Some observers saw the switch to free distribution as a sign that The Village Voice was losing franchise strength and the ability to fight off competitors. In 2012, Professor James B. Rosenwald and his wife, Laura made a contribution to Stern for the Rosenwald Global Value Student Investment Fund. Bloomberg reporting. . Translate; Trending; Random; Home Entrepreneur Leonard N. Stern. New York University (NYU) - Leonard N. Stern School of Business ( email) 44 West 4th Street Suite 9-160 New York, NY NY 10012 United States. 7,540. [17], Leonards real estate investment instincts werent based on familiarity with the New Jersey landscape, but driven strictly by financial considerations. This simple approach spawned a revolution in the industry. 370. Hartz was growing on a more global scale around the mid-1980s as well. In 1926 he went to the United States and founded Hartz Mountain Corporation, which was the largest manufacturer of pet products and real estate development. Quotations by Leonard N. Stern, American Businessman, Born March 28, 1938. Around the time that Leonard divorced his childrens mother Judith in the mid-1980s, the patriarch gave his sons and daughter a golden opportunity, informing them that, The business is here if you want it. Describing his upbringing as comfortable, Leonard told the Wall Street Journal that philanthropy was just part of life Im a son of an immigrant father who spent 40 percent of his time in community work.[10]. New York New York County New York, USA. Stern's largest concentration of properties is in northern New Jersey, where he owns an industrial portfolio totalling more than 23 million square feet. In 2021, the acceptance rate for the class of 2025 was 5.6%. Known as a master marketer, he expanded the Hartz Mountain business, named after the Harz Mountain area of Germany from which he came (he Americanized it by adding the t), into bird food and cages.[5]. Leonard Stern took over the family business Hartz Mountain Pet Company from his father in 1959. 455 faculty, which includes tenured, tenure-track, clinical, visiting and adjunct faculty. Total Cost * $152,710. In the same year, Tisch Hall, designed by Philip Johnson and Richard Foster in a similar style as Bobst Library and Meyer Hall, opened at 40 West Fourth Street to house the undergraduate college. While building and then selling those enterprises, Leonard grew the companys real estate holdings to include more than 210 buildings with over thirty-eight million square feet of industrial, office, retail, and hotel space in New York and New Jersey, including the fashionable New York Soho and Tribeca Grand Hotels, and the company headquarters at 667 Madison Avenue in New York City under the umbrella of The Hartz Group, Inc.[2] In recognition of his philanthropy, New York University named the Leonard N. Stern School of Business, where he earned his MBA at age nineteen, in his honor. He stayed on as chairman and received a robust compensation package of $250,000 annually for life. He said that he had always loved the paper and told the press that he was a liberal on civil rights and social issues and right of center on defense issues. Leonard said that because the company pleaded guilty prior to the completion of grand jury deliberations, the case was never tried, and the Hartz company never got to have its say in court. He is the chairman and CEO of the privately owned Hartz Group based in New York City 10. Enters cleaning business by buying Carpet Magic Co. Sons Emanuel and Edward join the family business. Leonards gift was the largest donation in the history of the then 157-year-old NYU, the largest private school in the nation. They have been leaders in innovation, creating jobs for thousands of people and leading other entrepreneurs onto new ground. His hedge fund was alleged to have taken advantage of special trading opportunities with prominent mutual fund families by promising to invest heavily in funds managed by several companies such as Bank of America Corps Nations Funds, Bank One Corp, Strong Capital Management Inc., and Janus Capital Group. [25] The Harmon Publishing Division of Hartz grew into free local residential real estate advertising magazines in 175 major markets, reaching some two million potential home buyers every two weeks through distribution in supermarkets, banks, hotels, motels, restaurants, and corporate relocation company offices. It was his contention that the plea did not represent guilt on the companys part, but rather served as an admission that while some of its corporate executives had engaged in illegal conduct, Hartzs top executives were not touched by the scandal. Feedback. Im not a playboy but I do like to have a good time, he said. Early sailors believed that aquamarine talismans, etched with the likeness of the sea god Neptune, protected them against ocean dangers. If not, Im selling it off. They accepted his offer instantly, Leonard told The New York Times. She agreed with her fathers assessment, saying in the article that she is just as driven and ambitious as my brothers are. The equity risk premium is the price of risk in equity markets, and it is a key input in estimating costs of equity and capital in both corporate finance and valuation. PaineWebber, Bankers Trust, and Peat Marwick were among the large firms that found it cheaper to locate back-of-office and computer operations to the other side of the river. [7] The Max Stern Academic College of Emek Yezreel, in Jezreel Valley, Israel, is named in Sterns honor. "[19], Stern offers its own study abroad program, IBEX (International Business Exchange Program). In the mid-1980s, Hartz Mountain branched out into an unexpected direction yet again by acquiring the Carpet Magic Company, which rented carpet-cleaning machines to individual households. Leonard Norman Stern is an American businessman and real estate developer. One key to the Sterns family achievements was their recognition of the importance of education to business success. It was founded in 1900. [2] See http://www.667madison.com/index.htm (accessed July 19, 2012). Class Size. The New York University Leonard N. Stern School of Business (commonly referred to as NYU Stern, The Stern School of Business, or simply Stern) is the business school of New York University, a private research university based in New York City. Second son Edward, nicknamed Eddie, earned a Bachelor of Arts in art history from Haverford College in 1987, where the head of the classics department begged Leonard not to tempt Eddie to go into the business world. While there was a lot of pressure on firms, particularly public companies, to focus more on core competencies and divest themselves of unrelated businesses, Stern swam against this tide, which is a reflection of his personality and the fact the Hartz empire was a family business and hence not subject to the pressure of outside investors. Worried about inflation and the financial turmoil that rocked Germany in the early twentieth century, the then twenty-eight-year-old businessman packed his bags and sailed to the U.S. in 1926 with his most valuable possession: five thousand singing canaries, which hed received as payment for a debt. Each net worth figure is updated every business day after the close of trading in New York. Emanuel is current the managing director behind Tall Pines Capital LLC. [41] See her website at http://www.andreasternphotography.com (accessed July 19, 2012). He said that, as a New Yorker, he enjoyed articles that were well-written presentations of differing opinions and new ideas. [49][50] The Stern School announced it will join the growing list of programs now accepting the Graduate Record Examinations (GRE) from MBA candidates applying beginning in 2010. The Stern Registrar allows non-Stern students to take a maximum of 6 Stern credits per term. In his late forties, Stern had a style that differed markedly from the reserved, buttoned-down senior executives of his generation. New York: Salomon Brothers. Real estate made sense because we could use our capital and it would be managed by a relatively small cadre of experienced people, he said. He was also founder, president, and honorary chair of the Manhattan Day School, and honorary chairman of Torah Umesorah, the National Day School movement. Leonard tried to assuage anxieties. The Return/Volatility . Edwards philanthropic service includes serving on the board of directors of The Jewish Community Center in Manhattan, the board of Trustees of Columbia Grammar School and The Gateway School, and on the investment committee of UJA Federation. Birthdays. Find out about entrepreneur Leonard N. Stern: Age, siblings, What he did before fame, his family life. Professions. Edward began at Spy magazine, and then graduated to running the pet-food division. Methodology: The Bloomberg Billionaires Index is a daily ranking of the world's richest But publisher David Schneiderman, perhaps taking his cue from Stern, argued that the move went beyond a commitment to being free. We think this could be an example of something that could be really scalable.[56], Yet, some saw his charity as window dressing. By the early 1980s, he had expanded the company's focus beyond pet foods to make it America's leading pet supply manufacturer and name brand. In 1996 it constructed the ultra-luxurious SoHo Grand Hotel, the areas first hotel built in more than one hundred years, with 367 rooms in downtown New York. Leonard Norman Stern (born March 28, 1938) is an American billionaire businessman, and philanthropist. He served as a Senior Editor of Marketing Science, Journal of the Production and Operations Management Society (POMS) and Customer Needs and Solutions, and as an Associate Editor of Journal of Marketing Research, Management Science and Quantitative Marketing and Economics. [21], In 2005, Stern launched the Student Social Venture Fund,[22] the first student-run venture philanthropy fund of its kind at a U.S. business school. In 1995, the paper responded to its circulation decline by eliminating the cover price for New York City readers. The Village Voice was Leonards second stab at the newspaper business. Locating near Manhattan and both the New York and New Jersey Ports, which became one of the countrys most powerful magnates for corporate development, turned out to be a strategic goldmine. He is currently having a net worth of total $4.2 Billion. In 1986 he bought a media venture known as Village Voice and sold it in 2000. [4] Rodger Ricklefs, And Gerbils and Guppies and Puppy Shampoo: How Hartz Mountain Corp. Makes a Bundle . Hartz Mountain was already a long-established pet company when his father turned over the reigns to him. The nearby Harmon Meadow development is a 500-acre mixed-use project that provides premier office real estate in the New Jersey Meadowlands, with highly desirable transportation and amenities for its tenants. On a tour of the company properties along the Hudson, Emanuel Stern shared his vision of building multi-thousands of residential units and large amounts of commercial real estate, and this will become the sixth borough [of New York City].[32] Though Lord Abbettt & Co. moved from Donald Trumps General Motors building into the twelve-story, 420,000-square-foot property at 90 Hudson Street, Emanuel admitted that, with Wall Street layoffs and abundant inventory available on the New Jersey waterfront, it was a challenging time to have made such a high-priced purchase. Woolworth, Sears Roebuck, and other stores, making Max Americas largest livestock importer by 1932. He was a writer and producer, known for Get Smart (1965), He & She (1967) and I'm Dickens, He's Fenster (1962). The city aggressively promoted tax and other incentives to keep companies in the citys outer boroughs and Manhattan. His Hartz Mountain firm owns more than 260. He had previously made a $3 million gift to NYU in 1986. [6] Pet Industry Has More Customers Than It Can Satisfy; Dogs Cost More Than Twice Pre-War Price; Food, Equipment Hard to Buy, Wall Street Journal, April 10, 1944. Eddie at no time knew that he was doing something illegal, he told Business Week. When a naming opportunity for a new exhibit dedicated to the endangered snow leopards became available in 1996, Mr. NYU Stern School of Business New York University - Leonard N. Stern School of Business About 27 years of experience analyzing and investing in the energy and infrastructure sector, both. Some were flamboyant, luxury-loving spendthrifts; others were private, quiet-living penny-pinchers. He is the Chairman and CEO of the privately owned Hartz Group based in New York City. Stern sold his pet supplies business in 2000. [63] Lisa Sandler, Call This Business a Family AffairDeveloper Leonard Stern Loosens Purse Strings as Sons Rise in Firm, Wall Street Journal, November 18, 1998. Buys out his siblings and joins his father's pet food business. ", Courant Institute of Mathematical Sciences, Association to Advance Collegiate Schools of Business, New York University Tandon School of Engineering, Hong Kong University of Science and Technology, List of business schools in the United States, List of United States business school rankings, NYU Stern Center for Business and Human Rights, "NYU Stern | Key Facts Programs, Faculty & Research, Global Focus, Alumni Network", "These are the top 10 colleges if you want to land a job on Wall Street", "ShanghaiRanking's Global Ranking of Academic Subjects", "NYU Stern Celebrates its Haskins Giving Society and Honors Nicolas Berggruen, BS '81 - NYU Stern", "Walter Frank, 91, Ex-Chairman of the Big Board", "W R Berkley Corp - Company Profile and News", "About Stern - Timeline of NYU Stern's History", "Light, transparency and brand connect Stern students, faculty and New York City", "NYU Stern | Part-time MBA Westchester | Home", "International Business Exchange Program", "NYU Stern | The Berkley Center for Entrepreneurship & Innovation: Creating Outstanding Entrepreneurial Leaders", "Graham and Dodd Head Downtown-Los Angeles hedge-fund manager Jamie Rosenwald has launched a value-investing class at New York University", "Perspective from a Global Value Investor", "New York University (Stern) | Best Finance Programs | US News", "US News - Best Undergraduate Business Programs 2023", "New York University (Stern) | Best Business School | US News", "Best Business Schools In The World For 2023", "Business school rankings from the Financial Times New York University: Stern", "Best Career Prospects | The Princeton Review", "Best Business Schools | The Princeton Review", "Full-time MBA 2022 ranking from Economist Education | Which MBA? [14] Alexander R. Hammer, Affluence Is Fueling Pet Industry Growth, New York Times, September 2, 1969. He has invested millions in Homes for the Homeless, making the nonprofit the largest provider of transition housing, including shelters, for NYCs homeless families for over 20 years.[52], Carrying on his father Maxs devotion to education, Leonard donated $30 million to his alma mater, New York University, in 1988. By supporting each other economically, they planted the seed for a strong foundation that continues to undergird the Jewish community in America today. He also supported the establishment of the Albert Einstein College of Medicine in New York City, assisting in convincing Albert Einstein to lend his name. According . Authors. EN. Building upon whatever education, experience, and skills these newcomers brought across the ocean, they never restricted their vision of what was possible in America. Dean Emeritus and William R. Berkley Professor of Economics and Finance, New York University Leonard N. Stern School of Business - January 2018 to present Dean, New York University, Leonard N. Stern School of Business - January 2010 to December 2017 Faculty Member, Stanford University - 1997 to 2009 Fellow, National Science Foundation – 1993 to 1996 Director of Citigroup since 2015 . From the mid-1970s to the mid-1980s, the pet supplies arm of Hartz endured a turbulent decade marked by conflict with the government, unions, and competitors. Hartz Mountain was buffeted in the late seventies and eighties by antitrust suits and the company ended up paying a $40 million lawsuit in 1984. I cant remember one time when he told me an untruth I brought my sons into the business to extend my working life, so I could keep my hand in the business. While driving a visiting friend past City Hall, he was struck by the number of people sleeping on benches. Inc since 2004 May. Leonard inherited the business from his father Max Stern and expanded the business to the next level. Leonard N. Stern School of Business - NYU Stern School of . He was born in Fulda, Hesse, Germany, to parents Emanuel and Caroline Stern. In calculating net worth, Bloomberg News strives to provide the most transparent calculations available, New York University Stern School of Business, Graduate School of Business Administration, Commerce/College of Business and Public Administration, "In 1916, the School of Commerce's Wall Street branch became the home of New York University's Graduate School of Business Administration (GBA). Also helping to fuel New Jerseys economic boom was an exodus of financial service jobs from Manhattan. [47], In 2021, the median combined verbal and math SAT score of incoming freshmen at the undergraduate level of Stern was 1550 and 77% ranked within the top 10% of their high school's graduating class. Rank. The couple lives primarily in one of New Yorks only freestanding mansions, on Fifth Avenue, filled with the art that Leonard loves. The couple had three children: Stanley, Leonard, and Gloria. 19,825. Sales of cat and dog food in 1968 amounted to $918 million, a gain of nearly 14 percent over the 1967 level. In 1972, he took the company public, selling shares at $22.75 apiece. We wanted to find out if the stores milk sales had been hurt and we found out, no effect. All were reared in the Jewish tradition and encouraged to follow their fathers footsteps by going into the family business, as well as to follow the Stern tradition of philanthropy. Being the daughter of Max Stern has an artistic flow. As head of Hartz Mountain, Leonard has had his share of business battles. Applicants will have the option to submit either GMAT or GRE scores with their application. Leonard saw beyond pets to property when he learned that a soggy, garbage-strewn piece of real estate in the Meadowlands area of New Jersey was for sale at a bargain rate of $13,000 an acre. Feedback to SSRN. Stanley is currently the head of Investment Banking and Managing Director of Oppenheimer & Corporation. Stakes in publicly traded companies are valued using the share's most recent closing price. Stern got the inheritance from his father in 1959. [33], The companys commitment to business diversification took another turn when it expanded its hospitality division, which had begun with the Hartz Hilton Inn in 1980. [38] The whip-thin, brooding, and brilliant second son was credited with leading one of the familys most significant business deals: the sale of Hartz Mountain pet supply business interests to a fund under the management of the Boston-based private equity firm JW Child Associates, resulting in liquid assets of more than $100 million for the Stern family. Maxs famed love of animals reportedly did not extend to personal pets. The collection of 161 objects, formed by Leonard N. Stern, will go on view at The Met for 25 years starting in January 2024 A selection of 15 of the most significant works from the collection will first be displayed in early November in Athens before traveling to The Met Stern is chairman of Hartz Mountain Industries, a closely held New Jersey real estate developer. [40] Felicity Barringer, Ending Era of Stability, The Voice is Put Up for Sale, New York Times, September 23, 1999. He holds a position of a board member in families Hartz group. The billionaire has three children from his first marriage. When he asked a nearby police officer about it, the officer explained that the homeless were safer in the park under his watch than in the shelters. [7] Max Stern, Fund Raiser, Active in Jewish Affairs, Boston Globe, May 21, 1982. Santa Monica, California Chief Founding Member - Los Angeles Chief Aug 2020 - Sep 20211 year 2 months Los Angeles, California, United States Advisory Board Member Liberty Hill Foundation Jun 2012 -. [58], In 1987 Leonard married Allison Maher Stern, a former model (who appeared on the poster for the movie Jaws) and Emmy Award-winning television producer. [53][54], Coordinates: .mw-parser-output .geo-default,.mw-parser-output .geo-dms,.mw-parser-output .geo-dec{display:inline}.mw-parser-output .geo-nondefault,.mw-parser-output .geo-multi-punct{display:none}.mw-parser-output .longitude,.mw-parser-output .latitude{white-space:nowrap}404347N 735945W / 40.729584N 73.995935W / 40.729584; -73.995935. Max Stern (1898-1982) was an entrepreneur who established and built the Hartz Mountain Corporation, which eventually became one of America's most-successful privately held companies. The average age of executive MBA degree candidates is 27, and 45% of the students have at least one advanced degree in other areas. [9] One area where Leonard and his parents agreed was giving back. A superior student, Leonard earned a Bachelor of Science degree from New York University at age eighteen, and his MBA there by age nineteen. [citation needed], In 1998, a $10 million gift from Henry Kaufman (PhD 1958) supported a major expansion and upgrading of Stern's facilities. Edward Stern also said he would not trade any mutual funds or manage public investment funds for a period of ten years. In 1992, Stern's new $68 million state-of-the-art facility, now known as Kaufman Management Center, was inaugurated. [citation needed], Admissions decisions are handled by the school's parent institution, New York University, and are made on a holistic basis that considers academic record, standardized test scores, accomplishments outside of the classroom, recommendations, essays, and diversity. [23][24], Undergraduate students from Stern, either graduate with a Bachelor of Science in Business, in Business and Political Economy (BPE) or in Business, Technology and Entrepreneurship (BTE). - Check the courses open to non-Stern students (select "Non-Stern" and semester). Hes an outstanding young man. [16], Once again, his bold vision and penchant for risk-taking paid off, and this land formerly known for pig farms grew into the heart of one of Americas most profitable privately-owned real estate portfolios. Leonard structured the business around the core principal of retaining sufficient cash flow to finance its own ventures, remaining independent of bank financing. When The New York Times inquired whether Leonard was giving Emanuel and Edward better positions in the family business than Andrea, he explained that she had just married (in 1997) and was deciding whether to focus on family or business. [57] Michael Winerip, Beseeching Help From a Giant For Jerseys Poor, New York Times, October 23, 1987. [2], Stern is a founding member of the Association to Advance Collegiate Schools of Business. placed it on the market without adequately warning of the defect. As the plaintiffs sought damages and an injunction against further Blockade sales, Stern spent millions in advertising touting that the spray was not harmful to pets. Site. [34] Linda Sandler, Call This Business a Family AffairDeveloper Leonard Stern Loosens Purse Strings as Sons Rise in Firm, Wall Street Journal, November 18, 1998. Occupancy rates, rent per square foot and cap rates for Stern's real estate were aggregated using data from Bloomberg, Real Capital Analytics and REIS. The suit charged that Hartz, knowing that Blockade was defective and dangerous . Leonard Norman Stern (born on March 28, 1938, in New York City, NY) was the second son of three children of Max Stern and Hilda (Loewenthal) Stern. At the dawn of the 1970s, the Pet Food Institute forecasted that consumers would buy over one billion dollars worth of canine and cat food, nearly more than twice the amount spent on baby food in the U.S. Pet fish accounted for about 20 to 25 percent of the industrys annual volume. By the end of 1960, he was started to invest in real estate and bought Meadowlands, New Jersey. The thought that I might, at some time, have to at the very least correct their mistakes is very, very stressful. Leonards talent for business diversification took another turn into unfamiliar territory when he first bought the iconic thirty-year-old weekly alternative newspaper, The Village Voice, in 1985. Max Stern is the father of Leonard who was born in Fulda, Hesse, Germany in 1898. 1966). [13][failed verification]. [49] The Forbes 400 Richest Americans 2009, September 30, 2009 (accessed July 19, 2012). His interest in Jewish education led him to donate $10 million to Yeshiva University, where he founded the Stern College for Women in Manhattan, Americas first liberal arts and sciences institution for women with a Jewish focus, named in memory of his parents, Caroline and Emanuel Stern. He made the purchase in a single hour, hoping to prevent it from closing down. He expanded into real estate development in the 1960s, acquiring two tracts of. In 1985 he became painfully aware of the plight of homeless persons in New York City. Leonards success in the Jersey swamps was considered a coup in the states booming real estate industry around Manhattan. [6][7] Current and former CEOs of Fortune 500 companies including American Express, Berggruen Institute, Griffon Corporation, Wynn Resorts, the New York Stock Exchange, Lehman Brothers, Lord Abbett, Barnes & Noble, W. R. Berkley Corporation, McKinsey & Company, Chase Manhattan Bank, and CBS are also Stern alumni. [citation needed], The Graduate School of Business Administration was launched in 1916, and was housed in the NYU's School of Commerce's Wall Street branch. Next, they added a Life Science Center to their tropical fish distribution facility in Tampa, Florida. Full-time graduates known to be seeking . He believed that whoever could play early in the game would profit immensely from a great economic miracle. New York University - Leonard N. Stern School of Business View profile View profile badges . The graduate school's[12] first dean was appointed in 1921. Some stores pulled the product from their shelves, and three pet owners filed a class action suit in federal court in San Diego charging Hartz with negligence and fraud. In 1984, Hartz pleaded guilty to federal charges including obstruction of justice, perjury and suborning perjury, and was fined $20,000.[44]. Leonard was married twice in this life and the first marriage ended in a divorce. To those who questioned his political compatibility factor, Leonard cited his attraction to an unexpected opportunity to own a popular, profitable, growing and respectable publication. Allison, who told Business Week that she grew up dirt-poor in Kentucky, is described by friends of the couple as having a really romantic relationship with Leonard, unlike many society couples.[59], Shortly after their marriage, they were invited to cocktails at the Bronx Zoo, run by the Wildlife Conservation Society, and Allison was inspired to become a trained tour guide of the societys Central Park Zoo. After working in several positions at The Village Voice newspaper while under family ownership, she founded The Long Island Village Voice, a Village Voice offshoot. Stern's sons, Emanuel and Edward, joined their father's business in 1990, expanding the company's real estate holdings with the Soho and Tribeca Grand hotels in New York. When the economy was iffy, Gene Heller, Hartzs president of real estate, wanted to build, build, build. [5] The Hartz Group History (accessed July 19, 2012). Business Week noted that There is an uncanny parallel with his son Eddies current tribulations.[45] Leonard Stern was not personally implicated in the scandal. [36] Elaine Louie, Forget the Architecture, the Funs Inside, New York Times, May 11, 2000. By responding Why not? to an intriguing business opportunity, he wanted to expand his opportunities in new directions. Disclaimer: Visitor traffic is tracked using Google Analytics, 2010 - 2022 German Historical Institute |, http://www.immigrantentrepreneurship.org/entries/leonard-n-stern/, Canary Capital Agrees to Pay $40 Million, Hartz: First Commercial Developer in Region to Introduce an iPhone Web Application for Available Properties, NYCs Billionaire Milkman, Greatest Person of the Day, Heard & SceneDonor of the Day: Real-Estate Titans Milk Drops, From the Postwar Boom to Global Capitalism, 1945-Today. And real estate developer really scalable City readers 36 ] Elaine Louie, Forget the,. Yorks only freestanding mansions, on Fifth Avenue, filled with the likeness of the importance of to. And sold it in 2000 Emanuel and edward join the family business 157-year-old NYU, the acceptance rate the...: How Hartz Mountain was already a long-established Pet company from his first marriage ended a! 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American businessman and real estate, wanted to build, build from Manhattan Rodger,. Non-Stern students ( select & quot ; and semester ), 1982, family... 2, 1969 that, as a New Yorker, he told business Week noted that is. Beseeching Help from a Giant for Jerseys Poor, New York New York Times Leonard structured the business to Sterns... In Fulda, Hesse, Germany, to parents Emanuel and Caroline Stern named Sterns... There is an American businessman and real estate developer im not a playboy but I do to.
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