(however, see the Notes). The Pozez JCC is NoVa's vibrant and inclusive hub, inspiring Jewish journeys, building community. The 36th annual event gathers many of America's wealthiest and most powerful people in media, technology, and sports. Ashok Varadhan. Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. You can learn more about the standards we follow in producing accurate, unbiased content in our. UPs lead independent board member Michael McCarthy praised Fritz in a statement Sunday for helping grow the railroads profits through the uncertain times of the pandemic and through the challenges of last years bitter contract negotiations with its 12 unions. Mandelblatt and Meister have been voicing their concerns about Armstrong's leadership since 2013 and have gone activist in a bid to remove him from his position and chart a new growth direction. That year Buffetts hedge fund returned 10.4% and Buffett took only 1.1 percentage points of that as fees. To receive these real-time alerts, you should create a free account on Insider Monkey and add Soroban (or any other fund in our database) to your follow list. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. As you can guess, Warren Buffetts #1 wealth building strategy is to generate high returns in the 20% to 30% range. Warren Buffett has been investing and compounding for at least 65 years. FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. My guest today is Eric Mandelblatt, founder and CIO of Soroban Capital, a $10 billion investment firm. Warren Buffett took 25% of all returns in excess of 6 percent. Between 1957 and 1966 Warren Buffetts hedge fund returned 23.5% annually after deducting Warren Buffetts 5.5 percentage point annual fees. Turn on desktop notifications for breaking stories about interest? Union Pacific has embarked on a transformative journey that will result in stronger, more consistent service for our customers, with enhanced earnings growth and value creation for our shareholders, Fritz said. UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. All Rights Reserved. He is a male registered to vote in Pitkin County, Colorado. Under the Securities Exchange Act of 1934, (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications), (Date of "Humidity is a real problem here because there is no humidity. Gaurav Kapadia left the firm in 2018. In October, Mandelblatt launched Soroban together with Gaurav Kapadia, who had also been a partner at TPG-Axon, and Scott Friedman, TPG-Axons head trader. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). Why? These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. Mandelblatt urged the railroad to hire former Chief Operations Officer Jim Vena, who helped overhaul Union Pacifics operations several years ago. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the last eight years and a leadership change is overdue. Twice regulators ordered Union Pacific to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldnt run out of feed for the millions of chickens it raises. These are highly underwhelming results despite UNP having the premier railroad franchise in North America., Today's breaking news and more in your inbox. Eric Mandelblatt is the founder and CIO of Soroban Capital. Mandelblatt andMeisterhave been voicing their concerns aboutArmstrongs leadership since 2013 and have gone activist in a bid to remove him from his position and chart a new growth direction for the company. When CNBC interviewed the listing agent back in March, he revealed the multimillion-dollar price tag, "$45 million and a value. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past eight years and that a leadership change is overdue. If you would like to share a story idea, please submit it here. Union Pacific has been steadily improving its performance since last spring as it hired hundreds of additional employees to operate its trains. Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time. This is basically a recipe to generate better returns than Warren Buffett is achieving himself. Sorry, no results has been found matching your query. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. Gaurav Kapadia, co-managing partner at Soroban Capital Partners. Mr. Mandelblatt currently serves as a board member of the Ronald McDonald House New York City and the University of Florida Investment Corporation. They included activist investors Keith Meister of Corvex Management and Eric Mandelblatt of Soroban Capital Partners, who both joined the board in 2014 after a public campaign and had supported. The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day. Corvex CapitalEric W. MandelblattKeith MeisterNYSE:WMBSEC 13D FilingSoroban Capital PartnersWilliams Companies Inc. (NYSE:WMB)Yahoo FinanceShow moreShow less. ", (Read more: Secret language of the super rich), It's a compound that's over 21,000 square feet located on 7 acres of Aspen Mountain. The U.S. to generate high returns in the 20% to 30% range. Fritz said in a statement that he has been honored to lead the railroad hes worked at for the past 22 years. ForMandelblatt andMeister, a merger withEnergy Transfer Equity was the perfect solution: an opportunity to boost shareholder value and get rid of Alan Armstrong. You can enter your email below to get our FREE report. We initially share this idea in October 2018 and the stock already returned more than 150%. Union Pacific. Eric Mandelblatt Senior Manager, Asset & Wealth Management Consulting - North America at Alpha FMC New York, New York, United States 683 followers 500+ connections Join to view profile Alpha FMC. According to the filing,Corvex Capital holds approximately 41.7 million shares whileSoroban Capital Partners owns 21 million shares, giving them ownership of 8.4% ofWilliams Companies common stock. So, how did Warren Buffett manage to generate high returns and beat the market? These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. Please keep your comments respectful and relevant. Union Pacific has embarked on a transformative journey that will result in stronger, more consistent service for our customers, with enhanced earnings growth and value creation for our shareholders, Fritz said. While many of my conversations focus on technology and emerging industries, Eric has deep roots investing in the industrial economy, which made this conversation a fun change of pace. Eric W. Mandelblatt, together with Gaurav Kapadia and Scott Friendman, founded New York based Soroban Capital in 2010 with $130 million in AUM. Disney Ousts CEO, Puts Iger Back in Charge, Disney Names New Chair, Eases Park Rules Amid Proxy Battle, Congress Vows to Intervene to Avert Rail Strike, How Nikola Makes Money: Hydrogen-Electric Trucks. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. The unions say these practices make incidents like Norfolk Southern's fiery derailment in Ohio earlier this month more likely, but the railroads have defended their safety record. He added that key constituents have understandably lost confidence in Mr. Fritzs ability to lead the company.. You can get rich by returning 20% per year and compounding that for several years. But the railroad's board said in a statement that it has been working with a leadership consultant since last year to identify the best internal and external candidates for the job. The main reason to follow Soroban Capital Partners is that its picks on average outperform the market. Get this delivered to your inbox, and more info about our products and services. Offers may be subject to change without notice. to generate high returns in the 20% to 30% range. Eric W. Mandelblatt. Eric Mandelblatt, who co-founded Soroban Capital Partners eight years ago, is closing his oldest fund to focus on a more concentrated portfolio of stocks, cutting assets under management by almost half. He was born in Eugene September 10, 1970 to David and Darnell Rudd Mandelblatt. The fund makes long and short investments in a variety of securities, including stocks, equity and sector indices, commodities, credit, and currencies. This documentary-style series follows investigative journalists as they uncover the truth. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. We see several investors trying to strike it rich in options market by risking their entire savings. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. In Payments, Like Geopolitics, India Seeks a Third Way, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, UK Mothers Say It No Longer Makes Financial Sense to Work, Australia Prepares for a Power Grid Without Spinning Turbines, Vietnams VinFast Delivers First EVsto US Customers, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. OMAHA, Neb. Twice regulators ordered Union Pacific to deliver emergency shipments to livestock producer Foster Farms to ensure that company wouldnt run out of feed for the millions of chickens it raises. Website http://www.sorobancap.com Industries. However, as oil prices started to slide,Energy Transfer Equity started to have second thoughts about the deal and finally managed to terminate the agreement on June 29, 2016. The unions say these practices make incidents like Norfolk Southernsfiery derailment in Ohioearlier this month more likely, but the railroads have defended their safety record. A value at $45 million." He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. We are immensely grateful to have Lances continuing leadership and support and know he will ensure a smooth transition.. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice| Do Not Sell/Share My Personal Information| Ad Choices All partners where at the fund from the beginning and invested their own money in the fund. An investor who invested $10,000 in Warren Buffetts hedge fund at the beginning of 1957 saw his capital turn into $103,000 before fees and $64,100 after fees (this means Warren Buffett made more than $36,000 in fees from this investor). How to Geta Free Flight to Hong Kong in 500,000 Airline Ticket Giveaway, Stocks Drop for a Second Day; Yields Stay Elevated: Markets Wrap, The SPAC Fad Is Ending in a Pile of Bankruptcies and Fire Sales, Apple Suppliers Are Racing to Exit China, AirPods Maker Says, Microsoft Expands Game Pass as Regulators Fret Over Activision Deal. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Sign up here. Warren Buffett has been investing and compounding for at least 65 years. Giant Eagle expands discounts to food nearing its 'best-by' date, Evoqua to buy Texas water treatment business, Report: Arconic in talks about potential sale, Twitter's new 'violent speech' policy similar to past rules, TikTok sets new default time limits for minors, Long-lost ship found in Lake Huron, confirming tragic story, GZA, Donnie Iris, John Mayer among top concerts to see around Pittsburgh in March, How officials cracked case of eyedrops that blinded people. A Union Pacific train travels through Union, Neb. What is Eric. Soroban Capital Partners is based out of New York. But the railroads board said in a statement that it has been working with a leadership consultant since last year to identify the best internal and external candidates for the job. Get our editors daily picks straight in your inbox! Sign up for free newsletters and get more CNBC delivered to your inbox. The information required on the remainder of this cover page shall not be You can review our Community Guidelines by clicking here. How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds. People who live on W Hallam St in Aspen, Colorado 12 Republicans 32 Democrats 48 Others There are 92 people who live on W Hallam St in Aspen, Colorado that are registered to vote. Musks TeslaMaster Plan Lacks Drive. Vena was brought in to Union Pacific in 2019 from Canadian National to help the railroad change to a new operating model that relies on fewer, longer trains and significantly fewer employees and locomotives to move freight, but Vena left after less than two years on the job. (AP) Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. Union Pacific is one of the nations largest railroads with a network of 32,400 miles (52,000 kilometers) of track in 23 Western states. What Could Elon Musk Possibly Be Thinking? The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last. New York hedge fund Soroban Capital Partners plans to shrink its main fund by $1.5 billion after a year of double-digit gains, becoming the latest in a string of managers to return some client . We cover how the global push towards decarbonization could have massive impacts on the industrial economy, the supply and demand forces at work in commodities production, and why energy and materials represent such a small share of the market today. ERIK MANDELBLATT OBITUARY Erik Charles Mandelblatt took his own life in Seattle on February 12, 2007. Lance Fritz, chief executive officer of Union Pacific. He launched his hedge fund in 1956 with $105,100 in seed capital. S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Powered and implemented by Interactive Data Managed Solutions. Mandelblatt also told investors in a letter Monday that Gaurav Kapadia, Sorobans co-founder and co-managing partner, is leaving the firm to start his own family office, where he will invest in both public and private companies. OMAHA, Neb. Nearly all the major U.S. freight railroads have adopted that model since CSX first began using it in 2017 after it was pressured by a different hedge fund to make changes although rail unions have expressed concerns that this precision scheduled railroading model has made the industry riskier because workers are spread so thin after nearly one-third of all rail jobs have been eliminated over the past six years. All rights reserved. To access the website, click "Allow". S&P 500 Index lost 10.8% in 1957, so Buffetts investors actually thrilled to beat the market by 20.1 percentage points in 1957. Meet "The Ski Home" owner and developer and tour this megahome in CNBC's new primetime series, "Secret Lives of the Super Rich" premiering Wednesday, Sept. 25 at 9 p.m. ET/PT. (AP) Union Pacific has announced plans to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. For example S&P 500 Index returned 43.4% in 1958. This return beat the S&P 500 by more than five percentage points. One stock-picking hedge fund loaded up on shares of e-commerce giant Amazon and American railroads amid the coronavirus pandemic..New York-based hedge fund Soroban Capital Partners co-founded by Eric Mandelblatt, Gaurav Kapadia, and Scott Friedman in 2010 manages about $10 billion in assets for clients.Following in the footsteps of several We are immensely grateful to have Lances continuing leadership and support and know he will ensure a smooth transition.. You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past eight years and that a leadership change is overdue. FORTUNE may receive compensation for some links to products and services on this website. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. deemed to be filed for the purpose of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act It explained that the board is focusing the process on highly-qualified candidates both within the industry and adjacent industries, and expects Fritzs successor to assume the position in 2023. Mandelblatt urged the railroad to hire former Chief Operations Officer Jim Vena, who helped overhaul Union Pacific's operations several years ago. In 1998, Mandelblatt joined Goldman Sachs, right after graduating from the University of Florida with a BS in Accounting and a Certificate of Completion of a BA in Finance. Eric Mandelblatt of Soroban Capital Partners At Insider Monkey we leave no stone unturned when looking for the next great investment idea. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. . Eric Mandelblatt is the founder and CIO of Soroban Capital. Zachary J. Schreiber. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. Checking your browser. Click the "Allow" button. Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. The hedge fund said it had a "long-held view that current management is not capable . Keith Meister, Eric Mandelblatt Step Down from Williams Companies (WMB) Board, How to Best Use Insider Monkey to Increase Your Returns, 6 Things You Didn't Know About Hedge Funds, The remainder of this cover page shall be filled out for a reporting persons initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information. Share Background Report Overview of Eric Weinstein Mandelblatt Lives in: Aspen, Colorado Phone: View phone number Gender: Male OMAHA, Neb. We follow Soroban alongside more than 800 other funds and offer our readers the possibility to follow these funds closely and receive alerts whenever they disclose updates to their portfolios via 13D and 13G filings with the Securities and Exchange Commission. UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. Mandelblatts firm will oversee about $6 billion after shift, Gaurav Kapadia, Sorobans co-founder, leaves to run own money, Photographer: David Paul Morris/Bloomberg. Western Pennsylvania's trusted news source. Vena was brought in to Union Pacific in 2019 from Canadian National to help the railroad change to a new operating model that relies on fewer, longer trains and significantly fewer employees and locomotives to move freight, but Vena left after less than two years on the job. Owner and developer Leathem Stearn tells CNBC: "It's really a lifestyle compound. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the past. Page 1 of 10 The asking price has since been reduced to $39,750,000. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. Richard E. Witten. Michael L. Eskew was the Chair of the Board and CEO of United Parcel Service, Inc. (UPS) from 2002 to 2007. Event which Requires Filing of this Statement). Get our editors daily picks straight in your inbox! Eric Mandelblatt is the founder and CIO of Soroban Capital. He praised Union Pacifics employees and touted the railroads performance without directly addressing the hedge funds criticism. Union Pacific is one of the nations largest railroads with a network of 32,400 miles (52,000 kilometers) of track in 23 Western states. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last . (Podcast). You can access the original SEC filing by clicking here. Why Energy Transfer, Hertz, McKesson, and Two Other Stocks Are Trending Today A Look at Five Stocks in Spotlight on Wednesday. The largest U.S. freight rail carrier said it had formed a task force of each of the boards committee chairs in November to consider a new leader. But the railroad's board said in a statement that it has been working with a leadership consultant since last year to identify the best internal and external candidates for the job. The hedge fund has been privately pressuring Union Pacific to oust Fritz at least since last year. UNP has ranked the worst in safety, volume growth, revenue growth, cost management, EBIT growth, and total shareholder return. Hedge fund interest inWilliams Companies Inc (NYSE:WMB) registered a considerable decline during the first quarter, as the number of fund invested fell to 52 at the end of March, from 59 registered a quarter before. Soroban Capital Partners is a hedge fund with 7 clients and discretionary assets under management (AUM) of $13,721,867,000 (Form ADV from 2022-09-15). We initially share this idea in October 2018 and the stock already returned more than 150%. Eric Mandelblatt; Firm: Soroban Capital Partners LP: Address: Soroban Capital Partners LP 55 West 46th Street, 32nd Floor New York, NY 10036: Source Investopedia does not include all offers available in the marketplace. This ultramodern home features a 54-foot pool and hot tub that also acts as the home's humidifier. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in aletterthat the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz tenure over the past eight years and that a leadership change is overdue. Kenneth I. Chenault is a former chair and CEO of American Express. Eric Mandelblatt, co-founder and chief investment officer at Soroban Capital Partners LP, arrives for the morning session of the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, U.S., on Wednesday, July 10, 2019. Eric Weinstein Mandelblatt (born 1976) is listed at 233 W Hallam St Aspen, Co 81611 and is affiliated with the Colorado Republican Party. Mandelblatt indicated that unlike typical shareholder engagements which come with numerous demands, "Soroban has only one ask: install new leadership who can get the trains to operate safely and. For example, in the first six months of 2017, the funds long positions in companies worth over $1.0 billion posted a weighted average return of 13.9%, according to our calculations. He has capably led our company during a time of significant challenge and change, positioning Union Pacific to deliver long-term sustainable value for shareholders and customers, McCarthy said. He launched his hedge fund in 1956 with $105,100 in seed capital. The managing partner of Soroban Capital Partners, Eric Mandelblatt, said in a letter that the Omaha, Nebraska-based railroad has lagged behind its peers during Lance Fritz' tenure over the last eight years and a leadership change is overdue. In the same report you can also find a detailed bonus biotech stock pick that we expect to return more than 50% within 12-24 months. Led by Eric Mandelblatt, Soroban said it owns a roughly $1.6 billion stake in Union Pacific, adding that it had on previous occasions privately expressed its "displeasure with years of . Professional Investors Public Equity For example S&P 500 Index returned 43.4% in 1958. Union Pacific has been steadily improving its performance since last spring as it hired hundreds of additional employees to operate its trains. The railroad did post a $1.6 billion profit in the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. Soroban was founded in 2010 by Eric Mandelblatt, who serves as Managing Partner and Chief Investment Officer and leads all investment activity. This compensation may impact how and where listings appear. My guest today is Eric Mandelblatt, founder and CIO of Soroban Capital, a $10 billion investment firm. The railroad did post a $1.6 billion profit in the fourth quarter, but over the past year it has struggled at times to handle all the shipments companies asked it to deliver. Union Pacific is one of the nations largest railroads with a network of 32,400 miles (52,000 kilometers) of track in 23 Western states. The latter, on the other hand, was against the merger and continued to oppose it even after both parties reached the agreement. Bloomberg Daybreak Middle East. And a Car. These are highly underwhelming results despite UNP having the premier railroad franchise in North America.. Union Pacific Chairman, President, and CEO Lance Fritz smiles after a news conference at the Durham Museum in Omaha, Neb. -- Union Pacific announced plans Sunday to replace its CEO later this year after a hedge fund that holds a $1.6 billion stake in the railroad went public with its concerns about his leadership. Soroban founder Eric Mandelblatt said in the letter new leadership could create significant shareholder value. UNP (Union Pacific) has repeatedly and significantly failed to reach its potential under Mr. Fritzs leadership, Mandelblatt wrote. His investors didnt mind that he underperformed the market in 1958 because he beat the market by a large margin in 1957. Once a saver, always a saver: Warren Buffett says generational wealth isnt what it used to be in his annual letter Salesforce is paying Matthew McConaughey reported $10 million a year for creative help despite laying off 8,000 CA Notice at Collection and Privacy Notice, Do Not Sell/Share My Personal Information. Eric Mandelblatt, managing partner at Soroban Capital Partners, which owns a $1.6 billion stake in the company, urged the board to replace Fritz in a letter Sunday, saying the company has. Both resignationsare documented in a recently amended filing with the Securities and Exchange Commission. Business with the trust Factor, a weekly newsletter examining what leaders need to succeed to navigate strengthen! Performance since last year former Chief Operations Officer Jim Vena, who serves as a board member the... Been investing and compounding for at least since last year railroads performance directly. S vibrant and inclusive hub, inspiring Jewish journeys, building community are Trending today a Look at Stocks! Oust Fritz at least since last year large margin in 1957 the of. And Financial News, stock Quotes, and total shareholder return been to. Of 10 the asking price has since been reduced to $ 39,750,000 he was in. 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