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MrBeast Sales Slow, Angel Stock Falls, MUBI and Neon Look for Hits, and Will an NBA Franchise Set a Sales Record?
(Welcome to the Entertainment Strategy Guy, a newsletter on the entertainment industry and business strategy. I write a weekly Streaming Ratings Report and a bi-weekly strategy column, along with occasional deep dives into other topics, like today’s article. Please subscribe.) You probably remember egg prices spiking a few years ago. This led to a lot of debate between the pro-market/pro-competition/antitrust/Neo-Brandesian crowd and the center/center-right/center-left/abundance/libertarian crowd over the cause, whether it was the avian flu outbreak or whether industry consolidation led to price fixing, using avian flu as a convenient cover. Basel Musharbash wrote a whole investigation at BIG looking at it. Well, two years later, we have our answer: it was price fixing. The Justice Department found proof, via emails, of price fixing. Indeed, just the threat of an investigation brought prices down two years ago: I bring this up because at least half a dozen of my favorite political writers and pundits, who were skeptical about price fixing at the time, haven’t written any mea culpas on this issue. It’s really dispiriting and makes it much, much harder to trust their work on other issues. If you take a hard stand on an issue, then you get it wrong, you need to explain how and why you got it wrong. Or update your priors. This is how epistemological bubbles are formed! All of which is to say, it’s time for another installment of “What I Got Right, What I Got Wrong”. Last issue, I mostly focused on the “wrong” side of the equation, so today’s is a bit more balanced, but with one big mea culpa (though I still stand by my original concerns). Let’s dive right in! Subscribe CORRECTION: UFC Didn’t Release Subscriber Data (But Seems to Have Bragged About It Internally) In my analysis of the viewership of UFC Freedom 250, I wrote... “Paramount has also released datecdotes bragging about their subscriber numbers. Earlier this year, they claimed that the first UFC fight on Paramount+ brought in 1 million subscribers.” Well, that datecdote did not come from a PR rep, but from great reporting from James Faris at Business Insider. The actual quote was this: “Paramount’s flagship streaming service generated about a million new subscribers on the day of its first-ever UFC event, Paramount product chief Dane Glasgow told employees in a town hall on Tuesday morning, three staffers who attended the meeting told Business Insider.“ This wasn’t the biggest goof in the world; even Faris emphasized to me that this is more a “clarification” than a correction. Still, it sounds like, internally, the folks at Paramount were very happy about this result—and I’m guessing they were happy with this news getting out—even though the gains didn’t last through the quarter, dropping to 700K adds. RIGHT: MrBeast’s Struggles Continue... I’m very skeptical about MrBeast’s burgeoning media “empire” and, in particular, its $5 billion valuation, as I wrote earlier this year and last year. Sure enough, according to Business Insider, regarding its “booming” consumer products division_:_ “US sales volume grew 13% year-over-year in 2025, following a 33% leap the previous year, according to a presentation deck dated May 2026....A February 2025 investor deck viewed by Business Insider showed Feastables’ net revenue more than doubled in 2024 from 2023, to $215 million, and was forecast to grow 74% in 2025, to $375 million.” [Emphasis mine.] If you told investors that you projected 74% growth but delivered 13%,1 that’s not ideal. But it’s not just MrBeast. Logan Paul and KSI’s Prime had sales drop in half for their energy drinks. It’s one thing to build a successful entertainment company and an entirely different thing to succeed in the heavily-consolidated-but-also-very-competitive consumer packaged goods space! CPGs are dominated by a few firms with very wide moats compared to YouTube, which has few barriers to entry. These businesses require different skill sets and have completely different business environments. WRONG: Does the NBA Have an $8 Billion Bidder? Almost as soon as I published my article about the NBA’s finances, casting skepticism on NBA expansion, I saw this Front Office Sports headline: One group “claims to have already raised $8 billion” for the Vegas expansion team. I mean, wow. That’s just $2 billion less than what the Los Angeles Lakers were valued at when they were sold just last year. And they’re arguably the most popular team in the NBA. (Side note: the new owner is now under an investigation for fraud in how he went about financing the Lakers and the Dodgers purchases.) So much for the “dried up” language I used in that article. (This is why I usually stick to my “Entertainment Nuance Guy” tone in articles...) I went off old information—from April, when I read/heard about the NBA downplaying expansion efforts—instead of doing a quick double-check for new news. That said...if you read the article, the market for Seattle is “slow”, with just one reported bidder. So I wasn’t entirely off. This goof has annoyed me since I first published it, mainly because it undercut that article’s real point, which I stand by: NBA franchises are really overvalued right now. Now, I get why NBA teams are overvalued. When it comes to owning sports teams, it’s basically never wrong to assume that some rich person somewhere will care more about owning a team (or just being part of a group since they’re so expensive) than the actual financials. There are only so many teams to own, and opportunities to buy in preferred markets don’t come along very often. This explains why the teams sell for such high multiples (usually above a 10 to 12.5 revenue multiple, which is very high). You only need one person to overpay! Beyond the ultra-wealthy luxury good explanation, I worry NBA teams are becoming speculative assets. More and more private equity investors are buying into NBA teams. But the value, in owning a team, comes from selling it later, not any meaningful relationship to revenue or profit growth. In other words, the newer NBA owners are increasingly expecting someone later to buy their inflated asset. That’s not sound economics; that’s the “greater fool” theory at work.2 At some point, actually making money has to matter. Especially since revenue growth is now below the growth of the stock market. (And this matters because the NBA doesn’t have easy levers to pull to drastically lower their costs—half of their revenue has to go to players and then you actually have to run a team, including coaching, training, travel, media expenses, and more—or raise revenues aside from one-off expansions in America and overseas.) I just don’t see how investors make their money back buying NBA teams, except for selling at a higher price later on down the line. But if revenue/profit growth continues to slow, at some point, someone will be left holding the bag. RIGHT: Baseball and Basketball are about equally popular. Related to the above, I wanted to cite two quick pieces of evidence for one of my other theories: that the NBA and MLB are about as popular as each other, but the NBA gets much, much better media coverage. One YouGov survey has that fans prefer basketball to baseball by 52% to 48%, which I’m guessing is within the margin of error for that poll. That’s virtually even, meaning they’re about the same popularity. Over on NBC, a recent Red Sox-Yankees game averaged 4 million viewers, higher than Sunday Night Basketball’s average of 3.4 million on the same network. A Yankees-Dodgers game averaged 3.9 million two weeks ago. Not every game averages this much, but it shows you that baseball isn’t far off from basketball, depending on the matchup. Altogether, the NBA is just slightly more popular than baseball, but NBC is paying MLB a fraction of what they pay the NBA, a point I’ve made before. RIGHT: Angel, MUBI and Neon Updates... I’ve long been skeptical about many of Hollywood’s buzziest startups/smaller indie studios. It’s not that they don’t make great movies—films like Anora and Everything Everywhere All at Once are amazing—or that they’re not (rightfully) pushing the majors to make better films, but...they get a ton of hype, and that hype often doesn’t live up to the reality or difficulty in scaling up. Starting with MUBI, well, The Wall Street Journal wrote a feature on MUBI’s struggles last April, best summarized by the subheader “After Sequoia valued Mubi at $1 billion, a left-wing revolt sent the indie film company into a tailspin”. MUBI lost $7.3 million on $200 million in revenue in Q4 2025, but reportedly hit a record 1.7 million subscribers at the end of Q1. As for Neon, Department M purchased a “significant stake” in the company earlier this year. How much is that “stake” worth? According to Deadline, “No financial figures for the Neon-Department M deal were disclosed.” So...that’s not great! If it was a big valuation, we’d hear about. Also, I found this curious: “Both Neon and Department M already have separate partnerships with Qatar. The Qatar Film Committee has a slate deal in place with the former, and a biopic production pact with the latter.” Color me skeptical about much Middle Eastern investment dollars. See: LIV Golf. Finally, as for Angel (formerly Angel Studios), their stock very, very slightly popped last month after Young Washington ($20 million budget) which made $45 million in the US, but their stock is still way down from its opening. Smaller Updates RIGHT: The WGA should focus on antitrust concerns! I’ve been on this for years. Post-WGA/AMTPT deal in 2023, I wrote an article for the Ankler calling on the WGA to focus and organize against industry consolidation. Sure enough, the WGA filed a lawsuit against the Paramount-WBD merger, and people are organizing around this issue now. I wish this energy had coalesced earlier (specifically to lobby Washington much earlier), but better late than never! WRONG: Actually, the chip shortage might be due to market manipulation. In my last “Long Reads for the Long Summer” article, I shared an article about how LLMs are causing memory chip prices to spike, which will make all electronics more expensive. Well, turns out, three RAM manufacturers control 90% of the market, and now a private lawsuit accuses them of price-fixing. So yeah. WRONG/UPDATE: The Odyssey will hold! Two weeks ago, I wrote, “As of this moment, we haven’t had a super-blockbuster, though The Odyssey, Spider-Man: Brand New Day and Avengers: Doomsday could all cross the $500 million mark. (At this point, The Odyssey would need a very strong hold to get there.)” Well, it’s safe to say it’s going to have that hold! It only dropped 30% in weekend two and IMAX screenings are sold out all month. Spider-Man: Brand New Day is also off to a great start. RIGHT: People are rushing to get shows out yearly. I’ve long been bullish on yearly, weekly-released shows, and Leslie Goldberg at The Ankler wrote about how many people in town are now listening. WRONG: Mark Carney reverses Canada’s stance on homegrown production. After writing about Canada installing domestic production quotas, Canada has backed off. WRONG: I don’t trust Spider-Man: Brand New Day’s online “views”. When I originally wrote about the latest Spider-Man film’s record-breaking trailer, I thought this was just YouTube views, but after watching this Corridor Crew video and doing more research, well, it’s all social views of the trailer globally. Really? That stat includes TikTok, Reels and YouTube Shorts views. Basically, I don’t trust it anymore. (This film will probably set record, but I trust the pre-sales data more.) RIGHT: Celebrity Production companies are still struggling. I’ve written about this for years, but the company that I didn’t track was Kevin Hart’s HartBeat, which was valued at $650 million but is struggling now and might just end soon, especially after Kevin Hart pulled his endorsement deals. And Bad Robot is moving to NYC. CORRECTION: SpongeBob is a “second run” title. In my 2025 recap article, I had _SpongeBob SquarePants_labelled as a “library” title, when it is still a “second run” show, with new episodes still coming out on Nickelodeon. CORRECTION: In my last “What I Got Right, What I Got Wrong” update, I offered a correction from Doug Creutz and misspelled TD Cowen. Thanks, Grammarly! 1 Though he could have increased prices to make up for the gap, he couldn’t have increased them that much. 2 There’s a theory, which I think that Daryl Morey created and Bill Simmons popularized, that, to be successful building your team, you only need a handful of bad GMs in the league to take advantage of. To be clear, Daryl Morey’s theory was also for signing bad contracts, that you could always get out of bad contracts. Basically, there’s always someone who will make a bad trade. It’s not the same exact thing, but similar enough to the Greater Fool Theory that I really like it.
Managing shadow AI: a 10-point governance road map
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Debt Digest | Federal Debt is a Health Care Problem
Welcome David Ditch to the Debt Dispatch! We are pleased to announce a new regular contributor: David Ditch will be joining the Cato Institute as a Policy Analyst for Budget and Entitlement Policy later this week. David has more than a decade of experience in fiscal policy issues, with a particular focus on federal spending. He previously worked at the Senate Budget Committee, the Heritage Foundation, and the Economic Policy Innovation Center. David’s areas of expertise include appropriations, transportation, agriculture, federalism, grantmaking, and policy options for deficit reduction. Originally from the Rochester, N.Y. area, David has a BA in Economics and Political Science from the University of Rochester and a MA in Political Management from George Washington University. David currently lives in Arlington, VA. You may have enjoyed his earlier guest posts: CBO: New Highway Bill Has More Spending, Taxes, and Deficits Trump Administration’s Proposed Changes to Federal Grants Highlight Problems of Big Government Here are this week’s reading links and fiscal facts: The federal debt is largely a health care problem. In a new report, the Congressional Budget Office and Joint Committee on Taxation find that “In 2026, federal subsidies for health insurance, net of related payments to the government, are projected to equal $2.4 trillion, or 7.4 percent of gross domestic product (GDP). In CBO and JCT’s projections, those subsidies grow by 65 percent, reaching $3.9 trillion, or 8.4 percent of GDP, in 2036. Subsidies for Medicare contribute most to that overall growth, increasing by $900 billion. Over the entire 2026–2036 period, federal subsidies for health insurance total $33.6 trillion.” Cato’s Michael Cannon emphasizes, “The long-term federal debt problem is a health care problem. […] Only two categories of federal outlays will grow faster than gross domestic product (GDP): health care subsidies and interest payments on the debt. The former is, therefore, the primary driver of the latter.” The bond market fears deficits, not the loss of tariff revenue. Responding to a New York Times essay claiming tariff revenue has grown too important for a future administration to unwind, Cato’s Kyle Handley argues: “Bond investors are not attached to customs duties as a line item revenue source. They care about the government’s overall fiscal position.” He continues, “tariff revenue is a side hustle. And the Trump administration has already promised to dole out the funds through schemes like tariff dividend rebates, farm subsidies, and pay-fors on tax cuts or other spending.” Furthermore, “tariff revenue is simply not large enough to transform the government’s fiscal trajectory.” Take net interest for example: it “reached $970 billion in fiscal year 2025, absorbing 18.5 percent of federal receipts. Customs duties accounted for only 3.7 percent of receipts—and that was before refunds (see Figure 2).” Handley concludes, “The real bond-market concern is a large and growing interest bill, persistent budget deficits, and a political system unwilling to bring spending and revenue into alignment.” Medicare’s spending growth is driven by more volume and utilization. A Congressional Research Service report finds that Medicare spending “grew at an average annual rate of 7.3%” from 1985 through 2025, and the trustees project health care expenditures will keep rising “faster than gross domestic product (GDP) in most future years.” Citing CBO, the report attributes Medicare’s projected 2026–2036 spending growth to “23% from higher enrollment, 31% from inflation, and 47% from the growth of inflation-adjusted spending per beneficiary. In other words**, the largest single driver of Medicare spending growth during the next decade is expected to be higher volume and intensity of health care services.”** Boccia and Thakur explain: “as the economy grows, Medicare spending tends to grow at least as fast—and often faster—because the program automatically pays the bill for more and more healthcare consumption by seniors, even as prices rise.” The Fed has little control over market interest rates. Cato’s Jai Kedia documents that the Fed has held its rate target steady since December, yet “nearly every rate Americans actually borrow at has climbed over the same stretch.” Kedia continues, “The Fed did nothing, and the cost of credit went up anyway. […] Markets spent these months repricing macroeconomic events such as sticky core inflation, a volatile energy market driven by the conflict in the Middle East, and global trade disrupted by tariffs, among others. None of that required a policy change to show up in borrowing costs because markets, not the FOMC, set prices.” He concludes, “Accurately priced borrowing rates will come from credible disinflation and disciplined budgets and from a Fed content to follow the economy rather than pretend it leads it.” Nearly half of US farm income comes from taxpayers. Former Reagan OMB director David Stockman notes that “in the most recently completed full year (FY 2025) farmer incomes in the US totaled $97.8 billion, but fully 42.7% or $41.8 billion of that amount came from taxpayers, not the marketplace. Nor is this some kind of one-year aberration. If we look at the most recent decade as a whole, total farm income posted at nearly $708 billion, but, as indicated, fully $322 billion or 45% of this came compliments of US taxpayers.” Cato’s Chris Edwards explains why so little of that income is market-earned: “Farmers are businesspeople, but the government shields them from just about every type of weather and market risk. Furthermore, just about every part of the agricultural industry is subsidized, including insurance, loans, marketing, research, export sales, and land improvements.” The Debt Dispatch is a reader-supported publication. To receive new posts and support my work, consider becoming a free or paid subscriber. Subscribe
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As business programs struggle to find students, UMD offers a faster way to an MBA
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Chrome may get faster updates with no restart required
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Enovis™ Companion Animal Health Launches CT-RevitL™, the Next-Generation Laser Therapy System for Veterinary Care
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United States Delivers Life-Saving Health Supplies and equipment to Madagascar
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Gulp.
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Scientists have combined machine learning with quantum physics to discover two new superconductors and create a much faster way to search for many more. The technique could bring researchers significantly closer to the long-sought goal of a room-temperature superconductor.
Scientists finally explain what turns a storm into a super typhoon - Futura-Sciences
That kind of runaway strengthening looks almost supernatural, but it follows clear physical rules. So what actually turns an ordinary storm into a super typhoon, and why does it seem to happen faster than it used to? An engine fueled by warm water A typhoon, which is simply what a...
AT&T to Offer Everbridge Critical Event Management Solution
AT&T will offer enterprise and public sector customers Everbridge 360, designed to help organizations communicate faster when it matters most.
Researchers Develop AI Test to Predict Recurrence of Breast Cancer
Breakthrough offers potential for faster, less costly predictions to help guide treatment
From shampoo to cookies, consumer products get an AI makeover
French cosmetics company L'Oreal has used AI to identify molecules in its skincare products that can be repurposed for use in shampoo and can now create products four times faster than before, a senior executive told Reuters.
We tried Base44's first LLM model to make a website
Base44 said its new AI model aims to be faster, burn through fewer credits, and produce better designs than frontier models. We put it to the test.
SoFi (SOFI) Launches AI Investing And Small Business Loans In Product Push
SoFi Technologies (NasdaqGS:SOFI) has launched Composer by SoFi, an AI-powered investing platform designed to help members build and automate customized investment strategies. The company has also introduced SoFi Small Business Loans, a digital-first lending product aimed at giving entrepreneurs faster access to capital with no fees. These product rollouts expand SoFi's presence in AI-driven investing tools and small business lending within its broader financial services platform. SoFi...
This $35 AI-powered Mac app transcribes your voice three times faster than typing
Work smarter on your Mac with this AI voice assistant.
A hidden weakness in deadly cancers could lead to powerful new treatments
A UCLA study has identified a hidden Achilles' heel in aggressive small cell cancers that have resisted new treatments for decades. Scientists found that tumors lacking the RB gene become critically dependent on the protein E2F3 for survival. Blocking E2F3 shut down tumor growth in laboratory models, and existing FDA-approved drugs may be able to exploit this vulnerability. The discovery could pave the way for faster development of more effective therapies.
Chinese team’s brain-mimicking chip ‘up to 478 times faster than Nvidia GPU’
New chip performs data storage and computation in a single memory array, enabling real-time modelling of complex brain structures, team says.
Ukraine's defense industry edge is tests in days, not months or years
Ukraine's defense companies are iterating much faster than their Western counterparts typically can because they can test their systems more easily.
Science news this week: James Webb telescope finds a never-before-seen substance, China's 'Great Green Wall' grows faster than natural trees, and a Medici murder mystery is solved
July 4, 2026: Our weekly roundup of the latest science in the news, as well as a few fascinating articles to keep you entertained over the weekend.
Rescue mission launches to save NASA telescope that's falling back to Earth thanks to solar storms
Launched in 2004, Swift is sinking faster than ever because of recent solar storms.
Could Your AI Content Land Your Business In Court?
Generative AI is helping businesses create content faster, but it is also creating new copyright and intellectual property risks that many companies do not understand.
Scientists Sound the Alarm: Antarctic Discovery Is More Disturbing Than Anyone Feared - Futura-Sciences
The Frozen Continent Is Changing Faster Than We Thought Antarctica has always been a tough nut to crack for scientists. Its complex and sometimes baffling phenomena have long made it mysterious, and recent findings suggest its influence on our planet’s climate could be much greater than we thought. In September...
Fly Phishing: How Business Aviation Can Fight AI-Supercharged Cybertheft
AI is making cybercriminals faster, smarter and harder to detect. Learn how business aviation operators can recognize emerging threats, defend against sophisticated phishing attacks and protect their aircraft, data and organizations.
Google introduces a faster, cheaper image generator with Nano Banana 2 Lite
Google is updating its image generator to make it faster and cheaper, making it a more useful tool for creators looking to make AI content.
66 billion trees have been planted in China's Great Green Wall — and they appear to be growing faster than natural forests
A study of China's planted and natural forests reveals age, species mix, and CO2 sensitivity all contribute to how fast trees sprout leaves.
Is AI causing layoffs? This report says it's complicated.
New research has found that companies spending the most on AI aren't slashing jobs; they're actually hiring faster than their peers.
Specialized claims the new Tarmac SL9 is faster than the Colnago Y1Rs and Cervélo S5 when using "the only metric that matters"
Specialized says the new SL9 is faster than the Colnago Y1Rs, Cervélo S5 and Factor One when tested against the "the only metric that matters"
Google Play Store is getting faster everywhere, from your Android phone to your car's dashboard
Google Play Store is becoming faster across phones, tablets, TV, Wear OS, and Android Auto, and receiving a bunch of new Store features.
Scientists cured sickle cell. Then their next challenge began.
Gene editing has delivered remarkable results against sickle cell disease. Now researchers are working to make these personalized treatments faster, cheaper, and available to far more patients.
Digital research repository arXiv to start new chapter as nonprofit
On July 1, the digital research respository arXiv, house at Cornell Tech, will transition to an independent nonprofit, enabling faster technological development, expanded partnerships and long-term financial sustainability.
Rise in cancer in younger adults may be explained by faster 'biological aging,' early study hints
Researchers report that younger adults with older‑than‑expected biological ages are more likely to develop early‑onset lung, gastrointestinal and uterine cancers, but more research is needed.
Some In Silicon Valley Want To Build A Machine God: Here's What Business Leaders Should Build Instead.
What young people need to become capable, grounded adults is not a faster model release.
How to manage public investment in science with balance
Public debt is higher today and growing at a faster rate than before the pandemic in 80% of the world's economies. According to the latest fiscal report from the International Monetary Fund, global public ...
Business Transformations Are Failing Workers. Here's What Leaders Are Missing
Businesses are experiencing organizational change faster than employees can absorb it. Discover how companies can manage business transformation without causing burnout.
Young children losing health coverage faster than older kids — but still faring better in California
The latest education news updates from EdSource.
Younger Adults May Be Aging Faster Than Previous Generations
This could explain a worrying trend.
Euro-Zone Business Activity Shows Resilience to Iran War Fallout
Business activity in the euro area shrank less than anticipated in June, feeding optimism that the region’s economy can weather faster inflation and the jolt to confidence dealt by the Iran war.
New T-Mobile 5G Test Shows a Simple Fix for a Common Slowdown
T-Mobile may have found a practical way to make its 5G network work better when several nearby phones are all trying to pull data at the same time. The big takeaway is simple: in a new benchmark study, a newer Nokia-powered setup helped cut interference between phones, which led to faster overall performance. According to Signals Research Group, the testing was done at T-Mobile’s ... [read full article]
Samsung Unveils Industry’s Fastest UFS 5.0 Solution for Next-Gen On-Device AI Applications
Samsung’s UFS 5.0 solution achieves the industry's highest data transfer speed of 10.8GB/s, enabling faster storage and processing in mobile memory Enhanced power efficiency and smaller package to provide optimal mobile AI experiences
Office of Naval Research rolls out new science and technology strategy
The office also wants closer ties to industry and troops to get new equipment to the field faster.
Is China Closing the A.I. Gap Faster Than Expected?
Silicon Valley and corporate America are increasingly turning to cheaper, open-source artificial intelligence models built in China.
Scientists have designed a clay that can prevent fruits and vegetables from rotting too quickly
The gas ethylene causes fruit and vegetables to ripen faster and is responsible for millions of tons of food being lost annually during transport and storage. Now researchers from the University of Copenhagen, among others, have succeeded in getting clay to collect the gas and hope that the material can help reduce food waste in the long term.
Big Business Urges Faster Electrification
More than 100 major companies are urging governments to accelerate electrification policies, arguing that reducing dependence on volatile fuel markets will improve energy security and economic stability.
Global business leaders back faster electrification shift
MORE THAN 100 COMPANIES INCLUDING NESTLE, UBER URGE GOVERNMENTS TO MAKE ELECTRIFICATION CENTRAL TO ECONOMIC STRATEGY
What Would Faster Sequencing Mean for Your Research?
In this Teach Me In 10, Dr. Nick Scales, Technical Sequencing Specialist at Plasmidsaurus, discusses how Plasmidsaurus help researchers gain deeper biological insights while reducing common workflow bottlenecks.
“Clunky” Epic Games Launcher is getting a “Ground-up rebuild” that promises to be at least 5x faster
The company has confirmed that a major overhaul of the Epic Games Store with several improvements and changes is currently in development.
Researchers found a Wordle strategy that wins 99% of the time
Researchers developed a Wordle-solving strategy that succeeds 99% of the time by focusing on information gain rather than likely answers. The method uses Shannon entropy to identify guesses that reveal the most about the hidden word. Each guess is designed to slash uncertainty and narrow the possibilities faster. The result significantly outperformed more traditional Wordle tactics.