GSVR has its debt structured as repayable in gold and silver equivalents, which is why 20% lower revenue. The debt is not in USD but in metals. If you look at the more recent press releases they are paying them back as quickly as possible.
@KBLVКүн бұрын
and increase finance/interest costs is that they are, with the higher metals prices, paying them off more quickly. You can't just increase it to 6m/year and assume it is something permanent.
@katchumКүн бұрын
So revenue will go back to 100% when all debt is repaid?
@KBLVКүн бұрын
kzread.info/dash/bejne/nq5rtY-oe8vVpZs.htmlsi=YuOGbT1xb36HKz1g covers the debt structure and more
@KBLVКүн бұрын
@@katchum and debt repayable in metals is a great advantage because it doesn't screw them over totally in a bear scenario But great video tho, I like the deep dive
@Reg19823 күн бұрын
Interesting thanks for sharing love it!
@originalfred664 күн бұрын
Thanks for the commentary on this, but it sure has not done well over the last 2 years.
@katchum4 күн бұрын
In 2022 we did see a pullback in stocks together with lumber falling. In 2023 lumber and gold both went sideways to higher.
@dinaahmed40974 күн бұрын
many thanks brother
@Ganezlos4 күн бұрын
Why you dont study Liberty Gold please in your gold study?
@katchum4 күн бұрын
Good resource size, grade ok but deep. Looks fair value, will need to see feasibility results first.
@Ganezlos4 күн бұрын
@@katchum Ok. Thank you so much!
@adilakif00616 күн бұрын
Where do I find the tickers for these stocks?
@katchum6 күн бұрын
Just go to yahoo finance and type in the names of the stocks
@stevedrager788113 күн бұрын
Amazing find on the CPI! I have a slightly different theory based on your data. I think that the price of silver has always been manipulated based on derivatives and fake paper products (like SLV). I believe that you found the formula that the central banks, COMEX and others have used to create the price of silver all of these passed years. They created this price to suppress the real value of silver and make FIAT currencies look more attractive even though inflation destroys the value everyday. Therefore, using CPI makes sense to provide the illusion of stability. I think this is about to change. Manufacturing and investors now want real physical silver. The first moment that supply can not provide silver for photovoltaic panels , medical equipment, phones, military, EV's, film,......the price will jump as buyers fight for supply. The supply is about to run low for the first time in hundreds of years. I agree with everything you have said, but I think price will continue to rise this year to maybe $36 or $42 as some people see the scarcity coming. COMEX spot price will fall apart when other sources and exchanges are selling for $10 more per ounce. Unfortunately I do not have data to back up when the shortage will really kick off. We have been using much more silver the last 5 years than has been produced. Average solar panels use 0.30 ounces of silver and production is being ramped up significantly. By the way, I loved your video on MKO and bought a small amount of the gold company. I wish I would have bought a lot!
@robnisbet679716 күн бұрын
Thank you for the excellent video. Eric Sprott remains a shareholder of this company. I’m getting conflicting views on the financials and will use this information to get to the bottom of what’s going on here. Any updates would be appreciated
@katchum16 күн бұрын
I'm still bearish gsvr and think it's overvalued. But gold and silver will rise so they'll be fine.
@robnisbet679716 күн бұрын
@@katchumthanks. Keep up the great content
@MegaBoolaBoola16 күн бұрын
The CEO of Soma Gold was arrested for accepting bribes, and resigned in January.
@katchum16 күн бұрын
He was arrested for things not related to Soma Gold and new CEO is coming.
@MegaBoolaBoola16 күн бұрын
@@katchum Agreed. But having your CEO arrested for a financial crime, even if the crime is only related to his previous job, is no bueno.
@katchum16 күн бұрын
@@MegaBoolaBoola Not a big deal to me because it has nothing to do with the company itself.
@stanispanda390717 күн бұрын
how long do we do it for
@dinaahmed409719 күн бұрын
Hi. You mentioned silver may not go higher while gold will. Then you said silver follow gold as they rise together. Did i get confused somewhere?
@katchum19 күн бұрын
Gold and silver will both move higher, but silver will go up less if we keep seeing disinflation.
@Reg198219 күн бұрын
Thanks Albert learning so much from you almost beginning to feel like a goldbug now. Would really like to to dive into this market fully and only trade gold, silver and miners...
@katchum19 күн бұрын
Once gold moves into the bear cycle, I'll be looking at other sectors. But this bull market might take a while.
@eduardokosovicz874719 күн бұрын
i had a good stack 5 mouths ago, im quiet happy, and is going steady....it seems they are going for ESG. best time to buy, now! New era of batteries are just about to explode, Singapure and Malasia is comming with highly efficient new batteries technology, every company will follow, there will be a high demand....... and the companys that produces end products want green lithium. Made 2,5million crude last year buying stocks that really follows ESG.
@katchum19 күн бұрын
good for you, hope lithium rises
@user-zh7tw5bd3n19 күн бұрын
Have you taken in consideration the décennal gold run that experienced investors tell us has Silver outpace gold because gold makes the news and peasants only have money for silver? Congrats btw. Genius in the making
@katchum19 күн бұрын
silver oupaces gold for other reasons than that
@massefoy19 күн бұрын
@@katchum do you mean to say you have actually checked the bull runs of the 70s and that your parameter was the one?
@katchum19 күн бұрын
@@massefoy i checked the cpi between 2000-2018. I can do another check between 1960-2000.
@user-zh7tw5bd3n17 күн бұрын
@@katchum yes the key moments are the moments gold did 10X because we re in one of these moments silver does NOT behave similarly when gold moves all right and when it 10X
@farizuvais404419 күн бұрын
How then do you explain the recent explosive move up whereas the index has remained in negative territory all that time?
@katchum19 күн бұрын
China and India has been buying lots of silver, that's certainly a factor. But I want to keep it simple. Predict gold and predict the gold silver ratio.
@przemyslawtracz421520 күн бұрын
ok, sliver next ha ha
@katchum20 күн бұрын
Unfortunately, I haven't found a good way to predict silver.
@rahulkhatri289220 күн бұрын
Great content as always Albert. Always appreciate your work. I was wondering if you would consider looking into an oil and gas company Condor Energies (CDR). I know you don’t do oil and gas videos other than few videos on PEI. CDR started operation in Kazakhstan field from March 2024 and reported Q1 earnings. They made over 7mil just in March alone and I think they have huge potential moving forward. Next earnings will provide more clarity on their future. They have Khazik and Uzbek fields which they are starting to commence operations along with a Lithium mining field.
@MegaBoolaBoola21 күн бұрын
Most economists and youtubers have been calling for a recession, and a stock market decline, for years now. Howard Marks says macroeconomic forecasts tell you more about the forecaster, than they do about the economy. However, I really appreciate you and your content Albert.
@katchum20 күн бұрын
Recession is still coming.
@MegaBoolaBoola20 күн бұрын
@@katchum Recessions always come... eventually.
@Reg198221 күн бұрын
Really appreciate this kind of video's about sharing knowledge, hope you will continue to teach us some stuff!
@ptahX21 күн бұрын
This is an excellent video! I'm watching it for the second time already and taking notes. Thanks Albert!
@katchum21 күн бұрын
Remember, knowledge is power.
@przemyslawtracz421522 күн бұрын
and my experiment continues, because I still have that short but the stock trading is halted so I wonder what happens next, I guess it will go down to 0.05 or 0 not sure
@Lukky_Luke21 күн бұрын
cool, let us know how that works if trade never continues again.
@katchum21 күн бұрын
Haha, I've never been in such situation. You should have sold when it crashed 70%.
@Ravencroft8122 күн бұрын
They needed too much money to get to commercial production. That's pretty much my first question I ask when I'm looking at a possible investment.
@Reg198222 күн бұрын
He ben je toevallig nederlands?
@katchum22 күн бұрын
Vlaams
@Reg198222 күн бұрын
@@katchum Ah oke, kijk altijd met veel plezeier jouw channel erg leerzaarm. Misschien kan je ipv. van een analyse een keer een deep dive doen in hoe je beslist waar je naar kijkt en waarom.., en hoe je dat kan gebruiken om goud goed te kunnen traden.
@silicaskynet340123 күн бұрын
New update?
@katchum23 күн бұрын
lithium price hasn't changed, the update is still downside until 1 billion market cap.
@user-cv9qn8nr4p23 күн бұрын
It didin't worked, I'm gunna cry
@samchan961623 күн бұрын
Nice info
@pierrotfortin23 күн бұрын
What do you think of endeavour mining ?
@katchum23 күн бұрын
Fair value, but in a bad region.
@joepalazzolo612323 күн бұрын
Wesdome - WDOFF
@miKey1201-kx7ow24 күн бұрын
C.ELEM I think is worth a look I don't like Peru much but they also have a Nevada play .Also things have change since you last looked at LIO , they are now at 400/t /day with high grade gold
@kyler56524 күн бұрын
Did you ever look at sandstorm gold. Gold royalties
@katchum24 күн бұрын
Yes, I looked at wpm and fnv and they don't have enough cashflow to make me interested.
@johnceko830224 күн бұрын
I hope your right about Equinox.. will be great buying opportunity..
@katchum24 күн бұрын
Will have to drop a lot more for me to buy Equinox.
@mecinsignifiant24 күн бұрын
What do you think about POLY ? 475Koz a year at 1300 AISC, 20% CIT rate, 0% WHT rate. Trading at 1.5 Bn USD mkt cap. 150M net cash. 3.7x 2024 fwd p/e
@katchum24 күн бұрын
You mean polymetal? I can't even find the ticker lol.
@MegaBoolaBoola24 күн бұрын
I think they still need to get clearance to trade on western markets again, after they finally sold-off all of their valuable Russian assets for a discount.
@kyler56524 күн бұрын
Polymetal investor here. They will change the name to solidcore next week. Google Polymetal AiX for the ticker
@Sara-zo6el25 күн бұрын
It worked for me ipad air number 9 When I bought it, the store owner told me not to charge it until it runs out of charge, and I responded to it within a day. It ran out of charge, and I ran to charge it for two hours, and it did not charge or open from the first day I bought it. I told my mother, she told me, “We will return it,” and my heart was pounding because I was feeling depressed. A long time ago, the idea came to my mind to search on KZread, and when I searched, I saw videos, and they turned out to be fake, and this video appeared to me. I saw it and the comments were positive. I told my mother, she said, “Try it, I tried it, and it worked.” Thank you very much. It deserves a like and a subscription. Thank you. ❤❤
@Lukky_Luke25 күн бұрын
June-August is generally weak months for gold. So we got the whole summer hopefully to buy more gold stocks before it starts getting to 2700
@dinaahmed409725 күн бұрын
Many thanks brother
@ch230526 күн бұрын
What the heck happened with Trigon Metals. Up 92 cents???? Reverse stock split???
@katchum26 күн бұрын
Yes, 5:1 split
@Lukky_Luke25 күн бұрын
lets hope Monument mining does the same
@nedi924927 күн бұрын
Hi again, Why do you think, that the delta between Enterprise value and market cap is fully debt? Isnt it possible, that the market dont see the fair value of the company? (the proberties, the facilities, the reserves in the ground and so on...)?
@katchum27 күн бұрын
The delta between ev and market cap is by definition net debt liability. We don't count the non-current assets because you can't sell them for cash easily. Yes, it's possible they can expand reserves but they still need to get it out of the ground.
@justinwoah262228 күн бұрын
Any update on Soma Gold? Thanks
@katchum28 күн бұрын
Soma is profitable producing at full capacity. Pe of 3, ev/fcf of 5. Grades still rising back to normal levels as mining faces get in production. Aisc is at 1300 second half of this year. Exploration ongoing to get new resource estimate next year. Drilling cordero at depth and drilling old mines la ye and mangos. Also drilling nechi. Aurora gets in production by Q4. Debt repayments starting this month. They need to do maintenance and mill fix still so needed working capital cash.
@nedi924928 күн бұрын
Sry for my bad english - I am no native speaker: In my opinion there is a market cap from 72M€, where do you take 150M $ ? And is the output of their five mines constant? In my mind there are a good chance for a producer in this times with high silver and gold prices.
@katchum28 күн бұрын
You always need to take into account the debt/liabilities on the balance sheet because it needs to be repaid. That is where the 150M is coming from. 5 mines have different mine lives, but I just did a rough estimation. If you want, you can split it up per mine.
@nedi924927 күн бұрын
@@katchum Where is my long answer? Its gone?
@nedi924927 күн бұрын
@@katchum Puh...thanks for your answer short: I am uneducated in this - you seems deep in it: Why you add the debt - If I have 50k debt, and 50k on my bank account, I have 0 ?! And - why is this a matter of market cap at the stock exchange? Isnt it the decision of the investors, how much to pay for a company - book-worth? If there are easy ways to explain, I would be happy ;)
@katchum27 күн бұрын
@@nedi9249 When you buy a company, you also buy the debt. Let's look at the following scenario. I buy a company at 1m market cap, but they have 1 trillion of debt! Will you ever see any of the cashflow that comes in? No, because they will need to pay off the 1 trillion in debt.
@tassv590929 күн бұрын
hi Albert, just found your channel and watching this now. thanks for the video. happen to be also in trigon and mako mining. soma looks good however do not like the chart and following charts, which i only do since a year, seems to work a lot.
@katchum29 күн бұрын
The charts are about to get better.
@tassv590929 күн бұрын
@@katchum we did not coincidentally meet playing cards in czech republic last summer?
@katchum29 күн бұрын
@@tassv5909 I already forgot where I was last summer, but it wasn't Czech republic.
@tonyperrotti5049Ай бұрын
Can you look ınto Caledonıa gold mınıng? The stock ıs cheap .. 80k ounce gold producer 1k aısc .. mk cap around 200 mıllıon . Was just added to the GDXJ and payıng a 5.5% dividend..thanks
@katchumАй бұрын
Caledonia costs have increased a lot, currently not really cheap, but when they put the new project in production in 2028, it will double.
@freddy507017 күн бұрын
I find Caledonia Mining interesting but what market cap would be appropriate for a 80,000 ounce producer?
@katchum16 күн бұрын
@@freddy5070 That depends on lots of things like debt, costs, mine life, but Caledonia Mining is now fair value.
Пікірлер
Victoria gold recent crash.....maybe ?
Too many unknowns, could go bankrupt.
GSVR has its debt structured as repayable in gold and silver equivalents, which is why 20% lower revenue. The debt is not in USD but in metals. If you look at the more recent press releases they are paying them back as quickly as possible.
and increase finance/interest costs is that they are, with the higher metals prices, paying them off more quickly. You can't just increase it to 6m/year and assume it is something permanent.
So revenue will go back to 100% when all debt is repaid?
kzread.info/dash/bejne/nq5rtY-oe8vVpZs.htmlsi=YuOGbT1xb36HKz1g covers the debt structure and more
@@katchum and debt repayable in metals is a great advantage because it doesn't screw them over totally in a bear scenario But great video tho, I like the deep dive
Interesting thanks for sharing love it!
Thanks for the commentary on this, but it sure has not done well over the last 2 years.
In 2022 we did see a pullback in stocks together with lumber falling. In 2023 lumber and gold both went sideways to higher.
many thanks brother
Why you dont study Liberty Gold please in your gold study?
Good resource size, grade ok but deep. Looks fair value, will need to see feasibility results first.
@@katchum Ok. Thank you so much!
Where do I find the tickers for these stocks?
Just go to yahoo finance and type in the names of the stocks
Amazing find on the CPI! I have a slightly different theory based on your data. I think that the price of silver has always been manipulated based on derivatives and fake paper products (like SLV). I believe that you found the formula that the central banks, COMEX and others have used to create the price of silver all of these passed years. They created this price to suppress the real value of silver and make FIAT currencies look more attractive even though inflation destroys the value everyday. Therefore, using CPI makes sense to provide the illusion of stability. I think this is about to change. Manufacturing and investors now want real physical silver. The first moment that supply can not provide silver for photovoltaic panels , medical equipment, phones, military, EV's, film,......the price will jump as buyers fight for supply. The supply is about to run low for the first time in hundreds of years. I agree with everything you have said, but I think price will continue to rise this year to maybe $36 or $42 as some people see the scarcity coming. COMEX spot price will fall apart when other sources and exchanges are selling for $10 more per ounce. Unfortunately I do not have data to back up when the shortage will really kick off. We have been using much more silver the last 5 years than has been produced. Average solar panels use 0.30 ounces of silver and production is being ramped up significantly. By the way, I loved your video on MKO and bought a small amount of the gold company. I wish I would have bought a lot!
Thank you for the excellent video. Eric Sprott remains a shareholder of this company. I’m getting conflicting views on the financials and will use this information to get to the bottom of what’s going on here. Any updates would be appreciated
I'm still bearish gsvr and think it's overvalued. But gold and silver will rise so they'll be fine.
@@katchumthanks. Keep up the great content
The CEO of Soma Gold was arrested for accepting bribes, and resigned in January.
He was arrested for things not related to Soma Gold and new CEO is coming.
@@katchum Agreed. But having your CEO arrested for a financial crime, even if the crime is only related to his previous job, is no bueno.
@@MegaBoolaBoola Not a big deal to me because it has nothing to do with the company itself.
how long do we do it for
Hi. You mentioned silver may not go higher while gold will. Then you said silver follow gold as they rise together. Did i get confused somewhere?
Gold and silver will both move higher, but silver will go up less if we keep seeing disinflation.
Thanks Albert learning so much from you almost beginning to feel like a goldbug now. Would really like to to dive into this market fully and only trade gold, silver and miners...
Once gold moves into the bear cycle, I'll be looking at other sectors. But this bull market might take a while.
i had a good stack 5 mouths ago, im quiet happy, and is going steady....it seems they are going for ESG. best time to buy, now! New era of batteries are just about to explode, Singapure and Malasia is comming with highly efficient new batteries technology, every company will follow, there will be a high demand....... and the companys that produces end products want green lithium. Made 2,5million crude last year buying stocks that really follows ESG.
good for you, hope lithium rises
Have you taken in consideration the décennal gold run that experienced investors tell us has Silver outpace gold because gold makes the news and peasants only have money for silver? Congrats btw. Genius in the making
silver oupaces gold for other reasons than that
@@katchum do you mean to say you have actually checked the bull runs of the 70s and that your parameter was the one?
@@massefoy i checked the cpi between 2000-2018. I can do another check between 1960-2000.
@@katchum yes the key moments are the moments gold did 10X because we re in one of these moments silver does NOT behave similarly when gold moves all right and when it 10X
How then do you explain the recent explosive move up whereas the index has remained in negative territory all that time?
China and India has been buying lots of silver, that's certainly a factor. But I want to keep it simple. Predict gold and predict the gold silver ratio.
ok, sliver next ha ha
Unfortunately, I haven't found a good way to predict silver.
Great content as always Albert. Always appreciate your work. I was wondering if you would consider looking into an oil and gas company Condor Energies (CDR). I know you don’t do oil and gas videos other than few videos on PEI. CDR started operation in Kazakhstan field from March 2024 and reported Q1 earnings. They made over 7mil just in March alone and I think they have huge potential moving forward. Next earnings will provide more clarity on their future. They have Khazik and Uzbek fields which they are starting to commence operations along with a Lithium mining field.
Most economists and youtubers have been calling for a recession, and a stock market decline, for years now. Howard Marks says macroeconomic forecasts tell you more about the forecaster, than they do about the economy. However, I really appreciate you and your content Albert.
Recession is still coming.
@@katchum Recessions always come... eventually.
Really appreciate this kind of video's about sharing knowledge, hope you will continue to teach us some stuff!
This is an excellent video! I'm watching it for the second time already and taking notes. Thanks Albert!
Remember, knowledge is power.
and my experiment continues, because I still have that short but the stock trading is halted so I wonder what happens next, I guess it will go down to 0.05 or 0 not sure
cool, let us know how that works if trade never continues again.
Haha, I've never been in such situation. You should have sold when it crashed 70%.
They needed too much money to get to commercial production. That's pretty much my first question I ask when I'm looking at a possible investment.
He ben je toevallig nederlands?
Vlaams
@@katchum Ah oke, kijk altijd met veel plezeier jouw channel erg leerzaarm. Misschien kan je ipv. van een analyse een keer een deep dive doen in hoe je beslist waar je naar kijkt en waarom.., en hoe je dat kan gebruiken om goud goed te kunnen traden.
New update?
lithium price hasn't changed, the update is still downside until 1 billion market cap.
It didin't worked, I'm gunna cry
Nice info
What do you think of endeavour mining ?
Fair value, but in a bad region.
Wesdome - WDOFF
C.ELEM I think is worth a look I don't like Peru much but they also have a Nevada play .Also things have change since you last looked at LIO , they are now at 400/t /day with high grade gold
Did you ever look at sandstorm gold. Gold royalties
Yes, I looked at wpm and fnv and they don't have enough cashflow to make me interested.
I hope your right about Equinox.. will be great buying opportunity..
Will have to drop a lot more for me to buy Equinox.
What do you think about POLY ? 475Koz a year at 1300 AISC, 20% CIT rate, 0% WHT rate. Trading at 1.5 Bn USD mkt cap. 150M net cash. 3.7x 2024 fwd p/e
You mean polymetal? I can't even find the ticker lol.
I think they still need to get clearance to trade on western markets again, after they finally sold-off all of their valuable Russian assets for a discount.
Polymetal investor here. They will change the name to solidcore next week. Google Polymetal AiX for the ticker
It worked for me ipad air number 9 When I bought it, the store owner told me not to charge it until it runs out of charge, and I responded to it within a day. It ran out of charge, and I ran to charge it for two hours, and it did not charge or open from the first day I bought it. I told my mother, she told me, “We will return it,” and my heart was pounding because I was feeling depressed. A long time ago, the idea came to my mind to search on KZread, and when I searched, I saw videos, and they turned out to be fake, and this video appeared to me. I saw it and the comments were positive. I told my mother, she said, “Try it, I tried it, and it worked.” Thank you very much. It deserves a like and a subscription. Thank you. ❤❤
June-August is generally weak months for gold. So we got the whole summer hopefully to buy more gold stocks before it starts getting to 2700
Many thanks brother
What the heck happened with Trigon Metals. Up 92 cents???? Reverse stock split???
Yes, 5:1 split
lets hope Monument mining does the same
Hi again, Why do you think, that the delta between Enterprise value and market cap is fully debt? Isnt it possible, that the market dont see the fair value of the company? (the proberties, the facilities, the reserves in the ground and so on...)?
The delta between ev and market cap is by definition net debt liability. We don't count the non-current assets because you can't sell them for cash easily. Yes, it's possible they can expand reserves but they still need to get it out of the ground.
Any update on Soma Gold? Thanks
Soma is profitable producing at full capacity. Pe of 3, ev/fcf of 5. Grades still rising back to normal levels as mining faces get in production. Aisc is at 1300 second half of this year. Exploration ongoing to get new resource estimate next year. Drilling cordero at depth and drilling old mines la ye and mangos. Also drilling nechi. Aurora gets in production by Q4. Debt repayments starting this month. They need to do maintenance and mill fix still so needed working capital cash.
Sry for my bad english - I am no native speaker: In my opinion there is a market cap from 72M€, where do you take 150M $ ? And is the output of their five mines constant? In my mind there are a good chance for a producer in this times with high silver and gold prices.
You always need to take into account the debt/liabilities on the balance sheet because it needs to be repaid. That is where the 150M is coming from. 5 mines have different mine lives, but I just did a rough estimation. If you want, you can split it up per mine.
@@katchum Where is my long answer? Its gone?
@@katchum Puh...thanks for your answer short: I am uneducated in this - you seems deep in it: Why you add the debt - If I have 50k debt, and 50k on my bank account, I have 0 ?! And - why is this a matter of market cap at the stock exchange? Isnt it the decision of the investors, how much to pay for a company - book-worth? If there are easy ways to explain, I would be happy ;)
@@nedi9249 When you buy a company, you also buy the debt. Let's look at the following scenario. I buy a company at 1m market cap, but they have 1 trillion of debt! Will you ever see any of the cashflow that comes in? No, because they will need to pay off the 1 trillion in debt.
hi Albert, just found your channel and watching this now. thanks for the video. happen to be also in trigon and mako mining. soma looks good however do not like the chart and following charts, which i only do since a year, seems to work a lot.
The charts are about to get better.
@@katchum we did not coincidentally meet playing cards in czech republic last summer?
@@tassv5909 I already forgot where I was last summer, but it wasn't Czech republic.
Can you look ınto Caledonıa gold mınıng? The stock ıs cheap .. 80k ounce gold producer 1k aısc .. mk cap around 200 mıllıon . Was just added to the GDXJ and payıng a 5.5% dividend..thanks
Caledonia costs have increased a lot, currently not really cheap, but when they put the new project in production in 2028, it will double.
I find Caledonia Mining interesting but what market cap would be appropriate for a 80,000 ounce producer?
@@freddy5070 That depends on lots of things like debt, costs, mine life, but Caledonia Mining is now fair value.