Pelco Sold Off, Now Independent
Pelco has been sold off by Schneider Electric, completing Schneider's terrible tenure, but giving Pelco a chance at life.
IPVM spoke with Pelco's CEO Jean-Marc Theolier about the future of the now independent Pelco.
The ****
*** ***** ************** ** ***-****, ** **** ********, *********** ** ***** **** **** exclusive ************ *** *** ********* ** May ****, **** ****************** * ***** *********:
********* ******** ********* *** **** ** Pelco *****-********* (******), ** *** ****: Schneider ******** ********* ***** **** ** has ********* *** **** ** *** Pelco ******** **** ** ******* ******* Group, * *.*.-***** ******* ****** **** in **** **** *** ***** ********** announced ** ***** **** . ********* consultation **** *** ******** ***** ********, the *********** ****** ** **** *** 2019.
Valuation ***
*** ********* *** *** ********* *** it ** ********* ***, *** **** than *** $*.* ******* **** ********* paid *** ***** ** ****. ** estimate $*** ******* ** ****. *** most ****** ***** ***** * **** is *********'* ***** **** ******* **** noted:
** ***** ******* * ******* **** on ******** ** ** ** €****
**** *** ************* **** ********** *** evaluated *** ****, *** ********* *** clearly * ***-$*** ******* *********.
Buyer *******
*** ***** ** * ******* ****** firm,*******, ***** ******* ****** ** ********* operations ** ********* **** *******:
** **** ********* * ********** ******** to ***** ******** ***** ** *** ARMOR℠ ***** ******** *******, ***** ** an ******* **** ****** *** ***********, *************,********** & **********, *** ******.
***** ** *** ******** *** ** a ********** ** ****-***** ****** ******* for **** ***** ** *** ********** timeline ** ****** *********** ****** ********, create *** ******* ********, ***** ******* growth, ******** *****, ******* **********, ******** service *** ******* *******, ****** ******, tighten ********* *** **** ********* *** their ********* ***** ** *** *******.
***** ***************** **** ************, ********* ***** ************, ******* ************, ***. ***** *** ****** ******** about *****'* ***.
*******, ******* **** **** ********** *********, such ********, * *********** ************,********, * ********** ******** ********, ********-******, * ******** *** ******** ************.
Pelco ****
***** ** *** ***********. ***** ******* owns *****, ***** **** ** *** independently.
*****'* *** **** **** **** *****'* strategy ******* *** ****, *********** *** long **** **** ** ***** * "leader ** ********** ***** ********* ********" as **** ****** ***** ***, ***** and ** *********. *** ******* **** said **** **** ****** ********* ** being ** ***-**-*** ********, ********* ************* cameras (*** **** ** *****).
******** **** **** ** ** ********* to ******* **** *****, ***** *** a ******** *********** **** ** ***** from **** ******* ** ********* ********.
5-Year ****
***** **** **** "**** *** *** working ** * * **** ***** plan" ** ******** ** ******** ***** Transom ******* **** *** ** *** short ****.
Investment **** *****
***** ******** ******** ** *** **** specifics, ****** ** ***** ***** ** the *******, ** **** **** ******* was "********* * *** ** **** on *** *********** ****" *** "********* into ****** ** ********** ******* **** of *** ********". ******* ******* *********** into ***** **** ** ********* *** even ******** ** *** ******* ***** to ******* *** ********* **** **** plans.
*******
**** ********* **** **** *** **** Pelco **** **** ** *** **** closed. ***** ******** ******** ** ******* specific ******* ** ********* *******, ** noted *********** ***** **** * ******** corporation ** * ********** *******, *** the ********* ****** *******.
** ** *** ********** *** ******* or *** *******, *.*., ******** ******* say **** ** *** ******** ********** was *** **. *** ***** ******* come ***** ***** ** *******.
***** **** **** ** ***** **** they *** *******.
Positive ***** / ** *********
***** ********* **** **** ** ****** ******** ** * ****** ** decline, ***** *** ********* **** ** the ********** ********* ** ******* *************.
**********, **** **** ****** ** * time ***** *** ***** ** ***** a ******* ***** ************ ************ *** increased ************* ** *******, **** *** potential ********* **** *** ****** ********* against *** **** ******* *************. ***** has ** *********** ** **** ********* of ****.
*******
***** ***** **** ********* ** ********* positive. ** *** *** **** ********* would ******** ****** *** *** ** run ***** ** **** ********.
*******, ** ** *** **** *** committed *** ****** ******* **** ** as ** ***** - *** **** willing ** *** ** *** ****, money *** ********* ** ******* *** former ******? ** ** ********* ******** to ** **, *** **** **** favorable ********** ** ** ** ** they *** ******* *** **** ** invest ** *** **** ****.
Vote / ****
Update: ******* ****** ************
***, *** ********,******* *** ****** ** **************** *** ********* *********:
**** *******, ******** ******* ** ******* ******* Group, ****, “** **** ******** ******** experts ****, ***** ** *** ** the ******** ** *** ***** ************ space. *** ******* ****** ******** *** next ***** ************* ** ***** ******** begins ***** ******* *** ********** ** Pelco. ** **** ********** **** ***work **** **** *** **** ******* ***** ** ********* *** ******* **** * *********-***** ******** ****** **** ********** ********, ********, *** ******* ********* ** ****** ********. We are excited to partner with management to grow the business for many years to come.” [emphasis addded]
** *** ******** ****, ** ** true **** ***** *** * ******* and ** ** **** **** **** say **** **** ** '*******' *** 'many ***** ** ****', *******, **** they ***** *** **** '** ****** complete' ** ******* *****. ** * 'hardware, ******** *** *******' ******** **** are **** ***** *** **** ** millions ** ********** ****** ********, ** pick *** **** ******** *** ****** competitor. ***** *** ******* *** ******* has ** ********* **** **** ** the **** ***** ***** ** ** done.
** Warren ****** says: "Both our operating and investment experience cause us to conclude that *********** ****** ****, *** **** *** **** energies *** ****** *** **** ****** employed ** * **** ******** ********* at * **** ***** **** ** a **** ******** ********* ** * bargain *****."
** *** ******** **** ***** ** no *** ******* ***** ** ***** **** ********* did, *****? ** *******, * *****??
"*****'* *** **** **** **** *****'* strategy ******* *** ****, *********** *** long **** **** ** ***** * "leader ** ********** ***** ********* ********" as **** ****** ***** ***, ***** and ** *********. "
** ***** ** ***** ** ******* by ***** ****** ****'** ***** **** well? **** ********* *** **** ******** that *** ** ******* ******, ***-**** and * ****-****? *** ********* ********* livelihoods' *** ** *** ****. ****** reconsider **. ********!
* ***** ***** **** **** ***** be ********** ** **** ********* ** their ********. **** ***** **** *** PTZ *******, ********* ******* & ********** for ****** ************, ***. ***** ********* support. * **** *** *** ****** is ** ******* *** ** ***** exists. **** ** *****, *** "*** from *****" **** **** ****.
** ***** ** **** *****'* **** as *** ****** ** *** ******** in **** *** ****. **** *** more ****** ** ******* ** **** accept **** *** ***** ** ***** strengths.
*'* ******** ****'** *** ** **** strategies ** ***** ***** *********. ** may ** **** **. ******** ****** (was ****?) ** ***** ** *** through *** ******* ** **** ****; now **** ** *** ***** ********* calculus ** *********.
"Pelco's ******** ******* *** ****" Wow!
***'* **** *** ********** ** ********...********* different ******* **** ***** *** **** thing **** *****??
***** ** *** ***********. ***** ******* owns *****, ***** **** ** *** independently.
******? *****’* ***** **** ** ** me...
******* ***
********* * ********** ******** ** ***** creation ***** ** *** *****℠ ***** Creation *******, ***** ** ** ******* that ****** **************,*************,********** &**********, *********.
***** ** *** ******** *** ** a ********** ** ****-***** ****** ******* for **** ***** ** *** ********** timeline ** ****** *********** ****** ********, create *** ******* ********, ***** ******* growth, ******** *****, ******* **********, ******** service *** ******* *******, ****** ******, tighten ********* *** **** *********...
*** *** **** **** ******* *** "injecting * *** ** **** ** the *********** ****" *** "********* **** hiring ** ********** ******* **** ** the ********".
*********** ******* **** *** *********** ** a ************, ***** ******* ** **********. Think ***** *** *** *********** ** Exacq *** ******* / ******** *****, or ***** ********** *** ** ********** arm, ***.
********* *** ***** *********** ** ***** owners ***, ** *** ******* ** this ********, **** *** *********** ** any ***** ******** *** ******* *********.
*********** ******* **** *** *********** ** a ************, ***** ******* ** **********.
*** **.
*******, ** **** ********
************ **** *****, ***** **** ** run *************.
***** ******* ** *** **** “*****” was ********?
******** ******* **** *****, ***** **** ** run *************.
As **** ** Transom owns Pelco, Pelco will be run independently.
* ***** '********' ** ** ******** another ******* **** *****, **** ******* is *** ******* ** ** *********** with ******** ****.
*** *******, ** *** ********, ** Pelco ***** **** **** ******** ** UTC ** ***, * ***** *** claim ***** *** *********** ***** *** and *** **** ** *****-**** / combine ***** ************.
***** ***** ;-) * **** ** admit **** "***********" **** **** ** pause. * ********** **** *******, ** elaborated *****.
** ********** ** ** *********** ******* would ** *** ******** ********** *** **** ****** ** *****. For *******: ******* & ****** ****. Regardless, *** ********* "******" ** *********, subscribers, *****, *********.....
*** ******* ** ** **** *'* killing **** ***** * **** *** until *** ******* **** ****?
*********, ********* ******** (** ** **********) is *** **** **** *****, ** a ************.
** **** ******** *** **** ** well? **** **** **** **** ** the ****** ***********?
******* ** *** *** ******* ** the ****** ** ******* ******* ********* and ***** ****** ***********. *** ******** is *** ** ******* ******** ** sell ***** ** ** *** **** year ** *** ***** **** ***** some *****.
**** **** ** **** **** ** with **** ***** ** *** ********** large *******.
*** ******** ** *** ** ******* planning ** **** ***** ** ** the **** **** ** *** ***** they ***** **** *****.
*********** *****. * **************'* * '****** ***** **********' ********, * ** **** **** **** off **** * **** ** *********, another ** ***** * ***** *** one ** **** **** * *****.
* *** *** ***** ** ***** to ******* *** ******* ****** ******* on **** ** **** **** ** build *********** **** ******** (****** **** plan ** **** ** * ****** and ** **** ****, ***** ** well *** ******* *** * *** months *** ******).
******: ***** **** **** "**** *** *** working ** * * **** ***** plan", ** ******** ** **** ********.
**** *** * **** **** ****, ten ***** ***. ***** *** **** got ****?
***** ** *** ***, *** *** great ***** *** ********** ****** ***** are **** ****. ***** **** ***** be “*****” *****.
**** ***** ******** ******* ** *** US, * **** ** ****** *** an ***** ** **** ***** ********** parity.
* ** ********** ********** **** **** the ***** ******* ********** **** ***** arise **** *** *****. * ***** voted ******* *** *********** ********.
***** *** *** ******* **** ** a ******** *** ** *** **** to ******* ** **** ****** ********. Being **** ** ******* ****** ***** and ***** ***** **** ***** ****** products ** **** * ***** *** a ********. ** ** * ******** as **** **** * ***** ** customer **** *** ** **** **** on **** ** *** ******** *** and ******* ****. ****** ********* ******* is * ***** ******* ********** *** this ****** **** ***** * *********** hodge ***** ** ************* **** *** tarnished *** *****. ** **** ***** they **** ** *** ***** ***** and ***** ***** ******* ** ***, innovative ******* **** **** **** ** when ********** **** *** **** ** support ******* ****/***** ********. ********* *** Bosch **** ****** **** **** *****/********.
* **** *** ****** ** ********** lately *** ***** *** ** **** promise ***** ** ******* *** ********* on ***********, ***** *** ****** *** put ** *** **** ******** ** Windows **. ****** *** ***** ******** (see *** ***-** *** * ******/***** one) **** *** **** ********* ** Pelco. * **** **** ** ***********.
* **** ******* ** ******* ** manufacturer **** ** ***********.
"***** *** *** ******* **** ** a ******** *** ** *** **** to ******* ** **** ****** ********. Being **** ** ******* ****** *****"
***** ** ** *** **** ** clue **** **** *** ***** ***** now, ** ** ***** ** *** past * *****... ** ****'* *** reason **** **% ** **** ******* is ***** *** ********** ** ****** legacy.
**** *** ** ************ ****** ** products **** ***** *********.
**** *** ******** ** ***** **** operations **** ****** **** ****. *** there *** **** ****** ******** ** open ***** *** ** **** ** support ***** ***** *******. ******* ** I **** ** ** ***** *** today ** *** ** * *** bring ****** ******** ***** ******* ******** with ** * **** *** ******, some ****** ****** ******* ****** *****, and ***** ** **** *********** ** a **** ** ******* **** **** the ****** **? *** ****** **** be * ********** ***. *** ******* will ** ****** ******* ***** ****** events ***'* ***** **** *** ******* and * *** ** ***** * hours ***** *** **** ******* ****** into *** ******.
* **** ***** ****. * **** ripped ** ***. **** ********** *** vary.
***** ******* ***** ** *** ****** invested ** ****** ********* *** **** at * **** ******** ** **** desire ** **** *** *******. *** damage ***** **** ** ***********.
***** **** ***** *********** ***** *******?
**** ***'*, **** **** ******** ** mostly ** ***/*** ***** *** *************.
****** ******, *** ******** *** *** line ** *****. ***, **** **** chips.
*** *** *** **** ** ************ in ****** **** ****** ********* *****, see: ***** *** ** **** ****** ****** (IMP831-1ERS)
****, * ***** ***** ***'* ******** much ** *** *** ** ********** sales ** **** ** ***** ****-****** strategy.
*********** #** - * ***** ********* you ** ***** *** ******* **** at *****.***. ** **** ******** *** strategy ** ******* *** ******** *** end ***** *** ******* **** ********* product. ** **** ******** ******* *** all ** *** *** ***-********* *******. We *** ** * **** ****** position ** ******* & **** ** all ************* **** ******* ** **** to ******* *** **** ***********. ** fact, ** ********* **** **** * products ** *** ****** ****** *** currently ******* **********.
***** ** *** **** - *** I ***** ********* *** ** ***** out ** **** ***** ***** *** if *** **** ** **** * deeper ********** ***** **** *****.
******* ** ********** ** ** *******. In *** ****** *** * ***** Pelco *** ***** **** ******* **** TO ** *** ****. **** ******* needs * *** ** *********** ** they *** ******* ** ***** ** independent *** ***** ** *** ***** people *** ****** ** *** ***** technology, ***, *** **** *** ** this... *****.
******. * **** ** *** ** actual ****** ** *** **** ****** three ***** **** * ****** ***** support; I ****** ****** **** ** ** indicator ** *****'* *********** ****** ** ** **** ** a ******** *****. **** **** *** ***** days. ***** **** *** ***** *** thrown ** ***** *** *** ***** **** ** the **** ** ****.
Update: ******* ****** ************
***, *** ********,******* *** ****** ** **************** *** ********* *********:
**** *******, ******** ******* ** ******* ******* Group, ****, “** **** ******** ******** experts ****, ***** ** *** ** the ******** ** *** ***** ************ space. *** ******* ****** ******** *** next ***** ************* ** ***** ******** begins ***** ******* *** ********** ** Pelco. ** **** ********** **** ***work **** **** *** **** ******* ***** ** ********* *** ******* **** * *********-***** ******** ****** **** ********** ********, ********, *** ******* ********* ** ****** ********. We are excited to partner with management to grow the business for many years to come.” [emphasis addded]
** *** ******** ****, ** ** true **** ***** *** * ******* and ** ** **** **** **** say **** **** ** '*******' *** 'many ***** ** ****', *******, **** they ***** *** **** '** ****** complete' ** ******* *****. ** * 'hardware, ******** *** *******' ******** **** are **** ***** *** **** ** millions ** ********** ****** ********, ** pick *** **** ******** *** ****** competitor. ***** *** ******* *** ******* has ** ********* **** **** ** the **** ***** ***** ** ** done.
**, ******* *****. ****** **** **** this
** **** ********** **** *** **** done ** ************** *****.....
**** ** *** ******** *** ** company ***** *****, **** ***** ******** performed ******, **** ****** ** ***** and **** ********** ******** **** **** on * ***** ***** *** **** exacq, *********, ********, ***...
** **** *** **** **** **** cameras **** ******* ****, ****** ** setup *** *** ** **** ** other *** ********* ****'** **** **** a **** **********. **** ******* ** focus ** ********* ** ****** **********. Talking ***** ******* * * ****** meal **** **** ***'* **** **** a **&* ********. ********** *****...
**** *******.
**** ******* ** *******.
**** ****** ****** ******* ** *******.
**** ******* **** **** **** ** as **** **** ********* ** ********
******* ******* **** *******
*** ***** ***** **** * *** chance ** **** ***** ** **** integrators *** ***-***** ****.
**** ****** *** *****, **** ************ on *** ***** **** *******:
*******, *** **** *** * ******* it *** ***** ** ** **** worse. ******* ** ********** *** *** *******/***** ****, **** *** *** **** ** ugly ** *******, **, *******, *** 57 ********.
****, * ********** ******* ****, *** Pelco, *********** **** ******** *** ******** with * ** /**/** ********* ******** to ************* *** **** *** ******** with * ** / ** /**.
***** ***** *** * *** ** work *** ******* ***** ** ** willing ** ******** *** ***** *** time ** **** **** ****** *** overall ***** ***** ** ** *********** to * ********** ** ***** *** put *** **** **.
******* ***** ****** *** * ******** history, ***** ***. ***** *** ***** when ** *** *********. ** **** point * ***** ******** ******** ** is ***.
* ****** ** *** ******* ** referring ** ***** **** **** *** their ******* *********.
* ***** ******** **** * *** of ***********. **** **** **** ** the ** **** *** **** **** badly *** **** **** ***** ****** and ***** ******** **** **** **** (before *********, * *** ** ** left/layed ***) *** **** *** ************* knowledge ** **** ***** ******* *** Clovis ** ***** ***-********. ***** ** is **** ** ***** ****** ******* in ******* ***** :-)
* **** ***** **** *******!
** **** ** *** ******* ** being * ********** ** *** ************ industry ** *** **** ****** **********, I ***** **** ***** ****! * give ** * ****** **. ***** is **** ** **** ** ** done ** **** *** ***** **** and ******* ***** *** *********** ****. It ***** ** ***** ** *** the ***** ***** ****** *****. ******* all ******** *** **** ** ****! 👍
*** ****** ***** * ********** ****** to ******* ***** ** **** *****?
** ******* *** *** ******** *********** with ***** ** *** ****, * would ******** **** ** *** * rebound. ****, * ***'* *** *** it *** ******. **** ***** **** to **** * *** ****, **** cameras / ******, *** **** ***** on ****. ** **** *** ** remain * ***** ********, *****'* **** no *** ****'** **** *******.
*** **** *** **** ********** ******* them, *** ** ** *** ** the ******* **** ********** **** ****, everyone ***** * **** ******** *****. That ****, *'* **** **** ****** betting ** ***** ***** **** *****.
********, **** ***** **** ****** **** advice. ** **** ****'* ****** ** NVRs, ***, *** ***** ***** **** should ***** ** ***** *** **** at ********* ****** **** ******** ** everything. ** ***** ** **** ** have ** **** ****** ************ ** compete ******* **** **** * **** range ** ****, ********* ****** **** only ***** *** **** **** ** be **** ** ** ********. **** Axis *** **** ****** ********* ** mount ****** ** *** **** *** years ***** ***** *** ********* **** backwards.
** ***** ** *** ***** ***, where **** ****** ** ***** ** VMS *** ****. *** ** **** point **** **** ***** *****. ** would ** ****** ** *** ***** Digital ****** *** ****** *********** ** focus ****** ** ***********.
** *** *** ********* **** ****** need ** ********** ** ****** * ton ** ******* *** ***********.
** *** ***** *** ***** **- to *** ** *** ****** * rip *** *******- ** ***** *** how *** ***** ******* ** ******* and ** **** ** ****** *** not ******** **** ***** *********. *** jaws *******.
*'* ********* *** *** ****** * CEO ***** ***********. ** ***** * lot ***** *** ** ****.
*** ****** *** *** **** *** employees *** *** *** ** **** they *** *** ***** ***** *** market. ** ** *** ***** ****. This ** *** **** *** ****** a *** ** ***** *** ******* managers, ********* *************, ***.
*** *'* *** ******* ***** *****, I'm ******* ***** *** **** ** a ***.
* **** **** ***** **** ******* jaws.
*** ****** *** *** **** *** employees *** *** *** ** **** they *** *** ***** ***** *** market...
***, ******* ** *** ***** **** wasn’t ***** ** *********’* ******* ****, or *** **** ***** ***** ** little ***** ******’* ***** ********, *** how **** ********** ** ******** ***** all ** ****...
* ********** **** *******, *** *** say **** **** *** ******* **** what **** **** ***** ****** ** the ******. * ***** *** ********* with **** ***** ***** *********. ****'* you?! :)
**** * ******* ** ********** **** "almost" ***** ** *** ****** **** of ** ***** ***********...
* ********** **** *******, *** *** say **** **** *** ******* **** what **** **** ***** ****** ** the ******.
**, ***** **** ***** **** *******’* go ****** ******** ****:
*** ****** *** *** **** *** employees *** **************** *** *** ***** ***** *** market.
*** *** *** ****, ******, *********** and ********* * *******'* ******, ******* and ********* ******* ** ************* ** the ******? *** **** *** ***'** even ****** ** **** **** *****. CEO's **** ***** ******* ** **** wouldn't ** ***'*.
* ******** ***** ***** *** **** steadily ********* *** ******* ****** **** the **** *** *****. ********** ***** well *** ** ********** **** ** set **, *** ******* *** **** good, *** ******, *** ***** ***** camera, ** *********.
*** **** ******* ** ** *** with **** ********* ***** **** *** seems ** ** (********) **** ** the ******** **** **** ******** *** years *** *** ** **** *** sustainable ** *****'* *******.
*** **** ****'** *** **** ***** big ********* *********, *'* ******* ** see **** *** ****** *****.
***** ******* ** ** *** ***** truck **** ** *** **** **'* Early **'* ***** *** ***** **** styles ****** *** *** **** ****** old **** **** **** ***** ***. NO *** *** ****** ****!
***** *** * *** ** *** publicity *** ********** ** *** ****** them. ** ***** ***** **** cancer **** *** **** * **** of ******* **** **** *** *** market.
* ***** ***** ***** *** **** years **** ** *** ****** **** but *****'* **** ******** ******** **** them ** * **** ****.
* **** **** *** *** **** with ***** *** ******, ********* **** have ****** ** ***** ***** ** make ** **** ** *** *** of *** ****. ***** ********* *** a **** ****** ******* ***** ** them **** **** ** *********** ***** of **** **** ***** ** ********** and *******'* ** **** ******.
***** ******* ** ** *** ***** truck **** ** *** **** **'* Early **'*
* ***** ** ***** *** ********:
*. *** ******* ******* *******, ********* into ******* **** ****** (***)
*. ******* ********** *******.
*. **** ** *****, **** *** to * ******* **** ****** *** product ** *** ******** *********. (*******)
*. *** ********* ** * ******* equity ****. ***** ** *** ****** remaining ***** ** ******** ***. (********)
*. *** ****** *** ** ********** again
*. *** ********* ** ******* ******* (Fiat)
*. ***** ** ****** **** *** of *** ***** (****, ***) *** shopped ****** ** ********* ****** *** will *** - *******, ***, **, VW, *** ******** ** ***** ********* by *** **** *** **** ****.
*'* ******** ***** ** ********* ******* #3 *** #* ***** ***. ********** bailouts ****'* ** ****** *** *** industry, ****** ** *****.
* ***** ***** **** *** ****** to ****** ******** **** ***** ***. Yes **** **** ********, *** **** did *** ****** ********** ****** ** keep ******* *** ****. **** **** way ** **** ************* **** ***** of **** *** ** ******* ******** up ** **.
"*****'* *** **** **** **** *****'* strategy ******* *** ****, *********** *** long **** **** ** ***** * "leader ** ********** ***** ********* ********" as **** ****** ***** ***, ***** and ** *********. *** ******* **** said **** **** ****** ********* ** being ** ***-**-*** ********, ********* ************* cameras (*** **** ** *****)"
** ** ******* *** ********* ***** goes ** **** **** *** *** of ***** **** ***. ******** ******* in ***** *********, ***, *****, ** offerings, *** **** **** ** ** the ***-**-*** ********? *****, *** * don't *** * *********** ****** ****. I *** * ******* ********** ** remain ******** ** ** ******** **** has ******* **** **** ******. **** is **** ** ******** ******* ** this *******. ** ******* *****, * truly **** **** *** **** ****.
*** ********* ***** **** ** **** just *** *** ** ***** **** are
#**, ****** *** *** ********. * can **** **** **** ***** ******* I *** ** ** *** ************ live.
*****'* ******** ******* *** ****, *********** the **** **** **** ** ***** a "******
** *** ****** ** *** ************, that *** *** *** ***** *** I *********** ** ** **** ** a ********* *********, ************ ******* ** said **** **** ****. **** ** the **** *** ***** ***** **** concrete *****, **** ******* ********* ******.
**** *****'* *** ***** **** ** the '**** ****', **** **** ** a ********** ******? *****, ***, ** fairness, ** ***** ****** ******* ** the **** ***** ********** ***** ** them ***** ***.
**** **** ******** ****. ***, * agree **** **** ********** ***** ***** becoming * ********** ****** **** ** the **** **** *** ** **** simply ****** **** ** *** ***** damage **** *********, **** ***** ***** improve *************.
* ***** ********, *** ********* *** **********. * ******* **** success **** ** ********** *** ********** of ***** * ****** ******. ******** short ** **** **** **** *** expectations ** *** ******* ******. ***** *** few *********, ** *** ********, **** have **** ********** ** **** **** of * **** ****** *** ******* around ********* **** *** **** ** this *** *** ****** ** **** challenging.
*** ***** ******* ** ***** ** Marvel ***** *** **** **** ** Penny's, ************, ********* *** ******.