Hey, welcome back to the trading floor, the Friday segment of the market maker podcast, and we have just had the first of the big major financial institutions, namely BlackRock, JP Morgan, Citi and Wells Fargo kick off the earning season. And so what I wanted to do in this episode was to do a couple of things. We're not equity research analysts. We'll leave that to Sylvia to trawl through the numbers. What we can do is try to look at this in a way that I think will be beneficial for everyone, which is we can highlight a couple of interesting points, I think, from the different companies. We have seen BlackRock who are down in pre-market activity, head of the opening Berlin Wall Street, immediately after the results, whereas the others are up. So a little bit of reasons of why and maybe we can touch on each individual one for the benefit of people applying to these banks. I know it's very much assessment center season right now, but then also wanted to just step back a bit from this specific quarter and just talk about the kind of categorizations of different banks because we're going to see the likes of Goldman's and Morgan Stanley next week, who are a little bit more, I'd say GS, probably the most pure play, more investment banking, but they couldn't be a world away from what a Wells Fargo looks like, or indeed how a BlackRock makes money. So wanted to kind of talk a little bit about that as well. So, Piers, where do you want to go to first? Any particular name you want to touch on? Well, now that you've been saying that intro, I was thinking actually, is it worth starting off? Well, actually, what is earning season? Ah, yeah. If you want to go, if you want to strip it all the way back. Yeah, that's a good point. Okay.  Tell me. Okay, so we are now on the 13th of October, the day that these earnings have come out. So with any public listed company, they need to declare their quarterly earnings. So this is looking back to third quarter performance. So looking back over the past three months. Now, one thing to be aware of, I guess, from an equity sector perspective is there's a very uniform way of which these different sectors release disinformation. And typically, it unofficially is kicked off with the big banks, and it's pretty much always the same for JP BlackRock City Wells Fargo. We then get the lights of Bank of America, MS Goldman's next week, and then you start to get the floodgates open. And when you think about the S&P 500, 500 companies, and then they all start coming out. We then start to see the lights of tech within that batch, and it's normally bookended with energy. So Exxon, Chevron, those types of names. Now, a couple of important things to take away. The reason why we're talking about this today, and a lot of the press will talk about it, is because the first company out of a sector typically sets the precedent and will define then probably the health of that sector. And therefore, the market impact is always much more sizable on the first companies to report. Now, that can extrapolate into different products if you like. So chip makers, for example, you don't necessarily need to be the biggest, but when you operate in a very small space with only a handful of players, however, one is performing typically is indicative of the rest. So you can have these slight intricacies amongst different pockets in the market. But yeah, that typically is how it works. But it also, like an extension of that last point, like chip makers often... So when they announce their results, like looking at revenues and obviously then profitability and stuff, but for chip makers particularly, their revenues, well, that's a good sign of how many chips Apple are buying, for example, which is then actually a really key measure of how many Apple iPhones were produced. And the number they're producing is obviously a function of their forecasted sales. So you can start to extrapolate and extrapolate and extrapolate. And from a chip maker announcing their numbers, you can actually draw a line to make a clear estimate as to what Apple's iPhone sales may well be like. And so you can start to get stock price movements in companies that are several orders removed from the one that's announcing. I remember I once had to create a research document for four traders like you, Piers, back in the day. And basically, I had this, you know, when like a graphic designer would take an iPhone in a kind of pencil drawing and we kind of tasked the team with going away and finding out the complete kind of makeup of an iPhone from its manufacturing, all the different contributors towards what will make the screen, the glass, the plastics, the chips, every single piece. And there was like, I don't know, 20 different companies involved. And you would basically do exactly what you said. So what the traders were demanding of us was how can we front run basically future Apple movement on the back of better understanding information flow? As you said, several order dimensions away from the company in itself. So yeah, that's definitely an undertaking, I would say. From a research perspective, but that's where you get the edge, I guess, from an information perspective. Yeah, and this is where like some of the biggest hedge funds, you know, like Citadel, for example. So famously in 2022, Citadel delivered the biggest annual profit in hedge fund history and a big chunk of that one of their key strategies. In fact, their most successful strategy of that year was actually trading earnings releases. So it was trading the quarterly earnings reports and Citadel hire these kind of geniuses and throw a load of them into their quantum research division. And so these geniuses are kind of, you know, creating highly complex mathematical models to try and better predict what Apple's earnings are going to be and try and predict it better than everyone else can. And so yeah, building complex, a little bit like you were describing, you were using, you described as a pencil drawing, but I guess these days it's like using, you know, complex Python code to build a mathematical model with about I don't know how many inputs, but probably thousands of inputs that then spits out ultimately what they think Apple's results are going to be and then they'll track their traders will then trade the differential between what the street consensus expectations are. So before each earnings report, there's an official earnings estimate, right? There's a forecasted figure. What was their revenue in quarter three? What was their profit? So on and so on. And that's the average, essentially the average of all of the research analysts on the street. Okay. And that becomes the consensus. So Citadel will say, well, our researchers are providing more accurate forecasts than the average. So let's just say that the Citadel researcher thinks that Apple's profit is going to be better than the average forecasted expectation, then they'll go into that earnings report long Apple. And then they make their profits, you know, through their edge, which is that their researchers have got better models than anyone else. Well, let's see if they can continue that. Well, that's the game you play, though, isn't it? Like the market evolves. Those calculations are fluid, because when you are looking at it on every level, you know, I remember looking at copper production and monitoring output out of individual mines at one point going like you're literally taking it so far back down the down the pipe. It reminds me of, what was it, Ray Dalio in his book, and he was saying the how when one of his first kind of investment ideas, and he actually went back to the farm and spent weeks observing the chickens to see how they ate to then define this type of volume of food that they ate and the composition of that food to then look at the manufacturing process behind food. And you're like, well, no wonder it takes a genius to work this stuff out. I think they need a genius level of patience to. But there's other examples that I remember now, actually, it's all kind of coming back. I remember like things like the Caterpillar earnings report used to be what we would describe as like a bellwether report, right? And that, you know, Caterpillar, the manufacturing, they manufacture big industrial scale diggers and stuff like that. And so there, how well they're doing is then a really good lead indicator as to how the building industry across the planet is doing. And that's all feeds into the kind of great sort of macroeconomic litmus test is Caterpillar's earnings. And if Caterpillar's earnings are really strong and much better than expected, then actually economists would draw straight lines to say actually economic growth is faster than actually we had thought. Yeah. And then there's other, yeah, UPS was similar. However, that's probably technologically changed, shifted a bit with Amazon. There was airliners that you can monitor as well for different kind of consumer appetite and these sorts of things for holiday making. Yeah, it goes on and on and on. I mean, this is why this is a profession in itself, a designated specific role within an investment bank to look at this stuff. And then ultimately for investors, if you're buying and selling stocks and your own stocks, then you only ever get once every three months is the frequency at which you get real real time data from the company in terms of how they're getting on in between these earnings reports. Well, fine. You've got the share price, which is going up and down. And you can start to second guess, you know, macro developments and right, how's that like a classic being interest rates going up, right? So interest rates are rising and rising. And we're going to talk about banks in a minute, but interest rates going up, right, the Fed hikes rates. Okay, well, actually, what does that mean for banks who are lending money? And is this a good thing for them? And then you start to estimate how good it might be. And you start to estimate their net interest income, revenue increases. But it's all estimating, right?  So it's only every three months, you get back line in the sand. This is actually how they perform. This is actually how their company's been benefiting or not from this macro scenario. So it's an incredibly important moment once every three months. And yeah, as you say, there's a huge industry around the whole thing with all of these equity research analysts across the planet, basically trying to assess and analyze and predict how these companies are getting on. Right. And you mentioned their net interest income. So perhaps we could start because I guess that's the kind of the linchpin that brings all of this together in some respects. And another record by JP Morgan, but as you would expect. Yeah, I mean, JP Morgan are smashing it.  But I guess you mentioned that kind of banks are the first sort of main major kind of sector to report earnings during an earnings season.  And then it's going to take four or five weeks for us to get through all of the S&P 500 earnings. But yeah, the banks go first. And I say banks, well, it's actually not just banks because BlackRock were today and BlackRock are not a bank. But maybe we can talk about, let's just just put BlackRock aside for a second. So the big banks reporting today were JP Morgan, Wells Fargo and Citigroup. Okay, so what are these banks? How are they generating revenue? And you mentioned Goldman's and Morgan Stanley next week. And I guess it's worth just saying that they're not the same types of companies.  That's where my salary gets wide into every month. That's maybe where I've got a credit card. Maybe I've got a mortgage with one of these banks, you know, most people in any country will only associate a bank with their direct interactions with it. Okay, so retail banks is what we call it. I would say banks typically, I would, I'm simplifying, but we'd have kind of three areas. If you are what's called a universal bank, that means you're a bank that does everything. So JP Morgan, in fact, all JP Morgan being the biggest universal bank. Okay, so I would simplify it into three areas. Retail, or sometimes called consumer banking. Okay, so that's your person on the street, your deposit accounts, your credit cards, your mortgages. Then you are commercial banking. So that's companies. So companies, of course, well, they need bank accounts and they need, well, they need credit cards and they need financing and overdrafts and revolving credit facilities and banks helping them to manage what's called their working capital. A company needs working capital. That means you've got to have cash, you know, liquid cash to every month pay salaries, for example, or pay your rent, or pay your suppliers or whatever, right? So bank commercial banks will help companies with their working capital. Okay, so that's the commercial side. And then you've got the investment bank. And broadly, there's two sides to the investment bank. And one is the investment banking division IBD, that's your M&A and your IPOs and all that kind of stuff. And then you've got your kind of capital market side of the bank, which is trading. And that's your kind of sales and trading and, you know, facilitating trades for financial institution clients. So yeah, you kind of got these three big areas. Now, JP Morgan have all three in spades, right? They're massive. And indeed, the biggest bank in the world. And they've had a fantastic year. And so if we talk about universal banks that have that loan book, then we can talk about this thing called net interest income, which is the most important metric for kind of judging how a bank that deals in consumer and commercial side, how are they performing? So the net interest income put very simply is all the loans they're providing to their customers, be they consumers or companies, how much interest do they earn on those loans? So remember, a bank quite simply will take deposits. So again, that's your consumer and your company's depositing money in their bank account, right? Now that's the bank's asset, you talk about balance sheet, you talk about assets and liabilities. And so a bank will take that and they'll take those deposits and then they'll lend that money and generate a return on those loans. And so a key measure is their net interest income, which overall on their loan book, how much are they making each month? Now, interest rates have gone up, as we know, a lot. And this enables banks to make more money on their loan book because the interest rate on loans go up. Now you could argue, though, that they pay their depositors an interest. So shouldn't it be that their net interest income or shouldn't it just stay fixed? It doesn't matter if interest rates are going up, they might be making more on their loan book, but they're paying more for their deposits. But the thing about banks is they'll be very quick to lift the interest rate on their loans. And they'll be very slow to give their depositors extra interest. So the margin, the kind of spread between the two widens and ultimately banks make more money. And so, yeah, JP Morgan, to put some numbers on it, their net interest income, $22.7 billion in three months was 30% up on the same quarter last year. And so that's pure straight out interest rates have gone up. Number one, that's the main reason. Number two, the big boys have attracted more deposits this year as a function of the Silicon Valley bank crisis, where the smaller banks were seen as dodgy and risky. So I'm going to pull my money out of those smaller risky ones.  So more deposit flow coming in and then more lending going out as a result and ultimately happy days for your JP Morgan's. From an investor's point of view, then, is it a case of that's not sustainable if it is just a formula of tracking interest rates, which we know now have broadly peaked and will now be going south from this point? Have they peaked? Now, you might say Jamie Diamond's talking his own book, but he's been banging on. And by the way, he is, you know, we're not messing around when he talks, people listen. He's one of the most prominent figures in the whole of the United States, I would say. And so he's been the head of the biggest bank for a decade plus. He was the head of that bank through the financial crisis.  And that's why people respect him. Now, he's been banging on throughout the whole summer. He's saying there's a reasonable chance the Fed are going to hike rates to 7%. Now, of course, he would love that. Well, would he? Because hang on a second. On the one hand, he might love that because that would be good for the net interest income, except there is another part to this story. And actually, the headlines around the JP Morgan's earnings, 35% jump in profits. Great. Well done. Where's that come from? Higher interest rates. So more net interest income and the second part to it, lower than expected loan losses. So remember, interest rates have gone up, right? And so it's supposed to be that people can't afford this very high interest rate anymore. And they'll start defaulting on their loans. That has not happened. This whole story around the US economy being super resilient, way more resilient than anybody thought. We had a payrolls number last week that was through the roof. The economy's actually decent. And everyone's going, wow, how's that happened? One of the functions of all of that is that loan losses have been much lower than banks themselves had predicted and had prepared for. So you've got more interest income and less losses on loans at the same time. That's a double positive, right? But if Jamie Diamond's right, then rates do carry on going up. Well, I mean, there's only so much pain people can take before it's like the straw that breaks the camel's back. If rates went to 7%, then you're going to have to see loan defaults start to really ramp up. And then loan losses start to ramp up, which of course means that's negative for banks. And then ultimately, when rates are so high, people stop lending money. Sorry, wrong way around. People stop borrowing money. So in the end, a bank can have all the deposits they want, but they can only lend it and make net interest income if there's demand for loan, if people want to borrow. Ultimately, that's out of their control. So when rates go too high and 7% would definitely be too high, then actually, that would be a probably net net overall negative for a bank like JP Morgan. I was just thinking about the composition of the bank. You said the commercial bank has many tentacles, if you like, and you would think, okay, so that's good. There's diversification of risk. However, you were mentioning what, 20 billion?  Yeah, 1.6. So it goes to show how important that consumer is. It does. You've got a factor in it. You can't so the figure on the net interest income was 22.7 billion, right? And you think, wow, okay, why is the IBD division of JP Morgan not even, it's negligible, right? But you've got a factor in margins, profit margins. So your profit margin on your net interest income will be a lot worse than profit margins on IBD fees. That's just one thing to say. But IBDs had a shocking year. So I don't know what those numbers are actually, you might not have them to hand. But what was JP Morgan's IBD revenue in 2021 when fees hit a record? I don't know how many times more than the 1.6 billion that they've clocked in this quarter. But just as the loan book is record breaking happy days, at the same time, the IBD side of the bank is performing at its worst.  And so you can roll with the punches. Next week, we're going to get Goldman's report their earnings. They've tried to become a universal bank. They never were. Goldman's were just an investment bank and a sort of capital markets, right? So they were just an investment bank.  They've failed in that strategy, certainly on the consumer side. Spectacular fail. So really, they're left with a much less diverse set of revenue streams compared to JP Morgan. So when you're in an M&A sort of desert like we're in at the moment, then that's going to have a way bigger negative impact overall on Goldman Sachs than it is on JP Morgan. Yeah. Now, interestingly, Goldman's spoke yesterday. So pretty much a week to the day ahead of their earnings. What do you reckon they were saying? They were probably saying things haven't been going well, guys, just heads up. It's going to be ugly next week. But, you know, we're working on it and we've got this plan and we've got this plan and we've got this strategy. Lucky you. You're the inside man. But yeah, in particular, they were warning about a hit to Q3 due to the sale of the FinTech platform, Greensky. Yeah. But they sold that. Didn't they sell that in like March? Didn't they? Yeah, I'm not sure about how they've, they're accounting for that loss. Yeah, they'll be spreading that over. Exactly. Spreading that puppy over as long a period as possible. That puppy, that big dog, that'll get spread over a few decades if they could. But yeah. Well, look, let's move on to BlackRock then and let's talk a little bit about them. You said that they're different. They're not a bank. So how do they make their money? Yeah. Well, we talk about more terminology and hopefully a lot of people listening to this podcast will know this already because you'll have done one of our simulations. But we often talk about the buy side and the sell side of the financial industry. And what we mean by that is, so JP Morgan would be the sell side. Okay. And BlackRock, well, they're the buy side. BlackRock are an asset manager or an asset management firm, not a bank. In fact, BlackRock is a client of JP Morgan's. Okay. So one on the sell side, so a JP Morgan within their investment bank, they have a capital markets division. Okay. So kind of Pat, the investment bank has two sides, as I said at the start, you've got your IBD, your M&A stuff and your IPO stuff and fees a way down nightmare year. Okay. You then got your capital markets desks, that's the trading floor. And their job in JP Morgan, their job is to provide services for buy side financial institutions, asset management, hedge funds and the rest of them, right? Services being many, many different services. But one of the core ones is helping them facilitate their trades. So we talk about trade flow. Okay. And this generates revenue for the investment bank. Okay. And trade flow has been, when markets are volatile, this is good news for investment banks because the trade volumes increase. More volumes means more money. Okay. Now, on the buy side, though, well, what's that? Well, that is the side of the industry where they're investing their clients money. They're taking risk. They're taking a view on a market. They're buying stocks and hoping stocks are going to go up. And if they do, great, we're going to make money. And they charge fees as well. But their customers are individuals, for example, like high net worth individuals who will give their money or deposit their money with BlackRock and buy one of their ETF products, for example. Okay. And BlackRock will charge a fee for the individual customer to do that. So BlackRock is an asset management firm. They sit on the buy side. The main way an asset management firm generates revenue, the main way a buy side firm generates revenue is fees on assets under management. So management fees, and they charge a percentage of the assets they have under management. So for asset management firms, it's all about AUM, assets under management, and how much money do you manage? So BlackRock are the biggest. And actually, yes, their latest figure as of this quarter, and one of the, well, BlackRock's down 1% in trade after their earnings, but their latest figure is $9.1 trillion. That's the amount of assets under management. Okay. The key thing that's dropped. So that's dropped from quarter two. In quarter two, it was $9.43 trillion. Now, there's one key reason why the assets under management has dropped, and it's kind of out of their control. It's dropped because, well, you might have read the stories a couple of weeks ago, as September was drawing to a close, as quarter three was drawing to a close, lots of headlines in the FT and so on. The S&P has its first down quarter for over 12 months. So, look, share prices are gone down. So that means the value of the assets on the books has gone down just because the share prices have gone down. So it just means then that BlackRock generate less fees, less management fees, because it's a function of the value of these assets that they own. Okay. So that's the kind of negative story about BlackRock with their earnings. It's a significant drop in like net inflows. And ultimately, the AUM figures dropped. And so, yeah, that's the kind of bad news. And Larry Fink, who is the CEO, he's actually, he's actually the chairman and the CEO. Yeah, there you go. Basically, he's king and emperor and president and prime minister and basically does what he wants. His comment was, I'm quoting here, for the first time in nearly two decades, clients are earning a real return in cash and can wait for more policy and market certainty before re-risking. This dynamic weighed, this dynamic weighed on industry and BlackRock's third quarter flows. To simplify, rates have gone up. You can get more interest on your cash than you used to be able to. People perceive there being some risk economically. So I'm going to sell my S&P ETF thanks BlackRock. I'll have that cash back. So that's outflows, right? And then with the cash, well, they'll buy a money market fund that's generating 5% yield. And then he's talking about, then they're going to wait before rates come back down, before re-risking, before then going, right, okay, I'll take my cash out of that high interest account now. And I'm going to buy the ETFs again and give it back to BlackRock. So he's saying that really it's a function of the macro headwinds that's ultimately driving that. Yeah. And the two headlines summarizing that were that clients pulled a net 13 billion in long-term investment funds. So that was the first outflows since the onset of the pandemic. But clients added 15 billion to the firm's separate business, which is cash management and money market funds. Okay. Yeah. Right. So they do have their own... Basically, if we own the whole ecosystem, it's just a bit of cash moving from one part of the business to the other. Yeah. With a slight two billion top up. Yeah. But he's right. So think is right. I mean, so when you read the headlines in the FT and then kind of bringing the drama to the outflows, comparing it to the pandemic, I mean, that's just sensational, right? It's not. Yeah. What he's saying is correct. What is happening and how you explain what Jamie Diamond is saying is like correct. I mean, is this earning season just the financial media is just trying to drum up a bit of interest here. And actually, it's pretty in line with expectations as an overall summary. I would say having bigged up this moment, earning season, the only time every three months we get information from companies and having really amped it up. This earning season is probably the least sort of anticipated earning season for a while. Because the macro story, well, I was going to say hasn't changed, but it hasn't changed in a few aspects. It hasn't changed. We're still where like the Fed, it was still in the situation where the US economy is resilient. We had some labor market data like less than a week ago showing that inflation, we had key inflation data yesterday, but all right, was a bit mixed. But I guess you can say the core inflation number came down, but there's some shelter cost inflation figures that jumped up, which could be a bit concerning. But broadly, the Fed are at the top and they're going to stay at the top, right? For like the next quarter, they're going to stay at the top for quarter one, halfway through next year, they're probably still where they are, right? So basically, nothing's changing. Now you could, the reason why I hesitated when I started this section was obviously we've had an escalation in certain things like the geopolitical situation of suddenly quite dramatically escalated. So that's something that could start to play into people's thinking. But of course, these earnings season, these earnings seasons, that it's all about behind what's happened in the past. So we're not expecting too much, too many surprises, I wouldn't say. What we're more interested in probably is their view on the future, their forecasting for the quarter ahead. But of course, this geopolitical situation has happened so recently, it's unlikely any of these quarterly earnings forecasts are going to contain any kind of elements factoring that geopolitical thing in. So I think this earnings seasons, yeah, probably will pass fairly without too much sort of surprise and attention. That would be my guess. I think it's a good job that you kept people hanging on for a good 25 minutes before you dropped that bombshell. Well, let's talk about just finishing on BlackRock, because we talked about the fact they're an asset management firm and talking very top level terms. And fine, assets under management are down. But one thing, like many, many sectors, one thing about BlackRock is their technology services revenue. So like technology disrupting all sectors, it's disrupting asset management. And actually it's starting to become the kind of bigger and bigger portion of BlackRock's revenues, it's still quite small in the grand scheme of things I was looking. So BlackRock, what do they call it, their technology services revenue was 407 million for the quarter, which was up 20%. So it's the fastest growing part of its business. All right, it's still relatively small. Just trying to find what was the total revenue figure. I've got their EPS, $10.91. Yeah, total revenues are 4.52 billion. Okay, fine. So 4.52 billion, yeah. So on 4.52 billion, you've got 407 million, which is your technology services revenue. But that's like the jewel in their crown. That's the fastest growing. It's a bit like a comparison would be Microsoft and their Azure cloud computing business, right? That's the fastest growing part of their business. So with BlackRock, we're always tracking that. And again, it seems to be performing really well. And it's still small, but the point is at relatively faster growth rate, it's going to become a bigger and a bigger and a bigger part of the pie. So it seems like a nice hedge against the AUM, because if markets were to severely fall, hurting one side, the demand for technology and access to information increases, it doesn't decrease. Whether the market goes up or down, people, even at the further extension of that volatility, the higher the demand is for information flow and services to pertaining to that. Yeah, maybe a little bit of insight. So one of their key products within that part of their business, the technology services part of their business, the key product is called Aladdin. I learned two things about Aladdin this week that I didn't know. Number one, the year it was introduced. Oh, it must be 1993 then. 1990. Oh, okay. Because Aladdin came out in 1993, I think. Oh, what? Okay. I've got a different, I've got it as they introduced it in 1990. Anyway, let's just say early 90s, which kind of shocks me a bit because it's like, wow, okay. You only really start, you've only started to hear about Aladdin in recent years. And I guess it's been super small as a kind of revenue thing. And now it's becoming something meaningful. But I mean, what does Aladdin do? Well, it's a product and a service that they kind of sell and license out to investment management firms. Okay. So other firms that are running money and are investing money. And it's a technology platform that enables investment managers. So it's got like risk management capability. So it provides comprehensive risk analytics that allows portfolio managers and risk professionals to see their exposures across various factors and scenarios. There's portfolio management services in there where you can get basically fund managers have a kind of comprehensive view of their portfolios. And there's lots of analytical tools. There's trading services through Aladdin. So I mean, like order execution and things like that. And then there's an operational side to the platform. There's a compliance part. There's lots of data. There's a community of users, you know, all of these, those are these different elements. And obviously, the bigger it grows, the more people use it, well, then the more valuable the data and the community becomes as part of that offering as well. So, yeah, it's probably something that people don't realize. If you're not that familiar with BlackRock, you might know about broadly asset managers and what they do. But yeah, the likes of the BlackRocks of this world are working on what is becoming a more and more significant, great diverse diversifier for their kind of revenue streams. Cool. Well, let's wrap it up there. So hopefully, if you are applying to BlackRock, you've learned a little bit more about the technology part there just to end, but also about just generally the, I think it's combination, if you are going into interview situation of understanding from a commercial awareness point of view, the macro backdrop, which hopefully Pierce has covered, which is the kind of the interest rate impact that is having on these banks and their composition. And then forward looking how that evolving will then impact the bank going forward as much as some of these other elements discussed. So yeah, any questions at all? Feel free to reach out. Obviously, we post this on our social channels. So just drop us a message or you can leave a question on Spotify if you wish to. Otherwise, Pierce, always a pleasure. Have a great weekend. Have a great weekend.


Good morning everyone, but we're excited to see you all out today and we want to thank you, thank you for being here as we officially open our new city facility. This is the latest step towards or forward for municipal court as well as other city departments in the city of Fort Worth. The ease of access to this facility, the opportunity to conduct city of Fort Worth business without having to pay to part to do that provides a convenience as well as a efficiency not only on behalf of the city of Fort Worth but as well as the customers and citizens as well. The special features of this facility will not only allow us to increase our service level but it will make that even more possible at our central downtown location. There's some special features here if you haven't already noticed and I think the thing one thing that we're most proud of is you can drive through not to get fries but you can drive through to make your payments and so we are excited about the ease of accessibility for individuals to drive through and make their municipal court payments. We also have our water department has cashiers here, our municipal court. We have two courtrooms here. Our environmental dockets are held here. We've moved those out of downtown so that provides ease of access for our code officers as well to for their parents as well as we have a walk-in court. Court 8 is our walk-in court and so individuals can come directly here as opposed to going downtown, walk in, take care of their business and keep on going. This is a great neighborhood. This is a great day for us to be out here. This is a huge city, a growing city and we have to get out in our neighborhoods. Oftentimes she said no fries at those windows so I guess we're not like McDonald's but maybe we'll be McCity and provide you service all over town. The taxpayers are indeed our customers and it is about serving you and bringing excellence and service to you. I've talked to Deidre that maybe not French fries but if we gave away an in and out burger every time somebody paid a ticket we might be able to increase the we wouldn't have a budget shortfall any longer I don't think. This concept if successful will be something we'll carry citywide into other areas north, south, east and west and it'll bring City Hall to the community rather than the community having to come to City Hall. We're pretty pleased.


And now, an Ig Nobel Prize favorite moment with Jerry Sullivan, Dung Beetle Astronomy. My favorite Ig Nobel Prize ceremony memory is from 2013 when the prize for biology and astronomy went to researchers who discovered that dung beetles, when they get lost, they can navigate their way home by the light of the Milky Way.  And they threw the balls into the audience, that's how I ended up with one. The Ig Nobel Prize's honor achievements that make people laugh, then think. This historic Ig Nobel favorite moment video stars Jerry Sullivan, who helped organize many of the Ig Nobel Prize ceremonies. On the 30th, first annual Ig Nobel Prize ceremony will be webcast September 17th, 2020. Details about the Ig Nobel Prizes can be found at www.improbable.com


Nothing can stop me, I'm all the way up. What is up, everybody? What is going on? I'm extremely excited to bring this video to you. Not because of the fact that you will think it's cool, but the fact that I'm just excited to be in here right now. I really am. You know what? I hit 10,000 subscribers probably about two weeks ago now. At the moment we're sitting at... What are we sitting at? Probably about 10,500. And that means that my channel is growing and that is absolutely fantastic. Before I go on, I want to say thank you once again to anyone, everyone who's ever given me a like, a dislike, a comment, a share, a subscribe, anything. It's all helped to get me to this point now and now I'm really going to try and step up my game, you know? One thing I've always wanted, I've always thought it'd be pretty much impossible until recently is to get that 100,000 YouTube subscriber plaque. Oh my God. I mean, I just... It's a dream. It really would be.  So to put me in the best space, you know, mentally, emotionally and physically to create, to be a creator, to be a content creator. I know a lot of you guys out there may be watching. You might make videos yourself. You might be writing a blog. You might be trying to set up a business. You need a space in your house or at work or wherever in your car where you can really get those creative juices going.  And that is what I've tried to create right here in my own house. Now, when I hit 10,000 subscribers, one of my subscribers mentioned to me that I had no idea about that once you get to 10,000, you do have the ability to go and use the YouTube spaces around the world. Now there's only nine. There's nine YouTube spaces in nine different cities. I think there's New York, Paris, Berlin, Moscow, Tokyo and a few others. Anyways, there is none in Australia right now. There is none. The subscriber that told me about it thought there was, but there's not. I think there is a Google headquarters, but there's no YouTube space. So anyways, I thought I'm not going to wait. I'm not going to wait any longer. I need a creative space. I need my own YouTube space. And that's exactly what I've created. So without further ado, I want to show you around. It's only one bedroom, but I have added a few pieces of equipment that I need in my life, in my YouTube life to keep this shit going. So let's show you. Okay, so the bedroom is probably about five meters by five meters. So it's a decent size. It's a decent size. And now we've got nothing in it except for my stuff that I need and I wanted so badly. You know, right now standing right here in the middle of all this, just not even knowing what I'm going to create, just knowing that it's going to happen, I'm excited. It makes me really excited. I've got everything I need and we're going to hit that 100,000. That's all I can say. So let's have a look. First of all, we've got the desk. Now this is where most of the editing goes on. I use my laptop. I've used that for the last two years to edit all of my videos. Now I have an external monitor as well. So any websites that I need to monitor and I have them up all the time, I'm going to put the windows onto that and then have the stuff that I need to do right now on the laptop. So we're going to have two screens going. I've got the Mac. That's actually my girlfriend's. She's still got... How would she feel if I pulled that plastic off right now? What do you guys reckon? No, I'm not going to do it. Anyway, so we've got three screens in total. I've got a printer which I just got and the best thing I printed, guys, was these. So now I've got no choice but to hustle on my brand every single day ready for launch later this year. And I just... I'm over the moon, man. I'm over the moon with how it looks. I mean, that was the first logo. We're looking at putting this down the sleeve of jumpers which is going to be absolutely sick and Team Major Key is going to be another logo for the best of a t-shirt. So we've got the printer. We've got the screens. This is another one of my new purchases which is a halo light or a loomy light or a selfie light. I don't even know what it's called, but it's extremely bright. It was only 100 bucks, so it's not too bad. And that is going to up my YouTube game. Basically, I don't have to worry about light anymore. I've got a light source whenever I want it, wherever I want it. And that's exactly what I needed. Behind me we have the big double wardrobe which goes the length of the room and it is absolutely perfect right now because on this side we've got everything Major Key Physiques. We've got all the sample products. I've got the drone there. We've got the printer stuff. All of these sample products we've got. All sorts of stuff that you guys haven't seen yet. And it's coming, basically. So, not only that, but on this side we've got all of the sample apparel that I've had made. So, you know, I'll give you a quick look. We've got singlets. We've got t-shirts. We've got long sleeve t-shirts. We've got grey singlet. We've got a grey active wear top. We've got a grey crew neck jumper. We've got a black and grey long sleeve top which looks like a raglan top. It's pretty sick.  And the one that I just cannot wait to make, guys. I've got to show you this. I've got to show you this before we go. We've got... So, basically, I'm going to ruin this now. Anyways, okay. I feel like this design is actually probably going to be my first, you know, proper product going to bring into market and it's going to be a black hoodie and we're going to have major key physiques in white going down the side of each of the sleeves. And I feel as though it's going to be absolutely sick. But anyways, let's continue. I don't want to keep you guys for too long.   Now, if we continue to the left, we head over to the makeshift photo studio. Some of you guys may have seen some product shots recently on the major key physiques Instagram page and that was using these two lights. Now, what I will say is that they cost me about 100 bucks from Amazon. They're not as bright as what you'd like. So, to get that really crisp, white light, you really need to, like, hold them right up close to the product and that's not ideal all the time. So, anyways, the last thing, last but not least, definitely not least, is my whiteboards.  I tried to source one from a place here in Alice Springs and to be honest guys, whether it's getting t-shirts done, whether it's buying supplies that I need, you know, just getting things done efficiently and the exact way that I want. You know, I'm the kind of guy, if I want something, I'll pay for it but Alice Springs is the kind of place that even if you do have money, you still have to wait and it's been very frustrating. But finally, I've got my whiteboards. Now, I was in a bit of a position because I couldn't, I don't want to put screws in the wall. So, the whiteboard I really wanted was a massive one but it was on a stand and that cost a shitload of money. So, what I've done is I've gone to Kmart. I bought four $12 whiteboards. I think they are 80? I think they are about 80 cm so that means we've got three across which is 2400 which is the size that I originally wanted. So, 2400 across I'm going to put two more on the bottom here so we'll have I think it's 8 by 6 8 by 6 so eventually we'll have 2400 by 1200 on the wall and as you can see I've already used it. It's only been up there for literally 12 hours and I've already used it and that's exactly what I knew would happen.  Thank God I can get things out of my head not only write them on paper but also write them onto a board so I can stand back guys. This is what I'm going to do.  I'm going to stand back like this and just look and ponder and plan and think because I can think now. Man, I'm excited as you guys could probably tell. This is my very own personal YouTube creative space. Thanks for watching. I'll see you in the next one.


So I want to do a little warm-up exercise, get us all in the mood, get thinking. I'm going to ask you a pretty simple question. I want you to count the number of dots I show you on the next screen. So everybody, just take a moment, very difficult task, count the number of dots. Okay, now, hands up if you counted one dot, how about two dots? How about three? How about four? How about five? Okay, there's some people who are thinking I'm tricking you. I'm not tricking you, it's three dots. So that's just priming you so that we're ready for the actual experience. I get it, yeah, you can ignore the paint splash on the right-hand side. That's gratuitous. So I'm going to do another task here. I'm going to read this passage. I want you to count, so first of all, many of you have seen this before. So if you know the secret, don't tell anyone. Just let the newbies figure it out. I want you to count the number of Fs that are in this passage. Finished files are the result of years of scientific study combined with the experience of years. Okay, pretty simple. So how many Fs were there? Hands up if you counted one F. Two Fs. Three Fs. Four Fs. Five Fs. Six Fs. Okay, no, there aren't six Fs, so I don't know what you saw. There are, no, I lied, there are six. There's the F that starts with finished, F that's files. There's an F hidden in the word scientific. And then there's three Fs in the word of. So the sixes of you, you got it right, good job. Congratulations, I have no prize. The reason why I wanted to bring this up is because I'll be talking about one of the coolest things about being a designer and a researcher in our industry is we have to design for situations like this all the time. We're trying to design people to support tasks like count the number of Fs. And we know that when people are talking or even when you're reading, you tend not to see the F that's in the word of because it doesn't sound like an F. And it also ends the word.  This'll be relevant in a moment. Jeffrey Veen, founder of Adaptive Path, also a VP at Adobe, Google, now at his own consulting firm called True Ventures, says I've been amazed at how often those outside the discipline of design assume that what we designers do is decoration. Good design is problem solving. And I think most of us would agree that at its core, design is about solving problems. And here's some examples of problems that I think that are really great problems to solve. These are called monsters. They were designed by a woman named Shirley Rodriguez and they're designed to support children with juvenile arthritis. Juvenile arthritis is a really challenging condition. It can't be treated or cured, but it can be treated into remission. And the unfortunate thing is that for children with juvenile arthritis, the only way to treat the condition is to exercise. And because they have arthritis, exercise is very painful. So children don't exercise. So Rodriguez designed these to encourage children to engage with these little toys. They're also connected to your iPhone, your tablet, iPad, et cetera, to get the children to not think about the pain while they're completing challenges. I think it's a great way that we can use design to actually solve problems related to health. Another great way to solve health related issues is the ecstat from RevMedx. This is a syringe. It's filled with micro sponges and it's for use on the battlefield or even in civilian applications where somebody might be suffering from a gunshot wound or a knife wound. You inject the sponges into the wound and within 15 seconds the bleeding stops. That could be the amount of time necessary to save a life. I think that's really, really a great example of design. More mundane, but just as important is designing for sustainable travel. This is the Slotta. It's designed by Swedish design firm Veride. And it was designed to basically promote bicycling by non-cyclists. The Slotta is designed out of aluminum so most people can lift it and carry it up and down stairs if you're commuting via train or via bus. It's also designed to be maintenance free. I don't know if I believe that, but all of the gears and all the mechanisms are hidden and the drive belt doesn't need to be oiled. It just needs to be rinsed off with water when it gets dirty. So great weight encourage people to explore more sustainable forms of transportation. And then this is my favorite. I know this is a little bit silly, but insect transport. So for people who aren't comfortable like me killing things, this is a humane way to transport an insect or a spider or a scorpion from your home or another location you don't want it and relocate it. There's a long arm and then there's these bristles that open as a basket and then gently close around the insect so that you can then drop it somewhere else. If you think this is really silly, if you look at social media, there's been over 300 million shares of this. So at the very least, this is satisfying or resonating with some individuals' needs. So I think designers do a great job solving some problems and I think those are great examples. Unfortunately, we also compound problems and that's really why I'm here. One of the big problems that we're all probably familiar with is the problem of access. Here's a wonderful ATM. I searched around online and I think this is real. It looks like it's an ATM in Iran and apparently it's made for giants because no one else can access it but if you think about it, think about the designer's task of designing an ATM. You wanna build it so that it's rugged and it can survive outside but oftentimes they're installed in places where a person in a wheelchair or a person with crutches or a person who isn't completely mobile can access. Also, ATMs have issues with solar glare so when the sun is in a certain location, you're not able to actually see what's on the screen and even if you can see what's on the screen, maybe the ATM doesn't support your language or maybe your level of literacy isn't at the same level at which the ATM keywords and functionalities were designed. So access is a critical problem that I think designers need to take more ownership of solving. Rob Pert of Testbed says, problems by their nature are born out of existing systems so by layering a bespoke solution onto problems, we may inadvertently reinforce those systems whether we believe in their effectiveness or not. The designer of the ATM didn't intentionally say, I'm gonna design this and then make it impossible to use. The designer failed to understand that the ATM was used in a larger system so we need to think about what is the larger system in which our designs are utilized. Another area where designers do a great job of compounding problems is the area of understanding. For those of you familiar with the work of information visualization expert Ed Tufty, this is one of the charts that he demonstrates. It's a chart of irrigation water going to different kinds of crops in California. And the designer really wanted to show that different kinds of crops were getting different amounts of water. However, it's really a terrible design if you think about it in terms of actually locating where this water is going and what crops it's associated with. Tufty loved these examples so much that he gave it a nickname of a duck. He basically said that these types of designs remind me of this store. It's a store in Flanders, New York. It's literally designed to look like a duck. It's just a store. There's no reason why it needs to look like a duck. Tufty basically said, any design that focuses more attention on the design elements and the decorations than the actual functional purpose of the item is a duck. And as designers, we probably should avoid building ducks. So remember that task where I had to count the dots and that was pretty easy and then I had to count the Fs and some of you were like, oh, that's kind of hard.  But if you've never done it before and you don't know what the secret of the count the Fs exercise, you're in an intentional problem. And this is very similar to the world that I grew up in when I was doing my PhD. There's a lot of research to show that people do not divide attention effectively. This is a head-up display. Head-up displays have been designed and have been proven to show that pilots have better, more accurate control of their aircraft. That decreases fuel consumption. It gets passengers and cargoes from point A to point B faster. Unfortunately, pilots using head-up displays like this are also more prone to miss items in what's called the fire domain. So if there's another aircraft in the background or if you're taxing on a runway in foggy conditions and maybe somebody or a truck is on the taxiway, pilots have been shown through research, including my dissertation, that at the very least, they're much slower to respond to those threats. At the very worst, they just blow right through them. So designing to support attention, I think, is a critical need and I think oftentimes we ignore that at our peril. Communicating is another thing that we design for. How many of us, this isn't a real question, it's rhetorical, but how many of us have been in a situation where you're trying to hire the right candidate for a job? We might spend hours or even days with committees of people trying to come up with a perfect job description. So here's an example of a job description. I want to take a moment here, we're going to read through it. I have two versions of this. And what I want to ask you is, which job description is written for men? This job description says we're a dominant engineering firm that boasts many leading clients. We are determined to stand apart from the competition. Qualifications include strong communication and influencing skills, ability to perform individually in a competitive environment. If you look at the responsibilities, direct project groups to manage project progress and ensure accurate task control. Let's contrast this with this other job description. We're a community of engineers who have effective relationships with many satisfied clients. We're committed to understanding the engineering sector intimately. The qualifications are proficient, oral and written communication skills, collaborate well in a team environment, provide general support to project teams in a manner of complementary to the company. So which, just show of hands, is this more directed toward females or males? So yeah, okay, you can't do it with hands. Males, is this a male job description? Got a few votes. How about a female job description? Few votes. How about this one? The first one we saw, male job description, female job description. Okay, so some researchers at University of Waterloo and Duke demonstrated that when using these types of job descriptions, they actually looked at six different kinds of jobs and they were phrased in ways intended to bias toward it being more male or more female. They found that every participant in the study overestimated the number of men who were at the firms that were represented by the male, the male verbiage. And for the women, they were much less interested in applying to companies that were phrased in a masculine tone compared to being phrased in a feminine tone. And the reason why I bring this up is because if we're truly trying to ensure a diverse workplace and trying to have a workforce that is diverse, then we really need to think about how we are designing our communications to ensure that we are targeting the right people for the right jobs. The last challenge I wanna talk about is probably one that many of you might be dealing with right now as you look at your mobile device. The challenge of focusing, we design all of these applications that are promoted to drive adoption, to increase stickiness, to get your eyeballs attracted to it. We might have screens that look like this. This one freaks me out. I don't know if you can see it down here on the bottom, but 66,000 email messages? Like, why do you even have that on? Like, that's crazy. That makes me stressed just thinking about it. Unfortunately, we work in a world that believes that multitasking is actually an effective way to work. But researchers in study after study have demonstrated that multitasking doesn't really exist. It exists in very limited forms, but most of the time we don't multitask. We single-task. And that requires us to context switch from task to task. And those context switches do require costs in terms of performance time as well as accuracy. And if we look at things from an affective perspective, we find that individuals who are in multitasking environment report increased amounts of stress, increased amounts of frustration, decreased amounts of memory for task-relevant details. So what can designers do for all of these problems? I think Christina Wookie, she's the starter of boxes and arrows. Many of us are familiar with that. She also is the co-founder of the Information Architecture Institute. She says, success is not checking a box. Success is having an impact. If you complete all tasks and nothing ever gets better, that's not success. So we need to rethink about how we're tackling our design-related tasks. So the good news is these are problems worth solving. That's why we're here. Those of us in the design industry have a call to action to not just solve problems, but look beyond those problems and see the bigger picture. So how might we do that? Let's go back to that issue of focusing. Like I mentioned, multitasking is for the most part a myth. And some interesting research coming out of David Levy's lab at the Information School at University of Washington has shown that individuals in multitasking environments actually perform much better after eight weeks of mindfulness meditation training. So just let that sink in for a moment. What they did was they had numbers of individuals from multitasking-related environments go through eight weeks of mindfulness meditation training, eight weeks of relaxation training, or no training. And what they repeatedly find is that individuals who go through mindfulness meditation training are less likely to task switch, but they still complete the same number of tasks in the same unit of time. But when they complete it, they report decreased negative emotions and also have a higher likelihood of remembering specific details about each task. So how might we incorporate that in our designs? Another area that we can take research and understanding of how humans think and perform is the world of understanding. Think about all the data that's currently being collected. We have companies that are hiring lots of data scientists to start mining through and understanding that data. Unfortunately, in the words of Elizabeth Capuilani, Lindsay, she's a cultural anthropologist who started the Mapping the Human Story project, she said, we live in a society bloated with data yet starved for wisdom. We're connected 24-7, yet anxiety, fear, depression, and loneliness is an all-time high. So we need to do something better with that data. So I've got a number of ideas from the research that I think can help us figure out ways to use our data differently. The first is, let's try to ensure that our design teams are diverse. We need to have a diverse culture. And by diversity, I not only mean diversity in gender and ethnicity and race, I also mean diversity in thinking. So it's not important to only have people who look and sound different on a design team. It's also important to have people who think differently. So in addition to a designer, perhaps have an analyst on your team, somebody who's involved in the business on your team, somebody who's doing research on the team, maybe a data scientist on your team. And ideally, one of the stakeholder end users that your team is trying to design for. That type of diversity on a team has been shown, and there's a number of examples in Tom Harford's book, Messy, that basically shows that having this type of diversity increases creativity, decreases group think, even increases profit for organizations. Another way to design to better solve for understanding is raise awareness. So remember those job descriptions I showed you? There are online, there are actually many online tools. This one's called Gender Decoder, where you can just post some text in and it'll let you know if the text has a bias in one direction or another. I think there's also a number of techniques that we have in research. For example, first impressions. So by doing a first impression test of just showing a person your design or your design idea for five seconds can give rise to what kinds of associations that person is thinking about when they see your design. If those associations aren't part of your intended set of associations, you might need to do some extra work. Debiasing is another area and there's a whole host of articles on this. Harvard Business Review has a good compendium of different types of debiasing approaches. One is to use tools like the one I just talked about. The other is to ask reflection and what else questions. So as you're designing, as you're considering solutions, ask yourself what could go wrong here? And if you wanna take it to an extreme, Gary Klein espouses conducting pre-mortems. So the idea is you sit around the table with your design team and you say, before we do anything, let's just pretend we've launched the product and it's failed. It's a miserable failure. Now take a few minutes and just write down every reason why it might have failed. Going through this activity and then processing through what the team thinks could go wrong helps surface latent problems that teams often don't talk about overtly. So it's a great way to start taking advantage of maybe some of that hindsight bias that we have after we've launched a product and doing it before we launched the product. Clarification is another way. This is a great visualization from data journalist for the Guardian, Mona Chalabi. Chalabi basically says that she tries to aim to ensure that any data visualization that is created basically communicates the intended point and also communicates it honestly. No data set is truly true. Every data set where we collect data has some kind of bias built in. So in Chalabi's demonstration of how much money people earn compared to salaries of white men, she uses a folded dollar bill. And the trend is evident, but by using the folded dollar bill, she's indicating that there's some uncertainty in the data and I love this way of communicating. This kind of goes toward what Ed Tufty talks about as maximizing the data ink. Ensure every pixel that you use deserves to be there. If it's not contributing anything meaningful to your user, then get rid of it. Attending is the last area and attending is really challenging and luckily we have a number of modes that come through a host of different types of systems and devices. Differentiation is one of them. Use a standard mobile device. This is the iOS configuration screen for ringtones. You can use different channels. So basically I can set up my phone so that I have a different vibration and a different tone when somebody from my family is calling me versus when someone from the office is calling me. So if I'm in an important situation like here and my phone lets me know that my wife is calling me, then, oh, I might want to attend to that. But if it's the office, I can probably ignore it right now. Anticipatory design is another way in which we can help to ensure that our users are attending to the things we hope for them to attend to. We can predict likely actions. You'll notice on the far right, that's good old Clippy, remember Clippy? So Clippy is kind of an example of not an awesome implementation of anticipatory design, but it was going in the right direction. Microsoft was basically capturing what was going on from a functional perspective, trying to understand what a user was trying to do before they got so frustrated that they quit. And so I think that's a great direction. Amazon and many other online companies also do that. They take advantage of what they know from your usage and your data and give rise to predictions as well as consequences, such as maybe now isn't the right time to purchase this book or to purchase this flight because our data shows that it's more likely to go down in a few days and we know that you're price sensitive. The last problem is accessing. So accessing, remember that the ATM for giants? So there's an entire framework called universal design that we ignore at our peril. We need to think about these principles. And I won't talk about these at length, but I'll just encourage you to check them out if you're not familiar with them. Universal design is about designing things so that they're equitable, so that everybody regardless of their skill, their physical ability, their cognitive ability level can access and use a device, a space, a service. It's ensuring that products are designed flexibly and simply and the information is perceptible, whether or not you're sighted or you can hear or you can use all of your limbs. They're also designed to be error tolerant, requiring low physical effort. Think of that as efficiency. So if you're clicking all over a UI, maybe there's a better way to make that more efficient. And then finally the size and the space for the approach and use. If you're designing an ATM, make sure that an individual in a wheelchair or on crutches or carrying a big bag of valuable things like your laptop case can use the device without being constrained. PropJot saying the director for the Arnold Institute for Global Health says we spend a lot of time designing the bridge, but not enough time thinking about the people who are crossing it. So my final set of slides here is about a recommended framework that I think we can use as a design community to improve the way that we focus on the people and not so much the bridge. And the framework comes from ethics and I get my information from the Belmont Report. This was created in 1978 by, I have to read it because I always forget, the National Commission for the Protection of Human Subjects of Biomedical and Behavioral Research. So if any of you have gone through a university and dealt with an IRB and Institutional Research Board, this is where those ethics guidelines that they're using come from. We don't need to worry about IRBs and getting research approved, but I think the process that the ethics framework provides is helpful for all of us. There are three guiding principles. One is respect for all people, respect people as autonomous agents, and if they're not autonomous, if they're not able to think and act of their own accord, we have to protect them. We have to think of in ways that enable us to do good for them. And that goes into the principle of beneficence. It's not just important to do a good job, but it's important to be charitable and do the best job we can for everyone. And then finally, justice. Let's make sure that we don't disenfranchise anyone because of their physical, their cognitive, or their sensory capabilities. So there are four applications that the Belmont Report, I think, have that are directly applicable to those of us in the design world. One is informed consent in any type of research initiative. Even in usability study, we go through a process of making sure that the participant knows what they're basically getting into and what they're not. So how could we apply that to the design of our products? Think about a product that you're designing and ask yourself, am I informing the user of this product into everything the product can do and can't do? I think that's a helpful place to start. Comprehension is another area. This is a great image that I saw. It's a joke, but it's a iPhone software update that basically says you're on page 46 of the Terms of Service Agreement and no one's reading this, which I think is awesome. It was done by the Huffington Post. Just check it out. We need to make sure from an ethics perspective that people can comprehend the information. Think about the last Terms of Service update that you looked at. I've seen three in the last two weeks from various systems that I use. I've never read them. There, now I'm on tape. I've never read them. You have it on video. So I've just indicated that I'm not able to sue those companies if they do something bad. We need to ensure that our designs are comprehensible to everybody who's going to touch our designs. Also, voluntariness. We need to make sure that people who are using our products are doing so in a voluntary nature. A person in the usability study has the ability to quit the study at any time with no penalty. So do we do the same thing when we design our products? What about our cloud-based products where we have tons of data that are owned by all of these companies? Is it easy to quit? Is it easy to leave? Think about it. Are you using any systems or any tools? For me, it's Yahoo Mail. That you know to probably not be the best tool, but you have so much data invested in it, you just, the cost of switching feels so high. The final point is stated risks in benefits. It's important for us as designers and those of us in the design industry to say, am I communicating? Not only all of the potential benefits, I think, are associated with my product, but also the risks. How many of us have been affected by a data breach from a credit card company or a financial firm not realizing that, wow, by using this product, I have all of this private data out there and I never actually realized that if someone hacked into those systems, my data would be accessed and that can make me vulnerable for other systems, maybe because I use the same password or maybe because it has personal identifying information in it. Thank you very much. Thanks, you guys.


So, based on the yogic worldview, what are the ways of attaining well-being? There are four ways of attaining well-being or you can say four steps of attaining well-being. Tattva bodhah, indriya jaya, dharma kriya and sukhaayu, hitayu. Before I explain these, I must acknowledge Dr. Deep Narayan Pandey and there is interesting story why I must acknowledge Dr. Pandey in the beginning of this session. I have had opportunity to work with Professor Vishal Gupta in Ayam Ahmedabad in offering a session to the student of Ayam Ahmedabad. This is an elective course very well subscribed on the mindfulness where he included yoga and also integrated the positive psychological aspect. So, this course was offered in month of October-November. In month of December, a news item about this course was published in a very famous Hindi newspaper, Dhanik Bhaskar. In the Panipat edition, this was published and in Rajasthan, Dr. Deep Narayan Pandey is posted as the chief conservator. He is the department head of the department of forestry in Rajasthan. So, he read this news and he read name of mine also in that news item along with Professor Vishal Gupta. He searched my number, contacted me and shared that in his family probably few generations have dedicated themselves for the study and spread of Ayurveda and yoga. His father was a greatest scholar and he learned most of his knowledge about the Ayurveda and yoga from his father and he moved on to be a forest officer in his career, but he continued to study in this area. And in the phone call he said that Dr. Pandey, I am very happy to see that this kind of course is being offered in Ayam Ahmedabad. I am a student of Ayurveda and I have also written quite a few things, quite a few articles in the newspapers in the different aspect of Ayurveda related to well-being and happiness. And if you do not mind, I will be happy to share that I said this will be so wonderful. So, nice of you and I accepted all the content he shared with me with lot of gratitude. So, this lecture draws very heavily from the content I received from Dr. Deepnara and Pandey. So, these four elements or four ways of achieving well-being in the human life starts with Tattva-Bhut, means knowledge. Tattva and this knowledge is not information. Tattva means knowing something essentials or knowing essentials of some aspect of life. So, that is the Tattva-Bhut. Bhut is realization, Tattva is the essence. So, in the Charak literature, Ayurvedic literature, it is said that Tattva-Bhut is the very highly important thing for Harsha, for Prasannatha, for happiness. Second element is Indriya Jaya. What Ayurvedic literature says that Indriya Jaya Nandananam utkrashta tamam. To remain inherently happy, Indriya Jaya control on the senses is very, very good, utkrashta of very good quality. Third is Dharmakriya. Dharmakriya Harshanimit Mukta. Dharmakriya or working according to dharma, not religion but dharma. We have explained this notion earlier as well. It is about inherent internal and external harmony. Operating from that space gives happiness and fourth is Sukhayu Hithayu. Opposite of that is Dukhayu, Dukhayu or Ahithayu. What Ayurvedic tradition prescribes and Ayurvedic tradition explains beautifully is that Sukhayu means life of happiness is also Hithayu means life of benevolence. No one can attain a happy life without crafting, without attaining, without practicing benevolent life. And if we look at these things closely, actually one factor leads to another one. So, until someone has Tattva Bodha, he or she cannot have Indriya Jaya. Until someone has knowledge, deep knowledge, they cannot control their senses. When senses are under control, then only we can do whatever is a right according to dharma. And when we enact according to dharma, our life becomes Hithayu which naturally result into Sukhayu. Hithayu again Hith means benevolence, care and Sukh means happiness.  So, these four elements are connected.


Special forces from the United States will soon deploy the Democratic Republic of Congo's aggressive east, and this is to go watch the potential for a local anti-terrorism unit to combat Islamist violence. The special operations forces arrived in Congo's capital, King Shasharan Friday, and they are to conduct an assessment of a future Congolese counter-terrorism team. Data collected by the Kiva Security Tracker attributes more of the recent violence to the Allied Democratic Forces. ADF is an Islamist-inspired insurgency which US officials have linked to Islamic State. The ADF initially from Uganda has been blamed for dozens of massacres in the last three years, and most of these were in remote villages that with hatchets and fire arms. Islamic State has claimed responsibility for some of the killings, but United Nations experts have doubted the militant group's influence over ADF operation.


Hi everyone, Joe for Jaspy's case breaks.com coming at you with 2020-2021 upper-deck Trilogy Hockey Five box random team break number one One spot gets you two teams in this break and we calm it up the ducks and the Jets Right there make 30 All right, so there's the Double this list up there you go doubled up Like Sir mix a lot. Let's roll it and randomize each list six the hard way for names and teams one two three four five and six Hit that shot shooter Good rebound the brawn try again All right six times. Sorry. I've got gold state and Lakers on in the background. Definitely distracted by that Craig down at Peter big playing game for the Lakers All right three and a three hard six five and good luck six than final time after six We got the sharks down to the flyers All right, Craig with the sharks Eric with the Tampa Bay Lightning Jonathan with the caps in the Rangers Nick with the Bruins William with the Black Hawk Stephen K with the Devils Nathan with the Oilers William with the Panthers Steve Wright with the Predators Jonathan with the Combo team ducks Jets Nick with the Wild Jeffery with the Blue Jackets Mark with the abs Craig with the Penguins Eric with the Islanders Karen with the Hurricanes Brian with the Detroit wet wings and the Senators Nathan with the coyotes Jonathan with the Canadian Stephen K with the Flames Mark with the Knights Peter with the Star Steve Wright with the Maple Leaves Karen with the Kings Nick with the Sabres Jeff with the Canucks Nick Stover with the Blues and Peter with the Philadelphia Flyers It's alphabetized by team And feel free to trade while we select the five boxes here. All right, so there's trilogy right here So let's pop open this master case We'll select the inner case So one two three for the left side four five six for the right side We'll use that die right there To so that'll be that side All right, so we'll put artifacts our tea right there So we'll save these for the next random team breaks and now there's ten boxes per inner So now let's see which five boxes we're gonna do here. All right, so there's five boxes on either side right here One two three for the left side four five six for the right side And it's four one two three four five six. So now we'll save these For random team two there we go. So that's random team two Which will be on jasmies case breaks calm All right, so let's flip back to the list right here. We're gonna pause the video when we come back We're gonna see if there's any trades and then we'll have the break stick around BRB. All right welcome back folks So some trade chatter, but in the end no deals were done. So the list remains the same Thanks, everyone For getting into this What are we looking at here? Trilogy two hits per box one autograph one additional autograph or memorabilia card on average What's the do all card ship in this? Yes all card ship in this as well. All right. Good luck Nice steel nice one crew. So there we go double team step Got the steel Got the bucket. They sure have been an an one All right, we got super stage Looks pretty cool The shake Odinger to 999 It's like there's different levels of those cards as well. Oh Do we get a T? Nice I was telling I was telling my colleague Ramon. It'll be like we just need Tres to get in here Get under Dreymon screen get it get him out of the game technical as Ilya Sorokin to 999 and there's Dylan Cousins to 499 for The Buffalo Sabres Nick Stober Yeah, it looks like there's different levels right here that you can chase Eric J gets the Islanders rookie Premier card Sorokin and the Connor McDavid Goes to Edmonton, which will be for Nathan and Kiefer bellows 108 out of 399s our first autograph That'll be for Eric J Jeff has warriors in one Lakers match up pretty well with the Warriors Lil Zhegrin to 499 for Toronto Can go to Steve right and Matthew Kachuk all-card ship Nice rebound clues Shooter three. No. All right next one All right next box. Yeah, what a layup I stuff, right? He's a magician And gets the foul. All right, there's Maxime Lutinov sharks It'll be for Craig and San Jose. Oh, look at that What's going on there? There's an Alexi Lafreniere rookie super stage That'll be for Jonathan and the Rangers and we've got Wow. That's pretty cool Sydney Crosby. I know him Trophy winners autograph. Is that a yes signature pucks? That's awesome nice one who has a Craig with the penguins There you go Craig Congrats That's pretty strong Shane Bowers to 999 and this these these this design is pretty sweet too. That's the 299 Victor Soderstrom Yeah, it must be a warrior fan in there booing. I don't know what the sound what that sound is Dylan Cousins Got some Warriors fans in there and there's Ryan Souter Next box Steph could shoot her from right there. Oh Almost all right. Not bad. Not bad. Lakers only down by six. All right next box Now there's actually hockey playoffs going on right now too. What a great time of year Hockey playoffs are always fun We got Jetson Oilers tied at one One a piece Think what other game I think Boston beat The capitals in overtime 3-2 Bruins are up 2-1 on the series And Winnipeg Edmonton at one and then Carolina Is up 1-0 on the national predators with just a minute and 21 seconds left in the third period The a-action happening NHL action happening We've got Jason Robertson rookie Premier Relic for Dallas Peter Eng And we got a Nico Hersher autograph for the New Jersey Devils Stephen Kay with new joysie I think he's pretty solid, right? That's to uh 999 rookie super stage Jonas Johansson Another autograph Lucas Carlson for Chicago. That'll be for William Rosenthal The Blackhawks rookie Premier autograph 54 out of 399 That's to 799 kind of hard to see the red against the The blue right there, but that's Vitali Craves Stoff for the Rangers It's going to be for Jonathan There is an Alexi Lafreniere 56-56 out of 799 Rookie rendition nice one for the Rangers Jonathan Arnaldi Two more boxes to go Carolina score just jumped up to 3-0 in the last minute Maybe they pulled the goalie All right next I THT nails the three There's Victor Soderstrom 137 to 499 That'll be for Arizona Nathan with that one Tried to trade couldn't trade mojo Nice patch auto coming up And that is for the Blackhawks 44 out of 49 Nicholas Baudine Nice looking patch there William with Chicago Mikey Anderson for my Kings to 499 And Karen's got the Kings. Yeah She does Brendan Hagel to 299 for Chicago That's the 399 Josh Norris for Ottawa And that'll be for Brian All right last box Who's three? All right last box. Good luck Jake Odinger for Dallas that'll be for Peter And And I love these these are great these signature pucks. It's another penguin Teddy Bluger So another penguin signature puck for Craig and Pittsburgh I think that is numbered right there to 999 And Martin Cout For Colorado that's going to go to mark a couple numbered cards here all to 999 So Michael De Petro Sam Reinhart And Connor McMichael to 799 here at the end for the capitals and there you go boys and girls I was a quick little five box break Random team break number one one spot gets you two teams of 2020 2021 upper deck trilogy hockey. Thanks for watching Thanks for breaking with me. I'm Joe. I'll see you next time for the next one. Bye. Bye


going on everyone Sam here with late in sports cards and I am doing 2021 or 2022 Panini Daunress Elite football hobby six box half case break number 16 random teams here is the results of the randoms good luck everyone see what we got he did not actually hangle I feel bad calling you hangle I should know your name at this point I know you've been in breaks with us before but no he did not appreciate it though for sure man as long as it was something good I appreciate it if not then I'll work on it Jamal Adams on the star status face Anthony L gotcha Anthony thank you thank you Anthony L yeah and you're in you're in breaks all the time got Logan Hall go into the bucks to 999 so let the last two cards on the back are always gonna be based so I'll just quickly show them and then go from there really the only thing you're looking for is what's in the middle Malik Willis rookies on deck hey what's up Elvis how you doing buddy filler we've got Kyle Hamilton to 99 for the Ravens I am jealous I am peanut butter and jealous Eric are on the color match that's sick grads buddy Patrick Sir tan on the full throttle to 349 Broncos sick one there Broncos see a nasty pen pal come out of here turn to the century auto sky more going to the chiefs there you go 123 out of 199 grads Kansas City sky more heck yeah we've also got Rashad white to 399 bucks base playmakers Nick Chubb below deck or a low deck elite deck is Lamar I've been obsessed with that show sorry Anthony sorry sorry not in breaks all the time sometimes in breaks rarely in breaks never never in bread never seen you before Aaron Donald on the elitist wrong number that's funny Alvin Kamara 150 out of 399 there you go Saints that's so funny playmakers Cooper cup base thank you Joey B it is hello deck med captain Sandy God obsessed dude Dalvin cook elite deck it's actually it's not as bad as you think it would be stop Jonathan what's up Jonathan I went in being like alright this is just gonna be trash but it is fantastic Chris Carter on the throwback threads that's 128 out of 299 Vikings player worn on the Chris Carter got high life is Justin Jefferson Cooper cup that is 17 out of 49 on the orange and we've got Tyree kill Sean's boy 70 out of 90 on the elite die cut she'da she'da he should be banned from football for being too fast like oh my name is Tyree kill I'm just gonna outrun everybody got Bailey zappy nice there you go Pat's on the 10 pals there you go Brendan L with the Patriots grads buddy Parsons and that's Joe mix in on the back a mafia to 399 Seahawks Jalen Tolbert to 999 Cowboys stacked up on fillers aren't we that's good though we got to keep them from when playbook comes out elitist Desmond Ritter falcons because that's like if we get circuit we're gonna kick ourselves Devin Lloyd for the Jags that is to 999 nice and last pack here Andrews got filler rookie elitist cave on tibido and base that's it for box one on to box numero dose see some nice pen pals from out of here man I love the pen pals so but I always got suckered into buying them like because it was the first it's always the first thing that comes out with rookie jerseys so I got to always buy the pen pals before everything else came out and that's Dak one out of 999 purple Cowboys and I mean they're cool like I didn't regret it or anything but it's like then like gold standard would come out and I was like oh I want an RPA but I already spent all my money on pen pals all those we have like a Jared Goff from 2016 George Carol aftis chiefs yeah I say it likely for the Ravens he is likely gonna be good player 399 got Justin Fields there you go on the epic materials don't believe that is numbered yeah not numbered on the fields there you go bears though nice one there playmakers Kamara now it is unreal actually Vaughn unreal Jay Jeddah's that is 52 out of 60 or 82 Rodgers elite who's that Michael Warren the second Eagles to 999 TJ what elitist Steelers got turn of the century that is Devante Wyatt 166 out of 199 there you go Packers defensive tackle of some nose tackle of Stefan Diggs to 399 bills rookie elitist Kenny Pickett there you go Steelers Darius Leonard 23 out of 24 elite status Colts nice die cut there rookie on deck Jameson Williams Lyons Evan Neil going to the Giants to 999 offensive tackle of that time yeah those those status die cuts are not easy to top load here we go how about for the bills James Cook on the green signature nice hit there Buffalo Grats on that nasty pen pals take that for sure playmakers deck base Aaron Jones to 399 Packers oh I feel your pain dude elite deck Kyler got Justin Herber on the spellbound 201 out of 349 there you go Chargers rookie elitist Drake London going to the Falcons there you go Atlanta Pierre Strong Jr. to 999 Patriots Maddie Ice Tyree Kill couple of new couple guys in their new threads on the last two cards there which is kind of cool high life Depot Samuel 49ers and Damien Harrison back all right that'll do it for box number two on to box number three Justin Fields spellbound that is 334 out of 349 there you go Bears ground here still be a little behind no big deal Kyron Williams going to the Rams to 999 rookie elitist Malik Willis Titans Allen filler Kaderius Tony 16 out of 49 for the Giants Patrick Mahomes on the star status that is numbered 5 out of 75 there you go Chiefs turn the century auto Aiden Hutchinson nice one there lion 65 out of 199 congrats Detroit nice hit there heck yeah had three sacks in the first half Damian Harris that is 152 out of 399 Patriots rookie on deck Garrett Wilson Jets playmakers Russ not numbered hi to 999 there you go Cardinals five T Higgins bangles got Priest Hall there you go Jets 203 out of 399 nice one there on the rookie rookie on deck Sam Howell commanders playmakers Jonathan Taylor got Jersey car John Taylor throwback threads 44 out of 299 Niners player warrant on that one there you go San Fran got elite deck Jay Jedis Austin Eckler that's sick 22 out of 25 wow that's a sick parallel teal something teal explosion or something let's go heck yeah Mike that's what we like to see he's getting there chasing that record Jonathan Taylor elite deck Colts let's go dude great news Mike great news Danny Dimes 13 out of 92 for the Giants got Isaiah Spiller pen pals go into the chargers there you go LA nice one there on the on-card running back oh here we go Rashad white 71 out of 97 there you go Sean have fun it's Trayvon Walker 299 out of 999 there you go Jags first overall pick right there and base that's Jags high life CD lamb more and base box number four here ties Babe Ruth let's go dude good luck here again everyone see what we can pull out got Joe Burrow star status that is 39 out of 349 for the bangles turn to the century Kenneth Walker there you go Seattle 178 out of 199 nice hit seabirds we got a blue rope on Smith 52 out of 58 rookie elitist Breece Hall Jets rookie on deck Kenneth Walker Seahawks there's a Tyree kill playmakers Kyler Murray not numbered awesome Echler on the red to 399 chargers Chase Claypool life Deontay Johnson pets we got Warren moon throwback threads 280 out of 299 there you go Oilers go into the Titans nice Warren moon rookie on deck Chris Alave going to the Saints New Orleans Dalvin Cook 134 out of 399 Debo that is Jalen Petray 581 out of 999 for the Texans playmakers Justin Fields got Justin Herbert on the spellbound to 98 out of 349 second one of that for the break there you go LA nice hits there Derek Stingley Jr. 371 out of 999 Texans Cooper cup on the elite not numbered short print that's pretty cool it's gotta be some sort of short print not not numbered right filler 21 11 out of 24 Dalvin Cook there you go Sean it's Ronnie law elitist Niners nice Damien Pierce on the pen pal purple auto there you go Houston heck yeah we'll take that as nasty Damien Pierce purple auto love that we've got Trent McDuffie that is four out of 98 going to chiefs Nick Bonito that is Broncos the 999 Debo Samuel elite elite cousins cousins that's sick short print not seeing any numbers on it if you imagine this is a super short print on the black double check make sure there's no one-on-one on there or something I just completely missed I can't imagine there is alright box five razzle dazzle that's what it is that's that's a case hit right there the razzle dazzles nice congrats Vikings on the razzle dazzle let's go dude heck yeah I would have thought it would said razzle dazzle on it or something nice case hit that's vikes that's too bad he panics very true got Kian say Ingram for the Cardinals the 999 thank you Joey appreciate that as well I have not I have not pulled the razzle dazzle to the up to this point I've not seen one pulled sauce Gardner for the Jets rookie on deck oh yeah absolutely Ching got filler Barclay 52 out of 75 G men yeah they did get wolfed playmakers Aaron Donald elite deck man Drew's for the Ravens Michael Gallup on the epic jersey not numbered there you go Cowboys nice hit there Dallas elitist I'd say a spiller going to the Chargers Quay Walker Packers to 399 there you go Green Bay not empty but base walkoff Grand Slam for Stan and let's go baby nice Jameson Williamson 999 there you go Lions nice hit there Cooper Cup Highlife got Justin Fields Spellbound 1 66 out of 349 Chris Johnson etched in time signatures 113 out of 149 nasty CJ 2k congrats Tennessee man that's so cool Danny Gray to 99 for the Niners loved me some CJ 2k rookie on deck Eden Hutchinson wow Jamar Chase Highlife that is four out of five congrats sincey heck yeah who's got Cincinnati Eric R there you go buddy I nagged this actually de-swift that's sick dude playmakers Micah Parsons Chris Godwin that is to 399 bucks he's again everyone for hanging out here today appreciate it got Jameson Williams on the pen pals there you go Lions nice first-round rookie receiver for you there gonna be something good for sure him in a manra Joe Burrow elite deck him and among us St. Brown are gonna be nice together Kevin Harris for the Patriots to 999 Litas Patrick Mahomes those are Litas look nice too it's a nice set a Mack Jones there you go that's 14 out of 49 there you go Pat's that's your Bailey's appy got Josh Allen full throttle 311 out of 349 bills and that'll do it for box number five on the box six Carson strong on the pen pal there you go Eagles nice one there on the QB Auto congrats Philadelphia as Elvis are there you go Elvis on the combo spot Josh Jacobs to 72 for the Raiders sorry Raiders got caught in my finger there another Jameson Williams to 999 Lions quietly starting to heat up here rookie on deck Isaiah Spiller base they makers is cup got Josh Allen on the spellbound 30 out of 75 there you go bills turn of the century another Aiden Hutchinson 62 out of 199 so that's to Aiden Hutchinson's and Jameson Williams for the Lions congrats Lions have a break Jalen waddle to 399 dolphins elite decked Alvin Cook base thick one here could be a jersey could not be a killer we got trolled absolutely trolled high life Jay Jetta's Vikings elite deck Tyree kill dolphins Alidas Lawrence Taylor Justin Herbert we got Moxie Mack Jones on the Jersey card not numbered there you go Pat's way off-center there sorry guys hi life DJ Moore Jalen hurts Ryan Tannehill red to 399 Titans think he'll get benched filler Wanda Robinson to 999 Giants base Sam Williams for the Cowboys to 399 on the red got Josh Allen spellbound again this time 55 out of 349 bills Kevin Harris for the Patriots to 999 playmakers Justin Herbert got some chipping or some lifting on the Kevin Harris will send an empty box and wrapper with a Patriot spot you guys want to get that take it up with Nini good call good catch on that one thank you that happens Ali is like notorious for that in both sports so like you'll see that in basketball all the time we've got Hassan Haskin 66 out of 99 for the Titans Desmond Ritter rookie elitist Falcons and last pack of the break good luck here everyone Nick Benito 43 out of 49 and base hey guys gonna do a quick recap here we've got Moxie Jersey Mack Jones Patriots Michael Gallup Cowboys Warren Moon to 299 Titans John Taylor to 299 for the Niners and think of that for a second Justin Fields Bears Chris Carter to 299 Vikings had Aiden Hutchinson to 199 Lions Carson Strong Eagles James and Williams Lions Chris Johnson Titans to 149 Skymore to 199 for the Chiefs Damian Pierce purple auto Texans Kenneth Walker to 199 Seahawks Isaiah Spiller Chargers Aiden Hutchinson again to 199 Lions James Cook Green for the Bills Devonte Wyatt to 199 for the Packers Bailey Zappi for the Patriots Razzle Dazzle Kirk Cousins case hit and one or two out of four out of five can't read numbers I guess four out of five Highlife Jamar Chase there you go since he congrats on that one that'll do it for the break right next up is a leak thank you again everyone