVID
quarantine, Bucks win this one 105 – 100. (Season to date 1-6)
NHL Pick of the Week –
Saturday 2/27, 7:00 PM (EDT), CBC:
Toronto Maple Leafs (14-3-2) vs. Edmonton Oilers (12-8-0). One of the
positives of this 2020-2021 NHL season is the North “All Canadian” Division,
fun to watch. Leafs win a high-scoring affair, 6 - 5. (Season to date 4-1)
NCAA College Hockey Pick of the Week – Friday
2/26, 7:00 PM (EDT), ESPN+: #12 Quinnipiac Bobcats (13-4-4) vs. St. Lawrence
Saints (4-6-3). Could be a possible preview of the ECAC semi-finals, big game
for the Saints. Also, time for St. Lawrence to get a new play-by-play
announcer, this guy is clueless. Saints win 4 – 3. (Season to Date 5-1)
Season to Date (14-9)
Next Blog: Dear Rink
Rats, I miss movie theatres, earnings season.
Until Thursday March 4, 2021 Adios.
Claremont, California
February 23, 2021
#XI-27-433
4,661 words, ten-minute read
CARTOON OF THE WEEKEND –
Another example of my confusing pandemic times
RINK RATS POLL – Have you exercised
more or less over the last 3 months?
___ More
___ Less
___ Same
QUOTE OF THE MONTH:
“Sometimes it takes a wrong turn to get you to the right place.” -Mandy Hale
Rink Rats is a blog of weekly observations,
predictions and commentary. We welcome your comments and questions. Also
participate in our monthly poll. Rink Rats is now viewed in Europe, Canada, South
America and the United States.
Posted
at Rink Rats The Blog: First Published – May 3, 2010
Our
Eleventh Year.
www.rhasserinkrats.blogspot.com
