European fund flows, and music

Not set to music. Just fund flows, and I'm playing some music. For the last post of the week, like. I'm worn out, actually.

Yeah, it's report highlights from the Lipper team at Refinitiv.

May 2019 was the thirteenth consecutive month with net outflows from long-term mutual funds after 16 consecutive months with net inflows.

Okay. Don't Let It Bring You Down. It's a song. Neil Young. I'm not referring to the funds.

The overall fund flows for mutual funds in Europe amounted to net outflows of €12.7 bn for May.

Bond funds (+€5.0 bn) were the best-selling individual asset type overall for May.
Bond USD (+€3.4 bn) was the best-selling sector among long-term funds for May.
When You Dance I Can Really Love.
Ireland (+8.2 bn) - driven by money market products (+€7.1 bn) - was the fund domicile with the highest net inflows, followed by the U.K. (+€4.5 bn) and Switzerland (+€0.6 bn).

PIMCO was the best-selling fund promoter for May overall, with net sales of €3.8 bn, ahead of Morgan Stanley (+€3.5 bn) and Vanguard Group (+€2.6 bn).

If You Could Read My Mind. Uh ... Gordon Lightfoot. Melancholic as fuck, frankly. No, not the fund news.

The ten best-selling long-term funds gathered at the share-class level total net inflows of €12.3 bn for May.

A Gift. Lou Reed.

Actiam (L) Sustainable Euro Fixed Income Fund Z EUR (+€2.9 bn) was the best selling individual long-term fund for May.

Invisible Sun. The Police.

Apollo ... ? What do you think?!

...

Well, well ... / Listen! I've been thinking about my old Ophelia song that I put in that temporary post at the weekend. [Oh, you missed it?] I don't like the singing. I'm not crazy about the words. However, I really like the music AND - !!! ... the recording of that music, you dig? / I mean, it was done with a professional session musician in his studio in 1990. Now, uh ... I'm just going to record with my acoustic guitar at home. I think that's okay though. Don't you?

Oh, by the way, here's a video of Tanita Tikaram on Top of the Pops from 1988. It was on BBC Four the other week. Well, the bass guy and the keyboard guy both played on my very first demo from around the same time. I had a song called Strings of Thought. December, 1987. I recorded three of my other songs with them in early 1988. / It feels strange watching these two guys and remembering BECAUSE - !!! ... it was bloody years ago, man! I was eighteen! Do you know what I mean? I hope so.

Where does the time go?

Later(s), kook(s)!

CVAs

So, CVAs. What are they? Oh, you probably know, dear reader(s). 'Not everyone will know, boss. Some of these people don't know nothing. I blame the parents. In my day -' All right, all right, Voice! Don't go on. Please!

CVAs are fatally wounding our High Streets, warns Jinksy.

Yeah. PR email. From Jinksy. The man who loves parcels. There's no harm in it. We all have our peccadilloes.

As Monsoon seeks to join the ranks of stores slashing rents through a company voluntary agreement, ParcelHero says CVAs are simply speeding up the demise of High Street shopping and will impact on pension and investment schemes.

Okay, okay. CVA stands for company voluntary agreement. Nice one! Let's hear more ...

Says ParcelHero's Head of Consumer Research, David Jinks MILT: "Though Monsoon is largely looking to significantly reduce rents, several other retailers, from Debenhams and House of Fraser to Carpetright and Mothercare have used CVAs to plan the wholesale closure of many stores. Nearly 1,000 stores have closed under CVA agreements in the past two years alone. Just this month Philip Green's Arcadia Group has also agreed a CVA which includes the closure of 23 UK stores. The escalating closure of major High Street stores will simply drive shoppers away from town centres in even greater numbers."

Christ! There'll be no shops left soon. / But let's be honest, kook(s), everything will go. I mean, the world as we know it. A million years from now it's possible we'll all be living on other planets - well, not us, uh, others, like - but it's more likely that we'll be extinct and the earth will be covered in forests and jungles. 'And deserts, boss.' Yes, deserts, too. I should imagine there will be creatures, animals, spiders, whatever ... crawling around and that. 'Ugh!' But there will be no humans. 'Shame.' So, think about it: no websites, no shopping, no goods, no brands, and ... no parcels! NOTHING - !!! All gone! But I digress.

Explains David: "CVAs should be a last resort, not the standard retail business practice they are fast becoming. Yes, they give chains the chance to slash rents and ditch poor performing stores; but closures are becoming unsustainable. Debenhams is axing 22 stores and House of Fraser 31 stores under CVAs, while Carpetright has already used its CVA to ditch around 92 stores, Mothercare 50 and Homebase 92. Not only is the trust between landlords and retailers being destroyed; but many of our pensions are invested by their administrators into retail property. Institutional investors such as pension funds and insurance companies are large investors - both directly and indirectly - in commercial property markets."

Well, rents are too high, Jinksy!

Says David: "Property landlords have to choose between either accepting a huge cut in rental income, or losing the tenant altogether and having large properties standing empty. This diminishes the market for new retail developments. Many large pension schemes may typically have around 8% of their funds invested in commercial property developments and management; but with returns on those investments falling, pensions are being impacted and some schemes are seeking to reduce their exposure to the sector. And many of us may have our pension pot invested in a specialist property pension fund. As an example, the makeup of one well known fund includes 9.2% invested in shopping centres and around 9.5% in standard retail stores. And Britain's High Street banks have around 8% of their loans tied to commercial properties."

I'll tell you, dear reader(s), there's a bit of Chiswick high street that has a run of six or seven empty shops. And that's a rich area! If Chiswick is suffering there's no hope for anywhere else. And Brexit won't help, will it?

Oh, dear.

Jinksy's going to conclude now. 'Make it good, Jinksy, son!' Shut up, Voice! He doesn't need your encouragement. He's a professional. 'Of course he is.' Yes.

David concludes: "Retailers with a portfolio of stores should instead seek to make the most of these great assets, ensuring store events are an 'event' and adopting a multichannel approach to retail; with customers buying online and popping into their local stores to pick up items and return them. The increased footfall encouraged by BOPUS - Buy Online, Pick Up in Store - will result in increased sales for many of our, still much-loved, town centre stores."

Yeah, it all sounds a bit desperate though. / Listen! In our lifetimes we'll be back in caves, eating nettles and stuff. 'What?!' I can see it happening, man. Seriously. It won't take a million years. It might take five years. 'Oh. Does your brain hurt like a warehouse, boss?' No. Why do you ask that? 'Never mind.' Ha!

ENDS.

[No. 720] From the world

I

Outside, coming inside.

And, uh ... infected[1], and dirty from all those words, and images, too, that are swirling ... and now they are a-ROUND, so horrible[1], and, uh ... in fected[2], and can't stop it ... ?[1], and dirty from all those w ords, and ima ges, too, that are swirling ... and now they are a-ROUND, so horrible[2], and there's no escape from an insane world that will not disappear for a while yet[1], and can't stop it ... ?[2], and the pain will go when it goes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... rocks by the sea ... looking on, bemused, knowing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... looking on, be mused, knowing it can't last[2], and consciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[1], and,,, can't breathe[2], and,,, happy not to ...[1], and con sciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[2], and these words will try and fix something(s) a-ROUND here ... what are the chances?[1], and,,, happy not to ...[2], and shut off is best[1], and these words will try and fix something(s) a-ROUND here ... what are the chances?[2], and it all collapses when it's far away ... with unknown tragedies and comedies[1], and shut off is best[2], and let it be ... remote[1], and it all collapses when it's far away ... with unknown trage dies and come dies[2], and to be so GONE is even better ... and fragments will echo for no reason, sadly[1], and let it be ... remote[2], and, so, so ... well, well[1], and to be so GO NE is even better ... and frag ments will echo for no reason, sadly[2], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[1], and, so, so ... well, well[2], and light kills[1], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[2], and the awful human sounds are fading now ... to leave behind rocks whispering to the sea[1], and light kills[2], and that will last ...[1], and the awful hum an sounds are fading now ... to leave behind rocks whis pering to the sea[2], and, well ... billions of years ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billions of years ... ... ... ?[2], and, uh ... i  n  f  e  c  t  e  d[3], and on it goes, on, yes[2], and dirty from all those w  o  r  d  s, and i  m  a  g  e  s, too, that are swirling ... and now they are a-ROUND, so horrible[3], and can't stop it ... ?[3], and there's no escape from an i  n  s  a  n  e w  o  r  l  d that will not disappear for a while yet[3], and the pain will go when it goes[3], and somewhere(s) ... rocks by the sea ... looking on, b  e  m  u  s  e  d, knowing it can't last[3], and,,, can't breathe[3], and c  o  n  s  c  i  o  u  s  n  e  s  s has done it ... / ... ... ... would be better, much better ... ... ... yes[3], and,,, happy not to ...[3], and these words will try and fix something(s) a-ROUND here ... what are the chances?[3], and shut off is best[3], and it all collapses when it's far away ... with unknown t  r  a  g  e  d  i  e  s and c  o  m  e  d  i  e  s[3], and let it be ... remote[3], and to be so G  O  N  E is even better ... and f  r  a  g  m  e  n  t  s will echo for no reason, sadly[3], and, so, so ... well, well[3], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[3], and light kills[3], and the awful h  u  m  a  n sounds are fading now ... to leave behind rocks w  h  i  s  p  e  r  i  n  g to the sea[3], and that will last ...[3], and, well ... billions of years ... ... ... ?[3], and on it goes, on, yes[3], and

And, uh ... infected[1], and dirty from all those words, and images, too, that are swirling ... and now they are a-ROUND, so horrible[1], and, uh ... in fected[2], and can't stop it ... ?[1], and dirty from all those w ords, and ima ges, too, that are swirling ... and now they are a-ROUND, so horrible[2], and there's no escape from an insane world that will not disappear for a while yet[1], and can't stop it ... ?[2], and the pain will go when it goes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... rocks by the sea ... looking on, bemused, knowing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... looking on, be mused, knowing it can't last[2], and consciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[1], and,,, can't breathe[2], and,,, happy not to ...[1], and con sciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[2], and these words will try and fix something(s) a-ROUND here ... what are the chances?[1], and,,, happy not to ...[2], and shut off is best[1], and these words will try and fix something(s) a-ROUND here ... what are the chances?[2], and it all collapses when it's far away ... with unknown tragedies and comedies[1], and shut off is best[2], and let it be ... remote[1], and it all collapses when it's far away ... with unknown trage dies and come dies[2], and to be so GONE is even better ... and fragments will echo for no reason, sadly[1], and let it be ... remote[2], and, so, so ... well, well[1], and to be so GO NE is even better ... and frag ments will echo for no reason, sadly[2], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[1], and, so, so ... well, well[2], and light kills[1], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[2], and the awful human sounds are fading now ... to leave behind rocks whispering to the sea[1], and light kills[2], and that will last ...[1], and the awful hum an sounds are fading now ... to leave behind rocks whis pering to the sea[2], and, well ... billions of years ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billions of years ... ... ... ?[2], and, uh ... i  n  f  e  c  t  e  d[3], and on it goes, on, yes[2], and dirty from all those w  o  r  d  s, and i  m  a  g  e  s, too, that are swirling ... and now they are a-ROUND, so horrible[3], and can't stop it ... ?[3], and there's no escape from an i  n  s  a  n  e w  o  r  l  d that will not disappear for a while yet[3], and the pain will go when it goes[3], and somewhere(s) ... rocks by the sea ... looking on, b  e  m  u  s  e  d, knowing it can't last[3], and,,, can't breathe[3], and c  o  n  s  c  i  o  u  s  n  e  s  s has done it ... / ... ... ... would be better, much better ... ... ... yes[3], and,,, happy not to ...[3], and these words will try and fix something(s) a-ROUND here ... what are the chances?[3], and shut off is best[3], and it all collapses when it's far away ... with unknown t  r  a  g  e  d  i  e  s and c  o  m  e  d  i  e  s[3], and let it be ... remote[3], and to be so G  O  N  E is even better ... and f  r  a  g  m  e  n  t  s will echo for no reason, sadly[3], and, so, so ... well, well[3], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[3], and light kills[3], and the awful h  u  m  a  n sounds are fading now ... to leave behind rocks w  h  i  s  p  e  r  i  n  g to the sea[3], and that will last ...[3], and, well ... billions of years ... ... ... ?[3], and on it goes, on, yes[3], and

And, uh ... infected[1], and dirty from all those words, and images, too, that are swirling ... and now they are a-ROUND, so horrible[1], and, uh ... in fected[2], and can't stop it ... ?[1], and dirty from all those w ords, and ima ges, too, that are swirling ... and now they are a-ROUND, so horrible[2], and there's no escape from an insane world that will not disappear for a while yet[1], and can't stop it ... ?[2], and the pain will go when it goes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... rocks by the sea ... looking on, bemused, knowing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... looking on, be mused, knowing it can't last[2], and consciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[1], and,,, can't breathe[2], and,,, happy not to ...[1], and con sciousness has done it ... / ... ... ... would be better, much better ... ... ... yes[2], and these words will try and fix something(s) a-ROUND here ... what are the chances?[1], and,,, happy not to ...[2], and shut off is best[1], and these words will try and fix something(s) a-ROUND here ... what are the chances?[2], and it all collapses when it's far away ... with unknown tragedies and comedies[1], and shut off is best[2], and let it be ... remote[1], and it all collapses when it's far away ... with unknown trage dies and come dies[2], and to be so GONE is even better ... and fragments will echo for no reason, sadly[1], and let it be ... remote[2], and, so, so ... well, well[1], and to be so GO NE is even better ... and frag ments will echo for no reason, sadly[2], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[1], and, so, so ... well, well[2], and light kills[1], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[2], and the awful human sounds are fading now ... to leave behind rocks whispering to the sea[1], and light kills[2], and that will last ...[1], and the awful hum an sounds are fading now ... to leave behind rocks whis pering to the sea[2], and, well ... billions of years ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billions of years ... ... ... ?[2], and, uh ... i  n  f  e  c  t  e  d[3], and on it goes, on, yes[2], and dirty from all those w  o  r  d  s, and i  m  a  g  e  s, too, that are swirling ... and now they are a-ROUND, so horrible[3], and can't stop it ... ?[3], and there's no escape from an i  n  s  a  n  e w  o  r  l  d that will not disappear for a while yet[3], and the pain will go when it goes[3], and somewhere(s) ... rocks by the sea ... looking on, b  e  m  u  s  e  d, knowing it can't last[3], and,,, can't breathe[3], and c  o  n  s  c  i  o  u  s  n  e  s  s has done it ... / ... ... ... would be better, much better ... ... ... yes[3], and,,, happy not to ...[3], and these words will try and fix something(s) a-ROUND here ... what are the chances?[3], and shut off is best[3], and it all collapses when it's far away ... with unknown t  r  a  g  e  d  i  e  s and c  o  m  e  d  i  e  s[3], and let it be ... remote[3], and to be so G  O  N  E is even better ... and f  r  a  g  m  e  n  t  s will echo for no reason, sadly[3], and, so, so ... well, well[3], and, uh ... still spinning ... but weaker, ah, nice, and no witnesses in the dark[3], and light kills[3], and the awful h  u  m  a  n sounds are fading now ... to leave behind rocks w  h  i  s  p  e  r  i  n  g to the sea[3], and that will last ...[3], and, well ... billions of years ... ... ... ?[3], and on it goes, on, yes[3], and

II

Must fight back ... ?

And, u                               h ... in     fect                           ed[1], and d                   irty from all th                     ose wor       ds, and im          ages, t                                     oo, that are sw                              irling ... and n          ow they are a-ROUND, so h                     orri                       ble[1], and, u                h ... in fect                                 ed[2], and can't st           op it ... ?[1], and dirty from all those w ords, and ima ges, t                                              o                   o, that are swirling ... and now they are a-ROUND, so horrible[2], and th                     ere's no esca          pe from an ins  ane worl            d t       hat w        ill not disap           pear for a wh ile yet[1], and can't st                             op it ... ?[2], and the p                                                ain will go when it g                                                    oes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... r                           ocks by the sea ... looking on, bem                   used, kn                         ow                               ing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... l                      ook                 ing on, be mused, knowing it can't last[2], and c          on     sciousness has done it ... / ... ... ... would be bet          ter, much bett                       er ... ... ... yes[1], and,,, can't br                 eathe[2], and,,, hap                           py not to ...[1], and con sci  ousness has done it ... / ... ... ... would be better, much better ... ... ... y                                 es[2], and these words will try and f                                      ix so                    mething(s) a-RO                          UND here ... w          hat are the ch         ances?[1], and,,, happy not to ...[2], and s                                     hut off is best[1], and th                ese w            ords will try and f                        ix something(s) a-ROUND here ... what are the chan                  ces?[2], and it all colla           p                                ses when it's far away ... with unk   n own tra                gedies and co                        medies[1], and shu          t off is best[2], and l                                                                  et it be ... remote[1], and it all c                       ollapses when it's far away ... with unkno wn t                                 rage dies and c       ome dies[2], and to be so G               ONE is even better ... and f                  ragments will echo for no reas         on, sad     ly[1], and let it be ... rem       ote[2], and, s                                             o, so ... w                ell, w                                               ell[1], and to be so G                                                          O NE is even bett                             er ... and f                                         rag ments will ec                  ho for no rea       son, s   adly[2], and, uh ... still spinning ... but w  eaker, ah, nice, and no w           itness          es in the d            ark[1], and, so, s                       o ... w   ell, well[2], and lig       ht k          ills[1], and, uh ... still sp      inning ... but w                     eaker, ah, n        ice, and no wit           n            esses in the d            ark[2], and the aw                  ful h               uman sou  nds are f              ad                 ing now ... to leave b      ehind ro          cks w     hispering to the s                 ea[1], and light kil                        ls[2], and that will last ...[1], and the awful hu                     m an sounds are fading now ... to leave behind ro                                cks whis pering to the sea[2], and, we                            ll ... bi     ll                           ions of y    ears ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billi                                             ons of years ... ... ... ?[2], and, uh ... i  n  f  e                                       c  t  e  d[3], and on it goes, on, yes[2], and di      rty from all th                   ose w  o  r  d  s, and i  m  a     g  e  s, t       oo, that are swir                         ling ... and now t                                    hey are a-ROU                         ND, so hor      rible[3], and can't st       op it ... ?[3], and th                                                ere's n         o escap                        e from an i  n  s  a  n  e w                  o  r  l  d that w                                ill n  ot dis app            ear for a while yet[3], and the pain will g                                                 o when it goes[3], and somew         h      ere(s) ... roc                              ks by t                   he sea ... l                                                                 ook                         ing on, b  e                    m  u  s  e  d, k   nowing it can't last[3], and,,, can't bre                                                        athe[3], and c  o  n  s                                            c  i  o  u  s  n  e  s  s has d      one it ... / ... ... ... would be b                                                               etter, m               uch bett        er ... ... ... yes[3], and,,, happ                    y not to ...[3], and th                                        ese words will try a                                                 nd fix som        e                                       thing(s) a-ROU     ND here ... what are the c            hances?[3], and sh          ut off is best[3], and it all collap        ses whe                                                        n it's far away ... with unkno                            wn t  r  a  g  e  d  i  e  s and c  o                                                                    m  e  d  i  e  s[3], and le  t it be ... remote[3], and t  o be so G  O  N  E is even bet                               ter ... and f  r  a  g  m                                                       e  n  t  s will ec                                                         ho for no reas                                                                                                      on, sa                                                                                                                      dly[3], and, s                                               o, so ... well, well[3], and, uh ... st                                                  ill sp                inning ... but weaker, ah, ni                 ce, and                                             no wit                                                    nesses in the d                      ark[3], and li          g          ht ki       lls[3], and the aw                              ful h  u  m  a  n sounds are fading now ... to leave be        hi                                       nd roc   ks w  h  i                                                                                                                    s  p  e  r                                                  i  n  g to the sea[3], and t                                                       hat w                                                         ill last ...[3], and, w                                                    ell ... bill                                                                              ions of y                                                                                                              ears ... ... ... ?[3], and o             n it g                                                                         oes, o                                                           n, yes[3], and

And, u                               h ... in     fect                           ed[1], and d                   irty from all th                     ose wor       ds, and im          ages, t                                     oo, that are sw                              irling ... and n          ow they are a-ROUND, so h                     orri                       ble[1], and, u                h ... in fect                                 ed[2], and can't st           op it ... ?[1], and dirty from all those w ords, and ima ges, t                                              o                   o, that are swirling ... and now they are a-ROUND, so horrible[2], and th                     ere's no esca          pe from an ins  ane worl            d t       hat w        ill not disap           pear for a wh ile yet[1], and can't st                             op it ... ?[2], and the p                                                ain will go when it g                                                    oes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... r                           ocks by the sea ... looking on, bem                   used, kn                         ow                               ing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... l                      ook                 ing on, be mused, knowing it can't last[2], and c          on     sciousness has done it ... / ... ... ... would be bet          ter, much bett                       er ... ... ... yes[1], and,,, can't br                 eathe[2], and,,, hap                           py not to ...[1], and con sci  ousness has done it ... / ... ... ... would be better, much better ... ... ... y                                 es[2], and these words will try and f                                      ix so                    mething(s) a-RO                          UND here ... w          hat are the ch         ances?[1], and,,, happy not to ...[2], and s                                     hut off is best[1], and th                ese w            ords will try and f                        ix something(s) a-ROUND here ... what are the chan                  ces?[2], and it all colla           p                                ses when it's far away ... with unk   n own tra                gedies and co                        medies[1], and shu          t off is best[2], and l                                                                  et it be ... remote[1], and it all c                       ollapses when it's far away ... with unkno wn t                                 rage dies and c       ome dies[2], and to be so G               ONE is even better ... and f                  ragments will echo for no reas         on, sad     ly[1], and let it be ... rem       ote[2], and, s                                             o, so ... w                ell, w                                               ell[1], and to be so G                                                          O NE is even bett                             er ... and f                                         rag ments will ec                  ho for no rea       son, s   adly[2], and, uh ... still spinning ... but w  eaker, ah, nice, and no w           itness          es in the d            ark[1], and, so, s                       o ... w   ell, well[2], and lig       ht k          ills[1], and, uh ... still sp      inning ... but w                     eaker, ah, n        ice, and no wit           n            esses in the d            ark[2], and the aw                  ful h               uman sou  nds are f              ad                 ing now ... to leave b      ehind ro          cks w     hispering to the s                 ea[1], and light kil                        ls[2], and that will last ...[1], and the awful hu                     m an sounds are fading now ... to leave behind ro                                cks whis pering to the sea[2], and, we                            ll ... bi     ll                           ions of y    ears ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billi                                             ons of years ... ... ... ?[2], and, uh ... i  n  f  e                                       c  t  e  d[3], and on it goes, on, yes[2], and di      rty from all th                   ose w  o  r  d  s, and i  m  a     g  e  s, t       oo, that are swir                         ling ... and now t                                    hey are a-ROU                         ND, so hor      rible[3], and can't st       op it ... ?[3], and th                                                ere's n         o escap                        e from an i  n  s  a  n  e w                  o  r  l  d that w                                ill n  ot dis app            ear for a while yet[3], and the pain will g                                                 o when it goes[3], and somew         h      ere(s) ... roc                              ks by t                   he sea ... l                                                                 ook                         ing on, b  e                    m  u  s  e  d, k   nowing it can't last[3], and,,, can't bre                                                        athe[3], and c  o  n  s                                            c  i  o  u  s  n  e  s  s has d      one it ... / ... ... ... would be b                                                               etter, m               uch bett        er ... ... ... yes[3], and,,, happ                    y not to ...[3], and th                                        ese words will try a                                                 nd fix som        e                                       thing(s) a-ROU     ND here ... what are the c            hances?[3], and sh          ut off is best[3], and it all collap        ses whe                                                        n it's far away ... with unkno                            wn t  r  a  g  e  d  i  e  s and c  o                                                                    m  e  d  i  e  s[3], and le  t it be ... remote[3], and t  o be so G  O  N  E is even bet                               ter ... and f  r  a  g  m                                                       e  n  t  s will ec                                                         ho for no reas                                                                                                      on, sa                                                                                                                      dly[3], and, s                                               o, so ... well, well[3], and, uh ... st                                                  ill sp                inning ... but weaker, ah, ni                 ce, and                                             no wit                                                    nesses in the d                      ark[3], and li          g          ht ki       lls[3], and the aw                              ful h  u  m  a  n sounds are fading now ... to leave be        hi                                       nd roc   ks w  h  i                                                                                                                    s  p  e  r                                                  i  n  g to the sea[3], and t                                                       hat w                                                         ill last ...[3], and, w                                                    ell ... bill                                                                              ions of y                                                                                                              ears ... ... ... ?[3], and o             n it g                                                                         oes, o                                                           n, yes[3], and

And, u                               h ... in     fect                           ed[1], and d                   irty from all th                     ose wor       ds, and im          ages, t                                     oo, that are sw                              irling ... and n          ow they are a-ROUND, so h                     orri                       ble[1], and, u                h ... in fect                                 ed[2], and can't st           op it ... ?[1], and dirty from all those w ords, and ima ges, t                                              o                   o, that are swirling ... and now they are a-ROUND, so horrible[2], and th                     ere's no esca          pe from an ins  ane worl            d t       hat w        ill not disap           pear for a wh ile yet[1], and can't st                             op it ... ?[2], and the p                                                ain will go when it g                                                    oes[1], and there's no escape from an in sane worl d that will not disappear for a while yet[2], and somewhere(s) ... r                           ocks by the sea ... looking on, bem                   used, kn                         ow                               ing it can't last[1], and the pain will go when it goes[2], and,,, can't breathe[1], and somewhere(s) ... rocks by the sea ... l                      ook                 ing on, be mused, knowing it can't last[2], and c          on     sciousness has done it ... / ... ... ... would be bet          ter, much bett                       er ... ... ... yes[1], and,,, can't br                 eathe[2], and,,, hap                           py not to ...[1], and con sci  ousness has done it ... / ... ... ... would be better, much better ... ... ... y                                 es[2], and these words will try and f                                      ix so                    mething(s) a-RO                          UND here ... w          hat are the ch         ances?[1], and,,, happy not to ...[2], and s                                     hut off is best[1], and th                ese w            ords will try and f                        ix something(s) a-ROUND here ... what are the chan                  ces?[2], and it all colla           p                                ses when it's far away ... with unk   n own tra                gedies and co                        medies[1], and shu          t off is best[2], and l                                                                  et it be ... remote[1], and it all c                       ollapses when it's far away ... with unkno wn t                                 rage dies and c       ome dies[2], and to be so G               ONE is even better ... and f                  ragments will echo for no reas         on, sad     ly[1], and let it be ... rem       ote[2], and, s                                             o, so ... w                ell, w                                               ell[1], and to be so G                                                          O NE is even bett                             er ... and f                                         rag ments will ec                  ho for no rea       son, s   adly[2], and, uh ... still spinning ... but w  eaker, ah, nice, and no w           itness          es in the d            ark[1], and, so, s                       o ... w   ell, well[2], and lig       ht k          ills[1], and, uh ... still sp      inning ... but w                     eaker, ah, n        ice, and no wit           n            esses in the d            ark[2], and the aw                  ful h               uman sou  nds are f              ad                 ing now ... to leave b      ehind ro          cks w     hispering to the s                 ea[1], and light kil                        ls[2], and that will last ...[1], and the awful hu                     m an sounds are fading now ... to leave behind ro                                cks whis pering to the sea[2], and, we                            ll ... bi     ll                           ions of y    ears ... ... ... ?[1], and that will last ...[2], and on it goes, on, yes[1], and, well ... billi                                             ons of years ... ... ... ?[2], and, uh ... i  n  f  e                                       c  t  e  d[3], and on it goes, on, yes[2], and di      rty from all th                   ose w  o  r  d  s, and i  m  a     g  e  s, t       oo, that are swir                         ling ... and now t                                    hey are a-ROU                         ND, so hor      rible[3], and can't st       op it ... ?[3], and th                                                ere's n         o escap                        e from an i  n  s  a  n  e w                  o  r  l  d that w                                ill n  ot dis app            ear for a while yet[3], and the pain will g                                                 o when it goes[3], and somew         h      ere(s) ... roc                              ks by t                   he sea ... l                                                                 ook                         ing on, b  e                    m  u  s  e  d, k   nowing it can't last[3], and,,, can't bre                                                        athe[3], and c  o  n  s                                            c  i  o  u  s  n  e  s  s has d      one it ... / ... ... ... would be b                                                               etter, m               uch bett        er ... ... ... yes[3], and,,, happ                    y not to ...[3], and th                                        ese words will try a                                                 nd fix som        e                                       thing(s) a-ROU     ND here ... what are the c            hances?[3], and sh          ut off is best[3], and it all collap        ses whe                                                        n it's far away ... with unkno                            wn t  r  a  g  e  d  i  e  s and c  o                                                                    m  e  d  i  e  s[3], and le  t it be ... remote[3], and t  o be so G  O  N  E is even bet                               ter ... and f  r  a  g  m                                                       e  n  t  s will ec                                                         ho for no reas                                                                                                      on, sa                                                                                                                      dly[3], and, s                                               o, so ... well, well[3], and, uh ... st                                                  ill sp                inning ... but weaker, ah, ni                 ce, and                                             no wit                                                    nesses in the d                      ark[3], and li          g          ht ki       lls[3], and the aw                              ful h  u  m  a  n sounds are fading now ... to leave be        hi                                       nd roc   ks w  h  i                                                                                                                    s  p  e  r                                                  i  n  g to the sea[3], and t                                                       hat w                                                         ill last ...[3], and, w                                                    ell ... bill                                                                              ions of y                                                                                                              ears ... ... ... ?[3], and o             n it g                                                                         oes, o                                                           n, yes[3], and