I'll let ya know when I hit my goal of 10,000. And actually the gold is providing the silver at no cost and at a rate of more than 300 oz. per year. And yes, you can still profit with gold if you bought at the right times.
"""Its fun to pick and choose dates and time frames, but lets make it simple. Would your grandpappy been better off saving via the stock market or gold over his lifetime?"""
He would have been much better off socking away rolls of 1909-S VDB cents with his paper route money, or 1916 Standing Lib Quarters with his Bar Mitzah savings. Had he been really sharp he would have spent $1000 in the late 1940's on the SP66 1794 Dollar.
Instead he sunk his money into SS Kresge, General Motors and Bethlehem Steel.
Of course one could say that grandpa Yusel should have held back for Amazon, Google and Apple, but recall in the 1960's Kresge (K-Mart) was growing to be the worlds largest retailer. GM was the worlds largest auto producer, and my guess is that Bethlehem Steel was one of the worlds top 3 steel makers.
@cohodk said:
You could have have your 10,000 oz if you didnt try to play in the stock market.
You know I'm hedging my dollars with metal, what makes you thing I'm not hedging my metal with equities?
So yiu need insurance on your insurance? You're not exactly instilling confidence, especially when you have often referred to equities as a house of cards, or perhaps worse, your are using (gasp) derivatives.
@derryb said:
Oh, it's not a taxpayer bailout unless it federal tax dollars? LOL
Private pension funds may very well lead the rush to the equity exits.
You said debt was going to increase by trllions due to pension bailouts. I contend that won't happen. And I'll be right, again.
State pension plans alone currently face a $5.5 trillion (and growing) deficit. Then there's the local public pension crisis: Jacksonville is getting ready to raise it's local tax to bailout it's police and firemen's pension plan while municipalities across the country scramble to plug the dike.
And don't forget the private sector employees who's pension plans are collapsing. But like banking deposit insurance there's also a heavily underfunded government agency (in this case the Pension Benefit Guaranty Corp.) that will need it's own bailout.
Also to be considered is where are these pensions invested and what is the added damage if those investments go sour. Could this be a reason the FED has been so determined to feed the Wall St. bull?
Trillions in bailout needed? you bet, especially when Wall St. runs out of bull food.
General Motors bailout was essentially a pension bailout.
I would agree with that.
Note, however, that the government reportedly lost a net $11 billion on the GM bailout (a bigger loss than initially predicted). But the Government is totally out of that position, having sold all the related GM assets.
The "stock Market" (DOW) always goes up.
Well, yes, if you periodically drop the weakest companies from the index and replace them with newer, stronger, and up-and-coming companies. Only General Electric has remained a DOW component for the entire duration.
If you buy a non-dividend-paying stock with the intent of simply selling it for a profit later, that is NOT investing. That is the pure definition of speculating. However, if you buy a company with the intent of reorganizing it and running it your way, then that is the only true form of stock investing [as an activist owner].
Personally, I have no desire to ever speculate in (or buy) someone else's company. I'd start my own before doing that.
But I have wondered about this hedge trade strategy:
Go long on the DOW index, while simultaneously going short on all the individual stocks that make up the DOW index. The next time a stock is dropped from the DOW index, you would likely make money. But you would have to hold this position for a pretty long time.
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
For all of your high and mighty attitude, you sure don't back it up outside of posting flighted judgmental opinion with no context when asked to actually discuss.
Tell me what I don't know against that please, as I would like to know how my statement is wrong because you say so. Earn your validation attempts a little harder here please, it's tiring.
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
For all of your high and mighty attitude, you sure don't back it up outside of posting flighted judgmental opinion with no context when asked to actually discuss.
Tell me what I don't know against that please, as I would like to know how my statement is wrong because you say so. Earn your validation attempts a little harder here please, it's tiring.
If you can't see whats wrong with dcarrs ideas then nothing I can say will show you the light.
I need or seek no validation. I don't have small hands. Lol
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
I stand by what I wrote.
You are welcome to debate it with any substantive statements.
Please do research on what has happened to companies that have been removed from the DOW. Please research what happens to dividends when you short a stock.
@cohodk said:
Jacksonville has closed it's pension to new hires and is on its way to paying off its debt.
Yup, plan and it's promises renegotiated....imagine that.
yup, with a tax increase bailout...imagine that.
Taxes always increase. So what? How does that help gold?
And money always gets printed. A specific tax bump to solve a specific pension problem is a pension bailout. It's that simple. Gold? Gold doesn't need help, it's got the FED on its side.
"taxes always increase?" You sound like one of the politicians pushing the the local tax increase to bailout the pension fund.
"Pensions won't get bailed out?" Face it, pension funds are already getting a bailout. lol.
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
For all of your high and mighty attitude, you sure don't back it up outside of posting flighted judgmental opinion with no context when asked to actually discuss.
Tell me what I don't know against that please, as I would like to know how my statement is wrong because you say so. Earn your validation attempts a little harder here please, it's tiring.
If you can't see whats wrong with dcarrs ideas then nothing I can say will show you the light.
I need or seek no validation. I don't have small hands. Lol
You missed my point completely, which exclamates the frustration you provide. Assume I don't understand global economics all you want, that does not make it true despite what you think. I spoke nothing of that, just your pompous attitude here against other peoples opinion while you provide discussion points 5% of the time in relation.
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
I stand by what I wrote.
You are welcome to debate it with any substantive statements.
Please do research on what has happened to companies that have been removed from the DOW. Please research what happens to dividends when you short a stock.
Theres a lot more to discuss, but free is free.
You can buy DOW index funds which pay the basic dividends of the DOW components in the fund.
Please research what happens to a DOW stock BEFORE it is removed from the DOW. That is what is important in the potential strategy that I was postulating. Yes, a few stocks have gone up after removal from the DOW (this often took several years or more). However, on average, former DOW stocks have not fared so well after being removed from the DOW (examples: Sears Roebuck; Eastman Kodak). Remember when AIG was one of the DOW 30 ?
But I have wondered about this hedge trade strategy:
Go long on the DOW index, while simultaneously going short on all the individual stocks that make up the DOW index. The next time a stock is dropped from the DOW index, you would likely make money. But you would have to hold this position for a pretty long time.
What would sink this, is that there is some daily cost to maintain the hedge, i.e. what interest you pay to borrow the individual stocks, that accumulates over time. But you only get a payout occasionally, and it will usually be small. So you aren't just picking up a few free dollars here and there, you have to pay a much larger interest bill to be able to do that, and you will not come out ahead.
As far as the dividends go, you could use the dividends from the index you hold to pay them to the stocks you borrowed, and come out even, but only before transaction costs, which will also gradually drag you down.
@cohodk said:
Jacksonville has closed it's pension to new hires and is on its way to paying off its debt.
Yup, plan and it's promises renegotiated....imagine that.
yup, with a tax increase bailout...imagine that.
Taxes always increase. So what? How does that help gold?
And money always gets printed. A specific tax bump to solve a specific pension problem is a pension bailout. It's that simple. Gold? Gold doesn't need help, it's got the FED on its side.
"taxes always increase?" You sound like one of the politicians.
This is just a fact of life. Do you deny it?
I'm not saying that's the way it should be, but the way it is.
Pensions are built on taxes, an increase in those taxes is not a bailout, it's a cost of living adjustment. People live longer so they have to save more.
A bailout is a separate entity assuming another's obligations. The people of Jacksonville are not farming out their problem to someone else.
@cohodk said:
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
For all of your high and mighty attitude, you sure don't back it up outside of posting flighted judgmental opinion with no context when asked to actually discuss.
Tell me what I don't know against that please, as I would like to know how my statement is wrong because you say so. Earn your validation attempts a little harder here please, it's tiring.
If you can't see whats wrong with dcarrs ideas then nothing I can say will show you the light.
I need or seek no validation. I don't have small hands. Lol
You missed my point completely, which exclamates the frustration you provide. Assume I don't understand global economics all you want, that does not make it true despite what you think. I spoke nothing of that, just your pompous attitude here against other peoples opinion while you provide discussion points 5% of the time in relation.
Because 95% of the time this forum is doom and gloom.
If you haven't paid attention to what I've been writing for the last decade then too bad, I'm not going to repeat it.
The best way to learn is to do something yourself, research it, put it together, experiment. Dcarr should practice his idea, just as you all should. You call me arrogant and pompous, yet from my side of the table I see the same in many of you. That's what makes the world go round. Enjoy it and learn from it, just I have have learned from many of you.
Elemental, the point that is missed is that a great deal of the total return is dividends, take those out and you fall behind very quickly. There are calculators on the interweb that will help you calculate market returns over any time period with and without dividends being reinvested. I urge folks to seek them out.
Dcarr, I wish you the best in your endeavors. Youve been warned.
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
Ok Dcarr, here's the problem with your premise. You think the market (Dow) is only higher because the constituents of the index are always changing. There are many reason that go into those changes, but it's really not important, and here's why.....
....the "market" is better represented by the Wilshire 5000, which is comprised of 5000 companies, not just the 30 of the DOW. So, you may want to note that the Wilshire 5000 has actually outperformed the DOW since 1985--that's as far as my records go back, but I think fairly represents the investment time frame of most everyone on this board and includes many changes to the DOW index.
So in short, the DOW has actually under represented the performance of "the market".
The "great share buyback" since 2008 did two things. It pumped up demand (price) and it earned company executives increased bonuses (which further fueled increased buybacks). The result is an overvalued equity market that will find equilibrium. You have been warned.
@derryb said:
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
If that's the way you want to see it then fine. Others may see it as paying for the cost of maintaining services which everyone wants. The people have a choice of honoring over zealous promises or not.
Does not the cost of all your provided services increase? How is this different?
@derryb said:
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
If that's the way you want to see it then fine. Others may see it as paying for the cost of maintaining services which everyone wants. The people have a choice of honoring over zealous promises or not.
Does not the cost of all your provided services increase? How is this different?
@derryb said:
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
If that's the way you want to see it then fine. Others may see it as paying for the cost of maintaining services which everyone wants. The people have a choice of honoring over zealous promises or not.
Does not the cost of all your provided services increase? How is this different?
The argument for increasing the tax rate on a percentage basis because municipal service costs are increasing are unfounded.
As the costs to service a community increase, so should the tax revenue. By Cohodk's logic, everything is going up. If the local sales tax rate is 5% for example, it should pace the rate of inflation and continue to fund those services offered whether the year is 1957 or 2017.
The problem arises when the so called benevolent leaders of society hand out tax breaks to every business of a given size that either expands or relocates into the area. Somehow the new jobs created will magically solve all the problems when in fact the eroded tax base puts an inequitable burden on those already existing or too small to not fail enterprises.
@derryb said:
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
If that's the way you want to see it then fine. Others may see it as paying for the cost of maintaining services which everyone wants. The people have a choice of honoring over zealous promises or not.
Does not the cost of all your provided services increase? How is this different?
It differs because it is a bailout to rescue an underfunded pension program. It's not payment for increased service. How do you define bailout?
The problem with pension reform is that it takes many years until the changes produce results.
The promised nest eggs made 35 years ago are starting to hatch. If some of these fiscally irresponsible communities don't get their house in order, it will be the retirees with egg on their face.
@cohodk said:
Elemental, the point that is missed is that a great deal of the total return is dividends, take those out and you fall behind very quickly. There are calculators on the interweb that will help you calculate market returns over any time period with and without dividends being reinvested.
But dcarr, at least by my reading, was not trying to capture the total market return. Rather, he was trying to create an arbitrage/hedge situation by buying the index and shorting the individual components, trying to take advantage of changes when the index is modified.
I am not at all convinced that could work, even without transaction costs. But the weakness in this is the transaction costs, not the dividends (or lack thereof).
@cohodk said:
Well, Japan is currently at 250 percent of GDP and their economy and way of life hasn't been decimated. So why should we fear 150%? How many of us will still be alive in 30 years?
One of us millennial will make sure to put you in a "nice" nursing home...you know, cause we have to pay off the debt the baby boomer generation managed to accumulate during arguably the most prosperous time in human history. Thanks.
Comments
I'll let ya know when I hit my goal of 10,000. And actually the gold is providing the silver at no cost and at a rate of more than 300 oz. per year. And yes, you can still profit with gold if you bought at the right times.
Give Me Liberty or Give Me Debt
You could have have your 10,000 oz if you didnt try to play in the stock market.
Knowledge is the enemy of fear
"""Its fun to pick and choose dates and time frames, but lets make it simple. Would your grandpappy been better off saving via the stock market or gold over his lifetime?"""
He would have been much better off socking away rolls of 1909-S VDB cents with his paper route money, or 1916 Standing Lib Quarters with his Bar Mitzah savings. Had he been really sharp he would have spent $1000 in the late 1940's on the SP66 1794 Dollar.
Instead he sunk his money into SS Kresge, General Motors and Bethlehem Steel.
Of course one could say that grandpa Yusel should have held back for Amazon, Google and Apple, but recall in the 1960's Kresge (K-Mart) was growing to be the worlds largest retailer. GM was the worlds largest auto producer, and my guess is that Bethlehem Steel was one of the worlds top 3 steel makers.
You know I'm hedging my dollars with metal, what makes you thing I'm not hedging my metal with equities?
Give Me Liberty or Give Me Debt
Congressional appropriations expire April 28.
Upon return from a recess, congress will have just 5 days to unveil, debate and pass a spending bill, or trigger a government shutdown on April 28.
Give Me Liberty or Give Me Debt
So yiu need insurance on your insurance? You're not exactly instilling confidence, especially when you have often referred to equities as a house of cards, or perhaps worse, your are using (gasp) derivatives.
Knowledge is the enemy of fear
Confidence? You got some you can spare?
Give Me Liberty or Give Me Debt
I've been doing that for years.
Knowledge is the enemy of fear
Oops, lets not forget to add to the debt the trillions in bailout soon to be needed to save the pensions.
Give Me Liberty or Give Me Debt
But Derry....that won't be for at least 7 generations.
Pish posh.
Pensions won't be bailed out.
Knowledge is the enemy of fear
the number of voters affected will dictate the bailout.
Give Me Liberty or Give Me Debt
Pensions won't be bailed out.
Knowledge is the enemy of fear
OK, forgot that you have the Xray glasses.
Give Me Liberty or Give Me Debt
Just as the money market funds that busted a buck weren't bailed out.
Oops.
California Taxpayers Expected To Nearly Double Public Pension Contributions Over Next 5 Years
Edited to add: Note that California already has the highest income tax rate (13.3%) in the nation.
Give Me Liberty or Give Me Debt
So where does your article discuss Fed Govt bailout?
Knowledge is the enemy of fear
Oh, it's not a taxpayer bailout unless it federal tax dollars? LOL
Private pension funds may very well lead the rush to the equity exits.
Give Me Liberty or Give Me Debt
You said debt was going to increase by trllions due to pension bailouts. I contend that won't happen. And I'll be right, again.
Knowledge is the enemy of fear
State pension plans alone currently face a $5.5 trillion (and growing) deficit. Then there's the local public pension crisis: Jacksonville is getting ready to raise it's local tax to bailout it's police and firemen's pension plan while municipalities across the country scramble to plug the dike.
And don't forget the private sector employees who's pension plans are collapsing. But like banking deposit insurance there's also a heavily underfunded government agency (in this case the Pension Benefit Guaranty Corp.) that will need it's own bailout.
Also to be considered is where are these pensions invested and what is the added damage if those investments go sour. Could this be a reason the FED has been so determined to feed the Wall St. bull?
Trillions in bailout needed? you bet, especially when Wall St. runs out of bull food.
"Mo money, mo money, print me some mo money."
Give Me Liberty or Give Me Debt
General Motors bailout was essentially a pension bailout.
>
I would agree with that.
Note, however, that the government reportedly lost a net $11 billion on the GM bailout (a bigger loss than initially predicted). But the Government is totally out of that position, having sold all the related GM assets.
Jacksonville has closed it's pension to new hires and is on its way to paying off its debt.
Yup, plan and it's promises renegotiated....imagine that.
Knowledge is the enemy of fear
The "stock Market" (DOW) always goes up.
Well, yes, if you periodically drop the weakest companies from the index and replace them with newer, stronger, and up-and-coming companies. Only General Electric has remained a DOW component for the entire duration.
If you buy a non-dividend-paying stock with the intent of simply selling it for a profit later, that is NOT
investing. That is the pure definition of speculating. However, if you buy a company with the intent of reorganizing it and running it your way, then that is the only true form of stock investing [as an activist owner].
Personally, I have no desire to ever speculate in (or buy) someone else's company. I'd start my own before doing that.
But I have wondered about this hedge trade strategy:
Go long on the DOW index, while simultaneously going short on all the individual stocks that make up the DOW index. The next time a stock is dropped from the DOW index, you would likely make money. But you would have to hold this position for a pretty long time.
Dcarr, with all due respect, stick to making collectibles. Please, for your own good, keep your day job, you do it well.
Knowledge is the enemy of fear
yup, with a tax increase bailout...imagine that.
Give Me Liberty or Give Me Debt
For all of your high and mighty attitude, you sure don't back it up outside of posting flighted judgmental opinion with no context when asked to actually discuss.
Tell me what I don't know against that please, as I would like to know how my statement is wrong because you say so. Earn your validation attempts a little harder here please, it's tiring.
I stand by what I wrote.
You are welcome to debate it with any substantive statements.
Oh, you'll get a debate. Substance however, is another matter.
Give Me Liberty or Give Me Debt
If you can't see whats wrong with dcarrs ideas then nothing I can say will show you the light.
I need or seek no validation. I don't have small hands. Lol
Knowledge is the enemy of fear
Taxes always increase. So what? How does that help gold?
Knowledge is the enemy of fear
Please do research on what has happened to companies that have been removed from the DOW. Please research what happens to dividends when you short a stock.
Theres a lot more to discuss, but free is free.
Knowledge is the enemy of fear
Yup we all gonna be buried in debt and only gold will save us. There's substance. Lol
Be afraid, be very afraid. Do I need to work on my fear mongering skills? Haha
Oh yeah, I forgot to bitch about the good old days.
That's all this forum is anymore. Bear markets do breed misery though, so I guess this is it be expected.
Knowledge is the enemy of fear
And money always gets printed. A specific tax bump to solve a specific pension problem is a pension bailout. It's that simple. Gold? Gold doesn't need help, it's got the FED on its side.
"taxes always increase?" You sound like one of the politicians pushing the the local tax increase to bailout the pension fund.
"Pensions won't get bailed out?" Face it, pension funds are already getting a bailout. lol.
Give Me Liberty or Give Me Debt
You missed my point completely, which exclamates the frustration you provide. Assume I don't understand global economics all you want, that does not make it true despite what you think. I spoke nothing of that, just your pompous attitude here against other peoples opinion while you provide discussion points 5% of the time in relation.
You can buy DOW index funds which pay the basic dividends of the DOW components in the fund.
Please research what happens to a DOW stock BEFORE it is removed from the DOW. That is what is important in the potential strategy that I was postulating. Yes, a few stocks have gone up after removal from the DOW (this often took several years or more). However, on average, former DOW stocks have not fared so well after being removed from the DOW (examples: Sears Roebuck; Eastman Kodak). Remember when AIG was one of the DOW 30 ?
What would sink this, is that there is some daily cost to maintain the hedge, i.e. what interest you pay to borrow the individual stocks, that accumulates over time. But you only get a payout occasionally, and it will usually be small. So you aren't just picking up a few free dollars here and there, you have to pay a much larger interest bill to be able to do that, and you will not come out ahead.
As far as the dividends go, you could use the dividends from the index you hold to pay them to the stocks you borrowed, and come out even, but only before transaction costs, which will also gradually drag you down.
This is just a fact of life. Do you deny it?
I'm not saying that's the way it should be, but the way it is.
Pensions are built on taxes, an increase in those taxes is not a bailout, it's a cost of living adjustment. People live longer so they have to save more.
A bailout is a separate entity assuming another's obligations. The people of Jacksonville are not farming out their problem to someone else.
Knowledge is the enemy of fear
Because 95% of the time this forum is doom and gloom.
If you haven't paid attention to what I've been writing for the last decade then too bad, I'm not going to repeat it.
The best way to learn is to do something yourself, research it, put it together, experiment. Dcarr should practice his idea, just as you all should. You call me arrogant and pompous, yet from my side of the table I see the same in many of you. That's what makes the world go round. Enjoy it and learn from it, just I have have learned from many of you.
Knowledge is the enemy of fear
Elemental, the point that is missed is that a great deal of the total return is dividends, take those out and you fall behind very quickly. There are calculators on the interweb that will help you calculate market returns over any time period with and without dividends being reinvested. I urge folks to seek them out.
Dcarr, I wish you the best in your endeavors. Youve been warned.
Knowledge is the enemy of fear
Adding one-half cent to local tax specifically to make up for a shortfall in a troubled pension is a bailout at the expense of the taxpayers. Call it what you wish, but it remains a bailout.
Give Me Liberty or Give Me Debt
Ok Dcarr, here's the problem with your premise. You think the market (Dow) is only higher because the constituents of the index are always changing. There are many reason that go into those changes, but it's really not important, and here's why.....
....the "market" is better represented by the Wilshire 5000, which is comprised of 5000 companies, not just the 30 of the DOW. So, you may want to note that the Wilshire 5000 has actually outperformed the DOW since 1985--that's as far as my records go back, but I think fairly represents the investment time frame of most everyone on this board and includes many changes to the DOW index.
So in short, the DOW has actually under represented the performance of "the market".
Knowledge is the enemy of fear
The "great share buyback" since 2008 did two things. It pumped up demand (price) and it earned company executives increased bonuses (which further fueled increased buybacks). The result is an overvalued equity market that will find equilibrium. You have been warned.
Give Me Liberty or Give Me Debt
If that's the way you want to see it then fine. Others may see it as paying for the cost of maintaining services which everyone wants. The people have a choice of honoring over zealous promises or not.
Does not the cost of all your provided services increase? How is this different?
Knowledge is the enemy of fear
The argument for increasing the tax rate on a percentage basis because municipal service costs are increasing are unfounded.
As the costs to service a community increase, so should the tax revenue. By Cohodk's logic, everything is going up. If the local sales tax rate is 5% for example, it should pace the rate of inflation and continue to fund those services offered whether the year is 1957 or 2017.
The problem arises when the so called benevolent leaders of society hand out tax breaks to every business of a given size that either expands or relocates into the area. Somehow the new jobs created will magically solve all the problems when in fact the eroded tax base puts an inequitable burden on those already existing or too small to not fail enterprises.
It differs because it is a bailout to rescue an underfunded pension program. It's not payment for increased service. How do you define bailout?
Give Me Liberty or Give Me Debt
The problem with pension reform is that it takes many years until the changes produce results.
The promised nest eggs made 35 years ago are starting to hatch. If some of these fiscally irresponsible communities don't get their house in order, it will be the retirees with egg on their face.
MY GOLD TYPE SET https://pcgs.com/setregistry/type-sets/complete-type-sets/gold-type-set-12-piece-circulation-strikes-1839-1933/publishedset/321940
But dcarr, at least by my reading, was not trying to capture the total market return. Rather, he was trying to create an arbitrage/hedge situation by buying the index and shorting the individual components, trying to take advantage of changes when the index is modified.
I am not at all convinced that could work, even without transaction costs. But the weakness in this is the transaction costs, not the dividends (or lack thereof).
One of us millennial will make sure to put you in a "nice" nursing home...you know, cause we have to pay off the debt the baby boomer generation managed to accumulate during arguably the most prosperous time in human history. Thanks.