LVLT - Level 3

[Guest ValueCarl]

I guess in life we have to take the good with the bad while sorting and filtering along the way, FFHWatcher. You bring up the site where Yahooligans hang out, and I do visit and post there from time to time as, ckza@.....I would agree with your assessment regarding the high volume of trash which persists at that venue. However, occasionally, one can find a "golden nugget" which I sometimes do. I like the poster's advice on this board who referred to his Japanese "Zen Master."

 

Let me be clear about Mr. Buffett and Big (3), but opinions will vary including your own. He will be "ALL IN" beyond BONDS one day no matter what Charlie says!  ;) And, if I turn out to be wrong, that's too bad for them! As for Mr. Pabrai, his IQ is too large for this problem.   

[DCG]

My above post is mostly sarcastic, but I think FFH Watcher has some valid points.

 

Side question: where did the '(3)' moniker come from?

[Guest ValueCarl]

I was being a little sarcastic back, DCG. No hard feelings. I am sure FFHWatcher is a really great guy also, and his opinion has not been dismissed nor gone unnoticed in my own mind. 

 

My understanding has always been that (3)'s moniker was derived because of the "layer 3" of the internet stack that its long haul backbone represented.  Although the red parenthesis surrounding the 3 in the logo has bothered some over time, i.e., the MONEY LOSING POS!, and I don't mean "potentially outstanding stock." However, it may also have something to do with Big Red, Corn Husker, Nebraska football.     

 

 

http://en.wikipedia.org/wiki/Level_3_Communications#History 

 

<In 1985 Peter Kiewit Sons' Inc created a subsidiary named Kiewit Diversified Group to manage the corporation's business that were non-construction related. The division was spun off as a separate entity and changed its name to Level 3 Communications in 1998 to signify an increased focus on communication services.[2]> 

 

http://www.omaha.com/section/bigred

 

[Guest ValueCarl]

Although Akamai's CEO, Paul Sagan, a close relative of the deceased Star Gazer, Carl Sagan, has swore up and down publicly that a sale of the company was out of the question, it appears he is seeking a lifeline from Google, unless it's just his underlying owners' looking for cover from the meteorite that is about to strike them.

 

Didn't Jim Crowe just tell them to go find somewhere else to play?

 

Either way, Google is not immune to dealing with The Fiber Baron for quality of service, especially on "large file transfers" across the internet even with their Tier 1 status.

 

Personally, I have noticed that YouTube streams have sucked. Akamai is excellent for where the internet once was, that being "web page" acceleration as opposed to ubiquitous, large file videos in HD.   

 

http://www.fnno.com/story/news-corner/331-google-may-acquire-akamai-goog-news-corner

   

[Guest ValueCarl]

Google is too damn smart to pay for nose bleeding P/E's and associated market caps for such dwindling, depreciating future prospects! Let Verizon put another dent in its monopoly by overpaying instead!  >:(

 

http://www.bloomberg.com/news/2011-10-12/google-is-said-not-to-plan-akamai-takeover-after-report-raised-speculation.html?cmpid=yhoo

 

 

Google Inc. (GOOG) isn’t planning to acquire Akamai Technologies Inc. (AKAM), two people familiar with the matter said, countering a report in Business Insider that fueled speculation a takeover may be imminent.

The story, which sparked a surge of as much as 17 percent in Akamai stock, is baseless, said the people, who asked not to be identified.

[Munger]

Simple questions for ValueCarl and Ben Graham:

 

1) how/when does this company generate sustainable free cash flow that justifies current valuation let alone a much higher valuation?

 

2) what is preventing this company from generating such free cash flow today?

[Guest ValueCarl]

There's a damn "pile on" servers that are "piling up" going on over at Blackberry Rim! Who can they call to fix this mess which slows down the world's GDP's every time it hits? You boys catch the "BIG (3)" football analogy?  ;)

 

Munger, I think the "when" which is dependent upon ubiquitous video along with the "why" tied to "throughput" has been discussed during various times on this board, but I'll let Ben pick up on it because, after his "moniker" explanation tied to the internet's seven layer stack, he's Da Big (3) Man on campus, or at least until Brker_guy comes out of his CLWR hiding place to visit us again!  ;)   

 

http://finance.yahoo.com/news/BlackBerry-outages-spread-to-apf-1583902350.html?x=0&sec=topStories&pos=3&asset=&ccode=

 

It was the biggest outage in years for BlackBerry users, and strained their relationship with an already tarnished brand. It came on the eve of the launch of a mighty competitor -- a new iPhone model.

Research In Motion Ltd., the Canadian company that makes the phones, said a crucial link in its European infrastructure failed Monday, and a backup didn't work either. The underlying problem has been fixed, but a backlog of emails and messages has built up that the company has yet to work down.

 

Meanwhile, emails and messages from other regions to Europe were piling up in RIM's systems in the rest of the world, like letters clogging a mailbox. That caused the outages in the U.S. and Asia, said David Yach, RIM's chief technology officer for software.

 

At Zenprise Inc., a Fremont, Calif., firm that helps companies manage BlackBerrys issued to employees, vice president Ahmed Datoo said emails started piling up on U.S. servers shortly after midnight. By morning, the congestion was heavy enough at a particular client company to delay all email for BlackBerrys. The pileup started to ease in the afternoon.

[Munger]

Ben Graham/ValueCarl -- thx...last mile is a disaster and cable co's historically slow to move -- so could take some time and may need consumer demand to accelerate the process...but if the company's vision proves accurate, i could see the upside, assuming costs are truly fixed once the network is in place...personally will just monitor for now...

[Guest ValueCarl]

If this is the real Charlie Munger, please stand up, then I would suggest you wrap your head around (3)'s new IP Traffic Exchange Policy being instituted immediately, and how it will be effecting cables and rbocs in the last mile moving ahead. This is absolutely at the core of the Comcast/Level 3 and "Netflix" dispute, where Comcast was unilaterally and arbitrarily creating a "toll bridge," just because, and one intent on discriminating against over the top video content by a competitor. I would speculate that the FCC won't be far behind in their ruling on this matter.

 

Embedded herein when you take the time to "weigh" the traffic in size and distances Level 3 delivers back and forth around the globe; may just be the "bell sound" that you are looking for. Isn't it true that an old adage on Wall Street is, they don't ring the bell for you when the catalyst for change means buy. It's probably more true on the sell side, although by the time you hear them exclaiming "fire" along with the speed and fury of the corresponding selling, they had already left the building.   

 

Of course, the board host has told us in the past, that you're not the real Charlie Munger, so I am just teasing you except for the content of my message which I stand by.  ;)

 

Oh yes, I am also excited about the "naked shorts" which were "illegal" that might have to be "bought in" during this move to the NYSE/EURONEXT on the sixth business day forward.   

 

http://level3.mediaroom.com/index.php?s=23600&item=67446

 

BROOMFIELD, Colo., Oct. 12, 2011 /PRNewswire/ -- Level 3 Communications, Inc., (NASDAQ: LVLT) today announced that it has posted a revised peering policy for Internet Protocol traffic exchanged within the United States to accommodate a rapidly changing Internet. The new policy, which can be found on Level 3's website at http://www.level3.com/Legal/IP-Traffic-Exchange-Policy, was created by Level 3 to address questions raised by the Department of Justice during its review of Level 3's acquisition of Global Crossing Limited. 

 

http://www.level3.com/en/legal/ip-traffic-exchange-policy/

 

http://www.telecomramblings.com/2011/10/three-more-moves-by-level-3/#comment-7295

     

[Guest ValueCarl]

Rural Georgia connects to the Level 3 Network with the electric power grid in mind, among a plethora of other valuable internet based services their citizens will now have access to.

 

http://www.prnewswire.com/news-releases/level-3-selected-by-north-georgia-network-cooperative-to-bring-broadband-and-network-services-to-rural-georgia-131778153.html

 

The combined fiber networks will enable NGN stakeholders and service providers to deliver advanced communication services to help stimulate economic growth, create jobs and allow local enterprises to compete in a rapidly evolving global marketplace. Additionally, homeowners, businesses and communities will have access to new, affordable services and unique applications that facilitate online education, telemedicine and energy conservation initiatives.

Among the new services, Habersham EMC is deploying an IP-based, energy management solution that enables the utility and its customers to monitor and control energy consumption and costs on a real-time basis from a PC or smart phone. This will enable them to manage the increasing demand for electricity as well as related generation and distribution costs. EnerSphere, a communications service provider, is helping Habersham EMC with this solution roll-out by deploying broadband infrastructure, reducing peak energy demand costs and delivering services to customers. These types of energy management systems and the underlying technologies requires reliable and secure broadband communications infrastructure, such as Level 3's advanced fiber-optic network, to facilitate potentially millions of simultaneous interactions.

The value proposition of this joint effort is powerful. Rural electric cooperative members and customers will be able to receive relevant information that they can immediately take action on to conserve energy and reduce costs; the utility will benefit by shifting electricity demand during peak periods to reduce its costs; and society avoids or defers construction of additional energy generation facilities, saving billions of dollars and reducing carbon emissions that pollute the atmosphere.

[Guest ValueCarl]

For those who choose to listen to Cramer, he does not like Akamai because their "fundamentals are in decline."

 

http://video.cnbc.com/gallery/?video=3000051043#eyJ2aWQiOiIzMDAwMDUxMDQzIiwiZW5jVmlkIjoiYlREeGJBYXE2c29sb0VnZHBNdGtHZz09IiwidlRhYiI6ImluZm8iLCJ2UGFnZSI6IiIsImdOYXYiOlsiwqBMYXRlc3QgVmlkZW8iXSwiZ1NlY3QiOiJBTEwiLCJnUGFnZSI6IjEiLCJzeW0iOiIiLCJzZWFyY2giOiIifQ==

[Guest ValueCarl]

Did anyone catch that Cramer speak? I think what the buffoon was attempting to say was, if the Akamai rumor was true, better choice competitors: Limelight(LLNW) and Level 3(LVLT), would be going up also on "take over" possibilities, but they weren't.

 

Truth is Cramer's Alma Mater, Goldman Sachs' holding in Limelight is up slightly on a percentage basis today.   

 

Did anyone get in touch with Scott Goldman yet? It seems to me that Big (3) takes out Limelight for their CDN expertise and patents in the "wireless space."

 

"Bring it on!" And, turn off CRAMER!!!!!!!!!!!!!!!!!!! >:( 

[Guest ValueCarl]

Ben Graham,

 

How do you foresee Vint Cerf playing in a Google, Level 3 sandbox?  :-\ Would he make them pay enough, and could his ego stay out of the way? But more importantly, how would Billy Ballmer respond?  ;)

 

http://en.wikipedia.org/wiki/Vint_Cerf

[alertmeipp]

BG, u have a FCF projection on (3) in next 5 - 10 years?

[Guest ValueCarl]

For many years I have witnessed Cody Klein's model respond with extreme accuracy when examining the range of "DCF" stock prices tied to the Level 3 security. Cody, aka, David, does fine work for the value investor community.

 

I must say that, this is the first time I can ever recall, now that the chemical concoction is complete, that the stock price is trading for 50 cents or LESS on the DOLLAR than the range bound already "discounted" prices suggest.

 

This will not last much longer. Get your shares boys and girls, because they're DIRT CHEAP today!  :D

[Guest ValueCarl]

Apple needs an ALL IP TV broadband boost to keep its audience excited and its members engaged with their EYEBALLS tethered to their "screens."

 

Just do it, Apple! Oh, that's right, that's NIKE's SLOGAN or JINGLE. 

 

So, let's partially quote Jim Crowe of Level 3 again by saying, "Just bring it on!" at the same time keeping Steve's dreams alive!  ;D 

 

http://finance.yahoo.com/news/In-rare-miss-Apple-4Q-apf-2074428289.html?x=0&sec=topStories&pos=main&asset=&ccode=

 

 

NEW YORK (AP) -- Apple Inc. failed to set a new sales record in the last three months of founder and CEO Steve Jobs' life. Its financial results came in below expectations on Tuesday -- a rare miss for the company.

[alertmeipp]

50 cents on a dollar is not cheap enough.  ;D

Thanks - I have a small position since long long ago... the story I got is always it will generate tons of cash SOON.

[Guest ValueCarl]

Sometimes men get too greedy picking their entry points near bottoms. Not saying that's definitively the case with (3) because historically, the stock has been used and abused like a dirty wash rag always going lower than I would have believed might happen!  >:(

 

However, like Ben Graham suggested, current projected cash flows are very cautious and hardly reflective of the growth opportunities across The Amalgamation's various markets and sub sectors within those markets. You can be assured that things including Apple T.V., the recent changing pricing paradigm which will reflect higher IP transit revenues, as well as large government wins that are sure to continue coming (3)'s way, have not been accounted for.

 

Nor does it account for a new breed of international investors, including Asian friends of incumbent Asian owners, ones with attention spans much greater than the next "fraction of a second," by moving off of the nasCRACK onto the NYSE/EURONEXT!

 

Understanding the low market share base this combined internet juggernaut is working from; should surprise the most blood thirsty bears relying on such a dreary consensus to substantiate their claims of "low" not being "low enough." You don't pay much for a dreary consensus, and you're not paying much for (3) shares today including such low ball projections. 

 

Low cost providers of essential, valuable communications services should end up being "share takers" while catapulting their current $6B one percent global revenue share a great deal higher, including addressing a significantly greater portion of their current $100B addressable market as a combined company.

 

I hear a lot of yakking on the Bear Side about the Euro imploding with the whole of Europe falling into the Atlantic Ocean, but this thesis is flawed because, the combined entities maintain European sales of less than ten percent in aggregate with the crisis representing more opportunity than not. Their international sales force which represents about 300 people have already been moving in more aggressively to capture government and enterprises in England, which is "pound" denominated, as well as the rest of Europe too. Rob Powell has an interesting speculation going on with (3) swallowing COLT over there next. Besides the needs assessment match, this company would do well having (3) rescue it from its doldrums, i.e., buy reasonably low. 

 

http://www.telecomramblings.com/2011/10/predicting-the-next-big-one-for-level-3/     

 

You must feel lucky waiting for that cheaper fat pitch! Then again, I can't imagine your "small, long, long ago" position being cheaper than they are today, unless you consider 2005, or 2008 "long ago" on a time period basis.

 

Naturally, I hope you miss the opportunity you are coveting.  ;) Besides, were you never taught that coveting is a sin? I think I am going to add it to Charles Munger's most deadly sin, envy, because like envy, coveting is self inflicted torment for the one who is practicing it! 

 

       

[Guest ValueCarl]

Guten Morgen, Ben Graham! It does seem good to be broadcasting in German today!  ;)

 

Regarding addressable markets, I had factored for the global $600B in addressable market with trepidation only because of what I believed to hear Jim Crowe say during his two recent presentations in Beverly Hills and Manhattan.

 

More than likely, the gap to reconcile from LVLT's $100B addressable market today, assuming I heard correctly, is in "future builds" or capex to finish those seamless "end to end" global connections. Then again, with changing pricing paradigms, and voice going to zero, these numbers are very fluid. However, depending upon supply/demand constraints into perpetuity, one can see the revenue pie even with voice at zero, being larger than the historical revenue buckets being cited.   

 

 

<Low cost providers of essential, valuable communications services should end up being "share takers" while catapulting their current $6B one percent global revenue share a great deal higher, including addressing a significantly greater portion of their current $100B addressable market as a combined company.>

 

 

 

 

[Guest ValueCarl]

The other thing to remain mindful of regarding this $100B addressable market relates to its uncanny resemblance of the number being touted by Level 3's prior COO, Kevin O'Hara, along with his Business Markets Group(BMG) President back in January, 2007, Raouf Abdel, when they were both painting a "cheery consensus" while stating, "It's fairly easy to grow our Business Markets Group(BMG) revenue from one percent to two percent share."

 

At the time, BMG was $1B on the books setting up the idea of hyper growth rates if they were to get to $2B as was being implied. This mismanagement of expectations by O'Hara went on all the way through Sept. of that year, and right before the October, 2007 bomb shell earnings miss that fell from the sky attacking owners as though Pearl Harbor had once again been launched. From the high point in 2007 of nearly seven dollars pps, leading into the Great Recession and corresponding Credit Crisis, the share price didn't stop being pummelled until slightly under 60 cents pps! Talk about VALUE DESTRUCTION and the amount of time necessary to recover from such missteps!  :( 

 

Fast forward nearly five years later, and while excluding Global Crossing, what was BMG, has hardly moved its needle, if it isn't still slightly down from all the horrific churn that has ensued from that O'Hara DAY which still lives in INFAMY!  >:(   

 

One can understand why the naysayers and other bearish players who keep screaming, you're a bum LVLT!, believe they rule over this security with impunity.   

 

Now, because I am a closet optimist who resembles Warren Buffett in attempting to go about while believing in the future, I do believe that today, Storey's operations can do what that Fighting Irishman who lost, O'Hara, couldn't do!

 

So, bring it on this time and show us the HOCKEY STICK GROWTH we have all been waiting for because those who are from Deutschland might say about Level 3's horrible history and life cycle; GENUG!

 

 

     

[Guest ValueCarl]

With the 1:15 Reverse Split having just taken effect before being traded at the opening bell on the NYSE tomorrow morning, an SEC Form 8-A has been filed.

 

"Preferred Shares" are now being presented as part of the financing machine moving forward. The anti-takeover provisions especially "Undesignated Preferred Stock" is also interesting. 

 

Separately, it appears that COO, Jeff Storey, and CFO, Sunit Patel, will both be ringing the bell at the exchange. 

 

In the mean time, they closed the stock on nasCRACK before going over at just 77 cents of one dollar's worth of SALES tied to the low ball AMALGAMATION projections which have been working together in real time for a little more than two weeks.

 

http://www.sec.gov/Archives/edgar/data/794323/000110465911056759/a11-28236_18a12b.htm

 

Preferred Stock

 

Level 3’s restated certificate of incorporation permits Level 3 to issue up to 10,000,000 shares of Level 3 preferred stock in one or more series with such designations, titles, voting powers, preferences and rights and such qualifications, limitations and restrictions as may be fixed by the Level 3 board of directors without any further action by Level 3 stockholders. The Level 3 board of directors may, from time to time before the issuance thereof, fix the number of shares in each series and all designations, related rights, preferences and limitations of the shares in each series of preferred stock.

 

Antitakeover Effects of Delaware Law and Level 3’s Organizational Documents

 

Level 3’s restated certificate of incorporation and amended and restated by-laws contain provisions that may delay, defer or discourage another party from acquiring control of Level 3. Level 3 expects that these provisions, which are summarized below, will discourage coercive takeover practices or inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of Level 3 to first negotiate with Level 3’s board of directors, which Level 3 believes may result in an improvement of the terms of any such acquisition in favor of Level 3’s stockholders. However, they also give Level 3’s board of directors the power to discourage acquisitions that some stockholders may favor.

 

Undesignated Preferred Stock

 

The ability to authorize undesignated preferred stock will make it possible for Level 3’s board of directors to issue preferred stock with super voting, special approval, dividend or other rights or preferences on a discriminatory basis that could impede the success of any attempt to acquire Level 3. These and other provisions may have the effect of deferring, delaying or discouraging hostile takeovers, or changes in control or management of Level 3.

 

On April 10, 2011, Level 3 entered into the rights agreement in an effort to deter acquisitions of the Common Stock to preserve its ability to use net operating loss (“NOL”) carryforwards, which may be negatively affected if there is an “ownership change,” as defined under Section 382 of the Internal Revenue Code.  See “Description of Preferred Share Purchase Rights” below.

   

[Guest ValueCarl]

One Level 3 engineer who translates Geek Speak into plain language, sees his company as I have referenced it before; one giant end-to-end all internet protocol-Erector set. Seems pretty damn cool and mind boggling to me! 

 

http://blog.level3.com/2011/10/07/an-end-to-end-all-ip-erector-set/

 

That’s why I’m so excited. Between Global Crossing and Level 3 we have physical networks that reach into over 45 countries into three major continents. In erector set terms that’s like having a brand new 11,000 piece set with no missing pieces. How cool is that?

 

 

[FFHWatcher]

True or False?

 

Ben Graham and ValueCarl's hourly posts on LVLT stock on various websites represents 25% of all the data carried by Level 3?

 

(Just having some fun...when I checked LVLT's share price this morning I thought to myself, "OMG, those two were right!!!" Someone must have made an offer to buy Level 3 for $24/share!!! but then I remembered the 1:15 stock consolidation.  Almost a home run, sorry guys.  :'(

[Guest ValueCarl]

FFHWatcher, glad to see you visiting the Level 3 board again.  ;) Looks like $22.50 strike is where they're going to take it on options day tomorrow, unless of course, I get my APPLE IP TV announcement at the bell's open! Get Jim Crowe on the phone!  ;D 

 

Can you help a simple minded man out with some questions, though, like the CEO of Zayo, Mr. Dan Caruso, was kind enough to do on Rob Powell's blog earlier?

 

Maybe it's unimportant, I don't know, but it's required filing with the SEC, so here goes! By the way, I hope some here including me gets schooled by you, because quite frankly, I just can't know or understand everything, and some things go way over my head when thinking about complex legal language.

 

Can you explain to me if the following filing of 10MM "preferred shares" is separate and distinct from the "Preferred stock purchase rights" that remain in force to prevent hostile take overs as well as preserve carry forward NOL's?

 

Can you also explain how the one ten thousandth interest of a preferred share is expected to equate to one share of common stock in the event they are exercised? I am sure it is simple math tied to some aggregate share count, but it doesn't seem to be tied to "authorized shares" so I am struggling. 

 

How does that tie into the exercise price of $9.00 for each preferred share, subject to adjustment, which elsewhere in the filing they talk about the exercise price becoming "twice the Exercise Price, based on the 'current per share market price' of the Common Stock on the date" the Acquiring person or Group became so?     

 

 

Finally, what if there was an inability of the rights owners collectively to pony up sufficient capital to "exercise" if and when it became necessary? I guess they have that all figured out mathematically, at least from the perspective of the important owners with large stakes looking out for their interests in being protected, i.e., The Walter Scott crowd. 

 

 

 

 

http://www.sec.gov/Archives/edgar/data/794323/000110465911056759/a11-28236_18a12b.htm   

 

<Preferred Stock

 

Level 3’s restated certificate of incorporation permits Level 3 to issue up to 10,000,000 shares of Level 3 preferred stock in one or more series with such designations, titles, voting powers, preferences and rights and such qualifications, limitations and restrictions as may be fixed by the Level 3 board of directors without any further action by Level 3 stockholders. The Level 3 board of directors may, from time to time before the issuance thereof, fix the number of shares in each series and all designations, related rights, preferences and limitations of the shares in each series of preferred stock.>

 

<Preferred Share Provisions

 

Each one ten-thousandth of a Preferred Share, if issued:

 

·                  will not be redeemable.

 

·                  will entitle its holder to dividends equal to the dividends, if any, paid on one share of Common Stock.

 

·                  will entitle its holder upon liquidation either to receive $1.00 or an amount equal to the payment made on one share of Common Stock, whichever is greater.

 

·                  will vote together with the Common Stock as one class on all matters submitted to a vote of stockholders of the Company and will have the same voting power as one share of Common Stock, except as otherwise provided by law.

 

·                  will entitle holders to a per share payment equal to the payment made on one share of Common Stock, if shares of Common Stock are exchanged via merger, consolidation, or a similar transaction.

 

The value of one ten-thousandth interest in a Preferred Share is expected to approximate the value of one share of Common Stock.>

 

<Exercise Price

 

Each Right will allow its holder to purchase from the Company one ten-thousandth of a share of Series B Junior Participating Preferred Stock (a “Preferred Share”) for $9.00, subject to adjustment (the “Exercise Price”), once the Rights become exercisable. This portion of a Preferred Share will give the stockholder approximately the same dividend and liquidation rights as would one share of Common Stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights.>

 

<Consequences of a Person or Group Becoming an Acquiring Person

 

If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person, or any Affiliates or Associates of the Acquiring Person, may, upon payment of the Exercise Price, purchase shares of Common Stock with a market value of twice the Exercise Price, based on the ‘current per share market price’ of the Common Stock (as defined in the Rights Agreement) on the date of the acquisition that resulted in such person or group becoming an Acquiring Person.>

   

 

 

 

 

[Guest ValueCarl]

Ben Graham, I love the trend that I see unfolding all around me. I am glad we are friends in this trend, and I will follow you until the end!  ;)

 

Yes, the whole "FILING" including all of its ramifications are very complex during the next three years if not removed in some stated precursor manner, and this is why Warren Buffett tells ordinary men that they don't need high IQ's to invest and be successful.

 

On the other hand, maybe times have changed? 

 

Either way, I know FFHWatcher has a very high IQ and will offer this board of LVLT Misfit Toys some solace with his wisdom in explaining the complex in its simplest terms!