🚀 What a year. Despite the tumultuous events taking place around the world, 2024 has seen a huge growth of interest in #SystemicInvesting. And alongside our pioneering community, we’ve made important progress. Here are our highlights: In research & conceptual development we published: 💡 The Definition and Hallmarks of Systemic Investing—a major update to our thinking that defines and describes what we mean by systemic investing and what it could look like in practice 🌊 Our first case study in partnership with the Builders Vision team, exploring and learning from their pioneering oceans strategy In prototyping we: 🌽 Delivered phase one of our Regenerative agriculture in the Midwest prototype, published an innovative transition map, and secured funding for phase two 👩🏽💻 Kicked-off of a new project in partnership with Mútua, which is exploring how AI and large language models can be used responsibly to scale up systemic investing 🥡 Started to analyze the transition financing needs of the Swiss food system, asking: how might we estimate the volumes of financing needed, and how do we deal with the challenges of uncertainty and immeasurability? In field building we: ✨ Hosted the hugely successful inaugural Systemic Investing Summit as well as local gatherings in London and Zurich 📢 Took to the stage at events including SOCAP Global and the World Economic Forum and hosted 10 webinars and community calls 💬 Convened a practice community to explore #StrategicCapitalFacilitation —an orchestration role that we’ve identified as critical for driving systems change A massive thank you to all of those who support, fund and collaborate with us. Here’s to 2025—and continuing our work to make money a transformative force in building a low-carbon, climate-resilient, just, and inclusive society. +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭
TransCap Initiative
Umweltdienstleistungen
An innovation space for building the field of systemic investing. Initiated and supported by EIT Climate-KIC.
Info
The TransCap Initiative is a collaborative innovation space for developing, demonstrating, and scaling systemic investing in the places that matter most for human prosperity—such as cities, landscapes, and coastal zones—as well as in value chains and other real-economy systems. We apply systems thinking, human-centred design, and the principles of mission-driven innovation to explore how financial capital can catalyse the transformation of systems in service of a low-carbon, climate-resilient, just, and inclusive future. Our mission involves developing a knowledge and innovation base, testing novel concepts and approaches, and building a community of practice. In doing so, we recognise the complex adaptive nature of human and natural systems and the fundamental uncertainty that governs their evolution, and we thus emphasise the need for collaboration, experimentation, and learning. The places and value chains we intend to transform act as centres of gravity for our work. In each of these systems, we will work with challenge owners, communities, innovators, investors, and other stakeholders to design, structure, and finance strategic investment portfolios nested within a broader systems intervention approach. The TransCap Initiative has been initiated and is currently supported by EIT Climate-KIC.
- Website
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http://www.transformation.capital
Externer Link zu TransCap Initiative
- Branche
- Umweltdienstleistungen
- Größe
- 2–10 Beschäftigte
- Hauptsitz
- Zurich
- Art
- Nonprofit
Orte
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Primär
c/o Systemic Investing Initiative
Zurich, 8032, CH
Beschäftigte von TransCap Initiative
Updates
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Why is systemic investing like a Swiss army knife? Watch our Executive Director Dominic Hofstetter's keynote at SOCAP Global earlier this year, where he explores the future of #ImpactInvesting, #philanthropy and #DevelopmentFinance. +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭
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Did you miss our recent webinar where we shared our transition map and the progress of our #RegenerativeAgriculture in the Midwest prototype? Never fear, you can catch up on demand here! 📽️🍿🚜 #SystemicInvesting +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭 https://lnkd.in/dVFu-eKH
Supporting the transition to regenerative agriculture in the Midwest: a TCI webinar
https://www.youtube.com/
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Want to know how Builders Vision are pioneering #SystemicInvesting through their oceans strategy? Join us this week for one of our webinars where we'll be deep diving into the case study we wrote with the Builders team. There is a huge amount to learn from their work and we'd love to hear your questions and reflections on it. Webinar details and a sign-up link are in the comments ⬇️
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Transition mapping is a new approach to system mapping that deliberately seeks to drive action, by illuminating a strategic blueprint for system change. Instead of representing the current state of the system, as most system maps do, this type of mapping highlights the underlying drivers and blockers of a given transition. This enables us to more effectively pinpoint the interventions needed and thus the strategic investment opportunities. TCI’s Ivana Gazibara shares how we built it—and what it tells us about systemic capital deployment—in the context of our #RegenerativeAgriculture in the Midwest prototype. Grab a coffee and have a read ➡️https://lnkd.in/dXYK2tit +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭
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What is a Systems Mindset? A #SystemsMindset recognizes the complex systemic nature of societal problems and conceives of the role of #capital as one of several levers of change for addressing them, often in reconsideration of prevailing financial best practices. Thinking in terms of systems means bringing a different orientation to the work and seeing the role of the investor as part of an ensemble of societal actors working toward a shared transformative vision. It also directs the investor’s gaze toward the tools and methods of systems thinking and complex systems science to aid decision-making. This is particularly the case in those contexts where traditional finance has little to offer, such as sensemaking protocols that help us deal with the fundamental uncertainty inherent in all complex adaptive systems. Systems Mindset is one of the #Hallmarks of #SystemicInvesting. The Hallmarks break down this big idea into more manageable pieces and give us language for developing the field. Find out more about the Hallmarks ➡️ https://lnkd.in/d6uYDFGz We'll be sharing more Hallmarks here, and we'd love to hear your thoughts and reflections on them as we go. +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭
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For our #APAC community: join us to discuss and learn from this rich case study of #SystemicInvesting
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Join us to deep dive into Builders Vision's visionary oceans strategy. This #webinar is timed for our West Coast community, and we'll be joined by Peter Bryant and James Lindsay to share the lessons they've learned from doing #SystemicInvesting on the ground.
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What does it look like to do systemic investing on the ground, and who is pioneering its practice? As part of our field-building effort, we are kicking off a new series of case studies that showcase the work of organizations blazing a trail in #SystemicInvesting. The aim is to illustrate what is distinctive about systemic investing and how it is different from more mainstream approaches to sustainable finance and impact investing. By sharing this insight widely we hope to grow understanding and adoption of this new investment logic. In this first case study we deep dive into the example of Builders Vision (BV) and their visionary oceans strategy. We explore the systemic investing #hallmarks their work demonstrates, and highlight five lessons the BV team has learned. The study also shares reflections and questions from the TCI team about how this work could be strengthened even further. The focus of BV’s efforts could not be more pressing. Today, 90% of the planet’s fish stocks are fully exploited or overfished, over half of marine species could be extinct by 2100, and there is projected to be more plastics in the ocean than fish by 2050. Meanwhile, 3 billion people rely on the ocean as a primary source of food security and roughly half of the Earth’s oxygen is produced by the ocean. And despite the UN declaring 2021–2030 the “Ocean Decade”, sustainable development goal 14 (Life Below Water) is the least funded. Grab a cuppa and have a read of the case study below for the full story ⬇️ We’re holding two webinars in December to explore the case study in more detail and hear your feedback and questions. Details of how to sign up are in the comments. Thank you to Lukas Walton, Peter Bryant, James Lindsay and the whole BV team for collaborating with us on this case study, enabling their experience and learning to be shared with the wider community. +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘯𝘦𝘸 𝘏𝘢𝘭𝘭𝘮𝘢𝘳𝘬𝘴 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭
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AI and large-language models (LLMs) can gather, structure, analyze and synthesize information at dramatically higher speeds and lower costs than standard data and analysis practices. This offers huge promise for systemic investing (SI). It could augment investors' decision-making by offering previously unattainable data-driven systemic insights at scale, and streamline parts of the SI process, reducing resource use, costs and time. Yet alongside this potential, there are also some important limitations and risks that need to be critically engaged with. Not least to guarantee the generation of reliable and just outcomes. So we’re really excited to announce that we’re collaborating with Mútua, a leading developer of AI-enabled systemic investing platforms. We will work together on three streams: 1. Conduct desk research and expert interviews to generate insights on the risks and opportunities of using AI and LLMs for systemic investing. 2. Test AI tools to understand their potential to augment SI, including mutua’s new tool in the specific context of designing an SI prototype in the Brazilian food system. 3. Explore and ideate new AI-enabled tools and functionalities—with a focus on some specific #hallmarks: combinatorial effects, nesting, and coalition building and orchestration. Watch this space for updates! lucas matarazzo, Andre Ticoulat, Michel Rassy, Ollie Bream McIntosh, Rowan Finnegan, Hanson Gong, Jason Jay, Alban Yau, Ida Uusikyla, Tania Rodriguez Riestra +++++++++ 𝘛𝘩𝘦 𝘛𝘳𝘢𝘯𝘴𝘊𝘢𝘱 𝘐𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘪𝘴 𝘢 𝘯𝘰𝘯-𝘱𝘳𝘰𝘧𝘪𝘵 𝘰𝘱𝘦𝘯 𝘪𝘯𝘯𝘰𝘷𝘢𝘵𝘪𝘰𝘯 𝘪𝘯𝘪𝘵𝘪𝘢𝘵𝘪𝘷𝘦 𝘸𝘰𝘳𝘬𝘪𝘯𝘨 𝘵𝘰 𝘥𝘦𝘷𝘦𝘭𝘰𝘱, 𝘵𝘦𝘴𝘵 𝘢𝘯𝘥 𝘴𝘤𝘢𝘭𝘦 𝘴𝘺𝘴𝘵𝘦𝘮𝘪𝘤 𝘪𝘯𝘷𝘦𝘴𝘵𝘪𝘯𝘨. 𝘞𝘦 𝘥𝘰 𝘵𝘩𝘪𝘴 𝘵𝘩𝘳𝘰𝘶𝘨𝘩 𝘳𝘦𝘴𝘦𝘢𝘳𝘤𝘩 𝘢𝘯𝘥 𝘤𝘰𝘯𝘤𝘦𝘱𝘵𝘶𝘢𝘭 𝘥𝘦𝘷𝘦𝘭𝘰𝘱𝘮𝘦𝘯𝘵, 𝘱𝘳𝘰𝘵𝘰𝘵𝘺𝘱𝘪𝘯𝘨 𝘢𝘯𝘥 𝘧𝘪𝘦𝘭𝘥 𝘣𝘶𝘪𝘭𝘥𝘪𝘯𝘨. 𝘙𝘦𝘢𝘥 𝘰𝘶𝘳 𝘯𝘦𝘸 𝘏𝘢𝘭𝘭𝘮𝘢𝘳𝘬𝘴 𝘸𝘰𝘳𝘬 𝘢𝘯𝘥 𝘧𝘪𝘯𝘥 𝘰𝘶𝘵 𝘮𝘰𝘳𝘦 𝘢𝘣𝘰𝘶𝘵 𝘶𝘴 𝘰𝘯 𝘰𝘶𝘳 𝘸𝘦𝘣𝘴𝘪𝘵𝘦: 𝘵𝘳𝘢𝘯𝘴𝘧𝘰𝘳𝘮𝘢𝘵𝘪𝘰𝘯.𝘤𝘢𝘱𝘪𝘵𝘢𝘭