All right, so our trader is welcome on back here this Monday, June 14th, shortly after 9 a.m. Of course, this is not Fausto's voice. My name is Josh Levitan for all of us in social media. If you stick with me at least going into the afternoons, you know me, but great to be back. Let's get a quick sound check just to begin. Make sure everyone can hear me loud and clear. Perfect. I did it from the trading room just before, but great to see everyone. Michael Chuck, Amy Bonny. I appreciate the welcome back from everybody earlier. Once I signed in, Gene Stephan Grant. Great to be back, Grant. I appreciate that. Yeah, I mean it was a great time. I took a little mini vacation with a couple of friends. We were in Scottsdale, Arizona, really hot, as you can imagine over there. My first time in Arizona. No, no, that's lie, actually. I was over in the Grand Canyon, but that was later in the calendar year. A number of years back, so much cooler near June. It's like 115 degrees. Oh my goodness. I mean, a much different heat, obviously, but less humid at least compared to over here in New York. So a little tolerable in that sense. I was tubing down the Salt River. I ended up catching a rodeo show in Cave Creek about 30 minutes out. Very nice trip. Great to be back though. I ended up making some money that could pay off some bills, at least going into the trip, but I feel like I got to make a lot of money back now at this point. So like I said before, feels good to be back in the saddle. I saw that you folks ended up trading a couple of familiar names going into Thursday and Friday, the end of last week, between Glove, between the SR and E-Trade, between Vax or VXRT. So let's go over those to quickly begin, and then from there we'll really like more so discuss what's moving this morning in pre-market. The E-N-O-B trade obviously on the screen here to begin. I have a line at 10-70, and I'll explain that there in just a couple of minutes. So looks like I ended up missing out on Glove. We ended up seeing this stock like I make a huge move up back on Tuesday of last week, ended up running up from 17 all the way up towards just about 25, gapped up to 28, 28.50 the following morning back on Thursday, back on Wednesday, ended up diving right back down. At least back Friday at the end of last week, we ended up seeing this make another short squeeze back up, kind of dumping back down here a bit, but ended up diving off, ended up making the slingshot right from 13.50 going into mid-Friday morning right after 10.15. Looks like you guys ended up doing great on that one, broke over 14 very quickly. So very little resistance there for it to fight through. And then ended up making a very similar type of squeeze like we saw back on Tuesday, at least when I was there to catch it. So, you know, hey, history repeats itself, right? So no surprise that I'm looking at this now and just saying, that's if it's not breaking higher, if it's not breaking higher, there's only one other way it's going to go in the meantime. So, you know, for right now, it seems like it's just making, if not lower highs and maybe equal highs off like 15.50 ish and pulling back down. So, hey, I don't know, maybe I'll put this on our watch list at the end. You know, obviously a great side list stock that I'll personally consider every day. But nonetheless, though, I feel like we'll, you know, more so follow the percent gainers and losers here as we go through them in a bit. So, you know, at least nice trade back from Friday morning on clove and we'll come back to it maybe in just a bit. But a VXRT, this was a much better trend to end up making a huge pop shortly after the market opened up back Friday and then really took off from there. So, you know, this is one in pre-market that I would say if I was there like, there wasn't much reason to put this on our pre-market watch list or on our morning watch list as much. We ended up seeing this thing just take off right away though, right? Ended up making the huge break or slingshot roughly around from 7.50 and ended up, I mean, accelerating up, but built a steady trend off the lows after. So, it looks like it became choppy, but one of those trades off the lows at least became manageable to just simply follow the trend. That's something that we'll be talking about coming up in the phase one stock course later on this morning. So, I kind of came right back into the swing of things here for all of us live inside the cyber room over a bronze, silver, gold, platinum and diamond students, most of us here in the trading room at least have access to the phase one course lined up this morning. We'll be talking all about the charts this month, you know, just basically talking about support resistance, the trend is your friend and we'll accelerate things further, you know, coming up next week in phase two. We'll talk more about like advanced charting strategies and topics, but you know, nonetheless, hey, I look forward to that VXRT built a really good trend off the lows, ended up making like the perfect top right off of resistance at 10. I would have expected a false breakout from there, right? I mean, going into the mid to late morning for a stock that moved up from 7.750 all the way up perfectly, you would have to expect a false breakout. So, it just held perfectly under that level made it even easier for you to anticipate resistance. And then, I mean, obviously, you just ended up, you know, diving right back down from that point, but you know, very active once again in pre-market this morning, this thing was breaking through a couple of iceberg orders early on today, at least after eight o'clock. I think it was like 905, 916, actually probably just broke over, then dumped back below it, but right at 901 Eastern time here, there was an order that was filled, yep, 927. They actually took it out in one shot.  Most of that show is just in that one print, 39,600 shares. So, watch 927 as a top going into this morning. You know, it looks like it's right there again, but you know, just see what happens after the open on this one. I like this one a little bit more easier for me to just put this on our main list for right now. It's up 6% just about. So, you know, a little bit more than that clove trade. All right. So, I want to go back to ENOB and that's the top percent gainer. So, we may as well just start from the top, right? I mean, I was saying all last week before it departed. I got to make sure I do a very fast meeting and that's what Fausto is so good at. It keeps it simple. I'm running pretty thin with time right before the market opens. So, let's try and zip through this gainers list quick and losers list here, but ENOB, it's back under my line underneath 1070 and we ended up seeing this not break over 1070, a huge order on the ask. I mean, moved above it here, but more so going into like 855 Eastern time right here, it looks like it ended up breaking through a big iceberg order on the bid. The chart doesn't show the volume aside from the spike, but talking about the prints on the tape, we ended up seeing an order on level three from 1070. It popped up for a little while. It was holding above it for a bit, but it broke below it. We call that selling at the time. It's back above 1070 here, but no point being, I would just be very careful after the market opens up stocks ready up 145%. So, if it's not going to hold above 1070 and rather if it rebrakes below 1070 after the market opens, then I would expect this to make a much sharper drop off compared to what it previously did here. So, now it still looks healthy, I guess, with this move back above it, but just be careful after the market opens up. We'll definitely put this on our list. I don't have the news on this in terms of trying to make this meeting quick and, you know, keep it simple. I'm going to just kind of skip past Benzinga Pro for right now. Nice pop off 11 here at least. Looks like some volume got filled off the ask and not too big of an order, but see what happens coming up after the open at least. It makes it make a really nice run. So, looks like this might look to be support at least for a bit after the open to see this run off 1070, at least after the open, perhaps it'll hold initially, and then we'll see what happens. You know, maybe it'll dump off maybe a couple minutes after, but again, still be careful around these prices being up. All right, RAPT. Start number two now at this point. RAPT has got a huge spread. We're talking about this live inside the trading room earlier. I chatted to one of our members, Brian, you know, the stock's untradable right now. I mean, just super wide spread, very little or no volume on the order book at all. So, it's one that after the open, you got to see how it plays out. I'll put it on our watch list just because of the activity. I'm sure there's some, you know, drug news that came out on it. RAPT to see the stock, you know, make such a parabolic move up from like roughly 19 up towards 40, doubled in price. I saw a later comment on that live earlier in the room, but then, you know, it's pulling back down a bit after, right? So, personally, I need the order book to fill in on this. I would rather trade Vax or easily over this, but I'll put it on our quote unquote watch list, right? Not the trade list, the watch list. We'll kind of study this move at a minimum. Man, that E-knob is ripping. That's what you love to see here. And again, the more it runs up, then, hey, I would have confidence in that 1070, then becoming support after. The selling that comes in, perhaps you would have expected that to pull back after the open, but man, that ended up running up right away first. So, perhaps 1070, that E-knob trade will come back to it at the end, but maybe that'll be big support after the market opens. The MDIA trade, I wish this could be making the same type of move as E-knob. Both were kind of making the same pop at the same time, around seven o'clock Eastern time, dumped back down roughly around the same time. I don't think that they're related now, I guess.  This one seems to be trading a little bit more volume on the order books. I hope for it to fill in a lot more after the open, at least, but much cheaper in price. Certainly, for right now, the stock is quote, unquote, trending on the way down, at least as of now, leading into the open. So, just be mindful of that, as I would for any stock, but just always ask, what's the trend of the stock leading into the open? And that's how you'll kind of determine what you should be doing within the first few minutes after. The ITOS trade, I'd say the same thing. This thing is just, I don't know what's going on. I'm not going to put this on our list here yet. CRSR, nice push-up earlier today. This one, at least, a little bit more orders out there. Hey, I'll put it on our list, like kind of like the same thing as the RAPT trade. You got a lot of these low float, probably very thinly traded stocks, typically, that are making these moves off of some sort of news. This is a gaming stock. Of course, air gaming. All right, so I'll jump to Benzinga for one stock, and we're going to do it on the CRSR trade. So what's the news on this? Damn, the one stock I'd go to, it looks like there's no news on it. Benzinga Pro says that there's just really no interest, no news on it to justify the price action. Looks like it might just be like Wall Street bets, if anything. Reddit traders. All right, but hey, at least this one is shortable, so if it craps out the other way, as I famously said, that could be a potential opportunity. But right now, obviously moving on out. OK, CO. Unfortunately, I think that some of us on Trade Station locked up on this trade in the sense of being restricted from trading it. So I'll put it on our list, of course, for those that can trade it. But if you can't trade it, if you check before, and you can't place a limit order out there for it just yet, we've seen this happen not often at all, but don't let it just be a distraction. Honestly, don't keep typing in the chat board, I can't trade it, I can't trade. You're going to miss out on other trades, right?  So I would follow others just if you can't trade it, if you can. Great. Wow, Chuck ended up killing it just now in the E-Nob trade. Let me just jump back to that right now, just show it for the meantime, because Chuck clocked in like $1.70 profit per share on the E-Nob stock and pre-market here. He got in from $10.24 earlier and just got out practically under 12. It's still even pushing up more, but man, what a run. So you know what? Hey, I was fearful of the dump off. It still might come later on, but for such a run up from that line, watch that 10.70, watch 11. It should be support. All right, let's see what else we got. I'll be checking out my Bitcoin and jump back to the Bitcoin chart going into the afternoon meeting. This is up 9.4% right now, right? I know that there's been a lot more talks about Elon and Tesla accepting Bitcoin for payment again. They have like certain requirements for energy efficiency or renewable energy. I only know as much as I know, and I'll talk more about that later on, but that's why you're seeing Bitcoin make a run up over the weekend, right? And Mara both up this morning, right? So it's hard for me to not put these on our watch list here at least so far, both right and Mara. I'll kind of tag them together and I'll check out Canon for the meantime, CAN. This one much cheaper, so I like that a lot more even. Tighter spread stock at least, also shortable if it goes the other way. If Bitcoin dives back down just temporarily across the day, then this would perhaps go with it. That could be interesting. Maybe Ebon, a couple of others here. This one, not as much activity. All right, so at least Riot, Mara and CAN, the Bitcoin crypto mining stocks, we'll put on our list here so far. SENS, unfortunately, this one had a huge dump off after I put this on our pre-market watch list. Well, it ended up running up at first actually. I put out the watch list early after 7.45. It ran up at first, going into the 8 o'clock move. And unfortunately, a big miss after. Ended up diving right back down, failed to hold support, only moved back down lower. So I'm going to still put this on our list. Very active stock. It's up 8.5%. I don't know what the news is. I did check Benzinga actually earlier and didn't really show me much. So it could have been from just early last week. I forgot what it was. I'm not going to check now at this point, but just very active across the last week alone. Some huge ranges on these bars between the high and low. So either way, if this continues to dump off, then maybe you'll find support for a small dead cat bounce opportunity. Maybe it holds here after the open and runs right back up. We'll see. Randy says, Way to go, Charles. I was in and waited, got impatient on that E-knob. So I got out, then of course there it goes, just what I was waiting for. Well, you know what, though? And you know this, Randy. And I'm just mentioning this to other traders and especially our trial members joining us live inside the room for the first time or testing our room out for the past few days. This is a marathon, not a sprint, right? And Randy, you know that. I'm just saying that to everyone else. It's just don't force yourself into that trade. Don't force yourself into any trade just because you missed one. So just be patient, take your time. There are so many times throughout the day where I have setups that just fall directly into my lap. It's like, all right, I'll take it. Why not? And it's just a gift, but you know, we got to just, if we miss a move, we got to be patient and just wait to see what happens after the open at this point. ETTX. Unfortunately, this was also a big miss, end up diving off after eight o'clock. I was hopeful for this, but ended up just making a flat move after. And for the meantime, I don't mind putting this on our watch list for right now, but it doesn't look as great in terms of what we'll do right after 9.30. Just seems like it's just still trending down, dropping off. Wouldn't shock me to see a test three first, then make a slingshot perhaps. Checking down on my notepad right now as I'm going through. Man, I got a pretty big watch list already. So far I got three, six, nine, I got 11 stocks so far on this watch list. I've barely gone halfway through. So at this point, folks, let me know if there's anything I missed, but I might just kind of make this quick now at this point and call it AMC up big, 6%, you know, we don't need to put this on our list. You know, all these Reddit stocks are just great sideless stocks at this point. SR&E kind of flat here. That's a stock that I personally love trading. I wrote it down on my notepad this morning, but hey, I'll call it out after the open if it moves, but no need to put this on our list either. I did see TRCH on the gainers list here, and I see Chuck C just commenting on that right now. Let's see TRCH. There we go. All right. Nice pop. Wow. I ended up actually missing this pop here, but I saw it up early in pre-market. It's also a stock we're kind of familiar with, but nice move. I mean, it's on the way up to 350 as you could see. Not much buying coming off the level just yet, and even if it pops here prior to the market opens, I would just wait to see if history could repeat itself after, but I don't mind adding this here so far. More of like a level one to level two stock. I might add one more on our watch list here, and keep in mind, it might look like a big list, but three of those stocks are Bitcoin mining stocks, so they'll tend to move similar between the Riot, the Mara, and the Cange rates. So, you know, those are, you know, three that you can kind of group together basically. ATXI is the other one I'm going to add to our list, you know, just for right now. It's down big enough for me to, you know, hope for a dead cap ounce down about 47%. I'm sure it's off of bad pharma news or bad drug news, maybe like a bad phase two or something like that. Actually, you know what, I will check quick. I'm kind of cutting thin on time already, as I just said, but actually we'll check because if it's news with the common stock offering, I might not be as interested actually. So, I'm just checking for ATXI. Yeah, it's just letter from an FDA. So, I'm interested here. I like this. If it was common stock offering news or direct offering news, maybe it'll kind of trade closer to that price where it's listed at. We talk about that just within the phase one course we talked about news we did last month actually. Getting back to the list, ATXI, definitely going to put on our list here. Either way, I mean, hey, this might drop off lower going into the open or after the open, you know, might make the slingshot from two, might make the squeeze up right away. So, we'll kind of just see where it breaks, but down big enough for me, for me to at least hope for some sort of bouncer, you know, move back up opportunity. Yeah, that LKCO is already on our list. Unfortunately, it's like kind of flat. So, it doesn't look like the best stock right now is moving up after 8 o'clock going into 830. I'll keep it on our list because we're familiar with it and string up held a lot of volume this morning up still 22%. So, you know, I hope for a move after the open, but doesn't look like the greatest here. All right. So, from Tina joining us on YouTube today, Tina P. Let's see, from, oh, I'm sorry, mistyped that, ORPH. Yeah, it's another wacky one, right? And it moved up big in pre-market. You can see just back from Thursday, I mean, I ended up missing this. It looks like hell, pop from like eight all the way up to what it was, it's like 80 bucks, 75 bucks, right in the middle, 77, 77, luckies, lucky, lucky sevens there. Let's take a look. How many halts? I'm wondering that. How many halts did this thing have? I'm not going to count. It looks like too many. It goes to show once it gets halting away down, it's game over. So, you know what? It's up, it's wacky, you can make a buck on it. I'd rather trade others. I'd rather not. It's have history repeat itself in that fashion.  So, you know, just this morning, it doesn't look like we have like, I don't know, I'll say, it looks like we have a big list, but there's a few that I'm really more jumpy to VXRT, the can trade should Bitcoin kind of hold and move back up a bit more. You know, even that MDIA trade, that was very active and relatively inexpensive so far in pre-market. So, hopefully that one could also make a strong move at least after 9.30 or shortly after, obviously on the week down here. So, maybe drops down to five first. We'll see what happens. All right. So, for all of us on social media here, just make sure that you like, subscribe, notify right on our YouTube channel first, youtube.com slash cyber trading you. And then if you get to join us live inside our trading room just from Monday to Friday from market open to market close, feel free to join us. Actually, I shouldn't say that. We're open earlier than market open since we do this meeting, but we actually open up at 7 o'clock Eastern time, 7.30 Eastern every morning. So, feel free to join us. Go right down to the link on the banner below if you've yet to have the chance. I look forward to seeing you there for all of us there already. Just allow me a chance to post and tweet the pics. I'll be back on the mic in just about 10, 11 minutes here after the market opens.


Now that's something that looks better than did this morning. Yeah, so it looked like there was like a bloody 30 mil difference in the in the lintel, but You can take a look at the damaged property now look at the state of that Happy second of Feb, five past eight. Give you a quick look in here That is a van full and all that is just to do one lintel on a house So we've got the trestles Not trestles. Yeah, we've got a trestle. We've got a scaffold Got a ladder Atroes strong boys insulation, salmon cement, cavity tray, vents, weep holes black dye Dust sheet Hand tools mixer Radio, so yeah All this just to do one lintel So in the actual lintel takes probably about the third of the day the rest of it setting up and packing up So we'll set up somewhere over there And we'll get this lot on the house. We're now done You're gonna see a lot more of this stuff now because Frode has done away with the branded bags so they could bring the price down, which is all good We're not bothered about the bag being branded. We're bothered about being cheaper So that's good Yeah, so all that is now there And we're just gonna start setting the scaffold up now That's the first thing to do and then once we've got the scaffold set up we start in accros in position Start knocking hell out right Let's get it done. Yeah, just two up there and one's gonna go here Because we're a bit over the roof so one's gonna go straight up the roof I'm gonna stack two here. That's why I've got four strong boys One two three no three four strong boys three accros. We don't need four strong boys, but Let's go up there and have a look. There you go. Concrete roof Those are on these all day 1950s capsules. It's absolutely solidly built You can take a look at the damaged property now.  And yeah The actual lintel that's exposed to the weather with paiters You can see it's lifted a bit It's not going as far as the ends. No Obviously it stays wet in the end All right, you got a big crack going up there, so Just checking if the dust isn't blowing that way as well before we get started Yeah There you go As you can see we have a very unorthodox scaffold at the moment because uh heights are different So we're just trying to figure out a way to get these a bit more leveled up It's just frustrating Well, it's not Stephen Alex's job if there's no, uh, no obstacles It looks like Yeah And together when you put the lintels in, as you can see Soldier bricks aren't full bricks so we can't we can't lay them Lengthwise they've got to go back in the soldiers I'm tempted to go back in on this course This course here lift the lintel up and put a big 50mm trim across there So pack it out with timber put some insulation above the window and then put a trim back onto it And just gives us a need to job so that's the good side to the other side. There you go That's got it So that's that's what maybe tripled in width In depth what's left of there that's that Six mil of steel that's the solid bit that's left and all this is the laminated bit where it's all It's jacked into flust and lifted and lifted there's not much left of the actual lintel As I say, it's better look better Nick here Up there yeah Besides the bed over the top I signed water so it's very Porous and then you've got this path of lease resisted. So we're going to take out fully to here So we can't take it all out obviously because it's under the pipe. We can't knock the whole pipe down That's like a bit of slaking it with trying to repair it. So when it's lifted it's lifted some more Some dodgy repairs Um what we have to do is leave all leave all this in this solid bit here and we'll just blend it back into the original So we'll get rid of the bulk of the bow But um, yeah The main thing is it's going to be safe and it's going to be watertight But yeah, look at that. They're lucky that's obviously that's above there So it could have dropped off that could have dropped on someone's head because I listed that on my fingers that one I think we fell on the roof but So that's the that's the damage. So we're going to get an acro in here Beyond these two here I'll take it up there. Oh, yeah when it's lifts like that Doesn't matter what you do with that. I'll never drop back down again. So to remedy that you just get the whole pipe down It doesn't need that It's just a bit further and this side We're going to get an acro down there Into a strong buoy just above the hopper grow here Probably into this one here And that'll take us up to the That way you can keep all these keep this coursing take these soldiers out take these out take these out And then progress from there So as you notice we're um extension cable free. We're all cordless power tools are being used. You need the drill of alex Which to get as a whole to start and then it's onto the sawzall to just whip across Because then that's not going to pull up the fight And this limewater underneath We're not going to use limewater to repair it. We're just going to use sandstone for this little bit Take a look at that so Water gets in your little rusts your little lifts As your little lifts it cracks the brickwork The more the brickwork cracks the more water gets in the faster the The little rust But I'd say that these are probably 1950s ousers I don't do bad But it's just They're coming to the end of the year used by date now So let's shut up and let's get some work done The pistols To go over the lintels they're all the same that the back cut off And it was used as well. I don't know now. We need to cut these down even more so We'll probably cut the pistol bit off. We're going to clean up at the bottom over the lintel Oh, yeah, that's sort of it. See the end of the pipe is left I don't know how to cut it yourself So it's just getting all this cleaned up. A piece of crap out of the sand I hope I'm going to go to the lintel now You can also see we're Going to have a closure The bricks, it's just like a sliver of a brick being pushed in front of that So no one's just got to work It's just half a brick I'm going to piece the closure and then a little bit of a closure on top It's a real new technology back then Cobbled together job So while lintels come up to this course here There's a gap here So trim it up, insulate it Sorry, insulate it, glue a trim on and then seal it up Once you get this new lintel on and put our shorter soldiers But at least we're going to still have soldiers going in I was thinking of swapping it and just putting stretchy course in but the bricks aren't going to break So we've got to do that So we can't do that Last couple out here Getting this with a little backing Got one over it Quite a bit disintegrating It's that piece of brick Keeping the work out Like I said, kept it up for 70 years but It's doing it good Concrete lintel, nice stone lintel Insulation is being done but I don't think we should do the types Stone lintel has just been the rock road for the most slow lintel See that? Unbelievable That's the same See some more No hook and it's going out Just no hook at that end So the concrete cancer has been removed Just comes out, we'll break in New lintel on it We're going to take this brick out And this brick So we can get an upstand on our lintel Definitely that one And we're all right at that end Again, we're going to get a half in there And then we're going to add the lintel in And then our upstand The upstand And then up there where the weekend goes So, that's it It's open, start tidying this out Getting it to something like Ready for getting it back up again Meanwhile, I look like the brick's tidied it We've had a bit of a scare then I just popped the lintel on while Dad was coming up And I thought that Does not look right Excuse the wind But the brick The course is The brick course is right level And the windows are right level too Yeah, so it looked like There was like a bloody 30mm difference In the lintel but There's not We're just going to bed this side up a little bit And bed that down Still out, because everything's lifted So it's not level Just going to wait for what you've got Like I said, we can't be taking the whole pike down Because we've realised that Obviously the brick course are out that way The windows are out that way So, yes Okay The microphones are working As you can see So it should be sounding a bit better now Because it's windy As Alex just said I chucked these bricks on before dinner And then Alex chucked the lintel on after dinner I didn't check these at the four foot level So, that was high That was low It's a massive bed So it's probably about 20mm bed But that's now level with that This has been tapped down So it's level with that And when you put the four foot level on We've now got it to win Within 5mm Across the width, as you can see When you lift that That's level now So 5mm It looks worse because As you can see Go back here As you can see the window Is set out level the other way Let me just show you So there's our window So the brick works going That way No, brick works going that way Wind is going that way So they're fighting each other The trim we've got is a 70mm So We've got tape measure So you've got 50mm So 70mm is going to give us Well, 20mm coverage obviously Same as end It's lead that they've only got Going to get 10mm this end So we're going to use a bit of timber To put in here And here And then we can stick the trim to it And seal around it You can see how far back the window is Our lintel is going to be coming out here Which means we need to get a prop under it here Otherwise that is just going to bend So we've got a A piece of phobium under the planks there So we're going to cut that down to length here And get it all propped up And then Once the lintel is in I'm going to get the tray in Which I'll just have to stick on this Unless it'll go up to there But again look You're out of courses And you've got the vent there It's just a bit of a mess So I think we'll just stick it And put a bead of silicone over the top of it And before people have agoras For not chasing it in When you're doing modern building And you put the plastic cavity trays in All they do is rest against the internal skin They never chased in, they never fixed in They just sit against that Inside skin Because if you think about it The water isn't going to go down through that skin Down the back of it and then jump across the cavity I've never seen a wall inside there Wet Unless you've got really Shocking tyre wires and the water gets through It's got to be absolutely ringing wet To get through into that skin So it goes against that skin So as it comes down here It hits the tray and comes out So it doesn't have to be attached It doesn't have to be chased into that It's ideal if you can But in this case as you can see You can't Do your best And then once this is all on with There's a few bits of pointing for Alex to have a go at While I'm finishing up here So let's get on with it Sort of around there now You just need to tuck point that So it's nice and tight And then we can start pointing that later That's this side finished Alex is going to cut all the soldiers down to 165 for me So you can get across there Obviously in there This will be cut off after That tray Tucks up behind the top tray So it goes to the back Back It goes up to the inside skin Tucks up underneath where it goes into the other wall And then we've got this insulation To push it back into place And then it's down over our lintel Like that Got insulation right behind the lintel Going to put some more in here Before we put the shim on And then we need to put a lintel So we need to get a prop under here Once I've got this side patched in The ugly end Once that's patched in, ready for the soldiers That's it then You see we've got our upstand there We've got the first tray a bit short So we've recut it So that's our first upstand We're going to have a first second Fence in there There's the fence So this has got two trays in it And it's got this tray underneath We could We could not bother to put this in But if there is any holes in this one above Then you know It's in now, what's the point of leaving it out Over engineering sleep at night, that's the motto So yeah Get this end patched And then crack off Right, what time is it? Quarter past three I've still got the soldiers to go in yet The soldiers are under half Everything else is done They're pointing around These have all been fettled with Straightened up and packed So it's all looking a lot better We've got our air That'll take over the top There's our first weep And there's actually the patching done And then that bit of pointing So that's that Alex just get that bit And then we're going to get these in And then do the trim as well So let's just crack on then That's what we did this morning Doesn't look dangerous anymore But there you go Another day, another dollar It's still light outside That's why I'm doing Miato now In case it gets dark by the time we actually finish But yeah That's just finished off the last bit of pointing there Obviously As you know New lintel, repleteer Fixed up some bricks, we brought some new ones Sorry, we brought some ones from home Because of those two that were blown We would've run out New trim Turns out they were full bricks anyway No, it's the repointed Re-pointed all the cracks Including that one there Which is probably from airway damage That's a problem they have to look into later The whole thing might need repointed eventually If it does then dad will be back Yeah But for now the wind is safe And hopefully any dam that was going in there Might be at least reduced Cured dad, there's nothing going in there now Cavity Tray Cavity Tray We didn't just turn to the Cavity Tray So we've gone underneath and so We've insulated it which wasn't before There's no insulation in this bit so that's been insulated Not a usual song and dance Yeah, I've come up after course So I've insulated in that cab That's quite nice with that trim But okay, before it gets dark Because we've got all the tidying up to do now So, look at all that I've had to take everything out of the van So I can get the scaffold put in But thank you all very much for watching If you enjoyed be sure to give a thumbs up If you're new to the channel and you want to see more Hit subscribe and tap on that bell so you're always notified That's a massive help Any extra support you wish to give to the channel There's the super thanks under the video Or there's the PayPal link in dad's description Not necessary by any means It's just an extra bit of support Which is greatly appreciated Big thanks to everyone who has All the people who have been doing that We're really appreciative Such a massive help for us Anyway, thank you for watching This has been Bricklay of Steve and Alex With a classic old lintel And we'll see you in the next one


All right. So good morning, good evening, good afternoon to all. Welcome. So this morning we have a couple of project reports to hear about after the usual hackfest planning discussion. And then we have, I think we can discuss the update that Tracy provided to us on the workgroup reporting proposal. Pardon me. And Tracy's not on but we can, you know, we can discuss and she can listen to the recording after the fact and update accordingly. So is there anything else for the agenda? If not, Todd, do you want to kick it off? Yeah, sure thing. So before we go into the hackfest, I just want to make everyone aware earlier this week we announced the flagship event for Hyperledger. We're calling it Hyperledger Global Forum. This will be December 12th and 12th through 15th in Basel, Switzerland. So I'm dropping all the information into rocket chat now. But this is a large conference to pull together the entire Hyperledger ecosystem. So this will be a mix of both business focused as well as technical focused tracks. We expect over a thousand attendees at this. So please have a look at that. Mark that off on your calendars and we hope to see many of you at that event. I imagine there'll be an expo for vendors. Yep. A large exposition hall, a ton of sponsorship opportunities for any companies looking to sponsor there. If you have any questions on that, I'll drop a few of the details in here into the minutes that go out after this call. Super. Thank you. All right. And then next Los Angeles. So here's the registration link again for that February 20th to 22nd. The two things we want to cover in this call. Tracy's not on. So I'll just walk through this. Here's the draft agenda that we pulled together. So one from the feedback last week, we restructured the day zero training day. Really the idea is that'll kick off the first half of the day up till lunch will be kind of a welcome overview. What not from Brian and Tracy at a top level than brother strategy. And then quick lightning talks from each one of the nine projects. And then everyone will break for lunch after that. Folks will come back and sort of self select on how they want to get their dev environment set up, whether they want to focus on contributing to the various projects, writing applications or whatnot. And so we'll have various breakouts for that. So the, the two things we need are one, does this format look okay, any last weeks to it. So if you are one of the project maintainers or heavily involved in those and going to be there on the 20th, please drop your name in where it says need volunteer. So any, so number one, any concerns to this format. I think Todd the only thing that I see that sort of missing is discussion of any of the work groups. I wonder if we might want to have sort of a lunch and learn and maybe the work group chairs that are there if any can talk about their respective work groups. That's a great suggestion. I'll add that in the comments and just chat with Tracy on that as well. Again, I don't know who's planning to attend but I think I recall a heart saying he was going to come. I guess it didn't happen either if they're not there but certainly, I think it would be good to cover the work groups as well. Yep. That's great suggestion. Any other questions or concerns on format. All right, for those on the projects please get your names dropped in there otherwise Tracy is going to come track you down and work on sign ups for that. That's a great representation for one of the projects. We just want to be able to cover it, but we'll do so to future hack fest. Otherwise, beyond that everything remains the same hope to have Dubai confirmed soon. And then Amsterdam is confirmed June 27 to 29 registration will be live by Wednesday of next week. So you'll be able to sign up for that starting in the DSC call next week. Yes, and then front. Thanks. Okay, project reporting. So first up is start to stand are you there and yes, I am. We'll copy this. I definitely managed to get this report put together last night before bed. I remember this morning that we've got four more repos that I'd forgotten about so. Okay, I think I pulled in stats from everything but so the, I think the short version of this is that saw tooth is very active it's very healthy, we're continuing to move forward and we're all driving towards our one dot oh release which is pretty big deal for for all the saw tooth maintainers and contributors so we're pretty both tired and excited approaching this. There's always a surprising number of loose ends to tie up as you approach a release but pretty happy with how things are shaping up. The process has been over the last several months that we've been expanding what we do in CI so that things that are going into the one oh branch go through an extended period of testing. And we keep the network. We keep a test network up for a number of days under load so that we can shake loose problems that wouldn't pop up during unit testing or brief or integration testing from from kind of a project organizational perspective. We did some structural stuff with the code where we broke things out into a couple more repos, but largely those have been long applications to make the applications independent of the core code. Kind of in favor of splitting out some of the SDKs into separate repos but the prevailing viewpoint from from the the rest of the maintainers was preference to keep that in lockstep with core so we don't have version mismatch stuff with the SDKs so those continue to be in there. But among these applications that we split out I highlighted a few in the report here, which are a role based access control system that that is sort of an extension of the permissioning rules that we've included in the sawtooth design. Most of that is the application level. So there's there's hooks within within the core code itself but the way to interface with with sawtooth to configure that for whatever your consortium enterprise needs are out at application level apis supply chain. We showed off in a previous TSC meeting, but that shows telemetry of things as they go through transit, for example. And then we also had block explorer application donated by by pocket talk who needed UI for some of the things that they're doing and we're glad to have them contribute that back, just like how T mobile contributed back the the hyper directory application. As we approach 1.0 for our current plans there's there's going to be all the the marketing drive that that Linux foundation supports us with which is fantastic. And so I've left off most of the details of what the 1.0 features are knowing that we're going to have a nice campaign about that. And then also noted that that some of us have already started to move on to 1.1 thinking and quite get into details and not in in next quarter's report. As far as community health, the not really any change in the maintainer population we did see some of, or maybe we've adopted some of the IBM strategy here of letting companies poach off a couple of the folks from Intel. And so that's going to give us a little bit more diversity, but the actual people involved are basically the same over this last quarter. I don't think that's an actual strategy, but. No. Now I feel like I should follow that. Nice try though. Yeah. Contributed diversity on the other hand we have seen some uptick in that in general that has been I think from. The edx course is has driven a lot more interest and a lot more questions out to chat and then subsequently commits for. Bugs and stock fixes and stuff so that's been great and then we also see interest in. Seth the the sawtooth ethereum collaboration with with hyper ledger borough. And then of course as we approach the release that's also been driving more interest and sawtooth so those of all helped I think increase the the commit or traction here. And so I mentioned the the edx course and and seen some increased interest and I think I may have mentioned that in our last update the downside that I saved for the end is that. I think the the maintainers in general do not feel connected to that edx material. And we often get questions out on chat that are based on that material but most of us aren't familiar with it. So I think there's a couple problems there that might be worth discussing one is just you know simply the the maintainers taking time to go out and go through that material is is one thing but. From from several of their perspectives that that material kind of. Was put together without a whole lot of their involvement and so there's at least a feeling of disconnect there. So I don't know if any of the other projects have similar. Experience or similar. Opinions of that but that that does feel like a bit of an issue within within the sawtooth maintainers. Well not not hearing any reaction to that I don't know if that's a. The absence of that means that that's a sawtooth only experience or if. Other project maintainers simply aren't on. Look look at the chat please. There's a whole bunch chat. Okay. So who developed the edx material I wish Tracy was on because I think she's closest to this. Correct. Yeah. Tracy's not on but. Again I mean this this is sort of why I brought up the the whole point that I thought that we wanted to have maintainers from the various projects participating in the education training working group. To ensure that the material is correct. And current and so forth. My understanding was that that was checked you know that people on the various products were checked with. So far from a fabric perspective it's been mostly accurate so I can't. I can't speak to that there's been questions and I think most of those are just people. Who are trying to do more than what was in the course and getting stuck. Yeah I think. Go ahead. Of course that. Chris was talking about is that the IBM blockchain course on. No it's the edx the MOOC. Okay there's another MOOC with. Something called IBM blockchain in Coursera. Yes. But I'm talking specifically about the hyper ledger edx material which is combination of. Material covering both fabric and sawtooth. Yeah so we've had a couple training initiatives one has been this this online course. And. Material for that was was gathered I think mostly over the summer early fall. And that was put together. Not sure is the name of the company edx. I think so. Yeah edx. Okay. And then subsequent to that. Tracy initiated the that the training working group. And so I think that the. The takeaway from my perspective is that we didn't have as much involvement from. Maintainers as would have been desirable in the edx material for the edx material. And so as we're starting this training working group. It would be good if. It'd be good if we don't repeat that. And part of that's definitely going to be on the maintainers if they don't. Make time and don't. Engage then. You know that. On the one hand they don't really have a reason to complain. And then on the other hand it's just. Going to be the pragmatics of. People who are already working. More than full time on code and docs and stuff to then add another thing to their plate voluntarily is difficult. Yeah. No, I tend to agree with that. But I do think that. You know that we. And this again this was why I was pretty adamant about my point of view on. Getting maintainers to actively participate in all of this. Because I think it's. A responsibility of all of us collectively hyper ledger. Right. That. If we are going to put out training material that it is correct and we do our best to make sure that it is. And we can't just use an excuse of well no maintainers got back to us. Then it maybe it shouldn't be published. Right. So, you know, again, I just think we need to be careful about, about some of this because it can. It can create problems and everybody is very busy. I get that. This is all volunteer. I get that. But by the same token. We have to make sure that we're doing the right thing. Yeah. So if, if there's something that could be done within the existing edX material. And. Maintenance of that that makes it easy for a project maintainer to go in and. Sort of see an outline at a glance, you know, not have to like sit there for a 60 hour course to see what's there. Right. I've been asking for the same thing. So. Yeah. So that would decrease. Yes. Yeah. Then it's the same to the same extent with the, the upcoming. Yeah. Yeah. Yeah. Yeah. And then it's the same to the same extent with the, the upcoming training working group. If there's like a digest version of the material that. The maintainers can review that that lowers the bar and increases their engagement. I'll make a note to have Tracy reach out and kind of get to the bottom of this and figure out that there's a good plan. For moving forward. Okay. Great. And if, if possible to reach out to the sawtooth maintainers. At large and not me specifically. Sounds good. Yeah.  In the code. Currently I see the code for the training, but not the course material. Maybe I'm wrong about that, but. I think we need both. Right. Need to be able to. See the actual, and we should be able to drill down if somebody posts, like for instance, I was asking previously of Tracy. So, okay. So I have some stack overflow questions that are coming in on one of the, you know, one of the apps, but I don't know what the course material says. I haven't taken it. Haven't had time. And so I don't know what it's saying to people and I can't tell whether or not they're being misled or I think in most cases I've sussed out that basically they're trying to take the example further than the, the, the course. You know, so coloring outside the lines and then they get stuck or they, they run into trouble. But it would be good if we could actually look at the course material to see if, you know, if they're being misled or not, but, you know, not having the ability to sort of drill down and say, Oh, there's that, that sentence is incorrect. It should say X and being able to submit a poll request. I think, you know, Dan to your point creates a bit of a problem. Yep. Okay. Well, thanks for, thanks for that. And then that's, I think that's it for the sawtooth update. Unless anybody has any questions that I'm happy to answer. So when we are being listed for sawtooth 1.0, is there any plan date? The, the official release date for 1.0, I guess the, to keep the, the marketing announcements impactful, we're not supposed to disclose that exact date, but you can consider it imminent. As they say real soon now. Yeah. Yeah. So it will be very soon. They, they send out press releases that go under embargo, so that they all get released on the same date and that there aren't like leaks. Okay. So it would be in the first to quote her, right? Yes. Okay. Great. Okay. Thanks, Dan. Any other questions? All right. Thanks. Unless anybody else has questions, but. If not, then I think we can move on. Oh nuts. I lost my agenda. Here we go. Roja. So somebody on from a Roja to. Yes. I hear a voice, but it's very faint. Okay. Let me try to improve it. So is it better now? A little bit. Can others hear? Well, I'm not sure if I can improve it at the moment. So. Well, I'll try to do the best. Okay. Yeah, just speak up. You're coming in better now. Okay. So, um, so your project is quite active. So we are working towards a preliminary release 1.0, which is expected to be in April. So right now we have an internal feature freeze. So, and we're working. Well, to improve the reliability to improve the performance and usability so that, for example, the error messages are more clear for the users. Um, as for community, there are some issues. Well, for the, like answering the questions and so on, but we have some internal changes to improve that. So we're also working towards improvement of community management. As for project issues. So we have a sonar cube working to analyze our project. We're improving the metrics. So the main issue was the best coverage. So, well, there are some issues with the setup of the coverage. So it's, it may, it may not show the exact numbers. So we're also working on that. So, and we also will improve the coverage metrics by introducing the integration test framework, which will allow easy testing of both transaction and query pipelines. So, as for in general, as for expected, expected features, which we're working on now are multi-signature transactions. The model library, which is usable in Java and Python. Then push-based notifications for clients. So this, so a good elaboration on this was made on Lisbon Hackfest, where I have met people from a caliper project. So we have gathered better requirements for that. And so I think that's basically it. So it's, it covers the most of the project update, which is available on Hyperledger Wiki. So if there are any questions, please ask. Hi, Andrea, this is Chris, just clarification. You have maintainer diversity here. You said four new maintainers were added. Are they all from Sir Amitsu or? Yes. So the four new maintainers are from Sir Amitsu. Anything about current projects, external projects like similar to what Dan was talking about, like for provenance, if it's sort of similar to that, is it all involved in any, I mean, I didn't go read details of the, of what's there in the Wiki page, but is that presented? Sorry, I don't think I got the question clear. Could you maybe?  Concrete projects in involving Iroha in any, in a commercial setting. Oh yeah. So I guess my colleague can elaborate on that. So I'll give a word to him. Hello. I know about one new project. It's a company, CAC, from Japan. They worked on insurance program and use Iroha like storage for, for their purposes. Thank you. Any other questions for Andre? Just follow up on the earlier maintainer question. Are all of the maintainers from Sir Amitsu? Yes. So all the maintainers are in the Russian team of Sir Amitsu. And then as far as your contributor diversity, are you seeing contributions from outside Sir Amitsu or all the contributions also from there? No, there were contributions from outside and we have seen people working on a snap package. So this snap craft package, which is used in Ubuntu. Great. Any other questions for Andre? Okay. Thank you. So I think Andre, you know, the, the sort of the, the feedback that I think you're hearing is that it would be good. If the team can work to try to grow that diversity. You know, again, it's, it's one of the more challenging aspects. But I think, you know, certainly reaching out to either maintainers on some of the other projects or, you know, maybe Tracy to get some ideas about how to go about doing that would be, would be good. Yes, sure. Like we are like looking towards some more external interaction. Yeah. Yep. Thank you. So I think that's one of the three strategies for, for going about, you know, doing that. And it does take time. Right.  Yeah. Or if you have people coming in and starting to use the platform, that's a good source of. You know, potential new contributors. So. Okay. Thank you. So the next up is discussion of the working group reporting. Process draft. So. Tracy's provided us with three links here. One is the overall process, which is very similar to the project reporting process page that describes how you create a template and so forth. Then she's got the actual template itself, which I think is the part that we should probably discuss. And then she's got the schedule for the. For the updates is in there. So I suggest that maybe we. We all take a look at the template itself. Joe. Payton chat. Oh, Todd already beat me to it. Thanks, Todd. Um, so. I'll play Tracy here and just sort of walk through all the different pieces is very similar to the project reporting. Some differences in terms of. You know, maintainers and committers and so forth, but other parts of it are fairly similar. So the first part is. Obviously specify which working group this is. Um, a description of sort of the. The chair's perception of the health of the working group, how things are going. People showing up for calls. The having calls, right? Um, what are any issues outstanding? Um, yeah, you know, can't get people to come. Can't keep people away.  Um, you know, so identify any concerns or issues that the. Working group has that the TC should know about. Um, a discussion of the progress on the various work products. Um, and then just sort of generally discuss and, you know, the, the activity that's gone on for the past quarter. Uh, anything's that were released, anything's that are amended and so forth. Um, current plans for the next quarter.  Um, the working group scope. I thought as, you know, Um, this, this, you know, this point here has the scope of the working group change since the original charter. And if so, how. That would be a red flag to me because the, uh, before hands, uh, as the change in charter and scope should probably be, uh, directly brought up and not just made as part of a work with the port. But that said, and then, you know, again, as before any additional information. So thoughts on the, the, uh, the template. Yeah. I agree in particular on the scope. Uh, I think we should probably just strike that. So it's not suggested that. The, the work group would just sort of willingly change its scope. Uh, I think for me, one of the important aspects of this regular reporting is to drive progress along scope. I think that, that some of the frustrations with, with working group participants has been that it can be hard to make forward progress and something like this helps drive that, that forward progress, which I think you can only get if you're, you're actually focused on what the work products or, uh, mission of that. Yeah. That working group is. Any others? I know. So. This really comes down to, and the, the templates really basically three things. Um, one is, um, kind of the working group health and issues, you know, what's the current status. Um, two is, um, uh, moving towards kind of plan deliverables and then three is community. Um, can we just simplify this down into those three? Do we need to have it broken out into all these different sections? I'm looking at something, you know, it'd be nice to be able to have three or four paragraphs rather than a, uh, document that's going to take a couple of hours to put together.  You know, we could likely consolidate this. I mean, coming back and saying, okay, what's the help, for example, cover and overview any issues that you have. Okay. How are you making progress towards the deliverables? You, um, uh, claimed in your, in your, um, charter. Um, and then how's your community doing? Yeah. I could see that. Maybe we also want to add like a brief spidgen about what your plans are for the future quarter. But yeah, I think that's about right. Yeah. I agree with hearts edition there. What have you accomplished? And then what do you have in progress or plan to accomplish? No, I totally agree with the idea. And, uh, actually for the, um, technical working group, we are already keep the monthly reports for the passing past a year. So Chris, if we start a new quarterly working group reporting, would you like to ask to convert the monthly report to also to the quarterly one? Uh, Oh, absolutely. I think the China working group should be a part of all of this. Yes. Okay. And you're, you know, the China technical working group is in, um, you know, in the schedule. So, um, yeah, I think, you know, just sort of, uh, uh, summarizing and then maybe looking to the past three, uh, monthly reports will be. Okay. I suppose the idea. Any other thoughts? Okay. So I think there's sort of general agreement then to simplify this a little bit into the, the four categories that making heart suggested. And, uh, I guess we can ask Tracy to, to go back and after listening to the feedback to simplify. Other than that, I think. Any other comments, concerns. Uh, also our thanks to Tracy for putting it together initially. Absolutely. Okay. Then I think we're at end of job. Thanks everybody. And, um, we'll talk at you all next week. Cheers. Thanks. Thanks for the line. Have a good day. Thank you.


Hi, everyone. Thanks for having me here. So a bit about me. I know that they just gave sort of my bio, but I'll give my own bio You know I have a Finnish name Miko, but I'm actually from New Jersey So that's usually pretty confusing for people around here And I was able to sneak into this conference sort of undetected because I really love saunas and so people You know as long as I'm not speaking they think that I'm Finnish And as they said before originally I was an investor or at least I thought I would be an investor And so I started working at a firm called 3g capital in New York City It's a firm that's very well known for cutting costs. So, you know, I have some background on this subject of extending your runway and After I worked at 3g I was asked to go to the Kraft Heinz company and that's a purveyor of ketchup and Processed cheese and you know canned food and things like that and That at that company I served as the regional CFO in China Singapore and the United States And we did a lot of cost-cutting and they didn't really need to extend their runway, but we were very frugal And as they said before my wife and I moved to London during COVID I didn't have a job I was looking for a job. I applied for the CFO position at Revolut on LinkedIn. I was rejected During the first go around But I was able to sort of convince them to hire me and I was able to join in early 2021 I worked there until this summer when I joined Bolt. Bolt is sort of a local company it's headquartered in Tallinn just south of here and It's a great business and I've been sort of loving my time at Bolt since I since I joined So what is this talk going to be about? You know the title is cutting burn Extending your runway What we'll discuss is the theory and the practice of those things cutting burn and extending your runway And as much as we can in a relatively brief period I'm going to try to cover a bit on costs how to cut them and then offer a few words and Thoughts on working capital and how it may be optimized and then we'll consider the difference between cash and non-cash expenses and How to basically have more non-cash expenses in order to reduce your cash burn? And then I'm going to suggest a few ways to increase gross margin Before giving a few final thoughts on fundraising And so not to give it all away, but in short you should cut your costs periodically And it's more emotionally or politically difficult to cut costs than it is technically to execute You should optimize working capital which means lengthening payment terms by reducing upfront spends in favor of periodic or subscription products means negotiating with suppliers And it means you know in the worst-case scenario or at time times of real need Just absolutely withholding payment to people that you owe money to And it means collecting accounts receivable faster and Finally, finally you should focus on on freeing trapped cash. I Won't go too much into it But you should grow you should improve your gross margins by focusing on pricing Variable costs and building a SWAT team to understand unit level PNL's and As I said before you should move as much as you can to non-cash expenses Typically that means increasing equity compensation Doing salary sacrifices and seeing if you can pay your vendors in equity and Finally and we can you know get into this a little bit more But always raise money when you don't need it raise more money than you could conceivably need and remember that Investors are emotional and irrational So you know with that sort of outline That's basically all I'm going to tell you and if you want you can leave now because I'm just gonna go through what I just said a Little bit more slowly So costs There's a great saying about costs, which is that they're like fingernails. I need to be cut every so often And then the question is how do you cut costs? My framework goes like this should focus on establishing control Building visibility and then leveraging your control and visibility to have influence Over your entire Organization so I'm gonna go through that control visibility and influence Control means that you're in control So no surprise You need to know what the costs actually are you need to control who approves purchases? And you need to control who actually pays Which is you know what I mean by that is you know how the cash actually goes out the door If you don't have control a very basic method of maintaining absolute control is to control the purse strings Or the bank accounts of your company? It's not a very efficient or scalable method, but it's very effective And what I mean there is that if anyone wants to spend any money or You know get approval for spending any money or actually execute any payments the absolute most of you know Assured way of having control is for you to actually be the one who does the payments or At least approves the purchase orders or spending So all in all step one is to make sure that you can confidently say what your costs are Who approves them and who actually lets cash out the door in terms of payments? Step two is visibility you've got to build it for the central finance and management team You've got to build it for the owners of PNL's Throughout you know the company can be business unit leaders or You know what however you're called the vertical general managers And the question is do those teams and people have reports or dashboards that allow them to understand what their costs are with the appropriate frequency I Would focus on particularly understanding areas that are easier to cut without cutting to the bone So things like travel marketing entertainment offices or office parks and Then it may make sense to To leverage a concept called a cost matrix cost matrix can be quite effective Because basically you end up having more than one person responsible for any given costs So in a cost matrix basically You know it's like any type of matrix But you have one access is the type of cost and the other access you know the the sort of vertical access Would be the entity or the business line that is actually spending that cost And then you tell both the person who is responsible for all spending across Verticals for that type of cost and for the vertical leaders themselves that they're responsible for for that spend So you have two people that have to Approve before anyone can spend any money And then the second thing I would say is you know don't accept any averages Or I guess this is the third thing that I'm saying but don't accept any averages rank from biggest to smallest benchmark subdivisions Rather than consolidated levels the averages can just hide the truth And they tend to be obfuscating rather than revealing It could be interesting to use an 80-20 rule or Pareto analysis In order to pinpoint exactly what are your biggest contributors to spending or opportunities to reduce costs and always at least in my view Have some vision of cash spending don't rely only on accounting or accruals That don't reflect exactly the reality, especially if you're running out of cash the third and final step is influence and it's important to focus on Influence and leverage in your organization In my view culture on costs always has to come from the top which means that the CEO or founder At least that person hopefully that person and the CFO or someone else who's in charge of finance They need to lead And that means or it could mean acting as an owner or leading by example the classic example is business class travel You know where I think it's fair to say that most of us if we're flying let's say between Helsinki and London You know, it's about a two-hour flight if it's our personal travel There's almost no scenario where we would pay, you know the extra a couple hundred euros for a business class seats Especially when we you can see that they're exactly the same as the seats in the back But you know, it's possible that at some corporation they would approve You know flight to be in business class and acting as an owner means Basically getting rid of policies that you wouldn't do if it was your own family or your own business You can always ask for ideas and empower teams to deliver savings on their own initiative crowd sourcing usually works I Would do symbolic things, you know, I think I talk about you know performing ritual cost-cutting for sacrifice So no printing No free food No travel, you know if you really want to get serious And then on the sort of commercial spend side terms of marketing or customer acquisition costs or sales teams I would shorten the payback thresholds that you expect in order to approve spend there So if normally you had an 18 month payback that you wanted to see maybe you want to go to 12 months or nine months or even six months So that's it on costs, which is probably really the bulk of extending your runway But a moment on working capital which can also be effective in terms of generating cash And as a reminder working capital is your inventory plus your accounts receivable minus your accounts payable It's always better if that number is negative If you have negative working capital that means that you're being financed by some combination of your suppliers and customers Effectively they are extending your credit And what I would say about working capital is you know first don't be afraid to negotiate with your suppliers Some version of you know, it obviously depends on kind of the scale and the maturity of your business But some version of a procurement team or global business team, you know Someone who's explicitly responsible for getting the lowest possible price at the highest possible quality for anything you need to buy You know that that team is very likely to have a high return on investment at least initially over time It may sort of diminish if you're actually successful in negotiation The second one is don't accept trapped cash, this is sort of more esoteric, but Cash can basically get stuck in various bank accounts can get stuck in agreements that you have With vendors or customers it can get stuck In all sorts of requirements and the short thing here is just don't let it get stuck because that's a complete waste of money And be annoying with your own team and your counterparties You cannot afford to have trapped cash given your cost of capital and your need to extend your runway And then depending on your business and the delinquency rates of your customers You may want to consider an internal or external collection team. Of course, there's a reputational risk to that But don't let other people or companies take advantage of you Cash versus non-cash expenses I mentioned this at the beginning There's three or at least here are three ways potential ways to reduce cash reduce cash expenses The first is to pay your team or staff in equity To do some sort of a salary sacrifice Of course, you'd prefer not to do that because in the future your company is going to be worth a lot But it has to exist in the future in order to be worth a lot in the future. So it's something to consider In terms of paying your vendors in equity, it's the same story and then in terms of changing You know, my third suggestion here changing your marketing or customer acquisition Tools to be product-based by which I mean sort of a trial Basically allowing your customers to try your product for free as a way of acquiring them That can be certainly more cost-effective than performance marketing Of course, that depends on exactly what your product is and the effectiveness of trial-based marketing but it could be Very effective if you have minimal variable costs And finally, you know, we're not finally but coming to gross margins I mean it could be a you know full sort of session on its own So basically going to basically going to leave this topic for another time, but I would highlight three things First and second you can't cut your way to growth But you can grow your way to profitability if you have gross margins your good gross margins And fixed costs that are actually fixed. So it's worth figuring out and being maniacal about optimizing your gross margins And then the third thing I would say here is some of us probably haven't spent enough time optimizing pricing And it's just about the easiest thing that you can do to improve cash flow And if it's impossible to do that's a good sign that you have a bad business And so you may want to think about just shutting down and then finally a note on raising money Probably you've heard this from other people But it's worth having a number of plans that you're confident you can execute which offer you different periods of runway. I Would say never raise money when you have to it's the worst time to do it always raise when you don't need the money and Finally always raise more money you need than you need and you store it away for a rainy or snowy day Once you have the money or minimize non-investment spend maximize investment spend as long as the you know the returns are controlled and make sense and You know I would leave you with a note to always remember that investors are emotional beings They'll frequently do Frequently not do what makes sense and do what doesn't make sense And so you need to understand and be aware of that and capitalize on it when you can So that's all from me. Thank you. Hopefully it was helpful if anyone has any questions. I'm happy to answer them later


Inner Sanctum Victory, brought to you by Blomos Alper, and starring Ben Hett. The former South, the former South, the former South. Good evening, friends of Inner Sanctum. This is your host, inviting you in through the speaking door. Come in, come in, won't you? We're having a gala fair tonight, a grand premier at the downtown Marcellion. And anybody who is any party will be there. Yes, it's formal, of course, but you don't have to wear evening clothes. You can come in morning. But do come early. We're having a few people in the sky for us, and you mustn't miss the opening kickoff. Tonight's Inner Sanctum Mystery, The Specter of the Rose, is an adaptation of Ben Hett's newest motion picture, which will have its Broadway premiere on August 31. It was adopted by Robert Sloan, and is presented by the Emerson drug company of Baltimore, Maryland, whose registered pharmacist compound that speedy, refreshing headache health in the familiar brew bottle, two more selfies. This is your host, ready with tonight's story. It's all about a ballet dancer who made a woman's heart pirouette and kept the detective on his toes. Our guest tonight is only a student of the ballet, but at telling stories, he has no master. So here is The Specter of the Rose, and its author, Ben Hett. People like Andrew Sanning were born with one foot in heaven. The grace, the charm, the effortless majesty of his movements were learned, perhaps, but never really studied. To him the ballet was like food or sleep, a normal function of the body, an inseparable part of the soul. And when Hansie danced in the theater, Usher's watch, stage hands stood by on the wings and stared. Even the manager of the company applauded his last act cutting-edge. Well, well, I'm very, very proud of you for making music.  Very nice to thank you for that. No, but tonight it was even more the same. Already they're calling you a gypsy.  He's right, Hansie. We've been timing you, Mike. This is that hand they're giving you. It's for you, madame. You're in The Specter of the Rose. I'm just a property that brings your dancers to life.  We'll go out there and take another call. No, no. No more calls without Nina. My wife is entitled to some of this glory. She's dancing hard out tonight. Fine. We'll go before the curtain. Nina? Nina, where are you? We're gonna take a call together. No, it's too late. She'll have shoes in her dressing. No, she hasn't come off the stage. Maybe one of the girls knows where she is. Good job. Good talk. You know who cares? One of the girls from miles.  Just that little one Heidi. Something must have happened. Pick, Andre. Come. Here, here. What's the matter? You're right, Mrs. Ami. Look. She's so scared. I tried to wake her up. What? Nina, my darling. She killed me. No, you can't. Don't touch her. She's dead. No. No, I can't believe it. She died right here on the stage, Andre. On the stage. In a costume of a rose. Nothing like it had ever happened before. A ballerina dies in costume at the end of the performance, and her husband's brief closes the show. But men like Polikoff, men who are full of ego and insolvency, never let a good show stay closed. It took a month to find a new backer for another ballet-starring, Andre Sonny. But as soon as he found one, he went to La Silt for this plan. His bigger and better plan. It's a goldmine, darling. A goldmine. Polikoff, why do you tend to lose your gold, right? I'm giving my girl the lesson.  You know the stick. I don't believe in that stickness. Nerves, that's all. That's the moment we'll start again. Polikoff, again, Andre. She's mental. But how long can a man suffer over a dead wife?  When the music plays, he'll die. I told you, he doesn't dance. He lies in a bed staring. He hasn't moved for months. He doesn't even know if it's a day or night. That's not permanent, hon. He's moody, but he's a shining, he's heavy. He's a poor child. He brings in soup. Like little red-riding or something. He never even looks at it. You're as sweet as your holiday. As long as one woman still adores a man, he isn't sick. He isn't mad. Yes? What is it? Excuse me. Do you mind a little self? That's right. My name is McFarlane. I'm from the homicide bureau. Do you mind if I ask you a few questions? What about? About a dancer, you know, called Andre Sonning. You know where I can find him? Well, I imagine you can find him right where he's been for the last seven months at home when he's black. Where is that? Why do you want to see him? Oh, is that the report I'm investigating? You know how the police are. We never really close our books on a case. What books? What are you talking about? Well, we perfectly frank, Mr. Sonning seems to have been making some peculiar statements about his wife. And I'm not altogether sure they are true. What did he say? That his wife was murdered. Murdered? Yeah. That's why I'd like to talk to him. Get some of these statements firsthand. This is foolish, officer. He's sick.  That's the same I want to talk to him. But you care about where he's in this condition. How would you think of letting him speak to him now? I'm afraid you'll have to, young lady. Why? Who did he say murdered his wife? That's just that. He said he did it himself. Let's get one day straight, Mr. Sonning.  And if I told somebody I'd do it, it's only because I'm scared of a bed bug. So help me. It was stuck in my mind. What was stuck, Mr. Sonning? The idea that I'd killed her that night. I'm scared. It's sort of a dream. I'm scared. It's all right, Heidi. I can talk about it. Go ahead, Mr. Sonning. Talk. Well, it's like I was telling you before.  First I hear the violence in hearts. A rare pie. That's the start. When I see myself coming in, in a jacket of roses. There's an ice in my head, you know? No, I don't. Is this one of the characters that you play on the stage? That's it. If the dance called it, the best pair of the road, only it don't really care enough. It's only in the dream. You see what I mean? me. Well you're a little mixed up to like it. No not anymore. I told you in the dream that I had killed it but I haven't had that dream or heard those three violence of some kind. Not with your normal not sure like a lot even the music doesn't bother me anymore. I'll show you play for me Heidi and then I'm not going to tell you that I said. I've got to admit it's nothing but a lot to me now. I think it's bad about being thrown apart and you might ask I've been working in this room and I've turned taking me up and down the wall. It's just a lot to me now. Just a lot. Maybe it's gentlemen. This is an historic moment of it. We've seen the comeback of a genius that is it come back to me political. I've got to get your social guns for the entire ballet season. I don't just see me by collecting a full orchestra.  I'm well again. But you have made me. What's your beautiful darling and I want you to dance with me. Don't you understand. You shall be my darling. Of course my darling. Together we shall dance to that. In two weeks and the family was ready to start the other two of the spectrum of the road that already began to take shape with Heidi in the ballerina road and one night before the opening performance madam myself to hide your side up to rehearsal and told us something she never expected. And it leaves the show. You cannot play the phone. I don't know what to do about it. But it's your time if you do that. You must not see on the way my child you must see you. They are going to have a lot of it. But they come back yet anymore. Why did I leave on the way I was going to know you do my darling But he's the guy that would do it for you. Then why don't you do that? Oh, please, listen. There's something more important in your life than love.   We were made for each other. Oh, you guys aren't made for anybody. He's a madman. But don't say that.   No, he didn't kill Lina.  Why? Because everyone includes everybody. But the guy's been around here a dozen times. He knows the pain that's happening. He knows the truth. That is the truth. I'm going to be the killer. No. No, I'm not going to listen to you. Don't listen. The person you met this year in the dressing room a half hour before she died in a state.  And she was cutting him off with a chair when I came in. She died from a heart attack. And he died from a bruise. He's dead. I think her life was one month before that.  Oh, she didn't tell me this. I had to.  And that's the way it started with Lina. He has the same life coming up. That's why I want you to go away. Yeah, I want you to go away. I can't. I can't. Because... you were married to Captain Lina. No, no, no. No, no, no. No, no, no. No, no. No, no, I'm going to sleep with Lina. Ah, but I'm sleeping with Lina. You might as well like to say his body cross the face. Even a worse one like this. Yeah, now I can like to die. Oh, you're so sweet. Come on, keep it. Sweetness isn't such a thing. I'll touch it all for you. I want to take it. What's the matter? You hear me? Look, you're going to go away. Call me. Call me tight. Call me tight. I love you one day. I'll always be with you. Whenever you need me. I mean, just keep it so much. You know? Call me. I'll never find you, Heidi. To lose you. I'll never hurt you. No matter what happens. I don't talk.  I'm so sad. I just want to know this. I can't? Yes. I'm so sad. I'm so sorry. I'm so sorry. I'm so sorry. What can I do? Nothing. Nothing is just for me. Be blessed and blessed. Oh, I'm blessed. The man with the knife. Can't you see? She's coming! closer, closer, closer. coming back to the room. Here he comes, honey. The boss for the money! Oh my darling... Love me. Love me. Do you know that the experts in radio have a way of telling how many people listen to a program. When they figure this out, the program gets what's called a rating. If last week's audience is any indication many millions are listening tonight to inner sanctum. Yes, inner sanctum is a top rating show. And among those millions of people, it's a sure bet that some of them are going to have a headache tomorrow or Wednesday or the next day. And when that happens, many of them have a product on hand that gets a top rating for headache help. It comes in a blue bottle. It fights headaches three ways. Yes, it's born with health. The headache help that millions know because of a fast relief. It brings fast relief, not only from a headache itself, but also from a stomach upset and jittery nerves that may go along with the headache. And we're not going to have to wait time to see because it's such a present way of combating a headache. Why, we're not so nice and refreshing. There's nothing I'd rather take for a headache. That's what modern folks everywhere say. So remember, friends, go more south, sir, is that your gorgeous fountain and counter. And next time you have a headache, get fast relief from that headache grief, fake refreshing well, now that you've had a chance to catch your breath, let's give this ballet dancer another world and find out what makes him take. No, no, no, no. Not Andre, the other one, the gay blade that dances up and down the walls of a night. He's the one I like. Only to pity he never uses a fork. But then what can you expect of a specter that he's an artist and the artist who paint with a sword have a nasty habit of drawing blood. Well, let's get on with the story. Here's Mr. Hecht to continue. The mind of a ballet dancer is hard enough to fathom even under normal conditions. That unsymbolic thoughts and childlike enthusiasm, its simplicity is deceiving. Like a fine watch or an expensive radio, a delicately adjusted mechanism that gives it balance can become distorted. One crossed wire, one loose connection, and instead of hearing a beautiful symphony, out come static. That's why Detective McFarlane was on hand at the theater the night the specter arose, the schedule to open. Now, don't get excited, lost self. I'm not here to arrest anybody. I just got a hunch that something might happen.  Loonies like him have a way of repeating themselves. Will you kindly not add to our burden? I've explained about being his death a thousand times. That's the trouble. A normal death needs only one explanation. But a thousand aren't enough when it's the case of murder. Don't give me that luck, self. That scream wasn't up there. There was right down here and I'm very funny. Who's making all the noise? I don't mind about that. What's going on here? Nothing. Somebody screamed in here. Where is she? What are you talking about? You're white. Where is she? She's lying down resting. We always ask you for a performance. You wanted to see me. Yeah. Something might have happened. I scream here. No. No, nothing happened. My husband and I were quarreling. I screamed. I couldn't help it. I appreciate it. Not so fast. You look a little pale to me. Are you all right? Wouldn't I tell you if I would? I don't know. I know this isn't very pretty, but everything is all right. After the show, you can hit me on the head if you want to. But right now, you've got to leave alone. We're dancing tonight. I need them alone. OK, I won't bother you anymore. I mean, I'll be standing right outside the door. Stand on. Charlie, what could I do to you, darling?  I stuck you in my face. You stuck you in that willing devil. I thought I was watching you, but it was me. I know I'm having a hard time. I know I love you. I'm making you hear me. I love you. I'm fine. I know you're good. I do just a lot of muscle lifting. The answer is to me is Robbie's broken glass. Don't talk like that, please. Don't even think. How can I not think? I can read again. I do. My shoulder is bleeding. Don't look, can't tell you tell me it's crotch. It's not. It's big. It's a crotch. I can take it. I did that to deny. I cut you with an eye. No, that wasn't an eye. Don't lie to me.  I didn't ask you to know. I fell against the glass. Can't you see the edge of it? I tried to hide it from you in my rope. Good night. Good night. I held it in my hand. Take it, Heidi. Take it and take it into my heart. No, no, never.  Hey, darling, tonight you must dance. They were like music that night, not like people. Like music floating through the air like resonant notes echoing down a corridor. When the curtain fell, the ovation was tremendous. Heidi and Sannin were an overnight sensation, and especially the rose was only the first of their triumph. For weeks, they played the capacity houses, and then one night just before curtain time, it happened. They're not here yet, must feel. They're not here yet. What? Heidi and Sannin are not in the theater. No. What time is it? 8.25, five minutes before curtain time. They're not here yet. How can they prove it? Please, please. Have they called up or anything? Nothing. Nothing. They hadn't called the phone in their apartment. Doesn't matter. Henry's been calling them for 20 minutes. Here, man. What can I do? Bring him again? No, no, no. Henry, go over there right away. Something must have happened. You'd better tell the audience. Of course, they're not coming. How do you know? They're not coming, I tell you. Wait a minute. Where are you going? I'm going to call the police. Every morning they're knocking on themselves. I got a key from the super. Nobody's home. My car and Henry would have called us if they were here. That's the same. We're going inside. They made a mess of this place before they left. How do you know they left? I don't know. I know what the phrase will be. What's that? Wait. There's somebody on the front. Henry, what happened? Oh, God. Where? I don't know. He took him away. Where'd they go? What happened to you? He hit me with that chair. He's like a wild man. What did you say to him? Nothing. I just wanted to get his doctor. Never mind about that. Where did they go? I told you. I don't know. She was a faded doctor who'd come and take him away. That's why they left. She didn't want any doctors to aid him.  He must find him a father before it's too late. Oh, finally, if it's going to end, he's going to leave. Oh, God, I know what I told you. He said he was going to hide Henry from everybody, too. He got where again. Was he dead? Yes, ma'am. He was talking about violence and hype way up high the way they began in the specky of the road. And they was bad. For three days and three nights in the stuffy hotel room where Heidi had hidden him, he coughed and turned over in his bed like a man with tropical fever. And all the while, the demon sang in his head. On the first night, Heidi went out with some food. When she came back, Henry was very still on the bed. I was looking at the baby. He dances all the time now. In my mind, I can't stop talking to you. I've got you some rose and mint. Oh, you must be hungry darling. You haven't eaten for three days. So you're gone just now. So I didn't hear you say. So do you hear alone? I'm not alone. He's here. He's all alone. He looks so much better to talk to you. I thought you were well. Hey, I'm still dying. Darling, if you could help me, I could only get you three pills, but they weren't given to me without a doctor's prescription. Oh, they're called a doctor? Yes, if you know, I wouldn't call anybody. No, you wouldn't. I know who you are. I know you're well again. So who was I talking to before?  I wouldn't have done that. Oh, it's hard to say. You don't feel the same. Heidi's feeling it. I can make her feel enough. I can give it some rest.  I'm great. I'm a dancing out of crazy man right here in the bed. I'm a dancer, I dance, I dance. I'm great.  I don't want to laugh. I'm moving to the main room. Darling, darling, darling. I can't close you any more. I don't care. I don't want to laugh. There's no one here. Yes, I tell you. I don't want to laugh. Please put that roof out of there. It's no use. I don't stop him. He's trying to walk. Just to be here. I always try. Because he wants to see my face in here, I do. He wants to stay in places with me.  I don't feel like that. No, you are. No, you are. I'm tired. I'm tired. I'm tired. I'm tired. I'm tired. Meanwhile, I saw you a while ago, You wanted to get off? You want to go out? I'm up. I want to come and contact you. So I'm not drunk. Die. No, there's nothing I can do. You know what possible. I'm gone. No, darling. I can't get out. For you, Nina, the dance when you die, while the road spins around with a knife. My kill, Nina, I come to the scene, I leave, I turn, I tell the rest, but it's for God.   No, only in this case our hero wound up at the bottom. Well, as I always say, a rolling stone gathers no more salience. A word of advice, then, from a man who made quite a mark for himself, cutting clothes. Murder, he says, is a messy business, but business always comes before a place