A program which is really a lot of fun because now we're going to get down to serious questions. Jack likes to take the majority of the questions from the audience, but because we don't have the mics in the ceiling like we did last time, I've collected questions from a lot of the attendees. So when I call your name out and ask the question, would you stand so Jack can address you and respond to your question? The first question is from Victoria and she said, Jack, we know that you're applying significant effort on educating policy makers on prudent regulation of the financial industry. How can we help you? Victoria? Are we there? Yeah. The political system is such a mess. And I don't know how to talk politics. Sorry.  Even I have very little. Sometimes I don't think anybody is listening. I have had a number of people interested in the retirement plan system and happily for me, I gave very extensive, this would also be on the website, very extensive analysis of what had to be done to fix it in my testimony before Congress. And this is like a 20-page paper. But of course, if you go down to the Congress, they want you to summarize it in two minutes. And you do, and they were all fine, but nothing happens. So getting through the thicket down there is very difficult. I would say the best grassroots methodology you can use is to go to your local congressman, right to your local congressman if you can, and try and do it in the hope that all of us together can make a difference.  Well, it doesn't matter. And everybody observed that rule. We would have an even more chaos than we have now in our democracy. But the fact is we're in a testing time where the issues of which I speak are not particularly interesting to anybody in Washington. I have talked to a couple of guys on the president's, lower guys, on the president's council of economic advisors. I did talk a little bit to Jared Bernstein, who was vice president, Biden's economic policy guy, and fairly high up in the economic policy circles in the way he has, but now he's left to do something else. And so I think it was just speaking out and being totally prepared to say it had to be ignored. I mean, I think it was a time like those kids up on Wall Street where the mere fact of protesting at least gets in the papers and politicians will often listen to the papers more than they'll listen to anybody else because that's what they think everybody's going to be basing their decisions on. So it's hard to help, but it's hard for me even to help myself. So that's the best I can do with a vice president. Jack, the next question is from Mel Turner. Mel, would you stand with some Jack and Iverson? He says, what would be the regulatory response if money market funds break the buck? Well, we have a really difficult issue in money market funds. There still, as I understand it, have that treasury guarantee a couple of years ago. There's obviously policy making to worry about what would happen. There is going to be more regulation in money market funds. And I just don't see that it's even remotely possible to keep the same structure that we have now. We have free market capitalism. People can do a lot of things. I mean, not all rating services are created equal. You buy one bad bond and one bad money market instrument at a commercial paper as a reserve fund did and they're gone. They're at the place of the earth, the first mutual fund. And they're paying the penalty. This is not really a problem anymore. But their mistake, as I would explain to people, is they wanted to be the highest-yielding institutional money market fund. And it's the easiest thing in the world to do when you look at the man. One, you can slice your costs. Two, you can slice your quality. Guess which the manager did? And that's what cost him. He wasn't about to cut his revenues. And so there's a fundamental conflict of interest in that area. And if we're going to be bailed out by the government or have this Treasury guarantee continue, we're going to have to pay for that. And I had an idea many, many, many years ago, probably in the mid-80s, that we should start an insured money market fund. But the cost of private insurance was like 75 basis points. We started actually. We started with the first and only insured money market fund. And it didn't work because of the commercial portfolio that 75 basis point insurance cost made the commercial portfolio yield less than the Treasury portfolio. I mean, yeah, the mathematics are all important here. And so that was good. But everybody says it will be the end of the industry as we know it if we go to a funding asset value. You know, that may be. I said we have some people with an card working on this and will sit right near me in the office there, the legal department. And it stopped in one office. You know, they're trying to protect the present system. If anybody who's in the system now would do.  And Paul Volcker is against you. And I don't want to fight those two. I mean, they're too powerful. And so a lot of very intelligent people say the system has to change. And I would say the system will be changed. And I don't see what's the bad about a floating asset value. And I see it not as attractive to investors. But with our tax statements that we do, you know, I do most of my short-term investing in limited-term uni. And so I get a tax statement every year. And I either have a 275, this is a big account, $275 in short-term gains and $111 in long-term gains or losses, whatever the case may be. And it's very easy to take care of the tax thing. We have systems that take care of that. And so I don't see it, and I know it's not attractive to a marketing standpoint. But at some point we have to say we're in the investment business and not in the marketing business. And that's a discipline to be very difficult to voice out in this industry. So I think change is coming. And money market funds, almost certainly, by the way, I don't know if there's a problem with this, will be designated, oh, they've got some initials, economic, nationally risk, nationally important to our financial system. And then this new committee, the Treasury and the Federal Reserve are part of is going to come into place. Significant financial institutions have to be, I'm sorry, significant financial institutions have to be at certain controls and there will be tough controls. So I look for change, but I would look for change as being a positive. It won't seem like that to the managers, but it won't seem like that to the investors. Of course, with yields where they are now, I think I use a tenth of 1%. So no matter what you do, a lot of people are waiving their fees.  And we're all required to have, I think it's 40%, don't go over to this because I'm going to do a tail, but 40% Treasury, short Treasury is anyway 30% or 40%. So it's, I'm not worried about money markets going down. I think the industry is worried and the ICI represents managers and not shareholders. He's going to fight until their last breath to keep the system the way it is, but I don't think the system is sound the way it is, to be honest. Okay, this question is from Dan Smith. He asks, what do you think of Louis Brand and spoke the House of the Vogue bill? You're among French jaw-kicks. That's it. Well, first of all, I'm right. He did as kind of a check. I did ask Kevin to read it, and he did read it. He said I would like a lot of it and would hate a lot of it. I guess that's okay. And I think he did find some egregious errors in there, which were eliminated in the final draft. But he couldn't get them to change the tone. I think many of the commentators, many of you, some of you are here in the room, by the way, it's an interesting kind of book because I check it on Amazon, periodically, every other month or something. And he has these glowing five-star reviews from everybody. Everybody loved the book, which I guess is nice. But the selling, basically nothing. It would make any anything I wrote seem like going with the wind or something. It apparently has a cynical tone to it, which is okay, and a lot to be cynical about in life and in Vanguard and his local. But I think the thing most people have observed with those readers, and Kevin mentioned this too, he just doesn't have any credibility when he talks about the future of Vanguard and the future of indexing in saying new forms of indexing are going to supplant the old.  He doesn't know anything about it. And it's obviously, it must be obvious to you all, it's simply not possible to supplant the old, maybe for a minute, maybe for an hour, maybe for five years. But in the long run, the idea is to have a return that captures the market return and the market is valued in dollars. And so if you match it like we do in the S&P and to a lesser extent, or to a greater extent, the total stock market, that's the only guarantee out there. And some of the ETS that I mentioned have done proclaim to be much better, have proved not to be much better. Because how could they? I mean, when you look at the portfolios, we all own pretty much the same stocks. And it's just different weightings. So they're never going to be huge variations of all the Arnaud fund, as I mentioned, is so much more volatile. So, you know, the guy had fun writing the book. I liked the picture on the cover. I did get that far. And, you know, I will probably look at it at some point. And my brother said, they supported him in saying some things. He didn't say anything to say them. And apparently there's a lot of kind of nasty stuff. And that's okay. I mean, there's a lot of nastiness in life. So, what else can I say? The idea that I would be dwelling on it in some horrifying, wonderful way. Well, I'm protected by that, but I'm not reading it. But the main reason I didn't read it was honestly, when Kevin told me about it, when someone called up and said, press or something, which they never did, what do you think of it this and that? And I could say, sorry, pal, I haven't read it. So it will come and go. And it will be part of history, I guess. And a number of people have observed to me that the first book was much better. And the idea, by the way, I want to be very, very clear on this. I had nothing to do with sponsoring a thing. McRoy Hill came to me and said, would I cooperate and talk to this writer? And I said, sure. Because the first book, called John Boak on the Zangor experiment, ended 15 years ago. And I thought they were going to keep that and then add what happened in the last 15 years. But they went quite a bit beyond that. I know there's some repetition of that earlier book. And that was a nice friendly book, mostly. So we have what we have. How many of you have read it? I want that. Well, that proves what I said about that. Shooting the lights out. If you guys don't read it, who's going to read it? I think what happened to it is some of the early readers did some reviews on the forum and it didn't sound too flat on. So I think that turned... So the next question is from Joe Duggan. You've touched on this a number of times before, but he'd like an answer. How important is an international holding in the stock portion of the portfolio? Well, I mean, I talked about that at some length. He's saying, first look, what is an international? I'll just repeat my views and not repeat the speeches I didn't use it there. But my skepticism about international, my idea that international will not add a huge amount of value to your returns is based on, first, financial markets are a great arbitrage and a great way to arbitrage between the present and the future. So if emerging markets are going to grow much faster in America, that's not going to be news to the people that own Brazil and China and Russia and South Korea and Taiwan. It's in the price. Everybody is in the price. So that's number one. It's hard for me to see what would be totally different in return. And if it produces, say, a return of, let me say 3% a year, which would be huge in the next decade over U.S., and you have 20% of your money, that's 6-tenths of 1%. Well, there are so many better ways to say 6-tenths of 1%, including buying Vanguard funds instead of somebody else's. It's a guaranteed 6-tenths of 1% and not a speculative one. So that's number one. Number two is when things are hot. Well, number two really is, I should put this number one. America is an international nation. 50% is the number. IOT is 50% of the revenues of the companies in the S&P 500, presumably in the company's comprised total stock market, are in revenues and profits. 50% of the revenues, 50% of the profits come from outside the U.S. So you're already 50-50. Do you need to make that higher? I leave that to you. It used to be said that the big value was, and I mentioned this slightly briefly before, the big value was that it diversifies because foreign markets don't react in the same way to things that U.S. markets do. And that's no longer true. It will probably be true again because these things revert to the main back and forth and back and forth. Next, when does international get popular? You know, these investment advisors will often say, would you need this as an additional diversification? But they almost always would for additional diversification are the things that are the hottest. You know, no one's going to tell you to buy, I don't know, port bellies to diversify. And gold is the ultimate diversifier. It's the best diversifier you can possibly define. But people don't talk about, didn't weren't talking about diversification 10 years ago by using gold. They're talking about it now. So it makes me skeptical and the same thing is true of international. Although with a bad year for international, it'll be interesting to see, which I don't think we see yet, if money is going to go out of an emerging market of international funds back into the U.S. How the investors must be clearly disappointed. I think we had about a 25% drop in the emerging markets last year. In the U.S. market, it's almost unchanged now. And that may be, by the way, the perfect time not to get out of it, not to get into it, but not to get out of it. So I don't have any easy answers to that.  And I would say you probably won't hurt yourself a lot if you use it modestly. I just don't see the point of having an international portfolio in which the U.S. is about 40%. In developed markets, about a little over 40%. In emerging markets, a little under 20% in very grand numbers. I don't think you need to go that far to get 60% outside of the U.S. I mean, we earn our money in dollars. We pay our bills in dollars. We save in dollars. It's a dollar economy. And so, you know, to speculate on whether foreign currencies, which is a big part of the amount when emerging markets and developed markets are different, it's currency change, and not fundamental value change, not global currency change. So I just don't think it's necessary, but if you said, what's the matter with 20%, I would say nothing. I advise you not to go to 50%, but I could be wrong. I don't think it's going to be all that different. But I don't do it myself. I'm only about 20% in equities anyway. I thought at one point about getting into emerging markets, but to confess totally, and I'll say not only a lot about investing in emerging markets came to me. I thought maybe you want to do that. The idea of putting 1% or 2% in gold came to me. The idea of getting much more conservative and when I saw how far stocks would fall, I had the same temptations. Everybody did. Stock market, why am I doing it? What am I doing with 20% stocks? And the secret of my success, such as it may be, is I don't succumb to those temptations. So I just leave things alone. The burden of proof for me is actually making the change. You really want to do it, Wendy, you want to do it, and that's a hard thing to do. I wouldn't want to scare anybody out of international. It could be something I should be doing, trying to scare you out of it. But we don't know the answer. So to make sure you're widely diversified and hang on to it, I wouldn't change your position as a relative to any of what you say or do. But just think about, and particularly that idea of that competition, about the composition of the index. It's remarkably concentrated in a very small number of countries. China is either the answer to our prayers for investing in the red, as Dr. Malki has kind of pointed out, forever, or maybe it's going to be the next great big collapse. I'd say to those two things happening are about 50-50 in each case. A lot of funny stuff goes on over there. The next question is from Sue, Lady Geek, right here in the front. She says, do you think that a 4% safe withdrawal rate in retirement is a good objective? Are you going to de-study here? 4%. Going from an era where everybody thought 5% was right, I always thought 5% was too high because when you think about the climate for market returns, it's going to be something like 7% for stocks, I believe, and 3% for bonds, 3 and a half, and that's going to give you a portfolio return of 5%. 4% isn't safe, but I think you can do that in a circumstances change. I'd keep a little eye on whether you're consuming capital and what you're doing though with that kind of return is with a knowledge certain the purchasing power of your assets will be smaller 10, 20 years from now than they were today. If we have inflation of 3%, and right now inflation is, I guess, 1% or something, and the bond market and the inflation bonds tell us the inflation rate will be up to 30 years, will be 2%, and that may be right, but if it's right, we've got a lot of problems and this economy is not going to be growing if we have 2%, if we have 2%, only 2% inflation. So, you know, I'd stick with 4, it's too fine-tuned, I think 3 is a little bit lower than it needs to be, if I was to say no 3 and a half, I'd be talking through my hat. The next question is from Chester Skoroba. I hope I pronounced that correctly. It's a three-part question. If you had a magic wand, what changes would you make to number one? What is currently available to retail investors? Number two, how Vanguard is run? And number three, the overall investing atmosphere of the country. Well... I'm thinking about the second one, I think I'm a product industry and I banned the word product I banned the word when I was running and you have to pay a $5 fine if you use such a word. And then the reason that's quite simple, we are not in the business or should not be in the business of selling products. That's somebody else's business. Whether it's Campbell Souk's business or Budweiser Beer's business, you know, make it and get rid of it. And that's not the business that is the core of what Vanguard should be about. The word is correct back in and we use it all the time. It is a... I don't mean that in two words, but in a little bit of a way. Because there are a thousand other words when you say a financial service or a trust service and it doesn't kind of... It seems a little complicated from cumbersome as a product, it's kind of a good word and so I didn't like the idea left and you know, it's just not a happy way to think about the business in which I find myself. So I think I think you said the first part of the question of what retail products or something should we have to make available products for the retail investor and I say less less. Why do we need more? I think there are thousands of funds out there. Now we've reached totally a lot of people. It's absolutely like going to Starbucks in the morning and getting that iced latte with blah blah blah. I mean you use your word and it must be terribly expensive. And by the way, I only drink many bowls, many means large by the way. Because you don't know. So I'd say less is not going to happen but the message I'm trying to send is don't complicate the job and you know, the first rule of shooting is don't shoot yourself. And you know what the second rule is? I don't think it's relevant here, I hope not.  I've lost before you did. Vanguard, there are some things that can't be changed. We've gotten big on me and we have by the way, the most incredibly dedicated people at Vanguard. They have a high respect for me even as I've been waiting years of my life and career. They enjoy being with me. They ask me to come to their retirement parties, which I only do, religiously only do, but none of this management is not there. When I get one of these invitations, I say I'll be glad to come and talk to you all. The coast is clear if you know what I mean. I go back and say, I do know what you mean, the coast is clear. That's not a cynical comment and I don't want to interfere with the management once. They can't do all these things when we've got 12,000 people. So I'm happy to fill that gap and our crew is certainly very happy to do it. Let me give you an example. I often talk about when you talk to these crew members that I told you I did for an hour at a time. Usually we don't have a time limit but sometimes it goes longer and you never, never, never when you're talking to one of these wonderful people who haven't been there a long time and got me an award for excellence for cooperation and excellence and working well with colleagues and all that and you never say well an hour or something, that's it. I mean you just let it go until it kind of doesn't go anywhere. But we talk about the rise of bureaucracy and I think I mentioned that line. I did mention that line to you guys but it's always keep a place, a bank or a place where judgment has at least a fighting chance to triumph over process. And I say look, here's all judgment and here's all process and the bigger you get the more that line goes over and when you get big it's going to be here say somewhere three quarters of the way across. There's no way around that although I do observe that if the chief executive loves process it's going to be over here but it's never going to be back here and there's no way around that when you get big that's one of the hazards when you're growing and of course when you think of people like GE and God knows who else who have 200, 300 or more 200, 300,000 employees or more I guess not a bank or really a big at all but we started I couldn't help observing because I looked at your program today but it looks like we have around 30 I mean I think it's a really great sign by the way some kind of arms length stuff with Vanguard and Global Head Street quite a while and that seems to be all mended unfortunately or mostly mended anyway and there I think 30 Vanguard people are going to be around have these little fair where you talk to people at ATFs or whatever else you're going to talk to talk about and then the participants in the panel and then I guess a number of people that help you around A to B and I couldn't help thinking when I I didn't do an exact count with the ink clearly it's about the right number it occurred to me that when I started Vanguard we had 28 crew members so you're going to see two more people than I saw actually three because I didn't count my second so you get bigger and they can't help that I think Bill McNabe tries to keep our reign as personal as he can but you have to do so much by video which doesn't cut it for me and I know they have to do it and I think we're very sensitive on the flagship side to trying to maintain fairly easy to get your flagship representative on the phone very very important thing particularly now with Admiral shares being so much important I think I said 35%, 31% I guess, of our business and so you try and fight it where you can but the key thing the two key tasks as I see it for being one don't do anything stupid in the investment side and you could argue about some of those things and I'm not so sure about market neutral I'm not so sure about the way we're running target retirement I haven't figured out what the heck managed payouts all about yet but give me a little time I'm sure I will but that doesn't have to affect any Vanguard shareholder because you might not do the things I do wonder a little bit but the big tension in this business is always the tension between management, professional management and marketing marketing is a terrible drag when everybody else has some odd idea what a copy goes on and you know it's a strategy it's a you can argue it's a business necessity and they still remember my basic two rules of marketing which I talked a lot about at the beginning in my talk is a measure and not an objective and market share must be earned and not bought and I did mention the second of those rules when I came to my attention and were thinking about buying Barclays ETF operation market share must be earned and not bought now and I could never figure out how that would work I was not pleased but I was ecstatic that we didn't do it and I don't think it would I don't know how you have high cost ETFs the same platform as low cost ETFs and if you make the high cost they're high cost ETFs or low cost ETFs what are you buying the thing for I mean they're going all in profits and it's a very profitable business so I don't really think management is coping with difficult circumstances of growth trying to be competitive I'm the competitive guy I slug everybody in the nose and I don't understand why anybody else is doing any business at all but I think they're handling that tension as well so I really don't think I can complain this next question the overall investing atmosphere in this country crazy and I mentioned this in my talk the triumph of speculation over investment so yeah I'm sorry so what I'm saying about the overall investment atmosphere is the question is in effect ill-chosen because we don't have an investment atmosphere in this country anymore it's whole speculation what happens in the marketplace is 90% speculation or even higher than 90% people trading with each other as if they were in a great big gambling casino with no gain in society lost to those investors who were doing the trading I mean I'll give you the example that I usually use and then let's assume that each stock in the standard of the poorest index half of each stock was owned by speculators and half was owned by investors well we know that the investors who don't trade at all as a group will capture the market return exactly and we know that the speculators will also capture the market return but by trading with each other because no one else will trade with it they'll pay these croupiers so the idea of investing over speculation the triumph of investing over speculation what we have now the triumph of speculation over investment is a mathematical certainty mathematical certainty and I tried to build a company out of mathematical certainty gross return minus cost equals net return you heard it here so it's crazy and think about it this way I had the market this year below the value of American business represented by the price of stocks dropped by 2 trillion dollars say from 16 trillion to 14 trillion does anybody really think that the value in that I don't know four month period of American business dropped by 2 trillion dollars I mean it's inconceivable it was pretty much the same at the end of the period at the beginning but market expectations a big problem and it created an environment for stock prices that was divorced from values the next thing is from one of your favorite bogeys Kathleen Ryan who had to cancel the question is at the beginning but she has a note to you after that the question is being you were born in 1929 did that influence you at all with regards to your study of investing in the stock market she says when my grandmother passed away at the age of 97 years and 8 months I went through her important papers and found a fractional stock warrant dated December 10 1929 I felt that she was very courageous to invest in the stock market only about 2 months after the crash of 29 the fractional warrant was from trans-america company with a signature name from APGNN had I known I would have asked her if she met him I like to think she did how cool is that that if she had met him she would have met the founder of trans-america and I her granddaughter had met the founder of vanguard two very big captains of industry I mean wow with best wishes to you always so the question is what were the questions she wrote it at the beginning and said at the end that being you were born in 1929 did that influence you at all with regards to your study of investing and the stock market well first I'm not to belabor the obvious I was quite young in 1920 I don't remember I don't remember anything about it I saw the look in my father's eyes when he came home with the newspaper there was some real trouble but I was at that point 6 months old I think in a sense it's a pretty good question but it's not so much the 29 but the 30s was a huge amount of money for those days and it all vanished at the Montclair Trust Company we were doing the same thing they were doing in the last big bust buying the things that were hot and the buying probably leveraged those Goldman Sachs the leverage closed end investment companies that actually all went bankrupt that's Goldman Sachs for you change the script you can't change the outcome and there's practically nothing about the stock market instead of getting like anybody else these wonderful confirmations about how much our 401k plan was worth we were getting notices from the personal finance company saying if you don't pay up we're going to take over your house that's a little different environment so I remember the economic privation came out of the boom and the bust very very well and it's made me a lot made me the way I am I don't like to spend money I really do not like to spend money period and I don't buy anything for myself almost nothing I did buy a new pair of khakis last summer only to my wife's insistence I just don't enjoy that and that comes out of your own brain but in a lot of ways your persona is shaped by not having a lot of money knowing you have to earn what you get and doing good things it's an advantage in life I was mentioning this earlier that one of you came up and chatted with me about leadership I guess with Laura and I read those little things in the New York Times on page 2 every Sunday about leaders or purported leaders and what their background is and what they look for in leadership and some is pretty good some is pretty horrifying but what is really interesting is I think the third of them had been waiters when they were young and I think waiting on table is probably the best training anybody could ever get you know you gotta do it and no matter how unhappy you may be and I was never unhappy doing it and you're serving somebody else when I'm a poor kid at Princeton waiting on the rich kids in the dining hall which is the way they used to do it and I thought it was great very democratic and very fair and now we're more democratic and I think if the kids that don't have money have to work together well that's life but I think you come out with a big advantage a big advantage of knowing what it is to stand up to yourself knowing how to take responsibility and knowing sometimes no matter how difficult circumstances are you still have to smile and you can't get angry and the customer or the client or the person you're serving dinner to and I do remember dropping one of the biggest trays down lower eagle dining hall and he used to carry these trays like that probably had 12 plates 12 butter plates 12 saucers 12 cups I can still hear the noise I didn't do it deliberately by the way so the next question is from Dan Smith what's your opinion about the value of anatomy education how important is it to go to Princeton instead of Rutgers let me say this as you can probably imagine friends, classmates of mine and friends of mine here will ask me to review their kids and write a letter to Princeton I pretty much do them all maybe four a year I'm very clear about my recommendation I can't say I've done this kid all of his life, real life, and seen him grow because I haven't his father asked me to interview him and here's what I find I'm very clear about that I don't want to do any deceptive or duplicitous it's not a good idea I always say to the kids I know you want to get into Princeton the odds are terrible they're much worse than the most of the odds they claim to take 8% of the applicants and the real number I'm sure for you to count football player here and there another kind of an athlete you need a tuba player generous alumni I think they're entitled to some kind of a legacy and they are, I mean they get it and I would argue they are but that's another story but you take that group out and the real admission rate is probably 4% or 3% and I say you know it's amazing how I say to these young men and women who had enormously successful careers happy families, fulfilling lives that never went to Princeton amazing would I prefer Princeton directors? yes but you know it was just a great place for me it was much better probably it's so different and diverse now we have a lot more I think it's exactly half or almost exactly half women there was a black man in our class he didn't know what was black he was kind of dark but he was black they had limits on Jewish kids very very few Asians and all that has changed Princeton is adjusting to modern times and you know I loved it the way it was when I was there but I realized you can't give me I look back with great affection it was a wonderful, wonderful time in my life and I hadn't gone to Princeton there wouldn't be any vanguard there was no other college in the country for the undergraduates to write a senior thesis so it was a great blessing and I wouldn't take it back a thing I owe it a lot but today the world talent will emerge and I'm sure you can get a good education at Rutgers I'm sure you can get a good education at Westchester University here a little big it ends up being up to you and I'm a big believer that we have ourselves to answer for finally and the idea you don't get in Princeton say and spend the rest of your life complaining about how your future was ruined by not getting into Princeton there is the perfect identity of a loser the next question there's a little inside explanation for those who don't know Jack really does have a slide rule on his desk and he knows how to use it so the next question is from Dan Smith and he wants to know what kind of slide rule do you use pick and echo or cofl and icer which is best why do you use a slide rule instead of excel the answer to the second part of the question is coiffle and acer it's aluminum the wooden ones get very sticky and I also have a little mini one that doesn't work very well so when I started banging on my desk the fine one under all that paper there really was everybody says kind of a joke but I got into this a long long time ago I didn't use it, I was an engineer which is where you see slide rule which used mostly undergraduate days when I was in college but I was doing at the end of every month I would have to go over to our Camden office where our funds were located and get yields and I would hang in the portfolio and so that was what we did in those days and you know I had my little mineral calculator you know that kind of crank when I found out the yield on General Motors it was 6.48329 on my computer wonderful what the hell did you do with that I found out by a quick switch of the slide rule I got 6.4 and I didn't care about the 82419 I mean it's very very efficient compared to what we were doing because it's as much now but I don't think many days go by when I don't do something with it and it's because I'd rather be approximately right than precisely wrong this question is from the forum Jack it's from Joel Mr. Mogul what are your top priority projects for the next one or two years thanks for what you've done for individual investors well my highest priority and you know things keep getting though it's amazing how every day something new pops up you'd think that the demand for my ideas, services whatever would fade but they don't and in a certain way I think I could make a statistical case without even the slide rule they're actually intensifying right now and I spent a lot of time on things like the talk I gave to the endowment fund officers in Washington and I spent a lot of time doing this this morning a little slapdash for me but it doesn't you know just say well let's sort of go to some charts Mike and say that damn it work like I have now that's just not the way the system works so all these things are diversions when I really want to get out of the way for my next priority and I mentioned the deadline I lengthened because of my disability or inability as the case may be and so that's my first priority and then I don't think I'm going to write a book anymore I think that will be really will be my last book it's a lot of work and it's the it's the overhang of you know having a task it has to be done when you're 82 years old and so it'll be done by my deadline at the end of February and it'll be done well I don't want to compromise as well as I can do what I should say I don't want to compromise on quality and then there will be periodic speaking invitations I'm doing very few between now and then and I did get an invitation to speak in Lexington Kentucky 2014 2014 I told them I was busy that day and I don't much like anymore flying you know we grew up with getting there is half the fun getting there is not half the fun anymore I guess that was the Q and R line travel doesn't really appeal to me so I'm trying to limit my ambit where all possible to New York Boston which I can get to by training easily in Washington so I have little speeches National Association of Business Economists I'm going to do a seminar I must say that was greatly complimented by this I don't know how many of you followed Jim Grant the interest rate observer guy the best writer in this business without any question he's a big forum every year that's very prestigious and he asked me to just do a Q and A with him this year and he really needed me so I took that as a great compliment so I'll be up in New York and I'll attend that whole thing which probably starts at 8.30 in the morning but I'm interested in getting home at night getting home at dinner so I'm going to leave you this afternoon probably around 6.30 but I'll be there until then but I just want to see how our guys do get a chance to chat with you all a little bit and we'll chat a little bit and then if you're going to do television interviews and this is you know it's a ridiculous but if you're going to do even a simple television interview with an ignorant question they're not all ignorant by the way I mean it's just that but it's been known to happen and you have to be prepared so you end up trying every day to keep up with what's going on and if you're interested in every single thing that is happening in the world which means you're in the financial business you know it's the New York Times it's the Wall Street Journal on Saturday morning I can spend two and a half hours with those two newspapers during the week I do primary one on coming to work and one on going home because the company is still nice enough to have our mailroom guys take me back and forth and so just keeping up and being interested in everything and then after I get the book done I was telling someone earlier I don't think a day goes by without some idea in my mind for an op-ed in the Wall Street Journal for an op-ed in the New York Times or even the financial times they want me to do something they haven't even said what but they come to me I don't know exactly why maybe it's irreverence maybe it's age maybe it's wisdom, God alone knows maybe it's going done they know I'm a pain in the double back but I could write an op-ed at least every day on a different subject but I can't do it because it takes a day to write the darn thing can I just tell it a funny kind of story? sure one of my most amusing was in the Wall Street Journal and I got a little note from Tungku Vaginaria the guy that ran the an Indian educated in Britain who became that editor at the time and he was kind of an irreverent guy and we got along pretty well so I wrote a lot of stuff for him and the editorial guys almost never really didn't like much of what I was writing particularly when I wrote something nice about Elliott Spitzer and but they would print and he would ask I got a note from one day and it says don't you hate dot dot dot on the title thing and then dot dot dot on the next line Davos Davos for the World Economic Forum takes place every year so I write back and say it's absurd, ridiculous and a waste of everybody's time except for the egos of all those big shots that go there and so he writes back and says can you give me 1,200 words on it since they're all in Europe you've got to meet the deadline for the afternoon for the European edition so it has to be done by three o'clock this afternoon so I write the thing and my granddaughter was coming in for lunch and one of my granddaughters and believe me, I'm not going to she's not going to be part of my type of time schedule if you have a chance to have lunch with your granddaughter don't let anything interfere with that ever, ever, ever, ever so I got it typed up took her out to lunch obviously at the Cheap Valley Vanguard Cafeteria and came back and edited the thing and had it all up for three and it was really one of the most fun op-eds I've ever done probably the best one I've ever done it was fresh, it was irreverent and I complained about all these guys and then I said, you know I am interested enough the last lines, it's something like this I am interested enough that when I read President Clinton is flying over to give a concluding address tomorrow if he calls me up and will take me on his plane darn if I won't go with him he didn't call so it's a lot of fun and there will be things to do but the book is real and I have to tell you I love when I look at chapters in the past books, you know I don't dwell on them but I once in a while look at what I said and I really love what I've written and how I've written it's very egotistical very self-serving what I really do and I think it's my part very important issues and so but the first drafts are so pathetic that if I was your student and you were a teacher you'd say pal you got no future in the future here there's a lot of ways of what I am anyway this question is from Got There Late I know he's out there somehow do you have any regrets about your family in the vanguard and what would you do differently if you had it to do all over again well there are two things I do differently one of which I talk about and one of which I don't duh I feel comfortable in saying you know I I kind of wish that I had a general I'm basically fundamentally I think a general person but if you're trying to put a new company and do ideas into that you can be pretty unabrupt and I don't think anybody would tell you it was ever in a mean spirit but things have to be done and you can't convene a committee to do them and I never did you try things in this life and given my work ethic which is superb or pathetic depending on how you look at it you know I'm going to know more just because it's kind of personal not because I'm any smaller I'm going to know more about the issues I want to talk about than anybody around that too I don't want to have other people who know less if they know more than I do I'm more than willing to help them but they haven't thought about it they haven't walked around it it's a new exposure for them this is not different to what we are who we are and so I was probably and I've confessed to this much more of a dictator high-handed probably but I think in a decent way that people pretty much understood quoting George Bush the first kinder, gentler executive chief executive but maybe there wouldn't be any vanguard if I were so you got to take the good from the bad and no one can really imagine what it's like in those early years to try and get stuff done and you know you say and or often with a group of four or five people I don't know who's going to do what would you guys figure that out and that was it and I don't think it's a bad management style actually but I never thought about management style and someone, Laura I think again asked me about leadership, first rule is for God's sake be who you are because people can splat a phony a thousand yards away I don't think anybody has ever quote me a phony how could they, good reality is so terrible they don't need to


5 types of people you need in your life to succeed Charlie Jones said you'll be the same the next five years if not for the books you read and the people you meet As humans, we are who we are because of whom we have In other words, you're an average of about five closest people to you But what kinds of people do you really need to have in your life? In this video, I'll be sharing with you five types of people you need in your life if you want to be successful If you're new here, consider subscribing so you won't miss other interesting videos like this The following are the types of people you must have in your life one people who challenge you If we are loud, we'll all be lazy and useless We all enjoy our comfort zones because there there's peace and certainty Unfortunately, we can't be a hero by living in peace to win We have to fight and that often means going out to confront life Pursuing your dreams even when it's very difficult to do To really do this, you need people in your life who can keep you on your toes These people may be friends who are as well crazy about getting things done or colleagues who are different from everyone else What's important is that you have these types of people in your life People who make you to wake up early and sleep late people who challenge you and push you off your comfort zone to people who teach you These may be mentors teachers or consultants because we all have very limited knowledge about life and most things It's only wise to tap knowledge from people who have gone ahead of us to really be successful You must know what most people in your generation don't know to do this You need to have teachers and learn from experts You must be inquisitive and ask questions. You have to be studious and read many books. No one is reading Don't get this wrong. You don't necessarily have to get a physical mentor These days you can easily become the best student of anyone without leaving your room For example, I have many teachers whom I respect so much and they are all outside my physical reach But by taking time to study their works I know how they think what they believe and most importantly I learned from them the life's wisdom Which drastically makes my own life better to be successful You must know a lot of things most people don't know to know what people don't know You need some great teachers You can use the internet social media or YouTube to identify who you want to learn from and follow them very closely Three people who believe in you when I was a little boy.  You are a very brilliant boy Even though my school's report cards showed that I was below average for more than a decade I believe that was very brilliant and somehow I became very brilliant You need people who can believe in you Some people will be able to express this belief like my mom while others will simply show you by their support for your dreams You have to cherish such people But the question is how can I get people to believe in me? The first thing I should tell you is this not so many people will believe in you and you have to understand this If you have one or two people to affirm their beliefs in you, you've got all you may ever get Even your parents may not believe in your dreams. My siblings never believed in me and that was fine That person that will believe in you may be your friend or just a colleague at work In fact in some extreme cases the only people who will believe in you will be your teachers Which may not be physically present with you in the case of a teacher. You are following online If you're serious, you'll come across someone who truly believes in you Keep such people in your life as you need them to keep on being motivated towards your dream Four people who doubt you One of my brothers once told me that I will never succeed Yeah, he didn't use that exact words, but that should be the literal interpretation of what he said If you have a life that's worth leaving you will definitely have people who doubt your ability to succeed But how are these people useful for your success in life? Well in my own case whenever I remember that someone said that I cannot do something I get inspired to go the extra mile because I want to prove them wrong. You know such spirits, don't you? You know how you feel when you want to prove someone wrong, don't you? The feeling is great, and it can motivate you to conquer the world. So how do you get people to doubt you?  I don't know anything as motivating as this Five people who are willing to go with you I see so many people living their lives all by themselves They make their money by themselves and pursue their dreams all by themselves They are perfectionist and their greatest pride is in doing something right Your pride should not be in doing something right but in doing it fast It can always get better later, but it has to be done now.  Ask for help form alliance strike a partnership deal Employ others build a team just never go alone John Maxwell said one is too small a number to achieve greatness You alone are too small. You must be willing to get others to partner with you work with you Cooperate with you and make sacrifices with you In conclusion we must all understand how small we are and learn how to get help We all need people who believe in our dreams people who teach us what we don't know People who are willing to journey with us even people who doubt us And it's our duty to get connected with these people and use their different relationships with us to grow and become successful Thank you very much for watching our videos We'd like to give you another interesting video for you to enjoy next but before then our team will be very happy If you like this video and share it with your friends on social media if you're new here Don't forget to subscribe so you won't miss other interesting videos like this Look at your screen now to see two other videos we handpicked for you to enjoy next. We love you


Next question is from Elsa Vasquez, does eating a rice crispy treat before a workout give you a good pump? You know where this comes from? The bodybuilding, bro. This is the bodybuilding community right here at Pop Tarts, and I did all this stuff, by the way, too. It's less about the rice crispy treat or the gummy bears or the Pop Tarts, and it's more that you're shuttling, you know, 60 to 90 grams of carbohydrates right before your workout. And this is especially true with somebody that's in a calorie deficit or runs lower carbohydrates on a regular basis, and then all of a sudden you take in 50 to 90 grams of carbohydrates 30 minutes to an hour before a workout, and yeah, no, you're definitely going to get a nice pump from that. It is. Now, the theory behind this... Pair that with lots of water, too. Oh, man. Let me tell you something right now. Water was a bigger game changer for me for a pump than carbs ever were, and then add some sodium to that, and it's like, remember, the pump is mostly water anyway. Carbohydrates can help with that, which is probably why people feel with the carbs, and of course carbs will increase performance. That's what studies show. So why the heck are they recommending rice crispy treats? Well, there's two reasons. One is it sounds crazy, so it's going to get you a lot of attention.  Who doesn't like rice crispy treats? This must be a secret.  It gave you more vascularity before going on stage. It has all to do with how fast it converts into sugar and gets in your system. Alcohol is the fastest, so that's probably where that came from. But would that be a good idea before your workout? I don't think so. You might feel like it while you're doing the workout. Oh, this is a great, wearable idea to me. A terrible idea. So why do they say rice crispy treats? Okay, rice crispies are made out of rice, so it's a fast acting type of carbohydrate, and then you make it with marshmallows and lots of sugar. So, oh, fast acting carbs, this is going to be the best. Honestly, just the bowl of rice will be just as effective at giving you carbohydrates, better for you, not going to develop some weird relationship with food, or give yourself an excuse to eat garbage. You want to eat a rice crispy treat, go ahead and do it, but don't create this weird justification that I'm doing this for fitness. Like the whole reason why I'm eating gummy bears, it's not because I'm eating gummy bears, because I like them. So many of these things, like donuts and deadlifts, and there's just like a whole movement around trying to figure out how to entice people through these types of foods that are somewhat taboo, right? It's like, oh, well, we can use them here because we're shuttling it in right before the workout, which gives us a performance boost. It's all about justifying, and this is problem with a lot of the mainstream or popular, I should say fitness industry, is what they do a good job of, which is terrible, is they justify bad behaviors and cloak it. They kind of cover it in this like sheath of, this is for fitness, performance, and health, right? So I played with all this stuff, right? So I did a lot of this when I was competing. I was tracking everything, and you already, you hit it perfectly, which is if you, it's really about the fast acting carbs and the amount of carbs before the workout that's giving you this feeling. So if you just take out that, and instead of having 70 grams of carbs from rice, crispy treats, and you have 70 grams from rice, you don't get the exact same feeling from that. And the reason why I didn't like, and I did, I did the pop tarts, I tried the donuts, I did all these things like messing around with it. And what I don't like about that is that now I would crave that stuff more. Totally. So if I was on a really strict diet like I was, and then I'm like, oh, you know what, I have 70 grams of carbs and 500 calories allotted right now, I'm gonna go crush a couple pop tarts right now before I workout. Oh, amazing. Oh, great workout. But fuck, now I'm craving pop tarts, you know, four hours later the next day and now I want it. And I found myself having a hard time resisting those foods outside of what I was just using it for. So that's what you got to be careful with this stuff is that, okay, yeah, sure, you could definitely do a donut. Yeah, you could do a rice crispy treat. Yeah, you could do the whole gummy bear thing. But you could also do that same, get that same effect by eating good whole foods and doing it, timing it maybe a little bit sooner than the faster acting carbohydrate. Get the same pump and benefits from it, and then now you're not craving this hyper-palatable food that was engineered for you to want more. Yeah, or creating this false connection between health performance and foods that are unhealthy. You know what this reminds me of? I had a client once, very smart person, by the way, intelligent people are the best at fooling themselves. I'm just gonna say that right now. Yeah, justifying things. Oh, they're really good. I had a client, she was a scientist, very intelligent, and she would have two glasses of wine every single night. So at one point, she wanted to track and do all the stuff, and so I said, okay, we could track, and I'd see the wine on there, and I'd say, well, you know, if we cut the wine out, actually, we'll give you more room here. And this is what she would tell me. You know, Sal, I drink the wine because I show, there's studies that show that wine has got some antioxidant benefits and some reservoir control. So it is a handful of grapes.  I'm thinking about my longevity here, Sal. That is not why you're drinking the wine.  It's like people who fast for health, but the reality is they just don't want to eat for long periods of time, and now they're making themselves feel better by saying their studies at support fasting. It's the same thing with this kind of advice right here. So if I hear a fitness person who's saying that they're eating crappy food because it's good for performance and health, I want to slap them in the face. That's not why you're eating gummy bears and rice crepes. You're eating them because you like them. They taste good, and now you're finding a way to justify it. Just be honest, I like rice crispy treats. And it gives me some carbs, so cool. I get to have a treat and get some carbs. And trust me, take into consideration the behavioral aspect of this. Totally. Because I mean, I did it, and I got in phenomenal shape doing all those things I just said, but then what I found I struggled with was that, man, now I want it all the time. By the way, this is some advice I'll give most of you who want to try this. Don't do this right before your workout. One of the worst things for a workout is poor digestion or feeling bloated. You want to do whatever you do with your carbs about an hour or two before your workout, and a lot of these, like you said, doughnuts, I've seen that too, right? People will do doughnuts and then get digestive issues. That's going to give you a terrible workout. So plain white rice is easier to digest for most people than a rice crispy treat. So consider that as well. So you want to not cause inflammation in your gut. You want to have good digestion and get those carbs. You're still probably better off grabbing just plain white rice instead of the crispy treat.


أخذ الحسين لأمام الحسين هذا الأسل that comes out of the eye is an expression of the love and the love and the love for Imam al-Hussein which is in the heart Therefore, the tear is an expression of this firmly deep rooted love that lies in the heart الله سبحانه وتعالى has made the emotion of love so powerful in that if it is manifested through a tear this tear has the potential to cause revolutions that will cause earthquakes and bring the thrones of the tyrants crashing down to ash and dust


If I grab, I can feel that I'm always above this move, and it's harder for my hand to slide down. So I grab, and if I want to lock, I lock right on top, elbows are pinching back, legs tight to my chest, my hand's in. The other one is, some of you guys are up here, your knees are in the corner, and your hands way up high. This is how we're taught to do a single leg when we're little, right? In the ribs, drive up, finish. I want everything compact. I want to be in this hip area, right above his knee area, head, shoulder, hand, all of it's right here. Look at this drive I have into it. Move here easy, I can circle, circle in front. Here, don't have very good coordination, cut off balance. So go back out one more time, a couple more minutes, hit my shot, my head's tight, my hand's above the knee. Personally, I'll either lock, or I grab right at the ankle, so we're going to get you next. Got it straight up, finish. Got it? Set.


So I'm pleased to announce our last speaker for the day for the morning keynotes And then we get you to the track sessions So I'm pleased to have Amir Kholman here Amir is chair of the open data governance board in Ireland and an advisor to the Irish Government in terms of what they do with open data and how they think about it I think you're giving an interesting take on that from her perspective right of how they think of data. So Amir Welcome welcome to a dupe summit to Dublin today. Thank you Wonderful Hi everybody So as a kind of a geeky Irish woman living in London, this is a double win for me This is I get to come home and I get to speak at a dupe. So that's really wonderful What I'm going to talk to you well before I start I should probably say to you that I've had four areas that I've worked in in my career so far. So I've worked in the arts I've worked as a journalist. I've worked in governance and I've worked in technology But it's only recently that those four things have come together as part of my research into what I'm calling techno ethics and What is techno ethics? Well, you probably all would have different definitions of it, but for me, it's really about three things It's about people Privacy and profit and I'm going to come back to that in a few minutes, but first I'd like to go back to the arts briefly so The golden ratio is the secret mathematics behind beauty and Artists have used it for many years to determine the most aesthetically pleasing proportions for their work So if we look at Michelangelo's creating of Adam the space between God's finger tip and Adam's finger tip is the point Where the golden ratio divides? So it's interesting to think that artists use mathematics as part of their creative work Interesting, but not so surprising. So Paul Graham in hackers and painters says that technologists and artists share many things Mostly because they want to make good things But that's where I think the similarities between artists and technologists end Because all of you in this room here today working in the technology community Have more power to affect societal change Than Michelangelo could ever have dreamed of when he painted the creation of Adam Mark Anderson said software is eating the world and All of you in this room today are involved in creating that software But I wonder how much time you spend Thinking about the profound impact that you're having Because make no mistake. You're literally engineering the future economic and social well-being of your fellow man more importantly You've moved from being just engineers into social engineers and the history of social engineering has never been great for human kind and In the past when we thought about social engineering It's really what was undertaken by government Totalitarian regimes, but regimes that were subject to change through collective action or democratic force So when I worked in government, I worked in local government I've worked in city hall where I set up the London data store and I've worked in Whitehall I was always amused when people would say to me how concerned they were about the amount of data that government held And at that time the amount of data government had was pretty reasonable So I used to say shouldn't you be more worried about what your mobile network operator has on you But now we know things have changed only we know that the pitch has been leveled and Governments have a huge amount of information about us Which I think has severe implications for society in the UK at the moment We have legislation pending which you will have heard of probably called the snoopers charter And if that legislation is enacted that will give the UK government More visibility of our data than has ever been seen in the past Our Prime Minister in the UK David Cameron said do we really mean to have communication between people which we cannot read I Find that you know an outstanding a gland of statement for the head of a democratic country to say So is it any wonder when a former lieutenant of the stasi was asked What did he think of the snoopers charter in the K UK?  Pails into it pales by comparison with what technology companies know about us today and why does that matter? Well, it matters because in order to have successful social engineering by which I mean governments or corporations Trying to make us do things to meet their ends You need to have two things You need to have a body of information about the society you want to influence and the tools of which to do it So let's think about that for a moment So this is what Google has about you if you're a Gmail user This is what they know concepts and topics discussed in email as well as email attachments The content of websites that users have visited Demographic information including income sex race marital status geographic information psychographic information Personality type values attitudes interests and lifestyle interests previous searches users have made information about documents user viewed That is a body of information about society that's unprecedented. It's historically unprecedented But it's not just of course Gmail it's Facebook So we know as far back as 2012 Facebook were undertaking secret studies manipulating emotions from user feeds over 689,000 user feeds without their permission Where are the ethical boundaries or ethical frameworks that bound this kind of research all academic research is bounded by ethical frameworks, but not this So essentially we're living in what the author Frank Pascale calls the black box society Where secret algorithms control the flow of money and information? Those of you who have seen the last season sir. I'm just gonna step to get some water Apologies Those of you who have seen last Season of House of Cards Will be familiar with the fictitious search engine poly hop Which was used by Frank Redwood by his Republican opponent will Conway to basically You know gain the upper hand So he seeded the web with only great information about himself only positive information about himself And he used the search engine and all the data from its users to figure out the values and attitudes and beliefs of those users So he could craft his communication messages accordingly But this is really art's imitating life If we look at the work of Dr. Robert Epstein from the American Institute of Behavioral Research and Technology His five experiments five studies in two separate countries have shown that the real-life equivalent of polyhop Google Could affect voter preference by 20% That's 20% That's a virtually invisible form of social influence that's unregulated in anywhere anywhere When I worked in local government for example, we had very clear guidelines from the electoral Commission Which laid down what we could and couldn't communicate in the period leading up to an election and that was important Because it was important for us as public officials not to do anything not to communicate anything That would disadvantage one political party over another and that's how it should be in a democracy But what if a rogue employee in Google or the company itself decided to skew the algorithm so it ranked one politicians ranking higher than another In an analog world a politician could go to the electoral commission and seek redress But what redress do we have in this black box society? How could we even show the effects of the search engine? manipulation and This has been the subject of some controversy in the UK When users pointed out if you search for labor you got some pretty non-complimentary autocompletes Whereas if you search for conservative you didn't get anything Now Google of course genetic conspiracy, and I'm not saying there is one What I'm saying is that technology has the ability to make Significant societal change with geopolitical consequences and those processes and decisions are hidden from us I'd like to move now to talk briefly about techno ethics in the context of work because we've got some pretty big questions We're gonna have to answer Naming what we do and our labor is no longer required So we know the history of robots when we thought about robots before they were gonna come and take all the crap jobs Right all the jobs at the bottom that nobody wants and that was going to free us up as human beings to do wonderful things Except now we know that's not what's gonna happen What's gonna happen is they're gonna hollow out so many middle-class jobs across retail across banking cross journalism taxation law and to put that in context one US firm recently retrospectively applied e-discovery software to its cases and it found that it's human lawyers who are only 60% accurate compared to the software So we know the direction of travel there and the question is going to be what we do when our labor is no longer required But more importantly, we also need to ask questions about the changing nature of capital and labor In 1891 our Karl Marx asked does the worker in a cotton factory produce any cotton? No, he produces capital He produces values which serve in you to command his work and to create by means of it new value So I think if Marx was alive today in the age of Google he'd be asking this When you email are you only corresponding? No, you're producing capital You're producing values would serve a new to command your work and to create by means of it new values We're all shadow employees of the new digital services that you guys are creating And you know in the beginning that didn't matter much because we were all seduced by free We didn't realize the emergent value we were creating for technology companies. So we were kind of happy with the service And then a little bit further in the journey. We realized well if we're not paying for the service We are the product, but we were too deeply embedded in the platform to extricate ourselves But now and in the near future I think forces are colliding that are going to drive new emergent business models in the technology center Because if we have citizens living in a very uncertain world where capital and productivity are rising steeply and labor is falling sharply and Covered with the rise of robotics and automation in a world where their labor is no longer required. Do you think they're going to be happy Giving you all all their data so that you can drive more and make emergent value out of it Not when we know that most of the technology companies are Putting so much money into space expression space exploration. That's where their profits are going Is it because they envisage a future where they'll be there and we'd all be left behind? Of course This future has been shown to us in the fictitious film Elysium Where in the future the world is divided into a place where the wealthy elite are living on another planet and We who've been left behind are scrambling over scarce resources and doing all the lowly grunge work to suit our Elysian overlords So is that really science fiction? Is it really far-fetched? Well look at the strides that SpaceX is making it's amazing or why are Google and Fidelity investing a billion into SpaceX or Amazon putting two million into space exploration and it's always a bit of a scary thought when secondary services are already being developed So here we have PayPal back in 2013 with their intergalactic currency So we now have intergalactic currency Before Elon Musk has even gotten Mars and remember Elon Musk is fond of saying I want to die on Mars Just not on impact And the reason I'm saying this is because I'm trying to inject a sense of urgency into discussions about techno ethics Because if we haven't come to terms with the ethical underpinnings of our technology today How could we possibly look at an ethical framework for future planets? And if you think you're going to be covered by the outer space treaty which was written in 1966 and Says that space is to be carved out for the benefit of all mankind. I don't really think that's the way it's going to work out. I Think our digital overlords right are going to climb into their space shuttles and the last thing we'll see before they leave is This but what about now? What about not waiting for the brave new world? What about the near future for us? What can we do as a technology community? I think we need to provide leadership Leadership around questions about ethics and transparency. I think we really need new business models that big privacy in from the beginning and That move away from a winner takes all to redistributed redistribution of digital dividends And you know corporate social responsibility is nothing new We've had it for over 30 years for over 30 years. We've admonished companies who exported their waste abroad You know we have hard the environmental and social impact that that causes but we export our psychological waste with impunity If you look at Facebook with 1 billion users who are uploading 2.4 million pieces of content every minute of every day and In the heart of that data is the dark side of humanity and somebody has to clean that up so that all of us can have our sanitized Facebook experience But that's not cleaned up by Facebook employees It's cleaned up by outsourced content moderators in the Philippines who get paid a dollar an hour This is a quote from one of them where she says it's like a sewer and all of the mess and the dirt and the waste of the World flows towards you and you have to clean it Surely we can do better than this in the technology community Ethics has driven our society for centuries Why should technology be different? Are we granting technology such an indulged and privileged place that the normal ethical principles don't apply? Our thought has said we are what we repeatedly do Excellence then is not an act, but I have it. I Think of the technology community. We need to repeatedly ask ethical questions We need to make sure that ethics is included in the core curriculum for all computer scientists and engineers and Economics too so that the future business services and the future models that we have are drawn from a holistic not a Technocratic way that in place So I think the question we need to continually ask in the technology community is we can do this But should we Now at the risk of giving any of you developers out there even more of a God come complex I'd like to return For a moment just to this slide so if we were to look at the creation of Adam in a modern context This is what we'd see isn't it? It's not God's hand. It's your hands All of you in the technology community who are creating the future and so with great power comes great responsibility sorry I Work as an associate with Ernst and young in London and one of the things that we're currently doing is Trying to look at what we call a good governance index, you know What does good look like in this space? What does good look like in big data? How can we make sure that we're developing something that is going to be for society's great good and not just for for harm and so if any of you are interested in joining me in that discussion Please do follow me on Twitter and I'll put up the EY Twitter handle in a minute I wanted to close just by sharing with you a couple of the influences really for this talk In case you might want to read any further Sharon Lennie is working who owns the future has some wonderful examples of how we can look at micro licensing content back to people So that we can give them a return for their data The rise of the robots, which is a great document In terms of the hollowing out of the middle class and raw deal by Steve Hill Which I highly recommend and it's a total taked out of the sharing economy and the pressures on contingent labor and where that's going Frank Lasquale's work, which I mentioned where he talks about the black box society and Paul Graham's book hackers and painters, which is a wonderful description of developers and program programmers And finally the rise of the humans, which is a wonderful book written by Microsoft's Dave Coughlin And I'd like to pay Dave credit because really he was reading that book that brought me to the view that we Really need to start talking techno ethics Thank you Very interesting and very enlightening just to see the societal impact that Data and technology can have a very different view in terms of I'll say the the impact you can have the impact you could be part over the change You can help drive with technology and with data. So a different view of that


of a wise man. He said, you know, your greatest accomplishment might not be something you do, but someone you raise. And I believe that's true for us today. I'm Amy Schaefer. I'm here with Tom Hollis. Tom, I almost forgot that great quote, but thank God for the help of the Holy Spirit. That's right. Well, well, for those of us who have children and are now grandchildren, we always want to raise them up to follow Jesus. That's our number one hope, right? That they'll follow Jesus. As Christian values come under attack, though, more and more in our modern world, many parents wonder how can they build the strong spiritual foundation their children need to understand what is truly important in life? Well, award-winning podcaster Leanne Mancini inspires parents and grandparents to teach your children using loving guidance and discipline to become effective disciples who follow Christ and live according to his word. We're going to be talking with her and it's I mean, she's written this amazing book raising kids to follow Christ. It's such an important subject. And you know what? As I get older, it's still an important subject. Well, yeah. And I raised children. I love being a mom.  And I still feel extremely 100% engaged in raising those children. Yeah, you know, what's funny for me is when they left the house, when they turned 20, 20, it was like, Oh, I can't control them anymore. I can't, I can't tell them what to do anymore. They just do not that I was real good at it anyway, but, you know, I can't tell that, you know, they're, but you know what? They're never out of your influence. They may be out of your day to day control. So to speak, you know what I mean? Yes. Control sounds bad, but you know what I mean? Yes. The, the, but they're never beyond your influence. That's right. Yeah. And speaking of control, the producers are going to try to stump the host. We have a children of the Bible theme. Here we go. Let's go. Okay. First question. What are the names of the twins born to Isaac and Rebecca? Oh my gosh. Wait a minute. Jacob and Esau, right? No, no, no, they're not twins. No. Yeah. Jacob and Esau. Yeah. Jacob and Esau. Jacob and Esau. Oh my goodness. Oh my gosh. I can't believe it. That was easy. But it felt hard. I'm starting to question our expertise here. All right. I hope you played along with us and here's the next one. When Job had his fortune restored, he was blessed with seven sons and how many daughters? Wasn't it seven sons and seven daughters? You know, that's what I think I'm going to go with. Yes. Let's go with that. Let's go with that final answer. Three daughters. I should have had some. I should have known that because I love everything about the daughters of God in the Bible. All right. Last question. Like arrows in the hands of a warrior, are children born in one's youth? Is this verse found in Proverbs or Psalms? Proverbs. Proverbs. Proverbs. I'm pretty sure it's Proverbs. Okay. Proverbs. We're going to go with Proverbs. It was so. I thought I was right. And you know why I thought I was right?  But here's the deal. I read a Proverbs every day and I've been doing it for years and that doesn't trigger my memory. See that? I used to do that. No, I don't do it anymore. I'm glad we listened to you on that last one. It's not me. Let's move right along here. Well, as a Christian parent, the number one thing that we hope for our children, as I said earlier, is that they grow up learning about Jesus and choosing to follow Him. And in today's secular culture, though, that can be quite a challenge. Podcast host and author Leanne Mancini is our next guest and she's written a book called Raising Kids to Follow Christ. She joins us now to share how we can be a witness to our children and teach them to walk boldly in their faith. Leanne, welcome to Hope Today. Thank you for having me. I'm excited to be here. Well, you know, one thing I wanted to start and there's so much to talk about here that I know it's going to be a wonderful time of conversation with you. But let me ask you, you start off with something from Jonathan Edwards of all people going back 300 years. Can you tell me about that? What was an illustration he used, the kind of scared parents? Yes, you know, when I was researching for this book, I researched about two and a half years condensing this wisdom into this book. And I found this quote from Jonathan Edwards, where he actually tried to scare the parents. This was during revival, the great revival. And he asked the parents, how would you feel if you got to heaven and you sat at the heavenly banquet table and you're looking around and you're seeing family members and friends, but you don't see your children? That should affect how you are raising your children. He wanted parents to understand the importance of raising our children to love and to know God. That was paramount over everything else that was going on in their lives. And I thought, wow, I never thought about that. If I get to heaven, I don't see my children, that would be just horrific, horrific. And that's what just made me think, oh my gosh, we better start doing something. We better start doing something fast, doing something fast. Yeah, for sure. Let me ask you about just when, when do children begin to form a worldview? When do they begin to, you know, form their beliefs at what age? Around 15 months, children start to form a worldview. They look around, they see what family members they can trust. They know who's a stranger, who's not a stranger. They start hearing about, hopefully before that time, about Jesus. So it's about 15 months of age where they start forming their worldview. And I say to parents from the womb to age three, we want to prepare that soil to be rich. So from ages four to seven, we print, we plant seeds into rich soil that grow deep roots. That's how you build that foundation. And then from age eight to 13, you build upon that foundation. And at age 13, they pretty much have their worldview solidified pretty much. Well, let me ask you about that then. How do you prepare the soil? What, what does that mean exactly? How do you plant seeds? What does that mean? Well, for example, in my research, and I did a ton of research, one thing you can do is when you're pregnant, go to a Christian daycare center or your nursery at church and volunteer. At 18 weeks, babies can hear sounds in the womb. So let them hear children singing about Jesus. And then, you know, volunteer after they're born and on their first day, that they have to attend, there's going to be no, no tears. Also, you can, when you're feeding your infant, you're having their needs being met.  Say, Jesus loves you. What you're doing is you're connecting their needs being met with the name of Jesus. Or a six month old laughing as he's looking into the mirror. Say, Jesus loves you, Johnny. Now you're connecting his happy emotions with the name of Jesus. And another thing you can do, there's tons of stuff that I put in there, but another thing you can do is instead of saying, let's take a nap, you say, let's take a Sabbath's rest. Now they don't understand the true meaning of Sabbath, but they know it has something to do with rest. What you're doing is you're building a vocabulary and a category in their mind. So later, when you start teaching them about the true meaning of Sabbath, you're planting seeds into rich soil. Wow. There's just so much we can do. Yeah, that's really good. Let me ask you about as they, as they begin to grow. So I'm going to lay these out for you. Public school, homeschool, Christian school. Where do you come down on that? Well, you know, it's hard. I believe in homeschooling, but 80% of our children attend a public school. There's a lot of families that can't afford it. That's why we have to double down in our parenting at home. I call it, let's be rosy riveters. World War II, the parents rolled up their sleeves so that we could win the war. And that's what we need to do as parents. We need to roll up our sleeves. We need to know God's word thoroughly. We need to live it out, and we need to apply it daily in our lives. That's what Deuteronomy six through four, nine is all about. A lot of families will rely on proverbs, train them up in the way they should go. But you know, that's not a promise.   Is parenting just for a mom and a dad alone and singly? Or is it about a community, a church, neighbors, friends? Do we all have a responsibility in teaching these truths of God to the next generation? Absolutely. And I think we find ourselves living in the times we are because the statistics don't lie. And I recently interviewed George Barna on my podcast, and he wrote Raising Spiritual Champions. And so their recent research shows that 70% of our teens from 13 to 14 years of age, they do not believe that Satan is real or he exists. 84% believe that we're not born into sin and need salvation. And 70% don't believe in absolute truth. Now, these are 13 to 14-year-olds coming from Christian families. And also, the church pastors, that, those statistics were alarming as well. I actually cried when I was reading these statistics. 53% of children, Christian pastors, believe in reincarnation. And 50% believe that Jesus possibly sinned while he was on earth. So, you know, as a church, as a body of Christ, we're called to raise up our children together because they're our future. You talked about the Bible verse, arrows in our quiver. That's what children are. They're arrows in our quiver. Those arrows are precise. They're made perfectly to point. And what do we do with them? We shoot them at the devil.  We need to raise up strong Christian counterculture warriors and have them go out into the world to make a difference. And we can do it. There's things we can do because we have God on our side. We have His word. If we live out His word, if we apply these principles daily to our life organically, our children will have a Christian worldview and not a man's worldview. You know, probably a couple of generations ago, parents didn't really have too much trouble disciplining their kids. It was just understood to be part of what to do. But it seems to be a lot harder nowadays to discipline kids. How can we discipline correctly? How can we move, as you say in the book, from disciplining to discipling? Well, I have a lot of parents that like number one problem I think parents are looking for solutions for is disciplining. And I believe we have to understand that and it's mostly around the teenagers when they really start having or preteen teenage.  Now, listen, hear me out. They have rights to food, shelter, clothing, but they have privileges outside of that. Everything is a privilege. It's a privilege to have a phone. It's a privilege to have keys to the car. It's a privilege to be on your computer or go to a friend's house. So you need to sit with your children. If you haven't done it and you say, look, we haven't done these things in the past, or we're going to have a family mission statement, or we're going to have a contract, a family contract, that's going to lay out what's the responsibility of the parents, what are the responsibility of the children and have your children involved because if they're involved, they're more likely to adhere to whatever the stipulations are. And the three things kids cannot argue with when you're putting this together is simply say to them, I have to adhere to God to what He has called me to do as your parent. And I have to do what He's told me to do. I love you. That's another reason we're doing this. And the other, the third reason is because I want to keep you safe. Kids cannot push back upon that. And then I say, don't forget, no, when kids are babies, you can do behavior modification, like give them a treat for going to the potty. But as they get older, behavior modification doesn't work because you can't give them enough to have them want to behave. So it has to be a heart transformation. And in the book, I have a lot of ways to help you as parents, grandparents, ministry leaders, change your children's hearts so they want to behave. They want to love the Lord first and foremost and become strong Christians. And that lasts a lifetime.  But when they're teenagers, you try to take away their phone. They're not allowed to drive. I mean, talk about those same emotions. They're just times a thousand. How do parents navigate those emotions so that they have godly actions behind it? Well, if you start early, you know, if you do these things you're supposed to do early, it makes teenage era so much easier to walk through. But teenagers can be just bigger toddlers and they get upset and they get mad and they pout and they whine when they don't get their way. The best thing to do again is just to simply, when things calm down, have a conversation with them and say, look, you know, you're a young adult.  So how can we work through this situation? What can we do? So this doesn't happen. Remember, I'm your parent. I love you.  So help me to do this so that your life and my life we can coexist and love each other as a tight family. And I think if you not lecture your children because they don't want to be lectured, but have an open conversation, I think it works so much better that way. There's just so much we can do if we just start doing it and realizing we're the parent and they are the children and we have a responsibility to raise them properly, according to God's word. So I noticed that in the book you have answers to difficult questions. You know, like, who is God? Who made God? What is God like? Things like that, things that kids are going to ask. You know, I had a couple of professors in college say that they questioned in Sunday school and the person said, well, it's in the Bible. You just have to believe it. And I always tried not to say that to my kids because I've kind of discouraged them because they weren't, you know, their natural inquisitiveness was not fulfilled. So what about that? How do we handle those things? Not everybody's a theologian. How do they handle questions about, you know, God? Well, I like to say, okay, let's back up and let's look. What does Paul, Jeremiah, Timothy, Daniel, Sammy, what do they have in common? They were taught from infancy. So we can teach our children very young about absolute truth. Just take them out in nature. The sun rises, the grass is green. Start teaching your children early about absolute truth. And as they get older, they, your worldview, their worldview can be formed to become a biblical worldview when they understand questions like the four, the four questions a worldview must answer is origin. Where do I come from? Well, God made me and God made everything. Morality, how do I know, determine good from evil? Well, God's word says what is good and what is evil. In fact, answers, I mean, Genesis one through 11 answers all of those questions that we're fighting with today with the secular world, marriage, creation, you know, everything. There's so much. It's all in Genesis one through 11. Another worldview question must answer his purpose. Why am I here? God's word answers that and destiny. What happens when we die? Well, God's word is the only worldview with his word that answers those questions. So look for opportunities to answer those four questions while you're raising your children. And that's how you start to build that foundation and then practice with them role play. So they're not deer and headlights when someone asks them a question. In the book, I talk about a little boy who his mother, he came home crying from school. And he said, mom, you know, Johnny said that I hope little kids are listening to the show because I don't want to blow anything for the parents. But mom, Johnny said, God's not real. He couldn't have created everything in the world.  Well, when the little boy ran home, he was really upset because his mom had just told him about Santa Claus. And now he was wondering everything about Jesus was real. So you have to prepare them early for these questions because they're getting them earlier. They're facing pushback and not opposition in elementary school. The book is called Raising Kids to Follow Christ by Leanne Mancini. Leanne, would you pray for parents out there? Would you pray for the parents and grandparents that are watching right now and are saying, yeah, I need to, I need to do this. I need to know how to do this. Would you just lift them up? Absolutely. Thank you for the opportunity. Heavenly Father, Lord Jesus, we just come before you. You have chosen us for such a time as this to raise these counterculture, beautiful children who are going to fight the battle of evil. We know it's about the salvation of our children and the preservation of our faith. So we ask that you will guide these parents. We ask that there'll be no mommy and daddy guilt or no guilt for ministry leaders if they haven't done what they need to do because we're all learning, Lord. So we ask that you will just bless us. You will equip us and you will guide us and you will protect us so that our generation, this next generation, will be strong warriors for Christ and they will be connected to the truth of God and His word. In Jesus' name we pray. Amen. Amen. Raising kids to follow Christ and stealing a lifelong trust in God by Leanne Mancini. Leanne, thank you so much for being with us today. Thank you so much for having me. I appreciate that. Well, when we come back, we're going to have a scripture and some ministry just for you. We'll be right back. Jesus' two greatest commandments are love God and love others. Learning how to love better is a lifelong journey. This month, with your best gift of cornerstone television, we'd like to send you Love Like That, five relationship secrets from Jesus by Dr. Les Parrot. Discover how to truly love those in your life with this revolutionary guide. Blending the latest research in psychology and sociology with biblical insights, Parrot shares five practices, being mindful, approachable, gracious, vulnerable, and empathetic to help you forge meaningful, fulfilling connections with others. Love Like That will revolutionize every relationship in your life. Ask for your copy of Love Like That, five relationship secrets from Jesus by Dr. Les Parrot when you give this month to support Christian television through Cornerstone Network. Give online at ctvn.org slash donate or call us at<PHONE_NUMBER>. Hope happens here. Thank you for being such a huge part of our world and our family and our partners.  And thanks for tuning in for the entire program. You are truly the best. Let's go to our scripture right now in Deuteronomy chapter six, verse five and seven.   Impress them on your children.  Tom, this is not a great suggestion. This isn't like we recommend that you do this in the Bible. This is like, this is the Lord speaking to us. He's given us the blueprint. He said, here's how you build a great foundation for a family, for righteous kids, for a righteous family. Here's what I need you to do. Now just do it. Talk about it. When you're sitting down, when you're rising, when you're eating, teach and press them on your children. Notice how it's all based around the home. It's not, I mean, you're a pastor, you have a great church, I go to a great church, but it's not about the church doing all that. That's good. The church needs to reinforce what you're sharing at home. It's where it happens. It happens in reality at home day by day, moment by moment. First of all, parents and grandparents, you living out that truth and that relationship with Christ every day consistently. And yes, we all are fragile people. We make mistakes and that's okay. That's part of it too, actually. We learn how forgiveness is given and asked for and given. So yes, those are important things. But it's that home time of them learning. And it doesn't even say have a special Bible study. It says when you rise up, when you sit down, it's just like all the time you're living that out. Honestly, I think there is such an anointing right now for families and on the family. And I believe on your family today. As the scripture says, as it was in the days of Noah, so shall it be when the coming of the Son of Man. Well, as it was in the days of Noah, God used a family to save his race, his people. So I believe that God wants to use your family. God is going to use your family. Don't give up. I mean, I'm thinking about some parents, you just feel like giving it up because raising a family is hardcore. It is tough. It is, you've got to, it's like boots on the ground. It's like you're in the army. There are, it's spiritual warfare.  But you know what? We stand boldly and we stand confidently because our foundation is not on sand. It's not shifty. It is on a stable foundation of the scripture and the Bible and God is faithful to his promise. So what he promised for you and your family can and will come to pass in your life. I mean, you got to hang on to it, Tom.  Let the cell phone raise your kids. Let culture raise your kids. Let tick tock. I mean, you've got to take back your family. Absolutely. You know, that's interesting that you brought up that about as it was in the days of Noah because quite often what I've seen is people say, well, it's terrible, horrible sin in the days of Noah and it's terrible, horrible sin now. That's not exactly what it says. It says they were marrying. They were giving him marriage. They were just doing the normal stuff without God. And that's what we see in our nation now, in our culture, in our world. People are just going through day to day life, even good families without God. And I'm here to say that you and me and Amy and everyone around here, not just the preacher on Sunday morning, but everyone can affect those people around, around our communities, our neighborhoods, the organizations were part of Boy Scouts, Girl Scouts, Soccer Club, whatever. You can be that influence of a family living for Christ, not just kind of going, going the way, going the way kind of stupidly off to not serving God, you know. You know, we have family dinners together every Monday night. And I can't tell you how vigorous these conversations are, how passionate these conversations are, how opinionated these conversations are, and how biblical these conversations are. I pray the most vigorous, vibrant, biblical family right now in your home, in your children's home, that we will impress them on our children. Our children will impress them to their children and so on. And guess what? The kingdom of heaven is built. Thy kingdom come, thy will be done on earth as it is in heaven. See you tomorrow. On Tomorrow's Hope Today, explore who Jesus truly is and learn about his promises. Author Rick Beckwith takes an in-depth look at the life of Jesus and answers some challenging questions we have in regards to the promises he made. Don't miss Tomorrow's Hope Today. Cornerstone Television wishes to thank all our faithful viewers, whose consistent prayers and financial support have made this program possible.