My autobiography cannot be a tragedy
Chapter 449 The Bigger the Storm, the More Expensive the Fish
Chapter 449 The Bigger the Storm, the More Expensive the Fish
On the other side, I waited for a full two hours in the reception room.
Tang Yijing's legs felt a little numb when he was sitting, and Hu Yifei and Hu Yifei came out of Gao Yuan's office.
Taking a quick glance, Tang Yijing raised his eyebrows slightly to see the expressions of joy on the faces of the two of them, secretly guessing what secrets they were talking about in the room.
It's a pity that the speed of the opponent's rise is so fast that even Gao Sheng, a pervasive capital giant, has not had time to install internal intelligence channels...
"Mr. Tang, Gao Dong invites you in."
"Oh! OK, thanks!"
……
"Mr. Tang, I'm really sorry for the long wait."
"Where is it? I took the liberty to visit and interrupt Gao Dong's work. I should be the one who said sorry."
Gao Yuan smiled slightly.
After waiting outside for a full two hours, this attitude is much lower than the first time we met.
Obviously, this is the status change brought about by strength.
"Mr. Tang is here today, is he still here to discuss the acquisition?"
"Uh...haha!" Tang Yijing smiled awkwardly.
"Gao Donghui's eyes are like a torch, his investment vision is really admirable, Bai Yeji became famous in the first battle, and now his growth potential is immeasurable.
Before, we were blind to gold and jade, so the asking price of 100 billion was a bit abrupt.
But... I am here today to discuss acquisitions. "
"Oh?" Gao Yuan frowned.
"Admittedly, Mr. Gao, your investment this time is a stroke of genius. The combination of Bai Yeji and Aidou New Energy gives investors great room for imagination.
The smart assistant product is really amazing. Our previous judgment is not wrong. You are really an excellent entrepreneur with great vision and good at making miracles.
Presumably your company must have made a huge investment in technology...
I think ... that's the real reason you have to keep pushing up the leverage? "
Uh...huge capital investment?
Are you misunderstanding something?
Gao Yuan's expression was a little strange, probably because she knew what the other party wanted to say...
Sure enough, Tang Yijing smiled slightly, and continued with determination.
"Even with a senior talent like Professor Zheng joining, it doesn't matter whether it is cutting-edge biotechnology or cutting-edge AI technology.
The early stage is a stage of burning a lot of money, and the later stage requires a steady stream of continuous capital investment.
Although the new car is a big hit this time, as far as I know, relying on the capital flow brought by this mini car can at most solve the problem of the shortage of funds for Aidou New Energy, and it will not be able to feed back much money to the parent company in a short period of time. .
So... presumably the biggest problem for you, Director Gao, is still how to raise funds? "
First, there were two important breakthroughs in biotechnology, followed by the blockbuster "Bajie".
This cannot be explained by luck.
The only explanation is that a large amount of research and development funds have been invested...
In fact, Tang Yijing's thinking is not surprising, it is in line with normal logic, and even the current cash flow of idols, he also estimated that it is close to ten.
It's just that he thought about it a little bit.
That's technology acquisition cost...
"Well... In a sense, what you said is not bad. I am really short of money at the moment." Gao Yuan nodded with a smile.
"You know, building a large computing center, expanding the scale of AI application customers, and subsequent technology research and development all mean huge investments.
But... Now that Mr. Tang mentioned it, could it be that your company has some clues about the matter of borrowing money last time? "
Tang Yijing's mouth twitched.
Why are you borrowing money again?
Can't we have a good chat about acquisitions?
"Cough! Director Gao, as I said last time, if the shipyard's problem is not resolved, I'm afraid the company's senior management will still have concerns about borrowing money."
Tang Yijing reminded as if he had no intention of doing so.
"Oh, the acquisition that Mr. Tang mentioned just now refers to..." Gao Yuan was also very cooperative and continued the topic.
"The company agreed to the 36 billion offer that Director Gao said earlier!"
"Huh?" Gao Yuan frowned.
36 billion, this is the price she offered for the eight large oil tankers during Tang Yijing's visit last time...
"Of course, there are conditions attached to our acquisition of these eight oil tankers at a price that exceeds the market price!"
Tang Yijing was well versed in the art of negotiation, so it was naturally impossible for him to act like he was rushing to buy a ship.
"Oh? What strings attached?"
"We hope to purchase 150% of Bai Yeji's shares at a valuation of 10 billion."
"emm..."
Seeing Gao Yuan pondering, Tang Yijing began to draw the cake road.
"Director Gao, I believe this price and conditions are enough to demonstrate our sincerity in cooperation.
We very much hope to invest in a high-quality company like Baiyeji with huge future development potential.
With your ability, Baiyeji's technology, and Gaosheng's international resources, it is not impossible for us to join forces to develop Baiyeji into the next Cambrian, and even ring the bell in Gotham!
And in this way, you can also greatly ease the financial pressure and carry out the next round of R&D and expansion.
I believe this is definitely a perfect win-win situation! "
Tang Yijing gave up the direct acquisition of Evergreen this time, and instead only asked to control 10% of Bai Yeji's shares.
This is the investment strategy adjustment made by Gao Sheng's executives after seeing Gao Yuan's attitude and Bai Yeji's value.
Evergreen Bio is Gao Yuan's basic board, and Bai Yeji is just the holding company of Evergreen Bio.
Judging from the previous performance, Gao Yuan obviously has concerns about selling the shares of Evergreen Biotech, showing a very firm attitude.
But it may not be so strict against Bai Yeji.
From a practical point of view, compared to two biotechnologies with limited influence, an IT company that has successively created star-level AI products is obviously more valuable for investment.
At that time, use the resources in your hands to make a little hype, let Bai Yeji squeeze into the "Hundred Billion Club", and sell the shares in your hand, it will be a huge profit.
By the way, they can also complete the acquisition task of eight oil tankers... It can be said to kill two birds with one stone!
And as long as the other party nods, he can immediately get a huge amount of funds totaling up to 51 billion, which is an urgent solution.
In Tang Yijing's view, it was almost impossible for Gao Yuan to refuse such a generous offer.
however……
Gao Yuan shook her head slowly.
Tang Yijing's face froze.
"Director Gao, aren't you satisfied with the price?
Although Bai Yeji has technology, after all, there is no large-scale market test, and the price we offered is already quite sincere. "
Gao Yuan shook her head, "Mr. Tang may have misunderstood, but I agree with Bai Yeji's current valuation. I'm talking about a price of 36 billion."
"Uh...what do you mean?" Tang Yijing was stunned.
"I said 36 billion before, but it doesn't mean it's still 36 billion today. Mr. Tang should understand, right?" Gao Yuan said with a smile.
Tang Yijing: "..."
He looked a little stiff and said, "I don't quite understand what you mean, Director Gao."
"Not long ago, the other side of the ocean suddenly announced its withdrawal from the Iran nuclear agreement and re-imposed sanctions. What does Mr. Tang think of the impact of this sudden incident?"
Gao Yuan suddenly asked a seemingly irrelevant question.
However, this sentence was like thunder on the ground, causing Tang Yijing's heart to set off a storm!
"This... forgive me for my lack of knowledge..."
He barely kept his expression under control, but there was a hint of panic in his eyes.
The vague guesses from the last time they met have become reality at this moment, and the other party... seems to have really noticed something!
"Hehe! In my opinion, this will directly lead to tighter global supply, higher oil prices, and indirectly lead to higher oil tanker charter prices.
In the first half of this year, the average rent of VLCC on the benchmark route from the Middle East to China was only US$11000 per day, and the market demand was sluggish.
However, since last week, Middle East loadings have increased significantly, and Asian refiners' demand for crude oil from the Middle East and the Atlantic Basin has also risen significantly.
Boosted by the market, the average daily rent of the benchmark route has ended its negative decline and the market has quietly risen, and it exceeded 12000 US dollars per day yesterday.
In just one week, rental prices have increased by more than $1000...
I believe, with Mr. Tang's professional standards, he should understand what this means, right?"
Tang Yijing's face became even more rigid, and he didn't even dare to look directly at Gao Yuan's burning eyes.
There are a large number of ship owners and shipping companies in the world. They purchase ships and then lease them out to obtain long-term return on investment.
Therefore, the daily rent for standard routes is one of the important indicators of ship prices.
Because it is related to the investment return period of ship owners and whether it is worth investing.
By the way, Norwegian ship magnate John Frederickson is one of the best shipowners in this category...
"This... the international transportation market is unpredictable, and a slight price change may be a normal technical adjustment..." Tang Yijing bit the bullet and said.
Seeing that the other party was still dead, Gao Yuan smiled.
"Really? I think this is a strong signal of a market recovery.
By the way, did Mr. Tang watch the news today?What do you think about the sudden detention of the executives of the Chrysanthemum Factory in Maple Leaf Country? "
"Uh...this..."
Tang Yijing didn't know what Gao Yuan meant when he suddenly brought up this topic at this time, so he chose his words carefully.
"Of course, today's news is making a lot of noise, so I've heard about it.
However, the media has always made a fuss over a molehill, and I am afraid that it will take some time to know the specific situation.
Maybe it's just a general transit investigation. After all, this kind of thing often happens abroad. "
"Hehe! I think this is a symbolic event of the escalation of the conflict between the two countries.
So Mr. Tang believes that if the two countries fall into more intense disputes, will it be a good thing or a bad thing for the international shipping market in the future? "
"It should... be bad..."
"Hmm! The long-term is bad, but the short-term is good! You know, the bigger the storm, the more expensive the fish..."
Tang Yijing: "..."
"So, Gao Dong is optimistic about the follow-up market and is ready to sell it?" He forced a smile.
"Yes, Not Bad!"
Gao Yuan nodded unabashedly and looked at him with a smile.
how so……
Tang Yijing found out in despair that it seemed impossible for him to complete the guarantee task today...
The recent international oil tanker market is indeed quietly undergoing subtle changes that are difficult for ordinary people to detect.
This is also the reason why the customer frequently urges them to complete the acquisition as soon as possible...
Because after a while, when the daily rent of oil tankers continues to rise, that fool will know that the 8 oil tankers in his hand are baby bumps!
Although the price of 36 billion is much higher than the price of new ships in the current market, these 8 ships are all rare existing ships.
We must know that the shipbuilding cycle can take one or two years, and if we really have to wait for the new ship to be launched, who can guarantee that the current market will remain?
But he never imagined why a high-tech company owner who has never been involved in any international shipping field would have such a keen observation ability on the subtle changes in the tanker market.
The advantages brought about by the information gap no longer exist, and the window for low-priced acquisitions is naturally closed...
"Then... I don't know what your current psychological price is, Director Gao..."
Tang Yijing asked this sentence with blood dripping from his heart.
As soon as these words were uttered, it almost meant that he had surrendered and surrendered his pricing power.
It also means... his prize money wasted...
But he also understands that Gao Yuan's talk has reached this level, and it is almost impossible to continue to buy at the price of 36 billion.
If there is no way to catch the leak, we can only negotiate the price according to the business process.
Now I just hope...the other party doesn't want the lion to open his mouth...
"The price of 36 billion remains unchanged, but I will only sell you 6 ships!" Gao Yuan offered the price.
"What... what?!"
Tang Yijing almost spit out a mouthful of old blood when he heard this.
Originally 36 billion 8 ships, equivalent to 4.5 million ships, now you sell 6 million ships, it’s only been a few days!The price increase is too ruthless, right?
"Director Gao, are you kidding me?"
"Of course not. In addition to 5 ordinary large tankers, there is also one that has been automated, which is definitely worth the money!
Of course, if you can't be the master, you can ask the buyer behind you, ha ha! "
Tang Yijing's expression froze.
Does the other party know something?impossible!You must be cheating on me!
"Plus, I have a proviso."
Tang Yijing was dumbfounded.
You sold 6 million ships, and there are conditions attached?
Gao Yuan looked at him with a smile.
"Actually, it's not an embarrassing thing... You see, if the problems of these 8 ships are resolved, will the 'concerns' of your company's senior management disappear.
In this case, can we talk about borrowing money next?
Based on the valuation of 150 billion just now, what do you think of mortgaging 100% of Bai Yeji's shares and borrowing 150 billion?
If it doesn't work, the shares of our Evergreen Biotech can also be mortgaged. As long as the price is right, these are negotiable!
Gaosheng has the funds, we have the technology, and we all join forces, it is definitely a perfect win-win situation! "
Tang Yijing: "..."
Good guy, selling the ship for 36 billion is not enough, you need to borrow another 150 billion?
Plus the counterparty's bank and Pitupi's loan...
What's the matter with getting addicted to borrowing money?
The online reviewers were right.
This person in front of me is definitely a master who likes all in every time...
(End of this chapter)
On the other side, I waited for a full two hours in the reception room.
Tang Yijing's legs felt a little numb when he was sitting, and Hu Yifei and Hu Yifei came out of Gao Yuan's office.
Taking a quick glance, Tang Yijing raised his eyebrows slightly to see the expressions of joy on the faces of the two of them, secretly guessing what secrets they were talking about in the room.
It's a pity that the speed of the opponent's rise is so fast that even Gao Sheng, a pervasive capital giant, has not had time to install internal intelligence channels...
"Mr. Tang, Gao Dong invites you in."
"Oh! OK, thanks!"
……
"Mr. Tang, I'm really sorry for the long wait."
"Where is it? I took the liberty to visit and interrupt Gao Dong's work. I should be the one who said sorry."
Gao Yuan smiled slightly.
After waiting outside for a full two hours, this attitude is much lower than the first time we met.
Obviously, this is the status change brought about by strength.
"Mr. Tang is here today, is he still here to discuss the acquisition?"
"Uh...haha!" Tang Yijing smiled awkwardly.
"Gao Donghui's eyes are like a torch, his investment vision is really admirable, Bai Yeji became famous in the first battle, and now his growth potential is immeasurable.
Before, we were blind to gold and jade, so the asking price of 100 billion was a bit abrupt.
But... I am here today to discuss acquisitions. "
"Oh?" Gao Yuan frowned.
"Admittedly, Mr. Gao, your investment this time is a stroke of genius. The combination of Bai Yeji and Aidou New Energy gives investors great room for imagination.
The smart assistant product is really amazing. Our previous judgment is not wrong. You are really an excellent entrepreneur with great vision and good at making miracles.
Presumably your company must have made a huge investment in technology...
I think ... that's the real reason you have to keep pushing up the leverage? "
Uh...huge capital investment?
Are you misunderstanding something?
Gao Yuan's expression was a little strange, probably because she knew what the other party wanted to say...
Sure enough, Tang Yijing smiled slightly, and continued with determination.
"Even with a senior talent like Professor Zheng joining, it doesn't matter whether it is cutting-edge biotechnology or cutting-edge AI technology.
The early stage is a stage of burning a lot of money, and the later stage requires a steady stream of continuous capital investment.
Although the new car is a big hit this time, as far as I know, relying on the capital flow brought by this mini car can at most solve the problem of the shortage of funds for Aidou New Energy, and it will not be able to feed back much money to the parent company in a short period of time. .
So... presumably the biggest problem for you, Director Gao, is still how to raise funds? "
First, there were two important breakthroughs in biotechnology, followed by the blockbuster "Bajie".
This cannot be explained by luck.
The only explanation is that a large amount of research and development funds have been invested...
In fact, Tang Yijing's thinking is not surprising, it is in line with normal logic, and even the current cash flow of idols, he also estimated that it is close to ten.
It's just that he thought about it a little bit.
That's technology acquisition cost...
"Well... In a sense, what you said is not bad. I am really short of money at the moment." Gao Yuan nodded with a smile.
"You know, building a large computing center, expanding the scale of AI application customers, and subsequent technology research and development all mean huge investments.
But... Now that Mr. Tang mentioned it, could it be that your company has some clues about the matter of borrowing money last time? "
Tang Yijing's mouth twitched.
Why are you borrowing money again?
Can't we have a good chat about acquisitions?
"Cough! Director Gao, as I said last time, if the shipyard's problem is not resolved, I'm afraid the company's senior management will still have concerns about borrowing money."
Tang Yijing reminded as if he had no intention of doing so.
"Oh, the acquisition that Mr. Tang mentioned just now refers to..." Gao Yuan was also very cooperative and continued the topic.
"The company agreed to the 36 billion offer that Director Gao said earlier!"
"Huh?" Gao Yuan frowned.
36 billion, this is the price she offered for the eight large oil tankers during Tang Yijing's visit last time...
"Of course, there are conditions attached to our acquisition of these eight oil tankers at a price that exceeds the market price!"
Tang Yijing was well versed in the art of negotiation, so it was naturally impossible for him to act like he was rushing to buy a ship.
"Oh? What strings attached?"
"We hope to purchase 150% of Bai Yeji's shares at a valuation of 10 billion."
"emm..."
Seeing Gao Yuan pondering, Tang Yijing began to draw the cake road.
"Director Gao, I believe this price and conditions are enough to demonstrate our sincerity in cooperation.
We very much hope to invest in a high-quality company like Baiyeji with huge future development potential.
With your ability, Baiyeji's technology, and Gaosheng's international resources, it is not impossible for us to join forces to develop Baiyeji into the next Cambrian, and even ring the bell in Gotham!
And in this way, you can also greatly ease the financial pressure and carry out the next round of R&D and expansion.
I believe this is definitely a perfect win-win situation! "
Tang Yijing gave up the direct acquisition of Evergreen this time, and instead only asked to control 10% of Bai Yeji's shares.
This is the investment strategy adjustment made by Gao Sheng's executives after seeing Gao Yuan's attitude and Bai Yeji's value.
Evergreen Bio is Gao Yuan's basic board, and Bai Yeji is just the holding company of Evergreen Bio.
Judging from the previous performance, Gao Yuan obviously has concerns about selling the shares of Evergreen Biotech, showing a very firm attitude.
But it may not be so strict against Bai Yeji.
From a practical point of view, compared to two biotechnologies with limited influence, an IT company that has successively created star-level AI products is obviously more valuable for investment.
At that time, use the resources in your hands to make a little hype, let Bai Yeji squeeze into the "Hundred Billion Club", and sell the shares in your hand, it will be a huge profit.
By the way, they can also complete the acquisition task of eight oil tankers... It can be said to kill two birds with one stone!
And as long as the other party nods, he can immediately get a huge amount of funds totaling up to 51 billion, which is an urgent solution.
In Tang Yijing's view, it was almost impossible for Gao Yuan to refuse such a generous offer.
however……
Gao Yuan shook her head slowly.
Tang Yijing's face froze.
"Director Gao, aren't you satisfied with the price?
Although Bai Yeji has technology, after all, there is no large-scale market test, and the price we offered is already quite sincere. "
Gao Yuan shook her head, "Mr. Tang may have misunderstood, but I agree with Bai Yeji's current valuation. I'm talking about a price of 36 billion."
"Uh...what do you mean?" Tang Yijing was stunned.
"I said 36 billion before, but it doesn't mean it's still 36 billion today. Mr. Tang should understand, right?" Gao Yuan said with a smile.
Tang Yijing: "..."
He looked a little stiff and said, "I don't quite understand what you mean, Director Gao."
"Not long ago, the other side of the ocean suddenly announced its withdrawal from the Iran nuclear agreement and re-imposed sanctions. What does Mr. Tang think of the impact of this sudden incident?"
Gao Yuan suddenly asked a seemingly irrelevant question.
However, this sentence was like thunder on the ground, causing Tang Yijing's heart to set off a storm!
"This... forgive me for my lack of knowledge..."
He barely kept his expression under control, but there was a hint of panic in his eyes.
The vague guesses from the last time they met have become reality at this moment, and the other party... seems to have really noticed something!
"Hehe! In my opinion, this will directly lead to tighter global supply, higher oil prices, and indirectly lead to higher oil tanker charter prices.
In the first half of this year, the average rent of VLCC on the benchmark route from the Middle East to China was only US$11000 per day, and the market demand was sluggish.
However, since last week, Middle East loadings have increased significantly, and Asian refiners' demand for crude oil from the Middle East and the Atlantic Basin has also risen significantly.
Boosted by the market, the average daily rent of the benchmark route has ended its negative decline and the market has quietly risen, and it exceeded 12000 US dollars per day yesterday.
In just one week, rental prices have increased by more than $1000...
I believe, with Mr. Tang's professional standards, he should understand what this means, right?"
Tang Yijing's face became even more rigid, and he didn't even dare to look directly at Gao Yuan's burning eyes.
There are a large number of ship owners and shipping companies in the world. They purchase ships and then lease them out to obtain long-term return on investment.
Therefore, the daily rent for standard routes is one of the important indicators of ship prices.
Because it is related to the investment return period of ship owners and whether it is worth investing.
By the way, Norwegian ship magnate John Frederickson is one of the best shipowners in this category...
"This... the international transportation market is unpredictable, and a slight price change may be a normal technical adjustment..." Tang Yijing bit the bullet and said.
Seeing that the other party was still dead, Gao Yuan smiled.
"Really? I think this is a strong signal of a market recovery.
By the way, did Mr. Tang watch the news today?What do you think about the sudden detention of the executives of the Chrysanthemum Factory in Maple Leaf Country? "
"Uh...this..."
Tang Yijing didn't know what Gao Yuan meant when he suddenly brought up this topic at this time, so he chose his words carefully.
"Of course, today's news is making a lot of noise, so I've heard about it.
However, the media has always made a fuss over a molehill, and I am afraid that it will take some time to know the specific situation.
Maybe it's just a general transit investigation. After all, this kind of thing often happens abroad. "
"Hehe! I think this is a symbolic event of the escalation of the conflict between the two countries.
So Mr. Tang believes that if the two countries fall into more intense disputes, will it be a good thing or a bad thing for the international shipping market in the future? "
"It should... be bad..."
"Hmm! The long-term is bad, but the short-term is good! You know, the bigger the storm, the more expensive the fish..."
Tang Yijing: "..."
"So, Gao Dong is optimistic about the follow-up market and is ready to sell it?" He forced a smile.
"Yes, Not Bad!"
Gao Yuan nodded unabashedly and looked at him with a smile.
how so……
Tang Yijing found out in despair that it seemed impossible for him to complete the guarantee task today...
The recent international oil tanker market is indeed quietly undergoing subtle changes that are difficult for ordinary people to detect.
This is also the reason why the customer frequently urges them to complete the acquisition as soon as possible...
Because after a while, when the daily rent of oil tankers continues to rise, that fool will know that the 8 oil tankers in his hand are baby bumps!
Although the price of 36 billion is much higher than the price of new ships in the current market, these 8 ships are all rare existing ships.
We must know that the shipbuilding cycle can take one or two years, and if we really have to wait for the new ship to be launched, who can guarantee that the current market will remain?
But he never imagined why a high-tech company owner who has never been involved in any international shipping field would have such a keen observation ability on the subtle changes in the tanker market.
The advantages brought about by the information gap no longer exist, and the window for low-priced acquisitions is naturally closed...
"Then... I don't know what your current psychological price is, Director Gao..."
Tang Yijing asked this sentence with blood dripping from his heart.
As soon as these words were uttered, it almost meant that he had surrendered and surrendered his pricing power.
It also means... his prize money wasted...
But he also understands that Gao Yuan's talk has reached this level, and it is almost impossible to continue to buy at the price of 36 billion.
If there is no way to catch the leak, we can only negotiate the price according to the business process.
Now I just hope...the other party doesn't want the lion to open his mouth...
"The price of 36 billion remains unchanged, but I will only sell you 6 ships!" Gao Yuan offered the price.
"What... what?!"
Tang Yijing almost spit out a mouthful of old blood when he heard this.
Originally 36 billion 8 ships, equivalent to 4.5 million ships, now you sell 6 million ships, it’s only been a few days!The price increase is too ruthless, right?
"Director Gao, are you kidding me?"
"Of course not. In addition to 5 ordinary large tankers, there is also one that has been automated, which is definitely worth the money!
Of course, if you can't be the master, you can ask the buyer behind you, ha ha! "
Tang Yijing's expression froze.
Does the other party know something?impossible!You must be cheating on me!
"Plus, I have a proviso."
Tang Yijing was dumbfounded.
You sold 6 million ships, and there are conditions attached?
Gao Yuan looked at him with a smile.
"Actually, it's not an embarrassing thing... You see, if the problems of these 8 ships are resolved, will the 'concerns' of your company's senior management disappear.
In this case, can we talk about borrowing money next?
Based on the valuation of 150 billion just now, what do you think of mortgaging 100% of Bai Yeji's shares and borrowing 150 billion?
If it doesn't work, the shares of our Evergreen Biotech can also be mortgaged. As long as the price is right, these are negotiable!
Gaosheng has the funds, we have the technology, and we all join forces, it is definitely a perfect win-win situation! "
Tang Yijing: "..."
Good guy, selling the ship for 36 billion is not enough, you need to borrow another 150 billion?
Plus the counterparty's bank and Pitupi's loan...
What's the matter with getting addicted to borrowing money?
The online reviewers were right.
This person in front of me is definitely a master who likes all in every time...
(End of this chapter)
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