Hello and welcome to the session. This is Professor Farhad in which we would look at buying on margin a topic that's covered in an essentials Or principles of investment graduate or undergraduate as always I would like to remind you to connect with me on LinkedIn if you haven't done so YouTube is where you would need to subscribe. I have 1,700 plus accounting, auditing, tax, finance as well as Excel tutorial. If you like my lectures Please like them, share them, put them in playlists if they benefit you It means they might benefit other people connect with me on Instagram on my website farhatlatchers.com You will find additional resources to complement and supplement Your accounting as well as your finance education your CPA and CFA exam So if you're looking to add points to your exam professional certification check out my website So buying on margin what is buying on margin? Simply put when you want to buy stocks or securities from your From your broker your broker will give you more money. Well, that sounds good. Can you take that money? Not really you could just buy with it Okay, so when purchasing securities investors have have easy access to a secured debt Financing called brokers call loans. What does that mean? It means you can borrow money against Against your securities to buy more securities now I would rephrase Sometime you can't take it out in cash, but that's not what we are talking about here because I just said you can't take it out And cash you can so when you take advantage of this loan, it's called buying on margin It means you are using the money to buy on margin That's simply what it is you put $5,000 in the bank The bank would say you put $5,000 We're gonna put an additional $5,000 in your bank account and now you have so this is yours and this is the broker But it's under your control $10,000 you're purchasing is $10,000 so the margin in the account is the portion of the purchase Contributed by the investor. So this is the margin the first 5,000 is called the margin The second 5,000 is borrowed borrowed means it's alone and guess what when somebody gives you money They expect you to pay interest so you have to pay interest on that loan So that's another source of revenue for the broker. So the broker will borrow the money from banks at The call money rate remember we talked about the call money rate There's a there's a rate for that to finance these purchases and they charge you interest Obviously because they borrowed the money plus a service charge So if they borrowed the money at 3% they might lend it to you at 6% or 5% So they will obviously they'll have to pay back 3 and they will pocket the difference All securities purchase on margin must be maintained with the brokerage firm in the street name Think about it. You're not gonna go to mirror Lynch buy stocks on margin Okay, use their money then transfer those stocks to your fidelity account. That's not gonna be acceptable Okay, because the money is you bought the shares on margin Now if you have shares at mirror Lynch Securities at mirror Lynch and you would like to transfer them to fidelity. That's okay as long as you did not buy Then on margin why because the security is that you have at mirror Lynch? They are they are a collateral for the margin So if you are taken away your money the collateral is gone So what they do they sell the shares then they give you your portion Which is your margin portion that you can do whatever you want with it Okay, the board of governors of the federal reserve system limit the extent to which stock purchases can be financed using Margin loan simply put here's what the here's what are the rules right now the current initial Margin requirement is 50% Meaning that at least 50% of the purchase must be paid in for cash when you buy something you have to pay 50% Now that's not true for all securities for certain securities You have to but you have to pay more of the securities are risky But generally speaking you have to pay at least 50% from your own money. Okay, and the broker will finance the other 50 The best way to illustrate this is to to work an example. Just give me a moment There's something called the percentage margin you have to know what is the percentage margin is the ratios It's like a ratio means it's it's one number divided by the other of the net worth or equity Net worth or equity I'm just gonna use equity because you should be familiar with the term equity and I will define equity in a moment divided by or the equity of the account to the Market value of the securities. How much do you have equity divided by the? market Value that's basically what it is equity divided by the market value and so what what is equity? You know what equity is equity is assets Minus liabilities What is your equity if you have $10,000 in your bank account and you have $3,000 in loans You have a net equity of 7000. That's your equity or your net worth So that's what equity is assets minus liabilities. Hopefully, you know this suppose an investor initially pays $6,000 Pays $6,000 toward the purchase of a $10,000 worth of stocks. So they bought 100 year each year is worth 100 they contributed 6,000 they borrowed the remaining. What does that mean? Well, what do they have in their hands? Well, they have 100 shares Times $100 those are the assets. They have $10,000 worth of assets of which of these of which $4,000 are liabilities or loans Well, what's the net worth the net worth is? $6,000 if I ask you what is the percentage margin? Well, it's the this is the equity Assets minus liability the formula is equity divided by assets the assets are $10,000. So the percentage margin is 60% so this is how it works So from a balance sheet prospective assets and liabilities and hopefully you are familiar with that if not you need to go to my Accounting lectures on my website or on my YouTube you have $10,000 worth of assets worth of stocks You have loans from the broker $4,000 $10,000 minus 4 gives you equity of $6,000 and this is basically how we compute the initial percentage Martian 60% so you you come up with more than 50 you paid 60% okay, but you have to pay at least 50 Now what happened if the price declined to $70 so what happened the price was 100 initially the price declined to 70 well if the price declined to 70 the value of your stocks are 7,000 Your loan will stay the same. Well, guess what if your stocks went on 3,000 Your account your equity will go down by 3,000 because 7,000 of assets should equal 7,000 of liabilities in equity Okay, so this is what would happen. So your your value of the stock is 7,000 This will stay the same and your equity will go down because what happened is you lost 3,000 now What would happen the assets and the account fall by a full percentage in the stock value? So so that's the equity. So now if you want to calculate your percentage Martian It's your net value, which is your equity of 3,000 divided by the market value of your stocks Which are 7,000 now your percentage Martian is 43% your Martian is 43 so it was 60 now. It's down to 43 Didn't we say that the Federal Reserve Bank said there's a 50% that's initially when you buy it initially You have to put up 50% now it fell below 50% so now we need to know what happened if it keeps on falling Let's think about this for a moment. What happened if your stock value goes down to $4,000 so if the value of the stock keeps goes down to 40 and your value is 4,000 4,000 your broke your loan is 4,000 and your equity is zero Basically, you are wiped out and that's under those circumstances Do you think the broker would allow you to get to get that here? And the answer is no because once you fall below 4,000 the owner equity becomes negative simply put once you go below 4,000 if the if the rate if you have 3,500 then you have negative 500 of equity and this is taken away from the broker Do you think the broker is gonna let you do that? Absolutely not Okay, so the value of the stock is no longer sufficient to cover the loan from the broker They don't wait all the way until you got the 4,000 what they do to guard against that possibility because remember stock drop down Very quickly once the stock starting to drop. They don't wait until you are wiped out You are down to 4,000 because after 4,000 now you are losing their money what they do is If the percentage margin falls below the maintenance level a certain level called the maintenance level once it falls below a certain level and Each firm will have a different maintenance for different stocks. The broker will issue a margin call So once it falls below that certain percentage you'll tell you look you have two options You have to give us more cash or we're gonna sell your position liquidate your position Which required the investor to add more cash or the securities or Securities you add more cash or stocks so you can transfer stocks from another account Or you have to sell your stock and turn them into cash and give them back their money Okay, so what happened if you don't act that when you know, I don't have money to pay I don't want to sell well the broker will sell your stocks from the account to pay off enough of the loan to restore the Percentage to the maintenance level because they said look we have a maintenance level. We cannot fall below it Once you fall below it, we need to protect ourselves. You either give us money give us stocks additional stocks from somewhere Or we're gonna sell if you don't do that. Okay, so let's take a look at how we compute this Suppose the the maintenance margin is 30% for at that firm for that stock How far could the stock fall below the investor would get a margin call margin call is simply literally a call They will call you or they will send you an email now They they can they call it or they send you an email before they used to call you especially if your account is large Now they would send you an email and they would still send you a letter But the letter it's too late sometime by the time you get the letter So here's how we compute this let P the price of the stock the value of the investor shares and is then is 100 times P so P is the price of the stock because we want to look for the price of the stock So 100 P is the 100 shares times the price and the equity in the account is 100 P minus the loan So this is the equity in the account 100 shares times the price. We don't know minus the loan. So this is the equity. This is the Equity the percentage margin The percentage margin is the equity divided by the price of the stock 100 times P And we're gonna set this equal to point three So what we do now we just solve for the equation. How do we hopefully, you know how to solve for the equation? We cross multiply we say point three times 100 P equal to 100 P minus 4,000 point three times 100 P is 30 P equal to 100 P minus 4,000 basically we just you know Let's subtract 30 Yeah, let's subtract 30 P from each side what we're gonna end up with is negative 70 P equal to negative 4,000 just multiply by negative negative one 75 P equal to 4,000 Sorry, not 75 70 P 70 P equal to 4,000 P equal to 4,000 divided by 70 the price is 57 point 14 So simply put once the price of the stock gets to 57 point 14 You're gonna get a phone call. Okay, because remember to come down to 40 The price has to go down to 40 They don't wait until you get to 40 at 70 at $57 and 14 cent you'll get a call Look, you either come up with more money to bring it above 30 or we're gonna sell your stock Simply put we're gonna sell your stock. Okay now Suppose that the maintenance margin is 40 percent how far can the Can the stock price drop before the investor gets a margin call? Well, what does that mean? It means you have 100 shares Times the price. We don't know what the price is minus 4,000 That's your that's your equity and you're gonna divide this equity by your the value of the stocks 100 times P Equal to point 4 now again you cross multiply Point 4 times 100 P equal to 40 Basically what it gonna boils down to is P equal to 4,000 divided by 60 and this should equal 4,000 divided by 60 at 66.67 if the if the margin is 40% By the time you get the 60 but once the price drops to 66.67 you're gonna get a phone call or an email or notification Look, you know, you you are at the maintenance level. Give us money Send us money. Give us additional stocks or we're gonna sell enough shares We're gonna sell enough of these 100 shares. So where this becomes point four or above So this is how it works. Okay. Now. Why do people buy on March? And so why do people buy on March and obviously it's agreed because you if you're bullish about something if you're bullish means You think it's gonna go up.  But look come here comes the risk They're also you are faced with a greater downside risk because you're not only losing your money You're losing your money and the firm's money Suppose an investor is bullish on think or top think or start which is selling for $100 per share an investor with $10,000 expect to Expect the expect the price to rose by 30% So if you invest $10,000 the price increased by 30% you will get 30% return Assume you're confident about this. What you do is, you know what? I'm not gonna only invest 10,000 I'm gonna borrow $10,000 to invest in that stock. So here's what happened. You did not only have 10,000 Now you have 20,000 to invest now you have 20,000 because you borrowed an additional 10,000 you can buy 2,000 share assuming an interest rate on the margin is 9% So the money that you borrowed You have to pay 9% what will be the investor's rate of return again ignoring dividend if the stock goes up to 30% By the year end. So you held the stock for a for a year. It went up 30% so here's what's gonna happen if it went up 30% The 200 shares will be worth at 26,000 Because they went up 30% 3,000 for each 10,000 Now here's what's gonna happen.  That's pretty risky because let me show you what happened if the stocks does not move and if the stocks Drops so let's see this example again on an excel sheet. So this way I can break everything for you little bit more in detail So let's take a look at these figures a little bit more in detail So you understand what's going on here Initially, you had $10,000 in your pocket you decided to borrow an additional 10,000 as a result you have $20,000 ready to be invested that $20,000 grew to be 26,000 because it grew 30% here's what's gonna happen you You are up to you you're up to 36% 30% at 26,000 you have to pay back the $10,000 that you borrowed And you have to pay back the interest remember the interest It's going to be $900, which is because you borrowed $10,000 times 9% so you have to pay back in total 10,900 so if you pay back in total 10,900 what you're gonna be left with is left with is 15,100 you left with 60 15,100 and your original money is 10,000 so let's see how this plays out So you have to pay back almost so you have to pay back You have to pay back an interest and principle 10,900 your interest is 900 therefore your net return is 15,100 so this is where the 15,100 came from so a fifth. I'm sorry 5,100 is your net return because You know you made 15,100 from from 10,000 therefore this is your net return if you take your net return divided by the original amount You made 51% so this is another way to see how you made 51% Let's take a look at this same example assuming your stock did not move so again you have $10,000 You borrowed an additional $10,000 the stock went nowhere in the scenario so the it end up to be 20,000 you have to pay back 10,900 so what you did because you had to pay in an additional 900 an interest You lost $900 you lost $900 therefore your rate of return is 9 negative 9% although the stock did not go up or down you still lost The money that you invested for a year remember this example assuming you waited for a full year now Let's see what happened if you if the stock went down 30% you have 10,000 initially you borrowed another 10,000 Now you have 20,000 to invest the stock went down The stock went down 30% now you have now you have $14,000 you have to pay back 10,900 Remember the interest is $900 now your net return is 6,900 so how do they come up with the net return 6,900 remember for each 10,000 you lost 30% so you lost 3,000 on your 10,000 you lost 3,000 on the brokers 10,000 that's 6,000 then you have to pay interest of 900 Your total losses are 6,900 your total losses are 6,900 From an investment that you originally have 6,000 10,000 now your return is negative Which is negative 69 notice if you lose If you lose you would lose more than what if you want so buying on margin is a risky risky Business that's the point that I'm that's the point that I'm trying to make now That's risky and what else is risky is short sales A topic that we will discuss next on the next session would look at short sales short sales as always Please like this recording share it put it in playlist and don't forget to visit my website farhat lectures calm If you want additional resources good luck study hard and stay safe


CHAPTER 24 THE MONTHS PASSED BY AND AUDUM CAME AROUND ONCE MORE Ogden's first year as a widower was lived with his mother. He used the same time to establish himself in the real estate business whose ins and outs he had now mastered in the bitter school of experience. He had left the Clifton altogether and had established himself in another street and a different neighborhood. Every stone of the great pile seemed to have raised its tongue against him and to have driven him out with the loud and insulting hubbub of its angry clamor.  Bradley lay and wait for him in the court. Jane Doan dogged him through the long corridors. Marcus Brainard rose up as a pallid specter within the entranceway. He left the building for once and for all. The placards that he placed on vacant tenements and the signs that he caused to be reared on open corners in the suburbs directed inquirers to a street and number quite different from any near his old neighborhood. Within this year Cornelia Tillinghast Brainard had moved into her new house and had moved out again. For three poor months she occupied her French Renaissance chateau on the Lakeshore Drive and then she gave it up forever. In vain her anxious plannings of chamber and stairways, her long waitings for the slow finishing of the carved oaks and walnuts of her vast interiors, in vain, for the present at least, her lofty aims in the direction of social distinction. For Burt with his father was one man and Burt without his father was another. He had relied upon the elder's advice more than he had realized and he had felt the studying and restraining power of his father's hand to a greater degree than he would have been willing to acknowledge. When he came to act for himself and by himself the difference soon became apparent. He operated in a variety of directions. He was confident and daring and ambitious and one day he risked all and lost all. His failure swept away everything of his and nearly everything of his sisters. Abbey had come into the new house along with Burt and Cornelia. No great urging had now been required to induce her to abandon the house on the west side. She led the same retired and quiet life in the one quarter that she had led in the other, save that she never felt otherwise than utterly strange and forlorn. And as she had placed herself in her brother's house so she put a great part of her share in her father's estate into her brother's hands when ruin came and every available resource was required. She had never used much money. She may not have realized the gravity of her sacrifice. Perhaps too she had hoped to rest her disappointed soul on something that money could not buy. To Cornelia the failure came as a sudden and awful blow. Considering the brief time at her disposal she had made a distinct impression on society. A great many people of consequence came to her house and invited her to theirs. They laughed at her freedoms and familiarities. They enjoyed her picturesque and untrammeled phraseology. Some of the more insatiable invited her twice. She encountered but one decided check. This was from Mrs. Floyd. The ship of the Floyd household now navigating regardless of its customary dependence on the distant admiral of the whole Floyd fleet was tossing in shallow yet stormy waters. There were not lacking indications that it was occasionally grazing bottom and there was a notion abroad that it might presently beach or found her. Mrs. Floyd therefore manned the helm with more than her customary caution. For one thing she set the ship's chronometer by local time. That is to say her own watch which had now been giving the time of Boston for the last three years and she had become very expert in the deducting of the hour and some minutes of difference came to be set by the hour of Chicago. For another thing she must think twice before speaking every strange craft. Such a one for example as that propelled by the brain arts. She did think twice and concluded to remain silent. Ha! said Cornelia all because I worked in her husband's office and she met me there. Thank goodness I wasn't allowed to have my wish and work for Ingalls too. I'll fetch things around though. You see if I don't and I'll capture Cecilia Ingalls yet. Abby along with many other persons and things became a mere piece of driftwood in the general wreck of her brother's fortunes. She swirled and eddied about for some time through a succession of boarding houses and after a while she found refuge in the latest home that her sister had made. She found her new brother-in-law a good humored and well disposed fellow. Briggs had established his family in the old neighborhood on the west side and readily admitted Abby. He made no more objection to his sister-in-law than he had made to his sister-in-law's nephew. Ogden saw nothing of them, heard nothing of them. He merely went around in a quiet way among a few old friends and he dropped in at frequent intervals on the faithful Brower. Brower was sometimes at home and sometimes away. The fire-fiend still kept him on the move. One late September evening after an interval of a month or more, Ogden repaired again to the house which had once been their common home and found Brower just back from Minnesota. He was seated on his trunk, the rigors of whose cover he had softened by the double folds of a striped traveling wrap. He had his briar wood pipe in his mouth and a book in his hand. It was a paper-bound volume, the back cover was missing and there was exposed to view the fine, close tabulation of the books composing a well-known library. Well, my dear fellow, cried Brower, rising and grasping his hand, how are you? Say, I believe you're looking better. Here, put yourself in the light where I can have more of a chance at you. George stood immovable and Brower jerked out the elbowed gas jet so as to make the light fall upon his visitor's face. It fell on his visitor's head too and the whole brown head was sprinkled with silver. Ogden put his two palms on his temples and spread out his hands until the fingertips met over the part in his hair. There are more, he said, with a smile of quiet sadness. Don't count them again. I won't, said Brower. He drew away his eyes but threw his arm over the other's shoulder. I've had quite a trip this time, he went on, in the tone which we employ when contriving a light diversion. Been away out into Dakota, Bismarck, Mandan, Yankton, Sioux Falls. I was at the Falls one Sunday. Is that any great place to spend Sunday?  On the evening of my Sunday I went to church. I've known you to go to church on Sunday evenings before. Service any different from any other? It was a song service.  Ain't music the great consoler? They were consoled then? Oh yes, indeed. The principal consoler had been there himself. He sang tenor. Better tenor than the average? Good deal better.  He sang the angel's serenade with another man playing the violin. It was affecting.  I was all broke up myself. That's a good song, declared Ogden. I always like to hear it. You've heard it before then? At St. Assaf's perhaps? At St. Assaf's yes. Well, said Brower, the man you heard sing at St. Assaf's was the man I heard sing it at Sioux Falls. Vibert. Vibert. George dropped his eyes. He had no wish to pursue the theme further. What have you there, he asked. He indicated the book that Brower had left lying on top of the trunk. Oh, nothing special. It's just one of those cheap novels. I was merely running it through to see if he really did marry the right one in the end. Might have done it in the first place as well as not. He passed the book to Ogden wrong side up. I guess it's yours by rights, one you left behind when you moved out. Ogden turned the book over and read the title. It was a false start. He started. He blushed. Yes, perhaps it is, he stammered. He held it awkwardly in his hand for a moment. Brower watched him curiously, yet sympathetically. Yes, Ogden repeated, in a bold, firm voice. It is mine. He put it in his inside pocket and buttoned his coat. Oh, come! cried Brower, trying to throw a veil of jocularity over his earnestness. That isn't fair. I've got to finish it. I've got to know whether he did or didn't. Anyway, let me see the end. There is no end, said Ogden soberly. Or if there is, it has come. Then I can only guess, Brower looked at him with a studious anxiety in his brown eyes. He made a mistake, sure enough, but I think he sets it right. Yes, I think he sets it right. Ogden's eyes sought the floor. Oh, he abides by it. He can, said it right, said Brower gravely. And if he can, he ought. Not now, not after everything. Let bad enough alone. Make bad enough better. cried Brower. Is he the only one to be considered? Upon my word, he went on with a nervous attempt at lightness. We are getting these great truths down finer and finer. A couple of years ago we agreed that marriage concerned but two people. Now we are finding that it concerns only one. The question simply is, which one? The one who would be most exposed to injury, said Ogden, with a distant mournfulness in his face and voice. There are different kinds of injury. There is the injury of commission and there is the injury of omission. Sometimes the last is harder on a woman. Why not let the victim choose her own particular woe? Why not be generous enough to give her an opportunity? Not now, groaned Ogden. You don't know. Not after all that's happened. Well then, continued Brower with kindly perseverance. Out goes generosity. Now bring in selfishness and give that a chance. What is our hero going to do? Must there be more sorrow for him, more suffering, more self-punishment and everlasting dissatisfaction generally? What is he made of? Can he stand it? If so, how long? And if he does, why should he? Brower, Brower! Ogden cried. Not another word if you care for me. Anything at all for me. He crossed his arms on the table and bowed his head upon them. Brower passed his hand softly over this head and said no more. He was a patient husbandman. He would sow the good seed and wait for the harvest. Ogden took the book home with him. He fluttered its leaves a few times. Then he sat down on the edge of his bed and read the title page for an hour. The next night he read it some more and dreamed about it. The next night he was reading it still and he lay awake thinking of it until daylight. On the following evening he took the old familiar way to the west side. He found Abby Brainard at home alone.  Abby was sitting in the half-gloom of one small lamp.  But the lamp, thanks to its beflowered shade, was discreet and reticent in the disclosure of unprepossessing detail. Besides, twenty lamps would not have had power to divert his thoughts from the channel through which they were now coursing. On his entrance she started up to light the gas. She looked pale and worn and older than he would have believed possible. But he looked older too and felt much older than he looked. The light beat down upon his silvered hair and heightened the glance of pitying surprise that shone from her eyes. In this increased illumination he saw that fortune had left her as well as her youth and beauty, as well as the father whose life he had felt to make their union impossible and whose memory might still keep it so. But she herself, in her own essence, was before him the same courage, the same resolution, the same tenderness and fidelity. And in him she saw the only man she had ever seen or had ever cared to see. To her he came as a messenger of pity to heal the wounds that navery and scandal and violence had hacked upon her quivering heart. A messenger of pity, yes, but could he, by any possible chance, find her worthy of the pity that was akin to love? To him she appeared as the victim of his own faint-heartedness and faithlessness. After all that he had done to ring her heart, could he venture upon the crowning indignity of offering her his tarnished name? To her he stood there as a tower of refuge, tower from whose summit the swathing fogs might be cleared away by the warm breath of trust and confidence, and whose smirched walls, if smirched indeed they were, might be purified by the tears of love and the fingers of forgetfulness. To himself he lay before her as a heap of crumbling and smoke-stained ruin. Every stone cried out for the cleansing power of pity and for the firm and friendly hand that was to rear them all again to their pristine use and comeliness. The clock had struck eight as he entered. It was striking eleven as he rose to go. Not yet, she said softly, she pressed him back into the depths of his great easy chair, and leaning upon its rounded and padded arm she looked down upon him. You take me then as I am, he asked her soberly. How else do you take me? He raised his hand to his head. There will be more of them, he said. They tell me I shall be white at forty. How many of them are mine? He pressed her hand. Not one, not one. Or no, he continued with a stronger pressure. They are all yours, do with them as you please. He felt something warm drop on his head and trickle down his temples. Yes, that is the best thing to do, he said. To think he added with a tender seriousness that you might have saved me from them, from every one. They were married within a month, and they began their married life in the same house in which he had begun his western life as a bachelor. Mrs. Gore's kindliness still survived after the hard rubs of three years of city life, and she spread her sympathetic interest over her new couple with an unstinted hand. Their wedding involved no social celebration unless we note their participation in one of a series of great public functions that sometimes mark the early winter. This took place in a vast hall that was luminous in ivory and gold. They sat before a wide curved frame, brilliant with a myriad points of light, and listened to the united endeavors of many voices and instruments to please the 4,000 people about them. Ogden and his wife had taken places in the balcony. They had toned down existence to a quiet gray. They recognized the middlingness of their lot. Cornelia and her husband, unknown to the Ogdens, had seats on the floor beneath. One box and the two long parallel rows remained vacant during the first and second acts. As the prelude to the third act began among the violins, the box was claimed. A party of four entered. There she is, said Cornelia to herself, in her place on the main floor. Just you wait, Bert's smart, and I'm careful, and we shall catch up to you yet. Who are those people? asked Abby, turning towards her husband. Who is the gentleman with gray hair? She was beginning to admire her husband's own. The two ladies of the party had seated themselves. The two gentlemen were busy with their own and their companions' wraps in the back of the box. That is Mr. Atwater, the architect. The lady in yellow is his wife. The tall brownish man, just handing the glass, is Mr. Ingles. He owns the Clifton. And the other lady, his wife continued. She indicated a radiant, magnificent young creature, splendid, like all her mates, with the new and eager splendor of a long-awaited opportunity. This newcomer had nodded smilingly to many people on entering, to her neighbors on either side, to a large dinner party that filled three boxes across the house. She seemed pleased to have so many persons to bow to so publicly, and everybody whom she favored seemed equally glad of an opportunity to return her attention. Ogden looked at her and turned his eyes away. I have never seen her before, he said. I don't know who she is, he appeared to imply. But he knew perfectly well who she was. He knew that she was Cecilia Ingles, and his heart was constricted by the sight of her. It is for such a woman that one man builds a Clifton, and that a hundred others are martyred in it. End of Chapter 24 End of The Clifftwellers by Henry Blake Fuller This has been a LibriVox recording. All LibriVox recordings are in the public domain. For more information or to volunteer, please visit LibriVox.org. Recording by Rita Boutros.


Hey guys, you're right. It's Mark. I wanted to make a quick video today based on something that I'm really confused with me when I first started out and Really when you you strip it back. It's it's pretty I'm straightforward and that is leverage So essentially leverage. I'm gonna explain it in you know The simplest way possible. Um, it's essentially borrowing money to trade And you know, it's how much money of our into trade is what is what the multiple is, right? So you can see for the most part On it or I'll use my account for example Um, I don't use any leverage any leverage whatsoever, which is times one. That's what no leverage means Right and on it or when you use times one, you're actually getting the real stock not a CFD That's that's a whole different thing. So we'll go into that some other time. Um, but Excuse me. Yeah, so when it's times one, you're not borrowing any money It's your money multiplied by one which equals your money, right? But if we wanted to I've got a couple of positions ironically which are in the red I've got a leverage Let's use this Tesla one for example. Where is it? Where is it? There is CFD So this one I have leveraged by five. Okay. So what that means is I have $130 invested on a leverage of five. So that's $130 Times five. Does that make sense? So my total exposure is I'm gonna embarrass myself I need to get my phone to do a hundred and thirty times five So my real position size is $650 even though I've only invested a hundred and thirty if that makes sense, right? Because you take obviously what you've invested and you multiply it by the leverage Now pros and cons of this pros, right is you can make a massive amount of money Off of money that you don't really have So you can obviously your profits are going to be multiplied by five So let's say, I don't know. I've got this position. Tesla went up ten percent In essence on my position of a hundred and thirty I'll be making 50% on on that position But likewise and as you can see here, I mean if it was to go the other way I lose as much money as if the position was much bigger So I lose the money based on on this example over six hundred dollars I can't remember But I would lose money based on that not the hundred and thirty so I would lose five times more money I hope that makes sense. And I haven't just just rambled on So yeah, so it's typically also what you need to worry about or think about as well And is when you're borrowing money from a toro, they are Charging your fee. I believe it's at kind of what the standard base rate is at the time So you can see the total fees on this position is five dollars. So not only am I down forty dollars And I'm also down an additional five dollars that I've paid in fees to borrow that money Right on the flip side if there's a dividend paid out Which is where a company pays you stock and you're leveraged in a position in Yeah, you saw you actually get that money as well. Let's see if I can find an example of a dividend on a leverage stock No, I think I've closed all them But you can see the fees I'm paying on the leverages And then as I say once you when you get paid dividends, it's multiplied by the five It's simply using Forex. So if we just don't know let's have a GBP USD Well, in fact, let me do this. So we'll look at the Forex Leverages quit Which are a lot more extreme right so you can see you can up to 400 Which you know, you have to be a pro trader but up to 400 which basically means if I was to invest $50 and I did it at times 400 it would my position size right the money that I would be risking would be 50 times 400 right which obviously means I have a massive potential to make money also means that the smallest drop In the in the trade, I would lose a massive amount of money. Also With leverage you have the potential to lose more than the money that you invest right you can lose more than 100 100% of your position.  I have What I have invested Let's just use one trade so I have $50 invested I can only lose $50 on that position because I haven't borrowed anyone's money That's my money and if it if the stock literally went to zero. I Would lose $50 and obviously Facebook isn't gonna go to zero, but just for the sake of each example It went to zero. I would lose $50. However, if that was leveraged, right? So if this was leveraged by five And we're getting into maths now if it was leveraged by five or ten Let's say let's let's say ten because it'd be easy if it was leveraged by ten And then Facebook stock fell by ten percent right rather than being down ten percent I Would be down a hundred percent and then I can add funds to hold that position And then obviously then I'm losing more money than my initial position If that makes sense So basically moral of the story, I thought I'd explain leverage leverage is I think one of the reasons why people start off losing because it's it's so finely balanced It's almost like I don't know it's just You got a tie the time it's more about timing when you're using leverage and the position's got to be just right You can see for the most part on my recent trades It's all one percent or times one and that's just where I'm most comfortable And you don't have these massive swings up ten percent down ten percent up twenty percent down fifty percent And so if you're just starting out and I've done a video I'm about using two percent of your account So if you're just starting out you two percent of your account and times one Leverage on each trade It's going to be you know a lot safer for you you're going to lose a lot less money And ultimately it's going to be more fun. You might make less money, but it's about being consistent There's your consistent over time you're growing your account You got ten thousand you're making two percent on a position or whatever And then you scale it and you scale it and you scale it and then you've got a hundred grand And then you're men and then it's worth it. But anyway Yeah, so I hope that was helpful I hope that explained that a little bit If you guys enjoyed the video make sure you like it and I also have a lot more videos like this on my YouTube channel So feel free to You know check those out Yeah, so like it if you have any questions at all whack them in the comments Whether it be a toro or YouTube or if you want to have a conversation with me And we can kind of go back and forth It's best to DM me on Instagram, which is Mark Freeman official, you know One of them Instagram kids, but yeah, thanks for watching guys, and I will catch you Probably tomorrow


For people who wonder whether they will ever love a robot, I would say, I hope so because you will be a robot. In a sense, all of us already are robots. We're meat robots. There's a certain conscious experience associated with the configuration of molecules that makes up a human body. In a similar way, a robot, a computer, it's a configuration of molecules, of particles and I see no reason why the configuration of molecules constituting an engineered robot cannot have consciousness in the same sense that the molecules constituting an evolved biological body has and in the end, as we repair our brains with nanobots and as we advance brain-computer interfacing, hybridizing ourselves with localized and networked machines, in the end, the distinction between an organic evolved robot such as I am right now and an engineered robot made of silicon, metal and whatever other funky compounds are invented, this distinction will probably not seem so meaningful anymore. It's all just configurations of matter endowed with sparks of consciousness and it will take many, many different forms as technology evolves.


Going on everyone Sam here with late sports cards from 23 tops chrome at baseball hobby and jumbo 8 box makes number 5 random Team style looking at your random results as always combine those on the website under the results tab as well as the link That's in chat. It's good luck All those SP's like Kyle sent me a picture on Instagram of the Corbin caro and it's like him getting like Gatorade dumped on him So cool. There's one I forget who it is that I get from last year and it's a guy on the Rockies and he just He's wearing like a Bucket like the bucket that the gum comes in. He just wearing on his head. It's so funny Austin Riley refractor show hey Ramon, Loreano refractor Austin Riley and And Hyper Ohtani or prison Ohtani McCarthy Peter Lonzo a Matt Olson refractor got Taylor Ward and Jose Miranda Hopefully Taylor Ward's okay, man. I got hit in the face today. Yeah back did not Joey Weimer auto 2199 congrats Brewers Justin M with that one He was one of their top prospects going into the year. He is called up very nice Joey Weimer for 199 He's gonna be doing pretty good Kenzie Gork from the ground to 350. I believe he is pretty good defensive plays. Yeah, it's very good He was good he was in Aaron Judge his first was in 2022 Bowman Chrome, but he was like he didn't have an auto and he was like the best prospect without an auto in that one To ask her Hernandez was this before deli? Or way on point point to bombing so it was the it was the one after alley Vientos refractor rookie if you're down Sean Murphy Trying to cool. This was like young kill Fernandez was in there. That's morel rookie also Roger Arias, Christian MacCaro was that that like crop of guys Marta refractor simian Morel rookie Insert Yeah, he is really fast to be fair. There's not a lot of guys that are Corbyn Carroll fast. I do this quick man That dude is super quick McCarthy refractor Mount castle and been in tendy. He's close to the grounding paper Corbyn Burns, Scott Isenga You know hop your refractor rookie We'll grove Shay Langley or Cal Stevens and not sharing this other a Purple Ryan Nelson to 250 for the dime Vex iron bucks them Christian Casas Jordan waters Lex Diaz Prism base Riley base Kirby Aranda Michael Todd. So I'll do it for the first hobby box on to a hobby box number two Got one more of these mixers after then we've got two breakers the light cases and then a tribute case That'll do it for baseball a lot of baseball tonight, which is fun. Hopefully you have some baseball on Brandon Crawford Charlie Blackman seager and it just stands for home team advantage Groshan's negative refractor for the Marlins Groshan's base Prism Jose Miranda tatsis drew waters Cody Clemens rookie Volpe rookie Corbin Carroll rookie nice pack there The inks Orioles in 30 minutes. Let's go Is that tall advise Mitchell? Better be should be Cal Raleigh. Well, if it's not like the cards are It's also not the worst thing in the world Josh young baby because that I want to watch the Blue Yeah, Groshan's is good Marcus Yeah, he's good. He was used to be a blue J. He was like a pretty top prospect for the blue J So forget what the trade was of why he went there, but yeah, he is he's solid for sure Bogarts VR Michael this is a random team. There's a Jonathan India and Stevenson There's verlander prism E guy Rosario Kyle talker Hopefully televised that's Ozzy. I'll be the 399 on the fuchsia or pink may eat in and Gaussman Anthony Riz. I'd still a while Metro still a while before we get to football and fast ball That's Lee over where refractor rookie Jeter down Sean Murphy Bogart Harper Prism Taylor Ward Morel rookie Riley Mountcastle Benintendi Trey a Turner with the rookie air Trevor story refractor Stevenson you Darvish True blue Jared Schuster auto the 150 to hobby boxes to numbered autos very nice Be dug with a select Asia team. I'll think be dug Tovar and pools Up there appreciate that man. What's going on? Tristan Casas refractor rookie base and base. That's not really a refractor, but Here I can tell you right now when football starts Chronicles basketball will be 9 9 p.m. Eastern time and then Optic football team all Asia will be 10 10 Eastern time 10 10 p.m. Eastern time Jeremy Pena and Carnassian and Kodai Senga drop you guys a link to the dual case again. We've got like I said 12 promo or 10 promo spots 12 to go on that let's get that filled up guys. We are getting close 12 to go to your random team style We were doing the tears today me Donnie and Jake putting our all of our knowledge together Came up with what we think are the perfect tears most of them are pretty self-explanatory, but Contreras refractor. Whoa, Michael Massey rookie almost went flying there John Gray Elon's refractor Castle and Penintendi I'll clean up later Prism Chapman, Ryan Nelson, Simeon Woods Richardson Andres Jimenez Prism Groshan's rookie Waldechuk Ian Hap Hey lard, it's 250 on the purple man. These hobby has been juiced so far. Good lord. Congrats Cleveland Tatis and Druitt waters Yeah, that's like shocking for three boxes Tristan Casas I think in the one of the um The mixtures we did Tyler Freeman. I think we hit like one colored auto in four boxes. It was like the morel blue wave Yes, yeah, I mean that's that's a good card, but I mean that's also the only numbered auto Yeah, Taylor Ward, which kind of sucks Nolan Jones. David VR. We got a relic card Uh, Ryan Mountcastle relic auto. Nice 299 for the Orioles Game used Jersey auto Macaroon with a chronicle spot. Let's go dude. Uh, thank you there. Uh, Macaroon Nice Mountcastle. Those are very hard to pull numbered cards up. I mean, uh, the auto is obviously is louis castillo to 350 Hey, you never know josh, it still could be pretty solid There's one soda refractor seager cody bellinger as shizzle m jordan Hey, Brandon. Wow Gold Justin verlander to 50 nice one Mets That's on that's true gold jv Yoshida rookie potentially on the trade block is what reports are saying right now Mike trout Roshan's Austin Riley a volt be and carol rookies Need that's that case honestly, that's what we're saying True true true just true true true Mitchell gunner hinderson technicolor rookie base base Castillo refractor terrain vado my name's sosa balsa josh young rookie refractor insert timmy anderson and base Hey, I just got the sunday fund a mixer tomorrow. That's gonna be awesome 20 and 2017 nt 2017 prism in there 2020 iMac a lot of big, um, jose maranda I think he has uh I'd be kind of shocked if jose maranda had a soda variation. Yeah all right We are also down to uh, how much on chronicles now. Let's see The first chronicles basketball random team is at seven to go seven and nineteen now Seven to go get that filled up everybody two promo spots coming your way in that break Joe musgrove cj chrome Tovar drawing karnas on a 399 I know honestly honestly josh, there's so many people at the national bro obiceal garcia codis senga rookie To the national it's freaking packed with no air conditioning. Yeah Sean murphy might as well send it there you go Joe macaroon scherzer bro cal stevenson Nate eaton kevin gaussman Riley green rookie steven quann stroman and alex balms Spencer stear refractor rookie louis orteez and ramon mariana christian casas josh young refractor rookie von grissom Francisco alvarez could pack there. Oh, that's pretty solid gunner rookie Sean murphy sit next to Gunner anderson obiceal garcia the 299 Austin riley and starling marthe probably josh Lord, dude. Good gosh Tucker morale rookie Honiel cruise That this card is far out man. I'll be with you That is so funny yesterday. You're like mercy pull them and all I could think of alex thomas I really don't see you saying far out, man That's it anytime carl pulls him. He doesn't do the the shtick. I just think of you doing it So it's not any better man. That is like big w for me right here. Yeah, it really is I'm chalking that one up in a big time It's a huge L for everyone else It's a huge L No, this is a uh, I think you're you're gonna be impressed actually macaroon jeter downs Conor brown and mclannahan. This is a west ham united jersey. This is a west ham jersey But yeah, philly. It's just this this hat just matched Yvonne herrera Prado and zekeel durand bobby more jersey we got on over. Thank you again franke Nolan gorman refractor rookie contraris brine haze Another blue auto to 150 ryan nelson. There you go diamondbacks Four for four right there luke. Oh picking up a spot in return of the jedi sapphire. Yeah, all colored Yeah, that's and an extra That's kind of wild. That's awesome. That was the best run of of hobby. I've seen yet Our expectations are now way too high for no for sure. Here's your hot I know Chris sale believe me. I know he's on cloud 1000 right now Sean with the fanatics uh promo. We got the curry.  Oh humble him Don't worry. It'll be it'll be easy enough to do Easy enough to do Again guys link to your dual case mega dual case seven hours mega dual mega dual case starts at 1159 Give me that dual case took a seven hour. God. I feel like the superwoman next here Yeah pretty much Is that still going on? I triggered seeing my buddy this card is far out man. All right. Well, he got me back. Yep stroman and bachette dang it Got him. I even the series that he won up to me Took game three. What is jerry panion? Clayton carershaw, pascan, thenio scored the equalizer and then he got up again Yeah, just be such. You just be super nice. We should all have one day Just be super nice to each other and be like something's not something's not right here Uh, hozer mirrors. There's g hwan bae rookie auto for the pirates. We have the thumbnail say what's up with latin Yeah, honestly, just everyone. Oh, how are you doing today? Oh, hi trish and casus Uh, liberator and cody bellinger. Matthew liberate chat would be really confusing. Yeah, that would be shocking. You're like, wait, what's for you? Francisco alperos Cal Mitchell dance be swanson to 250 Gauss man and bubba tomson I don't think shaw will play along. I think he says to a shate. No. Yeah, there's no chance A bunch of babies Trish and casus that's exactly what you would say. You need to teach y'all how to be a man gunner henderson You teach man classes here. There's tonight and I'm ken walde chuck Uh, red or green wave, you know, awesom riley mini pascantino base auto for the royals and matt chappan There's christopher morrell. I remember that was funny one day. It was like you I think it was like you jake and like maybe erin judge Um, erin judge was there?  Yes baby rookie Uh zander bogart's hyper mj melendez jordan grochans refractor Now it's just super dude. We have not pulled. I have not pulled a super yet this year So we've got a teal wave auto coming up kodai senga Christopher morrell that is a iven herrera at a 199 for the cardinals teal wave on H wing with three in chronicles. Thank you h wing michael p with a spot in uh flawless tiered um select asia team all Trapschromes sapphire crown royale asia and optic team all asia. Thank you there michael p Appreciate you, buddy And corey sega. We're down to nine spots to go and flawless tomorrow and we're at like 23 on uh sunday funday So thank you all Not too shabby whatsoever rest of these right on time Brawl rookie for the cubbies Goldschmidt matthew batten to 199 teal wave auto for the um Padres Toglio rookie refractor refractor Cards far purple jram to 250 for the guardians Prisma cunha and eight michael cabrera I now see a taco fractor. Kyle pulled one last night. It was sweet, dude. He did he did James outman Yeah, it's like one auto cunha give a marina refractor rookie be back Is that one they pulled with that auto or is that just uh, uh senga. I think it was just the taco All right, so we need the one of them. You do. I don't know if they have taco autos though.  Miguel vargas prism and a nullan jones refractor That would have been such a great idea though like a taco auto like it almost rhymes like true I mean you're pushing it a little bit. There's brett bay. It's close. It's close enough Jordan a hawker rookie Javier assad stowers austin riley eloy and longo evin longoria one second again everybody here Thank you all again very close to being sold out on that first chronicles breaks. Thank you all appreciate that See if you pull a uh palo auto out of that that'd be cool stowers cabrera we'll say javier assad 2199 and josh young Volpey corbin carol adie coming up then after the akunya. There it is adie vientos ohapi rookie as well Gonzalez jram cody clemens the 150 nice one there for the tigers Blue ray wave auto congrats the trait kyle talker. Where does that's a good question where othani ends up I don't think he's I mean I I don't think he's I don't think he's gonna get traded I think they already took him off the block and they're they quote and I quote. They're going to be buyers at the deadline uh riley green lanzo Sean bouchard That is a base auto for the rockies David vr rockies another team that is like loaded with our of autos in this they've got like five guys With autos that's pretty dope. Yeah, they're like a very good value team gunner henderson rookie La mayhew Trout iven herrera josh young rookie Michael harris technicolor rookie awesome haze avicile garcia Yeah, that contract is going to be incredible. Dude the amount of money that guy's going to get You can you can just basically go in with a blank check La dola miguel cabrera base auto brewer hicklin going to the royals royals another team with a lot of like sneaky players And this one thank you zack with a spot top scrum alex bregman i believe that'll be tomorrow top scrum confordo massy fujinami Aaron judge there's garret michael and kori seager koi sega seagull All right, here we go two jumberonis to go here You're a jumberoni Not nice Think about what you did nine Yeah, time timed out trish and cost irel time out Gunner henderson after this break There's fetalanza Uh dl hall to 150 blue ray wave auto for the orioles. There you go. Congrats baltimore And kabrian haze and josh you drop you guys a couple more links as well our Chronicles is down to for to go our first chronicles I'm gonna drop you guys a link to the second chronicles at 19 to go 19 to go as well as our mega dual case 2020 nt 2020 nt collegiate 12 to go alvarez rookie. That was a hunter green garret coal Ethan small sir salvi Shet alcantra Sandy alcantra Good job Good job. Oh gold Gold gold wave auto Come on. Come on Christopher morel. It is michael bush 30 of 50. Congrats on that one there doiers Dodgers with the uh michael bush and jadie martinez I personally go with like group submitters josh That's my personal thing. There's a couple guys that I use Out in california christopher morel like their entire businesses are basically just doing psa subs. That's that's my Uh strategy james outman. Just let everybody else handle it Do they like clean the car or anything for you? Like a lot of them offer it You could pay like an extra two dollars or something. They'll clean Kyle schorber one of our customers shawn d The big bowman guy.  He is great at cleaning guards Gunnar henderson. There's edwin ds to 75. I just won their mezz Shoiza and oscar colas But level up subs bernie. He's a really good dude kodai senga. He just opened a shop out in cali as well Um, he's a really good guy. He's been around forever Austin riley, there's a cal stevens into 499 refractor at rookie auto And nelson belaska. It's very easy too a lot of times It's just like you they have a website you input all the information about your cards Put your packing slip in and send it and then Like they'll send you a picture on instagram of like your uh All your order and everything with like the sub level and everything Yeah, it's that that's the best way to do it peña Peyton kershaw and freddy freeman like there's a good chance lane might have done that with others Yeah, I believe he might have Level up subs level up subs. There's riley green.  I think they do like rolling submissions. So they'll do like weeklies or something. Okay Um, jram. They're steel walker rookie auto for the tigers and max fread So I say they do like uh the 60 days sub or whatever the lowest one is every wednesday If you send your cards in by wednesday, it'll get into that one If not, it'll just go in the next week Aaron judge. There's a shintaro fujinami and Aaron judge again Yeah, no problem. Josh that that's the way to do it because you don't have it's very easy They'll send he'll send you all the information. I mean, it won't necessarily be him. He's got an entire company that does it That's all the questions I need to do. I'm needing to know. Yeah, of course zander bogers, there's alex call And leo berguero chance taking my job for asking questions. Yeah, I know honestly Yeah, I've been doing cards for a while. I've been submitting since like submitting a PSA since god like 2018 probably was like my first sub I used to do a lot. I used to do more becket too. So some of my like really early subs are with becket I mean Besides like current day, I mean they used to be More of the top guys, right? Sadly, I would say they still them and PSA probably PSA is a little bit bigger, but SGC has been gaining a lot of ground too Cal Stevenson Nolan Aronato Like if you look at like the monthly statistics of what companies are submitted the most to I think SGC is over That is at this point. I think probably I was steel walker and we pulled the cody Clemens earlier as well Juan Soto and Logan Webb Ted, this is a group break. Oh I'm not giving out any cards It's on that one Michael Harris Unless you drop your credit card number Nolan Gorman Hania Verlander Parazzo rookie There's a prism Jack Peterson and Michael Toglia Oh, man. I think Jaden just joined that guy's a bot Volpe rookie Carol rookie baby coming up after this Acunha. There he is That's cantino Miguel Cabrera purple Jack Larson auto to 250 for the Mariners That's on that sea out And Alec Manon stop time for an injury blue sonar Acunha 125 And whoever has the braves hold on to your Acunhas for now because he might with the MVP buyback Michael Grove and Herman Marquez if he wins MVP He will They'll be doing the buyback again. They always offer more money for color Louise Castillo That is a Jram prism and Alex Bregman Got a W tonight. Can't believe we lost. I know I know we didn't have it. It wasn't televised here, unfortunately But I I watched or I just read like into what happened There's jake mccarthy to 350 And out to this Yeah, and I would say I would put Torres in there. Torres is one of the best yanks best hitters this year too Uh, pita lanza. We've got refractor Alex Carl to 499 for the nationals And Nolan Jones A rosarita probably a decent amount. Josh. That's a solid card the white wealth and triple threads There's Gabriel Moreno That is a prism cow Raleigh and a david viar got two packs of left here everybody Yeah, I agree on that one Yoshida Masataka Yoshida yellow hall Rizzo Alvarez Technicolor Yordan and Herman Marquez And last pack of the break will do a quick recap after as well Paul Goldschmidt Christopher Morel base auto congrats cubs picking up a nice Morel at the end Congrats on that one. Chicago and Jonathan Aranda Do a quick recap here guys. We've got Christopher Morel Uh steel walker brewer Hicklin Sean Bouchard A Vinnie Pasconcino G1 Bay Ryan Mountcastle Alex Calder 499 Cal Stevenson Jack Larson at 250 Bo Nailer 250 Yvonne Herrera to 199 Matthew Batten Joey Weimer 2 150 is um DL Hall Cody Clemens Ryan Nelson Jared Schuster and a gold Michael Bush Nice one there. That'll do it for the break guys. Thanks again for the fill coming up next. We've got another mixer


My Gantt Python program is a utility that I've been working on for several years now, on and off each time I needed new features. And what this does is what its name implies. It just gants elements from input files. Let me show you here. So I have my Gantt.py program. And hints here is a text file with password hints. Let me show you. You see here, those are password hints. It's words and sometimes separated by spaces like this. And I want some statistics too. Let's run my Gantt program on hints. More. Like that. And now it has counted the occurrence of each word, mdbd happens once, the one go once and so on. And it is listed in ascending order. So the most popular words are at the end of the file. Now you can change this order by saying that you want the descending order. Like this. Okay. And now we can already see that here, dog is the most popular word in the hints here, with a frequency of 12,000 plus occurrences. You have more options, like you can add a header, element and count, add percentages. Okay. So the dog that's about 1%, also a rank. The dog's first name is second daughter, 11th position. Now you can see that, of course, some of the hints contain several words like here, my name, 23, and what I would actually want is that name is counted towards those names here. So what I can do is say that I want to split the input lines. So say split. And the separator, the input separator is a space. Words are separated by spaces. So let's do it like this. Okay. And now you can see that name is the more popular with two 73% and dog is in third position now. Now some of the words here also contains capital letters. So I want to just have my count, my statistics, not be case sensitive. So let's convert everything to lower case with option L. Okay. And here we have those statistics. You can see that name is by far the most popular with almost 3% of the occurrences, then my, then dog. Okay. Now you can also add totals at the end. And now we are going to save this to a file. So no more output tomorrow, but let's output this to words, words, that CSV like this. Okay. File has been created. Let's have a look. Okay. And here you can see name again, things like that. And go to the end here. Now you also have those two lines that have been added. You know that are more than 267,000 unique words and in total more than 1,700 words.


views, Sonny Hauston faced pushback from her own co-hosts after she tried to connect last week's earthquake in New York City and yesterday's total solar eclipse to, that's right, climate change. Let's watch. We've got the earthquake, she ran down the hallway, the raptor is here, the raptor is here, and then also I learned that cicadas are coming. Cicadas. Cicadas for the first time in like, no, no, no, no, no, no, no, no, no, no, no, no. Well, this is what I read, there's two different kinds of cicadas coming. Yes, two different times are coming. The good cicadas and the bads, no. But for the first time in many, many years. No, every 17 years this happens. Well, that's not what I read, but maybe, you know, maybe you know better. In a way. I will say all those things together would maybe lead one to believe that either climate change exists or something is returning. Of course, I'm not at the mercy of climate change. It's on the ground, I can't. It happens and the eclipse, they've known about the eclipse coming because the eclipse has happened and they actually can say when these things are going to happen. So all these folks who are saying, you know, it's a sign from God, God doesn't give you warning. OK? So that was hilarious. Now, I don't know what's going on exactly there. I should note that we had to interrupt the taping of this segment because there was a fire in the building, smoke everywhere, and we had to rush outside. So maybe the evil influence of Donald Trump to affect the weather has reached as deep as the offices of Reason Magazine. Yeah, and people were talking about Mercury being in retrograde or something else that sounds vaguely demonic to my Catholic sensibilities. But I do have to point out that it was in fact a dumpster fire as we are about to fill in the show. And I think viewers should be aware of that just. Yeah, and plenty of jokes about libertarians. If there was a private fire department, of course we would call that. But there's a monopoly on who gets to put out fires. And most of it is done by private people, volunteers working in the fire department. Anyway, I thought this segment was hilarious because Whoopi actually started correcting a lot of the things Sonny was saying, the cicadas do reappear cyclically. There's like two groups of cicadas that overlap at definite periods in time that can be well anticipated and are not coinciding with the 2024 election because this is the end of times or something like that. Earthquakes not affected by climate change. But there's this whole habit, right? This whole industry of kind of climate deumerism people who every time there is extreme weather, even though I think it's fairly debated whether climate change is how much it's affecting extreme weather, those kinds of things. You always, everything that happens, it's always, well, this is because of climate change. Well, we also have to consider the fact, besides whether the proper pronunciation of cicada is actually cicada, according to Sonny Hosten. But we have to consider the fact that the use of fossil fuels, which they would like to get rid of due to so-called climate change and its effects, has made these extreme weather events significantly less deadly for the average American because we have access to this great technology that was fueled by fossil fuels that helps keep people safe, whether it's making their buildings stronger and more resistant to extreme weather events, whether it's even something as simple as people having cheap access to heating and AC in the event of either a heat wave or having extreme freezing temperatures. These are things that legitimately save lives.  No, absolutely. When there's an earthquake in New York, as there was the other day, we get to all kind of joke about it because no one was harmed. No, I think there wasn't even any structural damage to any building for exactly the reasons you described when there's an earthquake or an extreme weather event in a developing part of the world that doesn't have, has not yet had access to the technologies and easy energy and all of that kind of stuff. People die, it's horrific. People have died throughout human history because of extreme weather and we've managed to conquer that because of exactly the technologies you're talking about. It was also, now I never wanna make fun of someone for mispronouncing a word on TV right there, but for the grace of God, go out. We've all been there, but I just thought it was funny seeing her corrected along all those lines. Yeah, and you also have her going along with this idea that you can't predict an eclipse, the eclipses are actually caused by climate change, she suggested, which was another false statement that would be Goldberg corrected and obviously eclipses are also cyclical, we know exactly what they're gonna do. I think they've been predicting those for hundreds of years. Yeah, there's kind of an actual exact science to that, but she's not the only one.  I'm not sure how, but that was indeed her defense. Maybe that's one of those, are you smarter than a fifth grader things or whatever where you find out that. Right, let's bring Jeff Fox worthy back, let's have this show again, but let's do it just for anyone who's on TV and I don't think it would end well for them. All right, we'll be back with more right after this.