2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below:
​
Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
Retail exclusives can grow the potential universe of licenses and increase retailer buy-in
· For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores)
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
Previous DD: Herman Miller

Hi all,
To celebrate the return of Undervalued to the Reddit community, I decided to put together a quick DD and post it on a stock that I have had my eye on for a little while. It's still a "work-in-progress" and I may potentially update it later on Reddit with more information or detail if I have time at some point in the future.
If you have any opinions, thoughts, or additional information, please share it. Positive. Negative. Neutral. All information is helpful and informative to the community. (I thought the feedback received from my first DD posted to this sub was quite helpful and I look forward to what you have to say.)
Thank you to u/BuyLowSellNever for turning the sub back on; allowing us to share and discuss ideas with the broader community in a thoughtful and respectful manner. Best wishes. - LA

Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.

2/9/21 Update: Additional info posted here

2/9/21 Update: Additional info posted here

Funko is a good company with solid performance that is still trading at a reasonable price.
Check out my DD below:
Funko (FNKO)
Share Price (02/01/21) : $12.90
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
Retail exclusives can grow the potential universe of licenses and increase retailer buy-in
· For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores)
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
Previous DD: Herman Miller

2/9/21 Update: Additional info posted here

Hi everyone.
Funko is a great stock that I believe will do well this year. Internet search traffic for Funko has been increasing and is at all-time highs over the last couple of months. The company is selling more of their toys directly to customers through their e-commerce shop (which allows them to capture higher retail revenues than wholesale revenues). And demand for collectibles and toys continues to be strong.
Here is a DD I wrote on the company below. I would love to get your thoughts.

Funko (FNKO)
Share Price (1/28/21) : $11.97
Share Price (09/16/19) : $27.86
Short Interest (1/26/21) : 14%
Next Earnings Release: March 2021
Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties.
Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021:
· Increasing search traffic for Funko products
· Direct sales growth is driving increased revenue and profitability
· Parents are buying more gifts for their kids due to COVID
· People have more disposable income from staying at home and not going out
· Expansion of new products and licensees continuing through 2021
· Collectible investments like Funko POP! figures are exploding in value and popularity
· Recent analyst commentary, valuation, and financials are positive
FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020
“Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019)
Searches for “Funko” were up 2x in December vs the beginning of November 2020
After falling in December, “Funko” searches are trending back up to all-time-high levels
FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN
Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4
· B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year.
· Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020
· The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020
“We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti
Funko’s first ever Selena Pop! sold out online in just 40 minutes.
Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company
· Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020)
· Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018)
· As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well
Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales
· Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory.
· Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment.
Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each
· According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti.
· With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15
PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID
Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home.
· “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay
· “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD
Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending
· According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.”
Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays
· Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.”
Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong
· Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko
> Overall comparable sales were up 17.2%
> Comparable digital sales were up over 100%
> Store-originated comparable sales were up 4.2%
> Store traffic was up 4.3%
> Average ticket size was up 12.3%
· GameStop Q4 sales were solid; showing additional potential for Funko sales
> Same store sales were up 4.8% in Q4 2020
> Online sales increased 309% in Q4 2020
· According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic
> A surge in online shopping drove the increase (rising 32% vs. 2019)
> The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years.
MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT
The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling
· “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz.
Spending on “experiences” fell significantly in 2020
· The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019
> The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel
> Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending
· Concert spending is down dramatically
> Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020
> About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3)
· Movie theater attendance is down substantially
> AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020
> Cinemark saw a 96% decline in revenue
> Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue
> Studio Movie Grill filed for bankruptcy
· Other anecdotal information points to more stay-at-home activity decreasing recreational spending
> Chuck E Cheese’s declared bankruptcy
> Dave & Busters is considering bankruptcy and plans layoffs of +1,000
> CiCi’s Pizza declares bankruptcy
> Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats
> Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel.
These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage
The majority of food buffets at the major hotels and casinos have been shuttered for the time being
Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity
· The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion
· More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks
MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG
Active properties continue to rise and are expected to grow well into the future
· The number of active properties in Q3 2020 grew 15% over 2019
· Active properties grew from 644 in Q2 to 715 in Q3 2020
· The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year.
Some of the hot properties for this year and beyond
· Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc.
· Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom
· Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia
· Films: Harry Potter, The Goonies, The Mummy, Fast & Furious
· TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons
· Sports: NFL, NBA, MLB, WWE
· Others: Disney, Pokemon, etc.
COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY
· Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends.
· Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands.
· Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream.
ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK
Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12).
· Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries.
Valuation Comparison: Market Cap / Revenue (TTM)
· Funko: MC - $604 million / Rev - $640 million (0.9x sales)
· Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales)
· Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales)
Key Financial Trends For Funko
· Q3 2020 EPS (Adjusted) = $0.31
> Third highest ever (only Q4 2018 & Q3 2019 were higher)
· Q3 2020 Revenue = $191 million
> Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher)
· Q3 2020 Revenue increase vs prior quarter of 94%
> Q1 and Q2 2020 saw significant declines due to COVID
> Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49%
> Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.)
· Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce
TL;DR
After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum.
Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock.
Positions: Long Shares & Calls
Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier.
Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.

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2 Games In 1: Sonic Pinball Party / Columns Crown
2 Games In 1: SpongeBob SquarePants: SuperSponge / Rugrats Go Wild
2 Games In 1: The SpongeBob SquarePants Movie / SpongeBob SquarePants and Friends in Freeze Frame Frenzy
2 Games for 1 Great Price!: Wheel of Fortune / Jeopardy!
2 Games in 1 Double Pack: Scooby-Doo / Scooby-Doo 2: Monsters Unleashed
2 Games in 1 Double Pack: Scooby-Doo and the Cyber Chase / Scooby-Doo! Mystery Mayhem
2 Games in 1 Double Pack: SpongeBob SquarePants: Battle for Bikini Bottom / The Fairly OddParents! Breakin' Da Rules
2 Games in 1 Double Pack: The Incredibles / Finding Nemo: The Continuing Adventures
2 Games in 1! Archer Maclean's Mercury / Mercury Meltdown
2 Games in 1: GT Advance 3: Pro Concept Racing + MotoGP
2 Games in 1: Sonic Advance + Sonic Battle
2 Games in 1: The Incredibles / Finding Nemo
2 Games in 1: The SpongeBob SquarePants Movie / Battle for Bikini Bottom
2 Games in 1: The SpongeBob SquarePants Movie / Tak 2: The Staff of Dreams
2 Hits Pack: Sonic Forces / Puyo Puyo Tetris - Sega Collection
2 In 1 Game Pack: Shrek 2 / Shark Tale
2 In 1 Game Pack: Spider-Man / Spider-Man 2
2 In 1 Game Pack: Spider-Man Mysterio's Menace / X2 Wolverine's Revenge
2 In 1 Game Pack: Tony Hawk's Underground / Kelly Slater's Pro Surfer
2 In 1: Asterix & Obelix Jetzt Geht's Rund! + Asterix & Obelix XXL
2 Jeux En 1: Titeuf: Ze Gag Machine / Titeuf: Mega Compet
2 Pak Special: Dungeon Master / Creature Strike
2 Xtreme
2 for 1 Power Pack: Indianapolis 500 Legends/WWII Aces
2 for 1 Power Pack: Kawasaki Jet Ski/Summer Sports 2
2 for 1 Power Pack: Winter Blast/Summer Sports 2
2 in 1 Combo Pack: Sonic Heroes / Super Monkey Ball Deluxe
2 in 1 Combo Pack: Sonic Mega Collection Plus / Super Monkey Ball Deluxe
2-In-1 Fun Pack: Madagascar: Operation Penguin / Shrek 2
2-in-1 Party Pack: Shrek's Carnival Craze / Madagascar Kartz
200-Mannin no KanKen: Tokoton Kanji Nou
2002 FIFA World Cup
2003-Toshi Kaimaku: Ganbare Kyuukaiou
2010 FIFA World Cup South Africa
2014 FIFA World Cup Brazil
2020 Super Baseball
20th Century Video Almanac
21 Card Games
21 Emon: Mezase! Hotel Ou
21: TwoOne
24-ji no Kane to Cinderella: Halloween Wedding
24: The Game
25 to Life
250 Mannin no Kanken Premium - Zenkyuu Zen-Kanji Kanzen Seiha
250 Mannin no Kanken: Wii de Tokoton Kanji Nou
2999 Game Kids
2Dark
2K Essentials Collection: Bioshock / Borderlands / XCOM: Enemy Unknown
2K Essentials Collection: Bioshock / Borderlands/ XCOM: Enemy Unknown
2K Power Pack
2Tax Gold
3 Choume no Tama: Tama and Friends - 3 Choume Obake Panic!!
3 Count Bout
3 Games in 1: Tak / SuperSponge / Rugrats: I Gotta Go Party
3 Ninjas Kick Back
3 Ninjas Kick Back / Hook
3 in 1: Solitaire, Mahjong & Tangram
3-D Tetris
3-D Tic-Tac-Toe
3-D Ultra Pinball: Thrillride
3-D WorldRunner
3-Fun Yosou Umaban Club
3-Nen B-Gumi Kinpachi Sensei: Densetsu no Kyoudan ni Tate!
300: March to Glory
360: Three Sixty
3D Atlas
3D Baseball
3D Crazy Coaster
3D Dot Game Heroes
3D Game Collection: 55-in-1
3D Lemmings
3D MahJongg
3D Mine Storm
3D MiniGolf
3D Narrow Escape
3D Pocket Pool
3D Shooting Tsukuru
3DO Buffet
3LDK: Shiawase ni Narouyo
3X3 Eyes: Kyuusei Koushu S
3Xtreme
3on3 Freestyle
3x3 Eyes: Juuma Houkan
3x3 Eyes: Kyuusei Koushu
3x3 Eyes: Sanjiyan Henjyo
3x3 Eyes: Seima Kourinden
3x3 Eyes: Tenrinou Genmu
4 Elements
4 Elements II
4 Games on One Game Pak: GT Advance / GT Advance 2 / GT Advance 3 / MotoGP
4 Nin Shogi
4 Nin uchi Mahjong
4 Wheel Thunder
4 in 1 Action Pack
4 in 1 Row
4 in 1 Super CD
4-4-2 Soccer
4-in-1 Fun Pak
4-in-1 Funpak: Volume II
40 Winks
428: Fuusa Sareta Shibuya de
4X4 EVO 2
4X4 Evolution
4x4 EVO 2
4x4 Evolution
5 In One Fun Pak
5 Star Racing
5-Kyuu kara 1-Kyuu Kanzen Taiou: Saishin Kako Mondai - 2-Ji Shiken Taisaku - Eiken Kanzenban
5-nin no Koi Prince: Himitsu no Keiyaku Kekkon
50 Cent: Blood on the Sand
50 Cent: Bulletproof
50 Cent: Bulletproof G Unit Edition
50 Classic Games
50 Classic Games 3D
50 More Classic Games
6 Inch My Darling
6 in 1
6-Pak
64 Hanafuda: Tenshi no Yakusoku
64 Oozumou
64 Oozumou 2
64 Trump Collection: Alice no Waku Waku Trump World
64 de Hakken! Tamagotchi Minna de Tamagotchi World
688 Attack Sub
7 Blades
7 Days to Die
7 Sins
7 Wonders II
7 Wonders of the Ancient World
7 Wonders: Treasures of Seven
7'scarlet
700-Banjin no Atama o Yokusuru: Chou Keisan DS - 13000-Mon + Image Keisan
720 Degrees
77: Beyond the Milky Way
7th Dragon
7th Dragon 2020
7th Dragon 2020-II
7th Dragon III Code: VFD
8 Eyes
8-Bit Armies
88 Heroes
88 Heroes: 98 Heroes Edition
8BallAllstars
90 Minutes: European Prime Goal
90 Minutes: Sega Championship Football
989 Sports Demo Disc
99 Nendohan: Eitango Center 1500
99 no Namida
u/field
A Boy and His Blob
A Boy and His Blob: Trouble on Blobolonia
A Bug's Life
A Bug's Life / Tigger's Honey Hunt / Tarzan - Collector's Edition
A Bug's Life Activity Centre
A King's Tale: Final Fantasy XV
A Labyrinth Game / Supermind
A Mars Moose Adventure - Cosmic Quest 1: City Sights
A Mars Moose Adventure - Cosmic Quest 2: Fairy Tale Island
A Mars Moose Adventure - Cosmic Quest 3: Race Through France
A Mars Moose Adventure - Stay & Play 1: In the Clubhouse
A Mars Moose Adventure - Stay & Play 2: In Mars' Bedroom
A Mars Moose Adventure - Stay & Play 3: In Lonnie's Classroom
A Mars Moose Adventure - Walkabout 1: The Natural History Museum
A Mars Moose Adventure - Walkabout 2: The Shakespeare Festival
A Mars Moose Adventure - Walkabout 3: World Sports Day
A Nanjarin
A Rose in the Twilight
A Witch's Tale
A Year at Pooh Corner
A-Rank Thunder Tanjouhen
A-Ressha de Ikou
A-Ressha de Ikou 2001
A-Ressha de Ikou 2001 Perfect Set
A-Ressha de Ikou 3D NEO
A-Ressha de Ikou DS
A-Ressha de Ikou DS: Navigation Pack
A-Ressha de Ikou MD
A-Ressha de Ikou Z: Mezase! Tairiku Oudan
A-Train 3D: City Simulator
A-Train 6
A-Train HX
A-Train: City Simulator
A-Train: Trains - Power - Money
A. IV Evolution: A-Ressha de Ikou 4
A.C.E.: Another Century's Episode
A.C.E.: Another Century's Episode 2
A.C.E.: Another Century's Episode 3: The Final
A.C.E.: Another Century's Episode R
A.III: A-Ressha de Ikou III
A.P.B.
A.S.P. Air Strike Patrol
A.W. Phoenix Festa
A/X-101
A2 Racer II
A2 Racer III: Europa Tour
A5: A-Ressha de Ikou 5
AAAHH!!! Real Monsters
ABBA: You Can Dance
ABC Monday Night Football
ABPA Backgammon
ABZU
AC/DC LIVE: Rock Band Track Pack
AC/DC Live: Rock Band Track Pack
ACB Total 2010/2011
ACME Animation Factory
ADK Tamashii
AFL 99
AFL Live 2004
AH-3 Thunderstrike
AI Igo
AI Igo 2003
AI Igo: Saturn Version
AI Mahjong
AI Mahjong 2003
AI Mahjong Selection
AI Shogi
AI Shogi 2
AI Shogi 2 Deluxe
AI Shogi 2000
AI Shogi 2003
AI Shogi 3
AI Shogi Selection
AIII S.V.: A-Ressha de Ikou 3 Super Version
AKB1/149: Renai Sousenkyo
AKB1/48: Idol to Guam de Koishitara...
AKB1/48: Idol to Koishitara...
AKB48+Me
ALC no 10-Punkan Eigo Master: Chuukyuu
ALC no 10-Punkan Eigo Master: Joukyuu
ALC no 10-Punkan Eigo Master: Shokyuu
ALF
AMF Bowling 2004
AMF Bowling Pinbusters!
AMF Bowling World Lanes
AMF Xtreme Bowling
AR Games
ARK: Survival Evolved
ASCII Entertainment Demo Disc
ASH: Archaic Sealed Heat
ATP Tour Championship Tennis
ATV Mania
ATV Offroad Fury
ATV Offroad Fury 2
ATV Offroad Fury 3
ATV Offroad Fury 4
ATV Offroad Fury Pro
ATV Offroad Fury: Blazin' Trails
ATV Quad Frenzy
ATV Quad Kings
ATV Quad Power Racing 2
ATV Racers
ATV Racing
ATV Renegades
ATV Thunder Ridge Riders / Monster Trucks Mayhem
ATV Wild Ride
ATV: Quad Power Racing
ATV: Thunder Ridge Riders
AV Poker World Gambler
Aa Harimanada
Aa Megami-sama
Aa Yakyuu Jinsei Icchokusen
Abadox: The Deadly Inner War
AbalaBurn
Abarenbou Princess
Absolute Supercars
Absolute: Blazing Infinity
Abunai Koi no Sousashitsu: Eternal Happiness
Abunai: Koi no Sousa Shitsu
Academy of Champions: Soccer
Accel World vs. Sword Art Online: Millennium Twilight
Accel World: Ginyoku no Kakusei
Accel World: Kasoku no Chouten
Accele Brid
Ace Attorney Investigations: Miles Edgeworth
Ace Combat 04: Shattered Skies
Ace Combat 2
Ace Combat 3: Electrosphere
Ace Combat 5: The Unsung War
Ace Combat 6: Fires of Liberation
Ace Combat 6: Kaihou e no Senka / Beautiful Katamari Damacy
Ace Combat 6: Kaihou e no Senka / Lost Planet: Colonies
Ace Combat Advance
Ace Combat Assault Horizon
Ace Combat X: Skies of Deception
Ace Combat Zero: The Belkan War
Ace Combat: Assault Horizon Legacy
Ace Combat: Assault Horizon Legacy+
Ace Combat: Joint Assault
Ace Lightning
Ace o Nerae!
Ace of Aces
Aces of War
Aces of the Air
Acid
Acid Drop
Aconcagua
Acrobat Mission
Acrylic Palette: Irodori Cafe - Cheers
ActRaiser
ActRaiser 2
Action 52
Action Bass
Action Fighter
Action Girlz Racing
Action Man A.T.O.M.: Alpha Teens on Machines
Action Man: Destruction X
Action Man: Operation Extreme
Action Man: Robot Atak
Action Man: Search for Base X
Action Pachio
Action Pack: Prince of Persia Revelations, Driver 76, Rainbow Six Vegas
Active Health with Carol Vorderman
Active Life Explorer
Active Life Value Pack
Active Life: Extreme Challenge
Active Life: Magical Carnival
Active Life: Outdoor Challenge
Activision Anthology
Activision Classic Games
Activision Demo Action Pack
Activision Hits Remixed
Actua Golf 3
Actua Ice Hockey
Actua Ice Hockey 2
Actua Pool
Actua Soccer 2
Actua Soccer 3
Actua Soccer: Club Edition
Actua Tennis
Ad Lib Ouji ...to Fuyukai na Nakama-tachi!?
Adam & Eve
Adam's Venture Chronicles
Adam's Venture: Origins
Addams Family Values
Addie no Okurimono: To Moze from Addie
Adian no Tsue
Adiboo & Paziral's Secret
Adiboo and the Energy Thieves
Adibou Et L'Ombre Verte
Adidas Power Soccer
Adidas Power Soccer 2
Adidas Power Soccer 98
Adidas Power Soccer International '97
Adidas miCoach
Adrenalin Misfits
Adult Swim Collection
Advan Racing
Advance Guardian Heroes
Advance Wars
Advance Wars 2: Black Hole Rising
Advance Wars: Days of Ruin
Advance Wars: Dual Strike
Advanced Daisenryaku 2001
Advanced Daisenryaku: Deutsch Dengeki Sakusen
Advanced Daisenryaku: Europe no Arashi - Doitsu Dengeki Sakusen
Advanced Dungeons & Dragons
Advanced Dungeons & Dragons: DragonStrike
Advanced Dungeons & Dragons: Dragons of Flame
Advanced Dungeons & Dragons: Eye of the Beholder
Advanced Dungeons & Dragons: Heroes of the Lance
Advanced Dungeons & Dragons: Hillsfar
Advanced Dungeons & Dragons: Iron & Blood: Warriors of Ravenloft
Advanced Dungeons & Dragons: Pool of Radiance
Advanced Dungeons & Dragons: Treasure of Tarmin
Advanced V.G.
Advanced V.G. 2
Advanced World War: Sennen Teikoku no Koubou
Advent Rising
Adventure
Adventure II
Adventure Island
Adventure Island 3
Adventure Island II
Adventure Island II: Aliens in Paradise
Adventure Mega Pack
Adventure Player
Adventure Quiz Capcom World: Hatena no Daibouken
Adventure Time: Explore the Dungeon Because I DON'T KNOW!
Adventure Time: Finn and Jake Investigations
Adventure Time: Hey Ice King! Why'd You Steal Our Garbage?!
Adventure Time: The Secret of the Nameless Kingdom
Adventure of Little Ralph
Adventure of Tokyo Disney Sea
Adventures in Letterland With Jack and Jill
Adventures of Dino Riki
Adventures of Lolo
Adventures of Lolo 2
Adventures of Lolo 3
Adventures of Tom Sawyer
Adventures of Tron
Adventures of Yogi Bear
Adventures to Go!
Aedis Eclipse: Generation of Chaos
Aegis of Earth: Protonovus Assault
Aeon Flux
AereA
Aerial Assault
Aero Blasters
Aero Dancing F: Todoroki Tsubasa no Hatsu Hikou
Aero Dancing i
Aero Dancing i: Jikai Sakuma de Machite Masen
Aero Dancing: Torodoki Taichou no Himitsu Disc
Aero Elite: Combat Academy
Aero Fighters
Aero Fighters 2
Aero Fighters 3
Aero Fighters Assault
Aero The Acro-Bat
Aero the Acro-Bat
Aero the Acro-Bat 2
Aero the Acro-bat
AeroGauge
AeroWings
AeroWings 2: Air Strike
Aerobics Revolution
Aerobiz
Aerobiz Supersonic
Aerostar
AeternoBlade
Afraid Gear
Afraid Gear Another
Afrika
Afro Inu: The Puzzle
Afro Samurai
After Armageddon Gaiden: Majuu Toushouden Eclipse
After Burner
After Burner II
After Burner III
After Burner: Black Falcon
After Burst
After Hours Athletes
After... Wasureenu Kizuna
Again: Interactive Crime Novel
Agarest Senki Mariage
Agassi Tennis Generation
Agatha Christie's The ABC Murders
Agatha Christie: And Then There Were None
Agatha Christie: Evil Under the Sun
Agatha Christie: The ABC Murders
Age of Empires II: The Age of Kings
Age of Empires: Mythologies
Age of Empires: The Age of Kings
Agent Armstrong: Himitsu Shirei Daisakusen
Agent Collection
Agent Hugo
Agent Hugo: Hula Holiday
Agent Hugo: Lemoon Twist
Agent Hugo: Roborumble
Agents of Mayhem
Aggressive Inline
Aggressors of Dark Kombat
Agile Warrior F-111X
Ai Cho Aniki
Ai Sensei no Oshiete: Watashi no Hoshi
Ai Senshi Nicol
Ai Yori Aoshi
Aibou DS
Aidyn Chronicles: The First Mage
Aigiina no Yogen: Balubalouk no Densetsu Yori
Aigina no Yogen: Balubalouk no Densetsu Yori
Aikagi
Aikatsu Stars! My Special Appeal
Aikatsu! 2-nin no My Princess
Aikatsu! 365-Hi no Idol Days
Aikatsu! Cinderella Lesson
Aikatsu! My No.1 Stage!
Ailu de Puzzle
Air
Air Battle!
Air Buster
Air Cavalry
Air Combat
Air Conflicts Double Pack
Air Conflicts: Aces of World War II
Air Conflicts: Pacific Carriers
Air Conflicts: Secret Wars
Air Conflicts: Secret Wars - Ultimate Edition
Air Conflicts: Vietnam
Air Conflicts: Vietnam Ultimate Edition
Air Diver
Air Fortress
Air Hockey
Air Management '96
Air Race Championship
Air Raid
Air Raid 3
Air Raiders
Air Ranger 2 Plus: Rescue Helicopter
Air Ranger 2: Rescue Helicopter
Air Ranger: Rescue Helicopter
Air Rescue
Air Strike
Air Traffic Chaos
Air Zonk
Air-Sea Battle
AirBlade
AirBoarder 64
AirForce Delta
AirForce Delta Storm
AirForce Delta Strike
AirGrave
Airaki
Airborne Troops: Countdown to D-Day
Aircars
Airlock
Aironauts
Airs Adventure
Airship Q
Airwolf
Airwolf (Japan)
Aishiau Kotoshika Dekinai
Aisle Lord
Aitakute...Your Smiles in My Heart
Aiyoku no Eustia: Angel's Blessing
Aka-Chan Doubutsu Sono
Akagawa Jirou Mystery: Tsuki no Hikari
Akagawa Jirou Mystery: Yasoukyoku - Hon ni Manekareta Satsujin
Akagawa Jirou no Yuurei Ressha
Akagawa Jirou: Majotachi no Nemuri: Fukkatsusai
Akagawa Jirou: Yasoukyoku
Akagawa Jirou: Yasoukyoku 2
Akagi: Touhaiden
Akagi: Yami ni Furitatta Tensai
Akai Ito
Akai Ito DS
Akai Ito Destiny DS
Akai Katana
Akai Suna Ochiru Tsuki
Akane Iro ni Somaru Saka Portable
Akane Iro ni Somaru Saka: Parallel
Akatsuki no Amaneka to Aoi Kyojin
Akatsuki no Goei Trinity
Akaya Akashiya Ayakashino
Akazu no Ma
Akazukin ChaCha
Akiba's Beat
Akiba's Trip
Akiba's Trip 2+A
Akiba's Trip Plus
Akiba's Trip: Undead & Undressed
Akihabara Dennou Kumi Peta Pies!
Akira
Akira Psycho Ball
Akiyama Jin No Suugaku Mystery
Akko de Pon! Ikasama Hourouki
Akko ni Omakase! Brain Shock
Akogare Girls Collection: Lovely Youchien
Akogare Girls Collection: Mister Donut DS
Akogare Girls Collection: Ohanaya-San Monogatari
Akogare Girls Collection: Pika Pika Nurse Monogatari
Akogare Girls Collection: Suteki ni Nurse Days
Akudaikan
Akudaikan 2: Mousouden
Akudaikan 3
Akudaikan Manyuuki
Akudaikan Manyuuki: Seigi no Yaiba
Akuji the Heartless
Akuma Zensho Dainishuu
Akuma-kun: Makai no Wana
Akumajou Dracula
Akumajou Dracula X: Gekka no Yasoukyoku
Akumajou Special: Boku Dracula-kun
Akuu Senki Raijin
Al Unser Jr.'s Road to the Top
Al Unser Jr.'s Turbo Racing
Alabama Meets Will Vi
Aladdin Magic Racer
Alan Hansen's Sports Challenge
Alan Wake
Alarm for Cobra 11: Crash Time
Alarm fuer Cobra 11 Vol II
Albert Odyssey
Albert Odyssey 2: Jashin no Taidou
Albert Odyssey: Legend of Eldean
Album Club: Mune Kyun * Saint Poria Jogakuin
Alcahest
Aldynes
Aleck Bordon Adventure: Tower & Shaft Advance
Alekhine's Gun
Alex Ferguson's Player Manager 2001
Alex Ferguson's Player Manager 2002
Alex Kidd in Miracle World
Alex Kidd in Shinobi World
Alex Kidd in the Enchanted Castle
Alex Kidd: High-Tech World
Alex Kidd: The Lost Stars
Alex Rider: Stormbreaker
Alexandra Ledermann: Summer Camp Adventures
Alexi Lalas International Soccer
Alfa Romeo Racing Italiano
Alfred Chicken
Alfred's Adventure
Alia's Carnival! Sacrament
Alias
Alice in Cyberland
Alice in Wonderland
Alice no Paint Adventure
Alice on Borderlines
Alice's Mom's Rescue
Alice: Madness Returns
Alien
Alien 3
Alien Breed Trilogy
Alien Brigade
Alien Chaos 3D
Alien Crush
Alien Front Online
Alien Hominid
Alien Invaders Plus!
Alien Monster Bowling League
Alien Olympics
Alien Raiders
Alien Resurrection
Alien Soldier
Alien Storm
Alien Syndrome
Alien Trilogy
Alien vs. Predator
Alien vs. Predator: The Last of His Clan
Alien: Isolation
Alienators: Evolution Continues
Aliens Versus Predator: Extinction
Aliens in the Attic
Aliens vs. Predator
Aliens vs. Predator: Requiem
Aliens: Colonial Marines
Aliens: Infestation
Aliens: Thanatos Encounter
Alisia Dragoon
Alive
All 1
All Grown Up! Express Yourself
All Japan Pro Wrestling Featuring Virtua
All Japan Woman Pro Wrestling
All Kamen Rider: Rider Generation
All Kamen Rider: Rider Generation 2
All Kamen Rider: Rider Revolution
All Night Nippon Super Mario Bros.
All Round Hunter
All Star 5-A-Side Football
All Star Action
All Star Cheer Squad
All Star Cheer Squad 2
All Star Karate
All Star Pro-Wrestling
All Star Racing
All Star Racing 2
All Star Soccer
All Star Tennis '99
All Star Tennis 2000
All Star Tennis 99
All Star Watersports
All-Pro Basketball
All-Pro Football 2K8
All-Star 1997 Featuring Frank Thomas
All-Star Baseball
All-Star Baseball 2000
All-Star Baseball 2001
All-Star Baseball 2002
All-Star Baseball 2003
All-Star Baseball 2004
All-Star Baseball 2005
All-Star Baseball 99
All-Star Fighters
All-Star Mahjong: Kareinaru Shoubushi Kara no Chousen
All-Star Major League Baseball
All-Star Professional Wrestling II
All-Star Professional Wrestling III
All-Star Slammin' D-Ball
All-Star Tennis 2
Alleyway
Allied Ace Pilots
Allied General
Alnam no Kiba: Juuzoku Juuni Shinto Densetsu
Alnam no Tsubasa: Shoujin no Sora no Kanata e
Alone in the Dark
Alone in the Dark 2
Alone in the Dark: Inferno
Alone in the Dark: One-Eyed Jack's Revenge
Alone in the Dark: The New Nightmare
Alpha Beam With Ernie
Alpha Mission
Alpha Mission II
Alpha Protocol
Alpha and Omega
Alpine Racer 3
Alpine Ski Racing 2007
Alpine Skiing 2005
Alpine Skiing!
Alshark
Alter Echo
Altered Beast
Altered Beast: Guardian of the Realms
Altered Space: A 3-D Alien Adventure
Alundra
Alundra 2: A New Legend Begins
Alvin and the Chipmunks
Alvin and the Chipmunks: Chipwrecked
Alvin and the Chipmunks: The Squeakquel
Alzadick: Summer Carnival `92
Amaekata wa Kanojo Nari ni.
Amagami
Amagi Shien
Amagon
Amagoushi no Yakata
Amagoushi no Yakata Portable: Ichiyagi Wa, Saisho no Junan
Amatsumi Sora ni! Kumo no Hatate ni
Amazing Adventures: The Forgotten Ruins
Amazing Island
Amazing Penguin
Amazing Tater
America Daitouryou Senkyo: United State Presidental Race
America Daitouryou Senkyo: United State Presidential Race
America Oudan Ultra Quiz
America Oudan Ultra Quiz: Shijou Saidai no Tatakai
America Oudan Ultra-Quiz
America Oudan Ultra-Quiz Part 2
America Oudan Ultra-Quiz Part 3
America Oudan Ultra-Quiz Part 4
America's Army: Rise of a Soldier
America's Army: True Soldiers
America's Greatest Game Shows: Wheel of Fortune & Jeopardy!
America's Next Top Model
America's Next Top Model (2008)
America's Test Kitchen: Let's Get Cooking
American Bass Challenge
American Battle Dome
American Chopper
American Chopper 2: Full Throttle
American Dream
American Girl: Julie Finds a Way
American Girl: Kit Mystery Challenge!
American Gladiators
American Idol
American Mensa Academy
American Ninja Warrior
American Pool
American Pool II
Amerzone: The Explorer's Legacy
Amida
Amidar
Amnesia
Amnesia Twin Pack
Amnesia World
Amnesia: Crowd
Amnesia: Later
Amnesia: Later x Crowd V. Edition
Amnesia: Memories
Amok
Among the Sleep
Amped 2
Amped 3
Amped: Freestyle Snowboarding
Amplitude
An American Tail
An American Tail: Fievel Goes West
An American Tail: Fievel's Gold Rush
AnEarth Fantasy Stories: First Volume
Anan Kanshuu: Onna Dikara Kinkyuu Up! DS
Anarchy Reigns
Anastasia
Anata Dake no Private Lesson - DS de Hajimeru - Tipness no Yoga
Anata o Yurusanai
Ancient Magic: Bazoe! Mahou Sekai
Ancient Roman: Power of Dark Side
And 1 Streetball
And-Kensaku
Andre Agassi Tennis
Andre Panza Kick Boxing
Andretti Racing
Andrew Lloyd Webber Musicals: Sing and Dance
Andro Dunos
Android Assault: The Revenge of Bari-Arm
Anesan
Angel Blade: Neo Tokyo Guardians
Angel Cat Sugar
Angel Collection
Angel Graffiti S: Anata e no Profile
Angel Graffiti: Anata e no Profile
Angel Love Online
Angel Paradise Vol. 1
Angel Paradise Vol. 2: Eshinu Kimika
Angel Present
Angel Profile
Angel Senki
Angel Wish
Angel Wish: Kimi no Egao ni Chu!
Angel's Feather
Angel's Feather: Kuro no Zanei
Angelic Concert
Angelique
Angelique Duet
Angelique Etoile
Angelique History
Angelique Retour
Angelique Special
Angelique Special 2
Angelique Trois
Angelique Trois: Aizouhen
Angelique Voice Fantasy
Angelique: Maren no Rokukishi
Angelique: Tenkuu no Requiem
Angler's Club: Ultimate Bass Fishing 3D
Angolmois 99
Angry Birds Star Wars
Angry Birds Trilogy
AniMates
AnimAction
Anima: Gate of Memories
Animal Boxing
Animal Breeder
Animal Breeder 2
Animal Breeder 3
Animal Breeder 4
Animal Crossing
Animal Crossing: City Folk
Animal Crossing: Happy Home Designer
Animal Crossing: New Leaf
Animal Crossing: New Leaf - Welcome Amiibo
Animal Crossing: Wild World
Animal Crossing: amiibo Festival
Animal Football
Animal Genius
Animal Hospital
Animal Kingdom: Wildlife Expedition
Animal Mania
Animal Paradise
Animal Paradise Wild
Animal Planet: Emergency Vets
Animal Planet: Vet Collection
Animal Planet: Vet Life
Animal Snap: Rescue Them 2 By 2
Animal Soccer World
Animal Yokochou: Doki Doki Kyuushutsu Daisakusen! no Maki
Animal Yokochou: Doki*Doki Shinkyuu Shiken! no Kan
Animaniacs
Animaniacs Ten Pin Alley
Animaniacs: Lights, Camera, Action!
Animaniacs: The Great Edgar Hunt
Animastar
Animastar GB
Anime Eikaiwa: 15 Shounen Hyouryuuhen
Anime Eikaiwa: Tondemo Nezumi Daikatsuyaku
Anime Eikaiwa: Totoi
Anime Slot Revolution: Pachi-Slot Kidou Senshi Gundam II - Ai Senshi Hen
Animetic Story Game 1: Card Captor Sakura
Animorphs
Animorphs: Shattered Reality
Ankh: Curse of the Scarab King
Ankh: Tutankhamen no Nazo
Ankoku Shinwa: Yamato Takeru Densetsu
Annet Futatabi
Anno 1701: Dawn of Discovery
Ano Hi Mita Hana no Namae o Bokutachi wa Mada Shiranai
Anoko Doko Noko
Anoko wa Ore Kara Hanarenai
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Ayrton Senna Personal Talk: Message for the Future

PAGE 2 of 2
**** * ****
Hussein nudged his brother Iqbal and aimed his chin toward the bar. “Look, a fat, stupid American has finally managed some success.”
Iqbal smirked, “It is the only way the infidels can succeed. They have no education and no skills to do anything useful. They don’t even worship their own God anymore, only money and fame. They will soon learn better…”
The brothers were out enjoying a night of revelry, with a few more planned when they reached the city. The celebrations were a last reward before they fulfilled their mission and achieved True Paradise through martyrdom. Hussein was superstitious and hoped to find success at gambling before they took the great risk that if successful, would help to sustain their cause. They’d grown up in this land of debauchery and foolishness but had been taught from the first to honor their own Beliefs and culture above anything the Americans professed.
Hussein was on roll number five of what he intended to be a short run. He wished to win five times for the Five Pillars of Islam, the name of his cell in the latest great Jihad. He blew on the dice and tossed. The small cubes bounced against the back side of the pit and tumbled end over end as he watched breathlessly. “Another ten!” the barker called. And pushed the winnings toward Hussein. He placed a minimum bet and rolled once more. He had already left the table before the barker called, “Snakeyes! Next roller please.”
He held up his chips triumphantly, “Iqbal, more money from roll number five! I kept the bet in place for five rolls, I left only the minimum for the last roll, it is a Sign! We are fated to succeed. We will meet the others tomorrow, go over the plan, and then have a few last nights to revel in this world…”
Iqbal patted his brother on the shoulder, “There is something I would like more than winning chips. He nodded toward the bar and the attractive and sinuous young local who worked behind it, steadily polishing glasses.
Hussein watched for a moment, unsure whether his brother meant the alcoholic drinks that had been forbidden until now or the woman. Knowing Iqbal, he assumed both. “As you wish brother. Take your mortal enjoyments while you can. She looks a little sullen though, frown, lowered brows, I like the happy ones.”
Iqbal’s serpent-like smile widened, “She will look better when I have freed her from the miseries of the uncircumcised. She will enjoy a real man. Who knows? Maybe I will convert her so that we can meet again in Paradise.” With that, he surged away from his brother and slithered up to the bar opposite the young First Nations maid. “Good evening, I noticed that you do not have many customers at the bar. It seems odd that so beautiful a creature as yourself would not attract more company.”
The woman ignored him, intently focused on her task. He tried again, “Perhaps I must order a drink to remain at the bar? If so, a gin and tonic if you please.”
She continued to polish the glass. He leaned forward, “Did you hear me?” he inquired in an annoyed tone. “Perhaps you have no business because you are surly and unhelpful.”
She looked at him and delivered a smirk that appeared to be far more evil than anything he could ever hope to muster, despite his thin, reptilian lips and predatory mind, “We don’t want customers to linger at the bar, getting drunk and building from misery to anger over their losses. We want them playing… and losing.” She leaned toward him and glared into his own eyes that he normally considered flinty and daunting. “You know about losing, don’t you?”
Hussein noted that the large man at the end of the bar in the “Security” shirt had begun stumping toward them. “Iqbal, perhaps it is time to go look for other entertainment.”
Iqbal ignored him, he was trapped in the serpent’s gaze, like a mouse dropped into a snake’s tank to be devoured while its owner watched with perverse interest. Hussein reached for his brother to tug at his arm but never got the chance. The big security officer seized his hand, drew it to his too wide chest and turned. The weight of the man drew him away from his brother and caused him to spin around so that he ended up facing the goon with his brother beyond the man and in the clutches of the Serpent Woman. The ham-fisted gargantuan continued to twist the hand he gripped until the pressure caused Hussein sever pain. He grunted and bent into the angle of his wrist to relieve the distress. He found himself bent forward and looking up desperately toward the man’s face.
The security staffer smiled, his square, blunt teeth showing dark behind an almost lipless mouth. His wide back and chest, covered in body armor under his shirt made him appear like a monster-sized… Turtle. Hussein felt himself lifted and placed behind the bar. His brother soon slithered over the top and fell to the floor beside him, smiling beatifically. Hussein opened his mouth to scream for help, but a large, blunt fist crashed into the side of his head and he saw stars… seven of them, like the Holy... The fist descended once more, and he saw only darkness.
**** * ****
Fr. Danilo Bayani was immensely enjoying his latest trip to the continental USA. He had visited Hawaii many years ago, and New York City more recently, but this was his first tour of the grand landbound spaces that this country offered. He’d managed to roam so far from his origins in Manila. Now, in his twilight years, he longed to see what he could of God’s Green Earth. All on the payroll of The Vatican while they cleanse the records of those hateful… allegations. The bitter thoughts raced across his mind. Of course he was a sinner, he was only mortal. He’d been expiated of those sins and had paid an enormous price to continue serving in his capacity as a parish priest. He forced his mind to return to the moment and more enjoyable pursuits.
He noted the hirsute and similar appearing pair of men who had gone to the bar and wondered why the Security officer approached them, but his attention was called once more to the round of Texas Hold’em and his table mates. When he again had a moment to look, no one was at the bar, in front or behind… curious, he thought, but he quickly refocused his attention on the fascinating new game he was in the process of learning. He was familiar with Poker, so it wasn’t difficult to learn. He liked the high level of interaction that this version of the old game allowed. He’d done well, certainly gained enough to fund extracurricular activities during the rest of his current sabbatical.
He’d been disturbed by the overall atmosphere of this place when he’d arrived. He did not care for the numerous paintings and sculptures of Ancient Native Deities and Spirits. They seemed to be mostly images of the Dark Beings of various Tribal cultures. He loved to study diverse cultures, but this place was an amalgamation of cultures, built for mutual support by several Tribes in the region. Much of the artwork was schlocky and clearly intended to cater to the garish and sordid tastes of the vapid gambling set. Some part of him did not feel… welcome, as though he had intruded on some private Place, set aside for Other Gods.
He shook off the depressing musings… There are NO Other Gods, he reassured himself. He soon stepped away from the table to take care of personal needs and to decide what he should do with the rest of his night. Perhaps he would visit the White Dove Restaurant & Ballroom on the other side of the hotel lobby from the casino. It boasted a good reputation according to online reviews, even though it was a simple buffet style with a dance floor to one side. He liked the name, it was… peaceful he decided.
He soon had a selection of food piled onto a plate and was seated near the dance floor. The place was sparsely occupied, so his hopes of being able to watch dancers as he ate were dashed. Still, the food was good enough. A little bland, but that was necessary in a place that acted as a crossroads of cultures. There was a spice table at the end of the primary row of entrees. He’d helped himself, yet nothing seemed to attach to his taste buds. The combination of eating nearly alone, having no one with energy around him, and the tasteless food soon had him growing restless. He finished up his repast and left the table to go out to the final section of the complex he had not visited, the River Overlook.
As he passed the table nearest the entrance, he saw a stout man in a rumpled sport coat, who glared daggers at him, eyes focused on his crucifix, the only outward sign of his profession. The man appeared to be so hostile, that he paused for a moment to determine whether he’d done anything to offend the fellow. “Excuse me sir, have I offended you in some way?”
The man looked startled. He was apparently unused to being confronted about his demeanor or behavior. He scowled, “Don’t like that thing you have around your neck. You Catholics are all Hell-bound. No concept of righteousness. Not that you’d understand, you people don’t even read The Book. You listen to your priests and pope and disregard The Word. All the kneeling and ritual prayers in the world won’t save you in the end. Go back to your idols and beads and leave me alone to seek Heaven.”
Fr. Bayani was startled by the vehemence with which the man spoke. He hadn’t been attacked directly for his Faith in years. “Sir, I’m not sure what Religion you practice, but I am a man of God, a consecrated priest of the Holy Church. I assure you that I understand more than most, if not as much as I would like. I meant no harm and wish you a peaceful night.”
With that, he started to walk past the man, but the man rose from his table and pointed his finger, “Your pope is the Anti-Christ, and your Church is a place of Satan! Look to the Bible for your salvation before it’s too late.”
Fr. Bayani increased his pace and continued on his journey to the River Overlook. He would need the peace and tranquility that nature and the sound of flowing water would provide to settle his roiling mind.
**** * ****
Pastor Bill resumed his seat and shook his head, “Fool, doesn’t know that he’s risking his soul, courting Damnation.” He’d had a bad run at the tables over at the casino. His Denomination frowned on games of chance, but he had needed the money. One of his congregation had come up pregnant and they had to get it resolved before the three-month deadline for abortions. He knew that if his wife found out about Carmen, then she would divorce him. He was here to break every major rule that he professed to hold dear each week. His plan for quick money had failed, so he’d visited the bar. Now he hoped that eating would guide him back to sobriety. He had to think of another plan.
Seeing that… priest had annoyed him. Had he not been inebriated, he would never have said what he did, nor stared so rudely in the first place. Yet he wanted someone on whom to vent the anger he felt, that arose from fear and he’d always disliked the papists. If his wife divorced him, if the scandal involving the woman who cleaned the church all week and then occupied the back pew every Sunday ever broke; he would lose his ministry, his livelihood. His degree in Theology would be worthless. He might be able to get a job teaching, at some secular school, but most would not hire fervent Christians like himself.
He stared dejectedly at his plate of food that had contained more spice and flavors than he liked, a shadow passed in his periphery. It was low-slung and blurred just a bit as it loped along the wall. He thought he heard an odd laugh, somewhere between human and… canine? Maybe a little like a hyena might sound, or so he imagined. There was a manic quality to the laughter. A jest that was on him so that only the other Entity knew what it was. It was the wicked laughter of children at play, who’d decided to target a fat kid with glasses. A kid whose parents had been abusive addicts but who later “got right” through religious-based recovery programs. Their faith had led him to his own, but he’d never really lost those early traumas of being unaccepted by his peers and being beaten by people who later professed faith above all.
A mocking whine, definitely doggish, his now sobering consciousness informed him. Something was making fun of him, teasing him from the shadows. He looked around for staff members or other customers but found himself alone. The dining area and the dance floor were deserted. It was odd, there was almost always someone at the buffet service tables. He looked over to the kitchen doors in hopes that one of the employees would burst through with a fresh serving of chicken wings or whatever tray had been emptied. He saw dark figures move past the clouded round windows on the swinging doors and temporarily occlude the bright kitchen lights within, but they were indistinct blobs, and appeared to be focused on tasks of their own choosing rather than service of his needs.
He stood and realized that he was more intoxicated than he’d realized. He immediately resumed his seat and bent forward to regain his balance and bearings… and to swallow his rising gorge. When he sat up again, a dark, shaggy form perched in the chair across from him. The figure was no more than a silhouette, a raggedly hewn shadow. Yet there were eyes. Sinister golden gleams appeared and blinked at him. He heard a heavy, panting sort of breathing and a gust of foul-smelling carnivore breath assaulted his olfactory senses. “Who? Er, what are you doing at my table?” he asked in a mushy, confused manner. Still fighting off waves of nausea.
He could not see it very well in the poorly illuminated dining room, but his impression was that the... Being… smiled at him: a gaping, lolling smile, with a tongue dangling out to one side and sharp canines gleaming. “I thought I would check on you my righteous friend. You seem to be upset, unhappy. You nipped and barked at that other person who shares your Faith. I thought perhaps there was a deeper concern preying on your conscience?”
Pastor Bill had to force himself to think through what this… person? Had said to him. Likely some hippie-dippy weirdo. “That guy was a Catholic priest, we’re nowhere near the same Religion.”
Once more he heard the chortling laughter that was now very clear, “I’m sure you think it’s different. Those of his specific religion, came to these lands many years ago. They were the first of you Christians to arrive. The rest have been simple variations on a theme. The problems began, when your co-religionists assumed that only your God exists; that all of the local Gods and Spirits were instead Demons and Dark Powers. Instead of trying to show that yours is a better Way, you Christians insisted that yours is the only Way. You’ve forgotten that in Ancient Times, people held True to Deities who were attached to local communities or to the land and features around them; geographically and ethnically relevant. You have gone from subsuming and incorporating Older Gods as Angels and Saints, to Demonizing Them, and now in your hubris, to denying Them altogether.” He shook His head. “Too bad really, it creates an Adversarial relationship.” He chuckled at some joke that Pastor Bill was still too drunk to comprehend.
Pastor Bill had grown increasingly fearful as the Voice intoned Its Philosophies. He wanted to refute that Voice, to deny Its very Existence. Yet he feared Its Wrath more than anything he’d ever feared, even the Fires of Hell. Instead of making a stand and arguing his faith, he staggered to his feet and ran, stumbled, blindly toward the kitchen and the pale, ghostly figures within. Surely someone within would save him! The sardonic laughter chortled after him and chased him into the too bright lights, descending into the yips and howls of Coyote even as the doors swung shut behind him. He looked around at the glowing white figures who halted in their various progresses to stare at him. Their eyes! There were none, just empty sockets, faces slack, with gaping, lamprey maws. He heard a new sound as they swarmed him… his own forlorn screams of ultimate agony.
**** * ****
Fr. Bayani stood out on the River Overlook platform and enjoyed the solitude that had so recently left him restless. There were plenty of noises out across the flowing torrent: the water itself, as it passed over hidden objects, fish as they leapt from its embrace to kiss the night air, frogs and insects, and the warbling, mournful sounds of a loon, and the soft sigh of the wind as it passed through the verdant landscape. This is much more peaceful than the White Dove he thought. He had some trouble shaking off ruminations on the verbal assault from the strange, possibly drunken man in the restaurant. He decided that he would pray for the man, that he would one day soon find The True Faith. Sometimes that was all one could do for the short-sighted.
He heard a deep, coughing hiss out in the dark. He was startled but quickly realized that it was an American Alligator, cousin to creatures he had observed in many places around the planet. He was truly content, at one with Nature in all Her Glory… in all the natural splendor of Creation! he immediately corrected himself. A sound impinged on his senses as it slowly rose and obscured the others… it was a lapping sound at first, more like ocean waves on a beach than the banks of a river. Waves, at cross purposes to the flow of the river, slapped at the base of the platform. Soon they sounds evolved into splashes, as if something very large approached the River Overlook platform. He leaned over the rail to have a closer look. Perhaps it was a large water creature or a boat… maybe a ‘gator as the locals called the big reptiles.
He peered down at the dim rippling surface below. At first, he was unable to discern anything but small reflections on the water as it swirled and lapped; then from below the surface, he spotted an eye, a too large eye! It glowed from within with a sickly luminescence akin to that produced by deep growing fungi. As he stared in horror, he saw a mouth gape below the eye, and enormous frog-like opening with no teeth but serrated lips, like some monstrous catfish. As he stared, too much in shock to act, he suddenly felt his body wrapped in strong, leprous flesh and he quickly lost his ability to breathe. The last sight he saw before he plunged over the safety rail was the thin, grey, first light of dawn.
**** * ****
Chief Harry Whitehorse gazed around at his fellow chiefs and Shamans from various local Tribes, “So, are The Dark Ones satisfied once again? Have They sated their appetites on strangers so that our peoples will be safe for another year?”
Affirmative rumbles muttered around the conference room. Red Wolf, a Shaman, spoke from near the back row, “They are not only satisfied but Coyote assures us that the prey people will not be linked with our premises or business operations.”
Most of the fresh mutters sounded pleased, but old Harry had to ask, “Can we trust Him?”
Chortling laughter sounded throughout the conference room and ascended into thunderous yips and howls of hysterical glee.

**** * ****
Hussein nudged his brother Iqbal and aimed his chin toward the bar. “Look, a fat, stupid American has finally managed some success.”
Iqbal smirked, “It is the only way the infidels can succeed. They have no education and no skills to do anything useful. They don’t even worship their own God anymore, only money and fame. They will soon learn better…”
The brothers were out enjoying a night of revelry, with a few more planned when they reached the city. The celebrations were a last reward before they fulfilled their mission and achieved True Paradise through martyrdom. Hussein was superstitious and hoped to find success at gambling before they took the great risk that if successful, would help to sustain their cause. They’d grown up in this land of debauchery and foolishness but had been taught from the first to honor their own Beliefs and culture above anything the Americans professed.
Hussein was on roll number five of what he intended to be a short run. He wished to win five times for the Five Pillars of Islam, the name of his cell in the latest great Jihad. He blew on the dice and tossed. The small cubes bounced against the back side of the pit and tumbled end over end as he watched breathlessly. “Another ten!” the barker called. And pushed the winnings toward Hussein. He placed a minimum bet and rolled once more. He had already left the table before the barker called, “Snakeyes! Next roller please.”
He held up his chips triumphantly, “Iqbal, more money from roll number five! I kept the bet in place for five rolls, I left only the minimum for the last roll, it is a Sign! We are fated to succeed. We will meet the others tomorrow, go over the plan, and then have a few last nights to revel in this world…”
Iqbal patted his brother on the shoulder, “There is something I would like more than winning chips. He nodded toward the bar and the attractive and sinuous young local who worked behind it, steadily polishing glasses.
Hussein watched for a moment, unsure whether his brother meant the alcoholic drinks that had been forbidden until now or the woman. Knowing Iqbal, he assumed both. “As you wish brother. Take your mortal enjoyments while you can. She looks a little sullen though, frown, lowered brows, I like the happy ones.”
Iqbal’s serpent-like smile widened, “She will look better when I have freed her from the miseries of the uncircumcised. She will enjoy a real man. Who knows? Maybe I will convert her so that we can meet again in Paradise.” With that, he surged away from his brother and slithered up to the bar opposite the young First Nations maid. “Good evening, I noticed that you do not have many customers at the bar. It seems odd that so beautiful a creature as yourself would not attract more company.”
The woman ignored him, intently focused on her task. He tried again, “Perhaps I must order a drink to remain at the bar? If so, a gin and tonic if you please.”
She continued to polish the glass. He leaned forward, “Did you hear me?” he inquired in an annoyed tone. “Perhaps you have no business because you are surly and unhelpful.”
She looked at him and delivered a smirk that appeared to be far more evil than anything he could ever hope to muster, despite his thin, reptilian lips and predatory mind, “We don’t want customers to linger at the bar, getting drunk and building from misery to anger over their losses. We want them playing… and losing.” She leaned toward him and glared into his own eyes that he normally considered flinty and daunting. “You know about losing, don’t you?”
Hussein noted that the large man at the end of the bar in the “Security” shirt had begun stumping toward them. “Iqbal, perhaps it is time to go look for other entertainment.”
Iqbal ignored him, he was trapped in the serpent’s gaze, like a mouse dropped into a snake’s tank to be devoured while its owner watched with perverse interest. Hussein reached for his brother to tug at his arm but never got the chance. The big security officer seized his hand, drew it to his too wide chest and turned. The weight of the man drew him away from his brother and caused him to spin around so that he ended up facing the goon with his brother beyond the man and in the clutches of the Serpent Woman. The ham-fisted gargantuan continued to twist the hand he gripped until the pressure caused Hussein sever pain. He grunted and bent into the angle of his wrist to relieve the distress. He found himself bent forward and looking up desperately toward the man’s face.
The security staffer smiled, his square, blunt teeth showing dark behind an almost lipless mouth. His wide back and chest, covered in body armor under his shirt made him appear like a monster-sized… Turtle. Hussein felt himself lifted and placed behind the bar. His brother soon slithered over the top and fell to the floor beside him, smiling beatifically. Hussein opened his mouth to scream for help, but a large, blunt fist crashed into the side of his head and he saw stars… seven of them, like the Holy... The fist descended once more, and he saw only darkness.
**** * ****
Fr. Danilo Bayani was immensely enjoying his latest trip to the continental USA. He had visited Hawaii many years ago, and New York City more recently, but this was his first tour of the grand landbound spaces that this country offered. He’d managed to roam so far from his origins in Manila. Now, in his twilight years, he longed to see what he could of God’s Green Earth. All on the payroll of The Vatican while they cleanse the records of those hateful… allegations. The bitter thoughts raced across his mind. Of course he was a sinner, he was only mortal. He’d been expiated of those sins and had paid an enormous price to continue serving in his capacity as a parish priest. He forced his mind to return to the moment and more enjoyable pursuits.
He noted the hirsute and similar appearing pair of men who had gone to the bar and wondered why the Security officer approached them, but his attention was called once more to the round of Texas Hold’em and his table mates. When he again had a moment to look, no one was at the bar, in front or behind… curious, he thought, but he quickly refocused his attention on the fascinating new game he was in the process of learning. He was familiar with Poker, so it wasn’t difficult to learn. He liked the high level of interaction that this version of the old game allowed. He’d done well, certainly gained enough to fund extracurricular activities during the rest of his current sabbatical.
He’d been disturbed by the overall atmosphere of this place when he’d arrived. He did not care for the numerous paintings and sculptures of Ancient Native Deities and Spirits. They seemed to be mostly images of the Dark Beings of various Tribal cultures. He loved to study diverse cultures, but this place was an amalgamation of cultures, built for mutual support by several Tribes in the region. Much of the artwork was schlocky and clearly intended to cater to the garish and sordid tastes of the vapid gambling set. Some part of him did not feel… welcome, as though he had intruded on some private Place, set aside for Other Gods.
He shook off the depressing musings… There are NO Other Gods, he reassured himself. He soon stepped away from the table to take care of personal needs and to decide what he should do with the rest of his night. Perhaps he would visit the White Dove Restaurant & Ballroom on the other side of the hotel lobby from the casino. It boasted a good reputation according to online reviews, even though it was a simple buffet style with a dance floor to one side. He liked the name, it was… peaceful he decided.
He soon had a selection of food piled onto a plate and was seated near the dance floor. The place was sparsely occupied, so his hopes of being able to watch dancers as he ate were dashed. Still, the food was good enough. A little bland, but that was necessary in a place that acted as a crossroads of cultures. There was a spice table at the end of the primary row of entrees. He’d helped himself, yet nothing seemed to attach to his taste buds. The combination of eating nearly alone, having no one with energy around him, and the tasteless food soon had him growing restless. He finished up his repast and left the table to go out to the final section of the complex he had not visited, the River Overlook.
As he passed the table nearest the entrance, he saw a stout man in a rumpled sport coat, who glared daggers at him, eyes focused on his crucifix, the only outward sign of his profession. The man appeared to be so hostile, that he paused for a moment to determine whether he’d done anything to offend the fellow. “Excuse me sir, have I offended you in some way?”
The man looked startled. He was apparently unused to being confronted about his demeanor or behavior. He scowled, “Don’t like that thing you have around your neck. You Catholics are all Hell-bound. No concept of righteousness. Not that you’d understand, you people don’t even read The Book. You listen to your priests and pope and disregard The Word. All the kneeling and ritual prayers in the world won’t save you in the end. Go back to your idols and beads and leave me alone to seek Heaven.”
Fr. Bayani was startled by the vehemence with which the man spoke. He hadn’t been attacked directly for his Faith in years. “Sir, I’m not sure what Religion you practice, but I am a man of God, a consecrated priest of the Holy Church. I assure you that I understand more than most, if not as much as I would like. I meant no harm and wish you a peaceful night.”
With that, he started to walk past the man, but the man rose from his table and pointed his finger, “Your pope is the Anti-Christ, and your Church is a place of Satan! Look to the Bible for your salvation before it’s too late.”
Fr. Bayani increased his pace and continued on his journey to the River Overlook. He would need the peace and tranquility that nature and the sound of flowing water would provide to settle his roiling mind.
**** * ****
Pastor Bill resumed his seat and shook his head, “Fool, doesn’t know that he’s risking his soul, courting Damnation.” He’d had a bad run at the tables over at the casino. His Denomination frowned on games of chance, but he had needed the money. One of his congregation had come up pregnant and they had to get it resolved before the three-month deadline for abortions. He knew that if his wife found out about Carmen, then she would divorce him. He was here to break every major rule that he professed to hold dear each week. His plan for quick money had failed, so he’d visited the bar. Now he hoped that eating would guide him back to sobriety. He had to think of another plan.
Seeing that… priest had annoyed him. Had he not been inebriated, he would never have said what he did, nor stared so rudely in the first place. Yet he wanted someone on whom to vent the anger he felt, that arose from fear and he’d always disliked the papists. If his wife divorced him, if the scandal involving the woman who cleaned the church all week and then occupied the back pew every Sunday ever broke; he would lose his ministry, his livelihood. His degree in Theology would be worthless. He might be able to get a job teaching, at some secular school, but most would not hire fervent Christians like himself.
He stared dejectedly at his plate of food that had contained more spice and flavors than he liked, a shadow passed in his periphery. It was low-slung and blurred just a bit as it loped along the wall. He thought he heard an odd laugh, somewhere between human and… canine? Maybe a little like a hyena might sound, or so he imagined. There was a manic quality to the laughter. A jest that was on him so that only the other Entity knew what it was. It was the wicked laughter of children at play, who’d decided to target a fat kid with glasses. A kid whose parents had been abusive addicts but who later “got right” through religious-based recovery programs. Their faith had led him to his own, but he’d never really lost those early traumas of being unaccepted by his peers and being beaten by people who later professed faith above all.
A mocking whine, definitely doggish, his now sobering consciousness informed him. Something was making fun of him, teasing him from the shadows. He looked around for staff members or other customers but found himself alone. The dining area and the dance floor were deserted. It was odd, there was almost always someone at the buffet service tables. He looked over to the kitchen doors in hopes that one of the employees would burst through with a fresh serving of chicken wings or whatever tray had been emptied. He saw dark figures move past the clouded round windows on the swinging doors and temporarily occlude the bright kitchen lights within, but they were indistinct blobs, and appeared to be focused on tasks of their own choosing rather than service of his needs.
He stood and realized that he was more intoxicated than he’d realized. He immediately resumed his seat and bent forward to regain his balance and bearings… and to swallow his rising gorge. When he sat up again, a dark, shaggy form perched in the chair across from him. The figure was no more than a silhouette, a raggedly hewn shadow. Yet there were eyes. Sinister golden gleams appeared and blinked at him. He heard a heavy, panting sort of breathing and a gust of foul-smelling carnivore breath assaulted his olfactory senses. “Who? Er, what are you doing at my table?” he asked in a mushy, confused manner. Still fighting off waves of nausea.
He could not see it very well in the poorly illuminated dining room, but his impression was that the... Being… smiled at him: a gaping, lolling smile, with a tongue dangling out to one side and sharp canines gleaming. “I thought I would check on you my righteous friend. You seem to be upset, unhappy. You nipped and barked at that other person who shares your Faith. I thought perhaps there was a deeper concern preying on your conscience?”
Pastor Bill had to force himself to think through what this… person? Had said to him. Likely some hippie-dippy weirdo. “That guy was a Catholic priest, we’re nowhere near the same Religion.”
Once more he heard the chortling laughter that was now very clear, “I’m sure you think it’s different. Those of his specific religion, came to these lands many years ago. They were the first of you Christians to arrive. The rest have been simple variations on a theme. The problems began, when your co-religionists assumed that only your God exists; that all of the local Gods and Spirits were instead Demons and Dark Powers. Instead of trying to show that yours is a better Way, you Christians insisted that yours is the only Way. You’ve forgotten that in Ancient Times, people held True to Deities who were attached to local communities or to the land and features around them; geographically and ethnically relevant. You have gone from subsuming and incorporating Older Gods as Angels and Saints, to Demonizing Them, and now in your hubris, to denying Them altogether.” He shook His head. “Too bad really, it creates an Adversarial relationship.” He chuckled at some joke that Pastor Bill was still too drunk to comprehend.
Pastor Bill had grown increasingly fearful as the Voice intoned Its Philosophies. He wanted to refute that Voice, to deny Its very Existence. Yet he feared Its Wrath more than anything he’d ever feared, even the Fires of Hell. Instead of making a stand and arguing his faith, he staggered to his feet and ran, stumbled, blindly toward the kitchen and the pale, ghostly figures within. Surely someone within would save him! The sardonic laughter chortled after him and chased him into the too bright lights, descending into the yips and howls of Coyote even as the doors swung shut behind him. He looked around at the glowing white figures who halted in their various progresses to stare at him. Their eyes! There were none, just empty sockets, faces slack, with gaping, lamprey maws. He heard a new sound as they swarmed him… his own forlorn screams of ultimate agony.
**** * ****
Fr. Bayani stood out on the River Overlook platform and enjoyed the solitude that had so recently left him restless. There were plenty of noises out across the flowing torrent: the water itself, as it passed over hidden objects, fish as they leapt from its embrace to kiss the night air, frogs and insects, and the warbling, mournful sounds of a loon, and the soft sigh of the wind as it passed through the verdant landscape. This is much more peaceful than the White Dove he thought. He had some trouble shaking off ruminations on the verbal assault from the strange, possibly drunken man in the restaurant. He decided that he would pray for the man, that he would one day soon find The True Faith. Sometimes that was all one could do for the short-sighted.
He heard a deep, coughing hiss out in the dark. He was startled but quickly realized that it was an American Alligator, cousin to creatures he had observed in many places around the planet. He was truly content, at one with Nature in all Her Glory… in all the natural splendor of Creation! he immediately corrected himself. A sound impinged on his senses as it slowly rose and obscured the others… it was a lapping sound at first, more like ocean waves on a beach than the banks of a river. Waves, at cross purposes to the flow of the river, slapped at the base of the platform. Soon they sounds evolved into splashes, as if something very large approached the River Overlook platform. He leaned over the rail to have a closer look. Perhaps it was a large water creature or a boat… maybe a ‘gator as the locals called the big reptiles.
He peered down at the dim rippling surface below. At first, he was unable to discern anything but small reflections on the water as it swirled and lapped; then from below the surface, he spotted an eye, a too large eye! It glowed from within with a sickly luminescence akin to that produced by deep growing fungi. As he stared in horror, he saw a mouth gape below the eye, and enormous frog-like opening with no teeth but serrated lips, like some monstrous catfish. As he stared, too much in shock to act, he suddenly felt his body wrapped in strong, leprous flesh and he quickly lost his ability to breathe. The last sight he saw before he plunged over the safety rail was the thin, grey, first light of dawn.
**** * ****
Chief Harry Whitehorse gazed around at his fellow chiefs and Shamans from various local Tribes, “So, are The Dark Ones satisfied once again? Have They sated their appetites on strangers so that our peoples will be safe for another year?”
Affirmative rumbles muttered around the conference room. Red Wolf, a Shaman, spoke from near the back row, “They are not only satisfied but Coyote assures us that the prey people will not be linked with our premises or business operations.”
Most of the fresh mutters sounded pleased, but old Harry had to ask, “Can we trust Him?”
Chortling laughter sounded throughout the conference room and ascended into thunderous yips and howls of hysterical glee.