Search found 492 matches

by jaj2276
Fri Jul 12, 2019 6:24 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

https://www.bloomberg.com/news/articles/2019-07-11/quants-break-records-by-chasing-bonds-and-ramping-up-leverage?srnd=markets-vp From the article. Risk-parity funds are off to their best start since at least 2004 after ramping up exposure to government debt and levering up, while trend followers in ...
by jaj2276
Wed Jul 03, 2019 10:09 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Has anyone figured out a way to do a backdoor roth with m1f w/o having to pay their absurd $25 conversion fee? The existing Roth IRA account that I transferred to M1 from Vanguard has been closed so I would have to open a new Roth IRA account with Vanguard (the traditional IRA account remains open) ...
by jaj2276
Mon Jul 01, 2019 9:30 am
Forum: Investing - Theory, News & General
Topic: Variable Percentage Withdrawal (VPW)
Replies: 1000
Views: 336670

Re: Variable Percentage Withdrawal (VPW)

... Thanks, Jaj2276, for your report. Of course, and THANK YOU for the amount of work you've put in to both creating the idea/spreadsheet and the ongoing enhancements/improvements/discussions about it. I'm curious whether this specific tool is ever used by independent financial planners to come up ...
by jaj2276
Mon Jul 01, 2019 7:56 am
Forum: Investing - Theory, News & General
Topic: Variable Percentage Withdrawal (VPW)
Replies: 1000
Views: 336670

Re: Variable Percentage Withdrawal (VPW)

At the request of OP in another thread, I've been using VPW for 3 years (this year being the 4th) to make some of our yearly charitable giving from a DAF I started in 2016. At that time I was 40 and wanted this lump sum to cover 20 years of charitable contributions. The portfolio started with $107,2...
by jaj2276
Sun Jun 30, 2019 5:41 pm
Forum: Investing - Theory, News & General
Topic: A Simple Bogleheads Retirement Using Variable Percentage Withdrawals (VPW Forward Test)
Replies: 251
Views: 48273

Re: A Simple Bogleheads Retirement Using Variable Percentage Withdrawals (VPW Forward Test)

Love the VPW concept and I like the addition of how to withdrawal the annual amount in the most efficient manner possible. OP details the monthly reasoning in the main VPW thread. I'm not a big fan of the accumulation spreadsheet and thinks it detracts from VPW by making the entire thing more comple...
by jaj2276
Fri Jun 28, 2019 12:26 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Did my second (first full quarter) rebalance today. My portfolio is up 24% since Feb 15, 14% for this quarter. My portfolio had drifted to 62% TMF, 38%UPRO. My rebalance was a bit more complex because I decided to split the portfolio in to three slices: 1) naive risk parity (40/60, qtrly rebalance)...
by jaj2276
Fri Jun 28, 2019 10:44 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Did my second (first full quarter) rebalance today. My portfolio is up 24% since Feb 15, 14% for this quarter. My portfolio had drifted to 62% TMF, 38%UPRO. My rebalance was a bit more complex because I decided to split the portfolio in to three slices: 1) naive risk parity (40/60, qtrly rebalance),...
by jaj2276
Fri Jun 28, 2019 10:05 am
Forum: Personal Investments
Topic: Sold one of two houses. Pay off the other house?
Replies: 18
Views: 1750

Re: Sold one of two houses. Pay off the other house?

I am currently in your family member's situation although my dollar amounts are a bit higher than theirs. My current house's payment is 25% less than the one I'm trying to sell so I'm comfortable with my current house's mortgage payment. I could then have this big pot of cash to do things with (like...
by jaj2276
Mon Jun 24, 2019 7:05 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

... deleted ... I get the same value in the first example. I get 0.0849 for the second. Sqrt((0.1*0.6)^2 + (0.15*0.4)^2). Yes, I got 0.0849 as well (I missed a significant 0). Ok that makes me feel better that I at least understand the math. I was worried because the vols were different, the correl...
by jaj2276
Mon Jun 24, 2019 3:40 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

I'm wondering if someone can help me out. The talk of the variants of the naive risk parity portfolio made me want to look a bit further into the details of my portfolio. If I take the data from July 30 2002 for SPY and TLT, I get annualized volatility of 0.184 and 0.132. The correlation is -0.405. ...
by jaj2276
Fri Jun 21, 2019 10:19 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

I'm coming up on my next rebal window and am thinking of splitting my portfolio in to two. One the standard 40/60 portfolio that it's been in since Feb and one where the target weights are adjusted quarterly. However I'm a little unclear as to how I should adjust those weights using the inverse vola...
by jaj2276
Sun Jun 09, 2019 8:53 am
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Re: Things to do in Maine

3 1/2 weeks out, still a bit nervous as I have my 3.5 yr old, 1 yr old, and a 70 yr old mother. My wife and I usually do active vacations but not sure how much activity we're going to really get in. I do like the Popham State Park/tides suggestion.

Josh
by jaj2276
Fri Jun 07, 2019 9:15 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

This portfolio/strategy is incredible. I'm sure it will eventually be unincredible but right now it's incredible.
by jaj2276
Thu Jun 06, 2019 3:40 pm
Forum: Personal Consumer Issues
Topic: Any Mint Mobile customers here?
Replies: 37
Views: 2838

Re: Any Mint Mobile customers here?

Former Verizon customer, former Cricket customer, now Mint Mobile. At $20/month it's a great deal. The data speeds are way better on Mint than Cricket (Cricket caps theirs at 8mbps while with Mint I can get 75mbps). My wife works in an older school and could never get signal using Verizon or Cricket...
by jaj2276
Wed May 01, 2019 11:59 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

First quarterly rebalance update. Up 15% since Feb, compared to 9% for S&P 500. Is that exactly 2/1 or 2/1 ish? Did you rebalance by selling equities and buying FI? What had your portfolio moved to pre-rebalance? My return is 11.23% counting today's 1%ish gain. When I rebalanced end of Q1 (even tho...
by jaj2276
Tue Apr 23, 2019 9:13 am
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 1481
Views: 197545

Re: Post your Financial Milestone Announcements Here

Just wait until the next market correction hits. All these people who have crossed the $2M goal post will get to cross them again.
by jaj2276
Tue Apr 16, 2019 7:19 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Regarding the bitcoin argument, I feel the same holds true for bitcoin as it does for gold. If it does save the portfolio you'll need a lot of it. And if it's never needed then a lot of it will likely kill the long-term performance of the strategy.
by jaj2276
Mon Apr 15, 2019 11:05 am
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

Forgot to mention the one unexpected thing that happened to us on this trip. We were in Bloomington and were looking for a place to eat. My wife suggested Thai (she never suggests Thai) so we went to Siam House. I lived in NYC for three years and really got in to the curries (especially Red) and eve...
by jaj2276
Mon Apr 15, 2019 7:23 am
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

While at the Tippecanoe battlefield museum, did you take the trip to Prophets rock? As a side note, when I was an engineering student at Purdue I worked for a contstruction company that renovated the museum. This was back in the eighties. Glad you enjoyed the trip. We did as we're big hiking fans.
by jaj2276
Fri Apr 12, 2019 1:10 pm
Forum: Personal Finance (Not Investing)
Topic: Alliant 3/2.5% card - any experience?
Replies: 55
Views: 10826

Re: Alliant 3/2.5% card - any experience?

Just got an email that says the annual fee is going up to $99/year from $59/year.
by jaj2276
Fri Apr 12, 2019 8:14 am
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

A bit late but my wife and I finished our Indiana trip. Here are our comments: Indiana Dunes National Park - Honestly I can't see why this is a national park. Completely underwhelmed although I imagine much of that has to do with the time of year. I suppose that during the summer when it's hot out t...
by jaj2276
Tue Apr 09, 2019 1:53 pm
Forum: Personal Finance (Not Investing)
Topic: $20k day care...how is it taxed?
Replies: 85
Views: 6005

Re: $20k day care...how is it taxed?

... Correct, so the max is $3,000 my multiplier is 20%, so I get a $600 credit for my $15K in daycare costs.... Yes this was my exact situation the last two years. I had $15k in daycare expenses for 1 kid and my credit was $600 since we earned over $43k. This year I'm contributing $5k to a DC FSA b...
by jaj2276
Sat Apr 06, 2019 7:51 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 1481
Views: 197545

Re: Post your Financial Milestone Announcements Here

2 commas used to be a badge of honor around here - a mark of "we've arrived". Not any more. Now it's $2M or above. :sharebeer A lot of that can be attributed to the absurd bull market we've been in. I started tracking my NW in 2009. I graduated college in 1999. Here is my yearly progression: 2009 -...
by jaj2276
Thu Apr 04, 2019 8:13 pm
Forum: US Chapters
Topic: Post your Financial Milestone Announcements Here
Replies: 1481
Views: 197545

Re: Post your Financial Milestone Announcements Here

Passed the 3m net worth mark. This includes real estate carried at purchase price w/ no appreciation (or depreciation). I have 3 RE accounts in my net worth. One is a mortgage my wife and I wrote to my sister-in-law that decreases each month that a payment is made on it. The other is a house we just...
by jaj2276
Fri Mar 29, 2019 1:55 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

My first rebalance occurred in M1. Out of an original ~$54k investment, I rebalanced $315. Nothing to really make or break the strategy either way. There was a small discussion much earlier in the thread about how M1 trades for you. I thought I'd give you my details to show what kind of prices that ...
by jaj2276
Thu Mar 28, 2019 3:47 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Hit the rebalance button in M1 today so the rebalance will take place during the trading window tomorrow. Funded the strategy on Feb 15 and have a gain of 7.5%. The bonds are about 61.5% right now so I feel good with this rebalance as I’m getting to buy more equities which ultimately drives the ret...
by jaj2276
Thu Mar 28, 2019 11:13 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Hit the rebalance button in M1 today so the rebalance will take place during the trading window tomorrow. Funded the strategy on Feb 15 and have a gain of 7.5%. The bonds are about 61.5% right now so I feel good with this rebalance as I’m getting to buy more equities which ultimately drives the retu...
by jaj2276
Thu Mar 28, 2019 7:43 am
Forum: Personal Consumer Issues
Topic: How will you spend your retirement money?
Replies: 86
Views: 10869

Re: How will you spend your retirement money?

My plan is to attend a lot of charity galas and bid on trips they offer that we can't a) afford now and b) take during their non-blackout periods while we both work and/or have kids in school. I feel this way we're checking off the charitable box and we get to take trips for good value. All this is ...
by jaj2276
Sat Mar 16, 2019 11:04 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: Split from: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

... I want to know EXACTLY what people are doing. Not what they are THINKING about doing. Not how many times they flip-flop in their head what the strategy is about. But EXACTLY what they did. That is called the principle of revealed preferences. I'm not sure what you're trying to glean out of aski...
by jaj2276
Thu Mar 14, 2019 9:18 am
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Re: Things to do in Maine

... Believe it or not you might have trouble booking this late. A lot of the best house rentals in Maine are gone in January. I could be wrong in that I've only done this once or twice (and only in certain coastal areas). I was worried about this too but if you're willing to look at an area (50 sq ...
by jaj2276
Wed Mar 13, 2019 10:47 am
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Re: Things to do in Maine

Thanks for all the replies. What I'm thinking of doing is to maybe rent a house and then do day trips from there. If the house could be on a lake, all the better. I know a lot of houses (probably especially during this period) will want you to rent for an extended period but if I could get two house...
by jaj2276
Mon Mar 11, 2019 11:59 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Any thoughts on using momentum in conjunction with quarterly rebalances? Seems like we have hypothesized rebalancing less frequently allows for equities to run a bit before taking gains. What if shortly after a quarter rebalance equities has a rough period and the portfolio gets to 35/65. For the re...
by jaj2276
Fri Mar 08, 2019 8:59 am
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Re: Things to do in Maine

Have you considered flying into Portland, Bangor or Manchester NH instead of Boston? Easier on the nerves. We are flying from Charleston SC so it's a direct flight from here to Boston. With two kids the least amount of time spent in airplanes/airports is worth the little bit of additional road time...
by jaj2276
Thu Mar 07, 2019 8:13 pm
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Re: Things to do in Maine

Have you considered flying into Portland, Bangor or Manchester NH instead of Boston? Easier on the nerves. I never had a bad visit to Maine. Have been to Portland, Rockland, Vinalhaven, Freeport, Bangor. Best for me was Baxter State Park (Mt. Katahdin, north end of the AT). Lots of scenic drives an...
by jaj2276
Thu Mar 07, 2019 2:31 pm
Forum: Personal Consumer Issues
Topic: Things to do in Maine
Replies: 72
Views: 7463

Things to do in Maine

I've asked for and received wonderful suggestions on Things to do in Indiana as well as Things to do in Iowa/Nebraska . My wife, two young daughters (ages 3 and 1), and my mother (age 70) are taking a trip to Maine this summer (early July). Normally the state trips have been just my wife and I so we...
by jaj2276
Sun Mar 03, 2019 4:24 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

But back to the original point, if you could be kind enough to show me how to simulate developed markets for this strategy, I might add this to my mix. I started the strategy in early Feb and will be rebalancing end of this month. I'm early enough in this strategy that adding international won't ch...
by jaj2276
Sun Mar 03, 2019 8:31 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

... Understood. I would be uncomfortable if for example we didn't have good data for decades on LTT, but dev-market is similar enough in behavior to US equities (volatility etc...) that I am feeling fine . It also scratches my itch for more moving pieces in a more reasonable manner than TQQQ or som...
by jaj2276
Sat Mar 02, 2019 9:47 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

... Understood. I would be uncomfortable if for example we didn't have good data for decades on LTT, but dev-market is similar enough in behavior to US equities (volatility etc...) that I am feeling fine . It also scratches my itch for more moving pieces in a more reasonable manner than TQQQ or som...
by jaj2276
Fri Mar 01, 2019 9:56 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

... I would add that this strategy may even be of interest to those that are more risk-averse and are currently in a 60/40 portfolio. With a 2X 40/60 portfolio, you could potentially achieve the long-term returns of a 100/0 portfolio with a similar downside risk to that of a 60/40 portfolio. At lea...
by jaj2276
Wed Feb 27, 2019 1:51 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

Slick8503 wrote:
Wed Feb 27, 2019 12:29 pm
If you are a basketball fan or fan of the movie “Hoosiers” the “Hoosier Gym” at knightstown would be worth a visit. Did not see it mentioned.
I was just humming the tune the other day. Is the gym open to the public? Does the gym serve another purpose? I definitely want to check this out.
by jaj2276
Wed Feb 27, 2019 1:49 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

Lincoln Boyhood home in Lincoln City, IN (Southern, IN) & Holiday World, Santa Claus, IN. Others have mentioned French Lick and West Baden, IN - only 45 minutes away from these two spots. All good options. Whats so great about French Lick other than the fact its where Larry Bird is from? Correct, a...
by jaj2276
Tue Feb 26, 2019 3:57 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

OP here. We aren't retired (late 30s/early 40s) but simply take 5-7 days out of the year to go and visit a state we haven't been to yet. We went to Iowa/Nebraska last year and had a great time even though a lot of the attractions weren't "world class." Due to us closing on a house, we have to go a b...
by jaj2276
Sat Feb 23, 2019 9:19 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

anna_indiana wrote:
Sat Feb 23, 2019 8:44 pm
Notre Dame campus, if you're up north around South Bend.

Edit to add: and make sure to order pork tenderloin at some point (if you eat pork/meat).
Eat pork tenderloin on the Notre Dame campus? Or eat sometime during the trip? Any suggestions on where to order it?
by jaj2276
Sat Feb 23, 2019 8:09 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Re: Things to do in Indiana

Thanks for all these suggestions! We are road trip people so we tend to try and visit all parts of a state or at least enough to get a representative sample.
by jaj2276
Sat Feb 23, 2019 5:21 pm
Forum: Personal Consumer Issues
Topic: Things to do in Indiana
Replies: 64
Views: 5065

Things to do in Indiana

Last year my wife and I visited Iowa/Nebraska for our yearly trip. I asked the forum for things to do and was not disappointed. Things to do in Iowa/Nebraska This year we have to do our trip over my wife's spring break so our trip will take place in late March instead of the summer. This year we pic...
by jaj2276
Thu Feb 21, 2019 11:38 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Ooof, today is not a great day for this trade. Currently down > 2% as TMF is down 2.66% and UPRO is down 1.11%!
by jaj2276
Mon Feb 18, 2019 11:27 am
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Slightly related topic, I’ve been blown away so far with the ease of setup and customer service (even over the weekend) of M1 finance. That is great to hear. I was going to use them, but think I will use fidelity instead. Trades are $5 so maybe $40/ year (first 2 year trades free though with curren...
by jaj2276
Sun Feb 17, 2019 7:02 pm
Forum: Investing - Theory, News & General
Topic: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]
Replies: 3353
Views: 398199

Re: HEDGEFUNDIE's excellent adventure [risk parity strategy using 3x leveraged ETFs]

Add some UGLD...really, it will help. As OP replied, it doesn't show up in the numbers. And really you would need to hold way more gold than you might imagine to save your portfolio in the high inflationary environment (assuming negative returns for both bonds and stocks). And if the high inflation...