Archive: 11/27/2007
Main News
Wake up to the dangers of a deepening crisis
Debt kitchen queues mean free lunch goes cold
The negative-basis trade, where the cost of protection using the credit default swap market becomes less than the interest yield on bonds, has emerged for the second time this year since the credit crunch.
http://mail2.efnmail.co.uk/r/325245/MTk4MTI1OjE1NzQ1/
The negative-basis trade, where the cost of protection using the credit default swap market becomes less than the interest yield on bonds, has emerged for the second time this year since the credit crunch.
http://mail2.efnmail.co.uk/r/325245/MTk4MTI1OjE1NzQ1/
Knight Vinke has war chest for HSBC battle
Activist investment firm Knight Vinke could spend at least $4m (?2.7m) on its public campaign to shake up UK bank HSBC, given its spend on previous targets.
http://mail2.efnmail.co.uk/r/325326/MTk4MTI1OjE1NzQ1/
Activist investment firm Knight Vinke could spend at least $4m (?2.7m) on its public campaign to shake up UK bank HSBC, given its spend on previous targets.
http://mail2.efnmail.co.uk/r/325326/MTk4MTI1OjE1NzQ1/
Basel II tackles issues of risk and reserves
The run of writedowns that investment banks including Citigroup, Merrill Lynch and UBS have been forced to make as a result of this year's credit crisis has, in some respects, proved timely.
http://mail2.efnmail.co.uk/r/325249/MTk4MTI1OjE1NzQ1/
The run of writedowns that investment banks including Citigroup, Merrill Lynch and UBS have been forced to make as a result of this year's credit crisis has, in some respects, proved timely.
http://mail2.efnmail.co.uk/r/325249/MTk4MTI1OjE1NzQ1/
Corporate governance: who is guarding the guardians?
The forthcoming stock market listing of RiskMetrics Group, a US portfolio risk analysis provider, has raised issues over the ownership and influence of proxy voting agencies.
http://mail2.efnmail.co.uk/r/325338/MTk4MTI1OjE1NzQ1/
The forthcoming stock market listing of RiskMetrics Group, a US portfolio risk analysis provider, has raised issues over the ownership and influence of proxy voting agencies.
http://mail2.efnmail.co.uk/r/325338/MTk4MTI1OjE1NzQ1/
Markets crisis prompts boards to revisit risks
The announcement of substantial losses at banks such as Citigroup and Merrill Lynch, as well as the continuing woes at Northern Rock, signal that capital markets have entered an uncertain and testing period.
http://mail2.efnmail.co.uk/r/325350/MTk4MTI1OjE1NzQ1/
The announcement of substantial losses at banks such as Citigroup and Merrill Lynch, as well as the continuing woes at Northern Rock, signal that capital markets have entered an uncertain and testing period.
http://mail2.efnmail.co.uk/r/325350/MTk4MTI1OjE1NzQ1/
Barry Zubrow, president of private investment management firm ITB, will join the firm as chief risk officer on Dec. 1.
» Read the Full Story
» Read the Full Story
Moves include increasing the amount of funds that dealers can tap through the bank's open market account securities lending program.
» Read the Full Story
» Read the Full Story
BAAAD NEWS BONDS
By RODDY BOYD
The bond market's next shoe to drop is likely to be the painful decline in the value of hundreds of billions of dollars worth of triple-A rated issues backed by mortgages and other assets - the onetime rock-solid cousin of the toxic...
full story: http://www.nypost.com/seven/11262007/business/baaad_news_bonds_655831.htm
By RODDY BOYD
The bond market's next shoe to drop is likely to be the painful decline in the value of hundreds of billions of dollars worth of triple-A rated issues backed by mortgages and other assets - the onetime rock-solid cousin of the toxic...
full story: http://www.nypost.com/seven/11262007/business/baaad_news_bonds_655831.htm
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Low-risk trades put all others in the shade. By James Mackintosh. Published: November 25 2007 22:20 | Last updated: November 25 2007 22:20 ... www.ft.com/cms/s/c4487440-9b7e-11dc-8aad-0000779fd2ac.html - 32k - 16 hours ago - Cached - Similar pages - Note this |
Fri, 23 Nov 2007, 17:05
Financial News
Gottex Fund Management, the Lausanne and London-based fund of hedge funds group, this month made its debut on the Swiss Exchange, the latest in a line of alternative asset managers cashing in on a perceived appetite among investors for publicly quoted hedge funds. Gottex, which has more than USD14bn (EUR10bn) in assets under management, took the unusual step of floating the management company, rather than an individual fund, arguably making it the only publicly quoted, pure fund of hedge funds group. To date, the estimated 1% of total hedge funds assets that are public is in so-called permanent capital vehicles - quoted closed-ended single-manager funds or funds of funds - and a small number of management companies.
Gottex Fund Management, the Lausanne and London-based fund of hedge funds group, this month made its debut on the Swiss Exchange, the latest in a line of alternative asset managers cashing in on a perceived appetite among investors for publicly quoted hedge funds. Gottex, which has more than USD14bn (EUR10bn) in assets under management, took the unusual step of floating the management company, rather than an individual fund, arguably making it the only publicly quoted, pure fund of hedge funds group. To date, the estimated 1% of total hedge funds assets that are public is in so-called permanent capital vehicles - quoted closed-ended single-manager funds or funds of funds - and a small number of management companies.
Mark Mobius Has Faith in Emerging Markets
Source: TheStreet.com
In a market overshadowed by predictions of horror, Mark Mobius, manga comic book hero, is being the contrarian and optimist that investors know him best for.
"A really serious recession in the U.S. would have global implications, but from the numbers we are seeing in the States, we can't figure out why everyone is so full of doom and gloom. In the third quarter, we are talking about 5% growth," Mobius said in an exclusive interview with TheStreet.com. More... <http://www.hedgefund-index.com/newsemerging.asp>
Source: TheStreet.com
In a market overshadowed by predictions of horror, Mark Mobius, manga comic book hero, is being the contrarian and optimist that investors know him best for.
"A really serious recession in the U.S. would have global implications, but from the numbers we are seeing in the States, we can't figure out why everyone is so full of doom and gloom. In the third quarter, we are talking about 5% growth," Mobius said in an exclusive interview with TheStreet.com. More... <http://www.hedgefund-index.com/newsemerging.asp>
SEB says buys hedge fund manager KAM Group
Reuters via Yahoo! UK & Ireland News Mon, 26 Nov 2007 0:27 AM PST
SEB said on Monday it bought all of KAM Group, a London-based fund of hedge funds with about 20 billion Swedish crowns (1.5 billion pounds) under management.
Reuters via Yahoo! UK & Ireland News Mon, 26 Nov 2007 0:27 AM PST
SEB said on Monday it bought all of KAM Group, a London-based fund of hedge funds with about 20 billion Swedish crowns (1.5 billion pounds) under management.
Sears' Lampert Finds a New Foe
TheStreet.com Mon, 26 Nov 2007 1:56 PM PST
A battle for Restoration Hardware once again pits the hedge fund guru against a big investor.
TheStreet.com Mon, 26 Nov 2007 1:56 PM PST
A battle for Restoration Hardware once again pits the hedge fund guru against a big investor.
The 623,399 U.S. bankruptcies filed during the first nine months of 2007 represented a 40 percent increase over the 444,789 cases filed over the same period in 2006, according to data released by the Administrative Office of the U.S. Courts.
Last week, the BIS released the latest statistics on positions in the global over-the-counter (OTC) derivatives market.
American Consumers May Slip On Triple-Digit Oil
As oil prices approach $100 per barrel, we are reconsidering the impact on consumer spending and the economy. So far, consumers have ignored high oil prices, not to mention falling home prices. But with gasoline back to more than $3 per gallon and the winter heating season approaching, will consumers finally flinch?
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYADAQUVsLgHxhilpuHQJhuV2VS
As oil prices approach $100 per barrel, we are reconsidering the impact on consumer spending and the economy. So far, consumers have ignored high oil prices, not to mention falling home prices. But with gasoline back to more than $3 per gallon and the winter heating season approaching, will consumers finally flinch?
To learn more, click or copy and paste the URL below:
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYADAQUVsLgHxhilpuHQJhuV2VS
Global Issuers
The Leveraging Of America: LBOs--The Good, The Bad, And The Ugly
Leveraged buyouts (LBOs) are the amazing process of using other people's money to take control of a company. You can easily parlay a very modest investment into a very large enterprise if you know what you're doing--and your timing is right. Of course, sponsors need willing investors to pull this off, but that hasn't been much of a problem. And while the record of LBOs is littered with some major failures, we have seen successes, too.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYADAQUVsLgHxhilpuHQJhuV2VY
The Leveraging Of America: LBOs--The Good, The Bad, And The Ugly
Leveraged buyouts (LBOs) are the amazing process of using other people's money to take control of a company. You can easily parlay a very modest investment into a very large enterprise if you know what you're doing--and your timing is right. Of course, sponsors need willing investors to pull this off, but that hasn't been much of a problem. And while the record of LBOs is littered with some major failures, we have seen successes, too.
To learn more, click or copy and paste the URL below:
(subscription required)
http://standardandpoors.rsys1.net/servlet/cc5?kHiQYADAQUVsLgHxhilpuHQJhuV2VY
French study suggests derivatives 'over-hyped'
http://www.ipe.com/realestate/French_study_suggests_derivatives_over_hyped__26166.php
http://www.ipe.com/realestate/French_study_suggests_derivatives_over_hyped__26166.php
US pensions shift further into structured finance
http://www.ipe.com/realestate/US_pensions_shift_further_into_structured_finance_26152.php
http://www.ipe.com/realestate/US_pensions_shift_further_into_structured_finance_26152.php
'Alternative' is becoming mainstream - survey
http://www.ipe.com/news/_Alternative_is_becoming_mainstream_survey_26178.php
http://www.ipe.com/news/_Alternative_is_becoming_mainstream_survey_26178.php
Big Push Into Alternative Assets
Financial Times - Monday November 26, 08:12 GMT
Financial Times - Monday November 26, 08:12 GMT
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Yield Curve Corner
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Natural Disaster Corner
Climate Prediction http://www.nws.noaa.gov/predictions.php
World Meterological Organization http://severe.worldweather.org/
Tornadoes: http://www.disastercenter.com/tornado.htm
Great Sat Pictures of events: http://www.osei.noaa.gov/Events/Current/SNWplains330_G12.jpg
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Iranian Situation and Other Man Made Disasters
Iraq: Shiite Dissension and Obstacles to Iran
http://www.stratfor.com/products/premium/read_article.php?id=298867
http://www.stratfor.com/products/premium/read_article.php?id=298867
If Iran’s Revolutionary Guards Strike Back: The Case of Iraq
By Hussain Mousavi
The recent move by the U.S. government to designate Iran’s most powerful military unit, the Islamic Revolutionary Guard Corps (IRGC), as a terrorist organization reflects a tougher U.S. stance towards Tehran in response to its controversial nuclear program and military reach in the Middle East. Though largely aimed at weakening the IRGC’s global business operations and financial network, the new sanctions are the most aggressive form of U.S. policy in confronting Iran’s growing influence in Iraq, where U.S. military officials accuse the Guard of supplying weapons and military expertise to Shiite militias (AP, September 24). With the IRGC as the first national military organization sanctioned by the United States, Washington and Tehran have now moved another step closer to a possible military showdown.
READ FULL STORY
By Hussain Mousavi
The recent move by the U.S. government to designate Iran’s most powerful military unit, the Islamic Revolutionary Guard Corps (IRGC), as a terrorist organization reflects a tougher U.S. stance towards Tehran in response to its controversial nuclear program and military reach in the Middle East. Though largely aimed at weakening the IRGC’s global business operations and financial network, the new sanctions are the most aggressive form of U.S. policy in confronting Iran’s growing influence in Iraq, where U.S. military officials accuse the Guard of supplying weapons and military expertise to Shiite militias (AP, September 24). With the IRGC as the first national military organization sanctioned by the United States, Washington and Tehran have now moved another step closer to a possible military showdown.
READ FULL STORY
UN checks Russian nuclear fuel for Iran
AP via Yahoo! News Mon, 26 Nov 2007 11:57 AM PST
Inspectors from the U.N. atomic watchdog agency on Monday began checking uranium fuel that was produced at a Russian facility for Iran's first nuclear power plant, officials said.
AP via Yahoo! News Mon, 26 Nov 2007 11:57 AM PST
Inspectors from the U.N. atomic watchdog agency on Monday began checking uranium fuel that was produced at a Russian facility for Iran's first nuclear power plant, officials said.
U.S. asks China to cooperate on Iran sanctions
Reuters via Yahoo! News Mon, 26 Nov 2007 9:48 AM PST
Secretary of State Condoleezza Rice urged China on Monday to support U.S. efforts to impose new U.N. Security Council sanctions against Iran over its nuclear program.
Reuters via Yahoo! News Mon, 26 Nov 2007 9:48 AM PST
Secretary of State Condoleezza Rice urged China on Monday to support U.S. efforts to impose new U.N. Security Council sanctions against Iran over its nuclear program.
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Opalesque’s Corner
- Opalesque Exclusive: Exploring the FoHFs universe (part 8) - FoHFs in Japan can perform well through intelligent diversification and a lot of face to face time
- Japan Special: Capula aims to expand Japan equity fund business, Moonlight Capital faces potential punishment by the SESC, Goldman Sachs: Hedge funds are shifting Asian investments out of Japan, Japan banks` subprime exposure is at $11bln, Japanese stocks extend gains, Japan re-regulates after Koizumi
- New launches: Cambridge Place planning new launch despite recent subprime hit, Harmony Capital to start low volatility fund, Dutch manager launches performance fee-only FoHFs, Hercules to launch $15m HF that will re-invest profits in tech companies
- Key Asset Management to be acquired by SEB
- Lahde Capital wins subprime bet with 1000% return, now one of the world`s best-performing funds of all time, On Paulson: `There`s never been a trade of this size of profit ever in the history of financial markets`, Citadel hedge fund`s 27% return YTD follows 30% in 2006, Opalesque Exclusive: Number one Asia long-short equity hedge fund returns 29.32% YTD from traditional stock-picking (CORRECTION)
- Hedge fund roundtable says 2007 `vintage year` for industry as funds proved their mettle, ongoing talent shift from big banks to hedge funds, funds seen `very well regulated`
- Leveraging the numbers: Size can be deceiving when borrowed money is added to calculation, how $2bln can boil down to $100m
- Quant hedge funds blamed for turbulence, European quant funds that bet on rising stock prices may be down 15% this month, JPMorgan says
- FRM raises GBP33m for credit fund, S&P assigns a `Pass` rating for HFA Retrospective Fund
- Derivatives: OTC derivatives market increased 135% since 2004, Global derivatives market expands to $516 trillion, Why there`s no avoiding derivatives
- UBS triple A CPDO blows up, Investors fear new turmoil, Private equity underperforms S&P by 3% after fees
- Experts say recent failures, secrecy merit re-evaluation of university investments, Ohio concerned
- Tax update: Fears over U.K. capital gain tax crackdown, Where the new capital gains tax on offshore trusts could have an impact
- Cancelled flotations at record level, New York set to surpass London in global battle to attract IPOs
- Commodities / Energy: Caliburn looking to invest in infrastructure in oil-rich states, Possible effects of $100 oil revisited in S&P`s special report, What we can learn from a divided commodities market, Biofuel and diet sow seeds of farm crunch, Swiss Bank Sarasin launches European Solar Power Index
- Exchanges / Trading Platforms: Germany authorises brokers to trade on DIFX, Credit Suisse quits MTS in protest of open trades
- Europe: JPMorgan survey: European investors to pump Euro 100bln into A.I. over next 2 years, McKinsey survey: European private banks enjoy success, A.I. continue to grow in importance, UBP, world` second largest allocator to HFs, Fund managers still wary of using new Ucits III powers
- Italy: Italy`s institutions warming to hedge funds, investments rise 32% from last year, `Regulators are generally becoming aware that they should leave hedge fund managers free to manage`
- Revealed: the hedge funds who `short` Irish share prices
- Chilton begins Asia expansion drive
- F&C says emerging market equities can rise 50% above valuations before reaching bubble territory
- Tech Update: LJM Partners creates risk management system STORM
- Activist News: Leo Kirch gets hedge fund backing, Hedge funds try to block Northern Rock fire sale, Virgin leads Northern Rock bid, announcement expected today, M&B and pub firm Punch deny bid speculation
- News Briefs: Dollar displaces Yen, Franc as carry trade favourite, Fortis Prime Fund Solutions obtains SAS-70 certificate, New book reveals investment industry set for great divide by 2020, Eurex introduces new Austrian and Swiss equity options, more than 100 single stock futures, George Soros fund buys stake in India`s Future Capital Holdings, Schroders raise exit penalties to prevent property collapse, City bets on 7% fall in UK house prices, The Growth of Shariah Compliant Funds to be addressed at GAIM, Judging the fine print
- And Finally. 15 turkeys visit NY town for Thanksgiving, marching in single file, then leave
- Logon: http://www.opalesque.com/main.php?act=archive
- Japan Special: Capula aims to expand Japan equity fund business, Moonlight Capital faces potential punishment by the SESC, Goldman Sachs: Hedge funds are shifting Asian investments out of Japan, Japan banks` subprime exposure is at $11bln, Japanese stocks extend gains, Japan re-regulates after Koizumi
- New launches: Cambridge Place planning new launch despite recent subprime hit, Harmony Capital to start low volatility fund, Dutch manager launches performance fee-only FoHFs, Hercules to launch $15m HF that will re-invest profits in tech companies
- Key Asset Management to be acquired by SEB
- Lahde Capital wins subprime bet with 1000% return, now one of the world`s best-performing funds of all time, On Paulson: `There`s never been a trade of this size of profit ever in the history of financial markets`, Citadel hedge fund`s 27% return YTD follows 30% in 2006, Opalesque Exclusive: Number one Asia long-short equity hedge fund returns 29.32% YTD from traditional stock-picking (CORRECTION)
- Hedge fund roundtable says 2007 `vintage year` for industry as funds proved their mettle, ongoing talent shift from big banks to hedge funds, funds seen `very well regulated`
- Leveraging the numbers: Size can be deceiving when borrowed money is added to calculation, how $2bln can boil down to $100m
- Quant hedge funds blamed for turbulence, European quant funds that bet on rising stock prices may be down 15% this month, JPMorgan says
- FRM raises GBP33m for credit fund, S&P assigns a `Pass` rating for HFA Retrospective Fund
- Derivatives: OTC derivatives market increased 135% since 2004, Global derivatives market expands to $516 trillion, Why there`s no avoiding derivatives
- UBS triple A CPDO blows up, Investors fear new turmoil, Private equity underperforms S&P by 3% after fees
- Experts say recent failures, secrecy merit re-evaluation of university investments, Ohio concerned
- Tax update: Fears over U.K. capital gain tax crackdown, Where the new capital gains tax on offshore trusts could have an impact
- Cancelled flotations at record level, New York set to surpass London in global battle to attract IPOs
- Commodities / Energy: Caliburn looking to invest in infrastructure in oil-rich states, Possible effects of $100 oil revisited in S&P`s special report, What we can learn from a divided commodities market, Biofuel and diet sow seeds of farm crunch, Swiss Bank Sarasin launches European Solar Power Index
- Exchanges / Trading Platforms: Germany authorises brokers to trade on DIFX, Credit Suisse quits MTS in protest of open trades
- Europe: JPMorgan survey: European investors to pump Euro 100bln into A.I. over next 2 years, McKinsey survey: European private banks enjoy success, A.I. continue to grow in importance, UBP, world` second largest allocator to HFs, Fund managers still wary of using new Ucits III powers
- Italy: Italy`s institutions warming to hedge funds, investments rise 32% from last year, `Regulators are generally becoming aware that they should leave hedge fund managers free to manage`
- Revealed: the hedge funds who `short` Irish share prices
- Chilton begins Asia expansion drive
- F&C says emerging market equities can rise 50% above valuations before reaching bubble territory
- Tech Update: LJM Partners creates risk management system STORM
- Activist News: Leo Kirch gets hedge fund backing, Hedge funds try to block Northern Rock fire sale, Virgin leads Northern Rock bid, announcement expected today, M&B and pub firm Punch deny bid speculation
- News Briefs: Dollar displaces Yen, Franc as carry trade favourite, Fortis Prime Fund Solutions obtains SAS-70 certificate, New book reveals investment industry set for great divide by 2020, Eurex introduces new Austrian and Swiss equity options, more than 100 single stock futures, George Soros fund buys stake in India`s Future Capital Holdings, Schroders raise exit penalties to prevent property collapse, City bets on 7% fall in UK house prices, The Growth of Shariah Compliant Funds to be addressed at GAIM, Judging the fine print
- And Finally. 15 turkeys visit NY town for Thanksgiving, marching in single file, then leave
- Logon: http://www.opalesque.com/main.php?act=archive
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Misc. Items of Interest
The Carbon Footprint
(The Washington Post)
(The Washington Post)
A Wiring Diagram of the Brain
Technology Review Nov. 19, 2007
*************************
New technologies that allow
scientists to trace the fine wiring
of the brain more accurately than
ever before could soon generate a
complete wiring diagram--including
every tiny fiber and miniscule
connection--of a piece of brain.
Scientists are developing new ways
to study the tangled web of neurons
in the brain. (Kevin Briggman,
Moritz...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7521&m=29780
Technology Review Nov. 19, 2007
*************************
New technologies that allow
scientists to trace the fine wiring
of the brain more accurately than
ever before could soon generate a
complete wiring diagram--including
every tiny fiber and miniscule
connection--of a piece of brain.
Scientists are developing new ways
to study the tangled web of neurons
in the brain. (Kevin Briggman,
Moritz...
http://www.kurzweilai.net/email/newsRedirect.html?newsID=7521&m=29780
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Funnies, Facts, Quotes, etc….
foundling FOWND-ling, noun:
A deserted or abandoned infant; a child found without a parent or caretaker.
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Conference, Courses, Books, Papers
Great Research Sites:
Merrill Lynch research Link to full report including important disclosures see example
John Mauldin’s Weekly Analysis
James Altucher’s Website:
Other useful sites:
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Index Corner
The CSFB/Tremont Hedge Fund Index www.hedgeindex.com.
The Cogent Dynamic Averages http://www.cogenthedge.com/home/inv_strategy.asphttp://www.cogenthedge.com/home/inv_strategy.asp
The Dow Jones Indices: http://www.djhedgefundindexes.com/index.cfm?event=viewPremiumContent (free registration)
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Regulatory Info
investor.info@sfc.hkhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.htmlhttp://www.sfc.hk/sfc/html/EN/inutilbar/contact/contact.html
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Disclaimer
The information contained in this document does not constitute an offer or solicitation to sell any security or other type of vehicles to or by anyone in any jurisdictions, nor should it be regarded as a contractual document. Under no circumstances should the information provided on this document be considered as financial advice, or as a sufficient basis on which to make investment decisions. The information contained herein has been gathered by Investor DNA, LLC from sources deemed reliable as of the date of publication, but no warranty of accuracy or completeness is given. Investor DNA, LLC is not responsible for and provides no guarantee with respect to any of the information provided herein or through the use of any hypertext link. Past results are no indication of future performance. All information in this newsletter is for educational and informational purposes and does not constitute investment, legal, tax or accounting advice. All materials are the property of the
respective publishers, as referenced by header and appropriate hypertext links.
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