Does anybody recognize this sound? That didn't work. Anyway, it was the dial-up sound. It was meant to be just eight seconds of that. No, no, it was just that little bit. It wasn't that long ago that we would wait 26 seconds to connect to the internet. Once connected, we would wait another two minutes for a page to finish loading. How long do you think people wait now? Three seconds, with so much to do and so little time, we want it all now, and we want it fast. Hello, everyone. My name is Chrissie DeRise, and I'm a customer support engineer at Acquia, having previously worked as a web developer at an agency in Brisbane. In this presentation, I'd like to cover three points. First, why image optimization is important, how it affects website performance. Secondly, the benefits developers and customers can gain, and finally, optimization tools and methods to get current sites performing better. Most people would probably agree that images are important for a website. Can you think about a time you last saw a website that didn't utilize images in some way? Whether it's banner images, visual cues such as icons, even the most minimal websites draw attraction because of their design. Coming from a background of front-end development, I personally trust a website with great design over one that does not. Thank you. Raise your hand if you've ever left a website that you didn't like the look of. And who here has ever left a website that took way too long to load? According to some studies, 40% of users will abandon a website that takes more than three seconds to load, and I'm definitely one of them too. If I'm on a site that takes too long to load, or if I'm bombarded with Temean, I'll just go to the descriptions. I'm not going to go anywhere else. But does it really matter if a site is too slow? According to the same studies, a one-second delay in page responses can result in a 7% reduction in conversions. For Google, if their pages slow down by half a second, their traffic drops by 20%. For Amazon, if their pages slow down by one second, they could lose 1.6 billion per year. 52% of online shoppers say page loading is important to their site loyalty. If you're online shopping and you're ready to pay, would you feel nervous if the process would take too long? Would it stop you from wanting to buy from that website again? 79% of users are less likely to buy again if they are dissatisfied with the performance. Perhaps that is because the average attention span of a human is now 8 seconds, declining from 12 seconds in the year 2000. This means that Goldfish beat us by one second. So why is image optimization important and how does that affect performance? According to a 2016 report from the HTTP Archive, images account for 65% of a web page weight. A lot of benefits can be made by focusing on image optimization. So we've established why it's important, but you may be thinking, what's in it for me? What benefits can you and your customers gain with image optimization? For developers, when I was working at an agency, a lot of my job was to actually take some images and then resize them from the beginning. So doing that meant that later on in the process, I didn't actually have to lose time by having to do that again, which also meant that I could also tell clients from the beginning on how to do that. When you know you can optimize images that will help with a fast website, it also means that images do not get in the way of your workflow and you can focus on making a great website which has a great user experience. If your client's website has a great user experience in his performance, it means you'll have happy clients who may be more inclined to recommend you to their friends. What are the benefits for clients? In my role at Acquia, we deal with around 5,000 tickets per month and a fair few of these are about image performance, sorry, and website performance. As I mentioned earlier, oh, sorry. The faster a website is, the more your users will be engaged. We also send notices out to customers when they reach their file size capacity and whenever I'm looking at where the most of those files are, I tend to see quite a lot of images that are large because of PNGs or like 35 megabytes, which is not really great on a website. So rather than upsizing, if they resized their images and made them smaller, they wouldn't have to upside saving your customer's money. And Google uses page load time as a factor in their ranking algorithm, thus having a fast loading website means you'll have a better ranking. What are some ways that image optimization can be achieved? There's three sections I'd like to talk about, image formats, methods for optimizing images, and file management. Firstly, let's talk about image formats. This all depends on the image itself, but I tend to go for anything under 250 kilobytes, the lower that you can get it, the better. And the most common file formats are JPEGs, PNGs, and GIFs, or GIFs. I don't know how to say it properly. There's a bit of a war. In the future, it may be possible that none of these are actually in use anymore because with the growth of SVGs in WebP file formats, but I'm going to mainly talk about these file formats and what we can do now to optimize existing websites. So which file format should you use? This does depend on the function, but in most cases, I'd be recommending using JPEGs as it uses a complex compression algorithm and is the most common and recognizable format. Considering how often we see PNGs are used in that graph from HTTP Archive, there appears to be a misconception about what PNGs should be useful. As mentioned earlier at Acquia, I see a lot of images that are PNG files that are 35 megabytes, whereas PNGs should really only be used for logos or icons or things that need to be transparent because it doesn't have the best compression and always will end up being larger. And GIFs, I've not really ever seen them on any website apart from Buzzfeed, so I'm not really sure if there's any other use for that apart from in emails when you need to send something cool. Now I'd like to talk about some tools and methods so that we can use to achieve image optimization. Since most websites will have banner images on the site, usually these are quite large, but that doesn't mean that every image on the site needs to be that same size. And you also want to make sure that you're serving relevant content per device. Why should someone on a mobile be seeing something that's 1200 pixels wide that just weights their bandwidth and makes it slow? So, and since mobile users exceed desktop users at 52%, it makes more sense to deliver images appropriate to each device. One way of doing this is via the adaptive image module. Adaptive images and thus the module detects the device and then Drupal using that module that then rescales an image on a particular breakpoint so that you get served a smaller image if you're on a mobile and a larger image if you're on a retina display. It does use jQuery and JavaScript, which means it only works if JavaScript is enabled on a user's browser. Lazy loading is also another option, which just it only... It won't load images that don't show up on the viewport. You can use this as a Drupal module, but I'd recommend using jQuery so as not to have too much module bloating. There's also resizing software. When I worked at the digital agency, we had a lot of old clients that were asking us about website performance, so what I would normally do is I would take all their files and then upload it locally to my computer and then I would use Adobe Photoshop to do a batch resize function. So instead of just having to do that manually, you can set a little record option and then you can make it so that it goes through all these images and then closes them so you can either resize it at 72 dpi or I would do a particular width so that I didn't have to waste too much time doing that, and then after that I would then use image optimization software to make that even smaller, such as Image Optim for Mac, which also has a command-lined interface. There's also KCM and Kraken and Tiny PNG, and there's also some Drupal modules where you can optimize images as well. Oh, sorry. He keeps asking for a Wi-Fi. Another thing that can degrade website performance is when there are too many files in one directory without any directory structure. Having a good file structure means the server will spend less time looking for a file. At Aquia, we have found that over 2,500 files in any single directory can affect a server's performance. The best method would be to either use FileFeedsPath, FileEntityPath, or TokensModule. So you can set up that field to save to a particular directory, and using the TokensModule, you can set that directory such as the year and the month. So whose role is it to optimize images? Well, I've mentioned that there are modules for Drupal that can optimize images. The one fallback for this is that it uses a lot of memory and can cause server problems. It is lighter on the server to do as much of this as possible before uploading it to Drupal. I believe that image optimization and management is a shared responsibility that exists for the whole life of a website. Do content editors know which image formats to use and how big the images should be? The content editors of a site should know the benefits of optimizing images and having the tools necessary to achieve this. To conclude, we live in a world where there is plenty available to us and there's plenty of competition. We don't have the patience to wait anymore. If you're eating at a restaurant, do you want your dinner as soon as possible?  We want our websites to load as soon as possible so we can access great content faster. One way of improving the performance of your site is through image optimization. Image optimization is best achieved if it's done through all stages of a web development cycle. From developers to clients to content editors, anyone who uploads images should have the knowledge and skills to resize and optimize those images. In a few years' time, we'll have faster internet with bigger data plans. Our image formats will be new. Our computers and mobile phones will have a higher pixel density. Maybe our attention spans will increase again. There is plenty of information available about image optimization and my aim with this talk was to explain the benefits and its impact on web performance. What I've mentioned here is just some of the options. And I have compiled a document that I've found useful with some articles and tips which I'll upload to the Drupal.org website. And that's it. Thank you. Questions? Thank you for that. I've got two questions. One you mentioned the other optimization tools. Yes, they're better than the Photoshop, so that's what we're going for. Image Optum, do you mean? Yes. Generally, I end up using both because if you have a file that's 35 megabytes large, then if you use an image optimization for an image optum doesn't actually do resizing, it just reduces some of the data in that actual JPEG file, so metadata that you don't need. Yes. Generally, I'm just trying to think back to my time when I was still at that agency and I tended to, depending on where the image was used from, so if it was used on an article about food, for example, then I would probably try to name it with dashes in it. So like picture of Lasagna or so. But I haven't really seen a lot of that at Acquia. We quite often, I just see files that have random numbers in them. So, yep. I've always just uploaded a video image of God, you know, for the reason. So that image page can handle the way it's displayed at the top, you know. And then I think it's called image quick or something, which compresses the JPEG in the Google. I don't know if that's a Google module, it's called. I think there's a module, I think it's called Image Magic, an image GD, that do that. You choose, you know, do I compress the JPEG's 180% to 40%? That's a bit brutal, that module. So that's the way I always go on. So you would suggest always optimizing it as much as you can in displaying the original image on the website as opposed to using the image here? Yes, yeah. I would definitely suggest that. Because again, if you use those modules, it puts impact on the service, which can result in other kinds of problems as well. And not every site will have that module installed. So I think if we can get to a point where we're doing that before all the images get to the actual site, then that's probably better. I would say you would be able to use both, because I think if you use Photoshop to resize an image and then save it for web, say if it's one image in your case, you can kind of then control how it saves. Whereas I'm not sure if you've really got that option with the module. It'll probably just save it at 70%. And some images look great at 70%. Some images look great if you save them at 30%. So sometimes there's a bit of a give-take there where you can get an image smaller. Whereas it might not be possible to do that on every single image that you upload to a site. But I definitely do think that if we can do some of it before we upload it, and then in addition to that module, then we can get even smaller file sizes. Okay. I've not come across that, but I've also not really used that image-gd module. I just know that it's... No worries. Hi. You mentioned that if you can keep two files in one directory, do you recommend sort of storing files in images in a big directory structure where the page content is? Do you really often actually get to that location? Sometimes when you're in another location or site, so the kind of URLs end up really crazy. Do you recommend just kind of dumping all the other images in each folder and then go to a site or do you normally manage that? If you've got a lot of images across the site. It's a good question. Because I guess I don't... Yeah, because say if you've got a same image that's used in a few different locations, it doesn't really make sense to upload that image four times so that it's within a particular directory. So I would say if you have images that you know are going to be global across other ones, then you could maybe create a directory that's for those images that you would use more often. Yeah, but yeah. If you can kind of load your content on one page in lots of different directories, would that make the page look much better? I don't think as much as if there were lots of files in one directory. Sorry, obviously what we're going to do is we've got the medium one. So in an ideal world you would upload your image, you would name it correctly, and you would maybe tag it depending on what the ABC appeal for you. So if you've got both of those images, a plate of design, you could tag a plate of food, a design app, and then in future, you could tell your content editors before you upload an image, go and have a look at the library, go search for or see if it's there already. And so just to pass on that to your question as well, we actually just had this same problem literally a few weeks ago where the client came to us and was like, the images are too big, making them smaller, so we made them smaller. The original image.  So we had to find a half a million between inlooking crap, and it working okay on Google, because there was this whole new HP thing to consult with, and we had to go through this process of any image that we could control by those backgrounds, and anything non-contemplated. We had to run through our image optimization, and then sometimes they would say, ah, in actual fact, can we compromise on the size of this one to give it better quality? And then in actual fact, the home made of the website, they did their own image optimization, rather than rely on, if you look at the slider. Yeah, exactly. In my home page here, it's just the first image you see, and it looks awful. And I'm told that it looks awful, but it's like, ah, we need the speed for the home page. Because they've got the gradient, and the gradient you can literally see aligned. It reminds me of an image you want to portray, that I've done my due diligence by the way. There's a responsibility, sorry, from the web designers point of view, to have to understand the differences between whether or not an image is suitable for JPEG, or whether or not the PNG needs to be 24 bit, great bit, and understand the compression algorithms, and understand what defines native PNG. And you can actually get that quality imagery at a lower file size, where it's a really simple thing, like maybe, for instance, you're uploading a simple black and white load file for live frames. That would actually be a lower file size or higher quality as a PNG to take there. Can I add to that? There's a photographer in the world who's going back to the source again, the original, so you're going to have one for the JPEG, because every time you go to JPEG, there's quality. So, you're going back to the original raw file you came, or the closest file you had to the original source, to give you a better quality, and you can handle it yourself. That's the one for image crop, doing an article, and you get a nice picture that doesn't shrink down, for the summary, if you just pop it, say one person's face or the front door of the building, put the little image in the summary, and then we can have something squashed down in the room. Yeah, I've used that module before, at my last job as well. I think you can also, with that module, set it that if someone uploads an image that's too large, like a maximum of one megabyte, if they try to upload a 20 megabyte image, it's not even going to go through, it's going to fail. So then there's also that option that you could kind of guide them saying, no, don't upload a 20 megabyte image, but then I guess it's quite, in some cases, depending on the website, you may want to have an option to, people might want to see a really large image. But I think, yeah, so, sorry. Are there any options in SVGs, can you upload them and optimize them any further, or just what they are? I think you can and I don't really know enough about SVGs at this stage to be able to fully answer that, because a lot of my, like I'm a sport engineer now, and a lot of what we do is just seeing what we see, and I haven't really seen a lot of that SVG stuff in the last year of working there. So I would have to research that a little bit before being able to fully answer that. Can you just upload a normal SVG with a normal image upload? No. So there was a session before, so I looked at it and I was there and I was like, can you do that as a final? No. And there's a bit of security issues that are really okay, but it's, it's, but really okay, but it's okay. So you needed to open the trust of people that are following SVGs? Yes. Yes, I see what you mean. I want to zero the problem, but I don't want to mention the session. Oh, sorry, yes? I have a personal experience. Did that be recommended for the revolution of the invention that we would say? See, because we have to have that for all our throws, and the lighting is more flat out somewhere, you know, later. I think I've always, my guidelines always been for banner images, I use 1280 pixels wide. And then for any inline content, I either do 960 pixels or 800 pixels. And then it depends on the website itself, but I think the guidelines that I followed, because it's, you know, we do have really small screens and then really large screens, so it's really with that adaptive images is a good solution for that, because then you can upload large images for people who are on retina, and then small images for people who are on mobile. Yes, so again, actually we've had the exact same thing a few weeks ago, where the client was like, that they tested on a 4K device, and the website was like, I'm not even serious. The way we argued is, we went into the big analytics and it was like, we will happily fix it, right? We can fix it, as a way to fix it, we can still have a chance to fix it, but you really want to spend money fixing it for not more than 70 years, at which point, I'll sit there, and I will be like, we come at it from a research perspective, it's the users are 1920, they need to account in 1920. The website will do 70% of their users on mobile, so we focus on optimization there, and then obviously the website in our desktop is really good, but when they're like, oh, why isn't it, why are my Mars 77 users on mobile? Which could change in the future too, like that's what it is like now, but the internet changes quite quickly, so it might be possible that we'll have to change that approach when the time comes, that's the retinas are more common. Yeah? I'm not sure, I think there is one module, because I was just reading an article the other day on Drupal.org about responsive images, and it did say Drupal 7 and 8, but I would need to look that up, so I'm quite sore, sorry. I'm trying it, but I think there's 70% of it. It uses image cache, so you basically add a new image in the slate, say when this image is on mobile, the slate is lodge or for me, and then you display it on desktop, lodge, and when you, you know, I don't know why I'm not sure it's extra lodge, so let's use the image cache, that's not quite the way you would be going, it's just an original slate image. It really only does that work once, and then 8 years, on location, yeah. One thing I would like to know is, our revenue images, normally the web images 72 DPR, but our retina images are higher DPR resolution, yes, does that look the same, you know, but I look at the screen, it doesn't really look the same, but what is the reason? Because if I look at the 72 DPR, on that, it looks like half is mine, it's other type.  Ah, no, I always use 70. It was also, that method that I was using was also just something, like a quick way to resize lots of images, because there would be like hundreds of files, instead of going, oh, they're all different sizes, like 300 pixels, but then some of them might still be larger than other ones, because of their DPI, so then I would just make a judgement call and say, okay, these images need to be smaller, because they're only used for inline images, not for banners, so I'm just going to set them all as 72 DPI, which means some of them might be 400 pixels, some of them might be 900 pixels, so that was kind of a quick way to get all those images at a relatively smaller size, but still okay for web, which helped on when you've got to resize lots of images. Cool? Yeah? Would you recommend Adobe Fireworks? I've never used Fireworks. I didn't know that there was an option for that. I've always just used Photoshop, and I'm aware that everyone does have Photoshop, which is, I think, why GIMP doesn't. There's a lot of online editors that can do the same, which I'll add to that document that I'll add to the Drupal.org website. Which one? Sorry? Okay. Cool. Yeah? To do what, sorry? I'll repeat the question. Repeat the question. So are there other methods for being able to do progressive images? Is there modules available? I'm just trying to think. Sorry. Because at this stage I'm not really sure if there's a module for that, for Drupal, but I can look that up and also put it in the document for you. Cool. Thank you.


All right, hello, hello everyone. If you can hear my voice clearly, can you type out the speaker's name for tonight? Whose brain are we dissecting for tonight? Okay, if you can hear my voice clearly, please let me know which speaker or which very successful investor and very successful entrepreneur, right?  I believe everybody is looking forward and that's why you guys came here, right? When I blasted into the telegram, so many of you are very excited, right? I'm super excited to really crack his brain as well, right? Because there's so many things that I've learned from him over the years, right? Taught me to become a better investor, taught me to become a better business owner and most importantly, taught me to become a better person as well. So yes, exactly, right? D saying that is Sean Xia, right? There you go. So without further ado, let's welcome Sean to be here. If you guys are excited, can you type CCC in the chat, okay? CCC stands for Cap, Cap, Clap for Sean. Hi Sean. Hi Sean, you are muted right now. Hi Chloe, hi Chloe. Hi everyone. So I'm here to let you dissect my brain. Yes, exactly. Are you ready? Yes, I'm going for operation, right? I'm going to take out my knife and my fork very soon. Hey, please go ahead. No much left. I use quite a bit of my brain, right? So, does that sound correct? Yeah, I use a lot today. So, left a very little. Just go ahead. But regardless, again, pretty sure all of our audience here are like super excited, CCC, Benson is here, all right? So without further ado, let us know, okay? While I am doing operation on Sean's brain on all of your behalf, if you have any questions that you want to ask Sean, feel free to also leave it in the chat, okay? So that, yeah, we can get to dissect Sean's brain together. Now, the first question I have for Sean is, because Sean, I understand that actually you have published numerous books before, right? And one of the most recent book is you actually co-wrote it together with Mary Buffett, which is the seven secrets to investing like Warren Buffett. And inside you actually quoted, right? Warren Buffett said that he has a very famous quote, you really don't need to leverage. And if you're smart, you are going to make a lot of money without borrowing. Now, can you share with us, why do you think leverage is something that attracts most investors and why do you think Warren Buffett asked investors to stay away from it? Okay, actually leverage is not bad. There are different types of leveraging. And I think that a lot of people like leverage, right? Because the idea is you can get rich quick a lot faster. So in fact, even for myself, I think many years ago before I got started, right? I was attracted into the investing world and I use CFD. I don't know if you've heard of CFD before. That time you can leverage seven times, you know? So if I put $1,000 in, I can invest up to $7,000. And if let's say the money double, okay? The price go up, I'm still, right? I will make back $7,000. So using $1,000, I make $7,000. Sounds like an amazing kind of return. And after that, I jump into Forex. Anyone knows what is the kind of leverage you can get from Forex? Do you know what to do? One to ten? One to ten? No, for Forex, you can go even one to hundred. For those who didn't know. Yes, but what it means is if it swings a little bit, you are wiped out.  Dumb leveraging, right? There's no advantage of you when you use the leverage. And by the way, in case you all didn't know, for almost every leverage tool that you use, people are lending you money, or one is to $1,000, yes, correct? Actually for Forex, you can go to very, very high. There is always a cost to leveraging. When you're leveraging, you definitely have to pay interest. Example, CFD, in case you all didn't know, right? When I first used CFD, I put $1,000 in, even if I invest $500, which I didn't use their money, correct? I use my money technically. There's $500, there will be interest charge of 7% per year. So the whole thing is against you, you see?  You must understand once you use leverage, you are already losing quite a bit, not already. So you must be superior at making sure that you can win within that timeframe. I don't know whether you all heard of the movie Big Shot. Have you heard of Big Shot? Yes, yeah. The Big Shot, right? Correct, they actually borrowed money to short the market. And it was so stressful. Eventually they were correct. But you know, there are a lot of people, right? They short the market and they are correct, but they didn't have the holding power because every day is charging you interest. So guys, leveraging is extremely stressful. I can know that some of you guys have been thinking, I just leverage one time, I cheat my million, end of it, I don't play anymore. It never happens.   So there's no good reason to leverage in this kind of leveraging ways. However, the smart way of leveraging, right?  You know how Lassie leveraged? Anybody know? How? Using options? He used options is one way, but before options comes into play, he uses insurance company. The reason he invests into insurance company is not so much that they have superior earning powers, but they have this thing called a float. Can you see? So he invests in that company so that he can take control of the company, use that company's money to invest. This is called smart leveraging. You know why? Because he's using money of other people whom he doesn't have to pay interest for. Can you see? There's superior way to leverage. Using options is a superior way to leverage because the downside is kept, but the upside is unlimited. So I'm not totally against leverage. But I think for beginners especially, leveraging is extremely dangerous. So what if people who start their investment journey with very limited capital, if they want to make greater return, what can they do if they don't want to subject themselves to leveraging risk? Okay, when we say little capital, it depends on how much is it, right? But what I want to say is this, if you treat that $500 that you have or that $5,000 that you have, like a $500 million portfolio, it will eventually become a $500 million portfolio. Now what do I mean by that? Of course, I mean, when we talk about the constraint of 500, it's a little bit difficult, right? But even with 500, right, you think about the kind of stocks you can buy, maybe you can diversify into a few. I mean, the choices is limited. But the discipline that you build by really looking at what kind of stocks you can invest and train yourself to manage that $500, that $5,000 in a very, I would say, discipline manner, right? It trains you to become a very solid investor. When Warren Buffett started investing, he only got a couple of thousands, but he treated them so seriously, now it becomes more than $100 billion. So as a small investor, when you're starting out with an initial capital, use that capital to master yourself, master your skills. Not so much of I want to turn this $5,000 into $5 million within one year, you know? It's very unrealistic. And when you're unrealistic, that's where you become an unrealistic investor.   Yeah, I totally can relate to what you're saying. When we are trying to get rich fast, that's where most dangers lie, right?  But if you treat our money with discipline, with care, that's where our money will grow over time, all right? And so many of our audience agree as well. Now, like using the same question, following the same line, right? You know, like in the past, when how Buffett invests, he was pretty much influenced by Benjamin Graham, which is focusing a lot on undervalued stock using value investing, PB ratio, P ratio, right? He buy low P and low PB stocks. But do you think if today, right? Which Warren Buffett continued to involve over time as well, right now he focusing on buying break businesses. So do you think if Warren Buffett were to kind of like restarted, right? Start today, right? Using, you know, like his investing method, do you think he will pivot instead of focusing on low PB, low PE? Will he change his way of investing? Okay, I can't really speak for Warren Buffett, you see. But we must understand the history of what happened. Initially, when he first started learning investing, he learned from Benjamin Graham, whom one of his main method is called the net net method. The Graham formula is the two-third of the net asset value. Okay, so what it means is you want to buy a company really cheap based on the asset value. And at a point in time, right? What Benjamin Graham thought came was that when you invest into stocks, you look at them as a business. How much will you pay for this business?  Number one is what kind of assets they have. You talk about banks, they have a lot of cash inside. Of course, it belongs to the customers, right? But in the end, after returning to the customers, whatever amount they have, it belongs to the shareholders. So he said, if this is the amount that belongs to the shareholders, I can buy it at this share price. There is a particular discount, a margin of safety. And therefore it is a good idea to buy this business.  Inside the piggy bank, there's one million. And I sell you for 700,000. You don't want to buy it, it's like, this is a concept, right? Yeah. Eventually, he made his millions through that. Then he found Charlie Munger who influenced him to think like Phillip Fisher. Phillip Fisher looks at businesses, same thing, stocks as businesses, but he looks at growth potential. He said that, well, the business, you can buy it just based on asset. But if the business, right, they can grow. Example, if you invest in Amazon in the early stage and it grew, you invest in Alibaba and it grew. What, imagine how much more money you'll get. So instead of buying at a cheap price, buy a wonderful business at a fair price. I don't know whether you all heard of this term before. Last time it's about to buy undervalued, then wonderful business at a fair price. You don't need to buy cheap, you buy fair. So that means, right, you don't have to buy below PB and stuff like that. And when it grows, right, that's where you're well for times 10, times 100. So if he knows all this and he goes all the way back, you're saying go all the way back, is it all, or he start right now? Yeah, if he start right now. If you start right now, right, I got a strong feeling. It is very difficult to find undervalued based on the initial model, where it is below CNAV. The reason is this, there is a lot more participants in the stock market. So by pure virtue, when a lot of people are in the stock market, the generous stock markets, PE and PB has risen over the years. In case you all didn't notice, okay? So last time you can find what PE ratio three or four and PB ratio below one, but now it is almost impossible to find even with the tools that you have. You have all the screeners and stuff like that, but it's not so easy to find. I see. So that's why right now, if we were to, as a beginner, like a lot of our audience here, maybe they have been starting to invest, your advice will be actually focusing on buying great businesses rather than trying buying cheap businesses. Is that what you mean? The best case scenario is to buy great businesses at a cheap price, right? But we have to be realistic about it, you see? So when we talk about cheap, what do you mean by cheap? So you must understand, the basis of value investing is to buy companies that is below value. There are two ways to think of it. One is the company asset is like this and you buy it here. So there's a certain value proposition you capture, right? Another way to think about it is the company is right here. In the future, it will grow in value. So as compared to the future, it is under value now. So you compare to the future value. I think right now, both still works. Okay, based on research, based on there's quite a number of funds that use the mechanical way to buy the cheap value based on asset. And it still works. But I think a lot have shown that the superior way of looking at future growth, it is a lot more about our future value, which is what they call growth investing. So, but it's just terminology. The whole idea is to buy businesses that you know will make you money. In fact, I think what Sean is talking about, one of the valuation method based on growth investing is PEG, right? Which is you compare the growth rate to the PE ratio of the business, which is actually a method developed by Peter Lynch, a very great farm manager with 23% compounded year on year return for 10 years. So this is something that we teach in our two-day buffer online school as well. Yeah, exactly. If I'm wrong, it's 32%. If I'm not wrong, it's Peter Lynch. 32% and oh my gosh. Yeah, if I'm not wrong, I can go and check. Yeah, yeah, yeah. So for those who are not sure what is growth investing, you can actually join us in our upcoming buffer online school two-day class. We actually teach about how you can select and spot great businesses using the growth method as well. Now. Okay, sorry, it's 29.2% Peter Lynch. That is stunning. Like 30% for close to 10 years, right? 13 years, right. 13 years, that's super crazy. Yeah, so using growth method, it works. Now, if we're talking about buying businesses, right? But eventually, when we buy, how do we profit? Especially talk about growth is we need to sell away our stocks, right? Sell away our business. So in your book, you and Mary actually have some very interesting point about portfolio management. And one area that I always found very intriguing is when to exit, right? When to sell our stocks. So if you are talking about like overvalue, right? Some of you, some of people may think that, oh, maybe that's the right rationale to sell. But if you look back to Warren Buffett in his own idea, his career, he had been holding out Coca-Cola for so many years, right? Sometimes in some of the years, PE ratio of Coca-Cola was above 40, which is actually overvalued, but he did not sell, right? So when is a good time to sell then? Or do you think that it's never a good time to sell? Okay, when we talk about selling a particular stock, right? It is all based on, in my opinion, the reasons you buy. So you buy a company for two reasons, right? It is a wonderful business that can grow. Number two, it is priced correctly. So I think a way to guide our selling is when the buying reasons no longer exist. What do I mean by that? Okay, so if let's say you believe that this company is no longer a wonderful business, I think it's time to sell. And maybe, okay, when I say it's not a wonderful business, maybe when you buy a business, it was at the start-up stage, it was growing. So it's wonderful because it has grown. It has reached a particular plateau. You feel that, well, it cannot grow anymore. Myself, I pull my money and then put it somewhere else. It's always like allocation of funds. Where can you best put your money, right? Now, in the idea of Coca-Cola, now again, it is on high side, right? PE ratio of 44. In my opinion, I don't think PE is always the best way to evaluate a company, but assuming that Warren Buffett, he definitely is aware that this company is at a certain valuation. The reason why he doesn't sell, in my opinion, he still thinks that at a point in time, it's still a good business. And at a point in time, it is still at a fair price. Fair price, meaning you say, although it's PE 44, but in the future, two, three, four, five years later, you'll be even higher in terms of the market capitalization in the kind of revenue. That's my opinion. Or maybe he was on a holiday and he forgot about it. I don't know what to say. So when we talk about when to sell, right? I think the best way is to think about it. Where is my money at the best place? Understand? So you see, whatever money that you have, you are placing it into different stocks. Is this still in the best place? If you sell the stock, where can you put it? If you put it in the bank, is it better than still putting it in the stock? So you must compare it. Or if you find an even better opportunity, you can pull it out and put it somewhere else. So this is the way to think about allocating your finances. To try to time the market to say, oh, it's overvalued, it's gonna crash, this is something that over the years, we also realized that, well, you may get it right half the time, you may get it wrong half the time. So if you have better place to put your money, go ahead and put there. All right. So it's always about, really not just looking at individual stocks, but looking at it holistically, how can we use our assets wisely, right? So that we can always optimize as a whole portfolio rather than individual stock. Is that what you mean? Where's the fright? I see. And in fact, some of our audience are saying that all good businesses are overvalued right now, very hard to find, really wonderful business at a fair price. Maybe later, I can also get Sean to share. How do you find stock ideas, right? Because businesses are always evolving, wow, there's some of the tools that you can share with us, right? Yeah. But before we go into that, another questions I have is, you know, like for Warren Buffett, right? He used to say this, right? If I think, he said, I think I could make you 50% a year using $1 million. Now we know that Buffett now have $100 billion in cash, right? But if he only have $1 million, he's confident that he's able to make 50% year on year, which I think is super amazing. So why do you think Warren Buffett said that, like on what basis do you think that he can accomplish this kind of amazing return? Okay, I cannot remember exactly where I said that. I think it's 2003, okay, or somewhere around there. Basically, it is based on track records. So in the past, he has done it so many times, where he has $1 million, and you must understand something, Warren Buffett, he didn't just invest into public listed company. In case you all didn't realize that, he invested into, like, let's say, a Nebraska furniture market. I think he paid $50 million for it. I have to go and check, $50 or $500 million per week for that business. And right now, I remember when I last checked, right, I think almost every week, I'm making $50 million. So you see, I don't think, and I don't think when he say 50% a year, he means like, oh, every year I give 50% a straight line. I guess what, I believe what he means, right, it is really given time when you compound the right, he's able to, let's say, double your money almost every year when you put it at the long term, okay? That's what I think he means, okay? And you must understand that for him, he has really gone through 60 years of investing. He knows what works, what doesn't work, and he realized that if, let's say, he was to go back again and then use his investment matter, right? He's easily able to find companies that's like way below undervalued. If it's 50% undervalued, right, and it goes back to the full value, it is really 100% already. So it's something like that. He's able to actually navigate the market with so much experience and information. He's able to make 50% a year. In order to reach that stage, I'm not saying that all of us can do that immediately, but you must understand that right now, what we have is a lot more tools, a lot more, I would say, even AI to help us to achieve that kind of returns. I believe we can do it, but what we lack is this kind of experience and temperament. That's the part that's not easy to get, okay? Yeah, exactly. I think temperament is something that it's the hardest to achieve, which later on I can also, I believe the audience are also very curious, like how do you cultivate that temperament, right? But before that, if you can share with us exactly what goes through your mind when it comes to finding stock ideas, what are the stocks that you personally actually invest in using certain tools, right? Do you actually use them if you don't mind sharing? Certain tools, okay, I share with you, because we also teach a lot about using screeners, using Gita, using a lot of tools, right? Most of these tools, right, I mean, if you use them long enough, you use them this week, and then you go and screen again next week, it's about the same one now.  But what I really prefer to do, right, it is really reading out, it is really looking around. So like, I mean, they say, Buffett don't really buy stocks, or shop for stocks on Wall Street, he shop for stocks on Main Street. So like a recent one that, I think I make almost 50-60% is Microsoft. Now why do I buy Microsoft? Very simple, because like earlier this year, I mean, I became hooked on to AI. So those who follow me on TikTok, you're right, I keep playing with a lot of AI tools, and Microsoft actually invested into OpenAI, which I thought is a very strong add-on into their being. Now, my thesis may be wrong, maybe right, it doesn't matter, correct? I feel that they have a chance to actually take a certain pie from Google, and I said, I feel that, wow, this company is also very strong financially, there are a lot of things, so I said, I want to have a piece of this business. This is how I go through, like do I want to buy into a business where I believe that has potential growth? So, but because I'm also an entrepreneur, I'm a business person, sometimes I ask myself, would I want to run this business myself? Will it be easy to run? Will there be like potential idea? So when I think of it, wow, Microsoft really a lot of ideas, and they have LinkedIn, they have a lot of synergy, so I became an idol, I buy this particular stock. Another stock that I always like, I think for many years is a Sketchers, for those who join to sports, you know that I, I mean, I prefer certain sports brands, and I think Sketchers is amazing, and I feel that it's a great business at a fair value. Okay, why do I do that, right? Maybe I just, do you want me to share something? Yes, yes. Are you able to share a screen? I can actually let your share screen pop up. Let me see if I can share the screen. Okay, let me show you my train of thought. Okay, sure. Okay, so in the meantime, if you have any questions, feel free to type it in the chat, while okay, your screen is being shared right now. Okay, so by the way, I first got onto Sketchers because my cousin bought me a Sketchers shoes and said, wow, you're very comfortable, you wear this. After that, I realized that the joke is Sketchers is for older people with a knee problem, but doesn't matter, doesn't matter. So Sketchers is a sports shoe, right? Yeah. Now let me show you what I think. Okay, this is the way that I think. So that time when I looked at Sketchers too, okay, that time when I first bought Sketchers, it was at a 5 billion market cap, 5 billion. So the whole entire Sketchers, based on how much they're making, you buy over the whole company, you only need 5 billion. Okay, when I say you only need 5 billion, doesn't mean I have 5 billion. Hey, wait, is it 5 billion? Okay. Right now it's 7.5 billion. Oh, 7.5 billion, right? Yeah. Okay, so I show you example Lulu Lemon. Okay, Lulu Lemon. I know it's not, they are not exactly the same. Lulu Lemon is 50 billion. Okay, so let me show you one more. Okay, let's see whether... Nike, Nike. Oh, Nike, right. I was comparing it to Nike. And I know that I'm not saying that you will win Nike. I'm not saying that. Okay, guys, let me show you what I saw from Nike. Okay, so from Nike, look at the quotes. Yeah, you're comparing the market cap, right? The size, how much can it grow? So you see, Nike is 148 billion. It's also in the athletic shoes and stuff like that. Remember, so 148 billion. Okay, this is... It has shown that there's this kind of potential already. Will it become bigger in my opinion? Yes. Actually, Nike is also a wonderful business now. Okay. Now, but when I look at sketches, I don't need it to catch up with Nike totally. But what if it just double? I will double my money already, right? And I think that it has already proven that there is a more than 100, 200, 300 over billion in total addressable market and sketches, in my opinion, is a wonderful business at a fair price. Why a fair price? Because it's too very cheap and small. That's my train of thought. I'm buying a business that I think can grow. That doesn't make sense? Yeah, I think sometimes investing can be so simple, right? So simple that I think people don't actually see how simple it can get, right? Like a lot of people out there want to do a lot of analysis until they paralyze. Then probably they still don't have the courage to start investing. But I think your way of thinking just now, this train of thought is really simple, right? How many of you feel that it's actually very simple if you think so, can you type S in the chat? So yeah, so is that how you analyse for most of the stocks in your portfolio that you actually keep it simple and you don't look at any other thing like technical analysis or whatsoever at all? I mean, over the years, it became simpler. Initially, I always feel that the more homework I do, the more I deserve to be correct. Okay, so that's where I will go and add in a lot of technical analysis. I will do five different valuation methods. I will go and study all sorts of things. Indiana is so difficult to find any stocks because I am finding a stocks that meets every indicator. And even when we talk about every indicator, it becomes very, I find it becomes very painful. Okay, why? When I do technical analysis and I like this stock, it always seems to look like uptrend. But when my friend look at it, they say, hey, no, the trend is wrong. So a lot of things become subjective. So, okay, maybe I share with you, share with you, right? I feel that keeping it simple is one of the best way. And maybe I share with you one more thing. This is my Sunspot portfolio, okay? Oh, wow. Okay, now picking into Sean Sun's brain. Okay, not say a lot, not say a lot. Okay, so I show you. Hey, can I see? Yeah, yeah, yeah. Can see y'all? So this one last year, Christmas, it's my name but I mean, it is his portfolio because I buy it for him. So I ask him what does he want. I think I set up $1,000 to buy buying presents and he told me, okay, I want to buy shares. So I ask him what shares does he want to buy. So he actually bought three shares. Let me show you guys. These three shares. Anybody know why he buy these three shares? I never look at valuation, nothing. He wants to buy just buy. Okay, the first share is Alphabet. The reason is because he use a lot of YouTube. He said I use a lot of YouTube. I think I make money. That's it. Next one, next place. He said, I see you always watch Netflix. Let's buy Netflix. And last one, Disney. I think he said that he likes Disney. That's all. No valuation, nothing. He do very well. Okay, not say super good. But you can see here. It's about 10% right? 10% return in total. Wow, some of the stock went up 50% already. 50%? Okay, Disney is now negative. But well, you can see that overall make money already. No, no big deal. Okay, so mix around. Mix around I think 40% already. For $1,000 to buy. Yeah. Yeah. No big deal. Very simple. Sometimes don't need to be so over complicated. And just now I think your son, because his pocket money was also pretty small. And that's why he started with 1000 plus. But the same concept can be applied to $10,000 portfolio. $100,000 portfolio. And of course, your portfolio size go bigger as you game more than that. 40 to 50% is a lot more substantial. Instead of a few hundred dollars, now it's like 40k, 500k. Yeah. So yeah, it was a Christmas present. So it was $1,000. But of course, if it's $10,000, I'll ask him to choose $10,000. Because it's only $1,000, I say, hey, you choose $3,000. Then we see how. That's it. That's it. I see. Okay, so if you don't mind sharing a little bit more about your portfolio allocation. I guess I always see that you advise our students to diversify into like 10 to 15 stocks. So what is your advice? Let's say just now you talk about less than $3,000 or $3,000 or $5,000. But if it's more than how much, how much then you have more choices. So what's your advice for that? Okay, I tell you what, you know, different investors have different ways of doing portfolio management. Like, like people will code Charlie Munger who only got three or four stocks. But you must understand, one of his biggest stocks is the Berkshire Head of Way, which has like Berkshire Head of Way has like how many? 50 over companies? 50 over stocks and private companies as well. Yeah, 40 over stocks plus, I think another 20, 30 over companies. So it's very well diversified. So I haven't seen an investor who doesn't have a diversification. But the thing is, is when you diversify, you don't, you don't diversify for the sake of like, well, anyhow buy, form a Rojak portfolio, which doesn't make sense. Okay, you must understand each and every, each and every single, again, business that you buy.  I believe that it's working well for me. You can kind of say, right? Now, eventually, how many stocks you want to own? Whether you own like three ETF, one ETF plus one Berkshire, two stocks only, but inside there, there's a lot of stocks. How you're going to do it is really up to you eventually. But from a beginning, for the first three to five years, right, I suggest 15 to 20 stocks. Reason being, right, you need to survive long enough to figure out what's happening. A lot of people, when they started investing, they may have the unrealistic expectation, I'm going to buy this stock because, wow, Warren Buffett body is so good. Throw all your money in. And who knows that particular stock is the one that didn't do well. So you have to already spread your eggs and allow a few of them to break. Allow three to four or even five out of 10 eggs to break. Then eventually, you are going to choose more stocks, which with lesser breaking eggs, then you become better and better. The first one to five years is to train yourself. So diversification is important. If you only buy one stock, you only do one homework. If you buy 10 stocks, right, you're putting in the effort to think about 10 different things and to manage it. It's really training of yourself. So this is what I really think. I see. So that is how is your thought process that you developed over the years. So especially for those who just started investing, I think it's definitely like normal to make mistakes. But most importantly, as you learn from your mistakes and start to really construct a solid portfolio for yourself. Now, talking about investing as a journey, right, I think like what you said, some of the biggest and the most challenging thing people face is managing emotions. So how do you actually manage your emotions well? And what advice do you have for people to help them to become a more disciplined and more calm investors within the shortest time possible? If that's possible. I don't have a straight answer to that. But I think that the less detached, the less attached you are to the results, the easier it is. So let's say you are not very attached to the result. Okay, I win, I lose, it doesn't matter. So let's say you're only investing, let's say $5, right? Oh, heck, I lose too, right? And somehow usually if you go with that kind of mindset, you make better decisions. You know what I'm saying? When it's too, so you may be a very good surgeon, right? But when let's say the person you are doing a surgery on is someone that you love a lot and you cannot afford to make mistakes, right? That's where you make the most mistakes. So this is something I need to say. Now how to actually reach that kind of stage, right? It takes time. So initially you must put inside a certain amount of money that you can afford to lose but it's not so easy until it doesn't feel any pain. So if let's say, is that a certain amount that you can tolerate? If I lose, let's say $500, so be it. If I can lose $1,000, so be it. You can think about it like, okay, maybe, example, I also spend $1,000 on a laptop. Myself, I don't buy the laptop. I think that $1,000 go and put inside the stock market. If it grows, I can have more laptop. If not, I take it as I lose on laptop. So you must have that kind of mindset. Or maybe I remember there was this particular book I read. It's called The Latte Factor. So I think it's, this guy called David Butch or something like that. He mentioned that when he looked through his clients, I would say his clients are financial statements, right? He realized a lot of them, right? Like to spend money on latte. Okay, I'm not against latte. I also buy coffee. But he says that, hey, do you really need to buy such an expensive Starbucks, you know? So he said if you don't buy Starbucks every single day, how much you can make? So cut the Starbucks, take the money, throw it inside the stock market. The most you lose is the latte money, that's all. Which you are going to drink anyway.  So things that is going to go down to the toilet bowl, find these pockets of lattes. Okay, in DM, sometimes when you go and search, every month you can easily save a few hundred dollars, which you don't really need to. Go and cancel that. I want to say Netflix subscription. But my son is invested into Netflix. So after that, hopefully you all continue. Okay, so whatever you don't need, you go and save, then take the money.  Just go and try my skills. Okay, I don't want to say try my luck. But test, test buying some assets in the stock market. With that kind of mindset, it's easier. If you go and liquidate all your insurance and put all the money in the stock market as a beginner, you can't take it. It will be a lot of emotional stress. Right, so start with small money. It's just like waste, right? The motion is the same, you know? Like you just push the bench press, but 10kg versus 100kg is the same motion, but with different strength. Your emotional strength is also different. You start small and progressive. It's very important. Yeah, and I think later on I would like to continue to this question, talk about cash management, right? How much cash do we actually allocate to have that piece of mind, right? Because I believe like a lot of your assets are heavily invested in the stock market as well, right? So what is your cash allocation? But in the meantime, some of these are asking, please tell us a little bit more about the Sean's wealth lab. So for those who are not aware, Sean, Sean, if you don't mind, can you share a little bit about your wealth lab? You've been the telegram group, right? Now we're all shifting to next level academy. So I'm going to actually, by the way, guys, if you all see anybody like messaging you on telegram anywhere, right? I do not do any DMs. I will not ask you to put money into crypto trading. I have nothing against crypto trading, but I'm not going to ask you to do that. So if you find anybody asking you to do that, please immediately report and shut the account down. Okay, maybe one day I go crazy and I ask you to do that.  I'm not going to ask you to do that. So my wealth lab is a telegram group, but now I'm shifting all to next level academy to build it together because I find that it's a lot easier just like investing, just like fitness is a lot easier to do things together. So with my group of trainers, with my group of fellow investors like Chloe, like all the other investors, we are going to provide a lot more value, okay? Yeah, I think some people say that yeah, got like basically Pete or Sean, basically they are all scammers. They are like impersonation, right? They're impersonating Sean, Pete, or sometimes impersonators. Including me, right? So be very careful because we know right now, wow, the scamming technology getting so high-tech. Some of our followers did get scammed before. I hope nobody will ever have to suffer the kind of losses again. So please make sure, do your due diligence, making sure that you are not talking to random strangers, okay? Who say that all invest in certain crypto coin and you're going to make a lot of money, okay? Don't place your hope on that. I think very importantly is you learn how to invest for yourself as well, all right? Thank you so much. I think Ivy get that as well. So Sean, if you can share a little bit more about your cash management, right? How much cash do you allocate? Like is there any certain amount, like certain percentage that you will definitely not touch in case anything happen? In case anything happen? No, you're not talking about investing, right? You're talking about personal finance? Oh yeah, it can be from your personal finance angle then moving on to investing. Okay, as the age grows, things changes again. So it depends on your own situation. But for me, last time I used to have like three to six months of liquid cash. Now I have maybe up to two years of liquid cash. But why don't I put them into investing, right? Because I can tell you nothing is totally 100% predictable. So I'm thinking, what if let's say one day anything happen to me, my family have that liquid cash to use, right? Before they go and figure out my password or how to get the money out and stuff like that. And you don't know what happens. Once you don't know what's going to happen, okay? So I rather as the years goes by, I have more and more cash to actually hold on to. But I look at it based on not how much percent but how many months or years I need to actually cover my living expenses. I hope that helps.  Anything happen, you still can lay part or relax for three, five years and do nothing, you know? So basically that is your, so-called is more like, is it considered emergency fund? You can say that, you can say that. Yeah, so I'm also very curious about our audience here. Like how many years do you set aside in terms of your emergency fund? Is it two years like Sean? Is it six months and whatsoever of your monthly expenses? Then you can have a gauge of what is the, I think just like what Sean said, different age you will have different amount but most importantly you find an amount that is suitable for you, all right? And maybe like I just asked one to two more questions before we wrap it up, all right? Now over the years, we can also see that Warren Buffett has started to add some very interesting company that doesn't seem to suit his buffer way of investing, right? For example, some of them can be pre-profit company like Snowflake, you know, that has a very erratic free cash flow and all this, right? So do you think Warren Buffett has started to embrace different companies like Stone Co or Snowflake? Or do you think it's actually more like he's just giving his responsibility away slowly to Ted and Tom, yeah, Ted and Tom, yeah, what do you think? I believe it is actually part of him, like how he managed his business, you know when he buy a particular business, like just like I mentioned, Nebraska Financial Mart or even Geico, he actually took control, but most of the business they invest in, he just let them do their own things because he's investing in their talent, he's investing in the human, you see? I believe that when he get his two lieutenant, top and comrade, so he believes that, okay, I'm going to set a certain allocation for you, you do your stuff, I think that's the wisdom that he has, he knows that he is, I think he's really very smart, but I think he knows that there are people who also are smart in certain areas that he can invest into them, he doesn't know how to like, probably he doesn't know how to create Coca-Cola, but he knows that it's a good business, invest in them, he let them run, he don't suddenly say, I want a particular brand of coke that is linked to Warren Buffett, okay, he doesn't say that, okay? So that's what I believe, yeah. So he has a lot of trust in the people that he's grooming, and then he doesn't micromanage, and actually that's how over the years, so many businesses that he acquired over time continue to flourish because he never, he never micromanage, he just believe in the management team and they will continue to do their best and indeed they have done their best. I think it is his, he also take affordable laws, he don't like go and put all the money into them to ride, he give them a few billion, it's like nothing, it's less than 1%. All right, okay. So I think we are almost coming to an end, maybe like before we wrap up this whole dissecting your brains interview, do you have any advice that you want to give to investors to help us to become a better investor over time? Actually I think Chloe, you have mentioned the key thing about the, when you talk about advice, the key advice is to aim to become a better investor over time. Now how do you know you're a better investor is when you start to make better investment decision. When you make better investment decision, the funny thing is this, you may not always win, okay?  The other thing is no, because you can never forecast a particular like scenario like that, right? If you go there and take a look, can I improve in it? Answer is no, because I mean, if the answer is no means that there's really nothing you can learn from it, it shows that you have made a very ideal investment decision already. But most of the time, when we look back, right, there are certain things we can improve on. Oh, we should have read the white paper, we should have thought about the colloquial risk, you know, all these things. So as you learn from each mistake, you become a better investor, you make better investment decision, ultimately you'll make lesser mistakes and better investment decisions with better returns. That's how your wealth grows. So that's the advice that you give, how should we become better investors? In fact, the key thing of becoming better investors is to want to become better investor rather than want to make money first. Does it make sense? Wow, that's a lot of wisdom. Yeah, but I think there's a lot of wisdom behind that, right? Like when your intention, when your focus is on doing the right thing, over time, you will go to the right direction, right? And I hope everybody can learn from this. Very simple, I think it once again is very simple wisdom, but it carries a lot of weight and a lot of insights as well. And one thing is cap, cap, cap for you already. How many of you find that today's sharing is very useful, right? And it's very simple, but at the end of the day, it's the most, I think, wise words that you can ever find in your investing journey. So can everybody type CCC for Sean? And in the meantime, okay, for this weekend, actually we have our upcoming two-day buffer online school class which is teaching you how to find great businesses, right? Because just like what Sean said, over time, we need to make sure we keep on picking the great businesses and of course, buy them at a good price as well. So this is what we're going to teach you and these two-days class is completely free of charge. So all you need to do if you want to register, you just rebrand.ly-b-o-s-m-d-a-free. Yeah, so this is the link to join us, rebrand.ly-b-o-s-m-d-a-free and then we'll teach you everything to learn a pathway of value investing. So if I've not joined our telegram yet, then you can also join us inside our BOS telegram, our next level telegram which I believe a lot of you are already inside because we share a lot of insights over there as well. All right, so I can see a lot of people are super, super happy to learn from you, Sean. Continue to come back, okay, so that we can give more valuable insights to them as well. All right, thank you so much, Sean. Thank you, thanks, Kori, see you guys. See you guys. Thank you.


out. Alright, you good at this time? Back off again, stop in that day for one second. Day one second? All off. Set it back down, gently. Making sure the flue is upright. Alright, I'm going to take the safety rack now. Can you do it like that? Yeah. I'm going to take the safety rack now. I'm going to move the bag. Turn on the learn. Then we don't got tape. Yep. And then we don't got tape.  Ground's complete. Yeah, then you're going to inspect the board. That's what you're expecting, huh? And the ready will say it's clear. Nice, clear? Yep. Please let it back on fire. Okay. Now, what's up? So you're here, right? Now place it on safe because you're no longer using your weapon. Drop the magazine. Expect it to make sure it's good. Alright. Now ride the bolt forward. Ride forward. Place it on semi. Fire. Close it down. Close this. Time's up. Alright. Like you said earlier, using the taco, but I called for your message is... Oh, okay. Yep. Oh, yeah. Stay away and I'm trying to fight you. There you go.  Awesome. There you go. That's up the weapon to the right. Round move. Yep. Place it on fire. Now it's... Maintain... Fine position for two minutes. Load a new round. Load a new round. There's a lot of differences that you can recognize between a soldier who earns their expert infantry badge and does not. The first thing that you can tell is that they're able to receive information, process that information, and then execute in a perfect manner. Elaborate on that just a little bit? Of course. There is an extreme amount of pride to earning your expert infantry badge. It takes 30 different stations, you know, not only here at medical, but you have medical patrols and the weapons, all 10 stations each, and you got to run through each session perfectly. It's a tough objective, but when you earn that expert infantry badge, it feels good.


I grew up in a place called Manchester in North England, Northwest England. I didn't have a farming background but I had, like, some of my relatives had farm. It just happens like, it happens I think to a lot of people. I was taking a course called geomorphology, formation of soils and the lecturer was just so interesting and enthusiastic. We went on a field trip and it just turned me to that and I changed over to soil science. From there I got this opportunity in New Zealand. There was a lot of other graduates there working as a team. Just a great group and I guess I learned from them, you know, how to do, watching them, how to be thorough, diligent, you know, make sure the science is right. But also just a team. It was like helping each other, doing a lot of field work and it was water quality, looking at dairy, runoff, tile drainage, grazing, management, manure application.  I ended up originally in California doing a post-doc and then in a place called Durant which is probably about, oh, a couple of hundred miles south here on the border, Oklahoma, Texas border. And then a position came open here at the University of Arkansas and the rest is history, you know. When I moved here there was a lot more freedom and that was one of the things that I found rewarding and challenging at the time. So a couple of projects that blossomed from that. I did some work on water sheds up here and around Subway and a few other places but I got an invitation from Wisconsin the Discovery Program up there, Fred Madison at the time and we came back and said this is something I think that we could work here. You know, having a little bit more experience after being here and realize Arkansas was probably a lot further ahead than a lot of other states in the U.S. and being more proactive in dealing with environmental issues. One of the things that helped me at the time was there was this transitioning and there was this Farm Bureau who had been very proactive in working with farmers and farmers were, you know, talking to them and saying we need to be on the train and not less standing at the station when the train's gone and once we got the equipment then we had the ability to pedal this infrastructure to start doing some sites. The first one was at Jeff Marley's site which again, he was very active with Farm Bureau and we also did one down with Terry Dabs. Mike and I have developed a great friendship and a great working relationship. He was an extension, I was research. I was interested in being more applied. He wanted to do extension based on science and research based extension so it was mutually beneficial and we ended up with a program and four original farms. Mike and I would never go into a farm and say we think you need to do this, you need to put this conservation practice in because it's not our job to be farming and it was there, we wanted it to come from them we wanted their investment in to do it. So what we've been able to do is allow us to get that information and develop the data and have it there available, publish it report it to other groups allow those farmers to get out there and use that data for themselves to show what they're doing but it provided some sound science to make things work. There was, you know, the C&H hog farm was permitted to operate and then there was a lot of angst after the permit process that was nothing to do with us but that started, somebody wanted to know is it really or isn't it? The university, we're doing this type of work I'd come here about four or five years ago you know, I'd got this discovery program we're doing the same type of thing and so we were a logical fit to do that in an unbiased way to do the scientific, scientifically rigor to determine whether that farm was having an impact or not on Big Creek and the defining moment in all of this was when Jason Ensign got up and said look, if I'm causing a problem don't you want to know it don't we want to know if I'm part of a problem and nobody could say anything everybody was right I mean he'd hit the nail on the head he'd been there several generations he did not want to be part of the problem you know, he had neighbors there he lived there he wanted to be open about this and so from that point on there was some reluctance on the integrated part but having the farmer up there say that really changed the scenery so to speak in the end we all know the end of the story here obviously there was a lot of pressure put on that farmer at no time he never once said no, I don't want you doing this or I don't want you doing this extra bit of work we explain what we're doing he never said no and to me that was just you know, you've got to admire Jason and the whole family for doing that that they really wanted to know what was going on and I think they were following all the rules and regulations but still that wasn't good enough but to give them a credit they never tried to hide anything or never tried to stop us from finding more data to prove one way or the other I think that was a great learning experience for us was the power of the farmer to want to know the truth rather than saying no and I think that's from my experience is somewhat unique to Arkansas where they have had and maybe it's from Farm Bureau there are these environmental programs and committees and work that's going on that they feel okay Farm Bureau are behind this they want this information they're not hiding their head in the sand I think important things to me was the fact that you feel like you could have help and change or you had some impact so I'm really content that I've been able to do what I felt was important there was integrity there was scientific rigor helped move things along obviously there's some recognition along the way but that's not that's kind of gravy but the more meaningful thing is the friendships, partnerships the teams again that make us better I think the hallmark of what I would say is teamwork's not for everybody but it downwells your work for me and I really appreciate that time and opportunity