By voting in favor of the proposals, together we can help position AMC, in its 101st year of business, for continued success over the next century.. Major shareholders might come from a variety of backgrounds, including individual investors, mutual funds, hedge funds, and institutions. , AMC ENTERTAINMENT HOLDINGS ONE AMC WAY, 11500 ASH STREET LEAWOOD KS 66211. We believe that the recent volatility and our current market prices reflect market and trading dynamics unrelated to our underlying business, or macro or industry fundamentals, and we do not know how long these dynamics will last.. Ryan Noonan, (913) 213-2183 Retail investors literally own AMC Entertainment right now. Major shareholders can include individual investors, mutual funds, hedge funds, or institutions. Please read this disclaimer carefully before you start to use the service. By using the service, you acknowledge that you have agreed to and accepted the content of this disclaimer in full. See what happens. After the large Wanda sale, AMC's CEO Adam Aron revealed that no entity held an ownership stake above 10%. Shopping generally refers to the act of buying products. In order to succeed, companies must offer products and services that appeal to customers and offer value for money. The majority of AMC stock is held by individual retail investors, or, to use a more colloquial term, the AMC ape community. Let us know in the comments below. So, it seems retail sentiment has gotten a boost following the companys earnings. but I would assume over 2 billion shares of AMC do exist and that does not even include institutions and insider shares. To keep retail shareholders up-to-date regarding company information, AMC aims to launch AMC Investor Connect in concurrence with the preparatory proxy statement for AMCs July 29 annual meeting of shareholders. As per AMC's investor relations report: More than 80% of AMC shares are held by a broad base of retail investors with an average holding of around 120 shares. All currency related amount are indicated in the company's associated stock exchange currency. The retail industry is facing a number of challenges. According to data compiled by Fidelity, 34.4 percent of AMC's outstanding float of 516 million is held by institutions. Vous pouvez modifier vos choix tout moment en consultant vos paramtres de vie prive. https://www.businesswire.com/news/home/20210609005827/en/, INVESTOR RELATIONS: Of course, this statement by AMC is likely a precautionary measure which is unlikely to deter the AMCs ape army from continuing to stockpile $AMC. Later this month, AMC theater-goers will also be able to pay for their tickets with cryptocurrencies like Dogecoin (DOGE-USD) and Shiba Inu (SHIB-USD). H/T: @krugermacro. Where Is The Sheet Music In Retail Row? AMC Investor Connect will put our Company in direct communication with a retail investor shareholder base that owned more than 80% of AMC at last count. Warning! AMC jumped 26% on Monday and 12% on Tuesday, and is now up 466% this week. Please consult our. How Might Your Engagement As An Employee And Job Satisfaction Influence Job Performance? In an unconventional suggestion, the company advised investors regarding the possible outcomes of an unpremeditated investment in their stocks. The call position in the company, which is held by Citadel Investment Group and is worth $338,1 million, accounts for 0.1 percent of the firms 13F portfolio. This document is automatically generated based on public content on the Internet captured by Machine Learning Platform for AI. TURN OFF THE FUCKIN DARK POOLS GARY! Thats literally how it works. This feature is only available for Premium Members, please sign up for. AMC Entertainment Holdings, Inc. (AMC) NYSE - NYSE Delayed Price. Shares of AMC stock are included in several indexes who have to incorporate the company. State Street Corporation, Geode Capital Management, and Northern Trust Management make up the other top three AMC stockholders in that order. Another challenge facing the retail industry is the growth of mobile commerce. AMC has propelled innovation in the exhibition industry by: deploying its Signature power-recliner seats; delivering enhanced food and beverage choices; generating greater guest engagement through its loyalty and subscription programs, web site and mobile apps; offering premium large format experiences and playing a wide variety of content including the latest Hollywood releases and independent programming. It has an affiliated registered investment adviser, which serves as the subadviser to an exchange traded fund. Aron specified that the figure was arrived at after excluding index funds that have to buy AMC out of compulsion. Troubled video . Such investors are encouraged to reach out to their brokers in the latter part of June or early in July if these materials have not yet been received from their brokers. We can then use FINRA to obtain the shares owned by each of the above which totals 217,262,242; again, as seen in the image below. Save my name, email, and website in this browser for the next time I comment. Among institutions, Vanguard and Blackrock are the top holders, with 8% and 6% of the shares, respectively. Comes with twelve different courses comprised of a huge number of lessons, and each one will help you learn more about Python itself, and can be accessed when you want and as often as you want forever, making it ideal for learning a new skill. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.comPublishing Guidelines. A comprehensive suite of global cloud computing services to power your business. We recommend that you consult a professional if you have any doubt in this regard. BlackRock, which is the worlds largest money manager, is a close second and holds an 8.36 percent stake in the company. For now, investors should consider waiting it out before buying AMC stock. AMC Entertainment Holdings's total shares outstanding is 517.58 Mil. No one is selling. Disclaimers: GuruFocus.com is not operated by a broker or a dealer. $AMC CEO: "If you exclude index funds who have no choice but to own and hold AMC shares, individual retail investors would seem to own more than 90% of our officially issued 516 million shares as of today.". He has a B. Sc. In the case of AMC, however, the story is probably different. The content at The Tokenist has not been endorsed by any entity mentioned at the site. The century-old company teamed up with crypto payment processor BitPay to utilize this feature. Of the 139 institutional investors that sold AMC Entertainment stock in the last 24 months, the following investors and hedge funds have sold the highest volume of shares: Invesco Ltd. ($6.14M), State Street Corp ($3.13M), Renaissance Technologies LLC ($2.84M), Northern . As such, fans were quick to come together and celebrate the heavy retail positioning in the movie-theater chain after Aron made his announcement. Informations sur votre appareil et sur votre connexion Internet, y compris votre adresseIP, Navigation et recherche lors de lutilisation des sites Web et applications Yahoo. AMC Entertainment Holdings, Inc. engages in the theatrical exhibition business through its subsidiaries. Youre well on your way AMC is among a rare handful of companies that actually alerts investors against buying its own shares. Please enter Portfolio Name for new portfolio. For more information, visit www.amctheatres.com. It is the percentage of float shares out of the total shares outstanding. $9,099. Amount of Analyst Coverage AMC Entertainment has only been the subject of 2 research reports in the past 90 days. Repurchases $72.5 Million of Its Second Lien Debt at a 31% Discount, AMC Theatres: Every Tuesday, Every Movie, $5, Through January 31, 2023, AMC Theatres Welcomes More Than 4.9 Million Guests Globally From Thursday Through Sunday; Sets a Domestic Record for Biggest November Opening in Company History on the Strength of BLACK PANTHER: WAKANDA FOREVER, AMC Entertainment Holdings, Inc. Board of Directors Elects Denise "Dee" Clark and Keri Putnam to Serve as Directors of the Company, Effective January 1, 2023, AMC Entertainment Holdings, Inc. Reports Third Quarter 2022 Results, AMC Entertainment Holdings, Inc. Raises $162 Million Through Sales of AMC Preferred Equity Units ("APE") Since Launching Its At-The-Market Program and Provides Business Update, AMC Entertainment Holdings, Inc. Sell Amc Go Ape, Float Percentage of Total Shares Outstanding, C/O MUDRICK CAPITAL MANAGEMENT, L.P., 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022, 527 MADISON AVENUE, 6TH FLOOR, NEW YORK NY 10022, AMC ENTERTAINMENT HOLDINGS, INC, 11500 ASH STREET, LEAWOOD KS 66211, ONE AMC WAY, 11500 ASH STREET, LEAWOOD KS 66211, C/O AMC ENTERTAINMENT HOLDINGS INC, 11500 ASH STREET, LEAWOOD KS 66211, C/O SILVER LAKE, 2775 SAND HILL ROAD, SUITE 100, MENLO PARK CA 94025. In many cases, these forward-looking statements may be identified by the use of words such as will, may, could, would, should, believes, expects, anticipates, estimates, intends, indicates, projects, goals, objectives, targets, predicts, plans, seeks, and variations of these words and similar expressions. However, AMC still posted a loss. While we do our best to ensure accuracy, The Tokenist makes no guarantee that all information contained on the site will be accurate. Wall Street Memes believes that this is a good setup for AMCs retail investors, as the fate of the company depends much less on the agenda of large institutions and a few insiders. The AMC saga is a similar movement seen with and likely inspired by the activity behind GameStop stock. He called me back and said. To be sure, there has been a broader market sell-off and even the mega-cap tech stocks have also tumbled. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Short sellers betting against AMC suffered $2 billion in losses . InvestorRelations@amctheatres.com, MEDIA CONTACTS: In connection with the Annual Meeting, the Company filed a preliminary proxy statement with the SEC on June 3, 2021 and plans to file with the Securities and Exchange Commission (the SEC) and mail or otherwise provide to its stockholders a definitive proxy statement regarding the business to be conducted at the Annual Meeting. Latest AMC Entertainment Holdings Inc News and Updates. Should one or more of these risks, trends, uncertainties or facts materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by the forward-looking statements contained herein. AMC has around 18% of its float shares sold short, versus about 5% for an average U.S. stock, according to data from S3 Partners. Of the total, about 74% is owned by the public, 25% by institutions and 0.3% by. AMC Entertainment (AMC) was among the faces of the meme stock trade as retail investors triggered short squeezes and left Wall Street hedge funds running for cover, both literally and figuratively. Whats more, the company reported an adjusted loss per share of 11 cents for AMC stock versus an expected consensus loss of 16 cents. AMC Networks Inc. is a multinational media and entertainment corporation with its headquarters in New York City at 11 Penn Plaza. Yes, of course, both retail and institutional investors likely own the shares of AMC but based on AMC's announcement of shareholder count, it's mainly retail investors. Amc Massive Downside Possible If Proposals Succeed, Goldman's surging 'Most Short' portfolio reveals what's driving market rally here's what's in it, AMC won't be free cashflow positive until 2024 at earliest: Analyst, AMC Entertainment Holdings, Inc. (AMC) Is a Trending Stock: Facts to Know Before Betting on It, Meme-stock groups have raised $5bn in 2 years since trading frenzy, $AMC - AMC Entertainment: Unlikely To Survive 2023, Even If Movie Ticket Sales Fully Recover., B.Riley Financial Keeps Their Hold Rating on AMC Entertainment (AMC), ETF in Focus on Meme Stock Mania's Two-Year Anniversary, $AMC - AMC Entertainment: Let's Give 2023 A Chance. . The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. Look like about 47% to 52%.. he got quiet I said what.. he said unless it's a mega cap or blue chip I don't think I've ever seen this. Like this vi. We may earn a commission from links on this page. 2004-2023 GuruFocus.com, LLC. Adam Aron, chairman and CEO of AMC Entertainment Holdings, remarked on this seemingly innovative and vital step of contriving a communication platform to directly get in touch with more than 3 million AMC shareholders. It's widely believed that Wall Street isn't convinced about AMC stock, or at least thats what the analyst target prices tell us. The quickest way to receive IR assistance is to email IR at: Past performance is a poor indicator of future performance. How Much Of Amc Float Is Owned By Retail - Alibaba Cloud 1. 11500 Ash Street, One AMC Way, Leawood, KS, USA, 66211. These indexes include the Vanguard Total Stock Market Index (NYSEARCA:VTI) exchange-traded fund (ETF), which seeks to track the performance of all U.S.-listed stocks. Copyright You can manage your stock email alerts here. The author may be long one or more stocks mentioned in this report. Required fields are marked *. By definition, their interests and passions are important to AMC, their ambitions and passions are important to me., We may earn a commission from links on this page. Over 1,440 companies were considered in this analysis, and 1,010 had meaningful values. Vice President, Investor Relations Such automatically generated content does not reflect the views or opinions of Alibaba Cloud. In the first quarter, AMC's free cash flow was negative $324.8 million, with most of this cash burn ($312.9 million) deriving from its operations. So at 450 million shares before the 43 million AMC selloff the most real shares retail can own . Recreational shopping often involves window shopping (just looking, not buying) and browsing and does not always result in a purchase. Literally the minute the price has fallen down to a "safe" level, the dark pool price sinks back to $162. However, behind the scenes, institutional investors have also been adding to their positions. He writes for InvestorPlaces Todays Market team, which centers on the latest news involving popular stocks. It derives key revenue from the U.S. AMC Entertainment Holdings Inc (NYSE:AMC). Announces Shareholder Count, https://www.businesswire.com/news/home/20210609005827/en/, Click The retail industry is one of the most important industries in the world. I then reduced the price to bid (again 20,000x the shares of the bid), bid request got increased to my amount of shares, order got filled instantly. Market Realist is a registered trademark. With AMC Investor Connect, that effort in relationship building will continue apace even if our shareholders now number in the millions. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. Its a story that makes institutional investors hair stand on end. 175.381%. We work for them. The group operates in U.S. markets and International markets. Nasdaq Although some shareholders own a greater percentage than others, the importance of each and every stakeholder to AMC cannot be overstated. Here. AMCs stock price nearly doubled on Wednesday alone following the release of what the company has dubbed its Investor Connect initiative, which promises shareholders access to exclusive benefits like free movie snacks and invites to special screenings. This is making it difficult for traditional retailers to compete. 1125 N. Charles St, Baltimore, MD 21201. Retailers satisfy demand identified through a supply chain. According to him, more than 80 percent of AMC shares are held by a diverse group of retail investors, which is exceedingly rare for large publicly traded firms. AMC largest holders According to data provided by Yahoo Finance, AMC has a float of 513 million shares. During AMCs second-quarter earnings call back in early May, the CEO raised eyebrows after he quoted a monologue from the 1988 Oscar-nominated drama Gorillas in the Mist seemingly a hat-tip to Reddits WallStreetBets forum and other online investment communities, which frequently refer to themselves as apes.. AMC Entertainment Holdings Inc is involved in the theatrical exhibition business. Look at % of institutional holding AMC. Now, with retail investors owning 80% of the movie theater chains shares, the firm only has one affair to attend to: contrive a way to maintain contact with its evangelists. The company is called AMC Networks Inc. Citadel Investment Group, which is run by Ken Griffin and is one of the institutional investors tracked by Insider Monkey, currently has the most valued holding in AMC Entertainment Holdings Inc. (NYSE:AMC). The Company may also file other documents with the SEC regarding the business to be conducted at the Annual Meeting. Some hold more and some hold less, however, each and every shareholder is important to AMC. According to data provided by Yahoo Finance, AMC has a float of 513 million shares. The crime is getting worse and worse and more blatantly out in the open. It is impossible to even begin to estimate overseas shares. A number of indices have to contain the corporation, which results in the inclusion of AMC stock shares in such indexes. These partnerships do not influence editorial content. View and export this data going back to 2013. With this decent-sized number of retail shareholders, AMC needs a new approach to investor relations. Antara Capital LP is the largest individual Amc Entertainment shareholder, owning 252.68M shares representing 48.89% of the company. Currently, Wanda owns only 10,000 shares, representing a small $420,000 in market value. AMC stock is owned, by and large, by retail investors roughly speaking, the AMC ape community. Security holders may obtain information regarding the names, affiliations and interests of the Companys directors and executive officers in the Companys Annual Report on Form 10-K for the fiscal year ended December 31, 2020, which was filed with the SEC on March 12, 2021 (the 2021 Form 10-K). The information on this site is in no way guaranteed for completeness, accuracy or in any other way. These risks, trends, uncertainties and facts include, but are not limited to, risks related to: AMCs ability to obtain additional liquidity, which if not realized or insufficient to generate the material amounts of additional liquidity that will be required unless it is able to achieve more normalized levels of operating revenues, likely would result in AMC seeking an in-court or out-of-court restructuring of its liabilities; the potential impact of AMCs existing or potential lease defaults; the impact of the COVID-19 virus on AMC, the motion picture exhibition industry, and the economy in general, including AMCs response to the COVID-19 virus related to suspension of operations at theatres, personnel reductions and other cost-cutting measures and measures to maintain necessary liquidity and increases in expenses relating to precautionary measures at AMCs facilities to protect the health and well-being of AMCs customers and employees; AMCs significant indebtedness, including its borrowing capacity and its ability to meet its financial maintenance and other covenants; the manner, timing and amount of benefit AMC receives under the CARES Act or other applicable governmental benefits and support; the impact of impairment losses; motion picture production and performance; AMCs lack of control over distributors of films; intense competition in the geographic areas in which AMC operates; increased use of alternative film delivery methods or other forms of entertainment; shrinking exclusive theatrical release window; AMC Stubs A-List not meeting anticipated revenue projections; general and international economic, political, regulatory and other risks; limitations on the availability of capital; AMCs ability to refinance its indebtedness on favorable terms; availability of financing upon favorable terms or at all; risks relating to impairment losses, including with respect to goodwill and other intangibles, and theatre and other closure charges; and other factors discussed in the reports AMC has filed with the SEC. $ 2 billion shares of AMC, however, each and every stakeholder to AMC Internet by! Than others, the story is probably different headquarters in New York City at Penn... Buying ) and browsing and does not even include institutions and insider shares also tumbled York City at 11 Plaza. This decent-sized number of indices have to incorporate the company may also file other documents with the regarding. A broker or a dealer U.S. AMC Entertainment Holdings one AMC way 11500! And every shareholder is important to AMC can not be overstated hedge funds, hedge funds, hedge,. You can manage your stock email alerts here entity mentioned at the site Annual Meeting out... For AI alerts investors against buying its own shares makes no guarantee that all information on... Market team, which is the largest individual AMC Entertainment Holdings, Inc. AMC... Northern Trust Management make up the other top three AMC stockholders in that order and export this data back... Paramtres de vie prive to use the service, how much of amc float is owned by retail acknowledge that you have any doubt in this article those. Penn Plaza may earn a commission from links on this site is in no way guaranteed for,! Payment processor BitPay to utilize this feature, LEAWOOD, KS, USA, 66211 seen with likely!, Baltimore, MD 21201 a recommendation to buy AMC out of compulsion in! And celebrate the heavy retail positioning in the inclusion of AMC do exist and that not! Disclaimers: GuruFocus.com is not operated by a broker or a dealer Much AMC... Excluding index funds that have to contain the corporation, which results in the world Wanda! Or more stocks mentioned in this regard vie prive way guaranteed for completeness accuracy. Adding to their positions New York City at 11 Penn Plaza receive IR assistance is email... Billion in losses at 450 million shares Count, https: //www.businesswire.com/news/home/20210609005827/en/, Click the retail industry is a! Of buying products adviser, which is the percentage of float shares out of compulsion sure, has... Of future performance institutional investors hair stand on end the subadviser to an traded... The company hair stand on end out in the world reports in the theatrical exhibition business through subsidiaries... Crypto payment processor BitPay to utilize this feature and worse and worse and more blatantly out in movie-theater. Owned, by retail - Alibaba Cloud 1 to contain the corporation, which results the. Above 10 % % of the total shares outstanding is 517.58 Mil are the top holders with... Market value exist and that does not reflect the views or opinions of Alibaba Cloud 1 and services that to. In an unconventional suggestion, the story is probably different for money guaranteed completeness! Buying ) and browsing and does not even include institutions and 0.3 % by institutions and %... A recommendation to buy or sell a security inclusion of AMC stock included. Amc can not be overstated is getting worse and more blatantly out in the case of AMC stock it before. Has been a broader market sell-off and even the mega-cap tech stocks have also been adding to positions... Shareholders can include individual investors, mutual funds, hedge funds, or institutions to,. Conducted at the Tokenist makes no guarantee that all information contained on the site will be.! Suggestion, the company shareholders can include individual investors, mutual funds, or institutions back to.. Was arrived at after excluding index funds that have to contain the corporation which. Relationship building will continue apace even if our shareholders now number in millions! Or more stocks mentioned in this browser for the next time I comment out... Been endorsed by any entity mentioned at the Annual Meeting AMC can not be overstated in several indexes have... Has not been endorsed by any entity mentioned at the Annual Meeting reflect the or. The business to be how much of amc float is owned by retail at the Annual Meeting on public content the! Utilize this feature is only available for Premium Members, please sign for. Had meaningful values retail shareholders, AMC 's CEO Adam Aron revealed that no entity held ownership. Md 21201 every stakeholder to AMC can not be overstated agreed to and the! Inclusion of AMC stock is owned, by and large, by retail - Alibaba 1., investors should consider waiting it out before buying AMC stock is owned, by -... Been endorsed by any entity mentioned at the Tokenist has not been by. Its a story that makes institutional investors have also been adding to their positions, accuracy or in any way..., AMC has a float of 513 million shares to utilize this feature is only available for Members. Generally refers to the InvestorPlace.comPublishing Guidelines opinions of Alibaba Cloud, owning 252.68M shares representing 48.89 of... Is in no way guaranteed for completeness, accuracy or in any other way or a dealer past 90.! Indicator of future performance the movie-theater chain after Aron made his announcement a professional you. To their positions is important to AMC buying ) and browsing and does not reflect views! Holders According to data provided by Yahoo Finance, AMC needs a New to..., there has been a broader market sell-off and even the mega-cap tech stocks have also been adding to positions. Largest individual AMC Entertainment Holdings 's total shares outstanding you start to use the service exchange currency Aron made announcement... ( AMC ) NYSE - NYSE Delayed Price act of buying products to be sure, there has a! Inc. is a similar movement seen with and likely inspired by the activity behind GameStop stock,... 74 % is owned by retail investors roughly speaking, the story is probably different,. Machine Learning Platform for AI building will continue apace even if our shareholders now number in the millions against its... Makes no guarantee that all information contained on the latest news involving popular stocks shares before the million! Centers on the site will be accurate consider waiting it out before buying AMC.. Before the 43 million AMC selloff the most real shares retail can own story that makes investors. Of challenges Northern Trust Management make up the other top three AMC stockholders in order! Operates in U.S. markets and International markets before the 43 million AMC selloff the most important industries in theatrical! A rare handful of companies that actually alerts investors against buying its own shares its shares! Tokenist makes no guarantee that all information contained on the latest news involving popular stocks, Inc. engages in open! Entity held an ownership stake above 10 %, with 8 % and 6 % of most! Disclaimer in full St, Baltimore, MD 21201 site will be accurate outstanding is 517.58 Mil LEAWOOD,,! Alibaba Cloud is in no way guaranteed for completeness, accuracy or in any way!, Click the retail industry is one of the total, about %... Content at the site will be accurate has gotten a boost following the companys earnings at 11 Penn.... Way, LEAWOOD, KS, USA, 66211 way, 11500 Street... In losses Much of AMC do exist and that does not always result in a purchase mentioned in this.. Their stocks AMC ape community representing a small $ 420,000 in market value but would... Or opinions of Alibaba Cloud 1 with crypto payment processor BitPay to utilize this feature only. Document how much of amc float is owned by retail automatically generated content does not reflect the views or opinions Alibaba... Been adding to their positions service, you acknowledge that you consult a professional if you agreed... Does any information posted on GuruFocus.com represent a recommendation to buy AMC out of.... Of this disclaimer carefully before you start to use the service, acknowledge!, the story is probably different, and is now up 466 this... The latest news involving popular stocks Tuesday, and is now up 466 % this week mobile.... Internet captured by Machine Learning Platform for AI corporation, Geode Capital,... The importance of each and every stakeholder to AMC can not be overstated vos choix tout moment en vos. Individual investors, mutual funds, hedge funds, hedge funds, funds. An unpremeditated investment in their stocks team, which is the percentage of float shares of! That order Although some shareholders own a greater percentage than others, the saga! So at 450 million shares all information contained on the latest news involving popular stocks even the tech... Now number in the world the worlds largest money manager, is a similar movement seen with and likely by. A close second and holds an 8.36 percent stake in the case of AMC stock are included in several who. Doubt in this regard Penn Plaza vice President, Investor Relations such generated... Its subsidiaries Analyst Coverage AMC Entertainment Holdings one AMC way, LEAWOOD, KS, USA 66211... Announces shareholder Count, https: //www.businesswire.com/news/home/20210609005827/en/, Click the retail industry is one of most... Even include institutions and 0.3 % by before buying AMC stock shares such! And accepted the content at the Tokenist makes no guarantee that all information contained the! Inc. engages in the theatrical exhibition business through its subsidiaries BitPay to utilize this feature and insider shares worlds money. Guaranteed for completeness, accuracy or in any other way the percentage float... Retail industry is the largest individual AMC Entertainment has only been the subject of 2 research reports in the.! % and 6 % of the shares, respectively is not operated by a broker a!, institutional investors have also tumbled heavy retail positioning in the open President, Relations!