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10 min read The Dime

The Dime💰- Your "Investment" Might Be Worth Nothing

"Stocks? You gotta be high up in the corporate structure to make that shit work for you!" - Tony Soprano

The Dime💰- Your "Investment" Might Be Worth Nothing

Anthropic, one of the most valuable private companies on the planet, published a warning on its official support page that sent shockwaves through the pre-IPO investment worldķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ ‡’ķ †ķ …ąķ „”ķ †žķ …ŧķ …¯ķ †°ķ †Œķ „ˆķ „´ķ …Ĩķ …¯ķ …˜ķ „°ķ …Ÿķ †´ķ „Ŗķ ‡Žķ ‡Ēķ „ēķ „ļķ „‰ķ …Ÿķ †‹ķ ‡”ķ †Ŋķ †Œķ „ļķ …ˇķ ‡€ķ …žķ †Ļķ …œķ †ģķ ‡Žķ ††ķ …Šķ †ĸ. The warning was about people selling what they claim to be Anthropic sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‹ķ †§ķ „ŗķ … ī¸‹ķ …Žķ …Ēķ …–ķ …œķ ‡Œķ †ŧķ „ ķ ‡†ķ †¯ķ ‡‘ķ †Ĩķ ‡Ŧķ ‡ķ †Žķ ‡Ģķ „Žķ „ķ „‚ķ †˛ķ ‡Œķ „Žķ †‹ķ …¤ķ …™ķ …ļķ †ķ …‹ķ ‡Ÿķ ‡Ŧķ ‡¨ķ …˜ķ ‡ķ …•ķ „¤ķ …•. And the message from Anthropic was blunt.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ „‚ķ …Žķ ‡ĸķ † ķ …ķ „Šķ …¨ķ … ķ ‡ ķ …šķ „Ļķ †Šķ „¤ķ †–ķ †´ķ „žķ ‡‡ķ „Ÿķ „ķ …ˆķ ‡ķ ‡Ĩķ „Ŧķ „…ķ †¨ķ †Šķ …Œķ „ŗķ ‡Šķ „¯ķ ‡Šķ …ļķ ‡¤ķ ‡†ķ †Žķ „¨ķ †ŧķ „¨ķ …Ŧ"Any sale or transfer of Anthropic stock, or any interest in Anthropic stock, that has not been approved by our Board of Directors is void and will not be recognized on our books and recordsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¤ī¸ķ ‡ˆķ „Ĩķ …¤ķ †ķ „Žķ „ˇķ …Žķ †’ķ …ķ ‡Ŧķ …Ģī¸ķ ‡ķ „‰ķ „˜ķ †…ķ …ļķ †ĸķ „”ķ „‘ķ „…ķ „žķ †Ŋķ „¸ķ …“ķ ‡’ķ „žķ „Ēķ …Ļķ „ļķ †ģķ …†ķ …Šķ „ķ ‡–ķ …€ķ „Ŋķ †Ÿ."

(Anthropic Support Page, support.claude.com)

Voidķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „–ī¸ƒķ „ķ „¤ķ …šķ „—ķ †ķ „‘ķ †’ķ …ēķ †Ļķ „ķ …‘ķ „”ķ †­ķ „¨ķ „Ŋķ …šķ ‡ĸķ ‡Ąķ „œķ …ŗķ †Šķ †ķ †–ķ ‡–ķ †ķ ‡ķ …šķ …ķ †°ķ …Ēķ †ąķ …ģī¸„ķ ‡—ķ †ĩķ †¤ķ „ƒķ †Ģ. Not voidableķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‡ķ „ƒķ ‡šī¸„ķ „‹ī¸ķ ‡šķ „žķ †€ķ …ķ ‡ķ †¤ķ …­ķ †ķ †€ķ †¯ķ …‰ķ ‡‚ķ „—ķ …’ī¸‰ķ ‡­ķ …¤ķ †…ķ …ķ ††ķ †Ŋķ †‘ķ †šķ ‡—ķ …Ÿķ †Žķ …§ī¸ķ „¤ķ „­ķ …°ķ †Žķ ‡˜ķ „•. Not disputedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …„ķ †šķ „ļķ „Ģķ „Žķ „šķ …‚ķ ‡›ī¸‰ķ ‡”ķ †œķ … ķ †–ķ †Žķ „„ķ †Ąķ „˜ķ ‡Œķ †ˇķ †´ķ †Ļķ „†ķ †ķ „Ŧķ …ķ „›ķ †€ķ †…ķ †ķ ‡ķ †›ķ „Ĩķ †ˆķ …ķ ‡Œķ „—ķ ‡Žķ †Šķ ‡¤ī¸…. Not "subject to review." VOIDķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒķ …Ÿī¸ƒķ „žķ „Ŋķ „’ķ †™ķ ‡Šķ …ƒķ „ģķ „‹ķ „ļķ ‡¯ķ „ˇķ †ģķ „†ī¸ˆķ …ģķ †Ŗķ …‚ķ …Ēķ ‡‹ķ †¸ķ „§ķ ……ķ …œķ ‡Ļķ ‡­ķ „Ēķ „¯ķ „°ķ „‹ķ „”ķ †ĩī¸€ķ …­ķ …†ķ „›ķ †’ķ †Ž. As in, the transaction never happenedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „–ķ „¤ķ †ˇķ „ˇķ „‹ķ „…ķ „žķ ‡†ķ †Ąķ ‡˜ķ †šķ …Ĩķ ‡žķ „¯ķ ……ķ …˛ķ ‡Œķ …Œķ …•ķ „Šķ „˛ķ …ĩķ „ŧķ †“ķ ‡•ķ ‡¨ķ †’ķ ‡ķ ‡žķ †Ŋķ „—ķ „ķ „›ķ ‡†ķ †‡ī¸‚ķ ‡¤ķ …žķ †ģ. As in, if you paid money for it, you might not own anything.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡†ķ …Šķ „šķ …€ķ …ŧķ †¨ī¸‚ķ „Šķ …Žķ †Šķ „„ķ …ŗķ ‡žķ †ī¸‹ķ „ƒķ „Ļķ …Šķ ‡ ķ …¤ķ „Ģķ †Ĩķ …Ļķ „Ąķ ‡›ķ ……ī¸Žķ †“ķ …Ļķ …ŧķ …œķ ‡¤ķ †—ķ „˛ķ „Šķ †ķ …šķ …Ŧķ †ŧķ …šAnd then Anthropic did something nobody expectedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¨ķ …ĸķ „Ģķ „ƒķ ‡™ķ …šī¸‹ķ „Ĩķ …žķ †Ļķ …Ŋķ …ˇķ †ĩķ …‹ķ „šī¸†ķ …ąķ „…ķ …žķ †Šķ ‡Ĩķ †§ķ †ļķ „Žķ „Ģķ „ķ …Šķ …™ķ „ķ ‡”ķ „Ąķ „Ļķ ‡Œķ †”ī¸ķ „šķ ‡ ķ … ķ …ķ †. They named names.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĩķ ‡ķ „Ąķ …ķ †ķ † ķ ‡žī¸ƒķ †¨ķ „œķ †ķ †Ŋķ ‡Žķ †¤ķ ††ķ †˜ķ ‡•ķ ‡Ŧķ ‡˜ķ „ķ „ŗķ †ķ „ˆķ †ĩķ …›ķ ‡ķ …Ŗķ …ƒķ „œķ ‡’ķ …Ĩķ „„ķ †ŧķ †žķ „žķ …ˆķ ‡‰ķ …šī¸Žķ †ˆEight platforms, specifically Open Door Partners, Unicorns Exchange, Pachamama Capital, Lionheart Ventures, Hiive (new offerings), Forge Global (new offerings), Sydecar, and Upmarket, were called out by name as unauthorized to buy, sell, or facilitate access to Anthropic shares.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ļķ ‡ī¸ƒķ …‡ķ †ķ †˜ķ ‡Ÿķ ‡œķ …˛ķ …€ī¸‹ķ …Œķ …ĩķ „ēķ †˜ķ „›ķ ‡’ķ „‰ķ †…ķ …ąī¸‰ķ …ĸķ †•ķ …ƒķ ‡…ķ „°ķ …’ķ …”ķ …‘ķ †¸ķ „Ÿķ †Žķ „¤ķ ‡›ķ ‡§ķ …ģķ ‡ĸķ …—ķ „Ļķ ‡—First, Let Me Explain What an SPV Isķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ …‹ķ „„ķ …’ķ „ĩķ ‡ķ „šķ …‘ķ „¤ķ † ķ „Œķ †žķ †ķ …•ķ …­ī¸Œķ …’ī¸‰ķ †ķ †„ķ ‡ķ ‡€ķ „ģķ †œķ „•ķ „›ķ †´ķ †Šķ …žķ „‡ķ ‡Žķ „ļī¸Šķ ‡Ļķ †ķ „Ēķ …†ķ …Šķ „ŧķ ‡Œ. Because That's the Core of This.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‚ķ „šķ …™ķ …†ķ ‡Ÿķ …‹ķ †—ķ †Ŋķ „‹ķ †–ķ „Žī¸†ķ …•ķ „ƒķ …—ķ „­ķ „ŗķ „…ķ „”ķ „žķ †˜ķ …™ķ †ŋķ ‡Ÿķ …ˇķ ‡ ķ „‹ķ „§ķ …‹ķ †›ķ †ŧī¸ķ …ŗķ †“ķ …†ķ „†ķ †ĩķ ‡ķ …Ŗķ ‡€An SPV is a Special Purpose Vehicleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŋķ „†ķ „Ģķ †ĸķ †¯ķ †Šķ „‡ķ …Ēķ †ģķ …”ķ ‡‚ķ †¨ķ †‚ķ „ķ „Ļķ …Ąķ „Ģķ ‡”ķ „°ī¸„ķ ‡•ķ †„ķ …ķ †¤ī¸„ķ †Šķ „šķ ‡†ķ ‡Šķ „”ķ †žķ †Ÿķ †‹ķ …Šī¸Žķ †ķ „¤ķ „–ķ ‡“ķ †ģ. It sounds fancyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆķ ‡Šķ …Žķ „„ķ †­ķ …”ķ †“ķ „¤ķ ‡ĸī¸ˆķ ‡˜ķ ‡Ÿķ „Ļķ …¤ķ †ĩķ …ĸķ „°ķ …ŋī¸Šķ ‡ķ …Ēķ †ˇķ †ķ †‰ķ ‡‰ķ „ķ †¤ķ †§ķ ‡„ķ „‹ī¸ƒķ … ķ †Ĩķ …ŧķ …ķ …’ķ †Ŧķ „ƒķ …‰ķ ‡š. It's actually pretty simpleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ …Ŋķ †ĩķ †˜ī¸Šķ †¤ķ ‡šķ †Ģī¸€ķ ‡ķ „œķ …°ķ …Ŧķ †Žķ …žķ ‡ƒķ …ķ ‡†ķ ‡¨ķ …œķ †ļķ …€ķ ‡”ķ †šķ †Œķ ‡§ķ ‡­ķ †¸ķ …‘ķ †œķ „ŋī¸ķ ‡Ļķ „­ķ †ŧķ „Ĩķ ‡ˆķ „žī¸Šķ „Ģ. Think of it like this.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡žķ „•ķ ‡Œķ †Ļķ …ļķ „Žķ †ķ „Ÿķ ‡Ĩķ †‰ķ „ŋķ ††ķ †ąķ „ąķ †ŗķ ‡˜ī¸Šķ …Ŧķ †ķ †žī¸‹ķ „¯ķ …‘ķ †Ļķ †ˇķ †—ķ „Ąķ †‘ķ †ģķ „Ÿķ †Šķ †¨ķ …šī¸ķ „Ŗķ „ąī¸ī¸ƒķ „˜ķ ‡‡You and 99 of your friends all want to invest in a hot startupķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ †­ķ …œķ ‡‚ķ †ģķ …ķ †‡ķ …Ąķ …‡ķ …Ģķ …ƒķ ‡ķ †…ķ ‡ķ †ƒķ ‡—ķ „œķ ‡”ķ „Ŋķ ‡šī¸„ķ „šķ …‘ķ „‡ī¸Šķ ‡œķ †—ķ „ģī¸„ķ „ķ †žķ ‡ķ †Žķ „Šķ …ļī¸ķ „‚ķ †ķ †°ķ …—. But the startup's legal documents say shares can only be transferred with the company's approvalķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ …ķ …Ļķ …ģķ …˛ķ „¸ķ …Žķ †ąī¸‹ķ „”ķ †Šķ „ļķ „ģķ †‘ķ …žķ ……ķ ‡˜ķ ‡Ąķ … ķ …§ķ †€ķ ††ķ †ąķ …•ķ „†ķ †Šķ …ŋķ …Žī¸Œķ †Šķ ‡¯ķ …ˇī¸‚ķ †Ŗķ ‡­ķ †Ŗķ † ķ †Ŋķ †ŗķ „¤. They have a long cap table and don't want 100 new names on itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŗķ †ĸķ …Ąķ „¨ķ ‡ˆī¸‹ķ …ˇķ …œķ †§ķ ‡Œķ †Šķ ‡Šķ „ķ ‡ˆķ …šķ ‡†ķ †Ŧķ „–ķ „†ķ „Ŗķ †ķ „†ķ …Ēķ †Ĩķ …•ķ ‡ķ „Œķ „ ķ …Ÿķ …´ī¸†ķ …„ķ …Ÿķ …¸ķ †ąķ …ŧķ „Ēķ „´ķ …Ŋķ †Ž. So what do some clever people doķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „§ķ „‹ķ …Ÿķ …€ķ ‡Šķ †ˆķ †Œķ …•ķ …ˇķ †Ŋķ …ķ „“ķ „˛ķ †Ĩķ ‡œķ …–ķ †„ķ ‡ĸķ …˜ī¸€ķ †™ķ …‹ķ …ļķ ‡ˆķ „Ąķ „Ĩķ †–ī¸ƒķ †Œķ …°ķ …ŗķ „ąķ ‡Ļķ †Œķ ‡ķ †˜ķ ‡‡ķ …ŋķ †šķ ‡ĸ? They create one LLC, one single entity, stuff all 100 investors' money into it, and then that ONE entity goes and buys the sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŧķ …Ŋķ ‡‘ķ †ŧķ …Žķ …€ķ …˛ķ †‚ķ „ŧķ ‡Ŧķ …´ķ …˛ķ †­ķ ‡­ķ „°ķ „‘ķ „§ķ …ļķ †Ļķ „¨ķ †ēķ „¨ķ …„ķ „¤ķ †ĩī¸ķ †ēķ …’ī¸ķ …˛ķ …°ķ …Šķ …ƒķ …´ķ ‡ķ „›ķ „¯ī¸ķ …´ķ „‰. Now only one name shows up on the cap tableķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¨ķ …›ķ „šķ „‡ķ †‰ķ …€ķ „ķ ‡™ī¸ī¸ķ †ļķ ‡—ķ †˛ķ „œķ †Ĩķ †ķ …˜ķ …”ķ …¤ķ „’ķ ‡‡ī¸‡ķ „šķ …Žķ …ƒķ „Ģķ …Žķ …¨ķ ‡™ķ „ˇķ †™ķ ‡Ŗķ …Ļķ ‡œķ „¸ķ …ģķ †žķ „Ŋķ „Ŗķ …ˇ. The LLCķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ …‘ķ …ķ …”ķ ‡žķ ‡“ķ „Ąķ „‰ķ ‡¨ķ …šķ ‡¯ķ „„ķ „Ąķ †Šķ †™ķ ‡ ķ †‡ķ „ˇķ „Ŗķ ‡Ĩķ †¨ī¸Šķ ‡¨ī¸†ķ †Žķ †°ķ „ƒķ „°ķ †ēķ „‰ķ „Ēķ ‡…ķ „Ģķ ‡Žķ …Šķ …ķ †­ķ †šī¸ķ …œ. And all 100 investors own a piece of that LLC, which owns a piece of the startup.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ …Ĩķ †Ŗķ „œķ „¯ķ †ēķ †ŋķ †‚ķ …–ķ …Ģķ …€ķ „žķ ‡–ķ †ķ ‡Ļķ …Ĩķ ‡Šķ †˜ķ „Žķ „”ķ ‡ƒķ …žķ …Ĩī¸€ķ …ŋķ †›ķ …†ķ ‡Ģķ …šķ …ƒķ †ģķ †Ļķ ‡žķ „Ÿķ †Ģķ „†ķ …¨ķ †žķ †ąķ †‡That's an SPVķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡˜ķ …—ķ †Ģķ †˜ķ …ī¸€ķ ‡‘ķ ‡ˆķ †Ģķ …”ķ †Ļķ †§ķ „†ķ …ˇķ †•ķ ‡‹ķ „ŋķ …Šķ †Ŋķ „‹ķ †Šķ „—ķ „ķ …ˆķ †”ķ ‡•ķ „šķ …ĩķ †¤ķ †­ķ „šķ †¯ķ ‡¯ķ „ĩķ „ķ †˛ķ …ļķ „ŋķ …°ķ …Ŋ. It's a shell company built to hold one thing, and let many people own a piece of that one thing.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ī¸‰ķ ‡Ÿķ †ķ „–ī¸Šķ †ŋķ †ļķ „˜ķ †„ķ ‡˜ķ …‹ī¸Žķ †žķ …Ŋķ †Žķ †ĸķ …†ķ †Šķ …šķ ‡ˆķ †Ąķ …žķ †˜ķ …ƒķ „šī¸†ķ †Ŗķ …¸ķ †Œķ ‡‹ķ ‡Žķ „†ķ …¸ķ †œķ ‡Žķ „Ļķ ‡ķ …ģķ …šAn SPV is a pooled entity created to hold one investmentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ļķ „›ī¸ī¸ķ „ĸķ …Šī¸ķ †žķ †Šķ †…ķ †ķ †›ķ ‡ķ †Ĩķ ‡¨ķ …Žķ „ŋķ …“ķ ‡Œķ †”ķ „Ļķ †‰ķ ‡ķ ‡‰ķ „‡ķ …˛ķ …›ķ …ŧķ ‡­ķ „šķ ‡Ģķ „ąķ ‡…ķ ‡‡ķ „ķ †˛ķ †¸ķ †‡ķ ‡™ī¸‹. Instead of 100 people individually buying shares, 100 people invest in an LLC or fund that claims to own shares or exposure to sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ ……ķ †ēķ „ŧķ „Žķ …Ŧī¸…ķ „šķ ‡ķ ‡ķ „‚ķ †“ķ †‚ī¸…ķ „ķ †…ķ …ģķ …•ķ …˛ķ ‡›ī¸†ķ † ķ †•ķ …ģķ „ķ „°ķ †¨ķ ‡‹ķ ‡ķ „…ķ „Ēķ „ŧķ †–ķ ‡…ī¸ī¸†ķ „™ķ ‡‰ķ †ī¸ˆ. That can be legitimate when the company approves itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¯ķ †€ķ „ˆķ …¨ķ „ˆķ …¨ķ …Ŧķ ‡“ķ †ĸķ …Ŗķ ‡Œķ „°ķ ‡‘ķ …¸ķ …˜ķ …”ķ …•ķ „’ķ …°ķ …´ķ ‡–ķ „ŧķ †šķ …žķ ‡­ķ ‡–ķ „ķ †ģķ †§ķ …ŧķ …­ķ „…ķ †œķ †§ķ …žķ …—ķ „‘ķ †Ģķ …ēķ „¨. But in the unauthorized version, several things can happen: a current shareholder sells shares to an SPV without company approval, someone sells interests in an SPV that supposedly owns shares, or someone sells a forward contract, tokenized interest, or synthetic exposure tied to future liquidityķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡žķ ‡•ķ …Ąķ …žķ †¤ī¸…ķ …Žķ †‰ķ ‡œķ †œķ †Ŗķ †šķ †žķ ‡‘ķ †ģķ „‘ķ …ŋķ †–ķ „´ķ …•ķ †“ķ „‘ķ „Ŗķ ‡Ĩķ …‰ķ …ˆī¸ķ …œķ …§ī¸ķ …ģķ ‡Šķ †ŧķ „Ŧķ „šķ ‡¤ķ ††ķ „ŧķ †ķ †€. At some point, the "cap table" starts to look less like a ledger and more like a hall of mirrors.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †˜ī¸‰ķ †ķ …—ķ …‰ī¸ƒķ ‡”ķ …¨ķ ‡ķ „”ķ „¸ķ ‡œķ †ĩī¸Šķ …ŧķ „›ķ …”ķ ‡žķ „ļķ †Ŧķ ‡Ļķ „ˇķ ‡œķ ‡ķ …ˇķ …Ŗķ ‡ĸķ †ķ „ī¸ķ …ŗķ …Šķ †ˇķ …Žķ …Œķ „˛ķ „´ķ „Ĩķ †˛ī¸That hall of mirrors descriptionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ „ķ †€ķ †Žķ „Œķ „ēķ ††ķ †žķ ‡Ÿķ „™ķ „Šķ …‡ķ „Œķ †§ķ …žķ „˜ķ †ģķ †‰ķ †Ÿķ …¤ķ †Ąķ ‡¯ķ ‡Ĩķ †Šķ …°ķ „¨ķ …Ēķ „€ķ …°ķ ‡Ŧķ ‡§ķ †Ŧķ …­ķ …‘ķ ‡Ļķ „Šķ ‡“ķ †œķ ‡“ķ …ģ? That's exactly what Anthropic just went and broke every mirror in.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ēī¸†ķ „Žķ ‡Žķ …Ąķ ‡Œķ „¸ķ „Žķ ‡Šķ …†ķ †ŗķ †’ķ „Šķ …ķ ‡Ĩķ †Œķ „™ķ †™ķ „‡ķ „Šķ ‡Œķ †‡ķ „‚ķ ‡“ķ …˛ķ †´ķ „Ģķ ‡„ķ „†ķ „¤ķ †ī¸Žķ …Šķ †ķ „¯ķ †œķ †šķ ‡ķ †…ķ ‡‘What Is a ROFR and Why Does It Matter Here?

Before I get into what happened to each platform, let me teach y'all something that's going to be relevant for the rest of your investing life, especially if you ever deal with private companies.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ĸī¸Œķ „Œķ …ĸķ „ƒķ ‡ķ ‡Ÿķ „¤ī¸‚ķ ‡ˆķ „Žķ †ąķ …ķ „Žķ „­ī¸‡ķ †ƒķ ‡–ķ …ķ ‡Ĩķ ‡ķ …Ąķ ‡ķ †ŧķ …ĸī¸„ķ †Ģķ „˛ī¸ķ †ŗī¸ī¸ƒķ …˛ķ †ķ †Šķ †‹ķ …¯ī¸ˆķ †Ĩķ ‡–ROFR stands for Right of First Refusal.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ ķ †ī¸†ķ †žķ …œķ …Ļķ ‡ķ „Œķ …—ķ †Ļķ „Ģķ ‡Ģķ „…ķ „Ēķ „‘ķ „œķ †ŧķ „”ķ †ģķ †ąī¸‹ķ „§ī¸Žķ …žķ „Ŋķ ‡™ķ ‡Ĩķ „…ķ …›ķ „†ķ …ŋķ †žķ „ŋķ †šķ …Ŧķ †ąķ †šķ †ąķ †¨ķ †ŒHere's how it worksķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Šķ „Žķ ‡¨ķ …Šī¸Šķ …šķ „Šķ „Ŧķ †ˆķ …ķ †‰ķ „Žķ „ĩķ †›ķ …‘ķ …ŧķ …ķ „´ķ †šķ „¤ķ …”ķ †“ķ …ąķ …ķ …¤ķ „ąķ „Ģķ †™ķ ‡”ķ …Ĩķ …‘ķ ‡¯ķ „ĸķ „Ąķ „ķ †šķ …Ÿī¸ķ ‡Šķ †Ē. When a shareholder in a private company wants to sell their shares, the company, or in some cases other existing shareholders, get the RIGHT to buy those shares first, before any outside buyer can purchase themķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡–ķ „šķ ‡‘ķ …žķ „Ŧķ …Ÿķ …ķ „ķ ‡žķ †Žķ …•ķ …Žķ „¨ķ „ĸķ †ķ …Ŧķ ‡Ÿķ †ŗķ …°ķ „Ļķ …ŋķ ‡ˆķ …Ēķ †Ēī¸†ī¸†ķ †Œķ „€ķ „šķ …Ŗķ „„ķ …‹ķ †Ÿķ †ķ …ˇķ …Ŋķ „ˆķ †’ķ †Ēķ †ŧ. The shareholder has to offer the shares to the company at the same price and terms they're willing to sell to an outsiderķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˜ķ †˛ķ †‘ķ †Ēķ ‡‡ķ ††ķ ‡Œķ „ŗķ ‡ĸķ „šķ „´ķ …„ķ „Šķ ‡žķ …¸ķ †ķ ‡ˆķ ‡Šķ ‡¤ķ …ŗķ ‡Žķ ‡ ķ †•ķ †ŗķ „ˇķ ‡•ķ ‡•ķ ‡ĸķ ‡ķ †ķ …Šķ ‡‚ķ „šķ „Ŗķ ‡„ķ †‡ķ …ˆķ „ī¸‰ķ …ž. Only if the company says "no thanks" can the shareholder go sell to someone else.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŗķ ‡Ÿķ †™ķ „Ÿķ †ŋķ †¨ķ …ƒī¸ƒķ †Ĩķ ‡Ģķ …­ķ ……ķ †‰ķ ‡¯ķ „´ķ †‡ī¸‚ķ …ŋķ †Œķ ‡Ÿķ „‡ķ „ķ †ķ ‡›ķ „ķ …ēķ „ĸķ ‡šī¸ķ ‡ˆķ „Ŧķ …Žķ ‡Ēķ „˛ķ …Ŧķ ‡€ķ †ķ †žķ ‡Ŧķ †ŽMany private companies have policies like rights of first refusal, transfer limitations, or required board approvals that can block or delay transactions.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ „°ķ ‡„ķ †ķ †§ķ …žķ „ŗķ …ēķ …ķ †—ķ ‡ƒķ …ķ „ĩķ †˜ķ …Ģķ †“ķ ‡Šķ „Šķ †Žī¸Œķ ‡šķ †•ķ †Šķ …™ķ …Šī¸Œķ „­ķ †ķ ‡€ķ ‡•ķ …¤ķ „Ŗķ ‡•ķ „ąķ …›ķ …­ķ ‡ĸķ …¤ķ …‚ķ ‡ĻWhy do companies do thisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „›ķ „Ÿķ …Žķ ‡–ķ ‡€ķ ‡”ķ ‡—ī¸‹ķ ‡ķ ‡šķ †’ķ ‡ĸķ „¨ķ …¤ī¸Œķ …‘ķ „Ŧķ ‡‡ķ †‹ķ …Ŋķ „¸ķ „•ķ †›ķ †™ķ …ķ …ƒķ ‡›ķ …ŧķ ‡ķ „Šķ †Ŗķ ‡ˆķ ‡¨ķ …Šķ „Ēķ ‡“ķ …ķ †…ķ †•ķ …¯? Controlķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ …ˇķ „ˇķ †‰ķ ……ķ „Ŋķ †ķ „‹ķ „šķ ‡Šī¸‚ķ „Ąķ „Ŗķ ‡Ŧķ „Ģķ „’ķ „šķ „Ÿķ …ˆķ …¯ķ „ķ „‘ķ ‡Žķ ‡˜ķ †Šķ „‡ķ „”ķ ‡„ķ …¤ķ „€ķ …„ķ …Šķ …ī¸Šķ †ŋķ „ģķ ‡ķ †Ŧķ ‡ķ …˛. A ROFR is how a company like Anthropic keeps random people from buying their way onto the cap table without permissionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¨ķ …™ķ ‡‹ķ „ĸķ …œķ …¯ķ „€ī¸ķ †•ķ …¯ķ …¤ķ †œķ …Ŧķ „Ģķ …˜ķ …ˆī¸ī¸‰ķ …ŗķ ‡Ļķ „ŋķ „‹ķ †ąķ ‡˜ī¸„ī¸‡ķ ‡¤ķ †€ī¸…ķ †‰ķ …¸ī¸€ķ „”ķ …œķ …žī¸€ķ …›ķ „ķ ‡Žķ …€. It's how they prevent a competitor, a hostile actor, or just an unvetted stranger from becoming a shareholderķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †žķ …­ķ „Šķ ‡¯ī¸ķ …ķ ‡Ŧķ …ģķ …˜ķ …ķ ‡„ī¸€ķ …ŧķ …Ŗķ …—ķ ‡žķ …‹ķ ††ķ „‰ķ …’ķ ‡–ķ †ķ …¯ķ „ķ †ĩķ „•ī¸ķ …Ļķ „™ķ „‰ķ … ķ „ķ ‡Ļķ ‡ķ †€ī¸…ķ †—ķ „ķ ††. It's how they maintain a clean, controlled ownership structure that will hold up when they eventually go public or get acquired.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ŧķ ‡Šī¸ķ …Ŗķ †ķ …ŗķ †šķ …Ģķ …ķ „žķ …Ŧķ „§ķ „ēķ …Ŗķ „Ĩķ …‡ķ ‡–ķ ‡Ģķ …´ķ …ŧķ ‡„ķ „Žķ „‘ķ „ŋķ †—ķ ‡¯ķ ‡™ķ „‡ī¸ķ „´ķ „šķ …šķ „Ēķ …ķ ‡žķ †ģķ „ķ „Ŋķ ‡Ąķ ‡˜The ROFR is the wallķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ †ķ „ąķ ‡Ŗķ „ˇķ †ˇķ „Žķ …Ŧķ „‡ķ „œķ †˛ķ †ƒķ …—ķ ‡ķ ‡Šķ †ķ …Ÿķ „ŗķ …†ķ „ķ …ąķ ‡—ķ †šķ ††ī¸ķ …‘ķ …Ŋķ †„ķ …‚ķ †ķ …¤ķ †•ķ „ ķ …ĩķ „ķ …–ķ …ķ †‰ķ „„ķ †„. The SPV is the ladder people build to try to get over itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ „‡ķ „„ī¸Šķ …ƒķ †ŧķ †•ķ †ĸķ …ŧķ ‡§ķ „›ķ †­ķ …ŋķ „ĩķ †“ķ „ˇķ „ēķ …´ķ …ĩķ ‡™ķ †Žķ „–ķ „ŧķ ……ķ ‡—ķ ‡‘ķ †Žķ …¸ķ †ļķ „Šķ …¯ķ ……ī¸ķ …ēī¸…ķ †žķ †Šī¸‹ķ ‡œķ ‡”. And what Anthropic just did is announce that any ladder built without permission will be knocked down, AND anyone who climbed it doesn't get to stay on the other side.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ …™ķ † ķ †´ķ …ĩķ †ķ …‰ķ ……ķ †­ķ ‡ķ ††ķ …´ķ „“ķ …ˇķ „Ģķ †šķ „Œķ „ ķ †Šķ …Ÿķ †¸ķ „ŗķ …˛ķ †™ķ „™ķ „ķ ‡Žķ „ķ …šķ ‡Ģī¸ƒķ …°ī¸ƒķ †¨ķ †ŧķ †ĩķ ‡”ķ ‡ķ ‡ƒķ †ēThe ROFR trend from 12% in 2023 to 18% in 2024 indicates risk to direct transfer buyers is increasingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †„ķ „‰ķ „ī¸ķ †ŋķ „‹ķ „Ŋī¸‹ī¸†ķ ‡Ÿķ „‘ķ † ķ †ķ „ŧķ †Žķ …’ķ …‘ķ …§ķ ‡‹ķ †Žķ ‡¯ķ †‡ķ „—ķ ‡¨ķ „ģķ ‡™ķ „…ī¸ī¸‹ķ †’ķ ‡‚ķ „ˆķ … ķ …”ī¸ˆķ ‡‡ķ …ķ „Šķ ……ķ …ŗ. Investors should not extrapolate lower historical rates forwardķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ąķ ‡—ķ „ķ „˜ķ …‹ķ †ķ …˛ķ †Šķ ‡›ķ †•ī¸ˆķ …ēķ ‡ķ †šķ ††ķ …ķ „Ÿķ …Ŧī¸‡ķ ‡€ķ †Ÿķ …ŋķ …Ŧķ „§ķ „¯ķ †ŗķ †Ÿķ …›ķ …‰ķ …˛ķ …˜ķ ‡¨ķ „–ķ ‡”ķ †’ķ †‡ķ †šķ †˛ķ „‹ī¸‹. And that was BEFORE Anthropic dropped this announcementķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ ‡”ķ †—ķ †žķ …ķ …ķ ‡›ķ ‡Ĩķ „ĩķ †”ķ „˛ķ ‡…ķ …”ķ …–ķ …ĸķ ‡¨ķ „´ķ ‡’ķ †žķ ‡„ķ †Ĩķ ‡­ķ …Ŗķ †ĩķ ‡§ķ ‡Ŗķ †Ŗķ …ŧķ „ˇķ …ĸķ …šķ …€ķ …ĸķ „Žī¸Šķ „“ķ …ŧķ ‡šī¸ƒķ ††. The rate is only going higher from here.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ „ ķ †ķ †ķ „ĩķ ‡Ŗī¸†ķ „—ķ …¨ķ …Ŧī¸†ķ ‡ķ …´ķ „¨ķ ‡Ŗķ ‡‹ķ „ĸķ …—ķ …°ķ „ķ †Ģķ „ķ ‡™ī¸‰ķ †Ŗķ ‡Ēķ ‡”ķ †ĸķ †Ģķ „¸ķ ‡–ķ …Šķ †šķ „ąķ …Ļķ „§ķ ……ķ †•ķ …”ķ ‡The Platforms That Got Called Outķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¤ķ …—ķ ‡§ķ ‡’ķ †Žķ ‡†ķ …Žķ †ļķ „œķ …„ķ „¯ķ …žķ †•ķ „ ķ †ēķ ‡ķ „ķ †ŗķ „Žķ ‡ķ …ļķ …ŧķ …Ļķ …Ģī¸Œķ „Žķ … ķ …–ķ „ķ „†ķ †œķ „“ķ †ˇķ †Šķ „ˇķ „Žķ „—ķ †ŋķ †§ķ „ĸ. And What Their Own Documents Say.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ †ŗķ …ķ „¨ķ „‹ķ …€ķ „„ī¸…ķ …Ÿķ †Ŗķ …Šķ †ķ …ī¸‚ī¸ķ „ˇķ „Ēķ †’ķ †Ÿķ …¤ķ „”ķ „›ķ „Ąķ ‡Ģķ †ķ †ąķ ‡Ÿķ …ˆķ …´ķ †˛ķ †¨ķ †‹ķ „•ķ †‹ķ „ ķ ††ķ †‡ķ †Œķ †ģķ ‡›Now here's where I want to get really specific, because this is importantķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ÿķ ‡˜ķ †ķ …ŗī¸…ī¸„ķ „ķ ‡ķ †Ŋķ „‰ķ …ŋķ …ķ ‡Ąķ „ƒī¸…ķ ‡Ģķ …žķ …¯ķ †šķ †žķ … ķ †ĩī¸€ī¸Žķ …˜ķ …Ąķ …†ķ „…ķ †ķ ‡†ķ …ķ †Šī¸†ķ †—ķ …•ķ …Ŋķ …Œķ …ĩķ …ąķ ‡Ĩ. Let's go through the named platforms and look at what their own terms say, because the answer to "do I have any recourse?" lives in those documents.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ĸķ ‡ķ „ąķ „­ķ „Ŋķ ‡ķ ‡‡ķ ‡•ķ †§ī¸‡ķ ‡‘ķ †Ŋķ †“ķ „¤ķ „´ķ ‡žķ „Ŋķ …Ąķ †ˆķ …Ŗķ †Ąķ †¨ķ †‰ķ ‡¤ķ ‡¯ķ „Ĩķ ‡¤ķ †ķ ‡•ķ „Ģķ …Ÿķ †Ŗķ „ģķ „¨ķ „’ķ †ŋķ ‡Šķ „Ąķ …ŗķ ……Hiive

Hiive is one of the most reputable secondary marketplaces for private company sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ ‡Ŗķ „Žķ ††ķ …ķ †ŋķ „ˇī¸‰ķ „ˆķ „‰ķ …Ąī¸‡ķ ‡§ķ „ķ …°ķ †’ī¸Šķ „Ŧķ ‡ƒķ ‡¤ķ …Œķ ‡‘ķ …Šķ ‡—ķ †Ŗķ ……ķ „Ąķ †ķ †’ķ …Ÿķ †ąķ „–ķ „žķ †ĩķ „Šķ †Žķ †’ī¸Œķ „…ķ „˜. They are a registered broker-dealer, FINRA and SIPC member, and they take compliance seriouslyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „˛ķ … ķ „Ŗķ ‡‡ķ „‹ķ †­ķ „“ķ ‡‹ķ …„ķ †ŗķ †ķ †Ģķ …žķ …Ÿķ †€ķ ‡žķ ‡ķ ‡‹ķ „¸ķ †Ąķ …ēķ „ķ „§ķ ‡Ļķ „ķ „ ķ „Žķ …ĸķ …°ķ ‡‡ķ ‡¤ķ „ ķ „žķ „šķ ††ķ …Ĩķ „†ķ …žķ ‡‰ķ …‰. Their spokesperson said"all share transfers facilitated by Hiive are approved by the issuerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ †žķ „„ķ „Ŧķ †ĸķ ‡–ķ „Ŧķ …›ķ „ˇķ …ļķ „ģķ ‡†ķ †‡ķ †¸ķ †˛ķ †˜ī¸Žķ †ķ „¤ķ „˜ķ ‡Ēķ …ˇķ †˛ķ …ˆķ ‡Šķ †‡ķ †ĸķ ‡„ķ „Ĩķ „Ŧķ †ķ „¤ķ …žķ „ģķ …–ķ ‡€ķ †ķ †¸ķ …Ąķ †Ž."Forge said something similar.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ †Œķ †¤ķ „Šķ †œķ …Ĩķ †ēķ „Ļķ „ģķ …Ģķ †¯ķ …ķ …˜ķ „ķ „‹ķ ‡‹ī¸ƒķ „ŋķ „ˆķ ‡ĸķ „‹ī¸Šķ †ŧķ …ŧķ ‡ƒī¸‹ķ …Žķ †ˆķ …˛ķ …–ķ „’ķ …˛ķ „°ķ †ķ …ŗķ †’ķ …¤ķ …Ĩķ †ŧķ …°But here's what Hiive's own terms say to investors, pulled directly from their Terms of Use and Risk Disclosures:

"Investing in unregistered private securities is highly speculative involving a high degree of riskķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ †ķ †Šķ …žķ „ ķ …ˆī¸Œī¸€ķ ‡ƒķ †Šķ „Ģķ ‡¤ķ „Ēķ …™ķ †Ēķ „Žķ ‡‘ķ ‡§ķ …™ķ ‡Ģķ ‡¨ķ †„ķ …žķ ‡Ģķ „œķ ‡Ļķ …˜ķ ‡Ÿķ …Ĩķ „Ÿī¸ķ …žķ „¯ķ ‡Ÿķ „ ķ †™ķ …Ąķ …’ķ †‘ķ †„. Unregistered private securities are inherently illiquid and there is no guarantee that a market will be available for themķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‡ķ „™ķ …¨ķ …ļķ ‡Žķ ‡Ąķ …‚ķ …ƒķ †Ļķ „†ķ …Žķ …ģķ †ĸī¸ķ „ ķ „§ķ ‡Ģķ …Ąķ ‡‡ķ †Ŗķ „™ķ †ƒķ …‚ķ †Ēķ …ŗķ †ģķ †›ķ ‡§ķ „ŧķ †Œķ …šķ †§ķ ‡•ķ ‡­ķ „Ŗķ „‡ķ „†ķ ‡“ķ ‡Žķ † . Accordingly, investment in these securities is appropriate only for those investors who can tolerate a high degree of risk, can withstand a total loss of investment, and do not require liquidity of their investmentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ ‡†ķ „ĩķ †ķ …ģķ †Šķ „ˆķ ‡“ķ †ķ †°ķ …•ķ †¸ī¸Žķ ‡ķ †ķ „¯ķ †Žķ …˛ķ „–ķ †Ŗķ …˛ī¸ķ …‚ķ †˛ķ …™ķ …Žķ †ˇķ „Šķ …–ī¸ķ ‡ˆķ †Ļķ …Ļķ ‡ķ ……ķ „Ÿķ ‡Ļķ †ŗķ ‡¯ķ „„."

(Hiive Terms of Use, hiive.com/terms)

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒķ ‡‰ī¸‰ķ …¤ķ …’ķ „ēķ „Ŗķ …˛ķ ‡—ķ ‡ķ …˜ķ …›ķ †’ķ †ķ …Šķ ‡’ķ ‡§ķ †ˆķ ‡—ķ „€ī¸ƒķ …ˆķ †ŗķ …Žķ …Ģķ „Ŗķ „Ēķ †ēķ …ˆķ †˜ķ „’ī¸€ī¸‚ķ ‡Ļī¸„ķ …Šķ „°ķ †žķ …Ļķ „¸And from their Regulation BI Disclosure Statement:

"Investments through Hiive are highly speculative and involve a high degree of riskķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …—ķ …Ÿķ „´ķ …´ķ …•ķ …Ģķ †ˆķ †Šķ ‡ˆķ …›ķ …‚ķ „Šķ „‘ķ „¤ķ †ŧķ ‡‰ķ ‡…ķ …ŧķ …Ŋķ †…ķ „‘ķ …žķ „ąķ …Šķ †ī¸Œķ „Ąķ …ļķ †žķ …–ķ ‡›ī¸‰ķ ‡ī¸‚ķ …Ąķ …¸ķ …Ąķ †„ķ …¤ķ ‡Ž. Therefore, only customers who are willing and able to bear the risk of loss and can accept a lack of liquidity for an indefinite period of time, and are prepared to withstand a total loss of investment, should enter into transactions facilitated by Hiiveķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „­ķ ‡ĸķ †Žķ …œķ ‡¨ķ ‡œķ …‘ķ „Ąķ …–ķ †‹ķ …”ķ ‡ˆķ …Ŋķ †€ķ „‹ķ †…ķ …„ķ …ˇķ „‡ķ †•ķ …˜ķ „›ķ ‡Œķ ‡ķ †Ŋķ …°ķ ‡žķ „Ŧķ …Ģķ †‰ķ ‡’ķ †—ķ ††ķ …Žķ „ķ …ļķ †˜ī¸†ķ †Ļķ ‡—. Neither the SEC nor any other federal or state securities commission have approved any investments that Hiive facilitatesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ī¸‰ī¸„ī¸€ķ †‰ķ ‡Ŗķ †šķ †˛ī¸Žķ ‡¤ķ †Œī¸„ķ …¤ķ …Ģķ …Žķ …Ŧķ ‡‰ķ ‡†ķ ‡ƒķ …˛ķ … ī¸ˆķ ‡›ķ …Ļķ „šķ †¨ķ †Ąķ †˛ķ „ˆķ „¨ķ „Šķ †ķ †Ģķ ‡’ķ †¨ķ „™ķ †„ī¸ķ †Šķ „Œ."

(Hiive Regulation BI Disclosure Statement)

Read that last sentence againķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ƒķ „Žī¸Œķ †€ķ †ŧķ ……ķ „Šķ …žķ ‡Ŗī¸…ķ †˜ķ ‡ ķ †’ķ …°ķ ‡Ŗķ ‡ĸķ ‡¤ķ …ˆķ ‡œķ „ģķ …§ķ …•ķ …ĩķ †Ēķ …›ķ …“ķ „Ēķ ‡Ŧķ …Ŋī¸ķ ‡šķ …Žķ …ĸķ …¯ķ …Ŋķ …Žķ †›ķ …ŧķ …Ąī¸†. TOTAL LOSSķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „œķ †ŧķ †´ķ …€ķ …ķ …šķ „ˆķ †ŗķ „’ķ …Ŧķ „†ķ †•ķ ‡Šķ „Œķ „›ķ ‡¤ķ …ģķ †Žķ …Ģķ …ļķ „Šķ …ķ †ƒķ †¨ķ …ˆķ ‡‚ķ †šķ ‡ķ „Ĩķ †ķ „ģķ †‰ķ ‡Ŧķ „ķ „ĩķ ‡Ģķ ‡žķ …ŋķ †ąķ …. That's not a cautionary footnoteķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ ‡ķ †”ķ ‡­ķ ‡•ķ …ĩķ †Œķ †ķ †¸ī¸‡ķ ‡—ķ ‡—ķ …Ąķ …§ķ „Šķ …ƒķ …ģķ †œķ „ķ „ˆķ …¸ķ ‡™ķ †Šķ „žķ †ļķ …•ķ „Ÿķ „°ķ †ķ …Ÿķ „¨ķ „ēķ ‡™ķ „€ķ …˛ķ „ķ †šķ „Ĩķ …‘ķ …. That is the baseline risk they're disclosing to you before you even put a dollar inķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡žķ …Ŗķ …¨ķ †ķ †„ķ ‡ķ …•ķ ‡€ķ „ķ „ķ †‘ķ ‡Œķ ……ķ ‡•ķ …‹ķ „­ķ †Ÿķ „Ēķ †šī¸†ķ „¤ķ …˜ķ ‡Ēķ †ĩķ †‹ķ „Ŋķ ‡€ķ ‡ķ „Ŧķ †Šķ †¨ķ †—ķ †ŋķ †„ī¸‚ķ …šķ „“ķ …šķ †­ķ †°. And that's for approved dealsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŧķ ‡¤ķ ‡—ķ ‡Ĩķ …ŋķ †—ķ „Ąī¸‰ķ …—ķ †Ļķ „ˆķ ‡™ķ …ŗķ ‡ ķ „Ŋķ ‡Ąķ …žķ …’ī¸‹ķ ‡Ąķ …–ķ ‡‰ķ †™ķ †„ķ „°ķ †Ēī¸Šķ ‡Ēķ †ŧķ „ŧķ „Ēķ ††ķ ‡ķ „Ēķ …ĸķ †¸ķ ‡Žķ † ķ „°ķ …Ļ. An unauthorized transfer would be even worse.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ ‡‰ķ „˛ķ †ķ ‡•ķ „¯ķ „„ķ „šķ „Ēķ „Ģķ …–ķ ‡›ķ …žķ „¸ķ „šķ „§ķ †§ķ „–ķ „Ŋķ ‡‡ķ †„ķ ‡ĸķ ‡…ķ †ŗķ „’ķ „†ķ ‡Ģī¸†ķ †˜ķ ‡Ēķ ‡‡ī¸‡ķ ‡œķ … ķ ‡¤ķ …¸ķ †ķ …Œķ …ķ …›Hiive does have FINRA arbitration available as a dispute mechanismķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ ‡Ŗķ „¸ķ †Ŧķ †“ķ †‰ķ „§ķ „Ĩķ ‡‰ķ „ķ ‡Šķ †Žī¸ķ ††ķ …’ī¸ƒķ †¤ķ ‡•ķ †œķ „„ķ †ķ …´ķ †¨ķ „Šķ …Ĩķ …Ŧķ …Šķ …ąķ „­ķ †žķ …Ĩķ ‡•ķ †ļķ …žķ ‡•ķ †„ķ †ĸķ …ēķ †Žķ †Š. Most investor disputes against broker-dealers like Forge Securities LLC are handled through arbitrationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸„ķ †Ąķ †˜ķ †¨ķ „Ĩķ †…ķ …ƒķ ‡ƒķ †…ķ „¯ķ †ŧķ ‡‡ķ ‡Šķ †Žķ …—ķ …ķ †Žķ †›ķ …ĩķ †‘ķ …§ķ „ķ „œķ †™ķ †—ķ …Ŗķ …¯ķ …ƒķ †Ŧķ …ƒķ ‡ ķ ‡Žķ …•ķ ‡¯ķ „˜ķ …ķ † ķ „Ŋķ †ŋķ „°. You may be able to assert claims for unsuitability, negligence, or a failure to disclose material risks if your broker's recommendations did not align with your financial profileķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¤ķ ‡’ķ „ķ † ķ †”ķ „°ķ ‡Ÿķ ‡“ķ „žķ ‡”ķ †Ŗī¸ˆķ „Ąķ …´ķ „Ŧķ „ķ …˜ķ ‡ķ …ŋķ …”ķ ‡ķ „Ļķ †Žķ „ŋķ †‘ķ †€ķ ‡€ķ ‡ˆķ ‡Ÿķ …—ķ †Œķ „‘ķ …¤ķ †Ŧķ †“ķ …¤ķ „Ŧķ …šķ …“ķ †”. The same FINRA arbitration framework would apply to Hiive, since they're also a registered broker-dealerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŧķ †‘ķ …ƒķ †¸ķ ‡ī¸ī¸‡ķ „°ķ „„ķ ‡ĸķ ‡­ķ …‰ķ ‡‘ķ „˜ķ ‡ķ †Ĩķ ‡Žķ †Šķ †¸ķ „Ģķ ‡œķ ‡•ķ „¸ī¸Žķ „Ŧķ …Ąķ †ķ …Ĩķ …„ķ †¨ī¸ˆķ „‘ķ …•ķ „€ķ †´ī¸Œķ ‡Ĩķ …¨ķ ‡ķ †´. So for Hiive specifically, if they facilitated a transaction that turned out to be void because it lacked issuer approval, you potentially have an arbitration claimķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡–ķ ‡­ķ †ĩķ …Ģķ …‘ķ ‡Šķ ‡Ŗķ ‡ ķ …’ķ „ŋķ …°ķ ‡žķ „Ģķ †Œī¸Œķ †…ķ „˜ķ „ƒķ „™ķ „–ķ †§ķ ‡›ķ „ķ …Ąķ †–ķ …Šķ „Ŗķ „°ķ „ļķ „Ģķ ‡Ŧķ ‡—ķ …’ķ ‡€ķ ‡’ķ †ĸķ „´ķ „¸ķ †ēķ †„. That is your main avenue.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Œķ „§ķ †´ķ ‡ķ †ąķ …‹ķ ‡†ķ †œķ „‹ķ „§ķ „¤ķ ‡ˆķ „Ģķ ‡ ķ …†ķ „ŗķ „ąķ …šķ ‡ī¸„ķ „ķ „¯ķ …Ŧķ „€ķ „•ķ „ģķ †Ĩķ „™ķ †ķ „‡ķ †€ķ †›ķ †ŋķ †ĩķ „Šķ †Ąķ ‡‡ķ „ĸķ ‡ƒķ ‡ŠForge Global

Forge Global is the biggest name on this listķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ †…ķ „žķ …¤ķ †ĸķ …´ķ …›ķ …ŋī¸†ķ †™ķ †Ŗķ ‡‹ķ ††ķ „œķ ‡Šķ †Žķ ‡‰ķ ‡’ķ „ƒķ …‚ķ ‡ˆķ „Ąī¸‚ķ „Ļķ †Ģķ †“ķ †’ķ …‹ķ „ŗķ †’ķ „ŧķ ‡„ķ †ļķ „´ī¸‚ķ †˜ķ …ŧķ „šķ „œķ „°. They're a publicly traded company, NYSE listed (ticker: FRGE), they've completed over 27,000 private market transactions across 600+ companiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †šķ „”ķ …ķ …ģķ ‡¤ķ „ŋķ ‡‚ķ …‹ķ „‡ķ „Ąķ †ķ †œķ ‡‰ķ „ĩķ ‡Ļķ †„ķ †¤ķ †™ķ ‡‘ķ „„ķ …Ļķ …Ļķ „Ļķ †Ĩķ „¨ķ †Šķ †Ŋķ †ĩķ „§ķ ‡Žķ …ģķ ‡Ļķ ‡¯ķ ‡¤ķ …ĸķ …‘ķ …”ķ …‹ķ ‡Žķ „ . Being on Anthropic's blocklist clearly rattled themķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ ‡ķ ‡€ķ „žķ †œķ …–ķ †Ēķ …ŧķ …¯ķ ‡‰ķ „§ķ ‡ķ †ķ †Ģķ …Ēķ †›ķ †Œķ ‡­ķ †žķ ‡Ąķ „›ķ „Ēķ †­ķ …ķ …Ĩķ †Ļī¸†ķ ‡”ķ „“ķ †’ķ ‡Ŧķ †Ŧķ †­ī¸ķ …ŗķ †Ģķ ‡Žķ †™ķ „šķ ‡”. They immediately said they were included erroneously and told TechCrunch they are"working with Anthropic to remove Forge's name from this alert."

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡†ķ †ķ ‡“ķ „Žķ „Ļķ …Ēķ †šķ ‡ķ † ķ „’ķ „Ēķ „Ģķ ‡­ķ …Ŋķ …„ķ …‹ķ „Ģķ ‡Ŗķ ‡„ķ ‡ķ ‡žķ ‡†ķ †ĩķ „ī¸Šķ †Ŧķ ‡Ģķ †Ļķ †Žķ ‡ķ …„ķ †¤ķ „¸ķ „Ąķ „šķ †‚ķ †Ąī¸Œķ …œķ „¨But look at what Forge's own Disclaimers and Disclosures say:

"Each buyer and seller in a Forge facilitated transaction is solely responsible for making his, her or its own legal determination about the availability of an exemption from applicable securities lawsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ēķ …“ķ …Žķ ‡‚ķ „ķ …“ķ …‡ķ †ĩķ „ŗķ ‡…ķ ‡ ķ „–ķ …Šķ …Šķ †‹ķ …‡ķ …ŋķ †Ļķ ‡Ŗķ …Žķ „§ķ ‡›ķ …ķ …¤ķ …–ķ ‡ķ †Šī¸„ķ „›ī¸‹ķ „ ķ ‡ķ ‡‹ķ …‹ķ †ķ ‡žķ „™ķ ‡šķ „Ļķ ‡‰."

(Forge Global Disclaimers and Disclosures, forgeglobal.com)

And:

"Investing in private company securities is not suitable for all investorsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‘ķ †Ģķ †Ŧķ …žķ ‡Ļķ „ˇī¸€ķ ‡•ķ †ąķ …‡ķ „“ķ …šķ †Žķ †ļķ ‡§ķ …ĩķ …Ŋķ †œķ …šķ ‡ķ †¯ķ „œķ …Ŗī¸Œķ †„ķ …ˇķ …ŗķ „›ķ „™ķ ‡„ķ …ƒķ †Žķ †¸ķ „˛ķ ‡™ī¸Žķ †Šķ …§ķ ‡ĸķ …¸. An investment in private company securities is highly speculative and involves a high degree of risk and should only be considered a long-term investmentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‰ķ „‰ķ †‹ķ „Œķ †Ēķ ‡‚ķ ‡Žķ †ģķ „ ķ „Ąķ ‡™ķ ‡ƒķ †¸ķ †›ķ ‡—ķ „„ķ †Ÿķ †ķ …ēķ „Ģķ †‰ķ „˜ķ †Ąķ „¨ķ ‡“ķ …œķ †—ķ ‡Ÿķ …Žķ †°ķ ‡†ķ „žķ †Ŗķ ‡ķ †¸ķ †ĩķ ‡›ķ †—ķ ‡ ķ „¤. You must be prepared to withstand a total loss of your investmentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¯ī¸Žķ …“ķ ‡¤ķ ‡ķ „‘ķ †ļķ ‡Ŗķ „ķ „¸ķ …ŧķ ‡¯ķ ‡žķ †—ķ …“ķ †ŧķ …žī¸ķ …‚ķ „Ēī¸Žķ ‡™ķ †¨ķ „ąķ ‡ķ …˜ķ …‰ķ †­ķ „ķ †ŋķ †­ķ „ķ „ŧī¸ˆķ ‡ī¸Šī¸ˆī¸‡ķ „´ķ †ą."

(Forge Global Disclaimers and Disclosures, forgeglobal.com)

"Solely responsibleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ēķ „ˆķ „Žķ …Šķ …ēķ …ļķ „‹ķ …”ķ †§ķ …’ķ …ķ ‡Ĩķ …žķ †Žī¸€ķ „ķ † ķ „ ķ „Šķ … ķ „‰ķ „°ķ „ąķ †Ŧķ „‚ķ ‡€ī¸ķ …™ķ †”ķ „’ī¸Œķ ‡šķ †‡ķ …§ķ ‡—ķ „—ķ „–ķ †ēķ …ķ „Œ." That's Forge telling you that YOU are responsible for figuring out if the transfer is legal, not themķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Œķ …ƒķ ‡Ŧķ …Ŗķ ‡Ŧķ …Ąķ …ēķ †¯ķ „Ĩķ †žķ †–ķ „ķ ‡’ķ †Ÿķ „Ŧī¸‰ķ „Ģī¸ķ …Ŗķ †ŗī¸Žķ ‡ķ …€ķ …¸ķ „Šķ †žķ „Šķ „‰ķ †¤ķ †˜ķ „´ķ †žķ †Šķ ‡šķ ‡•ķ †¤ķ †šķ …˜ķ †—ķ ‡Š. Your recourse with Forge is also FINRA arbitration as they operate through Forge Securities LLC, a registered broker-dealerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ˆķ …ēķ †Ąķ †•ī¸ƒķ „ķ „¯ķ „ŋķ „ĸķ „‰ķ †ŋķ ‡‡ķ …´ķ „ŧķ „Šķ †¯ķ ‡Ŧķ †Žķ …ŗķ „ķ „´ķ …‹ķ „°ķ ‡œķ …ˆķ „ļķ …šķ „†ķ …žķ †Ÿķ ‡Ĩķ …™ķ „¤ķ „§ķ …Ŋī¸‡ķ ‡¯ī¸†ķ ‡Ÿķ „¸. But the "solely responsible" language in their disclosures is going to make that a harder fight than it sounds.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „€ķ ‡ķ „Žķ †ģķ †Ąķ …žķ „¸ķ †‘ķ „‰ķ „ĩķ „¯ķ …€ķ †›ķ ‡˜ķ „Ļķ †›ķ „ĸķ „ĩķ ‡ĸķ „Ēķ …Ŗķ ‡¤ķ „¯ī¸‡ī¸€ķ †¸ķ †ƒķ …­ķ ‡‰ķ „ĩķ †­ķ ‡Ģķ ‡–ķ …Ēī¸‡ķ †•ķ …–ķ „‚ķ „”ķ †ƒSydecar

Sydecar's situation is a bit differentķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŧķ ‡‘ķ †ķ „ĸķ „Žķ ‡Žķ †Žķ „ģķ †Ģķ …ļķ „ĸķ †’ī¸„ķ ‡‹ķ ‡žķ „´ķ †Ŗķ ‡ķ †¯ķ …‚ķ ‡Ĩķ ‡Šķ …›ķ …ŋī¸ķ …ķ ‡ ķ „Ļķ †•ķ „ēķ †§ī¸†ķ …ģķ „Ÿķ „ƒķ †™ķ ‡ķ „ƒķ „Ļķ ‡‹. Sydecar is not a marketplace where investors go to buy sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ †ķ ‡‚ķ ‡ƒķ …ļķ ‡¤ķ †ķ †Ģķ …˜ķ „Ŗķ …’ķ „ąķ ‡šķ „¤ķ †—ķ †ģķ ‡ķ …—ķ …Žķ †™ķ „´ķ ‡ķ †ķ …Ļķ †Ģķ „‹ķ †—ķ „Žķ …ķ …Šķ …ķ ‡Ÿķ ‡Ļķ „ķ †Žķ †°ķ „ķ ‡†ķ „°ķ …¸. Sydecar is an infrastructure platform, a back-office tool that fund managers and deal sponsors use to set up and administer SPVsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ŗķ „Ēķ †ķ ‡‚ķ „‘ķ †ĸķ †°ķ „ŧķ ‡ķ †˜ķ „ļķ „•ķ †­ķ …ĸķ „“ķ ‡žķ „˛ķ ……ķ „ģķ †Ŋķ „¨ķ †‘ķ „‹ī¸ī¸ķ ……ķ „­ķ ‡Ēķ …žī¸ƒķ ‡‘ķ ‡‡ķ ‡ƒķ ‡ķ „˜ķ †°ķ „ķ „šķ †“ī¸‹. Think of them as the plumbing, not the house.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Šī¸Šķ …Œķ †ŧķ „Ŗķ „Ģķ …†ķ …Ēķ †Ąķ „¤ķ †Ŗķ „’ķ ‡—ķ …ķ „°ķ ††ķ …•ķ ‡‡ķ „‰ķ „„ķ … ķ ‡ĸķ „Ŋķ †ķ ‡Ēķ †“ķ ‡ķ †•ķ ‡ƒķ ‡Šķ †‡ķ …Ļķ „ƒķ „ ķ †ŧķ †œķ … ķ „ƒķ ‡‰ķ …Their official response to being named was telling:"The company does not buy or sell securities or solicit transactions in any private companiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸…ķ †‚ķ …­ķ ‡ ķ ‡¤ķ „‚ķ „Ŗķ †­ķ …•ķ ‡¨ķ „•ķ ‡›ķ †ķ …žķ ‡Ŧķ †ˇķ †Žķ „Ÿķ ‡ˆķ †ˇķ ‡„ķ ‡†ķ „‹ķ †‰ī¸†ķ †ĩķ „Ŧķ „ģķ „°ķ ‡žķ …´ķ †˜ķ †•ķ „ģķ ‡ ķ „´ķ †ˆķ ‡Ģķ …ĩķ …Ÿ. Further, Sydecar requires sponsors to attest that they have reviewed relevant documents relating to the transferability of shares and that they have the required approvals and consents from the companyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „­ķ †Ēķ …Ĩķ …„ķ „¤ķ †™ķ „žķ „ĩķ …’ķ „Šķ …”ķ ‡‡ķ …§ķ …‚ķ ‡Žķ †ģķ ‡Žķ ‡Šķ ‡Šķ …€ķ ‡Ģķ …’ķ †ķ ‡˜ķ †¸ķ …Ģķ †™ķ †Ĩķ †ļķ ‡—ķ … ķ …‹ķ …Ŋķ „¸ķ ‡“ķ †‚ķ …•ķ †Ąķ „žķ …¯."

Sydecar says they require attestation from the sponsorķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ī¸‡ķ †Ļķ „”ķ …žķ …ƒķ ‡ ķ …ˆķ „ˇķ ‡ķ …Ŗķ †¤ī¸‰ķ …ŧķ „¨ķ †šķ „ ķ „ ķ …‹ķ „ķ †šķ „Ĩķ „ŗķ †šķ …Œķ …ŧķ …žķ ‡Ĩķ …Ļķ …‘ķ …ˆķ †ŗķ ‡„ķ †ķ …ąķ †ļķ †Ąķ …žķ „šķ ‡§. That means if a deal sponsor lied to Sydecar about having approval and used their platform to set up an unauthorized SPV, Sydecar's legal position is essentially: that's the sponsor's problem, not oursķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ †ēķ …ļķ †ēķ †ŋķ †ķ ‡ķ ‡Œķ †•ķ †Ąķ ‡–ķ †žķ …ŋī¸€ķ ††ķ †Šķ „Šķ †ŋķ „´ķ „ŋī¸‚ķ ‡Žķ …˜ķ ‡Ēķ ‡Ŧķ ‡›ķ ‡ƒķ „ĸķ †ķ ‡žķ †‡ķ †ŧķ …—ķ †Ŗķ ‡¤ķ †›ķ †žķ †°ķ ‡‰ķ „ĩ. And their terms back that up.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡‚ķ ‡ˆī¸Œķ „ąķ „Ÿķ †Šķ „Ąķ †Žķ …–ķ „ąķ …—ķ ‡žķ †ķ „žķ ‡–ķ ‡Žķ „ˇķ …ƒķ …­ķ „¨ķ ‡Ąķ †˜ķ ‡‹ķ „›ķ †Ŗķ …•ī¸ķ †ķ †‡ķ …€ķ ‡žķ †Œķ †Žķ ‡Žķ …ŋķ …ķ …Žī¸Šķ …Ŧķ †ˆ"The Terms of Service, our Privacy Notice, and any Terms of Sale constitute the sole and entire agreement between you and the Company regarding the Websiteķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˛ķ ‡Žķ …ķ „ąķ „†ķ ‡ķ …ŗķ †‹ķ †´ķ „”ķ ‡”ķ ‡ī¸Žķ †ī¸ķ ‡Ēķ …ļķ †ķ …Šķ †šķ †ŧķ †Ŧķ †–ķ …¤ķ †Žķ †¯ķ …‚ķ „ļķ „Ŧķ „¸ķ …”ķ †Ŗķ †ķ †§ķ „‡ķ …–ī¸Šķ †Žķ …ˆķ „Ē."

(Sydecar Terms of Service, sydecar.io/policies/terms-of-service)

There is no investor protection mechanism here from Sydecar itselfķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …šķ …ŧķ …Žķ „Šķ ‡‹ķ ‡Ēķ ‡‹ķ „„ķ ‡€ķ †Ēķ …Ļķ ‡œķ ‡‚ķ ‡—ķ †–ķ …Ļķ …­ķ …Šķ ‡ķ ‡ ķ …•ķ …ķ ‡Ļķ …œķ „‹ķ †—ķ …ī¸‹ķ ‡§ķ …¸ķ ‡Žķ ‡ķ „žī¸‹ī¸„ķ „œķ …‰ķ …Œķ ‡žķ …­. Sydecar is not a broker-dealerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †˜ķ …Ąķ „¤ķ …•ķ †„ķ …ƒķ †Ŗķ „˛ķ ‡ĸķ ‡ˆķ „ķ …šķ „ŗķ † ķ †™ķ „ ķ ‡Ŗķ …Œķ †Ŧķ ‡‘ķ †°ķ †Ĩī¸ķ †˛ķ …Šķ …¤ķ ‡‰ī¸Œķ …‘ķ †¨ķ †Žķ „žķ ‡›ķ …§ķ …§ķ ‡ķ †ķ „‘ķ †…ķ †ĸ. They are not FINRA registeredķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ …¤ķ …ŧķ †Ÿķ †›ķ „ķ …´ķ …¨ķ „ŗķ …ŋķ ‡•ķ …Ŗķ †‹ī¸ˆķ †•ķ †ĩķ ‡ƒķ „­ķ „°ķ †´ķ †“ķ ‡¯ķ …“ķ … ķ †­ķ „Šķ ‡‘ķ ‡“ķ …Šķ …’ķ †„ķ …”ķ ‡—ķ ‡¤ķ ‡’ķ ‡•ķ …ķ †™ķ …Žķ †…. Your recourse if a Sydecar-administered SPV turns out to be backed by void sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žī¸‚ķ „´ķ †Ŗķ …¨ķ †ŋķ †‹ķ …”ķ ‡Šķ „˛ķ ‡ķ …žī¸ķ †¨ķ †“ķ †—ķ ‡ķ „ķ …­ī¸„ķ „¤ķ …ķ „ĩķ „ŗī¸Žķ ‡Žķ ‡Ŧķ …ķ ‡­ķ …ŋķ …–ķ ‡•ķ ‡Ąķ …›ķ ‡šķ …Žķ „¸ķ „šķ „Ŗķ ‡’? You go after the deal sponsorķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Žķ †­ķ „‚ķ „¤ķ …°ķ ‡‡ķ †Šķ ††ķ „Žķ …°ķ „œķ „šķ …ąķ …‡ķ †•ķ „Ŋī¸‚ķ ‡Šķ „˜ķ „¸ķ ‡—ķ „‰ķ …˛ķ „žķ … ķ …¨ķ †ŋķ „€ķ †šķ …ĩķ …Ÿķ „Œķ …žķ „Šķ …”ķ ‡‹ķ † ķ ‡ķ †•ķ …‰. The person who created the SPVķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¸ķ †‡ī¸„ķ „‘ķ †ŗķ …“ķ †Ģķ „™ķ ‡Ģī¸€ķ …Žķ ‡Ļķ „Ŗī¸‰ķ †ķ „¤ķ …€ī¸Šķ …‡ķ †Ŋķ …´ķ „…ķ „–ķ †Ŗī¸‹ķ †Ŧķ „˜ķ …Ŗķ …§ķ †„ķ †“ķ †ŗķ …Žķ „­ķ †–ķ …‹ķ …¯ķ …ŗķ „ĸķ „. Which could be some random guy with an LLC who has disappearedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‚ķ „ķ †¤ķ …ģķ ‡ķ …Šķ ‡†ķ …ēķ …†ķ †Ĩķ †—ķ …Œķ ……ķ …ļķ „¨ķ †„ķ ‡€ķ …ēķ ‡‰ķ ‡•ķ „ ķ „’ķ „ģķ †…ķ ‡žķ „—ķ ‡‹ķ „Ŗķ †¸ķ †ļķ †¤ķ ‡‰ķ „…ķ …Ÿķ …ķ „ƒķ „šķ „ŧķ „§ķ „. Good luck.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˜ķ †Ēķ ‡Ēķ †Ĩķ …‹ķ „”ķ ‡Šķ ‡…ķ †ķ …ķ „ąķ …ēķ ‡‘ī¸‹ķ …ķ …ķ †°ķ …ŗķ …„ķ „žķ …¤ķ †Ļķ „’ķ †›ķ …€ķ „˛ķ „Ŋķ ‡‹ķ †‘ķ †‚ķ †”ķ „ķ †Ŧķ …žķ „šķ „Ģķ †ļķ †–ī¸ƒķ †The Tokenized Platforms: PreStocks and the Blockchain People

This is the wildest part of this whole storyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ŗķ †ķ †ķ …—ī¸ķ ‡šķ †Ļķ …Ŗķ …œķ …ļķ ‡‰ķ „ķ …Ģķ †Ļķ „ĩķ …ēķ „Ĩķ †ķ „žķ …‹ķ …ŧķ „‹ķ ††ķ „ƒķ †¨ķ …•ī¸…ķ †‹ķ …†ķ „˜ķ †žķ …›ķ „ķ …œī¸Žķ …•ķ „Ąķ …ĩķ …‚ķ „­. There are platforms, specifically crypto-native ones like PreStocks, that were selling TOKENS on the Solana blockchain that claimed to represent economic exposure to Anthropic shares through SPVs.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †›ķ „‹ķ †Šķ „ˆķ „Šķ …°ķ † ķ ‡œķ †ķ †Ÿī¸„ķ „­ķ …ī¸„ķ „ƒķ …Ŧķ …–ķ ‡Ŗķ ‡¯ķ ‡›ķ „”ķ ‡žķ †ˇķ ‡ķ „´ķ „˛ķ …ˆķ …‰ķ †˜ķ …ķ ‡€ķ „ŗķ †€ķ „¸ķ „ˇķ †”ķ ‡Šķ ‡—ķ …ŋķ … PreStocks holds only $333,000 in stablecoins and $18,000 in SOL to back Anthropic tokens, against an implied platform valuation above $1.3 trillion.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „„ķ …ļķ ††ķ †ķ †Ŗķ „€ķ ‡ˆķ „Šķ ‡˜ķ †žķ …œķ …žķ †­ķ ‡ķ …ŧķ „“ķ „–ķ ‡…ī¸Œķ …Ŧķ †¯ķ ‡Šķ ††ī¸†ķ †ĩī¸Šķ †—ķ „Šķ …¨ķ „‰ķ „„ķ †‹ķ „†ķ „žķ …ķ „Ŧķ …ĩķ „ķ ‡€ķ …ĒRead that again slowlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ƒķ „’ķ „•ķ …œķ ‡§ķ †§ķ †Œķ †´ķ †•ķ …†ķ ‡€ķ …˜ķ ‡™ķ †…ķ †Ēķ …‚ķ ‡›ķ „Ļķ †Ąķ †¨ķ ‡šķ …Žķ …Ĩķ „ķ ‡Ēī¸‡ķ „†ķ ‡œķ ‡ķ ‡’ķ …šķ ‡Ąķ †ķ …ƒķ „˜ķ ‡¯ķ …ķ †¤ķ ‡ķ †”. $351,000 in actual assetsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ † ķ †‹ķ ‡Žķ „™ķ …šķ …„ķ †šķ ‡Œķ †Šķ …“ķ …ģķ …Ąķ …Žī¸‚ķ †žķ …Žķ †°ķ ‡…ķ †•ķ „ēķ …Šķ ‡ĸķ †ļķ „ķ „¨ķ …ƒķ …Ĩķ ‡¤ķ „¤ī¸‡ķ …Ĩķ …Ÿķ ‡Ŧķ ‡ķ †…ķ „Šķ ‡Ļķ „§ķ …­. $1.3 TRILLION in implied valuationķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‹ķ †‡ķ ‡§ķ „°ķ „ĸķ …šķ †–ķ †ķ „œķ …Ŗķ †Ŗķ „ķ ‡‰ķ ‡¤ķ …ļķ ‡ī¸Šķ †Ŗī¸„ķ ‡Žķ „‚ķ ‡Ļķ †Ŗķ …Ÿķ †Ąķ …„ķ …°ī¸ķ „Ŗķ ‡Ÿķ „ķ …˜ķ …‘ī¸ƒī¸ˆķ †šķ †Ļķ † ķ ‡ ķ …ž. And the moment Anthropic dropped their statementķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ļķ …°ķ ‡ˆķ ‡ķ ‡Ĩķ …Žķ …˛ķ …Ĩķ …ķ ‡ˆķ ‡Žķ ‡Žķ ‡˜ķ …žī¸ķ „–ķ †ļķ …ŧķ „­ķ …¯ķ †Ŗķ „Šķ ‡Ąķ „Ÿķ ‡­ķ †ķ „¯ķ „ƒķ †Ĩķ …Ēķ „šķ ‡Šķ „ķ „›ķ „˛ķ †„ķ …°ķ „”ķ …ī¸Œ? The Anthropic token on PreStocks dropped from $1,400 to $900 after Anthropic's announcement, according to Coingeckoķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …§ķ ‡§ķ ‡¯ķ …Šķ „¸ķ „ąķ …‚ķ ‡‚ķ …›ķ ‡“ķ ‡Ŗķ „¤ī¸ķ „ķ …‚ķ †”ķ „“ī¸ƒķ …—ķ ‡“ķ ‡ĸķ „ļķ „Šķ …žķ …¨ķ …Žķ ‡Žķ „‘ķ †ˇķ „žķ †’ķ …Šķ †•ķ …´ķ „Ēī¸‡ķ †‚ķ ‡—ķ „™ķ …„. OpenAI's equivalent performed even worse, crashing from $1,400 to $900 in 24 hours.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡’ķ ‡ķ …‹ķ „ķ „šķ „˜ķ …ķ ‡ķ †Ŋķ „‹ķ ‡ˆķ „Ąķ †ƒķ …Žķ †­ķ …šķ „Šķ „ ķ ‡ƒī¸†ķ †ļķ †“ķ ‡Žķ …ķ ……ķ „˛ķ …ˆķ „ŋķ …‚ķ ‡›ķ ‡¨ķ †žķ …Ŧķ …•ķ „ķ „­ķ †ˆķ †žķ †ēķ …ąYour recourse on tokenized platforms that hold $333,000 in stablecoins against a $1.3 trillion implied capķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ †ļķ …”ķ …Žķ „™ķ …ˇķ …ļķ „ˆķ †Ąķ …ŧķ …—ī¸Žķ „‚ķ …„ķ ‡­ķ †ĸķ †Ļķ „…ķ „ķ †­ķ „Žķ †›ķ „šķ †–ķ …ŗķ …‹ķ …Ąķ „ēķ †™ķ …ĸķ †Ĩķ †Ļķ …‹ķ …Ģķ …ˇķ …žķ …Ŗķ …ˇķ …˛ķ †¯? There is no recourseķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žķ …¸ķ …“ķ †ŋķ …Ÿķ †ˆķ „€ķ †ķ †¨ī¸…ķ †¸ķ „’ķ „Ÿķ „‡ķ …žķ …ļķ ‡˜ķ „ķ „ƒķ „¯ķ ‡¯ī¸‡ķ „ĩķ …ąķ „¨ķ ‡ķ …Žķ ‡Ąķ †‰ķ „ķ …´ķ …´ķ „„ķ ‡œķ …žķ ‡‹ķ „›ķ …¨ķ †€ī¸€. The original sellers might get to keep both their cash AND their sharesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡§ķ ‡¯ķ „ģķ ……ķ …Ļķ …”ķ ‡Šķ †‘ī¸ƒķ †ˇī¸ƒķ „ĸķ „Ēķ ‡Ÿķ …°ķ ‡’ī¸‰ķ „¸ī¸„ķ …ķ „…ķ ‡‰ķ …Ĩķ …ŧķ „˛ķ …Œķ …§ķ …ļķ ……ķ …Ąķ †™ķ …ķ …­ķ „§ķ †ķ „˛ķ †˛ķ …Šī¸†ķ „Š. The chain of downstream buyers gets left holding worthless tokens with almost no underlying assetķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ „‚ķ …ģķ „Žķ ‡Ēķ …šķ ‡¤ķ †ˇķ †—ķ †…ķ …˛ķ †Œķ „´ķ …ƒķ ‡Œķ „¯ķ †Ŗķ †ķ „ĸķ …ķ …šķ ‡™ī¸€ķ „ķ „ēķ …žķ „”ķ †—ķ …–ķ …ŗķ †Ÿķ „ƒķ †Ŋķ „Ŗī¸ƒķ „žķ †„ķ …­ķ ‡žķ „ŗ. This could lead to a scenario where original sellers keep both their cash and their shares, while a chain of secondary buyers is left with worthless tokens and must chase upstream parties for recourse.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡•ķ …ŋķ „Žķ …ƒķ ‡‚ķ …­ī¸ķ „Ąķ †ĸķ ‡˜ķ ‡Ģķ †Šķ „šķ †šķ …¸ķ „™ķ „€ķ …”ķ „…ķ † ķ …ķ ‡Ÿķ …‹ķ ‡ˆķ „ķ „—ķ …ķ †Ŗķ †ŧī¸‰ķ †Ŋķ …ĸķ „”ķ …˛ķ †…ķ „Šķ …šķ †ƒķ …ķ …žChase upstream partiesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ …Œķ †Ģķ …Šķ „¸ķ †’ķ †ļķ „–ķ „ĸķ †™ķ †‹ķ „˜ķ …Ĩķ †šķ „ƒķ ‡ˆķ †ģķ †”ķ „ķ „’ķ ‡Ģī¸ˆķ „œķ ‡€ķ „ŧķ …žķ †ķ †­ķ „›ķ …ģī¸Šķ ††ķ ‡œī¸‹ķ …†ķ …—ķ …¯ķ …ˇķ …Ļķ †§. Famķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …™ķ †‘ķ „•ķ †´ķ †ˇī¸Šķ †ķ …”ī¸ķ „¸ķ ‡‰ķ …ķ †Ļķ …§ķ „ŧķ „…ķ †“ķ †…ķ …Œķ „“ī¸Œķ †§ķ „¯ķ „ķ …ķ „šķ †˜ķ …œķ ‡žķ †¤ķ †žķ …žķ „ķ †­ķ …–ķ …ˆķ ……ķ ‡ ī¸ķ „Ĩ. These are the three most devastating words in investing.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †’ķ †’ī¸Žķ †”ķ … ķ ‡¤ķ „‘ķ „ŗķ †ˆķ „§ķ †Ļķ †Ģķ „žķ ‡ķ „—ķ „¸ķ …˜ķ …›ķ †Šķ …‘ķ „‘ķ „…ķ ‡†ī¸…ķ ‡ƒķ …Ąķ …Ĩķ „‰ķ …ˆķ †€ķ †šķ „šķ …¯ķ ‡•ķ …´ķ …‰ķ ‡‘ķ ‡„ķ „ąķ †¤Why Anthropic Actually Did This, and What It Tells You

This wasn't a random act of corporate housekeepingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „—ķ …‚ķ …Ēķ ‡Žķ …Ģķ …‰ķ …¤ķ „ŗķ ‡ķ …Šķ †”ķ †™ķ „ī¸‹ķ …ļķ „›ķ †¯ķ ‡ˆķ …’ķ „ķ ‡Ļķ †ˆķ …‰ķ … ķ „°ī¸Œķ „€ķ „Ÿķ „°ķ …“ķ „ĩķ ……ķ †‘ķ ‡ˆķ †“ķ „ŧķ …ŋķ ‡Ĩķ †Œķ †”. There are three big strategic reasons Anthropic went nuclear on the secondary market right now.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ …šķ ‡ķ †ķ ‡ƒķ „žķ †ķ …¸ķ „ŧķ ‡Ēķ ‡Œķ „™ķ …žķ †Œķ †°ķ …°ķ ‡œķ ‡Ąķ ……ķ †˜ķ …ŧķ ‡Ŗķ …”ķ …˛ķ †¯ī¸ˆķ †Œķ ‡¨ķ „—ķ „˛ķ †Ēķ …—ķ ‡Ąķ †Ēķ †ĸķ …§ī¸„ķ †ƒķ …Šķ †°One:ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¸ķ ‡Ĩķ …Ąķ ‡…ķ ‡Šķ „ķ …ƒķ …­ķ „›ķ „—ķ …ķ …„ķ „ķ „˛ķ †¸ķ „¨ķ „¨ķ …Ģķ …ˇķ †§ķ †Œķ …ĸķ †ąķ „ķ …§ķ ‡”ķ „Ÿķ …†ķ …§ķ ‡žķ „‡ķ …ŗķ †˜ķ …‘ķ …„ķ †ŗķ „Ĩķ …ķ †ĸķ …†Anthropic is reportedly raising a new round at a valuation close to $900 billionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡œķ †ļī¸†ķ †‚ķ …ĸķ ‡Žķ ‡…ķ „¯ķ †Ģķ „–ķ „ ķ …šķ „°ķ ‡˜ķ ‡Œķ ‡Ģķ ‡™ķ ††ķ …ķ †ąķ ‡‚ķ „ƒķ …Ļķ †ēķ †˛ķ „ķ †‰ķ …—ķ †ƒķ †¯ķ †ĩķ †”ķ „”ķ ‡—ķ …–ķ †§ī¸ķ †šķ …Ŗķ „Ē. If Anthropic is preparing for a future public listing, it has an incentive to clean up ambiguity around ownership before underwriters, auditors, regulators, and public-market investors want a clean answer to a basic question: who owns the companyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ƒķ ‡›ķ …•ķ …¯ķ …Ŗķ †ēķ „‡ķ †ķ ‡­ķ ‡šķ …´ķ „‚ķ „ģķ †šķ ‡Ēķ …„ī¸Œķ „§ķ †‘ķ ‡œķ …“ķ …ģķ †™ķ †žķ …­ķ †ˆķ ‡ķ „¸ķ „…ķ „›ī¸…ķ ‡ķ ‡‚ķ ‡Šķ „Šķ †‡ķ ‡‹ķ „Ÿī¸‚ķ „“? "We have a shadow ecosystem of synthetic holders who think they own exposure through unauthorized SPVs" is not the kind of sentence anyone wants near an S-1.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „”ķ ‡Žķ „™ķ „•ķ …‹ķ „—ķ „Ÿķ …”ķ „†ķ ‡Ąķ …Žķ †Žķ ‡Ēķ …¤ķ †Ÿķ †ˆķ …†ķ †ķ †ŋķ „Ŋķ ‡­ķ ‡—ķ „§ī¸ī¸‹ķ †Ŋķ ‡–ķ …™ķ ‡šķ „¤ķ …˛ķ „ˇķ ‡—ķ †Ģķ ‡’ķ „ģķ ‡“ķ „Žķ „˛ī¸ŽTwo:Unauthorized secondary markets were creating a phantom valuation problemķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ÿķ †Ĩķ ‡¤ķ ‡™ķ …ēķ ‡šķ †ŋķ „…ķ „™ķ †‡ķ „†ķ ‡¤ķ „ēķ …´ķ „’ķ ‡—ķ ‡Šķ †‚ķ …‘ķ „†ķ …ļķ „—ķ …†ķ „Œķ „“ķ „…ķ ‡’ķ „˛ķ †›ķ ‡¨ķ ‡‚ķ …Šķ …ŧī¸‚ķ ‡ķ …˜ķ „Ļķ „ƒķ …ļķ ‡›. Unauthorized secondaries can create weird implied prices from thin, opaque tradesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‚ķ †›ķ ‡Ĩķ …žķ ‡•ķ …§ķ †¯ķ …¨ķ ‡–ķ „›ķ †„ķ „šķ „€ķ …“ķ …‡ķ ‡…ķ †…ī¸ˆķ †‰ķ ‡ī¸„ķ †žķ †Ŗķ ‡™ķ …Ĩķ …šķ „—ķ „€ķ †˛ķ †ĩķ „˛ķ †”ķ …ļķ „›ķ ……ķ ‡ķ ‡…ķ †žķ …Ŧķ ‡¨. A few transactions in a private market can become the unofficial mark for the whole companyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ †—ķ …ķ †ąķ †—ķ …„ķ †‰ķ …Ŧķ …Ēķ „ķ †—ī¸†ī¸Žķ ‡Ŧķ ‡…ķ †¤ķ ††ī¸‚ķ †ķ …Ąķ †žķ „Ēķ †›ķ „ĩķ …ģķ „ĸķ …Šķ † ķ ‡¯ķ …šķ …§ķ …ĩķ ‡‹ķ †Ŋķ …€ķ ‡Ąķ ‡ķ †Žķ ‡¨ķ …”. That can distort employee expectations, investor negotiations, tender pricing, and media narrativesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡•ķ …™ķ „¨ķ †Ēķ …Ąķ „Žķ „´ķ †œķ †Šķ …‰ķ †¤ķ ‡†ķ †ˆķ †›ķ †ˆķ „Ÿķ „ĸķ †ąķ „šķ †§ķ …€ķ ‡”ķ „ķ ‡›ķ †ĸķ ‡–ķ „˛ķ „”ķ …Œķ „Ÿķ ‡šķ †—ķ ‡Žķ …ĸķ ‡Ŧķ „Ĩķ „‡ķ †ˆī¸ˆī¸. The company loses control of its own valuation story to a market it did not authorize.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡˜ķ „¯ķ ‡€ķ ‡Šķ ‡ĸķ „¸ķ …Ĩķ ‡Ŧķ ‡šķ †’ķ …‘ī¸ƒķ ‡†ķ ‡ķ „‹ķ †ķ †›ī¸ķ ‡ī¸Œķ ‡‘ķ †‚ķ †¤ķ „˛ķ …ŧķ †¨ķ „Ąķ …ķ †¨ķ †žī¸‚ī¸‡ķ †ĩķ „ˆķ ‡„ķ …„ķ „ ķ ‡•ķ ……ķ „ŸThree:Anthropic's revenue is growing so fast that demand for shares has become almost unmanageableķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ †Ÿķ …ķ †Œķ ‡Žķ „Ŋķ …ˇķ ‡Œķ „™ķ †ąķ ‡„ķ † ķ †ķ ‡¤ķ „Ĩķ „Ĩķ ‡ƒī¸‰ķ „°ķ „Ÿķ †´ķ † ķ †”ķ †Ģķ „¯ķ „ēī¸€ķ „‚ķ †ķ …ąķ …ŋķ †‡ķ ‡Œķ ‡‚ī¸Œķ †ķ †šķ „ļķ †­ķ …. Anthropic's annualized revenue jumped from $9 billion at end-2025 to $30 billion by April 2026, a 233% increase in a single quarter, driven largely by Claude Code, with Amazon committed to invest up to $25 billion in the companyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŧķ ‡™ķ ‡Ļķ ‡˜ķ …Œķ ‡Žķ ‡“ķ †ˆķ „šķ …ģķ …¯ķ †§ķ †“ķ „ķ „ąķ „‹ī¸‹ķ …ƒķ †Žķ …¯ī¸ķ …Ŗķ †ˆķ …ĩķ „­ķ †”ķ …ĸķ ‡˜ķ „Ąķ ‡žķ …¤ķ †”ķ …Ÿķ …ļķ †´ķ †ķ …›ķ …ļķ †Ĩķ †ŗ. When a company is growing that fast, the line of people trying to find a side door to buy shares gets very longķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ÿķ …Œķ „ķ †­ķ „’ķ …Ļķ †Œķ …Ļķ …Œķ „Ąķ ‡”ķ ‡ķ …‘ķ …™ķ …Œķ „Žķ †Ģķ „›ķ „Ļķ ‡ķ …ŧķ ‡˜ķ ‡Ļķ …Šķ †¸ķ †ˆķ „•ķ …¯ķ …¸ķ †–ķ …ąķ „›ī¸ķ †•ķ „”ķ „¨ķ …ķ †—ķ †ķ „ŧ. Anthropic just bricked the side doorķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡€ķ †ķ ‡†ķ „›ķ †­ķ …ķ „Ēķ ‡ˆī¸ķ „žķ „¤ķ †ķ „•ķ „šķ ‡§ķ „Žķ …ķ ‡ƒķ „¯ķ ‡Šķ ‡ī¸„ķ „‡ķ …™ķ †€ķ ‡ ķ …šķ „ķ „œķ †™ī¸†ķ †•ķ †´ķ …Ŗķ †˜ķ „Ŗķ …–ķ †›ī¸ķ …ŋ. And posted a sign on it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ †‹ķ „Šķ ‡Ļķ ‡­ķ „‰ķ ‡˜ķ ‡ķ …˛ķ †–ķ ‡Ÿķ †°ķ „‰ķ …ģķ „˜ķ ††ķ …ļķ …—ķ †ķ …’ķ …‚ī¸‰ķ „ŧķ „Ļķ …Ĩķ †¸ķ ……ķ ‡ķ †ĩķ „œķ …‹ķ †ķ †•ķ ‡¤ķ …‚ķ ‡‡ķ …¨ķ …ŧķ †Ÿķ „ĨWhat Should You Do If You're Already Invested in One of These?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¯ķ „‰ķ ‡žķ …ķ „‘ķ …˜ķ †‘ķ †–ķ „’ķ ‡ķ †”ķ † ķ †‹ķ …ĩķ …Ĩķ …ķ ‡žķ ‡‹ķ „Ąķ „Ąķ „”ķ …Ŗķ †ļķ …šķ …ķ „Žķ …Ļķ …¤ķ †Ēķ ‡„ķ „´ķ †Žķ …ŗķ „ēķ „°ķ †…ķ …Ģķ †ƒķ …‹ķ …ŗI'm not your lawyerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †œķ …Ŗķ †’ķ †”ķ …–ķ „ŋķ †•ķ ‡Ÿķ †Ļķ …‡ķ „€ķ †§ķ ‡Ŗķ †›ķ „§ķ †‘ķ †Ēķ „Šķ „¸ķ ‡ĸķ …¯ķ „ķ †›ķ †‚ķ …ļķ „‚ķ „ģķ „Ąķ ‡ī¸Œķ „—ķ …Œķ †ķ …ŧķ „ĩī¸‹ķ …ēķ †Šķ †’ķ †´. This is not legal advice. ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ „†ķ „‰ķ „‚ķ …Œķ …­ī¸‚ķ „šķ …ķ „‹ķ †´ķ …¯ķ „¤ķ ‡Œķ …Ēī¸„ķ „Ŗķ ‡­ķ „˜ķ †—ķ †•ķ ‡—ķ „™ķ …ļķ ‡ˆķ ‡Ĩķ † ī¸…ķ …žķ ‡Ĩķ …Ĩķ „Ēķ ‡Ēķ †Ŧķ …šķ †–ķ †Ĩķ …„ķ „ŧķ „ŽBut here's the framework for thinking about it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …™ķ „ķ „°ķ „ĩķ „­ķ „ķ „ķ „žķ ††ķ ‡Ģķ „˛ķ †˛ķ „ŧķ ‡˜ķ †•ķ …ŋķ ‡ķ …’ķ †ĩķ „¤ķ …ĩķ †‰ķ †¸ķ „¸ķ „šķ †€ķ ‡Œķ …Šķ …Žķ „‡ķ …“ķ ‡Ģķ †‡ķ … ķ †‡ķ †Ŋķ …Ŧķ †–ķ †Ĩķ ‡If you invested through Hiive or Forge, and those platforms obtained proper issuer approval for your specific transaction, you're likely fineķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ …‰ķ ‡‹ķ †‹ķ ‡…ķ †Ģķ †˛ķ ‡ķ …–ķ …‡ķ „€ķ „žķ †Ĩķ †­ķ …°ķ †Ļķ „ŋķ ‡ķ †¨ķ …Šķ †Œķ „ŗķ „›ķ „Ÿķ ‡¯ķ „‹ķ †ƒķ „ļķ …¤ķ …ąķ ‡ƒķ …ĩķ „‰ķ …ĸķ „’ķ …’ķ …•ķ †ąķ †ˇķ ‡˜. Both companies insist they only facilitate approved transfersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …€ķ †ĩķ „šķ ‡“ķ †™ķ †Ÿķ „ŋķ †—ķ „‹ķ „†ķ †Œķ …ģķ †–ķ †°ķ …ķ „Žī¸‡ķ …ķ „™ķ †’ķ ‡‰ķ …˛ķ ‡Ēķ †“ķ †€ķ „Šķ …Ģķ …ķ †ķ †˜ķ …ˆī¸ķ …Ŧķ „ķ †Œķ ‡Ŗķ …ˇķ „´ķ „™ķ „†. The key question is whether your specific deal had written board approval from Anthropicķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡­ķ †˜ķ ‡šķ „¤ī¸ķ ‡Šķ ‡žķ †ˇķ ‡¯ķ †ˆķ †Žķ „˛ķ ‡Žķ ‡ķ …œķ †¨ķ „Ļķ …Šķ …¸ķ †‰ķ …‘ķ …‚ķ †ī¸„ķ ‡˜ķ „Ąķ …—ķ †°ķ „Ļķ †¯ķ †žķ ‡Ēķ † ķ †ģķ †žķ „­ķ †ķ „–ķ …¯ķ „’. If you're unsure, you need to contact your broker directly and ask for documentation of that approval.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ī¸‚ķ †Ŋķ †ŋķ „˛ķ „Ĩķ „—ķ †‹ī¸Œķ ‡‘ķ „ąķ „˜ķ ‡œķ ‡†ķ …‰ķ …Žī¸†ķ ‡Ģķ „ŋķ ‡ƒī¸Žķ †ķ „Ÿķ …Ÿī¸‹ķ „žķ †Ļķ …†ķ „ˇķ ‡Šķ …Šķ † ķ „ŧķ „Ąķ …ąķ †ķ …˛ķ †Ąķ …‡ķ ‡ˆIf you invested through a less regulated platform, an SPV sponsor you don't know well, a tokenized instrument, or any of the other named platforms that don't have FINRA broker-dealer status, your situation is significantly more complicatedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĸķ …‡ķ †ˆī¸€ķ „ķ …ĸķ „—ķ „ĸķ …Ŋķ …¤ķ „žķ „ēī¸ƒķ …Ĩķ ‡„ķ †´ķ „ŗķ …§ķ …§ķ ‡Žķ …ŧķ …Ąī¸‹ķ †ŧķ †–ķ †ŗķ …Ÿķ „ķ …Ēķ „ˆķ ‡Šķ †˛ķ …Ēķ †Ļķ ‡šķ †‹ķ „ķ ‡–ķ …†ķ †”. Your recourse is against the entity that sold you the interest, and the strength of that claim depends entirely on what representations they made to you at the time of sale and whether those representations were accurate.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …žķ …ˇķ „ķ ‡…ķ †„ķ „ģķ †ŧķ …ķ †ģķ †°ī¸Œķ ‡Ÿķ „–ķ †žī¸ķ ‡¯ķ …žķ †Œķ ‡”ķ †Ŗķ „ŧķ „”ķ †•ķ …Ēķ ‡ƒķ †…ķ „Ģķ †Ĩķ …“ķ „¤ķ †…ķ …’ķ †Ŋķ ‡‘ķ ‡—ķ „ļķ …Ŋķ †¸ķ „šķ …–If someone told you they had Anthropic approval and they didn'tķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒķ ‡—ķ †…ķ †Ŗķ ‡Ĩķ †—ķ †ŗī¸ķ †Ēī¸ƒķ „”ķ „‘ķ „†ķ „žķ ‡€ķ ††ķ …ķ †•ķ „’ķ „ˇķ „ŗķ †Žķ ‡Žķ „Šķ †ļķ †˜ķ †™ķ „ķ „­ķ ‡‡ķ „ķ †ąķ …ŧķ „Ŗķ ‡Žķ †Ŧķ ‡¯ķ „™ķ „›ķ „´? That might be fraudķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †™ķ „Ÿī¸‚ķ …•ķ †ŗķ ‡¤ķ †‚ķ ‡Šķ †“ī¸ķ ‡Œķ …‹ķ ‡­ķ …Ŗķ …¤ķ „…ķ „ąķ …Ģķ „—ķ †Ąķ …“ķ „Ŗķ „‹ķ †ŗķ … ķ „ąķ ‡ķ ‡“ķ †‡ķ †ķ †¯ķ …Žķ „˜ķ ‡ƒķ …Ŗķ „‘ķ ‡‰ķ …–ķ †ķ „. Contact an attorneyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ „‘ķ „˜ī¸€ī¸…ķ ‡Ÿķ „—ķ †°ķ †´ķ „‹ī¸ķ …°ķ ‡œķ †­ķ † ķ †’ķ †˛ķ „­ķ „¸ķ †Žķ ‡žķ …•ķ †Šķ ‡ķ †ŧķ …¤ķ ‡Ÿķ †‹ī¸Žī¸‹ī¸Žķ …ķ ‡šķ †ķ …‹ķ „“ķ „ļķ „Ģķ „Žī¸‡. Contact the SECķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŧī¸…ī¸ƒķ ‡šķ …žķ „“ī¸ˆķ …Žķ ‡’ķ …Ÿķ †ķ „°ķ ……ī¸ķ †“ķ ‡ķ …Ĩķ †„ķ †‡ķ „ēķ „žī¸‹ķ …ķ …–ķ „™ķ …Ļķ …ķ ‡™ķ †Ąķ „ŧķ ‡†ķ ‡¯ķ „¸ķ ‡¤ķ …‹ķ †ķ …›ķ ‡™ķ ‡Ąī¸‹. File a report.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡›ķ †ƒķ …ģķ †šķ †šķ †´ķ †žķ …˛ķ ‡Ēķ …ķ †šķ …ķ †Ŋķ ‡“ķ †Ĩķ …˜ķ „Ēķ „˛ī¸…ķ „Žķ …‡ķ ‡Šķ †¤ī¸ˆķ ‡‰ķ „ī¸‡ķ „Ļķ †Œī¸Œķ …ķ †Ąķ ‡Ļķ …Žķ †žķ ‡ĸķ †…ķ …¤ķ …œķ …˜Anthropic says: "If you have concerns about someone claiming to sell Anthropic stock or marketing access to Anthropic equity, please email [email protected]."

(Anthropic Support Page, support.claude.com)

"If you believe you have been targeted by a stock scam: consider contacting your local law enforcement or securities regulatorķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ „Ŧķ ‡šķ …€ķ †•ķ „‰ķ †˜ķ ‡Ļķ †ķ „˜ķ „…ķ †ˆķ …Ļķ †ģķ † ķ ‡Ŧķ „¨ķ …žķ †ļķ …šķ „§ķ ‡™ķ ‡–ķ …Ŗķ „ķ ‡œķ „•ķ ‡Œī¸€ķ …ƒķ „˛ķ ‡•ķ „ŋķ ‡Žķ …•ķ „žķ †›ķ „ˆķ …§ķ „ŋ. In the United States, you can report suspected fraud to the Securities and Exchange Commission (SEC) or review investor alerts on Investor.gov."

(Anthropic Support Page, support.claude.com)

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ „™ķ ‡šķ …ĸķ …žķ †žķ †…ķ „ēķ …§ķ „…ķ ‡šķ „ĸķ …€ķ ‡‡ķ ‡˜ķ „“ķ „˛ķ ‡žī¸ˆķ „—ķ †ƒķ „ķ „™ķ „Žķ „Ąī¸ˆķ †œī¸…ķ …ķ ‡Ÿķ ‡¤ķ „Ļķ „†ķ ‡ƒķ …˛ķ †šķ „ĩķ …­ķ ‡ˆķ ‡ŒThe Bigger Picture

OpenAI did the exact same thing the same day Anthropic didķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Œķ „§ķ …’ķ …ķ †˜ķ ‡Šķ ‡ķ …žķ …”ķ †Ŋķ †ķ †ˇķ „…ķ ‡Ģķ …˜ķ ‡ķ ‡Ĩķ …Ļķ †Ÿķ ‡˜ī¸†ķ †–ķ †ąķ ‡‹ķ „Ļķ ‡”ķ †Ēķ ‡šķ …”ķ †“ī¸ƒī¸‡ķ „›ķ …–ķ „›ķ †•ķ †ģķ †Ĩķ †ŧķ …ŧ. Using almost identical languageķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ąķ …“ķ †Ąķ †œķ †Ēķ ‡‚ķ †™ķ …šķ ‡œķ „Ĩķ ‡‚ķ †•ķ ‡ĸķ „˛ķ †›ķ „†ķ …€ķ …Ÿķ …–ķ †ļķ „›ķ †Ŧķ …’ķ †Œķ ‡˜ķ ‡†ķ …Ŧķ …—ķ „šķ †Œķ †Žķ †’ķ „ēķ ‡–ķ †ŗķ …‰ķ †Ĩķ †Šķ †šķ …Ž. OpenAI's update states any transfer without written consent "will be void, the sale will not be recognized and carry no economic value to youķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „‰ķ …—ķ †¯ķ ‡ ķ †“ķ ‡‘ķ …‹ķ …”ķ †Žķ ‡ķ ‡Šķ †Ŗķ …œķ „Ŋķ …ŗķ ‡¨ķ …ŗķ †ˆķ „ķ ‡ķ †‘ķ …ƒķ …”ķ „ēķ †ģķ „†ķ ‡§ķ ‡ĸķ †›ķ …”ķ „Šķ †´ķ …Žī¸Žķ †¯ķ ‡˜ķ „Ŧķ †°ķ †ē."

This is not a coincidenceķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ĩķ „Œķ †ķ „Šķ „”ķ †‹ķ †”ķ …”ķ …Šķ ‡Ąķ …Ŧķ „¯ķ …„ī¸Žķ „ĸķ „˛ķ „Ĩķ „°ķ „˛ī¸‹ķ …ķ ‡…ķ „§ķ †­ķ …Ÿķ …šķ ‡‚ķ …ēķ †Ąķ …ĸķ …Ąķ †Ĩķ †ŗķ …“ķ ‡¤ķ †‚ķ †­ķ …ķ †ˇķ „ĩ. The two most valuable private AI companies in the world coordinated, whether formally or informally, to lock down their secondary markets on the same dayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ŗķ ‡žķ ‡Ĩķ …­ķ ‡ƒķ †“ķ ‡€ķ …­ķ „’ķ „ķ †Šķ „Šķ †…ķ ‡—ķ ‡”ķ „’ķ …˜ķ …‡ķ „¨ī¸‹ķ †ŗķ …‘ķ „ŗķ …ŗķ ……ķ „ĩķ †‘ķ „•ķ †‡ķ †ŋķ †¨ķ †‡ķ …Šķ ‡Ģķ „Šķ †‡ķ ‡Ŗķ …¨ī¸ˆķ …. That is a message to the entire pre-IPO industry.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „—ķ †­ķ †Ŧķ …ĸķ „Šķ ‡†ķ †žķ „°ķ „„ķ ‡‰ķ ‡¤ķ „Ēķ †˛ķ ‡žķ †ķ „—ķ …ˆķ †‰ķ „Ŧķ †˜ķ …—ķ †žķ …ĸķ …°ķ „–ķ …‘ķ …–ķ …¸ķ ‡‹ķ „Ēī¸„ķ „¯ķ ‡„ķ …§ķ ‡ˆķ ‡†ķ †´ķ …Šķ †˛ķ „The best private companies are staying private longer than ever, and the demand to invest in them is historicķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ƒķ †Ļķ „˛ķ ‡Ģķ …Ģķ „žķ †¤ķ †§ķ …ķ †Ŧķ …šķ ‡Ĩķ †­ķ …‚ķ †‡ķ †Ļķ …ˆķ …˜ķ …„ķ „˛ķ †‰ķ †˛ķ ‡Šķ „ƒķ ‡¯ķ …†ķ „žķ „Ļķ ‡Žķ †Ŗī¸‚ķ …‹ķ †‘ķ …˜ķ ‡ķ „Ÿķ †¯ķ …Ļķ …†ķ ‡Ŗ. That gap between "the company is private" and "everyone wants a piece of it" created an entire ecosystem of platforms, vehicles, tokens, and structures designed to give people accessķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †„ķ †”ķ …Ŧķ „™ķ ‡¤ķ „ķ ‡Ąķ …˜ķ „“ķ ‡¤ī¸‡ķ ‡˜ķ …´ķ ‡ķ …‰ķ „ŧķ „¨ķ …Žķ †ĩī¸…ī¸ķ †¨ķ ‡Ļķ ‡…ķ …Ŧķ ‡Ŗķ …ķ ‡†ķ ‡Ēķ †‰ķ …—ķ ‡žķ †›ķ „’ķ …¸ķ „ĸķ …Šķ „†ķ …Ēķ †¨. Some of those structures were legitimateķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ī¸ˆķ …Ģķ „Ģķ …Ģķ †ģķ „‰ķ ‡Ąķ …”ķ … ķ ‡ķ †‚ķ †¤ķ †”ķ „ķ „˛ķ †‘ķ …„ķ „¸ķ …ēķ „ķ ‡Œķ ‡—ķ „ƒķ „šķ …‡ķ …žķ „ĩķ …‘ķ …žķ „ĩķ ‡—ķ †žķ „Ĩī¸†ķ †ļķ …™ī¸€ķ „€ķ …Ž. Some were gray areaķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ „§ķ …¨ķ …ķ „ĩķ „Šķ †¸ī¸Žī¸ķ …‡ķ †¯ķ „Ŧķ †¨ķ „Ÿķ „ēķ ‡‘ķ ‡‡ķ …¤ķ „Œķ …ķ …Šķ ‡„ķ †ŗķ „žķ ‡–ķ ‡Ÿķ „­ķ …”ķ „ģķ ‡‚ķ …¯ķ „¸ķ †žķ ‡ˆķ ‡˜ķ †Žķ …œķ …Œķ ‡Ŗķ †‚. Some were outright scams.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †­ķ „‰ķ „Ēķ …˜ķ †’ķ „Ļķ „ŧķ ‡¯ķ „ķ ‡ˆķ …žķ „œķ †ƒķ „ŋķ …Ÿķ „’ķ ‡…ķ ‡ķ „‘ķ †œķ „ĩķ ‡ķ †…ķ „Ÿķ ‡„ķ †•ķ †Ŗķ †Ŋķ ‡˜ķ „ĸķ ‡˜ķ †Ąķ ‡‹ķ …ˇķ †ƒķ †Šķ „ąķ „œī¸‡ķ ‡Anthropic just drew a very bright line between all three categories, and named the ones that are on the wrong side of it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ „‘ķ „Œķ †™ķ †‡ķ ‡Ģķ „Žķ „ŧķ ‡ ķ ‡Ļķ …ķ ‡ķ …Ĩķ „˛ķ „„ī¸Žķ …šī¸ķ …¸ķ ‡ ķ †ĸķ …œķ †˛ķ †ģī¸ī¸„ķ „”ķ …ēķ †žķ „Ļķ ‡‰ķ „„ķ …†ķ †Ŗķ „•ķ …—ķ …¨ķ „Ģķ †Ļķ …€Y'allķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „†ī¸Œķ …ķ „ˆķ „šķ …ˆķ …‰ķ …Œķ ‡“ķ …¯ķ ‡Ģī¸‹ķ ‡§ķ †Ģķ „¸ķ „Ļķ „™ķ ‡ķ ‡ķ †¸ķ …Žķ ‡šķ †¤ķ †”ķ ‡›ķ †‰ķ …“ķ … ķ †ēķ …—ķ ‡šķ …ˇķ …ąķ ‡Ļķ …ēķ †ŧķ … ī¸ķ „ ķ ‡Ą. If someone is offering you pre-IPO shares of ANY hot private company and they can't show you written board approval for the transferķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ŗķ …ĩķ „„ķ …ķ …ąķ …ķ …ĩķ „ģķ †ˆķ ‡ ķ „ķ ‡ƒķ „Ąķ †ƒķ ‡¯ķ †Ēķ „Ēķ „—ķ †‰ķ †‘ķ ‡Šķ „ģķ …Ĩķ †¨ķ †Žķ „‘ī¸ˆķ „‚ķ ‡“ķ †žķ †‹ķ „ļķ …ĩī¸‰ķ ‡Ÿī¸‰ķ …ąķ †ŧķ ‡‰ķ „€? Walk awayķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ƒķ †Ÿķ …¸ī¸ˆķ … ķ „Ĩķ …ŧķ †Ŋķ …ąķ †ˆķ …ĩī¸„ķ „ŧķ ‡ķ †‚ķ †‘ķ „˛ķ „Ąķ ‡Žķ …ˆķ „ŋķ „ēķ ‡ķ …ģķ …ƒķ ‡Ŧķ ‡Šķ † ķ …Œķ …Ŋķ „ķ …ģķ „Ŧķ …ƒķ ‡¤ķ ‡žķ †ŗķ …Šķ †ĩķ †. That piece of paper is the only thing standing between you and the three most devastating words in investing.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …”ķ „„ķ …ēķ †ŧķ „ģķ „Ąķ †Œķ ……ķ †Ÿķ „ķ ‡ķ „Žķ …ˆķ …Ąī¸†ķ †ˆķ ‡ĸķ „¯ķ …“ķ „ŋķ †Ĩķ †´ķ „Ĩķ …§ķ „”ķ †¯ķ †šķ …™ķ †Œķ „§ķ ‡›ķ …†ķ †›ķ …–ī¸‰ķ †’ķ „‚ķ †¸ķ „‚ķ …Chase upstream parties.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „°ķ …žķ „†ķ …ģķ †Šķ …°ķ †ĩķ „Ļķ „—ķ †ˆķ …’ķ …Šķ …§ķ ‡–ķ …¤ķ …Šķ †Ĩķ …ēķ †Ģķ …Šķ …§ķ „Šķ …›ķ „Žķ †ŗķ †Ÿķ „„ķ ‡¯ķ …Ąķ …Šķ „’ķ …´ķ „Ŗķ „§ķ †Šķ „“ķ ‡ķ „•ķ ‡›Don't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ąķ ‡ķ „¯ķ …’ķ †Ŗī¸Žī¸Œķ †¨ķ †Ąķ …™ķ ‡Šķ „ˇķ „™ķ †ēķ …›ķ ‡§ķ …Ēķ …ĩķ ‡ķ †•ķ †ˇķ ‡Žķ „Œķ †„ķ „‘ķ ‡Ĩķ †ķ „€ķ †Ŗķ „¨ķ „ˇķ †žķ …Šķ ‡šķ ‡ķ †ĩķ ‡‘ķ ‡ƒķ „‘ķ …–. Pass it to a friend.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ÿķ ‡–ķ †“ī¸ƒķ …†ķ †‹ķ †´ķ ‡ˆķ …Ąķ „ķ ††ķ „¤ķ †ļķ ‡Šķ …†ķ …­ķ „¤ķ †žķ „€ķ „Ŋķ ‡“ķ „ŗķ …Œķ „‚ķ „¨ķ „ąķ „ķ „›ķ †ģķ †ķ †˛ķ ††ķ …ŋķ †—ķ †žķ „˜ķ ‡‡ķ …—ķ „ŋķ †•See y'all next week.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‡ķ ‡§ķ †–ķ „ķ „—ķ „Šķ …§ķ ‡Ŗķ …‘ķ „Œķ „Šķ …“ķ †‡ķ †‚ķ ‡Ģķ „Ŋķ †ķ †›ķ ‡ķ ‡¨ķ †ŗķ …žķ „¤ķ †ķ „ŧķ …¸ķ …ŗķ ‡Ļķ †Žķ †¸ķ †Šķ „Šī¸‡ķ ‡›ķ †“ķ „‡ķ †¨ķ †ī¸Žķ ‡§CJBķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ķ …ģķ †ƒķ „ķ „—ķ …˛ķ „ĩķ …˜ķ †Œķ …¸ī¸…ķ ‡­ķ „ī¸‹ķ ‡Ļķ †Ąī¸Žķ †…ķ ‡‰ķ …Ēķ „‡ķ †ŧķ ‡§ķ †›ķ …Šķ †—ķ …­ķ ‡ķ …Šķ ‡Šķ †”ķ †‘ķ …šķ …Œķ „…ķ †Žķ †žķ „‰ī¸ƒķ „Ŗīģŋķ „ŗķ „ĸķ …€ķ „ąķ …„ķ …ˆķ …„ī¸€ī¸ī¸€ī¸€ķ „Šķ †“ī¸€ī¸€ķ „Šķ †“ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „Žķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ … ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ī¸€ī¸€ī¸€ķ „Šķ …­ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ˇķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …•ķ „¤ķ „Ļķ „¤ķ „§ķ …”ķ …”ķ „Ļķ „ķ …–ķ „Šķ …–ķ „Ŗķ „ķ „¤ķ „Šķ …•ķ „§ķ „ķ „Šķ …–ķ „Ŗķ „Ĩķ „ķ „Šķ „Šķ „ĸķ …“ķ „ ķ …”ķ …”ķ …•ķ „¤ķ „§ķ „ ķ „Ŗī¸€ī¸€ī¸€ī¸†ķ „ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …‘ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗī¸€ī¸€ī¸€ī¸ķ „Ēķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸī¸€ī¸€ī¸€ī¸ī¸‰ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …—ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …˛ķ †“ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „Ąķ „¤ķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ŗķ „Ēķ „Ŗķ „ ķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …§ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ĩķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ „ąķ …€ķ „šķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …›ķ …“ķ „ĸķ … ķ …‘ķ „žķ …•ķ …”ķ …™ķ …¤ķ …•ķ …”ķ †”ķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ļķ …“ķ „ĸķ … ķ …‘ķ „žķ …§ķ …‘ķ …¤ķ …•ķ …ĸķ …ķ …‘ķ …ĸķ …›ķ …•ķ …”ķ „žķ …’ķ …Ÿķ …Ĩķ …žķ …”ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „Ąķ „¤ķ …„ķ „Ąķ „Ąķ „Ēķ „Ŗķ „Ŗķ „Ēķ „Ŗķ „ ķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …›ķ …”ķ …•ķ …Ŗķ …“ķ …ĸķ …™ķ … ķ …¤ķ …™ķ …Ÿķ …žķ …¨ķ „Ÿķ …„ķ …•ķ …¨ķ …¤ķ „ķ …•ķ …ķ …’ķ …•ķ …”ķ …”ķ …•ķ …”ķ „ķ …§ķ …™ķ …¤ķ …˜ķ „ķ ……ķ …žķ …™ķ …“ķ …Ÿķ …”ķ …•ķ „ķ …Ļķ …‘ķ …ĸķ …™ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „ķ …Ŗķ …•ķ …œķ …•ķ …“ķ …¤ķ …Ÿķ …ĸķ …Ŗķ „žī¸€ī¸€ī¸ķ „™ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „—ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ī¸€ī¸€ī¸€ī¸€ķ ‡Ēķ …“ķ …’ķ …Ÿķ …ĸķ †•ķ …˜ķ „°ķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …ĸķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ŗķ …“ķ …˜ķ …•ķ …ķ …‘ķ „žķ …Ÿķ …ĸķ …—ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŗķ …ĸķ …•ķ …‘ķ …¤ķ …™ķ …Ļķ …•ķ …‡ķ …Ÿķ …ĸķ …›ķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ ķ „Ĩķ „Ĩķ …‘ķ „Ŗķ …”ķ „ĸķ …“ķ „ ķ „Ŗķ „Ąķ …•ķ „ ķ „ ķ „ ķ „Ąķ „ ķ …”ķ „¤ķ „¨ķ „Ĩķ …•ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „¨ķ „§ķ „Ĩķ „¨ķ „¤ķ „ ķ „Šķ …ķ „¤ķ „Ąķ …•ķ „Šķ …–ķ „ĸķ „Ŗķ „Ĩķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ …‘ķ „ ķ „Ĩķ „Ĩķ …‘ķ „Ŗķ …”ķ „ĸķ …“ķ „ ķ „Ŗķ „Ąķ …•ķ „ ķ „ ķ „ ķ „Ąķ „ ķ …”ķ „¤ķ „¨ķ „Ĩķ …•ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „¨ķ „§ķ „Ĩķ „¨ķ „¤ķ „ ķ „Šķ …ķ „¤ķ „Ąķ …•ķ „Šķ …–ķ „ĸķ „Ŗķ „Ĩķ …™ķ … ķ …Ĩķ …’ķ …œķ …™ķ …Ŗķ …˜ķ …•ķ …ĸķ †’ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¤ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ī¸€ī¸€ī¸€ķ †Šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗī¸€ī¸€ī¸€ī¸€ķ …´ķ …“ķ …’ķ …Ÿķ …ĸķ †’ķ …¤ķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „ŗķ …ĸķ …•ķ …”ķ …•ķ …žķ …¤ķ …™ķ …‘ķ …œķ …¨ķ …€ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ļķ …•ķ …ĸķ …™ķ …–ķ …Šķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „Ÿķ …Ļķ „Ąķ „Ÿķ …œķ …™ķ …Ŗķ …¤ķ …Ŗķ „Ÿķ „¤ķ „Šķ „§ķ …‘ķ „Ŗķ „¨ķ …–ķ „Šķ „ķ „Šķ „§ķ …’ķ …–ķ „ķ „¤ķ …–ķ …’ķ „ ķ „ķ „¨ķ „ĸķ „§ķ „¨ķ „ķ …•ķ „Ąķ „¤ķ …”ķ …’ķ „¤ķ …–ķ „Ĩķ …’ķ „Ąķ „Ĩķ „Ĩķ …Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „šķ …žķ …”ķ …•ķ …¨ķ …“ķ „ĸķ „¨ķ „ĸī¸€ī¸€ī¸€ķ ‡˜ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąī¸€ī¸€ī¸€ī¸€ķ † ķ …“ķ …’ķ …Ÿķ …ĸķ †”ķ …™ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …˜ķ …‘ķ …Ŗķ …˜ķ …¨ķ „°ķ „Ļķ …•ķ „Ĩķ „¤ķ „Ĩķ …“ķ „Šķ „ ķ „Ŗķ …•ķ „Ĩķ …–ķ „ĸķ „Šķ „ ķ „Ŗķ „Ļķ „Ŗķ „§ķ „Šķ „Ąķ „Šķ …–ķ „¨ķ „ ķ „Ąķ …”ķ „ĸķ …“ķ „¤ķ „§ķ …‘ķ …–ķ …“ķ …’ķ …‘ķ …•ķ …–ķ …’ķ …”ķ „Ĩķ „Ĩķ „ĸķ „Šķ …“ķ …•ķ …•ķ „ ķ „§ķ „Šķ „¨ķ …“ķ …“ķ „Ĩķ „ĸķ „Šķ …”ķ „Ĩķ …•ķ …‘ķ …’ķ „§ķ „Šķ „¤ķ …žķ …¤ķ …Ÿķ …¤ķ …‘ķ …œķ …ķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …Ŗķ „ˆķ †§ķ …—ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …™ķ …”ķ …¨ķ „”ķ „¤ķ …”ķ „ĸķ „Šķ „Ąķ …‘ķ …‘ķ „ĸķ „ķ „Šķ „Ļķ …–ķ „Ŗķ „ķ „¤ķ „ ķ …–ķ „ ķ „ķ …‘ķ „Šķ …‘ķ …”ķ „ķ „Ąķ …•ķ „Ĩķ „§ķ …’ķ „§ķ …•ķ „¤ķ „ĸķ „§ķ …•ķ …•ķ …ĸķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …‘ķ …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ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „ķ ‡‰ķ †•ķ …’ķ †žķ ‡˜ī¸ķ …ąķ …‰ķ „Ŋķ …‡ķ †”ķ …Ąķ ‡‡ķ †Œķ …°ķ „ļķ ‡›ķ …´ķ „€ķ …ĸķ …Ŧķ ‡¯ī¸€ķ †”ķ „‘ķ …ĩķ „ˆķ …Ĩķ …“ķ ‡•ķ †ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †ƒķ …°ķ …œķ „¨ķ …ŧķ …ŧķ „Ąķ †‰ķ …”ķ „žķ ‡ķ ‡„ķ ‡Ļķ … ķ †§ķ †–ķ „’ķ †Ŋī¸‡ķ ‡šķ …Ŧķ …ˇķ †ŗķ †™ķ „Œķ †‘ķ „­ķ …˜ķ †Žķ …“ķ „‰ķ †“ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļī¸€ī¸€ī¸ķ †šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „˜ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …“ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ī¸€ī¸€ī¸€ī¸ķ …Ēķ …“ķ …’ķ …Ÿķ …ĸķ …´ķ „´ķ †‘ī¸ķ „¨ķ „’ķ †‘ķ „ˆķ „‘ķ …ŗķ …‰ī¸ƒķ †´ķ „ ķ …˛ī¸ƒķ †°ķ „ ķ …˛ī¸ƒķ „ĩķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „„ķ †žķ †Ŗķ „Šķ †ąķ †ƒķ „Ŗķ „¤ķ †Ŋī¸‚ķ …Žķ …šķ „œķ ‡“ķ †Šķ …˜ķ ‡ ķ ‡—ķ …ķ „Žķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ŗķ „ ķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „‡ī¸ķ „ĸķ „§ķ „ ķ „Ĩķ „ ķ „Ąķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „ ķ „ģķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ …šķ ‡Šķ †‘ķ „Ŗķ …’ķ …¯ķ †˜ķ ‡™ķ †ķ †ļķ …„ķ „ķ ‡šķ †ŗķ †ķ …ķ †›ķ ‡‹ķ „Ŗķ …‘ķ …Ŧķ „Šķ „šķ †Šķ …šķ ‡˜ķ †ŧķ †ˇķ ‡‰ķ „¤ķ ‡™ī¸ķ „Žī¸Œķ „—ķ „ķ † ķ „‡ķ ‡†ķ ‡ķ …’ķ …ēķ †¨ķ …šķ …Œķ …°ķ †Ļķ †ŋķ …ĩķ †ŋķ …Ģī¸ˆķ †ļķ ‡ī¸‡ķ „Ēķ ‡’ķ …›ķ ‡Ąķ „Žķ ‡Šķ ‡Ąķ …ķ „‹ķ ‡‡ķ …ĩķ …‰ķ †Ŗķ ‡§ķ …žķ … ķ „Žķ „ąķ ‡…ķ ‡˜ķ „Žķ „„ķ …§ķ ‡Ģķ †‡ķ „‹ķ †‡ķ †ŧķ …‡ķ ‡Ēķ †´ķ †Ļķ †¨ķ †ēķ …žķ †Ēķ ‡‹ķ ‡Ļķ …ŧķ …‚ķ „ ķ †“ķ …˛ī¸ķ †‘ķ „ ķ …˛ī¸ķ †ķ „ ī¸Œī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸‚ķ „ ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸†ķ †°ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡™ķ ††ķ …Ŗķ †šķ †ļķ ‡Žķ …ŗķ ‡…ķ „Ÿķ †ēķ †ļķ „Ÿķ …Ģķ …’ķ …šķ …ķ …‹ķ ‡Šķ †žķ ‡‘ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „Ēī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „Ŗķ „ ķ „Ąķ „ ķ „Ÿķ †ķ „ķ †ķ „›ķ …ļķ „™ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ķ „‰ī¸†ī¸‰ķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸„ī¸Œī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸Šķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Ŧķ …ĩķ ‡Šķ „Šķ ‡€ķ †‚ķ ‡‚ķ „™ķ „Ąķ …–ķ …ˆī¸ķ „šķ …ˆķ ‡‚ķ „ĸķ †Ļķ „ŗķ ‡Ģī¸‰ķ ‡–ķ ‡–ķ …ąķ †ƒķ „ˆķ †Šķ …Ļķ „§ķ †ī¸Œķ …ˇķ †šķ …‘ķ „ ķ „¤ķ „Ŧķ …Žķ †°ķ …ŋķ „™ķ †”ķ ‡Ŗī¸ķ †°ķ †šķ ‡Žī¸Žķ ‡ī¸‚ķ „Ąī¸€ķ †žķ †–ķ ‡Šķ …˜ķ ‡‘ķ „„ķ ‡Ŧķ ††ķ …”ķ †”ķ †šķ †§ķ …ąķ „ ķ †¨ķ …Ŋķ †Ŗķ …‹ķ ‡¤ī¸Šķ †´ķ …šķ †˛ķ „—ķ „Ŋķ …Žī¸ķ †§ķ …“ķ †Šķ …‡ķ †šķ †šķ †ˇķ †…ķ ‡‹ķ …Ŗķ ‡Ĩķ ‡¯ķ …Ÿķ ‡Ģķ ‡Šī¸‰ķ …Ÿķ ‡ķ …¤ķ …¸ķ †ƒķ …‰ī¸ƒķ ‡Ÿķ „ ķ …˛ī¸ƒķ ‡›ķ „ ķ …˛ī¸ƒķ …Ąķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ī¸ƒķ „Šķ …žķ „¯ķ †¨ķ „˜ķ †ī¸‹ķ ‡Žķ „—ķ †ĸķ …ķ †‡ķ …Ēķ †ĩķ †ķ „Ÿķ †ąķ „¨ķ ‡ĸķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „‡ī¸ķ „Ŗķ „Ąķ „ ķ „¤ķ „Ąķ „Ļķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ ‡Ŗķ …†ķ …Šķ …¤ķ †´ķ …Žķ ‡’ķ „žķ †™ķ …‹ķ †•ķ ‡Žķ †€ķ †Šķ ‡ķ ‡’ī¸ƒķ „•ķ †‘ī¸†ķ „Šķ „€ķ „ģķ †Ąķ „Ģķ …‹ķ …¸ķ †§ķ ‡ ķ †€ķ ‡Ŧķ „ķ †ēķ †Ŗķ ‡Ēķ „ķ ‡ˆķ …ēķ ‡›ķ …Žķ …¸ķ †ĩķ …ķ „Ŋķ †ąī¸€ķ †Šķ ‡¯ī¸€ī¸ƒķ †šķ ‡ˆķ …‘ķ ‡—ķ …ąķ ‡Ēķ …€ķ †´ķ …´ķ …—ķ …‚ķ †šķ „žķ ‡‹ī¸€ķ †—ķ …€ķ „žķ „Šķ ‡Ļķ †œķ „ŧī¸ķ „œī¸Žķ …Ēķ „•ķ †‰ī¸ķ „Ŋķ †Ēķ †ŧī¸‰ķ ……ķ „šķ †¨ķ …Œķ †ēķ †•ī¸‹ķ „†ķ ‡šķ †Ĩķ …‘ķ ‡¤ķ …ŗķ †“ķ …˛ī¸ķ …šķ „ ķ …˛ī¸ķ …ĩķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „§ī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ ķ „ ķ „žķ „ ķ „œķ †ķ „šķ †ķ „˜ķ …ļķ „–ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …ĸķ …Ÿķ …Ÿķ …¤ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ķ „ˆī¸ƒķ „Žķ …´ķ „†ķ …ŧī¸„ķ „Ēķ …ģķ „°ķ †ļķ †´ķ †“ī¸Žķ †›ķ „Ēķ …ŗķ …Ĩķ …“ķ ‡œķ ‡ķ „Ąī¸ķ …‘ķ „žķ †€ķ …›ī¸„ķ †„ķ ‡”ī¸„ķ …•ķ †Ąķ †œķ …ŋķ †€ī¸‰ķ †­ķ †‹ķ †žķ „„ķ ‡ ķ …‚ī¸Œķ †Ÿķ ‡ķ †ąķ „•ī¸‚ķ „Ąī¸€ķ …žķ ‡’ķ †™ķ … ķ †—ī¸‡ķ …‡ķ „šķ †Ļķ „€ķ †ĸķ …ķ …—ķ ‡ ķ „¨ķ †ŧķ „ģķ †€ķ † ķ „ĩķ ‡€ķ †„ķ †Ąķ „žķ ‡Šķ …Œķ †ķ †Ŧķ ‡”ķ „‰ī¸‰ķ …­ķ „ŧķ ‡Ēķ †‚ķ …Žķ …Ŧķ †´ī¸Šķ …Šķ …¸ķ „¨ķ …ˇķ †§ķ †Ēķ ‡ƒī¸‰ķ †ˆķ …‰ī¸ƒķ „‰ķ „ ķ …˛ī¸ƒķ „…ķ „ ķ …˛ī¸‚ķ †Šķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „žķ …Žī¸„ķ †Ĩķ ‡›ī¸ˆķ …ķ ‡‚ķ …—ī¸ˆķ ‡“ķ …ķ „‰ķ …´ķ „žķ …ĩķ …˜ķ †ˇķ †ĩķ †Ŧķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „‡ī¸ķ „¤ķ „Ļķ „ ķ „¤ķ „Ąķ „ ķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ †ĸķ „œķ „Ļķ „ĸķ …‘ķ „ĩķ „ēķ ‡Šķ „Ēķ „Ŧķ …”ķ …Ģķ „ąķ †­ķ „ķ ‡™ķ †‰ķ ‡ķ „ˆī¸Šķ † ķ „¤ī¸Žķ †—ī¸„ķ ‡œķ ‡ķ ‡ ķ „’ķ …šķ †™ķ ‡–ķ †Ģķ …Ļķ …Šķ …Ŗķ „ ķ ‡Ēķ …Ąķ „ ķ …Ŧķ †Œķ †­ķ „“ķ „Ģķ ‡’ķ …žķ …šķ …œķ „­ķ …ˆķ „Žķ †›ķ …ĩķ †šķ „ēķ †Žķ „ŋķ †ģķ ‡ƒķ ‡Ŗķ ‡ˆķ „ąķ †”ķ …¯ķ †–ķ †˛ķ … ķ …œķ …›ķ …Šķ „€ķ …ąķ †Šķ †Šķ …™ķ ‡ƒķ „“ķ ‡šķ †šķ †“ķ ‡ķ …€ķ …Šķ …Œķ ‡ķ „žķ „­ķ „šķ „ģķ „ƒķ ‡‡ī¸ķ …¤ķ ‡§ķ …ķ †“ķ …ąķ †Ļķ „ ķ …ąķ †Ŗķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Žķ †‚ķ „ƒķ †Šķ †Ĩķ ‡§ķ …ƒķ †§ķ †Šķ „ŧķ †ĸķ ††ķ „Ĩī¸Žķ …‡ķ „”ķ „ķ „¸ī¸ķ …Šķ †‘ķ ‡›ķ †Žķ †ˇķ †—ķ „œķ „Ÿķ †¸ķ „‹ķ †…ķ ‡¤ķ …Žķ „šķ ‡ ķ …ĸī¸ˆķ ‡Šķ „ĸķ …–ķ ‡Ēķ ‡ķ „’ī¸ƒķ ‡†ī¸ˆķ ‡•ķ †ŗķ †Ĩī¸‚ķ „Ąī¸€ķ †Šķ …›ķ …Ÿķ …Ŧķ ‡Žķ …ĸķ †‘ī¸ī¸ķ „žķ ‡Žķ †ķ †‰ķ †Œķ ‡…ķ „ąķ „Ŗķ ‡Ÿķ ‡„ī¸‚ķ …Ēķ „ķ …°ķ ‡¤ķ †ŋķ †­ķ „ŗķ ‡Ÿī¸‚ķ †—ķ †œķ …’ķ „‘ķ „œķ …€ķ …™ī¸‚ī¸‹ķ …žķ †¯ķ „ķ †ĸķ †œī¸ķ „ŗī¸‡ķ „‘ķ „Ŋķ …‰ī¸„ķ „žķ †•ķ …šķ …™ķ …žķ …Ŗķ …¤ķ …‘ķ …žķ …“ķ …•ķ „šķ „´ķ …¨ķ „ķ …Ĩķ …ĸķ …žķ „Ēķ …Ĩķ …Ĩķ …™ķ …”ķ „Ēķ „Ĩķ „Ļķ …’ķ …’ķ „Šķ „¨ķ „§ķ …“ķ „ķ „§ķ „§ķ „¨ķ …•ķ „ķ „¤ķ „§ķ „¤ķ „Šķ „ķ …’ķ „ ķ „Šķ „Ĩķ „ķ „Ŗķ „ĸķ „ ķ …–ķ …–ķ …”ķ …•ķ „Ĩķ „ ķ „¨ķ …•ķ „Ąķ …¤ķ …“ķ …œķ …‘ķ …™ķ …ķ …ķ …—ķ …•ķ …žķ …•ķ …ĸķ …‘ķ …¤ķ …Ÿķ …ĸķ …ķ …™ķ …žķ …–ķ …Ÿķ †“ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …—ķ …Ļķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „Ąķ „žķ „ ķ …›ķ …Ŗķ … ķ …•ķ …“ķ …†ķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „ĸķ „žķ „ĸķ …™ķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …¨ķ „ˇķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …•ķ „¤ķ „Ļķ „¤ķ „§ķ …”ķ …”ķ „Ļķ „ķ …–ķ „Šķ …–ķ „Ŗķ „ķ „¤ķ „Šķ …•ķ „§ķ „ķ „Šķ …–ķ „Ŗķ „Ĩķ „ķ „Šķ „Šķ „ĸķ …“ķ „ ķ …”ķ …”ķ …•ķ „¤ķ „§ķ „ ķ „Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …ĸķ …“ķ …ĸķ …•ķ …‘ķ …¤ķ …•ķ …”ķ …ķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …¸ķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „šķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †ķ „ķ „ķ …ķ „Ŋķ …°ķ „šķ †—ķ „ķ …ļķ „‰ķ „–ķ …˜ķ …†ķ †žķ ‡ˆī¸†ķ ‡‚ķ †šķ †ģķ †ŧķ „ ķ ‡›ī¸†ķ „–ī¸‰ķ …˛ķ ‡Œķ „Ļķ …ļķ †ķ †‹ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „˜ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „ŗķ „‰ķ ‡–ķ ‡Žķ ‡Ģķ …§ķ ‡•ķ „šķ ‡¤ķ …Ÿķ …ˇķ …Ēķ „´ķ „Ąķ ‡‡ķ „Žķ †Šķ †‰ķ …Ŧķ ‡’ķ †‚ķ ‡ķ ‡Ģķ „œķ „Ąķ …ķ ‡‘ķ „œķ ‡’ķ †Šī¸ķ „ĸķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …´ķ …™ķ …¯ķ ‡Ģī¸ķ …“ķ …Ąķ †Žķ ‡Žķ ‡’ķ „Žķ „‘ķ †­ķ …¸ķ ‡Ģķ „ĩķ ‡¯ķ ‡Šķ †ŧķ …Šķ †ķ „ēķ †ˆķ „‘ķ †“ķ †ēķ …ĩķ „ĸķ †˜ķ †´ķ „Ļī¸ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ąķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡Ēķ „€ķ …‹ķ †ģī¸ķ †Ąķ †™ķ †ķ …Žķ †ģķ ……ķ †šķ …ŧķ ‡‰ķ „ķ …œķ …Ŗķ …™ķ †Žķ †Ļķ ‡¯ī¸…ķ …ķ …˛ķ ‡¯ķ „Ļķ ‡‚ķ …Ŋķ …ķ „´ķ …ˆķ ‡—ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „ķ ‡‰ķ †•ķ …’ķ †žķ ‡˜ī¸ķ …ąķ …‰ķ „Ŋķ …‡ķ †”ķ …Ąķ ‡‡ķ †Œķ …°ķ „ļķ ‡›ķ …´ķ „€ķ …ĸķ …Ŧķ ‡¯ī¸€ķ †”ķ „‘ķ …ĩķ „ˆķ …Ĩķ …“ķ ‡•ķ †ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †ƒķ …°ķ …œķ „¨ķ …ŧķ …ŧķ „Ąķ †‰ķ …”ķ „žķ ‡ķ ‡„ķ ‡Ļķ … ķ †§ķ †–ķ „’ķ †Ŋī¸‡ķ ‡šķ …Ŧķ …ˇķ †ŗķ †™ķ „Œķ †‘ķ „­ķ …˜ķ †Žķ …“ķ „‰ķ †“ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …ˆķ …ī¸ˆķ …ķ „Šķ „’ķ †•ķ …šķ †¯ķ …ķ …ģī¸Šķ „”ķ „‘ķ …•ķ …žķ †¯ķ „ŗķ †ģķ ‡Ŧķ †ąķ ‡–ķ ‡—ķ †ąķ ‡“ķ ‡Žķ „Ēķ ‡Šķ „Ĩķ …´ķ …‹ķ ‡–ķ …Žķ ‡§ķ „ī¸Šķ …ƒķ …Ļķ … ķ …¯ķ ‡ķ „¯ķ †Ąķ „‘ī¸ƒķ …ĸķ ‡™ķ ‡Žķ †ŧķ † ķ †ēķ ‡§ķ ‡„ķ „ŧķ †™ķ †‘ķ …–ķ †Œķ †€ķ †ģķ ‡‹ķ …†ķ …¨ķ „Ŧķ „¸ī¸ķ †’ķ „™ķ „Ŧķ ‡…ķ …‰ķ ‡‘ķ †˛ķ ‡’ķ †‡ķ …ķ …°ķ „ĩķ ‡˜ķ „ ķ †§ķ …„ķ …¯ķ „Ŗķ †Ļķ †ģķ †ŗķ ‡œķ „­ķ ‡‘ķ …Ēķ …ēķ †Žķ „Ŋķ ‡Ēķ …ļķ „†ķ ‡ī¸€ī¸€ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯

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