Offshore
Photo
Hidden Value Gems
"It’s far more common for Non-Mega Cap portfolios to outperform Mega Cap portfolios. Since 1968, Mega Cap stocks have outperformed Non-Mega Cap stocks in only 25% of 10-year periods. This outperformance primarily occurred in the 10-year periods ending in 1990, 1999, and recent years."
h/t William Hester @HussmanFunds
tweet
"It’s far more common for Non-Mega Cap portfolios to outperform Mega Cap portfolios. Since 1968, Mega Cap stocks have outperformed Non-Mega Cap stocks in only 25% of 10-year periods. This outperformance primarily occurred in the 10-year periods ending in 1990, 1999, and recent years."
h/t William Hester @HussmanFunds
tweet
Offshore
Photo
Stock Analysis Compilation
Hartford Funds on Moltiply Group SpA $MOLP IM
Thesis: Moltiply Group SpA is a promising investment opportunity in the recovering Italian mortgage market, backed by strong management and potential for significant growth through acquisitions and improved margins.
(Extract from their Q4 letter)
tweet
Hartford Funds on Moltiply Group SpA $MOLP IM
Thesis: Moltiply Group SpA is a promising investment opportunity in the recovering Italian mortgage market, backed by strong management and potential for significant growth through acquisitions and improved margins.
(Extract from their Q4 letter)
tweet
Offshore
Video
Startup Archive
Gmail creator Paul Buchheit on how to build something 100 people love
As Paul, explains, he built the first version of Gmail in a day. Then he iterated his way to 100 people who loved the product:
“The whole thing was just iterating, step-by-step trying to build something that made people happy.”
The team decided that they needed to have 100 happy users before launching Gmail to the world. To achieve this, Paul embedded a quick questionnaire in the interface that asked users:
“Are you happy? Yes or No”
Paul would then seek out all of the “No” responders and ask them directly: “What will it take to make you a happy user?”
He ignored feedback from the people who said things like “it basically needs to be a clone of Outlook” because they were very unlikely to become happy users.
But other people just needed a minor feature or a bug fix. So Paul just worked on these easier requests to convert people to happy users one-by-one.
Email was 30 years old when Paul started building gmail, and it’s pretty much impossible to enter a space like that and build something that appeals to everyone. If you try, what you will end up building is a mediocre product that nobody really loves.
What Paul recommends doing instead—and what he did with gmail—is:
“Build a thing that has really deep appeal. Even if it’s to just a tiny fraction of people—if you can make that small fraction of people obsessively love what you’re building, it’s easier to just grow that group. There’s always people at the margin where if you make the thing slightly better, they’re going to join into that group. It’s easier to start with deep, narrow appeal and broaden it over time than it is to start with broad ‘meh’ and convert ‘meh’ to loving your thing en masse.”
Video source: @ycombinator (2018)
tweet
Gmail creator Paul Buchheit on how to build something 100 people love
As Paul, explains, he built the first version of Gmail in a day. Then he iterated his way to 100 people who loved the product:
“The whole thing was just iterating, step-by-step trying to build something that made people happy.”
The team decided that they needed to have 100 happy users before launching Gmail to the world. To achieve this, Paul embedded a quick questionnaire in the interface that asked users:
“Are you happy? Yes or No”
Paul would then seek out all of the “No” responders and ask them directly: “What will it take to make you a happy user?”
He ignored feedback from the people who said things like “it basically needs to be a clone of Outlook” because they were very unlikely to become happy users.
But other people just needed a minor feature or a bug fix. So Paul just worked on these easier requests to convert people to happy users one-by-one.
Email was 30 years old when Paul started building gmail, and it’s pretty much impossible to enter a space like that and build something that appeals to everyone. If you try, what you will end up building is a mediocre product that nobody really loves.
What Paul recommends doing instead—and what he did with gmail—is:
“Build a thing that has really deep appeal. Even if it’s to just a tiny fraction of people—if you can make that small fraction of people obsessively love what you’re building, it’s easier to just grow that group. There’s always people at the margin where if you make the thing slightly better, they’re going to join into that group. It’s easier to start with deep, narrow appeal and broaden it over time than it is to start with broad ‘meh’ and convert ‘meh’ to loving your thing en masse.”
Video source: @ycombinator (2018)
tweet
Offshore
Video
Startup Archive
RT @mstafford: Terrific video here with @paultoo - one I regularly re-watch and send to founders.
tweet
RT @mstafford: Terrific video here with @paultoo - one I regularly re-watch and send to founders.
Gmail creator Paul Buchheit on how to build something 100 people love
As Paul, explains, he built the first version of Gmail in a day. Then he iterated his way to 100 people who loved the product:
“The whole thing was just iterating, step-by-step trying to build something that made people happy.”
The team decided that they needed to have 100 happy users before launching Gmail to the world. To achieve this, Paul embedded a quick questionnaire in the interface that asked users:
“Are you happy? Yes or No”
Paul would then seek out all of the “No” responders and ask them directly: “What will it take to make you a happy user?”
He ignored feedback from the people who said things like “it basically needs to be a clone of Outlook” because they were very unlikely to become happy users.
But other people just needed a minor feature or a bug fix. So Paul just worked on these easier requests to convert people to happy users one-by-one.
Email was 30 years old when Paul started building gmail, and it’s pretty much impossible to enter a space like that and build something that appeals to everyone. If you try, what you will end up building is a mediocre product that nobody really loves.
What Paul recommends doing instead—and what he did with gmail—is:
“Build a thing that has really deep appeal. Even if it’s to just a tiny fraction of people—if you can make that small fraction of people obsessively love what you’re building, it’s easier to just grow that group. There’s always people at the margin where if you make the thing slightly better, they’re going to join into that group. It’s easier to start with deep, narrow appeal and broaden it over time than it is to start with broad ‘meh’ and convert ‘meh’ to loving your thing en masse.”
Video source: @ycombinator (2018) tweet
Offshore
Video
Startup Archive
RT @mikemcg0: I honestly think this is the best early-stage startup advice of all time.
At @perchdotapp we've been focused solely on the number of people who use the app at least 5 days per week. It's extremely clarifying and forces you to build an incredible product.
If your north star is MAUs, it's easy to get distracted by things that don't really matter (e.g. virality) until you've built an incredible product.
tweet
RT @mikemcg0: I honestly think this is the best early-stage startup advice of all time.
At @perchdotapp we've been focused solely on the number of people who use the app at least 5 days per week. It's extremely clarifying and forces you to build an incredible product.
If your north star is MAUs, it's easy to get distracted by things that don't really matter (e.g. virality) until you've built an incredible product.
Gmail creator Paul Buchheit on how to build something 100 people love
As Paul, explains, he built the first version of Gmail in a day. Then he iterated his way to 100 people who loved the product:
“The whole thing was just iterating, step-by-step trying to build something that made people happy.”
The team decided that they needed to have 100 happy users before launching Gmail to the world. To achieve this, Paul embedded a quick questionnaire in the interface that asked users:
“Are you happy? Yes or No”
Paul would then seek out all of the “No” responders and ask them directly: “What will it take to make you a happy user?”
He ignored feedback from the people who said things like “it basically needs to be a clone of Outlook” because they were very unlikely to become happy users.
But other people just needed a minor feature or a bug fix. So Paul just worked on these easier requests to convert people to happy users one-by-one.
Email was 30 years old when Paul started building gmail, and it’s pretty much impossible to enter a space like that and build something that appeals to everyone. If you try, what you will end up building is a mediocre product that nobody really loves.
What Paul recommends doing instead—and what he did with gmail—is:
“Build a thing that has really deep appeal. Even if it’s to just a tiny fraction of people—if you can make that small fraction of people obsessively love what you’re building, it’s easier to just grow that group. There’s always people at the margin where if you make the thing slightly better, they’re going to join into that group. It’s easier to start with deep, narrow appeal and broaden it over time than it is to start with broad ‘meh’ and convert ‘meh’ to loving your thing en masse.”
Video source: @ycombinator (2018) tweet
Offshore
Photo
InsideArbitrage
QXO $QXO proposed to acquire Beacon Roofing Supply $BECN for $124.25 per share in cash.
🏗️The proposal implies a total transaction value of approximately $11 billion.
🏗️The offer was submitted to the company in a letter on November 11, 2024.
"We believe Beacon shareholders have a right to evaluate our proposal, despite the attempt by Beacon’s Board of Directors to withhold it from them,” said Brad Jacobs, CEO of QXO.
tweet
QXO $QXO proposed to acquire Beacon Roofing Supply $BECN for $124.25 per share in cash.
🏗️The proposal implies a total transaction value of approximately $11 billion.
🏗️The offer was submitted to the company in a letter on November 11, 2024.
"We believe Beacon shareholders have a right to evaluate our proposal, despite the attempt by Beacon’s Board of Directors to withhold it from them,” said Brad Jacobs, CEO of QXO.
Building-Products Distributor QXO $QXO has offered to acquire Beacon Roofing Supply $BECN - WSJ
A deal could be clinched before the end of the year. https://t.co/tTpshJkTOo tweet
Offshore
Photo
Stock Analysis Compilation
Longriver on Wise $WISE LN
Thesis: Wise is a highly profitable fintech company that prioritizes customer value by continuously lowering fees and enhancing services, making it difficult for competitors to keep up.
(Extract from their Q4 letter) https://t.co/1X6TTRAmNc
tweet
Longriver on Wise $WISE LN
Thesis: Wise is a highly profitable fintech company that prioritizes customer value by continuously lowering fees and enhancing services, making it difficult for competitors to keep up.
(Extract from their Q4 letter) https://t.co/1X6TTRAmNc
tweet
Offshore
Photo
Dimitry Nakhla | Babylon Capital®
A quality valuation analysis on $NVO 🧘🏽♂️
•NTM P/E Ratio: 22.11
•10-Year Mean: 25.29x
•NTM FCF Yield: 3.31%
•10-Year Mean: 3.72%
As you can see, $NVO appears to be trading near fair value
Going forward, investors can receive ~14% MORE in earnings per share & ~11% LESS in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $NVO is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $11.18B
•Long-Term Debt: $7.68B
$NVO has a strong balance sheet, an AA- S&P Credit Rating & 777x FFO Interest Coverage
RETURN ON CAPITAL✅
•2019: 84.4%
•2020: 71.0%
•2021: 57.7%
•2022: 65.0%
•2023: 72.3%
•LTM: 64.4%
RETURN ON EQUITY✅
•2019: 71.2%
•2020: 69.7%
•2021: 71.2%
•2022: 72.0%
•2023: 88.1%
•LTM: 88.7%
$NVO has strong return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2014: $13.47B
•2024E: $39.49B
•CAGR: 11.35%
FREE CASH FLOW✅
•2014: $4.16B
•2024E: $9.80B
•CAGR: 8.94%
NORMALIZED EPS✅
•2014: $0.78
•2024E: $3.15
•CAGR: 14.97%
SHARE BUYBACKS✅
•2014 Shares Outstanding: 5.26B
•LTM Shares Outstanding: 4.47B
By reducing its shares outstanding ~15%, $NVO increased its EPS by ~17.6% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 84.7%
•LTM Operating Margins: 46.4%
•LTM Net Income Margins: 35.0%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~14% MORE in EPS & ~11% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $NVO has to grow earnings at an 11.06% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than the (11.06%) required growth rate:
2024E: $3.15 (23.3% YoY) *FY Dec
2025E: $3.84 (21.9% YoY)
2026E: $4.30 (11.8% YoY)
2027E: $4.93 (12.6% YoY)
$NVO has an excellent track record of meeting analyst estimates ~2 years out, but let’s assume $NVO ends 2027 with $4.93 in EPS & see its CAGR potential assuming different multiples
25x P/E: $123.25💵 … ~16.9% CAGR
24x P/E: $118.32💵 … ~15.3% CAGR
23x P/E: $113.39💵 … ~13.7% CAGR
22x P/E: $108.46💵 … ~12.0% CAGR
21x P/E: $103.53💵 … ~10.3% CAGR
As you can see, $NVO appears to have attractive return potential IF we assume >22 earnings (a multiple below its 10-year mean, & a multiple justified by its growth rate & quality)
Those buying $NVO today at $81💵 are buying it for a better-than-fair price, with a small margin of safety
I consider $NVO a strong opportunity closer to $72💵 (10% below today’s price) where I can reasonably expect ~11% CAGR while assuming a 19x end multiple, ensuring a large margin of safety to compensate me for the inherent risks in the biotech / biopharma space (lack of predictability, R&D risk, patent expirations, etc.)
#stocks #investing
*Financials in USD
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚[...]
A quality valuation analysis on $NVO 🧘🏽♂️
•NTM P/E Ratio: 22.11
•10-Year Mean: 25.29x
•NTM FCF Yield: 3.31%
•10-Year Mean: 3.72%
As you can see, $NVO appears to be trading near fair value
Going forward, investors can receive ~14% MORE in earnings per share & ~11% LESS in FCF per share 🧠***
Before we get into valuation, let’s take a look at why $NVO is a great business
BALANCE SHEET✅
•Cash & Short-Term Inv: $11.18B
•Long-Term Debt: $7.68B
$NVO has a strong balance sheet, an AA- S&P Credit Rating & 777x FFO Interest Coverage
RETURN ON CAPITAL✅
•2019: 84.4%
•2020: 71.0%
•2021: 57.7%
•2022: 65.0%
•2023: 72.3%
•LTM: 64.4%
RETURN ON EQUITY✅
•2019: 71.2%
•2020: 69.7%
•2021: 71.2%
•2022: 72.0%
•2023: 88.1%
•LTM: 88.7%
$NVO has strong return metrics, highlighting the financial efficiency of the business
REVENUES✅
•2014: $13.47B
•2024E: $39.49B
•CAGR: 11.35%
FREE CASH FLOW✅
•2014: $4.16B
•2024E: $9.80B
•CAGR: 8.94%
NORMALIZED EPS✅
•2014: $0.78
•2024E: $3.15
•CAGR: 14.97%
SHARE BUYBACKS✅
•2014 Shares Outstanding: 5.26B
•LTM Shares Outstanding: 4.47B
By reducing its shares outstanding ~15%, $NVO increased its EPS by ~17.6% (assuming 0 growth)
MARGINS✅
•LTM Gross Margins: 84.7%
•LTM Operating Margins: 46.4%
•LTM Net Income Margins: 35.0%
***NOW TO VALUATION 🧠
As stated above, investors can expect to receive ~14% MORE in EPS & ~11% LESS in FCF per share
Using Benjamin Graham’s 2G rule of thumb, $NVO has to grow earnings at an 11.06% CAGR over the next several years to justify its valuation
Today, analysts anticipate 2025 - 2027 EPS growth over the next few years to be more than the (11.06%) required growth rate:
2024E: $3.15 (23.3% YoY) *FY Dec
2025E: $3.84 (21.9% YoY)
2026E: $4.30 (11.8% YoY)
2027E: $4.93 (12.6% YoY)
$NVO has an excellent track record of meeting analyst estimates ~2 years out, but let’s assume $NVO ends 2027 with $4.93 in EPS & see its CAGR potential assuming different multiples
25x P/E: $123.25💵 … ~16.9% CAGR
24x P/E: $118.32💵 … ~15.3% CAGR
23x P/E: $113.39💵 … ~13.7% CAGR
22x P/E: $108.46💵 … ~12.0% CAGR
21x P/E: $103.53💵 … ~10.3% CAGR
As you can see, $NVO appears to have attractive return potential IF we assume >22 earnings (a multiple below its 10-year mean, & a multiple justified by its growth rate & quality)
Those buying $NVO today at $81💵 are buying it for a better-than-fair price, with a small margin of safety
I consider $NVO a strong opportunity closer to $72💵 (10% below today’s price) where I can reasonably expect ~11% CAGR while assuming a 19x end multiple, ensuring a large margin of safety to compensate me for the inherent risks in the biotech / biopharma space (lack of predictability, R&D risk, patent expirations, etc.)
#stocks #investing
*Financials in USD
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️: 𝐓𝐡𝐢𝐬 𝐢𝐬 𝐍𝐎𝐓 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐀𝐝𝐯𝐢𝐜𝐞. 𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐚𝐯𝐞 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭.
𝐓𝐡𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐢𝐬 𝐢𝐧𝐭𝐞𝐧𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐬𝐡𝐨𝐮𝐥𝐝 𝐧𝐨𝐭 𝐛𝐞 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐞𝐝 𝐚𝐬 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞 𝐭𝐨 𝐦𝐞𝐞𝐭 𝐭𝐡𝐞 𝐬𝐩𝐞𝐜𝐢𝐟𝐢𝐜 𝐧𝐞𝐞𝐝𝐬 𝐨𝐟 𝐚𝐧𝐲 𝐢𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥 𝐨𝐫 𝐬𝐢𝐭𝐮𝐚𝐭𝐢𝐨𝐧. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐢𝐬 𝐧𝐨 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐨𝐟 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐜𝐨𝐧𝐭𝐚𝐢𝐧𝐞𝐝 𝐢𝐧 𝐭𝐡𝐢𝐬 𝐭𝐰𝐞𝐞𝐭 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞, 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚[...]