It's something genuine and it's like it created itself. I think that one of my best feelings as well is when even a pike place and people are bringing their family that are visiting in town saying this is my yoga this is where I go. There's some sort of ownership that people have once they've discovered it you know it's theirs and we've created this little cult in Seattle that's been so supportive of everything we've done and it's helped us grow to where we are currently. This is Startup at Storefront the podcast where we inspire entrepreneurship through truth. Today's guest is Alex Apostolopoulos founder of the Greek yogurt company Elinus. Elinus has gained quite the following in Seattle drawing crowds to word of mouth advertising to their stand at the iconic pike place market but they wouldn't have even gotten to Seattle if it weren't for Yvonne Klein a flight attendant who loved the yogurt so much that she would bring back cases of it whenever she flew to Australia. Eventually she and her husband reached out to Alex and his father about bringing their product to the US. The four became business partners and set out to win consumers over one taste at a time. So listen in as we cover everything from the challenges of finding a dairy farmer in the US who would work with them if we'll see yogurt breweries pop up in the next few years and why some of the simplest flavors are the most challenging to make. Hang on hang on if you're not subscribed can you go ahead and do that right now before we get on with the video helps us out tremendously. That's all we ask and we're back. Welcome to the podcast everyone on today's show we're talking to Alex the founder of Elinus. Alex please tell everyone a little bit about your company. Hi my name is Alex thanks for listening. What we do is we make pretty much the best Greek yogurt because it's tasted well the best thing you probably even tasted. It's based on my family's traditional recipe that's been handed down through generations yet. That's amazing so you know it's funny this is 10 years ago 12 years ago I used to be an engineer and my last project ever like before I went off to go to startup land was we were doing the Chabani plant in upstate New York and we were engineering all of it and the reason I'm sharing this with you is because I got to see so at that time that company was like hyper growth and I got to see how little equipment they were using and how at capacity this plant well I mean it was crazy it was like how could you guys become a household name with this type of plant it was pretty wild. When you first got into the business what made you what made you want to start the company other than maybe you had a good product and you were like I got to share this with the world like what made you want to take that leap into like doing something that's crazy as starting a company with a competitive highly competitive market. As you say it's pretty competitive and there's a lot of yogurt out there. I grew up in the dairy industry just because my when my dad's family immigrated from Greece to Australia that's what they did they made cheese and yogurt was part of it too and I just have I had this in my pretty much in my blood I remember as a young age that smell of a dairy plant what started Elinos was while we were doing our thing in Australia there was a flight attendant she was based out of Vancouver BC she would fly to Australia and um not unknowing to us she was buying our family's yogurt and smuggling it back across the Canadian border and then over to the states where she was living with her husband so that's Bob and Ebon they're our business partners so this happened for like maybe 10 years she was doing this and she was so passionate about trying to get our yogurt to the state somehow that she kind of heckled Bob to try and figure out how to make it happen then what they did was they bought a produce stand at Pike Place Market so that's the iconic market in Seattle with the idea that one day they'll bring our family's yogurt to it so this is even before they even know who we are and so now Bob is running a produce stand and cold calls my dad in Australia so they just turn off at the door and say we're from Seattle my wife's fallen in love with your yogurt how do we get it to the states and at that time we were also a small company with like we can't just ship it over there we can't move over there and we're not going to tell you how to make it you know that's our secret so that kind of fizzled out that was about 2006 then in 2011 I had graduated I kind of started working outside the family business for a little bit and my dad asked me if I would be interested in doing something with Bob and Avon in the state so this is about 2011 and I thought why not this is something that I was passionate about and we knew that at that stage we you know Australia was still pretty is a pretty small market and the state is always just a it's a huge place and diverse and we said let's take this jump and try and make it over in Seattle so we moved over in 2012 and that first cup of elenos was so we opened up the store and pike place in July 5th 2013 that's incredible yeah yeah that's a crazy story I've only heard one other story like this this is insane so pike place obviously the iconic place in Seattle where Starbucks even has you know grown out of really awesome destination so they just at pike's place just so I can get a sense of it it was like they just had a stand like a little area or was it a legit storefront it's a produce stand so it's a corner it's pretty much the iconic spot as well if you ever see that sign with the pike place on the clock and where the flying fish are flying underneath we're we face we face that and so every day where we open up the doors it's roller doors and you push out all the produce stands come out and now now we scoop yogurt there and uh if anyone hasn't been to us we pretty much display a pretty different with our yogurt display is a lot different than any other yogurt shop you've seen it's more like a gelato stand we have a big case there it's about 30 different flavors of yogurt and that we do all the decorating and flavors that stand there that's insane that's such a crazy story so then okay so as you're seeing traction you're at pike's place people are I imagine loving the yogurt and probably being surprised right I don't think anyone's ever gone to pike place for yogurt and so they're tasting this and they're like this is this is good and then at what point are you like okay we're really on to something we knew we would be but now we are what are the next steps you start deciding to take around maybe getting into grocery stores or just building that brand what was that like for you guys so for the first bit it was pike place was where our main that's all the place we were selling it we're also doing farmers markets and wheeling out a ton of equipment but the early days was my dad and we'd be at the factory making yogurt and I'll be trying to push it out trying to sell it so a lot of the first few months was the years even we're just me driving around with a von to different grocery stores saying hey would you buy this yogurt and like you said at the beginning it is a highly competitive place you know no one what makes you different to anything and we started to get a lot of traction with community support especially like with reviews and that just people's well in love with us so not only that were we trying to sell it but people were starting to ask for it outside of pike place I think the first actual store that actually talked to me was wajimaya it's an Asian grocery store in a base in Seattle they have about five stores and they said oh we have some space you could use it if you want and so we pretty much put up a farmers market set up inside wajimaya Bellevue between the fish department and the gift department and we started scooping there that was one of the first times we were in grocery and they've been really supportive it's another family business based in Seattle and the other things that were going at the same time was those farmers markets we were doing one on the the campus of amazon which was a pike place farmers market outlet just for the summer we were selling out every day it was four hours of a market but we would sell out of yogurt pretty much halfway through the day and we were making as much as we could at the time so it's not like you can turn on the tap and tape more yogurts coming sounds like the big secret here to this was like and this is something that I hadn't considered right so if I go to the grocery store to buy yogurt I have to make a guess I gotta like I've done this before where I'm like okay this one this one and then I'm home with four different kinds and I'm probably only gonna like one of them I mean that's kind of the bummer but it sounds like in your case because you had this gelato style setup right you you're literally and it makes it easy for the consumer you're just like hey just try the one try one and then they can just buy it if they want it but it makes it a lot easier which is smart and then it sounds like you guys just had a lot of word of mouth like people were just like clamoring to it which is I think we forget about that today in a social media era nobody thinks about word of mouth and when people ask me like I get an email every single day probably five emails around oh hey here help your help your podcast growth I've grown social media above all this podcast growth stuff and I'm like we're just gonna go word of mouth because that's what we want that's the person that's gonna actually listen you know and then and then that that takes a life of its own later but for now it's just like we just want word of mouth because we're having good conversations and we want people to connect with that not some little thing they saw on social media that you know no glitter a kind of kind of strategy it's something genuine and it's like it created itself I think that one of my best feelings as well as when even a pike place when people are bringing their family that are visiting in town saying this is my yoga this is where I go there's some sort of ownership that people have once because they've discovered it you know it's theirs and we've created this little cult in Seattle that's been so supportive of everything we've done and it's helped us grow to where we are currently and I want to talk about the recipe you don't have to give us the recipe in terms of like the difficulty of scaling this thing right so you're making it in a very particular part of the world and now you have to try to make it in a different part of the world with different water different cows different dairy and so how did you go navigate that process so we built the factory in Seattle ourselves we didn't hire anyone we just pretty much dug trenches put everything together and then it came to time when we got our first batch of yoga going and it was difficult trying to find someone that would sell us milk you're this new company who are you no one wants to give it to you but we found a family farmer it's in linden washington pretty much on the border of canada and we still use that milk there they kept on stay with the ones that let us use it and then we started making yoga the way we did it so we use a special blend of cultures that we pretty much brought over from australia but what we did here was we were able to change a little things that you know the family family traditions that we couldn't do you know this is how we've always done it in the past this is what we do so we kind of we're able to stretch the boundaries of that and i honestly think the yogurt here in seattle tastes a lot better than any of my cousins or my family but the way we make it is so different to anything else that anyone would make it just because the effort that is required to make that cup of yogurt is so vastly different to how most yogurts made in the world i was gonna ask you like a lot of people don't know how yogurt is made and the reason i i kind of i don't really know how it's made but i know at least the equipment used it looks a lot like a brewery like it the equipment is big tanks and i just want to give our listeners a sense of like how and you know you don't need to be specific but at least like the equipment that it goes through because in people's head i don't really think people understand like at least for me it was shocking when i saw these tanks that literally are like brewery tanks and i'm like why are there tanks here and then it all started to make sense to me because you're playing with bacteria cultures and so it's there's a process there but can you just walk everyone through just a quick you know don't get too scientific but high level yeah so the way we make it so we have a we have we have tanks and we fill it up with milk and we heat it to a certain temperature and then we put our cultures in it and then it has to incubate so what that is when the cultures start pretty much multiplying and yeah it's starting to become yogurt what we do then is a strain it with some cheesecloth so this is something that takes a long time it's about a five day process to get where we want it to be another step that we do that's probably different is we then blend yogurts together so we make pretty much different flavors using different cultures and then blend it like wine so the whole time you have to pretty much be tasting it and seeing what you know to get that right level of sour sweet you're sure you're kind of balancing those flavors together and then after we've got that mixture then we put it in a cup and then that's it's sent out to the stores that's awesome do you ever think about like and i don't know if i don't think this is allowed i guess i kind of answered my question but would you ever think about creating a space where it's like a brewery like like literally the you know they're making it in the background and then instead of tank to tap it's tank to yogurt cup do you ever think about that we've actually so our first plant so our original where we started out was in Georgetown it was tiny and we had this idea of doing something like that but at the time we were at so much a capacity it was pretty much no space it wasn't a safe space probably for have anyone in there but we've always thought that'd be a cool thing to do where people can pretty much see how yogurts made and even maybe try and make them it themselves i think it's something would be working on you know hopefully post corona a year we could probably do something yeah i would love to help you with that as a developer that would be a lot of fun because i mean i just think it would be like so cool and so unique in a real estate play that not many people have ever seen before even thought of or considered yeah especially i guess at your company now right so at some point you're always looking for new recipes which is hard to do with limited equipment you it's hard to test flavors when they take so long to make but at the stage you're at now you probably you know you probably have four or five maybe ten flavors that you just know or this is it yeah so flavors so we pretty much make the one yogurt and then we have a we sweeten the base with our cane sugar and honey that's the flavor of you know that's all the ones that we sweeten there's a vanilla bean one as well that's a base that we use that that took a long time to develop just tasting different vanilla but for flavor work we pretty much tested at pike place so all the flavors that we see on the shelf from us playing around with things at pike place and seeing what's working and not working we have a lot more flexibility yet but still to just see what's seasonal see what's new and then put it out out there and see what people's feedback is yeah that's the best i mean it helps you get the instant feedback loop is there a flavor that is really difficult to make so like let's pretend you and i were i'm like all right alex we're gonna go test every yogurt in the world and then you say okay but i'm gonna try this one and it's and it's because this particular flavors either the most difficult to make or just the most difficult to get right because of the balance of let's say sweet and sour is there one that like you would go to maybe the original one i would say one thing that we've always had problems with uh some of the basic ones so it's like so vanilla bean we didn't get to like a maybe a year ago we put it out so that wasn't one of the most popular flavors of yogurt and everyone's putting out of vanilla but i think there's extremes of what you get to taste it to that alcoholic taste vanilla or that fake vanilla and without flavors it's all about if we're telling you that this tastes like mango it's going to be a mango if this is passion fruit it's passion fruit it's not anything it's going to be it's going to be big bold flavors that you have no you could close your eyes and tag your spoonful and know exactly what it is and so those simpler flavors are the ones where it's harder those subtle ones that don't really come through in yogurt and what stores are you guys at now like where are you guys at all over the world or i guess the united states we've been slowly growing just the way we as i said the way we make it is just hard to expand a little bit that's a capacity issue for sure yeah planning it is hard so it's whole foods we've done whole foods down the west coast in texas we're mid-atlantic now and the midwest will have it those regions we've been working with them amazon fresh and then depending on where you are you can find it on the website there's a few more stores around the country that you could uh pick a zip code in figure out if we're nearby but we're not everywhere yet when it came to you're in dallas now right you said okay are you guys building a plant do you have a plant in dallas so we make it all out of seattle what i'm doing here is trying to do some of that stuff that we back in seattle was building farmers markets doing events trying to get people to taste it because as much as i could tell you how good this yogurt is it's when you get in people's mouth you know that's what convinces they can convince themselves i don't need to say anything and that's what the best thing of what we do is what we make is that it speaks for itself and something that happened because of coronavirus we stopped we couldn't demo anymore and it's trying to figure out new ways of trying to get people to taste our yogurt it's been the biggest focus of our last year yeah what have you guys done so you know we talked to a number of companies that during corona same thing either supply chain issues or they can't go to the grocery store and do these tastings anymore but did you lean into something in particular during this time like was it at market education or just like your your social media presence what was the thing that you were like look we can't do this so we have to do this thing we've been trying a lot of different tactics but it has been a lot of social media sponsoring posts influencers most little micro influencers trying to get people to talk about it we've also had been going to like mums groups gyms trying to just hand out yogurt and give people to try it we did some work with a lot of restaurants in seattle too just trying to get chefs to play with it too just a lot of recipes you can use our yogurt for it's been we've been trying a lot of things to see what could replace just you know being in front of that yogurt set and giving someone a spoonful of yogurt has there anything surprising in the market that you've seen from your customers there's always something that you maybe you thought okay we do good with these people but it turns out oh this group of people loves us and it's like a surprising thing that you would have never projected in the past I've always been surprised how many people that our biggest fans are usually ones that say I hate yogurt they are the ones that yeah it's usually some dude that's never had had that one yogurt before you know that's had a bad taste in his mind but then he's tasted ours and it's changed his mind now he's buying it for his family you know those are the surprising ones yeah I'm here in LA which feels like you know the vegan capital of the world and everyone's like dairy free and you know there's a whole movement as it relates to how you view your product could you ever make this with a nut milk and kind of keep that same taste or is it increasingly difficult we've talked about it with my dad and what options we would have because especially when we're in California and I'm doing demos that's a question I get asked all the time but our focus right now is to try to make this yogurt the best it can be and I think once we get to a stage where we're happy with where it is then we could probably experiment with trying something else afterwards but they're all our attention is just on this one product at the moment to make sure that it's the best all the time when it came to making it is there specific challenge with just shelf life yes that's complete that's another big challenge we have a compared to all everyone else on the set we're pretty much half of what their shelf life is just because there's no preservatives it's just milk cultures and the fruit there's nothing else added to it and the way we make it too it's just it's exposed to the elements for bits because it's being strained by hand so it's just really sensitive so we've been trying our best to create clean environments to for it so it doesn't you know we can try get that shelf life out a little bit more as much so Dave even an extra day for us has always been like a big achievement yeah well good for you guys for at least I mean that's the hard part of any company and I feel like as people grow they always have to compromise right where it's like they'll start off with a no preservative concept and then they'll realize oh it's only gonna last seven days which if your product isn't selling quickly becomes really difficult to manage because it means you're just throwing away a lot of inventory but at the same time you're keeping you promise and so it's this it's a tough business decision to do this that's one of our biggest challenges right now as well just trying to get to the rest of the country will you ever think about like sponsoring the seattle like any seattle teams you know maybe that'd be cool you're watching the soccer team they got elinos on the jersey uh one about so one is a huge seahawks fan and she got me into it uh when one of the the kicker a few years ago when actually had posted a picture of our cup of pumpkin pie yogurt and we all went nuts and once they uh started ordering for their training facility that was that was one of the happiest days we got we got pretty excited for that so they are eating it but yeah we're not sponsoring at the moment I hear that it's always fun when uh you know we talk to some companies that are just now getting into that where they're sponsoring either athletes or doing partnerships with with the major league sports networks and it's like it's really cool you know and the founders are always like I don't know how this happened like this just feels so crazy like they're hanging out with Maria Sharapova and they're like I don't even like I just I just pinch myself it's so crazy but anyway I can see that happening for you that seems like a good growth strategy especially because you have those roots in in in seattle yeah we've been a really good seattle brand I think that's something that we've been iconic is the seattle brand now it's been especially going outside of market and people recognize you as from pike place or from seattle it's pretty exciting just to be see that we have fans everywhere now yeah when it when it comes to funding where are you guys at what stage have you guys done any private equity are you raising money you know what stage would you guys say you're in yeah we have we've had what funding originally it was a whole bootstrap but we uh the latest one was that with uh the founder of kind yeah Daniel Lebesky pretty much his team contacted us and told us how much he loved the product he pretty much saw very similar beginnings of kind in elonoss and at the end of it we got funding from him to help us expand to the rest of the country and he's been an excellent partner it's just his excitement for and passion for elonoss is shared for the way the other founders too so I'm excited for some you know fun things that should be happening in next few years yeah that's amazing what a great contact with someone who knows the space super well too and so at a minimum can just help save you guys a lot of time probably yeah that's it and how big is the company now like if we were to just tally up everyone inside of manufacturing every like how big is that company your company today so we were about 150 people now yeah so a lot of it is the manufacturing team a big part of it just because that's what they're doing but we have now some field marketing and sales people throughout the country too that's great and I imagine do you guys have like a way to just maybe maybe you're mailing out these little samplers to buyers during COVID I don't I'm just thinking out loud like how do you get your your grocery buyer to taste it in a COVID yeah that's that's it it's been a lot of posting you know and and it's never the same I think just getting it from a FedEx box it doesn't it doesn't transport well you our yogurt is also in a clear cup we're very particular about how that looks as well we want to be able you want to be able to see the puree the yogurt then if it's been shaking a lot it ends up looking like a milkshake so trying to get that whole self-presence kept through it you know to make sure that's transported right now how do you go about pricing pricing is always a question whereas it's like one thing is what it costs to make and the other thing is what the market is willing to pay for I think the last time I bought yogurt it was like $1.25 a little carton how do you guys price it so we priced it it's expensive it's one of the most expensive yogurts you'll see it's about three a cup is $3.99 an eight ounce cup but it's quality it's milk it's it's what it costs to make and I think that everyone's used to a commodity where it's you know the 10 for 10s or the you know everything's a dollar yeah that's what they used to but we have shown that people are willing to pay for what that quality is and we're not racing to the bottom I think people are going to pay you know for money's worth it yeah I'm a I'm going to invest in an almond milk company and it's a similar product where it's only four ingredients but shelf life is the issue and so one it's expensive and you have to freeze it and so it's great for coffee shops the coffee shop market has just embraced it but for your average consumer who has to thaw this product before using it and then once it's in once they add water and it's in your fridge it only lasts five to seven days which is not a problem if you're drinking it right so I don't mind that it is more expensive but to your point it's you get what you pay for where there's nothing else in there there's no gums there's no binders there's no fillers it's the cleanest almond milk you could have and it's also super delicious and so it's a tough thing to navigate but I'm glad to hear you're at least sticking to your guns on pricing and but at the same time the hard part is education right so how do you guys educate because the bottle it can only say so much and so how do you guys educate your consumer I think that's what we're trying to get to now usually before it was easy you just let sample people and try to get people to taste because that's what usually educated and that they know that this is very different to what else is on the shelf now I think it's more I think it's going to be more of a social media trying to get reaching more people and trying to get people to tell people our story that way just in the what we're looking at in the next few maybe a year or so share that a little bit with us so you know you've told us that you're you have no preservatives in your product when as it relates to the other products that people see what is it that they're doing other than maybe adding preservatives but like what what types of things are they doing that maybe someone like me would have no real no idea so one of the quickest ways to make yogurt is a you super heat it so you heat it up to a temperature it's called ultra high pasteurization so it's at a high temperature pretty much kills everything and then it goes through a pretty much a tube system to cool down and get cultured and then it gets into a cup it's sealed and it becomes yogurt in the cup it's like it becomes yogurt it's liquid and then comes yogurt in a cup okay whereas ours is compared to that is a slow cook method we cook at a slow lower slower temperature we take it longer time to cool down and we have to have it outside so that's kind of the different kind of the comparison of the method so you could make yogurt in half an hour with one method and it takes you a week with the other that's pretty much the biggest difference it's funny man so beer making is very similar so if you like a lot of beer that people buy at the store they don't realize how processed it is and so if you're making beer same same concept higher temperatures you can add bacteria you can add co2 to it on purpose just to get the bacteria moving faster and then it'll take you maybe let's just say a day to make a keg whereas if you're using the best example is like old belgian methods where it ages on its own and so it ferments for a week weeks right and so the bacteria hangs out for three months before you actually before you're actually serving it and so again the difference there is but there's no preservatives there's nothing there's no added and so you have a natural beer in three months or you have a quick beer in like a week and this is the real difference that brewery struck so it sounds super similar one is super delicious and it i think if you wait long enough that's the reaction you'll get of like oh i don't like yogurt but this is great oh i don't drink i don't drink beer but this one's different and it's because it actually is different right it's fundamentally different it's it's how it's supposed to be it's how it was meant to be made you know it was traditionally a method to preserve milk so that's what we were doing you know we're trying to keep it you know it's preserving milk in a different way yeah and the flavor tastes the quality you get the flavor of the milk more you know you're tasting more of the elements and then we take that same method with all the purées and fruits we make we try that we're not using any colors or flavors so that plays to the problem with our our fruit as well because a lot of fruit oxidizes so like strawberries for example go brown so it's hard you know rhubarb is one that does goes brown a lot too so all these flavors we use we're trying to make sure that we have color you know colors a big pipe of what it looks like without compromising what we want to do you know with no preservatives no colors on their additives it's just how food's meant to be and even that changes too because you can have in one season you know a certain apple might put off more color than a different season i've seen that in the beer making world too well i like that at least the commitment yeah you got to go big on that you got to lean into the education of that big time i mean that's the whole company yeah that's one thing that you just reminded me of is even subtle changes in the milk depending on the season so the cows might you know winters see whether cows are eating difference in the seasons changes kind of the flavor of the milk and every so often we have this i don't know everything seems to align like the milk tastes right incubated well you know and we've got the right blend and then we get this like gold star blend of yogurt that came out so whenever i taste that batch i always send the message out to the production team that this is a you know this is a vintage batch that just came out and it's it's almost like champagne we want to be able to you know celebrate that this this if you're going to eat yogurt this week make sure you go right now you know this is a good batch yeah i love that yeah that's amazing man but it makes it hard to scale but that's okay because at least you got the right thing and it sounds like you got the right team yeah we've got a really good team now especially with uh with daniel levetski we were able to get a pretty strong uh executive team now so instead of us uh von bulb me and my dad uh wearing all the hats we've got a pretty solid team that's able to help us grow and scale yeah what has that been like for you so all of a sudden you went from like doing everything now you have executives in the room who are proven leaders but they're not always right that's kind of the hard part right they come with a lot of experience but to me like data changes right data at one point isn't data today uh has that been difficult has that been kind of not easier than you might have thought data was something i don't think we we had a hundred percent hold on what people were looking at i didn't realize everyone was all about the we realized quickly that you know our industry was all about velocities so how many units per store per skew per week was what everyone was looking for and we were killing it in seattle so that's why we got so much attention i think but to us we were just seeing what the sales hours or has always been make more yogurt make the best yogurt sales and our team kind of has helped us figure out what the landscape is i think everything else is about understanding different aspects of it that we weren't doing it ourselves you know and it's going to be integral to the success and the future growth of alinas making so that we're building up a strong not only the executive team but our whole like elimos family from the from the person that's cooking the milk to the person that's scooping up high place we want to make sure that they understand that our company got started by it with a lot of passion you know and avon with avon and a lot of family values and i think we want to make sure that team understands that completely as we grow and scale and i think if we keep on doing that elinos will be able to take over the us i think so i'm excited to try it when it comes to i guess how you guys view the future is there a d2c play or is it just tried and true of being in the store we've tried to do some d2c it's just hard shipping a you know a pretty great product directly to customers i think we'll be working we'll definitely be trying to work on something just to get to customers with maybe some shipping but i think it's trying to figure out what what works without paying an exorbitant amount of shipping fees to get it you know six cups of yoga to do that's the hard part with the almond they were they were shipping it with like dry ice and it just doesn't i mean it's it's great don't get me wrong but it's expensive right you're all of a sudden now paying 12 extra for shipping or 20 extra for shipping and it's also not sustainable and so there's a lot of people that don't like it frankly it's big and bulky but maybe maybe the strategy is you guys do a bunch of gelato stands or gelato type right just like you do in pike's place and instead of shipping that becomes your your conduit i think that's what our next try was to be these like the farmers markets we have like little gelato carts they have like a little bicycle attachment on it and we're going to be doing those in a kind of pop-ups in different parts of the country so i'm doing one in dallas we're going to do one in la shortly and then probably as we enter new markets we'll probably start to see some of them pop up around the place and that's probably somewhere where people can come down they can talk to us because yeah we're the ones that make it you can ask us any questions about yoga then we'll be able to explain exactly what's all about you know it's funny too because coming out of covid there's a lot of flexibility now in real estate where it's like these these landlords are forced to do something creative or just create areas or rent out the building for a week or a weekend where they just pop up friendly which i think allows a lot of companies to just experiment and say hey look let's try it let's do a pop-up and if it goes well maybe we consider a retail strategy or maybe not but it's a you know the litmus test is super fast the feedback cycle there is quick yeah i think and then the issue that we're having at the moment with these things is what's it like in a post uh you know pandemic year as well the people are people out and about and i think so far from what i've seen especially in dallas it's that people are wanting to go out and try new things and be outside it's a nice time of year so yeah i think i'm a little more confident now that we will be able to do something like that next few months yeah yeah i think everyone's tired of it at least here in la i can i look around and it's just like whoa everyone's out and obviously the weather is like perfect now and so people are just over staying at home and want to interact and now all the single people are just dying to meet other people and so the zoom dating is is over which is funny i think it's been a difficulty with these yes it's even working remotely talk it's not the same as being in you know in the factory or you know being able to talk to people one-on-one i didn't think that either doesn't translate the same way yeah and kind of puts everything on pause but i think we're in for a good year i totally agree well listen man tell everyone where they can find you where they can support the company all that good stuff so if you want to find somewhere close to you uh check our website out ellenos.com or uh you're pretty much your local Whole Foods if you're in one of our regions down in LA it's Bristol Farms or uh you can find us at Nuggets as well and uh North Cal Seattle it's a Metmarket my wife loves Bristol Farms she loves Bristol Farms so i'm gonna go i'm gonna go and get this tomorrow that's good stuff yeah thank you very much yeah Alex thanks for coming on the podcast brother i wish you nothing but success i'm excited i love that you guys are committing and staying true to your product and really leaning into just making sure people get the best experience i feel like a lot of companies take shortcuts on that path and it sounds like you're not doing that which is which is great i mean it's honest and it's the best experience for the consumer all right thank you very much it was great to talk to you too


Here in Victoria, we have more moisture than average in the soil across the state and with the weather phenomenon on La Niña, likely to bring above average rainfall across Victoria this summer. This soil moisture will persist in many areas, which is good news as it means average fire potential across the state. Significant grass growth means grass fires are likely to be one of the biggest risks in Victoria this season.  Victorian forests may well remain damp enough to experience average below average fire activity, but even in a normal fire season this can be dangerous, so there is no room for complacency. We urge anyone enjoying our forest parks and reserves to be extremely careful when using fires in the landscape. If you're lighting a campfire this summer, make sure you never leave unattended and that you put it out properly with water before you leave, as these can cause devastating bush fires.


Yn gweithio gweithio'r raitherwyr o'r bach, byddai'n hawdd yma sy'n rhoi. I ddweud cael ei ddelch ar gyfer yna, eh? Llyfrgellwn ni wedi'u ei wneud nid o'r meddorolol yn hollaf fod yn ymlaen i fynd. Llyfrgellwn ni wedi ceisio'n ei ffordd sydd ymlaen i'r meddorol. O edrych yn gweithio'r modd, yn cael y'r wneud yn y cyflogau, ymlaen i'n gweithio i'n meddorol. Fatha ddigwyd yw'r castannau cymhau? Credurwch! Iddo ddigwyd yn gwahanol, gyda gwych yn cael ei oddsunion y meddwl o'r gwahbeth sy'n ddal deisiad? Ac mae'n gwybod yn ysgrifatau yma ar hyry, Adam Chickson o'r gwahbeth i gael? sy'n ddwy gael? Jake Reeves, roedd yw Ynw. Yna ei fod wedi gael. Ynw'r bachpan. Ynw'r bachpan o'r gwahbeth i gael? Dyma tywch, David Ball? David Ball is still in there as well, so they're on those. Okay, but no, new ones since the weekend. You've had good few days now since the relegation was confirmed last Friday. General mood wise this week, how's everybody doing? Well I think initially after when it got confirmed for a couple of days it was not good. But then you have to quickly get on with it and deal with reality. And I think there was a lot of positives from Monday's performance that gave me something to look forward to. And then we've been very very busy this week. I had to check my phone yesterday to see how many calls I was involved in yesterday because it was absolutely ridiculous. I think at one point it was over 70 phone calls. So it's exciting for me at this moment in time to try and piece something together for this summer. And this is agents offering new players? Agents, managers, coaches, A and others. I think whether they might be. But yeah, of course. It's all part of the preparation for a busy summer. In terms of players who are still under contract when do you start having conversations with them to say, yes you are in my thinking, no you're not? Yeah, I think I've not actually nailed down a date but I will do it after the season's finished. Probably around the Tuesday, Wednesday after those remaining two games I think it's important that we concentrate on these two games. We've got lots to play for individually and collectively and we've got obviously a duty to be right with all the other teams in the league. So the main focus is trying to pick a team and get ready to go and have a right good go at Scunford. It's the last away game of the season. I imagine we'll have a good following as to what they have been ever since they've been here and try and give them something to cheer and enjoy. On Scunford, are you a bit surprised to see them down where they are? They're probably saying the same aren't they? I think it all stems back to, it's very similar isn't it? They got rid of Graham when they were in the playoffs but obviously not having the insight in that club is unfair of me to comment any further than that but for sure they're going to be nervy, they're going to be wanting to try and stay in the division so the pressure is totally off us now and the players have just got to go out and perform. First goal is always very important but in these sorts of games particularly where they are desperate for survival could it particularly swing it in your favour to score first? Well that's the aim, we've got to try and get our noses in front. I thought we did well with that last week with Kelvin's goal and like I say there's lots of individual performances that we're looking for them to build on from last week. Are you minded to stick with the same start in your 11 that got the point on that? It's just still a bit early, I've had a look at different things today in training, different personnel, different formations and so it would be something that will make a call on tomorrow really and just see how they are after today. Anybody particularly in the Scunthorpe line up that you need to be keeping an eye on do you think? Do you think you have a lot of experienced players? Obviously quite a few familiar faces to people in Misnick of the Woods? Yeah of course there will be. Me personally, obviously Josh Morris I worked with at Blackburn I've known him since, he was under 13, we took him from Preston and I've obviously watched his career develop over the years so it's good to see that he's back playing after being out injured for a long time and again that's been a big loss for them, key injuries but it would be good to bump into him but we're going to have to obviously keep him quiet because he's proved over the years and I have to say I'm surprised that the season where I think he scored 20 goals or close to that he didn't get his move but I'm sure you'll want to finish the season strongly and see where that takes him. The fight for survival is going to be intense Do you see Scunthor being one of those that can get out of it? Well I said many a time I think it's going to go to the last minute of the last game up and down the country and I still honestly believe that you only have to look at the other night with Wimbledon snatching a draw in the last minute at Luton so there's lots of teams still in there I don't think anybody can afford to relax and think we've got 49 or we've got 48 or even 51 Who knows, like we've said a long time it's very difficult to predict how many points it's going to be needed Just to come back briefly, as you say your phone hasn't stopped, it probably won't for the next few weeks Assurances from the hierarchy here that you will have funds to be able to try and assemble a squad which might not be difficult given the amount of players who are still under contract It's going to be difficult for sure because obviously we've been relegated so that reduces in certain areas the way you can recruit because players want to play at a higher level than lead to and that's not being disrespectful to lead to but also we've got to sit down and confirm exact numbers so that we know where we can exactly operate What tends to happen when you've had a conversation with a player and you've said you're not really going to be in my thinking do they tend to shake hands on it get their agents looking for another club or do you get situations where they'll say I'd like to stay and fight and prove that I can still be valuable How does that normally go? I think initially previous experiences that we've had or I've had certainly is that the players, you've been honest with them and so because of that honestly they want to play football the majority of them want to play football so I think they get on to their agents and you try and sort something out because it suits all parties but no I'm sure in the past or in the future up and down the country people will say no I want to stay and fight and show you what I can do but like you say I've got to sit down with them and make those decisions pretty soon How difficult a job do you think it's going to be to get back out of league 2 you've done it with Blackpool You don't give me much joy at a chance do you I've not finished this season yet and you're asking me questions about lead to I think everybody's already kind of looking to next season and looking to agree what I can guarantee is that we will have an honest hard work in Bunch who are competitive in that league and just because we've been relegated doesn't give us any right to think that we're just going to go in that league and be guaranteed automatic promotion because it just doesn't work like that there are other teams that won't allow it but what we will be doing is working very hard to be very competitive like say finalising budgets and that but there is no guarantees and so it's a tough league to get out of so expectations from myself and the staff we're fully aware of what the challenge lies ahead next season that said I was fortunate enough that I recruited a good bunch of players at Blackpool and got straight back up and obviously that would be the aim for everyone but there are no guarantees People might have to be a bit patient then because I think everyone thinks that you might be some sort of miracle worker that can just make it happen by magic No, it's all I think like you say there's a hell of a lot of work going in now and that will continue throughout the summer and then once we've got the squad assembled but again looking back at my time at Blackpool it was done over two windows and I think in February of that season so two months to go to the season I think Blackpool were fourteenth in the league so that just shows you how tough the league it is and how competitive it is I think on my experience looking back it took us a while just to get used to Bleeter because it is slightly different so there is patience needed for sure because it is over a 46 game season You've been quite open about what you think Bradford needs in terms of players Very open, not quite When you're getting a new squad together, rebuilding how does that affect or how many can you bring in how many do you have to keep a basic team together? That's a great question I think when you're assembling your squad obviously you're dictated to by budget for sure and then it's up to you how you try and operate within that budget Do you go numbers to cover the season or do you reduce your numbers and go far more into the quality but these are the other conversations and the planning that we're going through at this moment in time I have to say that since I've come in here there's a couple of younger ones in the youth team that hopefully they come back in the summer that you might think that they could be good players to supplement the squad and if that is the case and we see them in pre-season and we feel that they can add to the squad then that enables you to just probably add a little bit more quality but less numbers It's all about planning at this moment in time and weighing up different options and then again obviously what's available and who wants to come in your mind without giving any names players that you'd like to approach and would like at Bradford I do obviously I know a bit about that league because we had a season there but I know and I've identified areas where I feel that we need to strengthen and I've already identified those targets it's now a case of there's a lot going on in all the leagues at the moment so in terms of what leagues players will be in next season they're not sure still so when that's all settled down it's all confirmed then we look to do our business then


Another mathematical concept that we will recapitulate briefly is the concept of Fourier transforms. Fourier transforms is a very powerful tool in signal processing in image processing in solving differential equations and in many other areas of science and technology. For us it is a essentially required in arriving at some important results. So, we study it in a simple way. First we know we have the concept of Fourier series Fourier series. So, Fourier series is a form of expressing a periodic function in terms of some basis functions and these basis functions are generally sin and cosine functions. So, a function is said to be periodic let us say for f x is a function it is said to be periodic with a period L if f x is equal to f x plus L. For example, if f x has a behavior like this etcetera then this point and this points will define one period. The functions properties should be such that that function is integrable in some sense and in such situations we have the Fourier series discovered by Fourier in the problem of solving second order differential equations where he showed that the periodic function f x can be expanded as a linear superposition of cosine functions cos 2 n 2 n pi x divided by L plus sin functions plus of course, one constant. In a nutshell this is what Fourier expansion is the expansions assumes a significance only when we find a way how to calculate the coefficients of a n and b n and a naught and that is done by using what is known as the orthogonal property of the basis functions orthogonal property of the basis functions which are the basis functions the cos and sin function. In fact, these properties the orthogonal property is expressed in the following form if you integrate minus L by 2 to L by 2 cos 2 n pi x by L with cos 2 m pi x by L. This function is half delta where delta n m is called chronicle delta. It has a property 0 if n not equal to m equal to 1 if a similar integral also exists for the sin functions and most importantly the functions cosine and sin are orthogonal to each other all the time for cos 2 n pi x by L into sin 2 n pi x by L when integral integrate over the period one period total length of the period is L minus L by 12 by 2 this will be 0 for all values of n m and sure you heard all these properties. So, we move further from this idea. So, from the concept of Fourier transforms using cosine and sin functions we can further move to expressing it using exponential function use Euler's formula. For example, what does Euler's formula say e to the power i theta equal to cos theta plus i sin theta. It is a very far reaching result which connects an exponential function to the circular functions cos x and sin x. So, correspondingly we can write cos x equal to e to the power i x plus e to the power minus i x by 2 and sin x equal to e to the power i x minus e to the power minus i x by 2 and when we substitute this combine the coefficients a n and b n into some other coefficients a c n etcetera we can approach the same Fourier series via a method of expanding through purely exponential functions with some other coefficients we denote those coefficients as f n this f n is just a coefficient it is not f x it is not a function it is a coefficient index by n and you can write it as 2 pi n i l and similarly the unknown coefficients can be obtained by the inverse of the series this is of course for for all n and the coefficients f n correspondingly turns out to be because of the orthogonality of the exponential functions it will have the value 1 by l minus l by 2 to l by 2 e to the power minus 2 pi n i x by l f x. So, there is an expansion with the coefficients f n and there is an inversion to find those coefficients in terms of the function f x this is made possible by means of the orthogonality property that integral minus l by 2 to l by 2 e to the power 2 pi n i x by l minus 2 pi m i x by l d x will again be equal to Kronecker delta n m. So, when n equal to m only it exists and when equal to m the value is l. So, using this property we can evaluate our all the coefficients f n which is what is indicated by the inverse transform the Fourier's transform is a special situation when the period of the function tends to infinity that is l tends to infinity. My periodic function is essentially now a non periodic function something like this whose period is almost as large as the real line itself. Hence it cannot be actually called it is a periodic function with an infinite period in such a situation the Fourier series can be converted into an integral form because some is a kind of representation of integral. So, in a qualitative way we can understand. So, when the function f x is non periodic the Fourier series can be converted to an integral. The coefficients so called Fourier coefficients can now be denoted by a notation f carrot of k where k is the conjugate variable and that is defined through this integral as f x e to the power i k x dx over the entire real line and correspondingly the function f x can be obtained via inverting it once again in the form because now the period is going to be 2 pi and it will be minus infinity to infinity f dot k e to the power minus i k x dx. So, this conjugate pair basically define the concept of Fourier transform and inverse Fourier transform inverse Fourier transform. There are many useful applications of the Fourier transform one of such application is the concept of characteristic function. We define the characteristic function chi k as the Fourier transform it is actually the Fourier transform of a function f from x to the conjugate variable k space where f has a special connotation it is actually a probability density function. We will come to that later, but right now it represents the probability distribution. So, definitionally it has the same approach as the Fourier transform. So, characteristic function is a Fourier transform of a probability function probability distribution. The special nature of the probability distribution as compared to an arbitrary function is that it has to be positive and it must be normalizable the function must be integrable in the interval. This characteristic function the chi k is called the characteristic function it has certain advantages and applications. We can actually evaluate some characteristic functions to get a feeling of what it means. For example, the Fourier transform of let us consider a probability distribution very often considers in probability theory a Gaussian function. For example, let f x be 1 by sigma root 2 pi e to the power x minus x naught whole square divided by 2 sigma square. And this function looks like this it has a maximum at x equal to x naught. So, if we and this is of this function is known as the Gaussian. So, we can obtain its characteristic function chi k by Fourier transform by definition it is a integral e to the power i k x and the function itself 1 by sigma root 2 pi e to the power minus x minus x naught whole square by 2 sigma square dx. We can actually write it all in terms of exponential only by taking e to the power i k x by combining e to the power i k x with e to the power minus x minus x naught whole square by 2 sigma square that is I can write like this. I can make it a perfect square it can be made into a function some coefficient some constant a and then b x minus some c whole square. You are always right like this this is a c will involve i k and a b they will all involve sigma square also this can be easily done. We will skip the details of derivation and when we do that and then use the standard Gaussian integral result we can easily show that the characteristic function of a Gaussian distribution is also a Gaussian distribution that is the main result it has a form e to the power i x naught k minus k square sigma square by 2. If we go back to the original distribution and compare original distribution f x it had a its variance width was measured by the standard deviation sigma. If you compare its characteristic function it is also a Gaussian but its measured here of the width the measure of the width is 1 by sigma. So, there is some reciprocity because now sigma square is in the numerator it multiplies k square it does not divide. So, which means that the standard deviation is 1 by sigma. So, this is an important important result that follows by the method of characteristic functions. We can obtain lot of information about the Gaussian distribution via the characteristic function. One of the important applications of characteristic function and therefore of Fourier transforms is in obtaining moments of the moments of the distribution. See as we go along we we will be formulating either a difference equations or a differential equations for various probability distributions. Sometimes those equations will give you the characteristic function directly and not the distribution. So, to obtain the characteristic function to obtain the distribution from the characteristic function one has to do the inversion. Some of those inversions are numerically very difficult to do. In such situations one is then interested to know at least the various measures such as the mean of the distribution, the standard deviation, the skewness of the distribution etcetera from the various moments of the unknown probability distribution. The knowledge of characteristic function enables us to obtain these moments and we show that here. Supposing we define the kth moment of a probability distribution n k as an integral over the function f x and x to the power k dx and supposing this moment exists for all integer values 0, 1, 2, 3 etcetera. Then it is possible to obtain various metrics associated with the distribution function f x. For example, what is m 0? If you put k equal to 0 we get m 0 equal to minus infinity to infinity f x dx and by normalization this will be 1. If probability density is normalized m naught will be 1. If you put k equal to 1 the moment m 1 it is going to be minus infinity to infinity x f x dx. And we know that when we weight the distribution function with the variable x itself and integrate over the space of x we get the mean value of x. We can call it as x bar. Several notations use in some sometimes we may use this notation and in statistics often the notation mu is used for the mean. So, m 1 is the mean itself. Similarly, if you put k equal to 2 we will get moment m 2 which is the integral of x square with respect to f x dx and from the m 2 we can call it as x square bar. We can define the variance as x 2 square bar minus x bar square which is m 2 minus m 1 square. One can proceed further to obtain higher moments and get skewness etcetera. We now show that these moments can be easily obtained even without knowing f x by just the knowledge of the characteristic function. We proceed as follows. From the definition chi of k as a Fourier transform of the distribution function f x. If you set k equal to 0 we see that chi 0 will be an integral of f x dx which will be 1 if f x is a normalized function. Now let us see what happens when we differentiate chi with respect to k. When we differentiate you can we assume that we can take the differential operator inside the integral then it will have the form when I differentiate with respect to k e to the power i k x will become e to the power i x e to the power i k x there is no k dependence in f x. So, it remains as such. So, chi prime k will have this form. Now if you set chi prime k at k equal to 0 which is simply called chi prime 0 that will be i can be taken out 0 to infinity x f x dx and that is by definition i into x bar or mu. So, we can find the mu the mean of the distribution by dividing by i. So, this will be minus of i chi prime 0 this is a very important result. Similarly, we can carry out a higher order differentiation of the characteristic function. So, if we do similarly chi double prime 0 you will get an i square x square i square is minus 1. So, you will get it as minus of m 2. So, the variance of the distribution sigma square as I mentioned is m 2 minus m 1 square and if you go to equation 1 here we have seen that the mean is equal to minus i chi prime 0 and if you substitute all that we are going to get sigma square is equal to chi prime 0 whole square minus chi double prime 0. So, since the differential process is easy to execute other than integration processes very often we find it convenient to solve for characteristic function establish moments and in fact, one can go beyond sigma square also you can obtain the skewness of the distribution and some parameters of this distribution give us an idea of what kind of a probability distribution it is going to be. So, this is one very very useful example of characteristic function just to illustrate the usefulness let us give an example. Supposing in the course of studying some problem we have formulated a differential equation it was possible to solve this differential equation in the Fourier conjugate space by taking Fourier transform where it became an algebraic equation and then we obtained a solution which is equivalent to getting a characteristic function of that and let us say we obtained a characteristic function let us say of this form chi k equal to 1 minus some i b k to the power minus n minus 1 where let us say n was integer could be 1 2 etcetera and b a positive constant. We can now perform as before apparently it is not easy to invert it and obtain the distribution although it is possible, but more difficult whereas the differentiating it is very easy and we can see that chi 0 is 1 it automatically satisfies the normalization condition. Then if you do the first differentiation and then put k equal to 0 we will show that it gives you a mean value mu for the distribution b into n plus 1. When you differentiate this n plus 1 will come outside with n minus 2 and then you put k equal to 0 it will be just 1 and you are going to get this. Similarly we can show by the second differentiation that the second moment m 2 is going to be minus chi double prime 0 and it will have b square n plus 1 into n plus 2. So, when you second differentiate it will be n plus 1 into n plus 2. So, when you combine these two we get the expression for the variance sigma square equal to m 2 minus m 1 square going to be can show that it will be b square into n plus 1. So, without actually inverting we have got some important characteristics of the resulting distribution says that the mean is going to be b into n plus 1 and the variance will be b square into n plus 1. So, mean and the variance has similar proportionality with respect to the index. There is a very important representation of a function which we are going to soon see via the Fourier integral formulation and that is called the Dirac delta function. We study more about the delta function in the subsequent classes. Thank you for listening.


Good day fellow investors! Now there is a lot of talk about the change in corporate taxes and how that will be a benefit to the markets. In this video we will discuss the two main corporate tax changes and how could those changes affect the stock market. The two main changes are that corporate tax will be lowered to 20% from 35% and that there is a possible tax holiday for global cash repatriation. Now the first thing is okay US corporate tax change from 35 to 20. That is always a good thing. Lower taxes increases the competitiveness of a country because it attracts more business. When you look where you're going to put your headquarters or you're thinking of leaving the US to go to Ireland less companies are going to do that because the tax difference is now much lower and much better for those companies that are still in the US. So from a really long-term perspective this is good for business. Now we have to see how will that impact stocks. First don't expect a big impact on earnings because 42% of SAP 500 revenue doesn't come from the US so that improvement in earnings will come only on the 58% revenue that is made in the US. So going deeper in the tax payments for 2016 65% of corporate tax payments were made to Washington and total payments to Washington were 160 billion in 2016 for the SAP 500 companies. Payments abroad were 86.5 billion assuming a 35% tax rate even if it is lower than that as some reads that make approximately 3.1% of the SAP 500 don't pay taxes. The total pre-tax US profit from my calculation for SAP corporations in the US is 458 billion. If we put a 20% tax rate on those 458 billion let's assume the earnings grow so we come to 500 billion they have to pay 100 billion in place of the current 175 billion. So corporate profits if we say they are now 1 trillion they will now increase by 75 billion which is a 7.5% increase let's see how will that affect SAP 500 valuations. The current PE of the SAP 500 is 25 we add the 75 billion to the trillion in profits and we get to price earnings ratio of 23.25. Okay it is much better than 25 but the difference isn't that big so there won't be an immediate great effect from a lower corporate tax in the long term that will as I said increase competitiveness which is good for businesses in general especially as global taxes are much lower however the US doesn't have the value added tax which makes things a little bit different nevertheless the more competitive you are the better. Now the second change and this is a one-off change but this really could have an impact and that's a tax repatriation holiday. If US companies bring back their cash from abroad their profits from abroad they have to pay US corporate tax on it now 35% later maybe 20 but perhaps that can be lower to 5 to 10% which makes it attractive for the companies to bring them home to repatriate their cash. Now Donald Trump says that US companies have somewhere between 3 trillion and 5 trillion abroad then if I look at the SAP 500 and Moody's they say 2.5 trillion but then if you listen to Goldman and JP Morgan they say that the cash that could be repatriated is about 1 trillion because the rest is used in operations around the world so if companies bring back 1 trillion that is 4% of the SAP 500 market capitalization and now many think it will help the economy it won't there is plenty of liquidity in the US market the only thing that 1 trillion will be used are buybacks dividends mergers and acquisitions so it will push stock prices of the companies that have the cash even higher so we have to look what which are the companies that have the cash abroad and those companies will benefit the most from all those tax changes before seeing which companies will benefit 2004 there was again a tax holiday which lowered the repatriation tax from 45% to 5% but the companies that benefited the most from that repatriation tax holiday they cut 20 000 jobs between 2004 and 2007 pre-crisis they spent less on research and development and they increased their buybacks so it will have a positive impact on stock prices but don't expect a positive effect on the economy because there is plenty of liquidity as I said and money is not a problem the US economy doesn't need that trillion there is plenty of money let's see the companies that have the most cash abroad apple Cisco systems Pepsi will also benefit Microsoft has a huge stash of cash abroad google general electric has also some cash abroad and then there are other companies like caterpillar proctor and gamble which will probably retreat and bring back some cash especially general electric to revive their business and their stock prices especially so if you'll take a look at this chart here from Bloomberg here you can see okay these are the companies that will benefit and there is potential benefit so always look at this repatriation tax as a buffer okay it can happen it might not happen but if it happens what will happen how much money does my company have around the world and how can that affect the stock market look at the available cash and compare it to the market capitalization the higher is the percentage of available cash that can impact the capitalization to dividends and through buybacks the higher will be the benefit for the stock price however as I say always that's only a one-off event and I will conclude with something very interesting by saying that it is not good for you and from most people that stock prices increase it's only good if you are a seller if you are selling now if you're retired now high stock prices are good for you however if you are 20 30 40 50 years you're old you are still accumulating your wealth so it would be much better that with your money with your hard-earned money you buy more stocks with higher earnings with higher dividends because over time those dividends reinvested will create more wealth and the goal of investing is to create more wealth over the very long term you want to be wealthy when you are 60 70 if you're now 20 and yes you made 50 percent on your stocks in the last two years you might feel good but if you are reinvesting constantly adding to that position you're just now paying more more and more for the same thing so a crash a stock market crash would be beneficial for 90 percent of the population that is investing in the stock market so again there are always pros and cons to anything that happens any text change anything because nothing in economics is free there is no free lunch in economics if you add to one part you have to deduct it from somewhere else so that is how the economy works there are many other things that can be improved to make an economy grow and only when all those things are improving at once the benefit will be felt for the very long term these changes are only short term cosmetics that won't have a very positive effect in the very very long term and that's where you want to win not now in the short term it isn't that important thank you for watching i'm looking forward to your comments as this is a very interesting topic and i'll see you in the next video