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‘That is nosebleed-crazy’ How the week that rocked stock markets transpired

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One on the wildest runs in U.S. stock-market history began when using the collapse of arcane bets on volatility and ended that has a sober realization: The easy ride ends. After heart-stopping swings inside the Dow (Down 1,000 points! Up 500 points!), a place correction is finally here.

But why – and why now? Inflation, interest rates, valuations, computers, ETFs, Trump; an abundance of reasons were offered up. One of many lingering questions would be the big one: Is it a hiccup or even the start of something worse?

Monday, Feb. 5

8 a.m. EST, 11 Wall Street, Lower Manhattan
Even before the outlet bell, Monday seems as if a negative day about the Lse. Once the Dow Jones Industrial Average plunged a devilish 666 killing the weekend, the futures are going to trouble.

9:30 a.m. EST, Lake Forest, Illinois
Thomas Forester has long been here before: he shot to fame after his mutual fund turned income throughout the 2008 meltdown. Now, several years later, he’s buying options — puts — to hedge up against the risk that this wall street game will tank again today. But even Forester is shocked of what comes next. “Immediately seems like every thirty days already,” he tells later.

11 a.m. EST, Midtown Manhattan
It turned out the hot trade on Wall Street. Now, newfangled investments caused by volatility in the stock exchange — as yet, obscure niche products — are starting to blow up. The Dow industrials sets out to tumble: 200 points, 300 points, 400 points. Exchange-traded products (ETPs) and exchange-traded funds (ETFs) that will be stuck just using volatility — specially, the VIX index in Chicago — are sinking within a cascade of sell orders.

3 p.m. EST, Key Biscayne, Florida

“Shut up and well then, i’ll trade!”

Brian Frank isn’t normally screamer. However the market seems as if it’s fallling, with the exceptional analyst is yammering as part of his ear. “For sale hedge fund here!” Frank tells him. “I’ve got to carry out some short-term trades here!”

After the long melt-up in stocks, Frank, of Frank Capital Partners LLC, is sensing opportunity now that stocks are finally beginning sink. He’s been saying valuations are stretched. But, currently, he’s got to focus. When he puts it later: “It was like while you snap your fingers and you just educate kids, ‘Hey, take notice of me, something is going on here. This isn’t at a later date on the job, this isn’t business as always.”

He continues on: “You don’t get days similar to this often. No. 1, we will need to maximize it. No. 2, we will have to protect our clients.”

3:10 p.m. EST, Lower Manhattan

It just get worse. In barely 15 minutes, the Dow plunges 850 points. Still, that is virtually no panic. Men and women are worried, yes — nevertheless feels distinctive from 2008 or 1987 (comparisons will ultimately make). Nonetheless, Fox News, President Donald Trump’s favorite network, cuts clear of his speech in Ohio, where Trump is talking up tax cuts, to the markets.

3:42 p.m. EST, Ohio

For months Trump introduced credit for that rising stock exchange. Now, when the market swoons, he takes to Twitter to celebrate the Republican tax cut.

Thanks on the historic TAX CUTS i signed into law, your paychecks are going in place, your taxes tend way DOWN, and America is one more time OPEN FOR BUSINESS! pic.twitter.com/GISFbDDGXX

— Donald J. Trump (@realDonaldTrump) February 5, 2018

4 p.m. EST, 11 Wall Street

It’s the most significant point decline inside the 121-year good the Dow industrials: 1,175.21 points, or 4.6 percent. The sheer magnitude of the decline, along with the hair-raising pace, has unnerved the good qualities and ordinary investors alike.

In Greenwich, Connecticut, Frank Ingarra, the top trader at NorthCoast Asset Management LLC, gets a message from his priest. Ingarra is around the finance committee of St. Roch Roman Catholic Church.

“Frank, what’s taking in the market?” the priest asks.

“Father, look, in doing my firm we’re also expecting a pull-back. Please don’t worry, father, our money is in good hands.”

Tuesday, Feb 6.

5 p.m., EST, Singapore

It’s morning in Singapore, and the news alerts and scrolls are lighting up cells phones. Kelvin Tay is going to have to take care of this. Clients aren’t intending to care that he’s decrease with pneumonia.

Tay, the regional chief investment officer at UBS Wealth Management, rushes to his doctor at 8:30, becomes a chest X-ray and hits his desk around 10. In between calls and texts flood his phone — before battery finally dies.”It absolutely was just hell,” Tay says.

Job 1: Hold clients’ hands. “We basically went into a soothing mode,” Tay says. His team’s message: The efficient fundamentals are sound. The line can become a mantra across global finance, whilst markets gyrate and nerves learn to fray. Tay’s advice is usually to search for buying opportunities as stock markets across Asia follow U.S. markets lower.

9:00 a.m. EST, Zurich

Fallout is mounting with the implosion of selection of arcane bets against stock-market volatility. Credit Suisse Group AG moves to liquidate one investment product and over a dozen others can be halted as the values sink toward zero. Volatility — and trades connected to it — soon function as a collective obsession with the global Wall Street.

Eric Peters, chief investment officer one River Asset Management, in Greenwich, Connecticut, is stunned through the speed in the collapse with these investments. He’s been warning that investors are already lulled into complacency by way of a long time of preternatural calm. Still, what’s happening now seems off.

“Things i don’t know yet is if this is a tremor or when it’s a collision,” he’ll say because week winds down.

11 a.m. EST, Lexington, Kentucky

President Trump, who’s taken credit for a rising wall street game, isn’t tweeting concerning the decline yet. But James Bullard, president within the Federal Reserve Bank of St. Louis, says what many investors have already been thinking for months: Can happen, this stock exchange has been looking frothy for a time.

“This can be the most predicted selloff of them all,” Bullard tells reporters. The market kept getting larger or over or older. It’s no wondering it’s dropping and down and down. “Furthermore interesting will it be may be really quick, it’s been possibly aided and abetted by technical trading — algorithmic trading,” according to him. Other medication is pointing at algos, too. Quants complain they (or at a minimum their creations) have been become the modern Wall Street scapegoats.

3 p.m. EST, Lake Forest

Like all the others on Wall Street, Tom Forester continues to be watching the VIX: driving a vehicle index. He’s alarmed as to what he’s seeing: Volatility is back—big. The VIX has leaped to 50 now from about 17 on Monday. “That is certainly nosebleed-crazy,” he says. “Empire-State high.” He’s still trading put options, looking to cushion to blow.

“It’s all happening so quick,” he states. “So I’m pulling my hair out deciding what you can do.” He made funds Monday — and should be home on Tuesday “thankful I didn’t lose my shirt.”

Evening, Washington

In a CNBC interview on the White House lawn, Kevin Hassett, chairman of your White House Council of Economic Advisers, says Trump administration officials come in “constant contact” with financial regulators. Those types of watching: U.S. National Economic Council Director Gary Cohn and Treasury Secretary Steve Mnuchin, both veterans of Goldman Sachs.

Wednesday, Feb. 7

6:30 a.m. EST, Midtown Manhattan

Chris Pollard, a strategist at Cowen & Co., is definitely at his desk. He’s soon waiting to find out if the S&P 500 Index will slip below its 50-day moving average — a poor sign. By mid-morning, the average has held. Ultimately, this marketplace appears to be looking for a minor footing. Like his counterparts around Wall Street, he’s fielding calls from anxious clients. Would it be safe to dive back in, they ask? The right formula, in the meantime, isn’t any.

“When my clients, who I are concerned about, are taking a loss, there’s a raised awareness to be certain you know what’s happening,” Pollard says. “There’s an obligation behind that.”

9:59 a.m. EST, Washington

After trumpeting the stock market’s long rally, Trump hits Twitter to deal with the week’s decline.

In the “old days,” when good news was reported, the Stock Market would go up. Today, when nice thing is reported, stocks and shares fails. Big mistake, and now we have a whole lot good (great) news in regards to the economy!

— Donald J. Trump (@realDonaldTrump) February 7, 2018

Noon, EST, Greenwich, Connecticut

Eric Peters, at One River, senses changing industry. He’s been telling clients the events of previous times days could represent a “paradigm” shift. Many investors have been building their portfolios around volatility. When volatility is low, as it have been as yet, people take more risks. Now, the other is taking place, suggesting the industry could fall further.

Everyone says the basic fundamentals are sound. Fine. “Only one very sound but unrecognized fundamentals is market structure,” Peters says.

4 p.m. EST, Lower Manhattan

The Dow industrials close at 24,893. Investors breathe a collective sigh, however wild ride isn’t over yet.

Thursday, Feb. 8

8 a.m. EST, Lake Forest

Tom Forester is exhausted. He’s running late and decides to help you home when he doesn’t wish to risk being stuck in their car should the markets open. On his mind: how to calibrate his portfolio so he protects his clients’ money with missing a rebound.

Forester says. “It’s style of more instinct — snap judgment.”

10 a.m. EST, Midtown Manhattan

Green. No, red. No wait—green. The stocks start steady after which it wobble. Only now a new worry is creeping in: junk bonds. This marketplace tumult has begun to filter by means of low-grade corporate bonds. The question on many minds is usually what’s happening in the stock game could dent signature Wall Street businesses like IPOs and bond sales.

Noon EST, Florida

At a trade conference, Anne Dias, of Aragon Global Holdings LLC, is enjoying CEOs and investment managers after which checks her phone. The market is sinking again — “falling similar to a knife,” she later says. Her takeaway: the disconnect between upbeat mood here and the growing angst inside the markets.

3 p.m., Lower Manhattan

Any respite is short-lived. Yet again, stocks permeate the close. Now, it’s official: the correction — a 10 % decline — has finally arrived.


Friday, Feb. 9

6:30 a.m. EST, Los Angeles

All week, Todd Morgan, chairman of Bel Air Investment Advisors, continues to be waking up around 3:30 a.m. L.A. time. Now he’s up again, suffering from emails and research reports, looking for ways to a continue reading the markets. He requires a 20-minute break to meditate and, at 6:45, heads to his office in Century City.

The phones happen to be ringing, when they have been all week. About 20 % of Bel Air’s people are inside entertainment industry; La La Land will probably get particularly antsy when Wall Street freaks out.

“So are we will be OK?” clients keep asking. Morgan may be fielding calls from 6 a.m. to 8 p.m. He looks out his window, to the foggy morning: not many people look like golfing this Friday for the Los Angeles Country Club.

Yes, you’re probably going to be fine, Morgan keeps telling everyone. This appears a normal correction, anything. Still, he wishes trading stocks and shares would get better a tad bit more , “and give people a little bit comfort over the weekend.”

Noon EST, Lower Manhattan

After opening 130 points higher, the Dow falls as much as 200 points within 90 minutes. What it’s is see-through: this isn’t over yet.

4 p.m., Lower Manhattan
Another breathless day. The Dow lost steam from the morning, rallied after which it sank again. By 1:30, it was off roughly 500 points. From that point, an easy rally, an abrupt drop — and another leap into the close. In the bell, it turned out up 330.44, at 24,190.90. Still, it was actually the market’s worst week since January 2019.

Evening, west of Frankfurt Asia and europe will awaken on Monday and, as ever, take their leads from New york city. But at this time, Guillermo Hernandez Sampere, head of trading at Manfred Piontke Portfolio Management, is packing up after the wild, exhausting week. Everyone is unsettled. It’s been an endless diet of monetary TV, WhatsApp, donuts, chocolate. At least there isn’t any alcohol on the job, he jokes.

He was purported to go hiking earlier this week. Now, he offers to spend his Sunday reading up — like everyone else within the markets.

“There’s one thing I could give full attention to right this moment: it’s stocks and shares.”

Bloomberg.com

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U.S. stocks close at 14-month reduced in broad sell-off that shaved 500 points off of the Dow

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U.S. equity indexes slid for their lowest near the coast 14 months as investors weighed the outcome with the Federal Reserve on development in an economy already anxious over trade, geopolitical tensions along with a possible government shutdown.

The S&P 500 Index finished Monday’s session its minimum level since October 2019. We now have, health-care and consumer sectors led the rout, but no segment of the benchmark went unscathed. Insurance stocks plunged following a court ruling jeopardized Obamacare, while Johnson & Johnson sank on fresh worries its asbestos scandal will intensify.

At one thing, the Dow Jones Industrial Average dropped more than 600 points. The Russell 2000 Index of smaller companies entered a bear market. The dollar dropped, while Treasuries gained. West Texas crude settled below US$50 in my ballet shoes since October 2019 as glut fears grew.

Investors is going to be scrutinizing the Fed’s statement Wednesday, and also Jerome Powell’s news conference, for clues as to its intentions for 2019. One market observer has recently weighed in: President Mr . trump tweeted Monday it\’s “incredible” the central bank was considering an interest rate hike, given low inflation including a strong dollar.

“Trading stocks and shares, notably, is very at risk of all these speculations concerning what’s taking, politically what’s taking place , outside our borders, who’s tweeting what, just what the Fed’s planning to do on Wednesday,” Terri Spath, chief investment officer at Sierra Mutual Funds, told Bloomberg TV.

Global growth forecasts for the coming year are going to be trimmed as the trade war between biggest economies bites and markets reel with a volatile 2018. Meanwhile, political uncertainty still grips investors. You will find yet more personnel changes inside Trump administration and confusion remains over Britain’s future relationship with all the Eu.

U.S. Interior Secretary Ryan Zinke leaves at the conclusion of the season amid a swirl of federal investigations. Investors could keep monitoring Brexit developments after Theresa May’s team pushed back against reports they\’re warming to your second referendum.

Retailers led declines while in the Stoxx Europe 600 Index as Asos Plc plunged after warning it really is Christmas shopping season got off to your disastrous start.

And these are the main moves in markets:

Stocks

The S&P 500 Index fell 2.1 per cent from 4 p.m. Nyc time. The Stoxx Europe 600 Index dropped 1.1 per cent, the best fall in one week. The U.K.’s FTSE 100 Index fell 1.1 percent.

Currencies

The Bloomberg Dollar Spot Index declined 0.3 %. The euro rose 0.4 % to US$1.1346. The British pound jumped 0.3 per-cent to US$1.2615. Japan yen increased 0.6 % to 112.77 per dollar, the best in many more over a week.

Bonds

The yield on 10-year Treasuries dipped three basis points to 2.86 %, the smallest in over the week. Germany’s 10-year yield gained not as much as one basis indicate 0.26 percent. Britain’s 10-year yield rose three basis suggests 1.266 per cent.

Commodities

The Bloomberg Commodity Index dipped 1.2 % on the lowest in almost Eighteen months. West Texas intermediate crude declined 3.8 per-cent to US$49.28 a barrel. Gold climbed 0.6 per-cent to US$1,246.33 one ounce.

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New Fed chair Powell says U.S. economic outlook strong, signals gradual rate hikes in public areas debut

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WASHINGTON — Fed Chairman Jerome Powell told Congress Tuesday how the outlook for any U.S. economy “remains strong” regardless of the recent stock game turbulence, keeping the central bank on target to gradually raise mortgage rates.

Making his first public comments as leader of the nation’s central bank, Powell depicted an economy that was gaining strength and stressed that they intended to continue with the method of loan rates set by his predecessor, Janet Yellen. The Fed boosted its benchmark rate 3 x this past year and contains signalled that this expects to increase rates another 3 times in 2018.

In his statement, Powell praised Yellen with the important contributions she made during her four years when the first woman to have the Fed. He said the 2 main had worked together to be sure “an easy leadership transition and give for continuity in monetary policy.”

Referring to the wild swings during the stock trading game that occurred earlier this month, Powell said the Fed does “not see these developments as weighing heavily within the outlook for economic activity, the labour market and inflation.”

Powell, who took office on Feb. 5, was tapped last November since the new Fed leader after President Mr . trump thought we would against offering Yellen an extra term. Powell, a Republican, continues to be to the Fed’s seven-member board since 2012.

The Fed has raised its policy rate with a quarter-point 5 times starting December 2019. Before then, it had kept its policy rate at the record low near zero for seven years in an attempt to help the country pass though the deepest recession since 1930s. Despite the presence of the latest hikes, the interest rate remains on a still-low 1.25 per cent to just one.Half. But various market rates, including loan rates, have begun rising in anticipation of further Fed rate increases.

Many economists believe the Fed, which last raised rates in December, will hike again at its next meeting in March but some analysts think the Fed could hike a lot more than 3 times this year, determined by what inflation does.

Investors have started to worry how the Fed might accelerate the interest rate of their credit tightening if inflation, that has been dormant for ages, starts show signs of accelerating. Recent market turmoil was triggered by using a propose that wages to your Calendar year ending in January had climbed within the fastest pace in eight years, raising concerns that inflation pressures may be growing.

In his comments, Powell did not express worries how the economy was commencing to overheat, stressing instead several developments showing economic strength.

“The robust marketplace should keep support increase household incomes and consumer spending, solid economic growth among our trading partners should result in further gains in U.S. exports and upbeat business sentiment and strong sales growth will likely keep boost business investment,” Powell said.

Some economists have raised concerns that recent moves with the Trump administration and Congress to improve economic growth through $1.5 trillion in tax cuts and increased government spending may cause the Fed to concern yourself overheating and inflation.

But Powell declared that the government’s fiscal policy was now “more stimulative,” which may aid to boost inflation, that is chronically lower in the past several years. He stated that this Fed expected inflation to relocate up this holiday season after which stabilize throughout the Fed’s 2 per-cent target.

Powell was delivering the Fed’s semi-annual monetary report and testimony to Congress, appearing ahead of the House Financial Services Committee additionally, the Senate Banking Committee on Thursday.

During her four years as Fed leader, Yellen often received a bad reception from Republicans in the House who believed the Fed, throughout the extraordinary measures before combat the 2008 overall economy plus the deep recession to come, had grown too powerful and too independent. To impose more control, House GOP lawmakers pushed legislation that will demand Fed to follow along with a selected monetary rule in setting interest levels.

Yellen objected, arguing how the economy was too complicated try using a single rule to put loan rates. Powell in addition has voiced his opposition to your strict monetary rule nevertheless in his testimony he noted how the Fed “routinely consults monetary policy rules” for guidelines in setting policy.

“Personally, I’ve found these rule prescriptions helpful,” he explained, while noting that careful judgments were still necessary in assessing the variables who go to the various rules.

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Side accounts could bring two life assurance giants to their knees

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In a time better mortgage rates inside late 1990s, two predecessor companies of commercial Alliance Insurance and Financial Services Inc. and Manulife Financial Corp. issued life policies that allowed holders to purchase side accounts that guaranteed rates of as much as five percent and four percent, respectively.

These side accounts wouldn’t contain an explicit limit within the height and width of investment, meaning in today’s low-rate environment these are potentially lucrative for his or her holders and also a significant liability for that firms that wrote them.

At least three limited partnerships purchased such policies previously in Saskatchewan, one among only four Canadian provinces that let buying insurance policies off their original holders. These investors have been in court in Saskatoon to push the insurers to acknowledge their own.

If legal court decides in preference of the investors, two major Canadian insurance firms could incur significant costs and face “liquidation” in the worst-case scenario, in line with one expert witness.

The universal life plans you want were written in 1997 by Aetna Term life insurance Co. (subsequently acquired by Maritime Life Assurance Co., which, consequently, was acquired by Manulife in 2004) and 1999 by National Life Assurance Co. of Canada (acquired by Industrial Alliance in 2005).

Universal life policies give the twin important things about a death benefit as well as a methods for earn investment income for a tax-exempt basis while in the policy, thereby making a cash value that may be accessed before death, though Canada Revenue Agency imposes a restriction on the policy value to keep this tax-exempt status.

As it possibilities open to customers expanded to add in equity market-related index returns, the volatility with the policy values increased. This sometimes required insurers to send back funds to customers to stay within CRA limits, and then complete and ask the annual premium payment shortly thereafter.

The side account was introduced to be a means to fix this customer annoyance, according to company representatives inside their affidavits. Rather then sending cheques back and forth, the inside account acted to be a receptacle to the insurer to deposit excess funds in the evening CRA limit along with policyholders to prepay future premiums.

Most side accounts offered more limited investment options — frequently, for example, merely a daily interest account — as opposed to runners offered in the main policy account.

However, older policies from several insurers offered very attractive investment options inside side account, together with a renewable 10-year guaranteed investment account by using a fixed, unalterable rate significantly above home market rates.

That option caught the interest of Michael Hawkins, a self-described businessman, farmer and actuary exceeding 24 years of experience within the term life insurance industry, as well as officer within the general partner of Ituna Investment LP and Mosten Investment LP, the plaintiffs in case before the court.  

In 2007, shortly fater he began to consider policies, underwritten by credit-worthy insurers, that offered attractive guaranteed rates, no ability for the insurers to reduce them, without caps for the dimensions of permitted investment.

In 2009 and 2010, according to his affidavit, Hawkins brilliant partners found what they were seeking and Ituna and Mosten purchased the IA and Manulife policies.

Focusing their efforts over the most sought after IA policy, they gradually invested over $4 million (net of withdrawals) over 3 years, at close to five % (including bonus interest), before IA shut them down at the beginning of 2019 after an inside audit with the policy.

They were less successful with Manulife, which accepted only $10,000 in the side account in 2019 before returning their funds in 2019. After unsuccessful efforts to negotiate an “acceptable” degree of investment in the policies when using the insurers, Ituna and Mosten filed court applications last December to compel the insurers acknowledge their investments.

But company executives argue in affidavits that the side account can’t be used to hold funds that aren’t reasonably important for future life insurance premium payments, pointing to contract language that identifies balances as “premiums on deposit.”

Furthermore, they note, it had become never industry practice to the side account to be utilized for large investments, stating that commissions are not paid to brokers on balances inside the side account.

The investors counter that before choosing a policy the exact same enter in 2009, Ituna requested and received a schedule from IA illustrating a hypothetical $1-million investment in the inside account.

The insurers’ counsel in addition called on Nicholas Le Pan, occasion head with the Office from the Superintendent of Financial Institutions. In written testimony, he noted that if insurers were forced by way of the court’s decision to just accept large deposits in to the side account, they will contravene the Companies Act, which prohibits deposit taking.

However, reported by their own testimony, Industrial Alliance was missing measures in area to guard against deposit taking nor detect Ituna’s large investment.

Further, although the company’s automated system tracked and reported that this $4-million peak level represented almost 15,000 years’ in future premium payments over the underlying policy, its first transfer to manage the difficulty when detected in 2019 was not to come back the big deposit, but that will put additional deposits by Ituna towards a short-term, lower-rate option. All funds were eventually returned in September 2019 through IA’s counsel.

The third defence argument, furnished by an unbiased actuary, Oliver Wyman, asks the court to consider the system-wide impact with the court’s decision.

If investors are capable to place unlimited amounts earning five per cent, the insurers would, from a worst-case scenario, face unlimited and un-hedgable liabilities, are not ready to attract capital, and may also have to cease operations, which could obviously negatively impact other policyholders, insurers and society in particular.

Hawkins addressed that possibility in a affidavit, arguing that it wouldn’t be the better choice to be able to invest unlimited amounts because, “It may be in contrast to Ituna’s interests for Industrial Alliance in becoming insolvent or in any manner cannot pay its obligations …”

The cases raise interesting legal issues, particularly light of brand new Top court of Canada decisions in unrelated taxation cases.

In and both issued in 2019, a legal court severely limited the usage of “rectification” (termed “reformation” within the U.S.), an equitable remedy whereby a court orders a change in an itemized document to mirror exactly what it should have said to begin with.

Making the implied limit to the dimensions of investment in one side account actually explicit will be a loan application of your rectification remedy in this case. But which might be an even more remote possibility here.

“Normally the judge leans to your insured if you find any ambiguity inside the policy,” noted a Toronto-based lawyer not connected with the way it is who motivated to remain anonymous, for the reason that insurer has access to experts to help with drafting the policy and finished treating its contents.

A third insurer, BMO Life Assurance Co., is definitely the subject of a case in Estevan, Sask., stemmed from the identical investor group. Its policy carries a three percent guaranteed rate. However, because of the similarity in underlying issues, BMO Life will quickly join IA and ManuLife in seeking a common hearing on the three cases prior to when the Saskatoon court.

The Canadian Life and Medical care insurance Association in addition has weighed in, seeking intervenor status (recently granted) to bolster the arguments from the members, as well as clarify the deposit-taking legal problem for this is a.

A judge on Nov. 20 ruled the three cases will stay separate, but, given similarities in legalities, they will all be heard throughout the same five-day free trial in April 2018 by a common judge in Saskatoon.

Meanwhile, the plaintiffs may have found a fresh way to obtain potential profits. They recently brought a second action against BMO Life and Manulife, contending the insurers happen to be utilizing the tax-exempt test of these contracts for the incorrect date, resulting in the policies being fully taxable. They conisder that this could hand them over the authority to invest large amounts mainly account also.

Not surprisingly, it options provide a lot more attractive terms as opposed to inside side be the reason for these policies.

Industrial Alliance and BMO both declined comment citing the court proceedings underway. Manulife declined detailed comments for a similar reason, but reiterated its primary defence it can not accept interpretations or uses of its items that are regardless of their intents and purposes.

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