Live from Las Vegas, Nevada, it's theCUBE. Covering IBM World of Watson 2016. Brought to you by IBM. Now, here are your hosts, John Furrier and Dave Vellante. Okay, welcome back everyone. We are here live at the Mandalay Bay Convention Center for the IBM's World of Watson. This is SiliconANGLE's CUBE. I'm John Furrier, my co-host Dave Vellante. Our next guest is Mark Osholar, who's the general manager and business analyst at IBM. Welcome back to theCUBE. Good to see you. Nice to see you guys again as well. Let's get a little tutorial. What part of the analytics group are you from before we get started? Just so people know which section you're in. This analytics is pretty big now. Yeah, so I have business analytics. Business analytics has three offerings within it. Cognos analytics, Watson analytics, and Watson analytics for social media. All right, so what's the update? Obviously the buzz is off the charts. Harriet Greene was on. Her portion of IoT went supernova, buzz-wise on the social impressions. A lot of conversations happening around Watson. What's going on in your world? Sure, so I mean, on one side of it, you have Cognos analytics, which a year ago we announced it, we released it, and it's a completely reimagined Cognos BI. So we've had users on our Cognos BI platform, obviously for many, many years. We reimagined it now for business users. So now business users can get in there, use the authoring capabilities, the reporting capabilities, the distribution capabilities, and also for the first time, self-service analytics available within Cognos analytics. So that was the big announcement last year, but the other big change with Cognos analytics is we went away from these big, monolithic annual releases, and we've moved it to rapid delivery. So every eight to 10 weeks, we do a Cognos analytics release. So you guys are agile now on this, going hardcore? It's all agile. All right, so talk about what's- It's all right, so you deliver that as a SaaS product or on-prem? It's actually, so Cognos is a really interesting piece of IP. Cognos, you don't load data into it unless you were doing self-serve. If you wanted to bring a spreadsheet and load it in, you can, but when you're going to enterprise data, you connect to the data. So in the cloud, you're not actually loading data into Cognos analytics. You're attaching to the data in place, running analytics as a service. So whether you run it on-premise or the cloud, it's one code base, same offering, but you're never loading the data in anyway. It's actually perfectly fit for the cloud. Exactly. And operationally, when you said eight to 10 weeks here- Every eight to 10 weeks, there's a new release. How are people dealing with that in terms of absorbing the new- It's a big change because the other thing we used to carry with Cognos was these kind of ugly upgrade cycles. A lot of heavy lifting to move from version to version. So getting from Cognos BI to Cognos analytics is our most straightforward upgrade to date, but now going forward, once you're on Cognos analytics, we have in-place upgrades. Literally, you can go from release to release just by doing a minor install. The benefit of that, the impact of that is that customers managing patches and upgrades saves them a boatload of time, right? That's the real value. And it allows us to keep them current. And I got one more question on Cognos. The sort of citizen analyst, if you will, that's an abstraction layer to the power below or is it a lightweight version? So it's a combination, like to me, we've defined ease of use for years now as UI, UX, right? Move buttons around, change colors, now it's easier, we instrument it, we try to see where friction points are, and I know I'm sure throughout the conference you've heard us define cognitive and everything around cognitive. For my users, I define cognitive as the next paradigm in ease of use. So I actually think the bar in ease of use is going to be defined by applications that understand your intent, can anticipate what it is you're going to do next, can make recommendations, can guide you, have natural language. So we've been putting all these cognitive attributes in both Cognos analytics and Watson analytics. It's a journey, but there's already many things available now. You've got to start somewhere, you've got to start somewhere, and the benefits of the whole bot culture of having kind of this, I call digital assistant on steroids, is about ease of use. And ease of use isn't just UI, UX anymore. It's work streams, so it's relevance too, right? Where you're ease of use and relevant. Yeah, if you have two mobile apps, and they both do the same thing, and one's easy to use and one's hard to use, and one anticipates what you want to look at and one doesn't, which one you're going to gravitate towards. It's a no brainer. So I want to get your thoughts. So we talked about Pcigano yesterday about, you know, Watson as a brand name, this is World of Watson, implies newness, right? And there's a lot of IBM stuff from 10 years, from IOD, right, first conference. So there's a spectrum in Cognos kind of fits in that, and now it's been cloudified, makes it really impressive. But you also have the social stuff. So how does the new stuff, social analytics is a new thing that's really going well. People see the conversations, they see the engagement, they see the ability to use unstructured data. And how does that come together with the pre-existing, evolving Cognos as a little bit? So yeah, we've had social media for a few years, but we really had it for data scientists. A data scientist could go in and build a social media model, analyze things. But if you're talking to a retailer and the lifespan of a new dress has eight to 10 weeks, the chance of being able to build a model that's actually going to impact your business fast enough and then make changes, tune it, you're not going to have the time now.  Well, and the other thing about that is, you're actually doing that after the fact, but there's a lot of information out there that actually will lead you towards the appropriate trend. We were sitting down with the Twitter folks and they were sharing some really fascinating information with us. They were talking about women's hair colors and nail polishes, et cetera, and the various color tones that come out. And they were talking to us about the names that come out. So I think the next, if I got it right, I think the next wave is going to be a set of animal names that come out around describing these colors. So they said, so now you kind of wonder where do these things come from? And they said, South Korea, two years before it hits North America. So sometimes when you're doing this demand planning, this demand forecasting, instead of kind of doing a little bit of guessing and let's launch something and let's see if people like it or they don't like it, you can actually look at the history of the trend, the profile, food's another great example. Food trends originate in San Francisco. So when you look at quinoa, kale, you name it, beets, right? All these hot soups. So you see origination points with the data. So the point is you can get the data if you know what you're looking for. Beets to make and beets not to make. We did a cool one at the holidays around top gift ideas.  And hoverboards was a really fascinating one because if you went into like New York, you saw the electronic shops, they were stocked with these things. Everyone was talking about them. Now you look around and you don't see the same stockpiles. You also don't see a whole bunch of people on it. Why? When you look at what people were actually talking about, just as many people were saying things about I like it, that's something about danger. Right? So when you start looking at things beyond just the impressions and the noise and you say what are people actually talking about? What's their behavior? What's their tone? Do they have an intent to purchase? It's much more meaningful. Much more insightful. Well you can give the collective intelligence of the crowd, if you will, to synthesize demand data. Yes. We had a startup on, yeah, doing the financial stuff. Alpha Motors. Alpha Motors is really phenomenal. So these are new business models. How's the customer attraction on that? Because now some customers will be like, well I'm not that geeky. I'm running retail or I'm a small, medium-sized enterprise. I just want it to work. Yeah. That's kind of where the Watson, I think, resonates in the messaging I see now. How does that put into practice? What's some fun? So this is a lead offering for us. Why? Because a lot of companies are debating which workloads do they move to the cloud. Watson Analytics for social media brings all the data. You don't load any data into it. It hooks into the boards, the reviews, the blogs, the news feeds, Twitter, Facebook public, all the information that's out there, and it pulls it in. Then it allows the business user to say, all right, what is it I want to analyze? My topic might be Hilton, Hilton Hotels. We'll show the business user a stream of what everyone's talking about. Then they can start to say, oh, I don't mean Paris Hilton. I don't mean Perez Hilton. I don't mean this convention of the Hilton Hotel. You can start to include and exclude terms. Then you can put in, okay, what themes do I want to analyze? And almost every user out there wants to know what are people saying about my brand, right? So that's one of those spots where a lot of people start is simply brand perception. And not only what are they saying about my brand, what are they saying about someone else's brand, right? And are things that are going on with someone else's brand about to affect my brand. So when I license Watson Analytics for social media, you're saying I get those data feeds. You get those data feeds. You also get Watson Analytics with it. So we will allow you to create those models. We give you a whole bunch of kind of quote unquote, canned reports, canned analytics, and then we create the data set. And we allow you to use Watson Analytics with the data set to do any additional analytics you want to do. And visualization's a part of that, right? Visualizations, natural language, natural language exploration, all of that. You made some enhancements to the visualization. I don't know, I can't remember when, but I remember I saw a demo at one of these conferences. Yes, and we always are. Which is, okay. So yeah, one of the other. That's a key part of it. I mean, the Viz is increasingly important for, especially for the citizen analyst, right? And we have our own visualization engine. So you've probably heard a lot about D3 as one of these open source offerings. So we have our own called Rave. And we've just released Rave 2. And what's interesting about Rave 2 is Rave 2 embraces D3. So if you have, if there's a great cool visualization out there and you want to use it, you can go and grab that visualization and use it within Rave 2. And then Rave 2 enhances D3. It does the accessibility. It does the legend wrapping. Like some of the things that D3 doesn't do, it makes it enterprise ready effectively. But it also gives you the capability to then author your own visualizations. So whether the user wants to use Rave 2 or D3, we're now agnostic in terms of how they want to get there. Okay, so you're saying it's easier to use, getting to simple. I remember when we first started playing around with it a couple of years ago, it was like, ooh, it's pretty complicated. Yes, it's very easy to use. And I would say the other thing we've done is we've adopted this paradigm between Watson Analytics and Cognos Analytics of kind of looking at the commodity items and doing build once, use twice. So Watson Analytics and Cognos Analytics actually now share the same visualization library. They both use Rave 2. If the Watson Analytics team goes and builds a cool network diagram, they check it in, it's available to the Cognos team. The Cognos team, our big announcement here, is geospatial mapping that's coming in Q4. The Cognos team is adding that to the visualization library. We partnered with Mapbox and Pitney Bose for that. The Watson Analytics will pull it out of the visualization library. So now instead of two teams building everything in duplicate, they build it once, they check it in. The connection to the data is a really big deal. That turned out to, that's a great architectural feature. Yes. It's got flexibility and you don't have to move there. I have economies of scale. I've got an army on this stuff. Yes. How about the design side of it? What are you guys doing when you're investing? Because one of the things we're hearing, and again, more and more, every year, it's the same drumbeat, but louder and louder. Total user experience into the design process of the product. Digital, everything, yes. So give us an update on that. What's it like inside the factory there on this? Yeah, Watson Analytics and Watson Analytics for social media have gone 100% digital so people can get on there. They can do trials, gives you, in the case of Watson Analytics, 30 days to try our best edition of it. Even at the end of that edition, we'll downgrade you into a free MIM edition. You can continue to use it, decide later on that you want some of the professional features to come back in. But what we've also done specifically around design is not only have we pushed everything digital, but we've instrumented everything so heavily behind the scenes. So we actually see how users use it. You start to get into multi-variant testing. So you're getting some product feedback on the engagement of the app. Data-driven product feedback. Customer can't tell me. I can just see it. I see there's a friction point. I see there's a hot spot. Is it just close to the user? Are you cool with that? Do they understand that you're monitoring their clickstream? They do, yep, exactly. And they know that they're getting improvements based on what we're monitoring. We're not looking at the data. Do they opt in for that? Or do they have to check a box? No, no, it's, if you want to use the offering, this is what we do. All right, so is it available in the marketplace at IBM.com? It is. That's how it is. Okay, so IBMgo.com is where the replays are for this. Sign in with your IBM ID. You can do the offers in the marketplace. And is there a free trial in the marketplace? There is a free trial for both of those two offerings. There's also a trial for Cognos Analytics up there as well. So people can go and try a trial instance of that, see what they think. But Cognos is a little bit more on the traditional side. It's usually looking for groups of users, not necessarily individuals, where Watson Analytics, Watson Analytics, for social media, often we start with one single user who decides to go and adopt it and then it spreads. And it's a monthly subscription? Monthly subscription, start it, stop it, whatever you want to do. So if you just have a workload in a project, you want to come in for one month and use it? You can. And it's sort of on or off, or is it sort of small, medium, large, feature-wise? Yeah, it's basically there's a free edition, there's a plus edition, there's a professional edition, defined by data volumes, defined by the data connectors that we have, but not defined by the analytical capabilities. But all the same analytical capabilities across all three. So it's not like, oh, to get the profile and patterning I have to upgrade. No, we give you all the capability. A lot of data that you're analyzing. Yeah, yeah. All right, so what's next? What's on the roadmap? What new features are coming out that you guys are excited about? Can you share in the purview, making it easier and relevant? What's coming out? Sure, so like I said earlier, I mean the big one and it got massive applause here is the Geospatial. So we'll start with that. Weather data? Weather data is coming as well. So weather data clients are using already. They have it now. One of the things we did with the weather company when we first acquired them is instead of just giving customers longitude and latitude data, we created these smart data packages that can be easily joined in. So right now there's a process where if people are on Cognos or Watson Analytics and they want to grab weather data, yeah, they can go and grab it. But we're going to make it an in offering, offering as well, right? So we're actually going to have it available through the offering that if you want to play with this data, see if it's actually insightful to what you're analyzing. That's how we're going to bring it more closely, more closely coupled to the offer. Mark, thanks for sharing your insight here on theCUBE. Putting all the data out there, breaking down the analytics. I'll give you the last word, share for the folks watching. What's the one thing that they should know about that they might not know about around the business analytics business that you're managing? Yeah, I would say it's all about smarter insights. And for me, when we're talking about smarter insights, it's about removing the bias. So when you look at the traditional products that are out there, what do you have to do? You have to bring a question and you have to bring an assumption to test on what you think the answer is and you see if the data backs it up. But really you're stuck in correlations, right? And correlations aren't always causal. When you use something like a Watson analytics and what we're doing with Cognos analytics, you get this unbiased environment where it's statistically patterning the data, we're guiding you, we're showing you interesting things that you wouldn't pick up on your own. So it's services to you first. It's services, insights first, you react to that versus probing a question and leading it to its own. But it's a new mental model on how you trust the data. Yeah, like in Watson Analytics, we'll watch the users too. In Watson Analytics, we just say, just ask your question, don't bring any biases, just ask your question and see what we find. Or if you don't even know what question you want to answer, ask because it's a new data set, we'll actually recommend what the most interesting features are of that data set and you just start exploring through. Mark Ultscholler here inside theCUBE, general manager of the Business Analytics Group at IBM. Thanks for joining us. Thank you guys, thanks for having me. There's live here, the Mandalay Bay for theCUBE. I'm John Furrier with Dave Vellante. We'll have more live coverage after the short break.


Afternoon. Afternoon mate. How are you feeling? Fresh. You ok? Yeah, you alright? Yeah, good fun. First we just sign and then we just resign. Afternoon. How are you? Too bad are you? Yeah, good. What have we got? How are you? I'm alright. Full Christian name there. It's Harry. It's Harry Lewis. Who comes? Hello guys, how are we? How are you? How are you? Hi. Hi. This door will get sent off.  Get on him. More on. I'm on a elevator but I'll kick him in the stand.


So my first experience investing was with an individual stock. I had accumulated a little bit of money and after paying off debts and getting my savings accounts taken care of, I thought that it would be great to put my money in the marketplace. I chose an entertainment company and was really excited about it. So excited that after a couple of months I actually sold it, made a few hundred dollars of profit, but regret now that I didn't hold on to it because I didn't have a long-term plan. That entertainment company was actually Disney. What I want to do in the blog is help you to develop a plan so that you don't sell your investments either too quickly or hang on to them too long because maybe it didn't work out for you.


Well, here are 10 signs that you are meant to be a CEO. If you like this video or you like this content, make sure you subscribe to the David Wong Entrepreneur's show on this channel, comment, like, and tell your friends. That said, let's get on with the show. Number 10 on the list is coaching and challenging people efficiently. You have to be a good coach. You have to be someone who can bring the most out of people and see people's potential, what they do and their skills, find out what they're good at, and bring that potential out and draw it out of them. You have to be able to motivate and challenge people efficiently so that they don't get burned out or they don't get discouraged. They can keep helping build your company. Number nine sign that you're gonna be a successful CEO is that you're willing to take critical feedback. You're not offended or you're not discouraged. If you get critical feedback, actually you welcome it because it's gonna help you improve and you're gonna take that feedback, turn it into something that's gonna make you better, make you a better person, make you more effective, make you more successful. Number eight is that you're extremely driven. Every day you wake up early and you work and you work for 12 hours a day, maybe even 16 hours a day. You're willing to do what it takes. You're willing to put in the hours and the efforts to do the things that you are not comfortable doing, stepping outside of your comfort zone, but you're willing to do it because you're driven and you have a goal and you're going to get to the goal. Number seven is you have deep understanding of the market trends.  You know what makes it tick. You know who are the leaders. You know how to make yourself different than the market. You know where you position yourself in the market. Are you gonna be the company that's gonna have the best product or the best service or the best relationship with your customers? You have to decide where you are gonna fit in the marketplace. And if you can understand the market, that's gonna put you ahead of other people. What's one key quality that every CEO has? It's actually intuition. So if you have intuition, do you think you'll become a better CEO? Intuition can actually be trained and the way to train it is through meditation. Imagine if there was a technology that will help you meditate automatically and help you to increase and enhance your intuition to higher levels of the top CEOs of the world. So I wanna invite you personally to my free event. It's called Chi Life Mastery and you're gonna learn about how I was able to enhance my own intuition through meditation and through technology and through Qigong practices to help me increase my personal power, my productivity and my effectiveness as a CEO of my own company. So I'll see you there at chilifemastery.com. Sign number six is that you're great at asking questions. What does that mean? It means that you ask questions to other people and you also ask questions to yourself. Whenever you encounter a problem, instead of just coming up with an idea and making statements, you ask questions. And what do questions do? Questions basically trigger your mind and program your mind to find a solution and opens up your mind to think creatively just in the same way that you ask questions to other people. What that does is now helps them to think creatively as well. So learn to ask effective questions that help you determine how to run your business better. For example, what's working? What's not working? How do you do things differently? What's some specific things that you can do to overcome challenges, fill in the gaps or to create better product services for your customers? Number five on the list is that you speak different languages. Now I don't mean you can speak different languages like Chinese, Mandarin, Portuguese, French. I mean you speak different languages to different people. Some people speak a language of emotion. Some people speak the language of logic. Some people are more creative. Some people are more analytical. So you need to learn how to speak to communicate to your team or to other people in the way that they can understand you so that you can get your vision across to them so that you can be a very good communicator. Sign number four is to know your strengths and know your weaknesses. So you wanna know what your strengths are. What are you good at? What are you naturally good at? What's easy for you to do? What do you do effortlessly without even thinking and people are amazed at how you can do it? Those are your strengths and you need to focus on those strengths so that they become even more powerful strengths. Also knowing your weaknesses is good too because you wanna know what you don't like to do, what drains your energy, what you are not good at and what you're not effective in because then you can spend less time doing those things and if you're smart you would delegate them to someone who's good at those things. You have very strong empathy for your consumer or for your customer and even for your team members.  So once you can understand that that you can really create and craft your product or your service to really fit the needs and then solve the problems of the consumer because you are empathetic and you are like living in their shoes. Number two is that you're very good at building or clarifying your vision and your strategy. You're the person who decides the future of your company. What is your strategy? What's your overall game plan for the company? What do you envision in your mind that your company is gonna be at in the next year, two years, five years or even 10 years? So having a strong vision and strategy for company is what you need and it's a good sign that you're gonna be a very strong CEO. Here's the final sign that you're meant to be a CEO. This final sign is that you care for your people. If you wanna be a leader, one important part is that you have a heart that cares for people. What problems they're going through and you really want to help them in their life or help them become more successful in their job. In Sun Tzu's Art of War, he says there's two kinds of leaders. The leaders that rule by fear and the leaders that rule by love and care. Which kind of CEO do you wanna be remembered for? Someone who cared or someone who has just feared? I hope it's the CEO that cared for other people. So I'm David Wong, I hope you enjoyed this show. If you liked this show, make sure to subscribe to this channel, like and comment and tell your friends. So until next time, use the chi and prosper.


What up, I'm Shannon. All right, it's good. What's up, guys? Josh over here. Just don't mind me. No, no, no. What are you doing? What? I'm taking pictures of my ****. First of all, why is your shirt on? Second of all, put the phone down. Put the phone down. No flash? No **** picked. So we're talking about picking the best condom for your ****. Oh, condoms. Gotcha. Yeah. Question about condoms. Why is there so many different types of condoms? I wish there was just one condom. Sometimes I don't know which one's the best one to choose. Josh, don't worry. We have all kinds of options and tips for you guys on how to pick the best condom for your evening or your morning.  It's a little snug, but I think I can make it work. I don't think so. No? Not the one. It's like finding your favorite restaurant. You got to go to a lot of different restaurants, try different food.  Over and over and over and over again. It's so good every time. I was talking about sex or food. Gotcha. Food. Condom. It's important that you both feel empowered to speak up and talk about what you like. Some questions you can ask if the conversation going. What turns you on? You know, what's you like? What makes you feel sexy? What makes you feel freaky? I'm going to have to go with Magna because the packaging is awesome. Yeah. Sometimes I use it like as a little handkerchief too because it's gold. You know what I'm saying? Wearing a nice suit, a little gold. You know what I'm saying? A little Gucci gold.  It's a great conversation to have either through texting or even better when you're sad by sight and you can demonstrate. Well, what if someone isn't comfortable asking those questions? You know, I'm asking for a friend.  I know you're comfortable. Yeah. And that's the thing as well too. Find your comfort zone. If you prefer text, text. You want to email, email. Trust me. It's worth the discomfort. Have that conversation. Shannon. Bam. Huh? Yes? I like it. I just don't love it. Okay, I got one more. Okay. Stay right there. Don't move. Okay? Okay. I think peace of mind is the most important factor in your overall performance. You know, the more at ease you are, the more confident you'll be. Having a condom that both you and your partner prefer, it's kind of like sharing a favorite food or binging TV together. When you have in common, like makes you closer together. Yeah, food. Shannon. I think we have a winner. Oh yeah. Yeah. Oh yeah. I mean, we're all different and there are lots of choices. Find the best condom for you and your partner together. Use the condom every time. Responsible as s***. Hello there, lovers. I hope you guys enjoyed the first of many installments that I have coming this summer in partnership with MTV and Trojan to bring you guys unique conversations around protection, sexuality and sex-positive lifestyle that you may not have usually that I hope we're bringing to the forefront. Case and point is this week's episode, which is about dick pics. There are so much choices, not in terms of just protecting yourself, but also enhancing your pleasure. So are you twisted? Are you sensations? Are you ultra-ribbed? And are you Trojan Groove? Are you bare-skinned? Magnum? There's so many different choices. How do you find the right one for you and your partner? And those questions are ones I'm happy to be answering and actually go in advance and ask questions anonymously. Hump day is my new favorite day. I'm going to be spending the whole day with you guys talking about sex, expected video each and every Wednesday.


Welcome, everyone. This is the 31st and final future tense social distancing social. We have been holding these since mid March. And because this is our last one, I actually want to start by thanking all of our new America events and production staff who have worked really hard over 31 different events to make sure that we can do them when we are all wherever we happen to be located. And just to remind you that future tense is a partnership between slate and Arizona State University and New America, and it we explore the impact of technology on society and on policymaking. So you just, you can follow future tense is content on Slate's website and also on Twitter, and you just heard the details of the zoom webinar. So our topic today is will 2020 that roller coaster year that we're not even quite yet half through will 2020 change American tech, and it's been a roller coaster if you just think about where we were in January to march to now. The year starts with the Democratic primary still in full swing with Elizabeth Warren calling and Bernie calling for breaking up big tech. I then through the onset of the pandemic, we become ever more dependent certainly on the tech we're using right now, all the different versions of how we can virtually communicate and hang out and also on Amazon and other e retail to deliver all sorts of goods. And then with the social justice protests with the murder of George Floyd and a renewed focus on systemic racism. We've also seen a wave of opposition to hate speech to what it how content is being moderated. And of course we've got tracing apps for how we're going to control the pandemic going forward. So there've been some good things, there've been some bad things we in many ways have also seen an acceleration to the future of work. And we're still in an election year which is given the role of certainly Facebook and Twitter in electing Donald Trump. That's part of the mix. So we're going to be talking about what's the balance was is this a good year or a bad year for tech too soon to tell, and what are the other implications. We have a wonderful interviewee read Hoffman, who is the co founder of LinkedIn, who's a partner at Greylock Ventures a venture capital firm, and most importantly, although that doesn't mean we'll give him an easy time a board member at New America. So read welcome and thanks so much for doing this. I want I do want to start just by asking you to give, give us your sense of what that balance is if you think about sort of the tech clash that wasn't just this year it's been last year as well as this year. And then then the pandemic, the role of the tech companies, big tech we're talking about in the in through the the co vid and then again now suddenly the role of social media platforms in particular, it's not just about advantaging social movements in some ways but also the tension around hate speech so just give us your starting sort of overview. So, I think that we are broadly still unfortunately in tech clash and I say that unfortunately not because I don't think there are obvious and definitive ways that tech industry can't needs to improve how it functions within society within democracy. There's been various kind of questions around, you know, the ethics around technology for, for example, racial justice or other kinds of things. And I think there's, you know, there's definite, you know, substantial room for improvement there. But, you know, as you know, my point of view is that look at almost anything you care about for betterment in the future, whether it's climate change, whether it's, you know, economic justice and and kind of creation of Jim new economic opportunity, whether it's, you know, you literally probably even racial justice, the strong technological component. And so, where where the tech clash becomes kind of anti technology, it becomes a serious problem. Now, when it's a look, we would prefer the tech firms to do X versus Y in the following way.  It's actually in fact doing substantial more harm than good. And I think we're still in it. And I think the only reason why we're why it's not as immediately apparent that we're in it is because of pandemic. The clarity of like our civil rights movement version to hopefully in this time actually in fact really catching. Now, of course, part of what enables this take of the civil rights moment was the fact that we have smartphones and cameras. And we can say, Oh my God, that is like evil and terrible and we should do something about it and it isn't just they are just talking about like, I can see it. And so it's part of the benefit that technology can bring in these circumstances. And so we're just not seeing as much the tech last year, I think it's just still there, you know, behind the whole thing, because the attention is on public health and and and it's, you know, it's ongoing, you know, train wreck disaster. The economic income impacts of the pandemic, which you know GDP down by 3030 plus percent when previously a quarter rise was one, you know, and obviously disproportionately hitting, you know, communities of color service industry, you know, lower income Americans are just just just terrible. And, of course, a political system where it's operating where the, you know, the president is emphasizing reality television and discord, and nothing regards to a intelligent response these crises that we're in. So let's so. So yeah, so we are still in tech lash I would I would agree with that. But let's go somewhere in between the Luddite sort of view so my son my 23 year old son gave up his iPhone for a smart for a flip phone halfway through college he's in the, you know, he writes letters with stamps with something that his father and I have done for 10 years. So there's that the sort of anti tech back to the land back to some mythical past. And then there's the Silicon Valley sort of or all embrace what about that intermediate position of nope it's big tech we don't like we're all for tech but we don't like big tech and big tech has gotten even bigger. In this moment right the Amazon has gotten bigger we we are more dependent on than ever on the those really big firms what are we seeing any shift there. I don't think we are. Although once again, I'd say our point my my view about what we were we should decide should be on the big tech question should be. We live in a multipolar world, we have intense fine competition for American economics, American power and prestige American influence on the world order. The tech industry is actually one of the places where we have a very strong position, although the Chinese competition is coming hard and fierce and I think there will be even broader than that. And so I think our view that even though it's I think a fact that big tech continues compounded these very high scales. Our question shouldn't be the okay how do we go hit big tech with a stick. It should be the how do we make it better for American democracy American society American values to the world. And what is the ways that we interact in order to make that happen. And that's unfortunately, I think the tech class against big tech is still basically like they're in the same muddled way it was in the last couple years before the pandemic. Because you know you have this weird by valence of both. Ooh, you know I know that like Google is doing something with my data.  I'm not even sure I was aware you could get a flip phone. It's hard.    And so there's, I have some, you know, impression that there's something bad with these tech firms. And by the way it doesn't mean that I'm not in the tech firms are they like not making mistakes of various forms and aren't there isn't a better way for a society to have a dialogue with them to improve where society is in terms of shaping what's going on, potentially within democracy. And there's also questions that artificial intelligence, the question about, you know, which kind of development of which systems like if it perpetuates racial and bias, you know, the rage, the racial bias and judicial and other kinds of systems terrible, like you know, you really need to fix that. And so anyway, so I think that the big tech lash is still there. Again, not as much paid attention to not as much top of news headlines. The top of news headlines are so occupied with. Oh my gosh, our society and asteroid is hit the well functioning while it wasn't necessarily well functioning before, but whatever degree was functioning before was really well compared to where it is now. So I want to, I mean, we're going to come back to talking about some of the questions of algorithmic bias and some of the more more specific questions but I want to push you on the competition with China point this is a probably a place you and I may disagree so the, there's no right there. US and China are the big tech competitors. The EU is a competitor in tech regulation but much less in actually having its own homegrown tech companies and we'll see with India and others but so the argument often is, and you alluded to it, look, China is huge right we got all about Ali Baba we got 10 cent by do these are enormous companies, we can only compete with them if we're enormous too. I guess the so so their group of people at New America saying what we actually need there's the Chinese model of the internet where you know the government can do pretty much whatever it wants. So there's a lot of regulation of how Chinese companies actually interact with Chinese consumers but it's basically an authoritarian vision of what the internet is and an increasing surveillance society. The European view which is highly very protective of privacy but also, you know, given Europe's own experiences with the state, you know, really very, very nervous, more so than most Americans, and that what we actually need is not to just free our companies to compete with China unrestricted but we need our own distinctive American vision of what the internet and what what a virtual world a digital world looks like that builds in privacy, equality, a measure of justice that that actually we know what we don't want but we don't have a positive view of what we do want. So I think, you know, I think about level description I probably agree with you. My one asterisk would be that to some degree, your ability to imbue the tech platforms of the world with your value structure depends a lot on on being able to get very broad adoption. So for example, you know, while we can have this discourse about like, well, what should kind of social media and communications clients kind of be when we're trying to return our democracy to a healthy state where we think that they're actually in fact discourse is leading towards increasing belief and truth in various ways. And you say well, what would our discourse be like if our communications platform or 10 cent right versus the ones that we have. And the answer is very different, because our ability to influence it would be actually in fact a lot less. And that's actually of course one of the reasons why the Europeans are, are, you know, deeply concerned about the global strength of the US tech industry because I like well we have these values, and, and, and we have a very limited ability to influence it, because the firms that are creating the platforms that we're operating on are all based in, you know, the West Coast of the US versus versus here. And, you know, look, I'm sympathetic and I think that there's, we're much closer to the European and a variety of value systems. And so I think that that that's a navigable thing. And that's the reason why I do take as primary, making sure that you have the kind of winning tech ecosystem, because without that, you can talk as much as you like, and there's very little you can do. So, now, that being said, do I say do I want a Chinese, you know, ecosystem, you know, as the one that that that is the one that we're kind of build our, you know, a system of progressive and liberal values, I don't mean that as anti conservative. It's kind of a traditional American sense of a set of values. No, no, no, no. We want those and we want to have the right discourse and that the, the ethical tempo of it should be by a well functioning society and should be by a well functioning government. How do we get to a well functioning society and the well function government are very big and challenging problem. But like the question about like, well, where should individual liberties and privacy be and where should that be against society and what what function should the government have in this and what kinds of things as on limits and off limits for companies to build. Those are really good questions that should that need development. But, like, again, like, for example, if you were, you know, let's go to another country of great values, you go to New Zealand and say, Okay, well, you can, you know, you can say, Well, we think is what the following things of what should be true of all internet browsers. Well, that's very nice. You know, great country, very wonderful, wonderful people, wonderful government, wonderful country, not going to mean anything.  I was thinking about you could imagine American tech companies competing against Chinese companies around the world on we can safeguard your privacy better. Right. And there are there are many people, you know, that is something we should be able to compete on. On the other hand, of course, from our own government's point of view, we have not hashed that out. There's Apple would say that there are many people not new America but there are others who would say but that compromises our security so there is this interplay between domestic, you know, the domestic tradeoffs and I take your point of, if you want to, if you want the world if you want to spread the values you've also got to spread the system but you also have to make sure the system reflects the values. Let me put let me push on the big medium. So, again, the counter vision that we have not seen except maybe in a few cases is, yeah, we, we definitely do need to compete with China, but we could have multiple smaller interoperable systems rather than this is the baby Bell's argument. I guess I want to sharpen that question though by asking so we're on zoom. Right. Zoom was, you know, Microsoft has its teams you're on the board of Microsoft Microsoft has his teams we got Google Hangout we got I don't I don't use the Facebook products but whatever they are. Zoom in my experience is really better. So, is zoom a kind of one off or is this actually an example of the argument that no you can compete even if you are smaller you really you just have to, you know, seize that market niche because one of the most compelling arguments I always find is that you know so many of the startups are in Silicon Valley are just waiting to get bought they don't actually want to build and and and create a whole new ecosystem but zoom zoom's like right now you're seeing a company grow very very fast that wasn't a big company. So, and by the way it's not just zoom. I mean, there's slack. You know, in the previous thing, there is, you know, like people said all dominance of Facebook and then snap came about, you know, there's a stack of things and I think that the thing that the, the most the folks in in kind of antitrust thinking haven't made two important upgrades and no thinking. One of them we've already talked about a little bit which is global like this is not an American run universe anymore. And so, as it were the so goes America so goes the rest of the world is not actually the way it plays so you kind of say well look at it looks like it's dominant here. So we should try to unwind it and I think about, like, is China going to go say oh we're going to go break apart 10 set right and the answer is not really. And by the way, I don't think the Europeans would do it either if they had it as well. I think it's kind of the question of the of that kind of competition. Then the second thing is, is that you know what we have call it, you know, five plus large tech firms. I think that's five plus large tech firms going to 10, not going to two to three. And when you have a number of them that they're all competing really ferociously with each other that competition creates lots of space not just in the competition between the large firms themselves, but for startups. So, you know, why is it that, you know, zoom says, look, we got a much better product. There's this open platform called the internet, we can deliver across it. We're going to move fast, be very focused exploit that opportunity, but also, you know, slack snap. Right. I think there's more of a challenge on mobile than there is on internet it's more of a question of iOS and Google and like stores and so forth. But you basically say look, this is a growing number and there's room for competition. Now, to the last point that you were mentioning, look, there's some Silicon Valley firms as a number of them that go I love to be acquired it's a good outcome. But Silicon Valley, I think fortunately for the US and fortunately for all a lot of people here very ambitious everyone's like I'm going to establish the new platform. The majority of the companies I personally invest in have that as a goal and a characteristic. I think that's generally to across a lot of the top tier venture firms. And so, and the thing that's interesting is now, we kind of have like multiple platforms that are interleaving. It's not just like one.  And so you have these kind of platform set of technologies which then gives more space for creation of more for the competition of it. And so part of the reason why zoom comes about is neither Google, which their modern product is called meat, by the way, Hangouts is the kind of weird deprecated one shows you where are you or Microsoft or zoom, right? Like, like, like when zoom was going, neither Microsoft nor Google were really focused on it until like zoom and already built up an intense momentum, and a product really going and now of course, by scrambling to compete that's the competition that creates better products for society. And as part of the thing that is the, the insight of capitalism in providing value back to society. So can I just ask you said you're going from five to 10 rather than five to three that was what you want to want to let us in on the there are five you expect to grow. Yeah, well so I mean exactly which ones I think is unclear. But like for example where will Salesforce end up.  You know you could see what depending pre pandemic. Because basically once you get a tech company to be growth it tries to grow into as many niches as it can. So if Uber weren't dealing so intensely with its drop of passenger vehicles, it would be, you know, kind of similarly, you know, kind of operational in this.  Obviously Google is there with Waymo but the investments I've made in in Aurora and neuro as as kind of as as as super interesting and and leading elements of this so I think there's a stack of things to make AI. So, you know, you've got these mega giants both in the US and in China which by the way I think require a huge scale, and, and in the kind of the small fragmented firms basically don't succeed, mostly on that. But then of course you've got open AI, which is out there and and and going really, going really well with us and so anyway so that's the reason why I'd say like the most of the all my god they're so powerful. That's an issue it was like well they're defining the medium in which we're operating that medium is super important to the health of society, but actually in fact they're not. They're not mono polar right they're actually competing with each other and they're creating a bunch of space for other startups that are up and coming. So let's let's turn to the social justice side of things. I mean we've got twin pandemics and the you know there are a number of ways in which I think people worry, or argue that the tech companies, big and small are making racial inequities much worse. So let's just start there was a story in the New York Times of it you know at the guy who was picked up because of facial recognition software and African American man, we know that facial recognition works much better on whites than on people of color. And you know the skies actually picked up and taken to jail and he finally says no so the whole there there's the whole issue of algorithmic bias, which we know is the people who make the algorithms. And this goes, you know, not being able to ask a ask Alexa or Siri about you know rape is a way with what they're all sorts of examples, but then there's also the sort of tremendous divide in terms of jobs right the really good tech jobs, the really bad gig economy jobs that are just plain service jobs, and that that's disadvantaging people of color who are already at the bottom of the educational heap and this is just making that that much worse. And then, and then related of course algorithmic bias is just the this is Silicon Valley is has tremendous racial disparities and you are starting to see people, you know, agitating from within. Is this a moment that really impels tech to change me all of us I run an institution, you're on the board of it we are looking at how do we really transform ourselves how do we make sure as you said, this time around. We're not looking 50 years from now and saying oh yeah there was a big civil rights movement in 2020 and you know there was a little. Now schools are more segregated than they were in 1970 how does tech grapple with this. So, look, it is my ardent hope and also work and I think yours and New Americas as well that now that we're in kind of the civil rights moment to that we will actually go and get some more substantial progress on this. Versus the kind of a oh look it'll kind of work out and it's, and that's fine and I think that one of the reasons why I think that the modern language of saying it's important to be an anti racist, not just not a racist is correct. And I think one of those problems where if you're not part of the solution you're part of the problem. So if you're kind of sitting around quietly saying look I took my hidden bias training and I make sure that I interview proportionately for positions across you know gender people of color and so forth and in and making sure that I'm kind of cross checking our policies are modern and so look I'm doing my part and that that's it in the system will ultimately work out. The problem of course is this allows those key places which are systemically biased against a disenfranchised class, or those those number of people who are bad actors who are in and within the system who create that oppression.  You know, whether it's because of public unions or because of policies or anything else I'm allowed to keep doing it. And it's like no no that creates an environment of fear and terror and it's part of the, the, the, the overall disenfranchisement of the class. And so we all have to be working on that. And then that is true, obviously for the tech industry as well. And, you know, there's, there's a set of things within the kind of philanthropic set so it's everything from as you know opportunity at work which is, you know, kind of spot up within New America with Byron geese is kind of making sure that we have kind of diverse inclusion within tech jobs and making sure that there is a path for getting those skills getting those jobs and being part of the economic growth and the economic wealth that is created within these to make sure that that's, you know, kind of broad within distribution. So, you know, folks, howdy part of these code or let's make sure that computer science is taught in every single high school, including every single, like every single public high school, every single high school in the poor communities which of course frequently overlap with the tech companies and let's make sure that's there and so that opportunity is there. You know, there's a various organizations within within Silicon Valley like a code 2040 and other things that are like okay let's make sure that those tech things are there. Then when you get to the tech companies. I think that one of the things that you know is really good is that the tech companies are now thinking okay so how do I disproportionate like how do I target to make sure that recruiting is working how do I go to historic black universities and colleges. You know how do I, you know how do I do these things how do I make that happen more. And how do I make sure that there's the right support groups so it doesn't just like the, like the, like the voice can be heard within the organization and I think that I see that every organization I'm touching so I think it's really really awesome. You know the CEOs of community are committed so now getting to the tech and the algorithmic side. Clearly, I actually think that the facial recognition one while it's obvious and visible to do like okay they trained on all these corporates are white faces, and all this other shitty things that lead to the bad training because of that. The more deep ones are like for example, and this is not really AI but but within machine learning is like what happens in parole judgment software or sentencing recommendation software, which is really hard to to cross check. When people have done the work, they realize that actually in fact, because it's, it's going over the heavily policed, you know, kind of black sub community that it's being it's it's hardening biases hardening injustice in that arena. But you know, okay, that really needs to not happen. Like it's already, it's already operational and that needs to be changed, like today, yesterday, tomorrow is too late. And so, and so I think there's a set of things there and I think one of the things is good is all with the attention is like okay. I want to be deploying a software systems that have economic impact or social justice impact. You need to proactively prove that you are good right on the civil rights vectors you have to prove they say, we actually cross checking to see if there's racial bias or cross checking to see if there's gender bias. And you know that will require some work from society which numerical probably be the, the spirit of to say, well, what, what is the test bed what is algorithm look like what are the kinds of things that say no no actually in fact, even if that judgment happens to judge you know this specific class that that's actually in fact okay out of all the data sources, right, or no, the moment that you have any disparity from a demographic average, right, you have a problem with your algorithm. And how do you and how do you do that and that's going to be super important to do. Now, the good news is of this is the bad news is if you institutionalize parole like judgment software, you can institutionalize racism across the entire country. In one pieces off or be distributed. That's the terrible news, which is really important. The good news is, when you fix it, you can also be like pushing back and being anti racist across the whole society. And it's one of the reasons why I still tend to be a call it a techno optimist not a techno utopian what you build a technology is not necessarily the right values, but you can do things that are substantially better by doing it. And that's the work that I think we want to take in this, this kind of civil rights movement to, in order to say that that's the thing that we need. And the good news is, as far as I can tell across all the tech companies on, you know, have any relationship with the go. Yeah, that sounds like a really good idea we should do that. I can actually imagine something like a lead certification system right with with various kinds of tech where you actually have an anti racist filter, or civil justice civil civil rights and civil justice filter. There are questions coming in but I want to ask you just a couple more. One is, you know, when you were talking about the civil rights movement I can I went to college at the very really at the end I'm in the 70s, but I cut my teeth on divestment in South Africa and the sort of center of the administration and I mean this was the late 70s. And of course, it takes another decade. But I, you know, I'm looking at what's happening with Facebook right now the drop in advertising revenue over Facebook's, you know, decision not to take Trump's tweets down, having to mark them in some ways but basically not to respond in ways that internally they've got there's an employment issue like I you know people from the inside saying act, you know, becoming more and more activist, but really what is striking is suddenly advertisers undoubtedly responding from pressure among their employees saying we're not going to advertise. Could this be like a divestment moment. It could could escalate. And I do think that by the way some of the employees within the advertisers who are, who are pulling down probably there are some movement there I actually think this is a, this is a good corollary just as as the anti apartheid movement is a good corollary to the social movements because the social movements went and realized to say, well actually back there's all these companies that spent a lot of money in the brand, part of their brand has to be, but we are, we are, we are, we are society positive we are, we are race positive we are gender positive these are things that map like we, we, we, we go 10 out of 10 on goodness in these vectors and they went to them and said look you're, you're, you're advertising on a system which is allowing a range of hate speech that's much worse than you'd like. It's, it's some of that speech might be juxtaposed to your advertising. You know, is this really where you want your brand to be. I think that's the actual the central, the central movement of this. And I think they, you know, a bunch of the companies kind of went, yeah, right. I, that's not what I want to be associated with and I think that kind of movement it's one of the, the kind of boycott movements against kind of like organizations that is actually I think one of the things that is a classic kind of Western American and European, you know, effort that by which people express their, their change the change in values on an economic basis. And I think that's, that's like happening in a good way and frankly, on a political side, you know one of the things I've been thinking about trying to go and assimilate for the, you know, next month is, is an anti Trump boycott, you know, because it's kind of like okay that the, that the various forms of enrichment with moral logo and all the rest that should not be part of an American political system should be protested in an economic ways as well as in political ways. But anyway, that's what I actually that's from what I'm not deep student of that that's what I see happening and I think that is effective in various ways because as the say look we, we're only going to put our brands in places that have a, you know, essentially reflect the values of the brand that we want. And if we believe that kind of the, the, the boycott movement saying like the hate speech regulation here is not good enough. Right. Then we're going to act and I think that's what you see happening and now how like I hope that it makes certain changes but I think that's like TBD, the depth of the changes so far. Yeah, although it is interesting because the classic boycott is a straight consumer one.  Just because it's super important it's also you need to keep your brand aligned a certain way to your entire not just your employees to the world and to other consumers, and we're going to highlight where you're misaligning your brand. Maybe we won't advertise there. Yep. It's interesting. Okay, so one last question and I'll turn to the two questions from the audience. So, there, even before COVID, there were articles sort of the end of 2019 saying Richard Florida wrote one saying you know, young people are starting to move to a whole group of medium sized cities that have highly educated working forces at that point high employment that that that has changed lower cost of real estate and there are a whole list of some in the heartland some in a lot in the southwest but these are not the kind of Austin Boston Silicon Valley Seattle Denver concentrated geography of jobs. And now you have remote work Facebook is saying and Twitter you know we expect that 50% of our people will keep working remotely that's a dramatic change from campuses.  Suddenly those engineers can actually move back to where many of them were trained, which is the Midwest, it's Michigan and Purdue and Illinois, they've got kids their kids their parents are aging the good reason to be closer. And the quality of life is much higher so my question is, are we finally going to see a meaningful shift in what more ready calls the job, the new geography of jobs which has not only increased inequality but of course has created huge problems for those cities I mean homeless homelessness and traffic and high housing prices all interlinked in various ways. So, I think the answer is we will see something of a shift. I think that shift will be somewhat enabled, especially because, you know, part of during the pandemic, we'll get a reset by which a bunch of people will move and will and then the organizations will adapt to having offices work, etc. Now that that being said, I don't think the pandemic shifts the reason why we have what I think of as the densification of networks, which essentially leads to the urbanization. Anyway, which is what happens as we live in more and more of a network world, you know, kind of the network to age. And actually, in fact, being close to the center nodes of the network is super important for economics economic opportunity power and influence, kind of position within whatever tribe you're talking and I tried could be, you know, a country I tried could be a company could be a group, you know, whatever that is. And so that will continue and I don't think that we have. I don't think that the, the fact that we will now been kind of forced to develop our markets through, you know, a lot of zooms and teams and meets and so forth, that those principles of relation relational kind of combination within tribes for it, and they proximity even though proximity through these zoom things as far out proximity still really matters. That's the reason why if you look at what the engines of economic growth tend to be, especially within new firms and technology emails that tends to be within urban areas. Yes, we get some energy things and we get, you know, kind of natural resources and some other things. But by the way, when you get to like, okay, we're now inventing new energy. Well, that tends to be centers of jazz agreed same thing that generates universities is you get an aggregation of a certain kind of nodes of networks and connections certain other nodes and that's what drives it and so that those forces are still there. It may be that the absolute intensity of the forces has been diminished by the development of tools that the realization of the value of having distributed nodes. I myself have been working in a lot of ways to create entrepreneurship in places outside of Silicon Valley, you know, within the US and globally, it's endeavor it's key but it's a whole stack of things because I think the more entrepreneurial hubs we have the better off we are as a society. I think that's actually a super important thing. And that's just one area of it I think the same thing is true of having multiple areas of doing science multiplayer is doing tech multiplayer like this is this is like a really good thing. But it's too easy for us to draw the straight line and say oh look this is going to reset so now it's totally different you're like, you know, the same forces that lead to why there is so much new tech company creation and Silicon Valley will continue to create that kind of tech combination within Silicon Valley. We want to create as many others as possible, but the forces are still there. Interesting. All right, we've got lots of questions and you've got some tough ones, or just really excellent questions so one from Rebecca McKinnon. A Washington Post editorial on Monday criticized both Trump and Biden for having the wrong position on wanting to revoke section 230 for different reasons, which as you well know shields internet platforms from liability for what their users do so they both want to revoke it different reasons. The question is if Vice President Biden were to ask you for your advice on what his policy should be on the internet platform regulation specifically 230 what would you tell him. So, let's see, I'll make a couple of first comments so one is the funny way that and 230 obviously is the, we don't edit editorial eyes and and don't monitor it then we're free from the accountability and the liability of things that things that are set.  They got monitoring functions right so the 230 as no monitoring function is this one this weird illusion that everyone talks about the real question is just where do you set the lines. And where do you set the lines between saying hey look we're going to enable as actually broadly diverse speech as possible. I don't know you're, you're responsible for this in the traditional way that publishers are responsible. Right. And so every single speak piece of content is as if you paid for it, and it was your employee who put it up out of your organization, which of course is where media would like because they would like it all to be like them. And so, and the question is as where in that in that line and I think that the answer is, look what we should, the real dialogue and this gets is, is where should we say, here is the places where we should say, in these forms, you have some less restrictive publisher liability, less absolute than publisher liability, but more than no liability. And here is what those should look like so that we have the better balance of things. Because by the way we're already doing that even though 230 says well, you know, like, like you don't monitor, you're not watching, and you're not editing actively so you don't have accountability well the answer is they are watching and they are editing. Because they're already doing it for very, very selective things that everyone goes he ever like everybody should do that course. So that's the mods that should happen now broadly speaking. I think that part of the virtue of the American entrepreneurial system the virtue of the American free speech system is we say restrictions on these things we show we we choose them very carefully. Right, as opposed to saying, we have a centralized bureaucracy that makes all these decisions for us, we say look, we try to allow the system including crazy people people who think we never went to the moon and so forth. We allow crazy people. Right. But that's because we want to make sure that we're not locking down what we can discover that the new important thing that might otherwise be eliminated by a central bureaucracy. It's not very choiceful about how you move it out. But I think some choices of how to move it out of good things now obviously I think both the reasons you know just as Rebecca said hi Rebecca, both, both, you know, both of those two positions seem to be badly put from an American values perspective. So we've got an interesting question from Esther Dyson says, do employees in tech companies matter more than shareholders. In other words, will human capital supersede financial capital. Are we going to move them to talentism. Well, the human and financial capital is a whole other thing that we can spend a whole hour talking about. And that's our question. The high Esther, the. And so what I would say is broadly speaking, I think it's always been the case that to some degree companies are more responsive in some ways to employees than shareholders, partially because shareholders as a block tend to be we have one fairly easily mechanism which is, are you leading the business in a way that increases the value of the stock, like you're increasing revenue increasing, you're increasing operating margin, you're operating ways your brand is increasing the belief in the future relative competitors, and that tends to be the the totalizing factor across all of them.  It's really like, you know, suppressing indigenous communities or other kinds of things that are like, okay, you know, this, we can create a thing that that tar is the whole company. Stockholders tend to have that shape, whereas employees tend to be the well we work here we choose to work here. You hear our voices all the time our degree of morale, and, and, and willingness to work really hard and do innovation and invest in the future the company really really matters. So, I think it's actually frankly more revealed now in weird ways because it because this kind of loop for like, it's easier for for employees to do a walk out, for example or a virtual walk out to express their, their point of view. But I think that's kind of broadly speaking, always been the case. And I think that, in a sense, one of the things where the trend lines going is where you get to, you know, MBA schools and leadership schools is actually next I think there's going to be need to be more attention put to this, because I think it's part of how you create actually really great companies is is is where they, the culture and the employees are like we're working for the mission. There's a mission to this company about what it's doing in the world and we're doing that. And that naturally goes to, I'm not sure talentism is the right word but I think it goes in that direction I think that there are many good things with it, even though there's also some really kind of weird things with it too. So I've got a question here from Baldas, this is back on on sort of tech and social justice so Robert Smith has suggested take 2% of a business's bottom line and put it to work for minorities. Netflix did this this morning it gave a percentage of its bankable monies to minority run banks so is this what tech should do just take a, you know, a 6% and say we are going to affirm as you said race positive we're going to do something that affirmatively helps minorities. I'm not surprised that Robert Smith has a super smart suggestion, I interviewed him from Massachusetts scale that's how I got to know him. Very, very smart man. And I think that's a good idea. I think it's a good idea to say, look, what part of the, because, because part of of course how you begin to really like an American way to systemically think about how do we change racial justice is to say, well let's be co owners. I'm not sure that they have not just, you know, kind of like economic opportunities and pads, but if they're co owners of society they're bought into it, along with everyone else. It's the same reason why we, we value homeownership and we value like community ownership was like, Okay, so let's make the financial institutions that help elevate the black community and we want it'll be such a better society if they're calling us with it so it's an excellent idea and actually in fact, I'll talk to Robert about it next time I talk to him. So then a question from Mia Armstrong is back to China. Any thoughts on how tick tock plays into all this. What's the credit for its huge success but to go over the last few months I can tell you that we're all sitting on screens. But does that say anything about the future of Chinese tech companies in the US market. Well I think we're beginning to see it so previously like five, 10 years ago, the where Chinese companies were very strong but where they were diamond was China, and now we're beginning to see them going to other places. And tick talk I have some knowledge of because actually that came from a investment that Greylock made in a Shanghai company where other investors to go we were investors called musically, which, which generated tick talk and it's now part of bite dance. And, and so I think that what you're going to see is you're going to see more, not just innovations because our innovations coming out of China that US tech firms actually go that's good. And the way tech competition happens is not only do we copy it, but we take it and we rebuild we build the next version of it. That's, that's the progress of this kind of competition. And I think you'll see, you've already been seeing that, but now you actually see presence of these platforms presence of these of these of these applications and I think you'll see more and more of it. And yes, we don't see as much of it within the US, because we have a strong kind of tech industry. It isn't the most natural place for the Chinese firms to most often go where they most go and compete is the rest of the world. And like, for example, areas where the US tech industry is failing very badly is in the payments OS for the rest of the world. This tends to be Alipay. And actually, in fact, you said, well, what, what might determine the future of a reserve world currency, right, because we all go where we live in this very comfortable spot where the dollar is the reserve currency. Well, actually, in fact, tech, it may be the thing that changes that. And it may be the fact that when that when it's a Chinese tech platform and the entire rest of the world that does all the payments infrastructure, that may just go, Well, look, we've got to automatically shift to the R&B. That's the reserve world currency. And by the way, that would change the economic futures of absolutely everyone in the United States, as an example. Right, we, we have this fortune, more than, you know, that benefits us more than every other country in the world because the reserve currency. And so I actually think that the what's really going on most Americans, like you see tick tock. But actually, in fact, that's already massively going on in all of the rest of the world.  But by default, that's part of the reason I was like, leave us alone, let us compete with China, which is not what we should care about society. But like, if you don't do that, we're going to lose and that that that won't just affect the tech companies that will affect the entire country. Well, that leads perfectly to the next question, which says it seems people might agree with you that we need to occupy the primary technological position if we want to have any real influence. But it of late, it doesn't seem that we're sufficiently using that position to advance the values we hold dear, how should we do that better. Great question. So, of course, the really top level asterisks is have more unity as a society. Which like how do you do that, because given like how much like, like part of the problem about having a president who is who is divide and conquer who is who is discord in chief leads that enormous repercussions across the entire thing we definitely want to have kind of like, look, how do we get to the bases or working together and have more unity and by the way, that starts with the Congress like we're fundamentally a Congress run country. And so you have to work on the Congress and you have to improve unity of relationship with the Congress one of the things we agree on in order to make those things happen whether that's right choice voting time electoral vote popular vote all these kinds of structural things. Now, within the technology space. I think the, it comes down to saying look, we think that the following things are the values of America, both internally and also what we want to advocate globally. And then, then, for example, you could this is one of the things that when I was talking to the Obama administration, which was, you know, very forward looking and discourse on this I say look, I would start opening up discourse I'd start with discourse I would start with that company saying, look, this is this kind of stuff we care about. What can you do to help with it. Right. And by the way, if you can't do things to help with it then we have to start regulating we have to start saying look we're going to start opposing opposing accountancy driven metrics for you on certain kinds of things.  We're going to use AI to do send an analysis the following way. And if you're not showing your metrics going down on hate speech year by year. This is the kind of financial penalty that's going to result from it, which is something you could kind of easily do. There's a lot of detail on that, in order to get it right. But there's stuff you could do. But I think you start with, hey, you guys are the innovators. These are the things we care about. What can you do for us. What can you do to make that happen. Because by the way, you might be surprised at like, oh, a much better idea. The problem is the old fangled regulation was, thou shall only do the following thing and the following process. The problem of course is we're evolving and changing and when you do that you lock in the past against the future you need to continue to innovate. So do it against targets doing against things that you measure and say, hey, how you get there is how you get there. But these are the metrics that you do it against and that's the kind of thing that I think is the discourse that needs to happen between essentially the government the public institutions and the and the companies, the technology companies, all companies. So we have two minutes. So I'm going to ask a question. Do you believe that the US will be the hub of global tech innovation in 25 years from Victoria Jackson. I think that we're strong enough and we have enough of, even though we're trying desperately to kill ourselves on this. Like, example, the superpower of America is immigration. It's one of the things that for example when you say well, what would be the thesis by which this would be true against China for example is that we continue to do a hey we're a great place for people and bright minds to come from around the world, and the universities participate in the startups participate in the tech companies, and that's our superpower and that if we're doubling down on that superpower I think the answer is yes. If we continue to do what we're doing, which is to say, oh let's actually in fact take the thing that we have the best competitive edge, when you consider us against China, when you consider us against Russia when you consider us against any of these other forces, and let's actually break it. Let's, let's break our, our position let's make it let's make ourselves like throciously xenophobic and anti immigrant. Let's make ourselves anti the Statue of Liberty. Then I think that there's a good, there's a good possibility the answer to that question is no. That is not a good techno optimist and to note to end on but it is. I think we can do it, but we need to like row in the right direction and I'm going to this is the way we need to row. Great. And I would say, yes embracing the way we both reflect and connect the world and frankly addressing our own unity problems but race problems. There's no there's no way otherwise. So read Hoffman thank you thanks to the audience there were great questions there were more than I could ask. And thanks to slate and ASU and again our tech staff and Faith Smith and Andres Martinez who make this happen and Tori Bosch on the slate side. So thanks all. Thank you.


Thank you, Tillman Lüder. I now give the floor to the European authorities and my colleagues. The floor is yours. Thank you, William. Let me first check whether you can hear me well because I have some trouble with my audio. Can you hear me well, William? I can hear you well. I just hear my own voice echoing. Okay, maybe you should then also put on music that might be the advice from my side. So I was concerned about my audio, but very good to hear that it's working. And let me thank first the co-panelists, Isabel, Tanafe and Tillman, for being together on this panel. You know, I am afraid that there will be a lot of similarities and some very aligned messages coming from the panelists. Let me also thank the ECB for organizing the event. And finally, thank Tanafe, but also his two predecessors, Coach Tillman and Stephen, for chairing the working group. I think the progress has been very good, and the fellowship has been very important. It is really a pleasure for me to participate in this year's Roundtable on the Eurowrap Free Race. And the Roundtable, organized by the ECB, has become an annual appointment to discuss the state of play of the interest rate reform in the Euro area. They bring together stakeholders from both the public and the private sectors, and it's important indeed that they have a dialogue on this important topic. I fully support the aim of the Roundtable, which is the sharing of the wealth of knowledge and that the working group on the Eurowrap Free Race has built over the last three years with the broad audience also present here today. Before listening to the presentation on the two consultation papers, which will come after this session, I would like to speak about Esma's view on the topics which are today on the agenda. From here from now, Esma will substitute the Belgium FFMA, the Belgium Securities Regulator, as a supervisor of your IWAR, and also of the administrator, the European Money Market Institute. We at Esma are preparing ourselves for this new supervisory task, and we are committed to managing this new responsibility in a smooth and effective way. As part of this preparation, we are cooperating with the FFMA to ensure continuity in the supervision of your IWAR. The FFMA has already authorized the European Money Market Institute as an administrator of your IWAR under the Benchmarks Regulation. These supervised entities can therefore continue using your IWAR for the foreseeable future. The European Market Money Market Institute developed and implemented the so-called hybrid methodology used to calculate your IWAR. At Esma, we consider this hybrid methodology world of resilient and transparent as well as compliant with the Benchmarks Regulation. Thanks to this hybrid methodology, your IWAR was able to properly navigate the turbulent waters of 2020. During this challenging period, your IWAR has been reacting smoothly to monetary decisions by the ECB, playing its role in the monetary transmission mechanism for the euro area. Also, between the first and second quarter of this year, the underlying market of your IWAR is a temporary liquidity reduction, but the hybrid methodology was able to cope with these adverse circumstances. And starting in May 2020, the liquidity of the market underlying your IWAR improved again, moving back to the level experienced before the COVID-19 crisis. As you are aware, there is no URIBOR discontinuation in sight. Still, I would like to share with you an important message in relation to URIBOR and it's been also a message that was already shared with the previous panel participants. Market participants must include a full-back provision in their URIBOR contract. Full-back provisions are recognized as the most effective way to increase contractual robustness and they are increasingly becoming an industry standard across different areas of business. Besides, Article 28 of the Benchmarks Regulation requires supervised entities to include full-back provisions in their contract referencing Benchmarks such as URIBOR. But there is a regulatory requirement that must be fulfilled. We know that URIBOR is widely used not only in derivatives, but also in mortgages and other types of loans. This means that millions of European households have direct exposure to URIBOR. As not mentioned, it's to enhance investor protection and promote stable and orderly financial markets. As URIBOR plays a substantial role in new financial markets, any issue related to the continuity of URIBOR can become a risk to investor protection. Market stability or orderly financial markets. For this reason, we do not think that financial firms can afford to take any risk of contract frustration vis-à-vis URIBOR contracts. Implementation of full-back provisions in all URIBOR contracts, including legacy contracts, is therefore a regulatory and supervisory priority for ESMA. In the course of 2021, ESMA will work together with the National Commandant Authority to monitor the implementation of the final recommendation on URIBOR full-back provisions by the working group on Euro risk free rates. ESMA and National Commandant Authority will use all the tools at their disposal to ensure that supervised entities across the EU adopt on a timely basis the viable URIBOR full-back provisions which are compliant with the benchmark regulation. As said, after my speech, we will hear about the URIBOR full-back provisions proposed in the two consultation papers by the working group. One of the two consultation papers focuses on the URIBOR full-back rates, which will be based on ESMA. As we will also hear later today, for some asset classes, such as mortgages for other types of loans, the consultation paper proposes to base the URIBOR full-back rates on a forward-looking term structure. And this brings me to the second topic I would like to discuss today. A liquid asset derivatives market, providing reliable and transparent price information, is a prerequisite for producing a forward-looking term structure. However, the current liquidity of the asset derivatives market remains modest. Since October 2019, EONIA has been calculated as asset plus 3.5 basis points, so EONIA derivatives markets and asset derivatives markets are now equivalent from a risk point of view. But this is not sufficient. Many traders are still using EONIA in new contracts out of habit or inertia, despite the fact that EONIA will be discontinued in January 2022. Therefore, my second key message today is a call on all market participants to take every necessary action to ensure the full and timely implementation and transition from EONIA to ESTER. Financial firms should now actively use ESTER instead of EONIA in all their new contracts, as well as in their internal systems and calculations. An increased use of ESTER in derivatives contracts will have a two-fold beneficial effect. First, it will ensure a smooth discontinuation of EONIA in one year time. Secondly, it will allow the calculation of a solid URIBOR fallback rate based on the ESTER forward-looking term structure. In the UK, the use of the local risk-free rate, EONIA, is more widespread compared with the use of ESTER in the euro area. The EONIA derivatives market is already well established, and since the second half of 2019, the average daily volume of new EONIA swaps traded has exceeded that average daily volume of the pounds delivered lighter swaps in pounds. Thanks to this existing liquidity in the EONIA derivatives market, some British administrators have been publishing a EONIA forward-looking term structure since June this year. It is fundamental that in the very next month, benchmark administrators in the EU will be able to regularly publish an ESTER forward-looking term structure so that it can be used as a URIBOR fallback rate. Market participants should therefore no longer wait and fully rely on ESTER instead of EONIA. The end of EONIA is approaching fast, and ESTER must be adopted at the full risk-free rate for the euro area. Let me now conclude with a short remark. In February 2018, almost three years ago, I gave a speech at the first meeting of the working group. At the time, the URIBOR hybrid methodology was not defined, and it was not authorized under the benchmark regulation, and the production of ESTER was not yet considered by the ECB. The interest rate landscape in the euro area has changed dramatically since the establishment of the working group on the euro risk-free rate. It is important to recognize that the working group was at the very center of this progression. Back in 2018, the definition of precise and viable URIBOR fallback provision almost felt like a missing impossible because too many pieces of the puzzle were still missing. Today, we know that EU supervised entities will soon be able to implement accurate fallback language for all their URIBOR products thanks to the finalization of the working group recommendation. The implementation of the URIBOR fallback provision is not the end of the story though. URIBOR will remain in the spotlight. The liquidity of the market that URIBOR seeks to measure the unsecured euro-money market remains a source of concern. In addition, the representativeness of the URIBOR panel of banks is also important that ESTER will monitor very closely. As future supervisor of URIBOR, we are fully aware that we have a great responsibility ahead of us. ESMA is ready to continue its work with the ECB, the European Commission and with all stakeholders of the private sector to ensure that the EU financial system can rely upon sound and resilient interest rate benchmarks. Thank you very much for your attention.


Hi there welcome back to my YouTube. This is Daniel Rosel here. I want to just show a quick way to check if Fillover is working on your load balancing router if you set it up to manage failover now I did a whole video yesterday showing the networking setup. I rigged up. It's Slightly complicated involved adding three pieces of hardware on top of my ISP router now I've kept my ISP router because it's actually kind of hard to find a Non ISP router that has the right modem that'll work with my ISP. So for the sake of simplicity I've just kept that and on top of the ISP router. I have a Cellular router that's bringing in 4g connectivity to my network I also have the center piece of the network and it's just right there behind me is the load balancer I'm using the TP link TL R470 t plus It's a one of TP links older load balancers I went for it because my home internet is DSL so it's not very fast to begin with so I figured I'd get a kind of more basic piece of gear And when I finally get fiber optic I can then upgrade something more substantial then so I've got the load balancer and the ISP and the cellular go into that and then The networking happens on the LAN side of that including a access point For bringing out Wi-Fi to somebody who needs Wi-Fi in my house And I'm networked into the ethernet coming from that. So that's my setup and It's working beautifully, but you might you know be wondering the first week or two of operation Well, hang on. Is this thing actually doing anything or is it just passing through my ISP connectivity? If I'm going to the trouble of having a cellular router piped into that Is it actually failing over like how do you know it's working in a vertical commas for failover? So just a couple of ideas. I wanted to share Design to sort of thoughts on that so one way you can do it is there's a website called who is my ISP org and You can periodically just check that and make sure this is what I've been doing Because it's in its first ten days of operation Every six hours or so. I'm randomly just checking going on to who is my ISP And what I want to be seeing is that it's using for the most part my primary connectivity Now I've created a backup rule in the load balancer a simple backup rule if the primary fails Bring up the backup. So one one is the primary if one one is down bring up one two one two is cellular So I'm just doing spot checks to make sure that in the normal course of events I'm running on ISP and not on cellular now when it goes to cellular I can kind of tell because the internet gets a little bit slower It's not a massive difference, but I can notice it and sometimes I'll go on to that website just to verify now You could also log in to the embedded web server the EWS on the load balancer It's just easier to do it this way I find now the second way if you want to look at this a bit more big picture and say well In the course of the last 10 days for however long the hardware has been up How much cellular data has been used? Well, you can do that very easily So what you want to do is if you go into your TP links management interface on your load balancer This is what I have in the TLR470T. It's under status at the very very top left. There's this little Page that's labeled in the menu traffic statistics and just take a look at what I'm look at what look at what I'm seeing on my Screen here. So interfaces we have three we have LAN One one and one two now in my setup as I have it currently rigged up One one is the ISP line. That's the one coming From the router that's under that in a pass through connection as a bridge and one two is My cellular so that's the 4g that's being connected from a 4g router into the into the TP link As a backup connection source so LAN I don't really need to worry about what I can see here Is you can see for a second the cellular was just kicking in there with us with the low connection and now it's It's just gone down again. So tx and rx tx if you're into Microphones you already know this tx stands for transmission rx stands for receiver You often see that written on microphone pairs tx rx. So you're looking at the tx rate and the rx rate But really the data you're interested in is going to be the total tx bytes and the total rx bytes And really the total rx bytes the total rx rx bytes and I can actually sort on that Is how much data that interface has pulled down from the internet. So if you look here On one one we're seeing that I have downloaded 4 gigabytes since this clock started running and I've uploaded 570 gigabytes 571 now and that's my whole network everything on the network That's the total data used on either side and I compare that with one two, which is cellular backup By contrast, I've only downloaded This is one two here at the bottom of the table. I've only downloaded 14.8 megabytes and uploaded 2.4 therefore without taking out a calculator and doing the sums The the picture here is that 99 percent of the time or for the vast majority of time The load balancer is pulling and using from the cellular from the isp line and cellular There might have been a couple of momentary failover events that one two kicked in for But it's working as intended. So that's just a quick way to diagnose if you will Your load balancer to make sure if you're using it like I am For failover from a isp line and onto a cellular line Just so you can make sure that it's working I don't know go in and check that once once a week once a month Probably you want to do this more often at the start when you've just set things up like I have you want to make sure Everything's working properly together and the failover is happening Hope that video has been useful If you'd like to get more videos from me about everything related to home networking linux tech and other subjects Please feel free to subscribe to this youtube channel. Thank you for watching