Rebirth of the investment era

"It's hard to say!" Su Yu responded, "The first wave of emotional release should be almost over, but the bad news is not digested so quickly, and it is still very early for the market to clear out profits."

"At this moment, in a very short period of time, the index has fallen too much. Many potential selling forces on the market have seen that the index has oversold. At the same time, the retracement of the stocks held in the hands in a short period of time is too huge, and there are already many people inside and outside the market. Funds began to buy the bottom to take over the market, so they hesitated just now, causing the selling force on the market to weaken at this moment, which also made the market look less ugly."

"However……"

Su Yu paused and continued: "The essential logic of the market trend has not changed, that is, the market's long-short situation has not turned, and the potential selling power on the market has not shrunk or weakened."

"It is foreseeable that...if the market closes at noon, there will still be no good news."

"At the same time, the market's 'national team' has not made any move to stabilize the market and increase its positions with real money."

"Then, wait until this wave of bargain-hunting funds is exhausted."

"Even when the time-sharing capacity has declined, the market is still unable to support the buying orders. I am afraid that the second wave of storms will come soon."

"So... the market situation this afternoon is probably not optimistic, is it?" Li Meng heard the meaning of Su Yu's words and knew that he still maintained a pessimistic attitude towards the current intraday and short-term trend of the market, so he couldn't help but reply He said, "What do you think is the probability that the market's 'national team' will take action to stabilize the market today?"

Su Yu smiled and said, "Basically zero."

"Basically zero?" Li Meng was obviously surprised when he heard this probability.

Su Yu nodded and said: "Although the market fell sharply today, the trading volume is actually very sufficient. The depletion of liquidity on the market only occurs in a few stocks. Most stocks in the market still have no liquidity. It’s completely depleted and it’s difficult to buy and sell.”

"The first principle of the 'national team' to protect the market is to prevent systemic financial risks, not to stabilize the index."

"For the market's relatively natural adjustment trend under the negative fermentation, the other party will most likely not intervene, so I say that the probability of the market's 'national team' participating in protecting the market in the afternoon is basically zero."

"And..."

Su Yu pondered for a moment and then said: "As the largest major financial group in this market, I think some of them have a relatively clear understanding of the market's macro trends, and do not think that short-term market adjustments will affect to long-term financial market development strategies.”

"So no matter what, the probability of this group of main funds intervening in the market at this time is not high."

After listening to Su Yu's analysis, Li Meng pondered for a moment, staring at the 'big finance' sector that had obviously changed in the morning, as well as the 'medicine' and 'consumption' sectors where the market trends were relatively strong, and said: "According to what you said Yes, as it approached 11 o'clock in the morning, what was the reason for the collective changes and strength against the trend in the defensive sectors such as 'Big Finance', 'Consumer' and 'Pharmaceutical'?"

Su Yu responded: "It should be some funds on and off the market that think they are smart. They are inducing market sentiment and performing high and low switching operations. It can be regarded as the market synergy formed by the investor groups on and off the market under a certain cognitive logic. With the market The 'national team', the main financial group, has nothing to do with it."

"Market synergy under the high-low switching logic?" Li Meng was slightly confused.

Su Yu nodded and continued: "Yes, in the previous major fields of 'big finance', 'medicine' and 'consumption', during the stage when the two major market main lines of 'infrastructure' and 'state-owned enterprise reform' continued to rebound and climb, it was In a state of severe stagflation, even if we look at the last two months, during the entire rebound in the index from 2000 points to around 2500 points, the major industries of 'big finance', 'medicine' and 'consumption' have sector, that is also a stagflation sector that seriously lags behind the growth of the broader market.”

"It is precisely because of the stagflation in these major areas during the early rebound."

"As a result, these major areas have become the depression of the overall market valuation at this stage, and the areas with the least accumulation of profit taking and selling floating chips on the market."

"Coupled with these major sectors, the logical attribute of 'risk aversion' in the minds of the majority of investors."

“With the market plummeting, the entire market investment environment, and risk aversion rising rapidly, this valuation depression and risk-avoiding area has naturally become an area that some smart funds will decisively attack, and has become a target for many The market sector is a market sector where main funds have taken profits from high-level main areas such as 'infrastructure' and 'state-owned enterprise reform' to increase their positions."

"There's nothing surprising about that."

"It's just some funds on and off the market speculating and playing emotional games in a mixed situation."

"Master, but it's difficult for the market trend generated by this kind of emotional game to be sustainable, right?" After hearing Su Yu's detailed analysis, Liu Yuan, who was listening carefully on the side, couldn't help but answer.

Su Yu nodded and responded: "Yes, let's not talk about the rise in the market in the major fields of 'big finance', 'medicine' and 'consumption'. They are originally 'big money eaters'. Just these few major sectors. Sector, if there is no obvious change in market speculation expectations, it will be difficult for the market to continue.”

"The so-called overturning of the nest, are there any intact eggs?"

"The most profitable areas of the market have all collapsed, becoming the areas with the most severe money-losing effects. How can weak areas with no hype expectations survive?"

“There is a reason why the market is weak, and there is a reason why the market is strong.”

"Don't think that a stock will rise less when the market goes up, and then it will fall less when the market turns down. In fact, there is no necessary relationship between the two. The rise and fall of the stock price depends on emotions and the market. Apart from the overall valuation level, the most fundamental logic is the future expectations of fundamental changes."

"Let me just say, I feel...the so-called hedging sectors of the market, such as 'big finance', 'medicine' and 'consumer', are obviously bullish." Wang Can continued, "These are the so-called hedging sectors of the market." The core stocks in large fields all have market values ​​of hundreds or hundreds of billions. I really wonder what the investors who are buying these stocks at this moment are thinking? Originally, the current market buying volume is seriously insufficient. How can it be increased? Do you have to touch this kind of super large-cap stock?”

"Although they are all super large-cap stocks with tens of billions or hundreds of billions, in fact, there are not many potential selling chips on these stocks." Zhao Lijun pondered for a while and then said, "From the emotional game, the logic of switching from high to low is Generally speaking, there is no problem with the rise of these stocks, but the sustainability... is indeed doubtful."

"No matter how the market changes in time-sharing trends, we should still focus on resolutely reducing our positions at the moment, right?" While everyone was talking, Zhu Tianyang looked up at Su Yu, who fell silent again, and asked, "Mr. Su, we should still follow the instructions The trading strategy for early trading is to reduce positions indiscriminately?”

Su Yu heard Zhu Tianyang's inquiry, came back to his senses, and responded: "Yes, continue to reduce positions indiscriminately. There is a high probability that this is just a brief calm point after the first round of storms. A stronger storm may be coming. At this time... …If we hesitate and do not seize the opportunity to reduce our positions, then when a new round of storms comes, facing worse market trends and disk liquidity, it will be even more difficult to achieve our expected reduction target. "

"Okay, I understand!" Zhu Tianyang fully agreed with Su Yu's analysis, so he couldn't help but responded quickly, and then continued to lower his head and tap on the keyboard, placing further orders for the stocks that still had a certain amount of liquidity. Sell.

The same is true when Zhu Tianyang is operating.

In the trading room, all the traders quickly continued to execute sell orders, placed orders at low prices, or took the initiative to sell when the market price fell, frantically withdrawing funds and reducing their holdings.

And as the entire ‘Yuhang Investment’ trading room reduced its holdings and sold them.

In the last ten minutes of trading approaching the midday close, stocks in many industry sectors that had already experienced time-sharing shrinkage in the main areas of 'infrastructure' and 'state-owned enterprise reform' once again began to fall in heavy volume, driving panic selling sentiment in the market to continue. Soaring.

Finally, at 11:30, the two cities closed at noon.

The Shanghai Stock Index's decline once again expanded to more than 3.2%, and the number of stocks in the two cities reached the limit of 57.

Except for the major hedging fields of 'big finance', 'consumer' and 'pharmaceutical' which suffered relatively small declines, all other mainline fields suffered heavy losses.

Among them, the two main areas that were popular in the early stage, namely 'infrastructure' and 'state-owned enterprise reform', the related industry sector and concept sector indexes did not fall below 3.5% at all, and even the 'real estate' and 'steel' sectors fell even more. It is close to 6%, which is terrifying.

Of course, except for individual stocks that have performed extremely miserably.

The trading volume of the two cities also continued to remain at a high level. The half-day trading volume was the same as yesterday, with no signs of shrinkage.

Such a half-day market trend, whether it is for on-site or off-site investors, is a surprise and is significantly lower than expected. Many people thought that today's market trend will not be good, but at all I didn't expect such a plunge to occur.

"What a sin! This trend is really irresistible!"

During the lunch break, when the market investment sentiment was completely one-sided, the discussion in the comment areas of major stock trading platforms, where retail investors gathered, once again exploded.

"Hey, after a sharp fall, I was immediately trapped. I don't know how long I will be on guard this time?"

"Overnight, it fell from the bull market back to the bear market. Sure enough... the bear market is still suitable for Big A!"

"I worked hard for two months, buying and selling, and finally reduced the cost. I was about to get out of trouble, but... one day I went back to before liberation."

“I finally understand that every time the market shouts ‘bull market,’ the market is not far from plummeting.”

"Damn the 'IPO restart' news, wouldn't it be better to come out later? I almost got out of the trap."

“Although the market has plummeted continuously in the past two days, affected by the bad news of ‘IPO restart’, the most fundamental reason is that the accumulation of profit orders on the market is too serious, and it failed to break through 2,500 points. Is it time for a correction?”

"If there was no bad news, the index might have crossed 2,500 points."

"At least it's not negative, and the index won't fall so badly."

"With this morning's trend, those who didn't hit the daily limit are all pretty powerful people, right?"

"It's only been half a day, and the number of stocks in both cities has dropped to the limit of almost 60. I feel that there is a high probability that the 100-stock limit will be reached today!"

"The regulators should be satisfied now. After all, everyone really voted with their feet, haha... and they even opened the IPO to suck money. I look at the market trend, how can I suck it?"

"Big A is already equivalent to a skinny patient. If he draws blood again, he is really not far away from death."

"Die, die! Die early and be born early."

"I didn't think about treating the disease first, I just thought about drawing blood continuously, and I accepted it!"

"Originally, when it was close to 11 o'clock, I saw the 'Big Finance' move. I thought the 'National Team' was going to protect the market, but unexpectedly... it strengthened for a while, and then fell back near midday."

“What’s the use of protecting the market when the trend is going to be mixed with mud and sand?”

"Yes, if confidence is down, even if the 'national team' takes action, it will be difficult to reverse it."

"Hey, in the market this morning, it really feels like all the funds are being sold. The market selling effect is really worse than yesterday. The big funds are really determined."

"You know that the market will fall again, but why don't you run away from this situation?"

"As long as it can be sold, if it were me, I wouldn't hesitate to run, but what the hell... the limit is locked, and I can't run. It's really speechless."

"Hey, I can only hope for the afternoon."

"Don't expect the afternoon, the trend in the afternoon may be even worse."

"Since yesterday's peak, the index has dropped by almost 100 points. It should be considered a short-term oversold, right?"

"Whether it's over or under, just sell it. Look at the batch of funds that bought the bottom at 10 o'clock in the morning. When the market closes at noon, are they trapped again? Newbies die from chasing highs, and veterans die from buying bottoms. I really don’t think you’re brave enough to be a skilled artist, so don’t take the knife.”

"Yes, looking at the trend, it is obvious that the index has just started to fall."

"You have to wait until the index drops to near the next support platform of 2200 points before you start buying the bottom, right? If you rush to enter the market and buy the bottom at this time, isn't it like rushing to catch a flying knife?"

"Is there anyone who bets on the dragon to come back? I saw that the Beixin Road and Bridge check, after the price limit was closed early in the morning, by the noon closing, more than 20 million yuan of funds had been transacted."

"Haha, Long Huitou...are you thinking too much? Without the blessing of the 'Fortune Road' seat, which main force is willing to take advantage of this and continue to push the market upward? Do you think it has not suffered enough? Look at 'Infrastructure', 'State-owned Enterprise Reform' 'The trend of these two main lines after Mr. Su's 'Fortune Road' massive reduction of positions was really a flash crash. There were endless selling following the trend, and the buying orders dropped sharply. Those who dare to take over at this time... are really brave. "

"Indeed, at this time, buying stocks in the 'big financial' sector is more reliable than buying stocks in the popular concept of 'infrastructure' and 'state-owned enterprise reform'. Take a look at Shanghai Steel Union, Huaqingbao, and Changchun Chang last year. Qu Technology, Huake Financial... Let's wait for the trend of a number of popular concept stocks in the past few months after they peaked. It can only be described as horrific. The halving is light. Take Hua Qingbao alone, in the first year of this year When the quarterly results report fell short of expectations, the stock price has fallen by more than 60% from last year's high."

"Anyway, whoever likes to catch this flying knife will catch it. I will remain short."

"Originally, I wanted to wait for the Shanghai Stock Index to completely break through 2,500 points to create an opportunity on the right side. Now it seems...this opportunity on the right side is no longer needed. Fortunately, not bad... I resisted the temptation of the market to continue to rise before. I didn’t chase the highs, otherwise I might even feel like crying now.”

"Looking at the market trend in the morning, it is obvious that 2300 points cannot be sustained."

"There is a high probability that the index will fall back to 2,200 points. Maybe...under pessimistic circumstances, it is not impossible to fall back to 2,000 points."

"Indeed, in our Big A, anything can happen."

"Let's wait and see. At this time, if you have a position, reducing your position must be the first choice. If you don't have a position, you must control it."

"When the market is gone and the money-losing effect is overwhelming, I will definitely not participate."

"Mr. Su has reduced his positions on a large scale, there is no reason to stay on the market any longer."

"The market can't get rid of the bear market pattern, so it's useless to participate in it. It's a short position. It's a short position. I was really happy in vain the past few days."

"Hey, it seems that all the institutions in the market that are bullish cannot be trusted."

"I definitely can't believe it. I know from my imagination that there is no time when the market allows most people to make money? It's just to induce more people to cut leeks. If you really believe it, then you will really take over. Speaking of which... these things in the market continue to The main force behind the selling is really unscrupulous. Are they really just relying on their advantages in information channels to cut leeks like crazy?"

"That's true, but it's also caused by the ecological environment of our Big A. There's nothing we can do about it."

“Hey, system construction is still far behind the mature financial markets abroad!”

"Didn't the 'New Country Nine' come out? Do you hope there will be changes in the future? To be honest...if the investment environment does not change and there are no main funds willing to make long-term investments, it will be really difficult for the market to have a long-term bull market."

"Do you still want a bull market? Don't expect too much. It will be good if the index does not fall back to 2,000 points."

In the extremely intense market discussion, the lunch break passed in a blink of an eye, and the market entered the formal bidding and trading stage in the afternoon.

I saw that the time had just passed 1 p.m.

Under the influence of the entire market investment sentiment that was brewing at noon and turned completely bearish, the market quickly encountered a wave of fierce selling as soon as the market opened. At the same time, due to the rapid increase in risk aversion sentiment and the rapid decrease in market investment risk appetite, The wait-and-see sentiment is once again strong, and other factors have affected the market. In the case of fierce selling impacting the market, the various buying and selling forces on the market are also further declining rapidly.

In the end, the index completely lost resistance in 2 or 3 minutes, and the decline instantly expanded to more than 3.5%.

Immediately afterwards, the wave of limit-downs originating from the main lines of "infrastructure" and "state-owned enterprise reform" spread to all main lines of the entire market.

At 1:10, the Shanghai Stock Index's decline expanded to more than 3.75%, with the index breaking through 2320 and hitting the lowest point of 2314.47.

At 1:15, the number of stocks in the two cities reached 76.

At 1:20, there were only 82 stocks in the two cities, and they could still maintain their red market status. The profit-making effect was extremely low, while the money-losing effect was magnified to the extreme.

At 1:30, after half an hour of trading after the market reopened, the market turnover hit the 120 billion mark. At the same time, all sectors related to the two main lines of 'infrastructure' and 'state-owned enterprise reform' had a total net outflow of nearly 8 billion, of which The net outflow of funds from the 'real estate' sector was 3.2 billion. Among the dozens of component stocks in the entire sector, only two stocks that were good for resumption of trading showed a daily limit upward trend. The remaining component stocks did not have a red market.

At 1:40, the Shanghai Stock Index fell to the 4% mark. At the same time, the Shanghai Stock Index refreshed its intraday low and broke through the 2310 point.

At 1:46, amid extreme panic, the number of stocks in the two cities reached 101. After almost a year, the intraday limit-down trend of 100 stocks once again occurred.

At 1:50, the market almost completely collapsed and lost liquidity, and once again there was a wave of bargain-hunting funds.

At 1:55, the Shanghai Composite Index hit its lowest point of 2306.39, almost touching the 2300-point integer mark. With the rapid influx of bargain-hunting funds, it ushered in a brief intraday oversold rebound.

At 2:01, the Shanghai Stock Index regained the 2,310-point mark, and the decline narrowed to less than 4%.

At 2:02, after the Shanghai Stock Index rebounded from an oversold intraday session and the extreme panic selling came to an end, many trapped main funds in the market began to save themselves.

At 2:03, many stocks that had not been completely blocked by their daily limits, as well as many small-cap concept stocks that had suffered a flash crash in the previous few minutes, started to rise rapidly.

At 2:05, the number of stocks in the market dropped to the limit, shrinking to 92.

At 2:10, the market's time-sharing energy began to shrink again, and the long and short forces seemed to be at this position, and at this short moment, began to approach balance again.

Then, during the half hour from 2:10 to 2:40.

The Shanghai Stock Index began to fluctuate around the 2310 to 2320 point range, and the decline was also constant between 3.5% and 4%. The market copied the bottom and sold the market, forming a delicate balance in a shrinking state.

However, when the time passed 2:40, it entered the last 20 minutes of the late session.

The selling force on the market began to break the balance again, and once again carried out large-scale selling on liquid stocks.

At 2:45, the Shanghai Stock Index fell from around 3.5% to 3.83%.

At 2:50, the Shanghai Stock Index's decline once again broke through the 4% mark. At the same time, the index also refreshed the intraday low, refreshing the intraday lowest point to 2303.96 points.

At 2:53, the Shanghai Stock Index fell below the 2,300-point integer mark.

At 2:54, after the Shanghai Stock Index instantly broke through 2,300 points, it recovered in a flash. At the same time... market bottom-hunting funds, after seeing that the index did not actually fall below the 2,300-point integer mark, made another move in the last few minutes of the late trading. A large-scale concentrated influx of stocks at one time took over the final market sell-off.

Finally, 3 p.m. comes and the market closes.

The Shanghai Index was set at 2313.78, down 3.92%. The Shenzhen Index and ChiNext Index fell slightly less than the Shanghai Index, but they were still above the 3.5% decline. At the same time, the two cities had a total turnover of 168.339 billion. Although this turnover was higher than the previous trading day It has been reduced, but it is definitely in the form of heavy volume and plummeting.

In addition to index performance, industry sectors and individual stocks.

I saw that 'infrastructure' and 'state-owned enterprise reform', two major hot topics that had been hyped for nearly two months, suffered heavy setbacks across the board. Regardless of the major concept sectors, industry sectors in the field, or the market attention, The most popular stocks are all at the top of the decline list in today's market.

Among them, the 'real estate' sector index fell by 5.86%. Among the sector's constituent stocks, more than 6 stocks fell by the limit, and 12 stocks fell by more than 7%.

As for the popular leading stocks that rank at the forefront of the market's attention.

Stocks such as Beixin Road and Bridge, Beijiang Communications Construction, Shanghai Sanmao, Shanghai Construction Engineering, China Fortune Land Development, Kumho Group, Shibei High-tech, Chongqing Development... all closed at the limit, among which Beixin Road and Bridge closed at the limit. At the close of trading, the number of orders reached 560,000, which is terrifying.

Faced with this kind of market trend that has been completely slaughtered...

In the market, the majority of investors are extremely pessimistic, and countless people feel that the previous continuous upward trend of the market is like a dream and is simply unreal.

Of course, in this pessimism, sadness, and complaint.

Many investors who had no time to reduce their positions and were locked out by the lower limit still hoped for a glimmer of hope, praying for a miracle to appear on the dragon and tiger list refreshed after the market closed. At the same time, they also prayed that the regulators would take notice over the weekend. With the market in such a miserable trend, some good news will be released to stabilize the market.

However, when the dragon and tiger list is refreshed after the market opens, it is left to these most determined market bulls.

Still disappointed.

At 5:30 pm, the refreshed dragon and tiger lists of the two cities showed that the main fund trading seat of 'Yuhang Investment' company, namely 'Fortune Road', sold a total of 630 million in funds on the list again, for two consecutive years. Daily net sales, and the total net sales volume exceeded 1.3 billion, which can be described as a truly massive reduction in positions.

Moreover, in addition to the ‘Fortune Road’ trading seat that has a great impact on market sentiment.

A number of top hot money seats such as 'Jiefang South Road', 'Chunhui Road', 'Siji Road', 'Hongqiao Road', 'Yitian Road', 'Yanjing Beiwai Avenue'... are also in a state of net sales. There are seats from various institutions, and they also appear in several popular mid- and large-cap 'infrastructure' and 'state-owned enterprise reform' mainline stocks on the list.

Generally speaking, it is the main funds that have previously participated in the market speculation of the two main lines of "infrastructure" and "state-owned enterprise reform".

At this moment, everyone is in a state of reducing their positions and clearing their positions.

Seeing such data on the Dragon and Tiger List, some long-term investors in the market who originally held on to a glimmer of hope and final hope were completely shattered. As a result, the entire market, whether it was the investor group trapped in the market or outside the market, was completely shattered. The investor groups who were waiting and watching all moved towards the short side.

It can be said that all of a sudden, the market's major stock forum discussion forums and internal communication groups were included.

All are the pessimistic voices of mourners everywhere.

Even the hot money groups who are the most keen on market trends and are known as the "smartest funds in the market" are leaning towards a collective bearish situation at this moment.

Of course, at this moment when the vast majority of investor groups are moving in the short direction.

There is also the most stubborn bull sector, which still maintains the bullish rhetoric of "unchanged for thousands of years". It still analyzes the bright future prospects of the market from various macro and micro directions, and takes the trouble to inform the majority of retail investors in the market. The future of the group is still bright, and the stock market is still promising a bull market.

this field……

It is a real ‘long’ group composed of various securities firms, fund management institutions, and financial gurus.

However, at this moment, when countless investors have suffered huge losses in these two transactions and are feeling extremely sad and angry, their bullish remarks have undoubtedly been strongly questioned and criticized by the majority of retail investors. , many retail investors even cursed at these people's analysis and views, and ridiculed these people as 'talking long but actually selling short', which is basically a cancer of the market.

No matter how sad and angry everyone feels or how disappointed they are with the market.

All developments in the financial market, including actual trends, fundamentals, and news, are not based on the views and will of the majority of retail investors.

Those rumors that will eventually become facts will eventually happen.

At 7 o'clock in the evening, when the majority of investors were complaining and the strong pessimism in the entire market was getting stronger and stronger.

The bad news about 'IPO resumption' that has been circulating in the market for almost three trading days has finally settled. According to the news announced by the regulatory authorities, starting from next Monday, that is, May 19, the market will be suspended for more than two months. The IPO review has been restarted, and it is expected that the first batch of new shares will be available for trading in early June.

Of course, the moment the bad news lands.

Perhaps the regulators are trying to prevent the market from overreacting, or perhaps they are trying to appease investors whose market has almost collapsed.

In the restarted IPO plan, the regulators redefined several new rules compared with the plan for the last IPO restart, namely reducing the initial listing review fund-raising scale and reducing the number of shares discovered at each stage of the new stock. , changing the online and offline new share subscription methods and proportions.

Generally speaking, under the established negative expectations, it has given a little sweetness that exceeds many people's expectations.

The so-called "hit with a stick and give a sweet date" approach.

"Fortunately, this bad news finally came true as expected." In the evening, Li Meng looked at the market announcement issued by the regulators, breathed a sigh of relief, and said, "Similar to the intelligence information our company obtained before, the regulators are indeed Some changes have been made in the scale of fund-raising, issuance speed, and subscription model to minimize the burden on the market without affecting the IPO issuance, while at the same time passing on profits to the majority of retail investors."

"Well!" Su Yu, who was sitting next to Li Meng, nodded slightly and said, "After all the setbacks, the supervisors are really smarter this time. This is the way the new rules should be changed."

Li Mengmeng thought for a while and said: "Now that the negative news has materialized, and the market has reacted to the negative news in advance in the past two days, the trend next week... shouldn't be too bad, right?"

"There will still be short-term labor pains." Su Yu responded, "After all, the emotions still need to be vented, but this kind of labor pain will soon pass. When this wave of emotional venting is completed, the profits will be taken out. Once everything is cleared up, some people will gradually realize that the market fundamentals and long-term investment logic are gradually and comprehensively improving. By then...the market's continued money-making effect will regroup, and new market conditions will set sail again!"