Everybody forced here rip in 22 23 contenders basketball hobby 12 bucks full case number 19. It's here You can check the results on your screen anytime of late in sports cards calm We're gonna go ahead and get started now Yeah, I mean that that's I think it's been a release for two years now For 22 23 though. Oh It's the first time they've reduced it for basketball. It's not a football the past couple years Yeah The cardboard right on the webbing of my hand. I think I might die That's things That's not well, you never know why not be related to that, but I might never know You put it like that a meteor hit What's the time of that paper? Yeah Well, he was opening cards cards killed him All right, good luck everybody We got a sort print a start of soft rookie Grizzlies permits dominate Jake Laravia You go Grizzlies rookie short print first pack logo and a redemption for the Nuggets Ricky variation season ticket of Christian Brown the Nugget Aronies All right, you got a Jovic variation for the heat base variations so Han lottery ticket Base that's Chris Paul out of 99 for the for this for the sons Steph Malek I Branum a rookie ticket premium edition auto David Roddy Grizzlies That's out of 199. It's first round ticket John Wall Clippers LeBron James ticket to the hall Kawhi Leonard on the season ticket variation Dyson Daniels Luke contenders auto is Alper and Shengyun Mmm 199 Rockets Turkish Tim Duncan Bojan Bogdanovic first round ticket to 199 Pistons Russell Westbrook lottery ticket Keegan Murray Sweet Shots Tatum Nicola Yolkic Take to the hall Jalen Durin and Marcus smart to 99 on this Celtics auto So what's up everybody? How are we doing doing all right? We hanging in there? Getting that late hour. Oh, yeah to 49 playoff tickets Paul George Clippers We still got Sterling a random hit style everybody 7 to go on double case Number 4 and again, it's over halfway full every spot hits What up? What a cow? Planned any fortnight tonight got so on lottery ticket Kyrie ticket to the hall Steph with another auto here This time is going to be Greg Anthony for the Grizzlies to 199 the Vancouver Grizzlies That is Memphis Grizzlies the 199 on the auto. That's pretty cool. All right KD to 249 nets Malachi, Branam and Serge on the Rants I play like two games earlier. How many dubs Carl? How many dubs? variation tie-tie on the Rockets there Jalen Doran Premium edition coming up who carried you and it is a Jaren Jackson jr. Season ticket premium edition for the Grizzlies Oh, Kyle's good Is he? Yeah, that was good When was Sam Shawn and Matt that's pretty cool. I played ranked earlier, but so I played solo So I was like duos with other people and typically it didn't go super well Some people just like drop when it dropped weren't nowhere near you and you know, okay Well, you know what happens correct eyes Chris Middleton It's a 25 nice card box season ticket 21 to 25 Dame Giannis Jalen Williams the 99 playoff ticket variation rookie auto okc That is an ok card for okc better than ok actually just wanted to say that I sound cool Wasn't cool.  We eliminated Like 15 elims together and plays fourth. I think pretty solid pretty solid I was about it though. I had to come to work Ben Mather and permit to dominate rookie Pacers another permit to dominate I've you I've only seen One per case ever on the permits sometimes you get the license, but two rookie short prints this time around pretty good stuff Okay, we got Ivy and a variation rookie ticket auto Egypt Liddell for the pelicans the play You work Saturday, right? Yeah See Variation Johnny Davis the Wizards Rondo Paul George We're getting like days Keldon Johnson first round ticket spurs out of 199, maybe not never but Jabar Smith jr. Things are gonna change Bravo or so. No, things are gonna change going forward Superstar Anthony Davis or Anthony Edwards or Anthony Edwards And who's Monjang where can take it out of thunder? I don't have an answer right now. Okay, whatever the question is. I don't have an answer Playoff ticket Josh get it to 49 for the thunder if it's about the schedule. I really don't Sweet shots LeBron James like everything is on the table. It's gonna change like weekly now for like the breakers especially Top loading itself might not change a whole lot. So for you might not change a ton I don't think you're gonna go to warnings, but yeah, like break yourself. I don't know Variation Ricky ticket AJ Griffin for Atlanta I'm a fortnight on mobile. Yeah, Donnie can play right now. It's shade on sharp You it will not be good when Rookie Otto Andrew Nemmard for the Pacers I'll tell you stop if you don't stop and it won't be a really not be good There you go Pacers Andrew Nemmard. So I gotta tell People love me. Don't listen to Christian basically. I'm watching Christian now. Yeah Luca Donchage conference finals of 75 Mavericks watching that guy put yourself in the spotlight lottery ticket Palo Ben caro Maybe he's maybe he's a given ideas that he's already have been utilizing James Hardin Akbaji Trevor Kiehl's Ricky premium edition ticket Otto for the Knicks Cavs playoff ticket Evan Mobley to 249 superstar Jock Hawaii Leonard What he said castel like you're gonna say Yeah It's pretty it blends together now everything we say this is cat or like yeah, like cat or Kyle or Cal Cal and cat Like Cal and Kyle are the same words now essentially have castus Yeah, Benedict Matheryn Edwards Hardin and a tie tie rookie ticket Otto for the Rockets tie tie Washington, Jr 2199 Hornets first-round ticket Terry was here Superstar LeBron Dear and Fox on the variation Kings Bajie redemption Caleb Houston rookie season ticket magic Magic it's to 249 magic Frans Vagra playoff ticket. I still understand the way. Oh, yeah, I never showed you either way I'm not missing out. I wouldn't play a game that I'm supposed to be on like that's the sign for play on like a Consular a PC on my phone Let's go on like Tetris That's way different the Edwards sweet shot Steph Ben Mather and lottery ticket and a finals ticket auto to 49. Oh shayag Bajie jazz Very nice card for the jazz got Lamello for the Hornets semi-final tickets to 99 Yeah, honest Dirk, I think companies just work together I always have to be like cut because money And your Nemar to go bear and rookie ticket auto when no more junior T wolves They do every now and then yeah, I was not I know dwelling be numbered to 199 sixers first-round ticket It's Harry Easton D Wade Aaron Boone got thrown out again again calm down Aaron Boone All right guys still seven to go on the dual case Seven to go last break with spots tonight everybody last break with spots the mixer filled up So probably the mixer first for the double case cracked ice Blazers, Anne-Fernie Simon seven to 25 Nice card Portland mellow Park color Ben caro McKenzie Milton joined Tennessee's coaching staff nice Bajie Louise Skola auto to 199 Rockets Louise Skola He played Quarterback for UCF had a really bad leg injury came back with for Florida State played a little bit now really bad almost like Totally messed up me the 75 RJ Barrett conference finals ticket Nick's Like yeah, like threatened to like have his like take his leg.  I don't know I guess why not I don't know how to respond I mean, that's how I feel about room. So I guess Haven't heard one of those tonight You got to come and chat tomorrow while Sam's doing F1 in the morning and save room Look at Don just take it to the hall. Yeah, he's not doing F1. Just do it. Oh, yeah. Well. Yeah now A couple of buddy heels back to back and Peyton Watson playoff ticket rookie out of 299 for the nose Jared Jackson jr. First round ticket to 199 Grizzlies Griffin His hypo the head coach there is the coordinator Anthony Davis Jalen Williams On the rookie of the year inserts and finals ticket rookie out of the 49 Hornets mark Williams Lot of numbered cards in this case. It's a good case Few different teams hitting as well. It's nice to see rockets Jalen green conference finals ticket to 75 Bison Daniels I on Die cut. All right, three more. All right Have a go Chris probably see you tomorrow. Yes, I don't know. I don't hear Whatever here, I'll see you Variations Jaden ivy they go distance I'm a column shade on sharp lottery tickets and a Malachi brand-I'm playoff ticket rookie out of spurs to 99 Tell me man. Good case. You're a lot of low numbered cards or numbered cards and I mean numbered rookie odds and contenders What you're looking for so Very nice stuff You guys excited for all my neck parcels on drip tomorrow drip Reno stream should be posted around 10 a.m. Eastern I think it's what Lane was aiming for somewhere around there and You can buy personals then and then Kyle will be live at 5 Eastern rip in them playoff ticket Well, I'm beat to 249 sixes 149 99 per spot in 100 100 personals available for all menac to 49 Celtics finals ticket Jalen Brown They might be going to the finals. I don't know they're two wins away, but they can't lose super star Steph And then you can also order any other personals other than almanac as well tomorrow a Lot of new stuff in stock this week Smith and Josh were not playoff ticket rookie variation on to 99 T Wolves one of one Cracked ice palo any crack guys at this point really we had some base. We need some autos though Terry Easton variation Rockets Yanis Dirk rookie ticket out of Tyra Easton Rockets Cavs Garland to 199 first round ticket Nemard Mitchell Tyra Easton Superstar Trey and Jake LaRavia variation rookie ticket auto Grizzlies playoff ticket Tramanda 249 Okay, see last box All right, so there's some soccer tomorrow There's hockey on Saturday Star Wars tomorrow a lot of good stuff F1 tomorrow morning Mike Conley playoff ticket out of 249 Utah Sweet shots d-book lottery ticket Jalen Williams auto coming up Coloco AI Thompson contenders auto to 49 Andre drum into bowls Jazz Mike Conley out of 199 Sweet shots Jalen Brown Walker Kessler Walker Kessler Ranger is a Kyle calls him famously I Mean oh, yeah Variation Keegan Murray Superstar Luca Chris Paul redemption to finish it here Luca don't change veterans season ticket stuff Keith B Better in ticket like ticket subs even for veterans are still the same thing, right? It's still to the Jersey number Yeah, I don't know why it wouldn't be but that'd be a 77 if it is the exact same. Here's the other cards Let me write Mavericks, and then I'm gonna look up. I want to know I would assume it's a 77 But that's a that's a pretty high number tickets of in basketball Um Yeah, it's it literally says sub to 77 or less I'm guessing that's Lucas because it literally It's a 10 card set That's pretty funny actually the 77 or less. Yeah, so it is the 77 the high congrats though Yeah, that'll be his card in the set.  All right autos we had Andre Drummond's Lera via tarry eason Josh Minnott's Random the 99 ice-card spurs. God mark Williams to 49 Peyton Watson Louis Scola Wendell Moore. Oh Jack Bajie to 49 Caleb Houston redemption for the magic tie-tie Washington Trevor Kiehl's premium edition Andrew Nemart Usman Jang E. J. Liddell Jalen Williams and 99 Congrats the thunder Greg Anthony for the Grizzlies Marcus smarts Alprin Shengun a David Roddy Christian Brown Ricky Variations season ticket redemption nuggets Mavericks redemption veteran ticket ticket stub Luca Donchich Be the 77 and shade on sharp out of 49 the finals ticket rookie out of variation Blazers, thanks again everybody very nice case there on to baseball again


Hi everyone, Sean with jaspyscasebrakes.com here doing 2020 tops chrome update sapphire one box break random team number 10 Where it says no that common ship all sapphire ships, so 30 spots everyone gets a random team at LB After the pack break or the box break we will take all 30 customers names Rerandomize them with a separate dice roll separate randomizer in the top six names each one is spot in the hip parade VIP baseball break Here is the list of customers from Richard Appleton down to Will Driggers and The teams from the Diamondbacks down to the Washington Nationals dice roll to randomize both lists and pair them up five and a five ten times 10th and 5 9th time. Yeah, it was 10 right 10 so 10th and final time Will Driggers Dario Josh can in and 10 times on the teams So Dano, how are you buddy? Happy Saturday 10th and final time From the angels down to the Washington Nationals 10 times the dice 10 times or 10 times on that randomizer 10 times on that randomizer and 10 times on the dice No, I'm not gonna read through this in no trade window since it is a filler But let's go through some of the highlights Yeah, VIP is awesome very important product Dodgers Gavin Lux opportunities for Will Driggers Mariners Kyle Lewis for Will hash Astros Jordan Alvarez will triggers Lou Bob for the White Sox Steve Birch Randy Arizona for will triggers in the rays It's enough. Let's print And rip no will when you're hot you're hot Here is our finalists. There's the the new Dodger Albert Poole's and Josh Fuentes orange for the Rockies Gordon Phillips that is two out of 25 and it's Brian O'Grady rookie Otto for the Tampa Bay race Will Driggers Okay So nothing crazy in the pack or in the box break, but let's give away those six spots So pop back over here Remember, it's the top six. Here's the original list from Richard Appleton down to will Driggers top six after A three to three six times top six after six one two three four five six Okay from spots seven down to 30. Thank you guys very much for getting on the filler Hopefully I can do better for you on a future one, but special congratulations to David de la Pena and will triggers already and Will triggers and Dario Josh can in and will triggers and will triggers top six There you go. Congrats. Will and Dario and David six times on the randomizer six times in the dice Top six that was 2020 tops chrome update sapphire one box break random team number 10 from jaspys case breaks calm I'm Sean jaspys case breaks calm hit parade VIP baseball coming up next. See ya


Hey guys, it's MJ the student's actuary and I'm here with another CA1 video on chapter 24 Which is the valuation of asset classes and portfolios This is a very difficult chapter and it is very long Inside the chapter there's expected returns comparisons various methods of valuing asset liability relationships variability of prices this whole thing known as the notional portfolio and This would take quite a few lectures to to get across all of it So what I'm going to do in this video is I'm just going to be focusing on expected return and What I'm going to be looking at in depth is the risk premium So when it comes to to investors and they need to make their decision on What do they want to invest in? They're going to be looking at two things. They're going to be saying what is my required return as an investor So what do I need to to get back by putting my money out there? And they're going to look at that by themselves like within themselves say what do we what is required and Then they're going to look at the various assets and say well what is the expected return of these various assets and If the expected return is greater than their required return Then that's something that they're interested in if expected return is less than required return Then they're not going to be interested in it. So let's look at this required return Required return consists of the risk-free real yield Plus expected inflation plus a risk premium So let's talk about this very quickly your risk-free yield is the amount of money It's a theoretical amount But we normally take the the interest rate that you'd get in a bank where it's almost Guaranteed to get that money back Now that's why I'm saying it's theoretical because nothing in life is guaranteed or super safe like that But let's say banks are giving 6% But depositing your money with them then your risk-free yield will be 6% Then you're expected inflation It's inflation is going to grow by 2% then that 2% will be the expected inflation and Then the risk premium will be that additional amount that The investor is prepared to take on So that is required return Expected return this comes down to the various asset classes Assets can yield return in two ways through income and Through capital growth. So with a share, it's the dividends and it's the price increasing With property, it's the rent and it's the value of the building going up We're gonna see this quite a lot that expected return has got that Continuous like income yield and that expected capital growth and Then remember there's something completely different and that is the actual return That is realized at the end of the day and it could be different to the expected return But we're hoping it will be very close to expected return depending on how risky that asset was This is just a very Very small chart I got of the internet saying that the higher the Risk the more return we want so a small business should give you a high return But it has a high risk whereas a bond will have a low risk and Will have a low return Just some assumptions we need to keep in the back of our mind is that investors want real return That's why we are considering inflation We want to make sure that all our calculations are done in the same time horizon. So this is the amount of return in one year We don't say this amount of turns six months is the amount of return in two years We want to standardize it at the same time horizon for the time being just to make it a little bit simpler tax differences are ignored and We do assume that you reinvest the return and also Especially when you're coming to to big banks or big life insurance and all those type of companies It is very important to keep the investors liabilities in mind at all times Because they are going to be wanting to match their liabilities with their assets So let's quickly go through some of the main asset classes and this this equation which you'll It's very important that you understand it and a lot of questions can be asked around it So let's look at bonds Hopefully by watching this video you're so far in the course that you know what a bond is The expected return of a bond is the gross redemption yield And we're saying that for that needs to be equal to the risk-free rate of return or the risk-free yield plus expected inflation plus an inflation risk premium and The idea behind this inflation risk premium is that inflation might misbehave It might be much higher than what we were anticipating and this could have consequences on our real return and This inflation risk premium will vary between different governments African countries where inflation is much higher than say European countries will have a higher risk premium built into it You also get corporate bonds very similar, but this time there is a bond risk premium And we are anticipating Corporate bonds to yield a higher return because of this bond risk premium Which not only needs to incorporate inflation but needs to incorporate the risk that the company that issues it may default and The fact that it's not as marketable as a government bond So they might not be as many buyers and sellers in this market Which is a factor to take into consideration If we look at equities the expected return is equal to D plus G now D is the income stream or the the dividends and G I've used to to denote the capital gains or the increase in the share price and again We're going to see the risk-free yield plus expected inflation Plus something known as the equity risk premium now equity risk premium We're going to see marked ability we're going to see default, but now we're going to be looking at something known as volatility So the stock market has this extra volatility in it caused by you know irrational investors or herd mentality and all of that and that needs to be considered in The whole risk premium Now let's look at property the expected return of property is the rental yield plus the expected growth in rent and This is going to be equal to Although I've got the expected growth in rent, but it could also be the expected growth in The value of the property which will Cause the rent to to increase so those two are very closely connected, but let's focus in now at the property risk premium This is going to be quite high as and it's going to actually shouldn't say it's going to be quite high It depends very much on the property where it is what city it is What are the rules what type of building it is and all those type of things this will have a direct effect on voids. That's How long does this building go without a tenant? Markets ability is there are there a lot of people looking for this type of building Is it a large unit in the sense that you can only get one or two people at a time? What are the costs like is there high maintenance doesn't need some new paint every every single year? Will maybe go obsolete, you know, is it a type of factory and we're moving towards a smaller type of factories? What is the leasehold zero value? You know property gets very complicated very quickly and the property risk premium needs to incorporate all of these factors But like I said property in say South Africa is going to be very different to property in America But even property in South Africa a property around the city of Cape Town will be very different to like set property in another province Like the free state or in another city like Johannesburg So it is something that is very specialized and you need to to realize this when you're doing these questions Now this is where I want to end the video because this is where it does get very complicated And I'm probably not the best qualified for teaching the subject at this level But I'll just go through it some stuff that you need to know is the yield gap the reverse yield gap how it works with dividend yields Rental yields versus dividend yields why there might be a change between them you can see there's a lot of comparisons that you can do and The rest of the chapter just or you can just see it goes into very a lot of complicated stuff But like I said, I don't think I am qualified to to be teaching this So I'm just going to end off the video there, but I hope I've given you a solid introduction to risk premiums And the required and expected return so that you can tackle the rest of the material On your own, but y'all guys. Thanks so much for watching and hopefully I will be better equipped for the next chapter Or hopefully it's a little bit easier. Thanks. Cheers


Hello and welcome to this clip. Today we are joined by Sita Rameshwari, the general secretary of the CPIM, whose name has been dragged into the ever-expanding probe into the Delhi riots. And his name along with that of other prominent academics and activists such as Jayati Ghosh, Yogendra Yadav, has been, is now in the statements by students and activists who were arrested as part of this probe. And the statements seem to say that she actually, along with the others, created discontent. So we're here to talk to him about it. So first of all, I wanted to ask you, what is your response to this? And what do you think is the logic of the Delhi police in making these kind of allegations and these kind of statements? Well, honestly, you can't see any logic. There's no logic in this at all. Now, we'll have to wait and see how they go into establish this link between peaceful protests against the CAA and RCLPR, with what they call Delhi riots, but it was actually Delhi communal violence. Now, in that communal violence, 56 of 53 people officially died. Now, who's responsible for that? Any charge sheets? If you're investigating that, then that's ought to have been your first priority, nothing of that sort.  And according to that time table announced by them, this violence began. Any charge sheet on that hate speech is none. So what is the police investigating? And that is where the entire, the political conspiracy aspect comes in. The police is acting directly under directions from the union home ministry. And there's a political motivation to this. It is not really the question of delivering justice, establishing the truth, but to actually act their political right. So this is what it appears from this, very clearly. And also, when they say that, no, no, he's not been charged sheeted in the defense that they're giving. Now, the question is, how did this thing come into the public domain? How did this thing appear? And this is the methodology they apply everywhere. Names appear in somebody else's, who have been statements so claimed, of abrogated, whatever it is. And on that basis, the procure orders for fraying charges, and then they're framed, and then people are arrested under UAPA, et cetera. This is the way that BIMA corrigional thing proceeded. This is the way the other things are happening. So, I mean, this is a clear cut. It's a political issue. It is a state-sponsored political maneuver, manipulation, a conspiracy, if it so be. So that is what it is. So, I mean, that is not going to stop us from exercising our right to peacefully protest on what we think are violations for the constitution. And it's not only my right, it's my duty to protect the Indian constitution. And that is something we'll do. And that's why I keep reminding them, they should learn that I belong to that generation that fought the emergency. We re-established democracy in the country, because of which they are also in government. And therefore, you understand before that, we'll fight this also. So in this context, you mentioned, of course, the Elgar Parishad case, but specifically with reference to the Delhi riots, it's clear over the past few months that, like you said, it's entirely been about the anti-CA and NRC protests and nothing to do about violence.  Of course, this is the way I'm trying to interpret it. That's what they're doing. Any dissent against this government is tantamount to their description of being anti-national. And therefore, the most draconian of measures, like the UAPA, the NSA, the Sedition Act, they're all invoked. That is curbing of dissent. This is an outright, large-scale authoritarian assault. And this assault is being mounted against Indian democracy and against the Indian constitution itself. And that is something that is just not acceptable. So another key question that has come out is that, what is the logic of this probe and these kinds of investigations also at a time when the country is going through one of its greatest crisis ever. You're seeing the COVID-19 numbers, of course, which are mounting day by day, every day is a new record. We are seeing the economic crisis and we're seeing, of course, more tensions as well. But everything else is put aside and as far as Delhi police is concerned, this seems to be the single. And the Home Ministry is obviously spending a lot of time on this as well. That is, I mean, it resoundingly vindicates our understanding that instead of the single-minded focus in combating this pandemic, providing relief to the people and tackling this economic crisis and other problems with the country, they are single-mindedly focused on implementing their hardcore Hindutva communal agenda. And that is what is happening all across.  And along with that, this sort of targeting of the minorities, deepening communal polarization, and all this is their actual purpose. They are redefining the political narrative in the country. And that is changing the character of the Indian Republic, undermining this constitution. And in its place, they want to establish their fascistic order. That is the RSS objective right from their birth. And that is what is unfolding. So to help with people's sufferings, to help with the COVID pandemic, that is not of their concern, their agenda they are pursuing of transforming India, not as a secular democratic republic, but replace it with their conception of their Hindutva Rashtra. So that is, that is their primary concern. And all this is very obvious. And finally, with respect to the probe itself, we just wanted to quickly ask what have, what can or what are the demands that are being made so that a fair probe can be done into the right itself? No, first of all, let us see this basis on which they're making this linkage between the ACIA protests and the sadistic thing. No, at the present stage, what is the demand? Demand, if you want an independent probe to be done, independent agencies have done a lot of investigation, a lot of investigation and a lot of material is available. In fact, pinpointedly, who are the people involved? I mean, who are the people who actually motivated them? Who gave these hate speeches? Everything is documented. It's all there in video recording. So if you're really interested in doing it, follow all that evidence. But as I said, that is not their objective. That is not their objective, therefore we know what they're aiming at. And that is one something I want to make it very clear. That is something the Indian people never have taken it lying down. If you want to destroy a constitution, that will not be allowed. Thank you so much for speaking to us. Welcome. That's all we have time for today. Keep watching this.


Well, it is not easy to follow a legend Thank You Nancy and Herb and good evening. I'm Karen Newman It is my honor to serve as a trustee for the hereditary disease foundation and the chair of this evening's festivities And it's my pleasure to welcome each of you here this evening. We couldn't be more pleased to have you with us. I Would also like to extend my thanks to dr. Shirley Tillman and dr. Frank Bennett for their incredible dedication to science and for the initial insights that they shared at tonight's symposium This evening. We celebrate the hereditary disease foundation an Organization that has pioneered scientific research and discovery for 50 years As a member of a family that has been affected by Huntington's disease. I Know the profound impact that this foundation's work has had on so many lives I would like to take a moment to acknowledge our foundation's founder the late dr. Milton Wexler for his vision and novel approach to fostering scientific collaboration and innovation And I would also like to express my gratitude to his daughters Nancy and Alice For their unending and relentless commitment to the work of this foundation My family became involved in the HD community in 1998 When my sister Penny was diagnosed with Huntington's disease Penny was a loving and dedicated mother of two boys my nephews Jeremy and Sean She was a devoted daughter a caring doted doting an often overprotective big sister And a talented interior designer when she began showing symptoms in her mid-30s Shortly after she was diagnosed we became aware of the work of the hereditary disease foundation And when Penny lost her courageous battle eight years ago at the age of 51 We knew that we wanted to support and help the HDF achieve its goal of finding a cure for Huntington's disease A disease that due to its genetic nature would be would forever be part of our family The hereditary disease foundation represents the best in science Its unique approach to searching for a cure began in 1968 with the Milton Wexler workshops Our workshops bring together scientists from different disciplines To brainstorm share data set aside competitive barriers and egos And to work together to find a solution And mentioned at the symposium that we just had our workshop many people many of the scientists in this audience Worked the last two days together to find solutions In August we hosted our 11th celebration of life symposium in Boston For three days over 250 seasoned and young scientists from across the globe came together to share their latest findings Explore cutting-edge approaches to research and discuss new ways to design and create therapies Our workshops and in symposia inspire investigators to collaborate with with one another Often forming important partnerships as they discover common interests and the power of shared ideas and resources The HDF also prides itself on funding the work of young and promising scientists Who are often just starting out in their careers and may not have access to funds from the NIH and other larger foundations In fact several members of our very distinguished scientific advisory board Received and began their career with their first grant coming from this foundation We are fortunate that many of these scientists then chose to dedicate their life's work to studying Huntington's disease Tonight we recognize these scientists whose brilliant work and collaboration Continues to foster creativity in advanced science But most importantly this evening we acknowledge and celebrate the first generation of young and promising scientists We acknowledge and celebrate the incredible generosity of each of you our friends family donors You're our true partners in research With your support, we are currently funding over 20 research projects and fellowships in several countries including Norway Germany Sweden China and of course the United States In the past two years alone the foundation has provided over two million dollars in scientific grants And I am delighted to announce that this evening's event has raised over $800,000. I am also delighted to announce that we believe one million may be in sight for that We are incredibly grateful The future of research for Huntington's disease is exciting promising and hopeful As you heard this evening at this symposium We are on the cusp of groundbreaking discoveries and believe that a cure and treatments for HD is on the horizon Together we will conquer this disease and our findings will likely have a significant impact on other diseases such as Alzheimer's Parkinson's and ALS Thank you for all that you have done and continue to do and for joining us this evening to celebrate our 50th anniversary Thank you


Today's episode is sponsored by Squarespace. I got an opportunity too good to pass up. An invitation to visit the film photography equivalent of Wonka's Chocolate Factory, except without the murder. Probably. Harman was gearing up for their release of Phonix, hooked on it 200. A color film, from a company with a long, rich history of producing black and white film. And they wanted to provide some background info on the stock itself, as well as open up the factory for an exclusive look. Who was I sharing this adventure with? Unfortunately, Trev.  Anyway, I decided to use this trip as a prime opportunity to test out some film stocks that I haven't used before. After all, when in Rome, do as the Romans do. In this case, shoot black and white film. Not get totally plowed on wine and enter into battle with a lion. Eventually, after some turbulence and Trev instinctively grabbing my hand out of fear, we arrived in Manchester and settled into our accommodations, conveniently attached to a pub. Not too bad. In traditional English feudalism, I'd be in a nice, warm room, and Trev would be camping just outside in the cold with a nice view of my warm room. It was a long day, or three days, I don't know, of travel, and our work was just beginning. With the weather taking a slight turn, Trev already wanted in, but instead we elected to go out and shoot. After all, we were in a new land, but first I couldn't find any harsh direct unforgiving sunlight in the UK to load up some film under. So I did the next best thing and found a lamp, which like moth, I was attracted to. In the Mamiya 7, I decided to try out Kentmere 400 that I'd be pushing two stops. After all, black and white is a bit of a cheat code for dreary overcast days, and a lot of people have told me that pushing Kentmere two stops is a good alternative to pushing HP5 two stops. Kentmere 400, in my experience, is quite flat at 400 ISO, so a chemical push really helps give you those cursed and crushed tones. Ready to go, we hit the streets of Nutsford to see what we Americans were missing out on ever since we gained independence. So Kentmere 400 pushed two stops. Let me be frank for a minute. No. Jason. I don't really give a s*** what any datasheet says. This is a 1600 ISO film stock.  Honestly, I probably could have shot it at 3,200 and it'd still be daddy. I should compare it to HP5 pushed two stops sometime. Overall, Kentmere seems less grainy. Back in the day when I shot it at 400, the shots were pretty dang flat. But these ones held up pretty well overall. I don't know. Maybe I'm converted. I was rocking a Nikon FM3A, I believe, with a 40 millimeter and odd combo. But then again, he's an odd guy. But he swears by it. He also swears by his method of loading 35 millimeter film so efficiently that he can rock out 38 shots instead of 36. Anyway, if I was going to keep listening to Trev's film photography hacks all evening, I was definitely going to need some coffee. Because back in California, it was like 3.15 a.m. or something like that. And while I'm usually up blasting some Fetty Wap and getting f***ed up with Baxter, this time around, I was definitely feeling the jet lag.  Is there a way to load 120 films until you get 38 shots? Yeah. Delta 3,200 is another one of those film stocks that I haven't really shot too much of in the past. In fact, the only time I can really remember even shooting it was when I pushed it two stops to 12,800 ISO, which is a crazy move that somehow kind of worked. Regardless, I was excited to see what this stock is capable of at box speed. Ah, please, no gang signs. Right outside the coffee shop was this scene. And of course, I had to stand in the middle of a busy street and shoot it. I like how simple it is overall. And with 3,200 in the camera, it's very easy to just close down and get everything in focus. Better watch out, Trev. So the meter on the MAM7 only goes up to 1,600, but with some clever ingenuity and the power of friendship, we figured out you can set the exposure compensation to minus one on top of 1,600 ISO, which would theoretically give you 3,200.  Walking the suburban streets of Nutsford, we came across several gems as people were getting off work and heading home. Like this one. There were people right here. After the Delta 3,200 was spent, I was inspired by the Boston Tea Party and straight up dumped Hella Camp Mir 400 back into the MAM7 with a two-stop push, of course. All's well that ends at a pub and it was miller time or whatever the British equivalent of that is. I slept for probably about 16 hours during the factory today. I am going to bring the MAM7 and shoot a bit with it, regardless. Got some interviews to do. Let's get to it. Let's get coffee first. That was it for the ill-fated Camp Mir 400 as I decided to go back to an old flame, Delta 3,200. Today was the first day of touring the factory at Harmon and I didn't know what to expect. Low light capability seemed like a valuable asset going forward.  What? And there's a few things. It'll let you shoot on frame 11, which makes you think you're on frame 10. Mine doesn't let me do that. Really? I've never noticed that. I have the same one as you. But mine's a 2014. Anyway, after seeing the queen box of Phoenix that all rolls of 35 are milked from, it's time to see how the sausage was made after travel's done embarrassing us. OK, so how is film made? Good question. Profound question. Probably one of the more profound questions ever since we found that monolith out in the desert that everyone forgot about and everything somehow has gotten worse since then. Anyway, I'll do my best to explain. So on day one, we actually got to tour finishing, which you probably couldn't guess was the final part of the process. In order for everything to kind of make sense, let's actually start at the beginning. In the early days, there was the Big Bang followed by thousands of years of bulls*** until chemistry was discovered, which isn't really that important unless you're into film photography. OK, so picture it like pancakes. No, pancake. Where the pancake itself is the non-photosensitive film base. This is all quite an over simplification, but just go with it.   Might as well just lay it on. Think of the liquid emulsion like syrup. That's the light sensitive part that makes it good. And just like syrup drizzled slowly and erotically onto the pancake, photosensitive liquid emulsion gets drizzled onto a non-photosensitive base and boom, you have film. Liquid emulsion gelton base. Seems pretty easy, right? Well, it's not. A new film stock basically begins at research and development. Photosensitive emulsions are these not very tasty liquids stored in these ice cream containers. That's what liquid emulsion looks like. Looks like yogurt. Yeah. They're basically just different formulations of photosensitive chemicals and dyes to my understanding. It's not like it's something easy, like monster energy drink mixed with absinthe or something cool like that. Before we open anything, we'll go into the light that we're coating in. So with paper, we obviously coat in brown light. With film, we go into pan light. Obviously, when you're working in the dark, you've got to wait sort of five, 10 minutes before you just do any of this because your eyes need to adjust in. So today, what we're doing is we're doing a three layer coating. It's Ketmir 400, which has two emulsion layers, an undercoat and a top coat. So both the undercoat and top coat are both emulsion layers and they're the light sensitive parts. As you can see, there's some emulsion layers, like a lot pinker than the other one. As you can tell by the state of my love coat, it gets quite messy down here. Yeah, it looks like you buried a body, man. You got blood on. Well, you know what? This happened as well. We were down here. I was coating down here with Tony and I had a red pen in his pocket. We went down into the light, came up and I was just covered in red ink. I had all of my gloves on my hands, all over my sleeve. You just have like chemical fights in here, you know? So basically the room we're in here, it features a small scale coating machine and dryer for R&D to just test things out. The coating machine puts the syrup on the pancake, the emulsion on the base. There's a full scale coating machine on site to create something called a master roll, but we'll get into that later. So after we do the dispensing, we do what's called degassing and that is pretty much what it says on the tin. Basically put it under a vacuum and draw all the air bubbles that are in it. Soft air entrainments. So when we coat on there, we have that like air free solution to get that nice smooth glossy coating. After the emulsions are degassed, they are transferred to the temperature jackets. They keep the different emulsions in a liquid form and eventually feed into the coating head, but these need to be hand connected in the dark. Luckily for them, I was born in the darkness, molded by it. So I decided to give it a go. I don't know what I'm doing, but I'm gonna do it. I'll tell you now, what you have to do is you have to pull this connection bit forwards and pull this out. That smashed it first time. Come on, well, Trev, do you want to have a go? You wanna do it? Do you want any more gloves? There you go. Push it in. And yeah, that's all there is to connecting really. You know, all connected. But this one's connected the most, right? Yeah, that's the best connection, yeah. So here's the mini coating head where the liquid emulsion layers get essentially painted onto the gelatin base. After that, the track there then sends the now coated film straight into the next room over, which has a mini scale version of a drying rack to solidify and set all the liquid emulsion on top of that base. Right, so the film comes through and that little letterbox there comes into the second bed. So yeah, they obviously charge the base so it sticks properly and goes onto it. So there's no bubbles, there's no spots, there's no places where there's more emulsion than another. It's a very smooth, classy even coating, which is pretty much exactly what we want. It's about two meters per trial. And then we coat everything twice. So if we're making variation, everything will be done in duplicate.  This lobby was quite a scene. It seemed little much had changed since the heyday of film and film manufacturing and the photography reflected that in a good way. Ilford Delta 3200 is just so flexible in most conditions. I like this shot the best. Something about the tones on the chrome chairs and the background garden setting turned out really nice.  So after R&D irons out a new formulation or an update to an existing formulation, it then needs to be made exactly how R&D made it but on a massive scale. That's done on the actual production line where there's a coating head that makes something called a master roll.   A master roll itself can make more than 33,000 rolls of 35 millimeter film. So it's quite a long and wide sheet. It literally requires a machine the size of a three-story apartment block to manufacture it. The coating machine, otherwise known on site as M14. Right, so for starters, the liquid emulsion is mixed in large batches to be layered onto the gelatin base of the master roll. Don't forget my perfect and utterly flawless pancake metaphor. So how do we make emulsion? What does it look like? Yeah. So that's just in its raw. I'm just kidding. So that's in its raw state. It's like cheese. I wouldn't eat it. Eventually, if you leave that out, it'll harden and it will become a different color. So yeah. Okay. Anyway, after Trev set off the alarm again for trying to taste the emulsion, we learned about how it is originally chemically concocted.  We kind of skipped over this process back in R&D, but it is essentially the process that makes the forbidden gray yogurt. So we have two ways that we grow the crystals. So we have a traditional crystal growth where the silver nitrate and the halides are jetted in a very precise amount of time, which I think is about 120 seconds. The other side that we have, which is the rapid mix, which is the paper, more papers are made with rapid mix. At this point, the crystals are only sensitive to blue light. So we need to make them more sensitive. Then what we need to do is put it into what we call digestion. So it takes it from just being sensitive to blue, takes it right the way through, through the green and into the red. Once we've gone through that, we then come to the bagging process, drop it out into five kilogram bags, then we take it into our what we call a cold store. And in that cold store is where we set it. So we set it and it becomes solid like the piece that you touched before. Okay. So the emulsion, once it's been made, I said it goes into a black plastic bag. So what happens is that bag gets caught, what we call shredded, and then it gets tipped into a vessel where it's warmed up and it's melted again to make it fluid. This looks like a Costco. Okay, so these are the vessels where we mix. As you can see, they're very clean on the inside. These hold about 400 kilos. So from in here, it gets pumped off through a series of filters and goes up to the coating head. So that would be where the emulsion meets the base, just like back in R&D, just on a bigger scale. But speaking of base things, what about the actual base itself? Well, these are the raw base rolls. So these ones that you can see on your side here, these are all the film base rolls. We keep them wrapped until we're ready to use them because obviously it takes the moisture out of them if we leave them out. A giant 35 millimeter spool. Yeah. But it goes into the machine in the coffin like that and the machine actually takes the lid off, gets the roll out, puts it in position, then puts it back into the coffin again after. Come on, let's go have a look at the machine. Falling one at a time. Okay, so prepare yourself for the coating machine. No, the coating beast where the liquid debubbled syrup, I mean emulsion, meets the base or the pancake and makes a master roll of film. For starters, the whole thing is f***ing massive, like my ego. Here's the entire building and that's the whole machine from the outside. Huge span, it takes up like three stories. And even Janet was out of air from how breathtaking the coating machine is. I'm all out of breath now. Okay. The coating machine and area around it is constantly being cleaned after every run to avoid any specs or defects on the master roll because it's quite an expensive thing to make. Again, 33,000 plus rolls of 35 millimeter film. This is where the base is loaded onto the system and conjoins with a leader to direct it towards the coating head. Normally all this is in the dark. So this top one's fell back, as you can see, and it'll now run from the bottom one.  Once the base is loaded in, it's time to cook. I mean coat. This machine can coat it 100 meters a minute. We don't coat film at that, by the way, but coat some paper products at that for no film products, get Coasey's out of that. So here's one of their coating heads. It kind of looks like a printer. And I guess in a way it is, it prints the wet stuff, emulsion or syrup onto the base. So can you see that's the actual base there? This is the hole of this, slides in and out of these slots here would fall the emulsion. Through that, what we call the letterbox there into there, that's the setting bed. So it pulls the base down, it's coals and it sets the emulsion. Once it goes through there, it's off into the dryers. So to be fair, most of this massive three-story building is actually dryers. There's actually a lot of them and spans quite a bit of real estate. About 500 meters to be exact, but we Americans don't have to use meters as a form of measurement, ever since that whole taxation without representation thing a couple of years ago. So for your information, it's about five and a half football fields. Yeah, so it starts up there, dryer box one goes all the way down, dryer box 19. Like I said, if you dry too fast, it'll crack. If you don't dry well enough, it'll still be wet and then it'll all fit together at the other end. So this is coming out of the dryers now here, which is the start of the conditioning. So at this point it's dry now, but what we need to do is put it back to more or less the same temperature as it was before we did anything to it. And after all that is done, the master roles then rolled up and sealed into a light tight coffin, which I think would be super cool to be buried in one day if there's even a body to be buried, but that's besides the point. The coffin is then stored in a warehouse or transferred to finishing. I believe also at this point they take samples off the master role at random for the quality control team to take a look at and make sure there are no defects like dust particles, uneven emulsion spread, light leaks, fog, whatever. But all this talk of emulsion and dryers was making us photography horny. So it was time to call it a day and head back to town to wander around aimlessly like usual and I don't know, maybe shoot some stuff. At the end of Nutsford there's this huge park that used to be a palace or something.  After all I still had some 3200 in the Mamiya 7 I needed to bang out and I was starting to have a deeper appreciation for film and how it's put together. When the Delta 3200 was finished I decided to try a new Ilford stock. Well, not new, just new to me I guess. I've never shot it before Delta 400. There's a bit of a cult following for this film. All I've ever heard about it is that it gets compared to T-Max 400 quite a bit and rightfully so. It's super sharp and the grain is almost non-existent. Anyway, with the sheep staring us down at every junction and shit literally everywhere we decided to turn back as we were on their turf and should something go wrong we wouldn't have the home field advantage. I will say I was knocking out photos here left and right on the Delta but a lot of them weren't solid enough to show. So when the Delta 400 was capped out I threw in some more 3200 and I'm glad I did because the light was starting to dim a little bit. That and with extremely high ISO you can easily close down and rock out a shot like this where you get that deep focus because of the distance between the foreground and the background. I love this shot. That sound is me slipping it into the portfolio. Anyway, it was time for dinner which in the UK is just Guinness. Either way, we were doing just fine. All right, successful first day. Everyone at the factory was super, super generous with their time. We did also see how they were cutting up and packaging the paper. We basically went down this like dark tunnel that was like progressively getting darker and darker and it really just felt like we're going into the bottom of like a mine shaft or something. Okay, so we're going into paper finishing now so just be careful it's in complete darkness so watch your head. Yeah, got it. Tomorrow, I don't know. I'm either gonna shoot Phoenix or FP4. I've never shot FP4 in 120. Probably do Phoenix tomorrow. Yeah. This camera and not embarrass myself. Too handy. Unfortunately today it is raining and what do we shoot when it's raining? That's right.  Anyway, after getting in a car that we thought for sure would crash because the driver was driving on the wrong side of the road we made it back to the Harman factory. So where did we leave off? Okay, so we've coated a master roll and laid it to rest in a coffin. So now what? The master roll certainly won't fit into my 35 millimeter camera. I don't know unless I really jam it in there I guess but maybe it would just make more sense to cut it down to size instead. Enter finishing. First things first you need to exhume the grave where you bury your master roll coffin and then grave rob it. Then bring your findings to the slicer or whatever they call it on site. In a completely dark and clean room a machine chops the master roll down to whatever size finishing is producing that day like 35 millimeter for example. So we normally don't take people into this so just be careful, please don't touch anything when you're in there. Okay, yeah, no problem, got it.  Those canisters or cassettes start off as a flat metal and then they use a machine probably called the crusher or something pretty gangsta like that to bend them into canister shapes and then they also slam in a 35 millimeter spool. Then the empty canisters come on out hungry than ever and ready for some 35 millimeter film to be put in them. And this is what we call a pancake. When these have been prepared the pancakes have put in these boxes here, black boxes and that's how they're transported from upstairs to downstairs ready to go into the dark room. So what do we do first? So they're just empty canisters or cassettes and this machine here literally puts the cassettes the right way around on the line. So when the film is pan-kicked up it doesn't actually have sprocket holes yet. Back in the day it was just a guy in a dark room using a paper hole puncher that they picked up from their local office supply store and he'd just spend all day manually punching sprocket holes into the films. But turns out that takes quite a while so they started using this machine instead that runs the film through in an alarming speed and stamps sprocket holes into it. Of course this is also done in the dark. So there's your cassettes coming down there you'll see them going in here and the machine picks up this spool here and actually positions the cassette in exactly the right position. Where the information that we talked about the sign in, the frame numbers, the grade that all happens in here. Takes that hook into the mouthpiece it automatically clicks onto the spool it spools up and you end up with the tail at the other side. So the film, the finished film is now being fed in at the back here. The film is put into there into one of those houses drops into a tub and it transfers over and gets a lid put on it. The machine picks one cardinal and opens it pops the film in at the back, folds the flaps over and then the machine literally as you can see the head it picks five up, goes along, takes it into the box, picks the next five up. And then bam, the rolls of film are in the mail on their way to my Leica M6 which was starving for attention. Really like these shots. However, 200 ISO is not very high for interior low light like this and that conical lens isn't gonna be winning any races and speed anytime soon. So I was working at like one eighth of a second and several shots were still underexposed. But the ones that turned out turned out fantastic like this one and this one of an ominous black monolithic pop-up darkroom. Okay, medium format. So here's the 120 machine and a brief tutorial on how to use it by a guy who never read the manual. Basically you attach your 120 magazine, your roll of backing paper, a roll of tape, give the machine a kiss and it makes rolls of 120 medium format film for you. And if you thought a Leica M6 sounds mechanically satisfying when you use it you clearly haven't heard this beast running before. Spools get collected in another room and then shot across on over to the 120 machines via tube system and in a light tight container the 120 film gets taped to backing paper, cut, jammed, rolled and printed with key code information onto the spool and closed up with the classic unexplosed sticker. Every now and then the operator needs to reload the film or the backing paper, the stickers, et cetera. And in that case some rolls in between get discarded to maintain quality control. Okay, now that the 120 rolls are spun the bin of freshly produced 120 gets dumped into this machine which essentially wraps it in that space age chrome wrapper that 120 Ilford film comes in. It's kind of like sausage links, except enough of these probably won't give you a heart attack. The boxing machine basically then just uses ultra futuristic proprietary technology and tennis balls, lots of those to put the finishing touches on the product. After that it's time to get bricked up, baby. The over wrapping machine which literally just pops 10 films together and wraps them in a nice little box which we call a brick. When that's all done it's off to the warehouse to be sent out to wherever they're gonna go and yeah, there's a ton of quality control checks in between everything. Like literally at every stage of the process they're checking that. Pretty sure I accidentally got quality control checked at some point too and definitely did not pass. Speaking of 120 and packing it up there was still some Delta 3200 in my Mamiya 7 and what better time to shoot it than after a breakdown of both how to package 120 and my overall emotional state. There was this cool empty cafeteria rec room space that we were able to shoot for a minute. This is probably the best shot from the set. 3200 actually holds onto information quite well overall as the highlights aren't too blasted to hell even though I exposed for the interior. Regardless, after all that we were dropped off back in town and had the whole evening ahead of us. So we got our asses back down to Tatton Park home of those sketchy looking sheep. Regardless, this time I kept my M6 close by. On the way there I shot this. It's fine, it's not a masterpiece by any stretch but I like the lighting and the colors quite a bit.  I don't know either. Anyway, it was mating season, probably, I don't know. This guy was hollering quite a bit. Sounds like a dinosaur. And I took a few photos on the walk out amongst the deer and sheep but nothing I'm too proud of. Requests is if I get attacked you have to get it on tape. I would exploit it for money. I was about it for the park.  Last day here in town I'm gonna head to the factory after get some coffee. I think I have like two or more shots, Delta 3200 in the Mamiya 7 as well. So that'll be today's journey. Let's get this bread. Let's eat this wheat. Back at the factory for some pickup shots and pickup b-ball to teach everyone over in the UK how to dunk American Revolution style. We got to see the warehouse and I gotta brief glimpse into my future, probably. I should rather not see it. This is the dream but like, how do you even like, how big is the camera that takes this? You know what I mean? It was also high time I wrapped up the Phoenix in my Leica M6 whilst touring the factory grounds. These interiors on Phoenix were quite surprising. The light inside wasn't green at all. It was standard warehouse factory tungsten or something like that but all these Phoenix shots flipped green somehow. I'm chalking it up to Naked Lab Pro and the conversion process trying to correct itself but then being fooled by the overabundance of some other color. But speaking of fools, you'd be one if you don't already have a website or websites through today's sponsor, Squarespace. 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So what are you waiting for? If you're ready to build a website, you can start a free trial today at squarespace.com slash grainydays. And if you use the code grainydays at checkout you can get 10% off your first purchase. It was last day, finished all my roles. Tomorrow I'm heading to the airport. It's been a really fun trip. It had a little bit of everything and it was fantastic. That's about it. This was a once in a lifetime opportunity that I just couldn't say no to. Seeing the factory and grounds where some of my favorite film stocks were made puts things into a whole new perspective. I definitely need to thank Matt, Hillary, Michelle, Hannah, Giles and everyone at the factory who welcomed us in and showed us around. Especially at such a busy time in their schedule. After all, Phoenix is here. The first step for Harmon into a much larger expansive territory. But really the big question is, do any of these shots hopper? Edward hopper? I think so, yeah. I really like this shot from the library and this one somewhere in the halls of Harmon. This one is great to maybe a tad bit underexposed but sometimes that's the vibe, you know? Black and white didn't disappoint either as it rarely ever does. This shot is the definition of portfolio and this one might be up there too but it's a similar concept so I don't know if I want any overlap like that. This one of the reception area was also quite a surprise to me. Turns out after reviewing the work from this video all the shots that I liked on black and white were Delta 3200. So maybe I've started to develop a taste for it overall. Also, I think I like shooting it. Would I do anything differently? Probably not, no. Did I totally butcher the explanation on how to manufacture film? Probably yes, yeah. Did I catch the bug for ultra large format 20 by 24? Probably maybe. Might've.


Well hello there. I'm Sandy Allnock and today I have a rather silly ice cream truck card for you and I'm part of a blog hop so stay tuned for more information. Well Ellen Hudson and Catherine Poole realized they both have some fun ice cream sets and thought it would be a good idea to try to combine them and I wanted to color that truck really badly and I love the hands from Ellen's set with ice cream and there's ice creams in both of them. There's lots of fun things you can do with these two sets but I grabbed a whole mess of Copic markers. Yeah I always have a big handful. I know it's big when I have to kind of lean things against my hand to take this picture because I've used too many colors and I started by stamping my two images on a piece of Nina card stock. I'm going to be cutting them out so I don't really have to actually stay in the lines because I'm going to fussy cut them out. There are dies for both of these stamp sets but for this one I wanted to be able to have them cut all the way to the edge so I am going to do some crazy fussy cutting and one of the themes for this as well that Catherine Poole has been going on about is crafting on the go and that's all I saw about it at first that it was crafting on the go so I'm making an interactive card. I did not realize she meant like taking something with you to craft. Well you can do that by making something like this like stamping something that you're just going to do the coloring portion for and then do the assembly at home because the rest of this card really is not something you'll assemble on the go but the coloring part you could certainly do. I decided to use pinks and teals for my ice cream truck and create some depth and shadow not a ton of it because this is supposed to be a truck it's not supposed to necessarily be the real ice cream cone so I'll smooth some of that pink out and eliminate a little bit of the strength I got there up in that ice cream cone because it would normally be a flat ice cream cone but my idea for this card was kind of you have to kind of be in my head to understand it possibly but I'll see if I can explain. I am an ice cream fanatic and lately I have had an ice cream thing you might have noticed my channel is full of ice cream videos lately and I draw ice cream sundae which I will link at the end of this it was a crazy copic drawing I did I love ice cream and I recently discovered as well Tillamook's white chocolate raspberry if you've not had it oh my gosh either go get some because it's delicious or don't get it because you'll eat the entire half gallon all at once because it's so good my Toastmasters club has had low attendance and I decided to bribe everybody by having an ice cream bar so I got out got out a whole bunch of fruit and you know little granola things and chocolate chips and stuff and then I went and bought two half gallons of ice cream and this Tillamook thing was one of them and oh my goodness like my head about came unglued when I tried it because it was just so good yeah I know a little crazy but anyway I am the person who always wants to stop the ice cream truck so that's the other half of the story part of it was loving the ice cream the other part is wanting to stop the ice cream truck that runs down my street there's actually a guy that lives a few houses down who drives the ice cream truck in my neighborhood and so I hear the little ding ding ding ding as he drives down the street and it drives me nuts because I really want to go out and get some ice cream however what I can do now is tell myself you know I don't want just that ice cream the ice cream in the truck I want the white chocolate raspberry because that stuff is so good I'm normally like a chocolate ice cream fanatic not a like fancy type of flavor person I like just plain old chocolate with whatever on top of it and this stuff has really got me changing my mind because it's so good so anyway I'm just coloring through the picture here the coloring is not the important part of this one it's the interactivity and how silly this card is going to be that is going to hopefully be the exciting and fun part of it so with the hand I colored the arm longer because I wasn't sure exactly where I was going to place it whether I was going to have the hand come in and like grab the ice cream off the top or what but I did decide to make the hand stop the ice cream in a different kind of a way so having the longer hand still works for the ice cream thing but I'm going to worry about that later as I get further on I wanted to have a scene for my ice cream truck to go in and notice that I filled in the part around the wheels when I did my coloring and I fussy cut around so I have that black line down below that's so that it sort of disappears into the road that I'm coloring so I'm just going to do some strips across that are going to be a road I'm going to do a really simple simple background I know some people will look at this and say it was a crazy background but it's really actually quite simple I lined up my truck at the beginning to see where my road would be and made just a strip of black that melts into a strip of a warm gray and just kept that really simple a strip of green grass and then some green for trees now you could make your trees go all the way up the entire card if you want I'm going to leave a little room for some sky up at the top but one of the things I realize when I use this color I don't even remember what color sorry I didn't write down the colors for this background is that that was too bright I wanted the brightness maybe that strip of bright grass but the brightness of the truck to be the important thing because otherwise the background was going to compete with it so I just went over top of it with other colors to make the trees a little bit more desaturated and then alter them a little bit so I'd have different types of trees different colors of trees mixed in together and just let them be blobby and don't stress out about them they're in the background let them just be loose and blobby double check my truck to make sure it's going to look right going across that card and then decided to add some sky after all I wasn't going to in the beginning but I decided it would be a little bit fun to add some blue blue sky and then a little bit of clouds I went a little bit over crazy with the lighter blue so I just added a darker blue to deepen the sky portion and it made the clouds pop more so there you go now for the interactive portion of the card I'm using Ellen Hudson's die set that has all kinds of different sliders in it I used the long one but you could also use the short one and I made four little circles and on two of them I put little tiny slits of this dimensional adhesive and they have to not be wider than that opening and then put the other two on the other side now you could just glue the truck to the other side but I find that it's a little bit easier to put this thing together if I make the slider portion first make sure that works and then adhere the item onto the other side of it just use thin cardstock for that so you don't add too much to the layers and then I'm adding it to black cardstock for my card base so that it I don't have to worry about coloring the black inside of the opening there using some B creative tape on the back of my little truck I have my circles lined up so they're the right width that it's going to work and then check to make sure everything slides across the card and now for the hand the giant hand to stop the truck it's on dimensional adhesive and I had colored it so I had extra room for that arm to be a little longer and I can just increase the black line there just a little bit and I wanted to figure out how to make that hand catch it so I decided to cut off those fingers sticking out and glue them down a little bit below so now there's a gap in between the thumb and the hand and you can see it stops the truck so you've got this you've got this truck you've totally stopped it seemed like a perfectly appropriate and silly type of sentiment I'm not sure anyone will get it but when I send the card to somebody maybe I'll explain it to them who knows the last step is of course adding some white pen because I like to let white pen dry if at all possible and I like to tend to put it on as the last step so there we go everything's all decorated up I added a little bit of motion lines as well as a road line to my card with that white pen as well and it's just silly and fun that the ice cream truck is stopped by my giant hand so this is a blog hot make sure you stop by my blog to go pick up the other links and see who else is making fun and crazy stuff theirs will have tips for crafting on the go perhaps even though mine doesn't and I'll see you guys next time take care bye bye


So this is a paper entitled Taxpayer Responses to Greater Progressivity Evidence from Personal Income Tax Reform in Uganda. This is joint work with two of my wider colleagues, Pierre Atenhooper and Maria Jouste, and then two colleagues from Uganda Revenue Authority, Tina Kaidu and Joseph Okel. So this is a little bit different paper than the three previous one, but it does have a link also to inequality, at least towards the very end. So let me start off with some motivation. So actually when you look at the personal income tax rates in sub-Saharan Africa, they are low. So here's information from a recent study by McNabb and Granger. What it shows is the average top, so the highest marginal tax rate in sub-Saharan African countries versus then the same thing in the OECD countries, either without social security contributions. And without the social security contributions, the average top personal income tax rate in Africa is below 35% or so, which is way lower than people in developed countries face. Whereas of course we know already from these papers as income inequality is at a very high level, and there's very little redistribution taking place by the state. So I don't know, I mean these numbers are probably not visible to you, and Uganda unfortunately is not included, but it's very similar. So this shows from a study by Oliver Parkeen and co-authors how much the state or the government redistributes income via the whole tax and transfer system. And the numbers are very minimal for countries like Zambia, Ghana, Ethiopia and Tanzania, so that the difference between the disposable income and the market income is minimal. So if you take these two things together, the question is would it make sense to raise these low personal income tax rates in sub-Saharan African countries. In order to understand if this is a good idea, we can go back to all the way to the optimal tax analysis initiated by Jim Murlees, and what it says is really that the socially desirable tax rate, other things equal, is relatively high if inequality is the higher level, and society's inequality aversion is strong. And on the other hand the top tax rate should be relatively low if the taxation reduces the tax base to a large extent. This is measured by then the response of the tax base to changes in marginal tax rates. So the key is measured this responsiveness, and that's what we are now aiming to do in this paper for Uganda. And notice that there's very little evidence on how income tax changes influence the tax base in developing economies, especially at the lower end of the distribution. So what do we do in this paper? So we examine the elasticity of taxable earned income on the basis of a policy reform that took place during the fiscal year 2013 in Uganda using the same data that Markus is using. And the reform changed many things, but we are focusing on the top. And at the top, which pertains to the top 1% of income earners, the highest marginal tax rate increased from 30% to 40%. So that's a relatively sizable increase. So we look at the impacts of the reform on the reported revenues and then also on inequality. Taking into account of course in the inequality analysis the behavioural reactions that stem from this reform. So what the reform did was that the tax bracket had been kept the same fixed for many years, so bracket creep inflation being higher than changes which were minimal to the bracket results levels was a phenomenon. And the government wanted to alleviate the tax burden for lower middle income people and then recoup part of the revenue by increasing the tax rate at the top. And the new top tax rate was introduced on persons earning more than 10 million Uganda ceiling a month. And this is very close to the administrative data to the top 1%. So for the whole population it's even a smaller group. So here's what the reform did. So what we have here is that the marginal tax rate pre-reform is the yellow one and then the marginal tax rate post reform is this light gray one and it basically pushed the brackets to the right. So we have done the analysis also for the other groups but really in this presentation we are focusing on the top. So we are comparing those who were affected by the higher marginal tax rate at the top to a control group which is just below, which corresponds to the next 9% in the income distribution in the admin data. Who didn't have any change in the marginal income tax rate, they have a slight reduction in the average tax rates because the marginal tax rates at the lower end were adjusted but it was very small when you move towards the bracket threshold level. All right, so the data set is the same. So it's the universe of the admin tax data from the URA monthly pay return. We also look at the same for the business holders who don't have corporations who pay the personal income tax rate but they were so few affected by the reform that it didn't make any difference to the analysis. So this covers now wage earners. We focus on three years after the reform and that's when our data set starts so we have only two years before the reform. And as already Markus said, although employers have a tax identification number, the individuals necessarily don't have so this is in a sense a cross-sectional analysis which, by the way, isn't necessarily a bad thing according to Emmanuel Saier's survey on elasticity of taxable income research. He actually says that the benefits of the panel data are not clear when it comes to taxable income elasticity analysis because of things related to mean reversion, etc. So he in fact favors using cross-sectional analysis so we are following that approach. We do some sample adjustments to sort of rule out persons who were not affected by this reform. So basically as you can guess, this is a difference in difference approach following the elasticity of taxable income or the ETI literature for short. So we have these pre-reform years and it's quite customary to look at three years after the reform in the literature. Here, in bold, the treatment group we have in this presentation is at the top 1% taxpayers and the control group are those who were right below and roughly speaking they are then the rest in the top 10% admin data. So when the outcome variable is low reported taxable income then the elasticity of taxable income the elasticity can be derived by just dividing the difference in difference estimate by the relative change in the one minus the marginal tax rate so in a sense to the keeping, keep rate of the, which was affected now by this reform. So here's normalized developments of the log mean incomes for these two groups. The treated one is the dashed line with the confidence bands and then the control group is the line here. What you can see here is that after the reform there seems to be some action so that the incomes of those who were now subject to this higher tax rate clearly declined after the reform. When you do the same in a regression framework this is the different estimate and here we report four different versions so we first have a simple different in the first column and the second one is weighted by incomes because that's what people typically do in the taxable income elasticity if there's any heterogeneity in the estimate this should be then the correct one. But then we are worried that they happen to be certain very high incomes before the reform so what we are doing, we are leaving out 1% of the top 1% of incomes when we are saying that these would be then the outliers and if we drop those then the elasticity of the point estimate and the corresponding elasticity which we also report here drop quite significantly. So in a sense what we have as our preferred elasticity estimate is here which is at the ballpark of 0.5 and for reported labour earnings that's way higher than people for developed countries typically estimate so they hover around 0.1, 0.2, 0.3 or so. So the summary of the results so that was what I showed you was for the balance sample of employers the elasticity is much for cut to a... So I'm benefiting you hopefully you are not suffering too much. Elasticity is increase if all taxpayers are used so elasticity is higher among the upper half of the treated group the basic salary less response less than the other income units and there's also suggestive evidence of income shifting taking place because the firms for whom the taxable income for top earners reduced the most also report a greater increase in dividend income after the reform so it could have been that part of the drop in the labour earnings was then compensated by higher dividend income. So what are the revenue implications of this? So obviously there's the mechanical increase on the revenues from the top group because the tax rate went up but we are worried that the behavioral response eats away something about the response but according to our calculations even if you take into account the behavioral response then this increase the mechanical increase dominates so it increased revenue so we can also do we can calculate the revenue maximizing top tax rate and there's the well-known science formula and according to it with the Yukandan parameter values the revenue maximizing tax rate would be around 55 percent and the current one now including consumption tax is around 50 so that meant that the reform didn't increase the tax rate about the revenue maximizing one which is not necessarily optimal so we also care about this top earners welfare but if it doesn't then the revenue maximizing would be the highest that you would get and finally what are the implications for inequality so here we have numbers for the inequality in the whole data set before the reform and after the reform assuming now that there hadn't been any behavioral changes then the actual after the reform and of course now when the top incomes decline then the behavioral response further reinforces the decline in income inequality following the reform so here's the summary we studied the personal income tax reform in Yukandan using the different approach our preferred elasticity is around 0.5 it's certainly greater than for developed economies and we simulate the revenue and inequality impacts and the behavioral response is either way some of the revenue impacts but they reinforce the inequality reduction and that's it, thank you