Tag: lazy portfolio

  • Lies About Stock Investing And Trading

    Lies About Stock Investing And Trading

    Lies About Stock Investing And Trading
    To know about stock investing is something that will pay you off for the rest of your life. 

    By Guy Avtalyon

    Several years ago Forbes published an interesting article on the topic lies about stock investing and trading. The headline wasn’t exactly like ours but something similar. If you’re interested to read the whole article try to find it in the archive.  

    Brokers, financial gurus, even governments lie to us about global warming, the national economy, giving us false promises, lie about the stock market, taxes, or the national debt. We are also faced with so many lies about stock investing and trading. What we really need is the truth even if it isn’t pleasant.

    Since the Traders-Paradise team thinks that an honest approach is necessary to this topic, we collected several unbelievable lies about stock investing and trading. Investing and trading are very serious jobs and any investor or trader doesn’t deserve to get lies instead of the whole truth. They have to survive this tough business. However, it’s impossible without telling the truth. 

    What are lies about stock investing and trading?

    The first lie is that we should beat the stock market! Why should anyone want that? Why is it such a big deal? Theoretically, when you pick the stock randomly you have 50/50 chances of beating the market. Your stock will perform better or worse compared to the overall market. Yes, we know! The point is to hold some stock with a better return than investing in, for example, some index fund. When you want to buy the stock that is advertised as winning one, count how much fees you have to pay when buying and later, when selling. This means the return on that stock has to be much higher than you can see it at first glance.

    Beating the market means the great risk involved. If we know that only 2% of stocks can match the market well, so your stock may not be able to beat the market all the time. So, be prepared to lose money most of the time. The main problem is in your capability to gather the true information about the company which stock you’re buying.

    Honestly, it is almost impossible unless you’re an insider. No matter if you’re buying a hot-stock. You’ll have zero guarantees that it’s able to beat the market. Past performances will not guarantee you a big future return. This led to the stock buying to the level of casino games. Meaning, you can beat the market from time to time but you’ll fail to do that in the long run. If nothing else, the transaction costs will get you. So, beating the market all the time is one of the lies about stock investing and trading.

    Investing and trading are risky, the stock market is volatile

    The stock market is fluctuating, it will go up and down. Investing is risky but there are so many strategies to reduce investment risks. The possibility to make money on the stock market is bigger than the possibility to lose. What you have to do is to follow some rules and avoid randomly picking the stock. Also, with a strongly created investment portfolio, diversification, and strong risk management, your chances to profit from stock market volatility are bigger. 

    We wrote about risk management so many times. Also, if you add new info for every trade in your trading journal, you’ll have the pattern in hand. Hence, you’ll be able to act on time and protect your investment if it is necessary or place the trade at the right time and exit in profit.

    If you hold a large portfolio of stocks over a long period, for example, 20 years, you’ll be able to significantly reduce the risk of losing your capital. There still will be some risk but reduced.

    Also, traders and investors should consider how realistic it is to ride out the ups and downs of the market over the long-run. What will you do when the economic downturn comes, for example? Will you sell your stocks to fulfill the gap made by a potential job loss? Some life events could make it difficult for some of you to stay invested. But if you have a trading plan and stick to it, everything is easier. So, stocks are risky investment is another lie from the corpus of lies about stock investing and trading. The stock market is volatile, also, it is a lie because that risk is part of your plan and you’re counting on that when trading or investing.

    In the stock market, you’ll lose all your money

    This is one of the biggest lies about stock investing and trading. Behind this lie stand incredible lack of knowledge and misunderstanding of where the money is going. The stock market is a zero-sum game. The total amount of money invested is what you have there. If you want to profit, someone else has to lose. That’s the whole wisdom. The truth is that you’re not going to lose your money there. Yes, from time to time the price of your stocks will change in value. The prices will go up and down, that’s the way the stock market operates based on supply and demand. 

    Also, the truth is that stocks can be a good way to earn an investment return over a longer time. If you take a look at historical data you’ll find that, for example, that market indexes, for instance, the S&P 500 have been better than average. When you look at long periods, there were fewer negative years than positive. 

    What investors have to do is to find a balance. This means understanding how the risk of investment works and how much risk you’re willing to take to earn a satisfying return.

    It’s difficult to invest

    This is also, one of the lies about stocks investing and trading. This is a story about Average Joe. Well, Average Joe is completely capable of managing his investment, and, for him, it isn’t difficult to invest. Moreover, he has done decent research and trade according to them. In the stock investing, you could have a lazy portfolio or any other that will never confuse you. But let’s go back to the first among many other lies about stock investing and trading. When you hear someone claiming that it is hard to invest in stocks, just recall the first lie mentioned above – beating the market. It’s hard to beat the market constantly if not impossible. But in a long-term investing or active trading you can easily cover your losses. 

    Yes, you can find some surveys out there that show the average investor has underperformed the market during the past two decades. But the point is that you can’t be a professional trader if you spend a few hours per week analyzing the market and stock performances. You’ll need more time to dedicate to it. You’ll have to be fully focused on your investments. 

    But you don’t need to beat the market. Keep in mind data. Data shows that the most successful investors are not right all the time, they are right below the 60% of the time. Isn’t it interesting when you know that Warren Buffet is wrong 40% of the time? So, why should you be right all the time and beat the market constantly? To be honest, it’s impossible. 

    Investing requires a lot of time – No!

    This is completely one of the greatest lies about stock investing and trading. This particular lie can be true if you look at professional traders, people whose job is to trade stocks every day. For the average investor as the majority is, one hour per week to start investing in the stock market is quite enough. Don’t even think that you don’t have that time. If anybody thinks that investing requires a lot of time it is due to a lack of knowledge about how the stock market works.  

    Yes, investing means engagement but your effort will be prized by profits. Actually, investing is a much better way to earn than savings. That was good news. The bad news is that you can’t learn to invest while sitting in the pub and drinking beer, for example. But here’s another good news. To learn how to trade or invest all you need is a little bit of time, basically, the rest is so simple. And the most important, investing could make you rich. Are you ready to drop it? 

    Did you ever catch yourself thinking:
    “I’m too old to learn new things.”
    “I’ll never reach my goals.”
    “I was born this way, I’ll never change?”

    The thing is, many people believe that once we hit a certain education, our personality becomes so rigid that it’s hard for us to grow and learn more. But this is nothing but a lie! When it comes to investing in stocks all you need is a bit of time and willingness. Investing doesn’t require a lot of time. Face these lies about investing.

    The biggest lie about stock investing and trading

    Maybe the biggest lie is that you have to know a lot about investing. Having in mind the way of investing today, you have to know nothing about it. Nothing at all. What you must have is an investing goal. The investing itself is actually automatic, you can find so many investment services available online. For example, start with some robo-advisor. You’ll pay the fee but not too much. Also, one of the lies about stock investing is that you need a lot of money to start. The truth is that today you can easily find a trustworthy investment platform that will allow you to start investing with a little money, for example, $100.

    Don’t let these lies about stock investing keep you from investing. The consequences of not investing are bigger.

  • Coffeehouse Portfolio The Lazy Portfolio

    Coffeehouse Portfolio The Lazy Portfolio

    Coffeehouse Portfolio The Lazy Portfolio
    This is another in a series of lazy portfolios and one of the most popular. There is no single “coffeehouse portfolio” and an investor can adjust the basic version to own needs and investing goals.

    This lazy portfolio, Coffeehouse portfolio, that financial advisor Bill Schultheis made famous in his book “The Coffeehouse Investor” is so simple.
    The Coffeehouse portfolio is built of 7 funds. The basic version starts with the composition of 60/40 stock/bonds. The fixed income part is put into a bond fund (you have to choose). The 60% in stocks is divided equally between six index funds. That index funds are a large-cap value fund, a small-cap fund,  a small-cap value fund, a foreign fund, a REIT fund, and a large-cap fund.

    “Investing should be dull,” said Nobel economist Paul Samuelson. Yes, some would say the same. But we have to be honest. This kind of portfolio maybe isn’t suitable for some Millennials experienced in investing. The Coffeehouse portfolio is too much dull. On the other hand, it is good. All you have to do is to set it up and live your lives.

    And this discovery is amazing. 

    You can hear investors saying the same thing again and again: You need some simple but well-diversified portfolio. You don’t need more than several funds (4, 5, 9 whatever), but pay attention, as you are a novice, they have to be low-cost and able to create winners during both bear and bull markets. 

    That’s the point with lazy portfolios. There is no active trading, no market timing, and of course, no commissions. Moreover, they are simple. Well, someone may ask what happens with assets absent from such a portfolio. Forget it! You don’t care!

    How to structure Coffeehouse portfolio

    It is quite simple, as we said and here is one example:

    10% Vanguard 500 Index
    10% Vanguard Value Index
    10% Vanguard Small-Cap Index
    10% Vanguard Small-Cap Value Index
    10% Vanguard REIT Index
    10% Vanguard Total International Index
    40% Vanguard Total Bond Market Index

    Or

    10% Large-Cap Stocks
    10% Small-Cap Stocks
    10% Large Value Stocks
    10% Small Value Stocks
    10% REITs
    10% Total International Stocks
    40% Bonds

    As you can see in this portfolio, it is massive on the REITs, is slight on international stocks, and misses diversity on the fixed income side.

    Roll the dice

    Basically it is a “slice and dice” portfolio. So we can say it isn’t a “total market” example of the portfolio. A total-market portfolio consists of 1/3 equal parts of a total bond market index, total stock market index, and total international stock market index. But this “slice and dice” portfolio seeks to benefit from the higher returns. There is a higher risk when investing in value stocks and small stocks.  And, as you can see, this portfolio has a massive collection of both small, and value stocks.

    The 60% piece of the Coffeehouse portfolio represents 6 different funds that cover a different part of the market. That is a really good part of this portfolio since it is adding to the diversity.

    The rest of the 40% of the portfolio is a total bond fund that includes the whole of the bond market.

    It is recommended to rebalance the Coffeehouse portfolio every year. That secures that the asset allocation percentages are held at the accurate amounts. But it can be an individual decision for every investor, there are no rules what is the accurate amount.

    Modifications of this lazy portfolio

    As you can see this portfolio holds more bonds. It is more than some average investors would like to hold, especially if you are young. To make a comparison, the target-date funds, for instance, for Vanguard hold 10% bonds until investors are 45. We found some of the Trinity University studies and one shows that even investors in retirement should own 50/50 portfolios or even more aggressive. 

    Honestly, the Coffeehouse portfolio favors small-cap and value stocks. And do it with reason. Historically they have had higher returns and which means higher volatility too. But you can tweak the portfolio.

    How to adjust the Coffeehouse portfolio

    One method is to reduce your exposure to bonds (for example you could hold 10% of them) and split the rest of the portfolio equally into six funds. In this way, you’ll have a much more aggressive portfolio if you like that. But keep in mind, that is riskier at the same time and you must know how much risk you are able to handle.

    Why not invest in the Coffeehouse portfolio

    Firstly, for some investors, this portfolio hasn’t enough international exposure. It holds only 10% of Total International Stocks. Secondly, the 40% bond allocation will reduce your returns, you can be sure. Also, rebalancing can be expensive. There are too many funds to set them up. 

    For young investors, it isn’t so easy to just buy and hold. What if the prices are going up and down frequently? How to stay calm and do nothing? That’s the tricky part of any lazy portfolio. 

    Also, as we said above, the Coffeehouse portfolio can be too conservative for some investors. Where has the excitement of investing gone? Yes, you can adjust the portfolio as we described but still. Hence, to be honest, the one size that suits all methods sometimes don’t work for everyone. Especially if you prefer to be a more aggressive investor.

    Why invest in this portfolio

    Allocation on the value stocks is an advantage. The value stocks have outperformed growth stocks for 20%, according to historical data. Also, since this portfolio holds 20% small-cap stocks, it is good because they have outperformed large caps. Historically speaking, of course. By being a lazy portfolio and holds 40% in bonds, the Coffeehouse portfolio is less risky. 

    Bottom line

    A creator of this portfolio is Bill Schultheis. He wrote a book about dullness investing. He had found that when you simplify your investment decisions, you end up with better returns. 

    His book “The Coffeehouse Investor” explains why investors should stop holding top-level stocks or mutual funds, and stop attempting to beat the stock market. Instead, keep stick to three clever principles: 

    1) There is no free lunch
    2) Never put all eggs in just one basket
    3) Save for rainy days

    Sure, there is one more. Don’t pay too much attention to daily ups and downs in the stock market. It can ruin your life. But with investing in the principle buy-and-hold, with an annual rebalancing of your portfolio, it is more likely that you will build your wealth. There’s nothing wrong with adjusting the CoffeeHouse portfolio. It’s more important that you stick with your plan. The weighting of your allocations is less important but has to be reasonable. And a note for newbies, sometimes it is smarter to be a bit conservative especially in the stock market. 

    And here is a bit of statistics. Behavioral finance professors  Brad Barber and Terry Odean discovered: “The more you trade the less you earn.” Buy-and-hold investors are doing better than traders. Active traders can lose a lot of money paying transaction costs and taxes. 

    The truth is that active traders can turn their portfolios over for more than 250% per year, but their returns can be just like 11% after paying tax. Opposite, buy-and-hold investors can turn their portfolios over a bit around 2%, making around 18% returns. 

    Finally, this is just one of the numerous approaches to investing. You are the one who has to choose. It’s all up to you.

  • No Brainer Portfolio – Lazy Portfolio

    No Brainer Portfolio – Lazy Portfolio

    No Brainer Portfolio - Lazy Portfolio
    The main feature of this portfolio is the idea that most return is determined by the asset allocation of the portfolio, more than by asset selection.

    No Brainer portfolio is one of the “Lazy portfolios”. No Brainer portfolio cover investments proportionately in four asset classes – US bonds, total US stock market, small-cap US stocks, and international stocks. It is very useful for investors with long-term goals. The point is that investors can favor one of the asset classes at different times. By doing so investors could gain nice risk-adjusted returns. 

    Designed for investors with a long time horizon that will favor each of the classes at various times, the portfolio aims to provide diversified risk-adjusted returns. This motif seeks to replicate Dr. Bernstein’s model by identifying ETFs that would be contained within the “No Brainer” asset class structure.

    Dr. William Bernstein believes that asset allocation is more valuable for investors than choosing individual stocks or bonds.

    This is the simplest portfolio Dr. Bernstein explains in his famous book “The Intelligent Asset Allocator”.  Well, this book is generally suggested not only for the No Brainer portfolio. You can find a lot of extremely valuable info on the diversification and portfolio construction in this book. It is highly recommended among investors. 

    In this book, Dr. William Bernstein explores historical performance to come at an almost simple to implement a portfolio. He believes this portfolio should perform well in the long-term. No Brainer portfolio consists of four asset classes in the following proportion:

    25% Short-term Bonds
    25% of International Stocks
    25% Small-Cap Stocks
    25% Large-Cap Stocks

    All you need is a simple, well-diversified portfolio 

    The Bernstein no-brainer tracks very strictly the “simple is better” rule.  This lazy portfolio could be very suitable for any investor who dislikes monitoring the investments every day and has a longer time horizon. 

    Here are some stats about the total return by using the No Brainer portfolio.

    Over the past 10 years, the No Brainer portfolio has had an annual return of about 5%. Not good enough? In fact, it is in line with the S&P 500. This portfolio is a wonderful choice for anyone who doesn’t like high-risk, not-assured returns.

    Why the No Brainer portfolio is so special?

    Diversification! Yes, Dr. William Bernstein’s No Brainer portfolio is focused on diversification through many asset classes. It covers almost all assets. There is some interesting thing about William Bernstein, according to his own words he is asset class junkie but not only because of this particular portfolio. Dr. Bernstein is the creator of many portfolios.

    So, you can imagine how broadly his portfolios display diversification. It is a 360-degree portfolio.

    Among others, he created Four Pillars, Cowards Portfolio, Sheltered Sam Portfolio, etc.

    For example, his  Cowards Portfolio consists off:                

    10.00%  US Large Cap Value
    15.00%  US Large Cap
    10.00%  US Small Cap Value
    5.00%    US Small Cap
    5.00%    REITs
    5.00%    Emerging Markets
    5.00%    Pacific Stocks
    5.00%    European Stocks
    40.00%  Short Term Treasuries

    What are the advantages?

    By applying this kind of portfolio, so-called lazy portfolios, you could minimize taxes by asset location or by adding a specific asset class such as municipal bonds. You could build such a portfolio based on your age and appetite for risk. Also, you can add employees’ stocks.

    All this shows the no brainer portfolio as a very helpful model for all of your investments.

    The most important, Bernstein’s no brainer portfolio will never face you with the cruel reality. Contrary, it will save you from that since from the very beginning you will know what you can expect in the returns.

    Why use the no brainer portfolio?

    Investing is hard but by applying some of the lazy portfolios it doesn’t have to be, investing could be easier. How is that? Let’s see!

    Here, in the no brainer portfolio, you have ONLY 4 asset classes. That provides you to have a quick overview of your investments. It is simple. Why would you like complexity? It may cost a lot of money and time to watch.

    Moreover, this portfolio doesn’t contain any special asset classes. So they are simple to understand. Just 4 asset classes! That’s so easy!

    Who is the creator of the No Brainer portfolio?

    William Bernstein was born in Philadelphia and educated in California where he earned a Ph.D. in chemistry at Berkeley. Did you know that he did it in just three years? To got the opportunity to work more closely with people, he went back to school and earned M.D. from UC–San Francisco. At that time he was the only neurologist in Coos County. 

    From 1980 to 1990, Dr. Bernstein treated migraines, Alzheimer’s and Parkinson’s. Ten years living all of these, he was under enormous stress and was forced to cut his working hours. Also, he wanted to pay more attention to his hobby – finances and investing. And Bernstein decided to learn more about it.

    The first thing he required was data. Several years later he started to write a book with an interesting premise: people are wrongly trading individual assets instead to buy entire markets. 

    The book was published on his website Efficient Frontier in 1996.

    and in 2001, McGraw-Hill published “The Intelligent Asset Allocator”. His “The Four Pillars of Investing” was published in 2002.

    How to create a lazy portfolio 

    First, keep the cost as low as you can. Define your tolerance for risk and how big returns you want. Find data for historical returns to build a portfolio of index funds. They have to hold a mixture of assets that are able to produce a balance between risk and return. Investigate among different classes value stocks, small-caps, bonds, REITs, micro-caps, everything. You may think you will need a powerful software for this. Actually, a bit of common sense is all that you need. For example, pick 60% stock and 40% bonds. That will work well for investors. The other solution is to choose some low-cost fund that includes stocks and bonds both. 

    Sounds simple, right?

    Bottom line

    According to Bernstein, all you need are several skills to be a successful investor. One is understanding the financial implications of numbers since math is what lies behind investing. Also, as an investor, you must have the ability to trade without emotions. In other words: sell when the stock prices are growing, and buy when they are falling. And be independent. You have to have your opinion. Don’t believe in everything that pricey advisers say. Have trust in your basket of assets.

    The lazy portfolios offer higher returns. This kind of portfolio has withstood the test of time and will be valuable for many years. And, as final words, don’t let be overwhelmed by too much information. Sometimes, you will make better choices with less info.

  • Lazy Portfolio – How to Make Wealth With Minimum Engagement

    Lazy Portfolio – How to Make Wealth With Minimum Engagement

    Lazy Portfolio - How to Make Wealth With Minimum Engagement
    A lazy portfolio is a diversified portfolio that allows you to grow your wealth without stress or a lot of work.
    There is no active trading, no monitoring your stocks every day, and no paying to handle your money.

    Let’s make clear what’s a lazy portfolio? In short, the lazy portfolio is passively managed, low-cost, diversified and tracks an index.

    Actually, a lazy portfolio is a simple set-it-&-forget-it strategy. It requires a minimum of maintenance so we can easily say it is a passive investing strategy. Due to its nature, it is suitable for long-term investors. In essence, it is a buy&hold strategy that working very well for investors that feel fears when they have to make investing decisions. Even more, this strategy provides investors to avoid greed, maybe the most dangerous feeling in the stock market. 

    The lazy portfolio isn’t only for lazy investors, this has to be clear. It is for investors who want to avoid high risks while investing. We will introduce some of the best lazy portfolios that could provide above-average returns with below-average risks.

    How to recognize the best lazy portfolio?

    Actually, it is yours, the one that you maintenance. Each investor has its own style of managing, a different approach, so the way of investing is absolutely individual. But the goal is the same – to outperform the market and generate the highest-as-possible returns.

    In most cases, a lazy portfolio can do that. Even Warren Buffett believes in a lazy portfolio, you can ask him. Also, many other successful investors built a lazy portfolio instead of fancy strategies. 

    But in most cases, a lazy portfolio will not give you to time the market, or to beat it. Also, it will never give you a chance to pick individual stocks but, at the same time, it is low-cost and loaded with fewer fees.

    A selection that makes money

    Index funds are a good choice as being less volatile. Well, you will not earn your money fast but you could stay in the market for a long time, over 10 years, for example. And you’ll make a profit.

    Index investing is essential for laziness. Trust us. You don’t need to actively manage ETFs. What you have to do is to choose among several different recipes but generally, they come into three categories:

    Two-fund portfolios
    Three-fund portfolios
    Four-fund portfolios

    Two-fund portfolio

    A two-fund portfolio is suitable for investors who want an easy asset allocation portfolio. The two-fund portfolio is built of one fixed-income fund and one equity index fund. You will find your selections depending on the asset class and asset type.

    It easy to create a two-fund portfolio. 

    There are almost 2,000 ETFs out there and you can pick any of them. 

    First, decide which assets you need. Stocks and bonds are of the core asset classes and your lazy two-fund portfolio will need them. Stocks perform well when the economy is good. But, bonds will protect your portfolio from market uncertainty. Of course, you don’t need to hold stocks and bonds, you can choose something else, as we said.

    If you are a very lazy investor your two-fund portfolio could be consists of 60% of total world stock index fund or ETF and 40% of US diversified bond index fund or ETF, for example.

    Three-fund portfolio

    A three-fund portfolio is composed of only three assets. They are usually low-cost index funds. It requires very little maintenance on your part and that’s why it is another example of a lazy portfolio.

    It is a pure 60/40 rule. This one recommends investing in international index funds and stock market index funds. For example, according to Taylor Larimore, an advocate of holding investing simple, all you need is to handle with three mutual funds. That will require an hour per year managing your money, he said. You may diversify your three-fund portfolio on 40% of bonds, 42% of stocks and 18% global stocks. According to some experts, it is the best proportion.

    Four-fund portfolio

    The best example of this kind of lazy portfolios maybe is Dr. Bernstein’s “No-Brainer” lazy portfolio.

    Dr. William Bernstein wrote “The Intelligent Asset Allocator” and “The Birth of Plenty”. He has promoted the capability of the index fund over individual stocks and bonds. 

    One portfolio that he proposed in “The Intelligent Asset Allocator” is named the “No-Brainer” portfolio. It is composed of 4 equal funds: 25% bonds, 25% global stocks, 25% US stocks and 25% small-cap US stocks. No-brainer indeed. 

    But this portfolio will give you a chance to diversify the risk over time.

    If you are smart, you can be lazy

    You will show you are a really clever investor if you set up all of your buying to be automatic. For that, you will need SIP – a systematic investment plan. Mutual fund or brokerage could help you with this. In this way, you will lessen the risks of market fluctuations. Moreover, this will provide you invest a fixed sum in a mutual fund plan at regular periods. For example, you can invest $500 in a mutual fund each month. It is a helpful tool.

    Manage no-load funds

    As we said, a no-brainer is really good. If you use no-load funds for your lazy portfolio you will avoid sales charges, so-called loads. Well, to make this clear. You are dealing with mutual funds and it is quite possible to do all the necessary things related to your portfolio and investments, yourself. So, why should you pay any additional fees? The point is to keep your cost low to boost your returns, right?

    Rebalance your lazy portfolio

    Re-balancing a lazy portfolio is simply turning the current investment allocations back to the initial investment allocations. So, you will need to buy or sell shares to bring back the allocation percentages into the initial balance. 

    Re-balancing is important maintenance and you should do it periodically, for example, once per year. Well, there is always a possibility with, for example with mutual funds, to set up automatic rebalancing.

    Advantages of a lazy portfolio

    Lazy investing could be the best way to invest. First of all, it is simple Holding just a few funds makes things easier. Further, it is low-cost investing since you don’t need to pay any fees for trading, managers, etc. If you build a lazy portfolio you just have to buy some cheap assets and voila. But the most important feature is the diversification. You can hold thousands of stocks and bonds with just several investments. 

    Disadvantages of a lazy portfolio

    It isn’t easy to find some disadvantages, but there are some things to consider before starting.

    One of them is tax-loss harvesting. if investing with 2 or 3 funds, you might miss out on some tax-loss harvesting possibilities. The other problem is the lack of customization. You can’t customize a lazy portfolio like you can with others. But that is the point, to keep it simple. Simplicity is the amazing part of it.