its lavish formalism and intellectual austerity 
(ROOT (NP (PRP$ its) (NML (NML (JJ lavish) (NN formalism)) (CC and) (NML (JJ intellectual) (NN austerity)))))
(ROOT (NP (PRP$ ) (NML (NML (JJ ) (NN )) (CC ) (NML (JJ ) (NN )))))