I wouldn't be surprised by $1,000 salon at the end of the cycle for Ethereum. That would potentially put us all the way out towards, you know, 14,000 bucks. If you're bullish on Ethereum, then you need to be more bullish on there too. In this video, we dive into five tokens that we think could form a solid altcoin portfolio for 2024. In our selection, we focused on what we believe are the most promising crypto sectors in 2024. If you want to build an altcoin portfolio but have no idea where to start, or you don't want to miss out on the next altcoin season, this is a video that you cannot miss. Before we get into it, I want to stress that this video is made for educational purposes and does not constitute financial advice. I also want to disclose that I own some of the coins covered in this video. Before we dive in, I'm thrilled to announce the upcoming return of BlockShow, the leading event in the crypto and blockchain industry. This time, it's teaming up with BlockDown, a pioneer in the Web3 conference scene. Get ready to join us in Hong Kong for this crypto celebration from May 8th to 9th. Don't miss out. Click the link in the description to learn more about this event. And remember, early bird tickets are limited. I'm Giovanni, your host. Let's get started. While Bitcoin is the king of crypto, Ethereum claims the throne in the realm of altcoins. No altcoin portfolio is complete without some E. Here is why. At the time of recording, Ethereum boasts the largest blockchain in terms of TVL, or Total Value Locked, with over 49 billion dollars. TVL is crucial as it reflects the trust of developers and investors in the platform. The money, regardless of what happens in these other chains, the money is on Ethereum. It seems to be the most secure and trusted and safest in the perception of people who are participating in DeFi. One of the main drivers of this dominance is the narrative around the potential approval of an Ethereum ETF. This approval would be monumental for Ethereum, as an ETF would lead to a massive inflow of institutional capital into the ecosystem. I wouldn't be surprised by $20,000 Ethereum. A 4 or 5X is nothing in a real bull market for any of these large cap tokens. Another bullish catalyst for Ethereum is the Dancun upgrade. This upgrade promises substantial improvements to Ethereum's scalability through layer two scaling solutions. We'll talk about those shortly. Also, for more insights on Dancun, check out our latest dedicated interview. The link is in the description. Ethereum's current bull market is unique, since it is the first one occurring after the protocol's transition to a proof-of-stake system. Stakers have been ripping yields by staking ETH on chain. The amount of staked ETH has recently reached an all-time high of around 25% of the overall supply. This reduction in circulating ETH theoretically bodes well for prices. Over here, we can see that the probabilistic ranges on the weekly, as far as Q4 goes, that's essentially six to eight months out, starting with September, brings us all the way up to at the 30% level, about $10,000. So we essentially expect, what that means is that we essentially expect a 30% probability of price to be somewhere in this range here by that date. In the end of year, December, that puts the 50% range high, around $17,000. 618 level will be $22,000, getting really crazy there, and $78,000, much higher than that. Not saying things are going to get there, but as you can see, we can actually generate probabilities as to how likely those things are. We'll also go over what, if present, would indicate that these projections are going to fall flat, and you're going to see something else happen. For Ethereum, that same number would be $2,200, kind of far away for right now. In fact, I'd even say you could probably move that up to $2,500, although that's not a major difference to begin with. It's essential to acknowledge that Ethereum is not flawless. Despite numerous upgrades, it grapples with two persistent issues, high gas fees and slow transaction throughput. As a result, an increasing number of transactions on Ethereum are being processed via Layer 2 scaling solutions. This is both a necessary step to address scalability issues and a potential bearish catalyst for its prices.  So its much lower cost has a much lower demand for Ethereum coin. The demand for Ethereum doesn't increase unless the DeFi activity surged by 20 times, which I don't think is going to happen for the next six months. That is why you may want to consider including Layer 2 tokens in your crypto portfolio, and that is the topic of the next section. If you're bullish on Ethereum, then you need to be more bullish on Layer 2. Yes, one of the hottest crypto sectors in 2024 is Layer 2 scaling solutions. These are protocols that aim to solve Ethereum's scalability issues by providing fast and affordable transactions. A good example is Optimism, a blue chip Layer 2 solution for the Ethereum blockchain. Its secret sauce is called Optimistic Roll-ups. Essentially, an Optimistic Roll-up is a blockchain that piggybacks its security on another parent chain, in this case Ethereum. That means transactions are recorded in a trustless manner on Optimism and later secured on the Ethereum blockchain. This guarantees faster and cheaper transactions while maintaining the high security of Ethereum's base Layer. Why are they called Optimistic? Because every transaction is considered to be honest by default until it gets challenged by a validator. The Optimism protocol is governed by a DAO, a decentralized autonomous organization called the Optimism Collective. The OP token is used by holders to vote on governance issues. Optimism was launched in mid-2022 and its start wasn't great. The token's price crashed by over 80% at launch due to a poorly conducted airdrop. But since then, the situation has changed dramatically. Optimism currently supports hundreds of decentralized apps, including blue chips such as Uniswap, SushiSwaps and Oneinch. Last year, Coinbase, the largest crypto exchange in the US, launched base, its Layer 2 blockchain using Optimism technology. However, Optimism's most ambitious plan is building the Superchain project, a network connecting Layer 2 blockchains that share the same development stack, bridging communication layer and security, basically the ultimate scaling solution for Ethereum. Last year, Optimism made an important step forward in the direction by completing the bedrock hard fork, which reduced transaction fees by 40% and depositing confirmation time from 10 minutes to less than 1 minute. Optimism's and Arbitrum seem to be the leadership right now in terms of volumes and deposits, TVL, and history has shown us that to beat those leaders, it takes a long time. Now, let's talk about some downsides. The main one is that Optimism faces harsh competition from other similar Layer 2 solutions. Examples are Arbitrum, which also uses a variation of optimistic rollups, or Polygon, which is based on ZK rollups, a privacy-focused technology. I would expect a lot of Ethereum Layer 2s to outperform Ethereum when Ethereum starts to perform well. It's almost like a leverage play on trading Ethereum. So, if you decide to invest in Optimism, remember to keep an eye on the competition as well. For Optimism, I really don't think that we can go that far out here, to be honest with you. Basically, beginning of May, 50% level would be 7.5 bucks, 61.8 level would be 8.5 bucks, 78.6 level would be 10 bucks. For Optimism, that would be below 3.5, let's call it, below 3.5 bucks. Sorry, make that $3, $3. That's where things start to fall apart. The latest bear market exposed the fragility of centralized exchanges. Major CFI platforms, such as FTX or Celsius, turned out to be fraudulent. That's why a crucial sector to keep an eye on in 2024 is DeFi, particularly Dexis, decentralized exchanges. One of the biggest players in the field is Uniswap. Uniswap is a decentralized exchange, a protocol that uses an automated market maker to allow users to exchange tokens in a permissionless, decentralized manner. Launched in 2018, Uniswap operates on the Ethereum blockchain. It is the largest decentralized exchange in terms of volumes, active users and liquidity. High liquidity is crucial for a seamless trading experience. It reduces price slippage, improves order executions and enhance overall market stability. Uniswap has a very solid track record when it comes to security. Unlike many other DeFi platforms, it has never been hacked. So, what are the bullish catalysts for Uniswap this year? The Uniswap Foundation recently introduced a proposal according to which protocol fees will be distributed among those holders of the UNI token who participated in staking. Moreover, the fourth version of Uniswap is scheduled to be released in Q3 of this year. That could be an additional bullish catalyst for the price of UNI. Without delving too deeply into the technicalities of the upgrade, it is supposed to make the platform more efficient and less costly for liquidity providers. If you're bullish on decentralized exchanges, you should also keep an eye on curve and one inch. However, investors should be careful of the regulatory risks around Uniswap. Like other Dexes, Uniswap does not offer KYC procedures and regulators could theoretically target it, impacting the token's price. That means, if you decide to invest in Uniswap, make sure you keep up to date with the developments of global DeFi regulation. I would say that this one's very likely to retest its all-time highs, probably make new highs into end of year, assuming that, you know, the overall market stays strong. For Uniswap, that would be below four and a half, or sorry, not four and a half, but five and a half. Besides Layer 2s, a balanced altcoin portfolio should also include alternative Layer 1s. These are protocols that are directly competing with Ethereum. Perhaps the most prominent one is Solana, often dubbed the Ethereum Killer. Solana was the rising star of the last bull market. It went from a market cap of zero in March 2020 to about $55 billion in January 2022. But that impressive rise was followed by an equally dramatic collapse when the market went down. Its price reached record lows after the collapse of the crypto exchange FTX, which was the second largest holder of the token. Solana has been recovering spectacularly since then, rising by around 500% in the last year. It is currently the fifth cryptocurrency in terms of total value locked. However, Solana is still criticized for its excessive centralization. As you can see in the chart, a large number of salt tokens were distributed at its launch to VC investors. As you probably know, the more centralized the crypto token is, the higher the risks for regular investors. Moreover, Solana has experienced outages that paralyze the network from time to time, causing the token's price to tank. However, the impact of these outages on prices has been gradually going down. The latest one back in February went almost unnoticed. One could say Solana is not reliable as Ethereum, and that is true, but the price impact was minimal. So investors are saying, I don't really care for any of that. It's a combination of hype, right? We get all the speculation, all the meme coins, but I also think there really is a fundamental reason that people just find it easier to use. So it seems that from the market's perspective, Solana's downsides are compensated by its main value proposition, which is high transaction speed. 65,000 transactions per second. That is 4,000 times faster than Ethereum. More improvements are underway for Solana. This year, the Solana Foundation will launch FireDancer, an upgrade that aims at fixing the outage problem and making Solana even faster. I don't recall any other chain that did to any billion-dollar sub-transaction on a single day, apart from Solana. It could go up 50% over the next six months. I would expect that Solana will continue to rise. I wouldn't be surprised by a thousand-dollar Solana at the end of the cycle, for example. So here is a long-term prediction. According to a bullish report by Vanek, Solana could go up over 10,000% by 2030, due to its potential to capture some of the market share of Ethereum. If you believe in the narrative of alternative layer 1s, you should also have a look at Solana's comparators like Polkadot, Cardano, and Algorand. To conclude, excessive centralization and power outages should be reasons for caution when investing in Solana. At least at the moment, though, the market doesn't seem to care and believe in the bright future of the Ethereum killer. This is really representative of very volatile asset, I'll say, this skew here. But September, a 50% range high would be 700, or around 6... Sorry, make that like 650. The 61A level will be another 150 above that at just below 900. And above there, you got 1200 at the 786 level. Again, I think it's quite unlikely. Moving on until the end of the year, basically the last day of 2024, 50% range high would be just under 1900. What if present would negate this? So for Solana, pretty easily below $100. Below $100, something else is going on. You cannot trust these probabilities going forwards. And finally, one of the hottest narratives of early 2024 is at the intersection of AI and crypto. The main narrative is that crypto has an important role to play in the booming AI sector. Proponents of this narrative say that blockchain can make AI decentralized, preventing large tech giants from monopolizing this revolutionary technology. One of the pioneers and most prominent projects in the sector is SingularityNet. SingularityNet is a platform that aims at democratizing access to AI services. Developers can publish their AI services on the SingularityNet blockchain making them available to anyone who wants to use them. SingularityNet envisions a decentralized AI network. The platform's native token, AGIX, is used as a currency to pay for those services. SingularityNet recently entered a partnership with Cardano, one of the most prominent competitors of Ethereum. The team behind SingularityNet is perhaps its strongest point. Ben Goertzel, the co-founder of the project, is a true guru in the AI space. He is one of the main theorists behind AGI, or Artificial General Intelligence, a type of artificial intelligence that can perform any human task. The risk is that in the short term, the hype and buzz become larger than actual substance. Keep in mind that crypto AI is a very nascent sector and there are no real use cases that have found widespread adoption. 99% of the tokens that are launched claiming to be AI tokens are scams. So prefer something that has at least one year track record in trading. So if you believe in the AI crypto narrative, then SingularityNet is one of the projects you should keep an eye on. Other prominent AI crypto projects you may want to keep an eye on are DeGraph and Wordcoin. But be careful of short-term price volatility. Going into kind of end of April, beginning of May, you know, maybe send this move up to two, two and a half bucks. Assuming that the overall side continues just like Uniswap. This one has reversed the macro trend into an uptrend freshly with the last couple months. That would be below about 45 to 50 cents. That was it, guys. These were five picks that in our view could form the backbone of a strong altcoin portfolio for 2024. Don't forget the golden rule. Do your own research and diversify. Keep an eye on the main narratives. Then pinpoint the most solid projects within each sector. Once you've got your altcoins, make sure to spread your capital wisely among them. Hopefully now you have a better idea of how to build a strong altcoin portfolio and take the most out from the next altcoin season. If you enjoyed this video, consider leaving a like and subscribe to our channel. I'm Giovanni, your host. See you next time.


Months paid bereavement leave that is the plan heading to new york governor Cuomo's desk but critics say this will drive companies out of new york so what are the states that are fostering a pro-business environment if you want to start a business where do you want to go here now to break down the top three is the founder of the stock swoosh Melissa Armo thanks so much for coming on this morning so this plan actually is interesting in enough is for new yorkers it's actually a bipartisan plan and it's a plan to help people out if you have bereavement and it could be anything from a child or a parent to a grandparent three months off is a lot of time I know it is a burden on a small business owner right yes and it's unfortunate obviously when people pass away but as far as business owners go they're gonna be without employees then for a whole three months just like as if someone had a pregnancy leave and what if they had two or three overlapping employees at the very same time that could be hard on a business yeah a bunch of it is funded by us very small percentage of your tax which will go up here in New York a higher tax point one percent something like that that will also be taken out of our paychecks to pay for that but then the employers have to deal with the staffing shortage and everything else you're talking about yeah I think it's gonna be hard on small to mid-sized businesses this isn't really something that's gonna be a problem for the amazons or googles of the world it's this it's a little guys but it's another liberal policy in another blue state that makes it harder to do business we see things like this in California all the time and we've seen an exodus from there let's talk about the three businesses where if you want to do business it probably is the better place to go and we start with a state not a lot of people think about Wyoming I know supposedly it's beautiful I've never been there ever been there good skiing I've never been I've always wanted to go to Jacksonville yeah well we can go we can start a business today so how it works is no corporate income tax and no individual tax so that is phenomenal and then no groceries tax so that's very important especially we're starting out the business low sales tax rate that sales look at that it's more than double of that is the sales tax it's like 8.8 here yeah so much 9% also a lot of entrepreneurs in the state which is great and a lot of businesses that start out there survive you know in New York state a lot of businesses start-ups fail you see restaurants business is closing constantly in New York not here in Wyoming good stats for that state it's interesting you just got to find people to buy your products in Wyoming that's the tough part there's not a lot of people out there alright let's talk about Delaware a very small state on the East Coast that gets overlooked a lot you wouldn't believe this but 64% of the companies the Fortune 500 companies actually are incorporated in the state of Delaware it's not just tax friendly it's also friendly as far as the legalities of setting things up they were there's so many companies you wouldn't even know are incorporated in the state of Delaware a state that you can drive across in about 20 minutes and you said 64% 64% so that's the Fortune 500 company they invite them right in very friendly there yeah okay absolutely so Delaware is another one to think about Florida now Florida is friendly for a different set of reasons I lived there for three years no state income that saves you so much money you don't realize it but once you go there and you live there huge savings and also low corporate state tax as well for businesses so again very business friendly and a lot of entrepreneurs there as well again hundred start-up firms are thousand yeah make it and that is just huge and the climate young people go there want to be there you have the beaches you have the warm weather pay you with the sunshine so that's great and there are other states Nevada Arizona states that are taking all of California's businesses away that that make it very friendly and they learn because they see these policies come in they're not business friendly and they say you know what let's make them business friendly we can steal all those businesses and then they're healthier that's right you know what with Trump passing this new tax to corporations it's he's trying to get people he's trying to get businesses to ramp it up so why New York is passing these laws to hurt right this is for this state it doesn't make any sense to me we're learning how to compete with the rest of the world to under this administration Melissa thank you so much for your time we appreciate it coming up deadly dog food the celebrity chef being sued accused of serving up a toxic dish to pets also steer clear caught on camera the moment a suspected car thief trying to milk a getaway for all it's worth is utterly shot boy there's a lot of play on words there as she is corralled by cows stay tuned


We have Tim Ord on Tim, can you hear me? Yep, I sure can. How are you doing today? Good. Thanks for having me on. Yeah, absolutely. Thanks for joining us. What a trend reversal that's going on, at least in the markets. I'm really interested to see what you have to say about all of this and what your analysis is. That's it. Yeah, there's a couple of things. I think the first thing out of cover is that chart number six I sent you. Yeah, let's take a look. Yeah, I was just kind of skipping over some stuff, but actually, I've been out long here. I thought we'd find support around that 445 area on the SPYs. I had some actually kind of panic signals, but we actually fell through that. We're actually getting down to the early July lows. And if you notice, I circled in blue on the volume chart of what that low is tested. We're testing that low right now. Days not over, but that low is around 80 million shares, give or take. Looks like about July 3 or 4 is somewhere in that time frame. And usually previous lows, previous highs are between which way you're going. It was in this particular case, since we're going down, the previous lows are support. And it depends how you test the previous lows. If you test them on a least 10% lighter volume, that test is going to find support. But if you get pretty much equal volume or higher than the previous low, then a lot of times, a market still can bounce, and normally, it'll break through those lows. Because volume is kind of like energy, really. More volume, you've got the more energy it is. So as we're putting this update on, we're testing that low right now. So it will hold, I don't know. This is Oxygen Exploration Week, which normally has a bullish bias. And this week, obviously, if not, it's been pretty much straight down all the last three days. Count today will be a third day down. So if volume does come in, say, around 72 million shares today, or 73, we'll probably find. We'll probably see it bounce. But once you pass below some previous highs, we have some previous highs up around that 445 area. And you pass through those highs, and now you're testing those previous lows. So some sort of a worthwhile top is in. And I thought at one point, we might go down to 442, which is about another 5% to 7% lower over the next several weeks. And this chart's starting to kind of look like that. Because even though we did get panic in it, we're not bouncing. And so what that tells me, we're going to need more panic before a bounce does occur. So if it blows past this level here from July 4th or 5th, I mean, we have quite a bit more ways to go down until we see a bounce. How are you looking at that? Well, actually, it depends on today. Since we're testing those previous lows, if volume comes in, say, 72 million shares, that vicinity, we're probably going to bounce first up to around 4400 or 444 on the SPYs. And it can create a right shoulder, probably up ahead in shoulders, a top pattern. That's what I'm thinking. It could be forming here. It depends how the clothes goes. It looks like right now. It doesn't look like it's going to be much of a bounce. And the volume's kind of taken away here. We're close to 60 million shares already. So volume, to me, is at this stage, even though we've got about over a half hour to go, probably volume's going to be higher. So I'll have to get out of my long position, kind of regroup, and figure out my next signal. If the market does bounce, do I go short? Or if it's unclear, just stay on the sidelines until it does become clear. So it's kind of, August, if you're five months up in a row, normally the six months down. So we're five months up going into this month. So this month is going to be a down month. How big of a down month, I don't know. But if expiration week bounces, which doesn't appear or will be, normally the week after is down pretty big. Now, since this week is not even bouncing, I don't know what next week could be. So we'll kind of have to wait and see. But in a bigger scheme of things, I think this is not a major high. This is a correction and an uptrend. So this is not like the end of the world here. But some sort of a pretty decent low at much lower levels than we are right now, probably back down to 442 on the SPYs, where the market could go before this bottom is found. That could happen later this month or even in September. I see. So we'll have to kind of wait and see. But we'll probably do for a bounce, but there'll be a bounce in the downtrend. So we can go on a couple other charts. Absolutely. That's still fascinating stuff. And then Tim, we're about to go to break, but stay with us through it because, you know, anytime you come on, you have great information. I'm interested to see what you have stored for us in the other charts. All right? Right, sounds good. Right on. Okay, folks, we'll be right back with Tim Ord. Stay tuned. Welcome back, folks. This is Jacob. We are with Tim Ord. Tim, what are we looking at here on chart one? This is the equity put call ratio index. Yeah, the bottom window is the five day average of the equity put call ratio readings. And so it's a five day average, not a single day. And yesterday we closed at 1.03, which is pretty high. Everybody really jumped on the puts yesterday. On the five day, if you get around 0.8, which we closed yesterday there, this chart goes back to about mid-2014. And I, with red lines, I notify those times every time that ratio, book call ratio got down to a 0.8 or higher. And so we hit it yesterday. And so even though we're down a little bit today, we're probably in close to some sort of a low Lisa sideways consolation. I don't think there's clients over on the SMPs, but I think it's probably due for a bounce in here. It's take some of this put players off market. You get too many people on one side of the market. Everybody buying puts, you usually go to the opposite. Of course, yeah. And so that's kind of what's going on here. Especially this indicator actually has quite a bit of importance during option expiration week. There's kind of high fliers, you know, there's a lot of gunslingers, I guess you might say, kind of lean on the puts or the calls during expiration week. And this is one of them they're kind of leaning on right now. So I wouldn't be surprised if tomorrow would be an update. We'll have to wait and see. But this area is starting to look like at least a short-term bounce, at least a consolidation that may last a week or so, but not long-term. Let's flip to chart number two. So the equity put call ratio readings are, it's kind of a similar indicator, kind of tells you where you are. And chart number two, Marty's Wagg come up with this. He's passed away, but he come up with a lot of type of different indicators.  And the bottom window is a 10-day average of the advanced issues divided by total issues. And his indicator, when it got below 0.4 and rallied to 0.6, which is the bottom window. That's what the indicators, but does it within 10 days is to sign a strength. And that's what you wanna see coming off of a major low. You gotta have a lot of weakness going into a bottom. And right after the bottom, you gotta have a sign of strength. And I didn't circle those time of strength in there, but there's a couple of men there. That's why it kept me bullish all the way into the top back in July, I got out in July. And, but now we're back down to 0.4. The yesterday's reading was 0.37, which was the day before readings. And yesterday's reading was 0.4. So we're right in that vicinity that the market's pretty oversold. And you put that with the five-day average of the equity-pulled-call ratio readings. You got two main people on one side of the fence here. And so, and you're also running into the lows of early July. So it wouldn't be surprising to get some sort of bounce into next week than from there. Then from there, I think we could possibly relieve some of the negativity here and the market could possibly resume down again. So, but yes, there's a couple of different in-cares I'm looking at. And I do have another in there. I sent you chart number three. Yes. And this is what I kind of do. I thought it was gonna, that the shaded tan areas are gaps, open gaps. And I thought we'd find support of that gap area. One from the mid-July, where I have open gap where we filled it. And I thought we'd find that and the reason why we had quite a bit of panic. Panics, you got, the form of bottom, you have to have panic.  And I use the ticks and trend. Usually you get a trend reading above 1.25 and it's down to green, below minus 200 the same day. Majority of the time, you're going into a panic of some sort, especially if you get to them in a row. We actually got three over about a five day period here. And it didn't seem to stop the market, which kind of surprised me a little bit. So, and that's the reason why I kind of was long here because I see panic and the ticks and trend and going in opposite expiration week. To me, it looked like that expiration week would be an up week. And I'd go for the rally then and look to get short again. Well, I'm stuck long here. So I got to figure out if we are going to start bouncing right here or not. But normally those ticks and trend readings, when you do get a bullish combination of that, you're within a day of a, you usually happen the same days of readings to as late as two days later. Well, we'll pass two days later on all three of them. So at the moment, they're pushing up the 10 day average of the trend to bullish levels, but we're not there yet. We're only in 1.12 on the 10 day. It needs to be up to around 1.2 or higher. So it's getting there. It's kind of one of the reasons why I don't think this is going to be a big decline of any consequences. It's going to be a decent pullback, but it's not going to be a 10% or down or a 15% or down. It's probably, you know, six or 7% from the highs, which is decent, but... But not, you know, in the world scenario. Pardon? I said, but not like in, you know, end of the world scenario with it. No, it's not, as a matter of fact, when you start hearing Aaron, you know, it's narrowed the world on the radio and stuff like that. Chances are you're looking at a major bottom. Right, right, right, right. Because it's all mostly indicators will be pushed to extreme and we're not there. We're kind of, you know, from what I'm hearing on the stuff I'm hearing, they're kind of just almost ignoring the market right now, like no big deal. But once it gets back in the news, you're probably starting to see where a bottom is starting to form. So, it's kind of a declining mark, you know, corrections in an uptrend are really kind of hard because indicators get kind of fluffy. They, you know, when you're doing your buy indicators start failing and you know you're in at least a sideways market or down market. And because of these, you know, trend and tick readings over the last couple of weeks started to fail here. Or no, we're not making a bottom. What that tells me, these 10 and trick readings would get a lot higher over the next, probably several weeks. Where a bottom may come in and say, getting 1.2 on the trend and an uptrend, that's where a bottom forms. You know, we may reach two, maybe two and a half, even three on the trend before the next low will form. That's probably what's coming at us. You know, see down tick readings, instead two or three or maybe 400 on the close, you may see minus five, six, seven, 800 on the close. So that's probably what's in front of us. So the market was kind of probably blow out pretty big. And that'll be the time to really look for a major low. And that's seen what happened, you know, I think it was last year, or was it 2022? You know, the trend and tick were just totally blowing out. And I was buying all that low. I was in, and that got pretty close to the low. But you know, I was a single guy out there. Sure. It seemed like taking the orders because nobody else was buying. Right, right, Tim, we have another break. But if you want to, we'd love if you could stay for the next one. You can go through the rest of the charts here. Really fascinating stuff you're talking about. Awesome. Folks, stay tuned. We're gonna wrap up here with Tim Ord on the next segment. Really fascinating stuff you're just tuning in. But stay right there and we'll be right back. Welcome back, folks. This is Jacob. We are with Tim Ord. Tim, are you there? Yep, I'm here. Wonderful, wonderful, all right. Let's crack into, we can keep going to chart three or chart four or five. Yeah, go to chart four. Wonderful. Okay, yeah, right on. All right, so the bottom window is the 50-day average of up-down volume percent for the GDX. And every time it's got down below minus 20, the chart goes back to 2011, or 2011, every time it got down below minus 20, the market clips sideways. And even though the market kind of went up and down, up and down, the sideways pattern sometimes lasted several weeks, even in a couple of cases, several months, what I really wanna point out on here, every time it went down below minus 20, it always went back above zero at some point. Right. But over the next couple of months or something like that or whatever. So it never went minus 20 and went back down minus 20, again, it always went from minus 20, put sideways, it always went above zero. Right. So at some point, we're gonna, and this has happened one to seven times, yeah, five, no, eight times, or seven times, seven previous times, and all seven previous times, it went above, it goes above zero. When it closes above zero, that's when the uptrend starts on GDX. So at some point, an uptrend's gonna start on a close above zero on GDX. You know, right now, that indicates minus seven. So it's been minus seven in that range, probably for the last couple, three weeks. And then GDX has kind of gone sideways to down in that timeframe. So it's actually, it's making lower lows, but this indicator is making much higher lows, even though when minus 20 was hit back in mid June, GDX a little bit lower, but this indicator is showing a positive divergence. It's went from minus 20 to minus seven. But to say that the impulse wave of GDX starts is when this indicator closes above zero. So, and we know it's coming, we just don't know when. Can it set here another week or two and decay a little bit more on GDX possibly. But once it does give above zero, usually those are all the shaded blue areas. Yes. Sometimes they last just a couple of weeks, sometimes they last several months. So I don't know how long this one will last, but the rally is still in front of us, but it hasn't started yet until we get above zero. And we can look at our shorter term chart on chart number five. We have it right here. See what? I said we have it right here. Okay, okay, chart number five. And this, okay, the bottom window is the, actually is advanced decline percent, but it's an 18 day average. And next higher window is the up-down volume, but with an 18 day average. And what I'm trying to show here, the first box to have a outlined in red back in May, of March of this year. And what I wanted to show is both those indicators at the bottom two indicators, they made higher lows as GDX made lower lows and be going to the top. So the red area is when both the indicators are below minus 10, the blue area is when it's above minus 10. So when both the indicators are above minus 10, the market's in an up trend. So anyhow, you rallied out of the may low, had a positive divergence, turn blue, went up to the highs and see what date that is. It's for the May high or the April highs, indicator GDX made higher highs and both indicators made lower highs and closed below minus 10, then you had a downtrend. And you got back in here early July, gave a buy and kind of actually gave a sell here on that first part of August. And it's still on itself, because both those indicators are below minus 10. So both those indicators, even though you got a positive divergence, GDX is making lower lows, both those indicators are making higher lows, but you need to close on both these indicators above minus 10, which will signal before the 50 day average because this is only an 18 day average and I'll probably give you a heads up that the rally is starting, but we need to close above minus 10 on both those indicators. So when will that happen? Don't know. So just whenever it starts to turn up, could be another few days, could be another actually, maybe a couple of weeks or so. Don't know. Usually, September, October is seasonally wise is a bully for golden bull stocks. And so we're not really a long ways from that. You know, a couple of weeks or so, and we'll be there. So it could be first part of September. Don't know, but as long as both those indicators remain above minus 10, the uptrend should continue. So how long those two indicators will be above? I don't know. Could be a couple of months, could be a couple of weeks. It depends on what GDX wants to do. So this is a little bit different. I've kind of figured out these types of indicators I don't know, about a couple of years ago. And I've kind of been honing in on them, working on them. And they really work well, but they give decent buy and sell signals. But right now, the 50 day average and the 18 day averages of these indicators at the moment are still on sell signals. But they're giving positive divergence though.   With the issues that they're having their economy and kind of decreased spending that they're seeing over there. Do you see a longer term kind of, you know, maybe price down trend with gold because of that? Or do you have any thoughts regarding that? Well, as far as gold, I think it's actually it's still going to keep going up. And gold's way outperformed the gold stocks. If you look at the XAU to gold ratio, you know, the gold ratio has been hovering around this range for a low range for a number of years. And, you know, for some reason people are not coming back. They're coming into gold, but they're not coming back into the gold stock. So, and gold stocks has always been sickle. They run up and they run back down. And I don't know how to, you know, what China's got to do with it right now, but there doesn't seem to be a bit other than a trade that may last two, three, four months. And the gold stocks, you know, the uptrend on a bigger timeframe, I don't think it started yet. And I don't know when, where we had a big rally, you know, in 2000 all the way into 2011, gold stock went through the roof. A lot of stocks were in the penny stocks that turned into, you know, $20, $30 stocks. I think at some point that's going to happen again. And we may be in the process of building that base where that base may start. I can't say when that will happen, but I think it's still in front of us. Wonderful. Well, Tim, thank you so much for joining us today. That was, that whole thing was great. And folks, we'll have these charts in the den if you're not in there yet, you should get in it. Tim, thank you so much for joining us today. All right, thank you for having me. Okay, take care now.


All righty, here we go 85 plus on the double and 85 plus on the double boys Let's go Let's get some more future stars out of these these SBCs earlier in the day Or earlier this week drop some of the future stars. So First one's not a FFS Oblak or hand Danovich and Danovich Dub that's 88 rated. That's worth it right there That is worth it Who we price-fixing tonight? Yes, I'm not price-fixing anybody bro Not price-fixing anybody and Leroy signing the same one So a decent 85 and you got an 88 not the worst. Oh my gosh. All right, let's go another one Another one Another yes, this is a brand new 85 plus double pack bro. Let's go walk out. It's got to be a walk out every time it has to be Spanish sent back Ramos All right. Well Not Ramos, but you got yourself a PK That might be kind of an L. It might be kind of an L. Oh Godain and PK. Oh my apologies, man 285 double. Let's go. Come on future stars time. Yay sports inject it inject it Yes, walk out. Not a future star though. Could it be an inform? Oh A bombing. Okay Okay, that's not bad. That's usable That is usable right there. That would be the epitome of we move We move Just packed Linn guard. No way you got if I get rent Linn guard. I'm using him a weekend league You have ten Andres too. Let's go Yeah, bomb Yang and Gulashi. All right Just okay. There's eight left mids and left wings That's a lot of left wings and and left mids in this team a week. It's actually nuts Yeah, you could have given some other cards team of weeks, you know that right? All right Yes, walk out. Not a future star though. Can it be an inform? Belgian Hey, that ain't bad That ain't bad right there Mr. Corteau Let's go. I Would consider that a W is an 89 rated card. I Think you are happy with that pack pull right there and a parejo GGs and then start the share plate, man That's all I got to do Toko's an 86 we went up one got you you got 88 to pie from this pack We haven't gotten informed yet Another a bomb Yang though good gravy The arsenal links man another a bomb Yang from the 85 doubles Am I doing an 85 double and popping Friday night you could you can wait till Friday Modric and a bombing in the same pack to 87s not bad GGs that actually looks really sick.  They yeah, they get a normal upgrade. Yep interesting. That's a nice looking card though All right Another 85 double in it up French center back oh French center back this week with a walkout is gonna get interesting because There's a lot of potential for a verand for Kim Pembe whoo You've got a matratable deaf on my bench this weekend. Got you. Hey, that's not bad It's all right. I guess an 85 and an 87 What a dub man. All right, let's go double 85 for the boy For the boy to walk out. Yes. Oh, oh future stars.  It's the dupe I packed name our gold. I told you the glitch works GGs man walk out Dude, are these guaranteed a bomb Yang packs or what? That's the third one What is happening? Let's pack you something sick from this 85 double. Come on Come on. I'm feeling gigantic w's. Okay Spanish left back Jordi Alba 86 rated It used to be a man of the match just a wee few hours ago, but unfortunately it is not anymore That is a slight bit of pain That is a slight bit of pain man All right, you had 86 at least Mendy has links in a pack to his 40. Yeah, he was in he was 40k in packs. He's just now started rise rise up Come on another future stars. Nope inform Another hand in which 88 rated not terrible not terrible There are more informed verans than stirlings. Wow. That's actually crazy. Oh GGs 88 cool Bali and in damage bang bang Double 85 double 85 in it up. Let's go Luke Shaw is extinct. He is he is extinct. There's a walk out. Yes. Come on man. We want German cruise Mr. Tony cruise 88 rated good fada Good fada not bad Not bad at all and bro silver behind GGs Okay Here we go Walk out. Oh, come on Esauk. All right. Wait. Oh Let's go cool. You said ski Bang, that's 500 K. Let's go. I thought of Esauk right away because we were just talking about him bang Let's go man. That's a W That's a double you man Kulusevsky. Oh the green link in the pack to 88 ratings from P Monte calcio. Hey, that's nice, bro Kulusevsky untradable in the club. That's a big time Bang right there GGs, bro. Nice pack. Okay Let's go Come on. Walk out another future stars. They just used to wait in these are something That is loonin. All right, but two packs in a row with FFS cards, bros 88 Kulusevsky and then 87 loonin not bad Not bad. Yeah, Periky GGs man.  All right Okay Come on EA sports hook us up. Don't hook us down. Let's go Come on All right. It's not a future star. Could it be an inform? French goalkeeper Hey I'll take you a Reese. I actually already have him in my club, but he is tradable He is tradable. So I could have just put in my tradable one instead. I Would have loved if all and Toby as well get in Toby. Thank you, man. Appreciate it. Yes. Yes. Yes All right a double 85. Let's run it Much respect. Hey that red Conte though. Yeah, why is he sitting on the bench, man? Why is it on the bench? Yo, I'm baritone 16 man. Come on future stars.  Who cares if messy is 300k and not op in this game. It's messy That's awesome, man duplicate Don't tell me bruh duplicate on Yo that goal return though And and just after I go into this guy's team and I say hey this guy this guy He doesn't pack anything. He buys it all he goes and packs a duplicate untradable messy. Oh My gosh, man. Well Now you can do an SBC with your with your duplicate messy, bro Thank you for the fodder Nate Because a lot of the 85 pluses people are packing Lunans and Delos a Lot of people are packing a man Francis that that's a that's unfortunate man. It's sad. That is real sad What's in this pack French Center forward Bruh, you can't do that to me You can't do that to me Yay, what are you doing? What are you doing? Oh No, I Guess in Bapes a striker, but still Benzema and Navas in the same pack ggs. That was worth it 60% now say under and 40% say over. All right, you guys don't believe as much. Let's see what happens Let's go It is a walk out it is back-to-back future stars what? No way dude, no way Hey, the pack look for this guy is insane That's why I don't want to invest in him man because this guy gets packed left right and center Another Diego Dallow and this guy wanted desk so bad. He's got the Barcelona quit kit equipped in everything Oh, but the overheads with the noir in the back the overheads the overheads Let's go Let's go I've been in the final four one of the sickest sports environments to be in I had never had but I need to go sometime Oh future star first one Portugal left back it's Dallow. Hey, it's a future star man and that is going to be Unfortunately the under but there could be a card hiding behind it There could be a card hiding behind it that would push the over for the prediction in the stream You got it too. I know that dude those two guys get packed so much and the under reigns the supreme 56% say mid 44% say base. All right, let's run it. Let's run it.   Just goes right along with the rest of your accounts incredible pack.  She cheese


Ladies and gentlemen, for our session on Planet Ambition for COP26, I'm Vijay Vaidhiswaran. I'm the global energy and climate innovation editor of The Economist and host of our brand new podcast on what to do about climate change called To A Lesser Degree. It's my great honor and pleasure to be your immoderate moderator today for this session, which aims to put meaningful ideas on the table and plans for making the most of the forthcoming UN summit in Glasgow. Now we are eight weeks away from this gathering when the world is going to get together to hopefully agree on more ambitious and concerted climate action. 60% of the world economy is now covered by net zero goals, official net zero goals, where only 12% is addressed by policies and regulation that put teeth into that, that backup those promises. In the last 10 years, the world's emissions have risen dramatically, but in the next 10 years, they have to be half of where they are today if we were to have any hope of meeting the target of 1.5 degrees Celsius set in ambition by the Paris Agreement. As it stands, emissions in 2030 are projected to be only about 0.5% below the 2010 levels, in other words, nowhere near where we need to be. And as we argued in a recent cover story in The Economist, we may be headed to a three degree Celsius world with dramatic consequences for much of the world. Accordingly, we're here today to do three things. One, what would constitute success at COP26, identify the gap to get us there, and understand who needs to act to fill in that gap, to close that gap. We're going to address key topics like what's missing in the nationally determined contributions. We'll have new insights on carbon pricing, and we'll take a look, a close look at resilience and adaptation, which often gets short shrift in this conversation, but which are going to be ever more important going forward. The session will be structured as follows. We'll have an opening panel starting shortly, which will be recorded and made available on the forum website after the session ends. This is, of course, on the record in public. We will then have breakout groups that will operate under Chatham House rules for those registered and address the topics just outlined. And the closing section, which will be off the record, will summarize the key conclusions. Now I want to start this session by hearing from all of you participating. We're using the technology of Slido to do a quick poll. I'll ask you to access your Slido poll, which should be available on your top link chat, if I'm not mistaken. Please address the following question. What is the biggest priority to be resolved for COP26 to be successful? I know we can list a dozen important things, but really put down the most important one in your opinion, and we'll create a word cloud and we'll see what we're able to come up with from our collective intelligence, and we'll give a moment for that to take place. Meanwhile, let me tell you who will be joining us on the panel today, our distinguished panel, while we have a chance to get those word cloud going. We have with us Sheila Patel, director of the Society for the Promotion of Area Resource Centers based in India. Welcome, Sheila. We have Faikeh Sabisma, chairman of the Supervisory Board at Royal Philips of Netherlands. Welcome. He's also a trustee of the World Economic Forum. Faikeh, good to see you. Charlotte Perra, vice president for strategy and programs at the Bezos Earth Fund, which has been making quite a splash in the last few days, as many of you would have noticed. We're delighted to have you with us, Charlotte. And Lord Nicholas Stern is the chair of the Grantham Research Institute on Climate Change and the Environment, and known to all of us here at Broadster. Great to have you with us also. We will also have some remarks during the breakout groups from several leading thinkers in this space, Lawrence Tubiana, CEO of the European Climate Foundation, Jules Cortenhorst, CEO of the RMI, as the Rocky Mountain Institute is now known, based out of Colorado, and Bridget Jackson, business engagement lead of climate champions. So we welcome them and appreciate their contributions to come later in the conversation. So let's have a look, I think, at the word cloud. Can we have our technology team put that up so we can have that and we'll have a chance to comment on it as we move into the panel in our session. And again, I want to emphasize that what we want to tackle, in addition to observing and reacting to these very clear direction given to us from the participants, people are tired of talk. People want action, right? That message is coming through very, very clearly from the opinion poll. What does success look like at COP 26? What should it look like? Let me turn first to Charlotte. Can you lead us off with your initial thoughts on what we need to see? Happy to thank you, Vijay. And let me just make sure you can hear me all right. Yes, your dulcet tones are going through the global airways. Great. Well, thank you for having me here for this important conversation. The COP presidency has identified four goals for COP 26, and I will just focus on one of them, which is keeping 1.5 degrees within reach and securing that zero by mid-century. And here there are many encouraging commitments and actions to point to. I saw that action was the biggest word in the word cloud, and those are all important. And I'll come back to those. But overall, we just have to talk about the fact that there's a big gap to close before Glasgow to keep 1.5 degrees within reach. Many of you may have seen that the UNFCCC last week issued a synthesis report on NDCs, the national pledges, climate pledges. They reported that 113 countries have so far submitted new or updated NDCs. Of those, 70 have included carbon neutrality commitments by mid-century. But there are 191 parties to the Paris Agreement. And so many, many more countries need to step up. And in particular, some of the biggest emitters. And their analysis across all countries shows that the world is not on path to 1.5 degrees C, not to 2, but to 2.7 degrees C of warming by the end of the century. And to put a finer point on it, we all know that emissions need to be cut roughly in half by mid-century. And their analysis showed that worldwide emissions would grow 16 percent by. Sorry, I said by mid-century, I meant by 2030. So instead of cutting emissions in half by 2030, we'll cut. We'll see them grow by perhaps 16 percent. There are various versions of this analysis, but none of them are good news. So who needs to close that gap? First, major emitters need to do more. And in particular, the G20 countries who together emit about 75 percent of the world's greenhouse gas emissions. And I'll start with my own country. Certainly, the U.S. is in a much better place than we were a year ago. But for the world to fully trust us as an actor in the climate space, Congress needs to act and needs to show commitment to undergird the president's strong stance on climate. Several other G20s need to do more as well. China, India, Saudi Arabia, Turkey, for example, together they account for about a third of the world's greenhouse gas emissions. They have not yet come forward with updated indices. That's a big gap. China, it was terrific news this week that China is going to stop financing coal plants overseas, but China also needs to do more to show what its pathway through 2030 will be consistent with its commitment to carbon neutrality to reach carbon neutrality before and hopefully well before 2060. And then some of the major emitters, Australia, Brazil, Indonesia, Mexico, Russia, have submitted new indices, but with targets that are the same or weaker than they were before. So clearly, there's a lot of work to do in the next five weeks. And that work will need to continue beyond Glasgow. But I just want to end on a more hopeful note. I was in a very lively dinner discussion last night here in New York with people who know all of this. And one of the focuses of our discussion was that as one person put it, the global economy is not divided up into 190 plus units into country units. It's a global economy. There are promising trends across many sectors of that global economy. And in a sense, what we see in NDCs is a lagging indicator of the dynamism that has been developing around climate solutions. So I'll stop there. We'll be interested to hear the panel, the panel's view on some of those dichotomies. That's great. Thank you, Charlotte. And my main takeaway is that you're really looking for governments, leading governments, big emitters to make concrete commitments and again, put some teeth into those promises that are being made. The pledges that were made in Paris to show how they're going to get there. And you're highlighting the gap in official actors. Perhaps we'll hear from others about the role of business and other entities, but it's clear that you put your finger on perhaps the most important outcome that we need from COP. Lord Stern, let me turn to you. How do you see the question of not only what is achievable, what must be achieved in the coming weeks and at COP 26 at 30? Can I turn it over to you, sir? Yeah, thank you very much, Vijay. On measures of success, I strongly agree with the dimension that Charlotte quite rightly emphasised first, which is the level of emissions, both in terms of net zero objectives and in terms of closing gaps up to 2030. But within that, I think we have to put a lot of pressure on, particularly the G20, to move much more strongly over these next few weeks. But we have to recognise that we're not going to get the roughly harbing of emissions that we need in these in this decade to put us on track for 1.5. So I think we have to think about we must insist on strong progress, but we're not going to close that gap.  That's what we did at Paris. Laurence is with us and she knows all about that as a key orchestrator. But we're going to have to think about how to ramp up and what mechanisms we're going to use. So that's the basic story of success. And we have to look beyond the and I'll come to it in a moment. We have to look beyond simply the emission numbers. The second thing, which is I think before you do, Lord, sir, if I could just clarify, can you tell us a little bit more for those who are not in the cognizantie? What is it you'd like ramped up? Is it technology pathways? Is it policy action? You started with the very gloomy news that we won't get to having of emissions by 2030. What would you like to have in place, ramped up and ramped up and ready to go so that we can? We want strong progress towards 2030 and we want mechanisms over these next few years, not after 2030, but ramping up ambition over these coming years as we learn more about what's possible, as we tackle the political constraints. So I don't think it's gloomy to say we're not going to get there in one go. But what we have to do is insist on strong progress and then think about how we ramp up if there is a gap as there's likely to be just on the emissions. But I want to mention other dimensions of success, not just the emissions. The next thing I wanted to mention was the whole understanding of climate and development. We need to be very clear that the drive to net zero is the development story of the 21st century.  It's full of innovation, discovery, investment, growth, job opportunities, if we get it right. So we have to dispose of this artificial horse race between environment and climate on the one hand and development and growth on the other. That I think is also a key part of success because it's basic to the understanding of the whole story. That argument is moving forward. And I think we're gradually winning, but it's not yet one. And that itself is crucial to future action. I think going on a third dimension, we have to get more specific about sectors. And I would emphasise, too, as obviously lots to mention, but I would emphasise, too, the drive past coal. And I think that has to have a very high priority in what we do right across the world and helping other countries in driving past coal and investing in natural capital, not just for the negatives, which it does bring, but also for biodiversity and development itself. So that's the third story beyond what we've already discussed about net zero emissions. It is specific progress in the very big key areas. The fourth area success is finance. And the world will have to increase investment by two or three percentage points of GDP, except for China, which is a reallocation story for investment in order to achieve the sustainable development goals in order to achieve the development ambitions of countries going through different stages of development and to improve on the sluggish productivity we've seen in the world over the last decade or so. We set that out in the G7 paper, which was published for Carpiz Bay, about why we say two or three percent. That will have to have good policies to draw the investment through and it will have the right kind of finance in the right place, the right time. The world's macro can accommodate this. Interest rates for many are on the floor. We've got planned saving large in relation to planned investment. The answer to that is increased investment to increase growth. The investment of the right kind now in the different clean attractive things. So the finance side of the story will be very important that we should be thinking now about bilateral flows, multilateral flows and private sector flows. I'm happy to go into more detail on that rather than the big aggregation around the hundred million. I was partially responsible for negotiating the hundred millions of Copenhagen to in 2009. It was good that we did. It's become totemic. It's good that it has. But as we go forward, I think some unpacking of that into bilateral flows, multilateral flows, private flows will be very important. I'm happy to discuss numbers. And the last part of the story, which you emphasise correctly at the beginning, is resilience. And so much of what we need to do is mitigation, resilience and development. Think of mangroves. Think of restoring degraded land. Think of public transport. Think of decentralised solar. Thinking about making the right kind of buildings and city structures. It's all of resilience, mitigation and development packaged together. If we get it right. So as we emphasise resilience, as we must, we should not translate that into a horse race between resilience and mitigation and development. Good policy wraps them all up together, but we have to increase our emphasis on resilience as we bind it into mitigation and development. Great. So an ambitious agenda you're putting forward, but it's good to come to the details and even at the level that you've given them. It gives us a sense that the future can be bristling, not just with challenge, which there clearly is, but also opportunity. And you've identified how we can think about investment, how we can think about innovation, how we can think about investments, even in things like adaptation and resilience that could enable future growth and prevent future catastrophes as really an opportunity mindset. So thank you for that, Lord Stern. Let's turn to you, Sheila Patel. Give us your perspective. I think you've muted. Unmuted, OK. So apologies to everybody, but when everybody speaks, I feel excited and elevated. And I think this can happen. And then when I look at the reality on the ground, I feel dismayed, I feel disappointed and I feel betrayed. And the reason for that is that despite poor people's amazing capacity to survive despite all odds, even in regular times, they are doing it more by themselves and not a lot due to all these frameworks that are being benignly set up to help God knows who. And we have enough data that accompanies all the stuff that my esteemed friends have said that shows that poverty is growing, inequality is growing, the genie coefficient in localities, in cities, in regions, in continents is growing while our rhetoric is growing. So there's something not happening right. And if you bring that into the climate space, what you're finding is that poor people are continuing to pay a higher price than just being denied development because now they have to deal with climate challenges. They have to deal with evictions and crisis related to large mitigation projects that are all for their good. The government says this is for our general good. There's a train coming here.  You have a situation where when women's communities are saying we want organic food that is locally available so we in the pandemic and subsequently can have food security, they're saying why aren't you, why are you being romantic? Why aren't you using pesticides? Why aren't you using fertilizers? There is no respect for water from these large institutions. So I can go on and on, but the real story here is that there isn't much discussion and debate that actually entwines SDGs and climate change aspirations which go together in the area of social justice. There is no discussion. And I think that all my colleagues have to start talking about that. Not just big, big things that don't reach poor people. So I think your point is deeply felt and well taken and I would even add that the ongoing pandemic which has had disproportionate impacts among poor communities in the developing world accentuates the need for attention to this topic. Can you put forward one or two ideas that those gathered at COP26 should take up in order to take your insight seriously? What would you like to see on the table? Well, I feel that science, technology, finance, operating at the meta level mustn't get just excited at those levels. It has to have a deep obligation to look at its impact on people below. So for instance, those people who contributed to this amazing digital disruption, it's reached a certain level and it has supported all those who have got access to Wi-Fi and to a smartphone to do many things that 10 years they couldn't do. But that's still half of the people. You still have a family locked up in a pandemic situation with one non-smartphone on which the child has to be studying, the father has to, he has to get his work done, entertainment in a four by eight house. So what I'm trying to say is that every choice, every policy, every decision that is made at the global level, at the COP level, at our national levels, at our city levels, they are not working for poor people. Let's just take the whole issue of cities. The kind of consumptions in the cities are completely dysfunctional. 98% of people are eating food that is not good for you and are pushing towards unhealthy obesity. Housing, 93% of housing stock in almost all our cities is built by poor themselves in very difficult conditions. And we all only talk about formal finance and what it's going to do. But there's no breaching this divide to say, how can we make it work? You guys are so good at looking at risks. How are you going to manage the risks of actually giving poor people resources, giving poor people technology so that their lives are transformed by all the technology stuff you do high up in the air? Because there's no connection. You've issued a powerful challenge. I want to ask my panelists after we hear from Fike for his contribution to give their thoughts on this, on how efforts at tackling the clear and present danger from climate change can be done in a way that takes on some of the social and equity issues that you're talking about. So I'll ask for their feedback in a moment. And thank you. Thank you for your insight. Fike, let me turn to you. Give us your perspective. You're looking at, this is not going to be your first talk. I know we've known each other a long time. What do you anticipate will be the dynamic? And if you can give us a sense, a business leader, what can business contribute to this? Or what standard should business be held up to? And what can be demanded of business to contribute to the process of COP26 and more broadly, the deep decarbonization challenge? Appreciate VGA and appreciate all on this discussion this afternoon. I highly appreciate it. And I would like to build further on my previous panelists' speakers. Charlotte, who indicated also the important role of the public sector, by the way, regards to Andrew and great work which you do. But also, of course, what Nick and Sheila said. And let me say that not only as a chair of Royal Philips, but also as the co-chair of the CEO Climate Alliance, we have 130 companies now who will be present at the COP also and making a strong statement. And I come back onto my other hat for the Global Adaptation Centre. Listen, we have here a postponed COP and it is such an opportunity in such a weird moment in time. We should look to ourselves if we miss, again, if we miss this opportunity at the COP. We cannot afford it. It's 50 years ago that the first UN Environmental Conference was held. It is six years ago, and Lawrence knows very well that we had the Paris Agreement. Six years later, we conclude we are not on track. For a multi-year effort, we are not on track like Sheila is saying correctly. And we cannot afford this. And the IPCC report which came out recently indicates, well, you want to be clearly below one-and-a-half or clearly below two degrees. We are already going to live in a one-and-a-half degree Celsius world. And if we don't take fear section right now, it will be much worse than that. We cannot afford this. And why is it not happening? Let me press you just in the interest of time. Tell us about what business should do and what must be expected just so we can advance our conversation. I buy it and I take your guidance. Business should anticipate that governance will stop giving fossil fuel subsidies. Business need to work without that. The society need to work without that. Business is committed and we will say that at the COP to go for net zero in 2050 and have a clear roadmap to that net zero in 2050 by clear intermediate step by 2030-2040.  Business will say we would like to have you governments putting a stiff price on carbon because that meaningful and broad price on carbon helps us to change faster. Business will say new governments need to take strong action at the COP and agree with each other and please do not use the argument that this will go at the cost of economic growth, jobs or competitiveness because we from business tell you we provide those jobs. We provide that economic growth. We provide that competitiveness. Doing nothing will go at the cost of that. Basically we are saying we from business are willing to take a step up. We will commit ourselves to that and by the way don't misuse us as an argument of not taking actions by governments. So I don't see why governments should not agree with themselves. The last point I want to make is we need to work and Sheila knows very well also in parallel to mitigation on adaptation as well because the IPCC report indicates we are already going to live in that world. So let's adapt ourselves whilst we continue mitigation and I don't see any reason why governments should not take stronger action right now and I would like to take all the arguments out of their hands with business or not taking action. This is a powerful agenda. I think I can see Sheila applauding from her vantage point. Now it is important for business to make this voice heard and to let politicians know your call on the end of fossil fuel subsidies for example. We know at the G20 environment ministers meeting earlier this year in Italy it did not come to pass. In fact there were several countries that objected to that phase out of subsidies and to coal and those were government delegates of course making that decision but perhaps using business as a shield is your point. So there may be some narrow interests that need to be overcome or lobbies that need to be overcome and the way to drown out bad voices is to have good voices and so I encourage you and your colleagues in business that think along your lines certainly to make that voice felt as you presented here. I want to give, we have just two minutes left. I want to honor my commitment to give a chance to Charlotte or to Lord Stern to give us just a word on how best we can take on the social justice dimension so the poverty dimensions that were mentioned if either of you want to give us a thought. Again we're going to go into breakout groups and I encourage all the breakout groups to discuss the same topic. Lord Stern, I see you're making a motion. Could you comment a little bit on this on Sheila's comments? Yeah and I absolutely take Sheila's point and there's a great injustice in all this is that the poorer people are least responsible for creating the problem and they're hit hardest by the consequences. I think to focus on particular kinds of investments and development programs. For example restoring degraded land and supporting mangroves. Supporting mangroves is good for fishing. It's good for tourism. It gives you the protection against storm surges and it captures carbon. Restoring degraded land is something of vital importance to poorer people and again it captures carbon gives you greater resilience and is good for development. Those are two things in rural areas. In cities it's the poorest people who are hit hardest by air pollution and you can take direct action on air pollution by banning the most polluting vehicles and by public transport because it's poor people who are the greatest beneficiaries of public transport. So that's two from rural areas, two from cities and one from the general energy sector decentralised as solar. Many of you know Bob Sheeter I'm sure you know Harish Hande and Selco my friend from Bangalore in India taking microfinance to decentralised solar. So there are lots of programs who get behind. Thank you. Charlotte, a brief intervention. Happy to add just a couple of sentences. I completely agree Sheila you're making an incredibly important point and I strongly agree with the point that you made earlier that the drive to net zero is the drive for global economic development this century and that doesn't happen automatically we all need to really centre development and support for most vulnerable communities and populations in the work that we do and I think I should probably stop there in the interest of time but very much support the kinds of examples that Lord Stern was making we made a commitment this week and we're part of a larger commitment from a group of philanthropists and I know we've been very deliberate in our own discussions at the earth fund about making sure that Indigenous peoples and local communities and the way protection and conservation can benefit those people is central to how we go forward and implement our own efforts in this space and I think we all have a responsibility to do that.


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