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CHAPTER 15
 Stock Options                   At a very exclusive party, a high-
 Chapter Sections:                class, finely-clad woman slinked
                                   up to the CEO of a Fortune 500
 Options on Common Stocks            company and said, “I will do
 The Options Clearing Corporation anything – anything you want.”
 Why Options                            The CEO flatly responded,
 Option “Moneyness”                         “Re-price my options.”
 Option Payoffs and Profits
 Option Strategies
 Option Prices, Intrinsic Values, and Arbitrage
 Employee Stock Options
 Put-Call Parity
 Stock Index Options
                                                                  2


What is an Option Contract?
   A security that gives the holder the right to
    buy or sell a certain amount of an underlying
    financial asset at a specified price for a
    specified period of time
     Financial asset examples: Stocks, bonds, etc.
     Options contracts are not investments
     They are contracts between two investors
        Buyer of the option contract gets the right to buy (or
         sell) the financial asset at a given price for a given
         period of time
        Seller of the option contract must buy (or sell) the
         asset according to the terms of the contract
                                                                             3


What is an Option Contract?                               (continued)

   Options contracts are part of a class of
    securities called derivatives
     Derivatives are securities that derive their value
      from the price behavior of an underlying real or
      financial asset
     Options contracts have no voting rights, receive
      no dividends nor interest, and eventually expire
     Their value comes from the fact that they allow
      the holder of the option to participate in the price
      behavior of the underlying asset
         With a much lower capital outlay
    By the way, options contracts are usually just referred to as options.
                                                                  4


What is an Option Contract?                         (continued)

   Options allow an investor to leverage their
    outlay of capital
     Leverage – the ability to obtain a given equity
      position at a reduced capital investment, thereby
      magnifying returns (review)
     With options, you can make the same amount of
      money from a stock or other security as if you
      bought it for full price
        But only come up 1/10th or less of the money

    Sounds too good to be true, huh? Well, you are right. It is too
     good to be true. Much of the time, you lose the entire outlay.
        Options have a time limit. Most options expire worthless.
                                                                5


What is the Rational for Options?
   Instead of buying a stock, buy an option to buy
    a stock (or an option to sell a stock)
     If the stock goes up, your option will go up (almost
      always much, much faster) and you can sell the option
      for a handsome profit
     There is only one catch – The option expires in
      three, six or nine months
        If the stock does not go up, the option is worthless
        Most options expire worthless (Surprise!)
   There are some scenarios where options can be
    worthwhile but they are few and far between!
                                                               6


Option Contracts Example
   Stock currently selling for $20
     You buy a share of the stock for $20
        If it goes up to $30, you have earned $10 on a $20
         investment
     You buy an option to purchase a share of the stock
      at $20 currently selling at $20
        It might only cost you $1 for the option
        If the stock goes up to $30, your option price will
         probably go up to around $11
        You have earned $10 on a $1 investment
        That is “leverage” in action
        Congratulations! Pat yourself on the back!
                                                                     7


Option Contracts Example                              (continued)

   But what if the stock price stays at $20
      Your option expires worthless at the end of three,
        six, or nine months
   And, of course, after your option expires, the
    stock price zooms to $40
      You were so sure that this stock was going to hit
       the big time and you were absolutely right
      But because you bought an option that expired, you
       lost the ability to share in the success of the stock
     My advice? Forget about the option and just buy the stock! But
        since this is an Intro to Investments class, we need to become
    proficient in the concepts, terms, and techniques of options. So…
                                                              8


Two Main Types of Options
   Call Option Contract – a.k.a. “Call”
     A negotiable instrument that gives the buyer of the
      option the right to buy the underlying security at a
      stated price within a certain period of time
        (The previous example was a “call” option)
     When people talk about options, they are usually
      talking about call options
   Put Option Contract – a.k.a. “Put”
     A negotiable instrument that gives the buyer of the
      option the right to sell the underlying security at a
      stated price within a certain period of time
     Opposite of a call option
                                                                  9


Two Main Types of Options                       (continued)

   “Where did the terms ‘call’ and ‘put’ come from
    and how will I remember which is which?”
     The term “call” comes from the idea that when you
      buy a call option, you get the right to “call the stock
      away” from the seller of the option
     The term “put” comes from the idea that when you
      buy a put option, you get the right to “put the stock
      to” the seller of the option
 Get the idea? A “call” allows you to “call away the stock” from
                                      someone (buy it from them).
A “put” allows you to “put the stock” to someone (sell it to them).
                                     Let us look at each in detail.
                                                                          10


The Two Parties of a Call Option
    Buyer of the call option contract
      The Call Option Buyer of the contract is the
       person who will do the “calling away”
         They buy the right to “call the stock away from” (buy
          it from) the call seller
         They do not have to exercise the right
           In fact, often the options contract expires worthless

    Seller of the call option contract
      a.k.a. Option writer, Option maker
      The Call Option Seller of the contract is the
       person who must sell the stock (“called away from”)
         The call option seller is legally bound to sell the stock
         to the call buyer
           In return, they get the option price from the call option buyer
                                                                          11


The Two Parties of a Call Option                          (continued)

    “What is the Call Option Buyer Hoping For?”
      The call option buyer is hoping that the price of the
       stock will go up – a call option buyer is bullish
         If an option buyer has a call option to buy at $20 and
          the price goes to $30, the buyer can buy a $30 stock
          for only $20
    “What is the Call Option Seller Hoping For?”
      The call option seller is hoping that the price of the
       stock will go down or stay the same – a call option
       seller is bearish (or at least not very bullish)
         If the stock stays around $20 or goes down, the call
          option buyer will not want to exercise the option and
          it will expire worthless
           And the call option seller gets to keep the price of the option
                                                                                12


Call Option Example
 Ed                                                       Ted
                                     $20
                     Pays $1          call     Gets $1
                                     price


Call option buyer            Call Option Contract            Call option seller
The call option buyer           The call option     The call option seller wants
wants the price of the          contract is tied     the price of the underlying
underlying stock to go up.           to the                   stock to go down.
He is bullish.                    underlying                       He is bearish.
No matter what happens to        stock. It will      No matter what happens to
the price of the stock, he         vary up &           the price of the stock, he
can buy it from (“call it         down as the             must sell it to (“called
away from”) the call             stock varies.      away from”) the call option
option seller for $20.                               buyer for $20 if exercised.
                                                                         13


The Two Parties of a Put Option
    Buyer of the put options contract
      The Put Option Buyer of the contract is the
       person who will do the “putting to”
         They buy the right to “put the stock to” (sell it to) the
          put option seller
         Again, they do not have to exercise this right
           Recall: Often the options contract expires worthless

    Seller of the put options contract
      a.k.a. Option writer, Option maker
      The Put Option Seller of the contract is the person
       who must buy the stock (“put to”)
         The put option seller is legally bound to buy the stock
         from the put option buyer
           In return, they get the option price from the put option buyer
                                                                         14


The Two Parties of a Put Option                          (continued)

    “What is the Put Option Buyer Hoping For?”
      The put option buyer is hoping that the price of the
       stock will go down – a put option buyer is bearish
        If an option buyer has a put option to sell at $20 and
         the price goes to $10, the buyer can sell the $10
         stock (“put it to the option seller”) for $20
    “What is the Put Option Seller Hoping For?”
      The put option seller is hoping that the price of the
       stock will go up or stay the same – a put option seller
       is bullish (or at least not very bearish)
         If the stock stays around $20 or goes up, the put
         option buyer will not want to exercise the option and
         it will expire worthless
           And the put option seller gets to keep the price of the option
                                                                                   15


Put Option Example
Fred                                                         Ned
                                        $20
                        Pays $1          put      Gets $1
                                        price


Put option buyer               Put Option Contract               Put option seller
The put option buyer wants         The put option      The put option seller wants
the price of the underlying        contract is tied     the price of the underlying
stock to go down.                       to the                        stock to go up.
He is bearish.                       underlying                         He is bullish.
No matter what happens to           stock. It will     No matter what happens to
the price of the stock, he can        vary up &            the price of the stock, he
sell it to (“put it to”) the put     down as the       must buy it from (“put to”)
option seller for $20.              stock varies.     the put option buyer for $20
                                                          if the option is exercised.
                                                              16


Time for Questions on Options
   “Options are confusing, aren’t they?”
     In fact, the section on options is one of the hardest
      parts of the Series 7 Stockbroker exam
   “Options sound like gambling. I am right?”
     Yes. Options are a form of gambling. It is a zero-sum
      game. Someone wins, someone loses.
     A family acquaintance once called me. “Hey, Frank. I
      hear you can make a lot of money investing in options!”
     I said, “Wait a minute. Yes, you can make a lot of
      money; you can also lose a lot of money. But you can’t
      invest in options. You can speculate in options. You
      can not invest in something that has a 60% chance of
      being worthless in three months! That is not investing.”
                                                         17


Option Attributes
Strike Price – a.k.a. Exercise Price
 The contract price between the buyer of an option
  and the seller of the option
 The stated price at which you can buy a security with
  a call option or sell a security with a put option
 Listed options traditionally sold in…
   $2.50 increments for stocks selling for less than $25
   $5.00 increments for stocks selling between $25 & $200
   $10.00 increments for stocks selling for greater than
    $200
 But pricing is more flexible now
  There are some stock options that sell in $1 increments
                                                                      18


Option Attributes                                  (continued)

   Expiration Date
     The date at which an option expires
     Listed options always expire at the close of the
       market on the third Friday of the month of the
       option’s expiration
         The hour before close of the market on the third
          Friday is sometimes called the “witching hour”


      As well as stock options, there are also stock index options and
    stock index futures which we will discuss later. When all three –
     stock options, stock index options, and stock futures – expire on
            the same day, then it is called the “triple-witching hour.”
                                                                   19


Option Attributes                               (continued)

   Exercise Style
     American options
        Can be exercised at any time before the expiration
     European options
        Can only be exercised at expiration

  Normally, if you wanted to take a profit from an option that had
 done well and there was still significant time until the expiration
       date, you would simply resell the option instead of actually
exercising the option. However, with an American-style option, if
    you really wanted the stock, you could exercise the option and
     buy (or sell) the stock before the expiration date. By the way,
  there are several other types of options with various provisions.
                                                                        20


Quotations of Listed Options
   Go online to finance.yahoo.com
     Choose Investing | Options
       (You could also just enter http://biz.yahoo.com/opt)
       Enter the symbol for the stock under Options Lookup
          (Not in the box next to the button labeled [Get Quotes] in the
           upper portion of the screen)
     Or, when you are viewing the quote of a stock, you
      could simply choose the Options link on the left
      hand side of the screen


       The list of available options contracts and their prices for a
                       particular security is called an option chain.
                                                                      21


Options Contracts
   Buying & Selling (writing, making) Options Contracts
     We have discussed options contracts as if they
      were traded just as stocks are traded
        In most ways, they are very similar
     But there is one major difference
     Options are sold as “contracts”
       Each contract represents one hundred shares of
        underlying security
       There are no odd-lots on the options exchanges


So if the listed price of the option is $5, then one contract will cost
       $500 ($5 * 100 shares). Two contracts will cost $1,000, etc.
                                                                   22


Options Contracts                                (continued)

   Option Premium
     The quoted price the option buyer pays to buy a
      listed put or call option
     The seller (a.k.a. writer, maker) receives the premium
      immediately and gets to keep it whether or not the
      option is ever exercised
       (Did I mention that most options expire without being
        exercised? That most options expire worthless?)

   To make it more confusing, the term premium is also used in a
more precise manner when valuing options. For this reason, most
       people always refer to the price of the option instead of the
                                            premium of the option.
                                                            23



Valuations of Options
   “In-the-money” Call Option
     A call option with a strike price less than the
      market price of the underlying security
     Example: Call Strike Price $50
       Market Price $54
       $4 “In-the-money”

   “Out-of-the-money” Call Option
     A call option with no real value because the strike
      price exceeds the market price of the stock
     Example: Call Strike Price $50
       Market Price $47
       $4 “Out-of-the-money”
                                                          24



Valuations of Options                      (continued)

   “In-the-money” Put Option
     A put option with a strike price greater than the
      market price of the underlying security
     Example: Put Strike Price $50
       Market Price $46
       $4 “In-the-money”

   “Out-of-the-money” Put Option
     A put option with no real value because the
      market price exceeds the strike price of the
      stock
     Example: Put Strike Price $50
       Market Price $52
       $2 “Out-of-the-money”
                                                        Call Option            25


Valuations of Options: Example
   Call Option Example (Strike price $50, Option price $10)




        Theoretically, for every $1 above the strike price, the call buyer
         earns a dollar and the call seller (a.k.a. call writer) loses a $1.
                                                     Call Option           26


Valuations of Options: Example                       (continued)

   Call Option Example (Strike price $50, Option price $10)




        But the previous graph ignored the price of the option. The call
                  buyer had to pay $10 and the call seller received $10.
                                                          Put Option            27


Valuations of Options: Example                           (continued)

   Put Option Example (Strike price $50, Option price $10)




    Again, theoretically, for every $1 below the strike price, the put buyer
            earns a dollar and the put seller (a.k.a. put writer) loses a $1.
                                                         Put Option        28


Valuations of Options: Example                          (continued)

   Put Option Example (Strike price $50, Option price $10)




    But again, the previous graph ignored the fact the put buyer had to pay
        $10 for the option and the put seller (a.k.a. put writer) earned $10.
                                                                  29


Valuations of Options                           (continued)

   Time Premium
     The amount by which the option price exceeds the
     option’s “in-the-money” value
       In general, the longer the time to expiration, the
        greater the size of the time premium
       If an option is “out-of-the-money,” then the entire
        price of the option is due to the time premium

In other words, an option that is “in-the-money” will sell for more
          than the amount it is “in-the-money” because of the time
 remaining until the expiration date. Often, an option that is “out-
 of-the-money” will still have time value. The option still has time
    to become worth more (as the underlying stock price changes).
                                                                             30


Commissions on Option Contracts
   And Do Not Forget Commissions!
     In the previous examples, we did not include the
      cost of the commissions
       A commission is charged whenever an option is
        bought or sold
          Both buyer and seller pay a commission
       And a commission is charged when and if the buyer
        exercises the option and buys or sells the stock
          Again, both buyer and seller pay a commission
     When you include the commissions, it makes it that
      much harder to make money in options
      But if you are a broker, you would simply love to have your
       clients get hooked on options. P.S. None of my clients trade
      options. I would do my best to talk them out of it if they asked to!
                                                                        31


Option Strategies
   Speculating – You will often hear…
      “If you feel the market price of a particular stock is
       going to move up…”
      “If you anticipate a drop in price within the next six
       months…”
      “It is a highly risky investment strategy, but it may
       be suited for the more speculatively inclined.”
         The flaw in these arguments is this: There has never been a
     successful method to predict stock prices in the short term. You
     may “feel” or “anticipate” that the price will go up or down, but
    that does not mean that it will. It is not investing, it is gambling.
     Plus, you may be correct but your option may expire before you
                                                     are proven correct.
                                                                   32


Option Strategies                                 (continued)

   Hedging
     A transaction or series of transactions made to
      reduce the risk of adverse price movements in an
      asset
     Hedging can be thought of as insurance
        And although insurance can be useful in some
         circumstances, it is not free
        You pay for the insurance via the price of the option
         and the commissions

      Investors can use hedging strategies when they are unsure of
      what the market will do. A perfect hedge reduces your risk to
    nothing (except for the cost of the option and the commissions).
                                                                        33


Option Strategies                                 (continued)

   Hedging Example
     You own 100 shares of Butterfly.com and it is
      currently selling for $50
     You are afraid the price will plummet within the
      next 3 months to $10
     You purchase a put at $50
     No matter what happens, you can sell the stock for
      $50 … but only until the option expires
       Then you must go out and buy more insurance
     This is called a “protective put”
      Insurance is not free. Using options as insurance is one way
     to keep your broker very happy. If you are sure the stock will
                            fall, why not just sell the darned thing?
                                                                  34


Option Strategies                              (continued)

   Straddle
     The simultaneous purchase (or sale) of a put and a
      call on the same underlying financial asset
     If the price is volatile in either direction, up or down,
      you will make money (providing you pass the break-even
      point for both purchases plus the commissions)
     If the stock price is not volatile, you would sell
      (a.k.a. write, make) the straddle and hope that the
      price does not change greatly

 Two commissions at the same time! Your broker is gonna’ really
                                                     love you!
                                                                             35


Option Strategies                                        (continued)

   Straddle Example
      Butterfly.com is selling for $50 but its price is
       extremely volatile
      You purchase a call for $50 and a put for $50
          The price of the call option is $4 and the price of the
           put option is $5
      Now, no matter which way the price goes, one of
        your options will be in-the-money

       But the call cost you $4 and the put cost you $5, so the price has to
       move at least $9 either way before you break-even. And we did not
    include the cost of the commissions. You paid two commissions for the
                 straddle and possibly one more for exercising the option.
                                Brilliant strategy, huh? Wait, it gets better.
                                                                    36


Option Strategies                               (continued)

   Spread
     The simultaneous purchase and/or sale of two or
      more options with different strike prices and/or
      expiration dates
     Example: Stock selling for $50
       Buy a call at a strike price of $50
       Sell a call at a strike price of $55
       You paid for the call at $50, you got paid for the call
        at $55
       If the stock price rises, you make money

       The possibilities are endless. And so are the commissions.
                                                                    37


Option Strategies                                 (continued)

   Selling Options – a.k.a. Writing Options, Making Options
     Selling options allows the individual investor to play
      the part of the casino
        You become the Las Vegas casino and the option
         buyers are betting against you
     “More often than not, the option writer is right.”
     Most options expire worthless
        Have I mentioned this yet?
     No matter what happens, the option seller gets the
      buyer’s premium – the price of the option

    If and when I ever begin trading options, it will be as an option
           writer. But that does not mean you still can not lose big.
                                                                     38


Option Strategies                                  (continued)

   Selling Options (continued)
     Covered Options
       Options written against stock owned (or sold short)
        by the writer
     Naked Options – a.k.a. Uncovered Options
       Options written on securities not owned (or sold
        short) by the writer

      The amount of return to the option writer is always limited to
       the amount of option premium received. But the loss can be
       substantial, even unlimited in the case of a naked call, a.k.a.
                                                     uncovered call.
                                                                       39


Option Strategies                                  (continued)

   Selling Options (continued)
     Covered Call
       You own a stock and you are considering selling
       You write a covered call and receive the premium
       If the stock price jumps substantially, the stock will
        be called away from you (You will be forced to sell)
       If the stock price stays the same or goes down, the
        option will expire worthless
           And you can then write another covered call
        In either case, you get to keep the premium

     This strategy is only one of two option strategies I personally
                                               would ever consider.
                                                                      40


Option Strategies                                       (continued)

   Selling Options (continued)
     Covered Call Example
       You own Butterfly.com and it is currently selling for
        $50 a share – You bought it at $40 and want to sell
       You write a covered call at $55 and receive $500
        since the premium for a $55 call is currently $5
       If the stock price jumps over $55, it will be called
        away from you at $55
          It is as if you actually sold it for $60 ( $55 + $5 )
        If the stock prices stays below $55, you can write
         another covered call
    This strategy allows you to make extra money from a stock that
                 you already own. Do you see any disadvantages?
                                                                    41


Option Strategies                                (continued)

   Selling Options (continued)
     Naked Put
       You are considering purchasing a stock and you
        have the cash to make the transaction
       You write a naked put and receive the premium
       If the stock price falls substantially, the stock will be
        put to you (you will have to purchase it)
       If the stock price stays the same or goes up, the
        option will expire worthless
           And you can then write another naked put
        In either case, you get to keep the premium

             This is the only other option strategy that I would
                                            personally consider.
                                                                     42


Option Strategies                                   (continued)

   Selling Options (continued)
     Naked Put Example
       You are considering purchasing Butterfly.com and it
        is currently selling for $50 and you have the cash
       You write a naked put at $45 and receive a $300
        premium since the cost of a $45 put is currently $3
       If the stock price falls below $45, the stock will be put
        to you at $45
           It is as if you bought it at $42 ( $45 - $3 )
         If the stock price stays the same or goes up, you can
         write another naked put

    This strategy allows you to make extra money from a stock that
             you want to purchase. Do you see any disadvantages?
                                                                          43


Employee Stock Options
 Employee Stock Options (a.k.a. ESOs)
   An option granted to an employee by a company
    giving the employee the right to buy shares of stock
    in the company at a fixed price for a fixed time
   Usually have some significant differences from
    normal call options
      Cannot be sold
      Expire in many years (up to 10 years)
      Usually have a vesting period (typically 3 to 7 years)
         If you leave before the vesting period is over, you lose your
          stock options

  During the tech boom of the late 1990’s, ESOs were used extensively
                          to attract employees to start-up companies.
                                                            44


Employee Stock Options                    (continued)

 Employee Stock Options (a.k.a. ESOs)
   During the 2000-2002 bear market, ESOs were the
    subject of much controversy
   There is still some fall-out and publicity as
    companies and the SEC continue to wrangle over
    how and even if they should be used
   Currently, companies can give ESOs to their
    employees and not have to pay anything
      They do not reduce the company’s earnings
   Many companies have agreed to expense stock
    options
      Unfortunately, how do you come up with a price for
      something that is currently worthless?
                                                                      45


Employee Stock Options                            (continued)

 Employee Stock Options (a.k.a. ESOs)
   To make matters worse, while some people became
   fabulously wealthy through ESOs during the Internet
   mania,
      Example: John Moores of Padres & Peregrine fame
   Many other people were socked with crippling tax
   burdens on worthless pieces of paper when their
   companies collapsed!
      How can that be, you ask?
      The AMT (Alternative Minimum Tax) does not care if you
       never exercise the options
      You still owe the tax on the paper gain
        Even if you never were able to realize the gain – Bizarre!
                                                                        46


Valuations of Options – Revisited
   “Wait a minute. Did you ask, ‘How do you
    come up with a price for something that is
    currently worthless?’”
     Yes, that is correct. Since many ESOs are “out-of-
      the-money”, often by a large amount, or can not be
      exercised for a long time, or both, how does the
      company put a price on it?
     The financial world currently uses a system called
      the Black-Shoales Option Pricing Model
        It may sound impressive, but it is really very silly
          In my humble opinion…

          Chapter 16 is devoted to the Black-Shoales model. We are
                              going to ignore it, if you do not mind.
                                                                    47


Valuations of Options – Revisited
   Example: The Black-Shoales Option Pricing
    Model
     Stock currently selling for $7.50 per share
     Employee stock option has an exercise price of $10
        It is currently “out-of-the-money”
     Plus the option can not be exercised for 3 years
     The Black-Shoales model might say that the
      employee stock option is worth $2.50

       Huh? You can not sell it. You can not exercise it for 3 years.
 It is “out-of-the-money.” How is it worth $2.50? The stock price
    might never go over $10. And if you are unfortunate enough to
          be affected by the AMT, you might have to pay taxes on it!
                                                                       48


Stock-Index Options
   A put or call option written on a specific stock
    market index, such as the S&P 500
     A stock-index option allows an investor to purchase
      or sell an option that responds to a stock market
      index
        Can hedge a portfolio by purchasing a put on a
         stock-index option that represents the portfolio
          Acts as insurance against a large loss (until it expires)

     Over 75 indices represented
       Large, mid, small cap stocks
       Domestic, international, regional, country-specific

     Whether speculating or hedging, it is still risky and expensive.
                                                           49


Other Types of Options
   Interest Rate Options
     Put and call options written on fixed-income
      securities such as bonds
   Currency Options
     Put and call options written on foreign currencies
     Can be an important tool for foreign investors and
      multi-national corporations who must periodically
      convert U. S. Dollars to and from other currencies
   LEAPS
     Long-term Equity Anticipation Securities
     Long-term options – 9 months to 3 years (?)
                                                         50


Warrants
   A long-lived option that gives the holder the
    right to buy stock in a company at a price
    specified on the warrant
     Warrants are usually issued by the same company
      that issues the underlying stock
        Often as accompanying securities to bonds
        Or as compensation to employees (like ESOs)
     Unlike options where each contract represents 100
      shares of stock, one warrant represents the right to
      buy one share of stock
     Warrants are always call options
        There are no put warrants
                                                                           51


Final Comments on Options?


 STAY AWAY
 FROM THEM!
    The possibilities are endless, and so are the commissions.
               (Wait! Let’s hear what Optionetics has to say about options!)
                                                             52


CHAPTER 15 – REVIEW
 Stock Options
 Chapter Sections:
 Options on Common Stocks
 The Options Clearing Corporation
 Why Options
 Option “Moneyness”
 Option Payoffs and Profits
 Option Strategies
 Option Prices, Intrinsic Values, and Arbitrage
 Employee Stock Options
 Put-Call Parity
 Stock Index Options
                      Next week: Chapter 14, Futures Contracts

				
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