Okay, good morning. Can everybody hear me? I wasn't talking just yet. I just did a quick scan of everything else, but I'm gonna stick with this one here. Excuse me, the one that I liked originally, so I just quick scanned the rest of the things, but this is the best guy. So I put the numbers in the room. Let's just do it. I'm not changing my plan of action today from yesterday because of the fact that I did say I believe that it still could be possibly a slow volume week. Excuse me, although this has a lot of volume right now, I'm still gonna do what I said. Let's just do the first trade here today and get in and get out quick, even though this looks amazing. Okay, this could go to $16 today, but it's up to you what you want to do with it as far as how long you want to hold it. It is a very good gap, but the market's higher. Wow, look at the spy. $2.25. What is today? November 30th? Four more weeks left in the year or five? Look at the calendar. I believe we get up to $2.25 before the end of the year. Took forever though, but and then of course we're a dollar or something away from the cues we're making a brand new high. So based on that and the week of the holiday, after the holiday week, let's just do this and like we said. Ayo short. It's the only thing I'm doing. Let's see what we got. Any questions quick? I didn't take the chart away. Can everybody see it? Market is up on huge oil move higher. Okie-dokie. Market was gonna go up anyways, but if we need a reason that's fine with me, I'll agree to it. I won't argue with the reason. At 4.30 tonight, I'm also doing a YouTube live and a Facebook live on risk to reward if anybody wants to come. Ted sees a chart. Gala had sees it. Car guy, you better sign out, sign back in or just you don't even have time. You better do it quick. Kamin dude changed his name. Let's see if we can get a rally in this. In an ideal world, this rallies first before it goes, but if it goes right away, some probably gonna give it a wide stop. Just FYI. Just do what I say here, JL. I don't have time to look at what you're talking about. No, it's 85 by 87. 1687. Here. That was yesterday, JL. Let it rally. Let it rally. This is better. Okay. If this does break, we're gonna do, I don't know if this is going to, the stop's gonna be 1720. I don't have the entry yet. No one should be doing anything yet. Just wait. I'm giving this a wide stop if this hits here. We'll do 82 by 20 if that hits at 931. Not yet, but here, 82 by 20. There! Take it! Let's get this up in. 1720. Give it a wide stop. That's it. I'm giving it a wide stop. Just follow me here. We're doing this for a reason. That was it. And this will protect us if it flips. 1720. Here, you can be in it. And it will add if we need to. But 1720 should hold. If you didn't do it, you could still do it. That was a good decision. Okay, we may get to take more. Okay, 82 by 20. You can still do in here. And if you didn't get it, you have time to do it. 1720 needs to hold. So we may get to take more. You could take more here if you want. But, okay, here. This is it. I'm already in it. You could still do this here. If you didn't do it, stop the same. 1720. And if it goes, and we could lower it but not yet. So just wait. Here. Here it is. Stop 1720. We didn't have to give it this as a great decision. Here. 1650. 1650. 1650 is the first number. I think I'm just gonna let it be. I'm not gonna take any more, but you could. Let's just, you know, play it safe this week. Here. Everyone should be in it. There's no one should not be in it. This is the only thing I'm calling today in the market isn't doing anything right yet. It's 932. Here it is. Ayo! Here. This looks good. Wonderful. I love, life supports me. Life supports me in every way. I persevere through life's challenges. Life supports me. What exactly when I need it? And so does the market. Here. Here's the target. I'll tell you right now. 1620. 1620. I don't know we can get it down there right away. Just let it drop. Everyone should be in it. 1650. 1620. What did I say Alta was out this week? I only remember. Here's the market. Here's the market. Looks like it's trying to do it. Happened here with Netflix today. This is just gapping up. Okay. Ayo! Everyone should be in it. It hasn't fallen hard yet. You still could take more if you feel like it. We're keeping the stop. It held better than expected. I guess we could, we could lower it, but I'm not going to yet. Here it goes. Under 80. Go, go, go. Quickly, quickly. 1680. 1680. 1680. 1680. This is a little wild one now. Look. See it's good we didn't move a stop. So everyone should have a stop at 1720. It's going to break. It should have a good move down once it does, but it didn't yet. So you have to be patient. Let's just look at this to help our conviction. So this really started looking like a rubber band here. It doesn't write the second, but it was starting to do that. Here it goes. See? Man, you got to know what you're doing these things. Let's just go over this. I'm staying with it. It looks great. Here. Here it goes. I'm in a low. This is a nice call. And hard too, because look how people were trying to buy it. They were trying to buy it into support, but it's not along. It's a short. Anyways, once this goes, it should go poop. Here. Wait, I don't want to see exit. Here. Let's take half out at 1650. Unless it breaks that, then I'll just take the whole thing. Here. 935. Here it goes. I hope no one killed it. This is a nice call. Here it goes. Here it goes. It's going to break. We could have even taken more. Did anybody take more? Who's in what? Is everybody in this? You should be. Everyone should be in this. The whole thing. I didn't even read anything else. This could really collapse today, because people are trying to buy it, but it's the wrong thing to do. It's a short. Here it goes. Any second. Any minute in the world. There it goes. Ayo. Here we go. Nice trade. Did everyone stay with it? We had to wait a little tiny bit. Here it goes. Just let it drop. Drop, drop, drop. Yeah. 1650. It's kind of here. Shoot. I don't know. Here. Here. Hold on. Should we take it all out at 1650? Look at the market. I'm just so... The market just looks so much higher. Nope. Let's just get all out at 1650, because of what I said this morning. Let's stick with the plan of action. I said quick trades this week. Market higher. Low volume. If it breaks 1650, we'll stay with it, but if it goes right down there, we'll just take it out. And you could even take a little bit out here if you want. Okay. Here it goes. Didn't break 60 yet. Here it goes. Nice call. Here it goes. This is it. Just let it drop. All right. You could have gotten out of something there. I'm going to try to give it one more push down, because it is only 939, but I didn't get out of any. So let's just see. It broke 60, but it didn't go under 59. One more break for the loan. I'm taking it. I think it goes more than that. So here. One more. Wherever it goes here, I'm out. Here. Here it goes. Here it goes. A-O. We're getting it. This is it. Look at that. Since this is a nice rubber band here in the daily chart, I started to see it up here. Look at it. Beautiful. But this is it. Here it goes. Okay. Hand on the button. Wherever it drops in here. Yep. This is it, people. Here. If it doesn't break 50, I'm taking it. Do whatever you want, though. Nice trade. Here. I think it's going to break it, though. Look. Done.  It's probably going to break it, but I just took it. Do whatever you want. It looks like it's going to, but I'm not taking chances. It got to the number. I followed my plan. I did what I said I was going to do. Here. I would put the stop. Oh, there it goes. There it goes. There it goes. This is it, though, people. Here it is. I got a little bit too early. But this is it. Take it, take it, take it. Or you could put the stop over 50. You could put the stop at 52. You could put the stop at 52. Don't, don't let it rally back over this. Look, it's going to try to break 40. Wait. Is anyone still in it? Don't let this turn around again so you even one penny, one second. If it keeps going red, stay with it. If this closes here at 942. Here. It's going to try to break 1640. I'm going to get out of it. There it just did. This is it. That was a good call. Here.  Be out of it. $80,000. Pire is that too? R squared, of course. Call ahead. Thank you. Dubads, yes. Koala. Bob got it. Shower singer took more. Good for you. JL did good. That's good. Wow. Look, it's still going. Here. Let's look at the market. I still think I did the right thing because I did what I said I was going to do. And the market looks like it's going to explode. And so does Netflix. Here. I just let me look up in here. Ted's on a 56 wheel pen and an executing Melissa. That's what I do every day. Let's just see here. What is the reason? Why did Netflix, is that, is this got me enough for some reason? The Netflix or is it just, I can't find anything. Oh, news or was news. Look at this. It's going. Netflix is going like a Banshee. Yes. Wow. Too late for this. Yeah. I was like, well, maybe we could do an option in this, but it's going here. It's too late. So much easier to look at these things to do the options calls based on the earnings because you can predict this. Like today we would have, we would have had to do this at the same time we were doing AEO and that's impossible. So, but this is really going higher now, but it's just cost too much. So forget it. Where did this go? Oh, my Lanta not being this anymore. I definitely would be out. I definitely, definitely knew this was the best cop and didn't read anything else. Okay, let's do a little talk here. Let's look at what's out for tonight. Any questions from anyone about anything at all? You should be done for the day though. No one should do anything else. I don't know why you would. Let me just see what's out for tonight and then we'll do a quick lecture. Two BODs is up 1500. Good for you. Let's just do the lecture here. Let's just do the lecture here. Let's just forget about tonight. We'll look at, we'll just see. We're gonna not even plan our week. I want to give a little bit lecture because, all right, we have a question here. JL, when do you have large chair sizes of hard to get filled? Not necessarily. Sometimes I wouldn't say hard. I don't, I don't think hard's the right description. I think you just, sometimes you get filled in odd lots. But here, this is still going. Look at that. Here, if anyone is still in this, it's gonna go to 16.  Put the stop at 1640 if you're still in it. I think everyone's out and I think you should be, but it's still going. And not necessarily harder if you have more size. It's just that you have to watch that maybe if you don't get filled all of it, if you order sitting there for the sum, you don't want it to fill you late and you might have to quick cancel something. But usually we're doing stocks that we don't have a problem getting filled in and something like this, this wasn't down too much to begin with and had the volume. So I, you know, I don't, I don't, I wouldn't say hard. Sometimes you get filled in an odd box where you have to have a big size, but it's never usually that big of a problem. It's not something that I've ever found to be a problem. If I don't get filled, full in something, then, then that's life. You still get it. Whatever you get, you get. But I make $1500 in trade. Best ever with me. Thanks, Melissa. This was the best ever with me. That can't be. This? Today? Do I look to short float as well? What do you mean by a float? So what do you mean by a float? You lost me there. Oh, this is the biggest size you ever took. Well, then that makes sense. And as this, we watch this drop another 25 cents. Look, it's still going. I still think we made the right thing. Decision. Hence the most profit. I don't know what you mean by a short float. I have no idea what you mean. Does anyone know what Sue's talking about? Sue is saying, do I look to short a float as well? I don't know what he means. Does anyone know what he means? Is this still going? Wow. I don't know what you mean. Here, this is, I'm going to copy and paste this. This is what Sue is asking me. And I have no idea at all how to answer this question. I don't know what he's talking about. Does anyone know? R squared, do you know? Let's go over the gap. Then we're going to go over one quick thing. And then we're just going to be done today. So you saw this here in the morning. Actually, it was up here a little bit. And we gave it the cushion we didn't have to, but it could have popped up. It could have popped up. It didn't, it did pop. It did, it did actually pop, but it could have popped up more. And I was, I just wanted to get in it. But it was a very good guy. But you see here how this came in and people like to buy these on support that are traders, but we're not following traders, we're following institutional money, which said that to me in the gap rating, because it's rated 20, put two points that it was a short. This here was very telling. Because many, many people were trying to go long this over the high and then again in here when it didn't break, it was holding this number, holding this number, holding 1680. And it did another pop, a second pop right in here. And people may have thought it was a long, not going to break 1680 and also did a buy set up, but we were already short the stock. And I said, you could have taken more and actually shower singer did. We stayed in it, we stayed in it and it dropped. Look at the sell off there. One of the reasons this does such a big move in this push down then when it collapses is because of the fact that some traders were long this in here had the stop under here and it went and it collapsed. But that's not the reason it moved down. It moved down because it was a good gap in the first place. Everyone should definitely be out of this now. But if the reason it sold off is because of the gap reading. But I'm telling you when people are trying to pick these up and buy these that are day traders in here, it helps us get the money into it quicker and faster. And I said, you could take a little out here if you want to. But I really did what I said I was going to do, which was hold it then to 1650 into the first move, but you could have taken some. Anyways, this helped us go. But that's not the reason this went down in here. It the stock sold off because it was being sold off by institutional money today was never along. But the fact that traders tried to buy it in a support helped us get this big nice fat 20 cent bar, which isn't that much of a bar, but it is for the stock. This stock some days has only moved 20 30 cents. Do you see? So that was a good bar. This is still going. I still think I'm doing what I said the whole week because of the holiday. Koala made money. I don't know what what you're talking about soon, neither does anybody else. But I don't know, you can email me later, because I don't know what you mean. But if I don't know what you mean, then I probably don't do it. So so anyways, maybe long story short, I had a conversation with someone last night, and I thought this was worth sharing. So we'll talk about this for a few minutes. And then and then they'll already go. I talked to a person in the room. I'm not going to reveal their name, but I talked to a person in the room yesterday and the person in the room was telling me. Yes, it's you. I talked to the person in the room and the person in the room was telling me they've been struggling and struggling and they risked too much in some of the trades and they and they they did some trades they shouldn't have done and they then they did some trades they shouldn't have done or they risked too much in some of the trades that didn't work and they been back and forth and as a result, now their account is down and now they're scared that they might have to refund it with the broker and they're feeling worried and it was just on and on and on. A whole conversation, a whole big long email I got from the person that we talked in the phone and I was talking to the person, the person kept saying about the fact that they were in fear of this situation that they're going to have to take a break. They're going to have to take a break. They're going to have to take a break because they're going to have to refund the account. Meanwhile, the person has money in the account to trade. The person's here today and just took the trade and just made profit. I said, stop saying that you're going to have to refund the account and stop saying that you're going to have to stop trading. You're creating and manifesting the very thing that you do not want to happen. It hasn't happened yet. Why are you worried about it? This is going to 16 and I'm not in it. Look at this. Here, it is really going to go to 16. Is anyone in this at all? I'm not. Ridiculous. Anyways, you're manifesting the thing that you don't want.  It hasn't even happened. You have money in the account to trade.  You've taken some bad trades, whatever. You can build it up by taking profitable trades today as a good example, okay? Don't manifest something that you don't want to happen, which is the very thing that you don't want to happen. I'm certain that many of you do this. Here this is going. Our square is still in it. I was very conservative today, but I think that's okay, like I said. Anyways, many of you do this.  You manifest that it's not going to keep going. It goes and you're up a lot of money and you don't get out. It pulls back.  You're still up in the drain, but you manifest then that it's not going to work out. You're still up money. Then you realize that you should have got out. You didn't. Who cares?  You manifest then that trade not going right. And you manifest then a positive trade into a break-even or loss. You actually manifest the very thing that you don't want to happen. Because then it goes out really big, then it pulls back, which these options do because they're very volatile, but you're still up. You still have money.  You're not down. You don't get out and you immediately start manifesting that it's not going to work. And as a result, guess what? It completely goes and it does not work.  And then all of a sudden you're down. Or you actually lose half or you lose the profit and you get that break-even. You have absolutely no idea how powerful your mind is. Every second that you're breathing, every second that you're living, every second you're alive, you're manifesting exactly what you do not want to happen very often, you have to stop doing that. In trading it is very important and it's so obvious. And I think one of the reasons that it is so obvious is because it has to do with the money. You're not controlling this stock. I can't control this if I controlled stocks, I mean I would never have to work again. But you're not controlling this, but your decision making capabilities and the way you think about your choices, you can control and it does play a factor in your decisions because you could make bad decisions or you could make good decisions. You can't control the stock or any stock at all, but you can control your decisions and you can start to make good decisions. The good decisions has to do with your actions and it has to do with your choices, but it also has to do with what you believe.  If you believe that you will lose, I can tell you it's going to happen. If you believe you will win, it will happen. I am such an amazing example of this, not just with my trading but in other things that I want to create in life. I have something in my mind, I'm so determined to do it, I make it happen. It doesn't always happen the time that I want, but it usually does happen most of the time. The hard guy said I'm right, I am right. I have a part-time employee that does work for me, everyone knows that Paul left, but I have a part-time employee that works for me and it was funny because he said something to me, gosh, I think it was over the weekend. I wish I would have tape recorded what he said because it was so good. If I could have tape recorded what he said, I don't know if I remember what he said exactly, but if I could have just tape recorded what he said about me to me, I could play it for every person that ever works for me again and any person that comes learns from me because what he said was so true and the reason he was so correct is because he's known me for a long time and actually he's my very first student. It was something to the effect like he knows me well enough to know that when I have something in my head and a vision for something that I want to do to just get out of my way and do whatever I say and let me do it. And that was true for people that come to work for me, not to question what I want and it also is true for anyone that comes to trade with me, which is just do the trades that I call if you're here in the room and you don't question it. So if I say to take it, take it and put the stop. It doesn't mean that every single trade that I call works. Some will not, but it means if I say it, just do it. I also had a funny conversation with a guy yesterday who's been away from the room for almost a year and he's coming back. I was doing the Black Friday special for the room, so he's coming back. He took a year off. He copped to it, then he said, I gotta tell you, did something nuts. And it's the reason I stopped trading. One of the days when I said I was an NCLF in one of the gaps, he didn't work and he risked $10,000 and didn't work. So he lost 10 grand and then he decided to stop trading. And actually he had an account, he had 25 grand in the account. He had built it up to 40 day trading with me and then he risked 10 grand in one trade and then he was so mentally and emotionally devastated that he stopped trading for the last year. But now he's coming back and he realized that he made a mistake and I said, well, that's fine that you risked 10 grand, but did you risk 10 grand in every trade you took or every NCLF that I said? He said, no. I said, well, then why would you do it in one? If you're risking such an obscene amount of differentiation money in every trade you take, then how can you expect your results to be the same? If I say, this is a good gap and this is a good gap and this is a good gap. And I say it about five gaps and one doesn't work and the one that doesn't work, you risk all this crazy money and the other four do and you make money and how can you expect to have results that are accurate with your actual money in your account? The money has to grow because the amount that you're risking has to be equal or pretty darn close to it. You can't risk 25 times the amount in one trade that you would risk in another one because that will be ultimately the one that doesn't work. You have to risk close to the amount in every trade. Okay, anyways, he's coming back and learned his lesson and I said, well, you just get back to doing well again because he was up 15 grand at one point last year and then he did something silly. So, you know, or earlier this year I guess it was, but the point is though that every trade you take should be close to it and if you're gonna risk more when I say NCOF than every NCOF, that's what you have to risk. I go back and I look at trades like BABA which was the option that worked out so well and I say, oh gosh, I wish I would have, I should have risked 25 grand in that BABA.  But you know what? What if it wouldn't have worked out? It did work out. It absolutely worked out. It was a great trade. I made a lot of money, but what if it wouldn't have? If it wouldn't have, would I have been able to take the next one after that? Apple, Google, whatever else we did, you know, of the options I'm talking about. You know, it's just, I always say, well, it should have would have could have. It's easy to go back and say that worked so good. I knew that was good. I just knew it was a good one. Yes, and I made money. Thank you. But if I had risked something crazy and it hadn't worked out, I would have, you know, felt very, uh, smacked by the market, I guess. Still okay financially, but it would would be hard to press the button again then. And that's, that's what happened to this man. So now he took some time off. He's coming back. You got it. You learn from your mistakes, but I'm saying just don't make them. No, Bob, where are you? Where have you been your whole life? I said yesterday, Paul left. Yeah. He decided to do something else. So no, I said that yesterday. Where were you? I thought you were here yesterday. He was here Monday. He was here Monday and he wasn't here. He wasn't here Tuesday. Here today, gone tomorrow. NCOF? No, NCOF is, is, is a saying that I have not, I haven't really been saying it much. And I haven't been saying it much because not because of that story because I didn't hear that story till yesterday, but I haven't been saying it much because because of the, because of the television thing. Because I don't, I don't think I'm going to be allowed to say it. I love saying it. I used to say it a lot and I don't think I can because for the very reason that I don't want to have issues where people say, but you said it was never gonna not work in your life and there's always a chance that something cannot work as obvious by the whatever trade the one the guy says. I don't even remember what he was talking about. Yeah. So I haven't said it for a while in the room. I used to say it last year a lot. I, I think I did say it about but I don't remember. I think now I just say, I think I just order you to take the trades is what I do. I think that's what I said about this one when I, when I gave it to the rim. I say, I order you. I order you to take it. That's a sign. I think that's what I've been saying. Um, oh, everything's falling now. Hold on. Anyways, the point was, and the lesson for today is don't work against yourself by pretending that something, you know, in your mind, okay, is a problem when it has, it's not even a problem yet. You've got enough problems. Don't make up problems that you don't have those problems yet. Okay. When you have a problem, then you deal with it. Don't manifest a problem that hasn't even occurred. Don't start manifesting losing trades when, when you haven't lost any money and you're making money. All right. Anyone can chip themselves back.  You just chunk it away. You chunk yourself back. You ease yourself back into it. It's the only thing you can do. If it can't go back full on, then just chip it back. Okay. But don't start manifesting that. You're going to have to refund the account because you did something dumb. That's like working against yourself.  Your mind is that powerful to create that. You may not know that your mind is that powerful, but I'm telling you it is because I understand how our minds work. And I understand that a lot because of the things that I created in my own life. N-C-O-F, here's what it stands for. Koala Bear, I have thought you were here long enough to know this. Koala Bear, what? No chance of fair layer is N-C-O-F. Actually, Gerard, who hasn't been here for a while, his mom was sick. He's the one that made up that acronym. I said, no chance of failure. And then he started calling it the acronym. This was like years ago. He's been with me a long time. His mom is ill. In fact, I need to reach out to him because I'm worried that his mom died. I don't know. I haven't talked to him for a couple of months. And he was in here helping out for a little bit. And actually, for those of you that remember Boots and some of you were here, when he did the interview with me a year ago, he's dying. I did tell Philip yesterday and I told Linda the other day because they met him. For those of you that were here for the interview, Peggy and Philip, Peggy and Peter were here more than a year ago. And Peter, I think he's in his 80s. I think he was 81. I hadn't heard from him for a while. And I last saw him in the room in July. And I kept emailing him and emailing him. And I just knew something was up.  I don't know. But when they sent him to hospice, it's not good. So I feel sad. I've never lost a client that I've known. I don't keep in touch with everyone I've ever taught. But he was an older gentleman that I taught and he was doing well. So I feel better. Nice people. I live in Allentown. So that's everything. Speaking of the brain, you've got to keep your brain healthy.  No stress. No stress. Keep the stress down. And speaking of stress, look at how this is rallying. Look at how if you wouldn't have gotten out of it, you would be stressed. You would be stressed in this trade. Look, it's rallying now. It looks like it could even flip. I think that's the other reason I love doing this method. This is not a whole lot of stress. The longer you're in a trade, the longer the day that goes on, the longer, the longer, the longer, the longer it, the more stressful it is. And I'm realizing that about the options too. In fact, I was talking to Philip about this with the Baba. I thought about this and thought about this and thought about it. Because that was an apple so long too. This was just an incredible call.   And I didn't get out. I didn't get out here. And I was up over 8,000 and I thought, it's going to keep going. No, it's not. Not today. Not tomorrow. It pulled all the way back. Obviously, I did make more money here only because I added here. I could have made even more if I held it the one more day, but I didn't because of Labor Day. But this was not worth the stress. I made an extra four grand. It wasn't worth it. I should have taken it here, got all the way out. I could have re-taken a completely second trade here. And maybe I would have held it then on this one here. So, you know, it is just about making money, but it also is about the speed of the execution and lowering the stress levels because I'm realizing more and more and more. And with everything I have on my plate, but even still, as you get older, you say, why do I want to deal with this crap? I just want to make money in it. I just want to get out, you know, and get on with whatever other things we have to do. Thanks for another successful day of trading gaps. You're welcome, ranch trader. All right. Any questions from anyone about anything? Let me know. Great day, Naio. Let it be. The market, I thought, was going to go higher today. Maybe it's not going to. It doesn't matter to me. I'm not in any overnights. It looks fine, though. It's doing terrific. Cayman dude's good, too. Everybody situated. Today is Wednesday. So, tonight at 4.30, I'm doing a YouTube live and a Facebook live. I'm going to talk about risk to reward, and I'm also going to give a little motivational lecture if you want to come. If you don't want to come, you don't have to.  So, you get all the videos and anything I do. And then, tomorrow, we're going to trade, which is Thursday. Friday, we're going to trade, which is Thursday. Saturday and Sunday is a class. If you're new and want to sign up, email me. If you are wanting to do a retake, email me. I'm also gone. And it's just me.  I guess you'll have to live with it. I guess you're stuck with me. And thank you for all the nice emails I got from everybody. For those of you that paid attention that Paul left, I guess New York Bob had left. Paula, thank you.  I don't know what we're doing about the holiday week. I'll let you guys know about that later for the holiday time, you know, about the room when we'll be open and stuff over the Christmas. I'll get back to you about that later. There's one more thing I was going to say, and I forget what. Shoot. Shoot, shoot, shoot. I don't remember. Oh, I guess that's it. All right. Oh, I know. The entry's class. That, I have not done that all year. Some of you have signed up and paid for that. So I did email some of you about it. It's next, if anybody wants to retake it. It's Wednesday and Thursday. I decided Wednesday and Thursday next week we're going to do it. The 7th and 8th. So if you want to retake it, email me. If you want to sign up for it, you can still sign up for it with 40% off. And some of you paid for it like months ago and were finally scheduled it just so you know. I think we're all, that's all the housekeeping. All right. Have a good day. Great AEO. Congratulations for those of me that held it down. And I will talk to you tomorrow. Okay? Okie doke. All right. Have a good one.


Good afternoon everyone. Thanks for being here. I'll be brief today before answering your questions. As we head into next week's veto session, I want to once again make clear the significant concerns I have with the direction we appear to be heading. Again and again, Vermonters have been vocal about the forability of our state, but it's our ranking as one of the highest tax states in the country, cost of housing, property taxes, home heating bills and more. Too many Vermonters are struggling to get by in their face with a tough reality that they may not be able to afford to stay in the state they love for much longer. Anecdotally, we hear of people who have considered moving to Vermont, which would help our economy, but have second thoughts after seeing how expensive it is and the severe lack of housing for the middle class in particular. So while we made progress over the past six years, we have to stay focused on affordability. And while the legislature rejected most of my proposals to give Vermonters the tax relief they deserve, we have been successful in preventing increases in taxes and fees, which has allowed us to be more competitive with surrounding states. But this year, I'm worried the legislature is reversing the clock and doing a lot of the good work of the past six years and setting us up for failure. Whether it's a hundred million dollar payroll tax, 20 million and unnecessary DMV fee increases, hundreds of millions in additional costs that will come with a clean heat standard, spending 70 million more than I propose in base spending and more. When I'm outside the Montpelier bubble, I hear a lot of the spending in Montpelier is out of control. And they're wondering how they'll be able to afford it. To be clear, I think all Vermonters are taxed too much. And the last thing we should be doing is raising them given high inflation and record surpluses. But what concerns me most about the approach the legislature has taken this year is that those who can least afford it will feel the financial harm the most. Those lower on the economic ladder struggling to get by who already qualify for free childcare or free school meals will now be forced to pay more to help families making 170,000 a year get childcare subsidies for free lunch for their kids. That's not progressive. It's anything but it doesn't feel right. I've said it dozens of times and I'll say it again. I share many priorities with the legislature. We want to invest in many of the same things, but we can't do it all at once and make it less affordable in Vermont than it already is. When voters went to the ballot box this year, many made the choice to split their ticket voting for Republican for governor and a Democrat as their legislators. But I don't believe they did so expecting one side could completely ignore the other. They want us to work together to at least negotiate. So we get some balance. That matters to me. It's why I tried to meet the legislature where they were right out of the gate in January. And that's the case today as well. I'm still ready to work with them. I'll now open it up to questions. Probably haven't already met with the speaker and the pro tem to talk about their new ideas regarding the mental program. I understand you're meeting tomorrow. But have you received any additional information? Do you have any thoughts to share about it? I don't have much to share with you. I haven't seen their proposal at this point. You may know more about it than I do. But we're expecting to get something possibly this afternoon or tonight to review before the meeting tomorrow. One of the ideas for funding GA houses to some extent potentially could involve pulling down future federal infrastructure funds. This match that we talked about earlier this session. It would that wouldn't open up to budget. But would you be in favor or in theory be opposed? I'd be opposed to that. Yeah, that was one of the things that I thought was important. I still believe it's important. Given the economic storm clouds that I keep talking about, we're going to need that match money in order to keep some of these projects moving forward to help our economy continue to move forward if we go into a downturn. So I think it's vitally important that we have the match to be able to do that. To help the very people we're trying to to assist with. I also think though that there is room within the budget to work things around to make things work in both our favors. So we'll see what they have to offer. But but I'm really ready to at least hear them Are there issues that have arisen in the week since the legislature adjourned that you think a companion bill drafted right now might be useful in addressing? Oh, sure. Yeah, I think some of the there's been a lot of housing money that's been put forth to VCB, for instance, they they've been to fund some of our requests in terms of the VHIP program, which I think is so essential. I think that would help in terms of the homeless population as well. And those who can't find housing. I also believe that we need to even decide to move forward on the stabilization or reserve fund for landlords that I think would be really helpful. Because there are many as we found after trying to to to go in and survey some of those in the hotel motel programs at this point in time.  And we're finding throughout the state that there are many landlords who don't necessarily want to rent to those folks because let's be honest, there is some damage that comes along with it and some not in all cases, but in some cases, and the landlords have left holding holding the bags, so to speak, with a lot of repairs that they can't afford. So this this capital reserve would help if someone did some damage, they could put those use this fund to put their their units back online, as well as if they weren't paid for rent and so forth. So that's something be to be received a enormous amount of money and whether that was redirected in some way, I think that would be helpful. I've talked to a lot of service providers who were surprised to learn that according to them, based on correspondence that they got from Commissioner Winters, that the majority of the 1000 or so households that had originally been set to lose eligibility on July 1st, will in fact be able to stay in additional 84 days based on this new guidance. I'm wondering if you can talk about that universe of people, how many of them are going to be able to stay until September based on what's coming out now. Yeah, I think I'll have to rely on Secretary Samuelson on this. We can put up the slide. So as folks may remember, if we go back to a few press conferences ago and even the last one, we talked about restarting the general assistance housing program on the 1st of July. The general assistance housing program has several different eligibility criteria. One of them are four vulnerable populations. Those individuals that we've discussed before are pregnant individuals with a disability, families with young children, those over the age of 65. When we restart the program, they're extended by 28 days. But there are other families who are in what are considered catastrophic, which we also talked about the last time that we were here. And they're eligible for 84 days. When we look at the data, it breaks down so that right now we have 1200 households that are in the program. Of those 1200 households, 524 of them qualify for 28 days and 636 qualify for 84 days. Now, if you have a catastrophic event, that that autumn that trumps your vulnerable population. So there's, there are individuals who may be families with children in that 84 days or individuals who are older than 65. The service providers that I've talked to say they reviewed the catastrophic, what's required to be eligible to the catastrophic. And they're saying the people these numbers do not match with the situations that they're hearing that these people in fact would not qualify based on a very narrow eligibility guidelines. I can only leave that to the Department for Children and Families rather than the service providers who are the ones who determine eligibility. And these are the these are the numbers that they have from doing eligibility determination with individuals. So actually, can I piggyback on that? I've talked at length with the Department about these numbers and I've heard the same. I mean, the exact quote I got from one service providers is these numbers don't make sense. And the catastrophic is not my understanding based on conversations with the department is not actually based on individual determinations that what people qualify for. It's projections based on pre pandemic numbers. Based on the actual numbers that you have about like how people are qualifying, you're looking at less than 100 qualifying for catastrophic. So why did you use pre pandemic projections instead of like documentation that you actually currently have for that population. So the way that the program is currently designed individuals who like we are restarting the program and redetermining eligibility in those catastrophic categories every month. And so once on July 1st when the program restarts because remember we are currently in the pandemic housing program, different eligibility criteria wide open, they will determine the eligibility at that point in time. Again, the Department for Children and Families are the individuals who determine eligibility. They're very skilled at it. And the numbers that we have here really reflect their knowledge, their experience and their interactions with the current clients. So these numbers right here are a projection based on what you think you're going to hear from motel guests when you conduct the actual eligibility interviews on July 1. These numbers here reflect what DCF has for information related to eligibility as of now. Every single month they redetermine eligibility for individuals on July 1. They start actually two weeks before that. We will we will know exactly who falls into which category person by person. I mean, what you're saying is directly contradicting what I've heard from DCF like within like we were talking about this a week ago. And I believe you're like the website itself said like there's an asterisk and it says like it's a pre pandemic projection. Yeah, it's based on it is based on projection. Again, eligibility is I don't think it's in conflict. Eligibility is determined on a month by month basis. We during the pandemic, we did not use the same eligibility criteria. We are restarting the GA program on July 1 and on July 1 individuals will be determined for eligibility. Again, Department for Children and Families are the ones to determine eligibility and they are the ones who have the expertise in determining and projecting out what our estimates are going to be going forward. So are these estimates based on pre pandemic data about the population that was eligible then or are these estimates based on current knowledge of the population that's in hotels right now? It's a combination. And again, eligibility, we don't have the eligible the actual eligibility will be determined for the GA program on July 1st. This is a significant number of folks staying in hotels and hotels for a significant amount of time.  Is this an unforeseen draw on general fund dollars? And if so, how are you accommodating that? Again, I do believe this will have an impact on the general fund and we're going to we can get through it at this point in time. And that's why it's so important that we put all the tools in the toolbox so that we can provide for permanent housing in the long run, whether it's the VA program or some of the landlord assistance programs and so forth. So we can open up as many units as possible. We've also directed as I put in the executive order, had the Department of Public Safety actually go out in some of these higher populated centers that are impacted the most like Rotland, Berry and others, maybe Bennington, I can't remember. But to actually survey to find out what's open, like what have we had for violations, what are closed down at this point in time so that we can put them back online. So, but yes, this will have an impact on the general fund. When did you find out that more than half of the households that were originally set to be exited on July 1st were in fact going to be able to stand until they're burning to show through months? Yeah, well, some of that I will take partial blame for, because I had always assumed that the numbers we were receiving were included those with kids. For instance, that would be still eligible for the program. That was not the case. I think it was communicated maybe differently throughout our process and not knowing everyone that was going to be involved. I just assumed that we would be able to take care of the most vulnerable. And so I said that we should follow through on that. So are you saying that you made a decision as an executive that households with children will qualify for this extra 84 days? Yeah, I mean, well, it wasn't for the 84 days. It was for the extra 20 days, right? You want to come up and clear this up. But it was for the first piece. That was the part that I was involved in. Yeah, and I think there's a nuance here, right? When we talked about the program from the beginning, we've talked about restarting the general assistance housing program on July 1st. I think what's what we're hearing here is a as folks learn more about the in-depth of that program. Not not the governor, not I, but folks on the ground. There's a realization what that means is that the eligibility criteria pre-pandemic and now is has nuance to it. It's 28 days for vulnerable populations and 84 days for catastrophic. That's nothing new. And so when we made the decision to reset the program, that's that was the decision that we made as a team. And there are and there are individuals with families that are in that catastrophic family and vulnerable individuals. And so if you if you're right now projecting, and so I'm assuming budgeting for 636 households getting the 84 extra days of eligibility, if you encounter situations where you think this is a family that needs the additional days but they don't quite qualify under catastrophic, but can you make a decision at that stage? So I think our goal all along has been to really work with folks to get into permanent housing. And that's what we're actively working with families and families with children on as we as we move forward. And I think that that that's where you know we're working really closely with the local cities and towns. We're looking closer with local service providers to ensure that individuals have the services they need to make the transition to permanent housing because that's in the best interest of families and children. I put in a request for the RSP proposals that were submitted and also the letters of interest that were submitted from you know, nonprofits municipalities, companies responding to the state's calls for shelter proposals. I was told the RFP was a sealed bid process so they won't be released. The only thing that will be released is the actual whatever contract is awarded and the names of anyone who is submitted but not any additional details. And when it comes to letters of interest, which were submitted to DCF from partners on the ground, I was told that those are also not exempt. As I said, those are not subject to public disclosure. Why not release these proposals? Why keep them under wraps? Secretary Samuelson. Well it's the first time I've heard of your request so I'll go back and can get you more information. I do know that what we're working towards with the RFP is to follow the standard contracting processes that we do in the state. We've just started reviewing those bids at this point and haven't made an award. And so it is our usual practice to go through that bid process and then make announcements. I can follow up with you offline. But I guess why make the decision to release this as a sealed bid as opposed to one where everything is released publicly? I have to follow up with you offline again. We'll need to work with our staff to better understand. What about the letters of interest separate? I'm also being told that those are exempt from public disclosure. I can read to you the exemption. Yeah, unfortunately I don't think that Commissioner Winters is able to be on today. I mean some other other family issues going on and so we'll get back to you after. Well I'd like to hear from the governor, I mean do you think in principle that these proposals should be public given that the event? I think when it's appropriate I think they should be public. Yes. But in my years of contracting not everything was released at the time they got into the office. There was a bid date. It was a sealed bid until then and if there was any nuances within or any flexibility within the bid itself they weren't released until they got through all that to make sure that they compared apples to apples. So I can understand part of this but eventually they should be all public. And I guess the letters of interest weren't really bids. It seemed like a pretty informal process. I mean do you think those should be not released for the time being? Well again I don't know what they came back with. I don't know what they say. I don't know if they made contensions within the letters. I just don't know that much about it. I haven't seen them. So I don't think I should comment until I know a little bit more about that. But I do believe in transparency. Relatedly. You know I've heard some grumbling from service providers saying A. you know we weren't given a lot of time to submit these and now it's been two weeks and we haven't heard anything back including how much money is really on the table. When we're going to know what they're going to award. And you know a lot of folks already left the hotels. So Amy do you feel like state government is moving fast enough here? I think we're moving at an appropriate pace. Governor Rutland City and I apologize for questions that have been asked. I'm sorry I'm late. Rutland City has a written emergency housing transition plan that includes busing people elsewhere. Are you aware of that? And if so do you know whether they'll be busing them out of state or just inside Vermont? Yeah I don't know anything about that. First I've heard of that proposal. I know that there was some event we had I believe we had all kinds of providers and so forth coming together in Rutland in particular to see what we could do to solve this problem. I don't know if that was yesterday or the day before. I just don't remember but I remember reading about it. Maybe it was last week. Is this week a much of it? Okay well there's an event that Rutland is putting on themselves to try and help out. Now there if you you can see the numbers I mean that's it hit me when you see the gross numbers of like Rutland district office proportionally per capita they are the highest or the most impacted and then from there I would say maybe even the Barry office and Bennington Rattleboro and Burlington per capita the district office is doing much better than the others. So those the areas that were were focused on and I know Rutland in particular has had to deal with this throughout the pandemic. Can you give us a ballpark estimated cost for the extended eligibility for 524 households that are getting the extra one and the 636 are getting extra three months? Yeah I don't have that. Ballpark? I don't want to bought this a ballpark before you get on whether I will get to the table afterwards. All right I mean you seemed like you were telling us exactly how much it was costing per month to do this each hotel stays. I've been doing it for three years yeah we should be able to. Well so I guess that's what I mean. Yeah we haven't done it yet. It was less than the cost of the month so the extension of the program so. And why was that because of renegotiated hotel rates why would it be less than one if there's such a substantial number of people staying for four months? Three months and then. I'm concerned about doing math from the podium. I want to make sure that you get the actual right numbers so we'll get you get you those numbers afterwards. Part of it is that there's a number of households that have transitioned out of the program already and there are a number of households who will continue to transition out of the program but why not we'll get you the numbers afterwards. Senator Brood said we'll be housing people until there's an alternate stable system in place. Will you be retiring any budget that includes essentially open-ended funding? Well I'd like to see what they're proposing first I I have no idea what they're what they're going to be putting putting forward so I think I would think I'll wait until I read their proposal meet with them so I fully understand what they're contemplating. So yesterday you let Universal School Meals Bill go through without your signature saying you feel in reality have been an overridden in the veto session I guess what that trained or that thought process for this bill and not other ones say it's childcare that also has overwhelming legislative support. Yeah it's difficult one to communicate in some respects and and I do think that we have a lot of work to do in education I saw some further numbers yesterday where there was a study done by some group and mass scores are down dramatically reading the scores are down dramatically over the last two years we have a lot of work to do there so again I didn't want to come to a point where we're just this gets politicized in a way where we don't focus on those fundamentals that I think are so essential but I as I said right from the beginning you know we I truly believe that we should help those families and those kids they need their help but I I fundamentally don't believe that those that are impacted those on the lower end of the scale should be paying for more affluent families for a free lunch I think they can pay their fair share and they're willing to so it just seems counterintuitive to me the other thing that was somewhat counterintuitive and I know we've been talking a lot about independent schools and so forth but the class that was left out are those independent schools that don't take public money and so it appears we don't care as much about the children in those situations as we do in public public schools which leads me to believe it's more about politics than policy you mentioned transparency what do you think of the legislature impeachment committee inquiry committee meeting behind closed doors yeah I mean this is this is their prerogative they're in control I'll let the let's just let a branch take care of that but I I understand the sensitivity but but that's something they'll have to answer to and I actually do have one serious question if it is a serious question that wasn't a serious question no this one is I'm just getting you ready do you plan to enjoy Father's Day maple creamy and if so will you be using BT diggers creamy located yeah I I enjoy maple creamies that wasn't on my my list of things to do for Sunday we'll have to see what happens but that's usually my day of mowing so I don't know if I'll have time for creamy we'll go to the phones before coming back to the room Ted Barber import daily express all right we'll go to Tom Davis compass Vermont thanks Jason got a reading about the potential beta technologies getting involved with the North East Kingdom airport are you aware in those conversations that there'll be opportunities for both other private aircraft and also some state uses for that airport in conjunction with beta or when they take it over completely as a private airport well it'd be a somewhat of a combination of the two and we'll put that out and and it wouldn't just this is something that we'll put out to anyone and then we'll we'll get bids back and so forth but some of the criteria would be that has to be kept open to the general public and also the leases that are on the property at this point in time would be honored so it'd be a little bit of a combination of the two Are you in favor of this if all the numbers work out? Yes yeah I think I think this would be great news if it was beta and we'll see who else comes forward but if it was beta I believe there would be significant for the region from an economic standpoint and would really have a ripple effect across the whole Northeast Kingdom so I think this is great news if it comes to fruition Very good no other questions thank you thank you that's it for on the line so we'll go back to your governor outside of your ceremonial office you now have a their DGS just put in a brand new battery pack housing for those those batteries that were in the basement of the state house insurance company put the kibosh on that so they're now in the parking lot have you got a chance to look at those yet? I have not but but I just want to correct you that's my state house office it's not the ceremonial we actually use that so right they're office yeah do you do you think this the added cost of having to bring those outside set up a a housing for them why are into the state house is that an added cost do you think that we as a society should be taking a look at I think it's twofold I think it's it's it's something I do believe in I think having a battery large-scale battery storage I think is part of the solution both large-scale and small-scale is part of the solution for the future to make some of our renewables make sense it's unfortunate that we didn't weren't able to catch this before it happened that it was actually installed in the basement before the insurance company weighed in and said no you can't have it there so that didn't come out until after we had it in place so that is unfortunate but but I do think this is this is what we need to do we're going to need to be able to to have that backup battery as well as to soften the demand cycles and so forth so that we can utilize that to our full advantage so it's the future and it's coming and we should be part of it should other institutions schools colleges even homes be thinking about this they do I mean when you think about some of the the smaller scale battery backup so to speak Tesla has one remount powers involved in that you can either buy it or rent from them I believe but there's other private entities that sell them so yeah I think that that's that's going to be helpful in the future you can go in some cases days without power especially with what we're seeing the climate change and so forth it's nice to have instead of a generator you have a battery backup you have a question I have lots of questions to go back to your question about the cost of it and I apologize again I didn't want to do the inappropriate math while I was here at the podium the total cost of restarting the program and extending it to families with children up to 18 is on the low end seven point two million dollars and on the higher end depending on how many individuals go into the catastrophic category 10 million dollars our goal is really to work in the department of finance and management has been working hard to find that that funding and has been able to do that without needing to reopen the budget conversation seven to ten per one no for the for the full extension of the program through the 84 days how can that be because weren't you didn't you say governor was 18 to 20 million dollars a month to run it as what as it had been running when we had 3,000 when you had when you had 1,800 thousand that number is wrong it was enough that was enough that was enough yeah I mean there was one number where the it was like 20 million but as they gave out the deposits actually it was down in half I think right yeah the the real monthly number is seven to eight so that but if the monthly number is seven to eight and you've got so I'm happy to have someone yeah we don't need to because what we don't want to I think so we don't want to work out the details here but that when they when they looked at it depending on the range of whether an individual and or a household falls into catastrophic or a vulnerable population is 7.2 to 10 million dollars all right thank you yeah not to beat this to death but I just went back to you know my emails to look at my correspondence with the folks at DCS about this and I was asking about the data and why it was this and it said prior to the pandemic the split between catastrophic and vulnerable was 55 and 45 percent and ESD expects similar utilization in July of 2023 you know many households qualify for both with GA eligibility returning to specific day counts ESD anticipates that these households will provide further documentation to qualify for 84 days so it seems pretty clear that they're saying this is entirely based on pre-pandemic projections and that's also what it says on your own website where it says the number of households are a projection based on pre-pandemic eligibility as I said it's based on based on the information they have in determining eligibility and on their experience on the ground right now so they're using the best estimates to calculate this out but they're saying this is based on pre not how they're saying now happy to take it with you offline are you taking new applicants for this program it's an ongoing program so yes so someone for example moves from another state here and says I don't have a home and they really don't they're they would be eligible if they meant the qualifications that we had before pre-pandemic they would be eligible today Part July 1 I should say you mentioned you follow up about the RFP and the letters of interest letters of interest would that be today so it was planning on doing the story today in terms of when those will be released just you said there'd be additional information so like we'll follow up with you today with with the information about one of the states doing this winding down their programs or extending the extending I don't know yeah I'm not aware of any but yeah so the majority of the states who had programs Oregon and others wound down their programs over a year ago we've looked across the country we know that New Hampshire is another state that has continued their program and their winding they did some wind down earlier in the spring and they're winding down around the same time period that Vermont is but I think the bigger message there is that the majority of the states who had these programs up and running wound them down a long time ago are we getting people from other states in significant numbers when we have looked no I think yeah the answer to this one do we have some in the past yes I don't want to equate that no no one has moved here but we're not seeing a significant influx of folks who want to supply and demand influx no okay thank you all very much


Personal Finance Powerpoint Presentation Government Bond. Prepare to get financially fit by practicing personal finance. Most of this information can be found at Investopedia Government Bond, which you can find online. Take a look at the references, resources, continue your research from there. This is by James Chin, updated November 29, 2020. In prior presentations, we've been looking at our investment goals, our investment strategies, investment tools, keeping that in context. We're now considering what is a government bond? A government bond is a debt security issued by a government to support government spending and obligations. Government bonds can pay periodic interest payments called coupon payments. So when we're thinking about investments, we often categorize in terms of bonds and stocks, possibly thinking about stocks first and then the investment in bonds. Typically when we're thinking about diversification and asset allocation, we might want some mix between assets and bonds. One of the most common types of bonds and safe types of bonds would be the government bonds. So government bonds issued by national governments are often considered low risk investments since the issue in government backs them. So in other words, when you invest in bonds as opposed to the stocks, you're going to be setting down the terms upfront, which would be that how long are the bonds going to be lasting, how much rate of return, how much interest am I going to be receiving on it? And if you were to say, have a company, if the company was to go bankrupt, for example, you would typically get paid through the bankruptcy, through the liquidation process before the stockholders giving you a little bit of a safeguard in that event. However, on the plus side, if you were investing in company bonds, you don't have as much exposure to the plus side where you might have increase in the value of dividends that might be going out to shareholders and increase in basically the value of the stocks. When you're looking at the government bonds, they're issued by the government, so you hopefully don't have that same kind of problem of the government going under, the government going bankrupt, the government not paying their bonds. If the government doesn't pay their bonds, especially if they were US bonds, government bonds, that would be a big major issue. So therefore, they're considered basically low risk investment. Government bonds may also be known as sovereign debt. Government bonds explained government bonds are issued by governments to raise money to finance projects or day to day operations. The US Treasury Department sells the issued bonds during auction through the year. Some treasury bonds trade in the secondary market. Individual investors working with a financial institution or broker can buy and sell previously issued bonds through this market. So in other words, when they issue the bond from the actual government itself, that's going into the market. You can also have the secondary market, which is purchasing and selling bonds that have already been issued from other investors as opposed to purchasing from the government, the original issuer itself. Treasuries are widely available for purchase through the US Treasury, brokers as well as exchange traded funds, which contain a basket of securities. So we can once again think about how we're going to have our allocation mix possibly thrown in the bonds into that mix. So fixed rate government bonds can have interest rate risk, which occurs when interest rates are rising and investors are holding lower paying fixed rate bonds as compared to the market. So when you have your money in bonds, then the issue is going to be, okay, if I have my underlying investment in these bonds that has an end term to it and a fixed interest rate, that can be good because it gives me some security and if the market rates then go down, well, I'm tied into this fixed interest rate, that could be good. But if market rates goes up and I'm tied into this fixed interest rate on the bond, that could be bad because if I didn't have my money invested in the bonds, I might be able to purchase other assets that would have a higher return would be the general idea. Also, only select bonds keep up with inflation, which is a major of price increases throughout the economy. If a fixed rate government bond pays 2% per year, for example, and prices in the economy rise by 1.5%, the investor is only earning 5% in real terms. So notice when you think about bonds, they tend to be a little bit more boring, right? Because you've got the fixed rate of return. It is what it is. You're not following the drama of the market. The increases and decreases as closely. And again, there's pros and cons to that. So we also have to consider basically what's going to be, you know, the inflation factor that's going to be in place to consider what the real returns we are receiving are. Local governments may also issue bonds to fund projects such as infrastructure, libraries, or parks. These are known as municipal bonds and often carry certain tax advantages for investors, possibly having some tax benefits. So it's not going to be included in taxable income. If it's not included in taxable income, then you basically got your rate of return, a more beneficial rate of return because it's not going to be, the government's not going to be taking part of it would be the general idea. The U.S. versus foreign government bonds, U.S. treasuries are nearly as close to risk-free and investments can get. So when we're thinking about how can I invest in something that's going to have the lowest amount of risk, then typically you're thinking U.S. bonds because again, they're backed by the U.S. government, which you're hoping is going to be the most stable thing, possibly the most stable kind of government in the world, you would think or would be generally thought at this point. So this low risk profile is because the issuing government backs the bond. Government bonds from the U.S. Treasury are some of the most secured worldwide while those floated by other countries may carry a greater degree of risk. So clearly bonds by other countries might have more risk because just like when you're talking about companies that might have more risk to basically go bankrupt or default on the bonds or not pay the bonds, you would think that other countries that might not be as secure might have similar risks. So due to this nearly risk-free nature, market participants and analysts use treasuries as a benchmark in comparing the risk associated with securities. The 10-year treasury bond is also used as a benchmark and guide for interest rates on lending products. Due to their low risk, U.S. treasuries tend to offer lower rates of return related to equities and corporate bonds. So clearly the fact that you have the low risk there means that the government can issue the bonds with lower rates of return because those things are correlated, right? So if I can have a lower guaranteed return, I'm willing to have lesser of a return than if I was to park my money elsewhere, keeping that in mind and in conjunction with my overall diversification strategy and investment strategy. However, government-backed bonds, particularly those in emergency markets, can carry risks that include country risk, political risk, and central bank risk, including whether the banking system is solvent. Investors saw a bleak reminder of how risky some government bonds can be during the Asian financial crisis of 1997 and 1998. During this crisis, several Asian nations were forced to devalue their currency, which sent reverberations around the world. The crisis even caused Russia default on its debt. So again, it's a huge thing if there's a default on the bonds. If you see that on a corporation side of things as well, similar kind of thing. If you've made a promise to pay the bonds and basically you're not paying the bonds, then people's assurance goes way down and once people no longer have any confidence in the investment, that usually leads to a spiral effect on the downturn. Countries can have a similar kind of thing and obviously that's something that countries would want to avoid by maintaining trust in the systems and their ability to pay their obligations. So the uses of government bonds. Government bonds assist in funding deficits in the federal budget and are used to raise capital for various projects such as infrastructure spending. However, government bonds are also used by Federal Reserve Bank to control the nation's money supply. So you might think, well, why does the government need, you know, need to issue the bonds? Well, there's multiple factors on issuing the bonds. They're going to make their money. The government or, you know, gets money at least through taxation generally, but they can also basically take on, you know, debt by issuing the bonds and the bonds can also be used for manipulation of the money supplied by the Federal Reserve to try to keep the market moving in the rate of growth that they would like without overheating or hitting recession and we'll see what their track record looks like at that from this point forward. It's an interesting time to see what their track record is going to do in the time ahead as according to this recording. When the Federal Reserve repurchases US government bonds, the money supply increases throughout the economy as sellers receive funds to spend or invest in the market. So in other words, once the bonds have already been issued and are being held by private investors, the government itself, the Federal Reserve in an attempt to manage the money supply and the economy may repurchase those government bonds as they do so, they're going to be paying money to the investors in the market, putting more money into the market which they're hoping will flow within the market and stimulate basically the economy in accordance to whatever plan they're currently putting over in place at the Federal Reserve to get things going. So any funds deposits into the bank are in turn used by those financial institutions to loan to companies and individuals further boosting economic activity. So if the funds then go to the bank, the idea of the bank holding on funds is that they can then loan those funds out to investors who can then invest into the economy once again, stimulating the economy would be the idea. Pros and cons of government bonds. As with all investments, government bonds provide both benefits and disadvantages to the bond holder. On the upside, these debt securities tend to return a steady stream of interest income. So that's going to be the point we're going to say, I got a steady income that I can depend on because I've basically laid down the terms of the government bond. The maturity date, the amount of interest is going to be what it is. However, this return is usually lower than other products on the market due to the reduced level of risk involved in their investment. So clearly, if it's a guaranteed return, then the government can issue those bonds at a low rate of return. And if you're comparing the rate of return there to other types of investments that you could potentially have, typically to equity or stock investments, it usually looks not great, right? So that's why you're going to use it generally as part of your investment strategy, as part of your diversification asset allocation. The market for U.S. government bonds is very liquid, allowing the holder to resell them on the secondary bond market easily. So when you have the bond, then the question is, are you able to then remove yourself from that position if you need then the money for some other reason? Like with many stock type of investments, if it's not under the umbrella of an IRA or a 401k plan, then you can usually sell the bond on the secondary market. Now you're the seller of the bond that was issued by, say, the government. And you can usually do so and liquidate it in a reasonable amount of time for any needs that you have. So there are even ETFs and mutual funds that focus their investment on treasury bonds. So you might then, as part of your investment strategy, to try to get exposure to bonds, use a mutual fund or ETF kind of strategy in that way as well. So fixed rate bonds may fall behind during periods of increasing inflation or rising market interest rates. Also, foreign bonds are exposed to sovereign or governmental risk changes in currency rates and have a higher risk of default. Some U.S. treasury bonds are free of state and federal taxes. So another tax benefit is one of the reasons that you can get access to them as well. But again, the tax benefit that you get, you would think given the market is transparent would be in the market price. So if you get a tax benefit on it, you would think that there's gonna be a lower return on the bonds given the fact that these things are probably factored in to the whole equation. But the investor of foreign bonds may face taxes on income from these foreign investments. So what are the pros? Pay a steady interest income return. Low risk of default for U.S. bonds exempt from state and local taxes. A liquid market for reselling accessible through mutual funds and ETFs. What are the cons? Offer low rates of return. So there's the trade-off between a guaranteed return. Anything that's guaranteed is usually gonna is not gonna give you as much of a return. You would think that if it's not a guaranteed thing. Fixed income falls behind with raising rising inflation. A carried risk when market interest rates increase default and other risks on foreign bonds. So real-world example of U.S. Treasury bonds. Let's take a look at it. There are various types of bonds offered by the U.S. Treasury that have various maturities. In addition, some bonds return regular interest payments. Well, some do not. Savings bonds. The U.S. Treasury offers Series EE bonds and Series ISavings bonds. Bonds sell at face value and have a fixed rate of return. Bonds held for 20 years will reach their face value and effectively double Series I bonds receive a semi-annual calculated secondary rate tied to an inflation rate. So in other words, when you think about the bonds typically you're gonna have the issuance of bonds. You've got the maturity date of the bonds and then you're gonna think about how the interest rate is going to be paid. Are they gonna be paying you interest periodically and or at the termination of the bond at the end of the maturity date of the bond?  So once again, let's take a look at that. The U.S. Treasury offers Series EE bonds and Series I savings bonds. Bonds sell at face value and have a fixed rate of return. Bonds held for 20 years will reach their face value and effectively double Series I bonds receive a semi-annual calculated secondary rate tied to an inflation rate. So that's where you're gonna... So the second one you get like an income stream kind of with the semi-annual items. Treasury notes. Treasury notes, T-notes are intermediate term bonds maturing in 2, 3, 5 or 10 years that provide fixed coupon returns. T-notes typically have a $1,000 face value. So they typically, when you're buying them, are multiples of the face value of the 1,000, the 1,000. Then face value is what you usually receive at the end or maturity date of the bond. So however, two or three year maturities have a $5,000 face value. Although yields change daily, the 10 year yield closed at 2.406% March 31st, 2019. And at that time had a 52 week range of 2.341% to 3.263%. Treasury Inflation Protected Securities. These are the tips. Treasury Inflation Protected Securities tips is a Treasury Security Index to Inflation. They protect investors from the adverse effects of rising prices. So now you're trying to say, well, what if there's a risk of prices going up? Is there a way that I can basically hedge for that or deal with that? You might then say, is there a way that I can have the securities kind of adjust for that event? So the power value principle increases with inflation and decreases with deflation following the consumer price index. So that's great. But again, the fact that you now have this safeguard against that particular risk, you would think would have been factored into the market and factored into the price of the bonds. Tips pay a fixed rate interest-determined on the bond's auction on a six-month basis. However, interest payment amounts very since the rate applies to the adjusted principle value of the bond. Tips have maturities of 5, 10, and 30 years. On November 19, 2020, the 10-year tips bond was auctioned with an interest rate of negative 0.867%.


Hello and welcome to this session. In this session we will discuss the question which says that find the area of triangle having vertices minus 4, 3, 3, 1 and minus 3, minus 2 using determinants. Now before starting the solution of this question we should know a result and that is if a triangle has vertices given by audit pairs A, B, C, D and E then area of triangle is equal to 1 by 2 into determinant with elements in first row as A, B, 1 elements in second row as C, D, 1 and elements in third row as E, F, 1. Now this result will work out as a key idea for solving our given question. Now let us start with the solution of the given question having vertices minus 4, 3, 3, 1 and minus 2 using determinants. Now from the key idea we know how to find area of triangle using determinants. Now where vertices of triangle are given as minus 4, 3 then audit pair 3, 1 and audit pair minus 3, minus 2. So determinant B and 1 that is minus 4 then elements in second row as D, 3, 1 and 1 and 1 that is minus 2, minus 2 and 1. Now expanding area of triangle into 1 into 1 into 1 the whole minus 3 into 3 into 1 the whole is equal to 1 by 2 into 1. Now 1 into 1 is 1 minus 2 into 1 the whole minus 3 into 3 into 1 is 3 minus of minus 2 into 1 is plus 2 the whole 2 is minus 6 minus the whole and this complete whole and this is equal to 1 by 2 into minus 3 into 3 plus 2 plus 1 into minus 6 plus 2 is minus 4 the whole minus 4 into 3 is minus 12 minus 3 into 5 is minus 15 and 1 into the whole 1 by 2 into now minus 12 minus 15 minus 4 is equal to minus 31 the whole. Now 2 into now area of determinant of triangle 10.5 solution of the given question and that's all for this session hope you all have enjoyed this session.


Hi, I'm Matthew Horky. Hi, I'm Sheldon Tan. And welcome to... Croatian wine in 60 seconds. Today, we're going to introduce some rosé wines of Croatia. Today we have three examples.  The Vina Urdu Pinot Noir is everything you would expect from a crisp, easy-drinking rosé. Lots of sour strawberry, some lemon. The Miloš rosé has incredible weight on the palate, yet it means sassy. What's more, it doesn't lose the character of plava tamale because it offers you just a little touch of tendons and also spicy and vanitarian of sour the end palate.  Look at that color! That's what I call gastronomy rosé. It's juicy with white shoulder with pronounced raspberry, cranberry, extremely crunchy on the palate. That's Croatian wine in 60 seconds!


we may not be aware of it until a day later or hours later or perhaps a week later, depending on the amount of contemplation that we do on it. So that can lead to a lot of strange situations occurring between a partner and their autistic partner. For example, when I was a lot younger, I really struggled with my emotions. Obviously I've done a lot of work to try and improve them, trying to improve my noticing and categorizing of them. It's still a difficulty, but a lot of instances will happen where I would get fairly angry, fairly annoyed, and I wouldn't perhaps know that I'm angry or annoyed, but I would display that outwardly. And so they'd ask me, are you annoyed, Tommy? Are you angry? And I'd say no, I'm not angry, even though I'm frowning, and I'm very overdrawn and I'm giving people a dead eye.