Welcome to the Market Maker podcast, hosted by me, Anthony Chung, where every Friday I talk to a member of the team about what happened in markets this week, from macro themes and single stock news to cryptocurrencies and careers in finance. Our aim is simple, to make finance interesting and easy to understand for everyone. So let's get to it. Hello and welcome to episode 78 of the Market Maker podcast, where I'm joined, as ever, by my partner in crime, co-founder of Amplified Peers Curran. And this week, we are going to focus on a couple of things. The two key themes are going to be the economic challenges being faced in China after they surprised markets this week. They cut rates and also we're going to talk about the revenge of the meme stocks as reports have circulated that short sellers have lost an estimated $1.65 billion in just one month. Before we begin, though, a couple of things I just wanted to talk about, Peers, before we go into the nuts and bolts of the week and then those two stories, is a congratulations to everyone who's got their A level results. I did pop into town yesterday. I saw a lot of people carrying brown envelopes and either looking euphoric or depressed. But yeah, I just wanted to say that if you didn't get the grades that you were hoping for. And one thing actually, I was looking at a couple of the stats this morning, there was an artificial bump up through teacher assessed results in A levels over the two years on COVID and actually results have gone down as a overall this year. So I think that perhaps then there's possibly more disappointed people this time round, given that they might have done well in their mocks and so on, but the sitting exams now and just wanted to say, just don't beat yourself up like I did shockingly bad in my A levels. I had to go through clearing. I had to kind of beg and plead to get into a non target uni. And I remember rocking up on day one and I was sat there talking to who became my best friend still to this day. And I was like, what grades did you get?  I feel sorry for you having to sit beside me. But yeah, there's just the thing I wanted to say was that I mean, it's not the end of the world and far from it.  And the outcome of that challenge is the most important thing ever in your life.  And it's the most important thing that's ever happened. And so obviously the pressures there, then it's A levels, right?  And A levels becomes the next thing.  Wow, you know, forget A levels. Actually, it's my degree now that's the most important thing. And there's always this cycle. And yeah, it's so it's very difficult. Like when you're telling a younger person, if you're telling, you know, writing a letter to your younger self and you say, look, guys, just don't don't worry. It's not as important as you believe it is in this moment. I mean, it's easy and fine to say that. But it's incredibly difficult to actually your the 18 year old to really appreciate and understand what you're talking about. I mean, and I also think that, you know, just going through life, success, success, success, success, honestly, I don't think ironically, I don't think that's the best path. Because I think you need some kind of setback. You need some kind of doesn't have to be a failure, but a setback where an outcome is not what you wanted. And then having to deal with that, I think is an incredibly important life experience that you can then take with you.  Especially it depends what role you do. But like, in my experience, markets based roles, that's huge, that's huge downs. You know, there's huge failure. There's huge disaster when it comes to P&L swings. And, you know, I honestly think dealing with some of my setbacks in my early years actually really equipped me much better to be able to then deal with those situations. So one of the biggest kind of failures I had or I'll call it a wake up call because I did I actually did well in my A levels and I and I like did better than much better than I was expecting. Let's put it that way. And so great, happy days went to university. I actually took a year out. So I didn't so I took a year out and that that was perhaps my error. So I did engineering, so it's quite a technical degree subject. And I started at uni and like they said, right, first first week of my degree program, right, we're going to revise the whole of A level maths in one week, and then we're going to have a test at the end of the week. And I've done nothing in terms of maths for over 12 months. Right. A load of the people on the course hadn't had a year out. And I got some great Greek friends who are still my good friends to this day. And the Greeks, they're just geniuses when it comes to maths. Right. And I did this first week and I think I got twenty three percent in the maths test at the end of the week. And I was like flailing. I was drowning in the deep end, basically. And my Greek mate got ninety nine percent. It's like what? And that was like one wake up call. Then the end of that first year, I did a we had our end of year exams. And for me, most most degree subjects, first year doesn't count or it doesn't matter so much for me, it counted to my degree. And actually to the point where if you didn't pass all of your modules, then you're kicked out and one module I didn't pass. It was fluid dynamics and I got twenty seven percent. And I honestly thought I'd smashed it and done really well. And I got twenty seven percent. I said you I demand a remark. They remarked it twenty six percent. And I was like, oh, OK. And so you do a retake, right? That's your last chance. If you fail the retake, you're out. They literally kick you out and you have to get seventy percent in the retake to stay in. And that was like my biggest. That was the big one where I had to go back and really cram. And actually then I understood that I'd completely misunderstood the concepts and topics. Anyway, past the retake. Somehow, and then fine, I was off and running. But it was that kind of reality check. That kind of getting smashed in the face. Wow, OK, I'm not I'm not very good. Actually, I need to up my game here and kind of dealing with that. I think definitely those life experiences can be seriously valuable. So if you're sat there with a level results that aren't what you wanted, then I know it's hard in the moment right now to appreciate this. But, you know, these are great challenges to go out.  It is what it is. It can't be changed now. So now you take what you've got and you move forwards as best you know, you can and and and you'll learn great things from this. And a couple of stats that are sort of quite interesting on this on this topic in London, 39 percent of A levels were graded A star and A as compared to 30 percent of exam grades in the northeast of England. So there's almost a 10 percent gap there. The actual marking body, 58 percent of private school candidates in England were awarded an A star and A state school pupils, 30 percent. So it's half. Yeah. Oh, yeah. And I was just shocked when I saw that. Like geographically, it's just insane. And then looking at the difference in independent school all the way kind of going downward, it was. Yeah, there's a big, big divide there in the results. Yeah. But yeah, I mean, this is one of the things why I think. You know, I'm super excited about the simulations and the tech that we do because, you know, I was definitely part of the. The state school system and I guess my grades were a function of that. They were fine, but fine would be terrible. Probably a private school. Right. Yeah. And so, yeah, if you, you know, all the other things that I was doing. External to then studying, because I used to basically play sport half the time, study half the time meant that all of the characteristics I think that I had. So you mentioned things like resilience, things like that. They're just built in from a very young age. And so, yeah, through, you know, if you haven't done it yet, like our finance accelerator, which is our kind of introduction to kind of markets. And even if you've never scored well in an exam, even if you don't have an A level to your name, like you should just get involved. Like, who knows, you could just have this natural ability. And I honestly believe the job that I done for the first part of my career. I'd sit there and my job was basically to be quarterback for traders. I'm watching the game unfold and I'm calling out the plays so that traders can then trade and execute. When I think about that in the role I facilitate in the sport I played is exactly the same role. Right. It's just in a different, you know, context that was all a lot of the actual core principles of the innate skills I was using were the same. Yeah. Little did I know because of a lack of education about the application of my skills, which again, we tried to address, of course, with the simulation and why people, I think, might be surprised about what they're good at and what they're bad at. And then the fact that a lot of it was non-technical because I was communicating. My job was to communicate and communication given my background felt quite, quite natural in that way. You always hear people talk about and I'm definitely in this camp say that what they learn at university that nothing from what I learned at university have I used in my job. Like nothing. So it kind of goes back to the point, well, it's a bit it's a bit flawed, this system where you're recruited based on your university grades or your A level grades when actually that's measuring something that's not related to your ability to do a job. So the system's broken. And this is what we're trying to, you know, our big mission to amplify is to try and fix it by creating a simulation that simulates the job and actually measures how your your potential to perform in that role. And that's how you should get higher. Not whether did you get a 2-1 in in your degree? There was some great news this week from PWC, the big accounting giant who have scrapped that so up until this point they'd had a minimum requirement for their new hires to have at least a 2-1 degree score and they've just scrapped it. And they said we no longer require a minimum degree score. And this is all about just trying to, well, recognize a few things. What I've just said, maybe that actually your degree doesn't necessarily measure your ability to do the role, but it also ties into your other point around the, you know, that gap between the rich and the less well off and how the education system is unfair because the rich go to public school where the education seems to be much better and the less well offer at state schools. And so you can't compare like for like. So that's why these single grades from these exams, you know, whilst it's of interest, it is definitely not really measuring what's more important and that's your ability to do the role. Yeah. And then, you know, that that move by PWC, I think that that is addressing much more of a credible solution to this diversity challenge that all corporations have. So it isn't just like, OK, we run these very targeted ethnicity type days and things like that. It's no, it's like, you know, from a social economic perspective, which does then feed down into ethnic group groupings. Yeah, it's that it is an equal opportunity is not the same. And so therefore, you know, I think that move is I applaud it. And I think it's a really positive thing. So yeah, and they won't be the last. I think this is this is just the tipping point. Yeah. Cool. Well, let's move in to the news section first to go over a couple of highlights of the week before we delve into to China and the meme stocks. So starting off with the UK and I'm afraid I'm going to sound like a broken record. UK inflation hits 10.1 percent. So we're now at the first double digit print in 40 years. You shouldn't be shocked by that. That number is going to go, unfortunately, well north of that. The thing here, though, is that surging inflation has resulted in the fastest fall in real pay on record. Consumer confidence then this morning has now fallen to its lowest since 1974. And just to throw in to boot UK retail sales as we can expected the year and year as well this morning. So yeah, it's all looking rosy in the UK at the moment. Nothing much anymore to add. It's more of a continuation. And I and I guess that you're definitely conscious of the fact that there are some severe challenges for, you know, forget markets for just people's lives at this point in time and don't want to belittle that at all. But, you know, things are going to get progressively worse during the coming months as we go, particularly into the inflation peak, which is anticipated around October. And we talked about, I think market pricing was like 150 or so 150 more basis points to price. And I think that went up to 200 plus following the inflation print because it was higher than expected, which means we might overshoot as we have done on every step, the Bank of England's forward guidance. So if we get to 14, 15, that would be, I think, not entirely surprising, but would further mean that the market does need to recalibrate even further because at the moment we're not set that high. So that was the UK, but we won't we won't dwell on that for too much longer. The other thing was Saudi Aramco. I don't know if you caught I shared with our community a fantastic graphic. And so basically, Saudi Aramco has posted a 90, 90, 90 percent rise in their Q2 profits as a second straight quarterly record. And the graphic basically showed their net income, which was 48.4 billion US dollars. That was more than the net profit at Microsoft, Apple, Meta platforms, Tesla combined. Yeah, you might have heard of those names. But I have to say, when I was reading me, because this was in our market maker, daily market maker newsletter. If you're if you're not a subscriber, then what are you playing at?  But I was reading that that piece and I looked at that chart and it actually there's very few charts that kind of shocked me just because I'm really old and I've seen a lot of stuff. And that chart really did I thought, what is that true? And I kind of drilled in and did a bit of analysis and it is. I mean, yeah, the Saudi Aramco profit bigger than Microsoft, Apple and Meta combined. I mean, I'm not including Tesla. Profits not that big, but because Apple's profit was 19.4 billion. But yeah, Saudi Aramco 48, just a casual 48 billion. But that's just in three months, by the way, the context, though, is that like the consistency of the profit generation and Apple is different, right? Because all oil majors have hit records, Shell, this is true. Total energies, like they've all smashed it given what's been going on. Yeah, it's good times. I mean, yeah, to put that into context, their Q2 profit in 2020 right was 7 billion. Oh, OK. Yeah, not 48. It was 7 billion, which was. Yeah, so you're right. The consistency of and look, that's the nature of the beast, right? They're selling oil and that the price of oil is very volatile. So, yeah, their revenues are very volatile. Well, talking of Apple and talking of consistency, is that what the rationale is then for Warren Buffett's Berkshire Hathaway? Now, he's topped up his stakes. So there's something called the 13 F filings that all came out this week. And that allows us to see these fund managers and changes to the composition of the companies they're invested in, essentially. And we can look at who they've come out of, who they've gone into. And it allows us to see the kind of bullish bearish appetite they have. You know, it gives us a little bit of a granular individual micro level, but also a macro kind of view on the world as well. And he's topped up his stake in Apple. Couple of things here. He, it now, Apple makes up 41 percent of his portfolio. When I read that, I was like, I've read that wrong. Surely that's typo 41 percent. Like, I understand that he now, he basically owns 5.6 percent of Apple, which is pretty mind blowing. We are talking about a multiple trillion dollar company and he owns 5.6 percent. His dividend income is 800 million bucks was a figure. I saw 800 million in a year, which is insane. But 41 percent, surely that's not sensible. Even for a cash cow, juggernaut, consistent Apple. There's a few angles here. If you believe in Apple long term, which clearly he does, then quarter two was a really good time to buy, buy more.  I think Apple topped out in the last year at 178 dollars. And then in quarter two, it bottomed out at 135.   Right. So that's what Buffett's just done. So that's one point. The other point, yeah, on the face of it, that 43 percent of his portfolio, that seems incredibly. Well, we always use the word diversification in portfolio management and in the asset management world. And diversification is key, you know, spread your money across lots of different companies because you never know. It doesn't matter how good a company may look. There's, you know, there's skeletons in the closet and stuff can happen. You know, think BP in the horizon disaster in 2010. Think the Volkswagen emission scandal, you know, and there's others, right? And so you never know. So you should really be spreading your money. So from a diversification point of view, yeah, this doesn't look good. However, in his defense, if you go back three years, the share price of Apple has more than tripled. So it's been an amazing trade. And the fact Apple's done so well has meant that the proportion of his portfolio that's made up by Apple has been increasing and increasing and increasing. So yeah, and then and then the other issue he has more than more so than most other people on the planet, he's got a real problem with the size of his positions because he's got a liquidity issue. How do you get out of these kind of trades?  So it's a bit like that Elon Musk situation with his Tesla holding that we've been talking about over the years. So I've got one more thing about Apple and that is the index waiting 7.3 percent now for the S&P 500. It's the largest waiting for an individual company going back to 1980. So all those previous peaks that we've had, whoever they might have been, Microsoft or IBM or whomever. No one's ever been this big. But a stat I thought was quite interesting and you've talked about this before. Apple has bought back five hundred and twenty two billion dollars in stock over a 10 year period. That figure in itself is greater than the market cap of four hundred and ninety four companies in the S&P 500 alone. That's a good stat. That's I like that a lot. All right, well, we'll move on and I want to tell you what Tom Cruise has got to do with Airbnb. Well, I know I will again if you are a subscriber to our daily market maker newsletter, you know the answers to this. Yeah, or if you know Tom Cruise, because what's happened here is Airbnb. I love this headline. They've introduced new anti-party technology. They're rolling it out in US and Canada. And it's just funny because I've definitely been there tasked with being the best man for a wedding and you're like, oh, I've got I've got a fit like 20 blokes in a flat. I can't tell them that I'm going to put 20 20 geysers in a flat for a weekend of like debauchery. So what do you do? You're like, oh, no, it's just like we're all alumni friends from our college and we're having a catch up. I'm something more reasonable. But actually what Airbnb are doing now is they've got a new system where they're going to look at factors like history of positive reviews or lack of the length of a time the guest has been on Airbnb, length of trip distance to the listing weekend versus weekday, amongst other factors. But this got me thinking about obviously Tom Cruise's minority report. Right. And the reason for that, if you haven't seen that film is like here, there's that saying, right, of innocent until proven guilty. Right. We're saying you're guilty until proven innocent. You're basically saying that your previous behavior dictates then that you are you're making a judgment before something has even happened. I'm not sure how comfortable I feel about that judgment of using that technology in that way. You know, if you ever if you believe in like reforming in like a prison structure sense, it's like you're basically saying with this technology that no, you've offended, you should never be trusted ever again. And we will not lend our services to you. It's kind of like, I don't know. I don't I've read that. And I was like, OK, it's quite funny headline. But I was like, yeah. But then can't you? But I guess you need to build up your approval rating. If it's that bad, then obviously you have been to too many stag dues. So you need to go on a weekend with your girlfriend for a few weeks. Now I can't book the nice weekend with my girlfriend. OK, yeah, I've got a genuine intention. Right, I want to have a nice, sophisticated weekend away with my partner. But the system has blacklisted me now because of my previous behavior. Yeah, yeah, you've got a point. I also think that that's got to be the worst or the least popular bit of technology I've ever heard of, the anti-party technology. No one wants that. I mean, they need they need to have a sub listing within the website where it's like fill your boots, party time, Airbnb rentals where you can just go mental. Right. Yeah. Well, that's actually a very good point. Now there's a bit of a gap in the market, isn't there? OK, so yeah, what should we do? Seat, seat round or how are we going to do it? Yeah. The other the other kind of funny headline was Manchester United, the football club. Because earlier this week, their shares in pre-market trade, because they're listed, I think they're listed in New York. They momentarily popped 17 percent following a tweet from none other than your man Elon Musk, who basically tweeted amongst other things. Oh, yeah, I'm going to buy Man United, by the way. And then she has popped really 20 percent until then. And classic Musk, he left it hanging for, I think, four hours. How is it that long? And then he came out and, you know, I'm just kidding, of course. And then obviously, it reversed course. I think their shares actually were up on that day, about three or four percent because the Glacier family are considering selling a minority stake in the club. There's lots of rumors going around. But yeah, I just thought, what a world. The power, the power of the Musk. And then the final, the final one, a little bit more a serious note on geopolitics was that Chinese President Xi has come to light this morning. On Bloomberg is going to meet with Russian leader Vladimir Putin. They're both planning on attending in person the G20 summit in November at the end of the year. The presence of Xi and Putin at the meeting sets up a bit of a showdown, of course, because Joe Biden is going to be there as well as other Democratic leaders and all of whom have not met in person at all since the Russian invasion of Ukraine. Not have you had all of them in the same room, China, Russia, Putin, Biden and everyone else. So that's going to be an interesting event. Yeah. So what's the date for that? So November, I'm not sure the exact date. Can't remember now, but there's a little way to run. But God, Joe, Joe Sleepy Joe's got a busy November. Yeah, with the midterms that month as well. All going off. Yeah. And you've got the Communist Party's Congress as well. So yeah, true. But let's talk about China because they surprised the market earlier this week. They cut their medium term lending rate for one year loans in the banking system by 10 basis points. That level now is at 2.75 percent. It's the first cut since January, the start of the year. Official statistics early in the week reflected worse than expected consumer and factory activity. And one stat that a lot of the wires were pumping was the fact that youth unemployment in China now is nearly 20 percent. So there's a lot of pressure points at the moment on Xi Jinping's administration to reinvigorate this economy. So whether through traditional forms, stimulus through fiscal buildings, essentially, and funding or through monetary means. But this has led to the likes of Goldman's have come out this week. Namura have come out. They've cut their outlook on China again, I should say. This isn't like a news thing. They just continue into downgrade them. The rationale at Goldman's was weaker demand, uncertainties stemming from zero covid. That's still very prominent at the moment. Several regions across China and then an energy crunch. Actually, there's a heat wave at the moment, much like everywhere in the world, and that's causing energy shortages in several provinces, forcing factories to actually shut down. So from a growth perspective, Goldman lowered their four year growth forecast for China for this year to 3 percent. They're previously looking around 3.3. Namura have slashed it to 2.8, so even more bearish. I think what China's goal is five now, five and a half. So it's five and a half. Yeah, they're significantly below. What Beijing is saying. So yeah, what are your thoughts on these developments this week? Well, yeah, while China's it's obviously a huge piece in the jigsaw of the global economic system, second biggest economy. And so, you know, if you're an investor anywhere on the planet, then China should be right at the top of your list of risks. And what we have is, I would say, a steadily and progressively worsening environment. And you just put the stats there. So they themselves have a 5.5 percent growth target for this year. So at this Ikea, what happened was there was someone got detected, someone was in the shop and it turned out that they had been in close proximity to someone else that had now been tested positive, right? And all of a sudden, the kind of the shop went into lockdown because their principle for zero tolerance is right. Any case is found, locked down that site immediately. No one in or out and then shift everyone in that location to quarantine. So in this Ikea, it's like suddenly the lockdown process started and it triggered this massive stampede. People trying to fight their way out of the shop. Trying to find a good shop to be locked in. Like I'd say, you don't need to quarantine me. I've got a bedroom. I've got a kitchen. I've got meatballs. I've got everything I need. Oh, meatballs for a month. Sign me up. But they were they were like like stampeding and trying to fight past the security cards to get out. So the point here is that they're now living in this environment. Yes, yes, lockdowns have gone. Well, unless you're in these islands or whatever. But but now there's a fear that you're going to get trapped and shoved off to quarantine. So actually, there's a reluctance to go out. So the retail spending boom post lockdown has not happened. And so no one foresaw this, right? And so it's really, I think, yet another kind of chapter in what I personally think is a has been a really bad strategy from China, this zero COVID tolerance thing. I think in when when COVID hit in 2020, it looked amazing the way they dealt with it. And it definitely almost certainly reduced the number of deaths, which is clearly a fantastic thing. But now this is turning into a nightmare. And it's turning into a nightmare for the people living in that country. And it's turning into a progressively worse kind of economic situation. And I think now it's becoming super bad and they're just reluctant to change. That's the thing. Xi Jinping doesn't want to step down and say, all right, guys, you know, perhaps we have got this wrong. Let's kind of pivot in this direction because that is a sign of weakness. And obviously, he doesn't want to be seen as getting things wrong and being weak. So they've got a particularly difficult economic situation. This is feeding into the housing market. And this is perhaps where the big risk lies in my view. Basically, I mean, you've kind of been reading about the housing situation. But what happened this week, which was of note, there's a big company called Country Garden, which is one of the biggest Chinese property developers. But they're like, they're they're supposed to be the healthy ones, right? They're the least risky. But they reported earnings this week. And for the first half of the year, their profits were down 70 percent, which I guess isn't a surprise, right? But Fitch, which is one of the global ratings agencies that kind of rate the quality of corporate debt and essentially give a score as to how credit worthy these these corporate borrowers are. So Fitch downgraded Country Garden into junk status. This was on Tuesday because up until this point, because of their rating, Country Garden have been able to tap into foreign investment when they're issuing bonds to raise capital or that the rugs just been pulled out. So they kind of, I would say, lost access to foreign markets now. So what's what's happening in the property market? Well, sales are down in July, sales are down 28 percent year over year, which means now prices are starting to drop sharply to give you an idea of the square footage or square meterage. So in on average, in 20 in quarter two of 2021, on average, property developers sold one hundred and fifty six million square meters per month in quarter two of 2022. It's down by yeah, it's down one hundred and six million square meters per month. So, you know, obviously the situation is incredibly distressed and obviously we're worried about what happens now and do we get defaults? And we've seen the central bank cut interest rates. But the problem there is it's probably not going to have any impact because the whole thing around cutting interest rates is to try and. Encourage people to borrow more and then spend more it's supposed to boost demand, right? But they're cutting rates. There's just no demand for people, people don't want to borrow. So you can cut rates all you want. But if ultimately it's broken in terms of demand on the on the credit side, then it has very little effect. So I would say we're kind of back to this point where it's only really fiscal policy that can turn this around. And what their appetite is to bail out the housing market. Well, at the moment, they're kind of dragging their heels. They have told China bond issuance. That's the state owned credit insurer. They've told them that the government sold them to underwrite bond sales by a handful of private developers. So people like Long For Group and so on, who are very distressed. They're also now told there's rumours there's going to be some kind of rescue fund that's in the order of about 300 billion yuan for property developers. But they've fallen short of going of kind of backstopping because basically the problem is a lot of people, a lot of consumers have bought houses off plan and now are paying mortgages.  But now the property is not being built because the property developer is in a serious distressed situation and doesn't have any money. And can't borrow any money. And they're being so desperate there. They're kind of borrowing money off local governments at crazy rates. But but ultimately, you know, there needs to be some kind of bailout situation. And it's a trickle down effect because local governments are very dependent on revenue that comes from selling land to property developers. But property developers aren't buying land anymore. And the regional governments, it's thought that about 30 percent of their revenue has been from land sales over the last few years. That's just gone. So now the local governments are having to borrow money to plug the cash flow shortfall. And they're borrowing at nine percent when the government's bonds are yielding three percent. So as this thing progressively unfolds, you know, it's either you're going to get mass casualties where the big developers are going to go bankrupt. Consumers are going to lose a lot of money because there's people sat there with huge mortgages and no property. And if that property doesn't materialize, then they're screwed. So the government at some point is going to have to step in and we're just not quite sure how big the bat is going to be when they come and step in. So that's the big kind of that could be the straw that breaks the camel's back. Right. What happens in the property market and how does the government decide to deal with it? So so beyond China, then, let's say that the the risks are accumulating at the moment. And so what about the Fed and the bigger, broader global economy beyond the current inflationary pressures that are mounting now and we're yet to determine peak or not? What about in 2023? If then we see the full slowdown coming from China, worst case, does materialize and demand just drops globally on the back of the Chinese situation. Are we going to end up in a situation where inflation is going to turn into deflation? Growth is going to slow spectacularly on the global level. Well, what are your thoughts on the kind of more the the nature of how that could impact then on to the Fed? Yeah, I mean, well, of 18 months period. Right. So China's, as I was saying, huge. So if China have a big kind of crisis, then it's going to impact everyone on the planet, even the US. OK, what just in the short term from that inflation angle, everyone's suffering from this inflation crisis. There is, ironically, a little bit of a positive spin you can put on this China situation in terms of their housing, their property sector being so distressed as a positive spin you can in the short term. And that is that this is good news for the inflation problem globally.  I mean, for example, China buys two thirds of the world's iron ore, two thirds of the entire planet's iron ore sales goes to China. OK, coal is about four. You know, it's about half of the coal demand copper even. China buys 40 percent of the world's copper. Now, if China are suffering, certainly on that iron ore side in the construction sector, then this the demand side for iron ore looking incredibly negative. And iron ore prices are already down 50 percent as a result. Copper prices are down 25 percent, coal prices are down 30 percent. So this is actually playing into a positive for the commodity price inflation problem. The whole globe is facing. OK, now, so you could say it's a short term good thing. And maybe the Fed can get away with stopping their rate hiking cycle by the end of the year. But if then this cycles into a full blown, you know, housing crisis, a property sector collapse in China and then the subsequent kind of recession that that brings, then that would then turn into a very large deflation scenario. It would be an incredibly negative situation from a kind of global GDP point of view. And this is where, yeah, you might you might see worst case scenario. You are going to see the Western central banks not only ends their tightening cycle, but start the loosening cycle. So you're telling me to buy stocks again. Is that what you're saying? You're saying I should get in now. Before I hit my forty six hundred and then we go to five K. Yeah, where are we? Where are we on that? Actually, let's have a quick look, because, yeah, I guess it's still it's still kind of in the balance, isn't it? That's on our forty six hundred or thirty seven hundred argument from last week. Yeah, I mean, I think that a Chinese, a full on Chinese proper collapse, that's not good news for anyone.  Right. Well, that's that's the worst case scenario. Right. Yeah. Yeah. Well, let's let's finish with the the revenge of the meme stocks. And the reason why is because it's hit the headlines again because of an estimated one point six five billion dollars. The short sellers have lost in this month alone. AMC has rallied about 50 percent and has pushed mark to market losses for short sellers to around said to be over six hundred and fifty dollars, six hundred fifty million dollars. That is a similar bets. So it's all the favourites, the reddit favourites. So Bed Bath and Beyond GameStop. They had surged Bed Bath and Beyond, you know, three hundred and sixty percent. GameStop, not quite as much, but short sellers apparently got hit for a billion on the back of that. But the thing that was the real standout article of the week. Yeah, was a headline in the FT of a twenty year old university student in the US called Jake Freeman, who made a hundred and ten million dollars. This kid's twenty, by the way, in the middle of his studies, made a hundred and ten million trading Bed Bath and Beyond. So you. So when I saw that headline, I was like, wow, I was like, this isn't like, you know, I can buy myself a Tesla or something like that. This is a hundred and ten million. And so you started reading the article and you're like, OK, so he's an applied mathematics econ student at the University of Southern California. OK, fine. He acquired, I read, he acquired nearly five million shares in Bed Bath and Beyond. And I was like, hang about, doesn't Bed Bath and Beyond trade at like five bucks a piece or something like that? And he's sorry, he's bought five million shares. I was like, how does that work? And then the kicker was his initial stake cost twenty five million dollars. Just to remind you, this is a college student. And he said, yeah, I raised most of the money from my mates and my family. Yeah. I'm hanging out with the wrong kind of people here. Twenty five million of your mates and your family. It's a it's a classic clickbait media headline. Right. Twenty year old uni student makes a hundred and ten million. But yeah, this ain't no ordinary uni student who's who's built up. Well, anyway, he's got ties with Valaris Capital, I think, which is a New Jersey hedge fund that he's been, I guess he's got family ties. I don't know. But apparently in his words, he's interns there for years.   Anyway, he's obviously got some ties with them.  And I'm sure it's not just him, but together with his mates at the hedge fund, I'm sure built up this twenty five million activist investor stake.  This it was actually 19 years old at the time, this 19 year old kid having built up a five percent stake in the company, then sent an open letter to the to the board, basically massively criticising the way that they're running their business and that right. Here's a list of things that you now need to do to turn it around. Basically, I'd have liked to have seen the face of the people sat on the board when they were reading that. But yeah, I mean, one of the things was he literally couldn't have timed it better, because literally two days later, Bed Bath and Beyond tumbled 20 percent on Thursday this week. The kind of meme stock champion Ryan Cohen disclosed on Wednesday evening that he intended to sell his entire stake and that stake is about 12 percent of the company. But one of the things here with the meme stocks and the whole kind of pump and dump, there's kind of a couple of things here, two concepts really that I was hoping that you could just deconstruct into layman terms, one being that of a short squeeze, which is the kind of the rationale behind the kind of pump, if you like, and why it happens and why they get targeted by the kind of Reddit Wall Street bets kind of threads and then call options. How then from an investment point of view, people tried to play out this view that they have on a particular company via call options. Yeah, so first one. Why do the Reddit gang, why are they targeting these specific companies? And then there's got to be that there's a kind of set formula here. So you need a company that's got like two things, right? So number one, a very low free float. So this is describing the number of shares that are in private hands. OK, so you want a small number of a small free float, OK, because there then the supply of shares is very low. OK. Secondly, you want a company that's got a very high proportion of short sellers. So that by definition, that means the company is doing really badly or it's got an out of date business model. Like AMC was the classic example of that, right? But so they're the kind of two things. OK, really low free for free flow and then the hedge fund world, massively short thinking this stock's going to zero. So this is when the retail gang get together on on via Reddit and team up and together and you can only do it together because as a single retail punter, you're going to have zero impact on the market. But if you can get hundreds of thousands of retail traders all acting as one. OK, then it's powerful. So what they're doing is they're buying, OK, even though the company's shockingly bad and to put some stats on that, by the way. Yeah, bed bath and beyond for quarter to sales dropped 25 percent. They're net loss widened to 358 million for the quarter that compared to 51 million last time. Their cash position, this is the most dangerous. Their cash position at the start of 2022 was one billion. It's now just one hundred and seven million. So their burn rate is just off the sky. So you're like, wow, this thing's going bankrupt, right? Which is why all the hedge fund community is short. So this is where the retail guys are stepping in and buying and together they're lifting the price. And the whole point here is they're trying to create what's called a short squeeze. Because if you're short and the price is going up, we are losing money, right? And these hedge funds will have risk systems in place that says, look, we can only we can only hold on here if the loss is X. And if the loss goes above X, right, we're out.   So they're trying to force the price up, force hedge funds to buy to get out of their shorts. That's more buying power. And because there's such a low free flow, the liquidity is really low. So if you only got if all of a sudden you got a spike in buying, then it spikes the price ever higher, which, of course, forces even more hedge funds out and it's like the snowball effect. OK, so the retail guys are trying to profit by engineering a temporary large spike higher in the share price. And they've done and this was a phenomenon that came to the fore in 2020 with with GameStop, right? And AMC and so on. And so now we're kind of having round two of this situation just this month. So Citadel have had a good few weeks then. I can't comment. Call options then. How does that work? Well, call options. I mean, so one way to play this. So a call a call option is a derivative that enables an investor to profit if the share price goes up. If you're longer call option, you can profit from the share price going up. But to be long a call option, you need a counterparty to that trade who's short the call option. OK? It's normally the big financial institutions that are what we call the writers and the sellers of these options. OK? So the short call option position, you profit if the price goes down. You're going to lose money if the price goes up. Well, no, sorry, you just take the premium and you lose money if the price goes up, right? It's quite a high risk position to be in. Now, the problem is if you're if you've bought a call option and the price is rocketed, great, you're going to exercise that option and you're going to buy, OK, at the strike price. But your counterparty, therefore, has to sell the shares to you. So as this price has been rising, these financial institutions are having to go ahead and sell stock to the options counterparty who's exercising. But to sell shares, well, you need to own them. So they're actually having to buy shares in order to then sell to fulfill their call option obligation. OK, so again, more buyers. And this is on the financial institution side.  And it's a it's a great story for the media. It's, you know, yeah, it's that David Goliath thing. And yeah, and Jake Freeman, who is your retail trader in inverted commas, has massively profited. There are hedge funds on the right side of this, by the way. So Ryan Cohen, who you mentioned, big hedge fund guy, he was he held he held a 12 percent stake in the company so much bigger than that student, Jake Freeman. And he was buying about a month or so ago. He bought an average price of fifteen dollars and thirty four five months ago. Sorry, he bought and he's now sold all of his stake at a in a price range between 18 and 30 dollars. So he's made a chunk of money, but his massive sell along with Jake Freeman's sell together, they make 17 percent, right? So they both sold.  Pump and dump. You see the thing, the thing I have a problem with with this from a philosophical point of view is that it's kind of like this anti suits Wall Street, the hedge funds. I was just having a look. So Bed Bath and Beyond Employee, about thirty two thousand people. So whilst we're all having fun and games and we're talking about pump and dump and let's make one hundred and ten less short squeeze them and teach them a lesson. Those hedge funds is thirty thousand regular Joe's who go to work every day to earn their keep.  Yeah, I mean, I would say this is like a sideshow, right? It's a short term market manipulation. Thing, ultimately, Bed Bath and Beyond are struggling as a business. And what's happening? What's happening to their share price doesn't change that unless so, two things, some of these staff might own some share options. So then it is good for them. But secondly, if you take was it the GameStop example, they've kind of reinvented themselves and they're getting involved with NFTs and God knows what, right? So I don't know with Bed Bath and Beyond, is this an opportunity for the board to go, you know what, our business model is broken. Let's be brave and be radical about how we evolve this business. In which case, fine, they might, I don't know, re-invade themselves, turn it around and their staff are safe in their jobs. I think if you didn't have this market event, then Bed Bath and Beyond was going one way and nothing was going to stop it. It's still going that way. But now you might say there's a tiny chance it might pivot, but still unlikely. Yeah, I don't disagree with what you're saying makes complete sense. What I disagree with is then when the Wall Street Bets mob says that they're doing a good thing on the face of humanity, right, which is which is playing out just looking at the world through one lens. Well, that's the Robin Hood thing, isn't it? About stealing from the rich, the hedge funders and giving to the poor, the retail investor, your poor Jake Freeman's of this world. So, oh, Jake. Yeah, he was really struggling before this, before this was windfall. So. Yeah, well, look, with that, we'll wrap things up. As ever, if you enjoyed the show, please do leave us a rating and a review on Apple or Spotify, really does help push this out to as many people as possible. And yeah, hopefully everyone has had a good week. We'll be back as ever as per normal next week. And yeah, enjoy. Thanks, Piers. Yep, catch you later.


the reason why Narcissus ghost you. The Narcissus planned on ghosting you from day one. They knew they had to have an exit plan. Their motivation for pursuing you was due to something that they needed at that time to get them to their next destination.  Because Narcissus always think there's going to be something better right around the corner. They're always looking for the next shiny new toy. Even if they have something good with you, they're always thinking there's something better for them. So they're never satisfied with what they have. This is why they're so insatiable and they knew that at some point it was going to end with you. They saw you as something temporary from day one. Because they know they're difficult to deal with. They know they cause problems. They know that the things they do will irritate and upset people. Which is why they use a false character. It's why they put on this mask and act like they're pleasant and agreeable. To make you more accepting of them. Because if they didn't do that you would have gotten rid of them a long time ago. So they have to put on an act. They have to do some of the things you like. Some of them will cook for you. Some of them will clean. They will mirror back to you whatever they think you want them to be or do. They will future fake. They will give you false promises about your future with them. They will make it seem like they're going to be with you for a long time. But they just need to feel more comfortable. So everything has to revolve around them. Everything has to be about what the narcissist wants. You're meant to serve them. You're meant to cater to them. But they will act like they're going to do something for you and return in the future. When they start working again or when they find some money. Because they want you to feel like they're here to stay. It lets down your guard. It causes you to relax. It stops you from being so careful and alert. And they're constantly monitoring your reactions to what they do. So if they see that it gets a positive response they will do it even more.  They will make up stories. They will go all out in the beginning to make you believe that they're really about it. But they're acting differently when they're not around you. They're already looking for something else. Especially if you are dealing with a female narcissist. They will go suit even quicker because they tend to have more options. It's a lot easier for them. So they already have an exit plan. Even if everything is good. Because they don't think like normal people.  Which is why they're so arrogant and entitled. So no matter what you're doing for them. They're always thinking about something better. Because they have these grandiose fantasies of unlimited wealth power and success. So nothing real could ever measure up to that. Which is why no matter what you do it will never be good enough. So they will always have an exit plan. It doesn't matter who you are or what you're capable of. Because they're always thinking of something better and greater. They're always looking for something else. And they never stop. They will take the highest bidder. Whoever offers them the most. Or whatever they think is going to be the best situation for them. But even that isn't going to last. Because they also want someone who is weak. They want someone who they can control. So you could be giving them all of the money in the world. You could be giving them the best sex they ever had. But if they find someone who is weak and foolish. Someone who they can easily manipulate and control. Someone who isn't as difficult to deal with. Because it's a lot of work for them to put this out with you and they're very lazy. So they will leave you for that type of person. Even though they're nothing compared to you. They have no advantage over you. They're not as good as you are. They will leave you for that. Because they don't have to work as much at trying to deceive that type of person. So they will go wherever is easiest for them. Wherever they feel more comfortable. Even though it may not be better for them. Which is why they will ghost you.  They will create an argument. They will make up some problem. So that they have a reason for ghosting you. And then you will think that you caused it. When it's all just the game. As soon as you got involved with them they were already looking for an easier situation. They were already looking for someone weaker and more foolish. They were already distancing themselves from you. Because they knew it was only a matter of time until you figured them out. They knew they didn't have a chance. Which is why as soon as they find something more suitable they will leave. But this is why they didn't invest much into you. Because they weren't planning on being there for long. They knew that if they didn't leave you'll eventually get rid of them. Because they know they're not about anything. They know they're not good enough for you. And they know it's only a matter of time until you realize that. Because they could only keep up the act for so long. But that's why they lie. That's why they use future vacant. To create an image of something more in the future. But it never comes into fruition because it's just a fantasy. It's just something they've created inside their heads. And as long as you believe in it you're under their control. And they will use that control to their advantage. To make you do what they want until they're finally ready to leave. Thank you for watching. If you found this video helpful please give it a thumbs up. Share your thoughts in the comment section. Hit the subscribe button to receive the notifications. If you would like to support the channel you could donate at paypal.me slash Narc Survivor. You can book a one-on-one with me on my website. It's Narc Survivor the good UK. Thank you for watching and I'll talk to you soon.


Well, one of the things that I really want to say without reservation, here we grow again. About four years ago, this idea was conceptualized when this field was just trees. The all-star field, of course, is a prime development, primarily for our children, for leagues and for persons who are interested in the development of this piece of property. The lights now are being installed. This is just another tier in our understanding of what we need to do to make this a real all-star baseball field. And of course, a word of thanks to the state recreational development fund for a grant of $128,000. And of course, a 20% matching funds, which brings it into total of about $169,000. Now remember, this is just not an all-star baseball field. There's a picnic area to my rear.  This serves both communities. Actually, not only both communities, but it serves the city of Columbia. And I think that's the most important factor. That's why we're putting so much time and energy and the kind of zest and zeal that goes into the making and the creation of programs for our children.


Hey everyone, Dylan Schumacher, Citadel Defense, and today I wanted to add on to the Dry Fire series. So I recently started reading Dry Fire Reloaded by Mr. Ben Stoker. I'll do a review on this book when it is done. But there was one thing that I picked up to the day that I thought was extremely helpful and I wanted to continue to add to this Dry Fire series. So that is when it comes to Striker Fire guns, right? Glocks and whatever, when you're dry firing, you can usually only use the trigger one time. And after that, it's a dead trigger, right? You gotta reset the gun in order to work the trigger.  Well, it turns out there's kind of a workaround. What you can do is you can take a rubber band and you can put it in the ejection port here with the goal of putting the slide out of battery. So it's gonna look something like, let me see if I can get it here, give me a second. And it's almost kind of like a chamber flag kind of deal. But then I can work the trigger multiple times. Now it's not perfect, you don't get the break, it's a little mush, right? It's your slides out of battery, that's what's going on. But with this, I'm able to practice multiple shots on a target, right? So I can come out, I can disturb, make sure not to disturb my sights and I can shoot here, I can come over to this target and I can shoot here. I like this, I'm gonna start using this. Again, it's not a perfect solution, it's dry fire, it's not live fire, but I like this little workaround and I'm going to add this to my routine and I'm gonna start using this so that I can practice taking multiple shots. What he suggests in the book is to just pull the trigger really hard in order to, you know, again, simulate working through that trigger break and making sure you're not disturbing those sights because that, of course, is the most important thing when you're pulling that trigger straight into the rear, excuse me, and it's the reason we practice it so much is so that we don't disturb the sights when we pull the trigger. So, I thought this was a cute little workaround, I thought it was fun and I am looking forward to utilizing it a lot more, I think it's gonna be extremely helpful in my dry fire training and I hope that you add it to yours. Do brave deeds and endure.


Hello, welcome to Electronica 2016 where ST is showcasing its automotive smart driving area or the wall of cars to me and joining me here is Philippe Pratt, he's technical marketing manager for infotainment for the EMEA region. Just talk me through the display. ST has been shaping automotive electronics for about 30 years and this year's Electronica we have a unique celebration of this. The wall of cars shows how ST has contributed into automotive electronics in the past, is contributed today and how it will in the future. Each of the car models have a success story, a story in which ST played a role. The stories give visitors an insight into the automotive applications ST serve, whether it is about engine management, body inconvenience, safety and chassis, ADAS, connectivity or infotainment, ST addresses a large range of applications with a broad and unique product portfolio. Right, let's go to that interactive wall over there and you can show me some of the different classes of cars that you work with. If you look at the different cars, their stories and our semiconductor content you will realise that ST has always been fueling and electrifying the automotive world with cutting edge technologies and very innovative solutions. ST has enabled us to be a competitive supplier from family cars, economy cars, premium and luxury and sports cars. In a few words, innovation, long term commitment and leadership combined with a strong partnership with the automotive industries are ST success factors we wanted to express in the wall of cars. And if you had to pick some of the innovations over the past 30 years that you're most proud of, what would they be? Well, there are a lot and all of them represent a significant milestone in the development of automotive applications, which makes a selection quite difficult. But to mention with you, our most compelling success stories are definitely ST leadership in VI power switches here over 25 years in the industry, in those zones with our analog ACSPs, in all GMP fires, in aiders, radar transmitters, in positioning. Yes, I just see the list is pretty long and it's quite challenging to be selective. Now I doubt even you can predict where we'll be in 30 years time, but what about the near future? Well, much of the future cannot be disclosed as elements are ST confidentials. But many of the next generation car models will take advantage of ST leading edge technologies such as silicon carbide power MOSFETs and rectifiers, 48 volt components for on-board power supply, GNSS precise positioning or aiders, vision and imaging processors. We will have a V2X communication with our partner Autotox and 32-bit microcontrollers with overall strong focus on functional safety and security. All these new silicon devices are fundamental for the electrification of the car and the autonomous vehicle. Well congratulations on making driving safer, greener, more connected over the past three decades and good luck for the next 30 years. Thank you Chris.


Now is time for the NDF awards and I'm going to hand over to the chair of the NDF board, Phil Edgar, because he knows what's happening. I vaguely know what's happening. One of the best things about being the chair of the NDF board is to present the NDF awards for 2017. Our first award is for the Social Media Innovation Award. The winner is... I have to look at the slides because I don't know. There it is. We're keeping up with the librarians and I've said, is there anyone from the Kago City Libraries here? Fiona's just getting the stuff here. Thank you very much. Anything you'd like to say, briefly? Just a massive shout out to the team as well. It's their award. Shout out to Kaila, our amazing photographer. Jay, Andrew, Chris and our amazing team leader, Bonnie. And just keep following us and keep posted and we're going to have some more zany and crazy things in store for you guys. Cheers. And our second award is for a new digital exhibition or collection this year. And the winner is... The Sergeant Gallery. For the new online collection site, for doing it the right way with open content and links and punching above their weight. And Paul Rowe will collect on behalf of the Sergeant. Now, so unfortunately the Sergeant Gallery couldn't be here today. They're quite a small regional gallery, but they've asked me to come up and accept this on their behalf. It's been our pleasure to work on the site. It's been really great to have an institution embracing, opening up access to their entire collection. They've let us experiment on their collection images and show you the results of that. And then they've worked with us to prototype the site that we've ended up releasing in the last few weeks. I'd also like to thank our web developer, Shenoi Sam, who worked on the project. Thank you very much. And our next award is the Digitisation Award. I'm not sure there's any surprise in this one. The winner is... The Nelson Provincial Museum for completing their seven-year project to digitise their entire glass plate collection. And for a lot of hard work that's scaled some pretty big mountains. Thank you. This has been our project that has resulted in the digitisation of almost 160,000 glass plate negatives. And it's a project that's started back in the 1990s with a huge team of volunteers who did cataloging. And then a team of about three people working in a dark room for seven years during the digitisation. So to all those glass plate negative digitisers, thank you very much. And where to from here we will see. Thank you guys. The next award is the Innovative Use of Technology Award. And the winner is... The Museum of New Zealand Papa Tongarewa for the Hinatore Flying Machines Manufata. An app that allows you to build and fly your own virtual kite. Sorry, kite. Flying a virtual kite. I didn't have any lunch. For working with Tongarewa, giving mana to kids and collaborating with Iwi to create a virtual reality app that takes us to the skies. Is there anyone from Hinatore here? Ati. Far out, first of all. Hoi ano, mihi ano kia tātou te whare. Tukau tahu paku hoa mahi. Mihi hoki kia rungawhakata kete iwi na rātau tinei. Te whakāru na rātau hoki te tautoko nere i mihi ano kia rātau. Wow. Far out, I always thought if I was getting it all to be it. The Grammys for best heavy metal album of the year, but it ain't. It's from an app, and yeah, it's been really awesome. And I also want to acknowledge the Massive Space Program team who helped us develop the app, and also my team up in Hinatore. So download it. It's available at iOS Store and Google Play Store. It's free. The final award in this section before we go to the conference awards is an open category award. We'd like to recognise a member of the community just for the great work that they've done. And the winner is... Alison Breeze. For her hard work on the Dunedin City Council Archives project using Flickr and Facebook, and for fantastic content and for showing us that one person can make such a big difference. Alison's not here, but I believe she might be watching online as we speak. So kia ora Alison, congratulations. To be honest, we'll probably drink your bottle of wine, but... Much better answer. OK, the two conference awards. Yeah, this is pretty exciting. And thanks for all the nominations we received. A record number. The Big Thought Award for the talk that made people think differently, presented a big idea and opened people's minds. And the winner is... Barbara Makuati-Afitu. Oh, Beyonce. For her presentation on Pacific Spectives, reconnecting Pacific communities with their collections. And to be honest, it was... There wasn't even any competition really for this one. Barbara was an overwhelming number of nominations. So, David. Ta-lo fa, Barb's too humble to think that she was worthy of staying for the rest of the conference and needed to get back to Auckland to her people. So this is definitely for her because she spends a lot of time putting so much work into this project, but then is very shy about singing its praises. So this award is just fantastic and I'll have great pleasure in taking it home to her. Thank you.  The Big Takeaway Award for the talk that inspired people to try something new or different in their practical work. And the winner is... Flora Felton and Ting Sun for everything you wanted to know about APIs and weren't afraid to ask. I just wanted to say thank you to my manager on the spot. And National Library helping us to put our thoughts together and share something, just helping the whole National Library to learn and then expand it to the whole world really because everybody coming everywhere. And it's really daunting. I never experienced coming up here. Now I'd like to pass over to Fiona for her closing comments. And I'd just like to thank Fiona and the Organising Committee for another amazing conference. If you'd just join with me in thanking them. You know, I still can't really believe this is happening and that you're all here. It's been such a long year of planning. And now it's almost over so I'd better start believing it sometime. It's an investment to come together ka nohi kete ka nohi and it's important because there is inherent waeroa, positive energy and value in talking and being and learning together in one place on this land. Kia ora, thank you all for being here. I'm a slow kind of reflective thinker. It takes me a while to work out what I really think about things and even longer to build the confidence to say them out loud. So talking last at a conference like this after so many amazing speakers it's pretty darn uncomfortable for me and I feel really vulnerable standing up here in front of all of you. Last year Matthew Oliver spoke at the end and what he said and what he showed has stuck with me all the way through and when I knew that I was going to be talking last it was this image that I thought about and this isn't a piece of art that I think about a lot when I feel uncomfortable and vulnerable and so this is my one and only slide. And so what I've been doing slow reflective thinker not really sure what I think but there's all these amazing speakers that we've had today so I'm channeling them and I've been picking bits and pieces from what I've heard to say what I'm about to say. So I'm uncomfortable. This is a place of discomfort and as Pia said it's important to embrace discomfort and Ariana and Claire and Honiana will reinforce this with their powerful kōrero about venturing and being in a place of discomfort and finding new important pathways by working together. I'm reminded of another quote from Brene Brown's book on vulnerability where she says where there's discomfort there's a need for leadership there's a need to step up to stand up and do something that might take you forward to move away from the simple to see and accept that we are dealing with increasingly complex things and focusing in on the needs the needs gap to work out what we, our sector can do to actually meet the needs of New Zealanders and to ensure all people have the ability to thrive. To be a collaboration really workforce because complexity is our world now possibly always has been but it's definitely pretty complex and ambiguous at the moment and we are here to help people to connect people to their stories and their culture and their heritage and their taonga and help them be with it in a way that's right for them and right for their culture to ensure that all of it is cared for in an appropriate way for those people so that it will always be there in a way that they need it forever and that's really friggin' hard and that's what we're doing in trying to do. As Andrea so beautifully illustrated yesterday just one area of challenge is copyright and licensing and the public domain in a digital world and we've made some really great strides in New Zealand but there's an opportunity for all of us to be working together just outside our bubble to do more to accept we are all imperfect at the moment and that we can all hold hands not look back and keep hugging in our own way preservation is a whole other complex area same sort of approach we need to be nodes in the wider network we need to get better at looking for and authentically working with natural allies and work out what we can build on to make a bigger impact to get better outcomes for New Zealanders to embrace change to enable trust to use our skills and empathy and kindness and critical thinking and move into a space of true collaboration because if there's something that we're all we all need to be doing it's playing the infinite game and you know Harkinwall to continually change to keep our deepest values in play and ensure that everyone can benefit from what we do and that means to be experimental and agile and to try small things and play around with time and do little things in quick time or take a long time and play the long game something we're not great at I think probably in this conference we're getting there a little bit better something we're not great at in our glam bubble is admitting and sharing our failures to take the criticisms on the chin to share them and use them to motivate us to grow and learn and make things better Andrea's supervisor said to her recently all failure is good data for learning Are we sharing this data enough the data about our failures what we've tried and hasn't worked because we can't truly learn from that data unless we have access to that information and we need to be beyond open with that we need to try things and fail and succeed and learn and share and try and grow and that's hard but we need to be up for it so now is the time for us to create the future we need to be in time with our communities that we're in and that we serve and that means it's now is the time to be better now is the time to be vulnerable to admit and share when things haven't worked so well and when they have we need to speak of how sweet the kumara is more and better now is the time to embrace the discomfort of this complex world and work out what we really need to take into the future and what we need to leave behind and it's time now to prepare for that future so I stand for you completely uncomfortable feeling like this and completely willing to embrace it with all of you and now it's time for me to thank some amazing people my dream team I'll see, look, every time I get up here I get all vulnerable my dream team, the committee the conference committee this team is amazing and they've worked so hard so Adrian I hate having to do sponsorship in this but when there was a gap Adrian stood up and picked it up and ran with it and Adrian thank you so so much and for your support and friendship Sarah, Paul picked up workshops ran with them and this was the biggest pre-conference workshop offering that we've ever offered at NDF and it was an experiment to see how it would work we're pretty sure it worked and we'll be doing this again thank you Sarah Lucy Orbell ran with communications and helped get our story out there and got media interested and got the mayor here and did wonderful things to share the great mahi that we do, thank you Lucy Dave Sanderson, our program leader he did all of the hard work getting things in the right order and trying not to clash things and wrangling all of the speaker information and just did an amazing job, thank you Dave Michael Parry helped Dave with the program and with the selection process and picked up other bits and bobs along the way that were gaps that just needed to be done and so thank you Michael and Corin Corin came onto the committee I thought I know what I can get him to do he can organise the newbies breakfast and the social, the speakers dinner that we have before the conference starts and he did an excellent job I know how to choose the good ones for the right thing Amy Joseph thank you Amy she organised all of the scholarships and working with Internet New Zealand and others to make sure it was quite a process to get that all sorted and she also picked up a bunch of other things like the post conference survey that you're all going to get and you're all going to send feedback in so that we can learn about our failures and our successes and build on them thank you Amy then there's our conference organisers Nikki, Reina, Hailey, Penny the whole party Cooper team they're our solar energy they help us be sustainable and make things happen that's sweating the small stuff while we're all doing our day jobs and then trying to do this on top of the day jobs which brings me to the committee I want to thank the organisations that they work for because those organisations are supporting them to do this work and that's an investment and we really appreciate that to everyone that presented it's hard work putting a presentation together and you shared your learnings and your failures and your successes and we learn from you and we're going to keep going back to the videos and keep learning from your mahi so thank you to our amazing keynotes who travelled far and wide to our sponsors I thank them a lot they're so important I bow before you sponsors we need you and we appreciate it to the NDEF board thank you for your support and guidance let's embrace this discussion and we hope you'll be able to let's embrace this discomfort together and make that bigger impact for everyone here together as a board and for all New Zealanders we've got a challenge and I reckon we're up for it Arianna said something really beautiful today and I hope she's okay with me picking it up and using it again I think it was at the end of the talk she said in that atahairi tatu eraro e te nākau mahaki go carefully in the spirit of humility and respect and that's what I wish for all of you and that's it that's the end it's time to go home it's time for me to go home to my wonderful husband who has held the thought fought over the last few days I've used up all my brownie points and I used to go home to my babies and see them and look after them and so it's time for us to go and go home and think about what we've done look out for the videos that are coming please answer the survey that is coming we want to learn from you it's traditional at the end of NDF that if you're hanging around or you've got some time afterwards head over to the Max Brubar I think I'm pointing in the right direction and have a bear or whatever an orange juice together kakaiti ano thank you


Good morning traders Petro Manila here another tick mill chart at draw your attention today to developing opportunity in the dolly end on the four-hour timeframe earlier this week and we took a look at the weekly chart and highlighted the trend line that we're currently trading at on the weekly charts now I'm looking at a four-hour potential setup here looking for prices to extend through the 109 30 level up into this cluster of resistance we have the projections sending trend line resistance or weekly range resistance weekly R3 monthly R3 and the yearly R1 all coming in around this 110 level so I'm looking for stops to be around just about 110 and then fade that zone to get a move back to test the 108 30 as support as always traders plan the trade trade the plan most importantly manage your risk until next time thanks very much