The Bull of Wall Street

The Bull of Wall Street

This podcast takes a unique approach in discussing various topics that are of interest to financial advisors and investors. The hosts Jimmy Lee, CEO, The Wealth Consulting Group (WCG), Jim Worden, CFA, CAIA, CMT, Chief Investment Officer (WCG), and Tally Léger, Chief Market Strategist (WCG) will have discussions that concern the markets, economy, strategies, financial planning, taxes, and life. The information herein is for informational and entertainment purposes and intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of WCG.

  1. #70 - Duncan MacPherson, Founder and CEO of Pareto Systems: How Advisors Build Businesses That Scale Beyond Themselves (04/20/26)

    20 APR

    #70 - Duncan MacPherson, Founder and CEO of Pareto Systems: How Advisors Build Businesses That Scale Beyond Themselves (04/20/26)

    In this episode of The Bull of Wall Street, Jimmy Lee sits down with Duncan MacPherson, founder and CEO of Pareto Systems, for a practical and thought-provoking conversation about what it really takes to build a great advisory business.   Duncan shares how he got into coaching financial advisors almost by accident, after giving a few simple business development ideas to advisors that produced results. From there, his work evolved into a decades-long mission to help advisors think differently about client experience, business structure, and practice management.   The conversation centers on a theme Duncan has taught for years: advisory businesses should be designed to serve the advisor’s life, not consume it. He explains why so many advisors stay trapped in the technical side of the business, why that creates risk for enterprise value, and why the most successful firms build around process, team, and relationship depth rather than individual heroics.   Jimmy and Duncan also dive into AI, advisor evolution, enterprise value, referrals, professional contrast, and what separates firms that grow deliberately from those that simply drift. This episode is especially relevant for advisors who want to move from running a book of business to leading a scalable, valuable enterprise. What you'll learn: Why the best advisory firms stop acting like books of business and start operating like true businessesHow advisors can “grow down, zoom out, and level up” to create more freedom and enterprise valueWhy the advisor of the future must combine high tech with high touchHow AI can help firms document process, standardize service, and build intellectual property fasterWhy client acquisition should begin with existing clients and their networks before outside marketingThe difference between professional contrast and professional scarcity, and why both matterWhy being the client’s first call matters more than product selection aloneHow advisors can make themselves more fee worthy by becoming a personal CFO and value added sounding boardWhy the firms that embrace change early are better positioned for scale, retention, and succession Chapters: 01:45 How Duncan got into coaching financial advisors 03:16 How the advisor role has evolved over the last few decades 05:11 Why some advisors crave freedom while others crave being needed 06:57 What it means to run a business instead of just managing a book 08:05 How change in industry structure affects the advisor role 10:41 Why asset management is not enough to define advisor value 13:02 The importance of language, messaging, and professional contrast 16:22 Why AI will elevate some advisors and eliminate others 19:49 Real world ways advisors can use AI to document process and scale 23:20 What the best advisors have in common 30:29 What separates advisors who struggle from advisors who grow 34:20 Why panoramic fiduciary thinking creates deeper trust 39:02 How advisors should think about client acquisition today 45:40 Why existing clients are the best source of future growth 51:28 What the advisory firm of the future looks like 54:05 Professional contrast, scarcity, and why sameness is dangerous 58:09 How Pareto Systems helps advisors improve practice management and execution 01:06 Final thoughts on growth, community, and continuous improvement   Guests Duncan MacPherson, Founder and CEO, Pareto Systems   Speakers Jimmy Lee, CEO, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    1hr 9min
  2. #69 - Julia Carlson, Founder and CEO of Financial Freedom Wealth Management Group: Building a Scalable Advisory Business With Purpose (recorded 04/16/26)

    17 APR

    #69 - Julia Carlson, Founder and CEO of Financial Freedom Wealth Management Group: Building a Scalable Advisory Business With Purpose (recorded 04/16/26)

    Jimmy Lee sits down with Julia Carlson, founder and CEO of Financial Freedom Wealth Management Group, for a conversation about growth, leadership, and building an advisory firm that is designed to serve clients at scale.   Julia shares how her business grew from approximately $25 million in assets after moving to LPL Financial in 2009 to more than $600 million today. She discusses the lessons that shaped that journey, including the importance of hiring early, trusting a team, and stepping out of the way so others can lead. A pivotal part of that evolution came after a serious accident involving her daughter, which forced Julia to spend time away from the office and revealed that her team was capable of much more than she had allowed.   The conversation also explores how Julia built a broader ecosystem around her advisory firm, including a tax business, a business consulting practice, coaching programs, retreats, and a growing personal brand. Throughout the discussion, she emphasizes that sustainable growth comes from knowing the numbers, building the right team, creating repeatable processes, and staying connected to a larger purpose.   What You’ll Learn How Julia Carlson scaled an advisory business from approximately $25 million to more than $600 million in assetsWhy building a team based model changed the trajectory of her firmWhy understanding profitability by household can improve decision makingHow tax services and business consulting can deepen client relationshipsWhat role social media and personal branding can play in business developmentWhy coaching and mastermind communities can accelerate business growthHow Julia thinks about purpose, philanthropy, and long-term impact through her “one billion for good” vision Chapters 00:00 Introduction to Julia Carlson and her businesses 02:43 The early years and learning she could not do it all herself 04:13 Her daughter’s accident and the turning point in leadership 07:10 Expanding the team and creating a business that can run without her 08:09 Freedom Tax and building a more comprehensive planning model 10:12 The women’s mastermind, retreats, and coaching entrepreneurs 12:20 Financial planning, service models, and household profitability 16:19 Why knowing firm economics matters for growth 18:22 How tax services support retention and lead generation 21:20 Technology, planning tools, and AI adoption 23:49 Client appreciation events, workshops, and business development 25:55 The origin of “one billion for good” 30:10 The value of coaching and learning from peers 34:20 What is next for the business and where Julia wants to focus 37:44 Social media, authenticity, and attracting the right clients 40:02 Mistakes made along the way and lessons for advisors 48:52 AI, vibe coding, and the future of client experience 50:50 Differentiation, team culture, and building a values based firm   Guest Julia Carlson, Founder and CEO, Financial Freedom Wealth Management Group   Host Jimmy Lee, Founder & CEO, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    54 min
  3. #68 - Sam Ro, Founder of TKer: Why Markets Climb the Wall of Worry and How Advisors Can Help Clients Stay Invested (recorded 04/01/25)

    1 APR

    #68 - Sam Ro, Founder of TKer: Why Markets Climb the Wall of Worry and How Advisors Can Help Clients Stay Invested (recorded 04/01/25)

    In this episode of The Bull of Wall Street, Jimmy Lee and Talley Leger sit down with Sam Ro, founder of Tker and an award-winning financial newsletter writer, for a wide-ranging conversation on market behavior, investor psychology, and the importance of long-term perspective.   Sam explains why his work focuses less on daily market noise and more on framing events in the context of longer cycles. He discusses how financial media often leaves investors feeling uneasy even when long-term results have been constructive, and why advisors can add value by preparing clients for inevitable drawdowns before they happen.   The conversation also explores current market conditions, including resilient consumer spending, rising earnings expectations, labor market dynamics, and concerns around private credit. Throughout the episode, Sam returns to a central idea: markets may be volatile in the short run, but over time they have historically reflected innovation, adaptation, and the drive for better products, services, and outcomes. What You'll Learn Why daily market coverage can feel disconnected from long-term market outcomesHow Sam uses historical context to interpret current market eventsWhy advisors may benefit from preparing clients for volatility before it arrivesWhat current consumer spending and earnings data may be signalingWhy some market fears are widely known while other risks can emerge unexpectedlyHow market turnover and innovation support long-term equity returnsWhat labor market “stickiness” may mean for productivity and corporate performanceHow repetition and clear communication can help advisors strengthen client trust  Chapters 00:00 How Talley, Jimmy, and Sam connected 03:04 Shared background, media experience, and why Sam’s work resonates with advisors 06:19 Sam’s philosophy on markets, media, and long-term framing 13:46 How advisors can prepare clients for future drawdowns 21:23 Contrarian thinking and why bad news can create opportunity 23:41 Earnings expectations, consumer resilience, and margin stability 29:00 Why markets tend to rise over time 37:18 Private credit concerns and how Sam is thinking about the issue 43:52 Labor market turnover, productivity, and the “tenure dividend” 47:38 Sam’s background, storytelling style, and evolution as a writer 55:03 Core market principles, hidden risks, and long-term optimism 01:01:16 Closing thoughts on creativity, change, and human ingenuity   Guests Sam Ro, Founder and Editor, Tker https://www.linkedin.com/in/sammyro/   Speakers Jimmy Lee, Founder and CEO, The Wealth Consulting Group Talley Leger, Chief Market Strategist, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    1hr 4min
  4. #67 - Dave Mazza, Chief Executive Officer, Roundhill Investments: ETF Innovation, Portfolio Construction, and the Changing Role of Diversification (recorded 03/25/26)

    25 MAR

    #67 - Dave Mazza, Chief Executive Officer, Roundhill Investments: ETF Innovation, Portfolio Construction, and the Changing Role of Diversification (recorded 03/25/26)

    In this episode of The Bull of Wall Street, Talley Leger is joined by Dave Mazza, Chief Executive Officer of Roundhill Investments, for a discussion on markets, ETFs, portfolio construction, and how investors may think about diversification in the current environment.   Drawing on a long professional history together, Talley and Dave revisit the evolution of ETFs from early sector products to today’s more specialized and outcome-oriented strategies. They discuss the recent market backdrop, including the S&P 500 moving below its 200 day moving average, the role of energy and geopolitics, and why periods of volatility can create both risks and opportunities depending on an investor’s time horizon.   The conversation also explores the technology trade, the Magnificent Seven, sector concentration, and why diversification across regions, market capitalizations, and asset classes may still matter even after periods when narrow leadership has dominated returns. Dave shares perspective on how Roundhill approaches product development, what makes a differentiated ETF issuer, and where innovation may continue across the industry.   What You’ll Learn How Dave thinks about the recent market pullback and the role of time horizon in portfolio decisionsWhy geopolitical headlines and oil prices may influence near-term market behaviorHow the Magnificent Seven fit into today’s broader market structureWhy diversification may still matter even after long periods of narrow market leadershipHow ETFs evolved from simple indexing tools into more specialized portfolio building blocksWhat distinguishes innovative ETF issuers from larger, more established providersHow financial advisors may think about core, satellite, and tactical portfolio construction  Chapters 01:02 Talley and Dave’s professional history and early ETF work 03:06 Market pullback, the 200 day moving average, and time horizon 08:42 Oil, inflation, rates, and comparisons to prior market periods 15:46 The Magnificent Seven, tech concentration, and earnings strength 21:22 Passive investing, ETFs, and market structure 28:36 The history of smart beta, factor investing, and ETF development 30:30 Replacing the traditional 60 40 portfolio using ETFs 36:14 What separates successful ETF issuers from the rest 39:46 The idea behind meme stock exposure and retail participation 43:15 Advisor fee pressure and the role of product cost 49:19 Where ETF innovation may go next 53:07 Which ETF categories may face more pressure over time   Guests Dave Mazza, Chief Executing Officer, Roundhill Investments   Speakers Talley Leger, Chief Market Strategist, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    57 min
  5. #66 - Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal: AI Infrastructure, Software Disruption, and the Next Phase of Tech (recorded 03/20/26)

    20 MAR

    #66 - Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal: AI Infrastructure, Software Disruption, and the Next Phase of Tech (recorded 03/20/26)

    In this episode of The Bull of Wall Street, Jim Worden speaks with Dan Gallagher, Technology Columnist for Heard on the Street at The Wall Street Journal, about the current state of the technology sector and the forces shaping markets today.   Dan shares his long view on the evolution of technology, beginning with the early internet era and the first dot-com cycle, and compares that backdrop with the current wave of investment around artificial intelligence. The conversation focuses on Nvidia’s rise, hyperscaler spending, semiconductor supply constraints, memory pricing, and the broader chain of dependencies driving the AI buildout.   Jim and Dan also discuss the pressure on software valuations, the distinction between platform companies and more exposed application businesses, and how investors may be thinking through durability, disruption, and changing narratives across the sector.   What You’ll Learn How the current AI cycle compares with prior technology cyclesWhy Nvidia’s growth story has been years in the makingHow memory supply and manufacturing constraints affect the AI ecosystemWhy hyperscaler spending remains central to the semiconductor storyWhat may be driving pressure on software valuationsWhy AI may create both efficiency gains and disruption across industriesHow technology adoption tends to evolve in uneven and unpredictable waysWhere Dan sees longer-term potential in physical world AI applications Chapters 01:12 Dan’s history covering technology and the evolution of tech cycles 04:12 Nvidia’s rise from graphics chips to AI infrastructure leader 07:22 What Dan took away from Nvidia’s recent conference and guidance 09:22 Memory bottlenecks, Micron, and supply chain constraints 15:10 Why Nvidia and other AI leaders may still face valuation questions 19:53 Software stocks, AI narratives, and where pressure is coming from 24:04 Why some software platforms may be more durable than others 28:53 Palantir, secure AI use cases, and valuation sensitivity 31:13 Adobe, creative tools, and consumer-facing AI disruption 34:43 AI in Hollywood, content creation, and labor implications 40:18 Everyday AI use cases and workflow changes 45:10 AI adoption, human judgment, and preserving human connection 49:31 Areas of technology Dan finds interesting over the long term   Guests Dan Gallagher, Technology Columnist, Heard on the Street, The Wall Street Journal   Speakers Jim Worden, Chief Investment Officer, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    55 min
  6. #65 Allison Bonds Mazza, Head of US Wealth at State Street, and James Seyffart, Senior Research Analyst at Bloomberg Intelligence (recorded 03/17/26)

    17 MAR

    #65 Allison Bonds Mazza, Head of US Wealth at State Street, and James Seyffart, Senior Research Analyst at Bloomberg Intelligence (recorded 03/17/26)

    This special live episode of The Bull of Wall Street was recorded at the VettaFi Exchange 26 conference in Las Vegas NV, bringing together industry leaders for a real-time discussion on ETFs, market structure, and the evolving role of advisors.   Jim Worden, CFA, CMT, CAIA, Jimmy Lee, and Talley Leger are joined by Allison Bonds Mazza, CIMA®, CPWA, Head of US Wealth at State Street, and James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence. The conversation explores the growth of the ETF industry, including its origins following the 1987 market crash and its expansion to thousands of products and trillions in assets today.    The group discusses ETF flows, the shift from mutual funds to ETF structures, and the increasing role of active ETFs across the market. Additional topics include sector positioning, gold and alternatives, crypto as a portfolio component, and the growing importance of model portfolios.   The discussion also addresses broader industry themes such as advisor fee compression, generational shifts in investors, artificial intelligence, and the importance of human relationships in wealth management.   What You’ll Learn How the ETF industry evolved from early innovations to a multi-trillion dollar ecosystemWhy flows continue shifting from mutual funds into ETF structuresHow active ETFs are gaining share and influencing industry fee trendsWhat current ETF flow patterns may indicate about investor positioningHow advisors are using model portfolios and customization at scaleThe role of crypto and alternatives within diversified portfoliosHow artificial intelligence may impact investment workflows and productivityWhy advisor-client relationships remain central despite technological advancementsHow generational changes may influence future wealth management practices  Chapters 01:15 History and evolution of ETFs 03:20 ETF flows and sector positioning trends 06:08 Gold, alternatives, and portfolio durability themes 08:24 Mutual funds versus ETFs and active ETF growth 11:12 Product innovation and ETF launches 13:37 Crypto ETFs and portfolio considerations 15:53 Women in finance and industry evolution 21:17 Active ETFs and fee dynamics 24:27 Advisor margin compression and pricing discussions 31:17 Product structure and democratization of access 34:11 Model portfolios and customization trends 39:04 Passive flows and market structure implications 42:11 AI in investing and advisor workflows 46:47 Direct indexing and future competition 49:26 Sector positioning and industrial trends 52:28 Product innovation and global expansion 53:19 Advisor perspective and client engagement 54:15 Next generation investors and digital expectations   Guests Allison Bonds-Mesa, CIMA®, CPWA, Head of US Wealth at State Street James Seyffart, CFA, CAIA, Senior Research Analyst at Bloomberg Intelligence Speakers Jim Worden, CFA, CMT, CAIA, Chief Investment Officer, The Wealth Consulting Group Jimmy Lee, Chief Executive Officer, The Wealth Consulting Group Talley Leger, Chief Market Strategist, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    1 hr
  7. #64 - Michael Taylor, Portfolio Manager at Simplify Asset Management: Healthcare Innovation, GLP-1 Competition, and the Future of Markets (recorded 03/11/26)

    11 MAR

    #64 - Michael Taylor, Portfolio Manager at Simplify Asset Management: Healthcare Innovation, GLP-1 Competition, and the Future of Markets (recorded 03/11/26)

    n this episode of The Bull of Wall Street, Jim Worden and Paisley Nardini are joined by Michael Taylor, Portfolio Manager at Simplify Asset Management. Michael shares his unconventional path from drug discovery scientist to hedge fund manager and now ETF portfolio manager focused on healthcare innovation.   The discussion explores the current state of the healthcare sector, including drug pricing dynamics, GLP-1 competition, and emerging innovation cycles. Michael also outlines how advancements in technology, including AI and automation, may impact drug development, productivity, and long-term economic trends. The conversation highlights both opportunities and risks across markets, with a focus on active management and sector positioning.   What you’ll learn How a background in drug development can inform investment decision-makingKey differences between GLP-1 therapies and how they may impact market shareWhy healthcare may be positioned for relative strength based on current conditionsHow innovation in diagnostics, therapeutics, and longevity research is evolvingThe role of demographics, debt, and productivity in shaping long-term market outcomesHow active management may identify opportunities within a complex healthcare landscape  Chapters 03:00 From scientist to hedge fund manager 06:00 The Pink Fund and investing with purpose 09:00 Personal story and racing journey 14:00 Healthcare sector outlook 18:00 Drug pricing and policy considerations 23:00 Innovation in healthcare and AI impact 29:00 GLP-1 competition and positioning 36:00 Identifying opportunities beyond traditional healthcare 42:00 Macro environment and sector flows 49:00 Debt, demographics, and long-term risks 01:03:00 Active management and healthcare allocation    Guests Michael Taylor, Portfolio Manager, Simplify Asset Management Speakers Jim Worden, Chief Investment Officer, The Wealth Consulting Group Paisley Nardini, CFA, CAIA, Simplify Asset Management   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    1hr 11min
  8. #63 - Geopolitics, Critical Technologies, and Industrial Reshoring with John O’Connor, CEO and Chairman, J.H. Whitney (recorded 03/04/26)

    4 MAR

    #63 - Geopolitics, Critical Technologies, and Industrial Reshoring with John O’Connor, CEO and Chairman, J.H. Whitney (recorded 03/04/26)

    In this episode of The Bull of Wall Street, Jimmy Lee is joined by John O’Connor, CEO and Chairman of J.H. Whitney, along with Jim Worden and Talley Leger, for a timely discussion on geopolitics, national security, critical technologies, and the shifting economic framework shaping markets.   John outlines how J.H. Whitney’s work with the U.S. government evolved from advising on strategic competition with China into a broader investing and analytics capability. He explains how the firm assesses critical technologies, supply chain dependencies, and geostrategic entanglement risk, and how that framework has informed both government work and investment strategy.   The conversation then turns to current geopolitical developments, including Iran, China, energy security, industrial policy, tariffs, critical minerals, artificial intelligence, and the longer-term implications of reshoring U.S. manufacturing. John shares his perspective on how these issues intersect with inflation, interest rates, capital markets, and national power, while Jim and Talley explore what these shifts may mean for advisors, investors, and portfolio positioning.   What You’ll Learn How J.H. Whitney’s government advisory work evolved into an investing frameworkWhy critical technologies, trade, and capital markets are increasingly linkedHow John views the competitive position of the U.S. relative to ChinaHow current developments involving Iran may affect inflation, rates, and market volatilityWhy rare earths, critical materials, and processing capability matter beyond mining aloneHow AI and quantum may influence productivity, competitiveness, and national securityHow energy, defense spending, and industrial policy may shape the next phase of economic transition  Chapters 03:10 J.H. Whitney’s government advisory work and strategic competition with China 07:55 Trade, technology, and capital markets as instruments of national power 10:39 Why quantum may become more visible in the years ahead 13:58 AI, automation, and U.S. industrial competitiveness 17:13 The U.S. manufacturing renaissance and capital spending incentives 19:47 A geopolitical framework for interpreting current events 25:58 Iran, energy security, inflation, and rate implications 30:16 Follow-up on Iran and possible paths forward 34:29 Energy, defense spending, and the idea of a peace dividend 40:07 AI adoption, software, and the practical impact on productivity 55:58 Productivity measurement and the economic impact of AI 01:02:15 Fiscal balance, government efficiency, and structural pressures   Guests John O’Connor, CEO and Chairman, J.H. Whitney   Speakers Jimmy Lee, Chief Executive Officer and Financial Advisor, The Wealth Consulting Group Jim Worden, Chief Investment Officer, The Wealth Consulting Group Talley Leger, Chief Market Strategist, The Wealth Consulting Group   Follow us LinkedIn: The Wealth Consulting Group X (Twitter): @WealthCG YouTube: @thewealthconsultinggroup   Making Life Better at The Wealth Consulting Group   If you’re ready to see how WCG helps advisors grow, subscribe for insights, updates, and resources built to make your practice, and your life, better. Subscribe at bit.ly/wealthcg

    1hr 9min

About

This podcast takes a unique approach in discussing various topics that are of interest to financial advisors and investors. The hosts Jimmy Lee, CEO, The Wealth Consulting Group (WCG), Jim Worden, CFA, CAIA, CMT, Chief Investment Officer (WCG), and Tally Léger, Chief Market Strategist (WCG) will have discussions that concern the markets, economy, strategies, financial planning, taxes, and life. The information herein is for informational and entertainment purposes and intended for use by advisors only, and should not be copied, reproduced, or re-distributed without the consent of WCG.

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