Hello everyone, my name is Rebecca Schwerth and together with my colleague Roland Kröll I will give you some insights into our paper, a new security notion for PkC in the standard model, weaker, simpler and still realising secure channels. The paper is joint work with Vasili Beskarovanov, Jörn Müller-Quade and Astrid Ottenhus. Firstly, I will try to give you an idea of our topic by explaining the choice of our title. An important goal of cryptographic tools is to facilitate secure channels between communicating parties. In our particular setting we want to build them from authenticated channels and some form of encryption. This was previously achieved in different works by use of classic public key or tech-based encryption. All the security notions employed for this, however, are known to be unnecessarily strong for the specific purpose. In this work we develop a new game-based security notion which is weaker than the previous ones and makes for simpler constructions, but at the same time is still strong enough to realise secure channels from authenticated channels. To show that this is not merely a theoretic interest, we provide a concrete construction which we prove in the standard model to fulfil our new security notion. This construction is more efficient than previous ones which had to fulfil stronger security notions to realise secure channels. I will now give you an overview of what to expect in this talk before diving in. We firstly develop a new type of encryption scheme, sender binding encryption, which unifies prior approaches to construct secure message transfer from authenticated channels. For this type of encryption we develop the corresponding game-based security notion of IND-SBCPA. We proceed to show how SBCPA secure sender binding encryption can be generically obtained by various transformations from other types of encryption scheme. For the transformation from dual receiver encryption we give concrete constructions which are more efficient than previously known ones. We then go on to prove that SBCPA security can be used to use realised secure message transfer from authenticated channels. In the last part we look at how the new SBCPA security notion fits into the current landscape of other game-based notions. Let's get started with the first part. As we all know a classic PKE scheme consists of three algorithms, key generation, encryption and decryption, which we require a correctness property from, namely that by decrypting an encrypted message we get the same message back. A tech-based encryption scheme works almost the same. Just that encryption and decryption additionally take attack T. The correctness property requires the text to be the same for encryption and decryption. From tech-based encryption it is not far to what a new notion of sender binding encryption entails. The texts are party IDs now. This is a notational difference only so far, but means there are now correspondences between keys and IDs. These IDs are thought of as some uniquely identifying information used within the specific system like names, emails etc. Sender binding encryption is meant to be used with the ID of the sending or encrypting party. This definition alone does not yield any obvious benefit so far, as IDs are seen as public knowledge, so malicious parties can insert any ID they want. But the benefits unfold in conjunction with authenticated channels. Checking the authenticated channel sender against the sender indicated in the ciphertext gives protection against replay attacks. To make sure neither message content nor sender ID of a ciphertext can be maliciously modified, we need a meaningful security notion for sender binding encryption. We call this notion in sender binding CPA. It has the same setup as common game-based encryption security notions. Firstly, the challenger determines information about the party or parties in question and hence the public part to the adversary. For our setup, this entails the keys and identities of a sending and a receiving party. After a first oracle phase, the adversary picks two messages and hands them to the challenger. The challenger draws one of them uniformly at random and encrypts it as the challenged ciphertext. Lastly, after the second oracle phase, the adversary tries to determine the challenge bit and wins if it is correct. Now the interesting part about the security definition is what exactly the two oracle phases look like. Both oracle phases are identical. As always, the adversary asks for some ciphertext C to be decrypted. In our case, not only this receivers public key but also the sender ID as specified together with the ciphertext. The oracle either decrypts to the true message or hands back bottom if decryption is not allowed. What we want is for the adversary to have no access to any communication between SNR but any other communication should be accessible, as would be the case if every other party was corrupted. The adversary already has free access to communication sent from SNR to any other party, as the adversary can just choose the other party's keys himself and only needs public information from SNR to encrypt messages. Hence the oracle only needs to give access to messages from another party to SNR. This means for the decryption request that the receiver needs to be SNR, while the sender needs to be someone else. Only in these cases does the oracle decrypt correctly. With these oracle phases, our int SPCPA security notion is fully specified. There are several ways to generically transform other forms of encryption into secure sender binding encryption. Let us briefly look at the construction from classic public key encryption and then consider the transformation from dual receiver encryption in some more detail. For the transformation from identity-based encryption, please have a look at our paper. To construct sender binding encryption from a classic public key scheme, we simply concatenate the sender ID to the message. This gives an int SPCPA secure sender binding encryption scheme as long as the underlying PKE is int RCCA secure. For those of you who are not familiar with this notion, RCCA security lies strictly between CCA1 and CCA2 security. So we get a complete decryption oracle in the first oracle phase and a partial oracle in the second oracle phase. The second oracle phase allows decryptions for all ciphertext, which do not contain one of the challenge messages M0 and M1. For this SPE transformation, where the sender ID is concatenated to the message, this means in particular that the oracle decrypts anything which has a sender ID different from S, even if the message before the sender ID might be one of the challenge messages. The construction is not very novel, but was previously used by Kanati at RLE to use serialized secure message transfer from authenticated channels and classic public key encryption. Together with its relation to tech-based encryption, this shows that our notion of int SPCPA secure sender binding encryption is well tailored to our research question and unifies all prior approaches to gaining secure message transfer via authenticated channels. For the transformation from dual receiver encryption, let us briefly recap how DRE works and what DRE soundness entails. The intuition is that ciphertext should be decryptable by exactly two specified parties instead of just one. So DRE consists of the same three algorithms as most encryption schemes, key generation, encryption and decryption. The interfaces are slightly different, as both encryption and decryption get two public keys as input. In addition to the common correctness property, we require a DRE scheme to be sound. This means an adversary cannot create a ciphertext which decrypts to two different messages for the two receivers. Not even if the adversary gets both public and secret keys of the parties involved. For our SBE construction, we additionally require the DRE scheme to permit a Boolean key checking function, which indicates whether a secret and public key belong together or not. Think, for instance, about checking for an Elgamar key pair, whether the public key is the group generator exponentiated with the secret key. Now, let's get to the actual transformation. Taking a DRE scheme, we require both the receiving and the sending parties to have keys. Instead of encrypting the message for two different receivers, the sender encrypts for the receiver in themselves. Hence the construction sketch looks like this. Encrypting for the sending party might seem weird at first, but actually acts as a plaintext awareness property. This means parties cannot send messages without knowing the content of the message, which prevents replay attacks. To get this property, however, we need to make sure parties actually know the secret key corresponding to the public credentials. We ensure this by using a key registration with knowledge functionality FKRK. A party registers their key by simply sending their public and secret key to the ideal functionality. The functionality checks if the key pair is well formed via the checking function FID. Now any party can query the registered public key. Hence we extend our construction by interactions with FKRK. After the key generation, keys are registered and for encryption and decryption, the necessary public keys are queried from FKRK. Using FKRK and this transformation, we can turn an int-CBA secure and sound double receiver scheme into an int-SBCBA secure sender binding encryption. We'll have a quick look at how the proof of this works. As a sum, we have a successful adversary breaking the security of the SBE scheme. We will use this to construct an adversary against the underlying DRE scheme. Firstly, the DRE challenger hands over two public keys. The DRE adversary denotes them as the public keys of two parties SNR and inserts keys into FKRK. Note that the DRE adversary simulates FKRK for the SBE adversary. So it can just insert those keys without providing corresponding secret keys. Apart from this insertion, the DRE adversary honestly simulates FKRK throughout this proof. So the SBE adversary can register and request keys at any point. Don't be irritated by the DRE adversary handing over the party IDs instead of public keys. We formally use those as the party's public keys for the SBE scheme, but it is just the technicality. Now the rest of the game is just handing through everything that the SBE adversary and the DRE challenger send, apart from the oracle phases. This is where the actual magic happens, so we'll look at it in some detail. The first and second oracle phases are exactly the same. When the SBE adversary asks for decryption of some ciphertext C sent from S' to R' the DRE adversary firstly checks if the SBE oracle would decrypt this, otherwise they hand back bottom straight away. If the SBE oracle would decrypt, then the receiver R' must be one of our known party's SNR and the sender S' is not allowed to be one of those. But this means the decryption only needs to succeed if the SBE adversary registers that keys for S' with FKRK at some point, and in particular handed a valid secret key of S' to the DRE adversary. The DRE adversary uses this secret key and the public key of R' to decrypt the oracle query. The soundness property of the DRE scheme guarantees that this decryption yields the same output as the decryption with R''s secret key would. Apart from a negligible difference, the DRE adversary now has the same success probability as the assumed SBE adversary has, which concludes our proof. I will now hand over to my colleague Roland Greul to explain our efficient construction of an DRE scheme. Thank you Rebecca. Hello everyone, I am Roland Greul and I want to show you an efficient construction of an NCPA secure dual receiver encryption scheme. We built our scheme on three assumptions. The first assumption is that random irreducible binary Goppa codes are indistinguishable from random linear codes. The second assumption is that random linear codes are hard to decode. These assumptions are the bases for the McElise cryptosystem and are also known as McElise assumptions. The third assumption is that the learning parity with noise distinguishability problem is hard. The main idea of our construction is to encode the message using a publicly known Goppa code and then mask it using randomness that is encrypted for both the sender and the receiver. This construction can be seen as an augmentation of a construction by Kils et al, which they published in their work Simple Shows and CypherTech Security from Low Noise LPN. We augment this construction to the dual receiver setting by encrypting the randomness for both sender and receiver. The Goppa codes and the McElise encryption scheme is an important building block of our construction. I want to start with an overview about linear codes, Goppa codes and McElise. A linear code can be seen as a matrix that is multiplicated onto a message vector to compute a code vector. While linear codes are hard to decode in general, there are classes of linear codes that yield an efficient decoding algorithm. One of these classes are irreducible binary Goppa codes. If you know the generating polynomial or know a generator in a specific form, the systematic form, there is an efficient decoding algorithm. It is a bit more complicated than that, but for the sake of priority I won't get into more detail about decoding Goppa codes. But despite there being an efficient decoding algorithm, and this is an important assumption for the McElise cryptosystem, a random Goppa code is hard to distinguish from a random linear code if the attacker does not know the systematic generator. On a high level McElise works by using a systematic generator as the private key and scrambling this generator to get a random generator which does not yield an efficient decoding algorithm. Here we see the public and private keys of the McElise cryptosystem. The matrix G prime is a generator for a Goppa code yielding an efficient decoding algorithm. And the non-singular matrix S and the permutation matrix P are used to scramble the generator so that a generator G can be computed that can be used to encode messages but not to efficiently decode code words. To encrypt the message we sample a random error vector E such that the code word C can still be decoded. So the error vector E can't introduce too many errors. To decrypt the cipher text C we first multiply it by the inverse of the permutation matrix P. Because the permutation does not change the hamming rate of a vector the error vector E times P inverse still introduces the same amount of errors as the original error vector E. So we can still decode this code word to get m times S. And now we can multiply the inverse of the non-singular matrix S to get the plain text. Now that we have seen how McElise works I can show you how our construction works. First the preliminaries that are needed for our construction. We need a family of irreducible binary Goppa codes that can correct up to T errors. We then need a Bernoulli distribution to sample error vectors that introduce up to T errors to our code words. Finally we need a public Goppa code with a public error correcting decoding algorithm. To generate a key pair we generate a McElise key pair and an additional random matrix C. This is later used together with an error vector to get the masking vector for the cipher text code words. To encrypt the message we generate randomness and encrypt it using the McElise keys for both sender and receiver. We then encode the message using the public Goppa code and add an error vector to it and then mask this using the randomness and the matrix C of the public key. Now for the decryption. We use McElise decryption to get the shared randomness S. We verify the consistency by encoding the decrypted S using the public McElise matrix Gs of the sender. This should have difference ES and as such have a hamming distance less than T to CS. If this verification step succeeds we can use the shared randomness S to unmask the S times C part of the cipher text and use the public decoding algorithm to get the plain text. Now we get to the comparisons with similar schemes. In this table we see the public key and cipher text sizes of our construction in comparison with similar construction by kilts et al and u et al. Because these sizes do not mean that much without inserting realistic numbers we research recommendations for parameters for the underlying hardness assumptions. Here we see realistic public key sizes for the three different constructions that were mentioned before. For kilts et al we have a public key size of 77 megabyte and this estimation is based on the paper is public key encryption based on LPN practical. For u et al we have a public key size of 2.5 megabyte which is based on the estimation from unsolving LPN using BKW and variants. For our work we have an estimated public key size of 505 kilobyte and we use the estimations of the paper in tacking and defending the Mekkelis cryptosystem by Bernstein et al. Now we get the NCPA security of our construction. These are the assumptions we need for the security of our construction. As mentioned earlier we use the assumption that randomly reducible binary gopal codes are indistinguishable from random linear codes and that random linear codes are hard to decode. Furthermore we rely on the assumption that learning parity with noise pairs are hard to distinguish from a uniformly random distribution. Now for an overview of our game hopping proof for the NCPA security of our construction. For game 1 we examine the NCPA game. The ciphertext is the challenge ciphertext from the NCPA experiment. The indistinguishability assumption for gopal codes allows us to exchange the matrices gs and gr with uniform random matrices us and ur without an attacker being able to distinguish between these cases. So game 2 and game 3 are indistinguishable from game 1.  Now we have a codeword of the message x odd to a uniformly random vector. This acts as a one time pad and so our construction is int cpa secure. To show di e soundness we assume that the verification step fails for one party but succeeds for the other party. The case where both verification steps succeed but the decryption results in different plain text messages is analogous. The ciphertext consists of the three parts cr, cs and c prime. The public keys for both sender and receiver consist of the public meccalese matrix gr respectively gs and the matrices cr and cs. These are the ciphertexts of the supposedly shared randomness s and s prime. The non-valid decryption for the receiver means that the verification step has failed. This means that the hamming distance between s prime gs and cs has to be greater than or equal to t. Because cs is equal to sgs x or es we get that the hamming rate of s prime gs x or es has to be greater than or equal to t. Now because es has a hamming rate which is less than t it follows that sgs and s prime gs have a non-zero hamming distance and so s and s prime have to be non-equal. However because the decryption for the receiver does not fail we see that the hamming rate for sgr x or s prime gr x or er has to be less than t. Because s and s prime are not equal sgr and s prime gr are code words for different plain text and as such have a hamming distance greater than 2t plus 1. But because er is a meccalese error vector it has a hamming rate less than t. So this contradicts with the inequality that the hamming rate of sgr x or s prime gr x or er is less than t. Similar considerations will yield that the case when both the decryption for the sender and the receiver succeed but compute different plain text messages is impossible. Now my colleague Rebecca Schwert will continue the talk. Thank you Roland. Time to look at the next part of our contribution. How can we actually use crealize secure message transfer from int sbcp a security? We'll first clarify the involved functionalities for everyone who is not intimately familiar with them. Both falth and fmsmt are concerned with authenticated message transmission i.e. a sender hence the functionality a message m and an intended receiver r and the functionality hence the message and the idea of the sender to the receiving party. With falth both the identities of the sender and receiver as well as the message content is handed to the adversary. The adversary can block messages by not giving their okay for transmission but cannot change its content or the parties involved. In contrast fmsmt does not leak the message content hence it is very natural to think of secure message transfer as adding encryption to authenticated channels. A further difference for our paper is that we use a one-time functionality for falth but a multi receiver multi message multi sender version of fsmt. Note that single message secure message transfer is easily realized via int cpa secure encryption but not very practical as it requires a new setup for every message. Let's see what the protocol looks like that we use to realize secure message transfer from authenticated channels and sender binding encryption. When some party s wants to send a message m to another party r they essentially just encrypt this message via the int sbcpa secure sender binding encryption scheme and send the resulting ciphertext over an authenticated channel. The receiver decrypts the ciphertext and learns the message. Of course there are some details we need to take care of like key generation and distribution. We handle this on demand i.e. when a receiver s key is needed but not known yet the sending party asks them over falth to initiate. The receiver generates a new key pair if they do not have one already and broadcasts the public key to all other parties again via authenticated channel. We show you that this protocol realizes secure message transfer we need to define a simulator s which makes the ideal world indistinguishable from the protocol for an environment that. Our simulator the gray box basically simulates the whole protocol as honestly as possible. So for each honest party in the ideal world there is an in the head party which conducts the protocol while in the head corrupted parties directly hand through what the environment asks them to do in the protocol. Falth is played in the head as well. The extra part denoted by behavior defines how the simulator translates between in the head honest parties and corrupted parties interacting with the functionality. Let us clarify this with an example. Assume a corrupted party s sends a message to an honest party r. In this case the environment asks s to send a ciphertext c to r. This request is handed through to falth which asks that for permission. If permission is granted the ciphertext is handed to the in the head copy of r which owns all keys. Remember there are no keys in the ideal world. In the head r decrypts the ciphertext according to the protocol and outputs that is for send message m from party s. With this information the simulator can now feed fmsmt asking via s to send m to r. The simulator instantly grants the request for transmission as the environment did so as well and the message is delivered to party r. Now assume as a second example that an honest party s sends a message to another honest party r. In this case the environment gives s the message and receiver id who hands it to the ideal functionality in turn. The ideal functionality now asks the simulator for permission to transmit a message from s to r. To learn whether or not the environment grants permission for transmission of the message the simulator needs to generate the corresponding request from falth to the environment. And in this case it has no way of learning the content of the message. Hence it instead asks the in the head party s to send an old zero message to r. In the head s encrypts the zero message and asks falth to deliver to r which in turn prompts the request from falth to the environment. If permission is granted and in the head r receives the message the simulator allows fmsmt to transmit the real message. Note that this case, messages between honest parties is the only case where the simulator cannot simulate perfectly and the only difference in this case is showing the environment an encryption of zeros rather than an encryption of the real message. In essence the indistinguishability between those two ciphertexts is what the employed encryption scheme needs to provide. I now want to try and give you a rough idea of the proof. What was it we wanted to prove again? That if we use an ind sbcpa secure sbe scheme as the encryption within protocol pi this protocol realizes the secure message transfer which in turn means showing that the simulator we just had a look at indeed makes the protocol and ideal functionality indistinguishable for the environment set. We now conduct our proof by assuming we have an environment which does distinguish between the two and use it to construct an effective adversary against the underlying sbe scheme. As mentioned before the simulator s simulates everything perfectly apart from messages between honest parties. For this case the only difference is that the environment sees encrypted zeros instead of an encryption of the actual messages. We now define a chain of hybrids between those worlds. In hybrid HK for the first K messages between honest parties the environment sees encryptions of zero. For all later messages the encryptions of the real messages. If there is an environment Z which distinguishes the real and ideal world there has to exist at least one K such there is an environment ZK which distinguishes the two consecutive hybrids HK and HK-1. For this environment only the encryption of the K's message differs. This difference the message MK and zero is used as the two challenge messages for the sbe adversary we construct. The resulting challenge ciphertext is shown to ZK. If ZK now determines it is in the real world the sbe adversary answers that the challenge ciphertext encrypts MK. Conversely if ZK answers with ideal world the sbe adversary hands back zero. This way we get an sbe adversary with non-negligible success probability which concludes our proof. As the last part of our contribution we want to talk about how our new security notion fits into the landscape of prior game-based security notions. We compared ourselves to classic PKE as well as TB inertions. Note that in both cases there is some slight interpretation necessary to make the settings comparable. Subject to the we think very intuitive interpretation we chose the only relationship to PKE notions is that in sbcpa security implies classic CPA security while there are no other implications. The connection to the be notions is a bit stronger as the only assumption there is that the respective text base is at least as large as the number of parties. The weakest prior TBE notions were ATAC and STAC week CCA. In our paper we weakened those notions further to arrive at GTAC week CCA which we then derived as BCPA from. I will briefly explain the differences between the three TBE notions. Each of them has the usual setup. The challenger generates a key pair hence the public key to the adversary their oracle faces, the adversary chooses the challenge messages and so on. The differences now lie in when and by whom the challenge tag is chosen and what the oracle provides. For adaptive tech week CCA the tech is chosen together with the challenge messages by the adversary. The second oracle face does not provide any descriptions for the challenge tag. For selective tech week CCA the tech is chosen by the adversary as well but at the start of the protocol before they learn the public key. Now both oracle faces exclude the challenge tag. For given tech week CCA the tech is randomly chosen by the challenger and handed to the adversary together with the public key. Both oracles again exclude the challenge tag. From this it should be easy to see the implications between the three TBE notions as the adversary gets less power moving up and less oracle access. Identifying the tech space with send IDs, SPCPA is very similar to GTEC week CCA. There is a second key pair i.e. the keys of the challenge tag ID and a second tag i.e. the receiver ID drawn at the start and the oracles are further restricted in that they now do not allow description for either of the known tags. Now although these implications all seem straightforward and a bit boring there is an actual benefit here. ATEC week CCA was already previously used to construct SMT via authenticated channels. S-Tech week CCA was as well but only with a detour via CCA2 security. With our work it is now obvious that S-Tech week CCA itself is already enough to get SMT without the need for further encryption constructions. To conclude let's recap what we have seen in this talk. Finding an encryption scheme to construct secure message transfer from authenticated channels is a common problem. It was previously solved by taking an RCCA secure PKE or a week CCA secure TBE scheme but both of these notions are unnecessarily strong. We developed a new type of encryption scheme which unifies prior approaches and a corresponding security notion which is weaker than prior notions in an intuitive sense. This notion can be generically obtained by various transformations. Together with our new DOE construction this generic transformations yield more efficiency than prior SMT solutions. We then proceeded to prove SBCPA security to be strong enough to UC realize SMT from authenticated channels and provided a classification of SBCPA security within the current landscape of other game-based notions. Thank you for listening to our talk and I hope you have fun with our paper.


Justin Tang, how's it going? Good. He's the founder of Exit Escape Rooms, he brought escape room games, real life games into North America. He's the first guy who did it. Now he's got 13 locations and it's in stories, it's super inspiring because he came from absolutely nothing, I mean like nothing. And now he's very successful, look at the car he drives, he's got many different cars actually and he's got a huge business with 13 locations. So what's the first sign that shows when somebody is going to be successful? The first thing that I believe that is a critical sign of a person who can become successful is a person who knows how to go against the grain. When you have an idea, a lot of people will tell you that this is impossible, this is not going to work. You have to expect that. But please believe in what you are planning to do, believe in your idea. Back in the days when I tell people that I want to do a business, the business is about trapping people in a room and charge them money. Everyone told me that this is impossible, this is crazy, this is not going to work. So what's the second sign that somebody is going to be successful? The second sign would be having a clear goal and clear plan. The goal can set as high as you want, but every step should be small. You can't become successful overnight. So make sure that every plan, every step that you create is small enough to reach. It's like the Chinese proverb that says, the journey of a thousand miles begins with a single step. And there's another part of it that says, fear not to be moving slowly, just fear staying still. So everything takes planning, but don't be discouraged when something doesn't happen right away. There's also a Chinese quote saying that every skyscraper is built from the ground. And that's exactly what we are talking about right here. Okay Justin, what's the third sign that someone is going to be successful? Value opportunity more than money. Let me give you an example. 10, 15 years ago, I was running a marketing company. All the job that I was getting is very low pay, lower pay than you can imagine. The money that I'm making is less than a reception in the fast food chain basically. Then people ask me, why don't you just find a job? You can easily earn more than that. I explained it to them, but my word wasn't convincing because of where I was. There's no way for me to convince them or explain to them the reason behind why I'm doing it until in the further future, then they see it and they know it. I stay on my track, no matter how low the income is. I've chased my dream. Just for the day that I could get the first contract that can kickstart my business. So I just need to hang in there until the opportunity comes. So they said it's very common to be just a step away from success, and that's the easiest time to quit, right? It's the easiest time to quit, and the most pressure and the most temptation to just give up is just before you reach success. Gifting up is very easy, but you will suffer a lot after that. So please do not give up on your dream or goal. Right, so just imagine if you just took a job back then, and then you just quit your marketing business at that time, you would be nowhere where you are today, right? If you just listen to your friends and say, okay, I'll get a job. I'm just going to shut down my marketing company. What we're going to do, you would not be able to create this huge empire for yourself, right? They wouldn't be able to create anything, really, right? You wouldn't be able to hit that big break that you had and build such a successful business. I will lose my goal, I will lose my dream. And at the end of the day, I'm just an ordinary person giving all my effort, and somebody else is gaining the result from my effort. But you didn't because you never want to give up. You had no choice, you had to succeed. Succeed, go big or go home. Well, for many people, they see there is a choice. You can go find a job, right? But for me, there's no choice because I understand that that is not what I want, for sure. That's only one thing that I want. And in order to reach that place, then I have no choice, I have to keep going. All right, so what's the fourth sign that someone's going to be successful? They know how to escape from their comfort zone. To me, I see comfort zone as an invisible cage that's separating a person to become success. When somebody is in their comfort zone, basically, they don't feel any pain, they don't feel any stress, right? And then when they start feeling stress, when they start feeling pain or discomfort, then they just want to get away from there, right? Either they run away or they do drugs, and they just want to go back to comfort zone, right? When they get uncomfortable, they say, no, no, no, I don't want this, I'll go back to my comfort zone. There's always a tomorrow for them. In the dictionary, tomorrow is always popping up in their mind. So, you know what, maybe not today, today is not the day to do it, let's do it tomorrow, et cetera, et cetera. So what's the difference between successful people? How do they handle discomfort or stress? One thing I managed to do, I can't speak for everybody, but once you learn how to enjoy being stressed, then comfort zone is no longer a cage for you. When the stress comes, usually what I think of is, okay, there's a problem, and I would imagine how would I feel when I get the problem solved. So rather than hiding from the problem, I would look forward and imagine what would happen if I solved this problem. And I look forward to it, and I just take action to it. Right, awesome. So what's the fifth and final thing or sign that shows that someone is going to be successful? I think last but not least is keeping all these successful people around you. And I do see that a lot of people, they feel better when they are at the top of the group. And that way they feel better, but they can basically gain nothing from the people around you. They just, you know, somehow make you feel better somehow, which I don't agree. In my social circle, I'm usually being at the lower position of the group, and I enjoy that. There's a lot for me to learn from them. Being around successful people, you can gain a lot and be humble, of course. Be humble, and most of them are willing to teach you, share experience. And if you have a good idea, and if they see a potential in you, they might probably invest in you as well. So you want to learn more about becoming an entrepreneur or how to take your career or business to the next level. You want to associate yourself by watching these videos with successful people like Justin or myself. So just subscribe to this channel, let me know what your comments are. Which sign do you think is the most important? Like this video, and we'll see you in the next David Wong Show.


Can you hear me right now? Yeah, sure. Yeah, so after the start of his professional career, he doesn't need to know us for me. I need to understand. So, yeah, I changed quite a bit. We did not make it, but it made it really slow. I just changed my style anyway. I want to talk about the current status of the Japanese community and the importance of creating a bridge from the local community to the local one. And how to do that. Yeah, how to do that in the spirit of my point. So, it's a little bit, yeah. I want to talk to anyone after my talk. So, this is mine. So, I want to create 100 characters that I made. Anyway, I'm from Tokyo. I'm from Tokyo. And I'm from Japan. I'm making a project in Japan. And I'm also a user with private users. And my profession is an optimistic art teacher for the self-publicizing vendor. So, I'm not a specialist on the ringbones, but this is just my master of project. But I want to import or export my profession into English. So, I want to rush some things about the ringbones in Japan. Maybe it's not too special for any of the countries, but yeah. In enterprise, some global markets still use the river office in their lower departments. And being a professional architecture, I was mostly in the process of summer sometimes. Yeah, maybe so this kind of implementation in the last one can help. I took this in the May 12th, 2015 or something. It's not a big change. So, how many have signed up and did you come where? J.S. Porta or still use the river office. And for some years, we have less practice about this, but also back to my life, but no new implementation. So, in Japan, many pieces are funded by some office software. So, in general, the Microsoft Office has been funded, but it has reduced the amount of this. And in that, some participants include the WPS office instead. So, the office is a problem. So, in general markets, the bamboo office is still strong. So, the less transcription model, I mean the Office 365, it's not a problem. So, Microsoft does not also think it's confusing because they provide a new, they are not machine, I forgot the name, surface. So, Microsoft provides them other surface. So, but in Japanese markets, they still only use in the packaged version Microsoft Office, any user or any kind of Office 365. So, I didn't understand that. They give the product another name. I didn't understand that Microsoft Japan was confusing. So, what was confusing? Another name, another name. So, they have a two product model. So, one is the packaging model, one is the model, and another is the service solution model. So, they buy a year. So, you can use that for less. And some Japanese users already have a service solution, but Microsoft Japan only provides them. Microsoft Office version PC. So, that's it. In Japan, it was not acceptable. So, Microsoft Office 365 key, and also discussion we have with Microsoft, so, Japan still doesn't change their mind. So, in that case, limited people choose their Office 365, just they use the Office 365, what is pre-installed in their mind. So, doesn't care. So, the same things as the browser. In typical Japanese user, Internet Office, Internet Explorer in Windows, Microsoft provides Internet Explorer, and they display the Microsoft page as a private browser. So, most Japanese users use the page instead of the Internet Explorer. So, I think Microsoft is still under development for majority of PC users in Japan. So, in that situation, business can say she is successful at this time. I mean, business is a user's support or product support for migration or professional training or something. So, Microsoft is struggling now to change that situation, guys, I would say. And so, I have to tell you something about the Japanese community. So, we have three members in Japan. So, one is a party, and the other is a city in Oksa and me. In our U.N.P., Nibiru with Japanese team has 19 members, and they are spread to a wide area in Japan, some are in Tokyo, some are in Tokyo, Osaka or something. So, I think we have 19 members, but pretty sure I think many, five or ten or something. And of course, we have no paid browser, so every one was brought in. But we think, yeah, actually, we still have no strategy. So, do anything, what the members want to do. But we think that U.I. translation or U.I. will help with translation. But my interest is mostly in user interface. Of course, it is also important that it's a lack of one power, so I didn't do that. And organized events, so we will discuss later, and expert participants' events in Japan or global. For example, I was prepared this year in Oksa, and of course here. And there are some articles for Japanese media, some magazine websites for IT professionals. And so, we do also the SNS Madrid, mainly Facebook and Twitter. And our communication is mainly used by TDS, and I sometimes, we sometimes use asmode and telegram. Then there's something to develop for events in Japan. I sometimes mention in the media list or something, so we have two kind of new events. Maybe this too is mostly unusual. One is the paper office mini conference, and another one is the paper office kind. The paper office mini conference is a regional event but global. It is focused on multiple users. And the big one is four Japanese speakers by Japanese. It focuses on new users. And kind is taken from the Japanese one, kind. Kind is the conference. So, in this this is four Japanese speakers. It begins with a few mini conference. Why we choose the mini conference? So, we took them far from the Japanese one. So, as far as we are starting for it, here are the most important in Japan from anywhere. And this name is taken from demo that I made. And this second goal is to improve our community strength to host some global event. And we met Kaiji. So, we call this mini conference to be a regional about global event. So, yeah. So, of course, mini conference is not for Japanese residents, but in Japan can review this mini. So, as Indian, Indonesian guys do, but we still have mini after that many people. So, we still say mini. So, if we have mini conference, why we need Kaiji and demo for the event? So, because we have a manifest, it is taken from the our next to get one. So, we have to put up Japanese people to use the development this way. So, with Japanese support, Japanese user interface, or Japanese something. So, we need I believe we need to prepare Japanese event. So, Kaiji and Kaiji all people not only the community people, not only the the community people, not only the community people, not only the community people, not only you. Yes, the problem for everybody, especially Asia. Asia. Yeah. So, the decresystem the decresystem is quite different. Yeah. Very different characteristics. Yes, yes. But, so, most of these change have lots of change. So, I'm tasting the certain things. Yeah. I know I am a typical Japanese thought. I can do that anyway. So, we have this idea what we can do to overcome this shame or this this kind of of not that good. Yeah. Yes, yes, yes. So, my so, our running team quality provides a concrete or pipe to the drawer for instance. So, if someone has a bird in Japanese in English I will translate to English and then so keep for that to use English by my by myself or something. Yeah. But, 6,000 bird in Japan of course we have limited resource and have to keep our motivation because we have to do so, it was my job of people's I want to know it is very hard to be of to say something in English I spent a long time to write some email or something so it is very, very difficult sometimes for me. Me too. Yes. So, anyway, so everything done by ourselves is a not good approach so we do second approach so we should be a breach not a whole breach but a kind of fear like this yeah sorry that I I I I sorry my English is not correct anyway so I I mean so someone we something we want to do is and so they report to the Japanese English okay so you can have an issue in the I mentioned so it is a little bit hard I have like this so how to do that so with interpreter because to invite the friendly and to much we do this we provide some opportunities for end users I so talk directly with or without interpreter or translator actually important people if someone want to know the migration in Taiwan so frankly can answer so in the some small parties or normal place it is an easier communication like oh hey I have a question and here is so English so I have no so someone so think about so I'm very so I do with my English English like English because I can do so I can do also so in the main English or I can do what I do as I do but in this kind of conference it is it can be easier so and of course this is one of the things of course on the trial we will try to have more more I mean just think about how they also so city is not there but city rather New York state mostly and some people interested in one day and do something about the if they have some interest to reporting about and since it helps him or something this kind of way is very good who are and do things in Tokyo so he changes from from Osaka so he is done in Osaka different city in Tokyo so I will prepare the same thing in Tokyo and connect to the next around I am still something and I said yeah so it is a way to attract more people so they have interest to communicate globally in many other places and should be we have an Asian house should be yeah this is not the name of bridge but this is mostly for the user but this is opportunity to attract many people in Japan and if possible yeah if we attract more people outside of people I mean so majority of PC users I mean they use the windows they don't care the windows or something so I can attract so so many people for example enterprise or some so we do the English track or global track and do same and some times it makes and for example in the party or last time so there are things so we have we provide opportunity to communicate globally people yeah of course we need to reach more enterprise and only people outside of the world yeah but I will try okay conclusion yeah Japanese development market development so especially for the only people so we so to change this situation we have event minimum and highly which are different development we our time is very important but global collaboration is also important so we need to reach so that so we we do not communicate globally but also encourage other to do so that's why our kind of global thank you that's like that's like okay I'm confusing the what 4.1 does we JPE energy not only community okay not only not only not only but also okay yeah just my yeah maybe my boss so I cannot use my state anyway yeah of course we do something and for example as I am here what we want to do so we have to seek something to attract other people and of course we hire some some of them to our team and some of them to join the members I'm thinking about a basis that since all many of us are not making speakers so the traditional way to create the language that I think is also not impossible but almost not very very efficient so I'm thinking about can we find some Chinese speakers maybe they have some habits Chinese speakers they have some habits so we can we can realize what we for you are saying very quickly even though we are not thinking as enter the American speakers I think I think we can we can find the speakers thank you for your talk it's a perfect answer to my talk in the afternoon what we can do to promote local communities to come more so let's have a discussion in the afternoon that's possible I don't do a join yeah thank you thank you


Item number SCP-14. Object Class. Safe. Special Containment Procedures. SCP-14 is to be kept in sight in a chair with arms, preferably facing a window. Music should be supplied on a regular basis, preferably constantly. This music should not include pieces originating after 1937. A security camera should be present in SCP-14's room. Description.  Records indicate his name to be Robert Chetford, confined in 1915 to the Norwich Asylum in Connecticut for delusional insanity, claiming that he had been cursed to live forever, and was slowly turning into concrete inconsequence. The asylum closed in 1937, and the patients were transferred to various other facilities. SCP-14 came to Foundation attention in 1931, from rumors of a patient who seemed to be entirely immobile and showed no signs of aging. Further investigation determined that acquisition was warranted. SCP-14 is to all outward appearances a normal man, but he does not appear to age and shows no signs of possessing a metabolism. He does not eat, drink, perspire, or in any other way demonstrate life functions. He breathes only to speak, and apart from his eyes and vocal apparatus, is to all appearances utterly immobile. He has never shown any evidence of pressure ulcers despite his position not having varied for several decades. Neither do his muscles appear atrophied. He can converse normally, but shows little knowledge of or interest in events since his confinement. Addendum. Note. Frankly, were I to interview this man without knowing his history, I'd think he was a perfectly sane and well-adjusted individual who happens to be quadriplegic. As it is, I have to conclude that he's the ultimate proof of the idea that the mind rules the body. He thinks he's concrete and will live forever, and so he's as close to both as he can be. Somehow. Dr. Br... Lesson complete. If you missed the previous orientation, go watch SCP-13, Blue Lady Cigarettes, right now. Or for the complete course, watch this playlist.


This past year has taught me That most people don't have the tools to hold you Even your heaviest times But you should not let that make you think that they don't care for you or love you enough They just don't have the tools right now to support you in the way that you need Just like you don't have that for someone else that matters a lot to you Don't allow that The current inability and lack of capacity they have to cause you to Question that love and care for you


Natural polyphenol possess valuable scavenging properties towards radical oxygen species and complexing properties towards proteins, making them interesting for the treatment of various diseases, anti-aging purposes in cosmetic formulations, and nutraceutical applications. However, their lack in long-term stability due to sensitivity to light and heat, poor biodisponibility due to low water solubility, and astringent taste limit their use in food or oral medications. Incapsulation methods such as physical, physical-chemical, chemical, and other connected stabilization methods have been developed to overcome these drawbacks with successful applications in pharmaceutical, food, and cosmological purposes. This article was authored by Florence Edwards-Levy and Aud Mühnen.


Hi everybody and welcome to this episode of Cube Conversations with wikibon.org. My name is Jeff Kelly. Early this year, Wikibon published the first definition of server sand. We were getting a lot of interest from our community around server sand. And today I've got the author of the report, senior analyst Stu Miniman, who's going to talk a little bit about just what server sand is and talk a little bit about the developments in the market. Specifically, VMware's recent announcement around the general availability of their virtual sand product. So Stu, welcome to the Cube and tell us a little bit about the definition of server sand for those who may not be that familiar with it. Sure. Thanks Jeff. People in the storage world understand that things have been changing. Flash has been one of those things that have just had tremendous impact on architectures. And what we looked at at server sand is first of all, what are some of the things that the hyperscale guys were doing? So if you look at the Google's, Microsoft's, Amazon's of the world, they were building things at massive scale without a separate storage array. If you add that in with what's happening with converged infrastructure and flash, you're seeing a new architecture that is compute and storage in a scale out manner without a separate storage array. So there's a whole industry. EMC really took storage and made it a separate line out of you and buy the best of breed and it will be separate from the server and the applications itself. And now we have really dense compute with multi-core environments. We have flash, we have dense disk arrays that we can all put it in. So these new architectures that are leveraging software and that's where VMware comes in. VMware has really driven some of these software changes of course with server virtualization about over a decade ago. They really changed some of the architectures and now with the server sand they're really starting to push deeper into the storage side of the equation. Right, so let's dig into that a little bit more. So VMware as I mentioned at the top recently announced the GA and announced pricing of their new B-Sand solution. So tell us a little bit about that and kind of what it means for the market. Yeah, so it's really important. So not only is VMware kind of the leader in hypervisors and server virtualization but when they push forward what they call the software-defined data center vision they really looked at how do we extend the benefits that we had with server virtualization across the storage and the network stack and virtual sand is how they do that or vSand is how they're going to do that in storage. So it was announced last year at VMworld so they went into a public beta for about six months and now it's generally available. So here's a real solution from a very powerful vendor in the market that is looking to in many ways disrupt the way that storage is bought. So it's definitely going to have a big impact on the market. I've heard that there's been plenty of startups that have been pushing similar either software-defined or hyperconverged type applications and with VMware there's a lot of attention from everyone and in many ways many people think it'll be the rising tide that lifts many of the boats. On the other hand you've got some of the traditional storage guys that it could disrupt their business. So let's dig into the technology a little bit from a technology perspective. How does vSand compare to some of the other solutions that are on the market today? Yeah, so first I'll talk for a second. If you talk software-defined storage it's kind of... SDS is a bit of a mess in the marketplace. There's some companies that say, hey, we're storage and we have software therefore we're software-defined even if it's an architecture that's 15 or 20 years old. And there's some people that are just kind of just like we saw cloudwashing and big datawashing. Software-defined storage is kind of this amorphous thing out there that doesn't have a great definition. But what vSand does is it's actually built into the hypervisor layers. So as I mentioned earlier, VMware is still the market leader in server virtualization and they're going to put that management functionality to be able to handle both my compute and storage resources and scale that in the hypervisor layers. So what VMware called hypervisor converge. And of course that's a real point of control. What VMware needs to do is gain stickiness with their hypervisor. People have said for the last couple of years that the hypervisor is commoditized and if VMware can get more people liking this new function it will have them buy more licenses and it will be less likely that they might flee to go to Microsoft's Hyper-V or the open source version which is KVM. So Microsoft wants to get stickiness there and that's really important now. There's an architectural decision point. Do I build it in the hypervisor like VMware do or do I do it outside the hypervisor with other software either in the guest or other parts of the ecosystem? It is not a cut and dry one is definitely better than the other. There are trade-offs being in the hypervisor and it should allow for less CPU utilization which in general is good but there could be some trade-offs as to how much functionality can I really put into the hypervisor and it's not necessarily all that open. When I mean open there are ways that we can get functionality into the hypervisor. Pernec's data just announced a partnership to have kind of deeper integration with VMware but it's not like with Xen, I'm sorry with KVM or Xen the two open source alternatives out there that I can really, anybody can just put functionality into it. Interesting to note that VMware is not the only hypervisor embedded solution of the source scale computing is embedded in KVM and is an alternative that they've been selling to VMware but if VMware can get people to like VSAN and like this architecture they're going to stick with VMware as opposed to many of the other solutions out there. You know if I take for an example a Nutanix who builds from the guest layer and they can put lots of functionality into their own software stack Nutanix can run on not only VMware but other hypervisors as well. So in some ways this is a bit of a lock-in from VMware standpoint. So anyone who's followed VMware knows that a lot of its success is due to its really strong both channel and technology partnerships that they've established over the years. So what impact will VSAN have on that? What's their strategy around partnerships with VSAN? Yeah and this is really interesting and kind of nuanced piece of the equation here. How do they go to market and how do they partner? So first of all this should be a good partnering solution for server deployment. So if we look at when I first got involved with VMware back in the early 2000s it was HP, IBM, and Dell that were the real drivers of these technologies and today at the launch you saw IBM, Dell, Cisco, and Supermicro as partners in what's called the VSAN server ready partnership which this basically means that they can build an entire appliance pre-baked out with the configuration that they have. So it's a good way for VMware to sell licenses. It's a good way for those OEM partners to kind of expand what they're doing and it should fit nicely with many of the existing VMware channel partners. So the question I have is how are those channel partners going to make money? Because the VSAN solution, the good thing about it is it's going to be a simpler architecture but that might reduce some of the services that a channel partner can play. And from a technology partner standpoint one of the big ones I didn't mention was HP. HP's not a server ready partner out of the gate. They will be a solution that I can do kind of what's known as the Build Your Own so I can buy just about any x86 machine and build this node but HP has their own VSA designed solution came long ago from the left hand acquisition. It's done quite well in the marketplace and so there will be some tension between some of the HP cell force and some of the VMware ones and finally on the ecosystem partners what does this mean for the storage ecosystem? VMware has been adding more storage functionality into their stack and in many ways that puts them at odds with some of their traditional partners. A lot of news was made at their partner exchange that Veeam who is one of the early evangelists of virtualization in VMware specifically was left out of that environment. Veeam of course still sells plenty into the VMware environment but they're also doing lots with Hyper-V and all their alternatives. And you've seen through the storage ecosystem everybody is hedging their bets and making sure that they don't allow VMware to have too much power and that customers have the flexibility to choose the hypervisor that they want and this is an example where VMware is going to try to make people stick on vSphere while some of the other VMware solutions if I think about NSX on the networking side can work across many hypervisors. So as I said it's a bit nuanced a lot of layers as to where VMware fits and I'd say it's a bit of a mixed message on the ecosystem front. So let's switch gears and talk about what it means for customers. So obviously with the GA just having been released vSAN is a 1.0 product. So really what's the sweet spot for this product at this point and what are some of the ways customers can use this today? Yeah, great question Jeff. I know we talk a lot about where this fits from an application standpoint and the first one that seems to be a big winner here is VDI. Of course Citrix is the leader when it comes to desktop virtualization and VMware has made a lot of moves with their end user computing. They actually refreshed a good part of their management team and they made a big acquisition with AirWatch to really get deep into the mobile space. But when it comes to desktop virtualization VMware Horizon View has definitely expanded its maturity and it's getting into more customer environments and this is a nice should be simple and relatively low cost solution that customers can deploy for VDI. So the question is from both the capital expense and operational expense there's a lot of VDI solutions out there from the convergence partners that work with VMware, the storage partners that work with VMware all the flash guys out there it's a very noisy market and you know it's an interesting project-based deployment but the big thing for VMware is they're not targeting traditional storage applications they're not going to storage guys and saying hey you know get rid of whatever you know SAN or NAS array you have and do vSAN. This is really a pitch towards the virtualization administrator or what they'd like to call a cloud architect so VDI is a great fit TESDEV is a good fit just the you know OLAP might fit here but today you know this is not something I'm going to put you know a thousand seat exchange on or my database on as this solution matures it's expected that it should move up the stack just like vSphere did over the years with server virtualization. So final question obviously you covered the conversion for structure market very closely and I'm a leading thought leader in that space what's happened in the last year in terms of maturity in that market? Yeah so it definitely has matured a lot and we're seeing huge growth what people have said is does vSAN really change the landscape for you know converged infrastructure and while I think it's very important for software defined storage and especially for the server SAN space that Wikibon's put forth I really don't think it has a drastic impact one is if you look at the leaders in converged infrastructure today it's companies like Oracle it's you know VCE with their V block and you know IBM and the IBM Lenovo piece and most of the applications that those you know big you know big iron target are not the ones that vSAN are going to fit into today. So you know look at VCE you know this is not going to disrupt anything in the Cisco EMC partnership of VCE company did well over a billion dollars last year and from all that I've heard things are accelerating this year it's a key driver for the really large customers that are buying UCS and if you look at the hyperconvergence space they're seeing real growth too so I mentioned the Tanix before SimpliVity is another one seeing really good growth some of them obviously will look at vSAN as either a direct competitor or a potential competitor and others just look at it as as I said before that rising tide that will lift all ships here so converged infrastructures growing greatly of course we did the first market forecast for converged infrastructure look to Wikibon soon for actually our market forecast on the server sand space and how that will impact it so you know exciting times to see how vSAN you know really moves forward certain parts of the market and how things adjust throughout. Oh great well obviously a lot happening in this market so we'll be keeping an eye on research on wikibon.org and that's where you can find all the great research on server sand virtualization networking and all things infrastructure so thanks for joining us for this cute conversation and we'll see you next time


The ConocoPhillips Science experience is all about inspiring students to study science and to help them recognise that there are so many science disciplines for them to choose from and the many different rewarding careers that they can have as a result of this. We also very much like to showcase all our wonderful facilities that we have here at UWA and show them how passionate our scientists really are. So today the kids for the science experience for 2018, ConocoPhillips are doing the Barry J. Marshall Library Amazing Race. So today they'll be going around all the library finding bits, pieces, different clues having a look around the library and having a great time today. Here we are in the lab and we're looking at iron particles. We've got people making slime, we've got people seeing how different objects react under fire and we're just having a really good time. So what the students were doing here today was actually looking at one of our first year biology unit pracks where we look at a marine community, especially within your muscle clumps and figuring out what sort of roles that they would play within that community. Are they predators? Are they consumers? Are they herbivores? That sort of thing. This is the Heart of Science workshop where the students are exploring and discovering the anatomy and physiology of the heart. They're doing a heart dissection and they're also doing their ECG recordings of their own heart rate. Today we're building an oil jacket that goes in the ocean and we have to balance the plate on top and it has to hold weight. Ours is looking pretty flimsy and it's going to fall but it's okay, positivity.


Good day, fellow investors. Being a great investor means first and foremost being a great businessman, a great entrepreneur. Warren Buffett is first an entrepreneur and only secondly an investor. So as a businessman and entrepreneur, the first thing he has to do is listen to his customers. I decided to listen to my customers and fulfill their wishes. And one of the most requested wishes is for me to make a cheaper product. A product for the student, for the part-time investor. As you know, I run the Sven Kirlin Stock Market Research Platform for $349, which is, I still believe, an enormous bargain. But $349 to pay in one time in a lump sum can be significant. So I have decided to make an educational stock month, stock idea per month kind of course for $9 per month or if you want to take the yearly discount for $89 per year. In that, I will discuss one idea, one stock that I own or that I cover or that I look at and really explain my strategy for that stock in that moment in time. In that way, I think I will be able to fulfill your idea, your investments with one important peak per month to really strengthen your portfolio for a very, very low cost. So the stock ideas and analysis for the small investor will give you a monthly idea. What should you expect? So 12 ideas per year, I will clearly say which ones are stocks to buy for me, why I bought them, what's my strategy, why I hold them, etc. Plus, I will do my best to put the analysis in an investment educational environment, focusing on the risk and rewards. And I'll also share my earnings model in Excel so that you can play and practice within Excel with it and see, okay, what are the expected returns depending on what might happen. On the price, as many wanted something cheap, the price will be $9 per month. That's affordable for everybody. That's what, less than two cups of coffee at Starbucks or $89 per year. So for less than two cups of coffee, I will give you a good long-term investing idea. Just a reminder, my stock market research platform with all the trades, all the portfolio, all the research, everything is still just $349 per month, which means less than $30 per month, which makes it an absolute bargain. But I understand to pay once $9 or $349 can be a big difference. So for all those that requested it, here is the cheap version. And now the best way to explain this is to give an example. Okay, how will this look like? I will make a video and the report plus the Excel on a stock. I have already uploaded the first idea of the month, which is my favorite minor at this moment in time, with good short-term and long-term potential. But to give you an idea of how would this look like, I've decided to summarize my view about Facebook, which is a publicly covered stock that I cover on this channel. So it will give you just an idea, okay, what is Sven doing? What are the points? How will this look like? And what do I get from it? So let's start with the Facebook summary, which will be a video that you can expect to get once a month plus the short report that's already published there. So you can check it for free as it has a free preview. Let's start with Facebook. So I will do Facebook's stock analysis. This is the 22nd of February, when I do this company overview, earnings expectations and models, risks, conclusion and investment strategy. Most of us know Facebook, what they do. It owns Facebook, WhatsApp, Instagram, Messenger and other interesting developments like VR, AI, etc. So let me discuss, what do I think are the core advantages that Facebook as a company has? The first thing is data-driven corporate decision-making. Everything that they do, they first test it on a small batch and then they test it on a bigger batch, then a bigger batch and only then, if successful, if it led to the wanted results, only then they deploy it globally. So everything that happens in Facebook is data-driven. It's not corporate-driven, top down the boss says, let's do this and then count the debt later. So that's something very smart and that's something to allow a big company like Facebook to be flexible, which is one advantage that I really, really like in this social media environment. The second thing is unmonetized potential. Given Facebook's two plus billion users, the strong network and the longer people use it, the stronger the network is, the potential for monetization gets constantly bigger and bigger. Facebook has been very patient in monetizing this, but there is so much they can do and they will do it slowly in the future. A growth rate of 10, 15, 20, 30% means slow in relation to what they can do, but slow and steady is much better for the long term. A simple but potentially big revenue sourcing is Instagram shopping and they don't even need to compete with Amazon. They can collaborate with Amazon. Another potential monetization bonus is the price of Facebook ads and as a businessman, as an entrepreneur, we will soon start testing them because I really want to see, okay, if I spend $10 to come in front of a thousand people that are interested in investing and if I can sell two free books, then the Facebook ad is really, really cheap and that's something I will be testing and reporting also to you to see how it goes. So in that line, when Facebook grows, when digital advertising grows, when Facebook gets compared to Madison Avenue on an attention base, okay, how much customers can I reach with Facebook? How much can I reach with, I don't know, a billboard on a page or a page in a magazine? When you see that, then you see that there is potential for Facebook ads. The revenue Facebook gets to double or even quadruple over the next 10 years. So that's another positive that I see as a strong factor for investing in Facebook. And number three is the unknown. Who would have guessed that Instagram would be something in 2012 when Facebook went public? Therefore, there might be something brewing there that we cannot even imagine that might be something extremely big in 2029, something that might add another 50 billion in revenue, thus another 250 billion in market capitalization on top of everything that we already discussed. So now that we have the story, let's discuss the earnings and make it a model. So the key drivers to investment returns are always earnings. Facebook's earnings per share in 2018 have been 7.57. Revenue growth over 2018 was 37% while earnings grew 40% that those are huge numbers. So for the future, it all depends on the growth rate, but as value and investors, we have to be conservative, estimate what it's likely in a weak environment and then see whether the current stock price justifies the risk and reward. I have my small earnings model using current earnings and plotting a growth rate not of 40%, but just 20% for the first 5 years and 10 years for the subsequent 5 years with the terminal stock value, stock price after 10 years having a valuation just of 10 on the earnings. Why just 10 and not the current price earnings ratio of 20? Well, better be conservative than sorry. And even if I put all those conservative numbers, the growth, the valuation in this model, the present value with a 15% discount rate thus expecting a 15% return still gives me a present value of 149 for the stock, which is extremely low. If I just change the price earnings ratio to 15 after 10 years, then the present value immediately jumps to 181. And you can say, okay, if Facebook grows for 20% and then 10%, the stock price will be 455, not including dividends in 2029. So that's almost a triple on the current stock price over 10 years, which is not bad when you add the dividends, the buybacks, etc. So this is how I see Facebook. And I really think that if one invests in Facebook, there is a good chance that the returns are 15% over the long term for the long term investor. If in the short term something happens, Facebook increases the growth, things are going good, there is positive trend towards the ads, the price goes up. We might even see the stock price double very quickly, much sooner than I see in the long term, which is something to take advantage. You buy, you sell sooner, you take the money, and you say thank you Facebook. However, before going deeper, we always have to think about the risks. The key risk is a recession. Advertising budgets get cut. Many people that sell shoes on Facebook go out of business or sell some courses, and Facebook's revenue growth might stall. You will soon see headlines like the death of Facebook, like it has been many times the case for Apple. This would hit the stock severely as we have seen how just a bit of increased spending on security pushed the stock down during 2018. However, I would see that also as another buying opportunity because the trend is there, so it will be volatile. If I can buy below the trend and sell above the trend, I make huge returns. Then we have regulatory risks, politicians will like to attack companies like this when somebody gets strong and in power. As a politician, you can always text them and gain some political points. The biggest risk for Facebook is that it starts losing its user. It's not something essential in our lives, and we can easily change it for something else without meaningful change in the quality of life. As it is impossible to know how will the social media environment look like in 2029, it's also impossible to predict what will happen and one has to keep an eye on the real story. For now, we see a stable number of users in developed countries, growing number in developing countries, which still bodes well for Facebook's story. But we have to really see, okay, how will these numbers develop over time? And this is the key risk to watch. If these things start to deteriorate materially, there is something new, then it will be the time to sell Facebook, even at a loss, because then the story will be different. So always keep in mind the risks when investing. For now, it has a strong mode, everything is well. So on my portfolio, on my investment in Facebook, I have two portfolios. One is the lump sum portfolio and one is the growth portfolio, where I add $1,000 per month, euros in my case. And I have Facebook in the growth portfolio. Why I don't have it in the lump sum portfolio? Because of the risk, I don't know what will the social media environment be in five to 10 years. And I know that Facebook isn't a necessity.  But it isn't really a necessity for our lives. We can interchange it with something else, which makes Facebook a little bit risky for a lump sum big stake of the portfolio, but a good idea for a growth portfolio, because you never know what might happen there. So I bought Facebook the first time for $174, because it hit my 15% required return. When it fell, I bought more at $136, and now I'm still holding both the purchases. I'm not yet that exposed to stock, so I don't think about selling yet. If it goes to $220, $240, then it would be only an 8% return in my model, and then I might think about selling. So this is my story about Facebook. I have already uploaded on the stock idea platform a new story about an even better investment that is part of my lump sum portfolio that I think has a great risk reward situation at the current moment. So please, if you are interested in such an overview of a stock, such stocks that I see as good investments, then you might want to subscribe to the stock market idea of the month. My subscribers of the big research platform of the stock market research platform will have this as a bonus for free. So thank you for watching. I'll do my best to really find good picks, good educational picks to help the small investor as much as I can, as helping small investors is something I think very, very important. I have renounced already to manage a lot of millions, because I really want to see whether I want to be just someone who services the big and the rich, or I want also to help the little guy out there. So I'm still thinking, balancing things out, but that's a different story. Thank you for watching. Check it out and I'll see you in the next video.


From VOA Learning English, this is the Economics Report in Special English. Five nations held the 5th BRICS Summit at the end of March in Durban, South Africa. The five BRICS nations are Brazil, Russia, India, China, and South Africa. For years, these nations have said they do not have a strong voice in world events. All five countries have strong economies. But none has been asked to lead the International Monetary Fund or the World Bank. India, Brazil, and South Africa have all campaigned without success for a permanent seat on the United Nations Security Council. Anil Sukulal is South Africa's ambassador to the BRICS Group. He says, the group can overcome historical imbalances by giving each nation power over a proposed development bank. The bank would be collectively owned by all the BRICS countries. Emilio Pera is with Ernst & Young Business Advisory Services. He says a development bank is a good idea for financing public works projects and strengthening cooperation between the BRICS nations. A report from South Africa's Standard Bank says each nation is expected to donate $10 billion for the bank. China's economy alone is bigger than that of the four other countries combined. For China, $10 billion is not a lot of money. But for South Africa, it represents almost half of the country's education budget. At the IMF and the World Bank, members donate money based on the size of their economy. Standard Bank's Simon Fremantle says it could be a long time before the bank is launched. He thinks the bank has a long process through which it still has to travel in order to reach the point where it can extend loans. For VOA Learning English, I'm Carolyn Presuti.


Somebody's asking do I really think AOC is smart? Absolutely. I mean the fact that you disagree with somebody doesn't mean I think she's very smart. I watch her communicate. I watch her talk. She's better than 95% of politicians I know. So the idea that because you disagree with her, because she says things that you find offensive that she is not smart is absurd. I mean the fact the idea that people on the left are not smart is absurd. She is very good. She's a very good communicator. She has the potential to really influence people and to sway them towards her direction and she talks in terms of terminology and in terms of in ways that people with better ideas don't do and therefore fail. She would win a debate against a Republican easily because she talks the language of morality. She knows what's fair, what's just, what's small and she can pivot the conversation very quickly to the things that she thinks are important and to the points that she wants to convey.  I think you underestimate your her at your own peril. How do you like AOC quote of Milton Keynes totally economic illiterate, confusing Milton Friedman with John Meneke. She misspoke, right? I mean I know people love to jump on these things but I'm sure I do things like that. I'm sure other people do things like that. I'm sure people misspeak all the time but you know people love to jump on her but the fact is that she's succeeding. She's succeeding. Her policies are the policies everybody's talking about. She introduced the Green New Deal. Not only is everybody in the Democratic Party talking about it. It's all over Europe. It's all over everywhere. People are talking about different forms of the Green New Deal. She is backing Sanders. Sanders is doing very well. So again I think it's a mistake to attack her personally. I think it's a mistake to jump on you know miscues. I don't think I don't think she doesn't know the difference between Milton Friedman and John Meneke. I think she misspoke which happens.  I think she's evil. I think her ideas are evil.   I mean if Republicans jumped on Trump every time he misspoke. I mean he misspeaks like a hundred times more than AOC does but that's not the standard. The standard is your ideas. Her ideas are evil.  You have to appreciate and understand your opponents in order to defeat them. You have to in a rational debate. Now politics is not rational so maybe the right way to approach defeating AOC is making fun of her and that's fine but you know it's it's not intellectual. It's not how you win the intellectual battle and that's the battle that counts and that's the battle she is beating you on. If what we need today what I call the new intellectual would be any man or woman who is willing to think meaning any man or woman who knows that man's life must be guided by reason by the intellect not by feelings wishes wins or mystic revelations any man or woman who values his life and who does not want to give in to today's cult of despair cynicism and impotence and does not intend to give up the world to the dark ages and to the role of the collectivist Using the super chat and I noticed yesterday when I appealed for support for the show many of you step forward and actually supported the show for the first time so I'll do it again maybe we'll get some more today. If you like what you're hearing if you appreciate what I'm doing then I appreciate your support. Those of you who don't yet support the show please take this opportunity go to uranbrookshow.com slash support or go to subscribestar.com uranbrookshow and make a kind of a monthly contribution to keep this going. I'm not sure when the next