What does this all mean? Stephens, 84, isnt the eldest newcomer: that honor belongs to Eleanor Butt Crook, the 90-year-old heir to the fortune behind Texas supermarket chain H.E.B., who joins with an estimated $2.8 billion net worth. Haaretz said that Kohelet's principal financial backers are two Jewish American billionaires, Jeffrey Yass and Arthur Dantchik. . It was around this time that Yass gave serious thought to the idea that the groups success could expand beyond the poker table. As TikTok grew in Asia and was launched in the US in 2017, returns started to build. Israel Englander, a successful hedge fund manager & NYU alumnus, sponsored Yass for a seat on the Philadelphia Stock Exchange after seeing his early success as a grad student. Like. Like many other successful traders Yass took advantage of the so called Black/Scholes options pricing model named after and invented by three Ph.D.sFisher Black, Myron Scholes and Robert Merton who went on to win the Nobel Prize in economics in 1997. Or news of former SEC, CFTC and other regulatory heads, Other than the occasional one-off mention in financial circles, do we ever hear about the exploits of Susquehanna or its leadership? In some respects, the coronavirus crisis has been a tremendous boon for Jeff Yass. Forbes said Zuckerberg has lost more than half of his fortune, $76.8 billion, since September 2021. The largest property manager and multifamily developer in the U.S., Greystar manages and operates more than $240 billion in real estate across five continents, with an investment management business that manages more than $60 billion in assets. The three men determined to see Williams become the next mayor are Jeff Yass, Arthur Dantchik and Joel Greenberg. I believe in green energy, he tells Forbes. Susquehanna quickly found a chance to prove their trading prowess. Eric Brooks went on to win the 2008 World Series of Poker in Seven Card Stud, and runs a non-profit focused on decision making education among children. Susquehannas training programs involved a mix of tutorials on options pricing theories and poker-playing tournaments to test employees' decision making skills. . His real-time net worth Thursday was $51.2 billion, down from $57.7 billion when the list was released. After graduation in 1979, Yass and Dantchik moved to Las Vegas to become professional gamblers. About Arthur Dantchik Dantchik is a cofounder of Susquehanna International Group, one of Wall Street's largest and most successful trading firms. Forbes lists his real-time net worth at $3.2 billion. While markets may be quieting down in recent weeks, all may not be as it seems beneath the surface. When the market cratered, Susquehannas puts became very valuable. It was around this time that Yass gave serious thought to the idea that the groups success could expand beyond the poker table. A ranking by the campaign-finance watchdog, the Center for Responsive Politics, placed Yass and his wife, Janine, as the ninth-largest givers in the United States in the last federal election cycle. So Yass continued to program trade as most Wall Street firms abandoned the strategy, leaving Susquehanna to extract large profits for a few years. Its hard to miss a headline about CEO Ken Griffin buying not one, but several of the most expensive houses in the world. But its not just finance: the class of 2022s new members made their billions in nine different industries. In terms of annual guidance, Coinbase gave a wide range of potential outcomes with the caveat that like everyone else, it cant predict future volatility & trading volumes. Black-Scholes was an utter game changer that gave legitimacy to the options market and allowed sophisticated firms to build trading strategies that nearly guaranteed consistent profits. Homes - Celebrity - Business. His Charleston-based Greystar is a fully integrated global real estate company active in property management, investment management and development services. The third-generation owner of C&S Wholesale Grocers, Cohen joined in 1974, when it did $50 million in revenue; today it generates $25 billion. Musks TeslaMaster Plan Lacks Drive. No. In the summer of 2019, when Susquehanna took its new hires to a Philadelphia Phillies game against the Mets, it offered $10,000 to the employee who correctly guessed the final score of the game, detailing the probabilities of each team winning based on something called the Pythagenpat formula. Or news of former SEC, CFTC and other regulatory heads taking jobs with the firm to help its government relationships. 11, down from No. For an economics class, he wrote a final paper titled, An Econometric Analysis of Horse Racing, that he eventually published in Gambling Times magazine. Do your own research & speak to a licensed professional before making any investment decisions. 4: Larry Elison, Oracle founder and CTO, $89.9 billion. Eldridge has investments in everything from Bruce Springsteens song rights to daily fantasy and sports-betting firm DraftKings. Questions flooded in as I read and re-read the article. Yasss syndicate raided similar jackpots across the country, traveling to Palm Beach to bet on Jai Alai, and to a track in the Boston suburbs to bet on Greyhounds. Todd Boehly, who made history when he led a consortium to purchase the English Premier Leagues Chelsea FC from sanctioned Russian oligarch Roman Abramovich for $3.1 billion in Maythe highest price ever paid for a sports teamdebuts with an estimated $5.3 billion fortune. Since the early 2000s, Susquehannas unique expertise in options has given it an edge in an even larger & more integral part of the financial system: ETFs. They made news in 2010 by funneling more than $5 million to Williams' unsuccessful campaign for governor, but their political giving goes well beyond his ambitions. Amid a flurry of headlines, the WSJ took time to highlight an unlikely winner of TikToks recent exponential growth streak - Susquehanna, a low-key, under the radar trading firm based in Pennsylvania. Photographer: Giulia Marchi/Bloomberg. Neither Yass nor Dantchik are household names in Israel, or in the U.S., for that matter - and not by chance. Share. This is the basic theory that governs Yasss startling rise. Using the Black/Scholes model against gut traders of the day was like shooting fish in a barrel. On campus, Yass began to study the options contracts that would eventually make him rich. Thats precisely the way he likes it. The West Texas wildcatter, whose Big Dog rig number 28 was the focus of season two of TruTVs Black Gold oil patch reality series in 2009, is the richest of the 20 newcomers to this years Forbes 400. But not all U.S. billionaires are feeling the pain. No. 3 Emerging Trends In Silicon Valley's Unicorn Market, Another Freshman GOP Rep. At Binghamton, he roomed with his best friend from Bayside High School, Arthur Dantchik, and made lifelong friends with Eric Brooks, Joel Greenberg, Andrew Frost and Steven H. Bloom, most of whom also came from working class neighborhoods Brooklyn and Queens. In one-on-one interviews, Rubenstein will learn investing strategies and tactics from some of the world's top wealth creators. If S&P 500 futures liquidity is low it means large trades can spill over into the underlying stock market with greater speed & impact. Word of mouth is the #1 way others find this newsletter - If you liked this weeks content, please consider sharing with friends & colleagues. Secretariat jockey Ron Turcotte looks behind for the other horses on his way to a 31-lengths victory in the Belmont Stakes in Elmont, New York on June 9, 1973. With an estimated net worth of $10 billion, Autry Stephens joins the list thanks to his Midland, Texas-based Endeavor Energy Resources, the largest privately-owned oil producer in the U.S. (excluding Alaska). "The rich dont always get richer, Chase Peterson-Withorn, Forbes deputy wealth editor said, noting that like many Americans, the wealthiest 400 people in the country are feeling the stock market slowdown. We need an aviation industry and infrastructure that are safe from future quantum threats, as well as today's hackers. Ahead of its public listing on April 14, Coinbase reported Q1 2021 earnings that confirmed how Bitcoins incredible recent run has impacted crypto exchanges. Get the 5-minute roundup you'll actually read in your inbox The Federal Trade Commission has proposed a new rule that would ban employers from imposing noncompete agreements. could be created with the same payoffs as an options contract. That 15% investment is now valued at over $30 billion, rivaling the value of Susquehanna itself. A decade later, ByteDance hit a valuation of $360 billion in February 2021. In 2007, he invested in a robotics automation firm that eventually developed a massive AI-powered warehouse robotics system. The Sackler brothers Arthur, Mortimer, and Raymond founded Purdue Pharma in the 1950s. Instead he sold the rest of his holdings, including shares of Baidu and Nvidia, to buy long- term Tesla call options. Players on a big scale. In 2012, Susquehanna bought a 15% stake in TikToks owner ByteDance, and held on to its investment as the app launched & spread in America. If you have questions or feedback, please reply to this email or find me onTwitter. 104 on the Forbes list with a net worth of $7.5 billion. Yass, always careful to protect himself against the risk of ruin, had bought insurance using out of the money put options. The business skyrocketed when it began selling OxyContin in 1995. . An Indonesian native with degrees from Columbia and New York Law School, Koguan is also founder and chairman of $12.3 billion (sales) IT provider SHI International, which his ex-wife (and fellow Forbes 400 member) Thai Lee runs as CEO. In March, 2021, an investigation in Haaretz said that Jeff Yass and and Arthur Dantchik were behind a large portion of the donations to the Kohelet Policy Forum in Israel. 6: Larry Page, Google co-founder and board member, $86.6 billion. Arthur DantchikManaging Director/Co-Founder, Susquehanna Intl Group LLP. Renowned financier, Co-Founder of The Carlyle Group, and philanthropist David Rubenstein provides unparalleled access to the world's most successful investors. Wang has 16 years on the second-youngest newcomer in 2022: hedge fund billionaire Daniel Sundheim, 45. On Wall Street, Robinhood is in the business of cultivating and serving up millions of marks daily. Please, , a newsletter covering the biggest stories in exchanges every Friday. As a group, they are $1 trillion richer than they were in 2019 before the start of the COVID-19 pandemic. Two other Philly-area big shots made the top 100. The Forbes list is based on stock prices from Sept. 2. Dantchik began to oversee Susquehannas training regimen, while Joel Greenberg, a lawyer educated at Columbia University, acted as a chief operating officer. Legendary trader and former BitMex chief executive Arthur Hayes has changed his tune on bitcoin's short-term fortunes FC Barcelona are reportedly interested in signing Brazilian right back Arthur from America-MG. All of sports betting, all of playing poker, and all of options trading is making sure youre betting against someone youre smarter than, Yass told the Bet The Process podcast a year ago. Arthur's reported annual income is about $250K+; with a net worth that tops Greater than $499,999. 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Wade, How U.S. Supreme Court Ruling May Impact PA Gun Policy, 10 Of The Best Summer Activities in Pennsylvania: Photos, Jeff Yass (23rd nationwide), Susquehanna group owner, TikTok investor, $30 billion, Michael Rubin (62nd), Fanatics CEO and former owner of Philadelphia 76ers and New Jersey Devils, $10.2 billion, Victoria Mars (69th), candy and pet food, $9.3 billion, Arthur Dantchik (104th), trading, $7.5 billion, Jeffrey Lurie (241st), Philadelphia eagles owner), $4.4 billion, Thomas Hagen (271st), insurance, $4 billion, Mary Alice Dorrance Malone (285th), $3.9 billion, John Middleton (327th), tobacco and owner of Philadelphia Phillies, $3.4 billion, Thomas Tull (369th), movies and investments, $2.9 billion. Susquehanna quickly found a chance to prove their trading prowess. As of 2021 that stake is worth north of $30 billion. In 1981, he offered Yass an empty seat on the Philadelphia Stock Exchange for $30,000 and a 50/50 revenue share. In 1973 the CBOE launched the first US exchange-listed options contract, opening up a complex new trading frontier. Menu Log In Sign Up 10: Jim Walton, Arvest Bank Group Inc. chairman and CEO, $57.9 billion. Trump's blessing: Trump said Saturday that he had approved the deal "in concept.". To put this incredible ownership stake into perspective, Susquehanna owns about as much of TikTok as Mark Zuckerberg currently owns of Facebook. E-Mini S&P Futures Market Depth (the green line) showing largely the same dynamic as #1, but this time for CMEs flagship equity index futures product. Questions & feedback can be sent via email orTwitter. Using the Black-Scholes formula allowed traders to buy or sell an option, create a replicating portfolio using a combination of stocks, interest rates & time, and arbitrage between the two for profit. Missing from the line-up was a secretive trader from Bala Cynwyd, Pennsylvania named Jeff Yass. "Jeff is a unique talent. Photo by Joe Dombroski/Newsday RM via Getty Images). Arthur Dantchik - Net worth: $7.5 billion (#290 wealthiest in the world) - Residence: Gladwyne, Pennsylvania - Source of wealth: trading, investments, Self Made #3. Due to its models, tiny Susquehanna traded as much as 5%-to-10% of the volume of the New York Stock Exchange on any given day, but Yass was uncomfortable with growing criticism over his trading. Momentum is growing behind a bill in Congress to ban Chinese social media app TikTok, the app that some term Chinas Trojan horse for controlling U.S. users data and hearts and minds. View Arthur Dantchik's record in Gladwyne, PA including current phone number, address, relatives, background check report, and property record with Whitepages. Questions flooded in as I read and re-read the article. Eventually, Yasss outfit built a venture investment team in the U.S. and China, overseen by Dantchik. After graduating Bayside High School in 1975, he matriculated to the State University at Binghamton. In 1973 the CBOE launched the first US exchange-listed options contract, opening up a complex new trading frontier. Welcome to another issue ofFront Month, a newsletter covering the biggest stories in exchanges every Friday. When his syndicate returned with a quarter million dollars, they were swiftly escorted to the exits and barred from ever stepping foot in Sportsmans Park again. Additional reporting by Richard Chang, Matt Craig, Matt Durot, Amy Feldman, Luisa Kroll, Kyle Mullins, Andrea Murphy, Conor Murray, Chase Peterson-Withorn, Hank Tucker and Emily Washburn. But the deal still needs formal approval from his administration. Thank you for reading this issue of Front Month. Virtu Financial CEO Doug Cifu was interviewed on the Odd Lots podcast recently talking about his firm, the market-making landscape & equity market structure as a whole. Arthur Dantchik still works at Susquehanna as a Managing Director, serving on the board of ByteDance on Susquehanna's behalf. Required fields are marked *. A few years ago, he was studying online sports gambling markets in Europe and noticed that Flutter, the parent company of betting exchange Betfair, traded at market capitalization north of $10 billion. If you have questions or feedback, please reply to this email or find me on. Other than the occasional one-off mention in financial circles, do we ever hear about the exploits of Susquehanna or its leadership? The collapse of crypto exchange FTX and the arrest of FTX founder Sam Bankman-Fried has given fresh hope to crypto skeptics that this entire episode signals the demise of crypto. Elon Musk, who cofounded six companies, including electric carmaker Tesla and rocket producer Space X, topped the real-time list of super rich Americans for the first time with a real-time net worth Thursday of $263.2 billion. By the 2000s. You can see dozens of their political contributions here, courtesy of the National Institute on Money in State Politics. SIG plunked down $5m in ByteDance in 2012, the year of the company's founding. After college the group spent a year in Las Vegas, winning enough at the casinos to cover their bills and more. Everyone knows who Citadel Securities is - and I mean everyone. The finance firm was co-founded by billionaire Jeffery Yass and Arthur Dantchik, who together have funneled money to a conservative group that promotes religious Zionism and Jewish settlements in the West Bank, according to investigative reports from the liberal Israeli newspaper Haaretz . No. At age 63, Yass has built Susquehanna into a global giant without taking a penny of outside capital. Back then, Sportsmans Park offered whats called a Super Bet, a jackpot that could be won if gamblers successfully picked the winning order of three consecutive horse races. 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On this day, however, he was on his way to Sportsmans Park, a horse racing track built by Al Capone on the outskirts of Chicago, with a few friends and $250,000 in rolled up hundred-dollar bills stuffed into duffel bags. In total, SIG's China arm invested a collective $2B in 260 companies, including ByteDance. Now called Symbotic, it went public in a June SPAC deal and is automating all 42 of Walmarts regional distribution centers. All Rights Reserved. Susquehannas sports traders focus on in-game betting, when odds change quickly based on new information, and Yasss two sons work in the unit. If you have to choose between fame and fortune, choose fortune. Arthur Dantchik Net Worth: $7.5 billion Source of wealth: Trading, investments Dantchik, 64, is the cofounder and managing director of Bala Cynwyd, Pennsylvania-based trading firm Susquehanna. There, he met Israel Englander, then a centimillionaire who routinely staked hungry young traders with his own capital and would later found hedge fund Millennium Management. To blow off steam, Yass and his traders look elsewhere for edge and action. Ahead of its public listing on April 14, Coinbase reported, that confirmed how Bitcoins incredible recent run has impacted crypto exchanges. Boehlys old boss at Guggenheim Partners and fellow Forbes 400 member, Mark Walter, with whom he partly owns the Los Angeles Lakers and Dodgers, also backed his bid. What Could Elon Musk Possibly Be Thinking? In 2012, a political-action committee called Fighting Chance PA, with links to the Philadelphia Archdiocese, backed legislators who wanted to expand tax credits for school scholarships - but when its finances were reported, the bulk of its money was actually $300,000 from Greenberg, Yass and Dantchik. Net worth: $169.7 billion . I cover the world's richest people and how they made their billions. In 1987, Yass and his partners created Susquehanna International Group with no outside money, naming the firm after the Susquehanna River which flows past Binghamton and all the way through Pennsylvania. Yass had figured out that once the Super Bet pot reached a certain size, gamblers with a large enough bankroll had an edge. Heres how that can help your career. In America, there is this primitive notion that you have a bookmaker and the spreads are very, very wide, like what life was like on the New York Stock Exchange in the 1980s before electronic trading squashed the spreads, says Yass, We're hoping the same thing happens with sports betting.. Owners past and present of all four Philadelphia sports teams made the cut, including former Philadelphia 76ers owner Michael Rubin, who sold his stake in the team back in June and saw his net worth boom. The son of an accountant who was the CEO of a small, publicly-traded financial information company called Datatab, Yass and his father Gerald would thumb through the business pages of the New York Post, studying stocks and esoteric securities like warrants. It was a huge blunder, which boosted the New England Patriots odds of winning from 1.73% to 2.41%, an increase of about 40%. More Galleries From Forbes. (Photo by Steve Ringman/San Francisco Chronicle via Getty Images). 6.1 million monthly transacting users on Coinbases platform helped trading revenue surge along with Bitcoins nearly +100% rise YTD. Susquehanna was recently approved to begin offering futures contracts on U.S. tax rates, a derivative that he thinks can be used to hedge President Bidens efforts to raise rates on corporations and high-earning individuals. Mark Dooley, one of Susquehannas original employees, oversaw the firms transformation from a floor trading operation into one that relied on technology. In 2006 Susquehanna founded its own. (He also owns stakes in the Los Angeles Lakers and Dodgers. Steve Bloom left the firm in 1993 to manage his sizable fortune as a family office. His senior thesis examined whether options, which had begun trading at the Chicago Board of Options Exchange in 1973, added value to society. Dantchik, 64, is the cofounder and managing director of Bala Cynwyd, Pennsylvania-based trading firm Susquehanna International Group, which he runs alongside his fellow cofounder Jeff Yass, who debuted on The Forbes 400 in 2021. Six classmates - Jeffrey Yass, Steve Bloom, Eric Brooks, Arthur Dantchik, Andrew Frost and Joel Greenberg - became friends through their shared skill & interest in poker and horse racing. Today, that stake is worth $15B a casual 3000x return. By the late 1990s, Susquehanna was earning billion-dollar profits in some years, according to insiders. What the heck is a Wall Street trading firm doing with such a big stake in TikTok? Even Yasss father Gerald had a role, working to build the firm's back office bookkeeping operations. Of note, Forbes noted, New York Attorney General Letitia James is suing Trump, three of his children and the Trump Organization for $250 million, claiming they had repeatedly and grossly inflated the value of his properties to obtain loans. Where are the original Susquehanna Six founders now? Just because theyre good at avoiding press coverage & keep strategies close to the chest doesnt mean they dont deserve attention. They include Hayes Barnard, 50, the founder of Roseville, California-based fintech GoodLeap, which provides financing for solar panel upgrades to residential homes as well as energy-efficient windows, battery storage and smart home devices. In 2001, he joined the executive advisory council of the Cato Institute . If you like this newsletter and want to follow the exchange industry with me, please hit the Subscribe button below & be sure to share with friends & colleagues: published a fascinating piece about the popular social media platform TikTok that caught my attention. . They are CEO and president, respectively. They bet sports lines, play even more poker, and look to find a hidden arbitrage in anything. The most well-known newcomers will be familiar to sports fans. It now produces more than 200,000 barrels worth of oil and gas per day. In 2012, Susquehanna bought a 15% stake in TikToks owner ByteDance, and held on to its investment as the app launched & spread in America. Sign up for free Patch newsletters and alerts. In 2006 Susquehanna founded its own venture capital firm focused on startups across the US, Israel and China. Just like an option, an ETF relies on the idea of a replicating portfolio to price itself. As he waits, hes expanding into cryptocurrency trading and conjuring up new financial products. Overall, the firm made about $30 million that year. Net worth: $7.5 billion. She listed $9,842 in obligations and $21,003 in loans. Yass is uniquely qualified to capitalize. , rivaling firms more than 100x their size. . Dick, an heir to the Schlitz beer fortune, and Elizabeth started Uline together in their basement in 1980. His firm is now among the 20 largest investors in venture capital-backed companies in the world, according to some estimates, owning tens of billions worth of investments spread across China,. Markets were still figuring out how to properly value & trade these instruments, and even the industrys top firms hadnt mastered them quite yet. Susquehannas sprawling headquarters in the Philadelphia suburb of Bala Cynwyd, Pennsylvania resemble an Ivy League college campus. The NHL's Highest-Paid Players 2022. Haaretz.com, the online English edition of Haaretz Newspaper in Israel, gives you breaking news, analyses and opinions about Israel, the Middle East and the Jewish World. Last but certainly not least, Jeff Yass continues to lead Susquehanna to this day with the largest ownership stake in the company & a rumored fortune north of $12 billion. You can find this episode, For those of you reading this newsletter who are not on Twitter, youre truly missing out on some incredibly detailed finance & market structure content shared willingly for free by others. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. Joel Greenberg is an active political donor, supporting multiple Mayor & Governor campaigns in the past and the founder of a super PAC. He studied mathematics as a major and economics as a minor, hoping to sharpen his skills at gambling and trading. In February, the U.S. House of Representatives summoned a line-up of villains for a public rebuke of the GameStop trading debacle. Jeff was spectacular at processing that information and deciding how big to bet.. Susquehanna began backing Zhang before he thought of TikTok. The air traffic shutdown last week, the worst since 9/11, represents a salutary warning to government as well as private industry. Justice Minister Yariv Levin's judicial overhaul was apparently written by the Kohelet Policy Forum, one of the best-funded research institutes in Israel, which advances nationalist, libertarian policies and is funded by two American billionaires. No company better explains this theory at work than, , formed in 2012 with Susquehanna as an early backer. A new market was forming on Wall Street with vast potential for gamblers like them -. It was a sophisticated theory of the racing odds, honed with help from a Ph.D. statistician who'd worked for NASA on the moon landing, and it proved right. Simple examples like this help explain what poker players & option traders do on a daily basis - they take inputs from their respective environments to process the relationship between expected outcomes, risk, reward and price, betting when the odds are in their favor and waiting on the sidelines when they dont have an advantage. Last Friday, the Philadelphia Chapter of the Jewish Voice for Peace raised concerns about newly uncovered funding of a right-wing Israeli think-tank, the Kohelet Policy Forum, and its financial support from Yass and fellow businessman Arthur Dantchik. We can have a marketplace that has the respect of everyone, which will become the new harbinger of truth., All of this, he likes to say, is a mission from God., With research assistance from Susan Radlauer, Forbes 2021 list of the Worlds Richest People. His betting prowess & entrepreneurial spirit has taken him from poker games in his college dorm room to the flashy Vegas casino tables, to the crowded Philadelphia options pits and ultimately the top of Wall Streets food chain. Today, Susquehanna commands nearly 10% of the market making volume in exchange traded funds, moving over 130 million shares daily in 50 countries around the world. Word of mouth is the #1 way others find this newsletter - If you liked this weeks content, please consider sharing with friends & colleagues. 1515 N Federal Hwy Boca Raton, FL 33432 401 E City Ave Bala Cynwyd, PA 19004. 104. Its publicity-shy founders, Jeff Yass and Arthur Dantchik, have built it into a powerhouse of 2,000 traders and support people, known for using poker train new hires and for making big bets on small movements in hot stocks and cool bonds. Arthur Dantchik and Jeffrey Yass met at as students at the State University of New York (Binghamton) in the late 1970s, where they bonded over a love of poker. If youre not asking yourself, am I the sucker, or am I the [bait], you get arrogant and you get crushed.. Susquehannas offices are filled with casino-quality poker tables. Jeffrey Yass Wife He is married to Janine Coslett. Get email notification for articles from Eytan Avriel. She received $15,000 from Arthur Dantchik, a Pennsylvania trader who has a history of . , had bought insurance using out of the Carlyle Group, and Elizabeth started Uline together in their basement 1980! A robotics automation firm that eventually developed a massive AI-powered warehouse robotics system 1979, Yass has Susquehanna!, analyzing major legal issues and cases in the past and the founder of Super! Theories and poker-playing tournaments to test employees ' decision making skills quieting down in recent weeks, may. 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