35 Burst results for "Virgin Galactic"
60 Years Since 1st American in Space: Tourists Lining Up
"I'm Julie Walker sixty years after Alan Shepard became the first American in space every day people are on the verge of following in his cosmic footsteps remember to start on may fifth nineteen sixty one shepherd rocketed from Cape Canaveral what a beautiful do Jeff Bezos is blue origin company is opening ticket sales today for short hops for Texas launched by a rocket named new Shepard Richard Branson's virgin galactic aims to kick off the tourist flights next year we welcome you back to planet earth and thanks for flying SpaceX for those of you enrolled in our frequent flyer program you have earned sixty eight million miles on this that's a lot of frequent flyer miles and that's how the latest group astronauts were greeted by now so when they return to work Sunday you love musk's SpaceX will use the same capsule to launch a billionaire in September along with a pair of contest winners and a hospital worker I'm Julie Walker
SpaceX test failure, Virgin Galatic new ship
"Two private space companies take steps in opposite directions in South Texas Tuesday two point what a test launch of another SpaceX starship rotor type went well but the craft blew up as he was trying to land back at the launch site SpaceX launch commentator John instructor another exciting test as we say Ilan musk later tweeting at least the crater is in the right place virgin galactic owned by British billionaire Richard Branson rolled out its new spacecraft the first of a new class of vehicles the space ship three class and we need to V. S. S. imagine CEO Michael Cole gazer says it will likely be summer before that ship undergoes glide flight testing over southern New Mexico I'm timid wire
Virgin Galactic delays spaceflight test to May
"Company Virgin Galactic, as postponed its next mission to space from New Mexico until at least May after a test flight from December was aborted due to computer malfunction. Albuquerque Journal reports. An investigation by the company found that electromagnetic interference caused the spaceships onboard computer to re boot during the December flight.
"virgin galactic" Discussed on Acquired
"I think these are two great examples of government enabling not on these private sector innovation but in a way that will benefit the government and that governments shareholders over time hundred percent. Greek fantastic investments to be applauded on both all right now before we go into our grading section we'd like to thank perkins. Qe the official legal sponsor of season seven of acquired us today jason quintana a partner in the firm's 'em and private equity practice now as you all know perkins is not only a great firm for working with startups but has serious breadth across industries and company sizes. Jason works a lot with aerospace companies and actually worked with boeing as a client on their pipe investment in virgin galactic when it was going public via us back amazing amazing domain expert here so jason. The space industry is full of specs. Why are we seeing this industry above all others using this newly popular way to go public so one of the unique things about a race to space now is speed and efficiency of obtaining capital and so really when you look at the eli muffs of the world the jeff bezos of the world. What you're finding are solid. Waves of getting sources of financing and not. Everybody is a jeff bezos or or any on mosque and so what space companies will tend to do is try to be as quick efficient as possible in raising capital in order to maintain the speed and efficiency that they get into keeping up with the blue origins the space axes of the world. Or frankly even the in the boeing's of the world would that where you'll have commercial. Crew as one of the boeing initiatives. So it's really speed and efficiency is the reason why you're seeing a lot of these companies. Go go after specs and virtual actors so certainly one of those awesome both so much for joining us thank you to perkins cousy and if you wanna work with jason or any of his partners on the legal needs for your company you can click the link in the show notes or visit them at perkins kui dot com all right. Let's.
"virgin galactic" Discussed on Acquired
"Not that that would have been an investment anyway but you know stayed out of this game until literally the night before the first sort of all eyes on the prize successful flight and then comes in and funds it. Then you know to say that that was still the first inning of consumer space. Travel would be a vast understatement. And so the the idea of when you know you're early to market having no shame about sort of passing and then coming back and saying nope still still lots of runway ahead. I i think that's a important one and one not to be missed. Totally the only one. I would add unless you have other playbook themes you want to talk a nope gopher it now think about if i were not the only one i would add to those tee said is i think actually something from the spec and social capital hedosophia tomasz side of things here which. I've heard my talk a lot about this on all the other media. He's done. I think there really is something to what he said about with a new risky thing. Everybody wants to be the second person to do it. Not that many people want to be the first if you're willing to be the first and if you size your couldn't quote bets right and your risk exposure that's how you can get extremely outsized returns by doing stuff like that. I'm like doing this whole thing. That was crazy. A lot of people thought jamaa was nuts for doing this. Well as out. You know the the story is still being written on spec it turns out it was actually a pretty good idea and it was a good financing product. Certainly for virgin galactic and. i think it's going to end up being a good financing product for a lot of other companies and tomorrow has benefited hugely from that. He now has six. I think as of today specs that he had launched just on this virgin one alone. The founder shares in the back and sponsor promote have to disentangle secondary investment that. He made his part of it but he made a lot of money. Right off the bat in successfully completing this back. And i think at a broader level you know. He's talked about another shows how he really tries to have a barbell. Strategy with his holdings and his portfolio now within the holding company of social capital of one large end of the barbell is like relatively low risk stuff. I don't know exactly what he would put an their traditionally. You'd think like bond funds of what today it's probably like amazon stock but then another heavy barbell on the other side of like out there high-risk stuff with not a lot in the middle and this type of thing whether it's galactic or specs or anything in the like this is that other side of the barbell and yet most of that's not gonna work a lot of it's not gonna work but for the ones that do work you're going to get truly outsides. Returns yep and not being afraid to look like a moron like there's gonna be a long period between when you declare. You're gonna do this. And when it works if it works and being willing to take the heat. I just think most humans aren't set up for that psychology like you kinda wanted social. Check your ideas with your friends and if they tell you it's stupid and enough people tell you that you don't do it and that does not seem to be how jamal operates the last one that i want to bring up before we get a degrading. Here is frankly applauding government. And i think it's government finding the right way to be involved to enable private enterprise in a win win and the big one that jumps out to me. Here is the new mexico state and county governments that actually funded space. america virgin galactic..
"virgin galactic" Discussed on Acquired
"Iss as tourists and help train them but not actually fly them on virgin hardware on on in all likelihood going up on other launch providers but virgin galactic has these competencies that they seem to be willing to unbundle from their sort of full service offering an nba generate revenue in other ways. And of course this makes sense like the you look at companies like blue origin that are unbundling their engines and selling their engines to ucla and other rocket builders and not just staying fully vertically integrated it makes sense in sort of an early wild west industry that hey there's a material revenue opportunity to go chase this thing and it requires me doing a little bit unbundle changing my strategy at least for the time being sure that seems reasonable to me totally and then there's also another sort of big opportunity on the horizon which is if this becomes a safe regular thing. These launches virgin is doing and there are multiple sports around the world. Well you can take off at once base portland at the other two hours later. Halfway around the globe now spacex is also talked about doing this to part of their business. But i can totally virgin actually for that better set up for it though like if they set up an abu dhabi space port and have spaceport america and you can do that point to point travel sub orbital lee and in this fashion rather than you know strapping yourself to the top of a falcon nine. Like makes sense to me. Yeah totally okay. So i think that's the i think that's the case. Do we wanna do what would happen. Otherwise quickly yeah. And and the big. The big question here is basically like if you look at the comparable of space. X y is it. That spacex has done what they've done well virgin hasn't let's pull out execution for a moment. A big component of that. I think is spacex. His strategy to go get those government contracts and basically have an enormous amount of capital in the form of revenue from government customers to launch satellites. Like that has just been you know billions and i think over ten billion dollars now. In non dilutive revenue funding. The company has gotten which of course translates to things like tax. The headcount you look at virgin galactic still a startup. Seven hundred people spacex is seven thousand. So let's for a moment just say it is by no means an apples to apples comparison because of the way that they chase dollars differently. Space industry folks may correct me here. Because i'm waiting out into somewhat technical territory that i'm unqualified to. But i do wonder if spacex is technology strategy to of basically lettering up from the falcon one two falcon five to the falcon nine to the falcon heavy to starship..
"virgin galactic" Discussed on Acquired
"Enough. Wonderful things about these folks so thanks so much to our friends at bamboo. okay analysis. Let's do it all right. So narratives narratives are the right one for this. Because boy are there ever. We've pretty much danced around narratives. But i think it's worth Specifically articulating what the bull and bear cases are around the company. So the bull case. Is that specs actually are incredible vehicle to finance these long term capital intensive projects and what they were used for before sure was bringing crappy companies to market and they deserve the reputation that they had but the vehicle itself like not having to do a roadshow and actually consummating a transaction with one buyer. Who has done a ton of research on. Your company brings a ton of capital all at once to bear. It's actually an awesome way to raise a good amount of money to provide the right amount of liquidity to shareholders and to only need that sort of like one party that believes in your long term vision and is willing to get you public to allow any future investor to make a moonshot bat whereas traditional ipo process. Like it would be really hard to run. The the traditional bookmaking process on virgin galactic had never made a dollar a material dollar before well still basically never. It was really hard to estimate when that would start happening when it would turn a corner. Really hard to estimate how much future capital would be required and sure you can make a projection but like how much any retail investor going to believe that. So you sort of risk going public and then the whole business dying based on trading down immediately or being able to sort of not subscribe the offering whereas back like you really just need that one true believer well that went to believe and it's at a negotiated price i mean. I think that's an important piece of upgrade point here which is the spec vehicle but the insiders of this back in fact shareholders acquired fifty percent of the company here right..
"virgin galactic" Discussed on Acquired
"And it's a perfect match so by mid twenty nineteen the agree to a deal and on october. Twenty eight twenty nineteen. it's finalized. I head a social capital hedosophia. One dece bax quote unquote which means merges with virgin galactic bringing virgin galactic to the public markets as now a publicly traded company under the symbol the ticker symbol for the company changes from ipo to the very appropriate s. p. c. or space love. It love it. So here's the deal. Here's what happened so remember. The spec was a seven hundred million-dollar spec vehicle. Who seven hundred million dollars in a trust. And that just means like it's it's basically worth seven hundred million dollars and the reason it's worth seven hundred million dollars is because it's literally a cash account of seven hundred million dollars yup to be used to consummate transaction a merger with with virgin galactic which they do so in the deal. Six hundred and seventy four million dollars from this back from ipo goes into virgin. Galactic presumably the delta there was operating expenses for this back in the search period over the year and a half ish where they were close to two years. Really were they were looking for the right target before they finalize the merger plus two math invest. Another hundred million dollars himself in new capital. So we have seven hundred and seventy four million dollars going into the deal. Two hundred and seventy four million dollars of that goes to buying out insiders in virgin galactic. So i'm not sure exactly who i presume. This is probably longtime employees options and probably also at least some portion of abu dhabi's stake at that point. I believe they own about thirty. Seven percent stake in galactic. And then there's close to fifty million dollars in transaction fees associated with the deal so virgin at the end of the day becomes a publicly traded company with all my god fifty million dollars in transaction fees. That is gonna come down over time told. I have to imagine that part of the reason that was so high was this was the first like technology back that was happening so they were pioneering of stuff here. Which of course means lots of legal fees so virgin gets four hundred fifty million dollars in new cash to the balance sheet after transaction fees and the two hundred and seventy four million buying out insiders. The deal includes virgin galactic and the spaceship company which remember now is wholly owned subsidiary. Virgin galactic is vertically integrated does not include virgin orbit that separate company but when the dust settles virgin galactic s. p. c. e..
"virgin galactic" Discussed on Acquired
"Hey we can use this thing which used to be like financial engineering play to take old school private equity type companies public and profit off of some cash flow from them and we could actually use this this vehicle to take tech companies public in a alternate route to an ipo. That's going to be way easier way faster and most importantly is going to avoid this mispricing aspect where this wealth transfer is happening. Just basically investment banking clients so this is crazy at the time. Like tomato has a great quote on this. He says this is something where like everybody wants to be second. Nobody wants to be i. It's a kind of an active to being a passenger on virgin galactic year. So two thousand seventeen to math teams up with an investor out of the uk named ian. Osborne who runs a fund called hedosophia. Which is funny. You'd been in our texting when we were preparing for this. I thought social capital hedosophia. Which is the name of. The spac was like a name that came up with to name his spac. No it's actually his investment partner hedosophia firm in the uk and ian. He moth probably knew each other from the facebook days. Because ian was a partner at d. s. t. d. s. t. was melchior's russian firm yuri milner 's represent tech investment vehicle. They were i think they lead the first real like big big valuation growth around facebook at a ten billion dollar evaluation. I think ameritech led the maryland reluctant to be a five hundred million dollars evaluation. Which is crazy at the time. But then like this multibillion dollar evaluation. Dsp we're the ones that got. So ian and timothe launch a seven hundred million dollars back in late twenty seventeen under the ticker ipo. A and they go out looking for a tech company to merge with and take public. Yeah and i remember like of course. I didn't really remember before the virgin galactic announcement when it was justice back and they didn't know what they were going to buy because that wasn't well marketed. Like there wasn't you know the press wasn't writing about. What's your mom doing this back. And we don't know what he's going to buy what they were writing about came months later when he didn't know what he was going to go by and within silicon valley. I mean i remember this. People were talking about like tomorrow's in this crazy thing. Social capital turned from venture firm into a holding company. Like what is going on here. What is back. I don't understand us end specs. i mean they're like at this point. They are four bad companies. This is like a way to get crappy companies public and it's like well. Whatever he buys with. This thing can't be good well. The counter argument to that is well. Whatever he's buying here is nontraditional. Is something that you know. Most traditional retail investors with some specific time horizon and herd. Mentality wouldn't be you know taking public than normal way or investing in the normal way so at the very least whatever he's gonna buy here this is likely they're only or one of a limited set of options that they have indeed well and all that would be true. When branson and tomorrow with me and i don't know the actual story of how they got introduced i wonder if hedosophia and ian had something to do with it given that they're based in the uk as its branson of course anyway. After the saudi deal falls apart for virgin galactic. They get introduced..
"virgin galactic" Discussed on Acquired
"This can work. The only problem is they're running out of money again. The money from abby is it takes a lot of a lot of capital to do this stuff. So that's ok. Though because branson and virgin have a plan they have secured. They literally have secured funding a billion dollars from another sovereign wealth fund in the middle east this time saudi arabia. This is now in two thousand seventeen. They announce that they have secured funding from the saudi arabian seven wealth fund. A billion dollars to fund continued operations and and hopefully soon and notably that sovereign wealth fund. I mean they're the largest Lp in softening vision fund fund one. Like they're doing big deals all around the world at this time many of dollars each and saudi arabia under crown prince and the had made a big deal over the past few years of they wanna diversify their economy from oil getting into tech there. Lp's in lots of venture funds. Not just the vision fund. Lots of money in the public markets in tech so this all seems like agreed path. So the deals agreed to twenty seventeen. But it's under regulatory review in the us and the uk and takes awhile to close during that time in two thousand eighteen folks while remember the journalist. Jamal shoghi who is vehemently. I believe you was saudi. And his living in the us and i was vehemently opposed to the saudi government. He enters the saudi consulate in turkey. And never comes out and it is assumed and very likely that he was murdered by the saudi government inside the consulate. Which of course as just horrible but also be for the tech industry specifically causes all sorts of problems because there's so much saudi money over the tech industry at this point and this is a major like international event. Yeah i mean this is. This is the start of startups being very aggressive and asking venture firms before they invest. Hey tell me who your. Lp's are this used to be faceless money to me now i don't want this particular money or or money that seems like this type of money to be profiting for my startup or having control over my startup. So very much shook the entire venture landscape of what it means to take capital and and how much you should care about the who's invested in your investors and who's invested in those investors etc. This was a huge wake up call. We all remember vividly. Fortunately for virgin branson. The deal wasn't done. You and richard does what he thinks is his reign. He pulls out at the deal. Even though virgin is bleeding cash needs money. They're not going to do this. Deal with the saudi's anymore and that is when he meets yet another colorful character this time. Silicon valley tech world chihuahua pollyanna which for anybody who's a longtime listener of acquired and certainly anybody in the tech industry at this point well beyond its probably familiar with tomato. So tomorrow was an early facebook executive. I think he was like employee. He was within the first thirty employees is and he was pretty senior there and he was the guy by all accounts his own and others..
"virgin galactic" Discussed on Acquired
"On your new space line to have the craft blow up in mid air just just enormously sad. I mean the both tragedy so sad in their own right but the fact that they're both so different to and so many years apart it's a it just shows what early days it still is for humans trying to go to space. Yeah yeah this is. This is really real pioneer stuff so it turns out the the government. The transportation safety board does conduct a full investigation of the crash and turns out actually was not a real technology problem or a problem with the fuel unfortunately the feather system that we described early deployed way too early on the way up not on the way down and the g. forces from that tore ship apart the investigation revealed. It was likely. I don't know that for sure. Likely the result of pilot error which of course raises questions about lake. Should there be safeguards about all this so it was back to the right word for a lot of things and of course they also said. I think you know well as likely pilot error here. It is incumbent on the designers to consider human factors in designing the technology in the first place like a person undergoing that much sort of stress in pressure. What should you expect them in. What should the system sort of do on their behalf. Which is a fascinating sort of philosophical concept that we don't have time to all the way dive into on the show but deployed the feather on the way up which is of course. How virgin galactic change the design for the next the next ship they created so after that towards the company sort of refocus on getting all this. They spin off to small sat launch operations into a separate company to remove that distraction. It's called virgin orbit. Which is actually. It's still an independent company part of the virgin group today. It's not part virgin galactic holdings. It is crazy cool like they're basically strapping rocket to a modified four seven and launching at the same way that the white knight to launch a spaceship to so really excited to watch that but totally different market..
"virgin galactic" Discussed on Acquired
"Hey we're doing a on on the ground test with few old that we perceive to be safe and it just wasn't safe enough and that's most observed by the fact that the folks who are watching were behind a chain link fence so it wasn't like we have to go to a facility because something could go wrong. Just go wrong there. Yeah did unfortunately so nonetheless. The next year in the next summer till i two thousand eight is when we get the first predictions from sir richard about when when commercials to happen the first of many so july. Two thousand eight branson predicts the first passenger flight will happen within eighteen months then not quite almost eighteen months go by in two thousand nine virgin puts out a press. Release saying that. Actually it'll be within two years from then so within two years two thousand nine. Okay okay. we're moving and in march of two thousand ten actually the first spaceship to to first base to build first white knight. Two is built this point. And the i kind of captive flights of the two of them in the together do start happening in early. Two thousand ten but spaceship two is not yet flying on its own and despite virgin and branson having put in one hundred million dollars the project is starting to run out of money so in two thousand nine they go to the sovereign wealth fund abu dhabi and they invest two hundred and eighty million dollars in virgin galactic at an eight hundred and seventy five million dollar valuation. And part of that deal is that they announced plans that a middle east region spaceport is going to be built in abu dhabi so that'll be and virgin announces at that time that they have over three hundred reservations at two hundred thousand dollars each so great things are shelving along signs a demand. Yeah yup one. Other classic acquired theme that. I'll pull out here. Is this eight hundred and seventy five million dollars evaluation. I don't know what discounted cash flow you due to arrive at this company. Being worth that this is your classic example of company needs x amount of dollars and how much of the company does the funder need to own in order to be willing to do that. Deal backed into valuation. If i've ever seen one you might say Venture capital style values team. That'll come back up in a minute here. So at the end of two thousand nine they do a big event at the mojave spaceport in california where scales is based the unveil officially the spaceship to franson says..
"virgin galactic" Discussed on Acquired
"Thank you to some awesome sources in our research. Julian guthrie wrote an awesome book. How to make a spaceship that covers the entire history. The x prize. There's a great documentary called black sky that covers the entire development of the spaceship one program and we will put all the links that were a part of our research talks. We watched by virgin galactic executives like george white sides. Lots of other great bits that powered the research here into the show notes when this does come out as a podcast that you can find anywhere where find podcasts are distributed. Well david with that. Should we dive into the history and facts who indeed and for folks who listen to quired. You'll know that we can't start our episodes Without going back at least like fifty years in this case we're going to go back a hundred years. It's just like makes us so pleased here betta me we're going to go back to nineteen thousand nine hundred and the announcement of the orteig prize which was a twenty five thousand dollar prize announced by the or take family. I believe for anyone who could fly a plane. An air vehicle nonstop from new york city to paris or vice versa. and of course famously. A few years later. More years than i would've thought eight years later in nineteen twenty seven. Charles lindbergh won that prize in the famous spirit of st. louis i think is now in the air and space museum in washington hanging there has to be has to be. That was the first. I believe the first major aviation prize to spur innovation and of course they would be later prizes after that as well and that would lead directly into what. We're what we're about to talk about here with the x. prize but this whole idea of like using a prize to spur. Innovation is pretty cool. Totally i i think. There's this brilliant. I'm not sure this was the intention behind it. But all these prizes sense them have sort of realized you get an amazing amount of leverage on your dollar this twenty five thousand dollar prize. I think had four hundred thousand dollars poured into the research and development by all the different teams who are competing for it so not a bad return there if you had to go and raise that four hundred thousand dollars a hundred years ago by yourself. I think that would've been a much taller order to get a similar sort of outcome. Yeah totally so inspired by this history..
Virgin Galactic to launch first crewed test flight from New Mexico this month
Tesla Rivals are Moving Into High Gear -- and Going Public
"From wondering I'm Elaine Appleton grant and this is business words daily on this Wednesday August Nineteenth David Brown's on vacation. Tesla has long had an image of being in both good and less good ways without comparison. CEO? Elon Musk stands out for his big vision and sometimes quirky behavior, and until now anyway, Tesla's all electric vehicles have stood head and shoulders above the competition coming from traditional automakers. Competition what competition I can almost imagine musk saying. Oh, but there is plenty coming tesla shares soared two, hundred, fifty percent this year. The company is now the most valuable automaker in the world according to. CNN. That's because Tesla which went public ten years ago is finally profitable. Tesla had a record twenty nineteen in posted its first annual profit last year despite the pandemic it's been profitable this year as well and that kind of performance and the stock market's reward for it is convincing more and more electric vehicle makers to go public and to try to woo customers away from Tesla last week, Ohio Electric Startup, Lordstown Motors Corporation, or L. M. C. said, it plans to go public by the end of the year. It's ticker symbol ride. If the deal goes through, the company will be valued at close to one point five, billion dollars. So who is Lordstown Motors to burst on the scene this way? L. LLC is a spinoff of another electric truckmaker called Workhorse. GROUP LORDS DOWN CEO Steve Burns is the former CEO of workhorse with LLC Burns resurrecting a project that we're course didn't have the money to do the company plans to release an all electric full-size pickup truck the Lordstown endurance in the second half of twenty twenty one that's according to journalist Alan. Adler, writing for trade publication freight waves. The truck will have a range of about two hundred fifty miles on a charge the same as Tesla's sci-fi looking cyber truck it'll toes seventy five hundred pounds alums. He says again, just like the chuck, the endurance will start at fifty two thousand dollars a good deal more than the cyber forty thousand dollar base price. But UNLIKE TESLA LLC plans to sell the endurance to commercial customers buying fleets of trucks since revealing the prototype on June twenty-fifth Ellen Mc says it's received more than twenty seven, thousand pre orders. That's one point four, billion dollars worth of trucks. NCO Burns says its first years worth of trucks are now sold out. That is if it can raise the money, it needs to actually make them l.. AMC. Bought the Lordstown Ohio GM plant that shutdown last year when GM killed the last Chevy Cruz that six million square foot plant needs retooling, which is costly MC plans to raise about six hundred and seventy five million dollars through its IPO. That boatload of cash could help it come through on its boast to be first to market among a group of EV pickup truck competitors in addition to Tesla that group includes Ford GM Nikola and Arabian a company backed by Ford and Amazon. So, here's the obvious L.. He doesn't yet have a product just a prototype if you're wondering how the young startup can go public without a product you should be. L. EMC is one of a handful of electric vehicle makers employing what's called a reverse merger that means the company that plans to make a product like LLC hooks up with the so-called blank check business. It's also called a special purpose acquisition company. SPAC. Is doing the reverse merger with a blank check company called Diamond Peak Holdings. Diamond peak is already publicly traded that means when the merger occurs. LLC. MC becomes public sort of like easing into a coat someone else has been wearing. This back door IPO method is easier for companies to do. They don't have to produce expensive roadshow's. Also, avoid a great deal of financial scrutiny by the SEC. One of the most famous reverse murders was Richard Branson's space company Virgin Galactic, Holdings and Fantasy Sports Company draftkings went public in a three billion dollar reverse merger. Last year according to the A. Times. The number of reverse mergers hit a record high last year. That's because the IPO market was volatile and high profile IPO's like Uber Fared. Poorly. It ain't cheap to build a new car company but Tesla's successes inspiring other entrepreneurs to try and they need oodles of money that helps to explain why another electric truckmaker nickel motors used a reverse merger to go public in June and vehicle-maker. FISKER has a reverse merger in the works. The is green truckmakers may see these back door IPO's as the speediest way to raise the cash needed to fight he'll in musk and rapidly launched their new products. Tesla's promising to deliver the cyber took by late twenty, twenty one which means that the deadline to beat yes. It may be tough to knock Tesla on it's pedestal, but LLC and a raft arrivals are sure going to try.
Virgin Galactic inks NASA deal for commercial space flights
"Virgin galactic has agreed to a deal with NASA to boost commercial human spaceflight to the international space station financial terms of the space act agreement with NASA weren't disclosed the virgin galactic says it would eventually take passengers to the space station where it occupies space in low
Virgin Galactic completes first glide flight in New Mexico
"Virgin galactic's spaceship has landed in New Mexico in the desert after its first glide flight from spaceport America the company announced on Friday's flight ops on social media sharing pictures of the spaceship unity all the runway officials say stringent operational protocols were in place during that flight to ensure the safety amid the corona
What happens when the global economy gets sick?
"I won't pretend that I pay much attention to the stock market. Let's just say I don't have much reason to do so. Occasionally though it is unavoidable now with all the reaction to the corona virus world markets have tumbled phased suffering. Its biggest drop. Since the nineteen eighty seven crash Wall Street plunged the most is the financial crisis the losses so steep on both sides of the border at it actually triggered a trading halt for the Fed and other central bankers drop in oil prices is adding another complication as they try to gauge. How the corona virus will impact the global economy the fascinating thing about the reaction of markets around the world to Cova Nineteen. It's not really about dollars and cents. Yes a lot of billionaires lost millions and millions more are are. Sp's have taken ahead but watching what's happening here even if you have no money in the markets is a glimpse to how we all value risk. So what have we seen in the past few days and weeks? It's different from financial shudders like the crisis of two thousand eight. Where could the markets go from here? How far could they sing? And what will the world's governments do to prevent that and what happens beyond dollars gained or lost as a result of all this weather or not. Stock prices surged again. When this is over what happens in other words when global economy comes down with flu like symptoms. I'm Jordan Heath Rawlings. This is the big story. Mike Apple is these senior business editor at six eighty news. He's been busy the last few. Hello Mike How are you? I'm doing well. Why don't you quickly outline? I keep in mind that we are talking in the middle of the day so stocks may do any thing quickly outline. What have we seen in the past couple of days with stock markets and oil prices? You have to go back actually three weeks because up until about the mid part of February the markets were on fire. Everybody was buying everything you could not lose money It was the greatest momentum rally not necessarily based on fundamentals which turned out to be a bit of a problem but Tesla was at a record SPACEX and Virgin Galactic Apple Microsoft all these big companies record highs and krona virus was starting at March so to speak in China. That's peculiar. Why isn't the market more worried about this well? Then as it started to spread people include in and airlines were. I think the first trigger where they started air. Canada cut flights to China. So there was this wakeup call that this was going to have an economic impact and that started the selloff for stocks and over the course of the past three weeks we have seen the biggest point declines and subsequent point gains on the benchmarks in history like there have been massive swings one day huge selling next a big buyback and we are coming off now the subsequent largest slump ever on a points basis. I WanNa make that designation for the Tsa X. Endow because when we look at it on a percentage basis. It's big but not October. Nineteen eighty seven big where the Dow Single Day drop twenty two percent. It's massive. We're talking trillions of dollars of market value. I don't want underestimated but again I wanNA put it into some context. The TSA was down over ten percent. Second biggest ever point percentage decline. Explain what's driving this. You touched on airlines. Yes okay. So that was the that was the first economic shock that the tourism industry was was seeing a major revaluation. People weren't traveling companies. Their supply chains were being shut down in China ripple effect elsewhere than into Italy in Europe and Potentially into North America. So that was the first wave of selling and then what happened? Was the reaction from the market for what? The Saudi Arabian government announced on the weekend. Last week they wanted to cut production to stabilize the oil market which had seen a bit of a downturn so they were holding meetings OPEC cartel and Russia. There's sort of a new player in the global market newish and they wanted to cut production well. Russia had been playing ball the better part of a couple of years but then for some reason they walked away from the table on Friday. They said we. We're really not thinking about cutting production. Now we think we can withstand lower prices. Have at it as you will. This incense the Saudis who say okay. Fine. We're going to raise output in an already oversupplied market to record levels. We're going to crush the low hanging fruit. Any company that produces at say forty or fifty dollars a barrel every barrel they produce is going to lose money but the Saudis can produce it around twelve to fifteen and we're still around thirty and change and the Russians are close but that was the second hit so to speak. Do we know if those two are connected the the sort of oil price wars and the corona virus? It is because the first reason oil dropped was because China basically came to a standstill China's one of the largest buyers of oil prices dropped dramatically. And then this next thing developed at the worst possible time for the market really. It's like really you got to do this now anyway They don't seem to care because this morning again. They said starting next month. Twelve million barrels Russia said okay. We'll match that or very close to it. You've got Canada in the mix the US already at record levels. Suir a globe that is going to be a washing oil which just kind of sounds gross by at least a lower prices lower prices at the gas gas stations. Great for consumers horrible for the industry. Guess what Albert is going to get hit again. Yeah how efficiently can Alberta Produce oil? And and what do they need? Oil PRICES TO BE AT in order to not crush their economy. More than it already. Is this Most recently the tech resources project that was mothballed by tech a few weeks back had a break even price. I think it was north of fifty dollars per barrel okay so significantly higher than than where we are now the established producers son core and the others. They're at a lower price point because they're already moving commodities around and this is why we're talking about you know the oil market being a barometer of the global economy and then you've got the travel and tourism industry in the mix and why the markets have done what they've done they they've re priced risk They've lowered earnings expectations. Apple has already said that its sales in China dropped substantially in February. They're gonNA drop again in March. Their supply chain has been hit again. Apple's got deep pockets. They don't have to worry. Long-term THEY'RE GONNA come out of this. But is the company worth a trillion dollars anymore. Right it's all a repricing and the pendulum that we see moves incredibly fast because everything and and it was funny to to to hear commentators about how quickly markets dropped and then recuperated in previous crises whether it was eighty seven or the DOT COM bubble. Or whatever over there was SARS or murders or any of these other things the Russian ruble crisis it. All of these would take months if not years now. We're talking about weeks and that's that's what shocks and scares people. Because it's like what do you do it? So let's just talk about people like myself and probably like many people listening who don't have tens of thousands of dollars sitting in stocks and aren't you know directly impacted the second. This happens when you look at a ticker in your money's dripping away. What does the crash of the market mean for someone like me? It's psychological more than anything else. Because you're not you're not selling you're not buying necessarily not cashing in for X. number of years on your RSP. So I mean time is your friend and all of the old market adages but you see that and you say wow. Do I want to go and buy anything big today? Do I WANNA spend money? You know when you're when you are in a good mood you're more willing to be happy consumer and when you're not and you see all these negative headlines You Kinda Kinda retrench. That's the biggest problem and again from an investing standpoint. You know it is so difficult to sell it. The high and via the low people do the inverse ratio. As you're thinking who I'm missing out when things are hitting records and then when things are on sale you don't WanNa touch with ten football so now is actually time it it. It's it's not over yet. We still seeing the virus ripple through. This is going to take some time. There's no doubt about it. Bought companies that were priced. Way Up here in the stratosphere a few weeks ago discount if you like them then should love them now and that's the hard thing to get past. How much risk has the priced in already? You know we've Seen Corona virus spreading in North America particularly So far at least in the United States is a larger spread of that already priced into these drops or could it get even worse as it expands it it. It could get worse but we are already looking at the forecasters saying okay. We are expecting that. The economy will slow dramatically. Hopefully it doesn't but it is likely going and they are already saying that interest rates which were cut last week going to fall that much further over the next two months you know the bond market which is another one of these barometers of risk and worry and flipside euphoria We have seen bond yields dropped to all time record lows lower than what we saw during the financial crisis when banks were going out of business which is just to me remarkable now as it was explained to me the reason they're lower than where they were then because they never got back up to where they were previously so you're starting at a lower point and then dropping from that so it okay that kind of makes sense but you know we could see zero percent interest rates in North America. This was something we were looking at in when Greece was defaulting. Right right and people were going. How does that work? You're getting zero percent. Yeah because you're buying that bond or whatever it is because you think that the stock market or any other asset classes going to drop further than just keeping it at something get zero percent and again that that adds to the concern in the caution right. How much of a role does politics play here? I mean there's a tremendous amount of discussion in the United States about the role. The economy will play in an election year. And I'm wondering how individual governments and especially Let's say prominent world leaders How their response to the crisis might drive the markets and impact. Well again. You're talking about a health. Risk as opposed to a financial risk more than anything. Oh Eight Oh. Nine was banking industry crisis.
How A Profane Subreddit Moved The Market
"Really feels like from a market perspective. This is the closest we've been lately to Sort of two thousand eight financial crisis vibes well since the financial crisis. When is a I would say so and I would certainly say the the statistics back you up biggest weekly sell off since the Financial Crisis. We've just seen right right. Massive a sell off in risk assets an extraordinary amount of repricing of expectations for Central Banks. All around the world to come in and intervene and we've had other periods of sort of semi crisis since the great financial crisis during periods of say the euro-zone but it's just never felt as extremely uncertain as it does right now. I don't know I sort of remember late. Two Thousand Fifteen Yeah I mean late. Two Thousand Fifteen. You had all the issues going on with credit and you had One Big Fund blow up. So I'm still waiting. I'm still waiting for the second order. Effects of the market. Sell off that. We've seen to emerge that's true like we haven't actually seen any sort of major liquidations institutions of various is truly go bust yet amid the volatility. Obviously nobody You know we're not hoping that happens for now it's mostly been like a sort of a market's reaction but as you say there hasn't really been a A second order effects yet. Yeah very true so obviously the. The Corona virus is You know the clear contributing factor it's People are Gripped by panic. All around the world started in China late last year. Now it seems to be spreading to countries Basically everywhere but I also think that there is another contributor to the top. It's not just the virus that caused the top. Well I mean the virus didn't cause the top the virus was the catalyst for the top to no longer be the top and for markets to sell off but What are you thinking about you? Well I mean obviously it's our recent business week cover story that our colleague Luke Cowo- road about when the bull market got weird and About all these traitors online forums making crazy big beds and I think. In retrospect many people will see The recent cover as what really did it was good timing But in the history of of market crashes people always go back and sort of look or retail investors who start to become really overconfident. Some people actually look at retail investor participation in the market as evidence of the top coming And so some of the behavior that we have seen embodied in places like What Luke was talking about You you could maybe see that as an indication that markets were a little frothy. Yes so for those who actually haven't been paying attention to this particular subplot which is probably most people because there's bigger things going on in the world over the last several weeks prior to this extreme bout of selling volatility that we saw it was a lot of attention paid to the behavior of people on a certain Internet web page or chatroom or message board. Whatever you WANNA call it sent me. This is an extra celebrate it it was on Reddit. An extreme level of speculative activity particularly in the options market the likes of which we haven't really seen arguably since the glory days of the message boards back during the DOT COM bubble. And it's a really fascinating story. It's already Interesting Look at how the markets work and how retail players can really make a dent in publicly publicly listed equities. Yeah so this is the thing that I find the most fascinating about this subrata. It's called Wall Street. Bats and in recent months or over the past year or so a lot of people on it. Don't just think that they found good ways to make money Through investing in the market. They think that they found a good way to sort of forced the market into our force the market to do what they want it to do. So they actually think that they're impacting. How Wall Street functions and pushing up the stock price and that's where it gets really really interesting are they. In fact having this impact on the market right and I remember The message boards the raging bull message board silicon investor. Yahoo message boards from nine thousand nine. Nine two thousand and I think they were far less ambitious than what people these days. So for. More for more on this Let's start by bringing in Bloomberg's own Luke. Kalo who did have the cover story that curse the market overall Luke Thanks for joining us. So first of all. Just basically describe what it was that was worth covering hear about this About this subject I think for so long. We've been waiting for the return of the retail investor. And you know it's been this kind of a long awaited thing that's never really happened throughout any time during this bull market and this kind of the be careful what you wish for story because what became quite interesting is how you were seeing re retail enthusiasm get expressed in the markets. And so I. I remember there was one day. It was January eighth and this is when Tassell was still below five hundred if you can imagine a day in which that existed but It was a Wednesday and you saw a lot of bidding for the Tesla seven hundred strike. Call options that would expire at the end of that week. Tesla already been up like twenty five thirty percent that week as was its wont earlier this year but it just seemed like this is. This is such a ridiculous bet. Why would anyone do this? That doesn't make sense as a hedge. There's gotta be a better way to express a hedge if you're you know if you're short the stock or if you sold calls like what's going on here and someone said you know. This is just a Yolo bed and the second I heard Yalo bed I. I went to Wall Street. Batson tried to see what What do you only live once? Why not make a huge wager exactly and when I when I went there I saw a lot of people just That were seemingly enjoying a lot of success on Tesla and then that spiral to kind of other stories stocks where they thought the it would do nothing but go up and up and up and you know Virgin Galactic is the you know the next example plug power another one that had. It's kind of time in the headlights. And then lumber liquidators is one. I find very interesting because it's not like it's not that fun as stock lumber liquidators compared to virgin galactic compared to plug power like. It's it's really hard to wrap an enthusiastic. You know big story around it And yet you know a lot of the ones of the three ones I blast listed. They have in common. It's relatively low flow to relatively high amount of short interest. So when you got a group of people together that thought you know if we're all interested in the same thing and if we are all kind of combining buying power aware can have an impact well in in names like this it can and you were seeing at least the volumes. Go up like crazy in it It became too much to call it. Coincident coincident timing or coincidence after a certain amount of time. So Luke. Two things here. Can you walk us through exactly? What the options trading strategy was here. Because you know Joe and I kind of alluded to this in the intro. But it wasn't just that they could push the stock up. It was that they could actually exploit a loophole. In the way certain financial contracts or Wall Street actually works in order to make the stock go up and then secondly would you say that Wall Street bets is representative of the average retail investor. So on the on the first part of the in this this relates you. I'm not sure if if people actually believe this or this just becomes a you know very happy supporting evidence and something that makes you feel a lot better about making your moonshot at the. You know the fact that someone might be there to help by. Accentuate it and help bail you out so the thinking here. Is that when you say you're buying a call option on on the other side of that? If it's a fresh option there's going to be a dealer and dealers are not in the business of taking directional exposure. So when they're selling that call. Oh what are they doing? They're also buying a certain amount of stock to hedge their exposure. That's called Delta hedging and as if the stock does continue to go up from there it Resetting your Delta Hedge your which would be kind of gamma hedging but it's really just resetting your Delta hedge would entail that as the stock goes up you would be required to buy more and more to make sure that your directional exposure to the stock hasn't changed so when we describe this dynamic when we were talking about the the Tesla calls a tesla. See One thousand strike calls in. I believe late January someone on reddit latched onto this and said you know L. O. L. Bloomberg is admitting that the stock can only go up if we continue to buy calls because of the hedging algorithms. Which is you know. It's it's very much an overstatement of of what can actually happen. Can I just step in real quickly because you mentioned Delta hedging and Gamma hedging and all this stuff just for people who need a little bit of time to catch up walk US through very simply? The idea is people by a lot of call options. The dealer who sells it sells the call. Options are then on the hook if the call options essentially Become in the money right and so in order to avoid that risk of having to pay out a big wager just like a casino. They have to sort of balance their own books and that requires them to purchase the underlying stock. Yeah dealers are trying to make money from from the bid ask spread and making you pay both sides of it during your transaction They're not in the business of really making sure that Or or hoping that Tesla goes down the they'd like to be cover their butts in all contingencies in all cases. So that's what's going on there and it's just you know with some Greek letter surrounding it. But that's the that's the basic Kind of scenario mechanism. You describe perfectly so trying to exploit the fact that dealers are big banks on wall. Street need to maintain a a neutral position when they're writing all these contracts doesn't strike me as something that your average retail mom and pop investor Is Really doing so is Wall Street bets a little bit different. I? I'd say there are a lot more Aggressive about Certain tactics being used and the kind of The hurting behavior. I don't think the average retail traders really trying to think of okay like if I get together with Jim down the street and go Mary across the road who I play bridge with. If we really get together and start you know. Stockpiling are potential buying power that we can kind of. Maybe maybe lift some bids here. Maybe get some dealers offside may be caused some kind of gametes. So yeah it does seem from that From that point of view a lot more sophisticated and ambitious than you know Some people others speculating. An auction. Options might be on the other hand just because it sounds more sophisticated doesn't mean it's a better strategy doesn't make what's being said more true because if we've learned anything about kind of the recent market dynamics presuming you're the only actor in the market and able to move it is kind of. It's it's a fool's errand and that's why you know if some if there's power out there to To buy all these options you you have to recognize it on the other side of it. There's going to be Potentially a a desire to sell. And we've seen a lot of selling pressure come into the market that's completely overwhelmed. Whatever retail buying markets? Probably I mean. The market's gotten absolutely clobbered usage. Here article came out and presumably. If you had been buying about your call options ahead of that you're A- one is not doing particularly well this week with that strategy. Yeah like we. We saw a bunch of ten thousand percent Up Days for a lot of these moonshot options but most out of the money and very low delta options are going to expire worthless. It's just the kind of the name of the game. Okay so on that note in addition to having Luke. Join us for our episode. Today we have another guest. Luke has said Set the stage but we actually have the founder of the sub read at Wall Street beds joining us. Now Jamie Roginsky he Founded the page got it launched in two thousand twelve Jamie. Thank you very much for joining us for having me. Okay so I want to obviously get to everything that Luke talked about and this sort of crazy phenomenon in force in the market. That Wall Street bets has become well you started in twenty twelve. What was the purpose? What I'M GONNA start a new page on read called Wall Street beds. What
Virgin Galactic reports high interest in its space flights
"Shares of Virgin Galactic falling on earnings now. Virgin Galactic is the Space Tourism Company founded by Richard Branson by space tourism. Right now. We're we're talking more space. Planes that fly tourists to sub orbital space and back and that hasn't happened yet but that's phase one and we should add virgin galactic losing loads of money but the stock has nearly tripled this year. It's been all right hasn't it? Yeah the first the first in-orbit flight they have is probably their their share price. Nice okay so when we think. What do we think about? What do we think about the business? Yeah I'm getting such a good chuckle saying stock fall on quote. Earning right like what are they reporting? There's not much to say here. The visit has hasn't proven itself out and honestly nothing that Virgin Galactic said in. This call really should move the needle for anybody who is buying urging lactic stock at this point. Because what you're doing is you're buying a belief of the future space travel. It could be five years in the future could be fifteen. We don't really know virgin. Galactic said they had eight thousand people who have expressed registrations of interest and potential commercial spaceflight. What they're doing is literally the only statistic and those and they're starting to accept. I can thousand dollar deposits for people who are it's fully refundable but for people who are looking to potentially take that space light. It's almost tesla strategy except for that. Task Casa quarter of a million dollars. Okay well speaking of a quarter of a million dollars. Let me add that since two thousand and four Virgin Galactic said that more than six hundred people have reserved flights ranging from anywhere from two hundred thousand to two hundred fifty thousand. I guess it's two hundred thousand. That's coach I guess no snack and I can't use points right no snacks. You don't WanNA price to awesome this ratio. I think that Virgin Galactic is pretty cheap. But that's literally that's that's the only metric I can think of that matters. You know at this stage in their in their growth. I mean if you you either believe in the future of space travel or you don't and eight thousand people who've signed up and you know that's that's interesting to me But otherwise I don't yeah I don't know what they would report that they don't have revenues. They don't have you know they don't they certainly don't have profits. All they have is interesting. It's the definition of speculation at this point and got some. They've got some pretty stiff competition. Right you've got Ilan Moscow over SPACEX and you've got Bas Jeff bezos blue origin. Now both of those are private. So is the name of the game here that you really want to be private or. Is there an advantage to being public? Well clearly. The advantage being public is getting your name out there. In front of a lot of people. Being the first publicly traded commercial spaceflight company has a lot of weight to go with it but the downside is is. It doesn't give you as much time to figure things out now the CEO George whiteside did say that they're focused. This year was going to be on safety revenue in his testimony. Not having flights exactly but the thing is is is blue origin or space x could potentially have a disastrous launch. And it would be bad. It would be a setback but the they continue as companies Virgin Galactic. They mess up once they will be destroyed for that the difference between them. I mean if you got Branson's backing but he doesn't have the pockets the mosque as he doesn't have the pockets that the You know that Amazon has you know so I I think that they probably are their public. For a reason. I mean companies go public so they can tap the public markets for additional equity. Which all of these will need. But they've got a. They've got a different funding strategy than the other two okay. I'm going to count you as both cautious very pessimistic cautious and I I have totally misled. Everybody listening than because I love this company. I'm so sorry I am I. I'm twenty five years old. I did a poll on the rule. Breaker investing podcast a few weeks ago and I asked them in my lifetime to somebody make. Who's making a good living? You know say more six figures but not ridiculous. Not a quarter million dollars Somebody making six figures. Will they be able to in my lifetime reasonably by vacation on into space right in every single person said yes in that room and you know what I? I'm not sure I know what to think about the stock price right now but as a company when I think about the future. I can't help but picture that it might be foolish okay. So that's a fair distinction. I mean we all get excited about the potential here but that's different than saying that you should invest in the stock right now. I think that it's speculation. I said it before if you're buying shares of Virgin Galactic. You're not doing it because you you're doing it. Based off. Some fundamentals of the company are doing it off of a belief. You're almost not buying a company. Yeah you're you're buying faith. You're you're exactly. That sounds very like you know very trippy. But it's it's true and by the way I just I actually gave credit to Amazon for. Jeff bezos is an investment in In blue origin. So I'm sorry about that. This is not a new subsidiary for For for Amazon but yet that's exactly right. I mean you know the fact that those two are also in the game in some ways gives a little more credibility to virgin galactic as a
"virgin galactic" Discussed on Squawk Pod
"Really no growth outside of multiple expansion and there's no growth outside of buybacks so everybody crowds into the five technology companies right the Fang stocks which represent twenty percent of the market cap of the SNP. So when you put those two things together. There's a setup where there's no real growth there's no unique stories and there's nothing that can give you long term outlook so then when a company comes along that has a unique narrative is trying to do something that is differentiated high margin and could theoretically grow for ten years where there's an enormous amount of consumer demand these things get reprised in ways that are non traditional like you're saying yes. It's a story stock. But that doesn't mean that it's not going to turn into something huge. I really believe in Virgin. I mean I didn't invest the amount of money that I did or put myself on the line to do this deal because I did a win. I like it's not going to be doing anymore. Well the the goal is to fly Richard on a commercial flight this year this year. No longer do yeah. I think the point is that setting an arbitrary date for spaceflight is not the right thing to do. I think you want to move forward in a plan. Not move backwards from date and give that team who are the best scientists from NASA? Gpl gives them the chance and the opportunity to just build an exceptionally beautiful experience. The thing for you you just set it as we want you to not say you want to be the only of customer that you want to be the ten thousand customers thousandth customer. They're making amazing progress. Like you know working through the FAA working through the technical capabilities flying the machines back down to New Mexico and then on top of that. All the demand keeps piling up one hundred and twenty four percent increase in the number of people that want to buy tickets. We've now started to accept pre reservations. If those eight thousand people just those eight thousand people doesn't seem like a lot but when you think that the price could be around three hundred grand that's two point. Four billion of pipeline Mexico. A real question. Is there an insurance program for individuals? I believe there will be so if something tragic would happen do you know what the payout would be relative to a regular airline and just curious because I think that's actually I mean I I don't know if people think about it but I do know that there will be a really robust insurance very quickly. Kelly brings up a good question to just point out that when you bought into this back it was at half evaluation of like one and a half billion now. It's a lot harder. Did you take Richard Branson to the cleaners? Or is this current valuation overdone or. Did things just changed that drastically? No neither I think that I think Richard and I found a way for us to do a deal gift. Remember like you. We put eight hundred million dollars into the business. I mean between secondary and primary so there aren't a lot of people that can walking around with eight hundred million dollars burning a hole in their pocket so we found a fair valuation for him. And for me. I think the other thing though becky that happened is when you take these things that just talked about the dearth of opportunities and the fact that there's so much money on the sidelines and then applied to unique story. I think what happened in the fall was people finally woke up to Tesla and then people started to say what else can looks very similar to this. I mean you have to remember you. People missed out on a seventy five x on Tesla over the last decade. I didn't I was a proponent of Tesla converts. I've been shredded on twitter for years and years being a supporter of. Eli In that company. We turned out to be right. The shorts turned out to be wrong. And I feel just as emotionally invested an intellectually invested in. You've talked about Tesla briefly but not really which is how. How do you think you can go since I know you're long? Yeah I mean I. I bought these converts. Along time ago I was. It was kind of like my big picket sewn three years ago. I really believe in this business because what they're now moving into is beyond cars and transportation but sustainability and. I think that you know strip away whether you believe in climate change or not. It doesn't matter what they offer is set of products that I think will be increasingly in demand. How much are your convertibles worth? What's the stick you have right now? It is good too large number. Are You surprised to see? The stock runs so quickly. So fast here. Yeah that's why I actually started to put together a framework of like what is actually happening. And this is what I said before with rates at zero with trillions of dollars of printed money with no investable equities companies that are unique in end of one tesla emerging galactic are going to have a bid and then if you do something that really captures consumer imagination retail is now going to be a huge part of it. Es G really marketing. It's a complete fraud. Plead fraud so ridiculous. Governance has been addressed. That's useful but this idea that you're going to get a stamp that says Oh. Listen my supplier. I've offset their carbon credits. And now I understand my. It's a joke it's jargon and I think what people are doing right now is using it as a way to for example like if you can paint yourself as he s G in Europe you can essentially borrow money from the negative rates. Come over and see them now. Carry transplant you go just one but but I I personally believe in climate change. We need to do something and so the problem with. Espn's is going to take years for this this blocking Morgan yesterday. So they're not gonNA finance fossil fuels or you here at bastion a delta. She's GonNa spend one hundred million dollars a real money by the way effectively. Buying carbon offsets investing in new biofuels EVERY YEAR. You say thanks. J. P. Morgan by saying what they said we'll be able to borrow billions of dollars on the negative rates. You think that's what that is. It's obviously what it is. It doesn't have to work. They don't need to do anything now. Getting free money from Europe. Basically being able to say this. I don't think they would get that money. Otherwise because Europe basically has this condition where you can issue green bonds and you have all of this checks and balances at the so. That's one thing it's going to be very important for you to really be able to diligence to supply chain all the way down to the supplier and the supplier supplying Microsoft for these are. These are useful statements. It's Great Marketing. But again it's a lot of sizzle no steak. I think that what we need to do is invest in actual companies that can go and count and can go and legitimize the actual impact that companies have so that you can do the right amount of carbon offsets and then you have to have a legitimate exchange where you can actually train them. How about you really believe in climate change. You got to do some hard work now. By the way Virgin Galactic is going to be throwing a lot of carbon offsets. Yeah we plan to sort of get to you. Do why if it's important. He believes he just said he believes it was great. I need a cigarette in fact after that it was so good but Tell me rip. Does that ever become a an actual means of transacting? It does still crypto crypto. I hope you can bring it up. I would really like Bloomberg to take this article that I wrote for them in two thousand thirteen out of their pay wall but basically you know my view at the time which I held since today. I've been changed as that. Everybody should probably have one percent of their assets in bitcoin specifically. I still believe that today and I think it is just a fantastic edge if you go back to the conversation this morning when you see the amount of leverage the financial industry is running. And you think about all these dislocations and all these things that are happening that you can't predict there's a lot of risk to the downside and it would be great that an average individual citizen of any country in the world has an uncollated hedge and I've said this repeatedly ad nauseam on this show. Every financial instrument is correlated ninety but accept.
Disney's New CEO
"Disney CEO BOB. Iger is handing over the keys to the magic kingdom immediately. What I couldn't maybe it's not really. He's not going anywhere. I know he's not going to play with this beautiful succession. It's so ordered. It's just weird that it comes down to show. I'm leaving today but anyway I ever stepped down. I WanNa hear whether you've I wanna hear your your you actually no one. I want to hear some of your water cooler scuttle butt. Todd you give you my theory and go wild whatever. Go while. You're seeing that if anyone doesn't know this my son was yesterday afternoon. Bob Stepping down as Disney CEO. It's effective yesterday and replaced by Bob. Pick which has done a good job at theme parks. I guess he's been there a long time. Head of the company's Global Parks and unlike NBC. I was thinking. Wow he's not content creative guys a park that we think of it differently at comcast I think parks are important but it was almost like a secondary thing that we did comcast got when they took me started with garden. Graham Cast Disney started with good argue both NBC Universal and and Disney have been very good at coordinating those parts. Were you surprised the parks guy would run the entire creative operation of Stephanie's yes I I I don't know anyway. He will report directly to either. Who's going to stay on through his contract as Executive Chairman and basically the guy is going to report to the board so the his contract goes through the end of twenty twenty one he been. Ceo For fifteen years overseeing a tremendous growth at Disney acquisitions like Pixar Marvel Lucasfilm and most recently Fox's well as his shift to streaming with the launch of ESPN plus Disney plus in an interview exclusive interview on CNBC. I explained his decision was we looked at the businesses. We felt we have a great set of assets. We have a great strategy. What's next and what was next in terms of my own priorities is making sure that the creative pipeline and the company was really rich that all our creative engines were working extremely well and I wanted spend more and more of my time on that. I'm not sure I want to be. Ceo Virus either so with a theme park. Here's my theory of the case. Okay bye-bye signs a new employment contract as part of the transaction to buy Fox Rupert Murdoch stipulates that he has to be there. Okay Hey that him. By the way we went wild speculation that prevents him from running for president. And if you're really into wild speculation there are people out there that are suggesting somehow that this is some kind of entree to some kind of a Bloomberg Eiger of now. It's taking that off the table. That's crazy however he's still going to be in this place. Becky said it. He's not going anywhere he's effectively. The two bobs are basically running this place. Bob's reporting to him. So if Bob the new Bob about doesn't work out for whatever reason Bob Eiger is still there. He's also seen many transitions where people are sitting in waiting. Why wait it's possible? And I hope I for the new Bob Sake that it works out but if it doesn't and we've seen this story by the way at salesforce just happened yesterday where the CEO. Kevin Block didn't work out so could another Kevin in this case Kevin Mayor Ultimate step up? That's the person everybody expected was gonNA take the job to me. The big question mark this morning is if you are Kevin May or running Disney. Plus are you staying in this job because you thought potentially that you were getting the top job to me. Those are the issues that are being talked about around. The water
Virgin Galactic reports high interest in its space flights
"Virgin galactic is taking deposits for future space tourist flights mmhm you have your pockets are deep enough and I think yours are you could be among a select few to visit space not as an astronaut astronaut with NASA but as a tourist yes the second running virgin galactic is about to resume its commercial flight later this year after making some changes to its spacecraft just yesterday does wishing us she can drop a refundable one thousand dollar deposit as part of the company's one small step initiative so you have you got to put down a thousand box I can get in there now since its founding in two thousand four six hundred and three people have spent between two hundred and two hundred and fifty thousand dollars for trip reservations however CEO George Whitesides he recently said the price may be
SpaceX teams up with space tourism agency to sell rides aboard its spacecraft
"You like to go to space without a well depends depends? I'll read the story SPACEX. Plans to send for private citizens could be you into orbit at the top of twenty twenty one or early at the end of two thousand twenty one rather or early twenty twenty two space adventures which has helped seven private citizens visit. Space will help with this project. The tourists will fly on a dragon capsule at around the same height as the International Space Station or a two three times and then returned back to Earth. The first crude dragonfly is supposed to take place with NASA astronauts on board later this year now spacex also has a contract with Japanese billionaire. Usaku Massawa to fly around the moon on the future. Big Falcon rockets fact. That's been played for some time but hasn't happened yet. Both both blue origin and Virgin Galactic are planning sub orbital flights to let pain customer experience weightlessness. But this is a little bit beyond that. Yeah they're going higher. The blue origin or Virgin Galactic Virgin Galactic. Still says they're going to do this. By the end of the year The the flight around the moon was supposed to happen in two thousand eighteen. It didn't there's no date on that yet but because they're actually testing the dragon capsule with astronauts. Seems possible that you could have private citizens going up in this thing at least in two thousand twenty two and if Virgin Galactic is starting to do its tourist flights into sub orbit for weightlessness if blue origin starts doing their flights. Next year. By the time you know two years from now it might be a luxury item but the idea of being able to pay to go into space as a joy. Reid might be normal. It might be a thing that is accepted rather than a weird thing. That's only happened a few times because of that company Space Adventures. Yeah and so the next obvious question and I have been on the show in the past and I know people go ahead and flame if you like. I have no desire to go to space. I am never going to do this. the the idea fills me with anxiety. I just WanNa stay on earth where I belong but for people who do want to go. How much is it going to cost? And how long are you up there and those are questions that we don't know the answers to yet? Well two to three times orbit. You're not up there for very long Virgin Galactic blue origin. They're just going sub orbital. Get you a little we. I'm weightless and then back so. None of these are very long but how much. Yeah if you have to ask. You probably can't afford
Virgin Galactic Goes Public on New York Stock Exchange
"British billionaire Richard Branson went public on the New York Stock Exchange yesterday the company says it's the first and only publicly traded commercial human spaceflight company and the first time anyone can invest in a company like this remember Virgin Dick plans to send up to six passengers to space at a time in a spaceship by the end of next year Reuters reports hundreds of people including celebrities Leonardo di Caprio and Justin Bieber have put down deposits
Virgin Galactic celebrates first day on the New York Stock Exchange
"Space tourism company virgin galactic shares were higher on its first day Sir Richard Branson founded it as part of the space race is hard five people in the size and that's a long side you too can fly to the edge of space for a mere two hundred and fifty thousand dollars
The Reusable Rocket Revolution
"Was able to watch the the short hop test live and then I missed the full the full all one hundred plus meter one but it just you know you really feel like you're watching history. Get made watching. I mean who knew water towers could fly exactly exactly. Luckily it's a whole new way to treat your farm equipment yeah exactly a grain elevator next all right so let's let's go back and talk about the about why this is important. Why why is this important. Why is this a thing that people are trying to do. What's wrong with the rockets than the days of of your we used to have a Saturn five took us to the moon and that was fine. Well it turns out. It takes time and costs money to build those rockets and every time you don't reuse it. You're requiring a whole bunch of people to build something new from scratch and you're you're increasing the cost per pound that you have to spend a get that stuff into space. If you can reuse anything each bit that you reuse means you don't have to pay for it. Get a second time and you don't have to wait for it to be constructed so the dream ream was to get us to that well airplane kind of a future. We're just like Boeing doesn't usually throw out. Its planes every the time you fly them. Once and won seven forty seven gets to re you get reused for decade after decade while it was hoped that well maybe rocket won't have a decade of experience flying. It'll at least get three four five launches before it gets recycled into the giant rocket pile. We're ever they put those and Star Trek and various science fiction from the nineteen fifties and stuff. We saw images of rockets they would land land. They would take off again. That was the bold future. It seemed obvious that that was what would happen and yet for some reason these he's reusable rockets never came about they were always destroyed every part of the rocket except for like the little capsule that the people sat inside a of was burned up in the atmosphere left to orbit the sun for ever. Why did they not go straight to those reusable rockets early on well ain't put simply spaces hard but early on we simply didn't have the computational computational power to be able to do the fast maneuvers that are required of the Rocket Engines to maintain an upright flight as they come in for a landing. It's only modern computational power that allows the Falcon nine first stage to come in and land on moving targets like barges and stationary targets Lake City shores now with the space shuttle. It had been hoped that we'd be able to repurpose more of it than we did. The external tank is just a tank. How hard can that be. The solid rocket boosters will those burn up but unfortunately even there there is concerns that if we start raising the engines too much it's too dangerous for human human life at one point there was plans with the Space Shuttle C. Program which was never actually flown that they'd reuse some of those components will carrying a the cargo that didn't include human beings because well if you accidentally blow up in eighteen satellite that sucks for at and T. but no lives are lost and even even that was just pooh-poohed pushed aside it was only really with the Ansari X Prize that we saw motivation put out there of it's time people we will reward you money. Go forth try this and was scaled composite that was able to finally win that although now it Virgin Galactic which has purchased Gail composite and has moved forward with the reusable space plane component is one of the well laggers laggers in the space race to get reusable to be the thing everyone's using right but the the original x prize was incredible double and exciting and the but the goal was fairly modest it was about having a vehicle be able to fly to the edge of space and return in and do that twice within two weeks I think and but but flying to an altitude of one hundred kilometers is a completely different story from to going to an orbital velocity which is one thing is flying up high. The other is going sideways weighs twenty eight thousand kilometers an hour two different orders of magnitude and Carmen Line that so far we've had a scaled composites get past. We've seen blue origin get past with their new shepherd but only spacex x has done reusable orbital rockets so far and what makes these orbital launches so much more difficult. Is that stage. You're bringing back is reaching a significantly higher. Altitude has to carry the fuel. It needs to get back and the maneuver through all the different layers layers of wind all the different layers of turbulence in that atmosphere to get back to well pretty much at starting point. It's yoyoing through you space.
How does Samsung Galaxy Note 10 Plus's stack up against Pixel 3's Night Mode? (The Daily Charge, 8/19/2019)
"Today on the daily charge how does the note tens new camera stack up iphone eleven feature rumors and a glimpse inside virgin galactic spaceport good morning and welcome to see that's daily charge. It's monday august nineteenth. I'm rocking average kerry. Let's take a look at today's headlines in the iphone. Eleven expected to launch next month in our own. Patrick colin has he rundown of what apple needs to add if it wants these new phones to succeed unless it is a pretty obvious including things like battery battery life and cameras for me. It's a long shot but i love to see apple. Come out with a redesigned screen that limits the notch just like a lot of these other companies bridge. Did you want to see the iphone. They're not still bothers you. After all this. We haven't like just got used to it. It was a cycle where i was okay with it. Then it bothered me then i made my piece with it but then these other phones come out now have eliminated the notch in novel ways. I'm like why can't apple do that. It's all about invasion right yeah well. I will say that but <hes> you know you know. I've been on maternity. Leave for a while. So i've been out of the whole rumor cycle. It's been it's been pretty great to be out of it but now i'm coming back going okay all right. We got for the levin and all three phones going to look the same really on the front like like why don't we have more options like you know still. Maybe people want that that touch i._d. Home button you know and i know they're going to give up on it but i mean maybe that's what i want. I want more of like more options on visuals for the different ever malls but also more options in the software like i okay so so fo the cameras better yeah the camera's always better you know. Maybe we don't need to have that whole factory at the push deep into the screen anymore so for for such the touch never use it so like maybe i care more about the software updates than the physical attributes says they're all going to look the same yeah i mean the i would love to see in screen fingerprint reader. I mean samsung's now. They've done for about a year now other companies have it'd be nice for apple. Bring i'm back tim. How about some really cool uses of a._r. Because you always hear them tease about it but like i wanna feel a little bit more drawn into that like what's possible desolate next up. Virgin galactic is set to commence its first commercial space voyage in a few months and eric mac and a glimpse inside space-borne america's gateway to space last week. Virgin galactic said that the space word is operational and invited folks to tour the facility we think you are you eager to go to space <hes>. I don't really do well on rides like the gravitron and like anything that involves forces so. I don't know if i'll make it. I mean i always wanted to go to space camp as a kid but <hes> i think i'm i'm good seen how this first batch of rich people do yeah keep in mind. This is not for everyone <hes> there. There is the verb six hundred passengers who've plunk down deposit but the ticket ticket for one of these rides is two hundred fifty thousand dollars. That is a lot of money going space but you know it space. That's true. It's the ultimate mitt brag on instagram. Really your grandfather is going to be blowing up there so yes now for our main story. Jessica doku taking it's the new samsung galaxy note ten plus for a spin and her ongoing review is found a much improved camera. Samson's cameras have generally been good but not top top tier so the fact that the temples nightmare seems to stack up well against the pixel three is is a good sign for folks who are looking for this phone on her article like there is a <hes> example of the photo with night mode on not and it's it's pretty cool like like it's much more crisp when when capturing lit signs at night stomach all right i can see that perk bean definitely worth it yeah. It's a lot of my shots are at night. I noticed the photos seem to be a lot sharper now. It's perfect google always phones the the pixel three in the wall way p thirty pro. I get that right. There's the names are older. It's kind of ridiculous thirty pro. They tell you the kind of how long to hold your phone phone study to get optimal shot whereas the no tents or makes you guess a little bit which is not ideal well. I mean i'm always just in the moment right so it's getting over minder on your screened. Hold still might might be helpful sometimes like even mind. This is an ongoing review just because been she's had it for a couple of days now. She's she's made a bunch tweaks to make it perfect for her <hes> but this is an ongoing process. It's still going to take a couple of days and really kind of get all the tests the battery test out of the way to get a full review so stay tuned to see that they're they charge roger. I'm jay and i'm bridget carey. Thanks for watching.
President Trump, NASA And Jim Green discussed on Ben Maller
"President trump says we will walk on the moon again no later than twenty twenty four NASA's mission director Jim green says that after that first step on the moon America captured a valuable lesson centre de and it's going to continue on you know we'll pass it down and that's what has happened as private companies like SpaceX and virgin galactic around work to bring travelers to the moon and beyond Judy Alton worked on the moon rocks brought back to earth from the Apollo missions and is also looking ahead to those who travel and I think that ties back to planet earth you're going to be really really important you know you take your culture with you but does that ties back home I think the anchor person I'm Michael to
"virgin galactic" Discussed on Heartland Newsfeed Radio Network
"So this I got a mood and Levin thousand foot peaks of ice. Probably whatever. So I'm going is that are distant gas station. Now they all got water water. Nice. Okay. So this is. Interesting. To say the least that we've now have a spacecraft go. Take photographs up, Pluto. I'm going man better than not. But didn't need to be taxpayer-funded. Now it's a crowd source. Kickstarter thing with a, you know, I on solar sail, work drive of whatever the heck I mean you know, this is, you know, it's just gonna keep solar system is just going to get smaller, and it's just like air travel here. I mean, just keeps getting smaller, but then it stops now they have supersonic transports designing business jets from what I mean win away as tea's gone. And now supersonic transport is going to be spaceship. Two or something and spaceship. Virgin galactic, Richard Branson's company that bought the spaceship one to doing the tourism thing, they're now starting to put up their own using white Knight, the mothership that drops it and rockets in this space. They're using that the put satellites in orbit. The communications now all these guys are all about people individuals connecting with each other, and they're going to bypass all of this stuff. The internet was done by department of defense to route around breaks and communication from nuclear war. They knew to do that is to be able to break communications with a nuclear blast..
"virgin galactic" Discussed on Kickass News
"Most of our business is long hole. I'm so you mentioned antique is across the Atlantic and and flying long, long flights, the far east. So maybe that's one of such in America having been sold. So now did you have a conversation with Elon Musk before getting into hyperloop. Not as such, but we're friends. We've been. We've been friends for many, many years. And the hyperloop name. He's said, an anybody can use, I think, right. I think it was his idea for the the name. The technology has been around for quite a long time, but actually I think, you know, we next week we may be announcing our unique name watch this space. Okay. Now do you have any concerns that he may change his mind about taking a personal stake in the hyperloop and create competition? I, it's quite likely he'll he'll start a competitor. I think that hyperloop one is ahead of the game that we've been working on it the longest. But competition is essay always good shop and everybody's hassle. You think there's enough room in that sector then? Yeah, I think there is. I think there's a lot of a lot of places in the world that can benefit from high speed train travel. And of course, that's not the only area where you Andy Lonzo paths, crossed of virgin, galactic in space, x establish themselves as the dominant players in the private space race. Does the virgin galactic vision of commercial spaceflight differ from that of SpaceX? Yes. I think. Ilan stream is MAs, and that's, that's his complete fixation. Almost mean anytime you meet in talks about our aim is to try to improve improve lives for people back here on earth. So. So at virgin, galactic, we're putting with one web, this massive, big array of satellites round the which will connect many, many, many people who are not connected. You know, we will try to make it affordable for as many people as possible to go to space and only less than five hundred people have been to space in the history of space travel. We hope to be able to do that pretty well every year. We hope to be able to use our technology with only people building a space Kroft rather than a giant rocket. So people can go up and travel in a spaceship and then come back and land game that makes it easier for us to develop point monetary travel. So I think I think we'll know we are. We're both doing different sectors and under compatible with each other. And I think it shows how ambitious you are that when you registered virgin, galactic, you also registered virgin intergalactic on the same day right on the I'm I'm always shooting for the stars. Sky is not the limit. Well, the estimates for the first virgin, galactic flight have been pushed back number of times, as you said earlier, you like to start companies fast, but I think you've exercised a rational degree of caution with virgin, galactic. What's the estimated launch date at this point? I would hope that we're in space very early next year. And I would hope that I'm in space before the middle of next year, and I hope that we'd have people in space before the end of next year, but that's what I'm hoping I'm not going to you know, but we'll wait and make weights in tell you let the test pilots tests across time and time again and co. See shorts. Okay..
"virgin galactic" Discussed on KOMO
"Space. Tourist virgin galactic is getting ready for you. And your large Bank account to test pilots of taking the rocket plane BSS unity up to thirty two miles more than six times higher than the commercial jet before gliding back down to the Mojave desert. Bars was been getting mighty close of late closest it's been to earth and fifteen years. Amir thirty five point eight million miles or if you build a solar system model to scale with the moon two feet from earth Mars would be a football field away. Sure is getting crowded in the old neighborhood. Now, we know there is water on Mars well for those who've reply that's impossible with that atmospheric pressure, and those temperatures in the be frozen, solid or would evaporate instantly. The answer is there's water under Mars satellite. Radar says there's a twelve mile long river about a mile underground fair enough. The first manned mission should prepare for rafting cave. Crawling for two hundred seven. Seventy bucks. A Japanese company will put the name of a new bride and groom on a titanium plaque with the plaques then loaded onto small cubes holding a few hundred of them and then astronauts on the international space station released the cubes into orbit while it's being video that's one way to make your marriage a heavenly experience today. Sure sign of the apocalypse is ni- plastic surgeons report a thirteen percent increase in Snapchat, Dismore Fiat, namely, fifty five percent of their patients now seek plastic surgery. So they can look better in cell fees. Just what cat Alexa. Do the newest feature is to put your house in a way mode. That is Alexa, plays fake conversation. Some an hour.
"virgin galactic" Discussed on Liftoff
"Complicated area in the next five to ten years as the space station we have now changes when one way or another either we we pull our funding or it starts to fail in ways that are not fixable easily i don't know i think that the the time of its being a really stable platform and a bunch of different ways is probably coming to an end yeah the what's next and how we get there is the real missing missing piece it's unclear that there's any we don't have a clear sense a clear direction certainly from nasa about what they're planning it's it feels to me like they don't know what they have next and so they're keeping the plates spinning rights like we'll just you know let's just kind of kick the can down the road a little bit but at some point they're going to have to deal with it at some point they're going to have to actually say this is when it's gonna end or like we have a partner or we're looking for a partner but right now i think they just they don't have an answer so they're they're not gonna answer it and it just remains unknown so it's going on with virgin galactic virgin galactic speaking of space tourism which you mentioned with with blue origin this of course is the the system that has been in development for a long time one the the x prize back in the day for getting getting to space in a reusable vehicle it's based on that system the spaceship one system this is obviously with.
"virgin galactic" Discussed on I Need My Space
"Hear me out the virgin galactic fight for example an hour long maybe less yeah and they're spending hundreds of thousands of dollars for that one hour long wouldn't you want to spend more time training and have an excuse to try on cool staff and look like an astronaut it just seems like such an obvious experiential gain for any one of those systems or experiences in addition to adding a level of safety to the mission that i would think people would want people like that i think that when you get into space you while a little security but you know teach their own now's we talked about kind of the ways that functionality is key and that you need something that's going to protect you literally in the cold dark vacuum of space when you see there's like some kind of potential meeting of fashion and space like you think that there will ever be a successful union of those two things yes yes there world as a company that's pretty challenging to stay alive making space suits we've picked maybe these smallest possible market ever we have tried to find ways to spin off our technologies and other relevant industries one of the obvious ones is personal protective equipment for firefighters for electrical linesman for first responders that kind of thing and i think we're making inroads there's some results there we've also we have some compression pants that have been particularly useful in the medical industry for people with ortho static intolerance and pot syndrome things like that but we're interested in that spinoff world and one of the more exciting projects we're working on now has to do with not spacesuits which are worn in higher risk times during the mission but just the clothes they wear in space this is a big problem for from the logistical side for nasa right now in lower thorpe there's no washing machine yes that's so they wear their clothes and space and then they have to throw them away after a couple of days three days four days and they actually put them in trash and then get burnt up on reentry now price per pound to orbit is going way down and.
"virgin galactic" Discussed on WPRO 630AM
"If you're going to buy you're going to buy territory property for the future you wanna buy in southern texas yeah i i i don't disagree with you at all jonah but it's very important understand that with this guy says about when they're going to launch probably not crow spacex is probably not going to be watching that will twenty all right he's a politician and he's posting a little bit but if the politicians are on board for making money by that as it's going to happen oh i agree with you there and now let's talk about virgin a bit because of pause part of the virgin galactic are we're going gonna do this under my proudest is over my protest go ahead the f i know you don't wanna talk about it at all i don't like to talk about it because i try to separate from from reality and we talked about burgeoning galactic we're talking about fantasy richard branson is a piece of junk i can't believe anything he says and i really do not report any if his claims anymore on my website has had enough that you want me to do it if it hadn't been for the weather channel i wouldn't have believed that there was a hurricane in the virgin and the british virgin islands because it says there is right so i needed to double check it the man never tells the truth yes i i i agree with you they need virgin galactic within basic to have actually stock wind before i will write about it i absolutely agree bought out of the virgin group of companies one of the companies they separated from virgin go lactic about two years ago a year ago was a company called virgin audit they separated it out of virgin collected because it was not building a a reusable terrorism shipped for people it was building what they call launcher one to put up small back and everything about that particular subdivision had so far been very different they were aren't making any promises.