Are you saving enough for retirement? Here’s what to consider when planning
From living longer to cruises of a lifetime - here are a few things you need to consider when saving for your retirement.
There’s no one easy way to calculate how much you’ll need to get by in retirement, as everyone has different goals and aims for how they want to enjoy it. However, there are some general pointers that can help you get a grasp of what you need, and what you need to be saving and investing to achieve it. When planning for your retirement, thinking about how much income you’d like on a monthly basis is a great starting point.
A rough guide to help could be assessing what you spend monthly now, and then taking away bills which will not be there in future (your mortgage, for example, which has a fixed end date). Doing this can help you get a clearer picture of what it costs just to maintain the lifestyle you currently have.
A common ‘rule of thumb’ in this regard is replacing about 70% of your salary on an annual basis. This is predicated on the idea that you will have paid off the mortgage, so won’t have that to pay off each month. Think then in terms of percentage income. A £200,000 pension pot that pays 3% per year will pay out £6,000. You might be able to attain more income for that size of pot, but it will involve more risk.
It’s also important to think about whether you want work to be a hard stop, or you plan on transitioning over time out of full employment. This can be a good option if your pension pot doesn’t extend as far as you may like yet, and the state pension is a way off from kicking in.
Keeping the state pension in mind is also important. While it may not seem like enormous sums of money, it does form a key part of many people’s retirement plans. The age of the state pension is creeping up slowly, which needs to be kept in mind when planning.
Perhaps the best answer to “how much should I save?’ is “as much as you can”, but there are some other factors to consider.
Think of the ‘U’
Saving for retirement is about goals. What do you want, and how long do you expect to want it for? As retirement unfolds everyone has a different idea of what they’ll want to do with that time and money.
On average though people’s expenditure tends to follow a ‘U’ shape. That is – when they first retire spending is high because they reap the benefits with tax-free lump sums and access to cash - taking nice holidays or maybe finally putting that extension they always wanted on the house. As they settle into a more normal routine over time though, costs start to diminish (the bottom of the U).
Finally, as people enter their later years, costs tend to rise again. This can be from more banal things like getting help in the garden or around the house, to more significant events such as health issues or care requirements.
Lamborghini or Laburnum?
Thinking about your needs in retirement can be framed principally through the kind of lifestyle you intend to lead. The income needs of someone who plans to be at home with grandkids tending to a garden will be very different from someone who intends to jump on cruises and see the world, or buy a fast car. Both choices are fine ones to make, but the former will likely be more frugal than the latter. That being said, if you’re planning to spend time at home, you will likely have to think more about the cost of living there, maintenance and even whether you’ve got equity locked up inside the property.
Live long and prosper
The other big thing to think about is longevity. Not only do you need to be able to replicate a portion of your income via a pension and other wealth on day one of retirement – it needs to be able to last for a long time. While predicting your own lifespan is impossible, there is a guide to keep in mind from the Office of National Statistics (ONS). At the moment a man aged 55 has a life expectancy in the UK of 84 years according to the ONS. This rises to 87 for a woman. While these are only averages, this is a significant period of time by any measure. While taking an income from wealth is perfectly possible, the more you save early on, the more time it has to grow and the better your outcomes will be overall.
For those that don’t have as much saved at retirement as they would have liked, it means either adjusting their lifestyle accordingly, or taking more risk with their pensions (something which brings its own challenges). The good news is, a lot of this can be addressed right now. Saving regularly and investing that money to an appropriate level of risk for you, at all stages of your adult life, is crucial. Retirement planning needs to be done as soon as reasonably practicable, because the earlier you start investing in a pension, the more it will be worth.
Your adviser can help you consider these plans more carefully. Don’t hesitate to get in touch.
Savings lotteries – what are they, and are they worth it?
Savings lotteries have become more prevalent in recent times as banks look to incentivise saving without offering better rates. But are they any good?
Nationwide Building Society has launched a new lottery for customers, which automatically enrols them in a monthly prize draw where one lucky winner can scoop £100,000. How does it compare to others?
Nationwide had previously launched different lotteries for different kinds of accounts, including for its Cash Isa and Start to Save products. But this is different in that any Nationwide customer with a mortgage, current account or savings account will be automatically entered. There are 8,008 chances to win each month, with a top prize of £100,000, two £25,000 prizes, five £5,000 prizes and 8,000 £100s up for grabs. The competitions will run monthly for 12 months from September and be selected from a pool of roughly 14 million Nationwide customers.
Alternatives
Nationwide isn’t the only firm to offer savings lotteries to customers. Indeed, with the crashing of savings rates in recent years, it has become a more common incentive to entice new customers without offering better rates.
Perhaps the most ubiquitous of the lot are Premium Bonds. The National Savings & Investments (NS&I) Premium Bonds prize draw is incredibly popular. Some 21 million savers have over £107 billion squirreled away in Premium Bonds according to MoneySavingExpert. Rates were slashed recently though, so the odds of winning anything at all have lengthened considerably. Premium Bonds do still offer good prizes, including two £1 million prizes every month. NS&I says the rate at which you’ll win prizes each year roughly equates to a 1% rate of interest on your savings. This is not however guaranteed, and you could hold the bonds your whole life and win nothing.
The other major savings lottery available at the moment comes from Halifax Bank. It is offering three prizes of £100,000 every month, plus more smaller amounts. To qualify you’ll need to open a savings account with the bank and deposit at least £5,000.
Other banks have recently offered new ‘lottery-style’ accounts, including NatWest, Post Office Money and Family Building Society, but those are currently unavailable to new customers as they have proven so popular.
Overall, the aforementioned lottery accounts can be a good idea if you have smaller sums of cash, as rates on best buy accounts are shockingly low anyway. That being said, the bulk of your savings may be better off elsewhere, such as in investment markets, in order to generate a better rate of return.
If you’d like to discuss options for your cash savings further, don’t hesitate to get in touch with your adviser.
The World In A Week - Tax becomes less taxing
The Organisation for Economic Co-operation and Development (OECD) published its latest economic outlook last week. There were no hidden surprises in the 221 pages, whose narrative echoed that the pandemic continues to cast a long shadow over the world’s economies, with the silver lining being an improved prospect for the global economy due to vaccinations and stronger policy support. However, the path to recovery will be an uneven one.
The headlines gave a forecast for global growth of +5.75% in 2021 and +4.4% in 2022, a sharp rise from the decline of -3.5% in 2020. The biggest risks revolve around the deployment of vaccines not being fast enough to stop the transmission of the virus and the emergence of new, more contagious variants. This will hamper the pace at which containment measures can be relaxed and stifle the expected boost to consumer confidence and spending.
A relaxation in lockdown measures did allow for the G7 finance ministers to meet face-to-face in Cornwall over the weekend. Global taxation was highest on the agenda and it was agreed that global corporate taxes should have a minimum level of 15%, and large companies with a profit margin of at least 10% should be taxed where they conduct business. If negotiations go well, the agreement could be extended to the G20, and could see the end of countries competing on lower tax levels and an end to the race to the bottom.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 7th June 2021.
© 2021 Beaufort Investment. All rights reserved.
The World In A Week - House Rules
Inflationary pressures continue to be one of the leading concerns with strong expectations that there is significant pent-up demand for goods and services as economies start to unlock from lockdowns. However, European Central Bank policymakers stated they saw no evidence of sustained inflationary pressure. Should there be strong spending activity in the coming months, we would expect supply chains to be impacted which would cause prices to rise. Alongside the strong pent-up demand, the level of consumption that is ready to be deployed should not be underestimated as consumers have seen their savings rate increase substantially and the increased demand for luxury brands has already demonstrated this. Several officials from the Federal Reserve have also commented that they expect this inflationary pressure to be temporary. We have started to see the emergence of this inflationary pressure as the US Commerce Department reported on Friday that its core personal consumption expenditure price index increased 3.1% in the year (ended 30th April). This exceeded the Federal Reserve’s 2% target and was the biggest increase in nearly three decades.
House prices in the UK rose 10.9% compared to 31st May last year according to the UK Nationwide house price index. The lifestyle shift, increased savings rate and stamp duty holiday has accelerated the demand for housing in more rural areas, where the need to be within a short commuting distance has diminished. However, the development of new houses has not accelerated at the same level and there is significant excess demand in the housing market today, causing the significant rise in prices.
US financial authorities are set to take a more active role in the regulation of the $1.5tn cryptocurrency market with overriding concerns that investors may be harmed. Cryptocurrency has been one of the leading themes over the last year with Bitcoin, one of the major coins, reaching highs of $60,000 in April before pulling back substantially to $34,750 and remains a very volatile and unstable store of value.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 1st June 2021.
The World In A Week – Nul Points
Global equity markets ended the week marginally negative, but under the bonnet there was a high degree of volatility over the five trading days, with the S&P 500 in the US down over -2.5% at one point, only to bounce back strongly and end a smidge below its all-time high.
Much of the volatility was driven early in the week by the crypto meltdown. We saw the Chinese government continue to crack down on cryptocurrencies, banning financial services and payment companies from providing services related to crypto by stopping trading, clearing, and settling via crypto. The Government said, “cryptocurrencies are not supported by real value” and warned private investors against speculative trading. At the same time, we saw Elon Musk, owner of Tesla, perform a 180-degree U-turn on the asset class, suspending vehicle purchases via Bitcoin, citing climate change concerns as the reason. Furthermore, there is the threat of a possible tax clampdown in the US. As a store of wealth or viable form of money, these headwinds are causing the huge degrees of volatility we are seeing and must really make the most ardent supporters’ waiver.
There has been speculation whirling for a while, but Amazon is now reported to be making a $9bn bid for MGM, which might put a fresh shine on some old classics. Amazon has over 200 million Prime subscribers, of which 175 million stream Prime Video, according to CEO Jeff Bezos. MGM has a huge back catalogue of content covering over 4,000 titles with household names such as James Bond, The Hobbit and Rocky. A profitable and expanding franchise for the Amazon empire.
Mergers and Acquisitions (M&A) was also evident in the UK, with private equity firm KKR bidding £2bn for John Laing, the UK infrastructure company. M&A is a theme we have seen at play in the UK market over the last few months as UK assets look cheap and offer good value to potential buyers, one of the reasons that Beaufort Investment decided to increase its UK equity allocation from neutral to overweight back in February.
Finally, coming to the biggest shock or non-shock of the week – the UK’s entry scored ‘nul points’ in the Eurovision song contest leaving the UK, the Brexit bad boys, left out in the cold….. Hardly market moving, but all good harmless fun, watched by millions across the continent.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 24th May 2021.
© 2021 Beaufort Investment. All rights reserved.
The World In A Week - Inflated Expectations Return to Earth
Last week was a negative one for markets, as the MSCI All Country World Index of global stocks returned -2.3% in GBP terms.
The stand-out macroeconomic event of the week was the release of US inflation data on Wednesday, which revealed that prices were rising faster than market participants had anticipated. The increase in consumer price inflation came to +4.2% over the 12 months to April, the highest reading since 2008. This has been spurred on by monetary stimulus in the form of asset purchases from the Federal Reserve, the large fiscal stimulus planned by the Biden administration; as well as significant supply bottlenecks experienced by many raw material producers. This has seen the price of commodities such as lumber, copper, and corn rocket higher, albeit from quite a low base.
Increased inflation expectations, coupled with the higher interest rates which central banks may feel they now need to implement sooner, led to quite a substantial sell-off in the very frothy end of the US Tech sector (particularly the unprofitable parts, of which there are many). The NASDAQ Index of US Tech names was down -3.1% for the week, while retail favourites packed with loss-making “moonshot” stocks such as the ARK Disruptive Innovation ETF and the Baillie Gifford Global Discovery Fund lost -6.0% and -6.9% respectively. We continue to find the prices of assets in this end of the market to be disconnected from reality and increasingly unattractive in a potential rising inflation and interest rate environment. What was also amusing to observe, in a week where inflation exceeded expectations, was a -18.3% fall in the price of Bitcoin. The legion of online zealots touting the cryptocurrency as an inflation hedge may need to review their investment hypothesis.
Segments of the market, which we have been more constructive on, performed relatively better over the week. Global value stocks outperformed global growth names by +1.9%, while the value-orientated UK Equity market (which we are overweight) was the best performing global equity asset class for the week.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 17th May 2021.
Inflation is back – should you be worried?
Inflation has been off the agenda for investors for years, but prices are rising again – and it could have implications for your finances.
Inflation has been low by historical standards for much of the past decade, with price growth falling particularly sharply over the past three years. Never the easiest factor to track when it comes to your finances – a situation not helped by the amount of measures for inflation which exist – inflation has nonetheless been muted for the past few years. Using the Government’s preferred method of calculating inflation – known as CPIH – we can see that inflation has been below its official target of 2% since July 2019.
What is CPIH
CPIH stands for The Consumer Prices Index including Owner Occupiers’ Housing and covers the cost of a list of everyday items consumers buy or use, including housing costs. Between July 2019, when it stood at 2%, CPIH has plunged as low as 0.5% in the depths of the pandemic last August, before recovering as the economy unlocked. It currently stands at 1% as of March, with the reading for April due out later this month. Clearly this is some way off the Bank of England’s own target of 2%, but the important thing to remember with inflation is the trajectory, not the absolute number. This was alluded to at the latest Bank of England meeting when Andrew Bailey, the governor of the Bank and head of the committee which monitors inflation, said inflation could be “a bit bumpy this year.”
Indeed, the central projection from the Bank is that, as the vaccine programme continues and the economy unlocks more, it should mean the CPIH figure jumps above 2% towards the end of this year. There is also the ever-present risk that it goes higher than forecast, with factors such as rising commodity prices and demand for goods and services also having the potential to exceed forecasts and push up the overall inflation number.
Should you worry about rising inflation?
Inflation is bad for some of your investments, in particular cash. The value of cash is eroded over time by inflation, so a pound today buys you substantially less than it did 20 years ago, for example. For investors sitting on large amounts of cash, rising inflation is problematic at this point in time because interest rates – and therefore the interest the bank pays you for leaving your money in cash – are at record lows. The Bank of England was forced to cut rates to 0.1% in the UK last year in response to the pandemic, and it has yet to raise them from this level. With inflation currently at 1%, it means the value of any cash you may have in the bank is being eroded every year, unless it is in a bank account paying more than 1%.
For investments too, rising inflation has implications. Some investments, like commodities such as oil, can protect portfolios from rising inflation, as they often rise in tandem. Investments such as bonds, on the other hand, suffer because they pay holders a fixed amount of interest every year, and if inflation rises it can often leave these bonds paying an income that is below the inflation rate.
What can you do about it?
As with all investments, including cash, investors should regularly review their holdings. If inflation is rising, there are a number of options to counter its damaging effects on your wealth, including investing in equities, commodities, and some inflation-linked investments which track the inflation rate.
However, as always, if you have any concerns or queries the best course of action is to get in touch with your adviser.
A quarter of a million over 55s get caught out by this pension tax trap each year – don’t be one of them
The little-known Money Purchase Annual Allowance is catching out thousands of pension savers each year. Here are a few ways to prevent yourself from falling into the trap.
A little-known pensions rule catches out thousands of savers every year, and has potentially become more prevalent because of the pandemic, according to new data. Some 5,000 over 55s are stung every week by a little-known pensions rule called the Money Purchase Annual Allowance (MPAA), data from retirement firm Just Group has shown. The Money Purchase Annual Allowance (MPAA) is a specific rule which can be accidentally triggered by savers, cutting the amount they can save in to pensions tax-free under their annual allowance. The figures from Just Group suggest some 260,000 people are being caught out by the rule every year.
What is the Money Purchase Annual Allowance?
The Money Purchase Annual Allowance (MPAA) is a rule which defines how much you can deposit into a pension each year and still receive tax relief on those contributions. The normal limit is £40,000 and is defined by the amount you contribute into a Defined Contribution (DC) pension, including employer contributions. With Defined Benefit (DB) pensions – also known as final salary pensions – this is defined as the amount by which it increases in value each year. However, the MPAA - which is triggered by a particular set of circumstances - can cut an individual’s annual allowance from £40,000 to £4,000.
Those triggers include:
- Taking an entire pension pot as a lump sum or starting to take ad-hoc lump sums from a pension pot
- Putting pension pot money into a flexi-access drawdown scheme and taking an income
- Buying an investment-linked or flexible annuity where income could drop
- Having a pre-April 2015 capped drawdown plan and taking payments that exceed the cap
The rule is in place so that no one can benefit from having a pension income while still feeding new cash into a pension pot and taking the benefit of tax relief. While the rule is a feature of the system rather than a failure, the contention is that some over 55s who may not have otherwise triggered the MPAA during normal times, have been inadvertently hit by it during the coronavirus crisis. For instance – someone aged 55 may have been in full-time employment and still contributing to their pension regularly, with no intention of drawing money out of the pension because they still had a salary. Thanks to the economic crisis caused by the pandemic, they may have since needed to access extra cash as an emergency, or even lost their employment, and with it, regular pension contributions.
Even if the MPAA is triggered under these circumstances the person is treated as if they’re now living on their pension income. They are then unable to return to making regular contributions up to £40,000, even if they don’t intend on using their pension for an income and still want to put more in.
What is the best way to avoid MPAA?
The good news is, there are some steps you can take to avoid being penalised inadvertently.
- Have a rainy day fund. Many people have been forced to trigger the allowance because they’ve needed short-term cash during a crisis. Having a solid rainy-day fund in cash savings would prevent this.
- Don’t take more than the 25% tax-free lump sum from your pension. You can take up to 25% from your pension tax-free, so if you don’t go over this, it won’t trigger the MPAA
- Take from smaller pension pots first. Any pension pot you have under £10,000 will be exempt from MPAA if you make a withdrawal. However, you can only do this in a maximum of three non-occupational pots.
Once you retire and begin to rely more on your pension the MPAA may become unavoidable. But if you’re no longer earning a salary or contributing new cash routinely to a pot, this shouldn’t be a huge issue. The trick is to be careful around the time when you are looking to use some pension funds if you are still earning from a salary and trying to save and benefit from tax relief.
If you’re interested in discussing the MPAA more, or want to know anything else about your pension, don’t hesitate to get in touch with your adviser.
Top tips for getting the most out of your money online
There is no question that money is going digital, with the pandemic speeding the switch away from cash. But how can you make your money go further in a digital world? Here are some ideas to help you stay safe and get the most out of your money online.
Internet usage has surged during the pandemic, from online food shopping to banking and much more. Among older age groups in particular, Age UK has found many who may not have used online services before are now doing so, with one in four (24%) pensioners using the internet more in 2020 than the year before. But like all things, there are pros and cons, especially when it comes to handling your finances online. While using the internet can be very easy and efficient, it also opens up risks to things like scammers and making inadvertent mistakes. Luckily, there are some steps we can all take to stay safe online, and to get the most out of the internet for our hard-earned money.
Take advantage of online tools
When it comes to taking out financial products such as loans or credit cards, the internet is your friend. Gone are the days of nervy conversations with credit card companies and accidental marks on your credit file. Instead, there is now a plethora of online tools that perform so-called ‘soft checks’ that will help you understand whether you are eligible for certain products based on your credit history. There are several to choose from, but in particular we like MoneySavingExpert’s as it is a trustworthy financial brand.
Keep an eye on your credit history
Speaking of credit histories, keeping yours in check is also vital. It is no secret that often, the big credit checking firms like Experian and Equifax make mistakes on individual’s’ credit files. It could be that your address is listed slightly wrong, or information such as the electoral register is missing. Unfortunately, this can have a significant impact on your credit history. Therefore, it is important to keep an eye on it – while some services charge for you to see your history on a regular basis, others, such as ClearScore or CreditKarma, give you free monthly access to your report.
Use comparison sites
Price comparison sites sometimes have a mixed reputation but for the most part they are extremely useful ways to hunt down the best deals online. From mobile phone contracts to insurance, you can find the cheapest deals possible on these websites. The trick is to not necessarily buy the very cheapest product on offer though. The cheapest deals will often come with caveats, but if you read the small print and weigh up the benefits of new policies, comparison sites can make shopping around very efficient. We’d recommend looking on the comparison site, then comparing directly with the providers that get listed – sometimes even better deals can emerge, and then you have a comparative price to think about too. Good comparison sites we like include Moneysupermarket, uSwitch and GoCompare.
If in doubt, step away
Financial scams are a big problem with the internet these days. All it takes is for you to click the wrong link or reply to the wrong email and the losses could be devastating. Therefore, the safest way to navigate the internet can be to step away from the offer or deal you’ve just seen and then try the old-fashioned way by calling up a provider if you want to know more. If you’re contacted by someone who seems to be from a reputable company out of the blue, tell them you’d rather discuss what they want to speak about at a different time. If you are the one making contact rather than them, you can make sure you are in control of the conversation. The message more broadly is to always have your guard up. The internet has given us all access to an array of options and choice has never been greater, but unscrupulous people are a fact of life.
The World In A Week - Inflation Narratives & Deflated Expectations
Last week was broadly positive for markets, as the MSCI All Country World Index (ACWI) of global stocks rallied +1.8% in GBP terms. It was a mixed bag beneath the surface, with European Equities and US tech stocks driving the rally while UK and Emerging Markets were more muted and Chinese markets were down. Both the riskiest and least risky forms of debt posted positive returns as high yield bonds and treasuries were up roughly +0.5%.
These patterns of returns are not typical for markets and may reflect the principal ongoing debate taking place among market participants, that being the topic of inflation. Last week saw another release of Consumer Price Index (CPI) data in the US which showed inflation was running ahead of expectations, albeit by a modest amount. Headline inflation came out at +5% on an annualised basis, while “core” inflation (which excludes volatile food and energy) printed at +3.8%.
The relevant markets were decidedly unperturbed by this news. The yield on the 10 year US Treasury Bond fell (not what we would traditionally expect when inflation is rising), while the 5 Year Breakeven inflation rate also continued on its downward path. We follow inflation “breakeven” rates as they imply what the market thinks inflation will average out at over the next five years. Right now the markets share the Federal Reserve’s view that the current inflationary spell will be temporary.
We think there are very good arguments on both sides for whether inflation will prove as “transitory” as the Fed expects it to be. On the one hand, while the data shows an inflationary trend that is faster than many expected, it has been spurred by increases in prices that are likely to be temporary such as used cars and flights. There are also major deflationary global forces arising from technology and an aging population.
On the other hand, the bond markets (and indeed many multi-asset managers) may well have been conditioned by decades of low/falling inflation to believe it never poses a threat again. Vast amounts of money have been injected into the system to keep economies alive during the pandemic, and the velocity of this money is expected to increase as economies reopen. In addition, we have seen commodity prices rise rapidly and employers struggle to fill jobs which could lead to non-transitory wage inflation.
We have been moderately adding inflation-sensitive assets to the portfolio but appreciate that, unlike the current weather, the picture remains quite unclear.
Any opinions stated are honestly held but are not guaranteed and should not be relied upon.
The information contained in this document is not to be regarded as an offer to buy or sell, or the solicitation of any offer to buy or sell, any investments or products.
The content of this document is for information only. It is advisable that you discuss your personal financial circumstances with a financial adviser before undertaking any investments.
All the data contained in the communication is believed to be reliable but may be inaccurate or incomplete. Unless otherwise specified all information is produced as of 14th June 2021.
© 2021 Beaufort Investment. All rights reserved.