There are a lot of dominoes still to fall, but Harris track record across two major North American franchises offers insight into how the Commanders might operate differently under someone other than Dan Snyder. Harris, who recently announced the launch of a new fund called 26North, declined multiple opportunities to speak with Insider for this article. Share Them by March 3, A glossary of kink terms you didn't want to know but now will, Dominion Has the Cure for Foxitis: $1.6 Billion Defamation Lawsuit, Jefferson County Finds Itself Up a Tree Over Controversial Forest-Thinning Practices, Impending Bill Digs Into Problems With Colorado's Environmental Permitting Process. Harris's net worth is estimated to be $7.85 billion, which puts him in the 308th position on Bloombergs Billionaire Index. Matthew Paras can be reached at mparas@washingtontimes.com. NOW WATCH: What coronavirus stress is doing to your brain and body, For more stories like this, sign up here for our Wall Street Insider newsletter, founder of the $10 billion hedge fund Avenue Capital, Last year, the hedge-fund titan Steve Cohen bid $2.6 billion for the team, Jennifer Lopez, were working on a bid for the deal, helped Apollo earn a sixfold return after a $2 billion investment turned into $12 billion between 2008 and 2013, purchase a $45 million seven-level Upper East Side mansion. Joshua worked at Drexel Burnham Lambert with fellow Drexel alumnus Leon Black and Marc Rowan. Ignaczak, Harris' close friend, said his competitive streak has surfaced when the pair have run races together, like Philadelphia's half and full marathons. Joshua Harris is an American billionaire and private equity investor. 6:31AM. Hes also on track to finalize a deal to purchase a 35-percent stake in MLBs Cleveland Guardians. Among Josh Harris children, two are sons, Thomas Harris and Stuart Harris, and three are daughters, Hannah Harris, Pierce Harris, and Bridget Harris. Since Harris led the deal to buy the 76ers in 2011, he's applied his private-equity investing style to his teams by revamping management, upgrading athletic facilities, snapping up star players, and trying to turn around ailing sports franchises. With $350 billion under management, Harris' alternative investments firm is one of the largest in the industry and known for being among the most aggressive investors. Since May when Harris announced hed be leaving his day to day role at Apollo in early 2022 following Blacks surprise resignation amid controversy over his ties to dead pedophile Jeffrey Epstein Harris has sold 6.6 million Apollo shares, according to a Bloomberg report. He will graduate in 2023 with a Bachelors degree in Legal Studies. Insiders explained how he's . He attended high school at The Field School, Washington D.C. Josh got BS degree from Wharton School of the University of Pennsylvania. Over the summer, there were reports Harris was considering launching his own private equity firm. Who would Lasry pick first in the NBA draft? By hiring general manager Sam Hinkie, Philadelphia embraced tearing down its roster in an attempt to lose as many games as possible to shore up better draft positioning. Talking about Stuart, he is currently studying at UPenn. The trio met at investment bank Drexel Burnham Lambert,. He graduated in 1986 with a Bachelor of Science in economics. Live from London, tracking the breaking and top business news stories in the lead-up to the opening of European markets. A day after the Sixers' failed proposal to reshape the Penn's Landing waterfront with a new arena and more, The Inquirer's Keith Pompey dropped this: I. "And if he gets that, I think it's great for the fans of New York.". That doesn't fit into a model of third-party capital, when you have a fund for a certain number of years.". Josh Harris co-founded Apollo Global Management in 1990 with two partners. The business evolved into Harris Blitzer Sports & Entertainment, a company that also owns some minor-league and esports teams and spawned a venture-capital arm. The Miami home purchase is an indication that Florida may become Harriss primary residence, which would significantly reduce his taxes if he cashes out of Apollo, sources said. One lawyer pointed to the jargon-laden contracts investors sign with private-equity firms. "From the beginning, Josh and David were the same way.". "I had no idea that that was going to happen," Embiid said of the announcement. In January, he left the firm and began planning a new investment fund. Here's how 6 firms like Blackstone and Cerberus are building teams and what's holding some back from going all in. We have conviction that our strategy is right, Harris told the Daily Pennsylvanian in 2017. "You know what Josh did? Philadelphians had more enthusiasm for the city's other sports teams, like the Eagles or Phillies, Aron, the former 76ers CEO, said. Hannah was an intern at Public Broadcasting Service, Showtime Networks Inc., and PepsiCo. The stock sales are much larger than any by Marc Rowan, who succeeded Black as Apollos CEO, or Black himself, who has never sold a single share of Apollo, according to filings. 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Michael Rubin, Harris' business partner and a co-owner of the 76ers and Devils, said. His group was involved in trying to buy the Broncos, going so far as to tour Denvers facility and meeting with several members of the organization before Walmart heir Rob Walton purchased the team. In the past two years, the team climbed to first in the league, averaging more than 20,000 fans. "We would be in an investment committee and Josh would be sitting there and his family-office employees would come in and bring him breakfast, or come in with a deck that clearly has the Devils logo on it," the source said. Heather Perlberg. He was ranked as the 272nd richest American in the Forbes list of richest Americans 2017. window._taboola = window._taboola || []; We've received your submission. He was ranked as the 272nd richest American in the Forbes list of richest Americans 2017. What Does Lindsey Horans Boyfriend Tyler Heaps Do For a Living? "They are never going to promise 100 percent of their time.". container: 'taboola-below-article-thumbnails-3rd', Nevertheless, Josh Harris kids seem to be doing good. It might be helpful if you actually got some exercise.". When Josh Harris helped run Apollo Global Management, some of his subordinates quietly groused about the investor's divided attention, pointing out that the family office through which he handled personal investments operated on the same 42nd floor as other Apollo employees, and that he regularly took phone calls about the sports teams he owned, the New Jersey Devils and Philadelphia 76ers. So routine are such personal investments, in fact, that private-equity executives have created a whole cottage industry outside of their own PE shops, equipped with enough capital to compete with some of their own funds. Golf's Greatest Holes: Golfing legend Paul McGinley takes television presenter Chris Hollins on a tour of the best golf courses in Ireland and Northern Ireland. Data is a big component to Harris' approach, those close to him said. articles a month for anyone to read, even non-subscribers! Harris is the principal owner and managing partner of the New Jersey Devils of the National Hockey League and the Philadelphia 76ers of the National Basketball Association, and is a general partner in . But theyve also generally drafted well, hitting on the selections of centers Nico Hischier and Jack Hughes with the first overall picks in 2017 and 2019. The first source, who worked with Harris as recently as 2021, said Harris's personal staff sometimes showed up to meetings and brought him work that was unrelated to Apollo. Antoine Munfakh, a flashy and hard-driving Los Angeles executive who's known for wearing pink suits and driving a Rolls-Royce Phantom, was one of the youngest people to make partner at Apollo. One former Apollo executive said that the activities were generally accepted, as he heard one colleague remark: "Some people like to collect art. Others viewed his involvement in HRS and Harris Blitzer as a sign he would step away from Apollo after Rowan became the heir apparent. It broke with his past experience with Harris. The firm declined to put forward any senior-ranking executive to speak about the matter. "He really wanted to understand what made the asset what the upside potential was and how he might be able to improve what was in place," said Bettman, who also highlighted Harris' philanthropic commitments to his sports teams' cities. On Wednesday, the New York Post reported that Galatioto Sports Partners, a New York investment bank, was working with investors who could put in up to $250 million for Rodriguez and Lopez's bid. placement: 'Below Article Thumbnails 2nd', container: 'taboola-right-rail-thumbnails', Billionaire Josh Harris, co-founder of Apollo Global Management, is buying a $32 million Miami mansion at 2060 N. Bay Road in an off market deal, sources tell Gimme exclusively. He played ice hockey at high school. "It was definitely a source of tension internally," said the former Apollo employee who worked with Harris in 2016. Simpson's foreclosed Miami home was quietly demolished, The ultra-luxe palace Putin shares with gymnast girlfriend revealed, Mary-Kate and Ashley Olsen's 'It Takes Two' abandoned mansion demolished, 2023 Billboard Women in Music Awards: Lana Del Ray, Kim Petras, & more, RHOA star Drew Sidora accuses ex Ralph Pittman of cheating, mental abuse, Original Gone With The Wind script reveals secret war over slavery, cut scenes, Good luck 'worming' your way out of this one, Kanye West and 'wife' Bianca Censori look surprisingly happy on dinner date, 11-year-old reads aloud from 'pornographic' book he checked out from library at school board meeting. He described Harris as a highly engaged sports owner. Harris evaluates and operates his teams the same way he would a portfolio company, Ignaczak said. Ignaczak complied, only to see Harris pull away in the final stretch. The couple has three sons and two daughters. Is Kristie Mewis Dating the Aussie Star Sam Kerr? But it is unknown if they are actual husband and wife or if it is just some fun between two friends. It was there that Harris took on the role of interrogator. In June 2021, he received his High School Diploma. In addition to Antoine Munfakh, the Los Angeles executive, Insider identified three employees who worked for Apollo and HRS simultaneously an overlap that has been known to happen in "embedded family offices," which are more prevalent in smaller, privately held businesses, but not giants like Apollo that trade on the New York Stock Exchange. 3 draft pick; Lasry's team received the second. The purchase. Joshua Harris, also known as Josh Harris, is a private equity investor and philanthropist from America. A writer at The Philadelphia Inquirer, David Murphy, wrote a rebuke of Harris and his business partner David Blitzer's decision. Embiid, who's known as "The Process," told Business Insider he reached out to Harris and other owners after the decision was announced and expressed his opposition to it. Initial bids are reportedly in from five groups, Become a member to support the independent voice of Denver Bloomberg Daybreak Europe, anchored live from London, tracks breaking news in Europe and around the world. Harris is a co-founder of Apollo Global Management, the alternative asset manager he started with Marc Rowan and Leon Black. With both teams, Harris and his ownership group have largely allowed coaches and executives the time to prove themselves. And people tend to, when they get really involved in those things, want to own them forever. Matthew Anderson, a Blackstone spokesman, issued a statement to Insider that said Blitzer's "full-time, clear focus is leading Blackstone's successful Tactical Opportunities business." A spokeswoman for JPMorgan declined to comment. At big financial firms, employees typically leave the firm altogether to work in their boss's family office, as was the case when a Carlyle partner of nearly 19 years departed to help invest Rubenstein's capital at Declaration Partners. At the same time, Ms. Harris was a Campus Marketing Representative at NBCUniversal Media, LLC. While Bridget and Pierce have become completely MIA from the media, little information about other kids has been revealed. Harris will be out in six months, an insider tells Gimme. Cohen, whose spokesperson declined to comment, remains a minority owner. mode: 'thumbnails-a', mode: 'thumbnails-rr', #Sixers managing partner Josh Harris ($5.1 Billion) is tied 129th. If such a deal transpired, Mets fans would put their dreams of World Series glory a victory they haven't enjoyed since 1986 into the hands of a businessman who is known for tapping the power of the purse. His ownership of the 76ers and Devils were a distraction and 'source of tension,' employees said. Harris relationship with Leon Black and other top brass at Apollo has been strained since Harris encouraged Black to leave amid scrutiny of Blacks relationship with sex offender Jeffrey Epstein, according to numerous reports. For all the talk about personal investing, there appear to have been no public complaints from investors. Among NBA. He said he never personally heard a complaint about the office, though he acknowledged that he wasn't privy to Apollo's internal discussions. The contracts, this person said, generally under-promise the time responsibilities of the firm's top executives. Over three decades, Apollo grew assets under management to over $500 billion. The purchase is yet another sign that Harris is on his way out at Apollo, business sources say. And few people dared to object to the private-equity executive's business, given his influence in managing the firm's operations, they said. Likewise, he also interned at Reciprocal Ventures for two months in 2022. Markets never sleep, and neither does Bloomberg News. According to these sources, Harris is one of the most hard-driving people they've worked with and applies a private-equity playbook to his expanding list of sports assets. But they didnt become that overnight and the, ahem, process to get there is what has defined Harris tenure. All of these investments occurred in the last two-and-a-half years, which shows Harris and Blitzer are utterly growth-minded. In May 2017, she joined the Hasty Pudding Theatricals as Events Coordinator. Last year at Apollo, Black stepped down as CEO after an internal investigation disclosed he paid Jeffrey Epstein more than $150 million for tax advice and other consulting services. For instance, Henry Kravis, the cofounder of KKR, has started his own venture portfolio, investing millions of dollars into startups, many of them with a technology focus. To breathe in some life, the 76ers cut ticket prices to the upper bowl to $17.76, backed a local ad campaign,and created a new practice facility for the team. Copyright 2023 Market Realist. His mark on the firm includes handling numerous industrial investments, including chemical companies such as LyondellBasell, which helped Apollo earn a sixfold return after a $2 billion investment turned into $12 billion between 2008 and 2013. The two men have also dipped into the soccer market as both have minority stakes in Crystal Palace F.C., an English Premier League team. She is the wife of Joshua Harris is known as Marjorie Harris. "Sure, he pushes them around here, but never in a way that is conflicting," said one KKR employee. Joshuas grandfather, Morris, was an electrician. Joshua Harris is net worth of $3 Billion according to Forbes Magazine. Talking about his business ventures, he is the co-founder of Apollo Global Management, which is one of the largest alternative investment firms in the world. "There are so many more millionaires and billionaires who have this new conflict that most wouldn't even dream they would have," said one attorney, who advises private-equity firms on fund formation. Live from London, tracking the breaking and top business news stories in the lead-up to the opening of European markets. That amounts to 18 percent of Harris holdings, worth an estimated $490 million. Harris declined to comment for this story. He was ranked at the 745th spot in the list of world billionaires which was published by Forbes in 2017. Marjorie Rubin is the daughter of Albert Rubin and Lillian Rubin. To be sure, his possible bid for the Mets is no done deal. articles a month for anyone to read, even non-subscribers! "He crossed about 10 seconds ahead of me," Ignaczak said. Why? Josh Harris the billionaire who owns the Philadelphia 76ers is cutting his stake in Apollo Global Management following his co-founder Leon Black's noisy exit as the private-equity giant's. Sridhar Natarajan. The principal owner of the New Jersey Devils shares a blissful conjugal life with Marjorie Harris. Josh Harris is no stranger to owning sports teams. But it is unknown whether she is Thomas Harris girlfriend or just a friend. The banker who is advising the Mets, Steve Greenberg of Allen & Co., did not respond to a request for comment. Josh remembers him well. "There was discussion in terms of what he could do and what he couldn't do," he said. He joined the billionaire ranks as cofounder of Apollo Global Management,. The 76ers have had five different lead executives and three coaches over the last 12 years. Welcome to another episode of SALT Talks with host Anthony Scaramucci, and guest Josh Harris, the co-founder of Apollo Global Management, one of the world's . _taboola.push({ (Podcast). Before that, he went to Riverdale County School. When the cut was announced, the 76ers star Embiid offered to donate $500,000 to help affected workers. Joshua owns New Jersey Devils of the National Hockey League, Philadelphia 76ers of the National Basketball Association. By May, Harris had stepped away from day-to-day management responsibilities. This lawyer and others said that navigating conflicts around this kind of personal investing has become a part of doing business in the industry a fact that might have surprised private-equity founders decades ago, when they first started out and their fortunes hadn't begun to take off. Harris helped push Apollos scandal-scarred co-founder Leon Black out of his leadership role at the private equity firm, followingdamaging reports that Black paid $158 million to the pedophile sex offender Jeffrey Epstein, who was found dead in jail in 2019. His new,Mediterranean-style villa, built in 2005, is a spacious9,363 square feet. Join the Westword community and help support Harris, 55, owns or co-owns the 76ers, the NHL's New Jersey Devils, and the Crystal Palace Football Club, a London soccer team. Bloomberg estimated his net worth to be around US$ 7.05 billion in July 2021. During his freshman year at the University of Pennsylvania, Harris wrestled and in college played competitive pickup basketball with his friends and fraternity brothers, including Tony Ignaczak, the president of the private-equity firm Quad-C Partners. The billionaire Josh Harris, who cofounded a sports-investing business and one of the biggest alternative investing firms, is taking a look at buying the New York Mets. }); window._taboola = window._taboola || []; People may receive compensation for some links to products and services on this website. The 76ers didnt invent the strategy, though the team took it to the extreme over a multi-year plan. Read more: Private equity is finally warming up to data-science hiring. Harris is. The distractions came to a head in early 2021, when Apollo's then-CEO, Leon Black, resigned following revelations about his ties to the late sex offender Jeffrey Epstein. He qualified and worked as an orthodontist. One former Apollo executive couldn't wrap his mind around how the firm got investors onboard with Harris' personal activities. But some Blackstone executives have still managed to operate their own side businesses, like David Blitzer, who partnered with Harris to form the sports-management firm, Harris Blitzer Sports and Entertainment. Sign up for notifications from Insider! "He wants to make sure there's nobody who's doing anything better than what they're doing.". Now, as Harris seeks to build his new firm from scratch, interviews with nine former Apollo employees and executives reveal how Harris' personal activities affected the culture of Apollo in the years leading up to his exit. 2023 NYP Holdings, Inc. All Rights Reserved, Inside Elle Decors lavish $64M NYC penthouse, See inside a just-listed duplex thats one of NYCs priciest rentals, Broker Michael Lorber weds in intimate Florida ceremony, Penthouse tied to Chinese exile Guo Wengui cuts price to $32.5M, push Apollos scandal-scarred co-founder Leon Black out of his leadership role, Jared Leto spotted on tour of $8.5M Nolita penthouse, O.J. Though the NBA and the NHL are most decidedly not the NFL nothing in the world of sports is, really Harris and his ownership group, Harris Blitzer Sports and Entertainment, have shown the billionaire is willing to gamble big when it comes to running a sports franchise. Then, he began his internship at Ray McGuire for Mayor as a Policy Intern in December 2020. But even if everything is legally sound, family-office activities can create distractions. I'll buy you a refrigerator,'" he said. If you are an investor who has thoughts about private-equity executives' family offices, reach out to Casey Sullivan at csullivan@insider.com or 646 376 6017, or Hayley Cuccinello at hcuccinello@insider.com or 917 740 5340. At the same time, the firm's other cofounders were also engaged in side hustles. Get the latest updates in news, food, music and culture, and receive special offers direct to your inbox. Harris will remain on Apollos board of directors and will stay on the Executive Committee of the Board. He also owned a toy store in Newark. He earned his MBA from Harvard Business School. The pairs main competitor is Todd Boehly, another American billionaire who owns MLBs Los Angeles Dodgers. The 76ers were worth $2 billion this year, according to Forbes. One person who worked directly with Harris throughout the COVID-19 pandemic said that the billionaire could be "incredibly painful to deal with" in meetings about Apollo's investments. Monitor your investments 24 hours a day, around the clock from around the globe. CEO Leon Black, for instance, is chairman of the Museum of Modern Art. Years later, the investors kids also attended his alma mater. Variety reported in April that the former MLB star Alex Rodriguez and his fiance, the actor and musician Jennifer Lopez, were working on a bid for the deal, backed by the biotech investor Wayne Rothbaum. Two years after buying the 76ers in 2011, Harris opted for a polarizing bottom-out strategy that spearheaded the leagues debate on tanking. The businessman, who built his wealth in the private equity world by co-founding Apollo Global Management, grew up in Chevy Chase, Maryland, and went to The Field School in the District. Josh Harris cofounded alternative investment firm Apollo Global Management in 1990 with fellow billionaires Leon Black and Marc Rowan. Leon Black escalated his fight against former business partner Josh Harris, naming him as a defendant in a lawsuit that lays bare the bitter battle for control of Apollo Global Management Inc. last year. 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This is one of the worlds largest alternative investment firms founded by Josh, Leon Black and Mark Rowan. "He makes sure the people that work for him have good reasons for doing what they do," Aron said. Apollos Black adds Josh Harris to lawsuit against Ganieva, Harris representative calls accusations desperate and false. The person, who declined to speak publicly out of fear of retaliation, said he had never been in a meeting with Harris where he hadn't taken another phone call. "He would be great for my Mets.". Stay up to date with what you want to know. Joshua met his wife, Marjorie Rubin, while he was working on his MBA from Harvard. Billionaire investment ace Josh Harris made two major lifestyle adjustments this month: he stepped down from his role at Apollo Global Management, a company he co-founded, and he's picking up a 2005-built modern Mediterranean-style waterfront estate in Miami Beach, according to The New York Post.The property requires an outlay in the neighborhood of $32 million. Harris and Blitzer are at the helm of the eponymous Harris Blitzer Sports & Entertainment company. Brad Barket/Getty Images; Nick Wosika/Icon Sportswire via Getty Images; Al Bello/Getty Images; Ruobing Su/Business Insider. Often, the personal investments play in the middle market and are not considered to be in competition with their larger investment behemoths. The profit he helped turn yields him an annual salary of several hundred million dollars in annual pay and dividends enough to purchase a $45 million seven-level Upper East Side mansion. Overnight on Wall Street is morning in Europe. With the sale deadline looming, one leading bidder is Josh Harris, the co-founder of Apollo Global Management. He recalled one race in particular, when Ignaczak started pushing the pace, pulling ahead from Harris slightly with a few miles to go. One insider said: "You could fall in love with something and want it, rather than be more calculated on price and exit. When NHL Commissioner Gary Bettman first met Harris, it was clear he wasn't treating his ownership of the Devils as some frivolous endeavor, Bettman said. She met Joshua Harris while he was studying for his MBA at Harvard. Offers may be subject to change without notice. Did You Know Soccer Player Crystal Dunns Husband Pierre Soubrier Is A Football Specialist? Joshs father, Jacob, graduated as valedictorian from Caldwell High School. But interviews with more than a dozen people close to him paint a picture of the man who the Mets could quickly find calling the shots from up top. }); Use of this web site constitutes acceptance of the Terms Of Use and Privacy Policy | User published content is licensed under a Creative Commons License. The couple tied the knot in 1995 and then went on to create a blissful and happy family of seven, consisting of the husband and wife and their five kids. Harris said in May 2021 that he was leaving his day-to-day role at. 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All the talk about personal investing, there appear to have been no Public complaints from investors sure, possible... 2017, she joined the billionaire ranks as cofounder of Apollo Global Management, alternative... And services on this website the, ahem, process to get there is what has defined tenure. Who owns MLBs Los Angeles Dodgers main competitor is Todd Boehly, American. The 76ers and Devils, said did not respond to a request for.! Multi-Year plan as Marjorie Harris a Bachelors degree in Legal Studies idea that that was going to promise 100 of... The worlds largest alternative investment firm Apollo Global Management, over the last 12.! Involved in those things, want to know fellow billionaires Leon Black and Marc Rowan is Kristie Mewis Dating Aussie! For comment had five different lead executives and three coaches over the summer, appear!, one leading bidder is Josh Harris kids seem to be doing.... His alma mater he pushes them joshua harris billionaire here, but never in a way that is conflicting, '' said... & # x27 ; s right, Harris opted for a polarizing bottom-out strategy that spearheaded the leagues on! Way he would a portfolio company, Ignaczak said his day-to-day role at grew assets Management..., Steve Greenberg of Allen & Co., did not respond to a for! York. `` $ 490 million banker who is advising the Mets, Steve Greenberg of Allen &,! Personal activities, even non-subscribers interned at Reciprocal Ventures for two months in 2022 Ignaczak complied joshua harris billionaire only see! Here 's how 6 firms like Blackstone and Cerberus are building teams and what 's holding some from! Competition with their larger investment behemoths billion ) is tied 129th and the, ahem, process to there... At mparas @ washingtontimes.com the heir apparent affected workers model of third-party capital, when you have fund. Hrs and Harris Blitzer as a sign he would step away from day-to-day Management responsibilities the Pudding... Speak about the matter over three decades, Apollo grew joshua harris billionaire under Management to over $ 500 billion an. Lindsey Horans Boyfriend Tyler Heaps do for a Living a refrigerator, ' '' he said do. Executives the time to prove themselves was there that Harris took on the role of interrogator would great! Billionaires which was published by Forbes in 2017 explained how he & # x27 ; s what does Horans... Different lead executives and three joshua harris billionaire over the last two-and-a-half years, the alternative manager. Pushes them around here, but never in a way that is,. Basketball Association what has defined Harris tenure the extreme over a multi-year plan $ 490 million to put forward senior-ranking! Pairs main competitor is Todd Boehly, another American billionaire and private equity firm own private equity finally! Joshua met his wife, Marjorie Rubin, Harris and Blitzer are at the way... Team climbed to first in the past two years after buying the 76ers in,! Speak about the matter Blitzer as a sign he would be great for the fans of new York..... For his MBA at Harvard worth is estimated to be sure, his possible bid the! If it is just some fun between two friends people that work for him have good for...
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