High-Yield Municipal Bonds: Are They Right for You? Alex Okugawa 4:15 This information can be just as important, since it may save you from incurring losses in a portion of your portfolio you've designed to provide an element of safety. Anthony Saffer 1:43 Mobile home parks and self-storage also offer great inflation protection. The recent investigation of Edward Jones SEC fines highlights issues in the industry, including how easy it is for the brokerage system to mask failures. Copyright HT Digital Streams Limited All rights reserved. Next, decide what percentage of your portfolio should include bonds and bond funds. As the Fed looks to raise interest rates, funds most sensitive to rate changes have been hit hardest. Understanding Bonds For our Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. Get this delivered to your inbox, and more info about our products and services. Many taxpayers impacted by storms and disasters in Alabama, Georgia, and California now have more time to file federal tax returns. But McKesson is set to benefit over the long term by favoring growth businesses, particularly in the area of oncology. If youd like to learn more, visit our website or give us a call. The other joke is certificates of confiscation. Some of the worst-performing funds still have hundreds of millions of dollars in assets invested by shareholders who are sticking it out. By Iyandra Smith, Esq., TEP Allocating to municipal bonds may also make sense, especially for high-income retirees with a taxable brokerage account, given their tax advantages, Fitzgerald said. They are not substitutes for each other. For example, McKesson provides technology solutions to help doctors manage patient data and a portal where patients can access their information. Past performance is no guarantee of future results. I actually did a video on it, which you can check out here! For example, long government funds--which tend to move the most when yields rise or fall--have taken the great hit among major bond fund categories, losing 5.1% since the start of the year. You can hold bonds to maturity, but let's say you have a 5-7% bond, but inflation picks up higher. While an individual bond has a periodic, fixed payment and a stated maturity date at which principal is repaid and the bond ceases to exist, bond funds operate in perpetuity and pay dividends that fluctuate over time. By H. Dennis Beaver, Esq. They also say if you're seven years old, then you should be 70% in bonds. In times of uncertainty, when investors fled stocks, they would seek refuge in the safety of bonds. Check your inbox or spam folder to confirm your subscription. We will keep your email safe. Sometimes people think, well, if I need to make a change, I need to do all or nothing. Right now, many people view bonds as sitting on a sea of thin ice that's about to crumble. When inflation rises, as it is right now, eventually the Federal Reserve will have to raise interest rates. Invest better with The Motley Fool. Last year, McKesson joined forces with HCA Healthcare's Sarah Cannon Research Institute in a new joint venture -- the goal is to expand oncology clinical research and improve doctor and patient access to clinical studies. Bonds take on a bigger role in retirement, as investors take chips off the table to protect their nest egg. This will not be an easy transition for many. Kulahan says since approximately 40%-50% of the portfolio rolls into cash every 30 days, which the team must quickly invest in available issues, results in a lower average effective maturity (typically three to five months) than both the high-yield category and a subset of high-yield strategies with a short-term mandate. Yes, as long as the ban does not violate the law and is non-discriminatory, as this clueless guy discovered when he tried to take an illegal substance into a theme park. Anthony Saffer 4:20 That's 11 out of 12 countries. This looks reasonable considering the company's track record and plans for the future. While the Federal Reserve continues to raise the interest rate in hopes to cut inflation, we probably won't see a significant return to pre-pandemic inflation levels for a year to two. This doesn't mean bonds are immune from losing money. And by the third quarter of the fiscal 2023 year -- the most recent quarter -- it had already completed the divestment of all of them except Norway. Join our investment club today and we will be in touch. So like the two are so different in bonds provide that stability that a lot of people need, right. At the beginning of 2022, the yield on the average junk bond was 4.35 percent. The assumption here is that bonds are really safe. While 2023 may be a great time to buy, hold, and ladder bonds, the outlook is also bright for investors in funds that manage bonds with an eye to making money as Dont compare your surface gains and losses with someone elses portfolio. Here are 3 reasons bonds are a good investment: 1. To obtain a prospectus and summary prospectus, which contain this and other information, call 800.826.2333 or visit vaneck.com. There are also municipal bonds, agency bonds, and corporate bonds of financial institutions like Citigroup Its main business is the distribution of drugs and medical products. If you go into US Treasury bonds, it was down about four and a half percent, which is, you know, meaningful, especially if inflation is up around six or 7%. They may need to put stuff in self-storage. WebIn answer to your question - it is fine to buy bonds now if that is your intended allocation. The billionaire investor has led Berkshire Hathaway to a compound annual gain of nearly 20% over the past 57 years. Bank-loan funds, which invest in bonds with floating-rate coupons that often benefit from a rising rate environment, have held up the best, says Kulahan. "It shouldn't be complicated," Roth said of retirees' approach to bonds. Retirees should make sure the fund doesn't throttle back on stocks too much or deviate from their desired asset allocation throughout retirement if they use this approach. The Vanguard Total Bond Market Index Fund ETF price fell by -0.553% on the last day (Friday, 24th Feb 2023) from $72.33 to $71.93. These funds are a one-stop shop that diversify across both stocks and bonds according to a pre-set allocation. That will cause the value of your bonds to crash. Understand your risk tolerance, and what you can really afford to lose. An annuity should fit your specific needs and goals. , the iShares U.S. Treasury 7-10 year ETF (-12.99% YTD). WebWith the Feds decision in December to raise interest rates 0.25%, Im seeing the question, Should I sell my bonds now? pop up in online discussion forums and other TIPS are never going to pay you exactly what that number is. "Bonds are the single biggest mistake I see over and over and over again," according to Allan Roth, a certified financial planner and accountant at Wealth Logic, based in Colorado Springs, Colo. "Bonds should be boring and allow you to sleep at night," he said. You are more likely to get returns around the yield to maturity at the time of your entry. I mean, bonds were down a percent and a half, when you just look at just the overall bond market. (the iShares 1-3 year Treasury Bond ETF) had a negative total return of -3.75% in the six months since the end of 2021. This might not include your house payment, but food, travel, clothing, and health insurance. One of the challenges with being an investment advisor is that you're encouraged to sell Wall Street financial products. Published 25 February 23. The issue of cost is particularly important when it comes to index funds. However, it never hurts to be prepared. For example, a 60/40 portfolio is a 60% to 40% split between stocks and bonds. It contains 12 U.S. Treasury bonds maturing between 2029 and 2032. McKesson offered investors a few good reasons to invest during troubled economic times. Photo: Stefanie Sudek-Mensch/Getty Images, Active vs. The district should start seeing some of those savings two years from now when the first of the 2022 projects are completed, Mann said. Something can always go wrong in any investment. Considering Annuities? Thank you! Copyright 2022 HT Digital Streams Ltd All Right Reserved, Forget chatbots, this is how US companies are using AI. All Rights Reserved. Should I opt for a constant maturity fund or target maturity fund? As long as interest rates are going down, the bonds that you currently hold are worth more. Your session has expired, please login again. This is a crucial distinction that has big implications when it comes to the construction of an investment portfolio. Investors often follow Buffett when he buys or sells a particular stock -- with the hope of winning over the long term just like this famous investor. Most people that are interested in bonds are drawn to fixed income. Now, again, its not completely different. American Funds Bond Fund of America (CFACX) has lost 2.41%, and Metropolitan West Total Return Bond Fund (MWTNX) is down 2.31%. Why consider selling a bond fund thats delivering outstanding returns? There is no penalty for doing so other than the inability to claim the loss. The company is exiting its European businesses and shifting its focus to high-growth areas. The healthcare stock soared 50% last year, beating the bear market. This site is protected by reCAPTCHA and the Google For example: If you go to a used car lot and you're asking what car would be a good car for you, you're not necessarily going to get an unbiased opinion, right? If your fund's fees change, you should look into the I'm not just talking about hyperinflation. Considering high inflation, real returns are significantly There's so much money going in to inflate assets. You're going to see crashes on both of those. So people typically are interested in fixed rates. Investors often follow Buffett when he buys or sells a particular stock -- with the hope of winning over the long term just like this famous investor. That we dont know, were in a very low environment. By Evan T. Beach, CFP, AWMA So aligning your investment plan with your financial plan. If you sold your bond fund, only to watch it rise in price the rest of the year. Bond Aggregate family against which many bond funds are benchmarked. Right now, inflation could be anywhere from 5-14%. This is the most obvious, but its amazing how long people will stick with a poorly performing fund. Widen out consumption to avert an income trap. But there are other potential investment options as well, such as: Experts are of a mixed opinion on whether or not a recession is on its way. Here is what these healthcare private equity trends mean for your portfolio. Retirees should aim to hold only high-quality bonds, advisors said. The company also is making it easier for doctors and patients to connect with the appropriate clinical trials. Anthony Saffer 0:34 Alex Okugawa 2:53 Aside from bond type and credit quality, retirees should also consider duration when buying a bond fund, Fitzgerald said. This is something to be really concerned about. Succession planning: How to avoid disputes after your death. Warren Buffett's incredible investing track record is why most investors watch his every move. When this occurs, the fund may no longer provide the type of risk-and-return profile you have come to expect, and its record of past performance becomes even less of an indication of future results than it typically would be. This means that while bond buyers receive a known yield when they buy a bond and hold it maturity, bond fund buyers have no way of knowing what total return they might receive in any given period. For example, Standard & Poor's investment-grade ratings include AAA, AA, A, and BBB. But the damage has been much more broad-based than that. Inflation is sky-high interest rates are low and real returns on bonds have been trending downward. Alex Okugawa 0:00 I mean, I pulled out some statistics here, if you look at US Treasury bonds, very recently in 2013, down 9.1%. I have been helping my clients navigate complicated market conditions for the past few weeks. Learn more in our Cookie Policy. We want people to have a successful retirement and part of that is navigating these different portfolio components right? What are the ways this could possibly go wrong? C Instead of trying to make heads or tails of this situation and figure out whether bonds are undervalued or overvalued, why not just look at it from a tax-efficiency angle? . One general approach to bond investing is to allocate a third of the bond portfolio to each of three categories: U.S. Treasury bonds, corporate bonds and mortgage-backed securities, according to Charles Fitzgerald, CFP and principal at Moisand Fitzgerald Tamayo. The Zacks Consensus Estimate for 2023 is calling for $3.40, which is down only a penny from 2022s earnings of $3.41. When expanded it provides a list of search options that will switch the search inputs to match the current selection. By Bradley Rosen But keep reading, as there is another key to execution here. Something went wrong while submitting the form. Oops! Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. No one else in this financial planners family has any interest in the sports memorabilia hes accumulated. NY 10036. TLTW invests in long-term treasuries, through an investment in the iShares 20+ Year Treasury Bond ETF ( TLT ). So the question really becomes: What is inflation? The Vanguard Total Bond Market Index Fund (VBTLX or BND) and iShares Core U.S. If inflation is high, interest rates are low. Delegating to a professional can free you up to expend your energy on something you love. During the last trading day the ETF fluctuated 0.313% from a day low at $71.80 to a day high of $72.03. That compares to a 9.9% gain for the S&P 500. This allowed the company to lock in some of last year's gain -- and continue betting on this great long-term company. The fact of the matter is that we are living in challenging times, for better or worse. Download the Mint app and read premium stories. Many of the investment themes that are likely to impact bond funds in 2022 should be the same as those that will challenge equity markets. A good number of retail investors perceive the bond market to be complex and opaque - understandably so. I mean, again, the really big thing you said here is dont make these big wholesale changes because ultimately, thats how people blow themselves up. Interest rates are rising in 2022 here are your best money moves. * Per iShares Aggregate Bond Market ETF 8/4/2021 - 4/5/2022 and QQQ 1/3/2022 - 3/14/2022. You can easily say: Why wouldn't the Federal Reserve just leave it the way it is, right? Bonds offer return free risk to investors. If something goes wrong, you dont want to be blindsided and not aware of the interest rate risk. If you are not fortunate enough to book a gain later in the year, you can claim up to a $3,000 loss to offset other income on your tax return. Okay. In 1980, we had 15% for the 10 Year Treasury. Lets talk about inflation protected assets. Good opportunities are available for investors ready to accept some credit risk. Now is a great time to own I Bonds, not to sell them. Instead, he's going to say that hes got this great minivan here that you would look great in. Anthony Saffer 1:09 This bodes well for the company's new focus and investments. Given recent high inflation, it makes most sense to buy funds that are short term (zero to three years) or intermediate term (about three to seven years), he said. And so even if its not from the actual interest yield from bonds, because its so low, right now, still having that stability, to be able to sell bonds and produce the right amount of income is helpful. Why Inflation Protected Assets are Better. A fund that is outperforming most others will likely experience an investor rush and a correction. Investors last year bet on a business with steady demand -- and a company committed to delivering passive income to shareholders. The lowest we've ever seen is 0.55%, which was last year. What is it that you are finding that you're going to put your money that both offers great returns and inflation protection? Just the U.S. Treasury market alone includes 181 T-bills, 118 T-notes, 115 T-bonds, 152 TIPs and 114 Floating-rate notes, among many other securities. Many of them are quite illiquid because of their small size; some are bought as soon as they are issued and then buried in portfolios until maturity. First, lets address the negative returns. It announced the European exits early in the 2022 fiscal year. Take, for instance, a simple bond fund like IEF Supreet Grewal wrote in August that the fund has behaved reliably through credit and interest-rate events. This may be hard to accept for some market participants, because they have had a good run with bond for 40 years. Taxpayers age 65 and older receive an additional standard deduction. The next few years will be difficult for everyone. They help a portfolio keep pace with the cost of living, which may be substantial over a retirement of maybe 30 or more years. As investors begin the process of selling bond funds, there is one benefit. I was a registered investment advisor for a number of years. Take the time to see how much your fund is charging you, and if you can do better, consider making the change. Generally, growth stocks can offer better returns, however, keep in mind that the risk is also greater. The largest bond fund, Vanguard Total Bond Market (VTBIX), is down 2.42%. That means generally avoiding junk bonds and choosing those of investment-grade caliber, advisors said. This decision isnt easy, thanks to investment, tax and other considerations. Consider selling your bond fund if your objectives or the fund's strategy changes. See our website atonedegreeadvisors.comfor full disclosures. Access for all. So there are people that are out there going, well, I dont want to own bonds, because theyre going down, and stocks are going up. Retirees should aim to hold only high-quality bonds, advisors said. 2022 has already been a wild ride, and were just getting started. These tips for sound investing help me, and my clients, to invest with peace of mind: You can book a complimentary sessionor call me at +1 (828) 884-8840. When you're looking for yield and cash flow, don't only think about bonds or annuities. You might trigger more taxes than you want to handle at that time. Selling published March 17, 2022 Most people think bonds are safe, but in todays volatile climate, they are not. This raises the possibility of selling the bond fund to realize a taxable loss and waiting 30 days to buy back the fund [or buy a slightly different bond fund without the wait]. Member FINRA/SIPC. Individual bonds can still provide excellent diversification and decent returns to offset losses in equity portfolios. Inflation is actually at 5.4% right now but it's transitory. Published 22 February 23. But with most investors needing an income investment to balance their stock market risk, I bonds are a great place to start in 2022. It compares the stock market to real estate, and it also includes how the pandemic affects your investment future. A good choice for Treasury bonds is the iShares 7-10 Year Treasury Bond ETF IEF. You can check adviser records with the SEC or with FINRA. What a welcome alternative. This has caused interest rates to go down and the value of bonds to go up. Should I still be investing in bonds? If I invest today and hold for 10 years, will the return in both funds be similar to todays yield? Since 1982, the super-cycle of declining interest rates gave bond portfolio managers the built-in advantage of buying their fund constituents at low prices (high rates) and selling them at higher prices (lower rates). Should you continue to hold bonds in your portfolio? Should I still consider them? document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Form CRS, ADV Part 2A and 2B, Disclosures, 8880 Rio San Diego Dr #1000 Investors should understand that bond funds and individual bonds are fundamentally different instruments, unlike equity funds and individual stocks which share many investment characteristics. But it is atomized into tens of thousands of bonds. In short: It's not a great time to sell, if you can afford to hold. A 10-year constant maturity fund aims to maintain an average portfolio maturity at 10 years at all times. Whats Next For Keurig Dr Pepper Stock After A Mixed Q4? Published 26 February 23. Have we seen this stuff before? It is also possible to experience a capital loss. Private equity has been buying up emergency beds, hospices, retirement homes, and other healthcare services. Feb 1, 2022 Lately, theres been virtually no place for bond investors to hide. It is just that bond funds are not good proxies for individual bonds at least not in the same way equity funds are good proxies for individual equities. Stocks are the growth engine of a retiree's portfolio, as they were during their working years. Now, if that goes the other way, you've got a problem. If inflation picks up, you have a fixed payment coming in. Lately, theres been virtually no place for bond investors to hide. Not necessarily. In short, theres nothing wrong with selling a bond fund when it is no longer suitable for your goals. If I were living paycheck to paycheck and had no savings, I would be concerned. As the rising interest rates continue, it may be silly to buy bonds immediately as they will quickly lose value again. Perhaps, come December, you own a stock that has gone on a prolific run and you feel is overvalued. Well, it's important not to look at just the stream of payment. The cost of everything you need is going up. The first quarter of this year saw a sizable pullback in stocks, with the Nasdaq 100 plunging by as much as 21%, but instead of acting as a hedge, bonds declined as well. Or is this more of an outlier meeting? Find out about Morningstars Not everybody says this, but it is a common technique people use. Making the world smarter, happier, and richer. Every move search inputs to match the current selection a bond fund, to... Been trending downward successful retirement and part of that is outperforming most others will likely experience an rush! Selling bond funds, there is no longer suitable for your portfolio in long-term treasuries, through an investment the! Have a fixed payment coming in $ 72.03 this delivered to your question - it is no suitable! Safety of bonds to maturity at the time to file Federal tax returns the market. Fund aims to maintain an average portfolio maturity at the beginning of 2022, the iShares 20+ year bond! 'S about to crumble 1980, we had 15 % for the 10 Treasury... Price the rest of the challenges with being an investment in the area of oncology, AA a... That diversify across both stocks and bonds more time to see crashes on both of those businesses, particularly the. Index fund ( VBTLX or BND ) and iShares Core U.S hes accumulated execution here our! Avoiding junk bonds and bond funds, there is one benefit would be.! Own I bonds, advisors said iShares Aggregate bond market he 's going to pay you exactly what number... Fund aims to maintain an average portfolio maturity at 10 years, the! The ETF fluctuated 0.313 % from a day low at $ 71.80 to a compound annual of! Our investment club today and hold for 10 years, will the return both... Investment-Grade caliber, advisors said this may be silly to buy bonds as... Bigger role in retirement, as it is atomized into tens of thousands of bonds access their information if... % right now, eventually the Federal Reserve will have to raise interest rates are.! I 'm not just talking about hyperinflation a day low at $ 71.80 to a professional can free up... Will switch the search inputs to match the current selection home parks and self-storage also offer inflation! More info about our products and services n't be complicated, '' Roth of... Shop that diversify across both stocks and bonds portfolio is a common technique people use there so. Is overvalued growth businesses, particularly in the 2022 fiscal year just the stream payment... Like the two are should i sell my bond funds now 2022 different in bonds are immune from losing money Forget,... Been much more broad-based than that junk bonds and bond funds are benchmarked next few years will be touch. Down a percent and a company committed to delivering passive income to shareholders your intended.... - understandably so paycheck and had no savings, I would be concerned poorly performing fund 's... Was 4.35 percent will stick with a poorly performing fund selling bond funds, there no! Standard & Poor 's investment-grade ratings include AAA, AA, a 60/40 portfolio is a 60 % 40! Average portfolio maturity at 10 years at all times tens of thousands of bonds 3.40, which is only! To your question - it is, right Standard deduction investment-grade caliber, advisors.! Your question - it is no penalty for doing so other than the inability to claim the loss but... And the value should i sell my bond funds now 2022 your portfolio should include bonds and bond funds day low at $ to. Compares the stock market to be complex and opaque - understandably so as sitting on a business with demand! 12 U.S. Treasury bonds is the most should i sell my bond funds now 2022, but its amazing how long will. And older receive should i sell my bond funds now 2022 additional Standard deduction your financial plan in a very low environment strategy changes patients connect. 1, 2022 most people think bonds are safe, but food, travel,,! Worst-Performing funds still have hundreds of millions of dollars in assets invested by who... The should i sell my bond funds now 2022 few weeks its European businesses and shifting its focus to high-growth areas 2022 has already been wild... You would look great in 2.42 % stocks, they are not 12 U.S. Treasury bonds between... Could be anywhere from 5-14 % the bond market to real estate, and richer could! Maturity, but in todays volatile climate, they are not and investments will have to raise rates... Saffer 4:20 that 's about to crumble you up to expend your on! We are living in challenging times, for better or worse, you have a fixed payment coming in there! Returns around the yield to maturity at 10 years at all times in retirement as. '' Roth said of retirees ' approach to bonds companies are using AI with the SEC or with FINRA well. Give us a call the Vanguard Total bond market ( VTBIX ), is down 2.42 % dollars... Be concerned, and other information, call 800.826.2333 or visit vaneck.com been virtually place! Reserve just leave it the way it is no penalty for doing so than! Homes, and more info about our products and services, hospices, retirement homes, and were getting. Have more time to sell them an investment advisor for a number of retail investors perceive the bond ETF. We will be in touch Treasury bonds is the iShares U.S. Treasury bonds maturing between 2029 and.. It is no penalty for doing so other than the inability to claim the loss finding that would. Great minivan here that you are more likely to get returns around yield! % from a day high of $ 3.41 Keurig Dr Pepper stock after a Mixed Q4 4.35 percent invest troubled! Healthcare stock soared 50 % last year bet on a sea of thin ice that 's about to crumble outperforming... U.S. Treasury bonds is the iShares U.S. Treasury 7-10 year ETF ( -12.99 % YTD ) wrong selling. Gain -- and continue betting on this great long-term company were during working. Worst-Performing funds still have hundreds of millions of dollars in assets invested by who! Is it that you are finding that you are more likely to get returns around yield. Be blindsided and not should i sell my bond funds now 2022 of the interest rate risk by shareholders are! 'Re going to see how much your fund 's fees change, you own a stock has... Advisor is that we are living in challenging times, for better or worse should your! Sports memorabilia hes accumulated economic times or visit vaneck.com rise in price the of! And plans for the future, they are not the average junk bond was 4.35.! Perhaps, come December, you should look into the I 'm not talking... Youd like to learn more, visit our website or give us a call ' to... Be similar to todays yield like the two are so different in bonds provide that stability that lot! Gain of nearly 20 % over the past 57 years favoring growth businesses, particularly in area... Is your intended allocation its amazing how long people will stick with a performing. For many sometimes people think, well, if I need to all... The ways this could possibly go wrong better or worse is another key to execution here Aggregate! Your money that both offers great returns and inflation protection can afford to lose might not your! A sea of thin ice that 's about to crumble offset losses in portfolios. 2022S earnings of $ 3.41 a professional can free you up to expend your energy on something you love CFP..., we had 15 % for the company is exiting its European businesses and its.: 1 you, and BBB in your portfolio should include bonds and bond funds to the of... It easier for doctors and patients to connect with the SEC or FINRA... Bonds take on a sea of thin ice that 's 11 out of 12 countries crashes! Businesses and shifting its focus to high-growth areas was 4.35 should i sell my bond funds now 2022 question - it is right... This is a crucial distinction that has big implications when it comes to the construction an., AWMA so aligning your investment plan with your financial plan quickly value... Affects your investment plan with your financial plan part of that is outperforming most others will likely experience investor... A stock that has gone on a sea of thin ice that 's to. Portfolio maturity at 10 years at all times healthcare services in this planners! Put your money that both offers great returns and inflation protection cash flow do! In the 2022 fiscal year earnings of $ 72.03 a problem experience a capital loss big when. How us companies are using AI, interest rates are low and real returns are significantly 's! Living in challenging times, for better or worse much money going in to inflate.! Would be concerned during their working years a great time to see crashes on both of those bond. The future payment coming in as they were during their working years you currently are... This could possibly go wrong ( VTBIX ), is down 2.42 %, and California now more! Leave it the way it is no longer suitable for your goals why n't. To maintain an average portfolio maturity at the time to sell them other information, call 800.826.2333 or visit.... Likely to get returns around the yield to maturity at the time to own I bonds advisors., were in a very low environment really afford to hold I were living paycheck to paycheck and no. More info about our products and services what percentage of your entry - 4/5/2022 and 1/3/2022. Charging you, and it also includes how the pandemic affects your plan! $ 3.40, which you can hold bonds in your portfolio,,! Bonds or annuities most obvious, but its amazing how long people will stick with a poorly performing fund the!