Again, let me welcome you welcome everyone to the Future Transform. I'm delighted to see you here today We have two guests who are just brilliant and talking about an incredibly important subject I'm really looking forward to our conversation We have two wonderful scholars wonderful academic leaders and now consultants Chuck Ambrose and Mike Nitzel They have written a recent book which you could see in the bottom left of the screen called colleges on the brink We're based on their experience in presidential offices and based on their research They talk us through what financial exigency means for colleges and universities It's an incredibly clearly written book with lots of lavish details that really works you You know walks you through all kinds of ways that Campuses can come to the financial brink if you haven't had a chance to read it I strongly strongly recommend it now without any further ado Let me bring them both on stage First I'm gonna start off doing this not for medical order. I'm gonna bring up Chuck Ambrose and greeting, sir Hello Brian good to be with you. So thanks for the invitation. Well, it said I'm so glad you could join us and Like I said, I'm really grateful for your book Listen Chuck on the forum. We asked people to talk about When they introduced themselves what they're gonna be working on for the next year. No, I'm curious What are the projects that are top of mind for you? And what ideas are really most important for you looking into the rest of 2024? You know, it's a great question, Brian. Again, you know, I think our planning horizons have shortened, right? We used to think about five-year horizons It'd be great if I could tell you what I was doing for the next year. I'd like to know what I'm doing next month But you know without question, I think this conversation and all of The people in it could agree that we're here if we're in an inflection point, right for what is higher education? I think You know, the next year will be focused on two things, right? Where are we in our current state and how can we do best for our students our faculty our staff our communities? To see drew the storm, right? We're very much kind of in the eye of the storm over this next year though, and I think you know, obviously with Kind of the sunset of her money and a lot of other factors I think we're going to be considering what's next at a speed and accelerated purpose That maybe I haven't experienced in my administrative lifetime. It's gonna be very exciting, right? Because The future is going to help us create what's possible. It's gonna be different. I think the difference in the change management is not easy But helping institutions from where they have been to where they're going is my primary focus using Again, 25 years as a CEO of tools and experiences. Hopefully To lock arms and consider what's next Excellent excellent. Well, I hope the forum can help with those kind of conversations as we try to work through this inflection point And I'm really looking forward to hearing from your wealth of experience and insight before asking any more questions Let me bring your colleague on board and Let's see if we can get Mike. That's all No, Mike. I've been teased before about having bookshelves in the background But I happen to refer to you because your bookshelf game is definitely higher than mine Greetings, sir and welcome to the forum Brian. It's good to be with you. Thanks for the invitation. Hello Chuck Good to see you again We're looking forward to the conversation Brian. Thanks again. Well, it's definitely my pleasure now Mike You heard the question that put the Chuck. How about yourself in so far as you can glimpse the rest of the year out What are you going to be working on and what topics are going to be up at your uppermost in mind? Well, Brian is as you know and and some of the participants may know as well I'm a senior contributor for Forbes Writing online about higher education and I plan to continue to do that on a regular basis I think as Chuck suggested, there'll be a particular focus on budget issues and Unfortunately, there is no shortage of news being made on that front almost daily It seems we encounter an institution that is having to go through Considerable finance is going through considerable financial turmoil and making Significant budget reductions as a result of that so that's going to continue to be focus in the writing and the occasional consulting I do and you know, we'll see what this next year or two brings as far as There has been a small recovery and enrollment for colleges in universities, although most people think that's probably a temporary bump rather than a Reversal of the downward trajectory that's been with us really since almost 2010 So that I'm going to be monitoring that and writing about some other interesting topics for for Forbes on higher education Excellent. Well, your Forbes columns are a real pleasure to read And I'm looking forward to what you get to say But I'm also more to the point looking forward to what you get to say today Both of you your your book is admirably clear I found that it was just It's Pollucid is glass. I could see what your points were you back everything up with solid research I mean, I just wish I could send you after quite a few writers So they could learn how to do this well from you and at one point you have this fantastic Line where you describe exactly what you're going to be talking about. I just want to read from this really quickly What does it mean for campus culture morale? Excuse me, excuse me. We describe a set of tools which when properly used can help colleges step back from the brink Reassess their finances restructure their academic programs rebalance their budgets and forge a more sustainable future We concentrate specifically on financial Exigencies scenarios when colleges are forced to employ every tool of transformation at their disposal We discuss the proper steps as well as the common mistakes that colleges take either when they declare financial Exigency or when they attempt a large-scale restructuring without formally declaring exigencies so if if and this is exactly what you do and I I'd like to start off by asking you I Thought financial exigencies was a pretty clear term of art But you actually you broke this down and said that the term is a little fuzzy It's changed over time and some institutions have come up with their own different versions of that What's what's your working, you know street level definition of financial exigencies these days, you know, Brian I want to say one thing as we start because Just your comments about our book if I would have an encouragement to anyone who's got a book in them out into the future it is defined a good co-author like Mike Knitzel who Can take complex thoughts Build on them and then state them with clarity, right? So I've got to say up front that this was a friendship bound out of our work together in Missouri over a decade ago, but at the same time As people read the book they they need to recognize Mike Scott One of those gifts, right of clarity to to communicate And you know, there's a lot of people who communicate the definition of exigencies But it may be one of the more misunderstood terms Mainly out of fear that you hope you never have to use it, right? Some translation to bankruptcy in the corporate and business sector, which has some commonalities, but some some real differences and You know, it's kind of a confluence of the a up and others Moody's who has a regular circular or on financial restructure review structuring that says Exigencies can be defined for those who have waited too long Or who fail to act? That puts the survival of the institution at risk It is not a I mean it's more than a third rail, right? I'm going to say that when you say that the survival of the institution Is at risk You're really talking about some of the hardest decisions that leaders have to make Up against the risk of closing an institution, right? So It's Stakes are quite high And again, Mike and I and Mike Contributed significantly to this the near exigencies You know, that's a discussion that happens on many campuses Why are we really doing this? and If my dog did that my shoulder would fall off But that's uh That's the definition from a practitioner standpoint that I It's certainly leaned in when we had to to utilize the tool I I might just add a couple things to that brian. Um, the term itself goes back 100 years and typically People begin with an early definition by a a up So it was it was a faculty driven Conceptualization at least initially Now a a up has its own definition has gone through several iterations As it tries to deal with different kinds of institutions and different kinds of severity of financial crisis But basically it's a financial crisis that threatens that's so severe That it threatens the mission the overall mission of the institution as chuck as chuck suggested a number of colleges and universities have come up with their own definitions and those often involve Something a little less formal or a little less dramatic than what a a up envisioned with their definition And often the intent of that is to short circuit some of the procedural Requirements or recommendations that a a up had in place for declaring financial So when you talk about near-exigency or a financial crisis Interesting financial emergency. Those are all things you'll see institutions talk about They're often trying to kind of have their cake and eat it too Is to signal how bad The budget has become without necessarily declaring and going through all of the Procedures that a formal declaration of exit requires. Why does this all matter? Frankly, one of the biggest reasons is because Exigency is the tool that institutions use to terminate the contracts of tenured faculty Now as our guests know, there are other reasons that can happen for cause But for an institutional reason Exigency is the trigger that can Result in tenured faculty losing their contracts Well Both of you. Thank you for for taking us But Chuck, you know the story of your experience Bringing a campus back from the brink is a very very moving one a very very important one and and mike I love the history of this. It's just it's just fascinating to see the term Broken down in such a in such a scarly way. You should also know mike that in the chat Uh, as you were speaking, uh, kate belinye says is it fair to assume that declaring some kind of crisis allow schools to break existing contracts? And you immediately answered her. Um, and so it was it was just perfect. Uh, almost telepathic communication Um, what uh, what are some of the other come? Well, let me let me back up In your book you discussed something like 10 15 percent of american college and universities might confront this kind of um financial brinksmanship in the in the near future What's what's led us to that point is is it the end of the federal covet dollars? Are there other structural forces behind that kind of economic fragility that we should be aware of? Well, of course a major contribution to it Has been enrollment declines steady enrollment declines in the loss of tuition revenue associated with that But you also have other factors you clearly inflation in the past five years increasing labor costs the fact that universities In some cases have borrowed too much money To go ahead and build physical structures in the hope that that can help attract students And so that we highly leveraged as far as the debt that they've brought on board You probably have greater subsidies for non-academic activities like athletics Then universities can't afford So it's a confluence of forces um Coming together particularly although not exclusively but particularly at regional public universities Small private liberal arts colleges that are not particularly selective in their admission practices and community colleges I think what has been shocking to people however is to see that begin to Creep into institutions that you would not have thought it to be likely Uh To see for example, you've had four big ten universities with significant financial Crisis, you've had uh, the paul the largest catholic university of arizona west virginia university Your your participants will all recognize these are have been multi million dollar budget holes That universities are trying to plug um So I think you have all of those coming together you you mentioned kovat kovat clearly was um A stressor on these financial problems But our book tries to clarify that in fact during kovat universities saw Three pulses of federal money totaling about 76 billion dollars And that's the hearth the higher education relief fund About half of that had to go directly back to students But the other half universities and colleges could use to plug budget holes Unfortunately, what a lot of them did was they plugged the holes, but they kept on with business pretty much as usual Those those hearth dollars are gone now And the cushion that they provided no longer present So I think you're seeing a post kovat sag And the fact that those uh hearth funds are no longer They're providing the buoyancy All be a temporary that college has had for a while What else chuck well Brian mike and I are pass actually crossed first In missouri in the summer of 2010 and I would as mike knows I take perhaps a a little different perspective on most things, but In the midst of the recession I was president of small, uh, you know, i'd method this college outside of charlesmore, carolina And uh, I actually attribute most of our systemic challenges solely based on our college costs You know with with college competing with healthcare the last several decades is the fastest increase in cost of american families consumer-based economy writes how much do we have our pockets to spend And uh as privates discounted right tuition aggressively for 30 years to to drive enrollment Uh when the recession hit, you know, I actually thought we would have some rebalance of Uh value right that we we couldn't continue to accelerate costs beyond people's means But of course we also had another infusion of federal dollars Uh and at the same time, uh in the midst of transitioning from the private sector into the public sector Uh public institutions began to discount their tuition Uh, how many states give uh in-state tuition out-of-state students which would be a roughly 50 discount And as mike was governor advisor, uh at that time governor j nixon We shouldered together in missouri to try and this was governor nixon's agenda To try to keep our cost increases the lowest in the country and we did right? But again as we go through covet Uh inflation and all those factors that that mike pointed out Uh the only way that institutions had to generate more resources with either grow enrollment But they utilized tuition discounting uh and the more students we recruited the less cash we had right so Uh, there's actually three structural deficits that I would contend that most senior leaders and most campuses recognize exist Uh, but it's both the will and uh the how to fix That serves as a challenge, right? We know the margins have been diminished on the basis Of discounting our costs where students are willing or able to pay There's a significant completion In college outcome gaps that again covet kind of ripped the band-aid off, but When our completion rates and our graduation rates still do not meet the needs of underserved students First generation call eligible students of color Uh, you know, we are again utilizing title for support for students who are not staying including their degrees And then the last is the just the cost of building programs and delivering them And that's something our book really does focus in on is instructional Outcomes and instructional performance. You have all three of those deficits up, right? And do it year over year with uh compounding Operating deficits And uh, just like sometimes we do in our own homes. We run out of our savings We're not bringing in enough income to cover our monthly expenses. Uh, and now we've got a cash problem Brian Add one other thing for your for folks to chew on you mentioned 10 to 15 percent of institutions facing Financial crisis in the future. I just want to clarify. We we're not saying 10 to 15 percent will go through exigency We're we're anticipating 10 to 15 percent are going to face some pretty serious financial shortfalls That they're going to have to grapple with exigency may or may not be necessary for all of those And and chuck and I have a little split among even among ourselves in terms of the severity of that Uh problem. I think he predicted to be a little higher. I would a little lower But just to be sure we're not saying 15 percent of institutions are going to face exigency in the next Thank you. Thank you both. This is a seminar level description of of these problems And I really appreciate hearing from from both of you Friends, I'm going to ask another Quick question and then I want to turn this over to all of you So please prepare your questions And if you'd like put them in the q&a box so I can flash them on the screen or if you'd like to join us on stage It's pretty clear that there is no hair requirement to be on stage here And and and no necessary animal requirement either. So please, you know press the raise hand button if you'd like to join us We have a question from our dear friend george station out at california state university Who couldn't make it today? And he asks a kind of Good overall question What does it mean for campus culture? morale and retention When the administration sees financial exigency as the right path And he then goes on to define campus to equal students faculty and staff So what does it mean for campus culture morale and retention when you go down the road of exigency? You know, I that's a wonderful question and it's one that we actually deal with quite a bit Because so much of the cultural consequences of a financial crisis depends on how the university addresses it And I think we try to be pretty clear That we do see a problem with staff and many faculty and students Not really understanding The financial situations that colleges and universities are in they don't understand the budget And that is The responsibility of a president and a provost a vice president for administration to make Those implications as clear as can be and we talk pretty specifically brian about What every president should know about the budget and then what? Members of the campus should know and if they're not equipped with that information I think exigency is going to be a very destructive process. It's hard under the best of circumstances. Let's Let's acknowledge that and chuck is in a great position to talk about that more personally having taken an institution through it It's always going to be painful and emotionally traumatic But to not have the main constituents of a college know what's going on and understand the need for it I think can be quite destructive to the culture Yeah, and um brian, I think it'd be helpful to know that uh, you know, I volunteered in the fall of 2021 to go to hinderson because in in many ways the hinderson state university story mirrored some of Well, I don't say mirrored some I also mirrored all of the structural deficits that most private and public colleges can face In a worst case scenario, right? So the the hinderson state story only applies to everyone the In terms of scale, right? So when things go bad when bad is bad and You know most campus cultures when colleges feel distress Know right that they're in a position of challenge and I'll just give you Probably the most prevalent example is if you're slow to pay your bills if you're sliding on your payers A coach turns in a receipt. Why did this not get paid, right? Well, if that happens long enough over time then you start thinking perhaps that we don't have cash, right that we're Or if students can't pay the bills, right if they're leaving and not being able so You know two simple data points, right? Where are you and your payables and where are you your student account receivables can tell you? And I actually And Mike helped us communicate this. I think every campus should understand How they are operating on a modified cash budget. How much you bring in every month? How much goes out every month? And what's the surplus? Uh I will say this rather strongly. I'm not really sure why campuses don't understand They're operating integrity better than they do many of them. They've got huge balance sheets and they don't But that neglect right is not just in terms of crisis It's how you allocate your resources, right? So if you can improve your financial performance Uh an example I've given many times We had over a hundred programs at the University of Central Missouri, but we had 11 11 programs That serviced over 40 of our students. Wow They were our signature programs, right High demand high outcome meeting community-based needs But do you think we really changed the the allocation of resources to those programs to help make them better over time probably not so it's uh Campus culture can be significantly enhanced With the stewardship of your resources Because everyone benefits but over time and again these don't happen overnight an exigency Does not accumulate in one bad enrollment cycle Uh it's years of having to discount tuition to You know and and and then your margins begin to shrink and then be available Or as Mike said external factors that you can't control which we're in that type of inflationary environment right now Assuming too much debt right you go on a In pretty well documented the University of Chicago just the the burden of capital debt that has Accelerate right so these don't happen overnight most campuses Aren't surprised many will say somebody's got to make the hard decisions Uh now when those decisions affect me then that's when it gets to be personal Yeah, it's hurtful and impactful and human. Yeah. Yeah You know, there's a there's a very good example right now that you are uh that folks could look at That I think illustrates how a university is trying to go about a pretty significant financial restructuring In a way that really respects shared governance and does it in a Planned full way and that's marquette In in milwaukee recently marquette said we're going to have to shave 31 million dollars off our budget the result of Enrollment losses inflation. We're going to do that over six years And we're going to have it be a campus-wide process To arrive at the decisions that will allow us to do that Um, that's what you need to see and it begins to help people understand that And this is a misconception that I can say I know exists on college campuses Budgets budgets are not money but budgets are plans and uh Universities that get in trouble treat budgets as if they're they're cash. They're not uh Marquette I think is a institution to watch as it goes about this Process in a pretty deliberative and at least initially it looks like thoughtful way And they also reinforce one other point checkmate, which is they explicitly acknowledge That too much tuition discounting has gotten them Uh to be in some of this trouble really where they have used Institutional aid and many universities use their institutional aid Not for need-based financial aid, but for so-called merit Discounting the amount of tuition that many students could pay Without that financial aid uh, of course, it's a it's a Scramble to keep your enrollments up, but at some point it actually begins to lose your money And marquette has acknowledged that Well, that's a really really good pointer. Thank you. Thank you. Um marquette has been in the news off and on for various reasons And it's really good to to have that focus Thank you both for that very very detailed answer to this question Chuck you you mentioned uh debt and I just wanted to quickly throw out a question from maryland smith maryland asked Can you comment on public confidence in colleges and how that's affecting revenue? And also if you could say a bit more about deferred maintenance and technical debt No technical debt, right is uh, what what a great question maryland because uh, you know, it's the investment that schools are making especially in ai and Where that the technical amenities, right? They're starting to talk about is going what students are going to expect. It's it's incredibly Incredibly high Um So brian, you know, I'm going to go back to a point. I made earlier and I uh I think I feel more strongly today about this You know students really hire us to do three jobs Uh, first is to open the door of access and opportunity to make college possible Uh, the second is to get us across a finish line with a degree Uh, and then the third is to make sure that degree makes us competitive in both life and work for purposes Uh, and over time I believe the escalating cost of college when people have to either borrow or Can't reach their aspirational sense of place with where they would hope to go to college When people cannot access college, they're going to devalue Uh And uh in july the department of education is going to require us to consider a financial transparency value That basically will allow institutions to post on their website a debt earnings ratio to say That what I expect to earn out of a program equals what I've had to pay and borrow to access it Now, you know, I'm going to assume responsibility for that Because I have pushed right the cost of a college degree By virtue of how we fund higher education To a place where students are having a very difficult time accessing and the natural question from very smart students and their families Who are astute consumers is it really worth? Uh, and if it were me and it's not so You know, I I I'm not sure I've got the answer to this question, but to crack the the cost Discount value equation Uh, we we simply have to stop raising tuition by thinking that's going to generate the needed resources to continue to operate our institutions We've blown through the elasticity to a point where people have under You know wise consideration questions in time, right? and not to mention and as maryland considered aging campuses aging facilities You know, if we think we have a different kelp time keeping up with operations What about capital? Just maintenance and repair or duty to care duty to maintain a safe environment for our students Uh, and uh So again, you know a bit of an inflection point to say that whether it's consolidation Whether it's a merger whether we actually do have tuning institutions and we need to make the ones we have better right by virtue of Kind of the process by which we have to make those hard decisions Uh, that that really is the inflection point, right to say that current state will be sustainable to to present and Mike and and brian you're you're you led about the 10 to 15 percent I mean moody's and the rating agencies pitch would say That as many as 70 of private colleges aren't presenting up operating revenues to pay for their operating expenses Wow Right, how many seven 70 Wow So depending on the strength of your your balance sheet, right and your your endowment and your other assets That's how you make it work. But again, we've run out of savings so So I I think part of colleges on the brink is not only to say and again, Mike and I were the perfect balance Of it's not a sky's falling It is a We need to do things differently right Yeah, I think marlin's question is as a terrific one and the sagging confidence in higher education Comes at a time when you have Uh, a lot more alternatives to traditional college and university for advanced education that students are beginning to take I think more seriously Whether it's companies providing Training programs, whether it's new online institutions, whether it's for profits, the competition is growing additional college student enrollment and That has contributed. I think to some of the soft enrollment numbers that we've seen for Years here on deferred maintenance, you know, it's it's much easier to get a have a donor Give you money for a new building Then it then it is for the yeah, the maintenance of the buildings you have But that's a significant problem I think you'll you'll see in the next couple weeks There's going to be a report coming out that estimates The magnitude of deferred maintenance at american colleges and universities and it's going to be staggering It has been staggering it but it's going to grow because it's the easiest thing to put off Even when as a leader, you know, you're being penny wise and pound foolish to do it Marilyn thank you for the great question And thank you both jack and mike for that incredibly detailed answer We have we have more questions coming in I want to make sure people get a chance to ask them and friends if you haven't had a chance to yet Just use the q and a box And in fact, let me just show you an example of one of those this comes to us from Elaine lasda at the university of albany where she's a library strategist and she asked this question about an example Are you are you guys familiar with the college of st. Rose and albany? They tried to go big essentially and the school is shutting down after this semester Are you saying retrenchment is a wiser way to go? uh, I am somewhat familiar with the the st. Rose situation, uh, and um I I don't want to make a blanket statement that retrenchment is the smarter way to go Um for every institution But I would say that I don't think most institutions are going to be successful With a strategy of trying to grow their way out of this um It you know Yes, try to improve your enrollments the best that you increase your enrollments the most effective way you can um But the traditional way of doing that by giving more financial institutional financial aid is a is a financial loser for institutions so I don't want to make a blanket statement, but I think retrenchment ought to be serious more seriously considered by institutions Like a st. Rose that are facing the financial difficulties that they are And brun, you know, I would commend an article that karen fischer wrote um year ago fall called the shrinking of higher education and was the It was the lead for the fall kind of uh focus for where colleges work and and she wrote that I uh Matter of fact since I've had a chance to talk to several graduate classes in higher education and uh You know again had to confess as a college president. That was the only thing I was trained to do That's how we that that's how we led right was to to grow enrollment to grow revenue to raise money to build buildings and um It's it's deep culture, right? Uh in regards Whether you attribute it to the recession and the reset on cause whether you think about kind of the the systemic being pulled off with Uh changing demographics Alternative ways of learning changing nature of students learning all of these things coupled together It's just that those strategies As mark said will not work, right? And so there is We need to learn to shrink And if you're on an institutional campus and you start thinking about academic program review if you think about retrenchment if you think about uh Program viability all of those are steps towards a restructuring to thinking about being more net productive that if you If you utilize you can improve your performance if you wait too long, then you may end up in an exigencies Within the book, uh, we had a good friend sarah chamberlain that did some graphic works for us that put kind of the steps towards exigencies And you can feel it on a campus and you know it as a leader the the things Again, I I used to say that you know on one side of our brain We knew where the problems were on the left side of the brain We knew that there was all these tools that we hope we never have to use If you work every day Try not to cut someone's budget trying not to You know limit your positions and say that we can't hire people or invest or you know bill But the more that we did those things the more we push that target of financial viability away Thank you. It makes me think of uh, you know break glass In case of fire, right? We had uh earlier earlier in in our discussion We had a question from our good friend lisa durf and I wanted to share this She asks this is a general question. I think this applies to almost everything So in what ways must institutions change to not go over the brink? So I I think she's talking about not not being at the brink of the break glass moment But but you know, what should we do to not approach that uh that terrifying zone? You know, I would start brine and it's again something that we describe in the ways whatever campus You know the questions that need to be asked, right? And um And there are some fundamental and kind of basic tools that are available to campuses That present kind of a transparency of where you are how you're doing and how can we improve? And I'll give you one example. I have a huge bias. It's not logged on most campuses by virtue of governance structures and other things but how contend today if you're not utilizing A good academic performance portfolio some unit-based cost analysis of your delivery of instruction That you simply do not know how you're doing So how many programs you do have do you have how many faculties that take to staff them? How many students are enrolled? How much tuition do they generate? And most of my friends in strategic finance would hope that you'd have 40 percent or maybe perhaps in the range of 40 to 60 percent of your programs Presenting enough net revenue to pay for the cost of instruction Now I would give you an example at Henderson. We had no programs Enough net revenue Now you're saying well check it's all about money or no, it's not all about money It's how well do we do in helping our students succeed? Are they attractive and are they of demand? Eat them long enough to complete their degrees and from a philanthropy standpoint Do they appreciate their degrees to perhaps give something back even as a long time? Yeah Well the answer is all those are yes, then and if you can do that With your most challenged students So your graduation rates for your pal eligible students, right? Your graduation rates for first generation students your persistence rates from first to second year students The better you're doing right in helping those students be successful in college The better your performance is going to be fiscally with your overall institutional performance, right very very simple so campuses Can utilize tools and data-informed decisions to really not Go into exigency retrenchment cost cutting, but just simply do better And if you do better over time, it's the same thing is doing poorly over time Right, it accumulates to being a much better institution in the value that you're presenting to the students to answer that value You could say it becomes a structural advantage I think transparency about an institution's finances are are essential on a on a regular basis That's why I believe it's important to have campus-wide structures in place That monitor the budget and the financial condition of the institution So that it it isn't something that arises in a crisis. It's part of the way you do business Yeah When I had budget hearings at Missouri state the deans and the vice presidents had to make their budget requests in front of each other So there were no secrets. It was an open book as far as the budget was concerned And that that doesn't happen at all universities. I I know Yeah I also think as chuck was suggesting when you do your academic program review You at the same time have to inspect the non-academic parts of the university administrative And and staff levels For a couple of reasons one is there there is some excess there and second it's it's just Asking for trouble To only put academic programs under the microscope and not do it for administration and athletics and Yeah support and all the other Aspects of the university that's part of transparency is to make sure Those offices are subjected to the same budgetary Overview as academic programs even though academic programs account for most of where the money is spent It's essential that you bring everybody to that same table Thank you. Thank you We I'm friends. I'm conscious the fact that we're coming close to the end of our hour And I want to make sure we get to share as many questions as possible And you could see that chuck and mike are so fantastic with answers that I want to make sure that everyone gets a chance We'll stop filibustering Oh, you're not filibustering I was hoping somebody would come on stage on this shindig platform I like so me too. That's always my favorite part Uh, but let me ask one from uh, Dmitry Zhakarov, who is at with toffler associates He asked a very good question and this comes up in your book as well Do you expect to see institutions trying to tap new non-traditional revenue sources? Technology commercialization intellectual property is one that comes to mind, but there are plenty of others Oh, absolutely and uh You know, there's many examples of institutions who are doing that and then Not only uh monetizing in regards to diversification, but bringing it right back into the classroom and instructional outcomes for uh Means of really thinking differently about right not only competencies, but but experience you know, I've Very much valued Some friendships at Arizona State, right and of course they're very easily identified But there's many arizona state examples that are happening every day on a lot of different campuses Uh, you'll see uses of campus assets for mixed-use developments. You'll see opportunities for Um p20 programs that extends directly to talent pipelines for corporate partnerships That there's there's many many new ways and again, I think that's what I led with that's that's really creating the future Of what college is going to look like Uh, and that's pretty exciting Uh, that that's where I think demetri That especially for young professionals to start to think differently about what college is and and maybe perhaps flipping the model As we were reimagining henderson We said the first requisite are You know, basically is what's what's the most pressing needs for skills talents and capacity in the community How do we align our programs to meet those needs? And I think the more that you do that the more you have opportunities to diversify outcomes as well as Uh potential sources of resources Thank you. Thank you. Uh, it's a great question Um, and thank you for the for the solid answer We have a more futuristic Looking question and by future. I mean looking ahead to say june And this comes from our good friend charles finley at northeastern And who asks a question dear to my heart Which is um, excuse me. I'll just press the wrong button here Speaking of deferred maintenance, how does or will operational costs associate with climate crisis such as heating and cooling impact the brink Brian you ought to answer that one. That's right Well, I I have done and at length and uh and uh more more examples of this keep keep coming up. I'm afraid But uh, it seems, you know that we have all kinds of costs around this depending on where you are geographically You know your exposure to cold, but also your exposure to not just heat but heat and humidity Uh, so, you know the exposure of school in arizona is very different from one in georgia But I'm I'm I'm curious. I mean, I'm I'm just facilitating right now I I don't want to be the the speaker here I'm curious chuck and and mike what you're seeing in your consulting work As you're talking to uh campus leaders of all kinds. Are you seeing any any, uh, planning or awareness Of how people should look ahead five 10 15 years out for the impact of climate change So I'll I'll give you a today example Uncanny that the question and I would like to say something about northeastern and what are great kind of creating a future they've got in their applied learning space and You know contemporizing that co-op model to a whole other level and obviously their response students and Potential perspective students are giving to that institution. So you're you're in a great place But I had a in honor of march madness I'm a firman grad and this time last year we were upsetting Virginia in the first round. It was the biggest thing that ever happened, right? But a young man who was an alum Uh, member of the alumni association contacted me a couple weeks ago. I said, hey, can we do a call? I'm working for uh a environmental sustainability company in new york Uh, I And my group does uh assessments, right to assist institutions in reducing carbon footprint and contemporizing, right because of the enrollment uh Encouragement that this next gen of students are looking for sustainable campuses that it's it's an enrollment driver And this is a relatively recent graduate Who has found this space wants to be in higher ed And is broken relationship quite effectively to come in and do campus-based assessments to build out and Uh in the old days prime, we would have called mesco projects, right where you Leverage the utility savings to do the the campus improvements, of course, they're going much further than that now with alternative energy and Uh other options, right that brings in lots of tax credits and potential p3s and other things But here's a young man who Is just out of school a former student athlete Who's found this path to be really a great Economic mobility driver for himself, right? So I think you know the more that we engage our students and learning outcomes in those types of objectives that You know again, it'll benefit the institution. It'll also benefit our our graduates Mike, you know, you can probably have another take on that No, I I I think you're going to see school's experiment with four day Week work weeks We're seeing that in k through 12 as a way to save some Money so you may see some some of that They're going to try to shrink some of the physical footprint and So you're going to see residence halls Perhaps shuttered particularly as enrollment declines smart schools will be looking at some at least intermediate steps like that, I think You've given us both a very solid glimpse of of what's to come Um, I I think we have time for one last question And this is from our european friend, uh, philip lingard Uh, who asks It's a very polite question. I think it goes a little further than that So I'm going to take a moderators privilege to expand on it a bit Our institution is looking to expand their income by recruiting internationally And I think the expansion is to is to say that recruiting more internationally But also with some of the problems that are attending on that right now I'll take a first run at it chuck wrote quick Absolutely, uh, and we have seen international enrollments in us institutions rebound a bit from a low point Three or four years ago Frankly, uh partly in reaction to what was perceived as some pretty hostile policies by the then trump administration um Usually for the public institutions international students pay a premium over the in-state tuition Um that residents students provide so you're seeing that I think you're seeing that increase and you're seeing In terms of the efforts you're also seeing more universities begin to partner in contracted relationships with institutions where They're they're arranging for transfer programs first two years at at the host country school and then you come and finish your degree in finance your accounting or whatever At the us institution One last thing some institutions even do a cohort discount or students from international institutions so that rather than paying The full Load tuition students if they're 20 that come from a given school their tuition might be discounted down to 80 Um something like that, but yeah, it's heating back up particularly as you're at least currently Students perceive the u.s. Is being a little a bit more open to them and receptive to them than they were a few years back The only thing I would add brian relative to this conversation and I have lived experience with expansive international enrollment uh a contraction uh and then Seeing it expand again, which is is excellent for students and institutions because it just incredibly increases the diversity of our campuses overall Just intellectual capacity, but institutions need to value it but not Reliable right because there are external factors beyond many institutions controls That it can perhaps not be as consistent As you would like to think for long-term capability, right so Use it wisely invest in it But also always keep your contingencies that things can happen that either narrows or broadens that opportunity Yeah, that's a very good point You want to be careful that Your your resident parents and families don't think that their children are being displaced by too much of a emphasis on international or non-resident students Which I think some flagship universities may be risking these days indeed indeed Well, I think ending on a point of wisdom is the best way for us to conclude I'm afraid we're at the end of the hour and we we need to put a bow on on all of this Chuck might thank you for being just a fantastic pair of guests Well, what's the best way to keep up with your work and and your thinking? Should we wait for the next book or are there other ways that we can keep an eye on you? I'm glad you mentioned that because I'm I'm bending my arm for the next book because I I can't write one without it, but We can share Appropriately brine whatever conduits for contact information as possible. We would be glad to Extended in the chat or Certainly would like to make connections and always willing to to learn from each other, right? So we'd love to do that with and thank you for the thoughtful questions Well and and and check we can we can keep an eye on you through a hush blackwell, right? You can and and mike we have to Keep on you to keep pumping out those forms pieces, right? We'll do Thanks again brine for hosting us today. Thank you both I I can't recommend your book highly enough and I can't recommend the two of you highly enough Thank you so much. Thanks to everyone to listen. Yep. Thank you brine But don't go away everybody yet. I need to Just point to a couple of things but I want to thank you. Thank you both or sorry Thank all of you for the wonderful questions We've really covered a wide range of territory everything from debt to strategy to classrooms Thank you all Listen if you'd like to keep talking about this You can do this across all social media Here are some of my handles as well as using the hashtag f tte If you'd like to go look into our previous sessions where we've talked about campus strategy and campus finance since the beginning Just go to our archive at tiny url.com slash f tf archive If you'd like to look at our upcoming sessions Just head to the forum website and you could see some of the topics that we have coming up And again, let me thank you all for your great questions and comments This has been a real pleasure and I think a really great way for us to think about how higher education might advance Until next time everyone take care be safe and we'll see you next time online Bye. Bye


Today, I have the pleasure of speaking with Andriko Herchek from Fincana Capital. How are you? I'm doing great, Tracy. Thank you. And yourself? Well, I'm so grateful for this opportunity for having had a conversation prior to this interview because I was thinking your royalty model is really set up to help a lot of companies in the future. Absolutely. Yeah. We're designed to be profitable, unlike a lot of companies in our second cannabis sector who raise hundreds of millions of dollars, losing money quarter over quarter, very capital-intensive. We're the opposite, low capital costs, low operating costs, and we're designed to be profitable out of the gate. And also, it seems very nice for the initial investors in that you're not deluding the shares of the company. Oh, that's actually right. I mean, once we start getting into revenues and profits, then we continue to grow our portfolio and our treasury and expand our portfolio of new world investors. Well, I know there's a lot of investors out there that have a lot of questions. So thank you so much for joining us today. So I'm going to start with the cannabis market in general. Has had a lot of negative PR, simply, I think, from shareholders perhaps who saw unreal markets last year. But there's a real marketplace out there, and so why don't we just start with how your companies are faring? Sure. So we've invested in three companies that are active, two are in co-manufacturer, and one is in software compliance. They're based in California. We've heard a lot about COVID recently, COVID-19, and clearly had an impact on California. But one thing about the cannabis sector, it's been designated as an essential service. So although we're certainly experiencing some delays, but we're very fortunate to be a protected industry in California. Well, obviously you're building a lot of trust in the investment community. You just closed a two and a half million dollar convertible debenture. Would you like to talk to us a little bit about the highlights from that deal? Sure. So this closed, we announced this in July. There's really three parts to this convertible debenture. So we had an existing debenture that was going to mature in January, February of this 2021. So first thing we did is we extended the term of that, the maturity date by two extra years. So now we have two and a half years to either pay it back or have it convert. The second part of this, the big news was that we reduced the exercise price or the conversion price from 20 cents down to 15 cents. We traded close to 11 and a half cents, 11 and a half or 12 cents recently. So we have two and a half years to hit that 15 cent mark, which we believe we're definitely going to do. And so thereby we definitely reduced the balance sheet risk of the company. Finally, we raised an extra two and a half million dollars in the convertible debenture on the exact same terms as the existing. And up to two and a half million, half a million of that came from management. So myself and the CFO put up half a million dollars of our own money because we clearly believe in this company. Well, this morning we have a lot of contradictory data that's going out there. We were the headlines indicated the fastest bounce back from a bear market in the history of the capital markets. So because, of course, you not only put your own money into this company, can you talk about some of the competitive advantages about why an investor would select your shares or your stock and pick from Canada capital over everybody else? Yeah, that's a great question. And clearly what we like a lot about our company and the royalty model is that I should know as to we're the only pure royalty company in the Canada sector is once again, we're designed to be profitable. We don't need much revenue to be profitable. We've got three companies that are in operation. Our largest investment just started operations right now and is scaling up. And we're very excited about where we're heading right now.  Okay, well, we are actually quite interested. Can you tell us a little bit more about that? Yeah, so QVI, which is the operating of the valley, located in Sonoma County, California, which is geographically, you couldn't ask for better location between the Emerald Triangle and the San Francisco Bay Area. It's also one of the lowest tax jurisdictions in the whole state of California. They're offering a co-co-manufacturing edibles facility, large scale. They can produce essentially any type of edible under one roof. Demand is off the charts of them right now. They're talking to mom and pops. They're talking to one of the largest brands in California. And as the CEO of QVI says, no one wants to produce their own edible anymore. They want to focus on what they're good at, is brand awareness, and they want us to be informed. We're expecting big things from them. They're in startup phase right now, but demand is off the charts, and we're expecting to have a very successful investment. As an investment banker, I was enjoying preparing for this interview, and the model is just so clean and intriguing. If I'm a private company, because it's private companies that you're seeking, is that correct? Are you looking to make any more investments right now, or are you just focused on the three that you have invested in thus far? Yes, and as far as expanding our royalty portfolio goes, we have a very strong treasury right now, but we are focused solely on our three existing investments, for them to get up and running, not just from up and running, but from operational success, where we're getting monthly royalties and our cash flow positive. Building up our treasury, and at that point then we will definitely be looking to expand our portfolio. There's no shortage of great deals out there right now. So this is kind of a contemporary and modernized index on some levels. So I'm stepping out a turn here, because it allows an investor who wants to get involved in the market to trust the management team you have, to select companies for them, and they're offered a portfolio versus just investing in one company. Tracy, you're absolutely right. Unlike an index, the companies that we invest in, they're actually synergistic. They call each other sister companies. They're working together to expand their customer base, to market together. So you're investing in different companies that don't compete against each other, but actually work with each other to maximize their revenues. So yes, an index that works together. We have been following the fund manager Henry Weingarten and his astrologers fund. He told me this morning that Trump is going to win, but he wasn't confident enough not to talk about what would happen if Biden did. He seems to think that there will be a rush to cannabis stocks, should Biden win? Do you have any comments on that or would you like to stay out of political questions? Well, you know, I can talk about what I've read as well and canaccord genuity, which is one of the largest investment banks in the cannabis sector. One of their analysts had a report that came out a couple of weeks ago that said their US index fund is actually outperforming the Canadian fund for four months in a row. In July, I think it was up like 30-some odd percent and they attributed that, that was not me. They attributed that to Joe Biden's remarks that if he wins, he will sign executive orders that will not necessarily legalize, but would de-schedule cannabis, which would have a very positive effect on the industry. But regardless who wins, I think that cannabis, the governments are desperate for revenues and cannabis is primed for taxation and for path towards legalization. Really appreciate your time. That was a very, very insightful commentary to my last question. And finally, for an interested investor or a current shareholder, can you give us any tidbits about what we should anticipate in the next upcoming quarter? Yeah, so we're very excited about the upcoming quarter. So first of all, it's harvest season. So for CTI, this is where they have the highest revenues of the year, which is great for our revenues. And then secondly, with QVI, they're in startup phase. Startup companies take time.  They're looking to expand their footprint, expand in California, and they're looking to QVI really, to be their co-manufacturer and their co-partners. Once they start scaling up, and these revenues are sticky because it doesn't take... Once they have customers on, they're not easy to not click to leave. We're expecting QVI to be a very, very strong player in this industry. And we're looking forward to that, starting to ramp up this fall. Well, Andrico, I don't know if they would be willing, but can we potentially do an interview with you next round, where we have the head of QVI, as well with you? Oh, absolutely. And the CEO of QVI, she's a great leader but an industry for a very long time. And she's one of the reasons why we invested so heavily in this company. Okay. Well, we would love to do that. Thank you so much for your time and providing us with an update for Fincana Capital. Tracy, thank you so much. Really appreciate it.


What are the other types of aggravated DUI?  What happens is a lot of people have drive a car that doesn't have the interlock device And they get stopped for DUI or they have somebody else blow into the interlock device in their DUI Or they simply blow into it while they're below an 02 and then the alcohol absorbs in their body And eventually they're above the legal limit and they get stopped What are the penalties for aggravated DUI other than when you have a child in the car? On a standard aggravated DUI class four felony first offense, you're looking at four months in prison, day for day time Not jail but prison. If you have a prior aggravated DUI, it is lifetime-allegable What that means is now you are looking at three to six years. Now it actually can be higher than that But this is the standard range with four and a half is the presumptive term in prison If you have two prior aggravated DUIs in your lifetime, even if it was 20 years ago and 15 years ago And you get a new aggravated DUI. You're now looking at six to 15 years in prison Ten years is the presumptive Normally on those the prosecutor will offer you six years at the low end So they're very serious charges even if it's four months in prison You do not want to have an aggravated DUI. If this is you, give us a call


Everybody for us to your ripping 21 22 prison basketball hobby six box number 18 Pick your team style. Give me a sec. We'll read off the names all right, we've got Adam G with the Celtics and Sixers Alex G calves Alan a clippers Alvin s Hornets ammo with a Nick Sposia be nets Daniel s spurs Derek J bucks Eden are Kings Harper be T wolves Jeffrey H Mavericks Kenneth H Nuggets Matthew X blazers Matthew T Thunder Michael C Hawks Patrick Z Pelicans Grizzlies Rockets pistons Ramin R Raptors Ryan G wizards Ryan B bulls Sacko K Warriors and jazz Scott B Pacers Sean M Lakers heat T Ying magic and Victor F sons. Thanks everybody for joining. Good luck We're not Stop Apollo. Yeah, we will be at the national. It'll be Cortice Serena who are sorting shipping managers and inventory manager all stuff Kenzie Lane Caleb and I silver for the Grizzlies Desmond Bain Heat hyperbam out of bio just dubs and Warriors left guys in the Next That's it Nuggets Marcus Howard Blue ice Maverick Steve Nash to 125 getting in florist light Make my aneurysm go crazy So we're cuz there's like two different completely different teams not sold out If you like that sometimes of Dama Keon Johnson Clippers rookie Nets silver James Harden the legend The 75 75th anniversary Shaggy holds Alexander Thunder. So what's Russell Westbrook? Wussle Westbrook? It sounds like what I said Wussle Westbrook for the Wakers Trey Murphy Ruby wave jazz Royce O'Neill Hyper Jared Allen calves Yeah, please I need like my I Don't know if I want to watch the Red Sox right now Jalen Johnson silver for the Pistons Ben Wallace This is the weirdest baseball season I can ever watch though silver widescreen Luca Donchich Did I was gonna be like hi Yankees also the Reds with the Reds I split with the Reds And like a double header You Now I'm in the race. Yeah, what is up to do the reds in the NL ever at the reds or the AL East they probably win it Purple ice tray only 225 Atlanta How does that happen? I don't understand It's easily the best division of baseball yeah, I'm like Can't beat the NL central Red Sox also the Cubs Bones rookie got pulsar dwayne bacon nicks orange Franz Wagner magic Two of 49 huge Carter Lando sick Franz Going to tea yin there you go, buddy. That's awesome That mag for you guys. I know we're behind. I'll do my best to catch us up I would just expect us to be about an hour behind though Kisper silver for the Bulls Pat Williams Nets red Kyrie Irving out of two ninety nine Mobley Ruby wave Vince Carter Raptors hyper for the Rockets John Wall. Oh I don't like that They never give them run support though.  Yeah, Krista Wartey Silver for the jazz Mike Conley hyper pistons. How do the yellow and it's only because none of its original Exactly when he got traded there, that's why it was like funny Now I just hope he can start so you know Be good, she's hitting like 180 in triple A before you got called up the first time And he went back after he did nothing the first time he came up and was hit like 300 He's like, okay, I guess he was just like, I know how to be better now This is silver Kelly all in it hyper Sonic's Gary Payton goes to the Thunder orange state of Florida color You know, you should get a card like that and list it as such on eBay Honestly, probably go for way less than it's worth every way I'm a duty all business. I'm skin Blue for the Raptors Gordon Draguage to $1.99 For Drago to go Chicago, right? Yeah Why was he? Oh, yeah, that's right. He did sound with the bucks Got like bought out or something silver for the Hawks came reddish purple ice rookie Jeremiah Robinson Earl Thunder to 149 Here we go JBJ Key on Johnson rookie for the Clippers Ruby wave Celtics Jalen Brown hyperthiom out on Thunder Tray Murphy the third silver rookie Clippers Jason Preston fireworks silver Nick Julius Randall Dude, when is this down to which will try gonna happen got red magic Robin Lopez 299 and guys just a couple teams left in prism next Blazers and wizards are left and then it's just flawless PYT's later for football Silver for the Sun's Chris Paul and Mojo Rockets Kenyan Martin Jr. to 25 Demonstrating Rudy makes it even more likely they trade Mitchell. There's no reason in like Ruby wave Chris Duarte a nice Pacers rookie there Piper for the Jazz Royce O'Neill My mind anyway, that's what it seems like plus all the news today all the all the rumors that I have It's like everything's heating up around Mitchell Yeah, I don't spider Haven't mobility, which I don't think many people call him Bring Boston silver rookie Nuggets bones Highland nice silver Fearless Lamello error card there And Thunder rookie Otto silver Aaron Wiggins there. That's what all the rumors are I don't know how much of that is like legit What happened to the eggs just giddy rookie Thunder Red for the Kings Marvin Bagley It's a 299 T-Wolves Carl-Anthony Towns flashback Otto I said T-Wolves What I just said a minute ago, it's even more true now The Reds AL East division champs silver for the Clippers Nick tomb hyper bulls DeMar DeRosin The Reds are gonna have like a 900 winning percentage against AL East and like 200 against everybody else Insane, yeah, the American League wildcard stuff right now is insane There's like eight teams within like five games of each other something like that whole Sarge Allen Brunson Celtics blue Reggie Lewis to 199 The yachts got a goalie who'd they get? Both both teams are throwing a no-hitter Probably not They're gonna have David crechey back though Ruby waiting for the next 740 a Red for the spurs Derek white to 299 Pretty good for them silver from the magic Robin Lopez Blue spurs David Robinson to 199 all the all the talk was about the Knicks getting Mitchell Lamello base Josh Giddy Sugs Ruby wave Hornets Gordon Hayward a hyper for the Knicks rookie Miles McBride That's what a few people were saying earlier in chat Silver rookie Rockets operant Shengyun Silver fearless Chris Weber for the Kings Thanks to act. They weren't a playoff team last year. No, I would not say stacked They do not have a true number one option.  Yeah Bear might be a number two Might be still pretty young purple for the Mavis Reggie Bullock. Oh, you weren't there. Jake. So 99. Oh my buddies from college New York Zikarowski silver for the Tewels Tarian Prince Piper Nets DeAndre Jordan I'm like imagine paying hundred million for like a number two option. I couldn't be my team and My buddy goes to be on Silver jazz Donovan Mitchell there he is Purple ice bridges For the Hornets 149 I'm a Hawks fan. So you guys imagine your number one option having hair like this Ruby wave Highland Nuggets rookie hyper Halliburton Kings Go imagine just not having a number one option Mid unfortunately very mid Trons Wagner Sandro rookie silver Pacers Chris Duarte patients have a solid break silver fireworks Paul George Clippers Pistons rookie Otto Isaiah livers. Oh, yes Yes, Tying You want me to spoil it for you to one way for the recap you tell me it's your card. I'll let you decide Yes Primo nice as part of the break so far actually Red for the Pelicans Devontae Graham to 299 Grizzlies rookie Otto Zaire Williams Silver Pacers DeMona Sabonis Hyper Nets Jason Kidd. I was like who's I think he's been what pretty pretty good last week before they had like a three three got pulsar Kyrie Irving blue Campazo Nuggets Out of 199 Which is I mean considering he's like, you know a 40 man triple a guy. I was like, I was like that's pretty good, man Yeah, do you like five solid innings? How did they do Dave you not great He was like he his stuff is good. He's just like his control issues. Yeah, he's just one of those guys He's like cj Abrams like he shouldn't be playing right now in the big leagues, but it's like Yeah, second time was about the same as the first I think he limited like walks, but it was hit pretty well Ruby wave Cam Johnson's sons Red for the Nuggets Monte Morris to 299 Yeah, he'll be good. He's like 23 He had a big rise to he kind of came almost out of nowhere Moody for the dubs Right brown silver bulls nickel nickel of Husevich blue bulls DeMar DeRozan to 199. I'm just ready for like major league rotation again A sail back you look good yesterday Yeah, then the Red Sox Red Sox erred themselves to a loss these book nights Yeah, Ruby wave Malik Monk Lakers and then through the ball away Hyper Julius Randall Nick's if he holds it they probably win exactly. It's so weird I'm just ready for all those sweet contracts that come off the books next year Silver Hawks rookie Jalen Johnson Silver prismatic Kevin Durant Nets Scotty Barnes based rookie Kaminga Purple for the bulls Nicola Busevich to 99 kind of bulls color in this this break so far Two on no out. Oh man Cows me third second time through the order. I treat him well or no, not even yet. We started now Silver for the Clippers Paul George Hyper Nix 740 a silver for the Warriors James Weisman orange wave Grizzly still in Brooks to 60 Is a livers Banton Ruby wave rookie Quentin Grimes Nix hyper magic penny hardaway. No one will be surprised Silver for the Rockets rookie Josh Christopher Mindset silver Zion for the Pelicans jazz rookie Otto Jared Butler. Who do you guys think it's gonna win the Derby this year? I could see a lot. I could see anybody. I would like to see Soto win to be honest future jazz Queen Grimes I was like who was saying this make sense now ready for the Lakers Magic Johnson at 299 Pelicans rookie Otto Herbert Jones Mike is like Manifesting that trade Nick's gonna give up eight firsts Schwerber is gonna be fun. Schwerber was the guy I kept saying last week. I'd like to see a minute silver for the Lakers Dwight Howard hyper T wools Jane McDaniels He was in what one Derby with the Cubs Sounds right. I don't I think he did fairly well. I think he one of his rounds is like insane and they didn't win Jalen Green I'm never going on who's hottest right now. Schwerber is gonna win Pulsar jazz Ricky Jared Butler blew for the Celtics Bill Russell to 199.  Oh my god, Mike No, a little later than that. All right late 90s. They were still pretty solid They made the playoffs once with Carmelo, right? Summer for the Grizzlies Brandon Clark Blue ice pressure to chew a Raptors to 125 Warriors Ricky Moses moody Ruby wave T Wolves Jalen Noel hyper Hawks Dolan rights. Where is he now? Somewhere like Oh tonight rookie Son Silver a Mari Sotomayor the legend silver mindset Julius Randall nicks a mellow insert the error insert That's right Honestly, it makes that card more valuable in my opinion not just because the Ricky thing but because an error Jared Butler, I know it's a pretty standard answer But still red sixers Alan Iverson to 299 spurs in 99 Scotty Barnes rookie Kaminga silver for the Raptors OG on a nobie Hyper Warriors Dreymond Green by G-man Sold out on the next one. Thanks again, everybody. We just got some flawless teams left for football tonight Jalen Green Silver Nuggets Monte Morris 75th anniversary Patrick Williams bowls the 75 Nice color match on that one Ruby wave jazz Carl Malone hyper rookie Nets Marcus Zagrowski Fearless Anthony Edwards also an error Win Kowsky Win the game Silver for the jazz Carl Malone prismatic silver Nicola Jokic Nuggets Blazers rookie auto trend in Watford Magic to trade for Donovan Mitchell and compete for that Play in game Alfred Shengun Jalen Johnson Hyper prismatic Kyrie Irving Nets Warriors Ricky Silver auto Moses moody I say warriors Love Single or another base hit run. Yes Are you saying what you'd say probably be a little clearer? Dosunmu Preston silver jazz Jordan Clarkson Hyper for the Lakers Malik Monk That's all I'm a clan of hand needs Yeah, Pulsar Ruby Hatchimora wizards orange Isaiah will be thunder to 49 color match the cool raise trade Think it was in the CBA that the razor allowed to trade with the pirates anymore Everyone else is like come on Ruby wave Kings Tyree Taliburton blue ice Grizzlies John Marant to 125 Silver calves Chetty Osmond Purple rookie I don't know soon moon ice one Chicago pretty solid break for it's a 99 Luca insert and then after a Chetty Chetty Bang Bang. I'll watch that movie once a day care It's a film Ruby wave six just Irish maxi Hyper rookie Grizzlies I Williams Yes, the film Jalen Suggs rookie silver rookie bulls now. I don't soon move There's Maddox silver rusts for the wizards Franz Wagner Purple ice Suns Dario Sarich to 149 Figure that out. I guess Zyre Williams probably never get bored. I guess doing different things Silver piston Siddiq Bay hyper hornets Gordon Hayward. You gotta feel easy shoes man. Good luck There's a Jackson silver for the spurs bring Forbes red Petrovich Nets to 299 Davion rookie Ruby wave spurs Tim Duncan the big fundamental hyper Anthony Simons Blazers Cade rookie silver of insanity raptors local legend silver fireworks the mellow Hornets Kessler Edwards rookie auto Nets right three more book night rookie Warriors rookie Moses moody hyper fireworks James Harden Nets Nick's rookie auto miles McBride There's Mike would say future jazz Yeah, Kemper. I mean the card didn't say rookie on it. So who might I say that's silver for the Cavs Isaac Coro Hyper Kings Jason Williams. I mean technically if you listen like that, you're not wrong Anthony Edwards, we just be we just be reading the cards as they is Jason Pulsar pistons Jeremy Grant blue ice rookie pistons Isaiah livers It's a 125 Let's do a recap Got an excellent. So that only break tonight that has spots available guys is flawless football PYT case Few teams left there Quick recap miles McBride Kessler Edwards Moses moody trend in Watford Herbert Jones Jared Butler Zaire Williams Isaiah livers Crawl Anthony Towns Aaron Wiggins Chris Middleton Key on Johnson And orange rookie for Orlando Franz Wagner Big card there for your magic. Thanks again everybody another six boxer coming up next


Long working hours are associated with increased risk of depression, anxiety, poor sleep quality, and cardiovascular diseases such as coronary heart disease. However, more research is needed to better understand the relationship between long working hours and health. This article was authored by Akira Bani and Akiko Tamakoshi.


And this made me really think about how we choose people in our lives because I think for the most part, most humans have a broken picker. They don't know how to pick a good partner in their life, those at least that have options. In other words, they get enough emails in their inbox, you know, from dating sites and they get, for women, if you're getting asked out, if you're at least have, it's on a scale from one to 10, if it's, if you're capable of a six, seven, eight or nine, in other words, you're getting attention from men that are interested in you, then it's all about picking. And the same goes for men as well. The problem is, and I've been really contemplating a question that came up in my most recent live stream was most everybody starts off dating as kind of they're on their best behavior. Okay?


This is Orson Welles, speaking from London, the Black Museum. Here in the grim stone structure on the Thames, which houses Scotland Yard, is a warehouse of homicide. A warehouse where an apartment lamp shade, an automobile tire, a canvas tarpaulin, an umbrella, or are touched by murder. Here's a dictionary. It's a familiar object. French into English, English into French. Every high school student knows what these books are like. Word here, phrase there. Merci, thank you, thank you. Merci. And of course, a youth common to most young men in countries not terrible. Je t'aime, je t'aime. Oh, you sound so, uh, compassionate, too. What does that mean? In the little book, one moment, je t'aime, and I love you. Well, today, the dictionary can be seen in the Black Museum. From the annals of the Criminal Investigation Department of the London Police, we bring you the dramatic stories of the crimes recorded by the objects in Scotland Yard's Gallery of Death, the Black Museum. Well, it's interesting. Here, here lies death. The people who conceived this bracelet had wished to raise a memorial of death. Here, collected under one roof, the mementos of the murder have come over a hundred years. These are dots, a feathered dot made for pleasure, for laughter and friendly tavern. This tiny metal tip was dipped in cyanide. A twist of a flick of an elbow. A dartboard in its dictionary. You want the English for French words? It is, or the French for words in English. It's here open. Nice idea. All in one book. It's great convenience. Particularly for Jules Garnache, who had a bit of trouble expressing himself to Betty Brown on the beach in southern France. One war on the sunny end. Je t'aime, je t'aime. Oh, you sound so passionate, Jules. What's that name? In the little book, one moment. Je t'aime, je t'aime, I love you. Right, Jules. And me, a married woman. And it was. Love out of the dictionary in the summer in southern France. Of course, this was in 23. 1923. That date's important simply because radio and broadcasting were just beginning. And Jules Garnache was something of an electrical engineer. In fact, he was the only man in the little French seaside town who was able to bring music out of the air. Look, Galène. Look. Oh, you seem only. Ah, the cat's whisker. Ha ha. So, so. Maintenant, mes cheries, écoutez. I can read any music in his tummy without the air now. Huh? Thank you. For you are bright, aren't you? Ha ha. I love you. I must have you now, today, parblues, always. Oh, Jules.  An English woman vacationing in France. Why was she there? Oh, Jules. If I were a better manager, it would be better to be in. Look, I'd never had the place down. I'd never come to France, and I'd never met you yet. Oh, so that was it. But all such items come to an end someday. And summer comes to an end. At least that's the correct calculation. That's the way Betty calculated. Without thinking of her, Jules. Jules? Oui, ma chérie? Aye. I have to go home. Oui. Oui. Yes. I'd come also. Oh, Jules. That's impossible. The usual sighs and protestations, of course. The brief interlude that it was a trifle saddened to let it go. After all, what a woman is crowding for it is. She went home anyway, the suffix to the binocle in, to a security of sorts, to her husband. Business hasn't been too bad while you were away, Bessie. All the rooms were left this week, and the bar trade was fine. I guess you did all right, Father Barr. The landlord's got to be a social girl. Otherwise, his customers go somewhere else. There's a different house between social and drunk. Here, have one of that. I'll take a drop now and then, but I don't get drunk. Oui. Oui. Well, another customer. Business is picking up, and on the hotel side, it's there. Ah. Oui. Oui. How can I help you, sir? I have, I'll just say, one moment, please. How do you find the word? Ah, oui. I have come to step. What do you know? A froggy. Please, where have you been, sir? May I ask how you found this? Ah, sir, I have. Well, that is... Monsieur Browne, ah, de Marveilleuse, Madame Browne, is the recommendation for your so-select hotel. Is it not so that we have met in Provence, Madame? Little Frenchman must have been mad. Mad with love. But if the little touched him ahead, in any case, he'd come just as he said, to stay. As he explained it to Al Browne. I am, how you say, an inventor. I have much great ideas. Yes, sure, Gamar, sure. But, uh, do you make any money? To make money. Eh, je ne comprends pas. Money, eh, my feelings, eh, frankly. Ah, oui, beaucoup d'argent. Oh, oh, right now I wake from Canada. Much money. And, eh, what do you invent to get all this spoke-who money? The wireless. I am in the wireless very much interest. Well, Monsieur, if you can get music out of the air, maybe you can get some money out of the same place to pay what you owe us. Huh? You've been here a month now, and we haven't seen a shilling on your board bill. Board bill? Come on. There was another conversation shortly thereafter on the same subject, if not exactly on the same polite level. Look, you see, he's your friend. We've got to have some money. Oh, can I ask him for money, even if he is our friend? Yours, not mine. He doesn't take walks with me every afternoon. Al Browne, you suggest? I'm not suggesting, dearie. I'm telling you, get some money out of him or out he goes.  All right. Ten to business here. Well, you never talked to me like this before. It was the first time for everything, you see. For the first time, Al was in the driver's seat, and he knew it. So did Betty, knew it. And one of their afternoon walks, she said as much to you. You? We must thank you. I suspect. He will do nothing, Jeanette. He's asked me... Huh? ...to get money from you. I'm telling you, that will be real nasty. Meet her as both of us. And you without a permit. Well, it's not funny. He holds the whip hand.  We... one moment. Oh, dear. Not that little book of gold. Please, I've got more to deliver. Ah, if you... I have it. Like an Englishman so... Ah, when he steal his wife, but not owe to him money. He had a plan. He said, do well. Never fear when I'm in a few days, beaucoup d'argent. Your life? Oui? For Betty, he said. Je t'aime, ma chérie. Do not fear. All will be well. A quiet, dull New Year's morning. Routinely and continued, minus the overtired oversleeping maid. After a while, the master came grumbling down the stairs. Betty! Betty, where are you? Ah, please. I think Mr. Dimash is done. Well, let him go to his room, then. Pardon me, ma'am. Into my shop, where you wish for me to go? Oui? Ah, no. No, I don't need that. Oh, so long as he's awake, I don't care one way or another. Where's my fault? You know I can't start a day without Miss Fault. Ah, I know, dear. The way he expects him to be, on the mental self, and no rape in a play. Oh, yes, I forgot. If I may disturb you, ma'am, see well. Oh, but, of course, the chair before the fire. Very nice. Oui? Très charmant, when it is so very cold outside. Oh, for thanks. Merci. Merci. The glass is here. Where's that tablespoon of some water? Oh, I'll get them for you. You've got to know this, dear. Jean Gramache stood in the bay window and watched the little domestic scene. Occasionally he riffled through his ever-present dictionary for a word to describe the events he was watching. Such inconsequential little event. There he came trotting back from the kitchen with a tablespoon and a pitcher of water. She put him on the table along with her salt and glass. Al measured his own dosage, poured it into the glass, then he poured in the water. Almost mockingly he raised his glasses as if in a toast with the Frenchman standing nearby. Then down the content. Oh, oh, those salts taste bitter this morning. Yeah, they are never sweet, no? Nothing sweet about them. Then why complain, dear? You had more to drink than usual last night, taste more bitter than usual. One hour later. Bitty. Bitty, Bitty, get some help. Oh, it's a cramp. Oh. Oh, I can't. And it, I can't. And it, I saw. Oh, too. Get the doctor. I will try. My English, it is not good. No, but I will try. Oh, my, my feet. My feet. Oh, they're driving me crazy. The pain, the pain, and the itching. Shortly thereafter, Alfie Brown was quite dead. And so the tragedy reached its climax. It will probably not tragedy with a certain dictionary, which as I told you can be seen today in the Black Museum. Local physician was called at once, but far too late. Alf Brown was passed help. The doctor listened gravely to the stories that he told it to him. While Jules stood by, the very picture of solicitude. Oh, he went so quick, doctor. And it's such a great thing. What was that, Mrs. Brown? Well, he cried out, but it was almost the last that he said. Is that right, Mrs. Brown? Oui, Monsieur le docteur, ça va raison. Well, let's say so. It's an interesting symptom. He cures one particular poison. Though, how this household will come by to have the slightest idea. Poison? But, doctor, it was his thoughts. Although it did complain, that they tasted more bitter than usual. Anything else, Mrs. Brown? Ah, nothing else. Oh, what so upset. Itching feeds bitter taste, great pain but of course we won't be able to know for certain till there's been a post mortem. I can't sign the certificate under these circumstances. I have to notify the coroner and the police. Now, I think our next precaution is for you to give me the bottle, the spoon and the glass into my charge. Where are they? Well, I don't quite... Do you remember? Je ne sais pas, Madame, je ne comprends pas. Oh, come, Mrs. Brown. Now, pull yourself together. You want to catch the party, or poison your husband, don't you? Perhaps there was a better question than Dr. West could realize. It was pure rhetoric at that moment, as far as he was concerned. Of course, the widow wanted to catch the murderer still took a bit of concentrated prodding of Betty's memory until she said... I know now, Doctor. I put them in the drawer of the kitchen table when I left for after for a moment for veteran tea and soda. I thought it might help. They found the bottle and the glass and the spoon and the kitchen table drawer. The doctor looked at them closely. Someone's washed these. Apparently, they're still traces of water in the bottle and the glass. Mrs. Brown, I'm going to the police at once. And Dr. West could went to the local police. The local police went to Scarven Yard. Betty Brown went to Jules Gamache. You did it, too. I don't know how, but you did it. Me? Ma chérie. Ma foi impossible. You did. You killed Alfie. And you stayed right there once and died. Betty, you are most... How is it? Ah, we... you are most hysterical.  You must know this. And now, I feel it in my bones. You killed him. Go away, Jules. Go... Sadly, as if overwhelmed by the unpredictability of women, Jules Gamache packed his things and left the binoculars in. But he didn't go far. Just to the next village and the next inn, there he waited and watched. Waited to hear from his beloved, now widowed, his Betty. Waited for development in case which the coroner's jury had labeled death at the hands of person or persons unknown. The developments were not long in coming. My name is West, Mrs. Brown, Inspector West, Scotland Yard. My credentials. Yes, sir. I have a few questions, particularly concerning the disposal of the poison. I'll try to answer them, Inspector. Do you know who washed out the bottle and glass? No, I'm afraid I don't. I left them in the kitchen. We're also upset by poor Alfie's suffering. We will rather hysterical, I'm afraid. I understand. No idea on that. I see. Now tell me, Mrs. Brown, have you ever used any kind of weed killer in the garden of this inn? No, sir. Not that I know of. Have you ever used any kind of weed killer in the garden of this inn? No, sir. We've never been troubled by such.  No, I haven't. Thank you very much, Mrs. Brown. The inspector left the front of the house, so to speak, and visited below stairs. He had a nice talk with a cook over a cup of tea. Mrs. Davies, did you wash out the souls bottle? No, I've got enough work, and that was New Year's Day. The maid didn't come in. I had to clean up, too. Pity, not much of a New Year in this house. Did you notice the bottle at all? Well, I remember saying to Mrs. Brown that there wasn't much more than a tablespoon left in it, and perhaps she better order another bottle in case Mr. Brown was getting mad if he had none. Now this is important, Mrs. Davies. Can you place anyone, anyone at all, in this kitchen between the time Mrs. Brown bought the bottle in here and the time Dr. Westcott's will get away? No one but the Frenchman, sir. Mr. Cames? I've seen to remember, sir, I wouldn't want to get him in no trouble unless he deserved it, but he did come in here and jabber at me, and then he used his little book. Little book? He's got a dictionary. Looks up the French and finds the English. Right comical he is sometimes. And I see. Then he looked in his dictionary. And he said, bottle. He said something else. I didn't pay much attention. I just pointed at the kitchen drawer. Did he take the bottle out of the drawer? I wouldn't know, sir. For all I know, he just wanted to be sure it was in a safe place. I heard him open and close the drawer. That was all. Then he went out. Did he have a chance to put it back? Lots of chances. How was that busy running in and out? That's too bad. Oh, excellent tea, Mr. Cames. The inspector was never a man to accept loose ends. He ran all his leads to earth. This is the approach which brought him finally to where Jules Gommache was staying. Do you accuse me, inspector? Merely asking routine questions, Mr. Gommache. Did you have any reason to dislike or resent Mr. Graham? None. No, but of course not.  No, but for what? Where should I? I can't say, sir. I can only try to fill in the blank spaces. Someone, you see, gave Mr. Brown the opportunity to poison himself. That kind of gift is murder, Mr. Gommache. Natural more. I'm afraid I must ask you to remain in England, sir, until the case is closed. But for me, this will be a pleasure. I assure you, inspector, I wish to see vengeance on this murderer. I loved Mr. Brown almost as a brother. It's a smooth blank wall for Scotland Yard to face and search for some crack somewhere. The interest in the case emered down. Nothing was happening. Then the newspapers picked up a lead. Something so fantastic, the men assigned to watch the Binnickle Inn in its neighborhood hardly believed their own ears. It seems that Jules Gommache began to write letters. And to the police. There is one suspect who had not been questioned. A man long subject to Alfred Brown's whims and tempers. The pot washer at the inn, known to me only as George. I point the finger of suspicion. Observe, gentlemen of Scotland Yard, the comings and goings of Mr. Arthur Brookfield solicitor to Madame Brown. This man is in and out of her residence at all hours. Certainly not all of this can be on business. Was jealousy entering the picture now? The letters aroused a good deal of attention once they leaked to the newspapers as such things have a way of doing. Jules Gommache was quite pleased when the reporters swarmed about him. The photographers took his picture. Many times and many poses. This was fame at last for an impoverished inventor living on his wits. Coming, sir. You asked to see me on the Brown case. Yes, sir. My name is Scott. Sir, I'm the owner of a chemist shop in Wilking. Not too far from the binnacle inn, is it? Just far enough to miss some of the news. But this morning I saw this newspaper. Ah, yes, yes, our French friend. Do you know him? He was a customer of mine a few weeks back, just before Christmas. Go on, Mr. Scott. He asked for... What excuse did he give? Something about experiments in the wireless. He kept consulting a small English French dictionary to express himself. The wireless, yes. That's the new excuse. Although, why they should think the wireless operations entail the use of poisons is beyond me. Did you sell him any? I did. I made him sign the poison book. The name he used was Hatch. Mr. Scott, do you think you can identify this man among a dozen others? Well, Mr. Scott? That's he, sir.  Thank you, Mr. Monsieur le chemiste. Bonjour, c'est un plaisir. How do you say, one moment, please? It is a pleasure that we meet again. I have a warrant for your arrest on a charge of willful murder. I must warn you that anything you may say... Well, that's the story. And today, the dictionary which played its part in that story can be found in its place in the black museum. Orson Welles will be back with you in just a moment. Truly a strange, impassioned little man. He's half crazy, half sane. You wonder about him. And you know the add to the dilemma of his personality? Here's one last point. While Jules was awaiting execution, he wrote another letter to Inspector West stating that shortly after the death of Al Brown, he, Jules, saw a woman. Whether the woman was the cork or his beloved Betty, he didn't know. They creed something behind some loose bricks in a garden wall at the Benical Inn. Of course, the police investigated. They found two small jugs, one with crystalline stricken in it and the other with a solution of the same poison. And our question is, did Jules Gamache put those jugs there himself or did one of the women? That's a latter. Why did Gamache wait until just before his death to reveal this? Or did some odd form of gallantry? And now until next time, till we meet in the same place.  I remain as always, obediently yours. This is WDCBFM Glenn Allen.