How to Maximize Your 401k Mutual Fund Returns

Comments (20)


How to Maximize Your 401k Mutual Fund Returns

By: Ulli G. Niemann

When it comes to 401k's there is an overabundance of sad stories. Here is one that at least has a happy ending-and it's getting happier all the time.

Last year (in 2002) a friend of mine-let's call him Jack-phoned and asked if I could help him with his 401k. Jack works for a large company as Senior VP of lending and is financially pretty astute. However, when it came to his 401k mutual fund decisions, he had repeatedly made the same mistake most people were making. As a result, he saw his account drop in value substantially.

At the time we were in the midst of the 2000 bear market, which showed no sign of letting up. Jack had purchased into a Lifestyle fund because someone recommended it. By the time he finally bailed out, it cost him dearly. However, he continued to make the same mistake by reinvesting.

He checked with the 401k representative and subsequently switched to a variety of mutual funds ranging from World Stock to Domestic Hybrids, Large and Small Value as well as Growth. But nothing worked and his portfolio value headed further south.

By the time we met to discuss his 401k Jack was pretty disgusted by the canned advice he had received and the continued losses he was sustaining.

Jack knew that I had pretty much eluded the bear market of 2000 by having sold all of my clients' positions on 10/13/2000. We were safely in our money market accounts weathering out the storm (see my article 'How we eluded the bear in 2000 at http://www.successful-investment.com/articles12.) htm).

Thinking about this, Jack could only shake his head because at no point in the market slide had he ever been given what I believe was the right advice. That is, no one suggested that, since we were in a bear market, he might want to step aside and remain in the safety of his money market account. So he stayed invested, hoping against the evidence all around him to find something that was not crashing. That was his mistake, and one shared by many.

The advice that he consistently and continually received was that the market was close to a bottom, stocks "have to" move up from these levels, and, my personal money losing favorite, "the market can't go any lower." That's what people wanted to hear and believe. But my tracking system said otherwise, and I followed its indicators-much to the delight of my clients.

Jack wanted to know how I could help. Looking at his mutual fund choices I realized that they were actually pretty decent, and he had a variety of some 13 funds. So, what was the problem and how could we solve it? In a way, the answer was simple. But people were having to get pretty beat up before they would see it.

My first step was, with Jack's permission, to log on to his 401k web site. Then I started making some adjustments. Since my trend tracking model was still in a Sell mode, I liquidated all of his positions and moved the proceeds into money market. This accomplished one thing right away: He stopped losing money. When you stop moving backward, in relation to everyone else you are moving forward!

Second, as my trend index moved into a Buy mode on April 29, 2003, I researched his funds again. Based on strong momentum figures, I invested in two of his mutual fund choices. The result was very gratifying: the funds I chose moved up around 10% in the two months after my Buy. (Other funds I had tracked and selected for other types of investment programs moved up as much as 26% in that period.)

Jack's been happy ever since. While the 10% appreciation is not as great as I was able to do with assets outside his 401k, it still confirms that the key to successful investing is methodology and discipline. Our disciplined approach relies on objective information. It disregards Wall Street hype designed to perpetuate commission-rich buy now while it's low, or buy and hold strategies.

If you have been in a situation similar to Jack's, or you want to avoid being in one, find an investment advisor who bases his decisions on a measured and objective approach. That will give you the edge no matter whether the market is going up or down and will give you the greatest protection from sad stories with your 401k.

Copyright by Ulli G. Niemann

About The Author

Ulli Niemann is an investment advisor and has written about methodical approaches to investing for over 10 years. He avoided the bear market of 2000 and has helped countless people make better investment decisions. Subscribe to his free newsletter: www.successful-investment.com


ulli@successful-investment.com

Comments

JoeSalsa 13.10.2007. 19:44

How can you maximize returns from mutual funds if are penalized for frequent exchanges? There are several mutual fund options in my 401k program. Most of which penalize or suspend you for "round trip" trading. So when the market goes down several times a year, and I want to maximize my ROI and YTD, I can't put the money into a stable value fund more than 2 times in 90 days, or 4 times total per year. Pretty stupid...so how do I get the most out of my money when I am limited to this?
Though I understand that my retirement is important, I don't see how riding in a fund that tanking is logical. Why not go into stable when the market is down and go back in when it's up? Can I rely on the fund manager to do this? My goal is to get 15% return and keep it there. I want to retire comfortably, but I want my money to work harder than it is now at 9-10%.

JoeSalsa

Admin 13.10.2007. 19:44

A 15% return in mutual funds is COMPLETELY unrealistic, and isn't going to happen on a consistent basis EVER!

If you dislike the 401(k) restrictions (placed on you by a company that are apparently trying to protect you from yourself!) then go work somewhere else!

Presumably you have all the data for what you've been TRYING to accomplish, so try this: get the historical data for all the funds that are available to you, and actually SEE if the way you think you can make more money actually works! Don't forget, you pay a FEE inside the fund every time you switch from one investment to another, the folks executing your trades are doing it to pay their rent, not to maximize your return!

To get the "most out of your money", if you are a "young person" (just a wild guess), put 100% of it in the MOST volatile fund option you have: that way, your payroll deducted contributions will buy more when the price is down, and less when it's up. Assuming the trend is up (long-term), you'll make out like a bandit without playing silly-buggers.

(P.S. My 401(k) is currently invested 55% in Fidelity Contrafund, 20% in Genesis Bond Fund, 15% in International, and 10% in a junk bond fund. I've had the same allocation for 3 years, and YTD I'm up 19.2%....with no transfers & without a single trade other than the "buys"!)

Quit trying so hard, you are only hurting yourself!

Admin

radioactive_babywipes 17.08.2008. 03:59

What are other ways of diversifying one's financial portfolio? Besides stocks, bonds,401k, IRAs, mutual funds, CDs, money market, and savings accounts

radioactive_babywipes

Admin 17.08.2008. 03:59

Seasoned investors diversify their portfolio by speculating in the foreign exchange market with the help of a money manager. The purpose of such an investment strategy is to diversify and balance your overall investment portfolio. By participating in foreign exchange trading, you have the opportunity to make money when the economy is good, and more so when the economy is going bad.

Money managers are defined as a business tasked to manage the investment portfolio of an individual or institutional investor. Money managers are qualified professionals whose job is to help you get the best return for your money. They monitor the different markets to help you maximize returns.

In return for a fee, your money manager will help you develop an appropriate investment strategy, and ongoing management to help meet those goals. With fee-based management, as opposed to transaction-based management, you and your advisor are on the same side. It is in the best interest of both the money manager and client to see the portfolio grow.

Professional money managers do not receive commissions on transactions, but are paid either based on a percentage of assets under management, or earn their fees based on returns generated for your portfolio.

Hope my input helps.
http://jsforex.blogspot.com
Managed Accounts - Forex Trading

Admin

Andy 20.11.2012. 22:10

I have $100k to invest for my retirement. What is best to maximize my return? I'm about to turn 30 years old and will shortly be receiving a gift of $100k in the form of a couple of (low interest) CDs. I plan on investing this for my retirement. What is some advice on how I can maximize my return and get the most out of my $100k over the next 35 years. Is it unrealistic to hope for $1-$1.5m in 35-40 years? Thanks all!
This is all great information. I do know $1.5m is the minimum I would like to have at retirement if I want to live off of dividends for the next 25 or so years. I do plan on using a professional, experienced investor one I move forward, but I am untilamtely looking for different viewpoints on what can be done. I'm really not savvy in investments and the last thing I want to do is give some guy (or gal) $100k and let them tell me whats best with no sense of what theyre saying. I want to be involved and make sure I know the right questions to ask while meeting with advisors. Its encouraging to know that there are ways to make my retirement goals possible with the right help and expertise. I still have a lot to learn though!

Andy

Admin 20.11.2012. 22:10

Standard investment advice is that you should invest in a diversified mix of stocks, bonds, and money market funds. If you are like most people you will invest part of your money aggressively in stocks, and part conservatively in money market funds and bond funds. However, some young people will go all stocks, and some very conservative people will go all money markets. The links below have on-line questionnaires which will give you an idea of how to do "Asset Allocation," determining how much to put in each type of investment.

You want to buy a diversified portfolio of stocks as individual stocks are too risky. Highly knowledgeable people can buy a properly balanced portfolio, but most folks have a difficult time balancing things on their own. They will misbalance their portfolio by buying all small stocks or all growth stocks, or some other misbalanced assortment of stocks. Back in 2000, Some people bought all Internet stocks; they got burnt when they all crashed together. You have to diversify across industries. Unless you know what you are doing, it is best to buy mutual funds that will diversify for you. Buy no-load, low cost funds. Mutual funds should have expense ratios of less than 0.4%.

I like index funds. Because of their broad diversification, you are less likely to have a dramatic drop in value. They also have the lowest management fees. For stock funds, I like putting ~70% of one's money in the Vanguard Total Stock Market Index Fund. and ~30% in the Vanguard Total International Stock Index Fund. The Vanguard Total Bond Market Index Fund is good for a bond fund. The Vanguard Target Retirement funds can be a good all-in-one stock and bond funds for an IRA. (If you have less than 3,000 dollars, you'll have to use the Target Retirement Funds) There are many different opinions out there on what the best mutual funds are. Read the links below and form your own opinion.

If your company offers a 401K plan at work, try to invest the most you can. The money grows tax free, and some companies will match your contribution.You can max out your contribution each year to the 401k. You then spend some of your gift money to live on. This way you gradually convert your gift money which is taxed, to a 401k that is untaxed. Investing in a mutual fund IRA is also a good idea. If you have children, you may want to consider a 529 plan or other college savings plan that grows tax free.

If you have high-interest debt, like credit cards, it is best to pay this off first before trying most of the investment ideas above. You should also have 3-6 months of salary saved up as an emergency fund in a bank or money market fund before trying more risky investments.

I will warn you that there is a tremendous amount of stock investing books and websites that teach stock investing strategies that don't work. Particularly bad are people that teach "technical analysis" systems that sound impressive, but don't work.

Believing advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial advisor. They will charge you significant commissions, however. I prefer not to use one, but some people just can't understand it, and need their hand held.

Admin

~*Nicole*~ 28.03.2008. 14:41

Can someone explain what a 401k is? I am applying for a job that offers 401k, and i've never had that before so am not familiar with what it is and how it works. Can anyone explain this to me?

~*Nicole*~

Admin 28.03.2008. 14:41

A 401(k) plan is a tax advantaged plan designed to help you save for retirement.

The name of the plan comes from the section of the tax law that called for it's creation.

Here's how it works. You can elect to have your employer set aside a certain percentage or amount of your paycheck that goes to this retirement account. This money is set aside before you pay taxes and you don't pay income tax on it. There is a maximum amount you can put into the account in a year and it is currently $15,500 per year. If you are 50 or older you are allowed an additional $5,000 per year make up contribution.

Many employers choose to match a certain percentage of the money that you put aside towards retirement. Some match dollar for dollar and others will put in some fraction of a dollar (50 or 75 cents per dollar) up to a maximum amount (often between 4 and 6%). It makes a lot of sense to put in at least as much to maximize your employer's match. Many times there is also a vesting period before your employer's match money really becomes your money (typically 3-5 years). If you leave the company before you are fully vested you will not get to keep all of the employer's matching funds, but are always fully vested in your own contributions.

Once these funds arrive in your account you usually have some control over the investment direction. Most 401(k) plans allow investments in anything from a stable-value fund (almost equivalent to savings account) to bond funds to mutual funds that invest in 100% stocks. Being young, you should invest in higher risk (higher return potential) investments. Often time company stock is also an option for your 401(k) plan. This is the single riskiest thing you can do with your money and you should limit your investment in company stock (your paycheck and your retirement depend upon a single company - look where that got the employees of Enron and Bear Stearns).

The only 'catch' is that it is designed as a retirement account and should be considered 'off-limits' until you are 59.5 years old. If for some reason you actually take a cash distribution you will be taxed at ordinary income tax rates and pay a 10% penalty. There are loan programs available from that money, but you'd be much better off to just forget they are available and let that money grow as intended. When you do finally withdraw the money after you've retired, it is taxed at ordinary income tax rates since you didn't pay tax on it before you put it in the account.

I hope that helped!

good luck!

Admin

kyle normin 28.07.2007. 15:39

What is the best way for me to start saving for retirement now? my age is 21?
I have about 300 dollars to work with each month for now and would like to retire at age 55.

kyle normin

Admin 28.07.2007. 15:39

Congratulations Kyle! The fact that you're starting so early is going to cement an awesome future for you!

$300 a month? I hit up dinkytown and threw the calculation into a savings calculator...

http://www.dinkytown.com/java/CompoundSavings.html

By just doing what you're doing and investing (at about a 7% return) you'll end up with about $480,000 by the time your 55! Not too bad at all!

How to get that 7% becomes the issue. Like one of the answerers said, 401k is the way to go if your job offers it. Most 401k's allow you to sock away 10-17% of your salary. What's more is that some companies will match you 50 cents on the dollar! That's free money and will get you a heck of a lot closer to that 7% if not over it.

You're very young and have a lot of time to weather the up's and down's of the market so I would encourage a high amount of risk but that's really a personal decision. The more risk you take the more potential return. The less risk then the the less return. If you went with 100% stock mutual funds then you'd get a high return but you'd have some years where you might (probably will) suffer a loss. If you went for all short term bonds let's say you'd probably get in the 5% range which would lower your total saved to around $314,000. Remember it's a long term game so a few losses are okay.

To retire comfortably the rule of thumb is about 80% of your salary. Remember that you'll be getting a raise for awhile (or at least I hope so!) so I'd take that into account. Maybe assume 3% per year.

No 401k? Then a Roth is the way to go. The difference is that a 401k takes "pre-tax" dollars and a Roth takes "after-tax" dollars. The advantage of a Roth is you pay taxes now but when you retire, the money comes out tax free. 401k's allow you to defer the tax now and pay when you pull the money out.

Confusing? This stuff can be. The best way to get a better feel is to get a couple books.
Here's a few to get you started...

Personal Finance for Dummies by Eric Tyson
This is a classic. Don't like the dummies part? Get over it. It's a good book based on fundamentals that will help increase the chances of retiring at 55.

Four Pillars of Investing by William Bernstein
An excellent book on investing and asset allocation to help maximize your return.

Best of luck to you...

Admin

Look Its Jay 03.09.2012. 21:23

Can anyone explain Roth IRA, 401k, etc to a youngster in layman's terms? http://finance.yahoo.com/news/7-ways-prepare-retirement-20s-183240105.html

I looked into this article as I am looking to save money for retirement. I am in my early 20's. Personal finance has always confused me.

Look Its Jay

Admin 03.09.2012. 21:23

Ok...I'll do my best.

Roth IRAs and 401(k)s are ways to save money for retirement. They both have tax advantages, but the tax advantage difference between the two is major. Unfortunately, the only way to know which is a better tax advantage is if you know what your tax bracket is now, and your tax bracket will be when you retire...and of course, no one knows that.

A 401k is a plan that is offered by your employer. You elect to contribute a certain percentage of your income into the plan. This income is put into your account before it is taxed. Your employer may or may not add contributions to your account. In most cases, your employer will match a percentage of your contributions (For example, with my employer, I can contribute up to 5% of my income into my 401k. My employer will contribute 1% of my income into my 401k whether I contribute anything or not. Then, they will match up to the next 4% of my account. So, if I contribute 4%, my employer will also contribute 5%). Typically, you have a choice of investments, but the choices are limited (we have 3 different accounts to choose from---one is based on the Dow Jones Index, one is based on the international market, and one is based on a very aggressive growth fund(). A 401k will grow based on the investments and your contributions and will not be taxed until you withdraw the funds at retirement. If you withdraw any funds before the age of 59 1/2, you will likely be subjected to income taxes on the entire withdrawl and a 10% penalty.

Roth IRAs are similar, but different. With a Roth IRA, you contribute your own funds, using your income that has already been taxed. You can contribute into almost any kind of investment (from a basic CD on up to mutual funds or other investments). You would contact the institution of your choosing, and set up your IRA account. Then, you would make deposits. This fund will grow based on your contributions and the investments' growth. When you withdraw the funds at retirment, you can withdraw them tax free. Much like the 401k, if you withdraw any funds before age 59 1/2, you will likely be subject to a 10% penalty.

So, as I said before, the decision on which to invest in comes down to two things: 1) Does you employer match your contributions? 2) What do you think your tax rate will be when you retire versus what it is now?

If your employer matches funds, your first choice should be to invest enough to maximize your employer's match. In other words, if your employer will match up to 3%, you should contribute 3%. That's a guaranteed 100% return.

After that, decide what you think will happen with taxes. If you think taxes will be higher when you retire than they are now, you should contribute in a Roth IRA. That way, you are paying taxes today, when you think they will be lower. If you think they will be lower when you retire than they are now, contribute to your 401k, since you'll pay your taxes later.

Admin

margaret_chan_sg 29.12.2007. 08:27

how do i maximise return on my cash? Array

margaret_chan_sg

Admin 29.12.2007. 08:27

Standard investment advice is that you should invest in a diversified mix of stocks, bonds, and money market funds. You want to buy a diversified portfolio of stocks as individual stocks are too risky. Most folks have a dificult time buying a properly balanced portfoilio of stocks on their own. They will misbalance their portfolio by buying all small stocks or all growth stocks, or some other misbalanced assortment of stocks. Unless you know what you are doing, it is best to buy mutual funds. I like Vanguard.com, other people like Fidelity, TIAA-CREF, and DFA. Buy no-load, low cost funds. If you are like most people you will invest part of your money aggressively in stock funds, and part conservatively in money market funds and bond funds. Vanguard has an on-line questionnaire which will give you an idea of how to do "Asset Allocation," determining how much to put in each type of fund.

If your company offers a 401K plan at work, try to invest the most you can. The money grows tax free, and some companies will match your contribution. Investing in a mutual fund IRA is also a good idea. If you have children, you may want to consider a 529 plan or other college savings plan that grows tax free.

I like index funds. Because of their broad diversification, you are less likely to have a dramatic drop in value. They also have the lowest expenses. For stock funds, I would suggest putting ~70-80% of your money in the Vanguard Total Stock Market Index Fund. and ~20-30% in a foreign stock index fund. However, there are many different opinions out there on what the best mutual funds are. Read the links below and form your own opinion.

Buying a house instead of renting will save you a lot of money in the long run. You don't have to pay rent and you build equity in your house instead. Buying rental property can also be a good investment. However, being a landlord can be hard work, and many people are not good at it. If you don't know how to handle deadbeat renters, you can have trouble.

If you have high-interest debt, like credit cards, it is best to pay this off first before trying most of the investment ideas above. You should also have 3-6 months of salary saved up as an emergency fund in a bank or money market fund before trying more risky investments.

Believing advice you get on Yahoo answers can be risky, so read these websites for further information. If you find it too confusing, contact a professional financial advisor. They will charge you significant commissions, however.

Sources:

http://www.vanguard.com/VGApp/hnw/planningeducation
http://www.fool.com/school.htm
http://sec.gov/investor/pubs/assetallocation.htm
http://www.diehards.org/readsites.htm
http://finance.yahoo.com/education/begin_investing
http://finance.yahoo.com/funds/basics

Asset Allocation Calculators
(Determining how much to put in stocks and how much into bonds and money markets is a personal decision depending on your financial status. These Asset Allocation questionaires give you a rough idea how to do this. I like Vanguard best, but try some of the other sites as well.)
https://personal.vanguard.com/VGApp/hnw/FundsInvQuestionnaire?cbdInitTransUrl=https%3A//flagship.vanguard.com/VGApp/hnw/planningeducation/education
https://ais2.tiaa-cref.org/cgi-bin/WebObjects.exe/DTAssetAlcEval
http://www.ifa.com/SurveyNET/index.aspx

Web forum: http://www.diehards.org/
(Many investment web forums are overrun by scam artists. This one seems the most legitimate site.)


529 plans: http://www.savingforcollege.com

Admin

OpenMinded 30.03.2010. 18:02

Can I liquidate my 401K (invested in my firm's mutual funds) while I'm an employee of my current firm? I have my pay deducted each pay period for my 401K contribution, and it's automatically invested in my firm's mutual funds. Can I liquidate (sell) my 401K while I'm still an employee of the firm?
By "liquidating", I mean "selling the funds" instead of moving the money out of my 401K account. I only wanted to realize the cash value without taking any money out of the account. Maybe I should use a better word than "liquidating"?

OpenMinded

Admin 30.03.2010. 18:02

Open

Contact your benefits department for exact specifics. But,

You may change the investment option that you have chosen, but you cannot take personal possession of the money until you leave the company or retire. If you are concerned about the investment, you can easily transfer the funds from a stock fund to a treasury fund or, even to a cash equivalent account.

When you leave the company you can move the money to another location by doing an IRA rollover AND / OR many companies will allow you to keep the money in the 401K after you leave. If you do take personal possession of the money (not doing an IRA rollover) they will withhold an IRS mandated percentage and the 401K could be subject to fees and penalties..... (don't take that option)

In certain cases (you can contact your benefits department) there may be provisions in your plan to borrow money from your 401K / pension. But it is normally a minimal amount and may be subject to emergency needs or medical needs, first home purchase... It also does require repayment AND may impact future contributions or matching funds.

A 401K is a terrific way to set money aside for retirement. Especially if your employer does nay matching funds. But, you need to be diversified in your investment options, and be prepared to transfer funds quickly to maximize returns and minimize loss exposure!

Soccerref

Admin

Conservative Watchdog 2008 16.08.2010. 01:44

Help...401k question? I need to sign up for a mutual fund and know nothing about them. Our company goes thru John Hancock. Does anyone have any ideas on any mutual funds or how to choose them?
Sorry about that...
I am currently 31, my employer matches up to 4%, so I will contribute 6% to make it an even 10%. I am willing to take risks, but like everyone else, I dont want to throw my money at a bad mutual fund. I have heard that because I am relatively young, I should put most of my $ into stocks and have a small % in cash or bonds and then as I get older, reverse it so most is in cash and the least in stocks. Does that sound right?
I was just researching a few on nasdaq.com and found a few that seem to preform well over time. Here is a link to what I was looking at. Does this seem like a good fund to start off with?
http://www.nasdaq.com/reference/fundprofile.stm?symbol=RICFX&symbol=JIQVX&symbol=RGAFX&symbol=TEMWX&selected=RGAFX

Conservative Watchdog 2008

Admin 16.08.2010. 01:44

You need to provide more info for anyone to be helpful. We already know you are a beginner investor. What's your age? Are you willing to assume risk, extremely conservative, or somewhere in-between?

Does your employer match any of your contributions? If so, what are the details?

Does your company offer a Roth 401k option, or just regular 401k?

You need to post a list of the funds available in your plan because every plan is different. All of this info should be in materials provided by your employer.

Despite the obvious problem with spammers, there are many knowledgeable and helpful folks here. Edit your question to add info and you should get some good replies.

EDIT: Maximizing the employer match is great. The fund in your link looks decent as long as your plan does not pay a load to get in. You do not have to choose just one fund. Most plans allow a variety in multiples of 1% or 10%.

At your age, a typical recommendation is 70% stocks (equities) and 30% bonds or cash. If your plan has a Stable Value fund, you could use that instead of bonds/cash.

If you have index funds available, they usually have lower expenses, which helps your returns.

Fill out the forms and get started. Even if you choose one fund to start, that's okay when the account is small. You should be able to change options a few times per year as you learn more about investing.

Admin

John H. 02.01.2011. 00:49

Any sold retirement investment advice for 37 yr old with $150K? Hi, I'm looking for some good general ideas to give my 37 year old son about his investments. He has about $150,000..mostly in stocks and a few mutual funds. He doesn't have a 401k at work so he is depending on these investments for his retirement.

I'd like to give him some good advice on how he could maximize his investments for the long term. I'm sure there are some general things he could do that would make the most sense and give him the best returns.

On a side note... Everything being relative, is my son is in good shape compared to most people his age? Could he possibly retire with over $1 million someday? His mom and I are enjoying our retirement and would hope the same for him. Thanks!.

John H.

Admin 02.01.2011. 00:49

I like to see him open and max out a ROTH IRA. The max this year and last is $5000. Why an ROTH IRA? The money he puts in now, is already taxed, and he uses money from his "take home" pay check. It will never be taxed again when he goes to use it in retirement, including all interest he makes. This is a good vehicle for retirement. He has until April 15, 2011 to put in for 2010, and can put in for this year as well.

Best place is a diversified mutual fund: Growth, Growth and income, international, and large cap. As with any and all investments, spread the diversity. Is there no hope for a 401k at work, or has he just not started?

A very good solid investment is a good home. Go into retirement with that paid off. He sure can reach retirement with a million. Slow and long term good investing. This is not meant to be morbid, but smart: Can he buy a $1 million life insurance on one or both of you? That right there is an investment that pays well, and is not taxed.

Admin

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