Oracle of NY

Fair Value Clarifications

From the SEC Office of the Chief Accountant, Sept. 30, 2008:

The current environment has made questions surrounding the determination of fair value particularly challenging for preparers, auditors, and users of financial information. The SEC’s Office of the Chief Accountant and the staff of the FASB have been engaged in extensive consultations with participants in the capital markets, including investors, preparers, and auditors, on the application of fair value measurements in the current market environment.

There are a number of practice issues where there is a need for immediate additional guidance.

Can management’s internal assumptions (e.g., expected cash flows) be used to measure fair value when relevant market evidence does not exist?
Yes. When an active market for a security does not exist, the use of management estimates that incorporate current market participant expectations of future cash flows, and include appropriate risk premiums, is acceptable.

How should the use of “market” quotes (e.g., broker quotes or information from a pricing service) be considered when assessing the mix of information available to measure fair value?
Broker quotes may be an input when measuring fair value, but are not necessarily determinative if an active market does not exist for the security. In a liquid market, a broker quote should reflect market information from actual transactions. However, when markets are less active, brokers may rely more on models with inputs based on the information available only to the broker. In weighing a broker quote as an input to fair value, an entity should place less reliance on quotes that do not reflect the result of market transactions. Further, the nature of the quote (e.g. whether the quote is an indicative price or a binding offer) should be considered when weighing the available evidence.

Are transactions that are determined to be disorderly representative of fair value?
When is a distressed (disorderly) sale indicative of fair value?
The results of disorderly transactions are not determinative when measuring fair value.
The concept of a fair value measurement assumes an orderly transaction between market participants. An orderly transaction is one that involves market participants that are willing to transact and allows for adequate exposure to the market. Distressed or forced liquidation sales are not orderly transactions, and thus the fact that a transaction is distressed or forced should be considered when weighing the available evidence. Determining whether a particular transaction is forced or disorderly requires judgment.

Can transactions in an inactive market affect fair value measurements?
Yes. A quoted market price in an active market for the identical asset is most representative of fair value and thus is required to be used (generally without adjustment). Transactions in inactive markets may be inputs when measuring fair value, but would likely not be determinative. If they are orderly, transactions should be considered in management’s estimate of fair value. However, if prices in an inactive market do not reflect current prices for the same or similar assets, adjustments may be necessary to arrive at fair value.
A significant increase in the spread between the amount sellers are “asking” and the price that buyers are “bidding,” or the presence of a relatively small number of “bidding” parties, are indicators that should be considered in determining whether a market is inactive. The determination of whether a market is active or not requires judgment.

What factors should be considered in determining whether an investment is other than-temporarily impaired?
In general, the greater the decline in value, the greater the period of time until anticipated recovery, and the longer the period of time that a decline has existed, the greater the level of evidence necessary to reach a conclusion that an other-than-temporary decline has not occurred.
Determining whether impairment is other-than-temporary is a matter that often requires the exercise of reasonable judgment based upon the specific facts and circumstances of each investment. This includes an assessment of the nature of the underlying investment (for example, whether the security is debt, equity or a hybrid) which may have an impact on a holder’s ability to assess the probability of recovery.

"By convention sweet, by convention bitter, by convention hot, by convention cold, by convention color: but in reality atoms and void."
- Democritus

Bank of Failures

My wife and I had joint accounts at two banks, Merrill Lynch and Wachovia. Now, it seems, we're with Bank of America and Citigroup. It's a relief that we can still withdraw cash from the ATM , use our credit cards, and use other banking services which we usually take for granted, but there is little comfort. Times are tough. The stock market is scary and punishing. The economy only seems to be getting worse. The government seems paralyzed.

I don't want to think about would happen if the banks failed, and their banking operations were not acquired by other banks.

Today, I did some research for an upcoming interview, made some local calls in Omaha, received a couple of interview requests from the media, received a couple of emails from Germany, and posted the Forbes.com seal of approval on my blog.

Troubled Asset Relief Program (TARP)

The Bill: To provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, and for other purposes....protects home values, college funds, retirement accounts, and life savings; preserves homeownership and promotes jobs and economic growth; maximizes overall returns to the tax-payers of the United States; and provides public accountability for the exercise of such authority.

The Price: Up to $700,000,000,000

The Debt: Public Debt limit set to $11,315,000,000,000.

Of special interest to valuations professionals, Sections 132 and 133:

AUTHORITY TO SUSPEND MARK-TO-MARKET ACCOUNTING
The Securities and Exchange Commission shall have the authority under the securities laws to suspend, by rule, regulation, or order, the application of Statement Number 157 of the Financial Accounting Standards Board for any issuer (as such term is defined in section 3(a)(8) of such Act) or with respect to any class or category of transaction if the Commission determines that is necessary or appropriate in the public interest and is consistent with the protection of investors.

STUDY ON MARK-TO-MARKET ACCOUNTING
The Securities and Exchange Commission, in consultation with the Board and the Secretary, shall conduct a study on mark-to-market accounting standards as provided in Statement Number 157 of the Financial Accounting Standards Board, as such standards are applicable to financial institutions, including depository institutions. Such a study shall consider at a minimum —
(1) the effects of such accounting standards on a financial institution’s balance sheet;
(2) the impacts of such accounting on bank failures in 2008;
(3) the impact of such standards on the quality of financial information available to investors;
(4) the process used by the Financial Accounting Standards Board in developing accounting standards;
(5) the advisability and feasibility of modifications to such standards; and
(6) alternative accounting standards to those provided in such Statement Number 157.

Midwest, Northwest, Omaha

Flew to Omaha. My Midwest flight was delayed enough so that I would not have made my connection in Milwaukee, and there were no other flights out of Milwaukee to Omaha, so they sent me rushing to catch a Northwest flight at another LaGuardia terminal. There was no shuttle bus in sight and no time to waste, so I took a taxi. After a check-in scene (a giant police dog and cage in front of me - and it turned out to be the wrong line), and a security scene (you have been selected for more comprehensive security screening), I made it to the gate just in time and flew to Detroit. I ran the mile from the arrival gate to the connecting gate, and made it just in time. I arrived in Omaha about 45 min. after the originally scheduled time of the initial Midwest itinerary. Not bad. My informational interview is on Wednesday, and I also plan to speak with a few other people while I am here.

A couple of hours after arriving in Omaha, I received an email from my former CEO saying that the former Head of HR of the international banking group where we worked is now Head of HR at another international bank and is expecting my call. Good lead!

Still no word from Washington concerning the details of Secretary of the Treasury Paulson's new distressed mortgage hedge fund.

Mountain of Watchers

No financial bailout yet, but it will probably happen over the weekend, we hope. If not, Monday will be even more challenging and introspective than usual. Most of us can only sit back and watch the news and debates or perhaps try to make our voices heard, but the powers that be will make decisions that may affect us and our children for years to come. May they unite and decide wisely!

This morning, I received the following email:

Dear Mr Persky,
We've started a new blog at Reuters about careers in global finance after the Wall Street crisis and are looking for people to write about their experiences adjusting to the new order. Would you be willing to write 400 words of advice for the newly unemployed? It could be in the form of '10 things I wish I'd know a year ago' or whatever format you feel comfortable with. We're trying to make this blog, called Trading Places helpful and honest without being too depressing. Give me a call if you wish to discuss further.
Regards,

I wrote an article, sent it in, and in the afternoon received the following reply:

Many thanks, that's lovely. I've published it here http://blogs.reuters.com/trading-places/2008/09/26/a-time-for-change and we'll give it some promotion. Good luck in your search for work. Is there any more information or services Reuters.com could offer to help people in your position? We're going to beef up our coverage of new appointments to help people keep tabs on former colleagues but I'm sure there's more we could do.

What could Reuters do? I suggested they highlight some international job boards, networking sites and recruiters. Any other ideas?

WaMu Up the Hudson

My sister and I went to visit our parents in Red Hook, above Rhinebeck, in the Hudson River Valley. They are down-sizing, renting out their house, and moving into a semi-assisted living situation. It is tough to move, especially when you have sell, give away, or throw away most of what you own. As we drove up the country road, we noticed that several of the neighboring houses had "For Sale" signs. It's a tough time to sell a house. A year ago, property in that area was hot. We picked up a small basket of apples from a roadside farm for 99 cents on the way home.

The Wall St. drama continues, with bailout efforts, political debates, economic testimonies, and WaMu news. It was a pleasure to get away from the TV and computer for a few hours to see the trees in autumn bloom.

This morning, I received an encouraging email from the European furniture company CEO. He will discuss my cause with his partner in Asia. On the way up the Hudson, I received a call from "Careers On the Move" Co-founder, Richelle Konian (www.careersonthemove.com - a broad-based financial services recruiter with a specialization in valuation recruiting). She has arranged an interview for me at a mid-town accounting firm for a valuations position. When I returned to Larchmont, I spoke with a fellow I met yesterday while filming Finnish and Belgian news interviews on Wall St. He has a working connection with the Bank of China in NYC and will forward my resume for a commercial lending position.

Just above the storm clouds, the sun will be shining tomorrow.

Under the Volcano

We're being told that if the government does not approve the bailout, there may be a run on banks, and we may experience something like the Great Depression. That's pretty scary, kind of like being under a volcano that is about to erupt or waiting for an nuclear bomb to explode. The weather is fine, everything seems peaceful, there are the serious problems, but life goes on - until the full force of the catastrophe suddenly knocks you over, and everything you knew and loved is gone.

Perhaps, it's not that bad. Even if the government does not approve the bailout, life will go on, and the painful resolution will come in another form, a changing of the guard, a global redistribution of wealth.

On the other hand, even if the government does approve the bailout, we are not out of the woods.

We are under the volcano, and the question is how bad will be the explosion? Which way will the lava flow?

There is no way to know, and only time will tell.

Tick, tock, tick, tock! Ouch!

I went down to Wall St. for an interview with Finnish TV and ended up also doing an interview with Belgian TV. Both crews wanted to see my famous sign board, so I put it on and almost immediately got a new lead. Furthermore, my hot lead from yesterday became an invitation for an interview today. We are trying to find a convenient date, as I will be in Omaha for the next week and a half. Sounds promising, an interview in Omaha next week, an interview in NYC the week after. I also spoke with a hedge fund manager, up 6% so far this year (long/short), who is considering hiring another analyst, raising funds, and is interested in my trading ideas. I look forward to speaking with him again soon.

After returning to Larchmont from the city, I received the following email:

Dear Mr. Persky,
I am writing from the Italian newsmagazine Panorama on behalf of our US
correspondent to request 20 minutes of your time (possibly
today or tomorrow) for an interview over the phone on the Wall Street crisis and the new job outlook for its employees.
Panorama is Italy's leading weekly newsmagazine with a circulation of
650.000 and a readership of 2 million worldwide. It is published in Milan,
Italy, by Arnoldo Mondadori Editore.
Please let me know if you need further information.
Sincerely,

I called, participated in the interview, and received a prompt "thank you" note:

Dear Joshua,
thank you for the very interesting conversation.
I forgot to mention that the aim of my article is
telling the story of people who lost their job in finance,
and switched to other sectors, or decided to change life.
If you happen to know anyone who is following this path,
please let me know
Best

My rejection of the day came from Singapore. A recruiter with whom I had been in contact earlier in the summer regarding a quant position in Tokyo, called to tell me that the position was no longer viable, the bank was being restructured.

Ask Cindy How

I was expecting to meet Cindy (not my wife, Cindy), but she sent Al, her husband, to tell me about her cleaning business, "Ask Cindy How."

Cynthia Inman, the "Cleaning Diva,” has brought charisma and professionalism to a common chore. She started a cleaning service, cleaning classes, a syndicated cleaning column, and a web site - and is now branching out into e-commerce, branded products, a book, speaking engagements, radio and TV.

From Cindy's web site, www.askcindyhow.com:

Based on her many years of leading her cleaning crews out to some of the most prestigious homes in New York, Cynthia has developed cleaning techniques that has made routine housecleaning practice out of some of the more challenging concerns. Her specialized techniques, coupled with her professional administrative background have brought about magnificent results where others pale in comparison.

Her attention to detail has earned her a name in the industry for introducing a boutique approach to cleaning. However, she is clear – everyone can achieve the same results that she has trained her teams to achieve. “It merely takes the know-how and the willingness.”

The home must be pristinely clean. When you enter this home, you should be able to breathe and feel the clean. One would not see smudges around the light switches, or grease splatters on the kitchen stainless steel appliances, or dirt in the floor corners and edges, or dust accumulation on ceiling equipment. If any of this is present in your abode, it cannot be declared a haven. Through my “Ask Cindy” columns, I present my 40/40 vision through which I will guide you through great five star cleaning approaches and present some of my best cleaning tips and how to methods.

It was a pleasure to meet with Al, and his interest in working together with me to develop the "Ask Cindy How" empire is something new and different for me to consider. Cindy, Al told me, thinks that our combined energy, experience and publicity could bring her business to the next level. However this unfolds, I am inspired by her positive, clean energy and smile which shines through all her efforts.

I also made progress today with several other leads, sent out a few resumes, received a call from a recruiter with a hot new lead, and received calls from several local and international journalists requesting interviews.

Don't Panic, Breathe Naturally

The CEO of the international furniture company with whom I have been corresponding the past few days called me from Dubai. We had a good chat, and I hope we can move forward. My goal would be to get his furniture into places like Crate and Barrel, Bloomingdales, Macy's, and Williams-Sonoma. I appreciate great design, great quality, and great value - which is what this company seems to have.

Next week, I'll be in Omaha, and I scheduled an informational interview with one of the best financial institutions there.

I have a few other leads brewing - and that what keeps me going.

As one recruiter told me today:

I’m glad you’re seeing some activity. Everyone seems to be holding their breath.

From Hong Kong, I received the following informative email:

I have forwarded your blog to friends.
I think Hong Kong people love foreigner.  So I think you can try if Hong Kong and China fit your career.  Though the housing and spending here is expensive, weather is hot most of  the time.
By the way take a look of Hong Kong Trade Development Council website.
It is Hong Kong government official website to promote trade.
www.hktdc.com.  It got lots of supplier source information and news.
You can attend one of the exhibition and get lots of contact to business people around the world in one shot.
www.hkcec.com.hk/english/front/front.html
You can propose some new financial course to Hong Kong University's continuing education and teach at their course.
www.hkuspace.hku.hk/jobs/job.php?content=eng
You can rent a facility to develop your own financial talk seminar:
www.hkuspace.hku.hk/community_services/cs.php?action=hire
You can try setup a column on US financial market  at Hong Kong only free local newspaper :
www.thestandard.com.hk

I will look into it.

Millions, Billions, Trillions

Investors and share-holders are losing millions of dollars. Commercial banks, investment banks and hedge funds are writing-off billions of dollars. The U.S. government budget deficit is 9.7 trillion dollars, and the government is underwriting a trillion dollars of distressed mortgages (plus or minus a few hundred million). The numbers are staggering!

"There are 10¹¹ stars in the galaxy. That used to be a huge number. But it's only a hundred billion. It's less than the national deficit! We used to call them astronomical numbers. Now we should call them economical numbers." - Richard Feynman

According to the Bureau of Labor Statistics, the Consumer Price Index (CPI) is 5.4 percent higher than a year ago. Should we worry about inflation? Are we in a recession - or just a financial crisis?

Sounds to me as though most people are hurting or at least being squeezed big time. The cost of living keeps going up (it doesn't make me feel any better if its not officially "core inflation"), while salaries keep getting squeezed - if you are lucky enough to have a job, over 6% of the work force does not. 

Are we living beyond our means individually and as a nation? My peers say that their personal debt (credit card and home equity) and the debt of most people they know is growing year after year as they struggle to keep up with the basics. They don't live extravagantly, but they do live in expensive places in and around NYC. They don't take luxury vacations or drive new cars. Does everyone still have to cut back as much as possible? It seems so. What else is there to do?

It looks as though politics will play a decisive role in our economic future. The free market is in a free fall, and government intervention has been set in motion. Let us hope that the current and future leaders are creative and productive in guiding the economy with the right balance of regulation and market freedom, the right economic policies and initiatives to bring back stable financial markets and economic growth.

Dramatic Risks and "The Caffe Cino"

My good friend, Mark Waren, directs documentaries and runs a small non-profit theatre and film production company. His current project is "THE CAFFE CINO: Do What You Have To Do," an exploration of the legendary Caffe Cino on Cornelia Street, the birthplace of Off-Off Broadway theatre in the United States. The “alumni” of the Caffe Cino include Sam Shepard, Al Pacino, Bernadette Peters, William M. Hoffman, Lanford Wilson, Paul Foster and Robert Patrick. This tiny café-theatre remade American theatre, and influenced theatre practitioners all over the world.

You can see further information about THE CAFFE CINO on the non-profit production company, Dramatic Risks, website, www.dramaticrisks.org.

Mark is currently in the midst of a final fund-raising campaign to obtain the funds necessary to complete and distribute the film. All contributions to Dramatic Risks and the CINO project are completely tax-deductible, and there is a PayPal link on the Dramatic Risks website.

Dramatic Risks, Inc. is a New York City-based non-profit cultural and educational corporation, registered with the Internal Revenue Service as a 501(c)3 charitable organization.

Dramatic Risks produces high-quality theatre and film programs for educational institutions and the general public. Dramatic Risks is about documenting current and historical communities using a range of performance and motion picture techniques.

If you would like to know more about the Caffe Cino, here is the link to the Contents Page for 54 online pages of pictures from or relating to the Cino (provided by Robert Patrick, Playwrite):

www.hometown.aol.com/rbrtptrck/CINOCONTENTS.html

Never Stop Learning

Today, I had a meeting concerning an opportunity in the insurance field, a rejection from a hedge fund (they are looking for someone more junior), and several emails from international well-wishers:

Hello Mr. Persky,
Yesterday I read an article about you and your story concerning the financial crisis in our German newspaper. There was also a photo of you with this poster with your mail address. The story of your life has moved me very deeply. Next year  I will finish Grammar School (I am 18 years, live in mönchengladbach). So now I have to think a lot about what I will study. The last time I started to be intersted a lot in stock exchange and financial markets and all this stuff and then I read your story and now I think it will not be so clever to start studies in the financial sector because I am scared that the same that happened to you could happen to me as well. I can imagine how hard it is to lose the luxery of your everydaylife (I read you had a great house with pool) and a job which had determined your life a lot.
I doubt if you know what to do whith this mail but if I ever happen to be a boss of a bank I will give you a job, because you look nice and your staying power and energy have impressed me a lot.
Best wishes and good luck for the future
Marie

I wrote back to Marie:

Marie,
Thank you for reaching out to me. Study whatever interests you, be it financial markets or art history, and if you can, study everything and never stop learning! Everything can be taken from you except what you learn.
Best regards,

I also received the following emails:

Dear Mr. Persky,
Yesterday I'v read in an german newspaper about you activities, to get a new job. I'd like to give you my respect for this initiative and hope, that you will soon have a new job.
Regards
Volker

Hey Josh,
My wife just showed me the Chinese newspaper - World Journal - and you were pictured holding a sign saying "Experienced MIT Graduate For Hire".
It takes bravery and lack of fear to do what you did... and I applaud that.
You deserve everything you ever wanted in life.
All the best.

Yesterday, with Paloma's help (www.jibberjobber.com), I finished working on my new resumes: www.oracleofnewyork.com/files/JoshuaPerskyExperience.doc and  www.oracleofnewyork.com/files/PerskyValue.doc. Let's see what kind of response I get!

Forbes, Rheinische Post and Finnish TV

What an exciting day! No, I did not get a job, but I made progress. In the morning, I received an email from Dr. Okuno in Yokohama. His colleague will be visiting New York in the middle of October, and I will accompany him back to Japan at the end of October to meet Dr. Okuno and learn more about his cancer clinic, Clinica E.T., and his plans to develop an international training and research center.

I then received a call from a friend whom I have not seen since high-school. She works at Forbes, saw my blog, and invited me to join the "recently launched community of the high quality business and financial bloggers - the Forbes Business and Financial Blog Network." A blogging seal of approval!

After that, I received an email from the US Correspondent of the Finnish Broadcasting Company:

Dear Mr. Joshua Persky,
You must have had a huge overflow of media inquiries and here is one again. TV Finland would be very delighted to interview you next week in NYC. Do you still go on NYC's streets with that for hire sign on you? If you do we would be more than happy to meet you and have a chat with you about recent events in Wall street. I hope you could give the human face to this financial turmoil which has caused tens of thousands people out of banking sector. I would really appreciate your time and co-operation. Many thanks already in advance and all the best!
Best wishes,

In the evening, I received an email from the CEO of an international furniture company:

Seen your picture in the paper today, bad news..... We are a manufacturer of furniture. Doing sales in US + Canada through one member of our sales-team in Holland. Looking for a agent or member of team who is based in US. Maybe something good..... Don't know anything about you but was on way to airport and just was in my mind that we better look for a person in US and than arrived and seen your picture. Hopefully already have a new challenge but if not, tell me more about your background which is not sales but who knows.....

I also received the following emails from Germany:

Read about you in the German 'Rheinische Post' today, photo and all.
Just want to wish you well on your search.
Greetings to good ole' NYC!
Regards,
Heidi

Hi Joshua,
red your story about your actual situation this morning in a german newspaper.
I`ve been several times in the States and Canada sincce 2002 .
Never realized how low your social security is.
I fear, in Germany we are developing in this way, I feel sorry for my kids that start to work in the next years. Hope, you will find a job and that you are able to join with your family!!!
Don`t loose your creativity and the believe in yourself. Maybe you start working in the real estate branch, but without a fix income......
Wish you and your family all the best
Erik

Marketplace Public Radio‏

I received the following email and request from Whitney Stark at Marketplace Public Radio http://marketplace.publicradio.org :

Hi Joshua,
I just left a message on your phone, and I am sure that you (as you say on your blog) have been swamped with media attention, and, well, I’m just another part of it.  Marketplace, the business show on public radio is looking for insights and experiences from people in and leaving the financial world, and obviously you have an interesting perspective.  We’d love to hear from you.
You can let us know more and inform Marketplace coverage at:
http://tinyurl.com/ExWallStreet
We would also really appreciate any help you could give us connecting to others involved in Wall Street.  It would be a great help if you could pass on the link, or even post it on your blog.  Below is a prompt, if you feel comfortable, that you could post, otherwise, directing people to that link would be really helpful.
Thank you so much, Joshua, and let me know if you have any questions!
Best,
Whitney Stark
American Public Media
Public Insight Journalism
wstark@mpr.org
(651) 290-1302

If you are involved in or leaving Wall St. or know someone who is, please help with this informative public research and programming!

Another email I received today was from Hong Kong:

Dear Joshua,
I guess the financial tsunami had just gone worse in NY. And according your blog, we understand that you do aware that the opportunities had shift to Asia.
After meeting with my colleagues in Hong Kong, my boss had came up with a few question for you. I suggest that you may take your time and take this questions into serious consideration.
How would you help, or what would you offer as a partner and a director?
Do you have any insight or inspiration that you would like to share with us, based on my explanation of our direction?
Do you have any plans in mind about capturing the capital from investors in the US, or the ventures of US companies?
Do you have any one in mind that who would be able to work with you as a team, who would share the same vision? and if yes, who would you recommend?
We are still reviewing other impressive resumes, you still remain one of our top candidates, but I know that you do have much more to offer beyond what is on your resume. And my boss is very interested in what you can do as a director.
Please take your time and reply this e-mail.
Best Regards,

I replied with my answers and look forward to more information from Hong Kong regarding my colleague's enterprise and plans.

Inside Edition, Chop't Salad and the Trump Building

The town car arrived at 11am to whisk me to the television studio for an interview in response to the Lehman collapse. The camera crew then followed me uptown to film me checking my mail-box for job offers and rejection letters. The show was broadcast nationally this evening, and my phone has been ringing ever since.

During the late morning interview, I received a call from a fellow who had seen my picture in the N.Y. Daily News this past weekend. He asked me if I were interested in working with a group he is putting together to invest in distressed mortgage assets. I answered affirmatively and was invited to meet with him at 40 Wall St. in the afternoon.

After the late morning interview, I had lunch with a good friend at a mid-town Chop't Salad. It was my first time at the trendy salad bar. The small, crowded, bustling lunch-stop made me feel as though I were inside a salad blender, but it was a pleasure spending time with an old friend. When I mentioned that I was heading down to 40 Wall St., my friend said, "That's the Trump Building. When I arrived in N.Y.C. in 1992, my first job was there."

I then raced down to 40 Wall St., the Trump Building, across from the New York Stock Exchange. There were numerous news camera crews filming stories about the market and the economy. I was tempted to take out my sign-board and jump in the story, but I refrained.

I had an interesting meeting with a highly motivated and ambitious young fellow. As financial giants collapse around us, he told me that he wanted to build a new one.