WEBINAR: Amazon shines as portfolio keeps rocking

Good afternoon, it is the 29th of April 2016. I'm Alec Hogg and as usual, in fact for the 16th time would you believe it, here to take you through the BizNews Global Share Portfolio, as always our Managing Editor..Stuart here thanks Alec, always good to be back. I missed the last one so excited to see how things have changed..___STEADY_PAYWALL___.Yes and what a period we've had and in fact in the last week it's been, in the last day we had some very welcome good news because if you go back to the last week we had Apple taking an awful hiding. Before that, Alphabet getting a smack as well but Amazon came to the party in a huge way this morning, share price up by 12 percent. It has been our best performer and continues to drag us higher as you will see when we go into the portfolio a little bit further..I guess everybody is standing by. We just need to be absolutely certain that everyone can hear us. Would you like to give us the thumbs up please on your screen if you can hear us loud and clear to make sure? Remember this is an interactive discussion, so please send through your questions to Stuart. He's standing there. He's not just here to be a pretty face; he's here in fact to have a contribution. Stuart, you can see the questions there..You should put the questions in the question box on the right-hand side and we'll get to them as quickly as possible..For those who haven't attended one of these webinars before, we talk for about half an hour, take you through the structure of the portfolio, how the portfolio has performed and during the process take questions. It isn't like a presentation that you have questions at the end. As we discuss…as we're talking, you're welcome to give us the questions. Stuart then interrupts me, says here is a question from Paul or Joe or whoever you might be and then we'll address that. Let's get into the portfolio..There is the overall portfolio, prices at opening versus the prices today. You'll see there's a big change. We have sold about a third of our Vanguard S&P 500 holding and invested that into Barclays PLC. Those of you who follow BizNews closely will know around the middle of this month we got quite excited about Barclays. At that time, the Barclays share price was at $150.00. If you'd taken the obvious hint then and made the investment, you would have got in a lot cheaper than we have got in at. We try and align our buying and selling with these webinars and as you can see, we've brought them in at today's price of $174.00..We sold out a third of the S&P 500 Vanguard holding. To put this into perspective, the Vanguard holding is a fund which tracks the market overall. Therefore, when you have a look at that and you go along the top here to see percentage rise in Vanguard, that's the American market overall is up by one percent. That is in the 16 months that the portfolio has been running. If you go down to the bottom you'll see that our portfolio is up by 10 percent over that period, notwithstanding a really awful performance by Apple, down 24 percent and Berkshire Hathaway, which is two percent lower, IBM which is nine percent lower..The big winner is Amazon up 84 percent in US Dollar terms and that is on the share price before the results were released of $602.00. We aren't trying to boost any returns here but I can tell you that the Amazon share price is at $675.00 in post trading so that jumped 12 percent, which of course makes a huge difference to the overall portfolio because it is such an important stock now. In fact, when we initially bought in it was only eight percent of the portfolio; it's now up to 14 percent. The structure is as follows: The initial start was about 30 percent in Vanguard, similarly those investments into 15 percent each in Alphabet, Apple, and Berkshire Hathaway..The performance of Alphabet or the old Google has been superior to Berkshire Hathaway. That's gone from the original 15 percent to 18 percent of the portfolio. Berkshire Hathaway is a little bit underperformed. That's down to 14 percent and of course Apple underperforming significantly to 11 percent. The idea was to have a big shareholding in the S&P 500 index, three stocks as our bankers, that would be Google, Apple and Berkshire Hathaway and then we would have three other stocks that would be our share picks and of those share picks both Nova Nordisk and Amazon have done really well..IBM is not too concerned about the performance there, although it is down a little and what we've now done is we've found another stock that we think is worthy of inclusion being Barclays and we've included that and reduced the overall market holding. What it does for us here… We are likely to have another two transactions by selling the overall market or the Vanguard taking eight percent each time. Once that has been done and we find something else that's really good, we might then reduce the shareholding in one of Alphabet, Apple, or Berkshire Hathaway, whichever of the three is trading at a premium to their intrinsic value at that point in time. I hope that all makes a lot of sense to you..We believe in the Berkshire Hathaway approach of put all of your eggs into one basket and watch that basket very closely, onto the Rand side because this is what we're talking about..When we began this portfolio…in fact, when we kicked off in September 2014, we were doing really nicely and then we realised we'd only had $100 000 in the portfolio whereas we were intending to have $200 000 as a starting point. We then rebased everything; started again with $200 000 in December 2014 and that's where we've been working from..As you can see though, in the period of December 2014 the Rand appreciation has been substantial by the portfolio. In fact, up by 33 percent over those 16 months, which is an annualised return of 25% just as in a side, if you take the latest Amazon share price into account, not where it closed at yesterday, but where the pre-opening price is then that annualised return jumps to 27%. It shows you one very good set of results from one of your stocks can make a big difference and that's one of the advantages of having a portfolio like this where you focus pretty closely. When we took the decision to invest in the offshore portfolio in the first place, it was because of a view that the Rand is going to be a weak currency for a long time..We believe that the economic policies being followed in South Africa are poor and as a consequence of that, the share price will reflect it and our view is that we need to recommend that people take money offshore. Why did we go in the US market? I can tell you there was quite a lot of debate. At the time the view was, by many people that Europe and the UK would offer better value. Our feeling was that America had rebooted after the global financial crisis and indeed given the fact that when you invest in shares you invest in human ingenuity that was to stay in US only stocks but we've now added our very first town share there as you can see it, Barclays PLC. Of course, by putting it in this morning there's no difference but we do have very high hopes for that one. I'll tell you why in a moment..These are the share prices, you can see very easily or at a glance there that by far the best performer has been amazon.com and that's what happens when you get lucky sometimes. I love the company. I'm a big follower of Jeff Bezos. I like his philosophy of investing for the long-term, of focusing on cash flow rather than dividends and profit and he has certainly rewarded our confidence with 132 percent Rand gain in that period. Alphabet, which is Google and Novo Nordisk, which is a Danish-based insulin provider have also been good performers. The market overall, Vanguard, you can see there, that's the US market, is up by one percent and then Vanguard's up by 28 percent in the period or 21 percent annualised but all we do with annualised, we take 16 months, bring it down to 12 months..The Rand has depreciated on an annualised basis by 20 percent. That's been our biggest bet by saying take the money offshore and that certainly has come home. The disappointment clearly is Apple but there are reasons why we're quite happy to stick with it..Onto the graphic format there of how the portfolio has performed and as you can see it's pretty clear here, the overall market, the Vanguard performing in line with the Rand depreciations. As I said before that's our big bet over here, that we felt the Rand would depreciate and then the stock picking on Amazon has been very fortunate along with Google. Those two incidentally are two of what they call the fangs, the four shares that made a difference in the US market last year. Those four are Facebook, Amazon, and Google, which is now called Alphabet and Netflix..We don't have Netflix and in this quarter it's a good reason and why we don't have it. Amazon is giving Netflix a really good hiding at the moment in its core market of streaming video. We are very keen on Facebook but we just haven't found the right price to get into that stock and it seems every time I want to pull the trigger on Facebook it just goes higher still as it did in the last week after some great results. Facebook is one that you have to work into your calculations going into the future. Apple on the other hand has been the disappointment of the party..Dividend receipts, over this period we've received about $3,5000 in cash which is relatively small when you think there's an investment of $200 000 but it still does help in the overall performance. Let's get to the individual stocks..Vanguard or the market as a whole, which is now just over a fifth of the total portfolio….What Vanguard and Exchange-Traded Fund does is it tracks the US stock market. If you think the US stock market is a good place to be as we do then it's the easiest and the cheapest way to invest in a straight ETF. The idea must be that the shares that you buy outside of the ETF actually outperform rather than underperform as a whole. Vanguard is a bet on a stronger Dollar against the Rand and a bet on the American stock market performing better than the Rand exchange rate and so far, it's held its ground. The important thing to remember when you're investing in anything is don't lose money. The second most important thing is not to forget rule number one..No questions yet Alec..No questions? My goodness, we've got a quite lot this time. You may ask questions. Stuart is standing by if there's anything that you want to elaborate, please do..Berkshire Hathaway, we were going to go to the AGM this weekend and then we heard that it's going to be webcast..We did our calculations and then we found out that our proposed sponsor wasn't going to come to the party after all, thus we have decided to stay at home but that means that we're going to have a really big focus over the weekend. Go onto BizNews, you can either follow me on my Twitter stream or we'll be doing a lot of work on BizNews over the weekend with the webcast which comes for the first time ever, Berkshire is going to allow its annual general meeting to be passed to the world..All you need to do, in fact, is go onto yahoo.com or you can go onto BizNews and we'll have it embedded but there you can see the performance of Berkshire Hathaway. It really goes in line with the S&P 500, in other words with the overall market in the United States. The reason for this is that although Warren Buffett's portfolio is focused into four stocks, the company itself has 80 unlisted subsidiaries, nine of which would actually be Fortune 500 companies, in their own right if they had been separately listed; they're wholly-owned subsidiaries. As a consequence, this is a bet on the United States in many ways with Berkshire and Berkshire has underperformed the overall index but it isn't something that is terribly disturbing to us. The reason for this is it gives you a wonderful undertone..Berkshire has a lot of cash on a balance sheet and if the share price is to get to 120 percent of book value, not intrinsic value, book value, which is a much depreciated number or a very conservative number then Berkshire, will come in and buy back its own shares. It's not too far away from that figure and as you can see it's improved against the index quite nicely in the past month starting off at the beginning of April with a slight premium on the index, has done a little bit better. In fact, since March it's outperformed the index quite nicely, which makes a difference from what was happening towards the end of last year. The financial results for this one will be released over the weekend just after the AGM where Charlie Munger and Chairman, Warren Buffett will answer questions for five and a half hour, so do join him..The perfect business model is the way that Warren Buffett has described to Google or now called Alphabet..It's been a perfect performer for our portfolio. As you can see in the past year, it has comfortably outperformed its benchmark with NASDAQ by more than 20 percent and it has added to our benefit as shareholders in the company. In this past quarter though the share price dropped quite sharply, you can see there, from being a 40 percent outperformer in the 40 percent gain in the past year. It's come all the way back to 25% and seven, half of that was on the day that the results were released. The reason is that the company did not meet its estimates at Wall Street..At the moment. Wall Street is working on the assumption that if you don't get the targets at Wall Street once, it's going to knock back your share price. In this case, the estimate from Wall Street for sales were $16.6bn, Alphabet came in at $16.5bn and the estimate for earnings were $7.96 a share, adjusted earnings this is, Alphabet came in at $7.50 and as a consequence they took a seven percent hiding. Generally speaking, there's no reason to get worried about this company. It has cash of $75bn. It did invest a little more heavily in the quarter, in long-term bets like the data centre, the YouTube content provisions, and its new smartphone, the Nexus smartphone..In addition, Ruth Parr at the ex-Morgan Stanley financial director managed somehow to, despite the decline in sales, to increase operating margins from 33 percent to 34 percent and that is heartening if you're an investor. The operating expenses year on year were up 12.5 percent as against a more normal 15 percent so she's really getting her hands on the overspending that's gone up there. Head count of 16 percent. Google hasn't told us everything that they're busy with but they have some exciting projects on the go. To see a headcount of going up 16 percent, 64 000 people work there now, there are things in the offing. We're very happy with Google and why shouldn't we be?.Amazon, the super performer of our portfolio and the results that came out last night, South African time, were absolutely superb..The most profitable quarter ever for the company, they generated profits of $513mn, that's in the three months at the end March. They've made heavy investments and that's what attracted us to the company more than a year ago. In fact, almost a year and a half ago and those heavy investments are now starting to pay off. Of one in four households in the United States has an Amazon Prime account for which they pay $99 a year. Amazon Prime is now starting to roll out into other parts in the world specifically Europe and Japan but the big hitter here for them is the cloud. You might have heard about cloud computing and how that is transforming the world..Amazon is the dominant player in cloud computing and in the past year its sales in this area were up 64 percent. It's comfortably the biggest cloud-computing provider in the United States, an area where Microsoft and IBM and Apple indeed are trying to play catch up and are not doing that terribly well just yet. Amazon web services then is one of the big opportunities going into the future. There's Amazon. We love it and good reason to keep loving it..Big Blue, IBM, here's a stock that is offering a value proposition and interestingly enough there's a bit of an Apple story here now..Let me unpack this for you very briefly. IBM was an old economy company. It's been around for more than 100 years, it supplied hardware into most of the big companies in the United States. Indeed, it has relationships with over 80 percent of the S&P or the Fortune 500 companies. IBM guys know people in those businesses and what it's done is it's moved away from box dropping into high margin new technology areas, it's transforming itself..This is a story that's going to take years to unfold. It isn't a story that is at core of the imagination of everyone. It certainly has caught the imagination of Warren Buffett and Buffett has been buying the stock at up to $170 a share. It's trading at $151 at the moment, so you can get a $20 a share discount on what the 'Oracle of Omaha' has been buying IBM for and he's bought plenty of them. That's one of his big four holdings. S&P in this past quarter announced that it would downgrade IBM's debt from the current level or I did announce it was downgrading but it said its cut its outlook to negative which means in a way it's going to downgrade it, but only last year, only in 2012 did it go to double A minus..It now looks like it's going to be downgraded to A plus or single A plus which is where it was for the whole of the decade before 2012, so it's not really that bad an issue. Remember that investment grade, which is the benchmark for bonds. Triple B minus is the last investment grade as we know as South Africans. The minute you go, and the way it works is you start at the top triple A, that's your best in the world. Then you get double A plus, double A and then double A minus, then you go to A plus, A and then A minus and then you go to triple B plus, B, triple B and then triple B minus and then only do you break below investment grade, so they're a long way ahead of investment grade. In fact, the credit is a lot superior at IBM as it is to South Africa, sad but true. The share price though, has been a little bit lower. We are not concerned. This is a long-term debt and we believe that IBM is still good to stay with..Backtracking to Amazon, Warren Ralph wants to know if it's too late to get into Amazon. Has the horse bolted?.Warren, this is a question, which I think we've been asked a number of times. I've just put the Amazon graph back up onto the screen there. There are times when you have pullbacks in these highly rated companies and Amazon did have a pullback as you can see after February into or round about mid-February where it came back a long, long way. In fact, it dropped. The performance was down by nearly 50 percent from the 60 percent year-on-year, down to just over ten percent year on year and I guess that's what you have to think about. However, the unfortunate thing here is that if you look at this graph, instead of being 40 percent up year on year after the results and the market's reaction to the results, that's now up by 52 percent..I believe that the best way to play this and this is the way I always try and answer these questions, is our holding period for these stocks is forever but we can't time it perfectly on when you get in. The best idea or the best thing to do is to space your purchases over three months. You have to be really, really unlucky if you're going to buy it over three months to hit a peak in every time you do that. More likely, you take the timing issue out of it. If you're going to add Amazon to your portfolio and we have about 12 percent of the portfolio now, the idea would be to say you had $100 000 that you were starting with, you're going to put $12 000 into Amazon, go $4000 now, $4000 next month, $4000 the following month..What that does is three things. It takes out, clearly the timing of the share price but also it takes out the Rand timing, so it's very, very difficult now to know where the Rand is going to go. Jacob Zuma somehow is hanging on, he's clinging on by his fingernails to his presidency. He got another big couple of hits today. You can go and look on BizNews and you'll see why. That presidency, if you were to leave there is no doubt that that would help the Rand appreciate because there would be a perception amongst international investors that better is in the offing..What usually happens though is that not long afterwards the international investors lose interest, go to another country and then the Rand comes back again. We have to, as much as possible, long-term the Rand is going to be weak because of economic policies being followed here, but there can be big changes in the short-term because of one-off events. Our view on the way to address that is to stagger your purchases over every three months, so yes Amazon's still good but don't pile in today, stagger it over the next three months..Peter Bodell has bought into the DBX US, Alec. He wants to know what the fundamental difference between that and the S&P 500 is..Price and what I mean by that is cost. The Vanguard is, 0.05 percent is what you pay in commission, the DBX, I haven't looked at it recently, but I can assure you, is substantially higher than that. Vanguard 0.05, that's one twentieth of one percent, is the cost that Vanguard is charging, the lowest in the world, that's the reason why there should be, as far as performance is concerned, there should be very little difference, the DBX tracker should be tracking it but then the costs that you pay in the DBX tracker will be higher..Just quickly one from Jones, I think you might have touched on it. The Rand, he wants a six-month prediction..No, Gareth I'm not clear enough to even start thinking about that. In fact, a good point on that issue is what Buffett says, is that he focusses on things that he can understand. He focusses on companies themselves not on the big picture. Trying to call the big picture is a game for fools. Rather just look at the stocks that you like, try and take out the timing of whatever you can, the price timing that you're talking about, make sure you have that margin of safety when you invest and stick with it in the long-term. It's very hard to say there's a margin of safety today in amazon.com but on the other hand, the way that, that company is performing it's very hard to find an intrinsic value for it now as well. My feeling is it has such great prospects. It's continuing to make gains in important markets..I wouldn't like to be in Netflix right now because Amazon are eating their lunch for instance, on the video streaming in the United States, as I mentioned earlier, Amazon now have 40 percent of that market. You would have thought Netflix given the share price would have the lion's share, not so? Onto our next stock Novo Nordisk, this is a very good performer..As you can see, not a whole lot of over the past year. It's pretty much in line with the market generally but we've had dividends coming through and this is one of those good, long-term holdings..A Danish company, which is selling about a third, I think it is of the world's insulin and there are various estimates, some say up to 50 percent but let's be conservative and say a third. The world is finding diabetes an increasing problem and as a consequence of that… If you are one of those companies that have a good stake in serving the diabetes market as Novo Nordisk does then you're in a good place clearly from a fundamental reason, a very well managed company and one of the best places in the world to work for by all of the different matrixes..The CEO was voted one of the top CEO's. They've really got it together there and their strategy is to stay in front or stay right at the forefront of your development by investing heavily in research and development, keep your market share and keep your cost increases down. That way when people do become diabetic they have to go through many tests to get the diabetes medicine, the right cocktail to begin with. They're betting Novo Nordisk that they'll, but once they're using the Novo Nordisk products they'll stick with them..Apple. We need to spend a bit of time on this one..As you can see massive underperformance after a hit that Apple took in the wake of the financial results that were released this week. Carl Icahn, an American investor who was one of their biggest shareholders, in fact he owned 46 million shares worth about $4,5bn has given up, he has sold his shares, this after a year ago he said that the stock was worth $240.00 more than double the current share price and we're sitting at now at comfortably below $100.00. Good time to buy in though, our intrinsic value of this share is comfortably above $120.00. It's sitting at eight times the most recent year's earnings. That's a PEE of eight for the biggest company in the world..The bet that people are making on Apple is that it is an iPhone company and that iPhone's sales fail in the quarter for the first time ever and that iPhone sales are now going to start topping out and Apple as a consequence is going to be worth less. I have a different view. My view on this one, and it's the one that Tim Cook, the CEO is propagating, is that Apple has about 700 million individual users who use their products and love their products. It's almost cultish even though there are lots of people who are now on the Apple bandwagon and those users are like an IBM story. They can be sold services and products..I signed up for this Apple Music, which already has 13 million subscribers around the world. It is a fantastic service; it's a streaming music service. You never have to buy another CD; you pay in South Africa just over R100 a month. You get your whole family and five people in your family who can link up to the family service and it has playlists, any kind of playlists. They recommend a number and you can literally listen to any music you want to. Of course you need to have bandwidth and broadband and as fiber rolls out more and more in this country it's going to become more appealing rather listening to the music you want to listen to than a radio station that throws a whole lot of adverts in between..Streaming is already generating more revenue globally than individual sales of music tracks. It's the future. Apple's big in that instance and anybody who's even tried Apple music will understand why it's taken off so quickly but the market is still saying this is an iPhone company. If they don't sell as many iPhones this quarter as they sold last quarter then we're not interested in it anymore. Apple's sitting on $153bn in cash. The iPhone 7 is coming out later this year. That's going to be a big testing point as far as the investment or Mr Market is concerned but for long-term investors like us at this kind of a share price round $92.00, $94.00 you're buying in, as you can see, at a substantial discount to what we paid..There are the opening prices as against where we are today, just the recap on all of that..Barclays PLC, one of the reasons that I like this is that it is really a good value proposition. The shares are trading at the same level they were at 20 years ago. It now has a new chief executive, it has a new chairman, and both of them are focused on delivering value out of the company. It trades at 70 percent of book value. Can you imagine that? Banks in this country trade at least twice book value and in good times up to three to three and a half times the book value. Barclays at the moment at 0.69 of book, it is a business that although it was down in the most recent quarter with profit before tax down 44 percent, its overall earnings were down 17 percent year on year. It still has maxed nearly $1bn profit before tax, so it's not as if it's going out of business. It has an ancient, very, very strong brand in the UK in the High Street..If you like retail banking, that's where more than 100 percent of the profits are generated. What I mean by that is in the quarter a UK retail banking gave Barclays £1.6bn in profit and its profit before tax overall was £900mn, so you can see other parts of the business are losing money. It's in the process of selling South Africa. That was a difficult decision for it to take. That's coming to a rapid conclusion it seems with Bob Diamond, the former chief executive of Barclays who left over the Libor scandal. He now has the resources from the big American private equity firm Carlyle, who have confirmed it and now I guess it's just a question of negotiating what exactly you want of Barclays Africa. Remember 85 percent of that is Absa. Absa might well have a new owner in the near future..Barclays did signal its intention to sell Absa as long ago as December and that or Barclays Africa is as the broader company is called and that sparked a decline in the Barclays Africa share price. There was no one who was prepared to buy the whole thing; therefore, Barclays said they would trickle in the shares onto the market. That wasn't well-received by investors but if they do manage to strike a deal, a cash deal of about £5,5bn with Bob Diamond or anyone else for that matter, it's certain to lift the share price. We could have got in a little bit earlier at £1.50.00 we're in at £1.74.00. I suggest you follow us..On the Barclays purchase, Alec, Bruce wants to know why Barclays and not more Apple at the discounted price..We're full of Apple now; we're full up with 15 percent of the portfolio. You're in danger of chasing perhaps throwing good money off to bad. I don't also want to go, if at all possible to more than 15 percent in one individual stock. As much as I love Apple, it's not really smart portfolio management. You have all your eggs in one basket but you don't just buy one big egg. Barclays at this point in time is a good opportunity. If you're starting off and you haven't invested in any, in the portfolio yet then I still recommend that you replicate everything we've got because that does give you a good balance. As you can see, you never really know where your big winner's going to come from. In the short-term, anything can happen, like with amazon.com..We knew the story, we like the story but the rest of the market didn't. As it happens, they've picked up on that story a lot quicker than they've picked up if you like on the Apple story or the IBM story. Google was always going to be a solid, good performer, so was Novo Nordisk. Barclays has the potential to be another Amazon. That's really what I'm looking at whereas Apple because it is already the most valuable company on earth, is unlikely to, it starts giving you the jitters when one company is worth $700bn. People do start worrying that it's being over-priced at that level even though on any strict analysis, earnings, etcetera, it might still be cheap at that level. Right now, it's very cheap..Quickly just a fact on that Apple cash holding, Alec, apparently you can buy Uber, Tesla, Twitter, Airbnb, Netflix, and Yahoo and still have $18bn leftover..It's a very good point. When you're buying Apple today, you are betting that they're going to be able to apply that money sensibly. Lots of other people at the moment are saying at an eight times earnings, Apple is going to waste that money. I can't see it. It's like when people ask what's going to happen to Berkshire Hathaway if Warren Buffett leaves. Nothing because he's spent his whole life or he's had enough time to set up his succession. Steve Jobs did exactly the same thing. He knew he was in trouble a long time before he died, when he got cancer and he brought in his chief operating officer of many years, Tim Cook to run the business. It's that kind of a legacy that, they don't blow it with that kind of culture in the business. That's it. We've extended our time a little today by about another ten minutes..I hope that you will indulge us for that. Overall the portfolio is still running at 25 percent annualised return, in fact, 27 percent if you take in amazon.com, it is, there's probably a little bit of heat in the amazon share price today. If you're buying it for the first time please take our advice and stagger your purchases over three months. In fact, anything that you do it's always best because of the Rand and the unique situation we have in South Africa to do it that way, stagger your purchases over that period..Next month I'll be sitting in the UK, how cool is that? I'll be much closer to the action itself and will be in a position hopefully to add more value. I'm going to try and see the people at Barclays PLC or at least see some of the analysts to see what it is that the market is hoping for out of that company then we'll get to know that company well. I've been watching it for a long time, as you know. That's the first new edition to our portfolio in many months. The last one we put in was in fact, adding to our Apple shareholding a while ago. We look forward to being back in a month's time. Until then, just keep your head down and grit your teeth through these tough times. Remember investing is not a 20/20 match. It's a long; in fact, it's like the timeless test..Thanks Alec, was great.

WEBINAR: Amazon shines as portfolio keeps rocking

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