tag:blogger.com,1999:blog-61501379700549349752023-11-16T17:30:26.743+11:00Equitable InvestorsMartin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comBlogger113125tag:blogger.com,1999:blog-6150137970054934975.post-14340903466049819452023-02-09T14:56:00.005+11:002023-02-09T14:56:37.298+11:0010k Words | February 2023<i>Apparently, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in ads on the sides of streetcars...</i><br /><br /><br />The “US equity market performance this year can broadly be characterised as a dash for trash,” Bespoke declared on Feb 3. Our own analysis of ASX micro-to-mids shows a similar trend - CY2022 losers are now the winners, as are stocks on higher multiples. A case for higher cash rates was charted by Charles Schwab even as Moody’s showed inflation is slowing in some countries...<div><br /></div><div>Read on at <a href="https://equitableinvestors.substack.com/p/10k-words-february-2023">Substack</a>...</div><div><br /></div><div><br /></div><div><br /></div><div><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: "SF Pro Display", -apple-system, BlinkMacSystemFont, Inter, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">ASX Micro-to-Mids - “Financial, Industrial & Technology” (FIT) factor performance in CY2023-to-date</strong></div><div><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: "SF Pro Display", -apple-system, BlinkMacSystemFont, Inter, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;"><br /></strong></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjmvAWXVlKwzD88iViBQ5cGCZhCFpW_yLJScvYucZwJ1liBuPpH8swWwyb0Ohy7UyG_ZvOxvc8Lr_N2ckpn6WhfOZZNMwy0VP7RmxQEs7S6Gxzu4_0Ip3XQYQBdiYBSi5Erqa-z5Sc7AGQ5ocFlJ33XnBIsIYANkoPQyFkch69niilXtdOBeQE_9uCxsg" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="640" data-original-width="395" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEjmvAWXVlKwzD88iViBQ5cGCZhCFpW_yLJScvYucZwJ1liBuPpH8swWwyb0Ohy7UyG_ZvOxvc8Lr_N2ckpn6WhfOZZNMwy0VP7RmxQEs7S6Gxzu4_0Ip3XQYQBdiYBSi5Erqa-z5Sc7AGQ5ocFlJ33XnBIsIYANkoPQyFkch69niilXtdOBeQE_9uCxsg=w395-h640" width="395" /></a></div><br /><em style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: "SF Pro Display", -apple-system, BlinkMacSystemFont, Inter, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">Source: Equitable Investors</em></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-47575411068800501242023-01-15T15:15:00.007+11:002023-01-15T15:15:53.637+11:0010k Words | January 2023<p> <span style="background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">If there was a year in investment markets where swearing was justifiable, 2022 would be a great candidate. The FT shows us swearing reached new heights on company conference calls. Maybe swearing in 2023 will find a new peak as the feeling of greater uncertainty remains - just look at the IMF’s plot. Gartner’s estimate of a 28.5% year-on-year decline in global PC sales may cause a few to swear, at least privately...</span></p><p><span style="background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">Read in full <a href="https://equitableinvestors.substack.com/p/10k-words-january-2023">here</a> (at Substack)</span></p><p><br /></p><p><strong style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">Bull market in swearing - frequency of swearing on conference calls</strong></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a4320a5-1ef8-4f16-ba28-bd70af5d4170_1738x600.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="276" data-original-width="800" height="221" src="https://substackcdn.com/image/fetch/f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F8a4320a5-1ef8-4f16-ba28-bd70af5d4170_1738x600.jpeg" width="640" /></a></div><br /><em style="--tw-ring-color: rgb(59 130 246 / 0.5); --tw-ring-offset-color: #fff; --tw-ring-offset-shadow: 0 0 #0000; --tw-ring-offset-width: 0px; --tw-ring-shadow: 0 0 #0000; --tw-rotate: 0; --tw-scale-x: 1; --tw-scale-y: 1; --tw-scroll-snap-strictness: proximity; --tw-shadow-colored: 0 0 #0000; --tw-shadow: 0 0 #0000; --tw-skew-x: 0; --tw-skew-y: 0; --tw-translate-x: 0; --tw-translate-y: 0; background-color: white; color: #404040; font-family: Spectral, serif, -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif, "Apple Color Emoji", "Segoe UI Emoji", "Segoe UI Symbol"; font-size: 19px;">Source: AlphaSense, Financial Times</em><p></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-27165054749671526132022-12-15T12:10:00.000+11:002022-12-15T12:10:41.293+11:0010k Words | December 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><p>This month's chart are largely lifted from an Equitable Investors slide deck. We can't really avoid taking a look at inflation and interest rates - so that is where we start with charts from Bloomberg showing the expectation for a sharp inflation correction in the US in 2023 (and a voew on why, based on Academy Securities' view of inflation drivers). Central bank policy rates remain, in the main, below inflation rates, as @charliebilello tabulates. CY2022 is almost gone and we can look back at capital markets and see sharp declines in the availability of funding - global equity capital raising volumes down 65% and Australasian down 54% year-on-year, using dealogic data. High yield debt issuance plunged even further. Crunchbase reckons that in global venture capital markets, seed funding dropped by a third, early stage halved and late stage is down by 80% compared to November 2021. Finally, Cliffwater shows us how private equity has outperformed since 2000 (in a period that coincides with historically low interest rates) and Refinitiv's Venture Capital Index gives us an idea of how alternative assets may have faired in 2022 if they were priced daily.</p><p><br /></p><p><b style="color: #073763;">Implied inflation (starts Dec 9)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-559eb34f-7fff-4696-f8af-2b6ea36ceb77" style="font-weight: normal;"><img height="301" src="https://lh5.googleusercontent.com/LTxjqmCkzA0NZjbcmknBElXTR9gPmKuYl2I4LLgTQwF1iia1g3uRxgz3qsmq_nXNFWWKmzrW3nQPGn6X9NNvguhwu-51fisiwb6OzIzScUnOIDbjdD4HSh7vbpT7n0MFabRa4M5rGfGPUkuz1tHtcj_HLwxre4Vnq4LdM_gVk2qciPRIkVqZWsLalKffp34N=w640-h301" width="640" /></span></b></p><p><i style="color: #666666;">Source: Bloomberg</i><br /></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Inflation Drivers (estimated)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-810d7726-7fff-d0bc-9508-a5f655f3862a" style="font-weight: normal;"><img height="237" src="https://lh5.googleusercontent.com/ZsrRoVq2EFcFujxNDAQhdwz3VxDNM6U8TdPHR3QaKqY8nDhUMLcSag2a7FLPNiujNtBQP6XHAsCJ4GxSKJVhUNiOarRFe3IdH00j4ET0gjeWp6OleSXESE8OTlNVjs435yT1P7cJzE5SJd_DW7i3PNcbkj4Hbizm7aGI-TYErgztwKQSllOIK6VNg4p18enf=w640-h237" width="640" /></span></b></p><p><b style="color: #073763;"><i style="color: #666666; font-weight: 400;">Source: Bloomberg, Academy Securities</i></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Global Central Bank Policy Rates (as of Dec 8, 2022)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-02c1fd5f-7fff-b334-e4b9-acec779e26a4" style="font-weight: normal;"><img height="640" src="https://lh6.googleusercontent.com/1EjeVVea7C-pUHFS6ZGroJ8a181SNFYFlZDa7qKDIDSoOdwbzlbXwXYqgz-QwzzrZscKN_6LsGU6tDaoYUThdHVkDpBJLhNCiCuJpewV7hGF6x1Puul95yY9_2USyueestdtGI2ODZZA0_eUKXifS6TCndVlreYEztBqKcE1CCftsAPw138023DKDximAr4W=w468-h640" width="468" /></span></b></p><p><b style="color: #073763;"><b><i style="color: #666666; font-weight: 400;">Source: Compound/@charliebilello</i></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Global Equity Capital Market Volumes ($USb)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-f7b9ccff-7fff-3f6c-8c77-0a7ccdfad5b1" style="font-weight: normal;"><img height="302" src="https://lh5.googleusercontent.com/rgRQF_nBN8pH-Osc5XODAkJ838hGUdW1m7vs0f__zQQDOCzbAF5IlRrQ-p1PTEceJn5wWJ-W9AUpi4T9HywCqf1mDu9O7MaVS50jnnpmURsAcct1WRS-wyFQHwegxo3L2_Gj9rk1FGcHWkmMOFbHnCzVAu9mpw8Ki6jLBFdhG3ItQUhudeHN7vj5zEvcpbkf=w640-h302" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><i style="color: #666666; font-weight: 400;">Source: WSJ, Dealogic</i></b></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Australian Equity Capital Market Volumes ($USb)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-93f9be25-7fff-e78c-2489-e99a4b413e8b" style="font-weight: normal;"><img height="298" src="https://lh5.googleusercontent.com/N2Cp-khtyMJhrE6VvjA_XOjTGIShuNUOseMPYClLX3tnfmHPsug1SqEPVB35czdXhFbD8duC2PC9taGL56aQpvwNteAwhSJOX3M9bysGjdHNOOlOnd2QXvSONhPTcmbvjyObuO80qwdPHdqz3iHA2quKNrea7uILe4FWdxwXSbR2jntVYs4PHuxyXybxptZj=w640-h298" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><b><i style="color: #666666; font-weight: 400;">Source: WSJ, Dealogic</i></b></b></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">High Yield Debt Capital Markets</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-c12e637f-7fff-df2c-4749-6509f4e06e50" style="font-weight: normal;"><img height="318" src="https://lh4.googleusercontent.com/-E60_un5BYZ6pSru3jcTplTxnsIP3fokIypKWez1rX85d07jnpRgAKJdWLeWhWM0POMTG8hSaaAe40AzESkLmKveZUIpv4CX6Y0WqClgrra4Djv2zjpkauBw3PwUMRIHhYU8MKdEnFYD2C8khyUQQ2YthyQpyDrbIFKsMHJ39TfSSexk-eEpmrlzrbMvKdSM=w640-h318" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><b><b><i style="color: #666666; font-weight: 400;">Source: WSJ, Dealogic</i></b></b></b></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Global Venture Capital Funding</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-52d38be6-7fff-553c-1e03-b7c81a2e60e5" style="font-weight: normal;"><img height="217" src="https://lh4.googleusercontent.com/CaBg4eVVE705Ma5ljdZf-iPRrYRqzNiM976GoF9Tjsxms7-hD_pBXB_1DWvp2Hah_eZMCED_HWIGnAfWOostiYa9ifDGG0yXHZhujp6slagSrr9rE_GaOtohJS3ezdzhM-n5RN6suO9nh2eV3miVezHFzyjHjqGPW40O6RbLIGo3zSQoEEGPK2plVqS8m7MO=w640-h217" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><b><b><b><i style="color: #666666; font-weight: 400;">Source: Crunchbase</i></b></b></b></b></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Composite Private Equity Performance (US State Pensions)</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-d64459a8-7fff-4c05-4b80-6d7372963d73" style="font-weight: normal;"><img height="444" src="https://lh6.googleusercontent.com/2wQFGm4oI9MXd-SsIM4UqAvpUkIlmaUTtLbI2AWWCauQX1dJVnE13Q239q_M0vvHdE2i5Np7jiq_JkNKg_Xu0mrJ5WoLoz7YZhwquUzutbTBZiBpGvGSkmM0Dw_mD6A-4YxsZRX90SspNaPQZXSu1j4KOaq4DnriGlfQX1CYL8FhVefdgoeHVAuXhwfV7Wc_=w640-h444" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><b><b><b><b><i style="color: #666666; font-weight: 400;">Source: Cliffwater</i></b></b></b></b></b></b></b></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Refinitiv Venture Capital Index Over 5 Years</b></p><p><b style="color: #073763;"><span id="docs-internal-guid-aad3fc3d-7fff-20dd-9ef2-fdf05a250e41" style="font-weight: normal;"><img height="332" src="https://lh6.googleusercontent.com/h6q62jDfYqgaoFVOLvR8KTrqJgzaaD7fSRGVvMPgdY4yeCjIDgMEoEdG5Wi_mjzb7nF-JgeBo8x7u4X03BPvOLmtGX80zILek3u6W8yP9jh4M4ByifFOX9p8ktWni9c3RlQlz705k2ovKa1UtNC2PlCh8qAwquUKyWbajBR0ZURP7lw5ubcmJrfNVdTgg8Zc=w640-h332" width="640" /></span></b></p><p><b style="color: #073763;"><b><b><b><b><b><b><b><i style="color: #666666; font-weight: 400;">Source: FT</i></b></b></b></b></b></b></b></b></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-654932656392971432022-11-08T14:46:00.003+11:002022-11-08T14:46:42.700+11:0010k Words | November 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><p>There hasn't been a year quite like this one for investment markets - just look at where @darioperkins plots 2022's returns. While we are sticking with that theme, CNBC tallies $US3 trillion in lost market cap from just seven companies in one year. As a valuation check, Amazon is now trading well below its long-term average EV/EBITDA multiple - while Apple remains above its own. With the "M2" measure of money supply in the US plunging the most on record in a six month period, as highlighted by @CharlieBillelo, Morgan Stanley chartered the historical correlation between M2 and inflation; and True Insights looked at the correlation with stock valuations. An exploration of the pre-and-post COVID worlds has us looking at Australian temporary visas through Grattan Institute's chart, student arrivals in Australia via Pac Partners and finally, a significant shift in communter preferences that suits toll road operator Transurban just fine.</p><p><br /></p><p><b style="color: #073763;">Annual US bond and equity returns since 1870</b><a href="https://pbs.twimg.com/media/FgZ6uS2X0AUY8vP?format=png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="450" data-original-width="571" height="504" src="https://pbs.twimg.com/media/FgZ6uS2X0AUY8vP?format=png" width="640" /></a></p><p><i style="color: #666666;">Source: @darioperkins</i><br /></p><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">$US3 trillion lost in seven companies in one year</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiJlJwlEejYai80-LP7BOmC9tmSOt4wO-VkBw17xSAeIgjC-uGq5zE7Wqybg8O-D5RjqGEnOBYSw8TjdsmidazsFmeVdn3cEY41aMOM2P_1T3lOYQQK5xRolZ-w3_0Jdc8n3g06ZfHW9262Fap4ONmEZJS8yL3ZT9LeiXpHExKEPecLKWgEsDlPElx9sQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="952" data-original-width="1561" height="390" src="https://blogger.googleusercontent.com/img/a/AVvXsEiJlJwlEejYai80-LP7BOmC9tmSOt4wO-VkBw17xSAeIgjC-uGq5zE7Wqybg8O-D5RjqGEnOBYSw8TjdsmidazsFmeVdn3cEY41aMOM2P_1T3lOYQQK5xRolZ-w3_0Jdc8n3g06ZfHW9262Fap4ONmEZJS8yL3ZT9LeiXpHExKEPecLKWgEsDlPElx9sQ=w640-h390" width="640" /></a></div><p><br /><i style="color: #666666;">Source: CNBC</i></p><p></p><p><br /></p><p><b style="color: #073763;">Forward EV/EBITDA of Amazon and Apple</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiHhvCJ9EWH9GKbxWtJcd5cWy7eqFTT283pVndwba8Mz6kL0tBU6RTNX6iPsjDyen7N_cIvaBOz5L7TpEzr17VnAVKAPtU97E1cG1fwRolMHCoUzg3j-_944N0JsLj-01BVYPj4rlQZjkjKe4XW7k0kHewGabSVwB1qnzqle72Fc6h2T9gg0X-2hK475A" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="403" data-original-width="1600" height="162" src="https://blogger.googleusercontent.com/img/a/AVvXsEiHhvCJ9EWH9GKbxWtJcd5cWy7eqFTT283pVndwba8Mz6kL0tBU6RTNX6iPsjDyen7N_cIvaBOz5L7TpEzr17VnAVKAPtU97E1cG1fwRolMHCoUzg3j-_944N0JsLj-01BVYPj4rlQZjkjKe4XW7k0kHewGabSVwB1qnzqle72Fc6h2T9gg0X-2hK475A=w640-h162" width="640" /></a></div><p><br /><i style="color: #666666;">Source: Equitable Investors, TIKR</i></p><p><b style="color: #073763;">US "M2" money supply experienced its largest decline over a six month period on record</b><a href="https://pbs.twimg.com/media/Ff8HTWxXgAUMhJi?format=png" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="399" data-original-width="602" height="424" src="https://pbs.twimg.com/media/Ff8HTWxXgAUMhJi?format=png" width="640" /></a></p><i style="color: #666666;">Source: @CharlieBilello</i><br /><p><b style="color: #073763;"><br /></b></p><p><b style="color: #073763;">Inflation relative to changes in the “M2” money supply for the United States</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiogrDn7liSo5-sYF11ZCFGAKOF_Nqx4r_vS153P76hQzQ_HsOos6jRTGvt4zbDaN1stmo34dT9aUvgEjpMBdjoN1-gi7kUnXj9ue4c2KZTla7jadZLnjQqjHFK1fdMK3Z-ijXES8zFihhU7g_sDH9758jeSgDRzsJgIDNcj8axmqTKBEzDpMp2OaRBiw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="391" data-original-width="996" height="252" src="https://blogger.googleusercontent.com/img/a/AVvXsEiogrDn7liSo5-sYF11ZCFGAKOF_Nqx4r_vS153P76hQzQ_HsOos6jRTGvt4zbDaN1stmo34dT9aUvgEjpMBdjoN1-gi7kUnXj9ue4c2KZTla7jadZLnjQqjHFK1fdMK3Z-ijXES8zFihhU7g_sDH9758jeSgDRzsJgIDNcj8axmqTKBEzDpMp2OaRBiw=w640-h252" width="640" /></a></div><i style="color: #666666;">Source: Morgan Stanley, Bloomberg</i><br /><br /><p></p><p><b style="color: #073763;"> S&P 500 Forward PE change relative to changes in “M2” money supply</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgaSeGkKi9VO0mgQMz0gIy18KfNgGTXuxokLdWsxbRF2jecHI7CHThKND4XY0s9w7pS5gQPRIqXEONZhVDE2kND6BKqeDA8BAuR0nz_CqhuDUN6JKotOTJvdlv-Tv4NXqAo-gY7yurkN3nSw9j8AkNYiJFIvEKfnjd_0vAWt9igBwImb3TIx-cD4J4N6g" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="411" data-original-width="1014" height="260" src="https://blogger.googleusercontent.com/img/a/AVvXsEgaSeGkKi9VO0mgQMz0gIy18KfNgGTXuxokLdWsxbRF2jecHI7CHThKND4XY0s9w7pS5gQPRIqXEONZhVDE2kND6BKqeDA8BAuR0nz_CqhuDUN6JKotOTJvdlv-Tv4NXqAo-gY7yurkN3nSw9j8AkNYiJFIvEKfnjd_0vAWt9igBwImb3TIx-cD4J4N6g=w640-h260" width="640" /></a></div><i style="color: #666666;">Source: True Insights</i><br /><br /><p></p><p><b style="color: #073763;">Change in temporary visa-holders in Australia since pre-COVID</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiTdfew4msphkCIqD03RZj1dPP5ye3VxdQjQiUHbfwHA29ZovgUXgcb_83zefaUYF5QJCq_VykLHM3GIe1kf7np0aJYMKBn3iP9QOP45AEI19ecS6AM7vHl3x4OlzON9FRMXa3X6QSD6uZwO-BAdDq9NS-rYGGXMCqDT7Wj4DXg-F41ETtuaZjjRkCLwQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="700" data-original-width="1417" height="316" src="https://blogger.googleusercontent.com/img/a/AVvXsEiTdfew4msphkCIqD03RZj1dPP5ye3VxdQjQiUHbfwHA29ZovgUXgcb_83zefaUYF5QJCq_VykLHM3GIe1kf7np0aJYMKBn3iP9QOP45AEI19ecS6AM7vHl3x4OlzON9FRMXa3X6QSD6uZwO-BAdDq9NS-rYGGXMCqDT7Wj4DXg-F41ETtuaZjjRkCLwQ=w640-h316" width="640" /></a></div><br /><i style="color: #666666;">Source: Grattan Institute</i><p></p><p><b style="color: #073763;"><br /></b></p><p><span style="color: #073763;"><b>Student arrivals per month into Australia</b></span></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEieS0ixWxnC54ZWwcIV7-dJ9ITh7Ux-SN1z1kgMYfaJVkMK67Q7pUKY-_asBYRBL7oujSyj043IDR6f-UA0_CdRs6MqtqHKRV6x9-M5o8ypykMxMR_2fHhwN23jkYPu0So75bVOizIHgbP1SDe1UL6gH8MCGZF3dWrkGJfIoCetIt-3t62yGZZ-T676tQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="610" data-original-width="955" height="409" src="https://blogger.googleusercontent.com/img/a/AVvXsEieS0ixWxnC54ZWwcIV7-dJ9ITh7Ux-SN1z1kgMYfaJVkMK67Q7pUKY-_asBYRBL7oujSyj043IDR6f-UA0_CdRs6MqtqHKRV6x9-M5o8ypykMxMR_2fHhwN23jkYPu0So75bVOizIHgbP1SDe1UL6gH8MCGZF3dWrkGJfIoCetIt-3t62yGZZ-T676tQ" width="640" /></a></div><br /><i style="color: #666666;">Source: ABS, PAC Partners</i><p></p><p><br /></p><p><b style="color: #073763;">Preferences for commuting mode before and after COVID</b></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgu1h6RQIGch1kc2k2DCpbknG1q-WEImzc3LVrLhhuiNjIBT2GuyGYxgKdpOnz_eeshEUMCBEMyErges0grgR6K1LN_ITHDQkF49cpGnh7BlPE5ihsDqZv5ezPPfokXLa5elWd50_2lI0hRFODzfRNYYYzNfX13QT4knDchbKNRn76BMI1EQm3oIeGuPQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="364" data-original-width="1348" height="172" src="https://blogger.googleusercontent.com/img/a/AVvXsEgu1h6RQIGch1kc2k2DCpbknG1q-WEImzc3LVrLhhuiNjIBT2GuyGYxgKdpOnz_eeshEUMCBEMyErges0grgR6K1LN_ITHDQkF49cpGnh7BlPE5ihsDqZv5ezPPfokXLa5elWd50_2lI0hRFODzfRNYYYzNfX13QT4knDchbKNRn76BMI1EQm3oIeGuPQ=w640-h172" width="640" /></a></div><i style="color: #666666;">Source: Transurban</i><br /><br /><p></p><p><br /></p><p><br /></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-80695246642208372742022-10-11T14:31:00.002+11:002022-10-11T14:31:34.502+11:0010k Words | October 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><p>We are in to the home stretch for CY2022, the December quarter, and can paint a fairly dire picture of how investment and capital markets have faired. Global M&A activity is down 33%, while equity capital raised is down 65% according to dealogic data. Acquisitions of VC-backed businesses have dived in number, as Pitchbook charts. Gavekal shows the drawdown in dollars across equity and debt markets in 2022 dwarfs the GFC. And yet despite the declines, fund managers' equity allocations have been slashed according to both Bank of America and Goldman Sachs. In Australia, economists' inflation expectations have inched higher according to Bloomberg, while consumer sentiment has plunged based on the ANZ-Roy Morgan survey. Meanwhile, HFI Research chart's the decline in hydrocarbons in storage in the US in 2022 tracking well below prior years. EIA's own chart tells a similar story relative to the 5-year range.</p><p> </p><div><b style="color: #073763;">Global M&A in CY2022 year-to-date relative to same period in 2021</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq66tsJHbKLg9tP3K34t80riqg24kRgaVoBc4-d1YJVIaL4pG-FgA1442ZXoKaAqBlrtQJJlw7his0oQ3YTKtPIl0tpK8oWGmSfF2elScvrWsXq-p0vjGYSa-8xfCZqURAE-xSF5yEBWrzySo14U0lMV-TkhRc3h8XhIQqMSb8uoFiTFx7xhP0tPFEXw/s1075/Global%20M&A%20-%20dealogic%20WSJ.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="595" data-original-width="1075" height="354" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhq66tsJHbKLg9tP3K34t80riqg24kRgaVoBc4-d1YJVIaL4pG-FgA1442ZXoKaAqBlrtQJJlw7his0oQ3YTKtPIl0tpK8oWGmSfF2elScvrWsXq-p0vjGYSa-8xfCZqURAE-xSF5yEBWrzySo14U0lMV-TkhRc3h8XhIQqMSb8uoFiTFx7xhP0tPFEXw/w640-h354/Global%20M&A%20-%20dealogic%20WSJ.png" width="640" /></a></div><i style="color: #666666;">Source: dealogic, WSJ</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Global Equity Capital Markets activity</b><b style="color: #073763;"> in CY2022 year-to-date relative to same period in 2021</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijteXDPQ406CIohgm0EbX1LvLyf8cL3LprEXRO63BErheq5sqGynYjoe7hfBhFBoeEwm96QgUQ4nnXhRLYCqzqlYrJ7zHrCVhLdsbC1DbS5B_x_JEcqrMSoebZEDPm_3eEsH_H_NT5aExmX3Zpwd9zOriqgzdkpKIUP1xElmNFz9r7W4srjeNwOhLVWQ/s1081/Global%20ECM%20-%20dealogic%20WSJ.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="586" data-original-width="1081" height="346" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijteXDPQ406CIohgm0EbX1LvLyf8cL3LprEXRO63BErheq5sqGynYjoe7hfBhFBoeEwm96QgUQ4nnXhRLYCqzqlYrJ7zHrCVhLdsbC1DbS5B_x_JEcqrMSoebZEDPm_3eEsH_H_NT5aExmX3Zpwd9zOriqgzdkpKIUP1xElmNFz9r7W4srjeNwOhLVWQ/w640-h346/Global%20ECM%20-%20dealogic%20WSJ.png" width="640" /></a></div><i style="color: #666666;">Source: dealogic, WSJ</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Acquisitions in the US of VC-backed businesses</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRajgIn6Yin1N0llz_HYW9YMA3IpE_7S6_48TUSBkxcAJdfngLIRpxo3VmIG9fw8xeBeo7jVBO-PcjNdLFZrTMd5mNyGnpxMjmG6Y6ttj9vTR1K0l2EBuYftkhpiY2qT_F54m5RevqBUNzjZMv2Hyzvut6b3UtVzVNIdTpn6foSQ7sA2Y-K2tlZpsyVw/s1008/Acquisitions%200f%20US%20VC-backed%20companies%20-%20PitchBook%20-%20Oct%2011%202022.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="706" data-original-width="1008" height="448" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhRajgIn6Yin1N0llz_HYW9YMA3IpE_7S6_48TUSBkxcAJdfngLIRpxo3VmIG9fw8xeBeo7jVBO-PcjNdLFZrTMd5mNyGnpxMjmG6Y6ttj9vTR1K0l2EBuYftkhpiY2qT_F54m5RevqBUNzjZMv2Hyzvut6b3UtVzVNIdTpn6foSQ7sA2Y-K2tlZpsyVw/w640-h448/Acquisitions%200f%20US%20VC-backed%20companies%20-%20PitchBook%20-%20Oct%2011%202022.png" width="640" /></a></div><i style="color: #666666;">Source: PitchBook</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Drawdown in total market capitalisation of US equity & fixed income</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaa-S9ODkecNugE-kl3PFz4Fnb3ZlqiKPdDemtOXwRgf10WRNcnESfqf_ndDNuzNfhXlFAxodnQsuaAGaH-j6uDxV0MwN8n_IjjCt4StOUncZSG6m2Ka94cyL6Ryznz5-Wn3VhWPMOLG2tJMmQLpJOJegTxcH2qfEpIPSyiKYQL-GiS-UCuPu5uW9a8w/s852/Drawdown%20in%20total%20market%20cap%20of%20UE%20equity%20&%20fixed%20income%20-%20Bloomberg%20-%20Gavekal%20-%20Macrobond.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="556" data-original-width="852" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgaa-S9ODkecNugE-kl3PFz4Fnb3ZlqiKPdDemtOXwRgf10WRNcnESfqf_ndDNuzNfhXlFAxodnQsuaAGaH-j6uDxV0MwN8n_IjjCt4StOUncZSG6m2Ka94cyL6Ryznz5-Wn3VhWPMOLG2tJMmQLpJOJegTxcH2qfEpIPSyiKYQL-GiS-UCuPu5uW9a8w/w640-h418/Drawdown%20in%20total%20market%20cap%20of%20UE%20equity%20&%20fixed%20income%20-%20Bloomberg%20-%20Gavekal%20-%20Macrobond.jpg" width="640" /></a></div><i style="color: #666666;">Source: Gavekal Research, Bloomberg, Macrobond</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>Hedge funds and muutal funds slashed equity exposure</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv0jjnTNOtVXDaBqkXNpty5gpANLy2bJhoDiIa2zAnQFGkwLLjnlGl-_RrZcH0-62P68lRcqftyeGyuuR52OAvnoL2ALnX-3rfvVVv66Pzf9gSCxxT6-y7TJkNZ15zjnrEP-Pb-QOvfxEQzhrdzRSA_7DSNuOnuh0rGBmGU7a8cQ9yO4gEOzzAxvyL4g/s496/Hedge%20funds%20&%20mutual%20funds%20slash%20equity%20exposure%20-%20ICI%20-%20Goldman%20Sachs%20(via%20zerohedge).jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="304" data-original-width="496" height="392" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjv0jjnTNOtVXDaBqkXNpty5gpANLy2bJhoDiIa2zAnQFGkwLLjnlGl-_RrZcH0-62P68lRcqftyeGyuuR52OAvnoL2ALnX-3rfvVVv66Pzf9gSCxxT6-y7TJkNZ15zjnrEP-Pb-QOvfxEQzhrdzRSA_7DSNuOnuh0rGBmGU7a8cQ9yO4gEOzzAxvyL4g/w640-h392/Hedge%20funds%20&%20mutual%20funds%20slash%20equity%20exposure%20-%20ICI%20-%20Goldman%20Sachs%20(via%20zerohedge).jpg" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Goldman Sachs, ICI (via zerohedge)</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">BofA Fund Manager Survey shows allocation to equities at all-time low</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWiPIfik10lzN303VJrygTk639wA6K40xW7zLOci0mZh83Bf6bYAen9iA3KO7qey2DfJHVvfPfyl2lOtWxiDsx2lVgpEVwlokC74k8wg2Om-S-EDssiFhp7t3OCvbw_Ob6m_ZYaf38AqHTHXny1LnOFeuBHPz3v-CKa1B7MPM4pdv0EnYTJVujkDSHGg/s708/FMS%20Asset%20Allocation%20to%20Equities%20at%20All-Time%20Low.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="343" data-original-width="708" height="310" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiWiPIfik10lzN303VJrygTk639wA6K40xW7zLOci0mZh83Bf6bYAen9iA3KO7qey2DfJHVvfPfyl2lOtWxiDsx2lVgpEVwlokC74k8wg2Om-S-EDssiFhp7t3OCvbw_Ob6m_ZYaf38AqHTHXny1LnOFeuBHPz3v-CKa1B7MPM4pdv0EnYTJVujkDSHGg/w640-h310/FMS%20Asset%20Allocation%20to%20Equities%20at%20All-Time%20Low.png" width="640" /></a></div><i style="color: #666666;">Source: Bank of America Fund Manager Survey</i><br /><div><br /></div><div><br /></div><div><div><b style="color: #073763;">Survey of Australian economists' inflation expectations </b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixg1w2LP8lSjgcEqEByvSEZnp0afSlG-pqPWA_KpA1tIjOjJkC-AJm_Q6aPE1mLBwUW--BmYA0RHxQwK9PEX7CvfdOnwQJd9LbIKs8bnYVUqd-gheQA1r459gPEQVdYviDuK4dBGSpmPO86B9N7iEQIbtjRukIihrIgcWuquPCl4TGoa6pTUbSWQPSXQ/s1247/Aus%20consensus%20inflation%20-%20Bloomberg%20survey%20-%20Oct%2011%202022.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="547" data-original-width="1247" height="280" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEixg1w2LP8lSjgcEqEByvSEZnp0afSlG-pqPWA_KpA1tIjOjJkC-AJm_Q6aPE1mLBwUW--BmYA0RHxQwK9PEX7CvfdOnwQJd9LbIKs8bnYVUqd-gheQA1r459gPEQVdYviDuK4dBGSpmPO86B9N7iEQIbtjRukIihrIgcWuquPCl4TGoa6pTUbSWQPSXQ/w640-h280/Aus%20consensus%20inflation%20-%20Bloomberg%20survey%20-%20Oct%2011%202022.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div></div><div><br /></div><div><div><b style="color: #073763;">ANZ Consumer Sentiment</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkcACzwYyRnnw3LFLDEUPDx3FiY1AylCyzHSC7JeGnVkh1PZM4aQd05toNZCcCHf6N_vyb3sFHU2UhxPuivsy7WK1NPeAJ_g62RKGCc7jVSv-kRkyFJ6kfL1wGMUlC-kT-nUU4LDZcuCT2rSK_UgzPzNoOSiY0EKEJ-PQyhXXYPHNO4zWUC0Ui5o_9Kg/s878/ANZ%20Consumer%20Sentiment%20-%20ANZ-Roy%20Morgan.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="574" data-original-width="878" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhkcACzwYyRnnw3LFLDEUPDx3FiY1AylCyzHSC7JeGnVkh1PZM4aQd05toNZCcCHf6N_vyb3sFHU2UhxPuivsy7WK1NPeAJ_g62RKGCc7jVSv-kRkyFJ6kfL1wGMUlC-kT-nUU4LDZcuCT2rSK_UgzPzNoOSiY0EKEJ-PQyhXXYPHNO4zWUC0Ui5o_9Kg/w640-h418/ANZ%20Consumer%20Sentiment%20-%20ANZ-Roy%20Morgan.jpg" width="640" /></a></div><i style="color: #666666;">Source: ANZ-Roy Morgan</i></div><div><br /></div><div><br /></div><div><div><b style="color: #073763;">US Big 4 Storage ( Crude with Strategic Petroleum Reserve + Gasoline + Distillate + Jet Fuel) </b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDX5okAkSSeZYZTnBz2Az5TEFtTJz8BdP-xGi3X0tAmHPLQiSw8eRN1b73PD8IOAeZqcsjV0dtyyQDkHbekGGeAg7dUhHfknbzbUM_nm1MJnOHUr_W0dlA7ip64sov_dWFusC_iu2RPgZyNKtMDjG_ETS0SY3-5anhKGcWSQo4wCDAP5Lov95RrkjwYA/s870/US%20Big%204%20Storage%20(%20Crude%20with%20SPR%20-%20Gasoline%20-%20Distillate%20-%20Jet%20Fuel)%20-%20HFI%20Research.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="641" data-original-width="870" height="472" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDX5okAkSSeZYZTnBz2Az5TEFtTJz8BdP-xGi3X0tAmHPLQiSw8eRN1b73PD8IOAeZqcsjV0dtyyQDkHbekGGeAg7dUhHfknbzbUM_nm1MJnOHUr_W0dlA7ip64sov_dWFusC_iu2RPgZyNKtMDjG_ETS0SY3-5anhKGcWSQo4wCDAP5Lov95RrkjwYA/w640-h472/US%20Big%204%20Storage%20(%20Crude%20with%20SPR%20-%20Gasoline%20-%20Distillate%20-%20Jet%20Fuel)%20-%20HFI%20Research.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: HFI Research</i></div></div><div><br /></div><div><br /></div><div><b style="color: #073763;">US crude oil stocks</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK5UFoJY9Vq1V0seC6QMWGd0dUukSuLZA7qJH50mqBEidYGBi4MotcZO4FtKkPbpyjuqz2xfUMZeZJ4HbOcOOyvk3aJW7HSwrWJ6VE3sW2WZ-rAxTJ2gmaYaVLYfwCfRQkEsb56DxTSrNUC0iYNHplamr0iGvgCJUvs3BQ-c6NhwE43OLrd-BrCQU42Q/s1012/US%20crude%20oil%20stocks%20-%20US%20EIA.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="508" data-original-width="1012" height="322" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgK5UFoJY9Vq1V0seC6QMWGd0dUukSuLZA7qJH50mqBEidYGBi4MotcZO4FtKkPbpyjuqz2xfUMZeZJ4HbOcOOyvk3aJW7HSwrWJ6VE3sW2WZ-rAxTJ2gmaYaVLYfwCfRQkEsb56DxTSrNUC0iYNHplamr0iGvgCJUvs3BQ-c6NhwE43OLrd-BrCQU42Q/w640-h322/US%20crude%20oil%20stocks%20-%20US%20EIA.png" width="640" /></a></div><i style="color: #666666;"><div><i style="color: #666666;"><br /></i></div>Source: US Energy Information Administration</i><br /><div><br /></div><div><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-24478414516689861682022-09-12T03:28:00.007+10:002022-09-19T09:43:31.839+10:0010k Words | September 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>Earnings season on the ASX has come to a close with a historically low number of downgrades on the FY22 numbers, as tracked by Wilsons, but more downgrades than upgrades to EPS and dividend guidance for FY23, based on Evans & Partners' numbers. The one year return on Bloomberg's benchmark for the bond market is down 19% over the past 12 months. While the Australian yield curve is sloping upwards, the US yield curve is currently inverted. An inverted yield curve has historically led to some type of "break" in the system, @Marlin_Capital warns. But the inflation data is potentially turning - Yardeni highlights plunging US gasoline prices. Given the European situation, nuclear power and uranium are seeing a revival of sorts, at least with Japan revisiting its stance. Uranium equities have been advancing and the Washington Post ran a Blooomberg piece highlighting the unsavoury sources of current uranium supply. Taking a look at equities, Bespoke's optimistic take on the June half-year's poor showing is that such a poor first six months is typically followed by 12 months of 20%+ returns for the S&P 500. We thought it was interesting how closely the Grayscale Ethereum Trust has traded in comparison with the ARK Innovation ETF - a speculative cryptocurrency vehicle alongside a high growth tech investment vehicle. And potentially adding some colour to that is Visual Capitalist's charting of the demise of long-term investing.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Aggregate ASX earnings downgrades announced over course of 12 month reporting cycle</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHok82XDzVaHrMPER96ts7emS_oTO7tCgdSvN1XqGi5JTDgHWGZyzStT8r2rwMdNIVkaFa7sOPLtmKVvMlfFYYFUTrqJsxIAGRf-MUcHxT1j-RULiCXdSHsSokDyRFyLN8t94DdH237E5vWNuBM1KuWnUfRRoRILwKyaYoxDjl58c9XJw3rBMmnj_yQA/s634/wilsons.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="412" data-original-width="634" height="416" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHok82XDzVaHrMPER96ts7emS_oTO7tCgdSvN1XqGi5JTDgHWGZyzStT8r2rwMdNIVkaFa7sOPLtmKVvMlfFYYFUTrqJsxIAGRf-MUcHxT1j-RULiCXdSHsSokDyRFyLN8t94DdH237E5vWNuBM1KuWnUfRRoRILwKyaYoxDjl58c9XJw3rBMmnj_yQA/w640-h416/wilsons.png" width="640" /></a></div><i style="color: #666666;">Source: Wilsons</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Net guidance upgrades for FY23f for the S&P/ASX 200</b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3agLKwSOcSBuLTIlLzB1CkTXbzyWiTF2_SiuStHDOWkq7LbUWaOksqJgdkCvjVRS6EPqwN88ZNuzc-jpqvPuhNB3gmidDuyM7iVk4n4AQzhe5y75ESm5qLpuKMqFpCSJPU8GBMggYxQ5ZTIj1YOoHeZQmoPpV4qyF5TglHlVUkn-ZbTl2u0AUQL5RYg/s611/FY23%20net%20guidance%20upgrades%20-%20E&P.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="300" data-original-width="611" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj3agLKwSOcSBuLTIlLzB1CkTXbzyWiTF2_SiuStHDOWkq7LbUWaOksqJgdkCvjVRS6EPqwN88ZNuzc-jpqvPuhNB3gmidDuyM7iVk4n4AQzhe5y75ESm5qLpuKMqFpCSJPU8GBMggYxQ5ZTIj1YOoHeZQmoPpV4qyF5TglHlVUkn-ZbTl2u0AUQL5RYg/w640-h314/FY23%20net%20guidance%20upgrades%20-%20E&P.png" width="640" /></a></div></div><i style="color: #666666;">Source: Evans & Partners</i><div><br /></div><div><br /></div><div><br /></div><div><div><div><span style="color: #073763;"><b>Bloomberg Global-Aggregate Total Return Index Value Unhedged USD</b></span></div></div><div><span style="color: #073763;"><b><br /></b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh37NITGN6Lmi7MyeBqpr-cUtsZOkx96prDbNAOYElZ1XbKfapykYSLykvHoJqSFWdF0V4dYbVmaFTDFQuG1CNPafOhh2O4hcBbLCNdQUN7TNiSUmwI0iH4ZVd9BGoT3B8I4EhqwvB6DCo3Q_HD1caqklkoAVDHu-XLRvsuRuzBZoHSYo74Oo1g7xft-A/s999/LEGATRUU%20Chart%20-%205Y%20-%20Bloomberg.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="491" data-original-width="999" height="314" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh37NITGN6Lmi7MyeBqpr-cUtsZOkx96prDbNAOYElZ1XbKfapykYSLykvHoJqSFWdF0V4dYbVmaFTDFQuG1CNPafOhh2O4hcBbLCNdQUN7TNiSUmwI0iH4ZVd9BGoT3B8I4EhqwvB6DCo3Q_HD1caqklkoAVDHu-XLRvsuRuzBZoHSYo74Oo1g7xft-A/w640-h314/LEGATRUU%20Chart%20-%205Y%20-%20Bloomberg.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /><div style="text-align: left;"><i style="color: #666666;">Source: RBA</i></div></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Australian and US yield curves</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnoF8PqROCf9VSy7dieu9B5AaOEpff__XZq_U1GrHsFsiEOLkMq_egcrepM_AF-W2JI_SyE7ZhEniVhWP9gbaWqHEAqEsCFdg5eu8py_PWP8MEoUlIKxIqwzu4j4Wk7dzK_bUPQulQyxwJT_01WW-swTmjfIzxWtmallEMtIOwsBw4VnHN5uQ1RFpGbg/s543/Aus%20yield%20curve%20-%20worldgovernmentbonds.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="341" data-original-width="543" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhnoF8PqROCf9VSy7dieu9B5AaOEpff__XZq_U1GrHsFsiEOLkMq_egcrepM_AF-W2JI_SyE7ZhEniVhWP9gbaWqHEAqEsCFdg5eu8py_PWP8MEoUlIKxIqwzu4j4Wk7dzK_bUPQulQyxwJT_01WW-swTmjfIzxWtmallEMtIOwsBw4VnHN5uQ1RFpGbg/w400-h251/Aus%20yield%20curve%20-%20worldgovernmentbonds.png" width="400" /></a></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibYb3JoWqi2DAJUc0zVtRwhRaSNi3fMwxMm_4qU0nToNyY_BuuB-IuABvVtgM-TQPET8WJLeu0tq85JLE4cHSXOjBm0sYbsfTB6oySfC7riKp6VKmxBvJfCXNzfgn2nXuzuBMxtapoUZqTsMwqV--M-Yu5VQR2dhbSqIY92R6EPnCQthoO_E4dRIRM5Q/s530/US%20yield%20curve%20-%20worldgovernmentbonds.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="376" data-original-width="530" height="284" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEibYb3JoWqi2DAJUc0zVtRwhRaSNi3fMwxMm_4qU0nToNyY_BuuB-IuABvVtgM-TQPET8WJLeu0tq85JLE4cHSXOjBm0sYbsfTB6oySfC7riKp6VKmxBvJfCXNzfgn2nXuzuBMxtapoUZqTsMwqV--M-Yu5VQR2dhbSqIY92R6EPnCQthoO_E4dRIRM5Q/w400-h284/US%20yield%20curve%20-%20worldgovernmentbonds.png" width="400" /></a></div><br /><div><i style="color: #666666;">Source: worldgovernmentbonds.com</i></div><div><br /></div><div><br /></div></div><div><span style="color: #073763;"><b>An inverted yield curve has historically led to some type of "break" in the system</b></span></div><div><span style="color: #073763;"><b><br /></b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FbS2h6jXwAAUMF-?format=png&name=medium" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="296" data-original-width="800" height="237" src="https://pbs.twimg.com/media/FbS2h6jXwAAUMF-?format=png&name=medium" width="640" /></a></div><br /><div><i style="color: #666666;">Source: @Marlin_Capital, Federal Reserve of St Louis</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">US gasoline priced have plummeted as consumption is reduced relative to a year earlier</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/proxy/AVvXsEhcSShTkdOU1EJ4tGvXQrzEdyr3jhLmzE4c4cVFsxTmBlbPBQaaqN-kpjqZSbTu-il8-Zjd2V6MdD8angekbPijxmTeFbEd9INv1twztgHSLgP-yWx0sod8NCR9CYxKaMUHpCIIRfkYJMzNxuqPaYcfqlFokXoaGUa4MlSvG2VaSkW1-N_Gt9g1_0Y_Sx9Q8rE0c9WXYVQWtm7cCHTi2X5QDuEIBqgEWchvOzjr4YbtS6qi=s703-d-e1-ft" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="703" data-original-width="608" height="640" src="https://blogger.googleusercontent.com/img/proxy/AVvXsEhcSShTkdOU1EJ4tGvXQrzEdyr3jhLmzE4c4cVFsxTmBlbPBQaaqN-kpjqZSbTu-il8-Zjd2V6MdD8angekbPijxmTeFbEd9INv1twztgHSLgP-yWx0sod8NCR9CYxKaMUHpCIIRfkYJMzNxuqPaYcfqlFokXoaGUa4MlSvG2VaSkW1-N_Gt9g1_0Y_Sx9Q8rE0c9WXYVQWtm7cCHTi2X5QDuEIBqgEWchvOzjr4YbtS6qi=w554-h640" width="554" /></a></div><i style="color: #666666;">Source: Yardeni Research</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">North American uranium ETFs on the rise </b><span style="color: #073763;">(URA, URNM, U.U)</span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimu4XrjIEDUwaNFWICkyvGU3HpHYH0c6v7KR4U5t134M7IFS_fKvvpxv0bseQ6ZuPFD6xZ4A6al7yxoCp4aL8cqxazzby40IXRkDa2m_aU123DS_oq9ocljf1jwFLYTBBqXD1Glfzv4krT5HOL_VqoipwBLDE9JCsi6-277kSmxX9OmWtrXhouZV-dDA/s1000/global-x-funds-global-x.jpeg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="383" data-original-width="1000" height="246" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimu4XrjIEDUwaNFWICkyvGU3HpHYH0c6v7KR4U5t134M7IFS_fKvvpxv0bseQ6ZuPFD6xZ4A6al7yxoCp4aL8cqxazzby40IXRkDa2m_aU123DS_oq9ocljf1jwFLYTBBqXD1Glfzv4krT5HOL_VqoipwBLDE9JCsi6-277kSmxX9OmWtrXhouZV-dDA/w640-h246/global-x-funds-global-x.jpeg" width="640" /></a></div><i style="color: #666666;">Source: TIKR, Equitable Investors</i><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div><br /></div><div><b style="color: #073763;">Authoritarian nations dominate the world's uranium production</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.washingtonpost.com/wp-apps/imrs.php?src=https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/XRKMGVBMTUI63PGGBB2LE2XCSY.jpg&w=916" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="534" data-original-width="800" height="534" src="https://www.washingtonpost.com/wp-apps/imrs.php?src=https://arc-anglerfish-washpost-prod-washpost.s3.amazonaws.com/public/XRKMGVBMTUI63PGGBB2LE2XCSY.jpg&w=916" width="800" /></a></div><br /><div><i style="color: #666666;">Source: Washington Post / Bloomberg</i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>S&P 500 has been up at least 22% in the year following prior 20%+ two-quarter drops</b></span></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://media.bespokepremium.com/uploads/2022/09/drops-table.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="567" data-original-width="488" height="640" src="https://media.bespokepremium.com/uploads/2022/09/drops-table.png" width="551" /></a></div><br /><div><div><i style="color: #666666;">Source: Bespoke</i></div><div><br /></div></div><div><br /></div><div><b style="color: #073763;">Grayscale Ethereum Trust (orange) and ARK Innovation (green) moving together</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbm5vj7wgWW-fNcCOvAo91sJz7ZRwGwzC6477_Gur0Drh4pnKZOlSZkDFOZaXR6txbF3g77rje9uaKKj1NEAi7Hkxkk4sJCZXX2aIbFPLQjScFKxIajqaf1lIZWmfAXsYHYZBjjwheH7WXn-vKnpCkzabmyVqxlWFgUXiUdfHeTP6s8DauO5AV5XNJA/s1067/ETHE%20&%20ARKK.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="303" data-original-width="1067" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgIbm5vj7wgWW-fNcCOvAo91sJz7ZRwGwzC6477_Gur0Drh4pnKZOlSZkDFOZaXR6txbF3g77rje9uaKKj1NEAi7Hkxkk4sJCZXX2aIbFPLQjScFKxIajqaf1lIZWmfAXsYHYZBjjwheH7WXn-vKnpCkzabmyVqxlWFgUXiUdfHeTP6s8DauO5AV5XNJA/w640-h182/ETHE%20&%20ARKK.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: TIKR, Equitable Investors</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">The average holding period of shares on the NYSE has fallen to new lows</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfa2qszSBSQ-yht7A2kNT6OYpLCw1fzU41QUwx_yRPX9NJb2Gfh6VbDDZeU_xc-mzoQluvnfU37lIYGlyI2-NSUi29gf7HEjyH71bGpLWPnsj57dEeYlnbRiPoT0h-3prvUZR1Ej5X5mWc4ipgRtdHv49-S49V6HzWj9BhzdVY_Dn9dVkpQIAP33ukOA/s576/Decline%20LT%20Investor%20(via%20Shaws).png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="568" data-original-width="576" height="632" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhfa2qszSBSQ-yht7A2kNT6OYpLCw1fzU41QUwx_yRPX9NJb2Gfh6VbDDZeU_xc-mzoQluvnfU37lIYGlyI2-NSUi29gf7HEjyH71bGpLWPnsj57dEeYlnbRiPoT0h-3prvUZR1Ej5X5mWc4ipgRtdHv49-S49V6HzWj9BhzdVY_Dn9dVkpQIAP33ukOA/w640-h632/Decline%20LT%20Investor%20(via%20Shaws).png" width="640" /></a></div><i style="color: #666666;">Source: Visual Capitalist</i><br /><div><br /></div><div><br /></div><div><br /></div><div><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-7926568504229483852022-08-11T13:52:00.002+10:002022-08-11T13:52:43.601+10:0010k Words | August 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>It is almost compulsory to discuss interest rates and inflation so the first charts this time around give us inflation for advanced economies and Australia, via the RBA, then US yield curve inversion and inflation-adjusted interest rates, courtesy of Bloomberg and Axios. The same sources have served up some charts on the strength of the US job market. Then we get into the tech sector with CB Insights mapping out billion-dollar acquisitions while Equitable Investors compares the dollar amount of stock compensation against operating cash flow for Amazon and Atlassian. The global IPO market is down 74% year-to-date in CY2022 and the Australasian component of that market is down 88%, using dealogic data. Finally, we return to Bloomberg and its table highlighting the world-beating frequency with which Australasian airlines have been cancelling flights.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Inflation in advanced economies</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqFJZNqXi99sY3IM0NBfALmJGDCh_79PQH-62OBO-P03b4pJRHnDlP2BOInupu7fdp-gHROeyRrt4IP-EMnlGawpgx-3WLSijLWHqaqjDwSk-kAn3vzQQOtTvC3E_7YcB3nUiyvYH6Wb2TIykhpWNN2p5Dv2zBMhkky1sBm8KZvZ_bbSvRKhQiUtfw6Q/s349/inflate.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="282" data-original-width="349" height="518" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqFJZNqXi99sY3IM0NBfALmJGDCh_79PQH-62OBO-P03b4pJRHnDlP2BOInupu7fdp-gHROeyRrt4IP-EMnlGawpgx-3WLSijLWHqaqjDwSk-kAn3vzQQOtTvC3E_7YcB3nUiyvYH6Wb2TIykhpWNN2p5Dv2zBMhkky1sBm8KZvZ_bbSvRKhQiUtfw6Q/w640-h518/inflate.png" width="640" /></a></div><i style="color: #666666;">Source: RBA</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Measures of underlying inflation in Australia</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdHuk1G6zofdQPNq9Vq9qX2PpQXpkjXByqyHe0m6YK6vp52S0XtkrqDTwa1rmo3ESf68P1FrFaDlSs7sCvHIML0-2xmDAqIm2-6dphb_d2_CnQhtdhn8u_Uk1qRL0yAiqLRKDMtsDkvcrd3TwlSWQqKpypWsCFd0XWWGQ-SjuJkEN0j3wrSmY2zN5-xQ/s340/ausinflate.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="278" data-original-width="340" height="524" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdHuk1G6zofdQPNq9Vq9qX2PpQXpkjXByqyHe0m6YK6vp52S0XtkrqDTwa1rmo3ESf68P1FrFaDlSs7sCvHIML0-2xmDAqIm2-6dphb_d2_CnQhtdhn8u_Uk1qRL0yAiqLRKDMtsDkvcrd3TwlSWQqKpypWsCFd0XWWGQ-SjuJkEN0j3wrSmY2zN5-xQ/w640-h524/ausinflate.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: RBA</i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>US yield curve v equities</b></span></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihtASbrkbiZy6Rp1nfhntsG3PGDKKIM3OWWLPk_UF1l3VyXXrVo7dn1G64HCsGJLVwQepCTOwNvAUYq7KUyqT5HDgTGvEpwPtx9K0Q2qZibzcMpFBghkwwJqpnpuTNQmPYm8ch6V1JY46mIpOlZtbACujmKg_Xr2nrLocRLE0yoG49nB6nQu9ol3546w/s1200/US%20yield%20curve%20&%20S&P500%20-%20BLoomberg%20-%2020220804.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihtASbrkbiZy6Rp1nfhntsG3PGDKKIM3OWWLPk_UF1l3VyXXrVo7dn1G64HCsGJLVwQepCTOwNvAUYq7KUyqT5HDgTGvEpwPtx9K0Q2qZibzcMpFBghkwwJqpnpuTNQmPYm8ch6V1JY46mIpOlZtbACujmKg_Xr2nrLocRLE0yoG49nB6nQu9ol3546w/w640-h360/US%20yield%20curve%20&%20S&P500%20-%20BLoomberg%20-%2020220804.png" width="640" /></a></div><br /><div><div><i style="color: #666666;">Source: Bloomberg</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">5 year inflation-adjusted interest rate (US)</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg37cMpe3IvkIaqdI3ra0rKwB7ipf99UWQO6TiAHUq6SOa0SKlo-9Dd3WcM3B5hjZq7N6d6h8x4aj3A2FvD2czzl3u8wqeS-t-a3Q7kQylD2EnfxxUYVDyxmm6pm4_7XH6JyGrPkg-oiyrJn48dY6w9_eViWYWhBEO_hyguRvai40eWbtYfS-KkqbrsGg/s1154/5yr%20inflation%20adj%20interest%20rate%20-%20Axios%20-%2020220804.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="788" data-original-width="1154" height="438" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg37cMpe3IvkIaqdI3ra0rKwB7ipf99UWQO6TiAHUq6SOa0SKlo-9Dd3WcM3B5hjZq7N6d6h8x4aj3A2FvD2czzl3u8wqeS-t-a3Q7kQylD2EnfxxUYVDyxmm6pm4_7XH6JyGrPkg-oiyrJn48dY6w9_eViWYWhBEO_hyguRvai40eWbtYfS-KkqbrsGg/w640-h438/5yr%20inflation%20adj%20interest%20rate%20-%20Axios%20-%2020220804.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Axios</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">No. of US unemployed for 15 weeks or more</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwy-xVB3gyBe2UkiRusz30ve1zIu-0nEAh1OTOOjPcQUfJWWC1vX4RCHdMHu7U--Ke1jS63iOSCW-_A3eGpFK-ctVPNXJuKebn5WtOL0XKNbXX5fPKJ-M4kHhEPMcuQhyObKUjGm4xnmO6jJRQgDEYrJGfXA4rMlQI0F7KiRjfpx1KADt6LLJBnIVMqQ/s1220/Unemployed%2015weeks%20or%20more%20-%20Axios%20U.S.%20Bureau%20of%20Labor%20Statistics.%20-%2020220806.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1020" data-original-width="1220" height="536" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgwy-xVB3gyBe2UkiRusz30ve1zIu-0nEAh1OTOOjPcQUfJWWC1vX4RCHdMHu7U--Ke1jS63iOSCW-_A3eGpFK-ctVPNXJuKebn5WtOL0XKNbXX5fPKJ-M4kHhEPMcuQhyObKUjGm4xnmO6jJRQgDEYrJGfXA4rMlQI0F7KiRjfpx1KADt6LLJBnIVMqQ/w640-h536/Unemployed%2015weeks%20or%20more%20-%20Axios%20U.S.%20Bureau%20of%20Labor%20Statistics.%20-%2020220806.png" width="640" /></a></div><br /><div><div><i style="color: #666666;">Source: Axios</i></div><div><br /></div></div><div><br /></div><div><b style="color: #073763;">Change in employed from US payroll data</b></div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzvHsV5NWhHG6GXQeWmOtf28qP40RLg8VF_rZPWvo7Vo8-f3r7XkWLHgKXBlltpJulMFce4m7AVzO3RsTpB8XQ351TIxE43GSNebvGcwL-lR_yoWRtFIfknih9ko_C0gOK0Oe3CE4W2zWuC-UII2BvuL8K_xGz7jqI5y_CNIDUfkQxODkejzetz-RT8g/s1293/US%20jobs%20-%20Bloomberg.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1052" data-original-width="1293" height="520" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgzvHsV5NWhHG6GXQeWmOtf28qP40RLg8VF_rZPWvo7Vo8-f3r7XkWLHgKXBlltpJulMFce4m7AVzO3RsTpB8XQ351TIxE43GSNebvGcwL-lR_yoWRtFIfknih9ko_C0gOK0Oe3CE4W2zWuC-UII2BvuL8K_xGz7jqI5y_CNIDUfkQxODkejzetz-RT8g/w640-h520/US%20jobs%20-%20Bloomberg.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Billion dollar acquisitions</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivgwx3uQA9pNAjsBKZuB1b98syD523zgnt5IM8K8AbOZxlqGvwleIFHdRtKBNXLxaQjERM4mDFKpoY1PjjJBZLwQeIpP5ofnCxKJxmVpHJ9HfVoZGyzVyp3pJkUk6L6ZM-j1nB_Ax6u1VA4faUisq2DOlE6NZONLH8FiW7FdBk_lfpsuU1Mbec7XAFaw/s1200/Tech%20Giants%20Billion%20$%20M&A%20-%20CBInsights%20-%2020220804.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="703" data-original-width="1200" height="374" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivgwx3uQA9pNAjsBKZuB1b98syD523zgnt5IM8K8AbOZxlqGvwleIFHdRtKBNXLxaQjERM4mDFKpoY1PjjJBZLwQeIpP5ofnCxKJxmVpHJ9HfVoZGyzVyp3pJkUk6L6ZM-j1nB_Ax6u1VA4faUisq2DOlE6NZONLH8FiW7FdBk_lfpsuU1Mbec7XAFaw/w640-h374/Tech%20Giants%20Billion%20$%20M&A%20-%20CBInsights%20-%2020220804.png" width="640" /></a></div><i style="color: #666666;">Source: CB Insights</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Amazon's stock compensation relative to its operating cash flow</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSkNbmwJiJhnNMyCJqEOJcKdyKJ0-oUt2DzrKa8SF6F1edG_UD1lizjCURxipnL75NFYeanpaEw-pLFHnhT5KnMsw5WCqGVNZYpaOETENBVdk8Q1xZTyFBAx_qPCcTZVyjx_suNd1mfRRolkSumLBbHdpFMIc3VHc-frlbj6zsHtaZcquL-8kOLaxuxA/s1000/amazoncom-inc-amzn.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="1000" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSkNbmwJiJhnNMyCJqEOJcKdyKJ0-oUt2DzrKa8SF6F1edG_UD1lizjCURxipnL75NFYeanpaEw-pLFHnhT5KnMsw5WCqGVNZYpaOETENBVdk8Q1xZTyFBAx_qPCcTZVyjx_suNd1mfRRolkSumLBbHdpFMIc3VHc-frlbj6zsHtaZcquL-8kOLaxuxA/w640-h384/amazoncom-inc-amzn.jpeg" width="640" /></a></div><i style="color: #666666;">Source: Equitable Investors, TIKR</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Atlassian's stock compensation relative to its operating cash flow</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdSelwcdm1S9WhsldKXLGYlJvLHQsT9bXESTLkUs3uQ9ex7PrB7SFkKK4uVSIPSpxC6dtJXYo57hbydKm0BtbzDHdA85iw-S29v_ohjGMrE1IUUXOL2k-cyPIN7ISXZga3w57t-OjgELhm17n8JRmHaBorvE6jTN4HRIIwqSSTw0EesjNNGMnzRXJQZw/s1000/atlassian-corporation-pl.jpeg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="600" data-original-width="1000" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdSelwcdm1S9WhsldKXLGYlJvLHQsT9bXESTLkUs3uQ9ex7PrB7SFkKK4uVSIPSpxC6dtJXYo57hbydKm0BtbzDHdA85iw-S29v_ohjGMrE1IUUXOL2k-cyPIN7ISXZga3w57t-OjgELhm17n8JRmHaBorvE6jTN4HRIIwqSSTw0EesjNNGMnzRXJQZw/w640-h384/atlassian-corporation-pl.jpeg" width="640" /></a></div><i style="color: #666666;">Source: Equitable Investors, TIKR</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Total Global IPOs by quarter in US dollars</b></div><div class="separator" style="clear: both; text-align: center;"><span style="border: none; display: inline-block; height: 346px; margin-left: 1em; margin-right: 1em; overflow: hidden; width: 518px;"><img height="427" src="https://lh5.googleusercontent.com/p6R2B2dhV_FI2HcuNL0BuG-unxfF6dJSIfOVPMWoBaBY1khkuJb0q6XAXd63vfY1F4Xi5nz6guihXDCykr2h-fRLPUg4O1gFPNGojvtEk1F5dagAO1S45bTj3fwhfCm64pYI_rJQbqxb3WFFfNYGo1M=w640-h427" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></div><div><span id="docs-internal-guid-ef24677d-7fff-7bd6-98de-cbd97b80595a"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"></span></span></div><div><i style="color: #666666;"><br /></i></div><div><i style="color: #666666;">Source: WSJ, Dealogic</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Total Australasian IPOs by quarter in US dollars</b></div><div class="separator" style="clear: both; text-align: center;"><span style="border: none; display: inline-block; height: 349px; margin-left: 1em; margin-right: 1em; overflow: hidden; width: 523px;"><img height="427" src="https://lh4.googleusercontent.com/ImqpELADxlclBuCGDtp7b49FjE4ZDk086GgTMSc5PB79Uvk6ZZj1AnRcCazPcKEdVotspm8VL640Lr_q8V12-8xRuhplN-EkVmHyEuQPbHxXQgGpxirKnHdTeRprA6n37UqKt7mO1SmYVpi9yEBr47M=w640-h427" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></div><div><span id="docs-internal-guid-3eeae80f-7fff-8b02-5bcb-efa35b29b069"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"></span></span></div><div><i style="color: #666666;"><br /></i></div><div><i style="color: #666666;">Source: WSJ, Dealogic</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Australasian airlines cancelling flights most frequently</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiToKjwX1_sBnQPq2JlSwn1Uwf88XEepOCpMX-cf33q4_fCbeZeAMU0_4iuMz_hHjsheytKOBk0nQR5pjaCKUypzeXG3Hp7LVJdyWts1cVcm30Wg90a31Bp1R5HJEJsY422Mh4jhrtBbB-ZxzcVV3Qv6gLjCjVBt-DebUatH9O9XCQFTgybIn29QbeJbQ/s1291/Virgin%20cancelled%20the%20most%20-%20Bloomberg%2020220802.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1254" data-original-width="1291" height="622" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiToKjwX1_sBnQPq2JlSwn1Uwf88XEepOCpMX-cf33q4_fCbeZeAMU0_4iuMz_hHjsheytKOBk0nQR5pjaCKUypzeXG3Hp7LVJdyWts1cVcm30Wg90a31Bp1R5HJEJsY422Mh4jhrtBbB-ZxzcVV3Qv6gLjCjVBt-DebUatH9O9XCQFTgybIn29QbeJbQ/w640-h622/Virgin%20cancelled%20the%20most%20-%20Bloomberg%2020220802.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-23621640225554581132022-07-11T16:03:00.001+10:002022-07-11T16:03:10.602+10:0010k Words | July 2022<p> <i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>Revenue multiples have returned to pre-2020 levels for high growth software companies, based on Octahedron's index. The dowturn in valuations was accompanied by a 23% year-on-year decline in March quarter VC funding for late-stage and technoology growth funding, crunchbase calculated - although it found seed and angel investment held up better, growing 9% year-on-year. The Information found VC firms buying listed tech stocks, meanwhile consensus data from FactSet shows the tech sector is not expected to have been among the strongest growth areas of the S&P 500 in the June quarter - energy and materials stocks have the most expected of them. Kailash Capital shows that price growth for the S&P 500 in the 2017-2021 period has doubled the long-term average return. Finally, Bloomberg charts the rise of self-employment in the US.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Octahedron Growth Software Index (EV / NTM Rev)</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6oW5jW-GwreA1w_5FEKGAuhXZAXsxzb09pLBkGZEmWmj0Z8JrjzMZqRG7i6HWeZPqM1jbThPdLJ_CUPvL416Ghy7STLhBb-f_-7_jneQ3R5jzPlOEUzFrp6jU6DERoM2-j3FAeThhAXq-d5V8Ca8CQ9sDvfU4__lCgmd7Gv3HhTkqw9j29wkzXQUl4A/s992/Octahedron%20Growth%20Software%20Index%20(EV-NTM%20Rev).png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="505" data-original-width="992" height="326" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6oW5jW-GwreA1w_5FEKGAuhXZAXsxzb09pLBkGZEmWmj0Z8JrjzMZqRG7i6HWeZPqM1jbThPdLJ_CUPvL416Ghy7STLhBb-f_-7_jneQ3R5jzPlOEUzFrp6jU6DERoM2-j3FAeThhAXq-d5V8Ca8CQ9sDvfU4__lCgmd7Gv3HhTkqw9j29wkzXQUl4A/w640-h326/Octahedron%20Growth%20Software%20Index%20(EV-NTM%20Rev).png" width="640" /></a></div><br /><div><br /></div><div><i style="color: #666666;">Source: Octahedron</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Global Venture Dollar Volume by quarter</b></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-urv-e8dTu_8s6B6-S-lYEU1MBrEn2tMRqGh27OwFbOvJGRm6jd8ZMO8t84VySSUK2TnfTToGySJHwDtK3padm22ItiurjaiCMqpibJ0TeyTWbU2-zQx5jLEPmFNwSyjqYCKSUSswcW1iZsS11o5h90jGcEiVY18UEhQqD5ZBU58WqtncfSwccCdpNA/s722/vc%20down.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="370" data-original-width="722" height="328" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi-urv-e8dTu_8s6B6-S-lYEU1MBrEn2tMRqGh27OwFbOvJGRm6jd8ZMO8t84VySSUK2TnfTToGySJHwDtK3padm22ItiurjaiCMqpibJ0TeyTWbU2-zQx5jLEPmFNwSyjqYCKSUSswcW1iZsS11o5h90jGcEiVY18UEhQqD5ZBU58WqtncfSwccCdpNA/w640-h328/vc%20down.png" width="640" /></a></div><div><div><i style="color: #666666;">Source: Crunchbase</i></div><div><br /></div></div><div><br /></div><div><b style="color: #073763;">Global Seed and Angel Investment by quarter</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijcQQIuEN_kWNj1E5EXb9d33ooA5WTrh2oqkBrNKxvWHThR056B6bqgMmhm_BUUdqzbt1vilsaRfvI4q30S0yDIRTiZ2wlOLc0Vf37c7NRREDehaSFchw704KLrjPfwkH_rk0MnpIxPVlX_2cTZ-ldtjzzbo22QRuwYsjlJgJ2BCyDJM4ZdBPVV2KSYA/s730/seed%20&%20angel.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="280" data-original-width="730" height="246" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijcQQIuEN_kWNj1E5EXb9d33ooA5WTrh2oqkBrNKxvWHThR056B6bqgMmhm_BUUdqzbt1vilsaRfvI4q30S0yDIRTiZ2wlOLc0Vf37c7NRREDehaSFchw704KLrjPfwkH_rk0MnpIxPVlX_2cTZ-ldtjzzbo22QRuwYsjlJgJ2BCyDJM4ZdBPVV2KSYA/w640-h246/seed%20&%20angel.png" width="640" /></a></div><i style="color: #666666;">Source: Crunchbase</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">VC Firms Buying Publicly Listed Shares</b></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSi8DvJgniuEu49cPWTqrvwXYA7Ah0qa7huI4TR8vTJj5mfxgYlZd3K1CoRPNHsMNLT74rBuN9sVqJTwv4-MNDGaJpQvzMm6IeU0Feyh42nkQRqtkjmM6TJmugsuC7316j8NQang-xCYIckXm3K3NyuHR-H2LcT4XCDolMjzME49T2eVUOgBni4LFdHQ/s1860/VCs%20buying%20public%20-%20The%20Information.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="1046" data-original-width="1860" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhSi8DvJgniuEu49cPWTqrvwXYA7Ah0qa7huI4TR8vTJj5mfxgYlZd3K1CoRPNHsMNLT74rBuN9sVqJTwv4-MNDGaJpQvzMm6IeU0Feyh42nkQRqtkjmM6TJmugsuC7316j8NQang-xCYIckXm3K3NyuHR-H2LcT4XCDolMjzME49T2eVUOgBni4LFdHQ/w640-h360/VCs%20buying%20public%20-%20The%20Information.png" width="640" /></a></div><div><i style="color: #666666;">Source: The Information</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">S&P 500 Revenue Growth Expectations</b></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMvUsmp4lKzrjO98DqUzNF48cqZg-3349zje5zFUVkuCG3pTja3EfWInBI1LQi7F7VDm4Ss_ktiZC8X35swDvlH9fDNh6AFBxMS5UJqQqjaM8kwP45ujlC8ZvYQPHttQp7yK3YFSJF7KNINWsrycIjmwPg0pGKs4VVBvS4lPnVB3T7p210LjV7I8R0Bg/s950/revenue%20growth%20Q2%202022%20-%20Factset.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="690" data-original-width="950" height="464" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiMvUsmp4lKzrjO98DqUzNF48cqZg-3349zje5zFUVkuCG3pTja3EfWInBI1LQi7F7VDm4Ss_ktiZC8X35swDvlH9fDNh6AFBxMS5UJqQqjaM8kwP45ujlC8ZvYQPHttQp7yK3YFSJF7KNINWsrycIjmwPg0pGKs4VVBvS4lPnVB3T7p210LjV7I8R0Bg/w640-h464/revenue%20growth%20Q2%202022%20-%20Factset.png" width="640" /></a></div><div><i style="color: #666666;">Source: FactSet</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">S&P 500 historical average returns</b></div><div><br /></div><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL7xRY5pGeI8CHQK1Yo1ROmd2TYFJpU_FLbVjHHWif7tPQdJdXvBtuEidp66HVRWsumIF0mx0I_tLJItHHNWVWM5RH7MnTsBCOIDvM7hB6-UJTt5OBgNvlLzVJbZaknJo5Rhe1o3FfNq8DCdkKGpxXnuM2U7eLL06g630gbAb_9r_T5Jsr2EbjFNLriA/s1446/S&P500%20-%20will%20it%20return%20to%20mean%20-%20Kailash.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="815" data-original-width="1446" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiL7xRY5pGeI8CHQK1Yo1ROmd2TYFJpU_FLbVjHHWif7tPQdJdXvBtuEidp66HVRWsumIF0mx0I_tLJItHHNWVWM5RH7MnTsBCOIDvM7hB6-UJTt5OBgNvlLzVJbZaknJo5Rhe1o3FfNq8DCdkKGpxXnuM2U7eLL06g630gbAb_9r_T5Jsr2EbjFNLriA/w640-h360/S&P500%20-%20will%20it%20return%20to%20mean%20-%20Kailash.png" width="640" /></a></div><div><i style="color: #666666;">Source: Kailash Capital</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Americans increasingly shifting to self-employment</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9HGlUkhyYbguG0-8OwAyWqVpdzjh_A-W5oW7Iwe7Dk-HcPL0Npkyx1-panwdxDa1_y4S0cn8hMxrHHPHj_fGv4IbSzY-aO6AWovSdXXGROKIzxweBY4sv2Jny2n52CyJCjR9JVtQq491igAV-cz9JrS0ne8Ep00B0D8gqHmcgKrK6aod2MGMDVQfYcg/s1296/Self%20Employed%20-%20Bloomberg.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="790" data-original-width="1296" height="390" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi9HGlUkhyYbguG0-8OwAyWqVpdzjh_A-W5oW7Iwe7Dk-HcPL0Npkyx1-panwdxDa1_y4S0cn8hMxrHHPHj_fGv4IbSzY-aO6AWovSdXXGROKIzxweBY4sv2Jny2n52CyJCjR9JVtQq491igAV-cz9JrS0ne8Ep00B0D8gqHmcgKrK6aod2MGMDVQfYcg/w640-h390/Self%20Employed%20-%20Bloomberg.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><div><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br /><div><br /></div><div><br /></div><div><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-46691330636774198222022-06-20T11:08:00.000+10:002022-06-20T11:08:29.597+10:0010k Words | June 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" target="_blank">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>Price-to-Earnings multiples have been crunched in the calendar year to-date, as FactSet and strategist Christophe Barraud chart - but that begs the question posed by Sanford Bernstein - does this imply earnings expectations will be cut? Global equity capital markets volumes have dropped more than market indices, Equitable Investors highlights, while there are plenty of companies in need of fresh cash. Below-trend economic growth and above-trend inflation is the widely held consensus view of the economic backdrop from the Bank of America global fund manager survey. Off the back of that, the market is expecting the Fed cash rate to settle at ~3%, Wilsons calculates. Back in Australia, ANZ-Roy Morgan Consumer Confidence is strikingly low amid all the talk of inflation and interest rates - search terms that have surged on Google Trends. IFM highlights that Australian mining profits have for the first time exceeded profits in all other non-finance sectors combined.</div><div><br /></div><div><b style="color: #073763;">S&P 500 Forward PE over 10 years</b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FVpSEy9XwAQjkGT?format=png&name=900x900" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="580" data-original-width="800" height="464" src="https://pbs.twimg.com/media/FVpSEy9XwAQjkGT?format=png&name=900x900" width="640" /></a></div></div><br /><div><i style="color: #666666;">Source: FactSet</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">S&P 500 trailing PE since 1955</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FVWPKKAXwAAobUN?format=png&name=small" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="350" data-original-width="599" height="350" src="https://pbs.twimg.com/media/FVWPKKAXwAAobUN?format=png&name=small" width="599" /></a></div><i style="color: #666666;">Source: Bloomberg, @C_Barraud</i><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div><b style="color: #073763;"><br /></b></div><div><b style="color: #073763;">Are earnings forecasts about to be downgraded?</b></div><div class="separator" style="clear: both; text-align: left;"><a href="https://pbs.twimg.com/media/FVSFhS6XwAM8uZw?format=jpg&name=900x900" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="558" data-original-width="707" height="505" src="https://pbs.twimg.com/media/FVSFhS6XwAM8uZw?format=jpg&name=900x900" width="640" /></a><i style="color: #666666; text-align: left;">Source: Sanford Bernstein</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;"><b>Global Equit</b>y Capital Markets ($US)</b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhkXT1iI7kpEsuU5_umKqFTqLJ-kr9izl1MO8Z3QLg-7JSzWDrqhWaNYQHsKpScQoFyKBrO0MNWrzmNOTDzh5IZmEFJImMxDQZ__2ZccrY9n0OjQk2IJGpK6vaOVP0b005hQHYqQ418ZGjaACfAvRaMBSYyGnR0isrSWQixQ7TmggpHvfz1kR__m4OXaQ" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="733" data-original-width="1729" height="272" src="https://blogger.googleusercontent.com/img/a/AVvXsEhkXT1iI7kpEsuU5_umKqFTqLJ-kr9izl1MO8Z3QLg-7JSzWDrqhWaNYQHsKpScQoFyKBrO0MNWrzmNOTDzh5IZmEFJImMxDQZ__2ZccrY9n0OjQk2IJGpK6vaOVP0b005hQHYqQ418ZGjaACfAvRaMBSYyGnR0isrSWQixQ7TmggpHvfz1kR__m4OXaQ=w640-h272" width="640" /></a></div><br /><i style="color: #666666;">Source: WSJ, dealogic, Equitable Investors</i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>No, ASX-listed cash burners with 12m or less cash at last reported burn-rate</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://assets.livewiremarkets.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBOXJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--efa4f419215d96f00dd6b06ef95f6f8a0021e5f1/cash%20burners%20by%20sector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="610" data-original-width="468" height="640" src="https://assets.livewiremarkets.com/rails/active_storage/blobs/proxy/eyJfcmFpbHMiOnsibWVzc2FnZSI6IkJBaHBBOXJwQVE9PSIsImV4cCI6bnVsbCwicHVyIjoiYmxvYl9pZCJ9fQ==--efa4f419215d96f00dd6b06ef95f6f8a0021e5f1/cash%20burners%20by%20sector.png" width="491" /></a></div><br /><div><i style="color: #666666;">Source: Equitable Investors</i></div><div><br /></div><div><br /></div><b style="color: #073763;">"Stagflation" is the most popular economic backdrop expectation</b><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJR_dib-KKyjbowFyhSlQvOt8HtKFzVGKUvoHEmEdXUPiVHorj0okeAltAsEeHcCldeclYGouY4O7ngKo5CTLbIJfasZ9El3N-D9boAG-G9G6WXUt6lhvQ2WDzC2ZxnA-fV2UFRiW0RpcUqYqcZS3ai1YFDUtOiJRo3aNfE_hZL3bJz4ROlXsH4lYiUA/s709/stagflation.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="312" data-original-width="709" height="282" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgJR_dib-KKyjbowFyhSlQvOt8HtKFzVGKUvoHEmEdXUPiVHorj0okeAltAsEeHcCldeclYGouY4O7ngKo5CTLbIJfasZ9El3N-D9boAG-G9G6WXUt6lhvQ2WDzC2ZxnA-fV2UFRiW0RpcUqYqcZS3ai1YFDUtOiJRo3aNfE_hZL3bJz4ROlXsH4lYiUA/w640-h282/stagflation.png" width="640" /></a></div><i style="color: #666666;">Source: BofA Global Fund Manager Survey (June 2022)</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Expected path of Federal Reserve cash rate</b></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjGMSFHqYx9T20GEe9EamttQhL9lAHVPsR7mX2IKxLtWcAs_erEAD1Te3UtlPrLpc8m2kjXfu9WMwaHOAkBMJIjdCaTzJ9ZEV84dHd5_x_rqF8mFcozS-pmeSZG-6AYutqVjnUBiNIEC5cLVZ4IVnVLPqZ3pfiqLVXuE49l1Sp8mBRoxAbaVsKzq0-j2Q" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="442" data-original-width="736" height="384" src="https://blogger.googleusercontent.com/img/a/AVvXsEjGMSFHqYx9T20GEe9EamttQhL9lAHVPsR7mX2IKxLtWcAs_erEAD1Te3UtlPrLpc8m2kjXfu9WMwaHOAkBMJIjdCaTzJ9ZEV84dHd5_x_rqF8mFcozS-pmeSZG-6AYutqVjnUBiNIEC5cLVZ4IVnVLPqZ3pfiqLVXuE49l1Sp8mBRoxAbaVsKzq0-j2Q=w640-h384" width="640" /></a></div><i style="color: #666666;">Source: Refinitiv, Wilsons</i><br /><br /></div><div><br /></div><div><b style="color: #073763;">ANZ-Roy Morgan Consumer Confidence</b></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjnybPSPSIR6-hK621aztPas0KV2DHDFPotAZ2CSfk33MWgh_omjkJgSirmTw2Wol5RMN3YNqbddrEtSmrnmdoXpsbbEkXl4PXQh6z2foxt7S1xAJaH5iTQV4_dg9dNO1GfzhSgthCPONgjlxLMYa-JDn4EqAka7dImniK09-KZeUzUTywokIG08-vZSw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="367" data-original-width="555" height="424" src="https://blogger.googleusercontent.com/img/a/AVvXsEjnybPSPSIR6-hK621aztPas0KV2DHDFPotAZ2CSfk33MWgh_omjkJgSirmTw2Wol5RMN3YNqbddrEtSmrnmdoXpsbbEkXl4PXQh6z2foxt7S1xAJaH5iTQV4_dg9dNO1GfzhSgthCPONgjlxLMYa-JDn4EqAka7dImniK09-KZeUzUTywokIG08-vZSw=w640-h424" width="640" /></a></div><br /><i style="color: #666666;">Source: Roy Morgan, Macrobond, ANZ Research</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Australian web searches for "inflation" (blue line) and "interest rates" (red line)</b></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgfbWJ7N0CpfZWVZI-FacGC60wMVigH78ctByj935rgf5YRe7oYv0ZrwbOpsE5aCAhQG7NIXukUdMHlRiZV11tQFeTrp4XhAyBGfGlzmNmf6_3q7kA0gwpaAkGA8MaDOpaiEEfjQzyFP5kuT8J_3GqsCf6T_IEjQnC0Rix4IM3byYgObmPSjMMIZp2eDA" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="334" data-original-width="1465" height="146" src="https://blogger.googleusercontent.com/img/a/AVvXsEgfbWJ7N0CpfZWVZI-FacGC60wMVigH78ctByj935rgf5YRe7oYv0ZrwbOpsE5aCAhQG7NIXukUdMHlRiZV11tQFeTrp4XhAyBGfGlzmNmf6_3q7kA0gwpaAkGA8MaDOpaiEEfjQzyFP5kuT8J_3GqsCf6T_IEjQnC0Rix4IM3byYgObmPSjMMIZp2eDA=w640-h146" width="640" /></a></div><i style="color: #666666;">Source: Google Trends, Equitable Investors</i><br /></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Australian Gross Operating Profits</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FUDyCH5UUAAuZor?format=png&name=360x360" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="297" data-original-width="340" height="559" src="https://pbs.twimg.com/media/FUDyCH5UUAAuZor?format=png&name=360x360" width="640" /></a></div><div><i style="color: #666666;">Source: ABS, IFM</i></div><div><br /></div><div><br /></div><div><br /></div><br /><div><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-79516795899624464672022-05-24T11:37:00.002+10:002022-06-20T10:37:20.193+10:0010K Words - May 2022<p><i><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>The drawdown in tech stocks remains in focus with carts from chrtr and a16z, while MarketWatch highlighted the inside selling that occured in 2021's tech IPOs ("You bought. They sold"). Retail investors who had a great time trading in 2020 and 2021 may have lost all that they gained, Morgan Stanley has estimated. The crypto space hasn't worked for punters either as correlation with tech stocks surges, as the Daily Shot charts, and the "hot" NFT space cools rapidly, as charted by NonFungible. Finally, fund managers surveyed by Bank of America have returned from briefly worrying about the Ukraine situation as their biggest tail risk to worrying about inflation and the interest rate environment.</div><div><br /></div><div><b style="color: #073763;">Nasdaq Composite Drawdowns</b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FTOC5qKakAIHs5r?format=png&name=small" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="680" data-original-width="677" height="640" src="https://pbs.twimg.com/media/FTOC5qKakAIHs5r?format=png&name=small" width="637" /></a></div></div><br /><div><i style="color: #666666;">Source: chartr, @_Prathna</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Forward Revenue Multiples on Listed Software Companies</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://future.a16z.com/wp-content/uploads/2022/05/Software-Forward-Revenue-Multiples.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="460" data-original-width="800" height="460" src="https://future.a16z.com/wp-content/uploads/2022/05/Software-Forward-Revenue-Multiples.png" width="800" /></a></div><i style="color: #666666;">Source: a16z, CapitalIQ</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Insider sales at companies that went public in 2021</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FTFcWDtXEAAD0A5?format=jpg&name=large" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="527" data-original-width="800" height="422" src="https://pbs.twimg.com/media/FTFcWDtXEAAD0A5?format=jpg&name=large" width="640" /></a></div><br /><div><i style="color: #666666;">Source: MarketWatch, VerityData</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Estimated gains and losses from US retail flows</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FSSX197VEAA-t1P?format=jpg&name=small" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="365" data-original-width="626" height="365" src="https://pbs.twimg.com/media/FSSX197VEAA-t1P?format=jpg&name=small" width="626" /></a></div><i style="color: #666666;">Source: Morgan Stanley, @trengriffin</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Correlation between Nasdaq and Bitcoin</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://pbs.twimg.com/media/FSEFEE3XwAEq_2c?format=png&name=small" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="469" data-original-width="564" height="532" src="https://pbs.twimg.com/media/FSEFEE3XwAEq_2c?format=png&name=small" width="640" /></a></div><br /><div><i style="color: #666666;">Source: The Daily Shot</i></div><div><br /></div><div><br /></div><div><div><b style="color: #073763;">Number of Non-Fungible Tokens (NFTs) sold</b></div></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSOwcNd5KVfgSp7q8vOw4LyURqzIRXCyBei6K5oDS5EKYPYrphh1Xj-qPHk-SXAOtN-FD60NCMLbK4npqim4Tdj0ZUrhICezoPb9PejXPUhvPz59ZHyxzDNJuBleXaKjN5PFA_dh3vWKgiIk-nnDAeNR-MTWPWV9JiZxJ0hbKlHJ3mAOaoCaJeZnZoog/s1405/nft.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="482" data-original-width="1405" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSOwcNd5KVfgSp7q8vOw4LyURqzIRXCyBei6K5oDS5EKYPYrphh1Xj-qPHk-SXAOtN-FD60NCMLbK4npqim4Tdj0ZUrhICezoPb9PejXPUhvPz59ZHyxzDNJuBleXaKjN5PFA_dh3vWKgiIk-nnDAeNR-MTWPWV9JiZxJ0hbKlHJ3mAOaoCaJeZnZoog/w640-h220/nft.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: NonFungible.com</i></div><div><div><br /></div></div><div><br /></div><div><b style="color: #073763;">May 2022 Fund Manager Survey for "biggest tail risk"</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5KmaN8jeMikPwxBkFvA97suOkMnqDQ7ZKLjhrSmeMUzmBbJTD03Y28AdKiLOpbRxG1TMcVhGHGt6dkjnC6ShJTbj0hIlt82zCKEDPFxayY98b-B0egVroW7NunSvgqljH8-Snz3MzwD2kTex4FwKgbTwI7anP6F5-OPKgxzir5jmYVm1m2Wm0dEomTg/s1003/worries.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="338" data-original-width="1003" height="216" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg5KmaN8jeMikPwxBkFvA97suOkMnqDQ7ZKLjhrSmeMUzmBbJTD03Y28AdKiLOpbRxG1TMcVhGHGt6dkjnC6ShJTbj0hIlt82zCKEDPFxayY98b-B0egVroW7NunSvgqljH8-Snz3MzwD2kTex4FwKgbTwI7anP6F5-OPKgxzir5jmYVm1m2Wm0dEomTg/w640-h216/worries.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Bank of America</i></div><div><br /></div><div><br /></div><div><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-49045956200916942582022-04-19T15:55:00.005+10:002022-04-19T15:56:32.405+10:0010K Words - April 2022<p><i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div><div>Online sales volumes have retreated in absolute numbers and as a share of total sales as the charts from the Australian Bureau of Statistics and the US Census Bureau show. US government bonds are on track to deliver their worst annual loss, Compound Capital Advisors highlights. Bank of America links the preceeding surge in central bank liquidity with the value of "Big Tech" stocks. A correlation between inflation worries and the relative valuation of small caps is charted by BCA Research. Quantitative Value co-author Tobias Carlisle shows that "unexcellent" stocks have outperformed "excellent" stocks over time. We return to BofA to look at how hedge funds and fund managers have become reluctant to take on risk. And, finally, "The Plateau of Latent Potential" is a chart from the book <i>Atomic Habits</i> that spoke to us.</div></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Online retail sales in Australia (monthly to February 2022)</b></div><div><b style="color: #073763;"><span id="docs-internal-guid-7d5fe89a-7fff-c332-6ae1-ecf54664db24" style="font-weight: normal;"><span style="font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 392px; overflow: hidden; width: 679px;"><img height="369" src="https://lh6.googleusercontent.com/evNhuPqdTTVbeGBy944T6E-ApjBSdWgCoLp0GrGgy65aGMZP9HgSlAAHBMZXNCf-Gv9cHvkH9ciAh6X_Tfc7WaerTqLqXk0hXTYoNKf2fQv_mo9j47CDmxfxfaAiAj84w8XVPBnq=w640-h369" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></b></div><div><i style="color: #666666;">Source: ABS</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Online retail sales in the US (quarterly) as a % of total sales</b></div><div><br /></div><div><span id="docs-internal-guid-6ea46898-7fff-66bf-7b78-887a6b8c1b8d"><span style="color: #073763; font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 227px; overflow: hidden; width: 670px;"><img height="217" src="https://lh4.googleusercontent.com/AdSKNF7PzZvHhEn-1gsot3TWW5b-lV0E2QklSFjNZjqfcSnEEkaxNbLxPrsa3K6pEoyRm8SWOJ7hyHuWu4-W_J9SZ9tD_Zhr9Ur-7INeOF6gdqf5IbuZJksjfZfVStxn0XhwiaBm=w640-h217" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></div><div><br /></div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>US Census Bureau</i></span></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Bloomberg Barclays Aggregate Bond Index, Total Return (1977-2022)</b></div><div><b style="color: #073763;"><br /></b></div><div><span id="docs-internal-guid-948ccef0-7fff-6ac8-c5a8-1d30bba023ab"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 359px; overflow: hidden; width: 392px;"><img height="448.4163568773233" src="https://lh5.googleusercontent.com/nWYRNw0izn4z6YjWw_Yd8R6_jYHcZBTCA9NUNKw8EDPcm7MnQPbz6ubKB2sstLhjZUvgcSN6OfCc2J5at9VTflhrfQ5P2e15YPksxmzUZv1IuWeN8ffELCmXXtEOfvheV5WxsqD2" style="margin-left: 0px; margin-top: -46.3764px;" width="392" /></span></span></span></div><div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>Compound, @CharlieBilello</i></span></div><div><br /></div></div><div><br /></div><div><b style="color: #073763;">Central bank liquidity and the market cap of “Big Tech”</b></div><div><span id="docs-internal-guid-56df1339-7fff-1b3b-34ca-2220a1c19902"><span style="color: #073763; font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 275px; overflow: hidden; width: 483px;"><img height="488" src="https://lh5.googleusercontent.com/fdti9kmGOXgaX-LlIR0JycWRs1wbBMVg_jdlXotscfDcbPyFKKNf7bswVv1Sjo3OVVErMXHxV5zL2wk-aP13RO066Ner1ENukwLCuoDBJSJRITHQo734Bf69sEaDrEmwq7EeOmHa=w640-h488" style="margin-left: 0px; margin-top: -51.9841px;" width="640" /></span></span></span></div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>Bank of America</i></span></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>Business Inflation Worries & US Small Cap Valuation Indicator</b></span></div><div><b style="color: #073763;"><i style="color: #666666; font-weight: 400;"><br /></i></b></div><div><b style="color: #073763;"><i style="color: #666666; font-weight: 400;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjQSrmGZ3Ynq8iMtUsyb0iPq4Cawym0eIhzBIlv-cHiSbiq7h8Op3kykfkluY7PD0QIbZj0MZKGXAFntS59tFz-pttxzL2zJmLKmK2h9YU0zSxg2DakXIPMvBcESg2CiwVyRrcpYD4VK22LYF98g4AV-srWeR5aXf921UGa0RQNBbDWhkF9_uRUKf1t8A" style="clear: left; font-style: normal; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="716" data-original-width="972" height="472" src="https://blogger.googleusercontent.com/img/a/AVvXsEjQSrmGZ3Ynq8iMtUsyb0iPq4Cawym0eIhzBIlv-cHiSbiq7h8Op3kykfkluY7PD0QIbZj0MZKGXAFntS59tFz-pttxzL2zJmLKmK2h9YU0zSxg2DakXIPMvBcESg2CiwVyRrcpYD4VK22LYF98g4AV-srWeR5aXf921UGa0RQNBbDWhkF9_uRUKf1t8A=w640-h472" width="640" /></a></i></b></div><div><b style="color: #073763;"><i style="color: #666666; font-weight: 400;">Source: </i><span style="color: #666666; font-weight: 400;"><i>BCA, @Scutty</i></span></b></div><div><b style="color: #073763;"><br /></b></div><div><b style="color: #073763;"><br /></b></div><div><b style="color: #073763;">Comparison of "Unexcellent" and "Excellent" Stock Portfolios</b></div><div><b style="color: #073763;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjb8XjV3Qi5I--ciVfsKKEHJTTgq9BUtf8Jawatxi6G14aXvN4l-I7PGY7fSiWwCvjM07KVPG9UufLn0uHlylwM_Zf6cm3ykHMJuxNfdq8LLBonM40z9CzXfVRsGHVJsruUfS5wwo1kooTC5wNTodtRi6O9N-tYyvYl5FPRupDOfMGZEjsG0A5NVH3gXw" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="728" data-original-width="1072" height="434" src="https://blogger.googleusercontent.com/img/a/AVvXsEjb8XjV3Qi5I--ciVfsKKEHJTTgq9BUtf8Jawatxi6G14aXvN4l-I7PGY7fSiWwCvjM07KVPG9UufLn0uHlylwM_Zf6cm3ykHMJuxNfdq8LLBonM40z9CzXfVRsGHVJsruUfS5wwo1kooTC5wNTodtRi6O9N-tYyvYl5FPRupDOfMGZEjsG0A5NVH3gXw=w640-h434" width="640" /></a></div><br /><b><i style="color: #666666; font-weight: 400;">Source: </i><span style="color: #666666; font-weight: 400;"><i>@Greenbackd</i></span></b></b></div><div><br /></div><div><b style="color: #073763;"><br /></b></div><div><b style="color: #073763;">Hedge Fund Equity Exposure</b></div><div><span id="docs-internal-guid-b9017d8a-7fff-2ca8-f54a-c8a5d9b1c217"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 235px; overflow: hidden; width: 615px;"><img height="235" src="https://lh5.googleusercontent.com/Zzf3mOpFA7Ux0GPMyHS45hTquhCMrDd6d_QQ5fMy8l4G-mqsFHiYTzftka9BnYIMqFhoKwY5RGrk0lPLJTYKOUs9rYjhZyltNaUeQnAgFNspzxFg9nAplmL_Wt9jeS-A8vre7dMS" style="margin-left: 0px; margin-top: 0px;" width="615" /></span></span></span></div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>Bank of America</i></span></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Net % of Fund Managers taking higher than normal risk</b></div><div><span id="docs-internal-guid-ca8baa50-7fff-1939-5eb6-3061075f0ada"><span style="color: #073763; font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 276px; overflow: hidden; width: 597px;"><img height="276" src="https://lh5.googleusercontent.com/2A3Y0-Gq6zJ_x9IPufEujvR-s9uj_1i-wyc5nf1yg5bwkeZ66ZU0eR7cVgF6IRCYaq7YZH2Ee-Hcgvbe6RO40kWyGk9yaie1Mmoat3Y8EBgpo6v25T5Yt4W5fT4icIEhV5vN4B-G" style="margin-left: 0px; margin-top: 0px;" width="597" /></span></span></span></div><div><br /></div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>Bank of America</i></span></div><div><br /></div><div><br /></div><div><b style="color: #073763;">The Plateau of Latent Potential</b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjhY2nVFhYgrhOXU6kzJTLAIQFwm3MGBdHCH16ik_9tVgjx8G5INisTUOXZTJzHxfllIHZB7HOSK606zFeF5FXI4_1W1SvHURKFdRjQ848ALFl5I2JgJQGp2E4XJLqzqr3-J5BJ4Knx0-iM-EYngM7uPO2jVWbzi59UllVHba3ZImM_7VwrZ8G580egAw" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img alt="" data-original-height="513" data-original-width="811" height="404" src="https://blogger.googleusercontent.com/img/a/AVvXsEjhY2nVFhYgrhOXU6kzJTLAIQFwm3MGBdHCH16ik_9tVgjx8G5INisTUOXZTJzHxfllIHZB7HOSK606zFeF5FXI4_1W1SvHURKFdRjQ848ALFl5I2JgJQGp2E4XJLqzqr3-J5BJ4Knx0-iM-EYngM7uPO2jVWbzi59UllVHba3ZImM_7VwrZ8G580egAw=w640-h404" width="640" /></a></div><br /><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><i style="color: #666666;">Source: </i><span style="color: #666666;"><i>@JamesClear, Atomic Habits via @SvnCapital</i></span></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-78457928775029057422022-03-25T13:30:00.001+11:002022-03-25T13:30:20.428+11:0010K Words - March 2022<p> <i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>The extent of the new "Tech Wreck" is highlighted by Societe Generale with 60%+ of stocks in the index down more than 25%, including 20% down more than 75%. But bonds have not delivered on their promise of safety as Bespoke and The Irrelevant Investor highlight. Back in Australia, Wilsons counts only 47 earnings downgrades in total for FY22 (so far), which is similar to FY21 but well below pre-Covid years. Wilsons also shows an unusually large spread between growth in small and large caps. The correlation of bitcoin with the more speculative parts of the equities market has been mapped courtesy of The Daily Shot. Finally, Bloomberg highlights that Australian polling indicates a change of federal government is on the cards.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Nasdaq's latest "tech wreck"</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6civEWE6bat908HAIGHuRnleoX--xuVO1V4dnhFujFFutzcVv3KXWCPRLTPmF1NImJaHf4llH_VgOYPvYZUjno8y3AVj_YJkmgtw28q1cuLFd_k9eb1ZPpuYBkrqEWwurzU4-UVvT-FpvLgH1UrsqCgJgEWt9dWERJ1bfZkECR4kTsoAknEkJA2GTbw/s1125/TechWreck%20-%20SG.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1125" data-original-width="940" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj6civEWE6bat908HAIGHuRnleoX--xuVO1V4dnhFujFFutzcVv3KXWCPRLTPmF1NImJaHf4llH_VgOYPvYZUjno8y3AVj_YJkmgtw28q1cuLFd_k9eb1ZPpuYBkrqEWwurzU4-UVvT-FpvLgH1UrsqCgJgEWt9dWERJ1bfZkECR4kTsoAknEkJA2GTbw/w534-h640/TechWreck%20-%20SG.jpg" width="534" /></a></div><br /><div><i style="color: #666666;">Source: Societe Generale, @jsblokland</i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>US equities (S&P 500) v long-term bonds (iShares 20+ Year Treasury Bond)</b></span></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_7DOOot4uRo8A8Ylq3FfBXw-AlBFHTv_1NGvWCe4U3phGgPKdpg-aZ9fGE68xuxPLLTVEoQmEeppJ2caVBIlywU4SJdxmZ1bY3pgo-21AzXy8bVZhA4MO1atiHEkHCT4CwqE06RyD5jm1hWOMTKVAVPiPVIKuVxwJX_IGllKX0SBqRYR1FNJbksd2Gg/s682/SP500%20v%20iShares%20Bond%20ETF%20-%20Bespoke.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="445" data-original-width="682" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_7DOOot4uRo8A8Ylq3FfBXw-AlBFHTv_1NGvWCe4U3phGgPKdpg-aZ9fGE68xuxPLLTVEoQmEeppJ2caVBIlywU4SJdxmZ1bY3pgo-21AzXy8bVZhA4MO1atiHEkHCT4CwqE06RyD5jm1hWOMTKVAVPiPVIKuVxwJX_IGllKX0SBqRYR1FNJbksd2Gg/w640-h418/SP500%20v%20iShares%20Bond%20ETF%20-%20Bespoke.png" width="640" /></a></div><div><i style="color: #666666;">Source: Bespoke</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Bond market drawdowns: US equities (S&P 500) v Vanguard Total Bond Market ETF</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE1rb2VJL108YXsUgddgtkEik3QGWAtrEPG6HErFdXOsdMTD8N8xfeqbQaqV_N_1UhkT20Rt8ouX0dWJ2BA1yfUzbLH3xNMXZmH8fvW6-GSrkdWNiQAEbgKROrkqzG29XE_Z60vNY88xOnV2M5mRw_0yu54q4IYai1Sk8YEty95_b9g7920IgwD6tmRA/s943/60-40%20-%20irrelevantinvestor.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="514" data-original-width="943" height="348" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgE1rb2VJL108YXsUgddgtkEik3QGWAtrEPG6HErFdXOsdMTD8N8xfeqbQaqV_N_1UhkT20Rt8ouX0dWJ2BA1yfUzbLH3xNMXZmH8fvW6-GSrkdWNiQAEbgKROrkqzG29XE_Z60vNY88xOnV2M5mRw_0yu54q4IYai1Sk8YEty95_b9g7920IgwD6tmRA/w640-h348/60-40%20-%20irrelevantinvestor.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: The Irrelevant Investor</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Number of ASX downgrades per financial year</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih8LFCNEWAnPtQiZaIKIaRxggxGbFny9MZYspyDYh9tyxD-hqAbAtXfeomFr5XTWtv7L8dbY6AshxQjYqq9tpnbtNmqi9ODZuplEsamS1OntrNcUoPRC0oWKxIm-BxUVnmfVovTJcq9cxilHlsAcYvRk1XoV601ts0cu41Vm8OJfkvxAjD4fgZRxbtwA/s636/Downgrade%20Manhattan%20-%20Wilsons%20-%2020220323.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="412" data-original-width="636" height="414" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEih8LFCNEWAnPtQiZaIKIaRxggxGbFny9MZYspyDYh9tyxD-hqAbAtXfeomFr5XTWtv7L8dbY6AshxQjYqq9tpnbtNmqi9ODZuplEsamS1OntrNcUoPRC0oWKxIm-BxUVnmfVovTJcq9cxilHlsAcYvRk1XoV601ts0cu41Vm8OJfkvxAjD4fgZRxbtwA/w640-h414/Downgrade%20Manhattan%20-%20Wilsons%20-%2020220323.png" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8wyrEKcK4YdwUAoaUw3eAavj1ZHvvTYNLDQl2ivKU_uPua8NkGr01weiq4SXrT0tPP0XPB44ul905HXCdwLKmgJTKN9RDtr80dnDesT_QXS9EWlpjDap4JMMdJqLEFM9IeahF8m9vACIHlDd7ZrqYkRJjXO706m3UU6RbQB3KWE9XkGn9hG0qF5PJiw/s1173/Downgrade%20Manhattan%202%20-%20Wilsons%20-%2020220323.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="287" data-original-width="1173" height="156" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8wyrEKcK4YdwUAoaUw3eAavj1ZHvvTYNLDQl2ivKU_uPua8NkGr01weiq4SXrT0tPP0XPB44ul905HXCdwLKmgJTKN9RDtr80dnDesT_QXS9EWlpjDap4JMMdJqLEFM9IeahF8m9vACIHlDd7ZrqYkRJjXO706m3UU6RbQB3KWE9XkGn9hG0qF5PJiw/w640-h156/Downgrade%20Manhattan%202%20-%20Wilsons%20-%2020220323.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Wilsons</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">ASX large cap growth less small cap growth</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEB8SAhTK0ByvMtZmcZ1FLqHIVMpILdALGquP4M04Z7gTr-8NjnbS4r6rlhIqtaqRLMLqE-IzUHsPpFaJDnfx6I57NV28NArpMdy61UbcxjMrMp4OiorfYMOcYGh8RGWNIUh4gR_VRyiSztz9bOrxYeAsGM0LS8bG7EEGIDyyNNGG-pxW3-5hyIT6oMg/s700/Large%20cap%20growth%20less%20small%20cap%20growth%20-%20Wilsons.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="441" data-original-width="700" height="404" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgEB8SAhTK0ByvMtZmcZ1FLqHIVMpILdALGquP4M04Z7gTr-8NjnbS4r6rlhIqtaqRLMLqE-IzUHsPpFaJDnfx6I57NV28NArpMdy61UbcxjMrMp4OiorfYMOcYGh8RGWNIUh4gR_VRyiSztz9bOrxYeAsGM0LS8bG7EEGIDyyNNGG-pxW3-5hyIT6oMg/w640-h404/Large%20cap%20growth%20less%20small%20cap%20growth%20-%20Wilsons.png" width="640" /></a></div><i style="color: #666666;">Source: Wilsons</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Bitcoin correlation with "meme" stocks</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGwTi3w0HtCcShf6VzATIekQ8MBpWEVBQogBEHIVsdSfPB489h92-pYzj0mZWE9vVs4T8c8qbozusFAY6LsKWWoL-lQAt6lUlzC4eR7XL-mk1ZJWJtqO-1E85bpQHgNr3CCP6Gsk4nzy4Tkxq8BoGqngPzzwyNg3POs7SPOhb29qvoCH4i3VqGuTeErg/s1059/Bitcoin%20correlation%20-%20The%20Daily%20Shot.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="986" data-original-width="1059" height="596" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGwTi3w0HtCcShf6VzATIekQ8MBpWEVBQogBEHIVsdSfPB489h92-pYzj0mZWE9vVs4T8c8qbozusFAY6LsKWWoL-lQAt6lUlzC4eR7XL-mk1ZJWJtqO-1E85bpQHgNr3CCP6Gsk4nzy4Tkxq8BoGqngPzzwyNg3POs7SPOhb29qvoCH4i3VqGuTeErg/w640-h596/Bitcoin%20correlation%20-%20The%20Daily%20Shot.jpg" width="640" /></a></div><i style="color: #666666;">Source: The Daily Shot, Dantes Outlook</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Australia's election polls pointing to change in government</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx8mn7ICZHQ2Wc7XHrm4lDXNv7uiFY9vz91WW9OLU7FzD63gsuq8ieLAXreOhczQAxLny9aPuEK1bXYKiuZIEMKTGFoNu2oW-vb5YSJ90OY_3c7yAQctjz6xD4JkYI6bzSqWOlIJ6jwQO_DERaGPn_VyBT4fvjE0BHHZtwul6iFFG_US8tR-FAEIPN3w/s620/polls%20-%20Bloomberg%2020220325.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="348" data-original-width="620" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhx8mn7ICZHQ2Wc7XHrm4lDXNv7uiFY9vz91WW9OLU7FzD63gsuq8ieLAXreOhczQAxLny9aPuEK1bXYKiuZIEMKTGFoNu2oW-vb5YSJ90OY_3c7yAQctjz6xD4JkYI6bzSqWOlIJ6jwQO_DERaGPn_VyBT4fvjE0BHHZtwul6iFFG_US8tR-FAEIPN3w/w640-h360/polls%20-%20Bloomberg%2020220325.jpg" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Bloomberg, Newspoll</i></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-34266092178310276512022-02-18T11:01:00.000+11:002022-02-18T11:01:00.898+11:0010K Words - February 2022<p><i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>You may have noticed that the tech sector has been under pressure lately. Bank of America's monthly fund manager survey shows allocations to the sector are at the lowest point since 2006 - yet in the unlisted world CB Insights has tallied up a surge in "unicorns" to 1,000! Totus Capital made a great point on the significant dispersion between different tech companies' accounting treatment of R&D spend. And ASX-listed fintech Douugh's "accumulated revenue" chart, as highlighted by @lukewinchester9, was definitely an innovative approach to presenting financials. On the COVID-19 front, Bloomberg shows global air traffic is still less than half pre-pandemic levels, while The Economist shows most countries trending back towards "normalcy" - with China a notable exception.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Tech net allocation at lowest level since 2006</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhWcTMRemMjzwF924iqP_vnxPYAVse3jCu7KR2hUHWH0iIfp50hBdiWh_KNW69LbwOvUwpKIewN8GvSwHL5aGgQL-mVW8f14--TbZwIxYTRg5EvfyVGr8smufcr0uMblOKFicfhCvIR2SMSpiW0BM1cmGk1GrsuXpjGXCUV4NOGQZkODmT-HTqkdqMyUg=s1349" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="733" data-original-width="1349" height="348" src="https://blogger.googleusercontent.com/img/a/AVvXsEhWcTMRemMjzwF924iqP_vnxPYAVse3jCu7KR2hUHWH0iIfp50hBdiWh_KNW69LbwOvUwpKIewN8GvSwHL5aGgQL-mVW8f14--TbZwIxYTRg5EvfyVGr8smufcr0uMblOKFicfhCvIR2SMSpiW0BM1cmGk1GrsuXpjGXCUV4NOGQZkODmT-HTqkdqMyUg=w640-h348" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div><i style="color: #666666;">Source: Bank of America (via @daniburgz)</i></div><div><div><br /></div><div><br /></div><div><br /></div><div><div><b style="color: #073763;">Now there are 1,000 unicorns</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEichW7JGrjQkqRfGfS_AKyVl02dXjj-Yzg5symsTI1ruKpEyFURHT-x0MiSLJIPexk4og5CvhMk_lxPvCMAeQGyiz4Lz6CyvmB3L8f-GdY7t-xoS1vrWxUhEuncZWcueCHPU5mGs0Ery1iXAgA4MWSrJqBQyLd9jQlMMLtusiZgdKgU68t36AqiJQ-NIg=s680" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="680" height="406" src="https://blogger.googleusercontent.com/img/a/AVvXsEichW7JGrjQkqRfGfS_AKyVl02dXjj-Yzg5symsTI1ruKpEyFURHT-x0MiSLJIPexk4og5CvhMk_lxPvCMAeQGyiz4Lz6CyvmB3L8f-GdY7t-xoS1vrWxUhEuncZWcueCHPU5mGs0Ery1iXAgA4MWSrJqBQyLd9jQlMMLtusiZgdKgU68t36AqiJQ-NIg=w640-h406" width="640" /></a></div><br /><div><i style="color: #666666;">Source: CB Insights</i></div><div><br /></div></div><div><br /></div><div><div><br /></div><div><b style="color: #073763;">Huge differences in how ASX software companies account for R&D spend</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiSlr_f3TF4A2gc92Q81NFdCWM-3irO1rKRPJ2KFAZk0KyHeoKwIFPM6gS4hEqiABcc5ujS6TJS7ugQuRnTadd5SXq-cazfQ57OeCd2BDnpVjUTo6ohGuP3qM_F5X6pwQtEBNgmOTV86-oL7VnLMO28QexvDAXQJm_l2gIN8YUjwt762-3D5cdEEmNQrA=s1021" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="597" data-original-width="1021" height="374" src="https://blogger.googleusercontent.com/img/a/AVvXsEiSlr_f3TF4A2gc92Q81NFdCWM-3irO1rKRPJ2KFAZk0KyHeoKwIFPM6gS4hEqiABcc5ujS6TJS7ugQuRnTadd5SXq-cazfQ57OeCd2BDnpVjUTo6ohGuP3qM_F5X6pwQtEBNgmOTV86-oL7VnLMO28QexvDAXQJm_l2gIN8YUjwt762-3D5cdEEmNQrA=w640-h374" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Totus, livewiremarkets</i><br /><div><br /></div></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Accumulated revenue chart by ASX-listed Douugh (DOU)</b></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgO4U4vOqwIsK1eSj7gInQGhUbqrDAxmR2Mf1Oh8-LFDwP3__0OZIEazc7UJg9JznTwpVdlqNhAOi2SQSHJI7JCcI-dF622WrLBr9H9c5g_dBGw9iaStUPJDdOQRRZnKblXkz91Vl4RWLN6ztqBVieUFwbcNzs-sk-_vW_jelKbAUf7q2Mag41stlafbA" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="392" data-original-width="621" height="404" src="https://blogger.googleusercontent.com/img/a/AVvXsEgO4U4vOqwIsK1eSj7gInQGhUbqrDAxmR2Mf1Oh8-LFDwP3__0OZIEazc7UJg9JznTwpVdlqNhAOi2SQSHJI7JCcI-dF622WrLBr9H9c5g_dBGw9iaStUPJDdOQRRZnKblXkz91Vl4RWLN6ztqBVieUFwbcNzs-sk-_vW_jelKbAUf7q2Mag41stlafbA=w640-h404" width="640" /></a></div><i style="color: #666666;">Source: Douugh Limited, @lukewinchester9</i><br /></div><div><br /></div></div><div><br /></div><div><br /></div></div><div><b style="color: #073763;">Global air traffic less than half pre-COVID level</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhOwrpeuuclIXjtiZ1gMduweY5e7cemQOaMLco5OtlScNmZgnFd_idgWSdyh7FaZqzo2Y2eiPwy35AM7Q_3E6qV1NyjLGpg0uVb9Yqlgc_1jZZKCtWZarvEd3jvFNJ0VYIRupFSc5fmerTV8zmYdSjkwfcCVtuk20yTime_V5-lvdeB9DgqwjQY7yGg7A=s1289" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="746" data-original-width="1289" height="370" src="https://blogger.googleusercontent.com/img/a/AVvXsEhOwrpeuuclIXjtiZ1gMduweY5e7cemQOaMLco5OtlScNmZgnFd_idgWSdyh7FaZqzo2Y2eiPwy35AM7Q_3E6qV1NyjLGpg0uVb9Yqlgc_1jZZKCtWZarvEd3jvFNJ0VYIRupFSc5fmerTV8zmYdSjkwfcCVtuk20yTime_V5-lvdeB9DgqwjQY7yGg7A=w640-h370" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><br /></div><div><b style="color: #073763;">The Economist's "Normalcy Index"</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhI8TGsX1LV846FbKfCeEtzytsQkUgahX7do8JfMnL_WFgnZ0hZP7VccYOkBrsddSmAHAFdJ2f_RjDlwRBDcvdkRMmYfHxYc1V3E4s-25RWYxlrDt2Q7s_YGtNXHLPmUzlD6dJjvcx6hvi66HF1WEWt26Zppa3nmcnRNa6b0iXaVH8F2aAVSY8rsLk4hg=s671" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="567" data-original-width="671" height="540" src="https://blogger.googleusercontent.com/img/a/AVvXsEhI8TGsX1LV846FbKfCeEtzytsQkUgahX7do8JfMnL_WFgnZ0hZP7VccYOkBrsddSmAHAFdJ2f_RjDlwRBDcvdkRMmYfHxYc1V3E4s-25RWYxlrDt2Q7s_YGtNXHLPmUzlD6dJjvcx6hvi66HF1WEWt26Zppa3nmcnRNa6b0iXaVH8F2aAVSY8rsLk4hg=w640-h540" width="640" /></a></div><i style="color: #666666;">Source: The Economist</i>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-32993910902043900732022-01-23T17:41:00.001+11:002022-01-23T17:45:11.945+11:00CY2021 - The Year in Quotes<p><i>It didn't start out this way intentionally but at Equitable Investors we have developed a habit of kicking off each monthly update of the Dragonfly Fund with a quote that resonated or was reflective of that point in time. We find wisdom, common sense and inspiration in many places - not just in the words of the investment greats. From <a href="https://en.wikipedia.org/wiki/Ronald_S._Baron" target="_blank">Ron Barron</a> to <a href="https://en.wikipedia.org/wiki/Ron_Barassi" target="_blank">Ron Barassi</a>, the words we drew on for the 12 months of calendar 2021 follow.</i></p><div class="separator" style="clear: both; text-align: center;"><i><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiKmmc_XtstV2Tv8Ix2belDjU_2t-PmCV7DsUUfPffnsIMeTwRgUF6Js0nwbSCnuDz4iR51k00jqQavq9USl8LadONswHif2IwZhcG_7vIgA6rFlGuIADE6rUj5suinRC6Rpj8yJENkIBM_3ksmQOLIA3UiZFR5WP7JZZng94PwfsCDqrZIWqvuVJwahQ=s3620" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="2475" data-original-width="3620" height="219" src="https://blogger.googleusercontent.com/img/a/AVvXsEiKmmc_XtstV2Tv8Ix2belDjU_2t-PmCV7DsUUfPffnsIMeTwRgUF6Js0nwbSCnuDz4iR51k00jqQavq9USl8LadONswHif2IwZhcG_7vIgA6rFlGuIADE6rUj5suinRC6Rpj8yJENkIBM_3ksmQOLIA3UiZFR5WP7JZZng94PwfsCDqrZIWqvuVJwahQ=w320-h219" width="320" /></a></i></div><i><br /></i><p></p><div><b style="color: #073763;">January 2021</b></div><div><div>“Stocks that have a well-recognised brand, or a well recognised story have seen unprecedented buying relative to the rest of the market... this leaves an opportunity for investors that are willing to go the extra mile in researching stocks.” </div><div><br /></div><div>― Fabiana Fedeli, Fundamental Equities Outlook Q1 2021, Robeco</div></div><div><br /></div><div><div><b style="color: #073763;">February 2021</b></div><div><div>“We should be careful to get out of an experience only the wisdom that is in it and stop there lest we be like the cat that sits down on a hot stove lid. She will never sit down on a hot stove lid again and that is well but also she will never sit down on a cold one anymore”</div><div><br /></div><div>― Mark Twain</div></div></div><div><br /></div><div><div><b style="color: #073763;">March 2021</b></div><div><div>"To make money in stocks you must have “the vision to see them, the courage to buy them and the patience to hold them. Patience is the rarest of the three.” </div><div><br /></div><div>― Thomas Phelps, 100 to 1 in the Stock Market</div></div></div><div><br /></div><div><div><b style="color: #073763;">April 2021</b></div><div><div>“The game of life is a lot like football. You have to tackle your problems, block your fears, and score your points when you get the opportunities.”</div><div><br /></div><div>― Lewis Grizzard, Don't Sit Under The Grits Tree With Anyone Else But Me</div></div></div><div><br /></div><div><div><b style="color: #073763;">May 2021</b></div><div>“We're guessing at our future opportunity cost... But if we knew interest rates would stay at 1%, we'd change. Our hurdles reflect our estimate of future opportunity costs.” </div><div><br /></div><div>― Charlie Munger</div></div><div><br /></div><div><b style="color: #073763;">June 2021</b></div><div><div>“There are pockets of what look like appreciable over-valuation and pockets of significant undervaluation... we can find plenty of names to fill our portfolios” </div><div><br /></div><div> ― Bill Miller, Miller Value Partners</div></div><div><br /></div><div><div><b style="color: #073763;">July 2021</b></div><div><div>“Those explorations required skepticism and imagination both. Imagination will often carry us to worlds that never were. But without it, we go nowhere. Skepticism enables us to distinguish fancy from fact, to test our speculations.”</div><div><br /></div><div> ― Carl Sagan, Cosmos</div></div></div><div><br /></div><div><div><b style="color: #073763;">August 2021</b></div><div><b style="color: #073763;"><div style="color: black; font-weight: 400;">“If the Chairman of the Federal Reserve with all the data and tools at his disposal couldn’t predict what the ‘market’ would do, it was unlikely others could either. Which made us focus on investing in well managed, competitively advantaged, growth businesses...not the ‘stock market’ ”</div><div style="color: black; font-weight: 400;"><br /></div><div style="color: black; font-weight: 400;"> ― Baron Funds founder Ron Baron</div></b></div><div><br /></div><div><b style="color: #073763;"><div style="color: black; font-weight: 400;"><b style="color: #073763;">September 2021</b></div><div style="color: black; font-weight: 400;"><b style="color: #073763;"><div style="color: black; font-weight: 400;"><div>“There are two ways you can get yourself revved up - fear of failure and love of success. Personally, I like both things to be working in you, the same as you can win a game at one end of the ground and save it at the other.”</div><div><br /></div><div> ― Melbourne Football Club legend Ron Barassi.</div></div></b></div></b></div><div><b style="color: #073763;"><br /></b></div><div><b style="color: #073763;"><div style="color: black; font-weight: 400;"><b style="color: #073763;">October 2021</b></div><div style="color: black; font-weight: 400;"><b style="color: #073763;"><div style="color: black; font-weight: 400;"><div>“Many people believe that investors must make the macro decision to be either bullish or bearish. Our preference is to be agnostic, objectively finding absolute bargains... we are neither bullish nor bearish. We are value-ish.”</div><div><br /></div><div>― Baupost Group founder Seth Klarman</div><div><br /></div><div><div><b style="color: #073763;">November 2021</b></div><div><b style="color: #073763;"><div style="color: black; font-weight: 400;">“Far more money has been lost by investors preparing for corrections, or trying to anticipate corrections, than has been lost in corrections themselves... In trying to time the market to sidestep the bears people often miss out on the chance to run with the bulls.”</div><div style="color: black; font-weight: 400;"><br /></div><div style="color: black; font-weight: 400;"><b style="color: #073763;"><span style="color: black; font-weight: 400;">― </span></b>former American fund manager Peter Lynch </div></b></div></div><div><br /></div><div><div><b style="color: #073763;">December 2021</b></div><div><b style="color: #073763;"><div style="color: black; font-weight: 400;"><div>“Most market commentary is focused on... ‘expiring knowledge’. This is the headline news that fills our screens today, which in five and 10-years’ time we will look back on and realise didn’t actually mean anything from a long-term investment perceptive.”</div><div><br /></div><div><b style="color: #073763;"><span style="color: black; font-weight: 400;">― </span></b>Paul Black, WCM Investment Management</div></div></b></div></div></div></b></div></b></div><div></div></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-32534220190991737102022-01-12T12:01:00.001+11:002022-01-12T12:01:57.102+11:0010K Words - January 2022<p> <i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>Happy New Year to all! There's plenty of chart action in January covering inflation and interest rates. The implied probability of a Federal Reserve rate hike in March 2022 of at least 25 basis points has surged, as @charliebilello highlighted on Jan 6 (and had to update for a further surge a day later). Barclays set out the break-even rates (break-even inflation is the difference between the nominal yield on a fixed-rate investment and the real yield on a similar inflation-linked investment). On equities we see "crowded trades" and retail sentiment take a dive, courtesy of Morgan Stanley and @lizannsonders. Indeed Hiring Lab provides us a little insight into why unemployed Americans aren't hunting for work with urgency. Meanwhile, the number of Australians thinking this year will be better than last has slumped according to a Roy Morgan poll.</div><div><br /></div><div><br /></div><div><b style="color: #073763;">Federal Reserve Rate Hike Probabilities (Jan 6, 2021)</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgpSy3TPxnt9uw2aqE6RXGIhW-xXVxey-wIKGZblhO7gduj7MQoeDhJ2yHCpfxLiV4xw_usvp-xZa5nkEQzCtemYPVm9rIcpWWvMtnLYNDdEVu37NeAx-xI-m6HhdD9dpT0-p5rp6cNS-wB3m1oyBoVtK_n3nFU1JYANMcbZhGeZVQozgBnGBfGApRrJQ=s858" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="625" data-original-width="858" height="466" src="https://blogger.googleusercontent.com/img/a/AVvXsEgpSy3TPxnt9uw2aqE6RXGIhW-xXVxey-wIKGZblhO7gduj7MQoeDhJ2yHCpfxLiV4xw_usvp-xZa5nkEQzCtemYPVm9rIcpWWvMtnLYNDdEVu37NeAx-xI-m6HhdD9dpT0-p5rp6cNS-wB3m1oyBoVtK_n3nFU1JYANMcbZhGeZVQozgBnGBfGApRrJQ=w640-h466" width="640" /></a></div><div><br /></div><div><i style="color: #666666;">Source: @charliebilello</i></div><div><div><br /></div><div><br /></div><div><b style="color: #073763;">Federal Reserve Rate Hike Probabilities (Jan 6, 2021)</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhpFHrJqp8McL4K2csOUFtjciLgzdE3CcRB0Q1I2oFrgnoY90LGvj_vBwfAj2Fr6x_3x7MDSIfimdIsXvfC6iPXEj2YP3NMkWZ8EJdn5YPJ7BoZk8kt_muujmGQEL3BxjRhjZF8yUgyOLDoSIC7nmG6ZJXYSKCQAx6cXtsXOZuOcDfHUigtV1DkzZe7Xg=s730" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="485" data-original-width="730" height="426" src="https://blogger.googleusercontent.com/img/a/AVvXsEhpFHrJqp8McL4K2csOUFtjciLgzdE3CcRB0Q1I2oFrgnoY90LGvj_vBwfAj2Fr6x_3x7MDSIfimdIsXvfC6iPXEj2YP3NMkWZ8EJdn5YPJ7BoZk8kt_muujmGQEL3BxjRhjZF8yUgyOLDoSIC7nmG6ZJXYSKCQAx6cXtsXOZuOcDfHUigtV1DkzZe7Xg=w640-h426" width="640" /></a></div><div><i style="color: #666666;">Source: @charliebilello</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Break-evens on inflation-indexed bonds</b></div></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiAGKJ8K2SWwVeb61Aj-pUkpWw-1nNpe6iXtj5ayMO6qW9FXkwndfv9Sc3D42L7aHnxUy1MTU-NcjGFp1OHa-3D8MWiVeqI4Uwsg9BQWhobQpAxSSpr2bXDj6KsdtQnr7vOzTXR6MgfPxS4e7gDWBPE1oGJZ6VGmNKXXmOXw5f5jkPdS6HMiGkEj2ejBQ=s1143" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="514" data-original-width="1143" height="288" src="https://blogger.googleusercontent.com/img/a/AVvXsEiAGKJ8K2SWwVeb61Aj-pUkpWw-1nNpe6iXtj5ayMO6qW9FXkwndfv9Sc3D42L7aHnxUy1MTU-NcjGFp1OHa-3D8MWiVeqI4Uwsg9BQWhobQpAxSSpr2bXDj6KsdtQnr7vOzTXR6MgfPxS4e7gDWBPE1oGJZ6VGmNKXXmOXw5f5jkPdS6HMiGkEj2ejBQ=w640-h288" width="640" /></a></div><p><i style="color: #666666;">Source: Barclays via Bloomberg</i><br /></p><div><br /></div><div><br /></div><div><div><b style="color: #073763;">Collapse in "Crowded Stocks"</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjplCaodVMBJxQbvtAP2RkHsIqQOAsqgnC9zZGXf4iglWuQOfx9FhbBzYOjfkVxwQHi0_7ruRqSixtN8avDfBC5djaguNg24MxgneQ81u_UBqIuHArJaqMvC9JhlWECDvHTMhohUeT-Wk8zwaxFMNSscvAogxxTkEjkQeDTWhYJ6K0J7kfigqxkUIo-Bw=s939" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="939" data-original-width="564" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEjplCaodVMBJxQbvtAP2RkHsIqQOAsqgnC9zZGXf4iglWuQOfx9FhbBzYOjfkVxwQHi0_7ruRqSixtN8avDfBC5djaguNg24MxgneQ81u_UBqIuHArJaqMvC9JhlWECDvHTMhohUeT-Wk8zwaxFMNSscvAogxxTkEjkQeDTWhYJ6K0J7kfigqxkUIo-Bw=w384-h640" width="384" /></a></div><i style="color: #666666;"><div><i><br /></i></div>Source: Morgan Stanley via The Daily Shot</i><br /><div><br /></div><div><div><br /></div><div><b style="color: #073763;">Goldman Sachs Retail Sentiment Index</b></div></div><div><br /></div></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgj5n7cxBEOEuUv0IuZQ8zI6HtyUzdOQD6gGu-rOtzluDXEuGD9EPfNlUtYybPIiHM_SCjdJ2V-pvRLo31rRZrEE4k7J4HpCXIp_2xxZywCpDdo0CUlH3o-vOoiVmLEyPJ1VAL9mTkQ3mqTGaqPerJ_P9yeETd7y9-UW1MHAS4E0ej2mQsdMDPkLCituQ=s936" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="481" data-original-width="936" height="328" src="https://blogger.googleusercontent.com/img/a/AVvXsEgj5n7cxBEOEuUv0IuZQ8zI6HtyUzdOQD6gGu-rOtzluDXEuGD9EPfNlUtYybPIiHM_SCjdJ2V-pvRLo31rRZrEE4k7J4HpCXIp_2xxZywCpDdo0CUlH3o-vOoiVmLEyPJ1VAL9mTkQ3mqTGaqPerJ_P9yeETd7y9-UW1MHAS4E0ej2mQsdMDPkLCituQ=w640-h328" width="640" /></a></div><p><br /></p><div><i style="color: #666666;">Source: Ann Sonders</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Why unemployed aren't showing urgency to find a job</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEjwHdlglHrIiw-zxPw5oTFua-iyJ9Q9wtVK3Q8DBSaA3pw6QbIh4KoNFSKb5GbkppXy0DgByAKOj0rcbgRgmcuckliRDK7Eu3DjuSJn-SR6r-QESQytXfgB1P397DcrFv-S0FOVr_H9dSp_8jrKeXs3mAgY_upES8G61PZuft31p76eHl9XNDeuIy25FA=s843" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="843" data-original-width="640" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEjwHdlglHrIiw-zxPw5oTFua-iyJ9Q9wtVK3Q8DBSaA3pw6QbIh4KoNFSKb5GbkppXy0DgByAKOj0rcbgRgmcuckliRDK7Eu3DjuSJn-SR6r-QESQytXfgB1P397DcrFv-S0FOVr_H9dSp_8jrKeXs3mAgY_upES8G61PZuft31p76eHl9XNDeuIy25FA=w486-h640" width="486" /></a></div><p><i style="color: #666666;">Source: Indeed Hiring Lab</i><br /></p><div><br /></div><div><br /></div><div><b style="color: #073763;">Only 37% of Australians expect 2022 will be ‘better’ than 2021 – down 22% points on a year ago</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.roymorgan.com/~/media/files/morgan%20poll/2020s/2021/december/8884-c1.png?la=en" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="521" data-original-width="800" height="417" src="https://www.roymorgan.com/~/media/files/morgan%20poll/2020s/2021/december/8884-c1.png?la=en" width="640" /></a></div><div><i style="color: #666666;">Source: Roy Morgan</i><br /><div><br /></div></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-30600315301955811302021-12-22T11:46:00.002+11:002021-12-22T11:48:35.602+11:0010k Words - December 2021<p><i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>Our final 10k Words for CY2021 kicks off with The Economist's first cut on what events captured audience attention in the media during the year. We then range across Morgan Stanley's chart on China property sector's importance to commodities, the surge in VC investment in cryptocurrency startups illustrated by The Economist and Bloomberg's ranking of countries through time based on their COVID-19 vaccine penetration. We get into equities with Bespoke showing ETFs don't necessarily fulfill the diversification function that is expected of them and finally Equitable Investors' analysis of what has worked and what hasn't worked in CY2021 for ASX-listed micro-to-mid caps.</div><div><br /></div><div><span style="color: #073763;"><b>Impact of 2021 global events as measured by media activity (an initial draft analysis)</b></span></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgd6mlAoKjvSPPb6ls0hRh3Mf_PCYg25wyNWWceBTQ9QkEG4RwDB0sXivVCzGMF2S2zRdlhf0PyEM1nsTwsr3LE6T_U3cZuKWHm2X3pLh0iFNM_Cx0C6rnYm34N6iuwPlU2G7u9s7hkRbZHzcg29Mik6wsxgSNXtaTG9UlTaS4O62HyjisHwCA5QaMqvw=s1365" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="690" data-original-width="1365" height="324" src="https://blogger.googleusercontent.com/img/a/AVvXsEgd6mlAoKjvSPPb6ls0hRh3Mf_PCYg25wyNWWceBTQ9QkEG4RwDB0sXivVCzGMF2S2zRdlhf0PyEM1nsTwsr3LE6T_U3cZuKWHm2X3pLh0iFNM_Cx0C6rnYm34N6iuwPlU2G7u9s7hkRbZHzcg29Mik6wsxgSNXtaTG9UlTaS4O62HyjisHwCA5QaMqvw=w640-h324" width="640" /></a></div><i style="color: #666666;"><div><i style="color: #666666;"><br /></i></div>Source: The Economist</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">China property sector's contribution to commodity demand</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEgagiYzGKRNXAKGmK30tuODsczzXOrCn0epr4UIkS4GeYrFeN16QHgXXkAl4kuDPMBCxrLXTEDViqXyv66AOdJoAL-NzT5nYGcS7DHKbJJEzXXKLhpWhpUH87SuyOzfGvQQGd2ufFEQfHU0ria_Y37w0TtA-KS0zjLCy1wleQHUUHeBu--ZN9sQNgd2Hw=s627" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="533" data-original-width="627" height="544" src="https://blogger.googleusercontent.com/img/a/AVvXsEgagiYzGKRNXAKGmK30tuODsczzXOrCn0epr4UIkS4GeYrFeN16QHgXXkAl4kuDPMBCxrLXTEDViqXyv66AOdJoAL-NzT5nYGcS7DHKbJJEzXXKLhpWhpUH87SuyOzfGvQQGd2ufFEQfHU0ria_Y37w0TtA-KS0zjLCy1wleQHUUHeBu--ZN9sQNgd2Hw=w640-h544" width="640" /></a></div><i style="color: #666666;">Source: Morgan Stanley<br /></i><br /><br /><div><b style="color: #073763;">VC funds piling into cyrptocurrency startups</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhjTGROH2OZmBKO1GlklJ1JlezvlVb4fbkxioUf3Z-uAWlwgKJKhaVC3Ee9BcQcZgvxK1VtnHjMSvG23bfKw3vFERmEvsdP1aKTQsN0gxnANKPQtypRyWAlq6Fwc3dBpfcBQTPZXzZWmkb8YzEfqV5Wu4hBsTLdmsr6h3Ntg4U3qdnz5m0gXob2mJVWzw=s502" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="502" data-original-width="469" height="400" src="https://blogger.googleusercontent.com/img/a/AVvXsEhjTGROH2OZmBKO1GlklJ1JlezvlVb4fbkxioUf3Z-uAWlwgKJKhaVC3Ee9BcQcZgvxK1VtnHjMSvG23bfKw3vFERmEvsdP1aKTQsN0gxnANKPQtypRyWAlq6Fwc3dBpfcBQTPZXzZWmkb8YzEfqV5Wu4hBsTLdmsr6h3Ntg4U3qdnz5m0gXob2mJVWzw=w374-h400" width="374" /></a></div><i style="color: #666666;">Source: The Economist</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">COVID-19 vaccine doses per 100 people</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiDV3c5A30AswylAdyssLkHJPzFsWDqps19YFdE3hXvQU-AxG1K54xA8lCmWIbHeUfZ7QzIe3WUPh9lsYDT-9Dkoz9i1yYhhLGgLbmTsoJNwvZTlJjdAbM8kUTCOYIffjtAUML1BRorZ1SH9_RuZU-BSyGlamkrlMTY9cmOw8Y3hu1UFhAlP2P0dGxAWw=s916" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="698" data-original-width="916" height="488" src="https://blogger.googleusercontent.com/img/a/AVvXsEiDV3c5A30AswylAdyssLkHJPzFsWDqps19YFdE3hXvQU-AxG1K54xA8lCmWIbHeUfZ7QzIe3WUPh9lsYDT-9Dkoz9i1yYhhLGgLbmTsoJNwvZTlJjdAbM8kUTCOYIffjtAUML1BRorZ1SH9_RuZU-BSyGlamkrlMTY9cmOw8Y3hu1UFhAlP2P0dGxAWw=w640-h488" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Sector ETFs not so diversified</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEg1WvCA2j7v-CDLIxpvqfJBNt5w782foG4B8kO-nMwEYnmxlwpQTGLxPKMH04wKod2Yvtk033TJ_iC4j5MPuUTA0aLdE9viO4Spz5_b0W_VT8Ldm4RX7JIOR2OR7sCSh43AUuuPzTt9WpcpqpVFrSwvmEqmX0L-5o1k3KblqOF5pIfqVoIxdNDjERFjUw=s578" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="311" data-original-width="578" height="344" src="https://blogger.googleusercontent.com/img/a/AVvXsEg1WvCA2j7v-CDLIxpvqfJBNt5w782foG4B8kO-nMwEYnmxlwpQTGLxPKMH04wKod2Yvtk033TJ_iC4j5MPuUTA0aLdE9viO4Spz5_b0W_VT8Ldm4RX7JIOR2OR7sCSh43AUuuPzTt9WpcpqpVFrSwvmEqmX0L-5o1k3KblqOF5pIfqVoIxdNDjERFjUw=w640-h344" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Bespoke</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Quarterly average returns & CY2020 YTD return for ASX micro-to-mid caps by size (market cap)</b></div><div><b style="color: #073763;"><br /></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEiVzNYCFDsNTZxnHK9Gw2fxZs2eGz3ZSELr0vsbsRQV6BIFFV5-dXp74vfcevm0udhbWpqzUIToUEIIXJzeztzaX7blt2MD9FPC2asXVffN8ArYyyO93XVuipQwPEo-GCFK7z3AcRHvk8wvIub8-ANUTs8O650HsyZNBRqjOsz3R4F72gg4jwfnoFu5eQ=s915" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="915" data-original-width="535" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEiVzNYCFDsNTZxnHK9Gw2fxZs2eGz3ZSELr0vsbsRQV6BIFFV5-dXp74vfcevm0udhbWpqzUIToUEIIXJzeztzaX7blt2MD9FPC2asXVffN8ArYyyO93XVuipQwPEo-GCFK7z3AcRHvk8wvIub8-ANUTs8O650HsyZNBRqjOsz3R4F72gg4jwfnoFu5eQ=w374-h640" width="374" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div><i style="color: #666666;">Source: Equitable Investors, Sentieo</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Quarterly average returns & CY2020 YTD return for ASX micro-to-mid caps by sector</b></div><br /><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEithmeqAvSQg9uvzwgQwEpLxiC5MKecIYGYjlUpHjzPB8yFk8se_C5GqskzOpbsucyzgA4ZooUshDH7NdfL33Z7YKFm_iHYYNAsBGISGPWaP5GT4vUkmParkv1W_WMq1MgGXJ8a5DVb2-MLspXxwD61ViRkyrwynCyXgGZvRj5Mv9tgPN6qxYrpuiUwmg=s861" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="861" data-original-width="611" height="640" src="https://blogger.googleusercontent.com/img/a/AVvXsEithmeqAvSQg9uvzwgQwEpLxiC5MKecIYGYjlUpHjzPB8yFk8se_C5GqskzOpbsucyzgA4ZooUshDH7NdfL33Z7YKFm_iHYYNAsBGISGPWaP5GT4vUkmParkv1W_WMq1MgGXJ8a5DVb2-MLspXxwD61ViRkyrwynCyXgGZvRj5Mv9tgPN6qxYrpuiUwmg=w454-h640" width="454" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><div><i style="color: #666666;">Source: Equitable Investors, Sentieo</i></div><div><br /></div><div><br /></div><b style="color: #073763;">Quarterly average returns & CY2020 YTD return for ASX micro-to-mid caps by valuation band</b><div><span style="color: #073763;"><b><br /></b></span><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/a/AVvXsEhPlVWiRew0kJbM8sLpSz1eqOGsUUA8JUX71JcTLHyiXniTZM42nIJgFPLUdq3m-20eU4bfmjV1qFDxDHpfZAGy1zvGrE1MOP3wES-p51kKaWDfZg0YmESkGa1Sxa2-fEKijR7z1rx8AEq6QF84Qq0WWnpRPiZDJfGByfeBxv4HlHcgclRf9olTxBUJGA=s1059" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="397" data-original-width="1059" height="240" src="https://blogger.googleusercontent.com/img/a/AVvXsEhPlVWiRew0kJbM8sLpSz1eqOGsUUA8JUX71JcTLHyiXniTZM42nIJgFPLUdq3m-20eU4bfmjV1qFDxDHpfZAGy1zvGrE1MOP3wES-p51kKaWDfZg0YmESkGa1Sxa2-fEKijR7z1rx8AEq6QF84Qq0WWnpRPiZDJfGByfeBxv4HlHcgclRf9olTxBUJGA=w640-h240" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><br /></div><i style="color: #666666;">Source: Equitable Investors, Sentieo</i><br /><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div><div><br /></div></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-53871542673242103932021-11-05T10:45:00.003+11:002021-11-05T10:45:59.548+11:0010k Words - November 2021<p><i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius did not say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p><div>We kick off with Australia outpacing Hong Kong in IPO activity, as highlighted by Bloomberg. We can't avoid the inflation discussion and FactorInvestor charts US inflation expectations, while we go back to Bloomberg for a look at inflation-protected treasury yields, which have not followed the script of 2013. IFM Investors looked at how Australia's monthly inflation (using the Melbourne Institute monthly inflation gauge) was still accelerating in year-on-year terms, despite decelerating in terms of month-on-month increases. Then we turn to equity valuation where Redpoint's Tomasz Tunguz explores the phenomenon of Software-as-a-Service (SaaS) valuation multiples rising to 100x their Annualised Recurring Revenue (ARR); while Axios charts the explosion in valuation of rental car companies, aided by hype around electric cars. </div><div><br /></div><div>Finally, Kailash Capital shows that S&P 500 stocks analysts dislike are priced at a 34% discount to the market, based on a multiple of sales, while stocks that are analyst “darlings” trade at a 17% premium to the market. The unanswered question is whether the pricing is caused by analyst popularity or whether analysts tend to like stocks that are already strongly supported by the market (Kailash suspects there is “self-reinforcing price action as high average returns… force analysts to shift to buy ratings”).</div><div> </div><div><br /></div><div><span style="color: #073763;"><b>Australia outdoing Hong Kong in IPO activity</b></span></div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGAG4kDpvGdjiiHOezPzsE1TZfVncAPbNWpo09DV96fSkPaZGwpeU_qXHdNHi-cHj1pzh5epxv2SQh2uEh_uwNQCvLEnVYgBQUk4JdzbNnnX0GBWbeDZ0fioHbPyFAoO_hcTOaNEg9B3tk/s856/IPOs+in+Aus+%2526+HK+-+Bloomberg+%2526+Peak.JPEG" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="480" data-original-width="856" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGAG4kDpvGdjiiHOezPzsE1TZfVncAPbNWpo09DV96fSkPaZGwpeU_qXHdNHi-cHj1pzh5epxv2SQh2uEh_uwNQCvLEnVYgBQUk4JdzbNnnX0GBWbeDZ0fioHbPyFAoO_hcTOaNEg9B3tk/w640-h358/IPOs+in+Aus+%2526+HK+-+Bloomberg+%2526+Peak.JPEG" width="640" /></a><br /><div><i style="color: #666666;">Source: Bloomberg</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Tracking US inflation expectations</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihVcUEfD9qP4LwOU_oRSKeVnTIK5j_rqJqQyAlogxKEMOmgiI5yg7VDqM2wsvtJp10SJxxbwxU8YYX82_tl6qlZYQbBVWYftYC7srngHyvZWDg1zGYC571EjP5FyRmdDnPmPJhDC8-E6cc/s2048/US+inflation+expectations+-+FactorInvestor.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1178" data-original-width="2048" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEihVcUEfD9qP4LwOU_oRSKeVnTIK5j_rqJqQyAlogxKEMOmgiI5yg7VDqM2wsvtJp10SJxxbwxU8YYX82_tl6qlZYQbBVWYftYC7srngHyvZWDg1zGYC571EjP5FyRmdDnPmPJhDC8-E6cc/w640-h368/US+inflation+expectations+-+FactorInvestor.png" width="640" /></a></div><i style="color: #666666;">Source: FactorInvestor</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">Yields on Treasury Inflation-Protected Securities (TIPS) now v 2013</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5I7flnM3OVI9DJn8AEj1l79UujUG5MgrWFJ5HdLUlPw5QizGtW2JU6P1TAgs3VA0JD9WTyhNftM6NknTmGvqG_bXWWObW9IeivJ6WcGlpTHOCNMoN0Kc74-QYct2QGUiJLD-P-It5XZ5o/s1200/TIPS+yields+now+v+2013+-+Bloomberg.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="675" data-original-width="1200" height="360" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh5I7flnM3OVI9DJn8AEj1l79UujUG5MgrWFJ5HdLUlPw5QizGtW2JU6P1TAgs3VA0JD9WTyhNftM6NknTmGvqG_bXWWObW9IeivJ6WcGlpTHOCNMoN0Kc74-QYct2QGUiJLD-P-It5XZ5o/w640-h360/TIPS+yields+now+v+2013+-+Bloomberg.png" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763;"><b> Australian Bureau of Statistics (ABS) quarterly headline inflation v Melbourne Institute inflation gauge</b></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH2YpGCH3wptZ0W7iafJVLCAyI6N4iIX92NeldP2nhYgPi_1biLsHE_ONLXSrW82dv1KBurwfR9ysqkejHwCARFcQKm4YuwCKElwxRw349jBuLuz2FOjkhbUEGPoElGgQAzOjQCccAHBXH/s733/Aus+inflation+-+IFM.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="733" data-original-width="459" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgH2YpGCH3wptZ0W7iafJVLCAyI6N4iIX92NeldP2nhYgPi_1biLsHE_ONLXSrW82dv1KBurwfR9ysqkejHwCARFcQKm4YuwCKElwxRw349jBuLuz2FOjkhbUEGPoElGgQAzOjQCccAHBXH/w400-h640/Aus+inflation+-+IFM.png" width="400" /></a></div><i style="color: #666666;">Source: IFM Investors</i><br /><br /></div><div><br /></div><div><b style="color: #073763;">Listed Software-as-a-Service (SaaS) valuation as a multiple of Annualised Recurring Revenue (ARR)</b><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-6Gg5nt4vTB4kIzXPuB3QCcDIMRhX5eGkYlETEpv2eC5n99UH7qhWTr673coGIkmx07w_S6JhFIuBdpGS7NIw5-5TAut1AF__ZqFRfV6ACs2PYNzxfgExawnvsMUc8B4Te-QUzO3lUV5H/s2048/Public+SaaS+ARR+Multiples+-+Tomasz+Tunguz+%2528Redpoint%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="1536" data-original-width="2048" height="480" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-6Gg5nt4vTB4kIzXPuB3QCcDIMRhX5eGkYlETEpv2eC5n99UH7qhWTr673coGIkmx07w_S6JhFIuBdpGS7NIw5-5TAut1AF__ZqFRfV6ACs2PYNzxfgExawnvsMUc8B4Te-QUzO3lUV5H/w640-h480/Public+SaaS+ARR+Multiples+-+Tomasz+Tunguz+%2528Redpoint%2529.png" width="640" /></a></div><i style="color: #666666;">Source: Tomasz Tunguz of Redpoint</i><br /><div class="separator" style="clear: both; text-align: center;"><br /></div><div><br /></div><div><span style="color: #073763;"><b>Market capitalisation of rental car companies Hertz & Avis</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisLSO1BchzkE6xVg-6-StSsOWcpDwAr1BH6E6xC6rbKSdS6ZASDxuhOxy5NJHPaz793CBjkfM0Zg044m19g6Bb_WhVxkfZaDKLbwRcqz8pduOXowZuvicn-9ZWDaUSHIJDSja2ziBmtL8T/s1154/Hertz+%2526+Avis+market+value+-+Axios+%2526+FactSet.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="788" data-original-width="1154" height="438" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisLSO1BchzkE6xVg-6-StSsOWcpDwAr1BH6E6xC6rbKSdS6ZASDxuhOxy5NJHPaz793CBjkfM0Zg044m19g6Bb_WhVxkfZaDKLbwRcqz8pduOXowZuvicn-9ZWDaUSHIJDSja2ziBmtL8T/w640-h438/Hertz+%2526+Avis+market+value+-+Axios+%2526+FactSet.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Axios, FactSet</i></div><div><br /></div><div><br /></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><br /></div><br />Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-3949977676080716162021-10-07T12:33:00.000+11:002021-10-07T12:33:37.999+11:0010k Words - October 2021<p><i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p>This month we start off with a picture that really does tell a story - Goldman Sachs looking at Return on Equity at an industry level and where it sits currently relative to the past. Bloomberg has the inflation story covered off, showing expectations at both extremes had levelled off after recent rises and providing greater perspective by using a two-year inflation figure. Then we leverage off charts we have highlighted in recent weekly <i>Small Talk</i> updates to Equitable Investors' clients: The FT showed us how equity portfolio weightings to China and Hong Kong have been in decline. Kailash Capital charts the huge run in US price/sales multiples back to "dot.com" levels (albeit in a different interest rate and cost of capital regime) and we look at how Australian small business is searching for finance.<div><br /></div><div><b><span style="color: #073763;">Return on Equity by Industry (US)</span></b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGrdbFlZBZ5YNV8kWoEn4XxCr4UkSWJygajVdMsct94-pC4GH_kJE66oXiI-5WOWmVami29kfxnCCAJXVBKqPLXsSNWHGF0yBGJJTbmAv0sMUDGGI356HBuSLK6BFoItVn_RD7ru45IDFg/s720/DOR+since+1975+-+Bloomberg.png" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="505" data-original-width="720" height="448" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGrdbFlZBZ5YNV8kWoEn4XxCr4UkSWJygajVdMsct94-pC4GH_kJE66oXiI-5WOWmVami29kfxnCCAJXVBKqPLXsSNWHGF0yBGJJTbmAv0sMUDGGI356HBuSLK6BFoItVn_RD7ru45IDFg/w640-h448/DOR+since+1975+-+Bloomberg.png" width="640" /></a></div><br /><div><i style="color: #666666;">Source: Goldman Sachs</i></div><div><br /></div><div><br /></div><div><b><span style="color: #073763;">Inflation expectations in the US have increased but at the extremes the rise has come to a stop</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSRds8V486zQt8RZTmvOOfVMJRwbxtXRJaQD-d05XmaxZ7Gx4lBAk-CXOZOTvnKcCMjhgYRe9ru80jCgOaHI1YNF-JPhq7oWXwuzrPqPl_9DboTYHPNqrsOEggClo4-HeG5GM1IzwL8PF-/s1296/NY+Fed+Survey+-+Inflation+Expectations+dispersed+-+Bloomberg.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="786" data-original-width="1296" height="388" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiSRds8V486zQt8RZTmvOOfVMJRwbxtXRJaQD-d05XmaxZ7Gx4lBAk-CXOZOTvnKcCMjhgYRe9ru80jCgOaHI1YNF-JPhq7oWXwuzrPqPl_9DboTYHPNqrsOEggClo4-HeG5GM1IzwL8PF-/w640-h388/NY+Fed+Survey+-+Inflation+Expectations+dispersed+-+Bloomberg.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>Two-year inflation rate over long-term and short-term views</b></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvLBtmXVKh_EwKI0ATC_GBpcNC4E73QMoFTlbfdCA9TqYq8I3xZK0twEBW67khy5abuv7pgBtv2bjFOhAF3l8KtLBV-MM9MrPF1zwOypn9vbBlS8wcZp0H55dwB_ckpX2j-AgeaIgVm598/s683/2yinflate.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="674" data-original-width="683" height="632" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhvLBtmXVKh_EwKI0ATC_GBpcNC4E73QMoFTlbfdCA9TqYq8I3xZK0twEBW67khy5abuv7pgBtv2bjFOhAF3l8KtLBV-MM9MrPF1zwOypn9vbBlS8wcZp0H55dwB_ckpX2j-AgeaIgVm598/w640-h632/2yinflate.png" width="640" /></a></div><div><br /></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Price/Sales in the US market now v. "Dot.com" era</b></div><div><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIouuHYzDLwRtUpbDmTeBMH0gAVsF63xhk7uD9UJbwOWR6rp6KNkJVWTBVsQ2Ia_UgJ_CDXO_pqO1jImknVd71lMz4lFCGkq4BeH5N9kL6mQmqesnoUBNU2Y5BL971RMROolrhZXucT4Fd/s684/p-s.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="542" data-original-width="684" height="508" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiIouuHYzDLwRtUpbDmTeBMH0gAVsF63xhk7uD9UJbwOWR6rp6KNkJVWTBVsQ2Ia_UgJ_CDXO_pqO1jImknVd71lMz4lFCGkq4BeH5N9kL6mQmqesnoUBNU2Y5BL971RMROolrhZXucT4Fd/w640-h508/p-s.png" width="640" /></a></div><br /><div><br /></div><div><b style="color: #073763;">Global equity funds reducing exposure to China and Hong Kong</b></div><div><b style="color: #073763;"><br /></b></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFDeBmY48mBQb3y3NLlcYNc_geRTslJuibDeX1jF5S4cRt5nUSlGFcJhxUVvrrIyfz7pur9GYebGINGpBFLmIHvIywKi7x01eE9caoNFh60c85TxWoRSIkDEa1ThH_69YyyDoQxjoKVEUb//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="755" data-original-width="678" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgFDeBmY48mBQb3y3NLlcYNc_geRTslJuibDeX1jF5S4cRt5nUSlGFcJhxUVvrrIyfz7pur9GYebGINGpBFLmIHvIywKi7x01eE9caoNFh60c85TxWoRSIkDEa1ThH_69YyyDoQxjoKVEUb/w576-h640/image.png" width="576" /></a></div><div><br /></div><div><br /></div><span style="color: #073763;"><b>The search for "business loans" in Australia</b></span></div><div><span style="color: #073763;"><b><br /></b></span></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHeIYhTrqCH90AjUkfTH4sos_d6FD1KX-hM2fhuBJw3WCULdJdsfxGKvjuolkxjtnwIyAQYxNZOyACz_Q7CehNnDVJxb0Ku8kXFxDSTDV-JxD7yGackCONnQP8FSyIOHBCvcEMHluOVTuk//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="547" data-original-width="689" height="509" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgHeIYhTrqCH90AjUkfTH4sos_d6FD1KX-hM2fhuBJw3WCULdJdsfxGKvjuolkxjtnwIyAQYxNZOyACz_Q7CehNnDVJxb0Ku8kXFxDSTDV-JxD7yGackCONnQP8FSyIOHBCvcEMHluOVTuk/w640-h509/image.png" width="640" /></a></div><i style="color: #666666;">Source: Google, Equitable Investors</i></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-63849009052797405612021-09-21T01:30:00.005+10:002021-09-21T01:34:09.082+10:00The Great Investment Books You May Not Have Heard Of (Part 1)<p>There's a wealth of knowledge for investors hidden in the pages of books that haven't become all-time best sellers like The Intelligent Investor. Here's several that I not only found insightful on first read but also found myself referring back to from time to time.</p><p><br /></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMqHT-GsLQ2vVTmzFc-sJ0Kn3Vk3vKWfWid_0i1Q7mbOYAzvrE5tppY0jrG8TzhImqZSjNkNZwrCyAGiwAUmnVzvoKeB9ViNpC44gqhOGhr_OwSvtDdfEHeCNUzd2uv5Uzi62YAqyG51e6/s2048/tom-hermans-9BoqXzEeQqM-unsplash.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1365" data-original-width="2048" height="266" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMqHT-GsLQ2vVTmzFc-sJ0Kn3Vk3vKWfWid_0i1Q7mbOYAzvrE5tppY0jrG8TzhImqZSjNkNZwrCyAGiwAUmnVzvoKeB9ViNpC44gqhOGhr_OwSvtDdfEHeCNUzd2uv5Uzi62YAqyG51e6/w400-h266/tom-hermans-9BoqXzEeQqM-unsplash.jpg" width="400" /></a></div><br /><p><br /></p><p><b>Quality of Earnings - Thornton L O'Glove</b></p><p>Scrutinising financial statements is a core skill for fundamental investors and this book, written back in 1987 by a veteran analyst who turned his curiosity as a stockbroker (meaning he reviewed disclosure documents) into an institutional advisory service scrutinising financials and "telling people what stocks not to buy". O'Glove walks the reader through some colourful stories of company attempts to cover-up or gloss over deficiencies. It takes a talented writer who has mastered his craft to explain how to read accounts and what trickery to look out for and still keep the reader engaged. From time to time I've wondered about following down O'Glove's path and establishing a similar "Quality of Earnings" advisory service in Australia.</p><p><br /></p><p><b>The Art of Execution - Lee Freeman-Shor</b></p><p>What a privileged position to be in. The author handed out allocations of between $US25m and $US150m to 45 of the "world's top investors" with one clear mandate - each investor was to only deploy the capital in their 10 best ideas. You don't need to buy the book to learn that most of the best ideas lost money - but Freeman-Shor digs deep into the strategies that resulted in these investors making strong positive returns anyway (and into the flaws of those that were less successful). </p><p><br /></p><p><b>The Hard Thing About Hard Things - Ben Horowitz</b></p><p>The successful Silicon Valley entrepreneur and venture capitalist offers some great perspective on what it is like on the inside of a business that is trying to grow and please investors. The quote from Baidu CEO Robin Li about the firm's IPO pricing is gold - Li was prepared to deliver results that justified a modest valuation uplift from the IPO price but the market immediately took the stock up 4.5 times and forced him to change his perspective.</p><p><br /></p><p><b>Quantitative Value - Wesley Gray</b></p><p>This book sets out a framework by which the modern investor can use compute power to aid a fundamental, value focused investment process. A quote from John "Singo" Singleton isn't a bad way to set the scene for a book that is all about number crunching. Value investing gurus Graham and Dodd are paid their dues. Then we get into cognitive bias, behavioural finance and luck. "The objective nature of the quantitative process acts both as a shield and a sword," Gray tells us before launching into rigorous research to identify the best metrics and how to combine them to identify value investment opportunities.</p><p><br /></p><p>Part 2 to follow...</p><p><br /></p><p><i><span style="color: #073763;">Photo by <a href="https://unsplash.com/@tomhermans?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Tom Hermans</a> on <a href="https://unsplash.com/s/photos/books?utm_source=unsplash&utm_medium=referral&utm_content=creditCopyText">Unsplash</a></span></i><br /></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-50463545264652760912021-09-08T00:40:00.004+10:002021-09-08T00:41:23.332+10:0010k Words - September 2021<p> <i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy.</i></p>We kick off with Equitable Investors' updated study on the distribution of five year returns for ASX-listed industrials. The FT highlights the recent surge in global M&A activity. Leading electronics retailer JB Hi-Fi (JBH) suffered a decline in like-for-like sales amid COVID-19 lockdowns in eastern Australia, ending a long sequence of continual growth, as charted by Evans & Partners. And Wilsons shows how ASX stocks were divided into the winners and losers as the latest round of lockdowns in Sydney and Melbourne were initiated. Westpac highlights how volatile iron ore spot prices have become - at the same time the cost of shipping that ore has surged, as illustrated by a Bloomberg chart of the shipping benchmark the Baltic Exchange Dry Index. Finally, Hussman Funds reckons the ratio of non-financial market capitalization to corporate gross value-added (MarketCap/GVA) is “the single most reliable valuation measure we’ve introduced over time, based on its correlation with actual subsequent market returns across history”.<div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><br /></div><b><span style="color: #073763;">Distribution of five year total returns for ASX industrials</span></b><br /><br /></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0qCEYXz9GES_VZSU3p2KD04VQCiVYl8ejDci51tOXLSCfZWBNDWxrycVPwbaW48uSqMDCP7YaaMB3BLS5Pkz-j-JCX-lADNkWGmPJ_SyFGS_RDNq6BOwK5bL3GImvQI6CioZFRSt1pUIF/s598/Screenshot+2021-09-08+001618.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="391" data-original-width="598" height="418" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh0qCEYXz9GES_VZSU3p2KD04VQCiVYl8ejDci51tOXLSCfZWBNDWxrycVPwbaW48uSqMDCP7YaaMB3BLS5Pkz-j-JCX-lADNkWGmPJ_SyFGS_RDNq6BOwK5bL3GImvQI6CioZFRSt1pUIF/w640-h418/Screenshot+2021-09-08+001618.jpg" width="640" /></a></div><i style="color: #666666;">Source: Equitable Investors, Sentieo</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763; font-weight: 700;">Worldwide M&A</span></div><div><span style="color: #073763; font-weight: 700;"><br /></span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVAP8DOdW-p5B4NsHPp_JqjiEmPrmiEckPNPdP1ctImgsnRMeNWWiQtbfofpvKFFp2CpHUSegFKyGMc0szJGeh1kyxuX_r9UjPkHi3Pi5aIh8TGo75GLM0oFhRCb51KXLaWKKrIq8bd0ZM/s667/M%2526A+-+FT+Refinitiv.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="667" data-original-width="500" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhVAP8DOdW-p5B4NsHPp_JqjiEmPrmiEckPNPdP1ctImgsnRMeNWWiQtbfofpvKFFp2CpHUSegFKyGMc0szJGeh1kyxuX_r9UjPkHi3Pi5aIh8TGo75GLM0oFhRCb51KXLaWKKrIq8bd0ZM/w480-h640/M%2526A+-+FT+Refinitiv.png" width="480" /></a></div><i style="color: #666666;">Source: FT.com, Refinitiv</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763; font-weight: 700;">Like-for-like sales growth for JB Hi-Fi (JBH) & subsidiary The Good Guys turns negative</span></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqgVU4qJCWdG8Wm9U6wmyGKqze2XONASohyhTHvbj8EWITjncXgTIsNvEmR4VOp62a1LAX6o7B07EuP9fvu9_eWXVmtCGwsZ_dlH0w4u_lOveVpl1nqsCMG1M0sikMHzXgV09vBoBUtY2E/s753/JBH+LfL+Sales+-+E%2526P.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="302" data-original-width="753" height="256" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqgVU4qJCWdG8Wm9U6wmyGKqze2XONASohyhTHvbj8EWITjncXgTIsNvEmR4VOp62a1LAX6o7B07EuP9fvu9_eWXVmtCGwsZ_dlH0w4u_lOveVpl1nqsCMG1M0sikMHzXgV09vBoBUtY2E/w640-h256/JBH+LfL+Sales+-+E%2526P.jpg" width="640" /></a></div><i style="color: #666666;">Source: Evans & Partners</i><br /><div><br /></div><div><br /></div><div><span style="color: #073763; font-weight: 700;">ASX COVID-19 winners v. losers</span></div><div><span id="docs-internal-guid-05ea80b9-7fff-f0b8-89ab-b29b2c0fffe6"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 491px; overflow: hidden; width: 664px;"><img height="473" src="https://lh3.googleusercontent.com/41U-SYJI2dxtVp3lkgxK4zCZEIs1_2mfxb-INOacLR1GSmUBWaJz2Ret-hwkkkVEFOFEgkVzF0Gg_Xw6iTFwkQcNhKmzLMy6rhSc2et7qkTiOHnpto51uqERwbonss6LPrNnLvX4=w640-h473" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></div><div><i style="color: #666666;">Source: Wilsons</i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>Largest daily fall on record for iron ore spot market - and largest weekly fall too</b></span></div><div><span style="color: #073763;"><b><br /></b></span></div><div><span id="docs-internal-guid-0a31f208-7fff-4228-3bac-b3bc0f545182"><span style="color: #757575; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 338px; overflow: hidden; width: 670px;"><img height="442" src="https://lh5.googleusercontent.com/DhUyH4sVPXqMQkxHnxD1v64P2WVNA7m1ncwZTfyGeF9EzpXFxDnUFhBbXBZ3GTQTd2mdajL9rTJ-5LJTKsAhTULss3XRbp9s_TdCpACHk4Ct6N__vlIg_Lxe-Dxb--zxKqTlGvkh=w640-h442" style="margin-left: 0px; margin-top: -74.73425020676304px;" width="640" /><i style="color: #666666;">Source: Westpac</i></span></span></span></div><div><br /></div><div><br /></div><div><b style="color: #073763;">Baltic Exchange Dry Index</b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNqv9ZUagJxUWBWf0j4Uh4sRsbMgwlFRqW9q8S-8_jb1gUdE251YmXJ1vyhjeOiEHJnpvZ4ti0PSr-bjfBt0UldTF0-kvvKfIfypUt2Ii0EmDbWcgZEDwE9VR4HAhpNt7Zs7S3VMVHshmc/s938/baltic.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="938" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNqv9ZUagJxUWBWf0j4Uh4sRsbMgwlFRqW9q8S-8_jb1gUdE251YmXJ1vyhjeOiEHJnpvZ4ti0PSr-bjfBt0UldTF0-kvvKfIfypUt2Ii0EmDbWcgZEDwE9VR4HAhpNt7Zs7S3VMVHshmc/w640-h294/baltic.jpg" width="640" /></a></div><i style="color: #666666;">Source: Bloomberg</i><br /><div><br /></div><div><br /></div><div><b style="color: #073763;">US market cap / gross value add for non-financials v subsequent 12-year S&P 500 returns</b></div><div><span id="docs-internal-guid-694aacc0-7fff-9083-ebb3-d3982d09fec2"><span style="color: #757575; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 371px; overflow: hidden; width: 660px;"><img height="361" src="https://lh5.googleusercontent.com/k1Ma8SveGC9rPlbeAFSJR-AohWvxyXYMpYbE-LNMBwHF4dBI6mB4XFrkapdIhvu8rmDgisBEKwbWxNHCmtv-FazoekZ_dUHKCLzESAI1eeqxnl9xSHkHzEvjN5n8JZHFzsM8Su_U=w640-h361" style="margin-left: -4.99848530748258px; margin-top: -4.206782805896364px;" width="640" /></span></span></span></div><div><i style="color: #666666;">Source: Hussman Funds</i></div><div><br /></div><div><br /></div><div><b style="color: #073763;">US market cap / gross value add for non-financials</b></div><div><span id="docs-internal-guid-c46caabb-7fff-5437-664a-62e946eb8fbc"><span style="color: #073763; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 292px; overflow: hidden; width: 518px;"><img height="361" src="https://lh5.googleusercontent.com/9BZLkzi3wFTjSAqiw7SEckbd6Vz7lrCZ3zspnZQqrGF_tZJr3mYMI0LUJGb20Yow8ZmSZA6wDgOq_HXbZtjKXbjrMa8g-MP7gfgeK56McIQKc8SQ-2U3GYBp7Aew6b3TrlpFR9Lh=w640-h361" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></div><div><i style="color: #666666;">Source: Hussman Funds</i></div></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-25711600191898310952021-08-09T15:33:00.002+10:002021-08-13T10:09:03.923+10:0010k Words - August 2021<br /><br /> <i><a href="https://www.blogger.com/blog/post/edit/6150137970054934975/5032105797919897503#">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. </i><br /><br />There's plenty of takeover action on the ASX at the moment as is evident from dealogic data and Deloitte surveying. But it isn't just the listed markets - crunchbase highlights the unprecedented pace at which VC-backed startups by other VC-backed startups. What's relatively cheap or expensive in the Internet space? Research boutique MoffettNathanson has a crack at answering. Goldman Sachs, meanwhile, upgrades its return expectations for US equities. With Sydney in lockdown for weeks now and Melbourne recently joining it, data from ANZ shows a decline in consumer transactions since May BUT data from payments company Tyro shows year-on-year growth.<br /><br /><div><br /><b><span style="color: #073763;">ASX 200 executives expectations for the number of deals their organisation will pursue in the coming 12 months</span></b></div><div><span style="color: #20124d;"><b><br /></b></span><img height="400" src="https://lh3.googleusercontent.com/5jkceb93Xjq8_odkIp6i9CG8hqHjntDVPkokCHQzwCMY17DkZGDp_frTA07Dmpe9bzjRYG4ZXAvZ3-9BkZMrbO57qt5mCbcb1gVBurKbU01Ur0UqjK82SNN8L11n0ukSI-ouCJ75=w640-h400" width="640" /><br /><span style="color: #666666;"><i>Source: Deloitte</i></span><br /><br /><br /><span style="color: #073763;"><b>Australasia Targeted M&A by Quarter ($US)</b></span><br /><br /><img height="428" src="https://lh4.googleusercontent.com/o09-6b2CzhBBcTAlSIyTDj1bgIEYPBHHctXdQnjpyQHUAstCOVGW8AHjRHCR0fE9EGPWH8J6zNq6iZ0LcjUmMyfxSdUDQsDXEKCAn9iRytEtGU7rJ-IsvwWc4pg4La1Ye_M8uzTK=w640-h428" width="640" /><br /><br /><span style="color: #666666;"><i>Source: dealogic, WSJ</i></span><br /><br /><br /><b><span style="color: #073763;">Acquisitions of VC-backed startups by other VC-backed startups</span></b><div><br /><a href="https://pbs.twimg.com/media/E6vwTv2WEAs6OMk?format=png&name=900x900"><img border="0" height="456" src="https://pbs.twimg.com/media/E6vwTv2WEAs6OMk?format=png&name=900x900" width="640" /></a><br /><span style="color: #666666;"><i>Source: Crunchbase News</i></span></div><div><br /></div><div><br /></div><div><b><span style="color: #073763;">Internet Sector annual forecast revenue growth relative to EV/revenue valuation</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F01e08387-70d7-4009-ba0f-5e677b5b8627.png?fit=scale-down&source=next&width=700" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="431" data-original-width="700" height="394" src="https://www.ft.com/__origami/service/image/v2/images/raw/https%3A%2F%2Fd1e00ek4ebabms.cloudfront.net%2Fproduction%2F01e08387-70d7-4009-ba0f-5e677b5b8627.png?fit=scale-down&source=next&width=700" width="640" /></a></div><i style="color: #666666;">Source: FT.com, MoffettNathanson</i><br /><div><br /></div><div><br /></div><div><b><span style="color: #073763;">Drivers of Goldman Sachs' return expectations for the S&P 500</span></b></div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCC_Dv9lfzwKCkuzbb2HY2DUrJtZlUhxsQzdVKjZLBBpfGkhHBQPnzAEpERsc29vHyFudXn9-Klu67C6b3LpErP9B9Eqkt8w8Wf_z0VLbLzcolhMGNzbMOQw5xSa1AViMUQbAdMqWIXnnh/s639/GS+SP500.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="384" data-original-width="639" height="384" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCC_Dv9lfzwKCkuzbb2HY2DUrJtZlUhxsQzdVKjZLBBpfGkhHBQPnzAEpERsc29vHyFudXn9-Klu67C6b3LpErP9B9Eqkt8w8Wf_z0VLbLzcolhMGNzbMOQw5xSa1AViMUQbAdMqWIXnnh/w640-h384/GS+SP500.jpg" width="640" /></a></div><i style="color: #666666;">Source: Goldman Sachs</i><br /><div><br /></div><div><br /></div><span style="color: #073763;"><b>Sydney weekly spending</b></span><br /><br /><img height="446" src="https://lh5.googleusercontent.com/Gthjcr_f5Jhcje5clUrWwkhveva9NYJ2q_lOhCTPo6X2fVBKaSNrCO4UNgABr8j3_qvPB-ISAe-lcki425zOJ_x1lrbWzdqndtObDCCOYRj5ea6ZYOhoQddL6koacK1QdKvx_Q9K=w640-h446" width="640" /><br /><br /><span style="color: #666666;"><i>Source: SMH, ANZ Research</i></span><br /><br /><br /><span style="color: #073763;"><b>Tyro’s weekly transaction year-on-year growth (most recent transactions in red, prior 12 months in blue)</b></span><br /><img height="210" src="https://lh5.googleusercontent.com/r_ARg5kN-t6WmjiqOfhUilrCupkpKHFY0cPUHktUsyqB7UNIpjwlIO42K6e4073f1FyYTl_FiMjxDFgUUFE-YP9F2BcLzLmVqnlxQtgbwdHVj0VhMueLxvEN1VroOlmPGwreQW1t=w640-h210" width="640" /><br /><br /><span style="color: #666666;"><i>Source: Wilsons</i></span><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-50321057979198975032021-07-15T15:18:00.001+10:002021-07-15T15:18:20.582+10:0010k Words - July 2021<p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" style="background: transparent; color: #1e8ef2; text-decoration-line: none;">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. </i></p><p><span style="color: #737373;"><span style="background-color: white; font-size: 15px;">Bank of America has charted the phenomenal amount of capital flowing into equity markets. It's also a bull market for used cars, Bloomberg reminds us. The Financial Times sets out China's economic development through time. Then we get back to equities with Morgan Stanley highlighting a spread between large and small cap valuations in the US that Equitable Investors also identifies in Australia. BCA Research charts the extraordinary rise of loss making businesses as IPOs. Finally, lower multiple stocks generated the greater returns in FY21, based on Equitable Investors' number crunching.</span></span></p><p><span style="color: #737373;"><span style="background-color: white; font-size: 15px;"><br /></span></span></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">June half annualised inflow to equities was largest ever</b></i></span></i></p><p></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3S_32tMIlzyETF6yla0Rn7D0AeqwWNGqGDyNS4YkUD90jgsg53Y6AfamHGWBPTb4zkAe6HMpsCp0IjBzJD_u3kg1zjnh7YY_MyWAGoEVw0ZNbOibCztX0uqcA6RrLr3GTozqSYZe-cg7//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="672" data-original-width="1201" height="358" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhE3S_32tMIlzyETF6yla0Rn7D0AeqwWNGqGDyNS4YkUD90jgsg53Y6AfamHGWBPTb4zkAe6HMpsCp0IjBzJD_u3kg1zjnh7YY_MyWAGoEVw0ZNbOibCztX0uqcA6RrLr3GTozqSYZe-cg7/w640-h358/image.png" width="640" /></a></div><br /><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Bank of America</i></i></span></i><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><br /></i></i></span></i></p><p><span style="color: #073763;"><span style="background-color: white; font-size: 15px;"><b>June half annualised equity inflows greater than prior 20 years</b></span></span></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"></b></i></span></i></i></i></span></i></p><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2nkD-AGi52aAk3pPnaCv7h9Gr8S3iwcpQITnuJtI3uIteKn4nfoFdq8ZVxXUpIj3KFC_WDqQZkzaSr_PRwh5ICuwblZUCdp_F_T9YUtrlU7kRHjZa6QxqteKhbUSB34MFCXvc_pA_VKrS//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="687" data-original-width="1098" height="400" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2nkD-AGi52aAk3pPnaCv7h9Gr8S3iwcpQITnuJtI3uIteKn4nfoFdq8ZVxXUpIj3KFC_WDqQZkzaSr_PRwh5ICuwblZUCdp_F_T9YUtrlU7kRHjZa6QxqteKhbUSB34MFCXvc_pA_VKrS/w640-h400/image.png" width="640" /></a></b></i></span></i></i></i></span></i></div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Bank of America</i></i></span></i></b></i></span></i></i></i></span></i><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">US used car prices</b></i></span></i></i></i></span></i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-u5eLJzDUg3e26cQd1Rduqob2Gf3XTnH_Dx1xvxyYlk-Va6JMu7V7s8X3-bwTOxY9e6JOnnfJp4Is8fs9O4W76iye2as5XfwqGfRfnrRbd5jTyT4Y9ytPjL_2JBj8VJ8oOEFSNyI5SPy3/s1296/Use+car+prices+%2528US%2529+-+Bloomberg+BLS.png" imageanchor="1" style="background-color: white; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; font-style: italic; margin-left: 1em; margin-right: 1em; text-align: center;"><img border="0" data-original-height="744" data-original-width="1296" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh-u5eLJzDUg3e26cQd1Rduqob2Gf3XTnH_Dx1xvxyYlk-Va6JMu7V7s8X3-bwTOxY9e6JOnnfJp4Is8fs9O4W76iye2as5XfwqGfRfnrRbd5jTyT4Y9ytPjL_2JBj8VJ8oOEFSNyI5SPy3/w640-h368/Use+car+prices+%2528US%2529+-+Bloomberg+BLS.png" width="640" /></a></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Bloomberg, BLS</i></i></span></i></b></i></span></i></i></i></span></i><br /><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Historical perspective on China's economic growth</b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"></i></span></i></i></i></span></i></p><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVNMsv-GHVDP_8Jm6pMTB-DJd87tK9_WfGVDodeLAzKm9MTgReJet40u7uPHL-oE_JKZH5SnwX76ZJLPvbT6WsPc5bIHB4bi8oniELigXx_DfxPMHA-75q1G7EXCSorT8jSDkLjg459iy9/s746/Chinas+changing+economic+%2526+political+fortunes+-+FT++%252828+June+2021%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="746" data-original-width="700" height="640" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiVNMsv-GHVDP_8Jm6pMTB-DJd87tK9_WfGVDodeLAzKm9MTgReJet40u7uPHL-oE_JKZH5SnwX76ZJLPvbT6WsPc5bIHB4bi8oniELigXx_DfxPMHA-75q1G7EXCSorT8jSDkLjg459iy9/w600-h640/Chinas+changing+economic+%2526+political+fortunes+-+FT++%252828+June+2021%2529.png" width="600" /></a></i></span></i></i></i></span></i></div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Financial Times</i></i></span></i></b></i></span></i></i></i></span></i></i></span></i></i></i></span></i></i></span></i></i></i></span></i><br /><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Forward PE on US large caps has opened wide spread on small caps</b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"></b></i></span></i></i></i></span></i></p><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6PBQyul-H4aH1dZ3YyqytvxwZEEeJP4K6FOzZDRd7Mb0YARu2wLTd6hXdR9YQkQ6922-yBNqXNxr0cxaB0Rs85KTq94chAeigDlaM9sEWKWHTgo_c3XgTfZ7WgREVSet5Y7lfuvf7mzH9//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="327" data-original-width="1102" height="190" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg6PBQyul-H4aH1dZ3YyqytvxwZEEeJP4K6FOzZDRd7Mb0YARu2wLTd6hXdR9YQkQ6922-yBNqXNxr0cxaB0Rs85KTq94chAeigDlaM9sEWKWHTgo_c3XgTfZ7WgREVSet5Y7lfuvf7mzH9/w640-h190/image.png" width="640" /></a></b></i></span></i></i></i></span></i></div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Morgan Stanley</i></i></span></i></b></i></span></i></i></i></span></i></i></span></i></i></i></span></i></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Trailing P/E on ASX large caps has opened wide spread on small caps</b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"></b></i></span></i></i></i></span></i></p><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGhPck8bMi3RAsYd-VIg4VVo0qb3Cbhe9jUOQMerL2wtRfVFQtnv3GOrgfj8FsIiiLHKTcDptrzq1Wq7CCRXeQ6mGxebovUaMSk8_mydtSQaD9p8Y_EJeqSJ9-T8VBcQebwqYlYevm6Ua3//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="554" data-original-width="966" height="368" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiGhPck8bMi3RAsYd-VIg4VVo0qb3Cbhe9jUOQMerL2wtRfVFQtnv3GOrgfj8FsIiiLHKTcDptrzq1Wq7CCRXeQ6mGxebovUaMSk8_mydtSQaD9p8Y_EJeqSJ9-T8VBcQebwqYlYevm6Ua3/w640-h368/image.png" width="640" /></a></b></i></span></i></i></i></span></i></div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Iress, Equitable Investors</i></i></span></i></b></i></span></i></i></i></span></i></i></span></i></i></i></span></i></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /><br /></b><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Share of IPOs with Negative Earnings</b></i></span></i></i></i></span></i><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjip417fpYOmKle18HOSL9BjH5P8vRXYRuihvFouHrGKl1l-DhyEuWyClx5FNsWZxpOuazvDC-43uT5Qd4Y4Wp8vuDK6cfnu-NzkS2Ywqa7KJ4NCA7AKoWYV2sDWA7cVdVyrRsWyjrpS6rq//" style="background-color: white; font-size: 15px; font-weight: bold; margin-left: 1em; margin-right: 1em; text-align: center;"><img alt="" data-original-height="501" data-original-width="1088" height="294" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjip417fpYOmKle18HOSL9BjH5P8vRXYRuihvFouHrGKl1l-DhyEuWyClx5FNsWZxpOuazvDC-43uT5Qd4Y4Wp8vuDK6cfnu-NzkS2Ywqa7KJ4NCA7AKoWYV2sDWA7cVdVyrRsWyjrpS6rq/w640-h294/image.png" width="640" /></a></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: @Scutty, BCA Research</i></i></span></i></b></i></span></i></i></i></span></i></i></span></i></i></i></span></i></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i><br /><br /></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Stocks on lower multiples averaged higher returns in FY21 for ASX micro-to-mid caps</b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"></b></i></span></i></i></i></span></i></p><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdq1gqAQnOCQzgqcJpzbLbI9lwAi14_Z8VYBBhHgYdG2qJHl0YsnrqU-lW0RIYhe8cU2miSZc2SwbGP-exb38oauFe5TaMm8P-9UydSSlg2MV2NG8RgMvZeJthNthaT4Iu-1JqiPT0S4Zt//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="378" data-original-width="1051" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgdq1gqAQnOCQzgqcJpzbLbI9lwAi14_Z8VYBBhHgYdG2qJHl0YsnrqU-lW0RIYhe8cU2miSZc2SwbGP-exb38oauFe5TaMm8P-9UydSSlg2MV2NG8RgMvZeJthNthaT4Iu-1JqiPT0S4Zt/w640-h230/image.png" width="640" /></a></b></i></span></i></i></i></span></i></div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-weight: 400; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Sentieo, Equitable Investors</i></i></span></i></b></i></span></i></i></i></span></i></i></span></i></i></i></span></i></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i></b></i></span></i></i></i></span></i><br /><br /><p></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Seed de</b></i></span></i></i></i></span></i></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-21646946161920064872021-06-17T17:41:00.000+10:002021-06-17T17:41:49.813+10:00Cost of Capital v. Distant Cashflow Projections<p>Our <a href="https://equitable.net.au/18g" target="_blank">May 2021 update</a> for Equitable Investors Dragonfly Fund includes commentary on inflation and the cost of capital.</p><p><i>If it isn’t about “meme” stocks, most of the market commentary and chatter at the time of writing this update is about inflation. The US Consumer Price Index jumped 5% in May 2021 from a year ago, the largest annual gain since August 2008 according to Bloomberg. The debate continues over whether this increase in inflation is “transitory” and reflective of the re-opening of economies OR whether it reflects a more permanent shift. The argument matters not just because central banks will try to use interest rates to control inflation if it is persistently higher but because the return investors will require will need to increase for their capital to maintain its relative buying power. </i></p><p>We included in the May 2021 update a chart published by Sanford Bernstein that we've used in the part when discussing with clients the impact of higher inflation and higher interest rates. The chart (Figure 1 below) demonstrated how variation in the Weighted Average Cost of Capital (WACC) used to value a company's future cash flows has a material impact on the present value of high growth companies. That's because most of the value priced in by investors in these companies is based on cashflows not expected to be delivered for many years. </p><p>In Figure 1, the majority of value is attributed to the "terminal value", which catches all cash flow expected to flow AFTER the first ten years of projections. The lower the WACC, the higher the valuation of the company today as the terminal value rises.</p><p><br /></p><p><b><span style="color: #073763;">Figure 1: Proportion of Net Present Value derived from future cash flows for high growth company</span></b></p><p><span id="docs-internal-guid-8c2c1788-7fff-d436-3662-bfcd1c7ca4b6"><span style="color: #073763; font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 364px; overflow: hidden; width: 670px;"><img height="386" src="https://lh5.googleusercontent.com/bRNR8cVh0SovuzEA1G6plnMDgVrrJdDrfLjeFbXP1hXzgSCEOi5EDy7uxrqzEib7VFpZHUuPnGmi4IcyMvn-GEoRwFNf-jtxwmtvSEktT4qtwiFNo8gU9_A4lVy6zTZojvWF5JLy=w640-h386" style="margin-left: 0px; margin-top: -16.930232558139533px;" width="640" /></span></span></span></p><p><span id="docs-internal-guid-1828e8ce-7fff-4b33-b8e6-5eb52869d5fd"><span style="color: #757575; font-family: Arial; font-size: 10pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Source: Sanford Bernstein</span></span></p><p>We also ran a similar analysis for an ASX-listed company, set out in Figure 2, with high growth expectations, using consensus estimates for the first three years then a 10% annual growth rate for two years that then faded to 3.5% over ten years. </p><p>In this case, the terminal value represented 87% of the estimated Net Present Value (NPV) at a 5% cost of capital, dropping to 52% if the cost of capital was 10% and 30% using a 15% cost. </p><p><br /></p><p><b><span style="color: #073763;">Figure 2: Modelling Net Present Value </span></b><b><span style="color: #073763;">($m)</span></b><b><span style="color: #073763;"> of a well known high-growth ASX listing at different WACCs</span></b></p><p><span id="docs-internal-guid-bc9a6a7f-7fff-0e56-684b-14d62a69dcd6"><span style="color: #073763; font-family: Arial; font-size: 11pt; font-variant-east-asian: normal; font-variant-numeric: normal; font-weight: 700; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 337px; overflow: hidden; width: 626px;"><img height="396" src="https://lh3.googleusercontent.com/T39LTm2Z1-0qifQa3Bi_YgxCffINKbH7v7rDzRil03D3PZkfPKIA6PG2TgXkPcjnluNjBnhtJl-kd84l_icEgyLPfJFuCPdHcR5bcwqhYpjn5bzYWzaAPFtLHSKguhiEk6alTzDF=w640-h396" style="margin-left: 0px; margin-top: -35.63282732447806px;" title="Chart" width="640" /></span></span></span></p><p><span id="docs-internal-guid-c367a8b7-7fff-7d8f-1b9d-a9f4db9f6ab4"><span style="color: #757575; font-family: Arial; font-size: 10pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;">Source: Equitable Investors</span></span></p><p>But Figure 3 is perhaps the starkest graphical presentation of the sensitivity of the overall net present value of a high growth firm to changes in cost of capital.</p><p>A step up in the WACC from 5% to 7.5% would in this case result in a 62% decline in NPV. A further 2.5% step up in WACC would drive another 36% decline and so on.</p><p><br /></p><p><b><span style="color: #073763;">Figure 3: Net Present Value ($m) of the well known </span></b><b><span style="color: #073763;">high-growth ASX listing at different WACCs</span></b><img height="396" src="data:image/png;base64,iVBORw0KGgoAAAANSUhEUgAABLAAAALmCAYAAABSJm0fAAAgAElEQVR4Xuy9CZSV1Zm2/dRcSExExKARIUYCMYlAMEQDH0QBhwCBAEEE/KONC6VF/NXWKLYi+rfa4tBxCEZBjaJRI8RW6O4oGEAIikQQ2xFDmMQBlAgiUHWq6l/79TtVdYqCeud3D9dZyxWFPTzPde87+6xn7b1PUV1dXZ3wgQAEIAABCEAAAhCAAAQgAAEIQAACEICApgSKKGBpqgxhQQACEIAABCAAAQhAAAIQgAAEIAABCHgEKGCxECAAAQhAAAIQgAAEIAABCEAAAhCAAAS0JkABS2t5CA4CEIAABCAAAQhAAAIQgAAEIAABCECAAhZrAAIQgAAEIAABCEAAAhCAAAQgAAEIQEBrAhSwtJaH4CAAAQhAAAIQgAAEIAABCEAAAhCAAAQoYLEGIAABCEAAAhCAAAQgAAEIQAACEIAABLQmQAFLa3kIDgIQgAAEIAABCEAAAhCAAAQgAAEIQIACFmsAAhCAAAQgAAEIQAACEIAABCAAAQhAQGsCFLC0lofgIAABCEAAAhCAAAQgAAEIQAACEIAABChgsQYgAAEIQAACEIAABCAAAQhAAAIQgAAEtCZAAUtreQgOAhCAAAQgAAEIQAACEIAABCAAAQhAgAIWawACEIAABCAAAQhAAAIQgAAEIAABCEBAawIUsLSWh+AgAAEIQAACEIAABCAAAQhAAAIQgAAEKGCxBiAAAQhAAAIQgAAEIAABCEAAAhCAAAS0JkABS2t5CA4CEIAABCAAAQhAAAIQgAAEIAABCECAAhZrAAIQgAAEIAABCEAAAhCAAAQgAAEIQEBrAhSwtJaH4CAAAQhAAAIQgAAEIAABCEAAAhCAAAQoYLEGIAABCEAAAhCAAAQgAAEIQAACEIAABLQmQAFLa3kIDgIQgAAEIAABCEAAAhCAAAQgAAEIQIACFmsAAhCAAAQgAAEIQAACEIAABCAAAQhAQGsCFLC0lofgIAABCEAAAhCAAAQgAAEIQAACEIAABChgsQYgAAEIQAACEIAABCAAAQhAAAIQgAAEtCZAAUtreQgOAhCAAAQgAAEIQAACEIAABCAAAQhAgAIWawACEIAABCAAAQhAAAIQgAAEIAABCEBAawIUsLSWh+AgAAEIQAACEIAABCAAAQhAAAIQgAAEKGCxBiAAAQhAAAIQgAAEIAABCEAAAhCAAAS0JkABS2t5CA4CEIAABCAAAQhAAAIQgAAEIAABCECAAhZrAAIQgAAEIAABCEAAAhCAAAQgAAEIQEBrAhSwtJaH4CAAAQhAAAIQgAAEIAABCEAAAhCAAAQoYLEGIAABCEAAAhCAAAQgAAEIQAACEIAABLQmQAFLa3kIDgIQgAAEIAABCEAAAhCAAAQgAAEIQIACFmsAAhCAAAQgAAEIQAACEIAABCAAAQhAQGsCFLC0lofgIAABCEAAAhCAAAQgAAEIQAACEIAABChgsQYgAAEIQAACEIAABCAAAQhAAAIQgAAEtCZAAUtreQgOAhCAAAQgAAEIQAACEIAABCAAAQhAgAIWawACEIAABCAAAQhAAAIQgAAEIAABCEBAawIUsLSWh+AgAAEIQAACEIAABCAAAQhAAAIQgAAEKGCxBiAAAQhAAAIQgAAEIAABCEAAAhCAAAS0JqB1AWvLli0yduxYWbRo0X4hzp4922vj97N161aZNWuWPPnkk7Jq1Srp0qWLDBo0SC666CLp1KlTs8PU1tbK4sWLZcaMGbJw4UKprq6W3r17y3nnnSeDBw+WioqKZvutX79e7rrrLpk/f76888470qNHDxk1apSMHz9e2rVr5zfk+nZhxtu7d6/MmzdPZs6cKcuWLZOysjLp37+/TJw4Ufr16yfFxcWB46ADBCAAAQhAAAIQgAAEIAABCEAAAhBIk4DWBay//vWvMmTIEPnggw9iKWBt3rxZLrjgAq+g1LFjR+ncubNs2rTJKy5169bNK1CddNJJBXPV1NSIKpKpAtfOnTvlxBNP9IpAq1ev9v57ypQp3j+tW7cu6Kf+Xs318ssve0WyDh06yNq1a2XDhg1y6qmnyt133+3N7/cTZjxVvLrlllvk2muvlYMPPli6d+/uFd9eeukl779vvPFGL8bS0lK/YdAOAhCAAAQgAAEIQAACEIAABCAAAQikTkDrAtYzzzwjQ4cOldtvv10uueSSSHB2794tV1xxhVc4uu6667x/b9WqlagijypQqfEHDBggv/3tbwtOR6lTS+qEV/v27eWee+6Rnj17enGsW7dOJk+eLEuWLJH77rtPRo8eXR+fOuV1/vnny4IFC+SOO+6QX/7yl16RaNeuXTJ9+nSZNm2aTJo0ySsuqRha+oQd7/HHH5cJEyZI3759vdhV0a6urk5WrlzpFeQ+/PBDefTRR73TZHwgAAEIQAACEIAABCAAAQhAAAIQgICuBLQuYN10003e6abnnntOBg4cGInhihUrZNiwYd4JKnWFsE2bNvXj5XI5mTp1qnciac6cOTJ8+HDv71RxSxW67rzzzoI/z3dcs2aNV7jq2rVrwZhz586VESNGeAUuVaRqfMVwx44dXvHo+eefl6efflp69erVYl5hxtu+fbt3VVGdtmpuHsV05MiRcu655+4TY4sB0QACEIAABCAAAQhAAAIQgAAEIAABCKRIQNsC1p49e+Syyy7zCj1PPfWUHH/88ZGwqJNQl156qdx7773e6aimH3WSSr0JpU5i3XzzzVJeXu5d9xszZoz37+qk0pFHHlnQ7YsvvpCLL77Yu5L47LPPeqezqqqq5Morr/ROXu2v8Pbwww97p7L8nCwLO17++qU6VaZOX6krg40/6lSXyk3l8Nhjj3mns/hAAAIQgAAEIAABCEAAAhCAAAQgAAEdCWhbwMoXWBS0//iP/5Df//733lW/Tz/91HuEXJ1u8vsIeb4Y9pvf/MZ7jF1dqWv6Ue9gnXnmmd5VQVWsatu2rXd6Sb1Xpf7817/+tRx00EH79Lvhhhu8N6byj8mrk09nn322bNy40XsoXp3OavpR1xL79OnjFdJUoetA1wjDjvfEE094p8PUyTL1T1FRUUEY6kqlKtapK5NLly7lGqGO7iQmCEAAAhCAAAQgAAEIQAACEIAABDwC2haw3n77be8X+9Sv5KkrfuofdUpIFbbUrweqT+O3rA6k52effeb9YqAqHOVPSjVt/8knn3hvXal3oVTxRz28nn+Dq/GprKb9VLFr3Lhxcv3118s111xTf2pLtdvfyabmimX7iz9/CizoePkTZwc65dW0+IYnIAABCEAAAhCAAAQgAAEIQAACEICAjgS0LWCpq4Pq9JO6+qaKMapIpN6Sqq2t9QpR6h2p1157TR555BGv8NT0hFFj2M0Vp/wUsJoWp5oTsGkbP8UpP23yc/lp21wbP8UpP210XLTEBAEIQAACEIAABCAAAQhAAAIQgIBbBLQtYKlf0FPX9tTD6+otLPUrfo0/+UfIf/SjH4l6U+qII47Yr3IUsMY2y4YClltmJ1sIQAACEIAABCAAAQhAAAIQgICpBLQtYLUEdNu2bd5bU+o0lipmqV8X3N+HAlYyBSz1UDwfCEAAAhCAAAQgAAEIQAACEIAABOwioH6kTrePsQWsII+Q79y5Uy688ELvUfb9/aJhvsilCmPq9Nexxx7r/QKiusZ41VVXiTqtVFJSso9++SuEN954o9duy5Yt3pVG9WnulwvVn+ev/B111FHeFcg2bdrsd12EHU89zn7BBRfs91cX1YT5E1gqX/VQfdAPBaygxGgPAQhAAAIQgAAEIAABCEAAAhDQnwAFrAAa1dXVyeeff+79Ql/T64NqmC+++EIuvvhimTlzZou/osevEPIrhAGWntFN80VFHf/PxmiwBG8lAfxipawklRAB/JIQWIa1kgB+sVJWkkqIAH5JCKylw2p5Aiv/q4HqtNTixYulb9++++DPn0zavn17/a8GHkij/K/y3XvvvXL++efv0zR/2qrxLw7mfwGwvLy82dNU+ZNdCxYsqP91w6qqKrnyyiu9h+fV1caBAwfuM1f+dNSBfiEw3ynseOr/CIYMGSIDBgyQe+65x3sMv/Enz0+Nv79fS7R0zVudFhuA1fKSXMwE8EvMQBnOagL4xWp5SS5mAvglZqAMZzUB/GK1vLEnp2UBq6amRqZNm+ZdcZsyZYr3741PYanTWep6nnoD65xzzpG7775bWrdufUA4K1as8B6EV29lzZo1q+DaXi6Xk6lTp4q6BjhnzhwZPny4N9bevXvliiuukDvvvLPgz/MTrVmzRkaPHi1du3YtGHPu3LkyYsQImTx5stxyyy3eryfmPzt27PB+QVEVzJ5++mnp1atXi6KGGU8V9saPH+9dm2xunvwj+Oeee+4+MbYYEA20JcAGoK00BKYhAfyioSiEpC0B/KKtNASmIQH8oqEohKQtAfyirTRaBqZlAUuRyheHNm/e7J1mGjdunFcIqq2t9YpJl19+uQdUFbJ69+7dIlz1ZpYqRqlilypWqf6q6KWKVLNnzxZ18urkk0+W+++/Xw4//PD68dQj8epNq/bt28tdd90lJ5xwghQVFcm6deu8AtX8+fO9/vl3r1THrVu3eqe81MmsxrHv2rVLpk+f7hXk1N+rv1NXJFv6hB1PvW01YcIE7wSbKsIdc8wxoop/K1eu9IpoGzdu9N77au6EW0sx8fd6EmAD0FMXotKTAH7RUxei0pMAftFTF6LSkwB+0VMXotKTAH7RUxddo9K2gKUKLX/84x/l0ksvFXWVr0uXLtKxY0fv39Uj6Orf1RW8n//8515BKf9RBac+ffrIaaed5hW32rZtW/93a9eulUmTJnlX+1T/zp07y6ZNm7zxunXrJjNmzJCTTjqpQCt1OktdO1QnwdSVQXWCq6ysTFavXu39t/pz9U/TE2DLly+XiRMnymuvvebF3qFDB1Hzq/jVw/CqkKbmb/zJPwjfXHErzHiqYKZOlal/1BXC7t27S3V1tXcqS/23+nP10Htzb4zpumCJ68AE2ABYIRDwTwC/+GdFSwjgF9YABPwTwC/+WdESAviFNRCEgLYFrHwS69ev904+qZNOqtCkikGDBg3yThB16tRpn1wPVMBSjdVpJnWF8Mknn5RVq1a1OJ7qo059qbe4VIFr4cKFXhFInfo677zzZPDgwQVXBBsH1DT2Hj16yKhRo7yrfe3atdsn9gMVsFTjoOOpPuqE2bx587zH7hUbVXzr37+/V1zr16+fFBcXB1kvtNWcABuA5gIRnlYE8ItWchCM5gTwi+YCEZ5WBPCLVnIQjOYE8IvmAmkWnvYFrDC81PVDdU3vvvvuKziBFWYs+kDAJAJsACapRaxZE8AvWSvA/CYRwC8mqUWsWRPAL1krwPwmEcAvJqmVfazWFbDUW1fqbSn1S4bqEXj1C4J8IOAKATYAV5QmzzgI4Jc4KDKGKwTwiytKk2ccBPBLHBQZwxUC+MUVpePJ07oCljp9pR5iv/rqq72H1/lAwCUCbAAuqU2uUQngl6gE6e8SAfziktrkGpUAfolKkP4uEcAvLqkdPVfrCljRkTACBMwlwAZgrnZEnj4B/JI+c2Y0lwB+MVc7Ik+fAH5JnzkzmksAv5irXRaRU8DKgjpzQiAhAmwACYFlWCsJ4BcrZSWphAjgl4TAMqyVBPCLlbKSVEIE8EtCYC0dlgKWpcKSlpsE2ADc1J2swxHAL+G40ctNAvjFTd3JOhwB/BKOG73cJIBf3NQ9bNYUsMKSox8ENCTABqChKISkLQH8oq00BKYhAfyioSiEpC0B/KKtNASmIQH8oqEoGodEAUtjcQgNAkEJsAEEJUZ7lwngF5fVJ/egBPBLUGK0d5kAfnFZfXIPSgC/BCXmdnsKWG7rT/aWEWADsExQ0kmUAH5JFC+DW0YAv1gmKOkkSgC/JIqXwS0jgF8sEzThdChgJQyY4SGQJgE2gDRpM5fpBPCL6QoSf5oE8EuatJnLdAL4xXQFiT9NAvglTdrmz0UBy3wNyQAC9QTYAFgMEPBPAL/4Z0VLCOAX1gAE/BPAL/5Z0RIC+IU1EIQABawgtGgLAc0JsAFoLhDhaUUAv2glB8FoTgC/aC4Q4WlFAL9oJQfBaE4Av2gukGbhUcDSTBDCgUAUAmwAUejR1zUC+MU1xck3CgH8EoUefV0jgF9cU5x8oxDAL1HoudeXApZ7mpOxxQTYACwWl9RiJ4BfYkfKgBYTwC8Wi0tqsRPAL7EjZUCLCeAXi8VNIDUKWAlAZUgIZEWADSAr8sxrIgH8YqJqxJwVAfySFXnmNZEAfjFRNWLOigB+yYq8mfNSwDJTN6KGQLME2ABYGBDwTwC/+GdFSwjgF9YABPwTwC/+WdESAviFNRCEAAWsILRoCwHNCbABaC4Q4WlFAL9oJQfBaE4Av2guEOFpRQC/aCUHwWhOAL9oLpBm4VHA0kwQwoFAFAJsAFHo0dc1AvjFNcXJNwoB/BKFHn1dI4BfXFOcfKMQwC9R6LnXlwKWe5qTscUE2AAsFpfUYieAX2JHyoAWE8AvFotLarETwC+xI2VAiwngF4vFTSA1ClgJQGVICGRFgA0gK/LMayIB/GKiasScFQH8khV55jWRAH4xUTVizooAfsmKvJnzUsAyUzeihkCzBNgAWBgQ8E8Av/hnRUsI4BfWAAT8E8Av/lnREgL4hTUQhAAFrCC0aAsBzQmwAWguEOFpRQC/aCUHwWhOAL9oLhDhaUUAv2glB8FoTgC/aC6QZuFRwNJMEMKBQBQCbABR6NHXNQL4xTXFyTcKAfwShR59XSOAX1xTnHyjEMAvUei515cClnuak7HFBNgALBaX1GIngF9iR8qAFhPALxaLS2qxE8AvsSNlQIsJ4BeLxU0gNQpYCUBlSAhkRYANICvyzGsiAfxiomrEnBUB/JIVeeY1kQB+MVE1Ys6KAH7JiryZ81LAMlM3ooZAswTYAFgYEPBPAL/4Z0VLCOAX1gAE/BPAL/5Z0RIC+IU1EIQABawgtGgLAc0JsAFoLhDhaUUAv2glB8FoTgC/aC4Q4WlFAL9oJQfBaE4Av2gukGbhUcDSTBDCgUAUAmwAUejR1zUC+MU1xck3CgH8EoUefV0jgF9cU5x8oxDAL1HoudeXApZ7mpOxxQTYACwWl9RiJ4BfYkfKgBYTwC8Wi0tqsRPAL7EjZUCLCeAXi8VNIDUKWAlAZUgIZEWADSAr8sxrIgH8YqJqxJwVAfySFXnmNZEAfjFRNWLOigB+yYq8mfNSwDJTN6KGQLME2ABYGBDwTwC/+GdFSwjgF9YABPwTwC/+WdESAviFNRCEAAWsILRoCwHNCbABaC4Q4WlFAL9oJQfBaE4Av2guEOFpRQC/aCUHwWhOAL9oLpBm4VHA0kwQwoFAFAJsAFHo0dc1AvjFNcXJNwoB/BKFHn1dI4BfXFOcfKMQwC9R6LnXlwKWe5qTscUE2AAsFpfUYieAX2JHyoAWE8AvFotLarETwC+xI2VAiwngF4vFTSA1ClgJQGVICGRFgA0gK/LMayIB/GKiasScFQH8khV55jWRAH4xUTVizooAfsmKvJnzUsAyUzeihkCzBNgAWBgQ8E8Av/hnRUsI4BfWAAT8E8Av/lnREgL4hTUQhAAFrCC0aAsBzQmwAWguEOFpRQC/aCUHwWhOAL9oLhDhaUUAv2glB8FoTgC/aC6QZuFRwNJMEMKBQBQCbABR6NHXNQL4xTXFyTcKAfwShR59XSOAX1xTnHyjEMAvUei515cClnuak7HFBNgALBaX1GIngF9iR8qAFhPALxaLS2qxE8AvsSNlQIsJ4BeLxU0gNQpYCUBlSAhkRYANICvyzGsiAfxiomrEnBUB/JIVeeY1kQB+MVE1Ys6KAH7JiryZ81LAMlM3ooZAswTYAFgYEPBPAL/4Z0VLCOAX1gAE/BPAL/5Z0RIC+IU1EIQABawgtGgLAc0JsAFoLhDhaUUAv2glB8FoTgC/aC4Q4WlFAL9oJQfBaE4Av2gukGbhUcDSTBDCgUAUAmwAUejR1zUC+MU1xck3CgH8EoUefV0jgF9cU5x8oxDAL1HoudeXApZ7mpOxxQTYACwWl9RiJ4BfYkfKgBYTwC8Wi0tqsRPAL7EjZUCLCeAXi8VNIDUKWAlAZUgIZEWADSAr8sxrIgH8YqJqxJwVAfySFXnmNZEAfjFRNWLOigB+yYq8mfNSwDJTN6KGQLME2ABYGBDwTwC/+GdFSwjgF9YABPwTwC/+WdESAviFNRCEAAWsILRoCwHNCbABaC4Q4WlFAL9oJQfBaE4Av2guEOFpRQC/aCUHwWhOAL9oLpBm4VHA0kwQwoFAFAJsAFHo0dc1AvjFNcXJNwoB/BKFHn1dI4BfXFOcfKMQwC9R6LnXlwKWe5qTscUE2AAsFpfUYieAX2JHyoAWE8AvFotLarETwC+xI2VAiwngF4vFTSA1ClgJQGVICGRFgA0gK/LMayIB/GKiasScFQH8khV55jWRAH4xUTVizooAfsmKvJnzUsAyUzeihkCzBNgAWBgQ8E8Av/hnRUsI4BfWAAT8E8Av/lnREgL4hTUQhAAFrCC0aAsBzQmwAWguEOFpRQC/aCUHwWhOAL9oLhDhaUUAv2glB8FoTgC/aC6QZuFRwNJMEMKBQBQCbABR6NHXNQL4xTXFyTcKAfwShR59XSOAX1xTnHyjEMAvUei515cClnuak7HFBNgALBaX1GIngF9iR8qAFhPALxaLS2qxE8AvsSNlQIsJ4BeLxU0gNQpYCUBlSAhkRYANICvyzGsiAfxiomrEnBUB/JIVeeY1kQB+MVE1Ys6KAH7JiryZ81LAMlM3ooZAswTYAFgYEPBPAL/4Z0VLCOAX1gAE/BPAL/5Z0RIC+IU1EIQABawgtGgLAc0JsAFoLhDhaUUAv2glB8FoTgC/aC4Q4WlFAL9oJQfBaE4Av2gukGbhUcDSTBDCgUAUAmwAUejR1zUC+MU1xck3CgH8EoUefV0jgF9cU5x8oxDAL1HoudeXApZ7mpOxxQTYACwWl9RiJ4BfYkfKgBYTwC8Wi0tqsRPAL7EjZUCLCeAXi8VNIDUKWAlAZUgIZEWADSAr8sxrIgH8YqJqxJwVAfySFXnmNZEAfjFRNWLOigB+yYq8mfNSwDJTN6KGQLME2ABYGBDwTwC/+GdFSwjgF9YABPwTwC/+WdESAviFNRCEAAWsILRoCwHNCbABaC4Q4WlFAL9oJQfBaE4Av2guEOFpRQC/aCUHwWhOAL9oLpBm4VHA0kwQwoFAFAJsAFHo0dc1AvjFNcXJNwoB/BKFHn1dI4BfXFOcfKMQwC9R6LnXlwKWe5qTscUE2AAsFpfUYieAX2JHyoAWE8AvFotLarETwC+xI2VAiwngF4vFTSA1ClgJQGVICGRFgA0gK/LMayIB/GKiasScFQH8khV55jWRAH4xUTVizooAfsmKvJnzUsAyUzeihkCzBNgAWBgQ8E8Av/hnRUsI4BfWAAT8E8Av/lnREgL4hTUQhAAFrCC0aAsBzQmwAWguEOFpRQC/aCUHwWhOAL9oLhDhaUUAv2glB8FoTgC/aC6QZuFRwNJMEMKBQBQCbABR6NHXNQL4xTXFyTcKAfwShR59XSOAX1xTnHyjEMAvUei515cClnuax5Lx3pzIkrdysmN3nYzoVRbLmAwSnQAbQHSGjOAOAfzijtZkGp0AfonOkBHcIYBf3NGaTKMTwC/RGbo0AgUsl9SOMde5K6rlngVV8vWvFct1Iyrk2+2LYxydocISYAMIS45+LhLALy6qTs5hCeCXsOTo5yIB/OKi6uQclgB+CUvOzX4UsNzUPXLWMxZWyVMvV3vjDPheqVz1s4rIYzJAdAJsANEZMoI7BPCLO1qTaXQC+CU6Q0ZwhwB+cUdrMo1OAL9EZ+jSCBSwXFI7xlwbF7DUsJecUS6De3CVMEbEoYZiAwiFjU6OEsAvjgpP2qEI4JdQ2OjkKAH84qjwpB2KAH4Jhc3ZThSwnJU+WuJ/eKla7n2hqn6Qow8rlmkjKuXotkXRBqZ3JAJsAJHw0dkxAvjFMcFJNxIB/BIJH50dI4BfHBOcdCMRwC+R8DnXmQKWc5LHk/Abm2tl8sO7CwYb1KNULj2Dq4TxEA43ChtAOG70cpMAfnFTd7IORwC/hONGLzcJ4Bc3dSfrcATwSzhurvaigOWq8hHz3vxpnTz8YpUsfCNXMNKUoRXS/7ulEUene1gCbABhydHPRQL4xUXVyTksAfwSlhz9XCSAX1xUnZzDEsAvYcm52Y8Clpu6R85aFbA2fVIrMxbslfe319WP1+WIErl+ZIUcdjBXCSNDDjEAG0AIaHRxlgB+cVZ6Eg9BAL+EgEYXZwngF2elJ/EQBPBLCGgOd6GA5bD4UVLPF7A2bKuV+//c8BaWGnNkrzKZOKA8yvD0DUmADSAkOLo5SQC/OCk7SYckgF9CgqObkwTwi5Oyk3RIAvglJDhHu1HAclT4qGnnC1hqnD+tycmL7zRcJSwqErlueIX06cJVwqicg/ZnAwhKjPYuE8AvLqtP7kEJ4JegxGjvMgH84rL65B6UAH4JSszt9hSw3NY/dPaNC1h1dSJ3PVclH++orR/v+KNL5N9GVchB5VwlDA05REc2gBDQ6OIsAfzirPQkHoIAfgkBjS7OEsAvzkpP4iEI4JcQ0BzuQgHLYfGjpN64gKXGWfthrfzuxcKrhGN7l8k/9eMqYRTOQfuyAQQlRnuXCeAXl9Un96AE8EtQYrR3mQB+cVl9cg9KAL8EJeZ2ewpYbusfOvumBSw10LOv5uTlvzVcJawsE7l+ZKX0/GZJ6HnoGIwAG0AwXrR2mwB+cVt/sg9GAL8E40VrtwngF7f1J/tgBPBLMF6ut6aA5foKCJl/cwWsPVV1cveCavnHroarhD88pkRuHl0Zcha6BSXABhCUGO1dJoBfXFaf3IMSwC9BiYVHpHkAACAASURBVNHeZQL4xWX1yT0oAfwSlJjb7Slgua1/6OybK2Cpwd7YXCu/X154lXD8T8plzI/LQs9FR/8E2AD8s6IlBPALawAC/gngF/+saAkB/MIagIB/AvjFPytailDAYhWEIrC/ApYabO4rOXl1fcNVwkNaF8mNoyqlyxHFoeaik38CbAD+WdESAviFNQAB/wTwi39WtIQAfmENQMA/AfzinxUtKWCxBkISOFAB6x9f1Mpvnq+SLxodxOrbtVSmDq8IORvd/BJgA/BLinYQEMEvrAII+CeAX/yzoiUE8AtrAAL+CeAX/6xoSQGLNRCSwIEKWGrIV9fXyNxXqgtGv+i0ChnWszTkjHTzQ4ANwA8l2kDgSwL4hZUAAf8E8It/VrSEAH5hDUDAPwH84p8VLSlgsQZCEmipgKWGVW9hqTex8p/2XyuSm89qJR0OLQo5K91aIsAG0BIh/h4CDQTwC6sBAv4J4Bf/rGgJAfzCGoCAfwL4xT8rWlLAYg2EJOCngLV1R63cs6BKcjUNkwz8Xqlc+TOuEobE3mI3NoAWEdEAAvUE8AuLAQL+CeAX/6xoCQH8whqAgH8C+MU/K1pSwGINhCTgp4Clhl6+NifzVzc86K7+7FdDKuTU73OVMCT6A3ZjA0iCKmPaSgC/2KoseSVBAL8kQZUxbSWAX2xVlrySIIBfkqBq75j8CqG92iaamd8Clgri4Rer5N0PG64SdjysSG4d00oO/QpXCeMWiQ0gbqKMZzMB/GKzuuQWNwH8EjdRxrOZAH6xWV1yi5sAfombqN3jUcCyW9/EsgtSwNr8aa3cu7DRTxKKyNCeZTL5tPLE4nN1YDYAV5Un7zAE8EsYavRxlQB+cVV58g5DAL+EoUYfVwngF1eVD5c3Baxw3JzvFaSApWAtfjsnz79eeJXw+pGV0vvbJc6zjBMAG0CcNBnLdgL4xXaFyS9OAvglTpqMZTsB/GK7wuQXJwH8EidN+8eigGW/xolkGLSApYKYuahK1m9tuErY5YhiuX1cK6ksSyREJwdlA3BSdpIOSQC/hARHNycJ4BcnZSfpkATwS0hwdHOSAH5xUvbQSVPACo3O7Y5hCljrttbJA4v2FoA768dlct5PuEoY12piA4iLJOO4QAC/uKAyOcZFAL/ERZJxXCCAX1xQmRzjIoBf4iLpxjgUsNzQOfYswxSwVBDPvZ6TJW83XCUsKhKZflal9OjEVcI4RGIDiIMiY7hCAL+4ojR5xkEAv8RBkTFcIYBfXFGaPOMggF/ioOjOGBSw3NE61kzDFrCqcyL3L9orW7bX1cfTvWOJ3Da2Mtb4XB2MDcBV5ck7DAH8EoYafVwlgF9cVZ68wxDAL2Go0cdVAvjFVeXD5U0BKxw353uFLWApcG+9XyuP/qXwVwnH/6RcxvyYx7CiLiw2gKgE6e8SAfziktrkGpUAfolKkP4uEcAvLqlNrlEJ4JeoBN3qTwHLLb1jyzZKAUsFMW9VTl56r+EqYatykdvGthL1sDuf8ATYAMKzo6d7BPCLe5qTcXgC+CU8O3q6RwC/uKc5GYcngF/Cs3OxJwUsF1WPIeeoBazP99TJzEXVsm1nw68S9v52iVw/kquEUeRhA4hCj76uEcAvrilOvlEI4Jco9OjrGgH84pri5BuFAH6JQs+9vhSw3NM8loyjFrBUEK9tqJE/rKguiGfyaeUytCdXCcOKxAYQlhz9XCSAX1xUnZzDEsAvYcnRz0UC+MVF1ck5LAH8Epacm/0oYLmpe+Ss4yhgqSDmrKiWVRtq6uM5tHWR3HF2pRx1KFcJw4jEBhCGGn1cJYBfXFWevMMQwC9hqNHHVQL4xVXlyTsMAfwShpq7fShguat9pMzjKmB98nmtzFqUkx27G64SDvxeqVz5s4pI8bnamQ3AVeXJOwwB/BKGGn1cJYBfXFWevMMQwC9hqNHHVQL4xVXlw+VNASscN+d7xVXAUiBX/K1Gnnm18Crhr4ZUyKnfL3Wec1AAbABBidHeZQL4xWX1yT0oAfwSlBjtXSaAX1xWn9yDEsAvQYm53Z4Cltv6h84+zgKWCuL3f6mSN95vOIXV/mtFcvu4VvL1rxWFjtHFjmwALqpOzmEJ4Jew5OjnIgH84qLq5ByWAH4JS45+LhLALy6qHj5nCljh2TndM+4C1gf/qJNZi6tkT1VdPdfTjy+VywdzlTDIQmMDCEKLtq4TwC+urwDyD0IAvwShRVvXCeAX11cA+QchgF+C0KItBSzWQCgCcRewVBB/eTcn//VariAerhIGk4cNIBgvWrtNAL+4rT/ZByOAX4LxorXbBPCL2/qTfTAC+CUYL9dbU8ByfQWEzD+JApYK5dG/VMtb7zf8KuERhxTL7eMq5PCv8quEfqRiA/BDiTYQ+JIAfmElQMA/AfzinxUtIYBfWAMQ8E8Av/hnRUsR4wpYb731lpx11lly4oknyh133CGtWrUKpOPWrVtl1qxZ8uSTT8qqVaukS5cuMmjQILnoooukU6dOzY5VW1srixcvlhkzZsjChQulurpaevfuLeedd54MHjxYKiqav+a2fv16ueuuu2T+/PnyzjvvSI8ePWTUqFEyfvx4adeuXaC4VeMw4+3du1fmzZsnM2fOlGXLlklZWZn0799fJk6cKP369ZPi4nCFoaQKWOoq4cxFe2Vvozfdz+hWKv8yiKuEfhYMG4AfSrSBAAUs1gAEghJgfwlKjPYuE8AvLqtP7kEJ4JegxNxub1QBa/v27XL++efLH/7wB+9/gxawNm/eLBdccIFXUOrYsaN07txZNm3a5BWXunXr5hWoTjrppIIVUVNTI7Nnz/YKXDt37vQKZ6oItHr1au+/p0yZ4v3TunXrgn7q79VcL7/8slck69Chg6xdu1Y2bNggp556qtx9993e/H4/YcZTxatbbrlFrr32Wjn44IOle/fuXvHtpZde8v77xhtv9GIsLQ3+a39JFbAUj2Xv1sh/v1b4q4RXDqmQgfwqYYvLhQ2gRUQ0gEA9AfzCYoCAfwL4xT8rWkIAv7AGIOCfAH7xz4qWBp3AyuVyctttt8mVV17p6Ra0gLV792654oorvMLRdddd5/27Or2lijyqQHXJJZfIgAED5Le//W3B6Sh1amns2LHSvn17ueeee6Rnz57e/OvWrZPJkyfLkiVL5L777pPRo0fXryd1ykvFt2DBAq/I9stf/tIrEu3atUumT58u06ZNk0mTJnnFJT8nyMKO9/jjj8uECROkb9++XuyqaFdXVycrV670CnIffvihPProo95psqCfJAtYKpbZy6rk7S0Nv0p4ZJsvf5Ww3cH8KuGBtGIDCLqSae8yAfzisvrkHpQAfglKjPYuE8AvLqtP7kEJ4JegxNxub8wJLHWFTxWCVAHp9ddfl1NOOSXQCawVK1bIsGHDvBNU6gphmzZt6pVXxbGpU6d6J5LmzJkjw4cP9/5OFbdUoevOO+8s+PN8xzVr1niFq65duxaMOXfuXBkxYoRX4FJFqsZXDHfs2OEVj55//nl5+umnpVevXi2uwDDjqdNq6qqiOm3V3DzPPfecjBw5Us4999x9YmwxIBFJuoD1/qe18sDiatmba/hVQq4StqwMG0DLjGgBgTwB/MJagIB/AvjFPytaQgC/sAYg4J8AfvHPipaGnMB6//335eyzz5ZDDjnEOymlCkBB38BSJ6EuvfRSuffee73TUU0/6iSVehNKjX/zzTdLeXm5d91vzJgx3r+rk0pHHnlkQbcvvvhCLr74Yu9K4rPPPusV16qqqrxTYmo+VSQaOHDgPnM9/PDDXjHu9ttv9+Y70CfseOr/CIYMGeKdKlOnr9SVwcYfdapL5aZyeOyxx7zTWUE+SRewVCzL3s3Jfzf5VcIpQyuk/3eDX3kMkpvJbdkATFaP2NMmgF/SJs58JhPALyarR+xpE8AvaRNnPpMJ4BeT1Us/du1PYKlTUFdffbX813/9l6grceo005lnnhmogLVnzx657LLL5De/+Y33GLu6Utf0o97BUuOqq4KqWNW2bVvv9JJ6r0r9+a9//Ws56KCD9ul3ww03eG9MqWuI6qqhOvmkim0bN270HopXp7OaftS1xD59+vi6Bhl2vCeeeMI7HaZOlql/iooKr96pK5WqeKauTC5dujTwNcI0CliK2yNLq+SdDxquEh51aLHcNrZSDuMqYbP/b8EGkP7/iTKjuQTwi7naEXn6BPBL+syZ0VwC+MVc7Yg8fQL4JX3mJs+odQFLvdf0+9//3ntoXBWfVIHo3XffDVzA+uyzz7xfDFSFo/xJqaaiffLJJ9746l0oVfxRD68/88wzMnTo0IJTWU37qWLXuHHj5Prrr5drrrmm/tSWare/k03NFcv2t4jyp8CCjpc/cXagU15Ni29BFnJaBaz3t9fJrEVVUtXoKuGg7qVy6U/5VcLm9GIDCLKKaes6Afzi+gog/yAE8EsQWrR1nQB+cX0FkH8QAvglCC3aal3Aeuutt7w3mtTVPPWWlPqlv3zxJ8gVwuaKU34KWE2LU80tl6Zt/BSn/LTJz+WnbXNt/BSn/LTZn0XSKmCp+Ze+m5P/4Sqhr/+3YgPwhYlGEPAI4BcWAgT8E8Av/lnREgL4hTUAAf8E8It/VrTU+A2s/GPnqjjz4IMPyne+8x1PLwpYbfdZt7YXsFTCjyytlnc+qKnPXV0lvH1spbTlKmHBemAD4P/WIeCfAH7xz4qWEMAvrAEI+CeAX/yzoiUE8AtrIAgBLU9g1dTUeA+cqxNCjzzyiHeNL/+hgKVPAevPL78bZK1Farvti3L577WHSU1tcf04J3b4hww/7sNI49IZAhCAAAQgAAEIQAACEIAABCAAgUIC6iacbh8tC1jqoXX1K33qTapp06ZJaWnDr86FKWDt3LlTLrzwQu9R9qeeekqOP/74fXTIXzPctm2b91j8scceK88//7z3iPtVV13lFdNKSkr26Ze/QnjjjTd67bZs2eLFrT7N/XKh+vN8DkcddZRXoGvTps1+10XY8dTj7OrtsP396qKaMH+FUOWrHqoP8lFXCNMsYKnYXv/oK/LXLYcUhDnm+C3S/YgdQUKnLQQgAAEIQAACEIAABCAAAQhAAAIHIEABy+fyyBdW/DTv1q1b/aPr+2vPrxCa+yuETTV9+MUqeffDhl8l7HBokdx+dis5tHXhryz6WTs2tuEIro2qklNSBPBLUmQZ10YC+MVGVckpKQL4JSmyjGsjAfxio6rJ5aTlCay77rpL5s2b12zWu3fvltWrV8uhhx4qnTt39v73pptukmOOOeaAlPK/yre/E0n501aXXHKJ3HzzzVJeXl7/i4Lq35s7TZU/2bVgwYL6XzesqqqSK6+8UtR8zz33nAwcOHCfuPKnow70C4H5TmHHU/9HMGTIEBkwYIDcc889cvDBBxfEkT/Zpcbf368lHghomo+4N45j06e18sCiKqlueA5LhvygTP7f08uTc4lBI7MBGCQWoWZOAL9kLgEBGEQAvxgkFqFmTgC/ZC4BARhEAL8YJJYGoWpZwDoQlzBXCNV4K1askGHDhon69cJZs2YVXNvL5XIydepUUdcA58yZI8OHD/dC2Lt3r1xxxRVy5513Fvx5Pr41a9bI6NGjpWvXrgVjzp07V0aMGCGTJ0/2fj2xoqKiPqX84/SqYPb0009Lr169WlwGYcbbvn27jB8/3rs22dw8qrg2cuRI71cem8bYYkAiklUBS8X24ts5+dPruYIwrxlWIT85ruGqqZ8cbGzDBmCjquSUFAH8khRZxrWRAH6xUVVySooAfkmKLOPaSAC/2Khqcjk5U8BSJ7dUMeruu+/2ilWXX365tG7d2itSzZ49W9TJq5NPPlnuv/9+Ofzww+uJL1u2zHvTqn379qJOhp1wwglSVFQk69at8wpU8+fP9/rn371SHbdu3Srnn3++qJNZ6iTWuHHjvCLWrl27ZPr06d67Xurv1d+1atWqRXXDjqfetpowYYL07dvXK8KpU2p1dXWycuVKueiii2Tjxo3ee1/q74N+sixgqVh/t7RK1n7QcJXw6MO+/FXCNo5fJWQDCLqSae8yAfzisvrkHpQAfglKjPYuE8AvLqtP7kEJ4JegxNxub10BSxWc+vTpI6eddpp37a9t24Zf7Vu7dq1MmjTJu9rXsWNH7wripk2bvEfV1VtaM2bMkJNOOqlgRajTWera4ZQpU0RdGVQnuMrKyrxrjOq/1Z+rf1QxrPFn+fLlMnHiRHnttdekS5cu0qFDB1Hzb9iwwXsYXhXS1PyNP/kH4ZsrboUZTxXM1Kky9Y+6Qti9e3eprq72TmWp/1Z/rh56b/xIvl87ZF3A2vxJncxcXCW5mrr6kH/2gzK52PGrhGwAflcw7SAggl9YBRDwTwC/+GdFSwjgF9YABPwTwC/+WdFSxKkClhJcnWZSVwiffPJJWbVqlVdcGjRokHciqVOnTs2uidraWlG/jKgKXAsXLvSKQL1795bzzjtPBg8eXHBFsPEA69ev905tqVNaqkjWo0cPGTVqlHe1r127dvvMdaAClmocdDzVR50wU++JzZw5U1RxTxXf+vfv7xXX+vXrJ8XFxaF8kHUBSwW95O2cPNf0KuHPK+Qn33H3KiEbQKjlTCdHCeAXR4Un7VAE8EsobHRylAB+cVR40g5FAL+EwuZsJ+MKWH6UUm9TqWt69913X8EJLD99aeOPgA4FLBXpQ0uq5L2PGq4SdjysWO4Y10q+dpC/PGxrxQZgm6LkkyQB/JIkXca2jQB+sU1R8kmSAH5Jki5j20YAv9imaLL5WFfAUm9dqbelPvvsM7nhhhu8XxPkEz8BXQpYm9RVwkV7paahhiU/61kqF5/W8HB+/NnrOyIbgL7aEJl+BPCLfpoQkb4E8Iu+2hCZfgTwi36aEJG+BPCLvtroGJl1BSx1+ko9xH711Vd7D6/zSYaALgUsld2it6plwf/WFCQ6dXil9O1akkzyGo/KBqCxOISmHQH8op0kBKQxAfyisTiEph0B/KKdJASkMQH8orE4GoZmXQFLQ8ZWhqRTAUsBbnqVsNNhRXK7d5WwyEr++0uKDcApuUk2IgH8EhEg3Z0igF+ckptkIxLALxEB0t0pAvjFKbkjJ0sBKzJCNwfQrYC14ZNaeeDPVdLoRwll2AllctGpbl0hZQNw049kHY4AfgnHjV5uEsAvbupO1uEI4Jdw3OjlJgH84qbuYbOmgBWWnOP9dCtgKTkWvZWTBf+bK1Bm6vAK6dvVnV8lZANw3JikH4gAfgmEi8aOE8Avji8A0g9EAL8EwkVjxwngF8cXQMD0KWAFBEbzLwnoWMBScT24pEr+1uhXCb95eLHcPrZSvtrKjauEbAA4FAL+CeAX/6xoCQH8whqAgH8C+MU/K1pCAL+wBoIQoIAVhBZt6wnoWsDasO3LXyWsq2sQ6+cnlMkkR64SsgFgUgj4J4Bf/LOiJQTwC2sAAv4J4Bf/rGgJAfzCGghCgAJWEFq01b6ApQJs7irhdSMq5P90sf8qIRsAJoWAfwL4xT8rWkIAv7AGIOCfAH7xz4qWEMAvrIEgBChgBaFFWyMKWCrIBxZVybqttfXxHqOuEo5rJQdX2i0iG4Dd+pJdvATwS7w8Gc1uAvjFbn3JLl4C+CVenoxmNwH8Yre+cWdHAStuoo6Mp+sVwjz+9VtrZdbiqiZXCUtl0qkVVivEBmC1vCQXMwH8EjNQhrOaAH6xWl6Si5kAfokZKMNZTQC/WC1v7MlRwIodqRsD6l7AUiq88Ga1vPBGTYEg14+slN7fLrFWJDYAa6UlsQQI4JcEoDKktQTwi7XSklgCBPBLAlAZ0loC+MVaaRNJjAJWIljtH9SEApZSQZ3C+vvHDVcJj/16idw2tkK+UmnnrxKyAdjvPTKMjwB+iY8lI9lPAL/YrzEZxkcAv8THkpHsJ4Bf7Nc4zgwpYMVJ06GxTClg/X1rrTzQ9CrhD8tk0sByK9ViA7BSVpJKiAB+SQgsw1pJAL9YKStJJUQAvyQElmGtJIBfrJQ1saQoYCWG1u6BTSlgKRVeeCMnL7yZKxDk2p9XSL/v2PerhGwAdvuO7OIlgF/i5clodhPAL3brS3bxEsAv8fJkNLsJ4Be79Y07OwpYcRN1ZDyTClhKkqZXCY8+rFhuG1sph7a26yohG4AjBiTNWAjgl1gwMogjBPCLI0KTZiwE8EssGBnEEQL4xRGhY0qTAlZMIF0bxrQC1oZtdd5VwpraunqpBnUvlUt/atevErIBuOZE8o1CAL9EoUdf1wjgF9cUJ98oBPBLFHr0dY0AfnFN8Wj5UsCKxs/Z3qYVsJRQi9+uludfL/xVwl8NqZBTv2/PVUI2AGctSeIhCOCXENDo4iwB/OKs9CQeggB+CQGNLs4SwC/OSh8qcQpYobDRycQCllLt4Rer5N0PG36VsP0hxXLbmEppf4gdVwnZAPAmBPwTwC/+WdESAviFNQAB/wTwi39WtIQAfmENBCFAASsILdrWEzC1gPX+9i+vEu6tbrhKOOB7pXLVz+y4SsgGgEkh4J8AfvHPipYQwC+sAQj4J4Bf/LOiJQTwC2sgCAEKWEFo0db4ApZKYPnaGpm/urpAzUvOKJfBPcqMV5gNwHgJSSBFAvglRdhMZTwB/GK8hCSQIgH8kiJspjKeAH4xXsJUE6CAlSpueyYz9QRWXoHHllfJm5sbrhIeclCR96uEndoVGy0SG4DR8hF8ygTwS8rAmc5oAvjFaPkIPmUC+CVl4ExnNAH8YrR8qQdPASt15HZMaHoB6+MdtfLA4mr5fE/DVcK+XUtl6nCzrxKyAdjhL7JIhwB+SYczs9hBAL/YoSNZpEMAv6TDmVnsIIBf7NAxrSwoYKVF2rJ5TC9gKTleWVcj//nXwquE/zygXEb0MvcqIRuAZUYjnUQJ4JdE8TK4ZQTwi2WCkk6iBPBLongZ3DIC+MUyQRNOhwJWwoBtHd6GApbS5g8rquW1DTX1Mh1ULnLr2ErpckSJkdKxARgpG0FnRAC/ZASeaY0kgF+MlI2gMyKAXzICz7RGEsAvRsqWWdAUsDJDb/bEthSwPt1VKw8uqpbtXzRcJez1rRK56cxKIwViAzBSNoLOiAB+yQg80xpJAL8YKRtBZ0QAv2QEnmmNJIBfjJQts6ApYGWG3uyJbSlgKRVWr6+Rp14pvEo4/iflMubH5l0lZAMw21dEny4B/JIub2YzmwB+MVs/ok+XAH5JlzezmU0Av5itX9rRU8BKm7gl89lUwFKS/Odfc/LKuly9OiXF4v0q4fc7mHWVkA3AEoORRioE8EsqmJnEEgL4xRIhSSMVAvglFcxMYgkB/GKJkCmlQQErJdC2TWNbAWvn7jp5YHGVbN3ZcJWw29HFctvYVlJUZI56bADmaEWk2RPAL9lrQATmEMAv5mhFpNkTwC/Za0AE5hDAL+ZopUOkFLB0UMHAGGwrYCkJ3thcI79fXniV8Ow+5XJOX3OuErIBGGgmQs6MAH7JDD0TG0gAvxgoGiFnRgC/ZIaeiQ0kgF8MFC3DkClgZQjf5KltLGApPeavzsnytQ1XCdWf/ftZlXLCN824SsgGYLKriD1tAvglbeLMZzIB/GKyesSeNgH8kjZx5jOZAH4xWb30Y6eAlT5zK2a0tYC1t1pk1uK9smV7w1XC7xxZLLeOrZTKMv3vErIBWGEvkkiJAH5JCTTTWEEAv1ghI0mkRAC/pASaaawggF+skDG1JChgpYbarolsLWApld75oEYeWVp4lfAXPyqTC/qXay8iG4D2EhGgRgTwi0ZiEIr2BPCL9hIRoEYE8ItGYhCK9gTwi/YSaRUgBSyt5DAnGJsLWEqF517PyZK3C68SXj+yUnp/W++rhGwA5niISLMngF+y14AIzCGAX8zRikizJ4BfsteACMwhgF/M0UqHSClg6aCCgTHYXsCqqRN5cFGVrN9WW6/OMYerXyWslK+20vcqIRuAgWYi5MwI4JfM0DOxgQTwi4GiEXJmBPBLZuiZ2EAC+MVA0TIMmQJWhvBNntr2ApbS5u8f13nvYTX+/KxnqVx8WoW20rEBaCsNgWlIAL9oKAohaUsAv2grDYFpSAC/aCgKIWlLAL9oK42WgVHA0lIW/YNyoYClVPjzm9Wy8I2aAkH+dVilnHycnlcJ2QD09w4R6kMAv+ijBZHoTwC/6K8REepDAL/oowWR6E8Av+ivkU4RUsDSSQ2DYnGlgKUkeWhJlbz3UcNVwm8c+uVVwnYH63eVkA3AIBMRauYE8EvmEhCAQQTwi0FiEWrmBPBL5hIQgEEE8ItBYmkQKgUsDUQwMQSXClibP1FXCaukWj2M9X8/px9fKpcP1u8qIRuAiW4i5qwI4JesyDOviQTwi4mqEXNWBPBLVuSZ10QC+MVE1bKLmQJWduyNntmlApYS6sV3cvKnNYW/Svgvg8rljG5lWunIBqCVHASjOQH8orlAhKcVAfyilRwEozkB/KK5QISnFQH8opUc2gdDAUt7ifQM0LUCllLh0WVV8taWhquE7b5aLLeNqZRvHKrPVUI2AD39QlR6EsAveupCVHoSwC966kJUehLAL3rqQlR6EsAveuqia1QUsHRVRvO4XCxgffhZncxaVCW7qxquEp58XKn86zB9rhKyAWhuHMLTigB+0UoOgtGcAH7RXCDC04oAftFKDoLRnAB+0VwgzcKjgKWZIKaE42IBS2nz8t9q5NlXqwtkmnxauQztqcdVQjYAUxxEnDoQwC86qEAMphDAL6YoRZw6EMAvOqhADKYQwC+mKKVHnBSw9NDBuChcLWApoZ5YXi2vb66p1+zgSpHbxraSb329OHMd2QAyl4AADCKAXwwSi1AzJ4BfMpeAAAwigF8MEotQMyeAXzKXwKgAKGAZJZc+wbpcwNr2ea08sKhaduxuuErY+9ulcv3I7K8SsgHo4xEi0Z8AftFfIyLUhwB+0UcL4IRsCQAAIABJREFUItGfAH7RXyMi1IcAftFHCxMioYBlgkoaxuhyAUvJ8de/18gfVxZeJTy/f7mM+lG2VwnZADQ0CyFpSwC/aCsNgWlIAL9oKAohaUsAv2grDYFpSAC/aCiKxiFRwNJYHJ1Dc72ApbSZ+0q1vLq+4SphRanIrWMr5bhvlGQmHRtAZuiZ2EAC+MVA0Qg5MwL4JTP0TGwgAfxioGiEnBkB/JIZeiMnpoBlpGzZB00BS+QfX9TJg4ur5JPPG64SnnBMifz76MrMBGIDyAw9ExtIAL8YKBohZ0YAv2SGnokNJIBfDBSNkDMjgF8yQ2/kxBSwjJQt+6ApYH2pwZqNNfLky4VXCc/pWy5n98nmKiEbQPbeIAJzCOAXc7Qi0uwJ4JfsNSACcwjgF3O0ItLsCeCX7DUwKQIKWCappVGsFLAaxHh2VU5efi9XoM6tYyqlR6f0rxKyAWhkEkLRngB+0V4iAtSIAH7RSAxC0Z4AftFeIgLUiAB+0UgMA0KhgGWASDqGSAGrQZVde+vkgUVV8tGOhquE3z2qRFQRq7w0XfXYANLlzWxmE8AvZutH9OkSwC/p8mY2swngF7P1I/p0CeCXdHmbPhsFLNMVzCh+CliF4N/aUiuPLqsq+MNf/KhMLuhfnqpCbACp4mYywwngF8MFJPxUCeCXVHEzmeEE8IvhAhJ+qgTwS6q4jZ+MApbxEmaTAAWsfbn/z2s5Wfpu4VXC60ZUyv/pkt5VQjaAbPzArGYSwC9m6kbU2RDAL9lwZ1YzCeAXM3Uj6mwI4JdsuJs6KwUsU5XLOG4KWPsKkKupkweWVMvGbbX1f3n0YcXeVcK2XylKRTE2gFQwM4klBPCLJUKSRioE8EsqmJnEEgL4xRIhSSMVAvglFczWTEIByxop002EAlbzvNd9XCsPLC68Snh6t1K5fFBFKgKxAaSCmUksIYBfLBGSNFIhgF9SwcwklhDAL5YISRqpEMAvqWC2ZhIKWNZImW4iFLD2z/vPb1bLwjdqChr8y6AKOaNb8i+6swGk6wNmM5sAfjFbP6JPlwB+SZc3s5lNAL+YrR/Rp0sAv6TL2/TZKGCZrmBG8VPAOjD43y2tkrUfNFwlPLR1kdw6tlI6HlacqGJsAIniZXDLCOAXywQlnUQJ4JdE8TK4ZQTwi2WCkk6iBPBLonitG5wClnWSppMQBawDc35/e508sGiv7G30pvv/6VIq141I9iohG0A6659Z7CCAX+zQkSzSIYBf0uHMLHYQwC926EgW6RDAL+lwtmUWCli2KJlyHhSwWga+fG1O5q8u/FXC808pl1EnlrXcOWQLNoCQ4OjmJAH84qTsJB2SAH4JCY5uThLAL07KTtIhCeCXkOAc7UYBy1Hho6ZNAcsfwSdeqpbXNzW8h1VeWuT9KuF3j0rmKiEbgD9daAUBRQC/sA4g4J8AfvHPipYQwC+sAQj4J4Bf/LOipQgFLFZBKAIUsPxh2/Z5rTywqFp27K6r79C9Y4lXxCoq8jdGkFZsAEFo0dZ1AvjF9RVA/kEI4JcgtGjrOgH84voKIP8gBPBLEFq0pYDFGghFgAKWf2yv/j0nc1cWXiUc27tc/qlf/FcJ2QD860JLCOAX1gAE/BPAL/5Z0RIC+IU1AAH/BPCLf1a05AQWayAkAQpYwcA9vbJaVv694Sqh6v1voyrlxGNLgg3UQms2gFhxMpjlBPCL5QKTXqwE8EusOBnMcgL4xXKBSS9WAvglVpzWD8YJLOslTiZBCljBuO7co36VsEq27my4Snhs+2LvKuHBlfHdJWQDCKYLrd0mgF/c1p/sgxHAL8F40dptAvjFbf3JPhgB/BKMl+utKWC5vgJC5k8BKzi4NzbXyO+XVxd0HNqzVCafVhF8sP30YAOIDSUDOUAAvzggMinGRgC/xIaSgRwggF8cEJkUYyOAX2JD6cRAFLCckDn+JClghWP636/lZNm7he9hTRlaIf2/WxpuwCa92ABiwcggjhDAL44ITZqxEMAvsWBkEEcI4BdHhCbNWAjgl1gwOjMIBSxnpI43UQpY4XhW50QeWLxXNn3acJWw/deK5NaxlXLEIcXhBm3Uiw0gMkIGcIgAfnFIbFKNTAC/REbIAA4RwC8OiU2qkQngl8gInRqAApZTcseXLAWs8Czf+6hWHlpSVTCAOoGlTmJF/bABRCVIf5cI4BeX1CbXqATwS1SC9HeJAH5xSW1yjUoAv0Ql6FZ/Clhu6R1bthSwoqF84Y2cvPBm4VXCi04tl2EnlEUamA0gEj46O0YAvzgmOOlGIoBfIuGjs2ME8ItjgpNuJAL4JRI+5zpTwHJO8ngSpoAVnaM6haVOY+U/rStEbhvbSjq3D3+VkA0gui6M4A4B/OKO1mQanQB+ic6QEdwhgF/c0ZpMoxPAL9EZujQCBSyX1I4xVwpY0WFu+rRWHlxULVU1De9h9fpWidx0ZmXowdkAQqOjo4ME8IuDopNyaAL4JTQ6OjpIAL84KDophyaAX0Kjc7IjBSwnZY+eNAWs6AzVCOoXCdUvEzb+nNO3TM7uUx5qAjaAUNjo5CgB/OKo8KQdigB+CYWNTo4SwC+OCk/aoQjgl1DYnO1EActZ6aMlTgErGr/GvR9bXiVvbm64Sqj+bvqYSvlBp5LAk7ABBEZGB4cJ4BeHxSf1wATwS2BkdHCYAH5xWHxSD0wAvwRG5nQHClhOyx8+eQpY4dk17bl1R608sLhadu5puEr4nW8Uy61jKqWyrCjQRGwAgXDR2HEC+MXxBUD6gQjgl0C4aOw4Afzi+AIg/UAE8EsgXM43poDl/BIIB4ACVjhu++v117/XyB9XVhf89S9+VCYX9A92lZANIF5dGM1uAvjFbn3JLl4C+CVenoxmNwH8Yre+ZBcvAfwSL0/bR6OAZbvCCeVHASt+sHNfqZZX19cUDDx1eIX07VrqezI2AN+oaAgBwS8sAgj4J4Bf/LOiJQTwC2sAAv4J4Bf/rGgpQgGLVRCKAAWsUNgO2GnH7jrvKuG2nQ3vYR3dtlhuHVspbb/i7yohG0D8ujCivQTwi73akln8BPBL/EwZ0V4C+MVebcksfgL4JX6mNo9IActmdRPMjQJWMnD/d1ONPP5S4VXC048vlcsHV/iakA3AFyYaQcAjgF9YCBDwTwC/+GdFSwjgF9YABPwTwC/+WdGSE1isgZAEKGCFBOej2/zV1bJ8beFVwst+WiE/7d7yVUI2AB+AaQKB/0sAv7AUIOCfAH7xz4qWEMAvrAEI+CeAX/yzoiUFLNZASAIUsEKC89Ftb65OHlhUJe9vb/hVwjati7xfJezUrviAI7AB+ABMEwhQwGINQCAwAfaXwMjo4DAB/OKw+KQemAB+CYzM6Q5cIXRa/vDJU8AKz85Pz7Uf1srvXqwqaNqnS6lMG3Hgq4RsAH7o0gYCXxLAL6wECPgngF/8s6IlBPALawAC/gngF/+saMkJLNZASAIUsEKCC9Bt4Rs5+fObuYIeE04plzNPLNvvKGwAAQDT1HkC+MX5JQCAAATwSwBYNHWeAH5xfgkAIAAB/BIAFk35FULWQDgCFLDCcQva68HFVfK3jxt+lbC0ROS2sa3ke0c1f5WQDSAoYdq7TAC/uKw+uQclgF+CEqO9ywTwi8vqk3tQAvglKDG323OF0G39Q2dPASs0ukAdN31SJ7MW75Vcozfdu3Us8d7DKi7adyg2gEB4aew4Afzi+AIg/UAE8EsgXDR2nAB+cXwBkH4gAvglEC7nG1PAcn4JhANAASsctzC9lr6Tk/9ZU3iVcMyPy2T8T8r3GY4NIAxh+rhKAL+4qjx5hyGAX8JQo4+rBPCLq8qTdxgC+CUMNXf7UMByV/tImVPAioQvcOfH/lItb77f6BiWiPzbqEo58diSgrHYAAKjpYPDBPCLw+KTemAC+CUwMjo4TAC/OCw+qQcmgF8CI3O6AwUsp+UPnzwFrPDswvT8eEedzFpUJbv21tV3/9bXi2X6mEr5WquGu4RsAGHo0sdVAvjFVeXJOwwB/BKGGn1cJYBfXFWevMMQwC9hqLnbhwKWu9pHypwCViR8oTq/si4n//nXwquEP+1eKpf9tKJ+PDaAUGjp5CgB/OKo8KQdigB+CYWNTo4SwC+OCk/aoQjgl1DYnO1EActZ6aMlTgErGr+wvee8Ui2r1hdeJbzkjHIZ3KPMG5INICxZ+rlIAL+4qDo5hyWAX8KSo5+LBPCLi6qTc1gC+CUsOTf7UcByU/fIWVPAioww1AA7dtfKg0tysnVHbX3/r7YqkulnVcqx7YspYIWiSidXCfCFyVXlyTsMAfwShhp9XCWAX1xVnrzDEMAvYai524cClrvaR8qcAlYkfJE6v7WlRh5dVl0wxg+/VSI3n1lJASsSWTq7RoAvTK4pTr5RCOCXKPTo6xoB/OKa4uQbhQB+iULPvb4UsNzTPJaMKWDFgjH0IM+/npPFbxe+h3V2n3L5fus13pg9e/YMPTYdIeAKAb4wuaI0ecZBAL/EQZExXCGAX1xRmjzjIIBf4qDozhgUsNzROtZMKWDFijPUYA8tqZL3Pmq4SqgGOafHZjnu8M8pYIUiSifXCPCFyTXFyTcKAfwShR59XSOAX1xTnHyjEMAvUei515cClnuax5IxBaxYMEYa5P3tdfLgkirZU1VXP87XW++RCT/cLD/5cbdIY9MZAi4Q4AuTCyqTY1wE8EtcJBnHBQL4xQWVyTEuAvglLpJujEMByw2dY8+SAlbsSEMNuOJvNfLMq03ewzpqh9z8/xwRajw6QcAlAnxhckltco1KAL9EJUh/lwjgF5fUJteoBPBLVIJu9aeA5ZbesWVLASs2lJEHmvtKtby6vqZgnItPr5Cf/aA08tgMAAGbCfCFyWZ1yS1uAvglbqKMZzMB/GKzuuQWNwH8EjdRu8ejgGW3vollRwErMbSBB/58z5dXCT/6rOEqYeuKIrl1TKV8+4jiwOPRAQKuEOALkytKk2ccBPBLHBQZwxUC+MUVpckzDgL4JQ6K7oxBAcsdrWPNlAJWrDgjD/bOB7XyyNKqgnF+0KlEpo+pjDw2A0DAVgJ8YbJVWfJKggB+SYIqY9pKAL/Yqix5JUEAvyRB1d4xKWDZq22imVHAShRvqMEXvlEjf36z8D2sMT8uk/E/KQ81Hp0gYDsBvjDZrjD5xUkAv8RJk7FsJ4BfbFeY/OIkgF/ipGn/WBSw7Nc4kQwpYCWCNfKgM/70mby/o6JgnGkjKqRPF97DigyXAawjwBcm6yQloQQJ4JcE4TK0dQTwi3WSklCCBPBLgnAtHJoCloWippESBaw0KAefY8XrG+RP7x0me3Ml9Z2PblvsXSU87OCi4APSAwIWE+ALk8XiklrsBPBL7EgZ0GIC+MVicUktdgL4JXakVg9IActqeZNLjgJWcmyjjPzee+/Ju5+0lr9sbFMwzMDvlcqVPys8mRVlHvpCwAYCfGGyQUVySIsAfkmLNPPYQAC/2KAiOaRFAL+kRdqOeShg2aFj6llQwEodua8JVQFLff73Hx1l5d9rCvpMOrVcfn5Cma9xaAQBFwjwhckFlckxLgL4JS6SjOMCAfzigsrkGBcB/BIXSTfGoYDlhs6xZ0kBK3aksQyYL2AdefSx8uDivfLBP+rqx21VXiS3nFUhx32j4XphLJMyCAQMJcAXJkOFI+xMCOCXTLAzqaEE8IuhwhF2JgTwSybYjZ2UApax0mUbOAWsbPnvb/Z8AevYY4+Vdz+skYdfLPxVwu4dS2T6WRVSXMx7WHoqSFRpEuALU5q0mct0AvjFdAWJP00C+CVN2sxlOgH8YrqC6cZPAStd3tbMRgFLTykbF7BUhC+8WS0vvFF4lfDMk8pkwsnleiZAVBBIkQBfmFKEzVTGE8AvxktIAikSwC8pwmYq4wngF+MlTDUBClip4rZnMgpYemrZtIClonxkaZW880FtQcBTh1dI366leiZBVBBIiQBfmFICzTRWEMAvVshIEikRwC8pgWYaKwjgFytkTC0J7QtY69evl7vuukvmz58v77zzjvTo0UNGjRol48ePl3bt2gUGtXXrVpk1a5Y8+eSTsmrVKunSpYsMGjRILrroIunUqVOz49XW1srixYtlxowZsnDhQqmurpbevXvLeeedJ4MHD5aKiuZ/3S3u2MOMt3fvXpk3b57MnDlTli1bJmVlZdK/f3+ZOHGi9OvXT4qLiwMzVB0oYIXClnin5gpYH31WJw8uqZLP9zS8h/WNNkUyfUwr+frXuEqYuChMoC0BvjBpKw2BaUgAv2goCiFpSwC/aCsNgWlIAL9oKIrGIWldwFqyZIlMmDDBK1ypQlPHjh1lw4YN3n9369bNKyiddNJJvvFu3rxZLrjgAq8Ypsbq3LmzbNq06YDj1dTUyOzZs70C186dO+XEE0/0ikCrV6/2/nvKlCneP61bty6IQ/29muvll1/2Yu/QoYOsXbvWi//UU0+Vu+++25vf7yfMeKp4dcstt8i1114rBx98sHTv3t0rvr300kvef994441ejKWlwU/iUMDyq1y67ZorYKkIXl1fI3NfKXwP65TjSuTqYZXpBshsENCIAF+YNBKDULQngF+0l4gANSKAXzQSg1C0J4BftJdIqwC1LWC9//77cvbZZ8vKlSvlN7/5jYwZM8Y7LaSKMqqgdMkll8jpp58uv/3tb6VNmzYtQt29e7dcccUVXuHouuuu8/69VatWBeMNGDDAG6/xyS51amns2LHSvn17ueeee6Rnz57eXOvWrZPJkyeLKrLdd999Mnr06PoY1Cmv888/XxYsWCB33HGH/PKXv/SKRLt27ZLp06fLtGnTZNKkSV5xScXQ0ifseI8//rhXAOzbt68Xuyra1dXVeUxVQe7DDz+URx991DtNFvRDASsosXTa76+ApWZ/dlVOXn4vVxDIPw+skBE/DF7ATCcbZoFAsgT4wpQsX0a3iwB+sUtPskmWAH5Jli+j20UAv9ilZ9LZaFvAUoWVcePGeUUiVehpfE1PnXy68MIL5emnn5bnnnvOOxXV0mfFihUybNgwr626Qti46JXL5WTq1KneiaQ5c+bI8OHDveFUsUwVuu68886CP8/PtWbNGq9w1bVr14Ix586dKyNGjGg29h07dnjFo+eff96Lv1evXi2FLmHG2759u3fNUp22am4exW3kyJFy7rnn7sO3xYC4QugHUSZtDlTA2lP15VXC97c3XCUsLxXvKuH3jgp3lTSTJJkUAjER4AtTTCAZxgkC+MUJmUkyJgL4JSaQDOMEAfzihMyxJallAUtd2/vd734nDz30kFx++eUyZMiQgoTVaSp1AkudllLvO6k3rFr6qJNQl156qdx7773e6aimH3WSSr0Jpca9+eabpby83Lvup05+qX9XBbUjjzyyoNsXX3whF198sXcl8dlnn/VOZ1VVVcmVV17pnbxSRaKBAwfuM9fDDz/sncq6/fbbvfkO9Ak7nvo/AsVNnSpTp6/UlcHGH3WqS+Wmcnjssce801lBPpzACkIrvbYHKmCpKN77qFYeWlJVEND3O5TIrWMqpbQkvTiZCQI6EOALkw4qEIMpBPCLKUoRpw4E8IsOKhCDKQTwiylK6RGnlgWsltDkrxeqK3B/+MMf5Lvf/e4Bu+zZs0cuu+wy7yqieoxdXalr+lHvap155pneVUFVrGrbtq13ekm9V6X+/Ne//rUcdNBB+/S74YYbvDem1LVGddVQnXxSVx83btzoPRSvTmc1/ahriX369PEKaarQdaBrhGHHe+KJJ7zTYepkmfqnqKjwse7GRcClS5cGvkZIAaulVZrN37dUwFJRLX47J8+/XniVcGSvMpk4oDyboJkVAhkR4AtTRuCZ1kgC+MVI2Qg6IwL4JSPwTGskAfxipGyZBW1UAUtd9VO/HHj99dd7J6/USSlVmGrpEfLPPvvM+8VAVTjKn5RqSvyTTz7xClCqKKaKP+rh9WeeeUaGDh1acCqrab/8VUcV0zXXXFN/aku129/JpuaKZftbAflTYEHHy584O9Apr6bFtyCrkAJWEFrptfVTwFLRPLqsWt7aUlMQ2NXDKuSU43gPKz21mClrAnxhyloB5jeJAH4xSS1izZoAfslaAeY3iQB+MUmt7GM1poCVL7YoZIcffrhXxDrnnHMK3sbaH87milN+ClhNi1PNjd+0jZ/ilJ82+bn8tG2ujZ/ilJ82+2NKASt78zYXgd8C1tYdtfLgkpzs2F1bP8zhXy2W6WMq5ahDC0/r6ZkpUUEgOgG+MEVnyAjuEMAv7mhNptEJ4JfoDBnBHQL4xR2t48jUiAKWegdK/XKf+vU89Qi6utqn3nRS70+p96Zat259QBYUsMY2y4cCVhwW0msMvwUsFfXqDTXy1IrqggT6dCmVaSMq9EqKaCCQEAG+MCUElmGtJIBfrJSVpBIigF8SAsuwVhLAL1bKmlhSRhSwGmdfV1fnXSO86qqrvEfS1S8UqsfZS0r2/wI1BaxkClh/fvndxBYmA6dDYMXmQ+TNrV8pmOz0ztvklGO2pRMAs0AAAhCAAAQgAAEIQAACEICAdgTUj9Tp9jGugJUHuGLFChk2bJh885vfbPFX9Hbu3CkXXnihd3LrqaeekuOPP34fHfJFrm3btsnjjz8uxx57rDz//PPeI+6qWKZOKzVXJMtfIbzxxhu9dlu2bPHe0lKf5n65UP15/srfUUcdJY888oi0adNmv+si7HjqFxovuOCC/f7qopowfwJL5aseqg/yUVcIKWAFIaZn25raInnub+3ko88LH3Af33OTdDlsl55BExUEIAABCEAAAhCAAAQgAAEIJEqAAlaMePMFpzVr1uz3Yfb8dPwKIb9CGOPS03qoIFcI84ls+KROHlpSJdW5uvrcvvX1YrnlrEo55CDew9JacIKLRIAj65Hw0dkxAvjFMcFJNxIB/BIJH50dI4BfHBM8YrpansBSvxr4q1/9Sl577TVRJ4maOzG1detWGTNmjHz00Ufy5JNPSteuXQ+IIv+rfPfee6+cf/75+7TNn7a65JJLvF83LC8vr/9FQfXvzZ2myp/sWrBgQX0RTb3Xpd7lUvOpK44DBw7cZ6786agD/UJgvlPY8dT/EQwZMkQGDBgg99xzj/dmWONP/mSXGn9/v5Z4IKA84h7ReQl1D1PAUqG89F6NzFtV+B7WGd1K5V8G8R5WQlIxrAYE+MKkgQiEYAwB/GKMVASqAQH8ooEIhGAMAfxijFRaBKplAaumpkauueYauemmm+S2224TVVQqKio8CaKKQyNHjvQKNLNmzTrgNTxFOn/l8MQTT9ynfS6Xk6lTp4q6BjhnzhwZPny4J87evXvliiuukDvvvLPgz/PKqdNfo0eP9opnjWOYO3eujBgxQiZPnuy90VVR0VAEUI/QX3TRRd71xKefflp69erV4kIIM9727dtl/Pjx3rXJ5ubJ8zv33HP3ibHFgESEApYfSum3CVvAUpHOWZGTVRtyBUFPPq1ChvYsTT8RZoRACgT4wpQCZKawhgB+sUZKEkmBAH5JATJTWEMAv1gjZSqJaFnAUpmrXxxUBSr1USeIzjjjDCkuLpba2lpZuHChXH755bJu3Tq57777vCJSS5/du3d7xai7777bK1ap/urXC1WRavbs2V6R7OSTT5b7779fDj/88Prhli1b5r1p1b59e7nrrrvkhBNO8Ippam5VoJo/f77XP//uleqoToepU17qZJY6iTVu3DiviLVr1y6ZPn2694uK6u/V37Vq1aql0EOPp962mjBhgvTt29crwh1zzDGiHsFXbFURbePGjd57X+rvg34oYAUllk77KAWsz/fUyQNLquTjzxquEh5UXiS3jKmU7xxZnE4CzAKBFAnwhSlF2ExlPAH8YryEJJAiAfySImymMp4AfjFewlQT0LaApQotTzzxhPf4+qeffipdunSRjh07etf61CPo6kqcOjGlHiovLW04IaIKTn369JHTTjvNu/bXtm3beqBr166VSZMmeVf71FidO3eWTZs2eeN169ZNZsyYISeddFKBAOp0lrp2OGXKFFFXBtUJrrKyMlm9erX33+rP1T+qGNb4s3z5cpk4caJ3DVLF3qFDB1Hzq/jVw/CqkKbmb/zJPwjfXHErzHiqYKYYqX8Ur+7du0t1dbV3Kmt//PyuPgpYfkml2y5KAUtF+s4HtfLI0qqCoLt1LJHpZ1VKCTWsdMVktsQJ8IUpccRMYBEB/GKRmKSSOAH8kjhiJrCIAH6xSMwUUtG2gKVyV0Wst99+W2bOnOmddFKFJlUMGjRokJx33nne1b2mVwsPVMBSY6rTUeq6n3o3a9WqVfXjqRNJnTp1aha5OvW1ePFir8ClTn+pIlDv3r29GAYPHlxwRbDxAOvXr/dObeVj79Gjh4waNcq72teuXbt95jpQAUs1Djqe6qNOmM2bN89jqNio4lv//v294lq/fv28U21hPhSwwlBLvk/UApaK8IU3cvLCm4VXCX/xozK5oH/hLxUmnw0zQCBZAnxhSpYvo9tFAL/YpSfZJEsAvyTLl9HtIoBf7NIz6Wy0LmCFTV69TaWu6anrhY1PYIUdj377EqCApeeqiKOApTKbvaxa3t5SU5Dk1cMq5JTjeA9LT+WJKgwBvjCFoUYfVwngF1eVJ+8wBPBLGGr0cZUAfnFV+XB5W1fAUm9dqbel1C8Z3nDDDd6vCfKJnwAFrPiZxjFiXAWsj3fUyYNLqmXn7tr6sA7/arFMH1MpRx1a+IMKccTNGBDIggBfmLKgzpymEsAvpipH3FkQwC9ZUGdOUwngF1OVyyZu6wpY6vSVeoj96quv9h5e55MMAQpYyXCNOmpcBSwVx+oNNfLUiuqCkPp0KZVpIxp+VTNqvPSHQJYE+MKUJX3mNo0AfjFNMeLNkgB+yZI+c5tGAL+Ypli28VpXwMoWpzuzU8DSU+s4C1gqw/mrc7J8beFJhQmyAAAgAElEQVR7WP/Ur1zG9i7TEwBRQSAAAb4wBYBFU+cJ4BfnlwAAAhDALwFg0dR5AvjF+SUQCAAFrEC4aJwnQAFLz7UQdwErVyPy0JIqWb+t4Sqhyvzm0ZXyw2NK9IRAVBDwSYAvTD5B0QwCIoJfWAYQ8E8Av/hnRUsI4BfWQBACFLCC0KJtPQEKWHouhrgLWCrLDZ/UeUWs6lxdfdLf+nqx3HJWpRxyEO9h6bkSiMoPAb4w+aFEGwh8SQC/sBIg4J8AfvHPipYQwC+sgSAEKGAFoUVbCliar4EkClgq5Zfeq5F5qwrfwzqjW6n8yyDew9J8SRDeAQjwhYnlAQH/BPCLf1a0hAB+YQ1AwD8B/OKfFS1FKGCxCkIR4ARWKGyJd0qqgKUCn7MiJ6s2FL6HNfm0ChnaszTxvJgAAkkQ4AtTElQZ01YC+MVWZckrCQL4JQmqjGkrAfxiq7LJ5EUBKxmu1o9KAUtPiZMsYH2+p04eWFIlH3/WcJXwoPIiuWVMpXznyGI9gRAVBA5AgC9MLA8I+CeAX/yzoiUE8AtrAAL+CeAX/6xoyQks1kBIAhSwQoJLuFuSBSwV+jsf1MojS6sKsujWsUSmn1UpJdSwElaX4eMmwBemuIkyns0E8IvN6pJb3ATwS9xEGc9mAvjFZnXjz40TWPEzdWJEClh6ypx0AUtl/cIbOXnhzcKrhL/4UZlc0L9cTyhEBYH9EOALE0sDAv4J4Bf/rGgJAfzCGoCAfwL4xT8rWnICizUQkgAFrJDgEu6WRgFLpTB7WbW8vaWmIJurh1XIKcfxHlbCEjN8jAT4whQjTIayngB+sV5iEoyRAH6JESZDWU8Av1gvcawJcgIrVpzuDEYBS0+t0ypgfbyjTh5cUi07d9fWgzj8q8UyfUylHHVokZ5wiAoCTQjwhYklAQH/BPCLf1a0hAB+YQ1AwD8B/OKfFS05gcUaCEmAAlZIcAl3S6uApdJYvaFGnlpRXZBRny6lMm1ERcJZMjwE4iHAF6Z4ODKKGwTwixs6k2U8BPBLPBwZxQ0C+MUNnePKkhNYcZF0bBwKWHoKnmYBSxGYvzony9cWvod1Tt9yObtPmZ6AiAoCjQjwhYnlAAH/BPCLf1a0hAB+YQ1AwD8B/OKfFS05gcUaCEmAAlZIcAl3S7uAlasReWhJlazf1nCVUKX4//2iUk7qXJJwtgwPgWgE+MIUjR+93SKAX9zSm2yjEcAv0fjR2y0C+MUtvaNmywmsqAQd7U8BS0/h0y5gKQobt9XKQy9WS1Wurh7K0YcVyy1nVUq7g3kPS8+VQlSKAF+YWAcQ8E8Av/hnRUsI4BfWAAT8E8Av/lnRkhNYrIGQBChghQSXcLcsClgqpRV/q5FnXi18D+uU75bK1UN5DythyRk+AgG+MEWAR1fnCOAX5yQn4QgE8EsEeHR1jgB+cU7ySAlzAisSPnc7U8DSU/usCliKhipgqUJW48+EU8rlzBN5D0vP1UJUfGFiDUDAPwH84p8VLSGAX1gDEPBPAL/4Z0VLTmCxBkISoIAVElzC3bIsYKkrhOoqobpS2PijrhL2/CbvYSUsPcOHIMAXphDQ6OIsAfzirPQkHoIAfgkBjS7OEsAvzkofKnFOYIXCRicKWHqugSwLWIpIc+9hHdv+y/ewvtaK97D0XDXuRsUXJne1J/PgBPBLcGb0cJcAfnFXezIPTgC/BGfmcg8KWC6rHyF3ClgR4CXYNesClkqtufewTj++VC4fzHtYCUrP0CEI8IUpBDS6OEsAvzgrPYmHIIBfQkCji7ME8Iuz0odKnAJWKGx0ooCl5xrQoYClyDT3HtakUyvk5yeU6gmOqJwkwBcmJ2Un6ZAE8EtIcHRzkgB+cVJ2kg5JAL+EBOdoNwpYjgofNW0KWFEJJtNflwJWc+9hlZeKd5Xw+x14DysZ9Rk1KAG+MAUlRnuXCeAXl9Un96AE8EtQYrR3mQB+cVn94LlTwArOjB4iQgFLz2WgSwFL0WnuPazjvlHiFbFalevJj6jcIsAXJrf0JttoBPBLNH70dosAfnFLb7KNRgC/ROPnWm8KWK4pHlO+FLBiAhnzMDoVsFRqzb2H9bMflMrFp/MeVszSM1wIAnxhCgGNLs4SwC/OSk/iIQjglxDQ6OIsAfzirPShEqeAFQobnShg6bkGdCtgKUrNvYd16U8rZFB33sPScxW5ExVfmNzRmkyjE8Av0RkygjsE8Is7WpNpdAL4JTpDl0aggOWS2jHmSgErRpgxDqVjAau597C+Uilyy+hK6XIk72HFKD9DBSTAF6aAwGjuNAH84rT8JB+QAH4JCIzmThPAL07LHzh5CliBkdFBEaCApec60LGApUg19x5W945fvodVUqwnS6KynwBfmOzXmAzjI4Bf4mPJSPYTwC/2a0yG8RHAL/GxdGEkClguqJxAjhSwEoAaw5C6FrBUas29hzWyV5lMHMCL7jFIzxAhCPCFKQQ0ujhLAL84Kz2JhyCAX0JAo4uzBPCLs9KHSpwCVihsdKKApeca0LmApYg19x7WlUMqZOD3eQ9LzxVld1R8YbJbX7KLlwB+iZcno9lNAL/YrS/ZxUsAv8TL0/bRKGDZrnBC+VHASghsxGF1L2A19x7Woa2LvKuE3zycu4QR5ad7QAJ8YQoIjOZOE8AvTstP8gEJ4JeAwGjuNAH84rT8gZOngBUYGR0UAQpYeq4D3QtYilpz72H1+laJ3HRmpZ5QicpaAnxhslZaEkuAAH5JACpDWksAv1grLYklQAC/JADV4iEpYFksbpKpUcBKkm74sU0oYKnsmnsPa8yPy2T8T3gPK7z69AxKgC9MQYnR3mUC+MVl9ck9KAH8EpQY7V0mgF9cVj947hSwgjOjByewtF0DphSwFMDm3sO69ucV0u87vIel7QKzLDC+MFkmKOkkSgC/JIqXwS0jgF8sE5R0EiWAXxLFa93gFLCskzSdhDiBlQ7noLOYVMBq7j2s9l8rklvGtJJvtCkKmjrtIRCYAF+YAiOjg8ME8IvD4pN6YAL4JTAyOjhMAL84LH6I1ClghYBGF97A0nUNmFTAUgybew+rT5dSmTaiQlfExGURAb4wWSQmqSROAL8kjpgJLCKAXywSk1QSJ4BfEkds1QQUsKySM71kOIGVHusgM5lWwFK5Nfce1tjeZfJP/XgPK4j2tA1OgC9MwZnRw10C+MVd7ck8OAH8EpwZPdwlgF/c1T5M5hSwwlCjD79CqOkaMLGApVA29x7WlKEV0v+7vIel6VKzIiy+MFkhI0mkRAC/pASaaawggF+skJEkUiKAX1ICbck0FLAsETLtNDiBlTZxf/OZWsCqqqmTh5dUy/pttfWJHnJQkfz76Eo5tn2xv+RpBYGABPjCFBAYzZ0mgF+clp/kAxLALwGB0dxpAvjFafkDJ08BKzAyOigCFLD0XAemFrDya+qhJXtlT3UD224dS7wiVlmJnryJymwCfGEyWz+iT5cAfkmXN7OZTQC/mK0f0adLAL+ky9v02Shgma5gRvFTwMoIfAvTmlzAUqn99e85+ePKXEGWQ3uWyeTTeA9LzxVndlR8YTJbP6JPlwB+SZc3s5lNAL+YrR/Rp0sAv6TL2/TZKGCZrmBG8VPAygi85QUsld5/v5aTZe8WFrEuOrVchp1Qpid0ojKWAF+YjJWOwDMggF8ygM6UxhLAL8ZKR+AZEMAvGUA3eEoKWAaLl2XoFLCypL//uU0/gZXP7HcvVsnaDxvewyotFrl5dKX06MRdQj1XnplR8YXJTN2IOhsC+CUb7sxqJgH8YqZuRJ0NAfySDXdTZ6WAZapyGcdNAStjAfYzvS0FrI93iKj3sHbsrqvP9FtfL5abzqyUtl8p0hM+URlHgC9MxklGwBkSwC8Zwmdq4wjgF+MkI+AMCeCXDOEbODUFLANF0yFkClg6qLBvDLYUsFRmazbVyJMvNXrRXUROPq5U/nVYhZ7wico4AnxhMk4yAs6QAH7JED5TG0cAvxgnGQFnSAC/ZAjfwKkpYBkomg4hU8DSQQW7C1gqu4Vv1Mif3ywsYp3Tt1zO7sN7WHquQLOi4guTWXoRbbYE8Eu2/JndLAL4xSy9iDZbAvglW/6mzU4ByzTFNImXApYmQjQJw6YTWPnUHvtLlbz5fsN7WOrPpw6vkL5dS/UUgaiMIcAXJmOkIlANCOAXDUQgBGMI4BdjpCJQDQjgFw1EMCgEClgGiaVTqBSwdFKjIRYbC1jbv6iT3y2ulm2fNxSx2n21SP59dKV0PKxYTyGIyggCfGEyQiaC1IQAftFECMIwggB+MUImgtSEAH7RRAhDwqCAZYhQuoVJAUs3Rb6Mx8YClsrrnQ9q5ZGlVQXQf3hMiffLhHwgEJYAX5jCkqOfiwTwi4uqk3NYAvglLDn6uUgAv7ioevicKWCFZ+d0TwpYespvawFL0X7x7Zz86fVcAfgRPyyTfx5YrqcYRKU9Ab4waS8RAWpEAL9oJAahaE8Av2gvEQFqRAC/aCSGAaFQwDJAJB1DpICloyr2nsDK0/7Dimp5bUNNAfxLf1ohg7rzHpaeK1LvqPjCpLc+RKcXAfyilx5EozcB/KK3PkSnFwH8opceukdDAUt3hTSNjwKWnsLYfAJLEd+1p04eWlolH2yvqxegVXmR3HRmhXy/Q4meohCVtgT4wqStNASmIQH8oqEohKQtAfyirTQEpiEB/KKhKBqH9P+z9yZQchRnuvZX1Zu6JYGEFgRIgGVk4WUMMlwZDINss10GZGPAArMMl4EBNAZs4THG+BiMGTMM/IMvm1kM945ZPMAYRtfAGLNcDxgNmzAgLjYgA1pACLS2Wt2t3qr+E1ldLZW6pa7Myoz8IvKpc/r0osiIL543XyrzJTKKAEuxOJpLI8DSqY7vAZah/u5HBfmXp7ulb3OGJdN3yQebuo9uzukUhqpUEuCCSaUsFKWUAH5RKgxlqSSAX1TKQlFKCeAXpcIoLYsAS6kw2ssiwNKpUBYCLEP+ubf75OE/9FSIcMRn6+V7xzTpFIaqVBLggkmlLBSllAB+USoMZakkgF9UykJRSgngF6XCKC2LAEupMNrLIsDSqVBWAixD//+81CMvvlO5H9bffqlRTjqwQac4VKWOABdM6iShIMUE8IticShNHQH8ok4SClJMAL8oFkdhaQRYCkVxoSQCLJ0qZSnA6u4ryp1P98iS1YUKMf7h6yPkwGnsh6XzDNVVFRdMuvSgGt0E8ItufahOFwH8oksPqtFNAL/o1kdbdQRY2hRxpB4CLJ1CZSnAMgqY8/Bfnu6STVs8Tbjb2Lz840lNYr7zgsD2CHDBxPkBgeoJ4JfqWdESAviFcwAC1RPAL9WzoqUIARZnQSQCBFiRsCV+UNYCLAP0pXd75d8X9lawPWCvOvnJnBGJ82YAtwlwweS2flRvlwB+scub0dwmgF/c1o/q7RLAL3Z5uz4aAZbrCqZUPwFWSuCHGTaLAZZB8ptXe2XBW5Uh1pwDGuScLzfqFIqqVBDggkmFDBThCAH84ohQlKmCAH5RIQNFOEIAvzgilJIyCbCUCOFaGQRYOhXLaoBl1PjFM92y+IPK/bD+/ugmOWqfep1iUVXqBLhgSl0CCnCIAH5xSCxKTZ0AfkldAgpwiAB+cUgsBaUSYCkQwcUSCLB0qpblAGtVW0HufLpX1nVsDrGaG0WuOqlZPjOZ/bB0nrHpVsUFU7r8Gd0tAvjFLb2oNl0C+CVd/ozuFgH84pZeaVdLgJW2Ao6OT4ClU7gsB1hGkT+t6JN7Fmyxo7uIfGKXvPzTSc2yQ7NOzagqPQJcMKXHnpHdI4Bf3NOMitMjgF/SY8/I7hHAL+5plmbFBFhp0nd4bAIsneJlPcAyqjz9Rq889lrlfliHfaZevv+VJp2iUVVqBLhgSg09AztIAL84KBolp0YAv6SGnoEdJIBfHBQtxZIJsFKE7/LQBFg61SPAKunywAs98vLSvgqR/mZWg5xyEJu66zxz06mKC6Z0uDOqmwTwi5u6UXU6BPBLOtwZ1U0C+MVN3dKqmgArLfKOj0uApVNAAqySLpt6RH7xdJcsX1usEOqy45rkkL3Z1F3n2Wu/Ki6Y7DNnRHcJ4Bd3taNy+wTwi33mjOguAfzirnZpVE6AlQZ1D8YkwNIpIgHWZl3eW1OUf/l9VxBmlV8Td8jJP544QvacwKbuOs9gu1VxwWSXN6O5TQC/uK0f1dslgF/s8mY0twngF7f1s109AZZt4p6MR4ClU0gCrEpd/rCkTx58sXJT9/0+VidXnThC8mRYOk9ii1VxwWQRNkM5TwC/OC8hE7BIAL9YhM1QzhPAL85LaHUCBFhWcfszGAGWTi0JsAbr8tvXeuX3b1Ru6v61/RvkvCPYD0vnWWyvKi6Y7LFmJPcJ4Bf3NWQG9gjgF3usGcl9AvjFfQ1tzoAAyyZtj8YiwNIpJgHW0Lrc81898qf3Kzd1/9aRTfKV/dgPS+eZbKcqLpjscGYUPwjgFz90ZBZ2COAXO5wZxQ8C+MUPHW3NggDLFmnPxiHA0ikoAdbQuqxtL8idv++V1W2FgQb1eZGrvtEsM/bgWUKdZ3PyVXHBlDxjRvCHAH7xR0tmkjwB/JI8Y0bwhwB+8UdLGzMhwLJB2cMxCLB0ikqAtW1d3lppQqzuigYfm5CXf/rGCBk3KqdTUKpKlAAXTInipXPPCOAXzwRlOokSwC+J4qVzzwjgF88ETXg6BFgJA/a1ewIsncoSYG1flwVv9cpvXq3cD2vWJ+vk0q+N0CkoVSVKgAumRPHSuWcE8ItngjKdRAngl0Tx0rlnBPCLZ4ImPB0CrIQB+9o9AZZOZQmwhtfl/7zUIy++U7kf1mkHN8j/OIRN3Yen51cLLpj80pPZJEsAvyTLl979IoBf/NKT2SRLAL8ky9e33gmwfFPU0nwIsCyBDjkMAdbwwHr6RH7xdJcsWV2saHzJV5vk0E+zqfvwBP1pwQWTP1oyk+QJ4JfkGTOCPwTwiz9aMpPkCeCX5Bn7NAIBlk9qWpwLAZZF2CGGIsCqDtYH64vyL093S3vX5hBrzMicXHXiCJk2iU3dq6PofisumNzXkBnYI4Bf7LFmJPcJ4Bf3NWQG9gjgF3usfRiJAMsHFVOYAwFWCtCrGJIAqwpI/U0WLe+T+5/rqTjgs7vXBSFWU0P1/dDSXQJcMLmrHZXbJ4Bf7DNnRHcJ4Bd3taNy+wTwi33mLo9IgOWyeinWToCVIvztDE2AFU6XJ1/vk9/9sTLEOmqfevn7o5vCdURrJwlwweSkbBSdEgH8khJ4hnWSAH5xUjaKTokAfkkJvKPDEmA5KlzaZRNgpa3A0OMTYIXX5b7neuS15ZWbupsN3c3G7rz8JsAFk9/6Mrt4CeCXeHnSm98E8Ivf+jK7eAngl3h5+t4bAZbvCic0PwKshMDW2C0BVniAbZ1F+cXvu2Vla+Wm7t+b3SRH/AWbuocn6s4RXDC5oxWVpk8Av6SvARW4QwC/uKMVlaZPAL+kr4FLFRBguaSWoloJsBSJsUUpBFjRdFm6piB3P9Mjnd2bQyyzD9Y/ntgs++zOpu7RqOo/igsm/RpRoR4C+EWPFlSinwB+0a8RFeohgF/0aOFCJQRYLqiksEYCLIWiiAgBVnRdzGOE5nHCLV+7j8/LP84ZIZPG5KJ3zJFqCXDBpFYaClNIAL8oFIWS1BLAL2qloTCFBPCLQlEUl0SApVgczaURYOlUhwCrNl0WvNUrv3m1t6KT/za1Tq6c0yT5PCFWbXT1Hc0Fkz5NqEgvAfyiVxsq00cAv+jThIr0EsAverXRWBkBlkZVHKiJAEunSARYtevyH6/2yn+9VRliHTOjXuYdxScT1k5XVw9cMOnSg2p0E8AvuvWhOl0E8IsuPahGNwH8olsfbdURYGlTxJF6CLB0CkWAFY8uv3y2W/74XqGiszO/2Cgnf4FPJoyHsI5euGDSoQNVuEEAv7ihE1XqIIBfdOhAFW4QwC9u6KSlSgIsLUo4VgcBlk7BCLDi0aW9W+Tu33fJ8rWVn0x4yVeb5NBP88mE8VBOvxcumNLXgArcIYBf3NGKStMngF/S14AK3CGAX9zRSkOlBFgaVHCwBgIsnaIRYMWnywfrinLXgm7Z0Lk5xBo1Iic/mTNCPjOZTyaMj3R6PXHBlB57RnaPAH5xTzMqTo8AfkmPPSO7RwC/uKdZmhUTYKVJ3+GxCbB0ikeAFa8ub6woyN0Luis6nToxL1eeOEImjGZT93hp2++NCyb7zBnRXQL4xV3tqNw+AfxinzkjuksAv7irXRqVE2ClQd2DMQmwdIpIgBW/Ls+/3SsP/aFyU/cDp9XJP3x9RPyD0aNVAlwwWcXNYI4TwC+OC0j5VgngF6u4GcxxAvjFcQEtl0+AZRm4L8MRYOlUkgArGV0ef61XnnqjMsQ6dv96Of8IPpkwGeJ2euWCyQ5nRvGDAH7xQ0dmYYcAfrHDmVH8IIBf/NDR1iwIsGyR9mwcAiydghJgJafLAy/0yMtL+yoGOOfLjTLnAD6ZMDnqyfbMBVOyfOndLwL4xS89mU2yBPBLsnzp3S8C+MUvPZOeDQFW0oQ97Z8AS6ewBFjJ6dLTK3Lngi5596PKTya89GtNMuuTfDJhcuST65kLpuTY0rN/BPCLf5oyo+QI4Jfk2NKzfwTwi3+aJjkjAqwk6XrcNwGWTnEJsJLVZfXGotz1TLesadscYo1pKX0y4d678smEydKPv3cumOJnSo/+EsAv/mrLzOIngF/iZ0qP/hLAL/5qm8TMCLCSoJqBPgmwdIpMgJW8Lm9/VJC7n+mWni2eJpy+S538ZE6TjB3JJxMmr0B8I3DBFB9LevKfAH7xX2NmGB8B/BIfS3rynwB+8V/jOGdIgBUnzQz1RYClU2wCLDu6vLykTx54sadisL+cXic/Op5PJrSjQDyjcMEUD0d6yQYB/JINnZllPATwSzwc6SUbBPBLNnSOa5YEWHGRzFg/BFg6BSfAsqfLf/6pV574f5WfTPjV/RrkgiMb7RXBSDUR4IKpJnwcnDEC+CVjgjPdmgjgl5rwcXDGCOCXjAle43QJsGoEmNXDCbB0Kk+AZVeXX/+hV154uzLEOv0vG+Sv/5IQy64S0UbjgikaN47KJgH8kk3dmXU0AvglGjeOyiYB/JJN3aPOmgArKrmMH0eApfMEIMCyr8tdC3rkzRVbbIglIt/+700y+3N8MqF9NcKNyAVTOF60zjYB/JJt/Zl9OAL4JRwvWmebAH7Jtv5hZ0+AFZYY7QMCBFg6TwQCLPu6tHYWg03dP1i/+ZMJTRU/Or5J/nI6IZZ9RaofkQum6lnREgL4hXMAAtUTwC/Vs6IlBPAL50AYAgRYYWjRdoAAAZbOk4EAKx1dlq8pyt0LuqW9a3OINXqEyLWnNsvUifl0imLUYQlwwTQsIhpAYIAAfuFkgED1BPBL9axoCQH8wjkQhgABVhhatCXAUn4OEGClJ9Dr7/XJvz5b+cmEu4/Py//622bJ5dKri5G3TYALJs4OCFRPAL9Uz4qWEMAvnAMQqJ4AfqmeFS1FCLA4CyIRYAVWJGyJH0SAlTji7Q7wX2/1yn+8Wrmp+z6754OVWLz0EeCCSZ8mVKSXAH7Rqw2V6SOAX/RpQkV6CeAXvdporIwAS6MqDtREgKVTJAKs9HX5zau9suCtyhDri5+slx9+rSn94qigggAXTJwQEKieAH6pnhUtIYBfOAcgUD0B/FI9K1qyAotzICIBAqyI4BI+jAArYcBVdn/fcz3y2vLKTyb82v4Nct4RjVX2QDMbBLhgskGZMXwhgF98UZJ52CCAX2xQZgxfCOAXX5S0Mw9WYNnh7N0oBFg6JSXA0qFLZ7f5ZMIeWbqmUFHQvKOa5JgZfDKhDpVEuGDSogR1uEAAv7igEjVqIYBftChBHS4QwC8uqKSnRgIsPVo4VQkBlk65CLD06PJha1HuWtAt69s3fzKhqe66v26Wz0zmkwk1KMUFkwYVqMEVAvjFFaWoUwMB/KJBBWpwhQB+cUUpHXUSYOnQwbkqCLB0SkaApUuXt1YW5K5nuqVYmWHJr78zUkayJVbqYnHBlLoEFOAQAfzikFiUmjoB/JK6BBTgEAH84pBYCkpVHWAVi0V544035Pbbb5dHHnlE3nzzTdlpp53k0EMPlblz58qsWbMknw+3kmHVqlVyxx13yP333y8vv/yyTJ8+XY4++mg5//zzZc899xxSkkKhIE899ZTcfPPN8uSTT0pPT48cdNBBctZZZ8kxxxwjTU1D34kuWbJEbrjhhoHaZ8yYIXPmzJEzzzxTJkyYEFr+KP11dXXJww8/HDBcsGCBNDQ01MSvXDQBVmj5rBxAgGUFc6hBFr7bK/MXVm7qPqYlJw98uyVUPzSOnwAXTPEzpUd/CeAXf7VlZvETwC/xM6VHfwngF3+1TWJmagMsE17dd9998s1vflPWrl0bBE177LGHbNiwQZ577rmAxSWXXBJ8jRw5sio27733npx77rlBoGT6mjZtmixfvjwIxvbZZ58goDrwwAMr+urr65O77747CLja2trkgAMOCEKgV155Jfh9WzWYfzdjPf/880HtU6ZMkcWLF8vSpUvliCOOkBtvvDEYv9pXlP5MeHX11VfLpZdeKqNHj5Z99903CN8MP/P7lVdeGdRYXx9+Tx4CrGqVs9uOAMsu72pHe/L1XvndHytDrE/sUic3nzGi2i5olwABLpgSgEqX3hLAL95Ky8QSIIBfEoBKl94SwC/eSpvIxNQGWIsWLZKTTjpJOjo65KabbpKjjjoqWG1lgq2FCxcGgZIJh0y4dMoppwwLp7OzUy666KIgOPrRj34U/Nzc3Cwm5DF9zJs3Tw477DC59dZbK1ZHmVVLpv9JkyYFdey3337BWO+8845ccMEF8vTTT8ttt90W1Fp+mVVe55xzjjzxxBPy05/+VE4//fQgJGpvb38mjW8AACAASURBVJdrrrlGLr/8cjnvvPOCcMnUMNwran/33nuvnH322XLIIYcEtZvQbkt+K1eulHvuuSdYTRb2RYAVlpid9gRYdjhHGeXfF/bIS+9WfjLhkZ9tkIuO4ZMJo/CM4xgumOKgSB9ZIYBfsqI084yDAH6JgyJ9ZIUAfsmK0vHMU22AZYKfCy+8UP75n/85CJdyuVzFjB977DE54YQT5Nhjjw3CGbOiaHuvF154IWhrVlCZRwjHjh070Ly3t1cuu+yyYEXSAw88IMcdd1zwbybcMkHX9ddfX/H38oHlkG3vvfeu6PPBBx+U448/Pgi4TEi15SOGZgWZCd8ef/xxmT9/vsycOXNYJaP0t27duuBRRbPaaqhxyvzOOOOMQTUOW5CIEGBVQ8l+GwIs+8yrHbG3UPpkwj9/WPnJhH8zq0FOOYgQq1qOcbbjgilOmvTlOwH84rvCzC9OAvglTpr05TsB/OK7wvHOT2WAtWnTJvnJT34i//Zv/xYEQ0OtEDKP/Z144onByiizimjcuHHbJVMOxG655ZZgddTWL7OSyuypZcKyq666ShobG4PH/U4++eTgZzPGrrvuWnGYWR32rW99K3gk8aGHHgpWZ3V3d8vFF18crLwyIdHhhx8+aKw777wzWJV17bXXBuNt7xW1P/MfgtmzZweryoYK+MyqLjM3M4df/vKXweqsMC8CrDC07LUlwLLHOspI6zYW5K4FvfLRhsoQ6++PbpSj9mmI0iXH1ECAC6Ya4HFo5gjgl8xJzoRrIIBfaoDHoZkjgF8yJ3lNE1YZYFUzI7P6yazAmjp16rABlgnEvvOd78jPfvazYDN280jd1q+hAjGzesnsV2WCsuuuu05aWgZvunzFFVcEe0yVH2U0K59OO+00WbZsWbBRvFmdtfXLPJZ48MEHB0GaCbq29xhh1P7M/mHmsUazssx8bb2CzTxSacIz88jkM888E/oxQgKsas5S+20IsOwzDzviklUmxOqRrp7Kjya8cs4I+fxedWG7o30NBLhgqgEeh2aOAH7JnORMuAYC+KUGeByaOQL4JXOS1zRhJwMss4+TCX5MKPXDH/4wCGjq6rZ949fa2hp8YqAJjsorpbamtmbNmmCvK7MvlAl/zMbrv/71r+WrX/1qxaqsrY8zK7NOPfVU+fGPfxzUUl61Zdpta2VTmNVjUfsrrzjb3iqvrcO3MGcSAVYYWvbaEmDZY13LSK8t75P7nusZ1MUtf9Ms0yaF+2TVWurI+rFcMGX9DGD+YQjglzC0aJt1Avgl62cA8w9DAL+EoUVbJwMss4rKPIJnVkSZjco/+9nPblfJocKpagKsrcOpoQbZuk014VQ1bcpjVdN2qDbVhFPVtNkWWAIsnf/xIMDSqctQVT3/dq889IfKTyY07e6/oEXGjarc88+dWblVKRdMbulFtekSwC/p8md0twjgF7f0otp0CeCXdPm7NrpzAdazzz4rc+fODT4F0Oxn9Y1vfGPQ43HVhFPVtCHA2vbpTICl0+oEWDp12VZVv/tjjzz5euUnE5q2T3x/pGz1uRVuTcyRarlgckQoylRBAL+okIEiHCGAXxwRijJVEMAvKmRwpghnAizz2OBvf/tb+fa3vy0rVqwIHiE0q7Dq6+uHhc0KrFOGZFTrCqzfPf/WsOxpAAEIbJ/A8++PkT99NKqiUWNdUf7hsDdBBwEIQAACEIAABCAAAQhAIBUC5kPqtL2cCLB6e3uDjdovvPDCgN8NN9wQbFCez1e3V0xbW5t885vfFLMp+69+9ashHzksh1yrV68OHkvca6+95PHHHw82cf/+978vJuwZap+t8iqtK6+8MmhnwjWzl5Z5DfXJhebv5Uf+Jk+eLHfddZeMHTt2m+dF1P7M5uznnntusEptqE9dNAOWAywzX7NRfZiXWYFFgBWGGG0hsG0CTy/ZSd5ZV/khEWObu+X7h7wDNghAAAIQgAAEIAABCEAAAtYJEGBFQN7e3i4mHDJfZmN1E8jMmjVr2McGtxyKTyHkUwgjnHpOHsIjhE7KFhT9i993y+KVhYoJfGq3vNxwerO7k1JeOUvWlQtEeaoI4BdVclCMcgL4RblAlKeKAH5RJYf6YlSvwDIrp773ve/JzTffHKyEuu6662TvvfeOBLX8qXzbWpFUXm01b948ueqqq6SxsXHgEwXNz0Otpiqv7HriiScGPt2wu7tbLr744uARx8cee0wOP/zwQfWWV0dt7xMCywdF7c/8h2D27Nly2GGHyU033SSjR4+uqKO8ssv0v61PS9weaPbAinQaJn4QAVbiiBMd4JYnu+W9tZUh1sHT6+Ty40ckOm5WO+eCKavKM+8oBPBLFGock1UC+CWryjPvKATwSxRq2T1GbYBlVl5ddNFF8rOf/Uy+/vWvB4HQbrvtFlmpF154QY499lg54IAD5I477qh4bM88onjZZZcFq7weeOABOe6444Jxurq6ghquv/76ir+Xi1i0aFHwKKMJ1bbs88EHH5Tjjz9eLrjgArn66qulqalpoO4NGzbI+eefHzyeOH/+fJk5c+awc4rS37p16+TMM88MHpscahwTrp1wwglyxhlnDKpx2IJEhACrGkr22xBg2Wce94jX/qZb1m6sDLG+8rkG+dZ/b4x7qMz3xwVT5k8BAIQggF9CwKJp5gngl8yfAgAIQQC/hIBFU1EbYJl9mc4++2z58pe/LGbF0s4771yTXJ2dnUEYdeONNwZh1Xe/+10ZOXJkEFLdfffdYlZefelLX5Kf//znMnHixIGxFixYEOxpNWnSpGDvrf333z94fNF8CqIJqB555JHg+PK+V+bAVatWBftOmZVZJng79dRTgxDLhHLXXHONXH755cG/m39rbh7+8aCo/ZUZHnLIIUEIN3XqVDGb4S9cuDAI0ZYtWxbs92X+PeyLACssMTvtCbDscE5ylI7uopgQa1N3sWKY/3FIo5x2cEOSQ2euby6YMic5E66BAH6pAR6HZo4Afsmc5Ey4BgL4pQZ4GTxUZYBlNlI/7bTT5NFHHx1WkiOPPDJ4vG/cuHFBWxM4HXzwwbL1382/LV68WM4777zg0b499thDpk2bJsuXLw82Vd9nn32CRxUPPPDAijHN6izz2OEll1wi5pFBs4KroaFBXnnlleB383fzZcKwLV/PPvuszJ07V1599dVg764pU6YE4y9dujR4HNIEaWb8LV/lDeGHCrei9Lfl/mHmEcJ9991Xenp6glVZ5nez4sxs9F7NJzluLQQB1rCnZioNCLBSwR77oKs3FuR//qZ7UL8XHtUkR88Y/pNXYy/I0w65YPJUWKaVCAH8kghWOvWUAH7xVFimlQgB/JIIVm87VRlglfdv+uCDD4YFHybAMp2Z1Uzmcb/7779fXn755SBcOvroo4MVSXvuueeQ4xUKBXnqqaeCgOvJJ58MQqCDDjpIzjrrLDnmmGMqHhHcsoMlS5YEq7bMKi0Tks2YMUPmzJkTPNo3YcKEQWNtL8AyjcP2Z44xK8wefvhhuf3224Nwz4Rvhx56aBCumc3wq/0kRwKsYU9FFQ0IsFTIEEsRy9cU5Nb/OzjE+vEJTXLQJwix4oDMBVMcFOkjKwTwS1aUZp5xEMAvcVCkj6wQwC9ZUTqeeaoMsGqdmtmbyjymd9tttw2szKq1T46vJMAKLJ1nBAGWTl2iVvXmij65a0HPoMP/52kj5C+m1EXtluP6CXDBxKkAgeoJ4JfqWdESAviFcwAC1RPAL9WzoqXo3QMrqjhmryuzt1Rra6tcccUVwacJ8oqfAAFW/Ezj6JEAKw6Kuvp4eWmfPPDC4BDr1jObZa+d87qKdawaLpgcE4xyUyWAX1LFz+COEcAvjglGuakSwC+p4nducO9WYJnVV2Yj9h/84AfBxuu8kiFAgJUM11p7JcCqlaDO4xe81Su/ebV3UHG/OLdFJu+U01m0A1VxweSASJSohgB+USMFhThAAL84IBIlqiGAX9RI4UQh3gVYTlD3oEgCLJ0iEmDp1CWOqp58vVd+98fBIda957fIhNGEWFEYc8EUhRrHZJUAfsmq8sw7CgH8EoUax2SVAH7JqvLR5k2AFY1b5o8iwNJ5ChBg6dQlrqoef61XnnpjcIg1/8IWGT2CECssZy6YwhKjfZYJ4Jcsq8/cwxLAL2GJ0T7LBPBLltUPP3cCrPDMOEJECLB0ngYEWDp1ibOqRxf1yjNvDg6xHr2oRRrqCbHCsOaCKQwt2madAH7J+hnA/MMQwC9haNE26wTwS9bPgHDzJ8AKx4vW/QQIsHSeCgRYOnWJu6qHX+6R5/7cN6jbJy8ZGfdQXvfHBZPX8jK5mAngl5iB0p3XBPCL1/IyuZgJ4JeYgXreHQGW5wInNT0CrKTI1tYvAVZt/Fw6+qE/9Mjzb1eGWE31Iv9xESFWtTpywVQtKdpBQAS/cBZAoHoC+KV6VrSEAH7hHAhDgAArDC3aDhAgwNJ5MhBg6dQlqarmL+yRhe9Whlg7tuTkwW+3JDWkV/1yweSVnEwmYQL4JWHAdO8VAfzilZxMJmEC+CVhwJ51T4DlmaC2pkOAZYt0uHEIsMLx8qH1Ay/2yMtLKkOsnXfMyy+/2ezD9BKdAxdMieKlc88I4BfPBGU6iRLAL4nipXPPCOAXzwRNeDoEWAkD9rV7AiydyhJg6dQl6aruf65bFi0vVAyz+/i8/O+zCbG2x54LpqTPTPr3iQB+8UlN5pI0AfySNGH694kAfvFJzeTnQoCVPGMvRyDA0ikrAZZOXWxU9a/Pdsvr71WGWNN3ycvPziDE2hZ/LphsnJmM4QsB/OKLkszDBgH8YoMyY/hCAL/4oqSdeRBg2eHs3SgEWDolJcDSqYutqu75rx750/uVjxN+dkpefnoaIdZQGnDBZOvMZBwfCOAXH1RkDrYI4BdbpBnHBwL4xQcV7c2BAMsea69GIsDSKScBlk5dbFZ15zM98tYHlSEWK7GGVoALJptnJmO5TgC/uK4g9dskgF9s0mYs1wngF9cVtFs/AZZd3t6MRoClU0oCLJ262K7qfz/VLW9/VPk44R7j8/K/2BOrQgoumGyfmYznMgH84rJ61G6bAH6xTZzxXCaAX1xWz37tBFj2mXsxIgGWThkJsHTqkkZVdzzVLe9uFWJN3CEv/3oejxOW9eCCKY0zkzFdJYBfXFWOutMggF/SoM6YrhLAL64ql07dBFjpcHd+VAIsnRISYOnUJa2q7l7QLW+sqFyJNbo5J/PntaRVkqpxuWBSJQfFKCeAX5QLRHmqCOAXVXJQjHIC+EW5QMrKI8BSJogr5RBg6VSKAEunLmlWdf/zPbJoWeWeWPV1Ir/93sg0y1IxNhdMKmSgCEcI4BdHhKJMFQTwiwoZKMIRAvjFEaGUlEmApUQI18ogwNKpGAGWTl3Srmr+wh5Z+G5liGVqevjvW6S5MZd2eamNzwVTaugZ2EEC+MVB0Sg5NQL4JTX0DOwgAfzioGgplkyAlSJ8l4cmwNKpHgGWTl00VPWbV3tlwVu9g0r5twtaZKdR2QyxuGDScGZSgysE8IsrSlGnBgL4RYMK1OAKAfziilI66iTA0qGDc1UQYOmUjABLpy5aqnry9T753R97BpVz59xm2W1sXkuZ1urggskaagbygAB+8UBEpmCNAH6xhpqBPCCAXzwQ0eIUCLAswvZpKAIsnWoSYOnURVNVv3+jR3772uDHCW87q1k+PjFbIRYXTJrOTGrRTgC/aFeI+jQRwC+a1KAW7QTwi3aFdNVHgKVLD2eqIcDSKRUBlk5dtFX1/Nu98tAfBj9OeN1fN8tnJmcnxOKCSduZST2aCeAXzepQmzYC+EWbItSjmQB+0ayOvtoIsPRp4kRFBFg6ZSLA0qmLxqpeXtInD7w4+HHCS7/WJLM+Wa+x5Nhr4oIpdqR06DEB/OKxuEwtdgL4JXakdOgxAfzisbgJTI0AKwGoWeiSAEunygRYOnXRWtXr7/XJvz47OMT62y81ykkHNmgtO7a6uGCKDSUdZYAAfsmAyEwxNgL4JTaUdJQBAvglAyLHOEUCrBhhZqkrAiydahNg6dRFc1WLVxbkF7/vHlTiMTPqZd5RTZpLr7k2LphqRkgHGSKAXzIkNlOtmQB+qRkhHWSIAH7JkNgxTJUAKwaIWeyCAEun6gRYOnXRXtUH64ty0+Ndg8r83J51cuWcJmmoz2mfQqT6uGCKhI2DMkoAv2RUeKYdiQB+iYSNgzJKAL9kVPiI0ybAiggu64cRYOk8AwiwdOriQlWd3UX5//6jW7p6ihXl7jImJ1ed1CyTd/IvxOKCyYUzkxq1EMAvWpSgDhcI4BcXVKJGLQTwixYl3KiDAMsNndRVSYClTpKgIAIsnbq4VNWtT3bJ8rWVIZap/59OGiH7T61zaSrD1soF07CIaACBAQL4hZMBAtUTwC/Vs6IlBPAL50AYAgRYYWjRdoAAAZbOk4EAS6curlX14Is98oclfYPKnndUoxwzw5/N3blgcu3MpN40CeCXNOkztmsE8ItrilFvmgTwS5r03RubAMs9zVRUTIClQoZBRRBg6dTFxar+80+98sT/6x1U+slfaJAzv9jo4pQG1cwFkxcyMglLBPCLJdAM4wUB/OKFjEzCEgH8Ygm0J8MQYHkipO1pEGDZJl7deARY1XGiVXUEnn+7Tx76Q8+gxod+ul7mHtYoY0e6vS8WF0zVnQe0goAhgF84DyBQPQH8Uj0rWkIAv3AOhCFAgBWGFm0HCBBg6TwZCLB06uJyVa8t75P7nhscYk2dmJdzvtwg+0+td3Z6XDA5Kx2Fp0AAv6QAnSGdJYBfnJWOwlMggF9SgO7wkARYDouXZukEWGnS3/bYBFg6dXG9qj9/WJAHXuiRtk2DN3c/58uNMucAN/fF4oLJ9TOT+m0SwC82aTOW6wTwi+sKUr9NAvjFJm33xyLAcl/DVGZAgJUK9mEHJcAaFhENIhJ4f11B/n1hj6xcPzjEOvwv6sUEWa49UsgFU8STgcMySQC/ZFJ2Jh2RAH6JCI7DMkkAv2RS9siTJsCKjC7bBxJg6dSfAEunLr5U1d5VlEdf7ZWXlw7+hEIXHynkgsmXM5N52CCAX2xQZgxfCOAXX5RkHjYI4BcblP0ZgwDLHy2tzoQAyyruqgcjwKoaFQ1rIPDs4l55dFGv9BUGd+LSI4VcMNVwEnBo5gjgl8xJzoRrIIBfaoDHoZkjgF8yJ3lNEybAqglfdg8mwNKpPQGWTl18rOrdVQV5bFGvLF87OMVy5ZFCLph8PDOZU1IE8EtSZOnXRwL4xUdVmVNSBPBLUmT97JcAy09dE58VAVbiiCMNQIAVCRsHRSTQ1SPy6KIeefEdNx8p5IIpovAclkkC+CWTsjPpiATwS0RwHJZJAvglk7JHnjQBVmR02T6QAEun/gRYOnXxvSoTYJkgywRaW780P1LIBZPvZybzi5MAfomTJn35TgC/+K4w84uTAH6Jk6b/fRFg+a9xIjMkwEoEa82dEmDVjJAOIhJYvqYgj73WK+bRwq1fWh8p5IIpotgclkkC+CWTsjPpiATwS0RwHJZJAvglk7JHnjQBVmR02T6QAEun/gRYOnXJSlVmU3ezEuvZxW48UsgFU1bOTOYZBwH8EgdF+sgKAfySFaWZZxwE8EscFLPTBwFWdrSOdaYEWLHijK0zAqzYUNJRDQReXtonj77aK+1dxUG9aHqkkAumGkTm0MwRwC+Zk5wJ10AAv9QAj0MzRwC/ZE7ymiZMgFUTvuweTIClU3sCLJ26ZLGqleuL8tvXemTxSr2PFHLBlMUzkzlHJYBfopLjuCwSwC9ZVJ05RyWAX6KSy+ZxBFjZ1L3mWRNg1YwwkQ4IsBLBSqc1EPjta73y+zd6B/UwdWJeTjmoQb74yfoaeq/tUC6YauPH0dkigF+ypTezrY0AfqmNH0dniwB+yZbetc6WAKtWghk9ngBLp/AEWDp1yXpVi5b3yW8X9Uprx+BHCo/4i3o5+QsNMmVc3jomLpisI2dAhwngF4fFo3TrBPCLdeQM6DAB/OKweCmUToCVAnQfhiTA0qkiAZZOXahKZPXGovx2UY/86f3BjxTu2JILQqwTZjZYRcUFk1XcDOY4AfziuICUb5UAfrGKm8EcJ4BfHBfQcvkEWJaB+zIcAZZOJQmwdOpCVZsJ/N/Xe+WpN3rFfGLh1q/PfaxOTv5Co8zYw85qLC6YODMhUD0B/FI9K1pCAL9wDkCgegL4pXpWtBQhwOIsiESAACsStsQPIsBKHDEDxEBg+ZqCPP1m75CrsUz3J8w0jxU2ilmZleSLC6Yk6dK3bwTwi2+KMp8kCeCXJOnSt28E8ItviiY7HwKsZPl62zsBlk5pCbB06kJVQxN48Z0++c8/Db031u7jcvKNLzSK2SMrqRcXTEmRpV8fCeAXH1VlTkkRwC9JkaVfHwngFx9VTW5OBFjJsfW6ZwIsnfISYOnUhaq2TcBs7G5CLBNmDfX64qdKm7x/fGL8jxVywcSZCYHqCeCX6lnREgL4hXMAAtUTwC/Vs6IljxByDkQkQIAVEVzChxFgJQyY7hMjYDZ3f/qNXlm+dvDmWC2NZjVWg3zjwAbJxfhUIRdMiclJxx4SwC8eisqUEiOAXxJDS8ceEsAvHoqa4JRYgZUgXJ+7JsDSqS4Blk5dqKo6AmZj96f+tO1N3v9iSp2cdGC9HLBXPI8VcsFUnS60goAhgF84DyBQPQH8Uj0rWkIAv3AOhCFAgBWGFm0HCBBg6TwZCLB06kJV4QgMt8n7V/YrbfI+YXRty7G4YAqnC62zTQC/ZFt/Zh+OAH4Jx4vW2SaAX7Ktf9jZE2CFJUb7gAABls4TgQBLpy5UFY3A9jZ5n7RjaZP3Y2ZEX43FBVM0XTgqmwTwSzZ1Z9bRCOCXaNw4KpsE8Es2dY86awKsqOQyfhwBls4TgABLpy5UFZ3AcJu8HzitXmZ/rl4+//G60INwwRQaGQdkmAB+ybD4TD00AfwSGhkHZJgAfsmw+BGmToAVARqHsAJL6zlAgKVVGeqqlcD2Nnk3ff/l9DqZ/bkG2e9j1QdZXDDVqgrHZ4kAfsmS2sy1VgL4pVaCHJ8lAvglS2rXPlcCrNoZZrIHVmDplJ0AS6cuVBUPgeE2eTejfOlTpRVZ++w+fJDFBVM8utBLNgjgl2zozCzjIYBf4uFIL9kggF+yoXNcsyTAiotkxvohwNIpOAGWTl2oKl4Cw23ybkY7/DOlIOvTk7cdZHHBFK8u9OY3Afzit77MLl4C+CVenvTmNwH84re+cc+OACtuohnpjwBLp9AEWDp1oapkCPzx/T554e0++fOHhW0OcNQ+DUGQNX2X/KA2XDAlowu9+kkAv/ipK7NKhgB+SYYrvfpJAL/4qWtSsyLASoqs5/0SYOkUmABLpy5UlSyBRcv65Pm3+2Tp6m0HWSbEmj2jQT6+8+YgiwumZHWhd78I4Be/9GQ2yRLAL8nypXe/COAXv/RMejYEWEkT9rR/AiydwhJg6dSFquwQ+MOSUpD1/tqhg6yGulywGmv2jHrZfXxeuGCyowuj+EEAv/ihI7OwQwC/2OHMKH4QwC9+6GhrFgRYtkh7Ng4Blk5BCbB06kJVdgmYEOuFt3vlw9bikAOPaJDgEws/1viGjG/pkf32289ugYwGAQcJcIPhoGiUnBoB/JIaegZ2kAB+cVC0FEsmwEoRvstDE2DpVI8AS6cuVGWfQG+fyPNv9wZ7ZK3ZOHSQ1VzfJwfu3ip/+1eTZeIOOftFMiIEHCLADYZDYlFq6gTwS+oSUIBDBPCLQ2IpKJUAS4EILpZAgKVTNQIsnbpQVXoENnUX5fl3+uSFP/dJa+fQQdaYkbngscK/2reBICs9qRhZOQFuMJQLRHmqCOAXVXJQjHIC+EW5QMrKI8BSJogr5RBg6VSKAEunLlSVPoG2TUV54Z2CvLC4V9q7hw6yWppEvvypevnyp+tln93r0i+aCiCgiAA3GIrEoBT1BPCLeokoUBEB/KJIDAdKIcByQCSNJRJgaVRFhABLpy5UpYfAuo5isBrLPF7Y3bvtuv7b1LogyDKBVj1Zlh4BqSQ1AtxgpIaegR0kgF8cFI2SUyOAX1JD7+TABFhOypZ+0QRY6WswVAUEWDp1oSp9BFa1FeWxl1bLm6tHSaG47f2vJu+Uk0M/3RCEWeZnXhDIKgFuMLKqPPOOQgC/RKHGMVklgF+yqny0eRNgReOW+aMIsHSeAgRYOnWhKp0EjF/WdtTLh32T5dVlvbKpe9t1mlVY5ccLzeosXhDIGgFuMLKmOPOthQB+qYUex2aNAH7JmuK1zZcAqzZ+mT2aAEun9ARYOnWhKp0EtvTLhs6ivLa8T15d1icr1g29R1Z5FmZ/rPLjhWbfLF4QyAIBbjCyoDJzjIsAfomLJP1kgQB+yYLK8c2RACs+lpnqiQBLp9wEWDp1oSqdBLbllz+tKMhry/pk0fK+7RY+cYfcQJD18Z3zOidJVRCIiQA3GDGBpJtMEMAvmZCZScZEAL/EBDIj3RBgZUTouKdJgBU30Xj6I8CKhyO9ZIPAcH75cENRXltWCB4vXNe+/VVZXzSfXvipejnoEzxemI2zJ3uz5AYje5oz4+gE8Et0dhyZPQL4JXua1zJjAqxa6GX4WAIsneIPd0Ous2qqgkA6BKr1S3dfUV5bWghWZL39UWG7xX5yV/N4YekRwzEtbPqejrKMmgQBbjCSoEqfvhLAL74qy7ySIIBfkqDqb58EWP5qm+jMCLASxRu582pvyCMPwIEQ8IhAFL+8+5EJsgrBflmbera9Kmv0CJHP71Uvn9+rTmZOrZNRIwizPDp1MjkVbjAyKTuTjkgAv0QEx2GZJIBfMil75EkTYEVGl+0DCbB06h/lhlznTKgKAskTqMUvrR3FYEXWomV98sH67T9eaFZizewPskyg1dJImJW8uowQNwFuMOImSn8+SIiwiQAAIABJREFUE8AvPqvL3OImgF/iJup3fwRYfuub2OwIsBJDW1PHtdyQ1zQwB0PAQQJx+eX190obvr/+3vYfLzSIdhqVk89/vF5mfjwffG9qcBAcJWeSADcYmZSdSUckgF8iguOwTBLAL5mUPfKkCbAio8v2gQRYOvWP64Zc5+yoCgLxEojbL2Yllgmy/vh+Qda0DR9mjR+dHwiyzMqsBvZ/j1dgeouVADcYseKkM88J4BfPBWZ6sRLAL7Hi9L4zAizvJU5mggRYyXCttde4b8hrrYfjIaCZQJJ+WbyyIIs/LMhbK/pk9cbtP2JoGE3YwazMqgv2zTJ7ZtUTZmk+dTJZGzcYmZSdSUckgF8iguOwTBLAL5mUPfKkCbAio8v2gQRYOvVP8oZc54ypCgLRCdjyy58/LMjiD0qB1kcbhl+ZNWnHXH+QlZeZe9VLni2zoovMkbER4AYjNpR0lAEC+CUDIjPF2Ajgl9hQZqIjAqxMyBz/JAmw4mcaR4+2bsjjqJU+IJA2gTT88s5HBTGrs95a2Scftg6/MmvXsXmZOTUfBFqfmWI2gE+bGuNnlQA3GFlVnnlHIYBfolDjmKwSwC9ZVT7avAmwonHL/FEEWDpPgTRuyHWSoCoIDE8gbb+8u6rY/5hhr6ysIswa2STy6cl18qnd8sH3z+3Jc4bDq0yLuAhwgxEXSfrJAgH8kgWVmWNcBPBLXCSz0Q8BVjZ0jn2WBFixI42lw7RvyGOZBJ1AwBIBTX5ZurogbwWPGfbJinXDr8wyiHZozg0EWp/bMy9770qgZenUyeQw3GBkUnYmHZEAfokIjsMySQC/ZFL2yJMmwIqMLtsHEmDp1F/TDblOQlQFgc0EtPpl2er+lVkf9Mr7VYZZZlZjR5YCLbMya8aeedl9XB65IRAbAW4wYkNJRxkggF8yIDJTjI0AfokNZSY6IsDKhMzxT5IAK36mcfSo9YY8jrnRBwTiJuCCX5avLcriD/rk3dUFWbKqIMXqFmcFqMaPzgVh1menlB453H08gVbc51CW+uMGI0tqM9daCeCXWglyfJYI4JcsqV37XAmwameYyR4IsHTK7sINuU5yVJVFAq75pbWzKEs+Ksi7qwpBoLWmLUSaJSKj+vfQ2nIfrcb6LCrPnKMQ4AYjCjWOySoB/JJV5Zl3FAL4JQq17B5DgJVd7WuaOQFWTfgSO9i1G/LEQNAxBKog4LpfzF5Zb3/YJ2YzeBNo9fSGC7QMor12Lq3OKoVaOdllDKu0qjh1MtmEG4xMys6kIxLALxHBcVgmCeCXTMoeedIEWJHRZftAAiyd+rt+Q66TKlX5SsAnvxSKIm9/WJA/m6+VffLhhvBhltF53KjcwKcclj/t0Ff9mVc4AtxghONF62wTwC/Z1p/ZhyOAX8LxynprAqysnwER50+AFRFcwof5dEOeMCq6h4D47Je2TrM6qyBLVhflvbV9srI1WqBlTpOpE/Py8Z3zMnVCXqZOzMnHd64LNoznlS0C3GBkS29mWxsB/FIbP47OFgH8ki29a50tAVatBDN6PAGWTuF9viHXSZyqXCaQJb/0FUSWry3I+2sL8p75vq4oazdGD7VMgBWEWhNLwVb5Z5fPB2rfPgFuMDhDIFA9AfxSPStaQgC/cA6EIUCAFYYWbQcIEGDpPBmydEOuUwGqcolA1v3S2SPy3ppSoFUOtTZuih5qGe1ZreWSA8LVyg1GOF60zjYB/JJt/Zl9OAL4JRyvrLcmwMr6GRBx/gRYEcElfFjWb8gTxkv3nhHAL4MFXd9eDFZnBaHWuoJ8uL4oHd21hVqjR+Rk8k552XVs6ftuY3MDP49u5lFEV2zFDYYrSlGnBgL4RYMK1OAKAfziilI66iTA0qGDc1UQYOmUjBtynbpQlU4C+KU6Xdo2FWXl+qJ8uKEUaK3s/242jq/1tTncEtl1bF52M0HXmFzwfUwL4VatfOM8nhuMOGnSl+8E8IvvCjO/OAnglzhp+t8XAZb/GicyQwKsRLDW3Ck35DUjpIMMEcAvtYm9akMh2Bz+w1YJwi0Tcq1rL9TW6RZHtzQODrV2GZOTSTvmZecdc5Ij34qNdTUdcYNRDSXaQKBEAL9wJkCgegL4pXpWtBQhwOIsiESAACsStsQP4oY8ccQM4BEB/BK/mN19Ih9tsUrLrNb6qLUo7V0xLNfaqtwJo3Oy8455mbiD+Z4rfR9TCrfMzy2NJFxxKswNRpw06ct3AvjFd4WZX5wE8EucNP3viwDLf40TmSEBViJYa+6UG/KaEdJBhgjgF3tit3UW5aO2onzUWpAPW0uPIa5qFenqjT/YKs/K7K9lgqxJQaDVH3SNKX03X+NGEXCFOQO4wQhDi7ZZJ4Bfsn4GMP8wBPBLGFq0JcDiHIhEgAArErbED+KGPHHEDOARAfySvphm0/iP2gqydqPImo1FWdtelLVtRVmzsSBx7LG1vRnW56W0gqt/xVZpJVdedjYBV//fGusJucoMucFI3y9U4A4B/OKOVlSaPgH8kr4GLlVAgOWSWopqJcBSJMYWpXBDrlMXqtJJAL/o1KVclQm31phAywRb/V9r2gvS2iHSWeMnI1Y7c7NKa9KYnOwyJh98mZ/Nii6z4bwJvLL04gYjS2oz11oJ4JdaCXJ8lgjglyypXftcCbBqZ5jJHgiwdMrODblOXahKJwH8olOXaqoyjx6aIGt9R1HWbSxIa6eICbxaO4rB31o7k3s0sVxfPi+yy44m4MrLLmPz/T/ngu+7jK2THZqrmYk7bbjBcEcrKk2fAH5JXwMqcIcAfnFHKw2VEmBpUMHBGgiwdIrGDblOXahKJwH8olOXOKoqFvvDLRNqdZaDLRNylVZwre8sSk+C+2+ZObQ0lcKs8gquge8m4BqTl6aGOGZqrw9uMOyxZiT3CeAX9zVkBvYI4Bd7rH0YiQDLBxVTmAMBVgrQqxiSG/IqINEEAv0E8Eu2T4X2bpH1G8sBV6G0msus3gpCL5GNm5JdxTV2ZCnI2nlHGXg8cZcd+x9THJOXvLInFLnByLZfmH04AvglHC9aZ5sAfsm2/mFnT4AVlhjtAwIEWDpPBG7IdepCVToJ4BedumipqrdPZG17Qda1i6xrL8j6drPRvPndBF0iXT3JBlw79z+euOf4vOw+Lid7jM/LHhPystPIdJItbjC0nJnU4QIB/OKCStSohQB+0aKEG3UQYLmhk7oqCbDUSRIUxA25Tl2oSicB/KJTF1eq6uiWYP8t88mJZv+ttR2l303AtbajKMVCMjMZNULEhFqlQKtuINxKelN5bjCS0ZNe/SSAX/zUlVklQwC/JMPV114JsHxVNuF5EWAlDDhi99yQRwTHYZkkgF8yKbu1SZsN5ddsNOFWIQi3zCOK5pFFE3htSGCT+ZbGXLBCq7xa62MT8rLnhPg+LZEbDGunDgN5QAC/eCAiU7BGAL9YQ+3FQARYXshofxIEWPaZVzMiN+TVUKINBEoE8AtnQloE+gqlxxLN44nmMUXzeGLpezH4W0d3fI8nms3k9xyfC8IsE2qZlVsfmxj+UURuMNI6WxjXRQL4xUXVqDktAvglLfJujkuA5aZuqVdNgJW6BEMWwA25Tl2oSicB/KJTF6oy+2tJsKH8mrZCsIprdZv5uSirNhaloyuecGuH5lKw9bGJdf3hVi4IuEaNGHqPLW4wODMhUD0B/FI9K1pCAL9wDoQhQIAVhhZtBwgQYOk8Gbgh16kLVekkgF906kJV2yewqUf6A62CrDbh1oaCrGkv/a27t/Zwa+IO5tHDUpg1dWLpMUTz/eU/vBQUtt9++yERBCAwDAFuyDlFIFA9AfxSPStaihBgcRZEIkCAFQlb4gdxQ544YgbwiAB+8UhMphIQaNtUlFUbirKqrSAfthaDr482FKUzhkcSJ47skt126JIDPj1epu+Sl0/sUidN9YCHAASGIsANOecFBKongF+qZ0VLxwKs3t5eueyyy8Sc5Pfcc4+MGzcutIarVq2SO+64Q+6//355+eWXZfr06XL00UfL+eefL3vuueeQ/RUKBXnqqafk5ptvlieffFJ6enrkoIMOkrPOOkuOOeYYaWpqGvK4JUuWyA033CCPPPKIvPnmmzJjxgyZM2eOnHnmmTJhwoTQtUfpr6urSx5++GG5/fbbZcGCBdLQ0CCHHnqozJ07V2bNmiX5fD50HeYAAqxI2BI/iBvyxBEzgEcE8ItHYjKV7RJo6yzKhxtMoFUIAi3zZX7u7q0NnFmd9YlJ+f5Ay3yvk7polxW1FcLREFBGgBtyZYJQjmoC+EW1POqKc2YFlgmvbrnlFrnkkkvkC1/4QqQA67333pNzzz03CJT22GMPmTZtmixfvjwIl/bZZ58goDrwwAMrROrr65O77747CLja2trkgAMOCEKgV155Jfjd1GO+Ro4cWXGc+Xcz1vPPPx+EZFOmTJHFixfL0qVL5YgjjpAbb7wxGL/aV5T+THh19dVXy6WXXiqjR4+WfffdNwjfnnvuueD3K6+8Mqixvj78/0IlwKpWObvtuCG3y5vR3CaAX9zWj+prJ2A2jTfB1vtrC7JifVHeX1eUts5CTR3vtbNZndUfak0qrdTiBYGsEeCGPGuKM99aCOCXWuhl71gnAiwTFJmw5aqrrgoUOvLII0MHWJ2dnXLRRRcFwdGPfvSj4Ofm5mYxIY8JqObNmyeHHXaY3HrrrRWro8yqpVNOOUUmTZokN91008DeD++8845ccMEF8vTTT8ttt90mJ5100sDZY1Z5nXPOOfLEE0/IT3/6Uzn99NODkKi9vV2uueYaufzyy+W8884LwiVTw3CvqP3de++9cvbZZ8shhxwS1G5Cu2KxKAsXLgwCuZUrVwYczWqysC8CrLDE7LTnhtwOZ0bxgwB+8UNHZhEvgY2bSkFWXKGW2RJ+INAKgq26YE8tXhDwmQA35D6ry9ziJoBf4ibqd3+qAyyz6up3v/ud/OAHP5AXX3xRJk6cKCaIirIC64UXXpBjjz02WEFlHiEcO3bsgLLlRxNNSPbAAw/IcccdF/ybCbdM0HX99ddX/L184KJFi4Lgau+9967o88EHH5Tjjz8+CLhMSLXlI4YbNmwIwqPHH39c5s+fLzNnzhz2DIvS37p164JHFc1qq6HGeeyxx+SEE06QM844Y1CNwxbEI4TVIEqlDTfkqWBnUEcJ4BdHhaNs6wRMqPXi6+/L6o5G6ZQxQcDVXsOnITbU52R6sDqr/Phhnew+buhPP7Q+WQaEQAwEuCGPASJdZIYAfsmM1LFMVHWAZVY/HXzwwcHjbn/3d38nX/nKV4LvZjVU2D2wzEqoCy+8MHgM0ayO2vplVlKZPaHMSiyz0quxsTF43O/kk08Ofjbj7brrrhWHdXR0yLe+9a3gkcSHHnooWJ3V3d0tF198cbDyyoREhx9++KCx7rzzzmBV1rXXXhuMt71X1P7Mfwhmz54drCozq68Mwy1fZlWXmZuZwy9/+ctgdVaYFyuwwtCy15YbcnusGcl9AvjFfQ2ZgT0CW/ultaMo760ryIq1ZsVWIQi1atksvrkxFwRa5tMPPzYhF3z6ofl5ZBPBlj2VGSkuAtyQx0WSfrJAAL9kQeX45qg6wDKrrh599NEg7Nl9992DvapOPPHE0AHWpk2b5Dvf+Y787Gc/CzZjN4/Ubf0aqm+zesnsV2XGvO6666SlpWXQcVdccUWwx5R5DNE8amhWPp122mmybNmyYKN4szpr61c5mDNBmgm6tvcYYdT+7rvvvmB1mNn03nzlcpUXgGYlmwnPzCOTzzzzTOjHCAmw4jNhnD1xQx4nTfrynQB+8V1h5hcngWr8snbj5jArCLXWFqW7t1hTGRN2yMnUiXWy54Rcf7iVD8Ktep5CrIkrBydLgBvyZPnSu18E8ItfeiY9G9UBVjUhUzWAWltbg08MNMFReaXU1setWbMmCKDMvlAm/DEbr//617+Wr371qxWrsrY+zqzMOvXUU+XHP/6x/PCHPxxYtWXabWtlU5ggrrwKLGx/5RVn21vltXX4Vg3LchsCrDC07LWt5gbDXjWMBAHdBPCLbn2oTheBqH5Z1VaUFWsL8t66/u/ri9LXV1uoZchM2am0SsuEW2allgm4powj1dJ11mS3Gm7Is6s9Mw9PAL+EZ5blIzIRYA0VTlUTYG0dTg11omzdpppwqpo25bGqaTtUm2rCqWrabMscBFg6/7MR9QZD52yoCgLJEsAvyfKld78IxOmXla1mk/g+WbGuKO+ZT0BcV5TaIy0JVmWVHz0sfS+t3jKruHhBwCYBbsht0mYs1wngF9cVtFs/AVY/76FCLgKsbZ+MBFh2jVrtaHHeYFQ7Ju0g4CoB/OKqctSdBoGk/WI+9fDD1qJ8uKEoH7YWgu9tnXHEWhLso1VepVX6npfJO+Vk/GhWbKVxLmVhTG7Is6Ayc4yLAH6Ji2Q2+iHAIsAa2L8rzClvAqzfPf9WmENoCwEIQAACEIAABKom0N1XJ2s762X9pnpZ19kg6zY1yvrOBunui2dFVUO+IBNGdsv4kT0yvqW79GV+bu6SUU19VddJQwhAAAIQgICPBMyH1Gl7ZSLAamtrk29+85tiNmX/1a9+JZ/97GcH6VBegbV69Wq59957Za+99pLHH3882MT9+9//vpjH7erq6gYdV16ldeWVVwbtVqxYEeylZV5DfXKh+Xv5kb/JkyfLXXfdJWPHjt3meRG1P7M5+7nnnrvNT100A5YfITTzNRvVh3kRYIWhRVsIQAACEIAABOIi0N5TJ+s3NQShlgm01vUHXIViPMGWqXNEfUHGm3Cr2YRapXBrwsgeGdfSLS0NhFtxaUk/EIAABCCglwABVo3aVLMf1FBD8CmEfAphjaeeM4cn/YiHMyAoFAJVEMAvVUCiCQT6Cbjgl9UbzWOIIh/1P4K4cn1BVrfF8xjilifCji052W1s6THE3XbKy25jczLZfN8pJy2N8YVonHzuEuCRKHe1o3L7BPCLfeYuj5iJFVhGoPKn8t1yyy1yzjnnDNKsvNpq3rx5ctVVV0ljY+PAJwqan4daTVVe2fXEE08MfLphd3e3XHzxxcF4jz32mBx++OGDxiqvjtreJwSWD4ran/kPwezZs+Wwww6Tm266SUaPHl1RR3lll+l/W5+WuL0Tmz2wdNrehRsMneSoKosE8EsWVWfOUQm46pdC0eypVQq1Vm4oBt9NqLVmY/zBlmG700gTauVk8rg6mTx2c8C169icjGgg3Ip6/rl2HDfkrilGvWkSwC9p0ndv7MwEWC+88IIce+yxcsABB8gdd9xR8dheb2+vXHbZZWIeA3zggQfkuOOOC5Ts6uqSiy66SK6//vqKv5dlXrRokZx00kmy9957V/T54IMPyvHHHy8XXHCBXH311dLU1DRwZmzYsEHOP//84PHE+fPny8yZM4c9a6L0t27dOjnzzDODxyaHGseEayeccIKcccYZg2octiARIcCqhpL9Nq7eYNgnxYgQEMEvnAUQqJ6Ab34pFouydqPImvairGkrhVpr24uyuk1kXXuhejAhWppwywRZu+1UJ7uMKf2869i87DomJ2ZVFy9/CHBD7o+WzCR5AvglecY+jZCZAKuzszMIo2688cYgrPrud78rI0eODEKqu+++W8zKqy996Uvy85//XCZOnDig8YIFC4I9rSZNmiQ33HCD7L///pLL5eSdd94JAqpHHnlk0Cboq1atClZ5mZVZZiXWqaeeGoRY7e3tcs0118jll18e/Lv5t+bm5mHPp6j9mb2tzj77bDnkkEOCEG7q1KliLtgWLlwYhGjLli0L9vsy/x72RYAVlpid9r7dYNihxihZJYBfsqo8845CIEt+KRZEVrcXgoBrdZv5boKtUuC1riOZcGtkkwTBlgmzysFWOeSauAOflhjlnE3zGG7I06TP2K4RwC+uKZZuvd4FWCZwOvjgg+XII48MHvsbN27cAOHFixfLeeedFzzat8cee8i0adNk+fLlwabq++yzj9x8881y4IEHVihiVmeZxw4vueQSMY8MmhVcDQ0N8sorrwS/m7+bLxOGbfl69tlnZe7cufLqq6/K9OnTZcqUKWLGX7p0abAxvAnSzPhbvsobwg8VbkXpzwRmZlWZ+TKPEO67777S09MTrMoyv5u/m43e6+vrQ5+FBFihkVk5IEs3GFaAMojXBPCL1/IyuZgJ4JcS0L6iBCu21myxYmvNxkLwSGJrRzKPJTbU5yqCrXLItdvYuiDsyrF4K+azvfbuuCGvnSE9ZIcAfsmO1nHMNFMBlgFmVjOZRwjvv/9+efnll4Nw6eijjw5WJO25555DMi0UCvLUU08FAdeTTz4ZhEAHHXSQnHXWWXLMMcdUPCK4ZQdLliwJVm2ZVVomJJsxY4bMmTMneLRvwoQJg8baXoBlGoftzxxjVpg9/PDDcvvtt4sJ90z4duihhwbh2qxZsySfj/Z/9Qiw4rBf/H1wgxE/U3r0lwB+8VdbZhY/AfwyPNM+s3Ir2F+r/EiiBD+v2yiyPqGVW6aqSWbV1ph8/+OJ5pHEvEzaMScTd8zJDs2kW8MrF38LbsjjZ0qP/hLAL/5qm8TMnAqwqgVg9qYyj+nddtttFSuwqj2edsMTIMAanlEaLbjBSIM6Y7pKAL+4qhx1p0EAv9RGva+vGOy3ZR5DXLuxIGvbzfdS2GX23ioms3hLRjSImEcQdzaB1g79Xzvmg59Lf8tLXbT/l1kbEM+P5obcc4GZXqwE8EusOL3vzLsAy+x1ZfaWam1tlSuuuCL4NEFe8RMgwIqfaRw9coMRB0X6yAoB/JIVpZlnHATwSxwUt93HuiDcKm0kPxBsmd83FqW7L9mxx40qrdYaPzon40flZdzonJi/jR+V6/85L6NGJFuDb71zQ+6boswnSQL4JUm6/vXtXYBlVl+Zjdh/8IMfBBuv80qGAAFWMlxr7ZUbjFoJcnyWCOCXLKnNXGslgF9qJRj9+LZNJtgye2/1ybr+lVvlVVztXQkt3dqq3KaGLQMtE3CJjNsi7GI1VyUwbsijn+8cmT0C+CV7mtcyY+8CrFpgcGz1BAiwqmdlsyU3GDZpM5brBPCL6wpSv00C+MUm7erH2tRT2lQ+WLm1xSqu9e0irR0FKdjJtwYKLq/m2jl4XDEfrOwKHlfs/zkre3JxQ179OUxLCOAXzoEwBAiwwtCi7QABAiydJwM3GDp1oSqdBPCLTl2oSicB/KJTl+GqMqu3WttF1nUUpLWz9PP6zmKwqbz5uaPbbsK1vT25dhqVk51G5mTUCPc3nueGfLgzk3+HwGYC+IWzIQwBAqwwtGhLgKX8HOAGQ7lAlKeKAH5RJQfFKCeAX5QLFLE8s79Wa7sJt0Q2dBakbZNIW0dR2rpKv280f99UFPMJi7ZejfU5MWHW2BYpfR+Zr/i9FHTlZeyonDTV26oq3DjckIfjRetsE8Av2dY/7OwJsMISo31AgBVYOk8EbjB06kJVOgngF526UJVOAvhFpy62qjIrtdo6RcyKrqGCrrZNOdmQwiOLI5tMwGWCrnyweqsUeJVWcpnN6M3P5rFG893mixtym7QZy3UC+MV1Be3WT4Bll7c3oxFg6ZSSGwydulCVTgL4RacuVKWTAH7RqYu2qjZuKgaruDZ0loKuDZ25/u8mADN/s//YomGUz0kpzBpdCrfKjyua72Yz+p1GlUMwEbMCrNYXN+S1EuT4LBHAL1lSu/a5EmDVzjCTPRBg6ZSdGwydulCVTgL4RacuVKWTAH7RqYuLVfX2bRlyFYNHFDd0SH/AVZTWDhN0FaXP7vZcAyhHj9gccG25isuEXeNHm5Ve5hMYc9LStO2gixtyF89Mak6LAH5Ji7yb4xJgualb6lUTYKUuwZAFcIOhUxeq0kkAv+jUhap0EsAvOnXxuar2rtKKLRNmmU9ULP8cBF5mNVdHUcynMKb1MhvSmyBrnAm1gpVcpdVd40fnZPWKxbJDU6/85ec/IyYQ4wUBCGybAAEWZ0cYAgRYYWjRdoAAAZbOk4EbDJ26UJVOAvhFpy5UpZMAftGpS9ar6u7tD7PMY4sdRWkNNp7PSVtX6ZFFs2eX2Yi+O63lXGIeSTRBV74UcAVBlwShVznwKv99xxaCrqyfz1mdPwFWVpWPNm8CrGjcMn8UAZbOU4AbDJ26UJVOAvhFpy5UpZMAftGpC1VVR6Crp/TJiibUCvbpCsItKf3c/7Vxk4hZ9ZXWqz5f+tTFzUGXCby2DL7KARhBV1oaMW4yBAiwkuHqa68EWL4qm/C8CLASBhyxe24wIoLjsEwSwC+ZlJ1JRySAXyKC4zCnCPQVTMBV+rTFUsBVCD590Ty2uDn4yklbZ0HSi7pKG9KPaen/xMVRm38u/V1k7Kh8fxuRhjoCL6dOwgwWS4CVQdFrmDIBVg3wsnwoAZZO9bnB0KkLVekkgF906kJVOgngF526UFV6BILVXGZVV/+KLvOpiyb8Mnt1rV6/Sdp787Kpp04KaSZdIrJjc2lfrtJXPvhuHmMs/2x+5/HF9M4jRhYhwOIsCEOAACsMLdoOECDA0nkycIOhUxeq0kkAv+jUhap0EsAvOnWhKp0EtvSLeSzRrOYKHlvsLPQ/ylhe5VV6nNEEXz0p7tNVX9e/IX2wcqu0Z5d5nHEns1/XwGqu0uqupgZWdOk869ytigDLXe3SqJwAKw3qHoxJgKVTRG4wdOpCVToJ4BedulCVTgL4RacuVKWTQBS/bOou7dO10QRdwX5dpccXSxvSF0qrvTqK0pniJy8a2s2NZsWWyNiWfOn7yNIKrrEtORlT/nmLv5lwjBcEtkeAAIvzIwwBAqwwtGg7QIAAS+fJEOWCSedMqAoCyRPAL8kzZgR/COAXf7RkJskTSNIvvYWitJugy2w6v6kUbLWbPbrM9/5PXzT7dbV3lzapT/s1sklkzMh8aW+uLb6bFV6Vf8vJqBGs7krSeWM0AAAgAElEQVRbrzTGJ8BKg7q7YxJguatdqpUTYKWKf5uDJ3nBpHPGVAWB6ATwS3R2HJk9Avgle5oz4+gENPmltaMgGzblZEOHWdFVlFazKX3wvSitHcXg575C9LnGeaRZrWVWdO00EHSVVnWZv5U3ri8FX6XfeflBgADLDx1tzYIAyxZpz8YhwNIpqKYLJp2EqAoCmwngF84GCFRPAL9Uz4qWEHDNL+axRPN4YnlDevPYYmlD+v4VXv2/d3Slv6Jry7PLBFnm8cXN32Wr3/v/rf9TG/NkXirNSYClUha1RRFgqZVGd2EEWDr1ce2CSSdFqsoKAfySFaWZZxwE8EscFOkjKwR89ot5TLH0CGNRTKBlfjZ/29htfi/9HPy+SYJ/1/Qa3VwZdg0OwEqBmPnkxtHNIiPYsN6KfARYVjB7MwgBljdS2p0IAZZd3tWO5vMFU7UMaAeBagngl2pJ0Q4CIviFswAC1RPAL5tZbRl4bTThltmfqysXBGAbuwr930uBWG9f9YxttDSfuLhDswSBlgm2gp/N5vXN5Z/Nd0KvWrUgwKqVYLaOJ8DKlt6xzZYAKzaUsXbEBVOsOOnMcwL4xXOBmV6sBPBLrDjpzHMC+CWawJt6TKhVCrjazacx9m9Ov9FsVh/8XFrZZUKwbmVhV3nG2wu9zAowE4KNHmFWeOVkh+C7BD9n+elGAqxofsnqUQRYWVW+xnkTYNUIMKHDuWBKCCzdekkAv3gpK5NKiAB+SQgs3XpJAL8kL2tPb+lxxQ7zaYv9jy2aRxjNpzGWHm0sf5V+N+GY5lc51Bo9QoJVXSbUMn+rCLyCv5UCr1L4lZO6vOZZVVcbAVZ1nGhVIkCAxZkQiQABViRsiR/EBVPiiBnAIwL4xSMxmUriBPBL4ogZwCMC+EWfmOaTFk3QtXmfrv4ALAi9SmFXh9nXq7sUeHX0FKWoO/MKILc0yUCYtWUINsoEXCNyUvpeWvU1qj8AK/+bFpUIsLQo4UYdBFhu6KSuSgIsdZIEBXHBpFMXqtJJAL/o1IWqdBLALzp1oSqdBPCLTl3CVtVhNqbvLkqneaQxWO1V2rh+IOQK/t0EXhL8m2njQuhV5lAKuPrDrf4VXSbssh1+EWCFPTOz3Z4AK9v6R549AVZkdIkeyAVTonjp3DMC+MUzQZlOogTwS6J46dwzAvjFM0FDTGdTf6jVboKvbrPKqxAEXOZn8xUEYv1fHd254GftjzcONf3SY4ylxxlLjzpu8Xhj+W9m4/tyMNZcWimWG2KzLwKsECcYTXmEkHMgGgECrGjckj6KC6akCdO/TwTwi09qMpekCeCXpAnTv08E8ItPaiY/F7NqqxRsbR1ymb+bv5VCr44ekY5NhVIQ1lOUTd3J1xb3COXVXVvu7dW1cbU01/fKJ6buWrGxfTkYM+GYD3t9xc0yq/2xAiurytc4bwKsGgEmdDgXTAmBpVsvCeAXL2VlUgkRwC8JgaVbLwngFy9lVTcpE3x19pQea+zskSDQMr93mhVf5nu3BKu7gmAs+G6+cmJWiXX1OrDB1xbERzSIjGzKlb7MY47Bz1v8zfw8ov/f+/8etBmxuQ0hmLpTOFJBBFiRsHEQAZbOc4ALJp26UJVOAvhFpy5UpZMAftGpC1XpJIBfdOpCVZsJFEz4ZQKtntKqLxNq+Rp+lWcdKQQbkZOWxlywWf7IRpGG+iGegeTEskqAAMsqbn8GI8DSqSUXTDp1oSqdBPCLTl2oSicB/KJTF6rSSQC/6NSFquIhYMKv0mb2/QGYWQE2sL+XWe1V+veKvb6CRx7dWvU1FK3G+s1h1sgReWlpNCu8JAi5zAqw0u/93/tXhAV/Mz/3B2Hm9/o6grCoZyMBVlRyGT+OAEvnCcAFk05dqEonAfyiUxeq0kkAv+jUhap0EsAvOnWhqnQJBHt9lR9tNJ/caB5/3FSUZR+skq7evDSPHFsKvwY2ut+8B1i6lcc/elODCbSktLJrRH7gZxOEmX3CykGY+dkEZOZ76edSgGb+fURDNkMwAqz4z8dM9EiApVNmLph06kJVOgngF526UJVOAvhFpy5UpZMAftGpC1XpJFCNX8xeXl1mn6/gy3xyY/n75r93Vfx9c7vSce6v/tpavab6rcOtUtAV7A1mAq/+lWAt5b3D+leKmQCsFJLlpLFe5zmxvaoIsNzTTEXFBFgqZBhURDVvADorpyoI2CeAX+wzZ0R3CeAXd7WjcvsE8It95ozoLgFbfgkfgpXCsa6enGzqLQShmVlF5ssrn9si8Cpvir/FY5HjR+fl5C80qJsuAZY6SdwoiABLp0623gB0zp6qIBCOAH4Jx4vW2SaAX7KtP7MPRwC/hONF62wTcMkv3X0i3eYxyGBFWC74NMfgUx1N0GV+7l8lZlaDdfeWPv3R/D1YBdabk67uQvCzCznYLmNycvfftag7OQmw1EniRkEEWDp1cukNQCdBqsoSAfySJbWZa60E8EutBDk+SwTwS5bUZq61EsiiX7p6zSc/FsR87w5WePUHYebv5cclgzalUKwUmJU2yzcBmPk96dVgH5uQl9v/trlWeWM/ngArdqTZ6JAAS6fOWXwD0KkEVblAAL+4oBI1aiGAX7QoQR0uEMAvLqhEjVoI4JdoSvT09e/zFYRcuSDUMuGXCbkG9gnrXx1W+jcTiG3+t56+7a8D22tSXm79GwKsaOpwlDoCBFjqJAkK4g1Apy5UpZMAftGpC1XpJIBfdOpCVToJ4BedulCVTgL4JT1dzCORwSqvbpHOgRVfpbCrUCjKhX/VlF5x2xiZFVjqJHGjIAIsnTrxBqBTF6rSSQC/6NSFqnQSwC86daEqnQTwi05dqEonAfyiUxdT1YHT6tQVR4ClThI3CiLA0qkTbwA6daEqnQTwi05dqEonAfyiUxeq0kkAv+jUhap0EsAvOnUhwNKrC5VFIECAFQGahUN4A7AAmSG8IYBfvJGSiVgggF8sQGYIbwjgF2+kZCIWCOAXC5AjDsEKrIjgOEwfAQIsfZqYingD0KkLVekkgF906kJVOgngF526UJVOAvhFpy5UpZMAftGpi6mKAEuvNlQWkgABVkhglprzBmAJNMN4QQC/eCEjk7BEAL9YAs0wXhDAL17IyCQsEcAvlkBHGIYAKwI0DtFJgABLpy68AejUhap0EsAvOnWhKp0E8ItOXahKJwH8olMXqtJJAL/o1MVURYClVxsqC0mAACskMEvNeQOwBJphvCCAX7yQkUlYIoBfLIFmGC8I4BcvZGQSlgjgF0ugIwxDgBUBGofoJECApVMX3gB06kJVOgngF526UJVOAvhFpy5UpZMAftGpC1XpJIBfdOpiqiLA0qsNlYUkQIAVEpil5rwBWALNMF4QwC9eyMgkLBHAL5ZAM4wXBPCLFzIyCUsE8Isl0BGGIcCKAI1DdBIgwNKpC28AOnWhKp0E8ItOXahKJwH8olMXqtJJAL/o1IWqdBLALzp1MVURYOnVhspCEiDACgnMUnPeACyBZhgvCOAXL2RkEpYI4BdLoBnGCwL4xQsZmYQlAvjFEugIwxBgRYDGIToJEGDp1IU3AJ26UJVOAvhFpy5UpZMAftGpC1XpJIBfdOpCVToJ4BedupiqCLD0akNlIQkQYIUEZqk5bwCWQDOMFwTwixcyMglLBPCLJdAM4wUB/OKFjEzCEgH8Ygl0hGEIsCJA4xCdBAiwdOrCG4BOXahKJwH8olMXqtJJAL/o1IWqdBLALzp1oSqdBPCLTl1MVQRYerWhspAECLBCArPUnDcAS6AZxgsC+MULGZmEJQL4xRJohvGCAH7xQkYmYYkAfrEEOsIwBFgRoHGITgIEWDp14Q1Apy5UpZMAftGpC1XpJIBfdOpCVToJ4BedulCVTgL4RacupioCLL3aUFlIAgRYIYFZas4bgCXQDOMFAfzihYxMwhIB/GIJNMN4QQC/eCEjk7BEAL9YAh1hGAKsCNA4RCcBAiyduvAGoFMXqtJJAL/o1IWqdBLALzp1oSqdBPCLTl2oSicB/KJTF1MVAZZebagsJAECrJDALDXnDcASaIbxggB+8UJGJmGJAH6xBJphvCCAX7yQkUlYIoBfLIGOMAwBVgRoHKKTAAGWTl14A9CpC1XpJIBfdOpCVToJ4BedulCVTgL4RacuVKWTAH7RqYupigBLrzZUFpIAAVZIYJaa8wZgCTTDeEEAv3ghI5OwRAC/WALNMF4QwC9eyMgkLBHAL5ZARxiGACsCNA7RSYAAS6cuvAHo1IWqdBLALzp1oSqdBPCLTl2oSicB/KJTF6rSSQC/6NTFVEWApVcbKgtJgAArJDBLzXkDsASaYbwggF+8kJFJWCKAXyyBZhgvCOAXL2RkEpYI4BdLoCMMQ4AVARqH6CRAgKVTF94AdOpCVToJ4BedulCVTgL4RacuVKWTAH7RqQtV6SSAX3TqYqoiwNKrDZWFJECAFRKYpea8AVgCzTBeEMAvXsjIJCwRwC+WQDOMFwTwixcyMglLBPCLJdARhiHAigCNQ3QSIMDSqQtvADp1oSqdBPCLTl2oSicB/KJTF6rSSQC/6NSFqnQSwC86dTFVEWDp1YbKQhIgwAoJzFJz3gAsgWYYLwjgFy9kZBKWCOAXS6AZxgsC+MULGZmEJQL4xRLoCMMQYEWAxiE6CRBg6dSFNwCdulCVTgL4RacuVKWTAH7RqQtV6SSAX3TqQlU6CeAXnbqYqgiw9GpDZSEJEGCFBGapOW8AlkAzjBcE8IsXMjIJSwTwiyXQDOMFAfzihYxMwhIB/GIJdIRhCLAiQOMQnQQIsHTqwhuATl2oSicB/KJTF6rSSQC/6NSFqnQSwC86daEqnQTwi05dTFUEWHq1obKQBAiwQgKz1Jw3AEugGcYLAvjFCxmZhCUC+MUSaIbxggB+8UJGJmGJAH6xBDrCMARYEaBxiE4CBFg6deENQKcuVKWTAH7RqQtV6SSAX3TqQlU6CeAXnbpQlU4C+EWnLqYqAiy92lBZSAIEWCGBWWrOG4Al0AzjBQH84oWMTMISAfxiCTTDeEEAv3ghI5OwRAC/WAIdYRgCrAjQOEQnAQIsnbrwBqBTF6rSSQC/6NSFqnQSwC86daEqnQTwi05dqEonAfyiUxdTFQGWXm2oLCQBAqyQwCw15w3AEmiG8YIAfvFCRiZhiQB+sQSaYbwggF+8kJFJWCKAXyyBjjAMAVYEaByikwABlk5deAPQqQtV6SSAX3TqQlU6CeAXnbpQlU4C+EWnLlSlkwB+0amLqYoAS682VBaSAAFWSGCWmvMGYAk0w3hBAL94ISOTsEQAv1gCzTBeEMAvXsjIJCwRwC+WQEcYhgArAjQO0UmAAEunLrwB6NSFqnQSwC86daEqnQTwi05dqEonAfyiUxeq0kkAv+jUxVRFgKVXGyoLSYAAKyQwS815A7AEmmG8IIBfvJCRSVgigF8sgWYYLwjgFy9kZBKWCOAXS6AjDEOAFQEah+gkQIClUxfeAHTqQlU6CeAXnbpQlU4C+EWnLlSlkwB+0akLVekkgF906mKqIsDSqw2VhSRAgBUSmKXmvAFYAs0wXhDAL17IyCQsEcAvlkAzjBcE8IsXMjIJSwTwiyXQEYYhwIoAjUN0EiDA0qkLbwA6daEqnQTwi05dqEonAfyiUxeq0kkAv+jUhap0EsAvOnUxVRFg6dWGykISIMAKCcxSc94ALIFmGC8I4BcvZGQSlgjgF0ugGcYLAvjFCxmZhCUC+MUS6AjDEGBFgMYhOgkQYOnUhTcAnbpQlU4C+EWnLlSlkwB+0akLVekkgF906kJVOgngF526mKoIsPRqQ2UhCRBghQRmqTlvAJZAM4wXBPCLFzIyCUsE8Isl0AzjBQH84oWMTMISAfxiCXSEYQiwIkDjEJ0ECLB06sIbgE5dqEonAfyiUxeq0kkAv+jUhap0EsAvOnWhKp0E8ItOXUxVBFh6taGykAQIsEICs9ScNwBLoBnGCwL4xQsZmYQlAvjFEmiG8YIAfvFCRiZhiQB+sQQ6wjAEWBGgcYhOAgRYOnXhDUCnLlSlkwB+0akLVekkgF906kJVOgngF526UJVOAvhFpy6mKgIsvdpQWUgCBFghgVlqzhuAJdAM4wUB/OKFjEzCEgH8Ygk0w3hBAL94ISOTsEQAv1gCHWEYAqwI0DhEJwECLJ268AagUxeq0kkAv+jUhap0EsAvOnWhKp0E8ItOXahKJwH8olMXUxUBll5tqCwkAQKskMAsNecNwBJohvGCAH7xQkYmYYkAfrEEmmG8IIBfvJCRSVgigF8sgY4wDAFWBGgcopMAAZZOXXgD0KkLVekkgF906kJVOgngF526UJVOAvhFpy5UpZMAftGpi6mKAEuvNlQWkgABVkhglprzBmAJNMN4QQC/eCEjk7BEAL9YAs0wXhDAL17IyCQsEcAvlkBHGIYAKwI0DtFJgABLpy68AejUhap0EsAvOnWhKp0E8ItOXahKJwH8olMXqtJJAL/o1MVURYClVxsqC0mAACskMEvNeQOwBJphvCCAX7yQkUlYIoBfLIFmGC8I4BcvZGQSlgjgF0ugIwxDgBUBGofoJECApVMX3gB06kJVOgngF526UJVOAvhFpy5UpZMAftGpC1XpJIBfdOpiqiLA0qsNlYUkQIAVEpil5rwBWALNMF4QwC9eyMgkLBHAL5ZAM4wXBPCLFzIyCUsE8Isl0BGGIcCKAI1DdBIgwNKpC28AOnWhKp0E8ItOXahKJwH8olMXqtJJAL/o1IWqdBLALzp1MVURYOnVhspCEiDACgnMUnPeACyBZhgvCOAXL2RkEpYI4BdLoBnGCwL4xQsZmYQlAvjFEugIwxBgRYDGIToJEGDp1IU3AJ26UJVOAvhFpy5UpZMAftGpC1XpJIBfdOpCVToJ4BedupiqCLD0akNlIQkQYIUEZqk5bwCWQDOMFwTwixcyMglLBPCLJdAM4wUB/OKFjEzCEgH8Ygl0hGEIsCJA4xCdBAiwdOrCG4BOXahKJwH8olMXqtJJAL/o1IWqdBLALzp1oSqdBPCLTl1MVQRYerWhspAECLBCArPUnDcAS6AZxgsC+MULGZmEJQL4xRJohvGCAH7xQkYmYYkAfrEEOsIwBFgRoHGITgIEWDp14Q1Apy5UpZMAftGpC1XpJIBfdOpCVToJ4BedulCVTgL4RacupioCLL3aUFlIAgRYIYFZas4bgCXQDOMFAfzihYxMwhIB/GIJNMN4QQC/eCEjk7BEAL9YAh1hGAKsCNA4RCcBAiyduvAGoFMXqtJJAL/o1IWqdBLALzp1oSqdBPCLTl2oSicB/KJTF1MVAZZebagsJAECrJDALDXnDcASaIbxggB+8UJGJmGJAH6xBJphvCCAX7yQkUlYIoBfLIGOMAwBVgRoHKKTAAGWTl14A9CpC1XpJIBfdOpCVToJ4BedulCVTgL4RacuVKWTAH7RqYupigBLrzZUFpIAAVZIYJaa8wZgCTTDeEEAv3ghI5OwRAC/WALNMF4QwC9eyMgkLBHAL5ZARxiGACsCNA7RSYAAS6cuvAHo1IWqdBLALzp1oSqdBPCLTl2oSicB/KJTF6rSSQC/6NTFVEWApVebRCpbsmSJ3HDDDfLII4/Im2++KTNmzJA5c+bImWeeKRMmTAg9ZpT+urq65OGHH5bbb79dFixYIA0NDXLooYfK3LlzZdasWZLP50PXYQ4gwIqELfGDeANIHDEDeEQAv3gkJlNJnAB+SRwxA3hEAL94JCZTSZwAfkkcceQBCLAio3PvwFdeeUXOPfdcef7552X69OkyZcoUWbx4sSxdulSOOOIIufHGG2XatGlVTyxKfya8uvrqq+XSSy+V0aNHy7777is9PT3y3HPPBb9feeWVQY319fVV11FuSIAVGpmVA3gDsIKZQTwhgF88EZJpWCGAX6xgZhBPCOAXT4RkGlYI4BcrmCMNQoAVCZt7B61atUrOOecceeKJJ+SnP/2pnH766UFI1N7eLtdcc41cfvnlct555wXhUnNz87ATjNrfvffeK2effbYccsghctNNN8kee+whxWJRFi5cKOeff76sXLlS7rnnHjnooIOGrWHrBgRYoZFZOYA3ACuYGcQTAvjFEyGZhhUC+MUKZgbxhAB+8URIpmGFAH6xgjnSIARYkbC5d9CDDz4oxx9/vFxwwQVBSNXU1DQwiQ0bNgTh0eOPPy7z58+XmTNnDjvBKP2tW7cueFTRrLYaapzHHntMTjjhBDnjjDMG1ThsQTxCWA2iVNrwBpAKdgZ1lAB+cVQ4yk6FAH5JBTuDOkoAvzgqHGWnQgC/pIK9qkEJsKrC5Haj7u5uufjii4OVVyYkOvzwwwdN6M477wxWZV177bUyb9687U44an8vvfSSzJ49Ww477LBg9ZV5ZHDLl1nVdfLJJ0tHR4f88pe/DFZnhXmxAisMLXtteQOwx5qR3CeAX9zXkBnYI4Bf7LFmJPcJ4Bf3NWQG9gjgF3usw45EgBWWmIPtzcqn0047TZYtWyb333+/7L333oNmYTZTP/jgg4PHDE3Qtb3HCKP2d99998lJJ50kl112WfCVy+Uq6ujs7AzCs1tvvVWeeeaZ0I8REmDpPDl5A9CpC1XpJIBfdOpCVToJ4BedulCVTgL4RacuVKWTAH7RqYupigBLrzaxVWY2aTcrm8xrWyubzCcSnnjiiTJp0qRgD6px48Ztc/yo/Zlg7MILL9zuKq8rrrgi2OD97rvvllNOOSUUAwKsULisNeYNwBpqBvKAAH7xQESmYI0AfrGGmoE8IIBfPBCRKVgjgF+soQ49EAFWaGTuHVBNOFVNm/LMq2k7VJtqwqlq2mxLAQIsnecmbwA6daEqnQTwi05dqEonAfyiUxeq0kkAv+jUhap0EsAvOnUxVRFg6dUmtsqiBk7bKiBqf9WEU9W0IcCK7dSw0hFvAFYwM4gnBPCLJ0IyDSsE8IsVzAziCQH84omQTMMKAfxiBXOkQQiwImFz66CogZOLAdbXT/+2W+JQLQQgAAEIQAACEIAABCAAAQhAAALDEnj2oeuGbWO7Qa5YLBZtD+rzeCtWrBjYT8rsb7XrrrsOmm455Jo8ebLcddddMnbs2G0iidqf2Zz93HPPlVtuuSXYLH6oV3kF1r333hvsyRX2tf/++4c9hPYQgAAEIAABCEAAAhCAAAQgAAEIKCewcOFCdRUSYMUsSdRPDdxWGVH7S/pTCGPGRncQgAAEIAABCEAAAhCAAAQgAAEIQGCbBAiwYj45uru75eKLLxbzKYCPPfaYHH744YNGKK+Ouvbaa2XevHnbrSBqfy+99JLMnj1bDjvsMLnppptk9OjRFeOUV3aZ/rf1aYkxo6E7CEAAAhCAAAQgAAEIQAACEIAABCAQiQABViRs2z/owQcflOOPP14uuOACufrqq6WpqWnggA0bNsj5558vjz/+uMyfP19mzpw5bAVR+jMrt84880x57rnnhhzHhGsnnHCCnHHGGYNqHLYgGkAAAhCAAAQgAAEIQAACEIAABCAAAYsECLASgL1q1apg36knnngiWIl16qmnBiFWe3u7XHPNNXL55ZcH/27+rbm5edgKovZn9rY6++yz5ZBDDpHrr79epk6dKmbLM/MsqwnRli1bJqaN+XdeEIAABCAAAQhAAAIQgAAEIAABCEBAKwECrISUefbZZ2Xu3Lny6quvyvTp02XKlCmyePFiWbp0qRxxxBFy4403yrRp0ypGN5u+m7BrqHArSn8mMLvyyiuDL/MI4b777is9PT3Bqizzu/m72ei9vr4+IQp0CwEIQAACEIAABCAAAQhAAAIQgAAEaidAgFU7w232sGTJErnhhhvkkUceEfPJgzNmzJA5c+YEj/ZNmDBh0HHbC7BM47D9mWO6urrk4Ycflttvv10WLFggDQ0Ncuihhwbh2qxZsySfzydIgK4hAAEIQAACEIAABCAAAQhAAAIQgEDtBAiwamdIDxCAAAQgAAEIQAACEIAABCAAAQhAAAIJEiDAShAuXUMAAhCAAAQgAAEIQAACEIAABCAAAQjUToAAq3aG9AABCEAAAhCAAAQgAAEIQAACEIAABCCQIAECrATh0jUEIAABCEAAAhCAAAQgAAEIQAACEIBA7QQIsGpnSA8QgAAEIAABCEAAAhCAAAQgAAEIQAACCRIgwEoQLl1DAAIQgAAEIAABCEAAAhCAAAQgAAEI1E6AAKt2hvQAAQhAAAIQgAAEIAABCEAAAhCAAAQgkCABAqwE4dI1BLYmUCwWZdGiRXLDDf9/e/cBI0X5xnH8tRwWIiJEFEhEUYKIikalqIGIqFFEEexKEQRBwRoVO1iJNQiICgQrKFhADxsiQTEqag6iEZSEqKciiA1iRc0/vyd5L3v7392Z3X13b9j7TnKx7Ow7M5+Zd995n7dNdm+++ab76quvXMeOHd3555/vhg0b5tq0aZMX2l9//eWqq6vdjBkz3Lvvvuuqqqrcscce60aPHu169erltt1223rp6fhLlixxd955p1u8eLHtO27cONe7d+//21dffPvtt93gwYPdo48+6o4//vi8zo2dEShWwD/f06ZNs+d1l112sWd21KhR9s/tt98+r0Pkm1+UeG1trbvtttvc888/73bffXfLWxdeeKFr2rTp/x17w4YNbsSIEe7AAw90EyZMyPv88roYdkbAObdp0yY3duxYt9NOO7kHHnjA/plp++GHH9zMmTPd3LlzXU1NjZU7ffv2te/uvffeeVvmmx5lT97EfKEEAnHyi57V1atX23vVwoUL3eeff+5atGiR890q6lTJL1FCfJ5EgTj5JdN5//bbb+6KK65wy5cvd88++6yVN/ls+b6rUb7ko1sZ+xLAqoz7yFVsBQL6gZ0zZ45Vvjdv3uwOPfRQ17JlS7dmzRoLZHXr1s3NmjXLderUKdbV6Af+7rvvdjfffFu/PQ0AABQuSURBVLNV7A855BC3ZcsW9/7779t/K0ilY6VW8hXkOu+881zXrl3dOeec4xYtWuSeeuopC1CdffbZ9Y77xx9/WAGk40yZMiVjhT3WibITAgUI6AXommuucQ899FDd861kVqxYYfnn+uuvt79MgaRMhyskv6jScdFFF7m1a9e6yy67zP3yyy9u0qRJrl+/fpb30oMFTz/9tLvjjjvcvHnzXOfOnQu4ar6CQHwB5RH9zutPz2m2ANY333xjZYEq4+3atXMdOnSwwKwq5l26dHEKEPfo0SP2gQtJj7InNi87lkggTn7Re5oq3Jdccon76aefrOKtPKOKvN6ttOVb9pBfSnRDSbakAnHyS6YTUB568MEH3eWXX27lS74BrELe1ShfSvooJDJxAliJvC2cVCUKLF261A0ZMsQ1b97cTZ061R155JFum222cSok7rnnHuuxMXTo0NjBomeeecaNHDnS9ezZ09LTS5YKjo8++sha1b///nunCvVRRx1lnCoUFBD45JNP3JNPPunatm3rfv31V3tR02dqbdx1113r6N944w1L/4knnrBjsCFQTgH1FlFPJ/US0ctQ+/bt7fBqGVcw6b333rPn+NRTT411WvnmFyX6wgsvWJ587rnnrAei8tfDDz9sPbJefvlld9hhh9Ud+9tvv3WDBg1yxx13nOWz7bbbLtZ5sRMChQjo913PmfKAtmwBLDVEaD81QowfP97+XYFX/ear8UKNFH369HGPPPKI9TCM2gpJj7InSpXPSy0QN7+oh7wa837//Xd7rzrxxBOtd3rqu9UHH3xgeUeNgVEb+SVKiM+TKBA3v2Q6d1/XUcN8IQGsfN/VKF+S+ASV/pwIYJXemCMgYEGqMWPG2DAkXxlOZfn555/d8OHD3caNG91jjz1WV1nPRuf3V4vg/PnzrUdV6qbg0+mnn+4uuOAC6ymyww47OPUmOffcc92+++5br6XeD49KbSVR+qoQ7bXXXtajRN9nQ6BcAuphpcCqhtlmer5fffVVd9JJJ7mLL77Y3XfffW7HHXfMeWqF5BdVWBRU1vFT84Za+o4++uh6FRjf4qieV6rYFDIkq1y2HGfrFlCFWOXI7bffbj2oWrdu7datW5c1gKUhHP3793fdu3e3IYS77bZbHcA///zjbrnlFuvBpTQHDBgQiVNIepQ9kazsUCKBfPOLejFeeeWVVq4ouKtGxkzvVspTCnCpt3uujfxSohtLsiURyDe/pJ/E+vXrrSxSb3UFftWLMZ8eWIW8q1G+lORRSHyiBLASf4s4wUoQUKueAkqqRMR56Ym65o8//tiGManlPFN6/gddrYizZ8+23lmq7Jx11llu4MCB7qabbqo7hAJYGtqouVE0d482PxRKLSEHH3xw1OnwOQJBBX788Udr3VYrYKaXHw0j1HN80EEH2bDb1Ep5phMpJL/4IbRffvml5QcN99XmA1jqsaigszaftxR0U6+x9EpPUBwSa9QCehY1Z6Lm5LnxxhstD6jXX7YeWL5Crp6D2id90zyHmi9RlfWJEye6Jk2a5PQtJD3Knkb9yDboxeeTX/7888+6IeAK9vre66kX4J/lPffcs165kO0iyS8Nevs5eJ4C+eSX9KR9g4jS0LQk6sGuRvZ8AliFvKtRvuR5kytkdwJYFXIjuYxkC+gHXN3S77//fqsoFLv59NR6rr/0CrOvfGtYyLJly+xFzAcF1AMrtddKeg8shkIVe3f4frECqc/vK6+8YsM4Uje9GCmAFbfSXUh+0fGUNxYsWOAUyN1vv/3qBbD8EBL/0vbpp5+66dOnu1atWhV7+XwfgawC6hGoOXU0h6GCqj6gmimApQr5VVddZfPIaVhHpqHg+VTIC02PsocHuqEE8skvcc7RN0ZqSHtqw0am75Jf4oiyT5IEiskvelfSNAqqX2i0h8qefANYhbyrUb4k6Qkq37kQwCqfNUdqxAJ33XWXTfypH3itnqZ5pR5//HGnuRQ0mbta1NWbI3UOqlxcvlUvV0BMlW9N8O4r2j4o8MUXX2SdA6tZs2Y23xBDoRrxw5qQS/fzKKilW8/7EUccYWf21ltv2Tw+6qKeOsdb6Pyi9JS+Vh3MNQeW5pzTy5rmsYs7H1dCiDmNChDIFcDSHIfqEah90uds85ce1dsxlajQ9Ch7KuBBq5BLyJVfoi5RQ8VVFqlirl7sajzMNdch+SVKlM+TLhA3v6xatcqmLNGIDeURDR9UA2O+ASzqNkl/IpJzfgSwknMvOJMKFvDBJA070lA9TUCtVQO1QuDKlSttnLgmidZEu1ohKmpLD05l2j/TPtlW6vCTYTMUKkqez8sloMpCTU2Nu+6665zmdEvdTj75ZOsdpTwUZys0v2RbhVDDgTU33H///WcvaaqgT5482SkAzIZAOQVyVTDiBKfi7JNPsCtbepQ95XwqOFY2gbgV8kzf940qO++8s/XKjZpeIU7eIr/wrCZZIE5+8StGa/ifX0ndN1rkG8Aq9F2N8iXJT1Fpzo0AVmlcSRWBOoHUbuT6nxr6oUlz/UTPqiRrdSgN8xg8eHCsinChP/IKCixZssSOv3jxYusNpp5hxxxzjPv333+tRdEPhdKKVOohpop6dXW169atmy2Lq8q7Am9sCJRSQPNfqQehKgpVVVW2mo2G62n+K22awF09sTQXUNRWaH5RurW1tRYs0yTXyhM67ogRI2wlt/SVOnXO9957r73EaXJf9azUhMBxzjHqGvgcgUwCW0sAi7KH5zcJAnEq5JnOU42O6o27du1aW4lW73FRcx0WE8AivyThaeEcovKLnlM1zKtXYmq+KHcAi/zS+J5VAliN755zxWUW+Pvvv924ceOsW63mosq0StmGDRusUvzhhx9mXHUt/ZSLqZBnu/z0oVB+OWmtRKiuwfpcc2rp2Jdeemnky1uZmTlcBQn4nk8vvviiBVWvvvpq17RpU7tCfaaVNRUoUjBJ/+4/y0ZQivySvlKnlnIeO3asBX01H5Fa6ZXn1UqvfBM10XwF3T4upYwCW0sAKxcJZU8ZH5hGfqioCnk6jyrGr7/+ujXefffdd/abPmTIkFiNeMUEsMgvjfxBTcjlR+UX3/PJ90r3K5aXO4BFfknIA1PG0yCAVUZsDtV4BXwFWsOh9O/p8yboJWnChAn25+esyqWlCvGoUaOsxSPTylL6rj+merBo9cFcmy9s/FAoBQR0Li+99FLdCiKqoKvHiwJbmhuoTZs2jfeGcuUlFfCTtCuoqwpDeoBq06ZNFixSgEt/6klYzvyiY6Wv1KkejaeddpqbNm2araCozV+HempppTg2BEIL5KpgbN682WllTA3j0DxumYY8+Ur2xo0b6y1WkOk8Q6enY1D2hH4iSC+XQFSFPPW76vGr33n1otWmYeJajEfz+8TZyC9xlNgnyQK58sv69eut/qH3MU1D0rZt27pLKTSARd0myU9Dss6NAFay7gdnU6EC/kf51ltvtck/M22a2F0te3ECWIWs1JGLNn0olJ98VMOkpk6dasOhtOkcx4wZY0OnunfvXqF3i8tqaAEffNVCBxpWm2nzeSrOyp6h80umlToVaFPwKjVQsHr1anfmmWfacBMFr9kQCC2wNaxCSNkT+q6TXqECcQNYmtdHUy3or2PHjtZY2KtXr7x6nhe6CiH5pdC7y/dCC+TKL/6zuMekbhNXiv3iCBDAiqPEPggUKbBo0SKbpD3TUudKOrUHVpweU5ossV+/fq5Pnz71Akz+NNXVXb1ANHxx9uzZrl27dlmvwA+Fat26tQ3HUhdg3yqvebpUMVcgS5taIzWvz7Jly2w4JBsCpRDIJ4ClCkZUcChkflFe1Uqdc+bMsb999tnHCPw8WQqWqcKjzS+KMHDgwKyB61L4kWbjEYiqkPtVnbL11vVlkxYjmDhxomvSpElOvJDpUfY0nuc0KVcalV90nuo5de2111qDhN7bJk2a5Pbff/+CLoH8UhAbX0qIQK78ovcqzaGbadMCN2vWrLEFqrTYjuoQmvIhaqXmkO9qlC8JeYhKdBoEsEoES7IIpAqsW7fOepKo50am1Wt8jw5NAj1v3jzXuXPnnID6YR4+fLgNDZk/f77r2rVrvf3VQ0pj0jV3lQ9KZUtQQakbbrjBeo4cfvjhths9sHh+G1JAQ1f1opNtUQM/hFA9AhcsWOBOOeWUsuUXH5RS3kqdC44eWA35xDTeY0dVyJcvX+769+9vPWZnzpxZby42DZHSHHMKAmuRggEDBkRChkyPsieSmx0CC0TlF7+imhbVOeOMM6wBL3VoVL6nQ37JV4z9kyQQlV+ynWuhQwip2yTp7if7XAhgJfv+cHYVIuBX6hg5cqS16OmlqFOnTtYdXZNSK4A0ffp0a83Q3FNxVvlTIEzp9ezZ03qEtG/f3npyaUJczQ/09ddfW7BMn2fbfOCsR48e9Y6rFQmzzYH12Wef2VBC9dhiQ6AUAumTuGsOkmbNmtmhFLzSsEE9n6pgxJ0gPUR+8RV+rUiVPudDtjmwhg4dGmuerlI4kmblC0RVMFSR0NyFU6ZMqbcgguY01JAO9bzSKrQqf1q1ahUJFio9yp5IanYogUBUfvHlRO/eva1s2WOPPYo6C/JLUXx8uYEFovJL6ACW0gvxrkb50sAPThkOTwCrDMgcAgEJ6EVGvaHGjx9vIGoRV7falStXWjdbVcY1SWjqC5MvPE444QQbvteyZcs6zNQ5GjRHlbrpbtmyxXpl6b/Vqq6J3rMFw/xQqFmzZtVN1J56p1atWmU9uJo3b249YVRpnzt3rgXf4iwhzV1HoBgB9XRSL0PlgRYtWrguXbpYcj6/aAirepT44Xr6zA991apR6cNci80vSl/BYb/ajp+o3V+jb7lXIMsvrKAKkCaYj7NSYjFWfLfxCsSpYGgoh5+7UMPJO3To4Gpra22Iq/KVhkqpESN1y1X2FJJeatqUPY33eW3oK8+VX7SQwaBBg9xrr70WeZrp72Tkl0gydtgKBeKUL5kuK6oHFnWbrfBhSNgpE8BK2A3hdCpbQOPC33nnHat4L1y40AJXquAOGzbMhkylr7aW60deUmpFr66udjNmzLCKflVVlaU3evRom3A012o52YZCpd6BFStWWCBML3QHHHCALSWtCnycHmKVfSe5unIIKCCleaY0vHXp0qUWmNVwWc0ppaBqen7JFcAqNr/4FzLl2Wy9vvSZeoepZ4s2zRen3mMKwLEhUAqBuBUM9WpUuaNGiJqaGgv89u3b13rraq7D9C2q7Mk3vdT0KXtK8SSQZhyBqDl9NLeopnyI2vIJYCkt8kuUKJ8nUSBu+ZJ+7sUEsIp9V6N8SeKTFP6cCGCFNyVFBBBAAAEEEEAAAQQQQAABBBBAAIGAAgSwAmKSFAIIIIAAAggggAACCCCAAAIIIIBAeAECWOFNSREBBBBAAAEEEEAAAQQQQAABBBBAIKAAAayAmCSFAAIIIIAAAggggAACCCCAAAIIIBBegABWeFNSRAABBBBAAAEEEEAAAQQQQAABBBAIKEAAKyAmSSGAAAIIIIAAAggggAACCCCAAAIIhBcggBXelBQRQAABBBBAAAEEEEAAAQQQQAABBAIKEMAKiElSCCCAAAIIIIAAAggggAACCCCAAALhBQhghTclRQQQQAABBBBAAAEEEEAAAQQQQACBgAIEsAJikhQCCCCAAAIIIIAAAggggAACCCCAQHgBAljhTUkRAQQQQAABBBBAAAEEEEAAAQQQQCCgAAGsgJgkhQACCCCAAAIIIIAAAggggAACCCAQXoAAVnhTUkQAAQQQQAABBBBAAAEEEEAAAQQQCChAACsgJkkhgAACCCCAAAIIIIAAAggggAACCIQXIIAV3pQUEUAAAQQQQAABBBBAAAEEEEAAAQQCChDACohJUggggAACCCCAAAIIIIAAAggggAAC4QUIYIU3JUUEEEAAAQQQQAABBBBAAAEEEEAAgYACBLACYpIUAggggAACCCCAAAIIIIAAAggggEB4AQJY4U1JEQEEEEAAAQQQQAABBBBAAAEEEEAgoAABrICYJIUAAggggAACCCCAAAIIIIAAAgggEF6AAFZ4U1JEAAEEEEAAAQQQQAABBBBAAAEEEAgoQAArICZJIYAAAggggAACCCCAAAIIIIAAAgiEFyCAFd6UFBFAAAEEEEAAAQQQQAABBBBAAAEEAgoQwAqISVIIIIAAAggggAACCCCAAAIIIIAAAuEFCGCFNyVFBBBAAAEEEEAAAQQQQAABBBBAAIGAAgSwAmKSFAIIIIAAAggggAACCCCAAAIIIIBAeAECWOFNSREBBBBAAAEEEEAAAQQQQAABBBBAIKAAAayAmCSFAAIIIIAAAggggAACCCCAAAIIIBBegABWeFNSRAABBBBAAAEEEEAAAQQQQAABBBAIKEAAKyAmSSGAAAIIIIAAAggggAACCCCAAAIIhBcggBXelBQRQAABBBBAAAEEEEAAAQQQQAABBAIKEMAKiElSCCCAAAIIIIAAAggggAACCCCAAALhBQhghTclRQQQQAABBBBAAAEEEEAAAQQQQACBgAIEsAJikhQCCCCAAAIIIIAAAggggAACCCCAQHgBAljhTUkRAQQQQAABBBBAAAEEEEAAAQQQQCCgAAGsgJgkhQACCCCAAAIIIIAAAggggAACCCAQXoAAVnhTUkQAAQQQQAABBBBAAAEEEEAAAQQQCChAACsgJkkhgAACCCCAAAIIIIAAAggggAACCIQXIIAV3pQUEUAAAQQQQAABBBBAAAEEEEAAAQQCChDACohJUggggAACCCCAAAIIIIAAAggggAAC4QUIYIU3JUUEEEAAAQQQQAABBBBAAAEEEEAAgYACBLACYpIUAggggAACCCCAAAIIIIAAAggggEB4gf8BSvFzwMIJeJEAAAAASUVORK5CYII=" width="640" /></p><p><span style="color: #757575; font-family: Arial; font-size: 13.3333px; font-style: italic; white-space: pre-wrap;">Source: Equitable Investors</span><br /><br />How does this compare with a company that doesn't have high growth expectations? Figure 4 compares the sensitivity of NPV for the high-growth company from Figures 2 and 3 with the same changes in WACC for a company that has lower consensus growth estimates in years 1 to 3 and a decline in growth thereafter from 3.5% to 0%.</p><p>The terminal value only represents 60% of the NPV of the lower-growth company at a WACC of 5% (compared to 87% in the case of the high growth company).<br /><br />This lower-growth company, it is important to note, is still expected to grow its EBITDA by 15% a year between years one and three, compared to 34% for the high-growth company.<br /><br /><b><span style="color: #073763;">Figure 4: Sensitivity of Net Present Value of a high-growth company (blue line) relative to a lower-growth company </span><span style="color: #6aa84f;">(green line)</span></b><br /><img height="396" src="data:image/png;base64,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" width="640" /><br />Where are we at on the cost of capital curve at the moment? The Australian proxy for the "risk free" rate by which the required return on all other capital is benchmarked is the Australian Government's 10 year bond yield, which is currently 1.59% after spending much of CY2020 below 1%. An estimate of the additional premium for equites is ~5%, implying that a company with no debt has a cost of capital of 6.6%.</p><p><br /><br /></p>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-13209667526219556602021-06-16T11:34:00.003+10:002021-06-16T11:34:33.250+10:0010k Words - June 2021<p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" style="background: transparent; color: #1e8ef2; text-decoration-line: none;">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. </i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;">Private equity deals are thumping through at a record rate, highlights Bloomberg, while angel funding rounds are inflating based on PitchBook data. Listed equity returns are mostly made by holding overnight rather than holding over the course of the trading day, based on US analysis from Bespoke and Equitable Investors' ASX small cap analysis. Scott Galloway looks at value destruction on the grandest scale. On the economic reflation front Rosenburg Research charts the US home improvement trend and the Economist charts the shift in sentiment.</span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;">Most of these charts were featured in Equitable Investors' weekly </span><span style="font-family: "Times New Roman"; text-align: left;">Small Talk</span><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"> updates for its wholesale clients during the past month.</span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Value of acquisitions by private equity ($US)</b></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><span id="docs-internal-guid-c324f926-7fff-549c-99c7-fe2fc7a2a1d8"><span style="background-color: transparent; color: #757575; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 281px; overflow: hidden; width: 673px;"><img height="267" src="https://lh3.googleusercontent.com/D7AEFcim14qgevntofhuIa2MBtXc-vuyXtK89GmTL2FzdHgIicz2g1sjSfz3WK1SVFy6mvamj6HIXB0eJR1BPBx9RBD1UK8aCAD8tGEwvaXEb2Ym-EcBJ3wIX8v1XMHLCCPxHHbL=w640-h267" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Bloomberg</i></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Seed deal size ($USM) by quartile (US)</b></i></span></i></i></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><span id="docs-internal-guid-ff119f37-7fff-1a39-7433-865bd02126c2"><span style="background-color: transparent; color: #757575; font-family: Arial; font-size: 10pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 430px; overflow: hidden; width: 457px;"><img height="430" src="https://lh5.googleusercontent.com/T_RZEIr592z4dkGVN33w_yjgLOJUdLOMigo9gPcVgJrf3D0GVk36QiOpcf4DsgPN79c-2gFfgStAzLJWntI4ETHZ0X4fHODf0kNsxE7nI-Zy9B9D1ZCcZj1BxqWExr7t1Jqaaxi7" style="margin-left: 0px; margin-top: 0px;" width="457" /></span></span></span></span></i></p><p style="text-align: left;"><i style="background-color: white; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="color: #737373; font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: PitchBook</i></i></span></i></span></i></p><p style="text-align: left;"><br /></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">S&P 500 After Hours vs. Regular Trading Perf. Since Inception</b></i></span></i></i></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><span id="docs-internal-guid-911ab713-7fff-0921-c289-07513742aa07"><span style="background-color: transparent; color: #757575; font-family: Arial; font-size: 10pt; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 347px; overflow: hidden; width: 668px;"><img height="332" src="https://lh6.googleusercontent.com/u3fjTYRJL7yxROMxZy-Ag9PX6b3ezBufbD7YwHwRQo5IMmOlIuReuTk1_H1zqNbkZ0BE6w2rolUssuOomiiOISEG9nTwkH6CUl_fcfr3rYWDXZ5E2inTfyqqSgoGcw7jifr642VV=w640-h332" style="margin-left: 0px; margin-top: 0px;" width="640" /></span></span></span></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Bespoke</i></i></span></i></span></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></b></i></span></i></i></i></span></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;"><i style="text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;"> S&P/ASX Small Ordinaries Index After Hours vs. Regular Trading Perf. Since Inception</b></i></span></i></i></i></span></i></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><span id="docs-internal-guid-c39da3fa-7fff-ac88-5e8b-8c7b42c56338"><span style="background-color: transparent; color: #757575; font-family: Arial; font-size: 10pt; font-style: italic; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 353px; overflow: hidden; width: 603px;"><img height="385" src="https://lh3.googleusercontent.com/7xDVK6Db0rE4fZYEfXs0lrM7bj27vxQvpTb6jNMjzEG68ydigXEeHUz5m4lVod-Gdm21BLv1VY_AyTS3wplzN6mF6BTKimf5MDr5rR5Z1s9ZXfBnLPhrLyaCDnWjfSfCjuPLHXsc=w640-h385" style="margin-left: -9.05147px; margin-top: -8.62062px;" width="640" /></span></span></span></span></i></p><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Equitable Investors, Sentieo</i></i></span></i></span></i></span></i></span></i></p><br /><b><span style="color: #073763;">Scott Galloway’s Daily Benjamin Burn</span></b><br /><img height="330" src="https://lh5.googleusercontent.com/K0K4rwHW5tZcSR-z-2GuIdIzLB3uPfY8aG5HxZ7n4IvhZUVWYNixp7ZPkU0IvhEz_2uBzMJ0o8Y5RSoHSxn5DEN1P7Y2H0azjriY_aMCyz2FX6BP_D8R4GgzEGaY8CnyGWlu2PbL=w640-h330" width="640" /><br /><br /><p style="text-align: left;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Scott Galloway</i></i></span></i></span></i></span></i></span></i></p><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>Construction - Residential Improvements (Billions, LHS) & Real Personal Consumption on Tools & Equipment for House & Garden (year-on-year %, RHS)</b></span><div><div><img height="202" src="https://lh4.googleusercontent.com/axB5qVkDC1iZPfAQ4zkpHQI2VjQ4V0t6B8v95bwaV8th5umeFFp-m5esiCznagoY6UeA78ckHslFapWSgaA2N95Um3kzt3nOcOEvbnqF5py9HULhDfmDfB2TPaCrrSTOiriv0UVk=w640-h202" width="640" /><br /><br /><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Rosenburg Research</i></i></span></i></span></i></span></i></span></i></div><div><br /></div><div><br /></div><div><span style="color: #073763;"><b>US Real Personal Consumption Expenditure - Furniture (year-on-year %, LHS) & US Real Personal Consumption Expenditure - Carpets & Floor Coverings (year-on-year %, RHS)</b></span><br /><img height="207" src="https://lh6.googleusercontent.com/YjLdBMdfYGCeiUWVfCGrEI4F7RbM4ZULve5OBiOPj-jaEibsNFKMwaYvDrwNb5k_K9B-8BabABpwYHcvtifV63T2HAe4UJecNQ1rqNhF4RPED35ruYXRz7RatRHCvaZJF4Ymig_c=w640-h207" width="640" /><br /><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><i style="font-family: arial, tahoma, helvetica, freesans, sans-serif; text-align: center;"><i style="text-align: left;">Source: Rosenburg Research</i></i></span></i></span></i></span></i></span></i></div></div></div><div><br /></div><div><br /></div><div><b><span style="color: #073763;">Share of adults in the US whoare saying the economy is getting better or getting worse</span></b></div><div><br /></div><div><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8XYB6APLxJcgIxQ90SCUYIBNKVyzKS3AhRdiSbq_TWhqcx_NMVZujP1HamFaMAJ8NQaxWkrLm6N5ZhBXE0c60qf0wYJjglVhrB8FFDSDpFZKYQXvJ7eapvoBE05IvsW2HJrHHzpFHk5xb//" style="margin-left: 1em; margin-right: 1em;"><img alt="" data-original-height="757" data-original-width="1280" height="378" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8XYB6APLxJcgIxQ90SCUYIBNKVyzKS3AhRdiSbq_TWhqcx_NMVZujP1HamFaMAJ8NQaxWkrLm6N5ZhBXE0c60qf0wYJjglVhrB8FFDSDpFZKYQXvJ7eapvoBE05IvsW2HJrHHzpFHk5xb/w640-h378/image.png" width="640" /></a></div><br /><br /></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.comtag:blogger.com,1999:blog-6150137970054934975.post-69741141991357922552021-05-12T14:11:00.001+10:002021-05-12T14:18:21.439+10:0010k Words - May 2021<p> <i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><a href="https://en.wikipedia.org/wiki/A_picture_is_worth_a_thousand_words" style="background: transparent; color: #1e8ef2; text-decoration-line: none;">Apparently</a>, Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. </i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;">With casino operator Crown Resorts is receiving the attention of a number of suitors and the latest, Star, has established that gaming mergers typically feature synergies equal to 12% of EBITDA. Dealogic show the corporate interest in Crown has contributed to a 459% increase in the value of announced M&A deals in Australasia for the first half of CY2021. Gavekal has the earnings yield on US equities remaining above the 20 year median spread on fixed income. Morgan Stanley sets out correlation between key assets. Bespoke breaks down the recent performance of the top 1,000 US stocks. Back in Australia, Equitable Investors looks at monthly seasonality for small caps. With the Australian federal budget just announced, Evans & Partners provided historical context on government debt.</span></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"><span style="font-family: "Times New Roman"; font-style: normal; text-align: left;"><br /></span></i></p><p style="text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal; text-align: left;">Pulling out synergies in gaming sector M&A (as % of EBITDA)</b></i></p><p><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px; text-align: center;"></i></p><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCZAJtwHIUl4_mctKQnZEE-I3FUibnOoMheoctjNKUYQcunsy03z7oZf_xK-eDKmiHRsnCUQNEMEnqtNgjuDXLDmW0RDxjtZ5gweQqC3msO6Llt2o23bM-uw189qZJZyXYv05W6xJY6gwt/s781/Star+synergies.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="244" data-original-width="781" height="200" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjCZAJtwHIUl4_mctKQnZEE-I3FUibnOoMheoctjNKUYQcunsy03z7oZf_xK-eDKmiHRsnCUQNEMEnqtNgjuDXLDmW0RDxjtZ5gweQqC3msO6Llt2o23bM-uw189qZJZyXYv05W6xJY6gwt/w640-h200/Star+synergies.jpg" width="640" /></a></div><div class="separator" style="clear: both; text-align: center;"><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;">Source: The Star Entertainment Group</i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i><b style="color: #073763; font-family: "Times New Roman"; font-style: normal;">Announced M&A transactions in Australasia ($US)</b></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal;"><br /></b></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh87CTGEcRVrFLKbQFR9F9458QpAtPRVSD9RGWBg1Dmpt_hRqhLK5ugaWRUwoSAL6a-ehL9wCZJVwxlffpli5iASxcqIT78I-K7IbnRTdwe797Xz8-cBpAAFriQSbVCO3trvPbYAV_j-H2y/s469/austrasia+M%2526A+-+dealogic.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="308" data-original-width="469" height="420" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh87CTGEcRVrFLKbQFR9F9458QpAtPRVSD9RGWBg1Dmpt_hRqhLK5ugaWRUwoSAL6a-ehL9wCZJVwxlffpli5iASxcqIT78I-K7IbnRTdwe797Xz8-cBpAAFriQSbVCO3trvPbYAV_j-H2y/w640-h420/austrasia+M%2526A+-+dealogic.jpg" width="640" /></a></div><i style="text-align: center;"><i style="text-align: left;"><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: center;"><i style="text-align: left;"><br /></i></i></i></div>Source: WSJ, dealogic</i></i><br /><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><i><i><b style="color: #073763; font-family: "Times New Roman"; font-style: normal;">US earnings yield spread on treasuries</b></i></i></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnqOJB8oSUafrpK3sltOUTeECjQVP9AYaHRLb3bvr6u1ipldl7y6ZoElTALjMWNLItrWx1DPkv_8rCpREPVEFg2pmqIN8Xp4oJuYkqmp4p0SA-w5SnOJtxmnMIorX7688lcQwtQLGFWt2o/s781/equities+yield+v+fixed+income+-+gavekal.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="498" data-original-width="781" height="408" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgnqOJB8oSUafrpK3sltOUTeECjQVP9AYaHRLb3bvr6u1ipldl7y6ZoElTALjMWNLItrWx1DPkv_8rCpREPVEFg2pmqIN8Xp4oJuYkqmp4p0SA-w5SnOJtxmnMIorX7688lcQwtQLGFWt2o/w640-h408/equities+yield+v+fixed+income+-+gavekal.jpg" width="640" /></a></div><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;">Source: Gavekal, Macrobond</i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><span style="color: #073763;"><span style="background-color: white; font-size: 15px;"><b>One year correlation among key assets</b></span></span></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaE9gPLZME4tw18enT-bwRs1-szw8elJ8E_blMmtCsZik31Qoj2ePg6d0WzoISz5ty864okNirI3d8RzGglibFtUGNRpGDEJ8CIbQT6H7-cziTOLMQLPvBEXJ50U4WEQhEpX_fPownTgmc/s658/1Y+correlation+-+Morgan+Stanley.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="602" data-original-width="658" height="586" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaE9gPLZME4tw18enT-bwRs1-szw8elJ8E_blMmtCsZik31Qoj2ePg6d0WzoISz5ty864okNirI3d8RzGglibFtUGNRpGDEJ8CIbQT6H7-cziTOLMQLPvBEXJ50U4WEQhEpX_fPownTgmc/w640-h586/1Y+correlation+-+Morgan+Stanley.jpg" width="640" /></a></div><i><i><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i><i><br /></i></i></i></div>Source: Morgan Stanley</i></i></i><br /><i style="text-align: left;"><br /></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal;">Russell 1000 Decile Performance since Feb 12, 2021</b></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8pfkif59QbjoXZoZzhCUTxkEJw6reYOGTf5Jw-YgoFrHbOvYUxUV7xWgP9OD91kXOq_vhfS_RIz-TNZntcCosOk3CkDAmrVZYMTiLnDJm-7lMjL-6tYYHqpc9smEcGpxhQo2wIlKuQpxt/s771/Russell+1000+deciles+-+Bespoke.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="657" data-original-width="771" height="546" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh8pfkif59QbjoXZoZzhCUTxkEJw6reYOGTf5Jw-YgoFrHbOvYUxUV7xWgP9OD91kXOq_vhfS_RIz-TNZntcCosOk3CkDAmrVZYMTiLnDJm-7lMjL-6tYYHqpc9smEcGpxhQo2wIlKuQpxt/w640-h546/Russell+1000+deciles+-+Bespoke.jpg" width="640" /></a></div><br /><i style="text-align: left;">Source: Bespoke</i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><span style="color: #073763;"><span style="font-size: 15px;"><b>Monthly index price returns from January 2013 to April 2021 and “Pre-COVID” (pre-March 2020): </b></span></span><b style="color: #073763; font-size: 15px;">S&P/ASX Small Industrials (XSI) & </b><b style="color: #073763; font-size: 15px;">S&P/ASX Emerging Companies (XEC)</b></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><span id="docs-internal-guid-0e6768d3-7fff-8073-b1a5-5441e2f75bc4"><span style="background-color: transparent; color: #757575; font-family: Arial; font-size: 10pt; font-style: normal; font-variant-east-asian: normal; font-variant-numeric: normal; vertical-align: baseline; white-space: pre-wrap;"><span style="border: none; display: inline-block; height: 581px; overflow: hidden; width: 378px;"><img src="https://lh4.googleusercontent.com/kK5hFlfifzX4qUC0G6JlNhVZno1YYjZniZbrpYziNdRuQ17WfXyluN47iJF-J6jaKh82vVSMkPcbb-Uf9srX73fANIZZzIaoEKzzm9FW6eYsFCObPHgNrE5owwa9tlzq5GRkLPHP=s16000" style="margin-left: 0px; margin-top: 0px;" /></span></span></span></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;">Source: Equitable Investors</i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><b style="color: #073763; font-family: "Times New Roman"; font-style: normal;">Australia budget & gross government debt</b></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><div class="separator" style="clear: both; text-align: center;"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl9rs-o1y1Q7uyecG4a_nHlbjDoIH3n1gLr2Wa2aWd60l2yEpqFvPCWotfc35inkPwqVX2RAHILYoQwsvgvO0CCJinhQ33cEx7C7e3o7iyHBCLvKc2YJSaNNSHFKcz4aitPluhS1TZWISd/s340/Aus+budget.jpg" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="265" data-original-width="340" height="498" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhl9rs-o1y1Q7uyecG4a_nHlbjDoIH3n1gLr2Wa2aWd60l2yEpqFvPCWotfc35inkPwqVX2RAHILYoQwsvgvO0CCJinhQ33cEx7C7e3o7iyHBCLvKc2YJSaNNSHFKcz4aitPluhS1TZWISd/w640-h498/Aus+budget.jpg" width="640" /></a></div><br /><i style="text-align: left;">Source: Evans & Partners</i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div><div><i style="background-color: white; color: #737373; font-family: arial, tahoma, helvetica, freesans, sans-serif; font-size: 15px;"><i style="text-align: left;"><br /></i></i></div>Martin P @ Equitablehttp://www.blogger.com/profile/09219573704842187934noreply@blogger.com