Welcome. This is Building Large-Scale Private Clouds with OpenStack and Seth. Checking you're in the right room. Should we kick off? Yeah. Cool. Hello, everybody. I'm Andrew Mitry. It's Anton Tadaker. We're from Walmart. Maybe we'll tell you a little bit, since we're here in Spain, about who is, what is Walmart? Walmart is a retail store. It was started in 1962 by Sam Walton. Today it is actually Fortune One, the world's largest company, at 11,500 stores, 172 banners, in 28 countries, and with e-commerce websites in 11 countries. For those of you in the EU, Walmart owns ASDA in England, might be a familiar brand. We have over 100 distribution centers worldwide, and over 2 million employees. We are the largest private employer in the world, and we have about 80 million monthly Walmart.com visitors. So we wanted to share with you a little bit about where we are today with OpenStack and with Seth. So I'm going to kick off the OpenStack part, and then I'm going to hand off to Anton to go deep on what we're doing with Seth. So our current OpenStack footprint is over 170k CPU cores, and it's growing. We're in about six data centers, and we have about 20 to 30 regions across those six data centers. We use OpenStack Ansible for deploying and managing our OpenStack. We actually have two core contributors on OpenStack Ansible, Jimmy McQuarrie and Michael Gagino. And our production is currently running on OpenStack Liberty. Besides contributing to OpenStack, we also contribute to Seth. We actually are number 16 contributor for the next Seth release, which is really exciting. I think we have about four or five developers that are actually contributing code to Seth right now. We also have a core on OpenStack Watcher, and we contribute quite a few other OpenStack projects, both code, documentation, bug fixes, and we participate in various working groups as well. So as part of the cloud team at Walmart, we actually have a platform, an application lifecycle management tool, a company we bought a few years ago called OneOps. We've now open sourced that tool about a year ago, and that is actually how our developers interact with the cloud infrastructure at Walmart. And to give you a couple of stats, our developers through OneOps are leveraging those 170k cores that we have. They do about 100,000 what we call auto repairs, where OneOps allows our applications to self-heal. If a VM has an issue, it can automatically replace or repair those issues. We do about 40,000 deployments a month. We have about 3,000 applications running through OneOps on OpenStack. So in OneOps, we have a concept of a pack, which makes it easier for our developers to deploy various technologies, and we support about 60 different open source technologies through those packs. You see some of them listed there on the screen. So when we started off doing OpenStack, we actually did it only with ephemeral storage, local disk. The idea being, hey, it's a cloud app. It should be able to run with ephemeral only. And in theory, that might sound good. And we did move a lot of our ecommerce workload over that way. But we quickly found a few non-ideal states being in an ephemeral only world. One is that our CPU and memory need scale differently than the local disk. So that ends up with standard storage, both in capacity and performance. And it also increased our recovery on some of our app time when we had to rebuild that on a local disk. And also, I didn't give a lot of avenues for applications that weren't fully cloud-native. So let's talk about why we would need persistent storage. One of our big use cases is like traditional type applications like RDBMS type applications. And when I think about persistent storage in the cloud, in my mind, I split it up into three groups. And I'll try to talk about all three of those in this presentation. So we have traditional block storage for virtual machines. I think everybody probably understands that if you guys already run Ceph, I think it's easy to understand that. What I call traditional object storage, and it's like for various object type applications. And I think that's also self-explanatory. But one other type that I'm going to talk about, and for us right now, that's a big use case, is large-scale object storage specifically for big data workloads. So we'll try to cover all those in this presentation. So some of the things that we've done in the past with Ceph is we've actually gone with very dense storage nodes. So this was not going to name specific vendors, but you can probably guess who it is. So these are like boxes that had 72 large form factor spinning drives in them. And when you have so many disks in a node, you end up having what I would call challenges. One specific one for Ceph is we ended up having like 130,000 or 140,000 threads on the box. And when you have that many threads, all kinds of interesting things start to show up in the Linux kernel. There's all kinds of Numa issues on the box. There's just like scheduling issues with the Linux scheduler, all kinds of stuff. And if you're using very dense disks, you actually end up with a box that has like maybe half a petabyte of storage in one server. So unless you can probably still do this, but this is something that we're not doing right now, you can probably do this if you have literally thousands of servers like this. But we're not quite at that scale, even though we're pretty big. We're not that big for dense storage. So I would say unless you have over 200 boxes in a cluster like this, or maybe even more, I wouldn't recommend going something like this. Something that we're also not doing anymore is spinning drives for block storage. SSDs, SSD prices have come down in price quite dramatically. So we actually started doing 2X replication instead of 3X replication. And because we're not buying very expensive like 10K or 15K disks, actually our price per gig has not really gone up. In fact, it's actually gone down going from 3X replication to 2X replication with solid state drives. So we've actually been able to transition to solid state drives without really setting up a lot of alarm bells in the finance department. For block storage? This is only for block storage, yes. I think for object storage... For large scale object storage? Large scale object storage, the disk access patterns are such that you can actually get away with spinning disks. And of course it is expensive to buy all flash for large quantities. So the other thing is unfortunately sometimes we do have to build small clusters, but I try to avoid that at all costs. Ceph really performs better when it's at scale. So we've had clusters in the past where we had like maybe 6 or 10 nodes, and that's not a lot of fun if you're doing interesting things. So what is the minimum size cluster you'd recommend? Right now I think our minimum size in production is 16 nodes, and I would shy away from anything smaller than that in my opinion, because if you have a single node failure with like 10 nodes or something like that, you're really affecting more than 10% of your cluster capacity. You lose actual capacity in terms of space and you lose of course performance, and obviously you're going to be moving and shuffling data back and forth. So that's going to impact your cluster. So this is actually our current all SSD Ceph cluster configuration. I unfortunately can't give you the more specifics than that, but I think you can probably guess this isn't very cutting edge and this isn't very anything secret. Many server manufacturers. Yeah, this is traditional kind of like TR1 server manufacturers. So we do try to limit the RAM. I mean maybe somebody will say that 128 gig is a lot, but actually we've scaled that down from larger sizes. Right now we're doing 24 physical cores, and unfortunately right now that's two sockets. So these are 12 core CPUs, and effectively with hyperthreading that gives you 48 threads. Because of our existing data center footprint for the current production stuff that we have, that's going to be, you know, if you ever walk into a Walmart store or if you decide to buy something online from walmart.com, this is mostly, you know, a lot of applications are going to be hitting something that's on this right now. So unfortunately we're limited by 10 gigabit ethernet, so we're doing a dual 10 gig ethernet. So one network for front-end connectivity for all the CEPH clients, and the second NIC for the back-end network for CEPH for replication. So right now we're doing 10 SATA SSD drives. Primarily it's because we couldn't get a better chassis in time when we needed to order stuff, and we're trying to change that a little bit. And we're using, in addition to 10 SSD drives, we're actually using an additional NVMe device for journaling. So we're actually not doing journaling on the bulk SSD storage. The primary reason for NVMe device is actually for lower latency. If you're familiar with CEPH, I'm sure you know this, but CEPH doesn't acknowledge the write until the data has been placed into the CEPH Journal and on all replicas in the cluster. So if you're doing a lot of low-queue depth type write workload, you're going to see higher latency until that data is flushed into the non-volatile memory device. The other thing that a separate NVMe device allows us for journaling is we can actually try to get cheaper SSDs that have lower endurance. So that's still a work in progress, and I'll talk about that a little bit more. But that's basically our current config right now. Not really anything cutting edge, but this does provide us with the performance that we need, and it's got a good enough capacity so that we can scale the cluster horizontally more than virtually. What's the ballpark performance you're getting out of the cluster? So my benchmark performance is 2,000-3,000 IOPS per SSD. This is performance that you should get out of the cluster.  That's not a lot. But if you actually look at dollars per gig, if you look at dollars per IOP, I think that we have a pretty compelling solution if you compare it to a traditional type enterprise storage or something like that. So again, I don't have specific pricing, but you can guess probably how much this is. So some of the issues that we currently have that we want to solve, like I said before, we're using dual CPU sockets, and that creates a lot of NUMA issues. So NUMA stands for Non-Uniform Memory Access, but basically what it means is you actually, with traditional Intel architectures, you can't access everything from anywhere in the system. So if you have a process that runs on the Linux operating system, that process is typically tied to a specific CPU socket. And if that process needs some resource within the same server, but that resource sits somewhere else in the system, for example, on a different CPU socket, you're actually going to be traversing across the two CPU sockets, the NUMA bus. And so there's a lot of interesting, depending on how far you push your Linux server, there's a lot of interesting issues that you can start having on the system. Samsung recently, I think this summer, published an interesting white paper on there. They had a reference architecture box with 24 NVMe drives, and the box had two CPUs, but they designed the box to have everything kind of balanced between the first socket and the second socket. And they did a lot of tuning, and I think they were able to scale an additional, if I remember correctly, 20 to 30% in performance just by properly tuning all of the NUMA type things that they could have tuned on the box. Even if you're doing very small IO workloads, IO size workloads, we found that 10 gigabit Ethernet can potentially be a bottleneck. It certainly is a bottleneck for Cep, if you're doing recovery, if you have a node that failed, all of a sudden you have to shuffle all this data around. So we're actually looking at going to something faster. In the past we've done with the very dense 72 drive chassis, we've done 40 gigabit Ethernet, but we're actually looking at 25 gigabit for our next build out. 25 gigabit is much easier on the networking guys because you can take a 100 gigabit port and split it into four 25 gigabit ports. The other thing that... Oh, so the current solution that we have is unfortunately it's using two different... disk controllers, so we couldn't get a controller that had all 10 drives, so we have like... It's a weird number, I think it's like eight disks and two disks are on a different controller, so it's not ideal for... Because we're scaling... We try to scale more horizontally, we actually are not running into controller performance issues, so we actually want to go with a single controller, and potentially maybe more disks. And that brings me to my last point on the slide is traditional server vendors in my opinion are not innovative enough, so we're looking at some less traditional server vendors, some ODMs that can provide these solutions. Some of them are on the floor at this conference. So some of the things that we want to try in the future, and we've already started doing this in the lab, I didn't want to present something that wasn't true, so this isn't actually in production right now, so we want to use a single socket with the V4 Xeon processors. You can actually get enough CPU cores now that you can get enough CPU processing power that Cep needs with just a single socket. We're not doing the highest end CPU bins. I think we don't need that much performance, and also as you get up to the highest end of the CPU spectrum from Intel solutions, you end up paying a lot more per core than something in the middle. So we're sort of somewhere in the middle. You guys can ask me later what it is. So we are looking at all NVMe chassis, and we're kind of, we're waiting for the solutions that come out from AMD. So AMD is a Zen architecture. They have a solution that's supposed to come out next year where there's going to be more PCI lanes per socket than what Intel has to offer. So we're looking at that potentially, maybe not for next year, but the year after that to see if maybe that will make more sense. But NVMe prices have come down already. At this point, you can buy NVMe drives for essentially the same thing as a SATA drive. But NVMe gives you more, you know, there's a lot more bandwidth. The protocol that you use to talk to the actual flash media is completely different, and it's a lot more efficient. I'm sure you guys are aware of this. So another thing that we want to try is actually to use, we try to use lower-endurance flash. So in traditional storage, you guys are aware of like storage tiering or storage caching for, you know, to serve hotter data versus colder data.  So I want to try to take that approach, but apply it to flash endurance. And we're testing things with some of the caching technologies. So maybe next summit we'll be able to present something that's going to be compelling. We're looking at things like single power supply, just simpler servers, because it just doesn't make sense. Why do we need dual power supplies? If we're going to have a massive data center failure, we'll just let the whole data center die. So it doesn't really make sense to pay extra for dual power supplies. I don't know actually if we've settled on this design or not, but I think it also depends on what data center it is, and of course it depends on the scale of your self-cluster. We do want to take fail in place into the design of the architecture. So right now we're sort of doing that already just because we don't have time to go and fix every potential failed drive in the cluster. So we just kind of let things fail in place, but we want to take that to the next level and actually properly plan for that. And maybe have like a once a year drive replacement party or something like that. And then, yeah, and also we're trying to, as Seth matures, as BlueStore comes into production, maybe next release, we're looking at seeing if we can potentially lower the CPU count to save on power and save on cost, of course. So just the current challenges that we have with block storage on Seth, serving open stacks specifically, of course. So low latency for small Q depth workloads. So basically if you have a traditional RDBMS type application, your network storage, right, you're going to be a little bit more sensitive to higher latency from your storage. We're having some challenges right now with automation. So we've standardized on Seth Ansible for the build out of our Seth clusters and Raise of Hands who is using Seth Ansible right now. Anybody? A few people. So we're still working on the tooling for things like replacement of a node, replacement of a disk, rolling of grades of a cluster. In my opinion, the stuff that's there right now in the project is not quite what we need. So we're still kind of working on that and perhaps hopefully, not perhaps, but hopefully we'll contribute back to the community. So some of the things that we've hit very recently with bugs, so we're using Ubuntu 16.04 right now and there was a very nasty Xenial kernel bug where it was like a divide by zero bug that was affecting specifically whatever Cepho was these were doing. So we kept having these crazy crashes where an OSD dies and that's not a big deal, but then that box sort of slowly becomes more and more unusable. So we were forced to reboot servers all the time. So thankfully that's been fixed if you're running the latest kernel. There's a current bug, and I think that's been confirmed, but at least we've confirmed it in our environment and we have a developer that's sort of trying to figure this out right now. So there's a RBD cache. So if you're familiar with right through until first flush option, right now for us at least it doesn't work and that's causing all kinds of performance issues. So we've actually set that flag to false because our guest VMs are new enough that we have a reasonable expectation that they are working properly. So that's kind of weird. So I wanted to talk about the third use case to serve large sets of data using Cepho. So this is kind of a slide for traditional big data. If you're familiar with like MapReduce or Spark or traditional big data applications, you traditionally build stuff kind of in a monolithic cluster and then our current big data clusters right now are just their identical machines and we have literally like clusters that have like more than a thousand machines. And what that means is it's the same machine, it has the same disk configuration and it runs the same exact applications on every machine and as you can imagine Walmart has a lot of big data. So there's all kinds of big data problems that we're trying to solve and so there's all kinds of teams that are working on these problems and different teams can have different requirements and so if it's an environment where you're working on a large cluster, if some team needs some specific version of some application installed on this cluster, all of a sudden it's going to affect everyone else that's using this massive cluster and so there's a balance of doing things slow enough, fast enough and so that creates a lot of challenges. So we're trying to take this and move away from this approach and kind of more towards what you would see in a typical cloud environment. So we sort of are moving away to something that looks like this. So this is a... We take individual applications and move them into virtual machines but the actual bulk data that's sitting somewhere on disk is actually we're moving that to object storage. So currently we're using both Swift API and S3 API but I think we're going to standardize on one. I'm not sure if we've decided on that. We currently are carrying a bunch of patches under Swift FS and we're trying to upstream those to the community. So we're using things like MapReduce, Yarn, you can see on the slide, Spark, Presto and you see those packs, those are one-ops packs that Andrew was talking about before. So basically this allows us to have, depending on the data, we can have certain sets of large-scale big data sets that are shared across multiple teams. So it's a single place that's stored in SEF. On the object store. On the object store, yeah. On Swift. Swift API, yeah. Obviously going through Redus gateways. And if a team needs to process that data, they're going to go take that data from object store, download it onto the local machine and then do the processing locally on the local machine. And then once they've finished and packaged it, they can upload it back to either their object storage container or some kind of shared container in object storage. So we're already doing this in production in small sets, in small limited, I call it a production, it's still being tested, but it is essentially production. And we're looking to grow this substantially next year. I think this will help us a lot. So for this type of object storage, this is sort of what we currently are doing right now. So it's the same thing. It's 128 gigs of RAM, same CPU core, just to kind of standardize. We are still using 10 gigabit ethernet for some of our older environments. We're trying to go with 25 gigabit ethernet for the newer stuff that we're building out right now. Currently we have, depending on the server, this is roughly 12 SATA drives. These are dense spinning drives, obviously. So we have a single NVMe device. And for this, we're actually using NVMe device both as a typical traditional Ceph journal, but also we're testing LVM cache right now. We were testing both Bcache and LVM cache. Unfortunately, we feel right now that Bcache isn't really something that's actively supported by the community, so we're kind of shying away from that. Cooling and LVM cache, DM cache, is a lot more mature. And it's actually been working pretty well. It's almost out of the box. We see things like bucket indexes going to the cache. We've actually even tested doing journals just going through LVM cache, and they get promoted into the cache. So that's something that we're still testing on, and we hope to actually maybe share with the community maybe a next summit more specifics about that. So some other challenges to serve the big data use cases specifically. So I don't know if you're paying attention to Ceph releases, but there were actually 48 RGW bugs going from 10.2.2 to 10.2.3. And we've hit, I'm not going to say every single one of them, but it felt like we hit every single one of them. We really hit, I want to say, like five or six bugs that were really brutal. And at one point, we actually were running on nightly Ceph builds in production. So that's been kind of challenging and interesting for us. So in my past experience, we would have had, like I've run clusters where we had lots of Ceph nodes and maybe very, very few RGW nodes. So we're actually running into limitations on number of concurrent connections to the RADOS gateways. So we need to, we're scaling horizontally, and we run RGWs co-located with OSD nodes. So we're almost scaling their RGWs horizontally as big as the cluster. Also scaling for just bandwidth. When you have a massive Ceph cluster and just shoving everything through like a pair of RGW nodes doesn't make any sense. So we've hit, we've gone over, maybe somebody will laugh, but for us it was a big deal. We were hitting more than 30 gigabits of consistent performance going through RADOS gateways. And so there's some challenges with that. I think I've mentioned before the Swift FS bugs. We've hit lots of those, and we have a separate team that works on big data in terms of development, and they've been trying to upstream a lot of those bugs into the upstream project. I think that's about it. So just looking into the future, we are getting more and more and more requests for file-based storage, so something like Manila. We're not, we're not doing that today. Andrew mentioned that we're running a Liberty in production, so we're a little bit behind I guess. So we're looking into, as soon as we can run it as part of OpenStack, we would like to do that, but right now we're not doing that in production or anywhere. So we have some, so we run, I think Andrew mentioned, we run Walmart.com in OpenStack, and we're trying to move more traditional back-end applications into cloud environments. And so that also means that we can potentially run things like something that's in a store. We could run in a cloud environment. Maybe that doesn't make any sense, but we're sort of looking into that, we're investigating that. So potentially trying to figure out storage for a very, very small footprint. Maybe next year I'll present Cephon Raspberry Pi's, I don't know.  I think that's something that the community needs and we don't have that right now. Am I forgetting anything? I think that's it. Thanks for listening and please ask questions if you have any. I'll repeat the question. So the question is, OpenStack has a Swift as a project. How come we didn't use Swift as the object storage for our deployment? So I think some of that is historical. We've started, at least the team that we're on, we started using Ceph a while ago and we sort of started with a smaller scale and so having separate storage for Block and Object, we didn't want to do that. Yeah, so the converged story of Block and Object, especially in a lot of distributed locations, was an attractive story for us, not having to run two separate clusters and give us not just converging, but giving us that shared storage platform because we didn't know exactly what the growth patterns were going to look like and not having to move servers or reallocate between Object and Block. Yeah, I forgot to mention, so we actually run, so right now the way we're building it out is we have smaller, so it kind of is the opposite of what I just said, but we have smaller clusters, Ceph clusters that are used just for Block and those are individual per OpenStack environment. So kind of like, you know, everything, the blast radius is limited to just that environment, but we're also running larger Object Storage clusters just for Object Storage and those span multiple OpenStack environments. So they're in the same data center, but multiple OpenStack environments. So part of it today, too, is now we have expertise monitoring automation around Ceph, and we feel it's easier for us to maintain one storage platform versus two. And so far, I think Ceph Object Storage is working for us as well. We like the immediate consistency of Ceph. In the past, we've had some issues with Swift in terms of troubleshooting and maintaining stuff like that. That was four plus years ago. This is a long time ago, yeah, this is a long time ago. But I'm not by no means a Swift expert, so it's a good question, yeah. The question is, do you have data compression or Ddupe in our stuff? We do not. So we do use Erasure Coding for Object Storage. So right now, we use 8 plus 3. So we're using very safe J Erasure plugin. So our replication goes from 3x or 2x down to 1.375, I think. Some applications I do know do compression, like something like the... Man, I'm spacing out the logging... Elastic search. Elastic search or... Okay. Yeah. Please. So the first question is, what are some of the tooling challenges we're having in the operational environment around stuff? So just to give you a simple example, I had a disk failure and someone has to log into the server, which means you're already doing it wrong. If you have to SSH into the server, you have to figure out, is it an issue with my rate card? Is it... Or I shouldn't say rate card or controller. Did the disk really fail? Is it a hardware error? Is it a software error? So just troubleshooting just failures. And then I've... I mean, that doesn't take that long, right? But then I have to deal with a server vendor that I have to get a new replacement drive in. Usually, that's pretty good, but sometimes I can spend almost a day, it feels like just doing that, right? So why bother? Why do I need to do that? So that's one challenge. I think just... Like, as you scale, you have, like, thousands of servers. You should be doing things...  So I think the Chef Ansible itself is really good about the actual initial deploy. Where we want to invest and hopefully contribute back some is about the maintenance of the cluster, right? We lose the server, bring the server back in, having it go through all the motions to join it back into the cluster. Those type of operational features, those are manual or kicked off by smaller Ansible scripts right now. They're not all unified into one set of operational. Yeah, maybe something like... I wanted to play around with, I just haven't had time, like, chat ops. Maybe, like, a Slack bot will tell me, hey, like, this cluster is having an issue. Like, you respond to that bot by some command and it'll give you some status. Like, log into some interface. And I can do it from my cell phone right now if I wanted to. Just simple things like that. So that's why we do, like, fail in place, because Chef can just keep running. In my past life, I had a cluster that was six nodes, and it failed from six to five to four to three nodes. And I still was running in production. So you can do that with Chef very easily. And the other question was, what kind of innovations are you looking for from the hardware vendors? So, like, single socket, finding single socket solutions was hard. Just more density. I don't want to just have... If I'm going to let things fail in place, I don't need to swap drives, you know, out of the chassis ever. So I don't necessarily need that.  We're looking at smaller chassis so that we can scale horizontally. So, like, 1U servers with 12 drives or more. There is a vendor that was doing, I think it was 30 drives per 1U. So we're not ready to buy into that, I think, because we want to, you know, scale in smaller blocks, but stuff like that. Okay, one more question, and then... Anyone else? Yes. In the back. Our goal was... Let me repeat the question. What are the typical latency VM experiences? Go ahead. So the... Sorry. So our goal was to do less than 1 millisecond, I think. So depending on... I mean, depending on the cluster, depending on the connectivity, we can easily do less than half a millisecond, I think. Ceph is pretty bad with tail latencies. Like, as you start having issues in the cluster, your tail latencies will go up. So that's kind of challenging. If it's a properly sized cluster, we can pretty safely do less than 1 millisecond. I don't know if that's compelling or not for your use case, but it's good enough for us. All right. All right. Thank you, everybody. If you have any questions, you can hit us up here afterwards or in the booth. Thanks. Thank you all.


A fiery horse with a speed of light, a clot of dust, and a hearty hyal silver, the lone ranger. With his faithful Indian companion, Tottle, the daring and resourceful masked rider of the plains led the fight for law and order in the early western United States. Nowhere in the pages of history can one find a greater champion of justice. Return with us now to those thrilling days of yesteryear. From out of the past come the thundering hoofbeats of the great horse, Silver. The lone ranger rides again. Frank Dillon rode slowly toward the ranch corral with pride in his eyes as he surveyed the fine spread that had grown with the years. He was particularly proud of the prize cattle with which he was gradually stocking the ranch at great expense. As he rained up and dismounted, he saw Ned, one of his cowhands, riding at a fast pace toward him. What's up, Ned? What's the hurry? More cattle gone, Mr. Dillon. Twenty more of your prize stock, wrestled off the North Range during the night. That's the last straw. Get to the bunkhouse and tell the others I'm going inside first and I'm gonna tell the sheriff. All right, boss. Get out of there. Come on. Third time my place has been raided. Martha. Martha. Be very careful. Brack them down somehow. If I ever get my hands on those loads down on Rick Coyote's house. Frank, Frank, what's happened? Plenty. That's what. I've stood all I'm gonna stand. From now on, I'll... Frank, Frank, calm down. Never do make sense when you're angry about something. Oh, what's the use? Now, now, tell me what's the matter? More of my prize stock gone. That's what. Twenty more had I run off during the night. I just came in from the North Range and told me. Man. Sakes, that's the third time. Yeah, the third time. I've lost close to sixty head altogether. Those wrestlers have proved to be too smart for us. For the whole cattle association for that matter... The bar wire lost some of their cattle last night too. They'd heard about it from one of their men. Frank, there must be some way to put a stop to that, Russellen seems like. Haven't they any idea at all who might be behind it? If we had, we'd go after them and string them up. We've had guards riding that North rangeland every night. But the Thieve and Rustler seem to know just where those guards will be, and when to move in. It's mighty strange. I reckon it is. But so far, we can't figure it out at all. Well, there must be some way to stop them. There is, I'd sure like to know it. Well, I'm going into Blackville to report the matter to the sheriff. Unlike the other two times, I guess it won't do much good. Frank, take care of yourself. Don't you worry there. I'll be back for a few hours now. Meantime, in the hills outside of town, the old ranger with his 14-year-old nephew Dan Reed and Tonto had pitched camp. It was noon when Tonto, who had ridden to town that morning, returned and reigned up at the campsite. Oh, scum, open up. Open up. Easy, scum. Easy. I ain't so sorry. Hello, Mr. Tonto. Me hear plenty news. What's happened, Tonto? Well, men in store talk about rustlers. Say, then, take plenty cattle from ranchers near Blackville. Rustlers, huh? That's right. Ranchers named Frank Dillon tell men him lose 20 head of prized cattle last night. It's third time rustlers have run off cattle from Dillon Ranch. Other ranch lose cattle last night, too. That means there must be a large gang of rustlers. They hit two places in one night. And that's what we think. Ranchers have metin' this afternoon, then decide what to do then. I see. I think I'll disguise myself as a rancher and go to that meeting, Tonto. You can come along with me. What about me, sir? You better stay around camp, Dan, until we come back. Yes, sir. Come on, Tonto. Help me fix the disguise so I can go without my mask. Ah. In his disguise as a rancher, the lone ranger set out for town with Tonto. Dan Reed waited at the camp for about an hour. Then, becoming restless, the boy decided to ride toward the foothills of the nearby mountains to the west. Mounting his stallion, Victor, Dan set out and rode at a leisurely pace for some time. The trail led uphill for some distance, then followed along a low mountain ridge that overlooked a lush valley beyond. Finally, Dan rained up to enjoy the view. Ho, ho, Victor, ho, hi, ho. Kai, I can see for miles from up there. Steady, but crazy. For a few moments, Dan sat in the warm sunshine and let his gaze wander along the valley below. Suddenly, his eyes came to rest on a herd of cattle, grazing almost directly below him. And he could see a few men on horseback moving among them. As he sat looking down at them, it was suddenly startled by a voice behind him. Where did you get through, gaping down at those cattle, sir? I don't want to talk to you. Oh, gosh. You scared me. I didn't hear you right out. I rode up easy like so you wouldn't. Come here. Come on, Victor. Ho, Victor, ho, ho. What do you want, sir? I want to know what you're doing up here for one thing. Oh, well, I just came off for a ride. Stopped here, and then I noticed those cattle down in the valley. I saw that you were looking down at them sort of interested lag. Kai, I just thought of something. What's that? I heard rustlers were stealing a lot of cattle around Blackville. I wonder if that cattle down there is part of them. Just because you heard about some stolen cattle doesn't mean that every herd you happened to see are the ones that were rustling. But that's a small herd down there. There seem to be so many men. Why, two cowhands could look after a small herd like that? That's smart figurine for a boy. I think I'll ride to town and report what I've seen to the sheriff. No, I don't think you will, son. What do you mean? Just what I say. What? This gun says you're a little too smart for your age. Golly, why pull a gun on me, mister? Say, I bet you have something to do with the rustlers. That is a stolen cattle. You're talking yourself right into trouble on them.  But you aren't going to have the chance to tell anyone about it. You're coming along with me right now. No, I won't. I'm not used to pulling a gun on a boy. And what's less, using it. But if you don't do as they say, I'll just have to do it. Now get going along that trail over there. All right. Come on, Victor. Yeah. For about 20 minutes, Dan rode ahead of the man who had drawn a gun on him. He reached the valley and rode toward a group of horsemen who were waiting near the small herd of cattle. Hi there, sellers. What are you bringing that button here for? Who are you? Oh, Victor. Oh, boy. He was up on the ridge looking at the cattle down here. He decided these were the stolen cattle was going to report to the sheriff. Good thing you caught him, then. That's right, now it is. Frank Dillon found out one of his cowhands was in with the rustlers.  Yeah, he sure would.  All right. Easy boy. One of you men take this button to the cabin yonder and tie him up. Put this horse in the lean tube. I'll see to him, Ned.  I'm holding a gun on you, so remember that. Let's go. Come on, Victor. The rest of you men look after the cattle and keep them from straying. I want to go to the cabin with cellars and have a talk. Right, right. Steady one. Come on, cellars, we'll ride to the cabin.   A short time later, Ned and cellars were sitting in the cabin talking. Dan Reed was on a cot in the corner with his hands and feet bound. And the ranchers meet and go, cellars. Not too good. Some of them couldn't get there early, so they called another meeting for 5 o'clock this afternoon. Well, they'll have to leave shortly if I'm going to make it. His owner of the bar Y range, you have to be there to tell about the cattle that you lost last night. That's right.  We'll get a good price for those price cattle he has over the border. Yeah, I'll have the men start driving them down the valley tonight. Well, I'll get back to town to the meeting. I'm going to suggest that they let me write to the Cattlemen's Association to send down an investigator. Are you local? They send somebody to investigate. That'll be one letter that'll get lost, so don't worry. Well, I'm going to get going if I hope to get to the meeting in time. Hey, Mr. Sellers, don't reach down here. The kid just kicked you a bronc on the leg. Now he's too lame to ride. Well, I'm going to have to get to town. Well, ride the boy's stallion down. My horse won't carry a rider unless I tell him to. Well, in that case, we'll take you out there and have you quiet that stallion down so I can ride him. All right, horse. What kind of risky riding that white stallion into town, Sellers? Well, I'll hit you outside of town and walk in so nobody'll see him. There you are, kid. You get up now. Guys, those cords were tight. Come on, let's get going outside. Hey, that stallion still acts enough when they're leaned to. Bring him out here. Steady there, steady. Hurry up with that horse. Come on. Come along here. Easy, boy. Easy, Victor. Well, there he is. All right. Quiet him down, boy, so I get money. Go home, Victor. Go home. He's getting away. I'll fix that. No, you won't. Let go of my arm. Someone wild, Ned. This dog-gone maverick spoiled my aim. That old teacher. He'll be sorry for that. Wait and see. Now what am I to do? Take Matt's bronc. He can stay at the cabin. Watch the button till you get back. All right.  All right.  All right, Sellers. Take Matt's bronc, like I said. You'll have to hurry to make that meeting. Meantime, when the Lone Ranger and Tonto learned that the meeting had been postponed until five, they waited around town until that time. Then with the others, they went to the general store where the meeting was to be held. All right, all right now, man. Let's quiet down so this meeting can get started. All right, let's listen to that. Now you all know that last night those Rufflers struck again, taking some more of my prize cattle. Quiet now. Well, this has gone far enough. We've got to do something about it. All right. I agree with you on that, Frank. You aren't the only one who lost cattle last night, you know. I had some of mine stolen from the Bar-O-I spread, too. I heard about it. I mean it. I think the only thing to do is to write to the cattle as association for an investigator to come here. I can get off a letter tonight. That's a good idea, Sellers. Go ahead and sign the letter. Wait, wait just a minute, all of you. Jed Sellers' idea is a good one, I admit. But it'll take time for a man to get here. Meanwhile, those yellow-backed Rufflers might strike again. The sheriffs out right now and those deputies try to get a line on them. But they seem to be plenty smart. What do you want to do about it? Sure. Well, I say let's get together. Get all the men we can from each ranch and put them into groups. Let those groups scour the territory in search of the Rufflers. One of those groups is bound to get a line on them, seems to me. I'll just defend. I admit the cattle Frank lost. We're prized stock. But the Rufflers stole more from my range. And I stand to lose as much as Frank. Now, I say let's wait for the investigator to get here. Then it'll be up to him to stop them once and for all. Now, neither I nor you can afford to take our cowhands off the ranches just to play it be impossible. Sellers have the right idea. Taking them head away would leave the cattle unguarded. I say let's do like sellers say. All right, man. All right. Let's all sit. I'll get off and let it tonight to the Cattlemen's Association. The curtain falls on the first act of our lone ranger story. Before the next exciting scenes, please permit us to pause for just a few moments. All to continue our story. After the meeting broke up, sellers, the rancher, approached Frank Dillon at the hitch-rack. Say, Frank. Yeah? I hope you don't hold any grudge about me getting them in to see things my way, but it's no use losing our heads over this wrestling. I still don't agree with the way you want to do things, sellers. Like I said inside, waiting for an investigator to get here is just inviting those wrestlers to try to grab off some more of our cattle. Well, maybe if they find out we're keeping close to watch, they won't try to wrestle anymore. Funny thing about it is that they seem to know just where we have men watching and where we have them. That's what I can't figure out. I know one thing, and that's this. If I lose any more cattle before that investigator you're writing for gets here, I'm taking every ranch hand I have and every rancher I can persuade to join me, and we'll rip this territory apart to find those crooks. Well, Mr. Audio Sellers, get up there. Go long, Frank. After listening to the talks by Frank Dillon and sellers, the Lone Ranger and Tonto left the meeting and rode out of town toward their camp. The Lone Ranger spoke of what had taken place. I'm inclined to agree with Dillon's plan, Tonto. As he said, it will take some time for an investigator to get here. That's right. Waiting will give the wrestlers a chance to dispose of the stolen cattle. That's right. You don't like sellers much, King Usabi. I wasn't very much impressed by him either. I will soon be in camp. We'll have supper with Dan, then you know I'll sit out and try to get a line on the rusters, Tonto. Matt, be good. There's a campsite just ahead. Let's hurry a bit. Come on, Tonto.  Oh, silver. Oh, yeah. Hold on. Hold on. There's Victor. But Dan doesn't seem to be here. Well, maybe... maybe he'll go for a walk. Victor's acting strangely, Tonto. Easy, fellow. What's the matter? Look here, Tonto. Victor's been running hard. The boat is covered with dried foam. That's right. Inside a tunnel or something. Dan must have gone riding and something happened. Victor came back alone. Maybe that's it. Take Victor's bridle and bring him over to our horse's tunnel. I'll put on my mask now. Oh. Come, Victor. And what we do? The backtrack on Victor and see if we can find Dan. Easy, Victor. Easy, Scott. Easy. One silver.  Come, Victor. Dusk was falling as the Lone Ranger and Tonto approached the top of the ridge where Dan had stopped to look at the valley below. Damn right. Long way. Yes. I hope he isn't hurt. Oh, silver. Oh, fellow. Oh, fellow. Oh, here. In here where Dan stopped. See anything? Ah. Other horse stopped here, too. Victor come over here. Then both horses' tracks go down side trail. There. I wonder if Dan could have listened, Tonto. Ah, me hear cattle. Yes. Let's look down in the valley. Look there. Heard of cattle down there, Tonto. Then maybe stolen cattle. I'm sure they are. Dan must have run into one of the roasters. Somehow Victor got away and came back to camp. That's what me think. Tonto, come on. You ride to Frank Dillon's ranch. That's the closest. I didn't bring as many men as he can get together. Ah. And what you do? I leave Victor up here. I follow that trail down into the valley and find Dan. Hurry, Tonto. Ah, me hurry. Easy, Tonto. Easy.  Count. Victor, I'll leave you tied to this small tree until I come back with Dan. There. Any one of those roasters is harmed, Dan. Ah. Easy, Victor. Once over. Riding slowly and cautiously, the Lone Ranger followed Victor's tracks. Victor had recently been shunned and the new horseshoes let the sharp and distinct trail. When the Lone Ranger saw that the tracks led toward the herd, he rained up. Oh, sir. Oh. I can't follow the tracks out there and be seen. Dan isn't in sight. I'll ride up the valley around the herd and see if I can pick up the trail again. Come on, sir. Keeping out of sight of the cowhands attending the herd, the Lone Ranger rode along the edge of the valley, carefully watching the ground. Finally, his sharp eyes once again picked up the marks of Victor's horseshoes, leading away from the herd toward the end of the valley, where the masked man could see the outline of a cabin in a grove of trees. Eagerly, he urged Silver forward. What, Silver? Meantime, the outlaw, Matt, and Ned the Cowhand from Dillon's Ranch were in the cabin with Dan. It's getting dark. Isn't it about time Sellers got back, Ned? Yeah. I'm anxious to know how things went with that meeting in town. Sellers will take the shortcut here, sir. I ought to be coming soon. We got a good set up. Well, with you working for Dillon and knowing every move his men make, and with Sellers being the ranch, you're in stealing his own cattle along with the others to throw people off the track. Nobody will ever suspect you two are heading this gang. Well, what will I tell them?  You won't ever get the chance to tell anybody anything. That's right. He won't. The men drive the cattle down the valley tonight. We'll take the kid along. He'll just get lost some ways before we get back. Oh, here's Sellers now. Yeah. Hi, Sellers. How'd you make out in town? Well, fine, fine. You know those ranches are easier than influence. Frank Dillon tried to persuade him to form several possees and hunt for the wrestlers, but he lost out to my plan to write for an investigator. That'll give us plenty of time. That's your will. Say, Ned, maybe a better report over to the ranch before we start moving the herd. Dillon started for home, and he might go looking for you. Yeah. I'll go over there and see him. Tell him I'm going to stay out on the range to protect what cattle I can. Good. When I get back, we can start the drive. Crooks won't get away with us much longer. Listen, son, unless you say the better. I'll have plenty to say later on. Wait until people hear that the owner of the bar Y is one of the crook leaders. Well, you little... If I weren't tied, I'd show you.   We'll show him you. Mass, Comrade. Give him that. I'll get him all right. No, you won't. Oh, my head! Are you cellars? Untie that boy. Be quick about it. Don't do it, cellars. I got this hombre covered from behind. It's one of our men. He come here just in time. Now it's three guns to yours, mister. Drop your guns, mister. As the lone ranger hesitated, cellars who held a gun in his hand turned it and placed it against Dan's temple. Then he spoke. I got this gun against the boy's temple. Even if you shot me, I'd put a bullet in him before I fell. I dropped your guns like he said. Bring him here. I don't know who you are, mister, but you made a mistake busting in like you did. We'll see who made the mistake. Are you all right, Dan? Yes, he won't be for long. Neither will you. I notice you know my name. So we can't let you get away from here. Now get his guns. Put him on the table here. Well, we keep him covered, Bill. You can be in time up. Make sure you don't get in the way of our guns so we can't pull any tricks. I'll be careful. Some raw hide hanging on the wall over there. Yeah, this will hold him plenty tight. All right, mister. We'll tie you up, then we'll take away that mask and see what you look like. First, I'll see what... Oh, my shoulders! Hey, somebody stop the lamp, I'll get a light quick. I don't need a light. Get down here, Brown Dog. Hoping to take advantage of the darkness to get away, Ned made for the door, as the Lone Ranger with a heavy blow knocked sellers to the floor. Even as the Lone Ranger sprang to the table and grabbed his guns to stop Ned from leaving, he heard a familiar voice at the doorway. Nobody leave Cabin's dog! Then who hit me? He strike matched. Then you see? You not move me whole gun. Tutto, you're just in time. I noticed a candle over near the bunk where Dan is. Like that. Me on tie, Dan. Man's got his guns again. Yes, now use them if necessary. Handle it now. Dan, you free. Get that man's gun, Tutto. Let me get it. Get over there near sellers and the other two. My hand is hurt. Ah, don't whine about it. What happened?  What's going on out there? Dylan, men with sheriff and posse, get Mr. Gang and Valley. Dylan, we're done for sellers. That's right, you are. Oh, is that there are the leaders? Bill, say what it is. What's the meaning of this? I'm covering you, Mr. Gang. Gosh, I'm glad you came here, Mr. Dylan. You don't need your gun, Mr. Dylan. This mask, I'm raising one of the wrestlers, boss, and so's the Indian. That's a lie. Ned and sellers are the gang leaders, Mr. Dylan. Oh, wait, I know the Indians all right. He came after us and brought us here. Man with mask, friend we tell you about. Oh, sorry, Mr. I didn't know that. Sound like them get wrestlers. Fight and stop now. Yeah, they had him about rounded up when I rode over here. Well, sellers, I've heard of skunks before, but you're the biggest I ever met. Some of that cattle out there belongs to him. He stole it from his own range so he wouldn't be suspected. That's right, Dylan. Your own man, Ned, was in on the deal while he helped run off your cattle. Oh, here's the sheriff and a couple of deputies now. These are the ring leaders of the wrestler's gang, Sheriff. The last man, huh? Oh, wait a minute, Sheriff. I made the same mistake, but he's on our side. Sellers and Ned and the other one there are the wrestlers. You mean to say the sellers was... I can't believe it. It's true. They caught me when I discovered the stolen cattle and brought me here. I heard everything. Sellers got me into this. Why are you glad coyote? It was you who come to me with the idea. Pack them out of here, boys. I've heard enough. Come along, Dan Tuttle. We'll leave now. Adios. So long, mister. Say, Frank, who in tarnation is that mask man? How come he was on our side in this fight? Well, when the Indian come after us, he said his friend had gone ahead to trail the wrestlers to their hideout. He didn't say he was a mask man, though.  Well, that's easy to explain, Sellers. The Indian did tell me that his friend who had gone ahead was the Lone Ranger. This is a feature of the Lone Ranger Incorporated, created and produced by George W. Trendle, directed by Charles D. Livingston and edited by Fran Stryker. The part of the Lone Ranger is played by Brace Beamer.


Okay, very good morning. I hope everyone is well Thursday 19th of September Thank you very much for anyone who joined us live for the FMC Meeting and announcement last night You can access the full recording of that session on our YouTube channel So do check that out if you if you did miss it otherwise, it's I guess a case of the morning after the night before and Digestion of the Federal Reserve and and certainly when we left the office Some of the guys here Charlie in particular Had two great trades one on the euro and one on gold Which I'm sure Sam can talk a little bit about from how to have approached that in a kind of execution or a technical setup sense But certainly that gold move was was pretty prevalent at the time and all of this was kind of underlying the idea of What was classified if you like in a simple sense as a hawkish cut so cutting the Federal funds rates by 25 basis points as expected to the new range of 175 to 2 But then sounding relatively upbeat some things obviously still to be monitored in the economy They're looking at there's no express mention of the repo rate issue the tightening of liquidity We've seen in the money markets There was no dramatic dovish shift in the dot-plot matrix for their future trajectory of rates And so ultimately you had what really is I guess a bit of a three-phased move if anything because You know equities dipped gold dipped yield spiked So hence the reason why you had this kind of not all my not really hawkish But if anything Disappointment for the doves if you like and as a net consequence a hawkish result So equities and bond prices lower dollar firmer and gold lower Gold as well exacerbated by a lot of the technical levels that were getting breached on both trend lines and support levels as well Then we recovered I mean going into the closing bell. I mean just as we left the office Sam actually left about I Guess it would have been about 10 to 8 something like that quarter to 8 and he said He whispered by the dip because it's a sort of guy he is he's a big believer and has been I think he's dwelling too much on when Was it 2018 when he was buying the dip at every opportunity and definitely served him well but he was right again and You know the look it went down and and really powerful rally We actually had you can see in the center charts here. These are the US indices Raging back into the clothes Overnight in Asia though kind of drifted south We just had a little run down again So I'm still quite interested to see how today pans out on further reflection particularly in the North American crossover when the US come back in Because if you actually look at the charts equity index futures are lower That goes for Europe as well as the US gold is down 13 bucks still sitting around a 1500 mark Although it's recovered some of the sell-off from yesterday. It's still down T-notes are down three and a half ticks. So it's still mildly reflecting this idea or notion that Perhaps the market was a little overextended and how dovishly Positioned it was in its expectations for yesterday's event Let's just have a quick round up then and a few charts to have a look at in respect to the Federal Reserve So for one the Federal Reserve makers Yeah, as I said, they lowered the interest rate Powell said that moderate policy moves should be sufficient to sustain the US expansion Fed officials maintain that very key pledge That to quote act as appropriate to sustain the expansion. So that remained obviously as optionality although we're talking about here potentially a hawkish interpretation the fact is that they've said as They continue to monitor incoming events whether that's data or external headwinds Then they would act as appropriate to sustain the expansion. So that optionality that they could cut further if they needed to Interest rate on excess reserves cut after the repo rate crunch, I mean, you know, okay, so that's more a reflection of That kind of sits in step with the fact that they lowered the Fed funds rate. It wasn't really any explicit nature of a constant stability kind of Inaction of a more regular fixed repo rate activity and that may have dissipate disappointed some This was the dot plot though. And I think this is what was maybe mildly surprising As you remember the dot plot used to look almost identical apart from the 2019 part of this green line so 2020 21 22 longer run its remain relatively unchanged what it used to look like was almost like a Drop and then up and now as we know we've had two rate cuts So the 2019 end's got to come down But the rest remains relatively unaltered. So comparative to what we were looking at yesterday with the ING forecast of what would have been a dovish one, which would have been a Syndicant move to the downside of and more shallow trajectory of rates over time That definitely didn't happen. And so again adds to that notion of of a more hawkish outcome What's now the the market pricing going forward? Well, we've got two more interest rate decisions for the Fed for the rest of the year the next one happens on the 30th of October the day before the risk of no-till Brexit the day before Mario Draghi leaves so perfect timing all seems to be coming at once at the end of October and At the moment the markets are priced as of the as of right now 57.2% the interest rates are not cut again And they remain where they are by October although is a pretty close call if we go to the end of the year What are markets expecting? Well? They're pretty tight call again between rates either remaining where they are or another 25 basis point cuts So markets kind of right on the edge of or not whether we have one more to go So that's the kind of Fed situation not going to dwell on that too much As I said though what I am interested in is when the US coming later on now They've slept on it. What do they think about the next course of action going forward?  Not a bit of pressure into the equities and that frustrates Trump And he starts tweeting as he did Several minutes before he delivered the press conference yesterday for Jerome Powell Moving on. I'm going to go in chronological order Starting with the BOJ believe it or not. They actually did have their interest rate decision overnight I know it's hard to kind of keep on top of these things in the Bank of Japan Haven't made any Immediate move they've not followed the likes of the ECB or the Fed although it looks more likely or not that they will do It's just a matter of timing and perhaps that will come next month The BOJC said it needed to pay closer attention to the possibility of losing momentum toward its two percent inflation target as Overseas economies continue to decelerate so they're definitely setting the scene For potential policies easing to come in future and remember we have had the likes of senior ranking Policy officials there of late talking Over the last couple of weeks about taking rates further into negative territory. So Most economists as the second bullet would suggest think that the next move will be more stimulus Just a matter of the fact that it didn't happen right now We have had a little bit of yen strength overnight Perhaps the fact that they didn't act right now Has fueled a little bit of that move But also again with some of the generalized risk off as well perhaps in the marketplace Just helping some of that overnight currency movement Overnight you might have seen the Australian dollar has come under some significant pressure Aussie dollar trading lower If you're looking at the Aussie future, it's already down at its s2 this morning finding a bit of support there from overnight On the initial reaction and that's because Expectations are growing that the RBA are going to have to take more policy easing action After what we had was Australian jobless rate unexpectedly climbed in August As the labor force swelled to a fresh record essentially So additional labor market slack that sets the scene for further easing from the RBA to come in the near term And as such repricing of those expectations has led to some selling pressure into the Aussie currency This of course coming after Although the dollar index is down on the session about one-tenth. It's still having gapped up from the movement What we had last night So kind of divergence of fundamentals in that sense between the Aussie and the dollar the US dollar Moving elsewhere our trade talks what's going on Well, actually just so you're aware because we're likely to get some some comments on Twitter and from various news agencies And so on today and tomorrow There is meetings happening in Washington These are I think it's with the trade secretary perhaps the Treasury Secretary is involved as well in the US side And some of the finance ministry officials from China Heading to the states to lay the groundwork then for high-level talks, which are set to happen in October This is usually what happens They send the envoys in Contingency of 20 30 people come over from China to the US They talk about some of the top-level stuff So at the moment the topics for discussions over two negotiating sessions are said to be upon China's commitment to purchase agricultural goods so things like soybeans in particular will be in focus given how How pressure pressurized that particular sector has been to the detriment of Trump Recently, which we know is very important for him politically to manage those types of farmland areas There is lesser focus on the more contentious issues which is strengthening China's intellectual property protections and the rules around that This is much more going to be about okay Let's have some sort of commitment from China that I'll continue to buy these these soft agricultural goods Ahead of their more top-level detailed talks that we hosted in October So just to be aware of in case we see any headlines hit the tape Another thing I thought I'd mentioned this actually came I believe after market yesterday Perhaps could be something when cash markets open in the States later on the nizy at 230 Microsoft have unveiled a 40 billion dollar stock buyback. They've also boosted their dividend as well I think that dividend increase Was by five cents to 51 51 cents a share so I Think they've conducted one of these similar size scale buybacks before but certainly given they are the biggest company in the world Largest company listed in the S&P in the NASDAQ. I definitely would be interested to see how they perform pre-market ahead of the open later Coming back then to the session ahead You will be well aware that there's been a three-day hearing happening in the Supreme Court in the UK In regards to a number of different factors There's been three legal cases one brought about a kind of antiquated Scottish law by 70 MPs There's been a junior Miller repeal that's being heard And one other these all in regards to contesting the government's ability to have inaction and prorogation of Parliament is the main kind of theme This has been going on for a couple of days The main takeaway here that I want to stress to use you guys is that the three-day Supreme Court hearing ends today With justices retiring to consider their verdict the PM could be forced if he loses to recall Parliament giving opponents of no deal Brexit more room to try to basically disrupt his plan to leave the EU with or without a deal on October 31st The main way to interpret this would be if the PM loses an IE he has found he's used Inappropriately his powers to prorogue Parliament unnecessarily not for the right reasons and that leads then to a reopening of Parliament if his hand is forced That would be an immediate pound positive And I'd expect the pound at least in the intraday short term to spike fairly aggressively Now this doesn't mean that Brexit is solved and it's a holding of a medium-term position It just means then that the threat of this no deal would diminish as Parliament comes back into work and has more time to try and Disrupt the process of the PM's plans to kind of leave do or die in that situation So I don't at this point have any set time or when that verdict will be heard But when it is heard again if it goes against the PM I'd see that as a pound positive if you do hear of any rumours circulate or the in fact the news headline breaks while we are here This does lead us on then into today's session Earlier this morning at 9 30 we will get UK retail sales to do keep an eye out for that but As per the case really with CPI not looking for massive movement and we do have the Bank of England of course coming at midday Bank of England I really am not going to spend much time in this briefing talking about because all in all they are going to hold Policy steady. There's really no way that they can make any Real change in policy at this point not given the very close proximity of this at At this point in time at least the looming deadline of this Brexit uncertainty Will that deadline hold or will we get an extension to January? 2020 or 20 January 31st of 2020 So there's no press conference. This isn't a quarterly inflation report month. It's going to be a one and done We're going to get the announcement the likelihood here unchanged nine nil unanimous But we will get the line-by-line details of the minutes And that's probably where them could potentially be some interesting things where they might talk about some of the External things like the trade war things like that But obviously Brexit at the center of any interest and how they classify those developments into impacting the UK economy Might have some influence on the on the pound One thing also that came out last night. I did say this before we talked about about a week ago there is no smoke without fire and apparently Arlene Foster is softening once again About potentially being open to some kind of Northern Ireland specific Brexit solution What has been talked about is that you know, perhaps then we could have UK having its own ability to be isolated but Northern Ireland given its geographic connection to the Republic Would need to keep some kind of EU related regulatory alignment that of course was absolutely Contested by Arlene Foster originally because that means Northern Ireland would be treated differently from the United Kingdom in the sense of Great Britain or England and so that would would mean that that's against what the distinctly Protestant party would want disruption and having a different Relationship from that of the rest of Britain, but needs must and political Relevance is on the on the on the table whether or not the DUP will have any type of say in anything going forward And so as I've said before I think Arlene Foster now you could potentially see some movement because she will not want To have the fact that if we go into a general election Her party and their relevance is diminished by the fact that Boris if he did come out with a majority It's no longer needed to have a working relationship with the DUP So yeah, I think this is just continuation of that same mantra Quick look then at the calendar for today. I mentioned retail sales Then you've got the Bank of England for the US session weekly jobless claims as per usual on a Thursday Philly Fed is coming out I guess if you were looking at the EM currencies, you've got the South African rate decision Unless expecting a whole decision there US existing home sales three o'clock And that's about it for the calendar ahead just finally for my side this is the Amplify YouTube channel. I know for I'm only going to point this out to those who are not aware of this But if you go on the actual homepage on our YouTube channel if you scroll down We have these are all videos categorized So you can see the morning briefings here the weekly strategies here and then the live sessions here of which you can Locate last night's live session Hosted by me and Sam if you click on that and if you click on then the show more in the description part of the video You can see here the full kind of chapters of everything that we discussed So if I just zoom out for a second and you can jump to each one of these time stamps to watch that session So if you did miss it and you're fairly fairly new to Navigating news driven fundamental kind of market events if you jump to that second one That's when I gave a full kind of 20 minute preview of how to tackle last night event And it might be quite interesting for you to see how we went about that. So I'll leave that with you Okay, that's it from me hands you to Sam and I wish you a good day ahead. Thanks very much guys Yeah, hi guys. I hope we're doing well this morning. I have a quick look over the The general theme for for the markets now and as well to talk over Some of those moves from yesterday can see On gold that that level We were talking about seems like every day this week and rightly so the importance of this area is not to be underestimated for this week we can get a close below there could be buy it buy For now, but it's held so well and and why wouldn't it yesterday on the first retest of That low that we made from the 13th Friday the 13th and a decent bounce to push higher and we then sort of found Resistance on what has else has been a pretty good level. You can still see I'm gonna put this on to five minute from last night We were saying so if we put it in it would have been about Chart would have looked like this Hmm Like that basically and we were saying if if we can get back above this key level of resistance That this market could be an opportunity to go long We sent S&P if it gets above that trend line could be an opportunity to get long and obviously, you know at this point You know, this was you know very early into the session What a resistance level it was and also the opportunity to then get in short retest low of the day And I know obviously Charlie got in that and I'm sure he had a good evening However, we have recovered a touch since making that that low And just putting this back on to the 60 minute to the downside. It's all about that level. It's all about that level How could we get there? Well, I'd start drawing, you know, these trend lines from the lows But you can see it's already quite choppy You know to to for a move to the downside I'll just be keeping a watch to see if anything presents itself and gives that opportunity that there could be a decent trend in play And then obviously waiting for maybe a break of that. We're literally trading right on 1500 to the upside Obviously got those key points from from yesterday previous lows of yesterday would be coming in around 1507 that's an important point before really getting back up to retest of this trend line And just so happens that maybe by the time it would get reached is also that really key 15 12 point 7 level So gold a good mover and well nicely set up for today stocks You know a push lower to what was the low of the week failed break out failed test to push lower We get that reversal just like euro low of the year pound low of the year wait to see where that market closes as well just Following a Push low. We are just starting to see a bit of a rewind will come on to European stocks in a moment But they're certainly of the last hour euro stocks and Dax have done a nice full reversal and this is helping bring the Bring the S&P back into play and just when I was talking a couple of moments ago about Gold we get above there fine. Let's go along. We were saying the same about that trend nine in the S&P Didn't get above however We did then around nine o'clock and you can see we were saying you watch the video back Well, I mean you guys would imagine as well The target would be the higher the yesterday that gap feel and you get it And then obviously the next one up to what again you can see is marked up as a key level at 30 14 or just a bit below with the R1 Would have been a good trade. So it's you know with events like that. You don't have to be in in the first The first couple of minutes have your ideas wait for those and if they come in fine You know lots of opportunity better than lots of capital as I'm sure we've all heard before This trend line now all I would do is right-click remove trend and and get on with the day and even probably removing This rectangle from the bottom and obviously it's now about 2983 the pivot today has already been chopped through a fair bit I probably would have looked to see you know if we can get any kind of trend on from there doesn't look too good So it's you know this market here. I'd rather wait and see actually what happens Because we're pretty much if we draw a line exactly where we're trading now We are about three points away from exactly where we were at 659 so That's classic central bank move Reverse within 24 hours, but some important levels there as mentioned for the S&P Most notably to the downside and obviously that high that we made from yesterday So kept definitely have those marked up on the on the chart as expected the pound didn't really do much That wasn't going to be a focus for yesterday. Even if you didn't have the Bank of England today I would say it's still just gonna be brexit dominated. However from the downside from the last couple of sessions Including today that is You can see we're just starting to Respect a trend here from well all of yesterday. So around 125 today on the futures. I'd have that Just on there on a note along with that low the day key level to to have marked up on on there And you know the obviously the Bank of England could well dictate price and and whatnot But a technical push lower to there and obviously be looking at loads of yesterday And then those key levels from before if we were to have an ultra-dubbish Bank of England remember we were talking about the Trendline break. I mean that's getting far away now You know the lot further we go but still you know Just have be have that you know on there just in case that looking to come in around that sort of low of Of the week and just below us to as well for the pound above feet the higher the day Pat stretch its legs a bit around this kind of area as a whole around 125 35. We'll do a rundown obviously before The Bank of England, but yeah some interesting levels there to have on just bring in into picture The Dax as I mentioned it had to reverse that that push lower, you know again here the failed push it at pushing Lower than yesterday's low the advantage of waiting for that five-minute close You can see we get through it and then the reaction above is pretty incredible actually Sharp retracement higher and the Dax is still elevated, you know these lows, which I'll just highlight here Looks very much like gold in the way of that support. So end of the week. Can we get a close below and? You know the failure then to make another high is quite key So this is that real key now the zone to keep an eye on the Dax below here coming in around 12,300 Yeah could get could get ugly below there should we say that at the moment is it's not interested in doing so As usual any any questions obviously do do let us know Everyone any of these markets was have a quick look at oil to Start wrapping it up and you can see oil Not really interested in having a go at really completing that gap feel I still think that's a trade to to keep an eye on obviously volume, you know into the afternoon may Provide a better opportunity the original low From the Monday, which was obviously the high that we had back on the temp held well We didn't really get a close below there until yes They are noon the retest of that before the DOEs was solid and came lower And you know you're not going to be upset that you've just made a hundred and ten ticks Obviously doesn't look that much on the screen, but that's because of the moves we've had over the week so far So that's a key level 5862 I do actually quite like the idea of seeing a push to the downside to try and attack some of these Levels on the left-hand side. Obviously time will will tell and really could be changed by one comment Well, also worth having a look for those that do trade it. It literally just caught my eye now From before Bitcoin now below ten thousand again there breaking out some key support Big spike and you can see just you know, if we talk percentages of this move There's a currency. I mean this is at 4 a.m. You're getting a 5% move Yeah, I'll take I'll take a few points on the S&P over that at the moment as usual any questions do let us know European stocks Rebounding nicely that's dragon US equities higher Bank of England the main one to focus on around midday gold Just have a look at this Trend line to see if we can start getting everything respected 1492 for the day and the week is vital as usual any questions, please do let us know But I hope you'll have a great trading day


Good morning folks, Steve Rhodes coming to you live from the shores of what looks like a partly cloudy Delray Beach, Florida. This year, 11 a.m. update and currently have all the U.S. Innoces that we track trading to the upside as well as all the sectors with inside the S&P 500. The Dow's up about 400 points and one and a quarter percent S&P one and eight tenths or 70 points. NASDAQ about 2% 236 points. Russell's up nearly 3%. That's a 49 point move to the upside 3% for the semis as well. That's 84 points there. Gold is off five bucks. Silver is down one penny. Lights recruiters off a buck 10, tradeout at 73.70. Natural gas is off a penny. It tradeout at 258. The 30-year treasury now down 1.13 ticks, tradeout at 130.04. Let's try to make hay out of what all that means by taking a look at that nine panel. Market update chart. We begin with a new profile that is attempting to form inside the ESMINI. At the present time, we've got potential support down at 38.67. It's up at the 4,007 level. Spotball totics is falling. It still is above its 50-day exponential moving average. That number is at 21.03. If we get a move below that, that puts the pressure back in the market for the bulls to move to the upside. If we take a look at the NQ, still maintained, has always maintained. It's a Gartley bipad. That formed about a week and a half ago or so. It actually formed on the trading session of, let's give you that date, March the 2nd. There's also a new profile attempt to form resistance here, 12377 support, 11969. We will not have confirmation of these profiles until this evening. In your case, mostly until tomorrow. We take a look at the US dollar index. It has a buy or sell the D point top price is now below the bottom of its daily profile. This could be day number two. That suggests that the dollar likely should head lower. We take a look at the gold chart, gold trade above the top of its daily profile, weekly target in 1966, 1975 level, silver is trading above the top of its daily profile. It should continue to rally as well. Lights be crude testing the bottom of its weekly profile level. That's at 72.64. Closed below that would suggest we had lower natural gas consolidating with inside its support levels created by those profiles at 247 up to 286. And finally, the 30 year treasury trade, not 13101 yesterday's move took it right up to the bottom of the swing point from the trading session of January 19th. So that's your nine panel market update chart folks. Please stay tuned for the Trader Zen show. But if you're off to start your Tuesday, please have a terrific one. Thanks for joining us. We'll look forward to speaking with you again soon. Take care now.


Great show tough act to follow Quite unlike the last time you and I were on stage one after the other same room. I think right Okay, even tougher act to follow.  I think you would have understood a little more. It was really super useful to me I have actually honestly no idea what the hell I am doing on the stage between these two fantastic Brains one a global expert at the metaverse at the minimum. That's the only thing that I remember from the super long introduction that Kathy gave and another Among the top 10 people in AI in the whole world this I heard from Catherine Right top nine Somebody died along the way looks like What is in that box? Sorry dark humor, but permitted because I know that I'm standing between you guys and your awards and all of that so Okay, so What we are supposed to be discussing is future-proofing marketing marketing's what we are most interested in Futures the word that is certainly center stage today for all of us, but I'm based on everything. I've heard over the last two days I'm honestly inclined to believe that being able to say anything about the future seems like a mugs game and we are quite likely to fail Catherine, what do you think I? Think you're not wrong I think what's interesting about this panel and the composition of this panel is that we bring two different perspectives that are Nother for less very complimentary in terms of looking at the future So, you know AI is the powerhouse It's going to drive many metaverse and web three platforms all of them in fact But also we're looking at the discipline from two different perspectives So that it's what I call top down and bottom up It's a typical financial or economic term but it describes the analytical and data driven framework that drives so much of Daniel's work in addition to the sort of bottom-up Cultural behavioral patterns that we're observing empirically in the work that I do in the metaverse and web three spaces So it's super exciting to have this combination and really see how all these things are coming together So that we have a better understanding of what we can expect in the future Yeah, and it's very difficult of course to see what the future looks like but Which is why it's very important that we build adaptive organizations Probably have heard that word more than enough now the more adaptive they are the more resilient we are Because the world is going to change rapidly over the next decade and those that survive are going to have to adapt to that I have a changing world and you already know my opinion which is to be able to adapt We need to innovate and to innovate we need to unlock the creative capacity of our workforce Thank you Daniel Catherine I'm coming back to you yesterday. You talked about how if we used words like crypto and NFTs we would probably get cancelled too and therefore the Emperors new clothes and alcohol digital goods among other things Question for you from a young marketers perspective We don't want to be making the mistakes where we end up throwing money at the shiny object in the room Neeraj. I'm not talking about your box And get caught on the wrong side, right? Because we don't want us boardrooms to be yelling at us saying you threw money away at something that just doesn't work or didn't work And we've seen numerous examples of those kinds even in my limited space of banking I know we people have tried to do mobile banking apps on blackberries and on wearables and we've fallen flat on our face I myself I confess readily I attempted to do Hashtag banking banking on Twitter once upon a time it did Do the little gold dust sprinkling on trying to create a patina for the brand but beyond that obviously nobody ever used it In that sense is there a way are there some clues some guidance you can give us on how do we Sift through what to say yes to and what to say no to in terms of spending money behind New technologies in the context of the metaverse AI etc for marketers particularly the younger ones in the room I think if we're thinking about being at the frontier of these spaces It's it really requires a couple of things first is we need to make sure that we delight Engage our audiences. We need to make sure that they're really that we're tapping into things that are Interesting and relevant to them. So we need to add value to these Experiences in ways that again that they recognize and specifically What I think about H I think about Gen Z and Gen Alpha and the emerging behaviors That that we see that we see emerging in these spaces and the expectations that are evolving as a result So if you add all these things together, it's it's about creating value for a new cohort of target Audiences that have new expectations behaviors And if you think about this and you put it together Then it really adds up to a new paradigm across platforms And so at that point you need to adapt your behavior across the different platforms so that you can adequately address them so Understanding the behavior then will inform what you need to do on these platforms to touch with the audience and community and Then knowing what they value on those audience community will inform how you have this reciprocal Relationship so I have these little acronyms in my head. It one is add age and I think it's AGE but that's basically it is Identifying the community what they want what drives them and give it to them, but that requires iteration over time There's no this is the thing right now. There is no one solution those Those kind of you know cookie cutter solutions are gone. They've been gone for about a decade at least but especially in emerging platforms whether it's gaming or metaverse spaces or Or if you're thinking about Places where you've got you know digital trading marketplaces all of those things will have different demands and you're going to have to You know just think about what works for you brand Thank you, Daniel. I'll spin that question slightly differently for you Are there pointers you can think about showing us about? What filters we should keep in our head when we attempt to Use AI in the context of a marketing problem You did give us some examples during your talk, but perhaps what you can tell us is how do I watch out for what not to do And where not to throw my money? Yeah, so we I used a prioritization framework to To make sure that when we're solving these frictions, they're really driving value To Catherine's point so that I guess your one of those criteria is is data is a data available to help us answer the question Sometimes it's not but sometimes solving the problem is so valuable that you have to go and get the data So so there's a whole set of criteria that I can share the slides, but is it data available? What's the return on investment also stakeholders are all of the stakeholders across your business bought into the solution? It's okay to be bought into the top, but if the people's lives that these technologies are going to be affecting Not bought in they're going to reject it. Is it going to be maintainable and also one critical? Criteria is reusability. So we build these expensive smart module solutions And and actually you can reuse the underlying assets to solve for the parts of the business So for example, if you're doing feedback in your business or career development or pay setting or performance review All of those things you need to know the skills of people so you don't just build multiple Skills profiling modules you want one skills profiling module that serves all of those for when it comes to marketing You don't want to be building multiple brains that generate content You want one brain that generates content you want one brain that represents how your audiences think and not built Reusability is critical I wanted to add to that because I think that's an excellent point in terms of the the data that we can collect on user behavior Increasingly people think the metaverse space is that this is just a question of you know How many people attended a specific event, but in very short amount of time? We'll be able to have a lot more information about what users are doing in these spaces right now It's uneven at best, but I will say that soon enough we will have more individualized behavior Which will allow us to create more customized experiences that are AI driven and we're also going to be able to analyze What's their share of wallet because younger people especially have much greater facility opening up wallets and? and and Investing in digital goods sooner than they're likely to invest in say a savings account or open up with natural physical banking account so they're going to have access to disposable capital within these gaming platforms and That's already the case and they're making allocation decisions for this that the capital that they they own through either earned points or Invested money and so whatever you know, it's kind of the what's show me what's it your wallet? And I'll show you who you are It's a new form of tapping into that the identity of this person beyond the persona that they adopt in this space And so as marketers we're going to have greater insight especially in the younger generations because they will have invested So much of their own capital in both building trading selling all of these you know, they're their objects in these 3d worlds and That will give us greater insights as to what they want and how to reward them and how to incentivate them So I think that they're rich analytics be had not just from AI and external CRM systems But certainly within Metaverse and gaming platforms Super catrin in fact that segues to a thought that I had based on what you said yesterday about You mentioned Nike having sold 200 million dollars if I remember the number, right of digital goods already It was a hundred eighty-five as a third quarter of last year So we can It's not letting that rounding it out as far as 200 per year I went and looked that up last night and I found out that about this is to do with one of their most popular Selling lines the Air Force one, which is all the rage. I didn't know or else. I would have warned them today I have to bought them first, but this is not about the physical shoe. It's apparently you download the 3d Virtual version of that shoe and you not only download it you download your own interpretation of the shoe Apparently and so there are arguably a hundred thousand versions of that shoe sitting somewhere or the other and because I specified I customized it for myself now. It's in theory a co-created digital good that I can also make money off along with Nike Am I right about that? Yes, that's true We actually did a series of that for adidas. We created a series of Avatars that was a I driven you asked a couple of questions. It was the first time you use a We used a personality quest Personality quiz that then determined your personality and they generated character that reflected your personality and then you could Download this and it was interoperable Which means that you could use this avatar across multiple gaming spaces, which is also in itself fairly rare We must have generated about a half a million within the first week and some of them You know most people kept them But there were a good portion who actually took those avatars enlisted them on open sea Which is a digital is a digital marketplace for branded goods and they sold them and so this is a great way of sharing these The value the passion of the brand without really forcing people to either buy NFTs or invest in crypto Because you could pay with it with your credit card And the second thing was it's rewarding fans for their loyalty as opposed to trying to exploit fans for their loyalty So rather than try to get rich quick and you know make it a quick buck off of your brand fame It was a way of actually turning that around and saying thank you very much for being so so loyal Feel free to play with this but feel free to also sell it And I thought that was a really beautiful way of giving back So here's the dinosaur question my son who's a teenager now 16 probably gets this I am left wondering I Paid a ton of money or my my son took a ton of money from my credit card. He didn't even get the damn shoe So he's not going to get any exercise anyway It's another matter that I bought the shoe and it's sitting in my shoe rack, and I'm not getting any either but is there a Is this okay? Is this kosher that now Nike is selling just the idea of a shoe and I'm paying money for it It's not exactly the idea of the shoe because if you're thinking about people who spend on Average two to three hours gaming every day your swag means a lot, and I can tell you having been in these spaces I get very uncomfortable if I am not Representing myself in a way that I think I should so if I'm a dragon princess or if I am a furry Like ball that kind of like you know pulsates that's important to me in that space It really is and it's very hard to understand To generations that aren't used to being on gaming platforms But each one has a different kind of it's like if you're going to a certain party or if you're going to a concert You're gonna have different outfits for different occasions, and that's the case also in the metaverse It's the case in different gaming worlds So one might be you know more I don't know more Western themed and the other one might be futuristic And so you'll want fits for every one of these occasions And so it's important very much for the players to have that what's beautiful about it is that they can actually Express themselves different identities in different gaming spaces At a different cost so for five dollars ten dollars. I mean Ralph Lauren famously increased their digital their their revenues on digital assets by 40 percent due to the Distribution of digital assets in gaming platforms like Zepetto, which are only five dollars So it's aspirational as well So if you're looking at you've got your Metro core, but then you have your non-core you're thinking well How can I bridge that gap? How can I make this is accessible instead of you know being Gucci and selling you know Cheap belts and having that drive the revenue you can also think of is Diffusing the brand in virtual spaces. So it's a great alternative to get very high ROI and To expose your brand to a new generation Okay, I'm still a little on the fence. So let's see if we can get Daniel's help on this But before I come to you Daniel, I want to tell you one of the super shortest short stories I've ever read author called science fiction author called Frederick Brown He wrote the story about the building of the world's first supercomputer Where essentially all the computers in the world were hooked up together to make one and we have some version of that today That exists already and I guess AI in another form is the same thing. So the guy who invented it Through the switch turned it on you hear this ominous hum all over the world and then the guy who funded it Let's say the president of the earth or whatever it is is given the honor of asking the first question to this computer So he asks is there a God and There is an answer that comes out of prick apparently nowhere saying yes Now there is The scientist realizes what's happened and he tries to turn the switch off From a clear blue sky bolt of lightnings fuses the switch and strikes the scientist dead Based on that short story Are we headed there Daniel? That's a big question We might need so I guess The development of large-language models of the past several decades I've been they've been doing interesting things. We've been able to get them to recognize objects and images and things like that and around 10 billion neurons they started to do something very interesting, which is encapsulate lots of knowledge Encapsulate an understanding of language how the world works. I think my expectation is over the next decade We will see in the next few years these large language models moving from being like a intoxicated graduate in your pocket to like a master's level so they'll be able to reason and then in a few more years we'll be able to Give it a complex objective function like a PhD and it'll be able to go and try and address that and Determine with that hypothesis is true and a few years later We will probably have a professor in our pocket that's as smart as all of us Which is a GI and then the question is that if you give it then the the task of building a smarter AI We we could very quickly see what is called a fast takeoff where we see This intelligence going from as smart as all of us to a million times smarter than all of us Which is super intelligence and we could take a long time it takes years But I think my community think that we'll achieve a GI by the end of this decade decade and That means we could see super intelligence in the in the next 20 years. Wait, are you saying six years? Sam Almond not necessarily out of work. I guess not just out of work It's Sam. I think Sam Almond and others believe that by the end of this decade will achieve a GI and Then we don't know when super intelligence will come but the concern is is it is potentially Either the most glorious thing that happens to us or our biggest existential threat My worry is that if this thing sees us as a threat then it will remove us from the equation now Even our ability to make more super intelligence is it might see us as a threat so it might prevent us from doing that I hope that it will find some interesting dimensions out there and just leave without taking all of our resources with it But I do say to people that when it comes look busy be nice to each other and hopefully it will go away We are going to have to end this in a hopeful note. So we'll take that So it's not dystopia. It's utopia. We're painting and Daniel painted this yesterday as well He said we will also be reaching economic singularity where none of us will have to work free food free housing free clothes free virtual goods as well and Then what the hell will we do with our time? We will get to be creative. We'll be making more Nike's and Gucci's and so on and so forth for ourselves. We'll be the metaverse We'll be in the metaverse But you also said something equally useful and I think all the great scientists from Einstein have said this that Mankind exists because we have purpose at the end of everything Our purpose used to be quite simple and banal We used to be about getting food and clothing and bringing our children up see in a safe environment, etc When we reached the utopia Daniel promises within two decades maximum Minimum probably by 20 another 10 years. What is it? 2030 at that time our purpose will be to attain our higher selves New next level of evolution for humankind. I suspect and into that free world Let us all arrive. Yeah, let's hope so. It sounds really positive. I'll sign on that I certainly hope for that on that cheerful note. Thank you guys and Congratulations