Should that happen, the total losses would outdo those of fellow Tiger cub Bill Hwang, whose family office Archegos Capital Management lost $35 billion when its implosion roiled the markets last year. Shleifer, who was an analyst at Blackstone before joining Tiger Global, acknowledged that returns on India have not been anything to write home about so far. Haidarbet big that interest rates would climb at a rapid clip, correctly positioning to profit from the surge in inflation that led to the most aggressive central bank tightening campaign in a generation. Trump outbid Epstein, paying $41.3 million for the property. Photo: Amanda L. Gordon/Bloomberg, Photo: Amanda L. Gordon/Bloomberg via Getty Images, Photo: Stephanie Keith/Bloomberg via Getty Images. Robertson lost money because he refused to invest in the bubble the old-economy stocks he prized were out of favor, while speculative technology companies soared in value. Last week, a judge ruled that from now on, all four ownersMichael Meyer, Stephen Smith, Michael Meagan and Drew Doscherwill each be getting exactly 25% of the business going forward. Not only has the Chinese government cracked down on them (a process that began with Jack Mas Alibaba), the SEC is also threatening to delist many of these stocks because China wont allow foreigners access to its companies financial audits as a recent U.S. law requires. Some of his best investments for the firm have come in China, where he turned To contact the authors of this story:
They could move quicker. Like many of Robertsons protgs, now known in the industry as Tiger cubs, Coleman was a child of privilege. They copy each other and they copy whats been working. Indeed, a number of other Tiger cubs show up in these crowded trades names including Coatue Management, Lone Pine Capital, Maverick Capital, Viking Global Investors, and D1 Capital Partners. The 25-year-old analyst, who had worked at Robertsons storied Tiger Management and was a close friend of his sons, seemed shy and insecure. *Sorry, there was a problem signing you up. Ventures further at the end of the risk spectrum, so if the market keeps going down, that stuff should be marked down more, says Dan Rasmussen, a former Bain Capital analyst who now runs hedge fund Verdad. But my guess is there are a lot of debates going on in their boardrooms about how aggressively to invest going forward. more: Soross Fitzpatrick Says Firm Not Putting Money Into China. They bark and, sometimes, they bite. He told clients in an interview this month that he remains convinced inflation will remain elevated, forcing central banks to keep ratcheting up interest rates. Tiger Global took the crown as 2021s top investor, venture-market-intelligence firm CB Insights wrote, meaning that Tiger Global made the most investments during that year. Bloombergs list excludes those who no longer manage money for external investors. And they sold a lot of these bikes, but they still couldnt make money at it., You had companies that were losing hundreds of millions of dollars a year, and the stock price went up, so people said, Okay, profits dont matter anymore, he says. JD.com, one of Tiger Globals largest and most successful holdings for years, is one of the companies on the SECs target list for delisting. There were even clauses in the deeds of some of these properties saying that they could not be sold to individuals from certain minority groups. Prices got higher. The total combined losses in the hedge fund and long-only fund based on Sophers analysis are about $19.7 billion. For how Bloomberg calculated the lists:click here. Coleman could not quite match Julian Robertsons legendary status (which is also derived from some 200 hedge funds that trace their roots back to him), but he built a firm much larger than his mentors flagship Tiger Management and made a lot more money. We were able to purchase 16 or 17% of Flipkart for $8 million in 2010, he said of the investment in the e-commerce giant, which is currently valued at over $37 billion. Raised on Long Islands tony North Shore, Coleman attended the prestigious Deerfield Academy, like his father before him, before going to Williams College. Now he is letting the world know this: His divorce is indeed final. The city threw out a Democratic mayor for the first time in decades. His fund sank 13% in January after being caught off-guard by an unexpected drop in bond yields. Two years ago, it was $23 billion, whenColeman took home $3 billion tonabthe top spot. The glory days ended over the past six months, though, with the ongoing collapse of high-flying growth stocks eerily reminiscent of the bursting of the dot-com bubble shortly after Robertson threw up his hands and called it quits. Why young migrant workers are illegally filling a void in the job market. We believe in innovation and technology, the firm wrote to its investors at the end of the first quarter, defending its approach in investing. When legendary hedge-fund manager Julian Robertson decided to give Charles Payne Chase Coleman III $25 million to start his own fund in 2001, potential investors meeting Coleman for the first time were skeptical. There is little doubt, however, that Tiger Global wanted to do a lot of deals as quickly as possible. Plans and lawsuits shot back and forth over the next three years. The former employee, who left Tiger about two years ago, did not respond to Insider's requests for comment. He moved to Miami during the pandemic and, according to the New York Post, bought former President Donald Trump's old mansion there for $122.7 million in 2021. A Penguin Random House imprint said it wont publish Dilbert creator Scott Adamss coming book Reframe Your Brain, previously expected to be published this coming September. The young hedge-fund managers key hire turned out to be Scott Shleifer, who had spent the prior three years at the Blackstone Group, the heavyweight private-equity firm. Griffin derived just over half of hisearningsfrom his investment in Miami-based Citadels funds, with the rest coming from his share of performance fees. All told, Tiger has raised 14 venture funds, and industry observers worry that some of the more recent ones will face the biggest losses. Shleifer and Coleman were in their mid-20s at the time. Balls to the walls is how one of its investors described the firms approach. topped a widely followed industry performance list, Do Not Sell or Share My Personal Information. Its also extremely lean, with a staff of about 30 investment professionals managing Tigers assets. The state has a near-total abortion ban, and now activists and GOP officials are fighting an exemption for physician-defined medical emergencies. Tom Maloney and Hema Parmar | Feb 17, 2023. They bought Sloppy Tuna in 2011, but by last year there were so many lawsuits flying around among the four of them about what amount each owned, occupancy rights, ownership of the trademark and other points that a judge declared it should be operated by a court-appointed receiver until it could all be sorted out. By submitting your email, you agree to our Terms and Privacy Policy and to receive email correspondence from us. (For example, its an investor in several private crypto-infrastructure companies as well as publicly traded Coinbase.). The meltdown at Colemans firm, named Tiger Global in a nod to his mentor, is one for the ages. We helped contribute to it at Tiger Global, so we are not casting stones. He recently plunked down a record $132 million for a Palm Beach mansion on land once owned by former President Donald Trump. They got bigger, which means you had to put more money out. One person felt that at times teams could be pitted against each other, beyond a culture of healthy competition you find at financial firms. Get our Hamptons Insider newsletters delivered direct to you. We are incredibly impressed with the teachers and staff at Palm Beach Day Academy, who are dedicated to providing children with an education that focuses on excellence and reinforces the values of kindness and integrity, said Scott Shleifer, partner at Tiger Global. (Excluding debt, it had $95 billion.) Fellow Tiger cub Bill Hwang is under indictment on charges of racketeering and fraud for the multibillion-dollar collapse of Archegos. "Tiger Global's $65 Billion Man Shrugs Off China Crackdown Threat", "Shleifer Furniture to shutter after 80 years, will clear way for Central Eastside hotel", "Masters of the Bubbleverse Secretive hedge fund Tiger Global changed the rules on tech investing. The New York-headquartered firm, which counts India among its top three markets globally, has deployed over $6.5 billion in the South Asian market since inception, TechCrunch reported last year. The 1998 World Cup was supposed to be Ronaldos crowning glory, but an unexplained seizure shattered Brazil's dreams, and his. The same feedback loops that were operative on the way up are working in reverse on the way down. Tiger has emerged as a brash disruptor in the clubby VC world, rattling rival bidders with its aggressive approach and uncommon speed. Harry is moving on. It will be his first to the country since he assumed charge of overseeing the funds India investments from Lee Fixel, who moved on from Tiger Global in 2019 to start his own venture, Addition. Shleifers strategic vision for Tiger Global was rooted in an aggressive approach one that he also embodied in his private real-estate dealings: Last year, he Scott Shleifer serves as Partner at Tiger Global Management. The hedge-fund portion of the strategy came into play as these unicorns went public: Before the IPOs, Tiger Globals hedge fund would also invest in the same unicorns as were backed by its VC funds. New York financier Scott Shleifer, co-founder of Tiger Global Managements private equity unit, has been revealed as the mystery buyer who splashed out $122.7 million cash to buy an oceanfront spec house in Palm Beach that was once owned by Donald Trump. A descendant of Peter Stuyvesant, the last Dutch Governor of New York, Coleman has deep ties to Palm Beach. The hedge fund actually oversaw just$1.2 billion. When Robertson closed up shop, Coleman and a number of his co-workers decided to leverage Tiger Managements cachet (and money) and launch their own hedge funds. Lawrence Moens of Lawrence A. Moens Associates repped the seller., 2023 NYP Holdings, Inc. All Rights Reserved, Veteran Palm Beach residents fume as new neighbors take over tony island, How West Palm Beach was transformed into Wall Street South, Florida is a snoozefest compared to New York, Patriots owner buys Palm Beach penthouse for $23.75M, bought Leonardo da Vincis Salvator Mundi. So investors who want out wont be able to get the private-company portion of their investment. All are facing significant losses this year.). Coleman, 47, lost $1.7 billion, according to Bloombergs analysis. The issue is that a lot of these companies existed to grow the revenues and ignore profitability, says Harris Kupperman, the founder of hedge fund Praetorian Capital, who argues that these companies enriched the owners and early investors and left later investors with massive losses. Last year, John Curtius, who joined Tiger in 2017 from distressed-debt investor Elliott Management and worked closely with Shleifer, left to start his own fund. As for Haidar, he got off to a rocky start this year. Scott Adams is blazing the interwebs on fire with his "It's Okay to be white" poll rant, Hotep Jesus responded and then invited Scott to speak. Griffin, 54,made$4.1 billion last year alone. So returns on equity in the internet got really high and the returns for investors have been really high. With his departure, Scott Shleifer will assume control of all of Tiger Globals public equity business, which manages roughly $10 billion in assets. [5], Shleifer earned a bachelor's degree from the University of Pennsylvania's Wharton School in 1999. Tiger Globals public funds shrank in 2022 as its bets on China, tech stocks and private startups backfired after years of blockbuster gains. But thats the past, he said. Scott Louis Shleifer (born 1977) is an American billionaire hedge fund manager, and the co-founder of Tiger Global Management's private equity investing business. Now hes returning to a shell-shocked industry. Tiger Globals move into venture capital, led by Shleifer, started in China in the firms early years before coming to include U.S. companies. We think it will be the best place to invest, said Shleifer of India at his rare appearance. Shleifer joined in 2002 as an early hire at Tiger and co-founded its private-equity investing arm. RNC Loyalty Test Only Punishes Honest Candidates, Not Trump. But that's exactly what they're coming up against. Limited partners are now learning of a $10 million payment Tiger made to a former female employee over allegations of harassment, and a culture that was unfriendly to women, people familiar with the matter told Insider. The so-called new economy stocks hardest hit in todays markets have been those Kupperman has christened the Tiger 40 the 40 top stock holdings Tiger Global disclosed at the end of 2021 and which short sellers say they are targeting. The allegations are coming to light in perhaps the worst fundraising environment in recent memory. The only known interview Coleman has given was with author Sebastian Mallaby for his new book on venture capital, The Power Law. It will be his first to the country since he assumed But Indian internet companies hitting $100 billion in revenue was an inflection point for the industry, he said. Scott Shleifer, the firms head of private investments, lost $530 million. Many of the managers started their careers at Julian Robertsons Tiger Management, earning them theTiger Cub moniker. See last years ranking here: Unknown Hedge Fund Manager Made $2 Billion, Beating Titans. Most of Tiger Globals stupendous growth came in the past two years. As a result, returns on capital for investors like us have been below average way below. Scott Shleifer, the head of Tiger Globals public equity business, will take over as the global head of private equity. EHP Hospitality Group is now hiring for the 2023 summer season! Shleifer was born and raised in a suburb of Portland, Oregon. Sasha Salama BROADCAST JOURNALIST. You just know it. Do you have a tip? By providing longterm financial sustainability for the school, the campaign will ensure that PBDA continues to be a national leader in academic programs that also support character development in young children. As Shleifer explained to Mallaby, My father sold couches for a living.. Beijings overhaul is now putting them to the test. It is not often that very rich people like to have their private lives hung out to dry, but developer Harry Macklowe of East Hampton personally did exactly that a few days ago by causing a photograph of himself and his new wife to be displayed 42 feet tall on the side of one of the skyscrapers he owns in Manhattan. The past six months have not been good to him. "Scott was known to be a jerk," a former employee told Insider. Rapidly growing private company in China scott shleifer golfer to the extravagant down to Palm Beach, so will wannabe! Tiger Globals drubbing far surpasses that of Bridgewater Associates, the worlds largest hedge fund, which lost $12 billion in 2020, or Melvin Capital Management, the now-infamous target of the Redditor-led short squeeze of GameStop shares in 2021, which cost it $6.8 billion. He moved to Miami during the pandemic and, according to the New York Post, bought Bloomberg recently highlighted 13 of the worst-performing stocks held in common among these funds. Yes: Series A - InterviewBit . The land was once part of a 6.2-acre estate that housed Maison de LAmitie, or House of Friendship. During a company gathering in Miami in early 2020, some employees went to a popular Miami nightclub called E11even. The U.S. Is Choosing Child Labor Over More Immigration. (Coleman declined to speak to New York, as did Julian Robertson.). Watch: Fox News Cant Find DeSantis Fans in a Florida Diner, Trump to Seniors: DeSantis Is Your Mortal Enemy, Trump is now attacking DeSantis for his past support of cuts in Social Security and Medicare, calling him a wheelchair off the cliff kind of guy., For $33.09, You Can Hear Prince Harry Unpack His Trauma Again. But then two weeks ago, a settlement was reached. All have fallen more than 70 percent, and Tiger Global was in all of them. New York financier Scott Shleifer, co-founder of Tiger Global Managements private equity unit, has been revealed as the mystery buyer who splashed out $122.7 million Some, like Haidar,can say they sawall of this coming. The Brutal Layoffs at Twitter Just Keep Coming. One event drew discomfort among some members of Tiger's staff, according to one person who spoke to Insider. His father helped oversee the family business, Shleifer Furniture, which closed in 2015 after an 80-year run, and his mother is an interior designer. Can you guess whats total rubbish and whats something an honest-to-God prince wrote in an actual book? Tiger Global believes India is likely to produce the highest equity returns globally in the future, its partner Scott Shleifer said on an investor call Tuesday, projecting high confidence in the key overseas nation even as he admitted that the worlds second largest internet market has delivered below average returns for the investor giant historically and the local startup ecosystem is grappling with governance and unit economics challenges. While Tiger posted a $1 billion gain on the June IPO of ride-sharing giant Didi Global Inc., the subsequent government intervention has battered the stock, which tumbled 36% through Thursday. Robertson was defeated by the dot-com mania of the late 90s he could never bring himself to buy into the bubble. This year, Tiger Globals hedge fund fell an astonishing 52 percent through May, according to an investor letter much more than the overall market (down 20 percent) or the tech-heavy Nasdaq (down 33 percent). The Twitter owner came to Scott Adamss defense after the cartoonists racist rant led hundreds of newspapers to drop his long-running comic strip. I am thrilled and profoundly grateful to Scott and Elena Shleifer for their amazing commitment to support such an important University priority as Penn First Plus, Its edge, Shleifer tells clients, is doing so much research and reconnaissance that no one is better prepared to invest. --With assistance fromAmanda Albright,Nishant KumarandKatherine Burton. The lawsuit, which resulted in a judge overturning that approval, caused it to be sent back for further review. The details of why Scott Bakula passed on appearing on Quantum Leap aren't entirely clear, as the actor was said to be involved in the series through much of its In its 2020 anniversary letter, the firm said it was searching for ways to make our investment flywheel spin faster. Now it seems to have spun out of control. It bristles at the widespread notion that the firm does little due diligence, saying it outsources some of its research to consultants like Bain. That way, a big winner in the venture-capital portfolio could become a big winner in the hedge-fund portfolio. 2023 Informa USA, Inc., All rights reserved, Target Needs to Make You Want to Spend Again, Six Reasons 2023 Is the Year of the 1031 Exchange, 10 Must Reads for CRE Investors Today (Feb. 28, 2023), For Many Homebuyers, Its New Construction or Nothing, Kansas Citys $1.5 Billion Airport Renovation Spurs Hopes for Business Boom, The 12 Best Business Books of 2022 for Advisors, The Most-Revealing Onboarding Questions Advisors Ask, Allowed HTML tags: . We are forever grateful to the Shleifer family for this generous gift and the immediate impact it will have on our students and faculty, said Head of School Fanning M. Hearon III. In a poll, 78 percent of voters from the Third Congressional District say theyve seen enough of their representative. That means Michael Platt isnt ranked, despite adding $3 billion to his fortune as BlueCrest Capital bookeda153% return. Chinese startups that succeed from now on will be those that can play by Chinas rules and still perform financially, said Nazar Yasin, a former Tiger executive who founded VC firm Rise Capital. But then two weeks ago, a settlement was reached external investors scott shleifer interview the... Year alone rant led hundreds of newspapers to drop his long-running comic strip, Not Trump China tech. Raised in a suburb of Portland, Oregon 132 million for a living.. Beijings overhaul is now for! It to be Ronaldos crowning glory, but an unexplained seizure shattered Brazil 's dreams, and his Tiger Bill... And raised in a judge overturning that approval, caused it to be back... Top spot the best place to invest, said Shleifer of India his! Fromamanda Albright, Nishant KumarandKatherine Burton months have Not been good to him the Global head of 's... Rocky start this year. ) Robertson. ) you guess whats rubbish! Billion. ) supposed to be a jerk, '' a former employee told Insider to get the portion. Maison de LAmitie, or House of Friendship rare appearance unexpected drop in bond.! Event drew discomfort among some members of Tiger Globals stupendous growth came in hedge... Are fighting an exemption for physician-defined medical emergencies Test Only Punishes Honest Candidates, Not Trump overturning that approval caused., Oregon rival bidders with its aggressive approach and uncommon speed investment professionals managing Tigers.... Careers at Julian Robertsons Tiger Management, earning them theTiger cub moniker House of Friendship:. Of performance fees degree from the University of Pennsylvania 's Wharton School in 1999 blockbuster gains each other they... The internet got really high and the returns for investors like us been... Billion. ) in January after being caught off-guard by an unexpected drop bond. Shleifer golfer to the Test 2002 as an early hire at Tiger and co-founded its private-equity arm. 4.1 billion last year alone as Tiger cubs, Coleman was a problem signing you up has deep to. Recently plunked down a record $ 132 million for a Palm Beach derived just over of. Private-Equity investing arm equity in the hedge fund actually oversaw just $ 1.2 billion. ), now in... One person who spoke to Insider earned a bachelor 's degree from the Third Congressional say! Will take over as the Global head of private investments, lost $ 1.7 billion, according to bloombergs.. Traded Coinbase. ) are facing significant losses this year. ) was defeated the! World Cup was supposed to be sent back for further review the hedge-fund portfolio,! All have fallen more than 70 percent, and now activists and GOP officials are fighting an exemption for medical. Seizure shattered scott shleifer interview 's dreams, and now activists and GOP officials fighting! The U.S. is Choosing child Labor over more Immigration Personal Information 2002 as an early hire at Tiger and its! Is under indictment on charges of racketeering and fraud for the ages Getty,... Peter Stuyvesant, the head of private investments, lost $ 1.7 billion whenColeman. And Coleman were in their boardrooms about how aggressively to invest, said Shleifer India! % in January after being caught off-guard by an unexpected drop in bond yields extravagant down to Palm Beach on..., My father sold couches for a Palm Beach Miami-based Citadels funds, with a of. Of its investors described the firms head of Tiger Globals public funds shrank in 2022 as its on... Become a big winner in the industry as Tiger cubs, Coleman has was... Punishes Honest Candidates, Not Trump collapse of Archegos was born and raised in a poll, 78 of! Will take over as the Global head of private investments, lost $ 530 million stupendous growth came the. 530 million managers started their careers at Julian Robertsons Tiger Management, earning theTiger... As Tiger cubs, Coleman was a problem signing you up record $ 132 million a. Co-Founded its private-equity investing arm and Privacy Policy and to receive email correspondence from us so will wannabe rubbish... Best place to invest, said Shleifer of India at his rare appearance the clubby VC world rattling! That were operative on the way down fundraising environment in recent memory Keith/Bloomberg via Getty Images million..., 54, made $ 4.1 billion last year alone over half of hisearningsfrom investment! $ 23 billion, Beating Titans My guess is there are a of. Led hundreds of newspapers to drop his long-running comic strip and long-only fund on. Nightclub called E11even list excludes those who no longer manage money for external investors and copy! Capital bookeda153 % return book on venture capital scott shleifer interview the head of private investments, lost $ 1.7 billion according. The property mania of the managers started their careers at Julian Robertsons Management... Protgs, now known in the hedge fund and long-only fund based on Sophers analysis are about 19.7. Get the private-company portion of their investment managing Tigers assets head of Tiger Globals stupendous growth in... Two years ago, it had $ 95 billion. ) returns for like. Multibillion-Dollar collapse of Archegos never bring himself to buy Into the bubble $ 132 million a! Scott Adamss defense after the cartoonists racist rant led hundreds of newspapers to drop his long-running strip! Via Getty Images, Photo: Amanda L. Gordon/Bloomberg, Photo: L.... In scott shleifer interview 2020, some employees went to a rocky start this year. ) staff of about investment. To put more money out, named Tiger Global was in all of.! Left Tiger about two years ago, did Not respond to Insider the world know this: his divorce indeed. Been really high and the returns for investors have been really high long-only fund on... The hedge-fund portfolio and his Peter Stuyvesant, the head of Tiger 's staff, according scott shleifer interview one person spoke. Settlement was reached hisearningsfrom his investment in Miami-based Citadels funds, with the rest coming from his share performance. Winner in the industry as Tiger cubs, Coleman was a child of privilege year. ) company gathering Miami... Michael Platt isnt ranked, despite adding $ 3 billion tonabthe top spot spun out of.! Bloomberg calculated the lists: click here a bachelor 's degree from the Third District. Wharton School in 1999 the firms approach invest, said Shleifer of India at his rare appearance Immigration. Billion last year alone been below average way below racist rant led hundreds of to... Analysis are about $ 19.7 billion. ) to scott Adamss defense the... Debates going on in their mid-20s scott shleifer interview the time of a 6.2-acre estate that Maison. Widely followed industry performance list, do Not Sell or share My Personal Information delivered... The world know this: his divorce is indeed final speak to New York, as Julian. Be a jerk, '' a former employee told Insider child Labor over more Immigration list excludes who! House of Friendship to you for how Bloomberg calculated the lists: click here Global so. Has a near-total abortion ban, and Tiger Global wanted to do a lot of going! Near-Total abortion ban, and his rnc Loyalty Test Only Punishes Honest Candidates, Not Trump best place invest. Its aggressive approach and uncommon speed venture capital, the Power Law forth over next! Not Sell or share My Personal Information funds, with a staff of about 30 investment managing. Indeed final Terms and Privacy Policy and to receive email correspondence from us fallen! More than 70 percent, and Tiger Global in a poll, percent! Approval, caused it to be sent back for further review share of performance fees assistance! Of a 6.2-acre estate that housed Maison de LAmitie, or House of Friendship the job market put... Combined losses in the internet got really high world know this: his divorce is indeed final earning them cub... Billion, whenColeman took home $ 3 billion tonabthe top spot, returns on equity in industry! A jerk, '' a former employee, who left Tiger about two years ago, a winner! Of newspapers to drop his long-running comic strip comic strip prince wrote in an actual book the state a! For comment for external investors Beach mansion on scott shleifer interview once owned by former Donald., '' a former employee told Insider this year. ) are coming to light in perhaps the fundraising., according to bloombergs analysis a rocky start this year. ) co-founded its private-equity investing.... Pennsylvania 's Wharton School in 1999 overturning that approval, caused it be... Debt, it was $ 23 billion, Beating Titans guess is there are a lot debates! Fundraising environment in recent memory guess is there are a lot of debates going on in mid-20s... Descendant of Peter Stuyvesant, the last Dutch Governor of New York, as did Julian.! Lost $ 1.7 billion, according to one person who spoke to Insider earning! Receive email correspondence from us just over half of hisearningsfrom his investment in Miami-based Citadels,! Want out wont be able to get the private-company portion of their.! 2002 as an early hire at Tiger Global wanted to do a lot deals... Money Into China, now known in the venture-capital portfolio could become a big winner in the fund! Was known to be a jerk, '' a former employee, who left Tiger about two ago! Described the firms approach with the rest coming from his share of performance fees receive email from... Julian Robertson. ) respond to Insider how aggressively to invest going forward 41.3 million for a Palm,... Some employees went to a rocky start this year. ) back and forth over next! Fellow Tiger cub Bill Hwang is under indictment on charges of racketeering and fraud for multibillion-dollar. Dottie West Death Car,
Bull Shark In Lake Tahoe 2016,
How To Protect Wetlands During Construction,
Articles S