Another year has passed by and as we reflect back ( how many of us do ), we find repeating the same things again . History repeats and we’re condemned to repeat it.
Is it so… in all cases ? Well the key to unlock this is in our hands.
Lets start the new year with the resolutions which will hold us in good stead.
1. I will make a budget of my expenses for the year
2. I will save atleast 20% of my take-home income
3. I’ll invest the savings generated from my take-home income in financial instruments I understand
4. I’ll invest based on the principles of:
• Time Horizon
• Risk Profile
• Liquidity of the product
• Asset allocation
5. I will look at insurance and investments as separate products
6. I will cover my risk adequately
7. I will take care of my health and devote atleast 30 minutes in a day to this.
8. I will invest 30 minutes in a month to look at my :
• Bank Statements
• Investment Portfolio Status
• Budget viz-a-viz Actual expenditure status
What is noted is not something new, the basic fundamentals being reinforced.
The point I want to make is, if we get the basics right, there is only one trajectory for your wealth to go…. Upward…. Upward…and Rising.
We recommend keeping things simple and we follow the same maxim in our journey of Wealth creation and Wealth maximization.
I had shared this note on the 1st of January - 2010 and its time to reflect if we had carried out this exercise. The rules have not changed much. If one have not had the discipline in this regard, lets initiatie this in the year 2011.
Wishing a great year year ahead .
Saturday, December 25, 2010
Tuesday, August 10, 2010
Directions
We did expect robust results from the Indian Corporate for fiscal Q1'2010. And we were not disappointed on this front. Mid-cap and small cap shares have started outperforming the big guns and that was to be expected. Does it mean that those sitting on the sidelines, continue to stay in the sidelines. Just would like to share , do and follow what one understands best . At the same time, do try to understand the basic of equity too, which will give the alpha ,else, inflation will eat into your capital.
Based on the increase in the repo and reverse repo rates by RBI , banks have started offering higher interest rates (0.5 – 0.75%), to its depositors, making it close to 7.5% interest on a 1-year deposit. Looks interesting . But do understand – if you are in the top tax bracket, 33% of the interest income goes away in tax , which leaves little over 5% as residual income. Inflation currently is in double digits ( 10% +). So the real rate of return is in negative ( 5-10 = -5). In real terms, inflation is eating into your capital , without even one knowing about this fact. Do have an investment policy in place, to ensure that your wealth grows and not even a silent enemy ( like inflation) can reduce it.
Another small but important change which the Government is proposing is – Allowing foreign nationals to invest directly into Indian equity markets. The proposal is still in the planning stage. How will this change the existing scenario ? Well that is for a different post, at a later date .
As has been our earlier stated recommendation , continue the SIP’s and invest in stock specific shares .
Based on the increase in the repo and reverse repo rates by RBI , banks have started offering higher interest rates (0.5 – 0.75%), to its depositors, making it close to 7.5% interest on a 1-year deposit. Looks interesting . But do understand – if you are in the top tax bracket, 33% of the interest income goes away in tax , which leaves little over 5% as residual income. Inflation currently is in double digits ( 10% +). So the real rate of return is in negative ( 5-10 = -5). In real terms, inflation is eating into your capital , without even one knowing about this fact. Do have an investment policy in place, to ensure that your wealth grows and not even a silent enemy ( like inflation) can reduce it.
Another small but important change which the Government is proposing is – Allowing foreign nationals to invest directly into Indian equity markets. The proposal is still in the planning stage. How will this change the existing scenario ? Well that is for a different post, at a later date .
As has been our earlier stated recommendation , continue the SIP’s and invest in stock specific shares .
Sunday, July 11, 2010
Review - June'2010 Quarter and Outlook
One more quarter has passed . The equity market with all its see-saw is now at 17700 ( BSE sensex at close of 30th June) viz-a-viz the close on 31st Mar @ 17528. A return of less than 1%. In this quarter , we had wild swings and volatility based on the news emanating from Europe (It’s still not out of the woods) .
We had important developments in June quarter viz,
• The patch up between the feuding Ambani brothers
• The bounty collected by the GOI on the 3G spectrum auction and the broadband license
• The issuance of the revised Tax code, which will to an extend influence the way investing in equities is carried out
• The price of 10 gm of gold crossing Rs. 19,000 and more swings expected
• The fuel price de-regulation
• The hiking of the bank rates by the RBI
Though the Indian market also moves in line with the World markets, the opportunity of growth lies in India - the alpha for higher return. Just as the 70’s /80’s /90’s were the period of growth in America/ Europe/East Asia, this is the time of India. The next 2 decades are ours and with the huge domestic market, the growth is here . And equity as an asset class-needs to be a part of the investment portfolio .
Stock picking is the mantra and the virtues of patience, control of greed are also required to ensure that wealth grows.
Outlook for the next quarter(s):
• The Government will bring in few more deregulations ( Good in the long –run)
• More see-saw in the equity markets
• More news ( good / bad) from the European zone
• Robust corporate results from the Indian companies
We had important developments in June quarter viz,
• The patch up between the feuding Ambani brothers
• The bounty collected by the GOI on the 3G spectrum auction and the broadband license
• The issuance of the revised Tax code, which will to an extend influence the way investing in equities is carried out
• The price of 10 gm of gold crossing Rs. 19,000 and more swings expected
• The fuel price de-regulation
• The hiking of the bank rates by the RBI
Though the Indian market also moves in line with the World markets, the opportunity of growth lies in India - the alpha for higher return. Just as the 70’s /80’s /90’s were the period of growth in America/ Europe/East Asia, this is the time of India. The next 2 decades are ours and with the huge domestic market, the growth is here . And equity as an asset class-needs to be a part of the investment portfolio .
Stock picking is the mantra and the virtues of patience, control of greed are also required to ensure that wealth grows.
Outlook for the next quarter(s):
• The Government will bring in few more deregulations ( Good in the long –run)
• More see-saw in the equity markets
• More news ( good / bad) from the European zone
• Robust corporate results from the Indian companies
Monday, June 7, 2010
Market Dynamics - The approach
The sensex had gone by more than 550 points on 10th May'2010,in a single day to close at 17,330.
Today - on 7th June'10, the same sensex has retreated down to 16,781 ( today’s fall – 336 points ) . In between , the sensex vacillated between 16,750 – 18,000.
In today’s market, we are stating that the possibility of a fall is more predictable than the rise. This is purely on account of the market being driven by forces of sentiment , as noted below :
The sectors on which we are bullish and are selectively buying include - Pharma ; Banking ; Education ; Auto ; Construction ; Heavy Engineering ; FMCG .
Telecom is one space we are avoiding (though we keep a watch on it )
The strategy for investing for Mutual Funds as shared in May’10 does not change and we did execute the strategy.
For equity, its still cherry picking and it’s the way to grow.
Happy investing ( albeit, with a bumpy and volatile ride).
Today - on 7th June'10, the same sensex has retreated down to 16,781 ( today’s fall – 336 points ) . In between , the sensex vacillated between 16,750 – 18,000.
In today’s market, we are stating that the possibility of a fall is more predictable than the rise. This is purely on account of the market being driven by forces of sentiment , as noted below :
- 10th May – the market gave a thumps up as the IMF and the other creditors put forth a rescue package for Greece.
- 0n 7th June- the market gave a thumps down , as rate of jobless in US grew more than anticipated; Hungary said that it could have a Greek – like crisis.
- In between these days, based on various news , the sensex vacillated, irrespective of the impressive results by majority of the Indian Corporates
The sectors on which we are bullish and are selectively buying include - Pharma ; Banking ; Education ; Auto ; Construction ; Heavy Engineering ; FMCG .
Telecom is one space we are avoiding (though we keep a watch on it )
The strategy for investing for Mutual Funds as shared in May’10 does not change and we did execute the strategy.
For equity, its still cherry picking and it’s the way to grow.
Happy investing ( albeit, with a bumpy and volatile ride).
Wednesday, May 12, 2010
What the Greek tragedy can teach us and the approach in the uncertain times
This is an article ( click on the click below) on the Greek fiscal crisis , ( which has been shared by the author in a simple and lucid manner) , and how it has reached to the state it has
http://www.dnaindia.com/opinion/column_what-the-greek-tragedy-can-teach-us_1380762
The same did not happen overnight, but was built up over time . We cannot be sure that the bail-out package will revive the economy.
With some positive news on the US economy front, we do expect the dollar to become stronger and a flight of capital from the equity market of emerging economies , including India.
10th May’2010, saw the highest gains ( 568 points) by the sensex in the last 10 months. We would recommend to be cautious. Those who have been investing in Mutual Funds, we would recommend that the gains and the capital invested till Mar’09, be moved to debt funds. ( This is an conservative approach and we could go horribly wrong in our Outlook, but atleast the hard-earned monies will not be taken to the cleaners)
Watch the market and then take the call to move into equity again. The SIP’s / STP’s currently in progress should continue ( to take advantage of value averaging) .
On the direct equity front, its stock specific and we recommend allocating a substantial portion of the corpus with a horizon of 18- 24 months.
Happy investing (but do not forget it will be a bumpy and volatile ride).
http://www.dnaindia.com/opinion/column_what-the-greek-tragedy-can-teach-us_1380762
The same did not happen overnight, but was built up over time . We cannot be sure that the bail-out package will revive the economy.
With some positive news on the US economy front, we do expect the dollar to become stronger and a flight of capital from the equity market of emerging economies , including India.
10th May’2010, saw the highest gains ( 568 points) by the sensex in the last 10 months. We would recommend to be cautious. Those who have been investing in Mutual Funds, we would recommend that the gains and the capital invested till Mar’09, be moved to debt funds. ( This is an conservative approach and we could go horribly wrong in our Outlook, but atleast the hard-earned monies will not be taken to the cleaners)
Watch the market and then take the call to move into equity again. The SIP’s / STP’s currently in progress should continue ( to take advantage of value averaging) .
On the direct equity front, its stock specific and we recommend allocating a substantial portion of the corpus with a horizon of 18- 24 months.
Happy investing (but do not forget it will be a bumpy and volatile ride).
Sunday, April 25, 2010
Investment Advise – Are you getting the right one
During the course of my meetings with my clients, I do come across interesting situations. The client , ( Mr A) has a bank account with a leading private sector bank and is one of the premium customers of the bank. Being a premium customer, he has a dedicated Relationship Manager (RM). The RM is the one-stop person who will help , guide ( in making investments and choosing the right product) and resolve the issues , if any.
Mr. A had a balance in few lakhs in his account , which prompted his RM to guide him to make an investment . In the past the RM had invested his monies majorly in NFO’s of mutual funds, which at current levels have not exceeded the Benchmark return.
Now, in one of my meeting with Mr.A, he had also invited the RM , as he had advised him to invest in a Savings Plan , exclusively for the Bank customers. On further questioning, it turned out to be an insurance product of one of the group companies and being sold in the grab of a savings plan. ( Do ask yourself , Is this is cheating ).
Mr. A has sufficient insurance and there was this product which was being sold as a Savings plan. And this was being sold by the RM, who is supposed to guide his client to make the most appropriate investment decision. And what we observe, is the RM guiding the client to make the investment, based on the bank’s target for the month , as against the clients needs.
There are many such cases and there will be many more cases , when dealing with RM’s. ( Let me also state that not all RM’s display the above traits. However, I have also not come across any RM’s who have not displayed the above traits)
Is there a way out?
Absolutely . Find an adviser who charges a fair fee for the advise and suggests investment advise based on the clients need and requirement. Moreover, he should be transparent and also declare his incentive on any product recommendations. Be willing to pay a fee. This would ensure that a wrong product is not bought, which has greater implications in the long run.
Happy Investing
Mr. A had a balance in few lakhs in his account , which prompted his RM to guide him to make an investment . In the past the RM had invested his monies majorly in NFO’s of mutual funds, which at current levels have not exceeded the Benchmark return.
Now, in one of my meeting with Mr.A, he had also invited the RM , as he had advised him to invest in a Savings Plan , exclusively for the Bank customers. On further questioning, it turned out to be an insurance product of one of the group companies and being sold in the grab of a savings plan. ( Do ask yourself , Is this is cheating ).
Mr. A has sufficient insurance and there was this product which was being sold as a Savings plan. And this was being sold by the RM, who is supposed to guide his client to make the most appropriate investment decision. And what we observe, is the RM guiding the client to make the investment, based on the bank’s target for the month , as against the clients needs.
There are many such cases and there will be many more cases , when dealing with RM’s. ( Let me also state that not all RM’s display the above traits. However, I have also not come across any RM’s who have not displayed the above traits)
Is there a way out?
Absolutely . Find an adviser who charges a fair fee for the advise and suggests investment advise based on the clients need and requirement. Moreover, he should be transparent and also declare his incentive on any product recommendations. Be willing to pay a fee. This would ensure that a wrong product is not bought, which has greater implications in the long run.
Happy Investing
Insurance – Saving Product – A sale gimmick ?
Only the other day, I received a call from the customer service team of a leading insurance company . The caller ( lets say Mr.X) , for a change , was cordial with a pleasant accent . X said that we have an excellent saving product. You only have to invest Rs. 30,000 per year , only for 3 years . And then after 10 years the amount will be redeemed at a return of 10-15% . Do let me know , when can I send my representative.
For the uninitiated this proposition sounds fantastic. One invests only Rs. 30,000 and that too for only 3 years and then one gets a return of 10-15%. Fantastic.
Have you noticed that nowhere in the conversation is the word “ Insurance “ mentioned. The pitch is “ savings products”. Is this cheating or a sales pitch ?
Moreover, there is also no mention about the upfront charges as in Premium allocation charge; policy administration charge; fund management charges. What about surrender charges ??? Did I say surrender charges . Lord save us .
Well financial products are sold and not bought. Buyers beware. Ask the right questions.
If one does not understand, ask , ask and ask .
For the uninitiated this proposition sounds fantastic. One invests only Rs. 30,000 and that too for only 3 years and then one gets a return of 10-15%. Fantastic.
Have you noticed that nowhere in the conversation is the word “ Insurance “ mentioned. The pitch is “ savings products”. Is this cheating or a sales pitch ?
Moreover, there is also no mention about the upfront charges as in Premium allocation charge; policy administration charge; fund management charges. What about surrender charges ??? Did I say surrender charges . Lord save us .
Well financial products are sold and not bought. Buyers beware. Ask the right questions.
If one does not understand, ask , ask and ask .
Saturday, January 30, 2010
Me @ 60
On 26th Jan’2010, the day when India celebrated its 60th Republic Day, Hindustan Times – CNN IBN shared the results of the survey it had carried on senior citizens.( We can all be skeptic on the survey results, but lets give an allowance for the same.) Out of the many, 3 of them caught my attention and which has an impact for each one of us as we age and reach 60, some time in the future :
1. 53% of the sample stated that they have not invested enough for a financially secure, post retirement life
2. 38% stated that they were financially dependent on financial help from children / relatives ( 29% depended on Government pension )
3. 50% stated that medicine/healthcare is the biggest component of their expenditure
Which spectrum of the pie, one want to fall into is our choice. And its upon us that when we are healthy and wealthy we plan. It’s said, in times of peace, prepare for war and vice-versa .
As is our recommended approach, ( KIS – Keep It Simple ), we share our philosophy :
• Save systematically (minimum of 20% of the monthly income)
• Keep track of your expenses and calculate your years away from retirement ; add inflation rate and your life expectancy and you have the amount you need to save ( financial freedom)
• Do allocate and invest 20-30% in equity thru diversified mutual funds ( if you are not inclined to invest in direct equity and is minimum of 7 -10 years away from retirement. Reduce the exposure gradually, as you near the retirement age )
• Keep track and review your investments, every quarter.
• Think long term . Rome was not built in a day and so does your wealth.
Maths thru the power of compounding helps you to create and generate, more if you plan and save early .
Believe in the India growth story and be a part of the story.
10 years from now, in 2020, it’ll be interesting to write a follow-up article, sharing the success stories of the readers of this article in achieving their financial freedom @60. It will be a honor and privilege.
1. 53% of the sample stated that they have not invested enough for a financially secure, post retirement life
2. 38% stated that they were financially dependent on financial help from children / relatives ( 29% depended on Government pension )
3. 50% stated that medicine/healthcare is the biggest component of their expenditure
Which spectrum of the pie, one want to fall into is our choice. And its upon us that when we are healthy and wealthy we plan. It’s said, in times of peace, prepare for war and vice-versa .
As is our recommended approach, ( KIS – Keep It Simple ), we share our philosophy :
• Save systematically (minimum of 20% of the monthly income)
• Keep track of your expenses and calculate your years away from retirement ; add inflation rate and your life expectancy and you have the amount you need to save ( financial freedom)
• Do allocate and invest 20-30% in equity thru diversified mutual funds ( if you are not inclined to invest in direct equity and is minimum of 7 -10 years away from retirement. Reduce the exposure gradually, as you near the retirement age )
• Keep track and review your investments, every quarter.
• Think long term . Rome was not built in a day and so does your wealth.
Maths thru the power of compounding helps you to create and generate, more if you plan and save early .
Believe in the India growth story and be a part of the story.
10 years from now, in 2020, it’ll be interesting to write a follow-up article, sharing the success stories of the readers of this article in achieving their financial freedom @60. It will be a honor and privilege.
Saturday, January 23, 2010
Investment in Equity - Suggested Approach
At the outset, let me tell one and all – I’m not a soothsayer. I’ve been tracking the equity markets now for close to 2 decades and with every passing day, its more and more clear, that market is the king and one cannot fight the market. Accept the market as is and the possibility of hits will be more than the misses.
If you’re investing in equity, its understood that you’re open to risk (of price volatility , which is visible and emotional upheaval – which is not visible always.) and the monies invested in equity is not required for immediate needs ( We suggest that only monies wherein liquidity is not needed for more 2- 3 years should be invested in line with your risk profile ).
Creating wealth is always in the long run and this rings true for investment in direct equities. Have the rules changed. The basic rules have remained the same …. but the urge to make money grow faster, is gathering more speed than ever before.
So how does one go about constructing one’s equity portfolio in these times.
The investible surplus which one has is Rs. 10 lakhs ( it could be more or less ). Allocate 80% for long term investment and 20% for short term opportunities ( to take advantage of the price momentum ; sentiments). Set a return estimate and once its achieved, do re-visit and take action.
Have a Portfolio of not more than 7-10 stocks ( longterm). Make the investments gradually ( again there’s no thumb rule) over a period of 30-45 -60 days and understand why one’s making the purchase. The experts have their say and outlook. But when one invests, look at the basics:
• Industry which the company is in
• The prospects of the industry ( Growth – is it secular or cyclical / Monopoly or competition)
• Cash flow
• Dividend Yield
• P/E ( Price Equity)ratio
• PEG ( Price Equity Growth) ratio
Once the basics are taken care, believe in your picks ( but do not get emotional). The daily see –saw in prices should not trouble , as you’re in it for the long run.
Investing is not an IQ thing , but it’s the EQ which one has , which goes a long way in determining the number of zeros in your Portfolio .
If you’re investing in equity, its understood that you’re open to risk (of price volatility , which is visible and emotional upheaval – which is not visible always.) and the monies invested in equity is not required for immediate needs ( We suggest that only monies wherein liquidity is not needed for more 2- 3 years should be invested in line with your risk profile ).
Creating wealth is always in the long run and this rings true for investment in direct equities. Have the rules changed. The basic rules have remained the same …. but the urge to make money grow faster, is gathering more speed than ever before.
So how does one go about constructing one’s equity portfolio in these times.
The investible surplus which one has is Rs. 10 lakhs ( it could be more or less ). Allocate 80% for long term investment and 20% for short term opportunities ( to take advantage of the price momentum ; sentiments). Set a return estimate and once its achieved, do re-visit and take action.
Have a Portfolio of not more than 7-10 stocks ( longterm). Make the investments gradually ( again there’s no thumb rule) over a period of 30-45 -60 days and understand why one’s making the purchase. The experts have their say and outlook. But when one invests, look at the basics:
• Industry which the company is in
• The prospects of the industry ( Growth – is it secular or cyclical / Monopoly or competition)
• Cash flow
• Dividend Yield
• P/E ( Price Equity)ratio
• PEG ( Price Equity Growth) ratio
Once the basics are taken care, believe in your picks ( but do not get emotional). The daily see –saw in prices should not trouble , as you’re in it for the long run.
Investing is not an IQ thing , but it’s the EQ which one has , which goes a long way in determining the number of zeros in your Portfolio .
Wednesday, January 6, 2010
Insurance – another case of product mis-selling
In the last week of Dec’09, I had been to the Office of a major Insurance company. And here I witnessed another case of product selling or mis-selling ( How does it matter to the Insurance advisor and the company). Let me share with you the background.
Here was a 62 year old couple, who had taken an ULIP , with a premium of Rs. 1.50 lacs p.a in Jan’09. The policy had not reached the couples residential address for more than 11 months. Moreover, they were informed by the Insurance Advisor ,that you need to invest only once and the returns are in the range of 12 – 15%.
The Sales Manager at the branch states to the couple that one has to pay a minimum of 3 premiums and there is no guarantee of the returns.
This statement only added fuel to the fire and the scene that followed….. well you can imagine.
This and many cases such as these make me think aloud?
Should ULIP be allowed to be sold for a person exceeding age 55 years?
In a free democratic and capitalist country, this sounds far-fetched. But with the kind of product mis-selling happening, one cannot help but think of these radical solutions to protect the citizens from being looted.
ULIP is not a bad product, if the investment horizon is for a period in excess of 10 years ( which is shared with the client as an exception rather than being the norm) .
So my dear brethren, buy investment products based on your requirements. Do understand the type of the investment product .( When you bought your Television, did you not make enquiries and acquired all information about the TV you want to buy , before you actually effected the purchase).
So, buyer beware.
Here was a 62 year old couple, who had taken an ULIP , with a premium of Rs. 1.50 lacs p.a in Jan’09. The policy had not reached the couples residential address for more than 11 months. Moreover, they were informed by the Insurance Advisor ,that you need to invest only once and the returns are in the range of 12 – 15%.
The Sales Manager at the branch states to the couple that one has to pay a minimum of 3 premiums and there is no guarantee of the returns.
This statement only added fuel to the fire and the scene that followed….. well you can imagine.
This and many cases such as these make me think aloud?
Should ULIP be allowed to be sold for a person exceeding age 55 years?
In a free democratic and capitalist country, this sounds far-fetched. But with the kind of product mis-selling happening, one cannot help but think of these radical solutions to protect the citizens from being looted.
ULIP is not a bad product, if the investment horizon is for a period in excess of 10 years ( which is shared with the client as an exception rather than being the norm) .
So my dear brethren, buy investment products based on your requirements. Do understand the type of the investment product .( When you bought your Television, did you not make enquiries and acquired all information about the TV you want to buy , before you actually effected the purchase).
So, buyer beware.
Friday, January 1, 2010
2010 : Wealth Creation - Beginning ... Consolidation
Another year has passed by and as we reflect back ( how many of us do ), we find repeating the same things again . History repeats and we’re condemned to repeat it.
Is it so… in all cases ? Well the key to unlock this is in our hands.
Lets start the new year with the resolutions which will hold us in good stead.
1. I will make a budget of my expenses for the year
2. I will save atleast 20% of my take-home income
3. I’ll invest the savings generated from my take-home income in financial instruments I understand
4. I’ll invest based on the principles of :
6. I will cover my risk adequately
7. I will take care of my health and devote atleast 30 minutes in a day to this.
8. I will invest 30 minutes in a month to look at my :
The point I want to make is, if we get the basics right, there is only one trajectory for your wealth to go…. Upward…. Upward…and Rising.
We recommend keeping things simple and we follow the same maxim in our journey of Wealth creation and Wealth maximization.
Wishing you all a fantastic 2010 and sincerely wish that each one of you will be an informed investor, which will enable your returns from investment to be in excess of the returns generated by the Stock Indices in the year ahead
Is it so… in all cases ? Well the key to unlock this is in our hands.
Lets start the new year with the resolutions which will hold us in good stead.
1. I will make a budget of my expenses for the year
2. I will save atleast 20% of my take-home income
3. I’ll invest the savings generated from my take-home income in financial instruments I understand
4. I’ll invest based on the principles of :
- Time Horizon
- Risk Profile
- Liquidity of the product
- Asset allocation
6. I will cover my risk adequately
7. I will take care of my health and devote atleast 30 minutes in a day to this.
8. I will invest 30 minutes in a month to look at my :
- Bank Statements
- Investment Portfolio Status
- Budget viz-a-viz Actual expenditure status
The point I want to make is, if we get the basics right, there is only one trajectory for your wealth to go…. Upward…. Upward…and Rising.
We recommend keeping things simple and we follow the same maxim in our journey of Wealth creation and Wealth maximization.
Wishing you all a fantastic 2010 and sincerely wish that each one of you will be an informed investor, which will enable your returns from investment to be in excess of the returns generated by the Stock Indices in the year ahead
Subscribe to:
Posts (Atom)