Offshore
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Fiscal.ai
Here are the 10 worst performing stocks in the NASDAQ 100 this year.
The Trade Desk: -66%
Lululemon: -52%
Charter: -42%
Strategy: -37%
Atlassian: -37%
Copart: -32%
PayPal: -29%
Adobe: -27%
Comcast: -27%
Paychex: -20%
$TTD $LULU $CHTR $MSTR $TEAM $CPRT $PYPL $ADBE $CMCSA $PAYX https://t.co/0Tbgfh2S44
tweet
Here are the 10 worst performing stocks in the NASDAQ 100 this year.
The Trade Desk: -66%
Lululemon: -52%
Charter: -42%
Strategy: -37%
Atlassian: -37%
Copart: -32%
PayPal: -29%
Adobe: -27%
Comcast: -27%
Paychex: -20%
$TTD $LULU $CHTR $MSTR $TEAM $CPRT $PYPL $ADBE $CMCSA $PAYX https://t.co/0Tbgfh2S44
tweet
WealthyReadings
The economy: clear signs of weakness from low income household consumption.
The U.S. government:
- "Substantial Tax Refunds".
- $2,000 Stimulus Check Proposal.
- Rate Cuts Boost With New Fed Chair.
- Tariff Reductions.
Maybe not that curious to see $ONON, $DECK, $NKE & $LULU catch a bid if we're back to liquidity injection.
tweet
The economy: clear signs of weakness from low income household consumption.
The U.S. government:
- "Substantial Tax Refunds".
- $2,000 Stimulus Check Proposal.
- Rate Cuts Boost With New Fed Chair.
- Tariff Reductions.
Maybe not that curious to see $ONON, $DECK, $NKE & $LULU catch a bid if we're back to liquidity injection.
tweet
Offshore
Video
Quiver Quantitative
JUST IN: Thomas Massie just spoke on the budget deficit.
"This year we've increased spending by $200B...this whole place is unserious about balancing the budget"
- @RepThomasMassie https://t.co/SQF73qs9XD
tweet
JUST IN: Thomas Massie just spoke on the budget deficit.
"This year we've increased spending by $200B...this whole place is unserious about balancing the budget"
- @RepThomasMassie https://t.co/SQF73qs9XD
tweet
WealthyReadings
Nothing good happens below the 21.
There are no reasons to buy too early in the markets. You can certainly take more risks and buy stocks with higher beta, but this is different from buying early.
Buying too early is jumping in before a stock stabilizes, often while the price is still below the 21 average and the fall continues. It's buying a falling knife.
That urge to press the green button because "this might be the bottom" and "what if it is" or "it is too cheap to ignore now" often yields long pain, long enough to trigger capitulation.
Investing means discipline.
Wait for the average to catch up. You won't miss anything by waiting a few more days. Even a few more weeks. Stock don't pass from falling knives to tripple valuation in two days.
Nothing good happens below the 21.
tweet
Nothing good happens below the 21.
There are no reasons to buy too early in the markets. You can certainly take more risks and buy stocks with higher beta, but this is different from buying early.
Buying too early is jumping in before a stock stabilizes, often while the price is still below the 21 average and the fall continues. It's buying a falling knife.
That urge to press the green button because "this might be the bottom" and "what if it is" or "it is too cheap to ignore now" often yields long pain, long enough to trigger capitulation.
Investing means discipline.
Wait for the average to catch up. You won't miss anything by waiting a few more days. Even a few more weeks. Stock don't pass from falling knives to tripple valuation in two days.
Nothing good happens below the 21.
tweet
Offshore
Photo
EndGame Macro
The Number Everyone Will Celebrate… Until They Read the Fine Print in the ISM Services PMI
On the surface, the November ISM Services PMI looks steady. The headline sits at 52.6, business activity at 54.5, and new orders at 52.9, all technically in expansion. But once you move past the top line, the tone shifts. This doesn’t feel like a sector gaining momentum. It feels like one that’s still moving, but more out of inertia and backlog than genuine strength.
The clearest signal comes from the labor line. The Employment Index is 48.9, marking the sixth straight month of contraction. In a services driven economy, that’s not a minor detail. When hiring slows, confidence tends to fade first, discretionary spending follows, and then credit stress creeps in. Even the respondent comments hint at hesitation: firms say they’re filling vacancies, yet applicants aren’t showing up because the jobs require being back in the office. That’s not a hot labor market, it’s a cautious one.
New orders tell a similar story. They’re still above 50, but weaker than last month’s 56.2, and almost 60% of firms say orders are simply unchanged. That’s not momentum. That’s a plateau. And the anecdotes reinforce the split…one says pharma spending is up, another says customer uncertainty is getting in the way of commitments. That’s selective strength inside a broader slowdown.
Where the Cracks Start to Show
Trade components are already in contraction. New export orders at 48.7 and imports at 48.9 point to cooling global and domestic flow. This usually shows up downstream with a lag…transportation slows, warehousing adjusts, and labor demand eventually reacts. Transportation and warehousing are indeed among the sectors reporting contraction.
Housing linked categories also remain stuck. Construction and real estate show contraction again, and the construction comment reads like a small recession story with mortgage rates freezing buyers, margins getting squeezed, subcontractors tightening up. Housing doesn’t need to collapse to drag the cycle lower; it just needs to stay stagnant long enough for confidence to slip.
One of the more misleading bright spots is Supplier Deliveries. The index jumped to 54.1, which normally would be a sign of strong demand since slower deliveries usually mean suppliers are busy. But ISM spells out the real cause which was the shutdown driven air traffic disruptions and customs delays tied to new tariffs. Because Supplier Deliveries is part of the composite PMI, a delay caused by dysfunction can unintentionally inflate the headline number.
The Quiet Signals Beneath the Surface
Backlog rose sharply to 49.1, its highest in months, but still below 50 meaning it’s still contracting. A rising backlog inside contraction often means work is piling up because the system is slow, not because demand is surging. Inventories moved back into expansion at 53.4, but inventory sentiment remains too high for the 31st straight month. That’s not a sign of confidence; it’s a sign businesses are unsure whether demand will actually show up.
Prices remain elevated at 65.4, above 60 for a full year, even after easing slightly.
That mix of cooling demand, sticky costs, and policy uncertainty is exactly what makes late cycle environments fragile.
What This Really Means
This report is telegraphing a slowdown. The headline stays above 50 partly because Supplier Deliveries is being distorted by shutdown friction rather than real demand. Meanwhile, the core components like hiring, new orders, trade flow, and inventory behavior are softer than the composite suggests.
The real message is that services are still expanding, but the underlying posture is increasingly cautious. Firms are executing on the work they already have, not leaning into new commitments. And in a services led economy, that kind of hesitation is usually how slowdowns begin, quietly at first, and then all at once.
.@ISM® Services PMI® Report: Supplier deliveries slowed (likel[...]
The Number Everyone Will Celebrate… Until They Read the Fine Print in the ISM Services PMI
On the surface, the November ISM Services PMI looks steady. The headline sits at 52.6, business activity at 54.5, and new orders at 52.9, all technically in expansion. But once you move past the top line, the tone shifts. This doesn’t feel like a sector gaining momentum. It feels like one that’s still moving, but more out of inertia and backlog than genuine strength.
The clearest signal comes from the labor line. The Employment Index is 48.9, marking the sixth straight month of contraction. In a services driven economy, that’s not a minor detail. When hiring slows, confidence tends to fade first, discretionary spending follows, and then credit stress creeps in. Even the respondent comments hint at hesitation: firms say they’re filling vacancies, yet applicants aren’t showing up because the jobs require being back in the office. That’s not a hot labor market, it’s a cautious one.
New orders tell a similar story. They’re still above 50, but weaker than last month’s 56.2, and almost 60% of firms say orders are simply unchanged. That’s not momentum. That’s a plateau. And the anecdotes reinforce the split…one says pharma spending is up, another says customer uncertainty is getting in the way of commitments. That’s selective strength inside a broader slowdown.
Where the Cracks Start to Show
Trade components are already in contraction. New export orders at 48.7 and imports at 48.9 point to cooling global and domestic flow. This usually shows up downstream with a lag…transportation slows, warehousing adjusts, and labor demand eventually reacts. Transportation and warehousing are indeed among the sectors reporting contraction.
Housing linked categories also remain stuck. Construction and real estate show contraction again, and the construction comment reads like a small recession story with mortgage rates freezing buyers, margins getting squeezed, subcontractors tightening up. Housing doesn’t need to collapse to drag the cycle lower; it just needs to stay stagnant long enough for confidence to slip.
One of the more misleading bright spots is Supplier Deliveries. The index jumped to 54.1, which normally would be a sign of strong demand since slower deliveries usually mean suppliers are busy. But ISM spells out the real cause which was the shutdown driven air traffic disruptions and customs delays tied to new tariffs. Because Supplier Deliveries is part of the composite PMI, a delay caused by dysfunction can unintentionally inflate the headline number.
The Quiet Signals Beneath the Surface
Backlog rose sharply to 49.1, its highest in months, but still below 50 meaning it’s still contracting. A rising backlog inside contraction often means work is piling up because the system is slow, not because demand is surging. Inventories moved back into expansion at 53.4, but inventory sentiment remains too high for the 31st straight month. That’s not a sign of confidence; it’s a sign businesses are unsure whether demand will actually show up.
Prices remain elevated at 65.4, above 60 for a full year, even after easing slightly.
That mix of cooling demand, sticky costs, and policy uncertainty is exactly what makes late cycle environments fragile.
What This Really Means
This report is telegraphing a slowdown. The headline stays above 50 partly because Supplier Deliveries is being distorted by shutdown friction rather than real demand. Meanwhile, the core components like hiring, new orders, trade flow, and inventory behavior are softer than the composite suggests.
The real message is that services are still expanding, but the underlying posture is increasingly cautious. Firms are executing on the work they already have, not leaning into new commitments. And in a services led economy, that kind of hesitation is usually how slowdowns begin, quietly at first, and then all at once.
.@ISM® Services PMI® Report: Supplier deliveries slowed (likel[...]
Offshore
EndGame Macro The Number Everyone Will Celebrate… Until They Read the Fine Print in the ISM Services PMI On the surface, the November ISM Services PMI looks steady. The headline sits at 52.6, business activity at 54.5, and new orders at 52.9, all technically…
y due to government shutdown air-traffic disruptions and #tariffs), but business activity remained solid as the #ISMPMI hit 52.6% in November. Twelve of 18 industries reported growth. https://t.co/RE3dQxIIu4 #economy - Institute for Supply Management tweet
Offshore
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EndGame Macro
The Part People Miss About Falling Yields
When the 3 year drops like this, most folks instinctively see it as good news…easier money, relief, a sign things are calming down. But in the real plumbing of the system, fast rate declines don’t land softly. They hit balance sheets, hedges, and cash flows immediately.
When yields fall quickly, anyone who was positioned the other way that are short Treasuries, paying fixed in swaps, running duration hedges takes an instant mark to market loss. And in modern markets, losses aren’t theoretical. They trigger margin calls. Real cash, due right now. That’s how you end up with global collateral calls even when the headline narrative is rates are easing.
A lot of that hedging sits in global institutions, leveraged vehicles, mortgage portfolios, foreign reserve managers, all linked through dollar collateral. When those calls hit, people sell what’s liquid, pull back on lending, and raise cash however they can. Paradoxically, falling yields can briefly tighten conditions for the players holding the hedges.
Why Lower Rates Can Feel Like Lower Income
There’s also the slow grind effect. When rates fall, income on collateral drops, reinvestment yields fall, and net interest margins get squeezed. You don’t feel it instantly, but across the system, it reduces the carry cushion that keeps risk taking comfortable. Lower rates aren’t always a stimulus…sometimes they quietly drain the compensation that investors and lenders rely on.
And then there’s housing. When rates fall, it reopens the refinancing door. Even a modest move lower can restart the prepayment cycle after a long freeze. Once that happens, mortgage bonds shorten in duration. Investors who hold them then have to buy duration back often by buying Treasuries or receiving fixed in swaps,
which can push yields lower still. It’s the old negative convexity loop.
What This Really Signals
The risk here isn’t that rates are lower, it’s how fast they’re getting there. Quick drops expose leverage, force cash out of hiding, and shake up the mortgage hedge complex. That’s the kind of move that looks calm from a distance but feels stressful underneath. The market might be right about growth slowing, but that doesn’t mean the adjustment will be orderly.
tweet
The Part People Miss About Falling Yields
When the 3 year drops like this, most folks instinctively see it as good news…easier money, relief, a sign things are calming down. But in the real plumbing of the system, fast rate declines don’t land softly. They hit balance sheets, hedges, and cash flows immediately.
When yields fall quickly, anyone who was positioned the other way that are short Treasuries, paying fixed in swaps, running duration hedges takes an instant mark to market loss. And in modern markets, losses aren’t theoretical. They trigger margin calls. Real cash, due right now. That’s how you end up with global collateral calls even when the headline narrative is rates are easing.
A lot of that hedging sits in global institutions, leveraged vehicles, mortgage portfolios, foreign reserve managers, all linked through dollar collateral. When those calls hit, people sell what’s liquid, pull back on lending, and raise cash however they can. Paradoxically, falling yields can briefly tighten conditions for the players holding the hedges.
Why Lower Rates Can Feel Like Lower Income
There’s also the slow grind effect. When rates fall, income on collateral drops, reinvestment yields fall, and net interest margins get squeezed. You don’t feel it instantly, but across the system, it reduces the carry cushion that keeps risk taking comfortable. Lower rates aren’t always a stimulus…sometimes they quietly drain the compensation that investors and lenders rely on.
And then there’s housing. When rates fall, it reopens the refinancing door. Even a modest move lower can restart the prepayment cycle after a long freeze. Once that happens, mortgage bonds shorten in duration. Investors who hold them then have to buy duration back often by buying Treasuries or receiving fixed in swaps,
which can push yields lower still. It’s the old negative convexity loop.
What This Really Signals
The risk here isn’t that rates are lower, it’s how fast they’re getting there. Quick drops expose leverage, force cash out of hiding, and shake up the mortgage hedge complex. That’s the kind of move that looks calm from a distance but feels stressful underneath. The market might be right about growth slowing, but that doesn’t mean the adjustment will be orderly.
Beware of lower rates.
This produces global collateral calls this reduces income, and this will accelerate mortgage pre-payments https://t.co/A1m7sN3Chk tweet
Offshore
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WealthyReadings
$TMDX is going through its breakout retest now instead of exploding into more volatility later.
This is a clean breakout-consolidation. It could even pull back to around $130 without bothering me at all.
We're still going higher. Much higher if you believe the valuation I shared a few days ago - link's in bio.
tweet
$TMDX is going through its breakout retest now instead of exploding into more volatility later.
This is a clean breakout-consolidation. It could even pull back to around $130 without bothering me at all.
We're still going higher. Much higher if you believe the valuation I shared a few days ago - link's in bio.
tweet
Offshore
Photo
Dimitry Nakhla | Babylon Capital®
RT @DimitryNakhla: Visa was JUST trading at a 4% FCF yield & legendary investor Chris Hohn increased his $V stake by +47%, making it 18% of TCI Fund 💵
Here’s what $V has returned (CAGR %) each time it hit a 4% FCF yield for the first time in a given year since 2016
1. +17.8% CAGR | (1/19/16)
2. +16.2% CAGR | (9/27/17)
3. +15.6% CAGR | (2/8/18)
4. +12.2% CAGR | (8/5/19)
5. +15.6% CAGR | (3/16/20)
6. +17.1% CAGR | (3/7/22)
7. +18.0% CAGR | (9/21/23)
8. +13.9% CAGR | (4/24/24)
9. ❓ | (11/14/25)
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️
𝐓𝐡𝐢𝐬 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞, 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫, 𝐨𝐫 𝐚 𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐬𝐞𝐥𝐥 𝐚𝐧𝐲 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲.
𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐨𝐥𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝. 𝐀𝐧𝐲 𝐨𝐩𝐢𝐧𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐧𝐨𝐭𝐢𝐜𝐞.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
tweet
RT @DimitryNakhla: Visa was JUST trading at a 4% FCF yield & legendary investor Chris Hohn increased his $V stake by +47%, making it 18% of TCI Fund 💵
Here’s what $V has returned (CAGR %) each time it hit a 4% FCF yield for the first time in a given year since 2016
1. +17.8% CAGR | (1/19/16)
2. +16.2% CAGR | (9/27/17)
3. +15.6% CAGR | (2/8/18)
4. +12.2% CAGR | (8/5/19)
5. +15.6% CAGR | (3/16/20)
6. +17.1% CAGR | (3/7/22)
7. +18.0% CAGR | (9/21/23)
8. +13.9% CAGR | (4/24/24)
9. ❓ | (11/14/25)
___
𝐃𝐈𝐒𝐂𝐋𝐎𝐒𝐔𝐑𝐄‼️
𝐓𝐡𝐢𝐬 𝐜𝐨𝐧𝐭𝐞𝐧𝐭 𝐢𝐬 𝐩𝐫𝐨𝐯𝐢𝐝𝐞𝐝 𝐟𝐨𝐫 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐚𝐧𝐝 𝐞𝐝𝐮𝐜𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐩𝐮𝐫𝐩𝐨𝐬𝐞𝐬 𝐨𝐧𝐥𝐲 𝐚𝐧𝐝 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐜𝐨𝐧𝐬𝐭𝐢𝐭𝐮𝐭𝐞 𝐢𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 𝐚𝐝𝐯𝐢𝐜𝐞, 𝐚𝐧 𝐨𝐟𝐟𝐞𝐫, 𝐨𝐫 𝐚 𝐬𝐨𝐥𝐢𝐜𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐛𝐮𝐲 𝐨𝐫 𝐬𝐞𝐥𝐥 𝐚𝐧𝐲 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐲.
𝐁𝐚𝐛𝐲𝐥𝐨𝐧 𝐂𝐚𝐩𝐢𝐭𝐚𝐥® 𝐚𝐧𝐝 𝐢𝐭𝐬 𝐫𝐞𝐩𝐫𝐞𝐬𝐞𝐧𝐭𝐚𝐭𝐢𝐯𝐞𝐬 𝐦𝐚𝐲 𝐡𝐨𝐥𝐝 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐬𝐞𝐜𝐮𝐫𝐢𝐭𝐢𝐞𝐬 𝐝𝐢𝐬𝐜𝐮𝐬𝐬𝐞𝐝. 𝐀𝐧𝐲 𝐨𝐩𝐢𝐧𝐢𝐨𝐧𝐬 𝐞𝐱𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐚𝐫𝐞 𝐚𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐝𝐚𝐭𝐞 𝐨𝐟 𝐩𝐮𝐛𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐬𝐮𝐛𝐣𝐞𝐜𝐭 𝐭𝐨 𝐜𝐡𝐚𝐧𝐠𝐞 𝐰𝐢𝐭𝐡𝐨𝐮𝐭 𝐧𝐨𝐭𝐢𝐜𝐞.
𝐈𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐡𝐚𝐬 𝐛𝐞𝐞𝐧 𝐨𝐛𝐭𝐚𝐢𝐧𝐞𝐝 𝐟𝐫𝐨𝐦 𝐬𝐨𝐮𝐫𝐜𝐞𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞𝐝 𝐭𝐨 𝐛𝐞 𝐫𝐞𝐥𝐢𝐚𝐛𝐥𝐞 𝐛𝐮𝐭 𝐢𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞𝐝 𝐚𝐬 𝐭𝐨 𝐚𝐜𝐜𝐮𝐫𝐚𝐜𝐲 𝐨𝐫 𝐜𝐨𝐦𝐩𝐥𝐞𝐭𝐞𝐧𝐞𝐬𝐬. 𝐏𝐚𝐬𝐭 𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐝𝐨𝐞𝐬 𝐧𝐨𝐭 𝐠𝐮𝐚𝐫𝐚𝐧𝐭𝐞𝐞 𝐟𝐮𝐭𝐮𝐫𝐞 𝐫𝐞𝐬𝐮𝐥𝐭𝐬.
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