DJIA 8611.41 -81.87 (-0.94%) S&P 500 1091.60 -6.46 (-0.59%) Nasdaq 1832.44 -10.25 (-0.56%) Value Line ndx 862.20 -5.80 (-0.67%) 30-Year Bond 99 4/32 +5/32 5.56% Yield
Los Angeles-based financial services company SunAmerica Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: SAI)") else Response.Write("(NYSE: SAI)") end if %> shined $7 1/8 to $71 3/8 after announcing it will be acquired by insurance giant American International Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AIG)") else Response.Write("(NYSE: AIG)") end if %> in an all-stock deal valued at around $18 billion, making it the second largest merger ever in the insurance industry. SunAmerica shareholders will receive 0.855 shares of AIG common stock for each SunAmerica share. Based on AIG's closing price yesterday, that represented a 47% premium over SunAmerica's then closing price of $64 1/4. AIG, which also announced that its board has revoked its previously existing authorization to buy back shares in the open market, lost $7 1/8 to $87 1/2. The transaction is expected to be accretive to AIG's earnings next year. SunAmerica will keep its current name, management, and headquarters, and gain access to a strong international network as well as additional products to sell. For AIG, the deal means access to individual investors and a large stake in the retirement-savings business.
Retail bookseller Barnes & Noble <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BKS)") else Response.Write("(NYSE: BKS)") end if %> booked a $2 13/16 gain $40 1/16 after announcing plans to take its barnesandnoble.com unit public in an IPO this fall. Barnes made the noble decision to give enthusiastic Internet investors a chance to award its online operations with a premium multiple. That should reduce the cost of capital for this fledgling business and clarify results at the company's old-line retail operations. The healthy profits of its retail outlets are currently being somewhat obscured by startup losses at the online unit. The spin-out announcement, in fact, came with the firm's second quarter earnings release, which showed a loss of $5.7 million or $0.08 per share, a penny worse than estimates due to its online losses. Thanks to improved gross margins, operating profits at its retail outlets soared 103% to $19.6 million, good for profits of $0.12 per share but not enough to offset a loss of $0.20 per share at its Internet operations. For more details, click here.
QUICK TAKES: Internet portal company Lycos Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LCOS)") else Response.Write("(Nasdaq: LCOS)") end if %> added $3 11/16 to $73 1/16 after reporting a fiscal fourth quarter loss of $0.09 (before charges) per share compared with a loss of $0.04 in the year-earlier period. Analysts had been expecting a wider loss of $0.13 per share... Online services provider America Online <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: AOL)") else Response.Write("(NYSE: AOL)") end if %> gained $1 11/16 to $113 after announcing the launch of a new Insurance Center featuring services provided by Intuit's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTU)") else Response.Write("(Nasdaq: INTU)") end if %> Quicken InsureMarket... Internet supermarket Peapod Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: PPOD)") else Response.Write("(Nasdaq: PPOD)") end if %> soared $1 7/8 to $8 3/8 after announcing a marketing alliance with Excite <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: XCIT)") else Response.Write("(Nasdaq: XCIT)") end if %> that makes Peapod the exclusive online grocery service promoted on the Excite co-branded portions of Netscape's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NSCP)") else Response.Write("(Nasdaq: NSCP)") end if %> Netcenter.
Pizza Hut, KFC, and Taco Bell parent Tricon Global Restaurants <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: YUM)") else Response.Write("(NYSE: YUM)") end if %> moved up $3 1/4 to $39 5/8 after yesterday announcing it expects Q3 EPS to grow more than 50% due to stronger-than-expected operating profit growth... After falling on rumors yesterday, The Learning Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TLC)") else Response.Write("(NYSE: TLC)") end if %> regained $3 1/2 to $24 1/8 after saying it is committed to completing its previously announced merger with Broderbund Software <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BROD)") else Response.Write("(Nasdaq: BROD)") end if %> as planned on August 31. Broderbund recovered $2 13/16 to $19 3/16... Dominick's Supermarkets <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: DFF)") else Response.Write("(NYSE: DFF)") end if %> checked out a $6 3/8 gain to $45 7/8 after announcing it has hired an investment bank to help it evaluate strategic alternatives after receiving unsolicited expressions of interest in buying the company from other supermarket operators.
Newbridge Networks <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NN)") else Response.Write("(NYSE: NN)") end if %> connected for a $7/8 gain to $23 11/16 on news that it, along with Alcatel <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ALA)") else Response.Write("(NYSE: ALA)") end if %>, has been selected by WIC Western International Communications to supply equipment for WIC's $450-$500 million national local multipoint communications system (LMCS) infrastructure... Dispelling rumors of accounting irregularities, temporary manual labor provider Labor Ready <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LBOR)") else Response.Write("(Nasdaq: LBOR)") end if %> recovered $1 11/16 to $23 3/16 after saying that it stands by its financial statements and that its stock is undervalued. The company also announced that sales last week totaled a record $15 million... Data collection and management systems company National Computer Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: NLCS)") else Response.Write("(Nasdaq: NLCS)") end if %> jumped $4 to $25 1/4 after reporting Q2 EPS of $0.30, up from $0.22 and beating analysts' expectations of $0.27.
Prestige fragrances manufacturer French Fragrances <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: FRAG)") else Response.Write("(Nasdaq: FRAG)") end if %> sprayed up $1 5/8 to $11 after reporting Q2 EPS of $0.10, up from $0.04 a year earlier and in line with estimates... Diversified financial services company Amresco Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMMB)") else Response.Write("(Nasdaq: AMMB)") end if %> rose $5/8 to $20 5/8 after denying a reported rumor that it would write down its retained interests from securitization in the third quarter. In response to the drop in the company's shares in the past several days, Amresco plans to buy back up to 1 million shares... Urologic disorders diagnosis and treatment products company UroCor Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: UCOR)") else Response.Write("(Nasdaq: UCOR)") end if %> surged $1 5/16 to $6 3/16 after anatomic pathology company Dianon Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: DIAN)") else Response.Write("(Nasdaq: DIAN)") end if %> announced a bid to acquire the company for $7.50 per share -- a 54% premium over UroCor's closing price yesterday... Kitchen cabinets and vanities maker American Woodmark Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: AMWD)") else Response.Write("(Nasdaq: AMWD)") end if %> jumped $3 1/32 to $30 1/32 after reporting fiscal Q1 EPS of $0.53 compared with $0.33 a year ago and the $0.42 projected by the single analyst listed in First Call.
Microprocessor and integrated circuits maker National Semiconductor Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: NSM)") else Response.Write("(NYSE: NSM)") end if %> sank $2 1/16 to $11 9/16 after saying it expects its fiscal Q1 and Q2 losses to be worse than the $0.42 per share loss recorded in Q4 of 1998. Analysts surveyed by First Call had called for a $0.39 per share loss in Q1 and a $0.22 per share loss in Q2. The firm added that its first quarter sales are expected to slide 8% to 10% from last quarter's $510 million due to "weakness in overall semiconductor demand." As Yogi Berra might tell National Semi's investors, "It's deja vu all over again." On May 15, the company also warned that its Q4 and Q1 earnings would miss estimates due to... Anyone?... Anyone?... weak chip demand. Morgan Stanley Dean Witter threw some extra salt in the company's wounds with a downgrade to "neutral" from "outperform."
A special "fool of the day" prize (with a small "f") may be in order for FirstPlus Financial Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FP)") else Response.Write("(NYSE: FP)") end if %>, which dropped $3 5/8 to $25 1/2 after the Michigan Attorney General's office said it would bring a cease-and-desist order against the mortgage lender for making "false, misleading and deceptive solicitations to the public on second home mortgages." FirstPlus allegedly offered a Michigan assistant attorney general a $42,800 second mortgage not on his home, but on the state office building in which he works. "The company's first mistake was offering a loan on a state building," Michigan AG Frank Kelley said. "Its second mistake was mailing the offer to the attorney on my staff who heads up the division responsible for regulating mortgage companies." FirstPlus called the blunder "unfortunate," adding that it gets its mailing lists from sources "which it believes to be reliable."
QUICK CUTS: Intel Corp. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: INTC)") else Response.Write("(Nasdaq: INTC)") end if %> slumped $3 9/16 to $86 after Merrill Lynch analyst Tom Kurlak lowered the chip giant's long-term rating to "neutral" from "accumulate." Fellow chip maker Texas Instruments <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: TXN)") else Response.Write("(NYSE: TXN)") end if %>, which also got the downgrade ax from Kurlak, fell $1 5/8 to $58 7/8... Enterprise software firm BEA Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: BEAS)") else Response.Write("(Nasdaq: BEAS)") end if %> lost $1 to $19 after reporting fiscal Q2 EPS of $0.07 (before acquisition charges), which was in line with the Street's mean estimate... Analog Devices <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: ADI)") else Response.Write("(NYSE: ADI)") end if %> slid another $1 3/4 to $19 3/4 as Lehman Brothers lowered its fiscal 1998 earnings estimates to $0.86 per share from $0.93 per share after the maker of integrated circuits reported Q3 EPS $0.04 short of estimates yesterday.
Restoration Hardware <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: RSTO)") else Response.Write("(Nasdaq: RSTO)") end if %> was hammered for a $2 7/8 loss to $31 after the upscale home furnishings store operator reported a pro forma fiscal Q2 loss of $0.04 per share, which was in line with the loss expected by the Street... Hotel and casino operator Mirage Resorts <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MIR)") else Response.Write("(NYSE: MIR)") end if %> slid $9/16 to $17 9/16 after the Nevada Gaming Control Board filed a complaint against the company yesterday alleging Mirage employees improperly collected gambling debts during trips to meet with South Korean patrons... Brand name apparel retailer Loehmann's <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LOEH)") else Response.Write("(Nasdaq: LOEH)") end if %> lost $1 to $4 1/4 after reporting a fiscal Q2 loss (before charges) of $0.10 per share, which was below the $0.07 per share loss expected by the Street.
Midway Games <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: MWY)") else Response.Write("(NYSE: MWY)") end if %> was torpedoed $1 1/4 to $14 after reporting fiscal Q4 EPS of $0.25, which was in line with an earnings warning in May. BancAmerica Robertson Stephens downgraded the firm to "attractive" from "buy"... Online discount broker E*Trade Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: EGRP)") else Response.Write("(Nasdaq: EGRP)") end if %> traded down $2 1/16 to $24 1/16 today. According to The Wall Street Journal, the company has approached other online brokerages with the idea of forming an electronic "off-exchange" trading system... Life insurance and annuity underwriter Life USA Holding <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: LUSA)") else Response.Write("(Nasdaq: LUSA)") end if %> slipped $1 1/4 to $12 after saying low interest rates are causing a "shrinking market for fixed income annuities," which will result in fiscal 1998 sales as much as 20% below expectations.
Managed healthcare provider Foundation Health Systems <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: FHS)") else Response.Write("(NYSE: FHS)") end if %> fell another $2 to $11 7/8 after saying yesterday that it was unaware of any corporate developments that would account for the recent slide in its share price... e-Net Inc. <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: ETEL)") else Response.Write("(Nasdaq: ETEL)") end if %> lost $1/2 to $15 11/16 after Kaufman Brothers lowered its short-term rating for the telecommunications hardware and software designer to "hold" from "buy"... Venezuelan telecommunications services company Compania Anonima Nacional Telefonos de Venezuela <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VNT)") else Response.Write("(NYSE: VNT)") end if %> fell $2 1/4 to $14 3/4 on concerns its home country will devalue its currency... More mud slinging from investment firm Asensio & Co. dragged down shares of Turbodyne Technologies <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: TRBD)") else Response.Write("(Nasdaq: TRBD)") end if %> $31/32 to $6 7/8 today. In a press release, Asensio repeated claims that Turbodyne's electric supercharger is "easy to duplicate" and has "failed to generate any sales in the last five years."
Online data broadcasting firm WavePhore <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: WAVO)") else Response.Write("(Nasdaq: WAVO)") end if %> fell $1 1/8 to $8 1/8 after Friedman, Billings, Ramsey downgraded the firm to "sell" from "speculative buy." The company challenged the downgrade, claiming FBR does not have "full and comprehensive knowledge of our current business operations"... "System on a Chip" integrated circuit maker LSI Logic <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: LSI)") else Response.Write("(NYSE: LSI)") end if %> fell another $11/16 to $15 1/8 after warning investors yesterday that its fiscal Q3 EPS will be in the low-to-mid teens, missing analysts' estimates of $0.23 for the period... Acute care hospitals operator Quorum Health Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: QHGI)") else Response.Write("(Nasdaq: QHGI)") end if %> fell $2 5/16 to $20 15/16 after reporting fiscal Q4 EPS of $0.35, which was in line with Street's mean estimate... Property and casualty insurer Vesta Insurance Group <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: VTA)") else Response.Write("(NYSE: VTA)") end if %> lost $5/8 to $13 3/8 after saying "significantly higher catastrophe losses" contributed to fiscal Q2 loss of $0.76 per share, much wider than the First Call mean estimate of a $0.10 per share loss.
FOOL
ON THE HILL
An Investment Opinion
by
Dale Wettlaufer
ROE, ROE, ROE Your Boat (Pt. 3)
In addition to being a look inside return on equity (ROE), this series is also a review of chapter 35 of the book Buffettology, a book about Berkshire Hathaway <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: BRK.A)") else Response.Write("(NYSE: BRK.A)") end if %> chairman Warren Buffett. Buffett is, if you've been away for a while, one of the most successful businessmen in history. This book sets out to explain how he goes about investing. In chapter 35 on Return on Equity, it says pretty flatly that one should seek out high-ROE businesses, but I don't think that goes far enough.
Having explained in Part 1 and Part 2 of this series how high margins can contribute to a high return on equity, today I will address the issue of high asset turnover. Yesterday, we started to look at Costco <% if gsSubBrand = "aolsnapshot" then Response.Write("(Nasdaq: COST)") else Response.Write("(Nasdaq: COST)") end if %>, of which Berkshire owns 555,000 shares of stock (as of the latest filing last year) and on the board of which Berkshire Vice-Chairman Charlie Munger serves.
Let's take a quick look at Costco's ROE structure. In 1997, Costco had average assets of $5.194 billion, average shareholders equity of $2.123 billion, net income (before an accounting change) of $350.87 million, and revenues of $21.484 billion.
ROA = Net Margin times Asset Turnover. ROA = 1.63% times 4.136. ROA = 6.7%. Costco's asset turnover is super, at 4.14 times per year. In a hypercompetitive industry like grocery stores/discount retailers, net margin of 1.63% was what could be squeezed out of the operation. Does this still meet Buffett's thinking? With the right amount of leverage, the company can get to a return on equity that meets and surpasses its cost of equity.
To figure where leverage might be, one might assume a company like this targets ROE of 15-18%, which would beat the cost of equity. Divide ROE of 0.15 through 0.2 by the ROA of 0.067. That will give you the leverage required. Leverage is probably in the neighborhood of 2.2 to 3 times assets to equity. Looking at the data above, it's right in the middle of that range, at 2.45 times assets to equity, so ROE = 0.067 x 2.45 = 16.4%, at the conservative end of things but still highly satisfactory.
In addition, we have to consider what part of that leverage is comprised of interest-bearing debt and what part is comprised of noninterest-bearing liabilities. We know first that a retailer such as this has to carry lots of inventory -- after all, the model of Costco is to offer a huge selection of stuff at a discount to retail prices. We would therefore expect that there's a big chunk of accounts payable on the liabilities side of the balance sheet to offset the large amount of inventory on the assets side of the balance sheet.
Remember here that Assets minus Liabilities equals Owners' Equity. Rearranging that accounting tautology to an equation that expresses how a balance sheet is constructed (how it balances), A - L = OE can be expressed as A = L + OE. Therefore, all those cases of paper towels and Pringles in the warehouse clubs are going to be funded by accounts payable. Which is handy, since Costco doesn't fund all of its assets with equity or debt. Vendors fund part of Costco's inventory by allowing Costco to buy goods on credit -- Costco's accounts payable become accounts receivable on the asset side of the vendors' balance sheets.
With average liabilities of $2.991 billion and average accounts payable of $1.3 billion, vendors finance 43% of Costco's liabilities. If the company pays its vendors on time, there is no explicit cost to these liabilities. Furthermore, a company such as this has lots of employees. Since they don't get paid every day, the amount of money that is owed them that builds up during a payroll cycle is another major form of interest-free financing. Accrued salaries and benefits last year averaged $279.8 million. Added to accounts payable, these two noninterest-bearing forms of liabilities accounted for 53% of liabilities. We're getting to the point where this isn't an especially leveraged company as expressed in the more familiar debt-to-equity ratio. Bear with me, we're going somewhere with this.
With average financial debt of $1.116 billion, the company's average debt-to-equity ratio during the year was 52.6%. That's not especially leveraged and I would expect its interest coverage ratio (also called its times-interest-earned ratio, expressed as earnings before interest and taxes) to be very high. EBIT for 1997 was $596.61 million and interest expense was $76.28 million, giving us an interest coverage ratio of 7.82. So, the assets-to-equity ratio of 2.45 is a very manageable one.
The real amount of leverage here doesn't imperil the equity invested in the company. An ROE with a high asset turnover, very low margins, and a manageable amount of debt (as in this situation) is very good, especially considering that this is a company operating in a mature industry where revenues really shouldn't be growing at a large multiple to overall nationwide consumer spending growth. Given that many consumers find this shopping format superior, though, revenue growth of 11.8% shows that the company is likely taking share from other retailers.
In sum, you don't need huge margins to get to a good ROE. If you are in a lower-margin industry, though, you do need to be very focused on process management. That means that you need to move inventory through your stores and keep sales per square foot up. The quicker a gross of paper towels moves off the shelf and gets replaced by another gross to be bought by tomorrow's customer, the higher your sales per square foot are going to be and the less cash you tie up in that inventory. All of which means that your asset turnover and return on assets are going to help you get to your ROE target without adding excessive amounts of leverage to do so.
Now, the permanence of that asset productivity and the net margins of Costco are more subject to questioning than the return on assets components of something like Coca-Cola Co. <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: KO)") else Response.Write("(NYSE: KO)") end if %>, but low margins in a highly competitive industry don't mean prima facie that such companies make bad investments. Wal-Mart's <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMT)") else Response.Write("(NYSE: WMT)") end if %> track record of incredible wealth building is pretty much the best example of the concept.
Speaking of Wal-Mart <% if gsSubBrand = "aolsnapshot" then Response.Write("(NYSE: WMT)") else Response.Write("(NYSE: WMT)") end if %>, I happen to be reading Sam Walton's autobiography, Made in America: My Story. In it, Walton lays out how you can turn your assets faster. He doesn't explicitly say it in that way, but he details his basic frugality in stretching a buck, pricing product low and stacking it high, and choosing the name "Wal-Mart" because it contained the fewest letters of all the names he was contemplating -- meaning he was tying up the smallest possible amount of capital in the company's signage. These basic things -- paying attention to lots of little investment decisions -- add up over the years and create a mindset that no amount of enterprise resource planning software will inject into an organization's asset efficiency and ROE.
In any case, let's look at Wal-Mart's ROE components from last year. Average assets were $42.494 billion, average equity was $17.823 billion, net income was $3.526 billion, and revenues were $119.299 billion. So, assets turned over 2.81 times and net margin was an excellent (for retail of this nature) 2.96%. ROA, then, was 8.31%. Assets/equity was 2.38 times. Multiplying that by ROA indicates an impressive ROE of 19.8% considering that ending debt/equity was 58.4%, which includes all financial debt and capitalized lease obligations of the company.
Investors who look at Buffett's track record and public investments and don't really think that he would be interested in a Wal-Mart or other low-margin retailers should remember that Berkshire Hathaway is the parent company of an extensive set of retailers with business models that span everything from low-margin, high-turns to high-margin, low turns/seasonal. Consider the company's Nebraska Furniture Mart retail franchise. The company will outsell anybody on price because it moves so much inventory. On the other end of the spectrum, See's Candies doesn't try to outsell the competition on price -- it outsells the competition on quality and brand. Readers of this column will know that we don't like flabby definitions of the term "brand," but in this case, it's entirely apt, because Warren Buffett himself reserves the right to set price increases at See's. The company's products are so much better than the competition's that See's has pricing power -- a major hallmark of "brand power."
Other high asset turn, lower-margin retailers in the Berkshire fold include Star Furniture, R.C. Willey Home Furnishings, and Helzberg Diamonds. Nebraska Furniture Mart, though, is the ne plus ultra of the high asset turn, low-margin model in its industry and in the Berkshire stable of retailers. Looking at how asset turns and margins interact with each other to determine the economics of a business before leverage is applied is the correct way to look at ROE. When investors try to think the way Buffett does as explained in Buffettology or other books, they are often drawn to high-margin sorts of enterprises or high ROE sorts of enterprises. But there's more to it than just that. Asset velocity, turnover, or productivity -- however you want to describe it -- is quite important.
Beyond that, though, there are a bunch of other things to think about, such as how Berkshire is able to access large amounts of capital at no cost, how GAAP (generally accepted accounting principles) accounting doesn't capture the actual amount of capital Berkshire gets to use every year or the economic return on that capital, and other issues worthy of investors' consideration. Rather than boiling down things to ROE, these are all important aspects that have to be examined, which we will do tomorrow when we wrap up this series.
Related articles:
ROE series -- Part 1 I Part 2
Please see the Motley Fool's Conference Calls page for call information and links to synopses.
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Contributing Writers Yi-Hsin Chang (TMF Puck), a Fool Brian Graney (TMF Panic), Fool Two Alex Schay (TMF Nexus6), Fool, too Dale Wettlaufer (TMF Ralegh), Final Fool
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