Fundos de Investimento ( Mutual Funds - SICAV )

[Visitante Bee]

Boa tarde. 

Iniciada há sensivelmente 1 mês neste mundo dos FI peço a vossa ajuda para o esclarecimento de uma dúvida. 

Subscrevi pelo ActivoBank.

A semana passada foi um murro no estômago.  2° feira ao ver no site da MorningStar a variação do dia, já estavam novamente a subir, no entanto, ontem de manhã ao consultar os meus fundos o valor voltou a descer. 

Qual o desfasamento entre o que se passa com o fundo e o que aparece na nossa conta? 

Desculpem a ignorância mas ninguém nasce ensinado! :D

 

 

[Bedrock 137]

O NASDAQ Biotechnology (NBI) está neste momento a cair da ordem dos -1.9%, o Nasdaq Composite -0.8% e o S&P 500 -0.4%. A biotecnologia mete nojo ... viva o crude oil. Tenho que criar um mercado para as fibras de amianto porque devem valorizar mais que a biotecnologia. 🙃

Editado 3 de Março de 2021 por Bedrock

[-------- 2582]

1 ano:

NASDAQ Biotech +25%

NASDAQ +45%

S&P 500 +22%

 

[Bedrock 137]

O que a malta tem de fazer é nos mercados norte americanos comprar madeira no mês de Novembro e depois vendê-la em Maio, sendo que nesse semestre anual temos um hedge natural contra o possível incêndio do ativo: elevada humidade relativa atmosférica e baixas temperaturas. 😃

https://www.calculatedriskblog.com/2021/03/update-framing-lumber-prices-more-than.html

 

Editado 3 de Março de 2021 por Bedrock

[5coroas 1402]

há 1 hora, Bedrock disse:

O NASDAQ Biotechnology (NBI) está neste momento a cair da ordem dos -1.9%, o Nasdaq Composite -0.8% e o S&P 500 -0.4%. A biotecnologia mete nojo ... viva o crude oil. Tenho que criar um mercado para as fibras de amianto porque devem valorizar mais que a biotecnologia. 🙃

Qual biotech qual carapuça...os meus barcos vikings vão de vento em popa sem saírem sequer dos portos...já estou a ganhar 12%.

há 2 minutos, Bedrock disse:

O que a malta tem de fazer é nos mercados norte americanos comprar madeira no mês de Novembro e depois vendê-la em Maio, sendo que nesse semestre anual temos um hedge natural contra o possível incêndio do ativo: elevada humidade relativa atmosférica e baixas temperaturas. 😃

https://www.calculatedriskblog.com/2021/03/update-framing-lumber-prices-more-than.html

 

Foi mais uma consequência colateral do confinamento...não gastando dinheiro em passeios, os americanos aproveitam para fazer obras em casa esgotando os stocks de madeiras. Já li algures que determinadas zonas de florestação iriam demorar anos a repor os stocks agora esgotados. O portuga não tendo casas de madeira nem recursos para obras, esgotou os stocks dos viveiros de plantas ao comprar alfaces para plantar em casa e assim ajudar a matar o tempo e a fome.

[Bedrock 137]

há 9 minutos, 5coroas disse:

Qual biotech qual carapuça...os meus barcos vikings vão de vento em popa sem saírem sequer dos portos...já estou a ganhar 12%.

Comentário Top e boa sorte. No verão também podes comprar um bilhete para um cruzeiro que na qualidade de micro proprietário também te devem fazer um micro desconto ou então ficares como representante deles para a Iberia. 😁

Editado 3 de Março de 2021 por Bedrock

[5coroas 1402]

há 1 minuto, Bedrock disse:

Comentário Top e boa sorte. No verão também podes comprar um bilhete para um cruzeiro que na qualidade de micro proprietário também te devem fazer um micro desconto ou então ficares como representante deles para a Iberia. 

Cruzeiros não são para mim (enquanto consumidor) pois aquilo são autenticas máquinas de depenar gansos ou tansos. Mas agora como investidor co-proprietário recomendo-os vivamente aos outros.

[Bedrock 137]

Peter Lynch is the GOAT

 

Who is the GOAT?

What investor is your pick for the “greatest of all time”?

Many people will say Warren Buffett, whose annual letter came out this weekend. If the category were best AND longest-tenured investor, I’d agree with you. If your metric is highest overall returns by any possible means, then the short-term algorithmics trading Medallion Fund developed by Jim Simons at Renaissance Technologies is the winner. RenTec’s spectacular track record is its own category of trading, not investing.

In terms of pure stock-picking, my choice for the greatest long-term track record would be Peter Lynch. I had the privilege of having a fireside chat with Lynch, now Vice Chairman of Fidelity, at last week’s MIT Sloan annual investment conference. We sat down for 40 minutes – not nearly enough time – to discuss his many investing, stock picking and market timing ideas. None of those ideas would be unfamiliar to anyone who has read any of his 3 best-selling books.

Over the course of 13-years, he turned Fidelity’s Magellan fund into the world’s best known fund. Along the way, he changed how we think about stock picking, invented GARP (Growth at a reasonable price), encouraged millions of individuals to manage their own portfolios, and changed what it meant to be a fund investor. He also helped turn Boston-based Fidelity from a successful fund family into a financial powerhouse.

Lynch’s statistics are what make the case for him as the greatest of all time. When he took over the fund in May of 1977, it was a little known, $20 million offering. From 1977 to 1990, Lynch helped drive Magellan to the top of the return tables. He averaged 29.7% annually, beating the S&P 500 in 11 out of 13 years, while never having a down year.¹ With Lynch as its manager, Magellan outperformed 99% of all mutual funds. In 1983, it became the single largest mutual fund in the world.² Approximately 1 out of every 100 Americans benefited from Lynch’s success.

Some thoughts Lynch shared with us on Friday:

Corporate Management: Lynch laughs that “I always hear people telling me. ‘Hey, this company has great management.’ That’s why you should own it.'” To him, management may be important, but the underlying business is even more important. Why? “If you took Lee Iacoca or Bill Gates or Elon Musk, and put them in charge at Sears or JC Penny, it still would have had a miserable outcome.” At the same time, just about any barely competent executive could have run Toys R as it expanded from 20 stores to 200 or Starbucks when it grew from 20 stores to 300.  Lynch observes: “A great business is one that any fool can run, because eventually, one will.”

On Warren Buffett: The “fool eventually will” quote was soon borrowed (with permission) by Warren Buffet, whom Lynch calls “The greatest investor all the time.”

At home in 1989, his daughter Annie answered the phone and said, “Dad, there’s a Mr. Buffett on the phone.” Lynch assumed it was one of his colleagues playing a joke. He answers to suddenly hear that familiar twang, “This is Warren Buffett from Omaha, I just read your book, its great, there is a wonderful quote in here, my annual report is due in three weeks, can I use it?” all in “7 seconds.” The quote Buffett wanted to borrow was “Getting rid of your great companies and holding onto your losers is like watering the weeds and cutting the flowers.”

Buffett charmed Lynch by adding “If you ever come to Nebraska and don’t visit me in Omaha, your name will be mud all over Nebraska.”

Researching Companies: “Look at 10 companies, 8 are probably fairly priced, 1 is way overpriced and 1 is attractive. The goal is to look at as many companies as possible to find that 1 company. The person who turns over the most rocks wins.”

Predictions: They are useless. “I have no idea what’s going to happen to interest rates, inflation or whether the market’s going up or down. And basically, if you are tying your portfolio to predicting how the market is going to go or how the economy is going to go, how can anyone manage into that approach?”

When to Buy: “When things go from crappy to semi-crappy – that’s a very technical term – you can buy.” Don’t buy crappy, but once it starts to improve, you can buy it.

Market Timing: Over the last 40 years, average returns were 11% per year. But if you just missed 30 months in the market, that 11% return becomes just 3% return. 30 months out of 40 years. He notes that when the market went down, the Magellan fund went down also, observing “its just that simple.”

On His Grandson Trading Today’s Meme Stocks: Gamestop and Robinhood trading are “total gambling,” and “you need to see a psychiatrist if you do that.”

Lynch makes a strong case for tapping out when you are at the top of your game, and not milking every last cent by overstaying your welcome. Not many people in life get to do this: his early retirement as a fund manager is on par with Michael Jordan stepping down from the Bulls in 1998 and Seinfeld retiring his show before it became tiresome.

When it comes to pure stock selection and portfolio management, its hard to find a better candidate for GOAT.

 

________________

1. Over a longer period, he turned his wife’s $2,500 per year IRA into $11 Million dollars.

2. In April 2000, Magellan was displaced by Vanguard’s S&P 500 index fund as the world’s most popular mutual fund.

https://ritholtz.com/2021/03/peter-lynch-goat/

[5coroas 1402]

há 8 minutos, Bedrock disse:

Peter Lynch is the GOAT

 

Who is the GOAT?

What investor is your pick for the “greatest of all time”?

Many people will say Warren Buffett, whose annual letter came out this weekend. If the category were best AND longest-tenured investor, I’d agree with you. If your metric is highest overall returns by any possible means, then the short-term algorithmics trading Medallion Fund developed by Jim Simons at Renaissance Technologies is the winner. RenTec’s spectacular track record is its own category of trading, not investing.

In terms of pure stock-picking, my choice for the greatest long-term track record would be Peter Lynch. I had the privilege of having a fireside chat with Lynch, now Vice Chairman of Fidelity, at last week’s MIT Sloan annual investment conference. We sat down for 40 minutes – not nearly enough time – to discuss his many investing, stock picking and market timing ideas. None of those ideas would be unfamiliar to anyone who has read any of his 3 best-selling books.

Over the course of 13-years, he turned Fidelity’s Magellan fund into the world’s best known fund. Along the way, he changed how we think about stock picking, invented GARP (Growth at a reasonable price), encouraged millions of individuals to manage their own portfolios, and changed what it meant to be a fund investor. He also helped turn Boston-based Fidelity from a successful fund family into a financial powerhouse.

Lynch’s statistics are what make the case for him as the greatest of all time. When he took over the fund in May of 1977, it was a little known, $20 million offering. From 1977 to 1990, Lynch helped drive Magellan to the top of the return tables. He averaged 29.7% annually, beating the S&P 500 in 11 out of 13 years, while never having a down year.¹ With Lynch as its manager, Magellan outperformed 99% of all mutual funds. In 1983, it became the single largest mutual fund in the world.² Approximately 1 out of every 100 Americans benefited from Lynch’s success.

Some thoughts Lynch shared with us on Friday:

Corporate Management: Lynch laughs that “I always hear people telling me. ‘Hey, this company has great management.’ That’s why you should own it.'” To him, management may be important, but the underlying business is even more important. Why? “If you took Lee Iacoca or Bill Gates or Elon Musk, and put them in charge at Sears or JC Penny, it still would have had a miserable outcome.” At the same time, just about any barely competent executive could have run Toys R as it expanded from 20 stores to 200 or Starbucks when it grew from 20 stores to 300.  Lynch observes: “A great business is one that any fool can run, because eventually, one will.”

On Warren Buffett: The “fool eventually will” quote was soon borrowed (with permission) by Warren Buffet, whom Lynch calls “The greatest investor all the time.”

At home in 1989, his daughter Annie answered the phone and said, “Dad, there’s a Mr. Buffett on the phone.” Lynch assumed it was one of his colleagues playing a joke. He answers to suddenly hear that familiar twang, “This is Warren Buffett from Omaha, I just read your book, its great, there is a wonderful quote in here, my annual report is due in three weeks, can I use it?” all in “7 seconds.” The quote Buffett wanted to borrow was “Getting rid of your great companies and holding onto your losers is like watering the weeds and cutting the flowers.”

Buffett charmed Lynch by adding “If you ever come to Nebraska and don’t visit me in Omaha, your name will be mud all over Nebraska.”

Researching Companies: “Look at 10 companies, 8 are probably fairly priced, 1 is way overpriced and 1 is attractive. The goal is to look at as many companies as possible to find that 1 company. The person who turns over the most rocks wins.”

Predictions: They are useless. “I have no idea what’s going to happen to interest rates, inflation or whether the market’s going up or down. And basically, if you are tying your portfolio to predicting how the market is going to go or how the economy is going to go, how can anyone manage into that approach?”

When to Buy: “When things go from crappy to semi-crappy – that’s a very technical term – you can buy.” Don’t buy crappy, but once it starts to improve, you can buy it.

Market Timing: Over the last 40 years, average returns were 11% per year. But if you just missed 30 months in the market, that 11% return becomes just 3% return. 30 months out of 40 years. He notes that when the market went down, the Magellan fund went down also, observing “its just that simple.”

On His Grandson Trading Today’s Meme Stocks: Gamestop and Robinhood trading are “total gambling,” and “you need to see a psychiatrist if you do that.”

Lynch makes a strong case for tapping out when you are at the top of your game, and not milking every last cent by overstaying your welcome. Not many people in life get to do this: his early retirement as a fund manager is on par with Michael Jordan stepping down from the Bulls in 1998 and Seinfeld retiring his show before it became tiresome.

When it comes to pure stock selection and portfolio management, its hard to find a better candidate for GOAT.

 

________________

1. Over a longer period, he turned his wife’s $2,500 per year IRA into $11 Million dollars.

2. In April 2000, Magellan was displaced by Vanguard’s S&P 500 index fund as the world’s most popular mutual fund.

https://ritholtz.com/2021/03/peter-lynch-goat/

 

 "Gamestop and Robinhood trading are “total gambling,” and “you need to see a psychiatrist if you do that.”

AMÉN 

Editado 3 de Março de 2021 por 5coroas

[Bedrock 137]

Só agora é que reparei: @5coroas, a tua nova assinatura é Top ... só tenho pena de não me ter lembrando antes e ter criado uma citação própria do género ... são as minhas veias (não as artérias) de para-socialista que não me induziram a pensar no assunto. 🤣

Editado 3 de Março de 2021 por Bedrock

[Bedrock 137]

 

[Bedrock 137]

The Stoic Path to Wealth: An ancient investing strategy for the modern world

https://dariusforoux.com/stoic-path-to-wealth/

 

[Bedrock 137]

Quando as tecnológicas e o mercado dos EUA caiem a sério, os users deste tópico ficam quase todos passivos e parece que desaparecem do radar, pelo que, para manter isto com uma velocidade mínima de mudanças de página, tem que ser o campeão dos votos negativos a manter a sua hiperatividade.

Eu lembro que o tópico é de mutual funds, logo os users devem ter uma participação mais ativa, nem que seja a darem votos negativos a quem é ativo, pois também não deixa de ser uma participação ativa.

Agora o que eu não imaginava era que ia sofrer na pele o fenómeno de arrastamento da volatilidade dos votos negativos (em poucos meses, 3-4?, cheguei a ter da ordem dos 500 votos negativos, sendo que mais de 90% dos mesmos eram de 3-4 nicknames da mesma pessoa) tal como acontece com o cluster de volatilidade (arrastamento da volatilidade) nos mercados acionistas, tal fenómeno dos votos negativos causou em mim uma profunda depressão que não pode ser tratada com antidepressivos mas sim com postagem de mais posts.

Ou seja, os votos negativos fazem-me passar de ativo para hiperativo, agora para passivo nunca, para isso já me basta o tempo em que estou a dormir e nos momentos preguiçosos que posso ter durante parte de alguns dias. 

Mas para terminar vou vos confessar um segredo: com os votos negativos, tive muitas noites que não conseguia dormir. 

Editado 3 de Março de 2021 por Bedrock

[Pequeno_Aprendiz 47]

O Nasdaq deu mais um belo mergulho, lá irá de arrasto a China durante a noite?

[Bedrock 137]

há 47 minutos, Pequeno_Aprendiz disse:

O Nasdaq deu mais um belo mergulho, lá irá de arrasto a China durante a noite?

A noite passada não arrastou, pelo contrário, pois hoje o JPM China USD subiu 1.35%, agora esta noite se calhar vai sofrer influência da grande queda dos EUA, mas se aguentasse teríamos um reset no inflow de capitais para Oriente. Se há zona que pode e deve se emancipar do mercado dos EUA é a China e alguns países e satélites gravitacionais com a China. 

Editado 3 de Março de 2021 por Bedrock

[vila 17]

há 9 horas, Visitante Bee disse:

Boa tarde. 

Iniciada há sensivelmente 1 mês neste mundo dos FI peço a vossa ajuda para o esclarecimento de uma dúvida. 

Subscrevi pelo ActivoBank.

A semana passada foi um murro no estômago.  2° feira ao ver no site da MorningStar a variação do dia, já estavam novamente a subir, no entanto, ontem de manhã ao consultar os meus fundos o valor voltou a descer. 

Qual o desfasamento entre o que se passa com o fundo e o que aparece na nossa conta? 

Desculpem a ignorância mas ninguém nasce ensinado!

 

 

Muitas das vezes há desfasamento das datas no morningstar e no homebanking. 

[-------- 2582]

A 27/02/2021 às 19:35, pge disse:

É por isto que gostas deste FI, pq de retornos nos ultimos tempos não tem sido nada por aí além.

Retornos não sei, mas é um fundo que considero equilibrado e sem a volatilidade de outros, mas mesmo numa comparação rápida com os índices EUA...

Legg Mason

Nasdaq

S&P 500

Dow Jones

[pge 119]

há 34 minutos, D@vid disse:

Retornos não sei, mas é um fundo que considero equilibrado e sem a volatilidade de outros, mas mesmo numa comparação rápida com os índices EUA...

Legg Mason

Nasdaq

S&P 500

Dow Jones

O que eu achei esquesito é que desde Setembro(+-) anda meio a pastar. Para um growth é estranho.

[-------- 2582]

há 37 minutos, pge disse:

O que eu achei esquesito é que desde Setembro(+-) anda meio a pastar. Para um growth é estranho.

Eu diria que é uma evolução sustentável 😁, claro que se fores a comparar com um MS Growth não teve hipóteses desde Abril do ano passado, no entanto o Legg não tem hedge e o MS tem, também tem um impacto em ambos os fundos.

[5coroas 1402]

 

 

Texas governor lifts mask mandate and allows businesses to open at 100% capacity, despite health officials' warnings.

 

Finalmente alguém com juizo e cojones. 👍

Editado 4 de Março de 2021 por 5coroas

[Bedrock 137]

A Changing Tide Supports International Investing

 

Expectations for earnings growth and return on invested capital (ROIC) have become more favorable outside the United States—and our outlook for growth in key industries suggests accelerating demand and emerging business models abroad.

An analysis of aggregate growth and returns outside versus inside the United States provides some insight into the performance differential we have seen over the past decade—and may provide some insight as to what may come.

Ten years ago, the growth outlook for U.S. and non-U.S. growth stocks was similar. However, U.S. companies were better positioned in terms of ROIC. The implication was that U.S. companies could enjoy higher returns for every dollar invested in their businesses. Over a short period, this return differential manifested in U.S. companies’ ability to make large investments in new technologies, acquire adjacent businesses, and enter new markets at a more rapid pace than their offshore brethren.

Positive Growth Forecast for Non-U.S. Companies

What we see now portends a similar such outlook for the growth of non-U.S. companies. Specifically, returns (as measured by ROIC) of non-U.S. companies are approximately 30% better than those of U.S. companies. In addition, the forecast growth of non-U.S. companies is faster, based on analyst estimates. This means that non-U.S. companies not only should benefit from greater compounding than U.S. companies, but the dollars available for investment should be greater as well—creating a strong cycle of sustainable value creation, as the chart below illustrates.

In particular, the outlook for growth in key industries is very attractive and, we believe, will result in accelerating demand and emerging business models abroad. IT services, digital payments, and renewables are examples of industries in which growing demand and the emergence of new business models drive a stronger growth outlook abroad.

IT Services/Enterprise Software

The concentration of IT inside the United States is high and has buoyed index returns. However, we are seeing an increased emergence of new technology applications outside the United States. The spread of at-home work could have significant investment implications, as our blog post explains.

Companies that may see an increase in demand include IT service providers that help other firms implement and scale remote-work platforms and firms that offer remote-work platforms with the features that enterprises want and need (such as security and file sharing).

IT spending in certain countries could also accelerate. Japan’s IT infrastructure, for instance, is still about 5 to 10 years behind that of the United States and Europe, so IT spending may be needed there to support remote work. We are paying close attention to how this innovation could play out globally, especially around telehealth and distance learning.

Payments

As we explain in a blog post, the digital payments industry represents a truly enormous addressable market that continues to expand due to strong, durable secular tailwinds. But the industry is also compelling because penetration varies significantly across regions and countries, creating opportunities for fundamental managers to find value.

For example, the United States is a more mature market with high penetration levels, while usage in Europe varies drastically by country. In emerging markets, penetration is typically low, providing a long runway for growth. Country-specific differences, shown below, provide insights into the nature of various opportunities around the world.

Renewables

A Bloomberg New Energy Finance study released in June 2019 projected that at present trends, the world will move from sourcing two-thirds of its energy from fossil fuels in 2018 to two-thirds zero-carbon energy by 2050, with wind and solar supplying nearly half of the world’s electricity by then. Coal-fired energy will fall by 51%, the study estimates, supplying just 12% of world electricity.

While the United States is a hive of renewable energy, it is no longer the world leader, as our blog posts explain. China is the top investor in clean energy today, while Europe leads in adopting renewable initiatives. Of the nearly $290 billion invested in renewable energy in 2018 worldwide, China accounted for most of it at $91 billion, according to a 2019 study published by REN21, a global renewable-energy think tank.

There are days in Germany when the cost of wind power is zero because of how efficient the wind farms have gotten and how much supply there is when it is windy. In the United Kingdom, there are even days when the country uses no coal-based power. The United Kingdom is also implementing policies whereby only electric vehicles will be allowed in certain parts of the nation.

As renewable energy has become more efficient and competitive, more and more companies—NextEra, Neste, Enel, and Orsted, to name a few—say they will continue to expand their renewable energy business because it is good for their bottom lines as well as the environment.

Up Next

In my next post, I’ll discuss why the regulatory environment outside the United States is more conducive to the proliferation of disruptive business models, which is a key factor in driving growth abroad.

https://active.williamblair.com/global-equity/alaina-anderson/a-changing-tide-supports-international-investing/

[Bedrock 137]

há 51 minutos, 5coroas disse:

 

 

Texas governor lifts mask mandate and allows businesses to open at 100% capacity, despite health officials' warnings.

 

Finalmente alguém com juizo e cojones. 👍

Com a vaga de frio que houve no Texas em que as utilities ficaram congeladas, o vírus nos aerossóis e nas partículas em suspensão, no meio ambiente exterior, também congelou. Assim, as pessoas precisam mais de usar máscara no indoor que no outdoor, mas isso também já devia ser antes da vaga de frio, porque no exterior a carga vírica (quantidade de vírus por unidade de volume de ar) é menor, pelo efeito da dispersão, que em recintos interiores. 

Quanto aos cojones eu lembro que este tipo de bolas tem um sensor térmico e um mecanismo automático que faz com que numa situação mais de frio as bolas recolhem para a bolsa escrotal e em situação de calor as bolas descem por forma a dissiparem mais energia térmica, tal como o cão quando põe a língua de fora.

Porque é que os cojones têm aquele mecanismo automático de sobe com o frio e desce com o calor? Porque a produção otimizada de espermatozoides funciona numa faixa térmica, e se com a quantidade de espermatozoides coxos que são para aí produzidos, se a produção não fosse quantitativamente otimizada, então seria uma desgraça total, pois já não se fazem machos alfas procriadores como antigamente, em que algumas mulheres engravidavam quase só pelo cheiro, agora é uma complicação para algumas engravidarem.

Editado 4 de Março de 2021 por Bedrock

[5coroas 1402]

há 32 minutos, Bedrock disse:

pois já não se fazem machos alfas procriadores como antigamente, em que algumas mulheres engravidavam quase só pelo cheiro, agora é uma complicação para algumas engravidarem.

O facto das fêmeas alfa, devidamente catequizadas pelo feminismo, deixarem para muito mais tarde o inicio do processo opressivo-patriarcal-reprodutivo é bem capaz de também contribuir para essa dificuldade. O Girl-power não tem tempo para fazer e aturar bébés.

Editado 4 de Março de 2021 por 5coroas

[Bedrock 137]

há 28 minutos, 5coroas disse:

O facto das fêmeas alfa, devidamente catequizadas pelo feminismo, deixarem para muito mais tarde o inicio do processo opressivo-patriarcal-reprodutivo é bem capaz de também contribuir para essa dificuldade. O Girl-power não tem tempo para fazer e aturar bébés.

Citação

O Girl-power

Pois é, o problema foi esse de substituírem o Grelo-Power pela Girl-Power. No Norte, quando encontrávamos uma mulher com "pêlo na venta", aquilo significava, entre outras coisas, que estávamos perante uma Women-Power com uma quantidade de testosterona acima da média, também conhecida por uma "mulher de tomates", agora os tomates são quase todos de estufa, depois dá no que dá ... 🤣

[N.Rocha 91]

HAHAHAHAHAHA