Good day, fellow investors. Today we're going to analyze a 13 million dollar portfolio of stocks and bonds managed by an American investment bank. As you know, I'm an independent stock market researcher. I run the Swenkerlin Stock Market Research platform where I publish all my research, risk reward analysis, my portfolio, my buys, my sales and everything. And there is always the email there and one subscriber has a 14 million dollar portfolio and he wanted me to review and change a little bit his portfolio towards more what I do, but he wanted me to review his portfolio with his investment bank. And this is what we are going to do today. By the way, one reminder, by the end of this year, the price of my subscription will go up. So those who are interested in checking what I do privately, checking my research, please do that before the end of the year, because then I'll be forced because there is more content to raise the price. So you can look in this price forever per year for whatever I do. Now let's go back to the portfolio and discuss what is it that an investment bank does? What are the fees? How have they structured this 13 million dollar portfolio? The topics of today are of course the portfolio, the US equity exposure, the international equity exposures, the issues with that, the fixed income portfolio, which is almost 50% of the portfolio, discussing the fees and the risk reward opportunities and then discussing the investment strategy, portfolio management, risk and reward, of course, what would I do differently? Let's start with the portfolio. This is how the portfolio has been structured, a little bit of cash, 22% in US equity, 25% international, 48.5% in US fixed income. We are talking about a dollar denominated domicile US portfolio. There is a 0.9 percentage per year portfolio management fee and the funds of the client are distributed into three different funds. He doesn't buy into the fund, he simply directly as the portfolio manager of the fund makes a trade, his portfolio automatically makes the same trade as the portfolio management of the fund. So he has his own stocks but the portfolio does everything automatically as the investment banks, portfolio managers, fund managers do. So that is how the portfolio is structured. Let's see what is in the portfolio. US equity portfolio exposure, the portfolio positions are listed from the largest to the smallest and we can see here 26 positions, the largest position is advanced auto parts, I don't know whether the fund bought the stock at the bottom in February or as my investor invested his money in February, he simply got the bottom of that stock and that's why his returns on that stock are about 40-50%. But advanced auto parts has had free cash flows between 300 million and 500 million per year over the last 10 years. On a 10 billion market capitalization, I would say that the expected return over the long term, ups and downs, extremely competitive business, a little bit more recession proof would be around 4-5%. The next position is Comcast, a company that recently won a bidding war and acquired Sky PLC for 38.8 billion and the cash offer will put more pressure on Comcast's balance sheet that already has 114 billion in liabilities. Plus Sky PLC has had operating cash flows of around 2 billion per year for the last 10 years, pretty stable, a little bit declining. This makes it a stretched acquisition as the interest on the debt will be close to 2 billion of the free cash flow that will be coming in from Sky. Another good company, Intercontinental Exchange, stable company, high free cash flows potential return around 4-5%. Again, free cash flows 2 billion on a 42 billion market capitalization. Dana Hare is the fourth largest US portfolio position, another stable company with 3 billion in cash flows on a 70 billion market cap. Progressive Corp. Ohio is an insurer and Kroger is a grocer with similar characteristics as the above businesses. All have dividend yields around 2%, stable business model, we can call them recession proof businesses and business models and price to cash flow ratios of around 20 that should lead to a 4-5% return. If we look at all the other portfolio positions here, those mostly replicate the above. All good companies and we can say fairly priced by the market. There is Google, a little bit of American Express, MasterCard and we could easily say that the US portfolio reflects the client's wishes, safety and quality. But now let me talk about the issues. There is the diversification issue I want to talk about the fees charged for the portfolio management and then something that is not discussed that much but it's the investment management process when you are part of such a big bank. Let's start with the diversification. If I go back to Professor Sharp and 1990 economics Nobel Prize winner and his work on risk, risk, market sensitivity and diversification published in the financial analysis journal in 1972, we see that as soon as you pass 20 positions in your portfolio, the risk equals the market risk, practically equals it. So when it comes to a portfolio, US equity portfolio with 26 positions, I would argue that the results, whatever happens, will be similar to the SAP 500. And even if we look at the SAP 500, it gives practically the same characteristics as those in this portfolio. Great businesses, average price to cash flow yields and average dividend yields. Let's see. So if I look at the top positions of the SAP 500, we are there Microsoft, Apple, Amazon, Berkshire, J&J, Facebook, JP Morgan, etc. Microsoft has a cash flow yield of 3.75%, Apple of 8%, Amazon of 1.8%, but we might argue that in 10 years, Amazon might have a higher cash flow than Kroger, a higher cash flow yield because Amazon's cash flows will probably double in the next 10 years and more. Berkshire is a diversified portfolio by itself focused on US equity and it holds great businesses and has a price to cash flow of around 4%. Now, this leads me to the question, is the 0.9% yearly fee justified? When you can buy the same quality businesses, same yield, same price to cash flow for a 0.04% yield at Vanguard? So that is something that I simply cannot justify when I look at the portfolio and compare it to the SAP 500. And in this digital era, we might even argue that Amazon or Facebook are even more defensive stocks than let's say Kroger because the grocery industry, everything is getting a little bit disrupted or even say, let's say, displaced. So we might see whom will be the winner again in the next 10-20 years. Past data and looking at what happened over the last 30 years with constantly declining interest rates and slow disruption might not be what will happen in the future. Now, there is another thing that I want to discuss, investment fund behavior. The thing when it comes to banks is that there is a lot your bank isn't telling you. Aside from the 0.9% yearly management fee, the bank makes money as they buy and sell through their own brokerage, custody fees, perhaps they are even the market maker for the security, they pay for research, marketing costs, administration, setup fees, etc., etc. That usually you don't see and you don't pay in your top line fee. In this case, the client pays, I think, apart from the fee also, the transaction fees, perhaps the market making something that's something that has to be added on top of the pie that is given to the bank. So just something to keep in mind. But there is something even more important is about the investment process when it comes to investing which such a huge investment bank. Now, if I would be an investment banker and I manage, let's say, 10 billion and then clients want their money back because the market is crashing, they are panicking, which is something that usually happens and then I have to sell 3 billion of my portfolio. That's a lot of money, that shakes markets and what do you think, can I sell whatever I want that is in the best interest of the client or I have to sell what is in the best interest of the bank. Then if I want to sell something and something is illiquid, I might make things worse than they are already and therefore I'm forced to sell something perhaps that's more liquid that's easier to sell and I cannot hold on to the position that might be better over the long term or provide better risk reward returns over the long term.  When there is a panic at such an investment bank, Lehman Brothers or whatever, so when that happens then I don't know whether the investment banker will have your interest in the first place, which is something always to keep in mind when it comes to investing in such investment vehicles, so be careful about that. Similarly, Warren Buffett has 114 billion dollars in cash sitting on his bank account. An investment banker has to be invested 100% because you're paying him a fee to swing, how would Buffett say swing new bump. So he doesn't have any flexibility when it comes to investing so that's something you don't get when investing with an investment bank but you pay a big fee for it and we'll discuss more about the fees. So think about it Buffett is waiting for a market panic to deploy the 100 billion dollars he has in cash which is something the investment banker cannot do and he will be practically probably forced to do the opposite and sell the positions that are under pressure and sell the positions or buy something else that will save the image of the bank etc etc. Those are things that we will only see developing when shit hits the fence but that is something that can happen and has to be kept in mind. Now let's see the international portfolio overview 25% of the whole portfolio and has a total of 68 positions. Since the inception of the portfolio in February 2018 the performance has been really bad but that's normal as all european international emerging markets have really suffered and positions like Ryanair are down 44%. Now the largest position is Medetronic followed by Dune Lever, Compass Group, Aptiv, Ryanair I already mentioned. There is a little bit of everything there, Tencent, BHP, Indian Nisisi Bank, Russian version of Facebook, Yandex, some Chinese stocks like 58.com that we discussed, South American payment processors like Ciello etc. Just a note on Medetronic it's the world's largest medical device company, makes most of its revenues and profits in the US healthcare system but it's headquarter in Ireland for tax purposes. So that's an international stock that should be in US stocks. Nevertheless the cash flows there are 4 billion per year have been over the past 10 years and the market cap is 120 billion so that's a yield of what 3.5%. Now my simple comment is holding 69 stocks doesn't move the needle we can expect equal to market risk and reward performance therefore one can simply buy the Vanguard total international stock ETF for a fee of 0.11% per year that is what one tenth of the fee that is charged by the investment bank and if we compare Vanguard's top 10 position and the portfolio we are analyzing I see that Royal Dutch Shell is in both portfolios same as Tencent, Novartis, Roche, Taiwan Semiconductor so a portfolio I'm paying 0.9% per year to be managed has five positions that are also in the Vanguard total international stock ETF top 10 positions with a management fee of 11%. Now let's see if there is more value added in the bond portfolio. 48% of the portfolio is placed into a bond fund and the holdings are the following you see a lot of bonds but most of the bond portfolio is placed in US treasuries so we have 18% of the portfolio in US treasuries now why the heck would I have to pay a 0.9% fee to be invested in treasuries when I can do that by myself without any fee and invest directly treasuries the maturities are from five years to 10 years so that is something one can do by himself and it shouldn't be charged the 1% fee especially as the yield on those treasuries is 1% so actually his real returns are negative further if we look at the corporate bonds there is a lot of it the yield is between 2% and 3% a lot of corporate bonds but if I look at the Vanguard long-term corporate bond investment grade the yield now is what 4.9% 4.35% 3.7% on the short-term corporate ETF so one can again buy an ETF with a fee of 0.11% or 0.07% and simply save a lot of money on fees and even get the better yield for perhaps the same risk if you want to be exposed to fixed income so on a portfolio of 66 bonds 60 excluding the treasuries I simply don't see any difference except the huge fees and there might be pressure when it comes to trouble in the bond market that the fund manager sells this or this in place on that and that and further makes this service to the management higher yields lower management fees can be achieved and this is simply outrageous to charge 0.9% to have your money in treasuries so this is really something that I see okay for the same risk for the same diversification for the same exposure you can have a much much lower fee of 0.1% with Vanguard and have the same risk reward for the long term the owner of the portfolio asked me to create an all-weather portfolio if that is possible for me to manage his portfolio I unfortunately declined because my investment strategies are more like a buffet like approach when we invest in great businesses and we accept volatility an all-weather portfolio sacrifices long-term higher returns to minimize risk and that's something I'm not focused on and as you know I'm building a portfolio and it will take a year two years to build that to find the best investments to watch the best investments so I simply don't have the time to manage another all-weather portfolio even if it would be profitable if I would just charge 0.9% on the 13 million from this client I would make 117 thousand dollars per year so that's something I have renounced to do what I think is best for me and that is fine great businesses and investing great businesses however here I have laid out the strategy for this portfolio which is just by ETFs Vanguard ETFs or Vanguard index funds even better with a much smaller fee and that's something I cannot charge 117 thousand per year as the bank is doing that is outrageous from my standpoint and here it is all free the strategy so if you have such a portfolio from an investment bank compare it to what can be done for free and that is what makes all the difference I have made the video on Canadian pension funds where the fees go up to 2% and are practically invested in the same way as we discussed above and this is the result over 30 years this is a portfolio with the 4% return which is expected from current markets we see the bond yields the stock market yields so if I put 4% over 30 years 4% per year and I put a 2% fee on that the difference is staggering if we start with 1 million then the result with a fee is 1.8 billion without a fee or with a 0.1% fee from Vanguard you get to 3.2 million and that is why I urge people to first focus on fees because special stock picks investment in direct stocks managing a portfolio or whether is not for everybody but lowering fees is something everybody should do now if we go deeper into the investment strategy that this portfolio can be put in there is something to keep in mind if we look at this chart we have banks that are perhaps the most obsolete when it comes to investments they offer no real investment strategy negative alpha they usually put their money in high diversified portfolios so they really don't give anything special and charge high fees then we have major asset managers that are a little bit better but still the same even perhaps we have less commission there then we have large alpha seeking funds you have to have 100 million in the bank to be a part of bridgewater so that might be a solution here with some other funds but then you have to again structure the portfolio in a proper way so you have to sit down with an independent advisor who can tell you okay let's structure this portfolio by deploying the money with a few alpha seeking funds that are even a little bit hedged but that's something different then we have small alpha seeking funds which can a little bit be more related to this investment fund but that implies a lot of work and then we have ETFs that cost zero that will give you market performance which isn't bad if you compare it to a high fee again market performance so my opinion is that one should first try to get as much as education as one can get on investments on what is the risk and reward and always ask the question that i read in a great comment from richard b in the previous video we made is always ask why why do you put 48 percent of my portfolio in bonds why is the yield three percent why is the yield not four percent why are we buying croger why are we not buying amazon etc etc always ask why why why why why and over 10 years of asking why you will get a clear indication of what is going on and why is what going on and you can protect yourself much better so thank you for watching if you enjoyed this approach to investing please subscribe please comment ask questions you can always send me email like this subscriber did so please feel free we are here to educate the world about their finances and if we can just lower the fees for the same risk reward of a portfolio we have saved we have saved millions of dollars for many many people around the world thank you please subscribe and i'll see you then in the next video


what's going on guys it's your boy dpj here today with another destiny video and in today's video I'll be showing you guys how you can get this new exotic auto rifle the Fabian strategy now this exotic hacker auto rifle is exclusive to the Titan class and cannot be obtained or even used on a warlock or a hunter so to obtain it firstly you need to be a Titan then you have to get your gunsmith to a rank 3 once this is accomplished he will give you a quest called back in the saddle which is pretty easy to do considering the rewards it has two main steps the first one being kill enemies while having a primary telemetry active this can be done in many places but I'd suggest using the dart beyond the mission on the moon at that legendary spot with open the hive once completed Banshee gives you another main step which is to dismantle rare or legendary auto rifles legendaries count as five so if you have two old or spare legendary auto rifles lying about this step can be done in seconds if you don't have them spare it will take you a while I suggest playing strikes to try and get them engram drops once this stage is complete head back to Banshee and collect your reward it's as simple as that now hacker weapons are more about raw power than fancy looks or pretty perks the main mods on this bad boy are crowd control kills with this weapon grant a damage bonus for a short time it has a life support kills with this weapon while critically wounded have a chance to start regenerating health and we have front lines this weapon has increased handling stability and rate of fire when enemies are close mods ain't amazing but they ain't too bad either I'm actually curious to know how this thing performs in PVP so if you guys have it and you know let me know down below in that comment section the design of this weapon looks standard besides the shield things at the front but guys this is the Fabian strategy the exotic auto rifle and this is how you get it if you enjoyed the video could leave a like I would appreciate to support subscribe for daily destiny and I'll catch you on the next one peace out until next time post


good morning forgot to change the lens in the last video or forget to clean it is what I meant I'm at a beautiful rest stop and you know what's beautiful about these rest stops how much besides the fact that you can take a rest and use their facilities today we are I still don't really know what I'm doing here here's what's up here's a new development the the fridge compressor is not working so there's a plus and a minus of getting a Home Depot fridge and they are exactly the same thing they're cheap good thing is they're cheap bad thing is they're cheap so we got to replace that today also gonna swing by the salvage yard and get one of these a proper one that is that one doesn't work that one has the wrong connectors I'm in Phoenix probably get to Tucson I don't know tomorrow later today don't really know I fly out in a couple days from now and I'm gonna be scheduling the videos every other day so that it almost has the appearance that I would never even went for the second time I just went inside and asked if I can do it even exchange and said if it turns green we can do it I don't know what that means so I gotta take all the food out of this thing first and hopefully the stuff won't go bad this still smells good at the moment of truth send this bad bad boy back by the way I don't recommend these 110 fridges I recommend getting a DC fridge and doing it the proper way this is the improper way wish we got a new fridge and also I met Bob here we've been chatting school buses for the last I don't know 15 minutes so so thanks for coming up saying thanks for saying hi and good luck on the road thank you all right see you Bob like I said guys if you see me somewhere come say hi I'll probably talk you off and also Bob thank you for the 20 bucks not expected very very kind of you so thank you again for that okay now we got this fridge plugged in semi-installed just got to take this little tape off there we go nice new fridge how about that hopefully the compressor's on I don't hear it on yet next up we're gonna go to the junkyard and by the way Dean with the schoolie happens to be passing through Phoenix and we kind of linked up and he's gonna meet me over there so we're gonna go we're gonna go searching for this thing looks like I'm we're gonna have to pull a part off our self and he since I bought the whole column we're just gonna swap it out and he said just tell lady to give him a call over there so that's what we're gonna do we're gonna swap this out maybe stop by a bus place maybe not tacos all right here's a 97 seems okay that's the uh huh think or do I want this one see that's the thing at the junkyard there's so many options as you can see there's nothing but junk around here in this yard hey get it I got it off but you know what this thing is is it's in pretty bad shape so I got options so why not choose the best one here's a 2000 down seems to work up seems to work front back that's a to flash the high beams it seems to be in okay condition winter winter chicken dinner I think we got an o2 old ambulance and let's see that's bright that's flash right left I think I'll take this one looks like we have the same thing of a jiggy ignition switch so this is a one this is it this is a switch two little bolts on the side two connections in the back and that's all she wrote sold well no luck on the seat but I did get one of the blinker switches so hopefully that works then we'll go get some tacos or seafood like seafood we'll go get something it starts up airbag didn't deploy so that's good that's good blinker stays on yep everything else works I checked the flash and not flash me and the schoolie we're gonna head over to a Mexican seafood spot right now enchiladas cheese chicken serve rice or beans looks like we got some good stuff there got the local dude selling DVDs pretty typical situation for a really authentic Mexican place so I'm starved oh by the way I'm getting yours because you helped me install my max fan here's lesson number one when you get to a real authentic especially a seafood place you got a ton of choices of sauces and hot sauces and stuff this one by the way is the hottest one that will burn your butt in the morning that is the best 99 cent fish ceviche tostada I think I've ever seen dab a little lime on it already got a little hot sauce just wipe my hands off from the lime I'm gonna make a mess here all right usually you do it by hand but shoot there we go Marisco Zen Sonata especially day 495 to shrimp tacos rice and beans Dean what do you think do you let's give it a try here we go I'll do my best man versus food travel channel thing here we have the taco in the left hand in the right hand we got the jacks and go for it it's not the best it's not the worst it's definitely worth 495 that's for sure welcome hey good to see you good luck with the travel safe trip thank you again for the help with the fan my pleasure see you dude look at that the blinker works you know call me particular if you want I like what stuff works I like when my blinker works I like when I have cruise control I like when everything in the bus works and so I'm super happy and I like when I can fix things myself so because of badges great wealth of knowledge I was able to do this by myself because the last time I went try and get a blinker off of a car in Portland area I tried to take the steering wheel off that's so wrong you don't have to take the steering wheel off you just got to take the top cover and the bottom cover off in two bolts let's get into a time lapse about one thing I don't miss about cities desert sunset I think you guys know how I feel about these desert sunsets by now I am halfway to Tucson from Phoenix I just decided to pull over this is one of those kinds of middle of nowhere kinds of places if you look around it's just a bunch of dirt there is no sign that says private property this seems to be some kind of road I'm just gonna off to the side there's a gas station over there to the right it says no parking there was a rest stop over here that was closed but pretty much you know pretty much this is an ideal spot to park overnight it's it seems to be a type of place that would be used by truckers you know because they believe it or not sometimes go days and days and days in the same truck just one big road trip and a lot of them don't get motel rooms you know it cuts into their fees or maybe the company that they work for doesn't pay for that kind of stuff still live in the adventure by the way so I will call it a day for today I will be starting my patreon in the near future I think I'll just casually mention it I'm not gonna do a separate video dedicated to it those who want to join you're welcome to do so and those who don't there are other ways you can help out spread the word put the playlist on overnight comment on other channels that you would like to see me and that person link up that would be super helpful especially if they're fellow travelers or adventurous people anybody you think I'd be a good fit with and you know you can always tweet the videos and yeah I mean there's a lot of things so yeah if you want to help out just ask otherwise just enjoy the videos give it a thumbs up a lot of effort goes into these things it really just takes a click of the button throw in a comment if you like I haven't been better at comments so yeah come say hi down below see you on the road tomorrow and tomorrow is gonna be super super super duper if I can get in there that's all I'm gonna say all right see ya


Oh here we go Powerpuff's gonna auto run far now. Oh, no, I think they're actually not the same guy This guy just this guy's chaos bolted a homie.


because they took all the skilled trades things out of schools in some of our states. Some of our states are putting it back in and skilled trades aren't for everybody. But how do you know if you don't try things? And often there's like a really big barrier to entry that's quite theoretical and exact. Well, I see on the things I did with cattle handling, there was no academic barrier to entry in that. Sure. Yeah. I considered industrial process equipment. And if they make an academic barrier to entry on industrial process equipment, I don't care what industry you're in, you're going to be in big trouble. Because the visual thinker like me is the one that invents mechanically complicated equipment. In fact, if you want a poultry processing plant right now in the US, you're going to import all the equipment from the Netherlands, from Holland. And there's a reason for that. They did not take out the skilled trades.


There is something very special about the first real feeling of spring arriving When you can feel that shift of energy all around you and in your heart There are no words to really describe it. I find it is just a feeling that I get with this time of year. I love when I can smell the fragrant scents and smells as I ride along from all the flowers coming into bloom One of my favorites are the Jacaranda trees. I love how their purple color stands out among the different Shades of green from all the other trees around it Sometimes I'll have a big wave of some fragrant rose or flower as I ride past and I'll stop in my tracks and try and find Where the scent came from These are one of the beauties of spring. There is so much life coming back into the world after the cool months of winter This spring was a particularly wonderful time for me this year After finishing my course in marine conservation and restoration this past July I went on placement out on Heron Island just off the coast of Gladstone in northern Australia Which is a tiny island surrounded by a beautiful reef and they have one of the biggest Research stations in the southern hemisphere for studying corals and marine life. I was a volunteer for the research station for just over two weeks and my time there was absolutely magical. I snorkeled around the reef almost every day and explored the ocean around the island seeing the most incredible corals and marine life It was like a whole other world under the sea I spent hours outside in the water exploring the reefs seeing all sorts of fish sea turtles reef sharks like the white-tipped reef shark and black-tipped reef shark Eagle rays stingrays So many different types of marine life The whole reef was just alive and teeming was life I Unfortunately just missed seeing the mother sea turtles coming onto the beach to nest They begin nesting during the end of October beginning of November and Apparently you can see hundreds of turtles on the beaches at night laying their eggs during the peak nesting season The eggs don't hatch until the end of January and when they do you can see hundreds of baby sea turtles making their way to sea When I go back, I hope to be able to time it with either the nesting or hatching season To be able to see the beautiful mother turtles coming into nest and to see the gorgeous baby turtles making their way out to sea I met some of the most amazing people while I was there some of them researchers collecting data on the corals around the island Others were staff working at the hotel or the research station on the island I'm so grateful for my time there. It was the most incredible experience and I hope to go back again some day On my last evening on the island. There was a mini concert on the beach Meg Washington did a small performance on guitar by the water and a few of us from the research station came to watch her perform acoustic She was amazing and she got us to sing along with her while we all gathered around to watch Saying goodbye to all the friends I had made and even the island itself was really hard But I promised myself that I would be back again to visit soon It was such a place of beauty and serenity there One of the big lessons from the island for me has been to slow down While being on the island I developed a routine of doing a few hours of volunteer work in the mornings and Dedicated my afternoons to practicing being present and enjoying nature as much as possible I'd go diving for hours Soaking up the rays of the Sun and enjoying the salty sea and its healing energy Before leaving for the island I'd gotten myself into a bit of a rut I'd prioritized my work over my own health and well-being and became a bit of a workaholic My days became about how much productivity I could fit into the hours of the day And I wouldn't finish working on my computer until around 9 p.m. At night I'd sacrificed all of my self-care practices in the name of productivity And so by the time I set off to go to the island I was exhausted Fatigued and totally burnt out I made a promise to myself that when I returned home it was going to be different So I looked at my time on the island as a kind of reset A time to foster habits and practices where self-care wasn't just a nice idea But a necessity in a regular part of my daily routine My time on the island was where I started practicing the art of slow living It was where I chose slow living over the hustle culture Slow living is a lifestyle which promotes a slower approach to everyday life It's where people decide to live a more balanced meaningful life through slowing things down and appreciating both the world around them and what they have I see it as a way to make more time for self-care A big project of mine this spring has been creating my own vegetable garden at the back of our house It's been a my to-do list for over the past year and a half since I moved But I've only now started making the time to actually make it happen Kevin our friendly neighborhood bush turkey has been wrecking havoc long before I moved there And made it impossible for me to grow anything as he would come and dig it up as soon as I planted any new seedlings So I built a very simple amateur DIY fence to keep him and his friends from digging up the soil and my new plants along with it So far so good. It's been able to keep the bush turkeys out, which has been a huge win The new plants I'm growing are aloe vera, lavender, our raspberry plant, marigold, Calendula and peppermint, but I hope to add to the garden over time With spring I feel a deep wonder for the beauty around me and a deep sense of gratitude for being alive So my commitment over this time and moving forward is to live life a little bit more slowly To take in the beauty around me enjoy where I am now and to enjoy the tasks I'm doing not be so caught up in the next thing or fitting in so many things into my days Instead of being as productive as I can I want to cherish life and be in it Present living my life how I want to not how I feel society believes I should No more hustle instead. I want to take in and savor the moment I don't mind working really hard as long as I feel a passion for it But I also want to balance work with time for myself And that is still something I'm learning to find To find a balance in and what works for me Thank you so much for watching my video. I hope to see you again soon. Take care. Goodbye for now


Welcome to chapter 2, points of topology course part 1. In this chapter we discuss a number of topological properties which can be classified as or which can be called smallness properties. So what are those I have listed them here, path connectivity, connectivity, compactness, lindelof property, separability, first and second countability. It is better to leave these phrase smallness properties undefined, it is not a part of mathematics ok, it is about mathematics. So there is no need to define this word rigorously, let it stand as a you know whatever it implies in the English, English words there, however as a temporary stop cap you can explain it as something ok, roughly speaking we just mean that the topology does not have too many open sets, but that is as we as the the words themselves. So I will try to make a definition, but do not worry about that definition much, just try to just to explain that to what they saw. So you can call a topological property a smallness property if whenever x tau satisfies p for all topologies tau prime on x such that this tau prime is smaller than tau and tau prime is contained as tau, x tau prime also satisfies it. So in that sense with respect to this p tau is quite small after that everything which is smaller than that will definitely satisfy bigger ones you do not know that is the meaning of this ok. So with this definition you can keep track that many of these properties here do fit into this definition, I mean they satisfy the property. I caution you the last two or not of that nature nevertheless they fit into the vague definition you will see why ok, so that is why I am not very fussy about this definition ok. So the first module here is module 32 path connectivity which is directly from layman's point of view or what may say elementary geometric concepts which are generalized into path connectivity. So first of all let us make a rigorous definition what do we mean by path start with any voluptuous space by a path sometimes called a curve or sometimes called an arc in x etc. So I will be using the word path only quite often we just mean a continuous map this gamma from a closed interval a b to x the points gamma a and gamma b are called end points of gamma to be more specific you can call gamma a the initial point and gamma b the terminal point we also say that gamma is a path joining gamma a which is z 1 and gamma b z 2 so all these terminologies which are very very much just English words they have been given some definite meaning here that is all if such a path exists we say z 1 and z 2 can be joined in x is that clear you may think that a curve should be something it must have some positive length and so on with this definition there is no notion of length and so on because x is only a topological space before you want to talk about length etc you must have a metric there secondly even if you try to draw some picture of this picture means what then you have to assume x is arc or something right the first thing is this is just a continuous map okay so in particular this may be a constant function if you look at the image it is just a single point so you may say that this is not a definition of a path at all before throwing it away like that you have to wait why we have this such a general definition as a path a point map is also treated as a path it is called a constant path it is all so let us have gone to that there is no need to throw it away okay though it is defying our common sense alright so let us carry on with these definitions given two path is now path is served from some closed interval so there are two of them means gamma i from a i b i to x okay i equal to 1 and 2 suppose that gamma 1 of b 1 is equal to gamma 2 of a 2 in other words end point of gamma 1 is the beginning point initial point of gamma 2 terminal point of the first one is equal to the initial point of gamma 2 then we define the composite path okay this composite path is not a composition of of maps composition of functions so we have to pay attention to that so I am using this dot here gamma 1 dot gamma 2 from some interval a b which I am going to define into x everything is inside x by first taking a a starting point a 1 here I go all the way to b 1 via gamma 1 okay so gamma 1 will be the map from a 1 to b 1 but now the the second point is some a 2 right so I have to shift a 2 to b 1 in the interval wherever it is and then trace the rest of the lines with gamma 2 so I take a equal to a 1 b equal to b 1 plus b 2 minus a 2 okay so b 2 minus a 2 brings a 2 or t minus a 2 whatever a 2 to 0 add b 1 so that it starts at b 1 that is so this is the shifting of the interval a 2 b 2 okay to start at b 1 after doing that a and a is and we are defined like this gamma t is the first part gamma 1 between a 1 and b 1 from b 1 to b 1 plus b 2 minus 2 this length is precisely equal to b 2 minus a 2 it is t plus a 2 minus b 1 then t equal to b 1 what is this will be this will be a 2 right t could be b 1 here b 1 here so this is gamma 2 of a 2 which is equal to gamma 1 of b 1 where t equal to b 1 is to gamma 1 of b 1 and this is gamma 2 of a 2 they are equal therefore this is a well-defined continuous function on a to b okay by the inverse path I am going to define what is the mean of inverse path okay of a given path we just mean the path defined by a plus b minus t we just want to reverse t to minus t so that you are just tracing the same path in the opposite direction but since you are not working into 0 comma something a comma b you have to do this much of you know arithmetic here a plus b minus t is the correct thing so when t equal to b okay it is a so that is the end point now gamma a becomes the end point when t equal to a it is gamma b which is the which is the terminal point which is starting point so the initial point and the and the and the terminal points are interchanged so that is the path the inverse path of of this one traverse in the opposite direction these definitions are borrowed from what happens to when you do integration on paths unfortunately on an arbitrary path is you can't do an integration you have to have differentiable paths or piecewise differentiable paths but we don't need that in topology or first of all we don't know what is the meaning of differentiability function taking values in an arbitrary topographic space that will be too much we we are doing topology here even in a metric space you won't know what to do with that okay so we have come far away from the Euclideanness of these topological spaces wherein differentiability etc are also valid but the idea is borrowed from there often by a curve one means the image of gamma people always you know think of arc of a circle okay ellipse or a parabola see in each of the cases the whatever curve you mean is described in a different way the circle or arc of a circle the entire circle is described by quadratic equation parabola is described quadratic equation we want to get rid of all that and that forces us to have this parameterization okay so gamma which is described in this curve now is called a parameterization like e going to t going to e power i t two power i t whatever is the description or parameterization of the circle okay so this is called a parameterization by those people who know what is a curve by different definition okay for instance the circle third equal to mod z equal to 1 this is another way of describing the unit circle this can be thought of as a curve given by gamma theta to cos theta sin theta or equivalent to e power two by i theta number i just e power i theta okay so that is a parameterization of the circle however we will consider two paths should be different if they are given by different functions okay the only condition of the function that we put is that it must be continuous so such things are called paths observe that since gamma two of b1 plus a2 minus b1 is gamma two of a2 gamma three by one it follows that the composites well defined which I have already told you thus we see that composite path is obtained by first traversing along gamma one and then along gamma two so this is the geometric idea behind this definition moreover image of this gamma is nothing but image of gamma one union image of gamma two they may overlap they may whatever may have both of them may be constant at some point then if that is the case that point will be the same for both of them because one point they agree here so all those things are allowed very very very generic nature of the definition here also note that if gamma from a b to x is a path and a less than a could a1 less than a could a2 less than a3 to b suppose we take a division cut the interval into two parts by taking a point between that namely a2 okay then you can think of this gamma as gamma one dot gamma two where gamma i's are the restriction of the original gamma to the sub integral a1 to a2 and a2 to a3 so this remark will be crucial practically important as far as this can be done for any only one division of apple you can do it finitely many cutoffs also finitely many division source okay so suppose you have a map from alpha prime beta prime to a b strictly increasing continuous function so that itself is a path actually because it's a continuous function it's a path where inside this space a b but it is strictly increasing and i'm assuming that alpha prime goes to a beta prime goes to b okay then we say that the curve gamma composite tau see gamma is from a b to x okay tau is from alpha prime beta prime to a b or just you can write alpha beta there is no need to prime the composite curve arises by a change of parameterization from gamma this is the definition now so earlier we had gamma as parameterization now gamma composite tau is a parameterization okay from gamma or that gamma composite tau is a reparameterization of gamma what is the condition for reparameterization this reparameterizing factor must be strictly increasing continuous function in in particular the direction which which you are tracing the curve is not changed for example the inverse part of inverse is not reparameterization okay or sorry gamma inverse which you have defined here okay gamma 2 gamma inverse we have defined that is not a reparameterization it is tracing it in the opposite direction okay so here i what i'm saying is this tau is from here to here but tau inverse from here to here any strictly monotonically increasing function which is continuous is systematically inverse is also continuous okay tau inverse is defined and is continuous follows that the change of parameterization is an equivalence relation among the set of all parties okay so this is one of the reasons why the equivalence classes are considered as as parties or curves okay not exactly you are not exactly interested in the equivalence ratio you can pick up one of the parameterizations which you which suits you so this will bring you more to the geometry of the curve rather than the parameterization itself okay but when you define such a thing you must see why you are using the parameterization and what is the intrinsic property why it won't change when you take the take this change of parameterization all this you have to be worried about okay so here are examples the mapping zeta t which is cos 2 pi i t plus i sin 2 pi i t which i was telling you can write it as exponential t or whatever 0 less than t less than 1 is another parameterization of the unit circle which was earlier theta only to cos theta plus i sin theta but the interval was 0 to 2 pi okay so from year to year you take multiplication by 2 pi and follow it then you get this one so that is all idea even any two points z1 and z2 belong into c the mapping 1 minus t times z1 plus t times z2 this is called what if t is restricted between 0 and 1 it is the line segment from z1 to z2 okay so this will be denoted by z1 to z2 this this bracket z1, z2 will be called line segment this notation is borrowed from what we do it real line but it's not necessarily line it could be in zr2 also line segment may be like this like this or something okay so this is the notation for actually I am not only denoting this one I am using this one for the path that describes this arc it must be from z1 to z2 t going to 1 minus t times z1 the domain must be 0, 1 and all that is there so you are welcome to write down various reparameterization of the same path okay so for example t going to t z1 plus 1 minus t z2 again 0 t less than equal to 1 will be the inverse because now when t equal to 0 it will be z2 t equal to 1 it will be z1 so this is the inverse path of that okay t is replaced by 1 minus t note that such notation is somewhat unusual okay other than interval scenario okay interval scenario like that this you have to be now familiar with often we shall merely refer to either of these segments merely by the line segment between z1 and z2 this will make sense only if we are working inside a vector space okay here I am talking about c so why I have done guess for c because these things are very very useful in complex analysis when you are doing component integration that is why motivation for just quoting these things that is all after all whatever psychology you study you would like to use them elsewhere also one of the most intuitive and primitive and important topological property is path connectedness okay deep time we just say no connectivity just means that there is no road there is no vehicle for here to there we are all isolated and so on it keeps saying so path there what do you mean by we have to have a path so that we can drive a vehicle we can try take a bicycle or whatever okay there must be a path we say a subset a of a topological space is path connected if any two point at once or two inside a can be joined in a remember what the meaning of joint we can find a path within a with end points as z1 and z2 okay by very definition if they can be joined means it is symmetric okay I do not care whether z1 is first one z2 is a terminal or the other way around it is a symmetric relation z1 can always be joined to z2 by the constant path so it is reflexive right so finally if you can z1 to z2 and z2 to z3 all of them inside a what happens you can take the composition that we have defined so that will take you from z1 to z3 therefore this this if you think of this as a relation that z1 can be joined to z2 that is a equivalence relation right now I have just defined what do you mean by path connectivity that just means that is one only one equivalence class z1 can be every point can be joined to another point okay if we have one single point or not inside a to which every other point of a can be joined then any two points of they can also be joined with each other what you have to do first start with z1 to z0 and then z0 to z2 so you take two of the paths like this and use the composition okay one single point which we can be joined all that okay it is like a so you get union of x-axis and y-axis to 0 0 comma 0 can be joined to every path every point in the union of x-axis and y-axis right so that is the kind of situation I am in mind here okay so now just all the time we have examples inside r2 r2 and so on the same thing can be done in any vector space v okay we call that a subset a of a vector space v is called a convex subset whenever you and we are there the entire line segment must be there right so that is the original convexity automatically what does it mean any two points can be joined by the line segment itself therefore in particular every convex set is path connected and more generally what you can take is a is called a star shaped subset if there exist a u belonging to a such set every v inside a a line segment is inside a so this is the case wherein you are taking union of say two lines which are intersecting at a point or several lines which are intersecting at a single point all of them so those things are stars shape okay they are not convex okay yet they are path connected because of this property because of this property that we have discussed here if we delete a single point from r it becomes disconnected well we haven't proved what is the meaning of disconnected we haven't even defined it but we immediately understand what is this one this is just this is just english word okay so right now let it hang it like that then we will we will define what is the meaning of disconnected then and we shall actually prove rigorously that this happens indeed this is true of any interval also if if we delete a point as a point is deleted okay that point should not be the end point if you from close interval 0 and if you delete 1 it will be still connected right so here I am meaning path connected okay because every point in the interval close interval 0 to open interval 1 say say a comma b every any two points you can join them there is a line segment is already there it is already convex right so you can use the word instead of just disconnected connected and so on path connected which we have defined then everything is clear here all right but if you delete one point from r why it is not path connected that is not obvious you have to use something deeper about real number okay we will come to that one so on try to prove that even if you delete a finite number of points from r n and greater than your pro quo it remains path connected so this is immediate this this can be done immediately okay see if you remove one point from r it gets disconnected but if you remove finitely many points any number of finitely many points from r2 it is still it is it is still connected you can join them by path how do you do that so I would like you to leave it to you as a exercise if which is if it is too difficult or you have not understood you can contact us again okay similarly the unit sphere in r n n greater than equal to 2 n equal to 2 it is the circle n equal to 3 it is the two sphere and so on they are all path connected even though they are not star shape how do you show the circle is path connected give an end to point there are two ways of you know you can have two different arcs you can use the restricted parameterization done but when you go to the two sphere how do you do that think about these things these are completely geometric and it is like an extension of your calculus study of calculus okay so at this stage we will take a break so we will continue tomorrow next time thank you


Hello everybody! My name is John Hammond. We're doing some more Miter Stem CTF. Linux Category, 150 points is where we're at right now in that challenge, Hierarchy. The challenge is called Solinostimus. I don't know why. Well someone, uh, avoid updating the Discord they had to like Google this and he told me it's a fish. Okay, don't know why. Says none of which are longer than 15 processes and I'm like, what? What does that mean? Uh, we were actually second to solve this. I was very, very sad and very, very upset because we were so, so close. DuckDuckNow got it before us and they looked like they're rocking. I think they've been in first place for like the professional side or whatever ineligible teams for like the longest time. So whatever, let's jump in. We've got to create a new directory now for 150 Solinostimus. Solinostimus? I don't care if I spelled that right or wrong or if that's even the right word anymore. We need to SSH connect to it and if you hit enter yes the first time you're connecting you can go ahead and check what we have in the current directory and it's nothing. So let's see what we've got here. Again, I'm going to use set. Looks like there's nothing here. Blah, blah, blah. Check out the path variable. Looks like stuff. Again, we have our home bin that we can work with. Pseudo, TACL. Nope, we don't have Pseudo anymore. So that's kind of not an outlet for us anymore. What I had thought, maybe this is a leap of faith. I don't know. I thought let's determine what these 15 processes are or if we have 15 processes. Like I wanted to look at processes, right? So I tried to just run PS and PS aux, but of course I didn't have that. So I went to the Googs to the Google. I said Linux C processes without PS, without PS. And there it is. How to print all process IDs without Linux. And it said we could determine the metadata that's in proc. So it looks like this just turns on the extension globbing where we can CD proc and try and echo everything that it finds in those. I was just kind of going to hit the I believe button and roll with it because whatever I just need to get into proc and I list stuff, which I guess that would have worked just as well because these numbers will tell us what we're looking for. So I actually tried this though. And I didn't. This is odd because I saw a process ID 15 when I was trying to solve this. So let's try that again, maybe reconnect to it. There's process 15. I don't know why I didn't have it earlier. Is that right or wrong? Maybe you had a process 15 and I didn't. I don't know. But okay. I thought that that one was peculiar because the challenge description said 15. If I were in a case of not finding that I guess I would have explored either of these or any of them to determine what we've got to work with to see if maybe one of them had again what I'm looking for now. So I went into proc, right? And I moved into check out that 15 process that's running. So Linux again, everything even running processes are considered to be files and things you can look at and work with and read. So a very, very cool thing is if I wanted to I could check out what is the current working directory that they're working in or I'm sorry, CWD. Nothing in there. Looks like a directory. That's fine. I could check out what the executable is. Looks like it is tail. Very interesting. So what I usually find to be the most valuable thing to look at is actually the command line. And you don't always have spaces whenever I read this, which I think is peculiar and funny. But you're able to see, okay, this is the command line that was entered to start that process or to do what it would do. So I see this interesting thing now because I have tail tack f, etc. system, system, blah, blah, blah. So it looks like it's trying to read a file with tail that is supposedly this thing. And it's called multi user target wants do want dot text. So that sounds odd and strange. But let's check it out. Huh, okay, looks like the the flag here just kind of put it all together. So does tail tack f actually give us that? No, it looks like it just gets the last couple lines fluidly. So what I had done after I immediately saw this was okay, let's use TR and remove with tag D to delete all the new line characters. And now I have the flag mca shashu pay nine jv, which is weird. But that's that that is how I solve that challenge, checking out the 15th process, looking at the command line, seeing what it was doing and how was doing it, detecting that file and then just cutting it up and removing all the new lines. So that is the flag submit that for some good points. And let's keep note of that. Let's do nano flag dot text. And again, if you wanted to just jot down little solution. Check out process 15 cat proc 15 command line, and then read the file is suggested. Blah, blah, blah. That's a crappy one because it's not very specific, but better than trying to automate it in our case and not saving our solution whatsoever. So that's that 150 points in the bag. It's marked that as complete. And I hope that was cool. I hope if you guys haven't done that before, checking out some of the process is is processes, processes as a file and Linux. That's a neat thing to do. And just checking out that directory, you're able to find a process ID and move into it and see what else you can access for that. So thanks for watching, everybody. If you liked this video, please do like comment and subscribe, but join our discord server. It's a cool community full of CTO players, programs and hackers. You can hang out with me and other cool people that are like way smarter than me. So awesome place to grow and awesome place to learn. If you'd like to support me, please check me out on Patreon. If you'd like, I got a PayPal link up there. If you want to hang out, I'm grateful for each and every one of you. I can't say it enough. And yeah, how do you end a video? How do you just like a stop record button over there?