Financial Markets Meltdown

[mooseknuckle]

The new one..... Feg coins, a crypto type currency. Wow is it ever moving. Fingers crossed i bought alot.

[Sundog57]

The frightening thing is...
You better stay invested because that's the ONLY way you're going to stay even with the surge in inflation that's coming.
Any of you who remember the 1970s can also remember that in the late 60s and early 70s the Canadian government ran huge deficits and inflated the money supply and through the UI system basically paid people to stay home. And when you create more money but don't increase what you are producing it's pretty clear that the value of that money goes down. (or if you wish prices go up)

Dividend paying stocks will typically protect you as their yield and value will also tend to inflate - cash will just become less valuable by the day.
The current Liberal thinking on economic theory is described here - both Turd and Freeland subscribe to this theory - goes with the "guaranteed annual income - we'll just give you money, you don't have to do anything.
Remember "deficits cure themselves"?
https://fcpp.org/2021/02/20/a-prepos...oples-economy/

[MooseRiverTrapper]

Originally Posted by mooseknuckle

The new one..... Feg coins, a crypto type currency. Wow is it ever moving. Fingers crossed i bought alot.

I had to look at what new worthless meme crypto Feg was. Looks like it’s trading at $0.000000.

[mooseknuckle]

Originally Posted by MooseRiverTrapper

I had to look at what new worthless meme crypto Feg was. Looks like it’s trading at $0.000000.

Doesnt go public till monday. But 282% in a few days...... will see what happens monday. Could be interesting. This is the second time buying in my life, the last time was ACB @ .42, sold for $13.80. paid off my house. So when the same guy gives me a tip and says buy..... im in.

[fishtank]

Originally Posted by MooseRiverTrapper

I had to look at what new worthless meme crypto Feg was. Looks like it’s trading at $0.000000.

From the coinmaketcap site

The live FEGtoken price today is $1.49e-10 USD with a 24-hour trading volume of $687,760 USD. FEGtoken is up 149.30% in the last 24 hours. The current CoinMarketCap ranking is #2572, with a live market cap of not available. The circulating supply is not available and the max. supply is not available.

The main idea behind FEG is to provide a decentralized transaction network which operates on the Ethereum blockchain. The path forward for FEG is determined by market fluctuations, but the model it runs on begs FEG to succeed.

FEG is a deflationary token with a max circulating supply of 100 Quadrilion. On each transaction, a tax of 1% will be distributed to the holders and a further 1% will be burnt, hence incentivizing holders to hodl and decreasing the supply overtime. As the supply decreases, the scarcity of the token increases. This inversely-proportional relationship constitutes a supply and demand model. Furthermore, there is no limit as to how many tokens can be burnt. Without a burning limit you know what happens next.

[MooseRiverTrapper]

Originally Posted by fishtank

From the coinmaketcap site

Few different sites I hit off google are showing it 0.000000

Hope it goes to the moon though lol

[fishtank]

Originally Posted by MooseRiverTrapper

Few different sites I hit off google are showing it 0.000000

Hope it goes to the moon though lol

Like any ponzi and pyramid schemes , early bird gets the worm .

[fishnguy]

So the price is then 1 feg token = 0.000000000149 USD.

Never heard of it before. That market is booming, so good luck.

[fishtank]

FYI canada just legalized single game sports bettting ...

[bdub]

Originally Posted by Dean2

Most of you guys already know this but: interest rate increases will show up as price degradation in the interest sensitive stocks like Utilities

I used to think this was the case so a while ago I dug into the relationship between the SP500 Utility index(XLU) and the US ten year yield. I found that there is almost no correlation in the monthly level of the ten year and the utility index from 8/1/2002 onward. Laying the two charts over each other is an eye opener. Sometimes we see a strong negative correlation, sometimes the opposite, sometimes there seems to be no relationship. We see periods of rising rates and an increase in the index, periods of seeming no relationship and times of decreasing rates and a rising index. Overall for the entire period I ended up with a positive correlation of only .025, pretty insignificant.

Right now the spike in rates sure seems to be taking the shine off the utilities but they are also still sitting just above the long term trend line. Any dip below that trend line in the last 18 years or so has been a good entry point. The sector has been surprisingly volatile since the selloff in March and many of the Canadian names like Emera, Fortis are still well off the pre-pandemic highs.

I thought a few guys on this thread would find this interesting. A guy could also do this analysis using a handful of Canadian utility stocks and our bond yields but I expect they would give similar results.

[Austin]

Originally Posted by fishtank

FYI canada just legalized single game sports bettting ...

Indeed,,, that is probably why The Score ticker SCR had its reverse split and surge. The app will have sports betting on it once the legalities settle.

[Ronaround]

Ok> mooseknuckle

i went there to see how to get on line to try. WThell.

i have Bitcoin app and Coinvault also to buy with.
this is confusing .any thoughts on where to get set up at?

thanks Ron

14 days agoTake My Energy
How to Buy Feg token (ETH/FEG or BNB/FEG)
Serious.
So I see a lot of people having issues trying to purchase Feg wether it is the Eth or bnb pair. Here are some basic instructions on how to purchase feg on both uniswap and pancake swap.

Step 1

First you must download the app metamask to your computer or phone. Once installed, set up your wallet as you would any other wallet and continue to the next step.

Step 2

Eth/Feg

before buying anything, your going to want to add a custom token for the feg token. Go into your metamask wallet and select add token. Then copy and paste the contract address from coingeko into the add token address field. Here is the contract address if you can not find it. The token symbol section should fill automatically when done correctly.

https://www.coingecko.com/en/coins/feg-token

after you have successfully added the token to your wallet, visit the uniswap exchange

https://app.uniswap.org/#/swap

Before continuing, make sure you have bought ETH on the exchange of your choice and have transferred it to your wallet. I know this may be common sense to some but for noobs like I was at one point, it wasnt. If you do not know how to buy ETH and send to your metamask wallet, youtube or google it. Its actually quite an easy process.

once you are at the uniswap page. Select ETH to FEG. It should ask you to import FEG token if it does not show up as an active token. Press connect wallet and wallet connect to your metamask wallet. Metamask will ask for authorization to your wallet. Select authorize.

click the gear icon in the right corner and manually put your slippage anywhere between 3% to 5%. Make sure you have enough ETH to cover gas fees and then authorize the transaction.

Congratulations, you now have purchased FEG Token

Step 3

Follow the same steps above but make sure to use pancakeswap instead of uniswap. Make sure to use the contract address on pancake swap for the bnb/feg as the contract address to add the token from coingeko wont work. Also make sure to add the bnb network to metamask.

Bnb/Feg

In metamask : settings -> networks -> add network

Type in following data:

Network Name: Binance Smart Chain New RPC URL: https://bsc-dataseed.binance.org Chain ID: 56 Symbol (optional): BNB Block Explorer URL (optional): https://bscscan.com

3. Click save

4. Select Binance Smart Chain as the network in the drop-down menu in the main metamask interface

5. Send $BNB to your wallet using binance global or binance.us

6. use the $BNB to trade on a #BSCDEX such as : https://exchange.pancakeswap.finance

if your having trouble connecting to your wallet using pancake swap, access pancake swap using the metamask browser and connect to your wallet within the metamask browser. Just input this link into the metamask browser to swap bnb for Feg

https://exchange.pancakeswap.finance...e08d9173bc095c

Congrats, you now have feg token.

Hopefully this helps people. I'm new to crypto as well and had a lot of the same issues. If anyone can clarify anything I missed to help out others, I'd appreciate it. This is my first post to any forum ever. Happy trading guys!

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Comment as Civil-Revolution3236

[Pixel Shooter]

OMG my head hurts, even watched a couple vids and no smarter lol

[mooseknuckle]

Originally Posted by Ronaround

Ok> mooseknuckle

i went there to see how to get on line to try. WThell.

i have Bitcoin app and Coinvault also to buy with.
this is confusing .any thoughts on where to get set up at?

thanks Ron

14 days agoTake My Energy
How to Buy Feg token (ETH/FEG or BNB/FEG)
Serious.
So I see a lot of people having issues trying to purchase Feg wether it is the Eth or bnb pair. Here are some basic instructions on how to purchase feg on both uniswap and pancake swap.

Step 1

First you must download the app metamask to your computer or phone. Once installed, set up your wallet as you would any other wallet and continue to the next step.

Step 2

Eth/Feg

before buying anything, your going to want to add a custom token for the feg token. Go into your metamask wallet and select add token. Then copy and paste the contract address from coingeko into the add token address field. Here is the contract address if you can not find it. The token symbol section should fill automatically when done correctly.

https://www.coingecko.com/en/coins/feg-token

after you have successfully added the token to your wallet, visit the uniswap exchange

https://app.uniswap.org/#/swap

Before continuing, make sure you have bought ETH on the exchange of your choice and have transferred it to your wallet. I know this may be common sense to some but for noobs like I was at one point, it wasnt. If you do not know how to buy ETH and send to your metamask wallet, youtube or google it. Its actually quite an easy process.

once you are at the uniswap page. Select ETH to FEG. It should ask you to import FEG token if it does not show up as an active token. Press connect wallet and wallet connect to your metamask wallet. Metamask will ask for authorization to your wallet. Select authorize.

click the gear icon in the right corner and manually put your slippage anywhere between 3% to 5%. Make sure you have enough ETH to cover gas fees and then authorize the transaction.

Congratulations, you now have purchased FEG Token

Step 3

Follow the same steps above but make sure to use pancakeswap instead of uniswap. Make sure to use the contract address on pancake swap for the bnb/feg as the contract address to add the token from coingeko wont work. Also make sure to add the bnb network to metamask.

Bnb/Feg

In metamask : settings -> networks -> add network

Type in following data:

Network Name: Binance Smart Chain New RPC URL: https://bsc-dataseed.binance.org Chain ID: 56 Symbol (optional): BNB Block Explorer URL (optional): https://bscscan.com

3. Click save

4. Select Binance Smart Chain as the network in the drop-down menu in the main metamask interface

5. Send $BNB to your wallet using binance global or binance.us

6. use the $BNB to trade on a #BSCDEX such as : https://exchange.pancakeswap.finance

if your having trouble connecting to your wallet using pancake swap, access pancake swap using the metamask browser and connect to your wallet within the metamask browser. Just input this link into the metamask browser to swap bnb for Feg

https://exchange.pancakeswap.finance...e08d9173bc095c

Congrats, you now have feg token.

Hopefully this helps people. I'm new to crypto as well and had a lot of the same issues. If anyone can clarify anything I missed to help out others, I'd appreciate it. This is my first post to any forum ever. Happy trading guys!

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Comment as Civil-Revolution3236

I have an IQ of about 24. lol. I paid a dude $40 to set it all up. Jeepers reading through all that...... $40 well spent. Lol.

[Ronaround]

moose>
that's what i thought too.
i did my other two fairly decent, this one isn't gonna happen before Monday bell, that's for sure.
I wish you well on this endeavor.
ill keep trying before its a dream, keep us posted.

[Dean2]

Originally Posted by bdub

I used to think this was the case so a while ago I dug into the relationship between the SP500 Utility index(XLU) and the US ten year yield. I found that there is almost no correlation in the monthly level of the ten year and the utility index from 8/1/2002 onward. Laying the two charts over each other is an eye opener. Sometimes we see a strong negative correlation, sometimes the opposite, sometimes there seems to be no relationship. We see periods of rising rates and an increase in the index, periods of seeming no relationship and times of decreasing rates and a rising index. Overall for the entire period I ended up with a positive correlation of only .025, pretty insignificant.

Right now the spike in rates sure seems to be taking the shine off the utilities but they are also still sitting just above the long term trend line. Any dip below that trend line in the last 18 years or so has been a good entry point. The sector has been surprisingly volatile since the selloff in March and many of the Canadian names like Emera, Fortis are still well off the pre-pandemic highs.

I thought a few guys on this thread would find this interesting. A guy could also do this analysis using a handful of Canadian utility stocks and our bond yields but I expect they would give similar results.

While I agree with you with respect to 2002 onward one does have to remember that we have had extraordinarily low interest rates for that whole period of time, and the last few years rates have approached zero. If you run that graph back to the 80s you will get a different result. What the market is reacting too is the potential to see mid to long rates more than double, this is driving down bond prices. Even Warren Buffet, in his just released letter, is warning investors to avoid bonds and that this rate market is showing signs reminiscent of the 80s. Second point, even if there was no real correlation, I try to deal with what is happening in today's market and today, utilities are being pushed down in price due to rapidly rising mid and long term rates. REITs are being discounted because rates affect the CAP rates and thus NAV but also because office space and enclosed malls are so out of favour.

Long and short, for a variety of reasons Utilities, Pipelines and REITs are trading at a significant discount and to me that makes them a buying opportunity. I like the Banks but after the huge run they have had I would be waiting for a pull back before adding any more of them. Also, as I pointed out above, a REIT, Utility or Pipeline with a 5 to 7% dividend yield is still going to be a superior earner in comparison to a GIC for a long period of time. It is going to be quite a while before rates get up to 9%, so I am taking the current market disfavour and benefiting from it. Most every other sector is fully priced, many are over priced, this is about looking for the deals.

[bdub]

Hey Dean.
Perhaps if we ran the data back to the peak of rates in 81 we might see a different level of correlation. Unfortunately its a pita to compile sector specific data going back that far. Nowadays, with the variety of etf's its easy to do comparisons going back to the early 2000's, late 90's. Prior to that it's a pita.

Bonds, I have been thinking and saying that bonds are in a huge bubble for awhile. Rates (just before this rise) have never been this low in all of recorded history, several hundred years. It's a huge, huge bubble, in the biggest market in the world no less. If your portfolio mix is the typical 60/40 split be ready for some disappointment as bonds are not going to provide the hedge or returns to the portfolio like they have in the past. Perhaps the bond selloff is a little overdone here and some short term gains are possible right now, but I don't think it's going to last long. Inflationary pressures are building. If anything might be positive in bond land it's that the vast amount of government debt may force the FED into yield curve control.

I agree with you on the utilities for a long term hold looking like an attractive entry point. It's a regulated business, they can negotiate their rates of return as interest rates change. Just have to deal with the lag. As a part of a diversified portfolio this looks to me like we are at/near a nice entry point in utilities. But who knows jmo.

[raab]

Oil up to almost $65 bucks a barrel. Remember to put some money away this time boys.

[Dean2]

Originally Posted by raab

Oil up to almost $65 bucks a barrel. Remember to put some money away this time boys.

Everybody promises no on actually does it!

OPEC just announce they aren't upping production so that bumped oil another 2 bucks. Been quite profitable playing the short term buy and sell with oil and gas stocks. I am surprised OPEC+ has managed to maintain cohesiveness this long but as long as it lasts they make a good shhort term trade.

Other thing I find interesting is everyone blaming rising 10 year rates on the fear of inflation. Seems like just one more bedtime story from Bonzo to me. Inflation would drive short rates not long, and what is driving rates up is the large players selling off the billions in bonds they bought when they swung out of Equities to sit on the sidelines. With the stock market roaring and more stimulus plus the vaccine roll out, they are dumping bonds to buy back into equities. Old supply and demand, dump bonds, price drops, yield effectively increase. Once the rotation out stops rates will come back down, world governments would never be able to service current debt levels at higher rates, but this massive rotation is going to drive shares prices for quite a while yet, particularly in stocks that benefit from the economy coming back on stream. Consumer spending is going to jump big time once the vaccine roll out hits 70%. Just think of all of the areas of the economy that will benefit from the consumer reasserting their dominance in the GDP area.

[Simplefarmer]

Originally Posted by raab

Oil up to almost $65 bucks a barrel. Remember to put some money away this time boys.

The Energy Industry allowed myself to semi-retire at the age of 45... I only work now when I want, which lately seems less and less.

Jim

[raab]

Originally Posted by Dean2

Everybody promises no on actually does it!

OPEC just announce they aren't upping production so that bumped oil another 2 bucks. Been quite profitable playing the short term buy and sell with oil and gas stocks. I am surprised OPEC+ has managed to maintain cohesiveness this long but as long as it lasts they make a good shhort term trade.

Other thing I find interesting is everyone blaming rising 10 year rates on the fear of inflation. Seems like just one more bedtime story from Bonzo to me. Inflation would drive short rates not long, and what is driving rates up is the large players selling off the billions in bonds they bought when they swung out of Equities to sit on the sidelines. With the stock market roaring and more stimulus plus the vaccine roll out, they are dumping bonds to buy back into equities. Old supply and demand, dump bonds, price drops, yield effectively increase. Once the rotation out stops rates will come back down, world governments would never be able to service current debt levels at higher rates, but this massive rotation is going to drive shares prices for quite a while yet, particularly in stocks that benefit from the economy coming back on stream. Consumer spending is going to jump big time once the vaccine roll out hits 70%. Just think of all of the areas of the economy that will benefit from the consumer reasserting their dominance in the GDP area.

I think the economy is going to go insane here. A lot of pent up demand. People want to go out and eat, or go travelling, or to a ball game again. I honestly think they're keeping the restrictions in place until tax season ends so they can take some of the cash they've created out of circulation. MMT is being put to the test here. If they cant get the money out of circulation before velocity picks up we'll undoubtedly see inflation.

[Dean2]

Originally Posted by raab

I think the economy is going to go insane here. A lot of pent up demand. People want to go out and eat, or go travelling, or to a ball game again. I honestly think they're keeping the restrictions in place until tax season ends so they can take some of the cash they've created out of circulation. MMT is being put to the test here. If they cant get the money out of circulation before velocity picks up we'll undoubtedly see inflation.

I think you are spot on with respect to inflation, we are already seeing it in large doses due to supply shortages. House price running rampant, home in Van sold for $900,000 over ask, average house in Toronto over a million, food prices climbing 30% in the last year, RVs, Quads, Freezers, everything in short supply and premium prices being paid for the ones people can find, Lumber is up 400%, gun powder selling in stores for $90 a pound, housing starts even in Alberta are 25% higher than Feb last year and back to pre-pandemic levels, other places starts are WAY above pre-pandemic. Even if production catches up to demand, there is Trillions of dollars in consumer hands, so you are spot on with regards to velocity being a big driver with the increased money supply. Anyone looking at big ticket purchases would be well advised to do it now, prices are only going to shoot up over the next 24 months and I don't see them coming back down after that, best case scenario they level off.

[raab]

Originally Posted by Simplefarmer

The Energy Industry allowed myself to semi-retire at the age of 45... I only work now when I want, which lately seems less and less.

Jim

It's been good to many here in Alberta, either directly or indirectly. For myself I've been lucky enough to do just about anything I've wanted due to the jobs created. The oilfield also gave me a start in the trucking industry while paying well. The public sector in Alberta also has some of the best wages in Canada as a result of the oilfield. It makes no sense to me whatsoever why any Albertan wouldn't support a strong robust economy which includes oil and gas.

[bdub]

The main drivers of the ten year are inflation and expectations of inflation, expected changes in GDP, and what bond yields globally are doing. The FED controls the short end via the FED funds rate. The longer end is controlled by the market. The FEDS involvement in the long end is a distortion of true market forces. Debt is probably going to force them to stick their noses in big. I think the market will win eventually, inflation and a polite default through devaluation may be coming imo. Scary thing is everyone is in the same boat.

[raab]

Originally Posted by Dean2

I think you are spot on with respect to inflation, we are already seeing it in large doses due to supply shortages. House price running rampant, home in Van sold for $900,000 over ask, average house in Toronto over a million, food prices climbing 30% in the last year, RVs, Quads, Freezers, everything in short supply and premium prices being paid for the ones people can find, Lumber is up 400%, gun powder selling in stores for $90 a pound, housing starts even in Alberta are 25% higher than Feb last year and back to pre-pandemic levels, other places starts are WAY above pre-pandemic. Even if production catches up to demand, there is Trillions of dollars in consumer hands, so you are spot on with regards to velocity being a big driver with the increased money supply. Anyone looking at big ticket purchases would be well advised to do it now, prices are only going to shoot up over the next 24 months and I don't see them coming back down after that, best case scenario they level off.

I completely agree

[Dean2]

Originally Posted by Dean2

I have been buying and selling the oil and gas stocks. I still dont like them for a long term hold but when you can pick up from 100 to 500 percent on well managed, low leverage strong cashflow companies that have been beat down way below their value I just can't ignore those kinds of returns. A year from now I probably won't be holding any oil stocks again but in the meantime there is some excellent returns. REITs on the other hand are nearly as beat down and make great longterm, high dividend holds.

So I posted his less than a month ago so figured time for an update. In the meantime most REITs are up between 20 to 30% in less than a month. There is still some upside in a few of them but a good chunk of the upside is now in the share price.

I sold all of my Rogers at $64 March 16th, missed the very top of 65 and change on the over excited run up after the announcement of the Shaw deal but overall timing was pretty good as they are back down to $60. I think they are massively overpaying for Shaw, not to mention the huge debt/dilution if the deal does actually get approved. Rotated the money into Telus and BCE.

Trimmed the Enbridge position by half, bought at $33, sold at $45.50, they just can't seem to quit getting in their own way. Any company with this many legal problems is not something I want to hold a big chunk of. If it gets to 50 bucks the rest will go down the road too. Still holding a full position in TRP and partials in Inter Provincial Pipe and Pembina.

Sold off half the positions in Ensign, Cenovus, Whitecap, Freehold, Vermillion, Peyto and CNRL. Now playing with just the profit in each.

Utilities are still out of favour and trading at a discount to historical levels. With their strong dividends you get paid to wait so might be worth looking at Alta Gas, Canadian Utilities, Capital Power, Fortis and Hydro One.
No two ways about it, a rotation into the cyclicals and value stocks is happening. The run up in the major banks has been amazing. Just one example, bought TD at 56 trading at $87 in 10 months. Banks are worth looking at on a pull back but they are pretty fully priced right now.

[ehrgeiz]

^
Dean2 solid advice! I was looking for a safe place to store some cash to offset my degenerate crypto gambling and settled into Fortis. I looked at REIT's as well, it appears I should have gone for it, but I can't shake the feeling that the world has changed and businesses will continue to downsize or eliminate space. I know it's going to be a battle to get a number of my staff to come back to the office. Guess we'll see.

I made a big move into western Canadian O&G at what I thought was the darkest days (NDP, Liberal + oil curtailment). Little did I know what 2020 had in store. Nice to see that move finally start playing out.

What's your thoughts on the next undervalued play or is it not yet apparent?

I see the makings of a banking disruption coming from the world of tech and crypto. A lot of miles before that wave hits, but I see it forming now.

Mooseknuckle's FEG is a ****-coin! I expect nothing less than 1000x gains! It's an entertaining project though, I still can't figure if they're actually building another DEX or just trying pump FEG. Either way I'll carry on for the ride.

To provide a contribution, if anyone was interested in moving into crypto, I see ETH as significantly undervalued at the moment and have been picking up more. Especially as Proof of Stake and EIP 1559 come into play this summer. Def could go the other way though, it is crypto and volatility is part of the game.

[Dean2]

So if having thousands working from home is such a great thing why does the service from so many of these companies absolutely suck. Wait times on phone lines are hours long, chat services overloaded, days to get emails returned, approvals taking weeks, government departments months behind in their service offerings and I could go on much longer. Productivity has taken a massive hit and unless companies and the employees get a whole bunch better at managing work from home this isn't going to last. The instant excuse for bad service, delivery failures, staff not responding is "Covid". The fact they should have tons of unused capacity is ignored. Also, any company who can't figure out how to properly man the phone lines after over a year, needs to fire their senior leadership and get some people who can figure it out. Someone show me a company where the service has actually improved when all their staff started working from home.

From what I can see, working from home is a coping mechanism and it is not being done well anywhere I have seen. Any company owner that agrees to let this continue is going to regret it, unless they can really ramp up the management practices they use. I see there being some shift in retail malls, as well as downtown office space, but not enough to impact the bigger diversified REITs. I would not be focused on Office space only REITs or ones that only hold enclosed malls but there are few that specialise in this.

As far as your question about undervalued stocks, the only area I see is the Utilities I mentioned above, but if you are hooked on Bitcoin paced gains a 6% dividend and 5 to 6 percent capital growth may not be in your wheel house.

[Grizzly Adams]

Watch the China Hustle on Netflix. Just another reason I don't dabble in that Crap.

Grizz

[ehrgeiz]

^
Dean2
^
Yeah, I'm not sure how WFH will play out broadly. In my situation you don't charge-out, you don't get paid and with that we have a few staff that live rural and have shaved 1-2 hour commutes out of their day. Definitely getting better production there and they don't want to come back every day. That said, I can only imagine the lack of productivity in a WFH salaried bureaucrat who pre-COVID already set out to do as little as possible.

I keep a foot in both worlds. 5-6%+ stable baked into a good entry and wrapped in an RRSP is nothing thumb nose at.

I do think crypto is the future of finance, but there will be bumps ahead!

Grizz
^
It's all a Dark Forest, but unfortunately at this point in time to not play is a sure way to lose the value of your labor.