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[] CNBC could not confirm the amount of losses Melvin Capital took on the short position. Citadel put it in US$ 2 billion, while Point72 put in US$ 750 million. I will say though, the skeptic in me wonders if Citadel abused their MM privilege to facilitate short sales for other funds without locating borrows and realized they are ultimately fucked when they have to margin call those shorts. COMPLETELY NEW 6.4M share put position in Mylan Pharma (Ticker:VTRS) on 12/31/2020. What is The Likelihood of AMC Squeezing Any Moment? Since January, Citadel and Point72 collectively possess controlling interest in the company's direction and strategy. Melvin Capital also contended that rumors of the fund intending to file for bankruptcy are false. [11][12] CIO Gabe Plotkin described the fund to Bloomberg as a very human-intensive place. But the Griffin/Plotikin drama was just one element of a hectic day as retail also appeared to factor in Russian President Vladimir Putins military strikes on Ukraine as another sign that they could benefit from a major pullback on equity markets and a potentially a delayed hike of interest rates from Federal Reserve Chairman Jerome Powell. But slowing profits in other sectors and rising interest rates are warning signs. Short seller Andrew Left of Citron Research said Wednesday he has covered the majority of his short position in GameStop at a loss. Melvin Capital Management is based out of New York. On Monday, CCBI Global. Two floors underneath Melvin, S3 Capital/Spruce Capital is no longer occupying their office on the 19th floor (despite still listing it on their website). Have a wonderful day and enjoy earth while you can, cause we'll be out of the atmosphere before you know it. [21] Users of the subreddit r/WallStreetBets made widespread bets that GameStop's stock would increase in value. [1] On May 18, 2022 Plotkin announced that the fund would close and return any remaining customer funds by June 2022. AMC is currently trading around $14 today. Distribution and use of this material are governed by AMC Entertainments market cap has grown immensely since the start of 2020 up until now. Cuidado con el 'margin call'. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. There is also a term called regulatory AUM which means the $ amount value of assets managed by a fund when accounting for losses in unclosed positions and tracks margin but big surprise funds don't offer this number publicly. Melvin manager Gabe Plotkin told Andrew Ross Sorkin that speculation about a bankruptcy filing is false. GameStop shares have soared more than 400% this week alone to $347.51 apiece, driving its January gains to 685%. If we compare Melvin Capitals SEC quarterly reports side by side; we can see that Melvin has without a doubt gained access to more capital through short selling. Regulatory data shows that the hedge fund lost almost $7 billion by betting against stocks like GameStop. Batteries are the single most expensive element of an EV. I think they could be trying to create the illusion of growth by acquiring more margin: https://fintel.io/i/melvin-capital-management-lp, First thing to observe is that they are listing a total asset portfolio of $22B as of 12/31/2020. A Division of NBCUniversal. They provide users with intra day and historical data for days to cover, shares on loan, utilization rate, cost of borrow and free-float on loan. Retail investors continue to fight for a fair market demanding the SEC to ban dark pool trading. [4], After graduating from Northwestern University with a degree in economics in 2001, Gabriel Plotkin joined Ken Griffin's hedge fund Citadel LLC, and later Connecticut-based hedge fund North Sound Capital. GME, Melvin Capital admitted defeat yesterday, with boss Gabe Plotkin telling CNBC that his fund had closed its position in GameStop on Tuesday accepting huge losses. The purpose of this work is to provide a model of prices for assets with large short positions; in particular, those positions are subject to margin calls and can face a short squeeze. Why It Matters: Founded in 2014 by Gabe Plotkin, a former portfolio manager for Steve Cohen, Melvin Capital lost 53% on its investments in January amid the battle between retail traders and. Consultancy focused on improving back office processes in the construction environment. Melvin Capital got $2.75 billion from Citadel and Point72 at the end of January when the firm's GameStop shorts caused the fund to lose billions. Only way to avoid bankruptcy was to require Melvin to locate adequate funding and along came Citadel and Point72 to "pro-actively contribute" $2.75B to prevent further margin call of Melvin through private placement. Click to skip ahead and see Melvin Capital's Top 5 Stock . [19][20] They gained considerably due to the problems faced during the launch of Cyberpunk 2077. Melvin S. Frost, CPA. GameStop was the single most traded name in the U.S. stock market on Tuesday, topping Tesla and Apple, even though they are 81 and 233 times larger in market cap terms, according to Deutsche Bank strategist Jim Reid. AMC retail investors now have the lead in this war versus short sellers. Content. According to reports, Plotkin said he would keep the new fund small under $5 billion and focus on shorting stocks. Sign up for free newsletters and get more CNBC delivered to your inbox. This is a play we've seen from Citadel before as they have shorted stocks such as BNGO, SNDL and MVIS to create more capital for their short plays in GME and AMC(IMO). At some point youd expect your clearing house to raise awareness on your risk management right? Robinhood . It reportedly required a huge . read the source material. This is likely because whenever Melvin's broker/lender realized shit was hitting the fan they may have attempted to margin call Melvin's naked short position on GME; only to realize they literally can't cover it even with a margin call due to unavailable float since we now know available float is 26M. Citadel has recently taken private funding from Sequoia and Paradigm. [33] Allegations include Melvin's participation in a conspiracy against retail investors, and also that Melvin "made misstatements about their role in the conspiracy to the public." Slumping tech and property activity arent yet pushing the broader economy into recession. Key Points Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, the hedge fund's manager told CNBC. short selling). Even Goldman Sachs appeared to give some oxygen to that hope Thursday, pegging back its odds that the Fed raises 50 basis points in March. In a recent and exclusive interview with Bloomberg, Gary Gensler officially states 90%-95% of retail market orders are executed in dark exchanges. Citadel and Point72 have infused close to $3 billion into Melvin Capital to shore up its finances. Continue reading your article witha WSJ subscription, Already a member? I found their behavior totally abusive and extremely irresponsible. Despite a modest recovery, Melvin threw in the towel earlier this year, but that hasn't stopped regulators from wanting to know more: Melvin managed to raise money after its initial disastrous. SWFI is a minority-owned organization. We want to hear from you. Melvin had held that position since it was founded six years ago because the fund believed GameStop's business model of selling video games in brick-and-mortar stores was "being overtaken by . Under the terms being discussed, Plotkin would unwind his current fund at the end of June. I asked myself many times why a small group of bandits could keep 80% of us down as hostage. Before long, veryforestgreen weighed in: "Melvin Capital New Short Attack." Then, greekgod1990: "Melvin vs WSB! Griffin, his partners and the hedge funds he runs at Citadel threw in $2 billion and Cohen's Point72 Capital Management, which. Between January 26th and January 28th GOOG fell from $1917 to $1830; Between January 26th and January 29th FICO fell from $511 to $450. [13], In its first full year in operation, Melvin Capital had returns of 47%, ranking it 2nd in Bloomberg's 2015 list of top-performing funds with $1 billion or more in assets under management. Its only a matter of time before the plug gets pulled.Social media: Follow me on Instagram - https://instagram.com/thomasjamesyt Follow me on Twitter - https://twitter.com/Thomas_james_1 Please be sure to LIKE, SUBSCRIBE, and turn on them NOTIFICATIONS. And while Plotkins losses have been large and public, some even speculated that this was more about Citadels problems than Melvins. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. Embattled hedge fund Melvin Capital reported another down month just weeks after founder Gabe Plotkin said he was considering winding down the fund. Billed as a glimpse into Teslas future, Investor Day was used as an opportunity to spotlight the companys leadership bench. Melvin Capital Management LP is an American investment management firm based in New York City. Como posiblemente algunos de ustedes saben, el imperio de Adani, que abarca, entre otras cosas, la explotacin de recursos naturales, aeropuertos y sector energtico, ha tenido durante estas ltimas semanas una notable cada del valor de su accin en bolsa, desde . The hedge fund started 2021 with US$ 12.5 billion in assets under management. Plotkin said after speaking with investors he realized his suggestion to shut down Melvin was tone deaf.. It also mentions that Credit Suisse took (at a minimum) a $4B (some total estimates up to $10B total) hit after margin calling Archegos (4x their annual income generated by their largest sector; the real estate side), which shows why a broker/dealer may be hesitant to margin call since they can get burned really fucking bad, if say their client is stupid overleveraged and used the loans you gave them as collateral to gain more leverage (that actually happened fucking lol). Citadel put it in US$ 2 billion, while Point72 put in US$ 750 million. This named stocks is not a complete list of puts. That fund was down 21% at the end of the first quarter. [which you might remember played a key role in shutting down the hectic short squeeze]. . This group of retail investors only know forward. Melvin Capital suffered a loss of over 50% its first quarter in 2021 due to shorting AMC Entertainment and GameStop. Order Online at Matchbox Silver Spring, Silver Spring. Meaning, if Melvin raised funds at a valuation $5.25B, a $2.75B investment would be able to purchase controlling interest through a private placement investment. CNBC could not confirm the amount of losses the firm took on the short position. Since January, Citadel and Point72 collectively possess controlling interest in the company's direction and strategy. 2008-2023 Sovereign Wealth Fund Institute. Margin Call! Citadel LLC and Point72 Asset Management are investing $2.75 billion in hedge fund Melvin Capital Management, an emergency influx of cash that is expected to stabilize what has been one of the top performing funds on Wall Street. Melvin Capital closed out of its GameStop short position on January 27, and ended the month with $8 billion in assets under management, compared to the $12.5 billion it started the year with. A margin call is usually an indicator that securities held in the margin account have decreased in value. or financial advisor. The Hedge Funds on the short side will do anything they can to avoid losing everything by any means necessary. We have a lot of analysts, we require a lot out of them. How can they keep getting away with this? Approximately 3.2 million retail investors currently own AMC Entertainment stock. "The majority shareholder's controlling interest means he or she has more voting power and can influence the company's strategic direction and operation", https://www.upcounsel.com/majority-shareholder. Get this delivered to your inbox, and more info about our products and services. [28] The fund had also repositioned its portfolio according to the source. Melvin charges investors an annual management fee of 2% and up to 30% of its profits, among the highest fee packages in the hedge fund industry. Things arent looking so great for Citadel in 2022 as scrutiny grows within the retail community. Edit 4: Don't know how I forgot an emoji TLDR, discovered , but 's found GME. This year's losses come on. Jun 2016 - Feb 20179 months. The stock ended the day 92% higher at $147.98. Wall street and its cronies, the hedge funds companies and big banks like bank of America with their CEO have been a major problem to small retail investors. The links below will explain some of the nuances to private placement investments. But as his fund grew in size that ability was muted. Melvins CEO who made $800 million in 2020 lost me even more money in April and wants to make himself more fees? one investor fumed. Melvin Capital began 2021 with about $12.5 billion, and finished the month January with around $8 billionthanks to $2.75 billion in emergency funds brought in last Monday by Citadel LLC, its . Citadel and Point72 have owned at least 51% (controlling interest) in Melvin Capital since January 24th (through a private placement investment/unregistered offering) following Melvin receiving notice that their broker/dealer had margin called them. No ape wants such an event to be at the cost of real lives. Sovereign Wealth Fund Institute and SWFI are registered trademarks of the Sovereign Wealth Fund Institute. [13] He also said that the fund has an "intense focus" on the short side (i.e. Shameful, disgusting, horrible behavior.. Gabe Plotkin was a top portfolio manager at Point72s predecessor firm, SAC Capital Management, before leaving to start Melvin Capital. He had previously been one of the most prominent traders at Steve Cohen's SAC Capital hedge fund. Employment Details. According to the Wall . Melvin's strong track record of success, prior to its horrid recent performance, was often due to Plotkin's ability to make significant profits by shorting stocks. There is no chance the brokerage firms, MM, HFs that are short have enough money to pay $100k share. Melvin still struggling to recover after a massive short squeeze on meme stock GameStop crushed his fund in January 2021 lost another 3.3% in April, taking the fund's year to date drop to. Edit 5: Corrected my Fintel dates as pointed out by u/TakingOffFriday I severely botched this by confusing the the reporting dates with the filing date. [4], In 2017, the fund finished up 41%. [38] According to Bloomberg, during 2020 Plotkin earned over $800 million in compensation. 05:30. Winning It Back Is Taking a Lot Longer", "Plotkin's Melvin Capital Extends First-Quarter Losses to 49%", "Hedge Funds Salvage 2021 Gains as Private Investments Shine", "Ex-Point72 Manager Plotkin Is Said to Raise $700 Million", "Senior manager at SAC Capital indicted for fraud", "The burden of being SAC Capital's "Portfolio Manager B", "One of this year's top hedge funds has been $7 billion Melvin Capital run by a former top money-maker for Steve Cohen", "Seeing Value After a Plunge, Hedge Funds Bet on Energy Stocks", "Cohen Cub Gabe Plotkin Sees Fund Surge About 44% This Year", "This SAC Alum Stands Out in Hedge Fund Rankings", "The 25 Highest-Earning Hedge Fund Managers And Traders", "An Outside Hedge Fund Is Driving Steve Cohen's Gains", "Spora aktywno na CD Projekcie na razie bez wpywu na kurs - Stooq", "Citadel, Point72 to Invest $2.75 Billion Into Melvin Capital Management", "GameStop Stock Soars, and Social-Media Traders Claim Victory", "WSJ News Exclusive | Short Bets Pummel Hot Hedge Fund Melvin Capital", "Melvin Capital, hedge fund targeted by Reddit board, closes out of GameStop short position", "Hedge fund Melvin Capital closes out GameStop short: CNBC", "Reddit Traders Bludgeon Melvin Capital in Warning to Wall Street", "Short Sellers Lose $5.05 Billion in Bet Against GameStop", "Melvin Capital Dusts Off From GameStop Fiasco With 22% Gain", "Melvin Can't Shake Reddit Attack With 46% Loss in First Half", "The Meme Stock Rally Hurt Melvin and Maplelane. AMC, A short squeeze. The price of many other heavily shorted securities and cryptocurrenciesalso increased. Melvin Capital, the embattled hedge fund run by its once high-flying founder Gabe Plotkin, has been discussing a novel plan with its investors under which the firm would return their capital, while giving them the right to reinvest that capital in what would essentially be a new fund run by Plotkin. Melvin Capital Management LPGabriel Plotkin2014 20211125 6820225 Those folks are so greedy and even believe that all the wealth of America only belong to them. Melvin Capital, the embattled hedge fund run by its once high-flying founder Gabe Plotkin, has been discussing a novel plan with its investors under which the firm would return their capital,. Melvin's cash infusion was almost unheard of in hedge fund land. This company is AMC Entertainment and its revival is thanks to the millions of retail investors buying the stock. News that Ken Griffins Citadel LLC hedge fund is further paring back its $2 billion investment in Gabriel Plotkins short-selling fund Melvin Capital was explosive Schadenfodder for social medias army of Apes.. This resulted in the shares stampeding higher, and Melvin Capital very nearly went bust as a result. The stock market is not the hedge funds private property. As first reported by The Post, Plotkin told investors in a dramatic about face that he would delay his decision to shut down the fund. In the Reddit forum "wallstreetbets" with more than 2 million subscribers, rookie investors encouraged each other to pile into GameStop's shares and call options, creating massive short squeezes in the stock. ", "Hedge funds and other private funds also engage in private placements.". Plotkin, according to people familiar with his plans, has committed to keeping his "new" fund at or below $5 billion in capital and returning to a focus on shorting stocks. Seeing this position materialize between Q4 2020 - Q1 2021 supports the thesis that Citadel has an influence over the strategy Melvin is undertaking. [34][35], The fund was led by Founder & CIO Gabriel "Gabe" Plotkin. Theyve already liquidated accounts in both the stock and crypto markets. At its height, on January 28, the short squeeze caused the retailer's stock price to reach a pre-market valueof over US$500 per share($125 split-adjusted), nearly 30 times the $17.25 valuation at the beginning of the month. Plotkin mostly trades consumer stocks and in 2017 Melvin Capital posted returns of 41% net of fees. Goldman Sachs CEO says office attendance tops 50% during r REBNY's new return-to-office gauge paints bright view for 'trophy' towers, Food delivery maven unveils NYC shop after dumping Mercedes mobile kitchens, US home prices just did something they haven't done since 2012, JPMorgan Chase requires some workers give 6 months notice before quitting, This Girl Scout cookie flavor is reselling for $100 online -- here's why, Is this the couple behind the Worst Art Job Listing Ever?, Harry and Meghan hold the upper hand on King Charles coronation: Source, Hated Tom Sandoval addresses Ariana Madix split amid cheating claims, Undertaker transforms coffin into barbecue grill, Kellyanne Conway and George Conway to divorce, Canadian teacher with size-Z prosthetic breasts placed on paid leave. We can also see that Melvin is still reporting positions as of 03/19/2021. Melvin Capital closed out its short position in GameStop on Tuesday afternoon after taking a huge loss, the hedge fund's manager told CNBC. Ukraine, Im sorry this is happening. What Happened: While Citadel and its partners are. Melvin was down 21% in the first quarter,but investors told The Post they were hopeful Plotkin who was once a protgof hedge fund titan Steve Cohen would turn it around. [17], According to The Wall Street Journal, about one-third of the gains in 2019 from Steve Cohen's current hedge fund, Point72, came from Melvin Capital Management LP.[18]. Wallstreetbets is too powerful, and trying to bet against them right now is just giving them more ammo, Jim Cramer. Inflation data pushed the 10-year Treasury yield above 4%. AMC Entertainment is the most traded stock in the market at the moment. What collectively started out as a small community back in January is now becoming mainstream. Melvin still struggling to recoverafter a massive short squeeze on meme stock GameStopcrushed his fundin January 2021 lost another 3.3% in April, taking the funds year to date drop to 23.3%, according to a letter to investors reviewed by The Post. Deductions I made from the QoQ report comparison, keep in mind the most recent FINTEL report reflects the positions value on 31/01/2020 when GME was $19.50 (when I'm writing this GME is $177.77 so Melvin is at least 8x as fuk as they were in December 2020). Here's how to calculate a margin call: Margin call amount = (Value of investments multiplied by the percentage margin requirement) minus (Amount of investor equity left in margin account) Here's the formula using the hypothetical investor example above: $500 = ($6000 x 0.25%) - ($1,000) Investors can also calculate the share price at . Note that trading on margin can improve gains, but . Courtesy of ZeroHedge View original post here. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Twice the US federal government's annual revenue. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. Theyre shorting a stock that is no longer on the brink of bankruptcy. Instead, hed demand performance fees of potential clients, including those who previously lost money with him. The loan investments are in the form of non-controlling revenue shares in the hedge fund. The damage to Melvin Capital was severe. What happens to my Social Security benefit if my husband dies? AMCs community is very unified and you can find help from individuals at any given time as well as DD (due diligence) from yours truly, Treys Trades, Roensch Capital, and ReviewDork to name a few. It should be noted that Melvin Asset Management has been in recent years, a top-performing hedge fund, and that founder Gabe Plotkin had been a high level portfolio manager at Steve Cohen's SAC. https://www.reuters.com/article/us-retail-trading-melvin/melvin-capital-ends-month-with-over-8-billion-in-assets-after-investors-added-cash-source-idUSKBN2A00KW. Whalewisdom has at least 35 13F filings, 110 13G filings, and 2 Form 4 filings. Thank you for reading and sharing! Copyright 2023 MarketWatch, Inc. All rights reserved. http://sprucecap.com/contact-us/, Edit 1: updated to correct my assertion that Melvin Capital's website is down. This copy is for your personal, non-commercial use only. Jan 31 (Reuters) - Melvin Capital, the hedge fund that lost nearly $7 billion early last year by betting stocks like GameStop (GME.N) would tumble, wants to raise money for a new portfolio,. U.S. stocks end sharply higher, Dow snaps four straight weeks of losses amid signs of a resilient economy. Illegal is illegal and Hedge funds are not above the law. Last Friday, in the aftermath of the Gamespot's historic eruption which sent the stock from $40 to the mid-70s (before it doubled again on Monday rising Hedge funds such as Citadel and Melvin Capital have lost billions of dollars, and fast. [8] Prior to starting Melvin Capital, Plotkin was a trader at Steve Cohen's SAC Capital, where he managed a portfolio of mostly consumer stocks valued at about $1.3 billion. Plotkin founded Melvin Capital in 2014. Reading that article would suggest that Archegos could have held a total portfolio of up to $100B because "the lenders couldnt see that Hwang was taking parallel positions at multiple firms". Summary. Barcelona. Cookie Notice If we havent connected on Twitter, Facebook, or Instagram lets take the opportunity to do so today! [31][32][7] Melvin finished 2021, a year during which the S&P 500 rose 28.7%, down more than 39%. That theory appears to have been alluded to in a recent tweet from GameStop chairman/activist investor/memelored supreme Ryan Cohen: It also plays into the retail hope that more market pain from Russias invasion even without Western sanctions on the all-important SWIFT payments system will keep Powell from his aggressive rate-raising schedule in 2022, and keep the cheap money train rolling for retail investors to keep HODLing their favorite names. [3] In February, Melvin posted a 22% gain; even with this addition, Melvin will need to produce an additional 75% gain for earlier clients before they break even. hedge funds like Melvin Capital took short positions in the company. +7.87% Bigger personalities are talking about AMC Entertainments once in a lifetime opportunity. He has since made his profile on Twitter private. Comparing perspectives and scrutinizing research is the best way for accurate information to prevail (which should always be the goal). Representatives for Plotkin could not be reached for comment and officials at Point72 declined comment. Amid GameStop's explosive rally, short sellers have accumulated losses of more than $5 billion year to date in the stock, including a loss of $917 million on Monday and $1.6 billion on Friday, according to data from S3 Partners. How do we infirm regular guy 401k ni interest in stocks how this crime and all the games that, I am fairly new to investing. short seller Melvin Capital Management LP said Monday it had received $2.75 billion in investment from hedge funds Citadel and Point72. Citadel and Point72 have infused close to $3 billion into Gabe Plotkin's hedge fund to shore up its finances. Mesa, AZ. Heres How Meme Stocks Performed This Week, Strategist Says Mother of All Short Squeezes is Here. Remember Plotkin said in the hearing that he didn't think the price action was influenced by shorts covering; I still believe he knew that covering their entire short position would send the stock much, much higher and break the financial system which we might have seen if the buy stoppage did not occur. IMO $15B loss on a $22B fund sounds like a margin call to me. (4 minutes) Citadel LLC and Point72 Asset Management are investing $2.75 billion in hedge fund Melvin Capital Management, an emergency . GameStop Corp. and Plotkin's $12.5 billion firm. The $17 billion hedge fund, founded . Investors, who include Point72 founder Steven Cohen, are being presented with the prospect of getting a chance to have Plotkin run their money in a smaller fund focused on his strength of shorting stocks, but forever giving up the hope of having him work to get them back to even on their current funds. Now, the apes nations, we are stopping that madness. [29] Through the end of January 2021, the fund was down 53%, according to The Wall Street Journal. Edit 3: Holy shit! https://fintel.io/i13fs/melvin-capital-management-lp, https://www.bloomberg.com/news/articles/2021-04-09/hedge-fund-melvin-capital-posts-first-quarter-decline-of-49, Wait, so a fund that had $22B under management on 12/31/2020 only had $8B on 01/31/2021 AFTER receiving a $2.75B "cash infusion" on the 01/24? Is a MULN Reverse Stock Split on Its Way? +2.91% Whats even more mind boggling is that short sellers continue to go against the tide despite suffering billions. The drop came after many advertisers left the social-media platform following Elon Musks takeover. 2023 CNBC LLC. AMD position increased by 1.6M shares, from 2.1M to 3.7M. CNBCs Jim Cramer has publicly thrown short sellers under the bus in a recent video disusing the power of the retail investor community. The fund lost 23% in the first four months of 2022, a person familiar with the fund's finances said. The latest Benchmarking Melbourne 2023 Report compares Victoria's capital with a group of peer cities, such as London, Sydney and San Francisco, and has found the city continues to be a leader . This so-called high water mark, which requires hedge fund managers to return their investors' capital to par prior to earning fees, is virtually impossible for Plotkin to meet on much of the capital in Melvin, given the fund's losses of 39% last year and at least 21% so far this year. [1] It was founded in 2014 by Gabriel Plotkin, who named the firm after his late grandfather. This AMC movement is more than just about making money now. Related: Anchorage Capital closes after betting against AMC stock. We know a massive market downturn is a catalyst for the MOASS [mother of all short squeezes], read a post from user jdrukis on subreddit r/amcstock.