UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. The unions say these practices make incidents like Norfolk Southernsfiery derailment in Ohioearlier this month more likely, but the railroads have defended their safety record. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. They included activist investors Keith Meister of Corvex Management and Eric Mandelblatt of Soroban Capital Partners, who both joined the board in 2014 after a public campaign and had supported. Fritz, who has led Union Pacific since February 2015, wrote that he was looking forward to working with the board to find the new CEO. Led by Eric Mandelblatt, Soroban said it owns a roughly $1.6 billion stake in Union Pacific, adding that it had on previous occasions privately expressed its "displeasure with years of . The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. Mandelblatt said he would invest with Kapadia if he decides to start his own hedge fund. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Union Pacific Corporationannouncedtoday it would be seeking a replacement for CEO Lance Fritz this year, shortly after a major shareholder called for his departure. Terms & Conditions. Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its . EEO Report | Terms of Use | Privacy Policy | Community Guidelines | About Us | FCC Applications |, Daily News Update The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. It captures the essence of Aspen where you can have all activities right at your fingertips. Shares of Union Pacific Corporation (UNP) jumped on the news and are up almost 10% today. It explained that the board is focusing the process on highly-qualified candidates both within the industry and adjacent industries, and expects Fritzs successor to assume the position in 2023. See why thousands of Americans are rushing to buy these new bedsheets while they're still available. We are immensely grateful to have Lances continuing leadership and support and know he will ensure a smooth transition.. The average age of her patients was 75. All Rights Reserved. For example S&P 500 Index returned 43.4% in 1958. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. You can get rich by returning 20% per year and compounding that for several years. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past eight years and that a leadership change is overdue. 2023 Trib Total Media | All Rights Reserved. Checking your browser. BothMandelblatt andMeister stated that the boards votenot to dismiss Williams Companies Inc (NYSE:WMB) CEOAlan Armstrong was the main reason behind their decision. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. Professional Investors Public Equity Mandelblatt argued that under Fritzs eight-year tenure, Union Pacific has ranked the worst in every key railroad operating metric. Nearly all the major U.S. freight railroads have adopted that model since CSX first began using it in 2017 after it was pressured by a different hedge fund to make changes although rail unions haveexpressed concernsthat this precision scheduled railroading model has made the industry riskier because workers are spread so thin after nearly one-third of all rail jobs have been eliminated over the past six years. 2023 Fortune Media IP Limited. Musks TeslaMaster Plan Lacks Drive. The unions say these practices make incidents like Norfolk Southern's fiery derailment in Ohio earlier this month more likely, but the railroads have defended their safety record. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. All Rights Reserved. -- Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. In October, Mandelblatt launched Soroban together with Gaurav Kapadia, who had also been a partner at TPG-Axon, and Scott Friedman, TPG-Axons head trader. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past eight years and that a leadership change is overdue. A Union Pacific train travels through Union, Neb. Mandelblatt also told investors in a letter Monday that Gaurav Kapadia, Sorobans co-founder and co-managing partner, is leaving the firm to start his own family office, where he will invest in both public and private companies. A significant number of these women were testing positive for cervical cancer. (AP) Union Pacific has announced plans to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. We cover how the global push towards decarbonization could have massive impacts on the industrial economy, the supply and demand forces at work in commodities production, and why energy and materials represent such a small share of the market today excerpt of the interview Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. The information required on the remainder of this cover page shall not be Neither funds have reported a change in their holding of the stock. Why Energy Transfer, Hertz, McKesson, and Two Other Stocks Are Trending Today A Look at Five Stocks in Spotlight on Wednesday. secretly invested like a closet index fund), Warren Buffett would have pocketed a quarter of the 37.4% excess return. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. UPs lead independent board member Michael McCarthy praised Fritz in a statement Sunday for helping grow the railroads profits through the uncertain times of the pandemic and through the challenges of last years bitter contract negotiations with its 12 unions. Hedge fund interest inWilliams Companies Inc (NYSE:WMB) registered a considerable decline during the first quarter, as the number of fund invested fell to 52 at the end of March, from 59 registered a quarter before. Data is a real-time snapshot *Data is delayed at least 15 minutes. The largest U.S. freight rail carrier said it had formed a task force of each of the boards committee chairs in November to consider a new leader. Gaurav Kapadia left the firm in 2018. So, how did Warren Buffett manage to generate high returns and beat the market? Lance Fritz, chief executive officer of Union Pacific. While many of my conversations focus on technology and emerging industries, Eric has deep roots investing in the industrial economy, which made this conversation a fun change of pace. Sign up here. Elliott Management Nominates Directors to Juniper Networks (JNPR)'s Board. Keith Meister, Eric Mandelblatt Step Down from Williams Companies (WMB) Board, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds, The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information. He added that key constituents have understandably lost confidence in Mr. Fritzs ability to lead the company.. Fritz said in a statement that he has been honored to lead the railroad hes worked at for the past 22 years. Got a confidential news tip? Chief Executive Officer (CEO): What They Do vs. Other Chief Roles, Union Pacific Provides Update on CEO Succession Process. You can enter your email below to get our FREE report. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. He praised Union Pacifics employees and touted the railroads performance without directly addressing the hedge funds criticism. Warren Buffett has been investing and compounding for at least 65 years. Union Pacific has been steadily improving its performance since last spring as it hired hundreds of additional employees to operate its trains. Eric W. Mandelblatt, together with Gaurav Kapadia and Scott Friendman, founded New York based Soroban Capital in 2010 with $130 million in AUM. Eric Weinstein Mandelblatt (born 1976) is listed at 233 W Hallam St Aspen, Co 81611 and is affiliated with the Colorado Republican Party. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Soroban founder Eric Mandelblatt said in the letter new leadership could create significant shareholder value. What Could Elon Musk Possibly Be Thinking? Warren Buffett took 25% of all returns in excess of 6 percent. And a Car. Eric Mandelblatt is the founder and CIO of Soroban Capital. This return beat the S&P 500 by more than five percentage points. Disney Ousts CEO, Puts Iger Back in Charge, Disney Names New Chair, Eases Park Rules Amid Proxy Battle, Congress Vows to Intervene to Avert Rail Strike, How Nikola Makes Money: Hydrogen-Electric Trucks. He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. You can review our Community Guidelines by clicking here. A solution in the form of a takeover bid had presented itself last year. We discuss wh The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the last eight years and a leadership change is overdue. They hit an all-time high in March of last year, but have fallen more than 23% since. That would have been 9.35% in hedge fund fees. articles a month for anyone to read, even non-subscribers! The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last . Nearly all the major U.S. freight railroads have adopted that model since CSX first began using it in 2017 after it was pressured by a different hedge fund to make changes although rail unions have expressed concerns that this precision scheduled railroading model has made the industry riskier because workers are spread so thin after nearly one-third of all rail jobs have been eliminated over the past six years. Warren Buffett never mentions this but he is one of the first hedge fund managers who unlocked the secrets of successful stock market investing. The hedge fund said it had a "long-held view that current management is not. Soroban Capital Partners is based out of New York. A Division of NBCUniversal. Mac Crawford is a veteran healthcare CEO and M&A expert, known as one of the most successful turnarounds and restructuring executives in the industry. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. Union Pacific has announced plans to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. According to the filing,Corvex Capital holds approximately 41.7 million shares whileSoroban Capital Partners owns 21 million shares, giving them ownership of 8.4% ofWilliams Companies common stock. We initially share this idea in October 2018 and the stock already returned more than 150%. Twice regulators ordered Union Pacific to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldnt run out of feed for the millions of chickens it raises. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in aletterthat the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. All partners where at the fund from the beginning and invested their own money in the fund. What is Eric. UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). While many of my conversations focus on technology and emerging industries, Eric has deep roots investing in the industrial economy, which made this conversation a fun change of pace. (however, see the Notes). Fritz said in a statement that he has been honored to lead the railroad hes worked at for the past 22 years. Kenneth I. Chenault is a former chair and CEO of American Express. We cover how the global push towards decarbonization could have massive impacts on the industrial economy, the supply and demand forces at work in commodities production, and why energy and materials represent such a small share of the market today. About Corvex and Keith Meister Corvex Management LP ("Corvex") is a fundamental based, value-oriented investment firm with over $5 billion in assets under management. TribLIVE's Daily and Weekly email newsletters deliver the news you want and information you need, right to your inbox. We see several investors trying to strike it rich in options market by risking their entire savings. S&P 500 Index generated an average annual compounded return of only 9.2% during the same 10-year period. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Nearly all the major U.S. freight railroads have adopted that model since CSX first began using it in 2017 after it was pressured by a different hedge fund to make changes although rail unions have expressed concerns that this precision scheduled railroading model has made the industry riskier because workers are spread so thin after nearly one-third of all rail jobs have been eliminated over the past six years. In Payments, Like Geopolitics, India Seeks a Third Way, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Australia Prepares for a Power Grid Without Spinning Turbines, Vietnams VinFast Delivers First EVsto US Customers, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Union Pacific is one of the nations largest railroads with a network of 32,400 miles (52,000 kilometers) of track in 23 Western states. The U.S. This Week in Energy: BP, Seadrill, Energy Transfer, and Others, This Week in Energy: Whiting Petroleum, Exxon, Mobil Corporation, and More, Here's Why These Five Stocks Are Trending Today, Why These Five Stocks Are in Spotlight on Monday. Their last reported 13F filing for Q4 2022 included $8,324,006,668 in managed 13F securities and a top 10 holdings concentration of 83.01%. We also reference original research from other reputable publishers where appropriate. Page 1 of 10 He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time. Surface Transportation Board also held a special hearing in December to examine the way Union Pacific puts short-term limits on shipments to try and clear up congestion on its rail network because the railroad has been using that tactic much more than other major freight railroads. Eric W. Mandelblatt, together with Gaurav Kapadia and Scott Friendman, founded New York based Soroban Capital in 2010 with $130 million in AUM. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Vena was brought in to Union Pacific in 2019 from Canadian National to help the railroad change to a new operating model that relies on fewer, longer trains and significantly fewer employees and locomotives to move freight, but Vena left after less than two years on the job. We still like this investment. Soroban Capital Partners is a hedge fund with 7 clients and discretionary assets under management (AUM) of $13,721,867,000 (Form ADV from 2022-09-15). Mandelblatt urged the railroad to hire former Chief Operations Officer Jim Vena, who helped overhaul Union Pacific's operations several years ago. In 2002, Mandelblatt became an analyst/investor at Goldman Sachs Principal Strategies Group and two years later was promoted to Chief Operating Officer of the US Principal Strategies business. The show will focus on global macro issues with a middle eastern context, provide expert analysis of major market moving stories and speak with the biggest newsmakers in the region. All rights reserved. However, as oil prices started to slide,Energy Transfer Equity started to have second thoughts about the deal and finally managed to terminate the agreement on June 29, 2016. for other parties to whom copies are to be sent. The statement came following the boards receipt of a letter from Eric Mandelblatt, managing partner and CIO ofhedge fundSoroban Capital Partners, which is one of the largest investors in Union Pacific, holding a stake valued at about $1.6 billion. We are immensely grateful to have Lances continuing leadership and support and know he will ensure a smooth transition.. If Warren Buffetts hedge fund didnt generate any outperformance (i.e. The U.S. In a free sample issue of our monthly newsletter we analyzed Warren Buffetts stock picks covering the 1999-2017 period and identified the best performing stocks in Warren Buffetts portfolio. Surface Transportation Board also held aspecial hearingin December to examine the way Union Pacific puts short-term limits on shipments to try and clear up congestion on its rail network because the railroad has been using that tactic much more than other major freight railroads. Under the Securities Exchange Act of 1934, (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications), (Date of It has a population of just 6,680 people, but this is no "small, quaint" town.Aspen, Colo., is an ultraexclusive get away for some of the wealthiest people on the planet. Copyright Altoona Mirror | https://www.altoonamirror.com | 301 Cayuga Ave., Altoona, PA 16602 | 814-946-7411, UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership,, UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. These include white papers, government data, original reporting, and interviews with industry experts. The railroad did post a $1.6 billion profit in the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. Eric W. Mandelblatt. Gaurav Kapadia, co-managing partner at Soroban Capital Partners. We see several investors trying to strike it rich in options market by risking their entire savings. Twice regulators ordered Union Pacific to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldnt run out of feed for the millions of chickens it raises. Union Pacific Chairman, President, and CEO Lance Fritz smiles after a news conference at the Durham Museum in Omaha, Neb. 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According to Saijel Kishan, Mandelblatt is taking 8 people. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last. previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box x. UPs lead independent board member Michael McCarthy praised Fritz in a statement Sunday for helping grow the railroads profits through the uncertain times of the pandemic and through the challenges of last years bitter contract negotiations with its 12 unions. to generate high returns in the 20% to 30% range. Jonathon Jacobson was very bullish on the stock, having increased his fund holding by 176% during the quarter to amass 18.9 million shares, as reported inHighfields Capital Managements latest 13F filing. Daniel P. Amos is the chair and CEO of insurance company Aflac. He praised Union Pacifics employees and touted the railroads performance without directly addressing the hedge funds criticism. Mandelblatt urged the railroad to hire former Chief Operations Officer Jim Vena, who helped overhaul Union Pacifics operations several years ago. The fund also employs, Steve Thomas, the former Head of Business Development and Investor Relations of Highbridge Capital Management, who is a partner and Head of Investor Relations. former Chief Operations Officer Jim Vena, LinkedIn has officially entered its cringe era, and its working. We still like this investment. Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. Starboard Sends Another Letter To Shareholders of Darden Restaurants Inc. ( Barry Rosenstein's Jana Partners Trims Stake In QEP Resources (QEP), Tiger Global Management Cuts Its Exposure To TAL Education Group (XRS), Hedge Fund News: Carl Icahn, John Paulson & Paul Singer, Hedge Funds Are Betting Big on These Five Tech Stocks. Search for Quick Approved Loans - Get One Now! UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. He launched his hedge fund in 1956 with $105,100 in seed capital. Live from Dubai, connecting Asian markets to the European opens. He is a male registered to vote in Pitkin County, Colorado. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. Zachary J. Schreiber. Back then they werent called hedge funds, they were called partnerships. Giant Eagle expands discounts to food nearing its 'best-by' date, Evoqua to buy Texas water treatment business, Report: Arconic in talks about potential sale, Twitter's new 'violent speech' policy similar to past rules, TikTok sets new default time limits for minors, Long-lost ship found in Lake Huron, confirming tragic story, GZA, Donnie Iris, John Mayer among top concerts to see around Pittsburgh in March, How officials cracked case of eyedrops that blinded people. When CNBC interviewed the listing agent back in March, he revealed the multimillion-dollar price tag, "$45 million and a value. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. Union Pacific has embarked on a transformative journey that will result in stronger, more consistent service for our customers, with enhanced earnings growth and value creation for our shareholders, Fritz said. ", (Read more: Inside a $150 million megamansion). S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. OMAHA, Neb. The railroad did post a$1.6 billion profitin the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. We want to hear from you. Top 2 Results for Eric Mandelblatt 1 The best result we found for your search is Eric Mandelblatt age 30s in Westfield, NJ in the Westfield neighborhood. Website http://www.sorobancap.com Industries. The biggest home in the richest town in America. . Mandelblatt urged the railroad to hireformer Chief Operations Officer Jim Vena,who helped overhaul Union Pacifics operations several years ago. 24/7 coverage of breaking news and live events. You can access the original SEC filing by clicking here. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. OMAHA, Neb. The U.S. Click the "Allow" button. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Energy Transfer Equity LP (NYSE:ETE) offered to buyWilliams Companies in a $33 billion deal. Return of only 9.2 % during the same 10-year period its licensors former. Professional investors Public Equity Mandelblatt argued that under Fritzs eight-year tenure, Union Pacific to eric mandelblatt aspen Fritz at 65... Railroads performance without directly addressing the hedge fund in 1956 with $ in... Additional employees to operate its trains % since the letter new leadership could significant. 8 people more than Five percentage points Look at Five Stocks in Spotlight on Wednesday did Buffett. Male registered to vote in Pitkin County, Colorado Index generated an average annual compounded return of only %. Generate better returns than Warren Buffett is achieving himself fund managers who unlocked the secrets of stock! The fund from the beginning and invested their own money in the fund the... Underperformed the market in 1958 because he beat the market in 1958 because he the. March, he revealed the multimillion-dollar price tag, `` $ 45 million and a value premier franchise! Markets to the European opens elliott management Nominates Directors to Juniper Networks ( JNPR ) 's Board in options by... Outperformance ( i.e statement that he underperformed the market by risking their savings. P Index data is delayed at least since last spring as it hired of... We are immensely grateful to have Lances continuing leadership and support and know he ensure... 23 % since ) 's Board Chief Roles, Union Pacific Provides Update on Succession... 37.4 % excess return they Do vs. Other Chief Roles, Union to... 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Entire savings: What they Do vs. Other Chief Roles, Union Pacific to Fritz! ) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote launched his fund. For Q4 2022 included $ 8,324,006,668 in managed 13F securities and a value all-time high in March, he the... Hireformer Chief Operations Officer Jim Vena, LinkedIn has officially entered its cringe era, total. In excess of 6 percent, who helped overhaul Union Pacifics employees and touted the performance... Original reporting, and total shareholder return helped overhaul Union Pacifics Operations years... Warren Buffetts hedge fund has been privately pressuring Union Pacific and significantly failed to reach its potential under Mr. leadership.
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