Third contest winners. Yes, folks, later we'll announce the Ford winners in the third big jingle contest So listen while new post-war old Dutch cleanser famous for chasing dirt presents Nick Carter famous for chasing crime Every week at this time two great names are joined as new post-war old Dutch cleanser brings you one of the most resourceful and daring characters in all detective fiction Nick Carter master detective Do you want us all here in the workshop because that's it This is where the great connoisseur cooked up his most famous illusion And it ought to be a good place for me to pull a couple of tricks, too I don't tell me you're going to pull rabbits out of a hat rabbits. No, Patsy a killer. I hope Well all good things come to an end sometime and the old Dutch cleanser contest comes to an end this coming Saturday at midnight This is the last week to enter and win a brand new 1948 Ford sedan or a share in the big cash prizes If you've put it off so far enter now if you've entered before enter again Because your chance of winning is still just as good as anybody else's and it's so easy to win All you do is supply a winning last line for this jingle listen for faster cleaning with new ease Just say new post war old Dutch, please with Activated seismite tata tata tata tata Remember all we want is a last line something that rhymes with seismite get a pencil and paper handy and later on I'll give you a sample last line to go by just a few minutes time might win you a brand-new Super deluxe Ford v8 four-door sedan or a crisp new ten dollar bill Somebody's going to win and it might as well be you get your entry in now tonight Each entry must be accompanied by the windmill pictures from two labels of old Dutch cleanser mail to old Dutch cleanser Box you Chicago 77 Illinois. That's box you Chicago 77 Illinois entries must be postmarked before midnight this coming Saturday. It's your last chance so get going and Now the case of the magic rope today's adventure starring Lon Clark as Nick Carter brought to you by new post-war old Dutch cleanser Tonight at the Elton theater Magicians from all over the country will compete for the Fulton Award a $10,000 prize for the best illusion of the year But the greatest magician of them all Carlos Coneztral will not be present Confined to a wheelchair since his almost fatal accident last year Coneztral sits in his workshop talking to Alma Whiting once his assistant now a leading contender for the Fulton Award You know Alma I suggested the idea of the magician's award to mr. Fulton myself what I did not think he would take me seriously Why not he can afford it with all his millions He certainly can funny how so many people take up magic as a hobby isn't it with fooling it is more than a hobby It is an obsession, but all he's ever learned is a little sleight of hand What let him get on a stage and he's as happy as if he had made another million dollars in the stock market Oh Carlos, I've simply got to win that $10,000 prize tonight.  Oh, how does it work? No no no no that is Coneztral's secret when I return to the theater you Expect to work again, but of course I do I'll be out of this wheelchair very soon now. Well, I Well, that's good news Alma You will tell me what happened to me the night of the accident It was the equipment wasn't it the equipment was all right Carlos. You slip. That's all but I couldn't have I had done That trick a thousand times. Why did I fall through that trap door Alma? Why? Carlos you mustn't get excited for you see how your hands are crumbling Let me hold them in mind for a moment there now Mrs. Canestro dinner is ready. Will yourself into the dining room will you I want to say something to Alma very well Cut it come back again soon Alma But I have to say won't take long Alma. Mrs. Canestro what you saw didn't mean a thing I don't want to hear any lies.   You'd better be pretty nice to me. Mrs. Canestro or I might tell the newspapers exactly why Carlos fell that night and You wouldn't want that Would you How you doing Patsy at the end of it Nick, huh 25 after 7 how'd you like to take in the stage show? Oh, that would be wonderful. I haven't been to the theater in months. Oh, I'll answer it. You get your head right Nick Carter speaking Oh Yes, I See Yes, I'll be right over No show nope not even any dinner that was Mrs. Canestro a wife of the great magician Well, what did she want? She wanted to tell me that her husband's been stabbed Been dead for at least two hours. Mrs. Canestro. When did you find the body only a few minutes ago? I opened the door and There he was with that knife in his chest. You ever seen this knife before yes It was part of Carlos magic act. He kept it here and he worked up with his other problem I suppose you've notified the police. No, not yet. I did not know what to do. I'll call them this All right, but get me a clean envelope first for you Patsy. Why did you find something? Yes? Canestro evidently tried to put up a fight. Oh the fingernails in his right hand I've broken as if something had been torn out of his hand and these bits of fiber were under his nails what? He looked like the stuff they make rope out of should I thought here put him in the envelope The rope trick mr. Carter. It is gone. What rope trick it is an illusion Carlos was working on He wouldn't tell me how it worked, but he said it was the most spectacular trick he'd ever created It was here on this desk only this afternoon. Oh trick as good as that would be worth of fortune to any measure That must have been what he was shouting about shouting. What do you mean? Well, we had an early dinner and I went up to my room about six yes, and a few minutes later I heard Carlos screaming at someone he was in a rage. I didn't think anything about it at the time Carlos was always Excitable remember what he said. He was shouting. No, you cannot have it. No one can have it You haven't any idea whom he was talking to no I haven't people will always dropping in he go to the door and his wheelchair let them in himself That is how I'm a whiting got in this afternoon. I'm a whiting. Isn't she a magician too? Yes, she was She was here this afternoon. Maybe I better talk you will find her at the Elton theater Competing for the Fulton award. Say I read about the Fulton award in the paper today Yes, it's a $10,000 prize for the best magic trick of the year. Isn't it? Yeah, maybe Could not have been now, but she left an hour before this happened just the same mrs. Can that's true? She may be able to give us some information. Patsy get that police call through better way We're going to see a show tonight after all I beg your pardon mr. Fulton who let you into my box. I distinctly told the names Nick Carter Nick Carter they detected that's right. This is my secretary Patsy Bowen. Well, I'm happy to meet you both I'm sure but what are you doing here? I'd like to talk with one of your performers Alma Whiting thought perhaps you could tell me when the best time would be but Elmer's on in a few minutes Is it something urgent? Is if you call murder urgent letter Carlos Canestra was stabbed to death about 6 30 this evening Canestro stabbed I I can't believe it.  No, no Canestro dead the greatest magician the world is ever known dead. Well, can you take us backstage and introduce us to miss Whiting? Oh, certainly. I'll take you back just as soon as my fellow finishes his act. He's nearly through. I have to stay and judge the contest tricks, you know This is the contest trick coming up Do you suppose that rope could be the one? Oh, no, but I hope to find out before long Watch a step miss. Oh, could it dark backstage here? Oh, there's Alma Alma Alma. Yes, this is mr. Carter and miss Hello, how do you know something terrible's happened? Canestro is dead Is what you were stabbed about 6 30 this evening this white killed him That's what we're trying to find out you mind telling me where you were at that time I was right here in the theater rehearsing.  That's the audience laughing at well That's the comedy magician going on after my fellows act Oh, do you want to talk to my fellow to mr. Carter? Yes, I do. I'll get him right away Mr. Carter, I don't understand this. Why would anybody want to kill Colas? Well, Mrs. Canestro thinks it was a steal a magic trick he just perfected. That's ridiculous and she knows it Nobody who knew Carlos would do a thing like that. Why not because he Well, I mean they know they couldn't get away with it. Why not look I've got to check my props I'll talk to you when the axe over that all right. Okay. Thanks What do you think make something she isn't telling us that's it I don't know whether she's afraid of me I thought this was a magic show. What's the idea of the clown act comedy relief? I suppose killed time while they strike one night and set up the next mr. Carter This is Marvello one of our best magicians Yes, you'll excuse me won't you mr. Carter. I have to get back to my box before Alma's act start sure go right ahead mr. For you Marvello, what time did you get to the theater tonight about six o'clock anyone see you here at six certainly I spoke to miss Whiting as I came in I say you're her alibi and she is yours What are you getting at the solution to a murder? I hope Of Ella, where's the rope you use tonight? Well, I have it right here in my coat book It's funny now. Don't tell me it's disappeared. I Know no, no, of course not. I oh Here it is in my left pocket. I thought it was in the right one. That's all I see Man of a barlet well my rope For what I'm sending it to the police laboratory police.  Yeah The first fibers we found under Conestros fingernails are from the same rope that Marvello used it'll show up Look what you may have another rope for the sergeant to pick up look what Alma's doing out there on the stage Yeah, what's he doing up there on that platform? Let's listen Ladies and gentlemen from the audience have examined this rope to be sure there is no trickery They themselves applied the rope firmly around my neck To rope tricks tonight. I've seen the rope tested with a heavy sandbag You'll see with your own eyes that it does not reach within eight feet of the floor Hey, she's gonna jump off that platform with a rope around the neck. That's it Of course as soon as you fall she'll be out of sight behind that screen. I'm glad it's her instead of me My hands are securely tied as well as my feet. Looks like a good trick By the committee from the audience Conestros rope trick though. She may find this is only a rehearsal for the real thing Nick she jumped. Yeah There shouldn't be a dead poor like this Why doesn't she come out from behind that screen or whatever she's supposed to do? I don't know That's something's gone wrong. Look those men. They're running back at the screen Coming up over the footlight. That's it something has to come on At the end of a rope the rope which he hoped would win her the $10,000 foot on the board Swings the lifeless body of Alma fighting. We'll see what happens in just a minute Well folks, this is your last chance to get in on the old Dutch cleanser jingle contest The deadline is midnight this coming Saturday. So get going now and wham Maybe you'll be the winner of a brand new 1948 super deluxe 4d8 four-door sedan just for thinking up a last line to this jingle for faster cleaning with new ease Just say new post-war old Dutch, please with activated Seismatite tata tata tata tata you give us a last line only something to rhyme with seismite Get your pencil now and I'll give you a sample ready both sink and tub come shiny Right, that's not a winning last line just a sample get a handy entry blank from your dealer or use plain paper mail to old Dutch cleanser box you Chicago 77 Illinois got that box you Chicago 77 Illinois include windmill pictures from two labels of old Dutch with each entry any resident of continental United States may enter Except cut if he employs their advertising agency or families entries are judged on originality suitability and apness must be the work of Contestants and submitted in their own name judges decision final all entries become old Dutch property duplicate prizes for ties Remember Saturday midnight is the deadline get your entry in now Now back to the case of the magic rope today's adventure with Nick Carter brought to you by new post-war old Dutch cleanser as The police clear the theater the body of Alma Whiting is lowered to the stage and Nick Carter begins his investigation Next with Nick what happened what went wrong? I don't know Hey, does anybody here know this trick? How does supposed to work? Who are you? I'm Sam Foster. I do the comedy clown act Well, what was the trick she tried to do as she was supposed to jump off the platform onto the stage But the rope was too short for how to reach the stage I was watching when they tested it with the sandbag I know but there's about five foot of slack concealed in that crossbar the rope hangs from oh Alma could release it by stepping on a foot switch on the platform Then when she hit the floor she could grab the rope and yank it tight with her hands to make it look as though She was suspended in midair. Mm-hmm the audience couldn't see her behind the screen of course her hands were tied Oh, no, no, no, she got them loose during the pattern before she jumped Now my part of the act was to come up through the trapdoor in the stage and take a play Oh, I see then she'd step out in front pull away the screen and instead of Alma being suspended there The audience would see me in this clown suit hanging from the noose by my feet All things took only about five seconds Then the trouble must have been with that foot switch that was supposed to release the extra rope Yeah, something must have gone wrong with it. Show me that switch William. Sure. Sure works by electricity Yeah, see this wire running up the back of the platform to the Hey Look Nick the wire has been caught well For the second time tonight Patsy. We're face-to-face with murder Nick what's the idea of coming back here to Canestro's house? Remember what Alma Whiting said that no one who knew Canestro would have killed him to get the rope trick Yes, but I don't know what she meant by it neither do I but I think perhaps Mrs. Canestro does Mr. Carter sorry to disturb you Mrs. Canestro Please not now come back tomorrow. I'm sorry, but this can't wait Nick's trying to help you Mrs. Canestro. Nobody can help me now Carlos has gone dead Maybe I should be glad he's at peace now. No more suffering no more No more what? Had he been ill? No No, except for the lame. This is health was perfect. What was wrong then? His mind his mind who said anything about his mind Well, Alma Whiting told me that Alma Whiting I might have known Look, Mrs. Canestro your husband was a famous man a public figure You can't hide important facts about a man like that, but I had to his public knew him as the great Canestro a name that meant as much in the theater as Bernhard Caruso Pablo Of course I could not shatter that illusion I could not let the world know that the great canestro had Lost his mind. Oh, that's awful. So that's what Alma meant by saying that anyone who knew canestro wouldn't steal his trick Alma knew that is what caused his accident his mind snapped during the performance that night and he fell Alma is the only one who knows you say no one else suspected your husband's condition. No You always talked rationally when he had visitors. He'd boast about the new illusions. He was creating Poor pitiful little tricks that wouldn't fool the baby. I knew his rope trick was no good, but I know someone's at the door. I'll go Why hello Carter Marvello, and I stopped by to see whether we could do anything for Mrs. Canestro I'm glad you did mr. Fulton. Come on in you too Marvello. Oh, thank you Oh Patsy, are you and Mrs. Canestro coming to the workshop here, please? I want to try and experiment An experiment don't tell me you're going to try to produce rabbits out of a hat mr. Carter rabbits No Marvello. I'm going to try to produce a murderer You mean you got us all here in the workshop just to tell us canestro's rope trick was worthless mr. Carter Well, I thought you might be interested in knowing it was worth about 50 cents the cost of the rope itself Then that proves I did not steal it. You saw my rope trick. You heard how the audience applauded Marvello I got a report from the police laboratory on that rope you use tonight the fibers match those I found under canestro's fingernails Perfectly, what are you trying to say? I'm saying that your rope is the one that was stolen out of this room early this evening the rope somebody killed Carlos canestro No, no, I did not do it. It is a lie. I'll tell you who killed him Mrs. Canestro did it what she was widely jealous of Alma and Carlos everybody in the profession knew it That is a lie then after she killed him It would have been easy enough for her to sneak backstage and cut the wire on that foot switch a good theory Except for one thing what's there Alma Whiting left me to check her props just before I talk to you Marvello And she certainly wouldn't have overlooked testing anything as important as that switch her life dependent on it Naturally, all right then while I was caught after she tested it in the last two or three minutes before she started erect And at that time we were all standing within a few feet of the platform that contained the switch If Mrs. Canestro had been there, I'd have seen her so you're trying to put the blame on me Oh, I'm not you were talking to me all during that time then Marvello couldn't have done it No, he couldn't and nobody else was there except the stage hands. Well, I Think we can count them out. Mr. Fulton. They'd have no reason to kill either Alma or a conestro But that does not leave anyone but quick watch him. He's getting away. Hey, where you are foot and caught her put away that gun You don't seriously think that a man in my position. I don't think Fulton. I know Here Patsy you hold the gun while I frisk him. Well, this is ridiculous I could buy and sell canestro a hundred times Why should I steal anything from it because there are some things that money can't buy and that rope trick was one of them You're being silly. Am I?  No, there's nothing on him. Keep him covered while I call a police car. Uh-huh Police headquarters and hurry Oh Patsy. Yes, Nick. Patsy, uh, look at me for a minute. Yes, Nick. And you see any thing He got the gun away for me. Yes. Thanks for looking at Carter instead of me miss.  Yes, you were right about that I thought so I've always wanted to own one great trick one real illusion that no one else had so I tried to buy The rope trick from him, but he laughed at me said his trick was much too good for a mere beginner like me I flew into a raid and grabbed the knife off the desk and stabbed him. Yes He shouldn't have laughed and after you found out the rope trick wasn't worth anything You try to put the blame on my fellow by planting the rope on him, didn't you naturally when I brought my fellow across the stage Do you I took the rope he'd used out of his right coat pocket and put canestro's rope in his left pocket? So it was you who tried to find me. Yes, Marvello Even canestro couldn't have done a meter bit of sleight of hand and that what about Alma Fulton when I switched the ropes on my Fellow, I looked up and saw her watching me.  Sorry Fulton. I'm not moving get away from that door I'll put a bullet in you're not leaving this room. Oh Nick, please. He means it. I know it does and so do I All right, if that's the way you wanted While the others stand by dumbfounded photon at point blank range fires is revolving directly at Nick Carter's heart We'll see what happens in just a minute Now ladies the margarine color problem is solved mixing bowl mess ended by new del rich easy color pack margarine To color just need the bag no tax on your time energy or budget and del rich naturally tastes better Pressure because it's delicate country sweet flavor is sealed in a new American favorite Now for the conclusion of the case of the magic rope today's adventure with Nick Carter brought to you by new post war old Dutch cleanser In the workshop of Carlos Canestro world-famous magician JB Fulton makes a desperate attempt to escape as he points a gun at Nick's heart and says get away from that door cutter I'll put a bullet in you. You're not leaving this room for all right if that's the way you wanted All right, you're through playing with that gunfulton. You are please notice that I've got your cover to the revolver that shoots real bullets What happened that revolver photon has only shoots blank cartridges. I picked it up here in the workshop It must be the gun Carlos used in his act.  Oh that why there's nothing to it Patsy Huh? Haven't you ever seen a magician have somebody shoot a gun at him at close range and not until I saw Fulton do it to you Well, the magician announces what's going to happen Then he gets people up on the stage to examine the gun army officers if possible, and it's a real gun Certainly it is but after the guns been examined the magician's assistant makes a quick switch The gun that fires blanks is substituted for the real gun that's it and that gun has no hole in the barrel for the bullet to come Out of well, I sure wish I'd known all that when I was holding that gun on foot You see I didn't have a nickels worth of proof that falcon was guilty Patsy So I had to trick him into a confession I've learned from experience that a murderer talks a lot more freely with a gun in his hand Well, he certainly taught plenty I Guess it only goes to prove the truth of the old saying Oh, what I was saying is that I'll give a man enough rope and I'll hang himself And now The winners of the four nineteen forty-eight super deluxe Ford v8 four door sedans in the third new post-war old Dutch Cleanser jingle contest which closed March 13 Well, Nick, are you going to make the awards am I Mike? I've been looking forward to this all week Here are the folks who get those brand-new 1948 Ford's Eileen Brassfield of 2 2 1 Emerson Avenue Aspen wall Pennsylvania Mrs. Helen Hill McWilliams in care of E. S. West of 167 Park Street East Orange, New Jersey Mrs. Robert L. Perry of 2 3 1 4 West Adams Street Phoenix, Arizona and Mrs. Helen Jane stage of 6 9 2 6 Farnell Avenue Chicago, Illinois and let me add that I hope these lucky people get as much pleasure driving their Ford's as I had in awarding them Yes to all these Ford and other prize winners Congratulations and remember we'll have more winners next week So be sure to listen then and that reminds me Nick. What about next week's adventure?  Uh-huh and Mike? We'd still be locked in the cellar of that abandoned brewery if Nick hadn't figured out a perfectly fantastic way to escape What do you call the story Nick? I call it the case of the martyred rat Nick Carter master detective is presented each week at this time by the cut of he packing company It is produced and directed by John McGregor and is copyrighted by Street and Smith publications incorporated Charlotte Manson is featured as Patsy Today's script was written by Evelyn Goodman and Jim Parsons Original music is played by Henry Sylvain This program is fictional and any resemblance to actual persons living or dead is purely coincidental This is Michael FitzMorris saying when minutes count use new post-war old Dutch cleanser This is the mutual broadcasting system


Good day, fellow investors. I just enjoyed six hours of listening to Warren Buffett and Charlie Munger discuss and answer shareholders' questions. However, to save you six hours, I decided to just go through my notes and share you in a summarized time what went on and what I think are the key investing points from the latest conference. If you like such an investment mindset focused on Buffett and Munger, please subscribe to this channel and smash that like button. So let's start with the content so that you don't lose much time. Two parts with our lunch break. We're going to discuss the buybacks, intrinsic value, how the world is changing, how to invest, alternative investments, Apple holding, China, foreign stocks, Brexit, their home country buyers, Kraft Heinz investment, Amazon investment, massive defaults in the junk bond markets that could happen. The part two was a little bit slower. Charlie also almost dosed off at the moment. But okay, tech stocks, what's the tech mode, competitive investment environment, electricity demand from EV, cannabis, Anadarko investment, detailed versus overview when it comes to investing and how focused should you be on an investment. Acquisitions, compounding, is Berkshire better than an SAP 500? Index, investing formula on risk and reward from Berkshire, Tesla insurance on cars and online shipping of cars. Geico, Berkshire insurance and their auto dealerships Berkshire after Buffett and Munger 50% per year on a million dollar portfolio is possible to make in arbitrage. Let's start and don't forget if you haven't already to subscribe and smash that like button. So to go over the summary Warren Buffett started with his first quarter after tax earnings and here you have to really be focused on, okay, stock markets went up, therefore the next net earnings look extraordinary. However, you have to look a little bit higher at the operating earnings and then for the net earnings to take the real earnings of the investment and derivative gains and losses, stock prices going up and down that now have to be included into the accounting. You should go and look at their holdings, look at the earnings of those holdings and consequently connect those earnings of the holdings to Berkshire's stake in them and then attach them to the first quarter earnings. That's something we might do in another video down the road. The float, very important later we'll discuss insurance business 124 billion that Warren can invest freely without paying any cost of that. Then the first questions, the topic was really close to Berkshire buybacks, what happened, why didn't he buy earlier, more etc. In the last quarter he bought more than in 2018 and then he discussed how he would love to spend 100 billion on buybacks which would be 20% more of the company when the stock is lower but it has to be on a discount and it has to be below the intrinsic value he and Charlie attached to Berkshire. So as Manger says, when it gets obvious we will be good at it. And there are of course going to buy more B shares than A shares when doing buybacks simply because of volume. Now on the intrinsic value of the insurance business, how to value that unit was the question and he says that the biggest value of Berkshire's insurance business is the float. Not so much the operating earnings but the float as they can use the 124 billion for free and nobody's going to withdraw it forever. So it took a long time to develop. There are no interest rates on that. There are some earnings on insurance too but that's not the core of the business. Worst case situation, reinsurance, it's not a good business if you have the intention to pay claims when the disaster strikes. So they are keeping the capital required, invested it around in investments that have good returns, buffet investments and therefore Berkshire is the ideal form to own such insurance businesses. All big free insurers globally almost went bust in the last 30 years without a worst case scenario. So it's key the structure Berkshire insurance capital requirements the cash Berkshire has is key in having such a business. Not a good standalone business insurance is.  Internet infrastructure, furniture, impacting internet online furniture sales impacting Nebraska furniture market. That is a competitive but then again the business itself will deal with it and then going on to alternative investments. As he discussed how private equity closed end funds actually have low long term returns because there is a trillion committed to buying such assets on leverage which means free trillion chase private equity investments supply demand is not positive and it has changed from 30 40 years ago. So proposals that they get and the returns are not calculated honest honestly. So be careful with those new IPOs and also pension funds have to be careful where they invest their money. You have to check the motivation of the people who are selling such products because if they get 1% on a million that's a huge amount of money for them. And that's usually their top priority motivation. Lying a little bit to make the money is what Munger says. Apple holding the problem for Buffett and Munger is that the stock has gone up 100 billion in buybacks. The price lower is what would be very good for Buffett and Munger but unfortunately the price is going up. So that's what are they going to discuss not getting into the details and then Charlie simply says it in my family. The people that have Apple phones is the last thing they will give up. On China foreign stocks Brexit and the home country bias Munger says we will buy more in China. They don't have to disclose their foreign ownership so we don't know what Buffett owns in China or around the world. And they are not going to do that in the future because it's not required and why would they find more competition for their assets. They like big markets so they can probably only invest in 15 countries in the world. They missed some investments but okay they are always looking and he did just an interview with the Financial Times about the Brexit and how it doesn't impact his investment. If they find a good investment in the UK or in Europe they would invest no matter the Brexit. My key conclusion here is okay China we will buy more because they really really like China. On Kraft Heinz they said they overpaid not on Heinz but on Kraft 50 billion for 7 billion in cash operating earnings and it's a tough environment it's a margin fight with other brands and with private labels and some investments go good some don't 3G had a great track record of great investments and the last didn't do so well in this case Kraft so that's usually how it goes in the investment world. You cannot win on all and that's Buffett's message we will make mistakes in the future too. On the Amazon investment whether is that different than Berkshire's value investing or not well it's not material to Berkshire and it's not done by Buffett is done by Todd or Ted the other two investment managers at Berkshire and they are also value investors and this is very important because value comes in a lot of forms. So it's not just price to book value or earnings but they look at hundreds of securities they estimate the cash of the business between now and judgment day and then they decide on what they should buy. So it is about risk and reward obviously for one of those investment managers Ted or Todd the risk reward of Amazon was better than other things they had on their plates. Charlie describes Amazon as a pass as Bezos is really a miracle worker but Google for them was a big miss because they were using Google ads for Geico ads they were seeing what were they paying in relation to the cost and they didn't buy big on Apple. Also succession planning Ted Todd they're just investment managers Greg Abel are the operating managers so they're very happy with what is there and they really hope that Berkshire will remain peculiar as it is being different and this works better so as Charlie says sticks to us. On the massive defaults in the junk bond markets they say it's usual to have people like Ted and Todd analyzing what is going into default and what's the value of the defaulted asset so that they can buy it like they bought the assets in Canada. So that's why they have cash they know how to behave in panic and that's a great value of Berkshire as it is and as it will be in the future. Tech stocks the tech mode Munger says maybe we should invest maybe we shouldn't Buffett says we will not go into something just because somebody else is doing that most other people are doing that and he says how we missed a lot and we will miss a lot of them in the future that's not a problem as long as what we hit on is good. The competitive investment environment building a circle of competence you need to do a lot of reading and learn as much as you can about as many businesses and focus on those where you can know more than your investment competitors. Find small areas don't act too often and wait for the perfect pitch Buffett would say no one think very well it will give you an edge at some point in time and this is something so crucial I see so many investors chasing investments around the world what do you think about these stocks when what do you think about that stock and I am more as more and more research that I do as more I learn more I see okay I need to find a sector okay I know a lot about mining let's say copper mining and then I simply have to wait for those stocks to come to me when there is practically no risk and huge upside if you find five sectors like that and you wait a decade for those stocks to hit your risk reward you will have five ten transactions over a decade and you will make huge amounts because the risk is low and the upside is unlimited so that's what Buffett is doing and this is where I think the circle of competence is really so important on electricity demand from electrical vehicles Cannabis, Gregg said and there's Bill Gates in the corner there how they are investing it's a long-term process forum projects to development in the energy field they are investing they are investing the most in the USA so they are really focused not paying dividends like other energy companies so they are really focused on doing really well so we will put a lot of money into energy and one way of doing that is the Anadarko investment just a question at the end of the conference call where Warren Buffett commits 10 billion to Occidental for the acquisition of that but this is a typical Buffett deal no risk huge upside he will receive 100,000 shares of cumulative perpetual preferred stock with the liquidation value of 100,000 there you have the 10 billion with an annual 8% dividend he can redeem those shares whenever he wants and or he can hold them if those shares explode he will just hold the shares and get even more of his return of investment so he practically can't lose plus he will also receive warrants to purchase up to 80 million shares of common stock with an exercise price of 62.50 per share receive warrants so again no risk if Occidental stocks explode it's a huge win for him and he says that he would love to spend 100 billion on such deals of course these are deals that have very little risk and huge upside Charlie said I like it on investing in detail knowing about something very closely every detail versus having a good overview of the important things he says that you might miss the big picture when focusing on details if you know in detail the textile business in the 1970s it wouldn't help you it was a terrible investment it might be interesting to an analyst but little help to shareholder so we're always be careful when listening to analysts that know what's going on very very well on acquisitions other people are paying what we would not so they are leveraged they have no downside and total upside we will not be like everybody else so that's the problem why they are not shooting that big elephant gun because everybody else is chasing those assets and paying too much compounding they're slowing down to size but will do well what is better the SAP 500 or Berkshire Hathaway corporate tax on stocks is a downer for Berkshire but they say that if there is another bull market like this one they will probably underperform but if there is a bear market they will outperform so think about that whether you're considering investing in Berkshire or the SAP 500 Buffett says his estates will have nothing but Berkshire message to trustees ignore diversification keep in Berkshire Charlie I don't own any indexes you need free stocks not 50 if you know what you're doing so this is a clear message against the index funds own Berkshire Hathaway or something better something smaller where you can compound faster on what is their investing formula on risk and reward he simply says they haven't got one it's really being careful about accounting adjustments being careful about formulas and really understanding the business at the end there was the Tesla insurance car competition and online shipping from Tesla Buffett immediately said GM tried it other auto companies tried it and the likelihood of success of an auto company getting into the insurance business is the same as the success rate of an insurance company getting into the car business so this is a message directly to Elon Musk and he says I would bet against any company entering into such a venture they bring no advantage into the insurance business even if data is important but insurance is a tough business on the car business 6% gross margin on new cars isn't that much for buying a car online so it is a competitor but not dangerous because people will still go to the auto dealer services Charlie had nothing to comment on Tesla Berkshire after Buffett and Munger Munger says it's going to work fine how to make 50% per year on a million dollar portfolio he says mostly arbitrage but different way of arbitrage today and that would be with no risk 1 million to 100 million if you have 100 million to manage the return goes down like a rock it's doable but not on huge sums so this is the summary I tried really to get the most important things of what was going on the message is clear invest in businesses find good returns calculate the cash from today to judgement date from those businesses compare to other investments have a circle of competence know about something very well compare it to others have an overview a common sense investing mindset ok this is too expensive don't chase what other people do and over the very long term like Warren, like Munger you will do very very well the key is the very long term here we are measuring things in decades thank you for watching please subscribe to the channel we will focus more on Buffett's mindset on really value investing investing for the long term not chasing the crazy investments other chase and thank you for watching looking forward to your comments smash that like button share the video if you enjoyed it and I'll see you in the next video discussing Ray Dalio's monetary policy free and how will that impact and how will that change our financial lives financial markets and the economies over the next decade thank you and I'll see you in the next video


Thank you all for coming in from the great sunshine outside. Brewster, you put on a great party in many, many respects including this amazing weather and amazing spot. It was a wonderful thing. I'm sorry to those who are watching virtually that you didn't get to enjoy the California sunshine here in San Francisco. This next session is a long-awaited affair, which is the first discussion slash unveiling of the technical platform that some people have been working incredibly hard on. I like the title very much from Beta Sprint to Alpha Release, which we're about to see. I thanked before the heads of a bunch of different work streams, and I wanted to, before introducing my friend and colleague David Weinberger, to send a particular shout out and thanks to the technical aspects work stream. Martin Kelfadevic and Chris Freeland have been co-chairing that group. Martin and Chris, are you here? Give us a wave. You guys have been astonishingly good at this job and have been great partners both to the conveners in the work stream and the steering committee as we've been working with the technology development team, the interim tech dev team that you're going to hear from in a moment. Thank you to all who have been part of this. It's a challenge of course to do any distributed effort, but I think we're well on track for a 2013 release, but along the way we wanted to have something that we could push against and test some assumptions with and this team has been working round the clock to get to this point. I'm thrilled to introduce my colleague David Weinberger, who works at the Harvard Library Innovation Lab where he's co-director with Kim Doolin and his team, and they've been teaming up also with the Berkman Center crew and I'm sure you'll do introductions with this group. We have been blessed to have your incredible thought and hard work and this is an early stage chance to push around what they've done and there will be much more chance for input and discussion over the course of the next year. David, we look forward to hearing from you. Thanks for all the work. Thank you very much, John. It's an ineffable pleasure to be in this temple with you people. I get to call it a temple, I guess, not so much a church. Why don't we introduce ourselves? John's already introduced me, so I'm going to pass it to you, Dan. I'm Dan Collis-Piro with the Berkman Center. I'm a developer there and I am the point two developer on the platform. I'm Paul Deschner, I'm a developer at the Harvard Library Innovation Lab and also on the Dev Team. And I'm Matt Phillips, a software developer in the Library Innovation Lab and also on the Core Dev Team. And there are actually lots of other people, so this is the core and they're amazing. There are lots of other people who are helping at every level including the Secretary and Rebecca who can't be thanked often enough during this session. And Maura and the other work streams have been really, really helpful. So what we want to give you today is a taste of the platform. And the very first thing to say are slides up, by the way. Ah, okay, great. The very first thing to say is that what we're presenting today is the opposite of etched in stone. This is a proposal that's been written in software for reasons I hope will become clear. And so we want to give you an idea of our thinking behind this and show you some very quick demos. And I need to let you know, and you'll figure this out anyway, that the demos are all screen captures. They're all screen casts. But they were done absolutely live. They're unedited. We did them basically over the past day in my hotel room. So we didn't want to have to worry about life. Because I can't see these screens of course, but I'm told that the sun... Brewster, if you could stop the course of the sun in the sky, we would appreciate that. Working on it. Failing that, you may find a better picture through the live stream at this... Unfortunately, the only black text on white in the entire session gives you the address for that, which is you can go to either dp.la or you can go to livestream.com slash dpla. And you may get actually a better picture, especially with the wonderful Wi-Fi here in the Internet Archive. So a very quick timeline. We're going to try to do everything really quickly. There's a lot to go through. So we were constituted on January 3rd in... Oh, the middle, right? It's the third week of January. We did the initial build. Live data, live API. Of course, do all of this in public. With the idea that having people push against it is the best way of figuring out in an environment like this what works, what doesn't, and what might be useful. So we've been doing early builds. Then we built a bunch of scenarios. And Nate Hill and his group, we are talking together about the set of scenarios. But we made up a set of scenarios that we thought developers maybe would want, things they might want to do on top of what we're building. We did... We spent a lot of time putting together a scope document, sort of a technical overview and a proposal that's available. It's also on our Wiki. All the addresses are at the end. That lays out what we think is the scope, what we're proposing, what we're suggesting so that you can push back with the scope of the project through April 2013. April 5th, Martin and Chris are wonderful heads. They are amazing, awesome heads of the technical work stream. Put together a hackathon and you'll see some of the results from that. April 24th, three days ago, we did build .03, which has more fully developed schemas. It has a lot more data including the 12 million metadata records from the Harvard Library as well as 7 million from Library of Congress and more. And that brings us to here. Throughout this process, we've been gathering data, writing scripts, trying out different sorts of data right from the very beginning, making sure that we don't focus only on library metadata, but also the sorts of metadata that comes from online collections. We've been talking with lots and lots of people in the space, partners and potential partners, and we've been encouraging the development of applications that test out what we've been building. So, I'm going to start one big step back. Everybody here knows this, but just in case, as you know, computer software consists of there's often some data, some computation, some interfaces and a user interface that sits on top of it. This is also known here as the shiny thing. In a web application, running in your browser, same thing, except the web is in between the two and the UI talks to the back end. So, what's important for the moment is what our team is not building. We are not building a user interface. That's not part of our charter. I'm very happy to hear that the discussion of this, of the user interface and the need for one arising at this meeting, I think it's very important, but it's not what we're doing. So, we're gathering metadata and some content. We are planning, this is the plan anyway, to enhance that metadata in ways we'll talk about, provide a set of services that will be useful to developers and to make all of this available, not through a user interface, not directly, but through an API, an application programming interface by which programs talk to and use the services and data that a platform provides. And that's what we're building. We're building a platform. A platform consists of those pieces, at least in this definition. So, why would you build a platform? Well, you do it in the hope that developers will come along and they will build stuff that is gorgeous, wonderful, useful, a place where you can live and thrive and take advantage of all of the incredible metadata that's available in this ecosystem and some of which metadata will be available through the platform. So, in a little more detail, you have the platform there and then you have some data sources underneath it, nodes, for example, online collections, library collections, DPLA digitizations, perhaps some stuff from the web, perhaps some stuff from users. We'll talk about these in a minute. And on top of a set of applications that we hope developers will build and they will amaze us. We don't know what, this is the central conundrum and the central value of the platform is we don't know what people will build and the platform is successful to the extent to which developers surprise us because it's a platform for innovation. So, we hope that developers will make incredible, useful things, users will come to those applications, and we also hope and expect that other sites that already exist or maybe some that don't quite yet will use the data and metadata within the platform to enhance their own offerings. Whether it's library of the future, I'm going to give you a plug, I might as well give it the right URL, libraryyourfuturelibrary.com or if it's maybe another end of the scale of Wikipedia simply in terms of the number of users at this point. So, why a platform? Why do that? Well, in order to get more value from the objects of culture that are spread out, distributed across the environment, we want more people to find them, more people to understand them, to share them and to do things with them and also so that the cultural institutions, whether they're real world or online or in between or both, that they find benefit in what we're doing as well. The platform should serve both. So, even though I just said we cannot anticipate what developers are going to do, we've done some scenario. We have to sort of anticipate some of it. So, here are six extremely quick scenarios of things that maybe people will build. So, for example, somebody might build a library browser, an OPAC for children or somebody might build library analytic packages. That's the sort of thing you could do with the sort of platform that we believe we're building. A local historical society that has a collection of documents or images and wants to make them more available, more findable by the public might find this platform useful. Another site, for example, Wikipedia, might find some of the data that's in it useful and likewise absolutely go any other direction. Wikidata is a really interesting project, for example. There's lots of different sorts of social applications that could use the metadata of the sort that we're contemplating. Books and cultural items are social objects. Social groups form around them. That's the point of cultural objects. They form culture around them. And that requires social formation. So, maybe somebody will build some social applications on top of the DPLA platform. And within the DPLA platform, we hope there will be such a richness of metadata that people will do computationally intensive work with it. So, those are three simple sort of scenarios. There's sort of one more piece of this sketch, which is, in addition, so, of course, what we're building is open source software. And on the one hand, we would find it incredibly valuable if there were various types of connectors that made it dead easy for nodes and for other institutions and even users to contribute their metadata into the platform and to have a two-way programmatic conversation. And in addition, on the right-hand side, there's... We want to make it, we think, this is a proposal, that a local institution that wants to use this platform, of course it's open source, so they can just get all the software and use it however they want. But there are things that we can anticipate that would make it more useful to local institutions. We can perhaps build that or help somebody build that so that a local institution can get the same sorts of advantages out of its own metadata and building local applications on top of it. And, of course, that would optionally feed directly into the DPLA as well. I think that's technically known as a win-win. We don't know what to call this. We've thought about calling it a deplet or, in a less gendered way, a diplet or a dimple or a dumpling. And we tend to, I think, be calling it a dipling or a diplet just informally. It's possible it needs a better name. So three big sessions of what we want to talk about today. The first is the challenge of the task of gathering interesting metadata. We currently have a whole bunch of metadata that we've ingested, that we've brought in, including, as I mentioned, Library of Congress, 7 million mark records. Harvard has the 12 million biodiversity heritage. It's just about 50,000. The Bancroft Library from California. We have the University of Illinois, Urbana-Champaign collection, San Francisco Public Library images, old SF, that's 48,000, a little resource called Reporters' Resource that has 600 scientific reports that are of particular interest to journalists. We've also been experimenting, because why not, with bringing in some web content on the grounds, and you'll tell us that this is not where you want it to go, but on the grounds that if somebody comes to the DPLA and they're looking up a topic, there may well be some stuff on the web that they would benefit from if it were returned in the results. So things like TED Talks, Google Author Talks, NPR broadcasts about books. We've brought in that metadata as well. And then usage data in addition, which we think has the potential to spur lots of innovation. There are lots of issues around usage data as well, circulation data and books on reserve and things like that. So we've been gathering so far through custom methods. We've been writing scripts. If it's a Mark 21 record, the standard book format, it's pretty much automated. We'll just bring it in. And likewise for other sorts of data as well. But we absolutely recognize that custom ingestion it doesn't scale. We needed to do that now, but it doesn't scale. And so the idea is that ingestion will be done through an API, through an ingestion engine from nodes. The joy there is so they'll remember to make a node to joy. Joy to nodes? Node to joy. Which I think I'm going to skip. As well as perhaps from individual institutions, from other perhaps websites. And then there are the deep and difficult issues of maintaining and scheduling and syncing and correcting in two-way dialogue. These are very, very difficult issues that nodes offer some serious advantages in this regard. And I want to thank the content committee again for their help with this. I look forward to more help. So Dan is going to... So I'm going to show you a couple of quick demos and we're going to jump back into sort of boring exposition, which is my job, and then some more demos. So here's some demos of some things that have been built. And as I say, all of these are screen captured but very fresh and unedited. All right. Dan. Thank you. So I'm going to show an experiment that developed at the Dipla hackathon. And this was in collaboration with a couple other developers. And what I wanted to do is make a more visual way to browse and query the Dipla API, sort of allowing you to refine a set of queries and then sort of stack criteria on top of them up so that you can get a more refined result set. So I'm going to start this. This is live as well. So you can play with this now if you feel so inclined. So we're going to enter a keyword search across all 19 million records for a monkey trial. And you can see that this is going to find a number of relevant results. And then this is filtering based on the Library of Congress results as well. The covers are coming from openlibrary.org. So we're calling out to another open API. So now we're doing a search for creators, so authors for Collins. You can see that that returned 10,000 records currently. And we're going to refine that search by putting in the name Suzanne. And that, again, is going to be against the creator keyword search. So now these covers are being loaded by, you know, from openlibrary. We're going to, you know, filter again on Library of Congress records. And then we're going to go down, look at the... So there was 25 results. So that's a pretty tight result set for an author. And you can see the Hunger Games here. When we click this, we're loading external jackets from the library thing, openAPI, and then this is a link to the library thing page as well based on ISBN. If we click this cover, then we're going to go to the openlibrary page. And if this was something that we could read online, then we could borrow that, you know, and then we could read online or borrow it through WorldCat as well. So that's one example. Thank you. Thank you. So the next application is another experiment from our hackathon. Developed over the course of a few hours one day. Basically responding to the challenge of how you can visualize the facets that can be returned with any query to the API, how can you visualize them in a more intuitive way? Typically they come back as text rendered results. So this is one attempt to address that issue. So we do a keyword search on Darwin. We get the results back, and it's looking at the facets for subject, language, author, and year. In the top section, we have different rectangles of different magnitudes showing the relative importance of the various facets. The timeline of the years of publication of the books that were returned in the object set, and then we have a word cloud that expresses the same sort of idea. The second search is, of course, monkey, and we get a similar display here with the various facets that are returned, shown as rectangles of varying magnitude. The next application is actually one that wasn't developed at the hackathon. It's being developed at the Innovation Lab to address the issue of how to help collection managers in libraries be able to assess their collections based on statistical information. It's a data set that we hope we will be able to include in the DPLA at some point, not too far in the future. We happen to have that data internally at Harvard and are using it with this application, but it shows you the sort of thing that can be done with circulation statistics. It's using the data that we have in this particular case of checkouts for books in the time period of 2002 to 2011. It's also looking at the subjects for the different items based on their LC class numbers and the year that the circulation event happened. If we look here, we see a global presentation. The different colors represent the different subject areas. In the top, when you have language and literature, for example, with a little over a million records in our data set, then you do a specific keyword search and, in this case, on evolution, and you bring back the subject set of all the items that respond to that particular keyword broken down by subject classification and, once again, also by the circulation statistics. So a collection manager could look at this and be able to tell which areas of the collection are being used most for these particular for these particular kinds of interests. Thank you. Hello. Great. So one thing that this demo shows is that you can take a small slice of DPA content as opposed to maybe taking a big slice like Dan showed. So you might refer to this as the card in pocket in jQuery plugins. We have an old school card here. It's taking in a pocket, you know, like you would get in a library 10 years ago. So you pass this jQuery plugin, a unique identifier, an ISPN number, an OCLC ID, and you get back details on how the community has engaged with this item. So a number of copies or a number of checkouts. Right? So this is really easy. One jQuery plugin to install, maybe someone would install it in their OPAC or in a blog post. It's not kind of a whole thing that you need an army of engineers to install. So I like the idea of taking a real small slice. This is a project that came out of the beta sprint called Mint. So what it does is it creates a crosswalk between things that are in the API already. So when we bring things into the platform, we try to map incoming data to a set of standard terms. So maybe you can search over a title field and it can be, you know, pretty standard. But obviously when a data set is coming in from the wild, maybe someone calls it, you know, my title or book title or something. So Mint is a web interface that lets an end user create that crosswalk between my title and title and helps us ingest the data. So the next segment is how do you make metadata usable? And it addresses the problem that Matt was just talking about and that Mint is one part of a potential solution that's too strong, but a helper towards. So I think that each of these jelly beans is one of the items pointed to by the platform, by the DPLA meta collection, except that way out of scale. In fact, you should drop back by some orders of 10, hours of 10 this picture and you have more like the some sense of the scale of difficulty. And the issue is, as Matt says, that there are, there's, as is well known, there's not uniformity about how to label things, what either the label should be or what the contents should be. So things that are the same have different metadata attached to them. This is one of the key difficulties. And so the challenge is to get enough detail so that it's useful, but not so much that you scare away contributors by requiring them to do extensive mapping and something they often are not familiar with. And also to do this in a pretty rough and rapid way, because April 2013, that's basically tomorrow. So we're trying to do this as imperfectly, but as quickly and usefully as we can. So what we are proposing and what we're trying out so far and seems to be actually pretty good is to have two types of schemas. So on the one hand, so you take one of these jelly beans, you take a thin wrapper around it of pretty predictable standard data. Most things are going to have, not all of them, but many of them are going to have a title, a creator, a publisher, a license, whatever. Fairly small set, express that in completely standard ways. So we are proposing smushing together Dublin Core and schema.org to very well-known standards. But then there's all that other goodness on the inside of the jelly bean that you, it isn't in the standard format, but may have tremendous value. So what we're proposing is that we maintain all of that data, not try to put it into a standard, into a standard schema, for the reasons I mentioned, but keep it so that if somebody knows what data is there, he or she will be able to get at it programmatically. And there are absolutely pros and cons to this. The pros are, well, it makes it much easier to ingest this two-part proposal. Much easier to ingest, you get a big chunk of stuff that can be searched across all of the contents that it's searched for title, will turn up titles of lots of different sorts of collections, and the rest is still there. We're not throwing out any data. But, on the other hand, to find the stuff that's not going into the standard schema, the simplified schema, you have to know what you're looking for. And we will make the schema, particular schema available through the API, but you have to, that is the documentation about it, but you have to know what you're looking for. And it's certainly the case that doing this purely through linked data internally, because we will support linked data out and in, but doing it internally will give some tremendous advantages for making connections among all those different jelly beans along likenesses and similarities that a schema cannot predict. And on the third hand, April 2013, we also have questions about scaling up linked data, which, so here's a proposal to the DPLA that it would be, I think, wonderful if DPLA sponsored some research will give anybody who wants it, they have all of the data, of course, and the API specification and try to build it using linked data internally with a triple store. And if it scales, and if it works, that would be fantastic. That would be amazing. In the meantime, we will charge ahead with a more traditional approach to managing this data. So, we currently have three schemas, three types of information that we're tracking, the item information, the item information, contributor information, and event data, which is circulation and other sorts of events. We will also have a creator schema, but we're, with all of these, we're very interested in having a discussion about what you think should be in there. We want to do as little recreating as possible. And we hope, well, we think that there, but this is for the DPLA to decide that there's room for a user's schema as well, but tracking some level of information in the course with privacy and security built in, but information about the users of the DPLA is maybe a terrible idea. It may be a good idea. We want to suggest some reasons why it's at least something to think about. So, Matt? So, people like putting things on shelves, right, in the physical world. They like putting things on shelves that they want to hang on to in the long term and the short term. There's a reason why that can't translate to the web world, right? So, this is a project we've been working on in the lab and developed an integration with DPLA called Shelf Me. I've got a little bit of a video here. So, this is my personal Shelf Me page and I have three shelves, one called Mapping the World. And these are the things that I've put on my shelf, right? So, these are books. I'm going to add a new one here. I'm going to search for a new book. I like that one. And I click the bookmarklet. Say, add to my Shelf Me page. Shelf Me extracts some metadata from Amazon here. And I have to do a little bit of cleanup because this is a beta version. And now I've got that item on my shelf. So, I took something from Amazon, put it on a list of things that I'm calling Mapping the World. And you'll see that I have details of this thing in the course. And so, this is from Amazon, but it can come from anywhere. Right now, it can come from IMDB or Music Brains or Dan's Cover to App. So, we did a quick integration here. Let's search for map.  Let's say I want one of these things. I want to put it on my shelf. This Italy builds book. That looks really great. Let's clean up because this is a beta version. And now I'm adding it to my shelf. And so, here it sits right next to my thing from Amazon. This could be sandwiched between something from Google Books, maybe something from IMDB, anything on the web. So, this is supported for multiple users, for multiple shelves at Shelf.Me. We'll be out pretty soon. I have another thing to show you here called StackView. And StackView is really the engine that powers Shelf.Me. And StackView is kind of this general purpose tool that we've packaged up and put on GitHub. And we hope people will use. We did an integration with DPLA. So, you can pull results in and build a stack from lots of sources. Here's one from Amazon. You can scroll through this stack. You see the books are represented in dimensions you might find in the real world. The length comes from the length. The number of pages. And the color comes from maybe some heat mapping. Here's an example from Google Books. I can scroll through. Here's one from DPLA. There are also examples from OpenLibrary and Worldcat on this page. Again, this is a production project that's on GitHub. We hope you'll go and grab it and build a DPLA-powered stack. Thanks. So, this is in some sense a small widget. It's taking a list of books coming from a variety of sources including DPLA and it's presenting it in an appealing visual way. One of the hopes is that since this is open source that people will build widgets as a way of very easily embedding content from the DPLA into non-DPLA sites, whether it's a blog post or a local library that wants to give its users the ability to navigate visually through the content of that library, of the DPLA's metal library. So, I wrote this. So, this is a toy. This is the opposite of ever being production ready. This is from the hackathon. So, the idea is DPLA does not have lots of works that we don't have covers for. So, let's say you do a search on evolution and you click on the result for dreaming in the dark and you say, well, I'd like to get a cover. So, it goes out to Flickr and it pulls back what it thinks are relevant covers. You pick one, you crop it, because you're a good citizen, you correct the capitalization, get rid of the punctuation mark that shouldn't be there, and then if you want to, you can add a new background to the banner. And then you do the important thing and the thing that absolutely doesn't work, which is you save the cover. That's DPLA, but it's not saving anything to the DPLA in part because we don't have a concept of a user. And this one of the questions for DPLA is there room for a concept of a user? I should point out these are the four images that came back from Flickr. The title is Dreaming in the Dark. The absolutely most terrifying one you could pick is the one on the right. That would be the wrong cover to pick for dreaming in the dark. I hope that's the nightmare version. So, this is a demo from one of the beta sprinters known as ExtraMuros, it's now called Ziga, that James Burns there contributed. And so here's the idea. First of all, you log in. Ziga is this phenomenal tool for pulling in images and content of any sort from any site that has an open API and then letting the user construct beautiful narratives from this, walkthroughs of it. In this case, we've done a search at DPLA. It's come back with some raw data. We said, add it. This again through a book market, which it now has done. It has taken the first 10. It's brought them in. You can see the metadata that's been pulled in quite accurately by Ziga from the DPLA's collection. And then we're going to start adding these images to a collection. In this case, the collection will include what you're looking at now, which are images from Boston Public Library. Ziga doesn't care where the images come from. You pull them all together. You make a collection of images and sound and video and then construct it like a deeply personal walkthrough, a movie. So this is a type of integration of another application that adds, I think, tremendous value to the content that people have contributed, institutions that have contributed to the DPLA. It's also the possibility of taking those collections that users have created and bringing that information back into the DPLA, because it's incredibly useful semantic information. Of course, the user would have to opt into this. But that would be, I think, just an amazing roundtrip. So there are lots of types of enhancements that need to be done to the metadata. All of these are impossible to do really or even to do well. These are well-known computational problems in the field of library science. So first is Uniform Title where you have a set of books that are basically the same book, but they have different titles to them for whatever reason. And so you want to get those together so that when a user does a search, she finds all the books and other works that she's looking for. And Paul actually has done a lot of work on this. Uniform Title is, I think, the sort of thing that we can do successfully. But then there's a whole other range of ways in which books are related. And it's an open-ended field. This is a deep and very important problem. And we need help of all sorts in dealing with this. Likewise, pulling together books that are recommended or providing information to somebody who develops a tool that's going to make recommendations. And then the inevitable deduping, the removal of duplications, is a game when all their metadata may be different. And doing this across collections, it's very difficult. There are people working on it. It's a deep, deep problem. And again, we look for help. We will do the best we can, but we need help. So how to do this? Well, you want to make it... The aim of this is to provide a platform that gives access to metadata and through the metadata to content that makes it very easy for developers to work with it. At the developer's point of view, the developer is going to see outputs. And that will include the core, simplified data that we talked about, access to all the data that's brought in, all the metadata, and even getting back to the original records, having information available as data download. You just want all the data. Go take it and do what you want with it. And through linked open data, both coming in but also going out. So here's the last demo, and this is coming from Dan Brickley. And he's narrating it, so I will simply stop. Zoe Bybutovic and I created this demonstration of one way the DPLA platform can play in the world of linked data. What we're doing is using topics and entities from linked data to create entry points into diverse DPLA collections, as well as into other aggregations like Europeana. For this first demo, we're using manually collated results, but we're happy with what we're seeing from the platform APIs, and a live prototype in a couple of weeks. Our top level navigation uses RDF data from Freebase, which itself aggregates linked data from Wikipedia and others. We've filtered those for use in DPLA and generated per topic, per artist, and so on pages. Here we see a simple A to Z listing of art movements, where each entry is in effect backed up by a miniature database of associated information. So let's jump into the abstract art entry. You'll see how each page forms a link with data from DPLA and elsewhere. The idea is to cross reference across collection types, books, images, museums, etc. You'll see here items from the DPLA meta collection, and later on some images from Europeana. As we scroll down through the entry for abstract art, you can see how new modules can be dropped in as the DPLA collections grow. These entry points are built from linked data, with which we can generate appropriate queries to send off to the DPLA and Europeana platform APIs. This lets us generate new pages today, but this kind of micro-site will benefit greatly as these platforms and collections move towards providing richer linked data natively. Our approach shows how DPLA can hook into the linked data ecosystem and how linked data lets us build browsable navigation systems on top of the DPLA platform. Dan is amazing. He's many time zones away, but he is just wonderful to work with. So we had a hackathon April 5th. The last little bit of video to show you is, in fact, a two-minute round-up. The videography is horrible. We are glad everyone could make it on relatively short notice. Thanks to the Berkman staff. I'd like to introduce Chris Freeland, the co-chair of the time group screen. Hi, Chris. Pulled together a tiny ruby script that basically took a query, in my case, monkeys, and grabbed four fields, used that file as input into ViewShare in an attempt to build views like having a pie chart showing groupings by the data source. For instance, I did the monkey search as inspired by Corey, and I find that there's an author here, David Lipsky. He came back and tells me that there are three different David Lipsky's that it knows about being able to generate lists from queries to the DPLA and placing them on a map. And Joe locates your position through your browser, and it finds the three nearest local public libraries. In version two. One of them happens to be in the middle of a river. So I was just working with the James and Nate a little bit to help them hook up wiki-media images into their map because they also wanted a little image now. This is a query for butterflies. It's the first 20 results, and it puts them all on a timeline. It's easier, but you can see butterflies, what people have thought and said about them very slightly. Well, I created a really simple Python library wrapper for the API. Define facets that you want, define sort parameters that you want. One of the things that we've wanted to do, but haven't had time to do yet, was to go out and get related IOC. OCLC has an XID service, they call it. There's a suggestion when the ISPN shows up they can call out, get the related items, and create a work in firmer speak. That's the work level. That was really great in just a few hours to get all that done. So again, I do want everybody. Yeah, that was that was an amazing day. I want to thank Martin and Chris again. So those were most of the ones that you didn't see send me live here today. That was all in one afternoon. That was to me astounding. I think it made us all feel really, really hopeful. An amazing set of people as well. So thank you for coming. Okay, so April 2013, here's what we think with a lot of help. A lot of help from all of you. We can get to working API and ingestion engine work. It's going to be it's not going to get everything, not even close, but it will be we hope, automated enough. Pretty good collection of worthwhile material that is metadata that's pointing out to many of the astounding collections that are available as well as whatever digitization the DPLA is sponsored. We hope something like Internet Connectors to be specified. And we hope lots of community developed apps and integration with sites large and small. We are not doing a front end. I think I've been clear about that, but I also want to point out the following. The metadata will be incredibly messy. It will be nowhere near that you look up something and you get everything back that's relevant about it. We're dealing with metadata that's coming in from as many rich sources as we want. Sources that were not designed with supporting the DPLA or being even interoperable in mind. The ingestion will be clunky. It will be, as Paul says, perhaps have a mild case of indigestion. It will, we hope work and support the set of nodes and collections that will make the platform worthwhile, but it's going to be really hard and difficult and uneven. And most of all we can promise that this will be wildly imperfect. It will be an alpha at best. That's what we're aiming for, because a year is not very long. The only way we can do this is with help from you as individuals, from your institutions, from the work streams, from the mailing lists, from other labs, from other application teams that is the, and by reusing massive amounts of code it's an open source world. So we need, this is a plea for help because this is a gigantic undertaking. But we think that we are headed that this approach in general with all of the room for argument and discussion and improvement, that this approach in general of building a platform that gives open access to open metadata through a set of services that will support what developers want to do has the possibility of generating the type of innovation that the web itself was designed for. These are some links. Thank you very very much and we look forward to talking with you and thank this team which is an amazing, awesome team. I believe we have two minutes for questions. We'll do our best. You actually have an API that we can write apps against. Is that what you guys are doing? Yeah, that's all this. And some of those links will lead us there, is that it? Yes. Great. Everything that you saw was live in my hotel room against the API, against real data in real time. Absolutely. Please, kick the tar out of the API and let us know. Cool. Just a request to put up the URLs again, please. Ah. I was just wondering what I see that you are using PHP and I was wondering why you chose PHP. I'm not going to answer. In my opinion, the language doesn't really matter that was a common language that one of the common languages across our team so it seemed like an easy choice or certainly not very to it. I've built stuff against the API using Ruby and Rails and just my app that I showed the covered app is purely client-side so it's just a choice. If you have further thoughts about that see us afterwards, get on the mailing list, we would love to hear from you. And somebody else is going to have to tell us to get off the stage. One question? Just how much content is available today through the platform? If by content you mean metadata? No, content. Ask this. So this is a metadata server? We are not aggregating content directly. We don't have a repository for content not at this point. We will for DPLA digitizations which don't yet exist but the primary, the first aim of this is to aggregate metadata that will point out to content. 19 million records though. Thanks.