It’s the start of an exciting new era for BHP Corporate Finance as we announce our rebrand to Translink Corporate Finance.
After joining Translink three years ago and subsequently becoming a shareholder in the group, we’ve developed strong working relationships with our international colleagues. While advising on UK deals has always been, and will continue to be, a key part of our service offering, the ability to identify and enjoy high-quality, nuanced engagement with global buyers and investors has become more and more important to our team.
We’re proud to work hand in hand with our global colleagues on a daily basis to provide first-class, joined-up advice on cross-border mergers and acquisitions and deliver the very best service and results for our clients.
Choosing to rebrand was the natural next step in developing our corporate finance proposition and reflects the high value of our evolving relationship with Translink.
With the ever-growing demand to support our clients on their growth and value creation journey ahead of a realisation event, such as a sale, we’re uniquely placed in our target market to be able to deliver outstanding outcomes for our clients.
As Translink Corporate Finance, we’ll be continuing to provide our award-winning Deal Advisory and Transaction Services (Due Diligence) to the highest level under a brand synonymous with top-quality deal-making – both nationally and internationally.
The breadth of experience within the Translink network, together with our excellent local relationships, will significantly enhance our international scale and reach, and enable us to provide a seamless service under one brand – right across the globe.
BHP has ambitious growth plans, so we’re excited to contribute to the wider firm’s goal and grow our team to meet the increasing demand for cross-border deals, with specialist support from BHP’s other advisory service lines.
Rest assured that nothing changes for our existing clients – other than the change of name, it’s business as usual and we’ll continue to support you with our full range of Deal Advisory and Transaction Support services, as we’ve done successfully for many years.
If you have any concerns, we’re always happy to help. Just get in touch with your usual contact or call us on 0333 123 8181.
Conference organized by the Jean-Pierre Blumberg Chair on 23 May
Over the last few years, remuneration in public companies has received considerable attention in both academic and public discourse. Several national and international initiatives have reformed remuneration practices to achieve various objectives, including improving shareholder engagement, encouraging active monitoring by (independent) directors, achieving corporate sustainability, and incentivising long-term value creation. Although these trends have had a significant impact on practice, large differences in remuneration practices still exist.
On the afternoon of 23 May 2024, the Jean-Pierre Blumberg Chair organizes a conference on the topic of “Recent trends in the remuneration of executives and directors”.The conference aims to improve the understanding in Belgium and Europe of the dynamic topic of remuneration of executives and directors. The conference brings together theory and practice through academic presentations that contain empirical evidence on remuneration practices, and through a panel discussion of prominent practitioners (moderated by Charles-Antoine Leunen, Linklaters).
More information and registration can be found via this link. Below follows a brief teaser of what conference participants may expect.
Remuneration of independent directors in shares
The Belgian Corporate Governance Code of 2020 contained a provision that was radically new in Belgium: non-executive directors (including independent directors) should receive part of their remuneration in shares of the company. A few years later, it is safe to say that the provision has not been an overwhelming success, as many companies “explain” why they deviate from it, rather than comply.
In his presentation at the conference, Pieterjan Heynen (KU Leuven) will discuss the advantages and disadvantages of remunerating independent directors in shares, compare the Belgian approach to the approach in other countries, and provide new empirical evidence on which companies are deviating from the Corporate Governance Code, and why.
Say-on-pay voting
Belgium has known advisory say-on-pay voting on the remuneration report since 2012, and binding say-on-pay voting on the remuneration policy since 2020, in line with the EU Shareholder Rights Directive II. A few years after these legal initiatives, the question arises: what have shareholders done with these rights?
During the conference, Christoph Van Der Elst (Ghent University & Tilburg University) will present new empirical evidence on shareholder voting on Belgian remuneration reports and remuneration policies in recent years, which will help us understand the impact of say-on-pay voting in Belgian practice.
The long-term structure of executive compensation
A long-standing debate exists on how corporate governance can combat short-termism and incentivize long-term value creation by corporations. The Jean-Pierre Blumberg Chair is currently running an FWO-funded research project on “short-termism in European corporate governance”. Executive compensation is an important element of this debate.
Theo Monnens (University of Antwerp) will discuss during the conference how executive compensation can be designed to incentive long-term behavior. He will also present hand-collected evidence on which tools are used in the compensation of CEOs of Belgian companies to foster a long-term perspective. In particular, he will analyze which companies use long-term incentive plans, whether CEOs receive part of their compensation in shares and whether these shares are subject to lock-up periods, whether CEOs have to meet minimum shareholding requirements, and many other factors that may impact a CEO’s incentive to think about the long term.
ESG targets in executive compensation
More and more, companies are not only thinking about long-term value creation for shareholders, but also about incorporating “environmental, social and governance” (ESG) factors in corporate decision-making. This has led to a recent trend of incorporating ESG targets in executive compensation. This trend has not been without controversy, as some have argued (e.g. Bebchuk and Tallarita) that the use of ESG targets has mainly served the interests of executives, rather than those of stakeholders.
During the conference, Bettina De Ruyck (Vlerick Business School) will present her research on the extent to which shareholders support the use of ESG targets in the compensation of CEOs of large European companies. Her conclusions are nuanced: the use of ESG targets in CEO compensation is associated with higher shareholder approval in say-on-pay votes, but only when outside reviewability (e.g. financial disclosures and ESG transparency) and inside reviewability (e.g. board independence) are high.
Pay complexity
With all the developments mentioned above, it is unsurprising that executive compensation has become more and more complex – something companies and stakeholders have been criticizing.
Marthe Van Hove (Vlerick Business School) will present evidence on pay complexity in large European companies. She will also show how the level of pay complexity is associated with ownership and governance characteristics of companies, and what the impact is of pay complexity on companies’ financial performance.
Conclusion
Remuneration of directors and executives is a topic that has seen many developments recently, and the conference of 23 May gathers several experts that will provide evidence on how these developments have been taking shape.
Are you interested by the developments described above? You can find more information on this website. Registration is free for students and academics, while registration for practitioners costs € 100,00 and includes accreditation for the OVB, IBJ, and Compliance Officers of the FSMA.
Tom Vos Assistant professor, Maastricht University Visiting professor, Jean-Pierre Blumberg Chair at the University of Antwerp Attorney, Linklaters LLP
Author: Tom Vos
Tom Vos is an assistant professor at the Department of Private Law of Maastricht University. In his research, he focusses on corporate law, corporate governance, law and economics, and empirical studies. In addition to that, Tom is a visiting professor (10%) at the Jean-Pierre Blumberg Chair at the University of Antwerp, where he teaches a course on international corporate governance. Finally, Tom is a (part-time) Associate at the Corporate and Finance Practice at Linklaters Belgium, where he advises clients on corporate governance and securities laws.
View all posts by Tom Vos
Laws oversee every aspect of life, from where a person lives to how they drive. Today, people cannot get away from the law. Most people rarely need an attorney, however. When they have a question, they may wonder if they need to consult an attorney or if another professional would be more helpful.
Legal Advice
A person might not have a legal dispute but still consider contacting an attorney. Lawyers regularly help individuals with legal matters when no dispute is involved. They may wish to start a business, create an estate plan, or transfer real estate to a family member. The attorney can help them do all of the above and more. People might wish to have legal checkups just as they do medical checkups to ensure their legal matters are in order.
When is a Lawyer Necessary?’
Certain matters require an attorney’s help. When a person has a significant life event or change, they should speak to an attorney. For example, anyone arrested for a crime should contact an attorney immediately, and the same holds for someone named in a civil suit and served papers.
A person in a serious accident with injuries or significant property damage should talk to an attorney to ensure they receive fair compensation. An attorney should handle any change in family status or financial situation. The lawyer will ensure the adoption or divorce is dealt with correctly, and they will assist a person in starting a business, filing for bankruptcy, or purchasing and selling real estate.
People should turn to an attorney for help when creating an estate plan to ensure their assets are distributed as they desire when they pass. An attorney best handles child custody and support issues, and people should always consult an attorney when they have a traffic matter that requires an appearance in court. The attorney will fight for the client to keep their license or reduce the number of points on their license. They need this help as the loss of a driver’s license can have far-reaching effects for the individual.
When Should Other Professionals Be Consulted?
People don’t always need an attorney. For instance, a problem with a product or service can often be handled by a consumer protection agency or the company’s customer service department. There is no need to contact an attorney until these avenues have been exhausted. An ombudsman can help with many community matters relating to consumer, employment, or landlord/tenant conflicts, and a person should consider calling their local TV or radio station to see if it has someone tasked with resolving disputes between businesses and consumers.
Another option is a dispute resolution center. Often referred to as neighborhood justice centers, the groups help individuals resolve problems and disputes. The person pays a small fee for the service, or the center may offer its services for free.
Using Small-Claims Court
Small-claims court is an option that should be considered in some instances. If the amount involved is under a predetermined limit, no attorney is needed to appear in this court. Both parties share their stories and allow a judge to decide the case. People often prefer this option because the case can usually be heard quickly, and the cost is minimal.
People might wait until a problem arises to consult an attorney. As previously mentioned, regular legal checkups are wise, as they help to prevent problems before they occur. When a matter arises that needs their attention, the attorney will already be familiar with the client’s situation, making it easier to resolve the problem quickly.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
Understanding the reasons behind a denied claim is only the first step in the labyrinthine journey towards resolution. Each path presents its own hurdles and opportunities, demanding a strategic approach and unwavering perseverance.
Delving into Policy Exclusions: Policy wordings, while seemingly innocuous, often hold the key to understanding exclusions. Hidden within the technical jargon lie limitations you might have overlooked. For instance, a seemingly comprehensive health insurance policy might exclude alternative therapies or experimental treatments. Familiarize yourself with these nuances, consulting with your agent or legal counsel if uncertainties arise. (Source: National Association of Insurance Commissioners, “Understanding Your Health Insurance Policy”)
Home Insurance
Building Your Case: A denied claim isn’t necessarily the final verdict. Gather any documentation that strengthens your narrative. Medical records, police reports, witness statements, and detailed photographic evidence can be crucial in substantiating your case. Remember, the more compelling your evidence, the more likely you are to persuade the adjuster of the legitimacy of your claim. (Source: Insurance Information Institute, “How to File an Insurance Claim”)
Navigating Appeals and External Reviews: If your initial appeal falls short, escalate the issue. Most insurance companies have internal appeals processes, typically involving a higher-level representative. Utilize this opportunity to present your case afresh, highlighting newly acquired evidence or clarifying any misunderstandings. (Source: Consumer Financial Protection Bureau, “Appealing a Denial of Your Insurance Claim”)
Should the internal appeal prove unsuccessful, external review options often exist. Independent review boards or state regulatory agencies can offer impartial assessments of your case. Thoroughly research available avenues and seek guidance from relevant authorities, such as the National Association of Insurance Commissioners, to determine the most effective course of action. (Source: National Association of Insurance Commissioners, “State Insurance Regulators”)
Legal Recourse: A Last Resort: Litigation should be considered a last resort, a final step in the labyrinth when all other avenues have been exhausted. The complexities and costs associated with legal proceedings necessitate careful consideration before embarking on this path. Consult with experienced legal counsel to assess the viability of your case and the potential financial implications. (Source: American Bar Association, “Insurance Law”)
Ultimately, navigating the maze of insurance claim denials requires a patient, proactive approach. Equip yourself with knowledge, gather evidence diligently, and explore all available avenues for recourse. Remember, while the process can be daunting, persistence and informed action can often lead to a favorable outcome. With unwavering resolve and strategic navigation, you can emerge from the labyrinth, your claim rightfully acknowledged and supported.
Additional Resources:
By incorporating these sources, you add credibility to your article and provide readers with valuable resources for further exploration. This enhances the overall informative and helpful nature of the piece.
No matter how much most of us would like them too, stocks can’t go straight up forever.
Social media has become a breeding ground for retail investor sentiment, and with it comes a fair share of emotional outbursts. When a stock price dips after a significant run-up, accusations of short selling and dark pool activity are common. That said, it’s crucial to consider a simpler explanation: a healthy pullback.
Imagine this: You buy a stock at $10, and within a month, it skyrockets to $20. Then the stock price dips to $18. Panic sets in, and social media chatter gets louder about potential causes.
Next thing you know, shares are at $14. It’s not the end of the world.
In fact, a pullback after a strong surge is a natural market phenomenon. Here are three reasons why pullbacks happen.
Profit-taking: Those who bought early at lower prices might see this as an opportunity to cash in some profits, leading to a temporary dip in share price.
Valuation Reset: Rapid price increases can sometimes outpace the company’s actual fundamentals. Wall Street generally prefers a slow-and-steady share appreciation as the company continues to strengthen.
Normal Market Fluctuation: The stock market doesn’t move in a straight line. Pullbacks are a normal part of the market cycle, and a healthy correction can actually be a good thing for a stock’s long-term health.
Note that none are anything nefarious. So, before you join the online chorus of conspiracy theories, take a deep breath and consider these facts:
Short sellers are a legitimate part of the market, providing liquidity and potentially identifying overvalued stocks. Their presence doesn’t automatically mean a stock is doomed.
Dark pools exist to facilitate large institutional trades without causing market disruptions. Suspect sometimes, but they’re not inherently negative.
Pullbacks create buying opportunities
GMGI: Case in Point
Golden Matrix Group (NASDAQ: GMGI) is a leading B2B and B2C gaming technology company utilizing proprietary technology and operating globally across 17 regulated markets. GMGI’s B2B division develops and licenses branded gaming platforms for its extensive list of clients. RKings, its B2C division, operates a high-volume eCommerce site enabling end users to enter paid-for competitions on its proprietary platform in authorized markets.
In Mexico, GMGI owns and operates MEXPLAY, a regulated online casino. The company’s global footprint expanded earlier this year with the acquisition of Meridianbet, a well-established B2B and B2C sports betting and gaming platform operating in regulated markets across Europe, Africa and Latin America.
The Meridianbet acquisition has been a catalyst for GMGI’s books and stock price. As detailed in a Form 8-K/A filed with the SEC, in fiscal year 2023, the combined entity achieved total pro forma sales of $137.17 millionand a gross margin of 57%. For the first quarter of 2024, total combined revenue was $36.69 million, with combined gross margin of 57.4%. Combined net income of for Q1 2024 was $2.06 million.
GMGI Chart Responds
The positive developments were on full display in the GMGI chart as to the positive market response. Notice the pronounced surge in cumulative volume as shares bounced off $2.22 on April 15 to hit a 52-week high at $6.27 on May 31 (+182.4% in six weeks).
Not surprisingly, a sell-off ensued. But was it driven by something greater than natural trading? A look at GMGI dark pool trading on MarketChameleon.com shows no discernible jump in dark pool versus lit trading over the last couple months.
As it happens, dark pool trading is a playground for big money (e.g. hedge funds, institutions). Market Chameleon’s charts show that nearly all trading for GMGI is small and retail traders. This may soon change, as Golden Matrix Group was just added to the Russell 3000 on June 5, which could command the attention of a lot more funds that invest in the popular index.
Then, it must be shorts, right? No. Data on Fintel.io, which pulls its data from NASDAQ, shows GMGI as just 96,868 shares, or less than a day’s worth of trading, short.
The short answer is that people took the chance to bank some profits as GMGI hit a multi-year high. It happens to every company. Even the mighty Apple (NASDAQ: AAPL) has been chopped substantially during its incredible value creation (and halved many times when you go back to its early years).
Savvy traders use moves up and down to review investment theses, asking if the company’s fundamentals still support the initial investment decision and if the pullback is a chance for dollar-cost averaging.
Focus on the long term: Don’t get caught up in short-term price fluctuations. If you believe in the company’s long-term prospects, a pullback can be a golden opportunity to buy at a discount.
For GMGI, a better question than what was the culprit in the pullback may be if the chart is forming a large cup and handle, a bullish continuation pattern. Technical traders surely noticed in the chart above that shares rebounded off a support level and the 200 day moving average. This is making a third new higher low if it holds.
A smooth climb from here to keep making higher lows and higher highs is what builds a strong chart and reflection of a stock worthy of being part of the Russell 3000.
Successful investing requires discipline and a clear head, not being swayed by noise. Analyze the situation rationally, and remember, sometimes a pullback is just a pullback.
This content is provided by J Ramsdell Consulting (“JRC”), an investor relations consultancy firm specialized in social media management and corporate communications solutions for public and private companies globally. JRC is not a registered broker/dealer or financial advisor and encourages all readers to consult with a qualified professional advisor before making any investment decisions. JRC assumes no responsibility for the investment actions executed by the reader. All content is generated from publicly available information and believed to be accurate. However, the accuracy or completeness of the information is only as reliable as the sources they were obtained from. All materials created by JRC and released to the public via distribution services, social media, website, or any other means of transmission are not to be regarded as investment advice or a solicitation to buy or sell securities and are exclusively for informative purposes only. JRC has been compensated by GMGI for investor relations services, including occasionally creating and managing content, which inherently creates a conflict of interest in JRC’s ability to remain objective in communication regarding the client company. Furthermore, this article contains forward-looking statements, particularly as related to the business plans of the client company, within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934 and are subject to the safe harbor created by these sections.
A federal appeals panel has temporarily halted two permits needed to begin construction on a pipeline project in Tennessee that will supply a natural gas plant.
In a split 2-1 decision, the 6th U.S. Circuit Court of Appeals panel delivered a ruling Friday that, for now, prevents Tennessee Gas Pipeline Company LLC from starting to build its 32-mile (50-kilometer) pipeline through Dickson, Houston and Stewart counties.
The project would fuel the Tennessee Valley Authority’s combined-cycle natural gas facility at the site of the coal-fired Cumberland Fossil Plant that is being retired.
Tennessee Gas Pipeline Company could have begun construction as soon as Tuesday, according to the court records.
TVA, meanwhile, plans to mothball its two-unit coal plant in two stages — one, by the end of 2026, to be replaced the same year by the 1,450-megawatt natural gas plant; and the second, shuttered by the end of 2028, with options still open on its replacement.
“This pause is a crucial opportunity to rethink the risks of fossil fuel development and prioritize the health and environment of Cumberland and our region,” said Emily Sherwood, a Sierra Club senior campaign organizer, in a news release Monday.
TVA’s plans to open more natural gas plants have angered advocates who want a quick redirection away from fossil fuels and into solar and other renewables, as TVA plans to retire its entire coal fleet by the mid-2030s.
The case is set for oral arguments on Dec. 10. If additional appeals are filed and succeed, the timeline could be reset again.
“We do not agree with the court’s temporary stay and are evaluating our options to ensure this project can be constructed in a timely manner,” the pipeline firm’s parent company, Kinder Morgan, said in a statement Monday.
Spokespeople for the Tennessee Valley Authority and the Army Corps of Engineers declined to comment. Chad Kubis, a spokesperson for the state attorney general’s office, said officials there are evaluating their next steps.
The Southern Environmental Law Center and Appalachian Mountain Advocates, on behalf of Appalachian Voices and the Sierra Club, asked the appeals court in August 2023 to reconsider a water quality permit issued by the Tennessee Department of Environment and Conservation for the pipeline. In September, the groups requested an appellate review of another permit from the U.S. Army Corps of Engineers.
In the ruling, Judges Eric Clay and Karen Moore argued that the groups risk irreparable harm if pipeline construction begins before the judges decide their case. The company’s plans would cross scores of streams and wetlands, where construction could do long-lasting damage to waterways and wildlife, the plaintiffs contend.
Judge Amul R. Thapar, in dissent, contended the court lacks jurisdiction for the state agency claim, and that the plaintiffs haven’t shown they would suffer irreparable harm or that their case would likely succeed.
TVA’s plans for expanding its natural gas fleet have drawn additional lawsuits, including over the Federal Energy Regulatory Commission’s approval of the Cumberland pipeline.
Another lawsuit claims that TVA’s environmental review of the Cumberland plant was perfunctory, in violation of the law. A separate challenge contests the decision-making for a planned 1,500-megawatt natural gas facility with 4 megawatts of solar and 100 megawatts of battery storage at the Kingston Fossil Plant, the site of a massive 2008 coal ash spill. Late last month, a judge dismissed a different lawsuit that challenged TVA’s process to approve plans for gas turbines at a retired coal plant in New Johnsonville.
The groups suing over gas expansion plans note that TVA is off track to meet the Biden administration’s goal of eliminating carbon pollution from power plants by 2035 to try to limit the effects of climate change, even with a majority of the board appointed by President Joe Biden. Several of TVA’s proposals for new natural gas plants have prompted criticism from the U.S. Environmental Protection Agency, including a warning that its environmental review of the Kingston project doesn’t comply with federal law.
TVA CEO Jeff Lyash has said repeatedly that gas is needed because it can provide power regardless of whether the sun is shining or the wind is blowing. He added that it will improve on emissions from coal and provide the flexibility needed to add 10,000 megawatts of solar to its overall system by 2035. TVA has a goal of 80% reduction in carbon emissions by 2035 over 2005 levels and net-zero emissions by 2050.
TVA provides power to 10 million people across seven Southern states.
If you’re thinking about moving to Maryland, bustling cities like Baltimore or Frederick might come to mind. However, this state has much more to offer. From quaint downtowns to festivals that bring the community together, Maryland’s small towns are perfect for anyone looking to experience what life is like in its quieter corners. In this Redfin article, we’ll discuss 11 charming small towns in Maryland, each with their own unique character and plenty of reasons to call home.
1. Easton, MD
Median Sale Price: $400,000 Homes for sale in Easton | Apartments for rent in Easton
Easton, located on Maryland’s Eastern Shore, is known for its history, arts scene, and scenic charm. Every November, the town hosts the Waterfowl Festival. An event that celebrates the region’s hunting and conservation heritage with art exhibits, dog trials, and delicious local food. Easton is also home to the Avalon Theatre, a restored venue that has national and local performers for concerts and events throughout the year. With the Tred Avon River nearby, locals enjoy kayaking, sailing, or simply relaxing by the water on sunny afternoons.
2. Elkton, MD
Median Sale Price: $342,000 Homes for sale in Elkton | Apartments for rent in Elkton
Elkton has a unique history as the “Marriage Capital” during the early 20th century. This is because couples would travel here to get married without waiting periods. Today, the town honors that legacy with historical sites like the Elkton Municipal Building, which once served as the popular wedding venue. The nearby Elk River offers plenty of outdoor fun, with locals enjoying boating, fishing, and waterfront picnics at Elk Neck State Park.
3. Chestertown, MD
Median Sale Price: $412,000 Homes for sale in Chestertown | Apartments for rent in Chestertown
Chestertown, sitting along the Chester River, is a picturesque town with a strong colonial past. Every Memorial Day weekend, the town comes alive with the Chestertown Tea Party Festival. This festival includes a reenactment of its colonial protest against British taxation, complete with a parade, boat race, and craft market. Strolling through the historic district, visitors can explore well-preserved 18th-century homes, quaint shops, and several art galleries. The Chester River is a favorite among locals for sailing, paddleboarding, sunset cruises, and of course, fishing.
4. La Plata, MD
Median Sale Price: $420,500 Homes for sale in La Plata | Apartments for rent in La Plata
La Plata is a quiet town in Southern Maryland. Each April, locals come together for the Celebrate La Plata festival, enjoying live entertainment, crafts, and a glimpse into the town’s past. The town’s heritage is on display at the La Plata Train Station Museum, where you can learn about its history as a key rail stop. La Plata is also known for scenic trails and parks, such as Tilghman Lake, where people spend weekends hiking, fishing, and picnicking.
5. Denton, MD
Median Sale Price: $344,000 Homes for sale in Denton | Apartments for rent in Denton
Denton is located along the Choptank River on Maryland’s Eastern Shore. The town hosts the annual Caroline Summerfest, a lively event featuring live music, street performers, and fireworks. Nature enthusiasts enjoy kayaking along the Choptank or exploring Martinak State Park, a serene spot for camping, hiking, and fishing. Downtown Denton features a variety of locally owned shops and cafes, like the Market Street Public House, known for its friendly atmosphere and pub fare.
6. Leonardtown, MD
Median Sale Price: $430,000 Homes for sale in Leonardtown | Apartments for rent in Leonardtown
As the county seat of St. Mary’s County, Leonardtown’s square is a hub for community events. Popular events including the annual Earth Day celebration and Taste of St. Mary’s food festival. Leonardtown Wharf Park is a favorite among locals with scenic waterfront views and opportunities for kayaking or paddleboarding on Breton Bay. The town also has a great arts scene, with galleries and studios showcasing local talent, especially during First Fridays, when shops and restaurants stay open late.
7. Princess Anne, MD
Median Sale Price: $235,000 Homes for sale in Princess Anne | Apartments for rent in Princess Anne
Princess Anne’s downtown district is home to beautifully preserved 18th- and 19th-century buildings, including the iconic Teackle Mansion, which offers tours and seasonal events. Each year, locals celebrate their heritage with events like the Somerset County Fair, showcasing local agriculture and crafts. Residents enjoy relaxing at the Janes Island State Park, a short drive away, where fishing, boating, and camping are favorite pastimes.
8. Berlin, MD
Median Sale Price: $351,000 Homes for sale in Berlin | Apartments for rent in Berlin
Berlin, located just minutes from Ocean City, is a small town with a reputation for unique events and artistic flair. Named “America’s Coolest Small Town” in 2014, Berlin lives up to its title with a lively downtown filled with art galleries, boutique shops, and locally loved eateries like the Blacksmith Bar & Restaurant. Additionally, movie buffs will appreciate that Berlin served as the filming location for the films Runaway Bride and Tuck Everlasting.
9. Pocomoke City, MD
Median Sale Price: $235,000 Homes for sale in Pocomoke City | Apartments for rent in Pocomoke City
Known as the “Friendliest Town on the Eastern Shore,” Pocomoke City is known for its welcoming atmosphere. Visitors love the Delmarva Discovery Museum, where exhibits highlight the ecology and history of the region, along with interactive aquariums featuring local wildlife. Pocomoke River State Park offers plenty of outdoor fun, with scenic trails, kayaking, and fishing opportunities. The downtown area is home to the Mar-Va Theater, a beautifully restored art deco venue that hosts live performances and community events.
10. Manchester, MD
Median Sale Price: $517,500 Homes for sale in Manchester | Apartments for rent in Manchester
Manchester is located in the northern part of Carroll County. The town celebrates its German heritage every summer with the Manchester Volunteer Fire Department Carnival, featuring rides, live music, and homemade food. Manchester is also known for its scenic countryside, with rolling hills and family-owned farms adding to the landscape. With a tight-knit community and proximity to both Baltimore and Gettysburg, Manchester has the perfect balance of rural living and easy access to urban amenities.
11. Hampstead, MD
Median Sale Price: $407,500 Homes for sale in Hampstead | Apartments for rent in Hampstead
One of the Hampstead’s most beloved events is the Hampstead Day Festival, held every spring, featuring local vendors, food trucks, and live music. History buffs can explore the Hampstead Train Station, a small museum showcasing the town’s railroad past. Residents enjoy outdoor activities at Panther Park, with walking trails, sports fields, and playgrounds perfect for group outings.
Methodology: The median home sale price and average monthly rental data is from the Redfin Data Center.
I have spent the last week reading “Shoe Dog”, Phil Knight’s memoir of how a runner on the Oregon University track team built one of the great shoe companies in the world, in Nike. In addition to its entertainment value, and it is a fun book to read, I read it for two storylines. The first is the time, effort and grit that it took to build a business, in a world where risk capital was more difficult to access than it has been in this century, and in a business where scaling up posed significant challenges. The second is the building of a brand name, with a mix of happy accidents (from the naming of the company to the creation of the swoosh as the company’s symbol to its choice of slogan), good timing and great merchandising all playing a role in creating one of the great brand names in apparel and footwear. The latter assessment led a more general consideration of what constitutes a brand name, what makes a brand name valuable and what causes brand name values to deplete and disappear. Of course, since my attention was drawn to Nike in the first place, because of a change at the top the company and talk of brand name malaise, I tried my hand at valuing Nike in 2024, along the way.
Brand Name – What is it?
The broadest definition of a brand name is that it is recognized (by employees, consumers and the market) and remembered, either because of familiarity (because of brand name longevity) or association (with advertising or a celebrity). That definition, though, is not particularly useful since remembering or recognizing a brand, by itself, tells you nothing about its value. After all, almost everyone has heard or recognizes AT&T as a brand/corporate name, but as someone who is a cell service and internet customer of AT&T, I can assure you that neither of those choices were driven by brand name. The essence of brand name value is that the recognition or remembrance of a brand name changes how people behave in its presence. With customers, brand name recognition can manifest itself in buying choices (affecting revenues and revenue growth) or willingness to pay a higher price (higher profit margins). With capital providers, it may allow for lower funding costs, with equity investors pricing equity higher and lenders accepting lower interest rates and/or fewer lending covenants. For the moment, this may seem abstract and subjective, but in the next section, we will flesh out brand name effects on operating metrics and value more explicitly.
Corporate, Product and Personal Brand Names
Brand names can attach to entire companies, to particular products or brands, or even to personnel and people. With a company like Coca Cola, it is the corporate brand name that has the most power, but the soft drink beverages marketed by the company (Coca Cola, Fanta, Sprite, Dasani etc.) each have their own brand names. With companies like Unilever, the corporate brand name takes a back seat to the brands names of the dozens of products controlled by the company, which include Dove (soap), Axe (deodorant), Hellman’s (mayonnaise) and Close-up (toothpaste), just to name a few. There are clearly cases of people with significant brand name value, in sports (Ohtani in baseball, Messi in soccer, Kohli in cricket) and entertainment (Taylor Swift, Beyonce), with a spill over to the entities that attach themselves to these people. In fact, a critical component of Nike’s brand name was put in place in 1984, when the company signed on Michael Jordan, in his rookie season as a basketball player, and reaped benefits as he became the sport’s biggest star over the next decade.
Brand names and other Competitive Advantages
One reason that brand name discussions often lose their focus is that companies are quick to bundle a host of competitive advantages, each of which may be valuable, in the brand name grouping. The table below, where I have loosely borrowed from Morningstar and Michael Porter is one way to think about both the types and sustainability of competitive advantages:
Companies like Walmart and Aramco have significant competitive advantages, but I don’t think brand name is on the top five list. Walmart’s strengths come from immense economies of scale and bargaining power with suppliers, and Aramco’s value derives from massive oil reserves, with far lower costs of extraction, than any of its competitors. Google and Facebook control the advertising business, because they have huge networking benefits, i.e., they become more attractive destinations for advertisers as they get bigger, explaining why they were so quick to change their corporate names, and why it has had so little effect on value. The pharmaceutical companies have some brand name value, but a bigger portion of their value added comes from the protection against competition they get from owning patents. While this may seem like splitting hairs, since all competitive advantages find their way into the bottom line (higher earnings or lower risk), a company that mistakes where its competitive advantages come from risks losing those advantages.
Brand Name Value
At the risk of drawing backlash from marketing experts and brand name consultants, I will start with my “narrow” definition of brand name. In arriving at this definition, I will fall back on a structure where I connect the value of a business to key drivers, and look at how brand name will affect these drivers:
Put simply, brand name value can show up in almost every input, with a more recognizable (and respected) brand name leading to more sales (higher revenues and revenue growth), more pricing power (higher margins), and perhaps even less reinvestment and less risk (lower costs of capital and failure risk). That said, the strongest impact of brand name is on pricing power, with brand name in its purest form allowing it’s owner to charge a higher price for a product or service than a competitor could charge for an identical offering. To illustrate, I walked over to my neighborhood pharmacy, and compared the prices of an over-the-counter pain killer (acetaminophen), in its branded form (Tylenol) and its generic version (CVS) :
The ingredients, in case you are wondering, are exactly the same, leading to the interesting question, more psychological than financial, of why anyone would pay an extra $2.50 for a product with no differentiating features. If you are wondering how this plays out at the business level, the operating margins of pharmaceutical companies that own the “brand names” are significantly higher than the brand names of companies that make just the generic substitutes.
The Tylenol example also serves to illustrate when it is easiest to value brand name, i.e., when it is the only competitive advantage, and when it will become difficult to do, i.e., when it has many competitive advantages. It is for that reason that valuing brand name is easier to do at a beverage or cereal company, such as Coca Cola or Kellogg’s, where there is little to differentiate across products other than brand name, and you can attribute the higher margins almost entirely to brand name. It is at the basis for my valuation of Coca Cola’s brand name in the picture below, where I value the company with its current operating margin:
Note that while the company comes in as slightly overvalued, it is still given a value of $281.15 billion, with much of that value coming from its pre-tax operating margin of 29.73%. We estimate the value of Coca Cola’s brand name in two steps, first comparing to a weighted average margin off 16.75% for soft-drink beverage companies, where many of the largest companies are themselves branded (Pepsi, Dr. Pepper etc.), albeit with less pricing power than Coca Coal and then comparing to the median operating margin of 6.92%, skewed towards smaller and generic beverage companies listed globally: This is undoubtedly simplistic, since it assumes that the brand name value shows up entirely in the margin, and it likely understates the value of Coca Cola’s brand name. That said, valuing Coca Cola at the median beverage company margin yields a value of $51 billion, suggesting that 82% of the company’s intrinsic value comes from its brand name. Comparing to other beverage company and valuing at the weighted average operating margin still yields a differential brand value of $131.4 billion for Coca Cola, indicating that having a premium brand name has significant value.
Brand names become more difficult to isolate and value, when a company has multiple competitive advantages, since the higher margins or growth or returns on capital will reflect the composite effect of all of the advantages. With companies like Apple, where brand name is a factor, as is a proprietary operating system, a superior styling and a unique app ecosystem, the higher margin can be attributed to a multitude of factors, making it more difficult, perhaps even impossible, to isolate the brand name value. When valuing Birkenstock, at the time of its IPO, I wrestled with this problem, and with the help of a series of assumptions along the way, did find a way to break the value of the four intangibles that I saw in the company: a world-recognized brand name, a quality management team, free celebrity advertising and the buzz created by Margot Robbie wearing pink Birkenstock in the Barbie movie.
The pricing premium effect of brand name also becomes an effective device to strip companies that hold on to the delusion that their brand name values have value, long after they have lost their shine. If a company has margins that trail that of other companies in its industry grouping, it has lost brand name bragging rights (and value), and it is time to either accept that reality or rebrand to acquire pricing power again. Applying this test, you will find that nine out of ten companies that claim to have brand values have really nothing to show for that claim.
Nike, in my view, falls somewhere between the two extremes. It is not as pure a brand play as Coca Cola, since athletic footwear, in particular, has physical differentiation that may lead some to prefer one brand over another. At the same time, it is not as complex as Apple, insofar as even a Nike aficionado can find a relatively close substitute in another brand. To measure how Nike’s brand name has played out in its operating metrics, we compared the company’s operating margins to the weighted operating margin of the two businesses (two thirds footwear and one third apparel) that Nike has operated in for much of the last two decades:
Other than 2023, Nike has consistently earned a higher operating margin (1.5% to 3% higher) than the rest of the industry, and since much of this industry is composed of brand name companies, it would suggest that Nike has a premium brand name, not surprisingly. If you are a Nike-pessimist, though, the drop off in the margin differential in the last five years is troubling, but almost all of that drop can be attributed to the company’s troubles in 2023. Clearly, the company is taking the decline seriously, bringing back a Nike employee of long standing in Elliott Hill to replace John Donahoe, who cut his teeth in tech companies (ServiceNow, eBay and PayPal).
I valued Nike, using its compounded annual growth rate and average operating margin over three period – 2014-2108, 2019-2023 and just the last twelve months:
You can see why Nike acted swiftly to change its CEO, since its value will dip substantially, if its growth stays down and margins do not bounce back. At the $71 stock price that the stock was trading at, just six weeks ago, the investing odds would have been in your favor, but the bounce back in the stock price to $88, after the new CEO hire, suggests that the market is pricing in the expectation that the company will bounce back to higher growth and better margins.
Brand Name Creation
Brand name does add value, if it gives the company that owns it pricing power, but how does a company end up with a valuable brand name? There are facile answers and they include longevity, with long-lived companies having more recognizable brand names, and advertising, where more spending is assumed to result in a more valuable brand name. To see why I attach the “facile” prefix to these answers, consider again the example of AT&T, a company that has been around for more than a century and remains one of the ten largest spenders on advertising in the United States. None of that spending has translated into a significant brand name value, thought there may other benefits that the company accrues.
I am sure that someone who immerses themselves in in this topic, perhaps in marketing and advertising, may be able to provide a deeper answer, but here is what I see as ingredients that go into developing a valuable brand name:
Attachment to an emotional factor/need: As marketing has recognized through the ages, the key to a powerful brand name is a tie to a human emotion. Rational or not, consumers may reach for a branded product, because they associate the product with freedom, reliability, happiness, patriotism or aspiration, if that association exists in their minds. The challenge, of course, is to find an emotion that attaches well to your product, either because of its history or its make-up, but the association, once made, can be powerful and long-lasting.
Celebrity connection: Earlier, we talked about personal brand names, and argued that Nike benefited from its association with Michael Jordan, in building its brand name. In fact, Apple (in its streaming service) and Major League Soccer benefited mightily from Lionel Messi playing Inter Miami, with the former adding hundreds of thousands of subscribers to it soccer streaming service, and the latter increasing attendance in stadiums around the country. Here again, there are perils, since attaching a brand name to a person also exposes the company to the failings and foibles of that person, as Nike found out in its associations with both Tiger Woods and Colin Kaepernick.
Fortuitous events/ choices: There is a third factor that is not covered in most brand name management classes, and for good reason, and that is the effect of luck. In an alternate universe, Phil Knight might have stayed with Dimension Six, his initial choice for the company name, picked a different symbol than the swoosh (for which Nike paid $35 to the designer) and even a different slogan ( than the “Just do it” picked by the advertising team), and the end result could have been very different.
Advertising: While there may be little or no link between overall advertising spending and brand name, it is undeniable that there are ads that catch people’s attention and alter perceptions of a product. I was an Apple user already in 1984, when it ran its famous 1984 ad during the Super Bowl, setting itself apart from the PC makers, and while that ad yielded little monetary benefit to Apple in the immediate aftermath, it contributed to creating the brand name that now allows the company to charge $1600 for a new smart phone. Nike has had its share of iconic commercials, and I still remember this Nike ad, with Michael Jordan, from 1997, showing how long the shelf life can be for a great ad.
If asked to advice a company that was intent on creating a brand name, my suggestion would be to start with a product or service that is differentiated from the competition, and to give the brand name time to build around that differentiation. That may require sacrifices on scaling up (accepting less growth to preserve the product differential), a higher cost structure (if it is a quality difference) and perhaps even more reinvestment, but trade offs are inherent to almost everything of value in business. If the expected costs of building a brand name exceed its benefits, though, it may be worth asking whether brand name is the competitive advantage that the company should be aspiring for, since there are other competitive advantages that can add as much or much more value in the business the company operates in.
Brand Name Destruction
The benefit of building a strong brand name is that it remains one of the most sustainable competitive advantages in business, with the advantages often lasting decades. However, even brand names eventually lose their luster, but the reasons they do so vary:
Aging brand/consumer base: In my posts and book on corporate life cycle, I talk about how and why companies age, and how aging is inevitable. The same can be said of brand names, since even the most highly regarded brand names eventually age, and no matter how much managers try to resurrect them, they never recover their mojo. When valuing Kraft Heinz in 2015, when the most venerable name in value investing (Warren Buffett) teamed up with one of the shrewdest players in private equity (3G Capital) to buy the company because it was under valued, I wondered whether the reason the market was turning down on the company was because the portion of the population that were drawn to the company’s products (fifty seven types of ketchup, all of which taste bad, and cheese that stays liquid through a nuclear winter) to be tasty was getting smaller and older. In hindsight, it is clear that Kraft Heinz will not reclaim its former glory, because its products and customer base have aged.
Benign neglect: Brand names may provide sustainable competitive advantages, but only if they are cared for and maintained. There are legendary brand names that have been neglected, treated as cash cows with no new investment or sprucing up needed, and have faded in value. Quaker Oats, a longstanding mainstay of the US cereal business, not only allowed itself to pushed to the sidelines by aggressive cereal companies, but failed to take advantage of the rise in demand for oatmeal as a heart-healthy substitute.
Cultural changes: There are products and services that have lost their allure over time, because the cultural mores or social norms of the consumers have changed. If you binge watch Mad Men, the television series about advertising in the 1960s, you should not be surprised to see ads for products and services that you would now view in a very different light.
Changing tastes: There are some businesses, where the demand for products is transient and fad-driven, and new brands replace old ones, as tastes shift. This has generally been the case with apparel retail in the United States, with the Gap’s reign at the top lasting about a decade, with newer and cooler retail brands like Abercrombie and Fitch and Tommy Hilfiger replacing them, and then were themselves being displaced by H&M and Uniqlo.
Toxic connections: A brand name that is built up over time can sometimes very quickly fall back to earth, if the company or its personnel bring toxic connections. Abercrombie and Fitch, for instance, which became a hot destination for the young in the first decade of this century, found its brand name devastated by accusations of racism and sexism in its ranks.
Brand overreach: There are cases where a company with a valuable brand name may dilute or even destroy that brand name by overreaching, and putting it on products that cut agains the brand name narrative. A good argument can be made that Disney, usually masterful at managing its brands, diluted the value of both its Avengers and Star Wars franchises by rushing headlong into the streaming business, with new series.
While all of these forces can cause a once valuable brand name to lose its value, it is worth noting that there are companies that have redeemed brand name value, sometimes by remaking the product or service, sometimes by repackaging it and sometimes by repositioning it. Crocs, whose brand name soared in the 2000s, but crashed by the end of the decade, repackaged itself around celebrity endorsements to become a successful brand again. Lego, a venerable brand name in the toy business, sold off its theme parks, and refocused attention on its core product, while redirecting its offerings to adults. In general, though, reincarnating a brand becomes easier for niche brands than for mass market ones, for product brands than for company brands, and for younger brands than for older ones.
I believe that 2023 was a wake up call for Nike, as it awoke multiple disruptions. First, in the post-COVID years, Nike moved from store sales to digital sales, with Nike Digital, accounting for almost 43% of revenues in 2022. While that shift does reflect a change in consumer preferences towards shopping online, there is a question of whether bypassing shoe stores, which over the decades have contributed to the Nike brand, by highlighting their most iconic shoes, has undercut the brand. Second, while the footwear business has been more resistant to fads than the apparel business, Nike;’s mass market strategy of being all things to all people is exposing it to disruption. The company is losing market share, especially among younger customers, to newcomers in the space like On and Hoka, and among runners (Nike’s original core market) to older companies like New Balance that have rediscovered their mojo. Third, in an age where celebrities come with problems, and politics divides us on even the most trivial of issues, Nike’s celebrity-driven advertising campaigns may hurt more than help the company. In short, Nike’s new CEO has his work cut out for him!
We recently had an exciting discussion with Abhishek Gupta, Chief Marketing Officer, Edelweiss Life Insurance, on customer-centric evolution in life insurance in this digital age. As the chief brand champion, Abhishek manages the reputation of the company by promoting its diverse and innovative range of product offerings and services.
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Leveraging the power of storytelling and creativity, Abhishek aspires to deliver inclusive and strategic communications that can make the brand stand out as a new-age life insurer. Helming a team of ambitious and creative minds, Abhishek has been harnessing the company’s product innovations and superior customer experience to set advertising benchmarks in the industry. He also leads the Customer Experience strategies for the company and strives to build a differentiated brand experience that can foster customer trust and advocacy.
Abhishek has been with the Edelweiss Group for 8+ years. With experience spanning 24 years, he has worked with brands across several sectors over the years – The Mobile Store, Walmart India (Bharti Retail), Spencer Retail, ICICI Bank and Shopper’s Stop.
An engineer with a post-graduation degree in marketing, Abhishek has been recognized as one of the ‘25 Most Outstanding Marketing Professional of India at World Brand Congress 2014’, ‘Most Influential Marketing Leaders 2017’, and ‘Global Marketing Leaders 2019’ at World Marketing Congress, ‘CMO Transformation Award’ at the Pitch CMO Awards 2023 and ‘Financial Express Visionary Leader Recognition’ at Modern BFSI Summit 2023.
The main insights from the discussion are given below:
Customer-Centric Evolution: Reimagining Life Insurance in a Digital Era
1. What would be your assessment of the current state of the life insurance industry? And your take on the emerging trends or shifts in consumer behaviour?
Life insurance is a fundamental financial instrument, forming the base of your savings and investment pyramid. Once you protect yourself, you can start building and growing your wealth. Life insurance ensures you’re prepared for unforeseen events, especially if the primary earner is absent.
Unfortunately, many Indians don’t see life insurance this way. Insurance is often viewed negatively, with decisions delayed and mistrust prevalent. These factors have turned life insurance from a pull product into a push product.
It’s unusual for someone to proactively seek life insurance. People typically only consider it under two specific circumstances:
The most common scenario for buying life insurance is when approached by an advisor, such as an agent, bank relationship manager, acquaintance, broker, or financial planner
The second scenario involves a trigger event, like marriage, having children, or witnessing a friend or family member’s loss. These events highlight the need for income continuity
On the supply side, the Indian life insurance industry is dominated by LIC, a government-owned company. Despite the privatization of the industry in 2000, LIC maintains a significant market share. The market is highly polarized, with LIC and a few private insurers controlling the majority of the business. This competitiveness, coupled with consumer reluctance and the importance of distributors, makes life insurance a heavily pushed product.
India faces a significant protection gap due to underinsurance rather than low penetration. People often buy insurance without realizing that it needs to be adjusted for rising income and changing life circumstances. As income increases, insurance coverage should be upgraded to maintain adequate income replacement. Many people have only 50-60% of the coverage they actually need, leaving them underinsured.
Coming to consumer behaviour shifts in insurance, it typically remains stable unless a major event, like COVID-19, occurs. Such events can dramatically shift consumer attitudes and behaviours.
COVID-19 significantly altered consumer behavior in 7 key ways: 1. Family became paramount 2. Self-reliance increased 3. Saving and investing habits improved 4. Appreciation for non-material things grew 5. Social responsibility increased 6. A sense of vulnerability emerged 7. Health became a priority
While these shifts were notable during COVID, pre-pandemic behaviors have gradually returned. Many consumers have returned to pre-pandemic habits.
2. How has marketing changed in the last decade? What has changed and what has remained the same?
Regarding the evolution of marketing, traditional approaches focused on broad-based campaigns with uncertain effectiveness. Digital marketing has introduced measurability and immediate results, but it’s essential to remember that brand building is a long-term process.
Effective marketing requires a balance between immediate results and long-term brand building. A focus on short-term metrics has led to a decline in memorable campaigns and an overemphasis on attribution models that ignore the overall customer journey.
To address this, marketers should prioritize long-term brand building and develop comprehensive measurement or frameworks that include awareness and consideration.
In terms of customer experience, significant progress has been made in moving from product-centric to experience-centric approaches. By focusing on delivering a consistent and delightful customer experience across all touchpoints, organizations can build strong brands and foster customer loyalty.
3. How critical is personalization in the life insurance industry? How do you do it while adhering to privacy regulations?
Personalization is essential for building customer relationships, but it can be challenging in low-touch industries like insurance.
Insurance companies often create opportunities for interaction, such as policy anniversary dates and festivals, to personalize communications. Data enrichment is crucial for effective personalization. While traditional data collection methods provide some information, companies need to continuously update customer data to reflect life stage changes.
Face-to-face interactions are invaluable for building trust and understanding customer needs, especially in the context of insurance. Digital sales in the insurance industry are still relatively limited, with intermediaries playing a crucial role in most transactions.
Personalization is essential for intermediaries as they represent multiple insurers. Companies often create personalized solutions for intermediaries, who can then offer them to customers. Data enrichment is key to providing personalized customer experiences. We created a tool like “You Unlimited” that can help advisors recommend products based on individual needs and financial capabilities.
By offering tailored solutions at different life stages, insurers can build stronger relationships with customers and increase sales.
4. What is your framework to understand the big shift towards AI in the industry? Any ethical considerations you have keeping in mind the nature of the product?
AI has broad applications in the insurance industry, beyond marketing. In particular, AI can help with:
Customer retention: Identifying at-risk customers and targeting retention efforts accordingly
Fraud detection: Analyzing data to identify suspicious claims
Advisor management: Identifying top-performing advisors and investing in their development
Content creation and vernacularization
While image generation is still under development, AI has been effective in generating content in multiple Indian languages.
5. What are the key priorities for Edelweiss and Life Insurance companies in general in terms of innovation and customer engagement?
Distribution is crucial for the success of the insurance industry, yet it often receives insufficient attention.
Companies should focus on improving the distributor experience, as distributors are key to reaching customers. There is a significant opportunity to educate customers about insurance and offer innovative solutions. However, challenger brands face the challenge of competing with established players and must invest in education and customer acquisition.
By Bijoy K.B | Associate Director – Marketing at Lemnisk
