http://www.zerohedge.com/fullrss2.xml/%2A%7CARCHIVE%7C%2A/%2A%7CFORWARD%7C%2A en Bernie Sanders Says FBI Probe Is "Pathetic" Attempt At Political Retribution http://www.zerohedge.com/news/2017-06-28/bernie-sanders-says-fbi-probe-pathetic-attempt-political-retribution <p><a href="http://www.zerohedge.com/news/2017-06-27/bernie-sanders-dodges-reporters-questions-about-fbi-probe">After refusing to discuss</a> the FBI investigation into whether his wife submitted a fraudulent loan application during her time as president of the now-defunct Burlington College, Sen. Bernie Sanders has chosen to say a few choice words on the matter during an interview with noted fake news purveyor CNN.</p> <p><a href="https://www.youtube.com/watch?v=vAQwlDeQyU4">When CNN&rsquo;s Erin Burnett </a>repeatedly pressed Sanders to confirm the probe, the Senator demurred, but then decided he&rsquo;d like to say a few words about the investigation. <strong>Echoing remarks made to a local reporter in May &ndash; before the existence of a federal investigation was known to the public &ndash; Senators launched into a diatribe about how the investigation is nothing more than a political attack perpetrated by Republicans. </strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;My wife is about the most honest person I know.</strong> <strong>When she came to that college it was failing financially and academically when she left it, it was in the best shape it&rsquo;d ever been. Five years later, coincidentally no doubt, when I am a candidate for president of United States Donald Trump&rsquo;s campaign manager &ndash; vice chairman of the Republican party of Vermont &ndash; launched this investigation.</strong></p> </blockquote> <p><iframe allowfullscreen="" frameborder="0" height="315" src="//players.brightcove.net/5107476400001/B1xUkhW8i_default/index.html?videoId=5485197469001" width="560"></iframe></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&quot;It is a sad state of affairs in America. <strong>Not only do we have politicians being destroyed &ndash; when there are attacks against elected officials &ndash; but when they go after your wife? That&rsquo;s pretty pathetic.</strong> And that&#39;s where we are right now, and that&rsquo;s all I&rsquo;m going to say.&quot;</p> </blockquote> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;When people are involved in public life, it&rsquo;s not only that they get attacked, but their wives and families get attacked as well.&rdquo;</p> </blockquote> <p>When repeatedly asked if he could confirm if his wife is under investigation, Sanders demurred.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;That&rsquo;s all I&rsquo;m going to say.&rdquo;</p> </blockquote> <p>* * *</p> <p>Of course, the notion that Jane Sanders left Burlington in &ldquo;the best shape it&rsquo;d ever been in&rdquo; is ridiculous: The school of course closed last year after more than 45 years of operation thanks to the crushing debt burden accumulated during Sanders&rsquo; reign.</p> <p>And what about the allegations that Sanders&rsquo; office improperly leaned on People&rsquo;s United Bank to grant the $10 million loan? Those allegations were conveniently glossed over.</p> <p>As <a href="http://www.zerohedge.com/news/2017-06-24/bernie-sanders-wife-under-fbi-investigation-bank-fraud">we reported over the weekend,</a> Sanders and his wife Jane have hired lawyers to defend themselves amid an FBI investigation into a loan obtained to expand Burlington College while she was its president. Burlington College, a small Vermont private school once led by the wife of Democratic presidential candidate Bernie Sanders, closed last year, citing &quot;the crushing weight&quot; of debt incurred during the presidency of Jane Sanders who was in charge of the college until 2011.</p> <p>The college, which enrolled 224 students as of fall 2014, said it faced financial troubles connected to its 2010 purchase of 32 acres of lakefront property from the Archdiocese of Burlington. The college said it had sold property to reduce its debt to a manageable level, but it was placed on probation in 2014 by its accrediting agency and it faced cash flow problems due to the imminent loss of a line of credit.</p> <p>The reason for the small liberal school&#39;s terminal financial trouble is that to fund the property purchase from the Catholic diocese, <strong>Sanders took out $10 million in loans.&nbsp; As HeatStreet reported last year, the college almost immediately fell short on its financial obligations as fundraising pledges and commitments Ms. Sanders cited in the loan agreements never materialized. Less than a year after leading Burlington College into massive debt, Ms. Sanders resigned, taking with her a $200,000 severance package. </strong>By 2014, because of its shaky finances and running deficits, Burlington College found itself placed on probation for two years by the regional accreditation agency.</p> <p>Jane Sanders was president of the college from 2004 to 2011. Her husband, Bernie Sanders, a former mayor of Burlington, served in the U.S. House of Representatives from 1991 to 2007 and since then has represented Vermont in the U.S. Senate.</p> <p>A Sanders ally said the couple has sought legal protection over federal agents&#39; allegations from a January 2016 complaint accusing then-President of Burlington College, Ms. Sanders, of distorting donor levels in a 2010 loan application for $10 million from People&#39;s United Bank to purchase 33 acres of land for the institution.</p> <p>* * *</p> <p>Poor Bernie. He dedicates his entire life advocating on behalf of America&rsquo;s disenfranchised, and how does this country repay him? By electing him mayor, Congressman, Senator&hellip;<em><strong>the essential unfairness of the situation is staggering.</strong></em></p> <p>And who knows? Maybe if it weren&rsquo;t for blatant collusion between the Clinton campaign and the DNC, Bernie would&rsquo;ve won the Democratic nomination, and maybe he&rsquo;d be sitting in the Oval Office right now instead of Trump.</p> <p>We wonder how media outlets like CNN &ndash; not to mention special counsel Robert Mueller and the Congressional investigators &ndash; would&rsquo;ve treated the investigation then?&nbsp;</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="846" height="475" alt="" src="http://www.zerohedge.com/sites/default/files/images/user245717/imageroot/bernie_0.JPG?1498648610" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/bernie-sanders-says-fbi-probe-pathetic-attempt-political-retribution#comments America Bernie Sanders Bernie Sanders Burlington College Burlington College Burlington, Vermont Donald Trump Erin Burnett FBI Federal Bureau of Investigation Jane O'Meara Sanders Nomination Politics regional accreditation agency Republican party of Vermont Sanders United States United States Senate US House of Representatives Vermont Wed, 28 Jun 2017 22:10:00 +0000 Tyler Durden 598805 at http://www.zerohedge.com Blue Apron Prices IPO At Bottom Of Deeply Discounted Range http://www.zerohedge.com/news/2017-06-28/blue-apron-prices-ipo-bottom-deeply-discounted-range <p>Perhaps impacted by Amazon&#39;s Whole Foods&#39; deal, <strong>Blue Apron just priced its IPO at $10 (30 million shares)</strong>.</p> <blockquote class="twitter-tweet" data-lang="en"><p dir="ltr" lang="en">Blue Apron Holdings <a href="https://twitter.com/hashtag/IPO?src=hash">#IPO</a> - <a href="https://twitter.com/search?q=%24APRN&amp;src=ctag">$APRN</a> <a href="https://twitter.com/search?q=%24IPO&amp;src=ctag">$IPO</a> priced 30mm shares at a price of $10.00, and will debut tomorrow (6/29).</p> <p>&mdash; IPO Boutique (@IPOBoutique) <a href="https://twitter.com/IPOBoutique/status/880179060437110784">June 28, 2017</a></p></blockquote> <script async src="//platform.twitter.com/widgets.js" charset="utf-8"></script><p><strong>The food-kit-delivery company slashed its marketed initial public offering price by 34% Wednesday</strong>, cutting the range from $15 to $17 a share to $10 to $11, <strong>the second biggest cut in five years</strong>.</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_blue.jpg"><img height="375" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_blue_0.jpg" width="600" /></a></p> <p><strong>Perhaps the crushing discount on the IPO is because of this...</strong></p> <p><a href="https://www.linkedin.com/pulse/detailed-look-blue-aprons-challenging-unit-economics-daniel-mccarthy"><em>Via Daniel McCarthy, Assistant Professor of Marketing at Emory University,</em></a></p> <div class="prose"> <p><strong>Good companies can acquire many customers cheaply, retain existing customers for extended periods of time, and generate a lot of revenue while those customers are alive.</strong> Putting it simply, the litmus test of any company&rsquo;s financial success is the ability to acquire many high lifetime value (LTV) customers. Being LTV-centric is at the heart of being <a href="https://www.amazon.com/Customer-Centricity-Customers-Strategic-Essentials/dp/1613630166" rel="nofollow noopener" target="_blank">customer centric</a>.</p> <p><em><strong>Does Blue Apron, which <a href="https://techcrunch.com/2017/06/19/blue-apron-will-raise-587m-in-its-ipo-valuing-itself-close-to-3b/" rel="nofollow noopener" target="_blank">recently priced its IPO</a> at a very healthy ~$3 billion implied valuation (or almost 3.5 times trailing twelve month revenues), pass the test?</strong></em> In my <a href="https://www.linkedin.com/pulse/blue-aprons-ipo-filing-implies-troubling-customer-daniel-mccarthy" target="_blank">last note on Blue Apron</a>, which was recently cited in the <a href="https://www.wsj.com/articles/stir-fry-on-sale-blue-apron-turns-to-deals-to-draw-customers-1498561202" rel="nofollow noopener" target="_blank">Wall Street Journal</a>, I showed that while Blue Apron disclosed nothing <em>explicitly </em>about its customer retention, and very little about how its customer acquisition cost (CAC) has been changing over time, it disclosed just enough to use the modeling approach that I advocated in <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=2701093" rel="nofollow noopener" target="_blank">a recent journal article</a> to &ldquo;back out&rdquo; what these figures are most likely to be. The conclusion: Blue Apron doesn&rsquo;t retain customers for very long, and the cost to acquire customers has been on the rise lately. These are important ingredients to the overall customer-based corporate valuation recipe. At the same time, there is a lot more that we can learn from Blue Apron&rsquo;s S-1 disclosures.</p> <p>I went back and built a much more complete model to leverage all the data that Blue Apron has disclosed. I explicitly model how customers are acquired, how long they remain customers before churning, how many orders they make while they are retained, and how much they spend on each of those orders. This more general model allows us to incorporate all the metrics that Blue Apron has disclosed, such as six-month cumulative revenue for annual customer cohorts. It allows us to refine answers to previous questions, such as what Blue Apron&rsquo;s retention curve looks like, and answer new ones, such as how the post-acquisition profitability of customers has been changing over time, and whether younger customers generate more revenues as they age or not (e.g., that the <a href="https://medium.com/startup-traction/blue-apron-s-1-meals-on-your-doorstep-923499bcaf45" rel="nofollow noopener" target="_blank">customers who stick for a long time around reorder a substantial amount</a>).</p> <p>The results continue to suggest challenges ahead &ndash; retention is even weaker than I had originally estimated it to be, new acquisition cohorts are generating less revenues than old ones, and as customers age, they spend less and not more with the firm. In recent months, I estimate that Blue Apron is losing money on ~70% of the customers that it acquires. I dive into the model briefly next, before expanding on these conclusions.</p> <h3><u><strong>The Model</strong></u></h3> <p>My model for the acquisition and retention of users remains the same, using only the cost per acquired customer, historical marketing expense, and active customer data as inputs. However, I built additional models for how many orders customers make while they are alive, and how much they will spend on a particular order. I estimate parameters for each of these models so that what we expect the data to be is as consistent as possible with the disclosed data. As before, wonkish comments are provided below.</p> <p>The resulting relatively simple composite model does an excellent job of fitting the observed data. As shown below, it provides a very reasonable fit to all the data &ndash; the number of active customers, total customer acquisitions, orders, revenues, and cumulative revenue per acquired customer metrics. I provide a series of charts summarizing this performance below, all of which are accessible in Excel spreadsheet form here (<a href="https://www.dropbox.com/s/bm46m2z7y2bisp8/BlueApron%20Calculations%20vFinal%20clean.xlsx?dl=0" rel="nofollow noopener" target="_blank">download</a>), if you would like to examine the numbers yourself. On to the charts!</p> <p>Quarterly total number of active customers:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAyVAAAAJDk0NmM3NDZhLTBjOTItNDdiNi1iNGI1LTcxMjU5YmRjY2RiZA.png" style="height: 345px; width: 601px;" /></div> <p><em><strong>Aside: Total active customers must be larger than total subscribers, and it is unconventional for a subscription business such as Blue Apron to report the former instead of the latter.</strong> Blue Apron defines active customers to be the total number of customers who have placed at least one order during the quarter, regardless of whether or not that customer has churned by the end of the quarter or not, from what I can tell. Active customers is a more appropriate metric for (and traditionally only disclosed by) non-subscription businesses such as social networking companies, mobile gaming companies, and e-commerce retailers (e.g., Facebook, LinkedIn, Zynga, and Amazon&rsquo;s e-commerce business). </em></p> <p>Cumulative customers acquired, Q1 2014 to Q1 2017:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAt1AAAAJDUzZDhhMGYyLWExNDMtNDE4Ny04NmY0LTlkNTNkNjJlNzgzOQ.png" style="height: 344px; width: 601px;" /></div> <p>&nbsp;</p> <p>Quarterly total orders:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAueAAAAJDYzZWU4NzQyLWIwYmQtNDkwNi1hOThlLTk1MDI2ZWM5ZmY0Yg.png" style="height: 368px; width: 600px;" /></div> <p>Quarterly total revenue:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAA0VAAAAJDE5NWJjODQ1LTdmZTktNDhjOS04YzZhLTBhMDRhODY0MDQ0NQ.png" style="height: 335px; width: 600px;" /></div> <p>Cumulative revenue per acquired customer for customers acquired between Q1 2014 and Q1 2017, 6 to 36 months out:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAqDAAAAJGNkNjQ4YTliLTI4MGItNDA5Mi04MGRjLTJjOWZiOGIyYzg3MQ.png" style="height: 312px; width: 600px;" /></div> <p>Cumulative revenue per acquired customer over next six months for customers acquired in 2014, 2015, and 2016:</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAA1OAAAAJDJiMmZhOGQyLTQ4ZjItNGI1MC04NGY5LWI4NWVkYzc5ZTYwNA.png" style="height: 314px; width: 600px;" /></div> <p>&nbsp;</p> <p>The fact that my relatively simple model is consistent with the data along so many key dimensions at the same time provides some comfort that we can trust the results of the model. Let&rsquo;s discuss those results next.</p> <h3><u><strong>The Results: Anti-stickiness &ndash; Low Retention and Declining Revenue per Customer, Over Time and Across Cohorts</strong></u></h3> <p>Here is a summary of what I found from the deeper dive:</p> <p><strong>1.&nbsp;&nbsp;&nbsp;<em>The retention curve is worse than I originally had estimated it to be</em>. </strong>While my substantive conclusion remains the same, I estimate that <strong>72%</strong> of customers will churn by the time they are six months old. Because Blue Apron cannot retain customers for extended periods of time means that CAC is effectively part of cost of goods sold. CAC should go down relatively sharply over time as a percentage of sales at healthy businesses, as sales are increasingly derived from loyal customers who have been around for a while. When customers churn out very quickly, that pool of loyal customer revenue remains small, making CAC effectively variable in nature.</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAqpAAAAJGYwZWM1OTkyLWNkYjEtNDIxYy05MGFhLTAyMGIxZTdiODVhNw.png" style="height: 314px; width: 600px;" /></div> <p><strong>2.&nbsp;&nbsp;&nbsp;<em>The revenue that Blue Apron is generating from more recently-acquired customers is less than from customers acquired in the past</em>.</strong> Every new acquisition cohort generates, on average, about $7 less in revenues over the next 6 months than the cohort which preceded it, which adds up quickly over time. In other words, while the cost to acquire new customers is going up, the go-forward value of those newly acquired customers is going down. Both trends are driving LTV lower over time. I suspect that this is due at least in part to the vast sums of money that Blue Apron is spending upon subscriber acquisition expenses (SAE). It is very common to see LTV go way down when SAE goes way up.</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAzbAAAAJDkwMjYyZThmLTAwNmQtNDg2MC04ZmY2LTM2NDUxYjk2YWE1NQ.png" style="height: 325px; width: 601px;" /></div> <p><strong>3.&nbsp;&nbsp;&nbsp;<em>While customers are alive, the amount of revenue that Blue Apron generates from them tends to go down, not up, over time</em>. </strong>This makes it unlikely that long-time loyal customers will &ldquo;bail out&rdquo; the firm because they are also high spenders, a common trend at mobile gaming companies, for example &ndash; in fact, we infer that the opposite has been taking place. As customers get older, they place fewer orders on average, which is only slightly offset by a marginal increase in spend per order over time. Customers are not &ldquo;sticky.&rdquo; Moreover, at subscription-based businesses like Blue Apron, there is only so much that big spenders can spend, while there is no such upper bound at non-subscription businesses.</p> <div class="slate-resizable-image-embed slate-image-embed__resize-full-width"><img src="https://media.licdn.com/mpr/mpr/AAEAAQAAAAAAAAqTAAAAJDIwMWNjYjE2LWQ2NGUtNDdmMy04NWMxLTk4ODEyMTY0OTJhZg.png" style="height: 306px; width: 600px;" /></div> <p><strong>4.&nbsp;&nbsp;&nbsp;<em>70% of recent Blue Apron customers will not break even</em>.</strong> We estimate that CAC in Q1 2017 is $147. To break even at this CAC, new customers must generate at least $565 of net revenue (i.e., gross revenue minus returns and promotional discounts), assuming Blue Apron&rsquo;s variable contribution margin is equal to ~26%. The chart above shows that newer customers must remain subscribed for about 4.5 months to generate this much revenue. However, almost 70% of customers churn by this time and thus do not break even. Even though Blue Apron turns a profit on the remaining 30% of customers, the break-even point is moving farther away with every new cohort due to declining revenue and growing CAC for newer customers.</p> <p><u><strong>In summary, this customer-based analysis spells trouble for Blue Apron, with important measures of customer health in decline.</strong></u> Amazon&rsquo;s recent acquisition of Whole Foods is likely to make it even more difficult to keep those Blue Apron subscribers coming back. I recommend that Blue Apron redouble its efforts upon activities that will make customers &ldquo;sticky&rdquo; in the long run. <a href="https://medium.com/startup-traction/blue-apron-s-1-meals-on-your-doorstep-923499bcaf45" rel="nofollow noopener" target="_blank">Investors</a> <a href="https://medium.com/@nbt/how-blue-apron-compares-to-other-subscriptions-in-one-graph-6404a74ccf2d" rel="nofollow noopener" target="_blank">are</a> <a href="https://seekingalpha.com/article/4078625-blue-apron-ipo-takeaways-sminus-1" rel="nofollow noopener" target="_blank">clamoring</a> for customer metrics so that they can go beneath surface-level financial metrics to better understand Blue Apron&rsquo;s underlying unit economics. I hope that this analysis takes investors a step closer to what they are looking for, and that Blue Apron will begin disclosing a few more.</p> <p><em>A big acknowledgement goes to Valery Rastorguev. All errors and omissions are mine.</em></p> <h3><u><strong>Wonkish Comments</strong></u></h3> <p>1.&nbsp;&nbsp;&nbsp;The model for the acquisition and retention of users over time is essentially unchanged from our previous analysis, except for two factors:</p> <ul> <li>I re-incorporate marketing spend into the acquisition process. More than ever, the data demanded that this covariate be included because it had a strong positive relationship with customer acquisition. While I would not read too deeply into its coefficient estimate, including it gives us a much &ldquo;cleaner read&rdquo; into the company&rsquo;s retention trends, as well as the evolution of CAC over time. It implies acquisitions are more front-loaded than previously estimated, which as I suggested in my previous post, led to worse retention trends.</li> <li>I accounted for the aforementioned fact that Blue Apron reports <em>active customers</em> and not <em>total subscribers</em>.</li> </ul> <p>2.&nbsp;&nbsp;&nbsp;The total orders model assumes that customers by definition place an order the week they are acquired as customers. They will make purchases in subsequent weeks with some probability, which is a function of how tenured the customer is, and when they were acquired as a customer. The model allows for seasonal fluctuation in the order rate over time.</p> <p>3.&nbsp;&nbsp;&nbsp;The spend per order model assumes that the expected revenue derived from a particular customer&rsquo;s order is some function of a time-invariant baseline, how tenured the customer is, and when they were acquired as a customer.</p> <p>4.&nbsp;&nbsp;&nbsp;The retention, order, and spend processes are assumed to be independent of one another a priori (but not a posteriori, if individual-level data were available).</p> <p>5.&nbsp;&nbsp;&nbsp;The variable contribution margin is assumed to be equal to Blue Apron&rsquo;s most recent gross margin (31%), less 5% of sales from non-SAE operating expenses which are assumed to be effectively variable in nature. This is substantively consistent with <a href="https://medium.com/startup-traction/blue-apron-s-1-meals-on-your-doorstep-923499bcaf45" rel="nofollow noopener" target="_blank">Lee Cower&rsquo;s</a> assessment of fully loaded contribution margin. Had I optimistically assumed that no non-SAE operating expenses are effectively variable in nature, the current break-even point is closer to four months.</p> <p>6.&nbsp;&nbsp;&nbsp;I agree with Lee Cower&rsquo;s comments regarding margin improvement over the past few years. However, I also agree with his opinion that gross margin improvement appears to have stopped and thus is unlikely to resume in the future.</p> <p>7.&nbsp;&nbsp;&nbsp;The proposed model&rsquo;s implied six-month retention rate of approximately 30% is consistent with the retention rate estimated by business intelligence firm <a href="https://medium.com/@nbt/how-blue-apron-compares-to-other-subscriptions-in-one-graph-6404a74ccf2d" rel="nofollow noopener" target="_blank">SecondMeasure</a>, and implies that business intelligence firm <a href="https://1010data.com/company/blog/blue-apron-is-bringing-home-the-bacon/" rel="nofollow noopener" target="_blank">1010data&rsquo;s</a> 10% retention rate estimate is pessimistic. A helpful benefit of methods such as the one proposed in this note, which leverage first-party disclosures, is that they do not rely upon data from a panel of users which may not be representative of the overall customer base of the focal firm in question.</p> </div> <p>*&nbsp; *&nbsp; *</p> <p>But apart from that we are sure BNob Pisani will see it a success tomorrow morning when it opens...</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="930" height="582" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_blue.jpg?1498686311" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/blue-apron-prices-ipo-bottom-deeply-discounted-range#comments Amazon.com Business Business Business Intelligence Business models Corporate finance Customer acquisition cost Customer attrition Customer lifetime value Customer retention E-commerce Economic history of the Netherlands Economy Emory University Initial public offering Marketing Sales Software Subscription business model Wall Street Journal Whole Foods Market Wed, 28 Jun 2017 21:45:36 +0000 Tyler Durden 598871 at http://www.zerohedge.com Putin Accuses "Foreign Spy Agencies" Of Supporting Terrorism To Destabilize Russia http://www.zerohedge.com/news/2017-06-28/putin-accuses-foreign-spy-agencies-supporting-terrorism-destabilize-russia <p>In the first public accusation that "foreign spy agencies" are seeking to destabilize Russia made in recent years, during a meeting with Russia's foreign intelligence agency President Vladimir Putin said that "some foreign special services" are directly supporting extremist and terrorist groups to destabilize the situation near Russia’s borders, President Vladimir Putin said at a meeting with Russia’s foreign intelligence agency.</p> <p>“In general, the growing activity of foreign special services against us and our allies is obvious,” Putin said <a href="https://www.bloomberg.com/news/articles/2017-06-28/putin-says-foreign-agencies-back-terrorism-on-russia-s-borders">quoted by Bloomberg</a> during the televised speech in Moscow on Wednesday, without specifying which nations he was referring to. <strong>“There are operations to influence the domestic political and social processes in our country.</strong>”</p> <p>Tangentially, the AP reported that according to an unclassified report by the Pentagon's Defense Intelligence Agency, released on Wednesday, <strong>Kremlin leaders are convinced America is intent on regime change in Russia, </strong>"a fear that is feeding rising tension and military competition between the former Cold War foes." </p> <p>"The Kremlin is convinced the United States is laying the groundwork for regime change in Russia, a conviction further reinforced by the events in Ukraine," the report says, referencing the claims by President Vladimir Putin's government that the U.S. engineered the popular uprising that ousted Ukraine's Russia-friendly president, Viktor Yanukovich, in 2014. Russia responded by annexing Ukraine's Crimea region and supporting pro-Russian separatists in eastern Ukraine.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>Thursday's report, prepared long before Trump's election, reflects the Pentagon's view of the global security picture shifting after nearly two decades of heavy American focus on countering terrorism and fighting relatively small-scale wars across the Middle East. Russia, in particular, is now at the center of the national security debate in Congress, fed by political divisions over how to deal with Putin and whether his military buildup, perceived threats against NATO and alleged election interference call for a new U.S. approach.</p> </blockquote> <p><a href="http://hosted.ap.org/dynamic/stories/U/US_UNITED_STATES_RUSSIA?SITE=AP&amp;SECTION=HOME&amp;TEMPLATE=DEFAULT&amp;CTIME=2017-06-28-15-09-10">According to the AP</a>, the 116-page report portrays Russia as increasingly wary of the United States. It cites Moscow's "deep and abiding distrust of U.S. efforts to promote democracy around the world and what it perceives as a U.S. campaign to impose a single set of global values." One almost wonders why. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>"Moscow worries that U.S. attempts to dictate a set of acceptable international norms threatens the foundations of Kremlin power by giving license for foreign meddling in Russia's internal affairs," the report says. Titled "Russia Military Power," it is the agency's first such unclassified assessment in more than two decades.</p> </blockquote> <p>The report also discusses recent military developments, with a focus on the middle east.</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>It cites the example of Moscow's 2015 military intervention in Syria. The Kremlin cast the effort as designed to combat Islamic State fighters. Washington saw Moscow largely propping up Assad by providing air support for the Syrian army's offensive against opposition forces. </p> <p>&nbsp;</p> <p>The report says the Syria intervention is intended also to eliminate jihadist elements that originated on the former Soviet Union's territory to prevent them from returning home and threatening Russia. In any case, the report credits the intervention for having "changed the entire dynamic of the conflict, bolstering the Assad regime and ensuring that no resolution to the conflict is possible without Moscow's agreement." </p> <p>&nbsp;</p> <p>"Nevertheless, these actions also belie a deeply entrenched sense of insecurity regarding a United States that Moscow believes is intent on undermining Russia at home and abroad," the report says.</p> </blockquote> <p>The report harkens to Cold War days when the intelligence agency published a series of "Soviet Military Power" studies that defined the contours of the superpower rivalry. Those reports ended with the 1991 demise of the Soviet Union. Now they return, DIA's director, Marine Lt. Gen. Vincent R. Stewart, says, with an eye on the future of U.S.-Russian relations.</p> <p>"<strong>Within the next decade, an even more confident and capable Russia could emerge," </strong>Stewart wrote in a preface to the report. No new, global ideological struggle akin to the Cold War is forecast, but the report cautions that Moscow "intends to use its military to promote stability on its own terms."</p> <p>Which is why the "deep state", the Military-Industrial Complex. the neo-cons or whatever one wants to call the permanently bellicose wing in control, will <em><strong>never </strong></em>allow Trump to pursue a detente with Putin. To be sure, while Trump's campaign rhetoric was widely seen as sympathetic to Russia, ties have not improved in his first six months of his presidency. In April, <strong>Trump said U.S.-Russian relations "may be at an all-time low." </strong>Trump is expected to meet Putin for the first time at an international summit in Germany next week.</p> <p>Meanwhile, to perpetuate the anti-Russia witch hunt, on Wednesday Rep. Adam Smith, the House Armed Services Committee's top Democrat, issued a "national security manifesto" on Russia. <strong>He and a group of lawmakers writing in Time magazine cited the threat of "Putinism," which they termed "a philosophy of dictatorship" that seeks to extinguish democratic ideals such as government transparency by exploiting "discontented facets of democratic polities worldwide.</strong>"</p> <p>Which, of course, is not to be confused with CIA-ism, which is a philosophy of suberting any government around the globe with promises of globalist, credit-card driven expansion, and if that fails, with outright threats (and actions) to overthrow the existing regime by supporting its closest adversaries, both domestic and foreign. </p> <p>Taking McCarthyism to the next level, at a Senate intelligence committee hearing Wednesday, Sen. Mark Warner of Virginia, the panel's ranking Democrat, said Russia is becoming more brazen.</p> <p><strong>"Russia's goal is to sow chaos and confusion - to fuel internal disagreements and to undermine democracies whenever possible, and to cast doubt on the democratic process wherever it exists," </strong>Warner said.</p> <p>In other words, Russia is becoming just like the US... One can see why the Deep State and Democrats are so terrified. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="600" height="357" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/pujtin%20spy%20agencuies.jpg?1498685703" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/putin-accuses-foreign-spy-agencies-supporting-terrorism-destabilize-russia#comments Asia Central Intelligence Agency Congress eastern Ukraine Europe former Soviet Union Germany Grand Croix of the Légion d'honneur Middle East Middle East national security North Atlantic Treaty Organization Pentagon Pentagon's Defense Intelligence Agency Politics Politics of Russia RT Russia Russia under Vladimir Putin Russia–United States relations Senate Services Committee SPY Syrian army Television Time Magazine Transparency Ukraine US Federal Reserve Vladimir Putin Vladimir Putin Vladimir Putin's government Wed, 28 Jun 2017 21:45:30 +0000 Tyler Durden 598870 at http://www.zerohedge.com History's Biggest "Butterfly Effect" Occurred On This Day http://www.zerohedge.com/news/2017-06-28/historys-biggest-butterfly-effect-occurred-day <p><a href="https://macromon.wordpress.com/2017/06/27/historys-biggest-butterfly-effect-occurred-on-this-day/"><em>Via Global Macro Monitor,</em></a></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em>The <strong>butterfly effect</strong> is the concept that small causes can have large effects. Initially, it was used with weather prediction but later the term became a metaphor used in and out of science.</em></p> <p>&nbsp;</p> <p><em>In <a href="https://en.wikipedia.org/wiki/Chaos_theory" title="Chaos theory">chaos theory</a>, the <strong>butterfly effect</strong> is the sensitive dependence on <a href="https://en.wikipedia.org/wiki/Initial_condition" title="Initial condition">initial conditions</a> in which a small change in one state of a deterministic <a href="https://en.wikipedia.org/wiki/Nonlinear_system" title="Nonlinear system">nonlinear system</a> can result in large differences in a later state. The name, coined by <a class="mw-redirect" href="https://en.wikipedia.org/wiki/Edward_Lorenz" title="Edward Lorenz">Edward Lorenz</a> for the effect which had been known long before, is derived from the metaphorical example of the details of a tornado (exact time of formation, exact path taken) being influenced by minor perturbations such as the flapping of the wings of a distant <a href="https://en.wikipedia.org/wiki/Butterfly" title="Butterfly">butterfly</a> several weeks earlier. Lorenz discovered the effect when he observed that runs of his <a href="https://en.wikipedia.org/wiki/Numerical_weather_prediction" title="Numerical weather prediction">weather model</a> with initial condition data that was rounded in a seemingly inconsequential manner would fail to reproduce the results of runs with the unrounded initial condition data. A very small change in initial conditions had created a significantly different outcome.&nbsp; &mdash; <a href="https://en.wikipedia.org/wiki/Butterfly_effect" rel="noopener" target="_blank">Wikipedia</a></em></p> </blockquote> <p>On this day in history, <strong>June 28, 1914</strong>, the driver for Archduke Franz Ferdinand,&nbsp; nephew of Emperor Franz Josef and heir to the Austro-Hungarian Empire,&nbsp; made <em><strong>a wrong turn onto Franzjosefstrasse</strong></em> in Sarajevo.</p> <p>Just hours earlier, Franz Ferdinand narrowly escaped assassination as a bomb bounced off&nbsp; his car as he and his wife,&nbsp; Sophie,&nbsp; traveled from the local train station to the city&rsquo;s civic city.&nbsp;&nbsp; Rather than making the wrong turn onto Franz Josef&nbsp; Street, the car was supposed to travel on the river expressway allowing for a higher speed ensuring the Archduke&rsquo;s safety.</p> <p>Yet, somehow, the driver made a fatal mistake and tuned onto Franz Josef Street.</p> <p>The 19-year-old anarchist and Serbian nationalist, <a href="https://en.wikipedia.org/wiki/Gavrilo_Princip" rel="noopener" target="_blank">Gavrilo Princip</a>, who was part of a small group who had traveled to Sarajevo to kill the Archduke,&nbsp; and a cohort of the earlier bomb thrower, was on his way home thinking the plot had failed. &nbsp; He stopped for a sandwich on Franz Josef Street.</p> <p>Seeing the driver of the Archduke&rsquo;s car trying to back up onto the river expressway, Princi seized the opportunity and fired into the car, shooting Franz Ferdinand and Sophie at point-blank range,&nbsp; killing both.</p> <p>That small wrong turn,&nbsp;<em><strong> a</strong></em> <strong><em>minor perturbation to the initial conditions, or deviation from the original plan</em></strong>,&nbsp; set off the chain events that led to World War I.</p> <p><img alt="Archduke_Jan27" class="alignnone size-full wp-image-40941" src="https://macromon.files.wordpress.com/2017/06/archduke_jan27.png?w=640" /></p> <h3><u><strong>Stumbling Into The Great War</strong></u></h3> <p>Fearing Russian support of Serbia, Franz Josef would not retaliate by invading Serbia unless he was assured he had the backing of Germany.&nbsp;&nbsp; It is uncertain as to whether the Kaiser gave Franz Josef Germany&rsquo;s unequivocal support.&nbsp;&nbsp; Russia, fearing Germany would intervene, mobilized its troops forcing Germany&rsquo;s hand.</p> <p>The great European powers thus stumbled into a war they didn&rsquo;t want through complicated entanglements and alliances, and miscalculation.&nbsp; Russia backing Serbia;&nbsp; France aligned with Russia,&nbsp; Germany backing the Austro-Hungarian Empire;&nbsp; and Britian, who really didn&rsquo;t have a dog in the fight except her economic interests, aligned with France and Russia.</p> <p>Later the U.S. would enter the war due to Germany&rsquo;s unrestricted submarine warfare threatening American merchant ships and the Kaiser floating the idea of an alliance with Mexico in the famous <a href="https://www.enotes.com/homework-help/why-did-united-states-enter-world-war-400883">Zimmerman Telegram</a>, which was intercepted by the British.</p> <p>Of course, some will argue that Great War in Europe was inevitable</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The great Prussian statesman Otto von Bismarck, the man most responsible for the unification of Germany in 1871, was quoted as saying at the end of his life that &ldquo;One day the great European War will come out of some damned foolish thing in the Balkans.&rdquo; It went as he predicted.&nbsp; &ndash; <a href="http://www.history.com/this-day-in-history/archduke-franz-ferdinand-assassinated" rel="noopener" target="_blank">History.com</a></p> </blockquote> <p>Nevertheless,&nbsp; maybe the course of history would have been different if not for that <em><strong>wrong turn on June 28, 1914</strong></em>, which created the humongous butterfly effect, which we still experience the consequences this very day.</p> <p>The botched <strong><a href="https://en.wikipedia.org/wiki/Treaty_of_Versailles" rel="noopener" target="_blank">T<span class="_Tgc">reaty of Versailles&nbsp;</span></a></strong> sowed the seeds the for World II.&nbsp; The War contributed to the Russian revolution and Cold War.&nbsp; The <a href="http://www.bbc.com/news/world-middle-east-25299553" rel="noopener" target="_blank">redrawing of borders in the Middle East</a> after the War created the conditions for the instability and breakdown to tribalism the region experiences today.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><em><strong>A map marked with crude chinagraph-pencil in the second decade of the 20th Century shows the ambition &ndash; and folly &ndash; of the 100-year old British-French plan that helped create the modern-day Middle East.</strong></em></p> <p>&nbsp;</p> <p><em><strong>Straight lines make uncomplicated borders. Most probably that was the reason why most of the lines that Mark Sykes, representing the British government, and Francois Georges-Picot, from the French government, agreed upon in 1916 were straight ones.&nbsp; &mdash; <a href="http://www.bbc.com/news/world-middle-east-25299553" rel="noopener" target="_blank">BBC News</a></strong></em></p> </blockquote> <p>If Franz Ferdinand had not been murdered on this day in history,&nbsp; that conflict between the Serbs and the Austro-Hungarian Empire may have been contained to just the Balkans.&nbsp;&nbsp; Maybe.</p> <h3><u><strong>The butterfly effect</strong>.&nbsp;</u></h3> <p>Think how many small events, decisions, mistakes, one small turn, or<strong><em> &ldquo;minor perturbations&rdquo;</em></strong> in plans have had <strong>enormous consequences</strong> in your own personal life... or the nation&#39;s?</p> <p>With tweets, headlines, fake news, false flags, and markets as fragile as they&#39;ve ever been, one wonders which &#39;butterflies wings&#39; will start the ball rolling towards chaos this time...</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="616" height="341" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_butterfly.jpg?1498673073" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/historys-biggest-butterfly-effect-occurred-day#comments Archduke Franz Ferdinand of Austria Assassination of Archduke Franz Ferdinand of Austria Austria-Hungary Balkans British government Causes of World War I Chivalry Crude Fail France Franz Joseph I of Austria French government Gavrilo Princip Germany headlines House of Habsburg-Lorraine Knights of the Golden Fleece Mexico Middle East Middle East Military Military history by country Serbs of Bosnia and Herzegovina Unification Wed, 28 Jun 2017 21:10:03 +0000 Tyler Durden 598848 at http://www.zerohedge.com Shrinkflation – Real Inflation Much Higher Than Reported http://www.zerohedge.com/news/2017-06-28/shrinkflation-%E2%80%93-real-inflation-much-higher-reported <ul style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"> <li><strong>Shrinkflation - Real inflation much higher than reported and realised</strong></li> <li><strong>Shrinkflation is taking hold in consumer sector</strong></li> <li><strong>Important consumer, financial, monetary and economic issue being largely ignored by financial analysts, financial advisers, economists, central banks and the media.</strong></li> <li><strong>Food becoming more expensive as consumers get less for price paid</strong></li> <li><strong>A form of stealth inflation, few can avoid it</strong></li> <li><strong>Brexit is the scapegoat for shrinkflation by the media and companies</strong></li> <li><strong>Consumers blame retailers rather than&nbsp;central banks</strong></li> <li><strong>Gold hedge has doubled in value since 2007&nbsp;</strong><a href="http://www.goldcore.com/gold-blog/"><img src="http://cdn2.hubspot.net/hub/233034/file-1563615397-jpg/marsbars.jpg" width="296" height="170" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter" /></a><strong><br /></strong></li> </ul> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Editor: Mark O'Byrne</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation: no one left untouched</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">600 new words entered our official lexicon this week as the Oxford English Dictionary announced the latest new additions to their online records.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">One of the words reportedly up for consideration was shrinkflation. It did not make the final cut and as a result continues to be defined by the authority as ‘<em>a&nbsp;</em><em>portmanteau</em><em>, made from combining shrink: ‘</em><em>to become or make smaller in size’</em><em>, with the economic sense of inflation: ‘</em><em>a general increase in prices and fall in the purchasing value of money’.</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In order for a word to be accepted into the OED it must have been in use for at least five years. But the latest list suggests that this isn’t the case and exceptions can be made. The inclusion of ‘superbrat’, a word which is usually associated with the behaviour of John McEnroe in the 1970s, actually dates back to the the 1950s.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/RUSSIAN-DOLL-HEADER-IMAGE-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/RUSSIAN-DOLL-HEADER-IMAGE--1024x663.png" width="1024" height="663" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10506" /><br /></a>Yet, shrinkflation continues to elude the world’s authority on the English language. This seems bizarre to us given both the word and the phenomenon and something consumers have been experiencing for a number of years.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Although it is understandable in the context of an important consumer, financial and economic issue which is being largely ignored by financial analysts, financial advisers, economists and the media.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">We first covered the shrinkflation phenomenon back in 2014 when we reported how&nbsp;&nbsp;<a href="http://www.goldcore.com/us/gold-blog/ecb-meets-to-tackle-deflation-while-ignoring-shrinkflation/" target="_blank">Dr. Philippa Malmgren had highlighted this ‘shrinkflation’</a>&nbsp;trend in a new book.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Shrinkflation: a new phenomenon?</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As we mentioned last week, shrinkflation is a phenomenon that is not unique to the current financial crisis. In 1916 The Seattle Star ran a front-page story on the issue, ‘“[Inspectors] went from bakery to bakery Thursday checking up on the bread situation…And here is what they found: ten-cent loaves of bread have shrunk from 32 ounces to 22 ounces, and standard 5-cent loaves, that used to weigh 16 ounces, now average 11 ounces.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/GOOGLE-SEARCH-GRAPH-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/GOOGLE-SEARCH-GRAPH--1024x345.png" width="1024" height="345" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10507" /></a><em><strong>Search Graph&nbsp;for Shrinkflation (Google)</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Granted, back in 1916 the word ‘shrinkflation’ was not in use but it had a place firmly in the economy. Use of the word shrinkflation has been picking up pace since at least 2012. We can see this by the examining the search history for the phrase on Google.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">You can clearly see a peak in the search for the term in November 2016. It was at this point when news of the newly designed Toblerone hit the British newspapers. Mondelez, Toblerone’s manufacturers had announced they would be reducing the bars from 170 grams to 150 grams in the UK which would affect the shape.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Mondelez’s justification for the change was due to an uptick in ‘many ingredients’ prices’, the company specifically blamed the drop of the euro against the Swiss franc in January, and an increase in cocoa prices over the last three years.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/COCOA-PRICES-GRAPH.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/COCOA-PRICES-GRAPH-1024x578.png" width="1024" height="578" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10508" /></a><em><strong>Cocoa Prices -&nbsp;<a href="http://moneyweek.com/chart-of-the-week-shrinkflation-hits-the-chocolate-market/">Money Week</a></strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">It’s not just Toblerone fans who are feeling the pinch on chocolate bars. Creme Eggs and Quality Street (other British high street favourites) have been shrinking, with price remaining the same.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Other household items and food prices have also been affected.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Brexit is the scapegoat</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Even though we can go back nearly 100 years to witness shrinkflation and see evidence of it in our household items and online searches, it is only in the last year that manufacturers and the media have managed to find a reason for its existence.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Brexit is being blamed - as it is being blamed for a number of woes being experienced in the UK at present.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Brexit seems to be bearing the brunt of the blame for the recent shrinkages, thanks to the impact of the referendum of the price of sterling. You don’t need to have a PhD in economics to understand the effect this has on prices.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">12 months since the vote sterling is still weak, it is 15% down against&nbsp;the US dollar, and 14% against&nbsp;the euro. Things are expected to get worse, with HSBC analysts expecting the pound to hit parity with the euro by the end of the year.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">There is little doubt that a weak currency will impact the cost of raw goods and materials which make up chocolate bars and other items. However shrinkflation existed even when the pound was strong.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>No sign of easing up</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In 2015 the&nbsp;<a href="https://www.irishtimes.com/news/consumer/shrinkflation-when-products-get-smaller-but-the-prices-don-t-1.2187869" target="_blank">Irish Times</a>&nbsp;reported on this very topic and referred to a 2014 Which? survey:</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>Aunt Bessie’</em><em>s Homestyle Chips were reduced in size from 750g to 700g, while a box of Surf with Essential Oils washing powder fell in size from 2kg to 1.61kg. In 2014 there was 750g of mixed vegetables in a Birds Eye</em><em>&nbsp;Select bag; today it is 690g. Cif Actifizz Multi-Purpose Lemon Spray and Domestos Spray Bleach Multipurpose Cleaner were reduced in size from 750ml last year to 700ml today…</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>‘The shrinkage does not end there. In previous years, Which? has recorded one- litre tubs of Carte D’</em><em>Or ice cream turning into 900ml tubs, while a litre of Innocent smoothies became 900ml. Magnum ice creams, which used to be 360ml, are now 330ml, and the size of a bar of Imperial Leather soap fell from 125g to 100g, a reduction of 20 per cent…</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em>‘The list goes on. A packet of 48 Persil washing tablets turned into a packet of 40, a decline of 16.6 per cent, while 56 Pampers Baby Wipes used to be a packet of 63, an 11.1 per cent reduction.’</em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">This was well before the EU referendum. It was impossible to blame a weak currency, instead this was and remains all about the impact of real inflation on consumer prices. This is despite having been told for years that inflation was very low.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><em><strong><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/FT-INFLATION-EXPECTATIONS-GRAPH-.png" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/FT-INFLATION-EXPECTATIONS-GRAPH--1024x702.png" width="1024" height="702" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-large wp-image-10509" /></a>UK Inflation Expectations (FT)</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Inflation expectations are relatively low amongst households in the UK, EU and U.S.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Only now are we beginning to see both officials and individuals wake up to the presence of inflation in the UK. In May consumer prices accelerated faster than BoE expectations. They hit a four-year high of 2.9% and are expected to exceed 3% in the coming months.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In the UK, there are some concerns and dissent has increased in the BoE’s monetary policy committee (MPC) over the suitability of its record low interest rate policy in regard to rising inflationary pressures. It has been some time since we have seen any sign of concern regarding inflationary issues, from members of the MPC.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Meanwhile in households it looks like it has taken the appearance of a chocolate bar to drive the message home that businesses are experiencing price pressures. Unfortunately this has merely come out as anger towards companies rather than the central banks and governments who are ultimately responsible for this inflationary issue.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Unjust for consumers or time to take responsibility?</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Which? magazine and consumer action groups have tried to bring retailers to account for what are considered to be misleading practices.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">In Ireland, the Consumer Association’s Chief Executive stated</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><em><strong>“I don’t know if we can say consumers are being deliberately misled but they are being put in a position where it becomes very difficult to make informed decisions."</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">“I think the worst example of this is the widespread shrinking of products. The content gets smaller but the price and the packaging stays the same. These are price increases by stealth, and by any measure inflation of this nature is abnormal in the current environment. I think they are appalling.”</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As we have seen with quantitative easing, bank bailouts and the overall financial crisis consumers seem to be relatively disinterested in fighting back against these practices that ultimately cost them more.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">A YouGov survey found that 46 per cent those polled would prefer to pay more for an item than see it shrink. Yet 36 per cent said they'd be satisfied if the pack got smaller, but the price stayed the same.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">The same survey run by YouGov Portion Sizes and Health found that firms risk losing over a third of their customer base if they cut pack sizes by 15 per cent.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">While there is uproar on Facebook pages about this topic, the concerns of some consumers are not being voiced by politicians, economists, central bankers or the media.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Depite the zeitgeist of the moment, this isn’t about retailers taking advantage of consumers. Shrinkflation is a very serious byproduct of a practice which has been going on for many years now.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation is just inflation in stealth mode and is the consequence of currency debasement on a scale that the world has never seen before.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">It brings the economy’s problems literally to the kitchen table.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">We are finally at a point where those who have so far been apparently untouched by the financial crisis i.e. the middle classes who still have jobs, they have seen their homes increase in value and they still go abroad twice a year, are beginning to see their cost of living increase.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">As are the working classes, pensioners and those on low salaries or fixed incomes.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">They will soon recognise that no one is left unharmed by the monetary and economic policies which followed the financial crisis.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Easy monetary policy is wealth ignorant. It gives little regard to how you spend your money and where you hold your cash. That’s why savers have to make room for those real assets which cannot be shrunk down and magicked away.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Investments such as gold and silver by their very nature are immune to the shrinkflation effect and are an important hedge against it.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Next time you’re considering that bar of Toblerone at the supermarket checkout, just imagine how much is missing compared to when you would have bought with the proceeds of your first payslip.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Then consider how much a bar of gold would have changed since then, the fact is that it hasn't.&nbsp;You would still have the same sized bar, with the same gold content and it is worth a lot more now.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/gold-chart-usd-10-years.jpg" target="_blank"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/gold-chart-usd-10-years.jpg" width="558" height="341" style="height: auto; max-width: 100%; display: block; margin-left: auto; margin-right: auto;" class="aligncenter size-full wp-image-10390" /></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px; text-align: center;"><em><strong>Gold in USD - 10 Years</strong></em></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Gold is twice the price it was before the crisis in 2007. While many household goods and products are higher in price or the same price but a much smaller size.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Shrinkflation is happening and real inflation is much higher than is being reported or people realise.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">Your purchasing power and your wealth can be preserved from the ravages of shrinkflation, just don’t expect it to happen courtesy of central banks and governments.</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">News and&nbsp;Commentary</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.reuters.com/article/global-precious-idUSL3N1JP092">Gold prices firm on weaker dollar, equities (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.bloomberg.com/news/articles/2017-06-27/yellen-keeps-fed-on-track-for-rate-hikes-amid-rich-asset-prices">Ransomware virus hits computer servers across Europe (Bloomberg)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.reuters.com/article/us-usa-fed-yellen-idUSKBN19I2I5">Not another financial crisis in ‘our lifetimes’: Fed’s Yellen (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://uk.reuters.com/article/uk-britain-economy-idUKKBN19H2P6">UK consumer confidence plunges after May's election flop (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.cityam.com/267399/more-than-three-quarters-homes-selling-less-than-asking?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=170627_CMU">75% of London homes now selling below asking price (City A.M. )</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><a href="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/1000x-1-2.png" rel="attachment wp-att-5047"><img src="http://www.goldcore.com/ie/wp-content/uploads/sites/19/2017/06/1000x-1-2.png" alt="Bloomberg Image" width="822" height="430" style="height: auto; max-width: 100%;" class="alignnone wp-image-5047" /></a></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.bloomberg.com/news/articles/2017-06-27/markets-may-have-nothing-left-to-fear-but-fearlessness-itself">Markets Have Nothing Left to Fear But Fearlessness Itself (Reuters)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://moneyweek.com/the-real-reason-central-bankers-dont-want-to-raise-interest-rates/">Real reason central bankers don’t want to raise interest rates (Moneyweek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://news.goldseek.com/GoldSeek/1498572180.php">Brexit&nbsp;One Year Later, in Five Charts (Goldseek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.safehaven.com/article/44561/londons-palladium-markets-metal-shortage-structure-and-irregular-appearance">London's Palladium Market's Metal Shortage, Structure, and Irregular Appearance (Safe Haven)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://news.goldseek.com/GoldSeek/1498658700.php%C2%A0">Why Institutional Investors Are Buying Gold Again (Goldseek)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="https://www.investing.com/analysis/gold-summer-doldrums-200197329%C2%A0">Gold Summer Doldrums (Investing.com)</a></strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Gold Prices (LBMA AM)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">28 Jun: USD 1,251.60, GBP 976.25 &amp; EUR 1,101.91 per ounce<br />27 Jun: USD 1,250.40, GBP 980.31 &amp; EUR 1,111.36 per ounce<br />26 Jun: USD 1,240.85, GBP 975.56 &amp; EUR 1,109.32 per ounce<br />23 Jun: USD 1,256.30, GBP 987.70 &amp; EUR 1,125.27 per ounce<br />22 Jun: USD 1,251.40, GBP 988.36 &amp; EUR 1,120.13 per ounce<br />21 Jun: USD 1,247.05, GBP 989.04 &amp; EUR 1,118.98 per ounce<br />20 Jun: USD 1,246.50, GBP 981.99 &amp; EUR 1,117.24 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong>Silver Prices (LBMA)</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;">28 Jun: USD 16.78, GBP 13.08 &amp; EUR 14.78 per ounce<br />27 Jun: USD 16.66, GBP 13.07 &amp; EUR 14.79 per ounce<br />26 Jun: USD 16.53, GBP 12.98 &amp; EUR 14.79 per ounce<br />23 Jun: USD 16.71, GBP 13.12 &amp; EUR 14.97 per ounce<br />22 Jun: USD 16.58, GBP 13.09 &amp; EUR 14.85 per ounce<br />21 Jun: USD 16.51, GBP 13.03 &amp; EUR 14.81 per ounce<br />20 Jun: USD 16.59, GBP 13.10 &amp; EUR 14.88 per ounce</p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><br />Recent Market Updates</strong></p> <p style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"><strong><a href="http://www.goldcore.com/us/gold-blog/goldman-citi-turn-positive-gold-despite-mysterious-flash-crash/">-&nbsp;Goldman, Citi Turn Positive On Gold – Despite “Mysterious” Flash Crash</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/worst-crash-lifetime-coming-year-next-jim-rogers/">-&nbsp;Worst Crash In Our Lifetime Coming – Jim Rogers</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/go-for-gold-win-a-beautiful-gold-sovereign-coin/">-&nbsp;Go for Gold – Win a beautiful Gold Sovereign coin</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/only-gold-lasts-forever/">-&nbsp;Only Gold Lasts Forever</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/your-future-wealth-depends-on-what-you-decide-to-keep-and-invest-in-now/">-&nbsp;Your Future Wealth Depends on what You Decide to Keep and Invest in Now</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/inflation-is-no-longer-in-stealth-mode/">-&nbsp;Inflation is no longer in stealth mode</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-dwindling-supply-james-rickards/">-&nbsp;James Rickards: Gold Will Start Heading Higher On “Dwindling” Supply</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/billionaires-invest-gold/">-&nbsp;Billionaires Invest In Gold</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/brexit-uk-election-impact-uk-housing/">-&nbsp;Brexit and UK election impact UK housing</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-trust-must-see-gold-charts-research/">-&nbsp;In Gold we Trust: Must See Gold Charts and Research</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/pension-funds-sovereign-wealth-funds-central-banks-stock-gold-amid-uncertainty/">-&nbsp;Pension Funds, Sovereign Wealth Funds, Central Banks “Stock Up” on Gold “Amid Uncertainty”</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/4-charts-show-gold-may-heading-much-higher/">-&nbsp;4 Charts Show Gold May Be Heading Much Higher</a></strong><br /><strong><a href="http://www.goldcore.com/us/gold-blog/gold-pounds-surges-1-5-1001oz-uk-political-turmoil-likely/">-&nbsp;Gold in Pounds Surges 1.5% To £1,001/oz – UK Political Turmoil Likely</a></strong></p> <div class="m_-928942620346942956content-border-top" style="color: #333333; font-family: Georgia, &quot;Times New Roman&quot;, &quot;Bitstream Charter&quot;, Times, serif; font-size: 16px;"> <div class="m_-928942620346942956container"> <div class="m_-928942620346942956row"> <div class="m_-928942620346942956col-sm-8 m_-928942620346942956col-md-6 m_-928942620346942956middle-col"> <div class="m_-928942620346942956blog-post-inside m_-928942620346942956post-4043 m_-928942620346942956post m_-928942620346942956type-post m_-928942620346942956status-publish m_-928942620346942956format-standard m_-928942620346942956hentry m_-928942620346942956category-weekly-market-update"> <div class="m_-928942620346942956blog-post-text"> <p><strong>Important&nbsp;<span class="m_-928942620346942956il">Guides</span></strong></p> <p>For your perusal, below are our&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">most</span>&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">popular</span>&nbsp;<span class="m_-928942620346942956m_5033479916755799273m_2111833215933341997il">guides</span>&nbsp;in 2017:</p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*N5MhbFRBkTqXW95dlRy194d-P0/5/f18dQhb0S5ft8X-f1rW8cCGTT51FcdHN5s9DSvWrM1ZW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z_p0c67hcl-W1qMTKP5xLd3bN8zTG51RBdNtW3L39B54P7Fz2W8rCHmp3PnStQVS9p0b63dhWbW8mp0Tc5x5KNkW7-XB_567h1CPW8r5PXz49z-4PN2MV0Xm5w8jDW1mw3yc59SFsZN4H-tjrQC5z2VPC2cV7gvpc4W4XYhBl2y9PQJW4sxqtN7h5hQFW28TbSB2Cg_LLW96LzRy5DkRJDW5BRXXj2y4Lc7N3Kd2SV_-Nf6W3brNsz66rKFTW2xH0xz1lcG1VVQBGcH5DQdGhN22JjmzdPgQwW9464-Y5GFs9DW4Rj6Nh6BzJrnN45Ly2MkwRN4W8qYMH51FnsVDW2X9_p02MVHnbN2GZdYq215_BW1J7MZd3mgJK7W4F32xR1JjtM5W4Bn5JG3ZzLH2W5jL56q7dkHC7W3VtW1b1MWhN-W1MKd944yqBfl111" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;To Storing Gold In Switzerland</a></strong></p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*W5Hh19S2J1j6jW1gxPj45yTRLt0/5/f18dQhb0S5fw8X-fbXW8cCGTT51FcdHN5s9DSvWrM1YW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z_p0c67hcl-W1qMTKP5xLd3bN8zTG51RBdNtW3L39B54P7Fz2W8rCHjG25x99KVwyMQc6PVJWyW625bx16Gj8TSW6bVy-525hjVhW83KHrF7J39qHN2m8DqKmmF0wW1jsTjn5VDnrHVbq5fx4TKc2lW6Rjg6t5Pk17jW2xZzRk8LpcPpW36k5sF4FnHNZW1mvfQB2BpzSjN1mT8mr2g4dYW5VZ-P_37vq3BW2--Tfh1w3GzfW5CkFpW6ZccdyW5vvKY_3N2S6fW3KRSNH8yxr7CW7YJp821cQlwRW63x06S1bBvW3W408wWR11rnNbV4Vjkz6NjfdLW55Fr2P5nn1d6W301cwV4GX00sW5hfR428jJDdkW4Cy2w54wj2JxVMFy4w4hyJQMV6N2-D1mPRd4N6YRN0Y4ZDMLD2LMBk7BT1f5Fq5PC03" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;To Storing Gold In Singapore</a></strong></p> <p><strong><a href="http://t.hsms10.com/e1t/c/*W1sFhNs6QLBySW4Rr0Hl90CHT-0/*W7dc5x_8dXcz0W57pb-W8yRfPY0/5/f18dQhb0Sjv98X-fhGW8cCGTT51FcdHN5s9DSvWrBCVW3MpzC43frry_W8r4Kht63lH28W1lQSSc8y_DL1W8z0sTg7mCbb0W57V1HT7tVHF9W8Z32tg35s628W859LV685kgn-W5mG2963qCNtmW8hTG4j5Zh496W2d551v3pNnKLVLrb9R83_Pn-W7JCxGl81bhDKW7N_KqM11GBXTW41TlcR3TwTqzW19BjML1ks0KjW7RPZVs5-2sjBW7ZzDyK7GLjPjW2KH_vB6SdpRZW1hx1p11Gg3W9W6rwy5K1YZKs5W2gFslL6NqPjwW1tbMwf7n90PHW67SS1j224DVBW6SdFBY1S1FW8W1Th1-Q1X2dwGW1swLvy81myPRW1B9M4Q6SdHPtW7C3gqS89xKZ9W1Ms6WG19gjwJN42ktpLPs031VgkKmy5qqk_FW41Q13s3srYmmW2-yGlm4v9PYhVmLW2J4r5l5jW7fnqv3187HWVW794lJw3T7yBDW1Zq0mT90vVQHW7SNfQy7BfhjRN3QzSrFQN_TjVcGblm3cFvNY0" target="_blank">Essential&nbsp;<span class="m_6690301754972839650m_5033479916755799273m_2111833215933341997il"><span class="m_6690301754972839650il">Guide</span></span>&nbsp;to Tax Free Gold Sovereigns (UK)</a></strong></p> <p>Please share our research with family, friends and colleagues who you think would benefit from being informed by it.</p> </div> </div> </div> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/shrinkflation-%E2%80%93-real-inflation-much-higher-reported#comments Bank of England BOE Business Central Banks Consumer Association Consumer Confidence Consumer Prices Currency Economy Euro European Union Finance fixed flash Google Hedge Inflation Institutional Investors Ireland Jim Rogers John McEnroe Monetary Policy Monetary policy MPC Pound sterling Precious metals Purchasing Power Quantitative Easing Quantitative easing Reuters Silver as an investment Sovereigns Swiss Franc Switzerland United States dollar US Federal Reserve Wed, 28 Jun 2017 21:00:00 +0000 GoldCore 598814 at http://www.zerohedge.com Banks Rush To Announce Dividend, Buyback Plans After All Pass Fed's Stress Test, COF Needs To Resubmit Plan http://www.zerohedge.com/news/2017-06-28/banks-rush-announce-dividend-buyback-boosts-after-all-pass-feds-stress-test <p>One week after the <a href="http://www.zerohedge.com/news/2017-06-22/fed-stress-results-are-out-everyone-passes-third-year-row">Fed found that all 33 US major banks have passed </a>the stress test and would survive even a surge in the VIX to 70, moments ago the Fed released the details of the second part of the stress test - the capital distribution to shareholders - where as expected, it also had no complaints to any bank's capital plans except to <a href="http://www.zerohedge.com/news/2017-06-09/credit-card-defaults-surge-most-financial-crisis">advise Capital One</a>, the troubled credit card lender with the rising bad loan problem, to resubmit its plan.</p> <p>Discussing Capital On, the Fed said "<strong>the firm’s capital plan did not appropriately take into account the potential impact of the risks in one of its most material businesses. </strong>Further, the firm’s internal controls functions, including independent risk management, did not identify these material weaknesses in the firm’s capital planning practices. Therefore, senior management was not in a position to provide the firm’s board of directors with a reliable assessment upon which to determine the reasonableness of the capital plan."</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%282%29.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%282%29_0.png" width="538" height="326" /></a></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%281%29.png"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/600x-1%20%281%29_0.png" width="500" height="395" /></a></p> <p>The Fed also said if Capital One doesn’t satisfactorily address these weaknesses by Dec. 28, then the Fed expects to object to Capital One’s resubmitted capital plan and it may restrict the firm’s capital distributions.</p> <p>COF stock is sliding as a result:</p> <p><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_COF_0.jpg" width="500" height="256" /></p> <p>Analysts estimated before Wednesday’s results that the tests would open the way for banks to boost dividends and share buybacks by as much as half. <strong>That would translate to about $30 billion more cash in shareholders’ pockets <a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests"></a></strong><a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests">according to Bloomberg</a><strong><a href="https://www.bloomberg.com/news/articles/2017-06-28/capital-one-must-resubmit-plan-as-33-banks-ace-fed-stress-tests"></a>. </strong>The lenders typically start announcing their next dividends and total potential payouts within minutes after the central bank’s report.</p> <p>Still, as Bloomberg adds, Wednesday’s results show that banks across the industry have more room to raise dividends after stockpiling capital in the wake of 2008’s financial crisis - but also after the Fed softened how aggressively it measures their ability to withstand severe shocks. This year, authorities dropped one of the toughest components, the so-called qualitative review, for all but the biggest banks.</p> <p>The industry is counting on a further relaxation of rules as President Donald Trump appoints more business-friendly board members to the Fed, shifting the balance of power from regulators to shareholders. Earlier this month, Treasury Secretary Steven Mnuchin recommended that stress tests be performed every other year and that banks maintaining a sufficiently high level of capital be exempt from exams.</p> <p>Broadly, “the Fed is going easy on the banks this time around when it comes to capital,” Nejat Seyhun, a finance professor at the University of Michigan in Ann Arbor, said before results were posted. “There is a new administration in town and Chairperson Janet Yellen is trying her best to get along with President Trump and push back on interference from the politicians against the Fed’s independence.”</p> <p>Also of note: Deutsche Bank's New York-based trust bank and Banco Santander SA’s U.S. business, which had both failed two years in a row on qualitative standards, passed this year after being exempted from the qualitative exam. </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>All of Frankfurt-based Deutsche Bank’s operations in the U.S. will be tested next year after the Fed required the largest foreign lenders to consolidate assets in the country under an umbrella structure starting last July. That will bring the German firm’s broker-dealer in the country under scrutiny for the first time in the tests.</p> </blockquote> <p>So as one after another bank announces their capital return plans, here are the details on their various buybacks and dividend plans as they trickle in.</p> <p>Here are the buyback announcements:</p> <ul> <li>ALLY TO BUY BACK UP TO $760M OF SHARES</li> <li>AMERICAN EXPRESS TO BUY BACK UP TO $4.4B OF SHRS</li> <li><strong>BANK OF AMERICA PLANS TO BUY BACK SHARES UP TO $12B</strong></li> <li>CAPITAL ONE SEES BUYING BACK UP TO $1.80B SHRS</li> <li>CIT TO BUY BACK UP TO $225M IN SHARES<strong></strong></li> <li><strong>CITIGROUP TO BUY BACK UP TO $15.6B SHARES, BOOST DIV TO 32C/SHR</strong></li> <li>CITIZENS PROPOSES COMMON SHARE REPURCHASES OF UP TO $850M</li> <li>COMERICA PROPOSES COMMON SHARE BUYBACK UP TO $605M</li> <li>BB&amp;T: RECOMMENDATION OF UP TO $1.88B IN SHARE BUYBACK</li> <li>BANK OF NEW YORK MELLON TO BUY BACK UP TO $2.6B SHRS</li> <li>DISCOVER PLANS TO BUY BACK UP TO $2.23B OF STOCK</li> <li>FIFTH THIRD TO BUY BACK UP TO $1.16BN OF SHARES</li> <li><strong>JPMORGAN TO BUY BACK UP TO $19.4B SHRS</strong></li> <li>KEYCORP TO BUY BACK UP TO $800M OF SHARES</li> <li>MORGAN STANLEY REPORTS SHARE BUYBACK OF UP TO $5B</li> <li>M&amp;T BANK SETS $900M BUYBACK</li> <li>PNC TO BUY BACK SHARES UP TO $2.7B</li> <li>REGIONAL FINANCIAL PLANS UP TO 1.47BN SHARE BUYBACK </li> <li>STATE STREET TO BUY BACK SHARES UP TO $1.4B</li> <li>WELLS FARGO PLAN INCL UP TO $11.5B SHARE BUYBACK FOR 4 QTRS</li> <li>ZIONS PLANS UP TO $465M IN COMMON STOCK REDEMPTIONS THROUGH JUNE 30, 2018</li> </ul> <p>And divdends:</p> <ul> <li>ALLY BOOSTS QTR DIV TO 12C-SHR FROM 8C, EST. 10C</li> <li>AMERICAN EXPRESS TO BOOST QTR DIV TO 35C/SHR FROM 32C, EST. 35C</li> <li>BK PLANS BOOSTS OF QTR DIV TO 24C/SHR FROM 19C, EST. 22C</li> <li>CITIZENS TO BOOST QTR DIV TO 18C/SHR, UP 29%</li> <li>CIT PLANS TO BOOST QTR DIV TO 16C/SHR STARTING IN Q3</li> <li>COMERICA PLANS TO BOOST QTR DIV BY 15%</li> <li>DISCOVER PLANS TO BOOST QTR DIV TO 35C/SHR FROM 30C, EST. 34C</li> <li>FIFTH THIRD BOOSTS QTR DIV TO 16C FROM 14C, AND TO 18X IN Q2 2018</li> <li>JPMORGAN BOOSTS DIV TO 56C/SHR FROM 50C/SHR</li> <li>KEYCORP TO CONSIDER DIV BOOST UP TO 12C/SHR FOR 2Q OF 2018</li> <li>M&amp;T BANK BOOSTS QTR DIV TO 80C/SHR FROM 75C</li> <li>PNC BOOSTS QTR DIV TO 75C/SHR, UP 36%</li> <li>REGIONAL FINANCIAL BOOSTS QTR DIV TO 9C/SHR FROM 7C/SHR</li> <li>STATE STREET BOOSTS QTR DIV TO 42C/SHR FROM 38C, EST. 40C</li> <li>WELLS FARGO SEES BOOST TO 3Q DIV TO 39C/SHR FROM 38C, EST. 38C</li> <li>ZIONS PLANS TO INCREASE DIVIDEND BY 4C EACH QUARTER TO 24C/SHR BY Q2 2018, STARTING AT 12C IN Q3 FROM CURRRENT 8C</li> </ul> <p>And this is how the banks are responding:</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_ccar.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/20170628_ccar_0.jpg" width="500" height="254" /></a></p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="134" height="101" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/yellen%20smiling_0.jpg?1498682643" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/banks-rush-announce-dividend-buyback-boosts-after-all-pass-feds-stress-test#comments Business Buyback Capital One Citigroup Corporate finance Dividend Donald Trump Economy Economy of New York City Finance Financial capital Investment Janet Yellen JPMorgan Chase Michigan Risk Management Share repurchase Shareholders SHR State Street Stock market Stress Test the University of Michigan University Of Michigan US Federal Reserve Wells Fargo Wed, 28 Jun 2017 20:44:26 +0000 Tyler Durden 598863 at http://www.zerohedge.com Rosen Slams Canadian Accountants: “Investors Are Being Swindled" 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Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text" /> <w:LsdException Locked="false" Priority="39" Name="Table Grid" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme" /> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text" /> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading" /> <w:LsdException Locked="false" Priority="61" Name="Light List" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1" /> <w:LsdException Locked="false" SemiHidden="true" Name="Revision" /> <w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph" /> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote" /> <w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 4" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 5" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 6" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6" /> <w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis" /> <w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis" /> <w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference" /> <w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference" /> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title" /> <w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading" /> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1" /> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2" /> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3" /> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4" /> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5" /> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention" /> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="375"> <w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal" /> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text" /> <w:LsdException Locked="false" Priority="39" Name="Table Grid" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme" /> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text" /> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading" /> <w:LsdException Locked="false" Priority="61" Name="Light List" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1" /> <w:LsdException Locked="false" SemiHidden="true" Name="Revision" /> <w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph" /> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote" /> <w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3" /> <w:LsdException 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Name="List Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention" /> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; 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" 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QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" 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SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Web 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Balloon Text" /> <w:LsdException Locked="false" Priority="39" Name="Table Grid" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Theme" /> <w:LsdException Locked="false" SemiHidden="true" Name="Placeholder Text" /> <w:LsdException Locked="false" Priority="1" QFormat="true" Name="No Spacing" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading" /> <w:LsdException Locked="false" Priority="61" Name="Light List" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 1" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 1" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 1" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 1" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 1" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 1" /> <w:LsdException Locked="false" SemiHidden="true" Name="Revision" /> <w:LsdException Locked="false" Priority="34" QFormat="true" Name="List Paragraph" /> <w:LsdException Locked="false" Priority="29" QFormat="true" Name="Quote" /> <w:LsdException Locked="false" Priority="30" QFormat="true" Name="Intense Quote" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 1" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 1" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 1" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 1" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 1" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 1" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 1" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 1" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 2" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 2" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 2" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 2" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 2" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 2" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 2" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 2" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 2" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 2" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 2" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 2" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 2" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 2" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 3" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 3" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 3" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 3" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 3" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 3" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 3" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 3" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 3" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 3" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 3" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 3" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 3" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 3" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 4" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 4" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 4" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 4" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 4" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 4" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 4" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 4" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 4" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 4" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 4" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 4" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 4" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 4" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 5" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 5" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 5" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 5" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 5" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 5" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 5" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 5" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 5" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 5" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 5" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 5" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 5" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 5" /> <w:LsdException Locked="false" Priority="60" Name="Light Shading Accent 6" /> <w:LsdException Locked="false" Priority="61" Name="Light List Accent 6" /> <w:LsdException Locked="false" Priority="62" Name="Light Grid Accent 6" /> <w:LsdException Locked="false" Priority="63" Name="Medium Shading 1 Accent 6" /> <w:LsdException Locked="false" Priority="64" Name="Medium Shading 2 Accent 6" /> <w:LsdException Locked="false" Priority="65" Name="Medium List 1 Accent 6" /> <w:LsdException Locked="false" Priority="66" Name="Medium List 2 Accent 6" /> <w:LsdException Locked="false" Priority="67" Name="Medium Grid 1 Accent 6" /> <w:LsdException Locked="false" Priority="68" Name="Medium Grid 2 Accent 6" /> <w:LsdException Locked="false" Priority="69" Name="Medium Grid 3 Accent 6" /> <w:LsdException Locked="false" Priority="70" Name="Dark List Accent 6" /> <w:LsdException Locked="false" Priority="71" Name="Colorful Shading Accent 6" /> <w:LsdException Locked="false" Priority="72" Name="Colorful List Accent 6" /> <w:LsdException Locked="false" Priority="73" Name="Colorful Grid Accent 6" /> <w:LsdException Locked="false" Priority="19" QFormat="true" Name="Subtle Emphasis" /> <w:LsdException Locked="false" Priority="21" QFormat="true" Name="Intense Emphasis" /> <w:LsdException Locked="false" Priority="31" QFormat="true" Name="Subtle Reference" /> <w:LsdException Locked="false" Priority="32" QFormat="true" Name="Intense Reference" /> <w:LsdException Locked="false" Priority="33" QFormat="true" Name="Book Title" /> <w:LsdException Locked="false" Priority="37" SemiHidden="true" UnhideWhenUsed="true" Name="Bibliography" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="TOC Heading" /> <w:LsdException Locked="false" Priority="41" Name="Plain Table 1" /> <w:LsdException Locked="false" Priority="42" Name="Plain Table 2" /> <w:LsdException Locked="false" Priority="43" Name="Plain Table 3" /> <w:LsdException Locked="false" Priority="44" Name="Plain Table 4" /> <w:LsdException Locked="false" Priority="45" Name="Plain Table 5" /> <w:LsdException Locked="false" Priority="40" Name="Grid Table Light" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="Grid Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="Grid Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="Grid Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="Grid Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="Grid Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="Grid Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="Grid Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 1" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 1" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 1" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 1" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 1" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 1" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 2" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 2" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 2" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 2" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 2" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 2" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 3" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 3" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 3" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 3" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 3" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 3" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 4" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 4" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 4" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 4" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 4" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 4" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 5" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 5" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 5" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 5" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 5" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 5" /> <w:LsdException Locked="false" Priority="46" Name="List Table 1 Light Accent 6" /> <w:LsdException Locked="false" Priority="47" Name="List Table 2 Accent 6" /> <w:LsdException Locked="false" Priority="48" Name="List Table 3 Accent 6" /> <w:LsdException Locked="false" Priority="49" Name="List Table 4 Accent 6" /> <w:LsdException Locked="false" Priority="50" Name="List Table 5 Dark Accent 6" /> <w:LsdException Locked="false" Priority="51" Name="List Table 6 Colorful Accent 6" /> <w:LsdException Locked="false" Priority="52" Name="List Table 7 Colorful Accent 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Mention" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Smart Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hashtag" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Unresolved Mention" /> </w:LatentStyles> </xml><![endif]--><!--[if gte mso 9]><xml> <w:LatentStyles DefLockedState="false" DefUnhideWhenUsed="false" DefSemiHidden="false" DefQFormat="false" DefPriority="99" LatentStyleCount="375"> <w:LsdException Locked="false" Priority="0" QFormat="true" Name="Normal" /> <w:LsdException Locked="false" Priority="9" QFormat="true" Name="heading 1" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 2" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 3" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 4" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 5" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 6" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 7" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 8" /> <w:LsdException Locked="false" Priority="9" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="heading 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index 9" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 1" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 2" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 3" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 4" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 5" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 6" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 7" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 8" /> <w:LsdException Locked="false" Priority="39" SemiHidden="true" UnhideWhenUsed="true" Name="toc 9" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="header" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footer" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="index heading" /> <w:LsdException Locked="false" Priority="35" SemiHidden="true" UnhideWhenUsed="true" QFormat="true" Name="caption" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of figures" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="envelope return" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="footnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="line number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="page number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote reference" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="endnote text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="table of authorities" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="macro" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="toa heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Bullet 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Number 5" /> <w:LsdException Locked="false" Priority="10" QFormat="true" Name="Title" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Closing" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Signature" /> <w:LsdException Locked="false" Priority="1" SemiHidden="true" UnhideWhenUsed="true" Name="Default Paragraph Font" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="List Continue 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Message Header" /> <w:LsdException Locked="false" Priority="11" QFormat="true" Name="Subtitle" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Salutation" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Date" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text First Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Note Heading" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Body Text Indent 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Block Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Hyperlink" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="FollowedHyperlink" /> <w:LsdException Locked="false" Priority="22" QFormat="true" Name="Strong" /> <w:LsdException Locked="false" Priority="20" QFormat="true" Name="Emphasis" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Document Map" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Plain Text" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="E-mail Signature" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Top of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Bottom of Form" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal (Web)" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Acronym" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Address" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Cite" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Code" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Definition" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Keyboard" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Preformatted" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Sample" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Typewriter" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="HTML Variable" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Normal Table" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="annotation subject" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="No List" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Outline List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Simple 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Classic 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Colorful 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Columns 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Grid 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 4" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 5" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 6" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 7" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table List 8" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 1" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 2" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table 3D effects 3" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Contemporary" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Elegant" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Professional" /> <w:LsdException Locked="false" SemiHidden="true" UnhideWhenUsed="true" Name="Table Subtle 1" /> <w:LsdException 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gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} --><!--[if gte mso 10]> <mce:style><! /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin-top:0cm; mso-para-margin-right:0cm; mso-para-margin-bottom:8.0pt; mso-para-margin-left:0cm; line-height:107%; mso-pagination:widow-orphan; font-size:11.0pt; font-family:"Calibri",sans-serif; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} --></p><p><a href="https://www.sprottmoney.com/Blog/rosen-slams-canadian-accountants-investors-are-being-swindled-peter-diekmeyer.html"><br /> </a></p> <!--[endif] --><!--[endif] --><p><a href="https://www.sprottmoney.com/Blog/rosen-slams-canadian-accountants-investors-are-being-swindled-peter-diekmeyer.html">Bill Morneau was one of the country’s top pension fund management professionals before he went into government. But when Canada’s Minister of Finance recently addressed Concordia University business students, not one asked about the country’s $4 trillion national debt, much of which is pension-related.</a></p> <p>That’s not surprising – because, as the Fraser Institute notes, nearly three quarters of those debts are not included in the federal and provincial&nbsp; governments’ financial statements. So Canadians have no clue how bad the country’s true financial situation is.</p> <p>This lax reporting is spread throughout the system, including public companies, says one expert. <br />“Investors are being systematically swindled out of large amounts of retirement savings,” says Al Rosen, a forensic accountant and co-author of Easy Prey Investors, a recently-released book that details shortfalls of Canada’s lax reporting standards.</p> <p><strong>Accounting scandals abound</strong></p> <p>“Investors mistakenly believe that their pension plans, mutual funds and other investments are safeguarded,” says Rosen. “In fact they are suffering losses that are monumental, compared to individual publicized scams.” </p> <p>A key challenge says Rosen relates to Canada’s use of International Financial Reporting Standards, which “assign excessive power and choice to corporate management, providing them the ability to inflate corporate profits.”</p> <p>Rosen cites a range of accounting scandals including Valeant, Nortel and Sino-Forest as examples of Canadian laxness. </p> <p>(In one famous fraud case, Bre-X, auditors couldn’t be bothered to check if the company’s gold mine, it’s only major asset, actually existed. External accountants instead essentially relied on a manager’s claim that he had “found gold” in the core samples he presented to a valuation firm, when they signed off on the statements).</p> <p><strong>Bucephalous: creative pension assumptions </strong></p> <p>Those problems aren’t restricted to Canada says Robert Medd, president of Bucephalus Research Partnership, which has produced research regarding “creative accounting” at Alcoa, Raytheon, UPS and a slew of other global businesses. </p> <p>“Pension deficits continue to grow,” says Medd. “Investors have yet to focus on the detailed assumptions used by managements and how they might affect pensions’ solvency, valuations and corporate strategies.” </p> <p>Medd says that assumptions about life expectancies, obligation discount rates and forecast returns are key areas that management can adjust to (legally) underfund corporate pension plans and thus boost company earnings. “In many cases, pension discount rates and forecast returns have fallen, but nowhere near enough,” says Medd. </p> <p>Medd cites lax independent auditors as enablers of the inconsistencies. “Given the small number of audit firms, actuarial tables and regulations, one would assume that the assumptions used would be similar,” says Medd. “However there are some startling outliers (and) expected returns have stayed high.</p> <p>Aggressive pension accounting strategies work particularly well because they enable managers and auditors to boost short-term fees and bonuses, and to simultaneously get out of dodge before the pension obligations become due. </p> <p><strong>Accounting lobby shields profession from litigation</strong></p> <p>According to Rosen the 1997 Hercules Supreme Court of Canada decision essentially handed widespread legal immunity to financial statement auditors who approved misleading reports. “In essence, investors are being told that they should not be using audited annual financial statements for their investment decisions.” </p> <p>The situation is roughly similar to that in the United States where provisions in the Private Securities Litigation Act, which was enacted under heavy pressure from the quiet, but exceptionally powerful accounting lobby, also make it very hard to sue auditors. (In recent years a spate of lawsuits against US auditors are attempting to reestablish a balance). </p> <p>Because Canadian accountants are a self-regulating profession, additional blame lies with the regulators says Rosen, but they too have been asleep at the switch.</p> <p>“(Canadian) Securities commissions (have) maintained their well- established practice of rarely investigating financial statement manipulations, deferring auditors to determine what is appropriate,” says Rosen. “As a result securities prosecutions have been uncommon, convictions rare, and penalties trivial.” </p> <p><strong>Morneau sets the (creative accounting) standard</strong></p> <p><strong>&nbsp;</strong>Finance Minister Bill Morneau, when asked by an Alt-Fin writer about Canada’s accounting practices, following the Concordia event, defended the government’s position by pointing out that similar practices are in place in other major economies. </p> <p>(One estimate of unfunded liabilities in the United States runs to more than $200 trillion).</p> <p>In all fairness, Morneau inherited many of Canada’s shifty accounting procedures from the Conservative Harper Government, when the Liberals took power in 2015.<br />That said, Morneau’s expertise on this issue and his position in government, make him a natural leader on this issue. </p> <p>By continuing to play along with those old practices, Canada’s Finance Minister is signaling to his Cabinet colleagues and to Canadian businesses that it is OK to cook the books. </p> <p>Until that changes: investors had better watch out.</p> <div class="field field-type-filefield field-field-image-blog"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_blog" width="723" height="445" alt="" src="http://www.zerohedge.com/sites/default/files/images/user236978/imageroot/rosen.jpg?1498681418" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/rosen-slams-canadian-accountants-%E2%80%9Cinvestors-are-being-swindled#comments Accountant Accounting Audit Business Business economics Concordia University Conservative Harper Government Economy Financial accounting Financial statement Fraser Institute International Financial Reporting Standards Labor National Debt Nortel Politics Social Issues Supreme Court Wed, 28 Jun 2017 20:37:28 +0000 peterdiekmeyercontributor 598861 at http://www.zerohedge.com Airlines Fear "Chaos" As Trump Unveils Enhanced Security Protocols For Every Inbound US Flight http://www.zerohedge.com/news/2017-06-28/airlines-fear-chaos-trump-unveils-enhanced-security-protocols-every-inbound-us-fligh <p>Instead of instituting a widespread laptop ban on every US-inbound flight, the <strong>Trump administration will require nearly 200 airlines (and implicitly almost 300 airports) around the world to meet new heightened security protocols</strong>, or be barred from entry.</p> <p><img height="335" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_laptop1_0.jpg" width="600" /></p> <p><a href="http://thehill.com/business-a-lobbying/339893-us-rolls-out-new-aviation-security-measures-as-alternative-to-laptop-ban"><em>As The Hill reports, </em></a><strong>the U.S. is rolling out new aviation security measures for all international flights coming into the country instead of imposing a laptop ban,</strong> the Department of Homeland Security (DHS) announced Wednesday.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>Passengers on U.S.-bound flights can expect to go through a more &ldquo;extensive screening process&rdquo; beginning as soon as this summer in some areas, according to senior officials. The enhanced procedures will impact 105 countries, 180 airlines and an average of 2,000 daily flights.</p> <p>&nbsp;</p> <p><strong>&ldquo;It is time that we raise the global baseline of aviation security. We cannot play international whack-a-mole with each new threat,&rdquo; </strong>DHS Secretary John Kelly said during a security conference on Wednesday.</p> <p>&nbsp;</p> <p><strong>&ldquo;Instead, we must put in place new measures across the board to keep the traveling public safe and make it harder for terrorists to succeed.&rdquo;</strong></p> <p>&nbsp;</p> <p>The administration&#39;s announcement comes after weeks of negotiations between the U.S. and Europe over whether to restrict large electronics on all U.S.-bound flights &mdash; a policy that currently only applies to 10 overseas airports.</p> </blockquote> <p><strong>The U.S. <span style="text-decoration: underline;">does not have jurisdiction over foreign airports</span>, but <span style="text-decoration: underline;">has authority over airlines</span> that have direct flights into the country.</strong></p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>The new measures include <strong>additional sniffer dogs, improved &ldquo;next-generation&rdquo; technology, more intensive screening,</strong> more vetting and a host of &ldquo;unseen&rdquo; efforts targeting passenger areas and around aircraft.</p> <p>&nbsp;</p> <p><strong>&ldquo;Carriers will be given specific direction on what they need to institute,&rdquo; </strong>said an official, who described the actions as &ldquo;raising the bar globally&rdquo; but said it was unlikely the measures would prove &ldquo;unduly disruptive&rdquo;.</p> </blockquote> <p>The administration imposed a laptop ban earlier this year on U.S.-bound flights from 10 airports in the Middle East and Africa, which the DHS said was necessary because terrorists have been pursuing innovative methods to smuggle bombs into commercial flights.</p> <p>The electronics restrictions at those airports can be lifted, however, if they comply with the new aviation security measures, senior officials said Wednesday.</p> <p><a href="https://www.ft.com/content/6d965872-5c23-11e7-9bc8-8055f264aa8b?emailId=59540afce30579000409b673&amp;segmentId=3d08be62-315f-7330-5bbd-af33dc531acb"><em>The FT concludes,</em></a> <strong>one European airline official predicted &ldquo;chaos, at least to begin with&rdquo;,</strong> saying there were questions over the cost of new security equipment and whether passengers transferring on their way to the US would need to be screened twice. But the official added:</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p>&ldquo;We&rsquo;re absolutely relieved that this is not a laptop ban, and that this is a worldwide measure, not one that is EU focused. A laptop ban would have caused fire hazards if they were packed in the hold, and those issues were never resolved.&rdquo;</p> </blockquote> <p><strong>But people close to major European airports played down the impact the new security measures would have,</strong> noting that they already have some of the most robust security in the world.</p> <blockquote><div class="quote_start"><div></div></div><div class="quote_end"><div></div></div><p><strong>&ldquo;From what we understand this would be just general enhanced screening,&rdquo;</strong> according to one industry spokesperson. &ldquo;It&rsquo;s something we have been preparing for already.&rdquo;</p> </blockquote> <p>US government officials see an <strong>&ldquo;urgent and evolving&rdquo; terror threat to airliners and terrorists are plotting &ldquo;multiple approaches&rdquo; to breach airline security.</strong> They say the new measures will counter risks previously tackled only in piecemeal fashion as they emerged, such as explosives concealed in underwear, shoes, liquids and most recently laptops.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="558" height="288" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_laptop.jpg?1498681578" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/airlines-fear-chaos-trump-unveils-enhanced-security-protocols-every-inbound-us-fligh#comments Airport Airport security Aviation Aviation law Department of Homeland Security Direct flight Electronics Electronics ban European Union Government heightened security protocols Islamic terrorism in the United States Middle East Middle East Politics Security Transatlantic aircraft plot security reaction Trump Administration United States Department of Homeland Security US government Wed, 28 Jun 2017 20:28:15 +0000 Tyler Durden 598860 at http://www.zerohedge.com "How Did It Go So Wrong" Goldman Asks, As It Slashes Oil Price Target http://www.zerohedge.com/news/2017-06-28/how-did-it-go-so-wrong-goldman-asks-it-slashes-oil-price-target <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p>""Spot WTI oil prices at $43/bbl are now back to November pre-OPEC deal levels, down from $52/bbl just a month ago and vs. our prior 3-mo $55/bbl forecast. How did it go so wrong? </p> </blockquote> <p>&nbsp; &nbsp; &nbsp;&nbsp; <em>- Goldman Sachs</em></p> <p>Goldman has done it again.</p> <p>Shortly after Goldman's tech analyst came out with a bullish note on WTI, saying oil is now "<strong>shifting focus back onto ~51.67-51.81. Keeping a stop at 43.32 (Jun. 22nd high)</strong>...." and adding "daily oscillators are crossing upwards from the bottom of this recent range... this ultimately opens up potential to eventually re-test the 200-dma/Dec. ’16 downtrend up at 51.67-51.81. Reaching these pivots would still maintain the trend of lower/lows and lower highs that has been in place since January...."</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/wti.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/wti_0.jpg" width="500" height="369" /></a></p> <p>... Goldman's commodity analyst, Damien Courvalin came out and in a note which contains the infamous words "How did it go so wrong",&nbsp; cut Goldman's 3 month price target on WTI from $55.50 to $47.50 as "shale drilling ramp-up and large rebounds by Libya, Nigeria are expected to slow 2017 stock draws" crushing Goldman's man near-term bullish thesis.&nbsp; Courvalin also notes that prices will trade near $45/bbl until U.S. horizontal rig count lowers, stock draws increase or OPEC makes additional output cuts&nbsp; Goldman's suggestion is that to normalize inventories, OPEC should cut more than what Libya, Nigeria adding. </p> <p>"We have yet to see if the U.S., service sector can convert this unprecedented increase in drilling into production"</p> <p>And while Goldman cut its near -term price target, it keeps its long-term WTI price “anchor” at $50/bbl on ongoing shale productivity gains and cost deflation elsewhere. At least until that too is cut in the not too distant future.</p> <p>Here are the key sections from Courvalin's note:</p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>Spot WTI oil prices at $43/bbl are now back to November pre-OPEC deal levels, down from $52/bbl just a month ago and vs. our prior 3-mo $55/bbl forecast. How did it go so wrong? </strong>The surprise over the past month was that two large US stock builds and the unexpected ramp-up in Libya and Nigeria reduced the confidence that inventories would normalize before the end of the OPEC deal. Concurrently, the steady increase in the US rig count and the six month drilling to production lag now imply that US production will be growing strongly by the end of the OPEC deal. This threatens to close the window of time for stocks to normalize before the OPEC cuts end and raises the concerns that OPEC will then ramp up production to defend market share.&nbsp; </p> <p>&nbsp;</p> <p>No longer being able to dissociate between the 2017 draws and the concerns of a surplus in 2018, Dec-17 oil prices could no longer act as the anchor and pivot for the forward curve and left the whole curve to return into contango. In fact, trading of the distinct 2017 vs. 2018 balances through long Dec-17 vs. short Dec-18 timespread positions likely precipitated this unraveling by offering producers too strong a price signal to ramp-up production this year. </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%201.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%201_0.jpg" width="500" height="201" /></a> </p> <p>&nbsp;</p> <p>Despite the market losing its pivot point, the other relative moves in oil prices during the recent sell-off have remained consistent with our fundamental framework: </p> <p>&nbsp;</p> <p>The threats of a surplus next year precipitated the decline of the 1-n year forward price to $45/bbl, which we discussed last month had to occur (albeit in our view only gradually), to slow the shale rebound</p> <p>The still ongoing draws have driven near-dated timespreads stronger over the past month, with no visible impact yet of the Libya/Nigeria recovery </p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%202.jpg"><img src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2017/06/25/courva%202_0.jpg" width="500" height="231" /></a><strong> </strong></p> <p>&nbsp;</p> <p><strong>The new anchor is likely to be the price at which shale activity slows </strong></p> <p>&nbsp;</p> <p>The oil market is back to searching for an anchor and we believe that this will likely be for now the price at which shale activity slows. Until a month ago, the greater than seasonal March-May draws and the upcoming May OPEC meeting had helped rationalize the steady ramp up in US activity. Data since then has however shaken confidence that these draws were real and sustainable and the market must now address the shale response. Shale’s velocity is making it the marginal barrel today, pushing the burden of proof on determining once again at what price oil horizontal drilling activity will decline. </p> <p>&nbsp;</p> <p>Where does this leave us? We believe that prices have reached a level near $45/bbl at which US producers should start to adjust their drilling activity. Further, strengthening near-dated timespreads suggest that the draws we expect have yet to unravel. The threat of Libya/Nigeria production, the uncertainty on when and at what price level shale activity will slow and the shrinking window of time for the draws to normalize inventories before OPEC is tempted to ramp up all leave us cautious of calling for a sharp bounce in prices here.</p> </blockquote> <p>And the summary: </p> <ul> <li>The fast ramp-up in shale drilling and the unexpectedly n large rebound in Libya/Nigeria production are on track to slow the 2017 stock draws. This creates risks that the normalization in inventories will not be achieved by the time the OPEC cut ends next March. We expect this will leave prices trading near $45/bbl until there is evidence of (1) a decline in the US horizontal oil rig count, (2) sustained stock draws or (3) additional OPEC production cuts. Given that the market is now out of patience for large stock draws and increasingly concerned about next year’s balances, we believe that price upside will need to be front-end driven, coming from observable near-term physical tightness.</li> <li>Cyclically, we believe that the balance of risks is nonetheless shifting from the downside to the upside: (1) global inventories are still drawing and we continue to forecast a deficit this year, (2) net long positioning is back to its February 2016 low level, (3) production disruptions are at their lowest levels in 5 years and skewed to the upside, (4) OPEC can (and in our view should) act and cut more than what Libya/Nigeria are adding, (5) our demand forecast remains above consensus expectations, and finally (6) we have yet to see if the US service sector can convert this unprecedented increase in drilling into production and what inflationary pressures this will create. <strong>As a result, while we are lowering our 3-mo WTI forecast to $47.50/bbl from $55/bbl previously, it remains above the forward curve.</strong></li> <li>Structurally, however, ongoing productivity gains for shale and cost deflation elsewhere corroborate our $50/bbl long-term WTI price anchor. While this leaves risk to our 2018-19 $55/bbl forecast squarely skewed to the downside, the shale breakeven discovery process is still a work in progress given the opposing forces of productivity gains, cost inflation and the dynamic cost structure of shale.</li> </ul> <p>And the punchline of the whole report: </p> <blockquote><div class="quote_start"> <div></div> </div> <div class="quote_end"> <div></div> </div> <p><strong>This leaves us cyclically bullish within a structurally bearish framework: </strong>the near-term price risks are now increasingly skewed to the upside while the low velocity deflationary forces of the New Oil Order are still at play.</p> </blockquote> <p>Good luck figuring out what that means. </p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="300" height="168" alt="" src="http://www.zerohedge.com/sites/default/files/images/user5/imageroot/there%20will%20be%20blood_11.jpg?1498681096" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/how-did-it-go-so-wrong-goldman-asks-it-slashes-oil-price-target#comments Business Cartels Chronology of world oil market events Commodity markets Contango Energy crisis goldman sachs Goldman Sachs Market Share OPEC OPEC Organization of Petroleum-Exporting Countries Petroleum Petroleum industry Petroleum politics Price of oil Primary sector of the economy recovery World oil market chronology from Wed, 28 Jun 2017 20:25:55 +0000 Tyler Durden 598859 at http://www.zerohedge.com Dollar Dumped, Tech Stocks Pumped As Central Banker Bias Turns Tighter http://www.zerohedge.com/news/2017-06-28/dollar-dumped-tech-stocks-pumped-central-banker-bias-turns-tighter <p>More crappy data and every central banker in the world turning hawkish... BTFD you idiots!!</p> <p><iframe allowfullscreen="" frameborder="0" height="315" src="https://www.youtube.com/embed/bT8CRi9k4bo" width="560"></iframe></p> <p>&nbsp;</p> <p>As we noted earlier... there&#39;s only one thing standing...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_last.jpg"><img height="378" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_last_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Before the US cash open, The ECB desperately tried to jawbone back Draghi&#39;s comments from yesterday... it was met with an instant reaction lower (in Bund yields and EURUSD) but the rest of the day saw that reaction entirely erased...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD3.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD3_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>The ECB chatter did impact US equities early on...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD12.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD12_0.jpg" style="width: 600px; height: 417px;" /></a></p> <p>&nbsp;</p> <p>Nasdaq was crazy today, with chaotic moves all over the place as every effort was made to ensure the tech-heavy index closed above the May close of 6198.5...</p> <p>&nbsp;</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD16.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD16_0.jpg" style="width: 600px; height: 324px;" /></a></p> <p>&nbsp;</p> <p>The bounce occurred right at the 50DMA...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD9.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD9_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>FANG Stocks bounced off the tech-wreck day lows...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD7.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD7_0.jpg" style="width: 600px; height: 316px;" /></a></p> <p>&nbsp;</p> <p>The entire equity complex saw v-shape recovery today.. which started at 10ET following dismal home sales data...NOTE - Dow, S&amp;P, Trannies, and Small Caps went nowhere after Europe closed, Nasdaq kept on running. Little selling pressure into the close...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD15.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD15_0.jpg" style="width: 600px; height: 335px;" /></a></p> <p>&nbsp;</p> <p>Nasdaq was unable to recover yesterday&#39;s losses and the S&amp;P ended unch from Monday&#39;s close...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD17.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD17_0.jpg" style="width: 600px; height: 336px;" /></a></p> <p>&nbsp;</p> <p>The driver of the panic-bid - simple - another huge short-squeeze at the open and lasted through the European close... (today was&nbsp; <strong>the biggest short-squeeze since the first day of March</strong>)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD4.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD4_0.jpg" style="width: 600px; height: 315px;" /></a></p> <p>&nbsp;</p> <p>Banks were bid and Utes were offered today ahead of the stress test results...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD13.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD13_0.jpg" style="width: 600px; height: 390px;" /></a></p> <p>&nbsp;</p> <p>As rates and the yield curve has plunged in June, so the big banks have been bought...round-tripping today from the CAR results last week...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD14.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD14_0.jpg" style="width: 600px; height: 387px;" /></a></p> <p>&nbsp;</p> <p>Despite the manic buying in stocks, bonds limped only 1-2bps higher (with 2Y yields actually down 2bps on the day)...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD5.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD5_0.jpg" style="width: 600px; height: 313px;" /></a></p> <p>&nbsp;</p> <p>The Dollar Index extended its losses after Carney and Poloz comments in Sintra... the Dollar Index is now at pre-Fed-hike levels...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD6.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD6_0.jpg" style="width: 600px; height: 313px;" /></a></p> <p>&nbsp;</p> <p>Funnily enough USDJPY (green below) was deadstick as everything flew around in FX land<strong><em> (and Kuroda warned the world that &quot;there&#39;s no magic wand.&quot;)</em></strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD8.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD8_0.jpg" style="width: 600px; height: 317px;" /></a></p> <p>&nbsp;</p> <p>Poloz restating his bias towards higher rates sent CAD surging most since March 15th to its strongest since Feb 2017...<strong><em>&ldquo;The Poloz comments buttress the change in tone that we&rsquo;ve seen from the Bank over the past month,&rdquo;</em></strong> said&nbsp;Bipan Rai, Toronto-based senior foreign-exchange and macro strategist at Canadian Imperial Bank of Commerce.<em><strong> &ldquo;There&rsquo;s still some speculative shorts out there are being squeezed as a result.&rdquo;</strong></em></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_cad1.jpg"><img height="315" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_cad1_0.jpg" width="600" /></a></p> <p>&nbsp;</p> <p>Cable also extended yesterday&#39;s gains after Carney hinted at stimulus withdrawal... (biggest gain since April and strongest since the election)</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD2.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD2_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>WTI and RBOB bounced notably after DOE inventory and production data...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD10.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD10_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>Gold and silver managed to close higher also as the dollar sank...</p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD11.jpg"><img alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD11_0.jpg" style="width: 600px; height: 288px;" /></a></p> <p>&nbsp;</p> <p>Finally, as Bloomberg notes, <strong>high-beta stocks are no longer in sync with the S&amp;P 500, sending a cautionary signal to equity bulls. </strong></p> <p><a href="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD1.jpg"><img height="312" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2017/06/22/20170628_EOD1_0.jpg" width="600" /></a></p> <p>The S&amp;P 500 High Beta Index turned south before each of the last two stock corrections. The high-beta index peaked in February 2011, more than two months before the S&amp;P 500&#39;s apex that March. Again in 2015, the high-beta index peaked about a month before the S&amp;P 500. In 2017, the high-beta index peaked in February yet has failed to recover with the broader market.</p> <div class="field field-type-filefield field-field-image-teaser"> <div class="field-items"> <div class="field-item odd"> <img class="imagefield imagefield-field_image_teaser" width="600" height="50" alt="" src="http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/20170628_EOD.jpg?1498677985" /> </div> </div> </div> http://www.zerohedge.com/news/2017-06-28/dollar-dumped-tech-stocks-pumped-central-banker-bias-turns-tighter#comments Beta Business CAD Economy European Central Bank Finance Fundamental analysis Investment Market trend Mathematical finance Money NASDAQ NASDAQ recovery S&P S&P 500 S&P 500 Index Stress Test US Federal Reserve Yield Curve Wed, 28 Jun 2017 20:02:27 +0000 Tyler Durden 598858 at http://www.zerohedge.com