Search found 708 matches

by Hyperborea
Sat Sep 15, 2018 12:41 am
Forum: Personal Finance (Not Investing)
Topic: Bay Area housing frenzy cooling
Replies: 120
Views: 17691

Re: Bay Area housing frenzy cooling

First off Oakland isn't real bay area You lost me in your first line. It's not 'real' Bay Area? It's literally on the Bay, and just across it from SF. What could be more 'Bay Area'? :shock: :) https://upload.wikimedia.org/wikipedia/commons/b/bc/Bayarea_map.png Yes, it's geographically part of the B...
by Hyperborea
Fri Sep 14, 2018 1:16 pm
Forum: Personal Finance (Not Investing)
Topic: Bay Area housing frenzy cooling
Replies: 120
Views: 17691

Re: Bay Area housing frenzy cooling

I generally agree, though there is some variability - consider SF's direct neighbor to the east (literally one BART stop away): https://www.trulia.com/real_estate/Oakland-California/market-trends/ From 2000 to the peak in 2007, median sale prices went from $170,000 to $530,000. They then proceeded ...
by Hyperborea
Tue Sep 11, 2018 4:20 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 16493

Re: Why Bull Markets Are Dangerous

One of my "clues" came from another thread on this site. People were really lecturing a commenter who came on this site around 2015 announcing they pulled out of the stock market because of high valuations. More recently, someone reposted the thread and lots of "experts" jumped in to give this lost...
by Hyperborea
Tue Sep 11, 2018 12:58 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 16493

Re: Why Bull Markets Are Dangerous

dogagility, It is not 500K more. It is 2.4 million versus 1.9 million. This is personal finance. We are subject to the marginal utility of money. At 2.4 million, having 500K more does not make a difference in my life. But, losing 1.2 million will change my life. I can afford to have 500K less at 1....
by Hyperborea
Mon Sep 10, 2018 5:08 pm
Forum: Investing - Theory, News & General
Topic: Why Bull Markets Are Dangerous
Replies: 152
Views: 16493

Re: Why Bull Markets Are Dangerous

KlangFool wrote:
Mon Sep 10, 2018 12:42 pm
Isn't that the problem? "Man plan, God laughs".
That's a pretty defeatist attitude. If planning is worthless then why bother saving and investing? We might be dead tomorrow and have put the money to better use rather than piling it up. Spend it all on hookers and blow.

:sharebeer
by Hyperborea
Mon Sep 10, 2018 1:38 pm
Forum: Personal Consumer Issues
Topic: Singing/Voice Classes
Replies: 20
Views: 1311

Re: Singing/Voice Classes

I took some singing lessons for a number of months. I play a couple of musical instruments and I wanted to sing along with my playing. The lessons were very helpful. My instructor helped me to sing better to pitch - it's a muscle memory type of thing where you need to learn the right way to produce ...
by Hyperborea
Mon Sep 10, 2018 1:31 pm
Forum: Personal Consumer Issues
Topic: Can Sneakers go with Business Casual?
Replies: 172
Views: 7939

Re: Can Sneakers go with Business Casual?

You can get comfortable, business casual style sneakers for your feet that aren't athletic shoes. Just an example:https://www.johnstonmurphy.com/men-shoes-sneakers "McGuffy Lace up" Frankly once you break in some nice leather loafers with leather soles they are as comfortable as anything else. I re...
by Hyperborea
Mon Sep 10, 2018 1:29 pm
Forum: Personal Consumer Issues
Topic: Can Sneakers go with Business Casual?
Replies: 172
Views: 7939

Re: Can Sneakers go with Business Casual?

but there are zero non-manual labor workplaces where I'd show up in literal running shoes Visit a Silicon Valley, Portland, Seattle, Boulder, Austin, etc. tech office sometime. Well, there you've got the folks in bare feet, sandals, and those weird toe shoes to contend with as well. And pyjamas hav...
by Hyperborea
Mon Sep 10, 2018 12:43 pm
Forum: Investing - Theory, News & General
Topic: Historical SWR vs. Monte Carlo on PortfolioVisualizer.com
Replies: 69
Views: 5514

Re: Historical SWR vs. Monte Carlo on PortfolioVisualizer.com

You are using unrealistically pessimistic assumptions. People have been predicting low equity returns over the next decade for well over a decade. I haven't seen a compelling argument to expect less than 8-10% going forward, maybe a bit more for a heavily tilted portfolio.The pessimistic prediction...
by Hyperborea
Mon Sep 03, 2018 2:49 pm
Forum: Investing - Theory, News & General
Topic: Retirees who went before me: Does a glidepath really work
Replies: 24
Views: 3149

Re: Retirees who went before me: Does a glidepath really work

There are two possible glidepaths - one before retirement and one after. The common usage of this is to decrease equities before retirement and increase them afterwards. The before retirement glidepath is to mitigate against variability in your retirement date. The after retirement glidepath is to m...
by Hyperborea
Sun Sep 02, 2018 10:33 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

If you would like to discuss Silicon Valley compared to London I would be happy to oblige as I have lived in both. I notice you are comparing the Bay Area and not Silicon Valley which was brought up in the original post. The OP talks about both Bay Area and Silicon Valley (the thread subject refers...
by Hyperborea
Sun Sep 02, 2018 12:44 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

Folks, Bay Area Working Culture -> Lack of work-life balance. A) Do you travel for business during the non-working day? B) Are you expected to work more than 40 hours per week? C) Are you expected to respond to business email, phone, text after office hour? D) Do you carry a pager? Aka, on-call? Kl...
by Hyperborea
Fri Aug 31, 2018 9:55 am
Forum: Investing - Theory, News & General
Topic: Historical SWR vs. Monte Carlo on PortfolioVisualizer.com
Replies: 69
Views: 5514

Re: Historical SWR vs. Monte Carlo on PortfolioVisualizer.com

I think what you have re-discovered is that Monte Carlo simulations produce fatter tails in the distribution of outcomes than have ever occurred in real life. Of course, Michael Kitces has an article for that: https://www.kitces.com/blog/monte-carlo-analysis-risk-fat-tails-vs-safe-withdrawal-rates-...
by Hyperborea
Thu Aug 30, 2018 1:49 pm
Forum: Personal Finance (Not Investing)
Topic: Do I need Term Life Insurance?
Replies: 17
Views: 1497

Re: Do I need Term Life Insurance?

You have $60k in annual expenses and a net worth of $3.5 million. If you died, your family could cash everything out, invest it 60/40 and safely draw 3% annually, which is $105000. That's before accounting for social security or insurance from work. I contend you don't need life insurance. Only if ...
by Hyperborea
Wed Aug 29, 2018 3:45 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

I have a family of 4 and we live in Charlotte area. I make ~ $140k annually (can sacrifice my work life balance and make ~160k) as an IT guy (I'm a kind of tech lead \ architect). We live in a $320k 2400 sq ft 4bd house and are able to save few buck into taxable account (401k maxing out as well). I...
by Hyperborea
Tue Aug 28, 2018 5:18 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

+1 Could not agree more about the lack of culture in Silicon Valley. Doesn't begin to compare to Paris or London. Or Berlin, Munich, Lisbon or any other of a number of cities. The SF Bay Area has the SF Symphony, Ballet, and Opera. Great theater in Berkeley. Two of the very best major universities ...
by Hyperborea
Tue Aug 28, 2018 5:07 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

3. No doubt that earning potential is higher in the Bay Area, but doing some quick googling of data tells me that "normal" people aren't making $350k per year in the Bay Area either. I have no doubt that elite software developers, etc, make that, but looking at Glassdoor, I don't see any senior lev...
by Hyperborea
Mon Aug 27, 2018 6:35 pm
Forum: Personal Finance (Not Investing)
Topic: Decent compensation to move to Bay Area CA?
Replies: 290
Views: 21503

Re: Decent compensation to move to Bay Area CA?

3. No doubt that earning potential is higher in the Bay Area, but doing some quick googling of data tells me that "normal" people aren't making $350k per year in the Bay Area either. I have no doubt that elite software developers, etc, make that, but looking at Glassdoor, I don't see any senior lev...
by Hyperborea
Mon Aug 27, 2018 6:20 pm
Forum: Personal Finance (Not Investing)
Topic: Can we afford to buy house in Bay Area?
Replies: 19
Views: 2858

Re: Can we afford to buy house in Bay Area?

2) Housing prices in the Bay Area have been in an uptrend for a while now but have a history of crashing during recessions. Do you anticipate staying in the Bay Area for a long time? Would you be able to sleep at night if you were temporarily upside down on a big mortgage? What I am getting at is a...
by Hyperborea
Wed Aug 22, 2018 9:44 pm
Forum: Investing - Help with Personal Investments
Topic: Looking for help building a portfolio that can weather a bear market but can also get us to our goals.
Replies: 20
Views: 1698

Re: Looking for help building a portfolio that can weather a bear market but can also get us to our goals.

If you haven't already done so then make sure you look into the Japanese tax system. Planning for it may change how arrange your assets now. Here are a few links that I've collected for my own move. Official Tax Site in English https://www.nta.go.jp/english/index.htm Tax Guide https://www2.deloitte....
by Hyperborea
Tue Aug 21, 2018 4:21 pm
Forum: Investing - Help with Personal Investments
Topic: U.S. brokerages and retiring abroad
Replies: 47
Views: 5695

Re: U.S. brokerages and retiring abroad

Capital gains are paid in the country where you are a resident when you sell and there is no division of the capital gains over time. So, you would pay capital gains taxes in Canada on the $50 as part of your overall taxes (50% of the gains at your marginal rate). For most people that's where it wo...
by Hyperborea
Mon Aug 13, 2018 10:35 pm
Forum: Investing - Theory, News & General
Topic: How can I use the Rising Equity Glide Path?
Replies: 61
Views: 4007

Re: How can I use the Rising Equity Glide Path?

dknightd wrote:
Mon Aug 13, 2018 12:12 pm
Darwin wrote:
Sun Aug 12, 2018 11:01 pm
I'm looking at a 40-year horizon.
How did you arrive at that number? There are so many variables.
The question wasn't directed at me but I use actuarial joint life calculations to 10% for my wife and I. At retirement that was just below 50 years.
by Hyperborea
Mon Aug 13, 2018 9:28 am
Forum: Investing - Theory, News & General
Topic: How can I use the Rising Equity Glide Path?
Replies: 61
Views: 4007

Re: How can I use the Rising Equity Glide Path?

"Rising equity glide path" is probably a misnomer, and Kitces has stopped calling it that . Recently he has been calling it a a bond tent . The pre-retirement side of a tent is to reduce the retirement date risk of not being able to retire when you want to. If you are willing to be flexible with th...
by Hyperborea
Sun Aug 12, 2018 10:35 pm
Forum: Investing - Theory, News & General
Topic: How can I use the Rising Equity Glide Path?
Replies: 61
Views: 4007

Re: How can I use the Rising Equity Glide Path?

Early Retirement Now has done a few interesting postings on a rising equity glide path as part of his long running withdrawal series. Kitces has also done glide path studies but using Monte Carlo data. Those studies have some contrary results to the historical data studies - possibly because Kitces...
by Hyperborea
Wed Aug 08, 2018 9:13 am
Forum: Investing - Theory, News & General
Topic: "Age in Bonds" fails almost everyone
Replies: 217
Views: 13706

Re: "Age in Bonds" fails almost everyone

I read a paper once that showed with monte carlo back-testing that, even considering drawdown risk, reverse glidepath won over glidepath most of the time, presumably because a higher proportion of stocks was owned when portfolio balance was larger. …and that right there is why you can get results l...
by Hyperborea
Tue Aug 07, 2018 2:32 pm
Forum: Investing - Theory, News & General
Topic: "Age in Bonds" fails almost everyone
Replies: 217
Views: 13706

Re: "Age in Bonds" fails almost everyone

Does past performance indicate future results? How did it work in japan There's another thread going on now about Japan - https://www.bogleheads.org/forum/viewtopic.php?f=10&t=255739 The short answer is fine. For a longer answer read the thread and an article linked in the thread. https://pensionpa...
by Hyperborea
Tue Aug 07, 2018 12:12 pm
Forum: Investing - Theory, News & General
Topic: Would buy and hold work if Japan's lost decade happens?
Replies: 64
Views: 7828

Re: Would buy and hold work if Japan's lost decade happens?

I'm fairly new to investing. Would this situation be alleviated anyway by holding bonds? Correct, that's the point of bonds. When stocks are crashing, bonds go up, historically. Actually, it depends. If you had held bonds instead of Japanese stocks on the way up then the drag on the portfolio would...
by Hyperborea
Tue Aug 07, 2018 12:03 pm
Forum: Investing - Theory, News & General
Topic: Would buy and hold work if Japan's lost decade happens?
Replies: 64
Views: 7828

Re: Would buy and hold work if Japan's lost decade happens?

It would be interesting to do a 30-year spreadsheet starting in 1988 to today, with $1,000 a month (or whatever) placed into the Nikkei. I think you'll find you actually would have been okay. I don't think many people would call it "okay". If you invested $1,000 a month ($12,000 a year, using 2016 ...
by Hyperborea
Mon Aug 06, 2018 6:17 pm
Forum: Investing - Theory, News & General
Topic: Would buy and hold work if Japan's lost decade happens?
Replies: 64
Views: 7828

Re: Would buy and hold work if Japan's lost decade happens?

I'm fairly new to investing. Would this situation be alleviated anyway by holding bonds? Correct, that's the point of bonds. When stocks are crashing, bonds go up, historically. Actually, it depends. If you had held bonds instead of Japanese stocks on the way up then the drag on the portfolio would...
by Hyperborea
Mon Aug 06, 2018 11:24 am
Forum: Investing - Theory, News & General
Topic: Non-USA Domicile: Thank You IB, Vanguard, and Ishares
Replies: 32
Views: 3780

Re: Non-USA Domicile: Thank You IB, Vanguard, and Ishares

If I buy VWRD from the LSE my dividend taxes are: ... If I buy a FTSE all world ETF ( TedSwippet note: perhaps VWRD also? ) on the Singapore or HK exchange. ??????? Perhaps I am missing something, but assuming that the fund domicile isn't Singapore or HK but is still Ireland then I cannot see a dif...
by Hyperborea
Sun Aug 05, 2018 5:47 pm
Forum: Investing - Theory, News & General
Topic: Would buy and hold work if Japan's lost decade happens?
Replies: 64
Views: 7828

Re: Would buy and hold work if Japan's lost decade happens?

There have been a few discussion on this already and a few of the main take aways from those are: Japan had a very low inflation over the years since the end of the bubble. There have been quite a number of years in that period with deflation. A Japanese investor who retired at the moment of the bub...
by Hyperborea
Sat Aug 04, 2018 10:34 am
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

As I said above, the point of not caring differs from person to person and for most people it changes by wealth. Hyperborea, Then, you should understand that it does not apply to everybody. And, Bogleheads are not most people and does not behave like average people in many cases. Hence, it is more ...
by Hyperborea
Sat Aug 04, 2018 9:26 am
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

I didn't go over that example of the water. A fairly low price was given. What if that bottle of water was $20? Or $100? Do you still buy? If not, then you DO care what the price was. There's a difference between accepting a higher price and not caring with the price is. Circumstances always matter...
by Hyperborea
Sat Aug 04, 2018 8:39 am
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

I didn't go over that example of the water. A fairly low price was given. What if that bottle of water was $20? Or $100? Do you still buy? If not, then you DO care what the price was. There's a difference between accepting a higher price and not caring with the price is. Circumstances always matter...
by Hyperborea
Sat Aug 04, 2018 8:18 am
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

There's a difference between not caring and making informed decisions. When I am at the store grocery, every decision is weighed carefully. Some were weighed on a global basis. For instance, I decided that I wanted have a toasted bagel a few times each week. After trying some alternatives, I made t...
by Hyperborea
Fri Aug 03, 2018 10:06 pm
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

There's a difference between not caring and making informed decisions. When I am at the store grocery, every decision is weighed carefully. Some were weighed on a global basis. For instance, I decided that I wanted have a toasted bagel a few times each week. After trying some alternatives, I made t...
by Hyperborea
Fri Aug 03, 2018 9:41 pm
Forum: Investing - Theory, News & General
Topic: 3 Levels of Wealth
Replies: 125
Views: 11916

Re: 3 Levels of Wealth

It doesn't matter how much money I have. I ALWAYS care what things cost. The difference might be that I decide that more expensive things are acceptable to buy, I but I sure pay attention to costs. One of the benefits of having wealth (at whatever level you define it) is to not have to care so much...
by Hyperborea
Thu Aug 02, 2018 11:19 am
Forum: Investing - Help with Personal Investments
Topic: Park more than $250,000 in cash
Replies: 24
Views: 3065

Re: Park more than $250,000 in cash

Since you already have money with Ally, create a CD portfolio with them. A 12 month is yielding 2.4%. You would get better yield than just the savings account. The CD unfortunately still counts toward the FDIC limit, and I don't want to lock up money that long, although the early withdrawal penalti...
by Hyperborea
Thu Aug 02, 2018 9:52 am
Forum: Investing - Help with Personal Investments
Topic: Europe retiree seeking help with portfolio set up
Replies: 10
Views: 690

Re: Europe retiree seeking help with portfolio set up

You can use one of the available ETF screeners to find funds that match your criteria. Here is a search for equity ETFs using a small cap strategy that are distributing. https://www.justetf.com/uk/find-etf.html?sortField=ter&groupField=none&assetClass=class-equity&sortOrder=asc&distributionPolicy=d...
by Hyperborea
Thu Aug 02, 2018 7:33 am
Forum: Investing - Help with Personal Investments
Topic: Europe retiree seeking help with portfolio set up
Replies: 10
Views: 690

Re: Europe retiree seeking help with portfolio set up

You can use one of the available ETF screeners to find funds that match your criteria. Here is a search for equity ETFs using a small cap strategy that are distributing. https://www.justetf.com/uk/find-etf.html?sortField=ter&groupField=none&assetClass=class-equity&sortOrder=asc&distributionPolicy=di...
by Hyperborea
Wed Aug 01, 2018 11:36 am
Forum: Investing - Help with Personal Investments
Topic: Europe retiree seeking help with portfolio set up
Replies: 10
Views: 690

Re: Europe retiree seeking help with portfolio set up

Second item, is that if your low tax location is Portugal then you should really reconsider the accumulating funds. The non-habitual residence (NHR) scheme in Portugal will not tax foreign interest and dividends paid out from funds but will tax the capital gains on sales from those funds. Given an ...
by Hyperborea
Wed Aug 01, 2018 9:08 am
Forum: Investing - Help with Personal Investments
Topic: Europe retiree seeking help with portfolio set up
Replies: 10
Views: 690

Re: Europe retiree seeking help with portfolio set up

I think that your equity allocation is potentially too low. Fro the €3M over 40 years you should be able to withdraw 3% or €90K/year with a high chance of success. Increase the withdrawal rate on such a low equity allocation and the chances of failure climb. Combine that with the small pension and y...
by Hyperborea
Wed Aug 01, 2018 8:44 am
Forum: Investing - Help with Personal Investments
Topic: Nervous about not using a personal wealth manager. How do I do this myself?
Replies: 135
Views: 6722

Re: Nervous about not using a personal wealth manager. How do I do this myself?

2. How do we know how future changes to our income/expenses will affect our retirement goals, e.g. kids, students loan refinancing, job changes? I know the internet is filled with retirement calculators, but our financial planner used what appears to be a much more sophisticated monte carlo simulat...
by Hyperborea
Mon Jul 30, 2018 7:52 am
Forum: Investing - Help with Personal Investments
Topic: Firecalc Says No Benefit to a Higher Equity Asset Allocation??
Replies: 47
Views: 4656

Re: Firecalc Says No Benefit to a Higher Equity Asset Allocation??

In the US... 100/0 -- when it failed -- lasted 24.3 years. 50/50 -- when it failed -- lasted 27.1 years. I guess people can decide whether they consider that a meaningful difference. (Life expectancy is at age 65 is 17 years, so both of them would have lasted substantially past the point at which y...
by Hyperborea
Sun Jul 29, 2018 5:06 pm
Forum: Investing - Help with Personal Investments
Topic: Your age in bonds?
Replies: 57
Views: 6648

Re: Your age in bonds?

Age didn't play into my bond allocation at all. For most people it's also not likely age that directly plays into any desire for bonds but instead age is a proxy for time until retirement. Those bonds are being used to reduce a risk to the retirement date based on market returns. If your retirement ...
by Hyperborea
Sun Jul 29, 2018 12:16 pm
Forum: Investing - Help with Personal Investments
Topic: Firecalc Says No Benefit to a Higher Equity Asset Allocation??
Replies: 47
Views: 4656

Re: Firecalc Says No Benefit to a Higher Equity Asset Allocation??

Firecalc, as well as the various Monte Carlo sims in use today, are entertaining, but because they rely on historic data that by definition is dependent on times gone by, are essentially irrelevant to the future and dangerous tools to establish your retirement planning on. If we can't rely on histo...
by Hyperborea
Sun Jul 29, 2018 8:29 am
Forum: Investing - Help with Personal Investments
Topic: Firecalc Says No Benefit to a Higher Equity Asset Allocation??
Replies: 47
Views: 4656

Re: Firecalc Says No Benefit to a Higher Equity Asset Allocation??

Firecalc, as well as the various Monte Carlo sims in use today, are entertaining, but because they rely on historic data that by definition is dependent on times gone by, are essentially irrelevant to the future and dangerous tools to establish your retirement planning on. If we can't rely on histo...
by Hyperborea
Sun Jul 29, 2018 7:48 am
Forum: Investing - Help with Personal Investments
Topic: Firecalc Says No Benefit to a Higher Equity Asset Allocation??
Replies: 47
Views: 4656

Re: Firecalc Says No Benefit to a Higher Equity Asset Allocation??

OP, I read it a bit differently than the others. The graph seems to suggest that you hit the high point (probability of success) once you reach roughly 65% equities (35% fixed income). So to me I'd question why you'd want to increase your equities above that level, as it is not meaningfully increas...
by Hyperborea
Sun Jul 29, 2018 7:20 am
Forum: Investing - Help with Personal Investments
Topic: No benefit to holding more than ~23% stock for 47 yo to retire at 59?
Replies: 6
Views: 1530

Re: No benefit to holding more than ~23% stock for 47 yo to retire at 59?

Try running your scenario through FireCalc or CFireSim and see what results you get with the historical data. Monte Carlo simulators might be fun to play with and give the impression of being sophisticated but they are far too simplistic. Running FireCalc with 23% stock, 4% WR and 30 years and the h...
by Hyperborea
Tue Jul 24, 2018 8:41 am
Forum: Investing - Help with Personal Investments
Topic: European investor: Is this the best choice of etf's? Any further improvements suggested?
Replies: 26
Views: 1054

Re: European investor: Is this the best choice of etf's? Any improvements suggested?

Thanks Hyperborea, Considering what I have read so far, I was working in the belief that if my investments were offshore located in an account in say, Luxembourg that the earnings and capital growth are not Portuguese earnings and as such would be outside the local tax regime. As far as I can work ...