Hello, I learned through unofficial channels that our long-lived—once-in-a-century—leader Alexis was somehow annoyed by that piece of nonsense uttered by “executive Saoulidis,” namely that “we should tax 1,500 people who declare large incomes and collect €2–3 billion.” So, he is reportedly preparing to announce his party’s sector heads next week so that everyone stops saying whatever they want. Now, getting all these improbable characters to stop saying whatever crosses their minds seems a bit difficult to me, but anyway. Since we are on the subject of opposition promises, taxes, and announcements, I’ll leave Tsipras and move (briefly) to PASOK. I heard Lefteris Karchimakis, PASOK parliamentary candidate and son of Karchimakis, saying in a video how unfair it is for a salaried employee to pay more tax than someone receiving dividends. I understand the argument that in Greece dividends are taxed at 5% on profits, while in other countries they may be taxed at 10% or 15%; it is a real argument, though not always a correct one. Personally, I would say: let Greece, for once, have lower taxes on something compared to what we have experienced over the last 40 years. But that is not my point. The young man, Lefteris Karchimakis, probably ignores the fact that before a company shareholder pays the 5% tax on dividends received, the legal entity—that is, the company in which he participates—has already paid its normal 22% tax to the Greek state. In other words, first the legal entity pays 22%, and then the individual pays another 5%. So things are not quite as simple as he presents them, but what can one say?

Mitsotakis’ European Two-Day Visit

Turning now to government matters: Mitsotakis departs this morning for Brussels for a two-day European visit, something of a break from domestic routine and election concerns. His schedule begins with an event hosted by Kerameos together with the Vice President of the European Commission on collective labor agreements and best practices. This is followed by the EPP Summit, and in the afternoon the Summit of EU leaders begins, where Zelensky will also be present, arriving from the G7 summit in France. The main discussion, however, concerning the Middle East and the European budget, is scheduled for Friday. Especially regarding the European budget, the behind-the-scenes battle has already begun, though it is expected to intensify as autumn approaches, with December as the ultimate horizon and attention focused on the 2028–2034 framework.

Deputy Regional Governors Included

Kyriakos Kyranakis, who has begun traveling throughout Greece and energizing New Democracy’s party machinery, believes that electoral lists should include a significant number of people in their thirties, so as to project a sense of renewal. Some proposals for new faces have already been submitted by ONNED. At the same time, in the interest of increasing party cohesion and allowing well-known regional figures to gather preference votes, a decision has been made not to block deputy regional governors from running, as happened in 2023. This means that in the candidate lists of several prefectures there will be active local-government officials who attract many votes and often enjoy support across party lines. A fierce struggle is already taking place behind the scenes in various regions. I should add that K.M. may now say every day that there will be no elections in the autumn, but even yesterday he was meeting MPs in his office.

They’re Waiting Around the Corner for Sokratis

Famelos’ days in SYRIZA are numbered before he faces direct challenges from the trio of Polakis, Pappas, and Dourou. Polakis has already begun contacting members of the Central Committee to gather signatures for a new meeting, where even the issue of leadership could be raised. Pappas tells associates that he will not do Famelos the favor of openly challenging him, but believes that by next week Famelos must either show some sign of agreement with Tsipras or the countdown will begin. And Dourou—returning next week from an obligation abroad related to Parliament—is sharpening her knives and is furious with MPs who appear at Tsipras events while still, at least theoretically, belonging to SYRIZA.

Sea Bream at Koumoundourou

Yesterday at lunchtime, party employees organized a feast with sea bream and selected delicacies on the first floor of SYRIZA headquarters in Koumoundourou, in the presence of party president Sokratis Famelos. The discussion unfolded in a very relaxed atmosphere and included, among other topics, vacations on the Greek islands. The fact that Nikos Pappas had spent the morning making the rounds of radio stations and that Pavlos Polakis effectively showed President Sokratis the exit door only a few hours later is apparently just a minor detail in Koumoundourou…

Hair-Pulling at PASOK

Meanwhile, things keep getting more entertaining in PASOK. Diamantopoulou came out and called Doukas’s approach ridiculous—that is, the idea of beginning discussions about political cooperation from now on, obviously with Tsipras’s “EL.A.S.”, since cooperation with New Democracy has been ruled out for all eternity by party congress oath. Diamantopoulou also said that the country should not be left without a government. Doukas heard this and responded with a statement essentially saying, “You do not represent PASOK because you are right-wing.” To be fair, it was a relatively restrained statement, because Androulakis and his allies have directly warned him: “One more remark like that and we will expel you.” Androulakis watched all this, was annoyed with both sides, and leaked a statement—rather Pontius Pilate-style—criticizing the public clashes among his senior party figures and warning them that they bear responsibility for their actions. In fact, the original leak referred to “cockfights,” but the language was later softened. If the polls continue like this for another month, I predict PASOK will end up below Velopoulos in the elections.

Asimakopoulou—Absurdities…

I have followed the criminal case involving Michelle Asimakopoulou with some interest from the beginning. She allegedly “committed a crime” because she obtained email addresses from someone in a ministry and sent campaign material for her election campaign. I also saw that the prosecutor’s recommendation the other day was for conviction. I therefore expect the justice system to prosecute and try every company among the dozens of well-known service providers that sell mobile and fixed telephony, internet, energy, and so on, and that send thousands of emails or call you directly and harass you. I am sure that among all these companies there must be at least a few “mysterious” citizens who have filed complaints, so that the justice system can investigate where they found all those hundreds of thousands of personal data records. What? No?

Attica Group: “We Are in Preliminary Discussions”

We have already discussed, in a timely manner, the talks concerning the sale of the ferry operator Attica Group to Theodoros Kyriakou and the fund he manages together with Qatari investors. The company’s management confirmed reports of negotiations after receiving a letter from the Hellenic Capital Market Commission asking what was happening. In its response, Attica stated that it had been informed by its main shareholder, Strix Holdings, that: “We are evaluating various scenarios and are in preliminary discussions regarding our participation in the Company, without any binding transaction agreement having been signed and without any decision having been taken to proceed with any transaction. There is no certainty that any transaction will be completed, either as to its terms or timing. Should any event arise that requires disclosure under Article 17 of the MAR Regulation and/or Law 3556/2007, we will inform you immediately.”

Otherwise, it should be noted that the overall picture remains unchanged: due diligence is continuing, discussions are progressing well, but as we have said, such transactions are generally not completed during the summer period, and the timing of elections carries considerable importance for a deal of this kind.

Vassilis Psaltis: The Third Time Counts More

In financial markets, a first distinction may be attributed to a good year. A second distinction suggests it was not a coincidence. A third consecutive one, however, carries a different meaning: it reflects consistency. That is exactly what happened in this year’s Extel rankings, where Vassilis Psaltis was named Greece’s top CEO for the third consecutive year, regardless of sector, and ranked first in the financial sector across Emerging Europe. This is not an isolated recognition but rather a continuing vote of confidence from the international investment community, which annually evaluates listed-company management teams based on strategy, credibility, execution, and results. Consistency carries particular weight in capital markets. Investors do not evaluate a single moment but an entire journey. They observe whether commitments are translated into results, whether goals are achieved, and whether strategy is implemented with discipline and continuity. Perhaps that is why this year’s distinction is more valuable than the first. It does not simply reward a successful year. It confirms that the market’s trust has been sustained over time.

Apostolos Tambakakis’ New Fund for Infrastructure and Green Transition

Within the next few days, EOS Capital, led by Apostolos Tambakakis, is expected to announce the first closing of its new fund, which will invest exclusively in infrastructure and the green transition. According to available information, the fund’s initial size will exceed €200 million, with the goal of reaching €300 million by its final closing.

Binance Also Withdrew Its Application from the Bank of Greece

According to reports, cryptocurrency company Binance has withdrawn not only its application filed with the Hellenic Capital Market Commission, but also the application it had submitted to the Bank of Greece seeking authorization to operate as a payment institution.

Stefanos Kasselakis Appears in the Role of Investor

Next Tuesday, the conference “AI – Who Writes Tomorrow?” will take place at Technopolis of the Municipality of Athens. It is described as the first conference in Greece to approach artificial intelligence as a social, labor, and political issue. It is said that Stefanos Kasselakis chose this conference for his first substantial public appearance not as a party leader, but as a long-term investor in Greece. The event is expected to resolve the mystery surrounding Ethra Group. According to reports, Kasselakis will present Greece’s first permanent-capital equity fund. ETHRA GROUP S.A. Venture Capital Company was established with an initial share capital of €300,000, chaired by Stefanos Kasselakis, with Stavros Papachristou and Jeremy Keith serving as board members. The company describes itself as a “permanent capital” platform focused on the European Union, working with family-owned businesses in “non-disruptable industries,” while utilizing the EKES structure for liquidity, transparency, and tax efficiency. The term “non-disruptable industries” refers to sectors that are difficult to overturn or displace through new technologies (especially AI), startups, or shifts in demand—that is, stable and resilient activities with enduring demand. The term “permanent capital” refers to investment capital with a horizon measured in decades, rather than the traditional private-equity model of “buy, grow, sell.” The archetype of permanent capital is Warren Buffett’s Berkshire Hathaway, which maintains long-term holdings with patience, supports capable management teams, and focuses on creating value over time.

The Bluehouse case is finally closed after years of confrontation

A long-running cycle of legal disputes and public controversy connected to Bluehouse (the real-estate investment company founded by V. Pizante and Har. Pandis) appears to have come to a definitive end following the latest developments in Greece and abroad. A court-appointed expert report is said to have played a crucial role, concluding that the transactions carried out were ultimately in the investors’ best interests. This was further reinforced by the complainant company’s agreement that, following the court expert report and the explanations provided by Bluehouse, there was no longer any reason to challenge the report’s findings, and thus the complaint was archived. With the relevant procedures now completed, the Bluehouse case is definitively consigned to the past, bringing to an end a lengthy period of conflict that occupied both the judiciary and the investment community. It is obvious that some form of settlement/agreement was reached between the two sides, but no further information is available.

Building a position in Viohalco

According to the table published by Alpha Trust Andromeda for the month of May, the picture of the company’s ten largest portfolio holdings reveals a (partial) divestment from Motor Oil shares and the building of a position in Viohalco shares. The position in Austriacard (the second-largest holding) vindicated management’s strategy, as the ongoing public offer is expected to generate capital gains, profits, and a significant cash reserve in August. Jumbo is now the largest holding in the portfolio, accounting for 5.95% of the total. The share is trading at what is described as an unjustified 18.5% discount to its net asset value as of May 31 (€10.32 per share).

Chanel’s luxury image and the… comparisons with Motor Oil

At yesterday’s informal discussions surrounding the regular general assembly of the Vardinogiannis Group, people were saying that no one would normally compare Motor Oil and Chanel. This is because the Greek group’s recent return to international capital markets prompted a comparison from banking circles that has not gone unnoticed. The French luxury house, despite lacking an official rating, was treated by the markets as an A− level company when it issued bonds in 2020. According to discussions yesterday, Motor Oil’s recent bond issue was priced at similar, if not better, levels, effectively providing the group with an indirect vote of confidence from international investors. However, the messages sent to shareholders by Giannis Vardinogiannis could not go without comment. Responding to questions, he argued that recent geopolitical developments and tensions in the Persian Gulf highlight the limits of Europe’s strategy of reducing dependence on fossil fuels. “Within four years we have faced two wars. The future is uncertain,” he noted, insisting that the energy transition must proceed on the basis of energy security rather than disconnection from international realities. And while the comparison with Chanel set the tone in the discussions, observers also noted the group head’s remark that future investments would be made both within and outside the energy sector. Many interpreted this as a signal that Motor Oil continues to broaden its strategy and seek new growth opportunities, without imposing rigid boundaries on its future business moves.

Hallak moves into real estate

Andreas Hallak, son of George Hallak—well known from the era of Andreas Papandreou—has decided, in addition to his activities in the skies through the airline Air Mediterranean, to “land” investment-wise in Greek real estate. His new company is called NTJ Investments, and its objectives include, among other things, the purchase, sale, leasing, and general exploitation of real estate. More specifically, it is authorized to exploit properties through sales, leases, exchanges, or any other means, including the utilization and development of real estate through professional leasing agreements (leasing) and through the “sale and leaseback” method for buildings, building complexes, and holiday developments, either as a whole or by horizontal ownership units. The company may also undertake the construction, expansion, and conversion of buildings, building complexes, and holiday developments, as well as the construction and operation of hotel units, among other activities.

TikTok Shop is opening in Greece

According to reliable information, TikTok Shop is preparing to officially launch in the Greek market within the coming days. All indications suggest that Greece is joining a mechanism that is expanding globally at tremendous speed and changing the very definition of e-commerce. TikTok Shop is not a store—it is the feed itself. While a prospective consumer scrolls for entertainment, a “buy” button appears. Suddenly, the distance between entertainment, desire, and checkout disappears. The company calls this “discovery e-commerce.” LIVE shopping connects sellers and creators with customers in real time. Traditional retail has every reason to be concerned. Within 18 months, TikTok Shop became Spain’s 16th-largest online retailer. In Germany, it climbed to 15th place even faster. More than 100,000 businesses have joined across five countries, with triple-digit growth in daily turnover between August 2025 and February 2026. The machine has just grown larger. On June 15, TikTok Shop expanded to 10 European markets, adding Austria, Belgium, the Netherlands, Portugal, Hungary, the Czech Republic, and Poland. The most likely route into Greece already has a name: “Sell Across Europe.” With a single registration, it allows sales across multiple European countries. A separate “Greek store” is not necessary, provided the country is included in the cross-border operating framework. For thousands of Greek creators and small businesses, this creates a new revenue channel. For established Greek e-shops, a competitor is emerging that entertains and sells simultaneously. Bureaucratic details such as VAT, customs, product safety, and similar matters are relatively easy to manage.

Lousy and the new company

Lucy Fais established a new company yesterday, Wednesday, June 17. The sister of businessman Sami Fais plays a key role in Fais Group, which continues to expand its reach. Lucy Fais has launched another company under the name “Ansonal Brands,” headquartered in Athens’ southern suburbs. Its activities include wholesale food trading, retail sales of preserved sweets, wholesale trading of healthy food products and diet foods, meal services from fast-food restaurants, and even wholesale trading of household linens. It should be recalled that Lucy Fais also founded Ansonal Single-Member Private Company in 2022, which operates under the Fais Group umbrella and is active in food service and confectionery, managing establishments such as the Japanese restaurant Kakoure Mise and the V-Twin café. The share capital of the new company amounts to €30,000, entirely contributed by Lucy Fais. The board of directors consists of Lucy Fais as chairwoman, with Paraskevi Paka and Maria Zantioti serving as members.

Water, money, and expectations

Tomorrow, Friday, June 19, EYDAP’s 44th Annual General Meeting will take place in the “ERMIS” hall of Euronext Athens. The agenda includes approval of the 2025 financial statements, board remuneration, and the appointment of a new audit firm. Among the ten agenda items, there is no proposal for dividend distribution—unless it appears under “Miscellaneous Announcements.” This year, however, shareholders’ expectations for a dividend higher than last year’s are considered justified. Last year EYDAP distributed a modest dividend of €0.07 per share. Management stated at the time that it was evaluating its capital structure and dividend policy “with the aim of maximizing shareholder value.” Tomorrow’s meeting will include the presence of a new powerful strategic shareholder. On March 3, 2026, GEK TERNA, through its subsidiary URBAN SERVICES, acquired 9.71% of EYDAP for €103.4 million at €10 per share, willingly paying a 36% premium over the closing price of €7.31. Two weeks later, on March 19, GEK TERNA’s subsidiary increased its stake to 12.76%, surpassing the 10% threshold. Last year conditions were different. The year 2025 was transitional. Net profits of approximately €36 million were recorded, while regulatory revenues of around €42 million were not recognized in the balance sheet, as they will be recovered gradually during 2026–2029. In other words, actual profitability is higher than accounting profitability, and the balance sheet can support a generous capital return. Market participants say that GEK TERNA invested in the water sector in anticipation of concession and PPP tenders worth more than €2 billion, with prospects for future tenders totaling €8–10 billion. EYDAP itself is promoting investments of €2.5 billion through 2035, including digital transformation, wastewater treatment centers, network replacement projects, and the €535 million “Evrytos” project addressing water scarcity. Whoever sits on the shareholder register also sits close to the projects.

Eurobank reaches an 11-year high — market capitalization within touching distance of €16 billion

Eurobank emerged as the clear star of the banking sector, confirming the strong investment momentum that has accompanied it recently. The share rose by an impressive 2.8% during Wednesday’s session, closing at €4.40, a new 11-year high and a return to levels not seen since August 2015. The strong performance was supported by intense buying interest, with Eurobank recording the largest trading volume, as 10.5 million shares changed hands and total turnover reached €45.8 million. With this performance, the bank completed an impressive streak of five consecutive positive trading sessions. Since June 10, it has accumulated gains of 12.8%, bringing its total market capitalization within touching distance of the €16 billion milestone—specifically reaching €15.97 billion.

GEK TERNA: Historic leap above €46

GEK TERNA remains on a strong upward trajectory. Yesterday, the stock gained 3.27% and closed at €46.06, decisively surpassing the psychological €46 threshold and reaching a new all-time high. This performance follows an extended upward trend, as the stock has recorded only one negative trading session since June 3. The market continues to confirm strong and sustained interest in the group, reflected in the elevated trading volumes seen recently. Recent corporate developments have also played an important role in shaping the positive sentiment surrounding the stock. Specifically, the company’s general meeting approved a dividend distribution of €0.40 per share, a move that fully satisfied shareholders and further fueled buying momentum, reinforcing investor confidence in the group’s strategy.

PPC (DEI) makes it 10 out of 10 and breaks through the €23 barrier

PPC (Public Power Corporation) remains a standout performer on the Euronext Athens board, achieving a resilient streak of 10 consecutive positive trading sessions. The stock gained 1.66% yesterday and closed at €23.34, breaking through the €23 barrier and renewing an 18-year high, reaching price levels not seen since June 2008. During the session, it even climbed as high as €23.56. The company’s strong upward trajectory was accompanied by intense trading activity, with 18 block trades totaling 1.03 million shares changing hands. The value of these pre-arranged transactions reached €23.72 million, with package prices ranging between €22.91 and €23.30 per share. The market appears to be responding positively to the company’s fundamentals, with analysts noting that the recent capital increase has completely changed the narrative surrounding PPC. At the same time, the strengthened capital base is helping sustain the multi-day rally, reinforcing institutional investors’ confidence in the group’s long-term growth prospects.

Maria Angelicoussis positions five VLCCs in the Gulf to transport oil

In shipping, the biggest profits are not earned by those who wait for official announcements, but by those who have already taken positions while everyone else is still analyzing the data. This helps explain the activity observed in recent days toward the Persian Gulf, despite the fact that normal operations through the Strait of Hormuz have not yet been fully restored and geopolitical uncertainty remains high. Maria Angelicoussis appears to belong to the category of shipowners who do not wait for signatures before making moves. According to reports, Maran Tankers has already dispatched five VLCCs (Very Large Crude Carriers) to the region, including the Antonis I Angelicoussis, one of the most modern vessels in its fleet. She is not alone. China’s COSCO and China VLCC have also positioned vessels in the area, while Sinokor had already gathered a significant number of supertankers in the Gulf of Oman in previous weeks. The reason is straightforward: whoever is first in the region when large-scale crude oil loadings from Middle Eastern producers resume will enjoy privileged access to the first—and likely highest-paying—cargoes. Analysts estimate that the market may require up to 150 VLCCs to transport the oil that remained outside the seaborne market during the crisis. Meanwhile, many shipowners continue to wait on the sidelines, fearing that any agreement could prove fragile or temporary. However, tanker-market history has repeatedly shown that the largest returns often go to those who take the risk first.

A quiet shift in oil cargo flows

Greek shipping interests are closely monitoring developments in the Middle East. Data collected during the military conflict indicate that the crisis did not simply reduce flows—it reshaped them. While the Arabian Gulf recorded more fixtures, market participants closely following tanker shipping say the real story unfolded elsewhere. The figures show that the Gulf recorded 198 charter fixtures, compared with 156 at the port of Yanbu. However, when measured by cargo volume, the picture reverses. The Saudi Red Sea port loaded 29.1 million barrels, compared with 26.6 million barrels from the Gulf. Shipbroking circles have also noted that Yanbu accounted for 77 dirty-VLCC fixtures, while the Gulf recorded only 57, confirming that major crude cargoes are increasingly seeking alternative routes. This development is attributed to greater utilization of the East-West pipeline and the redirection of exports toward the Red Sea following security concerns in the Persian Gulf region. At the same time, Fujairah has emerged as the major winner in the spot market with 76 fixtures, far ahead of Sohar (32) and Duqm (29), while the historic Ras Tanura port has shown a noticeable decline.

A Greek imprint on Hengli’s order book

Recent activity in the shipbuilding market shows that Greek shipowners continue to invest selectively in the dry-bulk sector, with the Chinese shipyard Hengli Heavy Industry serving as a common denominator. Tsakos Shipping & Trading has ordered two new Capesize vessels, while Cape Shipping, owned by the Adrianopoulos family, has agreed to build three additional ships of the same type. For Cape Shipping, this marks its second bulk-carrier order this year. Meanwhile, Tsakos Shipping & Trading is returning to newbuilding Capesize vessels after its previous order in 2020. Attention is also focused on the strong Greek presence in Hengli’s order book. Other customers include Dynacom Tankers Management, Thenamaris, Capital Maritime & Trading, and Cardiff Marine, among many others.

What does a data center in space cost?

Ever since SpaceX entered Wall Street’s spotlight, everyone has been talking about Starship. Starship is the largest and most powerful rocket ever built. It is SpaceX’s heavy-lift vehicle, designed to transport more than 100 tons into Earth orbit. Most importantly, Starship is intended to be fully and rapidly reusable, unlike conventional rockets that are effectively consumed after a single mission. This is SpaceX’s major bet. The project is not yet complete, but that remains Elon Musk’s goal. Gavin Baker, Chief Investment Officer at Atreides Management and a highly respected figure on Wall Street, recently presented a simple numerical argument. A 1-gigawatt data center on Earth costs roughly $60 billion. Of this amount, approximately $25 billion is spent on electricity and cooling. According to Baker, if such a data center were built in space, that $25 billion cost would largely disappear. In space, the sun shines continuously, without nighttime or atmospheric interference, providing roughly 30% more available energy. Cooling—which is one of the most expensive aspects of operating data centers on Earth—is effectively free. Point a radiator toward the vacuum of space, near absolute zero, and heat dissipates naturally. Under this logic, the remaining cost consists of the data-center equipment itself—about $35 billion—plus transportation costs. This is where Starship comes in. As long as rockets are destroyed or heavily consumed with each launch, the economics do not work. However, once Starship becomes operationally reusable, Atreides estimates that transporting an entire data center into space could cost less than $5 billion. That would bring the total to approximately $40 billion ($35 billion plus $5 billion), compared with $60 billion on Earth. Launch costs would cease to be a capital expenditure and become an operating expense. Baker expects the first “space-based” data centers to appear in the second half of 2028. There is, of course, a counterargument. Skeptics, led by former Intel CEO Pat Gelsinger, insist that cooling in a vacuum does not work at the scale suggested in such presentations. Ultimately, reality will determine which side is correct. Wall Street is simply pricing in the possibility.

President Trump’s meme coin and its enthusiastic—but losing—followers

On January 17, 2025, just three days before the inauguration of the re-elected President Trump, a meme cryptocurrency called “Trump” was launched. The President-elect posted the message: “GET YOUR $TRUMP NOW.” The $TRUMP token had no underlying value; its worth depended entirely on demand and branding. One billion meme coins were issued. However, only 200 million tokens entered the open market. The remaining 800 million were retained by just two companies, both linked to the Trump family: CIC Digital and Fight Fight Fight. This meant that four-fifths of the supply remained locked up, allowing the token’s price to be effectively influenced by the principal holders.Reuters performed the calculations. Enthusiastic buyers reportedly paid at least $1.2 billion for the token. The token has fallen 97% from its January 2025 peak. After reaching $75.35 during its early surge, it now trades at approximately $1.89. As a result, the meme coin generated roughly $616 million for the family and affiliated entities, while buyers collectively lost more than $700 million. Of course, $TRUMP is not the only example. Reuters also examined four similar ventures: World Liberty Financial, the meme coin project, American Bitcoin, and ALT5 Sigma (now AI Financial Corp.). All share a common pattern: the family provides its name, publicly promotes the product, and receives financial benefits as investors enter. World Liberty reportedly generated more than $1.4 billion in sales. ALT5 Sigma’s stock fell from $9 to $0.75, costing outside investors approximately $675 million. American Bitcoin dropped from $11 to $1.15, producing losses exceeding $200 million. Combined, these ventures added at least $2.3 billion to the family’s wealth through crypto-related activities after the 2024 election. Those who invested in them—more than one million enthusiastic supporters—collectively lost an estimated $2.3 billion.