Hello, and welcome to the session. This is Professor Farhad, in which we will discuss return on equity. We are going to decompose this ratio. This ratio is very important because if you remember from prior session, the growth rate of the company is dependent upon the return on equity. So we'll take return on equity times the plowback or what we called the retention ratio. What we keep times what we can earn, that's gonna determine the growth of the company. But in this session, we're gonna take the ROE and break it down into various components using the Dupont analysis. Before I start, I would like to remind you to connect with me on LinkedIn. If you haven't done so and subscribe to my YouTube. Like my lectures if you like them and share them. On my website, farhadlectures.com, you will find additional resources for this course, your accounting courses, and specifically for your CPA exam. Also, you can see how well your university overall scoring on the CPA exam. And this will tell you how rigor is your accounting program. I don't replace your accounting courses if you have Becker, Roger, Glyme, Wiley or Sergeant or any other course. I don't replace them. I am a compliment. If you add me to those courses, I will help you tremendously because I explain everything in details. Those CPA courses, they assume, you know, certain level of material. The assumptions that they make is what I feel for you. If something you're not aware of, you don't know in depth, you did not cover in college, you can rely on my website to help you with that. So let's go ahead and start to decompose return, the important ratio return on equity. Simply put, return on equity is net profit divided by equity. Simply put, how much profit the company made or net income divided by equity. For example, if the company made $100 an income they have 10,000 of equity, return on equity equal to 10%. And this is basically the most basic formula for return on equity. Now, if you want to understand the company further, we want to break down this component into this ratio into five different elements or components. And we can understand each component separately. And those are the five elements. I'm going to show you the five elements and show you how they cancel each other out, how we end up with net profit divided by equity. Then I'm going to go into each component separately, explain it separately, show you how it affects return on equity, then put the whole formula together. So simply put, we're going to break it into the following five ratios. Net profit divided by pre-tax profit, pre-tax profit divided by EBIT, divided by sales, sales divided by asset, asset divided by equity. By equity, notice what's going to happen. I can't cancel, cancel, cancel, cancel everything. What I left with is net profit divided by equity. And this is, this is basically, in other words, in other words, what I'm trying to tell you, this five piece formula equal to this formula, the only thing is when we break it down, we're going to learn more about the company. We're going to learn more about the company. This way we can properly analyze how well the company is doing. I'm going to start with EBIT divided by sale. EBIT divided by sale is also called margin. Margin is very important for any company. You want to know how much a company is earning for every dollar in sales, earning before interest and taxes. In some textbook, they call, rather than they use EBIT, they use net income, okay? And then numerator. I use EBIT because for finance, we use EBIT because we factor out interest and taxes, because we're going to analyze interest and taxes separately in this formula. So what is EBIT? Let's assume again, we have EBIT of 10, sales of 100, that's equal to 10%. But what does 10% mean? It means for every dollar we are making in sales, so the denominator is sales, we are keeping $10, which is equal to 10%. So after we pay cost of goods sold, so simply put, it would look something like the sales minus cost of goods sold, minus operating expenses equal to 10, and we're started with 100. So we consume here 90. So for one, every dollar in sales, we are keeping $10, this is what 10% is. This is EBIT, before we pay interest, before we pay taxes, okay? So this is what EBIT is. Obviously you want EBIT to be the higher, the better. EBIT the higher, the better, not EBIT. Sorry, the margin is higher, the better. Obviously EBIT the higher, the better relative to sales. So to increase EBIT, sorry, to increase the margin, either increase your EBIT without increasing sales or increase EBIT and sales, but EBIT and faster than sales. So you wanna keep more from the money that you are selling. Okay, so this is the first component, is margin. The next component is what we called asset turnover or simply turnover, and this is another important component of this ROE computation. Okay, let's use the same sales. If we have a sales of 100, let's assume assets of 200. 100 divided by 200 equal to 0.5 or 50%. So what does it mean? Our turnover is 50%. Well, the turnover is a utilization ratio. It tells us how well the company is utilizing their assets. So simply put, they have $200 in assets, and from those assets, they are generating $100 in sales. So they are milking $100 in sales. In other words, 50%. In other words, for every dollar in assets, they are getting 50 cent per sale. Now, do you want this ratio to be higher? Of course you want it to be higher. How can you make it higher? Well, increase your sales or reduce your assets. Or if you could do both at the same time, that will be good. You become more efficient. You are generating more sales with less assets, but right now it's for every dollar in assets, you are generating $50 in sales. Now those two ratios are important and we're gonna revisit them at the end of this lecture, little bit much more in details, because they are important. Those two ratios together gives us ROA, return on asset, which is okay. If you really think about it, we can eliminate sales, and what we're left with is even divided by assets, which is return on asset. And again, I'm gonna revisit this ROA, which is an important component of ROE. So ROE, part of it is ROA. You return on asset and explain to you the relationship between those two. There's an important relationship practical in the business world, but we'll revisit this later. Now, so we're done with two out of the five component of the D-Pen analysis, basically those two. Let's keep going. The third one I'm going to cover is assets divided by equity. Now I'm gonna start by telling you, if I have no debt, well, let's start with the simple equation assets. Hopefully you remember this from accounting, equal to debt or liabilities, it doesn't matter. When I say liabilities, I mean debt plus equity. Simply put, if I have $100 in assets, $30 in liabilities, I will have $70 in equity. Let's assume I have $100 in asset, zero debt, it means I have $100 in equity, okay? So simply put, if I have no debt, if I have no debt and I'm relying on equity, simply put my assets would equal to my equity because I have that equal to zero, liabilities equal to zero. So if I have no debt, this ratio is like non-existent equal to one, because if I have 100 divided by 100 or 100 million divided by 100 million, that's gonna give me one. Basically this ratio equal to one, with basically it does not exist. In other words, if the company has no debt, you know, this ratio does not affect anything because if you multiply something by one, it doesn't really matter. But if you have that, what's gonna happen is, this ratio will be greater than one. So this leverage, it's called specifically, it's the leverage component. It's called the leverage component. This ratio will be greater than one. What does that mean? For example, here, if you have 100 in assets and 70 in equity, you're gonna have a ratio that's a greater than one. Now, is this good? Is this bad? Well, remember that, that is risk. Well, if your leverage goes up, okay? What happened is your risk go up.  But remember, risk is a double-edged sword. If you cannot cover the cost of interest, right? It will work against you. If you can cover the cost of interest, then leverage will work for you. And we saw this in the prior session. So simply put, the higher the leverage, the more that you have, the riskier you are. So if you are one, you have no debt. Once you go greater than one, then you have more debt. So let's just give you an extreme, well, an extreme, but let's assume we have 100 in assets, $80 in debt and $20 in equity. Let's compute this and show you what the ratio will be. So here, what we're talking about is 100 divided by 20. So let's take 100 divided by 20 is five. What does that mean? It means for every $1, the investors are investing in the company. For every $1, the investors are investing, you have $5 coming from debt holders. It means the company is highly leveraged. Again, is this good? Is this bad? Well, as long as you can cover the cost of debt, which is interest, then you are good. Then there is no problem whatsoever. But if you can't cover the cost of that, then you are in trouble. Now, if the ratio is more than one, it means you have debt, then we have to compute a new component of the formula, which is pre-tax profit divided by earnings before interest and taxes. Now, let's walk through a formula of small income statement, partial income statement. So we see how this all works. But again, if those two numbers are equal to each other, if we have 100 in assets, 100 in equity, it means we have no interest. If we have no interest, the numerator here and the denominator here, they will equal to each other. So this pre-tax profit is the same as EBIT earnings before taxes, okay? So if we have no interest, then EBIT, EBIT divided by EBIT should equal also to one. So those two will not exist if we don't have debt. But since we have debt, then we have to find out, what is our interest burden? How much interest is burdening the company? So here's what happened. Let's assume we have earnings before interest and taxes. I'm gonna make up some numbers of 120. Then our interest equal to 20, okay? Our interest equal to 20. Now we have earnings before taxes equal to 100. So what we're doing is this. We are taking 120 here and we're taking earnings before taxes, which is EBIT. This is the EBIT 100, okay? So we want this number to be as close as possible to one. The closer to one this number, the lower is our interest burden. Simply if it's one, it means if it's one, what does one mean? That means you have zero interest because now EBIT and EBIT equal to each other. But you want this closer to one. Closer to one, it means this number is small. You want this ratio to be as close as possible to one. If you have interest, it cannot be one, okay? But you want it to be closer to one. Again, this ratio two and five, they are related because they are affecting the leverage of the company. Matter of fact, those two ratios together, they are called the compound leverage factor. The compound leverage factor, which is the interest burden, which is this formula, this ratio, multiply by the leverage, this ratio. Those two together, they affect the leverage of the company. And we'll see how they affect the leverage in a company in a second, in a larger example. So let's go back and put the numbers here. We said EBIT, I said 120. We have interest equal to 20. I'm just making these numbers up. It means EBIT or here, pre-tax profit for us is 100. Let's assume we're paying 20% taxes. So taxes 20%, that's $20. So profit after tax equal to 80. Now we want to know what is our tax burden. So we wanted to know our interest burden through formula two, through ratio two. We want to know our tax burden. Again, same concept with tax burden. We want the tax burden to be as closer as possible to one. An extreme example, let's assume we have, you don't have to pay taxes. If your taxes are zero and your profit is 100, if your net profit is 100, 100 divided by 100 equal to one. Now that's not the case. We said we have to pay $20 in taxes. Therefore our net profit is 80. Now it means 80 divided by 100 equal to 80%. So again, we want this number to be large. We want this ratio to be large and the closer to one, the better off we are. It means we don't have a lot of tax burden. So why did we do this? Why did we went through all of this and broke down ROE? Well, the reason we broke it down, I'm gonna revisit this a little bit more in details. Later on when we cover ROA in a minute or two is because we wanted to know what affects our return on equity.  Is it, and we're gonna find out, is it the profit margin that the company is experiencing, is generating? Is it the asset turnover? Is it that they're using a lot of that, a lot of leverage? How much interest is being taken from my profit? What is the burden of the tax? Maybe we need to move to another jurisdiction. So breaking down those ROE into five components, analysts as well as owners, and at least then owners can look at their company, look at the company and analyze it under a new light, under a new light. So this is the beauty of ROE. Decomposing ROE will give you a better picture exactly what's going on within the company. Now to see this a little bit further, the effect of it just to play with some, not to play with some numbers, we have some numbers. Let me show you how it all fits together. We're gonna start with a normal year and we have two companies, know that and some that and the computation already done, all done for you. So let's start with a normal year where the company would know that the return on equity equal to 8%. Well, we're starting with their net profit divided by profit over tax. Same thing that I said, that I compute at 0.8. So they have 80 divided by 100, which is 80.8 or 80%. Here, because they have no debt, pre-tax profit over EBIT equal to one. Because guess what? Because when they got to EBIT, they deducted the interest, which is zero, they came up with pre-tax or EBIT. I wish they used EBIT here rather than pre-tax profit. So those are equal to each other because we have no interest, interest was zero. And this will always be the case if you have no interest. Then we have EBIT earning before interest and taxes divided by sales, their profit margin equal to 10%. Their sales turnover, wow, is one. It means for example, if they have a million of assets, they're generating a million of sales, that's fine. And assets should equal, assets divided by equity equal to one. This makes sense because this company has no debt. It means if zero debt, asset equal to equity. And the compound leverage, which is two times five equal to one because one times one, I'm sorry, one times this one equal to one, right? Because they have no debt, they have no interest, therefore equal to one. So this is the normal year no debt. Let's assume we have some debt. ROE, it's gonna be 0.91. All what we did now is we changed the capital structure of the company. As we change the capital structure of the company, certain numbers don't change. This number don't change. This number don't change. This number don't change. What's gonna change is your leverage. You have more debt, therefore you are leveraged. And obviously if you have that, ratio number two will change as well. Here we are assuming you have that and you earn more than the cost of that. As a result, your return on equity went up 1.1%. So notice how using that will increase your equity and will increase your return on equity. Why?  Therefore, they share more in the profit. Now, let's assume it's a bad year and you have no debt now. Now we're gonna use a scenario of bad years. You have no debt. Well, the numbers return on equity equal to 4%. Simply put, the numbers will be very similar. Very similar to no debt, 80%. No debt, one to one. A margin is now you are earning rather than 10%. You are earning 6.2. You're selling less. You're asset to equity ratio equal to one. So overall, notice what happened. If you have no debt and you have a bad year, your ROE is cut in half. Now let's assume you have some debt and what happened to your ROE? If you have some debt and it's a bad year, so you cannot cover the cost of that, your ROE goes from 9.1 to 2.4. So this is the effect of debt. When you cannot cover your debt, expense, and you are leveraged and you go through a bad year, you get really hammered, okay? Why? Because here the compound leverage is 0.6. You have some debt, it's affecting you negatively. Well, on the other hand, if it's a good year, if it's a good year, your return on equity would know that equal to 12%, okay? However, if you have some debt and it's a good year, your return on equity equal to 15.7. And this shows you the effect, the positive effect of debt in good years. Here you have, you are leveraged 1.667. You have, so two and five, you have two and five, you have two and five that are high, which is good, you want that because you're in good years, you're gonna do tremendously well, okay? So this is how it all fits together. So debt is a double-edged sword. In good years, you will do well. In bad years, you will get penalized, okay? And how do we do this? By broken into the, by broken it down by the Dupont analysis. I wanna go back and revisit ROA because I told you, ROA is very important in computing return on equity because ROA has nothing to do with leverage. ROA only deals with how well the company is operating the business because you want to look at ROA. The first thing is, you know, why? Why ROA is important? Let me just tell you why because let's think about it. Number five, number two, and number one, which is your tax burden, your interest burden, and your leverage. Two and five has to do with your financing policy, how you finance your company. Number one has to do with the government. You have no control over that. Or you might have some control, maybe you can move out, move from that jurisdiction, but in a sense is if you can't move, you cannot control the tax burden because the government imposed that on you. Therefore, what's important to look at when you're analyzing ROE is ROA. It doesn't mean the other one are not important. What I'm trying to say, the ROA tells you exactly how well business is doing. And basically we're gonna be looking at two ROA, one for a supermarket chain and one for the utility company. They both have a 10% ROA. But if we look at margin times as a turnover, we notice that the supermarket, they only make 2% and that's pretty high margin. It means for every dollar they sell, they only keep two pennies and for every $100, they keep $2. That's not a high margin. However, their asset turnover is pretty high. It means for every dollar in sales, I'm sorry, for every dollar in asset, they generate $5 in sales. Their asset turnover, five over one, it's pretty high. And this is how they come up with 5%. The utility company, they have a high margin. It means for every dollar in sales, they keep 20 pennies. That's pretty high, decent margin. However, their asset turnover is low. It means for every dollar in assets, they only generate 50 pennies in sales. That's why their asset turnover equal to 0.5. But overall, when we look at the end at ROA, equal to 10%, they both equal to 10%. What is the point that I'm trying to make? The point that I'm trying to make is this. No company, no company, at least on a permanent basis or semi-permanent basis, maybe for a short period of time, could be high on margin and high on asset turnover. Let's think about it. Let's think about this. They cannot be both high at the same time. Let's take Apple as an example. The Apple, when the iPhone came out, when the iPhone came out, for a short period of time, Apple had the monopoly. In other words, they had no competitors. They could sell the, if you want to buy the phone, you have really no other option, quasi-monopoly. So what happened is when you have that type of power, you can charge high prices. High prices gives you high margin, high profit margin, and you can sell a lot because you have no competition. What happened then? Well, if that's the case, if a company is experiencing high margin and high asset turnover, what happened naturally, other companies will go into that market and will start to chip on them. They will start to take away either their profit or their sales. So if Apple wants to keep the high margin, they can. But once Google comes with a new phone and start to take sales from them, asset turnover will start to decrease, will go back to normal. Therefore, if they want to keep a high margin, asset turnover will go down. Well, let's assume Apple chooses to have more sales. Well, if they want to have more sales, that's fine. If they want to sell more, they have to lower their prices. Therefore, their margin, their profit margin will go down. So simply put, there's always that pull and push between margin and asset turnover. And this graph will clearly shows us, this is a turnover for 45 different industries. So it's not even a company to say, well, maybe it's skewed one way or another. We're talking about industries. For example, here we have the food stores generally supermarket. They have, this is the profit margin on the Y-access. This is the X-access and this is the Y-access. On the X-access, we have asset turnover. They have a turnover of three, which is pretty high. Pretty high. So they're to the right, this is pointed to the right. But notice, their operating profit is what? Their operating estimate may be two, 2%. So notice, their turnover is high, but they don't make a lot of money on every dollar in sales. If we look at this company here, I don't know in what industry this is, but we're looking at it here. They have a high profit margin, which is approximately 23%. That's a high profit margin. But when we look at their asset turnover, it's 0.4. So in other words, you cannot be here. You cannot be here. What does it mean to be here? It means you have a high asset turnover. You have a high asset turnover and high operating profit. It doesn't work that way. And if you do experience that, you'll experience it for a short period of time. And if you experience it on a permanent basis, rest assured, Uncle Sam will intervene and they will break you up because this is a monopoly when you can sell a lot and make a good profit margin. If that happens, you just basically, naturally you invite the competition and assume when you are operating in a capitalistic society, competition can enter that industry and start to chip away either from your margin or from your sales. Then you'll go back to normal. So a company could be out here for a short period of time. Then it will go back to the normal ROA asset turnover interception, basically some place in here. This is basically kind of not an efficient frontier, but basically it's very hard to cross this, to cross this, to be here or to be here or to be here. You might do it for a short, for example, this is computer peripheral. It's outside. That's good. They have a very high profit margin and a decent, relatively a decent asset turnover. But let this will be maybe for a short period of time. Then once the competition comes in, it's either they have to, this will go lower. In other words, their profit margin will go down or their asset turnover will go to the left and they'll go back to within the overall industry. Now, if you like this recording, please like it and share it.  If you're a CPA candidate, keep your CPA course. I cannot replace it. I wish I can, but I can have an addition to your CPA course, lectures like these plus practice questions to help you prepare for your CPA prep course, help you succeed on the CPA exam. The CPA exam is a lifetime investment. Take it seriously. And once you pass, that's it, one time, you don't have to do it again. So invest in your time and career. So you'll put it behind you and focus what you need to focus on. Good luck, study hard and stay safe.


We can see what happens as we change the infrared absorptivity and desimissivity for cases in which there are two sources of radiation, a solid object like Earth and the atmosphere, which can both absorb and emit. Look at Schwarzschild's equation. The IDS is a change in radiance over distance. Kappa A is the atmospheric absorption coefficient in units of meters to the minus one. P sub E is the Planck distribution function spectral radiance in that same direction. And I is the radiance of the source. By the way, the atmosphere's temperature is low enough that P sub E is significant in the infrared, but not in the visible, where it is very small. So in the visible, Schwarzschild's equation becomes the same as P's log absorption because P sub E is essentially zero. Not so in the infrared. Note that if P sub E equals I, then P sub IDS equals zero. That is, the radiation does not change with distance. Let's look at a system where there is a radiation source at a single wavelength, and in between the source and the observer is an atmosphere. We have seen that the amount of absorption and thus emissivity depends strongly on the wavelength of the infrared radiation. So let's look at some different wavelengths effectively. Let's start with a case in which the atmosphere does not absorb at all. Thus, the absorptivity and emissivity are zero, and all the observer sees is a source but nothing from the atmosphere. For a second case where absorptivity is very small, there is some absorption of the source radiation, but there is also some emissions from the atmosphere itself. For the third case of stronger absorptivity, the absorption is stronger so that the source is harder to see, but the atmosphere is now emitting more. Finally, if the absorptivity and emissivity equal one, then all the radiation from the source is absorbed and all the observer sees is the atmosphere nearer.


So, one other thing we can do relatively simply now that we have this definition for the Helmholtz energy is to obtain a thermodynamic connection formula that will allow us to connect the thermodynamic quantity of the Helmholtz energy to a more statistical mechanical view of the Helmholtz energy or what would it be if we think about partition functions and Boltzmann probabilities. So, that's particularly easy. At this point we have enough thermodynamic connection formulas for other quantities like the energy and the entropy that we can obtain the thermodynamic connection formula for the Helmholtz energy by using what we've had previously. So, we know the thermodynamic connection formula for the energy is kT squared derivative of log Q, log of the partition function with respect to temperature, that's U. I can subtract from that T times S and we also have a thermodynamic connection formula for the entropy. That was k log Q plus kT d log Q dt. So, those are both results we've had before and combining these results simplifies quite a bit. This term kT squared d log Q dt is exactly the negative of this term, kT times T makes kT squared d log Q dt. So, there's cancellation between the second term in parentheses and the term out front and all that we're left with is this term negative kT times the log of Q. So, Helmholtz energy is minus kT log Q. That's our Helmholtz. It's a thermodynamic connection formula for the Helmholtz energy. If we know what the partition function is, as we do for example for a particle in a box or for an ideal gas or a rigid rotor or whatever, then we can use that expression for the partition function to obtain the Helmholtz energy of that particular system. So, it's fairly striking how simple the form of this partition, this thermodynamic connection formula is, simpler than the one for the energy, simpler than the one for the entropy. In particular, it doesn't involve any derivatives of Q or log Q with respect to anything as our other thermodynamic connection formulas have. The reason this expression is so simple, as we've seen the natural variables for the Helmholtz energy are the temperature and the volume. It turns out the natural variables, we haven't talked about it in this way, but the natural variables of the partition function Q are also temperature and volume. What I mean by that, if we remember what the partition function is, that's the sum of Boltzmann factors. The sum of e to the minus energy divided by kT. Summed over all the states the system can have, energies, the energy, if we think about a system like a particle in a box for example, the energies will depend on the volume. If I change the volume of the system, any quantum mechanical system can come find a sum volume. That volume affects the energies. If I change the volume, it affects the energy levels. The energies depend on the volume. The temperature also shows up in this expression, but the most natural thermodynamic variable dependence of the partition function is on these two variables, v and t. Since Q is a natural function of v and t, A is also a natural function of v and t, that means the relationship between them is relatively simple. The thermodynamic connection formulas for these other quantities like entropy or internal energy are not quite as simple because it involves changing from a function of t and v to something that's a natural function of s and t, for example. Or s and, yes, s and t, I know, s and v. So we have this thermodynamic connection formula. What we'll do next is move on and talk about a fourth flavor of the energy. We've talked so far about the energy and the enthalpy and the Helmholtz free energy. One more form of the energy that's more important and even more convenient than the Helmholtz free energy. So that's what we'll do next.


I had a feeling you'd come back and save me From all those lonely nights and dark breaks And I feel misplaced without you Why don't we go back to Never wanted to end Actually um, my grad school program's online So that whole montage was useless Thank you to Shortform for sponsoring this video So I woke up super early this morning Because it is actually my very first day Of my second semester of grad school At Georgia Tech Where I'm studying computer science If you're new here My name is Josh Beasley I'm a recent graduate from Yale University Where I also study computer science Now I'm active duty military I live out in LA And I make videos about college tech And anything else I find interesting If that sounds interesting to you Feel free to subscribe So I had to wake up super early Because I still actually have to work A full day's worth of work today And it's an interesting thing Trying to balance grad school And a full time job Especially this semester now Where I'm taking two classes For my first semester Last semester I only took one class And was able to balance it fairly well It still was a mess sometimes But this semester we're bumping up to two So today is the first day of classes As of like midnight eastern last night Or whatever The professors for my classes Actually released syllabuses And the schedules And the first round of assignments And everything So I got up as soon as I could To check all that out And try to get as ahead as I possibly can I know in some of my private days I had a lot of questions about The program that I've been doing Which is Georgia Tech's Online Masters and Curious Science Program And you guys were interested in me Keeping you up to date on You know how that's going What classes I'm taking So I thought it would be a fun video idea To take you guys along for my first day Get some honest reactions to What I think of the classes And how much work I think it's going to be this semester After reading the syllabuses So let's get into it Before I get into that I want to talk about the sponsor Today's video Which is a service I'm absolutely obsessed with Shortform Shortform makes short guides To non-fiction books And allows you to explore All of the ideas from the books You've always wanted to read If you want a one page summary They have it What about a full book guide That hits the key points from each chapter They have it Oh and maybe interactive exercises That allow you to apply The knowledge that you've learned Yeah they have that too For someone like me Who's always short on time And loses track of the things That I've read Shortform is like A book summary on steroids They have books on business Self-improvement History Politics And they publish new guides Every week that the subscribers Actually get to vote on Me personally I've been reading A lot of finance books recently I just finished a random walk Down Wall Street And I literally couldn't wait To check out the shortform guide Afterwards to kind of review All the main points of the books And answer their interactive prompts To make sure that I could Actually apply all the knowledge That was in here To get five days of unlimited access And an additional 20% Off the annual subscription Join shortform through my Special link Or click the link down in the Description No, no I've tried this like three times The things I try to do To get an interesting shot For the video I love you guys I hope you know that Okay so it's been about an hour Went through the syllabus For both or syllabi I guess For both of the classes And here to give you My first reaction So the first class I'm taking Is called machine learning For trading And it's exactly how it sounds It looks like the class Is divided into three main parts The first part Being basic data science Working with data So learning pandas and umpai Luckily I already have Some familiarity with that So shouldn't be too terrible The second half deals with You know learning About financial markets Indicators Sharp ratio Things like that And then the last part Is actually applying the data science And machine learning techniques Like it looks like You know Decision trees, regressions Things like that To financial data The class has eight Significant projects Which are you know Coding based problem sets With reports And then um Two exams And midterm and a final So it doesn't look too terrible I took a peek at the first assignment And you know It'll definitely be good To get my hands dirty And start coding again Because it's been a month or two The second class that I'm taking I'm actually really excited for It's called video game design Which wasn't the class that I originally Had intended to sign up for I have absolutely zero Experience doing video games Other than basic like Command line games And python or something That you learn when you First start coding I actually had to sign up for it Because the other class I was looking at was full And since I'm not far enough In the program yet I don't have a super great Priority when it comes To choosing classes But nevertheless I never thought I would be Taking a class like this And I'm super excited for it So it looks like the class uses A very popular Unity game engine I've never worked with Unity The scripts are written in C sharp Which I have a little bit Of experience with When I taught myself ASP.net A couple years ago But haven't used it For video game design And have no idea How to work with the game engine So that should be interesting But the class has broken up Into two parts The first part Being working through They call them milestones So it's like five different Little mini projects That teach you different things About the Unity game engine You know like physics Animation That sort of thing And then the second part Is actually a group project Where I have to find Four other people Form a team And we spend The rest of the semester Building a game There's no exams There's just two small quizzes And those milestones So it looks like most of the work That goes into this class Is going to be putting that game together Because it looks like There's a lot of requirements for it So I'm going in completely blind Don't know Unity Don't know game engines But I'm excited I'm excited to kind of dip My toes in the water For something completely new And with that It's now 7.15 So I should really be getting to work I know I don't talk about my job A ton on this channel To be honest I don't know if it's just something That I'm ready to talk about yet But for any of you that are Interested in serving Or my path through ROTC And commission and all that I'd love to answer your questions And maybe potentially make some videos About that at some point So let me know in the comments Or shoot me a DM If you're interested in that With that I will catch you guys When I get back So next up I'm actually headed to a little Sunset picnic on the beach To celebrate a friend's birthday And probably have a bonfire afterwards But I got to get this camera Off the tripod And pack up all my other camera gear Because I think we're going to take Some sunset pics I'm going to try to put the drone up That'd be pretty cool But it's also really obnoxious So we'll see


Welcome to the Emergency Medicine Video Series on Approach to Abdominal Pain. We'll divide up the approach into history, physical, investigation, and finally putting it all together. In this part, we'll discuss how to approach abdominal pain by history. There are four elements we want to know about. Where it is, what the onset of the pain was, the course of the pain, and other associated symptoms besides the pain. From these four elements, we will try to piece together the diagnosis we should be working towards. Let's see how we can approach each of these four elements. First, location. We can divide up the abdomen into mainly nine different areas. With the umbilicus right in the middle. We now have the right upper and left upper quadrant, the epigastrium, the umbilicus area, right and left flank. Both of these also include the posterior part, right lower quadrant, left lower quadrant, and the hypogastric area. For each location, we want to discuss the GI causes and the non-GI causes. First, the right upper quadrant. In the right upper quadrant, we have the liver, gallbladder, and the pancreas slightly off to the midline. When we think about GI causes, anything that affects the liver, the gallbladder, and the pancreas will give patients right upper quadrant pain. They include gallstone giving rise to biliricolic, inflammation of the gallbladder, also known as cholecystitis, stone in the common bowel duct, or inflammation of the pancreas or pancreatitis. Inflammation of the liver, or hepatitis, or abscess can give patients right upper quadrant pain as well. Since the duodenum also passes through this area, conditions such as duodenitis and peptic ulcer disease can also give patients pain there. What about non-GI causes? Right on top of the right upper quadrant is the diaphragm in the lungs. Therefore conditions such as pneumonia and pleurofusion can give patients pain in the right upper quadrant. Next is the epigastric area. What lifts here? The stomach, the duodenum, the pancreas behind the stomach. So what should be the GI causes of pain? From the stomach it could be peptic ulcer disease, gastritis, pancreatitis, and duodenitis. What about non-GI causes? What's adjacent to this area? The heart sits right above this area. Therefore any cardiac conditions such as ischemia and MI can produce pain in the epigastric area. Don't be fooled just because the pain is a little lower than expected. Let's move on to the left upper quadrant. What lifts there? The spleen, tip of the pancreas, and part of the stomach. What are the GI causes of pain in this area? Splitting disorders such as infarct or rupture, pancreatitis, or gastritis. What about non-GI causes? Similarly to the right upper quadrant, the lung in the diaphragm sits right above this area. And therefore conditions such as pneumonia and pleurofusion will give pain to the left upper quadrant. What about the umbilical area? What lifts there? Transverse colon, the small bowel. GI causes therefore include colitis, bowel obstruction, perforation. What about non-GI causes? What runs there? Well the aorta runs right there. Therefore any aortic disorder such as dissection or aneurysm can give pain to that area. Interestingly, even though the appendix does not live in this area, early appendicitis can give pain in this area. We'll group right and left flank together. What lifts there? The large bowel. GI causes therefore include colitis, perforation, volvulus, or obstruction. What are non-GI causes? The kidneys and the ureters live right there. Therefore kidney stones or infection can give pain in the flank area. What about the right lower quadrant? What lifts there? Terminal ilium, cecum, and the appendix. The main GI cause is appendicitis. It can also include colitis. What about non-GI causes? What can refer pain to the right lower quadrant? The gynecological tract can refer pain to the right lower quadrant. Therefore ectopic pregnancy, pelvic inflammatory disease, and tubular inapsis can refer pain to the right lower quadrant. In males, testicular disorder can also refer pain to the right lower quadrant. That include torsions, epididomitis, anarchitis. What about the hypogastric area? What lifts there? The small bowel. Therefore conditions giving pain to the area can include obstruction or inflammation. What about non-GI causes? The bladder sits right in this area. Therefore conditions such as cystitis, stones can give pain to this area. Lastly, the left lower quadrant. What lifts there? The descending colon. GI causes can include colitis, diverticulitis. As with the right lower quadrant, there are other conditions that can radiate to this area. In females we need to think about gynecological conditions such as ectopic pregnancy, tubular inapsis. In males we need to think about torsion and infection. We can also approach the pain by how it started. It can be an abrupt onset where the pain peaked instantaneously or gradual when the pain built slowly over time. Disorder that gave patient abrupt pain suggests vascular or obstructive causes. For vascular we want to think about aortic disorders or ischemia leading to infarcts. Obstruction can be in the bilirary tree leading to biliracolic, in the GI tract or in the urinary tract in the case of renal colic. Other non-vascular, non-obstructive causes of pain tend to give an insidious picture. A typical example would be inflammatory condition or an infectious condition where the pain slowly built through time. The next helpful clue in the history is the course of pain. We're interested to know whether the pain is constant over time or colicky in nature. Colicky pain tend to be associated with obstruction. Similar to what we've discussed, it can be obstruction in the bilirary tree, the GI tract or the urinary tract. Next part of the history is associated symptoms. Infectious conditions can have symptoms such as vomiting, diarrhea and fever. They may also have a sick contact history. Inflammatory conditions can be associated with fever. The patient may also give a previous diagnosis of inflammatory diseases. For obstruction in the GI tract, we will see vomiting and decreased or no-flatus. Pain that is worse with movement or cough suggests peritoneal irritation. Other associated symptoms such as urological symptoms, including hematuria, dysuria, suggest a urological cause. While vaginal bleeding or discharge suggests a gynecological cause. In summary, we discussed the approach on history you may wish to take in patients with abdominal pain. We can divide it into location, how the pain started, what is the course of the pain and any other associated symptoms. In part two, we'll discuss how to use our physical examination to narrow down the diagnosis. We hope you find this helpful. Thank you for watching.


Mae'n fwyaf am fych i'w ddweud o'r dweud, a'i ddweud o'r ddweud, a'u sefydlu'n iawn, mae'n ddweud o'r ddweud o'r ddweud. Mae'n ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud, a'u ddweud o'r ddweud. Mae'n rydyn ni'n meddwl ar hynny'n meddwl, i gychwyn, i'n meddwl, i gyd-fynodol, I'm glad of this opportunity to share my impressions of where things are, and that's from a viewpoint of someone who has worked in school and who has led a school for a long time, so I'm bringing the theory and the experience of the university and schools together. As Arwyn said, at the moment I'm the Dean of Education at the University of Wales and we have just created the Institute of Education there and the intention is to be a vital part of the developments in the education system here in Wales. Also at the moment I'm part of the IAG as the acronym states, the independent group which is overseeing the curriculum developments, so my comments come from the experience of leading the Institute of Education at the university and being a part of the developments happening from the government and part of that oversight work which is going on nationally at the moment. Arwyn was talking about the acronyms about the AOLEs and I was talking about the IAGs. It did strike me that the acronym for the OOLEs comes to MDF and I don't think that's the strength of what we are developing. Hopefully what we're developing in Wales will be something which will last and will be more similar to Oak than MDF. But I don't have a sermon for you today at all. I'm just going to share experience and share comments. I have sat in the audience as you're doing this morning several times in the past over the years and people have come in and say I have the answer. I have the experience or I have a package to sell but the message I have as the last speaker said is that you have the answers or we have the answers and those are the comments and experiences and the conversations I have had nationally so it's important that we leave here today really realising that that is the important message. These developments aren't something which are done by someone else but they are something which will be done by ourselves as a profession and as a nation. So what about a successful future? It is an exciting opportunity and as I said I have the experience recently of visiting other countries internationally and they are full of praise of what's happening and they are seeing this reform as something which is very exciting and they as countries would very much like to follow our example and of course the OECD have confirmed and have praised the work the government is doing in aligning the entire system. Arwyn mentioned this morning how this is happening here in North Wales and that is evident in the national mission document which has just been published by the education minister. The message is clear in the mission that we all have a role to play and the first opportunity to be honest in all the years I have been leading school over 20 years and I've been in the profession. This is the first time that we as a profession can take ownership of the developments. I started teaching in 1978 when the national curriculum was introduced and I raised in the time where everything was given to us and there was a specific framework to follow. There is now an opportunity and it's an exciting opportunity to take ownership of the changes to create something we are a vital part of and this is the first time for years that this has happened and how many times I've done this and maybe you have done this how many times have we said oh shame it's a shame that face hasn't been given into the profession it's a shame that we aren't trusted to lead things well this is happening now and this is an exciting opportunity for us to respond to that faith which is given to us as a profession but it is a challenge yes but it's also an opportunity and we now have an opportunity to reimagine schools. We've heard this morning about learning organisations and there's an opportunity to develop the professionalism of teachers. This means a change and we have to be open to new ideas. The curriculum and I will talk a bit about the nature of the curriculum it's the social practice we also have to develop a critical workforce teachers as critical interpreters of policy and not to accept everything without question individuals within the classroom who can decide over themselves what works in that context and not just accept what comes off the shelf from in a package from a specific company or a specific guru but they can decide for themselves what works for them and the pupils in front of them and a willingness to take the lead an active profession. I talked about curriculum it's very and often in our time in the art school that we studies and discussed what a curriculum is very often we talked about timetable or option columns or choices and options but there's an opportunity for us now to be as part of this process to consider a curriculum something wider it's not a product but it's a process it's an opportunity for us to discuss what the ideas are what's the purposes what are the principles and what are the values we have within that curriculum and what information do young people need what are the appropriate methods what are the strong methods methods not method not just one but methods and also to get to grips with the barriers what are the barriers which stop us from changing our schools how do we go about to change the culture and the structure we need to in order to respond to the challenge of the national mission what roles and systems do we require to do that and what are the resources we need there's an opportunity now for all of us and for you as heads to get to grips with this and to discuss exactly what a curriculum is not a timetable but it's content yes content is important but it's also provision it's also assessment involving sensible and wise assessment but it also involves education but so it's important that we now take this opportunity and you will have an opportunity today to discuss this further and to someone as I've said who has been in this area for so long it's been clear that it there's not one answer there are several answers for several schools this collective professionalism is promoted I've seen this clearly on the iag level where there is a specific attempt to try and ensure that the systems that the structure around schools enables and supports these changes perhaps that's not really clear every time for someone who is in the middle of things on them soggy Thursday afternoon in schools but there is a specific attempt for example the OECG have recognised eston have stated now clearly that they will recognise innovation so that's clear the government are in the middle of the process now of revisiting the measures of liability in order to ensure we have the values of a successful future and we this will reflect what we believe the foundation of education should be and this is more than ensuring that a specific group of year 11 pupils really reach their sea level so there are national efforts going on to facilitate these developments and to enable these developments and there's a quote of course that it turned to often by Socrates stating the secret of change is not to concentrate your efforts on battling the old but to build the future and perhaps we have to do that we have to grasp these opportunities to do something which is different and this is important for me as Arwyn said in school we would take any opportunity within reason to trial and to pioneer and it's important that we don't feel that there's that we feel that there's more than sitting on the backseat we don't want to wait for someone else to do the work but we want to be part of that process and as Steve said at the outset there are specific requests from the government for all of us to be involved in these developments to be involved in the work which is going on with the curriculum pioneers you will be hearing about today the professional standards as well this is another development which is part of this infrastructure which enables things to work the new professional standards requiring a professional which reflects and which is active we're not going to get a curriculum which is something which we pick up off the shelf and final complete package ready to go remember developing the curriculum is a process and not a product and I know there are pressures on schools there are pressures on the requirements for you as schools but I think it's important that we also are able to step back and to look at these these developments which at the end of the day will create citizens in Wales which are ready for next century and this has also already been recognised internationally as an exciting and pioneering development and there is great praise for this work so once again I would encourage you to take this opportunity to be part of this process and these new developments it's an opportunity to create a huge change it's an opportunity to celebrate and to free the education which happens in the classroom it's a special opportunity I believe and it would be a shame if we would say oh we're too busy doing other things there is a specific effort to take away from that but it is a brilliant opportunity my viewpoint so the clear message I have is that you are the driving force and I would encourage you to go and to work on this and Arwyn's mentioned at the outset and there's been great praise today about the work you and the north as part of where are doing bringing systems together in order to facilitate this work and to push it forward and there are references here on the slide to the things I think are which are important beginning with people this professional capital this is the wealth this is the power this is what's going to change things and you and your colleagues at schools you are going to make sense in these developments as Hugh mentioned the need to develop a culture of a school to be learning organisations and there's an opportunity for you now to go and do this if you haven't done it already to go forward and ensure this the infrastructure is there those barriers are now being overcome so they now allow the developments and this pioneering work and they are trying to enable rather than to prevent also in looking at the international picture and especially this was seen in canadaen Ontario they have pillars for education policy and one of the main pillars was the public's confidence and this is an important message that we together convey a positive message constantly about what's happening and that we praise the work which is going on in our classrooms much too often and I have done it myself in the past we tend to turn to the negative but this has been a key part of those systems which have succeeded in other countries such as Ontario as I mentioned this confidence and this positive message and positive narrative of what we are trying to achieve yes there are challenges yes there are problems but in every change there is also a bit of a messy and unsure period but what we are trying to do is special and it's a special opportunity for us to do this as a country as the mission has stated in the recent document well I've talked about you what are we doing what's our contribution at the university as I mentioned we've established the athrofa and we have a professional partnership with several schools and we work hard to bring the theory and the practice together this is the truth of the other systems which succeeded succeed if there shouldn't be a split between theory and the practice information is equally important as I said I'm on the IAG and we also change how new teachers are developed and trained and this is a special opportunity for us to change the curriculum so that the new teachers within the system are modelling what we expect for Donaldson and they model the profession so I at the moment with my colleagues I've tried to ensure this perhaps the most exciting thing happening at the moment is the camai project perhaps some of you have heard about this but we have a relationship formal relationship with the university and the University of Glasgow and there are colleagues in Glasgow working with us on behalf of the government to develop a framework for the curriculum the scaffold if you like for the AOEs for the curriculum and this work is vital I would admit that the problem in the past is that the content and assessment of the curriculum has been completely separate and assessment has been seen as something which feeds into something else rather than the learning which happens in the classroom while this project intentionally will try and change that pattern and you will see that in the timetable you have there on the top line on the timetable it talks about this process a report has already been created which has been a review and an interpretation of other international policies and research and best practice there will be a review of how this will be used for a successful future in the curriculum in Wales but we've also tried to improve our understanding of the current ideas about progression within AOEs and to concentrate on what's important when you are teaching those areas it hasn't been an easy process it's been a process of changing minds and reconsidering how we ensure and measure continuity within the curriculum during the next spring term members of the CAMEI group members from the university and from schools will be in every workshop and will be working to develop an initial continuity developments which will be involved with these ideas then over the summer they will be continuing with this work improving the issues and to ensuring the continuation framework but they will also be working with the professional development pioneers to ensure that that training is available for teachers in how to involve with these be part of the new assessment methods and that further work will be happening during the summer then in the autumn hopefully they will be looking at how this is working so the intention and the excitement is to develop a progression framework within the curriculum which is something which will promote the learning and recently the ideas were presented in Prague in a European conference and several countries want to come and see this work so there you have an example straight away of how other countries want to see how the theory how the practitioners come together and how this feeds into the curriculum just a few messages to close then it's Michael and we have seen this in growing through this CAMEI process that the developments in this new curriculum ask for the change of practice and mindset and this is difficult these developments won't be consistent any change isn't consistent but there will be periods of lack of expectation there will be periods of uncertainty as well and it would be easy to move and ask and expect a quick answer uniformity makes things easier but we don't want that everyone doesn't have to think in the same way we want to present and create creativity and this will take time but in working with the ideas and discussing the ideas we will create something which is very rich as regards to a curriculum but as I said it's a process and it's a process which will take time and there will be uncertainty but I am very confident that the product at the end of the day will be worth all of the effort the second message are we going to do that on our own in the past when people came up and taught from universities and gave presentations and they would say I have the answer well that's not true it's been proved in every system we all have the answer and in working together we will succeed and the power of that ability coming together as Arun mentioned which is already happening in the north wales that's worth keeping hold of and it's worth celebrating Arun also mentioned that my subject was history I'd just like to quote a book Welsh education in sunlight and shadow G peri williams and in reading it this is the quote the forward of that book when the period of reconstruction begins we shall once again have a golden opportunity to evolve a better broader more human system of education to realise the dreams of our great pioneers we must not throw away this opportunity that's the message for you today if I was sitting where you are today leading a school I would respond I would go to work I would be involved because I have had enough over the years of people telling me to the the finite detail what I should be doing in the classroom and not give me and the teachers in the school an opportunity to create something and to take ownership of that work so that's the message for you and one interesting message this book was written in 1916 in the middle of the first world war nothing much changes in history but hopefully we won't make the same mistakes in 1916 which was to throw this opportunity away thank you very much for listening and good luck thank you


Putting things right. Raising a concern about the NHS in Wales. The NHS in Wales aims to provide the very best care and treatment. But sometimes things may not go as well as expected. When that happens you should raise your concerns with the staff involved with your care or treatment so that they can look at what may have gone wrong and try to make it better. In NHS Wales this is done through a process known as putting things right. Who should I talk to? The best place to start is by talking to the staff involved with your care or treatment as soon as possible. They will try to resolve your concerns immediately. If this does not help or you do not want to speak to the staff you can contact the health board or trust concerns team. If you have a concern about services that you have received from your general practitioner, GP, dentist, pharmacist or optician you should normally ask the practice to look into it for you. But if you prefer you can ask your health board to do so. Each health board or trust has their own concerns team. Here are their contact details. What will the concerns team or practice do? They will. Listen to your concern to try to resolve them as quickly as possible. Look into your concerns and speak to the staff involved in your care or treatment. Put you in contact with the right person to help you. Let you know what they have found and what they are going to do about it. Please tell a concerns team or practice if you need informational communication in a different format such as large print, braille or audio. How soon should I tell someone about my concern? It is best to talk to someone as soon as possible but you can take up to 12 months to do so. If a longer time has passed and there are good reasons for the delay the concerns team or practice may still be able to deal with your concern. Who can raise a concern? You can raise it yourself. If you prefer a carer, friend or relative may represent you but you will need to give them written permission to do this. Can I get support to raise my concern? Yes, the Community Health Council's Independent Advocacy Service provides free and confidential support. Find your local Community Health Council by contacting the Board of Community Health Councils in Wales. What happens once you've raised your concern? The concerns team or practice will contact you and may offer a meeting to discuss your concerns. Look into your concerns and talk to the staff involved in your care or treatment. Aim to respond to you within 30 working days of receiving your concern. If they cannot reply to you in that time they will explain why and let you know when to expect a response. Some concerns may take longer to look into. What if you're still not happy? If you're not happy with the health board's response you can contact the Public Services Ombudsman for Wales. Here are their details.


The Latvian national baseball team invited American paratroopers to swing for the fences in a friendly scrimmage. Paratroopers were eager to organize a team and get the chance to play. As we get to know them better, they get to know us better. You build a friendship that way. And the more you do it, the bigger the friendship and the better things become. Playing baseball against the Americans is a rare opportunity for the national team. But they hope to be able to play the Americans again while they are in Latvia. I think that's great. We have to do it more often. And now that we know that they can play, then we can do it more often. Maybe every year or something, and it could be a great tradition. As the paratroopers played baseball, they reminisced about the good old days of playing ball as a kid. It brings back really good memories. It reminds me of when I was young. I always had a ball in my hand playing some kind of sport. That shared interest brought team Latvia and the paratroopers together to show local children the basic fundamentals of baseball. I mean, that's a tough thing about Latvian baseball is they don't have many little kids playing baseball in Latvia. That has to be the foundation of your program. If your program is going to grow in the future, you've got to have little kids playing and build that pyramid from the bottom up. In the end, the paratroopers lost five to seven against the Latvian national team. Win or lose, they all walked away with big smiles and treasured memories playing baseball together. Sergeant Jen McAlebe, Riga Latvia.


Good morning, Cybertraders! Welcome back. Good to see you all, everybody. Hopefully no one's ready for another exciting morning trading at Cybertrad University. Good to see you. Welcome back, everybody, on YouTube, Facebook Live. Good to see you, Bob, Brad. Good, though, it's nice to be back. I'll tell you, it was down in Florida. I can't play how cold it was. I mean, I was in Jacksonville. Our other location corporate office up in Florida, but it was cold over there, too. I thought I was gonna at least finally get a little sun, but obviously it didn't really work too well. But it's nice to be back. I heard you guys had a good day yesterday. Couple of good, nice, little moving stocks out there. And we're gonna check a few of them out. We got a nice little runner going on right now with this stock right here.  Just gonna push this up so we can see the level, too, a little bit thicker. But nice little run on this stock from 840. I mean, think about it from $1.40 to $3. My God, that is a huge winner.  We're gonna check it out in a little bit. But let's start off talking about what happened yesterday because there were a couple of stocks that did make some nice moves and then all of a sudden things got pretty exciting on some stocks. I wanna start off talking with the HOTH. So that stock got pretty hot. Let me just bring up a two-day chart so you guys can see a little bit more. There we go, blow this up. So you can see right here at nine o'clock, you had a really, really nice little pop here early in the morning and then all of a sudden it did its little bit of a slingshot and came right back down. But it was a nice little cheap little runner in the pre-market where it started at nine o'clock right around here, around a buck and right up a nice little move, 65 cents, nice little call right there. But then it was pretty much done after that. So it was one of those stocks that had a big pop and that was it. Another stock that we had that obviously it also got halted, R-E-L-I. So this one had a really nice push in the middle of the day. So listen, we all know the most volatile times of the first hour and the last hour. But here's one of those stocks you could see kind of had a nice little push right around after around 10 o'clock. It just ran from like $7 up to $8.20 and had this really big pop right around here around one o'clock around lunchtime went from eight all the way to $10. Nice move right there also. Ford also I heard did really, really well. Ford obviously holding really strong good great pre-market trading. You could see that coming a mile away right there. We all know how important it is to trade the pre-market to get the sense of direction. And then you could see it did a nice little sling shot right there for about, oh, about like 10, 15 cents and then boom, from 9.35 going on all the way to about 11 o'clock. I mean, had showed no mercy, just kept going all the way to about $24. Really, really, really nice move right there. So that's what you missed yesterday. And like we always say, yeah, that's the past. Turn the page, let's focus on the future and see what's going on today. So we've got a couple of stocks that we're moving. I don't have a really big list as a pre-market goes. And this is pretty much normal going into the first week of the year. You could see the Dow is literally, I mean, flat and flat and flat. I mean, right now it's down six points. For the bad to be at 60,000 and 36,000 and 700-ish being down like two points, I mean, literally it's not going anywhere. But there are a couple of stocks that are moving this morning, which we'll keep an eye on them. So we got the LIXT, okay? So that one, you could see it. I mean, listen, we only need one, right? So that stock's got some big, big volatility. I just want to bring up level four here really quick and just let you know what we got going on. So you can see you got a big iceberg order that kind of held in. A guy just popped in around $3. You got about 37,000. When he started making this run early this morning, you could see there's, this is pretty cool. There's a 515,000 share buyer at $1.60. Well, $1.60 realistically, when you're at 270 is worthless, okay? So it could be a dark pool right there, but that is a pretty big order. You could see the guy was out here earlier and he kept adding to it, but not really that much.  I mean, 32,000 plus 6,000, whatever, he got 40,000 there. But that kind of explains why when I hit the 9 a.m. high right there, around three, it backed off all the way down to 260. But stock's got great volume. I like it. We'll keep an eye on it. Love that 500,000 share buyer out there too. MYNZ is another one that's moving pretty nicely too. Stock is a new IPO. It's not has been around too long, but the stock is more category four. It is pretty volatile here. You could see it had really good pre-market right around 7 a.m. And then right around 8 a.m. Had that nice little push right there. It was on the watch list this morning. So if you got in around eight o'clock and you got in around $18.70 or $19, you know, listen, if you pull the buck out of that, pretty much it, but you could see tier size are really, really small. So you want to be careful, which by the way, just to remind everybody, Josh is going to be doing phase three and today. And I know a lot of you guys are going to look forward to it. Rich just posted a link. So, you know, one of the big things that we always have to focus on is the three T's, tradable, trend and trap.  One of the biggest things that we teach here is, like I always say, it's not teach you how to make money. It's teaching you how to stop losing it. LGVN, I thought this was a pretty good stock earlier. I saw this in pre-market. Stock had a really nice move right around here, around $3.00. You could see we trade the stock back in November. Some of you remember it. Beautiful run-up, $5.00 to $45.00. I got a little disappointed. I thought the pre-market was going to be a little bit better on that one. Let me just go top over. Let me just go punch it in and see what's going on in the, what the institutions are doing right now in this stock, if they just have, it must be probably be a big iceberg water somewhere around there. All right, so we got a ladder effect that's going on. You got a big seller out here for $10,000. You can see these guys out here, $13,000. There's a couple of people out there buying it. This guy kind of really held it. Yeah, figure made sense, $14.30 right around there. As of right now, I don't see any buyers out there, so not really a fan of that. I got to buy a $15.00 for like $25,000. So got to, well, let's check it on the heat map. That's not bad, so it kind of makes sense. $15.00 is right there. You can see it right there. That's the reason why I kind of hit that resistance and backed right off. $14.50 is right around here. Is that right? $14.00, got sellers out here. Kind of right around, it's kind of holding it pretty tight right there. So listen to what those guys get taken out. Definitely want to be interested. Another little stock that looks a little on the cheaper side, got good volume, 2.1 million shares. Just had a nice little popper on $8.30, ran from $6.36 up to $7.25. Another stock that, not the greatest trending as of right now, but pretty decent move as in what's going on pre-market. Love the volume, 2.1 million shares, it's a lot. It's a lot. Got to, that kind of makes sense. We had, I'm looking over here, big iceberg order was sitting there, right around $8.30, about over $10,000, $15,000, right around $7.20. So you could see it. That's why it's backing off. Starting to build a little bit of a foul-steel flag on the downside, just hit like a triple top. So big buyer just came in a little bit right here. So yeah, you can see it. That's why it's going up right here. All right, that looks pretty good. So listen, it's not a big list. I expect this the first week, coming back from a major holiday, but I think next week things start picking up. But best in place to be is definitely jump into class. Somebody on YouTube just brought up, could you check out the stock, MYNZ, which I just did, I just brought that up. So I don't know if I missed that out, sleepy fish bear, whoever you are out there. Yeah, that's my thoughts on that. Anything else I'm missing? That's what about your thoughts on Nikola. So I had Nikola on the watch list. This morning, and right around eight o'clock, I saw a little action in it. So it had a little bit of a pop from like 1060, rents about 1080, it's on a swing side. It has some nice support levels right around 10, kind of holding here strong for a long time. It only backs it's August, but as a swing trade yet, I'm not completely sold. I'm not completely sold. Regarding the LIXT, it's starting to make a higher low. You know what I mean? You can see it's starting to back off. So that's, I would want to be a little concerned about that. I mean, listen, stock is up 100%. All right, did I go over, somebody on YouTube says, did I go over at LIT, yes I did. There it is right there. Okay, just to kind of show you that there, absolutely. So listen, Norman just says, oh yeah, let's check it out. Norman says DTST just popped. Yeah, 29% million shares, absolutely. This is obviously a program trading. We know 9A is obviously one of them. And definitely going on a watch list. Good call. Trained you well, Norman. Getting a little bit of a pop also in IMMX just had popped. That one just popped too. Just got a big pop right here on that one too. So yeah, Charles just saw that. So it looks like, listen, you know what? Looks like we got a little action going on. So looking forward to it. So some of you are gonna have some good day. Hopefully you're gonna have a great day trading with Josh today in phase three. Once again, if you're watching YouTube Facebook live, if you ever wanna come and join us, just like his friend us, you can always do a trial here at Cyber Trading, enjoy our trading room. Cyber Traders, let's get ready for the market open up. We got about a little more than 15 minutes.  Let's work out and always work together like a team. Good luck everyone, happy trading, enjoy class today.