Personal Finance PowerPoint Presentation, Price to Earnings or PE Ratio. Prepare to get financially fit by practicing personal finance. Most of this information comes from Investopedia, Price to Earnings PE Ratio, which you can find online. Take a look at the references, resources, continue your research from there. This by Jason Fernando, updated July 14th, 2022. In prior presentations, we've been taking a look at investment goals, investment strategies, investment tools, keeping in mind the two major categories of investments. That being fixed income, typically bonds, and the equities, typically the common stock. We're focused more here on the equity side of things. Also keep in mind your investment tools and strategies. For example, if investing for retirement, you may be using tools such as mutual funds, such as ETFs, where you're pooling the money together in an attempt to diversify possibly in these cases, not focusing so much on individual stocks, but sectors possibly looking more at indexes. For example, if you're trading individual stocks, then you're gonna be wanting to drill down on those financial statements, doing some ratio analysis, and the price earnings ratio is one of the key components to be looking at. So what is the Price Earnings PE Ratio? The Price to Earnings Ratio is the ratio for valuing a company that measures its current share price relative to its earnings per share, the EPS. The Price to Earnings Ratio is also sometimes known as the Price Multiple or the Earnings Multiple. So these ratios, of course, are gonna be quite important when we want to be comparing things. Remember that this is applicable for many different areas. In your job performance, for example, you're probably gonna run into situations where people are gonna have to use some ratio analysis to see how well you're doing. And if we measure job performance of, say, athletes, for example, this is often what we are doing, helps us to do some comparisons in ways that we couldn't do without the ratios. So the PE ratios are used by investors and analysts to determine the relative value of a company's shares in an apples-to-apple comparison. So we want to be breaking things down so we can be comparing across different companies, looking at value, trying to determine if the price is appropriate and so on for our investment decisions. And we need to do so such a way that we have the same thing compared to the same thing, apples-to-apples, as they say. It can also be used to compare a company against its own historical record or to compare aggregate markets against one another or over time. So we can compare it to other companies, markets or industries in general, or to our own past history to look at the performance of the company itself over time. The PE may be estimated on a trailing, backward-looking or forward-projected basis. So we might look at the actual data that has actually happened, or we might try to say, hey, look, I want to make a decision at the margin at this point in time because I'm using it for future decision-making purposes. So maybe I'll try to have a forward projection to calculate it. The PE ratio formula and calculation, the formula and calculation used for this process are as follows, the PE ratio, market value per share. That's gonna be the share price determined by the market, not by the company, market supply and demand divided by the earnings per share. So we talked about calculating the earnings per share in prior presentations. Once we have the earnings per share, oftentimes the next step will be calculating the PE. So to determine the PE value, one must simply divide the current stock price by the earnings per share. So the current stock price, PE, can be found simply by plugging a stock's ticker symbol into any finance website. And although this concrete value reflects that investors most currently pay for a stock, the earnings per share is a slightly more new nebulous figure. So the stock price is determined by the stock market. And remember that the stocks are uniform in nature. So with corporation separate legal entity breaking out ownership into equal units of stock, which are typically traded on the exchange because we're usually talking about publicly traded companies here. And so therefore if another stock is trading, that's the same as this stock and it's got no differences, we can use the market to help determine what the price is. So that is a great, great tool. So earnings per share comes in two main varieties. TTM is a Wall Street acronym for trailing 12 months. This number signals the company's performance over the past 12 months. The second type of earnings per share is found in a company's earnings release, which often provides earnings per share guidance. This is the company's best educated guess of what it expects to earn in the future. Now notice the past earning per share data is kind of reliable in that it's based on actual data, the past history, what has actually happened. But again, what we're trying to do is kind of look toward the future oftentimes. We might try to say I'd rather have a projection that's looking forward going from this point that might be more useful for my current timeframe, but obviously we don't know exactly what the future is at this point. So this different version of earnings per share form the basis of a trailing and forward PE respectively. So understanding the PE ratio, price earnings ratio, the price to earnings ratio PE is one of the most widely used tools by which investors and analysts determine a stock's relative valuation. So it's a really important ratio. The PE ratio helps one determine whether a stock is overvalued or undervalued. That's the key of the game. By low sell high, that's my investment strategy and advice. A company's PE can also be benchmark against other stocks in the same industry or against a broader market such as the S&P 500. So we could be of course doing some comparisons with the PE ratio to other stocks and industries and that's part of the point. Sometimes analysts are interested in long-term valuation trends and consider the PE 10 or PE 30 measures which averaged the past 10 or 30 years of earnings respectively. These measures are often used when trying to gauge the overall value of a stock index such as the S&P 500 because these long-term measures can compensate for changes in the business cycle. So in that case, we're trying to get a better grasp of basically the long-term trend and obviously within each sector, there's cycles within cycles within cycles, right? There's gonna be good times and bad times for particular companies, for particular sectors and so on for particular reasons. So the PE ratio of the S&P 500 has fluctuated from a low of around five X in 1917 to over 120 X in 2009, right before the financial crisis. The long-term average PE for the S&P 500 is around 16 X, meaning that the stocks that make up the index collectively command a premium 16 times greater than their weighted average earnings. So the forward price to earnings, these two types of EPS earnings per share metrics factor into the most common types of PE ratios. We've got the forward PE and the trailing PE. A third and less common variation uses the sum of the last two actual quarters and estimates of the next two quarters. So we can kind of use a hybrid of the past two quarters and then try to figure out what we think's gonna happen in the next two quarters with regards to the earnings side of things. So the forward or leading PE uses future earning guidance rather than trailing figures, sometime called estimated price to earnings. This forward-looking indicator is useful for comparing current earnings to future earnings and helps provide a clearer picture of what earnings will look like without changes and other accounting adjustments. However, there are inherent problems with the forward PE metric, namely companies could underestimate earnings in order to beat the estimated PE when the next quarters earnings are announced. Other companies may overstate the estimate and later adjust it going into their next earnings announcement. So in other words, whenever we're trying to figure out or think about what the revenue of a company is gonna be in the future, that's gonna be a difficult thing to do and we can be dependent on management to some degree because they're gonna try to give us an accurate number to some degree, but we can see the incentives that are given when you have projections by management out into the future because one objective is they don't wanna miss their target because that's gonna look bad if they say they're gonna do something and then they miss it. So they might fudge the number or make a low ball estimate so they can clear the hurdle easily, making them look good. So that's one strategy that could be used. On the other hand, they don't really like also having low estimates. So you can't imagine situations when they're trying to appear strong by overestimating the estimate possibly to generate value to get a bump in valuation and hoping that kinda sparks a spiral of a positive virtuous cycle. But in any case, furthermore, external analysis analysts may also provide estimates which may diverge from a company estimates created confusion. So you might have outside analysts saying, yeah, this is what I think about it based on the information I have and now you've gotta think, okay, who has the most accurate information about their predictions of the future? So note that these tools that we're using, they're all estimates, they're all tools. So we're trying to paint a picture with basically statistical tools as opposed to this is a hard line rule. And this is kind of difficult for people that learn accounting oftentimes because you try to say, well, there's gonna be a hard line rule. This is the way you do it. This is what it is. But when you're looking at statistics and trying to predict what's happening in the future, really you wanna gather as much data as you can possibly looking at it from multiple angles so that you can then put together your best assumptions of what's gonna happen. So we've got the trailing price to earnings. The trailing PE relies on past performance by dividing the current share price by the total earnings per share earnings over the past 12 months. It's the most popular PE metric because it's the most objective assuming the company reporting earnings accurately. So clearly if we take the past earnings, then at least those are accurate for the timeframe. We would like to have accurate future numbers, but we don't know what those are, right? So we might just use the actual last numbers because that's what actually happened unless they lied on hopefully we can depend on the financial statements. Some investors prefer to look at the trailing PE because they don't trust another individual's earnings estimate. So you're gonna say, hey, look, that's great. Even if it's management, but you're a little bit biased by telling me what you think is gonna happen in the future. I'll just look at what happened in the past because I can have a little bit more confidence in that and then make my own estimates. But the trailing PE also has its share of shortcomings, namely that a company's past performance doesn't signal future behavior. So in other words, past performance may give you some indications of the trends and what's going on and so forth. But if things are changing rapidly, then it may not reflect what's happened. There could be substantial changes, but of course nobody knows what exactly the effect of those substantial changes are gonna happen in the future, even management until the future becomes the present. But in any case, investors should thus commit money based on future earnings power, not the past. The fact that the earnings per share number remains constant while the stock price fluctuates is also a problem. If a major company event drives the stock price significantly higher or lower, the trailing PE will be less reflective of those changes. The trailing PE ratio will change as the price of the company's stock moves because earnings are only released each quarter while stock trades day in and day out as a result. Some investors prefer the forward PE. So if the forward PE ratio is lower than the trailing PE ratio, it means analysts are expecting earnings to increase. If the forward PE is higher than the current PE, analysts expect them to decrease. So let's think about that real quick here. If we're taking our PE ratio that we're considering and we're thinking that the forward earnings here are gonna be higher than they were in the prior earnings, that would mean that the forward PE would have a higher denominator, which would make the total PE go down. On the other hand, if the earnings that we're expecting in the future, the forward earnings, the future perspective earnings are expected to be lower, that would mean the denominator would be decreased and that would mean that the future PE or the forward PE would be higher in that instance. Okay, valuation from PE. Valuation from PE, the price to earnings ratio or PE is one of the most widely used stock analysis tools by which investors and analysts determine stock valuation. In addition to showing whether a company stock price is overvalued or undervalued, the PE can review how a stock's valuation compares to its industry group or a benchmark like the S&P 500. In essence, the price to earnings ratio indicates the dollar amount an investor can expect to invest in a company in order to receive $1 of that company's earnings. So this is why the PE is sometimes referred to as the price multiple because it shows how much investors are willing to pay per dollar of earnings. If a company was currently trading at a PE multiple of 20X, the interpretation is that an investor is willing to pay $20 for $1 of earnings. So in other words, if we put $20 for an investment, we of course are hoping for a return in the future. The return in the future will be dependent on the company generating revenue, but although the company is generating revenue, we may not get that revenue back in the form of just cash in the form of a dividend. So in other words, if we put the $20 down, we expect to get a return in the future either in the form of a dividend or possibly in the form of the company reinvesting the earnings that they have into something like equipment, for example, which they're gonna use to generate more revenue in the future, which should increase the value of the stock price. So if we're investing $20 and we're comparing that to the earnings of the company, the earnings of the company will ultimately, hopefully be the thing, generating value for us, a return for us in some way, shape, or form into the future. Also note that this $1 return is representing basically a year, the return in a year because we're looking at an income statement over a year's timeframe, for example. Okay, so the PE ratio helps investors determine the market value of a stock as compared to the company's earnings. In short, the PE price earnings ratio shows what the market is willing to pay today for a stock based on its past or future earnings. A high PE could mean that a stock's price is high relative to earnings and possibly overvalued. So if we look at the PE ratio, we've got the price up top, which is determined by the market, and then the earnings. If we've got a high PE ratio, that means that the price is quite high relative to the earnings. So the price is multiples of the earnings. So if we've got a lower PE ratio, then you'd think the better valuation, all else basically equal because it's closer to basically the earnings. And of course, this PE ratio, something that you would need to then be comparing to other stocks within the sector and other indexes and so on and so forth to determine if you think the price is properly valued. That would be one of the major tools. So conversely, a low PE might indicate that the current stock price is low relative to earnings. So example of a PE ratio, as a historical example, let's calculate the PE ratio for Wal-Mart WMT as of February 3rd, 2021, when the company's stock price closed at $139.55. The company's earnings per share for the fiscal year ending January 31st, 2021 was $4.75 according to the Wall Street Journal. Therefore, the PE ratio is going to be the $135.55 divided by the 4.75, which gives us 29.38, comparing companies using PE. So as an additional example, we can look at two financial companies to compare their PE ratios and see which is relatively over or undervalued. Obviously, all this stuff is kind of relative because we're trying to use these tools to compare them to where we should be investing. So we need to be comparing them in comparison to other companies in their sector and so on and so forth to indexes and whatnot. So Bank of America Corporation, BAC, closed out the year 2020 with the following stats, stock price $30.31, diluted earnings per share, $1.87. PE equals 16.21, which is the $30.31 divided by the 1.87 to get to the PE of the 16.21. In other words, Bank of America traded at roughly 6x, six times. So you can see, of course, if this is the price here, 30 and the earnings are gonna be the 1.87 for the diluted earnings per share, then the price is 16 times, a little bit over 16 times the earnings per share. So in other words, Bank of America trades at roughly 6x, six times trailing earnings. However, the 16.21 price earnings multiple by itself isn't helpful unless you have something to compare it with such as stocks industry group. So clearly, again, everything is kind of relative here because we're trying to choose which would be the most valuable investment. So that's a benchmark index or Bank of America's historical PE ratio. So Bank of America's PE at 16x was slightly higher than the S&P 500. So now we're looking at one of the major indexes, the S&P 500, to see if they're kind of in the average. So which over time trades at about 15x trailing earnings. To compare Bank of America's PE to a peers, we can calculate the PE for JP Morgan Chase and company, JPM, as of the end of 2020 as well. So we got the stock price, $127.07, diluted earnings per share, $8.88. Therefore, the PE is gonna be 14.31x. So when you compare Bank of America PE of 16 to JP Morgan's PE of roughly 14x, Bank of America's stock does not appear as overvalued as it did when compared with the average PE of 15 for the S&P 500. So Bank of America's high PE ratio might mean investors expect higher earnings growth in the future compared to JP Morgan and the overall market. So Bank of America is outside of course here. So they've got a higher price compared to what the earnings would be. So you would think, okay, why would that be the case? Can I explain that case? Or is the market basically overvaluing Bank of America? Or is there some underlying condition that can basically explain why that would be the case? However, no single ratio can tell you all you need to know about a stock. So clearly this is one of the biggest ratios that we're gonna be using when we do comparisons, but there's no one number that can do it because we're using statistics to predict the future. And therefore we're trying to use a bunch of different tools to get a picture of what the future could be. And we have to do that by looking at multiple angles, for example. So before investing, it is wise to use a variety of financial ratios to determine whether a stock is fairly valued and whether a company's financial health justifies its stock valuation. Investor expectations, in general, a high PE suggests that investors are expecting higher earnings growth in the future compared to companies with a lower PE. A low PE can indicate either that a company may currently be undervalued or that a company is doing exceptionally well relative to its past trends. So you could look, again, you could look either way at a high or low PE. The key is to say, okay, if something is outside the range, why is it outside the range? Why is it higher? Is it justified to be higher? Or if it's lower, you might say, well, that could be that this particular stock is undervalued or it could be some other reason that the stock is weaker for some reason, some other reason, right? So you wanna get the trends, get the calculation and then try to explain or try to think about why the ratio is what it is. So, and you might be looking at the overall market trends and so on, saying, well, if people are anticipating an upturn or downturn in the market, where are they putting their money? Possibly they're over putting their money in safe places or something like that and you can get into different trends in terms of psychology of the market, psychology and why money might be going one place or another place, for example. So when a company has no earnings or is posting losses in both cases, the PE will be expressed as NA, though it is possible to calculate a negative PE, this is not the common convention. So the price to earnings ratio can also be seen as a means of standardizing the value of $1 of earnings throughout the stock market. So in theory, by taking the median of PE ratios over a period of several years, one could formulate something of a standardized PE ratio which could then be seen as a benchmark and used to indicate whether or not a stock is worth buying. PE versus earnings yield, the inverse of the PE ratio is the earnings yield, which can be thought of as the E over the P. So now we've got the E divided by P earnings divided by the price. So the earnings yield is thus defined as EPS earnings per share divided by the stock price expressed as a percent. So if stock A is trading $10 and its earnings per share for the past year was 50 cents, TTM, it has a PE of 20, i.e. 10 divided by 50 cents and an earnings yield of five, that's the 50 cents divided by the 10. If the stock B is trading at $20 and its EPS earnings per share was $2, it has a PE of 10, i.e. 20 divided by two and an earnings yield of 10%, which is the two divided by the 20. The earnings yield as an investment valuation metric is not as widely used as the PE ratio. Earnings yield can be useful when concerned about the rate of return on an investment. For equity investors, however, earnings periodic investment income may be secondary to growing their investment values over time. In other words, when we look at the earnings yield for a year, that could be often a tool that we're looking at when we're comparing different yields, how much we're earning. But if we're only looking at one year out, their earnings for one year out, that's oftentimes shorter than our investment horizon because we're trying to think about what the investment's gonna be longer. We might be more long focused than one year. So this is why investors may refer to value-based investment metrics such as the PE ratio more often than earnings yield when making stock investments. So the earnings yield is also useful in producing a metric when a company has a zero or negative earnings. Because such a case is common among high tech, high growth or startup companies, earnings per share will be negative producing an undefined PE ratio denoted in A. If a company has negative earnings, however, it will produce a negative earnings yield which can be interpreted and used for comparison. So if there's negative earnings, then we're gonna have an issue with the earnings per share but we might still be able to calculate the earnings yield. So the PE versus the PEG ratio, the PE ratio even when calculated using a forward earnings estimate doesn't always tell you whether the PE is appropriate for the company's forecasted growth rate. So to address the limitation, investors turn to another ratio called the PEG ratio. A variation on the forward PE ratio is the price earnings to growth ratio or PEG. The PEG ratio measures the relationship between the price earnings ratio and earnings growth to provide investors with a more complete story when the PE can on its own. So in other words, the PEG ratio allows investors to calculate whether a stock's price is overvalued or undervalued by analyzing both today's earnings and the expected growth rate for the company in the future. So we're trying to take into account that future information again, making a decision on the margin at this point in time. The PEG ratio is calculated as a company's trailing price to earnings PE ratio divided by the growth rate of its earnings for a specified time period. The PEG ratios is used to determine a stock's value based on trailing earnings while also taking the company's future earnings growth into account and is considered to provide a more complete picture than the PE ratio can. For example, a low PE ratio may suggest that a company is undervalued and therefore should be bought but factoring in the company's growth rate to get its PEG ratio can tell a different story. The PEG ratio can be termed trailing if using historic growth rates or forward if using projected growth rates. Although earnings growth rates can vary among different sectors, a stock with a PEG of less than one is typically considered undervalued because of its price is considered low compared to the company's expected earnings growth. A PEG greater than one might be considered overvalued because it might indicate the stock price is too high compared to the company's expected earnings growth. Absolute versus relative PE price earnings. Analysts may also make a distinction between absolute PE and relative PE ratios in their analysis, absolute PE. The numerator of this ratio is usually the current stock price and the denominator may be the trailing earnings per share, the estimated earnings per share for the next 12 months forward PE or a mix of the trailing earnings per share of the last two quarters and the forward PE for the next two quarters. When distinguishing absolute PE from relative PE, it is important to remember that the absolute PE represents the PE of the current time period. For example, if the price of the stock today is 100, the TTM earnings are $2 per share, the PE is 50, which is 100 divided by the two. Relative PE, the relative PE compares the current absolute PE to a benchmark or a range of past PEs over a relevant time period such as the past 10 years. The relative PE shows what portion of a percentage of the past PE's the current PE has reached. The relative PE usually compares the current PE value to the highest value of the range, but investors might also compare the current PE to the bottom side of the range, measuring how close the current PE is to the historic low. So the relative PE will have a value below 100% if the current PE is lower than the past value, whether the past, whether the past high or low, if the relative PE measures is 100% or more, this tells investors that the current PE has reached or surpassed the past value. Limitations on using the PE ratio, like any other fundamental design to inform investors as to whether or not a stock is worth buying, the price to earnings ratio comes with a few limitations that are important to take into account because investors may often be led to believe that there is one single metric that will complete insight into investment decisions, so no one metric can do it all. Companies that aren't profitable and consequently have no earnings or negative earnings per share pose a challenge when it comes to calculating their PE. Operations vary as to how to deal with this. Some say there is a negative PE, others assign a PE of zero, while most just say the PE doesn't exist. NA in other words, or is not interpretable until a company becomes profitable or purposes of comparison. So obviously if there's negative profits, that's a problem for the PE ratio. A primary limitation of using PE ratios emerges when comparing the PE ratio of different companies, valuations and growth rates of companies may often vary widely between sectors due to both the different ways companies earn money and the different timelines during which companies earn that money. So when we're trying to make projections into the future, that could be difficult when we're looking at different companies, different sectors and so on. As such, one should only use PE as a comparative tool when considering companies in the same sector because this kind of comparison is the only kind that will yield productive insight, comparing the PE ratios of a telecommunications company and an energy company, for example, may lead one to believe that one is clearly the superior investment, but this is not a reliable assumption. Other PE considerations and individual company's PE ratio is much more meaningful when taken alongside the PE ratio of other companies within the same sector. For example, an energy company may have a high PE ratio, but this may reflect a trend within the sector rather than one merely within the individual company. An individual company's high PE ratio, for example, would be less cause for concern when the entire sector has high ratios. So if you see a high ratio, of course you wanna see it in alignment or conjunction with the other companies in that area. Moreover, because a company's debt can affect both the prices of shares and the company's earnings, leverage can skew PE ratios as well. For example, suppose there are two similar companies that differ primarily in the amount of debt they assume. The one with more debt will likely have a lower PE value than the one with less debt. However, if business is good, the one with more debt stands to see higher earnings because of the risk it has taken. So leverage can have interesting impacts, right? If you're highly leveraged, you're taking on more risk, but you might have more access to the upside, but then of course, if things go down, there's more risk involved. So you wanna take into consideration leverage, which you might talk more about in the future. Another important limitation of price earnings ratio is one that lies within the formula for calculating PE itself. Accurate and unbiased presentations of PE ratios rely on accurate inputs of the market value of shares and of accurate earnings per share estimates. The market determines the prices of shares through a continuous auction. The printed prices are available from a wide variety of reliable sources. However, the source of earnings information is ultimately the company itself. The single source of data is more easily manipulated so analysts and investors place trust in the company's offers to provide accurate information. So we have to trust the financials. If that trust is perceived to be broken, the stock will be considered riskier and therefore less valuable. The fact that they're on an exchange and they're audited hopefully gives us more confidence that the information they're providing us is accurate. To reduce the risk of inaccurate information, PE ratio is but one measurement that analysts scrutinize. If the company were to intentionally manipulate the numbers to look better and thus deceive investors, they would have to work strenuously to be certain that all metrics were manipulated in a coherent manner, which is difficult to do. That's why the PE ratio continues to be one of the most centrally referenced points of data when analyzing a company, but by no means it's only one. What is a good price earnings ratio? The question of what is a good or bad price earnings ratio will necessarily depend on the industry in which the company is operating. Some industries will have higher average price to earnings ratios while others will have lower. For example, in January, 2021, publicly traded broadcasting companies had an average trailing PE ratio of only about 12 compared to more than 60 for software companies. If you want to get a general idea of whether a particular PE ratio is high or low, you can compare it to the average PE of the competitors within the industry. Is it better to have a higher or lower PE ratio? Many investors will say that it is better to buy shares in companies with a lower PE ratio because this means you are paying less for every dollar of earnings that you receive. That would be the general idea that you would think, right? And that sense, a lower PE is like a lower price tag, making it attractive to investors looking for a bargain. In practice, however, it is important to understand the reason behind the company's PE. So what you really want to do is get the differences and try to say why and explain the why's of the ratios. And that's really what should be leading you to your investment decisions more than just a rule of thumb kind of thing that's based on one thing, right? So for example, I mean, it's too simplified. In other words, just to say, well, it's more value because the PE ratio. So for instance, if a company has a low PE because its business model is fundamentally in decline, then the apparent bargain might be an illusion. So what does a PE ratio of 15 mean? Simply put, a PE ratio of 15 would mean that the current market value of the company is equal to 15 times its annual earnings. Put literally, if you were to hypothetically buy 100% of the company's share and it would take 15 years for you to earn back your initial investment through the company's ongoing profits, assuming the company never grew in the future. Why is the PE ratio important? The PE ratio helps investors determine whether the stock of a company is overvalued or undervalued compared to its earnings. The ratio is a measurement of what the market is willing to pay for the current operations as well as the prospective growth of the company. If a company is trading at a high PE, the market thinks highly of its growth potential and is willing to potentially overspend today based on future earnings.


This is Berlin, Germany and this is such a diverse and unique city where you can see the impact of Soviet and capitalist policies all in one place. Berlin was a divided city deep in the Soviet sector during the Cold War. After the wall came down you can still see the artifacts of the old West and East transportation planning in the trams, the buses and the cycling networks that crisscross the city. As the city reinvents itself for the 21st century and beyond you can still see many remnants of the transportation system that was once divided. Today I'm going to give you a tour of Berlin, Germany by train, by walking and cycling and then we are going to give Berlin a human mobility score.


Tonight's MOB slate is what I would deem to be unbalanced because there are just two pitchers I want to use despite there being nine games so 18 total starters only two of them I actually want to use in DFS for tonight, but there are nine different teams I would be okay stacking so it's a weird situation where I think that I mean This is the way I tend to play things in general But I think that you want to build heavily around two pitchers Differentiate a bit with the stacks and it actually builds well and that's what you do want to play things in general for DFS So I think despite the fact there are not a lot of pitchers. I want to use It's still a slate that I feel pretty comfortable with for tonight's let's dive on in and get you set for Mondays And they'll be DFS slate welcome on into the solo shot That's right here on the fan duo podcast network and number fire comm my name is Jim Sonnis I am a senior writer and analyst for a number fire comm here to break down today's nine game MLB DFS main slate would lock set for 705 for tonight And there are some weather notes on this slate starting off with some wind in New York and in Boston a Yankee Stadium For the Yankees and the Angels winds are out to left field at 10 miles per hour. It's also 87 degrees and humid so Really good conditions for hitters in New York for today similar situation in Boston with the winds out to center at 10 miles per hour So upgrade hitters for the Yankees Angels Red Sox and Royals due to weather for tonight There is a chance of rain in Chicago for the twins in the White Sox the rain odds aren't all that high But they are consistent like it's around 30 percent throughout the entire game So I check back on that one later on same thing in St. Louis for the Diamondbacks and the Cardinals I would guess that they play but check back on that one later as well Well updates on weather later on today and also we can talk through all these delicious stacks You can ask me about additional pitchers We may want that's in the 4 p.m. Stream on the Fandle YouTube Twitch Facebook and Twitter pages But we had a lot of fun last week doing the betting segment after so we're gonna bring Aaron Dolan back For this week as well at 4 30 talking NBA betting I'll be talking about tonight's game between the Suns and the Clippers that is tonight So make sure you tune in 4 p.m. For MLB DFS 4 30 for Aaron talking betting that is all on the number fire For the Fandle YouTube Twitch Facebook and Twitter pages, so make sure you are subscribed there and While you're there make sure you follow and also if you're watching YouTube hit the like button there because that does help us out Quite a bit as well speaking of the NBA a basketball fans The NBA conference finals are here and Fandle is offering a special new user bonus place a bet on any single team's Moneyline and you will receive exclusive 30 to 1 odds for that wager All you do is set over to Fandle Sportsbook create an account and take advantage of this amazing NBA playoff odds boost Maximum bet of $5 must be 21 plus and present in Colorado Iowa, Illinois, Indiana, Michigan, New Jersey, Pennsylvania Tennessee Virginia or West Virginia new users only $10 first deposit required max bonus $150 restrictions apply Seafold terms at sportsbook.fandle.com gambling problem call 1 800 gambler in Colorado 1 800 5 2 2 4700 in Iowa 1 800 bets off in Indiana 1 800 9 with it for confidential help in Michigan Call 1 800 2 7 0 7 1 1 7 in Tennessee call the red line at 1 888 9 9 7 8 9 or in West Virginia visit 1 800 gambler net pitching preview for this Monday main slade Trevor Bauer is the highest a salaried pitcher on Fandle He checks in at $11,000 with Lucas Geolito facing the twins at $9,800 Freddie Peralta facing the Cubs is $9,500 Kyle Hendricks in that same game facing the Brewers $9,300 then Zach Renke Anthony DeSclifani and Danny Duffy are the others at $8,000 or higher now Looking at this slate the only two guys who I actually want to use are Freddie Peralta and Lucas Geolito We'll talk about Bauer and things to watch all the value plays kind of stink But I do think that's Peralta and Geolito were interesting for the same reason It's because they've been good all year But also especially since the sticky stuff discussion began so I like them both a lot here I'm gonna give the edge to Peralta at $9,500 Peralta is facing the Cubs and They're not a bad offense But they're below average versus right is a 93 WRC plus and they do strike out They have a 26% strikeout rate versus righties this year based on their current active roster that is good for opposing pitchers upside You want strikeouts for the opposing team? Peralta has upside by himself. He has had his spin rate go down a Noticable amount in this time. So it's worth noting that for sure not sure why that's the case Don't want to make any accusations, but regardless Peralta is navigating around it pretty well He has made four starts with the decreased spin rate and in that time Peralta has a 34% strikeout rates with a 3.30 skill interactive. Yeah, right He also had double-digit strikeouts his last time out Which of course obviously came when they were checking pitchers during games that game was against Arizona So you can probably write that one off But he also had two starts can Cincinnati that stretch and they are a better offense than Chicago He went 11 innings combined in those three star or two starts allowed three earned runs with 12 strikeouts So even against a better offense in the in the Reds Peralta was still really good the Cubs haven't seen Peralta in a while they have seen him three times but they all have them back in April and Peralta was good in all three matchups. He had at least seven strikeouts each time He had no more than two earned runs and he's pitching great right now So I think that Freddie Peralta has done more than enough to be the top pitcher on this slate You also get to discount $9,500 Given that I want to stack the Astros spoiler alert. I think that I will take those salary savings So Peralta to me at $9,500 a guy I do like quite a bit Now I'm very okay with Geolito as being the number two option here And I think to me he is definitively number two above the rest the big difference for me between Peralta and Geolito is The matchup Geolito is facing the twins and they're better than the Cubs overall with a 104 WRC plus against righties and they strike out less the 23% clip So it is a worse spot for Geolito than it is for Peralta And that's not for me to put Peralta first and Geolito second But that very much does not push Geolito off the map. That's largely because Geolito is If we're looking at this from a talent perspective on the same level as Peralta across 15 starts this year Geolito has a 3.43 skill interactive ERA with a 31% strike hour Now that's a full season But we do want to zero in on the month of June the strike area for Geolito actually goes up to 33% His walk rate goes down to 5% which is weird. It's it's encouraging, but it's weird That's in part due to plus matchups because Geolito has faced the Pirates once and the Tigers twice in addition to the Rays so if we're looking at Worst matchups for DFS in this time This is probably the worst one Geolito has had and it could lead to a down tick and it likely will I just don't think that down tick will be enough to make Geolito a bad play or worse than any of the other pitchers on tonight's slate I like what I've seen from Geolito all year long We have not seen a huge down tick since the rule change So Peralta could always stumble and he does have some hard contact and the Cubs have some big boppers So I think that that could lead to some leeway here Geolito gets a ton of leash with his pitch counts So it's very possible Geolito is the top scoring guy in the slate. So I want a good amount of both I would say They're probably the only two guys that will use tonight. So if I were allocating exposures, I would say 6040 in favor of Peralta maybe 55 45 somewhere in that ring It's not a huge gap between them But it is big enough where I can say pretty firmly that I'll be on Peralta over Geolito for tonight again Check back on the weather for the twins game the White Sox game because there is some rain there But as of right now I'm expecting that game to be good to go So that's the way I want to play things a pitcher for tonight just build around those two guys Peralta and Geolito and concentrate my exposure there I Am gonna talk about Anthony DiSclifani is my top value for tonight I feel obligated to give you a lower sourd option if you want to use it But I also want to make abundantly clear that I am not gonna use it. I do not think it is worth it So to be clear I am not going to use Anthony DiSclifani and I don't want to mislead you in that But if I'm listing up the top value option, he would be that and the reason I think that is that he's been pitching pretty well recently He has had decreased movements over his past four starts which coincides with these sticky stuff discussion But it's weirdly made him more effective He has a 3.37 skill interactive. Yeah, right with a 27% strikeout rates and a 4% walk rate DiSclifani is also keeping bad at balls and check which hasn't always been true before this It does seem like he's benefited from the schedule because DiSclifani's faced the Cubs the Nationals and the Diamondbacks And none of those teams are great The counterpoint though is that he faced the Angels last week and he was very good there with nine strikeouts over seven shutout innings Which means that it's within his range of outcomes to have a very good game for tonight So you can definitely justify using DiSclifani as a result of this It just doesn't really fit my style if he were facing a teen not named the Dodgers I might be there, but he is facing the Dodgers. So I'm not so to me It's basically just Peralta and G Lido for tonight and by basically I mean it literally is just those two I might go some DiSclifani if the weather for Geolito worsens But as of right now just Peralta and Geolito and then if you need a value play DiSclifani But for me doesn't quite fit what I want for tonight So we're playing things pretty tight at pitcher for today, which allows us differentiate a bit at hitter There is one stack though that does stand out quite a bit to me and it's a stack that Might be tough to get to with Peralta if you use Peralta as your pitcher Your remaining salary for batters is 31 88 per batter, which isn't super high But I do think it's enough for you to stack the Astros It just means we'll need to find a value stack to pair with them for today And I think that we can find that later on so the Astros the top option for stacking again for tonight We're facing thomas echelman again They saw him last week in baltimore and echelman struggled there He led up six runs across four innings with just one strike out his swinging strike rate there was 3.8 percent And it's not just one rough star for echelman He had a 6.41 e r a in triple a before he got called up and all this is in line With what happened to him last year too It's going to be tough for echelman to turn things around here Especially facing houston for a second straight start now going on the road It isn't a great park factor for tonight because they'll likely have the roof closed But it's still a situation where I think the astros Make a lot of sense It will be kind of tough to stack the astros with peralta And it's certainly not a necessity because there are a lot of good options for today But I do want to at least give it a shot. The big question here is whether A $3,000 salary can get me to budge on my no euliguriel versus righty's creed I almost exclusively use gouriel against lefty's because against righty says iso is 132 Which is basically half of what it is against lefty's I think in here I can make an exception because it's just too good of a salary to get exposure To this specific offense and it's not like gouriel is incapable of upside So if you use abraham toro at $2,700 and gouriel at $3,000 You can get two studs in there with peralta I'd prefer kyle pucker at $3,300 over gouriel even though tucker will likely be lower in the order So straight up if you give me, you know The same same or the same ability to use bold I would take tucker But I think it is worth mentioning that gouriel I am less opposed to him than usual And if I have to use him with tucker in order to jam in the stack I will I think it is worth worthwhile For two nights lifting my no eulig versus righty's creed for this one slate One potential route for saving salary here is stacking the royals They are facing gara richards and it's very very clear He is struggling without the sticky stuff and it's not like he's hiding it He's been very vocal in his opposition to this new enforcement And So like we can just say yeah, he's probably a victim of this But it's not making his results any better Richard's is at four starts since this all blew up his skill interactive era is 5.43 He has a 13% strikeout rate with a 10% walk rate and With the worst part is he's allowing hard contact a whopping 64% of the ton. Lady yard is about 39% He is well above that Richards is still getting some ground balls But it doesn't matter with how bad everything else has been The one saving grace for richards here is that he's finally facing a non top-notch team He has faced the rays braves blue jays and yankees in this four start sample The royals are very much not on that level. It's a big step down here. So If richards were to turn it around post sticky stuff discussion, it could wind up being here But I am willing to roll out the royals here regardless To save the salary and the big guy to help here is ryan o' herne He is $2,700 and likely to bat in the middle of the lineup He has a 250 iso versus righty's this year at some pop last year too He does strike out But that's not as big of an issue with richards starting as with most other pitchers So I would start my royal stack there. Jorge solar cutting back on his strikeouts this month. That's a good thing He's 29 hundred dollars. So If you start with those guys solar o' herne It should make it easier to get up to the astros for your second stack along with peralta for today For the final stack, I want to go to yankee stadium. The yankees are facing dylan bundy and bundy is I wouldn't classify him as a spin rate decreaser There may be that too But the more noticeable and more impactful thing for bundy is that his velocity is on the decline That's not tied to sticky stuff sticky stuff increases movement Velocity is something else and that's led to some really rough outings for bundy So I want to stack against him here bundy's velocity has been down for his past five starts now He has a 5.21 skill interactive era with a 15 strikeout rate And he's allowing hard contact 51 percent of the time as mentioned with richards league average around 39 percent 51 percent Pretty scary all those starts for bundy have come out west or in average or worse park factors for batting And his era is still 8.10 in that time He lit up four runs twice and seven runs once Now he goes to new york to face the yankees in hot temperatures and with the winds blowing out I'm worried about what could happen here for bundy. I like bundy. He's pretty fun But it's a it's a rough situation for sir for sure We have reason to believe that this downtick for bundy is legit due to the decrease velocity and now you put him in a Tough spot for pitching and I want to stack the yankees as a result for tonight With bundy, we can go to either righties or lefties, which is a good thing given the Composition of the yankees lineup right now. So luke void once again top value guy here He is $2,600. He's up to a 205 iso against righties across 48 plate appearances this year He's a good enough since he returned from the il So I think that you start there with luke voids and then kind of see what you need G or ishella is in play as a value once again, or I guess a quasi value $3,000 But plug in those guys see what you have to work with there gary sanchez also willing to use him versus righties now So I do think the yankees easy to get to you for today In terms of stacking with freddy peralta. So let's finish up here with things to watch I'll talk about the other stacking options in a second. But first let's give an update on trevor bower He is up to four starts since the sticky stuff discussion. His strikeout rate is 30% That is lower than peralta and g elito in this time and he also has given up more walks He's given up more impactful contact against him in this time So bower can still have big games, which he did last time out. I mean from a dfs perspective He's had two of those now and four starts in this time. So he's not like a bad pitcher But he's not worth 11,000 dollars, especially against a team like the giants so if I were ranking out pitchers for today bower would rank third But He's higher salary than them. I feel better about them. So to me it really is about g elito and peralta Bower would be number three above dsclifani if I were deciding who I wanted to use But I really again, I think I'm just going to build around those two guys for tonight Now let's talk about the other stacks because there are again nine We've talked through three so far the other ones you could go to include the tigers angels cleveland diamondbacks nationals and cardinals so a lot And that's probably the order I'd rank them in if we're going straight up here The tigers are facing elie morgan. They could be another place for some value Morgan is getting strikeouts. He's had a 28 clip in those three starts. That's why I preferred the royals over the tigers from a value perspective, but Everything else that morgan's done so far is perfect for stacking including the results He's gotten both in triple a and in the majors So a keel badu really good value option here for the tigers if he's in there So I think that that's where I would go for other value outside of the royals is check out the tigers Another potential spot could be arizona. I know they're bad, but they're facing wade leblanc. He is Going into the rotation now with With the movement that they've had inside that rotation and I'm not sure if he's actually improvement over john gantt, but leblanc not necessarily great in the bullpen He also was not a shut down guy as a starter last year I could see stacking arizona It's kind of hard to know who will play here because catel marté has been in and out of the line up with injuries Eduardo eskibar might be traded by the time you listen to this so Those are the top guys we'd want here, but I don't know if they'll play Might be able to get christian walker as a one-off at $2,800, but first base between a herne voight And goriel pretty loaded for tonight. So I think they're an option If you can get to the angels like if you if you find a value play you like or if you don't want to go The astros the angels a really good option against king in new york That's where I'd probably go there for a second high salary option for today So astros top high salary stack followed by maybe the yankees and then the angels Value stacks royals and tigers for today I think that's where i'm seeing the the best spots among the the abundant Stacking options for today. We'll talk more about that during the 4 p.m. Stream So make sure you swing by here at 4 p.m. Eastern to check out the mlb q and a I forgot to do my Dinger picks for today. So let's get those in now These are not researched ahead of time because I forgot but let's do these because I do want to make this a habit going forward I do want a yankee. So i'm probably going to go with Aaron judge as the boring pick Aaron judge is the boring pick and the more more fun pick for today Let's go with badu a keel badu against uh, or sorry. No, it's a keel badu against elie morgan I think that's the value one or the more fun one for today So the boring one is erin judge the fun one is a keel badu against elie morgan Those are the dinger picks for today And if I forget to do the dinger picks here just bug me about it during the 4 p.m. Stream We'll get them in their youtube twitch facebook and twitter the fangirl accounts there Make sure to subscribe also hit the like button on youtube before watching there right now I appreciate those of you who have done so already Also, make sure you are subscribed to the number fire daily fantasy podcast seed PGA podcast coming up tomorrow with myself and brandon gajula breaking down the rocket mortgage classic Letting you know which golfers we are on there for pga dfs on fan duel We of course have uh, no ufc this week because they're off due to the holiday But nascar back for road america on friday as well big. Thank you to everyone for tuning in for today Appreciate it as always good luck to you tonight. We'll talk to you once again tomorrow This has been the solo shot right here on the fan duel podcast network


How to save money while teaching English abroad? Although financial gain is not the biggest driving force for most people heading overseas to work as an ESL teacher, being able to live comfortably and to enjoy as many new experiences as possible without money worries is usually a high priority. To give yourself the best opportunity to earn a good salary and the chance to save enough to pay off debts or to fund further travel and adventure, there are a few things you can do prior to departure and once you arrive in your country of choice. Tefl certification. When it comes to salaries and earning potential, one of the most important things you can do prior to departure is to complete an internationally recognized Tefl certification course. Tefl certification is increasingly expected by employers in many of the most popular countries, particularly those who offer the best salaries and other benefits. Completing a Tefl course will not only open up a greater number of job opportunities, it will also show employers you're serious about teaching and capable of providing quality instruction to your students. Choosing a destination. For first-time teachers, the choice of destination will have a big impact on how much you can earn. Many teachers dream of living and working in European countries, such as France, Italy or Spain. However, the relatively high cost of living means that these may not be the best choice from a financial standpoint. While jobs in these countries are likely to provide a comfortable standard of living, most teachers are unlikely to be able to save more than a small amount each month. If you want to do more than simply break even, to pay off college debts or fund for the travel, for example, you might consider heading to Asia or the Middle East. In countries such as China, South Korea, Saudi Arabia and the UAE, many jobs come with free housing and paid airfares on top of a generous salary. In these countries, it is common for teachers to save anywhere from 30 to 50% of their monthly wage, which can add up to a tidy sum at the end of a one-year contract. Typical savings per month in countries such as Thailand, Vietnam, Indonesia and Taiwan amount to around US$500, while those in China and South Korea can expect to save anywhere from US$500 to US$1,500 per month. For the biggest savings, head to the Middle East, where teachers have the opportunity to save up to US$2,000 per month. Private tutoring In most popular destinations around the world, there is usually the opportunity to top up your paycheck by taking on private students in your free time. In countries such as China, South Korea, Taiwan and Japan, it is common practice for parents to fund extra language tuition for their children outside of school day. Here you can earn anything from $20 to $50 per hour for each student on your books. There is also a strong demand for private tuition in many European countries, which offers a great chance to earn the extra you need to fund further travel or simply to save. Accommodation Although some teachers receive free or subsidized housing, for the majority of those teaching English abroad, accommodation can prove to be one of the largest expenses. The simple answer to reduce your monthly rent and other bills is to share a house or apartment during your stay. In many cases, it can be easy to find a teacher from your own school who is looking for the same arrangement. Whether you share with a colleague or a local resident, house sharing is a simple way to save a considerable sum of money. Living expenses For teachers living in Asia, the low cost of living in comparison to western countries is a big factor in your ability to save money during your stay. However, new arrivals often find themselves only socializing in bars and restaurants aimed at foreigners and subsequently paying inflated prices for everything from food and drink to everyday groceries. To enhance your ability to save your hard-earned wages, it is easy and often more rewarding to shop at local street markets and hang out in establishments aimed at a wider audience.


Hey there friends, how's it going? My name is Kevin and we are still in quarantine and because of that I kind of want to just go back to the past like how it used to be When I was like 10 So today we're gonna be playing hype the time quest which is my favorite game of all time I would have to say I think it either is or at least in the top three It's quite a gem for my childhood and it teaches you a hentai coordination. It says on the box I don't know if you can see that there, but that's what it says anyway Actually, I'm doing the last part of this game I don't think it's super relevant if you miss the other ones don't worry and you probably have because this is actually a four-part series and this is the fourth part and the last part was posted on a September 6th 2018 sorry, especially you CFFG Daleks who said one year ago. When are we getting the last part Kevin? I'm waiting. I really Hope that you gave up on waiting But if you didn't hear it is and as you can see in the video there It's a bit blurry, but it's when I got my one million subscriber plaque is when I posted the last one So it's it's been a while, but yeah, we're gonna jump in We're gonna have some fun in quarantine playing one of my childhood games be gentle Okay, this game means a lot to me and it is really good. So I hope you enjoy All right here We are in the castle where we left off last time and I don't remember this part of the game as well As I remember the rest so it'll be interesting to see how this goes. Okay. This is the guy's castle This is go-goods castle. This is like your friend's castle You're basically a knight that travels through time and I'm finally back to my own era You got blasted into the past and now I'm here to actually clean up everything now that I've returned to my own time zone Like as in many decades have passed not just like going from Ireland to New York or anything like that Like it's not a time zone. All right, you know what? I'm gonna shut up You get what I mean as these bats are destroying me, but yeah, your friend I think is dead now cuz you've traveled so far into the future, but you're not my friend.    Well, that's the video for today folks.  I'm actually gonna heal this time And now I gotta get all the way back there for sex sake old games are so unforgiving Well shit, all right, this is gonna be a long video Okay, please please stop. Okay, please please Please please stop this. Okay. All right. You know what?  Oh My god. Oh my god. Jesus Christ.  It's horrible. Don't look at it.  I love it. Please leave it alone Okay, I made it across those bat bridges and I've got a new plan for fighting these guys Basically, it involves not fighting them at all run away. This is the main road to town What is this Jesus Christ? These guys are very strong. Please don't kill me. I actually cannot handle it Oh Thank Christ this is gonna be harder than I thought I thought this would be a nice stress-free day Just playing this game having a good time or have a feeling like it's gonna be the most stressful recording I've done in a long time. Oh my god. There's more.  Can I hit you through the wall? No, I don't think so Thank Christ, but look at my health. They're already destroying me. Can I buy potions in here? Oh, thank God Look at how happy he is you and your child are basically prisoners here. All the doors are locked outside Okay, I got some potions. He didn't really do me a solid there. They were very expensive I am really worried about this whole situation. Can I go back in time? Is that allowed? Okay? I hope this doesn't mess anything up. Okay, so this is me back in time Yeah, they went before the town is overtaken by that evil night barracks and I can get stuff for cheaper because you know Inflation and all that this game is very very deep. So I got my armor repaired for 50 as opposed to like 700 in the future.  I think this guy's just a mugger Oh, it's another one behind me. Jesus Christ.  I haven't even gotten a save yet. So if I die, I have to go all the way back to his manner. Ah, good pop Thank God. I feel at home.   Will you I'll finally I get back to my wife I assume everyone looks the same in this game It's gonna awkward with the other two at least one is the decency not to stare at us But Tascam the fourth and Queen Lizard are still imprisoned in the fortress. Oh god I guess it's my responsibility to save them, isn't it? Here are the keys to the fortress dungeons You had the keys all along couldn't you just have gone and done it really I love you If you loved me you would have done something about this old situation instead of just waiting for me to do everything Hype is growing grumpy and all his time traveling. Please let me save in here Honestly, I can't go back that far. Thank you. All right down into the well Let's get out of here.  I spend a lot of time in the sewers God my armor must absolutely stink. It must be just awful It's the point having a secure fortress if your well has a ladder leading up to it Oh god, there's another person here wanting to kill me. Why does no one like me like games aside? I mean just in general.  Don't see me. Don't even notice the doors open. It's all good. Ignore me Let's just close that back after us.  Oh God. Oh Jesus.  Is that a save point? Oh, blessed be Here we go. All right. I have less fear now feck off feck off feck off Wait, I have the key my wife gave it to me I know because it made me angry that she didn't use it already Okay, I think I got it. All right. Use the key. Please.   Let's just hope that guy doesn't follow.  Jesus, dude. Really? Are you happy being put down here?  Oh, you drop something nice for me. At least is that maybe he was paid well for being down here Hazard pay if you will offer feck sake and dude, how many people do you need to guard this place? Well, just stack everyone on that well the only entrance to the fort sake really ghosts ghosts there was probably two guards down here and one of them starved because they were blocked in here by a Giant wall. There was no way in or out from the side.  What is wrong with you? Oh my god another dead guard down here. Oh I hurt myself for danger to myself.  I just can't be bothered if you keep coming back to life. Oh, what is this little dance you're doing? Oh God, he's he's good I found the king and I got it. He was just kind of walking around in circles around him. Look at him He's happy out. I don't think he even wanted to leave here. Thank you great hype. I'm so pleased to see you Oh, I was wondering when I saw the text there what that noise was All right, now it's me and the king together.  There's guards and everything How did he get past them? They remind me a bit of turd. It's like they don't mind if they're in prison They're just happy to be here.  I feel like I had the keys if they haven't changed the locks in 200 years then we're good. Yep. They're lucky me Okay, there goes the goofy soldier if they all walk like that. I can see why they need my help Oh, I'm not I'm going getting that before I release the Queen No, no, no, no, no, no, what's happened?  Please. I don't repeat any of this. Well, yeah, that's That's the game crashed. I'll I'll be right back Activate the lever hype then we can get out of here. Can't you do anything? Oh, yeah, we're back by the way Sorry, you must go to your room. Wait, is he grounding me? All right? If the king sends me to my room There's nothing I can really do I got to go off They go the king his wife and that third wheel through the sewer water who just pushed the queen out of the way I might hit and ran past her Are you serious? Oh my god. I just went flying. Okay. Good. I was oh wait.  Oh save point. Thank God Thank God, just get me saved. Wait what the exits closed again. I can't get out This is what I mean. They locked you down here to protect this place Would you not rebel or something now?  All right back through the maze we go I guess for sex sake. All right. It's got to be this way. This is the only way I haven't looked okay Yeah, it does appear to be this way. How did they get past everyone? Why don't you guys just do everything cuz honestly no one seems to attack you It would be a lot easier for you to get things done. Oh, what's this lovely? Oh, I got nice bed sheets of Rayman That's cute. And oh look at this me and the leaning tower of pieces. Oh, God I think I've been traveling forward to what the hell is this speedbusters. What's speedbusters speedbusters? American highway That's what comes up released for Windows in November 30 at 1998. Okay. He's got a very odd collection of items All right, there's my new spell.  Oh my god.  The music's too loud Maybe you should guard it more cuz hype's been off to see the leaning tower of pizza. It's a bit irresponsible What I must go back in time you were being very irresponsible with time for a guy who names himself the guardian of time I hope you're not the guardian of any children.  Why is hype's bedroom behind fire? That doesn't seem nice or fair all controls are so facts Like I was wondering how do I swap between spells and I'm like, oh, yeah, of course It's deleted out of all the buttons.  They've all been replaced already No time down the well down the well. I go go hype. Come on. There you go and I'm out of there I hope lassie knows I can get back out. Oh good someone lord this so I can get out of the well Someone's looking out for me up there surprised. They even went to that effort No one seems to do anything for themselves in this world back in my day people used to do stuff for themselves Which is why I'm going back in time to get back to that day.  I'm out of here. No, no, no. I'm trying to get out of here.  Okay, good.  Oh Jesus. This is horrible. Just do a little loop-de-loop and I'm gone That was horrible. I almost died. Jesus. Okay, I went back in time now time to abuse the economy I could probably abuse this system go back even further and just pay for my armor appears and beans So I think for some reason I don't know how it's relevant But you have to go back to each time era and collect a little flag from each king I don't know why I don't I don't know if it's ever explained. I guess we'll find out Oh God, it's a ghost probably the ghost of Christmas past Oh my god And the other one was the ghost of Christmas future or they could just be you know tormented souls one or the other Oh god, okay the lost city. I forgot how much I wish it stayed lost because it tries to kill you at every turn Why would he keep his flag here?   Just run through run through and hope for the best I haven't saved in so long. Please don't die. Okay. I'm sure there was a save point at the start and I'm really annoyed now But I can't go back. It's too traumatic. Oh, this is horrible. This is terrible. All right. This doesn't look that ferocious Oh, this is kind of nice actually. Maybe I didn't need to save. What do you got for me? Combination of red yellow and orange symbolizes balance of mind. Ah, I'm at peace. There are lots of different colors to do here Okay, and I can't step on any of the grays twice, but this is easy. This is fine. There you go There's the first one. Oh, but you have to do it all in one go. Okay. All right I'll try my best. There's green. Wait, can I stand on the orange again? Is that doable? Okay, I think I've got this if I can use that corner square then it's all good. Please let me use this. Yes Oh, they're a little tricky, aren't they? That that's it.  Are you God? I am the God Drawing ah draw rank. Well, I'll be praying to you because I'll have you know I have a foot fetish The car just starts fading away again. I have decided to abandon this world But please subscribe to my only fans. I'm just smiling away like yeah, that's my life now. Okay. Thanks for the jewel He said I must go charge it and stuff and can I touch your foot like not in a weird way I just want to touch a god. Okay. Now you're just panning to look under his robe. That's that's just wrong So now you must prove to your people who you are By getting the four flags which Taurus has had throughout time and fly them all together Okay, so for a bit of context I understand now you got to collect each flag to prove that you're a time traveler because in the last episode the game made You erase your history you to go back and collect everything that put you in the history books because otherwise Barnack would be ready for you. Oh, there's a spell in there But you know what I can feckin stay in there when there's an axe in the way run Ow run straight into an axe out into two I get lost like literally stay in this lost city forever Cuz I'm out of here. Oh, there was a save point here. No. Oh good. I need to use this Forget what I said to you before you left. Oh, yeah There's this weird story in it as well that like this woman falls in love with you But like a hype can return the feelings because he's got a wife in his own time But it's just kind of awkward because she keeps talking about stuff like that and hype doesn't speak So he awkwardly just stares at her you're looking for the flag as well So that the people will be united in your time. It must be at the field of courage. All right, there we go I have no courage, but I am Irish so I know a thing or two about fields And that's where the flag is apparently the field of courage.  I don't remember this. Oh, but there's the flag. I just got to get past this desk ornament. Can I get it? I don't understand. Okay, there we go. I've raised a little platform I don't understand what is going on to be honest. I don't understand the purpose of this room But I got our first flag at least I really don't understand how this proves anything Like if someone came up to me and was like look, I'm from the past. I have these flags I just feel like all right So you found them at like an antique shop or you got them reprinted or something not too impressed body boy All right back in time to get another one of these precious flags. Let's go to the second one It's like the first but night time. Wait a second. I think I just remembered something. Don't I have those speedy boots? I do have speedy boots. Oh, this will make it a lot easier to run from every single thing That's a slight threat can't catch me ghost to Christmas past. I'm gone There's often rules in people's houses to not where she was inside Something tells me I shouldn't be wearing these inside especially. Okay, there we go She gave me a key to the monastery where they have the flag for this king I really feel like I could just go into town and just walk around saying hey You know anyone with a neck for sewing and you could easily get one of these flags made up This is a lot of effort. Are they still gonna fight me? They're still gonna fight me really I have a key.    Okay, that is terrifying That is something from nightmares this thing deserves to die. Oh god.  I'm gonna magic you away. There you go. Okay.  They look awful.  No worries. I've got the flag at least I don't even know why this thing is so precious to them.  They've blocked the feck in door. How did you do that your tapestries? I honestly couldn't see them there because when they look directly at you They're completely invisible because they're paper thin obviously Oh my god, they're killing themselves back there. The poor guys are incompetent I feel bad for slaughtering them all and back to Tascand the first year I look this place is nice and happy no bad things here Just friendly folks with a nice economy to abuse here I'll give you some peanuts if you fix an armor. I don't even tip them Look how happy he is. He's so smug. He's like, I just ripped this person off I'm abusing time travel. Ha ha ha, merger. They're way too weak to be challenging me now I got way too many powers from traveling through time I've seen the leading tower of Pisa. Ha ha like any good king. He keeps it behind his throne That's all the flags I need. God, there's something wrong with this flag All right, off I go. I've gotten all the flags I need I got to go back to the danger zone of the current time What is he doing? Okay, he just noticed me. Poor chap. Probably doesn't even work here He seemed a bit out of it. Well, I'm off to fight the evil knight, Barnack But if you don't mind, I might abuse your economy one last time Egypt He looks directly into the camera. He knows what he's doing Am I gonna get attacked again as soon as I spawn? Yeah, they really love doing this to me, don't they? All right, how about this? Yeah, that kind of works It doesn't work so good on ranged guys though because they don't come at me However, running in circles seems to be really effective Okay, yeah, this works. You're overpriced. Just scream at him as you walk by Oh, you didn't see nothing.  I don't know Oh, that's a little easter egg She's confused If you didn't see the previous ones, and even if you did, you probably forgot But when you get to the second era, the one that knight You come here and you can shoot a barrel right over there And there's a child standing on it and she launches up into the sky And when you come back in this time zone, keep calling them time zones.  So I mean, she could be the chosen one She's also a time traveler.  They've become so accustomed to violence. They're desensitized It's a horrible thing really. I can't believe they have this whole place on lockdown like that's kind of a coincidence But the whole place in lockdown that where there's gates at everything locking people down into specific areas And they still haven't found these people just hiding in the local tavern What you want to fly the flags of all the eras together from the top of the black tower?  Honestly, if you just killed bernak I think that would be enough of a show for the people. Okay. She gave me the last flag Perfect. Now do I go fight the evil knight bernak?  I'm in a cutscene. Don't attack me.  I am out of here.  This music is stressing me out a bit. It's kicking up too much Okay, we got them all.  I thought we'd enter the castle from the top But no, I guess we're gonna enter from the bottom. What what is this?  Oh, there it is. Okay. What the hell happened to the character model there? I still got my speedy boots on.  Oh my god I'm a jedi now I guess because the new jewel has charged it up because each jewel improves your sword Which is why I was so strong when we went back in time. Can I save it please? I really do want to do that again. Wait, what is this wait? No feck off dude behind you. Oh this Feck sake So just an awful anticlimactic death. He was a character through the whole game and that's how he dies I must leave you now Wait, no, I don't mean to be insensitive, but I I can't just uber out of this castle. Oh my god.  That's how he should have died. What what is that? Is that dragon poop? Oh, no That is a spell. Okay. I was hoping for something a little bit cooler. Not saying dragon poop is cooler I'm just saying like just something something of it nifty here. I don't really want that Wait, what what is that spell called? Can I save?  All right. We never have to witness that again. Wait.  That would have been the play Barenek that would have been the play. Oh was it down here?  I'm sure I struggled to find that last episode too, but it was september of 2018 All right, give me a break. God. He's all about his hidden entrances, isn't he? How does he find his way around his own house?  Jesus this wizard guy. I thought we killed him He's replaced most of his body parts with wood just lighter match hyper second. He's probably begging to die As you can see I've changed a great deal Yeah, for the worse. I'm afraid hype is smiling. He can't contain his laughter here.  That is a weird attack.  I thought you were a wizard Okay, he's got a lot of health, but other than that, this is just kind of sad really like look at that He's barely doing any damage to me. I don't know why he taught whipping his cape at me It was his best plan of attack. Okay. And now you whip out the magic when you're almost dead. Okay. There we go I think he's dead.   Oh my god. His head is on the ground Can I take it as like a trophy or something? I'd put that on the wall. Okay. That's the key. I needed earlier fantastic I like what he's done with the place though. He's done. Well his interior design is nice.  Maybe all his guards are just incompetent I'm not gonna include it because it's a bit long-winded But I just saw the really tough puzzle just saying with levers and ladders and everything just wanted you to know Wait, what is that doing? I don't understand to do it. Just keep going up. Do I follow the magic triangle? It's the only lead I got so I guess that's what we're doing Oh god, I stood on the triangle this time. I don't know if that was a good idea Again, just close the top let a compress and smash me and this thing is over bernak. You've won. Look at him He's still smiling away. He's happy out again. Just happy to be here and here's bernak waiting for me the brave I put travel through time. I thought he'd sound a bit more evil I'll leave you in the tender loving care of my dragon. What? No, I want to fight you Oh for fuck's sake and you named it void That's a worse name than I named my characters and I'm one of them is called turg. We meet again sooner than expected What? He is a voice too At least he sounds a bit more evil.  God.   I don't think this one is going to be too bad actually Oh my god, Jesus Christ. Okay. This is actually horrible. He is literally trying to sit on me That's his plan of attack right now. Like he's losing this fight heavily right now He doesn't know he could literally just fly away and there's not really anything I could do about it Just leave me up here to starve Yes, okay, that's over with and hype is learned to fly. Thank god. Now we can get off the tower You are a great disappointment to me. Wait me or the dragon? My sight you miserable dragon Oh, if you felt like my parents all over again, wait, what are you doing to him? Okay, a little bit a cartoon comedy there in the middle of our boss battle Okay, good. Here we go. Good versus evil. No barnack. Oh, he's talking.  What even was that stop dude? I don't like that one. Okay. I'm not gonna lie I'm sort of losing this fight Okay, I hit him once and he only hit me like seven times already Okay, spamming this spell seems to be the best way to actually fight him. Yep. Yep. This is great This is going really good. He doesn't know how to combat this one. Honestly without it. I don't know how I'd win It's really hard to fight him. The trick is this spell makes you unvulnerable for like a few seconds So there's not really much he can do to me. He kind of looks a bit pathetic now Okay, I take it back. He's gone back to hitting me. I've lost my groove. Stop it. Stop Okay, I'm just gonna start swishing and if I hit you it's entirely your own fault I don't know how I got into such a good rhythm But I really don't want to die because I feel like I got really lucky spamming that spell earlier last potion Come on. Dude. Come on. I'm hitting you. Please. Come on. Okay. There you go I think he's dead. We did it. The evil barnack is destroyed or drunk either way He's destroyed either by me or alcohol one or the other And off he goes. I'm not sure how it no don't jump I do so much to live for You'll find a way out of this. Oh, he's putting up the flags which are definitely not going to be visible to the people below This was pointless. What is this doing? I don't understand. I don't think hype knows what he's doing. Okay I think we're destroying the sun I think hype was the evil doer all along good thing. He has that shield. He should be fine Okay, maybe do jump that might be the best plan here. Yeah, this this is probably your best bet God, he's heroic. Why is he gun such low quality all of a sudden?   He Just jumped aside and then came back. I Okay He did it. They're like, oh look there's probably flags up there, which are really inspiring. Oh now she comes up here Oh, there's go good. He lives in the clouds now Are you just gonna be haunting us forever like spying on us? And that's it. That's everything original idea and producer Good job. Elaine. Oh my god. Their name is task scan.  I hate this game now I didn't know was made by an ego maniac. No, but that is the game. It is completed finally after all these years I don't know if I ever actually completed it as a kid because I think once it gets this last section It actually gets really hard So I I definitely have completed it since like I played through it Maybe three or four years ago when I was sick, but it's nice to finish off the story again But I hope you enjoyed I know a bit of an odd video, but yeah back back to normal starting tomorrow I just wanted to finish this game and I figured now was a good time for it because I think quarantine's got me A little bit stir crazy sometimes and it's nice to revisit some old games I did a video a while back about revisiting some childhood games And it just got me wanting to finish this game and I know there are dozens of people All right, maybe at least a dozen Of people that want me to finish this so now it's done, but yeah, I hope you enjoyed I appreciate you watching as always and I do hope to see you next time. Bye for now


Everyone is worried about the downfall of civilisation and the rise of barbarism. The left sees Trump as a retrograde menace to the diverse and inclusive society of their hopes and dreams. They use the hashtag resist and chant, he will not divide us. Those most radicalised against Trump call themselves anti-fa, anti-fascists, and pose as the vanguard of the resistance against an incipient return of Nazi-like savagery. Trumpists, on the other hand, see their man as a stalwart defender of western civilisation against the barbarians at the gates. His most radicalised fans have embraced hard nationalism, the alt-right, neo-reaction, etc., and fancy themselves to be modern crusaders. Trump himself is especially concerned with the ravaging brutes offering to sell us flat-screen TVs. In his inaugural address, he said, We must protect our borders from the ravages of other countries making our products, stealing our companies and destroying our jobs. Which side truly champions civilisation and which threatens it? To answer this meaningfully, we must first understand what civilisation is. The word civilisation ultimately derives from civitas, the Latin word for city. In a sense, civilisation is the way of life of the citizen, or city denizen. And the most distinctive and fundamental feature of city life is its economic aspect. Plato explored the essential characteristics of the city in the Republic. He asked, what are the economic rudiments of a city-state? Most essential, he answered, is the provision of the citizenry's bodily requirements, the bottom level of Abraham Maslow's hierarchy of needs pyramid. Humans need food to sustain their life, as well as shelter and clothing to protect them from the elements. Plato then asks, should each individual provide all three for himself and his family? That is the mode of provision typical of the world outside the city. Some families, clans and tribes, whether hunter-gatherers, nomads or peasants, produce everything they use. Such economic isolation is called autarchy. But according to Plato, each citizen would be better off if the work were divided, if each citizen specialised. One might be a farmer, another a builder, another a weaver. The farmer produces food not only for himself, but for the builder and the weaver. The builder produces shelter not only for himself, but for the farmer and the weaver. And the weaver produces clothing not only for himself, but for the farmer and the builder. Why this division of labour, as Adam Smith would call it centuries later? Because as both Plato and Ludwig von Mises agree, human beings are diverse in their productive capacities. Some are better suited to farm, others to build, still others to weave. If the best farmers kept their hands to the plough, the best builders stayed in their wheelhouse and the best weavers stuck to their knitting, then more shake-shack burgers, trendy lofts and Spank's leggings would be produced than if everybody had to do all three. But what if the best at all three jobs happened to be the same person? Even then it would be in the interest of each individual to divide their labour, as explained first by the classical economists James Mill and David Ricardo, by expounding the law of comparative advantage. For example, below the Spank's headquarters in Atlanta is a shake-shack. For all I know, Spank's founder Sarah Blakely might be a better cook than the teenager at the grill downstairs. The billionaire could take the time to source and make her own shack burger. But doing so would come at the expense of instead dedicating that time to minding her undergarment empire. If Sarah works on Spank's business during that time, she'll probably produce so much value for her customers that they will pay her enough money to buy as many shack burgers as she could ever want and much more besides. So it makes sense for Sarah to specialise in her field and to leave food production to shake-shack and others, to spend her working hours on clothing and pop downstairs whenever she craves a burger for lunch. In economic terms, even though Sarah might have an absolute advantage in producing both undergarments and burgers, the fry cook has a comparative advantage in producing burgers. Back to Plato, who then extended the logic for specialisation beyond the production of consumer goods to the production of capital goods. The individual whose comparative advantage is in using a plow shouldn't waste good plowing time in making one. He should focus still further on farming and let others specialise in producing the implements of agriculture, Plato argued. Neither will the builder make his tools, as an isolated peasant does, he continues, nor any other producer of goods of the first order, as Austrian economist Karl Menge called them. Instead in the city you will find abundant artisans, manufacturing what Menge called goods of higher orders, carpenters making plows, smiths making saws, etc. The efficiencies of the division of labour further extend to the specialised production not only of tools but of components, which are also higher order goods. Thus the amazing productivity of Henry Ford's assembly line. Moreover, the making of a single tool or component can be further divided into multiple subtasks, each performed by specialists to extract even more efficiency, as Adam Smith illustrated in The Wealth of Nations with his famous pin factory example. One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head. To make the head requires two or three distinct operations. To put it on is a peculiar business. To whiten the pins is another. It is even a trade by itself to put them into the paper. And the important business of making a pin is in this manner divided into about 18 distinct operations, which in some manufactories are all performed by distinct hands, though in others the same man will sometimes perform two or three of them. By dividing their labour, ten workers could make upwards of 48,000 pins in a day, while if they were working in isolation each worker would scarce be able to make one. Does all this sound excessively materialistic?  You can't buy true love, but neither can you love when you're dead from hypothermia. And it's difficult to contemplate the universe, the soul, or a work of high art when you're delirious from hunger. In other words, we cannot ascend toward the top of Maslow's pyramid without first climbing its bottom level. Thanks to the wealth made possible by unlocking the efficiencies of the division of labour, the civilians of civilisation can afford to provide for less urgent wants, like spiritual, intellectual and aesthetic desires. If a community grows wealthy enough, even the provision of these higher ends can be enhanced by specialisation and the division of labour. As Will the Rant wrote in the first volume of The Story of Civilisation, in the city some men are set aside from the making of material things and produce science and philosophy, literature and art. And, since there's nothing wrong with wanting to enjoy life, it's also worth noting that the efficiency of the division of labour is what affords citizens the comforts, conveniences, amenities and luxuries associated with city life. Mises ascribed so much significance to the law of comparative advantage that he renamed it the Law of Association. He deemed the division of labour to be the very basis of human society. Humans are capable of recognising the benefit of dividing their labour with others and so they do so. This creates economic interdependence. The builder and weaver depend on the farmer for their food, the farmer and weaver depend on the builder for their shelter and the farmer and builder depend on the weaver for their clothes. This interdependence dramatically increases the costs of conflict and the desirability of peaceful coexistence. The builder might have the strength to murder the farmer and steal his crop, but then he'll have to grow his own food henceforth, which again is far less efficient than selling houses and using the proceeds to buy food. So the division of labour breeds civility, which is another characteristic mark of civilisation, norms that minimise conflict, ranging from human rights, life, liberty and property, to manners. And this civility in turn fosters still further economic cooperation. Now we have a picture of civilisation, the division of labour, prosperity and civility. And this image is most vividly portrayed by an ideal thriving city bustling with industry, commerce, intellectual pursuits, lively discourse, artistic creation and urban delights. But to realise this picture, commerce and the division of labour within the city are not enough. As Plato wrote, to find a place where nothing need be imported is well nigh impossible. The law of comparative advantage doesn't stop operating at city limits nor even at water's edge. Foreigners too have comparative advantages different from us, not only in aptitudes but also in access to natural resources. So not only does it make sense to have commerce with our neighbours but with distant peoples. Why grow bananas in Massachusetts hot houses when you can catch lobsters and sell them for enough money to buy more bananas from balmy Latin America than you could have possibly grown in frigid New England. By facilitating such cross-border commerce, merchants extend the division of labour across the whole world, vastly increasing human productivity and living standards. Just as it does within the city, the international division of labour creates international economic interdependence, which fosters international peace. If goods cross borders, armies are less likely to. It makes little sense to bomb your foreign markets or your supply chain. Trade is cosmopolitan, cosmopolis being Greek for world city, in the sense that it extends the civilisation of the city, the division of labour, prosperity and civility across the whole world. International commerce is also cosmopolitan, in the sense that it brings together people of different cultures for mutual economic gain, stimulates cross-cultural learning and understanding and increases the costs of prejudice. As Voltaire wrote in the 18th century, go into the London Stock Exchange and you will see representatives of all nations gathered there for the service of mankind. There the Jew, Mohammedan and the Christian deal with each other as if they were of the same religion and give the name of Infidel only to those who go bankrupt. Again the division of labour promotes civility. Now that we are more familiar with the meaning of civilisation, we are finally in a position to judge the pro-Trump right and the anti-Trump left, both of whom posture as protectors of civilisation. Protectionism, the doctrine favoured by Trump and his fans, disintegrates the global division of labour. It bars producers on both sides of the trade barrier from focusing fully on their greatest comparative advantage and so makes them far less efficient and consumers in both countries poorer. Every protectionist measure is a step back toward the deprivation of primitive autarchy. It is also a step on the road to war. Just as the division of labour breeds civility, economic nationalism leads back to the savagery of tribal warfare, now with larger tribes called nations. If goods don't cross borders, armies more likely will. Even more dangerous to world civilisation than the barbarians at the gates are the barbarians with the gates, barriers to international commerce. Trump is also guilty of domestically divisive policies and rhetoric. However, many of his critics are quite hypocritical to chant he will not divide us. The left is obsessed with class warfare and identity politics. Far from healing divisions in society, these preoccupations only create and exacerbate them, threatening the civil harmony generated by the division of labour. Class warfare disintegrates the natural harmony of interests among producers and consumers, sellers and buyers, hires and higheres, capitalists and labourers, the wealthy and the non-wealthy, etc., by pitting these groups against each other. It also impoverishes all by hampering the domestic division of labour. As discussed above, commerce breaks down prejudice and fosters cosmopolitan civility, not only among cultures and religions, but between sexes and among races. Social justice warriors threaten to undo this genuine progress by sowing civil strife with their hair-trigger sensitivities, witch hunts against thought criminals, and predilection for manufacturing identity-based grievances and victim complexes. Far from effectively dissuading bigotry, such excesses seem to be driving people to join the alt-right in disgust and out of defiance. As both Antifa and the alt-right escalate their rhetoric and rowdiness, even to the point of periodically brawling in the streets like red shirts and brown shirts in the late Weimar Republic, it's good to keep in mind that neither are friends of civilisation and neither are worth siding with.