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Celia Holman Lee, CEO of Holman Lee Agency FASHION icon and well-known model agency CEO, Celia Holman Lee shares a precious story of love, keepsakes, and a sprinkle of nostalgia. Keeping a babydoll for over 70 years in her attic, Celia never forgot the cherished memories of the toy she received at the age of six or seven. “They were all the rage and very popular those times, and my dear mother went off and got me one,” she said. Rummaging the antique toy out of her loft for a photograph, the nostalgia came flooding back. “That doll sticks out in my mind and I’m lucky that I still have her,” Celia said. “I was very young, and in those times, there weren’t many surprises. We woke up on Christmas Day and the doll was just sitting there. Gifting was different in those times. “It’s memories for me and I’m thrilled that I kept the doll all these years and looked after her. When I played with her I adored her, thanks to my incredible mother.” Peter Nash, Limerick footballer / Hurling Development Officer ONE LIMERICK senior footballer turns out to be a gamer too, it seems, as Peter Nash divulges his multi-faceted interests through what he says was his favourite Christmas present ever. “It was a PlayStation 2 in limited edition silver,” he recalled. “I asked for a PlayStation 2 but the silver edition was a surprise!” The Limerick City Hurling Development Officer and Kildimo-Pallaskenry man said he received the console at age 10 in 2002. “I still have it and it still works,” Peter said. “Myself and my brother spent that whole Christmas playing FIFA 2002 and so many of the following years playing other games on it. Might even break it out this year to get more enjoyment out of it than it’s already given me!” Peter won the inaugural Golden Boot Award for the 2023 Limerick Senior Football Championship. Mick Dolan, Owner of Dolan’s Limerick HOUSEHOLD name Mick Dolan recalls an unforgettable memory he has of surprise concert tickets he received to see one of his all-time favourite musicians. “I got a present from my nephew, Ivan McMahon, to see one of my favourite artists, Tom Waits, perform in the Phoenix Park in Dublin around 15 years ago,” he said. “It was a surprise. It was an incredible experience.” Tom Waits is known for his unique blend of jazz, blues, and rock. He rose to prominence in the 1970s with albums like Closing Time and Small Change. Owning a renowned music venue in the heart of Limerick city on the Docklands, concerts are the focal point of Mick’s trade and music accounts for a huge portion of his life, with Dolans being an iconic spot for audiences and musicians alike for 30 years. “I had always wanted to see this artist live [Tom Waits]. I will never forget it!,” he said. Chloe Walsh, Influencer / Entrepreneur FOR CHLOE Walsh, nothing beats flight tickets in her stocking at Christmas, as “going on little city breaks” are her and boyfriend Andrew La Touche’s “favourite thing to do”. “For Christmas 2022, my boyfriend surprised me with a trip to Budapest,” she said. “It was the best trip, filled with so much fun and adventure and we got to spend time together exploring another city of Europe. It was a total surprise present for Christmas. “We started off our trip at the Zoo Cafe where they have animals crawling around everywhere while you have a coffee, it was so fun!” The 27-year-old said they also visited other tourist attractions like St Stephen’s Basilica, The Light Art Museum, the Széchenyi Thermal Baths “and we finished off our trip at the secret garden spa” at the hotel. “The highlight moment was spending time together and exploring another new place because that’s what life is all about travelling and exploring the world.” Eve Stafford, Soprano singer / Network Limerick FOR SOPRANO singer Eve Stafford, becoming a Spice Girl was the dream at age nine. A memory that stands out for the newly-elected Network Limerick President 2025 is something of mischief and tears, before delight. “My favourite present I got was the Spice World album, on tape, from my big brother, Robert. “What’s funny is he gave me a lump of coal first! When I was a kid, I was a devil for trying to guess what the presents were under the tree. “I couldn’t figure out this one present, I was shaking it and it was an irregular shape. I was ready to burst out crying when I opened it. “My brother then, behind his back, gave me the Spice Girls tape. I was then screaming and running around the house, delighted with myself.” Eve says to this day, her favourite Spice Girl was Posh Spice, albeit “she wasn’t the best singer”. She received the gift in 1997, with her favourite song being ‘Two Become One’. Conor Sheehan TD, Labour politician FOR NEWLY-elected Labour TD Conor Sheehan, he cast his mind back to the early 2000’s, where he got a “big, clunky desktop computer” from Santa at age 10 or 11. “The thing was slower than a Sunday afternoon in November, but I loved it,” he said. “I used to play the Sims when I was a child. My other favourite present I got when I was 12 was a go-kart. It was black with red seats. “It was a pedal go-kart and it had a back seat, but if somebody who was too heavy sat on the back the whole thing tipped over.” Saying that, the Windows XP computer “was a surprise”, the now 31-year-old had asked for the go-kart because “one of the neighbours had one.” “I used the computer for donkey's years. I’ve a funny feeling we still have it in the attic. I thought it was the height of technology and I remember playing solitaire on the thing. I grew out of the go-kart but had great fun on it.”State eyes new way to count students in need

In this podcast, Motley Fool analyst Asit Sharma and host Mary Long discuss: Disruptions to traditional car dealerships. Amazon 's next potential venture. The rise and fall of GM 's driverless ambitions. Then, Motley Fool analyst Jim Gillies and host Ricky Mulvey look at Aercap , an airline leasing company that sees debt as a "raw material." To catch full episodes of all The Motley Fool's free podcasts, check out our podcast center . To get started investing, check out our beginner's guide to investing in stocks . A full transcript follows the video. This video was recorded on Dec. 11, 2024. Mary Long: One car dealer revs up while another slows down. You're listening to Motley Fool Money. I'm Mary Long, joined today by the illustrious Asit Sharma. Asit, thanks for being here. Asit Sharma: Mary, no one's called me illustrious since I put too much hair gel in my hair as like a 20-something so I appreciate that. Mary Long: You know what? I'm out here trying to help you out, gas up a little bit. We were talking about books before we started recording. I feel like that puts another check in the illustrious box for you. But I digress. Asit Sharma: I'll wear the luster proudly throughout the rest of the day. Mary Long: There we go. Asit Sharma: That's not why we're here. Mary Long: That's not why we're here. No, we're here to talk about a lot of car stuff today. We got news yesterday that Amazon has officially entered the car dealer business. Or for now, specifically the Hyundai Biz. In 48 US cities, you will now be able to buy Hyundai vehicles off of Amazon through participating dealers so Amazon acting as a middleman here. You'll also be able to finance the car, arrange a pickup, and or trade in your old car all through the Amazon app. More manufacturers are allegedly coming next year, right off the bat, I can think of a bunch of different players who are affected by this announcement. Let's maybe start with traditional car dealerships. What do you think they are thinking right now? Asit Sharma: I think for them, it's wait and see. Let's start with traditional car dealerships that operate within the Hyundai. I'm sorry, I pronounce this differently than you, Mary. Mary Long: I could very easily be wrong. Asit Sharma: It's just stuck in my head. Hyundai dealerships, you get to opt into this program. You don't have to participate. Even within the umbrella of this one carmaker, I think dealers are looking to see what the economics will be like for those who participate, whether it's better to sacrifice a little bit of your profit to a company like Amazon in a trade for volume. Or just to stick through your own channels that you've built with Hyundai and with your local community. I noticed I went on this morning I am an Amazon Prime customer. I thought, let me buy a new vehicle this morning. I bought maybe a set of light bulbs from Amazon Prime. Last, let me buy a vehicle. I didn't get all the way till the click to purchase. But what I did notice is that the dealership that showed up is about 54 miles away from me, which means that some other dealers haven't opted into the program. But this is available in, I think, like 48 states. If you are a car dealership, whether you're this brand of vehicle or you're maybe with, let's say, GM who we're going to talk about a little later, you're going to see, what the volume looks like, and if it's maybe worth you dabbling or participating in. Mary Long: When you were going through this car buying process on Amazon, potentially, you didn't go all the way. I've heard a rumor that you can get a $2,300 gift card. Was that offered to you, too? Asit Sharma: I didn't get to that point, and I was scared to. Amazon has that one-click function in Prime so if you're not careful, you might end up just buying the vehicle outright. Actually, I think they protect against that. I did hear about that. It's enticing. It's one thing to make you to try it out. I do want to say this about the interface. It's funny. The interface wasn't that glamorous. Actually, there's a much sharper and crisper interface if you go to Hyundai site, but there's a lot more choice. You can build your vehicle. You can root around the different makes and models. Amazon gives you that Amazon experience where they pretty quickly show you a number of vehicles you click through. Then you get your classic prime side panel so you can configure the vehicles by whatever your trim, your price, your parameters are, and that'll shift the results to different dealerships. You can see that, while it's not so flashy, as we've come to expect those who visit the large car manufacturers' websites for buying a new vehicle, it is a faster process, and you're used to it so I had some thoughts that it might be intuitive for many people to use. Mary Long: We hit on how traditional car dealerships might be feeling about this news. What about less traditional ones? What do you think the vibe is at Carvana 's corporate office this morning? Asit Sharma: Carvana has been through a lot. They had troubles with getting their title system right a few years ago, then the economy went in reverse on them with high interest rates. Their business model nearly snapped in, too. I think because they've been through the fire a couple of times, they've been through the crucible, they're probably like, so what? Mary Long: As far as long they're like, another day. [laughs] Asit Sharma: They're battle-hardened, and, too, they probably have some time, if you look at the long-term horizon for how this plays out because Amazon is going to naturally try to work with new car sales up front. That's going to be more profitable for them. They don't necessarily want to get into the business of dealing with used cars. That requires a different type of investment in hand-holding, and that's where Carvana put its money. To make that experience great for someone who wants to buy a used vehicle. They are prone to the vagaries of that market so when used car prices are higher, they make money, and when the economy isn't so great, they hit the skids. But I think it's a space that's like second order for Amazon so I don't think they're that scared yet. I think the vibe pretty much it's 10:00 AM let's go grab another cup of coffee. Mary Long: This is second order for Amazon, as you said, but it still feels like a pretty big jump. Why do they want to bear with me, get into this race in the first place? Asit Sharma: Mary, we've touched on this in some other conversations about Amazon. Let me stop here. I admire Amazon. There are a lot of things I don't admire. I get in trouble when I say this. I don't like some of their business practices. I don't like some of the things that they do and how they treat warehouse employees. I think automation, for one, makes humans compete with the robots, and I think they run their drivers and trucks way too hard. Having said all that, what I do admire about Amazon is that they're steadily marching toward $1 trillion in annual sales. They're going to hit that in a few years, and I've talked before about how they're going to bypass Walmart as the world's largest retailer. When you hit that scale, it becomes harder to move the needle using the top line. If you start selling a new line of dinner cloth napkins on amazon.com, that's not really going to help you move the needle that much. They have to do that but look, get into a big ticket item business where you have a large transaction that's crossing your books, and then you make some appreciable slice on that. If we go past or vision past just working with Hyundai, then there are many other manufacturers, many other big-ticket vehicle pathways for Amazon, if they get other companies to participate, where that starts to become appreciable to that top line and can move the needle on profits and cash flow. They're so big right now. It's almost like this makes sense when you think of how huge their scale is. Mary Long: We already think of Amazon as the everything store, and as you've mentioned, they have their hands in so many different pots, as well. If you, Asit are in charge of determining Amazon's next big business venture, doesn't even have to be big, actually, their next business venture. What would you say it should be? Asit Sharma: I think they should get into the precision agriculture business. Mary Long: I'm not expecting you to say that. Asit Sharma: Only half jokingly. Look at Tesla . There's a company that also invests a lot in Cloud computing in computation and artificial intelligence, but it has this whole manufacturing bent, and that also results in big-ticket sales for Tesla. Amazon has so much smarts in the world of computation. They've got everything that Tesla conceivably has or Apple conceivably has in the electronics portion of any consumer goods. Why not manufacture something? You can sell big-ticket items. It would not be that hard for Amazon to start a small prototype R&D manufacturing operation or just snap up a couple and start figuring out how to compete with the John Deers of the world. I know it's crazy but it's also Wednesday. [laughs] What's your next question, Mary? Mary Long: Well, I promise lots of car talk, so we're going stay in the same lane, but move on to a different angle. While this is happening at Amazon, meanwhile, over at GM, we got news that they're shutting down Cruise, their robotaxi unit. GM has poured between $8 and $10 billion into this department since 2016. A quick trip down memory lane, Asit. When this first rolled out, what was the original dream for Cruise, and what it could be? Asit Sharma: The original dream was for Cruise to become a platform so that GM could be more than just a company that made and sold cars. If they built a fleet of row taxis somewhere here in the US that they could then export around the world, then suddenly GM becomes this ride-hailing for service business and not the sleepy old GM that we all have known all our lives. It's a romantic dream, but it's a dream that also takes capital, smarts, patience, a lot of other things. But that was the vision, and I still applaud GM for having that vision and understanding that to compete in this new world, you've got to evolve. You've got to become more than what you were, but that looks like it wasn't quite the solution for GM. Mary Long: Why did GM decide to abandon this grand vision that they had? Asit Sharma: It goes back to what I was just talking about. I think they had the technology that they were developing. I know they have the capital. GM outputs a lot of free cash flow each year, but this wasn't a small portion. I think the total run rate of capital expenditure on this business on the Cruise robotaxi concept was like two billion bucks a year. That's a lot of money. Then patience, sometimes you are patient as a management team, but your shareholders aren't as patient. Remember, GM was telling investors that this business would mature by the end of the decade. It doesn't look that close to it so I think investors were getting antsy on how much money that GM has put into this business. I'm going to call it rough numbers maybe $8, $9, $10 billion, and what the perceived returns could be. Mary Long: Those perceived returns, Mary Barra had been talking about the idea that Cruise could generate $50 billion in annual revenue by the end of the decade by 2030. Obviously, by shuttering this unit, that's no longer on the table. What other project might replace that potential revenue? Was the success of Cruise already baked into GM stock, and does that now have to be reevaluated? Asit Sharma: I'm going to give an answer that seems very counterintuitive here and that it was baked into the stock price. But if you look at the stock today, it hardly moved. I think GM is down maybe 1.5%. What I mean by that is that lots of analysts who model out to 2030 use a type of reasoning where you're basically taking the probability of something happening and then multiplying that by the total expected return. If Mary Barra says that this is going to be a multibillion-dollar business, $50 billion, as you say, in annual revenue by 2030. I'm an analyst who feels very skeptical and thinks, well, I think there's only a 5% chance of that happening by 2030, I may just plug in $2.5 billion of revenue instead of $50 billion into my forecast. I think it was included and as we got closer to 2030, and investors, yourself, myself, people who use spreadsheets, institutional investors, everyone started to model this out. We would take the probability of what we saw on the ground and then attribute that to what the stock should be valued at so the stock could conceivably have risen if GM had stuck it out. That's one thing that's clear today. The other thing that's clear is that it's so unclear what could possibly bring that much revenue in the next what? They've got five or six years. I don't think they have a good answer to that, but investors probably feel good today that they get back maybe $1 billion worth of cash flow after some restructuring. It's important to know that the other part of that cash burn is going to continue to go on. They're going to try to develop Cruise now as more of a technology for a new car you or I might buy. Maybe by 2030, we have a fully autonomous vehicle that GM will offer that takes all this learning and technology but isn't going toward building this incredible robotaxi fleet. We can just buy that technology, there'll be some yield out of it, but there is no good answer now to any revenue source that's going to bring 50 billion bucks more to their top line in the next five to six years. Mary Long: Obviously, GM is not the first company to pursue these driverless ambitions. They're also not the first company to abandon these driverless ambitions. Uber left the game in 2020 when they sold their self-driving unit to Aurora Innovation, which is backed by Amazon, Lyft followed suit a year later. Ford 's unit, Argo AI closed its store a year after that in 2022. Apple earlier this year, noted that it abandoned its autonomous electric vehicle pursuits. Those are a lot of big companies with a lot of big money. They're all exiting this race so clearly, having the money is not enough to get you closer to the finish line. If that's true, then what is? What do you actually need to make these grand visions of driverless robotaxis a reality? Asit Sharma: I think what you need from the start is a commitment to what's called Level 4 of driving autonomy so this is high driving automation. This is a condition in which you're like a passenger in the car and the car doesn't need a human driver for most situations. That's really hard to do, and I think many companies get into this understanding that they're already potentially at Level 2. Level 2 is like partial driver assistance. Something goes wrong, you can grab the wheel. The transition from this Level 2 to Level 3, which is you're a passenger. You're just watching what's going on. That is harder than most companies assume because to get to this level of autonomy, you need a lot of different types of technology. You need radar, you need LiDAR. You need sensor capability. You need a lot of artificial intelligence. You need high-definition mapping. There's so many I don't even mention ultrasonic sensors. Let's not even get into this level of detail, but you can see from what I'm saying that there's so much involved in getting to truly driverless states that, again, patience comes into play, patience of management teams, patience of shareholders, patience with regulators, like in the US, we still don't have the full regulatory landscape worked out. We don't have the insurance landscape worked out. What happens when one of these robotaxis just collides with a crowd of people who are coming out of a concert? God forbid that should happen. But this stuff is so much harder than it looks both on a capital level, a technological level, patience level. This is why you see even companies with deep pockets just pull up stakes after a while, and kudos to Waymo to Alphabet because Waymo has been around now. I'm sure I'm misquoting this, but the earliest days since 2009, 2010, and rough numbers, Alphabet's probably invested 20 billion bucks already. But they've got their robotaxi fleet in several cities now, and we're going to see that grow in the next couple of years so if you can stick it out you're suddenly dominating a market. Mary Long: Waymo sets us up for a great segue. We've got a daily news digest called Breakfast News. It's free to subscribe to summarizes market and business news each morning, and it closes with a fun question. Today, that question is all about robotaxis. I'm going to pose to you the same question that Breakfast News poses to readers this morning. Have you ridden in one, and do you think we'll be seeing them in most cities, not just these few that they're already in, but most cities anytime soon? Asit Sharma: Unfortunately, I haven't. I live on the East Coast, Mary, and so the centers of development started from the West Coast and moved gradually to the East or Detroit. I really don't have anything that's close by to me where I can even take advantage, but I fully intend to next time I travel out west as long as it looks safe [laughs] or I'll get out of the taxi and feel great. How about you? Mary Long: I was just in Phoenix for a half marathon a couple of weeks ago, and I was so excited to try and ride in a Waymo. I am really not that excited about self-driving cars in general, but just being close to Waymo got me amped. I wanted to try my hand at it, or, I guess, not try my hand at it because I'm not doing anything. But I will say, my friend and I were the bus that was going to take us back to the parking lot after this race was taking forever to get there so I said, oh, perfect opportunity to call a Waymo, and it was going to take 25 minutes to get to us. The bus that we've been waiting for wound up getting there in that time so we did not try it. But if I'm in a city that offers it again, I'll surely check it out. But that wait time was a little bit too much for me at the time. Asit Sharma: Well, maybe at one of our next Fool meet-ups, if we're in a city where there are some Waymo taxis around, we'll try it together. Mary Long: I like that plan. Asit, thanks so much for joining me this morning. Always a pleasure chatting with you. Asit Sharma: Thanks a lot, Mary. This was a lot of fun. Mary Long: You can subscribe to Breakfast News @breakfast.fool.com. I'll drop a link in the show notes for you to do that in case it's of interest. We already talked cars on today's show. How about planes? Up next, Ricky Mulvey makes good on a promise to let Jim Gillies talk about AerCap. An airplane leasing company that's gushing cash. Ricky Mulvey: Jim, we've recorded, I think, about three A segments over the past few months where I've promised that we're going to talk about this airline leasing company called AerCap. Primarily, because it's a company that you seem to be pounding the table for, and when you're doing that, I usually listen. This is an aircraft leasing company called AerCap. Why are you pounding the table for it? Jim Gillies: Well, thanks, Ricky. I guess I am pounding the table for it. Ricky Mulvey: Why was that sarcastic? Hang on. You gave me a little sarcastic thing. I'm giving you time to talk about this company that we normally don't talk about on the show. I thought it would be nice. Jim Gillies: I accept that in the manner in which you've just reframed it. Yes, it is a company that I own, is a company I've recommended multiple times. It's a company that I guess I am pounding the table on maybe in the context of I think there's a lot out there that's enthusiastically valued. Is that a fair way to put it? Ricky Mulvey: Sure. That's a nice way of putting it. Jim Gillies: Enthusiastically valued companies have this proud history of a 2000, 2001, 2002, a 2008, a 2022 coming along, and all of a sudden, those enthusiastically valued companies get a little less enthusiastically valued. But what I look at in AerCap I think we have a really interesting convergence of a number of things. That is the biggest and best player in a space facing probably the most attractive industry conditions they've had for a while, while gushing cash, deploying that capital in the service of shareholders, trading at a compelling valuation with probably the best CEO in the business. But other than that, I guess maybe I'm lukewarm on the company. Ricky Mulvey: We can break down a few of those. Why are conditions good for an aircraft leasing company right now? Jim Gillies: I don't know if you are aware, but we had this little thing called COVID in 2020 and 2021. Ricky Mulvey: Missed that one. Jim Gillies: Yeah, I was going to say, it would have been easy, if you weren't tuned in mainstream media 24/7. During the pandemic, obviously, air travel ground to a bit of a halt, AerCap which had been about a $65, $70 stock pre-pandemic got taken out behind the barn and shot. I think it bought them to $12 or $14 or something. The first time I recommended it in Hidden Gems Canada was around 25, I think, if memory serves and the thesis boils down to pandemics end. Or if they don't, we have a whole host of problems, obviously, that don't really matter about investing. But the thesis was, look, pandemics end and so, what is the world looking like? Well, before the pandemic, before COVID, on a revenue passenger kilometer basis, on RPK basis, air travel grows about 5% a year, doubles about every 15 years, and I'm like, look, that's going to come back. We like to travel as a species, and we're going to do more of it. In fact, post-pandemic, it has been excellent. I think the most recent year was about 12% growth. But I expect we'll probably get back to that 5% thing on the long-term basis, and that's a good thing. That's just the first piece of thinking. The second piece of thinking, though, is that look, here is this company that their customers. They're buying from Boeing and Airbus and they're leasing to insert name of airline here. The airlines came out of the pandemic, I will argue substantially, structurally weakened. I know this sounds weird for people or people don't think about this. Airlines don't really want to own planes. Ricky Mulvey: Why is that? Jim Gillies: Because they're expensive. [laughs] They are expensive, and we want our capital tied up in less assets like that. We prefer someone else owns the asset. That would be AerCap, and the airlines want to focus on running what is, I think we can all agree, a tremendously complex logistics business, right, whether you're moving cargo or people or people as cargo, essentially, that's my last experience on Air Canada. They want to focus on the cost structure and running that business and lease payments even though you're going to probably end up paying more in the long run for the asset. They are happy just to pay lease payments and take on maintenance contracts or whatever, and they're happy to pay that much smaller amount of money to a company like AerCap, and there's a few other competing ones, too. Air Lease is another one. But I hold that AerCap is probably the best in this space. Essentially, it's the airlines looking to rationalize their capital and their cost structures, happy to push that off to someone else until someone else happens to be AerCap. Ricky Mulvey: In the past couple of years, they've taken about 20% of their existing share count off the market, going from that 240 number, we said to about we'll call it 190. Jim Gillies: 185 about now. Ricky Mulvey: We're not doing. It's about 20%. I got to remember people don't have notebooks out, Jim. Is this a company trying to go private? Jim Gillies: Well, it's funny you asked that. About a year ago, I think it was actually almost, I think it was Q3 of 2023, an analyst on the call essentially said that, and Gus Kelly basically said, yeah, the current valuation, which, by the way, at the time was trading at about 0.85, 0.9 times book value and about 6.5 times earnings. Gus Kelly basically said, yeah, if we don't get a better valuation on the market, we're just going to keep buying ourselves, and at some point, it will make sense to take ourselves private. He flat-out said that. That's pretty rare to hear from a CEO. The valuation is slightly worse today. Ricky Mulvey: Are you saying that with air quotes? Jim Gillies: I am saying that with air quotes as of last week. I haven't looked this week. As of last week, the price-to-book ratio here was 1.06, and the price-to-earnings ratio was 8.2. Seems fairly cheap, and I think that both of those numbers are wrong in the direction of being too conservative. Ricky Mulvey: As we wrap up this segment, I know you wanted to talk about what debt means for a leasing company. Thoughts on that or anything else on AerCap as we finally make this time for this aircraft leasing company on Motley Fool Money? Jim Gillies: If you pull up AerCap's quote today, you're going to see that this is a company that's about a $17, $18 billion market cap. Then you're going to pull open the balance sheet, you're going to see this company has $43 billion in debt. A subset of people are going to freak out and go, Oh, my goodness, look at how much debt here. This is a ridiculous idea. Gillies is an idiot and run away with their hands screaming. Thing is, when you're a lessor, debt is raw material to you. It's like steel for a car maker. They are deploying that into assets, in this case, planes or engines or even helicopters, but mainly planes. They're deploying it into assets that are readily redeployable. If Mulvey Airlines decides to close down business, there's another airline there that will take the plane from you. We'll get it release really quickly. As well, they're salable. That's another thing that's going on with AerCap. They quite often will buy a new plane, and they'll run it for the first third to two-thirds of its useful life. If a plane on average is good for 25-30 years, AerCap will run it for 10-15 years, and then they'll sell it to airlines. The interesting thing is, they have been selling these planes. Historically, they were very good at selling these planes, and they would sell them for about 1.5 times book value. As mentioned, the stock today is selling for just over one times book value. But if you're able to sell assets for 1.5 times book value, that implies a couple of things. The first thing it implies is that you've been over-depreciating your existing assets. You've been taking too much depreciation expense, which has depressed your earnings down. Remember, this thing is only trading at eight times earnings, and those earnings are probably understated because of that over-depreciation. The second thing is if I can sell my planes for 1.5-2 times book value, spoiler, most recent quarter, they're actually selling older aircraft at two times book value. What does that imply for the assets still remaining on your books? I would argue it implies that because of that over-depreciation, those assets are undervalued, at least reported there. I like to see what's going on with this company as they cycle capital through, and part of that is going to show up as debt, but you have to understand debt is a raw material. It shouldn't be viewed as scary because at the end of the day, let's say AerCap needed to pay off all their debt tomorrow or at least in the near term. In theory, they could sell a bunch of planes, engines, helicopters to pay off all the debt. The portfolio is almost 3,500 airplanes, engines, helicopters. They could monetize far more than they're currently doing. The debt is not terribly a worry, frankly. I will close with this. One of my compatriots asked me this question when he was asking questions about AerCap and whether he should invest and he says, well but what about macro conditions? What about the macro? I'm not too sure I like the macro environment right now. There's some pressures on the stock market, pressures on recessionary talk in parts of the world. I just looked at him and said, how much worse macro-wise do you think it gets than shutting down the world for two years? Yet here is AerCap making all-time highs on the other side of that. Are you expecting we're going to shut down the world again? Because I suspect we're not, and if we don't, then here is this company again. Tremendous cash flows, super valuation, dominant place in their space, industry conditions in their favor with the best CEO and capital allocator in the industry. Seems pretty good to me. Ricky Mulvey: You know what? I'm glad we didn't do this on A segment. You needed some runway for this one. Jim Gillies, thanks for your time and your insight. Appreciate being here. Jim Gillies: Thank you. Mary Long: As always, people on the program may have interest in the stocks they talk about, and. The Motley Fool may have formal recommendations for or against, so don't buy or sell stocks based solely on what you hear. All personal finance content follows Motley Fool editorial standards and are not approved by advertisers. The Motley Fool only picks products that it would personally recommend to friends like you. I'm Mary Long. Thanks for listening. We'll see you tomorrow, Fools.NFL NOTES

EDITOR'S NOTE: On Football analyzes the biggest topics in the NFL from week to week. The Philadelphia Eagles have to make sure they don’t beat themselves. A nine-game winning streak helped the Eagles (11-2) clinch their fourth consecutive playoff berth. They’re seeking an NFC East title and still have a chance at catching Detroit (12-1) for the NFC’s No. 1 seed. But an ugly win over Carolina in which Jalen Hurts only threw 21 passes for 108 yards left wide receivers A.J. Brown and DeVonta Smith in a bad mood. He made it clear the offense, specifically the passing attack, wasn’t playing up to standard. He’s right. Hurts has thrown for fewer than 200 yards in three straight games. But Saquon Barkley is running at a record-setting pace so the Eagles haven’t had to rely on Hurts throwing to Brown and Smith as much as they have in the past. Brown caught four passes on four targets for 43 yards while Smith had four catches on six targets for 37 yards and one touchdown against the Panthers. That led to Brown bluntly responding “passing” when asked by a reporter after the game what needs improvement. Veteran leader Brandon Graham added fuel to the drama on his radio show Monday night by implying there’s friction between Brown and Hurts. The two were close friends long before they became teammates and Hurts is the godfather for Brown’s daughter. “The person that’s complaining (needs) to be accountable,” Graham said of Brown. “I’m just being honest. ... Like and he (knows) this. I don’t know the whole story, but I know that (Hurts) is trying. And I mean, (Brown) could be a little better with how he responds to things and they were friends before this. It’s like, man, but things have changed, and I understand that because life happens, but we gotta — it’s the business side that we have to make sure that we don’t let the personal get in the way of the business and that’s what we gotta do better at right now because we know it’s the issue. “Everybody is saying some things, but we need to be able to talk things out as men, you know what I’m saying? But, we need to let personal stuff go and let’s get right for this game because man, it’s like most of the time it’s just a conversation that just (needs) to be had, but the person with the problem (has) to want to talk to the person other than others. That’s all I’m saying." Graham, who is sidelined with a triceps injury, clarified his comments later to an ESPN reporter, saying he made the wrong assumption about the relationship between Hurts and Brown and planned to apologize to both players. But the damage was done. Or was it? While social media ran wild with news there’s more trouble in Philadelphia, the Eagles have been here before. They fell apart last year after a 10-1 start, dropping six of their final seven games, including a lopsided loss in the playoffs to Tampa Bay. There were questions about Hurts’ leadership, his relationship to teammates and the team’s locker room dynamic. Plus, coach Nick Sirianni was harshly criticized for the team’s failures. They overcame a tumultuous offseason and are 11-2 and in position to make a Super Bowl run. All they have to do is get along, put the team first and focus on the overall goal of winning a championship instead of pouting about individual statistics. One breakout passing game can change everything. Bill Belichick can’t break Don Shula’s all-time NFL wins record coaching in college. Whether his interest in the vacancy at the University of North Carolina is genuine or not, it doesn’t change the fact that he has to return to the NFL to become the winningest coach in league history. The biggest question is whether he’ll get that opportunity. Belichick only interviewed with Atlanta out of eight coaching vacancies last season. Belichick, who led the New England Patriots to six Super Bowl titles with Tom Brady, needs to win 27 more games to break Shula’s record for most regular-season victories. He’s 15 wins away from passing Shula for all-time victories, including the postseason. The 72-year-old Belichick explained on ESPN’s “The Pat McAfee Show,” how he would approach a college job. “If I was in a college program, the college program would be a pipeline to the NFL for the players that had the ability to play in the NFL,” Belichick said. “It would be a professional program: training, nutrition, scheme, coaching, techniques that would transfer to the NFL. It would be an NFL program at a college level.” Belichick pointed out the NIL and transfer portal have made college football more like pro football. It makes sense for Belichick to explore all of his options and talk to every team that’s interested. North Carolina could end up being his best opportunity to return to coaching, even if he can’t add those wins to his NFL resume. Get local news delivered to your inbox!A Vulnerable Trudeau Hopes to Muster Unity Against Trump Tariff Plans

President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk. “President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case. The filings come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute , leading TikTok to appeal the case to the Supreme Court. The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.” Related From Our Partner

No, I’m not just like a Republican legislator | Marty Essen

Newly captured satellite imagery shows what the Russian military in Syria is doing following the collapse of the Assad regime. The images taken this week by Maxar Technologies and obtained by Business Insider show Russian aircraft are still present at the Khmeimim airbase, but Moscow's warships are no longer stationed at its . Russia supported Syria's longtime dictator, Bashar Assad, in his brutal civil war. But Moscow's military footprint in the country fell into uncertainty over the weekend after and ousted Assad following a rapid offensive that lasted just days. Assad has since fled to Moscow. The Kremlin to project its power, and losing them would be a major setback, not something that Russia needs amid its war in Ukraine. Tartus is Russia's main naval base abroad, and it provides the country with crucial access to a warm-water port. Meanwhile, Moscow uses Khmeimim to shuttle military forces in and out of Africa. A satellite image captured on Monday shows Russian aircraft, helicopters, and military equipment at the Khmeimim airbase near the coastal city of Latakia. At the adjacent civilian Bassel Al-Assad International Airport, lots of activity was spotted. It is unclear at this time if assets have already left and whether Russia will hold its position at this base. Imagery captured on Tuesday shows that Russia's warships missing from its naval facility in Tartus, a port city located on the Mediterranean Sea. At least two frigates were spotted several miles off the coast. Five Russian surface vessels — three frigates and two replenishment oilers — and a submarine were spotted at the Tartus base earlier in the week, but they had left the facility by Monday and were still gone the next day. It's unclear if and when the warships will return to port; their presence out in the Mediterranean could be for safety reasons amid all the uncertainty on land rather than a full evacuation from Tartus. The new imagery comes amid questions over Russia's future control of the Tartus and Khmeimim bases, which it has held for years. The country's defense ministry has not publicly signaled any major force posture changes. Ukraine's military intelligence agency said that Moscow was withdrawing from its bases and evacuating its forces. BI was unable to confirm this independently. The Kremlin said that it is taking steps to through conversations with the new Syrian leadership as details of the transition government become clearer. Russian state media has said rebel forces control the province where its facilities are located. If Russia is unable to retain access to these bases, it could spell trouble for Moscow in the region. Conflict analysts with the Institute for the Study of War, a US-based think tank, on Monday that "the potential loss of Russian bases in Syria will have major implications for Russia's ability to project power in the Mediterranean Sea, threaten NATO's southern flank, and operate in Africa." Read the original article on

LISBON, Portugal (AP) — The goals are flying in again for Arsenal — and it just happens to coincide with the return from injury of Martin Odegaard. Make that eight goals in two games since the international break for Arsenal after its 5-1 hammering of Sporting Lisbon in the Champions League on Tuesday, tying the English team’s heaviest ever away win in the competition. Odegaard is back in Arsenal’s team after missing two months with an ankle injury . In that time, Mikel Arteta’s attack stuttered, with a 2-0 loss to Bournemouth and a 1-0 defeat at Newcastle dropping the Gunners well off the pace in the Premier League. There was also a 0-0 draw at Atalanta in the Champions League as well as a 1-0 loss to Inter Milan last month, when Odegaard made his comeback from injury as an 89th-minute substitute. Since then, Arsenal hasn’t lost and the goals have returned. After a 3-0 win over Nottingham Forest on Saturday came the cruise in Lisbon — and Odegaard was at the heart of everything as Sporting’s unbeaten start to the season came to an end. “He’s an unbelievable player,” Arsenal winger Bukayo Saka said of Odegaard. “The day he returned, there was a big smile on my face. You can see the chemistry we have. I hope he stays fit for the rest of the season.” Odegaard was involved in the build-up to Arsenal’s first two goals against Sporting — scored by Gabriel Martinelli and Kai Havertz — and was fouled to win the penalty converted by Saka in the 65th to restore Arsenal’s three-goal lead at 4-1. Odegaard was seen flexing his leg after that but continued untroubled and was substituted in the 78th minute. The last thing Arteta would want now is another injury to Odegaard as Arsenal attempts to reel in first-place Liverpool in the Premier League. Liverpool is already nine points ahead of fourth-place Arsenal after 12 games. AP soccer: https://apnews.com/hub/soccer

'Unbelievable' Odegaard transforms Arsenal and gets Saka smiling again

A civil jury in Ireland finds that mixed martial arts fighter Conor McGregor assaulted a woman in a hotel. (CORRECTS: A previous APNewsAlert misstated the claim the jury found him liable for.)

From Keith Rabois to Matt Miller, a lot of VCs have switched firms or spun out of storied VC institutions this year. These employment changes are surprising because unlike in many other fields, venture capitalists don’t traditionally move around very much — especially those who reach the partner or general partner level. VC funds have 10-year life cycles, and partners have good reason to stay that course. In some instances, there may be a “key man” on a firm’s fund, meaning that if they leave, the fund’s LPs have the right to pull their capital out if they choose. Many partners and GPs also have some of their own money invested in their firms’ funds, which gives them further reason to stick around. So, while big-name investor moves in venture capital aren’t common, they seem to have become so in 2024. So far this year, there have been notable instances of investors returning to old firms, striking out on their own, or taking a pause from investing entirely. There have also been some key hires to note. Here’s who we know of so far: December Michelle Volz is leaving her role as an investment partner at Andreessen Horowitz. Volz, who announced her departure on December 21, joined more than two years ago, where she built up the firm’s American Dynamism vertical. Prior to a16z, Volz was an operator at numerous defense tech startups, including Palantir. Longtime Sequoia partner Matt Miller announced on December 18 that he was leaving the firm to start his own firm focused on European founders. Miller joined Sequoia in 2012 and has backed companies, including DBT Labs, Confluent, and Grafana, among others. After more than a decade at Lux Capital, Bilal Zuberi announced on December 11 that he’d be leaving the firm. Zuberi was a general partner at Lux and backed companies, including Desktop Metal, Tendo Health, and Evolv Technology, among many others. Zuberi’s next move will be “partnering” with early-stage founders. On December 3, Alex Taussig announced he’d be transitioning out of his role as partner at Lightspeed Venture Partners, where he was a partner since 2016 and served as one of the co-leads of the firm’s consumer practice. Taussig plans to focus his efforts on his board positions. Nicole Quinn also announced on December 3 that she will be transitioning into a board partner role at Lightspeed Venture Partners. Quinn was also a co-lead of Lightspeed’s consumer practice. Quinn joined the firm in 2015 and was most recently a general partner. November Sriram Krishnan announced on November 27 that he would be departing Andreessen Horowitz after four years as a general partner. Krishnan, who was focused on AI and crypto investments at a16z, will be joining the incoming Trump administration as a senior policy adviser for artificial intelligence. On November 5, Andreessen Horowitz announced that Brian Roberts is joining the firm as a general partner and will work across the firm’s American Dynamism and AI Apps funds. Roberts previously worked as a CFO at numerous notable companies, including Splunk, OpenSea, and Lyft. Andreessen Horowitz also announced on November 5 that Andy McCall is joining the firm as a general partner to work across the firm’s American Dynamism and AI Apps funds. McCall most recently held numerous roles at cloud company Samsara. October Paris Heymann left his role as a partner at Index Ventures to join J.P. Morgan as a co-managing partner within the asset manager’s venture and growth equity practice. The move was announced on October 15 . Heymann helped Index launch its New York office in 2022 and was a partner at Arena Holdings before that. On October 9, Julian Eison announced on LinkedIn that he was stepping away from his role as managing partner at Next Ventūres. Eison said in his post that he is taking some time to figure out what’s next. He’s backed companies such as Pair Team, Juno Medical, and Vital Biosciences. After four years as a partner at Khosla Ventures, Sandhya Venkatachalam has spun out of the firm and launched Axiom Partners, a new VC firm that is targeting $50 million for its debut fund to back AI and machine learning startups. The news of Venkatachalam’s departure was confirmed on October 8. September James da Costa announced on September 17 that he was joining Andreessen Horowitz as a partner focused on B2B software and financial services. This marks da Costa’s first foray into venture investing; he was previously the co-founder of Fingo, an African neobank. On September 11, Jacob Westphal announced that he was leaving Andreessen Horowitz. Westphal was a partner at a16z for three and a half years. He left to become the portfolio lead at Will Ventures. August Freestyle VC announced on August 15 that Maria Palma had joined the firm as a general partner based in San Francisco. Palma was most recently a general partner at Kindred Capital, based in London. Palma has backed companies such as Moov, Novo, and Lottie. July After nearly seven years, Alex Cook is getting ready to leave Tiger Global, sources familiar with the matter tell TechCrunch. While at Tiger Global, Cook led deals including TradingView, Scalapay and TrueLayer, among others. Prior to Tiger Global, Cook worked at Apollo. Bessemer Venture Partners announced it added Lauri Moore as a partner on July 22. Moore was previously a partner at Foundation Capital for two years and an operator at LinkedIn before that. Moore will be focused on early-stage investments in sectors including data, AI and developer tools. On July 17, DCVC announced it had brought on Milo Werner as a general partner to lead the firm’s climate investing practice. The firm is currently raising its first dedicated climate fund . Werner was most recently a general partner at Engine Ventures for two and a half years. Werner was a partner at Ajax Strategies prior to that. Anne Lee Skates announced on July 11 that she had left Andreessen Horowitz where she had been a partner on the consumer team since 2019. She added that she’s off to do her “life’s work” and will post more about her future plans soon. At Andreessen, she backed companies including Whatnot, Kindred and Prisms, among others. June On June 17, Spencer Peterson announced that he’d left Bedrock, where he served as partner for five years, to become a general partner at Coatue. Peterson is an investor in companies including OpenAI and Rippling, among others. Amanda “Robby” Robson announced her departure from Cowboy Ventures in a LinkedIn post in early June. Robson had been at Cowboy Ventures since October 2019 and at Norwest Venture Partners for three years prior to that. Robson plans to launch a fund of her own. May Serena Ventures founding partner Alison Stillman announced she’d stepped back from the firm on May 14 after a nearly six-year run working with tennis star Serena Williams. Stillman did not announce her next step. Terri Burns announced on May 13 that she was launching a new venture firm called Type Capital. Burns was previously the first Black woman partner at GV and left the firm back in 2022. Her new fund will focus on pre-seed and seed-stage startups. Last week TechCrunch scooped that Fika Ventures co-founder Eva Ho was going to transition out of the firm after Fika finished deploying its current fund. Ho is stepping back for personal reasons. The move was confirmed by the firm in a blog post on May 9. On May 9, Alison Lange Engel announced she was taking on the role of CEO at Ceros, an AI-powered design company. Lange Engel left Greycroft in December, where she had been a partner since 2019, to take the role. After 15 years, Vic Singh announced on X that he was stepping down from Eniac Ventures on May 1. Singh helped launch the firm in 2009 and is planning to launch a new firm of his own. April On April 30, Ethan Kurzweil announced he was leaving his role as partner at Bessemer Venture Partners after 16 years. Kurzweil will be launching an early-stage-focused investment firm, according to reporting from Axios . Kurzweil will launch the firm with Kristina Shen , who left Andreessen Horowitz after four years on March 29, and Mark Goldberg, who left Index Ventures after eight years last fall. On April 1, Christina Farr announced that she’d be leaving OMERS Ventures, where she has served as a principal investor and the lead of the firm’s health tech practice since December 2020. Farr announced on X that she’d be working on her health tech newsletter, writing a book focused on the power that storytelling can have on businesses, and consulting health tech founders. March After six years as a partner at Accel, Ethan Choi announced that he’d be leaving the firm to head to Khosla Ventures in March. Choi will be focused on growth-stage investing at his new firm and has backed such companies as Klaviyo, Pismo and 1Password. While many of the recent VC moves have been by folks looking to start something new, or take on a different opportunity, not all of them have been. On March 13, Chamath Palihapitiya’s Social Capital announced that it fired partners Jay Zaveri and Ravi Tanuku . Bloomberg reported that this was due to a matter involving raising money for AI startup Groq. Rabois was not the only person looking to boomerang back to an old haunt in this recent rise of investor reshuffling. On March 5, Miles Grimshaw announced that he’d be returning to Thrive Capital as a general partner after serving the same position at Benchmark Capital for three years. Grimshaw originally started at Thrive Capital in 2013 and has backed such companies as Airtable, Lattice, and Monzo, among others. While transitioning from operator to VC is a common career progression in the startup ecosystem, it isn’t for everybody. On March 4, Sam Blond announced he had come to that conclusion and would be leaving Founders Fund, where he had been a partner for about 18 months. Blond said he would return to operating and has held roles at companies such as Brex, Zenefits and EchoSign. January After 12 years at Andreessen Horowitz, Connie Chan announced she was leaving the firm on January 23. Chan had served as one of the firm’s general partners the last five years and has backed companies such as Cider, KoBold and Whatnot. Famed venture investor Keith Rabois announced on January 9 that he was leaving Founders Fund to return to Khosla Ventures. Rabois had been a general partner at Founders Fund for nearly five years; he returned to Khosla as a managing director, his prior role. TechCrunch is monitoring the recent venture moves and will continue to update this article as they happen. If you have any tips or callouts to bring to our attention, contact me here: rebecca.szkutak@techcrunch.com . This post was originally published on May 1. It has since been updated on May 13, July 12, August 15, September 23, November 18, and December 23, 2024, to include additional moves within venture. This post has been updated to better reflect Anne Lee Skates’ investments at Andreessen Horowitz.Greenland rebuffs Trump, says country is ‘not for sale’

Aston Villa’s impressive Champions League debut continued as they strengthened their chances of automatic qualification to the last 16 after a 3-2 win at RB Leipzig. Ross Barkley’s 85th-minute winner gave them victory after they had twice squandered the lead in Germany. John McGinn and Jhon Duran goals at the start of each half were cancelled out by Lois Openda and Christoph Baumgartner. But Barkley had the final say less than two minutes after coming off the bench as his deflected effort earned the points which sent his side third in the new Champions League league phase. The top eight automatically qualify for the next stage and with games against Monaco and Celtic to come, Unai Emery’s men are a good bet to avoid the need for a play-off round in their first foray in this competition. Leipzig are out, having lost all six of their games. Villa enjoyed a dream start and were ahead with less than three minutes on the clock. Matty Cash, playing in a more advanced position on the right, crossed for Ollie Watkins, who nodded down into the path of McGinn and the skipper made no mistake from close range. That gave the visitors confidence and they had enough chances in the first 15 minutes to have the game wrapped up. Lucas Digne’s cross from the left was begging to be converted but Watkins could not make contact from close range and then Morgan Rogers shot straight at Leipzig goalkeeper Peter Gulacsi. Then Youri Tielemans found himself with time and space on the edge of the area from Watkins’ tee-up but the Belgium international disappointingly dragged wide. All that good work was undone in the 27th minute, though, as Emiliano Martinez was left red-faced. The Argentinian was too casual waiting to collect Nicolas Seiwald’s long ball and Openda nipped in to get the ball first and tap into an empty net. — Aston Villa (@AVFCOfficial) Duran was introduced at the break and needed just a couple of minutes to fire a warning when he drilled wide after a loose ball fell to him 14 yards out. But the Colombian got his goal in the 52nd minute, though it was another moment for the goalkeeper to forget. Duran was invited to drive forward and unleashed a 25-yard shot, which was hardly an Exocet, but still was too much for Gulacsi, who barely even jumped. It was his 10th goal of the season and sixth from the bench as he continues his super-sub role. 😍 — Aston Villa (@AVFCOfficial) The striker was not complaining and he thought he had doubled his tally shortly after when he converted Cash’s centre but the provider was ruled offside by VAR. Five minutes later, Villa found themselves pegged back again with a finish of real quality. Openda was sent clear by another long ball and his cross was perfect for Baumgartner to cushion a far-post volley back across goal and into the corner. Digne brought a save out of Gulacsi and then Openda shot straight at Martinez as both sides pushed for a winner. It was Villa who got it as Barkley saw his deflected effort wrong-foot Gulacsi and hit the back of the net.Support our high school sports coverage by becoming a digital subscriber. Subscribe now Santa Margarita’s reign as the CIF State champion in girls golf ended but not without a major stand. In their bid to capture a third consecutive state title, the Eagles placed a close second to Torrey Pines at the CIF State Championships on Wednesday at San Gabriel Country Club in the San Gabriel Valley. Santa Margarita shot an 18-over-par 378 to finish three strokes behind Torrey Pines, which fell to the Eagles last season in a tie-breaker. Santa Margarita was attempting to become the first team to three-peat at state since Torrey Pines in 2011-13. Torrey Pines has won a record six state crowns. Orange Lutheran placed third in its first state appearance with a score of 382. In the individual competition, Santa Margarita sophomore Donina Zhou took fourth with a 1-under-par 71. She was one of only four golfers in the field to break par. Orange Lutheran junior Ally Kim was Orange County’s next highest-finishing player at 11th with a 2-over-par score of 74. Santa Margarita freshman Sam Daniels and Orange Lutheran freshman Myla Robinson tied in a group for 12th with scores of 3-over-par 75. Freshman Rina Kawasaki of Palos Verdes claimed the state title in a two-hole playoff with reigning state champion Zoe Jiamanukoonkit of Torrey Pines with a 3-under-par 69. Kawasaki sank a long birdie putt for the win. Related Articles