Good morning. I Wanted to start with a question. We had a at the speakers dinner. We had a discussion And someone said I think that people want to be led Can you put your hands up if you say I like to have a boss? Who who likes to have a boss? I Don't see too many hands. Who who is the boss? Oh a lot of yeah, yeah, okay Um Makes it's clear So I want to tell you about my story. I'm I had the problems since my primary primary school with my teachers I had some authority problems. So I think that's one of the main reasons that I started this organization And I think you can develop yourself the best possible way when you are freed from all kind of Structures bits and people who are telling you what to do. So you should Find out yourself what you think it's important and that should be leading in your life like in your private life This presentation I called it in humanity above bureaucracy By integrating simplification in the teal organization Some of you have read the book of Frederick Lalu and the teal organization I didn't know I didn't hear from it before but we are a teal organization as I know now and We are integrating simplification So we try to make things simple where a lot of people want to make the world very complex Let me say if we make it simple then it's very easy to for people to take responsibility I started in a new organization in 2006 at the end of 2006 together with some friends so I've been a district nurse for 15 years worked as a nurse and after that I became manager director in two big home care organizations in Holland and It was amazing to see that The idea of the organization was it became more and more professional But the quality of the service went down and down every year now And that was one of the 16 directors and I said we are bit too many of us And we are just bothering the nurses to do their work But they didn't agree so then I had to leave and start something for myself We started with four nurses And we started we called it but sort of because it means neighborhood nursing And my idea was we should focus on the networks in the neighborhood And that's the way I worked myself in the 80s as a district nurse We just started delivering community health care again as we thought it would be the best possible way And we started to work together with GPs with volunteers with Occupational therapists social workers and so on at the moment. We have 9700 nurses working all over the country in 850 independent teams So these these teams are self-organized. I will tell more about it later We have 45 staff at the back of we don't have a management structure So we don't have managers and it's all self-organized. We only have 15 coaches They can be Supportive to the teams when the teams need it. So and when you have a manager, they're always there also when you don't need it And then it can be a big burden At the moment we are taking care for 70,000 patients a year all kind of patients Based swap terminal patients with chronicle diseases and so on One of the results of the Dutch policy and home care and I also see it within the NHS in England For four years. I've been in England a lot and I talked with a lot of people within the NHS and I'm Curious, but one of the coming speakers will tell me about what's happening within the NHS but what we saw in Holland is that based on the ideas of making health care a business led to a lot of Fragmentation so we were delivering activities instead of creating solutions and that's a very big difference And it led to a lot of fragmentation lists with showers and list was taking care for wounds and so on But and every nurse had to register it by the minute So the quality went down and the coast went up because we were doing a lot of things which was not really necessary and We created sometimes more problems and we solved so that was what I saw And what you saw also that the education level was going down throughout the years because Giving many hours spending many hours against low cost was very profitable for the organization And by working this way the prognosis were that we would have big capacity problems We all have an aging society So for the coming 10 20 30 years we have to think about how can we have enough workforce to do all the work? The clients are very important I had to face with a lot of different caregivers sometimes 40 50 per month different people and imagine that one of your relatives is Has diamond dementia and every time again you have to explain how it works What it's important for you you can't build trustful relationships with so many people when you have more than seven people Dealing with your big your family then you lose control on your life So then you are controlled by the others who are coming at your house And I think you shouldn't want this and then At the way we are we're monitoring the results led to not any information about the outcomes So we had we knew we know how many hours care we are spending all over the country But we don't know if it's helping anybody So we spent billions of euros Bounce euros, and we don't know if people are helped in the best possible way So we started this organization 2007 The idea was just create small teams in the neighborhood Nurses who are choosing their own colleagues and organizing everything themselves And from the start from the first moment we had this first team We got nurses all over the country who were phoning mailing Contacting with us and said would you come and tell us what what you're doing there in the east of Holland? So I was evening at by evening. I was at living rooms of people nurses talking about our profession. What's important for nursing and and at the end of the evening And they said when can we start because I think this is what we also want so every time Every evening again. There was in one part of the country The start of just small revolution and these nurses were just organizing themselves and within two months Usually they were running and they were cost effective So the risk was very low They have their the builder networks and what they were doing was much better than what they did before in the organization They've worked before so they're doing everything themselves. They talk about how to divide the roles in the team and they built their networks based on informal relationships This is what what our vision is that we should support independence We should focus on the community and we should create healthy communities by working with volunteers with the families with formal caregivers from an perspective of empowering the people and That's much more inspiring to do so if if you do that every day as a nurse then your day is like Every day it's like an an adventure so every day you meet people who you learn from You can decide yourself on how to deal with everything you meet and a lot of patients feel empowered By the way, we are working and you use the resources of the community So there are a lot of resources in the community which are not used so the pressure on the formal care Gets bigger and bigger and we should share it the former cavity informal caregivers That's and this is for most nurses. This is very logic So we're now working in 35 countries and when I explained this to doctors and nurses. They say yes That's what we should want to do It's all based on self-organization The idea is just let's just trust the nurses. You don't need to control them I don't know any nurse who started a day and say okay today. I'm going to Trouble my patients or tease them or hit them or whatever So when you trust the people they will take a responsible Responsibility they will feel accountable for what they're doing So that's what we try to show that it would work very Preventive if you work this way But we did to avoid all the complexity of the system because like in England and a lot of countries we built very bureaucratic Systems with a lot of regulations and administration. We build our own IT company. So We at the moment, I think we built around 10 companies And yeah, it's very easy just to build a company's not so I didn't do it before but when you started like Something like a disease It's yeah Yesterday I was on this television. We started to an health insurer. So to threaten the other health insurers to behave otherwise Yes, it's working already It's it's but we try to reduce the complexity So it's all dealt with in the IT system. So the nurse can just do what they think they should do They spent 10 minutes a day for the administration and that's it As I said, there's a maximum of 12 nurses because you don't have bigger tables So they have their own office and they in the office They talk about their patients and they can care for all the things what's needed 70% are registered nurses and in the average home care organization in Holland. It's just 10% on bachelor registered nurses They are responsible for their own education budget that they decide themselves on what they want to be educated in and what's needed And we say informal networks are much more important than former structures. So we don't Make any contracts with anybody. So we say just do what you think it's needed and create your networks Which is needed to create good solutions that the teams are supported by Training it's called the solution into interaction method solution driven interaction method We say focus on the solutions Don't spend too much time on the on the problems and analyzing the problems and who's guilty of the problems and so on Because that's not solving it. So try to focus on how can we in a simple way solve the problems? And then you get these kind of teams very happy Then you get these kind of patients. She's she's already 105 now. Yes. Yes, she won't like to die Yeah, and a lot of Rotterdam's is living So yes, we have a very active discussion in Holland about euthanasia, but it's not part of the discussion in Rotterdam We have different types of patients So the idea was when you are dealing with problems in the community It would be nice that you can deal with every kind of problem. So that's the reason that we say then you need high skilled nurses and These nurses have a very big variety on in their daily practice. So They as I said, they learn every day by the things they're doing and a lot of things we are learning in In in healthcare is based on tessit knowledge So it's you can't write it down in protocols and regulations and you shouldn't do it But you have to talk about it. You have to talk about it with each other and then you can share your knowledge and experience And when it's about quality, we had a lot of questions when we started how do you monitor quality? When I said at the moment, we are also not monitoring quality We're just saying that if you have a quality system, then it's something like an assurance that you deliver quality But we said is we are going to monitor the outcome. We want to show what the result is of what we are doing So that's so that's we doing that with the Omaha system it's too takes too long to explain that but It's a system which monitors problems intervention and outcome and At the moment the Dutch Ministry decided to make it a national standard. So it took us six years talking and discussing but at the end we Succeeded we focus on roles and activities in the teams So we said if you want to work together think think about how you deal with the burdens in the system The teams have a team compass so can they can see how they are doing compared also with other teams As I already said they have a higher education level and we measure the satisfaction of the clients regularly and every year We do a national research on that Then about the back office we my wife and me we started together as he's responsible for the back office And but she's she hates to be called manager or director So she's just said I'm just one of the others and when they need me this they just can ask my advice There are we have an hour turnover of three hundred fifteen million euro and we don't have a CFO So I don't if there are financial people here, but You don't need no sorry Now I would say before I became a nurse I studied economics for yes I was promised to be a very good economist, but it didn't work out They had to stay care of the bureaucracy So the nurses can just do that daily work and enjoy it But of course the care need to be charged We are paid by the health insurance most of the money comes from the health insurance And of course they want to have their salaries, but we have now almost ten thousand people ten thousand salaries per month And it's dealt a bit by three women So these three women taking care and the efforts organization has 25 to 30 people when you talk about these amounts of Employees and we're making some financial statements. It's all on the one page So it's very easy to have a very simple cost structure And when you keep it simple then you can avoid a lot of coordination and a lot of management This is about the IT system friend of mine was a quite a visionary in 2005 he Designed our IT strategy for the coming years and now a lot of other organizations are using it and What I've what I've seen of what I noticed is that Communication knowledge exchange Information can be dealt with in a quite a different way when you use IT in a proper way So all the nurses are working with iPads, so they're working They're making the care plans together with the patients and everything you need is in the system at the point of care so and I'm doing my my Blocks on on on the community so it's we we started Sharing information sharing knowledge and it was 2007 so Facebook was Growing very fast. So we said let's make our own Facebook and this way we are sharing ideas So some every two weeks I write my blog and then I got a lot of comments on it and then I say okay If these comments are going with certain direction, then we say, okay, let's make it our new policy So that's how policy I don't write strategy notes I don't write policy notes and I should advise everyone to stop with doing that because it's not No, it takes a lot of time and you think you're doing very serious things, but No, nobody nobody you don't do it. You see that nobody's waiting for it. So that's Really So and and that's what I noticed because I was in my former job. I was director of innovations and I was really I was the The champion in making plans And then I didn't do it anymore. Nobody was asking me. Why are you not making plans anymore? But all the the things and yet where the IT system is dealing with creates a Common feeling where shared values all the nurses that have focused on the neighborhood But they feel like they are connected with the other teams by the internet. So it's it's a network organization and But what makes it very special for me is that it doesn't lead to problems and the problem-solving The the way the teams are solving their own problems is growing throughout the years So and a lot of things are going horizontally. So then I can't just go to England and talk at conferences What we don't do is we don't have management meetings right policy. That's the easy documents We don't have HR department. So if there are it's hard people try to find another no Year plans and other useless things so Oh, sorry, sorry, sorry, I don't want to offend anybody and it's just a starting of the day. Yeah, we're growing very fast so Every every month we have 150 to 200 nurses coming to work for us and we don't know how to stop it So it's yes It's now we have real problem because we have more and more 65 plus nurses who don't want to quit their work They can retire but I don't want to retire. So we have more than 200 now who say cannot go on for a year or a year So I said, of course We are in the whole country now. We are doing new innovations youth care domestic social care mental care pensions for rehabilitation hospice is physiotherapy Occupation that's all these things are Just Starting by itself. So we're not organizing it But someone says, oh, it's a good idea to have also a youth care part Then we say, okay, let's try it and then it's going very well and then say, okay, let's let it let grow what What's can grow? We started international start in Sweden. It was I'm just came back from China and Taiwan I didn't know did you see that the president of China and Taiwan met? It was just after my visit Yeah No, I met I met with the first lady of Taiwan. So she even give me a present a present So it's it's influencing everything. We see It's it's be as I now understand we created a new theoretical model Frederick Lalu wrote a lot of nice things about it And I recognize the first time I talked with him I had an idea that he was the first one who really understood what we were doing because Tomman was a lot of people saying oh, it's just about the self-organizing teams or self-stealing teams But it's how how do you deal built a bit? Meaningful things in your daily practice then Shadda Nandram. She's wrote a book organizational innovation by integrating simplification and Said there are three main principles. She discovered in boots. Oh, she said the needing principle So though what needed don't do what's not needed the rethinking principle try to find out what works And then the common sense principle just use your common sense like you do at home. So that's a very important one Then you get these kind of teams We measure the satisfaction of the employees Because the idea was that the pressure on the nurses would be too big when they have to make all the decisions themselves So that were our competitors were there saying and and then we start 2011 to Join the price of the best employee then from the first moment we became the best employer of Holland Another happy team in the north hardling in And of course we measured the satisfaction of clients and what was funny that it's also from the start we had the highest client satisfaction and the assumption that people want much hours of care was not True because what we but we shown is that we deliver less hours of care and we created the highest satisfaction. So We also have some nice innovations. This is a radio program. It started by one of our nurses She said we should communicate in a different way with our environment. So every week. It's a radio program radio stockings And this is I will show you a few check seconds of What one of the other nurses? Started it's called the Walker race and I don't know if it's coming, but No Then I just tell you there was this one One lady she was 85 and she said there are competitions for everybody, but not for us ladies behind the Walker People behind the Walker. So this nurse said, oh, let's start just this competition and she did it 2010 for the first time in Amsterdam and Last September there was a national competition in the Olympic stadium It was it was called the Rolimpi8 So there were hundreds of people coming all over the country with the walkers and had to cut a medal for 400 meters Or 800 meters. Yes, it was amazing to see and it's just by focusing on what people can do Now we go back to this Slides I'm almost done. So I have four seconds for the last But I had one minute later because of the okay Now as I said We measured the outcome that the results of it gave there was a KPMG report and two Ernst and young reports and At the moment the governing is our government is supporting everything what we are doing So they say this would be a role model for the rest of the country I was with the Minister of Health in China and he was telling the Chinese mayors of Shanghai That it was became one of his most important pillars of his current policy So I was quite proud and now China wants to also And it's quite a big country So and it's more and more we see that other industries also want to use the principles And I'm traveling all over the world one side on health care and the other side on how to organize So this is it and this is what I want to achieve My youngest son is becoming a nurse he's 22 and I think we should leave the world in a much more friendly way than we Started it 10 or 20 years ago, and we need to attract young people in health care so they can have an attractive Job so this was what I wanted to share with you today, and I hope you have a wonderful day


for any landlord. Offer the tenant money to pay a deposit elsewhere and I'll tell you why I say that and it sounds it goes against my grain and it also goes against the justice in this world right someone who really owes you a month or two worth of rental and you're saying here's money for you to go away but just hear me out for a second. If you don't do that and you go to war the reality is you're going to be incurring those legal fees I just spoke about you'll be then having a matter of


Hey everyone welcome to this week's video update today's Friday, March 27th We're gonna go over all the alerts all the current positions just for you pro members And before we do that, let's jump into the community and talk about who got caught being hot So this week goes to our friend Robin H Robin's been with us for since I think November of last year and just been consistently Providing value sharing trade ideas answering other members questions asking great questions. So congrats Robin. You got caught being hot Also before we jump in I posted it in the community this morning We're considering it moving the community platform to to a new platform and It's it's a little bit more of a forum style and there's been some you know discussions complaints kind of issues with The current community where you know kind of auto defaults to your What they call personal feed instead of showing everything. So I know some people had questions about missing different posts and notifications and things like that it there are ways to make sure that you With the bell, you know, make sure you receive notifications, but there are some other little quirks We just one thing is we don't have any control over the current community is kind of out of the box Platform and and you just kind of got to deal with how it works and it's been great But we're always trying to improve and so we are just we're looking for feedback it's not a hundred percent sure that we're gonna switch over but But there's a couple benefits one is with this with this new platform One like I said, there's no news feed So you can easily just go to the different topic you want to see and it'll It'll notify you and a new post comes in and you can really have a detailed customization over how you receive notifications The other thing is it's very Developer friendly so our developer can jump in And you know create or tie in other applications and things So there's a lot of potential that we can do with it and it's pretty, you know clean cut easy to use very user friendly So if you haven't already jumped in here feel free just give us Give us some feedback if you have any we really value your opinions just because you know This is obviously for you. We want to make this the the best most frictionless easy to use And and and most importantly make sure that you are Engaged now one thing it doesn't have is you know the mighty networks app Which is the current platform has a great app if any of you use it on mobile. It's very easy You know keeps you logged in so you don't ever have to log in again One of the problems with it though is there's no integration with other platforms So, you know, we have the the community platform which has one sign in we have our membership Which has another sign in and so once you once you kind of get on board and figure it out It's it's not too bad, but I know it's it's especially confusing for new members coming on board. So just want to get everyone's feedback and You know, this is pretty bare bones. We basically just set up some topics and A couple posts in here, but it's pretty bare bones right now, but a lot of potential. So Let us know what you think On that note, we also are going to be rolling out the new membership platform And so this is what that looks like. So we've you've got a dashboard here and So you'll you'll have, you know, your navigation alerts your your course that you can go to all the different strategy courses We're we're just going to put them all into one called the pro member master course It's a pretty sleek design as far as for viewing the videos If we take a look here at a quick example Come on come on come on load up load up but basically, um, you know, it's a it's a lot better just from a Usability than our current membership platform. And so Go through and click on the different videos Nice, you know, much better video player and that kind of thing um, and then We've got, uh, you know, all the you know, the downloads watch list trade tracker Link to the community. We're we're going to have a live stream and chat room So if you click on that or we'll we'll go live a lot more different topics and presentations where you can Chime in by chat and all that good stuff The other cool thing is the alerts and so this is actually what's been taking the longest is It doesn't look like much but the amount of development that goes into it integrating in the back end to deliver these the way they're going to be delivered is is pretty complex, but Uh, the look and feel I think is is much better. You know, it's gonna have what type of trade rolling opening Closing whatever the symbol initial strategy. It'll have the toss string here Uh, the trade comments ivy percentile days to expiration Uh, and then and then the biggest improvement is really these legs. So Uh, this is gonna come both here in the membership area as well as by email So, you know, we get a lot of questions, you know, when you see the toss strings, especially for newer traders, you don't really know What that means unless you can copy and paste it into toss or if you're familiar with the strategy Uh, so we're going to break it down to show you exactly what the legs are You know, so sell a call that the 80 strike sell a put at the 95 strike and so forth and so on So it gives you exactly what we're doing to make that a little bit more easily interpreted and then of course Uh, we've got the current positions and closed trades So you'll always have the ability to see the screenshot And exactly where we're at with the different positions So that's pretty cool. Uh, then we've got some more stuff coming. Um, you can you can update your profile and things here Like any membership platform should unfortunately the current one is just a little archaic and so it doesn't so That's gonna be nice. Uh, so anyway, um, that's what we've got going on And then like I said a lot more stuff coming, but this is kind of the initial stuff It's taken a lot longer than expected, but it is coming soon. So Uh, let us know what you think and then, um And then let's go to the alerts One other thing question, uh, that's come up in the community Especially on a couple of these bunkers because we haven't done too many of them is You know, what are the what are the strikes? So remember under current portfolio here in the membership area, we always post the screenshot and it's got the strikes down below there So you can see those so, um, I know there's been a lot of questions There are several questions in the community about which strikes and you know, you know just from the toastering It was a little confusing. So always make sure you check there if you have that question And let's jump into the alerts for the week starting with Monday, which was what was Monday the 23rd? Yeah So first trade rolling adjusting trade in xlk So we had a long put vertical and we we rolled this from april to may And then just adjusted our strikes as price continued to move down. So let's check out xlk on the platform Go to the analyze tab. So you've got uh price hanging out outside the range obviously uh with the anticipation Of the stimulus The deal being passed. We had a pretty sizable up move this week And so after we after we rolled that trade got a little bit of uh push back against us on our on some of these short vertical spreads And so that's where we're at right now. So this one's right out of range But we are looking for further downside in the market and so we're we're okay having this on and keeping this and Providing that short delta exposure Uh real quick before I continue on some of the other alerts just to just to look at the s and p today and talk a little bit about what happened so the um So, you know that we had that we had the the deal on the table passed by the senate needed the uh vote by the house And it was supposed to be signed this morning and then one One member of congress decided instead of doing the vote over the phone He was going to require Everyone to come back in person and do a live vote for so There's all these crazy congress women and congressmen traveling around the country and jumping on You know empty airplanes and getting in their cars and driving back to dc to get this thing done Uh, they did get it done if we look at an intraday chart five-minute chart, um You know what overnight the the market was down You know, it's in the gray shaded area. We have the market going down So it it opened down and then all day basically it just kind of Grinded higher to a point where it got almost back to even on the day based on yesterday's close And then in the last what is that 30 minutes just absolutely fell apart and what's what's interesting about this is that was about the time that Trump announced that he was signing this 2.2 trillion dollar stimulus So the market is is acting very interesting, you know, it's it's it's the whole classic Buy the rumor sell the news right in anticipation of this The market is reacting positively and then once it happens boom the bottom the bottom falls out and so You know, we you know, who knows? I mean this thing could just continue and rip higher But I just don't see that happening. I really think we're going to see some more downside I think the the financial Devastation of all these businesses being closed and unemployment And and and things that are going on. I really think we're going to see some further downside. So That's what we're anticipating We we added some additional short delta, which I'll get to in the alerts, but I just wanted to kind of Give that little commentary on on what happened today specifically s&p's ended up down 88 down almost a thousand NASDAQ down 283 in the Russell down 46 the market is currently closed been closed for about an hour At the time of this recording. So that's what's happening opening trade in SPY so we put on a new iron duck in SPY I did this one with seven days to expiration We ended up taking that off booking a beak profit after price ran higher Got to a point where there's very little chance of Getting back to the duckhead. So we just booked that beak profit Next trade rolling adjusting trade in di a so another one of our short call verticals rolled this from april To may adjusted the strikes down as the market had moved down And so let's take a look at di a We've got two sets on here one with four contracts one with three There's the one with three actually with that big move higher that one Price is out of range on that piece and then this one here Price is just outside of range here. So just again keeping that on for that short delta exposure Next trade rolling adjusting trade in de so similar situation This uh short call vertical rolled this from april to may and adjusted those strikes down I'll go to de on the platform here in just a second because we had another trade Closing trade in roku. So this was the one that we actually took off for a loser. We did a reverse duck Got caught in that upswing and roku really fired higher and and so we we got we just bailed on that one Let's take a look at a chart of roku There's actually looking to potentially re-enter this but we we entered after it already made a couple days of move higher And then on this day just these next two days. It just exploded higher. So we got out Um, I was looking to potentially add another one on but it hasn't gone up again since then So might potentially look for that. It does have earnings coming up here in A little over month. So we've got some time in there, but If we get a pop-up in roku We may look to add another reverse duck because it does have that reverse skew Where the when it calls are trading richer than the puts Next trade closing trade in vxx. So when volatility had really spiked We we sold short call verticals on vxx in anticipation of volatility contracting and it sure did Earlier this week took this off on 324 booked well over 50 of max profit on that trade Opening trade in xrt. So as the market continued to go up this week We added some short delta one of which those trades was a bunker in xrt Now we used xrt for a couple reasons one It's the retail sector etf. I think retail still has some some downside Even even more downside than the overall broad market like the s and p. So that's one reason the other thing is We've got several trades in di a q q q i w m sp y So instead of using that we just went to one of these sector etfs in this case retail Did this with 87 days to expiration And part of the reason so, you know, we talked about the kind of the the The range of dates to use here, you know anywhere from You know up to 140 days out We we went on the lower end of that just because we're anticipating a fairly quick move downwards If we if we wanted if we were having short delta and wanting a little bit more duration We could we could have gone further out, but in this case Looking for a pretty quick move. So used a little bit shorter duration as it relates to these bunker trades And so I'll go to xrt here in a minute because we got another trade in there Uh opening trade in tlt so we did a a double calendar in tlt This one we did nine days on the front week 15 days on the back week And so let's take a look at tlt now this one had some implied volatility contraction You can see after we put this on you can see the ivy percentile hasn't moved much But the ivy rank has really contracted and that's why we like to have both of these on our screen because there's sometimes when ivy rank You know if there's a big spike It's going to be a little bit inaccurate whereas ivy percentiles a little bit more steady And in a case like this where you see implied volatility high You know that that is a major contraction even though ivy percentile stayed steady So that's that's one of the reasons that we keep both of these on our screen Uh going to the analyze tab here. So based on that remember a calendar double calendars Benefit from ivy expansion and this contracted so you can see we're still well within range But we're down a little bit on the trade and so if we get a little bit of ivy expansion in the bonds next week that'll benefit this And this expires four four. So we'll be getting out of that trade Either the day of expiration or the day before and if it does rip out of our range then then we'll be out You know, we've we've got about uh, so eight eight hundred seventy two bucks is about the well That's the debit we paid And and that's our max risk. And so if we get down about 500 bucks We will we'll bail on this trade, but hopefully it kind of stays in range and we get a nice profit there Next trade opening trade and xrt. So we added the next day. We added another bunker after that big move higher Um same cycle and we just used a little bit different strike. So let's go to xrt And check that out here on the analyze tab So we did one is a four by eight Four contracts by eight contracts and that one looks like this here now the The market is currently closed. And so that's not that p&l is not accurate. We are actually profitable on this trade Uh, let's take a look at the other one. See if it's a little bit. Yeah, I see I mean this p&l is not drooping down like that. It's it's up here. So we're actually up a couple hundred bucks On this trade on both these trades so far. It's just not showing it because the market is currently closed Next trade opening adjusting trade in de so we again the market moving higher adding some short delta in this case We add another short call vertical in de I did this out in may with 50 days. So now we've got two sets in de I had a I mean de really ripped higher When the market was going higher as well. So Uh, we are out of range a little bit here on the on the one with three contracts. We're well out of range But still a you know decent chance we get back into range before expiration And then the one we added a price moved higher after we added it So it's a little bit out of range too, but again keeping this for that for that downside exposure Next trade closing trade in spy. So this one I already mentioned where we closed our duck booked a little bit under beak profits Next trade opening trade in spx. So we did a new weekly double calendar in spx did this one with the front week at eight days Back week at 11 days And again, I put here if if loss exceeds 500 that that's when we would bail on a losing trade. Otherwise, we'll keep this until Close to expiration either day of or day before expiration And you know in the course we talk about getting out if um You know if price if we hit a loss point of about 25 percent of debit paid The thing with these that how they differ from the ones that we that we with the criteria from the course is You know, we're we're using about the 40 delta So it was a little bit closer into price in the way in the way we teach it in the course And we we're going with you know, six to eight days on the front week all the way out to 20 to 22 days in the back week And that that is still a great way to do it in lower implied volatility Uh situations but right now we're in such a period of high implied volatility that we're using about the 25 to 30 delta So we're widening this thing out giving ourselves a higher probability of profit And then we are squeezing in The duration of our between our front week and our back week So you can see the front week is the april third cycle and the back week is only april sixth So just three days difference and by doing that we're lowering our buying power requirement So this only cost about 1100 bucks and buying power to put on And and it's taken a little bit out of the Game of the differential between the between the between the durations it comes becomes a little bit more of a Just a pure theta decay play Um, yeah, obviously implied volatility expanding and track contracting are still absolutely going to affect this But there's not as wide of a differential between the durations Uh, so that's that's why we're kind of doing it this way during this period And then I said, you know, if we get down about 500 bucks, that's when we'll bail on this And that's about 50 of the debit paid here because of the different criteria criteria that we're using to set these up So hopefully that makes sense Um, so anyway, this is uh, you know, we put this on just a couple days ago. It's already up 600 bucks these these Weekly short duration double calendars have just been killing it Uh, so hopefully that continues obviously Uh, this implied high applied volatility isn't gonna isn't gonna last forever but get in while it getting is good And uh, and remember we we try not to put these on like we didn't add another one today Because of the spike in implied volatility We like to put these on In periods when implied volatility is contracting, you know, you can see vix futures up 16 percent today So that's not a day you want to enter one of these, but if you already have it on it sure helps So that's why we're up 600 bucks on this trade already And then if you go through time so this expires four four So if we take this off on four two or four three, you know, we've got a you know Based on current price and volatility and we've got a you know profit potential and the kind of that, you know 1200 to 1200 to 1800 dollars obviously if implied volatility expands that could be even more If we wait if we go in one more day, you know more up into that 2000 2100 1800 dollar type profit range so And and and the cool thing is I mean we're only risking $1,100 on this trade That's the max profit and the buying power requirement And we're starting out with you know about an 80 percent 75 80 percent probability of profit So it's just crazy the way that implied volatility is is affecting these options right now. So good stuff And and and again another shout out to Tim Weiss I mean he's doing a little bit different style and he's using double diagonals Where the where the strikes are different as opposed to the calendars You get the the short put in the long put or the same strike short call in the long call or the same strike But the concepts are the same and implied volatility affects it the same Um, it's just you know, that's that's Tim's preference and but shout out to him for kind of You know really posting a lot on that in the community it it caused me to go back and look at these and And so we'll continue to do these And and hopefully keep up the good work Next trade opening trade in win. So we did a another bunker trade. We did this one in win So again looking for short delta exposure and in this case Looking at casinos and and it was a good choice Obviously in hindsight don't know this is gonna happen, but you know win down 11 percent today. So That is helpful. So we are profitable here again. I'm not sure if that's quite accurate shows up 138 bucks so far I think it might be a little bit better than that if the market was open, but Good good trade so far nonetheless Closing trade in spx. So this was the weekly double calendar that we put on last week So we're just in this for six days booked almost two grand on the trade with just one contract Great trade there Next trade rolling just in trade in cl. So oil. So we had that remaining put and we were You know hoping for a little bit of a bounce before the 21 days the expiration came We're gonna be doing this today with 20 days and rolled out to 48 So we rolled out that short put and then added the call back in and so essentially we bought back that put And sold a strangle and and we're inverted. So we've got the 32 call and 47 and a half put And so let's take a look at the platform. I'll show you what that looks like Uh, so that's the other one we have When we just rolled looks like this. So, you know, you can see we've got by by going inverted We're collecting a credit on the roll. We've got, you know, a big max profit of over 80 400 So if we can get a little bit of a bounce in oil and stay in this range and, you know, you know, get back another Let's say 50 of that. So another $4,200 And then roll again and and, you know, if implied volatility stays high, you know, it'll it'll take a few cycles to get back that loss But I've I've gotten back bigger losses. And so Uh, for those of you still in it with me, uh, that's the plan We're gonna we're gonna continue to manage this and try to get back to profitability The other piece of that of doing that is we also added another one and man, I mean The implied volatility in oil has been nuts right after we put this on implied volatility spiked We are down like $1900 even though we are almost dead centered in the range of this thing And then implied volatility contracted like crazy and now we're up 400 You know, just you know, had we had we put this thing on just like two days later Uh, we probably already would have taken it off just a few days later and booked, you know, 30 40 50 percent of of max profit But of course you can't can't trade in hindsight. So we are where we are Next trade we're only adjusting trade in smh. So we had this short strangle in smh And so got down to 21 days to expiration. So we rolled out to may So we take a look at smh We kept the strikes the same because it was pretty well centered And so the price is hanging out right here. So now we're just playing the waiting game Waiting for some more theta decay and hopefully we bebop around in this range here Next trade xbi. So the same kind of a situation just got down to 21 days to expiration rolled out to may in this case xbi is inverted and so Here's what that looks like and again markets closed this p&l line looks a little goofy But uh price is hanging out right here And so just uh just looking for some more theta decay to decay in xbi So those are all the alerts. Let's take a look at some of the other positions Starting with 6e. So we've got this strangle which has been adjusted into a straddle Uh price is hanging out pretty well centered here. So just trying to get back some some profit get back to profits in 6e Mentioned oil. Yes, we've got this long put vertical here price is just inside range. So just holding that for that short delta Gold another crazy iv You know this I mean this thing was way out here The price was way out of range But there's still so much premium left in the untested side that we did not adjust And then price ripped all the way back here Now we're in the upper end or the upper end of the range And so gold has just been on a crazy whip And so we're just still holding this and you know, obviously implied volatility has expanded And so that's why you're seeing that p&l line down from uh from where it normally would be in a in a normal market But uh just holding this and continuing to let that theta decay Natty gas we've got this Adjusted strangle here price is hanging out right here on the lower end of the range If we take a look at the untested side still got a lot of premium in those calls So we're not looking to make an adjustment yet And as far as time goes still got 31 days. So got another 11 ish days before we would roll that one out in time ZB ZB was starting to act nice for us coming back into range and then it's and then it's been ripping higher here Over the last week and a half or so Uh, but again, we've got two different inverted strangles That's not right So we've got this one, uh, so we need a little bit of downside action in bonds and some downside action here in bonds as well Now we've got 28 days. So next friday or next monday We'll be rolling these out as well. So hopefully we get a little bit of downside action before we do that Wheat we've got an iron condor price is hanging out right here Just waiting for some more time to pass if we do Get out here. I almost added another wheat iron condor prices all the way down here On the lower end breakeven and I almost added one But then the next when I went to do it price just ripped higher and it's continued higher Now we're in the upper end of this range of this one So just playing the waiting game here if we take a look at wheat you can see it was on that Long slide and then boom Price of price of wheat just just absolutely accelerated So that is where we are at apple down 4 percent today Some big swings in apple xd prices just inside the range here of our long put vertical again holding that for short delta I mentioned de i mentioned dia i wm another short delta play prices hanging out just outside the breakeven Looking for some downside action there. This one is still in april So just just holding this and we'll hold this all the way down to expiration week if we need to but You know if we obviously if we get a quick move lower, we'll roll this out to may and and keep that short delta on qqq We've got this short call vertical prices hanging out just outside the range need a little bit of downside action to get back in Uh, let's see spy. Did I mention? No, okay, so we got iron condor in spy. It's pretty well centered I just went with waiting for some more profit before we get out of that one Tlt I mentioned win. I mentioned that one xbi xlk another short delta This is this being a long put vertical Uh, just looking for some more downside to get back in there Also, I've got got a couple questions in the community this week about you know If i'm looking to add a vertical spread for for short delta What's better a short call vertical or a long put vertical? Well, as you can see we've got both You know, it's it's really a directional play and Obviously because of the long put component if you have a long put vertical If price goes down typically implied volatility is going to expand and that's going to give you ever so slightly a little bit more benefit Uh, but it works both ways if price goes up and vi volatility contracts You're tiny bit better off having a short call vertical. So Not a big deal either way either one is just fine And then lastly xrt which I already mentioned we've got those two bunkers on so That is where we're at my friends everybody. Have a great weekend. We'll talk to you next week


Why is Uganda so rich? Uganda is an East African country with a varied landscape that includes the snow-capped Arwanzari Mountains and the massive Lake Victoria. Among the diverse wildlife are chimps and unusual birds. The endangered mountain gorillas are protected in the remote B-Windy and Penetrable National Park. Merchison Falls National Park in the Northwest is famous for its 43-meter-high waterfall and fauna. Uganda's economy has significant potential and appears to be on a path of rapid growth and development. The country is rich in natural resources such as fertile land, consistent rainfall, and mineral deposits. Uganda has experienced chronic political instability and unpredictable economic management since gaining independence, resulting in a record of prolonged economic decline, placing it even among the world's poorest and least-developed countries. The informal economy, which is dominated by women, can be defined broadly as a group of vulnerable people who work without protections. Women face numerous gender-specific barriers to accessing Uganda's formal economy, and research has revealed prejudice against lending to women in the informal sector. Despite the discovery of vast petroleum reserves in the country's west, national energy needs have typically outpaced domestic energy generation. Hello and welcome to another day of exploration on Africa Reloaded. Today we take a tour of Uganda to delve into its riches and see how they benefit the country, other African countries, and the world at large. Economy of Uganda Following the upheaval of the Amun era, the country began its economic reconstruction program in 1981 with substantial foreign aid. Excessive fiscal and monetary policies, as well as a resurgence of civil strife, resulted in a drop in economic performance beginning in mid-1984. Since the 1990s, the economy has expanded from 1990 to 2015. Real GDP increased by an average of 6.7% per year, while real GDP per capita increased by 3.3% per year. During this period, the Ugandan economy experienced significant changes. Agriculture's share of GDP value added fell from 56% in 1990 to 24% in 2015. Fisheries share increased from 11% to 20%, with manufacturing increasing at a slower rate, from 6% to 9% of GDP, and services share increased from 32% to 55%. With the increased discovery of petroleum reserves, the current economy is experiencing rapid growth, factors that contribute to the growth of the country, international trade and finance. Since assuming power in early 1986, Museveni's government has made significant strides toward economic recovery. After being damaged by conflict and neglect, the country's infrastructure, particularly its transportation and communication systems, is being rebuilt. In 1987, Ugandan signed a policy framework paper with the IMF and World Bank, recognizing the need for additional foreign assistance. Ugandan began implementing economic policies aimed at restoring price stability and a sustainable balance of payments, as well as increasing capacity utilization, infrastructure rehabilitation, producer incentives through correct price policies, and public sector resource mobilization and allocation. These so-called structural adjustment programs significantly improved the shape of Ugandan's economy. They did not result in economic growth in the decade following their implementation. Since 1995, Ugandan has experienced rapid economic growth, but it is unclear how much of this progress can be attributed to structural adjustment. Ugandan has been a member of both the World Trade Organization, WTO, and the General Agreement on Tariffs and Trade, G&TT, since January 1, 1995. Coffee alone accounted for about 17 percent of Ugandan's exports in 2017 and earned the country $545 million in foreign exchange earnings. Clothing, hides, skins, vanilla, vegetables, fruits, cut flowers, and fish are all popular, while cotton, tea, and tobacco remain stables. Ugandan produced the following in 2018. Sugarcane 3.9 million tons. Plantain 3.8 million tons.  Tea, 62,000 tons. Tobacco, 35,000 tons. And chocolate, 27,000 tons are all produced in smaller quantities. Mining and petroleum. The South contains gold, tumsin, tin, barrel, and tantalite. The North contains tumsin, clay, and granite. In late 2012, Ugandan's government was sued over a value-added tax imposed on goods and services purchased by Tullo Oil, a foreign oil company operating in the country at the time. The legal case was heard in an international court in the United States. According to the Ugandan government, Tullo could not claim taxes on supplies as recoverable costs until oil production began in Uganda. The main concern right now, according to government sources, is how millions of dollars have been lost over the last decade. Money that could have allegedly stayed in Uganda for public sector investment. A recent Global Financial Integrity report revealed that illicit money flows from Uganda totaled $680 million between 2001 and 2012. Tullo Oil was represented in court by Kampala Associated Advocates, whose founder is Eli Kurehanga, President of Tullo Uganda. Peter Kabatzi, a partner at Kampala Associated Advocates, was Uganda's Solicitor General from 1990 to 2002, and he has denied negotiating contracts with international oil companies during that time. Tullo Oil and the Ugandan government reached an agreement in June 2015 to settle a long-running dispute over the amount of capital gains taxes owed to the government. The corporation owes $435 million, according to the authorities. The claim, however, was settled for $250 million. In April 2018, the government signed agreements with the Albertine Graben Refinery Partnership, a multinational consortium led by General Electric of the United States to build a 60,000 barrel per day Uganda oil refinery in Western Uganda. The project is estimated to cost around $4 billion. Women in the Economy Women laborers play an important role in Uganda's agriculture sector, which accounts for nearly 40% of the country's GDP, particularly in product management, marketing, and crop subsector. Women produce 76% of food crops and approximately 66% of traditional exports, such as coffee and tea, while men produce 80% of food crops and 60% of traditional exports, such as coffee and tea. Men account for 61% of labor in the official, non-agricultural economy, while women dominate the informal economy, which can be attributed to the country's lack of gender equality. According to the Uganda Bureau of Statistics, 88.6% of women and 84.2% of men worked in urban areas in 2015. Women are unable to enter certain sectors, particularly the formal economy, due to their inability to provide large initial financing and are forced to remain in commerce and service. Men, on the other hand, dominate more lucrative industries like manufacturing. Women merchants account for 70% of those in marketplaces and 40% of those in shops, in addition to dominating other industries such as service, crafts, and tailoring. Women are frequently undervalued in data collection, particularly in household roles. Women frequently match, if not exceed, their husband's contribution to their family's income when considering the value of their labor and the profits generated from selling excess food, for example. Women in cities earn between 50% and 70% of their household income. Transportation In 2017, Uganda had approximately 130,000 kilometers or 80,778 miles of road with approximately 5,300 kilometers. 4% paved. The majority of paved roads in Uganda originate in Kampala, the country's capital and largest city. As of 2017, Uganda's meter-gauge railway network was approximately 1,250 kilometers long. Approximately 56%, 700 kilometers or 435 miles, of this is operational. A railroad connects Mombasa, Kenya, and Tarouro, Uganda, and branches west to Jinnah, Kampala, and KC's, and north to Mbalay, Saroti, Lira, Gulu, and Pakwetch. The single railway line to Kampala, on the other hand, remains operational. Tourism Tourism is becoming increasingly important to Uganda's economy. Because of an increasing number of domestic tourists, international arrivals accounted for 7.75% of GDP and 6.7% of total national employment in 2018. Africa is home to the vast majority of international immigrants. Haiti, outside of Africa. The regions with the highest arrivals in 2018 were Europe. 8% up for the first time in five years. Asia Pacific, 6% up significantly from the previous year. And the Americas, 6% up significantly from the previous year. 5%. Following the implementation of e-visas and changes to data collection systems, tourism data for 2018 and 2019 is based on modeling. As a result, the most recent data on individual source markets is from 2017, when Rwanda, 32% of arrivals, Kenya, 24%, Tanzania, 6%, the United States, 4%, and India, 4%. With the top five source markets, 3%. The United Kingdom, 2.4% was Europe's largest source market, followed by the Netherlands, 0.7%. In Germany, 0.4%. 0.6 percentage point. Annexa contains the actual visitor counts for 2017. Leisure visitors are highly valued, accounting for 89% of visitors spending, but only 21% of arrivals. More than 75% of visitors to Kenya and Tanzania, on the other hand, are there for pleasure. These countries also have three to six times the number of European visitors that Uganda does. Uganda's best opportunity is to invest in recruiting adventure travelers. This market sector is very profitable, and adventure travelers seek out Uganda's unique experiences like Saffaris, hiking, bird watching, and community-based cultural tourism. The factors mentioned here all contribute to Uganda's wealth. Uganda would be a very poor country, if not for all of these contributions from various sectors. The growth of the various sectors will determine the nation's growth in the near future. Thank you for your time. I hope you enjoyed watching this video. Give us a thumbs up and subscribe to our channel for more updates.


Hello, welcome to a new sand chip office. My name is Cassie. I Work for the chip for more than three years. So we came into our new office at the middle of June So it's a very very big office and we're gonna check it out So you delay some of the latest box you have is VR. Yeah, all in one. Yeah, rock chip and all the winner Yes, and the 360 camera You can see right here This is all winner based 360 camera. All right, so let's go around and check your new office So how big is your office how many floors? We have two floors and this is the third floor. This is for sales and engineers Uh, hello everybody. This is our internal meeting. So they are having a meeting now These are small rooms for Comprehensive. Yeah, and these are yeah sales department for different overseas Sand chip is very famous a TV dongle in coding Okay, and the coding department in coding and decoding. Yeah Okay, still cool. So these small rooms are in manager's office Manager, this is the boss is the general manager office, but he's busy. Yeah He's having meeting now. This is the financial. Hi. No, no So here's engineers. Yeah, this side is for engineers. This is a testing room Yes, engineers have been testing and do the backings here. Okay This is the industrial All right So working on the Industrial main board left for advertisement and other industrial applications All right, let's go down here So all some hardcore software engineers. Yeah both software and hardware and Testings. All right It's working. Okay. Yeah. Hello. So this is a VR PCB. Yeah. Yes. This is a can you hold this is three two eight eight Yes, three two eight and rock chip and Very stable for the VR all in one. Yeah, and this is how it looks. It's right This goes here This is the whole thing ID and you have very good price for all in one VR Yeah for rock chip our case to it is our price is one oh nine dollars one oh nine Yeah, and you have a all-winner octa core H6 H8 VR also. Yes. Yes around how much? 95 95 Here this is a LED board So the LED board, what is it for? It is for our customer for all the M project. So we'll put here add to here the panel There will be some lights. Yeah to show the status of the best and you have some guys also working on the 360 Yes, this is for camera And this is a 360 right here. So this this become like this Yes, all one are based Yeah, let's see the PCB You have some guys working on it right here This is PCB for 360 Yeah Working on some layout Yeah, and maybe it can be dual lens in the future. How soon you will have dual lens When will you have a dual lens? 9 About one month later one month later working on some solutions for that. Yes, and you have single lens 360 right now and there Hello, you know hi, and this is a This is all the test you're doing. This is different designs for customers All right with a 360 3d printed Design right here So is it the same team who also makes sport camera who make this or similar team or similar same team same team. Yeah Yeah, so right here working on the Right here, this is All winner all winner V3 right cool. It looks Yeah What is CPU No, no, no nine nine oh five X nine oh five X. Yeah, so you have a logic Expertise also This is Angel 3 2 2 9 3 2 9. Yeah, this is a Actions yeah actions actions like TV box VR also VR We're trying not to come from the yet. Maybe a new project. Maybe it needs to be a test and if it's stable Yeah, okay What is he working on? This is the H3 TV box board right this H3 yeah H3. This is a rock chip 3-1 one rock chip This is a Bunch of products right here cool and downstairs you have some yeah, we have a production line downstairs Let's check it out. Okay So what do you make in production line? Currently we are making TV box orders you have big capacity Yes much bigger than than the old office and all the factory mark robot manufacturing Yeah, hello. Yeah, so all this stuff to test Let's go check the assembly and over there. Okay. What did they do in here? Yeah Very busy many many many TV box For Superman this is 300k for the capacity per month 300k and what they do For capacity So we have the planner So here this is for personal night So let me introduce our New develop the fully for the fully auto mine SMG It's not as empty is is the PCBA Yeah, PCBA so the main this is our Coming the we call it smart smart robot The best is a cop up to 300k per month So you make it a PCBA for TV box in this machine. Yeah This is the whole line automatic. Yeah automatic. So it's not SMT SMT we have the SMT Let me so that you have the special team for the SMT at all side. Yeah, and these guys they are packing Okay For the beginning of work the best this can cope up up to 120k a month 120k packing. Yeah, all right, and what else can we look around over here? Let's go over there. Okay Yeah Incoming Wait, I see your kids in here Okay Okay Here is for the for the PCBA So those Those finish PCA will your store here But how many Sunship design is made by Sunship and made by other factory? Is it a detail? I think all the details is designed here Yeah, and some so many Sunship design also can make an other factory, right? Yeah, yeah So more is an other factory than here This is a type I have to check with without our user sales. Cool. All right. So right here When are you gonna turn it on the machine? Probably I think for this for the auto I Hopefully can make it start from Autobot for one October October. Yeah, all right. So still setting it up Yes, and then there will be capacity 300k every month. Yeah, right here. Yeah You


So the last talk of this section is partitioning with nonlinear polynomial functions, more compact IBEs from ideal lattices and bilinear maps. The speaker is Shuichi Katsumata. Thank you for the introduction. So my name is Shuichi Katsumata from the University of Tokyo, and this is a joint work with Shota Yamada from ICE. Wait, okay, this is not working soon. So yeah, apparently I discovered this two days ago. So I'm actually as old as Asia Crypt. So we were both born in 1991 in Japan and in Tokyo. So okay, it's not that important right now, but I guess that's why I'm kind of feeling comfortable right now doing this presentation. Okay, so for the background, what we did is we created adaptively secure IBE schemes. And we did that in the lattice and the bilinear map setting. So the current situation for lattices is that, well, we have adaptively secure lattice based IBEs, but they all require longer public parameters when they are compared with the selectively secure ones. So that's not that good. And for the bilinear map setting, well, we have the great works of the dual system encryption type of methodologies. But the thing is, if we want to base our security under search problems, then we need to require long public parameters. So the topic of this talk is can we achieve more compact IBEs? So our results are, well, mainly two, but at a high level we use the same technique. So we both base our security on the partitioning technique where we use a nonlinear function to partition the identity spaces. And for the IBE schemes, well, we use this ideal lattices. And we improve upon the currently best known scheme of Yamada 16 of Eurocrypt, where they needed a super polynomial modulus ring LWE assumption. Ours only require a polynomial modulus ring LWE assumption. And during our construction we use the commutativity of the ring in a very essential way. So we actually don't know how to instantiate our scheme in a normal lattice right now. And for the IBE scheme from bilinear maps, what we did is that, well, we create the first scheme with sublinear size master public key from search problems rather than the decisional problems. And the interesting technique we used is that, well, we base our technique on the bonoboin technique during construction rather than, well, in the security proof, which is usually used. Okay. So the agenda is like this. So we have the preliminaries and so for those who do not understand lattice that well or are not familiar with it, it's okay because we have the bilinear map setting and vice versa. Okay. So before anything, I want to explain what the adaptive security for IBE is. And I guess everybody's been talking about this in this session. So I'll just go over it really fast. So what happens is that the challenger, I mean the adversary can query for any type of secret keys he wants. And at some point he adaptively queries some ID star, which is going to be the challenge ciphertext. And he's going to receive the challenge ciphertext. And under the condition that this ID star is not going to equal any of the IDs he's queried. So he could keep on making the secret key queries again and this is going to be the adaptive security game. Okay. Let's go for the lattice section. So before anything, I want to explain the template construction for lattice IBEs. There's basically only one line of thought when creating lattice based IBEs and well for the master public, we have a matrix A and a vector U. And we have some auxiliary information here, which I will define later. And for key generation what we do is that we're going to hash this ID to a particular unique lattice for this ID. So we're going to create this lattice A slash hash of ID and we're going to sample a short vector E such that this equation holds. And we can do this by using the master secret key, which is the trap door for this matrix A. And without the knowledge of that secret trap door, we can't sample this. So this is going to be our secret key, the short vector E. And for encryption, what we have is that we're going to create two LWU instances. For the encryption, what we have is that, well, we have this U term here.  And for the challenge, the other part where we kind of bind this information of the ID, we have this ID unique to this, this lattice unique to this ID. And we're going to have LWU instance like that. For the decryption, we're not going to have a slide for that, but it's very simple because if you have this vector E, what we can do is that we can take the inner product of this vector and since this equation holds, we can create this U transpose S term. So if we subtract each other, we're going to have some message times Q over two with some small noise. So if this whole thing is small, then M is going to be zero and otherwise it's one. So that's how decryption works. And for the template for security proof is that, well, we basically only use the partitioning technique for lattices. Well, this is the only technique we have so far. So what we do is that we embed the problem instance into the public parameters so that the hash of ID is going to be in this form. Where hash of ID, this is publicly computable by everybody. So during encryption, everybody can compute this. But this great term, this is only known to the simulator. So this is going to be implicitly set as this during simulation. And the simulator is only going to know that it's in this actual form. And this RID is this matrix called the simulator's trapdoor. And we need this to be small for the simulation to follow through. And we have this black matrix G here. It's called the gadget matrix. And I'm not going to define what this is, but it's just a special type of matrix that allows you to do, well, special operations. And this F of ID, this is the implicit partitioning function. So during simulation, what we hope for is that for the secret keys, for the secret key queries, we want this to happen. We want FID not to be 0. And when that happens, this gadget matrix can operate. So using the simulator's trapdoor and the gadget matrix, we can sample a short vector as in the real world. However, for the challenge ciphertext, we want this F of ID star to be 0. Because when that happens, then we're going to lose this information on the gadget matrix. And without the power of the gadget matrix, well, the simulator's trapdoor is kind of useless. But on the other hand, what we can do is that we can actually, well, embed the LWE instance into the challenge ciphertext now. So we want this kind of partitioning to happen during simulation. So the important part is that, well, how are we going to define this hash of ID? So what people have done, so the very seminal work of ABB10 and Bohr10, what they did was that they had the master public key like this, where kappa is the ID length. So now they have kappa plus 1 number of matrices here. And they define the hash of ID as some linear function of these matrices. So for an example, if the ID was 010011, where the ID length kappa is 6, then this hash of ID is going to be computed by taking this B2, B5, B6. So this S of ID is going to, well, kind of be an indicator set for where the number 1 is standing. And this works out perfectly. And what happens during simulation is that, well, we're going to set BI as ARI plus YIG, where Y is some random number that we're going to define later. And this is going to, since, well, using a left over hash type of argument, this is going to be uniformly distributed as this matrix here. And during hash of ID, what happens is that, well, we can compute this, everybody can compute this, but only the simulator that knows this R and Y knows that it's going to be in this form. So simulation works. But the thing is, well, since this was a linear function here, well, this has to be long, the master public key size, because now we have to have the matrices linear in the ID length. So what Yamada-16 did for Eurocrypt was that, well, this is currently the most asymptotically compact lattice-based IB. So what they did was that, well, they kind of redefined the way we create these matrices. So they only use two square root of kappa elements of matrixes here, and they artificially created kappa matrices. So this is what they did. And now, since we only need to have two times square root of kappa matrices in the master public key, well, now this is shorter. And for the hash of ID, what we do is that we're going to compute some function like this, where G inverse, I'm not going to, well, it's a little bit complicating, but G inverse is a sort of function that allows you to do matrix multiplication, even though, well, usually these are not well-defined dimension-wise. So G inverse, just think of it as a special matrix operation. So this is great, because now we can set the matrix as this, and then h of ID is going to be this value here, where f of ID, the partitioning function, is nonlinear. It's actually second degree polynomial now. And since this is a second degree polynomial, well, the number of matrices in the master public key is going to be sublinear now. However, the downside was that for the security to work, the modulus size Q had to be super polynomial. So our work here is that we, well, improved upon this, and we made this polynomial. So let us kind of walk you through what we did. So taking a closer look at Yamada 16, what happened was that during simulation, they set the b0s and bi's, these public matrices as this, where y and yi are some randomly chosen elements. And the hash of ID was this value, where our ID was, it's a little bit dirty, but it's this form right now. And several conditions on r's and y's need to hold for the security proof to will follow through. And looking at this a little bit more carefully, what happens is that, well, the main obstacle was that, well, the partitioning function f of ID is in this form. And for this f of ID to make a nice partition over the ID space, what we need is that, well, we need these y's to actually grow proportionally with a number of secret key queries, which I do know by large Q here. However, at the same time, as I said, this r ID is the simulator's small trapdoor. And what I mean small, well, as a matrix, when each entry is small, then it roughly means that this matrix is small. So looking at that, well, for each entry to be small, this y has to be small, too. So it means that, well, we're going to have to have this y to be small, and it has to be small compared to the modulus size Q. So, well, putting everything together, what that means is that, well, now this y has to grow proportionally with large Q, which is the number of secret key queries, which could be any number of polynomial value. So y has to be bigger than this. But at the same time, as I said, this y has to be small compared with the modulus size Q. So it kind of seems that this Q has to be super polynomial for this whole simulation to work. But taking a closer look at this, it's actually, we don't need a scalar there. So I'm going to explain an initial idea that doesn't quite work, but this is the main idea that we use. So I said that y has to be bigger than large Q here, but to be a little bit more precise, what I actually mean is that y has to be chosen from a distribution whose entropy is, well, is as large as this large Q. Well, that grows proportionally with the number of secret key queries. So when y was a scalar value, since we had to pack this large Q in one element, this had to be big. So that means we had to have a big modulus size Q, but let's consider a setting where y is not a scalar, but actually a matrix. Then this matrix has n squared entries. So even if each entry is small, like zero and one, we have two to the n squared possibilities of embedding information in this matrix now. So we can pack any polynomial number of secret key queries inside these entries now. So we can keep each entry of y to be small, and that leads to a small modulus Q. And this kind of seems to work perfectly, but the idea that y doesn't work is that now we're going to lose commutativity of the homomorphic hash property. So let's kind of look at this. So we have these two matrix right now, and during computing the hash of id, we implicitly use this homomorphic operations. So we're going to have b times b prime, where g inverse is that special matrix operation symbol. So what happens is that, well, b times g inverse b prime is we're just expanding this. We have something like this. And now a r times g inverse b prime here, and g and g inverse are going to cancel out. So we're going to have y times b prime here. And this is not good, because as I said, for the simulation to work, this hash of id has to be in this form where it's this a times something plus fid times g. So it has to be in this green or blue form. But as you can see, this green part, it's OK, because it's a times something, so it's good. We want this. And for the blue part, it's also good, too, because we have y, y prime times g. However, since this is not y, a is not going to equal a, y, because, well, in general, we don't have commutativity of these elements. Well, this is bad, because it's not in this green form. So it doesn't quite work. So the idea that turns out to work is that we're going to use the polynomial ring. So for those who don't know what the polynomial ring is, it's very simple. This ring is an isomorphic to this vector space, zqn. So a vector can be represented as one element in rq, in this polynomial ring rq. So what we can do now is that, well, this matrix b, well, we have this equation in the previous slide. So b equals ar plus yg, where y was a scalar. What we can do now is that, well, since, well, a vector is one element, this matrix is going to be a vector, and we can convert this, well, and make it into this ring form. And now, y does not have to be a scalar anymore. It could actually be an element in this ring rq. So the reason it works well is because now we have commutativity of a and y for free, because we're working in a ring. And in this ring rq, y is just a scalar, well, when viewed as an element in rq. And since y can be viewed as a vector in zqn, we actually have n entries where we can pack this q inside. So this kind of allows us to make the same discussion as when y was a matrix. So even if y is a vector, we have n entries. So we have two to the n possibilities of embedding this q. So for any polynomial number of secret key queries, we can embed enough information in this one element y while keeping each entry small. So this allows us to use a very small polynomial size modulus. And this is basically our work, but some ignored problems are that, well, rq is no longer a field. So for those who know, when we have this equation for fyid is not equal 0, for the sample write algorithm to work during simulation, we actually need this to be an invertible element over this ring rq, which we are not going to have anymore. So to overcome this problem, we kind of use a special ring rq. And the other, well, crucial problem was that during Yamada 16, they used this so-called smudging technique to create the challenge ciphertext to make the simulation world indistinguishable from the actual world. And when people use the smudging technique, they will necessarily lead to a super polynomial modulus size q. Because when they have a really small Gaussian, the smudging technique, well, essentially means that they add a really big Gaussian error term to kind of hide this really small Gaussian errors. And if we do that naively, well, we have to use the super polynomial modulus q, but we kind of devise a technique to overcome this problem. OK. So finally, I'm going to explain what this bilinear map section is all about. So IV is from search problems on bilinear maps is the thing we wanted to do. And dual system encryption, this is a fascinating object. But sadly, well, it inherently requires decisional problems, like the SxDH or the DLIN problem. And the only known solutions that is secure under the hardness of search problems are based on water's IB or the bonnet buoy IB plus a hardcore function. And this is kind of good, because now, well, this is secure under the computational BDH assumption. So we actually have a scheme that can be proven hard under a search problem. And for the water's IB, we, well, furthermore, have short ciphertext, which is kind of cool. But the thing is, well, we have to have long public parameters to actually instantiate this IB scheme. So we kind of review what this is. So for the water's IB plus a hardcore bit function, what people do is that for the master public key, well, I guess most of you know what the water's IB scheme is, but I'm just going to walk you through what's happening right now. So for the GL, this is the Goldrich Levin Hardcore Bit function here. And these blue group elements will be used to define this hash of ID, which we'll define later. So during water's IB, what they did was that for the secret keys, well, they computed a term like this where r is some randomness here. And G alpha is the master secret key. So this is the secret key for the water's IB. For the ciphertext, what they did was that they kind of bind this ID into this ciphertext G to the H of ID. And they had EG, well, this term, times this message. But now we want to have this difficult under a search problem. We're going to use the Goldrich Levin Hardcore Bit function here and explore it with the message bit. So during decryption, what happens is that it's very simple. So as usual, we're going to compute this term from the secret keys and the ciphertext. And we're going to, well, put this inside this GL function and explore it and get the message bit back. And how did they define the hash of ID? Well, what they did was, well, this is similar to the first case of the lattice that I was explaining about. So hash of ID was defined by this linear function. Then that's why it lead to a long public key, because now the number of group elements is linear in the ID length, because this was a linear function. So a simple idea is to make this hash of ID nonlinear. And this is an initial step we took, but, well, again, this does not quite work. So we're going to see why it doesn't work. So this hash of ID, now it's a nonlinear function, so we can just have a 2 square root of kappa elements in the master public key. So we kind of reduce the master public key size. And it seems to be we're going in the right direction. But for the waters ID, what we have to do is that we have to come, everybody has to be able to compute this g to the hash of ID. And looking at this, well, we can't compute this part efficiently anymore, because it's nonlinear. And if we can actually do this, it's, well, basically solving the computational Diffie-Hellman problem, which we cannot do. So the idea is, how should we compute this publicly? So what we did was that we used the Bonhe-Bohem technique during construction rather than during simulation. So what the Bonhe-Bohem technique is, is that, well, instead of computing this very difficult term, they actually inject some randomness here. And they're going to compute something quite as good as this g to the w1 times w2 term. So at first glance, this seems really hard, because we still have this term. And it seems that we can't solve it. Well, we can't compute this. But let's take a mental experiment here. And let's say we change the variables. So I said this t is some random element. But we can view this as t tilde minus w1, where t tilde is a random element. And if we view this t as t tilde, what happens is that, well, the exponent here, this is w1 times w2 plus w2 times t. And we're going to substitute this t with t tilde minus w1. We kind of castle out this two degree term. And we're going to be ended up with w2 times t tilde. And are these linear in w1 and w2? Well, it's easy to see that it is, because now this t part is, well, linear in w1. And this w2 is, well, this term is linear in w2. So instead of computing this term here, what we can do is that we can compute something like this, where t tilde is now a random element chosen by the encryptor. So if we choose a t tilde randomly and compute something like this, then this is implicitly going to be a value in this form. So combining everything together, this is our resulting scheme for the Baleen-Neuromab-based IBE. So the master public in the hash of ID is the same as I explained in the previous slides. For the ciphertext, what we do is that since we can't compute this g to the h of id, what we have is that we inject some randomness here using the Bonoboin technique. And since we inject extra randomness, we're going to have this g to the t term here. And now since we changed this ciphertext part, we have to change the secret key part, too. And while looking at this, well, we have to compute this t times w2 term here. So we kind of add this w2 term here to kind of take the pairing and cancel this part out. So the sad part is that the secret key and the challenge of the ciphertext are longer now. It's longer by a square root of kappa degree of order. However, our main motivation of making the master public key is now achieved because this is 2 to the square root of kappa. So a simple comparison is that, well, now comparing with the water 05 with the hard core bit function, they had a linear term here, but now it's sublinear. However, the ciphertext and the secret key is sublinear, too, and not a constant term. And another small observation to make is that, well, the assumption we use is a little bit different. They use the CBDH assumption, but we use the CBDH exponent assumption. So in summary, what we did was that we created two new adaptively secure IBEs. And at a very high level, they were both based on the partitioning technique where we divided the ID space in a nonlinear function way. And for the IBE scheme, it's based on the ideal, well, it's built over the ideal lattices. And we use this polynomial modulus ring LWU assumption to prove hardness. And for the IBE from bilinear maps, well, yes, this is the first scheme with sublinear size master public key from search problems. Thank you for listening. Any questions or comments? It's a very simple question, just to get sure. So the fact that you're using some special types of rings, so this doesn't create any problem regarding secure parameter generation or stuff like that. Oh, OK. Thank you for the question, yeah. So I said, yeah, we use special rings, but it does have an average to worst case reduction to it. And we kind of have that in the appendix, which is, I guess it's the most long part of the whole paper. In term of tightness, does this partitioning technique buy you something to expect to the linear one? OK, that is a very good question. So when we kind of think about the reduction loss, this is quite bad, but it's kind of hard to say if we kind of buy something or lose something. Because for the LWU part, we don't know the concrete parameters which we should use. So I guess that's a really good, important question that we should kind of think of. It's an open problem, I guess. Any other questions or comments? No, let's thank our young and 25 years of Suichi. Thank you. So this is also the end of this section. Thank you.


Good morning cyber traders. Happy Wednesday July 18th has everybody doing this great morning Lovely day here in New York not a drop of winds Nice and sunny good to see you Amy Mark good to see you Don look at all these great people Fred Chris everyone Kira Michael everyone alright and all everyone else. Let's get right into it first of all I want to talk really quick about the pre-market in CB. I oh and You know what early bird gets the money as usual. I know a couple of people did pretty well in the stock this morning We actually was shorting it some people see the problem with shorting is that some brokerage firms? Oh, because you can't do naked shorts anymore There's only X amount of shares that they can allocate that they have an inventory I know some of us did pretty well. I think can you made you did pretty well I did pretty decent on it, but the big thing is even if you didn't trade it I did point out something that we're gonna be learning in class Today, you know, obviously got to a phase of the courses Remember that's where you really learn how to trade and one of the big things I was talking about was the was was the Faustal flags And sure enough we had a great great example at 13 bucks Everyone should have killed it right there because right at 13 even watching the thing come from 17 By the way, I start trading at 7 30 in the morning. I'm usually here Room opens up at 8 a.m. I see a lot of you guys strolling in here and there But even if you came in right at that time right around 8 15, which is right around here You could see how that stock just basically built a nice little Faustal flag and boom We're right down to 11. So everybody did pretty well on it. All right But neither did pretty good to also you trade what them the Morgan Stanley trade This is what it's all about pre-market.  It's an act. You know why it's too dangerous You know why you can't because no one taught you how to do it. That's what it is so make sure you guys are in class and We'll talk a little bit more about it because I know that we're gonna cover These things that what you just seen even the pre-market and how they kind of came to fruition in class Now in the meantime, let's talk about what happened yesterday because you know We'll talk about what's moving this morning. First of all, we killed it. A lot of good stocks made some big moves yesterday IQ was one of them right out of the gate 35 to about 37 Yahoo, you know once again Great day trade volatile swing trade and a lot of people, you know, we held it for a nasty shake some people listen We own it here in 19. We ran to 45 got back into it Let's start building support letter on 30 so we should be doing pretty good Not just on the on the sweat on the day trade yesterday But everyone should have been having the stock on a swing trade same thing with Hoya, which trades side-by-side with it H U Y a that would also great little pop right there Went from the 37 to about the $40 nice little quick gate right out of the gate Now a lot of this has been happening regarding with Netflix and FL X now Listen, I know a lot of you guys can't afford it. I talked about it yesterday on trade station Regarding about Netflix, but you know what if you bought I don't know 10 shares probably within your budget 100 shares with close to 35 35,000 But sure enough it had a really nice little pop right there and you could out obviously trade side-by-side The IQ and H U Y a which was basically filing along with it And also Roku Roku also did pretty well the ROKU another one in the same industry So that one did 47 51 so that was great opportunities that everyone across the board if you miss one You could remember you we teach you this in class how to find out which ones are trained the same industry and Because because you think you can't afford to trade one you could trade something else and how to follow along So great lesson Also what we covered in class, but also doing it and applying it in the market.  I was a little upset yesterday because This RIO tea trade right here. I was actually talking to one of the students and You know and as I was talking to the student regarding about something, you know, which is okay Listen, I'm a big boy, but I missed this opportunity To trade this one right here went from 480 to 680 you could see a blockchain had a great run-up But but listen, you know what is what it is I'm out there to kind of always trying to help people to understand why you need to do this and always trying to recruit and You know lost a lot of money on this trade Not that I lost money. I didn't get into the trade because I was talking to someone but once again, you know what? Just why everybody know I put I put a lot of heart a lot of effort try to get you guys to understand how important it is to be part of the team and And sometimes it does cost me a lot of money and losses like Trading this one, but what it is what it is. I'm not gonna cry with spilt milk But anyway, I know a lot you guys me a lot of money on I was what sitting there watching it And I was sitting there getting sick to my stomach Anyway, another one that had a nice little pop of the art RA the RA art M a RA this one had a nice little cheap little mover Everyone could afford to trade the stock was with everyone's price range. Let me tell you that was it was a whole list of stock and the AMR H I think was the last one I want to bring up Yeah, that one was the one that came right out of the gate went from a buck 20 all the way to 260 great In pre-market and had a good movement. So a lot of the stocks out there to trade. Oh that we traded now Just let you know before we get get into some of the other stocks that we're gonna be watching Remember a lot of the stocks that we found About two or three of them was when we found in pre-market There was a whole new list that came out and that's the whole idea about working together like a team now We're gonna cover a lot like I said, we're gonna cover a lot about what happened yesterday in class now In today's class now, what are we trading going into this morning? Well, listen the CBI? Oh You know, we saw it stock is starting to build a bit of Fausto flag right here stock looks pretty good It's going back on the watch list ATOS another one I found this morning not a big big mover. I'm telling you I didn't find a lot going on this morning So we're gonna have to kind of like pick from the bottom of the barrel ATOS 7% really not a forte, you know, I was trained stocks of 30 40 hundred percent 7% you know what is I'm getting a little desperate. There wasn't that much out there, but we only need one to make money I MMU this one we've traded several times stocks up a little bit nicely this morning decent spread good volume breaking all-time high MOG is another one I found this morning in pre-market stock one from 320 360 up about 6% 85,000 shares traded not the end of the world, but it's got some good movement MTG another one that's on the watch list This one looks a little bit better gap up pretty nicely up 5% 75,000 shares It is testing some resistance levels not you got a big iceberg order right here of 17,000 shares So someone's definitely interested in buying it at 1175 and you could see why on the chart So read between the lines and then obviously the Morgan Stanley trade Stock had some good earnings. I know some of you already traded it, but neither. I think you did pretty well on it It's good.  It's over the $20 threshold so and in number four Because of the news gonna be very volatile everyone's gonna trade it stock already didn't trade that many shares I'm shocked kind of shocked half million shares in pre-market It's not a lot and being up 3% but you know what listen does it if you can't make money with this There's a lot more out there Ben already made 25 cents already in CBIO. See that's what I'm talking about Let's give him a round of applause as we're sitting there Way to go back All right, so we got our list right there. We got one two three four five six stocks and That pretty much as what we see in pre-market a lot of us already made money in CBIO you probably end up taking a day off. All right now a couple a couple of announcements guys I just was in I was just informed by trade station that I am going to be doing a They're doing this big workshop, which is one week long starting July 30th, and I posted a link up in the trading room. I'll post it up again. I don't have in front of me the link I'll have what we'll post in the next few minutes, but I'm gonna be flying to Chicago They're gonna be doing an event at their office For a whole week. It's a great event. They even have a you know a great Dinner and they're gonna do a you're gonna be able to do a great tour a lot of great challenge a lot of great stuff So if you guys are interested you're in the area if you want to do a really nice workshop with trade station I'm actually going to be the featured Speaker to be there. So and also it'll be great to see you guys there also So let me know if you guys gonna be there All right, I'll give you guys a link if you guys want to register for that event So once again it's one week long and you can have the best of the best of trade station out there all their staff And it's gonna be an intense training on-site event and I'll be their guest speaker there on Tuesday All right guys. Good luck today. Happy train. I'll put these stock picks in there all the new members here Hopefully you've been enjoying yourself. You talk to your education advisors let know Knowing that if this is for you or not, hopefully you kind of realize after first hour in trading and then hopefully you be If we feel that it's for you We'll let you know if not then that's okay too because trading is not for everyone All right guys. Good luck everyone. Happy training today. See you back at 230 or actually I'll see you in class Good luck everyone