# Walmart in Podcasts, Apr 6–12: Trade-Down Winner, Recession Signal > Weekly podcast summary for Walmart, Apr 6–12, 2026. Body to be imported from the source email. # Walmart (WMT) Intelligence Brief — Week of April 8-12, 2026 **Your weekly digest of podcast insights on Walmart, the retail sector, and macroeconomic signals from the consumer economy** --- ## 🎯 Executive Summary This week's podcast coverage of Walmart revealed a company navigating contradictory forces: outperforming as a defensive safe haven while simultaneously flashing recession warnings through relative performance metrics. Nine podcast episodes discussed Walmart through lenses ranging from macroeconomic indicator to AI transformation leader to EV infrastructure pioneer. The dominant narrative: **Walmart is winning the consumer trade-down cycle, but that victory itself signals economic stress**. --- ## 📊 The Walmart Indicator: 2008-Level Warning Signal **Episode:** *Excess Returns* (April 8, 2026) Jim Paulsen revealed his proprietary "Walmart Indicator" — the ratio of Walmart's stock price to the S&P Global Luxury Retailer Index — has reached levels last seen during the 2008-2009 financial crisis. **Key Quote:** *"We've got an indication right now of recession out of this Walmart indicator. I personally don't think we're going to reach that. But I do think it's another thing to put on the pile of we probably got a slower economy coming."* Paulsen interpreted the spike as the "voice of the lower and middle income part of the economy that says, it ain't good out here. We got some issues." However, he noted a crucial difference from 2008: household debt-to-income ratios are "close to lowest levels they've been at in decades," suggesting consumers have more cushion this time. **New wrinkle:** The indicator may be capturing stress in private credit markets rather than traditional credit — aligning with Bank of America's private credit proxy basket, a newer and less understood risk vector. --- ## 🤖 Inside Walmart's AI Workforce Transformation **Episode:** *Where AI Works* (April 9, 2026) **Guest:** Donna Morris, Chief People Officer, Walmart Morris provided the most comprehensive public discussion to date of Walmart's AI strategy across its 2.1 million global workforce (1.6 million in the U.S.). **Strategic pillars:** - **Massive upskilling initiative:** Partnerships with Google and OpenAI for AI certification programs aimed at creating "one of the largest workforces, if not the largest workforce, with associates that are skilled and equipped to actually use AI." - **New role creation:** "Agent Builders" — employees who build AI agents, initially in merchandising and now expanding to technology teams. These builders come from diverse backgrounds including law, finance, and 30-year Walmart veterans. - **Frontline deployment:** AI already powers next-best-action recommendations for personal shoppers, real-time language translation for associates, and personalized learning recommendations. - **Differential impact:** Desk-based roles are changing fastest, while frontline roles evolve more gradually since "frontline associates are not closest to the desk. They're ones that are closest to our customers and members." **Key Quote:** *"Our workforce will continue to be people-led, tech-powered. We're going to unlock the potential that our people bring to the job by leveraging AI tools and technologies and platforms to better serve our customers."* **Investment caveat:** Morris acknowledged "AI in and of itself is an expensive pathway. And so we have to make sure that we're making decisions... to decide where should that be deployed and where should that not be deployed." **Surprising insight:** Morris argued that liberal arts education is "probably super important because it builds a lot of those behavioral skills and capabilities that are really what's going to bring the human to roles" in an AI-augmented workplace. --- ## ⚡ EV Charging: Walmart's Infrastructure Play **Episode:** *InsideEVs Plugged-In Podcast* (April 10, 2026) Walmart now operates **31 owned-and-operated EV charging stations** (up from 10 in November 2025) with **over 200 plugs** — all 400-kilowatt units equipped with both NACS and CCS connectors. This represents a strategic shift from hosting third-party chargers to vertical integration of the charging experience. Tim Levin positioned Walmart alongside BP Pulse and Mercedes-Benz as "the kind of next wave of EV charging" — "newish players that are really serious" and "pushing forward." **Key Quote:** *"This company took an early pilot on it, learned a lot, and now they're coming back and doing it their own way better. And I'm excited to see how that goes."* — Mack Hogan **Investment thesis:** The charging network creates additional reasons for EV owners to visit Walmart stores while they charge, potentially increasing basket sizes and visit frequency as EV adoption scales. --- ## 🎯 Walmart vs. Target: Strategic Divergence **Episode:** *Eurodollar University* (April 10, 2026) The podcast argued Walmart correctly read macroeconomic conditions while Target did not. Target's recent decision to cut prices on 3,000+ products was characterized as a belated admission that Walmart's low-price strategy was right all along. **Key Quote:** *"Unlike Target, Walmart had been leveraging its pricing strategy to great success while others like Target mistakenly believed in Jay Powell's economic fiction of a strong and resilient economy."* **Context:** BEA data showed real disposable personal income declined 0.45% month-over-month in February 2026, with the 6-month change in real personal income excluding transfers at -0.13%. This validates Walmart's defensive positioning but constrains absolute spending power. --- ## 💰 Walmart vs. Dollar General: Scale Moat **Episode:** *Equity Mates Investing Podcast* (April 9, 2026) **Guest:** Ryan Joyce, Magellan Investment Partners Joyce noted that "prices are a bit lower at Walmart" even compared to discount competitors like Dollar General, and that Walmart is not losing customers in the current K-shaped economy — rather, regional grocers are losing share to both Walmart and Dollar General. He identified Walmart and Amazon as "big, deep-pocketed competitors" that represent the primary competitive risk to Dollar General's investment thesis. **Valuation reference:** Joyce used Walmart's P/E as a benchmark for "market multiple" valuation, noting that TSMC "trades on a price to earnings of less than Walmart." --- ## 🛡️ The Defensive Trade Unwind Risk **Episode:** *Schwab Network* (April 8, 2026) **Guest:** Don Kaufman, TheoTrade Co-Founder Kaufman expressed a bearish trading stance, arguing that fund managers had piled into consumer staples as a geopolitical hedge and that this positioning could unwind rapidly. **Key Quote:** *"If you're a trader and or investor and you believe that some of the geopolitical risk is in kind of the rearview mirror, you've got to start asking yourself, is trade going to start to pile out of something like Walmart right now?"* **Trade details:** Kaufman put on a bearish put spread (May 15 expiration, 120/115 strikes, $1.30 debit) as a defined-risk bet on sector rotation out of consumer staples. **Technical analysis:** Rick Ducat noted Walmart's moving averages were "getting clumped up together," which "typically speaks to lack of strong directionality." The stock had pulled back from its all-time high of $134.69 and was trading in a downward-sloping channel, with key support levels at $121, $118, and $116. --- ## 🤖 Retail Media Defense: The Sparky Strategy **Episode:** *Retail Media Breakfast Club* (April 9, 2026) **Guest:** Debbie Aho Williamson, Sonata Insights Williamson discussed Walmart's proprietary AI assistant **"Sparky"** as a defensive move to protect its retail media business from third-party AI platforms like ChatGPT. She viewed sponsored prompts inside Sparky as "potentially AI native ad units" and positioned Walmart alongside Amazon as building proprietary AI shopping assistants to prevent disintermediation of their advertising ecosystems. **Notable:** Walmart was **not** listed among early ChatGPT advertisers — suggesting a "build-your-own" rather than "advertise-on-others" strategy for AI-powered commerce. --- ## 🥤 Walmart's Retail Distribution Power **Episode:** *The Curious Consumer* (April 9, 2026) **Guest:** Daniel Solomons, CEO of Update (energy drink brand) Update launched in over 4,000 Walmart stores in what Solomons claimed was "one of, if not the largest beverage launch they've ever done" at Walmart. He noted that Kim Kardashian's involvement "gave the brand and the retailers a lot of confidence" to commit to such scale. **Insight:** Walmart's distribution reach remains a critical moat for CPG brands seeking national scale rapidly. --- ## 🚨 Risk Factors to Monitor 1. **Sector rotation risk** — Consumer staples (including Walmart) identified as a crowded geopolitical hedge that could unwind if tensions ease. 2. **Lower/middle-income consumer stress** — The Walmart Indicator at 2008-crisis levels signals core customer base under significant financial pressure. 3. **Weakening consumer income backdrop** — Real disposable personal income declining constrains absolute spending power. 4. **AI implementation costs** — Morris acknowledged AI deployment is "an expensive pathway" requiring careful ROI decisions. 5. **Potential private credit stress** — The Walmart Indicator may be picking up stress in private credit markets, a newer and less understood risk vector. 6. **Technical vulnerability** — Stock pulled back from all-time highs with moving average convergence suggesting directional uncertainty. --- ## 💡 Investment Implications **Bull case reinforced:** - Winning the consumer trade-down cycle vs. Target and regional grocers - AI transformation creating operational leverage and new revenue streams (retail media via Sparky) - EV charging network creating additional visit drivers as EV adoption scales - Pricing moat intact even vs. discount competitors like Dollar General **Bear case considerations:** - Relative outperformance may have run too far as a defensive trade - Absolute consumer spending power declining even as Walmart gains share - Technical setup suggests near-term consolidation or pullback risk - Success as a recession hedge implies the recession signal itself is credible **Bottom line:** Walmart is simultaneously the winner of the current economic environment *and* the canary warning that the environment is deteriorating. For long-term investors, the AI transformation and infrastructure diversification (EV charging, retail media) suggest durable competitive advantages. For tactical traders, the crowded defensive positioning and technical setup argue for caution on new entries at current levels. --- ## 📅 Looking Ahead Key catalysts to monitor: - Q1 FY2027 earnings (late May 2026 expected) - Progress on EV charging station rollout (target 31+ locations) - AI certification program enrollment metrics - Consumer income and spending data releases - Any guidance updates on retail media (Sparky) monetization --- **Sources:** - [Excess Returns - April 8, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgJ0ZRcCDC932OyfRFvCJniMllwS2I0z3iSmLNcE3Ue-2BS5hn93UWciQwICrcI0MefFnwcv3Vkpt1tmXT1CODM-2FOzViRgTfSmHOz6CNCR11QrQ-3D-3D-z29_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a2Ec6V-2Fbow2IXmghN7lrxSZEkzl2vs2xqVLDU6VpddDm3ZbyxJZvfo7h92EXkMDk-2BP1wxlaqlheP-2BeIVGGVgM27lyn7oDEthHQP0bpxzoOn4mkX0w5exOTS43R4dfnP3fQ-3D-3D) - [Schwab Network - April 8, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiYNmzFO3gFjIsLMiRsD2omPC-2F7FjjujSkXa3vroWAJA9ltXi-2B6-2Fp-2FjJYBWRoT5tzPYeRkqjjBT7P8p6cBHl6FNpwYo7yCNG4hqtp-2B-2BBMnLZw-3D-3DuYbZ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a81RcY1QaHzKOXNcFNDJM1cOWNWBXSF4-2B7JQrKK4RVG3dLn9-2BEWPYkvIWnJdGz9JkbO60FNz3PxLyRAttTkhShyLbHMWOli-2FQAoz8hM0rzUxBZMsA2SIgZpcm1AyRP1Drw-3D-3D) - [Where AI Works - April 9, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOgm6rI7aShomCa7dAFmnTJKCRfIj3Yli9UCIIPD-2BgdQVNRGsmQ7YBujyYRfV9JU5L70SpfqIp3SmLINbP6mnQ1SI32LF58ZNJtzI1qj8tEGXQ-3D-3DeRAQ_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a7CK1SJIPfXybQbv4ns6RreNHXyH4wmxnJDJCKmZ8hTLuYilyuGtMMK3cj3qY-2FdcjXsOoCguOpM7s8q-2FWEStYqWHTNiOXfEFa08yfTja5rjmTcCjK4zQckSLkuwpZRV8TA-3D-3D) - [Equity Mates Investing Podcast - April 9, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOiWKfU-2FYmMGIpoAYf1xoFWDP-2FpwrFjC4X2qSR7Q-2FJKxWIRdSC5momOJZR2UVF78bEn13WHlJkFZivIl5vBhBUHHgifyEVHbD0im1NfLYA-2BKdA-3D-3DXg6m_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1azFd8yN-2F0ix9uUwJOZtuFahnJis15Jzl4oQfc-2Bj8JD1agEgxOicFwpUkagSPgvl50D3IUlHuzACpyoV0iMH-2BgoA4T4jtEPd5okbqstfsVgI4HsxbKwGTWsVM76OLu7f1Eg-3D-3D) - [Retail Media Breakfast Club - April 9, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOi7FdxT0ozD5AlF4HblXTTPAy08d-2B58GT4WbDOCd68HfUC690-2F31yRhOOy5OL99JXjQ6depU6-2F-2BgHO0RQCxBNc05r3NqpmTDUeamIFQEoXNuA-3D-3D4Cgb_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a0AQKpwRTJ-2FvTfo2490IpvuFKqPj4-2BFezxtM4E-2FN-2FYlF4wf1nkb03uwfbY1kI33GosWtZ2K2VqNOivYlWrqUArlVeun4FmLp4IajPK9H1I9J9kyNlyYnzNkKI0j9pH0dfQ-3D-3D) - [The Curious Consumer - April 9, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOj-2BThyaFnQWjWlbr-2FwbnxfeIP2W4hyHnk1J80aHD89Ykls1VZSOCd6qN59hS0rDMnxE5a5pz1UzI-2FBGKBKnauvS-2FD1vkP9ivw4xMJWNx4VM-2Fg-3D-3DYP0w_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1ayD8Z4E8xKX2r8-2BfQ8TKbN6pKBtBTZ-2BTMsg1o52tEwrTQwoiYx-2B8qEytCHxDSLKmhHqlp1ge9OSiwXL9RJrGdUIxKY-2B0qIR-2BxfrGAV4CoWrf-2BiABwAxkOAHfFvVZE6setg-3D-3D) - [Eurodollar University - April 10, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOhLEF6dCe9NHj5KEoGNVZFtIdGbXvIR-2FoXazHAjep4K5mP9AgDYOmxWXPhf7VtThLLOjbIuMSxh0rY00WjrHZJx5HFw5-2FLSdqcvgvOnxz0aPQ-3D-3DjFUK_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a7jVVSkqqaFfrVa6gDdIQEUpQnJ0cHPSednCjYCr0XXTAfV7zIwB8y9JgTEfPiqmqLPEyHwx714Yl11nR13lK5t7Pe7kgmnk9-2B4eAN7CCtN6Lal2ercfrCw3U81j4LTeiQ-3D-3D) - [InsideEVs Plugged-In Podcast - April 10, 2026](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NkrIVb-2FgA4pmf2rMXQwGcOjeU46Mhon5utFPkVDp5hhUnDFGKvIbkSF5qjnGeWh5ONEtSXsLbZKv4XzANBjEWZ080Yd2o7bj-2Bt9gEdHjKIe-2FiXms3U6JQ1FhuMyNgAdOtA-3D-3DfS47_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a01BqNxViHtpOeOHHmxzHzJ5yecQoh-2BstCw-2FWyHwaQuhpaxhUVMi5-2FI-2BLGze62kcMmYFW958jO7l3VyBJUmcJ2OYZhZao8zTiDeyBiCGtSlPuti-2BUR86m0BRFlx-2F3RXvWA-3D-3D) ## Additional web sources used: web[1](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIAvcKDJ-2FGbHDravJ4Cq6h2B-2FgfogKEU9IrCWWjw7-2FUsU9SfeBaVmFcrZYASdXb9GF6buTjxiRfgFUnSV6mt6kHs74AL2JH3QwlSXwSMJQnRyrb1kybQ6otfmHyecn7lZ26Y2dI5vEt5wEPphRsgMhuRx0pSWZzx-2Bxie9YWBBKjzwKwh2RNokkaEZzzrVqVq3UVSaxHzeNl3MUh41ArtMyEM1dE-2F8rlAXzt1n-2BnGDdZOX3-2FKIVDh0AjS54R6R-2BmUkIJMGr0y-2B7m6nkFMB-2FYw0nRq6nKWl9Z7wmaeyF355MVxEPl-2B4Y9Hd2bPfh7EzXkDtgHk71ZFexOjM0I2QdVRRYr-2BnRZ8GfQTJrTxOdGlkocIN_rzi_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a7yXLEIS5nxvTbgn9mCSggyoMM7rvv8v1uPAeap7q3iRQHRC-2FfyAay14vKCWl6moaRt-2B6CY5cuVo71auTQJUFMVYZgPo4lzeDfpqA7dQDjeR8QC78f-2B9sShxaXAYSjheDA-3D-3D), web[2](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIMG3iJ3pXnezEQcYthmOc3BwD4H8sHVMsDNbB6VeUsPYiIK3i1hRytiiI7-2BAXPYfPBXpJtcHUkMIGuUBtTb5-2B39lokbOsV5r0-2F15WjA3InAh9IqlcliVgaq-2FyC55OtVkuxjZx3vgbIFQVTRnqAbU5Y4ZqQHWN32PfnPLEemCkTAh73K5W5Zxjm42t7n0PG3uX4AbEDH-2B90q9qB4BM2E4qMq-2B151VoGQhLuPgK0qehe7GlRdV_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a6VLCslAi-2F4tVmhm7tMB-2FldyA1w-2BK4-2FRZ8WxN6QLMKuDWfTBV55FRdIFJFt5hBq3i1G6Enxm5J0o1WO-2BT4Jyf-2BiAWhGcj1KPUUTEnzmOcCTyNGqwhSmb9607l5AIhMlsgQ-3D-3D), web[3](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIEWQ0ojIzOsfY4Z3NAXZS1mqhtFSY9NNcIjKOliHmfYQP7on18SJH2dLoVE29ZpP-2F54DECnGWiKDEyEZ2Ci1TsybQAhsJowOOp1bcLHSf0L-2BqCzQPtZfcRsSMqM4s0Df83-2FCiMY0Id-2FtdAVOp1WaaqclFztN666yC5yRElbz0CnbBx5jcYe2gHngQn9l9-2F9WRBX6qX-2FkjwFz4EJBNaXZPm4-3DzXC2_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a6HiUPOWD2QD-2FnEGnwsUPmmLGFm1Ep61bb5db7nJz6v0-2BjIR-2BFPCQstdcuU5okrCHpoDrd4fV0of5CFU39ytg-2BnCEi0-2BBQ0dSNUtOyqGhH-2B41wGAMCwrjPSbycZ2I5DDcQ-3D-3D), web[4](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIBGEjmoECQ1zh53vPh71TYq4c64CVzz9-2B4gaA-2BAJcwS3P9m-2BMMYks0RO9ixwsRSCQT37e3wAw7FazJKtkgxOwhX6Kz4hrFnPZWg6IlnJgAzDOQwnzX7JlxZ3SMFSWvHIHa3WCCZvte7AlrBESoTg7vYVOb2T3gMfUOFlwCalEQm2egfm92g4W-2FaHO7WU2fDz8QebgtCnrA-2Berpd0x6-2BKEQvSU-2F60JGrZPPkFk-2FpijNdJJwPA_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a-2BjJUTPrTdSx7UieAribQo9ZzPA0vF4d6I1-2Fp0IEMXV-2BCL8LExxhAWnGb8TWWIzZAJ7tQQRDaEVGN-2F66mpNrBVLJozqBsRAW-2FajbLM-2FYkxcGqLbbzW1y9wneGr-2BmEuqHjg-3D-3D), web[5](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIApKFahWLfdfvGABwEnuECd4RXLd1ry8ApjiMmvw-2B9P3psyI6fr-2Fi2t7T-2BYkdVW-2Fc9B1bA2bd26WMQpdA-2FuwUzFlaSUL7Sg4wquagmWoMX07OISeI-2F3bJzezOVDbs0lAUpDYzHrN3WzuC281gGLSCU7OWdAVhon0I-2FBOEqN-2Bx5LcL6-2B9NSwUp99ZA6TMZ5ZP5w-3D-3DfFMD_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1awZfP2URttuo7QG8uWqoWoGJB1FthpT6RvDaQhHVtUC9cT3BKHsA1YemLe3m8NVQ-2BNTnq6cMS5900byv-2BRZvfK-2FGjbjQd4sKfctHawn-2FIqq9NPd-2B-2BwaTi3Ws7gVqb9mvSQ-3D-3D), web[6](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIAvMMcsUge2z-2B2yD0k0gpB8WOUBnDyR7mICqiNpervpoiKO4RF7QmHOnvFD134zajSzksDG-2FmImAu-2F4rvMckN4vfgk4Ttoitwf2Y3o7vPVqCw0BaCa67dP-2BoSYa-2B5GhZ4ci-2FWDOmDc7hTP2pWQ0k2F3ycm-2BrjTqyVFTIoU2x2zNZuSZubc19GAv0KNHQXc5j-2FkJEJG010HGh6-2BZjA-2FVg999jzA1ipAhATtv0zutRMYdiEm09sBFV8OmG-2BFTXScg5Pw-3D-3DwoHE_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1a48ZSuQx-2B4GCbkvQF9s-2BOkB8toiD31CYXVRRnjEHLK4zuJBro95FjD-2Fg4Pn6H-2F1Jq25FXYQFotLosYLAczY3UFONKg-2B7DWl3H84rIQqAIyvMeSytxICH5tHVVSjQtemwbA-3D-3D), web[7](http://url7324.matterfact.com/ls/click?upn=u001.idHmPrr2Geh7KYLAsTy7NsLjCVq1DyuRL4b7YHhJiJic5Sj6qMmkUtKv-2BmREm8eAgvTo0ZOqkVUq9nUDTfWpIAIILREhcgRYUk2GcKsuwMrbRMiEoBb4-2BReOoE4BXobFl0VI8Yp2Nm4HnHAdzh1aVGOKs-2FIdpc7ZEeAqLvcu0yqQ1nUiuRWFH1L-2FvRC1TjqzFdUWwjenOZrW8vCd1EUtpuIDg29KEGcZO1dws-2FDqySNT2oygwCu6qcC-2FWg9eUfAmFinxLFas6T33swO5jYOFBLhEnVYUP1Di2eHhSTl-2FNkV-2BaCfq2BlaHpZZI-2FpjPQTq2-2F675uFweRGwy7SF90oXYg-3D-3DiuA6_7mLGwmUci-2BLaXswv9WX1yTgqn3Wad-2FotHhzHgSNAZbWdk8v7imulH1pbUpVWQlvN0-2BcyXdkOmnbzdkF86Jy1axbK3nuJc-2BRGo9iQAEudVr8jKaLoI77ksCErObxPunRTzeZERi5mV255J1lk6K-2F1hHflUuCS0htODwNzumf134hVIDXyCJOiXHXoPVxT-2BoXG9VVDZ3JY-2Bdn4IUrZVDrQUA-3D-3D)