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by Valuethinker
Thu Apr 22, 2021 7:27 am
Forum: Non-US Investing
Topic: What do you think of my portfolio?
Replies: 5
Views: 624

Re: What do you think of my portfolio?

Hi everyone, it would be greatly appreciated if I could have some feedback on my portfolio below: 7% Bond VAGU: Vanguard Global Aggregate Bond ETF (TER: 0.10%) 78% Developed Large-Mid Caps LGGL: L&G Global Equity UCITS ETF (TER: 0.10%) 10% Emerging All Caps EIMI: iShares Core MSCI EM IMI UCITS ...
by Valuethinker
Thu Apr 22, 2021 7:24 am
Forum: Non-US Investing
Topic: US Canada dual resident - Sell or not sell my house in the US?
Replies: 2
Views: 237

Re: US Canada dual resident - Sell or not sell my house in the US?

I live in Canada (as a permanent resident) and work in the US (on a work visa). I live half the week in Canada and the other half in the US in rented apartments because of the nature of my work. And I also own a house in the US that I used to live in some time ago but is currently rented out. I wou...
by Valuethinker
Wed Apr 21, 2021 10:36 am
Forum: Personal Finance (Not Investing)
Topic: Buyer's Market In City: To Wait or Not to Wait to Sell
Replies: 26
Views: 1504

Re: Buyer's Market In City: To Wait or Not to Wait to Sell

The market may be stronger in a couple of years. I would not count on that. I do not have a crystal ball but in a couple of years mortgage rates could be a lot higher and potential buyers could be looking at 6%+ mortgage which would make your place a lot less affordable. It was not that long ago th...
by Valuethinker
Wed Apr 21, 2021 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Buyer's Market In City: To Wait or Not to Wait to Sell
Replies: 26
Views: 1504

Re: Buyer's Market In City: To Wait or Not to Wait to Sell

I guess it depends on the city. If it’s a city people want to live in, sure, maybe prices will come back sometime in the future. However, I think you have to discount the premium on being close to office buildings, I don’t see that coming back personally I think people will still commute, albeit fe...
by Valuethinker
Wed Apr 21, 2021 10:16 am
Forum: Personal Finance (Not Investing)
Topic: Buyer's Market In City: To Wait or Not to Wait to Sell
Replies: 26
Views: 1504

Re: Buyer's Market In City: To Wait or Not to Wait to Sell

Hi all, I own a one bedroom condominium in the center of a coastal eastern city. Like most urban cores the real estate market is pretty weak for sellers. After attempting to sell last year, including 2 price drops, there were no takers. This year so far the weakness has continued. This is likely th...
by Valuethinker
Wed Apr 21, 2021 10:12 am
Forum: Non-US Investing
Topic: Are bonds really the best thing for the non-equity part of my investments?
Replies: 35
Views: 3356

Re: Are bonds really the best thing for the non-equity part of my investments?

I don't know about Denmark, but I know Sweden is having what looks like a terrible property bubble. Really bad. Norway and Sweden both had bad banking crises in the early 1990s arising from property loans. I make analogies with the New England property crash of the early 90s, that brought down Bank...
by Valuethinker
Wed Apr 21, 2021 8:17 am
Forum: Investing - Theory, News & General
Topic: Would BNDX (USD Hedged Non-USD Bond Fund) Protect against USD Inflation?
Replies: 14
Views: 1095

Re: Would BNDX (USD Hedged Non-USD Bond Fund) Protect against USD Inflation?

One of the increasing anxieties these days is that the US Government's increasingly lax approach to printing trillions of extra dollars might (some think, will) inexorably lead to inflation, possibly quite substantial inflation, in the near future. I was wondering if a reasonable response to this a...
by Valuethinker
Wed Apr 21, 2021 8:14 am
Forum: Non-US Investing
Topic: Seeking advice for investing in Singapore
Replies: 3
Views: 369

Re: Seeking advice for investing in Singapore

Have you done a search on "Singapore" and "Singapore investing" on threads here? We have had a lot of posters from Singapore. I would say you want to hold a global equity ETF or fund. Index tracker. Low cost. Information here can help you decide which fund domicile to choose -- p...
by Valuethinker
Wed Apr 21, 2021 7:56 am
Forum: Non-US Investing
Topic: Are bonds really the best thing for the non-equity part of my investments?
Replies: 35
Views: 3356

Re: Are bonds really the best thing for the non-equity part of my investments?

I think in America, we may be having a delusion where we think that in Europe everybody has some sort of strong health care plan and some kind of strong pension plan. In our minds, this balances the books to justify high tax rates. From that perspective, you would not need bonds as much. Those item...
by Valuethinker
Wed Apr 21, 2021 7:47 am
Forum: Personal Investments
Topic: How fast to readjust AA
Replies: 13
Views: 951

Re: How fast to readjust AA

Thank you all for your thoughts. I will reallocate my 401K now rather than wait. The 8% ESop won't be changed this year. My income is up in 2021 and there is no sense piling on the tax load. I have toyed with the idea of using the ESOP as my donations to church over a period of several years. That ...
by Valuethinker
Wed Apr 21, 2021 7:46 am
Forum: Personal Investments
Topic: How fast to readjust AA
Replies: 13
Views: 951

Re: How fast to readjust AA

[edited]
by Valuethinker
Wed Apr 21, 2021 4:29 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

But also, what if crypto becomes the main currency on "the dark web"? What's the currency of choice on the dark web now? If we have to ask ... we don't have to know ;-). :? :? Monero. It's the only truly anonymous crypto (assuming they coded it right). It's the one I could see govs bannin...
by Valuethinker
Wed Apr 21, 2021 4:28 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

Monero. It's the only truly anonymous crypto (assuming they coded it right). It's the one I could see govs banning in the future. I'm pretty sure governments want criminals to believe that bitcoin is fully anonymous. Probably makes it easier to catch criminals. The US government already views Moner...
by Valuethinker
Wed Apr 21, 2021 3:58 am
Forum: Non-US Investing
Topic: Are bonds really the best thing for the non-equity part of my investments?
Replies: 35
Views: 3356

Re: Are bonds really the best thing for the non-equity part of my investments?

If you don’t want to take duration risk, then don’t take it. The solution to your question - for many who have considered it - is direct ownership of short-term US treasuries held to maturity, I bonds and FDIC guaranteed CDs. This is the board for non-US based investors. OP is in Denmark. Can't own...
by Valuethinker
Wed Apr 21, 2021 3:57 am
Forum: Non-US Investing
Topic: Are bonds really the best thing for the non-equity part of my investments?
Replies: 35
Views: 3356

Re: Are bonds really the best thing for the non-equity part of my investments?

Yes, I have 66% of my capital in a global equity index ETF, no problem. But what about the other 33%? It seems the biggest risk for stocks, these days, are rising inflation and rising interest rates. If interest rates go up, my stocks will be hit, AND so will bonds. Bonds seem to be horrible protec...
by Valuethinker
Tue Apr 20, 2021 1:15 am
Forum: Non-US Investing
Topic: Non US Investing: Should we put 5% of port in Bitcoin?
Replies: 96
Views: 9013

Re: Non US Investing: Should we put 5% of port in Bitcoin?

For sure not a bitcoin or other crypto outside government control. No responsible government will ever surrender the right to regulate or have influence over its currency. ... if it can help it or isn't getting enough in return. It already happened - to countries in the Eurozone who are now incapab...
by Valuethinker
Mon Apr 19, 2021 3:40 pm
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

Do you think earning low risk returns of 8-10% from dollar stablecoins is a legitimate use case for crypto? It's not low-risk. Alchemix, where you take out a loan in USD using crypto as collateral, and the loan is paid back by the protocol itself (generating yield on your collateral in the backgrou...
by Valuethinker
Mon Apr 19, 2021 11:58 am
Forum: Non-US Investing
Topic: [UK] From random asset allocation to something sensible. Review welcome!
Replies: 2
Views: 372

Re: [UK] From random asset allocation to something sensible. Review welcome!

You will presumably just empty your ISAs when you move country? And anything in taxable, you presumably want to establish a new base cost (for future capital gains) at time of entry? Which might make it easier just to sell it in the UK and then move the money across (you won't owe capital gains in t...
by Valuethinker
Mon Apr 19, 2021 11:50 am
Forum: Non-US Investing
Topic: Advice for ETF allocation
Replies: 19
Views: 1352

Re: Advice for ETF allocation

If this were 100% of your equity allocation I'd say OK. You're a young guy who likes to tilt hard to USA and tech. But it's NOT. The other 50% is in your 10 high conviction stocks. Which are? "I am thinking of this allocation: ISHSIII-CORE MSCI WORLD U.ETF (IWDA) - EAM 66,0% iShares Core MSCI ...
by Valuethinker
Mon Apr 19, 2021 11:00 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

I agree with the government sanctioned crypto bit. I just can't quite understand why governments haven't full out banned certain cryptos at this point. Perhaps creating a government sanctioned crypto dollar is too complex or time consuming. As per my other post the Central Banks have held conferenc...
by Valuethinker
Mon Apr 19, 2021 10:59 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

I agree with the government sanctioned crypto bit. I just can't quite understand why governments haven't full out banned certain cryptos at this point. Perhaps creating a government sanctioned crypto dollar is too complex or time consuming. My guess, is it's not a legitimate threat to the currency,...
by Valuethinker
Mon Apr 19, 2021 10:57 am
Forum: Investing - Theory, News & General
Topic: Cryptocurrency in Free Fall
Replies: 251
Views: 19202

Re: Cryptocurrency in Free Fall

It’s weird to feel so confident about something I know is risky. Maybe I’m wrong about it That should be a red flag. One should never be confident about a risky investment. With experience comes wisdom. If this bites you, you'll know better next time. This is all so wonderfully straight out of all ...
by Valuethinker
Mon Apr 19, 2021 10:56 am
Forum: Personal Investments
Topic: REITs
Replies: 34
Views: 2416

Re: REITs

The US REIT index fund has relatively little of the usual suspects (shops & offices) in it. But over 60% of rent on UK commercial properties was *unpaid* as of March 31st . This is an industry living on the hope that it might, someday, have tenants paying again. My employer is looking at moving ...
by Valuethinker
Mon Apr 19, 2021 10:48 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

health teacher wrote: Mon Apr 19, 2021 9:23 am
Valuethinker wrote: Mon Apr 19, 2021 8:34 am
But also, what if crypto becomes the main currency on "the dark web"?
What's the currency of choice on the dark web now?
If we have to ask ... we don't have to know ;-).
:? :?
by Valuethinker
Mon Apr 19, 2021 8:42 am
Forum: Personal Consumer Issues
Topic: Lease Buyout Options [car]
Replies: 17
Views: 1414

Re: Lease Buyout Options [car]

C-19 has generally led to higher used car prices due to a lack of supply (people simply are not driving as much, holding on to their cars, etc.) Now that consumer spending is picking up again the market for used cars is becoming even more disjointed. It's a mirror of the housing market. If you sell...
by Valuethinker
Mon Apr 19, 2021 8:34 am
Forum: Investing - Theory, News & General
Topic: Help me get a basic education in cryptocurrency
Replies: 169
Views: 9878

Re: Help me get a basic education in cryptocurrency

I agree with the government sanctioned crypto bit. I just can't quite understand why governments haven't full out banned certain cryptos at this point. Perhaps creating a government sanctioned crypto dollar is too complex or time consuming. And they have. In countries with foreign exchange controls...
by Valuethinker
Mon Apr 19, 2021 8:06 am
Forum: Investing - Theory, News & General
Topic: EM has concentrated risk in china/taiwan
Replies: 42
Views: 3004

Re: EM has concentrated risk in china/taiwan

(Note: This is not intended as a political post - I'm just stating a couple of important facts that are germane to the overall discussion.) Why are people lopping together Taiwan and China as if they are one entity in the EM Index country weightings? Taiwan has had its own currency since 1949 and i...
by Valuethinker
Mon Apr 19, 2021 7:54 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

A slight refinement which would most probably pay off in the long run would be to use a Global Equities Index Tracker Fund for the equity portion of the portfolio This would correct the U.K. bias of the Vanguard Life Strategy Fund Bonds could be added as required-a Global Bond Index Fund hedged to ...
by Valuethinker
Mon Apr 19, 2021 3:08 am
Forum: Non-US Investing
Topic: Non US Investing: Should we put 5% of port in Bitcoin?
Replies: 96
Views: 9013

Re: Non US Investing: Should we put 5% of port in Bitcoin?

https://youtu.be/Zz6RK361Gxo The above video is an excellent argument in favor of old seasoned retired investors like us buying and holding perhaps 5% of port in bitcoin. I'd like to know what other veteran non-USA investors think about it. If you asked me about my opinion regarding Bitcoin before ...
by Valuethinker
Mon Apr 19, 2021 3:05 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

Why not go a stage further in removing human nature and instead of LifeStrategy fund, go for a Target Retirement fund? Its basically the same but is stepping down the equity for you as you get older, so you don't need to think about it. Slightly more expensive at 0.24% compared to 0.22 %, but that'...
by Valuethinker
Mon Apr 19, 2021 2:58 am
Forum: Personal Investments
Topic: REITs
Replies: 34
Views: 2416

Re: REITs

There used to be a "REIT wrecks" website. Every so often here, we get someone whose "adviser" put them into a private REIT, and it's a mess, and they can't get out. The result is years of suffering just trying to extract capital. If one does get out, it's usually at some massive ...
by Valuethinker
Sun Apr 18, 2021 8:51 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

- how can something pay 8% when nothing else in the market is paying 8%? Or does that have the sort of extreme level of risk of, say, Ecuadorian bonds? I suspect you are thinking more in developed country terms that have historically-low interest rates. I have no expertise in this matter and have n...
by Valuethinker
Sat Apr 17, 2021 1:19 pm
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

How exactly do these accounts "earn" interest? One VERY SMALL detail to note: the interest will be paid in the native currency. Earn 5% on ALGO and the price of ALGO rises? Party. But if ALGO tanks (which is the elephant in the living room, right?), your 5% ain't worth squat. So, don't eq...
by Valuethinker
Sat Apr 17, 2021 11:57 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

Mike Piper, Bogelhead and author of the blog Oblivious Investor uses the Vanguard Life Strategy for his retirement investments. What’s In My Portfolio? (Updated) Are We Still Using the LifeStrategy Growth Fund? When someone as savvy as he is on investing recognizes that the biggest risk of underper...
by Valuethinker
Sat Apr 17, 2021 11:54 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

Do people count this towards their equity allocation or in their alternative allocation? So if you're 70% equities and 5% BTC do you consider yourself being a 75/25 or a 70/25/5? There may be some who count it as equity. It ain't. It's 5% on the outsider in the 2.30 at Cheltenham, to my mind.
by Valuethinker
Sat Apr 17, 2021 11:53 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

Hello , investing in lifestrategy if for people whose really don't know anything about investing . You look to know a bit , as you told you read some books , with a bit more effort you could create a portfolio could give you more benefits , also in my opinion , considering your age , why don't you ...
by Valuethinker
Sat Apr 17, 2021 11:47 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

How exactly do these accounts "earn" interest? One VERY SMALL detail to note: the interest will be paid in the native currency. Earn 5% on ALGO and the price of ALGO rises? Party. But if ALGO tanks (which is the elephant in the living room, right?), your 5% ain't worth squat. So, don't eq...
by Valuethinker
Sat Apr 17, 2021 11:47 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

How exactly do these accounts "earn" interest? One VERY SMALL detail to note: the interest will be paid in the native currency. Earn 5% on ALGO and the price of ALGO rises? Party. But if ALGO tanks (which is the elephant in the living room, right?), your 5% ain't worth squat. So, don't eq...
by Valuethinker
Sat Apr 17, 2021 11:44 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

MoeMoney wrote: Sat Apr 17, 2021 11:32 am
Valuethinker wrote: Sat Apr 17, 2021 11:26 am
How exactly do these accounts "earn" interest? Why would someone pay interest to them, for the privilege of holding the currency?
Loaned out as leverage, just like a traditional bank
But who needs to borrow the cryptocurrency?

To what purpose are they putting it?
by Valuethinker
Sat Apr 17, 2021 11:26 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

I have recently started using both Gemini and coinbase, and both have excellent interfaces. My current holdings, roughly evenly are: Bitcoin (Gemini ‘earn’ account- 2% interest) Ethereum (Gemini ‘earn’ account- 3% interest) Algorand (coinbase- 6-7% interest) Will plan to get to 5-10% of portfolio. ...
by Valuethinker
Sat Apr 17, 2021 11:25 am
Forum: Investing - Theory, News & General
Topic: For those adding Crypto as an asset class to their AA
Replies: 152
Views: 8999

Re: For those adding Crypto as an asset class to their AA

Bogleheads generally don't buy assets that do not provide a return. Gold and silver being an example. Sure, some do, but I'm speaking in generalities. I am now seeing more and more bogleheads, long timers, buying into cryptos. Does that mean we are starting to reach our peak because the last of the...
by Valuethinker
Sat Apr 17, 2021 8:38 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

I am starting my investing career after spending a long time reading a lot of investment books including boggle heads guide and forum. I have decide my goals, reflected on my level of aversion to risk and thought about my asset allocation and investment strategy. I have been thinking about investin...
by Valuethinker
Sat Apr 17, 2021 3:38 am
Forum: Personal Finance (Not Investing)
Topic: Any happy lawyers out there?
Replies: 138
Views: 12803

Re: Any happy lawyers out there?

To clarify my own situation, it's not so much that I don't want to be a lawyer; I think it's more that I don't want to be a corporate lawyer in a big firm for the long term. I'd rather do small-town lawyer stuff -- criminal defense, trusts and estates, etc. But the career path out of the top-notch ...
by Valuethinker
Sat Apr 17, 2021 2:52 am
Forum: Non-US Investing
Topic: Advice for ETF allocation
Replies: 19
Views: 1352

Re: Advice for ETF allocation

Hi all I am considerig this allocation scheme: VANGUARD S&P 500 UCITS ETF (VUAA) - XET ISHSIII-CORE MSCI WORLD U.ETF (IWDA) - EAM ISHSV-S&P 500 INF.TE.SEC.U.ETF (QDVE) - XET iShares Core MSCI EM IMI UCITS ETF (EMIM) - EAM ISHSIV-AUTOMATION&ROBOT.U.ETF (2B76) - XET ISHARES IV-HEALTHC.INN...
by Valuethinker
Sat Apr 17, 2021 2:47 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

Welcome. I am starting my investing career after spending a long time reading a lot of investment books including boggle heads guide and forum. I have decide my goals, reflected on my level of aversion to risk and thought about my asset allocation and investment strategy. I have been thinking about...
by Valuethinker
Sat Apr 17, 2021 2:37 am
Forum: Non-US Investing
Topic: Invest entirely in vanguard life strategy fund? UK investor looking for advice
Replies: 21
Views: 1652

Re: Invest entirely in vanguard life strategy fund? UK investor looking for advice

I am starting my investing career after spending a long time reading a lot of investment books including boggle heads guide and forum. I have decide my goals, reflected on my level of aversion to risk and thought about my asset allocation and investment strategy. I have been thinking about investin...
by Valuethinker
Fri Apr 16, 2021 1:07 pm
Forum: Investing - Theory, News & General
Topic: Cryptocurrency - Bitcoin Continues to Soar!
Replies: 299
Views: 25562

Re: Cryptocurrency - Bitcoin Continues to Soar!

It get's to be even an more dangerous tornado when people use their paper wealth as collateral to make bets on other crypto. If they are able to do that, say by not repaying consumer or home mortgage loans ... then you have the recipe for a really harmful collapse. Depending on the scale. My hope i...
by Valuethinker
Fri Apr 16, 2021 1:01 pm
Forum: Investing - Theory, News & General
Topic: Cryptocurrency - Bitcoin Continues to Soar!
Replies: 299
Views: 25562

Re: Cryptocurrency - Bitcoin Continues to Soar!

Things are getting weird when dogecoin is up 92% in 24hour. https://www.coindesk.com/price/dogecoin It was started as a joke. https://www.investopedia.com/terms/d/dogecoin.asp#:~:text=Dogecoin%20is%20an%20open%2Dsource,its%20proof%2Dof%2Dwork. This is why I love crypto... Will enjoy the ride for no...
by Valuethinker
Fri Apr 16, 2021 10:06 am
Forum: Investing - Theory, News & General
Topic: Cryptocurrency - Bitcoin Continues to Soar!
Replies: 299
Views: 25562

Re: Cryptocurrency - Bitcoin Continues to Soar!

If there was a way to never hear about crypto again, some kind of safe brain implant, I would do that. I seriously would pay $1,000 right now, never to read or hear about crypto again. Partly because I am bitter/sore over not investing in Bitcoin, but mostly because I'm fatigued by it, and constant...
by Valuethinker
Fri Apr 16, 2021 9:58 am
Forum: Investing - Theory, News & General
Topic: There’s a single New Jersey deli doing $35,000 in sales valued at $100 million in the stock market
Replies: 69
Views: 8039

Re: There’s a single New Jersey deli doing $35,000 in sales valued at $100 million in the stock market

Hedge fund manager David Einhorn warned of dangers for retail investors that he sees in the market, and one of his main examples was a tiny New Jersey deli with a market capitalization of more than $100 million. https://www.msn.com/en-us/money/companies/there-s-a-single-new-jersey-deli-doing-35-000...