Founded in the early 1960s the Magellan Fund in惨淡经营the first 10 years on the face of the United States stock market crash, the United States was the largest ever stock market crash, a sinking almost Magellan - the total amount of funds from the company's founders, 20 million drastic shrinkage to the District 6 million. Therefore, boarded a small boat Magellan set off a storm like Peter Lynch is a power and tremendous captain, he was placed挽狂澜in with the high expectations of dumping heavy responsibility.
We have encountered serious redemption, Lynch had reluctantly closed the Magellan Fund of the measures taken, and lasted for four years. Despite finally fell incessantly, but even a Lynch seems to be so much easier. In this four-year closure period, Lynch forced himself to a kind of rigorous training - all walks of life visited the familiar, and the record in detail about each company or lead to the success or failure of the industry factors and continuously through the media Transfer to a future Magellan investor confidence.
Lynch used in the Magellan was a move is the most powerful high换手率. It was done such statistics, as in the Lynch fund managers in the first year, Magellan investment换手率is 343%, that is, an ordinary working day, Lynch about to buy 50 million US dollars, sold at the same time 50 million US dollars, that is to say, he sold 100 shares per day, but also buy 100 kinds of shares, even after three years of换手率remained at 300 percent. Of course, such a high换手率for Lynch This is indeed had to do this. In his own words, he not only is their choice to replace former stock shares, but also will pay investors realized the stock redemption request. In fact, to change hands dazzling Lynch has left many to regret. He sold many shares after a strong trend, in its place, but it falls short of new shares, and he often mocked himself "uprooted flowers, watering weeds." Unexpectedly, his famous quote this sentence described it, and one day actually received at Buffett's phone number, allowing him to request the annual report to shareholders in the quoted phrase.
But let extremely pleased to Lynch, four years on new customers for the closure period Magellan has finally won the chance to recuperate. Closed end of the first year,麦哲伦基amount to jump to 100 million US dollars, and start again to the public issue.
In order to avoid the United States continued downturn of domestic capital markets the negative impact of the closure period bear the pressure of a shortage of funds at the same time, Lynch腾挪a part of the funds quickly into the market abroad particularly in Europe, particularly in Belgium Bechtel • Have companies to invest in black the diving Magellan taste for the sea expedition to the first taste of the Arc de Triomphe and led to the scale of its funds have been drastically inflated.
• Lynch in the investigation Bechtel Corporation and the process is hereby found, supermarkets lion food as much as 25% of the shares are held in Beadle • Have company in the hands of black, and the lion share of the food was already far beyond Bechtel • Have the company's shares black. A rare opportunity to Lynch landed before. He began buying large black Del • Have company's stock, Bechtel • Have company and a share from 30 a share, up to 120 dollars, the Magellan to receive several times revenue.
In the next 10 years, Lynch Magellan Fund will send peak position. According to Lynch later recalled, from Magellan Fund re-opened to the public after 10 years, its annual average growth rate of nearly 30%, fund management assets expansion to 14 billion US dollars, the company's original investment quotas only on the table 40 kinds of shares increased to 1,400 kinds. The fund more than 1 million people and became Fidelity's flagship fund, and is the global asset management at that time the largest amount of funds, its investment performance is ranked first. Wall Street also out such an account, if someone in charge of Lynch as Magellan Fund in the first year of investment 10,000 US dollars, then 13 after there will be 280,000 US dollars of huge returns, the results exceeded the Buffett and Soros two investment Masters earlier investment performance.
Lynch fabulous investment story in the Wall Street heroes gathered spread like wildfire. The United States "Time" magazine said Lynch is the world's "first family of financial management", "happiness" magazine praised him as "the area of investment shares the most successful - a super investment Fest," the United States will fund rating company assessed lichter "history's most legendary fund manager" and a Wall Street name is now remembered Peter. Lynch their titles - "stock angel."
Know when to go home
CHARLIE horseshoe urgency. According to the general understanding of logic, but of success for flowers and will be escorted by the Lynch are no mounted troops on. However, entered the 46-year-old, Lynch made to the company resigned from the Fidelity Magellan fund manager of the applications.
高处不胜寒. Most allow Lynch to急流勇退decision he probably still operating in the capital to withstand the tremendous psychological pressure. Yes, Lynch will Magellan from a tiny "Fund Junk" made the fight a "fund aircraft carrier", and the successful stimulus and欢娱, but may be encountered at the same time keeps the torment and torture sinking .
According to Lynch's statistics, the United States stock market in its Magellan fund managers as the 13 occurred nine different degrees of adjustment, each of the adjustments, the Magellan Fund's share holdings, it was down more than the market index decreases, when the rebound the gains than the market average or larger. As a "capital appreciation fund," Magellan, like other high-return stocks, also showed wide shocks characteristics. Especially in the 1980s in the latter part of the market adjustment, the rapid growth of Magellan Fund first setback, although Lynch had already sold dozens related company shares, but he subsequently bought other stocks but not leave enough cash As a result, after two months had to sell 689 million US dollars stock fulfill 1.3 billion US dollars of redemptions, the day of the fund net asset value losses 18%, losses amounted to 2 billion US dollars.
Of course, Peter. Lynch is not a fear of failure, otherwise he would not take over from the former Like a chicken feathers to the Magellan. But that does not preclude Lynch faced by ordinary people as a career pressure. In 13 of the fund manager career, the size of Magellan Fund and the rapid expansion of the media constantly questioned, which are always encouraging him to challenge limits; but also nobody knows and is continuing to create a fund simultaneous increase in performance and scale new record Behind Lynch paid by the high price - he must every Saturday overtime, the daily work more than 16 hours, or even to leave in order to facilitate the sale of the directive, fail to see the real life of their own private space.
Using the words of his wife Caroline, when Lynch in the Wharton School of Business and her date, only talking about two things, "stocks, the stock market there." Aftermaths lichter about the reasons for his departure, his explaining the same highly humane, he said, when he puzzled at a Hamlet-style question: "When wealth is your slave, the value depletion in the rest of their lives to it, or to let you accumulate wealth for your services?"
Lynch attracted many people the decision he made all kinds of after-service arrangements, but all of these are Lynch refused. And he is the only acceptable down to him Fidelity issued by the Board of Trustees as its first vice president of the invitation.
2007年12月11日星期二
Rescue Magellan
Founded in the early 1960s the Magellan Fund in惨淡经营the first 10 years on the face of the United States stock market crash, the United States was the largest ever stock market crash, a sinking almost Magellan - the total amount of funds from the company's founders, 20 million drastic shrinkage to the District 6 million. Therefore, boarded a small boat Magellan set off a storm like Peter Lynch is a power and tremendous captain, he was placed挽狂澜in with the high expectations of dumping heavy responsibility.
We have encountered serious redemption, Lynch had reluctantly closed the Magellan Fund of the measures taken, and lasted for four years. Despite finally fell incessantly, but even a Lynch seems to be so much easier. In this four-year closure period, Lynch forced himself to a kind of rigorous training - all walks of life visited the familiar, and the record in detail about each company or lead to the success or failure of the industry factors and continuously through the media Transfer to a future Magellan investor confidence.
Lynch used in the Magellan was a move is the most powerful high换手率. It was done such statistics, as in the Lynch fund managers in the first year, Magellan investment换手率is 343%, that is, an ordinary working day, Lynch about to buy 50 million US dollars, sold at the same time 50 million US dollars, that is to say, he sold 100 shares per day, but also buy 100 kinds of shares, even after three years of换手率remained at 300 percent. Of course, such a high换手率for Lynch This is indeed had to do this. In his own words, he not only is their choice to replace former stock shares, but also will pay investors realized the stock redemption request. In fact, to change hands dazzling Lynch has left many to regret. He sold many shares after a strong trend, in its place, but it falls short of new shares, and he often mocked himself "uprooted flowers, watering weeds." Unexpectedly, his famous quote this sentence described it, and one day actually received at Buffett's phone number, allowing him to request the annual report to shareholders in the quoted phrase.
But let extremely pleased to Lynch, four years on new customers for the closure period Magellan has finally won the chance to recuperate. Closed end of the first year,麦哲伦基amount to jump to 100 million US dollars, and start again to the public issue.
In order to avoid the United States continued downturn of domestic capital markets the negative impact of the closure period bear the pressure of a shortage of funds at the same time, Lynch腾挪a part of the funds quickly into the market abroad particularly in Europe, particularly in Belgium Bechtel • Have companies to invest in black the diving Magellan taste for the sea expedition to the first taste of the Arc de Triomphe and led to the scale of its funds have been drastically inflated.
• Lynch in the investigation Bechtel Corporation and the process is hereby found, supermarkets lion food as much as 25% of the shares are held in Beadle • Have company in the hands of black, and the lion share of the food was already far beyond Bechtel • Have the company's shares black. A rare opportunity to Lynch landed before. He began buying large black Del • Have company's stock, Bechtel • Have company and a share from 30 a share, up to 120 dollars, the Magellan to receive several times revenue.
In the next 10 years, Lynch Magellan Fund will send peak position. According to Lynch later recalled, from Magellan Fund re-opened to the public after 10 years, its annual average growth rate of nearly 30%, fund management assets expansion to 14 billion US dollars, the company's original investment quotas only on the table 40 kinds of shares increased to 1,400 kinds. The fund more than 1 million people and became Fidelity's flagship fund, and is the global asset management at that time the largest amount of funds, its investment performance is ranked first. Wall Street also out such an account, if someone in charge of Lynch as Magellan Fund in the first year of investment 10,000 US dollars, then 13 after there will be 280,000 US dollars of huge returns, the results exceeded the Buffett and Soros two investment Masters earlier investment performance.
Lynch fabulous investment story in the Wall Street heroes gathered spread like wildfire. The United States "Time" magazine said Lynch is the world's "first family of financial management", "happiness" magazine praised him as "the area of investment shares the most successful - a super investment Fest," the United States will fund rating company assessed lichter "history's most legendary fund manager" and a Wall Street name is now remembered Peter. Lynch their titles - "stock angel."
Know when to go home
CHARLIE horseshoe urgency. According to the general understanding of logic, but of success for flowers and will be escorted by the Lynch are no mounted troops on. However, entered the 46-year-old, Lynch made to the company resigned from the Fidelity Magellan fund manager of the applications.
高处不胜寒. Most allow Lynch to急流勇退decision he probably still operating in the capital to withstand the tremendous psychological pressure. Yes, Lynch will Magellan from a tiny "Fund Junk" made the fight a "fund aircraft carrier", and the successful stimulus and欢娱, but may be encountered at the same time keeps the torment and torture sinking .
According to Lynch's statistics, the United States stock market in its Magellan fund managers as the 13 occurred nine different degrees of adjustment, each of the adjustments, the Magellan Fund's share holdings, it was down more than the market index decreases, when the rebound the gains than the market average or larger. As a "capital appreciation fund," Magellan, like other high-return stocks, also showed wide shocks characteristics. Especially in the 1980s in the latter part of the market adjustment, the rapid growth of Magellan Fund first setback, although Lynch had already sold dozens related company shares, but he subsequently bought other stocks but not leave enough cash As a result, after two months had to sell 689 million US dollars stock fulfill 1.3 billion US dollars of redemptions, the day of the fund net asset value losses 18%, losses amounted to 2 billion US dollars.
Of course, Peter. Lynch is not a fear of failure, otherwise he would not take over from the former Like a chicken feathers to the Magellan. But that does not preclude Lynch faced by ordinary people as a career pressure. In 13 of the fund manager career, the size of Magellan Fund and the rapid expansion of the media constantly questioned, which are always encouraging him to challenge limits; but also nobody knows and is continuing to create a fund simultaneous increase in performance and scale new record Behind Lynch paid by the high price - he must every Saturday overtime, the daily work more than 16 hours, or even to leave in order to facilitate the sale of the directive, fail to see the real life of their own private space.
Using the words of his wife Caroline, when Lynch in the Wharton School of Business and her date, only talking about two things, "stocks, the stock market there." Aftermaths lichter about the reasons for his departure, his explaining the same highly humane, he said, when he puzzled at a Hamlet-style question: "When wealth is your slave, the value depletion in the rest of their lives to it, or to let you accumulate wealth for your services?"
Lynch attracted many people the decision he made all kinds of after-service arrangements, but all of these are Lynch refused. And he is the only acceptable down to him Fidelity issued by the Board of Trustees as its first vice president of the invitation.
We have encountered serious redemption, Lynch had reluctantly closed the Magellan Fund of the measures taken, and lasted for four years. Despite finally fell incessantly, but even a Lynch seems to be so much easier. In this four-year closure period, Lynch forced himself to a kind of rigorous training - all walks of life visited the familiar, and the record in detail about each company or lead to the success or failure of the industry factors and continuously through the media Transfer to a future Magellan investor confidence.
Lynch used in the Magellan was a move is the most powerful high换手率. It was done such statistics, as in the Lynch fund managers in the first year, Magellan investment换手率is 343%, that is, an ordinary working day, Lynch about to buy 50 million US dollars, sold at the same time 50 million US dollars, that is to say, he sold 100 shares per day, but also buy 100 kinds of shares, even after three years of换手率remained at 300 percent. Of course, such a high换手率for Lynch This is indeed had to do this. In his own words, he not only is their choice to replace former stock shares, but also will pay investors realized the stock redemption request. In fact, to change hands dazzling Lynch has left many to regret. He sold many shares after a strong trend, in its place, but it falls short of new shares, and he often mocked himself "uprooted flowers, watering weeds." Unexpectedly, his famous quote this sentence described it, and one day actually received at Buffett's phone number, allowing him to request the annual report to shareholders in the quoted phrase.
But let extremely pleased to Lynch, four years on new customers for the closure period Magellan has finally won the chance to recuperate. Closed end of the first year,麦哲伦基amount to jump to 100 million US dollars, and start again to the public issue.
In order to avoid the United States continued downturn of domestic capital markets the negative impact of the closure period bear the pressure of a shortage of funds at the same time, Lynch腾挪a part of the funds quickly into the market abroad particularly in Europe, particularly in Belgium Bechtel • Have companies to invest in black the diving Magellan taste for the sea expedition to the first taste of the Arc de Triomphe and led to the scale of its funds have been drastically inflated.
• Lynch in the investigation Bechtel Corporation and the process is hereby found, supermarkets lion food as much as 25% of the shares are held in Beadle • Have company in the hands of black, and the lion share of the food was already far beyond Bechtel • Have the company's shares black. A rare opportunity to Lynch landed before. He began buying large black Del • Have company's stock, Bechtel • Have company and a share from 30 a share, up to 120 dollars, the Magellan to receive several times revenue.
In the next 10 years, Lynch Magellan Fund will send peak position. According to Lynch later recalled, from Magellan Fund re-opened to the public after 10 years, its annual average growth rate of nearly 30%, fund management assets expansion to 14 billion US dollars, the company's original investment quotas only on the table 40 kinds of shares increased to 1,400 kinds. The fund more than 1 million people and became Fidelity's flagship fund, and is the global asset management at that time the largest amount of funds, its investment performance is ranked first. Wall Street also out such an account, if someone in charge of Lynch as Magellan Fund in the first year of investment 10,000 US dollars, then 13 after there will be 280,000 US dollars of huge returns, the results exceeded the Buffett and Soros two investment Masters earlier investment performance.
Lynch fabulous investment story in the Wall Street heroes gathered spread like wildfire. The United States "Time" magazine said Lynch is the world's "first family of financial management", "happiness" magazine praised him as "the area of investment shares the most successful - a super investment Fest," the United States will fund rating company assessed lichter "history's most legendary fund manager" and a Wall Street name is now remembered Peter. Lynch their titles - "stock angel."
Know when to go home
CHARLIE horseshoe urgency. According to the general understanding of logic, but of success for flowers and will be escorted by the Lynch are no mounted troops on. However, entered the 46-year-old, Lynch made to the company resigned from the Fidelity Magellan fund manager of the applications.
高处不胜寒. Most allow Lynch to急流勇退decision he probably still operating in the capital to withstand the tremendous psychological pressure. Yes, Lynch will Magellan from a tiny "Fund Junk" made the fight a "fund aircraft carrier", and the successful stimulus and欢娱, but may be encountered at the same time keeps the torment and torture sinking .
According to Lynch's statistics, the United States stock market in its Magellan fund managers as the 13 occurred nine different degrees of adjustment, each of the adjustments, the Magellan Fund's share holdings, it was down more than the market index decreases, when the rebound the gains than the market average or larger. As a "capital appreciation fund," Magellan, like other high-return stocks, also showed wide shocks characteristics. Especially in the 1980s in the latter part of the market adjustment, the rapid growth of Magellan Fund first setback, although Lynch had already sold dozens related company shares, but he subsequently bought other stocks but not leave enough cash As a result, after two months had to sell 689 million US dollars stock fulfill 1.3 billion US dollars of redemptions, the day of the fund net asset value losses 18%, losses amounted to 2 billion US dollars.
Of course, Peter. Lynch is not a fear of failure, otherwise he would not take over from the former Like a chicken feathers to the Magellan. But that does not preclude Lynch faced by ordinary people as a career pressure. In 13 of the fund manager career, the size of Magellan Fund and the rapid expansion of the media constantly questioned, which are always encouraging him to challenge limits; but also nobody knows and is continuing to create a fund simultaneous increase in performance and scale new record Behind Lynch paid by the high price - he must every Saturday overtime, the daily work more than 16 hours, or even to leave in order to facilitate the sale of the directive, fail to see the real life of their own private space.
Using the words of his wife Caroline, when Lynch in the Wharton School of Business and her date, only talking about two things, "stocks, the stock market there." Aftermaths lichter about the reasons for his departure, his explaining the same highly humane, he said, when he puzzled at a Hamlet-style question: "When wealth is your slave, the value depletion in the rest of their lives to it, or to let you accumulate wealth for your services?"
Lynch attracted many people the decision he made all kinds of after-service arrangements, but all of these are Lynch refused. And he is the only acceptable down to him Fidelity issued by the Board of Trustees as its first vice president of the invitation.
Peter Lynch: Wall Street "stock angel"
Buffett and represented by the focus on real value stocks and growth stocks of various long-term investors, Wall Street's top investment Masters Lynch typical of the modern investment Masters, he wrote a history of Wall Street Fund rare success and legend.
Fully玩转and拨动the billions of dollars set capital's rapid fermentation, Peter. Lynch wrote a history of Wall Street fund with legendary rare success in life and career at the time of turning back and retreating extremely brilliant, is left to the outside world curiosity and surprised to himself personally weaving past the large number of interesting investment case entered Boston College textbooks, approached the master of Wall Street's top investment, we see not only盈满its rosette are successful, more people uncontested of Dazhi big-hui.
From caddy to the financial management division
Waves粼粼the Charles River Promenade, escorted by shade the Boston College campus exuberant vitality everywhere. In Hancheng solemn teaching building, a professor of securities are vivid descriptions, to the sophomore year students in the United States of a company's future prospects air. After the lesson, students quickly溜出the room, he used the only wage income and the remaining scholarships Tiger Airways bought all the stock. Less than two years, this company stock from the original seven US dollars rose to 33 US dollars. It is precisely this investment, not only supports the students successfully completed the college, and from the mobilization of his investment talent, and in the future the United States has become a place of the greatest fund managers and investment Wizards - Peter Lynch -- Magellan Fund's founder, the incumbent United States Fidelity company's first vice president.
Lynch was born in Boston in an affluent family. His father was once a Boston College professor of mathematics, later became John. Hancock's高级审计师. In Lynch 10-year-old that year, his father died of illness, the whole family's life began in trouble. In the second year of the death of his father, Lynch introduced in the acquaintances went to the mine-laying •伯雷golf courses began to caddy work. "For a 11-year-old children, do caddy is a 'satisfactory' work, because everywhere along the golf course, run, the ball can be found to make money." May Lynch did not think, this is Green lawn caddy experience requirements and the impact on their future life. Mined •伯雷golf club members are the chairman and largest shareholder of the company, in addition to these figures, merchants also play golf, exchange investment perspective, from their conversation Lynch accepted the stock market in the early education, and sometimes Lin odd and even "renounce seized five ball tips, in order to hear from them boasted five investment skills," Therefore, the following players kick down the round ball, Lynch received the equivalent of a stock of knowledge of the free education classes.
Tiger Airways investment in the success of not only allow access to the lucrative Lynch pleasure, more importantly, strengthened his confidence of investors. He is convinced that in the stock market there has been a great enrichment opportunities, but as long as seize it, there will be more opportunities followed. Therefore, in the Boston College Graduate study, the use of the summer holidays Lynch Fidelity companies found in a summer work. Fidelity Corporation in the United States was the work of the Common Fund has done an excellent job, was described as a Wall Street investment company in Temple. Lynch was assigned to be in charge of corporate research and the work of preparing the report, the specific charge of the paper industry and publishing companies of the real situation in the field of investigation. This job not only to break the Lynch trades on the stock of the mystery, and has since the end of the indissoluble bond between Fidelity.
Access MBA certificates, Lynch spent in the military under two years, in the year of Legionnaires, Fidelity company gave him a permanent job - enterprises and commodities analyst. A few years later, 30-year-old Lynch on the Fidelity was promoted to director of research. This work for him a better understanding of the securities business provides a good opportunity for him after racing along the area of investment and accumulated rich and valuable experience. Three years later, Lynch was promoted to the Fidelity Magellan Fund's director. Although Magellan Fund were only 6 million US dollars of funds, business also is limited to a few large securities companies, but Lynch could take at least according to its own investment philosophy savings to display their talent long-standing investment, and has since let Lin odd and even began to create the Global Fund to Wall Street investment historical legend.
Fully玩转and拨动the billions of dollars set capital's rapid fermentation, Peter. Lynch wrote a history of Wall Street fund with legendary rare success in life and career at the time of turning back and retreating extremely brilliant, is left to the outside world curiosity and surprised to himself personally weaving past the large number of interesting investment case entered Boston College textbooks, approached the master of Wall Street's top investment, we see not only盈满its rosette are successful, more people uncontested of Dazhi big-hui.
From caddy to the financial management division
Waves粼粼the Charles River Promenade, escorted by shade the Boston College campus exuberant vitality everywhere. In Hancheng solemn teaching building, a professor of securities are vivid descriptions, to the sophomore year students in the United States of a company's future prospects air. After the lesson, students quickly溜出the room, he used the only wage income and the remaining scholarships Tiger Airways bought all the stock. Less than two years, this company stock from the original seven US dollars rose to 33 US dollars. It is precisely this investment, not only supports the students successfully completed the college, and from the mobilization of his investment talent, and in the future the United States has become a place of the greatest fund managers and investment Wizards - Peter Lynch -- Magellan Fund's founder, the incumbent United States Fidelity company's first vice president.
Lynch was born in Boston in an affluent family. His father was once a Boston College professor of mathematics, later became John. Hancock's高级审计师. In Lynch 10-year-old that year, his father died of illness, the whole family's life began in trouble. In the second year of the death of his father, Lynch introduced in the acquaintances went to the mine-laying •伯雷golf courses began to caddy work. "For a 11-year-old children, do caddy is a 'satisfactory' work, because everywhere along the golf course, run, the ball can be found to make money." May Lynch did not think, this is Green lawn caddy experience requirements and the impact on their future life. Mined •伯雷golf club members are the chairman and largest shareholder of the company, in addition to these figures, merchants also play golf, exchange investment perspective, from their conversation Lynch accepted the stock market in the early education, and sometimes Lin odd and even "renounce seized five ball tips, in order to hear from them boasted five investment skills," Therefore, the following players kick down the round ball, Lynch received the equivalent of a stock of knowledge of the free education classes.
Tiger Airways investment in the success of not only allow access to the lucrative Lynch pleasure, more importantly, strengthened his confidence of investors. He is convinced that in the stock market there has been a great enrichment opportunities, but as long as seize it, there will be more opportunities followed. Therefore, in the Boston College Graduate study, the use of the summer holidays Lynch Fidelity companies found in a summer work. Fidelity Corporation in the United States was the work of the Common Fund has done an excellent job, was described as a Wall Street investment company in Temple. Lynch was assigned to be in charge of corporate research and the work of preparing the report, the specific charge of the paper industry and publishing companies of the real situation in the field of investigation. This job not only to break the Lynch trades on the stock of the mystery, and has since the end of the indissoluble bond between Fidelity.
Access MBA certificates, Lynch spent in the military under two years, in the year of Legionnaires, Fidelity company gave him a permanent job - enterprises and commodities analyst. A few years later, 30-year-old Lynch on the Fidelity was promoted to director of research. This work for him a better understanding of the securities business provides a good opportunity for him after racing along the area of investment and accumulated rich and valuable experience. Three years later, Lynch was promoted to the Fidelity Magellan Fund's director. Although Magellan Fund were only 6 million US dollars of funds, business also is limited to a few large securities companies, but Lynch could take at least according to its own investment philosophy savings to display their talent long-standing investment, and has since let Lin odd and even began to create the Global Fund to Wall Street investment historical legend.
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