Barnes Buchanan 2019: Despite 'Strange Narrative' Great Time To Be In Security

Author: Dan Gelinas, Published on Feb 11, 2019

A "strange narrative" is being spun, said Michael Barnes at the 2019 Barnes Buchanan Conference. However, despite that narrative, it is a "great time" to be in the industry.

Barnes gave a 3-hour presentation on the current state of the industry during which he talked about 5 key areas (Growth, Structure, Operating Metrics, Threats, Market Values) that illuminated several themes, listed below:

  • Strange Narrative - People Feel Threatened
  • Data Shows Healthy Market
  • Most Serious Threat Is Complexity
  • Medium Threats
  • Low Threats
  • Fear Could Dry Up Investment
  • ADT & Brinks Underperforming
  • Multiples Healthy
  • Commoditization Of Hardware, But Service At A Premium
  • Incursions from Big Tech and Telcos
  • Growth Up Slightly
  • Move Toward Service
  • Regional Alarm Co Market Share Shrinking
  • Stickier Customers = Lower Attrition

IPVM attended the presentation and examines Barnes presentation and logic.

* "******* *********" ** ***** ****, *********** ******** *** **** ****** ******** **********. *******, ******* **** *********, it ** * "***** ****" ** ** ** *** ********.

****** **** * *-**** ************ ** *** ******* ***** ** the ******** ****** ***** ** ****** ***** * *** ***** (Growth, *********, ********* *******, *******, ****** ******) **** *********** ******* themes, ****** *****:

  • ******* ********* - ****** **** **********
  • **** ***** ******* ******
  • **** ******* ****** ** **********
  • ****** *******
  • *** *******
  • **** ***** *** ** **********
  • *** & ****** ***************
  • ********* *******
  • *************** ** ********, *** ******* ** * *******
  • ********** **** *** **** *** ******
  • ****** ** ********
  • **** ****** *******
  • ******** ***** ** ****** ***** *********
  • ******** ********* = ***** *********

**** ******** *** ************ *** ******** ****** ************ *** *****.

[***************]

Strange ********* - ****** **** **********

****** **** *** '******* *********' ** **** ****** **** ********** because ** *** ********* * *****:

  • *** ****** ** *********
  • ****** ******* **** *** ***** ** *** *********
  • ****** ******* **** ***** ********* & ****
  • *** **** *********** ****
  • **** ********* ****** *********** ******* ***** *** **********
  • ********* ********** **** **** ** *** ********* *** ********** ** involve

******* ****** ******* *** *************** ***** ******* * ******** ***/*** spread *** ********* *** ******* ** *** ******* *******, ********* to ******. ** ***** ** *** ****** ********* ****** *** available ****.

Data ***** ******* ******

*******, ********* ** ******, *** ******* ** **** *** **** says *** ******* ***** ******* ***** ** ***** "****** **** they **** **********." ******* ***** ** *****, ** ****, *** it ***** ** * ****** **** ********* ** ********* * new ********, *** **'* ********* ** "***** ************ ** **********" and ******** ************ *******. ** ** * "***** **** ** be ** *** ********," ********* ** ******.

****** **** *** "******* *********" ** *****:

*********, **** ****** *** ** ** **** ****, '****, **’* a ***** **** ** *** **** *** ********.' **** ****** want ******* ** ****** **** **** ** ***** *** ****.

Most ******* ****** ** **********

****** **** *** * ******-********-** ******* ****** ***** *** **** of *** "******* *********," *** ****** * "******" **********, *** little ****. *** **** ******* ******, *** *** **** ******** does **** * ********* ** ********** **********. ********* **********--**** ******/*** High ******:

**** *** ** ****. ***** ** ********** ********** ****** *** board ** *** ******** *****. *** **** ** ****** ** faster, *** **** ** ************ ** ****. ********* ********** ************** required.

Medium *******

****** ****** ***** ******* ** ********** ** ** ** **** low ****** ** ***********. **** ******** *** *********:

  • ***--*** ****** ******: "*** ** *** ***. *** **********. ******* operated ***** ********* **** **** ****** *** ********** *** ******** attractive ********, *** *******--** ** *** ***--******** ***** **** ** ****. ** *** ***** ** *** messing ****** **** * ******** *** ** * **** *** in ***** ****** ****." ** ****, ****** ****, *** ********* of *** ********* ***** ***** ********** ** *** *****, ***** would ******* ********.
  • **** ***********--*** ****** ******: "** ** ****** **** **** *** tech ******* **** **** *** **** * ********** *********** ******** and **** *** *** ** ********? ********, *** *** ******." Barnes ***** *** ********'* ****-*********** ********* *** ************ ******** ** counters ** **** ****.

***** ** ** **** **** *******-******** ***** ********* ******** ****** ***** *** *****, ******* ** *** **** *** *** ** *** **** degree ** ********** ** *********. ********* *** ******** ** ********* and ****** ** *** **, **** ** ** ****** **** customers **** ******** ** **** **** *** **** *********** ****** to *** ** ***** ******* **********.

*** ******* ** **** ******** *** ** *** ********** **** companies *** *** **** **, ** ***** ******, **** ****** and **** ** ****** ** *********** *** ******** ******* ** the ******. *********** ******** ********* *** ************ ** *** ******* with *** **** ********* *** ******* ** *****.

Low *******

****** ************* *** ***** * ** *** *******:

  • ******** (****** *** **** ***** * *% ****** *****)--****** ******, but ***** ***: "***** *** **** **** ******* *****. *** two *** ****, ******* *** **&* *** ** *** **** got *** ******* **** ****'* *** ****** ******* *** ********* caught ** **** ****."
  • ****** **********--*** ******: "****** *** "*** ****** *** **** ******** already **** **." *** ****. ***** *** ****** ** ************ households *** **** **** **********. *** ********** ******* ****** *** board ** ******* *** ****-*** *********** ** **** ** *** rise."
  • ***** ********* *********--*** ******: "****** ** ******. ******, ***, **** will ***** *** ******* ****’** ****** *** *** ***’* *******. The ******** **** ***********. **** ** ********* ** * ******, but ** **** *** ******* ******* *** ******* ****** ***."

***** ** ** **** **** ******* (******* **** / ****** 2014) *** **&* (******* **** / ****** ****) **** *** in *** **** ***, ***** ** ******* ******** **** **** trying *****. *** ***** *** ******* ****** *** **** ****** in *** *** ***** ****, ********* *** **** ** *** list *****:

  • ******* (******* ** ****)
  • ********* (******* ** ****)
  • *******/**** ****** (******* ** ****)
  • *** (******* ** ****)
  • ******* **** (******* ** ****)

Fear ***** *** ** **********

****** ***** **** **** ****** ** ********* *** ******* ** mostly ***-***********, *** ********, ** *******, ***** ********** *** **** can ****** *** **** ** ******* **** *** ********:

** **** ***** ** **** ********. *’* * ****** ********* about ***** *********** *******.

*****, ******* ******* ** ***, *** **** **** ******. ********** firms *** **** *** ** ****** ** ** ******** **** feels *****.

ADT & ****** ***************

****** ************'* ***** ***** ***** ** ****************** **** *******-******** ****** ** ****** **** ********. ****** **** **** ***** **** *******'* ***********, ******, *** current ********** **** ********:

** ******' ******, **** ********* *** *** *** **** ********** other ***** ********* *** *** **** ****** ********** ******** ******* from *********** ******.

******* *** *** ****** **** ******** ** ******* *** *** technologies. ** *** **** ** *** ***** ** ******** ****'** offering, ****'** *** ***** **** * ****** **** *******. ****'** got ** ************* ** *** ***** *** * ***** **** that *** ***** *********.

*******, ****** **** *** *** ******** ******** ***** *** ******** attrition. ** **** **** *********' ******** **** ********** ** *********** issues, *** ** ******* **** *** ** *** ** *** other ******* ** ***********.

******* ** *** *** ***** **** ** ****** **** ******** is ****** ** **** ** *** ** *** ******** ** debatable, ***** ***** *** ************* ****** *** ***** **** ************* ******* ***** *** *** *** *******,********************* **** ******** *******.

Multiples *******

****** **** **** ******* ********* **** ******* **** * ** multiple ** *&*. *** ***** ********** ** ****, ************* ******** ** ********* **** ** ************** ** * *** ** ***** ******** *****.

********, ****** **** **** **** ************ ** *** ******** ***** are ******* ******* *** *** *** ***. ** **** **** while ** *** * "****** ****" ** *** ********, ** was * **** ****, ** ****:

*** ******* ** **** *** ******** ** ***** ******* **** strongly ****** *** *** *** ***** *******. ** ***** ** that **'** ******** ** *** ** ********** ****** ** ************ taking ***** **** ** *** *** ** *** *****.

*** ******* **** *** ***** **** ** **** **** *** of *** ********'* ******* ******* *** ********** ** ****** ********* to *** *******, ** ** ****** **** ********* ***** **** that ** * **** ** **** **** ******* ** * lack ** *** *********, * **** ** *** ********** *** a **** ** ******.

Commoditization ** ********, *** ******* ** * *******

****** **** *** ******** ***** *** ****** ************ ** ** moved **** *** **** ****** ***** ********:

***'** ***** ** **** *** ***** ****** ** **** ****** into *** ******--***--** ***** ***** ***** *** *** ******** ** going ** ****** *** ** **** * ******** ******** ** milliseconds ** *** ********'* ****** ** ******* ***** ****** ** their ******. ** **** *** ****** * *********. ***** **** be ***** ********, *** ****, *** ** ** * ******** service.

** * ******, *** ***** ************ ******** ** ******* ************ with***** ******* *** **** *******. *******, ******** *** ***** ***** ** ** **** ** be **** ** * *******. *** ********* ** *** ***** Monitoring ***** ** *** * ***** ** ****** ***** *** need ** **** ***** **** **** ** ******* **** ***** to *** ******** *** ******* ***** ******* *******. (******,*******,***** ***).

Growth ** ********

****** **** *** ******** ******** ******* *** **** ****** ** total ******* **** *** **** ** ***** ** ~*% ****, marked ** ** *% ***** **** $** ******* ** **** to $** ******* ** **** *** **** * **** ** slightly **** ****** **** ****** ****. **** *** ******** ** a *% ***** **** $** ******* ** **** ** $** Billion ***** ** *** ** ****, ** **** ** *** excerpt **** *** ****** *****:

**** $** ******* *** ***** **% / **% ******* ******* and ***** *******, *** ********** *** ******* ******* ** ****.

Move ****** *******

******** ** ******** *****, *** ***** *** **** ******** **** toward ********** *** ******* (** ****, *** ***** *** **% Install *** **% ********** *** *******), ******* * ***** **** from ******** *** ****** *******, ** **** ** *** ********* excerpt **** *** ****** ******:

********** *** ******* ******** **** ** *% **** **** ** 2018. **** ******** * ****** ******* **** ******** *****--*% ****** in ****, *% ****** ** ****, *% ****** ** ****.

********* ** *** *% ********** *** ******* ******* ****** ********:

  • ****** **** ***** *** **** ********
  • ****** ******* ***/****
  • ****** ** ********** ********* *****
  • ***** ******** ** * ****** *****

***** *** ************ ******* *** ** *%, ****** **** ******** by ****** **** ***** *** **** ******** ** **** ** an ****** ** ***** ********** ********, ********* ** ******.

****** ***** ********, ****** ** **** ******* ** ********* *** regulator *******, ************ ** **********, ******** *****, *** ********* ******** sophistication *** *********.

Regional ***** ** ****** ***** *********

****** ***** *** ******** **** * ******* ********, **** **** their *** ***** ** *** ****** ***** ***:

  • ***** ***** ********* **** ****** **** *** ******** ** **%
  • ***** ****** ****** **** *** ******** ********* **** ******* **** players ** *** (**% ** *** ******** *****), ******** ** MSO's ** ***** ********* ("* ** * ******* ***** ****") (6%), *** *** *** ****** **** ** *%.
  • ******** ***** ********* **** **% ** *** ******* ******** ******** picture.

*** ******* ***** *********** *** ********:

****** **** ***** **** *** ********** ** ******* ***** ********* that **** ***** **** ** ***** *** *** ** ** 6% ***** **** **** *** ****** *** **%. ** *** beginning ** ****, **** ****** *** ** **%.

***** *** ********* *****, ******-***** *** ******** **********, ****** ****. 20 ** ** ***** ***, ****** ***** ***** *** * swell ** ***** ********* *** ***** ***** ********* *** ******* as ****** **** *** ** *** ******** ***'* ****** **** to ********.

****** ***** **** *** ******* ** ********* ****** ***** *** smaller *********:

****** ***** ** *** ******* ******* ** ********* *** **’* because ** *** ******* ** ** ** ******* * ******** in *****’* ******** ***********. ****** *** **** ******** ** ******** and *** ***.

** **** **** *** ****** **** ******* *** ******* ******* was *** **** ****, ******, *******, *** ****** **** ****** in *** "******* ***** *****."

Stickier ********* = ***** *********

****** ******* ** * ***** ******* ******* ** *********** ** the ********, ****** **** ******** ******* ** * ********** ** RMR *** ******* **** **.*% ** **.*%

****** **** **** *** * ***** ********** **** *** ******** was ****** ****** ******* **** ******* *********. ****** **** **** services *** ** ******** *********, ***** ********** ** ** * lowering ********* ****, ** *********** *****:

**** ***** ** ******* **** *** ********* ***** ** *** larger ******** *******:

Poll / ****

Comments (35)

John Honovich

IPVM | 02/11/19 04:13pm

*** **** *** **** ******** ** ****** ***** *** **** does *** **** **** *** **** ** *********.

*** ******* ** ****** *** **** **** ** ******* * lot *****.

*** *******,$** ******* ****** **** ******** ********* **** ********* * *** ****** ***. ***** *****-****** **** *****(******* ** ** ** ****** ** **** ******** ** ******** tech *******) ** ***** ** **** *** *** ******.

*** **** ********* ***** ** ***** **** *** ** ***** not ** *** ***** **** ** ******** **** **** ***** fine ** ******* *** * ***** ** **** * *** years. ** $** *** ***** ********** **** **** ********* *** AI ***** ***** ********** *******, *** *** ********** **** *** could *** ***** '****' ******* ********** ** *** **** *** years.

**** **** *** ********* ** ** ** **** *****, * get *** ******* **** ***** ********** *** * *** ***** to ****'* ******. ** * ***** ** *****!

Avatar

Jake Voll

SS&Si Dealer Network | In reply to John Honovich | 02/11/19 07:32pm

***** *** *** **** **** *******, *** * ******* **** will ****** *** *** ********** (**. ***) **** **** *** local *********.

$**/***** ********** ********* **** ******** ******** ** *** *** * predict **** ******** **** ****** ** ****** ********* ** ***** of **** **** ********* *** ****. ********* **** **** ********** Acquisition ***** **** ** **** ********** ******** ** **** ** they **** ******* ** *** (**** ***, ****** *********) ** recoup ***.

***** ***** ********* (*** **** **% ****** *****) *** (****** frustratingly) ********* ** ****** ******* ** ***. ** ** ********* example, * ***** **** * ******* **** **** **** ****** $25 ******** **** ** *** ******* **** ****** *** **** enough ***** $** ** ***** ******. **** ** ***** ********* have ******* ** *********** ********* ******* ********* ** * ********** marketing **** *** *******. ** ********, **** ****** ** ***** their ********* ***** ** **** ** *******. **** ***** **** a *** ** *********** ** ******* **** ***** ******* ********** offers.

*** ********** (**. ** ***** ***** **********) ***** ** **********. I ***** ** **** ****** ********** ***** ********** **** **** residential. ***** ********** ** *** **** ******** * **** ******* issue, *** ***** ********** ******* *** **** ***** ** * challenge. * ******* *** ********* ** **** ******** ******** "*** off *** ****!"

*** **** ****, * ***** *** ******* ****** ** *** industry ** ******** ***********. *** ** ***** ***** **********, **** uncertainty **** ** *********. *** ***** ***** ********* **** (******* their *********** ******** ** ******** *** *** *********).

* *** ** **** ***** ********* **** ******** ** ********* their ****** ********** *** *** **** **** **** **** **** into ***** ****.

*'* ********** ** *** ********* *** ***** ***** ********* ** pull ******* **** **********.

***** ** ** *****.

*** *** ****, *** ***** **** *** ****** **** **** be *** ***.

John Honovich

IPVM | In reply to Jake Voll | 02/12/19 12:12am

********* **** **** ********** *********** ***** **** ** **** ********** impacted ** **** ** **** **** ******* ** *** (**** low, ****** *********) ** ****** ***.

****, ******. **** ** ***** *** ********* *** ******** ******** of ******* ** **** *** ******** ******** (******* ** *** use ** ********* **** ** **** ***** ***** ******). * see ***** ********* ** **** ** ********** ********* *** **** purely ****** **** * ******** ** ***** *** *****.

*** *******, *** $** ******* ********** ***** ****** **** *** companies **** **** *** ***** *** **** ****** **** *** online ***** ** ******, ******, ***.

Avatar

Jake Voll

SS&Si Dealer Network | In reply to John Honovich | 02/12/19 04:22pm

$** ******* ********** ***** ****** **** *** ********* **** **** SAC ***** *** **** ****** **** *** ****** ***** ** Amazon, ******, ***.

***'** ***** ***** ****! *** *** ******* ********** ***** *** local ***** ********* ***. ********** **** **** ****** ** ****** and ****** *********** ********* ******* ********** ********. ** *** ******** pressure ** *** ***** ***** ******, ******** *********** *** ****** to "**** ********** ****" *** ******* *** ********** ********** ** their ******* **** ** **** ***** ********, ***** ***** ********* will **** *** ****** ****** *****.

Undisclosed #1

In reply to Jake Voll | 02/12/19 06:31am

* ******* *** ********* ** **** ******** ******** "*** *** the ****!"

******** **** ************“**** *** *** ******!” ;)

Undisclosed #1

02/11/19 04:40pm

...*** ******* ***** ******* ***** ** ***** "****** **** **** have **********." ******* ***** ** *****...

***** ****** **** ***** *******?

Undisclosed #2

02/11/19 09:52pm

** ** * **** **** ** ** ** ********, * am **** ***** ** ** ***. ******** *** ***** ******* that ********* ** ******, **** * *** ** ** **** more. ** ** **** ** **** **** *** ****** ** this ***, **********, ************, ******, ***********, ********** *** ************. **** away *** ** **.

**** *** *** **** *******, ****** ***********, **** ********, *** batteries, ****** *****, ******** ***** *** ******* ******. *** ** it ****, ********* *** "**********" ****** ***, *** **** ******* ships **** * ********** ********.

*************, * **** *** **** **** ** *****, *** ***. I **** ***** **** ***** **** ****** * ****** ********* both *****, *** **** *** **** ** *** ****, ********. The ****** ** ******* ** *** * ****. ** **** circle **** ** ****.

******* ** **** ****** ****** ******** ********, **** *** *** registered *** *** ***** *********, ***** ***********, ******** *** ****** (much **** **** * **** *****). ***** ************* **** **** are **** ******* *** ****** *** **** ***** ** *****. Eye, *********** *** **** *********** *** ** *** **** ** the ***** ** ******.

**** ** *** **** *** **** ****** ** ******** (*** dinosaur ***), ******* ******** **** ** **** **** **** **********. Now ***'* ***** ** ******* *** *** **** ******** ************** cabling, ********, *****, *********. *** ** *** *** *** ****** recycle. **** **** *** *** ***** ***** ***** **** ********** that ****** *** * ******* *****-***** ** ******* ***** *** resistors *****. ***'* **** **** ***** ******* *** **** ** school ** **** ******* ***** ** **** *** ****** ***** than ******* ********** *** ********** ******** *******. *** *** *** enterprise ******** ******* ** *** ****. **** **** ******** ********, what ** ** *****? ******* ** * ***** ***** *** rex ******** ******? ******** *** *** ****** ******** *** **** vague ***? *** *** **, ****** *** **** ** ***********. Trunk-slammers, **** ** **...*** ***** ******* ** **** *** **** up **** **** ***** ******* ********. ******* ** ** **** for *** ** ****** ** * **** *****. ******* ********, you're **** ** ***** ** ****** **** ********* **** ** a *******, ***** ** ********! **** *** *** ** ****** in ** ******.

***** *******.... **** ***** ** *** *****? ***** ****? ***. Let's ** ** **** *** *** ******** **** ** *** see? **** *** ***** ******? ** ********* ** ****** ** issue? ***** ** ** *****, ** ****** * **** **** you **** ** * ****** *****(***). ********** ** **** ********(********). Each ******** ** * ******** **, ** ***** *** *** are *** *** *** ******* ** ******* **** ***** ****.

**** **** ****** ** ******** *** *** ***** *** ***** ability ** ************ **** ****, *****, **** ***** *** **** biometrics. ********** ** ******** *** **** *** ***** *** ** ticketed *** ******** ********* **** (***-*** **** ***** *******). *** door ****** *** *** ******* *** *** **** *** *** access ** ****** ****** *** ****. *****, ** **** ** build * ******* ******* ****** ** **** ** *** ****, no ******, **** **** ******...**** ** **** **** ** ******* the *-*** ******** ***** *** ** **** ** *******.

** ** ** ** *** **** **** ****** *** ***** about **** ******, ****** **** *** *** ** **** ***** happen, *** ** ****. ***** ***** **** ** **** ***** systems ** **** *** *** *** ****** ************* *** ********** needs ** ***** *** **** **** *** ******.

**** ** **** **** ******** *** ********. ***'* *** *** tailgate **** ********* *** ** *** ******. ** ***** ** no ***** ***** ** ********, **** * ***** **** **** and ****** *** **** *** ****. *** ***** ***** *** you ***, *** **** *** *** *** **** ******. **** leave ** ** ****, **'* **** ******. **** ***** ****** in *****, ** *** **** ** ***** **** **** ***** can **** *** **** ********** ***** *** **** ** **** with ** ******* (*****, *****). ****** ********* ** ** ****, this **** **** * *** *** ***** *** ********* **** want ********** *** ****** ***** ** **. **** ******** ****** are ****** * **** ******, **** ******* *** ****** ** charge ** *** ********.

**** **** **** **** *** *** **** *** ** **** anywhere *** ** ********, **** ***** ** ******* ***** *** you *** *** *** ** **** **** ***** *** *** services ****. ******, ********* *** *** **** *** ** *** in *** *** *** ************ *** ****. ********, ***** **** will **** * ******, ******* ** **********, ** ***** *** audio **** ** *** ********.

** ******, *** **** ********** **** ********, **** ****** ** some **** ***** ******* **** ** *** **** ******. ********* that **** ** ** ******* ***** **** ** *** ***** battery ******* *** ******* *** ********* ** ******.

*** *** *** **********, **** *** ***** **** ** ********** is ******* ****** *** ** **** *** **********. * **** all *** ***-******* *** ***** ** **** ***** *******, *** I *** *** ** ****: *** ********** **** ** ****** will ******* ******* **** ** ** **** ***** ***** ***********. Hacking **** ** **** ********** **** * ******** *** ****** OS ***** ****.

*****, ****, *******, ****** *** ** ****** *** *** *** high ******* ******* ** *** ***** *** **********. **** ** know ***** **** **** *** **? **** ***. **** ** know ** **** *** **** ** *****, ******* ** ********? just ***. ** *** **** *** ****** **** ********* ******? try ******. ****** **** *** ****, *****, ****** *** **** UI. *****, *** **** ****** ********** **** ***** **** ***** in *** ****** ******? *****, ***** ** * ****'* ******.

*** *** *** ***** ***** *** ******** *** * *** thing, ** *** **** *** *********. ****** *** *** ****** and **** ********** ***** **** *** ****, ********, ***, ******** dock, ***** ******* *** **** **** **** ******* ********** *** not ********. ** *** ******* **** *** *********, ******* ***** clock *** **** *******. ******* **** ** ***** ****** ** in ***** **** **** **** **** ** ** ******** *** updated ** ***** **** *** **** ****.

***, **** ** * **** **** ** ** ** ********, the ***** ** ****** *** *** ***** ****** ****** *************, vmsaurs *** **-***************. * **** **** ******.

Undisclosed #1

In reply to Undisclosed #2 | 02/12/19 04:47pm

** ** * **** **** ** ** ** ********, * am **** ***** ** ** ***.

Lee Jones

Support Services Group | 02/12/19 08:30pm

*****, * *** ************ ** *** ******* ****** ******* ****. However, ** ** ******* **** ** ******** ** ** * promoter, ****** **** * **************. ** *** **** ******* ** not * **** *****.
***, * **** **** ******* “*** *******-****” *** ** ** repetitive ******** ***** *** ** *** ******* ******* ** *** traditional ***** ******** **** ****** ***** ** **** *****. *** SLOW ** ** ****** ******** ** ***** *** **** **** remote ********** *****, *** ** ********** ***********… *** * ****** to *** **** ********* ** *** ********. ** ******** **** the ******** ** *** ******-********* ********* **** ********* ** *** US, **** ** *******, *** ******* **** **** **** **** quietly ********** **** * “****** ****” ** “******** ****” **** their ********* ***** ****** ** “*********”. ******* ****** **** ******* legislated / ****** ********** ***** **** ******* *** ****** *****. What **** **** ******** ***** **** **** **** **** **********?
***, ** * ****** *******, ***** ** ***** ** *** for **** ******* **** **********. ****, ***** ****** *** *** stock @ ****** ******.
******: *** *****; ******* ******** *****

John Honovich

IPVM | In reply to Lee Jones | 02/13/19 12:41am

*****, * *** ************ ** *** ******* ****** ******* ****. However, ** ** ******* **** ** ******** ** ** * promoter, ****** **** * **************.

** ********, ****** ** ********** *** ********* **** ** **** performance. *** *** ******** ** *** **** *** **** (*** recent **** ****) ********** *** ******. ****** *** ***** ***** that *** **** ****** ** * ****** ****** *** ********** but ********** *********** ***** **** ****** **** **** ********** ** fundamental ******* **** **.

Lee Jones

Support Services Group | In reply to John Honovich | 02/13/19 05:25am

*** *** *******, ** *** * **** *** ** ********** lots *** **** ** ********** ****. *** ** ******* **** of *** *********** *** ********* ******. ** ***** *** ******* market ****** **** ****. *** ***** ** ******** * ***** that ***** ********** **** ** *** ******* *** *** ******. Police ******** ** *** **** ********* ** ******** ****** ** interest ** *** ********.

Avatar

Jake Voll

SS&Si Dealer Network | In reply to Lee Jones | 02/13/19 04:25pm

************** *** ***** ** ***** *** ****** ** ***** ********* for ***** ******, *** ****'* **** * **** **** ******** their ************* ******* ********* ***** *******. ****'* **** ** **** an ******* ** ***** ****** ** **** ** *** *** for *****.

*** ******* **** ****** ******** ** *** **** ********* ** the ******** *****. *'* ***** *** **** ********* ** ********* and ************-- *** ***. *****, **** ***** ********* ****** **** police ******** ******* **'* *********. *** *** ****** **** ********** altogether. ****** **** *****, ***** ********* **** ******* ******, ****** guard ******** ** ******** **** ***** ******** ** *******. ****'** already ***** ** ** **** *****. **** ***** ** ******* the "****** ** ****** *********" ****** ****.

** *** **** ****? ****'* *** ***** ** ****** ****! Then ***** ** ******* ******** ******* **** ********* *** ******** that ****** ******** **** ** ******* ***** ******.

*** ** ******* ********** *** ****** *********** **********? ** ******. But ***'* ** ******. ****** **** ** *** ***** ********, not *** ***** *** ******.

Undisclosed #1

In reply to Jake Voll | 02/13/19 09:16pm

****** **** ** *** ***** ********, *** *** ***** *** around.

*’* **** **** ***** **** **. *** ** *** ***** is **********, **’* *******-**********.

**** ***** ***** ***** ******* ***** ** **%, **’* *** being “***** ** ***** *** ******”; ********* *****’* **** *** improvement.

**********, **** ********** ** ************ ********** ********** *****************. **** *** ***** ** *** ********** ** ***** ****** were *********** ******** ** *** ***** ********, **** ***** **** the ********* ** *** **.

Avatar

Jake Voll

SS&Si Dealer Network | In reply to Undisclosed #1 | 02/13/19 10:15pm

***********, ***. *****************? * ***'* ***** **.

*** ******* **** "***** *****" ******* ** **** **** ******* all ********** ***** ****** **** ** ******** ** * ***** in.

***** ***** ***** ** ***** **** *** ***** ****** *********** detects * ****** ** **** ******/****. **'* *** * ***** alarm, *** *******, ** *** ***** *** ***** ******* ********* your ***** ******. ****'* * **** ***** ********* ****** ** user *****. ***********, **** * ******** ***** ** ******* ** a ***** *****.

*****, * ***** ******* ********* ********** ** ****** *********** ********** but *'* ******** ** *** *** **** ***** ******.

*** **** ** *********** ****** ********** ** ************** ******** ***** conditions ********** ***** *** ***** ******** ** ****/** ******** ******** the ********* ***** ** ***** **********.

Undisclosed #1

In reply to Jake Voll | 02/13/19 11:52pm

*** **** ** *********** ****** ********** ** ************** ******** ***** conditions ********** ***** *** ***** ******** ** ****/** ******** ******** the ********* ***** ** ***** **********.

****’* ***** ****. *** *** **** ** ****** ****** *** industry ** * *****, **** *** ****** ********* ******* ****** for *** ************ ** *** ******. ** **’* ********** *** unfairly *******.

****’* *** **** ********** ******** ********** ***** ****** ******. **** a ******* ** ******* *** **** *** ***** *** ***** alarms, ************ ***, **** ***** * ***** *** ********* ********* ** improve ***** *** *******.

Lee Jones

Support Services Group | In reply to Jake Voll | 02/14/19 02:03am

****, **** ***** **** *** **** ****** **** *** ***********. They ***** ********** ******** **** **** ** **** ***********.

***** **** ******* *** ******** ** *******, ** *** **** that ********* ********* ***** ******* (******** ** *** ********* *******)… (1) ** *** ***** *** *** ****; (*) ***** *** bad **** ******** *** ****** *******; (*) ***** ** ****** the **/*** ****** *** ********** *********; (*) ****** *** ***** activity ** ***** ***** ** *** *********; (*) ******* ***** demographic **************; (*) ******* ********* ********; (*) ********** ** *********; (8) **** ******, ** ****, ** ****** *****; (*) **** upon *******. ************* *** *** **** ******** ** *** ******/******* partnership. ** *** ****** (**** *******) *** “…****** **** ** the ***** ********, *** *** ***** *** ******”?.

*** *** ******* ***** ******** ********** *** *** *********, *** refuse ** ****** **************. *** ****** ***** ** **-******* ******** wherein *** ********** ***** *** *** **-****** ****** ******** ** private *** *********. ** ***** ***** ****, **** ******* ******** for *** ** ****** ******** *** ******* ********. *********** ****** response ******** *******.
******: *** *****; ******* ******** *****

Undisclosed #1

In reply to Lee Jones | 02/14/19 04:02am

***** **** ******* *** ******** ** *******, ** *** **** that ********* ********* ***** ******* (******** ** *** ********* *******)… (1) ** *** ***** *** *** ****; (*) ***** *** bad **** ******** *** ****** *******; (*) ***** ** ****** the **/*** ****** *** ********** *********; (*) ****** *** ***** activity ** ***** ***** ** *** *********; (*) ******* ***** demographic **************; (*) ******* ********* ********; (*) ********** ** *********; (8) **** ******, ** ****, ** ****** *****;

** ****** **** *** ****? ***, ** * **** ******...

Avatar

Jake Voll

SS&Si Dealer Network | In reply to Lee Jones | 02/14/19 04:39am

*’** **** * **** ** ********** ****** *-*. ***** **** to *** **** ***** ** ******* ****.

*** ***’* **** “**.” ******** *** ****** ******** ***** ** actual **** ** ********** *********** ** * ******** *****. ***** are *** ****** ******** **** *** ******* ******** ****** ************. But **’** **** ** ***** ** ****** *********. ****** *** police ****** ****** *** **** *-*-* ** ****** ********** ********? Should **** ************* **** ****** ***** *** **** ***** *** extra *******?

* ** ******* ********* ** ***** ************ ** ******** *********** dispatches. *** ****** ****** ** ******* ******** ****’* ****** ******* to * ******** *** ******* ** ***** ******** **** **** is ************.

Undisclosed #1

In reply to Lee Jones | 02/14/19 06:04am

***** **** ******* *** ******** ** *******, ** *** **** that ********* ********* ***** ******* (******** ** *** ********* *******)… (1) ** *** ***** *** *** ****; (*) ***** *** bad **** ******** *** ****** *******; (*) ***** ** ****** the **/*** ****** *** ********** *********; (*) ****** *** ***** activity ** ***** ***** ** *** *********; (*) ******* ***** demographic **************; (*) ******* ********* ********; (*) ********** ** *********; (8) **** ******, ** ****, ** ****** *****; (*) **** upon *******

**** ** * **** ** **** ***** *** ***** *******, to *** *** ********** ****** ******* *** ***** ****** *** at *** **** **** ******* ********* ********?

Lee Jones

Support Services Group | In reply to Undisclosed #1 | 02/14/19 07:48am

**: *********** #*: **** *********** *** “**********”, *** *** **** lots ** *****. ******* *********** ** ** ******* ** * “defensive” ******, ***** ******** ******-*******, ***** ** *****, ** *** monitoring ******. **** ******** ****** *** ***** ******. **** ******-******* verification ******* *** **** **** ******** ********, *** ****** *** country, **** ** ****** **** **** **********/****** ***** **** ********* systems; *** **** ******* *** ** *** * ******* ****** ignore **** ********* ******, ** ********* *******.
*****, *** *** ******* ****** ********** ******** ***** ******** ****-********** industry ********** ****** ****** *** ************.

Undisclosed #1

In reply to Lee Jones | 02/14/19 05:30pm

...*** **** ******* *** ** *** * ******* ****** ****** most ********* ******, ** ********* *******.

**** **** “***** *********** **************?”

Avatar

Dan Gelinas

IPVM | In reply to Lee Jones | 02/15/19 11:56pm

***** ***, ***, *** **** ************ ** *** **********.

Undisclosed #1

In reply to John Honovich | 02/12/19 10:19pm

** ********, ****** ** ********** *** ********* **** ** **** performance...

** *** ********, **** ****** **** * **** ** *** race?

Michael Barnes

In reply to Undisclosed #1 | 02/14/19 07:19pm

**** ********...*** ***...* **. *********, ** **** ***** ***** **** capital ***** **** *** ******** *** *&* ********. ********** ******** as ** ***** *** ***** ** ****** **** ** ***** to, ** *** ** ****** ****. ** ******** *** ****** bad **** ******* *** *********.

*** ******* *** * ***** *** *********** ** ************, *** exaggerated * *** ******, *** ****** * ****** ** ******. I ** *** ***** ** ****** ***** *** ***** ** the ******** ** *********.

**** ********'* ******* ***** *** ********* ** ********** **** ** a ***** ***!!

* ***'* ******* ** **** * ******* ****. ****, * own **** *** *** ******...***. **** ****** ** ***** ** the ********* ** **** ***** ** ********, *** ******* *********** views/perspectives...and, ****, ** ******, *** **** * *****.

Avatar

Dan Gelinas

IPVM | In reply to Michael Barnes | 02/14/19 07:26pm

***** ***, ****. * ********** *** ********. ** *** ******* a ****** ******, * ***'* ***** **** ** ******** ** exhaustive. ***'** ****** *****'* ** ******** ** *** *, *** example. * ***** ** **** **** * ******* **** *** main ****** *** ****** ** ****** *** *** *******. ****** said ****, ***** *** * ***** *** ** *********** *** I **** ******* ** ******** **** ** **** *** ********* issues ****.

Undisclosed #1

In reply to Michael Barnes | 02/14/19 08:25pm

****, * *** **** *** *** ******.

******* ***’** ******* ** *******?

Michael Barnes

02/14/19 06:53pm

****/***:

***** *** *** ********* *** **********. ** ********** **** ******* and ********!!

**** ******

Michael Barnes

02/14/19 08:59pm

*** ******* * ** ******* *** ** * *****...****** ** a ****-**** ***, *** ****.

Undisclosed #1

In reply to Michael Barnes | 02/14/19 10:53pm

****** ** * ****-**** ***, *** ****.

*** *** **** ** ***’** ***** ;)

Michael Barnes

In reply to Undisclosed #1 | 02/15/19 03:30am

**...******!! ********, * ** ** *** *****, *** ***** *******. Silly **, ******* *** ******** ****** ******* ******* (*** *** Brinks *** **% ** *** ******* *******, *** *** **** improved ****** *** *****), * ****** ******** ** *** **** LiveWatch, *** **** *********, *** *** ********** ** ****** **** all ****** *****. **** ****, *** **** **** ** *** much ****...** **** ** ********.

Undisclosed #3

In reply to Michael Barnes | 02/15/19 07:58am

****... *** *** ******* ** *** ***** ******* ***** ****** response.

Michael Barnes

02/15/19 09:07pm

**** ** * ******* *****, **** ** ** ** ******* in **** **** ** *****. **** **** *** *** **** annual **********. ** ***** *** ** **** ** ******* ***** whether ** ********* *** ***** ***** *****. **** **, ********* as * ********* *********** ****** ** *** ******** ***/** *** configuration/model. ** **** ** ***** *** ** ***** ** *****, we **** ********* **, *** *** *********** ** ****. ****, in **** ** ***** ***** ***** ***** **** ********* (********* during *** ***** *********) *** *** ******/******* ********* ****'* ****** down. *** ******** ***** ** ****** * ***** *** **** it *** **** ** ***** **** *** **********. *** ** say **** ***'* ** *****. *** * **** **** ** view ** *** ** * ****, *** * *******.

*** ***** ****** ** *******, ********** ********* ******* *** ***** trillions ** ****** ** ****, *** ********** * ******* ********** flow ** ***********, *** ** ***** ** *********** *******/******/********. ***** responders (*** ******) **** **** ***********, **** **** ***** ******. But, ******* ********* *********, ***** ** ** ******** **** ** filter...and ****** ****** ******* ********** **** *** **** ** ******, as **** ** ********, ****** ** ******* ****. ******* *** private ****** ** ** *** *********, **** *** ********** ****** driven ****** ******* ********** *** ********** ***** *****, *** ** also ****** ** *** ******. ******** *** *** ****** ********** of **************** *** ******* ** * ******* ******** *****, *** again ***** ** ******* ****** ***** **** (*.*. **** ***** sectors **** ** ****** ****, *** ********* **** ******* ******/********).

*******, ** *** **** ** *****, *** ***** ** ******* have ********, *** ********** *** *********, *** ****** ***** **** has ********* (~**). ** ** **** ********** **** ****, *** the ******** (****** *** *********) **** ******** * **** ****** demographic **** ****, **** *********** ********** (*****, ********** ***** ******* down *** *****-******** ********). ************, ****** **** ** *** ****** are ********** *** ************, *** **** **** ********* ** ****** sector ******. [****: *** ****** **** **** *** **** **** them ** *** ****** **** ** ** ****** ****]

*** ****** **** ******* ***'* **** ** *****. **** **, unquestionably. ***** *** ** ***** ** **** ******, *** ***** with *** **** ***** *********. *** ******* ** *** ***** alarms, ********* *** **** *** ************ ********** ** **** ************ is * **** * ********* ** *** ****** *** ********* capability, *** **** **** ********* ********* **** ** ****** ********* to *********** *** *** ** ********** *** ********* ** ****** useful ****, **** ** *********** ********* *** ********, *** **** have ****** ****** ********. ******** ** ******* **********, *******/*****, *** smart ********* *** ****, **** ***** *********. ***** ** ******, and **** *******, *** *** *** *** * ****** ****** for *** ******* ** ************* **** ******* *** "**** ****" volume ** **** *** **** *** ** *** ****** ****** only **** ***** ** **** ****** ** ***** ******* ******. BUT, **** ** *** ******** ***** ******* ******* * **% success **** (***** ** ***** ****), *** ****** ****** *****, and ******** ******, ******** ** ****** ************. **** ***, *****-***, the ********** ***** *** *** ********** ****, ******** *** ********** tax *******. * ** ***** **** *** ******* * **** bargain.

******, *** ******** *** **** ***********. ********* ** **** ******** (most ******* ******* ********** ************) ******** ** *******, **** *** fire. **** ********* ** ****** **********, ******** *********, *** ***** points, **** ** ******* ***** ***** ** *********...**** *** ***** increasing. * ***'* *** * ******* ***** **** ******* ** a **** ******* (** ***) ** *** ********, ***/** ** inherent ********** ******* **** ******* ** * ********. ** *** given ****, ***** **** ** ******* ***** *** ******** ********* some ****, *** ***. ***, ******* *********** * ********, *********** threat ** *** ********. **** ** *******, ** **** ** the **** ** ******** (****: *** ******** ****** ** *** world **** ******* ********** ****, ** ******, **** ** ***** homes *** ** ****), *** ****** ****** ** ******* ** fulfill *** ******* ****** ** **** ** ********* ** ***** and *******, *** ****** ** **** ********* ***** *********, *** the ***-**** ** ******* ** *** *** **** ** *** of *** ********* *****...*** ******* *********, *** *** ********** ******** survives. ** ** * ******. **** **** ** ****** *** been.

**** ** ** ***** ** * *** **** ** **** on *** ******** *****. *** ****** **** *** **** ** this ***, * ***** **** ** **** *** **** ******. First, *** ********* * ***** **** ********* ** **** *****, which * ***** ** **** *********** *** ********* ** **** the ******* ********** *********** *** *** ***** ******** ****** ***** using ****** ****** ********* ** **** ******* ** ****** ***. Not ****. * ***** ****** ***** ** **** ******* ** point ** * ****** ****** ******* **** ***** ******** ******** from *******, ** ** ********** ** ***** ***** ****, ** [insert ********]. *** ******* ** **** *** ********* **** *** alarm ******** ** ***** ** * ***** ** ***** ****** capital ***/** ***** ** **** *********, ** *** ********* ** the ******** (***, ***, ** ** ** ****). *** ****** around **** ********** *********** ** **** *** *******, *** * narrative **** ******* ** *** **** ******* ** *********.

**** ***** ** ** ** ****** *****. *** ***** *** an ***** ******/**** ***** *** *** ************ ****** ** ********** the ******** *** **** ** *****. * ***** *** ******* his ****, *** ***** ******* **** ******* ** *** ****. On *** **** ******** ** ******** ****** ** *****. ** this *** ** ***'*.

Avatar

Jake Voll

SS&Si Dealer Network | In reply to Michael Barnes | 02/15/19 09:48pm

***** *** *** **** ******** ********.

"***, **** ** *** ******** ***** ******* ******* * **% success **** (***** ** ***** ****), *** ****** ****** *****, and ******** ******, ******** ** ****** ************"

**** ** ** ********* *****. *** * ***** **** *** tension ** *******. ** ****** ****** ****** ********* ** ** efficiently ******** *** *** ******* ****** ** ******* **********.

****, * ************** ***** **** *** *********...

"(****: *** ******** ****** ** *** ***** **** ******* ********** them, ** ******, **** ** ***** ***** *** ** ****)"

*'* *** **** * **** ******* **** ** **** *** at ****. *** *** **** **** *** ***********! ***

Avatar

Dan Gelinas

IPVM | In reply to Michael Barnes | 02/15/19 11:56pm

***** ***, *******, *** ****** *** **** ** ******* **** a ******** *** ********** ********. * ********** *** ******* ********** happening ****.

Avatar

Jay Hauhn

Hauhn and Associates, LLC | In reply to Michael Barnes | 03/03/19 09:32pm

**** **** **** **** !

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