Get latest information from around the globe . Like this article? The brothers asked $1 million each after taxes. It's got to be worth at least $10, right? Krieger was unhappy however with the payment and left the firm in 1988 to work for George Soros. Wonderful Net Worth, Biography, Wiki, Career (Updated) June 27, 2022 by Richard Mr. In 2006 he worked with investment company Cornwall Capital to short the housing market and profit from the 2007-2008 subprime mortgage crisis. July 5, 2022 Cindy 0 Comments. "Cornwall Capital, started . But when they hired Ben Hockett, doors began to open. Eisman hasn't gone on record about the film, but he did work with Carell on set. His net worth has been growing significantly in 2020-2021. Finally, the shoe is on the other table which has turned , Edit: my grammar is worse than Shitadels moral compass. So it's entirely possible that this guy hasn't even ever watched the movie, let alone tweeted his opinion on it. It turns out, he wasnt really doing anything special. To compensate for his social struggles (he would learn much later in life that he suffered from Asbergers syndrome, a disorder on the autism spectrum), he learned to analyze data with a rigorous eye to detail, seeing patterns that no one else could see. In the film, Hocketts character is joined by hedge fund manager Michael Burry, played by Bale, Jared Vennett, based on real-life bond salesman Greg Lippmann and played by Gosling, and Mark Baum, based on fund manager Steve Eisman and played by Carell. Mr. Baum owns over 850,000 units of Harrow Health stock worth over $17,686,844 and over the last 8 years he sold HROW stock worth over $219,135. Carolyn Mitchell is her alternate name. Nowadays he invests in water. HODL you fucking chimps. Of course, he had simply copied Dr. Michael Burrys idea, but he presented it to Eisman as his own original strategy. Estimated Net Worth. But if they waited too long, they might lose everything. The comedy-drama hybrid about the housing crisis and financial crash of 2008 starring Steve Carell, Ryan Gosling and Brad Pitt, is certain to have people talking. Ben Hockett is a former Deutsche Bank Trader who helped Jamie and Charles from Cornwall Capital navigate the channels of Wall Street power. That was in 2010. Eisman saw that the market did not punish bad actors. But it was hard to explain. The CDOs rated triple-B and those rated triple-A were composed almost entirely of the same types of subprime mortgage bonds, which were in turn made up of the same types of worthless mortgages to low-income Americans. He was too busy trading with US banks 3,600 miles away, flogging 150million worth of financial products ahead of the 2008 global crash. A small investment in credit default swaps translated to a potential enormous gain once the CDOs collapsed. The Sun website is regulated by the Independent Press Standards Organisation (IPSO), Our journalists strive for accuracy but on occasion we make mistakes. As a consequence of his audacious short, Krieger made his employer Bankers Trust $300 million (227m) or $664 million (504m) in today's money, and was awarded a bonus of $3 million (2.3m) for his efforts, which is around $6.7 million (5.1m) when adjusted for inflation. New information found for Ben Hockett. Also starring Christian Bale, Ryan Gosling and Steve Carell, the film follows a small group who made more than 12BILLION betting that the American housing market would implode. Affleck is best known for his performances in 'Shakespeare in Love' (1998), 'Good Will . Tom Ford. In 2020, Ben Crump became the attorney for the families of Ahmaud Arbery . Which takes us nicely into the next short-selling triumph. Andy Krieger, a currency trader at Bankers Trust, noticed the New Zealand dollar was being enormously overvalued as investors rushed out of the US dollar and put their funds into other more seemingly stable currencies. Originally an attorney, he switched gears relatively early in his career to become an analyst at Oppenheimer, a financial advisement firm. This is an important part of the movies storyline. Armed with this info, Jones didn't waste any time shorting it to a T. As the duo correctly predicted, the Dow slumped dramatically on 19 October 1987, and the Tudor Investment Corporation made an estimated $100 million (76m), which works out around $222 million (168m) when adjusted for inflation. Either the government would step in and guarantee the bad subprime loans, or the banks theyd bet against (like Bear Stearns) would go bankrupt and be unable to pay them. This entitlement that you can make money off the backs of others without being responsible for what its doing to them or what it could do to them drives me crazy., News Group Newspapers Limited in England No. In 1969, Carolyn Hockett wed Mickey Rooney. Bakers Edge Net Worth; What Happened After Shark Tank Deal? Given Hockett's solitude, I'd wager that it's unlikely he'd approve of being made into a product of Hollywood. In 1990, he went to medical school at Vanderbilt and then began his residency at Stanford. They now had a seat at the adults table. US crash. They have two children who are Jimmy Rooney and Jonelle Rooney. People are still talking about this movie. financial genius Burry, who created the concept of insurance payouts if Ben Hockett (aka Ben Rickert, played by Brad Pitt ) True to Pitt's slightly paranoid, stand-offish portrayal in the film, Hockett remains steadfastly off the grid. By early 2006, Cornwall had $30 million in the bank. How was he involved in the big short that profited from the 2008 financial crisis? To inquire about a licence to reproduce material, visit our Syndication site. In einem Interview mit "vulture.com" sagte Brad Pitt, der im Film Hockett verkrpert, dieser lebe in einem Haus, das man nicht mit dem Auto erreichen knne. The Vivos Group has already sold out an 80-man Cold War shelter in Indiana, USA, and is in the process of reworking a Soviet base bore into a 400ft mountain near Rothenstein, Germany. Ben Affleck is an American actor, screenwriter, producer, and director who has a net worth of $150 million. That limited social life meant the twice-married investor had the time to study the stock markets. A bullet train from Sydney to Melbourne would change how Aussies travel. The movie is also based on a real-life hedge fund manager named Steve Eisman. He traded credit default swaps against double A CDO tranches. Brad Pitt, who co-produced the movie, was determined to put it on the big screen. He had an apocalyptic streak and was hyper-attuned to the possibility of extreme events. Ben Hockett is a former Deutsche Bank Trader who helped Jamie and Charles from Cornwall Mr. The aforementioned George Soros was riding high in the early 1990s having made a killing from investing and was looking for his next big opportunity. Philanthropist Jones has followed up this success with many others, and is now worth $5.1 billion (3.9bn) according to Forbes. That limited social life meant the twice-married investor had the time to study the stock markets, although he admits: My drive to be productive He was arrogant, mediocre, wildly overcompensated, and had his clients worst interests at heart. In 2007, a Devonshire boozer helped make Wall Street dealer Ben Hockett nearly $80 million (55m), while he was supposed to be on holiday. In the financial world a short is like a bet that a stock or bond will drop in value. The rookie investor exposed serious issues with the group's financials, which contributed to its demise in what became the biggest corporate bankruptcy on record at the time. Needless to say, when the stock nosedived the following year and the company filed for bankruptcy, Chanos and his firm cleaned up. Ben Hockett made his money trading credit default swaps from his home in the Berkeley Hills. Greg Lippmann is a hedge fund manager and the former head of asset-backed securities trading at Deutsche Bank. Salary, Earnings. Join the conversation, you are commenting as. On top of that, the fact that the Napiers have become more of a presence on HGTV thanks to Home Town's spin-offs indicates that the duo must be cashing in. But it was hard to explain. I'm sure if you went back and met Hercules you may find he's kind of a [jerk].". In fact, Wilson was reputed to be Wall Street's number one short seller during his career. The film stars Brad Pitt, Christian Bale, Ryan Gosling, Steve Carell, and Charlie Geller. Shockingly, the investor-turned-benefactor took his own life on 23 December 2013 by leaping from his apartment in Manhattan's San Remo building, mirroring Jesse Livermore's tragic demise. Several years ago, a former Deutsche Bank trader named Ben Hockett decided to make a buck by betting against the housing market. By October 2006, the doomsday scenario already seemed to be happening. Through this alleged quote, it seems that Eisman was intent on making sure Carell captured how he was feeling during the events depicted in the film. Templeton pictured here with Prince Philip made an estimated $80 million (61m) in the space of a few weeks, around $117 million (89m) in today's money. At 44 years old, Ben Foskett height not available right now. Charles Hockett was an American linguist and anthropologist, who lived from 1916 to 2000. With a stake of over 70% in Gymshark, Francis' estimated net worth, according to The Telegraph, is somewhere in the region of 700 million. Their lowly status denied them the right to trade in the highly complex optionslike credit default swapsbeing sold through the quantitative trading desks at the big investment banks. He 100% made money alongside the other two founders of Cornwall Capital, and there is a lot of discussion in the book (which you can read here) about how all three of them were somewhat tortured by their success. He had been at the pub in Exmouth, Devon, since 2pm and stayed until closing time but he did not drink much. Steve Eisman rapidly developed a reputation as a brash truth-teller, unwilling to offer up the praise and platitudes that so many financial and banking leaders expected to hear. Ben Feldman Net Worth, Salary, Cars & Houses. Colleagues. Nationwide News Pty Ltd 2023. A fairly obscure and relatively unremarkable investor before 2008, New Yorker John Paulson entered into investing history by foreseeing the subprime mortgage crisis, and effectively shorting the US housing market. He was going to short the housing market. Yearly Salary. The Other Wes Moore Epilogue: Where Are They Now? He has an estimated net worth of million dollars. Her birth year is 1944. The Hungarian-born money manager identified the flaws in pound sterling's participation in the European Exchange Rate Mechanism (ERM) and decided to act. Ben Stein's height is 1.80 m, which is equal to 5 ft 11 in. Cornwall Capital soon homed in on the US subprime mortgage market. By February 2006, many of the savviest players on Wall Street had their eyes on Dr. Burrys big bet against the housing market. Wing Chau was a middleman whose job was essentially just to take triple-B tranches of original CDOs (again, themselves composed of subprime mortgage bonds) and repackage them into new towers of bonds. We take a look at 10 financial seers who made a fortune by speculating that the worst would happen. The shrewdest investors possess an almost supernatural sixth sense when it comes to anticipating impending disaster, and are able to profit spectacularly from others' misery by shorting the hell out of stock, currency, futures, and so on that they predict will plummet in value. Disclamer: Robert C. Hockett net worth displayed here are calculated based on a combination social factors. Your email address will not be published. In 2006 he worked with investment company Cornwall Capital to short the housing market and profit from the 2007-2008 subprime mortgage crisis. 398 33 33 comments Best Add a Comment AutoModerator 2 yr. ago -- Join our official Discord! Please only use it for a guidance and Robert C. Hockett's actual income may vary a lot from the dollar amount shown above. He is probably best-known for writing and starring in "Good Will Hunting" and. He left Wall Street in 2006 to work for an investment firm called Cornwall Capital. After learning that his house was overpriced and was at risk of earthquakes, he sold it immediately and moved to a rental house, which is apparently inaccessible by cars. During the ensuing financial crisis, Cornwall Capital went bankrupt, but Ben Hockett was able to profit from their losses. Ben Stein was born on November 25, 1944, and is currently 78 years old. Hockett graduated from Yale in 1939, and later taught at both Cornell and Rice. Cornwall, took the chance to bet against banks who foolishly thought they Your friend agrees and lends you $10. Their insight was that investors only understood their own particular slice of the market, whether it was Japanese government bonds or European mid-cap healthcare debt. Before his retirement in 1986, the legendary trader managed to turn an initial stake of $15,000 (11.4k) courtesy of his mother into a humongous fortune, much of which was gleaned from short selling. When the whole shebang came crashing down in 2008, the fund made an absolute fortune, with Paulson's personal profit amounting to a cool $4 billion (3bn), around $4.7 billion (3.6bn) today. Celebrity Net Worth Revealed: The 55 Richest Actors Alive in 2023. Ben Hockett is a former Deutsche Bank trader who left Wall Street behind to trade derivatives from his home in Berkeley Hills. The Little Book that Still Beats the Market - Joel Greenblatt. His name was Lawrence Fields in the movie played by the actor Tracy Letts. Through his hedge fund Paulson & Co., the money manager amassed a multitude of credit default swaps, and waited patiently for the market to topple. On August 6, 2007, at a pub in the south of England (where he was on vacation with his family), Ben Hockett logged onto his laptop and looked for buyers on $205 million in swaps on double-A tranches of subprime mortgage CDOs. On the other hand, The Big Short is a story about brilliant minds who predicted the housing crash and didn't stop it. In February 2007, he owned $205 million worth of credit default swaps against double-A CDO tranches. Rihanna Shares Video Of 'Black Panther 2' Filmmakers' First Reaction To Lift Me Up, Youll Definitely Recognise The Stars Of Amy Winehouses Biopic, Channing Tatum Wants To Remake This Iconic '90s Film, Theo James Would Love To Star In George Michael Biopic, Get Even More From Bustle Sign Up For The Newsletter, By subscribing to this BDG newsletter, you agree to our. All times AEDT (GMT +11). Being on the long position side we are boringly straight forward. It's worth noting, however, that this figure doesn't yet . People ask me if I ever want to get back into it. Another time, Eisman crumpled up the financial statements of a Japanese real estate firm and told the CEO that they were toilet paper. With his often-unkempt appearance and unrestrained personality, he cut a unique figure among the smartly dressed and cautiously reserved Wall Street set. By that clearly, Greg has an extremely noteworthy total net worth. Benjamin Crump's net worth has grown at a rate of 45% over the last two years. Which he has depicted in his career life, he is a decent picture. They now had a seat at the adults table. Here's what you'll find in our full The Big Short summary : Amanda Penn is a writer and reading specialist. Instead of betting against the lowest tranches of the CDOs, they purchased credit default swaps that enabled them to bet against the highest tranches. And as Oscar-nominated Hollywood film The Big Short makes clear, when it is time to make a fortune, there is not a minute to waste. Livermore eventually lost the lot however, and ended up killing himself on 28 November 1940. endorsed by presidential candidate Bernie Sanders, giving the actor the clothes off his back, Gosling told Vulture that in their meeting, Pitt has said that Hockett's house is inaccessible by car. The sportswear . Ben Duckett is a 27-year-old English Left-handed batsman. In the 2006 he worked with investment company Cornwall Funding so you're able to brief this new homes subprime financial drama. When Burry realized that the United States housing market was backed by subprime loans, he decided to short the market. Ben Foskett Height, Weight & Measurements. The character of Jared Vennett is based on real person Greg Lippmann. Discover Ben Fosketts Biography, Age, Height, Physical Stats, Dating/Affairs, Family and career updates. He eventually sold the house after realizing it was overpriced. Published Jul 7, 2021. Save my name, email, and website in this browser for the next time I comment. They let him keep the name and Kroc went on to turn McDonald's into one of the biggest brands on the planet. Her marital status right now is probably single as . Like this article? Yup. McKay addressed this conflict in an interview with LA Times, saying. He has a net worth of at least $100 million. His first major shorting success was in 1906 when he mysteriously took a huge short position the day before the San Francisco earthquake. Learn why the real people who shorted the housing market are just as compelling as the characters based on them. The movie tells the astonishing story of trader Ben Rickert played by Brad Pitt and based on Hockett, who had been visiting his wifes family in Devon before the crash. I was a licensed stockbroker/branch manager for 20 years. According to Pitt's interview with Vulture, Hockett lives in a home that is impossible to access by car. Celebrity Net Worth Revealed: The 55 Richest Actors Alive in 2023. After those frantic days trading in the pub, Hockett even warned his brother-in-law that the UK banking system could seize up due to the coming In this section, you are going to read all their controversies of his. In the end, Cornwalls swaps costing about $1 million sold for $80 million by the close of business that day. However, when they hired Ben Hockett, the tables began to turn. But simply analyzing statements set him apart. And, to Eismans disgust, Wing Chau was paid obscenely for doing nothing more than shuffling around stacks of useless debt. Soros on the other hand made $1 billion (759m), about $2 billion (1.5bn) when adjusted for inflation. I am a bot, and this action was performed automatically. He knew the right people that would allow Cornwall Capital to stand up as a major company. probably cost me my first marriage.. The fact that no one was held accountable after this mass, mass failure drives me crazy. On the one hand, The Big Short can be seen as a story about underdogs and outcasts who beat the system. Colleagues. He was too busy trading with US banks 3,600 miles away, flogging 150million worth. William Hockett owns over 28,447 units of Myriad Genetics stock worth over $405,016 and over the last 20 years William sold MYGN stock worth over $405,407. log in. I want this story told, he said. Disillusioned, he shut his hedge fund in 2008 and now lives a simple life for a multi-millionaire with wife Anh-Thi in Saratoga, California. Who is ben hockett? Dann Florek, Steven Hill & Paul Sorvino. Before he died in 1984, his net worth was estimated at well over half a billion dollars. Greg Lippmann was a bond trader with a reputation for being bombastic, crass, and nakedly self-interested. Paulson picked up on the market's problems as early as 2005, and began to bet against mortgage-backed securities by investing in credit default swaps. Ben Foskett was born on 1977. The success of his blog established Dr. Michael Burry as an acknowledged authority on value investing. Ben Hockett. They might have been high-net worth individuals, but they werent institutional investorsthey werent managing other peoples money, just their own. It would be impossible for them to make their dough without him. Consequently, his devotion to medicine began to suffer. Within four afternoons in the Monkey, Hockett had turned his firm Cornwall Capitals $A1.4m investment into a $A130m profit. This is about winning. Dr. Michael Burry saw a rare opportunity in the subprime housing bond market, once again where no one else was looking. In 2005, Ben Hockett joined as head trader, bringing extensive knowledge of capital markets, derivatives, and fixed income trading. From: Ben Hockett, CFA. The incentives had not worked the way they were supposed to. Sorry, something went wrong. He stayed in California with his family and traded derivatives from his home in Berkeley Hills. He had been directed to the pub by his Brit brother-in-law, who told him it was the only place in the quiet seaside town with reliable wi-fi. He now saw the true ethos of the system: Fuck the poor.. Even within the money-obsessed culture of Wall Street, this was beyond-the-pale behavior. With a few well-placed phone calls and some meetings, Hockett got Cornwall its ISDA (International Swaps and Derivatives Association) Master Agreement, giving them the right to buy credit default swaps from the likes of Greg Lippmann. He would not have had the opportunity to make his fortune had it not been for financial genius Burry, who created the concept of insurance payouts if mortgages bombed. Ben Shephard Net Worth: $5 Million. Michael Burry is a well-known physician in America who is a hedge fund manager and an investor. Amanda received her Master's Degree in Education from the University of Pennsylvania. After 2008 I was so disgusted that I quit. I cant really talk to them about it. The idea behind the ERM was to avoid exchange rate fluctuations and harmonise the currencies of Europe, but the sterling/Deutschmark rate was set too high and excessive interest rates in Germany forced the UK government to spend billions propping up the pound in order to maintain the exchange rate. Joel Greenblatt of Gotham Capital offered Burry a million dollars to start his own fund, Scion Capital. By rejecting non-essential cookies, Reddit may still use certain cookies to ensure the proper functionality of our platform. In the film, Hocketts character is joined by hedge fund manager Michael Burry, played by Bale, Jared Vennett, based on real-life bond salesman Greg Lippmann and played by Gosling, and Mark Baum, based on fund manager Steve Eisman and played by Carell. To see all content on The Sun, please use the Site Map. Which characters? 81%. If you don't fulfill that agreement, at the end of 100 days he gets your prized baseball card collection. Hockett and Cornwall Capital walked away from the financial collapse with $80 million 80 times their $1 million investment. It's more likely that Hockett would be concerned with how audiences respond to the character of Ben Rickert in The Big Short . You play the game until you win. In his spare time (which, as a medical student, was rare) he started a blog on value investing that quickly became a favorite among traders and investment bankersall of whom were amazed by his aptitude as a newcomer to investing and by the fact that he was doing this while attending medical school. Gosling told Vulture that in their meeting, "[Lippmann] was very helpful, in a way, in sort of helping me to understand as much as is possible the sort of financial lay of the land at the time. Subject: File No. "The Sun", "Sun", "Sun Online" are registered trademarks or trade names of News Group Newspapers Limited. Don't have an account? Making a profit from going long is reliant on the value of the asset increasing rather than declining. The Big Shortno para os fracos de corao.O hbrido de comdia e drama sobre a crise imobiliria e o crash financeiro de 2008 estrelado por Steve Carell, Ryan Gosling e Brad Pitt, com certeza vai ter gente falando.Baseado no livro de Michael Lewis, The Big Shortconta a histria verdadeira de um grupo de homens - alguns banqueiros de Wall Street, outros no - que decidiu inverter o . Why would they do this? But experts have revealed why they are concerned. Dave Mortach Net Worth How Much Retirement Expert Earns. He says in Lewiss book: Id come home at midnight and try to talk to my brother-in-law about the childrens future. Greg Lippmann told Eisman that the underlying loans in the bonds would start to go bad even if housing prices didnt fallall they needed to do was stop rising. A dedicated philanthropist, Wilson gave away the bulk of his fortune during his lifetime to charities including the Rainforest Alliance. Ben Hockett's net worth is estimated to be more than $100 million. A veteran investor by the late 1990s, Templeton, who had a "buy when there's blood in the streets" philosophy and liked to go against the grain, sensed that the internet-based companies that everyone seemed to be buying into at the time were significantly overvalued, so in the year 2000, he shorted a plethora of dotcom stocks. The seller offloads the borrowed asset at the market rate and covers the position by buying it once its value has declined. He had an apocalyptic streak and was hyper-attuned to the possibility of extreme events. Looks like that email address is already registered. Where do the hedge funds and shorts chat about what stocks to short? These Are The 10 Best-Paid Television Stars In The World. Please try again later. He reportedly lives a relatively isolated existence, and Pitt has said that Hockett's house is inaccessible by car. 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He was unafraid of telling the truth about the underwhelming performances of the companies he was tasked with analyzingand telling it loudly. The estimated Net Worth of William A Iii Hockett is at least $810 Thousand dollars as of 8 September 2008. Ben Affleck is an American actor and filmmaker who had a net worth of $155 million USD. The Soviets knew how to build big bunkers: the complex is 2,300 sq.m (250,000 sq.ft), and will apparently house up to 1,000 people, with over three miles of . Moreover, her current marital status is probably single. The estimated Net Worth of Mark L Baum is at least $19.3 Million dollars as of 25 April 2021. Entonces, en que piensa el verdadero Ben La gran apuesta ? He has a net worth of at least $100 million. Meeting Chau was just the sort of boost that Steve Eisman needed to continue shorting the subprime market. During a holiday in Devon in 2007, Wall Street guru Ben Hockett made a fortune in a pub. In the film, Hockett's character is joined by hedge fund manager Michael Burry, played by Bale, Jared Vennett, based on real-life bond salesman Greg Lippmann and played by Gosling, and Mark Baum . By the end of the year, Cornwalls swaps for $1 million sold for $80 million. Another potential inductee in the investing hall of fame should such a thing exist American-born British investor John Templeton was described by Money magazine in 1999 as arguably the greatest global stock picker of the century, and was renowned for his short-selling prowess. And that inefficient pricing mechanism could mean big money for the investors who did understand and bought at the right time. Because they saw that the triple-A bonds were just as vulnerable to collapse as the triple-B bonds, but the swaps against them werent priced that way. The founders of Cornwall Capital, Mai, and Ledley, were still considered small potatoes by Wall Street. Benjamin "Ben" Gza Affleck is an American actor and filmmaker from Berkeley, California. Not that Wall Street hedge fund guru Ben Hockett was particularly fond of English ale. Let us allow her to remain a welcoming home, in which no one feels excluded. [1] Ben Hockett has remained at the firm as the head trader and chief risk officer. He also later became the Chief Risk Officer of the company. WHILE regulars at the pub quietly sipped their pints, this American sat jabbering on his phone and tapping away on a laptop. Hockett hasn't spoken out about the film, and it's doubtful that he's going to. Covers the position by buying it once its value has declined in,... Homed in on the other ben hockett net worth which has turned, Edit: grammar... On set Hockett & # x27 ; s net worth, Salary, Cars & amp Paul. At Stanford to open was overpriced market did not punish bad Actors now saw the true ethos of companies. 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Ben Feldman net worth of William a Iii Hockett is a former Bank. Entonces, en que piensa el verdadero Ben LA gran apuesta in an interview with Vulture, lives! Trader with a reputation for being bombastic, crass, and it 's unlikely he 'd ben hockett net worth being! Which takes US nicely into the next short-selling triumph graduated from Yale in 1939, and nakedly self-interested I.! Once again where no one feels excluded, doors began to turn remained. 'S solitude, I 'd wager that it 's doubtful that he 's kind of a [ jerk.... Source is mostly from being a successful to Pitt 's interview with LA Times, saying former! With how audiences respond to the possibility of extreme events offered Burry a million dollars at,. His first major shorting success was in 1906 when he mysteriously took a short. Michael Burry is a former Deutsche Bank trader who helped Jamie and Charles from Cornwall Mr a buck by against... Gza Affleck is an important part of the company homed in on long. 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