imaginima/iStock via Getty Images After my last article about Diversified Energy ( DEC ) the company is looking better, but it got even more complex than it used to be. Also, I have covered it in June 2025 and the share price did not really move anywhere. However, I can tell that the business improved, and the most important change was that the Maverick acquisition scale started to appear in the f...
imaginima/iStock via Getty Images After my last article about Diversified Energy ( DEC ) the company is looking better, but it got even more complex than it used to be. Also, I have covered it in June 2025 and the share price did not really move anywhere. However, I can tell that the business improved, and the most important change was that the Maverick acquisition scale started to appear in the financials, production grew, adjusted EBITDA and free cash flow looked even stronger. Also, we now see that the leverage decreased and buybacks started, which shows that management at least tries to create value for shareholders. Don't get me wrong, my update is positive, but DEC is still a very speculative and specific business. In this company, there are a lot of mature wells, a high hedging portfolio, debt structure, constant acquisitions, plugging liabilities, and a lot of GAAP noise. The company looks improved, but it got more complex to me, and I am now looking at it more as a cash flow and income/value story, not really a growth stock. Q1 2026 showed me that the DEC cash machine model is working better than it did a year ago. I will remind you that in Q1 2025 the company was producing 864 MMcfepd, adjusted EBITDA was $138 million, and free cash flow was at around $62 million. Now this has changed, and I believe the results are stronger. Q1 2026 production increased to 1198 MMcfepd, commodity revenue was at $556 million, operating cash flow was $168.7 million, while adjusted free cash flow even reached $159.6 million. This shows that acquisition driven scale is starting to show up, which I like to see. I believe that DEC investors should not look at GAAP EPS, but whether a mature asset base generates enough cash after capex for dividends, lowering debt, or share buybacks. However, headline results were still noisy to me as the company showed a $161 million net loss, mostly because of a $398 million non-cash derivatives loss. It is also important to know that not only h...
China’s national security authority has warned of risks in using “artificial intelligence relay services” that provide access to overseas AI models, highlighting concerns over data leaks, privacy breaches and unauthorised cross-border data transfers amid a thriving grey market for restricted foreign systems. In a notice on its official WeChat account on Monday, the Ministry of State Security (MSS)...
China’s national security authority has warned of risks in using “artificial intelligence relay services” that provide access to overseas AI models, highlighting concerns over data leaks, privacy breaches and unauthorised cross-border data transfers amid a thriving grey market for restricted foreign systems. In a notice on its official WeChat account on Monday, the Ministry of State Security (MSS) described such services as intermediaries between local developers and AI providers, aggregating...
Today I’m talking with Mustafa Suleyman, the CEO of Microsoft AI. And I’m actually going to keep today’s intro short — I’m working from my wife’s family farm this week, as you’ll see in the video, but also this is a real burner of an episode. We covered everything from Mustafa’s approach to training new models to his criticisms of Anthropic talking about Claude as though it is conscious. Of course...
Today I’m talking with Mustafa Suleyman, the CEO of Microsoft AI. And I’m actually going to keep today’s intro short — I’m working from my wife’s family farm this week, as you’ll see in the video, but also this is a real burner of an episode. We covered everything from Mustafa’s approach to training new models to his criticisms of Anthropic talking about Claude as though it is conscious. Of course, we also talked about Microsoft’s relationship with OpenAI, how Mustafa is thinking about all the negative polling and political pushback around AI right now, and whether any of the consumer products are good enough to overcome it. Like I said, it’s a burner. Okay: Mustafa Suleyman, CEO of Microsoft AI. Here we go. This interview has been lightly edited for length and clarity. Mustafa Suleyman, you are the CEO of Microsoft AI. Welcome back to Decoder . Great to be with you again. I’m very excited to talk to you. Our previous conversation was one of my favorite conversations — about AI, how it should make us feel, and what it’s for — that I’ve had in all the conversations we’ve had. There are some big changes at Microsoft, maybe some very important recontextualization about how people feel about AI that I want to talk to you about in particular. And then there’s Microsoft Build, the big Microsoft developer conference, which featured lots of new announcements and lots of big ideas about what computers are for and maybe where they should be that I want to get into. Let’s start at the very start. This is some deep Decoder stuff that is important to understand before all the rest of it. Since you joined Microsoft, you have restructured how AI works there. Your role has changed. The last time I talked to you, you were in charge of a bunch of consumer products. That has since been set aside. You’re now training new models; you’re on the frontier. Explain how Microsoft AI is structured now and how it’s structured inside Microsoft. I guess the last 15 to 18 months or so we’ve been ...
your_photo/iStock via Getty Images Investment Thesis I don’t think that the market approaches Quantinuum Inc.'s ( QNT ) case from the right angle. The discussion surrounding the company today focuses on revenue, losses, and valuation. While that might seem fair, these metrics are not the critical driver behind the investment thesis. The real question is whether Quantinuum can develop the equivalen...
your_photo/iStock via Getty Images Investment Thesis I don’t think that the market approaches Quantinuum Inc.'s ( QNT ) case from the right angle. The discussion surrounding the company today focuses on revenue, losses, and valuation. While that might seem fair, these metrics are not the critical driver behind the investment thesis. The real question is whether Quantinuum can develop the equivalent of an operating system in the age of fault-tolerant quantum computing. Should Quantinuum do that, the company's current valuation might end up being justified. If not, the stock could be significantly overvalued. And that makes Quantinuum one of the most exciting newly listed stocks available in the market today. While generating just $30.9 million in revenues in 2025, the company has been valued at a market cap of approximately $14.6 billion. What makes it exciting is the fact that Quantinuum is not just trying to sell access to its quantum hardware. Instead, the company is trying to build a full-stack ecosystem encompassing hardware, software, cybersecurity, cloud access, and app development. That, in my opinion, differentiates the company from many earlier quantum plays that were nothing more than research projects attempting to achieve commercial success. Quantinuum.com Why Quantinuum Might Be Further Ahead Than Its Revenue Numbers Indicate One of the common mistakes made by investors when it comes to new technologies is their expectation that the technology's performance today reflects its strategic positioning. In reality, the opposite is often true. Revenue lags the latest technological breakthroughs by several years in most cases. Quantinuum currently owns what might be considered the highest-fidelity commercial quantum computer on the market today. Its Helios managed to reach 99.921% fidelity two-qubit gate and deliver 48 logical qubits out of just 98 physical qubits, meaning the efficiency of its error correction algorithm compares favorably to competing archite...
jcsmily/iStock via Getty Images Executive summary The Fund returned -4.56% (IS Share Class) during Q1 2026 vs. -2.81% for the Russell 2000® Growth Index. Similar factors continued to be a headwind to performance this quarter although not to the same extent as last year. Within the broader U.S. equity universe, low quality companies (those rated B or worse) returned -1.11% versus -1.25% for high qu...
jcsmily/iStock via Getty Images Executive summary The Fund returned -4.56% (IS Share Class) during Q1 2026 vs. -2.81% for the Russell 2000® Growth Index. Similar factors continued to be a headwind to performance this quarter although not to the same extent as last year. Within the broader U.S. equity universe, low quality companies (those rated B or worse) returned -1.11% versus -1.25% for high quality (those rated B+ or better). Within the Russell 2000 Growth Index the highest beta and momentum companies continued to outperform but this was partially offset by the underperformance of non-earners and low ROE companies. The Fund continues to be overweight high-quality companies; this includes companies with high degrees of recurring revenue, revenue visibility and consistency. Market Environment If 2025 was defined by speculation, narrow leadership, and enthusiasm around anything tied to AI, 2026 is shaping up to be a year where the market asks harder questions. Indexes have remained resilient, but beneath the surface, the environment has become more complicated. Large individual stock moves, rising policy uncertainty, and growing dispersion between winners and losers all suggest the market is becoming less forgiving and more selective. Companies have shown an impressive ability to defend profitability through shifting environments. We saw that clearly in 2022, when margins briefly came under pressure, but businesses adjusted faster than many expected. We believe that remains an important lesson for 2026. While margin pressure from tariffs, higher energy prices, or slower demand could create short-term turbulence, it is still difficult to bet aggressively against high-quality management teams' ability to adjust to dynamic operating environments. The market backdrop has also evolved in subtle, but important ways. There was some evidence of broadening in January and February, but leadership remained uneven and fragile and individual stock volatility has remained elevat...
More Shocking Revelations Emerge In Henry Nowak Case... Authored by Steve Watson via Modernity , The brutal murder of 18-year-old Henry Nowak by Vickrum Digwa has exposed a pattern of ignored warnings, police inaction, and institutional failures that stretch back years. A young British man is dead after being stabbed multiple times with a large ceremonial dagger. Multiple red flags about the kille...
More Shocking Revelations Emerge In Henry Nowak Case... Authored by Steve Watson via Modernity , The brutal murder of 18-year-old Henry Nowak by Vickrum Digwa has exposed a pattern of ignored warnings, police inaction, and institutional failures that stretch back years. A young British man is dead after being stabbed multiple times with a large ceremonial dagger. Multiple red flags about the killer were waved in front of authorities long before that night in Southampton. They were all dismissed. Reports and footage have now surfaced revealing that in October 2022, neighbours heard loud gunshots coming from a back garden in Southampton. They filmed Vickrum Digwa brandishing what appeared to be an illegal air pistol while another man held an air rifle. The pair were shooting at a wooden board. The neighbours immediately reported it to police with video evidence. Moment 'weapons-obsessed' Vickrum Digwa brandishes gun in his back garden three years before he murdered Henry Nowak https://t.co/6SHTWelDc8 - Daily Mail (@DailyMail) June 6, 2026 Police responded that they could do nothing because there had been "no reports from other residents." A neighbour later said: "We could hear gunshots, we went to look and saw them shooting guns at a wooden board. We filed a report to the police, but they told us they couldn't do anything as there had been no reports from other residents." ?NEWS: Hampshire Police, responsible for handling Henry Nowak's murder, had previously received a video of Vickram Digwa firing an illegal gun in his back garden but did nothing pic.twitter.com/jXRExmUw2h - Basil the Great (@BasilTheGreat) June 6, 2026 Digwa was already known for weapons obsession. Court evidence later described him as "skilled with weapons, trained with weapons, sleeps with weapons, searches for weapons on his phone." Video evidence from before the murder shows Digwa aggressively handling a sword in public. One clip captures him in traditional dress, sword in hand, displaying the s...
Catherine Delahaye/DigitalVision via Getty Images Initiating Coverage at Hold Rating I initiate coverage of Spero Therapeutics ( SPRO ) with a Hold rating. I believe SPRO offers a clean but highly concentrated investment set-up, with too much reliance on their lead near commercial asset, tebipenem HBr. As a way of background, tebipenem HBr is a GSK-partnered oral carbapenem therapy for complicated...
Catherine Delahaye/DigitalVision via Getty Images Initiating Coverage at Hold Rating I initiate coverage of Spero Therapeutics ( SPRO ) with a Hold rating. I believe SPRO offers a clean but highly concentrated investment set-up, with too much reliance on their lead near commercial asset, tebipenem HBr. As a way of background, tebipenem HBr is a GSK-partnered oral carbapenem therapy for complicated urinary tract infection and pyelonephritis, which are more complex infectious conditions. Although I see a credible path to FDA approval and material launch-related income from GSK, I believe the current risk-reward set-up is lackluster due to a) prior regulatory setbacks, b) restricted antibiotic adoption dynamics (especially for more expensive branded products), c) limited remaining pipeline optionality other than the lead asset, and d) unattractive royalty structure that may delay meaningful royalty cash flow to the company, until tebipenem becomes a large and mature commercial product. Company IR deck (Company IR deck) In summary, Spero has now effectively become a single asset royalty and a milestone story. Historically speaking, in my view, the company developed multiple anti-infective drugs, inclusive of SPR720 for nontuberculous mycobacterial pulmonary disease, and SPR206 for hospital-acquired and ventilator-associated bacterial pneumonia. Of note, those programs no longer provide a backdrop in valuation following unfortunate clinical and strategic setbacks during the last few years. Therefore, in my view, Spero’s equity story now increasingly depends overwhelmingly on tebipenem and GSK’s capability to secure FDA and EMA approval and commercialize/execute the product launch, eliminating the opportunity for exciting catalysts for biotech investors. Focusing on other product backgrounds, in my view, Tebipenem’s value proposition is differentiated if approved; I believe it may become the first oral carbapenem available in the US targeting more niche/select cUTI patien...
Suchat longthara/iStock Editorial via Getty Images Crypto is breaking lower while U.S. equities are pushing to record highs. ETF outflows, weak stablecoin liquidity, and heavy long liquidations all point to the same problem: capital is leaving crypto just as SpaceX’s record IPO may draw even more attention away from risk assets. Will BTC keep grinding lower? Crypto’s Downside Decoupling from Equit...
Suchat longthara/iStock Editorial via Getty Images Crypto is breaking lower while U.S. equities are pushing to record highs. ETF outflows, weak stablecoin liquidity, and heavy long liquidations all point to the same problem: capital is leaving crypto just as SpaceX’s record IPO may draw even more attention away from risk assets. Will BTC keep grinding lower? Crypto’s Downside Decoupling from Equities The crypto market fell sharply this week. Bitcoin ( BTC-USD ) dropped more than 12% over 7 days, falling from above $70,000 to an intraweek low near $61,500. Total crypto market cap dropped to about $2.18 trillion on June 4, approaching the February lows and down roughly 48% from last year’s peak above $4.2 trillion. The contrast with traditional markets was stark. U.S. equities pushed to fresh record highs, led by AI names, while crypto and its listed proxies fell hard. Why Crypto Is Decoupling from Equities Equities are absorbing external pressure and still rising on AI strength, while crypto is being hit by both the same external drag and a simultaneous unwind of its own demand structure. Crypto-internal: ETF outflows: U.S. spot Bitcoin ETFs recorded 13 straight sessions of net outflows from May 15 to June 3, shedding $4.33 billion, the longest streak since the products launched in 2024 and a sharp reversal from April’s $1.97 billion of inflows. This weakened the structural demand engine of the 2025 rally. Strategy’s ( MSTR ) first disclosed BTC sale since 2022, totaling 32 BTC, was economically trivial but broke the multi-year “never sell” narrative that anchored institutional psychology. Mt. Gox moved 10,422 BTC , worth roughly $739 million, ahead of its October repayment deadline, reviving supply-overhang fears. External, shared with all risk markets: Sticky inflation: April CPI hit 3.8% year-over-year, the highest since May 2023, with energy pressure further amplifying inflation concerns. Rate cut expectations diverged: prediction markets now price roughly a 69% ...
Joe Raedle/Getty Images News SpaceX's ( SPCX ) expanding role in U.S. national security is emerging as a major driver of growth ahead of the company's planned initial public offering, with government business poised to increase significantly in coming years, The Wall Street Journal reported Monday. The U.S. government was SpaceX's ( SPCX ) largest customer in 2025, generating about $4 billion in r...
Joe Raedle/Getty Images News SpaceX's ( SPCX ) expanding role in U.S. national security is emerging as a major driver of growth ahead of the company's planned initial public offering, with government business poised to increase significantly in coming years, The Wall Street Journal reported Monday. The U.S. government was SpaceX's ( SPCX ) largest customer in 2025, generating about $4 billion in revenue, according to securities filings. That figure is expected to rise as the company wins larger defense and intelligence contracts tied to military communications, missile tracking and surveillance systems. The company's strategy has combined rapid technology development with a willingness to offer existing commercial capabilities to government agencies on accelerated timelines. That approach has helped SpaceX ( SPCX ) secure a growing share of Pentagon and intelligence-community spending on space-based systems. Insights on SpaceX’s ( SPCX ) revenue sources are especially significant as investors this week await what could become one of the largest and most closely watched stock market debuts in history. At its target offering of $135 a share, SpaceX ( SPCX ) is seeking a roughly $75 billion capital raise, making the offering the largest IPO ever attempted and valuing the Elon Musk-led company at about $1.77 trillion. For investors, the expanding government business provides a potentially stable source of long-term revenue and strengthens SpaceX's ( SPCX ) competitive position. Defense and intelligence contracts often span many years and can create barriers to entry for rivals, making national security work an increasingly important component of the company's investment case alongside its commercial launch and Starlink businesses. Recent contract wins underscore SpaceX's ( SPCX ) growing influence. The U.S. Space Force awarded the company a $2.3 billion contract to develop a satellite communications network for military operations and a separate $4.2 billion contract fo...
Britain ’s financial watchdog sued Neil Woodford , the once-renowned investment manager, and his firm over allegations that he’s providing regulated investment advice without authorization. The Financial Conduct Authority said Monday that it’s seeking an injunction against Woodford and W4.0 to block them from “carrying on the potentially unlawful activities.” Woodford Investment Management implode...
Britain ’s financial watchdog sued Neil Woodford , the once-renowned investment manager, and his firm over allegations that he’s providing regulated investment advice without authorization. The Financial Conduct Authority said Monday that it’s seeking an injunction against Woodford and W4.0 to block them from “carrying on the potentially unlawful activities.” Woodford Investment Management imploded in June 2019 in one of London’s most dramatic collapses in recent years, trapping thousands of retail investors and around £3.7 billion ($4.9 billion) in assets. The FCA last year fined Woodford and his fund empire a total of £46 million over shortcomings in the lead up to the fund’s collapse. Woodford offers a subscription service to his investment strategies, Woodford Views, through W4.0 that’s registered in the United Arab Emirates.
格隆汇6月8日｜嘉信理财旗下Schwab Center for Financial Research的固定收益研究和策略主管Collin Martin表示，随着就业市场在顽固价格压力之下依然强劲，美联储加息的门槛正在下降。 “如果我们严格孤立地看这个问题，现在就可以提出加息的理由……通胀在高位已经五年，并在持续，而且还在朝错误方向发展。随着上周劳动力市场报告的发布，门槛持续降低。”他的基线情景是，...
格隆汇6月8日｜嘉信理财旗下Schwab Center for Financial Research的固定收益研究和策略主管Collin Martin表示，随着就业市场在顽固价格压力之下依然强劲，美联储加息的门槛正在下降。 “如果我们严格孤立地看这个问题，现在就可以提出加息的理由……通胀在高位已经五年，并在持续，而且还在朝错误方向发展。随着上周劳动力市场报告的发布，门槛持续降低。”他的基线情景是，鉴于存在大量不确定性，利率行动“更长时间暂停”。“我们想看看未来几个月情况会如何发展。”
The S&P 500 Index ($SPX ) (SPY ) today is up +0.65%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.21%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.59%. June E-mini S&P futures (ESM26 ) are up +0.70%, and June E-mini Nasdaq futures...
The S&P 500 Index ($SPX ) (SPY ) today is up +0.65%, the Dow Jones Industrial Average ($DOWI ) (DIA ) is up +0.21%, and the Nasdaq 100 Index ($IUXX ) (QQQ ) is up +1.59%. June E-mini S&P futures (ESM26 ) are up +0.70%, and June E-mini Nasdaq futures...
QEditor's note: Seeking Alpha is proud to welcome Howard Nemerov as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » designer491/iStock via Getty Images Executive summary NEOS Nasdaq-100 High-Income ETF ( QQQI ) is...
QEditor's note: Seeking Alpha is proud to welcome Howard Nemerov as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Click here to find out more » designer491/iStock via Getty Images Executive summary NEOS Nasdaq-100 High-Income ETF ( QQQI ) is a NAV-stable ETF that offers both income and growth potential. Comparing QQQI to QQQY highlights the difference between NAV lag and NAV erosion. There may be better funds for those in their growth/accumulation years. QQQI is worth buying for the consumption phase. Are you a growth investor? Income investor? Hybrid? QQQI, the NEOS Nasdaq-100 High-Income ETF, may have something to offer. NEOS specializes in offering Exchange Traded Funds (ETFs) that generally balance current income with long-term price growth. Their Nasdaq-100® High-Income ETF "seeks to distribute high monthly income generated from investing in the constituents of the Nasdaq-100® Index and implementing a data-driven call option strategy." As of April 30, 2026 it has $11.9B in net assets, and as their marketing says, it holds shares of NASDAQ-100 companies instead of a synthetic structure used by many higher-yield ETFs. Their current distribution rate is 14.11%, but that varies depending on your cost basis and market dynamics. For example, in April 2025 (during the tariff rollout), the distribution dropped under 13% but rebounded in May 2025 to 15% as the market recovered. Pick the right investments I remember my tech sojourn. As a recognized computer nerd, people asked me: Do you recommend a Mac or a PC? I tried understanding how they related to computers before answering. Different people are more comfortable working with a given platform. Humans are diverse, and I wanted them happy with their investment. Are you interested in growth or income investing, or perhaps a hybrid of both? Were I still a 20-someth...
Summer Game Fest may be over, but the flood of gaming news isn't. Nintendo just announced that it'll be holding its next Direct showcase event on June 9th at 10AM ET. The stream, which you can find here , will be followed by a Treehouse Live event, and it sounds like it'll be pretty lengthy. "The Nintendo Direct will be roughly 50 minutes and Nintendo Treehouse: Live will be 95 minutes," the compa...
Summer Game Fest may be over, but the flood of gaming news isn't. Nintendo just announced that it'll be holding its next Direct showcase event on June 9th at 10AM ET. The stream, which you can find here , will be followed by a Treehouse Live event, and it sounds like it'll be pretty lengthy. "The Nintendo Direct will be roughly 50 minutes and Nintendo Treehouse: Live will be 95 minutes," the company says. There's no word yet on exactly what to expect, but this is likely to be a major showcase for Nintendo, given how quiet the back half of the year is for the company's release calendar. There are a handful of major Switch 2 games coming up - … Read the full story at The Verge.
SpaceX is set to go public in a few days at a valuation north of $1.7 trillion. The narrative has quite a few big, futuristic bets: Starship, orbital data centers, and ambitions that stretch far beyond Earth. But the business doing much of the heavy lifting today is Starlink. The satellite internet network has become SpaceX's primary profit engine, but it also carries some very real risks. Average...
SpaceX is set to go public in a few days at a valuation north of $1.7 trillion. The narrative has quite a few big, futuristic bets: Starship, orbital data centers, and ambitions that stretch far beyond Earth. But the business doing much of the heavy lifting today is Starlink. The satellite internet network has become SpaceX's primary profit engine, but it also carries some very real risks. Average revenue per user is falling, capital requirements remain heavy, and each new wave of customers appe
Key PointsThe State Street SPDR S&P Bank ETF offers a significantly lower expense ratio and a higher dividend yield than the First Trust Nasdaq Bank ETF.
Key PointsThe State Street SPDR S&P Bank ETF offers a significantly lower expense ratio and a higher dividend yield than the First Trust Nasdaq Bank ETF.
etorres69/iStock via Getty Images Chipotle Mexican Grill ( CMG ) is trying hard to keep the demand for its products high, but macroeconomic headwinds, including poor consumer sentiment and elevated energy prices, are making the task challenging. Despite the firm's stock falling significantly in the past 12 months, and the multiples compressing meaningfully, I still do not believe that currently it...
etorres69/iStock via Getty Images Chipotle Mexican Grill ( CMG ) is trying hard to keep the demand for its products high, but macroeconomic headwinds, including poor consumer sentiment and elevated energy prices, are making the task challenging. Despite the firm's stock falling significantly in the past 12 months, and the multiples compressing meaningfully, I still do not believe that currently it is the right time to buy CMG. The aim of my article today is to discuss the results of the first quarter , along with the valuation and the macroeconomic landscape, and give you the key reasons why I am not convinced yet to pull the trigger. Results and the macroeconomic landscape In the most recent quarter, CMG reported a sales growth of 7%, beating analyst estimates . While it sounds good at first, this is mainly driven by the company's expansion efforts by opening new restaurants. The organic growth, or comparable restaurant sales growth, was only 0.5%, even below the current level of inflation. This was driven by a 0.6% higher transaction rate, but partially offset (0.1%) due to people spending less per check. Looking forward, CMG expects the comparable sales to be flat year over year for fiscal 2026. Income statement (Chipotle Mexican Grill) Considering the current state of the consumer, I do not think that eating out is going to be experiencing a boom in the near term. As consumer confidence levels are hitting historic lows, I believe that people are likely to remain cost conscious in the coming quarters and will not be spending significant sums on discretionary products or experiences. And even if they do so, they will probably opt for cheaper alternatives. U.S. Consumer sentiment (tradingeconomics.com) And I have to say that CMG seems to be getting this, and they are ramping up their rewards program. They have introduced a 30-day window for the birthday reward redemption, they have extended their ways of regards redemption, and they also extended the life of earned...