AFUND MAY 2003 Stock Market Forecast
2003/2004 MARKET FORECASTS
It is NOT WHAT you
know, but WHEN you know
© Henry Weingarten Last Updated:
Most of the following material has been serialized in
WALL STREET, NEXT
and our subscriber
premium channels. This will next
be updated in December and at our next
11th Astrology and Stock
May 14-17, 2004 in New York
Note: Hyper links that are prefaced
with a S: are restricted to
Although markets made their largest weekly rally in 20 years because of
the U.S. invasion of Iraq, I do not see as rosy a scenario as I did before
March 19, 2003. Instantly, our fair valuation of the US stock market dropped
500 points from 8800 to 8300; currently it is 8100, and may drop further.
Our US dollar index fair value also dropped from .98 to .93 with a new P2
target of .90 and .87 respectively now possible. We consider the long term
economic fall out of this action as potentially quite severe. Despite positive
astro factors until May/June, we believe that markets can retest or break
their 2003 lows: our new P3 target DJ year low is 6900-7200. (P1 is 7800
and P2 is 7400).
There are four primary celestial and terrestrial phenomena affecting world
events and global markets in H2 2003 and
- August 30 Jupiter/Uranus Opposition,
- November 23, 2003 Total Solar Eclipse,
- Progress on the War on Terror and
the 2004 US Presidential Election,
- 10 countries joining the EU in 2004.
Big Investing Ideas
1. US DOLLAR REMAINS UNDER PRESSURE IN 2003
Everyone knows now that the US dollar
has already peaked. US Treasury Secretary John Snow shocked
currency traders by stating the U.S. government no longer measures the dollar's
strength by its market value against the other major currencies. Instead,
Snow said "strong" refers to such aspects of the dollar as the confidence
it inspires in the public and its resistance to counterfeiting. Europe's
ongoing malaise and Japan's long suffering economy make it
possible that we will witness competitive currency devaluations. This
trend has to date benefited secondary currencies such as the Canadian and
Australian dollars as well as gold. All investors need to diversify their
investments globally. The average American has less
than 5% of his assets in foreign holdings. The decline
in the US dollar’s value has made foreign investments more attractive.
Stock prices are cheaper by most valuation measures: price
to earnings, price to sales and price to book. Short term we expect
interest rates to drop due to slowing economic
growth. Longer term, they are likely to rise due to a lower US
dollar and future inflationary worries.
One lurking potential danger is that it may
become necessary for the FED to defend the US
Our recommended US equity portfolios international
stock allocation is at least 35%.
2. A WAR TIME ECONOMY: GUNS AND CAVIAR REDUX
3. THE END OF THE HOUSING BUBBLE
August 1, 2002
Jupiter left the sign of Cancer [home] for Leo, the
first of several astrological factors that loosened astrological
underpinnings of the current real estate bubble. Housing,
along with Commodities and physicals, is now viewed as an
Asset Class along with Stocks, Bonds and Cash by many investors.
Positively, there is the enjoyment factor: most woman would
prefer to have an additional 100K in a home than in a portfolio.
Housing also appeals to safety concerns in times of trouble,
but home buying is cooling. Record low interest rates may end
this year or next. Other negatives include the ratio of home prices
to home rental rates is more than 12% too high, while the value of
individually owned residential property to deposable income is at
a 50 year high. Classically, the Real Estate weakens 12-24 months
after a market collapse. If individual stock prices can
return to pre-1998 pricing in the Fall of 2002, why can't housing
drop 10-35% [depending on location and individual property] over
the next 6-24 months? June 2003, Saturn enters Cancer. Let's
not forget what Saturn in Gemini, e.g. Communications did to
telecoms. Hopefully it will NOT be that bad: Favorable tax treatment
. low interest rates, along with continuing demand could continue
to help make this a slowing market with a soft instead of hard landing.
Either way, buyers will benefit more than sellers.
Global Stock markets in H2 2003 will
be determined largely by answering
Q1: How will Bush's future military adventures affect
Oil prices and help or hinder the War on Terror?
Q2: Who will
be helped/hurt the most by the lower
Q3: What P/e's will investors be willing to
pay for single digit corporate growth?
HOW HIGH IS UP? HOW LOW IS LOW?
VALUE WITH GROWTH
Capital Preservation is again
important for global
investors; hence, we advise caution. Previously, we
recommended an investment strategy paradigm
of BUY and HOLD Growth stocks with at
least reasonable valuations based on current
and future profits. Post-war, we raised recommended cash levels
to our highest ever: 50%-70% until market are below 8000, at the minimum.
International money flows will no longer exclusively
favor the US, with Asia, Europe and even
emerging markets garnering more future global
interest. In the second half of 2003, value will no
longer under perform as in the first half.
Classic "Buy and Hold" is passé: Stock picking , more
than sector membership and even Market timing will rule in
2003. Successful investing will depend on knowing:
When all the good news
has already been factored into the share
price, at what price is the valuation just
When all the bad news
has already been factored into the share
price, at what price is the valuation too
Any and all investing profits need to be protected against
future bear assaults in 2003.
Trade more (35% of
portfolio) and take/protect profits
at 15%-25% profit points for long term non-core
LEARN THE LESSONS OF 2000, THEY REPEATED IN 2003 WITH EXCESSIVE
INVESTORS SHOULD BUY AND HOLD STOCKS
IN 2003 THAT ARE:
1) Buy carefully and when stock
valuation becomes super frothy again, SELL.
2) Be careful about owning stocks that are
“priced to perfection”, they can only disappoint.
3) It is NEVER “different this time.”
4) Ultimately, profits matter.
Profitable, well managed companies,
2) P/E* under 22 for Growth and
under 16 for Value.
3) A PEG <1.5 or undervalued by 10% or more.
*After allowing for
pension liabilities and expensing options.
I GLOBAL INVESTING
BUY INDIA & JAPAN
TRADE THE UNITED STATES
The Horoscope is a MAP of TIME and PLACE - here is a brief overview of
Country risk is re-emerging as a corollary to anti-globalization forces.
Sophisticated investors today are rightly concerned about being
overly invested in any one country.
EUROPE - A stronger global
alternative to the US
- GERMANY- Market perform.
- HOLLAND - Market perform.
- ENGLAND - We no late rate the
CITY an outperform, given future fall out from Iraq.
- FRANCE - France could modestly outperform.
- GREECE - The ATG is a potential
trading accumulation ahead of the
- EU EXPANSION countries,
the Czech Republic, Poland,
Hungary, Cyprus, Slovenia, Latvia, Lithuania
and Estonia remain on Watch as they are
likely to compete inside the EU's single market from 2004
on. However, there is little for foreign investors to buy outside
of the banks. In the non-financial area, many of the best
companies are likely to be bought out, rather than going public.
Finally, shares prices there already reflect European entry which
means the "easy" money has already been made long ago.
Note: WSNW subscribers can
review our favorite
S: Dow Jones
- Traders paradise
- While a surprise
to many "experts" that Canada lead the G7 economies once again, the news
is old. While recently downgraded by us to market perform, the Loonie is
no longer undervalued and this may begin to bite some of its export driven
- S: MEXICO
- In past years we recommended only stocks that
clearly benefit from NAFTA, were in a favored sector like entertainment
(TV) or likely to be a takeover target
like Banacci was by Citibank, AHISA by MetLife
or Bital by HSBC. Then we looked to sources of domestic strength such
as COCA-COLA FEMSA (KOF). Now, however, we are less interested. I would just
consider potential take over targets sporting reasonable valuations or companies
that can compete in the US for the rising Hispanic consumer market share.
- UNITED STATES - Still overvalued
versus global counterparts. Many former
investor favorites will disappoint as investors
sell rallies to "get even". US Bonds
are far less attractive Euro Bonds, especially after Q2. The
US Dollar remains a potential time bomb:
It is no longer as safe a haven given budget deficits and
the War on Terror. However, since one can trade
stocks here for 10-25% appreciation/depreciation
a day/week, this remains TRADERS HEAVEN.
- Intermediate term investment
opportunities in Japan and India.
Long term, China and Asia could be the fastest
growing area in the world 2010-2030.
- S: JAPAN
- It is important to realize that there a recovery in the
Japanese economy coming soon. We expect to see a REAL resolution
of their long term banking crisis within a year! Both
the government and cash rich companies plan to buy market shares.
Therefore, we see the Nikkei is a long term
buy to 12,000+ using the 2004-5 time horizon.
We see currency value in buying Japan should the Yen be weaker
than 130 [Fair value ~122]. Profitable exporters such
as Sony (SNE), Matsushita (MC) and Honda (HMC) will
be challenged whenever the a Yen stronger than 118, while even more profitable
if the Yen weakens again to 130 and more. Whatever the Yen's
value, we believe domestic industries are no longer to be shunned.
JAPAN INC. [EWJ] is one of our two favorite 2004 country buys
especially by Q4 2003. Our mantra on JAPAN INC. is
"You have Japanese products in your home; why
don't you have Japanese stocks in your portfolio?"
- HONG KONG/CHINA
- Foreign investment in China is at an all-time high. Before
SARS, China was likely to become the biggest recipient of direct overseas
investment worldwide. That and the 2008 Olympics
notwithstanding, the fact is that
many of the mainland's industries are
a mess and its stock market is overloaded with poor
quality state owned companies. "Officially"
China's economy continues to grow 8%
and will be the third largest economy in the world before 2020,
after the US and Euroland. Yet its public debt is over
100% GDP if you include "off-balance sheet" accounting.
Non-performing loans held by China's banks are also estimated to be
25%-to-50% of GDP making China highly vulnerable to an economic downturn.
Crisis Takes Swipe at China could be the trigger.
Until this is rightly addressed and Chinese leaders
make dramatic moves to reform the country's financial system, we continue
to recommend great caution. At the minimum I would
expect the merger of A and B share markets and most important, the
move to float the Chinese currency.
Hong Kong also remain unattractive, especially as
fundamentals often seem to matter little on the Hang Seng,
and its stock market acts as close to legalized gambling more
than any other major one in the world. For Asian investors (only),
we recommend it for accumulation under 9200. On the bright
side, Hong Kong benefits from a spill-over effect from Chinese
mainland's trade. The weakening US dollar also is another favorable
factor for Hong Kong's export growth. The major upcoming positive
for Hong Kong is China’s qualified domestic institutional investors (QDII)
scheme. When approved, this will allow mainland Chinese residents to invest
in the territory adding considering liquidity.
Despite a far better economy, we also remain
reluctant to invest in Taiwanese markets unless
compensated for potential "war like" conditions
in the future.
- KOREA - We continue to like
blue chip giants Korea Telecomm (KT)
and Samsung Electronics (SSNGF).
A MAJOR peace dividend is expected later
this year or in 2004. Like Taiwan, this
is a largely a bet on the US technology sector.
- Global investors are beginning to warm
to computer and pharmaceutical blue
chips. IIF or IFN are two closed end India
funds, and the best way for US investors to invest
(not trade) in India. This is for long term investors
- AUSTRALIA - We remain
mildly bullish for 2003 given our correct
forecast for an appreciating Aussie $. We maintain our "out
perform" rating country rating but previously downgraded
their LPTs (Listed Property Trusts) to market perform.
- NEW ZEALAND- Billionaire
investor George Soros is backing the New Zealand dollar - currently at
five-year highs - to strengthen further against the stubbornly flaccid US
greenback. I am not so sure. However if you wish to retire
in this lovely country, note the NZ 40 has strong
long term support around 1900.
- OTHER TIGERS AND DRAGONS - Between SARS and future
terrorism threats, we would avoid for the time being any sizable investments
in Thailand, Malaysia, and especially Indonesia and the Philippines.
Opportunities for savvy
- S: ISRAEL
- Israel's technology
sector is desirable given
its highly skilled labor force and
favorable tax treatment. Unfortunately,
it is best to buy only when there is blood in
the streets, which is now all too often.
Buy export quality with the TA 100 Index
under 365. The Iraqi war was cause for one rally. From mid to
late 2003 on, this market could enjoy more than one tradable peace
- RUSSIA - Many high risk investors primarily
bet on the energy sector here, e.g. OGZPF, SBKYY, SGTZY,
TNK and YUKOS. Now investors are motivated to buy further a field.
Still, after a healthy double in 2002, due to positive economic
performance and more rule of law, some caution is advised.
- S: BRAZIL
- Assuming Lulu keeps his economic promises there
is plenty of opportunity, especially
for quality exporters such as CVRD thanks to
the cheap, but stable Reais currency. As with
most of South America, accumulate on weakness
only for appropriate multi-year long
term investment portfolios.
- S: LATIN AMERICA - A short term
trading opportunity for smart money
and longer term for multi-national corporate
We continue to recommend caution for emerging
markets unless you monitor them
very closely. It is very important for investors to distinguish between
high and low risk countries in emerging markets.
Later in 2003, the global
investing landscape may be dramatically
should periodically review our
S: AFUND GLOBAL 12
- for our
favorite global blue chip long term investments.
Traders believe "Making
money in the market is all
about Timing". The "Buy And Hold"
climate we've had in the US stock
market is long PAST HISTORY.
Since 2000, it is now a "Market
Timing" and “Stock Picking” environment.
Markets reward best stocks that have Value
AND Growth. Short term corporate profits disappointed
on the short side due to ruthless competition
for much of 2002. Now corporate profits for
more well managed and sufficiently capitalized companies
should rise modestly, helped by the current low interest rate environment.
fact that we do live in interesting times, short term
we repeat last year's mantra:
VALUE plus GROWTH IS
BEST and Trade for
short term profit 15-25% moves.
Zeitgeist of UNCERTAINTY will be receding as the strength
of Jupiter/Neptune aspect cycle culminating June 2 recedes. Stock selection
is paramount and will count more than sector rotation
and even stock market timing!
- Our pre-war forecast: "We WILL have a
slow economic recovery into 2003. However,
public enthusiasm to spend, spend,
spend will be subdued until job uncertainty
are still in a financially weak position with little pent-up
demand. Our GDP forecast is just under 3% in
H1 2003." We have sadly revised this forecast to a bearish scenario
that began March 19, 2003. A question remains whether the US entered a recession
- The bottom line: Our advice to individuals and businesses is to
increase cash flow (profits/income - expenses) 10% this year and 10% next
PROFITS NOW. BEGIN BARGAIN HUNTING WHEN THE DOW IS WELL BELOW
8000 AS MARKETS CAN FALL TO DJ 7400 OR BELOW.
Given that the traditional "Buy and Hold"
investing strategy will continue to under perform, we recommend
trading 50% (up from 30% in 2002) in "investing" portfolios in
For 3 years we have warned: LEARN THE MARKET LESSONS
OF 2000, BECAUSE THEY WILL REPEAT IN 2003.
Now that the forecast is true, my question is whether May or June 2003 is
more like March 2000.
Stock markets will benefit from increasingly low interest rates. However,
Saturn transiting the Sun of President Bush and the USA Independence Horoscope
cosmically demands "paying the piper". Uranus entered Pisces in March which
favors the biotech industry innovation over the next couple of years. Jupiter
enters Virgo August 27, 2003 will cosmically assist
the heathcare industry. Virgo industry rulerships also extend
to two of our 2004 favored sectors Employment/Job Development and Nanotechnology.
This is followed by one pass
of Jupiter/Uranus in August of
2003, helping electronic
companies e.g. MC, SNE and Samsung
with home theater sales, flat panel TVs and
eventually HDTV. Also around this
time, interactive TV and Video on demand will
begin to develop more widely, eventually helping AOL and MSFT
Mars (War) is increasingly prominent in 2003
= an expansion on the war on terror.
At the same time, we will also see in 2003 Saturn
activating the US Sun. Given that Saturn represents
"reality", paying the piper is not likely to be overly favorable
for US markets given the US budget deficit from a weakened
economy, the War on Terrorism and Tax Cuts.
We also expect to see a
continuation of more high profile Bush administration
New Fears of deflation (Saturn) and expectations of interest rate cuts
have US and UK government bond yields at multi-decade lows. Both suffer
however, from a future sharp increase in supply, the former more so due to
massive tax cuts underway as well as military adventures and increased defense
Will they follow the Japanese model? JGB yields have dropped to record
levels, while this year the Bank of Japan has flooded the financial system
with cash in an attempt to revive the economy. For how much longer will
US Treasuries be seen as a no/low risk way to invest? The last time
we saw inflows into US bond funds like this was 1993, and the next year
was a negative year for bond investors. Will it be different in 2004? I
don't think so. When things do turn, we could get a very nasty bear market
We note the Solar
Eclipse of November 23, 2003 as also pivotal
to certain countries economies.
2005: The fifth year of decade has been positive since 1881. We
see no reason at this moment to disagree with history.
29, 2006 is a Total Solar Eclipse.
December 2007: Jupiter will be conjunct Pluto.
The low point of the nodal cycle is reached in 2008 and
Pluto ingresses into Capricorn..
Jupiter conjunct Neptune in 2009.
The next epic shifting planetary configurations
in 2010/2011 of Jupiter conjunct Uranus AND Jupiter
opposition Saturn as well as Uranus entering Aires and Neptune
enters Pisces ALL preceding the December 21, 2012 Mayan end
based investing while no longer replacing
country based approaches to
global investing, still is very important..
post millennium future
themes are: Biotechnology, Hydrogen/Solar
Energy, and Nanotechnology Robotics, Wind/Water (2004/5)
The themes of Technology,
Health Care still matter.
please note we update our coverage on
the following industry sectors on our premium
Silver posting area:
S: COMPUTERS, S:
S: HEALTH CARE,
S: REITS and S: Leisure.
favorites sectors are:
- S: Healthcare
- Employment & Career Development
- Entertainment and S: Media.
- Life Essentials: Energy, Food, Shelter and
- Nanotechnology (2004/2005)
- US health care expenses will total $1.5 trillion
this year, or more than 14% of the total U.S. economy. This is more than Americans
spend on food, housing, or automobiles. We expect major political fireworks
into the 2004 election over this issue. Our favorite
US drug stocks are Johnson and Johnson (JNJ)
and India's generic-drug makers Dr. Reddy's Laboratories (RDY)
and RANBAXY LABS (RBXLF). Uranus which entered Pisces in March which
helps Biotechs. The best biotechs to buy are those
with revenue generating products increasingly
close to launch. The easiest way to play this
sector is to either market the market leader Amgen (AMGN)
or to buy a basket of 20 with the Merrill Lynch Biotech
HOLDRS (BBH). We recommend rebuying 90-95. Healthcare,
especially for retiring babyboomers, will receive more attention and
money as time goes by, e.g. Sunrise Assisted Living (SRZ). Finally,
more traditional SRI favorites such as Herbs, Natural Foods, Vitamins and
Natural Healing Therapies will continue to grow market share.
- Given the "jobless recovery" as well as Jupiter in Virgo, temporary
employment agencies plus vocational training schools stand to benefit. Four
favorites on future watch are: Manpower (Man) and Teamstaff (TSTF) to ITT
Education (ESI) and Apollo (APOL),
Jupiter leaves Leo, as times get tougher, people cut back,
they still will desire entertainment. Therefore we will periodically
trading buy select Media stocks, e.g. AOL and Yahoo
(YHOO) and cultivate long term investments in growing brands such
as the New York Times (NYT). Fundamentally the fact that FCC is
overhauling media ownership rules in the US will lead to a wave
of buying and selling of media properties. Always profitable,
dividend paying [6%], Cedar Fair (FUN) amusement park
is a good excuse to research your investments.
- In future, we hope to see SRI favorite Fuel Cell,
Solar and Wind companies such as Denmark's Vesta and Spain's
Gamesa as suitable intermediate term SRI investments. Many
natural food companies shares are expensive, e.g. Hain Celestial (HAIN)
and Whole Foods (WFMI), but should be considered when their share pricing
again intersects with reality. As for shelter, most of our money in this
sector is long term invested in our client International
Hi-Tech Industries. The number three and
fastest growing beverage is Water. The United Nations
has declared 2003 as the International Year of Fresh Water. North
American bottled water is projected to grow
20% annually for the next five years. Big Euro food
groups, Dannone [DA] and Nestle [NSRGY], own
the largest brands and remain conservatively
profitable. German RWE and French SUEZ and VE for
serious water works. American Stat Water (AWR) is a good
domestic alternative in conservative portfolios.
- Nanotechnology investments are largely venture capital plays or early
stage R & D developments. However, the hype will grow shortly, if not
the reality. We will cover sector more in our 2004 report.
2003 and 2004 are
more a stock pickers market, than a sector based one. Especially important
recently has been researching closely for skeleton's hidden in the closet.
Having my Moon in Libra, my Stock
Selection is both:
: strong astrological and/or
I like to begin with one or more of the following 4 criteria:
A: CASH RICH, WELL MANAGED AND PROFITABLE,
B: UNLOVED BUT UNDERVALUED,
C: POSITIVE MOMENTUM AND MONEY FLOWS
D: GOOD HOROSCOPE OR IN AN ASTROLOGICALLY
1) Jupiter in Virgo
Our recent favorite trading strategy has been buying pre and
post news pops due to companies slightly outperforming
repeated earnings downgrades. Winter/Spring 2003's
favorite strategy was buying quality momentum stocks
for short term positional trading. Over the next few months, we
are not buying, or will be shorting Nasdaq internut-like fantasies. I also
recommend more experienced investors consider a market neutral investment
strategy: Buying a strong stock while shorting an appropriate index (SPX
or Nasdaq), or Pairs Trading - buying a strong company and selling a weak
one in the same sector usually makes money whether the market moves up, down
Our first choice this Fall will be
cash rich global blue chips. These
are companies that are prospering by
gaining market share and buying "cheap"
assets during this economic slowdown
over small and midcaps. These
are companies that tough out the near term
and become far stronger in the long
term. Our game plan is to invest conservatively,
but due to recent high market volatility
and increasingly compressed market
cycles, we now advise trading all
accounts more actively, up to 50% of portfolio holdings.
Intermediate and longer term European
(and Asian) stocks may NO longer rise and fall fully
in sync with US markets! This will happen
more when the US dollar is generally recognized
to be in a secular decline.
WSNW subscribers should periodically
- for our
favorite global blue chip long term investments.
Six selected Investing
themes follow. For more and
may visit our AFUND
1. The US dollar may fall
more, select Country I-Shares or Foreign Blue Chip companies
We always prefer undervalued stocks,
especially if coupled with a yield greater
than the classic value buy signal
of 5%. Given's Saturn's imminent entry into Cancer, we are reducing our
previously favored REIT exposure until
there is more of a downward real estate price adjustment. We also recommend
stocks that are 10% or more undervalued or potential
M&A canacquisitiondidates. Our next our
favorite out of favor stocks will be in
the employment and alternative energy sectors. Bearish somewhat bearish,
we have no short term favorites at this time..
(EWJ): - Honda (HMC), Matsushita (MC), Sharp (SHCAY)
and Sony (SNE).
- Korea (EWY), India (IFN)
and Gold are other recommended US dollar hedges.
S: AFUND GLOBAL
3. S: DJIA
FAVORITE 2003 stocks, IBM and Johnson and Johnson (JNJ), while
sold, will be the first to be rebought for long term buy and hold investment
portfolio allocations Most Blue Chip stocks, however, have
to be traded, not "buy and held" for better
than 12% returns in 2003. We would look to buy in H2
on good price points/times: American
Express (AXP), Hewlett-Packard (HPQ), and United Technology (UTX).
MEDIA AND ENTERTAINMENT: PREPARE TO
- Microsoft (MSFT),
while a cash machine, is
both over valued and not well managed. We continue
to advise selling on strength.
- A downgrade of HD from
outperform to market weight was made given Saturn's upcoming entry into
This along with Health care are our two favorite sectors
to buy and hold upon future market weakness.
Our favorite choices are industry giants: SONY
[SNE] and SAMSUNG.
Four Media brands to accumulate
on weakness are: AOL, Disney (DIS),
NY Times (NYT) and Yahoo (YHOO). All have
strong potential growth and increasing advertising
Even before we became one
of the first Apple dealers
in NYC, we historically have
liked betting on emerging technologies.
This we recommend doing in
a basket of stocks, but not paying too
much of a premium over value for longer
Our current favorites sectors
APPLIED ROBOTICS: e.g. Int. Hi-Tech
Industries (IHITF)* and ?
BBH, IBB or Amgen (AMGN) are trading buys on strong pullbacks.
SUCCESSOR ENERGY: e.g.
Vestas and Gamesa.
*6. AFUND CLIENTS
know that the best way
to predict the future is to
and with an informed but obviously
biased view, I am doing my
best to help create investor wealth
for client companies we now consult
High Tech Industries
2, 1988 I have established
primarily due to my knowledge
of financial astrology.
While not perfect as some critics
would demand, my precision and
accuracy is appreciated by many
professional traders and investors.
As more of our forecasting
is now private and contracted to money managers
and institutional investors, it
is my intention to have other financial astrologers
and money managers contribute more
on my web site in the future.
sample performance figures at
(c) 2000, 2001, 2002, 2003. Please
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