My name is Mike McNeil and I’m the author of The Dividend Guy Blog along with the owner and portfolio manager over at Dividend Stocks Rock. I earned my bachelor degree in finance-marketing, own a CFP title along with an MBA in financial services. Besides being a passionate investor, I’m also happily married with three beautiful children.
I started my online venture to educate people about investing and to be able to spend more time with my family.
I used to struggle with the same issues millions of small investors deal with on a daily basis. Which stocks to buy? When to sell them? How to find the time to manage my portfolio? How to diversify? I wasn’t into dividend investing until I looked in depth at my portfolio returns and realized I was having difficulty keeping up with the market.
The root of the problem was a very poorly built portfolio that lacked structure and the components required to build a sturdy base. I made good money from the stock market but I was taking unnecessary risk to achieve my investing goals.
From that point on, I was determined to create a portfolio strategy that would allow me to benefit from dividend growth stocks as a solid foundation. Since then, I manage my portfolio with a stress free method that enables me to cash out dividend payments even when the market goes sour.
I'm a capital projects manager and process design engineer at a large-cap biotech company. I love the financial world because it is like one big puzzle and I hope we the Seeking Alpha Community help each other out to solve the puzzle to help us realize our dreams.
Ph.D. economics and Finance MBA finance
Globe Institute of Technology
Professor – Economics and Finance, Chair of Business Department
Colorado Technical University
Adjunct Professor – courses: Applied Managerial Finance (Graduate Level), Microeconomics, International Finance
European School Of Economics (New York Campus)
Adjunct Professor – Economics (Graduate Level) Courses taught: Microeconomics
Metropolitan College of New York
Adjunct Professor – Economics, Banking and Finance
Courses taught: History of Economic Thought, Macroeconomics, Money and Financial Institutions
World Gold Council
New York, NY
• Constructed econometric models relating to gold's role as a portfolio diversifier primarily aimed at institutional investors.
• Focused on models of the embedded optionality of gold in terms of its relation to other investment assets and economic fundamentals such as inflation and business conditions.
Founder and President, Internet Startup company with polling and investment advice websites.
Fundamental Portfolio Advisors, Inc.
Chief Portfolio Strategist – President
• At the predecessor company I started the New York Muni Fund, the first single state triple tax-free municipal bond fund.
• I took the fund from a one-employee start-up where I performed every function to a family of mutual funds which had five funds with total assets above $300 million and which did all of its distribution, accounting and transfer in-house.
• I wrote the initial prospectus and was responsible for managing the portfolios of what eventually grew to be a family of 5 mutual funds.
• Was chief economist for parent company’s brokerage affiliate.
• Involved on the buy-side in the development and monitoring of various structured municipal finance products. Worked with major issuers such as New York City and major investment banks such as Merrill Lynch and Goldman Sachs.
• Designed and submitted a U.S. Patent Application for a portfolio management system for mutual funds involving derivatives.
Note: In 1996 Fundamental Portfolio Advisors and myself were subject to civil litigation by the SEC which resulted in deregistration and a permanent bar from the securities industry.
A. Gary Shilling & Co.
Senior Economist – Vice President
Economic consulting, modeling and forecasting. Both macro and micro.
• Clients included: Emerson Electric, Bethlehem Steel, Castle & Cooke, Cooper Industries and the U.S. Department of Transportation.
• I was the author of the 1979 study commissioned by the U.S. Government Interstate Commerce Commission, which calculated the expected economic impact of trucking deregulation.
White, Weld & Co, Inc.
• White, Weld was the sixth largest investment banking and brokerage firm when Merrill Lynch bought it.
• Extensive work was done on the All-American Pipeline Proposal to tap the Alaskan Gas Reserves.
• The economics department of White, Weld formed A. Gary Shilling & Co. at the time of the Merrill Lynch merger.
American Stock Exchange
New York University
June 1978 Ph.D.
• Ph.D. dual field, economics and finance.
• Doctoral dissertation was in contingency claims (options) theory
June 1973 MBA with concentration in economics and finance
NYU Engineering School
June 1971 Bachelor of Science - Nuclear Engineering Tau Beta Pi
Analysis of the Embedded Inflation Optionality in Gold Prices. World Gold Council, 2000. New York, N.Y.
The Economic Impact of Trucking Deregulation. Interstate Commerce Commission, 1979, Washington D.C.
I have been following the markets since I was in my teens and invest as both an academic exercise and to increase my net worth. While I am not confined to one type of investing, I tend to invest primarily in special situations, strong companies with pricing power, and owner-operators. I also invest for the long-term and do not trade in and out of securities.
Rocco Pendola is an associate editor at Seeking Alpha focusing on technology and the sectors it overlaps with.
In addition to technology, I am interested in dividend growth and income investing.
I make references to music I'm obsessed with (e.g., Old 97s, Elliott Smith, Bruce Springsteen) in my writing. If you notice any of these references, it makes me happy.
I am back on Twitter: https://twitter.com/notascomposed
At Valuentum, we think the best opportunities arise from a complete understanding of all investing disciplines in order to identify the most attractive stocks at any given time. Valuentum therefore analyzes each stock across a wide spectrum of philosophies, from deep value through momentum investing. We think companies that are attractive from a number of investment perspectives--whether it be growth, value, momentum, etc.--have the greatest probability of capital appreciation and relative outperformance. The more investors that are interested in the stock for reasons based on their respective investment mandates, the more likely it will move higher.
Brian Nelson is the President of Equity Research at Valuentum Securities, an investment research firm serving individual and institutional investors, as well as financial advisors. Before founding Valuentum, Mr. Nelson worked as a director at Morningstar, where he was responsible for training and methodology development within the firm's equity and credit research department. Prior to that position, he served as a senior industrials securities analyst, covering aerospace, airlines, construction and environmental services companies. Before joining Morningstar in February 2006, Mr. Nelson worked for a small capitalization fund covering a variety of sectors for an aggressive growth investment management firm in Chicago. He holds a Bachelor's degree in finance and a minor in mathematics, magna cum laude, from Benedictine University. Mr. Nelson has an MBA from the University of Chicago Booth School of Business and also holds the Chartered Financial Analyst (CFA) designation.
Get to Know Brian:
Brian led the charge in developing Morningstar's issuer credit ratings, developing and rolling-out one of the firm's proprietary credit metrics, the Cash Flow Cushion. http://select.morningstar.com/welcome/credit/pdfs/Morningstar_CashFlowCushion.pdf
Brian is frequently quoted in the media and has been a frequent guest on Nightly Business Report, Bloomberg TV, and the Money Show.
Mr. Nelson is very experienced in valuing equities, developing Morningstar's discounted cash-flow model used to derive the fair value estimates for the company's entire equity coverage universe.
Brian worked on a small cap fund and a micro cap fund that were ranked within the top 10th percentile and top 1st percentile within the Small Cap Lipper Growth Universe, respectively, in 2005.
Mr. Nelson is also a contributor to Seeking Alpha and an opinion leader in the Industrial Goods space.
You can reach Brian at email@example.com.
Please read our Disclaimer that applies to all articles published on Seeking Alpha: http://www.valuentum.com/categories/20110613
Follow us on Twitter: @Valuentum
Steve Birenberg is founder and President of Northlake Capital Management, LLC. Northlake specializes in managing portfolios for high net worth individuals using a unique strategy combining monthly ETF rotation based on major market themes supplemented by carefully selected media and telecom stocks. Steve has been managing money since 1982 and following media and telecom since 1990. For the past five years, Steve has been a contributor to RealMoney.com, the professional service of theStreet.com, where he provides commentary on media and telecom stocks. Steve is author of "Dow of Steve" for subscribers of SNL Kagan. Dow of Steve provides commentary on media and communications news from a Wall Street perspective. Steve earned his CFA in 1986 and taught at the Study Seminar for Financial Analyst from 1986 through 1992. Steve grew up in Rochester, NY and graduated from Miami of Ohio in 1982 with a Bachelor of Science in Business Administration.
I've been interested in stock investments for a couple of years now. I like companies with high, reliable earnings growth rates, low valuations and healthy balance sheets. I write about a wide variaty of companies as I look for the perfect investment.
I am the founder of Shaun Currie Research, an independent investment research firm that offers freelance, contract-based, and performance-based investment analysis and training for investment firms, newsletters, and blogs.
I have 10 years of investment experiences which include time spent at T Rowe Price (long only), Wells Capital Management (concentrated long only), and as the Director of Research at Manalapan Oracle Capital Management (long/short equity). I am currently completing my MBA at Northwestern University's Kellogg School of Management. I graduated with a BS in Business Administration from Villanova University.
Any content on this site is NOT investment, trading, legal, or tax advice, and none of the information available through this website is intended to provide tax, legal, investment or trading advice. Nothing provided through this content whether by the owner or posted by other writers constitutes a solicitation of the purchase or sale of securities/futures.
The content on this site is intended for informational purposes only, and should never be used as investment advice. Please do your own research before making any investment decisions.
Scott Grannis was Chief Economist from 1989 to 2007 at Western Asset Management Company, a Pasadena-based manager of fixed-income funds for institutional investors around the globe. He was a member of Western's Investment Strategy Committee, was responsible for developing the firm's domestic and international outlook, and provided consultation and advice on investment and asset allocation strategies to CFOs, Treasurers, and pension fund managers. He specialized in analysis of Federal Reserve policy and interest rate forecasting, and spearheaded the firm's research into Treasury Inflation Protected Securities (TIPS). Prior to joining Western Asset, he was Senior Economist at the Claremont Economics Institute, an economic forecasting and consulting service headed by John Rutledge, from 1980 to 1986. From 1986 to 1989, he was Principal at Leland O'Brien Rubinstein Associates, a financial services firm that specialized in sophisticated hedging strategies for institutional investors.
Visit his blog: Calafia Beach Pundit (http://scottgrannis.blogspot.com/)
Tom Lydon is editor and publisher of ETF Trends, a website with daily news and commentary about the fast-changing trends in the exchange traded fund (ETF) industry. Mr. Lydon is also CEO of Global Trends Investments, an investment advisory firm specializing in the creation of customized portfolios for high-net worth individuals. He has been involved in money management for more than 25 years. Mr. Lydon serves on the Board of Directors for U.S. Global Investors, Inc. and Guggenheim Investments. In early 2010, Mr. Lydon helped create the CNBC Model ETF Portfolios. Mr. Lydon is the author of The ETF Trend Following Playbook, as well as iMoney: Profitable Exchange-Traded Fund Strategies for Every Investor. He is Co-Founder of Virtual Summits, educational virtual events for financial advisors.
Visit his site: ETF Trends (http://www.etftrends.com/)
The ETF Virtual Summit is the largest exchange traded fund (ETF) investment conference in the world. ETF Trends and RIA Database host this complimentary, interactive conference that exists completely online. The virtual showroom features keynote speakers, panel webinars, an exhibitor hall, a networking lounge and hot topic forums. Designed exclusively for Financial Advisors, this conference allows you to interact with experts in the ETF industry in a unique, virtual environment, avoiding the hassles and costs of traveling. Details on the conference, including agenda, past attendee statistics and sponsor information can be found at www.ETFVirtual.com.
The Alts Virtual Summit is the leading Alternative Investment conference for financial advisors. ETF Trends and RIA Database host this complimentary, interactive conference that exists completely online. The virtual showroom features keynote speakers, panel webinars, an exhibitor hall, a networking lounge and hot topic forums. Designed exclusively for Financial Advisors, this conference allows you to interact with experts in the Alternative Investment industry in a unique, virtual environment, avoiding the hassles and costs of traveling. Details on the conference, including agenda, past attendee statistics and sponsor information can be found at www.AltsVirtual.com.
Saj Karsan founded an investment and research firm that is based on the principles of value investing. He has an MBA from the Richard Ivey School of Business, has completed all three CFA exams, and has an engineering degree from McGill University. Visit his blog, Barel Karsan (http://barelkarsan.com/).
Ian Wyatt is an active investor, a well-regarded investment expert and an Internet entrepreneur. He is the Chief Investment Strategist at Wyatt Investment Research, and plays a leading role in each of the company’s investment newsletters and trading services.As a well-regarded market expert, Ian has written for Marketwatch, Zacks Investment Research, Seeking Alpha, Yahoo! Finance and The Burlington Free Press. He has been interviewed or quoted in articles in well-known publications including AOL Finance Blogging Stocks, Kiplinger’s Personal Finance Magazine, Barron Magazine, Barrons.com, Forbes.com, The Dick Davis Digest, The Dick Davis Income Digest, The Wall Street Transcript, TheStockAdvisors.com, Money Show Digest, The New Jersey Star Ledger, The Wisconsin State Journal and The Seattle Times.
In 1998, Ian combined two of his passions, stocks and the Internet, with the launch of a free investment web site with expert advice about investing in stocks.
Ian founded Business Financial Publishing and Wyatt Investment Research in 2001, publishing investment newsletters for individual investors. Since then, the company has evolved into an Internet content company publishing e-letters, special reports, newsletters, trading services and financial web sites.
Business Financial Publishing was named #185 on the 2008 Inc. Magazine Inc. 500 list of the fastest growing companies in the United States, achieving a 3-year growth rate of 1,303%. The company currently reaches over one million individual investors weekly through its free e-letters.
His first book, The Small-Cap Investor: Secrets to Winning Big with Small-Cap Stocks, was published by John Wiley & Sons in September 2009. Ian lives in the Green Mountains of Vermont with his wife Carrie.
Elliott Gue knows energy. Since earning his bachelor’s and master’s degrees from the University of London, Elliott has dedicated himself to learning the ins and outs of this dynamic sector, scouring trade magazines, attending industry conferences, touring facilities and meeting with management teams.
For seven years, Elliott Gue shared his expertise and stock-picking abilities with individual investors through a highly regarded, energy-focused research publication. Elliott Gue’s knowledge of the sector and prescient investment calls prompted the official program of the 2008 G-8 Summit in Tokyo to call him “the world’s leading energy strategist.”
He has also appeared on CNBC and Bloomberg TV and has been quoted in a number of major publications, including Barron’s, Forbes and the Washington Post.
In October 2012, Elliott Gue launched the Energy & Income Advisor (www.EnergyandIncomeAdvisor.com), a semimonthly online newsletter that’s dedicated to uncovering the most profitable opportunities in the energy sector, from growth stocks to high-yielding utilities, royalty trusts and master limited partnerships.
The masthead may have changed, but subscribers can expect the same in-depth analysis and rational assessments of investment opportunities in the energy sector.
DividendInvestr is a start-up finance website focusing on dividend stocks, fund holdings, and investing gurus. The site is edited by Serkan Unal who has been in financial markets for more than 10 years. Serkan has an engineering degree with a strong quantitative background.
Invest. Manage risk. Communicate. Educate yourself. Make profits. .
My name is Todd Johnson. I’m a family man, sports fiend, health nut, technology buff, long-time stock investor, and a very lucky mountain climber, all of which has shaped my philosophy as a professional investor for the last 30 years. As my interests might suggest, I am always looking for the upside while striving to minimize risks.
My new passion, which I have realized through DividendLab.com project, is helping other investors learn more about investing; investing in stocks and other assets that are subject to wide price swings can actually enhance their returns when the right investment strategy is applied. To that end, I read company 10k and 10q statements so they can skip them. I compile and analyze the market research that isn’t always at their fingertips. And I don’t make any investment recommendation without committing my own funds first, which is the purest form of accountability.
Options trader full-time, author, owner of www.kevinmobrien.com, a subscription-based trading service. Born in Chicago, IL. I trade many stocks in the tech, financial, and agricultural sectors. Trade daily with a 5 Technical Indicator Strategy I developed, the Daily Options Trading Strategy (DOTS). Also trade many debit spreads for weekly and earnings-based trades such as Strangles, the Reverse Iron Condor, the Neutral Calendar Spread and also hold long-term call and put options on undervalued stocks and ETF's.
If you are interested in subscribing to the website's Trading Forum, please visit us at www.kevinmobrien.com.
Favorite stocks to trade: CF, GOOG, AAPL, NFLX, BIDU, CMG, PCLN, RIMM, CSCO, IDCC, POT, MOS, MON, SNDK, APA, and many more.
I'm a big Chicago Bears and Blackhawks fan.
Follow me on https://twitter.com/#!/RobertWeinstein
Owner of 1 Reason Insurance, a full-line insurance agency licensed in Wisconsin and Minnesota, and 1 Reason Real Estate, licensed in Wisconsin. http;//1reason.com
Let's connect on Linkedin http://www.linkedin.com/pub/robert-weinstein/12/129/651
Google + Profile https://plus.google.com/110309851050284795454
Contributor to StockSaints' weekly Options Investing newsletter
Robert Weinstein is an active trader focusing on the psychological importance of risk mitigation, emotion and financial behavior of market participants. Robert co-founded the investing blog StockSaints, where he writes a journal about his trading activity and experiences.
Founder of Disruptive Tech Research – a technology research and advisory firm serving the investment management community.
We provide registered investment professionals and qualified firms with independent, targeted research to support the generation of investment ideas.
We focus on patent-filing activity to identify the most promising disruptive technology trends early. Then, we employ an original, bottom-up fundamental research approach to uncover micro- and small-cap ideas that are underfollowed, underappreciated and undervalued.
Our mission is to provide clients with differentiated, actionable and thorough fundamental research at a cost effective price.
We’re 100% independent. That means absolutely no pay-to-play arrangements, no hidden agendas and no hype. Just solid research. And yes, we eat our own cooking.
I started my investment career at Morgan Stanley, where I helped direct over $1 billion in in institutional capital. After growing bored with the monotony of asset allocation studies, investment policy statements, manager searches and evaluations, and Retirement Plan Service Provider RFPs (among other things), I left and co-founded Wall Street Daily, which quickly became one of the web’s largest financial publishers with a daily circulation of more than 700,000 readers.
In 2014, I founded Disruptive Tech Research to pursue my investing passion, and fill the void in the market for high-quality, 100% independent research on disruptive technologies.
I have been fortunate to appear regularly on CNBC’s Closing Bell, as well as be mentioned in other media outlets, including in The Wall Street Journal, The New York Times, Morningstar and MarketWatch. I earned my MBA from the Crummer Graduate School of Business at Rollins College, which is also where I met my beautiful wife.
Pro Deo, Pro Familia, Pro Patria
Richard is the managing principal of QVM Group LLC, a fee-based investment advisor based in Connecticut, with clients across the country. . QVM manages portfolios uniquely designed for each client on a flat fee basis through the client’s own accounts at Schwab; and provides investment coaching to "do-it-yourself" investors on an hourly fee basis. The investment approach is based on value, asset allocation, expense control, risk management, customizing portfolios to each client's specific circumstances, and regular communication about strategy and absolute and benchmark performance. Richard's extensive experience includes serving having served as a Board Director of Phoenix Investment Counsel, a U.S. pension and mutual funds manager, now Virtus Investment Partners (New York Stock Exchange: VRTS http://www.virtus.com); as Managing Director of Phoenix American Investment in London; and as a Board Director Aberdeen Asset Management PLC in Aberdeen Scotland (London Stock Exchange: ADN http://www.aberdeen-asset.com). He has been a Trustee of a $500 million pension fund, and was a charter investor and member of the Board of Directors of several internet companies, including Lending Tree (NASDAQ: TREE http://www.lendingtree.com) prior to its IPO. He is a 1970 graduate of Dartmouth College. QVM Group LLC is a Registered Investment Advisor. Visit the QVM Group website. (http://www.qvmgroup.com). Follow him on Twitter: @QVMinvest
Think B.I.G., by Bespoke Investment Group, provides some of the most original content and intuitive thinking on the Street. Founded by Paul Hickey and Justin Walters, formerly of Birinyi Associates and creators of the acclaimed TickerSense blog, Bespoke offers multiple products that allow anyone, from institutions to the most modest investor, to gain the data and knowledge necessary to make intelligent and profitable investment decisions. Along with running their Think B.I.G. finance blog, Bespoke provides timely investment ideas through its Bespoke Premium (http://bespokepremium.com/) subscription service and also manages money (http://bespokepremium.com/mm) for high net worth individuals.
Visit: Bespoke Investment Group (http://bespokeinvest.com/)
Degree in business administration from Ithaca College in Ithaca, New York. Been investing over 25 years, and writing in various formats for 30 years. Primarily investing in technology, focusing on wireless sector. Trade infrequently. Twitter handle is @TedStamas
Marc is a frequent contributor to Investment U and also The Oxford Club’s Income Specialist and Editor of The Oxford Income Letter. He is the author of the best seller "Get Rich with Dividends".
His investment career started out at the trading desk of Carlin Equities in San Francisco, CA, where he executed dozens of trades each day for his clients.
As a Senior Analyst with Avalon Research Group, his buy recommendation gained 17.8% versus the S&P 500′s 5.9%. While there, Marc started and headed the technical research products division, in addition to his fundamental duties.
Marc also looked at the market with a journalist’s skeptical eye as a columnist for The Street, where he broke several stories on companies in the biotech sector. His contrarian recommendations (including shorts) gained 12.6% annualized versus the S&P 500′s gain of 0.5%.
Along with Oxford Club publications, Marc has appeared on Fox Business, Bloomberg Radio, Yahoo! Finance and been published in the online version of The Wall Street Journal, The Street, U.S News and World Report and was featured on NPR’s “The Story.”
Disclaimer: Money Morning and Stansberry & Associates Investment Research are separate companies, and entirely distinct. Their only common thread is a shared parent company, Agora Inc. Agora Inc. was named in the suit by the SEC and was exonerated by the court, and thus dropped from the case. Stansberry & Associates was found civilly liable for a matter that dealt with one writer’s report on a company. The action was not a criminal matter. The case is still on appeal, and no final decision has been made.
Andrew Horowitz is a Certified Financial Planner. He is the President and Founder of Horowitz & Company (http://www.horowitzandcompany.com), a Registered Investment Advisor. Mr. Horowitz has been managing money and writing about investments since the late 1980's. He has taken his principles of financial and investment management to create targeted investment disciplines. His proprietary models provide a comprehensive methodology for establishing specific investment ideas. The combination of high technology with hands-on expertise helps his clients create the kind of plan needed in today's complex financial world. He has written a book also titled The Disciplined Investor which is scheduled to be released in bookstores throughout North America in May of 2007. Blog author, Podcast Host, Writer and Investment Advisor are the hats he wears daily.
Visit his site: The Disciplined Investor (http://www.thedisciplinedinvestor.com/blog/)
Listen to TDI's podcasts (http://www.thedisciplinedinvestor.com/blog/category/podcasts/)
A true investing contrarian with more than a decade's experience in the financial markets. I review a variety of sectors with both long and short ideas.
Blog address: http://www.atruecontrarian.com/
The top gold and silver analyst on Seeking Alpha. One of the few that does the hard leg work necessary in this field.
The Gold and Silver Report is in progress and will be ready in a month with a close look at some very interesting names from the junior level all the way up to the majors.
I write about dividend growth stocks on my website www.dividendgrowthinvestor.com.
I am mostly a buyer of high quality dividend stocks, with solid competitive advantages. My holding period is forever, as long as the dividend is at least maintained. I tend to concentrate my efforts on stocks which grow earnings and dividends, which provides outstanding total returns over time. I only focus my attention to stocks with sustainable dividend payments. I am also a firm believer in diversification accross sectors and geographic locations.
I have been focusing my attention particularly to companies that regularly increase dividends to their shareholders on my website. On my blog I share my thoughts on investing in dividend paying stocks that have consistently increased their payments over time and tips on growing my dividend income. I hope that my blog will serve as an inspiration for my readers and that it would change their financial lives for the better.
Visit my website, Dividend Growth Investor (http://www.dividendgrowthinvestor.com/)
Andy Zaky is a Hedge Fund Manager at Bullish Cross Asset Management, and editor of the Bullish Cross financial newsletter. His main area of knowledge is in global macro economics, fundamental analysis and technical analysis. Andy has about 14 years of investment experience, a strong background in accounting and financial statement analysis, technical analysis, broad market analysis, macro economics and law. Andy both focuses on long term investments and trading short term calls and puts on the major index-pegged ETFs (QQQQ, SPY and DIA). Andy has a J.D. from the UCLA School of Law.
I am the Executive VP of Zacks Investment Research in charge of Zacks.com and all its services for individual investors. I have a top down investment approach with a focus on value and upward earnings estimate revisions. And there is nothing I enjoy more than sharing insights with fellow investors.
Formerly: John Galt.
The majority of my capital is invested in Dividend Growth stocks. I also enjoy searching for the next big thing.
To grade my investment decisions: I've usually been able to "buy low", but I've often sold out too early. I'm firmly against losing money. I have no problem with building up my portfolio slow and steady. After the 2008 Financial crisis I've been much more macro focused instead of being more of a stock picker.
I love a good stock debate, looking at the best bull case, best bear case and picking my side. I believe in doing your own due diligence! I enjoy reading finance/stock market books among other things.
Love traveling, and always have my eye out for the next investment idea when at home or abroad.