The Montreal Tax

Montreal Forum 1989, Getty Images

Montreal Forum 1989, Getty Images

My brother sent me this article to read posted on TSN by Rick Westhead, “Westhead: Why Montreal is the worst NHL city…when it’s tax time”. Well the title of the article is not shocking to anyone, what is shocking is that nobody seems to be talking about one the main reason why Montreal has difficulty attracting top talent.

Combine the rich history of the Montreal Canadiens, the pressure, the media, the over-zealous fans, the French environment, and the beautiful complicated province of Quebec, it’s not a surprise that there are many reasons why a free agent would or wouldn’t sign for the Montreal Canadiens. When a player signs a contract to play in Montreal, he’s well aware that once he wears the Habs jersey it’s a different beast than let say playing in Raleigh, North Carolina.

Taxes is one the main reason why a lot of free agents doesn’t not to play in Montreal. As the article points out, the players’ paycheck is cut in half because of taxes. When 50% of your money is gone, it’s definitely a motivator to play elsewhere.

I believe to attract top talent in Montreal, the Habs have to pay a premium, or something I call the “Montreal Tax”. Not only it’s more “complicated” to play on Montreal, the “Montreal Tax” would also compensate for the extra income tax the player has to fork over.

As an example, let’s assume that fictional player Zdeno Pacioretty gets two offers, one in Montreal and one in Dallas. Well a $5 million payout in Dallas is a $5 million pay cheque because Texas doesn’t have income taxes. In Montreal, a $5 million pay cheque is $2.5 million. To compensate for the “loss” income, the Habs might have to offer more money to sign Mr. Zdeno Pacioretty so he doesn’t feel penalized. This example gets more complicated when you have a salary cap and other restrictions to follow.

Actually the only time I remember sport media having a “serious” discussion about income taxes is when Ilya Kovalchuk ditched Jersey to go play in Russia. Russia doesn’t have income taxes, so his gross salary was actually lower than Jersey, but his net was much higher. There are several reasons on why I think it’s not really discussed when it comes free agent season.

First, it’s taxes. There’s nothing sexy about taxes. Bring up the word and people will switch channels or turn off the radio. A sports fan wants to talk about sports, not f*ing taxes.

Second, taxes are a complicated subject. Each province, state, country, district has their own code and rules. It’s an absolute mess that confuses everyone because the law is subject to interpretation. That’s why we have tax lawyers.

Third, taxes are outside everyone’s control. Everyone has to pay their fair share. The topic is beyond sports. It’s not like they can change the tax rate to accommodate certain players. In general, the whole tax code needs to review and adjusted to today’s reality.

Fourth, try talking about taxes without getting into a messy political fight. It’s not worth going there.

Below is a quote from the article that resumes well this post:
” In 2006, former Canadiens defenceman-turned-player agent Gilles Lupien told The National Post that Montreal was a great place to play hockey, but that its high taxes worry some players. His client Martin Lapointe for instance, had $25 million offers from Montreal and Boston in 2001 when he became a free agent. Lapointe (now the Director of Player Development for the Canadiens) opted for Boston, avoiding high taxes and the intense Montreal media.”



Data Source: TSN

Transforming Darden Restaurants

You might have noticed that the original website with the Starboard Value LP presentation is down or non-existent.

Below you can find the 294 slides super presentation below.

Starboard-Value-13D-On-Darden-Restaurants (132mb)

Below are some highlights from Starboard’s Transformation Plan:
Transformation Plan
Starboard’s Transformation Plan includes:
comprehensive, company-wide operational improvements (slides 90-158);
a turnaround plan for Olive Garden (slides 159-216);
a value enhancing strategy for Darden’s real estate assets (slides 217-229);
a separation of Darden’s restaurant concepts into the most logical groupings (slides 230-236); and
a franchising program designed to accelerate growth and improve returns on capital (slide 237-258).
Starboard has identified specific opportunities to increase annual EBITDA by $215-$326 million and believes that these quantifiable EBITDA improvements alone will create approximately $15-26 per share in value (slides 9, 91, 156).


Broke Athletes


“It requires a great deal of boldness, and a great deal of caution, to make a great fortune, and, when you have got it, you require ten times as much wit to keep it” – Nathan Mayer Rothschild

I watched 30 for 30:Broke last night on Netflix last night and it’s a pretty depressing documentary about professional athletes going broke. I don’t expect you to shed a tear for these “millionaires” playing a game. This post is not about that. They have (had) the good life and good for them. They are 100% responsible for their career’s success and the way they manage their money. This post is about the public perception vs the reality. The public perception is shaped by the big multi-million dollar contract printed in bold in every single newspaper. It’s unthinkable that a pro-athlete with hundreds of million in earnings is broke. The reality is that the athlete doesn’t get that full “10 million dollar” cheque. And the reality they are less wealthy than the media portray them to be.

Like any income earner, a good chuck goes to taxes. Yes athletes pay taxes too, and sometimes in multiple states/province/countries. They are hit with the highest tax bracket because their income is considered regular income (not capital gain). So that $10 million turns into $5 million. Again that’s many times what many of us combined will earn in their lifetime. But it doesn’t end there. Some of it goes to your player’s union, healthcare and other programs. Then you have your platoon of “advisors” to support. These are people like you agent, manager, external coaches, lawyers, your posy, and other consultant of the like but they never seem to have a good financial advisor. Then you have your obligations such as supporting your family, your extended family, your wife, your buddies, your posy, your girlfriends, your baby mamas, and the ever increasing child support. Then you have these shady business investments that your cousin try to peddle on you because investing in mutual funds is boring. Then you have your lifestyle to take care of such as mortgages, cars, charities, and the fine life. Too many athletes spend more than they take in, especially in the NBA and the NFL. And a lot of them are broke even before their career is over.

The list of broke athletes is incredibly shocking, among the few notable names: Curt Shilling, Warren Sapps, Terryl Owens, Latrell Sprewell, Michael Vicks, Lenny Dykstra, John Daly, Evander Holyfield, Mike Tyson, Antoine Walker, Allen Iverson, Dennis Rodman, and Scottie Pippen. You can add hundreds of name to that list.

Every athletes should watch this documentary. For a professional athlete, once your career is over, you have the second half of your life to live. Athletes’ financial education is pretty poor if any. You would think that the Universities that used the athletes to milk millions of dollar would have provided a free financial seminar. You can’t live the NFL lifestyle anymore because you don’t have NFL money coming in. Everybody, not just athletes, need a real talk about money. Just before you start your career, or even before your earn your first paycheck, you need to attend some kind of financial boot camp. Its a terrible ending for many that had a the privilege of making millions playing a game they love. While many of them live like kings, many of us are actually richer them.

MTY Food Group – One Big Fishy Trade

Reposted from Seeking Alpha
By Brian Langis

MTY Food Group


This article is about two things:

1) A quick overview of the Q3 results.

2) The abnormal trading volume (again) leading up to the results.

For those who are unfamiliar with the company, I suggest you read my research report on MTY to have a feeling of what the company is about. My investment thesis hasn’t changed since then.

MTY is a company that I admire and I am currently long. MTY is managed by Mr. Stanley Ma, nicknamed the “King of Food Court” in Canada.

For the purpose of the article I will be referring to the Canadian symbol traded on the TMX. Dollar amounts are in Canadian $ unless mentioned otherwise. USD-CAD 1.1177$ Price of 1 USD in CAD.

MTY Food Group has a 52-week low of $27.84 and a 52-week high of $34.54 and its share is currently trading for ~$29 following a 10% drop since the Q3 results were release.

The Business

When you buy MTY, you’re not investing in the restaurants directly. Rather, you’re buying into a royalty stream based on a percentage of the restaurants’ sales and much more. For each plate that is sold MTY earns royalties. MTY simply collects royalties and has very low capital expenditures and financial risk. You eliminate a huge risk when you are not managing the restaurants yourself. The math is simple; more franchises => more sales =>more royalties. Because of this successful recipe, MTY receives recurring revenues and as a result it currently sits on $45 million at the end of last quarter. This growing war chest is looking for targets that will be accretive to MTY.

1- Results

MTY Q3 results wasn’t a homerun but remained respectable. Revenues, system sales, cash flow, number of stores and earnings were up, mostly driven by acquisitions. Q3 EBITDA was flat. On the negative side, MTY is still struggling with Same-Store-Sales (SSS), which are down -1.6% for the quarter. This is the 9th consecutive quarter of negative growth. The SSS needs to be addressed and fixed.

Below is a graph of the highlights and results.


On Wednesday, the trading day following the Q3 results, the stock dropped 8.43%. The Q3 results didn’t warrant a drop.

MTY is trading at 18x 2015 EPS and 13X ttm EV/EBITDA. It’s not exactly cheap but it’s not extremely expensive. MTY is a free cash flow generation machine with low capex. Mr. Ma has generally reinvested all the FCF in acquisitions that generates more FCF. It’s a nice business to be in. Based on future cash flow generated, it’s a nice buy and hold company if Mr. Ma keeps his current acquisition plan going.

2- Abnormal Volume

In general, MTY is a pretty sleepy stock. MTY is a ~$555 million market cap company that doesn’t make much noise. MTY is in the news (sort of) when they release their quarterly results four times a year and when they announced the occasional acquisition. That’s pretty much it. Stanley Ma is a quiet under the radar CEO and his personality is the furthest thing away from a media cheerleader. He could actually use the help a PR firm to help promote the company. A typical trading day for MTY has approximately 20,000 shares exchanging hands.

This is not the first time that there’s abnormal volume leading up to a news release. I previously addressed the issue over the summer on my personal blog, MTY Food Group Leak?, right after MTY announced an acquisition. To be brief, at the time volume has exploded right before the news was released and the stock went up right after. Leaks are present in any public companies. A lot of people are involved when it comes to acquisitions and financial reporting. It’s almost impossible eliminate leaks, so it almost expected that there’s higher trading than usual before an acquisition is announced.

However the volume activity on October 7, 2014 caught my attention. The opposite happened then the summer event. Instead of buying before good news, there was major selling before a 10% drop the next day. What’s interesting is that MTY has never disclose the date and time they release financial statements. Except for the insider involved in the preparation of financial statements, nobody knew that there were going to be released on Tuesday October 7 after the market close at 5pm. That was not public information.

Below is a 30 day table of the price history and volume of MTY. As you can see, it seems that somebody or some people found out.


There are a few observations from that table above.

1- Before Q3 results were released, volume has increase 15.2x its 30 day average. We saw 318,314 shares being traded instead of average of 20,935 shares being traded daily. Remember that nobody knew that the Q3 results were released at 5pm. The number of trades is slightly higher than its 30 day average, suggesting that it was big block of shares being traded.

2- The approximate daily trade value was $10.3m. That’s 14.9x the daily trade value we saw over the last 30 days.

3- Before October 7, there wasn’t a trading day were volume exceeded 100,000 shares. The highest trading day of the month had 71k share exchanged. Not a single day came close to the 318k share volume on that October 7 day. Like I said, MTY is a pretty sleepy stock on normal days.

This suggests that somebody with big block of shares knew that the results were coming in and dumped the shares. The last insider trading information I have is a director buying the stock by in June 2014. It doesn’t look like it’s a director or management dumping the share. The other piece of the puzzle is why somebody would sell his block when the results were fine. The dumping of shares created a bloodbath of -8.43% the next day.

I pulled up a Google Finance chart. You can see below that a major block of 293.6k share was traded at noon. Looks like somebody needed some $9.4m of lunch money. Eliminating that trade, there would have been about 24,000 being traded that day, right at its daily average.



Sensitive information leakage has become a daunting problem in today’s world. Leaks are present in any public companies. A lot of people are involved when it comes to acquisitions and financial reporting, making monitoring impossible. You can’t eliminate people having access to privilege information, but there must be a way to curb people taking advantage of it.

Massive trading volume before an unannounced quarterly release is definitely a red flag. The main question is: Was there trading based on privileged information?

It’s important to note here that I’m not making any accusations but simply stating an observation. However it’s an observation that I believe is worth investigating further. I don’t think that it’s a coincidence that there’s fifteen times the average daily volume right before a result announcement.

Editor’s Note: This article discusses one or more securities that do not trade on a major exchange. Please be aware of the risks associated with these stocks.

Additional disclosure: As with all of my articles, the opinions are my own. You should do your homework and make your own best judgments about the company. (I know that this resembles the boilerplate disclosure that you see in every email that you get from your broker but I really mean this and I am not saying it to avoid getting sued.)

NHL Finance Update – A New Fat Credit Facility

nhl credit
One of the investment that I follow, Citigroup, had a quick quiet small press release this morning at 8:00 am:
Citi Extends $1.4 billion Credit Facility to NHL

Certainly not splashing news but I know the that NHL is pretty secretive about its finance. We know or heard through various reports that only a few teams are generating the bulk of money for the NHL. One of the stat you hear the most is that the Toronto Maple Leafs, Montreal Canadiens, and the NY Rangers are responsible for 80% of the league’s revenue. I haven’t verified or can’t confirm the accuracy of this stat, but it does pass the common sense test.

What’s interesting about this new line of credit, orchestrated by Citi Sports Finance & Advisory, is that by reading the press release it provides you with some hint about the league’s finance.

First let’s break it down. Thanks to a new long-term labor agreement and a fat Canadian TV deal, the NHL can guarantee a certain future revenue stream. This minimize uncertainty. Fourteen teams have access to the credit line and they get $100 million each. But the press release doesn’t say much other than feel good stuff from the NHL.
Does this indicate that there’s only fourteen that are profitable?
Or these are the teams profitable enough to cover the interest payment?
We don’t know what the terms are and the rate they are paying.

We don’t have the name of the teams that have access to the credit line, but I’m pretty sure it’s the half that makes money vs the teams on life support such as Pheonix or Florida. What banker would loan money to these two teams.

“This is a state-of-the-art facility, well-structured, and attractively priced — leading to exceptionally high interest by all of our investors, including strong participation from both the bank and bond market,” said Craig Harnett, NHL Senior Executive Vice President and Chief Financial Officer.

Other than this press release there’s no comments from either side. Is it one rate for all fourteen teams? It would make sense that having the stamp of 14 teams and the NHL on the contract that you would get better terms than what an individual team would get at its local bank. Professional sports leagues create loan pools by using collateral such as national broadcast contracts to secure credit at better terms than most teams could individually.

But Bloomberg News has more on the topic with this article: NHL Said to More Than Double Credit to $1.4 Billion

According to anonymous sources, 11 teams have access to the credit facility and there’s 3 spots available. The LA Kings, the Chicago Blackhawks, and the NJ Devils are the two teams listed to have taped the credit line. So this indicates that it’s not only teams with healthy finance have access to credit since the Devils have been flirting with bankruptcy speculations. The Devils had problem covering interest payments on their loan, so it’s a good thing that the credit line is backed by TV rights revenue.

How does this compare to other leagues? According to the SportsBusiness Journal, the NFL has the largest credit facility with access to “only” $3.5 billion. Again I don’t have the terms and this is an estimate. It looks relatively small compared to the NHL, but one can make the argument that the NFL doesn’t need to borrow as much money. It’s TV rights deal are the largest in sports and is more than enough to cover yearly payrolls. According to ESPN, from 2014 to 2022, the same networks will pay $39.6 billion for the same broadcast rights. We know that the amount of the credit facility are largely based on the TV rights contract, so I assume that if the NFL wanted a bigger one, they wouldn’t have any problem finding a lender.

Tim Hortons – Burger King Update

tim horton cupIt’s been pretty quiet since Burger King dropped the bomb that they were acquiring Tim Hortons. It still looks like business as usual (crazy line ups) at Tim Hortons after the emotional outrage. I guess people move on to other things pretty quickly or they simply can’t let go the coffee.

I did a a brief analysis on the deal where you can read on Seeking Alpha.

Not much as happened since then but Burger King-Tim Hortons has a website up uniquely for the purpose of providing information on the transaction. You can have the access to the latest info here:

Information provided by Tim Hortons is posted on the SEDAR website. Information provided by BK is provided on the SEC website.

The S-4 form (form in an event of a merger) was filed on September 16, 2014 by New Red Canada Partnership and 1011773 B.C. Unlimited Liability Company. Below is the S-4 direct link:

Or you can search the SEC website by using New Red Canada Partnership or CIK#: 0001618755 to see all the filing.

What’s next? Burger King needs to find the financing and Tim Hortons shareholders need to approve the deal. If things goes without a hitch, BK-Thi are working to complete the transactions before the end of 2014. I’m pretty sure the Canadian government need to approve the deal too.

A Different Approach To Fighting ISIS

US Flag
It already has been thirteen years since 9-11. If you would have told me in 2001 that thirteen years later the terrorists would have their own caliphate (Islamic country) and the threat of terrorism would have been more dangerous now than in 2001, I would have say that sound like a failure. After all these wars and interventions it’s hard to argue that the world is a safer place today. The failure is also very insulting to our soldiers who lost their life in fighting the cause. Now I’m arguing that the recent course of action to use more military force to intervene against ISIS is not going to help the situation. If we keep doing what we have been doing for the last thirteen years, how can we expect different results?

The attacks sent the U.S. in crisis mode and presented the U.S. government with a great opportunity to take advantage of a good crisis. (A lesser remembered event that added to the crisis is the anthrax attacks that happened one week after 9-11. We didn’t know at the time if both events were connected but there was a lot of pressure to blame somebody in the Middle East.)

The attacks accomplished several things:
1) Before the attack the U.S. was highly divided. After the attack the “United” in the United-States of America was back. It was one country again. For a period of time, everybody forgot about their issues, their color, and their political banners. The attack brought the people together as one. (Except probably for the Arabs, common life quickly deteriorated.)

2) The people rallied behind President Bush even if you didn’t like the guy. At the time a lot of people didn’t recognize Bush as the real President because of the highly disputed 2000 elections against Al Gore. (The presidential election was so close that it took five weeks to determine the winner.) The attacks stopped that “Bush didn’t really win” debate and America needed a leader to look up too. That leader happened to be George W. Bush.

3) The world united behind the U.S.A. “You’re either with us, or against us” which translates into “You are bombing with us, or you will be bombed”. More than a decade after the cold war, U.S. influence around the world was slightly drifting away. For a long time the cold war divided the world in two. At the time you were either behind the U.S. or with the U.S.S.R. The cold war was branded as sort of a good vs evil battle. 9-11 happened and the battle to defeat evil was back on.

4) The attacks gave America the greenlight for military intervention around the world. It didn’t matter the country since terrorisms is a global problem. When a country is at a war it normal and expected to demand its people to make “sacrifices”, such as giving up some liberty for more “security”. The attacks set the blue print for the U.S. government to pass controversial bills such as the Patriot Act (clever name, like there’s nothing more patriotic than giving up some of your freedom, if you were against were you unpatriotic?)

The above resulted in the official invasion of two countries and multiple interventions (drone attacks, clandestine special operations) in a lot of different places around the world to “erase” terrorism off the planet to make the world a safer place. Individual liberties and rights also took a back sit in the fight to make a better world. I mean who wouldn’t want a safer world? Let’s kill all the terrorists because they are evil and we are good. Sounds simple enough and who in their right state of mind wouldn’t support such a simple concept. And here we are thirteen years later, back to square one.

In the Western world, the traditional image of a terrorist was portrayed as someone living in a cave and to communicate with the outside world they would send a guy on a camel. Anyways that’s what we thought. It looks like they have evolved pretty fast. In the thirteen years of fighting terrorist a more extreme, more sophisticated, and more powerful group as emerged. ISIS, the evil child of the evil Al-Qaeda, is an upgraded version on steroids. If Al-Qaeda wanted attention, they would make a grainy tape to Al-Jazeera with the hope they might get broadcast. ISIS bypass the middleman and is all over YouTube, is trending on Twitter, and five-star jihad is viral a thing. Forget riding camels; they now are “rolling” in U.S. made Hummers and tanks. This is not some small ragtag group of people running around with AK-47s. This is a full-blown army with sophisticated weapon. They are also doing very financially. According to U.S. intelligence, they have become a self-sustaining financial juggernaut, earning more than $3 million a day from oil smuggling, human trafficking, and theft and extortion. Like a corporation that needs to report to its shareholders, ISIS has their own glossy annual report with “investment highlights” such as the number of bombings, assassinations, checkpoints, suicide missions, cities taken over. That way they can show results to the people who contributed to their cause. You can also buy ISIS apparels to support their cause. ISIS is also recruiting directly in Western countries’ backyard. A lot of the jihadists have Western passports (U.S., Canada, France, Denmark, U.K., etc…) and speak multiple languages. We now have j from Syria with post-traumatic stress disorder from their tour of duty in the “Islamic State”.

Page 2 of the ISIL annual report, which summarizes claimed achievements in 2013

Page 2 of the ISIL annual report, which summarizes claimed achievements in 2013

Like Al-Qaeda, ISIS fuels on being attacked. When ISIS is beheading people, they are directly asking to be attacked. This is what they want. This is also what Osama Bin Laden wanted. Bin Laden consistently dwelt on the need for violent jihad to right what he believed were injustices against Muslims perpetrated by the U.S. Osama Bin Laden knew he couldn’t go and fight the Americans in their country. But if he manages to provoke them and bring them to the Middle East and to their Muslim worlds, where he can find them or fight them on his own turf, he would actually teach them a lesson. Invading Iraq and Syria is ISIS’s wish. The coalitions will lose personnel, money, patience and their reputation will take a toll. We have seen this story repeat itself over and over (Remember Vietnam?).

There's often writing on a cruise missile.

There’s often writing from military personal on a cruise missile.

When somebody is asking you to hit them first, it’s usually a trap that serves their benefits. You should approach the situation with skeptic eyes. You must ask why would anyone on Earth wish for a rain of Hellfire missiles upon them? Because it serves their purpose. When you are killing Muslims and innocent people, it fuels their recruiting and validates their purpose. It also helps implementing their Islamic agenda. As precise and accurate as the Hellfire missiles are, the unfortunate true is that innocent people will die. Schools, homes, mosques, and hospitals will be hit and innocent people will die. There will be dead children and women in the process. Innocent people getting blown away by missiles do not extinguish the flame burning inside terrorisms. Thousands of people are fighting alongside jihadists in Syria for a reason that is 1,400 years old: The Prophet Muhammad demands it. They are fulfilling their religious duties.

As I mentioned above, I don’t believe that direct military action is the smartest approach to the ISIS problem. We have tried that for the last thirteen years and we only made the enemy stronger. Now that ISIS wants “us” to attack them, we are falling for a trap. I’m also not suggesting to do nothing and to let ISIS commit genocide and kill innocent people. I am suggesting a different approach to dealing with the ISIS threat. Let’s use a smarter more strategic approach. Let’s beat them at their own game. If you don’t attack them, you are not contributing to expanding their cause. The Islamic State is like a big fire right now that you can’t put out with missiles. As I have explained, attacking them is like throwing fuel directly on it. What you want to do is to let that fire die on its own. My idea is to let them self-destruct. Encircle the Islamic State, contain them, make sure that ISIS does not gain more territory. It would be even more of a chaotic mess if ISIS spills in Jordan or Lebanon. The coalition should protect the minorities, block the flow of goods, work for the good of the local population and watch them deteriorate. ISIS will implode if it keeps operating like they are now. Let them run their own country and see how successful they are. Let’s see how good they are at managing social programs, government spending, raising taxes, taking care of the sick and the weak. What will happen is that they will split into factions and fight each other.

One of the things that drive me absolutely bunker is that nobody is asking why do they hate us? Why did they attack us on 9-11 if we are so good? The only answer we have is the one President George W. Bush gave after the attacks; they hate us for our freedom. If you try to seek another answer you get branded as an Anti-American and supporter of terrorism. Maybe if we knew the answer and the roots of the problem, we could prevent another catastrophe.

Transcript of President Bush’s address:
“Americans are asking “Why do they hate us?” They hate what they see right here in this chamber: a democratically elected government. Their leaders are self-appointed. They hate our freedoms: our freedom of religion, our freedom of speech, our freedom to vote and assemble and disagree with each other.”

It’s insulting to think that’s the real answer. I’m sure there’s the odd one with a different opinion that doesn’t like “freedom”, but that’s not something to blow yourself up over. What have we done to have terrorists fly planes in towers? That seriously needs to be answered. If you find the answer, maybe you will find the solution to preventing more attacks. Are you sure it not a consequence of American foreign policy? Are you sure it has nothing to do with supporting brutal corrupt regimes in order to serve your own interest? Maybe it has something to do with consistently opposing democracy and independent development in certain part of the world. Maybe it has to do with unilateral supporting Israel’s military occupation of Palestine. These are not the kind of answers you find in most of the big media and the press.

Another part of the solution is to repair America’s image abroad and at home. Instead of flexing their military muscles and being arrogant, the U.S. should focus going back to what made the world like America in the first place. Saying “I am American” used to be a cool thing in the 70’s and 80’s. That obviously changed because today Americans need a Canadian flag patch on their luggage when they travel. America was the model for spreading democracy, freedom, and for pushing individuals to pursue their dreams. Underneath all the problems and garbage, that America still exists but needs some polishing. The U.S.’s greatest feature is its own people. It’s shocking on how the different the American government and its people are. No wonder they are not satisfied with their elected representatives. They have nothing in common. The U.S. government and its foreign policies certainly do not represent your American citizen. American people are some of the nicest and most generous people in the world. Instead of “policing the world”, the U.S. should become the role model it that use its strengths to make the world a better place. Still possible, it will take a lot of time to change the anti-American feelings around the world, but if America goes back to the fabric that made America great, it will work.