Absolute Return Partners letter for the month of December 2020, titled, The Zombies Are Coming.
Get the entire 10-part series on Seth Klarman in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.
Q3 2020 hedge fund letters, conferences and more
Department stores are relics of the past. JC Penney has been stuck for years in permanent twilight, with changes in retail and the weight of its own balance sheet blocking out the sun. -- Robert Armstrong, Financial Times
Prentice Capital was up 15.3% net last month, bringing its year-to-date gain to 49.4% net. Prentice touted its ability to preserve capital during market downturns like the first quarter of this year and the fourth quarter of 2018. Q3 2020 hedge fund letters, conferences and more Background of Prentice Capital The fund utilizes a low Read More
I am married to a very keen shopper. As much as I enjoy a good game of football or ice hockey when I am not working, she enjoys the kick she gets from shopping (in all fairness, she loves her ice hockey too). Tired of COVID-19 and the lack of shopping it has resulted in, she is anxious to get back to the high street.
Shopping online is just not the same she constantly reminds me and, when I tell her that shopping the way she likes may never be the same again, she frowns. Why?, she asks. Sooner or later, life will return to some sort of normal. Yes, I say, but that doesnt necessarily mean that the high streets will ever look the same again.
The issue at heart is that, to many retailers, the COVID pandemic has been the death knell. Already struggling from online competition, when the government closed the high streets of Great Britain during the first wave in the spring, many consumers who had never shopped online before were suddenly forced to do so and found it was actually quite convenient. According to at least one estimate (provided by netimperative.com), for the first time ever, over 50% of all Christmas presents in the UK will be bought online this year.
The net result? More empty square metres in already half-empty high streets up and down the country and, of those brick and mortar retailers that are still standing, many are struggling. With the industry (on average) being highly indebted, you would expect weak revenues to lead to a phone call or two from the local bank, but life isnt always as simple as that.
There is even a name for companies that really should go belly up but that are allowed to carry on. They are called zombies, and the zombie culture is growing bigger by the day. As it grows, it does more and more damage to the overall economy, and that is what this months Absolute Return Letter is about.
I have just provided my own rather casual definition of a zombie company. However, it isnt difficult to find a more formal one. After doing a simple search on the internet, I settled on this one from companyrescue.co.uk:
A zombie company is simply a company that is neither dead or alive. In other words, it is in so much debt that any cash generated is being used to pay off the interest on the debt []. This means that there is no spare cash or capacity for the company to invest or grow. This means that is unable to employ more staff but on the flip side, as long as the company is not actually losing money on an operational basis, it does not need to make further redundancies either.
Bank for International Settlements (BIS) published a study on the phenomenon in September 2018 called The rise of zombie firms: causes and consequences. In the paper, BIS classified all those non-financial firms in the Worldscope database (which contains financial data on companies from 14 advanced economies) with an interest coverage ratio less than one for three consecutive years as zombie firms, provided they were over ten years old. BIS named this group of companies the broad definition of zombies.
BIS then calculated Tobins q on all those companies classified as zombies under the broad definition. (Tobins q is a measure of a companys expected future profitability see the precise definition underneath Exhibit 1.) All the broad zombie firms with a Tobins q below the median firm in the sector in a given year were then classified as zombies under the narrow definition.
BIS chose to distinguish between narrow and broad zombies as companies with great growth potential often have negative interest coverage ratios, but the growth potential is typically recognised by the stock market which is reflected in Tobins q. This also explains why BIS chose to only include listed companies in its analysis.
Exhibit 1: Interest coverage and Tobins q of zombies and non-zombies
Note 1: Based on data from 14 advanced economies over the period 19872016. Interest coverage ratio = ratio of earnings before interest and taxation to interest paid. Tobins q = the market value of total assets divided by their replacement cost, which is calculated as the book value of equity and debt.
Note 2: The broad definition of zombie firms include all those firms with an interest coverage ratio less than one for three consecutive years provided they are over ten years old.
Note 3: The narrow definition of zombie firms include the broad zombies that have a Tobins q below the median firm in the sector in a given year.
Source: The rise of zombie firms, Bank for International Settlements, September 2018
Quite interestingly, BIS found that, from virtually non-existent as recently as 30 years ago, by 2016, more than 12% of all listed, non-financial firms in the world had been zombified (Exhibit 2). At the same time they found that, whilst the prevalence of zombie firms is on the rise, so is the probability of them staying (barely) alive for longer.
Exhibit 2: Zombie firms in percent of all listed non-financial firms
Note 1: Based on Worldscopes database with non-financial companies from Australia, Belgium, Canada, Denmark, France, Germany, Italy, Japan, the Netherlands, Spain, Sweden, Switzerland, the UK and the US.
Note 2: LH chart represents the broad definition of zombie firms: all those firms with an interest coverage ratio less than one for three consecutive years and over ten years old.
Note 3: RH chart represents the narrow definition of zombie firms: broad zombies with a Tobins q below the median firm in the sector in a given year.
Source: The rise of zombie firms, Bank for International Settlements, September 2018
The obvious two questions to ask are therefore why do we have more zombie firms today than we did only a few years ago, and how does that affect the overall economy? Lets deal with the simple one first why? In the 2018 paper, BIS pointed to two reasons why it has become easier for financially weak companies to survive for longer.
Firstly, banks have been surprisingly accommodative. Rather than writing questionable loans off, many of those loans have instead been rolled over. Secondly, ever lower interest rates have made higher financial leverage more affordable, which many companies have taken advantage of, but the rising level of financial leverage has also driven more and more companies into zombification.
Lets deal with banks behaviour first. Admittedly, this is a side of banks we have never seen before. Why this more gentle attitude? Have banks suddenly turned into Mother Teresa of the High Street, or could something else explain their behaviour? I am afraid to say that Mother Teresa didnt suddenly turn up on the High Street. The explanation or at least a significant part of the explanation is the profound weakness of many banks own balance sheet (LH chart of Exhibit 3). Already bleeding quite badly from the Global Financial Crisis (GFC), banks simply couldnt afford for all those companies to go bankrupt. In order to protect their own balance sheet, they allowed non-viable firms to carry on, even if one could argue that it would have been better not to.
Having said that, the global economy didnt start to unravel until June 2007 (with the collapse of Bear Stearns), but the corporate world became zombified much earlier. This makes one wonder what else drove zombification higher in the years prior to the GFC, and I can immediately think of two reasons.
Firstly, as you can see on the left-hand side of Exhibit 3, although the GFC didnt start in earnest until 2007, banks balance sheets began to deteriorate as early as 1998. Secondly, interest rates fell quite steeply for at least 20 years prior to the GFC, and there can be no doubt that the dramatic drop in interest rates during the 90s and 00s has played a role.
It is simple maths. When interest rates drop, more often than not, companies take on more debt. Why? Because they can afford to. Maybe not the family-owned business that has been in the hands of the same proud family for the last 150 years, but the flood of acquisition-hungry private equity funds and the omnipresent corporate mogul keen to grow his (her) business empire have most definitely driven financial leverage to new highs.
It has quite simply become so extraordinarily cheap to borrow that companies can afford debt levels that were unthinkable not that many years ago. As you can see on the right-hand side of Exhibit 3 below, in the last 35 years or so, there has been a noticeable link between the share of zombie firms and interest rates. Based on the two charts below, we can therefore conclude that, at least since the 1980s, the share of zombie firms has been linked to both interest rates and bank health (proxied by banks price-to-book ratios).
Exhibit 3: Drivers of rising zombie shares
Note 1: Price-to-book ratios, policy rates and zombie shares are simple averages from the same 14 countries as those listed in note 1 under Exhibit 2.
Note 2: Firms with an interest coverage ratio less than one for three consecutive years, over 10 years old and with a Tobins q below the median firm in the sector in a given year.
Source: The rise of zombie firms, Bank for International Settlements, September 2018
Let me make one more observation re the link between zombies and bank health. As you can see above, the correlation is not consistent. BIS found the link to be rather episodic (their wording, not mine), meaning that the two tend to be more correlated during economic downturns and during periods of financial stress, such as the early 1990s, the early 2000s and the GFC an observation I dont find overwhelmingly surprising, given how banks often behave in difficult times.
It is relatively easy to understand why a combination of ever lower interest rates and a weak(ish) banking sector a phenomenon we have experienced in the last 20+ years could explain the rise in the zombie share. That said, the argumentation gets a bit more hairy when trying to explain what that means to the global economy. Again let me try with the easy one first: It is not good for GDP growth. Those of you keen to start you Christmas shopping can stop here. The rest of you should hang on for a few more minutes.
Lets begin with the zombie shares impact on productivity. In a paper from 2017, researchers from OECD documented a link between the share of zombie firms and labour productivity when measured relative to labour productivity in non-zombie firms (Exhibit 4). OECD defined a zombie firm precisely the same way BIS defined a broad zombie some 18 month later, so the two studies are comparable in that respect.
Exhibit 4: The share of zombie firms vs. labour productivity (average across 8 OECD countries)
Source: The walking dead? Zombie firms and productivity performance in OECD countries, Economics Department Working Paper no. 1372, January 2017
Almost by definition, and as you can see in Exhibit 5 below, zombies are less productive than non-zombies, and productivity growth is a powerful driver of GDP growth. The problem is also that zombie firms crowd out many more productive non-zombies. Think for example of all the employees working for zombie firms. If those people made themselves available to more productive non-zombies, aggregate productivity would rise.
Exhibit 5: Labour productivity per worker (charts 1 & 2) Total factor productivity per worker (charts 3 & 4)
Note 1: Gross value added per worker, in constant 2010 US dollars.
Note 2: Broad zombies defined as firms with an interest coverage ratio less than one for three consecutive years and over 10 years old.
Note 3: Narrow zombies defined as broad zombies with a Tobins q below the median firm in the sector in a given year.
Note 4: In constant 2010 US dollars, based on Solow residuals from ordinary least squares regression estimates of sectoral production functions.
Source: The rise of zombie firms, Bank for International Settlements, September 2018
Furthermore, the more firms that are zombified, the lower new investments are (as zombies have little or no capital to invest), and productivity wont improve much, if at all, unless you invest in productivity-enhancing technology. Zombie firms themselves obviously dont invest much, but non-zombies are also negatively impacted. BIS found that a one percentage point increase in the narrow zombie share in a sector lowered capital expenditures of non-zombies in the sector by around one percentage point equivalent to a 17% drop in capex relative to the mean investment rate.
There is also pretty strong evidence that employment growth is negatively affected by zombification. According to BIS, for every one percentage point increase in the zombie share, employment growth is 0.26% lower. Finally, zombies impact the pricing power of non-zombies by impacting total supply, i.e. the rise in the zombie share in recent years may at least partially explain why we have flirted with deflation more recently.
If you add up all those factors, it becomes evident that a rising zombie share does a considerable amount of damage to economic growth. BIS used a global database when it researched the topic and did not make any comments on geographical variations so, on the basis of the 2018 BIS paper, it is impossible to say whether certain countries are more zombified than others (more on this below).
One more observation before I move on. Is it possible that it is not falling interest rates that have led to a rising zombie share but the other way around? In other words, could a rising zombie share affect productivity negatively, which in turn causes interest rates to fall? The issue at heart here is the potential confusion between correlation and causality. Fortunately, there is a test for that it is called the Granger causality test. When BIS tested for causality, they found that lower interest rates reliably predict an increase in the zombie share, whereas bank health does not. This may also explain why the zombie share has continued to rise more recently despite bank health having improved somewhat over the last few years.
Various papers and articles on the zombie phenomenon argue that the zombie share varies significantly from country to country, but the only source on geographical variations that I have been able to find is the previously mentioned OECD paper from 2017. As you can see in Exhibit 6 below, the zombie share has risen much more in some countries (e.g. Spain and Italy) than in others (e.g. Finland and France). That said, according to OECD, nowhere did the zombie share drop between 2007 and 2013 it was flat to up everywhere. I should also point out that major OECD countries like Japan, Germany and the US were not included in the OECD study, so my conclusion should be caveated by that.
Exhibit 6: The share of zombie firms over time (9 OECD countries)
Source: The walking dead? Zombie firms and productivity performance in OECD countries, Economics Department Working Paper no. 1372, January 2017
We know that, in recent years, productivity growth has been more modest, and interest rates have fallen more, in Japan and Europe than in North America. We also know that Japanese and European banks have, on average, been weaker than North American banks more recently. Therefore, one should expect the zombie share to be higher in Europe and Japan than it is in North America, but I can only provide limited evidence to support that claim.
I have managed to find a recent study, conducted by Leuthold Group and presented in the Financial Times only a couple of months ago (Exhibit 7). The study includes the first half of this year when the first COVID-19 wave struck, but it includes only US companies, so no direct comparison to other countries can be made.
Leutholds definition of a zombie firm is precisely the same as the broad zombie definition in the BIS study from 2018, so the numbers are comparable in that respect, allowing me to make a few interesting observations. Having said that, the universe in the Leuthold study is the Leuthold 3000 index a Russell 3000 look-alike and I dont know how similar that index is to the Worldscope database used by BIS in 2018. My conclusions will therefore have to be caveated accordingly.
If you take another look at Exhibit 2, you can see that the global zombie share under BIS broad definition was c.12% in 2016. Now, if you look at Exhibit 7, you can see that the US zombie share was c.10% in 2016 a couple of percentage points lower than the global average as per the BIS study, which implies that the RoW zombie share (ex. USA) in 2016 was probably around 14-15%.
The other interesting observation you can make on the back of Exhibit 7 is that the COVID-19 pandemic has acted as fuel on an already existing fire. As you can see, from end-2019 to mid-2020, the US zombie share increased from 13% to 15%. Given that the economic impact of COVID-19 has been far more dramatic in Europe than it has in the US, I would expect the European zombie share post-COVID-19 to be approaching 20%.
Exhibit 7: Percentage of zombies in Leuthold 3000 universe
Source: Financial Times
As most of you will know, one of our six megatrends is what we call the Last Stages of the Debt Supercycle. One of the classic characteristics of all late-stage debt supercycles is falling productivity growth, falling GDP growth and falling interest rates. Every single debt supercycle is the same in that respect, and it all ties back to the mountain of debt society has been saddled with in the latter stages of all debt supercycles.
In the early stages, GDP and debt grow approx. 1:1 but, as the super-cycle matures, the ratio drops fairly steadily. At the end of the cycle, it is always below 0.3, and I have noted that, more recently, GDP has grown less than $0.30 for every dollar of added debt in both the US and China. One of the worlds leading capacities on debt supercycles is Ray Dalio of Bridgewater Associates, and I can strongly recommend you read his book on debt cycles which is called Big Debt Crises.
One of the most important reasons GDP grows less and less for every dollar of added debt is the tendency for more and more capital to be misallocated (i.e. used for non-productive purposes) as the debt supercycle matures. In that context, capital sunk in zombie firms amounts to huge sums of misallocated capital which will hold back productivity growth. In Exhibit 8 you can see that Italy and Spain have been particularly guilty of allowing zombie firms to deploy capital unproductively.
Exhibit 8: The share of capital sunk in zombie firms in 2013 (13 OECD countries)
Source: The walking dead? Zombie firms and productivity performance in OECD countries, Economics Department Working Paper no. 1372, January 2017
Going back to my earlier claim that we are fast approaching the end of the current debt supercycle, nobody knows precisely what will make the house of cards collapse this time and when it will happen, but collapse it will it always does. If this is a topic that interests you, other than buying Ray Dalios book, I would suggest you subscribe to ARP+ where you will find much more information on debt supercycles.
Niels C. Jensen
1 December 2020
Link:
The Zombies Are Coming The Absolute Return Letter December 2020 - ValueWalk
- The Cranberries' Zombie - the story behind the incendiary song - Louder - April 22nd, 2024
- Chris Riddell on the zombie Tory government falling apart at the seams cartoon - The Guardian - April 22nd, 2024
- Zombie grave dating back 4,200 years discovered in Germany, photos show - Miami Herald - April 22nd, 2024
- Steam zombie survival game leaves early access 11 years on, and you've got one week to get it cheap - PCGamesN - April 22nd, 2024
- "Zombie" cicadas with STDs are coming to Virginia - Axios - April 22nd, 2024
- Deathtroopers is the Star Wars zombie horror game I never knew I needed - PC Gamer - April 22nd, 2024
- Zombie Army VR Reveals The Story In Latest Trailer - Bleeding Cool News - April 22nd, 2024
- Where Infected "Zombie Cicadas" In The US Will Emerge In 2024 - TheTravel - April 22nd, 2024
- Zombie anti-abortion laws are menacing American women - The Hill - April 22nd, 2024
- Joe Manganiello to Zombie It Up in Mountain Man Adaptation - Reactor - Reactor - April 22nd, 2024
- Frozen Soul Covered White Zombie and It Rules - MetalSucks - April 22nd, 2024
- Arizona's abortion ban could bring zombie laws back to life in other states - Fast Company - April 22nd, 2024
- Arizona abortion ban shows the dangers of reviving zombie laws - MSNBC - April 22nd, 2024
- Zombie fires smoldering near Canadian oil and gas wells threaten production following 2023 wildfires - WorldOil - April 22nd, 2024
- You'll Never Guess Who Doesn't Want to Repeal a Zombie Abortion Ban - The New Republic - April 22nd, 2024
- Zombie Army VR: New trailer gives a glimpse of the gruesome campaign - MIXED Reality News - April 22nd, 2024
- Zombie Tests: Is the SAT Back From the Dead? - Fair Observer - April 22nd, 2024
- How likely are you to survive a zombie apocalypse in Connecticut? You may want to travel north - Hartford Courant - April 22nd, 2024
- Missouri Reports 162 New Cases Of Deer 'Zombie' Disease In 2023 - Lake Expo - April 22nd, 2024
- Zombie Fires Pose Looming Threat to Canada's Oil and Gas Infrastructure - OilPrice.com - April 22nd, 2024
- Rob Zombie Presenting House on Haunted Hill Soundtrack on Vinyl - ComicBook.com - April 22nd, 2024
- Take on Zombie Stormtroopers In This Star Wars Fan Game - IGN - April 22nd, 2024
- The Best Zombie Game of 2023 Has a New Expansion Out Now - Esports.net News - April 22nd, 2024
- Frozen Soul Debuts Frosty Rendition of White Zombie's 'Creature of the - Knotfest - April 22nd, 2024
- 'Dawn of the Dead' at 45: A Zombie Love Affair That Never Died - The New York Times - April 12th, 2024
- Hyper-sexual 'zombie cicadas' infected with bizarre STD fungus will emerge in US - New York Post - April 12th, 2024
- Zombie malls and other retail centers getting extreme makeovers to keep up with the times - Chicago Tribune - April 12th, 2024
- 'Zombie' drug xylazine found in cannabis THC vapes in UK - BBC.com - April 12th, 2024
- Taxing health insurance: The Republican zombie that refuses to die - Roll Call - April 12th, 2024
- Fungus-infected Zombie Cicadas with hypersexuality to emerge in the US this year: Expert - Hindustan Times - April 12th, 2024
- Zombie Classic Dawn Of The Dead Coming Back to Theaters for 45th Anniversary - MetalSucks - April 12th, 2024
- E-News | 'Zombie cicadas' infected with sexually transmitted fungus expected to emerge this year in parts of US - WVU ENews - April 12th, 2024
- Deadly Zombie Sedative Penetrating The U.K.s Illicit Drugs Market - Forbes - April 12th, 2024
- Seattle Police warn that base ingredient in 'zombie drug' tranq is being sold as standalone pill - FOX 13 Seattle - April 12th, 2024
- Opinion | Today's Opinions: Haunted by zombie law and thrown into abortion time-travel - The Washington Post - The Washington Post - April 12th, 2024
- Rob Zombie Teases 'House of 1000 Corpses' Book With Rare Photos, Original Script and More! - Bloody Disgusting - April 12th, 2024
- Zombie malls getting extreme makeovers to keep up with the times - Detroit News - April 12th, 2024
- 2000s Horror Fantasy Is One Of The Most Unique Takes On The Zombie Genre - Giant Freakin Robot - April 12th, 2024
- Mysterious 'Zombie Neurons' Unlock Secrets of Learning in The Brain - ScienceAlert - April 12th, 2024
- Zombie SKUs: What They Are, How They Work & Results - JumpFly PPC Advertising News - April 12th, 2024
- Arizona Reviving Its Zombie Abortion Ban Is Trump's Doing - The Cut - April 12th, 2024
- Hyper-sexual "zombie cicadas" that are infected with sexually transmitted fungus expected to emerge this year - CBS News - April 12th, 2024
- Should we be concerned about zombie cicadas? - WGN Radio - Chicago - April 12th, 2024
- You need to play this underrated zombie shooter before it leaves Xbox Game Pass - Digital Trends - April 12th, 2024
- End the 'zombie' Comstock Act - Star Tribune - April 12th, 2024
- OPINION - Flesh-eating zombie narcotics are on our streets Britain is badly losing its war on drugs - Yahoo News UK - April 12th, 2024
- What Is Xylazine - The Flesh-Eating 'Zombie' Drug Linked To 11 Deaths in The UK? - Times Now - April 12th, 2024
- Zombie Cicadas To Emerge In Virginia: What To Know - Patch - April 12th, 2024
- What Is "Zombie Drug" Gripping The UK? - NDTV - April 12th, 2024
- OJ Simpson's Final Film Will Resurrect His Naked Gun Character - As A Zombie? - Looper - April 12th, 2024
- Flesh-eating 'zombie drug' sweeping US is linked to 11 UK deaths - The Telegraph - April 12th, 2024
- Flesh-rotting 'Zombie drug' tranq raises alarm in UK - The Times of India - April 12th, 2024
- Zombie Cicadas To Emerge In GA: What To Know - Patch - April 12th, 2024
- What was the first-ever zombie movie? - Far Out Magazine - April 12th, 2024
- Even Will Smith Couldnt Save Zombie Survival Game Undawn, Which Flopped Spectacularly - IGN - March 24th, 2024
- Rob Zombie Recommends This Surprisingly Wholesome Comedy - Dread Central - March 24th, 2024
- Army Writing and the Zombie (Noun) Apocalypse - Modern War Institute - United States Military Academy West Point - March 24th, 2024
- Fatal Fury's Mai Shiranui Is In This Zombie Survival Game For Some Reason - Time Extension - March 24th, 2024
- Should you be worried about 'zombie deer'? | College of Public Health - George Mason University - March 24th, 2024
- 'Scooby-Doo on Zombie Island' Scares Its Way to Blu-ray for the First Time This Spring - Collider - March 24th, 2024
- Rob Zombie hates my guts: GWAR's Dave 'Oderus Urungus' Brockie was a genius, and here's an interview that proves it - Louder - March 24th, 2024
- In the fight against gun violence, Rep. Frost Introduces the Destroy Zombie Guns Act - The Apopka Voice - March 24th, 2024
- Elfriede Jelinek's 'The Children of the Dead' is a historical zombie novel - The Washington Post - The Washington Post - March 24th, 2024
- Germany's Zombie Government Is Fueling the Far Right - The Atlantic - March 24th, 2024
- Zombie Survival Game Undawn Has Crashed And Burned According To A Reuters Report - MMOs.com - March 24th, 2024
- Will Smiths Zombie Game Has Been Hit Harder Than Chris Rock at the Oscars Its Astronomical Budget Was ... - imdb - March 24th, 2024
- Scooby-Doo On Zombie Island / Return to Zombie Island Blu-ray (Warner Archive Collection) - Blu-ray.com - March 24th, 2024
- Registration almost here for Dothans annual Zombie 5K Chase - WDHN - March 24th, 2024
- Zombie magic and gambling club Magic Island will come alive again this summer - Houston Chronicle - March 24th, 2024
- Undawn | The $140m zombie survival game starring Will Smith that bombed while nobody was looking - Filmstories - March 24th, 2024
- After 4 years, a cult classic zombie horror manga from Ga-Rei's creator is finally getting an official English release - Gamesradar - March 24th, 2024
- Will Smith's Zombie Game Has Been Hit Harder Than Chris Rock at the Oscars - Its Astronomical Budget Was ... - FandomWire - March 24th, 2024
- "The game literally no one knew existed": The Will Smith Zombie Survival Game is Reportedly a Big Flop and Fans Are ... - FandomWire - March 24th, 2024
- Zombie-palooza --- Get to the biggest undead music event in the latest Dead Island 2 expansion: SoLA - Gaming Trend - March 24th, 2024
- Bournemouth University medical students treat 'zombie attack' in mass training simulation - The Tab - March 24th, 2024
- Zombie car factories on the rise in China as buyers opt for EVs - Financial Times - March 16th, 2024
- Hey, Remember When Rob Zombie Was Going To Direct THE CROW 3? - FANGORIA - March 16th, 2024
- New Walking Dead Twist Shows How The Zombie Outbreak Will Finally End - Screen Rant - March 16th, 2024
- Candid conversations from death row with The Zombie Hunter - Arizona's Family - March 16th, 2024
- Zombie! The Musical - REVIEW - City Hub Sydney - March 16th, 2024
Reviewed and Recommended by Erik Baquero