In the current scenario, where every event is marked with
uncertainties and good companies are available at never-seenbefore
valuations, we decided to conduct an analysis based on
cash balances with the companies.
In this approach, we have undertaken the following steps –
1. We chose BSE 500 (excluding banking stocks) as our
universe, thereby covering ~84% of the BSE market
capitalization.
2. We ranked the companies on the basis of Net Cash Balance
as a percentage of Market Capitalization.
3. In step 2, we found 147 companies to be net cash positive as
per the last audited results. The remaining companies were
excluded from further analysis.
4. Thereafter, we removed the companies with a market
capitalization of less than Rs 2,000 crore. After this, we
were left with 20 companies.
5. The top 8 (on the basis of ranks in step 2) of these 20
companies have been presented in this report, alongwith
our views.
The Top 8
• Hindustan Zinc
• NALCO
• Bharat Electronics
• MTNL
• Neyveli Lignite Corporation
• Satyam Computers
• Thermax
• Maruti Suzuki
Read full report here Top 20 cash rich companies
RESEARCH REPORTS
Wednesday, December 03, 2008
>Letter to PRIME MINISTER
Dear Mr. Prime minister
I am a typical mouse from Mumbai. In the local train compartment which has capacity of 100 persons, I travel with 500 more mouse. Mouse at least squeak but we don't even do that.
Today I heard your speech. In which you said 'NO BODY WOULD BE SPARED'. I would like to remind you that fourteen years has passed since serial bomb blast in Mumbai took place. Dawood was the main conspirator. Till today he is not caught. All our bolywood actors, our builders, our Gutka king meets him but your Government can not catch him. Reason is simple; all your ministers are hand in glove with him. If any attempt is made to catch him everybody will be exposed. Your statement 'NOBODY WOULD BE SPARED' is nothing but a cruel joke on this unfortunate people of India .
Enough is enough. As such after seeing terrorist attack carried out by about a dozen young boys I realize that if same thing continues days are not away when terrorist will attack by air, destroy our nuclear reactor and there will be one more Hiroshima .
We the people are left with only one mantra. Womb to Bomb to Tomb. You promised Mumbaikar Shanghai what you have given us is Jalianwala Baug.
Today only your home minister resigned. What took you so long to kick out this joker? Only reason was that he was loyal to Gandhi family. Loyalty to Gandhi family is more important than blood of innocent people, isn't it?
I am born and bought up in Mumbai for last fifty eight years. Believe me corruption in Maharashtra is worse than that in Bihar . Look at all the politician, Sharad Pawar, Chagan Bhujbal, Narayan Rane, Bal Thackray, Gopinath Munde, Raj Thackray, Vilasrao Deshmukh all are rolling in money. Vilasrao Deshmukh is one of the worst Chief minister I have seen. His only business is to increase the FSI every other day, make money and send it to Delhi so Congress can fight next election. Now the clown has found new way and will increase FSI for fisherman so they can build concrete house right on sea shore. Next time terrorist can comfortably live in those house, enjoy the beauty of sea and then attack the Mumbai at their will.
Recently I had to purchase house in Mumbai. I met about two dozen builders. Everybody wanted about 30% in black. A common person like me knows this and with all your intelligent agency & CBI you and your finance minister are not aware of it.. Where all the black money goes? To the underworld isn't it? Our politicians take help of these goondas to vacate people by force. I myself was victim of it. If you have time please come to me, I will tell you everything.
If this has been land of fools, idiots then I would not have ever cared to write you this letter. Just see the tragedy, on one side we are reaching moon, people are so intelligent and on other side you politician has converted nectar into deadly poison. I am everything Hindu, Muslim, Christian, Schedule caste, OBC, Muslim OBC, Christian Schedule caste, Creamy Schedule caste only what I am not is INDIAN. You politician have raped every part of mother India by your policy of divide and rule.
Take example of former president Abdul Kalam. Such a intelligent person, such a fine human being. You politician didn't even spare him. Your party along with opposition joined the hands, because politician feels they are supreme and there is no place for good person.
Dear Mr Prime minister you are one of the most intelligent person, most learned person. Just wake up, be a real SARDAR. First and foremost expose all selfish politician. Ask Swiss bank to give name of all Indian account holder. Give reins of CBI to independent agency. Let them find wolf among us.. There will be political upheaval but that will better than dance of death which we are witnessing every day. Just give us ambient where we can work honestly and without fear. Let there be rule of law. Everything else will be taken care of.
Choice is yours Mr. Prime Minister. Do you want to be lead by one person or you want to lead the nation of 100 Crore people?
Prakash B. Bajaj
Chandralok 'A" Wing, Flat No 104
97 Nepean Sea Road
Mumbai 400 036
Phone 98210-71194
PS:-Read this and send to as many people possible
RESEARCH REPORTS
I am a typical mouse from Mumbai. In the local train compartment which has capacity of 100 persons, I travel with 500 more mouse. Mouse at least squeak but we don't even do that.
Today I heard your speech. In which you said 'NO BODY WOULD BE SPARED'. I would like to remind you that fourteen years has passed since serial bomb blast in Mumbai took place. Dawood was the main conspirator. Till today he is not caught. All our bolywood actors, our builders, our Gutka king meets him but your Government can not catch him. Reason is simple; all your ministers are hand in glove with him. If any attempt is made to catch him everybody will be exposed. Your statement 'NOBODY WOULD BE SPARED' is nothing but a cruel joke on this unfortunate people of India .
Enough is enough. As such after seeing terrorist attack carried out by about a dozen young boys I realize that if same thing continues days are not away when terrorist will attack by air, destroy our nuclear reactor and there will be one more Hiroshima .
We the people are left with only one mantra. Womb to Bomb to Tomb. You promised Mumbaikar Shanghai what you have given us is Jalianwala Baug.
Today only your home minister resigned. What took you so long to kick out this joker? Only reason was that he was loyal to Gandhi family. Loyalty to Gandhi family is more important than blood of innocent people, isn't it?
I am born and bought up in Mumbai for last fifty eight years. Believe me corruption in Maharashtra is worse than that in Bihar . Look at all the politician, Sharad Pawar, Chagan Bhujbal, Narayan Rane, Bal Thackray, Gopinath Munde, Raj Thackray, Vilasrao Deshmukh all are rolling in money. Vilasrao Deshmukh is one of the worst Chief minister I have seen. His only business is to increase the FSI every other day, make money and send it to Delhi so Congress can fight next election. Now the clown has found new way and will increase FSI for fisherman so they can build concrete house right on sea shore. Next time terrorist can comfortably live in those house, enjoy the beauty of sea and then attack the Mumbai at their will.
Recently I had to purchase house in Mumbai. I met about two dozen builders. Everybody wanted about 30% in black. A common person like me knows this and with all your intelligent agency & CBI you and your finance minister are not aware of it.. Where all the black money goes? To the underworld isn't it? Our politicians take help of these goondas to vacate people by force. I myself was victim of it. If you have time please come to me, I will tell you everything.
If this has been land of fools, idiots then I would not have ever cared to write you this letter. Just see the tragedy, on one side we are reaching moon, people are so intelligent and on other side you politician has converted nectar into deadly poison. I am everything Hindu, Muslim, Christian, Schedule caste, OBC, Muslim OBC, Christian Schedule caste, Creamy Schedule caste only what I am not is INDIAN. You politician have raped every part of mother India by your policy of divide and rule.
Take example of former president Abdul Kalam. Such a intelligent person, such a fine human being. You politician didn't even spare him. Your party along with opposition joined the hands, because politician feels they are supreme and there is no place for good person.
Dear Mr Prime minister you are one of the most intelligent person, most learned person. Just wake up, be a real SARDAR. First and foremost expose all selfish politician. Ask Swiss bank to give name of all Indian account holder. Give reins of CBI to independent agency. Let them find wolf among us.. There will be political upheaval but that will better than dance of death which we are witnessing every day. Just give us ambient where we can work honestly and without fear. Let there be rule of law. Everything else will be taken care of.
Choice is yours Mr. Prime Minister. Do you want to be lead by one person or you want to lead the nation of 100 Crore people?
Prakash B. Bajaj
Chandralok 'A" Wing, Flat No 104
97 Nepean Sea Road
Mumbai 400 036
Phone 98210-71194
PS:-Read this and send to as many people possible
RESEARCH REPORTS
Tuesday, December 02, 2008
>My biggest mistakes ( in india stock market)
It's not as if they were born with their stock-picking skills. They
learned–and are still learning–the hard way. Says BSE (Bombay Stock
Exchange) member Rakesh Jhunjhunwala: "You learn the stock market by
trial and error. Without making mistakes in the market, you will never
be able to progress in it." What's important is to spot the mistakes,
learn from them, and move on.Five veterans of the Indian stock markets
talk about their worst blunders, and the lessons they learned the hard
way.There are great lessons and many little nuggets of investment
wisdom–on market behaviour, valuation methods, portfolio management,
investor mindsets–in their stories. Over to the gurus in their own words.
1)Motilal Oswal
Chairman and managing director, Motilal Oswal Securities
In 1992-93,I bought shares of a glass company at Rs 1,600. The price
crashed, and I exited when it was Rs 60. Why did I buy the stock? The
outcry system was in vogue, and everyone on the floor used to share
information, which was our idea of research. If I liked an idea,I just
bought the scrip.
We never invested with a time horizon. If the share price went up, we
booked profits. We followed no investment strategy and did not bother
with research. At one point, I had 125 scrips in my portfolio.
Eventually, at the end of the year, I sold those that made a profit and
held on to those that showed a loss. Obviously, the total return on my
portfolio was not worth the effort put in.After that, I decided to prune
my portfolio to 30 stocks–and booked more losses in the process. I
decided to invest the money left with me wisely, balancing my portfolio
with a long-term outlook. Now, I hold every stock for at least one year,
and then, depending on the market situation, decide what to do with each.
Lessons:Do your homework well.While choosing a stock, you could use
either the top-down approach or the bottom-up approach.Don't follow the
herd.Don't buy (or sell) just because everybody and his dog is buying
(or selling). Research the com-pany as thoroughly as possible before
deciding to buy or sell. Don't buy in an overheated market and don't
sell when there is panic.
2)Gul Tekchandani
Chief investment officer, Sun F&C Asset Management
Every time I blunder in the market, it's because of excessive greed.
When share prices move up and I hear favourable stories, I don't think
of selling and always hope to make more. I remember buying shares of a
plastic furniture company at Rs 30. I had analysed the company and
predicted the stock would go up to Rs 90. I was right: the price touched
Rs 110. That's when I started hearing stories of the company doing so
well that the price would touch Rs 200. So I decided to hang on, in
spite of knowing better. Today, the stock trades at Rs 6.
Lessons:Discipline is the key.The market has a mind of its own, one
which is quite likely to confuse investors. You cannot make money in the
market by acting on market rumours. Listen to the stories, but do your
own research–and do it thoroughly. Make your buy or sell decision based
on your analysis of the company, not on what others have told you.So, if
you have invested in a company for the long term, and the price falls in
around three months, don't change your strategy. The company's
fundamentals have not changed–it's the market that's volatile. In the
long term, the fundamentals will reward you.Keep track of your
investments. However, investing for the long term does not mean you
forget about your holding. Stay alert, and monitor your stocks with a
view to improving your returns. Keep an eye on the changing economy,
because the fundamentals of a company are dynamic and change with the
overall economy.
3)Darshan Mehta
Chief executive officer, Anagram Stockbroking
In the early nineties, the primary market was extremely active, and,
like many retail investors, new issues made up a good chunk of my
portfolio. Back then, pricing of public issues was regulated–and,
invariably, conservative.So, even if you held on to allotted shares for
no reason other than inertia, you made a notional profit. I was allotted
2,000 shares of Essar Shipping, which I held on to because their cost
was significantly lower than the prevailing market price. My portfolio
of 85-90 scrips was filled with the likes of Essar Shipping–neither led
by a quality management nor the flavour of the season. I slept on them,
and lost out–my portfolio depleted in value substantially.On top of
that, the sheer size of my portfolio made it impossible for me to track
even those companies in which I was invested. One fine day, I gave the
list of my holdings–a whole lot of them worthless–to my broker, and
asked him to sell it at whatever price he got. But the damage had been done.
Lessons:Maintain a lean portfolio. Don't grow too big for your boots.
There's no point in having a portfolio of 90 stocks if you cannot track
them. If diversification is what you seek, you can achieve the objective
with just 10 stocks. What matters is not how many stocks you have in
your portfolio, but what kind of stocks these are. Moreover, the fewer
stocks in your portfolio, the easier it is to track them.Don't lose
sight of your initial objective. Invest with an objective in mind. Once
that objective is met, look to exit unless there are very good reasons
to stay invested. In rising markets, new issues ride on the coattails of
the bullishness, and list at hefty premiums to their issue prices. But
once the euphoria subsides, so does the share price. So, keep your
options open.
4)Parag Parikh
Chairman, Parag Parikh Financial
Advisory Services
I believe the key to any good investment is discipline and the ability
to control your emotions. Easier said than done. There have been times
when I have given in to my emotions–and paid the price.We do portfolio
management for clients. Once, we took money from investors when the
market was bullish. Obviously, since the market was on a roll, the risk
was higher–and so were the chances of going wrong. A disciplined
approach warrants that I take money from clients when there are ample
investment opportunities in the market, not when people are willing to
give me money. I should have had the guts to tell them, "no, don't give
me your money now, I'll tell you when to give it". But my emotions took
over, and I didn't.
Lessons:Don't get in at peaks. Stock markets are not always the
barometer of the economy, or even of a company. With globalisation and
hot fund flows, they have become glorified casinos and don't always
reflect the true worth of its constituents. Hence, always invest for the
long term and avoid short-term momentum plays. Bear in mind that
momentum works both ways: you could crash as easily as you soar.Don't
speculate.If you buy today and sell tomorrow, you're not
investing–you're trading. And that is one dangerous proposition. If you
don't understand technicals or are not clued in to the market grapevine,
the odds are stacked against you. Be flexible with your investment mix.
Don't hold stocks for the sake of holding equities. Sometimes, it's
better to hold cash or debt to maximise returns. Your investment mix
should reflect your perception of the market.
5)Rakesh Jhunjhunwala
Broker, Bombay Stock Exchange
When I am convinced about a story, I tend to go overboard–and
over-invest. At times, I have ended up investing a lot of money in
illiquid stocks, which is obviously difficult to manage. It's like
putting all your eggs in one basket.In the stock markets, both in India
and elsewhere, people tend to invest only when there is a wave of
euphoria sweeping the markets. It's a general tendency to act on the
belief that one should not be left behind in a booming market, which is
a flawed argument.
Lessons:Don't be overstretched in a stock. Even if you have hit on a
great idea, review your allocations in a particular stock periodically.
Ideally, you should not invest more than 15 per cent of your portfolio
in one stock. Overexposure can be counter-productive, more so if a stock
is illiquid.
RESEARCH REPORTS
learned–and are still learning–the hard way. Says BSE (Bombay Stock
Exchange) member Rakesh Jhunjhunwala: "You learn the stock market by
trial and error. Without making mistakes in the market, you will never
be able to progress in it." What's important is to spot the mistakes,
learn from them, and move on.Five veterans of the Indian stock markets
talk about their worst blunders, and the lessons they learned the hard
way.There are great lessons and many little nuggets of investment
wisdom–on market behaviour, valuation methods, portfolio management,
investor mindsets–in their stories. Over to the gurus in their own words.
1)Motilal Oswal
Chairman and managing director, Motilal Oswal Securities
In 1992-93,I bought shares of a glass company at Rs 1,600. The price
crashed, and I exited when it was Rs 60. Why did I buy the stock? The
outcry system was in vogue, and everyone on the floor used to share
information, which was our idea of research. If I liked an idea,I just
bought the scrip.
We never invested with a time horizon. If the share price went up, we
booked profits. We followed no investment strategy and did not bother
with research. At one point, I had 125 scrips in my portfolio.
Eventually, at the end of the year, I sold those that made a profit and
held on to those that showed a loss. Obviously, the total return on my
portfolio was not worth the effort put in.After that, I decided to prune
my portfolio to 30 stocks–and booked more losses in the process. I
decided to invest the money left with me wisely, balancing my portfolio
with a long-term outlook. Now, I hold every stock for at least one year,
and then, depending on the market situation, decide what to do with each.
Lessons:Do your homework well.While choosing a stock, you could use
either the top-down approach or the bottom-up approach.Don't follow the
herd.Don't buy (or sell) just because everybody and his dog is buying
(or selling). Research the com-pany as thoroughly as possible before
deciding to buy or sell. Don't buy in an overheated market and don't
sell when there is panic.
2)Gul Tekchandani
Chief investment officer, Sun F&C Asset Management
Every time I blunder in the market, it's because of excessive greed.
When share prices move up and I hear favourable stories, I don't think
of selling and always hope to make more. I remember buying shares of a
plastic furniture company at Rs 30. I had analysed the company and
predicted the stock would go up to Rs 90. I was right: the price touched
Rs 110. That's when I started hearing stories of the company doing so
well that the price would touch Rs 200. So I decided to hang on, in
spite of knowing better. Today, the stock trades at Rs 6.
Lessons:Discipline is the key.The market has a mind of its own, one
which is quite likely to confuse investors. You cannot make money in the
market by acting on market rumours. Listen to the stories, but do your
own research–and do it thoroughly. Make your buy or sell decision based
on your analysis of the company, not on what others have told you.So, if
you have invested in a company for the long term, and the price falls in
around three months, don't change your strategy. The company's
fundamentals have not changed–it's the market that's volatile. In the
long term, the fundamentals will reward you.Keep track of your
investments. However, investing for the long term does not mean you
forget about your holding. Stay alert, and monitor your stocks with a
view to improving your returns. Keep an eye on the changing economy,
because the fundamentals of a company are dynamic and change with the
overall economy.
3)Darshan Mehta
Chief executive officer, Anagram Stockbroking
In the early nineties, the primary market was extremely active, and,
like many retail investors, new issues made up a good chunk of my
portfolio. Back then, pricing of public issues was regulated–and,
invariably, conservative.So, even if you held on to allotted shares for
no reason other than inertia, you made a notional profit. I was allotted
2,000 shares of Essar Shipping, which I held on to because their cost
was significantly lower than the prevailing market price. My portfolio
of 85-90 scrips was filled with the likes of Essar Shipping–neither led
by a quality management nor the flavour of the season. I slept on them,
and lost out–my portfolio depleted in value substantially.On top of
that, the sheer size of my portfolio made it impossible for me to track
even those companies in which I was invested. One fine day, I gave the
list of my holdings–a whole lot of them worthless–to my broker, and
asked him to sell it at whatever price he got. But the damage had been done.
Lessons:Maintain a lean portfolio. Don't grow too big for your boots.
There's no point in having a portfolio of 90 stocks if you cannot track
them. If diversification is what you seek, you can achieve the objective
with just 10 stocks. What matters is not how many stocks you have in
your portfolio, but what kind of stocks these are. Moreover, the fewer
stocks in your portfolio, the easier it is to track them.Don't lose
sight of your initial objective. Invest with an objective in mind. Once
that objective is met, look to exit unless there are very good reasons
to stay invested. In rising markets, new issues ride on the coattails of
the bullishness, and list at hefty premiums to their issue prices. But
once the euphoria subsides, so does the share price. So, keep your
options open.
4)Parag Parikh
Chairman, Parag Parikh Financial
Advisory Services
I believe the key to any good investment is discipline and the ability
to control your emotions. Easier said than done. There have been times
when I have given in to my emotions–and paid the price.We do portfolio
management for clients. Once, we took money from investors when the
market was bullish. Obviously, since the market was on a roll, the risk
was higher–and so were the chances of going wrong. A disciplined
approach warrants that I take money from clients when there are ample
investment opportunities in the market, not when people are willing to
give me money. I should have had the guts to tell them, "no, don't give
me your money now, I'll tell you when to give it". But my emotions took
over, and I didn't.
Lessons:Don't get in at peaks. Stock markets are not always the
barometer of the economy, or even of a company. With globalisation and
hot fund flows, they have become glorified casinos and don't always
reflect the true worth of its constituents. Hence, always invest for the
long term and avoid short-term momentum plays. Bear in mind that
momentum works both ways: you could crash as easily as you soar.Don't
speculate.If you buy today and sell tomorrow, you're not
investing–you're trading. And that is one dangerous proposition. If you
don't understand technicals or are not clued in to the market grapevine,
the odds are stacked against you. Be flexible with your investment mix.
Don't hold stocks for the sake of holding equities. Sometimes, it's
better to hold cash or debt to maximise returns. Your investment mix
should reflect your perception of the market.
5)Rakesh Jhunjhunwala
Broker, Bombay Stock Exchange
When I am convinced about a story, I tend to go overboard–and
over-invest. At times, I have ended up investing a lot of money in
illiquid stocks, which is obviously difficult to manage. It's like
putting all your eggs in one basket.In the stock markets, both in India
and elsewhere, people tend to invest only when there is a wave of
euphoria sweeping the markets. It's a general tendency to act on the
belief that one should not be left behind in a booming market, which is
a flawed argument.
Lessons:Don't be overstretched in a stock. Even if you have hit on a
great idea, review your allocations in a particular stock periodically.
Ideally, you should not invest more than 15 per cent of your portfolio
in one stock. Overexposure can be counter-productive, more so if a stock
is illiquid.
RESEARCH REPORTS
>INSIDE TRADING 02-12-2008
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| B - Buy | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| S - Sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
RESEARCH REPORTS
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