Aloha and welcome to PowerUp Hawaii. I am your host, Raya Salter. I'm an energy attorney, clean energy advocate, and community outreach specialist. I'm also principal of Imagine Power LLC. Thank you so much for joining me today. Today we are here to talk about clean and renewable energy for everyone. This is closer to becoming a reality in California and hopefully very soon here in Hawaii. I've worked as a private attorney and a clean energy advocate for 10 years. In that time a lot has changed in clean energy technology. More and more companies and homeowners have been buying or leasing rooftop solar. This has led to tremendous and encouraging growth in the clean energy market at a time when we need to move away from fossil fuel. This boom however has not happened across society equally in America as a whole. People who live in rental housing or otherwise don't own or control their property have not been able to see the benefits of solar energy. Similarly, people with low incomes have not seen the benefit of clean energy. This means that clean energy has seen like it is only for the wealthy. However, if we are to make the switch to clean energy all of society must participate. This transition cannot be done by the wealthy alone. Enter community renewables. Today in the news it is in the news that the Los Angeles Department of Water and Power has voted to move ahead with the solar program aimed at bringing access to low income customers for renewable energy access for low income customers. Thus far in Hawaii distributed renewable energy systems such as PV systems have only been available to those who can afford the significant upfront cash payment required for a system installation. A community-based renewable program provides an alternate means of investing in renewable energy to individuals and groups like schools or community organizations who may be otherwise precluded from installing their own systems. So what might this look like? I think we've got a picture of what a community renewable energy system looks like. So there you've got in the middle the community solar garden. There are means or supports incentives and tax credits that are that go in to help this work financially and then you've got several people who can off-take from that particular garden and it can also be sold back to the utility. So on June 8th 2015 Governor David Igay signed into Law Act 100 which requires Hawaii's electric utilities to create a renewable based community renewable based program. This process is ongoing and has not yet resulted in a completed tariff as yet. Here we've got a picture of what solar can look like on a multi-family building. So this is a project is in Wisconsin so this is something that can and has been done. California is a state that has made tremendous strides in community based renewable energy programs. To talk about this progress and what it can mean for Hawaii I am joined by Skype by Jorge Madrid. Jorge is campaign manager energy and climate for the Environmental Defense Fund and is based in Los Angeles. Jorge is a nationally recognized voice on climate equity issues and works to ensure clean energy policies and inclusive and are inclusive and benefit all communities particularly low in communities and people of color. He holds a master's in urban planning and public administration for the University of Southern California. Welcome Jorge. Hello Raya thank you for having me. Thank you so much for joining us. So Jorge awesome news coming out of California and utility dive and in the LA times today. Can you please explain what happened with this latest vote and what this means for community renewables in California? Sure Raya and thanks again for having me. I think what's really important is that we took a first step a much needed first step here in Los Angeles. Now Los Angeles Department of Water and Power is the largest municipally owned utility in the country serving about four million customers and as you mentioned in California and in Los Angeles in particular we've had really tremendous strides in installing solar. We have more solar installed than anybody in the country but as you mentioned a lot of it is concentrated in wealthy homeowners. At the recent vote of the board we approved a new pilot project to extend what we're calling a solar leasing program. The program is actually called the solar rooftops program. It's going to be relatively small pilot with about 400 homes roughly about one megawatt of solar. The department is going to install solar on these homes at no cost and maintain the panels and the customer is essentially leasing the roof space and is going to receive about a $30 per month credit on their bill. Interesting. Why are community renewables important and why are they important in California? I think as you mentioned and what's really important about as we transition to a new clean energy economy we have to understand that everyone needs to participate and in a market like Los Angeles you have about 55% of all residents are renters and that is usually going to be low-income communities usually communities of color who are going to fall into that demographic and because of that large swaths of the community have essentially been locked out of the market and I think when we talk about the success of our solar programs in California and in Los Angeles we have to understand that we designed them to really favor upper and middle income homeowners who have good credit scores who have a roof that can support solar system that actually have upfront capital to spend and that really doesn't fit the profile of a lot of families in Los Angeles and really in cities across the country. So that this is going to be a really important way to extend access but also a California and the city of Los Angeles to meet its extremely ambitious renewable energy goals and I think the other thing to remember is that we need lots of tools in our toolbox in order to achieve that this is certainly going to be one of them and one that we're very excited about. That is awesome and it is exciting that California has such ambitious rps Hawaii also has extremely ambitious goals for clean and renewable energy let me ask how can communities in particular low-income communities and people of color benefit from having access to clean and renewable energy? So one of the things to look at is a average low-income family a typical low-income family and we know that there's a strong correlation between being low income and being the person of color in the United States so there's already a connection there but a typical low-income family is going to spend between seven upwards of 20 percent of their monthly income on energy costs depending on where you are and what kind of climate zone you're living in and what kind of housing you have but that's a significant chunk especially for a family that's already just getting by so to free up those resources by reducing the cost of energy and I want to point out it's not necessarily just cheap energy what it is is stable energy costs one of the things we know about solar power is that we can you know predict the amount of energy that we can produce on a given rooftop solar system and really be able to build that into a family's budget so there's monetary savings one of the important parts of the Los Angeles program is that there's also a workforce development jobs development program associated with it oh please tell us tell us about this program absolutely um so the Los Angeles Department of Waterpower probably has in my mind one of the more impressive job development programs called the union pre-craft training program the UPCT and what it does is it brings in folks who come from traditionally disadvantaged backgrounds people who've been formally incarcerated folks who may be only achieved high school equivalency degree but who want to work and who want to you know improve the city and it really sort of creates this pipeline of people into the Department of Water and Power and those are going to be the folks actually installing the solar in part of this program so that's going to be another way that it could benefit the communities and lastly you know in Los Angeles we're lucky we don't have a lot of coal-fired power plants but what we do have is a lot of peaker power plants and those are plants that we flip on when the weather gets really hot when we need more energy than we're normally producing and those power plants are extremely polluting and they create not only greenhouse gases but a lot of other coal pollutants and more than likely those power plants are located in low-income communities of color so you sort of have this solution that's going to help alleviate costs it's going to create jobs and it's going to reduce local pollution well that is fantastic and I know that those are all things that we here in Hawaii would also like to see happen why don't Jorge go ahead and tell us what type of work have you and EDF been doing in California on community renewables so EDF is really interested in opening up new markets for clean energy and so we really feel that you know using these market forces and providing enough information and access to the market is really going to help clean energy not only expand but expand in a way that's accessible to lots of people and we really see opening up a market for renters for low-income people for communities that have traditionally been left out of the clean energy conversation and market is really going to help in this transformation and the other piece that i think is really important is for us it's not about just doing this because this is a good thing to do we know that in order to meet our climate goals in order to really be an example for the rest of the country we have to have a clean energy economy that works for everyone that is accessible to everyone regardless of income and really regardless of where you live geographically in the state as i'm sure you can assume it's it's it's not very surprising to know that most of the solar this far has been coastal has been wealthier upper and middle-class neighborhoods but we can't get there on just focusing on one market alone and so EDF has been really striving to really open up as many markets as possible and to create the best kind of clean energy ecosystem where that really works for everyone oh thank you thank you so much for that whore hey i think we are about to take a break and when we come back we'll pick up with whore hey madrid from the environmental defense fund on community renewable power hi i'm stacey hayashi with a think tech hawaii show stacey to the rescue highlighting some of hawaii's issues we can catch it at think tech hawaii on mondays at 11 a.m aloha see you then hi i'm stan energy man and i want you to be here every friday noon think tech hawaii dot com watch the show be there i pity the fool who ain't aloha my name is josh green i serve a senator from the big island on the conus side and i'm also an emergency room physician my program here on think tech is called health care in hawaii i'll have guests that should be interesting to you twice a month we'll talk about issues that range from mental health care to drug addiction to our health care system and any challenges that we face here in hawaii we hope you'll join us again thanks for supporting think tech aloha i'm kawaii lucas host of hawaii is my mainland every friday here on think tech hawaii i also have a blog of the same day at kawaii lucas dot com where you can see all of my past shows join me this friday and every friday at 3 p.m aloha hello and welcome back to power up hawaii i am your host raya salter we are talking today about clean and renewable energy for everyone with whore hey madrid climate and energy campaign manager for the environmental defense fund based in los angeles hello again whore hey hello so before we went to break you were talking about the importance of having a clean and renewable energy be for everyone and really expanding markets to get beyond this idea that clean and renewable energy is only for the wealthy you also did a great job telling us about the myriad of benefits that a low-income community can derive from a clean and renewable renewable power be it financial be it health and safety wise in terms of reduced carbon emissions and co pollutants so that means we've got it up you know so here we are we're at one place now and we've got to get to a new place a new place where everybody has access to cleaning and renewable power so that must mean engaging communities engaging people in place where they are so i'd be interested to hear more about what you and the environmental defense fund are doing in california to engage communities with this work well i can talk about my work here in los angeles because that's really what i've been mostly focused on i work with several coalitions here in the community and these coalitions are very diverse they're folks that are focused on social justice economic justice environmental justice you know edf is a large which you call mainstream environmental organization and i think that we're probably not as well equipped as these community organizations to understand the needs of the community and also to really have that level of trust that needs to be built in i mean one of the important things to remember is that you know a lot of these clean energy products and programs have been marketed at households with other kinds of profiles and you know a lot of households frankly are are a little are a little concerned about getting into a new financial agreement with the clean energy company trying to sell them something so that that issue of trust and that issue of really understanding the sort of needs of a particular community are so important and so to that end we really made a strong emphasis on partnering with those community-based organizations now those community-based organizations are very aware of the real dangers of climate change but they also understand that their constituents that their community my own community have a lot of other needs again like jobs like economic development like breathing clean air access to clean energy food a lot of the things that sort of are part of this package of what really it means to have a sustainable community and in that way i think edf is both able to bring resources and bring technical know-how but also to learn and that exchange has been a very powerful one for me and for a large organization like edf and i think it really needs to be the new model that private sector non-profit sector and community sector is really able to work together to achieve these solutions that i couldn't agree more i'm excited to hear that this is happening that it's happening with environmental defense fund i will note caveat i am an alum the proud alum is environmental defense fund i was a regulatory attorney with edf several years ago but that caveat aside that's very exciting can you tell us for hey what's an example of how where the rubber meets the mode when you guys actually go out and work with your communities our communities to make these changes happen and develop these markets well i'll tell you a really fun example and it's an event that we have has become a yearly event it's called east side soul it is an event that is on its surface it's a big party right and it's a big party powered by solar we bring in large solar generators to sort of have this off-grid food trek art and music festival we invite the entire community because if you really wanted to do something and you wanted to get folks from the community out you got to have good food you have to have have a good time now while they're there we bring out plenty of resources information clean clean energy demonstration projects to really show the community these are the technologies that are out there and one of the things that we want to do is sort of take away the mystery that you really need to be a wealthy homeowner or you have to fit the profile of an environmentalist which is not really something that a lot of folks in marginalized communities can identify with right hugging the trees and the polar bears and the baby seals we really make a strong connection that clean energy solutions and other solutions related to a healthy environment like good food clean water transportation is something that can really benefit them but one of the other things that's important about this is that we also want to honor the fact that for a lot of these communities they've been living sustainably for a long time things like doing carpools growing your own food you know really sort of living small and compact and with a small carbon footprint those are things that you know may be trending now to sort of the eco hipster environmentalists but it's something that these communities have been practicing for a long time so we also want to honor those things while introducing new technologies and the last thing I'll say about this is that the outcome of these events these that we've had now for the last two years and have been really fun there's actually been real policy change because I think that our elected leaders are seeing that these community groups also are demanding solutions and solutions that work for them and community solar and shared renewables is one of those solutions that's going to work for them and really sort of expand the the reach of our clean energy goals. What are some of the key challenges to community renewables? Well I think for one you it has to make sense financially so if you're opting into a community renewables program and and you know we would like low-income folks renters to be able to access these it has to make sense financially so you know right now there is a sort of a need to bring down those costs and to be able to reach scale so that it become can become more affordable but you know the other thing that's really important is we want to make sure that we emphasize energy efficiency and sort of behavioral changes so that along with receiving clean energy at a fixed cost so meaning as energy prices increase the cost of this community solar program and the energy produced is going to remain fixed that they're also able to save energy while they're doing that and that's a tricky thing to do and so you know we're working that out there's lots of programs around the country which is trying to figure out that correct price point and then the other thing I'll say is the marketing and actually getting folks to sign up and I think some of that goes to the trust issues that goes to the issues of folks maybe not necessarily seeing themselves as an environmentalist and what we're trying to do is change that sort of stigma and say this is for everyone and this is something that you can afford and also a way for you to contribute to your community growing stronger yeah that's that's really interesting thank you so much for sharing that with us what are some of the sort of key outtakes or key lessons that if you were looking at a jurisdiction like Hawaii we've got the highest energy prices in the country we have tremendous energy poverty we have a lot of folks living in multifamily buildings particularly on Oahu what are some of the lessons you think that we could take from some of the good stuff that's happening in California sure I mean one things is that you need many different kinds of solutions to fit different kinds of needs and so you know you have your traditional sort of net metering feed-in tariff power purchase agreements other kinds of policies that really make sense for upper middle class homeowner that has a newer house but you also need shared renewables and I'd like to add things like shared storage you know access to energy efficiency programs to really be able to fit the different kinds of needs of different kinds of customers and that's really important I would say the other thing that is probably equally important and that we're starting to really see in California is it's not just about sticking a bunch of solar power you know and that solving all of your problems you also have to solve for what time of day is that energy demand happening and that demand you know do we have new technologies like the next thermostat we have batteries and we have just good old-fashioned behavioral change that can help align the demand for that energy during the time when we're actually producing the most sun and so it's a technology issue but it's also really sort of a education and outreach issue as well thank you so much Jorge here in Hawaii we are on the cutting edge on a lot of these issues we are in the midst of developing our community renewables tariff and I think that I think there's a lot that we can learn from the work that you're doing and I think wouldn't it be great if we could have we could create connections and have some some cultural exchanges and arts and music and share some of these techniques that can move communities forward and make communities stronger because I think that here at Hawaii as we engage communities and think about what our needs and solutions look like that that could also offer lessons to California. This is just extremely exciting that this project is moving forward in California. Do you have any last thoughts you'd like to share with us Jorge? I sure do I mean first of all I'm so honored to be here and I'm so inspired by the work that is happening in Hawaii and in other states local municipalities that's where the real leadership is coming from I think a lot of us are looking to you know what is our clean energy future going to look like moving forward and I would say that what gives me hope and that would really give me a lot of optimism is that the real innovation and the real problem-solving and solution is going to come from the state local and regional level and all of these examples are going to help teach us and we're going to learn together how to get there in a way that is the right cost but also the way that has the levels of equity and inclusion that we need. Well thank you so much for joining us in California Jorge. I look forward to including you in work discussions going forward and just thank you for sharing your work and your success and your vision and I wish you the very best of luck with this incredible new pilot project that has been approved for community renewables in Los Angeles. Thank you Raya it was great to be here so that is the end of our show thank you so much for joining me Raya Salter for Power Up Hawaii and also my guest Jorge Madrid thank you so much thank you guys for bearing with us.


Hi and welcome to the session. Let us discuss the following question the question says without using trigonometric tables evaluate the following 3 tan 25 tan 40 tan 50 tan 65 minus 1 by 2 into tan square 60 divided by 4 into cos square 29 plus cos square 65. Let us now begin with this illusion. Now here in this question we have to evaluate this expression. Without using trigonometric table this is equal to 3 into now tan 25 can be written as tan 90 minus 65 tan 40 can be written as tan 90 minus 50 into tan 50 into tan 65 minus 1 by 2 tan square 60 is root 3 whole square divided by 4 into now cos square 29 can be written as cos square 90 minus 61 plus cos square 61. T minus 65 is equal to 50 is equal to cos 3 by 2 divided by tan square 61 d 1. Square 61 is also equal to 1.


So what have we learned from Punk Hazard? Except for the fact that law might be one of the greatest negotiators to ever exist. Two for the first time in One Beast caused Doflamingo any single amount of stress I've ever seen on his face. Ladies and gentlemen welcome back to the channel, my name is JackTheBus and we are completing Punk Hazard very very soon. I believe we have two today and then next time we have another two because there's like some filler at the end of this. But then that's it and then the adventure continues. It's been a crazy stay on a crazy island and I couldn't be happier with how everything's going as it was all the chaos of everything. And it feels like it's just setting up more and more for everything with Doflamingo, everything with Kaido. It's so exciting. We're gonna hop right into it if you need a channel, don't forget to drop a sub and let's get started. Yeah, Sonny been chillin' this whole arc man. Oh my gosh, Robin looks so beautiful. They're already that far! Oh my gosh, it's all behind us. Yeah, I was gonna say the other new world, this ocean seems very calm. The waves are just chill. Chopper just messing with Caesar?  Chopper, you do not have to help him at all. He'll be fine, just leave him. It's not a little lamb. It's- what is that? Right, the 8th person to ask. Everybody's asking about Minnie Mary. Everybody asked, the whole crew asked. I was like, what if Caesar asked? Okay, yeah, where had he been the entire time with his farting? Yep, that was the last time we saw him. Did he go looking for it too? He got there like instantly! So he- okay, he took her around to where we found her. Oh, nice! We got Minnie Mary back, W. I love the- the bit that like everybody asked about Mary. Everybody was concerned. It's such like a low key bit, but it's very appreciated. midst of our important trip. Wait, so they were like separated? Some island with a harbor, that's it? Aw, they have such good manners. You wanna join the crew? Oh, law has it set. Ooh, he looks good man! Droz Rosa! We're going to freakin' Dolpo Mingo's home, bro! Knock on his door! Ah, smiley. He told them take it off and run to the lab. I mean, Maya's wall have left it on, bro. These guys are just the most gullible human beings ever. He's put his hat on. Okay, so the suit would have literally saved them? Oh my gosh. Oh no, there's no way they're getting through. Probably them for going back for their comrades though. That is a W.  Oh, 12 hours. Oh, there's like an actual clock.  I'm just gonna go have brownbeards, okay? Look at his giant suit! Aw. I could see brownbeard joining the navy low key. Not like leaving his pirate life, I don't know. I don't know, he just seems like such a nice guy, man. I just want him to be okay with these. Oh my... That's where the bodies are? He just left them with them? Oh my gosh, it's him! Oh my gosh, what will a smoker do? Oh my gosh. It is gonna be Doflamingo. Did he just throw them back? Oh shoot! Oh shoot! Oh shoot! Oh shoot! Boy, his hair! What an insurance! Oh my gosh! Oh my gosh! I mean, he can't do anything though right now because he is still a warlord, but maybe this is how he'll resign. Oh shoot! Oh, the music! Ah! Dude, what an insurance, man! He loves how they tremble just seeing him. Oh, he's pissed! He's beyond pissed! Especially after that call! The hockey! Oh man!  He just gets up. He's like, let's do this! God dude, he's... I just love everything about his style. So he has Conquerors too. Welp. Welp! Is he just gonna take it out on all of them?  I still understand his power, so he can just like command people? Like, are there any limitations to that, man? You just straight up command someone. Shra has just an ordinary pirate. Oh my gosh! Bro! Look at smoker! He looks so over it, man! That was a baller move though, I gotta say. W-mans. What? Smoker! He's stepping in! Oh dude. Oh no. Oh no. Oh no. And smoker's not gonna give them up either.  I mean, he's been through too much though.   Wait. He told smoker a green bit, but then he told the straw hat stress rosa. Yeah, that's what I think too. That's what I figured Dolph-a-Mingo would say to is he knows everything. Virgo everything, bro. Like, even if he wanted to keep his job, if smoker gets away, he couldn't. I love the armament hockey. I just, I don't know if smoker stand a chance against Dolph-a-Mingo. Look how fast! Oh, shoot. He's just jumping around him. Like, is he just toying with him? Couldn't he make smoker do anything? I really don't get him. I like the sound effect for his power though. He cut him with nothing. Oh my gosh! Bro, he is cutting him. I have a slight theory about his ability. It's like a puppet master. Like, he uses strings to control people. That's how he's cutting smoker. He's cutting him with a string. I don't know if it's that simple, but that's how it seems. He controls people like a puppet master. That's how he moves his fingers. Gonna kill all his men, man. Smoker's gonna take the hit. No! Dude, what did I say? He's gonna just beat him down. This is so out of their element. It's insane. He's here. What do you mean we're cutting away? There's something we have to do there. Oh my gosh, isn't that a bad idea? Taking Caesar there? That's exactly where they want to go? What? Oh, perfect! Kill him on! Stick around! Nope. Oh, law. Oh, it's the new world. Never know. Why does Kill him on want to go there? This rose is already like the... Oh. Don't try to go straight. Take a detour? What? Thank goodness he's here. I mean, seems like he does know. He should have said to kill? I love how Zoro's excited. Come on, guys, it's hype! Where is Law's pirate crew? I like Sanji's vest. Yeah. I'm glad Sanji's saying that now. Yeah, baby! Thank you, Sanji! Don't treat him chopper! Oh my gosh. I think you should just leave him, honestly. He's the most evil. Oh, he's going to tell them the plan plan? Oh yeah, he has to explain everything about like, SAD, yeah. Great Pirates of the New World often have their own territory. Yeah, it makes sense. Count on his number of people and rain like a syndicate. Oh. One pirate group's not even just see their captain's face? They're falling asleep. Nobody's listening. His business partner is Kaido. Yeah, we know that, but they don't. Yonko. Is he expecting like some big response? Oh my gosh. Dude, what did I say within an inch of his life? Bro. Bro! Smoker! No! What? That's who was sitting there. Oh my gosh, that's who was sitting on the fish.    Oh my gosh. Dude, it is heating up and when I say heating up, it is getting cold and it's getting cold. Dude, dude. Okay. It is infinitely better now that it is an ally and not an enemy that was headed to Punk Hazard, but boy, did he show up on time. And I love how he calls Smoker his friend because Okiji, I don't think is even in the Navy anymore because he lost Kainu and he lost that position and then they say he left the Navy after he lost that. So technically, there's only like one Akainu's the Fleet Admiral now. There's not this like this big three now anymore.  He's probably getting kind of lonely, man. Oh my gosh. All right, 625, let's go. Bro, he just has his leg on him too. He disappeared. Oh, he's got a scar on him too. He's got a new drip too. Dude, this is just more and more interesting. These big names, these big characters.  Oh! He was still going to! Oh my gosh! Bro! He was going to kill him. Yes! He wanted to force out Kiju's hand. See if we can actually stop him. Yo! He froze to a flamingo! Oh my gosh. Oh my gosh. Oh my gosh. Hey, that was possible. That was like fighting stance. Oh s**t. Oh my gosh, he's like kind of breathing heavy. He's usually like stoic. Dog! This is insane! Dude, Al-Kiju looks so badass, man. And then, don't want me to go just like an absolute demon. Look at him. I mean, Al-Kiju ain't even taking his hand out of his pocket, man. That's how chill he is. We step into him. Oh! He doesn't want the smoke! You s**t! Oh, I bet you aren't! I bet you aren't! I quit. Oh, oh. He has to quit now. If he can't silence smoker. Yeah, good question actually. Dude, I feel like he was getting more and more pissed off with how everything's going. He's not even going to answer him. Ooh. I hope he's not too dejected. I love Al-Kiju. Hmm. He said since he can't silence me, I have to change his plan. I think he has to leave the warlords now. Because if he could silence smoker, then it wouldn't matter. He could still maintain this like underworld position. But then he would lose Caesar in return. I don't know, man. I don't know. It's exciting though. He looks chill. An ordinary vagabond. An Al-Kiju is a determined man. Ah. Dude, so is this like his penguin? Look at him. It's like his ride. Things he can do without belonging. Like help him out. Hell yeah. I almost like this rogue Al-Kiju like sort of angle. Oh my gosh. That was crazy. How did he know? Hmm. Was he watching the live stream? Actually he probably was. Yeah. That is so cute. What is it? I don't even know. Hmm. I'm still me. He's saying he hasn't been soloed by the underground or anything, I guess. The king of Dressrosa. Oh, shoot. Things go wrong very quickly on Dressrosa. Dressrosa. See this matter he's faced. Oh. I mean like everything with Caesar and him getting the smiles to Kaido. What? Who cares? He's saying it could be the most serious situation because if Kaido is able to get the smiles and then kind of create this army and then him and Dofumigo would be like unstoppable basically I think. Oh. He's so anxious he turned back into a dragon. Bro, he's such a cute dragon though. There's no way he doesn't realize this. You were told this. So cute. Weak in his force. And that's cutting off Dofumigo. Yeah. I wonder how much he pays like ballpark. Oh yeah, they all have to find out about this too. Yeah. Risks involved. 500? Oh. 500 Delphiourators in one pirate crew. If they cut off Caesar and and Dofumigo he's like and they need lineage factor into practice. Factory manufacturing. Oh. That's why he wants to go to Dressrosa. Yeah, how do they manufacture it without Caesar there? Yeah, what do they want to go there? Oh. We're just rescuing all of Kinamon's friends and family. Also, why are they keeping him on Dressrosa? I guess it depends how big Dressrosa is. Oh, what? What is that? It looks like a diamond. Oh, it was... This is a solid object.  Oh, it's hail. Oh my goodness, gracious. I'm so sorry. They got a zoom out of there. Frankie and these braids is so funny. I kind of want Momono's going to just stay in dragon form. It's so funny his facial expressions. Stambug. Oh my goodness. How did I miss that? I look away for like one second to smack a bug.   What is this? The new world is insane. He's holding his son. Damn, good thing they got it out of there. Holy. That was some quick acting. Usually that would take like half an episode. Oh, he's back. So he's kind of just switches at random. Aw. All right, you may. Mommy's so good with kids. Bro, I swear we don't get to see the inside of the ship often enough. I'm going to keep it a buck. Come. The winery. Momono's case is so adorable, man. This is this tiny, tiny kid. They're going to kick his little feet while Sanji cooks. He's like, he's taking all the attention.  That looks so good. Oh my gosh. Aw. He's like a doctor. That's so cute. Gosh, my heart. Oh. That is so adorable, man. Wow, look at the sunset. Bro, Caesar just chillin' on the boat is so funny. What? They got the night watch. Ha! Oh gosh. What? I mean, I wouldn't be mad if one of those accidentally hit Caesar. The whole country was... What? The grave of what? Of Wano Kingdom's hero. Oh. I totally forgot. That swordsman was from Wano, yeah. Oh my gosh. He's a... Oh my gosh. Living the dream, bro. Living the dream. Aw. He's a brave warrior. Oh my gosh. We're all rushing up there. Gosh. It's not fair.  What does that mean? Aw, he's crying. Oh my gosh. He's being shameless about it. The secret garden. Bro. As Shameless. Shameless. A forest. What? It's one of the dugongs. Is this for the filler after this, the two filler episodes? This... This gives me the vibes. Like, who could this possibly be? Maybe an underworld person? I won't look too much into it just in case it is. But either way, some really wholesome moments in these episodes, but also some really intense. Like, bro. Dolphamingo, like, stepping to Aokiji. Almost killing Smoker if Aokiji hadn't shown up, but it shows just how much poor Aokiji has and how strong he really is. That Dolphamingo doesn't want to waste the energy stepping to him. Because I honestly think Dolphamingo wins that fight, but I really have no idea power scaling. Especially with Dolphamingo, I would say out of any character in the series, Dolphamingo is the one I understand the least about how strong he is. Maybe second to law. Law is still very, like, just outwardly crazy. But Dolphamingo, I mean, he has conqueror's hockey. And the ability that I still don't understand, I mean being able to control someone and what they do, that's unmatched to anything else, depending on how far you can go with that. Because, like, couldn't he do it to Aokiji or is it based on, like, how much hockey you have over the other person? Something along those lines, I have no idea. But either way, man, the end of this arc is delivering. I mean, as post-arc usually do, it usually does some crazy stuff to set up for the next one. But we are headed to Dressrosa and we have a couple, like, things in mind for this, this grander scheme with Kaido, with Dingo's business model, with Kinamon and his son looking for a comrade. Like, a lot of stuff set up. It's very cool to be excited about all of this. But guys, that's been it for my reaction today. I will see you next time for the end of the punk hazard saga. And with that being said, I will catch you in the next one. Peace, peace.


With the ongoing revolution in information technology, our economic systems of organization are being transformed and disrupted by the rise of information networks. It started with the advent of the personal computer, worldwide web, and with the rise of online platforms, the disruptive power of information networks to reshape economic organization became ever more apparent. Today, this process of economic transformation continues with a new set of technologies as we are currently in the process of remaking the technology stack of the Internet, building what is called Web 3.0, a primary component of which is the blockchain. The defining feature of this next stage of economic development is that it decentralizes our economy and shifts operations to global information-based networks like never before. This distributed Internet technology stack that is currently being built enables a network of computers to maintain a collective database of value ownership and exchanges via Internet protocols. This bookkeeping is neither closed nor the control of one party. Rather, it is public and available in one digital ledger which is distributed across the network. The most mature example of this is what we call the blockchain. In the blockchain, all transactions are logged including information on the date, time, participants, and amount of every single transaction. On the basis of sophisticated mathematical principles, the transactions are verified by the so-called miners who run the computing infrastructure required to maintain the ledgers. The technology of Web 3.0 enables a new form of decentralized economy as it removes the dependency on a centralized authority for managing the network, instead replacing it with a distributed consensus model managed by many. This shared, securely encrypted database enables trustless, peer-to-peer interactions via new Internet protocols. People can begin to set up their own networks for coordination and direct exchanges of value peer-to-peer, and it enables the rules of these transactions to be automated in new ways. At the heart of this system is the distributed ledger which records the exchanges of value. These distributed ledgers can account for and validate the exchange of any form of value. It may be a currency, it may be property, it may be a kilowatt hour of energy, the usage of a parking spot, the number of followers a person has on social media. These distributed ledgers provide the infrastructure for building token economies. A token is simply a quantified unit of value. Tokens are both generic and fungible. It is generic in that it can be used to define any form of value and it is fungible, meaning it is exchangeable between different specific forms of value. Traditional monetary currencies are not fully fungible, as there are many circumstances when one cannot exchange a monetary currency for other forms of value. For example, likes on social media may have a certain value, but typically cannot be directly exchanged for monetary currencies. A token differs from our traditional monetary currency in that it is more generic. Our existing currencies define a particular type of monetary value, what we call utility, which is based upon the economic logic of the industrial economy, while tokens, because they are more generic, can define a broader set of values, social capital, natural capital, or cultural capital. For example, natural capital is the integrity of an ecosystem that enables it to function and provide ecosystems services to people. In our traditional economic model, we only quantify and account for the services that the ecosystem delivers, such as food, water, materials, etc. However, we do not account for the integrity of the ecosystem that enables it to function. The generic nature of the token means it can be used to account for value such as this natural capital. The capacity to differentiate between different forms of value is made possible by the programmability of token units. Because tokens are digital, they are also programmable, which enables one to specify certain rules for that token and have those rules executed when it is exchanged, thus enabling certain constraints or possibilities in its usage. One can specify that a certain token is only spendable under certain terms or specify how it can be converted. For example, one could program the token so that it cannot be exchanged for diamonds that are mined in a particular location of the world known for its use of slave labor. In this way, the token is not just a unit of utility, but also expresses social values. Likewise, one could create a health care allowance in dollars or euros that could be programmed on the blockchain so that it can only be used to pay for health care at certified parties. Automating these measures leads to a considerable decrease in bureaucracy. This programmable token system works to shift our economies from a single value model to a multi-value model. They create many different types of value and economies, but still retain the possibility for exchange between them. The distributed web is the convergence of the economic market system with information technology that enables us to convert traditional organizations into distributed markets based on tokens. Tokens define whatever is of value within that organization and the market system is used as a distributed coordination mechanism for managing and growing that resource. By creating an expanded definition of value and converting closed organizations into open markets, this means that we can vastly expand the scope and capacities of the economy. The provisioning of services within the economy no longer becomes dependent upon a limited number of centralized organizations acting for profit, but instead, anyone can now provide the service via these open protocols. This means we can harness the resources of the many in a distributed fashion instead of being dependent upon a few. Likewise, the token economy can harness the motives of individuals not just for financial rewards, but for a multiplicity of values. To illustrate how this works, let's think about the service of cloud data storage. Currently, this is provided by a limited number of enterprises like Amazon and Microsoft. These centralized organizations have huge data centers, but still, those data centers are only a very small fraction of the storage capacity in the world. Most of the storage is in the personal computing devices of end users, and most of that is not being used. Filecoin is one organization that works to create a distributed token economy for this storage. Filecoin is a decentralized storage network that turns cloud storage into an algorithmic market. The market runs on a blockchain with a native protocol token, also called Filecoin, which miners earn by providing storage to clients. Conversely, clients spend Filecoins hiring miners to store or distribute data. The sum of all these computers that are coordinated through an automatic market system on the blockchain can provide a much larger, more resilient system than the centralized model while reducing redundancy and inefficiencies in the overall system. It also pushes the provision of the service out to the location where it is demanded, as people are connecting peer-to-peer locally instead of going to the centralized server that may be on the other side of the planet. Tokens such as Filecoins can be exchanged for other currencies, or members can hold on to their tokens whose value may appreciate as the networks grow over time. This illustrates a very interesting aspect to tokens. Anyone who uses the system is also an investor in the system. Thus, tokens merge investment capital and liquid exchange capital in new ways. In the traditional capitalist model, we have a divide between owners of capital and workers, a divide between a more fixed investment capital and liquid exchange currencies. The shares in a company are not the same thing as what people get paid with for working in that enterprise and use for everyday exchanges in the market. This creates the notorious divide within the industrial economy described by Karl Marx, between the capitalists that make money off their investments and the workers that have to stay selling their labor for money without ownership. Tokens represent both the inherent value of the community, which is its capital investment, and they are also units of exchange within that ecosystem. The founders of the project issue a number of tokens at inception and sell those. For someone to use the system, they have to buy the tokens. In so doing, they become part investors in the project, but they also use those same tokens to make exchanges within the market. Thus, the people creating the value in the ecosystem are also getting paid in tokens, meaning the workers that are creating the value through their work also have ownership within the organization. In the traditional utility-based exchange of cash, people have no ownership in the organization. They just try to make money and this can create divides between the owners and the users. The token system works to better align the incentives of the individuals with the overall system because the value of the tokens they earn is also dependent upon the value of the whole. When you are working for a token network, you are both working for yourself and for the whole organization as the two become more aligned, unlike the traditional divide between capitalist and worker. The token system enables networks to overcome the chicken and egg problem. If you were the first user of a network like eBay, then the value would be very low. Thus, it is difficult to get the network started because it has to reach a critical mass before it will be of value to the users. This means that it may require a large investment to create a network. The Silicon Valley model worked by having large initial venture capital backing that enables them to overcome this. But it means that most networks don't get off the ground and that once a network reaches scale and has value, it becomes dominant and very difficult to compete with, resulting in a lock-in effect and making it easy for large incumbent organizations to become extractive over time. It also means that those who founded the organization win big time. When the network takes off, it creates a winner-takes-all dynamic with most people losing because of the threshold. The token system extends the benefits of being an early adopter of a new network to all the users and thus helps to solve this issue. It does this by issuing tokens for anyone to purchase at the beginning of the project. As the project grows, the tokens come to have greater value for all of the holders. This also works to make the users of the network promoters of that organization because as it grows, the tokens that they hold become more valuable. It incentivizes people to join networks early so as to gain the benefits of the increase in their token value as it grows, which reduces the problem of thresholds. With this, technology companies no longer have to go to traditional capital markets through an initial public offering of shares in the company in exchange for money. But instead, they simply sell tokens directly on the internet to raise initial capital for the project in what is called an initial coin offering, or ICO. This means that founders can monetize their networks directly by simply holding their tokens and making the network useful. To date, we have had an internet patched onto the side of an economy operated through the many centralized organizations of the industrial age, creating a strong contradiction between the underlying technology and the institutional arrangements. The distributed web will work to transform this by merging information networks and economic organization as the flow of information and economic value becomes one. This will greatly reduce our dependency on centralized organizations expanding markets as systems of organization. The global market economy will become available to the many small distributed peer-to-peer interactions running through web protocols as the decentralized internet takes us a step further into the networked economy.


Hello and welcome to this session in which we would look at purpose and tools of financial statement analysis. This is part one of seven. In this series, I will take a look at financial statement analysis and I will break it down into separate component. And the reason is this, I want you to understand this topic piece by piece because although they are all interconnected, but learning each piece separately is important starting with purpose and tool and financial statements. Why do we prepare financial statement analysis? Well, simply put, to make better decision. That's the purpose of financial statement analysis. Who wants to make those better decision? By whom? Who wants to make those better decisions? Well, auditors could be external and internal auditors. Investors and creditors. Investors and creditors, they invest money in the company. They're very interested in knowing how well the company is doing. The auditors, they're interested in learning about the company in order to pinpoint red flags in order to pinpoint some unusual relationship between accounts. And this is what we call an auditing analytical procedures.  So I'm going to show you both pictures. And it's very important to see the numbers from how the investor or the creditor would look at them from a profitability perspective as well as the auditor. The auditor look at the numbers from a critical point of view, from a skepticism point of view. Also the board of directors, they would use financial statement analysis to evaluate management. Anyone interested in the company can use financial statement analysis. How do financial statement analysis help these users? It would help them learn about the company. And by doing so, you would reduce what's called information risk. So simply put, the more you learn, the more you know about something, the less is the risk. That's the assumption. So how do you do it? You're going to crunch the numbers in a way to give you more information. That information will pinpoint strength in the company. We'll pinpoint certain weaknesses. We'll pinpoint, for example, for the auditor, red flags, things that we have to look at more in details. And this is why we are talking about analytical procedures, why auditors use analytical procedures when they do financial statement analysis. Now, what tools do we use? Well, we have many tools. Let's take a look at the tools. We're going to have what's called horizontal analysis. What's horizontal analysis? Comparing the performance of the company over time. And don't worry, we would look at an example. We're going to look at a detailed example. But basically what we're looking at, we're looking at this is year one and this is year two. And we're looking horizontally, the difference between year one and year two. And the more years we have, obviously, the better off we are. So we are looking across time. Another method is called vertical analysis. Vertical analysis is different. Vertical analysis is vertically. Looking at the financial statements vertically. Choosing a number on the financial statement and comparing everything to that number. For example, on the balance sheet, we would compare everything to assets. On the income statement, we'll compare everything to revenues. Again, we're going to be working these examples. Another tool that we have is called common size financial statement. What is common size financial statements is changing of the figures relative and relative importance. What does that mean? It means we're going to be looking at the numbers, but all as a percentage. For example, we look at cash last year. What was cash relative to total assets last year as in form of percentage? And what is the cash total balance relative to this year? Well, for example, last year it was 3%. This year is 5%. And this year is 1%. So we would take a look at how important that number relative to the total assets of the company. This is what we mean by common size financial statements. And common size financial statements, the beauty of common size financial statements is you can use it to compare companies of different sizes. Why? Because you could have a multi-million or a multi-billion dollar company, which is a large company, and you could have a small company, a medium size company, multi-million dollar. Well, what's going to happen is you can compare the multi-million to the multi-million by changing older figures to percentages, because the percentages will factor the size out. So this is what we mean by common size. It means they all have the same size financial statements. So what I'm going to do in the next session, I will take a look at those three tools together. So this is going to be recording number two. Before we proceed, I would like to remind you whether you are an accounting student or a CPA candidate. Take a look at my website, farhatlectures.com.  My motto is saving accounting students and CPA candidates one at a time. I provide you with lectures, resources that's going to help you understand the material better and do better in your accounting career. Your risk is one month of subscription. Your potential gain is passing the CPA exam, having a rewarding career. Don't shortchange yourself. My catalog include many accounting courses, intermediate, advanced, cost, governmental, tax, so on and so forth. CPA material is aligned with your Becker, Roger, Wiley and Gleam, and I give you access to all previously released AICPA questions, almost 1,500 previously released questions with detailed solution. If you have not connected with me on LinkedIn, please do so. Take a look at my LinkedIn recommendation, like this recording, share it with other, connect with me on Instagram, Facebook, Twitter and Reddit. Other tools that we have include ratios. Now the ratios would include liquidity ratios, which is basically measuring the ability of the company to pay off at short term that basically in the short term can we meet our short term obligation. This is going to be recording number three. We're going to have activity ratios, which is will be recording number four, measure how efficiently and effectively assets are being used. So we're going to measure, for example, how account receivable, how companies manage managing their inventory. Five will be solvency ratio. Solvency ratio measuring the ability of the company to pay off long term debt. So notice we're going to have a short term debt ability and long term debt ability. Number six will be the profitability ratios comparing how profitable is the company relative to other companies relative to competitors. Seven, it's going to be the investor or market ratios measure the attractiveness of the company for potential investors. Simply put, we're going to try to determine whether this company is a good investment or not a good investment and how much we should pay for it. What's a fair price? And this is going to be an interesting, interesting ratio, interesting sets of ratios to look at. Now, bear in mind, I'm going to go, I'm going to be using the same data for the same company. So that's why you want to see those in order because it does not make any sense to look at one recording and not the others. As we are going through those financial statement analysis tools, I'm going to keep reminding you that you always have to have a standard to compare them to. What are some of the standards that you can compare your performance to? One is intercompany. Basically, compare yourself to yourself for the same accounting period. For example, you can compare your sales, Q1 year one to Q1 year two. So comparing quarter one to quarter one year to year on month to month. This way, you know exactly what's going on because the assumption is the conditions that existed in Q1 year one are the same that exists in Q1 year two. Versus you cannot compare Q1 to Q2 because you might have, it could be a seasonal company where in Q2 you really don't have sales. Let's assume you are a ski resort. Well, in Q2, the spring, you may not have as much work as Q1, which is January, February and March. So that's why it's very important to compare the same for the same time period. Or you can compare yourself to a competitor. You have to choose a good competitor and compare yourself to. Now that might be difficult. In classes in college, we always say compare PepsiCo to Coca-Cola. PepsiCo and Coca-Cola are two different companies. PepsiCo, there are so many different businesses that Coca-Cola is not into. So you have to compare the soda division to the soda divisions side by side. Also what's difficult is different companies use different accounting methods. For example, one company use FIFO, the other one use LIFO, one company use the straight line method. The other company use the double declining method. One company is very aggressive in their estimate. Another company are less aggressive, for example, when they estimate their warranties and their bad debt. So that's why comparing yourself to a competitor, it's not as straightforward as people think. Also, you can compare yourself to industry averages. And again, here we are dealing with averages and how do you provide those averages? Well, certain companies, they collect this data, for example, a company called IBS World, and they provide averages about the industry, whatever industry you are in, hospitality, software, real estate, so on and so forth. Also, there are certain guidelines that you can compare yourself to, especially if you are in a very specific industry. For example, the oil and gas industry will have certain guidelines. Maybe the hotel industries will have a certain guidelines that are different. Also, there are certain guidelines that are acceptable in general, such as current ratio of two is a good ratio. Again, those are very also general guidelines that may or may not apply to your industry. Now, I'm going to give you a peak look at what we're going to be looking at next. So this way, you'll have an idea what we're going to be dealing with in the next few sessions. So this is what we're going to be looking at two years of financial statements where we're going to be performing vertical, horizontal and explaining the numbers and explaining the importance of these figures and how do you use them in the real world. At the end of this session, I'm going to remind you again to take a look at farhatlectures.com to practice additional questions. This is how you learn the material, practice questions. If you're studying for your CPA, it's worth it. Study hard, good luck, and stay safe.


My plan for the next 10 years, well it's going to be a long 10 years. I'm my own worst enemy. Can you trust life is no yoke? You should know that we've been doing this for a decade. 10 years of indie Vitamix content creators.  And more than anything, I wish the story was, I got a Vitamix, it helped me level up my smoothie game, and then I joined the affiliate program. The reality is I bought a Vitamix only because it was a requirement for being a part of the affiliate program. So why would I buy a Vitamix just so I could maybe earn a commission doing Vitamix referrals? Well, it was my ticket to freedom. I was a traveling consultant, working for a big consultant. Physically and mentally I was very unwell, despite what it may have appeared. And I was so run down by the long hours and the travel, and well, just the demands of working for big consulting that my doctor prescribed me Adderball. And I think a lot of us were on it, although we never really talked about it. By the way, that's the first time I've ever told people about this, outside of maybe Chala. I don't think my parents even knew that. So 40 extra pounds, eating terribly, dealing with addiction, the sleep deprivation, everything. I wanted to turn my life around. It was killing me. Lucy? It was killing me. Was it killing me? Yes. This is not a part of the script, but I got you. Two weeks after I quit. So this has nothing to do with healthy eating, but this is about loving yourself. Maybe adopt a dog. So I quit. Well, I worked one last year to sort of rebrand myself as a health and wellness guru, who's the way, deal with the addiction, and just turn my life around. I wasn't sure how, but my plan was to share my story of doing this total 180 and make a career out of health and wellness. And I remember like it was yesterday. I was in the Denver airport, and I had just finished another exhausting week at a client's site. And I was on the phone with Vitamix. It was Diana at the time. I said, I'm going to be your best Vitamix affiliate. I think I cried a little bit, maybe. And I said that with a little bit of a chip on my shoulder, because the guys at my consulting firm never let me sell. They say sales isn't a good fit for you. You know too much. And I think from their perspective, if you know too much, and I think they thought that was bad for sales. So my plan was to sell the Vitamix machine. This was going to be my means to an end. And since 2012, when I went full-time doing this, it has. My former life was done. I, now we, Shava and I, and with the help of our brother and a handful of other helpers, developers and stuff, we're full-time Vitamix affiliate partners. This is what we do. So what does that mean? We're like online Vitamix demonstrators. We earn commission when people buy from us. But since we're just affiliates, we get to do this work from our home. And so we hold no inventory, and people, well, it's link-based. When you use our links to make purchases direct from Vitamix, we'll earn credit for the referral. So we're affiliates, and technically, we're independent contractors for Vitamix. And that means a few things. From a not-so-great perspective, we don't get employee benefits. We pay our own health insurance. We're also kept at arm's length for almost everything. So pricing, strategy, marketing, new products, they don't tell us much. And when they do, we have to sign an NDA. But this independence has some benefits for us, and you. We are not sponsored content. That, if you ever see it, this is sponsored content, is you say these words, and we will pay you X. We say what we want. For example, when people ask us about exploration models, if you're concerned at all about noise, about the output of a Vitamix that you're going to get, I would stay away from that tier three. So the Explorian series. And if you do get one, you should get some protective earwear. Earmuffs. And this type of guidance for people wondering which Vitamix to buy is good for everyone. And it follows our number one principle, which is be the most helpful. We can easily sell everyone the best machine with the most accessories. We're good at this. The first thing I'm doing is putting my hand-roasted beats into the food processor, the new Vitamix food processor. Ready? Ready. Shred some beets? Shred them. But that's not what's right for everyone. We aim for a minimalist approach to getting the right Vitamix at the right time. Even if it's not best for our business in the short run, we're playing the long game. Look, our business has slowly grown over the last decade because of word of mouth. People are very satisfied when they get a Vitamix through us. They're getting the right one, and they're using our methods. In fact, that's one of the big reasons that the folks at Vitamix like us so much. People are generally satisfied. Vitamix owners, but people that buy their Vitamix through us are very satisfied because they get the right machine and they're using it the right way. They're getting the most out of it. And so that's really good for Vitamix's business and ours. So does life is no help work for Vitamix? Technically no. But kind of. We're definitely partners. And that's only now something that we've kind of come to terms with and that's clear in a couple of our older videos. In our infamous Ninja vs. Vitamix video, I said something like, I do not work for Ninja and I do not work for Vitamix. I work for you. For you. Got all dramatic with it. That was all true. But some of the information were brought to my attention from a meeting we had as affiliates at Vitamix headquarters. They showed us some of the science behind why Vitamix machines work as well as they do for the long haul compared to other products. Same thing with the NutriBullet video. And while I stand by those demonstrations and the facts presented in them and I don't stand by the tone. Now let's get to the fun stuff. Let's take the Vitamix and the NutriBullet in the kitchen and show the 10 things. And just sort of the bravado in them. You know, it was dismissive and divisive and just kind of elitist. And only now do I realize that most people come to us looking for a Vitamix having come from a NutriBullet or a Ninja. One of those Vitamix alternatives. And that it's not about convincing people to avoid the mistake of getting one of those Vitamix alternatives. It's about showing love for them. Because eventually if they're into this lifestyle something that we can impart on them no matter what blender they have their lives are going to be better. We'll have achieved our goals and hopefully they'll be ready to level up someday because we're not going anywhere. It's the same thing with the vegan stuff. I'm a strict vegan. 90% of the year. And I truly believe that 100% plant-based diet is the best thing for you to do with the plant. Those feelings aren't helpful even if it comes with zero judgment for people in achieving their goals and eating a little better.  So with the food stuff going forward we're going to do a better job and we're going to try and remind people of three things. One, I was a meat, cheese and egg-eating fanatic for my first 30 years. And where I'm at today is not necessarily the destination that's right for everyone and that that destination has been a journey. It's been like five years kind of figuring all this out for myself. Two, we want to remind you that Shava is a never-vegan vegetarian proud. I've found to be helpful when you're living with a vegan and you're not a vegan is a little self-loathing. We want to just keep reminding you that we just want you to eat a little better because all this vitamin stuff is really what it was when I began. Just a means to an end. It's a way to help people feel as good as I felt when I transformed my life let go of all these bad habits and lifestyles and really learned to love myself and take care of myself. Guys, we're going to keep growing and evolving, you know, maybe even offer a diet plan or something because we want to do more for you. It's kind of scary having all of our eggs in one Vitamix container. This is all we do, kind of to a fault. Guys, we're so grateful for this opportunity to do this work and connect and look forward to the next 10 years with you. Thanks. Thanks so much. See you in the next one, guys.