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Initial Public Offering and/or Floats, IPO / Float Discussion
blacksheep
post Posted: Jun 5 2018, 08:01 PM
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In Reply To: nipper's post @ Jun 5 2018, 10:28 AM

QUOTE
- hey BlackSheeep - any connection?


Connection too Black Sheep Capital? No. Never heard of them before. Nice name choice though biggrin.gif
http://blacksheepcapital.com.au/#team





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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jun 5 2018, 10:28 AM
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In Reply To: nipper's post @ Nov 13 2017, 04:56 PM

QUOTE
Airtasker was founded in 2012 and has created a community of 2 million people. It generates more than $100 million of transactions a year. In the past six years the company has raised $67 million from high-profile backers such as Seven West Media, SkyfieldCapital, Exto Partners, Morning Crest Capital and Black Sheep Capital.
https://www.afr.com/brand/boss/how-airtaske...20180427-h0zcvx

- hey BlackSheeep - any connection?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: mullokintyre  
 
nipper
post Posted: Nov 13 2017, 04:56 PM
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QUOTE
Credible Labs has priced its initial public offering at $1.21 per share, taking its overall market value to $306.2 million. It plans to sell 13.1 million shares by way of Chess Depositary Interests (CDIs) for the offer, raising $67.8m. Proceeds will be used to pay out shareholders and for technology and platform development.

The San Francisco-based financial technology company was founded five years ago by former JP Morgan banker Stephen Dash and is an online consumer finance marketplace that allows shoppers to compare financial products. Credible Labs has partnerships with over 24 financial institutions and about 140 members and online marketing organisations.

There is also over $US1 billion in loan volume originated through the platform, predominantly in Student Loans and Student Loan Refinancing. So far it has 650,000 user accounts, 66 per cent of which are aged between 18 and 35.

Bell Potter is working on the float, and says in the company’s path finder that the total amount spent on US financial services marketing was $US8.8bn last year, and is expected to climb to $US13.6bn in 2020
Credible Labs began its roadshow on Friday and it will wind up by the end of the week. The book build will be held next Monday with the prospectus lodged the following day. On Friday December 8, CDIs will be distributed and trading will start on the Australian Securities Exchange that day.





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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Oct 2 2017, 10:26 PM
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..the Australian Securities Exchange [stated] last week it had more new listings than any other global exchanges in 2016 with 133 new listings compared with 42 on the Nasdaq. Forty new technology companies listed on the ASX in the year ended June 30.

Jeff Stewart, the co-founder of the Global Public Offering Fund says the US initial public offer market is dead and there are hundreds of start-ups eyeing exchanges in Australia and other parts of Asia to fund their growth.

Stewart, who is in Australia at the moment looking at opportunities for US funds, says it is almost impossible for a tech company to get a float worth less than $US3 billion ($3.8 billion) or $US4 billion under way in the United States. This means companies like Cisco, Oracle and even Amazon would not exist if they had tried to get a float away in their infancy in the current market.

His so-called GPO Fund is investing in companies worth between $US100 million and $US200 million with a view to listing them on the ASX and other exchanges in the region including Hong Kong and Singapore.

Stewart has some staggering data he uses to back up his commentary on the state of the US market. In 2016, there were only 18 US companies that raised less than $US50 million on the stockmarket compared with 557 in 1996. Part of the problem is that companies trying to go public in the US are prone to litigation and enormous expense. Floats are fewer but larger because by the time the company reaches a stage it can afford to list, it is mature. A lot of US tech companies are also finding capital privately through venture capital funds.

Read more: http://www.afr.com/brand/chanticleer/why-u...ustralia-201710




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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 9 2017, 12:34 PM
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SenSen Networks (not yet listed)
QUOTE
A few years ago the University of Technology Sydney hired tech boffin Subhash Challa to inject a little entrepreneurial flair into the thinking of its students. One would have to say he succeeded, because three years later the youthful professor quit to focus on commercialising SenSen, the "internet of things" play based on a platform developed within that centre of learning.

SenSen, which is raising $6.5m of capital ahead of a backdoor listing, has existing clients including NSW's Roads and Maritime Services (RMS), Crown Casino and Abu Dhabi Airport.

SenSen — which apparently means "a thousand times a thousand" in Japanese — is about software that extracts data from a video camera in real time. The resulting data means faster decision making and automated processing for customers. SenSen may well become a friend of investors, but it's a foe of speeding motorists and parking transgressors.

In 2011, SenSen won RMS as its first commercial customer, to operate its emerging network of point-to-point cameras (motorists are booked if their average speed over a given interval exceeds the speed limit).

"We came from nowhere to win a significant slice of that market," Challa says. Listed speed camera operator Redflex is a notable rival in that market. SenSen then modified the product for parking enforcement and it is used by a number of local councils.

The company also monitors double yellow-line offences for Singapore's Land Transport Authority and has the mandate for camera-based security at Abu Dhabi Airport, as well as Colonial First State's local shopping centres in Australia. It also counts passengers getting on and off Sydney's ferries.

Challa says the company had so many proposals that it decided to focus on the speed and parking markets — before another opportunity knocked.

"Crown heard about us and called us," Challa says. "They wanted to understand patron and staff behaviour at the tables."

SenSen modified the product, now called SenGame, to extract data from table cameras such as occupancy rates, hands per hour and bet types. SenGame is used on 200 tables at Crown's Melbourne money den and is likely to be expanded to Crown's Burswood facility in Perth. Given Crown helped developed the product, Crown gets a royalty if other casinos adopt the product.

SenSen's revenues have been modest to date: around $500,000 in 2014-15, $1.1m in 2015-16 and a likely $2m in 2016-17 (subject to audit). In the case of the point-to-point stuff, revenues are based on an upfront and ongoing licence fee, while parking is based on an annual licence plus a payment that depends on the volume of infringements. The casino work is based on a monthly per table fee.

The listing vehicle is based on the shell of Orpheus Energy, an Indonesian coal explorer that gave up the game citing "less than favourable conditions".

As with most tech plays, success will depend on who has the most useful mousetrap rather than the most highfalutin innovation. The capital raising is based on a $5m general offer and a $1.5m share purchase plan, both at 10c. The offer closes on September 18 in view of an October 3 listing.

Brainchip (BRN)
QUOTE
Brainchip is the same but different to SenSen, but has a similar interest in gambling (so to speak). In terms of pervasive and all-knowing surveillance, it's similarly Orwellian in tone.

Brainchip has devised a product, Brain Chip Studio, that will strike fear into anyone with evil intent: camera facial recognition. Brainchip's IP is based on the esoteric yet in-vogue notions of spiking neural networks and neuromorphic computing. Ask your teacher about those ones.

An addendum to security cameras, Brain Chip Studio has the ability to recognise thousands of faces in seconds — key appeal to authorities tackling anything from terrorism to soccer hooliganism.

BrainChip is currently being used by the French Homeland Security department — which has a bit of work on its hands these days — and is also being trialled by the French National Police in Toulouse.

In casino settings, the technology has already been used to identify card counters: undesirable punters who always win because they can memorise what cards have been dealt. The casinos are also interested in detecting the good punters and rewarding them for their loyalty.

Brainchip's technology, devised by entrepreneur and Brainchip chief technology officer Peter Van der Made, is another extension of machine learning that threatens to make clutzy human brains redundant by about next Christmas.

"It's all about recognising repeated patterns without being taught to do so,'' says CEO Louis DiNardo. "A face is little more than a pattern."

Brainchip is involved in discussions for trials with 17 casinos in what's estimated to be a $250m global market. But the bigger opportunity lies in anti-terrorism and civil surveillance, a circa $500m market globally.

Brainchip listed in September 2015 in a reverse takeover by Aziana, raising $4m at 15.7c apiece. It then raised a further $4m in April last year and $6m in a placement last June (at 15c apiece). So it's been back to the well more times than a thirsty camel, not that such practice is unusual for a minnow.

In the June half Brainchip generated $US369,000 ($482,000) of revenue, mainly from a currency gain and residual oil and gas royalties. The $US133,000 of sales revenue was sourced mainly from the acquisition of French artificial intelligence outfit Spikenet Technology for $790,000 in mid 2016.

With cash of $US4.5m and expected current quarter cash burn of $1.8m, Brainchip looks adequately funded. But it only takes a conventional noggin to work out it will likely have to raise more capital in the near future.
Tim.boreham@independent-research.com.au

- actually, I think I can thank point-to-point cameras for easing me into a Caution rather than Speeding Fine in my Expiation Notice. Pulled up for 101 in a 80 KPH zone (didn't see the sign, officer) after a bit of a chat I was asked where I'd come from. Replying truthfully, he went back to vehicle and checked ... yes, I'd done "point-to-point" well under the 110 average. I was surprised, and pleased ... and went to the nearest motel, not wishing to push my luck .



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Sep 7 2017, 09:24 AM
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Company............Proposed ASX code .............*Proposed listing date/time

Australia WeTouch Technology Limited AWT ..............TBA
Biomics Biopharma Limited BBM ..............................TBA
Bryah Resources Limited BYH...................... TBA
CropLogic Limited CLI ...................................TBA
Fat Prophets Global Property Fund FPP ....4 October 2017
Galena Mining Limited G1A ................7 September 2017
GEOOP Limited GEO ........................29 September 2017
HyGieaCare Inc HGC ........................25 September 2017
India Fund Limited INF......................... TBA
Lustrum Minerals Ltd LRM ....................10 October 2017
Macarthur Australia Limited MMM ...........Application Withdrawn
Mayur Resources Limited MRL .....................TBA
MCP Master Income Trust MXT ..................9 October 2017
Nanollose Limited NC6 ..........................10 November 2017
Northern Cobalt Limited N27 ............TBA
Okapi Resources Limited OKR ............TBA
Prospech Limited PRS .....................Application Withdrawn
Raptor Resources Limited RPL ..........TBA
Registry Direct Limited RD1............. 16 October 2017
Restaurant Brands New Zealand Ltd RBD ...........TBA
RightCrowd Limited RCW ....................18 September 2017
Riversgold Limited RGL .....................11 September 2017
Secure2Go Group Limited S2G ..............TBA
Stirfire Limited SFS ..........................29 September 2017
Tando Resources Limited TNO ................20 October 2017
The GO2 People Ltd GO2 ....................22 September
Titomic Limited TTT ..........................13 September 2017
TNT Mines Limited TIN ...........................TBA
VGI Partners Global Investments Ltd VG1 .................28 September 2017



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 


blacksheep
post Posted: Aug 31 2017, 10:57 PM
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Interesting reading - seems ASIC is taking a harder look at some of the practices in the marketing of IPO's - about time smile.gif
http://www.asic.gov.au/regulatory-resource...blic-offerings/

QUOTE
“Retail investors tended to view promotional content on IPOs, provided by some investment circulars of newsletters as ‘information’ rather than advertising,” the report said.

“We will increase our monitoring of promotional coverage of IPOs and review whether such coverage is clearly identified as paid advertising rather than independent, editorial-style content.”

QUOTE
Investors in initial public offerings

31 August 2017

This report contains our analysis of the findings from:

our inquiries with institutional investors about their approach to investing in an initial public offering (IPO), and with lead managers about the IPO process; and

qualitative research on the factors and information that retail investors rely on when investing in an IPO. This market research was conducted by Whereto Research, whose full report is attached to this document.

This report explains how we will use the findings from this project to enhance our regulation of IPOs. It explains how companies, their advisers and other market participants can help investors in IPOs.

Download the report (PDF 1.3 MB)
Download the attachment (PDF 761 KB)
Read the media release

extract from above report about forums/social media lmaosmiley.gif
[
QUOTE
b]Online investor forums and social media[/b]
250 As discussed in paragraphs 174–176, social media and online investor
forums were influential for a small number of retail investors, although
most of the participants in the market research were unaware of these as a
potential source of information about investing. REP 494 also found that
social media was not commonly used by larger firms for marketing IPOs, but
was more widely used by smaller firms.

251 It should be noted that many of the participants in the market research were
over the age of 45, and that the average period they had been investing in the
stock market was 15 to 20 years. These investors may have had a lower
awareness, or use of, social media and online forums because they were
from an older demographic. In addition, these forms of communication were
not common, or had not emerged, when many of the participants first started
investing (and therefore they may not have developed the practice of
consulting these sources of information).

252 We consider there is potential for the influence of social media and online
forums to increase over time—for example, as people who have grown up
with social media and online content become more active investors or
advisers in the IPO sector. The ASX Australian investor study 2017 also
predicts that the use of digital innovation could increase as ‘the current
generation of young, technology-savvy investors age’.10

253 We plan to proactively monitor social media and online forums because their
influence may increase, and we have previously found some evidence of
problematic practices in this area: see paragraphs 115–122 of REP 494.

254 Newer technologies allow regulators to more easily monitor online sources
of information. We will use these newer technologies to increase our
surveillance capabilities—for example, to monitor whether posts comply
with the advertising restrictions, and whether posts are independent (or
conflicts of interest are clearly disclosed).




--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
nipper
post Posted: Jul 25 2017, 04:12 PM
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QUOTE
The internet of things has arrived on the farm and chief executive of ASX aspirant CropLogic (code CLI), Jamie Cairns, has ambitious plans to harness technology to help farmers improve their crop yields and make more money.

CropLogic, a company formed in 2010 and which uses technology originally developed by a government body, the New Zealand Institute for Plant and Food Research, is aiming to list on the ASX in late August after a small initial public offering. It hopes to raise up to $8 million through the issue of 40 million shares at 20˘ each...

CropLogic uses an array of "internet of things" equipment including high-tech probes located in paddocks that continuously collect data on soil moisture, rainfall and below-ground temperatures, along with aerial imagery devices and other technologies, to both guide and predict crop outcomes, and the end dollar value to the producer.

However, the company acknowledges that it is a speculative investment, with directors stating clearly in the prospectus they aren't able to forecast future earnings because of the "speculative nature of its business". Mr Cairns said while weather conditions were still the main arbiter of whether crops were ultimately successful, the use of internet of things technology led to smarter decision-making and more efficient farming. "A small increase in your yield goes straight to the bottom line," he said.

This was increasingly important for farmers against a backdrop of globalisation of the food industry and rising power of supermarket chains that was putting downward pressure on food prices. The major focus in the initial stages for the company are potato growers.

"Certainly the technology is allowing us to transform the traditional agronomy services model," Mr Cairns said. The company has some blue chip customers including McCain, the world's largest supplier of French fries. The company has also conducted field trials with global food companies such as PepsiCo ...[and Simplot]

At present CropLogic generates almost all of its revenues in the United States. It acquired US agronomy company Professional Ag Services Inc for $2 million in April this year and is eyeing more acquisitions. Its major focus is Washington, Oregon and Idaho in the agricultural heartland of the US.

CropLogic generates revenue through a recurring subscription model offered to businesses based on a per-acre fee, and a fee from the grower per acre. But its revenues are modest at the moment, with an investment overview from adviser Hunter Capital stating revenues are at $2.3 million for the 2017 financial year. While agronomy services is a well-established sector, Mr Cairns said CropLogic's patented technology which had been developed over 600 field trials in the US, New Zealand, China and Australia, was a step ahead of rivals and was protected by patents.

There was also a high barrier to entry for any rivals because of a "complex algorithm" involved in the whole system.

Mr Cairns said CropLogic had opted for an ASX listing because its market capitalisation was too low for the New Zealand Stock Exchange main board. But the Australian Securities Exchange also offered a broader base of potential investors.
AFR

- two flavours of the month - or a flavour that will last 2 months?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 17 2017, 10:23 AM
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QUOTE
Israeli cyber security company Votiro Cybersec has closed a $11.2 million capital raise from Australian investors, ahead of an imminent expansion down under and an IPO on the Australian Securities Exchange. The company's pre-IPO round, which it said was oversubscribed, saw cornerstone investor Daniel Sekers' Divergent Group return, in addition to Redfield Asset Management and a range of undisclosed high-net-worth backers and small funds. The cyber security firm launched in 2010 and its founders Itay Glick and Aviv Grafi both previously served in the 8200 cyber-warfare unit of the Israeli defence force.

Votiro chief executive Itay Glick told The Australian Financial Review that interest in the round was boosted by the number of high-profile attacks in recent weeks, such as WannaCry and Petya, which he believed would have been prevented with Votiro's technology. The company has patented a process known as 'content disarm and reconstruction', which involves breaking down files into objects, neutralising any malicious code and reconstructing the file into a safe-to-use and fully functional file. This lets the company prevent unknown threats, known as zero-day exploits.

"In the WannaCry example, you could have an email sent to you and when you open the attachment it installs the malware and starts propagating in the network," Mr Glick said. "With Votiro, we'd neutralise the attachment before it goes to the user. When the user opens the email, they'd either see a blank document as the attachment or the as it was without the malware."

Experts have said WannaCry was not spread by emails, rather by targeted attacks on organisations using older versions of Windows, however many attacks are propagated by phishing emails.

Mr Glick said the company was in the process of choosing between Melbourne and Sydney for its new headquarters, and a decision was expected in the coming days. "Australia is investing heavily in being a global player in cyber security, and regionally it sits well with Asia Pacific as our fastest-growing region," he said. "There is some heavy competition between the states and we're looking at how they can best assist the business. It could be an incentive plan, tax credit, or if they are able to make introductions for us to the right people.They're very aggressive on the incentives and we're trying to get the best for the business."

In the first half of the year, the company claimed to have grown sales more than 600 per cent, but it would not disclose sales or revenue figures. It also now has 1.5 million users from governments, defence forces, financial institutions, critical infrastructure, hospitals and stock exchanges.

When asked why so many zero-day exploits still occur when technology such as Votiro's exists, Mr Glick said the challenge was to convince companies they needed to upgrade their current cyber defences. "Organisations are used to using what they already have and they don't know to invest in something new unless someone tells them they're extremely exposed," he said.
AFR



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
nipper
post Posted: Jul 4 2017, 01:13 PM
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Afterpay Touch Group APT
QUOTE
ASX investors reacted positively when the newly minted post-merger Afterpay Touch Group hit the ASX boards last Thursday, pushing the stock 8 per cent higher on its first trading day. The listing is a result of the combination of two digital payment companies: Afterpay and Touchcorp.

Australia has a long way to go to catch up to its global counterparts when it comes to technology and innovation. According to a 2015 study on global innovation Australia ranked 17th in the world, well behind the US, Germany or the UK. More importantly, "the lucky country" also lagged regional counterparts Singapore, South Korea and our neighbour New Zealand.

Despite its impact, information technology is the smallest sector on the local stock market, making up just 1 per cent of the total index. This compares to about 23 per cent on the most quoted benchmark index of the US, the S&P 500. In addition, it says a lot that one of the most exciting tech stocks on the ASX is Xero Limited (XRO), a firm founded in New Zealand.

Perhaps that will start to change with new listings such as this fintech hopeful: Afterpay Touch Group (APT) is valued at more than $500 million.

Founded in 2014, Afterpay has experienced explosive growth with its "buy now, pay later" technology — a sort of internet-enabled lay by facility. After on-boarding enterprise scale retailers including Myer, Big W or Officeworks the company has become quite high profile. Touchcorp on the other hand has a 60 per cent share of recurring revenue. Combining both businesses forms a fast-growing entity with a track record of growth in the payments industry.

However, integration risks are a major hurdle for Afterpay Touch Group as many companies have failed to understand and respond to the challenges associated with a merger. Looking at the historic results it appears the $500m+ company is valued based on its future potential rather than its current earnings — always a dangerous play. If growth can be sustained, it might as well become a pioneer in the payment industry but management's ability to understand and respond to integration risks will be key.
Simon Herrmann is an analyst at wise-owl.com



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
 


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