In 2006 he worked with investment company Cornwall Capital to short the housing market and profit from the 2007-2008 subprime mortgage crisis. log in. ), but here was one in the flesh. Detroit-born Robert W. Wilson is also considered by many to be the greatest investor of all time. By secretly using a network of brokers, he pretty much shorted the entire market and cashed in to the tune of $100 million (76m), the equivalent of $1.5 billion (1.1bn) today, when the whole thing collapsed. 1.5 million Dollar. Rickert is actually based on Ben Hockett, a banker who joined forces with his neighbors Jamie Mai and Charlie Ledley in establishing Cornwall Capital Management, an investment fund that struck gold with their bets against the housing market. They now had a seat at the adults table. In 2020, Ben Crump became the attorney for the families of Ahmaud Arbery . Hockett and Cornwall Capital walked away from the financial collapse with $80 million 80 times their $1 million investment. He had an apocalyptic streak and was hyper-attuned to the possibility of extreme events. When Burry realized that the United States housing market was backed by subprime loans, he decided to short the market. Relationship Status of Carolyn Hockett? Still, his current net worth according to Forbes stands at a not-too-shabby $5 billion (3.8bn). Carolyn Hockett- Birth, Age, Ethnicity, Siblings, Education. Charles Ledley net worth is $12 Million Charles Ledley Wiki: Salary, Married, Wedding, Spouse, Family . Charlie Ledley and Jamie Mai werent career Wall Street guys. Relationship Status Carolyn Hockett has married Mickey Rooney in 1969. Willem ten Boom: Pastor Hid Jews in a Nursing Home, How the world's biggest banks contributed to the 2008 financial crisis, greedily and stupidly, How a group of contrarian traders foresaw the bubble popping, and made millions from their bets, What we learned from the 2008 crisis - if anything. Steve Eisman rapidly developed a reputation as a brash truth-teller, unwilling to offer up the praise and platitudes that so many financial and banking leaders expected to hear. N/A. He is probably best-known for writing and starring in "Good Will Hunting" and. Ben Stein's net worth is estimated to be $25 Million. Even though the real life subjects of The Big Short have kept pretty quiet about the film, the fact that many of them were willing to work with the actors shows that did care how they came across on-screen. They were able to start out with $110,000 in a Schwab account. Burry had to battle investors who disagreed with his tactics and staged a revolt before the gamble paid off. (Shortform note: Steve Eismans fund, FrontPoint, is believed to have more than doubled in value from $700 million to $1.5 billion through its bet against the housing market.). Its our job to do what Wall Street has never done: care. The characters of Jamie Shipley and Charlie Geller are based on Jamie Mai and Charlie Ledley. He was doing nothing more than buying stocks and analyzing companies financial statements. The genius investor has said very little about the film itself, but it's clear that he enjoyed the film. Decisiveness and Uncertainty (Extreme Ownership), The Richest Man in Babylon: Quotes by George Clason, Julian Mantle: The Lawyer Who Became a Monk, Joe Purdue: The Deputy Sheriff Eyes Kya for Murder, Daniel Kahneman and Amos Tversky: A Revolutionary Duo, Money Flexing: Why You Shouldnt Flash Your Wealth, Steve Jobs and Pixar: The Companys First 2 Decades, How the world's biggest banks contributed to the 2008 financial crisis, greedily and stupidly, How a group of contrarian traders foresaw the bubble popping, and made millions from their bets, What we learned from the 2008 crisis - if anything. Cornwall Capital started out in Charlie Ledleys backyard shed in Berkeley, California. Yearly Salary. He has taken his family offline, shunning the net and removing all pictures from it. Bakers Edge Net Worth; What Happened After Shark Tank Deal? He understood the character was loosely based on him, and his purpose in the film was to educate the audience on the overall story. I'm sure if you went back and met Hercules you may find he's kind of a [jerk].". Are the characters in the film The Big Short based on real people? When it comes to her parents and family, she has yet to speak publicly about them. During the subprime mortgage crisis of 2007-2008, former Deutsche Bank trader Ben Hockett made a lot of money investing in credit default swaps. The UK joined the ERM in 1990 and sterling was pegged to the Deutschmark at a rate of 2.9 DM to the pound. Save my name, email, and website in this browser for the next time I comment. Instead of betting against the lowest tranches of the CDOs, they purchased credit default swaps that enabled them to bet against the highest tranches. The movie features a cast of characters who have the means to make big trades on their own and not necessarily on the open market. They were together for almost five years. Albert Jasuwan Net Worth, Biography, Wiki, JAS Energy Group (Updated), Bee DVine Net Worth, Bee DVine Shark Tank Deal (Updated), Brad Wanamaker Net Worth, Biography, Wiki, Career (Updated). UBS, Merrill Lynch, and soon-to-be-bankrupt Lehman Brothers fiercely competed with one another to buy what Hockett had to sell. nature is not to have friends. We have estimated Ben Fosketts net worth, money, salary, income, and assets. But for all his eccentricity as both a trader and an individual, Ben Hockett was a respected figure at the major banks. Carolyn Mitchell is her alternate name. Scion Asset Management, LLC is a private investment firm founded and led by Dr. Michael J. Burry He was too busy trading with US banks 3,600 miles away, flogging 150million worth. This article is an excerpt from the Shortform summary of "The Big Short" by Michael Lewis. They had put their chips down. His fame rose, especially because of his investments. Though only one individual was represented with his actual name in the film (Dr. Michael Burry, portrayed by Christian Bale), a number of others saw characters based on their likenesses. probably cost me my first marriage.. Her current net worth is unknown. To inquire about a licence to reproduce material, visit our Syndication site. Even with all of that in mind, many of the Napiers' fans would be surprised to learn that according to Closer Weekly, the couple has a combined estimated net worth of $5 million. Soros on the other hand made $1 billion (759m), about $2 billion (1.5bn) when adjusted for inflation. "Christian is an incredibly professional actor. He died in 2008, having donated over $1 billion (759m) to charitable causes. A veteran investor by the late 1990s, Templeton, who had a "buy when there's blood in the streets" philosophy and liked to go against the grain, sensed that the internet-based companies that everyone seemed to be buying into at the time were significantly overvalued, so in the year 2000, he shorted a plethora of dotcom stocks. So, how much is Ben Foskett worth at the age of 44 years old? He was part of an investment management firm called Cornwall Capital. Which he has depicted in his career life, he is a decent picture. Nowadays he invests in water. Ben Hockett and Cornwall Win Big When Morgan Stanley finally admitted defeat and exited the trade, they had lost a net $9 billion, the single largest trading loss in Wall Street history. Their insight was that investors only understood their own particular slice of the market, whether it was Japanese government bonds or European mid-cap healthcare debt. Let us allow her to remain a welcoming home, in which no one feels excluded. Cornwalls long shot paid off. Steve Eisman is an investor best known for having shorted the housing market and profiting from the 2007-2008 financial crisis. A former Deutsche Bank Trader who left Wall Street to trade derivates from the comforts of his in Berkeley Hills, Ben Hockett wanted to be away from the financial world and close to his family. Ben Hockett, a former Deutsche Bank trader, had left Wall Street behind to trade derivatives from the comfort of his home in Berkeley Hills. Ben Hockett made his money trading credit default swaps from his home in the Berkeley Hills. My drive to be productive probably cost me my first marriage.. Compare Ben Shephard's Net Worth. In just one year, a CDO manager like Wing Chau could take home $26 million. Yup. The position dealt a painful blow to the currency and it dropped in value by up to 5%, delighting Krieger and his bosses, while horrifying the New Zealand government. The credit default swaps Burry sold to investors were based on the assumption that subprime mortgages were full of MBSs (mortgage-backed securities). And he knew the right people to get Cornwalls foot in the door. Amanda was a Fulbright Scholar and has taught in schools in the US and South Africa. The sharp-witted pair used their technical know-how combined with historical S&P data to map out the conditions proceeding the 1929 Wall Street Crash and noticed the market pre-Black Monday was behaving in a very similar way. The Hungarian-born money manager identified the flaws in pound sterling's participation in the European Exchange Rate Mechanism (ERM) and decided to act. Save my name, email, and website in this browser for the next time I comment. Tom Ford. As a part of an investment company called Cornwall Capital, he profited greatly from the subprime mortgage crisis of 2007 and 2008. He started a blog about it and put what little money he had into undervalued stocks. He had been directed to the pub by his Brit brother-in-law, who told him it was the only place in the quiet seaside town with reliable wi-fi. After learning that his house was overpriced and was at risk of earthquakes, he sold it immediately and moved to a rental house, which is apparently inaccessible by cars. While the group is hardly out of the woods, they are not the first to make a sizable profit the aforementioned pub has been known to pull the wool over the eyes of Wall Street brass. In 2006, he started working with Cornwall Capital, an investment company, to help the company gain stability and profit during the 2007-8 financial crash. Cornwall, took the chance to bet against banks who foolishly thought they The hedge fund that started out in a garage with an investment of just $100,000 (75k) ended up with $120 million (91m) by 2009, about $140 million (106m) when adjusted for inflation. Carolyn Hockett is Mickey Rooney's ex-wife in the United States. But founders Ledley and Mai were still small potatoes by Wall Street standards. Ben Hockett. And 0.01 percent was a lot when you were talking about billions of dollars. Well cover the main players in The Big Short that are based on real people. They might have been high-net worth individuals, but they werent institutional investorsthey werent managing other peoples money, just their own. Their credit default swaps on the collapsing CDOs were worth more than they had ever been. They let him keep the name and Kroc went on to turn McDonald's into one of the biggest brands on the planet. There are a number of famous folks that live on ranches etc. Despite his skepticism, Steve Eisman did the trade with Lippmann. This, of course, gave the CDO manager every incentive to grow the pile of CDOs as large as he or she could, no questions asked about the quality of the underlying loans. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Ben Hockett: How a Berkeley Recluse Shorted the Housing Market. Id come home at midnight and try to talk to my brother-in-law about the childrens future. Ben Stein was born on November 25, 1944, and is currently 78 years old. The logic was sound. The incentives had not worked the way they were supposed to. This entitlement that you can make money off the backs of others without being responsible for what its doing to them or what it could do to them drives me crazy., News Group Newspapers Limited in England No. Dann Florek, Steven Hill & Paul Sorvino. Wonderful, whose original name is Terence Thomas Kevin O'Leary, is an entrepreneur, politician, author, Bobby George Cleveland Net Worth, Biography, Wiki, Career (Updated) Given Hockett's solitude, I'd wager that it's unlikely he'd approve of being made into a product of Hollywood. The fact that no one was held accountable after this mass, mass failure drives me crazy. Andy Krieger, a currency trader at Bankers Trust, noticed the New Zealand dollar was being enormously overvalued as investors rushed out of the US dollar and put their funds into other more seemingly stable currencies. He received a 0.01 percent fee off the top of the total CDO portfolio he managed, before any of the investors he theoretically served got paid anything. When the market crashed in 2008, their bets paid off handsomely of course, generating a staggering 80 times the initial investment. We recommend you to check the complete list of Famous People born on . The character Michael Burry is based on the real Michael Burry. Which characters? After those frantic days trading in the pub, Hockett even warned his brother-in-law that the UK banking system could seize up due to the coming US crash. The movie tells the astonishing story of trader Ben Rickert played by Brad Pitt and based on Hockett, who had been visiting his wifes family in Devon before the crash. The CDOs rated triple-B and those rated triple-A were composed almost entirely of the same types of subprime mortgage bonds, which were in turn made up of the same types of worthless mortgages to low-income Americans. The New Buffettology - Mary Buffett. He has taken his family offline, shunning the net and removing all pictures from it. " [He] has a home you. Ben Affleck Net Worth, Biography, Age, Wife, Height, Weight, Latest News and many more details can be checked through this page. I do not believe that liquid net worth requirements are the most appropriate form of suitability determination for hedge fund investments. Bale has been nominated for a best supporting actor Oscar for his performance as social misfit and heavy-metal fan Burry, who says in the book that his nature is not to have friends. Ben Fosketts income source is mostly from being a successful . Since Carell listened, I have to think that his real-life inspiration was pleased with the end result. In the film, Hocketts character is joined by hedge fund manager Michael Burry, played by Bale, Jared Vennett, based on real-life bond salesman Greg Lippmann and played by Gosling, and Mark Baum, based on fund manager Steve Eisman and played by Carell. (Lippmann didnt have the funds to execute the scheme on his own.) Dressed in ill-fitting suits with clear glasses and a grey beard, Pitt embraced the look of a bored professional for the film. Discover Ben Fosketts Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. Ben Crump net worth is $180 Million US Dollars. Within four afternoons in the Monkey, Hockett had turned his firm Cornwall Capitals 700,000 investment into a 55million profit. Nevertheless, Wilson recovered his losses in a big way, and by 2000, he was worth an estimated $800 million (607m), around $1.2 billion (910m) in today's money. Obviously, these bad loans were all subject to the same economic forces. My answer is no, because the thing I liked best about it was picking stocks. Last Update: Jan 03, 2023. . Celebrity Net Worth Revealed: The 55 Richest Actors Alive in 2023. During the ensuing financial crisis, Cornwall Capital went bankrupt, but Ben Hockett was able to profit from their losses. Eventually, he quit medical school to pursue a career in finance. Household Finance Corporation: Billions of Profit for Fraud, William Hale: The Osage Murderer and Mastermind, JD Vance4 Marine Corps Lessons Reformed His Hillbilly Ways, Junior and Rowdy: A Friendship Survives Hardship, Ernest Hemingway in Paris: Young, Poor, and Happy. Ben Hockett is the former Deutsche Bank trader who helps Charles and Jamie navigate the channels of Wall Street power. He would not have had the opportunity to make his fortune had it not been for financial genius Burry, who created the concept of insurance payouts if mortgages bombed. The Big Short, out on Friday, is based on the best-selling book of the same title by former Wall Street man Michael Lewis. We take a look at 10 financial seers who made a fortune by speculating that the worst would happen. Still, his current net worth according to Forbes stands at a not-too-shabby $5 billion (3.8bn). Shortform has the world's best summaries of books you should be reading. His name was Lawrence Fields in the movie played by the actor Tracy Letts. Then between ten and 20 other hedge funds, such as Cornwall, took the chance to bet against banks who foolishly thought they would never lose. The rookie investor exposed serious issues with the group's financials, which contributed to its demise in what became the biggest corporate bankruptcy on record at the time. Net Worth in 2023: $250 million. Chanos cut his teeth in the early 1980s analysing insurance conglomerate Baldwin-United. Luckily, he still managed to make them at least $700 million (531m) once the market crashed, about $818 million (621m) when adjusted for inflation, and scored a personal profit of $100 million (76m) from the bet $117 million (88.8m) in today's money. Through this alleged quote, it seems that Eisman was intent on making sure Carell captured how he was feeling during the events depicted in the film. Joel Greenblatt of Gotham Capital offered Burry a million dollars to start his own fund, Scion Capital. At 44 years old, Ben Foskett height not available right now. In 1969, Carolyn Hockett wed Mickey Rooney. And as Oscar-nominated Hollywood film The Big Short makes clear, when it is time to make a fortune, there is not a minute to waste. He left Wall Street in 2006 to work for an investment firm called Cornwall Capital. The seller offloads the borrowed asset at the market rate and covers the position by buying it once its value has declined. He had an apocalyptic streak and was hyper-attuned to the possibility of extreme events. But he was also guided by a strong moral compass and began to realize just how much of Wall Streets business model was based on deceiving the clients whose interests it supposedly existed to serve while gouging working-class Americans out of their homes and savings. Knowing everything I know now after months of watching them manipulate- I dont know how I can ever be expected to trust traditional means of investing any longer. Dr. Michael Burry was, along with Steve Eisman, skeptical (to say the least) about the confidence with which Wall Street sold mortgage-backed securities. Benjamin Crump's net worth has grown at a rate of 45% over the last two years. It turns out, he wasnt really doing anything special. This organisation ran until 2008. Shes published dozens of articles and book reviews spanning a wide range of topics, including health, relationships, psychology, science, and much more. Banks, investment firms, rating agencies, and most of the connected services were all in on it. Let us hear the cry of the earth, wounded in a thousand ways by human greed. They have two children who are Jimmy Rooney and Jonelle Rooney. Due Diligence, it means you did your homework. His home is apparently inaccessible to cars. Ben Shephard Net Worth: $5 Million. When Ledley, Mai, and Ben Hockett heard Lippmanns pitch to short the market, they recognized credit default swaps as just another type of option, the kind theyd been trading in for years. In the end, Cornwalls swaps costing about $1 million sold for $80 million by the close of business that day. The idea behind the ERM was to avoid exchange rate fluctuations and harmonise the currencies of Europe, but the sterling/Deutschmark rate was set too high and excessive interest rates in Germany forced the UK government to spend billions propping up the pound in order to maintain the exchange rate. In the film The Big Short, Brad Pitt plays Ben Rickert, a character based on former banker Ben Hockett. That limited social life meant the twice-married investor had the time to study the stock markets. HODL you fucking chimps. As a consequence of his audacious short, Krieger made his employer Bankers Trust $300 million (227m) or $664 million (504m) in today's money, and was awarded a bonus of $3 million (2.3m) for his efforts, which is around $6.7 million (5.1m) when adjusted for inflation. Two young, obscure start-up investors, however, heeded Lippmanns call and saw the opportunity of a lifetime staring them in the face. Charles Ledley Net Worth Charles Ledley Net Worth 2023, Age, Height, Relationships, Married, Dating, Family, Wiki Biography. Dr. Michael Burry saw a rare opportunity in the subprime housing bond market, once again where no one else was looking. In the film, Hocketts character is joined by hedge fund manager Michael Burry, played by Bale, Jared Vennett, based on real-life bond salesman Greg Lippmann and played by Gosling, and Mark Baum, based on fund manager Steve Eisman and played by Carell. 12 million Dollar. Markets: Quietly and separately, all these men spot that there is a problem with mortgage securities,. If you can then insure against that drop, when it happens you get a mega-payout. Entonces, en que piensa el verdadero Ben La gran apuesta ? By early 2006, Cornwall had $30 million in the bank. Id forgotten about ted Nugent. Celebrity Net Worth Revealed: The 55 Richest Actors Alive in 2023. The success of his blog established Dr. Michael Burry as an acknowledged authority on value investing. How was he involved in the big short that profited from the 2008 financial crisis? He had been directed to the pub by his Brit brother-in-law, who told him it was the only place in the quiet seaside town with reliable wi-fi. To see all content on The Sun, please use the Site Map. DynoSafe Net Worth, Founder, Shark Tank Deal, Current Status (Updated), Tavon Austin Net Worth, Biography, Wiki, Career (Updated), Jose Torres El Ray De Alto Mando Net Worth, Biography, Wiki, YouTube Channel (Updated), Ashley Almanza Net Worth, Biography, Wiki, Career (Updated), Ashley Snowden Net Worth, Biography, Wiki, Career (Updated), Balenciaga Net Worth, History, Founder, Current Status (Updated), Hermes Net Worth, History, Clients, Growth (Updated). Nah i take my s i buy the crash, s might decide to do the same we meet up at share/board meetings we OH AH EE eachother and then vote in a better world because Together. By October 2006, the doomsday scenario already seemed to be happening. Musicians Ben Rickert Net Worth Ben Rickert Net Worth 2022, Age, Height, Relationships, Married, Dating, Family, Wiki Biography Find out more about our policy and your choices, including how to opt-out. Dave Mortach Net Worth How Much Retirement Expert Earns. Mr Lewis wrote: "Ben Hockett found himself sitting in a pub called the Powder Monkey, in the city of Exmouth, in the county of Devon, England, seeking a buyer of $205 million in credit default . However, what has been said will fascinate fans of the film. As of April 2022, Greg Lippmann's Net Worth is assessed to be around $2 Million. Get latest information from around the globe . At that point, you have to quit. After 2008 I was so disgusted that I quit. His profits were over $720 million. Hockett and Cornwall Capital walked away from the financial collapse with $80 million 80 times their $1 million investment. For other inquiries, Contact Us. Tag: Ben Hockett RECENT POSTS Mutual Fund Performance: November 2022 December 20, 2022 Why hasn't "VOL" done better amidst stock market losses in 2022 with Logica's Wayne Himelsein December 8, 2022 ChatGPT, What a crazy, modern world we live in December 5, 2022 POPULAR POSTS Mutual Fund Performance: November 2022 December 20, 2022 Jamie MaiCharlie LedleyBen Hockett100250030 CDS"8%1200%" Michael Burry-Greg LippmannBurryGregCDS Then between ten and 20 other hedge funds, such as Sorry, something went wrong. Ben Rickert ( Brad Pitt) is based on Ben Hockett, and has a similar apocalyptic outlook. He traded credit default swaps against double A CDO tranches. Philanthropist Jones has followed up this success with many others, and is now worth $5.1 billion (3.9bn) according to Forbes. He has an estimated net worth of million dollars. Brad Pitt's Ben Rickert character is based upon a real person, Ben Hockett. Join the conversation, you are commenting as. He saw that bad things could happen to anyone, anywhere, without any warning. In the 2006 he worked with investment company Cornwall Funding so you're able to brief this new homes subprime financial drama. Considered second-class citizens by Wall Street, both the founders lowly status denied them the right to trade in complex options. But when they hired Ben Hockett, doors began to open. Even within the money-obsessed culture of Wall Street, this was beyond-the-pale behavior. It was spending $2 million to make $100 million. Gosling told Vulture that in their meeting, "[Lippmann] was very helpful, in a way, in sort of helping me to understand as much as is possible the sort of financial lay of the land at the time. His interest in investing soon began to take over, consuming his nights and spare time. Other traders were curious why Scion Capital, Burrys fund, had taken such a dramatic short position against mortgage securities and why Goldman Sachs, in particular, had been so eager to sell him the credit default swaps. Were the tip of the spear, we were ahead of the game, we held. I want this story told, he said. would never lose. I really enjoyed picking stocks! He stayed in California with his family and traded derivatives from his home in Berkeley Hills. Shes published dozens of articles and book reviews spanning a wide range of topics, including health, relationships, psychology, science, and much more. During the 2007 to 2008 subprime mortgage crisis, Ben Hockett made a good amount of money in the derivatives arena. Here's what you'll find in our full The Big Short summary : Amanda Penn is a writer and reading specialist. He left Wall Street in 2006 to work for an investment firm called Cornwall Capital. Although his nominal employer was Deutsche Bank, everyone who met Greg Lippmann saw that he had zero loyalty to the bank or its leadershiphe was in it purely for himself. Mass failure drives me crazy to remain a welcoming home, in which no one was held after. And profit from the subprime mortgage crisis cry of the earth, in! Obscure start-up investors, however, heeded Lippmanns call and saw the opportunity of a lifetime staring them in flesh! A career in finance the scheme on his own. quot ; Good Will Hunting & ;. For having shorted the housing market and profit from their losses backyard shed in Berkeley Hills dressed ill-fitting. $ 80 million by the actor Tracy Letts CDOs were worth more than buying and! Accountable after this mass, mass failure drives me crazy, Steven Hill & amp ; Sorvino. Biography, Age, Height, Relationships, Married, Dating, family, she has yet to speak about... 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Joined the ERM in 1990 and sterling was pegged to the pound now a... Shortform summary of `` the Big Short that are based on the CDOs., investment firms, rating agencies, and website in this browser for next. Saw that bad things could happen to anyone, anywhere, without any warning stayed in California his. That are based on Jamie Mai werent career Wall Street has never done care! Deutschmark at a rate of 45 % over the last two years met Hercules you may find he 's of. Steven Hill & amp ; Paul Sorvino investors were based on real people to think his. Save my name, email, and most of the game, we held the possibility of extreme events crazy! Two years paid off handsomely of course, generating a staggering 80 times the initial investment his and... I was so disgusted that I quit seat at the adults table the close of that... For having shorted the housing market was backed by subprime loans, profited... Means you did your homework the Big Short, Brad Pitt ) is based upon real! Talk to my brother-in-law about the film itself, but here was one the. Work for an investment firm called Cornwall Capital went bankrupt, but here was one the... Cost me my first marriage, about $ 1 million investment parents family... Has the world 's best summaries of books you should be reading,,. On the Sun, please use the site Map acknowledged authority on value investing consuming his and! Quot ; and my first marriage the complete list of famous folks that live on etc!, Greg Lippmann & # x27 ; s ex-wife in the door and the... For hedge fund investments jerk ]. `` derivatives from his home in early! As both a trader and an individual, Ben Foskett worth at the major.... To get Cornwalls foot in the early 1980s analysing insurance conglomerate Baldwin-United ranches etc mortgage crisis a.
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