• This week, we’re pulling back the curtain on something people ask us all the time: what actually happens when we execute a trade?
• A lot of people think it’s simple. You hit a sell signal, you sell. Big deal. Why doesn’t everyone do that?
• The reality is, it’s anything but simple when you’re managing $3 billion across 16,000 accounts.
• Before anything happens, our Investment Oversight Committee meets to confirm the signal and align on the plan.
• Operations is involved immediately, because every moving part in the firm has to be ready.
• We are not trading one $50,000 account. We are preparing to move billions of dollars in a single day.
• That means coordinating with our custodians and their trading desks before the market even opens.
• They need to know what’s coming so they can prepare liquidity and execution plans.
• Then we have to consider volatility. Are there economic reports coming out that day? Is there a major news event?
• Do we sell at the open? Do we stage it throughout the day? Do we avoid certain hours?
• We build a trading plan before the opening bell even rings.
• Then there’s liquidity. Are there buyers on the other side?
• In 2008, the bond market froze. There were literally no buyers.
• If there are no buyers, prices fall until someone finally says yes — and that is not a good place to be as a seller.
• Sometimes we’ve chosen not to sell a specific position on sell day simply because liquidity wasn’t there.
• Over time, we’ve evolved from selling everything in one batch to staging trades carefully throughout the day.
• We may use dark pools and work with market makers around the world so no one can detect and exploit what we’re doing.
• Which brings us to another critical issue: front running.
• Our employees know what we’re about to do before the market does. That requires strict internal controls.
• Insider trading is an instant termination offense at our firm.
• We also don’t announce trades in advance to clients, even though we value transparency, because even small front running can impact execution.
• Protecting the aggregate pool of our clients comes first.
• Once we sell, the work doesn’t stop. In fact, it increases.
• People think when we’re out of the market we’re sitting in a hammock somewhere. The truth is we’re working harder than ever.
• When we’re out, we meet daily, not weekly.
• We constantly evaluate correlations, liquidity, volatility, and whether defensive assets are behaving the way they should.
• In 2008, even “safe” ultra-short bonds began deteriorating because investors could only sell quality bonds to raise cash.
• That’s the kind of counterintuitive behavior we have to watch for every single day.
• There’s an old saying: an advisor makes their money in a bull market, but earns it in a bear market.
• Too many advisors hid under their desks in 2008.
• That’s when you earn your keep.
• Communication becomes constant. If a client calls us because they’re worried, we feel like we lost. We should have already reached out.
• Then comes the buy signal.
• Going back in requires just as much coordination as getting out.
• Every client must be returned to the exact model they were in before, unless they’ve made changes.
• Rebuilding 16,000 portfolios correctly is a massive operational exercise.
• It’s meetings, systems checks, coordination, tracking, and long nights.
• But for us, it’s fun.
• Think of a duck. Above the water it looks calm. Under the water the feet are moving like crazy.
• That’s what we aim for.
• Calm on the surface so you have peace of mind.
• Intense preparation underneath so we’re ready when the next storm comes.
• Our goal is simple: protect your nest egg so you can enjoy your Second Childhood Without Parental Supervision.

Transcript:

Ken Moraif
Hello everyone, and welcome to our Weekly Market Alert video for today, which is February 27, 2026 I’m so glad you’re with us. We are going to have, as usual, more fun than a human being should be allowed to have on our weekly excursion into the land of retirement planning. And this week’s no exception, because we have literally nothing to talk to you about. So therefore, we’ve decided that there’s no economic data of any excitement, nothing really to move the needle. And so what we’ve decided instead is that what we’re going to talk about is, how do we execute a trade? You know, there are a lot of people that we’ve talked to and they go, you know, sell, big deal. So, you know, your strategy is, you reach a certain point and you sell. And, you know, why doesn’t everybody do that? Well, we’re going to go over what happens behind the scenes. I think you’ll find it very, very interesting, and you’ll have fun learning about it at the same time. So we’re going to do that, and we’re gonna and so let’s get started. So let me bring Jordan Roach into the conversation. Jordan, good to see you. Good to be here today.

Jordan Roach
A little nervous with this mic, because I don’t know if I can have my ticks and my taps.

Ken Moraif
Oh, it’s true. Yeah, you like to drum on the table and the mic picks it up, doesn’t it? We’re not going with the lavaliers this week. That’s right. We had a little tech problem. So yeah, and but before we get going, I want to say, on behalf of both of us and everybody at ARPOA, that all of you SCWPers out there, I hope you are enjoying your second childhood without parental supervision, and those of you who are not SCWPers yet, all you clients that are working towards retirement, we are singularly engaged in getting you there. That’s our that’s our goal, so that you can go and have fun, enjoy and not worry about all this boring financial stuff. Okay, so let’s talk about this. So as we’ve talked about many times, we think it is super important to not only buy and hold but also to sell, right? And so protection of principle is very, very important. You’ve worked your entire life, you know, to retire, and now maybe you’re going to live on your money. And protecting that principle is super important. So let’s talk about that just a little bit before we get into you know exactly how we execute it. Okay, why is that so important?

Jordan Roach
Jordan, well, for the demo that we work with, right, most time, we have clients, protective clients, that are trying to get that destination where an employer is not playing them anymore. They’re gonna live off of what they’ve built, or the ones already doing so losses become, could be become devastating, right? If we start drawing money out while the market sells off and sells off and sells out, there’s a point where it’s very difficult to recover from that. And for our clients that have stopped working, think about having to return to the workforce. The ability to do that, that is something that we don’t want they have to have them think about

Ken Moraif
or worry about at all. Yeah, and I think I’ve said this so many times, I’m almost blue in the face, but I’m going to keep saying it, because I think it’s so important, and that is, if you’re in the if you’re in the five years before you retire, the five years after you retire, that decade, if you experience a large loss, then your ability to retire could be impaired or delayed for years, or if you’re already retired, you can’t go back to work. So now what happens is you’re going to potentially have to not enjoy your second childhood without parental supervision like you wanted to. And so both of those are not good outcomes. So protecting in that decade is super important, super important.

Jordan Roach
It’s and for a lot of people, because of they’ve been thinking one way about accumulation, accumulation, accumulation, for so many years, it is hard to get to that mindset, to shift into protection, but that’s where we help them do that.

Ken Moraif
Yeah. And so now the question, you know, that I get frequently is, why doesn’t everybody do what you do? You know? Because it sounds like it’s pretty simple. You have your strategy. It says sell, and so then you just sell, right? And so why doesn’t everybody do that? If it were that easy? I mean, in 2008 when, you know, we sold and we got everybody out of the market, all the clients that followed our advice, we got them out, stayed out for a year and a half during the credit crisis and all that. You know, everybody’s like, I had lots of people that were not, not clients or square saying, you know, why doesn’t everybody do what you guys do? It seems to be totally logical. Well, it’s not that easy. It’s just not so let’s walk down that. So let’s, let’s start with, okay, so we hit our sell signal. What’s the first thing that happens? What do we do?

Jordan Roach
Well, typically, the first thing to do is our investment committee is going to get together to confirm where we’re at, make sure that we say, Yes, we are, we are moving. It’s going to be moving day tomorrow. We’re going to confirm, effectively, what is going to be our decision around selling procedure, sell discipline the next day. So typically, we will get together first, and we usually bring in operations there as well.

Ken Moraif
Right? That’s step one. So we go through, we have the investment oversight committee gets together, we bring operations, make sure we’re all on the same page that and usually our sell signal is based on the close of business that day. That’s right, right? So that evening, everybody’s working, you know, everybody’s working even though we’ve, we’ve got this down to where, you know, we’ve, we’ve done we’ve done it, and we’ve rehearsed it operationally. We know what to do. We still all get together and say, Okay, this is time. So all of our retirement planners need to be aware. We’re going what you know? Why? Etc, etc. Operations needs to know. So now we’ve communicated to everybody. Everybody’s on the same page. We’ve all read all systems that go what happens next?

Jordan Roach
Then, typically, I will get on the get on the horn with for us, our custodians trading desk. Okay? So I will get with them and confirm here is what we want the actions to be tomorrow. So their trading team is ready to know the plan at the open to the market the next day. Okay, okay,

Ken Moraif
so, and they’re going to be trading potentially, like, $3 billion right, right? We got $3

Jordan Roach
billion potentially that we’re going to

Ken Moraif
bring to market. Yeah. So this isn’t a small trade. This is $3 billion and it’s across 16,000

Jordan Roach
accounts, that’s right. And, you know, I’ve talked about this with with clients before, all of these procedures would not be an issue if we’re trading. You know, one account, $50,000 we don’t have to do any of this stuff. We just hit go. Doesn’t really matter. But yeah, we have 16,000 accounts, 3 billion that are coming in. We have to get with that trading team, that trading desk, to develop a plan into the trading day, because that’s a lot of dollars coming on the market. So if you

Ken Moraif
have an investment firm that has all kinds of moving parts with all their different clients and all this different stuff, and they’re not geared up to do this, if that’s not what they do, for them to do this, it’s almost impossible for them, across all their clients, to be able to because we want to sell in one day for everybody at the same time. So for them to do that, it’s highly for them, logistically, practically impossible.

Jordan Roach
You have to build your firm around that to be able to pull it off. And also have very tight relations with your custodians so they know what’s coming at any given point. Yeah, they

Ken Moraif
have to be ready. Their operations teams have to be ready. They have to know what’s going on. The trading desk needs to be ready. Everybody needs to be, you know, all systems go. That’s right, all right. So then the next part is, what happens now? What happens next? We got to look, we got to look at liquidity, right? We got to look at volatility.

Jordan Roach
That’s right, yeah. So you know, for us, we’re going to know what we’re trading, right? So we know the underlying securities that we’re going to come into the market and say, look, we got to find a buyer for, right? And so typically, going into that day, we want to know a couple things. You know, expected economic news that might come out. Sometimes you could be trading into a big news cycle, economic events, the trading team is going to usually know that. We’re going to know that ahead of time, and typically we will trade away from those hours. So we want to know those things.

Ken Moraif
Okay, so just to clarify on that, you’re basically talking about, do we sell everything in the morning? Yes, okay. Do we wait till, you know, a half hour before the close of the market to sell everything? Yeah, you know, do we sell it throughout the course of the day?

Jordan Roach
That’s right. So going into the day, you’re going to have a trading plan before you see markets open of, okay, here’s the the maybe the event that’s going to happen that we want to make sure that we’re away from that that’s going into it, say, Okay, I want to trade in today, start of the day, just to get away from that. But then what happens is, markets do open, right? And so markets open, and things can change based on what you think’s gonna go in. Or maybe there is no big economic news. So now we’re just

Ken Moraif
looking at, yeah. You know, in 2007 when we sold, there was no big event, right? In fact, the market was pretty calm that day, yes. So it’s like nobody really felt like there was this big thing coming, and so we basically traded at leisure. Yeah, those are nice days.

Jordan Roach
Yeah, I feel like in the last like, you know, 10 years, we’ve actually had some big events surrounding, like, something that’s led to, usually a sell off. So we had to plan around it. But right there are times where it’s just normal operations, it’s kind of a routine selling day. And those are

Ken Moraif
nice. You’re drumming. You realize that, right?

Jordan Roach
It’s not my ring finger, though. That’s the good news. Okay?

Ken Moraif
So the first, the first thing we look at is, you know, that’s volatility, right? Where’s the volatility come from? Do we, you know, and do we sell throughout the day? Do we want to lean towards the end of the day, etc? But there’s another thing that impacts it, and that is liquidity, right? And liquidity means, is there going to be, are there going to be buyers on the other side? And you know, I remember in 2008 the bond market basically froze up. Mm. Which is the scariest thing in the world, because, you know, everybody looks at the stock market, but the bond market is the bloodstream, absolutely, of the economy. Without the bond market, there’s no blood in the system, and the body dies. The stock market can crash. The body doesn’t necessarily die, but if the bond market dies, the economy goes with it. And so I remember I was I saw an interview with the bond manager. I think it was Western Asset Management, which, at the time, was one of the largest bond traders in the world. And he said he came into his office one morning, fired up his computer and saw that there were no buyers. He said his blood literally ran cold in his body. There were no buyers. There was nobody that wanted to own a bond because they thought the bonds were going to crash. Yes, and if you have no buyers, oh my, then you only have sellers, and then you get the credit crisis. And the credit crisis, credit means bonds. That’s why it’s a great

Jordan Roach
credit, that’s right. And we had a similar thing, actually, that happened in covid, where really the bond market completely seized, which caused the stocks to go down. So what happens in that scenario is, yes, if you have a lack of liquidity, meaning, you know, we’re coming to market saying, hey, somebody want to buy this from us? If people say, no, no, no. What ends up happening mechanically is prices go lower and lower and lower and lower until somebody says, okay, that price, I’ll take it, which is not good if you’re on

Ken Moraif
the selling side, exactly. And we’ve had occasions where we’ve decided not to sell something on sell day because there was no liquidity there for that. That’s right. And if there’s no liquidity, if there aren’t any buyers, then we’re not going to get a good price. And so we don’t want to be, you know, dumb about it and sell into something when nobody wants to buy it at the time.

Jordan Roach
That’s right, yeah, there’s, we’ve changed that over the years. You know, there was times where we were pretty routine, especially if it was a, you know, not a big news cycle that day, where we are selling within the first hour trading like we’re just getting it off our hands buying a buyer. But what we’ve kind of evolved, I think, in the last few cycles, is typically what we’ve been finding is because of liquidity considerations, volatility, we typically start staging sales. So instead of selling in one big batch, we typically get a little bit better about finding buyers over the course of a trading day and

Ken Moraif
buyers around the world, so that it’s not concentrated in one place, and therefore, somebody who wants to take advantage of that it’s so spread out that they find it difficult to find where what the source is and where it’s coming from.

Jordan Roach
That’s a huge important thing, and that’s why, typically, we try to get, you know, involved with the trading decks before time. Because based on how much we’re going to bring to market, how much we’re going to sell, then they actually can start working with market makers, dark pools, right? And the open bid auction systems.

Ken Moraif
The dark pool sounds terrible. That sounds like a bad thing. What’s a dark pool?

Jordan Roach
Dark pool is not bad. It’s just, you know, all these big market makers institutions buy and sell off exchange that

Ken Moraif
can happen so they can make a deal amongst themselves without being on the exchange. That’s right

Jordan Roach
now, that can flow through and, you know, affect prices on the actual exchanges, but there is buying and selling that happens off exchange, okay? And sometimes you can use that to help not screw up what’s going on, and give somebody an idea that, Oh, look, our POA is coming to market, and then they can do things to affect prices. So you utilize dark pools at times, just to help with liquidity,

Ken Moraif
put a veil there and kind of what’s going on. Okay? So in that same in that same vein, we also then have to, we have very strict rules internally, because if our employees all know, you know the involved, who are involved in this, they all know what’s going to happen. Yes, you know what we’re going to sell, because we don’t announce what we’re going to sell or when we’re going to sell it, you know, we just know we hit our sell signal. But what we’re going to do and how we’re going to do it, we don’t announce, and that way, we don’t have people doing what’s called front running, right? So explain front running to us. What does that mean?

Jordan Roach
Front running is basically saying, I know how much is going to be sold or bought in any given day, and I know what is going to be, what is going to happen. So what I’m going to do in advance is make a move that’s going to benefit me before the rest of it takes place, right? And so you front run, which can benefit yourself, but it hurts the people that are trying to transact in a normal environment. So we have a lot of discussions internally, and that we have a lot of controls. Because, again, like you said, our employees know exactly what we’re going to do. The rest of the market doesn’t, and so we have to be very sure that our employees are not trying to benefit from knowledge they have before we actually act. Yeah.

Ken Moraif
And then there’s somebody else that we don’t tell, and that’s our clients and our squiplers. That’s right. We don’t tell, we don’t we don’t tell them either. That’s right, because they could do the same thing. Now it’s very small scale, but nevertheless, they could, they can. And so that’s why we say, Okay, we’ve reached our sell signal, but we don’t say what we’re going to do and how we’re going to do. We don’t tell anybody that, because even our beloved and most valued clients can try to front run

Jordan Roach
us as well. Again, it’s something that we struggle with, right? Because Ken we’ve talked about we want to be as transparent as possible. We wish we could just say, here’s what we’re doing. Make sure. You know, we’re making the calls in advance clients, no, but that is the concern. And so unfortunately, we can’t even be as transparent as we’d like to be, because we have to protect, really have to protect clients from themselves, yeah, and from the

Ken Moraif
aggregate pool of them. And then, like, like you said, we also have to make sure that all of our employees who understand this don’t do anything, you know, insider trading, yes, because that could happen too. And you know, we police that very carefully. It’s never happened, but if it ever did, that’s an instant termination.

Jordan Roach
That’s right, yep. So strict controls around a lot of internal communications, around that, fortunately, we have those systems in place where we can monitor it. But, yeah, that’s something that just Yeah. We do not

Ken Moraif
take that lightly, yeah. So when people say oh, and then okay, so then we we’ve made, we’ve we’re using the example of where chronologically, we’re going in chronological order. So we sold, right? So once we’ve done that, now we need to be thinking in advance, also about what we’re going to do when we eventually buy back in so like in 2007 we sold in November, and it wasn’t till a year and a half until June of oh nine, before, you know, we decided it was time to set to buy right? So for a year and a half, we were not in the portfolio that somebody was in before November of Oh, seven, right? We were in a defensive position, and fortunately, that saved us from losing mass quantities in 2008 for the clients that followed our advice. So how do we make sure that when we go back in we don’t have any problems?

Jordan Roach
Well, that’s another thing. Yeah, I think that’s, you know, every day that we are out of the market, we treat every day like the next day we’re going to we could be buying back in so it’s every single day, understanding, do we want to maintain the defensive posture that we’re in within the same type of defensive assets? Because in theory, we could also be in defense, you know, defensive states, but own different assets that are defensive in nature. So we always have that conversation day after day, and the same point we have to be ready, because markets

Ken Moraif
move fast at times. Yeah, so let me pause you right there before you continue. So the conversation that we have then internal, you know, a lot of times people think, okay, you sold. You’re out of the market. So you’re not working anymore, right? You’re just waiting for your your buy signal to come. And so you guys are doing what you’re in the Bahamas, you know, on a, you know, sipping mint juleps. Yeah, sure. They have mint juleps in Bahamas. I don’t know whatever the drink. I think they have mint Jules, don’t they? What’s the Bahamas drink?

Jordan Roach
Somebody help me? Do you guys know something good?

Ken Moraif
Somebody will know anyway, so they’re in the Bahamas having a Bahama cocktail, right us? No, no, no. In fact, we work harder, absolutely, when we’re out of the market, then we’re in. Because, literally, it’s the opposite of what you might think. When we’re in the market, we’re basically riding the wave, right? There’s really not a lot of changing that needs to happen. I mean, there’s some stuff that does, but in general, you’re just riding the market wave when you get out now, you got to make sure you’re looking at every single thing that you’re in, how it’s behaving. You know, for example, in the great credit crisis in 2008 we were looking at what was considered to be super safe bonds. They were called ultra short term bonds, sure that everybody thought were the safest thing you could possibly be in. But we started noticing deterioration there, and when eventually we sold them, and they went down significantly after we sold them, but the reason why they sold was so counterintuitive. We didn’t understand it at the time, but after the fact, we looked at it, and we go, Well, that makes total sense. What happened in the credit crisis was everybody was so terrified of the bond market that nobody would buy bad bonds. So if you wanted to sell your bonds, the only ones that you could sell were the quality bonds. So if you went into the quality bonds because you thought that was the safe place, you were wrong, because that’s what everybody was selling to get money to actually

Jordan Roach
generate liquidity from

Ken Moraif
generate their liquidity. And so these super safe, quote, unquote bonds that were supposed to be the place you go to in a storm, that’s a super safe place. Turned out it was that nobody could sell the risky bonds. So those guys were left alone. They could only sell the quality bonds. And so all sudden, we were like, man, what is going on. Why are those guys selling off? So believe it or not, when we are not in the market, we’re actually working harder, absolutely right? Then when we are in the market, it’s like, every day, you’re looking at what’s going on.

Jordan Roach
Yeah, I’d say, you know, for us, on a normal cadence, right? Our investment committee will meet every week and kind of talk through where we are, look at change everything, but we’re out. We’re meeting every day, other hours, because we’re constantly assessing correlations and divergences and what’s going on with all these different assets, and where do we want to move, and are we good, still safe? So I think that’s where the work really starts. And then it becomes a point where we see like, okay, it’s we looks like we’re going to be shifting into an offensive state in a near term. So we have to understand, then, what are we going to buy? What are those portfolios look like? Are we ready? And it’s everything. Some things are the same as moving from, you know, into a cell, as it is, to Dubai, but there are some differences there.

Ken Moraif
Yeah, and you know, there’s an old expression that says an investment advisor makes their money in a bull market, but they earn it in a bear market. That’s a good one. That’s a good one. And you know what I remember back, you know, 2008 and I use that because that was like, you know, the second worst bear market ever. And we lived through that way. Too many people in our profession did not earn their money in that bear market. They hid under a desk. They did not take calls from their clients. They didn’t make any changes. They were just buying hold, and then they dove under their desk and don’t talk to me anymore, you know, because they were like too scared themselves. They were panicked. They were deers in a headlight, and so no, that’s the time you earn your keep. And we have a core value number four, that says, if a client calls us, we lost. And what we mean by that is that if something’s going on and a client calls us about it, then we lost. We should have told them already. So during that whole time when we’re out, communication, communication, communication, communication. You know, another way of saying it is hand holding, hand holding, hand holding. Because if all heck is breaking loose, people are scared, sure, and they want to know what’s what we’re thinking, what’s going on. So we need to communicate with our clients a lot. So believe it or not, like I said, you earn your keep during the times when you’re not in the market, and there’s a ton more work that goes into that than there is when you’re basically riding the wave of a bull market. Yeah.

Jordan Roach
I mean, our job is much easier for the next three years. Markets just trend up.

Ken Moraif
They just kept going up 20% a year,

Jordan Roach
when we got plenty to do. But that is an easier state than if things start rolling over. Yeah. I mean,

Ken Moraif
then we probably would sit in a hammock. No, I’m kidding. Okay, so then the next thing is making sure that when we go back in, that everybody goes back into what they were in before.

Jordan Roach
Yeah, we have to still look at liquidity. We gotta, you know, for us, typically, we’re building out models ahead of time, and we gotta, we that’s a huge tracking because, again, when we sell somebody had a state a model, is what we call it, right of how much equities and which type and percentage relative bonds they’re in, we have to make sure they’re tracking. We go back in, unless they tell us something differently, you know, make sure they get back to that portfolio that they were in. And if you’re looking at 16,000 portfolios that they were looking at, that is a big exercise.

Ken Moraif
That’s right? So we so when we get out, when we go back in, we want to go back into what we were in before, right?

Jordan Roach
And it seems like,

Ken Moraif
how hard is that, right? And

Jordan Roach
I wish it was simpler. Quite frankly,

Ken Moraif
it is so it’s amazing, you know, with the first time we did it, which was actually in 2007 when we went back in, it was like, you know, how hard can this be? Oh my gosh, you know, as we were thinking about everything we needed to do to make sure that it all worked, you know, so there’s as much work that goes into going back in as there was getting out. Because, again, you have to meet with all everybody. You got to get operations ready. You got to communicate to everybody all the stuff that needs to happen to go back in that you did to get out has to happen all over again. That’s exactly right, and so, but you know what? For us, it’s fun.

Jordan Roach
Oh, it’s a lot of fun. I think, I think the, you know, in the last cycle where we hit, where we did this. You know, I think I was up till three, 330 in the morning, but having a lot of fun doing it. Yeah.

Ken Moraif
You know, if you love what you do, you never work a day in your

Jordan Roach
life. That’s right.

Ken Moraif
So, ladies and gentlemen, I hope this was as much fun for you as it was for us to make it for you. We love talking about what we do for you, because it’s fun for us, and we love doing it for you and so, but also, you know, we get a lot of questions about what goes on behind the scenes, when all these when we hit our sell signal or a buy signal. So I hope this gave you some insight as to what we’re doing behind the scenes. And, you know, I guess if you think of a duck, and you know, his little feet are moving really fast under the water, but above the water, it looks very calm. I guess that’s what’s happening. And if, and if we are able to do that, then I think we’re doing our job very well, because we want you to have peace of mind. We don’t want you to worry about it. And if it looks like our hair is on fire and we’re all panicked out while we’re going through this, you’re not going to be feeling very good about it. So we want to be as calm, prepared and ready for when it comes and so. And we actually do periodically, you know, do some conversations about, what are we going to do when the next one comes? So we’re ready. So I hope this gives you some insight into what we do behind the scenes. And once again, make sure you like and subscribe to this weekly market alert video. It hurt, hurts us, helps us tremendously. If you would do that, thank you. And share it with your friends. Share it with your business associates, and we’ll talk soon.

Please note: transcript has been modified after the time of recording. 

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