I'm so pleased to introduce our panelists today. We have Hasmin Guzale up first. She is the co-founder and managing partner of I Think VC, which she will tell you more about. It is a early stage impact VC that focuses on capitalizing Paraguay, Uruguay, and Bolivia. We also have Luis Arbulu, co-founder, managing partner of Sulcantai Ventures, which focuses on a wide variety of impact verticals in the Indian region of South America. We have Santiago Alvarez, the co-founder and managing partner of Alive Ventures, which is a slightly later stage impact VC with a climate and gender lens also focused on Latin America. And we have Sandra Sainz, the managing director of Sonin Capital, which is an impact wealth asset management platform operating all over the world, but with a particular fund focused on Latin America. So so pleased to have this crew up here today. Let's give them a round of applause. Wonderful. And we are here today to talk about navigating exit opportunities in addition to navigating the exit environments that exist all over Latin America. As you all know, there are nascent emerging markets, more developed emerging markets within this region. And throughout, I think, probably all of our investment experience we've encountered a lot of challenge, a lot of opportunity, and a lot of questions about the types of exit environments that exist in this space. So to get started, I would love to do kind of a lay of the land. It's probably not a secret to most people here that in 2021 there was a massive capital injection of a venture investment in Latin America. It was roughly $15 billion venture dollars came into Latin America in 2021. This was more than the previous six years combined. And since then, a lot of this capital has pulled back. There's been a bit of stagnation. So I wanted to start, Sandra, maybe with you about where this 2021 excitement came from and what's happened to it since 2021. Well, I think what you're just mentioning is it's a global situation. It's not just Latin. So first of all, clarify that. Then where the excitement has gone, I think that the excitement is still there. But the thing is that now companies have a tougher time proving themselves before they get poor with capital as it was before, just from very early stages. The companies need to now, first check, go to and prove that they have sustainable business models and that these sustainable business models are the basis of the evaluations that they are presenting to the investors. So investors now are not anymore just looking into huge multiple potential, but they are actually looking into very unit economics of the business models and seeing if these are really, really capable of achieving the growth that they are presenting to investors and therefore giving return, the promised return to the LPs. So I would summarize it in a very simple way. Now I think that it has come to the very basics of what really is the value of the companies. And in that regard, for all the sectors that we are here interested in, which are the impact sectors, meaning sustainable companies that are fighting for sustainable causes or companies that are fighting for social problems, there's a huge potential there. Because these problems are only growing, as we all know. And there's an urgency, as these conferences have been all about, about solving these issues. So the companies that have the drive and the way and innovation to really tackle these problems are really going to have the potential to grow and to show their promised return to LPs. So I think that the fundamentals for them are even stronger than many other companies that are maybe doing other things that are not so relevant anymore, for the world, for the investors, for everyone. So I would start saying that when we say impact investing, it is now a better time than ever to do it. I love that. And one of the things that you said in prep for this conversation that I really appreciated was how there's all sorts of exit activity happening in the region that maybe doesn't receive the same degree of noise as exit activity happening in other regions. So there are several LPs that may not know about all of the opportunities that exist for your all portfolio companies to exit. Has mean, how are you navigating LP expectations in terms of timeline of your portfolio to exit and what their exit prospects might eventually look like? OK. Let me tell you a little bit more about, I think, BC. So we focus on emerging ecosystems within Latin. Within this emerging region of ecosystem, we focus on five specific countries. There are Ecuador, Peru, Paraguay, Bolivia, Uruguay. What else? I think, Peru, of course. And so in terms of LPs that want to invest in the Latin American countries and the Latin American ecosystem, there is a specific value of getting into know these five ecosystems that are, as we want to say, frontier ecosystems. So it's very important to understand the region as a whole and to understand that these specific five countries are emerging ecosystems that is very important to be their first to get the best seat. So the next question, maybe I can tell you a little bit more about what we do, how we think this. But our ecosystems are still growing, but it's very important to be there at the beginning. So for example, I was reading yesterday that within all the ecosystems in Latin America, Chile and Colombia has been the ecosystem with the highest growth. So my question is, who are they going to be the next two or three ecosystems with the highest growth? And they're going to be these five ecosystems that we are going to focus. So it's very important to look that Latin America is not one country. As United States, one country. There are so many ecosystems. And there are so many countries going on there. And I know Colombia, for you Santiago, is one of the regions that you focus specifically on, one of the countries you focus specifically on. What sorts of exit opportunities are you seeing in Colombia and in the other countries you focus on within a lives portfolio? Yes. I think that's a very good question, Savannah, because I mean, for no one, it's a secret, sort of, that liquidity in Latin America is one of the biggest challenges for the venture ecosystem. And actually, it's not even for ventures. It's for the entire alternative assets of private market. Because even when you look at private equity outside Brazil and Mexico, that's always front and center of the discussion, like how you can exit and how you can do it in a way that is attractive for all investors, for the angel investors, for the seed investors here, say, along the way. And as Sandra was pointing out, definitely the last 18 months, we've seen a very important market correction in Latin America. Because also, as you mentioned, the year before, there was sort of an influx of capital. It was massive. It was a bubble, really, I believe. It created a lot of opportunities. It provided funding, sort of unrestricted funding to many portfolio companies. And it played a role. But I think the last 18 months sort of have provided a very important correction, sort of, 200 points in terms of also highlighting the importance of thinking about your economics, the importance about considering growing, but in a healthy way. And for the companies that have that mindset, that have been able to adjust, that have been able, sort of, to continue scaling even despite the crisis, then actually the opportunities to your question are available. There are two, I think, two strategies that we see in Colombia and in the region in general that I believe sort of are attractive from our liquidity perspective, and especially for impact. And I will tell you why in just a minute. Sort of the first one is M&A transactions. In Latin America, I think the traditional, we are here in the Bay Area, right? Silicon Valley mindset in terms of, oh, I do early stage investing and I hold on to IPO. I think that Latin America, that is a very, very challenging sort of perspective because it's not there yet, maybe at some point in time, but it's not there yet. But that doesn't mean that that's the only way sort of to get to liquidity. In Latin America, you have a very well-established sort of private sector, private market, like very big corporates, you know, providing goods and services, you know, across different sectors, but also is the region with the biggest inequality, which means many of these corporates, they don't reach under certain segments of the population. That's where I think most of us come in, you know, in terms of providing funding to companies that are specifically addressing market gaps. And when you're able sort of to find those companies, investing them, there are, you know, companies growing healthily to some of those points, you know, they are tapping sort of a vast market. Those are companies that very quickly, they become very attractive for corporates because they're showing them there is a way, there is a profitable way to get into a market in which they had not been able to tap before. So that's an avenue that clearly is providing liquidity to Latin American startups. And I think, you know, it's an avenue that in the impact ecosystem, it's where you have greater opportunities. And the other one I would say is also secondary market. It's something that is taking a bit longer sort of to be developed, but we're starting to see the secondary market. That's something that actually also in 2021, that there were very attractive opportunities sort of to exit to those investors, you know, those international investors that for the first time probably in a year, sort of they look at Latin America with as an investment opportunity, and then provided liquidity to those earlier investors that had already participated in earlier rounds of financing. And right now, where some of this capital has pull out, it means pull out, it doesn't mean that it doesn't exist. It's just waiting to deploy capital again for the local investors that we continue supporting the companies, those healthy companies that Sandra was pointing out, those companies will require capital, but we'll have healthy and economics again, we'll be able sort of to show growth, we'll be able to show that they're addressing important markets, and therefore these investors will step into the region again and provide that liquidity. And so, you know, there are two different avenues, it's not a traditional sort of VC model Silicon Valley, but for sure, I think is where we need sort of to seek for liquidity. I know Luis, too, you've been thinking quite a bit about secondaries and have a number of examples, so I would love for you to share how you've been thinking about secondaries as a tool to generate liquidity in addition to examples from the Solcantide portfolio. Yeah, absolutely, and to Santiago's point, right? I mean, we're seeing a lot of activity right now after, you know, we're talking about 2021, there's a big correction, I think in Q3 of this year, we're seeing a lot of activity, but more concentrated in less companies that have demonstrated they can be leaders, and they're starting to consolidate. So we are investors in a company called Galgo, it's called Migrante, just made on one acquisition of a financial services company in Colombia, we're investors in a company in Mexico called Mino that acquired another company called Plurk. So there's a lot of acquisitions that aren't to happen, so we're gonna see a lot of consolidation, which is things gonna drive a lot of liquidity to earlier investors. And on secondaries, one thing that's happening is a lot of these companies that we're investors on and we're looking to invest, they have investors that have been in their cap table for a long time and are looking for liquidity, and when rounds are getting formed, a lot of times there's discussion of, okay, is there an opportunity for secondaries? And that serves two purposes. One, it provides liquidity and returns to those earlier investors beyond paper returns, actual DPI, not just TVPI, so distributions. And then it's an opportunity for the new investors to increase their stake in those companies. If you think they're gonna be winners, you wanna have a larger percentage of that company, so there's two deals going on right now where we are buying or negotiating, buying earlier investors so they can return capital, they can then go and raise the next fund, which I think is very, it's a healthy way to recycle capital in the ecosystem, and then they are, we're obviously even increasing our stake and at a blended price, so usually secondaries have a discount, up to a liquidity premium, so it gives an opportunity also to enter at a more attractive valuation. What are you seeing in terms of timeline between initial investment and exit? I mean, it's, venture is a liquid asset, so it's not, I don't think it's reasonable to expect, hey, I'm gonna exit this deal in three years. A lot of people, I think in 20 or one got excited because everything was growing, people were coming in and something was saying, they're like, people are buying secondaries of high growth companies like Rapi because they wanna have bigger stakes, so I think a reasonable holding period for any investor inventors like five to 10 years, and then you can provide returns, that's usually what your investors and their fund expect, you don't expect to have, recycle capital so fast that you're giving up returns. So I think investors have been around a company, we're investing in a company that's been around since like 2018, one of the investors is already raising their second fund, so we wanna, we like the company, we like the valuation and we're participating in that deal. So I just wanted to comment on the secondary discussion because just a concrete example came up or I reminded myself in how this is actually also a mind shift sort of that is happening in the region. For those that don't know, I'm in a live interest and we're raising our second fund and we already had a first close. In our first fund, most of the capital that we raised was from VFIs, the development finance institutions and part of the discourse for them is, it's catalytic capital, is we're investing sort of to attract more capital sort of into the region and so on and so forth and funny enough, one of the restrictions in our LPA is you cannot do secondary transactions because that's not catalytic capital, I mean, you're just buying out another investor how that classifies as catalytic. This is 2018, I mean, this is not like 15, 20 years ago. If you think of that from an ecosystem market perspective, that's insane. I mean, how you can have sort of that restriction into an ecosystem, like how you cannot even provide liquidity to the earlier stage investors. We're not seed investors, I mean, we're slightly in the early growth stage of investors, but then the exciting news is in the second wave of our second fund, that's no longer in our LPA. And we are having sort of the similar LPs, but there is I think just another, a more sophisticated discussion and there's been sort of an evolution in the market to say, well, secondary transactions actually now is a liquidity option. It has to be for me. So let's provide also to the earlier investors that came before us, so just sharing an anecdote. And I would like to add something also in terms of alternative exits. Another trend that we're seeing more every day is corporate ventures coming into the play. With interest in buying exactly those players that have penetrated the market and consolidated position, and then this corporate, you know, want to have that pit of that and then maybe by the whole company. So we have very interesting examples of global pharma companies that are putting together funds for the region because they are now seeking specifically this type of companies. In our case, we work along a lot with BIMBO ventures. BIMBO is one of our anchor investors at LATAM impact, the fund that's owned and capital put together with fund of fund those for the region. And BIMBO ventures is also very active in the ecosystem with all that relates to that, you know, food production, ingredients, et cetera. So I think that that is also another new trend for the region and it's very, very interesting. It's opening up a lot of opportunities for exits for these type of companies that are doing things that are relevant for the business models of these corporates. Let me tell you an example of our portfolio construction, how we are thinking about. So we invest in pre-seed and unseed. Up to series A, we can do investment and we are ending the year two of our fund. And we estimate that of our exits opportunities are going to be around 60% secondary and 40% in merchant acquisition. And of the merchant acquisition, we have like two options. In our case that we invest in companies that are in emerging ecosystems in LATAM, the five countries that I already told you, we think like for example, a Mexican or a Brazilian company that want to increase their participation or escalate in LATAM and will be interesting in buying these kind of companies that are maybe in Ecuador, Bolivia, and Paraguay. There are three markets and the other are the one that Santiago mentioned, there are big corporations, very, very traditional, especially in the countries that we work that they are seeing that they are now because the startup ecosystem is growing a lot, they see the technology and they are very afraid of this startup growing a lot. So that's another thing that we are and we have a lot of LPs, or individual LPs, 60% of them are first time VC investors and are the owners of these very, very traditional companies that want to put, want to test the water first and to understand better how this startup ecosystem is growing. And I know you're also working very closely with each of your portfolio companies to help prime them for eventual exit. What are some of the ways that you're supporting them along that journey to get there? Yeah, especially, especially our support come when they want to grow in those countries. We call it an LP base, they are very active and activating and helping and doing the networking to connect and a Bolivian company that is going, for example, to Paraguay or for example, a company in Ecuador now that is moving to Mexico or LP base are really hands on helping them and they invest in, I think because they want to learn how this work and maybe in the next future and they want to have their open innovation arm and then a CVC all together, so that's the idea. For all of you, really in the earliest stages of your diligence process, how are you assessing risk of the deals in your pipeline and at very early stage trying to figure out whether this company might be primed for M&A, whether it might be primed for secondary. Luis, let's start with you. Yeah, and the first thing on, I mean, beyond the normal due diligence, like the team, the market, et cetera, first thing we look at is the corporate structure because it's really, and corporate structure, a lot of the governance issues because it's a really, I mean, doing M&A is really hard. I acquired a number of companies and previous companies that I used to run and especially in Latin America, it's a, you open a company's financial or governance documents and it's, for the most part, it's a mess. There's commingled stuff, personal. We acquired a company, not another fund, but had the owner of the company's car was in the company so they could be for tax reasons and they were paying school tuition from there, so total mess. So the first thing is you need to have a clean governance, clean cap table, clean, like their financials need to be in order and everything like that. In earlier stages, obviously you don't have it so what we do is we help a lot of companies structure. Where do you need to incorporate? It's, you have a local company and then you have a holding company and sometimes a blocker for acquisitions so you need to start working with them on, over the long term, what your governance gonna be? Who's gonna be your legal team? How are you going to start? I mean, you don't need to audit but you need to start working in accounting and having clean books. So a lot of it is just like at the beginning, it's easier to start right than to fix. So a lot of it is just start right, get good advice. There's a lot of bad advice out there. People thinking, oh, I'm gonna incorporate in Uruguay with a Spanish thing and like, okay, that's great for certain kind of companies. It's not really good for venture-backed companies. How about you, Sandra? How are you assessing risk? Well, there's many aspects. Of course, we have to take a deep look at but one that I would maybe want to talk about this here is we check the cap table and we see how aligned are the co-investors that we are investing with. And this is important because sometimes a bad LP can create a lot of damage to the company and to the entrepreneur. So we really wanna see that there's an alignment between the investors and the founders but also that there's an alignment among the investors. And we had very interesting cases in which there is, for instance, a corporate venture in the cap table and then VCs in the cap table and then there's a clear conflict there where they wanna take the company to. So that is something that not only from the investor's point of view but also from the entrepreneur points of view, I think it's worth looking at especially in the sincerely rounds of equity because founders sometimes think that the most important thing is to get the thing going and then if the capital is coming from here whatever, yes, let's receive the check but this may cause problems along the life and the subsequent rounds and the subsequent needs of financing from the company. So that is something that I would recommend. Let me tell you two examples that we have seen especially one entrepreneur from Paraguay and the other from Peru. You do all the checks of the entrepreneur in terms of revenue. The team was great, I mean was great to invest. However, when we see the cap table it's usually you see like angels with 20% of the equity already done. So we do some, we help a lot the entrepreneurs also to go and talk with these angels and to understand because they say I didn't know that at the beginning when I was creating this product I didn't know that I can be busy baked or I can take money from BC and grow to all over Latin America but now after two years I understand this. So to give them the skills and see how they negotiate is 20% with the angels and see in how this works and we have in terms of, we have seen like more than five example of this and three of them they solve the problem. They solve the problem with the angels. They understand how this VC world work and we are working with one of them to keep going and to in the investment community to see if we finally invest. So investing in emerging ecosystem is that you have to take into account all these kinds of things and it's not that the startup will come and have all the checks. Maybe it's a lot of work with entrepreneur and understanding how the VC world work. Thank you for that. One of the things that we were talking about as well was how often non-Latam based investors will come in whether it's to a fund or directly into a company later in Series B. After you've done the work, Louise, to fix it from the get go or start right rather than fix it down the line as you were saying how do you think we can attract more capital impact capital venture capital catalytic capital to Latam earlier, Santiago. I see some raised eyebrows so I would love to start with you. I mean, so I think that's the million dollar question. I mean, I think that's sort of the question that many of us sort of we're trying sort of to address in terms for unlocking the Latin American potential because I think and I shared this in another discussion panel earlier in the week. You know, six, eight years back sort of the first discussion that we had with investors in Latin America was is there pipeline?  And you know, we're now that past that discussion. The ecosystem has grown dramatically, the entrepreneurs, and actually something that I find really interesting in the region is that in Latin America, entrepreneurs are now, they're born with an impact mindset. In the past it was like, oh, I don't know if I'm, I mean, right now you're seeing it, you know, from universities, it's really exciting sort of what is happening from an ecosystem perspective. So I don't think like probably that was the bottleneck then. Right now the bottleneck is how we unlock capital to be able to fund, you know, that entrepreneurs sort of that are going and scaling. And I think one of the biggest challenges that we have is something that you are trying to, you know, to address, but it's how we get fund-to-fund structures. Because we're operating in Latin America, sorry, in Colombia mostly. In Colombia there are four patient funds, four, that's it. That means they're relatively big, right? And so they have to deploy a billion dollars a year in alternative assets. They have a team of, I don't know, two or three staff. They cannot do checks of less than 50 million, you know, they cannot do more than 20 deals a year. Alive, I mean, we're hoping we will get sort of to the 80 million range. We will, you know, just by mathematics, we won't be able sort of to get a ticket from a Colombian pension fund. And so we need, I mean, we need to unlock different layers or different ways sort of to channel capital, sort of to the local investors that I think that are also the ones that we are better positioned to find those successful investors and those that are sort of being more innovative and addressing sort of the market gaps. And how we create those structures and how we also change the risk perspective that these more traditional mainstream investors have on the region is sort of the biggest challenge right now. Sandra, how are you expecting exit opportunities to grow and change over the next several years? Well, I think that there's gonna be more corporate, more M&A, I'm not putting my hopes so high in the IPOs yet. But I think that with those, with secondary market, of course, we'll get there. I mean, we'll find our way to grow our ecosystem and continue supporting the maturity of it. Another important sign is that we have seen much more international investors coming to the region, looking at it with a long-term view, not with a short-term view, because the question that most investors raise always is what with all the socioeconomic, political problems that are happening in the region and the specific countries. But this has been always the situation in our region. And I think that when these investors, long-term investors come to the region, they see it in a very different way that we that are leaving the problems inside the country see it. And they see it in a long-term vision and they say, well, we will discount it. We have already, take it that into account, there's always these cycles and they have a more optimistic view sometimes than the national investors or the local investors. So when you were saying about the capitals going out, yeah, that's mostly the case for local investors, but at the same time, you see the reverse effect of international coming to the region. So that is something that I'm also putting my hopes high there. And also, as Santa was saying, trying to unlock pension funds, insurance companies, all our big, big asset allocators more into the space. I agree with Sandra, the 2% of all of the Latin companies, if you see all the exits, only 2% were IPO. That is in the last 10 years. That is going to continue, maybe 3% or 4%. But that is going to remind there. So I agree with that. And talking about our companies again, sometimes we see that a company to reach series A, they have to knock the doors of Mexicans BC. That's always because they want to reach to Mexico as the biggest market in Spanish-speaking Latin. And we always talk with entrepreneurs. Sometimes it's the case to go to Mexico, but sometimes it's not the case. And I was talking with a company called Presta Mipé that is in Salcantay portfolio.  And I love what the founder was telling me. Lauri was telling me, how was that run? And she told me, and we lost a lot of time talking to Mexico BCs because we wanted to reach, we wanted to have Mexicans BC in our cup table. And we didn't understand that our focus, it has to be Peru, because the market is too big in Peru for them. And they still have room to increase and to escalate in Peru. So I was thinking about the connection in the ecosystem here in the US and in Latin. It's not, both ecosystems are not well-connected. So there is a huge opportunity to BC, based in the US, to be part of these deals and also work together with BCs like us. And if I may, one thing to follow up on has me in point. One thing we're looking is a lot of companies in the 2021s when capital was free, there was yields were really low, there was growth at all costs. And it was, so they raised a lot of money and it was all used for expansion, growing, opening new offices, hiring both lots of people. And now that capital is, I mean there's about a, I think this year my calculation we're gonna end the investment at about a five billion, which is one third from the peak, but it's actually double what it was like in the previous decade. So there's a lot more capital now, discounting the big bubble. And that capital is being deployed, I think, much more thoughtfully, much more focused on unit economics, much more focused on when are gonna get the most out of this. And a lot of it is like the has me's point, like more thoughtful growth. Is Mexico the real opportunity? Or should I just focus more on my market in Pristamipa's point, it's a fintech for micro-entrepreneurs. Peru is like the, Peru, Bolivia are like the two largest micro-finance markets in the world, the most successful. So there's a huge opportunity there. But other companies that we've invested in like UBITS went to Mexico, grew like crazy there. They're still in there doing really well. They're like, you know, killing it. And now they're looking to actually be an acquirer of other companies. So a lot of things are happening. It's just like, where do you focus your growth? And you know, where do you get the most out of it? Yeah, and I think that one of the signals of a market that is maturing is when you see the entrepreneurs taking the decisions based on the business sense and not on where's the capital, right? Or what do I have to do to align to the investor that has the big ticket? But really going into what is strategically that things really matter for my company growth to enable the growth and do that, no? And then look for the investors that are really aligned to that vision. And I think that is something that just happened in mature markets where you see more investors coming, more specialized funds understanding really the dynamics and the industries, which are very different, you know, among all the alternatives that we have in the impact space, just talking about the impact space, no? We have education, we have health, we have clean energies. And each of these are very different in terms of dynamics, industries, market potential, everything. So specialized funds also have a very key role because they understand better really what the companies need and they provide much more value added in the process. Wonderful. We only have a, excuse me, a couple minutes left, but I would love to hear from you all about what members of our audience who presumably are a mix of allocators, founders, impact enthusiasts can do to help connect some of the dots has mean that you were talking about. Santiago, let's start with you. You're putting me on the spot. No, I mean, I think it really depends sort of where you're coming from, right? If you're an entrepreneur, I think Sandra just gave sort of the best advice to them is really look for the right source of funding for your company. One of the biggest mistakes an entrepreneur can make is try to align its business model to the funding. And that's something that actually because of the relatively early stage of the latin ecosystem happens quite often. We invest in the Indian region and many times there is the entrepreneur saying, well, I could expand to Columbia and therefore make it that is an investment available for you. It's like don't go to Columbia just because you want to receive my capital, go if it makes sense, a business sense. So I guess that's one. And then I'm going sort of to the other side of the table. If you're an asset owner, I truly invite asset owners sort of to look at Latin America as an ecosystem that has drastically evolved an ecosystem that is really poised for growth and opportunity, especially when we are in an impact sort of discussion because this impact discussion is about sort of access. It's about getting sort of to untapped markets and technology is playing an incredible role in enabling businesses to be able to reach those segments of the population that previously where it was impossible because of the economics, because of the cost of reaching to them. So Latin America unfortunately is the region sort of with biggest inequality but then is where also you get incredible opportunities nowadays sort of to be able to solve for that need. And here are a few fund managers that can help you sort of to unlock that capital. As a closing question to all would love to hear starting with you has mean about what you're most excited about in the region over the next couple of years. I'm very excited about entrepreneurs coming from the countries that we focus. We really believe that talent is everywhere but I have seen in my previous work as a vice minister of economy that all the entrepreneurs that we were working and giving the grants and they come again to get the same grants all over the year, all over the year because they didn't have opportunities, they didn't have the smart money and people to think and act with them to escalate their business to other countries and also I had a lot of talks with other VCs. Why don't you invest in these Bolivian entrepreneurs or these entrepreneurs from Ecuador and they say I really want to invest but I don't know how to do it. I don't know how to do the due diligence. I don't understand the numbers when these entrepreneurs tell me. So I really believe on the growth and the exits of the startups coming from tier ecosystems in Latin and it's very important to be first in the seats and as you already see, we talk about the numbers in Chile and Colombia and then who are going to be the next ecosystems in Latin and in five years we will talk, I'm sure that we will talk about the growth in Peru, the growth in Ecuador, Bolivia and also Paraguay. I'm excited about that. Yeah, I mean for me it's, I mean after a bubble and then the bursting of a bubble, one thing people sometimes fail to appreciate, those bubbles actually create a lot of value and in this case a lot of value is in terms of like people learn more about what venture is, what entrepreneurship is, you're seeing a lot more students that I, back in the day we were thinking about consulting or investment banking, now they're thinking about entrepreneurship, they're looking at impact opportunities because to Santiago's point it's like, our motto is the gap is the opportunity and unfortunately Latin America is full of gaps, those gaps are not gonna get fixed by government, they're not gonna get fixed by corporates, it's the huge opportunity for entrepreneurs leveraging technology to bridge those gaps in education, in financing, in sustainability, in health, et cetera. So I'm really excited about this maturity of the ecosystem, a lot more talent going to try to solve those gaps and then venture, one thing that happened, I mean I'm older than I look, I remember in 99, 2000 when the crash happened, there was a lot of venture in Latin America, people forget about it, but after the crash happened there was none because it was mostly US funds that were doing all the investment and when the bubble crashed they were all gone. Now even after the bursting of the bubble there's funds that are committed to the region, Dallas, all VP in Mexico, Alive, Salcantay, I think, we're not gonna go to Texas and do oil exploration like Hicks Muse did when they put the bubble burst, they're gonna be committed to the regions and they're the ones that are still funding companies at the earlier stages, helping entrepreneurs structure their investment, think of a long-term strategy and then accompanying those companies through their multiple rounds all the way through their exit. If I can go. Something that excites me is the awakening that we are having as a population in general, I'm not talking just Latin, but I live in, well, I work and I love Latin so that's where I can comment on, but I'm sure this is global, there's an awakening about how much we need to work in terms of sustainability and social problems, how much we need to really innovate and use technology to come up with the solutions for the many gaps that Luis was referring to. But something that makes me very, very happy and excites me every day is to see how many people out there, entrepreneurs, fund managers, everyone, it's looking more and more at these problems and thinking in creative ways to come up with solutions from different seats, perspectives, development institutions, fund the funds as we are or direct funds or companies, people, entrepreneurs, students, everyone, it's more conscious today of the urgency of what we need to do in order to drive us as humanity. So that really, really excites me and inspires me every day. I would love to give a round of applause to our panelists. Thank you so much for joining. I may have a little bit of bias. Two of the four of these are in our portfolio. It's an impact foundation, it's possible a third might join but I truly think these are the best of the best and would love to invite audience questions if you have any for our panelists for the remainder of our time together. How, if at all, are you sinking around the notion of sustainability of impact beyond exit? It's a little bit of kind of an advanced practice but an impact investing world, thinking about finding aligned partners in exits that are gonna kind of support the ongoing mission of the business. It's not gonna always dictate or be a decision-making factor in exit, you have to do what makes sense for the business and ideally, a partner that's gonna support the business is gonna support the impact of the business but there are different kinds of, corporates, other exit opportunities that might influence how much that impact is locked into the next phase of a company's growth so I'm curious if that's playing into your thinking at all, was you talk about exits? Yeah and actually, we just went through a really great discussion run on LPs, we were in a strategy together and a lot of it is the way to ensure that that impact continues is to have the company be extremely successful and whoever buys that company, buys it because they're having so much success at that impact that they're not just buying it to get the talent, a lot of acquisitions are like talent acquisitions, no, you, we want the financial institution that will acquire at one day per cent meet because oh my god, the micro-entrepreneur space is so good and they're doing so great at it that we wanna continue to support this so I think a lot of people sometimes get, I mean impact, if you wanna use like a two by two matrix it's like how big it is, the opportunity but also how well you're doing in it so a lot of impact investors over, I think many years were so focused on how the depth of the impact and not on, you know, you're not gonna have impact if you're only serving like one per cent of the market you need to grow it and then whoever acquires is gonna wanna continue doing that because it's, the opportunity is there. I would compliment also that I think one of the first things that we do in due diligence is really sort of understanding how the business model is aligned with the impact and it's not something tangential, right? Like, but it's actually embedded in the DNA of the company and the business model and therefore, you know, that goes sort of to Luis like if successful company is acquired because there is a, you know, they're in a market that is growing and they're scaling and that's the business model is very difficult to envision, you know, that someone will acquire unless because it's the competition and they want, you know, to kill it, which would be sad but I guess that's also, you know, something you need to look at, you know, when you're exiting but if it's embedded in the business model, the impact then it's something that goes hand by hand. Any other questions from folks? Thanks for sharing insights, valuable insights. The question is, do you prioritize or include metrics on social impact returns combined with economics because we want to grow both together? There is a prioritization on that. How do you kind of weight that in the overall return? Yeah. Yes, thanks for the question. Of course it is very important and actually we, I'm talking from Latin impact perspective, someone in capital. For us, we only do impact, right? But when you say what you do impact, what do you mean, right? You need indicators. You need data that shows as in financial returns you need that data that supports that you're actually doing impact, no? In terms of access, in terms of whatever you're doing, the type of impact that you're at. So we have developed internally a methodology to track this impact through indicators, specific indicators per industry because these of course are different from industry to industry. We, as we commit the money, we ask for legal compromise from the companies or funds to report these impact indicators. And we are not saying that we wanna have like a whole set of indicators that are gonna complicate the life of, but as Adeu was saying, these are in the DNA of the companies. So basically you're talking about unit economics and operation performance indicators, because if you're talking for instance about a health company, patients rich is an operational indicator but it's also an impact indicator, right? So in that sense, we get that, we get the compromise, the legal binding compromise of them in reporting those and we also report that to our own LPs. So it is as key as getting the other financial data. Just to the comment, I think it's also, we need to, all of us, to change our mindset in terms of what we think when we think about impact and impact indicators is, we, you know, in the past, as you know, it's like someone force is like top-down approach of saying you need to report number of users and like not valuable data. And because that's just a burden across the value chain for until the entrepreneur that needs to collect, if you're a company that your business model, the impact is embedded in the business company, the impact measurement must be related same as measuring financial performance, operational performance is, I mean, if like it's understanding your customer how to proceed your business or your product or your services, understanding sort of, I don't know, if you're an education company that you're trying to provide a training to improve access to paying jobs, formal jobs, it's like measure that to see if actually what you're offering is helping to achieve that goal or not. So is, and we use a third party that is specialized in that is called 60 decibels. Initially when all our companies go through impact measurements with them, initially we have to pay for it because the companies is like, they have this mentality is like impact reporting is a burden on me, it's not valuable, it's just a burden. We've had, after they go through the process, they see the data, the quality of the data, now saying, you know what, I'll pay for it next time because it's just providing valuable information to the entrepreneur, to us as fund managers and then sort of to the LPs, the asset owners of what's happening and to be able sort of to take informed decisions in terms of product, and then of course that translates into the impact as well. So it creates a virtual circle rather than traditional mentality of this is a burden which is I think the one that comes from the traditional DFI world and like an impact study, it's a three year study, I mean technology has also enabled us to do it much more faster and much more efficiently. And so as a VC company, first we have to understand at least the logic how this company will return at least 10 times or 15 times what we are putting in the company. So that's first. And the second thing that we always look before that investment go to a company go to investment committees, how these companies is solving a structural problem in Latin within a sector that we focus. And for that, we also have developed an internal like matrix where we put the potentials, indicators and social and climate indicators that we are going to use if we invest in this company. And sometimes this exercise is very good because sometimes we understand the financial return and then we thought that this company may have a lot of impact. But after putting all the numbers in the matrix we understood that that was not the case. And another thing that is super interesting as we invest early stage, pre-seed, seed, and of course the companies, they don't have all the indicators. They know that they are making the impact more or less and they are going, so in the first three months we sit with them and we build with them the indicators that they will measure. And so it's something very easy, it's not very difficult. And after that, that opened a lot of doors for them in terms of companies that they are selling their products or in terms of other potentials, VCs that are coming because now they have the indicator. So it's a super important key that we work with them and they are open only because they have all the indicators in order. And I'm sorry, I don't want to hijack the conversation but I'm just passionate about this specific point because I think also as a sector, we are at close roots in terms that, many people outside of this room also are starting to talk about impact but then there is also the risk of the social wash, the green wash and then in five years time it's like this was another CSR or this was something else that didn't work out. So we need to measure because if we don't measure we won't be able sort of to show that we're delivering on what we have set out to do. We have time for one or two more questions if anyone has any. I wanted to go into one of the initial points of returns of investment and exit strategies in Latin. So how do you see from your experience like going public in Latin America versus going public in the US if we look into some examples like Nubank that went public in Brazil and in NASDAQ I believe. So maybe possibilities for impact driven companies like have you seen any success stories that you could share or if there's a chance for like ADRs between Latin and US like how do you see that potential for long-term exit strategy for all of us? I mean the companies, the Latin American companies that went public in the last few years, Nubank, SadaLogic, the local, et cetera, they all listed in New York. And NASDAQ or NYSE, because of liquidity, right?  Unfortunately, I don't know all the bolsas or exchanges in Latin America that tend to be very concentrated on either financial services or mining. So it's very difficult for companies to go public. There are no, the Mexican stock exchange, I forgot her, she's been pushing a lot at like the Biva, the stock exchange and trying to push it. But at the end of the day, I think you're gonna have, if you go public, which I think we're talking earlier, less than half of half a percent of companies will eventually go public, not just Latin America, also in Silicon Valley. It's more how do you kind of prepare yourself for an acquisition more so than just go in public? I think once you get to the go in public, you need to make sure it'll probably be New York Stock Exchange or NASDAQ or venture-backed companies. Of the Brazilian IPO, I think that is 50-50. I was reading the other day an article that was 50-50. And another example that I was thinking about is like we are now having conversation with a entrepreneur from Ecuador and he had an IPO, it's a marketplace of vehicles and they did an IPO in Australia. That was, and it was a really good exit. That was like eight years ago. So we have to open our mind about that. So that was a good question. They had another company exit in Australia, Life360, which was an investor in a previous fund. They also did an IPO in Australia and I'm still kind of baffled why. But it was like, you know, that's where they were able to raise capital.


But most times when you start a business, you go to IRS. You want to make sure you got the tax code right. You want to make sure you got all that right. And you sometimes forget to go to Wage and Hour. Wage and Hour has a lot of the regulations that you're going to be affected by.


Welcome, I welcome you all to this lecture in the course Sandhi in Paninian Grammar. In this lecture we continue studying the Ach Sandhi or Vavel Sandhi. We have seen that there are two classifications available in Ach Sandhi. First one being Ekasthanika Ekadesha and the second one is Dvisthanika Ekadesha, this is what we are studying right now, where we have two substituents Dvisthanika and one substitute Ekadesha, two substituents and one substitute. The first classification that we have already studied is Ekasthanika Ekadesha, where we have one substituent and one substitute, Ekasthani and Ekadesha. This Dvisthanika Ekadesha is stated by the Adhikara Sutra Ekah Purva Parayoh. This is 6184, there are two words in this sutra Ekaha one slash one of Ekha meaning one substitute. Purva Parayoh is 6 slash two of Purva Parayoh, Purva means previous, Parayoh means letter. Purva Parayoh means in place of previous and letter sound. What this sutra means is one substitute takes place in place of two sounds, previous and letter. To show this in the form of an equation, we can say that if you have A followed by B immediately and they are in close proximity, they are in the Samhita mode where A is immediately before B and B is immediately after A, eventually it is A plus B and then in place of both A and B you have one substitute C. A and B are the substitutes, C is the substitute, A and B are the sthani and C is the substitute, A plus B is an input and C is the output. This Dvisthanika Ekadesha is stated in the Ashtadhyayi from 6184 Ekha Purva Parayoh onwards up to 6112. There are five instances of Dvisthanika Ekadesha. Of Ekasthanika Ekadesha, we have studied two instances, Yen Sandhi and Ayavaya Sandhi. These are the two instances of Ekasthanika Ekadesha. We have already studied the sutras prescribing these two instances. We also studied the examples in detail and also the interrelation of rulers. Now, coming back to the instances of Dvisthanika Ekadesha, we note that there are five such instances. First one being Guna Sandhi stated by the sutra Aadgunahan. This is 6187. We have already studied this in detail in the previous lectures. We studied the sutra Aadgunahan, the words continued in it, the meaning of this sutra, the selection for the criterion for selection of the substitute, the template examples and then the specific examples. We also noted the interrelation of 6187 and 88 and some other rules as well. We have devoted a good amount of time in studying Aadgunahan. The second instance of Dvisthanika Ekadesha is Vrindhi Sandhi stated by the sutra Vrindhirichi, 6188 and this is what we are going to study in this particular lecture. The third instance of Dvisthanika Ekadesha is Pararupa Sandhi stated by the sutra Engi Pararupam, 6194. The fourth instance of Dvisthanika Ekadesha, two substituents and one substitute is Savarna Deerga Sandhi and this is stated by the sutra Akassabarna Deerga, 6111 and finally the fifth instance is Purva Rupa Sandhi stated by the sutra Amipurva, 6117. Amongst these five, we have already studied in detail the first one and currently we will be studying the second instance namely the Vrindhi Sandhi and after we finish Vrindhi Sandhi, we may proceed studying the other instances of Dvisthanika Ekadesha. So, let us now proceed to study Vrindhi Sandhi. What is Vrindhi Sandhi? Let us study the sutra Vrindhi Rechi in order to understand what is Vrindhi Sandhi. This particular sutra 6188 contains two words Vrindhi and Echi. Vrindhi is one slash one of Vrindhi which is defined by Panini in his very first sutra of the ashtadhyayi namely Vrindhiradayi. So, Vrindhi stands for the three sounds A, I and Au. This is what is Vrindhi. Echi is seven slash one of H. H is a pratyahara. We have already studied how to form pratyaharas. Now H consists of four sounds A, O and I, Au. H is a pratyahara that takes into account sutra number three and four in the pratyahara sutras Aayun Ruluk Aayong Aayouch. So, third and fourth sutra is captured by the pratyahara H. So, Echi stands for immediately before A, O, I and Au. The other words continued in this sutra are Aad which means immediately after a short and long. Aad is five slash one of A. Similarly, we have Samhitayam which means in close proximity in the Samhita mode. We also have Ekapurva parayoh which means one substitute in place of two substitute events namely the previous or earlier and the latter. Having put all these things together, we get the meaning of this sutra vradhirachi. It is this, in the close proximity in Samhita mode when immediately before H that is when immediately before A, O, I and Au, a short and long or long appears, then in place of both H and Au comes the substitute termed vradhi namely A, I and Au. So, we can show this in the form of an equation. But before going there, let us read the meaning of this sutra once again slowly. The meaning is in the close proximity that is in the Samhita mode when immediately before H, He when immediately before A, O, I and Au appears a long or short, then in place of both of them comes the substitute termed vradhi namely A, I and Au. Now, let us go to the equation. If we have a followed by H immediately, so, A comes immediately before H and H comes immediately after A, they are in Samhita mode in close proximity. Then 6188 applies and vradhi namely A, I and Au is the substitute generated. So, this is the input A plus H, 6188 applies and the output generated is vradhi namely A, I and Au. It is important for us to remember that H is part of H. H is a pratyahara formed capturing the sounds that appear in first four sutras Aayun, Ruluk, Aayong and Aayouch and H is obviously part of H. Now, H is the condition for 6187. H is also the condition of 6187. So, 6187 has a scope of application which is also H and 6188 also has this similar scope of application. Albeit we note that 6188 has a scope which is part of the scope of application of 6187. So, this overlap of scope of application of rules feeds into the conflict of rules in order to resolve which the Paninian grammar and its tradition has laid down certain principles. One of the principles says that since 6188 has the scope of application of H and 6187 has a far bigger scope of application, 6188 applies in its limited domain of application. Because if you do not allow 6188 to apply in this limited domain, 6188 will not get any other domain for application. Whereas, for 6187 there is some other domain to apply itself. And so, 6187 does not apply in the condition of H.  Vruddhi being the output generated after the application of 6188. To put it in the expanded form and the template of examples, this is how we can show the examples. When we have r plus a as input and in close proximity in the Samhita mode, 6188 applies and the output generated is i. When you have r plus a, now a and he, they both are Udesh here and so they both stand for their homogeneous sounds. So, a stands for its homogeneous long variety namely r and so we have examples of these kinds. So, you have r plus a, we have already seen r plus a being the input and i is the output. Similarly, you have r plus a also as an input where 6188 applies and the output generated is i in place of both of them. Similarly, you have r plus o as input in Samhita mode and 6188 applies and o is the output that is generated. Then you have r plus o as input in the Samhita mode, 6188 applies and o is the output generated. Then you have r plus i in the Samhita mode, 6188 applies and the output generated is i in place of both of them. Then you have r plus i in Samhita mode, 6188 applies and output generated is i. Then you have r plus o in the Samhita mode, 6188 applies and the output generated is o. Then you have r plus o as input they are in the Samhita mode. So, 6188 applies and the output generated is o. These inputs they could be at various levels within one pattern within a compound or at the end of two different puzzles in the sentence. Let us look at the specific concrete examples which illustrate these templates. First, let us see the example where r plus a is the input, 6188 applies and the output generated is i. So, first we have with plus a so we have a coming at the end of this first word and this is a compound followed by another word at the beginning of which comes a and so in place of both of them 6188 applies and the substitute i comes in. So, we have with i and shana when we join it together we get with tai shana. This is a compound. Now, when we take attra plus eva where attra is a separate padha eva is another separate padha. So, we have a coming at the end of this first padha and a coming at the beginning of this second padha and so now 6188 applies and we get the output attra i and eva when we join them together we get attra eva. Next we move towards r plus a being the input 6188 applies and the output generated is i. So, we have ha ha plus a ha ha is a masculine noun and we are generating the native singular chaturthi ekavachana of this noun. So, we have ha ha plus a and we have a coming at the end of this prathipadika and a at the beginning of the prathiyaya and so we have 6188 applies applying and the output generated is ha ha plus i ha hai. This is the native singular of ha ha. Now, we have mala plus eva. Mala is a separate padha. Eva is also a separate padha and so we have a coming at the end of this padha, a coming at the beginning of this padha. So, 6188 applies and we have mala i and eva as the generated output. When we join them together we get mala eva as the final output. So, these are also two different words, vacha plus ekatvam and a coming at the end of this padha, a coming at the beginning of this padha and so the output generated is vacha i katvam. Then we go to the next example, a plus o is the input and the output generated is a. So, we have the compound first pakkava plus odana where we have a coming at the end of the first padha and o coming at the beginning of the second padha. So, we have a plus o. Now, this is a compound. So, both these words are in the Samhita mode. So, we have 6188 applying and the output generated is pakvau and dana. When we join them together we get pakvau dana. Similarly, we have tavah plus ojaha. These are two different padhas part of the sentence tavah plus ojaha. So, in this case we have a coming at the end of this padha and o coming at the beginning of this second padha and they both are in Samhita mode. So, we have 6188 applying and generating the output namely tavaujaha tavaujaha. Then we have a plus o and the compound form is ganga plus ogha where we have a coming at the end of this padha and o coming at the beginning of this second padha. When we join them together after the application of 6188 we get ganga ogha and then we get ganga ogha as the compounded form. Similarly, when we have raja plus oshadhi naam. These are two separate padhas. This is part of the sentence where we have a coming at the end of this first padha and o coming at the beginning of this second padha. So, we have a plus o 6188 applies and we have the output rajau and shadhi naam. When we join them together we get rajau shadhi naam. Next we have a plus i as the input and i is the output. So, we have dhe here plus i here as a compound. So, o coming at the end of this first part of the compound first padha and i coming at the beginning at this second padha. So, 6188 applies and the output generated is dhe i here dhe i here. Then we have attra plus icchath. These are two separate padhas. This is part of the sentence. So, attra has got a at the end of the padha and icchath has got i at the beginning of this padha. So, we have a followed by i in the samhita mode. So, 6188 applies and the output generated is attra i and icchath. So, we have attra icchath. Then we have a plus i as input 6188 applies and the output generated is i. Once again we begin with the compound where we have rama plus ic here where a appears at the end of the first padha in the compound i appears at the beginning of the second padha in the compound. So, they are in the samhita mode and 6188 applies and we have rama i here rama i here. Then we have asha followed by icchath. These are two separate padhas asha followed by icchath. So, asha has got a at the end and icchath has got i at the beginning. They are in the samhita mode. So, we have a plus i here as an input and 6188 applies there and the output generated is asha i and icchath. Next we have a followed by au as the input 6188 applies and the output generated is au. So, the first example is that of two separate padhas tava plus audar yam. So, tava has got a at the end of the padha. Au has got, audar yam has got au at the beginning of this second padha. So, we have au plus au in the samhita mode. 6188 applies and the output generated is tava audar yam. Now, if we look at the example of a compound, we see that dheya is the first word, audkant here is the second word. We have au coming at the end of this first padha. Au coming at the beginning of this second padha. So, we have a followed by au in the samhita mode. So, 6188 applies and the output generated is dheya au and tkant here and we join them together. We get dheya utkant here. Finally, we have a followed by au as the input and the output generated after the application of 6188 is au. So, we have ganga plus au permya. This is a compound form where you have au coming at the end of the first padha, au appearing at the beginning of the second padha. So, they are in the samhita mode. So, 6188 applies and the output generated is ganga au permya. Ganga au permya. Now, we have the example where dhata is one word and au rjaya is the second word. So, there are these two padhas part of the sentence. Now, this au appears at the end of the first padha and au appears at the beginning of the second padha and these two padhas are in the samhita mode. So, 6188 applies and we have the output generated in the form of dhata au and rjaya. So, we have dhata au rjaya. It is important to remember here that in 6188 we also applied the uddeshya vidhayabhava and then anuditsavarnasya chapratya jaha. So, au stands for au and au and therefore, all these examples having au as the input. Now, after having studied all these examples, let us look at the interrelation of rules and here we have one instance. The interrelation between 6188 and enge pararupam 6194. What is enge pararupam? Enge pararupam has got two words enge and pararupam. Enge is 7 slash 1 of enge. This means immediately before enge and enge means a and au capturing the sounds in the third pratyahar sutra eong. Pararupam is 1 slash 1 of pararupam meaning a substitute of the form of the letter. The words continued are adh 5 slash 1 of a short or long and adh means immediately after a short or long. Upasargad also continues from the previous sutra Upasargadrati dhatav adh continues from adh guna. Upasargad means it is the 5 slash 1 of upasargad which means immediately after a preverb. Upasargad is a preverb. Dhatav is 7 slash 1 of dhatu and so it means immediately before a verbal root. Dhatu is a verbal root. Ekaha one substitute takes place and purva parayoh 6 slash 2 which means in place of previous and latter sounds. All this put together the meaning of 6194 can be stated like this. Immediately before a verbal root that begins with aing that is a or o and immediately after a preverb that ends in short or long a in place of both one substitute in the form of latter pararupa takes place. So, let us look at the equations and here we have the equations but before going there let us once again read the meaning carefully. Immediately before a verbal root that begins with aing. So, aing dhatau and then we have jasmine with his tadadabal grahani. So, we have ingadau dhatau that means a verbal root that begins with aing and immediately before that and then if there is a preverb that comes immediately before it and this preverb ends in short or long a. So, we have in place of both of them one substitute in the form of the latter sound this is the substitute. Now to put it in the form of an equation we have this is the bracket indicating that this is a preverb and this is the verbal root this preverb ends in a and this verbal root begins with either a or o then in such a case we have the output generated this is the remaining part of the preverb and in place of a and o the latter that is a or o is the substitute. So, a or o remains over here and this is the verbal root this is the output generated and here is a concrete example we have pra plus ajatay pra is a preverb which ends in a and ajatay is the verbal form where the verbal root is ajatay at the beginning of which comes a. So, we have pra plus ajatay and the output generated by 6194 is pra ajatay that is pre ajatay. If we look at the conditions over here there is a followed by a. So, this is actually the scope of application of 6188 a plus a and the output is i but because 6194 has further restricted domain of application because you do not want any a over here you want an a only at the end of a preverb anupasarga and obviously you do not want any a over here you want an a which is at the beginning of the verbal root alone. So, preverb and verbal root only in this situation only in this environment 6194 applies obviously this is very restricted domain of application and therefore in this case 6194 applies and 6188 does not apply. To summarize in this lecture we studied in detail the vridhisandhi we studied the sutra we also studied the meaning of the sutra with the help of the words that are continued we also applied the uddeshya videyabhava and anuditsavarnasya chapratkayaha then we studied the examples in details at different levels within a pattern or in between two patterns. We also studied the interrelation of 6188 and 6194 and we also noted that the domain of application of 6194 is smaller than 6 that of 6188. Now, there are some more rules whose domain is going to be further smaller than 6194 and in those cases 6188 is going to reapply. Now, we shall study these rules and their examples next. We also study some other instances of this kind other examples stated by the later paninian grammatical tradition all this we do in the coming lectures. Thank you for your patience.


So, you have a lost episode creepypasta for me? Yes sir, I do. So this is based off the animated series Veggie Tales.  It's this show, where this tomato named Bob and this cucumber named Larry Force Religion down the audience's throats. Oh, forcing religion down people's throats is tight. So what do you have in mind for this creepypasta? So it's gonna be a lost version of the first episode of the show. Sounds scary. Well, it's not, it's actually kind of depressing. Huh? Anyways, there's this guy who loves Veggie Tales, but says he grew old of the show. Despite the fact he still owns the VHS tapes and the DVDs of the show. What's the guy's name? I don't know. Fair enough. So he's gonna look for the original version of Where's God, when I'm scared, on Amazon. Why couldn't he just get a more recent version of the episode? I'm sure there's multiple different versions of the episode. So the story could happen. Oh, okay, gotcha. But it's gonna be hard to think of an excuse for the main character to watch the tape without anyone thinking he's weird, right? Actually, it's gonna be super easy. Barely an inconvenience. Oh, really? Yeah, so his aunt and uncle leave for a trip and his sister was gone to her friend's house, meaning the main character was lonely and he got to watch the tape for himself. A very convenient turn of events. Yeah, so after nine minutes of waiting, the episode starts out normal at first, and then the tape, you know, shows three more minutes of a black screen. I'm guessing the main character's impatient, because he just can't wait to watch the episode. Man, he's pretty cool with it. Oh, okay. So then the blackout meant that the tape was switching to the creepy version of the episode. Why didn't it just show the creepy episode after the original blackout? Because this way, there's more suspense. No, like, actually, though. To make the story longer. Gotcha. So the VHS shows the intro again, and then cuts to the countertop where everything seems normal at first, but it feels kind of depressing. Why? Because... Fair enough. So Bob reads a letter out loud, and it's about a woman named Michelle, whose husband fell asleep while driving and her son was killed in a devastating accident. Oh, my God. Yep. I'm edgy, right? Just, what does this letter have to do with the message of overcoming fear? I don't know. And also, what does it have to do with the overall story? Look, this is supposed to be a big thing, so I need you to get all the way off my back with this. Yeah, yikes, I don't like being on top of that thing. So then it cuts to the story of the episode, where Junior Asparagus is sitting down and watching TV.  He's drawn into this Frank and Celery TV show, and he's staying up past his bedtime. So then his mom comes in and tells him it's time for him to go to bed. I'm assuming he's gonna be hesitant about it. Man, he resists at first, but then turns off the TV anyway, and goes to his room. He didn't seem very interested in his TV show then. I guess not. So he's actually pretty scared of the TV show and he has nightmares about it.  So what happens next? Well, Junior is super traumatized. Bob and Larry and the other Asparagus family members are checking on him. Do they take him to the hospital? Eventually. Oh. So then it cuts to the hospital and Junior, you know, guys. So then what happens?  Oh, my god. I know. So then it cuts to Bob and Larry in the countertop and Bob smashes himself into Quarty the computer, because Quarty isn't working, and then he turns into tomato chunks.  So then Larry jumps off the countertop because Bob died and he turns into cucumber slices. Please stop. You're giving me weird thoughts. That's the point. So then the person watching the tape is traumatized and writes an email to Big Idea, the company that makes baggy tales about what he saw. What happens then? Well, Big Idea responds to him by saying they didn't make the episode, and the main character throws away all his baggy tales merchandise. Why? Well, he's scared of baggy tales now. Well, I mean, it's kind of unhealthy to act like that. Basically, think of Sid in Toy Story after he saw Woody talking. Oh, okay, gotcha. So he tells everyone about the episode, and big shock, nobody believes him. He then goes to the Grand Canyon and, you know, jumps off of it. Over a lost episode of baggy tales? Over a lost episode of baggy tales? So what do you think? I think you should see a psychiatrist. Ah, I love hearing that. That means I am scary. I just hope nobody decides to duplicate your formula with this one. Well, don't worry, I'm sure nobody would ever want to rip this story off.


Dit zal een wat verschillende video zijn. Sinds de hoogte van mijn huis nodig is een overhaal. De studio in de Atec was niet available en de hele gear was gestorven weg. Daarom een wat verschillende studio. De volgende week zal het weer zoals de oude dagen zijn. Als een volopje naar mijn video, mijn favoriete rockmuziek. Dit keer een list van klassieke albums dat ik leuk wil spelen. En weer niet necessarily demo tracks, maar rather muziek ik genoemd. Ik zal natuurlijk geen albums van low-fi-kwaliteit niet uitleggen. Maar weer, de muziek komt eerst en dan de geluidkwaliteit. Laten we beginnen. Arthur en Lukas Jussen zijn twee Duitse vrienden van 25 en 28. Al op de eeuw van 10 en 13 performeerden ze Mozart Concerto voor 2 Pianos KV365 op de Amsterdam Concertgebouw met de radiochamber Philharmonic. Directed door Jaap van Zweden. Van Zweden is nu de New York Philharmonic, by the way. De twee vrienden lopen en studeren met Maria Jouw-Pires. Ze performen ook met Ricardo Castro en Lang Lang. Ze hebben recentelijk de russische album uitgelegd. Het ontstaat voor twee pianos, bij Shostakovich, Rachmaninov, Stravinsky en Arensky. En het werd een van mijn favorieten geleden. Ik hou van de Grand Piano, in dit geval ook, voor de brede range van percussive en expressieve geluidkwaliteit. En deze album bevindt deze kwaliteiten als niks meer. Het is op bovenkobus op 96 kHz en op titel op MQA 96 kHz. Ik hou van de werken van both Fazil Tsai en Frédéric Chopin, zoals ik in de vorige video's heb gegeven.  Nocturnes zijn nachtmuziek. De naam stijgt van de Christian nachtpraat. Ik vraag of mijn vrouwen het appréciëerd zouden, als ik opes 15 nummer 4 op Opus 15 in F zou spelen, en concertlouten. Maar nogmaals, de Nocturnes zijn geweldig om weg te duren op. Speciaal op zaterdagmorgen is het geweldig, als een compagnie, bij een croissant en een espresso. De piano is gerecorded, zoals het is geplaatst in een groot ruimte, dan in een concert hall, waarvan natuurlijk een maatje van preferenties is. Sinds ik muziek heb gemaakt, wanneer mijn handen nog dat nog wel kunnen laten. Ik heb meer grand piano gezien in dit zetting, dan in de versterking van de concert hall-setting. Het bevrijdt het soundtrack van mijn leven. In Nederland, de Mateus Passion, de Sint-Matthieu passion in de Engelse, is veel meer populair dan anders. Alleen over het land zijn er performances op goede vrije, de Vrijdag voor de Oeste, sinds het vertelde de patiën, ook called passion, en de crucifixion van Jesus Christ. De laatste versie van de werk gebruikt twee kwijtjes, een stringsector en een continuus, consisting of atleast vijlengroep 1 en 2, viola, gamba en organ. De woordwinsten zijn twee traverso's, obo's en obo's zijn meer voor elk kwijtje, en in addition voor kwijtje 1, twee obo's de kártje. Een countertennis zingt de deel van de evangelist. De meest populair deel is nummer 39, Erbar-Medich, dat betekent Mersi. Ton Koopman is gezien als een van de specialisten over de Mateus Passion. De Amsterdam Brok Orchestra is niet een voldaan ensemble, maar bedankt dat, heel goed gekozen en populair. Well-recorded works like this can sound very nice, but if something's wrong in your setup, voices can become harsh. The recording engineer was Adjan Versteine, that also was responsible for recording much of Herman van Veens' earlier work. From Johann Sebastian Bach to Dietrich Buxtehude is only a small step. Bach admired him so much that he walked a few hundred kilometers to hear Buxtehude play organ. The secret cantatas were especially written for the Abendmusik Concert in Lübeck. So they were not liturgical. Konrad Junghammer is a lutenist. He founded Cantus Kern in 1987 to pay more attention to the baroque choral works like the sacred cantatas on this album. The album is available from both Tidal & Kobus at CD quality and like with the Matjou Passion voices need good playback equipment. I had never heard of the Bohemian composer Johann Baptiste van Hall when I accidentally came across these concertos. By the way, this name is also written as Van Hall and Van Hall. He apparently was well respected by Mozart, Haydn and Beethoven. The same goes for Budapest-born Erden Ratsch. He started to play the double bass at the age of nine and studied at his St. Stephen Music Conservatory in Budapest, Hungary. At the age of 20, he moved to Vienna where he joined the double bass group of the Vienna State Opera Orchestra and also became double bass soloist with the Vienna Philharmonic Orchestra. If you like me, think of double bass as a dark brown instrument that only provides low frequency bass for an orchestra. Listen to this album. Ratsch lets the bass sing like I only know from the best cello players. This Deutsche Gramophone album is also available on Tidal & Cobrus at CD-Quality and now for something completely different. This album falls in the category ear candy. It's a nice collection of dancers from operas as the name of the album already suggests. The pieces are somewhat filming almost bombastic from time to time. The album is slightly bass heavy which accentuates that even more. It's my guilty pleasure but if you don't like it, I understand. The Japanese conductor Eiji Uwe needs no further introduction, I presume. He directed the Minnesota Orchestra for 7 years in which time he recorded 20 albums with reference recordings, like this one. I had my SACD copy ripped so I listened to the DSD64 version but versions in CD-Quality are available on both Cobrus and Tidal. At the age of 19, the Dutch violinist Janine Janssen debuted met de Amsterdam Concertgebouw Orchestra. Nu, op de eeuw 43, is ze wereldfamous en speelt voor Stradivari. Subsequently, de 1727 Barrère, de 1727 Baron De Brug, de 1707 Antonio Stradivari Rivas Baron Goodman en de 1715 Stradivari woonde Duke of Cambridge. All on loan, of course, but it is clear proof of her status as a violinist. On this album, amongst others, act three from the Swan Lake, the main theme from Schindler's Least en Ravel's Zigan. This Dekker recording sounds great and is available from Tidal and Cobrus at CD-Quality. And now, I mentioned Janine Janssen. I must also mention the music she played for the Dutch movie Susskind. It's about how the Nazis manipulated the Jewish Council of Amsterdam to have them organized a deportation of Jews in an orderly fashion to so-called labor camps. Walter Susskind managed to get young kids to disappear. My daughter played the role of Hannah Susskind, his wife, and that's perhaps why this music makes me so emotional. Seeing your daughter in a concertation camp is confronting, even if you know it's just a movie. Anyway, listen to the fantastic interpretation by Janine Janssen. You find it on both Tidal and Cobrus at CD-Quality. The movie can be found on YouTube as well. One problem with composers that have their name originally written in non-Roman characters is that there are several Roman versions used all over the world. For instance Shostakovich and Shostakovich. While I use Shostakovich. Which makes searching for this composer not always easy. But his worth finding for his grotesque Russian style works are pure gems. The Royal Concertgebouw Orchestra perhaps aided by the fantastic acoustics of the Concertgebouw is considered to be amongst the top orchestras in the world. The Amsterdam-born conductor Bernard Heiting started conducting directly after the Second World War and already two years later he substituted Giorlini en became the first conductor of the Concertgebouw Orchestra in 1959. He held this function until 1999, after which he became honorary conductor. This Deca recording is from 1981 and is available on CD only. Ruhm found this album for me. I played other string quartets and the radio function of Ruhm picked this album up from Cobus. I know nothing about the artist en Ruhm didn't help me here either. It did tell me however that the six quartets were published in 1787 and are dedicated to the King of Prussia Friedrich Wilhelm II. I love string quartets and quintets since they bring you close to the instruments. When played well they sound amazing whether it's in these works or in Eleanor Rigby by the Beatles and they sound very well in this album that it is available in 96 kHz on Cobus and in CD quality on title. De Ruisdahl Quartet was formed in 1996 when all members were studying at the Royal Conservatory in The Hague. This album was recorded ten years later. According to their website they were inspired by the famous Dutch painter Jacob van Ruisdahl. The Quartet has allegedly been renowned for its intensive playing and nuanced sound palette. I agree on both musicality and sound quality. The music is not background, same a music but rather true concerto-like performances. I love it. On the album works by Bruckner, Britten, Buccini, Griek, Rachmaninoff, Weben en Schoenberg. The album is available on title and Cobus and can be ordered via their website. Alexander Nefsky en de Lieutenant Kijsje Suite are considered to be Prokofie's most brilliant work by many. Lieutenant Kijsje was originally written as a film score for a movie with the same name. It was his first commission. He adapted it into the five movement Lieutenant Kijsje Suite which was first performed in 1934. Four years later he collaborated with the film director Eisenstein to create his score for the film Alexander Nefsky. This was later adapted into a grand cantata for mezzo-soprano, orchestra and chorus. Both works can be found on this album performed by the Los Angeles Philharmonic Orchestra directed by André Previn. I think both need no further introduction. Widely available online, on CD only at a low price. I also own a DSD128 version by the Utah Symphony directed by Jerry Fisher that is musically quite different even more dramatic and slightly slow but also good sounding. Cobis has the 192 kHz version online titled only the 44.1 kHz version. I use the Air Acoustics AX5-20 amplifier that powers the audio-physics Scorpio loudspeakers over AudioQuest Robinhood 0 loudspeaker cables. De DA-converter was a Denaflips Terminator Plus connected to the amp over Grim Audio SQM balanced interlinks. It got its input signal over I2S from the Denaflips Gaia over an HDMI cable while two professional 75 ohm video B&C cables were used to clock the Gaia from the Terminator Plus. De streamer is de Auralic RSG2 connected to the Gaia over AudioQuest Diamond USB A2B cable. De RSG2 is connected to the network over the network acoustics ENO streaming system and the SOTM SNH 10G switch. After the switch the network is built up as I described in my video about my reference setup November 2020. Reading back my list I noticed Dutch musicians appear quite often. This was not intentionally. I simply asked Roon to show me my favorite classical albums and this was harvested. I don't know if it had to do with Dutch classical musicians being overly popular as they are with dance music or that it's just a bubble I live in. And let me stress again that the music comes first followed by the sound quality. I mentioned where you can be more critical. On the set of one variant I described earlier there was not a single album that didn't sound satisfactory. Which brings us to the end of this show. As usual there will be a new video next Friday at 5 p.m. Central European Time. If you don't want to miss that subscribe to this channel or follow me on the social media so you will be informed when new videos are out. Help me reach even more people a thumb up or link to this video on the social media. It's much appreciated. Many thanks to those viewers that support this channel financially. It keeps me independent and lets me improve the channel further. If that makes you feel like supporting my work too the links are in the comments below this video in YouTube. I'm Hans Beekhuyzen thank you for watching and see you in the next show I hope you do enjoy the music.