{"id":54178,"date":"2021-11-01T13:56:00","date_gmt":"2021-11-01T17:56:00","guid":{"rendered":"https:\/\/www.shortform.com\/blog\/?p=54178"},"modified":"2021-11-15T14:44:06","modified_gmt":"2021-11-15T18:44:06","slug":"poor-charlies-almanack-book","status":"publish","type":"post","link":"https:\/\/www.shortform.com\/blog\/poor-charlies-almanack-book\/","title":{"rendered":"Poor Charlie\u2019s Almanack: Book Overview"},"content":{"rendered":"\n<p>What is the book <em> Poor Charlie\u2019s Almanack<\/em> about? What investment tips can you get from the book?<\/p>\n\n\n\n<p>The <em>Poor Charlie\u2019s Almanack<\/em> book is a collection of Charlie Munger\u2019s best advice given over 30 years in the form of roundtable talks and public speeches. On investing, Charlie emphasizes investing in high-quality businesses with good management and established competitive advantages.<\/p>\n\n\n\n<p>Read on to learn more about the lessons on management and investing from the book <em>Poor Charlie\u2019s Almanack<\/em>.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Poor Charlie\u2019s Lessons<\/strong><\/h2>\n\n\n\n<p>Charlie Munger is Warren Buffett\u2019s long-time partner at Berkshire Hathaway. Content to being the lesser-known of the two, Munger is no less impressive. Bill Gates says that Charlie Munger \u201cis truly the broadest thinker I have ever encountered,\u201d and Buffett calls him the ideal partner who is \u201cboth smarter and wiser.\u201d\u00a0<\/p>\n\n\n\n<p>The<em> Poor Charlie\u2019s Almanack<\/em> book is a collection of Charlie Munger\u2019s best advice given over 30 years, in the form of 11 speeches given as commencement addresses and roundtable talks. He covers a wide range of topics, including rationality and decision making, investing, and how to <a href=\"https:\/\/www.shortform.com\/blog\/living-a-good-life\/\">live a good life<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Rationality and Decision Making<\/strong><\/h3>\n\n\n\n<p>When asked to describe himself in one word, Charlie Munger chose \u201crational.\u201d He knows he\u2019s subject to the same biases affecting all other humans. The book <em>Poor Charlie\u2019s Almanack<\/em> explains how he trained himself to recognize when the biases are active and how to limit their damage.\u00a0<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Objectivity and Changing One\u2019s Mind<\/strong><\/h4>\n\n\n\n<p>If you want to <a href=\"https:\/\/www.shortform.com\/blog\/make-better-decisions\/\">make better decisions<\/a>, you need to seek truth\u2014what is really happening in the world, not what you <em>want <\/em>to believe is happening. Recognizing the truth is often painful\u2014it may go against your prior beliefs or desires, but recognizing reality is better than deluding yourself. Three steps to seeking the truth are listed in the <em>Poor Charlie\u2019s Almanack<\/em> book:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>First, recognize that it\u2019s very easy to delude yourself.&nbsp;<\/li><li>Second, <strong>you should readily entertain other opinions<\/strong>. You should deliberately consider arguments of the other side. In fact, try to state the other side\u2019s opinions better than they can themselves.<\/li><li>Third, after considering other viewpoints, <strong>you should readily change your mind<\/strong>. <strong>Be willing to destroy your favorite ideas<\/strong>. Munger says that any year he doesn\u2019t destroy one of his beloved ideas is a wasted year.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Practice Divergent and Contrary Thinking<\/strong><\/h4>\n\n\n\n<p><a href=\"https:\/\/www.shortform.com\/blog\/social-proof-examples-cialdini\/\">Social proof bias<\/a> is the tendency to believe what others believe, to improve social cohesion. This causes humans to think like sheep, even if the ideas they believe are wrong. <strong>Practicing <a href=\"https:\/\/www.shortform.com\/blog\/contrarian-thinking\/\">contrary thinking<\/a> invites new ideas that might be more correct than what everyone else thinks<\/strong>.<\/p>\n\n\n\n<p>Munger and Buffett practice this regularly in their financial management. If you adopt the same investment practices as everyone else, you can by definition only get average returns. To achieve outstanding returns, you need to think differently from the crowd.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Invert, Always Invert<\/strong><\/h4>\n\n\n\n<p>One way to practice <a href=\"https:\/\/www.shortform.com\/blog\/convergent-vs-divergent-thinking\/\">divergent thinking<\/a> is to invert your view on a situation, to look at it from the opposite perspective. This can reveal new insights. \u201cMany hard problems are best solved only when they are addressed backwards.\u201d<\/p>\n\n\n\n<p>The <em>Poor Charlie\u2019s Almanack<\/em> book provides a few examples of inverting thinking:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Instead of thinking about how something can succeed, think about how it can fail. \u201cWhat can go wrong that I haven\u2019t seen?\u201d<\/li><li>When physicists were trying to revise Maxwell\u2019s electromagnetic laws to be consistent with Newton\u2019s mechanical laws, Einstein inverted the situation\u2014he revised Newton\u2019s laws to fit Maxwell\u2019s, and so discovered special relativity.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Know Your Circle of Competence<\/strong><\/h4>\n\n\n\n<p>To make good decisions, you need to know what you\u2019re good at and what you\u2019re bad at. In the book <em>Poor Charlie\u2019s Almanack<\/em>, Munger calls this the \u201ccircle of competence\u201d\u2014know where your boundary is, and don\u2019t step outside of the circle.<\/p>\n\n\n\n<p>Here are quotes from the book <em>Poor Charlie\u2019s Almanack<\/em> that elaborate on this idea:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u201cKnowing what you don\u2019t know is more useful than being brilliant.\u201d<\/li><li>\u201cPeople are trying to be smart\u2014all I am trying to do is not to be idiotic, but it\u2019s harder than most people think.\u201d<\/li><li>\u201cYou have to figure out what your own aptitudes are. If you play games where other people have the aptitudes and you don&#8217;t, you are going to lose.\u201d<\/li><li>\u201cIt\u2019s great to have a manager with a 160 IQ\u2014unless he thinks it\u2019s 180.\u201d<\/li><\/ul>\n\n\n\n<p>In investments, Charlie Munger and Warren Buffett know what they\u2019re good at and what they\u2019re bad at. They hesitate to stray outside their <a href=\"https:\/\/www.shortform.com\/blog\/circle-of-competence\/\">circle of competence<\/a>. For example, the <em>Poor Charlie\u2019s Almanack<\/em> book shows that they have three baskets for investing: yes, no, and too tough to understand.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>First, Munger looks for an easy to understand, dominant business franchise that can sustain itself and thrive in all market environments. Most businesses don\u2019t make this cut.<\/li><li>Certain businesses, like pharmaceuticals and technology, go into the \u201ctoo tough to understand\u201d bucket. Munger finds that the dynamics of software and computer chips are simply outside their area of expertise, so they reject them completely. <strong>Munger and Buffett don\u2019t try to grasp the esoteric\u2014they simply try to remember the obvious.<\/strong>&nbsp;<\/li><li>\u201cHot\u201d deals and IPOs get rejected as no\u2019s (Munger considers these as overhyped and overpriced).<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Learn Vicariously from Others\u2019 Mistakes<\/strong><\/h4>\n\n\n\n<p>One of the major lessons in the <em>Poor Charlie\u2019s Almanack<\/em> book is that Munger and Buffett both read and learn constantly, and one of the reasons is to<strong> learn from other people\u2019s mistakes<\/strong>. You can learn vicariously from other people\u2019s terrible experiences and save yourself from the same fate.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Understand and Avoid Psychological Biases<\/strong><\/h3>\n\n\n\n<p>A student of human psychology, Munger compiled a list of 25 <a href=\"https:\/\/www.shortform.com\/blog\/cognitive-heuristics\/\">psychological biases<\/a> that distort how you see the world and impair <a href=\"https:\/\/www.shortform.com\/blog\/methods-of-decision-making-crucial-conversations\/\">decision-making<\/a>. Here are a few of the notable ones explored in the <em>Poor Charlie\u2019s Almanack <\/em>book:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.shortform.com\/blog\/what-is-incentive-meaning-and-definition-economics\/\">Incentive<\/a> bias: Self-interest drives human behavior. If someone receives rewards for doing a behavior, they will do that behavior again and again.<\/li><li>Doubt-avoidance tendency: Doubt is painful, causing puzzlement and stress. When you feel doubt, you reach a decision more quickly than a fully considered decision would take.<\/li><li>Inconsistency-avoidance tendency: People are reluctant to change. This applies to personal behavior, beliefs, relationships, and commitments. Once someone believes something, it\u2019s typically hard for them to change their mind.<\/li><li>Influence from mere association: When two items are placed close together, the qualities of one item transfer to the other. If you like something, you\u2019ll like other things that it\u2019s paired with. The inverse is also true.<\/li><li>Deprival superreaction: We hate having things taken away from us. Being deprived of things ignites a strong counterreaction.<\/li><li><a href=\"https:\/\/www.shortform.com\/blog\/social-proof-theory\/\">Social proof<\/a>: You think you\u2019re in independent control of your actions, but in reality you do what you observe from other people. You think their thoughts and you mirror their actions.<\/li><li>Authority misinfluence: Man was born mostly to follow leaders, with only a few people doing the leading. People tend to follow instructions from authority, even blindly.<\/li><li>Lollapaloozas: this is a kind of \u201csuper-tendency\u201d\u2014it involves the confluence of multiple tendencies that reinforce each other and lead to extreme consequences. Examples include people who join extreme cults and the <a href=\"https:\/\/www.shortform.com\/blog\/deference-to-authority-milgram-shock-experiment\/\">Milgram shock experiment<\/a>.<\/li><\/ul>\n\n\n\n<p>The best way to guard against biases is to learn what they are and how they affect cognition, then construct a checklist to go through each one and think about whether it\u2019s affecting your current judgment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Build a Latticework of Mental Models<\/strong><\/h3>\n\n\n\n<p>Charlie Munger has learned a lot about the world, and he calls the main ideas from the major fields \u201cmental models.\u201d He stresses the importance of <strong>multidisciplinary learning<\/strong> and <strong>connecting the major ideas together in a latticework<\/strong>, where the ideas can interact with each other.<\/p>\n\n\n\n<p>The inferior way to learn is to learn isolated facts that exist entirely in separate silos. You can recite the facts, but you don\u2019t know the ideas underlying them, and you can\u2019t apply those ideas to solve problems in real life. This is a failure of rote learning, which is common in many national education systems.<\/p>\n\n\n\n<p>The <em>Poor Charlie\u2019s Almanack<\/em> book effectively conveys Munger\u2019s argument that the superior way to learn is to <strong>learn lots of <a href=\"https:\/\/www.shortform.com\/blog\/increase-focus\/\">mental models<\/a>, then assemble them into a connected latticework (or a network)<\/strong>.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What are Mental Models?<\/strong><\/h4>\n\n\n\n<p>You can think of \u201cmental models\u201d as <strong>important ideas in a field that have broad relevance outside the field itself<\/strong>.<\/p>\n\n\n\n<p>For example, the idea of \u201ccritical mass\u201d comes from physics. Within the field of physics, the idea of critical mass relates specifically to the mass needed to sustain a nuclear chain reaction\u2014if you have less than the critical mass, a chain reaction won\u2019t perpetuate itself. But this concept applies generally outside of physics\u2014metaphorically, it can apply to the minimal mass needed to start <em>any<\/em> <a href=\"https:\/\/www.shortform.com\/blog\/virtuous-cycle-john-malone\/\">virtuous cycle<\/a>, like the minimum number of users needed to get a social networking app off the ground.<\/p>\n\n\n\n<p>Other <a href=\"https:\/\/www.shortform.com\/blog\/types-of-mental-models\/\">examples of mental models<\/a> include \u201cmargin of safety\u201d from engineering, \u201ccompound interest\u201d from math, and \u201cfeedback loops\u201d from biology.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Learn Models from Different Fields<\/strong><\/h4>\n\n\n\n<p>The best ideas in the world exist in each of the major fields. No single academic department has all the answers to all the problems. <strong>To become the most versatile problem solver, you need to collect mental models from every major field of study.<\/strong><\/p>\n\n\n\n<p>Modern academia tends to silo fields of study into isolated departments. Ideas stay narrowly defined, and experts within the field stay largely within their lane. Munger argues this is why a literature professor can be esteemed in her field but be considered unwise in other aspects of life.<\/p>\n\n\n\n<p>When you have models from different fields working together, this can yield surprising results that other people don\u2019t see.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>A Latticework of Mental Models<\/strong><\/h4>\n\n\n\n<p>As you collect more of these ideas, you will start relating them together. For example, you might see how stock market swings are a combination of psychological biases (loss aversion, social proof), <a href=\"https:\/\/www.shortform.com\/blog\/feedback-loop-meaning\/\">feedback loops<\/a> from biology, critical mass from physics, and random walks from math. These connected ideas form a <strong><a href=\"https:\/\/www.shortform.com\/blog\/latticework-of-mental-models\/\">latticework of mental models<\/a><\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>On Investing<\/strong><\/h3>\n\n\n\n<p>In the <em>Poor Charlie\u2019s Almanack<\/em> boo<em>k<\/em>, Munger doesn\u2019t talk directly about Berkshire Hathaway\u2019s decisions much, but he does share the general investment philosophies and practices that have made them successful over decades.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Be Patient But Decisive<\/strong><\/h4>\n\n\n\n<p>Warren Buffett and Charlie Munger make successful investments because they\u2019re able to wait patiently for great deals. Unlike many investors, they don\u2019t mind staying inactive, even for years at a time, when they don\u2019t see great opportunities. However, when they <em>do<\/em> see great opportunities, they bet big.&nbsp;<\/p>\n\n\n\n<p>When Warren Buffett lectures at business schools, he\u2019s known for saying that everyone would make better investments if they were given a punch card with twenty slots in it and <strong>were restricted to only twenty investments throughout their entire lifetime<\/strong>. Once they punched all twenty holes, they would be able to make zero additional investments. Under these conditions, investors would be much more discerning about which investments to pursue, and they\u2019d bet big on the few investments they found.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Find High-Quality Businesses<\/strong><\/h4>\n\n\n\n<p>Beyond just looking for cheap deals, Munger looks for high-quality businesses. In sum, these are profitable businesses that have a sustainable <a href=\"https:\/\/www.shortform.com\/blog\/business-competitive-advantage\/\">competitive advantage<\/a> and good growth prospects.&nbsp;<\/p>\n\n\n\n<p>The quality of a company may even override cheapness\u2014\u201d<strong>a <a href=\"https:\/\/www.shortform.com\/blog\/qualities-of-a-good-business\/\">great business<\/a> at a fair price is superior to a fair business at a great price.<\/strong>\u201d A company that returns 18% on capital over twenty years can get amazing results, even if you pay a price that looks expensive at first.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Moats and Competitive Advantage<\/strong><\/h4>\n\n\n\n<p>Munger and Buffett consider the <strong>primary factor of a great business to be an enduring competitive advantage<\/strong>\u2014what they call a \u201cmoat.\u201d Like a moat protecting a castle, the competitive advantage allows a business to resist being made obsolete by competitors or changing markets. Examples of moats include loyal branding (such as See\u2019s Candies) or a massive distribution system that is hard to rival (such as Coca-Cola).<\/p>\n\n\n\n<p>Berkshire Hathaway thus counsels its companies to widen their moats every year. This doesn\u2019t necessarily mean earning more profits each year, but rather growing a company\u2019s strategic position to weather the long term.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Management Matters<\/strong><\/h4>\n\n\n\n<p>The father of value investing Ben Graham never accounted for management quality in his value investing principles, partially because he was writing to a mass audience who wouldn\u2019t have the opportunity to talk to and assess management, and partially because he had an intrinsic distrust of management.<\/p>\n\n\n\n<p>But Munger and Buffett believe management can make a big difference. For example, famed CEO <a href=\"https:\/\/www.shortform.com\/blog\/jack-welch-ge-leadership\/\">Jack Welch<\/a> made a big difference for General Electric, in ways that the manager of Westinghouse didn\u2019t. Munger <strong>looks for management that is 1) unusually skilled and 2) trustworthy<\/strong>.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Valuing Companies<\/strong><\/h4>\n\n\n\n<p>Of course, to earn great returns, it\u2019s important not just to find great businesses, but also great businesses at great prices. <strong>Even a fantastic business can be a terrible investment if the price is too high.<\/strong><\/p>\n\n\n\n<p>The mechanisms of betting on a horse race is used as an example in the <em>Poor Charlie\u2019s Almanack <\/em>book. The best horse is often obvious, based on its track record, weight, health, and so on, and it\u2019s clearly better than a sickly horse with a bad record. But the odds already reflect that\u2014the best horse might have odds of 2 to 1, while the bad horse has odds of 50 to 1. Which is the better deal? It\u2019s not immediately clear.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>On Character and Living a Good Life<\/strong><\/h3>\n\n\n\n<p>In all, the <em>Poor Charlie\u2019s Almanack<\/em> book portrays Charlie Munger as a man of solid character\u2014hard-working, humble, and always learning. In his speeches, he talks often about the traits leading to a happy and <a href=\"https:\/\/www.shortform.com\/blog\/productive-life\/\">productive life<\/a>.&nbsp;<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>How to Live Happily<\/strong><\/h4>\n\n\n\n<ul class=\"wp-block-list\"><li>Have low expectations.<\/li><li>Have a sense of humor<\/li><li>Surround yourself with the love of friends and family.<\/li><li>Figure out the lifestyle that you want most. You might indeed work eighty hours a week for fifteen years to make partner at a law firm, just to get the right to do more of the same. But if you don\u2019t, this might not be the right life for you.<\/li><li>To get what you want, try to <em>deserve<\/em> what you want.<\/li><li>Avoid self-pity. It\u2019s counterproductive and doesn\u2019t change your situation. If you don\u2019t feel self-pity, you\u2019ll have an advantage over many people, since it\u2019s a common response. Munger had a friend who carried a stack of business cards, and when he heard a self-pitying comment, he\u2019d give the person a card; the card read, \u201cYour story has touched my heart. Never have I heard of anyone with as many misfortunes as you.\u201d<\/li><li>Be around people you admire. Don\u2019t work under someone you don\u2019t want to be like.<\/li><li>Work hard. Munger likes the word \u201cassiduity\u201d because it informally means, \u201cSit down on your ass until you do it.\u201d<\/li><li>Anticipate trouble. You\u2019ll better know how to avoid it.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Moral Character and Honesty<\/strong><\/h4>\n\n\n\n<p>Munger cares a lot about reputation\u2014the reputation of Berkshire Hathaway, of its owned companies, and of himself. He desires integrity from people he works with and managers of companies he wants to acquire. Companies that have a trusted brand name have a competitive advantage that can persist over time. Trust takes a long time to build, and an instant to vanish.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u201cWhen you borrow a man\u2019s car, you always return it with a full tank of gas.\u201d People notice these little things.<\/li><li>Track records are important, and if you develop one in an integral trait like honesty, you\u2019ll have a big advantage in the world.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Constant Learning<\/strong><\/h4>\n\n\n\n<p>Munger and Buffett are both famous for their curiosity and their voracious reading.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>\u201c<strong>In my whole life, I have known no wise people (over a broad subject matter area) who didn\u2019t read all the time \u2014 none, zero.<\/strong> You\u2019d be amazed at how much Warren reads \u2014 and at how much I read. My children laugh at me. They think I\u2019m a book with a couple of legs sticking out.\u201d<\/li><li><strong>\u201cYou need to have a passionate interest in why things are happening.<\/strong> That cast of mind, kept over long periods, gradually improves your ability to focus on reality. If you don\u2019t have that cast of mind, you\u2019re destined for failure even if you have a high I.Q.\u201d<\/li><li>Spend each day trying to be a little smarter than when you woke up.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Work Hard<\/strong><\/h4>\n\n\n\n<p>Success doesn\u2019t come without hard work.&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Munger thinks that passion is more important than natural talent or brain power. Berkshire has many companies with people who are fanatics about their business.<\/li><li>Munger and Buffett are both famous for reading a lot. But reading isn\u2019t enough\u2014you need to have the courage to choose the right ideas and do good things with them.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>What is the book Poor Charlie\u2019s Almanack about? What investment tips can you get from the book? The Poor Charlie\u2019s Almanack book is a collection of Charlie Munger\u2019s best advice given over 30 years in the form of roundtable talks and public speeches. On investing, Charlie emphasizes investing in high-quality businesses with good management and established competitive advantages. Read on to learn more about the lessons on management and investing from the book Poor Charlie\u2019s Almanack.<\/p>\n","protected":false},"author":10,"featured_media":54180,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,45,43],"tags":[533],"class_list":["post-54178","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-books","category-business","category-self-improvement","tag-poor-charlies-almanack","","tg-column-two"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v24.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Poor Charlie\u2019s Almanack: Book Overview - Shortform Books<\/title>\n<meta name=\"description\" content=\"The book Poor Charlie\u2019s Almanack is a collection of Munger\u2019s best advice over 30 years. Discover lessons on management and investing.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.shortform.com\/blog\/poor-charlies-almanack-book\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Poor Charlie\u2019s Almanack: Book Overview\" \/>\n<meta property=\"og:description\" content=\"The book Poor Charlie\u2019s Almanack is a collection of Munger\u2019s best advice over 30 years. 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