Hallo liebe Freunde des Verhebelns und Ausgeklopftwerdens, auch ich möchte den November für eine kleine DD nutzen.
Einführung
Die Blau Kapital AG sitzt in München, wurde 2006 gegründet und investiert in mittelständische Unternehmen, die meist in Nischen tätig sind und bei denen Blau deutliche Entwicklungspotenziale sieht. Die Unternehmen bleiben dabei eigenständig und bekommen genug Zeit, um die mit Blau vereinbarten Wachstumsziele zu erreichen.
Wenn die Ziele erreicht sind, werden die Unternehmen wieder verkauft, idealerweise natürlich mit Gewinn. Sie versuchen also dasselbe wie wir mit unseren Onktien, nur dass wir z.B. Tim Apfel natürlich nicht sagen können, dass er den Gewinn gefälligst bis 2025 verdoppeln soll, damit wir dann teurer verkaufen können.
Das Portfolio umfasst aktuell 9 Firmen mit 1.300 Mitarbeitern in Deutschland, anderen europäischen Ländern und Fettbürgerland, vom Joghurtbecherhersteller bis zum Übersetzungsdienstleister.
Prinzipiell kann man damit Geld verdienen, zum einen während der laufenden Beteiligung, noch besser aber beim Verkauf nach Neuausrichtung. Anders als klassische Heuschrecken geht Blau Kapital hier eher gemächlich vor, aber wenn man sich z.B. 2017 ansieht, erkennt man schnell das Potenzial:
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Quelle: https://aktie.traderfox.com/visualizations/DE000A0JM2M1/EI/blue-cap-ag
In den Jahren 2008 bis 2012 sieht man sehr schön, wie das Geschäft prinzipiell funktioniert: Erst wird reingebuttert und verbrannt, anschließend Kasse gemacht, aber parallel sofort wieder in die nächste Firma reingebuttert und dort Geld verbrannt. Man könnte es z.B. mit einem Bauträger vergleichen, der erst ein teures Grundstück kauft, dann alle Handwerker bezahlen muss und erst später die Wohnungen teuer verkauft. Damit das Geschäft weitergeht, hat er zu diesem Zeitpunkt aber schon das nächste, größere Projekt am Start, usw.
Die Verkaufserlöse werden also immer sofort wieder in bestehende oder neue Beteiligungen investiert, wodurch das Portfolio stetig an Wert zunimmt. An der Grafik oben sieht man es nicht so gut, aber auch der Gewinn wächst mit Ausreißern stetig, hier die Verdienste pro Onktie:
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2015	2016	2017	2018	2019	2020	2021
0,25 €	0,29 €	10,02 €	1,15 €	0,71 €	4,15 €	1,24 €

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Herausforderungen
Neben den Standardherausforderungen, möglichst aussichtsreiche Beteiligungen möglichst billig zu erwerben und nach Entwicklung den besten Zeitpunkt zu finden, um sie teurer weiter zu verkaufen, gibt es bei Blau Kapital AG einige spezielle Unwägbarkeiten:
Zum einen gab es in der Vergangenheit häufig Streit mit dem Großaktionär Partner Fonds. Dieser ist inzwischen in Liquidation und möchte seine Anteile an Blau Kapital (immerhin 41,9%) verwerten, also verkaufen. Dies soll laut Partner Fonds zwar nicht über die Börse passieren, könnte den Kurs aber dennoch beeinflussen. Ein zweiter Großaktionär ist die Kreissparkasse Biberach mit 13,5%, sodass ein Streubesitz von 44,6% verbleibt.
Zum anderen hat fast keine mir bekannte Firma so ein beschissenes ESG-Rating wie Blau: 0 Umwelt, 4 Sozial und 2 Staatsbürgerschaft. Damit auch ESG-orientierte Anleger und Fonds in Blau investieren können, hat der Vorstand im Mai einen ersten Schritt getan: https://www.finanzen.net/nachricht/aktien/dgap-news-blue-cap-ag-setzt-klares-klimaschutzziel-und-ver-246-ffentlicht-erstmalig-nachhaltigkeitsbericht-11381987
Chancen
Da ich selbst in einem Nischengeschäft im Mittelstand tätig bin, glaube ich an die überproportionalen Chancen von Nischen. Die Finanzkrise blieb bei uns unbemerkt, Corona war ein kleiner Schnupfen und auch sonst halte ich Nischen generell für profitabler und wachstumsstärker, als Massengeschäfte. „Ah, endlich habe ich jemanden gefunden, der sowas anbietet!“ klingt einfach viel besser und aussichtsreicher als „Und was kann Ihr Kopierpapier besser als das für 19 Cent/500 Blatt, das ich sonst immer bestelle?“
Dass Blau ein gutes Händchen im Erwerb, der Entwicklung und dem Verkauf von Nischenfirmen hat, haben sie auch schon bewiesen. Das KGV liegt aktuell bei schlanken 9,33, die Dividendenrendite bei 2,76%. Wenn gute Verkäufe gelingen und gleichzeitig keine attraktiven Investitionsmöglichkeiten in ähnlicher Höhe bestehen, gibt es satte Sonderdividenenden, z.B. in 2017 und 2020:
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Quelle: https://aktie.traderfox.com/visualizations/DE000A0JM2M1/EI/blue-cap-ag
Auch beachtlich: Der Nettovermögenswert liegt bei ca. 38 € pro Aktie, der Kurs aktuell bei 25,40 €.
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Bonuschance
Wie schon mal im Forum erwähnt, arbeitet ein Freund von mir dort. Nein, er versorgt mich nicht mit Insiderwissen, aber wir können trotzdem profitieren. Mir ist nämlich aufgefallen, dass während seiner Urlaube oft der Kurs steigt. Wie die meisten von uns wird er zwischen Weihnachten und Neujahr voraussichtlich nicht arbeiten, sodass einer Jahresendrally nichts im Wege stehen sollte.
Wo WKN?
€A0JM2M
Wie ist Deine Position, was hast Du vor?
Ich halte langfristig 2.500 Stonkos mit Durchschnitts-EK 26,60 €. Ab ca. 40 € denke ich über einen Ausstieg nach.
ZL; NG: Beteiligungsgesellschaft im mittelständischen Nischenbereich mit großem Potenzial, Zusatzchance Urlaub eines Mitarbeiters, währenddessen es oft schon gemondet hat.
P.S.: Von Wachsmalerei habe ich keine Ahnung, daher ohne Chart

Good Day, Apes!
I originally dropped my research into this a month ago, due to hitting a cold trail. However, in light of the many requests I have gotten from Apes to continue the research, as well as the resourceful leads I received from Apes, such as “throwawaylurker012” and “Wurmholz”, I decided to continue digging, and I have now collected enough evidence to produce this DD post.
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BCG & Goldman Sachs Were (At Least) Partially Responsible for the Events Leading Up to the Default of Greece [And Citadel Profited From It].
§1: The History
§2: The Connections
§3: The Implications
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§1: The History
It all started in 2001, 2 years after the European Union (EU) created the Euro. Only nations of the EU that had a debt-to-GDP at 60% or less could adopt the Euro. Greece, however, had a debt-to-GDP that exceeded the 60% acceptable limit; as such, they were not allowed to adopt the Euro. Adoption of the Euro came with many perks, among which included more trade, financing, leverage, and a stronger overall position internationally. This is why Greece desperately wanted to adopt the Euro, so much so that Goldman Sachs exploited their desperation with an inauspicious deal.
https://preview.redd.it/besxqwve4gy81.png?width=1440&format=png&auto=webp&s=89cd3ce9bc5ba2f36b9c791b3a48f89e5af6892c
Goldman Sachs helped Greece hide their debt via manipulation through currency swaps. This way, Greece could appear as if they held significantly less debt than they actually had, meeting the debt-to-GDP threshold allowing them to adopt the Euro. With the help of Goldman Sach's legerdemain, Greece was able to join the Eurozone in 2001.
[The Eurozone is a monetary union of member states of the EU that adopted the Euro (€) as their primary currency and sole legal tender.]
This is where the problems began for Greece.
The debt-to GDP ratio continued to increase substantially, while Greece admitted in 2004 to exaggerating budget deficit figures. The situation, however, was still somewhat manageable, as there was steady economic growth as well as EU funding towards the deficit. This came undone with the Great Recession of 2008, where the Athens Stock Exchange crashed 65%, along with Greece's GDP tanking and borrowing rates skyrocketing.
The Euro made things worse after the Great Recession. It prevented Greece from stabilizing, due to monetary policy.
On April 27, 2010, Standard & Poor's downgraded Greek credit rating to junk status.
With Greek bonds rated as junk bonds, the debt crisis became harder and harder to escape. Not only was Greece having a harder time securing money to pay off the debt, but their borrowing rates kept increasing, dragging them further into the hole. Economic rescue began soon after, with 2 bailouts from the Troika (a group formed by the International Monetary Fund, the European Commission, and the European Central Bank), which came in the form of €240 billion, major debt haircuts (reduction on the value of the debt), and austerity measures (i.e. spending cuts as well as substantial increase in taxes).
In 2015, the citizens of Greece fought back from the austerity measures (of higher taxes, unemployment, and reduction in wages) by voting in the ΣΥΡΙΖΑ (syriza) anti-austerity party, which went against the austerity measures proposed by the Troika deal. This further increased the budget deficit, and on June 20, 2015, Greece officially defaulted on its debt (failing to pay $1.7 billion to the IMF), making Greece the first country to miss a payment to the IMF since Zimbabwe in 2001.
The Athens Stock Exchange, consequently, was shut down on June 27, 2015. Greek banks were also shut down to avoid a total collapse.
Ultimately, Greece received a third bailout on August, this time an €86 billion bailout from Eurogroup. Although Greece finished its bailout program, it still maintains an extremely high debt-to-GDP (approx. 193%, as of 2021 [down from 206% in 2020]), and millions of Greeks still suffer from the ramifications of the debt crisis.
The austerity measures during the debt crisis led to unemployment reaching a height of 27.47% (according to Statista), and still reports an unemployment rate of 16.85%, as of 2020.
According to Poverty Watch Greece, nearly 1 out of 3 Greeks are at risk of poverty, as of 2021.
Domestic businesses were also forced to cut production as well as wages significantly, as a result of the debt crisis. With consumption and investments decreasing substantially in Greece, along with rising costs of production, many businesses went bankrupt, and the hedge funds that shorted said businesses profited greatly from it all.
§2: The Connections
In the case of Goldman Sachs, they made tons of money from Greece's default in a variety of ways.
Firstly, they made money on the transactions with Greece to help hide its default via swaps. According to Armitage from "The Independent", "Goldman Sachs is said to have made as much as $500 million from the transactions."
But they made much more money on the sovereign credit default swaps against Greece.
A sovereign credit default swap is a financial contract in which you pay a premium for insurance in the event of a nation's default. In layman's terms: country defaults ⇒ you get money.
This is similar to a regular credit default swap on a company, where you make money when a company defaults on debt. Hedge funds/banks have a history of trading sovereign credit default swaps, and these swaps were abused so much on Greece that on November, 2012, the EU banned all naked sovereign credit default swaps (as reported by Noked from the Harvard Law School Forum on Corporate Governance).
We should note that, unfortunately, this did not extend to all sovereign credit default swaps, only "naked" or uncovered sovereign credit default swaps.
The Greek government openly accused U.S hedge funds and investment banks of attacking its country, for the sole purpose of profiting off of sovereign credit default swaps. Among those that attacked Greece, Goldman Sachs and billionaire hedge fund manager John Paulson were called out by the Greek government, reported by Michel-François Clerin at Finyear.
There's a good article from the New York Times, "Banks Bet Greece Defaults on Debt They Helped Hide" that goes into more depth on how sinister this scheme really was. Not only did Goldman Sachs help put the Greek government into this financial dilemma, but they also bet that the government was going to default and made billions in doing so. In essence, they knew that Greece was going to get themselves into a bad financial situation by concealing their debt, and profited off Greece drowning itself in debt as well as the millions of Greeks that suffered as a result of it all. As the New York Times states,
"These contracts, known as credit-default swaps, effectively let banks and hedge funds wager on the financial equivalent of a four-alarm fire: a default by a company or, in the case of Greece, an entire country. If Greece reneges on its debts, traders who own these swaps stand to profit.
“It’s like buying fire insurance on your neighbor’s house; you create an incentive to burn down the house,” said Philip Gisdakis, head of credit strategy at UniCredit in Munich.
As Greece’s financial condition has worsened, undermining the euro, the role of Goldman Sachs and other major banks in masking the true extent of the country’s problems has drawn criticism from European leaders."
So, we understand how Goldman Sachs was involved, but how about BCG? BCG was actually involved and impacted Greece in a variety of ways.
BCG's Greece office was founded in 2001, the same year that Greece began manipulating their balance sheets via swaps [although, I should point out that according to legal forms provided by "Kompass", they were established in Athens, Greece as early as 2000]. And as soon as BCG joined affairs in Greece, they began influencing the decisions made by banks.
The BCG HQ in Greece has a division specifically for wholesale banking (providing banking-related services to other banks, institutions, and government agencies). They actually have a page on their site that goes over their wholesale banking services.
You can find many of BCG's consultants in Greece left to get into positions with large Greek banks or in Greek government. Even the current Mayor of Athens worked at BCG.
This is an important factor to note, as we already know Citadel has a history of using BCG to spy, infiltrate, and manipulate other entities from within for their own economic benefit.
Example:
Incriminating article discovered by Ape "JustBeingPunny".
https://preview.redd.it/g8t2757h4gy81.png?width=735&format=png&auto=webp&s=f13dc8fbc73e29337ca9c6d5c1fb61dcc34b2308
On pg. 8 par. 6
There was already a lot of DD in the past that demonstrated how BCG consultants in the U.S would be sent by BCG to infiltrate companies being shorted by Citadel and Co. for purposes of reconnaissance (via corporate espionage), as well as taking down companies from within (e.g. Macy's, Toys "R" Us, Blockbuster, Bed Bath & Beyond, etc.). Infiltrators from BCG not only took down companies through sucking out their money and making terrible decisions from within, but also having said companies overleveraging themselves on loans they couldn't afford to pay back. Sound familiar? That being said, if BCG was tasked by a hedge fund with the objective of helping ensure that Greek bonds would be downgraded to junk bonds (as well as ensuring that businesses in Greece would be more likely to head to bankruptcy), the smart decision would be to have consultants helping banks ensure that is the outcome, such as Goldman Sachs (which some BCG consultants got hired from after 'resigning' from BCG) or Alpha bank (a major Greece bank that BCG consultants also transferred to).
Now, as I've stated before in §1: The History, €240 billion came from the first 2 bailouts. Cottrell, from one of Germany's most relevant international broadcasters, Deutsche Welle (DW), asserts that only 5% of international bailout money for Greece was used for government reform, and that most of the money was used to pay off banks and take out more loans from banks. In his article, Most of Greek bailout money went to banks: study, "Most of the money was used to actually transfer risks from private creditors to public creditors," Rocholl said. "This means money was used to repay the private creditors by taking on more debts that were taken by private creditors. [...] Only 9.7 billion euros, according to ESMT, was directly contributed to Greece's fiscal budget or to kickstart the Greek economy. "
In The Guardian's article, "Where did the Greek bailout money go?", most of the money went to the banks that lent Greece funds before the crash. Much worse is that, while Greek pension funds suffered terrible losses, €48.2billion of the bailout "was used to bail out Greek banks which had been forced to take losses, weakening their ability to protect themselves and depositors." A very miniscule amount of this bailout ended up going to the Greek Treasury to rebuild the economy.
https://i.redd.it/n532icb15gy81.gif
The banks had heavy influence in the situation the entire time, from the beginning of the debt crisis to the end, and considering that BCG's office in Greece had influence with the banks, it can be inferred that BCG played at least a partial role in the matter.
Now, what type of influence did BCG have within Greece? Well, it was initially harder to find than Goldman Sachs, because BCG has been especially secretive with their dealings in Greece. Finding their Greek clients is like trying to find who are Citadel's 17 clients. So, I decided to take a different approach: we can find out if BCG was at least partially responsible for the events leading up to the default of Greece by understanding what their philosophical/socioeconomic positions were, and by finding that info, we can deduce what type of influence they had within banks, institutions, the government, and the overall economy.
We'll start with Vassilis Antoniades, who is Partner and Managing Director of Boston Consulting Group, Athens. He is a member of the Business Advisory Council in Greece, as on the BAC page, which states that "he has been involved in the build-up of BCG Athens since early 2003." The Delphi Economic Forum also states that his focus is in wholesale banking.
In a BCG publication in 2015, BCG Athens Managing Director Antoniades makes the case that Eurozone has been (and will continue to be) good for Greece.
"The prophets of doom may prove to be right: this is surely a very tough deal. Its unpopularity has led some experts to continue arguing that leaving the Eurozone is the preferable course. With the exception of the leftmost- and rightmost-leaning members of the Greek political system, few of these proponents live in Greece. They ignore the fact that the vast majority of Greeks see their future as part of Europe. Polls regularly show that 65 to 70 percent of the population supports remaining in the Eurozone. A “Grexit” would permanently undermine Greece’s position in Europe, seriously limit its influence in international affairs, especially in its immediate neighborhood, and substantially negate the significant achievements that the country has registered over the last four decades with regard to economic and sociopolitical change,"-Antoniades.
Greece joining the Eurozone is something BCG has been supportive of, since 2000, and even today, despite the fact that Greece only got into the Eurozone via swaps manipulation from Goldman Sachs, and Greece's debt-to-GDP ratio is over 3 times the acceptable limit of 60%, meaning that they should've never been in the Eurozone, and shouldn't continue to be in the Eurozone. As I've stated before, the Euro prevented Greece from stabilizing, due to monetary policy. Its high risk still harms Greece's economy in the long-run, yet BCG is supportive of it.
BCG also published a 23 page document in 2018, where they ENCOURAGE making bankruptcies in Greece easier for businesses.
Page 7:
"Studies show that fear of failure is preventing Greek citizens from setting up new businesses. [...] Greek bankruptcy laws also make closing a business a costly and time-consuming endeavor; in some cases, it is punitive, without any second-chance provisions."
Page 13:
"The government should revamp its bankruptcy laws. The fear of failure has plagued the Greek business landscape for the past decade. The negative repercussions that result from declaring bankruptcy often deter entrepreneurs from starting a new business."
This is their philosophy, and this is what we can expect their consultants in Greece have been influencing.
Simply put, making the bankruptcy process easier and more lenient discourages risk aversion from businesses and incentivizes more "overleveraged and risk loving behavior", which would lead to bankruptcies. A substantial increase in bankruptcies is ultimately bad for the economy and the nation's GDP; hence, bad for Greece. This would only be good for hedge funds shorting those businesses and/or the economy.
Now, in terms of money trails, it's harder to find out if there was any money laundering between BCG and institutions paying BCG to attack a country's economy/businesses, as BCG is not directly regulated.
For instance, the World Economic Forum made BCG a Gatekeeper, meaning that BCG self-regulates and also has the power to "prevent or interrupt illicit financial flows from other institutions".
Here's the WEF Unifying Framework. It was created by Gatekeepers (i.e. BCG and Co.) for Gatekeepers. You will find on pg. 2, par. 2, it states, "regardless of whether such assistance is provided knowingly or unknowingly, these professionals can open access to financial markets, set up complex company structures, manage shell companies, and otherwise blur the nature and origin of ill‑gotten gains. Given their central role in the global economy, this professionally diverse group of service providers is also strategically situated to interrupt or prevent illicit financial flows by exercising appropriate due diligence when providing their specialized services. While sometimes presented as “enablers” or “facilitators” of illicit activity, the reality is that much of the so‑called enabling or facilitating is unintentional. Further, the term “gatekeepers” more accurately captures the dual potential to promote or impede illicit transactions."
Companies that endorsed the WEF "Unifying Framework" for Gatekeepers to give themselves self-regulatory powers include BCG, UBS, Baker McKenzie, etc.
Multinational Law Firm Headquartered in Chicago, Baker McKenzie (which also got exposed by the Pandora Papers as facilitating a money laundering operation), is not only connected to BCG but also the Former Chair of the International Monetary Fund and current head of the European Central Bank, so seeing all these connections is quite surreal, but I digress.
The point is that if a hedge fund wanted to use a tool (one that's not directly regulated) to carry out its will of destroying companies (and hurting economies) from the inside, Boston Consulting Group would make for strong utilization.
We would have never found out about BCG, if it weren't for RC. He was tweeting tons in regard to BCG; it was clear he wanted Apes to dig into its affairs. And the fact that RC liked THIS particular tweet on April 9th about BCG secretly being Citadel (or controlled by Citadel at least), is telling.
https://preview.redd.it/0nnpdkrm4gy81.png?width=588&format=png&auto=webp&s=9c33a97a63e2136fade29ebcba52e098f4674d2b
Which begs the question, if BCG was trying to hurt Greece (and Greek businesses), which hedge fund (along with billionaire John Paulson and the other hedge funds that the Greek government openly accused of trying to attack their country) stood to profit from the Greek Debt Crisis?
https://preview.redd.it/dmucsmxn4gy81.png?width=989&format=png&auto=webp&s=a25033146f4ed9bc910615ac5b6e2364b9a9eba9
Citadel's hedge via sovereign credit default swap spreads against Greece paid out, and news articles made him sound like some brilliant finance wizard of highly advanced intellect that can foresee the future, when in reality he and his buddies just manipulated the Greek market, damaged the economy, and profited off it. This is comparable to his work on shorting brick-and-mortar companies in the U.S, just on a macro scale.
§3: The Implications
With what we now know, what can be inferred? That not only have companies been manipulated and shorted for profit, but that this behavior can also be captured on the macro scale with the manipulation and shorting of entire economies supranationally.
This has been seen in the past, such as in the early 90s when Soros made billions by shorting the British pound, and then having his friends deplete the reserves from the Bank of England, forcing currency devaluation and ultimately crashing the pound, damaging the economy in the process. Or, on March, 2020, when Ackman set up a hedge against the U.S market, then immediately went on national TV, scaring the public by telling them, I quote, "hell is coming," and "there's a tsunami coming", referring to the market, helping lead to a 30% flash crash of the S&P 500, netting him billions in profit.
This may be why Citadel was previously banned from China during their crackdown on malicious short selling. Unlike other countries, China wasn't having it.
I've also heard of similar stories (from Apes as well as news outlets) of BCG potentially meddling with other nation's economies as well, which I find compelling, and may possibly further support my findings.
Here's some examples:
Comment excerpt from Ape "throwawaylurker012" relating to his DD on SHFs shorting Argentina's economy:
https://preview.redd.it/w2zmdtsp4gy81.png?width=1440&format=png&auto=webp&s=5b65ef75cf39fd8b13095fb2490acfe5bbe82c4d
"Kalsitu" discovers BCG meddling in Spain.
https://preview.redd.it/7k9r88oq4gy81.png?width=698&format=png&auto=webp&s=b39d2d6d45d62740f44295c4d2066e152f10f509
"KakelaTron" draws connections between Sri Lankan debt and BCG.
https://preview.redd.it/0t7cyawr4gy81.png?width=681&format=png&auto=webp&s=99152795e5b7f41bc7544722a218ac9ea97bf98f
I've also noticed Goldman Sachs' name keeps showing up alongside BCG in the other "affairs", which I find interesting as well.
Apes "JustBeingPunny" and "CruxHub" were previously shadowbanned for posting DD related to BCG, so I'm not entirely sure what will end up happening to this post, but I do believe we're definitely onto something. Otherwise, there'd have been no reason for BCG to want to censor any research relating to their inconspicuous dealings in domestic and foreign affairs.
A good takeaway from this, though, is that post-MOASS, it may not be only generational wealth that you'll achieve, but also a spot in the history books, and the knowledge that you've essentially become a hero to countless lives around the globe, protecting them from economic parasites and malicious shortsellers that have tried to profit off the socioeconomic hardship of millions, just like in Greece.
TL;DR: A preponderance of the evidence suggests that Goldman Sachs as well as BCG were at least partially responsible for the events leading to the default of Greece, and that Citadel profited in the process. This is amply evident from Goldman Sach's ledgerdemain with the Greek government, in addition to the sovereign credit default swaps they purchased behind Greece's backs. This is also evident from BCG's wholesale banking connections in Greece since 2000, and their influence of Greece remaining in the Eurozone (which led to the default), in addition to a push for incentivizing Greek bankruptcies, etc., all while helping Citadel rake in profits off swaps against Greece. Further connections suggest that Greece wasn't the only country this happened to, and that other nation's economies may have been susceptible to manipulation and malicious short attacks for profit.
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Edit: u/ throwawaylurker012 posted a DD not long after I made this one, which goes over how Citadel sat on the CDDC, the secretive board that determined if Greece defaulted, as well as when the credit default swaps paid out. I wanted to share it here, as it further supplements the DD.

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https://preview.redd.it/hqqumz67re1a1.jpg?width=1200&format=pjpg&auto=webp&s=8aa87c7e9c440a03bf5673b6b38acfff050f5e5b