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Best one to cite as an example?
#1
Hi all,

I'm giving a series of financial talks (just as an amateur) on zoom, and the first one is on budgeting.  It's a talk I've given before, and on one slide I mention that one way to generate additional passive income is through dividends.  When I gave the talk before, I held up AT&T as an example of a stock to invest in to generate a lot more money than bank interest.  The trouble is, back then AT&T was in the mid 30s, and now it is in the high 20s.  I don't know if it's such a great example anymore given its price erosion.  I think I also mentioned BP, which is in even worse straits now.  I hope nobody listened to me  Big Grin .  

I've changed the slide to list Dominion Energy, which has had a stable value for quite some time.  However, its yield is only 3.1%, which is less than half what AT&T has.  I'm just wondering if there's something better to hold up as the epitome of a "good dividend stock investment".

Thanks in advance for the suggestions!
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#2
First of all, just because the share price has fallen it does not mean that AT&T is a bad example. You were looking to give an example of how you can generate much more in dividends versus the interest rates banks offer. T still does exactly that. I think T might be even a better example now, since T proves that it's not risk free since the value of the shares does fluctuate but often the dividends still keep coming unless the company is in real trouble.

If you choose a stock with great historical performance then you are setting your audience up for unrealistic expectations, since now you have the power of hindsight.

If you still do prefer to move on from T.
JNJ - this is pretty much my default for an example into dividend & dividend growth investing. And it's a very, very common name in DGI portfolios.
Canadian banks - solid dividend history with yields around 4-5% right now
utilities and reits - these usually fit when you are looking for something stable with a decent yield. (though right now hard to find high yielders)
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#3
What you have discovered, as 747 touched on, is that to exceed risk free return-you need to take risk.
There is no set it and forget method to be followed. They take involvement.
One could invest higher yield stocks, they may drop in value or not. The dividend may get cut (like D).
One could invest in lower yield stocks and juice the return with covered calls.
One could sell puts on their desired stocks and get a good return.

All good strategies but they require involvement. Most people that are looking for higher yield will not make the effort IMO.

Good topic.
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#4
Maybe use a couple stocks as an example. Briefly illustrate the risk.

-Keep T, it's a great example of........
-high yield has more risk to capital, the 7% yield might be 2%, or worse.
-it's an aristocrat, through thick and thin you do get yuor dividend.

-Add an Aristocrat that pays just over market yield but still beats it, and offers steady growth in share price over time.

-An electric UTE isn't a bad example either. Use one that is not paying a dividend not covered by FCF.

As Mike basically stated, there is no free lunch whether a cash yield or potential increase in capital. Return is the inverse of risk, and it's not a linear relationship. A typical stock with a 12% yield is not 4 times more at risk of a bad outcome than a 3% yielder. It's probably over 10X riskier in the end.
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#5
KO, PEP, HRL, GIS, ED are good examples as well. Boring businesses that have grown dividends for decades upon decades.
My website: DGI For The DIY
Also on: Facebook - Twitter - Seeking Alpha
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#6
(11-20-2020, 03:34 AM)crimsonghost747 Wrote: JNJ - this is pretty much my default for an example into dividend & dividend growth investing. And it's a very, very common name in DGI portfolios.

I owned JNJ for many years. It was my favorite stock in the portfolio I ended up surrendering in the divorce. Hopefully I'll get it back sometime. But the dividend is only 2.76%, which is better than bank interest but perhaps not the best choice for someone who is looking for supplemental income.

ED - excellent! 3.94%, and it's held its value well. I'll have to pick this up when I have money again Smile
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#7
(11-24-2020, 03:31 PM)ken-do-nim Wrote:
(11-20-2020, 03:34 AM)crimsonghost747 Wrote: JNJ - this is pretty much my default for an example into dividend & dividend growth investing. And it's a very, very common name in DGI portfolios.

I owned JNJ for many years.  It was my favorite stock in the portfolio I ended up surrendering in the divorce.  Hopefully I'll get it back sometime.  But the dividend is only 2.76%, which is better than bank interest but perhaps not the best choice for someone who is looking for supplemental income.

ED - excellent!  3.94%, and it's held its value well.  I'll have to pick this up when I have money again Smile
UTEs are great examples.  When the day comes to buy, do a screen and look at the candidates in the desired yield range.  Then look at the past and projected growth rates.  If DUK for example was yielding .25% less and growing their utility business 2% faster for the next few years, that's a very easy decision for me.  There is a high probability I'll have 10%+ more capital in the faster grower in only a few years.  You usually have several choices.
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#8
(11-24-2020, 06:27 PM)fenders53 Wrote:
(11-24-2020, 03:31 PM)ken-do-nim Wrote:
(11-20-2020, 03:34 AM)crimsonghost747 Wrote: JNJ - this is pretty much my default for an example into dividend & dividend growth investing. And it's a very, very common name in DGI portfolios.

I owned JNJ for many years.  It was my favorite stock in the portfolio I ended up surrendering in the divorce.  Hopefully I'll get it back sometime.  But the dividend is only 2.76%, which is better than bank interest but perhaps not the best choice for someone who is looking for supplemental income.

ED - excellent!  3.94%, and it's held its value well.  I'll have to pick this up when I have money again Smile
UTEs are great examples.  When the day comes to buy, do a screen and look at the candidates in the desired yield range.  Then look at the past and projected growth rates.  If DUK for example was yielding .25% less and growing their utility business 2% faster for the next few years, that's a very easy decision for me.  There is a high probability I'll have 10%+ more capital in the faster grower in only a few years.  You usually have several choices.

Sorry what does UTE stand for? I'm guessing the E is for Energy. DUK looks like another good one!

I expect to be able to resume building my portfolio again in April 2021, so I'll start being more active here then. I had the simultaneous blows of a tree falling in my yard and car repairs last month, which set me back 6 grand, plus I have to provide a higher than normal end of year child support payment to the ex.
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#9
Sorry about that, it's just "fenders slang" for utility stocks. I don't know if I invented it or stole it 20 years ago. Smile I've gotten back a few hours of my life by abbreviating utilities as UTE.

Anyway, there are probably a dozen or so top notch large utilities. The best of the best and just a few pay both above average dividends, and consistently grow the business. Until such time as the sector corrects, it's hard to find both but DUK is among them. There are many solid UTEs that yield sub 2%, but that wasn't what you were looking for.
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#10
(11-25-2020, 07:36 AM)ken-do-nim Wrote: Sorry what does UTE stand for?  

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qbMKx1bh4e/PP3CqW3vnh1UsAdTjUHz0PS7ZwiG4kJYfs4B7gvD2jxrtttqKVW6A5Zckxk6sBzwCe7NTkWhFJUTd7t/7u2jQJGp4+L43mM93DjANZfdX8k7mSaRpG55YkjzAdlEW+0paCIpJxRFycY1Bxpr66E+KujH1ZyZVUqDvcSEm3wy8acR0OuBoMDzV58olxHaJEsMSFpMtxcIyoXGme3OameTmb+rsMZCuc+Zu701TeVWAK0QyM6cIzrjJBpltmk/xDjyX7xi4t+jfh6eIYIGFyp+SwA5Dv/1o2RQoLNz7M+6sg8k1sgL3AfMyEhl7ej5Yx46H0VqO0pSQpHIkY82efqpJLYIP+mQbwzZupz/vGqrkapO1WzPMf94/2jUNjVQNngmnGbAzTSHHOnJDpWAO5r1FIePHYBk+PMUzEdK7YnLMfHHqH+tYCLqwAEi+cDz0Xg6UF2smHXzijCE5ArnyLZeDOz2oca1Xy7ETsq4HKlikTGZBVOEYo68m/wA1N++P2EoJnFG3k3+Zl/fH7CVXD+xPP+oXUqVKrnIVW835tJ6PtCgpTR5tu2MkLovMjT0EH7qz52K6MkgPd0b/AHCkyJlsLSPbNXOKmTJ+xJ/Dk/CkXP6kn8KT8KhTL8l/R3ipZpkS/sSfw5PwrvSH9ST+HJ+Fbizc1/T1M+lYpvXchpnIPJyB6CR91bDfFujfhSQtwtjEUmpwcDlWPNuxfuxzZ3Aycn4pvXVMcSeSXSNC2MvSwpntUY9XOog3fQTK4BGOeO3sOceendi21zGiK1vMCAB82/Z6Kur1XK5WKXi7hFJ3cuVQknfR2QnFLbKHfh0S2EagdZxw6csamgNY8UR7Ysb2d8m0n4B8gdE48M8qgHYF3/dJv4bfhXTjjxRx5ZJyYY7gHhg4u8svux7RWfb2bTNxeOxJKqxRPMDjl560jda1ljsmV4ZFkBZlUxyZOuR2UC7M3WuGnLz2twE4i2BG+uSTzxpVILdiTlqkc3Jvmt71XOeFwVbu4TjXHgQK3e9bWL0n1Lmspm3ZZJYzFDMRyZjHJoB3jHmrSLi7yIurJorZ+Lk58GAPk99LNbDBpGOTyZdz+2/vNMM1WP5Dujk/BptST82/ac91efyBdf3ab+G34Uwrasgq2DTjnSnl2HeE62k2naEbB9lSDsO6/u038NvwrGtFfD2+au7Kbn9I1YRbCuhztpv4T/hTOzNhXa/KtZxkk/Nt31qNaHWXUHuoo2Fe8aY/SBxVJ+S7j+7zfwpPwqbsXZ08coLQShSDn4qTTxOnhUpxseMqYUKaTGvCBsfNyfw5P+mu9b+zl/hSf9NQ4v8Ahfkv6R5qNvJt8xL+9P2UoLljc8o5T/8Aak/6a0DcbZzwwHpBws7l+E8wCABnx0q+KLsjmkmqQR0q7Sq1HMRNqXfRRM+M4HLx5D2mgafeGUuPjMAnkAunsPvoq3vmCWcrtyVeI+YEHNZVb36TnqOGAOuOztwankb+FMaX0Ofhkv8Aan1L/wBNVe8e3J4YuKOU8XEBqqHv8Ke6bEY78D+fZQpvTcYjVc82zUubLcIkCPyg7QMjDplwOXxad9Vtz5Vb9Ymw46TpDwtwJw8GD1eHHPPbVVZxPJM6Rgs7HCqOZJOMCqqToo4pI7iJhMc9HzXhOf0gefh7668G4uyGVU9BDb+U3bDI0gkXgUgM3QqVGeWSBRturvLfTW6zTXAJYjAWNAADjmcc6x6x2rMtu9qrYjlPEyjmSNRr9XzUa7D25Hb7OXJy+oRRzPMZ8w76pkSjGwY4uTpGgbX2/cRuAsp+STqqHv8ACqDYW+t5Kjs8wyCMYRAOQ8O+vO1LvpFjk060Ktpy1Bz7aG932xC/0h9kVycmVlCi/wBub930QUpKupwcop+6odh5Q9ovJGpmXDHXEadxND+8T5C/z2GmNgj46P0/fU3N2FRVG2bL2hPJjilb0BB91Rd8tsXFtGrxSnJbB4lQjGD4CvewByqF5QSGRIsZJySexRjA9OtV2xeKroGG8o9yoGXLnrZCrGNdOHUjl8rvp3ZnlaXpCLozKmABwLExVhknixgkYxpis42onAxBbTNRJF4uwkd4GaF12LX/AEfRE+99kiwsbx+Gb5DAAjTAPFhepjPbRGtsSM9K/oK/9NfKdsVDwxyOyRFwZMEnCkgMQO/Fahvlvw8wFvaTJDCoC8ZJMjADA0HyRj10TJIMN59+LWzyvTPLL+ohTn4nhoLk382jIcxFY1zoXUNp6udC+zhbxajikc824TnPbz5VPN/n5MTn2e+sPxRfw737R/SuF9ESj3inf6YX/wDbj+Gn4UNrczH5MI8+S3urvQ3R7FX0fiRRtm4Iv33u2jzFwvpjT+RXIt+L8HrvxDt4VX8M0PNYTn5UoXzae7NMtssfpTE/X+40uw8Yh1ab7yFQXuOE9o4Uz2kY07dBVZZeUC5MziSccBKiPqxhhk/p4B59h7O2hQbKiPI8RGoBzz89ct9mRF4Q4I6w4uEHOMDkAM0jbX0zq+jSW3quAHIlyQhcdVCMgHANG+5m3Td24kYYYHhbHLIAOnhrWQyTDB0k6wIHUxjIx+kfNWieST81fTHxrafVWjim5MGaNLoOaVcpVeznoHPKKf8AZt1+6asP3Cu8N0XV6wLZ07OYbxrcfKKP9m3WBnMbaDtrEdwNgsXMkkZCqCADocntx3VLIVxGgLLx505roezSgna8jMAT2N91F+znK9VgQFyuD3Hxof29bcIGRzYkeaosuis8nUXFtJP2WZj9VXOtQPKlMJrtyo0UIgI7Sowf8Rx6Kk7nX3QSXc/MpDIV8XPVUes1F2BZGe4iDa8OXbPaQwx6ckU3Jpxijs8fFFwnOS6RDs7S62TJ0zwK6vGyhmHEg4tNTjRueh76HrQk8RPPP8gY9wr6GmuY0tXaZQ0fRSsykZBAOB6eIe2s68m2wYnaW4dB1WBjUZwnWIOnbjQDNdeb8qj9OPxv+NvJWjtnxLaxBwQywsCDzA4nK57tCKrNknELfS//AFFEm8K4L+KN7M0NbOPxLfS+5a56oEpctkHbb/J/ns/1rm7zfHx+f7v9ab2udR/PYK7u5+cJ6fcKl/o3w2jYbairDatnHMkqP1WzgN244Qefnqt3fGtTd5L5LdGkdGYEclxk485xyqknSDjq9gDtPdSFTksW4cnXlnXU9+vvqHJGqgALgDw/nNTU28tzHJJGjHh0K55BskY9IoStopS/SsrA/tE5I5Z7q55W+z0WopaQ7tfZcZ6wODg9nb5qsre3jAHxQyQDqVHZr299dlTiUEhcjtPL0+GlUt5s9ZDxYCnu4tNddM8xVsM7dHBnx8E5l8Z0UZ+JXzuPdTMm2ox/4iNfMP8AtQpLszHZ6aaazHdXTTOL3P8AgTtvDB23DMe4LoPSTUaTeeHkBI3nbHZnkB99UXwYd1d+D+FK4geZlhJvFn5NuPrMx9lQZttTdixqPBAfaa8tCag3cmNK3FA9rZJt9rzGRAzlgTy5D1CjG0tQ0lvgkFmOvdgA8hQFZ/PRfz3/AIUdvJwCE4yV4uXPkOVTyr8S+J29lxcsRzUkdjBgRp6a0PyVtm3kOMZlbT0LWeW9lJcOiu3RhjwqOqXJ4S4QD9EkDQnHnrRfJfEFgkAGB0racYfHVXTiGhPm8aj418i3kPQZ0qVKuw5Cs3j1t3Hfwj/EKooLILrpy7KINuDMRH7SfaFQHXwqWTstiKaWIqxIGQezxoa3wXIUkYzkewUcmDNDe/NkSsQHe3uFJVlLMgXRbjB5lR6MnQ0cbo2IS0jmPypZDr3LGcD1tmgi5QqJh3yYHozWrz2PweztIicYj4iT2EnjY+00uBXNt/D0PIfDxYQXctg35Ttq8MFvbA6uON/ohyV9bD/DULcna8VtbTNIdNQqj5THOgH48hQpvBtU3MzTHkThfBFyFHhpk+mubRsGhZFYkF4lkx3B849mKMsjcnJF44IrFHHL7sn2u13uJp2c84yVXsUDTHt509aLi3P0z91LY+wpEjkuJAVBjYKpBDEHmSDyGlOWf5v9dvcKdW1bPO8njzqJR7S5+inN3vn18ze6vd/Dr6KWwV+PUeDe6o/SXw2Dd48q978XCKIBIvFG7FGH7JVdfXg+iqmHbcVrCZpT1QdAMZY6YCjtNZ3vHvtPfMMjo4xkoinPD2ZLdrY/7VbjyRP2KDs0i52csMM4BGTwHhx1VUZAA7+fOhQPEzMvDhxr5/uzVlsbaCXsJmcMWeBVKqGJDxsQxAHaTwn00P3SjJVY5AByLqFwfTrXNK09nrQpxTX0lSjC58PRQRvlcK0qgc1XB8CcHA9FFF5fcMfE36uT6s/dWdXMpZix5k59dV8eO7OPzcmuKO/C30HG2By1Ne1vJB/9RvXUWvZNdh5hYQ7ZkU64YftfiKJbJ0lTjUeHiD3UEUS7k3iiUxtycHh7gwGR6xp6qaIJIm3UeKoL1smizbiAZ9NBdw3WpZL4JBEmyHx8X89ho72g3zR8Dy58lFZ/C+JUPcPuNH2w4Wuri3hSTgZiQH1PDhc5wCO6oZFao6IOi6u9sOVBByQ0bcTKgKsmDkEKDk4A6xOma0PyVz8dvK5biJmc5xjsGewdueyqq28liluKe4eVjz5rk9/afbRPufs5Lf4RFGvCqzaDzxxn3mp4oOMtlMs1JaCKlXaVdFEbIO2vm/rJ9oVEdal7Z+b+un2xUU86nkK4zkCVVb1LrHnuf3CruMVSb1HrIP2WNZD/AEy3dfZHwi8AYdRJHlk7iFPVHrHsoj8sm0zHbQIDhpFxp2LoW9elSt17UwWqSHRp5Gf6qseD0a5oH8rW0OkukjHKGJF9LDib3ilS4Q/9O+MvfkjXUUD2wdnmeaOPsJy3go7/AD8vTWrbV3cjl2vC0gBiSNVC/rMoyoPgKotxdkdHbLcN8qY4XwRTofSfdRLtnaqRXvG7DhQgsfDBH41XHFKNyE8vK55aj80R9/5FjWUsdOAd2umAPPnFAViM22f94fYBUbfvbz3cuW6sY+Qnhy4ie1j7M1N2SubYfTPuApPYpN10SyeO8UVy7ZW3Z503sX85X6J9wqVeQc/TVRLc9C7P3IcenAqdW0SekeN8drGV+AHqoNO7UEE+c1Asz8Wfo/jVdMhwxPPQn0kU/ZT4RlH8866kqOOWwi3D238GYhyeic4YjmmdOMDwOM0R7RntwxId2Pi/ED6qz1SAi4Pbr6dfeBT0Fx0aoVPXXB8OZ7KlPCpHTh8uWOPHs9bd2vx5VT1fRrVHT0gyx85pkiqRioqkRnNydsQpV7CaZrimmEPNPWc5R1cc1IPqOaaYVZ3exJYvnAFGccRI4c4BxxD9LwrWEL95COHOeevPsIyPfQFI2Wp+5vGKhD+iMfhUROYrSdsVKiTOcSDzD760LyTtnaFn53z/AMLVn19o481HnkfOdoWn1vsNUpfB10fSzCqnYfzt3++/5cdW5qn2H87d/vv+XHR/0AuKVdpU5iBtr5v6yfaFRu2pO2vm/rJ9sVVX94sUckrHqxqzt2aKCx19FRydlsZOkuUjXikdUXlxMwUes0GeUjeG3txHI0ikFCFCEMWJOmADy8ajXrXd1aRyXMdn0UxThjZJHkTpdFwxIAcKc57MVkPlGCm7kCfJGijJOg0HPzZ9NGKM3s0yx3ut7mGMQ9IFt4kV2dOFQQoGh9BNZ1tp2u7vKjWVhgdwOBr5hTGx9tcNg1sNGMpJP7LKNPZ7aItytnlpTOw0A4UPLUAcR9HL00svyyJHp+M/X40p/wBNPv7OOG1gUaLGijPcBzPvPprGNubYa5uZXyeGRyVH7C5Cj1AH01pHlT2t0dmkY0eZFAA7FByx9PL01m26uy+nuUXUgYyBzbJ5D+eyj5Ev8oTxMdReWRKg2SxAlkU8A5A/pY7cd1Tdjy5hHize+i/e+06JJU06qerQaD0UD7Gb4lPO3vrmwxkv2B5Wf2ytD0/bQ5tNBku3yV1x3nGg9dEV0aDdvXeer2cRPq0rpxq2cOZ6K5Wyrk9uPfXi0bXz6U8ExCT3kUxa/LXzirHP8LK3TAx3H307fQ4jJ01xpjxpyaLByO2nNqPhOzsokyolwgA5k+ym7SPjbFNjLNk9pqw2bHgM/o9/4VihHvVC6D9LXza/6VGQc/NXqd8mnJIsJxd+BWMReKrC12pIjBwxyOLnwsuWzk8LAjXJ7M+NV1drBCzY+0rab4u4s1YnQPE5jfxIXVc+qoF5syNnYW7E41CSAI/MjhA5O2FB0xzqv2NLwTRt+qwbkD8nXkefLlXi8nJlZ8nVi2dAeeezl91AB72j856B7qPfIwM7StvBXP8Agas/vmJkJrQfIr/8yt/ov9k0kvg66PpSqfYfzt3++/5cdXNU2xPnbv8AfD/Kio1sUuM0q5SpzEHbnzR+kn2hQj5QSfyfdY7UK+hmCn3+2i7bfzR+kn2hVBtSxjnngglXjifpiyEnhYoFK5AOuMnFRn+yKRdJkXaEZLW8KjSOMykfRQRr7zWDb1rxXc/Drw8Wfor21t1hsSBn2nxKx6B+CL4yTKJ8Gil4VPFy42Zsd5qkt917V9lWVybZWnma06aTDF3WSRBJxEHUEHWnrQvLZiOyget35GPaB7a3U7N6BYYEA6sQz3lmHETp5/ZVJ5Qt2rSDaVlDBCkKSLlguQGKypjOvPAIout7GO62tcxyqHiSFeFctgNmPJ6pGuD7aCVSsv7X61H4ZZ5Qdri4vGKEFIlESY5EL8rA8WJo68iOyeHpJ3X5ar0ZPYAWBPpJ9led491dny7Nu7m2t/g8lubhQQTq1u7K2Rkgq3CcduvhVltTZUVvDsvoFMfwie2il4HkHHG6FmQ9bkSKVY/ytlsvmKWL1xVETyk6NcfRH2VrOtifMqfE++tpu93Nny3L2bW7cXQiUv0suqluDHy8gjA9dZPu9ZRxX0dtOnSW6XMkL8YOCCXijYtyzx8BrShbs5o5ElVEPaThVLMcADme81M3e8l73Cie6kaGJh1FHC0rg68RGoQHxGfNRxtbdG1t4tpXEtskipj4LG4YhfiVwqfSlb2DuqytdkwQw2JuYvhU108UTySNqpaCSTKryCgRBeEY55JJ5so0BzTdsC73crZpHRL8JXh5sCGwR4cJ9tUe9e7NjDbtLbpIWXhy5lzgnl1SOR9lajY7BiO07i2lzJClvDJErM2V6R5FYFgcuPixjiyQNOyh+fdu2Oyb+cQAzJLeLGxyzDo7iRYwMnXAAApVCd7ZZ5cVUomLx3uAM1Eu7kuT3Vsnkt3Oimed72060fDwRSpgHjDEvw4Gc4wM6aGndqbN2TcwxyR20UVxwP09tGcPF8VK44woGGWRV1IGdR21VM4+KTMX2anW8340/dz8ICL459NfRm2PJ7s74LMsVpEs4t2KMAeJXMbhHGvPiX1ihbYe5VtdbMtybVFuo7iJJ2APEyrKOMt3hoWDemsajDIkyw95qdeTIVVFOg9tHPlTs7OHaQhghjjjhWIyKn6TFuN8jP6nCMeetB3c3Z2RdX10IYLaWFIbUrwEOiu7XHHgqeZCpnzCsE+d3irxit4h3a2fHsc3clpGzRzSlmx1mSO9deEa/wBmvDVudn7E/Jv5T/Jq9DwhuHhHHguI+XFjme+sYwXdc4vLY/7+H/MWvW9S/wBam0x1vNp2eytv3e2LssbM/KD2KMOOR10AkCmYhF1YAFQVHPGlMbv7AsWtr3aIsVuWEkxjgbD4WMDhRMcQyeecMeXdisYwi6+WfR7q0TyIkflKLPIRyH1Ciq42fsE7QtpE+DdA6TLMoYdEjhVaNmOeFDoy+JYU3uzZ7Kt7WW5ZLea4eZ+jhd1ysbTFEVI9SBwHizilexl0bI9/EvORR5zVdu7MryXTKwKmbQjXlHGPeDQPvlsdbadEiLrHJGzBA5Ko0bIpC55AhwccgR4mr/yYJiCUa/OtzOexaRSfKmNKCUeSDSlXKVV0S2Ve883BbO+CeDDEDmQpBwPHShHYO8gur6BRE6cKTtllIByExjPb+FH88QZSrDIIwR56DU8m9ukwngklhkUllKMCFJ/ZYEEakY7jSOO7KKS40e9kn4zbP77/APjgqNu5tNrfY2z3VQSy2keucASssZIx2gHNXN9sG4njMU138Www3QxCJ3HIhnLNgEaHhCnGdRUP+hriCK2F24hhaMxjooyw6Jg8YLH5QBAzprTiA95SbuOK+hke3kmK27FeCNpAmJMszAchgDU6aGl5NLmOS+lZIXjJgJbj/SLTA5Gp0x9wogvtg3hm6QTrIZIHt2LIsYjDMpDhVzxkZc4zqQBoKa2J5P0s3L2lxJGxQIxkCygqCDoDjByOdJx/KyiyfhxKkoRsTamQRmTaRGRjIMsuCPCpO9XzWxP/ADln/lNV3tXdma5ieC4vXaJxhljjjiLDuLanHgMZpi63PklECveMRbOkkOIoxhoxwoXP6YxzGlOTH4kP5XdsHAs0GcaZMzEDPfofVWb7Q3peNLq3Fu7AS3Q41RTqZZGByW7CQeXZWp/ky7Onw7TvFvED6CSRn0UMy+SOzbPE87FsliZNWLZLMdOZJJpJpvopjaT2LygbcZLO0kEZfpWViqgE5ELSLoSOT8J9AqZtQ5j2MQcj4TCf/wAS5pzaW4vwmOKK5uHkihx0aqiIQQhQcTDPF1SRU3Zu709tGsNvdfFKMIs0QlZB3K4ZTgdgOcU27FbVDFm3+2rjwsrb/OuD99UUcnDsa+bnw3F6cd+LuSrqHckpcNdrdzfCWGGkPAysOxTFgLwjsA5Y586e2xuvLdxmK6ucxkjKQxiLiwcjjZmYkZ1wMCiwJ0wT3ev7y8nea34IHiCiRZQW6ZG4mClUJwAQcNnIOeYJFWW0Cl3bWt9CvRPcvbRyd7xPICyPjRsHUNzGvYSKn7E3ASzcyWk8kbsAGDcMiOAcgOhwdMnBDA6nvqwut37iUxvJeYaNg6LHCix8QBGXVizOcMcdYAaHFLFUhptOVomLaH4XI5kXhaBI+D9IFXkPF5j0mPRQd5K9pO891Cy46MRDOnXMbS25b/hhQeiiFd15hcG6F4emaMRFuhj4eAHiACdhznXPbUfZW5TW8ss8N0yyznMxMaMrkMzDC6cGrnkaItmWnbxZ3ka1hdnkdy7dEWOXbAyVzgDT0UaeSe+Mlxd5jSPhitgAnBg9a4/VA81SR5ILLtaUnUk8QGSeZ0FWGyPJ5FaP0lpPLE5GDnhdHHc6EdYZ10II7DqanGMlK2Xnkg4UilRyuwGbAyJ5zryyNoSkZz2V4luCN3WfC541bGRwg/DE0zyx6KJ9s7pvep0d3cFowQejhQRKxHIsWZ2bHYMgeFRzuIPgvwL4S/wTT4vgTjwHEgHSfSHdyp2RTRB3f2hJHsYzxxCWQGVhGAXVi07ZACDJHM6Dsof3ZvL2CC52iOiWFHme4tSrqSVIYmMkAowVsDIwRzHI0c7K3ZmtohDBdlYl4uFWhjcjiJbBbIzz7qVlu1NC8skV2S8zccokjVombAXIjUqyHAA0bBxyo0ZsE/KTw2/Q3Nvwxi4JEitlVY8HGr8I5PgY0551ziq3ZE9gbE3F4sryCVuJ4hPjhEoChWGEKgYBB99Gm29yBdkNeXDycIPCECxxpnmQvWYk4GpY8qrhu1CLdrNbt/grEs0fRLxHifpGHSkZGvhypeL5WPzXDiBe/m/EV3LG1u3CkaupaRSOIuUY8Kg5AHB2419dHfkfkL2TOSDmV9RnB0Xvquj8nOy+fSSn0nX1LRrs2S2t41iiIVVGgAP3ChGLu2ac48VGJb0qi/lGP9b2N+FKnonZLpUqVEUVKlSrBFXBSpVgCNdpUqwRClSpVjCpUqVYCFSNKlWMxUhSpUTCpUqVAwq5SpUox0UqVKmYoqQpUqwRu4+SfMaD5OQ8x91KlWfQF2Mw/JX6R+6unt/n9KlSrBJNKlSrGP/Z[/img]
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