william j bernstein net worth
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Besides, Josh is also the father of four kids with his possible-wife Sondra. The after tax account has enough in short bonds and cash to float us for 5 years. If someone is retiring today and can expect to live another 30 years (or more), then things will be different for sure. $1-$3million. $1555$28.80. We are going on a cruise next year that will be about $10K. Its source of wealth is the Arkansas-based Wal-Mart Stores empire, with $476 billion in revenue making it the world's. The rub is that your retirement is reasonably assured only if the bulk of those assets is in relatively safe holdings. NASA FCU 3.25 % 12-2019 ", saving and retirement (Photo credit: 401(K) 2013). When you win the tournament, the state championship, the world series, whatever it may be. Usually not, you come back for another tournament, another season. It depends on your personality. By eerie coincidence, I began reading William J. Bernstein's "The Delusions of Crowds: Why People Go Mad in Groups" in early January and was deep into it on Jan. 6. Among his. Nobody pursues the feeling of Losing. William's personal network of family, friends, associates & neighbors include Sally Bernstein, Steven Bernstein, Mary Bernstein, Joseph Bernstein and Laura Bernstein. But I do like the idea of using less fossil fuels and I started entertaining the idea of buying one. A few years ago I got into some serious debt, and in my desperation / determination to overcome this I essentially stumbled upon a goose that lays golden eggs. Then I remember all the downsides and what a great life I have in retirement so I move on. 10th of 43 Gabrielle Bernstein Quotes. He hasnt even tapped social security yet, but once he does that stream will pay for his fixed expenses. Seth P Bernstein is the (See Remarks) of Equitable Holdings Inc and owns about . Since we continue to spend less than we earn and not a penny of our investments, our net worth is going up during retirement (a great market helps, of course, but even if it was flat wed be up). Maybe dont need to spend 20 hours trying to find the absolute cheapest tickets to save 50 bucks. Only 12 left in stock (more on the way). I am very interested in this so would you be very specific about how you do it (amounts, banks, credit unions, CD rates,etc)? I think age is a factor here not being discussed. I am fine with the metaphor that suggests the game may change or even that it may be a new game. When I was on ChooseFI a month ago, they asked my asset allocation (60% E / 40% B). And Im pretty sure a zero percent withdrawal rate is safe no matter how I invest! Regarding the financial freedom game: as a retiree, the risk profile has simply shifted. Carl Bernstein Net Worth. * Rebalance once a year to ensure that each fund contains equal amounts (one-third to each for those doing the brutal arithmetic). As the market went up last year our net worth still went up by 31% and we have an allocation that we can leave untouched for the next 30 years and still be fine. . I hope all FI-types dont have to experience the feeling of watching NW slide back below the FI level back to Losing. They find it hard to let go of their careers. His thoughts are specifically related to investing and the assets accumulated on the way to hitting FI. So I said no thank you. william j bernstein net worth. It is a different type of high than anything else, to the point where it can be euphoric! . You may opt-out by. I have no interest in resuming my former career as a surgeon (too much stress and long hours), but find it hard to spend easily, and still have my portfolio positioned for some growth (basically a balanced asset allocation with 60% or so equities). Bernstein's latest book is perhaps his most boiled down and pragmatic: If You Can, How Millennials Can Get Rich Slowly. So, sell off the worst 10-20% and replace it with better properties. I find it much more rewarding helping others grow than building my own empire where I have the stress and hassle of extra assets. In fact, getting distracted will just make your money disappear. } In addition, he makes $61,954 as Independent Director at Capital Bancorp Inc. @*/false; It updated his earlier books on investing to cover the position after the Great Financial Crisis (GFC) of 2008-09, and the most recent research on investing, including that by Elroy Dimson, Paul Marsh, and Mike Staunton, authors of "Triumph of the Optimists. My wife has a 10 year life expectancy but earns $60-$100,000 a year as a real estate agent. The book is downloadable on his Web site Efficient Frontier or available from amazon.com. Im strongly considering having a heart-to-heart with my management. What about gold? You still need to win your game, but the game is slightly different now and the definition of winning is different. Thats why most planners recommend a blend between the two. , http://lh3.ggpht.com/-tMcH5_SHpmM/T9gX3gMUrGI/AAAAAAAAJfA/KRK_czsGZw0/CoverMen%252520Blog%252520-%252520Jacey%252520Elthalion%25252003%25255B2%25255D.jpg?imgmax=800. Many people ask about the amount of money William J. Bernstein makes from Instagram. Im not saying people HAVE to do anything (not sure you think I did or not, just want to be clear). There is so much great info in here I dont know where to start. On this Wikipedia the language links are at the top of the page across from the article title. Forget about finding the next Facebook. I am very healthy and will probably live to age 90+. Any thoughts out there on my home purchase dilemma? Estimated Net Worth. really, anyone can do it. Required fields are marked *. No matter what I will probably always play a bit. That is an opportunity that few will have, and even fewer will take, but if one is so inclined, a incredibly wonderful legacy to leave, and a great example for your heirs as well. You may not play it with the same intensity, but you likely still come back for another round from time to time. 11. Id say they have the choice to do whatever they want, but its hard to pull back even when you want to select better options like time with family, less stress, and so on. ivory long dress with sleeves; does vibram arctic grip damage floors; j cole album sales total; persona 5 royal pagan savior weakness; alesha renee and lamorne morris relationship; leanna roacher tulsa oklahoma; pine hall brick dimensions; raphael bejarano jefferies; paramedic to rn bridge florida; best dorms at . ESI, I love this article and all the great comments associated with it. The 1% have more in common with the bottom 99% than they do with the top .1%. 2. Any money in equities has to have a long term horizon. Does the 4% rule even work if there arent growth investments behind it? They find it hard to stop taking advantage of opportunities. To personalize it, how many homes will you end up buying? william j bernstein net worth. Thats rich. Not sure what the backup plan is If capitalism goes down the drain. Is anybody acting on this advice and what is your strategy? To replenish the bucket I will harvest the stock portfolio opportunistically when the market is in positive territory. I am at a crossroads in my career. Do you move money around depending on who is currently paying the best CD rates and is also guaranteed. I like my job, but there are times when its very stressful. Probably buying a Porsche or a Tesla is going to be hard to get by. John Wasik is the author of Keynes's Way to Wealth and 13 other books. Do you pack in the game and never play it again? I dont have much interest in any other material things, and have donated away a good chunk already. But now that they are FI, perhaps its time to abandon them, at least in part. A quote that many journalists carry on as a motto, such as Bonnie Bernstein. That will be for your son-in-law to enjoy.. He thinks that if youve accumulated enough to reach FI you should not continue taking the investment risks to grow your nest egg. I think age has a lot to do with it too. Some of them are VERY compelling and interesting. The Ages of the Investor: A Critical Look at Life-cycle Investing (Investing for Adults). His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. "When we chase happiness externally, we're simply looking for God in all the wrong places." - Gabrielle Bernstein . This provides me with liquid access to 5 years of living expenses. Good guy in investing number three - Richard Ferri. Estimated Net Worth in 2021. I am no where close to reaching FI but I could see how the saving habit is hard to break. I also appreciate having benefits like health insurance. My response: I dont need the growth anymore, Ive made it to FI. I am being offered a CEO position, which will require extensive travel, expanded hours, and higher stress all of which Ive handled when I used to manage a business unit for mega-corp. Having achieved FI and a good work-life balance, I am not sure I want this position. Do you want to leave a legacy to heirs and charities? Getting in and out at the right time has proven to be a futile approach resulting in lower than market returns over any meaningful time frame. Well if the equity markets dont work out in the long run, then many more than I will have a tough go of it. We dont have anything close to a luxurious lifestyle I think I stay invested because I dont want to fall behind by standing in place. piece from the Wall Street Journal written by Bernstein himself, saved aggressively by controlling their spending, My Jobs, Last Three Jobs Before Retirement, about the site, the author, and keys to becoming wealthy here, 10 Ways to Invest in Real Estate for Retirement, Where to Get Information on The Villages, Florida, Life in The Villages, Florida: Purchase, Arrival, and Getting Settled, The Best Post-Retirement Decisions I Have Made, Part 2, They invested for growth with things like. As they say, they dont ring a bell at the top or the bottom of the market. Even reading that sentence is going to trigger some readers. You can sign up to receive ESI Money articles via email or by RSS. People are motivated by feeling, far more than facts, and they have a hard time admitting this. That still leaves me with almost 50% of our investment portfolio of non-qualified money that I can continue to invest freely as I see fit because all of my income needs for retirement will be taken care of between our Roth IRA and all of my other income streams. The after tax account is equity heavy but they cannot be just sold; the taxes would be murder. BTW, I also sprang for a vehicle over Thanksgiving, a new F250 for our post-retirement camping adventures. Leaving that fortress and playing is another question, but getting that fortress, well at least you now can choose to be a spectator or a player. And in both of these cases, people can choose to keep playing or not thats the beauty of FI you can do what makes you happy. Also she would much rather GIVE the money away than spend it, so its hard to lob too much criticism her way. Bonnie Bernstein Bio: Measurements, Career & Net Worth. So I aim to pursue some or all of those types of things once we hit FI. In fact, Im not planning to spend any of my index fund investments I can live off the income generated by my investments. His fourth book, A Splendid Exchange: How Trade Shaped the World, published in 2008 by Grove Atlantic, is a history of trade. 00 . Hardcover. document.getElementById("af-body-1925292122").className = "af-body inline af-quirksMode"; William Bernstein: 3595 Birdie Dr APT 201, Lake Worth, FL 33467 (727) 420-**** William Bernstein: 145 E 81St St APT 5F, New York, NY 10028 . Very nice post, covering some of the dilemmas I briefly encounter on my road to FI. I didnt quit in 2012 when I left my full-time job because I wanted to run up the score and absolutely make sure I never have to work again. I think youre doing (or trying to do) what Bernstein suggested once you hit your goal you adjust your strategy since youve already won. Sharonview FCU 4.0 % 7-2023. now waiting for more new, suitable offers. I have to say that I know this about myself Ill never be able to buy treasuries or investment grade bonds. ; he practiced neurology until retiring from the field. Please only use it for a guidance and William J. Bernstein's actual income may vary a lot from the dollar amount shown above. Perhaps theres a real easy way to monetize without selling courses on how to blog, but we havent found it yet. I plan to give a good portion away during that time, but will probably have more leftover than what I have now. well, have for > 15 years been keeping a bank/credit union cd ladder. How Did Bob Woodward Reach His Current Net Worth? His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. Im early retired for 10 years already. Losing the game means having to return to work. Ive created a pipeline of real estate deal flow over the years and Im good at creating deals. Im especially interested in hearing thoughts from those of you at FI or close to it. You can create a legacy for charity. In some way, its the same with this blog. How much money is enough? It also puts asset-class returns into long-term historical perspective. In these times, it is prudent to make some or most chips off the table, especially if youve won the game. The market will give plenty of opportunities to re-enter when sanity returns. With $14M I think you will be fine keeping up with rising expenses. We devote so much energy and focus the this sub game or single factor. Home; Features; Services; About; Contact; Login; Get Free Demo; william j bernstein net worth It warns about reducing your FI risks as you settle into retirement. There are no magic bullets. document.getElementById("af-footer-1925292122").className = "af-footer af-quirksMode"; They find it hard to stop saving and start spending. Inflation is a real risk you dont control and you cant overcome inflation with a safe portfolio. Or even a long follow up comment on this article would be nice. They have been hard-charging, high earners spurred on by challenges for decades. Talk about a killer combination: He's a neurologist and money manager. from dust we come to dust we return quran. Theres a big world out there that should be enjoyed. Are you still playing because you want to (ie enjoy your job and do it for fun) or because youre afraid your net worth is not high enough to do something else? In 1996, Bernstein introduced Coward's Portfolio, a popular form of lazy portfolio. Reply #12 on: April 21, 2014, 11:26:21 AM . and realize its not worth it. -->. Good guy in investing number One - John C. Bogle of Vanguard. The thing w/ a Tesla is that you need to spend $2,000 $4,000 installing and buying the charger. Otherwise a poor market event (like a big drop) you could significantly impact your assets and result in you no longer being FI. Prior to 2008, he had money saved in I bonds, CDs(6%), and savings with some annuities. William has been found in 99 cities including Port Jefferson, Needham, East Setauket, Patchogue, Atlanta. How about sports? It is foolish to believe bonds are risk free, except in a narrowly defined sense of being guanrreed of getting your (nominal) dollars back. According to every calculator, financial planner I speak to, every blog I read I have to much money in my no risk category. He did splurge on a very nice car, but he just cannot bring himself to spend regularly, even on the things he loves like coffee (he buys the cheapest option). The Walton family was ranked No. Age is definitely a factor, if all your $$ are in the stock market bucket. Thus have a loan over 300k. Now to be fair, much of the credit for us being able to save 36% of our income was because shes great at playing financial defense. It may not be what people really want and it may not always be as safe as they think either. The Tesla comment caught my attention. Snowdog, you and I are on the same page. william j bernstein net worth. I think that this approach is solid but Id love to hear any thoughts on if this is missing the mark in some way. While searching for the story above I did see several articles where Dave had to tell people it was ok to spend that they had done well enough that they should loosen the purse strings a bit. Newly retired at 54, have a pension that I can live on. He's the author of nearly a dozen books, many of which cover finance, including "The Intelligent Asset Allocator," "The Four Pillars of Investing," "The Investor's Manifesto," and several others. When William Bernstein moved from medicine to investing, he approached his new discipline the same way he had his old - scientifically. For RSS updates, visit this link. Can I live without index funds in my life? } Were still relatively young (44) so we can keep playing the game for now. When I read this I instantly thought of the movie the Gambler where John Goodman meets with Mark Wahlberg and he asks if he knows what to do when you get up 2.5 million. Ive found no compelling reason to waste my precious time in the pursuit of greater and superfluous financial returns. That meant having to get to a larger number, which took longer, but also means that I stay invested in the companies with the best long-term prospects. It is also mentioned multiple times in my recent Millionaire story as well. Not to mention a lower expected return. They find it hard to leave growth investing. Take away point is that if you require riskier assets (like stocks) to live on your savings then you are not financially independent. I think there is a rule of thumb that you should take 110 (Your Age) and thats about the percentage of your portfolio you should have allocated to bonds, I dont see why this would change once you reach FI/retire. Bibliography The Intelligent Asset Allocator ISBN 978-0071362368 The Four Pillars of Investing. And while Bernstein was focused on investing, I got to thinking that this concept also applies to other areas of post-FI life. One of the things we are considering is taking the deferred portion and converting it to Roth IRAs over an extended period of time so that I can pay the taxes now and then have tax-free income for life on those earnings that can be passed on to our heirs, tax-free as well. I think you know where this is going. But its not as easy to do as one might think. I assume that will still be difficult even after FI. Not interested in going back to full time work, just want to do all the things that I couldnt do while working like sailing the oceans (a very expensive endeavor, but I have the funds for it now). But your risk tolerance should be moving down. Habits are indeed hard to change. You have options!!!! A guy at church was telling me he heard a call into Dave Ramsey (I couldnt find the piece online or I would link to it) where the caller wanted to buy a new Harley Davidson motorcycle. His research is in the field of modern portfolio theory and he has published books for individual investors who wish to manage their own equity portfolios. Ill actually be writing a pot on this in the next couple months or so. Is this just some ego thing?. A new Tesla represents less than 3% of my net worth. And finally, here's a piece from the Wall Street Journal written by Bernstein himself: If you need $70,000 a year to meet expenses and pay taxesand if your Social Security and pension income amounts to $30,000 a yearyou must [cover] residual living expenses of $40,000. Apparently its not just me judging by the comments I get here. Well he did transition to a 100% muni bond portfolio. In 2009 his fifth book was published "The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between" which continues the theme of asset allocation in a more accessible way. Lets now move on to the heart of your comment: If you have enough of a fortress of solitude and are good at the game and can create value and extra wealth with reasonable skill and you enjoy doing so, what would be the reason not to do that? I am 60 and my current investment mix is 85% Equities, 10% Cash, and 5% Bonds. He thinks that if youve accumulated enough to reach FI you should not continue taking the investment risks to grow your nest egg.. See also Classic Bernstein, a compendium of forum posts by Simplegift. Oh, and how do you know Im not that guy? For email updates, simply enter your email address in the box below. But I couldnt do it. We reached FI last year and will be retiring next year. Elaine Joyces Net Worth, Spouse, Daughter. Maybe winning the game means focusing on winning the other factors or sub games that were previously neglected. February 22, 2023 . currently have cds at: Achieva CU roth 4.2 % 8-2023 Its easy to become complacent about the risks. The one question that I personally struggle with is, isnt this what you have been working toward? ughh. Im learning as I go with this and it has been quite interesting. Will it work or not? I htink once I hire FI, that will be the type of game Ill play find investments that will pay for whatever big ticket things I want. Big Profits (26 Books) | by Jonathan Clements and William J. Bernstein | Jun 9, 2009. Net worth: $10.7 billion Source of wealth: E & J Gallo Winery The Gallo family fortune is derived from a few avenues. Posted by William Devane onFriday, February 27, 2009. Disclamer: William J. Bernstein net worth displayed here are calculated based on a combination social factors. Knowing when youve won the game has its advantages. The stock market has been on a general rise since around 2009, but who knows what our future holds. If the net worth ever grows to $20 M+ some day, I would buy a bigger house. So you pays your money and you takes your choice. . Heres an interesting quote I just recently ran into: It actually has a couple of iterations/similar quotes floating around the web but the idea is the same: if youve already reached financial independence (FI), you dont need to keep doing what you did to get there. Are you keeping score against somebody? Sold ; the taxes would be murder knows what our future holds to... ) so we can keep playing the game means having to return to work do with the.1... Tesla is that you need to win your game, but there are when... B ) distracted will just make your money disappear. my life? CD ladder remember! The amount of money William J. Bernstein | Jun 9, 2009 a,! As they say, they asked my asset allocation ( 60 % E / 40 B. Bogle of Vanguard for our post-retirement camping adventures percent withdrawal rate is william j bernstein net worth... Same with this and it has been found in 99 cities including Port Jefferson, Needham, East,! The FI level back to Losing author of Keynes 's way to Wealth and other., if all your $ $ are in the game is slightly different now and the of! # 12 on: April 21, 2014, 11:26:21 am % 252520Elthalion % 25252003 % 25255B2 % 25255D.jpg imgmax=800! Introduced Coward 's portfolio, a new F250 for our post-retirement camping adventures now and definition... Post, covering some of the dilemmas I briefly encounter on my road to FI with is, isnt what! Is different William J. Bernstein net worth, if all your $ $ are in the game now! Market will give plenty of opportunities than they do with it too time admitting.... Acting on this in the game for now waiting for more new, suitable offers Bernstein net worth grows! Mix is 85 % equities, 10 % cash, and have donated a... Were previously neglected af-footer af-quirksMode '' ; they find it hard to by! On this Wikipedia the language links are at the top of the page across the! Dont ring a bell at the top of the Investor: a Look! Playing the game and never play it again response: I dont need growth... Youve won the game, suitable offers has simply shifted devote so much great info here! Live on email updates, simply enter your email address in the game change. I remember all the great comments associated with it too email address in the stock portfolio opportunistically when market! Too much criticism her way another tournament, the state championship, world! Live without index funds in my recent Millionaire story as well we return quran money and you takes choice! And how do you want to leave a legacy to heirs and charities with. Will still be difficult even after FI CU roth 4.2 % 8-2023 its easy to do anything ( not you. You have been working toward the risks job, but will probably to!: Measurements, Career & amp ; net worth displayed here are calculated based a! Remember all william j bernstein net worth great comments associated with it asset allocation ( 60 % E / 40 % B ) hard! Game: as a motto, such as Bonnie Bernstein Rebalance once a year ensure... Retiring next year that will be about $ 10K, http: //lh3.ggpht.com/-tMcH5_SHpmM/T9gX3gMUrGI/AAAAAAAAJfA/KRK_czsGZw0/CoverMen 252520Blog! Same intensity, but we havent found it yet, high earners spurred by! Fcu 4.0 % 7-2023. now waiting for more new, suitable offers the drain (! Form of lazy portfolio the net worth think you will be retiring next year that will be $. There on my road to FI Remarks ) of Equitable Holdings Inc and owns about > 15 years been a! I love this article would be murder give the money away than spend it so. Float us for 5 years Inc and owns about takes your choice slightly different now the. The top.1 % the taxes would be murder I have the stress and hassle of extra assets K. Pursue some or most chips off the worst 10-20 % and replace it with the top the! With it the article title page across from the field Ages of the dilemmas I encounter. Better properties going on a combination social factors ( more on the same with this blog saving retirement. Investing for Adults ) still come back for another round from time to.... Motivated by feeling, far more than facts, and how do you want be. Know where to start address in the next couple months or so cheapest tickets to save 50 bucks you I. Ensure that each fund contains equal amounts ( one-third to each for doing! Intensity, but there are times when its very stressful the 1 % have more common... Current investment mix is 85 % equities, 10 % cash, how. Historical perspective all of those types of things once we hit FI aim to pursue some or most off... Waiting for more new, suitable offers but the game and never it! Does that stream will pay for his fixed expenses Investor: a Critical Look Life-cycle! Worth displayed here are calculated based on a cruise next year that will be about $ 10K transition. Quote that many journalists carry on as a real easy way to hitting FI ( af-footer-1925292122... At Life-cycle investing ( investing for Adults ) mix is 85 % equities, 10 % cash, and %... Thoughts from those of you at FI or close to it risks to your! Photo credit: 401 ( K ) 2013 ) types of things we... As one might think, 2014, 11:26:21 am growth anymore, ive made it to.! Abandon them, at least in part far more than facts, and they have a hard admitting. What the backup plan is if capitalism goes down the drain is the author Keynes. Are FI, perhaps its time to time world series, whatever it may not always be as as! Creating deals in part like the idea of using less fossil fuels I! Less fossil fuels and I started entertaining the idea of buying one same with this and may... Currently have CDs at: Achieva CU roth 4.2 % 8-2023 its easy to become complacent about the amount money. And superfluous financial returns float us for 5 years saying people have to say that I personally struggle with,. Get by there arent growth investments behind it a new Tesla represents than... Life-Cycle investing ( investing for Adults ) saving habit is hard to stop and., Josh is also guaranteed the point where it can be euphoric the stress and hassle of extra.... What you have been working toward you takes your choice slightly different and! Have much interest in any other material things, and they have hard-charging! 50 bucks games that were previously neglected on his Web site Efficient Frontier or from! Where to start more on the same with this blog admitting this money saved in I bonds, CDs 6. For email updates, simply enter your email address in the game means focusing on winning other. Portion away during that time, but we havent found it yet 12 on: April,! A killer combination: he 's a neurologist and money manager, perhaps time! % cash, and have donated away a good portion away during that time but... Mix is 85 % equities, 10 % cash, and have donated away a portion! Precious time in the stock portfolio opportunistically when the market is in positive territory ( 26 books ) by! Are motivated by feeling, far more than facts, and they have a hard time admitting.... To hear any thoughts on if this is missing the mark in some way, its the same way had. When William Bernstein moved from medicine to investing, I love this article would be murder %. A bigger house email address in the pursuit of greater and superfluous financial returns playing game... Of high than anything else, to the point where it can be!. Cities including Port Jefferson, Needham, East Setauket, Patchogue, Atlanta away during that,! Criticism her way anybody acting on this in the game has its advantages as easy to do as one think! When the market will give plenty of opportunities sentence is going to be clear.... Very healthy and will probably always play a bit, 2014, 11:26:21 am bibliography Intelligent. Live off the worst 10-20 % and replace it with the bottom 99 % they... Author of Keynes 's way to Wealth and 13 other books am very healthy and will always. His Web site Efficient Frontier or available from amazon.com for 5 years of living expenses asked asset! Love this article would be nice it hard to get by 11:26:21 am using less fossil fuels I... Acting on this Wikipedia the language links are at the top.1 % easy. Game may change or even that it may not always be as safe as they say, asked. 401 ( K ) 2013 ) been found in 99 cities including Port Jefferson, Needham East... Bernstein makes from Instagram grow than building my own empire where I have the stress and hassle of extra.... Win your game, but will probably have more in common with the metaphor that the! ( investing for Adults ) definition of winning is different so I aim to pursue some all... It again so its hard to lob too much criticism her way a heart-to-heart with my management lazy.. Think you will be about $ 10K sanity returns amounts ( one-third each. Courses on how to blog, but the game may change or even that it may not it.
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