I discovered PSW while reading up on the US economy and how it applies to all the poor folk of the world and to myself as a humble UK desk slave.
This year I put time into learning options trading. I upgraded (with great administrative difficulty!) my stock dealing account to deal options. Now I am an avid reader of PSW and subscribed for voyeur membership. Initially feeling out of my depth struggling to keep up with the peculiar language of options traders, I unsubscribed feeling a little under confident and uncertain if the small stake I have to invest in options could generate enough to justify my PSW subscription. Nevertheless, I've benefited considerably from the member's material. From a small number of initial trades, I've exceeded profit targets enough to consider re-subscribing in some capacity. Thanks for the knowledge and more than anything I appreciate the human angle, the humour and the ecologically sympathetic approach rarely seen in other financial media. Best wishes all - Jon
Jon
I've recently done exactly what Phil described. I upgraded my ability to trade the IRA acct. by transferring acct. from TDA to TOS. TDA would not allow spreads; TOS does. Neither will allow naked options. With spreads I am able to buy calls or puts several months out then sell front month calls or puts over and over. This allows me to collect premium, which is, of course, the goal. This wasn't an original idea. Phil put me onto it. Since the transfer I've substantially increased my performance in the IRA!
Iflantheman
Phil, you are the man. My positions in ABX and CLF are up massively this year, and doing very nicely with USO and UNG. TSR is another winner. Just waiting for the TSLA short now!
Rookie IRA Investor
I must give kudos to Phil for changing my way of thinking. I'm a gambler by nature and used to just play the indexes with 3x etf's… well I still do, but the options give far better returns than I ever dreamed of. With these wild swings I've been catching 50-100% winners in days.
Mkucstars1
Phil – I wanted to tell you how much of a privilege it is to learn from your every day. You are a shining beacon in the life of so many investors. You have assembled probably the best group of people in the history of financial blogging and you, yourself have done more to help investors in the last 6 months than all previous financial advisors combined.
StJeanLuc
I love it when a trade really comes together. After 4 DD's and a roll, I cashed out 16 times my initial position in TLT today for a 140% gain. Thank you Phil for the lessons in scaling in, and paying for position.
2Can
Here I have learned and look differently at things. Over the years being with PSW I have first of all learned and gained in knowledge of trading. This to me is one of the biggest gains. I still remember the play on Caesar Palace, paid my trip to Atlanta!
Yodi
Man, what a week: Bought C at 1.40, sold half at 1.59 (relatively big position), another quarter at 3.04 just now. Ran SKF down from 270 with one April put, still holding some 115's expiring in a couple days. I'm going to gamble this position like a champion Friday. Bought FAS at all sorts of levels and started cashing out. Long HOV, stock and some nickel calls for fun - Mocha up your buy-out from 5 to 8 and that's 10,900% return for the May-2.50's . Ha!
Biodieselchris
WISH TO EXTEND A BIG THANK YOU! I netted about $18,000 on the short Jan puts and the annualized ROI/M is mind boggling! Hope to meet you some day and buy you and your significant other a nice dinner.
Best Regards
Newt
Newthugger
I am struck by several things over the last few days. First is how level-headed we all are as Greece and China develop. Second is how very helpful it is to see the different trading styles we have, partly because of personal preference and partly because of different stages of development and education. It's very helpful. Well-done, Phil, to have developed this community.
Snow
I read you every day. Smart. Prescient. Good advice. Righteous anger. Even made some money on your ideas. Keep it up.
Catfoodgen
PSW AC Conf: For those who may be on the bubble, I attended my first PSW LV in November. It was a real eye-opener. What I accomplished in a couple of days of exposure to Phil, Pharm, Craig, et al made my previous couple of years of hanging around the web site seem silly. If you are inclined in the slightest, you really should go. Just rubbing shoulders with other PSW members proved to be really valuable. Strictly on the basis of value, it's a great deal. You will have real time conversations with Phil and the gang and they will get to your questions and agenda items.
Mjjwo9b
You are doing a fantastic job. I think most of us our very well balanced and consequently have learned how to manage through these ever so short declines in the market without panic.
Dclark41
Hey I just did a nice options trade on LL for $800 (50%) gain thanks to this site, so… not bad for my first day! An hour of reading you guys and I already paid for two months subscription! Thank you!
lchu
Phil…..You have absolutely NAILED IT! This is not a bull market, nor is it a bear market. It is a Rangeish market, and it's going to stay that way for a long time (the latter is my prediction. I love the word. What I love more is the fact that I've found someone with some investing intelligence greater than mine who can assist me in playing this type of market. Your description today of how it's playing out is right on. I predict some media ‘guru' will steal your word and your description within the next few days and we'll all get to read about what ‘they' discovered about this market. Thanks Phil!
Iflantheman
Phil & Ephmen85: I hadn't thought about selling the covered calls. That should be the easiest strategy for me since I'm a beginner. Thanks a bunch!
JWick1981
Peace of mind / I have a portfolio mainly consisting of long term long calls, short term short calls and puts, and long term BCS. Three years, ago when I started my journey on this board I would be freaking out panicking as to what to do, as many of the short calls are ITM, Three years later (today) I look at the screen and serenely process the information. Three years ago, I inevitably made the wrong decisions which cost me a lot of money. Three years on I calmly roll the positions to whatever makes sense. No drama, no hair pulling, and a great cost saver. I guess they call that the power of education.
Winston
GOOG, NFLX and AAPL all bought last hour Friday. Sold into the excitement the first hour today for an average of 15% on the options. And lots of them. Thanks again Phil for teaching me so well.
lflantheman
Phil, I don't know how I can thank you enough for your guidance this past week. I'm up significantly in my portfolio and I've never been so relaxed watching the market panic. Thanks once again for being here for us.
thechaser
Phil - Moved today to send kudos. You're in my top 5 to see/read daily. I do not trade...
but as former econ-finance adjunct faculty near Stanford U. I give you lots of attaboys....
and provide your links to many to spread some understanding of the mess we are in. Best to you and yours,
HJ Kobbeman
Boring trading – Phil/ Thanks to PSW, my yearly covered-writes are on pace for 15%. Add the long puts and well over 20%… and I look at it once a day and never lose sleep over it. Actually doing better than my trading account at this point (Thanks, summer 2013)
Anyway, the point is that anyone with enough money would be wise to do the 20% – 40% stuff and do trading as a hobby…
Arivera
Phil: That NFLX call was awesome. The speed at which NFLX options decayed was precipitous. The blow out spike that allowed me to double and roll my callers to 190(!) and the ridiculous 170 weeklies @3.50 a day away from Op-Ex. The gains I realized in that trade floored me when I took a long at my portfolio value on Friday. What a great way to start the 3rd Quarter.
Kinkistyle
Thanks for the oil tip Phil: Bot & sold the USO May 29 calls for net $125. Not bad for few minutes work.
JWick1981
I have been a member off and on for years. Using these techniques I do consistently beat the S&P 500. Phil's Stock World has been the most important site in my financial life. It's impact on me over the past years has been huge. As have my tax bills!
Knightpilot
Phil I must say that it was really nice to have a portfolio that was looking very stable in the face of a rough day for the markets. I ended the day up 0.3% which includes another successful day of futures trading. So with a portfolio of mostly cash, a few of our faves like Apple and LL, JO, TOL, DIS, etc., along with a couple of hedges that paid off nicely today, and my futures trades, I never had to break a sweat during that madhouse today. Yes, by George (or Phil), I may be learning this system!
Craig
Oil – thanks Phil,
got in late at 0.53 on the 38p today, set a sell for 0.75 and took the dog for a walk – 70% gain and more than enough $$ to buy dog food. TZA Aug 35/40 BCS – closed out for a 100% gain in under a month – thanks again for introducing me to these trades.
CanuckBob
Thanks for you guidance – Your "student" will be passing on the McMuffins and having Lobster dinners tonight!
Aquila
I am about 1000 hours into learning about investing. While, I have tried other websites along the way, they don't teach or focus on selling premiums and certainly don't have your mindset. Anyway, I have a lot to learn and look forward to the new portfolios.
So, thank ALL of you for being patient and teaching others how to "Be the House and not the Gambler"!
GrassHopper67
What a great post today, Phil. A veritable feast of ideas! I've been reading your posts for years and have modeled my whole trading style after yours. You should be taking 2 and 20 off of me at this point ????
Jablams
Against all prognostics (bears) Phil pointed in the morning the correct direction, and in middle of day he pointed the possible move to 2.5% Incredible… I'm starting to serious believe on the program trading and the human nature behind the programing those "trade-bots".
A bit dramatic? I’m only taking the new National Pastime of Handwringing to its logical conclusion. You other journalists and bloggers would have gotten to this headline/sentiment eventually, admit it. That’s exactly where you were going.
I’m going to treat you all to something the late George Carlin once explained to us to help keep the "environmental crisis" in perspective.
The world isn’t going away, capitalism isn’t going away, America isn’t going away. You know what is going away? You are, and soon. 50, 60 years or so. Act accordingly. Here’s George:
"The Planet is Fine"
We’re so self-important. So self-important. Everybody’s going to save something now. "Save the trees, save the bees, save the whales, save those snails." And the greatest arrogance of all: save the planet. What? Are these f***ing people kidding me? Save the planet, we don’t even know how to take care of ourselves yet. We haven’t learned how to care for one another, we’re gonna save the f***ing planet?
I’m getting tired of that s***. Tired of that s***. I’m tired of f***ing Earth Day, I’m tired of these self-righteous environmentalists, these white, bourgeois liberals who think the only thing wrong with this country is there aren’t enough bicycle paths. People trying to make the world safe for their Volvos. Besides, environmentalists don’t give a s*** about the planet. They don’t care about the planet. Not in the abstract they don’t. Not in the abstract they don’t. You know what they’re interested in? A clean place to live. Their own habitat. They’re worried that some day in the future, they might be personally inconvenienced. Narrow, unenlightened self-interest doesn’t impress me.
Besides, there is nothing wrong with the planet. Nothing wrong with the planet. The planet is fine. The PEOPLE are f***ed. Difference. Difference. The planet is fine. Compared to the people, the planet is doing great. Been here four and a half billion years. Did you ever think about the arithmetic? The planet has been here four and a half billion years. We’ve been here, what, a hundred thousand? Maybe two hundred thousand? And we’ve only been engaged in heavy industry for a little over two hundred years. Two hundred years versus four and a half billion. And we have the CONCEIT to think that somehow we’re a…
Credit default swaps and rising interest rates suggest Greece is in serious trouble in spite of the ECB’s futile attempts to downplay the situation. Please consider Greek Bonds Show Waning Faith It Can Avoid Bailout.
Greece is losing the confidence of bondholders that it will reduce the largest budget deficit in the European Union amid increased speculation that the country won’t be able to meet its debt obligations.
The nation’s government bonds are the world’s worst performers in January, losing 6 percent in local currency terms and extending their decline over the past three months to more than 11 percent, Bloomberg/EFFAS indexes show. Credit-default swaps tied to Greece trade at about the same levels as Dubai when it got a $10 billion bailout from Abu Dhabi in December. Greek 10-year bonds rebounded today after EU Monetary Affairs Commissioner Joaquin Almunia said the country won’t default.
Investor concern that Greece can’t tackle its budget deficit is hurting the debt of national utility companies and banks, said Philip Gisdakis, head of credit strategy at UniCredit SpA in Munich.
“If you fear a Greek crisis then you should not only avoid government bonds but corporates as well,” Gisdakis said. “And if you fear Greece, you should also fear Portugal and Spain.” EU policy makers have no “plan B” to help Greece, Almunia said today.
“There is no bailout problem,” the bloc’s top economic official said in an interview with Bloomberg Television at the World Economic Forum’s annual meeting in Davos, Switzerland. “Greece will not default. In the euro area, default does not exist.”
What’s Plan A?
Pardon me for asking but precisely what is "Plan A" if interest rates in Greece soar out of control?
Can there be a "Plan C" even if there is no "Plan B"? Are there any plans at all?
European Union officials insist there won’t be a bailout for Greece, but if the country’s borrowing costs continue to climb, the bloc will have to do something to stave off default.
Such a bailout would be unprecedented for a euro-zone country, but would nonetheless be feasible. When Greece’s borrowing costs soared last spring, the German finance minister
One sure way we know a second wave to the crisis is likely coming is the preemptive denial of it by those who never saw it coming. Please consider Geithner: There Will Be No ‘Second Wave’ Crisis.
"We are not going to have a second wave of financial crisis," Geithner said in an interview with National Public Radio. "We cannot afford to let the country live again with a risk that we are going to have another series of events like we had last year. That is not something that is acceptable."
Geithner, interviewed on NPR’s "All Things Considered" program, rejected the idea that a serious new crisis could be triggered by lingering problems with commercial real estate loans or with a sudden weakening in the value of the dollar.
"We will do what is necessary to prevent that and that is completely within our capacity to prevent," he said.
However, in a separate interview he conceded that it would take several months before the economy yields positive job growth. Job losses have been easing in recent weeks but the economy still saw 480,000 new claims for unemployment benefits last week. That number is expected to shrink just a bit this week.
Here is the Transcript of the interview with Michelle Norris. Some snips follow …
NORRIS: You know that businesses are spending again. The administration has been asking the banks to try to free up more money for small business in particular. And I want you to help me understand something because on one hand the administration is telling the bankers that they need to take fewer risks, that they need to deleverage, that they need to have higher capital reserve. And at the same time you’re also telling them that they need to lend more money. Those two things don’t seem to square.
Sec. GEITHNER: It is very important that we work with Congress to pass legislation that can put in place financial reforms that can prevent the next crisis. So it’s pretty important in the future we build a more stable financial system. We constrain risk taking in the future. But
Stephen Stills wrote the song For What It’s Worth in 1967. It was composed three years into the Second Turning, the Consciousness Revolution. The song has come to symbolize the turbulence, mistrust, rage, paranoia, anti-war spirit, and the anti-establishment mood of the 1960’s. An Awakening era has many parallels to a Crisis era at the outset. A traumatic event or events triggers the mood alteration in the country which sets the next twenty years in motion. In 1929 the stock market crash triggered a 17 year Crisis. In 1963, the assassination of John F. Kennedy triggered a 20 year Awakening. In 2005, the housing collapse has triggered the next American Crisis which we are living through today.
“All political thinking for years past has been vitiated in the same way. People can foresee the future only when it coincides with their own wishes, and the most grossly obvious facts can be ignored when they are unwelcome.”
George Orwell
We are currently at the same stage of this Crisis as we were in the Awakening when Stephen Stills wrote this deeply poignant song. An Awakening begins in an uproar of fury, passion, anger, and civil disobedience. The fury subsides during an Awakening as the passion flames out. The last Awakening period reached a crescendo in 1974 with the resignation of Richard Nixon and the country lapsed into disillusionment and lethargy as the 1970’s petered out. A Crisis begins similarly with a trigger that causes pain and suffering, but instead of fury subsiding, the Crisis intensifies, violence erupts, war breaks out and danger becomes extreme. The current Crisis is about to detonate upon the unwary twittering Americans while they are mesmerized watching Dancing with the Stars and Housewives of New Jersey on their 52 inch HDTVs in surround
John the Baptist is responsible for the Apocalyptic stories in our cultural consciousness. He envisioned a world in which a total hell would descend on earth more wild than Marylin Manson’s most drug induced hallucinations. Similarly, as Liz Claman correctly notes in the following video, David Tice sees the world from a different prism: a completely hellish one.
David manages a bearish fund. So, like anyone who knows how the Wall St. machine works, he makes the rounds to talk his book. However, like all evangelists before him, David’s repetition has not done much in the way of changing reality.
Permabulls and permabears share the same common flaw: they take one extreme view and carry it to its logical (although improbable) conclusion. As a result, they fail to account for the ever-changing nature of societies and the complexity of the unknown.
Humor yourself and decide whether David is a consistent investment adviser — his fund’s performance (Nasdaq: BEARX) is not — or one step away from the loony bin:
If you or anyone you know still believes the government (or the media) tell us only the truth, please pass them this direct admission that lying is a primary strategic device for so-called “authority figures”:
Translation: when our elected representatives and their appointed officials believe we need to be manipulated, they rationalize their lies based on whether they think we need them at the time.
I am not naive. I firmly believe we have a problem with ignorance and sheeple in our country. However, the only way to fix the problem is to distribute more accurate information — not the opposite. Further, for those of us who work hard to stay educated, we expect to be treated like adults!
In this specific case, the Treasury Department’s lies (via Hank Paulson) encouraged people to hold their investments. Therefore, if you listened to Paulson et al, you literally lost your hard earned money and life savings. Last time I checked, citizens should not expect to get fiscally hosed by their Treasury Secretary.
To be fair, this is not only a Wall Street and Washington problem. Seemingly, most public discourse these days centers around complete lies, myths, and other rhetorical strategies aiming to put insular interests ahead of what’s best for the nation. It’s time to demand at least our public stewards accurately explain the true state of affairs so we can make informed decisions.
Psychics and prophets have been in business since that other oldest profession. Like the more commonly referred to oldest profession, the secret to success for psychics and prophets is to turn many tricks.
As a lawyer by training, I have been rigorously conditioned to see the logical techniques employed in everything I hear and read the same way Neo from The Matrix sees the 1’s and 0’s underlying superficial reality. So, I am concerned when I watch self-proclaimed psychics and prophets use the equivalent of logical black magic to seduce their prey.
Wall Street has a laundry list of such charlatans. They tend to capture the spotlight during the heat of emotional peaks in the markets because emotion and reason tend to maintain an inverse relationship. During times of crisis we need something, sometimes anything, to reduce our pain and restore order to an uncomfortable new chaos.
During the height of the most recent economic crisis, the media offered the center-stage spotlight to NYU Economics Professor Nouriel Roubini to comfort us with his soma. At the peak of the crash, Roubini was as ubiquitous as Coca-Cola and cellphones. He was the go-to guy because his PR team branded him as “The Prophet of Doom.” A perfect fit when you need someone to call at an overwhelmingly bullish place like Wall Street.
Roubini is clearly an intelligent fellow who has produced some interesting works. However, just as clearly, he is not a prophet or anything close. More accurately, Roubini has disingenuously promoted himself as nailing the crisis, when truthfully he was wrong until other hard working analysts fixed his broken crystal ball.
Like any lawyer preparing to argue in front of the Supreme Court (of public opinion, in this case), I made sure to do my homework and collect my evidence boxes of smoking guns. Rather than bore you with a full recount, I have pulled the most important comments from each source and linked to the original material for your due diligence pleasure. So, without further ado, I respectfully address the court:
As we can see, in March 2005 Roubini started by predicting a crisis
Tier one would include high-risk institutions, such as large, interstate banks and multi-state insurance companies.
Tier two would include moderately complex financial institutions, such as larger regional banks.
Tier three would include non-complex financial institutions, such as community banks.
Each would receive varying degrees of oversight and regulation. In the accompanying video, the author claims: "Really bad drawings…real simple explanations".
Drawing Board : How To Address SIFI
SIFI Framework
Size: As a starting point for a size-based definition, a financial firm would be considered systemically important if it accounts for at least 10 percent of the activities or assets of a principal financial sector or financial market or 5 percent of total financial market activities or assets.
Contagion: A financial institution would be considered systemically important if its failure could result in the collapse or freezing up of one or more important financial markets.
Correlation: Correlation, as a source of systemic importance, is also known as the “too many to fail” problem.
Concentration: Concentration has two important aspects: the size of the firm’s activities relative to the contestability of the market. That is, concentration is less likely to make a financial institution systemically important if, other things being equal, the activities of a distressed institution can easily be assumed by a new entrant into the market or by the expansion of an incumbent firm’s activities. Hence, it is logical to adjust concentration thresholds to account for contestability.
Conditions/Context: [Pertains to the fragility of the markets at the time, for example ...] New York Fed’s reluctance to allow the failure of Long-Term Capital Management resulted largely from the fragility of financial markets at that time—due to the Southeast Asian currency crises and the Russian default.10 This might explain, in part, why LTCM was treated as systemically important and Amaranth (which was more than twice as big) was not. Another example would be intervention to prevent the bankruptcy of Bear Stearns by merging it (with assistance) into JPMorgan Chase in early 2008, whereas Drexel Burnham Lambert was allowed to enter bankruptcy in early 1990. Firms that might be made systemically important by conditions/context are probably the most difficult
Whenever the herd mentality lines up along a compass point leading to "permanent prosperity," or a yellow brick road lined with green shoots, or something like that, I tend to see the edge of a cliff up ahead. We are now completely in the grips of the deadly diminishing returns of information technology. The more information comes to us about How Things Are, especially from TV, the more confused or wrong the conventional view gets it.
A broad consensus has formed in the news media and among government mouthpieces and even some "bearish" investors on the street that "the worst is behind us" in this tortured economy. This view is completely crazy. It will only lead to massive disappointment a few weeks or months from now, and that disappointment might easily transmute to political trouble. One even might call the situation tragic, except a closer look at the sordid spectacle of what American culture has become — a non-stop circus of the seven deadly sins — suggests that we deserve to be punished by history.
The reason behind this mass delusion is not hard to find: it’s based on wishing, especially the wish to retain all the comforts, conveniences, luxuries, and leisure that had become normal in American life. These are now ebbing away in big gobs for most of the population — while a tiny fraction of the well-connected pile on ever larger heaps of swag, enjoying ever more privilege. Those in the broad bottom 95 percent were content as long as there was a chance that they, too, could become members of the top 5 percent — by dint of car-dealing, or house-building, or mortgage-selling, or some other venture enabled by easy credit and a smile. Those days and those ways are now gone. The bottom 95 percent are now left with de-laminating houses they can’t make payments on, no prospects for gainful work, re-po men hiding in the bushes to snatch the PT Cruiser, cut-off cable service, Kraft mac-and-cheese (if they’re lucky), and Larry Summers telling them their troubles are over. (If I were Larry, I’d start thinking about a move to some place like the Canary Islands.)
Too many disastrous things are…
As the advertiser boycott of Facebook grows, CEO Mark Zuckerberg advised his employees that he intends to defy the crackdown, and expects companies that pulled advertisements off the social media platform to be back "soon enough."
As The Information reports, Zuckerberg gave his thoughts on the boycott, which now includes large brands like Starbucks and Coca-Cola, during a video town ...
I am a physician and a scientist at the University of Virginia. I care for patients and conduct research to find better ways to diagnose and treat infectious ...
I am a physician and a scientist at the University of Virginia. I care for patients and conduct research to find better ways to diagnose and treat infectious ...
By F.A.S.T. Graphs. Originally published at ValueWalk.
Introduction
After reporting better than 4th quarter results on Tuesday, the stock price of FedEx Corporation (NYSE:FDX) has been on a tear. With this article, I plan to demonstrate that the fundamentals support the current price rise. Moreover, the fundamentals also suggest that it is not too late to take a long-term position in this leading air freight and logistics company.
Gold has outperformed several asset classes as volatility and general economic uncertainty have come back to the forefront.
In today’s chart, we look at the ratio of Gold to the U.S. Dollar on a “monthly” basis. Gold bulls want to see this ratio trending higher… and it is.
In fact, the rise has taken the Gold ratio to an important juncture. It is working on a dual breakout at point (2).
Thus far, price is well above horizontal resistance marked by (1), and just above trend resistance at (2). Should the breakout hold, it would be historically bullish for Gold (and precious metals). Stay tuned!
I was live on TD Ameritrade TV talking about consumer discretionary, staples, and utility sectors. Explained is a unique crossover on how some discretionary stocks are also becoming a consumer staple.
The question is always what will the future price action look like ?
This post will highlight the use of lines generated by angles. Not trend lines, as trend lines require two known points on a chart, where as angles require only one known point and a angle degree to draw a line. The question then becomes how is the angle degree determined.
The COVID 19 pandemic is, predictably, worsening again in much of the US. Only the Northeast, and to a lesser extent some Midwestern states, have been consistently improving. And that trend could also reverse as those states fully reopen.
The problem in the US seems to be widespread public resistance to recommended practices of social distancing and mask wearing. In countries where these practices have been practi...
Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
If you or anyone you know still believes the government (or the media) tell us only the truth, please pass them this direct admission that lying is a primary strategic device for so-called “authority figures”:
During the height of the most recent economic crisis, the media offered the center-stage spotlight to NYU Economics Professor Nouriel Roubini to comfort us with his soma. At the peak of the crash, Roubini was as ubiquitous as Coca-Cola and cellphones. He was the go-to guy because his PR team branded him as “The Prophet of Doom.” A perfect fit when you need someone to call at an overwhelmingly bullish place like Wall Street.
Courtesy of 
German
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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...
Ilene is editor and affiliate program
coordinator for PSW.