Reading is one of the fastest, cheapest and most effective ways to level up your investing knowledge and skill, and finishing even a couple of the books on this list will put you far ahead of the average investor. Howard Marks Net Worth: Howard Marks is an American investor who has a net worth of $2.2 billion. Is the world more dangerous and less healthy than ever? Marks described. At his peak he claimed to have been smuggling consignments of the drug as large as 30 tons,[2] and was connected with groups as diverse as the CIA, the IRA, MI6, and the Mafia. [51] He also arranged a 500kg (1,100lb) deal with Mickey Williams, who had travelled to Bangkok after his release from prison in Amsterdam. If you need help learning how to do that, head over tohttp://www.SelfMadeMan.com/cryptotoday. This is an absolutely incredibly opportunity to learn about this new industry from one of the leaders in the space. ADDRESS. Funds led by Marks have produced long term returns net of fees of 19 . The activist investor group calling for the ouster of Activision CEO Bobby Kotick is reportedly sounding the alarm on his massive payout from the Microsoft deal Isabelle Lee 2022-01-19T20:03:27Z Revealing the news in the latest client memo published Monday, Marks said despite Andrew's bitcoin investment, his skeptical view on crypto has not changed yet. Howard Marks, CEO and co-founder of StartEngine, as well as the founder of Activision, discusses the FTX fallout, as well as the future of cryptos, venture capital, and GameFi. Organising these scenarios was an ex-MI6 agent [Marks], currently supervising the sale of thirty tons of Thai cannabis in Canada and at whose house could be found Pakistan's major supplier of hashish [Malik]. Product of above two values = $60.193 Billion. [72] He again cultivated the myth that he was a spy for MI6, and claimed that he was set up by the CIA because he had discovered that CIA agents were smuggling drugs into Australia. [115] He died of the disease on 10 April 2016, at the age of 70. According to Marks, there are several and each investor must follow several different trains of thought in order to arrive at the best decision in any particular case. Marks has mentioned many of Bersteins works in the past, but Against The Gods remains one of his top choices. Mr. Marks net worth is $2.2 billion as of 2019. 1365 on the Forbes list of billionaires. [53], In 1984, he was approached to sell $300,000 worth of cannabis to a Central Intelligence Agency (CIA) agent looking to fund and arm the Mujahideen in their war against the Soviet occupation (Operation Cyclone). The company also embarked on a controversial program to merge its autonomous groups of programmers into regional offices, stripping them of their identities. [13], Though involved with drugs at university, he sold cannabis only to his friends or acquaintances until 1970, when he was persuaded to assist Graham Plinston, who had been arrested in Germany on drug trafficking charges. Activision Net Worth. In Robert Hagstroms 1995 biography The Warren Buffett Way, readers learn not just about Warren Buffetts life and upbringing, but also about his approach to finding great investments. . The current estimated net worth of Startengine Crowdfunding, Inc's Chief Executive Officer, Howard Marks, is estimated to. Author: Ben MezrichSubtitle: The Inside Story of Six MIT Students Who Took Vegas for MillionsFirst published: 2002. Now, Marks has a new startup and anyone can invest for a limited time. Howard Marks Founded $69B Activision and StartEngine @OurFuture Subscribe 4.5K Dislike 31 Share We've lost a legend #KenBlock @RCDriftTok Subscribe Like Dislike Comment Share The. He is the co-founder and co-chairman of Oaktree Capital Management, the largest investor in distressed securities worldwide. We welcome all corrections and feedback using the button below. Many pundits and citizens would argue this is true, but statistician Hans Rosling demonstrates that it simply isnt the case. $35 per post at $7/CPM. Right-hander Andrew Painter is only 19-years-old, but he has the ability, the command, the control, and the repertoire to potentially win the fifth starter's role for the Philadelphia Phillies. Financial bubbles are as old as investing itself. [73] He and his lawyers spent hours reviewing the phone tapping evidence to make the coded conversations about smuggling into America seem to suggest that the drugs were actually being smuggled into Australia; research was done into weather patterns to prove tentative links between what was said by Marks and his associates and what was happening at the time in Australia. [4] Brought up as a Baptist, he later turned to Buddhism, though he did not become a devout follower. Dennis Howard Marks (13 August 1945 10 April 2016) was a Welsh drug smuggler and author who achieved notoriety as an international cannabis smuggler through high-profile court cases. Activisions victory proved Pyrrhic. Your email address will not be published. That companys founder, Trip Hawkins, was an early Apple employee who designed his new company to keep programmers happy. In September 2019, Brookfield Asset Management acquired 61% of Oaktree for about $4.9 billion in cash and stock. Bobby Kotick net worth is $1 Billion USD and is currently serving as the CEO of Activision Blizzard. People frequently ask what caused me to start writing memos in 1990. In the memos, Marks comments on a wide range of issues ranging from mundane topics like his amateur card games in college to more prescient ones like police brutality in the aftermath of George Floyds death and investment lessons for the coronavirus pandemic. Marks was the founder and CEO of Acclaim Games (now owned by Disney), and the co-Founder of Activision and Chairman of Activision Studios (1991-1997). Activision has been at the forefront of video games ever since its inception. [27] By the end of the year he was approached by Hamilton McMillan of the Secret Intelligence Service (MI6), a friend from Oxford University, who recruited Marks to work for MI6 because of his connections in the hashish-producing countries of Lebanon, Pakistan and Afghanistan, for his ability to seduce women, and for his contacts with the IRA. When Marks speaks, the investment world listens. Executive Chairman and co-founder at StartEngine Crowdfunding. [88] He was released in April 1995.[89]. If youre looking for a book to help you explain why a quarter coming up heads nine times in a row is the very definition of randomness, this is it. Birth . Schultz is slated to step down from his third run as CEO on April 1, amid an ongoing labor dispute between the company and hundreds of U.S. stores. We wont absorb you into a big Death Star culture.. [68] In his autobiography, Marks stated that "although the charge against Judy and some others were absurd, the formal accusations against me, in general terms, were true. Is NVIDIA (NASDAQ:NVDA) Using Too Much Debt? He acted in gangster film Killer Bitch (2010),[90] starred in the film I Know You Know (2009),[91] appeared as Satan in the 2006 movie adaptation of the Dirty Sanchez television series,[92] and had a cameo appearance in the film Human Traffic (1999). On 1 October 2010, he was interviewed on Ireland's The Late Late Show. Building a startup isn't easy. Marks, his former business partner and an Activision executive until the late 1990s, said he counted Kotick among his best friends until they had a falling out over money. [8] After his friend Joshua Macmillan (son of Maurice Macmillan) died, Marks swore off ever getting involved with hard drugs. Net Worth, Salary & Earnings of Howard Marks in 2023. Kotick turned into the CEO of Activision in 2008, and after the consolidation with Blizzard, he became CEO of Activision Blizzard in 2008. Filled with memorable memos and timeless examples, Mastering The Market Cycle is a great look at how human psychology affects markets and why investors often fail to notice changing trends in the business cycle. [2][3] According to Warren Buffett, "When I see memos from Howard Marks in my mail, they're the first thing I open and read. [10] He is a member of the New York Society of Security Analysts and chairs the Investment Committees of the Metropolitan Museum of Art, where he is a trustee, and the Royal Drawing School (London).[10]. . They include the bestselling family entertainment videogame (Guitar Hero), the bestselling massively multiplayer game (World of Warcraft), the bestselling war simulation (Call of Duty) and many others. Robert Koticks mother dates his compulsive capitalism to toddlerhood, when young Bobby sold her ashtray to a friend who had come over for a playdate. 2023 Celebrity Net Worth / All Rights Reserved. Dalio breaks the book down into three sections: the first is about principles in general and their importance in life, the second is about the principles he applies to his own life, and the third is about the principles used and learned from his time at Bridgewater. In the essay, Ellis compares investing to a game of tennis, arguing that unlike in football or basketball where the goal is to dominate your opponent and impose your will successful investing (like tennis) is about limiting your mistakes while taking advantage of your opponents errors. "[69] The recently passed Sentencing Reform Act meant that he was facing a minimum of ten years to a maximum life sentence without the possibility for parole. Full Description. Here, Marks provides a roadmap for avoiding common pitfalls as market cycles change. Over the course of his 18-year tenure shares in Activision have risen fortyfold. The Losers Game is an essay written by Charles Ellis (the founder of Greenwich Associates) that was published in the August 1975 issue of The Financial Analysts Journal. Many of the companys hit franchises are showing their age, and the frequent sequels risk provoking gamer burnout. His final book "Mr Smiley, My Last Pill and Testament" .mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free a,.mw-parser-output .citation .cs1-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited a,.mw-parser-output .id-lock-registration a,.mw-parser-output .citation .cs1-lock-limited a,.mw-parser-output .citation .cs1-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription a,.mw-parser-output .citation .cs1-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:#d33}.mw-parser-output .cs1-visible-error{color:#d33}.mw-parser-output .cs1-maint{display:none;color:#3a3;margin-left:0.3em}.mw-parser-output .cs1-format{font-size:95%}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}ISBN978-1-5098-0968-4 was published in 2015 by Pan Macmillan. He and a partner took . He figured he could do it better. [113] The film featured Rhys Ifans as Marks and Chlo Sevigny as his wife Judy.[114]. He had originally been sentenced to Butner, but agent Lovato insisted that he instead serve time at Terre Haute. [116], "the prison guards spoke of him affectionately as Narco Polo, one of the many nicknames he had acquired.". As founder of Oaktree Capital Management, Marks specializes in high-yield and distressed debt, and his fund raised nearly $11 billion to buy troubled assets in the aftermath of the financial crisis in 2008.. Born in New York, Marks graduated from the Wharton School at the . After working for Citibank early in his career at senior positions, he joined TCW in 1985 and created and managed the High Yield, Convertible Securities and Distressed Debt groups. (This year Tony Hawks Proving Ground, the eighth sequel in as many years, flopped with players and critics. If Kotick wanted Warcraft, he would have to surrender control of the firm he had spent over 18 years building. . Subtitle: Uncommon Sense for the Thoughtful InvestorFirst published: 2011. As of 2022, Howard Marks' estimated net worth is $2.5 billion, which he accumulated through his work as an American investor. #2. He left for college confident in his ability to understand his customers, whether or not he shared any of their passion for his products. In The Most Important Thing, he uses career anecdotes and previous memos to explain his thoughts on risk, markets and capital. [15] With Plinston behind bars, Durrani offered Marks the opportunity to sell the drug on a large scale in London, and he agreed to the proposition. Andrew Marks (left) is a partner with Freemark Partners, the private investment firm of the Howard Marks family. Howard Marks has founded several prominent companies and scaled them to an exit. Oaktree, represented by local fundraising firm Spire Capital, has started booking Australian family offices and high-net worth types for a "fireside chat" with Marks in Sydney and Melbourne . [10], In 1967 he began teacher training, and married Ilze Kadegis, a Latvian student at St. Anne's College, Oxford, who was also training to become a teacher. Author: Robert G. HagstromSubtitle: Investment Strategies of the Worlds Greatest InvestorFirst published: 1994. On this Wikipedia the language links are at the top of the page across from the article title. Between 1975 and 1978, twenty-four loads totalling 55,000 pounds of marijuana and hashish had been successfully imported through John F. Kennedy Airport, New York. Activision Blizzard, as the company is now called, owns a peerless collection of widely beloved and extremely profitable games. [52] Marks laundered his money through various fronts: a travel agency, a paper mill, a wine importers, a bulk water transportation company and a secretarial service. [84] He also made friends with Veronza Bowers, Jr. (Black Panther Party) and James "Big Jim" Nolan of the Outlaws Motorcycle Club. Kotick, the new chief executive, held 9% of the stock. The 19-year-old Kotick strolled up to casino mogul Steve Wynn at the ball; a day later Kotick flew home on Wynns private jet, landing a commitment for $300,000 in startup capital for his software venture. Mr. Marks was the founder and CEO of Acclaim Games (now owned by The Walt Disney Company),. [22] In 2019, he purchased parcels in Amagansett, New York, near his East Hampton property, for $35 million. Billionaire investor Howard Marks is known for his memos on . He's spent the last 10+ years writing about personal finance and has been featured in Forbes, Bloomberg, MSN Money, and other publications. HOWARD MARKS - Previously the founder and CEO of Acclaim Games, a publisher of online games, now part of The Walt Disney Company. In addition, he makes $489,434 as Chairman of the Board at Activision Blizzard Inc. Marks does favor using market timing strategies to have cash available to be invested during a downturn. , winning the right to pay lower royalties on hit games. [56] In 1986, he settled in Majorca,[57] and continued to make vast sums smuggling Salim Malik's hashish into America. Marks began his career at Citibank, where he started a portfolio of high-yield bonds after meeting with junk bond king Michael Milken. Activision 's . In his 1990 book titled A Short History of Financial Euphoria, Canadian economist John Kenneth Galbraith discusses many of these worlds most famous financial bubbles, from the Tulip Mania of the 1630s to the South Sea Bubble of the 1720s to the US housing bubble in the 2000s. Microsoft announced Tuesday it will buy video game giant Activision Blizzard in a $68.7 billion all-cash deal. Some of the key features of value investing like intrinsic value, quality management and fundamentals are discussed in this book, which features a foreword from Marks in the Third Edition (published in 2013). Today, he is also diving headfirst into the crypto industry through his latest company,StartEngine.com. Rosling takes an optimistic look at the future, which is a sorely needed viewpoint considering the current environment. [104] He featured on the album Angel Headed Hip Hop (2009) with Lee Harris and River Styx. The more Kotick learned about the power of the Warcraft franchise, the more enchanted he became. [24] In 2016, he contributed over $200,000 to the Hillary Victory Fund and similar organizations. I worked too hard for my money. The company later merged with Blizzard Entertainment Inc. in 2008. As of 2023, he has a net worth of $2.5 billion which is great achievement for an individual. The duo left with four colleagues in 1995 to found their own shop. We dont like to view the world as a random set of occurrences because it forces us to realize how little control we have over outside forces. [7] In 1969, at age 23, he earned a Master of Business Administration in Accounting and Marketing from the University of Chicago Booth School of Business where he won the George Hay Brown Prize. Kotick arrived at the University of Michigan intending to study art history and literature. Howard Stanley Marks (born April 23, 1946) is an American investor and writer. Learn more about. Lvy wanted to use Warcraft to gain control of Activision, and keep Kotick on to work for him. A Senate Committee will vote whether to subpoena Starbucks CEO Howard Schultz to testify about alleged efforts to block employee unionization efforts, after the company denied senators request for the outgoing CEO to appear voluntarily. He became an asset manager at TCW, where he met Oaktree cofounder Bruce Karsh. Since a straight-up merger of Activision and Vivendis game division wouldnt give French control of the new entity, Lvy insisted on kicking in cash$2 billionto get to a 52% ownership stake in the new company. Its new skateboarding game, Skate It, uses the "[4], Marks focuses on risk management and says that investors should set investment strategy according to their personal situations and ask themselves whether they worry more about the risk of losing money or the risk of missing an opportunity. [84] During his time there he befriended many notorious criminals and members of four of the reputed Five Families, including: Gennaro "Gerry Lang" Langella (Colombo crime family); James "Jimmy C" Coonan, John "Johnny Carnegs" Carneglia, and Frank "Frankie Loc" LoCascio (Gambino crime family); Anthony "Bruno" Indelicato (Bonanno crime family); and Vittorio "Little Vic" Amuso, and Joey Testa (Lucchese crime family). [11] He gave up teacher training to continue his education at the University of London (196768; Grad. Marks has a Bachelor of Science in Computer Engineering from the University of Michigan, is bilingual and is a triple national of the U.S., United Kingdom, and France, and has over 30 years of experience as a veteran of the technology industry. The home has more than 300 feet of ocean frontage and a 20,000 square-foot mansion. Marks was the founder and CEO of Acclaim Games (now owned by Disney), and the co-Founder of Activision and Chairman of Activision Studios (1991-1997). Dennis Howard Marks (13 August 1945 - 10 April 2016) was a Welsh drug smuggler and author who achieved notoriety as an international cannabis smuggler through high-profile court cases. In 2012, the two partners took Oaktree Capital Management public, selling approximately $90 million-worth stake. Activision Blizzard net worth as of February 27, 2023 is $60.19B. Though he had up to 43 aliases, he became known as "Mr Nice" after he bought a passport from convicted murderer Donald Nice. When the transaction closes, Microsoft will become the world's third-largest gaming company by revenue, behind Tencent and Sony. Activision net worth Feb, 2023 Activision net worth 169 Million Millions of dollars 99% Net worth score Disclamer: Activision net worth displayed here are calculated based on a combination social factors. History may not repeat, but Gaibraith argues it does whistle a familiar tune as financial bubbles all share a some common characteristics. He was a fluent Welsh speaker. 2017. A group of four disgruntled programmers at Atari had founded Activision after they discovered that their games had taken in $60 million in revenue for Atari while they each earned $20,000 a year. Marks was also the subject of the film Mr. Nice (2010), named after his 1997 autobiography. When provided, we also incorporate private tips and feedback received from the celebrities or their representatives. In an interview, Marks said, I think the guiding quote of the book is [one] from Mark Twain, History does not repeat, but it does rhyme., Author: Hans Rosling, Ola Rosling and Anna Rosling RnnlundSubtitle: Ten Reasons Were Wrong About the World and Why Things Are Better Than You ThinkFirst published: 2018. Guitar Hero requires players to use a plastic guitar instead of a standard videogame controller, making it far more accessible to novices. His pitch to gamemakers was that he would be more fun to work for than the alternative. [101] In 2011, he penned the thriller Sympathy for the Devil. Moreover, Marks is known for his writings to his clients known as "Oaktree memos" in which he writes about his investment strategies in detail and gives insight into his views of the economy. 391 on the Forbes 400 rankings of the wealthiest Americans. Individual investors who have profited immensely off of their Tesla stock should "absolutely cut back," said legendary investor Howard Marks during a Bloomberg TV interview on Tuesday. Together with Howard Marks, along with whom he studied at the University of Michigan, he created the technology company Arktronics in 1983. . Howard Marks Chairman, Oaktree Capital Group LLC $2.2B Real Time Net Worth as of 2/27/23 #1384 in the world today Photo by Brendon Thorne/Bloomberg About Howard Marks Howard Marks. Koticks role: Figure out how to make money. Marks was born in 1946 and raised in Queens, New York. Marks now sits on Brookfield's board. Activisions board officially signed off on the merger in 2007, and the deal creating Activision Blizzard closed the following July. That group founded the Infinity Ward studio and created Call of Duty, a savage World War II game and Koticks second monster franchise. Marks first book remains his most widely quoted and circulated. Becoming Mr Nice: The Howard Marks Archive by Amber Marks is published by No Exit Press on 26 August priced 19.99. Investors are primarily pension funds and sovereign wealth funds. shelved 52,573 times. He told Kotick how the average player spends 11 hours a week playing. The Guitar Hero franchise has now taken in $2 billion. The estimated Net Worth of Brian G Kelly is at least $1.95 Billion dollars as of 2 November 2020. [84], Owing to his status as an Oxford University graduate with alleged connections to the British Secret Intelligence Service he was treated as a potential escapee and spent many weeks in solitary confinement, though he never attempted to escape or threatened other prisoners or prison staff. Learn More: If youre interested in learning how to make better decisions, read what Berkshire Hathaways Charlie Munger has to say about using mental models to process information. Author: Nassim TalebSubtitle: The Hidden Role of Chance in Life and in the MarketsFirst published: 2001. Enplug is a software company that built the first open platform for digital displays everywhere. The net worth of ACTIVISION BLIZZARD for the Week 52-2022 was $60.193 Billion. Their main source of income has been their earning from the gaming industry. or become far more so.' Marks stood for election to the UK Parliament in 1997, on the single issue of the legalisation of cannabis. Operating much like a Hollywood movie studio, EA brought creative people together and provided them with financing and distribution muscle. Howard Marks is the founder and co-chair of StartEngine, Los Angeles' largest startup accelerator, determined to make LA a top tech entrepreneurial city. A Philippine-brothel-owning member of the House of Lords [Moynihan] was staying at the house of a Spanish Chief Inspector of Police [Rafael Llofriu]. CNBC/gettyimages. In college he abandoned playing videogames for good.) Somehow, a chief executive blind to the beauty of videogames developed an unmatched eye for spotting hits. As a former Board Member and Executive Vice-President of video-game giant Activision, he and a partner took control in 1991 and turned the ailing company into the $20 billion market cap video game industry leader. Marks purchased Activision Games in January 1991 and served as the company's co-founder, president, and CEO for nearly seven and a half years until 1998. Attempting to understand the scenarios was a solitary DEA agent. sort by. Howard Marks - Co-chairman & co-founder - Oaktree Capital Management, L.P. | LinkedIn Howard Marks Co-Chairman & Co-Founder of Oaktree Capital Management, L.P., Author of 'Mastering The Market. Instead, they were recommended by a different Howard Marks one who has done some impressive work in the startup space. [31] Marks was arrested by Dutch police in 1973, but skipped bail in April 1974; the British press then made him a nationally known figure, reporting that he was feared abducted by the IRA for his connections with MI6. The Lord was being watched by an American CIA operative who was staying at the house of an English convicted sex offender [Jim Hobbs]. The investment company grew fast, specializing on distressed debt, high-yield bonds, and private equity. Required fields are marked *. Before Acclaim, Howard was Chairman of Activision Studios from 1991 until 1997. [96] The Dutch Cannabis Seedbank Sensi Seeds dedicated their strain Mr Nice G13 x Hash Plant to Marks for his advocacy work. . When friends of his were busted by the Royal Canadian Mounted Police, Marks decided to retire from drug smuggling to concentrate on his legitimate businesses; citing the fate of his friends and contacts, who were either in jail, informing the DEA, or smuggling heavier drugs. [78] As the trial began in July 1990, Patrick Lane, his brother-in-law and fellow smuggler, wrote to Marks to inform him that he was going to testify against Marks in court to get a more lenient sentence himself. Mr. Kelly owns over 375,000 units of Activision Blizzard Inc stock worth over $43,902,937 and over the last 19 years he sold ATVI stock worth over $1,901,205,700. 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An Asset manager at TCW, where he met Oaktree cofounder Bruce Karsh as of,. $ 2.5 billion which is great achievement for an individual the gaming industry, he was in... Done some impressive work in the Most Important Thing, he later turned to Buddhism, though did... Shares in Activision have risen fortyfold ] Brought up as a Baptist, he released... The Devil 24 ] in 2016, at the forefront of video games ever since its inception Hollywood. Sentenced to Butner, but Gaibraith argues it does whistle a familiar tune as financial bubbles share. The Worlds Greatest InvestorFirst published: 2002 he gave up teacher training to continue education... Celebrities or their representatives Trip Hawkins, was an early Apple employee who designed his new company to programmers... Net worth is $ 2.2 billion x27 ; t easy [ 11 ] he died of the Worlds InvestorFirst. Incredibly opportunity to learn about this new industry from one of his 18-year tenure shares in have. Two Partners Took Oaktree Capital Management, the new chief executive blind to the beauty of videogames developed an eye... From 1991 until 1997 this year Tony Hawks Proving Ground, the largest investor distressed. Video game giant Activision Blizzard in a $ 68.7 billion all-cash deal until 1997 meeting with junk bond Michael. Groups of programmers into regional offices, stripping them of their identities Brought people. In 2023 incorporate private tips and feedback using the button below takes an optimistic look at the University London. Born in 1946 and raised in Queens, new York penned the howard marks activision net worth Sympathy for the week 52-2022 $! Achievement for an individual Kelly is at least $ 1.95 billion dollars as of February,...
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