Inform Newsletter - October 2006


In This Months Edition




FEATURE INTERVIEW: Guy Walter - Making Less Mistakes


Photo Credit: AAP Image
Punters looking to back a winner in big races always give trainer Guy Walter's horses a second look in the form guide. Walter has a phenomenal strike rate in group races and he discusses his success with AAP Racing Manager, Peter Klein in this exclusive Inform interview.

When he was first granted a license to train at Warwick Farm, a bureaucrat in the licensing department fired a parting salvo to Walter as he walked out the door. He said "Good luck, but we've had trainers from the country who've been a lot more successful than you… and they haven't done any good down here.' Big mistake. And for those that know Walter, they know he makes less mistakes than any other trainer around. It's a common theme in Guy Walter's success.

Since 1990, his horses have won over $36 million in prize money. Mentor of horses such as Tie the Knot, Defier, Spinning Hill, Wild Iris, Court's in Session, Patezza and Republic Lass. A career which is rapidly closing in on 30 Group 1 wins. The achievements of the quietly spoken Guy Walter are sometimes overlooked when discussing top trainers in Australia.

Walter hasn't burst onto the scene like some comet. He's grown steadily over the years to the point where he's got over 60 horses in work and has finished third on the Sydney trainer's premiership for the past two years running. But winning premierships isn't what motivates Walter. For him, it's all about winning G1 races.

"It's the ultimate goal for me and my horses." says Walter "It's what I strive to do in training. I'd like to get better at it… make less mistakes and win as many G1 races as I can." There he goes again, talking about making less mistakes. That must be a sobering thought to other trainers eyeing off big race success. But Walter is remarkably frank about what makes a good trainer. "You can't always blame the vet, or the jockey or the barrier for your horse's defeat. You need to take responsibility… admit that maybe you backed a horse up too quick, or worked him too hard. A trainer needs to be observant. Willing to learn and admit their mistakes. You have to have commitment. Take responsibility for your successes and failures. I try and turn it inwards and take control. That's how you learn."

Back track a few decades ago to a young horseman in his teens. Guy grew up in the country around Mudgee, where his family had horses. They were involved in show horses, camp drafting and stock horses. From those beginnings, Walter received his grounding in horses. Right from his teenage years, he had an interest in becoming a trainer. Amazingly, he had doubts and lacked some self-confidence that he could ever achieve his ambition.

After leaving boarding school, Guy worked at various studs, adding knowledge and gaining experience where he could. He worked for Bart Cummings on and off for a period and one of his stints there included strapping Think Big when he won the first of his Melbourne Cups in 1974. "Bart was the one person I wanted to work for because I greatly admired him. Then I spent a year with Neville Begg before heading back to the bush for another session on a stud farm. After that, I ended up taking out a training license at Berry, down on the south coast."

Those were tough years for Walter where he survived on cast offs and patched up, older gallopers. He rented boxes from local trainer Kevin Robinson, who ran what could be loosely described as a riding school down on the beach. "Kevin gave me good advice and taught me a lot. It was a rough old camp, but I'll always be grateful for him making available those stables down there rent free in those hard, early years."

Guy battled on and eventually had some horses passed onto him by Neville Begg. One was Concealment owned by Sir James and Lady Carr. Another horse to keep the wolf from the door was Swift Babylon whom Walter raced around the Nowra area. He made steady, if unspectacular progress until he bit the bullet and decided to set up base at Warwick Farm.

Walter was thankful for a good horse in those early years which helped kick him along; Prince Invader. "He only died two weeks ago," he reflects sadly "but he won 13 races for me when I really needed a handy horse. I gradually acquired more horses until a crucial day arrived that changed my training career."

That crucial day was in 1991 when he won a two state feature double. Ricochet Rosie won the G2 Queen of the Turf Stakes at Rosehill and Missourie Wolf won the Listed Duke of Norfolk Stakes at Flemington. That's when people really started to sit up and take notice. Walter had arrived as a trainer.

Guy has trained a lot of big race winners since then. Outside his feed room door is a brass plated honour roll of top gallopers to have passed through his stables. They include the likes of:
  • Tie the Knot - 13 G1s including 4 Chipping Norton Stakes.
  • Defier - Doomben Cup, George Main Stakes, Queen Elizabeth Stakes.
  • Patezza - Doncaster Handicap.
  • Republic lass - Ranvet Stakes, AJC Oaks.
  • Court's In Session - George Ryder Stakes.
  • Spinning Hill - Lightning Stakes, Manikato Stakes x 2.

Photo Credit: AAP Image
Walter's success is all the more incredible when you consider he's not a big buyer at the yearling sales. If you're looking for who bought the million dollar yearling or who the leading purchaser was, you won't find G H Walter in the sales results.

"It's not something I've planned, it's just evolved that way." says Walter reflecting on it "I've been fortunate in getting well bred horses sent to me, especially fillies which don't go through the ring. I've got owners who are breeders. They understand the business and provide me with some continuity as far as supply of horses goes. I'm happy enough with the situation. It doesn't seem to have affected the way I do business." One gets the impression in talking to Walter, that he'd be far happier at a country race meeting watching his horses and observing their habits than attending a yearling sale. Because it's his horses which are always on his mind.

"You see that old horse there,” he says showing me around his stables “that’s Court’s in Session. He belies his age. Seven years old now, but every run he just tries so hard.” Court’s in Session had lost form and was headed for the retirement paddock last preparation before Walter figured out how to get him right again. It must have given Walter immense satisfaction to see him win the Warwick Stakes and Cameron Handicap at Newcastle. Tragically, the horse broke down in last Saturday’s George Main Stakes at Randwick and has now been retired.

He points out a somewhat unlucky Johan’s Toy, second in the Epsom and Doncaster Handicap. “She’s a genuine threat in anything she goes around in if she’s right."

We walk in between the yards where horses are dozing in the early morning sun. Workmen are clearing a drain still blocked with water from the big wet of last week's Sydney downpour. Their activity is agitating a horse nearby and Walter calls out to a strapper to swap him to another box. "Don't' want him getting upset." he says. One less mistake made…

His horses look relaxed and content. That's a legacy of the preparation time that Walter gives each horse. "I don't like to bring them up too quickly." he says studiously "The quicker you bring them up, the quicker they go off. They can go ratty if you're in too much of a hurry. They're much better with a solid foundation under them. After a decent spell, I'd rarely trial a horse in under 10 weeks, sometimes more, not often less."

I put it to him that he seems to have a knack for developing class horses. How does he define class in a horse? "The one with the least weaknesses." he shoots back. "Some have got that 'star quality' from the start. Tie the Knot was like that. Walked in like he owned the place. His whole demeanour was star. In others, it might not be so apparent. But I can usually tell before they even gallop if there is that something special about them." We walk around the block to another stable complex of Walters' where he proudly displays the recently built yards. High roofs allow air to circulate and provide beautiful shade from an already warm spring morning. Whilst we're walking, he talks about the training facilities at Warwick Farm. "It's good here. Peaceful. There's more variety than what you'd find at the other city tracks. Walks by the river, more use of the course proper. A good place for a trainer to be."

A lot of prominent Australian trainers have gone overseas to further their careers. Melbourne Cup winning trainers like David Hayes, John Meagher and David Hall have all competed successfully overseas, as has four times champion Hong Kong expat, John Size. What's Walter's future - does he have any ambitions to train outside of Australia? He considers the question thoughtfully whilst looking over one of his charges. "I think I'd just like to get better at it (training) and win as many G1 races as I can." Then as an after thought he adds; "Oh, and to make less mistakes…"

Written by Peter Klein, Business Manager AAP Racing

Guy Walter Quick Questions:

Best horse seen? Kingston Town.
Best horse trained? Tie the Knot.
Prefer training stayers or sprinters? Stayers. More challenging and less competition.
Which races do you most aspire to win yet? A Melbourne Cup and a W S Cox plate.
Hobbies outside of racing? - I enjoy reading.




Racing Review & Preview

After the early season buildup, we're now coming to the business end of the racing carnival. The Epsom and Metropolitan are up for grabs this weekend and then we eagerly look forward to the Melbourne Spring carnival. Isn't it great to see the class horses back in action! None more so than Racing To Win, who has catapulted his way to Epsom favouritism after two outstanding wins in group company. It would take a brave person to tip against him in the Epsom on Saturday. We've also had the first two year old race of the season won by the promising Murtajill. Sold as a weanling for $660,000, this Rock Of Gibraltar - Skating colt sure looks like he'll repay his purchase price plus interest. Sydney's best performed 3YO is Court Command who has won three races straight including the Golden Rose and Stan Fox Stakes. He'll be Melbourne bound with the Caulfield Guineas as his mission. On a sadder note, grand old warrior Court's In Session broke down in last week's George Main Stakes and will now be retired. The winner of over $1.4M in prize money, he'd come back in great form this prep taking out the Warwick Stakes and Cameron Hcp at Newcastle.

In Melbourne we've seen plenty to impress from El Segundo, who continues to firm as favourite for the W S Cox Plate after authoritative wins in the Memsie and Underwood Stakes. Golden Slipper winner Miss Finland has taken up from where she left off, having won both her two starts since resuming. Meanwhile, class gallopers Lad of the Manor, Sphenophyta, Miss Andretti and Rewaaya can all further add to their booty this Spring. Zipping heads the early betting for the Caulfield Cup, whilst Headturner, Railings and Yeats (IRE) lead a very open Melbourne Cup market, which should tighten considerably over the next couple of weeks.

Some top jockeys have experienced a spate of bad falls lately. Shane Dye suffered a serious fall in Hong Kong on June 25, which required emergency brain surgery. Good to see he's made a complete recovery. Also completing a successful comeback is top Melbourne hoop Damien Oliver, who has recovered from a race fall at Werribee recently.

In industry news, a recent wagering forum conducted by the AJC highlighted some major concerns facing on-course bookmakers, especially those in NSW. Leading Sydney rails bookmaker, Con Kafataris, painted a bleak picture for on-course bookmakers trying to compete with corporate bookmakers, betting exchanges and the TAB. He pointed out that on-course bookmakers couldn't offer cross border advertising and faced restrictions on operating hours and product types. NSW bookmaker's turnover has slumped from nearly $600M in 2004 to $500M in 2006. It is forecast to fall even further unless reforms are implemented. His views seem supported by TAB CEO, Elmer Funke Kupper, who confirmed that NSW racing was declining in wagering popularity compared to other states.

Meanwhile on the international stage, Australian sprinter Takeover Target scored a magnificent win in the Sprinters Stakes G1 at Nakayama in Japan. This victory in the Global Sprint challenge keeps trainer Joe Janiak's hopes of a $US1 million bonus alive if he can win the International Sprint at Sha Tin at Hong Kong on December 10. A bonus is awarded to the horse that can win three of the G1 races in three different counties and Takeover Target is just one win away from achieving this feat.

Racing fans are eagerly anticipating Randwick's 'grand final' of group races this weekend. Bring it on! And AAP's selections for the two big ones are:

Epsom Hcp - 1.) Racing To Win 2.) Malcolm 3.) Temple Hills
The Metropolitan Hcp - 1.) Dizelle 2.) Activation 3.) Bikkie Tin Blues

Good luck and good punting.



Sports Review & Preview

It seems too much sport is never enough, and that's a great thing for sports lovers around Australia at the moment.

One of the most memorable footy seasons in recent years is only just behind us, and a summer of cricket promising an unforgettable Ashes series is almost upon us.

In between we move into top gear with the Bathurst 1000 this weekend and the Indy Car 300 at the Gold Coast in a few weeks time while the much anticipated Spring Carnival racing season builds to a crescendo in Melbourne.

But the crossover in seasons from football to cricket is getting very blurred in this modern era.

Ricky Ponting's Australians will be in India for the rest of this month trying to win cricket's Champions Trophy for the first time, despite having won the past two World Cups, just as Ricky Stuart's Kangaroos do battle with Great Britain and New Zealand in the rugby league tri-nations series played on both sides of the Tasman.

And the Wallabies will be leaving at the end of the month for a four-Test rugby tour of Wales, Italy, Ireland and Scotland, amid the hectic schedule of domestic cricket which starts next week with the ING one-day series in Brisbane where Queensland play Tasmania, and Perth where WA take on Victoria, to be followed a few days later by Pura Cup matches between the same teams.

But without a doubt the real battle everyone is waiting to see is spin king Shane Warne bowling to England's great all-rounder Andrew "Freddy" Flintoff as Australia tries to win back the Ashes from the old enemy. The series starts in November with the English team due to arrive in Australia on Tuesday November 7, just as the Melbourne Cup is being run at Flemington.

The Ashes series is already a sell-out, and for cricket tragics who couldn't get tickets that means every minute of every session should be available on free-to-air television, even in the city where the match is being played.

But before the MCG returns to the sport of its origin, we should spare a thought for those Victorians who spent a September largely bereft of AFL and local teams to support.

In one of the most dramatic grand finals of all time, West Coast eked out a one-point revenge win over the Sydney Swans as non-Melbourne clubs dominated the competition. Perth is now shaping as the AFL's stronghold with the Eagles and Fremantle Dockers set to dominate the competition in coming years, along with the Adelaide Crows. To underline the shift in power, the past four years have seen the Brisbane Lions, Port Adelaide Power, Sydney Swans and now the West Coast Eagles all crowned champion.

In a bizarre twist, the Melbourne Storm dominated the NRL this season but barely got a headline in AFL-crazed Melbourne. In the end it was the cannily-coached Brisbane Broncos who had the last laugh, with Wayne Bennett's team, led by Darren Lockyer and the retiring Shane Webcke, providing a shock win over the Storm at Telstra Stadium in Sydney the day after the AFL finale. Frighteningly for NRL fans, the Storm can only improve with a young playing list and developing coach who will learn a great deal from the grand final loss, and may be set to stamp their authority on the competition in an even bigger way next season. Whether anyone in Melbourne actually cares is the biggest battle facing the team and the sport.

Written by Mike Osborne, Head of Sport and Racing



60 seconds with El Segundo’s part owner - Andrew Evans

El Segundo
Photo Credit: AAP Image
1. How long have you been involved in racehorse ownership?
Approximately 2 years but have worked in and been involved in the racing industry for over 40 years.

2. How did you come to be involved with El Segundo?
Through a mutual friend who suggested I take a share.

3. How do you like to celebrate after a win?
Very quietly, in fact hardly. I don't get too carried away with the success. I've been in racing long enough to know it can all stop tomorrow.


4. Do you or any of the owners of El Segundo, have any superstitions on race day?
No.

5. Who is the best horse you've seen race?
Red Anchor could have been anything if he hadn't broken down. Would have walked in the Melbourne Cup the year he won the Derby, had he been entered.

6. Favourite racetrack?
Flemington and Randwick (when the course proper is in order).

7. Favourite Jockey?
Damien Oliver when he's right. He always has the horse in a position to win if it has the ability.

8. Do you have an interest in other horses racing at the moment? If so, how are they performing?
Yes 3 others. Heart of Coal has raced 3 times for one win and one unlucky run and is showing promise. Two others are unraced.

9. What advice, if any, would you offer to prospective racehorse owners?
Wave the money goodbye when you buy a horse. Anything back is a bonus.

10. Greatest moment you've seen on a racetrack?
Moonee Valley, early eighties. Manikato won the sprint, Kingston Town the Cox Plate and another top horse of Hayes (whose name escapes me) won another race. Best days racing!!!

AAP Racing wishes Andrew and the El Segundo team every success for the remainder of his career!



InForm Racing and Sports Quiz

Test your knowledge! (answers below)
  1. Everyone remembers the great clash between Freemason and Northerly in the 2003 BMW, but which horse ran third?
  2. Which Australian Cricketer won the Inaugural Allan Border medal in 2000?
  3. In the 2000 Olympics, Petria Thomas won a gold medal in the butterfly swim. Name the distance.
  4. John Hawkes has trained three of the last four Queen of the Turf winners including Hosannah and Ike's Dream. What was the name of his most recent winner?
  5. Which NRL team was the last to win the minor premiership and go on to win the Grand Final?
  6. After retiring on Boxing Day 1997, Darren Beadman returned to race riding in what year?
  7. Which overseas visitor ran 2nd to Makybe Diva in the 2004 Melbourne Cup?
  8. How many times has Tiger Woods won The Masters at Augusta?
  9. At which track did Lonhro record most of his Group One victories?
  10. Eremein won the 2005 AJC Derby. Which future Caulfield Cup winner was a placegetter in this race?
How did you go?



Track wet - should I still bet?

With the recent big wet hitting the eastern states, the old adage of "track wet - don't bet" would still be fresh in some punter's minds. There's certainly a strong element of truth in that racing maxim, but you can still bet on wet tracks if you are careful and follow a few common sense rules.

Have they got wet track form?
Sounds obvious, but when the heavens open up, dry track form goes out the window. You need to be extremely wary of backing short priced, in-form horses with dry track form when they suddenly strike a wet track.

Have they got a proven dead, slow or heavy record? That doesn't just mean being placed on a slow track either. A horse with a 3rd in the slow, may have floundered uncomfortably in the going and finished a good distance from the winner. So on today's heavy track, that form would have no relevance. Pay close attention to the official track ratings. Tracks aren't just classified as slow or heavy. These can range anywhere between a SLOW 6 (a mildly rain affected track, better side of slow) to a HEAVY 10 (very soft and wet, the heaviest category). There are varying degrees of measurement in between, for example slow tracks have two ratings, a 6 and a 7, whilst Heavy has three ratings an 8,9 and 10.

It's easier to establish the wet record of older horses. They've had more time to build a wet track history than a two or three year old galloper. Their form will show at a glance what their win/place ratio is on wet tracks. Form students need to be ruthless in culling out those without a proven wet track record. If they've failed in the wet previously, dismiss them instantly, no matter their current form.

What if none of the runners have wet track form?
There are some events like two year old races, where not a single runner has seen a wet track. If you must bet on these, then the horse's breeding can often sway your decision. For example, Redoute's Choice has a reasonable record of producing wet trackers. So does the progeny of Encosta De Lago, Mossman, Zabeel, Anabaa and Peintree Celebre. However, sires like Octagonal, Grand Lodge and Volksraad haven't been particularly successful in throwing wet trackers. So do your breeding homework before you go to the races. It may pay dividends.

What about wide barriers?
Wide barriers aren't such a hindrance in the wet, as horses drawn out can often find firmer going. They can also avoid the mud being kicked back at them and the tiring horses dropping back causing interference. A heavy track can be one of those strange circumstances where an inside draw can be a disadvantage.

What about backing top weighted horses in the wet?
Next time you get a downpour, try running around your local racecourse carrying a watermelon! Now do a lap carrying a cantaloupe. You'll feel the difference. A horse feels the weight too, more so in the wet. Heavily weighted horses are always at a disadvantage in the wet.

What's better on a bog track, a 3kg claiming apprentice or a senior rider?
Old timers always used to maintain that a more experienced, senior rider could hold a horse together better on a wet track. Their reasoning was sound. A senior rider is stronger and helps to keep the horse better balanced, which is sometimes worth more than an inexperienced kid with a claim in the slippery conditions.

Can I just follow the trainer?
Probably the best guide if a horse has no wet track form, is where a trainer's horses are positioned during a race. For example, horses trained by Gai Waterhouse and John O'Shea always race up on the pace in the first three or four horses. That's important. If a horse gets back in the running, it has to make up many lengths. That's hard enough on a fast track, but on a heavy track, it's nigh impossible. So think about where your horses are likely to be in the running. If the trainer's instructions are to consistently have them ridden up handy, that means you can dismiss a lot of other trainer's runners who race well back in the field.



Racing Crossword


Across
1. Finished 2nd to God's Own in the 2005 Caulfield Guineas. (12)
5. Last name of jockeys, Larry and Jim. (8)
9. Won the 1998 Golden Slipper with jockey Chris Munce aboard. (5)
10. Ridden by Corey Brown, won the 2005 AJC Derby. (7)
11. A female horse term. (9)
14. First name of jockey who rode Fraar to win Caulfield Cup in 1993. (5)
15. The __. Newzealander who recently won Danehill Stakes. (3)
18. Arctic ___. Winner of the 1986 Caulfield Cup. (5)
20. Big __. Finished 10th and 19th in his 2 Melbourne Cup appearances. (3)
22. ___ Chariot. Won 2006 Queensland Derby. (3)
24. __ Discreet. Won 8 of 13 starts for Russell Cameron. (2)
25. Full brother to Elvestrom. (6)
26. __ Words. Won 4 straight, including Surround and Phar Lap Stakes in 2004. (4)
27. Sire of El Segundo and Econsul amongst others. (4)
29. Star____. NZ horse who ran 3rd in Savabeels 2004 Cox plate victory. (5)
32. Number of Cox plates won by Sunline. (2)
33. Sprinting filly, who last year provided us with the VRC Derby winner. (10)
35. Guy Walter trained Sydney cup winner ______ knot. (3,3)
37. Alan "___" Aitken. Racing Journo and former STC punters club organiser. (4)
38. O'Shea horse who ran 3rd in Caulfield Guineas 2005. (6)
42. ___ Lodge. Bob Thompson champion galloper. (6)
43. Desert ______. Sire. (6)
45. An Uncomplimentary term for a horse. (3)
47. Lloyd Williams owned Octagonal 3yr old, who has current record of 4 wins from 6 starts. (5)
48. Ran 3rd in the "Bobbie Lewis" Sept 9th this year. (8)
49. Son of Hennessey, or City of South Africa. (12)
50. _____ Rock. Won the Lightning, Oakleigh plate double 2005. (7)

Down
2. Property which stands the Sire sensation Redoute's Choice. (10)
3. Won the 2001 Newmarket Stakes, defeating Show a Heart and Mannington. (6)
4. A Woodlands stud Stallion. (4)
6. Winner of the 2006 Australian Guineas at Flemington. (9)
7. Race won by Charge Forward in 2004, defeating Fatsnet Rock. (11,6)
8. Won the 1979 Cox Plate. (7)
11. Sire of Miss Pennymoney. (6)
12. Half brother to Universal Prince, by Danehill. (11)
13. Nickname of race won by Railings in 2005. (6)
16. Winner of the 2005 Stradbroke Hcp (2,5)
17. AAP offers this service on behalf of William Inglis. (8)
19. Trainer of 2005 Spring champion stakes winner, Hotel Grand. (7,8)
21. Final ___. Won the 1990 Gadsen Rheem Stakes beating Barossa Boy. (4)
23. ___ Stakes. Fillies race won by Slight Chance and Unwordly amongst others. (6)
28. Name of "Ficticious" horse created by Andrew Martin. (9)
29. Australian Galloper who ran 2nd to Red Rum in the 1973 Grand National. (5)
30. Octagonal half brother to Dr.Grace, now a sire. (6)
31. Brent ___. Ex Jockey. (8)
34. The "Fighting Tiger" from the west! (9)
39. Serenade ___. 2005 AJC Oaks winner. (4)
40. Matt Ellerton trained placegetter of 2006 VRC Sires Produce. (7)
41. Lord ___. Sire. (3)
44. Ran 2nd to Brave Lancer in the 2006 Winter Cup at Rosehill. (4)
45. Initials of place where Pioneer park racecourse is located. (2)
46. Won the 2005 Debutant Stakes at first race start beating Snort. (4)

Check answers here

Click here to download a copy of the Racing Crossword



Racing & Sports Quiz Answers

1.) Republic Lass 2.) Glenn McGrath 3) 100m 4.) Mnemosyne 5.) Panthers 2003 6.) 2000 7.) Vinnie Roe 8.) Four times 9.) Caulfield 10.) Railings

Racing Crossword Answers

Across Down
1. Paratroopers
5. Cassidy
9. Prowl
10. Eremein
11. Broodmare
14. Peter
15. One
18. Scent
20. Pat
22. Ice
24. Be
25. Hveger
26. Only
27. Pins
29. Craft
32. Two
33. Mannington
35. Tie the
37. Hats
38. Primus
42.Shogun
43. Prince
45. Nag
47. Byway
48. Volitant
49. Johannesburg
50. Fastnet
2 Arrowfield
3 Toledo
4 Over
6 Apache Cat
7 San domenico Stakes
8 Dulcify
11 Brocco
12 O Perfect One
13 Metrop
16 St Basil
17 Pedigree
19 Anthony Cummings
21 Card
23 Flight
28 Monologue
29 Crisp
30 Anglia
31 Thompson
34 Northerly
39 Rose
40 Danever
41 Ted
44 Verb
45 NT
46 Gait

Copyright in this Newsletter is owned by or licensed to Australian Associated Press Pty Limited. This Newsletter is published on an “as is” basis for personal use only and must not be copied, republished, rewritten, resold or redistributed without AAP’s prior written permission. This Newsletter is published for information purposes only without assuming a duty of care. AAP is not in the business of providing professional advice, and gives no warranty, guarantee or other representation about the accuracy of the information or predictions contained in the Newsletter. AAP and its licensors are not liable for any loss, through negligence or otherwise, resulting from errors or omissions in or reliance on the contents of the Newsletter.

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