{"id":56781,"date":"2019-03-22T17:10:22","date_gmt":"2019-03-22T17:10:22","guid":{"rendered":"https:\/\/stockchase.com\/discover\/?p=56781"},"modified":"2019-03-22T17:10:22","modified_gmt":"2019-03-22T17:10:22","slug":"top-companies-still-run-by-founders","status":"publish","type":"post","link":"https:\/\/stockchase.com\/discover\/top-companies-still-run-by-founders\/","title":{"rendered":"Top Companies Still Run By Founders"},"content":{"rendered":"

Founders have a vision, and those who are successful create an empire. Some of these companies, though established now, still have them as CEO. Many online platforms come to mind, such as Amazon<\/a>\u2019s Jeff Bezos, or Facebook<\/a>\u2019s Mark Zuckerberg. But there are other companies that are still led by their founder.<\/p>\n

Canada has its fair share of entrepreneurs turned successful businessman. Another Canadian unicorn is Shopify<\/a>, who has become a global leader in e-commerce. There\u2019s also the family-run giants such as Couchetard<\/a>, Dollarama<\/a> and Saputo<\/a> who\u2019s founders still weighs heavily in decisions.<\/p>\n

Here are the top companies still run by founders:<\/p>\n

💻 Technology<\/strong><\/p>\n

Shopify Inc. (SHOP-T)<\/a>
\nA Canadian unicorn that\u2019s grown to be the e-commerce leader. They provide a software platform for online commerce and retail POS systems. The have recently reported a sales growth of 45%, and it\u2019s sure to keep growing as e-commerce spreads.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Shopify\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tShopify Inc. (SHOP-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about SHOP-T: He made some nice $$ on it as it reached former peaks. But the stock blew by those and took out old resistance of 2021 highs. That's a breakout, and it's bullish, so nothing wrong with this stock.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Evertz Technologies Ltd. (ET-T)<\/a>
\nAn electronic systems manufacturer based in Canada. Their technology is used for broadcasting and in the film industry. They pay a good dividend and are forecasting a 10% increase in earnings. Management is very good and they are a leader in the sector.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Evertz\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tEvertz Technologies Ltd. (ET-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about ET-T: It is held very tightly by its two founders who own over half. It is in the telecommunications space involving television streaming over the Internet and has a nice niche in this market.They are big investors in new technology. Pays a 6% yield and every 3 or 4 years a special dividend…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Facebook (FB-Q)<\/a>
\nThe company that is synonymous with social media. They\u2019ve had some scandals, but the technology is hear to stay. They also own Instagram and WhatsApp. They are huge in digital marketing and advertising. Instagram is being touted as the next big thing for e-commerce as users are increasing using it to find items.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Meta\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tMeta Platforms, Inc. (META-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about META-Q: (A Top Pick Aug 28\/24, Up 53%) Didn't trim this either, in his top 5. 12-month price target of $805. You might write some calls, but it's another one that blew the doors off earnings. If you own it, hold on. For new $$, buy in thirds here, around $730, and anything…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Twitter, Inc (TWTR-N)<\/a>
\nThe micro-blogging platform that is great for aggregating news and quick communication. Many experts say that the company is here to stay, but they need to update their monetization strategy. If they can figure out the advertising, this could be a good play on social media. Jack Dorsey, the co-founder and CEO of twitter, is also the founder of Square (SQ-N), a mobile payment platform.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Twitter,\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tTwitter, Inc (TWTR-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about TWTR-N: Twitter, Inc. is the best and fastest place to see whats happening and what people are talking about all around the world. From breaking news and entertainment to sports and politics, from big events to everyday interests. If its happening anywhere, its happening first on Twitter. Twitter is where the full story…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Netflix Inc. (NFLX-Q)<\/a>
\nThe online, on-demand content streaming service. They\u2019ve moved into production of their own content, which has reaped big benefits. They are facing fierce competition with Amazon, Google and Disney but the company\u2019s cash flow is improving. Their Q4 earnings were very strong, with 27% increase in revenue in the year.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Netflix\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tNetflix Inc. (NFLX-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about NFLX-Q: Reports tomorrow. Best to look at both the 3-year and 1-year charts. Parabolic move off the trendline, now pulling back and basing, and that's OK. His team never buys the day before earnings, because you can get nasty shocks. But generally with NFLX, you don't. Looks constructive so far.Either wait for it…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

GoPro Inc (GPRO-Q)<\/a>
\nThe company that created the GoPro action cameras. They shuttered their drone department to focus on video editing and their camera department. Their earnings have been having some problems, and a closer review is required of their product market as well.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"GoPro\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tGoPro Inc (GPRO-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about GPRO-Q: (A Top Pick Jan 25\/16. Down 1.98%.) *Short*. Shorted this because we were having momentum to the downside in the market. Also, this had a high valuation.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Nvidia Corp (NVDA-Q)<\/a>
\nOne of the biggest names in graphics processing units. They reached their high of $270, and they\u2019re trading at $184.28 as of writing. Experts are expecting a move up soon. The stock price took a hit after missing on earnings. Since they are a chip maker, they coincide with the semiconductor market and tech sector.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"NVIDIA\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tNVIDIA Corporation (NVDA-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about NVDA-Q: Just hit a 52-week high today, and that might be an all-time high as well. Heartbeat of the AI space. Lots of runway for growth. 34x forward PE, but for 35-40% growth. From a PEG perspective, not expensive. A name to own as long as earnings continue.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Square Inc (SQ-N)<\/a>
\nA mobile payment platform and merchant services aggregator. Their organic revenue growth is 53% year over year and they\u2019re a leader in the space. The company is growing, with lots of potential still. The company\u2019s founder and CEO is also the founder and CEO of Twitter.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Block\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tBlock Inc (SQ-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about SQ-N: 12-month price target of $83.50, nice long runway. If there's a company that can disrupt payment or banking systems, it's this name. Very strong growth prospects. Agreed to buy Afterpay. February earnings missed on top and bottom, though they did increase guidance (probably due to Afterpay).<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Paycom Software Inc (PAYC-N)<\/a>
\nAn online payroll and HR technology provider. They also provide data analytics. They\u2019ve had a good track record of beating earnings. However, they are trading at 30-40 PE and is not cheap.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Paycom\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tPaycom (PAYC-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about PAYC-N: It's in a good sector--human capital software. Also likes Paycor.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Microsoft (MSFT-Q)<\/a>
\nThe company that is a giant in the information technology sector. They\u2019ve transitioned from selling physical items to software as a service. We featured this on our \u201cthe Top 17 Enterprise Software Stocks<\/a>\u201d,\u00a0stock list. They pay a nice dividend, and their subscription base means good recurring revenue with high margins.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Microsoft\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tMicrosoft Corp (MSFT-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about MSFT-Q: (A Top Pick Apr 15\/24, Up 24%) Steady 10-15% earnings growth, and a lot flows through to FCF. Can easily fund a lot of the AI buildout. Can't actually build fast enough to get the GPUs they need to grow the business, so this might be an issue. Azure still growing almost…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Alphabet Inc (C) (GOOG-Q)<\/a>
\nThe conglomerate created by Google. A good stock to hold long-term. They\u2019re facing their own scandal in the EU with anti-trust concerns but the fundamentals are great, and they dominate the cloud space.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Alphabet\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tAlphabet Inc (GOOG-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about GOOG-Q: (A Top Pick Oct 22\/24, Up 54%) Trading at a discount to the S&P average multiple, even after this wonderful run. That's on the back of increased earnings. When earnings increase rapidly but the price does too, the valuation doesn't change, and a company can still remain a very good buy.Depending on…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

🛍 Consumer<\/strong><\/p>\n

Dollarama Inc. (DOL-T)<\/a>
\nThe Chairman, Larry Rossy, who led the family run Quebec-based dollar store to an internationally recognized brand stepped down from the company in June 2018. However, he still holds majority stakes in the company and remains the executive chairman. The company is still in the family, being headed by Neil Rossy.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Dollarama\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tDollarama Inc. (DOL-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about DOL-T: Will be affected if Trump doesn't do a deal with China, because that's where they get their stuff. That's as far as he's going to go on fundamentals; charts tell us everything we need to know.\u00a0Chart shows the uptrend, and then the arc off trendline is a parabolic move. He'd bet that…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Saputo Inc. (SAP-T)<\/a>
\nLino Saputo, the founder of the company, remains the executive chairman of the global cheese manufacturer. The company grows primarily from mergers and acquisitions. They are a leader in their space and are the biggest producer in many countries.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Saputo\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tSaputo Inc. (SAP-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about SAP-T: Delivered a good quarter.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Alimentation Couche-Tard (B) (ATD.B-T)<\/a>
\nThe fabled Canadian convenience store is still run by the founder and chairman Alain Bouchard. They continually add value for investors, and are growing through acquisitions. They are also a major distributor of gas and their integration of acquired service stations have been going well. They were largely spared from the pull-back last December, and are hitting their 52-week high.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Alimentation\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tAlimentation Couche-Tard (B) (ATD.B-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about ATD.B-T: It is a growth by acquisition company and is disciplined about not over-paying. It ranks at an attractive level. The cost of fuel is a concern and where do they get their margins. Look elsewhere on an overall basis with consumer related stocks.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Amazon.com (AMZN-Q)<\/a>
\nThe most popular e-commerce and cloud computing company. Their cloud business continues to grow and everyone has shopped on them before. One thing to note, Amazon\u2019s PE is quite high.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Amazon.com,\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tAmazon.com, Inc. (AMZN-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about AMZN-Q: S&P is at new highs, but not this name. Chart shows what could be a double top (you have 2 peaks where a push higher failed). Old point of resistance ~$180 becomes support, and that's the neckline. If it pulls back and bounces off, then it's probably a consolidation. But if it…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Boston Beer (SAM-N)<\/a>
\nA leading brewer of beer. They\u2019ve won more than 500 awards, and they have a huge market share on the craft beer sector. They recently jumped following a SmarTrend\u2019s Buy recommendation.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Boston\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tBoston Beer (SAM-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about SAM-N: Trevor Rose\u2019s Insights - Trevor\u2019s most-liked answers from 5i Research SAM produces and sells a number of popular beer and seltzer brands including Samuel Adams and Twisted Tea. The stock has taken a hit recently after missing on revenue and EPS forecasts for Q2. Analyst estimates forecast significant EPS expansion over the…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Under Armour (UA-N)<\/a>
\nThe apparel company that\u2019s most recognized by their sports line. Their stocks stumbled in 2017 and is now recovering slowly.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Under\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tUnder Armour (UA-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about UA-N: A great spec. They need a couple of good quarters. Nike is coming back with a vengeance.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

Tesla Motors Inc (TSLA-Q)<\/a>
\nThe leader in electric vehicles and clean energy. They are getting rid of their stores and cars will be purchased online. A lot of people believe in Elon Musk and he\u2019s delivered quite consistently. This could have some volatility, but in the long-term, it is a great name.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Tesla\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tTesla Inc (TSLA-Q) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about TSLA-Q: Expecting a slowdown? This one's quite the anomaly. Today he heard someone justify the valuation when they looked 10 years into the future (if robotaxis and everything else plays out almost to perfection). He might be too old-school for this, but he can't pay 200x PE or more for this company.Thinks there's…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

👨‍⚕️ Healthcare<\/strong><\/p>\n

Canopy Growth Corp. (WEED-T)<\/a>
\nBruce Linton leads the first cannabis producing company in North America to go public. They\u2019re also the first cannabis producer that\u2019s listed on the NYSE.The company has market support for capital, that has raised over $6 billion , with Constellation Brands taking a major stake in the company.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"Canopy\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tCanopy Growth Corp. (WEED-T) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about WEED-T: Cannabis has had weak returns on capital and he has seen too much capital invested and destroyed. He doesn't see it as a space to invest in. Wants to see major consolidation and improvement in regulation.<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n

📦 Courier Services<\/strong>
\nFedEx (FDX-N)<\/a>
\nAn American multinational courier delivery company. They\u2019ve pulled back quite a bit after they reduced their expectations for 2019. It\u2019s been affected by macro events and the tariffs war. It is a quality name, with a buying opportunity.<\/p>\n

\n\t\t\t
\n\t\t\t\t\n\t\t\t\t\t\"FedEx\t\t\t\t<\/a>\n\t\t<\/div>\n\t\n\t
\n\t\t\n\t\t\tFedEx (FDX-N) \u2014 Stockchase\t\t<\/a>\n\t<\/div>\n\t
\n\t\t\n\t\t\t

Opinion about FDX-N: Last night, they reported a surprisingly good quarter, so shares jumped 2.3%. It has struggled since summer 2024 and especially during the tariff spring of 2025. Is still -17.6% this year and has been downgraded recently. Total revenue is +3% YOY, driven by core FedEx express business. Adjusted EPS easily beat and…<\/p>\n\t\t<\/a>\n\t<\/div>\n\t

\n\t\t\"stockchase.com\"\t\tstockchase.com\t<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Founders have a vision, and those who are successful create an empire. Some of these companies, though established now, still have them as CEO. Many online platforms come to mind, such as Amazon\u2019s Jeff Bezos, or Facebook\u2019s Mark Zuckerberg. But […]<\/p>\n","protected":false},"author":9,"featured_media":57183,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"cwp_meta_box_check":"No","cwp_rev_product_name":"","cwp_rev_product_image":"","wppr_links":[],"cwp_rev_price":"","wppr_options":[],"wppr_pros":[],"wppr_cons":[],"footnotes":""},"categories":[17],"tags":[],"class_list":["post-56781","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-lists"],"wppr_data":{"cwp_meta_box_check":"No"},"_links":{"self":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/56781","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/comments?post=56781"}],"version-history":[{"count":0,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/posts\/56781\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media\/57183"}],"wp:attachment":[{"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/media?parent=56781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/categories?post=56781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stockchase.com\/discover\/wp-json\/wp\/v2\/tags?post=56781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}