The cringe is typically my stance on portable computing. The reason that's my stance is we all know by now that typically whenever you try to do anything demanding on a laptop it turns into and the next thing you know you have chestnuts roasting on an open fire and your laptop doesn't work. For me, a passing grade on a computer is being able to game or edit without the fan sounding like or if becoming so hot that the computer starts to stutter and slow down. That trade-off shouldn't exist when you get a laptop over a desktop. At most I will use a laptop for watching videos or playing TFT at 20 frames per second. However, lately there have been some laptops that seem to be able to keep up with the expectations of their Asian parents. Emotional dammit! So now we're gonna see if this one can do the same. This is the HP Home and Gaming laptop that AMD and HP were kind enough to send out to me and we're gonna try to destroy it. All right, now throw it. Creative interpretation of the review is appreciated. Throw the laptop. The magic of editing! This is too dark. It's the Harry Potter thing. Lumos! Is this as bright as it gets? A few cool features this laptop has to offer is their new hinge design, taste, floor, GB keyboard. The trackpad is also larger and easier to operate for those of you with big fingies. The system also comes with AMD SmartShift and AMD Smart Access Memory which helps optimize your system so it performs well under load. Their cooling system, which we'll put to the test here in a minute, is the Omen Tempest Thermal Solution and it helps keep the laptop cool while it's under load as well. On top of that, you can also customize the Omen 16 with the Omen Gaming Hub software. Now that we have the laptop in front of us, the first thing we're gonna judge is the exterior. Now, when I look at the outside of this, I'm immediately pleased and the reason for that is because you're looking at someone who's been irresponsible at hotels and airports. I've had laptops stolen from me a couple of times now and something I've noticed with the two laptops that were stolen from me is that they actually had extravagant cases, RGB lights and they looked like expensive gaming laptops. With this simple exterior, I'm immediately thinking that this is something I would feel more comfortable taking with me on the road. I don't know if I'm serious and relatable, no. The outside's very smooth. It's actually a very nice matte finish and I've noticed that with the little bit of grease that comes from the skin, they're not leaving as many fingerprints as they would on other designs, which I'm immediately pleased with. So this is gonna be one of the bigger things that we're gonna be looking forward to in this laptop review, which is, is this design for cooling enough to keep the computer quiet but also cool while doing demanding tasks? Okay, so specs-wise for this computer, we are working with a Ryzen 7 5800H for the processor, 16 gigabytes of RAM and for the GPU, we have a Radeon RX 6600M. Overall, those specs are enough to get the job done if you're trying to push it for some higher-ending content creation or video games while streaming. However, I will say I have two concerns. Number one, is the RX 6600M going to be enough if, say, I wanted to play an FPS at a somewhat competitive frame rate? We're talking anywhere from 100 to 140. And then number two, 16 gigabytes of RAM is not the worst thing in the world. To be honest, a couple of years ago, it was like the sweet spot, the perfect standard. But as we progress farther throughout time, my God, it's 2022, I'm getting so old. We hope to see people who are trying to produce content or a game at a higher-end level to be using 32. Don't get me wrong, 16 gigabytes is enough. I've used 16 gigabytes for a majority of my content creation career to make anything that I needed. It's just nowadays I would prefer 32. But you're also talking to someone who uses Chrome and keeps 100 tabs open at all times. I'm curious, how much is a laptop like this? Okay, from Best Buy, this specific model, the 16.1 that comes with all the same specs. Oh, it actually has 144-hertz monitors, so that's nice. It is $1,100. For most stores online, it actually looks like it's listed a little bit closer to 1,500 on average. So 1,100 is a really good sale price. But on paper, for what we see for the specs, $1,500 is still fair. That being said, we haven't even tested it yet. So we have a couple of games downloaded on here. I believe Valorant, Apex, Among Us. All right, I'm pretty sure everyone here remembers how cracked of a game where I am. I love these kids. Okay, so the first thing we're gonna test on this computer is Valorant. I think it's a pretty safe benchmark. It's a very popular game. It does really well. A lot of people use it as the main competitive first-person shooter. As far as the settings go, I wanna keep this as realistic as it would be to someone who is a competitive FPS gamer. And so, for the settings, we have everything mostly on, that's not what they would play on. But okay, you know what, it works. We're gonna get an idea of how good this computer actually is. We're playing on high settings. We have anti-stropic filtering up to eight times and we have anti-aliasing on up to four X as well. So it shouldn't be that bad. Ah! I'm cracked. Are you that good? Oh my, I actually forgot that I was doing this review for a little bit there. The frames were smooth. 144 Hertz. The frame rate felt higher than I have sweat on the laptop was sweating in a death match, Jesus. Okay, surprisingly, the average FPS for Valorant on high settings at 1080p was 156. Is that right? Laptops are not normally, really?  I don't know if they really optimized Valorant lately or what's going on, but that is a substantially higher score than I'm used to seeing on Valorant, especially on a laptop. 156 is amazing. Like 144 FPS is typically the standard for what competitive eSports should be. A lot of people prefer 240, obviously, because we have that. I think we even have 360 now. But 144 Hertz is basically the bare minimum for competitive eSports, especially eSports where your reaction time is necessary for your success. Okay, so while this is launching, I just want to voice this right now. One of my biggest concerns with Apex, especially on laptop, you are so loud, is that this is incredibly GPU dependent. And so this is where we see all good laptops come to die, normally. I'm a little bit afraid to test this because I will usually see... I appreciate all the work you guys put in. Okay, I do, but... So right here in the menu, we're already seeing lower than what we got for actual gameplay in Valorant. I know they're very different games. They're not really comparable in that sense. That's why we're testing different games to get different results to see what will fall short. We'll play a ranked game. Am I allowed? Am I allowed? Apex, can I do that? Thank you, okay. Already stuttering, queuing up for a game. Oh my God. What settings are we on? Like, this actually looks surprisingly nice. Apple, Apple 4G is a very high, high... We're on high settings! Wait, we're on high settings. And the game isn't lagging. Did they only give me a 6,600? This seems so much stronger. I'm not stuttering, I'm playing Apex on high settings on a laptop. Okay, two snipers. Again, this isn't like what you would want to see if you were trying to rank up and get to the higher levels of ranked play. But if I drop this to low, actually what will we get if we get low? Well, medium-ish low, medium-ish low. We're getting like 10 FPS higher. Okay, I want to see what happens when we get into an actual fight because there's no way I'm getting performance like this. Ooh, what is that? Don't do it. Actually, now that I think about it. There it is. Okay, the computer... Computer's a little loud. I'm actually gonna take a second here. Where's my phone? Let me get a decimal test on this thing. Ooh, see? Oh my God, my teammates are so nice. All right, how loud is this? I don't know if you can see that, but we're looking at high 60s, low 70s. Which, for me, it's really not ideal. Again, laptop standards. As far as performance goes, amazing. Well, kind of like I was talking about earlier where it gets really hot and if you have this thing on your lap, next thing you know. Ah! It's not what you want, ideally. The last laptop review we did, we were looking at about 10 decibels lower, which was really nice. If we're getting a high 50s, low 60s, that is really, really, really good. So it wasn't a perfectly accurate test because I did change the settings midway through the benchmark. However, between high, low, medium, to see anywhere from 90 to 100 FPS, especially during actual fights with gunplay and other players on screen, that, to me, is enough. Performance-wise, that is definitely enough. Anyways, moving on to Unigine Heaven, I'm really surprised. I'm like expecting this thing at some point to like take off the mask, show me your true colors.  But so far, the performance has been great. Last test we're gonna do is Furmark 3D. This is the Eye of Sauron where all good graphics cards come to fry. See what I did there? We're gonna test this thing at 1080p because I don't think you're gonna be gaming any higher than that. You should be good. I always love this little... Caution, Furmark is a very GPU intensive application and you may experience some instability or system shutdown. Oh, it's great. I am going to leave this computer like this for 30 minutes and then I will come back. And we'll see, number one, is the computer still on. Two, what are the FPS at? Because right now we're looking at 104, 105. And what's the temperature at? Because right now we are looking at, we're at 69 degrees. Oh, we're good. Okay, I'll just come back in 30 minutes. This thing is hot. A few moments later. Okay, so it's been about 50 minutes since we let this thing stress test. And I'm actually really happy to see this like, right here, this flat curve. Currently the GPU is at 75 degrees Celsius which is really hot. But to those of you that don't understand computers, it's really not that bad. The reason I'm happy to see this flat curve is because, and I said this last time I reviewed an AMD certified laptop. And that's what I believe that AMD has found a way to kind of throttle the performance of their parts so they don't perform so well and burn themselves up to the point where the laptop stutters and basically becomes unusable. What I'm saying is, I do believe that after this much time under this much load, this computer can still actually put out more FPS. But AMD is actually dialing back that performance so that the laptop can continue to perform for an extended period of time rather than just burning itself out. I think it's an amazing compromise because obviously we would all rather have a computer that works than one that just stutters and is unplayable. And I would say with firmware 3D, one of the most stressful tests that you can put your computer under, that is exceptional.  Here's the before, which is interesting to me because that just goes to show that there was a lot of thought that was actually put into this cooling design which helps limit the sound that this laptop will emit when it's under load. I will say some closing remarks before we're done reviewing this laptop. I'm actually pleasantly surprised with this thing. I say that not just because I'm being paid to review this but for one major reason. If you were to take a look at the PC market right now, it is kind of a disaster. If you were to tell me this computer was $2,000 after I reviewed it, I would have been like, eh, I get it. You gotta pay more for the portability. That's about the same you would pay for a computer that would perform quite a bit better. Getting a graphics card alone for a system that gets the performance that this laptop was able to get costs more than half that price. It's the reality of the world we live in, which is unfortunate because I don't like spending a lot of money when I wanna get computer parts. However, it does just shine a brighter light on this laptop because this thing is actually worth the money. The last thing I'll go to talk about before we're done with the review. Number one, if we take a look at the side of the computer, I forgot to mention two big things that this computer has. Number one, an ethernet port, and number two, an SD card reader. It's nice to see that the HP Omen Gaming Laptop 16.1 didn't forget that. Anyways, all of that being said, overall, I would give this laptop an 8.5 out of 10. Price is good, the performance is solid. It is a little bit loud when it's under load, but it's not to the point where you really feel like you need to leave like a parrot with a crying baby in a movie theater. The only final thought I have at this point is Omen and HP, thank you so much for helping sponsor my girlfriend's next birthday gift. I hope you guys found this video creative, entertaining, or informative in any way, shape, or form. And as always, have a good day. And yes, in case you're wondering, I did buy a house. Thank you guys so much for watching the videos.


Shopping for new ideas, for maintenance, engineering, communication, equipment, administration, training, safety. If you are, then welcome to the Idea Store. A store whose stock and trade is imagination. What does this scene say to you? Pleasure, appreciation, a sense of well-being. Beautiful flowers tend to communicate all those feelings. But you can get the beautiful flowers and those responses. Pleasure, appreciation, a sense of well-being. And you do not need a formal garden to do it. All you need is a highway, wildflowers. Colorful, hearty, and available. In cooperation with state highway departments, many T-square centers are actively promoting the planning of wildflowers along the roadway. There are about 20,000 species of wildflowers native to the United States, but only 100 to 200 species are produced commercially. The plantings are balanced between annuals and perennials. The annuals are viewed as a nurse crop for the slower-developing perennials. Choosing species and mixtures that tend to grow 10 inches or less in height helps present a nice appearance, and you do not have to mow in the fall to get rid of unsightly stalks. Best of all, they sure do communicate effectively, don't they? And since we're on the roadway, let's talk about a rapidly growing national program. The Adopt a Highway Program. Ongoing in 37 states and planned for more. The Adopt a Highway Program joins together volunteers from every walk of life. While procedures vary slightly from state to state, Adopt a Highway Volunteer Groups are usually 10 to 15 in number who agree to pick up litter along a selected section of highway two to four times a year. As of July 1991, there were over 300,000 people involved nationwide, representing 25,000 groups. And is it growing? In just 18 months, Pennsylvania's program has grown to include over 1,200 groups. Over 20,000 volunteers responsible for over 2,800 miles of highway. The cost for that state's program is about $300,000, essentially the cost of coordinating and maintaining the program statewide. If the Pennsylvania DOT had done the litter pickup, the cost would have been about $1 million. Contact your T-square. See what you and they can do together to help clean up America. And as long as we are talking about communications, let's look at something a lot of municipalities do not look at often enough. Signs. Take this one, for example. Put yourself in the shoes of the good driver, the one that looks at and heeds the message on the sign. Here, watch children. Better slow down. Well, past that area. Does that mean there are no more kids? Extreme example, maybe. The ones here are even worse. Stop, stop. One's not enough. Illegal and distracting. Everyone knows stop signs are red and white. Or do they? Whoa. Here's one that's really different. But levity aside, poorly designed signs can be confusing and dangerous. One lane closed ahead. Want to guess which lane? Illegal color combination. Illegal sign, even if it is a good message. And don't forget the need to cut back on vegetation. Look at your signs. Are they doing for you, your citizens, and the motorists just what they are supposed to do? Let's do one more communications item. Either driven by embarrassment or the fear the whole thing will topple over and hurt you. Periodically, the desk gets cleaned. Out goes a lot of stuff. Like those newsletters. With lots of good tips and hints on transportation matters. But you just don't have room to keep everything. How about clipping out the little article and putting it in a little box? Call it your brainstorming box. And the next time you need an idea, go to your filing system. If you are more technically oriented, put it in your PC. And if you're looking for more items for your PC, contact your Technology Transfer Center. They have information on programs at little or no cost. From the National Association of County Engineers, Kansas University Technology Transfer Center, the Federal Highway APWA Clearinghouse Newsletter, and many more. Here are some addresses you can use. National Association of County Engineers, care of National Association of Counties, 440 1st Street, Northwest, Washington DC, 2001. The University of Kansas, PC Trans. The Transportation Center, 2011 Learned Hall, Lawrence, Kansas, 66045. The T-square Clearinghouse, American Public Works Association, 1301 Pennsylvania Avenue, Northwest, Suite 401, Washington DC, 2004. And be sure you contact your T-square center. Signs, cones, barrels, flaggers, computerized message boards, all provide vital information to the motorist and provide safety for the highway worker. At night, that job depends on lights, like these. Operating on the well-proven old adage that people will take even what they cannot use, George Cross, Saginaw County, Michigan, got tired of the vandalism. Now, that is a nice word for it. And decided to do something. Result, lights in locked cages. Voted from the inside to the barricade, the locked cages seem to stay around. Battery goes out, drop a new light in, and change the old batteries back at the shop. The Saginaw County Road Commission used to figure on 100 lights per year being damaged or stolen. Now, almost none. At $19 apiece, the old wash rate was $1,900 a year. The cages costing $2 for material and $8 for labor prevent that loss. Put another way, for 10 bucks, you can cut the legs out from under your lights. For more information, contact the Transportation Technology Transfer Center, Department of Civil and Environmental Engineering, Michigan Technology University, 1400 Townsend Drive, Houghton, Michigan, 499-311298, or call area code<PHONE_NUMBER>. In Idea Store Edition 3, we featured an idea from Pike County, Kentucky. If you did not see it, here's what it was about. Pike County, Kentucky uses precast, panelized walls, locally produced, easily installed, and interlocked with steel reinforcing bars and anchor blocks. The walls have proved an effective low-cost answer to erosion. Many thanks to Judge Paul Patton of Pike County for his idea, and for further information, call the Kentucky T-Square Center for Pat C. Anderson at area code<PHONE_NUMBER>. Martin Sorensen, Euclund Township, Pennsylvania, has expanded the inventory, using an outdoor plastic-covered shed, Martin and his staff are molding fence posts, sign posts, parking bumpers, and sewer grates. Low-cost, wide use, easy to do, a good idea, and primarily a wintertime activity, a time when things seem to slow down a little. You can contact Martin by writing to Mr. Martin Sorensen, Euclund Township, Pennsylvania, 19480, or call area code<PHONE_NUMBER>. Now, a training item. The Pennsylvania Road Scholar Program. Inaugurated in July 1989, this is a 16-course program. The mandatory courses consist of asphalt roads, common maintenance problems, drainage, the key to roads that last, seal coats and slurry seals, asphalt resurfacing, equipment operation and worker safety, proper signs and signing, work zone traffic control, risk management, tort liability, winter maintenance, and roadside vegetation control. There are also elective courses. Unpaved and gravel roads, common maintenance problems, bridge maintenance and safety inspection, geotextiles, asphalt recycling, timber bridges, and roadside safety features. The courses are conducted at convenient locations and geared primarily for municipal road workers, laborers, and equipment operators. Program has over 680 students of whom almost 100 have completed all the requirements to be a road scholar. And now there is to be a Road Scholar II program aimed at managers, public works directors, and municipal engineers. Our tap is alive and well in Pennsylvania. To find out more about it, contact the Pennsylvania Local Roads Program, Penn State Harrisburg, 777 West Harrisburg Pike, 168 Craig's Building, Middletown, Pennsylvania, 170574898, or call<PHONE_NUMBER>. No idea store addition would be complete without a safety item. And this one is about a safety program and a city, Kissimmee, Florida. Located just south of Orlando, this is a city with a workforce that takes safety seriously. From the boss to the coordinator to the committee members in and out of the building with a good informative newsletter, certificates complete with pastry for training successes, happy winners from an ongoing contest among employees, a monthly safety packet, and even a bingo game. And the biggest winner, the city of Kissimmee. It works for them, and it can for you. Contact Terry E. Smith, Risk Benefits Coordinator, Post Office Box 421608, Kissimmee, Florida, 347421608, or call area code<PHONE_NUMBER>, extension 2112. Obviously, an idea store needs ideas. Here's how to get your idea on the program. Tell us who you are. Better yet, send us a picture. Give us a good description of what your idea is. Show us the where at the locale of the idea is important. Why was the idea done? For reasons of safety, cost benefits, etc. How do you do it? Show us step by step. Provide plans, pictures, whatever you think we might need to understand what it is you want us to understand. Send your idea to your Technology Transfer Center for evaluation. Thanks for shopping at the idea store. Until next time, remember an idea never shared is an idea never appreciated.


Next dog up in the eight inch class is Bear, the Havanese, handled by Cherry Windlinger from Houston, Texas. Bear just two years old, making his first appearance here at Westminster. Oh, this is what you do at Westminster, man. I got TV cameras on me, all right. That's on backwards. Look at that concentration on Baca. Down on that contact, get it up. Reverse spin there. Wow. You didn't know Dave is a friend of mine. Baca is flying through the course. Watch these weed pours, watch them. Look at those weeds, look at those weeds. Baca, you tell them, you tell them. Wid from Windcote, Pennsylvania. Do you have an adjective to describe verb? I can maybe give you an adverb for the verb. But I think what we're going to see is speed. 34.21, the new time to beat. Look at verb, already focused. Yeah, I know what we're doing. And all Perry has to do out there is just let her know where she's going. Down on that contact, little wide there. But look at that speed. Wow. And not much of a check in at all on that. Get to that backside. Nice tight turn there. Get that teeter stick it out. That jump, that jump seems to be causing a little bit of problem with people. Great job by the adverb is ahead of the pace. Here come the weed pours. This is the finish right here. There's a good chance. There's a good chance. Stay, stay, break. Giving her a better direction there in a tunnel. They'll be able to make up those five seconds. One more mistake, and I think you're right, Justin. Just cheering Lark on. Let's go, go, go, go. And the last up to go in his eight inch class is Gabby the Papillon, handled by Andrea Samuels from Westbury, New York. Andrea Samuels, a veteran handler. You talked about some of the rookies in this final. This is certainly not a rookie. And Gabby the three year olds, second year here at Westminster. Let's see what she can do. Nice, clean, smooth, winning runs is what she's looking for. Gabby just can't wait to go. But won't leave, not leaving, not a dog walk. Redirects a little bit, make sure they get that. Push, push, push into that tunnel. Nice job. Get to the backside of this jump. Maybe she might've got last for a quick second. Gabby has to be 43.20. No, that's fine, it's just time. That's time, it's just time. Wow, we're taking the long way around everything, it looks like. But this is a young vindication, some wide turns. That was amazing. Look at the high fives. Trudy's waiting. Chip takes a nice clean out. Further ahead, more speed. We got that dog walk contact. Get in there, perfect, push hard. Trudy's moving on there. Found it, Justin. That was a really clean, crisp turn. Part right here, no strangers. That contact, push around. Good turn there, good turn there, helps. Boss can also just take off and follow directions. John says, take that jump. John has those legs, he can get around, we got in that contact, get up and over. Here comes the finish, here comes the big finish. Boss has that chance. Border Collie, hailed by Jennifer Crank from Pickerington, Ohio. The party started tonight. That is it, tags on. Jennifer's up ahead, just sheer beauty. Beautiful lines, Jennifer out in front, pink following. The first dog up in the 16 inch class is Rudy the Bulldog, handled by Debra Perkins from a standard Ohio, and they will be running at a preferred height of 12 inches. And Rudy's full name is Vaughn Rudolph Augustus Perkins. Debra is wearing a mic. Back out this way, here. Let's see if we can hear Debra and Rudy breathing. You hear me? Stay. Rudy's got some great dental work. Okay, jump, jump, jump, jump. Don't worry about it, hang in there. Backside that time. The way that Rudy just did. He came flying off that dog walk. The last dog to run in his 12 inch class is Pixel. A miniature American shepherd, handled by Amy Sheffield from Omaha, Nebraska. Pixel has already competed overseas three times as going to the Netherlands in April. Love swimming and hiking. And Lawn walks on the beach. Yes. So she can go swimming. That was a good save by... Off the triple, over the jump. Get that contact. For a second she got behind on that tunnel to the backside of that jump, but boy did she make it up.


Hello, and welcome to the session in which we would look at the book value per share. What is the book value per share? What's the big idea? Well, basically it's finding the price of the company based on the book value. The book value means the accounting value rather than the fair value. Each company, if it's publicly traded like Google, PepsiCo, Walmart, so on and so forth, they have a fair value price. It means a price that people buy and sell on the market. Well, guess what? There is another accounting price, and that accounting price is called the book value per share. Simply put, it's signing a stock price, but that stock price is based on the balance sheet. Now, there are a lot of issues with that, and we'll see why in a moment. But remember, the balance sheet figures are historical data, like, for example, property, plant, and equipment, land. Nevertheless, it might give us some idea about the prospect of the company by finding that book value. Now, how to compute this stock price? That's the book value. It's pretty straightforward. Basically, we're going to take the equity section that belongs to the common stockholder, so the equity section minus any preferred stock claims. Now, the computational becomes a little bit involved when we have preferred stock claims, and this is what we will work in this session to work examples, divide by the ending number of shares. Or you might see it in your textbook as common shareholder equity, which is common means no preferred, but when you say common, it means take out the preferred divided by the ending number of shares. The formula is pretty straightforward, pretty easy to compute unless you have some preferred stock claims. What could be those preferred stock claims? Well, they could be you could have cumulative preferred. We talked about this where you have to take into account every year, the dividend regardless whether they declare it or not, just like computing earnings per share, you could have dividend and arrears. Dividend and arrears, when the company has a cumulative preferred and they are behind, behind it means they missed one or two years. Now what you have to do, you have to take those dividend and arrears into account in your computation. Sometimes there's a call premium. What is a call premium? Call premium is when the company have the right, they have the right to call the preferred stock and usually they pay a premium, a price above that. Well, if that's the case, you have to take that call premium into account. And the preferred stock could be fully participating or not fully participating. We'll work examples that's fully participating to illustrate the point. But once you grasp the basic idea about that you have to take out the preferred stock claims when computing the book value per share because the book value per share is the value to the common stockholders. This is what we're computing. Now in this example, as I'm going through the numbers, I will compute the book value for the preferred stock as well to give you an idea. You'll be able to kind of see the full picture. What is the general rule from a business perspective about this? The general rule is this, the fair value of the stock should be higher than the book value. In other words, when you look at the company stock, the stock price that's traded on the market should be higher. Otherwise, if that's the case, the company is undervalued. What does that mean? It means if you sell the company, you'll get, if you sell, if you liquidate the company because the book value is based on the book value is based on the book value, based on the accounting figures, based on the balance sheet figures. So in other words, if the book value is higher, liquidate the company and the shareholders are better off. So generally speaking, fair value should be higher. Or if the fair value is not higher, the company is extremely risky. It means for some reason, no one likes this company. That's why the fair value, no one is buying their stock. And I will show you an example in the real world about both, where the company had low book value and high book value. So otherwise you are better off liquidating the company. And the best way is to show you a few companies, a few samples, a few real time book value and discuss them just to get to look at the big picture. Before we proceed any further, I have a public announcement about my company, farhatlectures.com. Farhat Accounting Lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true false questions, as well as exercises. Go ahead, start your free trial today, no obligation, no credit card required. The first company I'm going to look at is Apple, which is trading right now the fair value of the stock price based on the closing 176.28. Again, when you're looking at this, it might have a different number. No, Finance Yahoo will give you the book value per, for any company you are looking for. So the book value per share is $3.84. What does that mean?  The company is worth a little bit less than $4. The company is worth actually 176. So if we take 176.28 divided by $3.84, it means Apple is trading approximately 46 times its book value. What does that mean? It means Apple value, not from its asset. Apple value is from its earnings, because it earns a lot of profit and that's why. So the balance sheet is really meaningless when you look at Apple.  Now I'm going to compare and contrast Apple. Again, they're not comparable, but I'm trying to give you a different book value to get to the point. A company like Bank of America. Bank of America stock price is $44. If we look at their book value, their book value is $30.22. So if we take $44.42 divided by $30 and some odd change, Bank of America is only trading at one little bit less than one and a half times its book value. So it's traded at one and a half time. At some point, Bank of America book value at some point was higher than the fair value. This was an exception because of the financial crisis. They had a lot of those collateralized mortgage debt, which there were bad assets. So it was reversed, which is unusual. So the point is a company like Bank of America, it's totally different than Apple. Why? Because if you look with their assets today, you can get $30, but the stock price is traded at $44. Now frankly, if we look with their assets, they will not even get $30 because they still have those bad investments and bonds, but that's a different story. I'm going to look at one more company like Normal. It's not like Bank of America. It's not Apple. Something in between and that's Darden. That's Darden Company, which is the rest. It's Darden. Let me just put it up. Darden Restaurants, it owns a few other companies. If you don't know what this company is, let me take a look at their profile. It's good to see. Good job, Adam. You would see what they do just so it gives you an idea. They own the Olive Garden. They own Longhorn Steakhouse. So it's good to know what the company is in the business. So they own many restaurant chain. So let's take a look at Durbuk Value. They're trading at $146.11. And if we look at Durbuk Value, let me scroll down. Durbuk Value is almost $20. So if we're looking at $146 divided by 20, a rough estimate, dirt trading at $7.3. Again, the reason I said this is a rough estimate because the price could change tomorrow and this could change. So they're trading at $7.5 Durbuk Value. That could be normal. That could be the normal thing for restaurants. So for a restaurant, when you value a restaurant, you look at Durbuk Value, you multiply it by $7.3. Now, then you can go ahead and make decisions, look at competitors to Darden Restaurant, and see if that relationship stands, seven and a half times Durbuk Value. So this is how Durbuk Value is used in the real world. So from a financial perspective, from an analyst perspective, of course, the Durbuk Value is looked at when evaluating a company. Let's go back here and start to look at actual computation. We're going to be using this Aram company and they have capital stock, they have common stock, preferred stock, they have retained earnings. We're going to try to compute Durbuk Value under several scenarios, starting with a simple scenario to illustrate the point. Then we'll make the example a little bit more challenging. So let's start to compute Durbuk Value per share for this sample company. First, you have to understand how to read the statements of stockholders' equity. So this is only a partial balance sheet. This is only the stockholders' equity. So for this company, we have preferred stock, we have common stock. The preferred stock is $50 per share. It's 8% for this example here, non cumulative, non participating, keeping it simple. They have 5,000 authorized of which 3,000 issued an outstanding. Well, if it's 3,000 issued an outstanding, we're going to be paying the dividend to only those 3,000 shares. And notice if we take the par value times the 3,000 will give us 150. Common stock, we have a common stock with a par value of $10, 50,000 shares authorized of which 40,000 outstanding. So if we take $4 times 40,000 will give us 400,000. So this is 550 is total capital stock and we have additional paid in capital for the preferred 40 for the common 100, 140. So this is total paid in capital. We have retained earnings of 150 and stockholders' equity of 840,000. So what we're going to do is this. Remember, we have stockholders' equity of 840,000. This stockholders' equity, because we have preferred stock, we have to back out the preferred stock, whatever belong to the preferred stock and what's left belongs to the common. Whatever's left belongs to the common, we're going to take it and divide it by 40,000 shares to come up with the book value. So let's do this. Let me just show you the number so it's easy to look at it. And here we're going to assume it again. We said it's non cumulative. We'll talk about this in a moment. So what belongs of the 840,000? This belongs to the preferred 150 and this belongs to the preferred. So what belongs to the preferred is 190 and the remainder belongs to the common. What belongs to the common is 650,000. We're going to take 650,000 divided by 40,000 shares to book value per share for the common is $16.25. If we take 190,000, what belongs to the preferred divided by the number of shares for the preferred. And this is really in the real world. You don't use this a lot. I'm just giving you the example to kind of tell you that you could also compute the book value for the preferred. But the problem with the preferred in the real world, you have many types of, many different types of preferred. That's why you can't do that unless the company has only one type of preferred. So the book value of the preferred $63.33. I'm going to be using the same sets of data in working different scenarios. So bear in mind the total equity should be 840,000. Always check yourself that this is equal 840 and how you split it between preferred and common. Let's change the example a little bit, just a minor change. In this minor change, we're going to make the preferred cumulative. When the preferred is cumulative, you have to take into account the dividend, whether it's declared or not. Because once it's cumulative, it's you are responsible for it. So it's a good idea now to practice how to compute the dividend for the preferred. How do we compute the dividend for the preferred? We'll take the par value times the rate. So each preferred share gets $4 per share in dividend. We have $4. We have 3000 shares authorized and shares issued and outstanding. So the shareholders are going, the preferred shareholders will get 12,000. So where does the dividend comes out? The dividend comes out of retained earnings. So here's what's going to happen now. Just like the prior example, we have the preferred stock paid in capital. Now under the preferred column, we're going to give them an additional $12,000. This additional $12,000, it's going to come out of retained earnings. So notice retained earnings for the common went down. Now the common equity is 638,000. The preferred, what belongs to the preferred is 202 remember to always add them up. They'll add up to 800 and should add up to 840. Now the common book value of the common stock is $15.95 lower than the previous one. The previous computation, the book value for the preferred 6733 actually higher than the previous one. Now let's change the scenario a little bit and assume that the preferred stock is cumulative and it's two years in a year. It means they owe the shareholders two years. What does that mean? Every year remember we have to pay the shareholders 12,000 because it's a cumulative. If we don't pay it, we owe it to them. Now if we are two years behind, we owe them 24,000 and this year we owe them 12. So we owe them 36. Now when we do the computation, we're going to give the preferred column 36,000. So we're going to reduce retained earnings from 150 to 114, and it goes to the preferred. Now if we add up what belongs to the common 614,000, the book value is $15.35, what belongs to the preferred 226 divided by 3000 shares, the book value is $75.33. Now let's change the scenario a little bit and assume the company is paying 50,000 in dividend. However, we're going to assume the preferred dividend is fully participating. Now in a prior session, I explained what fully participating is. In this session, I'm going to go ahead and illustrate the concept of fully participating. Well, let's start. Well, we have to pay, again, first the preferred dividend. The preferred dividend $50 per value times 8% equal to $4 per share, $4 times 3000 shares of preferred stock, we're going to have to pay them $12,000. So I'm going to keep it simple. I'm not going to have any dividend in a year. So the first we're going to give $12,000 to the preferred shareholders. The common shareholders, they're going to get also 8% the same rate, which is $10 power value times 8% equal to 80 cent times 40,000 shares issued and outstanding. And that's going to give them $32,000, which in total we gave in total so far $44,000. Now remember, we are paying $50,000 and the preferred are fully participating. Now what do we have to do? We have to find out what's left. Well, obviously what's left is $6,000 that we have to distribute to the common and to the preferred because the preferred, they are going to participate. Now we have to find the rate. What participating rate we have to compute? Well, we're going to take what's left $6,000 and divide the $6,000 by $550,000, which is the total of the preferred stock and the common stock, which is $150,000 plus $400,000. And that's going to give us a rate of 1.09090909 rounding, just 1.0909. The reason I say this because in your calculator you might see slightly different numbers because of the rounding. So what's going to happen is this. Now we have the participating rate. We're going to take $400,000 multiplied by that rate and the common shareholders they're going to get of the $6,000, $4,363.60. And obviously what's left goes to the preferred, but if we take $150,000 times 1.090909 rounding, they will get $1,636.40. Again, this is rounding. I rounded it and this is how I distributed the remaining $6,000. Now we are ready to see what's the total for the preferred, what's the total for the common, and the total is $50,000 distributed. Now we are ready to compute the book value per share. Now notice under the preferred we have the $150,000. We have the paid and capital preferred, which is these are from the balance sheet number. Plus we have to give the preferred $13,636, which is going to come out of our retained earnings. For the common, they're going to get the $500,000, the $400,000, and the $100,000, which is $500,000. And what's left of the retained earnings was $150 minus the preferred, minus what we paid for the preferred, what's left is $136,364. Now we add the preferred, we add the total, then we'll take the total preferred divided by the outstanding shares. The book value for the preferred is $67.87. Same thing for the common, we'll take the total common equity divided by 40,000 shares outstanding, which is right here, the outstanding shares $40,000 and $3,000 will give us $15.90 per share for the common stock. What should you do now? Go to Farhad Lectures and work MCQs through false additional exercises that's going to help you understand this important concept. Good luck, study hard, and stay motivated.


Hello, traders at CMC Markets. Welcome to another update from me, Trevor Neal of RRG Research for Wednesday, the 14th of June on the day of the Fed rate announcement. We're going to have a look at major stock indices and how they're positioned in front of this long-awaited announcement. We're in a strong bull market here on the NASDAQ rampant bull market and it started right from the beginning of the year after this double triple bottom low and up with powered crash through the 13,600 resistance there, surging towards the 15,200 resistance here and the move itself is going parabolic. The MACD is strong, it dipped a bit but then it's come back up a bit. Again the RSI dipped a bit and has come back up again telling us the market is very strong. So let's just magnify this a little bit. The S&P has pushed ahead and as pre the data release is looking obviously very strong therefore expectations are I suppose that must be expectation for a pause which is built into the price. Now there's room for disappointment there in the rhetoric or maybe not a pause. We have got support at 14,686, if it pulls back if we break through 14,200 then we can drop quite hard and fast down to the significant next support at 13,600. If we continue to power ahead then the next resistance level for the NASDAQ is at 15,240. The S&P now also of course very bullish indeed long-term breaking through resistance levels 42,400 was a big number for it and struggled with it for a bit but then it burst through slice very fast and next resistance level which was the August 22 high at 4321 which is now support for the market. It is pushed ahead from there the next resistance which is only minor is at 4,500. Let's take a closer look at the chart. We can see that expectations are high for a good outcome in the Fed rate announcement. We gapped up and so there's plenty of room for disappointment. The gap is from 4,340 up to 4,348 so if we fill the gap then then we'll probably come down further. If we edge into the gap and then out of it again that's very bullish and then the high of 43,72 will probably be taken out and we will push in on up into this free area up here where it can surge with very little friction. If there is disappointment we're still in the strong ball market. I doubt it would destroy the ball market. We've got support that very important longer term support at 4,322. We've got support at 4,260. If that gave way we could slip back quite fast because we gapped up very swiftly from 4,225 level. There is good support if it fails the news disappoints but if it does then it comes back to these levels quite quickly and they're good levels and given the strength of the ball market it should resume but if it doesn't disappoint that will be unfettered bullishness will come into the market and there's a lot of room for it to go up without any resistance. Now this is a daily chart of the Dow Jones industrial average and you can see with this long-term picture here we've got this ascending triangle shape higher lows in place. This one has been lagging the Nasdaq which has been leading the S&P it's turned strong and now I think we're on the cusp of something big happening in the Dow Jones industrial average. So you can see here that this level here above 34,000 let's say 34,250 area has been rebuffed, rebuffed, rebuffed a number of times but every time it goes down it holds at a higher level the balls are getting putting in more pressure on the market and it's looking quite strong with the MACD positive here on the daily chart and the RSI making a new high. Let's home in a little bit on this area here but you can see the implication of a breakout here could be a retest of this high 35,500 and then the high at 37 up here this would release a lot of energy on the upside and ascending triangle classically you count from the low here 29,000 up to 34,000 here that would be a 5,000 so up to 37,000 38,000 but that's to the high or even slightly beyond that's the classic minimum price objective from an ascending triangle so this could be the break that gives a swing to new highs for this market. We've got that series of highs the line here should be fat you know it's difficult to know exactly where it is but we're definitely close to it we're coming up to with a lot of power here and so the triangle is the horizontal side of the triangle ascending triangle is under threat it's got power any sort of relief for today and even if we get the news that we were expecting I think there's a lot of energy on the upside here that could take us through that horizontal line if it does it will release a lot of energy in the market and I think this could be the beginning of a catch up by the Dow Jones Industrial Average not only on absolute term but on a relative term where it's been lagging so much behind the NASDAQ so the key level is around 34,300 around that level there because we've got those long-term highs there but we've got a lot of power you see the MACD here pushing forward gap is widening powerfully the RSI making a new high here just got a lot of momentum on the upside at this point if we get news which disappoints the market we've got it we have got a gap here the gap is from 34,100 to 34,062 small gap in there and filling that cap would infer a pullback to the next support level which is these two highs here 33,800 and the whole situation and the whole idea that this is the attempt of a breakout would be null and void if we break through 33,400 so we're approaching significant resistance point that can release a lot of energy on the upside and it could of course be yet another point on it and we just drift down and then we come inside the triangle that'd be very disappointing for the market so we're at a very important point with potentially explosive news this is going to decide whether we break out or whether we fail we'll probably know that by the end of tomorrow or what happened there but if we break out I think it's very exciting for this and as I said I'll just repeat that this market which has been lagging the Dow Jones industrial average could play a game of catch up and could offer the most potential as it swings around with the bullish NASDAQ but on a relative basis improves substantially now here is a daily chart of the and there's a different picture isn't it completely from what we had the we've been looking at with the NASDAQ and the S&P and the Dow bull markets but here not a bull market at all it's looking very weak series of lower highs in place and the drifting even currently and here you can see easily on the the ROG lines versus the S&P the relative weakness of this is a vulnerable market to weakening further so let's go closer look closer at it drifting pattern we see here we've got near-term support at 7,548 7,550 then below that if that gives way it's a drifting continues and that gives way then the next support crucial support is the 7,440 to avoid retesting these lows in here at 7,300 on the top side we've got resistance at 7,650 level then here from these lows in here and this the bottom of this consolidation range at 7,700 extending the consolidation range extending up to 7,792 we've got a neutral message from the MACD the RSI is at 50 in the middle of its 50 percent right in the middle of its zone and so it's showing neutral the MACD is neutral the RSI is neutral we're in a little bit of a consolidation range we've got a consolidation range above we've got the lower highs pattern it looks as though it's consolidating but the threat is really to the downside the support here really at 7,540 is relatively light and so the threat is really for a retest of this 7,446 it's a really different looking chart from those US indices it looks as though it's going to continue to underperform and best stabilize but the worst it may drift further I'll leave it there for today thank you very much for listening we'll see how events unfold after the Fed announcement so thank you very much for watching I'll be back to you soon the next updates will be from Julius on our weekly ROG updates and thank you from us both Julius de Campanara and myself directors of ROG research and may the trend be with you goodbye


Sup you beautiful bloxians, hope you're having a fantastic Wednesday though for some of you, it might be Thursday. Welcome back to the JohnnyBlox YouTube channel, buckle up, hit that like button or I will brutally stuff you into a Freddy Fazbear suit, and let's just jump into it. So we are back once again to talk about the FNAF ports. Now, this is exciting news because this is news that I think we were all speculating to happen but we didn't really think it was actually going to happen. FNAF wanted us coming to mobile and allegedly it is available right now, but of course it's not for some reason. So Steel All Studios, the people that made of course FNAF Help Wanted have a YouTube channel where they post all of the trailers for Help Wanted, its DLC and security breach recently, and they have a playlist called FNAF VR Help Wanted where they put all of their FNAF stuff. And in that playlist are the following videos, FNAF Help Wanted iOS trailer, FNAF Help Wanted Google Android trailer, and then a private video but we will get to that one shortly. Hey y'all editing JohnnyBlox here, so I completely forgot to mention something so I want to talk about them right now in this terribly lit poorly framed, I got no plushies back there, this whole section of the video is just going to be terrible but I got to talk about them. So I think the reason why these videos are unlisted and why they haven't been properly posted to the YouTube channel is because it's just not ready yet. You know I tried looking on the app store for Help Wanted, it's not on there so I'm guessing when it is on there, that's when they're going to release the videos. I don't know why they uploaded them right now and just made them unlisted, no clue at all, and as for the private video I completely forgot to talk about it in this video but I think it's either one or two things. Either the announcement for Help Wanted coming to Xbox One which we've been waiting for news on that for so dang long and you guys keep asking for it but I literally have no news to give you for it. Or it's more security breach information like a second trailer, a gameplay trailer, a release date video, that would be cool too but we really don't know those are just speculations so anyways that's it for me, back to the normal video. Now the iOS and Google Android videos are actually unlisted which means you can access them and view them if you have a link which believe it or not if you look into a playlist and you click on a video in a playlist you have that link so we can view these trailers so let's take a look at them. So we're starting off with the iOS trailer first they're basically the same thing but I do want to go through both of them just in case they are different and I'm sure people are going to be just like oh you didn't watch the Google Android one so hey man it's your time I'm wasting watching both here we go so this is iOS keep in mind. Alright so we have the craters and look at this right for mobile it doesn't look all that bad it really doesn't look all that bad keep in mind I have seen this already jump down just a little. Yeah it really doesn't look all that bad getting ported from virtual reality to mobile doesn't look all that bad it has the same kind of graphics as the quest I would say.  Yeah it really doesn't look all that bad. FNAF now ported. Play now download on the App Store but of course it's not on the App Store for some reason. So now this is the Google Android trailer again they're basically the same thing but people will yell at me if I don't watch both of them so we're two times in speeding it just to show you guys it's basically the same thing just at the end it says Google Android get it now on the Google Play Store. So same thing again the graphics don't look all that bad honestly for mobile it really doesn't and I really do want to get it. We'll talk about price later wait oh wait I want to go back I want to show you the clipping of baby's hands I'm pretty sure you guys can see it hold on. Yeah see same thing play now get it on Google Play so that is the trailer so now I want to go in depth a little bit more really there's not too much to talk about because this game has been out for over a year and a half. Let's let's take a look at oh you can see Toy Freddy right there let's take a look at FNAF 2 for a little bit again the detail is still pretty good I will say it definitely doesn't look the best it's not the best graphics I've seen on mobile but it really doesn't look that bad. Again when you think about it being ported from I don't know why I have a pencil being ported from virtual reality onto this device like that is incredible hello phone say hi to me like this definitely reminds me of the of the quest trailer if you guys saw that trailer. It looks to be about the same graphics like characters they don't look that bad. Officers don't look that bad at all again it's the graphics have definitely been lowered but hopefully that means that the game will run smoothly you know because this game is very complex again it's in VR so it's used to having these highly detailed models. It's used to having highly detailed animations and jump scares and settings stuff like that so I hope that it runs well since they've lowered down the graphics I really really hope it runs smoothly like moving on to a jump scare right here. Like again you can see not the best but I just hope it runs smoothly right let's have a look at nightmare BB's animation of his head or just him walking us. Yeah like it all looks decent definitely doesn't compare to virtual reality where it originated from but it still looks pretty good again for mobile I keep saying that but you gotta think about it. Yeah so let's do the trailers nothing too much to talk about now as for price if I remember correctly the FNAF ports on mobile or 299 United States so maybe like 799999 which when you think about it really isn't all that bad. I definitely do not expect it to be 2999 maybe it will be I don't know but I feel like it's definitely I don't know because you can't make it 2999 maybe 1499 I don't know. Anyway between 799 to 1499 is my guess the the switch for help on it definitely did I'm pretty sure it sold for 2999 but I just don't think they're going to do that for mobile devices because it's not really a good experience. I mean I'll be honest you know playing on your phone when you could be playing on monitor or your switch definitely like you can't really compare those two so I feel like it's definitely going to be lower than than what it originally was. There's not really much else to talk about because I mean it's again it's a game that's been out for a year and a half so that's kind of it I got a lot of good videos coming out this week we got the new board game. Look at this thing honestly I'm excited to play this though it is very complex and then I also have I'm just using lefty as an example I do have all of the McFarlane sets for wave six except one but hopefully I can get up before the video but at the same time I've shown this off so many times I don't want to keep people waiting so who knows maybe I'll just have to do one video after that to show hey I got the last set here it is but yeah those videos coming soon. Again there's not much else to talk about so hit the like button subscribe if you enjoyed the video if you made it this far clearly you enjoyed so again a lot of good videos coming out that you do not want to miss. I would love to do a playthrough on my phone for help wanted but at the same time it's like we've played through that game several times on the channel so I don't know maybe I'll make them like longer videos so you know it doesn't completely fill up your sub box we just have like a couple videos on it maybe like two three max I don't know at most probably four or five I don't know. I'm still contemplating if I want to get it depending on how much it is on mobile but again that's it for now I don't know why I had a pencil the majority of this video I just feel like I looked smarter if I talk with a pencil so yeah that's it thanks for watching and we'll see you all on the flipside goodbye.


Thank you. Thank you for your invitation here this morning. I will try to stick to the 20 minutes, knowing that with 20 minutes it's very difficult to speak about what is happening in the Middle East and in Minna in Middle East and the African countries and then we'll have your questions and I think through your question we can go deeper in the discussion. I wrote a book which has been published already in French and it's going to be published in next month in fact by Penguin in English which is The Arab Awakening, Islam and the New Middle East and it's really about what is happening but beyond what is happening the deep questions and the important questions for the Muslim majority countries in the Middle East and in North Africa as to their future and in which way things could evolve. The first thing that I would question when we speak about what is happening and I know that sometimes when I have been visiting many Arab countries these last months I'm questioning the way we name what is happening. I'm not talking about revolutions and I'm not talking about Arab Spring because I still don't know what is really happening so I'm talking about Arab rising and awakening not more not less but if I have to discuss what is happening in the Middle East and in North Africa the only country where I can see something is happening which apparently is good is Tunisia today where things are moving slowly but I wouldn't say that the other appraisings I'm very worried about what is happening in Egypt today very worried about what is happening in Libya and in Yemen as much also as in Bahrain we don't talk about Bahrain because it seems to be far it's a petromanarchy but if the movements were to something would have happened there the whole situation for the other petromanarchies would have been very very difficult and now it's not it's still we are still dealing with repression and it's also the case in Syria what also it's important for me it's not to be naive about what happened before so I took some time and I'm still talking about this about what happened and to understand what are the causes of what happened I think that there is something which is we were talking about people demonstrating after the self-formulation of Muhammad Boazizi in Tunisia and all this was right this was this were facts and the price you know the bread price and the social economic realities in the country all the ingredients in Tunisia were there to have such a mobilization and demonstrations against the dictatorship and this is not this cannot be controlled and this came from the people while at the same time what we need to know and these are things that are clear in the necessity for the Americans and for the European countries to change their policy in the region is something which was known it was not it was not new when in 2003 the president Bush was explaining what was happening in Iraq as the beginning of the process toward democratization of the the region he was saying something which was important in the American strategy and there is something which is known today about the training of bloggers cyber dissidents towards nonviolent mobilization that's not new I came with all the facts and this was this is we know now there is this cyber dissident organization in the states that they had many meetings and even in 2008 the American ambassador sending a message to the state department saying they are young mobilizing now and going through a process of acting and demonstrating and their objective is to throw away the current government and they were talking about September before September 2011 so the point for me is that the ingredients for the people to act against the government and to say no to dictators and to corrupt regimes was there while I don't think that the West didn't know that this is something what what happening I don't buy this at all because I heard about it before because we have the facts and we have even and it's not only WikiLeaks it's also people working foreign affairs newspaper papers and and we have these facts written and and for me it's important why because when it comes to the Middle East we have to avoid only thinking about the political dimension and thinking all these are people for democracy no we are dealing with socioeconomic factors that's true but we are dealing with geo strategy and we are dealing with economic factors and I think that this is also quite important in all the new dimensions that are taking place in the region so I am not I don't want to be only obsessed with oh it's a question of democracy let us ask ourselves are the Islamists ready for democracy and by the way I liked something that I heard by the personal advisor to the the Turkish prime minister when we were in the meeting with the alliance of civilization saying the question might be not if the Arabs are ready for democracy but is the West ready for the Arabs experiencing democracy which is a good one so I think that we have to we need to have a comprehensive approach when it comes to to this and and and to get the socioeconomic factors right that they were the ingredients in Egypt in Tunisia and other countries but also the socioeconomic the geo-strategic realities and the economic dimensions now if I want to add a few things about what we knew it's also two things that were quite important with the dictatorships in the region we knew and this was known and for the last five years for example in Tunisia the american administration was in touch with the opposition and with this with the Islamists also european countries not directly there but we know today that they are very often meeting in Qatar they are meeting in other places but this relationship is not new so the west dealing with Islamists and talking to them knowing trying to know what they want and what is the future is something which is important and there was something which was clear is that the Ben Ali regime in Tunisia was an old regime and the future was problematic so the transition was problematic exactly the same with Egypt and we heard that the president Mubarak was thinking about his son Gamal and Gamal was taking over 60 percent of the great businesses and enterprises in Egypt and starting to go towards east dealing with the Chinese which also it's a question in the region about the new actors you can't get a right understanding of what is happening in the Middle East if you don't take into account the new actors in the region and China and Russia as much as Brazil South Africa and mainly of course China China over the last 10 years multiplied by seven its commercial relationship with the region they are everywhere and the point is that when China is in the Middle East the perception of for example some of the important dimensions in the Middle East and let us start with the Israeli-Palestinian conflict it's completely different China has not the same take on the conflict as the Americans and the Europeans and these are things that we have to take into account in the evolution and we can't speak about democratic processes in the region if we forget the Israeli-Palestinian conflict we have to get it right it's in the middle of many of the questions that we have now but not only but I want to put this as something which is a more comprehensive dimension and as much as I agree with the fact that we can speak about the domino effect when it came to Tunisia and then Egypt and then Yemen and other countries I think that when it comes to politics and what to come to socio geostrategic interest is much more a chess game than a domino effect it's really that we have to take every country and to try to understand where it sits in the hole in the whole picture now the second point which is important so the first is this one is the dictatorships were in crisis and they were we we were facing a transitory period how this could be controlled or this could be how we can go along the whole process was a question that we have in the West but also in the Middle East itself the second point is all these young people who are using the internet and social network and all this the point is and we saw this with the election they were very powerful against but they didn't have a vision for so against dictators but for the future this was not there even the 6 april movement very powerful you know I don't know if you saw the the two programs that were done on them on on El Jazeera in English and in Arabic very very strong vision about how do we mobilize and and once again they were trained and we know this it started in the two in 2000 2003 with uh Serja Popovich everything which happened in in against Milosevic and this vision planning discipline the non-violent discipline this is known these are things that are known but they were very powerful and in the program they were saying how they wanted to go and which you know everything was thought about it's it's about for example the the slogan nothing should be said against the West everything should be said against the regime it was very disciplined it was very well done now when it came to what is your vision for the future nothing nothing clear we know why we are against we don't know what we want as the future talking about democracy and freedom and what happened is something that we had here in the west but it was not only a western understanding or a western projection straight after the first step in Tunisia and then in Egypt the big question what about the Islamist what about the secular and the discussion was a polarization between the secular and the Islamist so this is the main point here today where we we we need to to deal with this why because when you you you talk to people in the region and coming from Tunisia and Egypt they say oh this is a western business they are looking at us as you know Islamist against secular but in fact it's not true it's not coming from the west it's also coming from the Muslim majority countries that you have this polarization in all the discussion and when you have this polarization in all the discussion this is what I call the contemporary crisis in the Arab mind and in the Muslim mind is the way you portray the whole political discussion and economic discussion in the Muslim majority countries now is to to have this discussion between the secular and the Islamist and to take it as the big question for now and for the future and ending by asking ourselves what about the democratic process what about transparency what about representation within the country but if you listen to the deep discussion that we have now and that we had because it's changing for example in in Tunisia now it's changing but for the first months what we had is the secular saying you are Islamist you are backward you are imposing religion and they were taking their legitimacy as being progressive against the religious people and on the other side religious people saying but you are westernized you are working with the west you have been for some of you supporting the dictator Ben Ali and now we have the religious credibility at the end of this course and the political discourse in the Arab majority the Arab world and the Muslim majority countries is about credential and we have the religious credential or we have the progressive credential and I think that this is where something should change in this and this is still what we have in Egypt the Muslim majority countries cannot evolve towards something which is truly democratic if we end up with this discussion about the secular against Islamist and having a monolithic understanding of what Islamist is a monolithic understanding of what secular is that's wrong and the people who won in Tunisia were the people who said no to this polarization Monsef Marzouk who is now the president from the very beginning it's not new he's not playing with this and by the way he is ethically very very strong this is someone who for whom I have great respect why because he was working for human rights for years and from the very beginning he was saying to the fundamental the the secular fundamentalists he was telling them you are not you are not in touch with the country there is only one way to deal with our country is you might be right but you need to work with the Islamist that are open for the dialogue so he wanted this link to happen and he was the second as the political party he was elected then as the the president and in the Islamist there is something that we have to stop now is to what we have been a cell for sold for for years you have only one choice the dictators or the Islamist and the Islamists are all dangerous this attitude towards the Islamist is completely wrong and now we understand that there are trends within Islamist you have the reformist you have the legalists and even among the reformists if someone is talking about the Muslim Brotherhood for example in Egypt thinking that today it's one organization with one vision that's completely wrong it exploded under the pressure of the demonstrations in Egypt the young generation asking the the the elder generation we have to go to Medan at Dahrir and the elder say no we have to wait and they waited till two days before it happened so this was an explosion why because the young generation is closer to the secular opposition and the young who are against the the the the dictator who were against the dictator then towards the the only the Salafi and now you have another trend which is we we were understanding in the west that the Salafi which are the literalists were supporting the Iqwan in fact it's a very very strong ideological competition between the literalists and the Iqwan the Muslim Brotherhood I think that if we we we don't understand this if we don't understand that the Islamist there is a wide range it's not only the radicals it's not only the radicalists the radicals but it's also something which is the reformist and within the reformist many visions for years that's true they were refusing the concept of democracy some now are saying democracy is nothing and the first by the way who said that I don't have a problem with democracy is Rashid Ranushi who is the president of the the Nader now in in Tunisia so the point is that we have a diversity of Islamist attitudes a political stance and we have a wide range of secular attitudes some are very much against anything which has to do with the religious reference and others are saying we have no choice but we deal to deal with them so my main point here is this polarization that was the reality in Tunisia and still is the reality in Egypt there is only one way towards democracy in these countries is to go beyond that is to go beyond this polarization and to come to policies of political vision and I would say that this is why I'm saying in in Tunisia we see that they are starting to come with okay what about our economic policy what about education what about women in the country they now start to speak about politics and not about this only ideological clash that was the reality just after the first election even and the first uprising in Tunisia in Egypt today we are still within this discussion and you can see now that why I'm worried because we have now people pushing it's pushed from within and pushed from abroad in Egypt the Salafi movement the more literalists and I wrote an article when I was much criticized by saying if you try to understand what is happening with the literalists in Egypt you understand that there are internal dynamics but you have also people supporting from them from outside and the first country to support one trend of the Salafi is Saudi Arabia pushing them so it was also to put the Muslim Brotherhood into a situation where they are in between the literalists on and on the one hand and the army on the other hand and there is today no real future in Egypt if you don't deal with the army so the people who are in the in Medellin asking for the army to leave are people understanding that it's critical now it's a critical time where the army is still taking over and deciding on the future of of of Egypt so my main point here is for us when we try to understand if we keep on repeating that all the Islamists are the same and bad and we don't talk and we don't talk to the more pragmatic is not going to work and it's not in fact the reality now the American government and European governments now are dealing with Islamist and they are trying to find an agreement to get a better understanding and this is the way forward now the second thing which is still very important beyond these two countries is what is going to happen in Syria and what is going to happen still in Yemen and as I said in Bahrain in the Petro-Moroccan I don't see for now anything that could happen in the Petro-Moroccan I think that they are stable and they are protected at the same time something which is quite interesting and we were talking about this before is the Moroccan example pre-emptive policy to avoid demonstrations and to have controlled reform I was told before the election who was going to win the election which is good but this is also the reality you understand that it's under control we prefer to have them with us then you control them and you know how to deal with them with some room for freedom but not too much so but we also have to be aware that there are limitations in the whole process but this is where you avoid the demonstration my conclusion now and I'm sorry I understand that I'm just talking about a few points and it's just to open the floor for discussion but and it's too short to be exhaustive but I would say that if I look at what is happening now with what we call the ARP Spring and here it was called the ARP Awakening which is the word I use is one we really have beyond the only discussion on the democratic process to connect democracy and the political system with the economic stability there will be no democracy without economic stability and if we are not ready to talk about this it's not going to work and the people who are understanding this and and we may have to talk about it later if you listen to the way for example the Turkish government is entering into the discussion it's not only to talk about it it did he did it for example when he visited the president the prime minister Erdogan when he visited Egypt talking in such a way about you know the secular system that we have to deal with we don't have to be scared of the secular system this was a symbolic take he was talking to two kind of people his own people and the Arab world at the same time saying we don't have but he was not only coming with a political understanding he was coming with a take on the economic stability he was dealing with this and by the way it's quite important remember then when the president Barack Obama was talking the second talk he gave about the situation after the revolution half of the half of the talk was about the economic factors it was also about the World Bank about IMF how we have to deal to put money in the whole process and they are now putting money much more and that's quite strange much more than the Europeans if you look at what happened in Tunisia and how much the Americans were involved from the very beginning much more than the european countries you ask yourself is quite strange where were the French and in fact after this we had a deal we were in Tunisia we were in Egypt you will do the job first first only first in Libya anyway that's a hypothesis the second point is also to take into account as I said the new actors and once again the economic stability would have to do with the Chinese presence which is critical today and it's known and it's connected and should be connected as I said with the Israeli Palestinian conflict but not only the Chinese presence in Africa in the Middle East with the Indian presence the Russian presence the South African presence is shifting towards east and this is something which is of concern but we have to take this into account and I would say that if you understand the Iranian policy the Syrian policy just before and now it's going also to be on the same tracks and what is happening with the vision that we if you listen to some of the Islamist voices about what they are saying in the future they understand that they might have to have new relationship with China and understand that this is going to counterbalance the western influence and this is something which is important the so having said that it's of course the geo-strategic dimension so I wouldn't just talk about democracy in a way which is very a narrow understanding and the fourth point as I said that we have to discuss when it comes to the Middle East is the Israeli Palestinian conflict and what is happening and what is not happening in fact I don't think that we can talk about a peace process today I think that the situation is very very worrying for the Palestinians that the reality this is the way I see it and the last challenge that we will all have to deal with in the very near future but of course is one of the main challenges for the Muslim majority countries today is the relationship between Sunni and Shia it's it's critical it's really central for the relationship remember in the past the unifying factor in the Muslim majority countries was for example the opposition to Israel it was all the Arab and the Sunni and Shia were together it's this is if you listen to the voices now it's to say who are the most more effective in resisting Israel today it's not the Sunni it's the Shia it's Iran strong and and and you can understand that Ahmadinejad when he speaks the way he speaks about Israel is not only a political discourse it's a symbolic discourse he's trying to get his people he's gathering he's working on psychology and once again I said it when we were eating right now you can't understand the symbolic presence of the the prime minister Erdogan in the Arab world if you don't get it that it started when he stood up in Davos saying to the the the the Israeli president I'm not going to accept what you are doing in in Reza and then he asked for apology when they killed the people in the flotilla the symbolic dimension here is very important and today the symbolic resistance or the resistance on the ground and the symbolic credential that is used now by countries is very much on the side of the Shia. Hezbollah is a Shia organization and they are with Iran with what is happening in Syria at the middle of this fracture between the Sunni so what was yesterday a unifying force is today revealing fractures within the society and it's going to have a great impact on the Middle East in the future thank you