Augustikuu esimese börsipäevaga jätkati juulikuu võimast tõusu ning S&P500 ületas 1000 punkti taseme ning jõudis viimase 9 kuu tippudele. Täna tund aega enne turu avanemist teatatakse juunikuu eraisikute sissetuleku muutus (ootuseks -1.0%) ja kulutuste muutus (ootuseks +0.3%). Kell 17.00 tuleb juunikuu Pending Home Sales, millelt oodatakse 0.3%list kasvu.
Kuigi üksikuid makroandmeid tuleb ka järgnevatel päevadel, on kõigi silmad ootusärevalt suunatud ikkagi reedesele tööjõuraportile.
http://www.ap3.ee/Default2.aspx?ArticleID=c2487587-d23a-4025-8279-e9cf5f3f0ad0&ref=rss
Mobius ostab Olympicut ja Tallinki?
Mobius ostab Olympicut ja Tallinki?
Mobius käis 16. juulil Tallinnas paari siinset ettevõtet külastamas, aga tema juhitavate fondide mahtude juures on siinsed aktsiad liiga väiksed ja vähelikviidsed
Viimase kuu tõus on olnud niivõrd äkiline, et leidub ka neid varahaldajaid, kes on otsustanud minna 100% rahasse, et kas või ajutiselt kasumeid lukku panna. Järgmine tükk on pärit Ron Insana sulest RealMoney alt eile hilisõhtul:
Why I Went Fully Into Cash
By Ron Insana
Earlier today I talked about a melt-up in the markets, which may very well be in the cards. But I also told subscribers to my "Market Movers" newsletter later in the morning that I was taking my entire portfolio to cash.
It was, admittedly, a shocking reversal to my recent stance on the markets and my views on longer-term investing. But the reason I moved to cash, as a manager of real money, as opposed to a model portfolio, centered on prudent portfolio management.
The "Market Movers" portfolio had gained roughly 47% since its inception through early this morning. In recent days, the portfolio was jumping 2% or 3% at the opening bell, quickening the pace of recent gains.
The stocks, in the aggregate, were rising at a better than 100% annualized rate. Those kinds of gains are too rich for my blood, even though I believe that all the stocks in the portfolio will appreciate significantly in the next two to five years.
Having said that, the volatility of the portfolio is often double that of the S&P 500, making it both difficult and expensive for me to protect my gains with hedges, whether it's selling S&P futures, buying puts or using ETFs.
I have found, through some expensive mistakes, that hedging cannot always allow you to hold on to profits during a market correction, nor can it protect historic gains from vaporizing over the remainder of the year.
Hence my decision today to go to cash and trade around the market until a point where I decide it is prudent for me to re-enter. I am highly likely to buy many of the same stocks back, particularly banks, homebuilders and a host of others. My move is not a referendum on the individual stocks in my portfolio or on the market overall.
It is, however, a conscious decision for me to lock in gains and use the proceeds to explore some trading opportunities in individual stocks I have been watching in recent weeks, or to trade the S&P, both long and short, until I decide that a full re-entry is warranted.
I am not recommending that everyone follow my lead on this. For those who have longer-term time horizons, there's no need to do anything here.
As a portfolio manager, however, I believe it is incumbent upon me to protect my gains, especially since we have come so far, so fast.
Why I Went Fully Into Cash
By Ron Insana
Earlier today I talked about a melt-up in the markets, which may very well be in the cards. But I also told subscribers to my "Market Movers" newsletter later in the morning that I was taking my entire portfolio to cash.
It was, admittedly, a shocking reversal to my recent stance on the markets and my views on longer-term investing. But the reason I moved to cash, as a manager of real money, as opposed to a model portfolio, centered on prudent portfolio management.
The "Market Movers" portfolio had gained roughly 47% since its inception through early this morning. In recent days, the portfolio was jumping 2% or 3% at the opening bell, quickening the pace of recent gains.
The stocks, in the aggregate, were rising at a better than 100% annualized rate. Those kinds of gains are too rich for my blood, even though I believe that all the stocks in the portfolio will appreciate significantly in the next two to five years.
Having said that, the volatility of the portfolio is often double that of the S&P 500, making it both difficult and expensive for me to protect my gains with hedges, whether it's selling S&P futures, buying puts or using ETFs.
I have found, through some expensive mistakes, that hedging cannot always allow you to hold on to profits during a market correction, nor can it protect historic gains from vaporizing over the remainder of the year.
Hence my decision today to go to cash and trade around the market until a point where I decide it is prudent for me to re-enter. I am highly likely to buy many of the same stocks back, particularly banks, homebuilders and a host of others. My move is not a referendum on the individual stocks in my portfolio or on the market overall.
It is, however, a conscious decision for me to lock in gains and use the proceeds to explore some trading opportunities in individual stocks I have been watching in recent weeks, or to trade the S&P, both long and short, until I decide that a full re-entry is warranted.
I am not recommending that everyone follow my lead on this. For those who have longer-term time horizons, there's no need to do anything here.
As a portfolio manager, however, I believe it is incumbent upon me to protect my gains, especially since we have come so far, so fast.
Eile õhtul langetas Goldman Sachs maikuu tippude lähedal kaupleva Lamar Advertisingu (LAMR) soovituse "neutraalse" pealt "müü" peale. Arvatakse, et aktsia on oma kasumipotentsiaalist ette rutanud. Reedel avaldas oma tulemused ka Eestis tegutsev JC Decaux, kuid kommentaarides oldi reklaamituru paranemise osas skeptilised. Goldman Sachs rakendab LAMRi 2010. aasta aktsiapõhisele rahavoole ($1.25) kordajat 12 ning saab aktsia hinnasihiks $15. Hetkel kaubeldakse hinna $22 juures ning kuigi hinnasiht jäeti muutmata, peaks downgrade saama üksjagu tähelepanu. Teisalt avaldab LAMR oma teise kvartali tulemused neljapäeval, mistõttu esialgne negatiivne reageering võidakse ka kiirelt tagasi osta.
Fundtech (FNDT) ületab oma 2. kvartali tulemustega turu ootusi ning näitab non-GAAP EPSi $0.11 vs oodatud $0.08. $28.4 miljoniline müügitulu vastab ootustele ning samuti on ootustele vastavad 3. kvartali prognoosid. Ettevõte soovib jätkata (ja suurendada) aktsiate tagasiostuprogrammi ning juhtkond ütleb pressiteates, et ettevõte hakkab nägema märke, mis viitavad suurte pankade valmisolekule taas oma infrastruktuuri arendamisse investeerida. Konverentsikõne toimub Eesti aja järgi kell 15.30 - link siin.
Kas OMXV indeks murrab täna 200 punkti piiri...?!
Joel, räägi CHK väga headest tulemustest kah. Hea bet. JP Morgan tõstab hinnasihi 37 usdile
Mult on varem küsitud, kuidas kaitsta ennast dollari odavnemise vastu võrreldes teiste maailma valuutadega. Üks selline instrument on USA börsil täiesti olemas - UDN. Nimelt UDN tõuseb, kui dollar odavneb euro, jaapani jeeni, Suurbritannia naela, Šveitsi franki, Rootsi krooni ja Kanada dollarist koostatud valuutakorvi vastu. UDNile on soovi korral võimalik peale osta ka optsioone.
Chesapeake'i (CHK) tulemustega võib minu arvates tõepoolest rahule jääda ja pikaajaline potentsiaal ettevõttesse investeerides on korralik. Kommentaar Pro alla saab üles veel tänase päeva jooksul. Kuigi eelturul on aktsia pisut miinuses, on see viimase aja kiiret tõusu arvestades ja täna hommikusi punaseid futuure arvestades okei. Mitmed analüüsimajad on aktsiat tulemuste järgselt kiitnud - JPM on väljas$37.5lise sihiga, Stifel Nicolaus $38lise sihiga ning Morgan Stanley kinnitab oma $34list sihti.
June Personal Income -1.3% vs -1.0% consensus; prior revised to +1.3% from +1.4%.
June Personal Spending +0.4% vs +0.3% consensus; prior revised to +0.1% from +0.3%.
June Personal Spending +0.4% vs +0.3% consensus; prior revised to +0.1% from +0.3%.
Bank of America has eased loan terms for 4% of troubled homeowners eliglble under rescue, Wells Fargo has offered help to 6% of eligible; JPMorgan 20%, according to Treasury
USA futuurid indikeerivad turgude avanemist ca 0.5%lises miinuses, mille peamiseks põhjuseks võib pidada punast Euroopa turgu.
Euroopa turud:
Saksamaa DAX -0.79%
Prantsusmaa CAC 40 -0.68%
Inglismaa FTSE 100 -1.12%
Hispaania IBEX 35 -0.90%
Rootsi OMX 30 -1.85%
Venemaa MICEX -1.04%
Poola WIG -1.43%
Aasia turud:
Jaapani Nikkei 225 +0.22%
Hong Kongi Hang Seng -0.05%
Hiina Shanghai A (kodumaine) +0.25%
Hiina Shanghai B (välismaine) +1.45%
Lõuna-Korea Kosdaq -0.36%
Tai Set 50 +0.04%
India Sensex 30 -0.59%
Be Patient, and Wait for a Return of Favor
By Rev Shark
RealMoney.com Contributor
8/4/2009 8:48 AM EDT
When all the world is young, lad,
And all the trees are green;
And every goose a swan, lad,
And every lass a queen;
Then hey for boot and horse, lad,
And round the world away;
Young blood must have its course, lad,
And every dog his day.
-- "The Water Babies" by C. Kingsley
As the market has gone straight up without a pause over the last couple of weeks, I have written numerous times about how this isn't necessarily such an easy market for many market players. When you see the celebration in the media and constantly read about the wonderfulness of it all, it is quite easy to feel like you might be missing out. And in fact, most active market players are missing out to some degree.
The folks who benefit the most in a market that goes straight up are those who stay fully invested and use a buy-and-hold approach. If you simply stayed fully long for the last couple of weeks, you have had the superior investment strategy for this market.
A more active approach to the market over the last few weeks -- where you locked in gains as stocks became extended and looked to buy pullbacks as they occurred -- would have left you underperforming. Your sales would have been too early, as things just kept on running, and your new buys would be negligible because pullbacks just weren't occurring.
Of course, the reverse would have been the case as the market fell apart last year and earlier this year. The fully invested, buy-and-hold approach would have cost you dearly, while the more active approach would have likely yielded far superior results.
There isn't anything particularly profound about that observation, but it is important because people tend to forget how styles fall in and out of favor. If you are active in the markets, it is inevitable that you will go through periods of frustration and underperformance. It is the nature of the beast, and there isn't much you can do about it. You might try to reinvent your investing style as the market evolves, but that is tremendously difficult. Not only does your timing have to be quite good, but you also have to adjust to a new approach that may be uncomfortable and unfamiliar.
If you have been feeling frustrated at being underinvested as this market runs away, I can assure you that you will have your day again. The important thing is that you not let emotions push you to do something rash. You just need to embrace the fact that the market is full of cycles and that eventually every dog will have his day.
We have a slight pause in the action this morning. The news wires are quite slow and a little profit-taking is kicking in. The market has been way too strong to suddenly and completely fall apart, but the likelihood of hitting an air pocket at this lofty altitude is quite high.
-----------------------------
Ülespoole avanevad:
In reaction to strong earnings/guidance: TAST +14.3%, CRAY +10.2%, CTSH +6.7%, WMS +6.1% (also upgraded to Overweight from Neutral at JP Morgan), SNTS +5.7%, WLK +5.2% (light volume), SYKE +5.1% (light volume), CVS +4.4%, EXBD +4.1%, CAM +3.2%... M&A news: PAS +7.1% and PBG +6.4% (Bloomberg reports that PEP is said to be near a takeover agreement with bottlers)... Other news: MELA +12.7% (FDA Accepts MELA's MelaFind Pre-Market Approval application for review), CNO +8.7% (continued momentum), GLBL +4.7% (into exclusive agreement with Fluor Offshore Solutions to jointly pursue Middle East projects), ONTY +4.4% (continued momentum from yesterday's 30%+jump), HURN +2.3% (modestly rebounding from yesterday's 30 point drop), CIG +1.7% (Cramer makes positive comments on MadMoney), CEPH +1.5% (says Journal of Clinical Oncology Publishes TREANDA study demonstrating 'significant improvement' in overall response and progression-free survival in chronic lymphocytic leukemia)... Analyst comments: SVVS +3.6% (upgraded to Overweight at Morgan Stanley), HGSI +2.8 (upgraded to Buy at ThinkEquity).
Allapoole avanevad:
In reaction to disappointing earnings/guidance: HLF -18.4%, STEC -9.9% (also announces secondary offering of 7.5 mln shares of common stock), IPHS -9.0%, UBS -8.1%, ADM -7.9%, G -7.1% (light volume), HOLX -5.6%, ATML -5.6%, EXPD -5.2% (light volume), PPL -5.0% (also downgraded to Hold from Buy at Soleil), ZBRA -4.9%, CTX -4.6%, TIE -4.4%, EMS -4.2% (also intends to commence a 7 mln share common stock offering), VMC -3.8%, ARNA -3.6% (also filed for a 28 mln share common stock offering by selling shareholders), TXRH -3.1%, PHM -2.6%, SPG -1.8%, TM -1.1%... Select financial names showing weakness: IRE -10.8%, ING -3.2%, AXA -2.8%, HBC -2.8% (hires CICC, Citic on $3 bln - 5 bln a-share IPO, according to sources - DJ), LYG -2.4%, RBS -2.4%, ABB -2.1%, HIG -2.1%, FITB -1.9%, BAC -1.1%, MS -1.1%, JPM -1.0%... Select oil/gas names trading lower: PTR -2.9%, CEO -2.3%, E -2.3%, BP -1.3%, RIG -1.3%, OXY -1.2%, SLB -1.2%... Select metals/mining names showing weakness: MT -3.6%, RTP -3.5%, BHP -2.6% (BHP names ex-Ford CEO as Chairman - WSJ), BBL -2.3%, ABX -0.8% (downgraded to Sector Perform from Outperform at CIBC Wrld Mkts)... Other news: ARIA -8.0% (announces public offering of 17,000,000 shares), SFY -7.1% (announces offering of 5,000,000 shares of common stock), NABI -6.8% (still checking), SIRO -5.4% (proposes public secondary offering of 7,500,000 shares), ENOC -5.0% (announces 3.75 mln common share offering), CENX -3.7% (still checking), AKS -2.1% (announces September 2009 surcharges $170 per ton for electrical and stainless steels)... Analyst comments: LAMR -6.3% (cut to Sell from Neutral at Goldman- Reuters), SVNT -4.7% (downgraded to Underperform at Jefferies), AIXG -4.5% (downgraded to Neutral at Credit Suisse), CBS -3.5% (cut to Sell from Hold at Natixis), FTE -2.7% (downgraded to Neutral at BofA/Merrill).
By Rev Shark
RealMoney.com Contributor
8/4/2009 8:48 AM EDT
When all the world is young, lad,
And all the trees are green;
And every goose a swan, lad,
And every lass a queen;
Then hey for boot and horse, lad,
And round the world away;
Young blood must have its course, lad,
And every dog his day.
-- "The Water Babies" by C. Kingsley
As the market has gone straight up without a pause over the last couple of weeks, I have written numerous times about how this isn't necessarily such an easy market for many market players. When you see the celebration in the media and constantly read about the wonderfulness of it all, it is quite easy to feel like you might be missing out. And in fact, most active market players are missing out to some degree.
The folks who benefit the most in a market that goes straight up are those who stay fully invested and use a buy-and-hold approach. If you simply stayed fully long for the last couple of weeks, you have had the superior investment strategy for this market.
A more active approach to the market over the last few weeks -- where you locked in gains as stocks became extended and looked to buy pullbacks as they occurred -- would have left you underperforming. Your sales would have been too early, as things just kept on running, and your new buys would be negligible because pullbacks just weren't occurring.
Of course, the reverse would have been the case as the market fell apart last year and earlier this year. The fully invested, buy-and-hold approach would have cost you dearly, while the more active approach would have likely yielded far superior results.
There isn't anything particularly profound about that observation, but it is important because people tend to forget how styles fall in and out of favor. If you are active in the markets, it is inevitable that you will go through periods of frustration and underperformance. It is the nature of the beast, and there isn't much you can do about it. You might try to reinvent your investing style as the market evolves, but that is tremendously difficult. Not only does your timing have to be quite good, but you also have to adjust to a new approach that may be uncomfortable and unfamiliar.
If you have been feeling frustrated at being underinvested as this market runs away, I can assure you that you will have your day again. The important thing is that you not let emotions push you to do something rash. You just need to embrace the fact that the market is full of cycles and that eventually every dog will have his day.
We have a slight pause in the action this morning. The news wires are quite slow and a little profit-taking is kicking in. The market has been way too strong to suddenly and completely fall apart, but the likelihood of hitting an air pocket at this lofty altitude is quite high.
-----------------------------
Ülespoole avanevad:
In reaction to strong earnings/guidance: TAST +14.3%, CRAY +10.2%, CTSH +6.7%, WMS +6.1% (also upgraded to Overweight from Neutral at JP Morgan), SNTS +5.7%, WLK +5.2% (light volume), SYKE +5.1% (light volume), CVS +4.4%, EXBD +4.1%, CAM +3.2%... M&A news: PAS +7.1% and PBG +6.4% (Bloomberg reports that PEP is said to be near a takeover agreement with bottlers)... Other news: MELA +12.7% (FDA Accepts MELA's MelaFind Pre-Market Approval application for review), CNO +8.7% (continued momentum), GLBL +4.7% (into exclusive agreement with Fluor Offshore Solutions to jointly pursue Middle East projects), ONTY +4.4% (continued momentum from yesterday's 30%+jump), HURN +2.3% (modestly rebounding from yesterday's 30 point drop), CIG +1.7% (Cramer makes positive comments on MadMoney), CEPH +1.5% (says Journal of Clinical Oncology Publishes TREANDA study demonstrating 'significant improvement' in overall response and progression-free survival in chronic lymphocytic leukemia)... Analyst comments: SVVS +3.6% (upgraded to Overweight at Morgan Stanley), HGSI +2.8 (upgraded to Buy at ThinkEquity).
Allapoole avanevad:
In reaction to disappointing earnings/guidance: HLF -18.4%, STEC -9.9% (also announces secondary offering of 7.5 mln shares of common stock), IPHS -9.0%, UBS -8.1%, ADM -7.9%, G -7.1% (light volume), HOLX -5.6%, ATML -5.6%, EXPD -5.2% (light volume), PPL -5.0% (also downgraded to Hold from Buy at Soleil), ZBRA -4.9%, CTX -4.6%, TIE -4.4%, EMS -4.2% (also intends to commence a 7 mln share common stock offering), VMC -3.8%, ARNA -3.6% (also filed for a 28 mln share common stock offering by selling shareholders), TXRH -3.1%, PHM -2.6%, SPG -1.8%, TM -1.1%... Select financial names showing weakness: IRE -10.8%, ING -3.2%, AXA -2.8%, HBC -2.8% (hires CICC, Citic on $3 bln - 5 bln a-share IPO, according to sources - DJ), LYG -2.4%, RBS -2.4%, ABB -2.1%, HIG -2.1%, FITB -1.9%, BAC -1.1%, MS -1.1%, JPM -1.0%... Select oil/gas names trading lower: PTR -2.9%, CEO -2.3%, E -2.3%, BP -1.3%, RIG -1.3%, OXY -1.2%, SLB -1.2%... Select metals/mining names showing weakness: MT -3.6%, RTP -3.5%, BHP -2.6% (BHP names ex-Ford CEO as Chairman - WSJ), BBL -2.3%, ABX -0.8% (downgraded to Sector Perform from Outperform at CIBC Wrld Mkts)... Other news: ARIA -8.0% (announces public offering of 17,000,000 shares), SFY -7.1% (announces offering of 5,000,000 shares of common stock), NABI -6.8% (still checking), SIRO -5.4% (proposes public secondary offering of 7,500,000 shares), ENOC -5.0% (announces 3.75 mln common share offering), CENX -3.7% (still checking), AKS -2.1% (announces September 2009 surcharges $170 per ton for electrical and stainless steels)... Analyst comments: LAMR -6.3% (cut to Sell from Neutral at Goldman- Reuters), SVNT -4.7% (downgraded to Underperform at Jefferies), AIXG -4.5% (downgraded to Neutral at Credit Suisse), CBS -3.5% (cut to Sell from Hold at Natixis), FTE -2.7% (downgraded to Neutral at BofA/Merrill).
PepsiCo confrims merger agreements with Pepsi Bottling Group and PepsiAmericas
PepsiCo (PEP) confirmed that it has entered into definitive merger agreements with The Pepsi Bottling Group (PBG) and PAS under which PEP will acquire all of the outstanding shares of common stock it does not already own in its two largest anchor bottlers. Under the agreements, PBG shareholders will have the option to elect either $36.50 in cash or 0.6432 shares of PEP common stock (which had a value of $36.50 based on PepsiCo closing share price of $56.75 on July 31, 2009) for each share of PBG, subject to proration such that the aggregate consideration to be paid to PBG shareholders shall be 50% cash and 50% PEP common stock. Similarly, PAS shareholders will have the option to elect either $28.50 in cash or 0.5022 shares of PEP common stock for each share of PAS (which had a value of $28.50 based on PepsiCo closing share price of $56.75 on July 31, 2009), subject to proration such that the aggregate consideration to be paid to PAS shareholders shall be 50% cash and 50% PepsiCo common stock. The total value of the shares that PEP will be acquiring is about $7.8 billion, and the acquisitions will create one of the largest food and beverage companies globally. Based on the recommendations of the Special Committee of PBG and the Transactions Committee of PAS, the boards of directors of PBG and PAS, respectively, have approved the transactions. This transaction is expected to create annual pre-tax synergies of $300 million by 2012 largely due to greater cost efficiency and also improved revenue opportunities. The acquisitions are expected to be accretive to PepsiCo's earnings by about 15 cents per share when synergies are fully realized in 2012.
PepsiCo (PEP) confirmed that it has entered into definitive merger agreements with The Pepsi Bottling Group (PBG) and PAS under which PEP will acquire all of the outstanding shares of common stock it does not already own in its two largest anchor bottlers. Under the agreements, PBG shareholders will have the option to elect either $36.50 in cash or 0.6432 shares of PEP common stock (which had a value of $36.50 based on PepsiCo closing share price of $56.75 on July 31, 2009) for each share of PBG, subject to proration such that the aggregate consideration to be paid to PBG shareholders shall be 50% cash and 50% PEP common stock. Similarly, PAS shareholders will have the option to elect either $28.50 in cash or 0.5022 shares of PEP common stock for each share of PAS (which had a value of $28.50 based on PepsiCo closing share price of $56.75 on July 31, 2009), subject to proration such that the aggregate consideration to be paid to PAS shareholders shall be 50% cash and 50% PepsiCo common stock. The total value of the shares that PEP will be acquiring is about $7.8 billion, and the acquisitions will create one of the largest food and beverage companies globally. Based on the recommendations of the Special Committee of PBG and the Transactions Committee of PAS, the boards of directors of PBG and PAS, respectively, have approved the transactions. This transaction is expected to create annual pre-tax synergies of $300 million by 2012 largely due to greater cost efficiency and also improved revenue opportunities. The acquisitions are expected to be accretive to PepsiCo's earnings by about 15 cents per share when synergies are fully realized in 2012.
Chesapeake'i (CHK) konverentsikõne on väga enesekindel ja optimistlik ning koos konverentsikõne edenemisega on aktsia liikunud ka üha uutele tippudele.
June Pending Home Sales M/M +3.6% vs +0.7% consensus, prior +0.8%; Y/Y +9.12%, prior +5.4%
Sector ETF strength & weakness through the first hour of trading
Leading Sector ETFs:
Silver- SLV +2%, Airlines- FAA +1.5%, Insurers- KIE +.5%, Reg banks- KRE +.5%
Lagging Sector ETFs:
nat gas- UNG -2.5%, Base metals- DBB -2%, Steel- SLX -1.5%, Wind energy- FAN -1.5%, Ag/chem- MOO -1.5%, Oil HLDRS- OIH -1.5%, SPDRS metals/mining- XME -1.5%, SPDRS utilities- XLU -1.5%, SPDRS retailers- XRT -1%, Dry-bulk shippers- SEA -1%, SPDRS homebuilders- XHB -1%, Energy- IYE -1%, XLE -1%, Semis- SMH -1%, IGW -1%, iShares transports- IYT -.5%, Ag futures- DBA -.5%, Commods- DBC -.5%, RBOB gas futures- UGA -.5%
sai ka CHK-sse pilet võetud, ehk seekord õige otsus ja sõidetakse ka 30 peale.
Müstiline turg, üle 7% miinuses avanenud Lamar (LAMR) on praeguseks hetkeks sisuliselt nulli jõudnud. Julgematele on tegemist üsna arvestava shortimis-kandidaadiga üle tulemuste hoidmiseks. Riskid siiski kõrged.