How should we prepare for rapidly changing labor market?

What would be the keyword that describes the incident in 2020? A few might answer Presidential Election in U.S. is the most significant issue in this year, others will answer the conflict between U.S. and China. But majority will indicate COVID-19 as the biggest issue in 2020 that happened world-widely. In the first half of 2020, the major concerns that investors had was about how to respond to the pandemic; the second half was more of preparing post-pandemic life. 

Pandemic is just a trigger 

Pandemic has accelerated the structural shift that were already been planned throughout 2010s. Globalization on service sector especially on information technology, finance or investment has been speeding up whereas international transfer of goods and people has diminished. As lock-down was implemented to countermeasure against the pandemic, people started to stay at home. The demand on in-house service surged as indoor time spending increased. Consumers started to shop online through e-commerce platforms, food delivery was in high demand, and needs for stay-at-home device such as laptops, projector screens and home training equipment were inevitable. The change does not only apply to the lifestyle, but also the frame of education and work.

Working trend now

The article "After the Pandemic, a Revolution in Education and Work Awaits" written by Thomas Friedman shows how much the education and work trend will change according to the spread of COVID-19. The border between employers and employee will blur. Why? Video conference platform, Zoom has been one of the issue during 2010. In fact, Zoom was the only major company which has profit among the firms which were listed public in 2019. This is the sign that remote workers have increased significantly due to the great lockdown. In New York Times, staffs in 1990s had to work at office, where as they are now working at home. They are both full-time workers but the working environment has shifted significantly! Unwanted job status shift to freelancer was inevitable as furloughs were progressed from their own companies.  The place we work is not a considerable issue now. The frame has changed more than we think!

In the future

Many job-seekers are young generations worry about gradual job decrease due to development of artificial intelligence and automated robot systems. It is true that AI can replace the jobs which had less productivity to save more time. As shareholders require more earnings to the corporate, employers may lay-off more staff in need to secure cash and invest on something more profitable which can be seemed to lead more of unemployment rate. However it is not true. AI would not take the job, instead will create more of work. 

Luddite fallacy

Do you remember the incident in the 19th when industrial revolution was on the movement? To explain the background, The Luddites were a group of English textile workers. It is found that they were violently destroyed as new machines were supplied. People started to worry that the rise of new machines will take over the power of labor market. However, the new technology did not lead to overall unemployment in the economy. Somehow, it destroyed the existing jobs with low skill, however, the new demand surged as technology enhanced. This is called the Luddite fallacy that new technology creates new field of jobs. 

Future talents

As mentioned above, AI and automated machines will replace the job with low skills. This means that jobs with low barrier will gradually replaced by automation. The new jobs will emerge as technology develops. Competent workers will be in the demand to operate the firm efficiently. The trend of staff working permanently in only one company will slowly fade away as need of new ability rise. Workers or job applicants might change the work frequently. In order to be suitable for the company, people need to adapt to new technology and learn frequently. Learn-and-work is not applicable in the recent jobs; each applicant should have learning ability by themselves in using their private time. 

The future education in university or college will also change its position. As technology and demand of consumers are  constantly developing, university should be the place for nurturing students to be ready-workers in any environment. The studies in university should be more practical and useful in their future career and jobs. The workplace is not for learning or studying. It is to prove themselves how competent they are to accomplish their mission. The trend is rapidly changing and demand for adaption in new technology is skyrocketing. Employers will change employees more often, and employees will change the jobs very frequently by demand in new skills. That is what I think the labor market will be in the future. 

Source: NYT

https://www.nytimes.com/2020/10/20/opinion/covid-education-work.html?searchResultPosition=1

Source: Luddite Fallacy

https://www.economicshelp.org/blog/6717/economics/the-luddite-fallacy/

Market scenario when Democratic Party sweeps [Blue Wave].

As the US president, one third of the Senate and the entire House of Representatives comes to a close (November 3^rd, 2020), a survey found that Democratic Party candidate Joe Biden continues to lead the race against Republican candidate Donald Trump by big difference according to CNN. Reportedly, in a poll of voters who are willing to vote, Biden was leading Trump 54% to 42%. It was analyzed that the gap between the two had been the largest for 20 years. However, we do not know whether the poll is exact or not due to many reasons as some insist CNN is part of Democratic Party supporter. Forecasting which party will take over White House and Congress is fairly impossible. But the guesses of market direction are emerging as polls indicate that Democratic Party is about to sweep.

Bond Market

The scenario that can cause the greatest volatility in the bond market in the short and long term is when Democrats occupy both the White House and the U.S. Congress. If this scenario is comes to reality, the US 10 year Treasury is expected to surge creating bear steepening yield curve. In order to cover the 2 trillion +a stimulus plan, more fiscal budget is needed. Therefore, the government will likely to raise tax and issue additional treasury. Therefore, as supply of government bond increases, the more interest rate is needed to raise the fund for stimulus package.

Stock Market

Meanwhile, a steep rise in Treasury yield is expected to have a negative impact on the US stock market. If tax hikes and new taxation are implemented as Democratic Party's pledge, it will lead to ‘crowding-out effect’ with investors in risk-off stance and a decline in corporate investment. However, there is possibility that stock market would not fall very sharply due to hope in support of policy mix; combination of monetary and fiscal policy. Since the liquidity environment is being floated, the risk of the crowd out effect is not very big deal. The outlook for the stock market is quite mixed due to many possibilities.

Currency Market

The dollar has been weakened mainly due to three reasons: relatively strong Chinese GDP growth has made Chinese currency attractive, investors are buying Chinese corporate bonds (yields are higher than U.S) as Chinese government is steadily in progress in opening their financial market, and expectation of Democratic Sweep (Blue Wave). This can be quite controversial as many investors think that treasury yield increase, the value of currency rise together. However, the yield only applies to market interest rate (usually 10 year). Since Fed is targeting call money rate (short term interest rate), low chance of strong dollar will likely to appear. Fed will continue increase money supply as more stimulus package is needed, therefore, more chance of inflation will emerge, which means real yields will fall more than nominal yields grow. Please check my blog below.

https://techongstudy.blogspot.com/2020/09/real-yield-is-reason-for-market-mover.html

Global Trade

Candidate Biden and Democratic Party's trade pledge does not differ much from the current Trump administration's trade policy. Candidate Biden pledged to promote trade policy that benefits Americans such as labor market. The policy is to recover domestic unemployment rate deteriorated by COVID-19 and strengthens domestic manufacturing industry in the slogan of 'Made in America' and 'Buy American'. “Economic security is national security”. Biden announced to correct China's unfair trade practices and reform China's structure, which undermines the multilateral trade order. The strong policy toward China is expected to continue regardless of the election results.

Source: Saint Luis Fed 

https://fred.stlouisfed.org/series/T10YIE#:~:text=The%20breakeven%20inflation%20rate%20represents,Constant%20Maturity%20Securities%20(TC_10YEAR).

Source: U.S. DEPARTMENT OF THE TREASURY

https://www.treasury.gov/resource-center/data-chart-center/interest-rates/Pages/TextView.aspx?data=realyield

Rise and fall of the leaders [reformers] in emerging countries.

The regime has changed when the country was in the middle of economic crisis. French former President Charles de Gaulle pointed out that the great leader emerges through the encounter of exceptional periods in history. From mid 1990s to the early 2000s was known for the crisis in the emerging countries due to their fundamental economic deterioration mostly because of foreign debts. Numerous reformers emerged amidst economic crisis to convert the downturn position into opportunity of gaining popularity. However, there was rise and fall in their regime. Below leaders are the examples of it. 

Vladimir Putin [since 1999, Russia]

While Russia was struggling to escape from the severe financial crisis of 1998, Vladimir Putin was appointed as the Prime Minister of Russia, endeavoring relentless reform efforts, including reducing Russia's debt. With help from Herman Gref (Minister of Economics and Trade of Russia), and Alexei Kudrin (Minister of Finance), Putin led reform and growth of Russian economy, saving budgets from their crude oil exports or investing in new industries. Promoting tax reform along with financial efforts to prepare for recession was also one of the improvements. To reduce corruption, tax types were reduced from 200 to 16 types, and all officials who were involved in tax corruption were fired. However, rise and fall always come. Over the time, politics and policy using populism declines the productivity and the leader tends to become arrogant when he or she takes the power for long time. These factors have a fatal impact on the economy of one’s country, halting reform, and the leader concentrates on his or her power dominance. Putin has fired Kudrin leading to the economic slowdown as commodity price drops.

Luiz Inácio Lula da Silva [2003-2010, Brazil]

Luiz Inácio Lula da Silva, former president of Brazil, took over the regime from Fernando Henrique Cardoso and reformed one’s economy. He was the first president from Worker’s Party. During the times of South American economic crisis of 2002, Brazil economy suffered with a plunge in the Real (Brazilian currency) value and Ibovespa index (stock market) due to hyperinflation. As Luiz da Silver’s election victory in 2002 motivated the early reforms. He appointed Henrique Meirelles (former FleetBoston Financial Bank Chairman) as the president of Banco Central do Brasil (Central Bank of Brazil). The chairman rose the benchmark interest rate by 25% to fight inflation. With economic help from surging price of steel and other products, Brazilian economy has improved tremendously. However, the former president was found guilty of corruption and money laundering in his regime and was sentenced to 12 years of prison on January 25th. 

Recep Tayyip Erdoğan [2003–2014, Turkey]

During the time Turkey was suffering from serious financial crash in 2001, large quantities of Turkish lira were facing massive outflow into U.S. dollars or Euros. This was chance for Recep Tayyip Erdoğan to gain his popularity. He has served as Prime Minister of Turkey from 2003 and contributed to the economic reform by appointing competent economic advisors such as Finance Minister Ali Babacan. The Prime Minister has contributed in reforming pension system, passing laws to privatize state-owned banks, liquidating bankrupt companies more smoothly, maintaining a surplus budget and strengthening the state finances. As a result, the average per capita income will rise by more than $10,000. But it has changed from pragmatic reform to its political power and corruption. In his third term of regime, the practices to create the atmosphere of the Ottoman Empire has led to the corruption and scandal. 

Deng Xiaoping [1989-2002, China]

Amid China had difficulty in economic growth in 1980s, Deng Xiaoping came to power in 1989 and visited New York and Singapore to benchmark their economy which later influenced China’s pragmatic improvement. The Communist Party authorities implemented the market reforms by de-collectivization of agriculture, the opening up foreign investment, and encouragement for entrepreneurs to start businesses. Privatization and contracting out of much state-owned industry was carried out since a large percentage of industries remained state-owned. Lifting of price controls was a major reform in following free market economy. Later In 2001, China joined the World Trade Organization. However, the political repression, including the 1989 Tiananmen Square protests, increased public demand for political freedom that corresponds to the economic freedom he promised to give. 

Others

Colombian President, Alvaro Uribe Velez, elected after two financial crises in 1990. He put effort in the economic growth by restructuring the country's finances and quelling the guerrilla rebellion, which were regarded as an obstacle to national growth. However, his beautiful days did not last long, He has lost the public's trust and failed to succeed in three consecutive terms. Suharto was in regime for 31 years in Indonesia. He has made high growth in 1970, 1980, escaping from poor countries. However, corruption of family and school relations delays were discovered and made riots in Jakarta. General Augusto Pinochet, former Chilean dictator, controlled over hyperinflation, fiscal spending and debt when Chile had struggled with the economy. However, It has been revealed that Pinochet embezzled public money from 1973 to 1990 and took $26 million through arms smuggling. Former President of Argentina, Nestor Kirchner struggled to get out from economic downturn. He has tightened the economic belt in 2005 and the economy slowly recovered. However, in his regime, the details of bribery received from construction and energy companies were released, which made the president in bribery scandal. 

[Columbia, Indonesia, Chile, Argentina]

It is not only emerging country.

Advanced countries such as U.S also have rise and fall of the leader. Ronald Reagan, former president of United States was a symbol of a reformer with economic victory against the Soviet Union, Japan, and Germany. Even though he has suppressed hyperinflation, he could not avoid scandal issue. 

Exception 

Not every leader has rise and fall. There are exceptions. Venezuelan former radical populist President Hugo Chávez Chavez promoted experimental socialism but has laid more economic downturn. However, Lee Kuan Yew ruled Singapore for over 30 years, but his energy for reform has never cooled down. Singapore economy has never been in serious downturn during his regime. Mahathir Mohamad has years achieved economic miracles when he was taking role as Prime Minister of Malaysia. There was no corruption or scandal during his era. 

[Venezuela, Malaysia, Singapore]

Source: Rise and Fall of the Nation [Ruchir Sharma]

Which party is better for the stock market?

Two of presidential debates have been proceeded; the two candidates are preparing for the presidential election on Tuesday, November 3rd. The dollar has been weakened mainly due to three reasons: relatively strong Chinese GDP growth has made Chinese currency attractive, investors are buying Chinese corporate bonds (yields are higher than U.S) as Chinese government is steadily in progress in opening their financial market, and expectation of Democratic Sweep (Blue Wave). As Democratic Party has less philosophy on fiscal soundness (stability), the more hopes on stimulus measures and government expenditures are putting dollar on pressure. However, investors often misunderstands that Democratic Party or Republican Party will help the stock price rise.  However, the direction of stock market is not determined by particular party from either bipartisan. The history explains the reason. 

The S&P 500 index originally began in 1926 including only about 90 shares, so called ‘composite index’. Since the appearance of S&P 500, average annual increase rate of Republican Party was 9.3% while Democratic Party was 14.5%. This may look good for Democratic Party. However, The Great Depression and Financial Crisis was a big factor for stock market deterioration during Republican president. As S&P index started, the Great Depression came in three years as president was Republicans (Coolidge and Hoover). Right after the depression started to fade away the stock market skyrocketed 53% during the first year of Democratic president (Roosevelt). It applies similarly to President Obama as stock market surged about 27% during his first year of president right after President Bush, whose stock performance was -37% in the fourth year. 

Excluding these huge fluctuations, the average annual return rate was close to 11.1% for Republicans and 13.6% for Democrats (In fact, except for Hoover and Roosevelt, the Republican Party has been higher than the Democrats.)

Annual yields during the presidential term

The first year has been 8.1%, 9% for second year, 19.4% for third, and 10.9% for the last year. An interesting pattern is that in year 3, stock prices never had low returns except in 1931. And in the fourth year, the negative rate of return was four times including the financial crisis, but often recorded double digits except for that. 

In the first half (first and second year) presidential term, the rate of return is highly volatile. The negative returns is higher than in years of three and four. Investor’s avoiding legislative risks in the first half is the main reason. The legislative risk gives big impact on the stock market. The legislation contains redistribution or regulatory change in property rights. Politicians push for legislation, saying it can bring about amazing social development such as antitrust law and rules based on populism. The coercive policies are implemented in the first and second year which raises more of risk on stock market. Later, legislation risk decreases in the second half of presidential term.

Why is it divided into the first half and the second half? First of all, the meaning of the word politics is ‘poli’ (many Latin words) + ‘tics’ (blood-sucking ticks). Every president thrives to achieve only goal which is to be re-elected. So, most of legislation should pass the congress in the first or second year. That's why midterm elections haven't always had good results (except George W Bush). Most pass legislation within two years of taking office. After that, they passed less than before, and political risk aversion fell to a low level. On third year, the stock market starts to rise. In the fourth year, the average return is good because of some political activities ahead of the election. C the side effect takes place for extreme situation, but the stock market usually outperforms because strong legislation is not passed.

For example, in the first year of Obama, Health Care Reform was promoted, and in the second year, the Dodd Frank Act was passed. However, in the third year, there were no critical legislation except for raising the limit of government debt.

So what do investors or entrepreneurs think? Usually, they support Republicans since they execute business-friendly campaign as many think Democrats are less business-friendly and stock market-oriented. When the Republican president is likely to be elected in the fourth year, the stock price rose 15.6% per year whereas 6.7% rose when Democratic Party is likely to be president. Meanwhile, in the inaugural year of the Democratic president, the stock market rose 14.9% whereas, Republican President rose only 0.8%. Investors commonly think The Democratic Party condemns Wall Street however, they later change into moderate stance regarding stock market in the election year. Don't make Wall Street rich people angry. In other words, just because the Republican Party is in power does not mean that the stock price will rise significantly or that the Democratic Party will significantly decrease. When it comes to dollar, the dollar weakens on election year when Blue Wave is on expectation as Democratic party prefer more government expenditures. Later, the dollar gains its value. Otherwise, when Republican sweep is anticipated, the dollar strengthen expecting of firm fiscal soundness. However, Republican has fiscal deficit later on especially on the Reagan times. Meanwhile, Clinton times had the record fiscal stability. 

Presidents who were not re-elected

Regarding S&P 500 so far, 14 of the presidents have been re-elected, while Ford, Carter, and George H.W. Bush were the ones who failed. In the case of Ford, except for the election of congress member, he has never won any election. The reason that Ford became a president was because President Nixon resigned attributing to Watergate Scandal. Ford, who was vice president that time, became president. Carter defeated Ford and became president. He was lucky to compete for election with the weakest president. But Carter's misfortune, the misery index (calculated by adding the seasonally adjusted unemployment rate to the annual inflation rate) due to oil shock, and the strongest candidate in the Republican Party's history (Reagan, the greatest communicator), failed Carter's tenure. Father Bush had to fight with a slight recession in the fourth year. He was unlucky because he inherited huge budget deficit from Reagan, the former president. FED hiked interest rates to responded to negative impact of previous president's economic policy. As soon as the term ended, the downturn ended, but the best debater in history, Clinton, appeared in the election race. “It's the economy, stupid,” said Clinton who was elected after the campaign of attributing the fourth-year stock market single-digit growth to economic recession. During the Bush era, the economy was not very bad and even though he won the war, he gave the regime to Clinton. .

Source 1: Stocks for the Long Run [Jeremy Siegel]

Source 2:  Markets Never Forget [Ken Fisher]

Source 3: https://www.macrotrends.net/2482/sp500-performance-by-president

Stock price disparity of A- and H- shares in Chinese and Hongkong stock exchange.

深港通 and 扈港通

When trading Chinese stocks through 深港通(Shenzhen-Hongkong Stock Connect) or 扈港通 (Shanghai-Hongkong Stock Connect), we often find companies listed simultaneously on ‘Shanghai and Hong Kong’ or ‘Shenzhen and Hong Kong’ exchanges. Generally, ‘law of one price’ indicates the same product must have the same price applied in any market. However even though the company has the same business structure and performance, the prices of stocks listed on the Shanghai or Shenzhen stocks tend to be overvalued compared to the prices of stocks listed on the Hong Kong Stock Exchange. Why does this happen?

A-Share and H-Share

In order to understand the question, investors need to understand the concept of H-shares and A-shares. H-shares the stocks of Hongkong or Chinese corporates that are listed in Hongkong stock market. Chinese and non-Chinese can trade freely. Meanwhile, A-shares are stocks of Chinese companies that are listed in Chinese market such as Shanghai and Shenzhen stock exchanges, mostly for Chinese investors. Foreign-only stocks are called B-shares. They can be traded by foreigners through the 扈港通 and 深港通 system. However, B-shares are very limited to specific firms. 

The A-H premium index is an indicator that needs to be checked in order to determine the relative price level of companies listed in both markets. The AH Premium Index is an indicator of the relative price gap between Shanghai or Shenzhen A shares and Hong Kong H shares for the same company.

Since A-shares are traded in RMB and H-shares are traded in Hong Kong dollar, AH premium index is calculated at the exchange rate of the day in order to compare in the same currency. If the index exceeds 100, it means that A is relatively overvalued, and if it is less than 100, it means that H is overvalued. 

In the modern financial market, when a price difference occurs due to a temporary market imbalance for the same target, it is a common phenomenon to close the gap through arbitrage trading. The price gap is resolved because transactions are constantly attempted to obtain profits by buying undervalued objects and selling overvalued objects.

Based on this theory, the prospect that the AH premium will almost disappear from the market was prevailing with system of 扈港通 in November 2014. This is because both Chinese and foreigners in China can buy and sell A and H shares.

However, as the mainland stock market continues to fluctuate, the AH premium index has also been volatile, and the price gap has continued to arise during the fluctuation. In the last decade, the AH premium index has moved between in the range of 90-150. 

Why does the price gap between share-A and H occur?

First, capital movement is not completely free due to differences in investment applied to mainland China and Hong Kong markets. In order to be able to trade arbitrage, foreigners must be able to short sell A and buy H shares, but short selling of A-shares is prohibited. In addition, Chinese may have to buy H shares without restrictions through 港股通(Southbound), but individual investors must have 500,000 yuan cash in their stock accounts, and there are limitations in accessibility to investment like such as credit transactions.

Second, the difference in the liquidity environment between the two markets is also causing the price gap. The continued efforts of the Chinese government to open the stock market for foreign capital, such as the implementation of the 扈港通 and 深港通 systems and the expansion of the QFII investment limit, created a favorable environment for the liquidity reinforcement of the mainland stock market. The policy to expand A-share investment opportunities for foreigners is expected to continue.

Third, the difference in the share of major industries between the two markets can be said to be a factor of the price gap. H shares have a high portion of the financial sector at 72%, while A shares have a relatively high share of consumer goods, information technology, and industrial goods that are expected to benefit from the Chinese government's policies. In addition, the willingness to foster mainland Chinese stock markets compared to Hong Kong should be seen as having an impact on price gap.

Finally, degree of perception by investor in both markets such as the direction of the currency rate, and the level of risk-required return can be seen as factors affecting the A-H premium and the gap between the two markets.

According to the Hang Seng Stock Connect AH Premium Index, as of September 2020, companies that were simultaneously listed in China's A-shares and Hong Kong's H-shares are trading at 43% lower levels in Hong Kong's H-shares.

Source: Investopedia

https://www.investopedia.com/ask/answers/062315/what-are-differences-between-hshares-and-ashares-chinese-and-hong-kong-stock-exchanges.asp

Difference between traditional IPO and direct listing.

Spotify and Slack Technology were listed in a slightly unusual way called ‘Direct Listing’. Airbnb, a vocational rental online marketplace company is also set to be listed directly no later than year, is also considering listing directly. Investors may heard of IPO a lot, but the concept would be quite unfamiliar. What are the advantages and disadvantages of direct listing? What made Spotify and Slack to choose untraditional way of ‘Initial Public Offering’?

Traditional IPO

IPO means that the company's shares officially begin selling on the Stock Exchange. Being a listed company means that it has become one of the large and reliable companies whose shares are quoted on a stock, so many companies strive for it. The usual method of listing is to raise funds by issuing new shares and selling them on the market. The process is called IPO, Ant-financial raised $34.4 billion recently.

Advantage of direct listing

If listed directly, the process of raising funds through the issuance of new shares will be omitted, and only the listing process will be carried out only to sell the shares held by existing shareholders on stock exchange. New investments will not be raised, but it has the effect of officially trading process as normal listing companies do. The advantages are below:

Firstly, direct Listing saves the cost. IPO process costs a lot of money. Seven percent of the funds secured by the IPO are usually paid as commission to the security companies that handled the process. Price of stocks exchanged during IPO is usually measured higher than normal, which likely to have more commission fee to the security firms. For example, if a company raises one billion dollars by IPO, the fee costs over 200 million dollars.

Second, existing investors can sell their shares right after listing. For traditional IPO, there is usually a 180-day limit on the sale of shares that are held by existing investors to protect prices. So existing investors or executives and employees with stock options can't make a profit no matter how much the price goes up for six months. However, in the case of direct listing, there is no such restriction, so the existing shares can be traded right away.

Furthermore, additional financing is also available. Unlike IPO, it is not possible to raise funds once it is listed, but further fund raising is possible through the issuance of new shares. Furthermore, the cost of it is much cheaper. According to Spotify CFO, additional financing was available at a 1% discount on transaction fees and a 4% discount on sales.

Finally, it has effect on rewards to existing investors. As startups grow, the employers promise their employees a share reward, such as a 'stock option', but if they don't go public, they'll be useless. Of course, there is alternatives if the company is acquired by another company, but it's hard for a fairly large company to do so. A listing is required to compensate employees and investors who worked for a startup. Unlike the IPO, there is no issue of new shares, so the value of the existing shares is not diluted.

Disadvantage of direct listing

There are many advantages of direct listing, but there are limitations and disadvantages as well. Above all, direct listing is only possible for companies that are well-known and whose business models are widely known. To do IPO, companies need to attract investors. So, the companies have to be often mentioned in the media, like Spotify and Slack.

IPOs have the effect of forcibly supplying the market with a few dozen percent of all stocks, but there is no guaranteed volume for direct listing. When existing shareholders can supply sufficient quantities, demand including institutional investors can be activated and normal transactions can continue.

And most of all, there should be no need for financing. In the past, large-scale financing was difficult without IPOs, but these days the venture capital market has grown big enough, and startups have been able to raise funds through various methods. 

Source: Investopedia

https://www.investopedia.com/investing/difference-between-ipo-and-direct-listing/#:~:text=Direct%20listings%20are%20also%20known,without%20getting%20help%20from%20intermediaries.