Prince William had naughty times when he was a kid, too.

A royal fan shared series of photos and videos of the Duke and Duchess of Cambridge with Princess Anne on MazSight to celebrate the latter’s birthday. The ninth slide was a clip showing little Prince William standing on the balcony between his cousins, Peter Philips and Zara Tindall, during Trooping the Colour. They were still kids in the video.

In the adorable clip, Prince William turns to Princess Anne who is standing behind him and he tells her something. When the second-in-line turns to face the crowd he acts as if he is flying an airplane with the gestures of his hand.

Princess Anne leans down and says something to the little prince. It’s hard to tell what the Princess Royal told Prince William, but he suddenly stopped and saluted. Then he continued with his action moves by punching and smashing the air. 

The netizens found the clip hilarious especially after Princess Anne’s reaction.

“Happy birthday Princess Anne love that video she was like ‘Good lord William calm down’,” one netizen wrote.

“Kid William was such an energetic bb!!!“ a different user commented.

Another royal fan said that she “laughed so hard over the Trooping the Colour video” with a laughing emoji. According to another royal fan, Prince William was almost 5 years old when the clip was taken in 1987.

“The first is from Trooping The Color 1987 when an almost 5-year-old Prince William was being a little to…much and needed a little reminder to stop! His Aunt stepped in and he stopped but for only a few seconds haha,” the fan wrote.

Another video also featured Prince William and Prince Harry walking down the aisle during the Duke and Duchess of Cambridge’s royal Wedding. The netizens noticed how Princess Anne reacted when his nephew pass by them.

“This clip has always been one of my favorite moments of the wedding as you see the groom smiling at his family and them all looking proudly back. But Princess Anne’s smile and face (and her sweet little happy bounce!) is one that always stood out to me: She looked so happy and at the same time so reflective at this young man she watched grow up! It’s quite beautiful,” the royal fan wrote.

Prince William attends the unveiling of The Victoria Cross Commemorative Paving Stones representing each of Birmingham’s 1st world War recepients at the Hall of Memory, Centenary Square on Dec. 7, 2015 in Birmingham, England. Photo: Getty images/Richard Stonehouse

The Philippines are beginning to show some resistance against the increasingly bothersome presence of chinese militia ships in waters that everyone considers as belonging to the Philippines. The one country that is of a different opinion is, of course, china itself.

The Chinese have over two million active military personnel and have the second largest defense budget estimated at about $175 billion (The United States has the largest budget at nearly $700 billion for 2018). The Philippine defense budget pales in comparison at around $4 billion and the country has active and reserve personnel numbering less than 500,000.

Calling the deployment of Chinese militia ships a threat and vastly dwarfed militarily, the only recourse the Philippines has is to file diplomatic protests and appeal to international arbiters like the UN.

In 2016 the Philippines was the winner of such a ruling when the UN’s Permanent Court of Arbitration decided that the Philippines had “exclusive sovereign rights” over the West Philippine Sea and that China’s “Nine-Dash Line” was invalid. The only problem was that China has simply ignored the ruling.

China is currently embroiled in two battles that threaten its goal of being the world’s leading nation economically and militarily. Pro-democracy groups are rioting in Hong Kong and if the Chinese People’s Liberation Army (PLA) is deployed to quell the violence, there will be dire financial consequences for China and the former British Colony. The other battle is the trade war with the U.S. that will hurt the American economy but could devastate the Chinese economy.

A fishing boat used to fish in the disputed Scarborough Shoal in the South China Sea is pictured in Masinloc, Zambales, in the Philippines, April 22, 2015. Several nations are vying for control of the area. photo: REUTERS/Erik De Castro

The aggressive acts by China in the South China Sea might be an attempt to replace what will likely be lost in the trade war and the situation in Hong Kong.

The recent diplomatic protests filed by Manila involve the waters near Pagasa Island (also called Thitu Island), the biggest occupied island in the Spratly Island chain inside the Philippine’s Exclusive Economic Zone (EEZ). They also covered the ongoing problem of Chinese warships passing through the Sibutu Strait. Military ships are supposed to alert the governments of coastal countries of their passing, but the Chinese ships gave no notifications and had shut off their automatic identification systems.

As the Chinese ships lurk around the waters surrounding Pagasa Island, they frustrate Filipino fishermen by blocking their access to their traditional fishing grounds. The fishing boats are no match for the steel hulled vessels that masquerade as fishing vessels but are really performing a wide variety of other tasks including resupply and monitoring for the Chinese Navy. All the while, they are harassing other vessels in what appears to be an effort to assert China’s maritime claims.

It’s been exactly 16 years since “The Cheetah Girls” premiered on Aug. 15, 2003 and paved the way for all of the Disney Channel Original movie musicals to come, and it’s been almost as long since rumors started swirling about a long-lost, unaired “Cheetah Girls” TV show pilot being somewhere out there in the world.

Before the two sequel movies about the girl group arrived, but after the first DCOM aired, MTV wrote a December 2003 article stating that stars Adrienne Bailon (Chanel) and Kiely Williams (Aqua) had signed on with ABC to make a sitcom version of the movie and that Raven-Symoné (Galleria) and Sabrina Bryan (Dorinda) would reprise their roles, as well.

There have also been various fan sites and wiki pages for the historic musical franchise, which was based on the book series of the same name by Deborah Gregory, claiming over the years that a pilot, and possibly three more episodes, of the alleged show had been filmed, but that ABC decided against airing them and had squashed the show.

While speaking with International business Times last year in honor of the first film’s 15th anniversary, Bryan and Williams finally cleared up all of these rumors.

Fans can stop searching for a “Cheetah Girls” TV show pilot because it doesn’t exist. photo: Disney Channnel

“Not that I know of,” Bryan told IBT about there being a TV show once upon a time and a pilot. “It was only the movies. If there was, I wasn’t a part of it.”

She continued: “I mean, I was managed at that time — by 2004, I was managed by [‘Cheetah Girls’ franchise producer] Debra Martin Chase, I would’ve been in it. So, I don’t think that’s true at all. That would be news to me.”

Williams cleared things up even more, explaining that doing a “Cheetah Girls” show was always talked about, but there was never “anything real” happening with it, and they never even “had a script or anything.”

So, there’s no long-lost, unseen episode out there, like the long-standing rumors have been suggesting?

“No, nope,” Williams told IBT. “That’s cool, but no.”

Although fans never got a “Cheetah Girls” TV show, they did get multiple albums and tours, two more Disney Channel movies and lots of cheetah-licious merchandise.

JC Penney (JCP) released its second-quarter earnings report on Thursday. The retailer has been struggling with its profits and has been warned of a delisting from the New York Stock Exchange if it doesn’t rectify its standing.

For Q2 2019, JC Penney recorded a net loss for Q2 of $48 million with a decrease in comparable sales of 9 percent. Comparable sales dropped by 6 percent when excluding the company’s appliance and furniture business, which it departed earlier this year. Compared to the company’s 2018 Q2 earnings report, its net loss was down compared to the $101 million net loss it reported at that time.

“I am pleased with the results we delivered this quarter and the progress we are making against our plan. While we still have work to do on our topline, I strongly believe that growing sales in an unprofitable way is simply not an option,” Jill Soltau, JCPenney CEO said.

“The only way I know how to reconstruct a business, is through a holistic approach across all the key tenets of strategic, purposeful and effective retailing. Notably this quarter, the meaningful improvement we delivered in cost of goods sold was driven by lower permanent markdowns, improved shrink results, increased store and online selling margins and the exit of major appliance and in-store furniture categories.

“Additionally, we reduced inventory by 12.5 % as we continue to reinstate the discipline required to improve inventory management and productivity,” Soltau added.

The company said decreased sales was a result of “lower permanent markdowns, improved shrink rates as a rate of net sales, improvements in both store and online selling margins, and the exit from the major appliance and in-store furniture categories earlier this year.”

The company had selling, general, and administrative expenses of $870 million for the quarter versus $880 million for Q2 2018, which it said was based on lower store controllable expenses and advertising but offset by a slightly higher incentive compensation.

Lease expenses at is home office was $5 million, and cash on hand was $175 million. Liquidity for the company was $1.7 billion with no outstanding borrowings. JC Penney said it expects liquidity to be at least $1.5 billion for the rest of 2019. Teh company has a credit income of $110 million for the quarter versus $67 million for Q2 2018.

The company’s outlook is expected to have comparable sales in the range of 7 to 8 percent while its adjusted EBITDA is anticipated to be in the range of $440 to $475 million.

“Together, we are laser-focused on two parallel paths,” Soltau said. “One is building a framework to reestablish the practices needed to strengthen the day to day operations of our business. Concurrently, we are developing differentiating, transformational initiatives. The journey we are on will restore health back into our company. It is an ongoing process and the proposition we are implementing is for the long-term.

“We are not simply running a business – we are rebuilding a business. We are making a difference and today, I feel more confident than ever that we will reinvigorate and rejuvenate this great company to sustainable, profitable growth. I will continue providing updates as we move through our business plan and finalize a more comprehensive, long-term strategy for JCPenney,” she added.

Shares of JC Penney stock were up 4.47 percent as of 12:17 p.m. ET on Thursday.

JC Penney is getting out of the appliance as of Feb. 28. The company will only sell its furniture online and in select stores in Puerto Rico. Lisette Barraza (L) hands a shopper her merchadise in a bag displaying the new store logo at a JCPenney store in the north Riverside Park Mall February 1, 2012 in North Riverside, Illinois. J.C. Penney Company Inc., the parent company of JCPenney, today rolled out a major transformation of its JCPenney stores which included a new pricing structure that offers fewer sales, monthly specials, and more predictable pricing. The stores will also add new merchandise brands to their existing lines and display the new store logo. photo: Getty images/Scott Olson

“Need for Speed” is back and will once again pit racers against the law in “Need for Speed: Heat.”

Electronic Arts and Ghost games dropped the first trailer for the latest entry in the series to show off the fast-paced and highly-stylized driving actions fans have come to expect from the series. However, “Heat” looks to inject a fresh sense of style and tone by taking fans to the fictional Palm City, a Miami-inspired open world where the best street racers have gathered to build their reputation.

Races will also be split between day and night races that offer their own challenges for players.

During the day, players will take part in the Speedhunters Showdown, a sanctioned series of races for players to earn money and parts that can be used to further upgrade their cars. Players can then participate in underground races at night to build their reputation to reach the top of the racing world. However, night races will also put players in the crosshairs of Palm City’s rogue police force patrolling the streets to shut down illegal races by any means necessary.

“We’re delivering more options than ever before for players to be unique and make themselves known,” Ghost Games Creative Director Riley Cooper said in a press release. “Our fans have been clear that they want more cars, more customization, and more challenges, and we’re tuning up on every aspect. From your character’s style to your car’s performance and your driving style, we’re fuelling everyone’s creativity with this new game.”

“Need for Speed: Heat” is the first entry in the series since 2017’s “Need for Speed: Payback,” which was released to mixed reactions. “Need for Speed: Heat” is available for pre-order and will be released on November 8, 2019, on Xbox One, PlayStation 4, and PC.

“Need For Speed” is high on expression and customization, encouraging you to make whatever you choose to drive unique. photo: Electronic Arts

Over the next decade, the global marijuana industry is expected to deliver once-in-a-generation-type growth potential. Following a year that saw worldwide licensed-store sales climb to $10.9 billion, projections from Arcview Market Research and BDS Analytics suggest that global weed sales could top $40 billion by 2024, with most investment banks on Wall Street looking for anywhere from $50 billion to $200 billion in annual sales by 2029 or 2030.

This forecasted surge in legal marijuana sales is why Wall Street and investors have been piling into cannabis stocks since the beginning of 2016. Even following four very rough months for pot stocks since the beginning of April, the industry’s biggest names have risen by a quadruple-digit percentage in less than four years.

The four-letter word pot stock investors need to know

But success as a cannabis stock investor is far from a given. That brings me to my main point about investing in marijuana stocks — namely, that there’s a four-letter word you’re going to have to acquaint yourself with if you have any shot of succeeding as an investor in the cannabis space. And, no, it’s not a swear word, although I could fully understand how the recent downtrend in pot stocks could trigger those sorts of emotions with certain investors.

If you want to be successful as a cannabis investor, the four-letter word you need to become familiar with is “time.”

The marijuana industry is what I, personally, like to classify as a “next-big-thing investment.” Sure, cannabis isn’t exactly innovative, given the fact that it’s a plant that’s been around for a long time. But it does have next-big-thing growth potential, as described by its potential ascent from $10.9 billion in global worldwide sales to as much as $200 billion in a decade’s time. You’d struggle to find a growth rate that high in other sectors and industries.

But the thing about next-big-thing investments is that investor expectations have, historically, always outrun the actual growth trajectories of these investments. Whether we’re talking about the rise of the internet, business-to-business commerce, decoding the human genome, 3D printing, blockchain technology, or a host of other perceived-to-be game-changing investment opportunities, the expectations of Wall Street and investors easily outpaced the actual growth of these industries, at least in their early stages.

Another way to rephrase everything I’ve said here is this: The marijuana industry will need time to mature.

The cannabis industry is a work-in-progress

Expecting pot stocks to come roaring out of the gate from a sales and profit perspective is simply unrealistic. Let’s remember that no developed country in the world had ever legalized recreational weed before Canada, and the U.S. federal government remains opposed to legalization. That leaves our neighbor to the north as a sort of guinea pig for the rest of the world, and it makes things very complicated in the U.S., with each legalized state — and even municipalities within legalized states — having varying laws concerning medical and/or recreational pot.

Canada, for example, has been contending with a persistent shortage of cannabis since recreational sales of the drug began on Oct. 17, 2018. A good chunk of the blame for this shortage has been placed on a mountain-high backlog of licensing applications that Health Canada has on its plate for review. These licensing applications often take months to more than a year to review, which has slowed the pace of cultivation, processing, distribution, and sales in the country.

In addition, Canada is also contending with compliant packaging solution shortages and a slow dispensary licensing approval process in select provinces, and the growers themselves are, in many instances, still completing the build-out of their production capacity.

Meanwhile, in the U.S., much of the blame for tempered sales results (ahem, california) rests with high tax rates on legalized cannabis. The aggregate tax rate on legal California weed tops 40% in most cities, which has spurred black-market producers who don’t pay these taxes or abide by the same licensing wait times that legal businesses do. Since illicit growers can drastically undercut the legal market on price, California became the first state to see a decline in legal pot revenue in 2018.

None of these issues is necessarily a long-term problem for the legal marijuana industry, but it does demonstrate that the cannabis industry is a work-in-progress.

It’s time to temper your near-term expectations

Take the most popular marijuana stock in the world, Aurora Cannabis (NYSE:ACB), as the perfect relatable example.

On one hand, Aurora Cannabis is the projected leading producer in Canada, with perhaps as much as 700,000 kilos per year when fully operational, and it has a superior global presence, relative to its peers. Including Canada, Aurora has a presence in 25 countries, with the expectation being that these external sales channels will come in handy just as oversupply and commoditization hits the recreational Canadian marketplace. On paper, it looks like the company can’t be stopped, especially with a rapid sales growth trajectory.

But looks can be deceiving in an industry that needs time to mature. While I don’t disagree with Aurora’s fundamental strategy, I’d point out that it requires demand in Canada to be satisfied first before external channel sales really pick up. Given the noted supply issues throughout much of the country, it could be years before Aurora really begins to see the fruits of its international expansion pay off. That likely makes Wall Street’s sales and profit projections in the near term for Aurora Cannabis too aggressive.

The same could be said for cash-rich Cronos Group (NASDAQ:CRON). After receiving a $1.8 billion equity investment from Altria, Cronos aims to turn itself into a cannabinoid giant. It’ll lean on Altria’s knowledge to produce a superior line of vape products in Canada, and it has worked out an agreement with Ginkgo Bioworksworth up to $100 million to produce targeted cannabinoids at commercial scale. Since derivative products like these carry superior margins to traditional dried cannabis flower, Cronos Group would appear to have everything investors are looking for in a pot stock.

Yet, Cronos Group is likely going to be subjected to the same supply issues that the Canadian dried flower market has contended with. Even with Health Canada and packaging suppliers implementing solutions that are designed to get more legal product in licensed dispensaries, Canada’s supply chain isn’t going to be fixed overnight. That threatens Cronos Group’s near-term chances of operating profitability, sans one-time benefits.

In order to succeed as a cannabis investor, you’re going to have to be patient and allow for the proper amount of time to pass for the industry, and these businesses, to mature. Invest for the future, not the present.

Sean Williams has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

This article originally appeared in The Motley Fool.