RUTHFULLY YOURS

The largest proxy battle in U.S. history ended last week in a near tie, leaving Procter & Gamble without the clear support of its shareholders and activist shareholder Nelson Peltz without a board seat.

P&G’s three largest shareholders split their votes: Vanguard sided with P&G, while State Street and BlackRock voted almost all their shares for Mr. Peltz. The stakes held by these giant index funds were so large that had any of them voted differently it would have changed the outcome—either a clear victory for Mr. Peltz or a clear mandate for P&G management.

This power dynamic illustrates the enormous influence that the three largest index-fund firms (together with other passive institutional investors) have acquired over such contests—and helps explain an intensifying debate over where their allegiances should lie. On one side is a small class of legal, banking and public relations professionals who advise underperforming corporations. On the other are the activist investors who seek to hold those corporations accountable.

There is a fair debate to be had about the appropriate balance of power between public corporations and their shareholders. But the debate has been badly skewed by a false narrative. “Anti-activist” advisers have attempted to drive a wedge between activist investors and index funds by suggesting that activists are interested only in short-term gains at the expense of long-term value. This divisive framing is objectively false and has done harm to the goal of generating sustainable returns for all investors.

For starters, all of a company’s shareholders are more aligned with each other than they are, say, with a group paid to defend corporations from shareholder challenges. Index funds and activist investors share the goal of generating returns for their investors, even if they go about it in different ways.

The primary idea behind passive index-fund investing is the efficient-market hypothesis: Markets are said to be efficient because millions of informed investors continuously think about, research and analyze companies, markets and securities. Thus, all possible information and insight is said to be always contained in securities’ prices at all times.

But passive investing is reducing the percentage of active managers to the point where they may actually become the minority in a few years. So who is going to do the work that theoretically creates efficient markets?

Activist investing provides one possible answer. Equity activism means using your voice and voting rights to improve companies in ways that maximize value for all shareholders. Seen in that light, index funds should consider activist investors to be natural allies.

Some index-fund firms have begun to focus on voting, governance and the potential benefits of activism. They’ve deployed teams of smart, honest professionals to promote best practices across their firms’ entire holdings. Certain aspects of corporate governance as a whole have improved—in some cases meaningfully—thanks in part to these initiatives.

On a company-specific level, however, with thousands of companies to be evaluated, it is impossible for these teams to do the kind of comprehensive financial and operational analysis required to identify corporate situations in need of change.

Activist investors can play this critical role, so long as the governance teams at large passive investing firms are willing and able to evaluate activists’ ideas on their merits. Unfortunately, as soon as an activist shows up at an underperforming company with an idea for creating value, the company’s advisers frequently seek to make the debate about time horizons. Index-fund firms are encouraged to look with suspicion at any idea whose benefits would crystallize in the near term—regardless of whether the idea represents the best possible alternative for shareholders in the long run as well. CONTINUE AT SITE

Washington is obsessed with the word “collusion” but has little understanding of its true meaning. The confusion might explain why D.C. has missed the big story of collusion between Fusion GPS and the Democratic Party.

To read the headlines, a poor, beleaguered opposition-research firm was humiliated and constitutionally abused this week by partisan Republicans on the House Intelligence Committee. Fusion’s lawyers sent a 17-page letter to the committee’s chairman, Rep. Devin Nunes, accusing him of misdeeds, declaring his subpoenas invalid, and invoking a supposed First Amendment right to silence. Yet the firm’s founders, the story went, were hauled in nonetheless and forced to plead the Fifth. “No American should experience the indignity that occurred today,” Fusion’s lawyer, Joshua Levy, declared.

Fusion is known as a ruthless firm that excels in smear jobs, but few have noticed the operation it’s conducting against the lawmakers investigating it. The false accusations against Mr. Nunes—that he’s acting unethically and extralegally, that he’s sabotaging the Russia probe—are classic.

This is a firm that in 2012 was paid to dig through the divorce records of a Mitt Romney donor. It’s a firm that human-rights activist Thor Halvorssen testified was hired to spread malicious rumors about him. It’s a firm that financier Bill Browder testified worked to delegitimize his efforts to get justice for Sergei Magnitsky, a lawyer beaten to death in a Russian prison.

It’s the firm behind the infamous “dossier” accusing Donald Trump of not just unbecoming behavior but also colluding with Russia. Republicans are investigating whether the Fusion dossier was influenced by Russians, and whether American law enforcement relied on that disinformation for its own probe.

But Fusion’s secret weapon in its latest operation is the Democratic Party, whose most powerful members have made protecting Fusion’s secrets their highest priority. Senate Democrats invoked a parliamentary maneuver in July to block temporarily Mr. Browder’s public testimony. Rep. Adam Schiff, the Democratic ranking member on the Intelligence Committee, has been engineering flaps to undercut and obstruct Mr. Nunes’s investigation. Democrats on the House Ethics Committee have deep-sixed what was meant to be a brief inquiry to clear Mr. Nunes so as to keep him sidelined.

Then there is the intel committee’s meeting this week. Despite the spin, forcing Fusion to appear was Republicans’ only recourse after months of stonewalling. Fusion’s letter ludicrously claimed that Mr. Nunes’s subpoenas were invalid, which essentially forced the committee to show otherwise. It was a question of authority.

Florida Rep. Tom Rooney put the Fusion attendees through a series of questions not out of spite but to clarify finally just what topics the firm is refusing to talk about. The Fifth Amendment doesn’t provide protection against answering all questions. It only protects against providing self-incriminating evidence. It is therefore revealing that Fusion took the Fifth on every topic—from its relationship with British spook Christopher Steele, to the history of its work, to its role in the dossier.

The untold story is the Democrats’ unprecedented behavior. Mr. Rooney had barely started when committee staffers for Mr. Schiff interrupted, accused him of badgering witnesses, and suggested he was acting unethically. Jaws dropped. Staff do not interrupt congressmen. They do not accuse them of misbehavior. And they certainly do not act as defense attorneys for witnesses. No Democratic lawmakers had bothered to come to the hearing to police this circus, and Mr. Rooney told me that he “won’t be doing any more interviews without a member from the minority present.”

Private-sector lawyers also tend not to accuse congressmen of unethical behavior, as Mr. Levy did in his letter to Mr. Nunes. But Fusion’s legal eagle must feel safe. He’s former general counsel to the Senate’s minority leader, Chuck Schumer. He has also, I’m told by people familiar with the committee’s activities, more than once possessed information that he would have had no earthly means of knowing, since it was secret committee business. Consider that: Democratic members of Congress or their staff providing sensitive details of an investigation to a company to which the committee has given subpoenas. CONTINUE AT SITE

As he prepared to collect a $500,000 payday in Moscow in 2010, Bill Clinton sought clearance from the State Department to meet with a key board director of the Russian nuclear energy firm Rosatom — which at the time needed the Obama administration’s approval for a controversial uranium deal, government records show.

Arkady Dvorkovich, a top aide to then-Russian President Dmitri Medvedev and one of the highest-ranking government officials to serve on Rosatom’s board of supervisors, was listed on a May 14, 2010, email as one of 15 Russians the former president wanted to meet during a late June 2010 trip, the documents show.
“In the context of a possible trip to Russia at the end of June, WJC is being asked to see the business/government folks below. Would State have concerns about WJC seeing any of these folks,” Clinton Foundation foreign policy adviser Amitabh Desai wrote the State Department on May 14, 2010, using the former president’s initials and forwarding the list of names to former Secretary of State Hillary Clinton’s team.

The email went to two of Hillary Clinton’s most senior advisers, Jake Sullivan and Cheryl Mills.

The approval question, however, sat inside State for nearly two weeks without an answer, prompting Desai to make multiple pleas for a decision.

“Dear Jake, we urgently need feedback on this. Thanks, Ami,” the former president’s aide wrote in early June.

Sullivan finally responded on June 7, 2010, asking a fellow State official “What’s the deal w this?”

The documents don’t indicate what decision the State Department finally made. But current and former aides to both Clintons told The Hill on Thursday the request to meet the various Russians came from other people, and the ex-president’s aides and State decided in the end not to hold any of the meetings with the Russians on the list.

Bill Clinton instead got together with Vladimir Putin at the Russian leader’s private homestead.

“Requests of this type were run by the State Department as a matter of course. This was yet another one of those instances. Ultimately, President Clinton did not meet with these people,” Angel Urena, the official spokesperson for the former president, told The Hill.

Hillary is demanding to know the truth about Trump and Russia. The truth is that every accusation about Russian ties that Hillary and her associates have hurled at President Trump is really true of the Clintons.

In ’14, Hillary Clinton made headlines by comparing Russia’s Vladimir Putin to Hitler. But if the Russian strongman really was ‘Hitler’, what did that make stooges like Hillary, Bill and Barack Obama?

Five years earlier, Hillary had been posing with a ‘Reset Button” with one of Putin’s henchmen. But Hillary was bringing a lot more to the meeting than a mislabeled button pilfered from a swimming pool. The ‘Reset’ had the same pattern as other Clinton scandal: a shadowy foreign financial pal with an agenda, the Clinton Foundation being used to launder money and a government cover-up.

Officially, the ‘Reset’ was pushing Obama’s nuclear arms reduction plan and a joint effort to address Iran’s nuclear program. But the nuclear materials that truly interested Hillary Clinton weren’t in Russian missiles or in Iranian reactors, but in the ground in Kazakhstan. By the time Hillary showed off the ‘Reset Button’, the Clintons had been enjoying a long relationship with Frank Giustra, a Canadian mining mogul. Giustra had moved tens of millions into Clintonworld and Bill built up his profile in Kazakhstan.

But by ’09, the Clintons had a lot more to trade on than a Senate seat and ex-presidential prestige.

When Secretary of State Clinton unveiled the ‘Reset’, the unspoken truths outnumbered the spoken platitudes. Some of the unspoken truths were obvious. Hillary Clinton and Obama would break with Bush’s criticisms of human rights in Russia. From now on, they would have nothing to say about it.

The man who allegedly agreed to that dirty deal was Michael McFaul who is currently bashing President Trump for being “soft” on Putin.

But the bigger unspoken truth was that Giustra’s company had been bought by Uranium One. And the Russians were sniffing around Kazakhstan. Either the Russians would get Uranium One. Or they would expose the dubious ways that Uranium One had gotten its Kazakhstan mining rights. But if Rosatom, a Russian government corporation, bought into Uranium One, it would need approval from State because such a deal would provide Russia with control over more than 20% of America’s Uranium supply.

Good thing, Uranium One and Putin had a friend in Hillary Clinton. And not just Hillary.

Uranium One and Rosatom didn’t just need the State Department. They also needed the Justice Department to turn a blind eye. And they got that too from Attorney General Eric Holder.

The same year that Hillary brought over her ‘Reset Button’, the FBI was investigating a top Rosatom figure in America for racketeering, extortion, bribery and money laundering. The investigation was supervised by the controversial current Deputy FBI Director Andrew McCabe who has his own financial ties to the Clintons. The investigation dragged out for five years. Just enough time for the Rosatom deal to be approved. When the charges were brought in ’14, the Russians had gotten it all. And the charges were a whitewash that ignored the most damning accusations. Especially those involving the Clintons.

Holder’s DOJ, like Hillary’s State, signed off on the Rosatom-Uranium One deal despite the ongoing investigation. Holder and his associates at the DOJ kept the investigation under their hats. The trails leading to the Clintons were closed off. And the nails were hammered in hard to keep them closed.

“Victim 1”, the FBI’s confidential witness in the case, was an American businessman who was making payments to a Rosatom figure. He knew firsthand about the Russian efforts to influence Bill and Hillary, and through them, the Obama administration, but wasn’t allowed to talk about it. Instead Obama’s DOJ threatened him with criminal charges if he revealed what he knew. And what he knew included comments by FBI agents about political pressure from the DOJ during the Uranium One-Rosatom approval process.

The Senate Judiciary Committee has launched an investigation into the Uranium One bribery case. It will be asking several federal agencies to disclose if they knew the FBI had uncovered corruption before the Obama administration approved the suspect uranium deal with Moscow in 2010.

According to The Hill, the committee has already “sent requests for information to 10 federal agencies involved in the Russian uranium approvals.”

Sen. Chuck Grassley (R-Iowa), the Judiciary Committee chairman, wrote in the letters that he no longer buys the Obama administration’s 2015 “assurances” that there was no basis to block the deal.

Said Grassley in a letter to Homeland Security last week:

I am not convinced by these assurances. … The sale of Uranium One resulted in a Russian government takeover of a significant portion of U.S. uranium mining capacity. In light of that fact, very serious questions remain about the basis for the finding that this transaction did not threaten to impair U.S. national security. CONTINUE AT SITE

The policy take-away from President Trump’s remarks last night at the Heritage Foundation centered around tax cuts. The president likes ‘em, and if he has his way (and on this issue, I think he will), we will see a sharp cut to the corporate tax rate (from 35 percent to 20 percent), a simplification and reduction of the individual tax rate, and a big expansion of the individual exemption (to $12,000 for individuals and $24,000 for married couples filing jointly).

There is a certain kind of politician who likes high taxes, partly because he likes big government, which is the natural result of high taxes, partly because he wants most people (not his tribe, of course) to have as little money as possible. The poorer people are, the more dependent they are. Politicians of a certain stripe want people to be dependent on the government, i.e., on them and the instruments they control.

To my mind, that unholy dialectic between political power and an agenda of enforced dependency is one of the most despicable and destructive coefficients of the administrative state. It is despicable because it deploys power for personal aggrandizement under the camouflage of helping (i.e., pretending to help) others (the “Great Society,” etc.). It is destructive because its end is the eclipse of liberty for the sake of expanding and institutionalizing the apparatus of bureaucracy (and the perquisites of the bureaucrats running it).

So I applaud the president’s plan to cut taxes and allow Americans to keep a bit more of what after all is their own money. (We tend to forget this.)

But although taxes formed the official centerpiece of the president’s speech last night, and though I liked what he said about taxes, I thought the most impressive part of the speech was its rhetorical setting. The occasion was a meeting of Heritage Foundation supporters. Accordingly, President Trump began by talking about the importance of embracing our history, our heritage. “For America to have CONFIDENCE in our future, we must have PRIDE in our HISTORY.”

I think that is right, and I think it is worth pondering each of the three stressed words.

One of the great liabilities of so-called identity politics is that, ironically, it acts as a solvent on shared cultural confidence. The irony flows from the fact that identity politics is supposed to leave its partisans with an enhanced sense of self-worth and solidarity but in fact it tends to isolate them in rancid grievance ghettos.

Along the way last night, the president spoke up for preserving our heritage, our history, an enterprise that encompasses not just the preservation of monuments and other historical markers that commemorate our past, but also extends to the spiritual decorum of civic respect: standing for the national anthem, for example, or (since this multiethnic country was and is, as Samuel Huntington observed, a country of “Anglo-Protestant” values) wishing people “Merry Christmas” in due season.
Here’s my question: in what does the alleged “degradation” consist? That Donald Trump tweets?
Bill Kristol

✔ @BillKristol

I like Gorsuch, decertifying Iran and leaving UNESCO. But they’re not worth the degradation of our public life that is the Trump presidency.

That can’t be right, since Bill himself avails himself of that demotic medium. That he does not speak like a Harvard graduate? That may be part of it, but Bill knows as well as I do that the end of rhetoric is persuasion, and no one can deny Trump’s masterly powers of persuasion. Donald Trump may be an imperfect vessel for our national hopes, but then of whom may that not be said? In the aftermath of the Harvey Weinstein scandal, former presidential candidate Hillary Clinton said on national television “we have someone admitting to being a sexual assaulter in the Oval Office.” I am pretty sure she was not talking about her husband. No, she was talking about Donald Trump. But what can that mean? As far as we know, Donald Trump (unlike Bill Clinton) is not guilty of sexual assault. Certainly, he has never said he was. Yes, there was that crude Access Hollywood video—a video, remember, that captured a private conversation between two bragging men more than a decade ago. But how many crude locker-room expostulations equal one Monica Lewinsky in the Oval Office? CONTINUE AT SITE

At the end of their lengthy editorial regarding the new Uranium One revelations — “Team Obama’s stunning coverup of Russian crimes” — the New York Post editorial board writes:

Until September 2013, the FBI director was Robert Mueller — who’s now the special counsel probing Russian meddling in the 2016 election. It’s hard to see how he can be trusted in that job unless he explains what he knew about this Obama-era cover-up.

I’ll go the Post one better. Virtually whatever Mueller has to say about his involvement or non-involvement in this metastasizing scandal, he must recuse himself immediately for the most obvious reasons of propriety and appearance. Frankly, it’s outrageous that he, Ron Rosenstein, or anyone who even touched the Uranium One investigation now be involved with the current probe — unless the real name of the FBI is actually the NKVD. This is not how a democracy is supposed to work, even remotely. Forget transparency — this was deliberate occlusion.

The collusion Trump & Co have been accused of is chickenfeed compared to twenty percent of U.S. uranium ending up in Putin’s hands under the aegis of Barack Obama, Hillary Clinton and Eric Holder, the latter two members of CFIUS (the inter-agency committee that reviews the transfer of U.S. companies to foreign entities and was then chaired by Timothy Geithner). We have heard disturbing allegations of this for some time, via “Clinton Cash” and even from the New York Times, but the new disclosure that a 2009 FBI investigation of this possible nuclear deal uncovered kickbacks, money laundering, and bribes from the Russian company involved (Rosatom) and yet it still was given the go-ahead by the Obama administration is — I can think of no better word — appalling. How could it have come to pass that this occurred? Why are we supposed to believe anyone now?

On Wednesday, Senator Grassley asked Attorney General Jeff Sessions: “What are you doing to find out how the Russian takeover of the American uranium was allowed to occur despite criminal conduct by the Russia company that the Obama administration approved the purchase?”
What Did Mueller Know? New Documents Show…

Evidently, not much. At least so far. In fact Sessions said that Deputy Attorney General Ron Rosenstein, who led this long-hidden investigation, should “investigate himself.”

No, Jeff. You may have properly recused yourself from the Russian investigation, despite Trump’s criticism, but this one is your job. You run the Department of Justice and therefore the FBI. Something is rotten as much as it ever was in Denmark. Indeed it’s worse, since nuclear weapons were not even dreamed of in Hamlet’s time. So don’t be like Hamlet. Act now.

For starters, Mueller must step down. We cannot have an investigation of this magnitude that half the country will completely disrespect — and for increasingly good reason. History will mock it, also for good reason. On top of that, with our country as split as it is, the results could be catastrophic.

Equally important, the reputation of the FBI must be resuscitated. Speaking entirely as a private citizen, I do no trust the FBI anymore. To be honest, it scares me. And I am certain I am not alone. It feels like an often-biased organization so bent on self-preservation that it hides evidence and lets the powerful off the hook. That’s the royal road to totalitarianism. No, it’s not the NKVD yet. No one that I know of is being hauled off in the middle of the night. But very few of us know what it is really up to, how it makes its frequently dubious decisions, or whether it is working for the good of the citizenry at all. Almost everything we learn of its investigations is so heavily redacted, no one but one of the myriad leakers seems to know what it means — and they’re usually lying. This, as they say, will not end well. CONTINUE AT SITE

Back in July, I called for a criminal investigation into Hillary Clinton’s collusion with Russia to turn over control of 20 percent of our uranium supplies to Russian interests in return for some $145 million in donation to the Clinton Foundation. Now it turns out that there was one, an FBI investigation dating back to 2009, with current Deputy Attorney General Rod Rosenstein and Special Prosecutor Robert Mueller up to their eyeballs in covering up evidence of Hillary’s collusion, bordering on treason, with Vladimir Putin’s Russia:

Prior to the Obama administration approving the very controversial deal in 2010 giving Russia 20% of America’s Uranium, the FBI had evidence that Russian nuclear industry officials were involved in bribery, kickbacks, extortion and money laundering in order to benefit Vladimir Putin, says a report by The Hill….

John Solomon and Alison Spann of The Hill: Federal agents used a confidential U.S. witness working inside the Russian nuclear industry to gather extensive financial records, make secret recordings and intercept emails as early as 2009 that showed Moscow had compromised an American uranium trucking firm with bribes and kickbacks in violation of the Foreign Corrupt Practices Act, FBI and court documents show….

From today’s report we find out that the investigation was supervised by then-U.S. Attorney Rod Rosenstein, who is now President Trump’s Deputy Attorney General, and then-Assistant FBI Director Andrew McCabe, who is now the deputy FBI director under Trump.

Robert Mueller was head of the FBI from Sept 2001-Sept 2013 until James Comey took over as FBI Director in 2013. They were BOTH involved in this Russian scam being that this case started in 2009 and ended in 2015.

If evidence of bribery, kickbacks, extortion, and money laundering in the Uranium One affair are not grounds for a special prosecutor assigned to investigate Hillary Clinton, what is? Rosenstein and Mueller, by their silence on this investigation hidden from Congress and the American people, are unindicted coconspirators in Hillary’s crimes and should be terminated immediately.

Someone should tell Senator McCain he is about eight years late in giving his message on American leadership in a speech accepting the National Constitution Center’s Liberty Medal.

To fear the world we have organized and led for three-quarters of a century, to abandon the ideals we have advanced around the globe to refuse the obligations of international leadership and our duty to remain ‘the last best hope of earth’ for the sake of some half-baked, spurious nationalism cooked up by people who would rather find scapegoats than solve problems is as unpatriotic as an attachment to any other tired dogma of the past that Americans consigned to the ash heap of history.

Somehow, Senator McCain was able to stand and watch as:

Obama, Hillary, and Kerry essentially bragged about leading from behind.
Obama said he wanted to remake America.
Obama went around the world apologizing for what America had previously done.
Obama drew the fictitious red line in Syria.
North Korea, Russia, Syria, and Iran were essentially able to do whatever they wanted with almost zero consequences.
Obama tried to undermine Israeli elections.
Obama sold uranium to Russia.
We paid ransom – over a billion dollar in cash – to Iran.
Obama considered ISIS the J.V. team.

How could McCain have watched everything Obama did from his seat on the Senate Foreign Relations Committee and not given a speech about abdicating American leadership? I would love to have McCain or anyone else list Obama’s foreign policy successes and how they maintained our leadership position that McCain says is now under attack because of Trump.

Does anyone believe that Biden, Obama, Democrats, and reporters would have cheered and given McCain an award if McCain had given that speech while Obama was abdicating our leadership position in the world instead of trashing Trump?

Nope, McCain waited until Trump is reasserting our power against Iran, Syria, and North Korea and bragging about America’s greatness and again standing up for Israel.

Free at last! Free at last! That’s the message for millions who don’t get health coverage at work and, until now, faced two dismal options: going without insurance or paying Obamacare’s soaring premiums. Last week, President Donald Trump announced regulatory changes that will potentially allow consumers to choose coverage options costing half what Obamacare’s cheapest bronze plans cost. Democrats are already accusing the president of kneecapping Obamacare, but in fact these changes will actually reduce the number of uninsured — something Democrats claim is their goal.

The Affordable Care Act requires everyone to buy the one-size-fits-all Washington-designed benefit package. You have to pay for maternity care, even if you’re too old to give birth. You’re also on the hook for pediatric dental care, even if you’re childless. It’s like passing a law that the only car you can buy is a fully loaded, four-door sedan. No more hatchbacks, convertibles or two-seaters.

Trump’s taking the opposite approach — allowing consumers choice. His new regulation would free people to once again buy short-term health plans that exclude many costly services such as inpatient drug rehab. These plans are not guaranteed renewable year to year. The upside is they cost much less.

Short-term plans have been around for years. But after Obamacare premiums began soaring, these plans became very attractive to people who were not eligible for an Obamacare subsidy and balked at paying full freight. Hundreds of thousands of customers signed up for these short-term plans — that is, until the Obama administration slammed the door shut. A year ago, Obama slapped a 90-day limit on these plans, as a way to force people into Obamacare, no matter how unaffordable. His way or the highway.

Trump is removing Obama’s 90-day limit, re-opening that low-cost option. That’s good news for some 8 million people currently getting whacked with an Obamacare tax penalty for not having insurance, and another 11 million uninsured who avoided the penalty by pleading hardship. Count on many of them to buy coverage when they have an affordable option. That will reduce the number of uninsured.

Yet, Democrats are ranting that Trump’s regulatory changes are sabotaging the Affordable Care Act. They warn that healthy people will abandon the Obamacare exchanges to buy these low-cost plans, destabilizing the system.

Of course they will. Why shouldn’t they? After all, Obamacare unfairly forces the healthy to pay the same for insurance as the chronically ill. Healthy people never reach their sky-high deductibles. Instead, the premiums extorted from them are used to cover huge medical bills for the sick, who consume 10 times as much health care. Of course, people with pre-existing conditions should be subsidized, but instead of burdening healthy insurance buyers in the individual market, the entire nation should chip in. That’s what Republican Obamacare replacement bills proposed.

Obamacare’s community pricing is the biggest reason premiums have soared since 2013.