|
Today's question: Nvidia just delivered everything Wall Street wanted — and the 30-year Treasury yield hit a 19-year high anyway. When the stock market and the bond market disagree this loudly, which one has historically been right? |
| |
| Kasper Soren |
|
|
For a week, this newsletter pointed at one Wednesday night. It came, and Nvidia delivered everything the bulls wanted: a clean beat, doubled data center revenue, an $80 billion buyback, a 25-fold dividend increase, and a CEO declaring that demand has "gone parabolic." The relief rally is on. Stocks are up, oil is down. |
And yet the most important number this morning isn't Nvidia's. It's 5.19% — the yield on the 30-year Treasury bond, now at its highest level since 2007. The stock market is celebrating. The bond market is sounding an alarm. They cannot both be right. Here's what's actually happening underneath the relief — and what to do about it. |
|
|
NVIDIA WON THE NIGHT. THE BOND MARKET WON THE ARGUMENT. |
|
|
Nvidia did everything right. Earnings of $1.87 per share crushed the $1.76 estimate. Data center revenue nearly doubled year over year. The company authorized an $80 billion stock buyback on top of an existing $40 billion program, and raised its quarterly dividend from a single penny to 25 cents. Jensen Huang closed the earnings call with a line that will be quoted for months: "Demand has gone parabolic. Agentic AI has arrived." The stock rose 1.3% and futures are green this morning. By every measure that mattered to the bulls, Wednesday night was a triumph. |
But step back from the screen and look at the bond market. The 30-year Treasury yield hit 5.19% yesterday — the highest level since 2007, nearly two decades ago. The 10-year sits at 4.60%, a one-year high. Here is the uncomfortable truth those numbers tell: a single great quarter from a single great company does not fix a structural problem. The U.S. government owes $39 trillion. Interest payments exceed $1 trillion a year. Oil is still above $100. Inflation is reaccelerating. And the new Fed chair, Kevin Warsh, has inherited a central bank that the futures market now believes will have to hike rates, not cut them. Rising long-term yields are the market's verdict on all of that — and Nvidia's buyback does nothing to change it. |
This is the central tension of the entire market right now. The equity market is being carried by roughly seven technology companies, with Nvidia alone responsible for about one-fifth of the S&P 500's gains this year. Underneath that narrow leadership, the cost of money is climbing to levels not seen since before the financial crisis. When the bond market and the stock market disagree this loudly, history is unkind to the stock market. Rising yields eventually compress every valuation, including the AI darlings. The relief rally is real. It is also, most likely, temporary. |
|
|
🎯 Actionable Trade Setup |
Watching: TLT (long-duration Treasury ETF), the 30-year yield, and NVDA as the sentiment bellwether.
Bias: Bearish long-duration bonds. Cautiously trimming extended tech into strength.
Strategy: Use the Nvidia relief rally to take partial profits on extended technology positions — not to add. The 30-year at 5.19% is a warning, not a buying signal for growth stocks.
Invalidation: A sustained drop in the 30-year back below 4.90% would suggest the bond market is calming and the rally has legs. Until then, treat strength as an exit, not an entry.
What to watch: Whether the 30-year holds above 5% into next week. A close above 5.25% would historically pressure the entire equity complex.
|
|
|
|
Market Delta — Thu May 21, Pre-Market
Nasdaq futures +0.6% | S&P futures +0.4%(Nvidia relief rally)
NVDA +1.3% (beat: $1.87 vs $1.76 est, +$80B buyback, dividend 1¢→25¢)
Brent crude $104.20 (-0.78%) | WTI $97.64 (-0.63%)
Gold $4,495 | 10Y yield 4.60% | 30Y yield 5.19% — highest since 2007
|
|
|
|
MUSK SHIPPED A POWER PLANT ACROSS AN OCEAN. THAT TELLS YOU EVERYTHING. |
|
|
Here is a fact that should reframe how you think about the entire AI boom. Last month, the richest man on the planet — a man who builds rockets that land themselves upright on floating platforms — could not solve his electricity problem with technology. So he solved it with a boat. He put an industrial power plant on a cargo ship and physically sailed it across the Atlantic Ocean to feed one of his AI data centers. Think about what that means. When the most capable engineering organization on Earth resorts to shipping heavy power equipment across an ocean, the bottleneck is no longer chips. It is power. And the equipment that generates it. |
This is the part of the AI story that almost nobody is positioned for. Every investor on the planet knows the chip names. Far fewer understand that the companies manufacturing the turbines, generators, transformers, and grid-scale power equipment are now sitting in the most powerful negotiating position in the entire supply chain. Demand is effectively infinite. Supply is constrained by years-long manufacturing lead times. When a product has a two-year wait list and a billion-dollar order backlog, the company that makes it has pricing power most businesses can only dream of. The hyperscalers — Amazon, Google, Meta, Microsoft, and Musk's own ventures — are committed to over $725 billion in capital spending in 2026, and a rapidly growing share of that is flowing not to chipmakers but to the unglamorous industrial companies that keep the lights on. |
The investors who understood that railroads needed steel — not just track — built generational wealth. The same logic applies now. One small company in particular makes hardware that Musk's largest AI facility cannot run without, and it is reportedly sitting on a $1.5 billion backlog with two-year wait times while its stock price has not yet caught up to its order book. |
|
|
|
| |
Sponsored |
Last month, Elon Musk did something nobody expected. |
He put an industrial power plant on a cargo ship and sent it across the Atlantic Ocean. |
Think about that. |
The richest man on the planet — with rockets that land themselves — couldn't solve his electricity problem without physically shipping heavy equipment across an ocean. |
That tells you everything you need to know about how desperate the AI power crisis really is. |
And it tells you something else: |
The companies that make this equipment have all the leverage. |
One small company in particular — the one behind the hardware Musk's Colossus can't run without — is sitting on a $1.5 billion backlog. |
Two-year wait times. Orders pouring in. And a stock price that still hasn't caught up. |
Musk's desperation is this company's opportunity. |
And it could be yours. |
Dylan Jovine has the name and ticker — free. |
See the stock behind Musk's most desperate move >> |
|
|
|
|
| |
|
|
🎯 Actionable Trade Setup |
Watching: GEV (GE Vernova), ETN (Eaton), VRT (Vertiv), POWL (Powell Industries), and the broader power-equipment complex.
Bias: Bullish on power generation and electrical equipment makers.
Logic: This is the cleanest second-derivative AI trade available. Chip stocks have tripled; power-equipment makers serving the identical demand have lagged. The order backlogs are real, multi-year, and growing. Pricing power is at a generational high.
Catalyst: Hyperscaler capex breakouts on Q2 earnings calls — watch for explicit power-infrastructure spend, which most analysts still aren't modeling separately.
Invalidation: A breakthrough in compute efficiency that meaningfully cuts data center power demand. Not visible on any current roadmap.
|
|
|
|
THE STRAIT IS STILL CLOSED. THE REAL DAMAGE IS JUST STARTING. |
|
|
Oil fell this morning. Brent dropped to $104, WTI to $97, on renewed optimism that diplomacy might reopen the Strait of Hormuz. Treat that optimism with caution. Every prior burst of peace optimism in this ten-week conflict has faded within 48 hours, and the underlying facts have not changed. Tanker traffic through Hormuz — the channel through which roughly 20% of the world's oil moves — has collapsed. Liquefied natural gas capacity in the region is offline. Several countries are already rationing fuel. These are not forecasts. They are current conditions. |
Here is the part that most retirees are not being told: energy shocks do not stay contained in the energy sector. They spread. A sustained spike in oil and gas prices feeds directly into transportation, manufacturing, food production, and every corner of the consumer economy. That is how a regional conflict becomes a domestic inflation problem. And domestic inflation problems, historically, force a monetary response — central banks raising rates, defending currencies, and ultimately putting pressure on the value of the dollars in your bank account and your bond portfolio. We are watching this chain reaction begin in real time. The 30-year Treasury yield at 5.19% this morning is the early evidence. The market technicians who study these cycles for a living know the pattern: energy shock, then monetary response, then currency pressure. It has happened before, and the sequence is remarkably consistent. |
The investors who recognize the pattern early are the ones who position before the crowd. One veteran market technician has studied these exact cycles for decades and has identified four specific companies positioned to benefit as this sequence plays out. |
|
|
|
| |
Sponsored |
Tanker traffic through Hormuz has collapsed. LNG capacity is offline. Countries are already rationing fuel. Energy shocks don’t stay contained—they spread through the entire economy. As a market technician, I’ve studied these cycles for decades, and they always lead to monetary response—and currency pressure.
See the four companies positioned for this shift.
|
|
|
|
| |
|
|
🎯 Actionable Trade Setup |
Watching: XLE (Energy Select SPDR), XOP (oil & gas exploration), and the dollar index (DXY).
Bias: Bullish energy, cautious on the dollar's purchasing power.
Strategy: Maintain energy exposure as an inflation hedge. Add on any Iran-peace-headline pullback — these have consistently faded within 48 hours throughout this conflict.
Logic: As long as Hormuz traffic stays impaired, the energy-to-inflation-to-rates chain stays intact. Energy equities are the most direct hedge against that sequence.
Invalidation: A verified, durable reopening of the Strait of Hormuz with tanker traffic normalizing. Optimistic headlines alone don't count.
|
|
|
🔒 OBBBA Rule Watch — Tax Rule of the Day
The $15 Million Estate Exemption Is Now Permanent. Here's Why That Matters Now.
Under the One Big Beautiful Bill, the federal estate and gift tax lifetime exemption was raised to $15 million per person — $30 million for a married couple — and made permanent, indexed to inflation. This is a major reversal. Under prior law, the exemption was scheduled to drop to roughly $7.1 million per person at the end of 2025, which would have exposed millions of dollars in many retirees' estates to a 40% federal estate tax. That cliff is now gone. For couples, proper use of portability means up to $30 million can pass to heirs free of federal estate tax. The window to make large lifetime gifts under the higher exemption is no longer a "use it or lose it" race against a deadline — but gifting early still removes future appreciation from your taxable estate.
Why it matters: If you set up your estate plan before 2026 expecting the exemption to fall, your trusts and gifting strategy may now be built around the wrong number. A plan designed for a $7 million cliff can be inefficient under a permanent $15 million exemption. This is worth a conversation with your estate attorney this year.
|
THE "WARSH SHOCK" — WHY SMART MONEY IS REPOSITIONING RIGHT NOW. |
|
|
There is a new Chair at the Federal Reserve. Kevin Warsh was sworn in May 15, replacing Jerome Powell. And the change at the top of the world's most powerful central bank could not have come at a more volatile moment. The 30-year Treasury yield is at a 19-year high. Inflation is reaccelerating. Oil is above $100. The futures market has flipped from pricing rate cuts to pricing rate hikes. Every major institutional investor now has to answer a single question: how will Warsh's Fed behave differently than Powell's — and what does that mean for the price of everything? |
The market reads Warsh as more willing than Powell to let rates stay higher for longer in defense of the dollar and against inflation — a more hawkish posture at exactly the moment the economy can least absorb it. That uncertainty is why nearly half of the world's largest money allocators are actively repositioning their portfolios right now, according to recent institutional surveys. When that much capital moves at once, it creates volatility — and volatility, for investors who understand the pattern, creates opportunity. A leadership transition at the Fed is one of the rare, recurring market events with a documented historical playbook. The investors who have lived through prior Fed transitions — Volcker to Greenspan, Greenspan to Bernanke, Bernanke to Yellen — know that the first few months under a new Chair produce some of the most predictable price dislocations in markets. |
One veteran trader who has navigated multiple Fed transitions over a two-decade career says the current setup — what he calls the "Warsh Shock" — is the most predictable wealth-building window he has seen in twenty years, with one specific opportunity at the center of it. |
|
|
|
| |
Sponsored |
|
|
Nearly half of the world's biggest money allocators are scrambling to reposition for what they expect to be the most volatile market in years. |
Larry Benedict isn't scrambling. He's seen this before. |
He says the Warsh Shock is setting up the most predictable wealth-building window he's seen in 20 years… and there's one ticker right at the center of it. |
Click here to see how Larry is playing it. |
|
|
|
|
| |
|
|
🎯 Actionable Trade Setup |
Watching: VIXY (volatility), and broadly, your own cash allocation as dry powder.
Bias: Expect elevated volatility through Warsh's first few months. Position defensively with optionality.
Strategy: A Fed transition into a high-inflation, high-yield environment historically produces sharp two-way moves. Keep a larger-than-normal cash reserve to deploy into dislocations rather than chasing the tape.
Logic: New Fed chairs tend to make their reputations early. Warsh's first formal policy signal will move markets sharply. Being liquid going in beats being fully invested and reactive.
Invalidation: A smooth, dovish first signal from Warsh that calms the bond market would reduce the volatility thesis. The 30-year at 5.19% suggests the market isn't betting on smooth.
|
|
|
|
WHAT A RETIREE SHOULD ACTUALLY DO TODAY. |
|
|
So Nvidia delivered, stocks are up, oil is down, and the 30-year yield is at a 19-year high all at the same time. The honest answer for most retirees is not to make a dramatic move today. It is to do three quiet things. First, use this relief rally to trim — not add to — any technology positions that have run far ahead of their fundamentals. Second, make sure a meaningful portion of your portfolio sits in assets that benefit from, rather than suffer from, rising yields and reaccelerating inflation: short-duration Treasuries, physical gold, energy, and the unglamorous infrastructure companies powering the AI buildout. Third, keep more cash than usual. With a new Fed chair, a 19-year high in long yields, and an unresolved Middle East conflict, the next few weeks will hand patient investors better prices than today's. The lighthouse doesn't chase the waves. It just keeps the light on and lets the ships come to it. |
🎯 Actionable Trade Setup |
Watching: A balanced defensive posture — SGOV (T-bills), PHYS (gold), XLE (energy), GEV (power infrastructure).
Bias: Defensive, patient, inflation-aware.
Strategy: Trim extended tech into the relief rally. Hold hard assets and short-duration cash equivalents. Keep dry powder for the volatility Warsh's first months will likely bring.
The one rule for today: Don't let a good Nvidia headline talk you out of what the 30-year yield is telling you.
|
|
|
|
📋 Trade Cheat Sheet — Thursday May 21
| TICKER |
THEME |
BIAS |
ACTION |
| TLT |
30Y at 19-yr high |
🔴 Bearish |
Avoid long bonds — 5.19% says higher for longer |
| GEV |
AI power crunch |
🟢 Bullish |
Power equipment — the Musk-ship trade |
| XLE |
Hormuz energy shock |
🟢 Bullish |
Add on Iran-peace headline dips |
| NVDA |
Beat, but bonds ignored it |
⚖️ Neutral |
Trim into strength, don't chase the rally |
| SGOV |
Warsh-era volatility |
🟢 Bullish |
Hold cash dry powder for dislocations |
|
📊 POLLNvidia beat — but the 30-year yield hit a 19-year high. Who do you believe? |
|
|
|
|
|
|
jZm4CUZlF6zci*81FB1)RjRBBGr2ka5aGzNK9^l15lFB#z6@pNxgGoNd*)yTkbLnW@wJgAc^$3jer^RuRAnoD#w^jL5Ck*zd#^wtKM24itFIilQnNFh)B7Z)ZzcrhCUw6O*UBqmVdrqd(kIT@MUx(!PP0VDzzk3kW4olZ3ruc^a490RppT90XAf@5zxC()kR4jNUc^lDu)QZb0Ube7CFyrrxj4NZgsLG9gZ)Z@9UmMAnkf$rFTDh13!KZdl#emRMCmQKXhCicIMZrOPUv88y)eX3^fjM5S^0l9y(wkxL^Vyy7BWWndOn#6ArARA#hVwU4lEENkWMiFEq9NcGZsq8wT)ofpMSNF!BZljK9o5K2B0UO*6ce4W$)^OWbw7!y8Z72^$AnBcMr0A2w9SNGnjsu$A5kYInWdSSwwI^uEi1LGP#TCFSJ#d)$CQz7IxrEMuyIuxP!Oyog8u81Nkya4kL^nQAWq(R24U$vmMUC9jcrclP(nOB6UOeNexc#3dCfLkZazl!#nJM3NLpFS4m9xfY4bCFt36OR4EEet#K7g4y26IDxvy!li07!Nif4BKYnmNBr@)gXWqU*YcaO1$bO7sO2#iuBxQqGA*hfV0CbHHLcu1sD2h#qYt2olgWYbBZn!#SnoMAytjdf$hYSOcHlL8!F(sdcChWm4k@eaTMo#v05tPJRm6ZZHqLFg!9Fmu0*j*mIyjTQv(7yEYUP3fOAw3)R(At1xrcgMbXp@)63cDft3K7SClGajwlPdLk(gZDSdTM5HTSBR(nLOIYoVt2O^#NYZD0Ib8#hrE5Uvlz)VQCqIyoFyBCSPO)uerEMcSMxMbk2xwGlzNvxjx1W*aHzeWOEW)91IBN(0V4@Ih$iUwGKkffAp3XDVcngodYbwAeD5*)@(qlDE!CcEtutu53cDuZ!yaCtgw#RFbJ8vYg3j#gC*xM081Iv*kCyn2zi7pseimsH9v@919^4R@q0WTmYgMQnXAP4IkD^2EQhqGr7omRkiw$gm*q8@l9hQY7ikkNYW390rP0b3ZBjzRiB9@R$sGZ0uwv5F!l5sxj3#04tS6XZv#UEl)DB5PRWl552xCIr5nX^!bzXqv6Z5hzoNzO#bpHmpcoEun@W0$Gg76O1@Kuqin5kRE!3QLMBr98jc#qoQ8cxJWD*s7MMffVB)8OVH#GtYi(lxcFbw#uu*pLkg1cCx$8P(cgeDAN@WRdvF0xE5uPp96!xM#q!8hf7PbiiAu0#9vIqi6q4DL0yP7NK(f5snXNF81HAI$Mv7RHqH0Hl$XzWqZVjRKOH84FpLaYMV#@b7DmHNeR!)wT*@cA7eIGG)Boaz(w!sUw2XqsZaDQVoFFiyIH8*q^!7ki2tFkBru(hW7b8UfxfLwgeyhu2DI^kpRRxNkha^xE6!UoHIOJm$z!#uCbAhsnSWjFCCVQmmW6u0#5r#3pNcvYAcatOtocnKjILOaUjYandmnZEjlnB9CbIaM!26ho^rt3Ty1UVbY1tDL0ByZDPG^MHKJ(Hgbg!B$4JvL6hef6gx)RmkI!hc(c)@xdU@mpK)hLDqpOHDcSCh5GdeE2VbMO!8W)fnf9id^hobByZc48U9tKa)4*mfZkywC343KGIBIsdFi3qiKpiG#eYCvLOe#DSeWOwDjpIymAKgti5Eb39DG)SUsGD!EPRTF2T$W!^@uKlHHXNelUuRax(fSb8@W8ny)HJ1V84^VC0ZCPHPuk6xIdZpR#Fo2)E6ZJF2Ugc^h^9)nLj3p*OenAF3Ea$htv6psn(uj4j!gPOPJ9jgG$bfAsYXsrQ2r9Wmm7jj)dsVSoLzyD7srowmd2s$e9o4Bzpwmy4u7$w$^yC7Si)*4(el9AS5nz1pFP57NA*jSu57Epgd9AxmuUWwHAy8IPoIexA8PVKKUrDuXBc18*V^W#Lp8IxZ!ZZBRJY0XH5edAVL71f*YKyi7J)R!M9@FwCycV9yUQeakBEev$5Mm3p1^WFq4K3CBLpG^GwTN)omtK6aN!4D)QH4cDt2THR)szKttl)oDg86W7mDkHOToaLE!Z9eIkjMiregpKyN1BV4RWsD1rwIV)^Fr3U0lwg4Ok5FPOf2w3PdpPp9zPn(tc1o4pvR$M0ZTL42J*Rw^5o6B8k0pD$7MmbpAQJB04lzLOJOiG9sbV!dWpn5ND4#snmkE!Pa5ot^LmV55)QH!P5jW09bnJo2v$vp84TAA6tjTs^Vg4ZZn3yxkcjvZYL#pcKf@u9A1ET@ZdekFH3HwSRsPuHeV$F#Qr7kctOt2^Mkknxa^s3TTN21sR30ady78Cq)bNNvaCNbO4HbEIXKl^Q$ooKG^C$(J@0KVGA@5c17CaA1qE1g7tc@QylJ0BPkbeIcjDI44*d7W!9IZMUB)D93M*UMm12EnaSsI45K7$lHdiPk(q6GOAt07s@EW#!g2YnNTlcsi@5S29ptSDn$I^!GXsD2LZrYJUY@DVe4OpLcuHAb6$9nT2ZHdjNrIE0bRs#wl7YGEzmrvC3uRg@thBdnMsvgdxq6UGgveXbqbl*aYC(xVb^205BxGHfV(F#)JLd!wDuhJ)FAnFdfdRIC9#M3rOl#*Y4SiLnr(b$8#DEouqOITM)XG0IPN*z8ZGM!Q#!tN1QKDMtvp)DnoUoEKajJQuU5a!mUAp!14Mw63llie00LdFmk@b#KcPIRRGH8g$ijez0moTJaKa)8Lh0*C5^fuDXaBOdpzEJqYc)gm)M5PFhOJdjWZ7@(iAy2gU#UNZjrp!##xMkf5vL@B*b5z9q2Vp@x7*!TB@hY5z2)Sj#giXejN!v6yqKdZ7n1(cIJ!e8x0EitjDX)kAFwlpr6iMxK09gYejuMz0Wj0HnWKeywoZY$c6uH#@VRu^9JuXpZvh)8@@YQfc8uY8AY@iBSCkZl9Or^m22NP62phLO*hWr3f8hSecRNxQZuj2rAxOcJrNLhMps@lD3ipIBBGsbsUVdZj0ehgeDUfLujr3TsMrsZ!#(V5g0hv1y3z!s)B@sgaUZPJy7ZAL2Y9XPjsrXBUz!kXh(6@iGq$n0Q$p$*2L#*nN)OMCy7CeBslUwogM0KCU6g6SNY(fZ0^dV*#25bK^8Wevi!76lM^HENNn6c92(NCJw3(9$T3eZzud)RJo1lMZpW#If12$Nc5t04ZLeY!b56(4N2jJHhxiIS*hpP3rAb@l$OOpjxQxTl*Ld(oJERh)67$Gj0mYklADxkJ2PhauR!hB^1Wr!ASmPigdAbQlA8cB6me^1oN#zmf87V(Tg5uByo#7wWjAd197t31d6bDOBGFziGzf^G@#viUwDRW(qKttt^1#lkN*DpnyILDG27xF$ZBJgNorurzI^B5Sb(RDJ@z$74U9ukl4ORemxmT*G!GBwS5mK3)a(y20G*)3LF^^nMFq6rMLvNjDrd6F7yLq(boNV5Iwk3uIyCKOEKUhBJQsPCWhpg@M7eNTloNuuJSEoj48@u(2Hv(wJ5#yspPw)^hvDN1rzzXC4O55Z96(CEVguD1EfVh1391RFu3HiXckO^FWhb71lcy2QPK*0lu58xd)WSuqlPIeWjWcjX)l$ugo7)YwDWamgsrWecAYRUCS8ZK4fjx!C^F0tnk*KKnj4hr4Tzyhb*5$wqMa25IAduL$$qE8ml5#UiJ^OuQ$)99a#B@!Pf!lWSUg4TuYBDvlz)GGw#NHeT3fnc0zGYlG#dfe1wC4IH3)^8sgZ6r7J6Oq2#R#a^y#ji)CdoLAYe^!f@*u4zJVLU$*LyLmI#4IBE9*gawGM#LIps9!lc5Z^C6SXuBsfSw!2j6zaurg6x@bC4vL^t!WISOAiyxvR!xH(!PM4R1^i028L91O9aKjGEM@s#Z9zrGOVt755UeGTh9^yLH4^MWb^2IL4Q#Z@^XHux!2DL5Do3sNMgApDJZUqQ8Xz!f8ZlF)^z$mE6erE4LJWZnBH9fwRZ0$kc*Lv57Uk#DV7(qHDQs6At@pOp6qENDHTjz#bAvSz3zsN6ZSBfPQcAz1whkE79AW2IS@TP!PXHUZHpsay)P!0U!k(RfVmID$T3^f*i!vNHe#T5ySv1MwXqg$@K5RVVgpETfE0i8RN$QTRpnV5P^nUX6BrCkkUl2v2KgzlxnmcQPTl7@uwm7xRvgiK@^8uw505PHGx53duD6^WoGNZWgBY@1ApZf34h*rk@bj#IJYog3w2)TAi9qTEC0mIG8nPizHY*td8dd#jVzWY*24WWv(IZYc0xZDuIob9cn1*A#(LCzLqjvkoftovSnjW5QDaY#f)^NZ$G5cYqsQDIL*ctJ*wHde$4lCMn#g(^!HEx0f7WGax(Lll2x2jM*1FRAlDiY69RX66Io3heV!y1^IZ)E$N)nA9TPy1sm0oiIIFRbGIAOG*E#287YD)6rF$)2Qbp65UGF!bzcB57Y9#@vOJg7ciSESyiI@M(Cy1tvCAvB$1bZIZ7XZoRq1x@xQp#k4DR6(PtAT^7t7ga28KD7BftSBtMAI(dx$vPWoO@Qg$bT$eOKnZf*UldcauTb1D4Vi#EYVD#BMdsJjhCkv!454Lpr9VcBCsjRAKuX0@I$^TS1kGOGh7^uM2N)fCvlYl50x0GQQ@AVP(ZVeX$hN^OT0F)LQnEaBG^Z)G^vZn2Y@^!Nujw#A2EhU8yMlOg0FjlLxQ1OFg$6Zw*yv5vgvGiCbEws$Tx77@2NVf9pg@CovjordlYNEXn)KMkn3OY#0HAhG$3heH55lIS#9Cas)b2!r5knzwEWUEv)KkWD(#2hW(g#VgMCvBDcsDkw@$XR1#U$$g*WT0sx)p620H))A0RiQfRtQjvABwV7pSJnJygnc0u5NJOg1!!XXn3WiHroKqTGP(@ZZJrEPYgixs14KmYZsCujMo0kf6n3XmscM4N6iQPZtykdKmFf9gSzQxbe3iuTdcolZEGHFPpjy8ckJ8ax(xDhBgpTas7LsN$#***NaxixU9MKfB!)XsEQd5iyDyK2g0nQSUe0b6@QSf!S3o0@JYk03n(KhaSp5Sle86$x4ZKQRWSjIRicyfTYURnoG
|
|