1 Main Capital Partners Q2 2024 Fund Letter

seekingalpha07-29

For the second quarter, 1 Main Capital Partners returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 and Russell 2000.Large caps significantly outperformed small caps in the first half of ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2455655695?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1169704211/image_1169704211.jpg","is_english":true,"pubTime":"2024-07-29 13:20","share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","id":"2455655695","market":"sh","top_or_hot":-1,"title":"1 Main Capital Partners Q2 2024 Fund Letter","media":"seekingalpha","content":"<div>\n<p>For the second quarter, 1 Main Capital Partners returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 and Russell 2000.Large caps significantly outperformed small caps in the first half of ...</p>\n\n<a href=\"https://seekingalpha.com/article/4707576-1-main-capital-partners-q2-2024-fund-letter\">Source Link</a>\n\n</div>\n","source":"seekingalpha","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>1 Main Capital Partners Q2 2024 Fund Letter</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n1 Main Capital Partners Q2 2024 Fund Letter\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-07-29 13:20 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4707576-1-main-capital-partners-q2-2024-fund-letter><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For the second quarter, 1 Main Capital Partners returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 and Russell 2000.Large caps significantly outperformed small caps in the first half of ...</p>\n\n<a href=\"https://seekingalpha.com/article/4707576-1-main-capital-partners-q2-2024-fund-letter\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BNED","symbol_name":"Barnes & Noble Education, Inc","start_time":0,"source_url":"https://seekingalpha.com/article/4707576-1-main-capital-partners-q2-2024-fund-letter","article_id":"2455655695","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1169704211/image_1169704211.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2455655695","pubTimestamp":1722230400,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"For the second quarter, 1 Main Capital Partners returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 and Russell 2000.Large caps significantly outperformed small caps in the first half of t","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BNED":"Barnes & Noble Education, Inc","CZR":"凯撒娱乐","BSFFF":"Basic-Fit N.V.","BFIT":"Global X Health & Wellness ETF","BK4588":"碎股","BK4216":"消闲设施","BK4566":"资本集团","BK4200":"专卖店","BK4150":"赌场与赌博","BK4129":"建筑与工程","LMB":"Limbach Holdings Inc","SPXT":"ProShares S&P 500 Ex-Technology ETF","BK4561":"索罗斯持仓","BK4585":"ETF&股票定投概念"},"translate_title":"1 Main Capital Partners 2024年第二季度基金信函","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BFIT":1,"BNED":1,"BSFFF":1,"CZR":1,"LMB":1,"SPXT":1},"content_text":"For the second quarter, 1 Main Capital Partners returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 and Russell 2000.Large caps significantly outperformed small caps in the first half of the year.While the S&P 500 Growth Index returned 24% in the half, the S&P SmallCap 600 Value Index declined 5% in the period.During the second quarter, the Fund initiated an opportunistic investment in Barnes & Noble Education after the company announced a highly dilutive rights offering to recapitalize itself.   Trevor Williams Dear Partners, For the second quarter, 1 Main Capital Partners, L.P. (the “Fund”) returned 12.8% net, compared to 4.3% and (3.3)% for the S&P 500 (SPX) and Russell 2000 (RTY)1, respectively. Year-to-date, the Fund returned 7.0% net, compared to 15.3% and 1.7% for the SPX and RTY, respectively. Large caps (SPX) significantly outperformed small caps (RTY) in the first half of the year. However, even the large cap rally was fueled by just a handful of big winners. In fact, the ten largest stocks in the SPX contributed to over three-quarters of its YTD returns, making it one of the narrowest years on record, as shown below.    Specifically, the shares of AI winners were the primary driver of the strong YTD performance for US equities, while most other stocks struggled. As such, while the S&P 500 Growth Index returned 24% in the half, the S&P SmallCap 600 Value Index declined 5% in the period. Accordingly, only one in four stocks are outperforming the SPX, which is a record low.    Similarly, the Fund’s first half performance was almost entirely driven by just four stocks – BNED, DNTL, FUN and LMB - which represent under 1/3 of our portfolio. I remain optimistic about these positions at current prices. More importantly, I continue to believe that there remains substantial upside in the part of our portfolio that has yet to perform – most notably, IWG, a position I recently discussed with my friend Andrew Walker on the Yet Another Value Podcast, which represents approximately 20% of the Fund despite declining 9% in the first half. Furthermore, as discussed in the Fund’s Q1’24 letter, I remain confident that small caps provide long-term investors highly attractive investment opportunities due to the fatigue related to a period of multi-decade underperformance (shown below) as well as increased volatility during periods of economic uncertainty.    Current positioning At quarter-end, the Fund’s top five positions remained Basic-Fit (BFIT) (OTCPK:BSFFF), Caesars Entertainment (CZR), dentalcorp (DNTL:CA), IWG (IWG) and Limbach Holdings (LMB). Together, these holdings accounted for slightly more than 60% of capital. New opportunistic position – Barnes & Noble Education (BNED) During the second quarter, the Fund initiated an opportunistic investment in Barnes & Noble Education (BNED) after the company announced a highly dilutive rights offering to recapitalize itself. BNED, which was spun out of Barnes & Noble in 2015, is the largest operator of college bookstores across the US with 1,245 bookstores (55% physical / 45% virtual), serving nearly 6 million students. Since the spin, the company has faced increasing competitive pressures from eTextbooks, rentals and piracy. In response to these pressures, BNED launched First Day Complete (FDC), which provides students with required course materials prior to the first day of class at below market rates. When schools sign up for FDC, students are automatically enrolled, with an opt-out rate of less than 20%. As a result of significantly higher sell-through rates, BNED typically enjoys a course material revenue and gross profit uplift of nearly 80% and 100%, respectively, upon adoption. Students enjoy a 30-50% discount, but also benefit from enhanced educational outcomes when they have their materials before the first day of school. Publishers gladly provide these discounts since they are more than offset by the greater sell-through rates. Schools benefit when student outcomes improve and because the rent they receive from BNED is primarily tied to its revenues. Due to the win/win nature of the FDC program, the pace of adoption is accelerating. In its most recent fiscal year, BNED generated nearly $300 million in FDC revenue, up from just $100 million two years ago. As this growth continues, EBITDA should increase substantially, potentially into the hundreds of millions of dollars, up from $40 million currently. To fully realize this growth potential, BNED needed to recapitalize itself from an overleveraged position that worsened during the pandemic, when college enrollment took a hit. After engaging advisors to explore strategic alternatives in the middle of last year, the company announced a highly dilutive rights offering in April of this year at 5c per share. Given the low price of the offering and the amount of capital coming in, the transaction handed over 98% of the company to new equity. Unsurprisingly, the stock traded down significantly upon the announcement, given how unfavorable the deal was to old money. However, new equity was coming in at just 8x EBITDA, an attractive multiple relative to the significant FDC-related growth opportunity in front of the company. Furthermore, the much-improved balance sheet allows BNED to aggressively invest behind FDC, potentially further accelerating penetration from just a low teens percentage of the company’s school base today. As such, in mid-April I invested 50 basis points of the Fund’s capital into the company’s shares at 23c each, which came with the right to invest up to an additional 3.5% of the Fund’s capital into the company at 5c each, which would bring our average cost to 5.5c per share. Then in mid-May the stock went ex-rights, meaning that although the offering hadn’t closed yet, the rights would be ours even if we sold our original shares. Less than a week later, the company filed a proxy statement for the deal, outlining that while it received a competing proposal, the board did not deem it to be a superior transaction and thus rejected it. However, that day BNED was lumped in with a handful of meme stocks, causing its shares to rally almost 8x over the next four days, allowing us to exit our initial 50bp investment at 3x the Fund’s entry price. What’s more, the shares stayed elevated until the transaction closed, allowing the Fund to dispose of most of its newly purchased shares also for around 3x its initial 5c cost. The shares then sold back down much closer to the rights price, allowing us to buy back some of the shares that we sold. Currently BNED represents approximately 3% of the Fund’s capital. I expect the position to benefit when the company executes its growth plan in the coming years, and likely gets added back to the Russell 2000 mid-next year. It is worth noting that after the deal, BNED instituted a 100:1 reverse stock split so today’s $10 share price is equivalent to 2x the price of the rights offering. Outlook As mentioned earlier, the rally in equity markets this year has been quite narrow, with only a handful of stocks driving most of the index gains. It appears many smaller and more cyclical companies are being shunned by investors, and priced as though significant economic risks are on the horizon and likely to materialize. While I agree that the economy is slowing and that consumers are pulling back, I don’t think the current slowdown is a bad thing (yet). In fact, it is exactly what we needed to tame inflation and continue to own equities. Here is what I have written in past letters:  Q2’22 letter: To continue owning risk assets, however, investors must believe that the Fed governors have zero appetite to repeat the mistakes made by their predecessors in the early 70’s and will do whatever it takes to squash inflation, even if it means pushing the economy into a recession. A recession may be bad for corporate earnings in the near term, but corporate earnings will eventually recover, and the lack of sustained inflation is the key ingredient needed to support longer-term multiples. Q3’22 letter: [The Fed’s] primary objective is to slow demand and cool off the labor market enough to ease inflation. This is the right thing to do for the economy long-term and what you should be hoping for them to accomplish, whether you are labor or capital. While lower demand typically comes with spikes in unemployment and reduced economic output, the Fed is trying to accomplish its objective without causing a deep recession. Most put the chances of their success at slim. However, it is remotely possible that they can slow demand enough to cause businesses to stop hiring but also not so much where they fire their existing employees. Q4’22 letter: the Fed has taken short-term rates above 4% and is expected to increase them to 5% sometime in 2023. The hope is that it can pause the rate hikes at this level and that it is enough to slow the economy just enough to reduce inflation, without tipping us into a severe recession.  As noted above, the best-case scenario for equities was that the Fed would be able to slow down the economy and inflation without pushing it into a severe recession. In the Q1’23 letter, I wrote the following: It is important to note that a recession, let alone a deep one, is not a certainty, and many of the equities we own already reflect a lot of pessimism in their stock prices. We won’t know for sure until we look back at this period with hindsight, but there is a decent chance that investors are acting in an overly cautious manner due to lingering scars from the GFC. In my opinion, it is impractical to wait for a once-in-a-generation buying opportunity that may never materialize, particularly. What has happened since I said the above? The economy has slowed somewhat but GDP continues to expand at a normal pace of 2-3%. The labor market has cooled; jobs are being created at a normal pace, but the unemployment rate has ticked up to 4%, which is still well below normal levels as shown below.    This cooling of the labor market has allowed companies to raise wages at slower rates:    The above developments have driven inflation back to more acceptable levels with the most recent June reading at 3%, down from 9% in mid-2022. From here, if the economy and unemployment don’t deteriorate substantially, I believe that the types of stocks we own should perform quite well in the near term. Of course, further deterioration is possible. However, the fact that the economy has been so resilient despite 5% rates has allowed the Fed to delay cutting rates, providing significant room to stimulate the economy with cuts, should that be necessary. It is also worth remembering that the one thing that both political parties in the US seem to agree on is increased deficit spending, which likely supports economic growth and corporate earnings in the medium term. If the economy deteriorates, increased fiscal spending is very much in play. Beyond economic readings, there are also plenty of issues in the headlines that investors need to continue to digest, including a dramatic presidential election on the horizon and continued geopolitical volatility. However, in almost all scenarios I believe the potential upside in the Fund’s portfolio is significant while the fundamental downside is limited. Even more importantly, should the economy roll over, we own cheap companies that are well-capitalized and will play offense to create additional value throughout the downturn. Because of this, I continue to believe the best way forward for the Fund to protect and grow its capital is to stay the course. Firm update The firm continues to scale, with current AUM standing at approximately $45 million as I write this letter. In the spirit of continually improving my investment process, accelerating my ability to source good ideas and generate strong performance for the Fund, I am looking to add a research analyst to the team. The ideal candidate is humble, hungry, scrappy, curious and open-minded. They should be passionate about investing but early in their career and seeking to develop their skills as a fundamental value investor. If you know of any qualified candidates, please have them send their resume tocareers@1maincapital.com Additionally, I have decided to introduce a Founder’s Class with a 1.25% management fee and 15% incentive fee (above a 5% hurdle). This class will be made available to any partners who have at least $5 million of capital in the Fund, until AUM reaches $100 million. Once the $100 million milestone is reached, Founder’s Class investors will be grandfathered into the share class and have the right to double their investment in it for up to 24 months. Feel free to reach out to me or Jessica if you would like to join or for more information. As always, I continue to love what we own and am looking forward to seeing what the future has in store for us. Thank you for your support and confidence. Sincerely, Yaron Naymark  Performance Summary2   2024 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD   1 Main Capital Partners - Gross -4.9% 2.2% -2.1% -3.8% 9.5% 8.6%             9.0%   1 Main Capital Partners - Net -5.0% 2.1% -2.2% -3.9% 9.4% 7.4%             7.0%   S&P 500 index - incl dividends 1.7% 5.3% 3.2% -4.1% 5.0% 3.6%             15.3%   Russell 2000 - incl dividends -3.9% 5.7% 3.6% -7.0% 5.0% -0.9%             1.7%  \nClick to enlarge     Footnotes 1 Performance data is presented for the Fund’s Class A Interests, and is net of any accrued incentive allocation, management fees and other applicable expenses (as disclosed in the Fund’s Confidential Private Offering Memorandum), include the reinvestment of dividends, interest and capital gains, and assume an investment from inception. Returns for month-end and year-to-date 2024 are estimated, and un-audited. For investor-specific returns, please refer to your capital statements. Due to the format of data available for the time periods indicated, net returns are difficult to calculate precisely. Please see the last page for important disclosure information. 2 Performance Data is presented for the Fund’s Class A Interests, and are net of any accrued incentive allocation, management fees and other applicable expenses (as disclosed in the Fund’s Confidential Private Offering Memorandum), include the reinvestment of dividends, interest and capital gains, and assume an investment from inception. Returns for month-end and year to date 2024 are estimated, and un-audited. For investor specific returns, please refer to your capital statements. Due to the format of data available for the time periods indicated, net returns are difficult to calculate precisely. Please see the last page for important disclosure information. Important Disclosures In general. This disclaimer applies to this document and the verbal or written comments of any person presenting it (collectively, the “ Report”). The information contained in this Report is provided for informational purposes only and does not contain certain material information about 1 Main Capital Partners, L.P. (the “ Fund”), including important disclosures and risk factors associated with an investment in the Fund, and no representation or warranty is made concerning the completeness or accuracy of this information. To the extent that you rely on the Report in connection with an investment decision, you do so at your own risk. Certain information contained herein was obtained from or provided by third-party sources; although such information is believed to be accurate, it has not been independently verified. The information in the Report is provided to you as of the dates indicated and 1 Main Capital Management, LLC and its affiliates (collectively, the “ Manager”) do not intend to update the information after its distribution, even in the event the information becomes materially inaccurate. No offer to purchase or sell securities. This Report does not constitute an offer to sell, or the solicitation of an offer to buy, and may not be relied upon in connection with the purchase of any security, including an interest in the Fund or any other fund managed by the Manager. Any such offer would only be made by means of such Fund’s formal private placement documents, the terms of which shall govern in all respects. Performance Information. Unless otherwise noted, any performance numbers used in the Report are for the Fund’s Class A Interests, and are net of any accrued incentive allocation, management fees and other applicable expenses, include the reinvestment of dividends, interest and capital gains, and assume an investment from inception of such Class. As such, the performance numbers do not reflect the performance of any particular investor’s interest and you should not rely on it as a statement of your actual return. Past performance. In all cases where historical performance is presented, please note that past performance is not a reliable indicator of future results and should not be relied upon as the basis for making an investment decision. Risk of loss. An investment in the Fund will be highly speculative, and there can be no assurance that the Fund’s investment objective will be achieved. Investors must be prepared to bear the risk of a total loss of their invested capital. Portfolio Guidelines/Construction. Information contained in this Report, especially as it pertains to portfolio characteristics, construction, profiles or investment strategies or objectives, reflects the Manager’s current thinking based on normal market conditions, and may be modified in response to the Manager’s perception of changing market conditions, opportunities or otherwise, in the Manager’s sole discretion, without further notice to you. Any target strategies, objectives or parameters are not projections or predictions and are presented solely for your information. No assurance is given that the Fund will achieve its investment strategies, objectives or parameters. Index Performance. The index comparisons are provided for informational purposes only. The S&P 500 Total Return Index (SPXT) is a capitalization weighted index that is designed to measure the performance of the broad U.S. economy through changes in the aggregate market value of 500 stocks representing all major industries. There are significant differences between the Fund and the index referenced, including, but not limited to, risk profile, liquidity, volatility and asset composition. The index reflects the reinvestment of dividends and other income, are unmanaged, and do not reflect a deduction for advisory fees. An investor may not invest directly into an index. For the foregoing and other reasons, the performance of the index may not be comparable to the Fund’s and should not be relied upon in making an investment decision with respect to the Fund. No tax, legal, accounting or investment advice. The Report is not intended to provide, and should not be relied upon for, tax, legal, accounting or investment advice. Logos, trade names, trademarks and copyrights. Certain logos, trade names, trademarks and/or copyrights (collectively, “ Marks”) contained herein are included for identification and informational purposes only. Such Marks may be owned by companies or persons that are not affiliated with the Manager or any the Manager managed fund and no claim is made that any such company or person has sponsored or endorsed the use of such Marks in the Report. Confidentiality/Distribution of the Report. The information in this Report is confidential. By accepting any portion of the Report, you agree that you will treat the Report confidentially. It is intended only for the use of the person to whom it is given and the Manager expressly prohibits its redistribution without the Manager’s prior written consent. The Report is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use is contrary to law, regulation or rule. \nClick to enlarge Original Post Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2455655695"}