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Herb Hovenkamp

@sherman1890.bsky.social
7.2K followers 543 following 515 posts

University Professor, Penn Law & Wharton. Comments occasionally on antitrust issues and follows news, public law, economics, and legal history. See my substack "The Monopoly Problem" herbhovenkamp.substack.com

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Herb Hovenkamp @sherman1890.bsky.social · 15/10/2026
Mario Zuniga has a good piece this morning on anti-tech bias in the EU’s guidelines on exclusionary practices. Will the Brussels effect spread this bias to other jurisdictions? truthonthemarket.com/2026/10/14/b...
truthonthemarket.com
Brussels Rules Without the Brussels Perks
Brussels’ latest competition guidelines should probably come with a warning label. Countries borrowing them risk importing dubious economics, remedies
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Herb Hovenkamp @sherman1890.bsky.social · 14/10/2026
This morning’s addition to “The Monopoly Problem” discusses antitrust and regulation. Given that antitrust’s representation is very broad, while regulation often reflects special interest capture, should antitrust show less deference? herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Deference to Regulation
Railroad joint ventures and a misguided application of the Per Se Rule
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Herb Hovenkamp @sherman1890.bsky.social · 14/10/2026
This morning “The Monopoly Problem” considers the relationship between antitrust and regulation. Given that antitrust’s representation is very broad, while regulation often reflects special interest capture, should antitrust show less deference? herbhovenkamp.substack.com
herbhovenkamp.substack.com
The Monopoly Problem | Substack
Covering all aspects of Antitrust Law, including its substance, procedures, and goals. Click to read The Monopoly Problem, a Substack publication with thousands of subscribers.
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Herb Hovenkamp @sherman1890.bsky.social · 11/10/2026
My new post in “The Monopoly Problem” discusses California's recently enacted Compete Act. What exactly does it do and how will it change that state’s antitrust landscape? The statute contains significant differences from the originally proposed bill. herbhovenkamp.substack.com/p/what-is-in...
herbhovenkamp.substack.com
What is in California’s “Compete Act”?
The Act creates antitrust liability for monopolistic conduct; how much more does it do?
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Herb Hovenkamp @sherman1890.bsky.social · 11/10/2026
My new post in “The Monopoly Problem” discusses California's recently enacted Compete Act. What exactly does it do and how will it change that state’s antitrust landscape? The statute contains significant differences from the originally proposed bill. herbhovenkamp.substack.com/p/what-is-in...
herbhovenkamp.substack.com
What is in California’s “Compete Act”?
The Act creates antitrust liability for monopolistic conduct; how much more does it do?
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Herb Hovenkamp @sherman1890.bsky.social · 07/10/2026
The Antitrust Law of Refusal to Deal -- Has the Ninth Circuit’s Recent Align Technology Decision Expanded Liability? See my new post in "The Monopoly Problem." herbhovenkamp.substack.com/p/the-antitr...
herbhovenkamp.substack.com
The Antitrust Law of Refusal to Deal
Has the Ninth Circuit’s Recent Align Technology Decision Expanded Liability?
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Herb Hovenkamp @sherman1890.bsky.social · 03/10/2026
The morning post in “The Monopoly Problem” considers one of the oldest of antitrust complaints: a firm’s current low price is a hoax: it intends to drive competitors out of business and charge monopoly prices later. herbhovenkamp.substack.com/p/time-worn-...
herbhovenkamp.substack.com
The Oldest Antitrust Attacks on Low Prices
Lower Prices in the Short Term, But Higher Prices Later
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Herb Hovenkamp @sherman1890.bsky.social · 30/09/2026
Tying law originated in patent law. My morning piece in "The Monopoly Problem" argues that the per se tying antitrust rule is an assault on innovation, which often proceeds by combining things that had previously been supplied separately. herbhovenkamp.substack.com/p/tying-from...
herbhovenkamp.substack.com
Tying: From a Patent Practice to an Antitrust Rule
Tying Law Emerged from Antitrust Concerns About Innovation Overreach
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Herb Hovenkamp @sherman1890.bsky.social · 29/09/2026
they would if they were structured as standard setting agreements with broad participation, but not if they were simple cartel agreements among sellers. That was the holding in the Professional Engineers case. Sellers don't have the correct incentives.
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Herb Hovenkamp @sherman1890.bsky.social · 27/09/2026
Antitrust courts assess potential competitive harm by considering market power, or the power to profit by raising prices above cost. This morning “The Monopoly Problem” queries whether “bigness” (size) or “corporate power” are viable altneratives. herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Populism: Corporate Power and Bigness
This populist movement is disconnected from actual people
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Herb Hovenkamp @sherman1890.bsky.social · 23/09/2026
As today's "Monopoly Problem” observes, per se rules dispensing with proof of market power or harmful effects are a giant shortcut, given that antitrust law’s entire purpose is to identify anticompetitive exercises of market power. When are they justified? herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Law's Per Se Rule
Per Se Illegality is Not the Right Cure for Underenforced Antitrust Laws
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Herb Hovenkamp @sherman1890.bsky.social · 20/09/2026
“The Monopoly Problem” examines antitrust structuralism, a Progressive Era idea that has survived every effort to kill it. At its extreme it advocated “no fault” monopoly, once a preoccupation of the antitrust center that has largely moved to the fringes. herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Structuralism and “No Fault” Monopoly
The Antitrust Policy Focus on Industry Structure has a Long but Agitated History
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Herb Hovenkamp @sherman1890.bsky.social · 15/09/2026
This morning's post in “The Monopoly Problem” considers the threats imposed by AI, even to immunity itself, and whether antitrust law is likely to frustrate efforts to control them. herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust and AI’s Threat to Humanity
Preliminary Thoughts on Private Standard Setting for Artificial Intelligence Tools
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Herb Hovenkamp @sherman1890.bsky.social · 11/09/2026
“The Monopoly Problem” today discusses the Supreme Court’s controversial 1963 decision in the Philadelphia Bank case. One of its structural presumptions is experiencing a revival. herbhovenkamp.substack.com/p/merger-law...
herbhovenkamp.substack.com
Merger Law: the Rehabilitation of Philadelphia Bank
A Structuralist Rival in Antitrust Merger Analysis?
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Herb Hovenkamp @sherman1890.bsky.social · 10/09/2026
Please listen to the panel, Sep. 15 at 1Pm EDT, discussing the importance of the Philadelphia Bank merger decision and its relevance to structuralism in antitrust law. fedsoc.org/events/revis...
fedsoc.org
Revisiting Philadelphia National Bank: The Structural Presumption and the Future of Merger Review
The 1963 Supreme Court case United States v. Philadelphia National Bank established a "structural pr...
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Herb Hovenkamp @sherman1890.bsky.social · 08/09/2026
“The Monopoly Problem” discusses the infamous “Cellophane” fallacy: when products are differentiated, as is true in most antitrust cases, can you infer that two of them are in the same market simply because people substitute between them? herbhovenkamp.substack.com/p/market-def...
herbhovenkamp.substack.com
Market Definition and the “Cellophane Fallacy”
Simply grouping differentiated products together creates overly broad markets
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Herb Hovenkamp @sherman1890.bsky.social · 05/09/2026
My “Monopoly Problem” post is on the hypothetical monopolist test for antitrust markets, which is pro-enforcement because it tends to define narrower markets. It is also not an “alternative” to the Brown Shoe factors, but is fundamentally inconsistent. herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Market Definition: the Hypothetical Monopolist Test (HMT) and Direct Measurement
A More Accurate Measure That Is Inconsistent With the “Brown Shoe Factors”
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Herb Hovenkamp @sherman1890.bsky.social · 04/09/2026
I will be on a panel Sep. 15 to talk about the much maligned Philadelphia Bank merger decision: does it continue to make a worthwhile contribution to antitrust merger policy? fedsoc.org/events/revis...
fedsoc.org
Revisiting Philadelphia National Bank: The Structural Presumption and the Future of Merger Review
The 1963 Supreme Court case United States v. Philadelphia National Bank established a "structural pr...
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Herb Hovenkamp @sherman1890.bsky.social · 02/09/2026
This morning’s post in “The Monopoly Problem” considers the “Brown Shoe factors” for antitrust market definition, which the 2023 Merger Guidelines revitalized. Was that an advance or a costly mistake? herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust Market Definition: the “Brown Shoe Factors”
The Supreme Court’s Erroneous Guidance on Market Definition Should be Overruled
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Herb Hovenkamp @sherman1890.bsky.social · 01/09/2026
@ProfSchrepel and I just posted a revised (Sep. 1, 2026) version of our paper on algorithmic price fixing via cartel management services. Still in press, so comments welcome. papers.ssrn.com/sol3/papers....
papers.ssrn.com
Cartel Management Services
<p><span>Cartel management services are intermediaries that coordinate competitors’ pricing through centralized software. Our comparative analysis of US and EU
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Herb Hovenkamp @sherman1890.bsky.social · 01/09/2026
here is a non-paywalled copy of my new ABA Antitrust piece on Antitrust Remedies for Tech Monopoly. Short and to the point. papers.ssrn.com/sol3/papers....
papers.ssrn.com
Antitrust Remedies for Tech Monopoly
<p>The antitrust courts have been increasingly reluctant to award structural remedies – i.e., “breakups” – in cases finding unlawful monopolization.  This
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Herb Hovenkamp @sherman1890.bsky.social · 30/08/2026
This morning’s post in “The Monopoly Problem” is the first in a series about why market power is important in antitrust law and how it is measured. Next up: the "Brown Shoe" factors for market definition. herbhovenkamp.substack.com/p/market-pow...
herbhovenkamp.substack.com
Market Power and Market Share in Antitrust Cases
What is Market Power and Why is it Important?
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Herb Hovenkamp @sherman1890.bsky.social · 28/08/2026
Nunn (2026) says Antitrust Law is 17th most cited scholarly work at the S.Ct, 4X as many as Bork's Antitrust Paradox; one below Farrand's Constitutional Convention. Blackstone's commentaries is #1. The list is sortable by date, subject matter, author. nunn.law/scotus?mode=...
nunn.law
Scholarship at the Supreme Court
A complete database of legal scholarship cited by the Supreme Court of the United States.
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Herb Hovenkamp @sherman1890.bsky.social · 27/08/2026
As school is starting up again please think about my free substack "The Monopoly Problem," discussing important developments in antitrust, its movements, metrics and rules, as well as its weaknesses and errors. herbhovenkamp.substack.com
herbhovenkamp.substack.com
The Monopoly Problem | Substack
Covering all aspects of Antitrust Law, including its substance, procedures, and goals. Click to read The Monopoly Problem, a Substack publication with hundreds of subscribers.
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Herb Hovenkamp @sherman1890.bsky.social · 26/08/2026
conceding that, what's going to happen to acknowedged Dem socialists in the general election? You and I may disagree on the "failure" of the democratic record, although it is not perfect.
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Herb Hovenkamp @sherman1890.bsky.social · 26/08/2026
so who is the real candidate, the one who says crazy things in his or her youth, or the one that sobers up when she suddenly becomes viable? "Defund the police" was really dumb and costly to Democrats, but "Democratic Socialism" is just as dumb.
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Herb Hovenkamp @sherman1890.bsky.social · 26/08/2026
This morning in “The Monopoly Problem:” does antitrust have any role in the anxiety that results from rapid technological change, including the rise of extremist views and populist overreactions. herbhovenkamp.substack.com/p/innovation...
herbhovenkamp.substack.com
Innovation Shock
Technostress Should Not Distort Antitrust Policy
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Herb Hovenkamp @sherman1890.bsky.social · 23/08/2026
“The Monopoly Problem” this morning posts about the Delta decision. While antitrust merger law forbids balancing gains and losses in different markets, the Transportation Department’s approach requires it and grants an antitrust immunity. herbhovenkamp.substack.com/p/airline-jo...
herbhovenkamp.substack.com
Airline Joint Ventures and the Single Market Rule
The Department of Transportation Must Look at a Joint Venture’s Overall Effects
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Herb Hovenkamp @sherman1890.bsky.social · 22/08/2026
This morning’s post in “The Monopoly Problem” considers the nature and scope of cost savings or product improvements that result from mergers; should there be an “efficiency defense” in merger cases? herbhovenkamp.substack.com/p/antitrust-...
herbhovenkamp.substack.com
Antitrust and Mergers: Efficient Production and Competitive Harm
Should there be an Efficiency “Defense” to Merger Challenges?
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Herb Hovenkamp @sherman1890.bsky.social · 19/08/2026
“The Monopoly Problem” post this morning discusses the relevance of economics to antitrust analysis, including the history of its use, questions about whether it is essential, and the type of economics that the antitrust laws employ. substack.com/home/post/p-...
substack.com
THE ANTITRUST ALLIANCE WITH ECONOMICS
Is it justified? Is it Too Much?
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Herb Hovenkamp @sherman1890.bsky.social · 15/08/2026
my article on antitrust's "breakup obsession" is coming out in Journal of Corp Law. This dog deserved to die a long time ago. papers.ssrn.com/sol3/papers....
papers.ssrn.com
Antitrust Law's Breakup Obsession
Antitrust actions against dominant firms, particularly in big tech, have led to vociferous calls for “break up” remedies.  The federal antitrust enforcemen
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Herb Hovenkamp @sherman1890.bsky.social · 15/08/2026
My latest post in “The Monopoly Problem” was motivated by the 9th Circuit’s recent Surgical Instrument decision. It considers the role of behavioral economics and limitations on customer knowledge in identifying the sources of monopoly power. substack.com/home/post/p-...
substack.com
Behavioral Economics and Antitrust
The Meaning and Limits of the Kodak doctrine
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Herb Hovenkamp @sherman1890.bsky.social · 13/08/2026
AOC recently responded to an Apple price increase announcement by saying it must be broken up. This morning’s “Monopoly Problem” contribution examines the problematic issue of when a monopolist should be broken up because of its antitrust violations. substack.com/home/post/p-...
substack.com
The Rhetoric and Reality of Antitrust Breakups
Monopoly Breakups Rarely Work, Especially in Digital Markets
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Herb Hovenkamp @sherman1890.bsky.social · 09/08/2026
This morning’s “Monopoly Problem” post considers one Supreme Court attempt to simplify merger litigation: the “Philadelphia Bank Presumption” -- a merger creating a firm whose market share exceeds 30% is unlawful. It’s not perfect but has some virtues. substack.com/home/post/p-...
substack.com
Is Antitrust Merger Analysis Too Compex?, Part II
The Philadelphia Bank Presumption
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Herb Hovenkamp @sherman1890.bsky.social · 04/08/2026
This morning’s “Monopoly Problem” post inquires whether antitrust analysis of mergers has become too complex, considers market concentration as a merger metric, and examines how the Brown Shoe decision used it. substack.com/home/post/p-....
substack.com
Is Antitrust Merger Analysis Too Complex? Part I
Merger Law has a TMI Problem. Simplifying Rules Essential
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Herb Hovenkamp @sherman1890.bsky.social · 03/08/2026
would you say that of the sympathetic SCT justices too?
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Herb Hovenkamp @sherman1890.bsky.social · 03/08/2026
yes, notorious for being impractical, altho I at least have always associated that view with the left, not the right. It's a disturbing development. Most of our impractical people in antitrust lean left.
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Herb Hovenkamp @sherman1890.bsky.social · 03/08/2026
totally agree, but unitary executive still continues to attract some fairly elite academics. Is this just textualism run amok? disgust with an impotent Congress? or just some new shiny object? Any other ideas?
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Herb Hovenkamp @sherman1890.bsky.social · 30/07/2026
This morning my “The Monopoly Problem” substack posted about a promising new appellate decision on anticompetitive algorithmic pricing. The decision creates a conflict in the federal circuit courts, which may motivate the Supreme Court to review it. substack.com/home/post/p-...
substack.com
A Promising Decision on Algorithmic Price Fixing
And a Circuit Split; Is Supreme Court Review Likely?
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Herb Hovenkamp @sherman1890.bsky.social · 29/07/2026
After my July 29 post on algorithmic price fixing in "The Monopoly Problem" the 3d Circuit issued a very promising decision on pricing software used by Caesar's, Harrah's, Tropicana and other Atlantic City hotel-casinos. I'll post more about it tomorrow. assets.alm.com/01/1b/9c698b...
assets.alm.com
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Herb Hovenkamp @sherman1890.bsky.social · 29/07/2026
My morning article in “The Monopoly Problem” examines the messy, unproductive way that the courts have been handling cases that involve algorithmic price fixing. It does not have to be as hard as they make it. substack.com/home/post/p-...
substack.com
Algorithmic Price Fixing
Antitrust Law’s Agreement Requirement and the Role of Human Actors
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Herb Hovenkamp @sherman1890.bsky.social · 23/07/2026
My substack, “the monopoly problem,” just posted a piece on antitrust and vertical integration by ownership or contract – its promises, competitive threats, and how to assess them. substack.com/home/post/p-...
substack.com
Antitrust and Vertical Integration
Why Do Firms Integrate Vertically, and When Does it Harm Competition?
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Herb Hovenkamp @sherman1890.bsky.social · 22/07/2026
My new piece in Promarket examines the relationship among the proposed American Innovation Choice Online Act (AICOA), revised, antitrust law, and industrial policy. www.promarket.org/2026/07/21/a...
promarket.org
AICOA II Is America’s Reverse Industrial Policy Initiative - ProMarket
The revived American Innovation Choice Online Act singles out a handful of Big Tech giants for unique, antitrust-like restrictions, but without the standard methodological rationale of antitrust analy...
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Herb Hovenkamp @sherman1890.bsky.social · 22/07/2026
This is why university faculty have been moving away from GOP. The movement has been by GOP
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Herb Hovenkamp @sherman1890.bsky.social · 21/07/2026
This morning “The Monopoly Problem” includes a post on yesterday’s Paramount merger decision. Hardly the end of this case, but the state Attorneys General have some reason to be hopeful. substack.com/home/post/p-...
substack.com
Is the Paramount/Warner Merger in Trouble?
This is not over, but the state AGs have reason to be hopeful.
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Herb Hovenkamp @sherman1890.bsky.social · 20/07/2026
Prominent post-Chicago antitrust economist Steve Salop (G-Town) has performed a great service -- a guide to antitrust and modern economics -- free in .pdf or an inexpensive Amazon Paperback. You dont need much economics in order to read it. econantitrustguide.com
econantitrustguide.com
Modern Economic Analysis and Antitrust Law: A Guide
Free to download
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Herb Hovenkamp @sherman1890.bsky.social · 17/07/2026
Yes particularly if the market is competitively structured.
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Herb Hovenkamp @sherman1890.bsky.social · 16/07/2026
The third of my 3-part discussion of the Robinson-Patman Act in "The Monopoly Problem" considers possibilities for reform. Subscription is free. substack.com/home/post/p-...
substack.com
Reforming the Robinson-Patman Act
Can it be Fixed, or is Repeal the Best Solution?
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Herb Hovenkamp @sherman1890.bsky.social · 11/07/2026
FTC is losing Glazers. Will settle
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Herb Hovenkamp @sherman1890.bsky.social · 11/07/2026
This morning my substack “The Monopoly Problem” posted the second in a series – “How Does the Robinson-Patman Act Work? A third post, in a few days, discusses reform possibilities. herbhovenkamp.substack.com/p/how-does-t...
herbhovenkamp.substack.com
How Does the Robinson-Patman Act Work?
Part 2 in a series on the Robinson-Patman Act
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