As from April 2013 my Journey in Investing is to create Retirement Income for Life till 80 years old for two over market cycles of Bull and Bear.

Welcome to Ministry of Wealth!

This blog is authored by an old multi-bagger blue chips stock picker uncle from HDB heartland!

"The market is not your mother. It consists of tough men and women who look for ways to take money away from you instead of pouring milk into your mouth." - Dr. Alexander Elder

"For the things we have to learn before we can do them, we learn by doing them." - Aristotle

It is here where I share with you how I did it! FREE Education in stock market wisdom.

Think Investing as Tug of War - Read more? Click and scroll down



Important Notice and Attention: If you are looking for such ideas; here is the wrong blog to visit.

Value Investing
Dividend/Income Investing
Technical Analysis and Charting
Stock Tips

Sunday, 31 May 2015

FIRE. But Can Your FIRE Be Extinguished???


Read? Concluding Post on Early Retirement

So is your FIRE conditional?

Uncle8888 has been researching and reading whatever books he could find from NLB on the topics of retirement for quite sometime.

FIRE is just beginning of retirement and FIRE may be extinguished sooner than expected. As retirees in the Land of Wealth or Assets Decumulation; do we still have the financial means or strength to participate in future massive right issues? We don't! Right?

FIRE just means we have reached the Edge of Financial Independence; but there is some works to be done. We have to move deeper into the Land of Wealth/Assets Decumulation to secure the Last Milestone i.e. Sustainable Retirement Income For Life across future market cycles over the next few decades and at the same time overcoming decades of future inflation!

The key is how can we make it sustainable and FIRE will not extinguish before we expired.

Read more? Retirement Planning Room


New Rules For STI


No Time To Learn Investing (Analyzing Companies). How???


Read? Uncle Chua's School of Long-term Investing??? (2)


Less Analyzing. More Investing - Createwealth8888

In Investing, your account size really matters - Createwealth8888


No time? 

But, got lots of spare money?


No time but got lots of spare money. OK. You still got some hope!

No time? No money?

Sorry! Can't help much. Fact of life can be cruel!


No time; but got Big War Chest! There is some hope for you.

How come?

Learn from late Uncle Chua.

Now what did you learn from late Uncle Chua?






Our Life. Our Hope. Our Dream. Our Goals. Our Plans. Just Don't Give Up No Matter What Happened To Us!!!



Uncle8888 over his last 30 over years is like this ....

We must not give up no matter what happened to us. For most of us our life is NOT bed of Roses so we must try hard to move on and overcome whatever big obstacles our life may throw at us. 




On his life ...


 
































On his serious and fully committed investing journey over his last 15 over years ...



 




Know Your Monthly Family Living Expenses First Before Knowing How Much Is Enough For FIRE???



End of May 15. Here is the update.

The fact is that we don't just spend and spend. It is more like fishing. Some time we pull it tight. Sometime we let it loose. Too tight or too loose is NOT the correct way to do it. 

Our monthly family spending pattern should look more like waves. No? 

If not, we may be heading towards future financial issues if every month our family living expenses maintain at high level. Right? 



Saturday, 30 May 2015

Keppel to deliver another three jackup rigs to Mexico

SINGAPORE - Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), is on track to deliver three KFELS B Class jackup rigs to Mexican company, Grupo R, safely, on time and on budget.

A world's first triple rig naming ceremony was held today at Keppel FELS' yard with Mr Chan Chun Sing, Singapore's Minister in Prime Minister's Office and Secretary-General of the National Trades Union Congress as the Guest of Honour.

The three identical rigs were named CANTARELL I, CANTARELL II and CANTARELL III, after the Cantarell oil field in offshore Mexico. They are the first three of five rigs that Keppel FELS is building for Grupo R.

Speaking at the ceremony, Mr Chan said, "Keppel's achievement on the naming of these three rigs underscores Singapore's capabilities as a world leader in rig building. To continually sharpen Singapore's competitive edge, the Government will continue to collaborate actively with the industry in R&D, productivity improvements and skills training.

Mr Chow Yew Yuen, CEO of Keppel O&M, added, "We are pleased to name the first three of five rigs for Grupo R with delivery on track in a timely and safe manner. We have reaped synergies from working on five rigs at one time to maximise resources and improve efficiencies in the construction process. This is extremely helpful especially when we will be delivering 15 rigs this year which is the second highest number of deliveries in a year.

"When delivered, the three rigs named today will make it 11 KFELS B Class rigs working in Mexico. It is the dominant rig design in the region, with those already in operation turning out robust, efficient and economical, performances for Mexico. Besides two more rigs for Grupo R, we currently also have another two under construction for Mexican customers."

The KFELS B Class jackup is designed to operate in water depths of up to 400 feet and drill to depths of 30,000 feet.

Developed by Keppel's Offshore Technology Development (OTD), the KFELS B Class jackup is equipped with an advanced and fully-automated high capacity rack and pinion jacking system, and Self-Positioning Fixation System. It has accommodation with full amenities for 150 persons.

Keppel has delivered projects to Mexico since 2004 when it was awarded a contract to build two accommodation modules.

Besides building new jackup rigs for Mexico, Keppel has also repaired and serviced a total of 18 rigs that have been deployed in Mexico.
SINGAPORE - Keppel FELS Limited (Keppel FELS), a wholly owned subsidiary of Keppel Offshore & Marine Ltd (Keppel O&M), is on track to deliver three KFELS B Class jackup rigs to Mexican company, Grupo R, safely, on time and on budget.
A world's first triple rig naming ceremony was held today at Keppel FELS' yard with Mr Chan Chun Sing, Singapore's Minister in Prime Minister's Office and Secretary-General of the National Trades Union Congress as the Guest of Honour.
The three identical rigs were named CANTARELL I, CANTARELL II and CANTARELL III, after the Cantarell oil field in offshore Mexico. They are the first three of five rigs that Keppel FELS is building for Grupo R.
Speaking at the ceremony, Mr Chan said, "Keppel's achievement on the naming of these three rigs underscores Singapore's capabilities as a world leader in rig building. To continually sharpen Singapore's competitive edge, the Government will continue to collaborate actively with the industry in R&D, productivity improvements and skills training.
Mr Chow Yew Yuen, CEO of Keppel O&M, added, "We are pleased to name the first three of five rigs for Grupo R with delivery on track in a timely and safe manner. We have reaped synergies from working on five rigs at one time to maximise resources and improve efficiencies in the construction process. This is extremely helpful especially when we will be delivering 15 rigs this year which is the second highest number of deliveries in a year.
"When delivered, the three rigs named today will make it 11 KFELS B Class rigs working in Mexico. It is the dominant rig design in the region, with those already in operation turning out robust, efficient and economical, performances for Mexico. Besides two more rigs for Grupo R, we currently also have another two under construction for Mexican customers."
The KFELS B Class jackup is designed to operate in water depths of up to 400 feet and drill to depths of 30,000 feet.
Developed by Keppel's Offshore Technology Development (OTD), the KFELS B Class jackup is equipped with an advanced and fully-automated high capacity rack and pinion jacking system, and Self-Positioning Fixation System. It has accommodation with full amenities for 150 persons.
Keppel has delivered projects to Mexico since 2004 when it was awarded a contract to build two accommodation modules.
Besides building new jackup rigs for Mexico, Keppel has also repaired and serviced a total of 18 rigs that have been deployed in Mexico.
- See more at: http://business.asiaone.com//news/keppel-deliver-another-three-jackup-rigs-mexico#sthash.f9lH5cU4.dpuf

Up The Pyramid of Data and Information Into Your Wisdom???


After more than 15 years, he is still reading finance and investment books from NLB's book shelves; but hardly can find anything interesting or new to him. 

Bo pian! No read. How to know there is nothing new or interesting to discover? The Paradox of reading?

Most of us are likely to have read the same set of data or process the same data to form your information. But, why so few retail investors have lifted themselves high up enough to able to tell their investment success stories after decades of investing in the stock market? 

But, do help yourself to differentiate investment success stories coming out from those who have vested interests (Cannot always use the word Snake Oil. Must learn fast from SMOL who chooses his word carefully)

Only one page worth remembering from reading this book.










































Oh shit! I must get out. Wow! $XXX in XX days. So Shen!

That is knowledge?


Oh dear! These things keep happening; anyway still surviving. X,XXX% in XX years! Hardly anyone hearing it will get excited. Right?

That is wisdom?











DBS : Love To Buy Back! Coming Soon or Tan Ku Ku???


Ya. Many will love to buy it back. It made us feel so Shen!

How about you?



























FIRE (Financial Independence Retire Early) : Unorthodox Way of Passive Income???


What is passive income?

E.g. Dividends from stocks, interests from FDs, coupons from bonds, rentals from properties, etc


How about draw-down from fixed assets that is non-market volalite?

Not passive income?

Probably, this is Uncle8888's Unorthodox Way of Passive Income.


Letting it go.

Read? Who is really financially savvy???





















Friday, 29 May 2015

Sell In May and Go Away???






Dumb Luck or Damn Hard work, Damn Patience and Damn Discipline???


Over decades of market cycles of Bulls and Bears'; and even many more countless waves of UPs and DOWNs in the market; after every decade of actions in the market when you look at your bank account; you are smiling or even better you are laughing!

OMG! I have arrived. FIRE!


When someone asked you; how you did over these decades of actions in the market.


Now you start thinking back ....


Dumb Luck 

or 

Damn Hard work, Damn Patience and Damn Discipline?


Give Win-Win answer.

It is dumb luck!

Lucky never sell my winners. 
Lucky got take profits before market crashes. 
Lucky got cut losses before market crashes. 
Lucky got big war chest. 
Lucky this. Luck that.



This type of answer will NOT trigger any defensive reply or response.


You happy! I am happy!

















Thursday, 28 May 2015

Keep your Goals on hand and close to your ear and face???


A goal is a dream with a deadline — Napoleon Hill

How does Think And Grow Rich address goal setting?

Read? How To Set Goals – Lessons From Napolean Hill & Tim Ferriss


1. Determine exactly how much money you desire – don’t be vague.

2. Determine exactly what you intend to do in order to earn the money you desire. What value are you going to offer? Remember, there is no free lunch.


3. Establish an exact date for when you plan to possess the amount of money you desire.


4. Establish a definite plan for achieving your desire, and start right this moment, whether or not you feel you’re ready.


5. Write out a clear statement of how much money you are going to acquire (the amount from step 1), what you intend to do in exchange for the money (the value from step 2), the date you’ll acquire it by (the date from step 3), and your specific, actionable plan for reaching the desired monetary goal (the plan from step 4).

6. Twice daily, read your written statement out loud to yourself. Do it once in the morning, and once at night. While you read the statement, visualize yourself executing on your plan and visualize the money in your possession.

The goal setting principles above fit into a larger framework of what Hill calls creating “burning desire to win”, but it is essential to the framework presented in Think And Grow Rich. While Hill focuses on goal setting as it applies to financial success (the book is called Think and Grow Rich after all), the same principles can be applied to anything you want to achieve.


CW8888:

Do you set your goals like talking in the coffee-shop? 

Talk talk only and do very little follow up to visualize and realize your goals. 

Ya!You may not arrive on time as planned. So what!  But, you finally arrive at your goals. This is what it should be for all who have goals and plans! 

Most importantly we KNOW that we have ARRIVED!


Uncle8888 keeps his goal on hand and closely to his ear and face!

This is the way how he visualizes his goals. His mobile phone's wallpaper.


 























Wednesday, 27 May 2015

FIRE!!!


The latest buzzword in personal finance is FIRE!


Financial Independence, Retire Early


Currently, Singapore's statutory minimum retirement age is 62, but employers have to offer re-employment to those eligible up to age 65

The reason why Uncle8888 is ready to FIRE!

His money works for him!

He worked 15.4 years from Jan 2000 to 27 May 2015 for his earned income. His money works the equivalent of 6.2 years for him. He is 59 soon. So it is 59 + 6 = 65. It is exactly the official retirement age at 65 so there is no need to worry about not getting re-employment.




Sell In May and Go Away???


May 2015 is not over yet.




Dumb Luck With Heavenly Trigger!!!


Someone in Uncle8888's office tio 4D second prize, $100K+ on his "new" car number which is coming to about one year old.

On that day, somehow, Heavenly Trigger hit him. Both he and wife hoot tua tua separately.

He is 59 this year. He said he can relax and idle through the next three years to 62 and retire. Soon his supervisor will be sianz.

Can supervisor fire someone who doesn't have motivation to work hard?

He said normally hoot much smaller after a few months. Not sure; why on that weekend, he and his wife hoot tua tua.

Dumb luck with Heavenly Trigger!!!

No Goals. No Plans. Only Execution???


Are you still human being?

Only robots have no goals, no plans and only have software program for execution.

Some human being just doesn't communicate or talk loudly in the public domains about their unconscious goals and plans.

Even for children, once children know that they are enjoying themselves so much last weekends; they will be planning for their next weekend goals for their daddy and mummy where to go and what to do.

You are single?

But, you got nephews or nieces?







Tuesday, 26 May 2015

19 Secrets Your Millionaire Neighbor Won’t Tell You


Read? 19 Secrets Your Millionaire Neighbor Won’t Tell You








5. He realized early on that money does not buy happiness. If you’re looking for nirvana, you need to focus on attaining financial freedom.

6. He never forgets that financial freedom is a state of mind that comes from being debt free. Best of all, it can be attained regardless of your income level.


Next line, Grasshoppers can skip reading 


11. He knows that failing to plan is the same as planning to fail. He also knows that the few millionaires that reached that milestone without a plan got there only because of dumb luck. It’s not enough to simply declare that you want to be financially free.







What I Have In My Stock Portfolio???



Right ones: Still holding

Wrong ones: Waiting to sell

Cash:  Waiting to buy.

That about all!

Nothing fanciful. Right?






Monday, 25 May 2015

Chinese Stock Market Irrational Exuberance???


Revised and expanded. Third Edition.




SuperFriends Get-Together @ Beng Hiang. That was history!












Last Sunday, Uncle8888 was there for his family dinner before it closes down and shifts to Jurong East.

This is the restaurant where his group of SuperFriends (his investing kakis but many of them have quietly disappeared) had their gathering so it is something worth his last visit.

He also saw many families bringing their old folks there for their dinner. Probably, these old folks are saying good-bye too.

Note that it was started in 1978, Beng Hiang Restaurant has since established itself as one of the best Hokkien restaurants in Singapore.






Sunday, 24 May 2015

Put More into Building Wealth Early, then divert Income to More Spending for Higher Income Couples


Read? Put More into Building Wealth Early, then divert Income to More Spending for Higher Income Couples


.... I got triggered by someone exploring the possibilities of front loading their wealth building, such that after a certain age, they can stop putting money towards wealth building, yet have enough to retire at the age of 65 years old.



Uncle8888 fully agreed with the above as he has achieved it.

On his human asset ...




































On his Financial Assets ...

Since Jan 2000, Uncle8888 didn't put in a single cent into his investment portfolio as he believe he has enough war chest for his investment portfolio. More importantly, he has to mitigate the Risk Of Liquidity Needs and recognizing the effect of his depreciating human asset. At anytime, he might be retrenched in the next economic crisis so he has to build up his emergency fund in term of X years and not the typical 6 to 12 months. An old human asset is extremely difficult to get another job. It may take years to do it!


Read more on risks?  Your Personal Finance and Investment - Three Risks That Are Seldom Actively Discussed by Personal Finance and Investment Bloggers


May be some financial and investment bloggers became more successful with their investment portfolio due to this front loading effect? 


In investing, our account size really matters - CW8888



May be the truth is due to this front loading effect?

Read about? Embracing Three Taps Solutions to Retirement Income For Life Model













Saturday, 23 May 2015

Your Personal Finance and Investment - Three Risks That Are Seldom Actively Discussed by Personal Finance and Investment Bloggers


The three risks that we should be thinking very hard when are investing over decades in the stock market:


1. Risk Of Large losses

Once we have locked in large negative losses it is very difficult to recover as most of us may have limited saving to keep adding bullets into our war chest to continue with the Game. So we must think very hard why Mr. Market is wrong and we are RIGHT before we keep averaging down on losses.
























2. Risk Of Liquidity Needs

We must think hard and think years ahead on how to meet our future liquidity needs over 5 - 7 years of market cycles; but can be unexpectedly longer. 

We must avoid having to sell our assets at market low to meet our large liquidity needs and locked in large negative losses as in Point 1. 

By selling our valuable assets at market low and locking in large negative losses at the same time; we can say bye bye to our investing goals.

Think way ahead how to meet your liquidity needs; especially the larger ones.

 

"Do or Do not. There is no try



3. Risk Of Inflation over decades when inflation outlives our life


FIRE - The new word in personal finance and investment dictionary.



Financial Independence, Retire Early


When your passive income exceeds your living expenses is FIRE!


Now you can voluntarily fire your  job and your boss when you have enough FU$ or No Thanks$ to walk away from those "nonsenses" from you bosses. Enough is enough!

Sure or not when you are in your late 30s or early 40s?

You have decades of inflation ahead of your life.

When your passive income exceeds your living expenses is FIRE. 


Chun bo?

How financially educated are you with inflation?

Read? Reaching the Edge of Financial Independence. Next, watch your Beta closely! (2)-of-financial-independence.html


Read closely. Uncle8888 has chosen the word - Edge. No bom pi pi! Just Edge nia.



In the Land of FIRE; we still have to fight off the Dragon of Inflation to generate sustainable retirement income for life. 

Can our passive income (or cash flow) grows every year over decades to keep up with inflation? 


How to know?

One way is to simulate it.

Read? Retirement Income for Life??? (14)


 





Friday, 22 May 2015

FIRE!!!



Financial Independence, Retire Early


Why not?


 Financial Independence, Relax Early
 

Can be relax in your time?

Can be relax in your spending?

Can be relax in your job?

Can be relax in saving for your future? Still need to save so hard for future meh?




Under half an hour - Wipe out!!!























Mr. Market never give chance or early warning!

Do we still want to bet most of our net worth with Mr. Market when we retire?







 


Thursday, 21 May 2015

Keppel Infrastructure Trust raises S$525 million in Singapore’s largest equity deal this year

Keppel Infrastructure Fund Management, the Trustee-Manager of Keppel Infrastructure Trust (KIT) (formerly known as CitySpring Infrastructure Trust) is pleased to announce that it has raised S$525 million through a private placement and preferential offering to be conducted to finance the acquisition of a 51% stake in Keppel Merlimau Cogen Pte Ltd.

The private placement issue price has been fixed at S$0.52 per Placement Unit, being a discount of 6.15% to the adjusted volume-weighted average price(1), which excludes the special distribution of 1.05 cents per unit and the pre-equity fund raising stub distribution of 0.11 cents per unit, for which the private placement units are not eligible.

To reward existing unitholders and enable them to participate in the future growth of the trust, KIT will conduct a non-renounceable preferential offering under which existing unitholders will be entitled to subscribe to 1 new unit for every 13 units owned as at 28 May 2015 at 5.00 pm at a preferential offering price of S$0.515 per unit, which is at a discount to the private placement price.

This equity deal is the largest to date in Singapore and represents approximately 36% of KIT's outstanding units before the equity fund raising exercise.

The private placement attracted strong institutional interest from new and existing investors, and was more than 2 times subscribed. Long only institutional and corporate investors were allocated approximately 75% of the private placement.

Mr Khor Un-Hun, CEO of Keppel Infrastructure Fund Management, the Trustee-Manager of KIT, said, "We are deeply encouraged by the strong investor interest in our equity fund raising. The increase in free float and institutional unitholder base will help KIT enhance the liquidity of its units and its ability to raise additional capital to finance future growth opportunities."

(1) Being the price of all trades on SGX-ST for the full market day on 19 May 2015 and on 20 May 2015 up until 9.33 am when it was halted for trading
- END -

Top Up CPF SA From CPF OA? Depending On Who You Ask! (3)


 Read? Top Up CPF SA From CPF OA? Depending On Who You Ask! (2)

Never assume you are NOT the next financial and investment blogger who can show others how you did in your own WAY.



When you are in 20s and 30s; why do you need to hurry for locking up your own money in CPF SA to earn that extra 1.5% compounding interests till the next retirement age 69 or 7x?

You don't know how to invest now. But, are you so sure you are NOT going to learn and excel in your investing skills in the next 20 to 30 years?


You may even do better than Uncle8888. Why not?

You are much younger than him. You have started wise in your investing journey with so many free financial education in the cyber world!



Wednesday, 20 May 2015

Top Up CPF SA From CPF OA? Depending On Who You Ask! (2)


Read? Top Up CPF SA From CPF OA? Depending On Who You Ask!


Never assume you are NOT the next financial and investment blogger who can show others how you did in your own WAY.

When you are in 20s and 30s; why do you need to hurry for locking up your own money in CPF SA to earn that extra 1.5% compounding interests till the next retirement age 69 or 7x?


You don't know how to invest now. But, are you so sure you are NOT going to learn and excel in your investing skills in the next 20 to 30 years?

If you are so sure; then you go and transfer now!
 



Tuesday, 19 May 2015

Keppel Infrastructure Trust begins trading after CitySpring merger

It’s the largest infrastructure-focused business trust.
Keppel Infrastructure Trust (KIT) commenced trading on the Singapore Exchange today after completing its merger with CitySpring Infrastructure Trust.

CitySpring Infrastructure Trust announced yesterday that it has completed its acquisition of three of KIT’s assets, namelySenoko Waste-to-Energy (WTE) Plant, Keppel Seghers Tuas WTE Plant and Keppel Seghers NEWater Plant.

“With the injection of these three assets into its portfolio, the enlarged KIT is the largest Singapore infrastructure-focused business trust, listed on the Singapore Exchange,” KIT stated.

KIT will also undertake its approved acquisition of Keppel Merlimau Cogen Plant (KMC), an operating top tier 1,300 MW gas-fired power plant in Singapore.

After the KMC acquisition, which is expected to be completed by 3Q 2015, KIT will have an expected total asset size of over S$4 billion.

The merger was first revealed in November last year. Keppel Corp is the largest unitholder with 22.9% ownership in the trust, while Temasek is the second-largest unitholder with 19.97% ownership in the trust. 


Monday, 18 May 2015

My Dividend Machine: Powerful, Power-less, and Broken!!!


Nothing is certain in the stock market including dividends.

My Dividend Machine: Powerful, Power-less, and Broken too!












Sunday, 17 May 2015

Should you buy bonds?



Sundaytimes, 17 May 2015

If you are reaching 55 soon or already 55 and above, your CPF is better than any bonds.

























Being Frugal???

British Dictionary definitions for frugal
 



frugal

/ˈfruːɡəl/


adjective

1. practising economy; living without waste; thrifty

2. not costly; meagre

Sometime, Uncle8888 seriously don't understand the few bloggers who are constantly preaching on this topic: Being frugal to become more wealthy; you are on your way to your financial independence.

One of those few quoted examples is this one.

Drinking coffee/tea during tea-breaks if your office have formal or informal tea-breaks.


Drinking free 3-in-1 or 2-in-1 coffee/tea from your office pantry is being frugal and help to save more money to become more wealthy.
Uncle8888 rarely drinks his free 2-in-1 coffee from his office pantry. He walks out of the building to the coffee shop to drink his kopi-O siew dai. 

So his monthly cost for two kopi-o sessions per working day is about $40.

By not saving $40 more per month; he is not being frugal?

So what is being fugal?

living without waste

Is drinking kopi-o at coffeshop is living WITH waste?

Hor!








Being frugal or Overly obsessed with saving?

 

For Most Of Us, The Sad Truth About Our Human Asset And Why We Need To Think About It???



The Sad Truth of Uncle8888's Human Asset when he finally awaken and knowledge it in his 40s; but luckily it was not too late for him.


The Way of Human Asset  ...






































The Way of Financial Assets  ...


Supported or supplemented by The Way Of Financial Assets - Let his money works harder for him to offset or supplement the weakening power of his human asset.

Read? Embracing Three Taps Solutions to Retirement Income For Life Model






When Will You Sell Your Kep Corp???



Someone asked him ... "When will you sell your Kep Corp?"


He will definitely sell those positions that are supposed to be sold; but he didn't like the idea of cutting losses to add more cash to his growing War Chest.

His idea about cash may not be commonly understood by some retail investors. 

Why cheer yourself over a bigger war chest when you are already struggling with lack of buying ideas?

Can we ever recover by cutting losses into cold hard cash by locking in negative return?

Remember, the stock market is unpredictable. Salted fishes can come back alive. It not just happen; but it keeps happening many times!


 

There will be right time at your own time to cut losses and switch horses as we don't need to win back the same way as we have lost them.














Now, look at the chart. You can suggest or hint to him when is the right price to sell all?

NTA (Net Tangible Asset) at 31 Mar 15 is $5.92

Total dividends received for FY 14 is $0.12 + $0.36 = $0.48





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