Sympathy for the Drow - De-Vilifying the Dark Elves
The "Evil" races in DnD have always rubbed me kinda the wrong way. Partly once I learned that a lot of them come from racist stereotypes (Orcs, Drow, and Goblins in particular) and also just because it doesn't make sense to me. Even Nazi Germany had variation and dissenters and it only lasted for 12 years. Why would a clearly evil society never change over hundreds of years? In my opinion, a story is only as good as it's villains. So, I've set out to try and make the traditionally evil races slightly more believable and even sympathetic in places. Now, I've not been a DM very long, only like three years. But the first campaign I ever ran was through Curse of Strahd which paints the Vistani (an itinerant society heavily based on the real world Romani) as a conniving group of thieves, murders, and vampire-worshipers. Thankfully, I found through reddit and other sites how to steer away from the racists depictions of the Vistani and making them seem like, at worst, opportunists. So, I hope to be able to do that with some other of the classic DnD antagonist races. I've read some other phenomenal post on here about evil races that totally inspired me as well. There's a great twopart post about Decolonizing D&D which I adore. The post about alignment is easily my favorite. There's a couple great ones on Orcs and Yuan-Ti too so if some of my ideas are lifted from them, I hope y'all consider it flattery instead of theft. So, here are some primer notes before I get into it. For creating the Dark Elves, I tried to keep as much as I could from the books. Obviously some stuff has to get thrown out the window though. I also tried to standardize calling them Dark Elves instead of Drow partly because I feel like Drow has a much nastier sound to it and calling them Dark Elves follows the naming convention with the High and Wood Elves. I tried to model them after real-life matriarchal societies like the Mosuo people of China and their pantheon after real deities like the Greeks, Romans, and Norse. I also quickly realized that building a society is inseparable from geography. Where a people are from effects their language, values, mythology, history, and family structure. I've tried to outline details I think are necessary to making this society realistic while leaving it open ended enough to be place-able in different worlds with relative ease. All that aside, lets get into the meat of it.
The Dark Elves: Elven Outcasts
The Elves are a varied and magical people that come from many planes and many environments within them. But none are met with more distrust and fear than the Dark Elves. Easily set apart from their cousins by their charcoal or pitch-black skin, pink-red eyes, hair of grays and whites, and shorter stature, these people have earned a reputation as killers, thieves, demon worshipers, and liars. But history is a cruel mistress, something the Dark Elves know better than most.
The Divine Divide
As the legends go, when the world was still young, Corellon Larethian lived on the Plane of Arvandor with his fellow Primal Elves. They were wild and mutable, emotional and free in all things. They changed shapes at will, gave and took freely to and from the world, and never stayed in any location too long. They wandered to and fro, scattering their peoples across almost every plane. However, this unbridled freedom was not without a price. Arguments, feuds, and small scale wars were incredibly common between them. Some elves would find themselves stranded on far off planes after most of their companions impulsively decided to leave. Their self serving impulses drove them to often completely disregard the needs or wants of others if they went against their own desires. And their reckless revelry was wreaking havoc on the natural world with Elven parties decimating whole planes of edible plants, wild game, and drinkable water. One such Primal Elf began to see the destruction of their ways and talked to other elves about their actions. Slowly, this Elf by the name of Lolth amassed a small following of devotees that saw the negative ramifications of their inconsiderate freedom. Lolth and her followers agreed to take on fixed forms to show recognition of the dangers that impulsivity could bring. Lolth led this small group of devotees to Corellon to ask for his support. Now, Corellon did not lead these Primal Elves: he was just as wild as the best of them and did not take kindly to others telling him what to do. But he was the First Elf ever born and was universally respected amongst the Primal Elves and if Lolth could convince him, others would surely follow. Corellon listened to her proposition and agreed that they should change to prevent more destruction and conflict, but refused to order his kinsfolk into any action. He was an Elf, same as all of them, and he wouldn’t dare order around his family. He balked when Lolth asked him to take a concrete form as a show of solidarity and brushed her off as a killjoy. Lolth was unsatisfied with this outcome and her following set out to convince each Elf to change their ways to preserve the beauty of the worlds. However, without the support of Corellon, many elves refused her offer. Her anger grew with each failure and her opinion of Corellon turned sour, something she made no attempt to hide from her Elven siblings. Now, Corellon is a proud god and once he caught wind that Lolth was bad mouthing him in an attempt to win over others, he became enraged. He railed against Lolth calling her a snake-tongued thief and Lolth called him incompetent and cruel. Their tempers flared and all the elves chose sides between Corellon’s freedom and Lolth’s stability. During this great debate, the Primal Elves turned to violence. The Dark Elves maintain that Corellon’s side threw the first blow, while the High Elves claim that it came from Lolth’s side. No matter the source, this violent outburst soured relations between Lolth and Corellon forever after. He cast her and her followers out of Arvandor and barred her from ever returning. He also cast all but his most trusted kin from Arvandor, forcing them all to live lives on other worlds out of fear of another perceived insurrection. Thus, the Seldarine remain in Arvandor to judge the souls of Corellon’s faithful when they die and Lolth takes refuge in Arcadia with her pantheon where she minds the souls of the Drow. Corellon’s faithful call her pantheon the Dark Seldarine, while her faithful call it the Myrkalfar.
Myrkalfar: The Spider Mother’s House
Lolth the Spider Queen is the unquestioned head of the Myrkalfar, with all other deities seen as her divine family. Lolth is considered at times to be fickle or even cruel, but her ire is never gained without good reason. A very involved deity, her followers constantly search for signs of her favor or scorn in everyday life. When a Dark Elf contemplates a risky or controversial decision, they consult priestesses or perform their own rites which often gives them direct and succinct answers. She serves as an example to matriarchs of Drow families as demanding yet understanding, punishing yet guiding. She asks for a lot of her priestesses, demanding they be an unflinching example of everything a strong leader should be. The Myrkalfar is often presented as a divine household, with Lolth as the matron. Keptolo is the consort of Lolth and considered to be the ideal of what a male should be. Beautiful and kind, strong and hard working, he helps Lolth in everything she does. Sometimes he serves as a messenger, other times as an agent of redemption, sometimes as a divine healer. When a Dark Elf is tasked with a divine charge, he is usually the one to deliver the message and guide them through their charge. He serves also as a fertility deity and is often worshiped by women or men seeking a child. Outsiders see him as a weak and subservient husband to Lolth, but his faithfulness to his matron is considered a virtue and his status as a “husband” is relatively alien to the Dark Elves as they have no binding marriage in their society. If Keptolo is the agent of Lolth’s mercy, Kiaransalee is the agent of her vengeance. She is the eldest daughter of Lolth and Keptolo and one that Dark Elves pray to when they feel wronged. Only the most binding and serious contracts are signed under her name. To break an oath made under her name is sure to bring destruction. She is also the governor of the dead, judging the souls of those passed in the afterlife. She opposes the mindless undead created by mortals, but spirits and revenants that return to finish unresolved business amongst the living are considered under her protection. Should a Dark Elf encounter a returned spirit that is seeking vengeance, it’s their duty to leave them on their way and pray that the spirit isn’t there for them. This reverence of certain undead is something many outsiders consider downright evil. Selvetarm is the Dark Elven warrior goddess and youngest daughter of Lolth. Often depicted with eight arms, she represents the pinnacle of hand to hand martial prowess, but often is without restraint. She serves as both an inspiration for warriors, and a warning. Vhaeraun is the eldest son of Lolth and governs ambition and stealth. Both of these traits are not necessarily vilified, but worship of him is highly scrutinized. Haughty and rash, tales of him often include deceiving his fellow gods for good and ill and more often than not are cautionary ones. He’s depicted as wearing a mask, either as some punishment for endangering Lolth and her family or to hide his identity for various schemes, possibly both. Malyk is Lolth’s youngest son and a youthful deity of change and growth. He’s often seen as a bouncing young boy that Lolth and her family have to reign in from wild misadventures. His freedom and curiosity is often seen as a double edged sword, both gaining him great riches but also putting him in tremendous peril. He has strong ties to sorcerers and when a child is born with innate magical talent, he is often the one thanked for it. He serves as an outlet for a Dark Elves youthful chaotic nature, but also warns them of the ramifications of their actions. Ghaunadur is a strange figure in the pantheon. Their place in the family is a bit of a mystery, sometimes called the sibling of Lolth, or her child, or even as Lolth’s parent. What makes them truly unique is that they are a formless deity, something that Lolth once warred with Corellon over. The legends go that when Ghaunadur joined Lolth, they refused to give up their changeable nature. When questioned, Ghaunadur pointed to the slimes, oozes, and formless creatures of the world and said that they wished to protect them from the Elves and the Elves from them. Lolth agreed, cementing their position as the deity of the changing forms of nature. Their favored creature is the ooze, but they govern all natural creatures. Dark Elves often pray to Ghaunadur to protect them from the creatures that lurk in the depths of the forest. Zinzerena is Lolth’s sister and is the goddess of poisons, illusions, and magic. Viewed as an elderly and patient figure, she often serves as council to Lolth in desperate times. She’s said to be the mother of all poisons and venoms and her teachings are all about finding the wisest solution to a problem. Zinzerena teaches that even though the spider is small, it’s bite can still fell a panther. Despite her perceived age, she’s considered the younger sister of Lolth and is thought to be incredibly quick and nimble: a reminder that not everything is as it seems. Eilistraee is Lolth’s niece and daughter of Zinzerena. Considered the black sheep of the pantheon, she serves as a goddess of redemption and moonlight. Dark Elves that turn their back on their family or scorn traditions will sometimes find themselves turned to Driders, half-spider half-Dark Elf creatures shunned by all. Eilistraee is said to watch over these creatures and if they are repentant, offer them challenges that they could complete to redeem themselves. Lolth often views her with contempt or mistrust, but never hates her and maintains her place in the pantheon. Dark Elven faithful rarely worship her as the others. She’s also one of the only deities of the Myrkalfar to claim no animosity toward the Seldarine and their faithful. Spiders are the sacred animal of Lolth and are often used as an example of social order and the importance of family bonds. Each strand of silk serves the web as whole. More literally, the giant spiders of the Underdark are multifaceted and incredibly useful creatures. Serving as beasts of burden, war steeds, meat producers, household guardians, and silk producers, they are present in almost every facet of society. Their silks are used in everything from wound dressings to armor to architecture. To kill or steal another family's spider is considered akin to stealing a member of the family. Smaller and more poisonous spiders are often kept in temples and their webs are used as divining tools for priestesses.
The recorded history of the Dark Elves is full of contradictions from High Elf and Dark Elf sources. What historians can agree on is when the Elves of the Prime Material arrived, the followers of Lolth secluded from their Wood and High cousins and retreated into the Azelarien, also known as the Green Sea in Common. A massive forest, nearly 1 million square miles of dense and vibrant trees, that grows denser and darker the farther in one ventures. For countless eons, the High, Wood, and Dark Elves lived in relative harmony in their own corner of the world. High Elves lived near the forests in towns and villages, the Wood Elves lived in the lightly forested outlands of the Green Sea, and the Dark Elves lived deep in the central forests which was so dense that very little light reached the forest floor. As time passed and their villages turned to cities, the High Elves began expanding into the forest, chopping some down to build homes and heat their furnaces. This began pushing into the territory of the Wood Elves and eventually the Dark Elves as well. These two peoples formed a shaky alliance to push back the expansive tide of the far larger High Elven armies. This alliance proved successful however and the High Elven forces began losing ground. What happened next is a matter of some debate. High Elven historians attest that the Dark Elven armies used Wood Elven soldiers as unwitting bait to lure the High Elven armies into a trap, thus causing a schism between them. Dark Elven historians state that the Wood Elven armies turned on them after the Wood Elves met in secret with High Elven leaders and bargained for their independence. Some Wood Elven historians claim that after a brutal defeat on the field, they were met by High Elven dignitaries that offered them clemency if they turned on their allies. They initially refused, but after the dignitaries threatened to make the same offer to the Dark Elves, they had no choice but to accept. No matter the cause, the histories agree that the Wood Elves turned on their erstwhile allies and helped push the Dark Elves into a rapid loss of ground. Facing the might of the two armies with their own relatively small one, the Dark Elves were beaten into a hasty retreat into their own territory. Losing every open encounter, the Dark Elf matrons developed a new strategy of combat. The armies switched from training as many as quickly as they could, to training only a select few in multiple different forms of combat and magic. As the High and Wood Elves advanced into their territory, they quickly found their supply lines cut out from under them, their soldiers ambushed while sleeping, their scouts captured, and their leaders assassinated. And even if they would make it to a Dark Elf settlement, they would find it abandoned and booby-trapped, warned by their fast and silent scouts. If the Dark Elves couldn’t face their enemies head-on, they would weaken them with quick and decisive strikes. Eventually, the war ground to a stalemate. The High Elves couldn’t push into the Dark Elf territory far enough to capture any cities of note without taking severe casualties and the Dark Elves were only managing to hold the invading armies back and couldn’t muster a force strong enough to push back to the enemy capital. Thus, the war cooled into a tense peace. The leaders came together to draw borders, but neither side fully forgave nor forgot one another’s actions. High and Wood Elves viewed the change in tactics by the Dark Elves as an unethical violation of the standards of war. The Dark Elves felt a particular animosity toward the Wood Elves, considering them backstabbers in their darkest hour.
Dark Elf Families: Matrons of Order
The Dark Elf society, to an outsider, looks like an oppressive and cruel society of slave traders and backstabbers. But the truth is more subtle. The Dark Elves value tradition and filial piety above almost all else. To a Dark Elven citizen, their family name is their most valuable possession and they are taught from a very young age that to look after their parents and their younger siblings is the highest virtue. Ancestors that have achieved great things often have shrines in a household alongside the gods themselves. A Dark Elf going against the will of their family is considered one of the highest taboos and often causes them to be outcast from Dark Elven society as a whole. Dark Elf society is matrilineal meaning that the eldest woman in each family is revered as the household leader and receives great respect from her family and society. This also means that the males of the society don’t inherit wealth as frequently as the females. Dark Elven families are quite large, often with multiple generations along with aunts, uncles, and cousins living in the same household. New children almost always reside with their mother. Males of the society are expected to care not for their own biological children, but for the children born to their sisters, aunts, or nieces. This results in a striking amount of sexual freedom for both men and women, but is often viewed from the outside as promiscuity. The Dark Elves do not marry in the traditional sense, instead favoring long term partners with one another that can end at any time with no concerns to material wealth or ownership. However, to become a member of a Dark Elf family is not entirely a matter of heritage. When a family that cannot support another child has one, they are often adopted by more well to do families and raised as one of their own. These adopted children are considered just as legitimate as if they were born into the family. Also, should a family lose all their heirs or become destitute, they often ask to become assimilated into other families for their own safety. The latter is considered a morose ceremony as the members of the smaller family forsake their surnames. To take in such a family is both an extreme honor and grim burden, as it means ending another family's line. The borders of Dark Elven civilization only goes so far as there are trees so many newer up and coming families have expanded underground, a difficult and slow endeavor. This has put multiple houses at odds with one another for territory. However, Dark Elves do not tolerate open hostility between families as they have a very strong sense of collective identity. Dark Elves do not war against fellow Dark Elves, same as a spider does not fight its own web. This leads to many tensions and conflicts needing to be resolved in other ways. Most families will attempt a diplomatic solution, but when that isn’t an option, sabotage and coercion is the favored outlet. Murder is considered a bridge too far by most houses, but subterfuge in almost every other facet is, while not accepted, tolerated. Legends of Lolth’s rebellion and the tension of their enclosed territory have imbued the Dark Elves with a strong sense of symbiosis with nature and conservancy. Sustainable living is the cornerstone of Dark Elf society. In the wild, no creature is killed or plant destroyed unless it’s a matter of self defense or necessary to survival.
Dark Elven Sex and Gender
As with many Elven peoples, sexuality is seen as a fluid and non-binary matter. Same sex relationships are usually seen as just as acceptable as male-female relationships. Since Dark Elves have no marriage structure, same sex life partners are common and widely accepted. Inheritance is passed along by the family as a whole, not linearly, meaning some houses may have matrons with no direct biological descendants while still serving at the elder matron. Power dynamics in relationships are still a factor, with the elder female in a gay relationship considered slightly above their partner socially and is seen as the inheritor in cases of property or genealogy. Male same sex relationships are accepted with little controversy. Since children are passed down their mothers line, the males have no social obligation to sire an heir as with other societies. Transgender and transexual Dark Elves are met with slightly more controversy. Lolth’s rejection of the Primal Elves mutable forms is sometimes cited against transgender and transexual Dark Elves. Ghaunadur, however, is considered the patron god of these people and teaches that just as they are part of nature, they can change their forms. Many of these people join the religious order of Ghaunadur, serving in various roles both in religious ceremonies and as forest guides. Some even consider them to be blessed by Ghaunadur and are highly sought after in forays into the forests for protection. Children born to transgender Dark Elves are still expected to be a part of their eldest mother’s family or eldest father if no woman is part of the union.
Slavery Amongst the Dark Elves
While the Dark Elves do take slaves, their slavery doesn’t look the same as many other societies. When a family becomes indebted to another and they cannot pay off the debt, a member of their family, usually male, will be sent to work for the owed family. They give him room and board and are expected to care for him as if he were one of their own. He’ll work for them for an agreed upon amount of time before returning to his native family. Injury or misuse of this person is often grounds for them to leave and the debt to be nullified. Children born to servant fathers needn’t worry about inheriting their father’s status since they’re considered to be their mother’s child. On the rare occasion that a female servant has a child while in servitude, the child is returned to the mother’s family to be raised by her family while she works off the remaining debt. Some trade of servants does occur between houses, with indentured servants being traded for goods or services or even other servants of special skills, but the family of the servant reserves the right to veto such a trade for any reason. During their frequent clashes with external armies, the Dark Elves do sometimes take prisoners of war, though very rarely are they used for slave labor. They never bring them back to major settlements, often keeping them on the outskirts of their territory to prevent them from learning critical knowledge of their territory. Most prisoners are held as bargaining chips to be traded for passage, supplies, or captured Dark Elves. Captured military leaders are sometimes brought to Dark Elven cities to be tried for their crimes against their people.
Dark Elven Government: Independent Houses
Unlike many other cultures, the Dark Elves lack a centralized government. Societal etiquette govern the standard for how certain crimes and disagreements should be handled, but each family unit acts as its own governing body. Disagreements within families are thus resolved internally. Inter-family disputes are resolved in multiple different ways. Most often, the two matrons of the family will meet and agree on terms to fairly compensate both sides. In cases when these talks deteriorate, the High Priestess of Lolth is often called to serve as the mediator and serves as the ruling body between disputes. Her rulings are final and indisputable, as she is considered the mouthpiece of Lolth’s will. In times of crisis, historically the many houses of the Dark Elves have convened to discuss threats to all of Dark Elven society. This is uncommon as it’s difficult logistically to gather all the matrons in the same place at the same time, so often houses are represented by either the second eldest woman of the family or the eldest daughter of the matron. The High Priestess of Lolth often resides over these meetings as an arbiter in the event of split decisions or in delivering guidance from Lolth herself. There's my take on the Dark Elves. Any comments, suggestions, questions, outrages, and critiques are welcomed. This is my first comprehensive look at a whole race so if I've missed things, I'll try and patch them up. I'd like to do similar things for Orcs, Goblinoids, Kobolds, and others so those might be seen soon. Thanks!
Everything You Always Wanted To Know About Swaps* (*But Were Afraid To Ask)
Hello, dummies It's your old pal, Fuzzy. As I'm sure you've all noticed, a lot of the stuff that gets posted here is - to put it delicately - fucking ridiculous. More backwards-ass shit gets posted to wallstreetbets than you'd see on a Westboro Baptist community message board. I mean, I had a look at the daily thread yesterday and..... yeesh. I know, I know. We all make like the divine Laura Dern circa 1992 on the daily and stick our hands deep into this steaming heap of shit to find the nuggets of valuable and/or hilarious information within (thanks for reading, BTW). I agree. I love it just the way it is too. That's what makes WSB great. What I'm getting at is that a lot of the stuff that gets posted here - notwithstanding it being funny or interesting - is just... wrong. Like, fucking your cousin wrong. And to be clear, I mean the fucking your *first* cousin kinda wrong, before my Southerners in the back get all het up (simmer down, Billy Ray - I know Mabel's twice removed on your grand-sister's side). Truly, I try to let it slide. Idomybit to try and put you on the right path. Most of the time, I sleep easy no matter how badly I've seen someone explain what a bank liquidity crisis is. But out of all of those tens of thousands of misguided, autistic attempts at understanding the world of high finance, one thing gets so consistently - so *emphatically* - fucked up and misunderstood by you retards that last night I felt obligated at the end of a long work day to pull together this edition of Finance with Fuzzy just for you. It's so serious I'm not even going to make a u/pokimane gag. Have you guessed what it is yet? Here's a clue. It's in the title of the post. That's right, friends. Today in the neighborhood we're going to talk all about hedging in financial markets - spots, swaps, collars, forwards, CDS, synthetic CDOs, all that fun shit. Don't worry; I'm going to explain what all the scary words mean and how they impact your OTM RH positions along the way. We're going to break it down like this. (1) "What's a hedge, Fuzzy?" (2) Common Hedging Strategies and (3) All About ISDAs and Credit Default Swaps. Before we begin. For the nerds and JV traders in the back (and anyone else who needs to hear this up front) - I am simplifying these descriptions for the purposes of this post. I am also obviously not going to try and cover every exotic form of hedge under the sun or give a detailed summation of what caused the financial crisis. If you are interested in something specific ask a question, but don't try and impress me with your Investopedia skills or technical points I didn't cover; I will just be forced to flex my years of IRL experience on you in the comments and you'll look like a big dummy. TL;DR? Fuck you. There is no TL;DR. You've come this far already. What's a few more paragraphs? Put down the Cheetos and try to concentrate for the next 5-7 minutes. You'll learn something, and I promise I'll be gentle. Ready? Let's get started. 1.The Tao of Risk: Hedging as a Way of Life The simplest way to characterize what a hedge 'is' is to imagine every action having a binary outcome. One is bad, one is good. Red lines, green lines; uppie, downie. With me so far? Good. A 'hedge' is simply the employment of a strategy to mitigate the effect of your action having the wrong binary outcome. You wanted X, but you got Z! Frowny face. A hedge strategy introduces a third outcome. If you hedged against the possibility of Z happening, then you can wind up with Y instead. Not as good as X, but not as bad as Z. The technical definition I like to give my idiot juniors is as follows: Utilization of a defensive strategy to mitigate risk, at a fraction of the cost to capital of the risk itself. Congratulations. You just finished Hedging 101. "But Fuzzy, that's easy! I just sold a naked call against my 95% OTM put! I'm adequately hedged!". Spoiler alert: you're not (although good work on executing a collar, which I describe below). What I'm talking about here is what would be referred to as a 'perfect hedge'; a binary outcome where downside is totally mitigated by a risk management strategy. That's not how it works IRL. Pay attention; this is the tricky part. You can't take a single position and conclude that you're adequately hedged because risks are fluid, not static. So you need to constantly adjust your position in order to maximize the value of the hedge and insure your position. You also need to consider exposure to more than one category of risk. There are micro (specific exposure) risks, and macro (trend exposure) risks, and both need to factor into the hedge calculus. That's why, in the real world, the value of hedging depends entirely on the design of the hedging strategy itself. Here, when we say "value" of the hedge, we're not talking about cash money - we're talking about the intrinsic value of the hedge relative to the the risk profile of your underlying exposure. To achieve this, people hedge dynamically. In wallstreetbets terms, this means that as the value of your position changes, you need to change your hedges too. The idea is to efficiently and continuously distribute and rebalance risk across different states and periods, taking value from states in which the marginal cost of the hedge is low and putting it back into states where marginal cost of the hedge is high, until the shadow value of your underlying exposure is equalized across your positions. The punchline, I guess, is that one static position is a hedge in the same way that the finger paintings you make for your wife's boyfriend are art - it's technically correct, but you're only playing yourself by believing it. Anyway. Obviously doing this as a small potatoes trader is hard but it's worth taking into account. Enough basic shit. So how does this work in markets? 2. A Hedging Taxonomy The best place to start here is a practical question. What does a business need to hedge against? Think about the specific risk that an individual business faces. These are legion, so I'm just going to list a few of the key ones that apply to most corporates. (1) You have commodity risk for the shit you buy or the shit you use. (2) You have currency risk for the money you borrow. (3) You have rate risk on the debt you carry. (4) You have offtake risk for the shit you sell. Complicated, right? To help address the many and varied ways that shit can go wrong in a sophisticated market, smart operators like yours truly have devised a whole bundle of different instruments which can help you manage the risk. I might write about some of the more complicated ones in a later post if people are interested (CDO/CLOs, strip/stack hedges and bond swaps with option toggles come to mind) but let's stick to the basics for now. (i) Swaps A swap is one of the most common forms of hedge instrument, and they're used by pretty much everyone that can afford them. The language is complicated but the concept isn't, so pay attention and you'll be fine. This is the most important part of this section so it'll be the longest one. Swaps are derivative contracts with two counterparties (before you ask, you can't trade 'em on an exchange - they're OTC instruments only). They're used to exchange one cash flow for another cash flow of equal expected value; doing this allows you to take speculative positions on certain financial prices or to alter the cash flows of existing assets or liabilities within a business. "Wait, Fuzz; slow down! What do you mean sets of cash flows?". Fear not, little autist. Ol' Fuzz has you covered. The cash flows I'm talking about are referred to in swap-land as 'legs'. One leg is fixed - a set payment that's the same every time it gets paid - and the other is variable - it fluctuates (typically indexed off the price of the underlying risk that you are speculating on / protecting against). You set it up at the start so that they're notionally equal and the two legs net off; so at open, the swap is a zero NPV instrument. Here's where the fun starts. If the price that you based the variable leg of the swap on changes, the value of the swap will shift; the party on the wrong side of the move ponies up via the variable payment. It's a zero sum game. I'll give you an example using the most vanilla swap around; an interest rate trade. Here's how it works. You borrow money from a bank, and they charge you a rate of interest. You lock the rate up front, because you're smart like that. But then - quelle surprise! - the rate gets better after you borrow. Now you're bagholding to the tune of, I don't know, 5 bps. Doesn't sound like much but on a billion dollar loan that's a lot of money (a classic example of the kind of 'small, deep hole' that's terrible for profits). Now, if you had a swap contract on the rate before you entered the trade, you're set; if the rate goes down, you get a payment under the swap. If it goes up, whatever payment you're making to the bank is netted off by the fact that you're borrowing at a sub-market rate. Win-win! Or, at least, Lose Less / Lose Less. That's the name of the game in hedging. There are many different kinds of swaps, some of which are pretty exotic; but they're all different variations on the same theme. If your business has exposure to something which fluctuates in price, you trade swaps to hedge against the fluctuation. The valuation of swaps is also super interesting but I guarantee you that 99% of you won't understand it so I'm not going to try and explain it here although I encourage you to google it if you're interested. Because they're OTC, none of them are filed publicly. Someeeeeetimes you see an ISDA (dsicussed below) but the confirms themselves (the individual swaps) are not filed. You can usually read about the hedging strategy in a 10-K, though. For what it's worth, most modern credit agreements ban speculative hedging. Top tip: This is occasionally something worth checking in credit agreements when you invest in businesses that are debt issuers - being able to do this increases the risk profile significantly and is particularly important in times of economic volatility (ctrl+f "non-speculative" in the credit agreement to be sure). (ii) Forwards A forward is a contract made today for the future delivery of an asset at a pre-agreed price. That's it. "But Fuzzy! That sounds just like a futures contract!". I know. Confusing, right? Just like a futures trade, forwards are generally used in commodity or forex land to protect against price fluctuations. The differences between forwards and futures are small but significant. I'm not going to go into super boring detail because I don't think many of you are commodities traders but it is still an important thing to understand even if you're just an RH jockey, so stick with me. Just like swaps, forwards are OTC contracts - they're not publicly traded. This is distinct from futures, which are traded on exchanges (see The Ballad Of Big Dick Vick for some more color on this). In a forward, no money changes hands until the maturity date of the contract when delivery and receipt are carried out; price and quantity are locked in from day 1. As you now know having read about BDV, futures are marked to market daily, and normally people close them out with synthetic settlement using an inverse position. They're also liquid, and that makes them easier to unwind or close out in case shit goes sideways. People use forwards when they absolutely have to get rid of the thing they made (or take delivery of the thing they need). If you're a miner, or a farmer, you use this shit to make sure that at the end of the production cycle, you can get rid of the shit you made (and you won't get fucked by someone taking cash settlement over delivery). If you're a buyer, you use them to guarantee that you'll get whatever the shit is that you'll need at a price agreed in advance. Because they're OTC, you can also exactly tailor them to the requirements of your particular circumstances. These contracts are incredibly byzantine (and there are even crazier synthetic forwards you can see in money markets for the true degenerate fund managers). In my experience, only Texan oilfield magnates, commodities traders, and the weirdo forex crowd fuck with them. I (i) do not own a 10 gallon hat or a novelty size belt buckle (ii) do not wake up in the middle of the night freaking out about the price of pork fat and (iii) love greenbacks too much to care about other countries' monopoly money, so I don't fuck with them. (iii) Collars No, not the kind your wife is encouraging you to wear try out to 'spice things up' in the bedroom during quarantine. Collars are actually the hedging strategy most applicable to WSB. Collars deal with options! Hooray! To execute a basic collar (also called a wrapper by tea-drinking Brits and people from the Antipodes), you buy an out of the money put while simultaneously writing a covered call on the same equity. The put protects your position against price drops and writing the call produces income that offsets the put premium. Doing this limits your tendies (you can only profit up to the strike price of the call) but also writes down your risk. If you screen large volume trades with a VOL/OI of more than 3 or 4x (and they're not bullshit biotech stocks), you can sometimes see these being constructed in real time as hedge funds protect themselves on their shorts. (3) All About ISDAs, CDS and Synthetic CDOs You may have heard about the mythical ISDA. Much like an indenture (discussed in my post on $F), it's a magic legal machine that lets you build swaps via trade confirms with a willing counterparty. They are very complicated legal documents and you need to be a true expert to fuck with them. Fortunately, I am, so I do. They're made of two parts; a Master (which is a form agreement that's always the same) and a Schedule (which amends the Master to include your specific terms). They are also the engine behind just about every major credit crunch of the last 10+ years. First - a brief explainer. An ISDA is a not in and of itself a hedge - it's an umbrella contract that governs the terms of your swaps, which you use to construct your hedge position. You can trade commodities, forex, rates, whatever, all under the same ISDA. Let me explain. Remember when we talked about swaps? Right. So. You can trade swaps on just about anything. In the late 90s and early 2000s, people had the smart idea of using other people's debt and or credit ratings as the variable leg of swap documentation. These are called credit default swaps. I was actually starting out at a bank during this time and, I gotta tell you, the only thing I can compare people's enthusiasm for this shit to was that moment in your early teens when you discover jerking off. Except, unlike your bathroom bound shame sessions to Mom's Sears catalogue, every single person you know felt that way too; and they're all doing it at once. It was a fiscal circlejerk of epic proportions, and the financial crisis was the inevitable bukkake finish. WSB autism is absolutely no comparison for the enthusiasm people had during this time for lighting each other's money on fire. Here's how it works. You pick a company. Any company. Maybe even your own! And then you write a swap. In the swap, you define "Credit Event" with respect to that company's debt as the variable leg . And you write in... whatever you want. A ratings downgrade, default under the docs, failure to meet a leverage ratio or FCCR for a certain testing period... whatever. Now, this started out as a hedge position, just like we discussed above. The purest of intentions, of course. But then people realized - if bad shit happens, you make money. And banks... don't like calling in loans or forcing bankruptcies. Can you smell what the moral hazard is cooking? Enter synthetic CDOs. CDOs are basically pools of asset backed securities that invest in debt (loans or bonds). They've been around for a minute but they got famous in the 2000s because a shitload of them containing subprime mortgage debt went belly up in 2008. This got a lot of publicity because a lot of sad looking rednecks got foreclosed on and were interviewed on CNBC. "OH!", the people cried. "Look at those big bad bankers buying up subprime loans! They caused this!". Wrong answer, America. The debt wasn't the problem. What a lot of people don't realize is that the real meat of the problem was not in regular way CDOs investing in bundles of shit mortgage debts in synthetic CDOs investing in CDS predicated on that debt. They're synthetic because they don't have a stake in the actual underlying debt; just the instruments riding on the coattails. The reason these are so popular (and remain so) is that smart structured attorneys and bankers like your faithful correspondent realized that an even more profitable and efficient way of building high yield products with limited downside was investing in instruments that profit from failure of debt and in instruments that rely on that debt and then hedging that exposure with other CDS instruments in paired trades, and on and on up the chain. The problem with doing this was that everyone wound up exposed to everybody else's books as a result, and when one went tits up, everybody did. Hence, recession, Basel III, etc. Thanks, Obama. Heavy investment in CDS can also have a warping effect on the price of debt (something else that happened during the pre-financial crisis years and is starting to happen again now). This happens in three different ways. (1) Investors who previously were long on the debt hedge their position by selling CDS protection on the underlying, putting downward pressure on the debt price. (2) Investors who previously shorted the debt switch to buying CDS protection because the relatively illiquid debt (partic. when its a bond) trades at a discount below par compared to the CDS. The resulting reduction in short selling puts upward pressure on the bond price. (3) The delta in price and actual value of the debt tempts some investors to become NBTs (neg basis traders) who long the debt and purchase CDS protection. If traders can't take leverage, nothing happens to the price of the debt. If basis traders can take leverage (which is nearly always the case because they're holding a hedged position), they can push up or depress the debt price, goosing swap premiums etc. Anyway. Enough technical details. I could keep going. This is a fascinating topic that is very poorly understood and explained, mainly because the people that caused it all still work on the street and use the same tactics today (it's also terribly taught at business schools because none of the teachers were actually around to see how this played out live). But it relates to the topic of today's lesson, so I thought I'd include it here. Work depending, I'll be back next week with a covenant breakdown. Most upvoted ticker gets the post. *EDIT 1\* In a total blowout, $PLAY won. So it's D&B time next week. Post will drop Monday at market open.
Hoarding is a Prisoner's Dilemma - Brief Game Theoretic Observations on the Response to Coronavirus
I'm sure many of you are already familiar with the prisoner's dilemma (PD). For those that aren't, here's an outline of the dilemma, as quoted from Wikipedia:
Two members of a criminal gang are arrested and imprisoned. Each prisoner is in solitary confinement with no means of communicating with the other. The prosecutors lack sufficient evidence to convict the pair on the principal charge, but they have enough to convict both on a lesser charge. Simultaneously, the prosecutors offer each prisoner a bargain. Each prisoner is given the opportunity either to betray the other by testifying that the other committed the crime, or to cooperate with the other by remaining silent. The possible outcomes are: If A and B each betray the other, each of them serves two years in prison If A betrays B but B remains silent, A will be set free and B will serve three years in prison (and vice versa) If A and B both remain silent, both of them will serve only one year in prison (on the lesser charge)
This interaction is a fundamental "game" in game theory, in which interactions between two people can be formalized and analyzed through that form. An important tool for analyzing such games are matrices, which display the value of each possible outcome in the game. Here is an example of such a matrix. This is the preference matrix for PD. The numbers are ordinal, and describe the preference of each player. 1 represents the player's most preferred outcome, and 4 the player's least preferred outcome. You can also do this matrix as an "outcome matrix," where instead of showing the preferences of each player, you quantify what they will actually get out of the interaction. Hereafter, a PD game will refer to any game whose preference matrix matches that of the classic prisoner's dilemma. Currently, in response to the coronavirus, we're seeing many people respond by going to their grocery stores and hoarding all the meat, toilet paper, bread, and eggs that they can. The official response from the governments (well, mine anyway, I don't know about yours) is that each person needs to remain calm and to not hoard. To hoard or not to hoard, that is the question. Hoarding here correlates with the "Defect" options in the matrix above, while not hoarding correlates with the "Cooperate" option. If both players choose to defect, then both players receive their third most preferred outcome. However, if each player decides to cooperate, then each receives her second most preferred outcome. So, if we all cooperate, we end up in a better position than if we all defect. This is why we are being told to avoid hoarding - the powers that be are trying to drive us from the bottom right position on the matrix (the position of "mutual defection") to the top left position ("mutual cooperation"). So why aren't people responding? If bilateral cooperation is better for all of us than mutual defection, why don't we do it? Well, there's two other positions, which represent "unilateral defection" - when one player defects on a player who is cooperating. As you'll notice, each player's most preferred outcome is to defect on their cooperating opponent. If you choose to cooperate, and resist the urge to hoard, then I can come along and hoard ALL the things - leaving you, philosophically speaking, screwed. Now I can start selling my TP at unreasonable prices, or just keep it to myself - either way, I have options with all my toilet paper, and you do not. John Nash Jr. (of "A Beautiful Mind" fame) proved that for every game ("game" here in game theoretic terms, so any such formal interaction) has at least one joint strategy that is in equilibrium. A "joint strategy" is any of the squares within a game theoretic matrix - it represents both my choice and your choice. "Equilibrium" means that for any joint strategy, if player A chooses to change strategies, player B has no reason to do the same. In PD, the joint strategy in equilibrium is mutual defection. Let's assume you and I are planning on defecting on each other. If you change your mind and choose to cooperate, I have no reason to also start cooperating - your strategy shift has only made my situation better. Likewise, mutual cooperation is NOT in equilibrium. If you and I are planning on cooperating, and then you change your mind and decide to defect, then it behooves me to defect also. If I do not, I am left with my 4th most preferred outcome. But I also defect, then I get my 3rd best outcome. This is why the hoarding problem is so difficult to overcome. It is in the interest of the group as a whole to cooperate. But each individual player gets her best outcome by defecting. The interests of the group don't align with the interests of the individuals that make it up. MORALITY AND RATIONALITY Decision theory is a branch of philosophy within which game theory lies. It deals with determining what action a person should take based on her desires and her beliefs. An action is rational if by doing that action, she obtains her desires. It is irrational otherwise. In the case of PD, defecting is more often the rational option. This is because it is the only choice in which your most-preferred outcome can be obtained, and by defecting you will never receive your least-preferred outcome. As a corollary, cooperating is less rational. By cooperating, the only way you can get a good outcome is if your opponent also cooperates - and you cannot count on that happening. But while cooperating is not the rational choice, it is the choice that I think most would consider the morally correct option (ethical egoists, like Ayn Rand and her supporters, would disagree here). This perhaps requires an argument to support - but I will leave that as an exercise for the reader. At the very least, whether mutual cooperation ought to be considered the morally correct option or not, I think it is evident that a large bulk of us do, which is demonstrated by the moral outrage towards those who defect rather than cooperate. But this disparity is exactly the problem. The (probably) "morally correct" option is not the "rational" option. And thus people are being left with the choice between doing the thing which most benefits them and their families, or doing the right thing for the rest of us. Yet I don't think it's so easy in every case to say that hoarding is a morally wrong action. Certain feminist philosophers will point out that a person's first duty should be to her family - after all, we are social creatures, the family is an essential social unit in our society, and besides it is our moral duty to provide care to those around us. Despite the harm it causes outside of that family unit, hoarding undoubtedly can secure care to the hoarder's family. If it is morally correct to care for my family before those outside of it, and if hording can secure that, then hoarding is not, by itself, morally objectionable. OBJECTIONS Some philosophers make the very strong claim that all of our moral and political interactions are reducible to individual games. I don't think I'm in that boat currently; I'm not totally convinced that a game theoretic model can exhaust or explain all such interactions. Nevertheless, just as we find logic useful despite the fact that it does not apply to everything we would perhaps like it to, game theoretic models can be a useful tool, if not a universal one. One objection you may have is that "There are more than two players in this hoarding game." True. The web of interaction is much more complicated than one PD matrix would imply. Nevertheless, the matrix describes (in binary terms) the choice each of us has when we go to the grocery store these days - or else it shows the consequences of other players choices. If you arrive at the store, butthole poopied, desperate for toilet paper, and you find that not only is the TP gone, but also the tissues, paper towels, and seashells, you've received your least preferred outcome. Sorry, thanks for playing. Another objection might be to the binary nature of the game. To hoard or not to hoard, that was the question I posed earlier - but what counts as "hoarding?" Buying 10 cases of toilet paper probably counts, but if I only need one, then does buying 2 count as hoarding? To be honest, I just woke up, and I haven't given a lot of thought to the gray areas yet. If the game theoretic reductionists are correct, then the gray areas must also be explainable in game theoretic terms. One possible option the reductionist might have is to show that in some of the gray areas, the game is no longer a prisoner's dilemma - that is, the preference matrix looks different from the one I linked above. But nevertheless, I think that when we use the word "hoarding," we aren't thinking of the fringe cases - we're thinking of the extreme cases, the ones you see on the front page with a photo of some lady with two carts of TP and a title reading only "Fuck this person." And at least in those cases, I can confidently say that they constitute a prisoner's dilemma. Edit: Just wanted to say thank you all for the great discussion! This was my first post here and it was very off-the-cuff, but I had a lot of fun reading and responding to you all. Stay safe out there!
Wall Street Week Ahead for the trading week beginning March 9th, 2020
Good Saturday morning to all of you here on wallstreetbets. I hope everyone on this sub made out pretty nicely in the market this past week, and is ready for the new trading week and month ahead. Here is everything you need to know to get you ready for the trading week beginning March 9th, 2020.
Wall Street braces for more market volatility as wild swings become the ‘new normal’ amid coronavirus - (Source)
The S&P 500 has never behaved like this, but Wall Street strategists say get used to it. Investors just witnessed the equity benchmark swinging up or down 2% for four days straight in the face of the coronavirus panic. In the index’s history dating back to 1927, this is the first time the S&P 500 had a week of alternating gains and losses of more than 2% from Monday through Thursday, according to Bespoke Investment Group. Daily swings like this over a two-week period were only seen at the peak of the financial crisis and in 2011 when U.S. sovereign debt got its first-ever downgrade, the firm said. “The message to all investors is that they should expect this volatility to continue. This should be considered the new normal going forward,” said Mike Loewengart, managing director of investment strategy at E-Trade. The Dow Jones Industrial Average jumped north of 1,000 points twice in the past week, only to erase the quadruple-digit gains in the subsequent sessions. The coronavirus outbreak kept investors on edge as global cases of the infections surpassed 100,000. It’s also spreading rapidly in the U.S. California has declared a state of emergency, while the number of cases in New York reached 33. “Uncertainty breeds greater market volatility,” Keith Lerner, SunTrust’s chief market strategist, said in a note. “Much is still unknown about how severe and widespread the coronavirus will become. From a market perspective, what we are seeing is uncomfortable but somewhat typical after shock periods.”
So far, the actions from global central banks and governments in response to the outbreak haven’t triggered a sustainable rebound. The Federal Reserve’s first emergency rate cut since the financial crisis did little to calm investor anxiety. President Donald Trump on Friday signed a sweeping spending bill with an$8.3 billion packageto aid prevention efforts to produce a vaccine for the deadly disease, but stocks extended their heavy rout that day. “The market is recognizing the global authorities are responding to this,” said Tom Essaye, founder of the Sevens Report. “If the market begins to worry they are not doing that sufficiently, then I think we are going to go down ugly. It is helping stocks hold up.” Essaye said any further stimulus from China and a decent-sized fiscal package from Germany would be positive to the market, but he doesn’t expect the moves to create a huge rebound. The fed funds future market is now pricing in the possibility of the U.S. central bank cutting by 75 basis points at its March 17-18 meeting.
Where is the bottom?
Many on Wall Street expect the market to fall further before recovering as the health crisis unfolds. Binky Chadha, Deutsche Bank’s chief equity strategist, sees a bottom for the S&P 500 in the second quarter after stocks falling as much as 20% from their recent peak. “The magnitude of the selloff in the S&P 500 so far has further to go; and in terms of duration, just two weeks in, it is much too early to declare this episode as being done,” Chadha said in a note. “We do view the impacts on macro and earnings growth as being relatively short-lived and the market eventually looking through them.” Deutsche Bank maintained its year-end target of 3,250 for the S&P 500, which would represent a 10% gain from here and a flat return for 2020. Strategists are also urging patience during this heightened volatility, cautioning against panic selling. “It is during times like these that investors need to maintain a longer-term perspective and stick to their investment process rather than making knee-jerk, binary decisions,” Brian Belski, chief investment strategist at BMO Capital Markets, said in a note.
This past week saw the following moves in the S&P:
If you're like us, you've heard a lot of people reference the recent equity declines as a sign that the market is pricing in some sort of Armageddon in the US economy. While comments like that make for great soundbites, a little perspective is in order. Since the S&P 500's high on February 19th, the S&P 500 is down 12.8%. In the chart below, we show the S&P 500's annual maximum drawdown by year going back to 1928. In the entire history of the index, the median maximum drawdown from a YTD high is 13.05%. In other words, this year's decline is actually less than normal. Perhaps due to the fact that we have only seen one larger-than-average drawdown in the last eight years is why this one feels so bad. The fact that the current decline has only been inline with the historical norm raises a number of questions. For example, if the market has already priced in the worst-case scenario, going out and adding some equity exposure would be a no brainer. However, if we're only in the midst of a 'normal' drawdown in the equity market as the coronavirus outbreak threatens to put the economy into a recession, one could argue that things for the stock market could get worse before they get better, especially when we know that the market can be prone to over-reaction in both directions. The fact is that nobody knows right now how this entire outbreak will play out. If it really is a black swan, the market definitely has further to fall and now would present a great opportunity to sell more equities. However, if it proves to be temporary and after a quarter or two resolves itself and the economy gets back on the path it was on at the start of the year, then the magnitude of the current decline is probably appropriate. As they say, that's what makes a market!
Take a good luck at today's moves in long-term US Treasury yields, because chances are you won't see moves of this magnitude again soon. Let's start with the yield on the 30-year US Treasury. Today's decline of 29 basis points in the yield will go down as the largest one-day decline in the yield on the 30-year since 2009. For some perspective, there have only been 25 other days since 1977 where the yield saw a larger one day decline.
That doesn't even tell the whole story, though. As shown in the chart below, every other time the yield saw a sharper one-day decline, the actual yield of the 30-year was much higher, and in most other cases it was much, much higher.
To show this another way, the percentage change in the yield on the 30-year has never been seen before, and it's not even close. Now, before the chart crime police come calling, we realize showing a percentage change of a percentage is not the most accurate representation, but we wanted to show this for illustrative purposes only.
Finally, with long-term interest rates plummetting we wanted to provide an update on the performance of the Austrian 100-year bond. That's now back at record highs, begging the question, why is the US not flooding the market with long-term debt?
Today's decline is pretty much a continuation of what has been a one-way trade for the commodity ever since the US drone strike on Iranian general Soleimani. The last time prices were this low was around Christmas 2018.
With today's decline, crude oil is now off to its worst start to a year in a generation falling 32%. Since 1984, the only other year that was worse was 1986 when the year started out with a decline of 50% through March 6th. If you're looking for a bright spot, in 1986, prices rose 36% over the remainder of the year. The only other year where crude oil kicked off the year with a 30% decline was in 1991 after the first Iraq war. Over the remainder of that year, prices rose a more modest 5%.
Despite strong market gains on Wednesday, March 4, 2020, the on-the-run 10-year Treasury yield ended the day below 1% for the first time ever and has posted additional declines in real time, sitting at 0.92% intraday as this blog is being written. “The decline in yields has been remarkable,” said LPL Research Senior Market Strategist Ryan Detrick. “The 10-year Treasury yield has dipped below 1%, and today’s declines are likely to make the recent run lower the largest decline of the cycle.” As shown in LPL Research’s chart of the day, the current decline in the 10-year Treasury yield without a meaningful reversal (defined as at least 0.75%) is approaching the decline seen in 2011 and 2012 and would need about another two months to be the longest decline in length of time. At the same time, no prior decline has lasted forever and a pattern of declines and increases has been normal.
What are some things that can push the 10-year Treasury yield lower?
A shrinking but still sizable yield advantage over other developed market sovereign debt
Added stock volatility if downside risks to economic growth from the coronavirus increase
A larger potential premium over shorter-term yields if the Federal Reserve aggressively cuts interest rates
What are some things that can push the 10-year Treasury yield higher?
A second half economic rebound acting a catalyst for a Treasury sell-off
As yields move lower, investors may increasingly seek more attractive sources of income
Any dollar weakness could lead to some selling by international investors
Longer maturity Treasuries are looking like an increasingly crowded trade, potentially adding energy to any sell-off
On balance, our view remains that the prospect of an economic rebound over the second half points to the potential for interest rates moving higher. At the same time, we still see some advantage in the potential diversification benefits of intermediate maturity high-quality bonds, especially during periods of market stress. We continue to recommend that suitable investors consider keeping a bond portfolio’s sensitivity to changes in interest rates below that of the benchmark Bloomberg Barclays U.S. Aggregate Bond Index by emphasizing short to intermediate maturity bonds, but do not believe it’s time to pile into very short maturities despite the 10-year Treasury yield sitting at historically low levels.
U.S. Jobs Growth Marches On
While stock markets continue to be extremely volatile as they come to terms with how the coronavirus may affect global growth, the U.S. job market has remained remarkably robust. Continued U.S. jobs data resilience in the face of headwinds from the coronavirus outbreak may be a key factor in prolonging the expansion, given how important the strength of the U.S. consumer has been late into this expansion. The U.S. Department of Labor today reported that U.S. nonfarm payroll data had a strong showing of 273,000 jobs added in February, topping the expectation of every Bloomberg-surveyed economist, with an additional upward revision of 85,000 additional jobs for December 2019 and January 2020. This has brought the current unemployment rate back to its 50-year low of 3.5%. So far, it appears it’s too soon for any effects of the coronavirus to have been felt in the jobs numbers. (Note: The survey takes place in the middle of each month.) On Wednesday, ADP released its private payroll data (excluding government jobs), which increased by 183,000 in February, also handily beating market expectations. Most of these jobs were added in the service sector, with 44,000 added in the leisure and hospitality sector, and another 31,000 in trade/transportation/utilities. Both of these areas could be at risk of potential cutbacks if consumers start to avoid eating out or other leisure pursuits due to coronavirus fears. As shown in the LPL Chart of the Day, payrolls remain strong, and any effects of the virus outbreaks most likely would be felt in coming months.
“February’s jobs report shows the 113th straight month that the U.S. jobs market has grown,” said LPL Financial Senior Market Strategist Ryan Detrick. “That’s an incredible run and highlights how the U.S. consumer has become key to extending the expansion, especially given setbacks to global growth from the coronavirus outbreak.” While there is bound to be some drag on future jobs data from the coronavirus-related slowdown, we would anticipate that the effects of this may be transitory. We believe economic fundamentals continue to suggest the possibility of a second-half-of-the–year economic rebound.
Down January & Down February: S&P 500 Posts Full-Year Gain Just 43.75% of Time
The combination of a down January and a down February has come about 17 times, including this year, going back to 1950. Rest of the year and full-year performance has taken a rather sizable hit following the previous 16 occurrences. March through December S&P 500 average performance drops to 2.32% compared to 7.69% in all years. Full-year performance is even worse with S&P 500 average turning to a loss of 4.91% compared to an average gain of 9.14% in all years. All hope for 2020 is not lost as seven of the 16 past down January and down February years did go on to log gains over the last 10 months and full year while six enjoyed double-digit gains from March to December.
Today’s big rally was an encouraging sign that the markets are becoming more comfortable with the public health, monetary and political handling of the situation. But the history of these “emergency” or “surprise” rate cuts by the Fed between meetings suggest some caution remains in order. The table here shows that these surprise cuts between meetings have really only “worked” once in the past 20+ years. In 1998 when the Fed and the plunge protection team acted swiftly and in a coordinated manner to stave off the fallout from the financial crisis caused by the collapse of the Russian ruble and the highly leveraged Long Term Capital Management hedge fund markets responded well. This was not the case during the extended bear markets of 2001-2002 and 2007-2009. Bottom line: if this is a short-term impact like the 1998 financial crisis the market should recover sooner rather than later. But if the economic impact of coronavirus virus is prolonged, the market is more likely to languish.
([CLICK HERE FOR FRIDAY'S AFTER-MARKET EARNINGS TIME & ESTIMATES!]())
Adobe Inc. $336.77
Adobe Inc. (ADBE) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.23 per share on revenue of $3.04 billion and the Earnings Whisper ® number is $2.29 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for earnings of approximately $2.23 per share. Consensus estimates are for year-over-year earnings growth of 29.65% with revenue increasing by 16.88%. Short interest has decreased by 38.4% since the company's last earnings release while the stock has drifted higher by 7.2% from its open following the earnings release to be 10.9% above its 200 day moving average of $303.70. Overall earnings estimates have been revised higher since the company's last earnings release. On Monday, February 24, 2020 there was some notable buying of 1,109 contracts of the $400.00 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.3% move on earnings and the stock has averaged a 4.1% move in recent quarters.
DICK'S Sporting Goods, Inc. (DKS) is confirmed to report earnings at approximately 7:30 AM ET on Tuesday, March 10, 2020. The consensus earnings estimate is $1.23 per share on revenue of $2.56 billion and the Earnings Whisper ® number is $1.28 per share. Investor sentiment going into the company's earnings release has 57% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 14.95% with revenue increasing by 2.73%. Short interest has decreased by 29.1% since the company's last earnings release while the stock has drifted lower by 20.3% from its open following the earnings release to be 12.0% below its 200 day moving average of $39.75. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 26, 2020 there was some notable buying of 848 contracts of the $39.00 put expiring on Friday, March 20, 2020. Option traders are pricing in a 14.4% move on earnings and the stock has averaged a 7.3% move in recent quarters.
Broadcom Limited (AVGO) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $5.34 per share on revenue of $5.93 billion and the Earnings Whisper ® number is $5.45 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat. Consensus estimates are for earnings to decline year-over-year by 5.65% with revenue increasing by 2.44%. Short interest has decreased by 15.6% since the company's last earnings release while the stock has drifted lower by 15.3% from its open following the earnings release to be 7.7% below its 200 day moving average of $291.95. Overall earnings estimates have been revised lower since the company's last earnings release. On Tuesday, February 25, 2020 there was some notable buying of 1,197 contracts of the $260.00 put expiring on Friday, April 17, 2020. Option traders are pricing in a 11.1% move on earnings and the stock has averaged a 4.9% move in recent quarters.
Thor Industries, Inc. (THO) is confirmed to report earnings at approximately 6:45 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.76 per share on revenue of $1.79 billion and the Earnings Whisper ® number is $0.84 per share. Investor sentiment going into the company's earnings release has 62% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 16.92% with revenue increasing by 38.70%. Short interest has decreased by 12.9% since the company's last earnings release while the stock has drifted higher by 5.4% from its open following the earnings release to be 12.0% above its 200 day moving average of $62.53. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 6.3% move on earnings and the stock has averaged a 8.1% move in recent quarters.
ULTA Beauty (ULTA) is confirmed to report earnings at approximately 4:00 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $3.71 per share on revenue of $2.29 billion and the Earnings Whisper ® number is $3.75 per share. Investor sentiment going into the company's earnings release has 73% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 2.77% with revenue increasing by 7.78%. Short interest has increased by 8.7% since the company's last earnings release while the stock has drifted lower by 0.1% from its open following the earnings release to be 9.5% below its 200 day moving average of $283.43. Overall earnings estimates have been revised lower since the company's last earnings release. Option traders are pricing in a 15.3% move on earnings and the stock has averaged a 11.7% move in recent quarters.
Slack Technologies, Inc. (WORK) is confirmed to report earnings at approximately 4:15 PM ET on Thursday, March 12, 2020. The consensus estimate is for a loss of $0.06 per share on revenue of $173.06 million and the Earnings Whisper ® number is ($0.04) per share. Investor sentiment going into the company's earnings release has 67% expecting an earnings beat The company's guidance was for a loss of $0.07 to $0.06 per share on revenue of $172.00 million to $174.00 million. Short interest has increased by 1.2% since the company's last earnings release while the stock has drifted higher by 19.0% from its open following the earnings release. Overall earnings estimates have been revised higher since the company's last earnings release. The stock has averaged a 4.3% move on earnings in recent quarters.
Dollar General Corporation (DG) is confirmed to report earnings at approximately 6:55 AM ET on Thursday, March 12, 2020. The consensus earnings estimate is $2.02 per share on revenue of $7.15 billion and the Earnings Whisper ® number is $2.05 per share. Investor sentiment going into the company's earnings release has 76% expecting an earnings beat. Consensus estimates are for year-over-year earnings growth of 9.78% with revenue increasing by 7.52%. Short interest has increased by 16.2% since the company's last earnings release while the stock has drifted higher by 1.8% from its open following the earnings release to be 5.7% above its 200 day moving average of $149.88. Overall earnings estimates have been revised higher since the company's last earnings release. On Friday, February 28, 2020 there was some notable buying of 1,013 contracts of the $182.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 9.2% move on earnings and the stock has averaged a 5.7% move in recent quarters.
Stitch Fix, Inc. (SFIX) is confirmed to report earnings at approximately 4:05 PM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.06 per share on revenue of $452.96 million and the Earnings Whisper ® number is $0.09 per share. Investor sentiment going into the company's earnings release has 83% expecting an earnings beat The company's guidance was for revenue of $447.00 million to $455.00 million. Consensus estimates are for earnings to decline year-over-year by 50.00% with revenue increasing by 22.33%. Short interest has decreased by 4.6% since the company's last earnings release while the stock has drifted lower by 16.1% from its open following the earnings release to be 5.1% below its 200 day moving average of $24.01. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, February 19, 2020 there was some notable buying of 4,026 contracts of the $35.00 call expiring on Friday, June 19, 2020. Option traders are pricing in a 28.0% move on earnings and the stock has averaged a 15.2% move in recent quarters.
Sogou Inc. (SOGO) is confirmed to report earnings at approximately 4:00 AM ET on Monday, March 9, 2020. The consensus earnings estimate is $0.09 per share on revenue of $303.08 million and the Earnings Whisper ® number is $0.10 per share. Investor sentiment going into the company's earnings release has 58% expecting an earnings beat The company's guidance was for revenue of $290.00 million to $310.00 million. Consensus estimates are for year-over-year earnings growth of 28.57% with revenue increasing by 1.78%. Short interest has increased by 6.6% since the company's last earnings release while the stock has drifted lower by 27.8% from its open following the earnings release to be 15.7% below its 200 day moving average of $4.57. Overall earnings estimates have been revised lower since the company's last earnings release. The stock has averaged a 3.8% move on earnings in recent quarters.
DocuSign (DOCU) is confirmed to report earnings at approximately 4:05 PM ET on Thursday, March 12, 2020. The consensus earnings estimate is $0.05 per share on revenue of $267.44 million and the Earnings Whisper ® number is $0.08 per share. Investor sentiment going into the company's earnings release has 81% expecting an earnings beat The company's guidance was for revenue of $263.00 million to $267.00 million. Consensus estimates are for year-over-year earnings growth of 600.00% with revenue increasing by 33.90%. Short interest has decreased by 37.7% since the company's last earnings release while the stock has drifted higher by 12.1% from its open following the earnings release to be 31.9% above its 200 day moving average of $63.71. Overall earnings estimates have been revised higher since the company's last earnings release. On Wednesday, March 4, 2020 there was some notable buying of 1,698 contracts of the $87.50 call expiring on Friday, March 20, 2020. Option traders are pricing in a 8.5% move on earnings and the stock has averaged a 10.0% move in recent quarters.
Woodbridge: I hate to say it, but it’s unlikely, Allen. It’s a lot easier to pretend everyone else is wrong, and that you had no other option. The camera pans to a kitchen. We see Tony the Milkman standing there in his leather jacket accompanied by Jim Baker. The table is adorned with ingredients mixing bowls and other baking supplies. Tony ”Guys, gals and non-binary pals, I welcome you all to the great bake-off! Mr. Baker and I have decided to put our differences behind us but before we officially align we have decided to have one final friendly competition! Since I beat him in our debut match, I picked a stipulation that I believe will help make the score equal.” Baker: “Tony, you know I’m not a baker, right? It’s just my name?” Tony: “I get it, Baker, you’re playing a rib on me so I won’t feel bad for losing. It’s ok! We’re partners now!” Baker “Tony I’m being se-“ Tony: “As is I was saying, The bake-off! Both of us will be baking something, which will then be shared with the rest of the locker room, unless they’re that piece of shit Joey McCarty, or Joey McCarty’s friends.” Tony stares directly into the camera: “I know how much the people in the locker room love consuming the labor of others without compensation.” Baker nods in agreement Tony: “For my entry, I will be making the favored dessert of bisexuals such as myself… Lemon Bars!” Baker: “And I’m making… uh… cookies I think” Tomy: “No need to put yourself down, brother! We all know you’re going to smoke me! Anyways let the games begin! The to go off in opposite directions and begin preparing their deserts. Tony begins making a crust out of flour cornstarch and other ingredients, carefully slicing butter and mixing, while Jim unsuccessfully attempts to make even balls of store bought cookie dough. Backstage we see Mark Dutch walking around, peeking around corners and down hallways as if he’s searching for someone. Dutch: Yo Blackwater! We’re done playing hide and seek! Where are you? Dutch turns around, staring at each door and peeking into some of them, but to no avail. Dutch: Where the fuck did he go? After taking a few more steps he stares to the left of him. The camera turns and he comes across Kyle Scott, looking down onto a large map. Dutch: Kyle. You got a moment? Kyle looks up, staring back at the tall Dutchman with a focused look on his face? Kyle: What do you want? Can’t you see I’m busy? Dutch frowns for a moment, presumably having a brainfreeze from the shake before he peeks at the map. It’s a detailed map of Ohio that Kyle looks at Dutch: Have you seen Louis? Louis Blackwater? Confused, Kyle looks back at Dutch before shrugging. Dutch: Like.. the B in D&B? Have you seen him? Kyle: Becca? Dutch: No. She’s dead. Blackwater. Kyle: Ooooh! Blackwater. No, I haven’t. Why would I know that? Dutch: I don’t know. Kyle: Exactly. Now leave me alone, please. Dutch: Fine. Thanks anyways. When Kyle puts his head back down into the map, Dutch continues to walk down the hallway until hearing a loud crash. Immediately, Dutch sprints over to where the sound came from, in the background we see Kyle not even having flinched from it. After a few steps Dutch goes around a corner and immediately is heard yelling. Dutch: LOUIS! Louis is found on the ground, holding his head and surrounding him are metal pipes. Dutch gets to Louis and checks him out, staring over him as he tries to get Louis’ attention by shaking him! Dutch: LOUIS! WAKE THE FUCK UP! Blackwater: I am awake! Stop shaking me! Dutch: Why the fuck are you on the ground?! Blackwater: Fuck, man. A fucking mouthbreather attacked me from behind. Hit me right in the fucking liver. REAL LAME, GUYS! I USE IT TO DRINK! Blackwater holds his hand on his side, presumably where is black, abused liver is supposed to be before he sticks out his hand, trying to get up. Dutch takes it and pulls him up slowly. Blackwater: Ah.. fuck.. that hurts.. Dutch: You going to be alright? Blackwater: Yeah.. Fuck me, I had worse. I should check a doc or something. Then go find the cumstain who did this. Immediately, Dutch’s eyes light up as if he has a bright idea. Dutch: I got a bright idea! You go visit the doc, I’ll find who did this. I’ll be like Batman doing detective work! Blackwater: Of course you’d wear leather. You gonna have bat-nipples on your costume too? Dutch: Fuck off, mate. Let me help you get to the doc. Wrapping Louis’ arm around his neck, Blackwater begins to walk down the hallway, helping him as they both disappear around the corner. Blackwater: Really tho, I won’t judge you if you wear leather. Dutch: ...I’ll think about it. We then cut back to the ring, where we see Javier not standing solidly in the middle of the ring, but instead rushing down from backstage to it, seemingly not having been ready for once, as he pulls out a card from his pocket, and begins to read. Javier: At the request of both competitors in this upcoming bout, we will now be staging an impromptu singles match between Dalidus Nova and Buster Braggadocio! Crowd: WOOOOOOOOOOOOOOO! Javier:Clears throat And it is a singles match set for one fall, with a 30 minute time limit! Introducing first- The Kids are Back hits the speakers, as out from the curtain comes Dalidus Nova, swiftly followed by Miles Alpha. Javier: From Toronto, Ontario, Canada, standing at 6 feet 3 inches and weighing 225 lbs… DALIDUUUUS! NOOOOOOVA! Crowd: BOOOOOOOOOOO! Woodbridge: And the crowd here not a fan of Dalidus or Miles. Paisner: They’re not the only ones… Dalidus spits out a grotesque, far-too-large mouthful of Hubba Bubba gum at ringside and enters the ring, Miles staying outside but putting himself in Nova’s corner as Freaky Black Greetings hits the speakers. Javier: And now, from Atlanta, Georgia, standing at 6 feet and three quarters of an inch and weighing 220 lbs… BUUUUUUSTER! BRAGGADOCIOOOOO! Buster comes out from the curtain, pick in hair and yelling caucasian-themed insults at the crowd with reckless abandon. Crowd: BOOOOOOOOOOOO! Woodbridge: Quite clearly, the audience here doesn’t feel too strongly about Buster either! Paisner: Seems the crowd and I are finally seeing eye-to-eye! He slides into the ring, flicking his pick towards Alpha at ringside while he does so. Buster and Dalidus eye eachother up from opposite sides of the ring as the bell signals the start of the bout. DING DING DING! The bell rings, and Buster is quick to charge Nova, who slips underneath the bottom rope and out of the ring. Crowd: Booooooooooo! Paisner: Dalidus wasting no time going to his sleazy playbook. Woodbridge: But Buster’s not having it, look out! Buster immediately follows Dalidus to the outside, giving chase as Nova stumbles into a run, not expecting Buster’s aggression. The two make a circle outside the ring, until Dalidus slides right back in through the bottom rope. Buster is seconds behind him, but as he gets to his feet he sees that Nova has slipped back outside the ring, grabbing Buster by the ankle and pulling him down and out to the floor! Crowd: Booooooooooo! Paisner: Ooh! Buster landing hard outside! Dalidus starts to lay boots into Buster on the outside, as Miles yells a mix of encouragement towards his partner, and insults towards the opponent. After several seconds of the officials count, Nova grabs Buster and wrestles him back into the ring. Woodbridge: Finally, both men back into the ring, the only place the final fall can take place. Not relenting, Nova drags Buster up to his feet in the corner, striking him in the chest with a chop! Crowd: Ooooooooh! He winds up for a second one, but not before Buster strikes him with a forearm strike, creating the separation necessary to connect square in the chest with a dropkick! Crowd: OOOOOoooohh! Paisner: Buster with the retaliation! Nova is sent flying backwards, quickly rising to his feet in the opposite corner as Buster continues his attack, flying in with a corner clothesline! Still not giving Dalidus a second to breath, Buster shoots Nova back towards the other corner with an Irish Whip… Woodbridge: These two men, back and forth across the ring! ...Charging in for another clothesline, Buster is suddenly met by the rising boot of Dalidus! Crowd: Woooahh! Paisner: Back and forth quite literally, Mark! Neither man’s gotten a concrete advantage thus far! Taking a second to breathe, Dalidus re-approaches Buster, bending down to pick him off the mat only to get caught in a lightning-fast small package! 1…! 2.. - No! Woodbridge: Nova damn-near got caught! Dalidus is swift to fight out, both men twisted away from one-another and back up to their feet, backing towards opposite ropes. Alpha: C’mon, Dali! Get his ass! With the verbal from Miles, Dalidus rushes Buster, who ducks underneath a clothesline attempt, grabbing the waist from behind and using Nova’s momentum to run him into the ropes with an O’Connor Rollup! 1…! 2…! No! Dalidus reverses the roll-up! 1…! But Buster breaks free, and is quickly up to a knee! Paisner: Two escapes from both - WOAH! Still kneeling, Buster is caught in perfect position for the Kneeling Superkick! Paisner: CHEKHOV’S GUN! Buster falls back to the mat, rolling out of the ring and plopping to the floor outside the ring. Woodbridge: Buster got caught on bad timing, but makes up for it by getting outside the ring, away from any potential pinfall attempts. Dalidus, with an annoyed look on his face, walks towards the ropes, crossing them and landing outside the ring beside Buster. As Miles stands beside him, Dalidus again tries to get Buster into the ring. This time, however, Buster slips from Nova’s grip, slamming his opponent's head into the edge of the ring! Crowd: OOOOOH! Paisner: Buster was playing possum! With Nova dazed, Buster turns to Alpha, kicking him in the gut before grabbing the back of the Canadian’s head and swinging him into the ring post! Crowd: YEEEAAAAAAHHHH! Woodbridge: Miles hit hard, and the crowd loves it! With Alpha laid out outside the ring, Buster swings Nova’s legs up and onto the canvas, sliding in after him. Paisner: These two have fought at a lightning-fast pace thus far, and it looks like Buster is aiming for an equally-fast conclusion to this bout! Buster sits Nova up in the center of the ring, shooting a quick kick into his back to keep him in place. Breaking into a sprint, Buster hits the rope facing his opponent, running back at Dalidus with intentions to hit a running knee strike… Woodbridge: Bravado Bust - Nonono! However, Dalidus lays back and the knee flies right overhead, as he reaches upwards and catches Buster between the legs, pulling him back down to the mat with another roll-up! 1…! 2…! 3.. - NO! But Buster kicks away, breaking the pinfall! Returning to his feet, Buster is unable to avoid a forearm strike from Dalidus, stunning him long enough for Nova to drive a knee into the gut and snap down with a quick DDT! Paisner: DDT from Dalidus, and these two just will not slow down! Woodbridge: Ya may not like them, - God knows I don’t - but they’ve got some mighty gas tanks on ‘em! Dalidus, now behind Buster, brings his opponent to his feet with a waistlock, before throwing Buster’s arm over his neck and throwing him backwards with an Inverted Exploder Suplex! Buster flies far through the ring, but his boots collide with the skull of the official, sending him falling to the mat like a sack of potatoes! Crowd: BOOOOOOO! Paisner: Cord Cutter, but the ref’s down! Woodbridge: Buster ate all of that! Dalidus begins to go for a pinfall, but spots the official down on the mat. Looking up towards a less-than-admiring crowd, he gives a shout to his partner. Dalidus: Miles! Gimme a chair! Paisner: Oh, sonuva… Miles, still reeling from the collision with the steel post, grabs a steel chair and slides it into the ring as Buster begins reaching for the ropes in an attempt to get back to a standing base. Meanwhile, Dalidus grabs the chair from the mat and sizes up Buster from behind. Woodbridge: Buster’s gonna get his brain rattled! As he turns around, Dalidus charges with the chair raised high, swinging it downwards just as Buster sees, quickly rolling underneath the blow leaving the chair to connect with nothing but air! Crowd: OOOOOOH! Quickly up to his feet, Buster reaches into his tights to retrieve his signature black marker! Throwing the cap into the crowd, he immediately strikes Dalidus in the left eye with a jab from the marker! Crowd: OOOOOOOOOOOOOHHHHH! Nova falls to the mat, clutching at his face! Buster returns to the official, trying to get him back into the match, when he is struck from behind by a sudden forearm blow, courtesy of Miles Alpha! Crowd: BOOOOOOOOOOOO!! Woodbridge: The third man! Miles, getting himself involved once more! Buster falls to his knees as Miles pulls him away from the ref, before swiftly bringing him up in a Fireman’s Carry and driving his boot into Buster’s skull with a Benadryller! Paisner: Alpha with the Defeater to Buster! *Woodbridge: He’s out cold, without a doubt! Looking behind him to spot the official slowly coming to, Miles rolls Buster onto his back and pulls the blinded Dalidus on top of him, before slipping out of the ring and hiding from the officials view as he begins to slowly make the count! 1…! 2…! 3…! DING DING DING! Paisner: Absolute bullshit! Javier: The winner of this bout via pinfall, at a time of 7:02: DALIDUS! NOVA! The Kids are Back hits the speakers, as Miles comes back into the ring to assist Dalidus out of it, a shit-eating grin plastered on his face. Woodbridge: In what was looking like quite the match, Dalidus steals one from Buster with the help from Miles Alpha! Paisner: It’s bullshit, Mark. Complete bullshit. The two walk through the curtain as the camera cuts away. Mark Dutch is walking around the backstage area. He comes across Tony the Milkman, seeming to take a breather from the chaos of the kitchen, wiping off a milk mustache. Dutch: Milkman! Tell me everything you know about the attack of Louis Blackwater! The Milkman looks confused. Tony: I don’t have any information for you, unfortunately. I do have a wonderful lemon cake! Would you like a piece? Dutch takes a good look at the lemon cake Tony is offering, but he shakes his head. Dutch: No, I cannot be distracted. I have responsibility! Tony: Your loss! As Mark Dutch continues to walk around, he peeks into a room and sees Big Money Maverick on the phone talking to someone. Dutch begins to speak to himself. Dutch: Mav….maybe it was him…. Big Money Maverick: So yeah, if you're interested in doing business, let's talk about financials… As Mav talks on the phone, and Dutch watches from outside the room, Dutch is suddenly approached by a backstage crew worker holding a bag of cheetos. Crew Worker: Looking for the guy who attacked Blackwater? I don't think it was Mav. Dutch: Why do you say that? Crew Worker: He's been in this room making phone calls for hours, I should know… The crew member swings the door open, cracking it behind him so the camera and Dutch can still see inside. We see the crew worker hand the bag of Cheetos to Mav, and Mav sets the bag on a table next to him, alongside many other drinks and snacks that Mav presumably forced the worker to get for him. Dutch: Hmm...maybe not...but…...I don't know…. Dutch walks away from the room, and immediately is face to face with Stephen Romero, who’s holding an athletic jump rope in his hands and sweat covers his tank top. Romero. Heard you were looking for who snuck up on Blackwater. Dutch: Yeah. By the way, thanks for going after Balandran for my hotdog. Romero looks back at Dutch, scratching the side of his head with a confused look. Romero: Oh yeah. Uhm. No problem, I guess. Look, we two have been in the business for a while. Dutch: True. Romero: Yeah, and I noticed a trend which might work. Dutch’s eyes are wide open as he looks back at Romero. Romero: Usually, if you go to the ring and call out who did it.. they often show up and take responsibility. That or someone else shows up who wants to fight. It’s a 50/50 chance. Dutch: Now that you say it, yeah.. you’re right. Thanks, Stephen. Mark Dutch pats Romero’s shoulder before he looks at his now sweat covered hand. Immediately, Dutch wipes his hand off on Romero before he quickly walks away. Romero looks down at the sweaty handprint before letting out a sigh. The camera returns to the kitchen, where we see Milkman back in after his break, and his crust has been pulled out and he’s pouring in a filling into it. Baker is on Twitter instead of watching whatever he has put in the oven. Bakers oven start producing smoke, whole Tony’s produces an absolutely gorgeous looking loaf of pastry Baker: “Shit!” Baker runs over the oven and opens it, quickly pulling the cookies out without wearing any form of hand protection We open our next scene, as we see Stephen Romero backstage once again, clad in his wrestling gear and changed into a cleaner, and very small black tank top. So small the tank top is dangerously close to slipping inward a bit and potentially revealing his nipples. With this phone on hand, as he starts an instagram live stream from his phone, quickly getting up to around 14 unique viewers. As he begins to speak. Romero: Hello world! I’d just thought i’d give a bit of insight into how I go about preparing for whatever I need to do when i’m at a show! The first thing to bring, always, always have this- Romero opens one of his bags layed in his locker, inside revealing many bottles of water. Romero: Stay hydrated, constantly! And you can stay hydrated with….uh….actually I don’t have any sponsors for this yet……..use tap water if it’s safe where you live, get some re-usable bottles if you can! I think when it comes to price points it’s not something you’d regret if you splurged on, but not something you need to splurge on either. I might even recommend not splurging, because with some extra money, you can become a patron for 1 cent a month! We are already at fifty-three patrons, and you can get in on the new hotness, and access to exclusive content! Now, to show y’all some more- Romero grabs a significantly sized lunch box, as it seems to contain generous servings that make up a large rice bowl. First ingredient is obviously a lot of rice, with sliced pork, green onion, cilantro, mushroom, carrot, and avocado all being found in significant portions. Romero: Being as large as I am and working in such a physically draining industry, the portions that I need to function would incapactiate a normal human being. Whether I am exaggerating or not is up to your own interpretation. And now, some may wonder how I get mentally prepared for a match? It heavily depends, for ippv matches where there’s more on the line, I tend to psych myself up with intense music, let out energy through running in place, my ippv matches are more about being intense. With lower stakes matches or House Party matches, I tend to moreso leave my training at the gym, I just try to show up in as good and happy of a mood as I can. Easier said than done of course, but with things such as forming alliances recently, I always have some others to lift me up. I think specialist and Rizwan are in the break room, lets go visit them actually! Romero then walks out of the locker room and into the hallways, and as he just enters the hallways, he bumps into someone right in front of his whole stream! gayboygayboygayboygayboygayboygayboygayboygayboy: omg king u okay??!!??!! MarioFantatic37: Nooooooooo don’t get hurt from an unexpected collision your so sexy haha After a moment of surprise, we see the person Romero collided with as he exited the locker room, GiGi, who now sees that Romero bumped into her, and gains a fury in her eyes. GiGi: Hey! You! The audacatity to have said the things you have and now this?! Do you want to know the consequences! Well i’ll show you them! GiGi then whips out her phone herself, a look of anger on her face throughout the process of doing this, as she starts up an instagram live stream of her own…….and instantly changes to a fake wide smile as she starts the stream up, hundreds upon hundreds of viewers quickly pouring in. She glances up at Romero with now a smug smile at the sheer numerical differences in their streams, as she begins to talk to her fans. GiGi: Hello GiGi Gang! Welcome to an impromptu stream, brought on by more severe aggression against me! And guess who’s the person behind it! GiGi dramatically swings her phone to reveal Romero in the shot, who’s holding up his phone for his stream as well, as GiGi’s chat goes- Chad68: BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO! Feet?: BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO! LocalLesbian: BOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO! Jouster06: HOW DARE YOU HURT HER YOU MONSTER! I’LL BEAT YOU UP MYSELF! xxxsavannahgranger4523: Looking for hot singles in your area? Visit Datebeast.notavirus.com/132342435353324244het43422 for your hook up today! QuirkyGamer!!!: BOOOOOOOOOOOOOOOOOOOOOOOOOOO! Upon realizing who they’re seeing, as GiGi continues to speak. GiGi: Once again I have been put in serious danger by Romero, by him as the much larger person trying to bulldoze over me and hurt me in the process! Romero: I...literally just accidentally bumped into you. GiGi: You’re lying! I can’t trust a word you say after your threats towards my livelihood, and now my physical well-being! You know what, this calls for retaliation, Kaitlyn, you’re strong, get him! As GiGi commands this though, we don’t see anything happen, GiGi, confused as to why Kaitlyn is not doing something for her, turns around, and sees that Kaitlyn has mostly fainted due to the sheer scale of her infatuation with GiGi. Connected to GiGi only by holding on to her foot, where many in chat upon seeing this foot holding simply comment “God I wish that was me”. Romero: Well, considering the state of Kaitlyn, i’m not sure she’s up for much of a fight in this moment. So unless you are, I think we’ll need another method to settle this, through what has been my goal, a stream battle! Where I handle mine with honesty and openness! GiGi: Is that all? Easy! You’re on! Kait! Come with! GiGi then begins to walk away, but is very noticeably slowed by the mostly dead weight of the head over heels Kaitlyn clinging onto her. Due to this GiGi is not able to make nearly as smooth an exit from the scene as she was hoping, but tries to make the best of it by highlighting the struggle she’s going through due to this, pointing the camera down in the process, showing her pastel colored shoes, as we see several “POGGERS” and excited proclamations of “FEET!” in her chat at this. Romero meanwhile heads his own way, as we see support from the members of his chat- gayboygayboygayboygayboygayboygayboygayboygayboy: Romeo, u r fuckin sick ur gonna do it BasedAndGaypilled: STEPHEN ROMERO KREYGASM Thats_So_Shibe: Bro no homo but I would like to have anal intercourse with you Romero makes his way quickly over to a break room, where we see Rizwan and Specialist chatting over a cup of tea for Rizwan, and several cups of coffee for each member of Specialist, as Romero mutters to himself for a moment- Romero: Fuck what do people like...spinning, they like spinning right? HEY RONDEL! Rondel then stands up, he and Romero making intense eye contact. Romero: DO ONE OF THEM COOL SPINS! Rondel then jumps on top of the table, Rizwan able to save his tea, but all of Specialist’s coffee gets spilled. Rondel then not only spins, he balances on one leg to do the spin, mixing in several hops into the spin to add even more onto it, before finishing the spin, and stepping off the table. He then offers to replace everyone’s spilled coffee, as he goes to get more, but not before he and Romero both communicate to each other with a thumbs up. As the chat that has now grown to 25 unique views POPS OFF We then cut back to GiGi, where we see on her stream her attempts to geti Kaitlyn functioning again. We see GiGi more gently poking her, shaking Kaitlyn, throwing a glass of water on her face, all to no avail! Before she finally switches up the strategy, and slaps Kaitlyn across the face, this action finally making her functionable again, as a wide smile forms on her face, as she springs to her feet. This once again drawing many “damn I wish that was me’s” from the chat. As GiGi then speaks to Kait- GiGi: So, you’ve been allied with Romero before right? Knowing him from that, and knowing him now from his evil actions, what do you think he could be doing right this moment? Kaitlyn: Uhm, he could be showing off his wardrobe right now? Yours is just, so much more expansive and prettier than his, I think you can easily take away the few viewers he has by showing off your- GiGi: Not bad...but I think I got an idea better. We then cut back to Romero again, where he’s showing off more of his wardrobe, where he is currently clad in a maroon red beret, glasses straight from a sexy secretary halloween costume, a white/maroon striped shirt tucked into tight fit jeans, and a leather jacket over it all. Romero hits several poses in this outfit, but as he’s focusing on himself in the mirror and showing off the outfit and his figure in it to the audience in his chat, we see GiGi and Kaitlyn sneak up in the background. Keeping a low profile, but enough to be noticeable in the lower frames of Romero’s stream, and obviously visible on GiGi’s stream as we switch to her view of her slowly crawling her way towards Romero’s set up. Where we see his set up is organized into different pieces, the tops/bottoms/jackets/hats/accessories all put into different sections. We see GiGi and Kaitlyn coordinate to take one thing of each from all of those while Romero is focused entirely on his posing. Then they go to make their escape and with wonderful timing, because as they start, Romero for the first time fully turns around to show off the outfit from behind! GiGi and Kaitlyn barely dodging out the way with all the stolen clothes. As we then hear Romero say- Romero: Alright, I hope that was enough for all of you! Now, onto the next outfit… Romero then goes through each his sections, making most of his next outfit….but cannot find the hat for it! Romero: Yo what the fuck…..you know what, i’ll skip that one, next outfit! Romero then goes through his next outfit…..but finds that he is now missing the jacket that goes with it! Romero: HUH?! Again?!! Well uhhh….third time’s the charm I guess! Romero then looks through his next outfit…..but cannot find the top to it! Romero: WHAT THE FUCK?! Hold up, somethings going on here…. Romero then goes to grab his phone, and check insta live chat, where they are spamming “GIGI STOLE YOUR CLOTHES” in the chat, as an anger then manifests in Romero’s face. Romero: She took my clothes?!........I’ve gotta do something about this man.. We then cut to GiGi and Kaitlyn still streaming, where we now see GiGi attempting a try on an article of clothing she stole from Romero, a denim jacket…..emphasis on *try, as we see that the jacket looks less like a normal jacket, looks less like an oversized jacket, but more like a straight up blanket on GiGi, nearly completely covering her all on it’s own.* GiGi: What do you say Kait? I think these are so big on me they could really work as a unique shoot, maybe make it available for patrons donating $750 and up, or you could take them for yourself if you want, they’d still be quite large on you but not to the point where you could make your bed with it. Kaitlyn: Oh, um, no, no thank you, I think i’d like to see more you wearing some of his stuff.. GiGi: Ooohhhh, well I know I already have one patron on board, say, how exactly would you enjoy seeing me wear it? Kaitlyn: Well...uh….maybe with, nothing….uhhh GiGi: Nothing what? Kaitlyn:Uh…..umm…......nevermind… GiGi: Alright, just if you ever do want some of this stuff let me know, you gotta take advantage of your top patron exclusive reward of receiving one individual piece of clothing from me! As GiGi says this, we then hear the door into where they are get kicked down, as through the rubble, emerges Stephen Romero, Kaitlyn looks defensive and ready to scrap, as GiGi initially panics. Romero: Hey! All that is my damn clothes! In her panic, GiGi grabs the oversized denim jacket, and tosses it at Romero’s face as a distraction! Before GiGi bails out the room before anything can escalate! Kaitlyn still looks primed to defend, but GiGi forcefully grabs her anyway, pulling her away from the scene all the same.As Romero the takes his denim jaket he got thrown back in, he smiles that it still fits, and puts in on, striking a pose to his crowd in his chat. Romero: Well…..I lost several hundreds of dollars and cool pieces of clothing because of that……...but at least this denim jacket is still sick though! Romero then strikes more poses for the fans, as we gradually fade out on the scene. We come back to the ring, where we see Javier standing in the middle of the ring, ready to announce. Javier: The following is a tag team match, set for one fall, with a 30 minute time limit! Introducing first- The Fall III by Doping Hornets comes through the speakers, as we see Mercenaire and Marshall Wheeler both come out from behind the curtain. Both disregarding the audience, as they stride to the ring with confidence. Javier: From Houston, Texas, and A Dark, Dark Place respectively, weighing in at a combined 480 pounds, Marshall Wheeler, Mercenaire, Coup d’Etat! Crowd: BOOOOOOOOOOOOOOOOOOOO! Woodbridge: Being announced from Houston and A Dark Place as separate things? Ain’t those the same thing? Paisner: Mark! Woodbridge: Sorry, had to take the opportunity when I had it. Digressing from that, we’ve got one hell of a tag match coming up! As we got two men who are talented and angry, one hell of a deadly combination if i’ve ever seen it. Feeling overlooked, they have a chance to channel that anger into their biggest tag challenge yet in SPECIALIST. They’ve proven they can take care of those they should absolutely beat, now lets see how they fare against those where it’s more of a 50/50. Wheeler and Mercenaire continue to stoically march their way down to the ring, paying to mind to the jeers tossed their way, as they both reach the ring apron, and step through the ropes in sync with one another, before the two take a spot at the end of the ring, looking out to the entranceway, awaiting their opponents. The Anomoly by Scar Symmetry blasts heavy riffs throughout the venue, as we see Presagio Del Fin and Nelson Butterfly out on the entranceway. Clinging onto one another, a look of determination on their face. Javier: And introducing next, from Parts Unknown, weighing in at a combined 437 pounds, Presagio Del Fin, Nelson Butterfly, S.P.E.C.I.A.L.I.S.T.! Crowd: YAYYYYYYYYYYYYYY! Paisner: Now, two very strange men coming down to the ring, the traditional pair of SPECIALIST representing it tonight, and despite their unorthodox in-ring methods, there’s very few others who have as much chemistry and knowledge of each other inside and out as SPECIALIST do. And that unorthodox style? Might be exploitable, but if you don’t know that exploit, you get torn apart by it. And inexperienced wrestlers like Mercenaire and Wheeler may be prime for not knowing, this could be a huge win for SPECIALIST here tonight! Butterfly and Presagio make their way down to the ring with their arms linked together, interacting with the fans, handing out hand slaps as they walk down the entranceway. They begin to practice their respective underhooks and pins to make sure they’re warmed up, before finishing their way to the ring, as they step into it. We see both Coup d’Etat and SPECIALIST talk amongst one another, as we see Mercenaire and Presagio step onto the aprons. While Wheeler and Nelson stay in the ring, Undersach signaling to see if they’re all ready, and getting nods from everyone, rings the bell! DING DING DING As the match starts, Wheeler and Nelson slowly approach each other, they lock up, as Wheeler then goes to slip behind Nelson right after! Grabbing Nelson’s head, pulling it back, and driving a european uppercut into the back of Nelson’s head! Nelson holding at the back of his head, before Wheeler shoots a forearm shot into the back of Nelson’s head! Sending Nelson stumbling forward, as Wheeler then runs the ropes, and comes back to attempt an enzu lariat to the back of Nelson’s head, but Nelson drops down! Fitting in between Wheeler’s legs, as Wheeler stops himself after a moment, and turns around to Nelson who had gotten back to his feet, who grabs Wheeler in a double underhook! Wheeler tries to struggle out, but Nelson lifts his knee up into Wheeler’s face! Doing it multiple times until he has Wheeler sufficiently harmed, where upon which, Nelson tosses Wheeler back across the ring with a butterfly suplex! Wheeler landing hard on his back, gritting his teeth in pain! Crowd: WOOOOOOOOOOOOOOOO! Paisner: Wheeler trying to quickly strike Nelson down, but Nelson dropping down, then quickly into offense through his patented double underhook! Wheeler then begins to push himself up, sitting up, then getting onto his hands and knees to try and make his way to his feet, but Nelson swoops in quickly, nails an elbow to the top of Wheeler’s head, and hooks Wheeler’s arms to bring Wheeler up on his own terms. Nelson takes Wheeler over to his tag corner, shooting a look at Presagio to cue him to tag himself in. Presagio sets himself up near Nelson, as Nelson tosses Wheeler up into the air with the set up for a double underhook powerbomb, but instead of following through with it himself, Presagio instead comes in as the one to catch and add his own force to slam Wheeler down to the mat with the assisted tiger bomb! Presagio sitting down with it! Crowd: OHHHHHHHHHHHHHHHHHHH! Paisner: Nelson combining well his double underhook and tag team mastery! And of course Presagio keeps the sit-out for a pin! 1! No! Kickout from Wheeler! Wheeler kicks out with a bit of force, rolling onto his stomach as he does, as Presagio gets up, sizes up Wheeler as Wheeler begins to push himself to his feet, and runs towards the ropes! Jumping onto and bouncing up off of them as he reaches them, and launching himself back at the now to his feet Wheeler with a springboard hurricanrana! Keeping it for the rana pin! Crowd: WOOOOOOOOOOO! 1! 2! No! Kickout right at 2 from Wheeler! The force from Wheeler’s kickout pushes Presagio off of Wheeler, Presagio flung outwards as the two have their backs to one another. Both of them attempt to rise to their feet, but Presagio as the healthier man is a good deal faster, and with that, hooks Wheeler from behind him, gets back-to-back to him, and goes down into a backslide pin on Wheeler! 1! 2! No! Kickout from Wheeler again! As we get another kickout from Wheeler, both men go to scramble to their feet, and as Wheeler rises, Presagio responds with a knee to the gut to double him over, and keep him in place! Following up by going to the ropes, and jumping off for another springboard! This time going for a springboard crossbody, as he connects with Wheeler! But suddenly, Wheeler rolls through the momentum of the crossbody! Coming out of it with Presagio in his grasp, holding Presagio in front of him! Wheeler then lifts Presagio, and goes to toss Presagio over his head, but Presagio shifts his momentum in mid-air and lands on his feet! Crowd: WOOOOOOOOOOOOOOOOOOOOOOAAAAAAAAAHHHHHHHHHHH! Paisner: Presagio nearly reversed, but he finds his own way of escape! Directly countering the counter! And as Presagio lands on his feet, he grabs Wheeler from behind and goes to roll him back into an o’connor roll!.....but Wheeler once again moves his own momentum through! Going into his own o’connor roll!....but he still does not stop! Continuing to follow through by going to lift Presagio up in a rolling german suplex! Lifting Presagio up halfway, but Presagio desperately struggles! Kicking his feet and swinging his arms, until he lands enough wild strikes to force Wheeler to let him go! Wheeler backs off a bit, as Presagio takes a moment to catch his breath and recover, before beginning to run towards the ropes!.......but not before Wheeler recovers himself, and comes forward to spin around, and connect with a spinning back elbow to the back of Presagio’s head! The impact and suddenness of the strike knocking Presagio flat to the mat! Crowd: OHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH! Paisner: BY GOD! THE SPINNING ELBOW TO THE BACK OF THE CRANIUM! COMPLETELY DEVASTATING PRESAGIO! Presagio is completely laid out, as Wheeler bends his knees for a moment in order to catch himself, before grabbing the limp body of Presagio, and dragging it over to his tag corner, where upon which he lifts Presagio’s body and tosses it into said corner, and tags in Mercenaire. Wheeler then lifts his leg up high, and presses it up against Presagio’s neck to both keep him in place and choke him out! Crowd: BOOOOOOOOO! As he does this, Mercenaire enters the ring, and backs up to about the center of the ring, before rushing towards the corner, and just as Wheeler releases his foot choke and moves out the way, Mercenaire connects with a big boot in the corner to the head of Presagio! Knocking him back down limp to the mat! Crowd: OHHHHHHHHHHHHHHHHHH! Presagio is completely out on the mat, as Merc stands over him, leans down to grab him, then tosses him right back in the corner where he begins to lay in body punches to the stomach of Presagio! Doubling Presagio over in the corner, as Merc then lays in pointed elbows to the back of Presagio’s neck! Raining down elbow after elbow on Presagio, forcing him lower and lower down in the corner, until he’s dropped to a seated position. Upon which Merc just puts his boot on Presagio’s face, and rubs it in! Crowd: BOOOOOOOOOOOOOOOOOO! Woodbridge: Mercenaire just absolutely relentless right now! No mercy nor respect given! Undersach begins to count off Mercenaire, and gets all the way to the 4 count before Merc removes his boot and finally relents! Crowd: BOOOOOOOOOOOOOOOOOOO!
Escape from Tarkov New Player Guide 2.0: 75 Pages and packed with all the information you could ever need for success!
Greetings, this is dumnem, also known as Theorchero, but you can call me Theo. I'm an experienced Tarkov player and I'm writing this guide to try and assist new Tarkov players learn the game, because it has one hell of a learning curve. We'll be going over a lot of different aspects of this guide, and it is going to be huge. Feel free to digest this in parts. Additionally, this is a work in progress. I will write as much as I can in one Reddit post, but subsequent parts will be in additional comments. Google Docs Version (Note: Link is placeholder atm, but here is a sneak preview!) Disclaimer: Tarkov recently updated to .12! That's a HUGE amount of information that I need to update. Please be patient! If there is anything I have gotten wrong or may have omitted, please let me know. This is Primarily directed towards Tarkov Novices, but should be useful for even Tarkov Veterans. It hopefully includes everything you need to know to be able to go into a Raid equipped for success and to successfully extract with gear. Want to play with friends? Want to have fun and learn Tarkov? Check out my discord here.
[Updated for .12]
Money making strategies completed.
Minor grammar adjustments, adding additional medical items.
Added additional resources, updated old ones.
Hideout section complete
Table of Contents
Tarkov Overview - What is Escape from Tarkov?
Tarkov Resources - Useful links
Tarkov's Health System
Tarkov's Hideout System
Tarkov's Quest System and Progression
Tarkov's Hotkeys to Know
New Player's loadouts - LL1 Traders
What to Loot - How to get the most money per slot
Stash Management - How to combat Gear Fear
Tarkov Economy - How do I make money?
Tarkov Overview - What is Escape from Tarkov?
Escape from Tarkov is a tactical, realistic, FPS with MMO elements developed by Battlestate Games. It is currently in closed Beta. The game features several maps in which your primary character, your PMC, goes into Raids in order to find and salvage loot and useful equipment to survive and thrive in Tarkov. Death is very punishing in Tarkov. If you die you lose everything you had on you when you die (with the exception of what's inside your Container and your melee weapon) including any equipment you brought with you or what you found inside the Raid. Enemies can be players (PMCs) or Scavengers ('Scavs') that are either controlled by AI or by players. Unlike many shooters, AI enemies in Tarkov are deadly - they can and will kill you on sight. They have recently been upgraded to act more intelligently, shoot more accurately, and react to situations on the map, such as investigating noise of gunfire or searching. It features beautiful and immersive environments, intricate and in-depth weapon modification system, a complex health system, dynamic and specific loot placement, and multiple options for engagement. Do you want to play slow and stealthy, to avoid fights, or set up a deadly ambush on an unwary foe? Or do you prefer raw combat, where only your quick wit, placements of shots, and tenaciousness determines who gets out alive? It's your Tarkov. You make the rules.
Tarkov Resources - Useful links
I take no credit or responsibility for any of the content in these links. To the best of my knowledge, these are updated consistently and are accurate, but user beware.
Huge collection of all the keys in the game. These are also on the wiki, but this page has them all on one page, and tries to inform the user if the key is worth keeping or using. Check it out here. This section is open to revision. Mention me in a thread (or in the comments below) about a resource and I'll see about adding it here.
Courtesy of Veritas (Send me his reddit username?), It's located here. (Open in new tab.) Contains: Detailed information about: Ammunition, Health, Firearms, Body Armor, Helmets, Rigs & Backpacks, Labs & Quest keys. Outdated! Needs to be updated for .12
Offline Raids - Player Practice
Offline raids is a feature added for testing and learning purposes for both new and veteran players alike. It is an incredibly useful tool. In an offline raid, your progress is not saved. This means you don't keep anything you find, keep any experience 'earned' if you successfully extract, or lose any gear when/if you die. To access OFFLINE Raids, head into a Raid normally until you see this screen. Then Check the box indicating that you want to do an OFFLINE raid and you're good to go! You even have a choice on whether or not to add AI. You can also control how many AI enemies spawn, fewer than normal or a great deal more! You can even make Scavs fight each other. (Framerates beware.) You can control how many scavs spawn (if any) as well as a number of other paramaters. New players should use offline raids as a tool to practice shooting, controls, movement, etc.
Tarkov features several maps - ranging from wide, beautiful vistas to ruined factory districts, to an abandoned laboratory where illegal experiments were being conducted. It is important to learn the maps you intend to play. In order to keep your gear, you must 'extract' at one of your designated exfiltration points. Not all extracts will be active every game, and some are conditional.
To see what extracts are available to you, double tap 'O' to show raid time and your exfils. If it has a ???? it might not be open.
Gate 3 Extract A small, fast-paced map that was primarily created for PvP. Scavs spawn in all the time. Very close quarters, shotguns and SMGs tend to dominate here. PMCs can only access one Exit (Gate 3) without the Factory Exit Key. Good place to go if you need PMC kills as action is pretty much guaranteed. It is recommended NOT to bring in a lot of gear to Factory until you are experienced. Factory Map in PvP is best played in Duos - due to the layout of the map, a Maximum of 6 PMCs may be present in the game. Due to the split spawn points, you effectively have 'sides' that have up to 3 spawn locations that are close together. This is why it is recommended to secure/scout enemy spawn locations. If you go in with a Duo, you at max have 2 players on your side for an even 2v2, and if played smartly you can eliminate them and know your 'side' is secure from aggression for the time being. Upon loading in, scavs usually take a couple minutes to spawn, though this depends on the server in question and isn't super reliable. For new players, the best loadout in Factory is going to be a MP-153 Loadout - using just an MBSS (or similar bag) and ammo in your pocket to fight other players and Scavs. Scavs will often spawn with AKs and other 'vendorable' weapons, so is a good source of income. Factory is also one of the best maps to Scav into, as Scavs can typically avoid the Exit camping strategy employed by a lot of weaker or newer players in order to secure gear, because they typically have extra exfiltrations whereas PMCs without the Factory Exit Key are stuck using Gate 3. If you go in with a modicum of gear, it is recommended to keep at least a flashbang (Zarya) in your container. This will allow you to quickly slot it into an empty chest rig or pocket so you can throw it into the exit door, this will flash enemies and is cheap to do - the one time you survive because you flashed the 3 exit campers using shotguns will make this strategy extremely valuable.
Extract map A fairly large map that was recently expanded and is expected to receive an overhaul within a patch or two, due to the choke point design of the map. Essentially, players spawn either on 'warehouse' or 'boiler (stacks)' side. If you see a large red warehouse ('big red') near you (Customs Warehouse), then you spawned on the warehouse side. If you don't, you likely spawned near Boiler side. Players can also spawn in several places in the woods North of boilers. This map has the most quests in the game. Geared players often come to customs to challenge other squads over Dorm loot and to fight a Scav boss. New players are usually trying to do one of several early quests, such as ‘Debut’ which tasks them with killing 5 scavs on Customs and acquiring 2 MR-133 shotguns (pump shotties) from their corpses. Construction is also a popular hotspot as it has a lot of scav spawns as well as the location for the Bronze Pocketwatch, which is Prapor’s second quest. Customs itself does not offer very much loot on average. There are several spots which can contain decent, but the vast majority is located in a couple different locations. Dorms is the best loot location for Customs. It has two sets, 2 story and 3 story dorms. They each have their own sections of good loot, but the best is considered to be 3 story dorms, due to the presence of the Marked Room. The marked room requires a marked key to open, and has a good chance to spawn rare loot, such as keytools, documents cases, weapons cases, and high-end weapons. Due to the nature of the high value of this room, it’s almost always contested and it’s one of the best rooms in the game to farm, albeit with difficulty to successfully extract with the loot found. Note, though the key required has a maximum amount of uses, it is a fairly cheap key, and worth buying if you like to run customs and go to Dorms. Dorms also has a ton of early quests (Operation Aquarius, for one) with some keys being valuable to use, but most dorms keys aren’t worth that much on the market. There’s too many to list here, but make sure to check the Map Keys and You at the top of the guide to determine what the value of a particular key is. Checkpoint (Military Checkpoint) is also a decent loot spot, though not nearly as good as Dorms. If you have the key, it has a grenade box and 2 ammo boxes which can spawn good ammo. The jacket in the blue car also can spawn good medical keys as well as medical items. It is very close to the gas station, so I’ll include that here as well. The Gas Station is one of the possible spawn locations for the scav boss. It has loose food items, a weapon box in the side room, with two keyed rooms leading to a safe and a med bag and box. Also contains a couple registers and food spawns on the floor. The emercom key can spawn on the seat in the ambulance out front. North of the gas station is the Antenna, which contains 3 weapon boxes, a tool box, and a med bag. Possible location for scav boss spawn, albeit rarely, and also spawns regular scavs, like checkpoint and gas station. Beyond that, there’s scattered loot around the map in different places, but usually not enough to warrant going out of your way for. There’s also scav caches, mostly around the middle road outside construction and around the boiler area. The scav boss for customs is 'Reshala.’ He has 5 guards that have above-average gear and can be tough to deal with solo. The guards tend to be more aggressive than normal scavs, so they can be a lot to handle but are vulnerable to fragmentation grenades or flashbangs due to their close proximity to one another. Reshala himself has a good chance to have one or more bitcoin in his pockets, as well as his unique Golden TT, which is required for a Jaegar quest and used in conjunction with other Golden TT's to purchase a Tactec, good plate carrier. Reshala may spawn either Dorms (either bldg), New Gas Station, or rarely the tower north of the gas station. Scav bosses are dangerous enemies with escorts that have above-average loot (sometimes great loot) and are hostile to everyone, Including player scavs. Scav guards will approach a player scav and basically tell them to leave the area, and if they walk closer towards the scav boss they turn hostile. The ‘official’ spawn rate for Reshala is 35%.
Woods Map with Exfil A very large map that is mostly just a large forest, with the occasional bunker, and the Lumber Mill in the center. The Lumber Mill is the primary point of interest, as it contains a couple quest locations and is the primary location to farm Scavs, as Scavs killed on woods are a good source of end-game keys that are hard to find. Since the map is so large and open, sniper rifles with scopes usually reign king here. You will see a lot of players with Mosin rifles as they are a cheap way to train the Sniper skill (for a quest later on) and are capable of killing geared players and scavs alike. Overall, not usually very populated. An early quest from Prapor sends you here to kill a number of Scavs. A good map to learn the game, as although the loot is not fantastic, you can get experience with how the game runs and operates while fighting AI and possibly getting lucky with a key find off a scav. As of .12, Woods now houses a Scav boss that acts as a Sniper scav. He is incredibly dangerous and usually carries a tricked-out SVDS. The 7.62x54 caliber is not to be underestimated. That caliber can and will wreck your shit through what most players are capable of wearing, especially early on in a wipe. He may also carry an AK-105, so he's going to be dangerous at both short and long ranges. He has two guards, and he typically patrols the area around the Sawmill, and carries a key to a cache nearby full of goodies. His key is part of a quest for Jaegar. Woods also has two bunkers, one of them being an extract and requiring a key. Both bunkers have some moderate loot in them, thus worth visiting, though not necessarily worth going out of your way for them. Several quests occur around the sawmill area, which contains a good couple keys that can spawn.
Shoreline Map, with Loot, Exfil, etc A very large map, notorious for its FPS hit. Generally speaking, one of the better maps for loot. The primary point of interest is the Resort, but scavs spawn there, and is primarily occupied by hatchlings (players only with hatchet, ie melee weapon) and geared players. Resort has great loot, but requires keys to access most of it. A great map to learn though from new players as the outskirts still contains plenty of loot and combat opportunities with AI scavs. You can hit Villa, Scav Island, Weather station, Docks, etc and come out with a backpack full of valuable gear fairly easily. The Village (Not to be confused with villa) contains a lot of toolboxes which can contain lots of parts used to upgrade your Hideout. Location of many quests, including a large quest chain where players are required to kill many, many, scavs on Shoreline. For this and other reasons, probably the best map for new players to learn the game with. A good loot route is to hit the village (caches in it), scav island (2 med bags, 2 toolboxes, 2 weapon boxes, 1 cache), burning gas station (weapon boxes and a safe), pier (potential extract, 2 pcs 2 safes and lots of filing cabinets), and weather station. Scavs may spawn around these areas, but most players just head straight for resort anyway, so you are much less likely to encounter them, especially if you avoid Mylta power (most players hit it on the way to or leaving from the resort). Excellent route as a player scav as well.
Detailed map Great, great loot area, but very complex map. Old computers might face unique struggles with this map. Features a mostly-binary exfil system like Shoreline, but.. kinda worse. Exfil camping is fairly common on this map, but usually avoidable. Huge map with multiple floors and many many different stores. Communication with teammates is a challenge on this map, but the map is also fantastically detailed. This map features a lot of loot that depends on the kind of store you're in. It's a great place to farm rare barter materials which are valuable to sell on the Flea market or to use for quests or for hideout upgrades. An early quest (from Ragman) sends you here to kill a large amount of Scavs. I'd recommend getting Ragman to level 2 and accepting his quest asap when going to Interchange, as getting this quest done can take a while as it is and you want all scav kills to count towards progress. Both the tech stores (Techlight, Techxo, Rasmussen) and department stores (Groshan, Idea, OLI) are the primary places to hit. There’s also Kiba (weapons store) as well as Emercom and Mantis. Players have different strategies, but this map is unique in the sense that it really rewards exploring. Most stores will have things you can grab that are worth quite a bit but are often overlooked. Very popular place to go in as a Player Scav.
Brand new map, chock full of loot. Has more complex extracts than other maps, save for Labs. Excellent place to farm rare barter items, computer parts, and especially military hardware. PMCs have limited extracts, most being conditional, and the ones that aren’t require activation of ‘power’ to turn on the extract, which alerts the map the extract has been opened and can spawn Raiders (more on them below.) Additionally, has a scav boss by the name of Glukhar, who has multiple heavily armed guards. He has multiple spawn locations and can arrive with the train.
DISCLAIMER: Labs, like much of Tarkov, is under constant development, so issues may be fixed or created without warning. Always check patch notes!
Labs is a very complex map compared to the rest of Tarkov. There is a great deal more exfiltrations but many of them have requirements or a sequence of events needed to be able to extract from them. It is recommended to read the Tarkov Wiki on Labs before raiding there.
LABS IS NOT LIKE OTHER MAPS. READ THIS SECTION CAREFULLY.
Labs is a lucrative end-game raid location, comparable to 'dungeons' in other games. They are populated by tougher enemies that give greater rewards. In order to go to labs, you need to acquire a keycard, this functions like mechanical keys but instead of opening a door, they unlock your ability to select Labs for a raid. They may be found in-raid in various locations, most notably in scavs backpacks, pockets, and in filing cabinets. They may be purchased from Therapist at LL4 for 189K Roubles. Labs are populated by a unique kind of AI enemy, Raiders.
Raiders are the Labs form of Scavs, or AI enemies. However, unlike other maps, they cannot contain player Scavs. Raiders have a much tougher than your average scav, they are capable of advanced tactics (such as flanking) and throw grenades and use other consumables as a player would. Once 'locked' onto you, they are typically capable of killing you very quickly, even if you are wearing high-end armor. In Tarkov, Raiders act like the avatars of Death. They are clad in USEC and BEAR equipment, as they are effectively AI PMCs. Many changes have been made to labs and specifically how Raider AI works and to prevent exploits to easily farm them as well as bugs where they could be deadlier than intended. A general rule of thumb is not to fight Raiders directly. They can and WILL kill you. Raiders can spawn with 7N9, or 'big boy' ammo. This ammunition type is incredibly lethal to players, even those wearing the toughest armor. If you get shot in the head, doesn't matter what kind of helmet, face shield, killa helmet, etc you are wearing, you will almost certainly die. Because Raiders are controlled by AI, they have zero ping. They may also end to immediately respond as if you were aggressive even if they did not originally know you were there - ESP Raiders effectively will prone and return fire even as you ADS and put them in your sights. This is why engaging a Raider must be done very, very carefully. There are a few strategies that you may employ, most commonly some form of baiting them towards an area and then killing them when they arrive. Players may accomplish this by generating noise - gunfire, melee weapon hitting walls, crates, etc, player deaths, players Mumbling (F1 by default) can all attract Raiders to investigate your area. Due to the high power of Raiders, players often go in with minimal loadouts and seek to avoid conflict with other players, especially geared ones. Most players avoid PvP in Labs, though a good portion of the playerbase thoroughly enjoys hunting down poorly-geared players after they kill a few Raiders for them. As such, players will lay prone in a hallway, or crouch in a room, and attract Raiders to enter their domicile by opening the door, and immediately headshotting them. Few Raiders actually wear helmets (though some do) so most players specialize in 'flesh ammo' or, ammunition that foregoes armor penetration in favor of raw damage in order to kill Raiders more reliably, because Raiders have slightly higher head health than PMCs do. Raiders spawn with a great variety of equipment, weapons, armor, and materials such as medication or hideout parts. They tend to have chest armor and may have different helmets. Their pockets can contain Labs keycards, morphine, Ifaks, cash, and other items. They're always worth checking. Raiders are a good source of grenades, they will often have F-1's and Zarya's in their rig or pockets that you can use to fight off players and Raiders alike. Recently, changes have been made to Labs to make them less profitable so that other maps are more appealing. The cost and rarity of keycards increased, as well as reducing the frequency that raiders spawn, so that they come in more infrequent groups but also tighter in formation, while also lowering the overall output of individual Raiders, so that they are less likely to have a bunch of extra materials, such as grenades and other items.
Experience Farming on Labs
Labs is one of the best places to farm experience in the entire game. Killing a Raider with a headshot awards 1100 Experience. This does not include any looting, inspection (searching bodies), examine, streak, or other experience. Killing a large sequence of Raiders gives additional bonus experience in the form of Streak rewards, usually 100 bonus exp per additional kill. Surviving the raid multiplies all of these sources of experience by 1.5x
Changes coming to Labs
Disclaimer: I am not a BSG developer or employee. This is what I have seen on this subreddit and heard elsewhere. Some might be purely rumor, but other points are confirmed by Nikita Labs is undergoing constant changes. Nikita and BSG take feedback seriously, and always consider what the players are telling them. It known that Labs will eventually be accessed via the Streets of Tarkov map, and will require you to enter that map, make it to the labs entrance, and then extract from Labs to return to Streets of Tarkov and exfil from there as well. This will likely add an additional layer of risk to being ambushed for your goodies along your way out, as well as punishing damage taken in labs more severely. Additionally, keycards will have a limited number of uses, and may open more than one room. The full extent of the changes coming is not known. Remember, you can load a map in OFFLINE mode to practice against bots or to learn the map without fear of losing gear.
Tarkov's Health System
Tarkov Wiki Article Tarkov has a very advanced health system, and while it might seem overwhelming at first, you'll get the hang of it rather quickly. It features a very wide variety of effects and injury, including hydration, energy, blood pressure, blood loss, fractures, contusion, intoxication, exhaustion, tremors and more. Not all of the Health System is implemented yet. Expect changes! Your character (PMC, or otherwise) has a combined Health of 435. Each of his limbs have separate health. Taking damage to a limb that reduces it to 0 'blacks' that limb. Blacked limbs are a problem. They greatly impair the activities your PMC performs, and taking damage in a blacked limb amplifies the damage by a multiplier and spreads that damage among your other non-black limbs equally. You cannot heal a blacked limb without the use of a Surgical Kit. Notes:Bloodloss applies damage to the affected limb and can be spread like other damage to a blacked limb. Treat immediately. Also causes significant dehydration! Bloodloss also helps level your Vitality skill, which in turn gives you experience towards your Health skill, which is necessary to reach level 2 of in order to improve your hideout. Losing a limb applies additional effects. Fractures also apply these effects but not the damage amplification (Except for damage if running on fractured leg.) Fractures require specialized medical kits to heal. Dehydration is what happens when your Hydration level reaches 0. You can view your Hydration level in your gear page, at the bottom left. Becoming dehydrated is extremely bad. You take constant damage. Taking dehydration damage can kill you if you have a black chest or head. Restoring hydration helps train Metabolism, which improves positive effects from food and drink. Head/Chest: Bullet damage resulting in losing your head or chest is instant death. Note: Bloodloss resulting in your Head/Chest being black does not result in death, but any damage to them beyond that point will! A back chest will causes you to cough (much like your stomach!) Painkillers: Prevents coughing that comes from your chest. Doesn't help otherwise. Stomach: Massively increased rate of dehydration and energy loss. You must find liquids or exit the Raid soon. Additionally, your PMC will cough sputter loudly, attracting attention. A black stomach multiplies damage taken by 1.5 and redistributes that damage across your entire health pool. Painkillers: Significantly reduces the frequency and volume of the coughs. Arms: Makes activities like searching, reloading, etc, take additional time, as well as adding a sway, reducing accuracy. Arms have a .7x damage multiplier. Painkillers: Reduces sway, removes debuff Pain. Legs: Blacked legs cause your PMC to stumble and be unable to run. Blacked legs have a 1x damage multiplier. Painkillers: Allows you to walk at full speed and to run. WARNING: Running while your legs are blacked or fractured WILL DAMAGE YOU.
Tarkov features many health items - 'Aid' items, which can be used to restore your characters health and to fix ailments or injuries he receives as the result of combat or mishaps. The two most important health conditions to consider are bloodloss and fractures, which have both been covered above. Some food items may have ancillary effects, such as losing hydration. Since in the current patch the only ailments to worry about are bleeding and fractures, it changes which health items are most necessary. We'll go over them below.
Medical Items on Wiki AI-2 medkit The newb's medical kit. You receive several of these when you start Tarkov - they'll already be in your stash. Available from Level I Therapist, they are cheap and effective way of healing early in the game. They will not stop bloodloss. Because of this, you also need to bring bandages or a higher-grade medical kit. Affectionately called 'little cheeses' by the Tarkov community. Using it takes 2 seconds, and because of how cheap it is, it's often brought in by higher level players to supplement their healing without draining their main kit (which is capable of healing bloodloss or sometimes fractures). Due to its short use time, it's often very useful during combat as you can take cover and quickly recover damage taken to a vital limb. They're also useful as you can buy them from Therapist to heal yourself if you died in a raid. Bandages The newb's bloodloss solution. Available from Therapist at Level I. A better version, the Army Bandage is available at Level II, after a quest. Mostly obsolete after unlocking the Car Medical kit, but some players value them due to the Car's overall low health pool. Activating takes 4 seconds, and removes bloodloss to one limb. Splint The newb's solution to fractures. Cheap, takes five seconds to use, and takes up 1 slot. Fractures are much more common this patch, due to them being added back in the game from standard bullet wounds, not just drops. Available from Therapist at Level I, no quest needed. Can be used to craft a Salewa. Alu Splint More advanced form of the normal split. Works the same, but has up to 5 uses. Recommended to carry in your container if possible, due to frequency of fractures from gunfire. CMS (Compact Medical Surgery) Kit New medical item added in .12, fantastic item. Allows you to perform field surgery, removing the black limb state and allowing you to heal it beyond 0 hp. Takes 16 seconds to use, and cannot be cancelled so make sure you are safe if you are using it! Will reduce the maximum health of the limb it's used on by 40-55%, but will effectively remove all negative effects incurred by having a black limb. Highly recommended to carry in your container for emergencies. Can be bartered from Jaeger LL1, and purchased for roubles LL2. Surv12 field surgical kit Same as the compact surgical kit, but takes 4 seconds longer, and the health penalty is reduces to 10-20% max health of the limb. Considering this kit is 1x3, taking up a huge amount of space, it's probably not worth using. It's just too large. Better this than nothing, though. Car Medical Kit The newb's first real medical solution. Available LL1 as a barter (2 Duct Tape) and available for Roubles after completing Therapist's second quest. Has a larger health pool than AI-2's (220, vs AI-2's 100), and removes bloodloss. Takes up a 1x2 slot, so requires to be placed in a tactical rig in order to be used effectively. Cheap and fairly efficient, takes a standard 4 seconds to use. Rendered effectively obsolete when the Salewa is unlocked. Often kept in a player's secure container as a backup health pool, before IFAKs are unlocked. Salewa Good medkit for use in mid and end-game. Contains 400 total health and can remove bloodloss. More rouble efficient form of a healing due to its high health pool, costs 13k roubles. Same size as the Car medical kit, so requires a tactical rig to use effectively. Because Tarkov does not currently have effects like Toxication in the game at the moment, this kit is favored by most players who go into a raid with at least a moderate level of gear. With a high health pool and relatively low cost, it's also a more efficient way of healing damage sustained while in raids. Unlocked at Therapist Level II after completing a level 10 Prapor quest, Postman Pat Part II. Required as part of Therapist's first quest, Shortage. This makes Salewas very valuable early on in a wipe as it gatekeeps the rest of Therapist's quests, most of which occur on Customs early on. Can be crafted in your meds station with a painkiller, splint, and bandage. IFAK Fantastic medical kit, and is the one preferred by most players. Features 300 health and the ability to remove bloodloss and a host of other negative effects that are not yet implemented into the game. It does not, however, remove fractures. Taking up only a single slot, it is favored by players in all stages of gear, and it is recommend to carry one in your Secure Container in case of emergencies. Is available at Therapist Level II for a barter (Sugar + Sodium), and may be purchased for Roubles at Level III after completing Healthcare Privacy, Part I. It is a fairly expensive kit, but due to its durability, its small size, and ability to remove bloodloss, it is a very common medical item used by players of all levels. Can be crafted in Lvl 2 medstation. Grizzly The 'big daddy' medical kit, boasting an impressive total health resource of 1800. It is also a very large kit, taking up 4 slots (2x2) - in order to be able to use this quickly, it would require specialized tactical rigs that feature a 2x2 slot. It removes all negative effects (some costing HP resource), including fractures. Used by highly-geared players who intend on staying in raids for an extended period of time, or by players with additional Secure Container space available in case of emergencies. It is available for barter at Therapist Level II, and purchase at Therapist Level 4. Due to its price point from Therapist at just under 23k Roubles and its healthpool of 1800, it is by far the most efficient method of healing from raid damage, at a 1.3 roubles per health, dramatically lower than other options available. Can be crafted in Lvl 3 medstation.
Using any of these items results in your character being 'On Painkillers' which allows you to sprint on fractured and blacked legs, as well as reducing effects of fractures and blacked limbs, and removing the debuff Pain. Essentially, the only difference between most of these items are the speed of use, price, availability, and duration of the effect. Note that the Hideout has changed how some of these items are used, and because Tarkov is under constant development, it is very likely that these materials may be used to create higher-grade medkits or to upgrade your medstation. That being the case, it's best to hoard the unknown items for now as efficiently as possible until you know you don't need them. Analgin Painkillers The holy grail of pain medication. "Painkillers" have 4 total uses. The total duration is greater than Morphine and less risk of waste. Takes a short time to use, and is available from Therapist Level 1 for both barter and Roubles. Makes a loud, distinctive gulping noise. Can be used to craft Salewa kits. Morphine Quick application of painkillers. Favored by some highly geared players as it has greater usability in combat then it's typical counterpart, Painkillers. Has a longer duration, but only one use. It is required for a fairly early Therapist (and a late Peacekeeper) Quest, so it is recommend to hoard 10 of them, then sell the rest unless you intend on using them. They are worth a good amount to Therapist and take up little space so they are a valuable loot item. Available from Therapist for Roubles at Level 4, after completing Healthcare Privacy, Part 3. Augmentin Basically a cheaper Morphine. One use, 205s. Not recommended over Painkillers due to its cost. No current barter for this item, so usually it's just a fairly expensive, small loot item. Most likely a component of a medstation manufacturing process or upgrade. Keep it. Ibuprofen Powerful painkiller. Lasts 500 seconds and has 12 uses. This item is recommended as your long-term solution for painkillers. While it is valuable because it's used to trade for THICC items case, it's the cheapest component and is very useful as a painkiller. It has a long duration and a large amount of uses, so keep it in your container for use as a painkiller if your primary painkillers wear off. Don't use it completely up, though. Keep the 1/12 bottles for the trade. Vaseline Powerful medical item. Cannot be purchased from dealers. Has a maximum of 10 uses. Removes Pain, applies Painkillers for 500 seconds (8.3 minutes). Useful to keep in your container as an alternative to Painkillers, though it takes 6 seconds to use, which is longer than other painkillers. Used as part of a barter trade for the Medcase. Golden Star Balm Fairly useful medical item. It can remove Pain and Contusion (not a big deal of a debuff, goes away on its own shortly) and provides a small bonus to hydration and energy. It also removes toxication and Radiation exposure, both of which are not yet implemented into the game. Like Vaseline, has a maximum of 10 uses. Painkiller effect lasts for 10 minutes, and takes 7 seconds to apply. Recommended to take only if you are going on large maps and you have extra room in your container. Can be used with Ibuprofen and 5x Med parts to craft 7 Propital.
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