Hey, hello, and welcome back to the trading floor episode of the market maker podcast where I'm joined as ever by our co-founder Pierce Curran How's it going Pierce? Go good. Very good It's stuff. It's Friday after all. Well, it's not is it? It's Friday for you Because I noticed you've got the day off tomorrow. So since it's your Friday all of us thought we've still got Still got another day's work tomorrow Yeah, I would say yeah, you know, I'm gonna go out to a nice restaurant have some cocktails steal that stuff in the summer Sun But no, I've got a date. Oh, yeah with Peppa Pig I'm on a going on a bus with Peppa Pig. So I'm really like VIPing this up. So Love it. I'll tell you what UK inflation, which we're gonna talk about in the podcast. Yep Mr. Peppa Pig certainly knows how to drive up prices When there's a captured market of children demanding what they want So, yeah, that's not helping the UK inflation picture right now the cost of those tickets But let me let me just quickly give a overview of what we're gonna cover. We're gonna talk about three things Goldman slumps new name. I'm calling them the US investment bank reported its lowest quarterly profit in almost six years Not the biggest surprise But we'll talk about that in terms of how they've kind of front-run this a little bit But we'll also talk about the actual breakdown of their numbers in their financial statement. Then we're gonna talk about Tesla Profit margin slipped in the latest quarter series of price cuts this year weighed on its earnings and then Netflix Some really amazing numbers. Yeah, and they're really negative share price reaction So how on earth is that happened I'm gonna talk a little bit about all those sneaky people out there who I know you're out there Password sharing that is we're gonna we're gonna find you or Netflix is they've done a crackdown But we'll explain why that's had a big impact on their figures But why the market actually has looked beyond that and then finally third thing Gonna talk UK inflation has the UK Finally caught a bit of a break because UK inflation CPI Fell to a 15 month low earlier this week and that has meant the cable to move back below 130 and also traders have reigned in a little bit the aggressiveness of what they see for the next rate hike for the Bank of England. So that's what we're gonna talk about for this episode. So look, let's kick it off Goldman slumps so their Profits, I mean, it depends which actual line item you take but the profits were down about 60 percent, let's say There was a couple things here The performance which we can talk about where we talk about the three different divisions that are quite unique to goldman's because of this restructuring So global banking and markets Platform solutions wealth and asset management essentially so we'll look at some of these things But then there were write-downs then their impairments is all manner of sins packed into that report So, yeah, what was your your initial take here? Well, actually, I was I was reading one analysts Sort of tape on all of this and he actually used a really good line. He said this was a bit of a kitchen sink kind of quarter Translating meaning that Solomon and Goldman's and the board. I think what they've done it.  It's been shocking. We'll delve into some of that in a minute But it this could be a little bit of a turning point these these quarterly numbers are so bad But I think what they've done is right. Let's just throw all of the bad stuff We've got hidden in the cupboard. Let's just throw it all into this report To make it super bad So it just gets all of this bad stuff out of the way and then right. Let's move forwards and then Quarter three and quarter four into year end, you know, they've turned the corner. This is this is their strategy So, yeah, some of the write-downs and the impairments and you know, well, I guess look the numbers are I'm really bad. I mean, as you said, some of these stats are quite Shocking lowest profit quarter for six years. Yeah, you got to go back to 2017 I'm not sure. Well, there was a I think quarter two of 2020's kind of in and around that the chart. I'm looking at Which is the net income Has so that net income was 1.1 billion overall Which on the chart I've got is the worst for six years apart from quarter to 2020 which was the COVID Quarter, but so apart from that which obviously is an exceptional You know unique circumstance, so you can't is the worst for six years Yeah, but look lowest quarterly profit for many years, you know, costly retreat from consumer banking, you know Industry-wide slowdown So there's kind of factors out of their control and factors in their control that have all contrived to be super negative all at the same time Meaning this is ugly. This is a really ugly set of numbers Yeah, it's almost like I feel like we should almost gloss over The numbers and I really want to jump on that that theme that you're saying because I think this is going to be a recurring one Which I'll also come back to with Elon Musk and Tesla's earnings More about this strategy of how do we use these public Declaration of our performance, but then how do we utilize the analyst conversations? The investor shareholder meetings the presentations around that to Curate then this image of the future and yeah, you're absolutely right I think you know looking at all these things. I think Packaging them up and coming clean. Yeah, that is a good strategy and before this What they had been doing, I think I read a piece in the FT again Last week and they were talking about Goldman's and their basic management team have been on this Pursuit of dialogue with analysts on the street For the last four weeks. Yeah, so how this would work if you're not familiar with it. So When you see Goldman Sachs misses estimates, for example The question is who actually makes these estimates where they actually come from So all these estimates come from a collection of all of the analysts at other investment banks Independent research firms and so on so they'll survey lots of them. They'll generate this this average Expectation essentially now How do the analysts come up with these expectations? Well, I guess there's two sides of this you can Monitor the company's performance and look at financial statements try to do definitive calculations But this is all about stuff that hasn't been declared yet. So what do you do? Well, you have a lot of dialogue and Semi transparency with the firm you're reviewing in order for them to tell you about how things are going And that shapes then your expectations around your modeling So if you're goldman's this this campaign started several weeks ago when if I was Goldman's and I was in that position I'd be calling all the bank analysts in and I'd be sounding very pessimistic and actually what you've seen is one of the biggest revisions down of analysts expectations, I think in any bank Corporate releasing in quite a while. Yeah, so the bar has been significantly Managed by goldman's very astutely in order for them to then throw the kitchen sink and Not cause then an absolute breakdown in their share price. I think it's been I have to say It's been pretty well executed if that were the plan Yeah, and then as you said coming out of the other side of this Yeah, if you if you just declare everything well, then well, I know about you know, when we talk about these write downs What was it half half a billion on green sky and online lender they acquired in 2021? They recorded half a billion in impairment on real estate investments They also reported us having a look at their report just before we came on a jump in operating expenses So due to how it accounts for impairments tied to some of its consolidated real estate investments as well as The goodwill the total impairment number was about a billion. So it's kind of like look, let's just pick it all up Put it in and let's just come clean and I think now as a investor There's like well, it can't get any worse. So surely it can only get better is the kind of philosophy I guess they're they're shooting for and this is where Solomon. I mean, this is the line in the sand for him hmm, it has to Has to has to get better from this moment in time onwards or He's gone. I think I mean really this is it now for him the Stakes could not be higher but if we delve into it a bit because we talked a bit about earnings on for banks last week because we had some of the Banking giants reporting their earnings last week, but so for goldman's right these big investment banks They kind of got to two key kind of let's call them traditional revenue streams, which is their investment banking Revenues that's all the M&A deals that they're advising on and so on and then they got the markets side That's the trading floor. Okay, they're they're two big You know parts of their business. Okay, and you could say the same for like Morgan Stanley. Okay, they've got those two big legs Like JP Morgan have got those two big legs Yeah, go on a question just for the benefit of everyone whenever I see trading I mean, I'm gonna play naive here. I know the answer But if you could explain Why do they always report FICC and equities in trading as two separate parts that's just putting out the asset classes so I Mean goldman's will so so the trading floor their job is to first basically facilitate Trades for their hedge funds and asset manager clients and so on that floor, you'll have different divisions different desks who specialize in different asset classes and You know historically you've had the equities division and then the fit that's the fixed income and commodities division Okay, and like for people like goldman's mean equities is the big That's the big one right that's their kind of big trading floor Money driver to give you an idea actually Probably the single only bright spot in this whole report was very specifically The revenue from the equities trading division which actually went up year on year So that was up 1% to got almost a 3 billion Way ahead of the analyst expectations, which was 2.4 billion. So that was like the single Single bright spot right, but if you took the FIC so the fixed income and commodities section Then that fell 26% So equities up one thick down 26, which actually meant that the equity division on their own Took more revenue than the entire FIC division. So FICC took 2.7 billion Which was not only down 26% but also missed analyst expectations at 2.8 billion So it does look like the one positive spot and the whole thing here is their equity trading division actually really did Deliver, but if you take it as a whole then you know their investment bank Division like all of these banks Suffered the revenues from the investment banking side was down 1.4 billion Excuse me and look most of that is because the macro conditions have meant that deal flow has been down Across the board all banks have suffered. We did mention that JP Morgan's results last week was surprisingly Resilient on that front much more so than the the other banks So Goldman's would fit in the other banks category here where they've seen their revenues drop 20% to 1.4 billion So Goldman's have underperformed on the IB side relative to Certainly JP Morgan they've even underperformed compared to Morgan Stanley, right? But look all of these banks the investment bank division has dropped the trading flow has dropped But when you look at like JP Morgan or Morgan Stanley, they've got a third leg to the stall They've built a third leg to diversify their revenue streams And it's the third leg That has helped the likes of JP Morgan and Morgan Stanley come through this first half of the year In much better shape than Goldman's so JP Morgan's third leg, for example, is their lending business And so they've benefited, you know, they're a huge Consumer bank and they've benefited hugely from the Federal Reserve hiking rates We talked about the net income margin last week So they benefited a lot from their loan book generating more revenues as interest rates have gone up So that's JP Morgan's third leg Morgan Stanley's third leg is wealth management And so as Mark and we talked about black rock last week as markets have risen You know, as stocks have gone up more than these assets under management have gone up Which means fees from increased asset manage assets under management has gone up So that's Morgan Stanley's third stall Third leg to the stall Goldman's third leg They chose a few years back to go aggressively after the consumer banking Part now that was their piece. Let's let's make that our third leg and they have Spectacularly messed it up to the point where they've entirely reversed out of that play At huge cost which has been marked in this quarter with the right down of green sky Which you mentioned this was their purchase of an online lender. They bought it in 2021 It's been a disaster and they've chosen this quarter To account for the loss, which is a 504 million. They only bought it 18 months ago I mean absolutely shocking, right? So that's the problem for Goldman's their third leg has snapped and broken Not only is it supported under performance elsewhere. It's been the worst performant performing part of the whole lot So this is why it's the kitchen sink and this is why for Solomon. He's out of lives here and this has to be This has to be a line drawn and they have to now get better There is one bank that has seen a jump in investment banking equities and fixed income revenues who has reported who do you reckon that would be Um this season Wells Fargo, maybe Wells Fargo, okay. I mean it is a bit Bit cheeky bit manipulated because they're coming from a much lower base right in these areas. They've played it. Well, I mean, they've chosen the When when they've chosen that moment where they're not particularly big in those two fields So they've they've been waiting for a real downturn in the market where then all of the big boys are consolidating our cutting costs are Laying people off our slim lining and they've chosen that moment to just stride out and like Commit with some big investment on building out those teams Yeah, so yeah, I was looking at their strategy. It was based around investment in technology and Talent, that's the way they've gone after this So it's allowed them to broaden their client franchise and generate more trading flows Technology and then they've just gone over and gone right. Okay. Yeah, Jeff Hogan MS super senior banker your co-head now global mergers acquisitions credit suice, right? Yeah, we'll take your team as well here package them up. So yeah, it's definitely been Some fail some rise during different economic Circumstances, but yeah, super interesting But let's move move the show on and let's get on to area number two Not unless you had anything else final to say other than Solomon is on the line the only final thing that Solomon himself said Where he's very much trying to say we've turned the corner. Yeah, we've dumped all the bad stuff Returned the corner and his comment was talking about investment bank Deal flow and he just said that it definitely feel better over the course of the last six to eight weeks Than it felt earlier in the year So well you live and die by the sword now you've put it out there. That's right All right, well, let's talk about Tesla So there shares we're a bit bumpy actually last night. It was hard to kind of Watch them because they dance around a little bit after the closing bell But they were generally lower a couple things Profit margins slipped in the latest quarter. We've obviously seen quite a few price cuts That's having a degree of impact But profitability Still held up better than many analysts have actually forecast and they reiterated the target of selling 1.8 million vehicles This year, but I guess one thing I just wanted to point out is the way this information comes out So it's kind of like two parts. There's this Statement and often then a presentation, but then there's a this analyst call that happens when they're explaining like let me talk you through what we've just released and uh elon has had a bit of a He's backtracked a little bit. He was kind of like let me step away and let them run the show The share price was tanking right? Let me just come back in shore up the ship again um But one of the things that happened on the call with the analyst is the company said that factory downtime Could lead to a lower production this quarter And it looked like that was a comment that was quite key that weighed on there on the share price But I know you've talked about margins a few times before so what are the margins looking like at tesla at the minute? Yeah, so gross profit margin is a key metric for You know automotive businesses um, you know, it's a quite sort of uh Any more I guess any manufacturing business, you know, relatively low margin business compared to say your SAS business, which is a software as a service or you know, so because that manufacturing bit is super expensive and high cost but tesla Historically have always had or no not always have been able to Manufacture themselves into the position where their their gross profit margins always been amazing It's been there's jewel in their crown relative to the big automotive players. Okay However, there's definitely been a conscious strategy Um from tesla to to basically as we've gone into this cost of living crisis All right, you know teslas Have been a relative premium right the price of their cars are relatively high when you're looking at the you know their competition and Musk has gone well, look People are struggling here in this cost living crisis. So let's reduce the price of our cars In order to win market share Yes, it's going to erode our gross profit margin But long term, you know, we think this is the right place. So to give you an idea their gross profit margin dropped to 18.2 Okay, that's a drop from the quarter one of this year. It was 18.8 But the better metric is year on year the same quarter in 2022 their gross profit margin was 26.2 So it's dropped from 26.2 percent down to 18.2 in 12 months, which is a massive drop But it's all it's all because of the quite deep price cuts Right in terms of so you're making less revenue off the car sale, which of course then, you know, erodes the the kind of bottom line So look, we've known all about this though. This isn't a surprise um You know, obviously we've seen and musk has been very vocal back cutting prices. So, you know, I think that's fine I think I think you're right in saying That the reason for well, hang on you said that the share price dropped, right? I think it was down like 5 in after hours trading But one thing you've got to note is that The share price prior to this earnings report was up 137 percent We don't talk about that on this show kids. You know the rules. We don't talk about that 137 percent rally you had to go there, didn't you and actually I was Here's a question for you Gina and you I don't know if you've read this in your kind of reading up about this before the pod But what what do you think their revenue growth? was for the last 12 months I don't actually know but I'm going to have a guess that it's a very punchy figure So the revenue is 24.9 billion. Okay for the quarter. That sounds like a lot What do you think that growth? What's the growth rate year on year? 40 percent Not bad get 47 percent Now that's crazy that is a very rapid Yeah growth rate At 47 percent, especially when you're you know, you're now up to 25 billion and you're still growing at 47 percent growth rate and that was 500 million above forecasts. Okay, so From the top line point of view I have to say musk is delivering And the one thing we were worried about if you go back 12 months Or maybe even 24 months. Certainly the big unknown about Tesla was can they really grow their production? So that they become a big player Because you got the likes of Volkswagen and Toyota They're producing 10 million cars a year, right? And if you go back a couple of years Tesla were messing about with 500,000 cars And one of the one of the key barriers to Tesla justifying their valuation was can they scale it up? Can they go from 500,000 produced per year? To 5 million to 10 million over a kind of decade and musk set in place some targets And he's not far off and this year despite yes They did point to the fact that production might be down a little bit in this quarter But he must did say they are still on to hit their target to produce 1.8 million cars this year So you have to say he is on track to this multi-year um strategy of ramping up production to properly Compete with the big boys. So yeah and to musk's credit There's three things here that kind of stood out. One was what you just said So actually when you put everything together Tesla said that factory downtime would lead to lower production this quarter. So what has Elon done? He's reiterated and re-emphasized the year target of 1.8. So to to go over the speed bump He's saying right don't focus on now focus on the performance over the long term. So he's kind of that's clever He's just buying himself a bit more time. The other thing I think is his management of selling this product to the consumer and how do you manage consumer psyche in a time of stress? I do think he uses twitter to try and bang that drum Point fingers at politicians and policy to try and side with the common man He then comes out and tells analysts that if interest rates rise further this year Tesla will cut prices again so that financing costs will not be passed on more expensive for our customers I think that's super clever and the reason why he knows He's a clever guy that interest rates aren't going to go up any further So he's not going to have to cut them any further So it's just like well, what what can I say to just because Look not to criticize the general public, but they're not just as informed as the guy as he is and he knows that Well the price cuts would probably come into the end of them actually if we're gonna if I can tie them to rates And inflation is going down as we know in the u.s. Well, then let's just put it out there And let's make the commitment that I don't actually need to fulfill at this point. So that's that's a nice touch and the third one He said the company is less focused on margins So this is obviously the big thing that people are looking at in the in context of price cuts He said less focused on margins in the short term Than on selling more vehicles, but then he added The value of our vehicles will soar once tesla perfects its self-driving software And the thing I love about something like self-driving software. It's kind of like AI It's like no one really understands it. No one can really quantify it But if you throw it out there People just see it as this moonshot thing that's ultra positive and so again, he's kind of engineering a way of Something quite negative But being quite masterful and tactically kind of turning the dial and pivoting deflecting the attention to a more positive space and Look, I think he is excellent at that For sure Well, they're going to spend on that point. He was saying they're going to spend north of a billion over the next year on its new AI training hardware Which is called dojo That's the name of it and and this is like in an effort to reach the goal of full autonomy, right and and I guess you could say two things tesla are Probably leading the race here In terms of getting to that proper full, you know Self-driving vehicle scenario, they're probably winning the race because they've got the most data And AI as we know is training Training the AI on the data and the more data you've got Well, then the better your AI system is going to be and they've got the data from all of their teslas The millions and millions of teslas that are out on the roads driving about and they've they've got You know, they can access all of the data from those cars secondly if they do pull this off then The the great thing about teslas model is they can then charge existing Car owners to upgrade their software on their vehicle that they've already bought And then charge a subscription for this, right? So his point here is forget about short-term margins The real action comes when we smash this AI self-driving thing in the future And then we can monetize Again, all of these cars that we've already sold. So don't worry about this short-term price drop We want to sell as many cars as we possibly can Then when this software is ready, you know, we can really deliver. So yeah, again, it's quite interesting but he's been talking the self-drive thing for I don't know how many years and It's still not here. So um, obviously we've had the year of AI with chat gpt leading the way and everyone's got excited about it, but we have persistently being disappointed on the self-drive vehicle front. So will we continue to get disappointed or actually Is this product going to arrive anytime soon? Cool. All right. Well, let's talk Netflix. I said at the beginning of the show that a little bit confusing Because you might have seen a headline run In the newspapers a website saying that a crackdown on password sharing which they had said they were going to do Helped the company add nearly six million subscribers. I think it was 5.9 million analysts were expecting just two Yeah, this is like blockbuster size beat However, um, their shares dumped So why was that? Well Two things I mean they so the share price rallied 8% Just in the the days leading up like this week was up 8% and then it sold off 8% So it did dump, but it only gave back the little bit of a rally Early in the week and it's up very strongly on the year Overall, but basically it dumped because The good news Was all in the past And the bad news which they did deliver was kind of in the future. So the good news in the past or yet the You know the strategy of cracking down on free loaders, you know 15 students Sharing one account kind of scenario It's you have to say they've pulled it off perfectly the there was a risk that the the cancel reaction Didn't happen So that was the big fear and what analysts thought was look loads of people are just going to go well We'll just cancel them. We're not gonna We're not going to buy another subscription. Um, you know another subscription We'll just forget about it and that hasn't happened. So yeah, the subscriber numbers are amazing um, but ultimately Um, well actually something in the past was bad their revenue. This is the slightly weird thing so new users up six million, but then their revenue actually Was below expectation Yeah, I understand I did Try and have a look because I thought exactly the same as you I was like How does that even make sense and the thing that I saw someone put forward was that the average revenue per new sub Came in far below expectations and will eventually send margins sharply lower Is what they were suggesting.  So maybe a lot of these six million signups are on the 6.99 a month And I guess there I guess the advertising revenue is to come in the future right rather than At the point of sign up, uh But yeah, I don't know There's got to be something else going on that I'm not aware of because it doesn't quite add up that their revenue I mean it did increase right to 8.2 billion. Um, that's up 3 percent from a year ago But analysts had forecasted 8.8.3 billion. So is that 8.2? Analysts had thought 8.3 even though analysts To get to that 8.3 forecast were assuming only 2 million new subscribers so Yeah Um, the other point though about the future and I think the main reason why You know the price tanked a bit afterwards was because their guidance towards revenue growth going further Going into the future was was a bit disappointing. So they forecast revenue to climb to 8.5 billion in quarter three Which was lower than the 8.7 billion than analysts had expected Yeah All right. Well, let's let's wrap it up with the with the final segment about the uk So uk inflation CPI consumer price index Fell to 7.9 percent. That was a bigger than expected drop It marks the lowest level actually since march 2022 Uh, kind of looking at the the breakdown of the report Motor fuel made the largest downward contribution to the monthly change Food prices rose in june But by a less than in the same period of last year I was kind of looking at that food price number and I was like, oh, it's fallen and I was like Okay, it's fallen from like 18.5 percent to 17.3 or something like that. I was like ouch We're getting super pumped about inflation It's so weird the disconnect between being a market participant and it's like oh inflation is falling. It's great And then you actually think about it from consumer's point of view food prices are falling and yet they are up 17.3 percent. It's just crazy when you actually think about it Yeah, but the core reading Maybe this was The important part because that was the first decline we've seen in the entire year The core reading being the rate of price rises that excludes Food and fuel that dropped to 6.9 percent and then the services prices What perhaps appears you could explain to me like the service price component which is kind of this third leg of your stall that you've been referring to That people have started to look at when it comes to the uk when they talk about cpi So rather than just core looking at services prices And that that is actually one of the most key metrics that the bank of England looks at when looking at all of the data Components that rose by 7.2 percent in annual terms But that actually is a is a slow down from 7.4 percent in the prior months. So why services is so important for their decision-making process? Well, let's cut well first these services makes up the largest part of our economy So actually in the uk I think it's shifted slightly easily, but you still got more than 80 percent of gdp Is from the services sector And so that's where most of our money is spent um although Hang on. Yeah. Well, yeah, that's true. That's where most of I was going to say that a lot of the some of that Manufacturing side, you know, perhaps some of the price points of some of those things are very chunky like a car Would be a good example, right? That's a super expensive purchase relative to a service. We were just talking about netflix $7.99 a month But when you add it all up the services sector makes up easily the largest portion of gdp, and that's why it's more important In terms of impacting on the cost of living and the ability for consumers to to consume so inflation Going down Is it just a case of like the markets positioning and it was kind of markets were overtly leaning On the hawkish elements we've had of late resilient economy not so deeper down turning growth Wages are still going up. Was it just that the market was a bit ripe for something like this? um Because surely inflation was going to come down at some point Yeah, but I think we got stuck in this continued trend of bad news On inflation in the uk because when you go and look at the the us I mean we were talking about The us inflation data Last week right and if I was to just hang on very quickly if I go and look at the Core inflation reading in the us, which is the most important one that peaked That peaked at 6.6 percent In september 2022. Wow Right now in the uk It's been rising all year and the peak Was in well, is it the peak? I don't I don't want to get to you ahead of myself yet, but The peak is probably going to be may 2023 So september 2022 for the us may 2020 was so So I think it's incredible and So every month this year core inflation has gone up and up and up and up and so you're just thinking well It's just going to continue to diverge and go up. The forecast was actually for it to be 7.1 So one changed that the peak um and I guess we've been so caught up in this narrative of bad news about the uk that you just expect more And so I think that's why this was so surprising because it was the opposite was good news And we just haven't had any For a long time and that's what made it all the more surprising So if core inflation dropped from 7.1 in may to 6.9 in june We don't I mean you can't get too carried away. That is still the second highest reading Since this whole inflation problem came around And it's only one month, right? We're going to need to see several months of declines To really become sure That the corner has been turned and inflation is now trending lower like it is in the us and fine The bank of england won't have to hike as much blah blah blah, but It's the first early sign That maybe the corner has been turned and you saw that in sterling I mean like looking at the market moves for all of this i mean sterling had A huge sell-off off the back of this data yesterday morning. It was announced at 7 am Go and have a look at your charts But sterling crashing back down below the 130 handle against the us dollar It's trading below the 129 handle now as well. So Yeah, sterling's devalued quite sharply and traders are it looks like Prepared to although it's early I'm prepared to go. You know what that could be the corner turned on this inflation nightmare That's been so persistent in the uk compared to The us for example Yeah, I know there's one person who's probably breathing a big sigh of relief and that's the prime minister rishi sunak He's probably thinking Goodness, this has happened now, but I think I'm right in saying I read he I don't know if this is true because I think surely he wouldn't commit to saying this But he said I think this must have been up when inflation peaked that We're gonna it's gonna halve by the end of the year What do you reckon about that as a as a as a goal by a year end? Well, I guess I'll go and I guess the best way to do this is a reference man. Go and look at the us, right? So on the court, he's talking about headline inflation I assume which is more which is more volatile So actually if I was to go and quickly look at the headline inflation chart in the us So I said it peaked last year, right? So if you take So it's now at 3% in the us on the headline. It was at 6% in february So actually the us's inflation reading has halved in five months So I guess he's looking at that chart When he's making that statement and just hoping that on that evidence We should probably expect to see the same ourselves. Yeah, I guess the difference between Rishi and Bailey Is that Rishi can say whatever he likes. It doesn't matter if he's right or wrong And I guess that's the politician's job to instill confidence Right there and then in the moment. No one will remember what he said about it really Five months later. Whereas with the Bank of England The markets will punish you Yeah So talking to the Bank of England maybe the final point is that'll be the next really Interesting moment Because they've got a monetary policy meeting Next week, right? And so Well, you might correct me if I'm wrong. I think it's next week. So Really, this is great relief. Okay lower than expected, but Prior to this CPI Reading markets have been pricing for the Bank of England to hike rates by 0.5% at their next meeting So actually accelerate the rate hiking Now markets are still expecting a hike, but half of that 0.25 percent But it'll be interesting to see what happens and what Bailey and the NPC members Think about this inflation reading and are they prepared To really say, you know what this is a turning point You know, we are going to now be less hawkish. So that'll be a really interesting moment Um in in this in this saga and that's I believe coming next week. Am I right? Third of August. So, uh, okay today we're recording this a Thursday, but two weeks away. Yeah, yeah It'll be interesting. I actually think that the answer to what you've just proposed is They work. They'll be uncommittal as ever will continue to monitor and develop. However Talking of the elong talking of all the corporate strategies we've discussed The way I would do it is then utilize one of the fringe NPC members To drip feed in that we feel quite good about this Yeah Maybe do it that way and then just if they're wrong just say well, that was not my life I think they I don't I don't think they'll do that though I think it's too early that they'd have to be pretty brave To hang their hat on one month's data Normally they want to see at least two months of declines If not three months of declines The ball really starting to be confident, but actually the corner has been turned. You know, it's actually interesting is that another Way or avenue of a central bank being able to communicate and test the market out Is is via sources I don't think I've ever seen a bank of england source ever The Fed do it like clock or the ECB. I should say do it like clockwork It's like christine legard's got a button under her desk when she's delivering the press conference And she's got an earpiece like tom cruise in mission impossible and it's just like the euro's tanking push the button Bang and she hits it and explain like for those who don't know. What do you mean by that a source? A source comment. What do you mean? How does that work? Yeah, so I guess the best way to think about this is Every single word that a central banker says is heavily scrutinized and has the ability to influence market expectations So when they're crafting these statements or answering questions in a in a with the press pack In one of the central bank meetings that they're super cautious So if we're in a position, let's say the bank of england like this where you're kind of wanting to Our goal provide forward guidance Which is give some degree of direction so that markets have confidence Um, and therefore if a policy statement is made or a maneuver is is taken That it's not completely unexpected. So you're kind of changing policy with least disruption to markets as possible Now in this bank of england when we've described, it's quite precarious. It's too early However, it wouldn't it be nice if I could just drip feed in maybe a little comment Just to see how the market would take it in terms of We don't see this as a sign of inflation slowing If they said something as definitive as that well, then the power was just going to go back again Or they say actually we think we turn the corner, which is the opposite end of spectrum And we get a continuation of the second half of this week's moves So rather than go on the tape Let's say on the record And say something either formal formal stage or to A central banker to a member of the press or an interview They typically have The kind of bat phone plugged into bloomberg and reuters for example or the wall street journal if it's the fed And it's a very known relationship in markets that they will utilize and in the case of the fed It's the most clean cut. It's a specific economist at the paper that they will call directly And it will basically be like a little whisper You know, if you're if you're old enough blue horseshoe blue horseshoe likes anacond steel Which is basically like using a type of language Which is quite a giveaway in for what it is that you're thinking And so then that journalist or reuters or bloomberg will run this comment saying sources have said that everyone knows in markets It's the central bank. It's as good as gold But what it allows the central bank to do is have ultimate flexibility and deniability. They can just say We didn't say that. Yeah So we all know they did So it's kind of like this weird situation, but it's very common and as I said during Christine Lagarde's tenure at the ECB it's been the most frequent and I think that that's a byproduct of the fact that There was some major question marks over lagarde when she started about her I guess just ability to sit there and govern govern the european central bank given her political history some of the things she's been involved in accused of in the past Does she have the knowledge to be able to deliver this she's got the public speaking ability Yeah, some might disagree, but Can she actually do it? And so I think for her the best insurance policy was taking out that source Kind of hedge And nearly every time there's a meeting because the problem is when your the language is so nuanced and open to interpretation from the investment community You see the immediate reaction of your words in the market Yeah, and so the source comment typically comes out within the hour of lagarde finishing And it often it's more likely to come out when there's been a meaningful move in markets Because it's probably been unintentional There's been a misalignment of what she's been trying to allude to as to how the markets have interpreted it So what do you do? Can you please run source comment B? Yeah, and if I was the guard, I would have had given my Bloomberg contacts Um a b c d and depending on how markets react, please go it could go out with this this one Um, so yeah, it it happens a lot and it's uh, yes an interesting kind of process And I do know don't tell me how I know this but these people are paid on the books In terms of for this relationship as well That seems interesting info in the vaccines of how the cloak and dagger world goes on it's quite it's quite interesting Right, okay paid how much? I actually know that as well and it's It's uh, yeah, I'm not gonna say because I'll get I'll get in trouble Right. Yeah Right, but yeah, this so this is one of those things I think is a student Learning about markets obviously you would never encounter this as a as a kind of textbook chapter But this stuff is what moves markets Yeah, this is the bread and butter of understanding price action In in a day-to-day marketplace. So yeah Um, hopefully very interesting. It's useful. All right. Well, look, we'll wrap it up there peers Thanks as ever for for joining me and yeah, hope everyone has a fantastic weekend.  Yeah


Some of the other sources of revenue are the special funds that we talked about where we could utilize those Like the energy fund and I have an example of that as we go through the the slides The budget includes the use of some grant money and some impact fees like we're going to be putting in a dog park So that will help us there and then the use of allocation of open space Money the communications bond penny for pass and you can see here Just we're the the biggest revenue source obviously the property tax but local options also pretty significant. Yeah Here's a look at what our different city services are on the left that all Funded by the general fund the user fees over on the right These are all the different services Some of our continued initiatives here with energy projects grants stewardship, you know, you can see them up there I know we're running short on time a little bit. I'm going to kind of hustle through these a little bit But we do have some energy projects that we're doing this year and next year that are going to save our taxpayers some money without increasing their taxes to do them and Probably the most important slide here was this mean to me So if we looked at the proposed budget and the increase on an average condo and an average Residents we have about a thirty seven dollar increase for a condo and a fifty four dollar increase for a home And you can see the breakdown per month in terms of costs there


Cool Okay, so we're so blessed that artists send us in art just because and so Debbie from Yes, here's handle Debbie underscore did underscore it underscore art Debbie did it calm send us this it's the art resin heart and it's bunch of layers check out the 3d effect Can you get that effect on there? So resin artwork resin artwork and if you were to paint on top of the resin You can just sand around the artwork before you pour you pour you don't have to sand all of it Just give it some grip. So that's the tip if you want to do multiple coats. It's totally possible just follow your imagination and See what happens and where it goes See you next Friday


Hello and welcome to this presentation of the STM32 Nested Vector Interrupt Controller. We will be presenting the features of this controller. The interrupt controller belongs to the Cortex-M4 CPU, enabling a close coupling with the processor core. The main features are 63 interrupt sources, 16 programmable priority levels, low latency exception and interrupt handling, automatic nesting and power management control. Applications can benefit from dynamic prioritization of the interrupt levels, fast response to the requests thanks to low latency responses and tail chaining as well as from vector table relocation. The nested vector interrupt controller provides a fast response to interrupt requests, allowing an application to quickly serve incoming events. The STM32WB implements more than 63 interrupts. Some interrupts are combined on the same nested vector interrupt controller vector. By reading the peripheral interrupt register, the software can determine the peripheral that requested the interrupt. The priority assigned to each interrupt request is programmable and can be dynamically changed. The interrupt vector table can also be relocated, which allows the system designer to adapt the placement of interrupt service routines to the application's memory layout. For instance, the vector table can be relocated in RAM. Software is in charge of assigning a priority level to each interrupt, as well as to all exception sources excluding a reset, as well as to all exception sources excluding a reset, non-maskable interrupt and hard fault. Whenever a peripheral interrupt is requested at the same time, a supervisor call instruction is executed. The relative priority of these hardware and software exceptions dictates which one is handled first. Regarding the STM32WB microcontroller, a non-maskable interrupt or NMI is caused, either by an SRAM2 parity error, a flash double ECC error or a clock failure. The priority of any of the 63 peripheral interrupt requests is programmable in a dedicated priority field located in the Cortex-M4 nested vector interrupt controller registers. The nested vector interrupt controller provides several features for efficient handling of exceptions. When an interrupt is served and a new request with higher priority arrives, the new exception can preempt the current one. This is called nested exception handling. The previous exception handler resumes execution after the higher priority exception is handled. A microcode present in the Cortex-M4 automatically pushes the content to the current stack and restores it upon interrupt return. When an interrupt request with lower or equal priority is raised during execution of an interrupt handler, it becomes pending. Once the current interrupt handler is finished, the context saving and restoring process is skipped and control is transferred directly to the new exception handler to decrease interrupt latency. So back-to-back interrupts with decreasing priorities or higher priority values are chained with a very short latency of only a few clock cycles. When an interrupt arrives, the processor first saves the program context before executing the interrupt handler. If the processor is performing this context saving operation when an interrupt of higher priority arrives, the processor switches directly to handling the higher priority interrupt when it is finished saving the program context. Then tail chaining is used prior to executing the IRQB interrupt service routine. When all of the exception handlers have been run and no other exception is pending, the processor restores the previous context from the stack and returns to normal application execution. When accessing the nested vector interrupt controller registers, ensure that your code uses a correctly aligned register access. Unaligned access is not supported for nested vector interrupt controller registers as well as all memory mapped registers located in the Cortex-M4. An interrupt becomes pending when the source asks for service. Disabling the interrupt only prevents the processor from taking that interrupt. Make sure the related interrupt flag is cleared before enabling the interrupt vector. Before relocating the vector table using the VTOR register, ensure that fault handlers, NMI and all enabled interrupts are correctly set up on the new location. In the dual core STM32WBMCU which embeds a Cortex-M4 application core and a Cortex-M0 plus radio core, the peripheral interrupts are connected to both cores. To prevent unwanted interruptions, the interrupts mapped on the Cortex-M4 nested vector interrupt controller and having multiple peripheral interrupt sources can be preliminarily masked in the system configuration controller or SYSCFG. The SYSCFG interrupt mask registers ensure that only the wanted interrupt sources are forwarded to the Cortex-M4 nested vector interrupt controller. The peripherals impacted are listed. The nested vector interrupt controller is linked with the SYSCFG module and the Cortex-M4 CPU. Please refer to the related presentations. For detailed information, please also refer to the programming manual for the STM32F3, F4, L4 and L4 plus series and the reference manual of the STM32WB.


Okay, our next speaker is Jeff McCaffer from Githam, and he will be talking about building confidence to move around and secure it. Let's see how. Hey, how are you doing? Can you hear me in the back? Sorry, my voice is a little bit rough. I was already checked out, but I think they're just recording it. I don't think it's amplified. So can you hear me? Okay, unless you can't answer that because you couldn't hear me. Anyway, so yes, I'm Jeff McCaffer. I work at GitHub. I do a bunch of stuff in supply chain management and helping people secure their use of open source. And just, you know, the preceding talks have said a lot of good groundwork for this. I'm just going to give you sort of my perspective on it. You know, we've all got these components, right? Everybody's got these Lego pieces, which are the greatest thing. They've got APIs you can plug into. You can connect them to build lots of great stuff. And some of these have great big ecosystems where everybody's around. There's lots of support for the component. There's lots of components in the ecosystem. And some, you know, like not so much. So you're not really sure what's going on in that ecosystem. Some are very well organized. They've got lots of, you know, the registries are well maintained and organized. You can find the information about them, et cetera. And some not so much. Some ecosystems have tons of people around to help you understand what's going on with the package you're using or other packages. There's lots of information, et cetera. And some kind of leave everything up to yourself. You've got to figure it out, read the doc, and figure out what's going on. Some ecosystems are really safe. They're really not very well demarcated. Construction's happening here. This is a good place to be, all that sort of stuff. And others, you know, have unicorns, but they've actually got like Trojan people inside, right? So it's really unclear what's actually going on there. The thing that all of these have in common for the most part is they allow you to build really cool things. They've got all these pieces you can build on top of what other folks have done, put together as really amazing things that, you know, that solve your problem or appeal to your scenarios. This is actually Lego. And I can't quite tell the scale, but it seems quite large. So poor understanding of what's going on in these ecosystems, whether it's because they're so vast or because they're not well managed, et cetera, can lead to a bunch of problems, right? Failure to comply with simple licensing obligations. A profound sense of actual or perceived insecurity, not knowing what vulnerabilities you're being exposed to. And for you, a general feeling of inadequacy and lack of confidence. If you don't get the trend that's read here, it's like the self-help guides. Anybody know Tony Robbins? You know, try to be the best you can be. So I developed this idea that, like, it's a North American thing, maybe Cosmopolitan magazine has these things you can read, you know, 10 questions that will help you with your dating life and help understand your, build self-confidence and everything. So I developed this theory that we could have this idea of a dependency management quotient, like your emotional IQ, it's your dependency management IQ. So this is actually a participatory thing. You all should probably have a piece of paper that was given out earlier for your survey and everything.  I want you to keep track of your answers to these questions and you just have to count them. You don't have to, like, remember words or anything.  So the first question, my management, my package manager won't tell me what it did last night and that bothers me. So if that's, you know, if that is one, if you agree with that, if that resonates with you, otherwise just don't count it at all. I have trouble understanding the packages around me. So, okay? So again, count one if you know. I often have a sense of deja vu in looking at packages. I feel crushed by the debt of the packages I use. You can relate this to, like, your family, your friends, whatever. When packages cough, I sneeze. But wait, there's more. Hang on, here we go. I depend on packages I don't know and I'm okay with that. I often don't know what I'm supposed to do. I'm powerless to change the packages around me.  See, that's the problem, right? We're lacking this confidence in engaging in the package management ecosystem. I may be paranoid, but that doesn't mean my packages aren't vulnerable. And finally, I'm overrun by packages I didn't know I needed. Oh, wait, that's not finally... Sorry, there's one more. All right. So, if you scored five or higher on that, you may be suffering from package-knowledge-gap syndrome or packages, for short. So who had five or more? Come on, it's a safe space. This is, you know, code of conduct. Okay, great. So, both were honest, that's cool, and self-aware. These are first steps, right? The first step, the treatment for this syndrome is regular use of tools, strong dose of data, followed by a progressive automation. So the first step is knowing, right? That's the first step. Knowing that you have a problem is the first thing. All right. So, this now is like, for knowing what you do, if you're a normal package management ecosystem or in a normal ecosystem, you've got hundreds of dependencies. So in the earlier talks, get research about how much, how big the dependency graph was. Some stats that I saw, you know, working at GitHub, it's like 180 dependencies in your average ecosystem. There is the top 50 packages are dependent on by 3.6 million other packages. The scope of this graph is massive. And so, you need automated tools to help you understand this. There's a whole bunch of different tools, and we'll talk about those in a second.  Who runs a package in a package management ecosystem where the resolver does dynamic code execution at resolve time? Come on now, you've got to, right? So, a few honest people here, right? So this means that when you run, you know, whatever the install, the command is, it actually goes and runs code to figure out what packages it's going to install. This is really challenging, because now, how do you understand what you're actually going to be using until you're actually using it? So there's this problem we have with build time, no, sorry, package managers, not dumping the results of the resolution. So they don't tell you what's going on in the system, so you can't really do decent understanding, get a decent understanding and do decent inventory. So, using detection tools is called lock files if you've got them, right? So if your ecosystem has lock files, so keep control, take control over your dependencies and maintain the inventory of what you're doing in some sort of searchable system so that you can actually, now that you know you've got these thousands of dependencies, you can actually go and correlate that dependency information to vulnerability data, to licensing data and so forth. So there's a bunch of different tools available. Thomas in the front here has mentioned open source review toolkit previously, tools like scan code and phosology, do great job of discovering both components but also licenses in the software that you're using, et cetera. And software 360 itself is a great job of inventorying and maintaining an inventory of the components you're using and Antenna does a good job of detecting them. A bunch of commercial offerings I won't go into, but the key point here is get something that helps you understand what your dependencies are and manage them, okay? Yes, data. So this is, I'm going to go into this a little bit more. Knowing what you've got is a good thing to know but knowing about those components is key, right? So compliance information. What is the license of the component I'm using? What are the copyright holders? Because when I need to comply with my license, there's a good chance I need to say who produced the software. And the source location. This one's actually kind of funny. Did a little survey of data in clearly defined, which I'll get to in a second, but it took around 200,000 packages that are in active use around the ecosystem and looked at the packages to see whether or not you could find, given a package, could you find the actual source that went into that package, right? Because packages are binaries in general. And it turns out that in 42% of the time, you cannot go in any reasonable way from a package version to the commit that went into that package. So you can't, given a package, you can't find what source went into making that package. So how can you do vulnerability, deeper vulnerability assessment? If you had a source code disclosure requirement by license, how can you do the source code disclosure? You can't. So this challenge of maintaining compliance information is something that we took to heart a couple years ago and started a project called Clearly Defined. And I mentioned that one here. And I'm just going to pop over and show you Clearly Defined for a second. You see that? It's probably not big enough for the back. Let me bump that up. How's that? Can you see in the back? Yes, no? Okay, one more? Let's try one more. How's that? Okay, well, that's as big as it's going to go, I think. So the idea behind Clearly Defined is there's all these packages out there that have poorly formed metadata. They don't have compliance information that's associated with them. And we have to chase that ball. There are things we can do to get ahead, and I'll talk about that in a second. But in general, we have to chase that ball of figuring out, given a package, what the heck is in there, who produced it, what's the license. So we made this system that basically took a bunch of open source tools like phosology, scan code, and others, and ran those tools over the code for the package or the package itself. So we go out to the registry, get the package, run these tools, try to figure out where the source code is. If we could find the source code, go and get the source, run these tools over it, and analyze for what's the license, who are the copyright holders, where's the source located, what's the actual revision and commit, what was the release date, a bunch of other stuff. We put that all in a big database. Then we also, and we surface that to you here. So you can just go to Clearly Defined and type in the name of a component. What should we do? We'll do load-ash just for fun, because I know that's there. And, you know, here's load-ash. Oh, I shouldn't have done a live demo apparently. All right, well, let's just reload. I should have just picked one that was already there. Dun, dun, dun, dun. All right, so ESLint, great, that's a good one. So, you know, we can pop into ESLint here and we can see that it's declared license as MIT. We know where the source code is. It was released today, maybe yesterday. You know, we can see who the copyright holders are and also look at all the different files and see which files had licenses and which ones didn't. Now, it turns out that in many cases this data is incorrect. It's either missing or it's actually incorrect. And so what we did on top of Clearly Defined, the raw harvesting of data, is we allow you to go in and fix it. So as a community now, you can be discovering that, hey, this component that I'm using has a missing license, missing source location, whatever. And you can go in and basically change it. And I don't know, I'm just going to pick a random other one. You change it here and then you can go and say contribute. And when you say contribute, what's going to happen? You fill out the information. I'm not going to do it because this is live. But it actually goes and opens a pull request in GitHub on the Clearly Defined project itself. And there's a community of curators, people who care about this stuff for whatever reason. Maybe they're paid to do it. Maybe they just love doing it, whatever. And they go and they curate your contribution. They say, oh, is that MIT? While we're here, we're proposing that the new license is MIT CMU. Is it really that? Why? What's the justification? Is that reasonable? And so when they curate it, they eventually merge it like any other pull request. And that change data now folds back into the database. So now everybody in the community benefits from the increased fidelity of the data. So we've done this for a bunch of legal and license compliance data. We're also looking, going forward, at doing this for security-related data. So one of the challenges that we've heard around security is the mapping between a package identity. So whatever this one was, ESLint, something or other. And the CDE identities, the CPEs. So who knows what a CPE is? You heard that?  So CPEs are the identifier that's used to identify a component in a CVE, a vulnerability. And the CPE definition is relatively obscure and doesn't always map in any intelligible way directly to the packages that you're actually using. So one of the things that we can do here, and clearly defined in that scope, is define and help communicate crowdsource a mapping between package identities and CPEs. That will help everybody now understand, I'm using package foo, what are the version, what are the vulnerabilities for it? So that's the whole idea behind clearly defined. I think it's one of the things that you, if you're in an organization that needs to do compliance in any way, can start using that data, you can contribute to that data, integrate it into your engineering workflows, etc. So I'm gonna go back to the slides here. Okay, so that was clearly defined. Now that's all chasing the ball, right? And it's really annoying because people keep putting out ill-formed packages, badly constructed repositories. So to get ahead of the ball, who knows about the reused software? Reused.software? Oh, you should know about reused.software. So the idea here is really super simple. There's a way of you, as a software developer, an open source practitioner, to put forward the needed information, the licenses and copyrights and whatever in a really simple way, following just very simple guidelines and being helped by tools that keep you on the right track. So reused.software defines a syntax, a way of putting the data in there, and they have linting tools that are repo up to date. So you'd end up with this being like a PR check on GitHub or something that says, like, hey, you just added this new file, but you forgot to put in a copyright or a license statement. And these sound like kind of annoying things because you're just a developer and you want to do this, but it turns out that if you don't have a license on your software, people aren't really supposed to use it because they don't have a license for your software. So it's kind of important. So I suggest you go take a look at reused.software. So you've got an inventory of all the code you're using, the packages you're using, but now you need to know about the vulnerabilities in there. Now you can go and look at the NVD, the actual National Vulnerability Database in the U.S., but it's kind of cryptic and relies on CPEs, et cetera. Fairly hard to use, but okay, there's the GitHub Security Advisories Database, and this is actually a superset of all the CVEs that are in the NVD, lots of acronyms. Plus all the advisories and warnings that maintainers have produced on GitHub. So since maybe six months ago, we started the maintainer security advisories program. So if your project's on GitHub and somebody tells you that you've got a vulnerability, they say like, hey, there's a problem in this file. You can create what's called a maintainer security advisory. And that gives you a private place to work inside of GitHub. So you're working on GitHub still, but it's in a private fork, effectively. You can go and work with your security team and your other developers to figure out what the vulnerability is and to actually develop a fix. You can have conversation and everything. And then when you've got a fix, you can publish now a pull request that fixes it and have it create a CVE into the GitHub advisories database, which is available in a browsable form here at that URL, but it's also got an API that you can call. So now you can have your engineering system look at, hey, I'm using these packages. Let's go off to GitHub and see if there are any vulnerabilities, like that kind of thing. And then there's a ton of domain and ecosystem-specific vulnerability databases. The other aspect of using packages that doesn't get a lot of, I guess in the sustainability discussion we had some of that in the earlier talk, but community health. So when you're taking a dependency on a package, you're actually taking dependency on a bunch of people.  Turns out that was all developed basically with software. I mean, obviously, there's a whole mass of data processing that went into doing that. And that was all done in Python based on a whole set of Python packages. And it turns out when you do the analysis of a number of people who are contributing to the packages that get used to produce the black hole picture, it was like 20,000. So it was like 20,000 people wrote software that went into producing that image. So there's a ton of people in open source. Open source is all about people and communities, but are they healthy communities? When you're taking a dependency on a package, you're taking a dependency on a set of people who wrote that. So understanding that is the key characteristic of engaging with these packages. So chaos is the community health analytics open source software. Thank you. A project that's developed a bunch of metrics to help you understand what's going on in the communities, what's the bus factor in this community, etc. So there's a great set of metrics that you can use from chaos. So putting this all together essentially, given the scale of what's going on, you have to automate.  So automating makes everything much simpler, repeatable, more consistent, makes it auditable, etc. And one of the key points, I think, for automation is automating decisions and policies. So some of the work we're looking at going forward is how do we make it so you can automate the choices that happen when you're taking a dependency on a component. Your system automatically detects that and then tells you like, hey, you're taking a dependency on a component that hasn't been updated in a year and all of the developers have gone away. That's probably an interesting thing for you to know, and knowing that upfront is really good, as opposed to leaving it to later when you found it as a security vulnerability. So by automating that level of functionality, you can then take all your human time to pay more attention to if this component actually fit architecturally, is this the right choice for my business or organization or my project, etc. So the prognosis then is that if you start taking some of these steps, your symptoms of package knowledge, gap syndrome should start clearing up over it takes a while. It might be three to six months until you actually start seeing some improvements, but it will happen. And that's it. I'll take some questions. Yeah. Right. The paraphrase is like, so you've discovered a connection between a binary and a source. How can you trust that connection is accurate? So that's an awesome question. And in some ecosystems, they've done a really, really good job of this. Like Debian and the reproducible builds is awesome, because you know there's a systematic way of linking back from the build to the source that these are connected. Most other ecosystems don't have that, and that's a shame. And that is today like ecosystems like Node and NPM. So when you publish an NPM package, the actual tools will tag your Git repo with the version number of the package. Now that's good, but it's not guaranteed because while you can package something that wasn't actually the same source, and it's a Git tag, so Git tags can move. So there's lots of challenges with that, but it's way better than the most other ecosystems that don't have anything at all that talk about source location. So the ideal here is being able to build your package, being able to have reproducible builds. Not that you have to build them, but that there is that connection between the binary package and the source that's trusted. But that's going to be one of these incremental things that we have to get better at as a community. Is there anybody here from a package management community itself like the NPM? Oh, good. So one of the requests I have to you is we had a bunch of people together in a discussion and it turned out that, and you might be the exception so don't take a bridge with this, but it turned out that a lot of the package management community folks didn't understand a lot of the requirements here. Didn't really know about compliance requirements and the ability to get back to source, the need for a license. There's some communities we discovered that even though the license says that when you distribute this package, you must include the license, they didn't actually have any of their tooling that forced you to have a license in your package. So if you're not doing that, you're by de facto making your users, your community, non-compliant. That's actually a challenge. So helping nudge your communities into best practices that help you be more compliant, more secure would be awesome. It's a request I have to you and I'd be more than happy to engage with how we can help you at GitHub to make that easier. We've got some other folks here from GitHub who can help with that as well. How many additional dependencies do I take on by using the tools that you suggest? It is an interesting question. Build time dependencies versus run time dependencies too.  There's a challenge. Those are build time dependencies. There's still challenges with those because they can inject stuff and etc. And change, etc. But the alternative is to not use any tools at all and do it all by hand or not do it at all which would be even worse. Do you have a proposal for I was just asking. Stir in the pie. So how do you identify things from how to find that I thought CPE is a good idea but what do I use? So component identity is actually a real challenge, right? There's syntactic ways there's the package URL specification that just gives you a syntactic way of doing it. But it's an interesting question. How many people here, if I just said I had an NPM called foo version 1 would know what I'm talking about? Oh, okay, I know which bytes that is. The problem is that you can get an NPM off of lots of different places. You can get it off of NPMJS.com you can get it off of GitHub you can get it off your local internal repo wherever. So identity for some people identity includes the repository from which it came the registry and for others they assume that foo version 1 is the same source of where they got it from. So actual identity, package identity is actually a very big challenge that most ecosystems that I know haven't really addressed. I would love to be told how to do it, right? Please, it's really a serious problem. Thanks a lot to you. Oh, jeez. Sorry, I wandered away with it. Thank you kindly.


Before I get into this video, guys, we're on our road to 133,000 subscribers and honestly, 150 and 200K, et cetera, et cetera. You know, if you guys just subscribe to the channel, we just might make it there. Just trying to be a full timer here on YouTube, chasing my dream. That being said, let's get into today's news. We got a couple of stories to talk about and one of them deals with Metroid Prime 4 and how it might not be coming out this year. Again, might not be. We have an update on that. Some things I don't like talking about, but they happen for a reason and that is Nintendo and Reddit coming together to cause some more bands and other such things happening around the tears of the kingdom leak. That's right. Remember when tears of the kingdom leaked almost two weeks early? Yeah, we got to talk about that. So here's sort of what's happening with Metroid Prime 4 and it's basically that they're hiring for it. Now, if you go to their Retro Studios website, yeah, you can see some links and a bunch of stuff where it references Metroid Prime 4 but doesn't specifically mention they're hiring for it. But when you go over on LinkedIn, there's actually a couple posts, one last month coming from Johnny. I can't pronounce the rest of it. He's a senior art director at Retro Studios where he mentions, hi, Retro Studios is still looking for talent to build Metroid Prime 4, but that's not it. There was also a post put up a week ago by Daniel who also works at Retro Studios and he says, do you know of any talented VFX artists looking for new roles with AAA titles? Are you looking? Retro Studios and VFX lead Nicholas Wilson are looking to fill an onsite hybrid VFX role in Austin, Texas. This role would be to work on Metroid Prime 4 for the Nintendo Switch and this was just posted a week ago. So this heavily suggests they're still looking for people to work on Metroid Prime 4. Now, as noted by Dray81 when I briefly talked about this on Twitter, this doesn't necessarily mean that they're not basically done with the game or not about to release the game because he put out there that, hey, Mortal Kombat 1, AKA the studio behind it, Netherrealm Studios, was actually still hiring for Mortal Kombat 1 just a month ago and the game does come out in September. So yeah, you know, it's one of those things where this could mean Metroid Prime 4 isn't coming this year. It could also just mean, hey, they're gonna continue to add updates and do things with Metroid Prime 4 after it comes out, maybe DLC related. Of course, we have no idea of Metroid Prime 4 is coming this year. The official word from Nintendo is just TBA but the reason this becomes news is not just because it is an update that they're still hiring for Metroid Prime 4 but also because people like myself have heard from some sources that are in my case one source, that Metroid Prime 4 is basically done. Now, basically done doesn't mean it is done, doesn't mean they can't hire for it but sort of a suggestion, it might come here in 2023 but we don't really know. So we're just gonna have to wait and see. All I do know is that we wanna see the game, right? It would be cool to add the next directs even if it doesn't come out this year if we could just see the game but we need to get into our next story because this is one that, you know, if you've been following Nintendo for a long time, you know, they hate hackers, you know, they hate ROMs, you know, they hate emulation and this is something that makes sense for once that Nintendo and Reddit have taken action because look, there are lines that most of us can agree you just shouldn't cross and this sub Reddit had crossed that line. Now, if you're cringing that we're talking about Reddit I totally understand. They have a bunch of controversies going on right now with their treatment of the moderators and this AI stuff and the CEO acting like the users don't matter and they're about to go public and like Reddit's sort of a mess at the moment anyways and might be becoming less relevant as the years go on but for right now, at least during the time of Tears of the Kingdom, there was some relevancy to Reddit and I got this article by Ethan Dash over on Kotaku where he says Nintendo Switch piracy sub Reddit banned after the giant Tears of the Kingdom leak and it just goes on to really talk about how illicit copies of Tears of the Kingdom began circulating and first started popping up over on this Reddit and the sub Reddit was called the new user piracy sub Reddit. Now moderators and members of the sub Reddit and there were about 70K members at the time that I got banned had known that it was highly likely this Reddit would get shut down eventually. Now it had been running under the radar for about three years and yes, all throughout this Reddit with every game released the last three years had been a bunch of illegal links to download brand new released Switch games. So it was, they weren't even hiding what they were new user piracy sub Reddit, 70,000 members. Yes, it was a sub Reddit about pirating Nintendo Switch games, which is illegal. So it's no surprise that this got shut down but this happened through Nintendo's research digging into a certain Discord server and certain members, discovering the sub Reddit and obviously asking Reddit, hey, why the hell are you allowing illegal links on your website? And this obviously goes to show how Reddit itself is completely user controlled and user moderated and the upper management and the people in control don't really do anything. I think we've known that for a while. But anyways, Reddit did go ahead and shut down that sub Reddit and it didn't shock anybody there. No one's really mad at Nintendo about it. They're sort of just surprised that it even was allowed to exist for as long as it did. They'll just, you know, regress into some other place be it 4chan or a private forum or wherever they can go to continue to share their illegal links without Nintendo doing much about it. Still, it is interesting to see that Nintendo is still technically pursuing actions over everything that helped lead to the mega spreading of Tears of the Kingdom. Like it was something Nintendo probably knew was gonna happen, right? Cause every new Switch game, including Nintendo's own games gets leaked. But Tears of the Kingdom being maybe the most high profile release. And look, we could talk about other games being a big deal, Splatoon 3 and Xenoblade and yada, yada. But like this is a guaranteed top 10 seller and you know, on the whole platform.  Yeah, they're gonna be a lot more angry about this one leaking than say Xenoblade Chronicles. So it is interesting to see Nintendo continue to pursue actions over what happened. We don't know if anything legally has happened, right? Like asking Reddit to shut down what is an illegal subreddit, isn't shocking and yeah, Reddit will just shut it down. But we don't know if anything else is coming out of all this stuff. You know, they had some stuff filed, Discord and certain Discord users. I haven't heard any updates on that whether Nintendo's actually pursuing anything or if maybe everything links back to this Reddit and there's particular users up this Reddit that started everything. Dude, I don't know. What I do know is that Nintendo very much hates piracy and for the most part I think most of us can just nod our heads and go, yeah, this was a bit much. Nintendo sometimes, you know, is overstretching a bit. You know, we've seen all the arguments they've been making with the Dolphin emulator on Steam and all this stuff. But this is a case where I don't really think it's that controversial. I think all of us can look at each other and go, yeah, you shouldn't post illegal, you know, links to brand new games with a subreddit literally having piracy in its name. Like, yeah, that just shouldn't exist. That's not the right place for that kind of stuff. There's plenty of, let's say, shadier places that you can go. But the fact that it existed for three years without Nintendo even knowing about it is interesting because Nintendo would have shut this down years ago if they had actually known this subreddit existed. But that's what happens on Reddit. There's so many subreddits that some can just sort of fly under the radar. But as they get bigger and bigger and it more than doubled in user-based size after Zelda leaked, clearly that helped get Nintendo's attention. So take that for what you will. That's sort of our video for today. And I do want to say thank you to everyone in the comment section, whether you're on my videos on Twitter. For those that have been paying attention, I've been suffering from a bit of a back injury this week. I will be okay. It is slowly getting better following all of the orders and stuff I'm supposed to do. But I do want to say thank you to those that were wishing me well. This is why we haven't had any live streams or anything crazy going on. Pretty much since Prime Gaming Fest because I had to cancel the podcast this week. It's just, I'm just doing my best to take care of myself. We'll be back at it though. I will be okay. And yes, for those wondering, I do have to lose some weight to help with the back. And that's totally okay with me. Something was gonna make me kick it into 11. And I guess this is that thing. So thank you guys so much and I'll catch you in the next video.


We may be in the year 2022, but gloomy statistics tell us a somber truth about the state of education globally. 285 million children and youths still do not attend school. 617 million children and adolescents cannot read and do basic math. 40% of girls in sub-Saharan Africa complete lower secondary school. Some 4 million children and youth refugees are out of school. That is why the UN proclaimed 24 January as International Day of Education. The day celebrates the vital role of education in well-being and development. Without inclusive quality education and lifelong opportunities for all, it is not possible to achieve gender equality. Nor is it possible to break the cycle of poverty. Education is a way to improve outcomes for children around the world. International Day of Education promotes everyone's fundamental right to education. Education empowers students, helps them achieve their goals, and sets them up for a lifetime of success. This year, the focus will be on how to steer digital transformation and support teachers to unlock the potential of every person to contribute to the collective well-being of our planet. Let's use this opportunity to educate communities about what education looks like for children around the world, and to find ways to promote the importance of access to quality education.


First, I want to thank MSF for inviting us to this discussion and to say that I'm privileged to be a small part of a much larger team that carried out this research. I will describe the results from a study in rural Niger in which a Lima and its national partner, Bethan, trained mothers and other family members in a health zone to screen their own children for malnutrition by using color-coded mid-upper arm circumference or MUAC tapes and checking for edema. These mothers were compared to a health zone where screenings were conducted by community health workers or CHWs, which is the current practice. Here I will only focus on the MUAC results. Second, and with apologies, I will be using four main acronyms throughout this talk from time to time. I already used two. So MUAC, which stands for mid-upper arm circumference, CHWs, which stands for community health workers, SAM, which stands for severe acute malnutrition, and MAM, which stands for moderate acute malnutrition. Before I start, I want to share two anecdotes. The first is from the pilot study. The research team there planned to go door-to-door to teach more than 100 women how to screen by MUAC in two villages. But after explaining the purpose of the study, community leaders felt it was too important to go door-to-door and instead called the entire village together for a common meeting where the entire community learned how to use these MUAC tapes. The second anecdote is from a subsequent large-scale study. Several trainers there said that after showing mothers how to use MUAC tapes, many women, if a light bulb had gone off, said, now I understand why my child was accepted or rejected in previous years for treatment and malnutrition. On to the results of the pilot study. So in 2011, 103 mothers were taught how to use MUAC tapes, and their screening results were compared to community health workers. There was excellent agreement between the two groups with errors only at the boundaries between SAM and MAM and MAM and normal. Of note, there was no difference in either group between measuring the left arm or the right arm. With the proof of concept established, Alima and Bethan carried out a large-scale study comparing at the health zone level, mothers versus community health workers at screening children for malnutrition by MUAC. In 2013, the characteristics of 12 health zones in Mariah district where Alima and Bethan ran health and malnutrition treatment programs were examined in order to identify two zones with similar demographics, geography, SAM burden, health care provision, access barriers, and program performance. Taqueta and Dogo showed the most similarities, especially for SAM prevalence and the percentage of children under five treated for SAM previous to the study. Taqueta was chosen as the community health workers zone because managers felt it had the best functioning CHW network. The training strategy in the two zones consisted of the following. For mothers, 20 to 30 minute group sessions were followed by individual demonstrations of how to use MUAC. Most mothers were trained in the first round in May 2013 with follow-up trainings conducted during the three subsequent coverage surveys that were carried out or during consultations. Community health workers were trained with the standard curriculum and supervised accordingly. Over the course of the year, nearly 13,000 mothers and caretakers representing other family members were trained in the mother zone and 36 CHWs were trained in the community health worker zone. Key messages for mothers in the group sessions included definitions of malnutrition, either wasting or edema, and discussions about the importance of identifying malnutrition early. Practical demonstrations of how to perform MUAC were accompanied by descriptions of how to read the color in the MUAC window, or what to do if your child was identified as red, yellow, or green. But of course, one mother in Mariah put the messages a little bit differently than us. She said, red is milk, yellow is flour, and green is paradise. Over the course of the study, there were no differences in terms of admissions by the various criteria in the two zones. Though there were more overall SAM cases in the mother zone. At the end of the study, we found a difference in the median MUAC admission for children who had been admitted by the MUAC criteria. It was 1.6 millimeters higher in the mother zone, or roughly 112 millimeters versus 110 in the community health worker zone. Thus, malnutrition was detected at an earlier stage in the mother zone, and every millimeter higher of MUAC admission can make a big difference in terms of complications and mortality. Consistent with earlier detection and treatment seeking, children admitted in the mother zone were less likely to require inpatient care than children in the community health worker zone, both at admission and at any point in the treatment episode. The most pronounced difference was at admission for those enrolled by MUAC criteria, where children in the mother zone were a little more than 11 times less likely to require inpatient care than children in the community health worker zone. Referrals by MUAC in the mother zone were also nearly two times more likely to be in agreement with the health center agents compared to referrals in the community health worker zone. And finally, point coverage at the end of the study was similar in both areas. Even though, now onto a discussion of costs, even though the mother zone required a higher initial investment, overall costs for the year were less than half of those in the community health worker zone. While initial costs for the community health workers were low, the modest monthly incentives provided to each community health worker represented the largest part, or 85% of the costs. Strengths of this study include an earlier detection of malnutrition in the children in the mother zone with a higher median MUAC at admission and fewer hospitalizations. Limitations included the short time of the study. Also, in addition to that, there was uneven MAM services in the two zones, which caused a lot of problems, especially for messaging in an area where there is limited or no treatment for moderate acute malnutrition. And then finally, a height restriction for eligibility by MUAC unnecessarily excluded short children with low mid-upper arms or conference. In conclusion, we found that mothers were non-inferior to the current practice of community health workers in screening for malnutrition and at a much lower cost. Empowering mothers and other family members to screen their own children for malnutrition is feasible at scale, and we would recommend it. Based on the initial analysis, Alima has gone on to train tens of thousands of more mothers in Burkina Faso, Niger, Mali, and Chad. And finally, we feel that a family MUAC screening strategy will be most efficient in MUAC-based programs that integrates both severe and moderate acute malnutrition treatment in one program. A report from one such program in Sierra Leone showed much higher coverage compared to standard management. I want to thank the following people in groups, but most especially the mothers and children in Dogo and Taqueta, who participated in the study. Thank you.


Today, I have the pleasure of speaking with Terry Lynch from Powernickel. How are you today? Just doing great, Tracy. How about yourself? Well, I love the name Powernickel. You're new to investor intel land, and of course you've got Nickel, Copper, Cobalt, and the Platinum Group of Metals. How can you not lose? You gotta love it. How about we start there? Let's start with the fact that one of your major projects is to acquire 80% from Critical Elements Lithium Corporation. Do I get that correct? You did. Yeah. We acquired it last February, and we've been working on it ever since. Did our first drill, I guess, model of deposit in the summer. It was the first time it was ever a 3D model, and we had the benefit of working with really a tremendous deposit model, and these guys have been, in my experience, the good ones are obviously scientists, but they're part artists. Finding minerals is a bit of art there, too. There's science, but there's guys that can find stuff, and they have the same science degree, but the other guys can't find squat. This guy's a mind finder, so anyway, he did a great job for us, put us on this exploration grid, and we hit seven of eight holes, which is fantastic by anybody's scorecard. The eighth hole was a fault, so not even that was a miss, really. So now we reported some great results, and we'll have an updated brand new 43101 coming out before the end of the quarter, and we're expecting to get some good positive kick there, and there was an old historical resource of 3.1 million tons of about 1.1 percent nickel, 0.5 percent copper, 0.07 cobalt, and about 1.4 grams of the platinum group metals are mostly platinum, so a really great polymetallic mix, probably like a $400 a ton revenue type mix, which is just phenomenal if you like it, if you're in mind. So, Terry, unfortunately, many people out there don't really know the critical elements lithium corporation story as well as we do, for instance. We've been following them for quite some time, so that was a tremendous asset to pick up, and also you really have, you have a second project as well. Yeah, we obviously, we were in copper gold, and we loved our copper gold projects, and we were trading at above these levels just under copper gold, and we acquired this gold, gold, and I have it in the heart of Gold Triangle in DC, and that was going to be the flagship until I discovered NISC, and NISC became just like too irresistible, and I had to have it, so, but yeah, we've got a great second project. We're going to spin it out into its own gold copper company, because gold and copper, you know, don't necessarily fit with nickel, you know, it's just two different animals. We're more power nickel at this stage with the nickel deposits, more of a development story, whereas our gold and copper assets are more of an exploration story. So, I'm going to ask you right now, we're getting a lot of emails of course with what's going on in the market. If an investor out there were saying this is a great time to look at high value stocks, they're a great buy. Can you talk to us about what are some of the competitive advantages of getting in on power nickel today? Well, you know, the stock's been crushed, so like we did our financing last May at 25 cents and 40 cents, got two of the top ranked hedge funds in the country in the deal, so I would say smart money invested, including not just them, but myself, my family, so manager went back in, and we executed we did our modeling, get out there, did great drill results, nickel was under five bucks a pound when we bought it, it's 12 bucks a pound now, couldn't depict a better market to get into, so I would say on all metrics we've executed fantastically, yet our stock price today is like, I don't know, 14, 15 cents, it's ridiculous. So, I think if you're an investor, these times are scary, right, because it's a flight to liquidity, you're thinking, hey, maybe I should keep my money into my mattress, or whatever, you know, people are naturally concerned, I get that, but what's happened, people are pulling at a tech, and they're now going to decide where do I put my money, and my bet is they're going to put a lot of money into the commodity space, and they're going to look at commodity deals that can become mines, and they're going to be looking for big wins, and they should, because you're not coming into power nickel to make double your money, if you're looking to make double your money, there's better places to go, that'll be less risky, but if you want to make 10 to 100 times your money, power nickel's the deal for you, because it's a very good chance that that'll happen, in my view, obviously I'm long and therefore recommend, but I really believe that we've got the deposit that can deliver that, and we're in the right market in the right jurisdiction at the right time. Well, so moving forward this spring and summer, I'm assuming it's the resource estimate that we're waiting for, and what else should we be looking forward to as shareholders? Yeah, so let's look at the milestone, basically the next milestone will be the resource announcement, which will be sometime in Q2, so sometime in June at this point, and so that I think will be sort of the shot heard around the world, because I don't think many people even know we exist, to be honest with you. We haven't really spent a lot of money on IR, because we didn't have a lot of money, we didn't want to spend any of it until we really had the goods, now that we've got it, we're going to go out there and communicate more effectively, and tell people we've got, compare ourselves with the leaders in the space, because we compare very favorably against them, and then after the resource, we'll be drilling. So we'll be starting our next 5,000 meter program, and it's fully funded, and that will take us through probably into late July, early August, and we'll be sending, obviously assays off as we drill. We'd expect to start getting assays back in September through early October, and then we'd update the resource again, and then we'd probably do a financing sometime at the end of Q3, as they're thinking.  You can never predict when that's going to happen. We've been offered lots of money here, turned it all down, because we felt it was just poor time to do that. We felt we're like significantly undervalued, and when we get the resource estimates out there and get the drilling going, we're expecting to see some major swings there. So we'll raise some money this fall, and then we'll do another drilling program starting in October, and look to drill another say 15,000 meters, and I would think that would put us over 10 million tons, and that's when you're commercial in this world. And just to give you an example of what commercial means, there's in our deck, if you looked at our deck that's on our site, we looked and said, hey, what are we being paid for our market cap for pound of nickel discovered based on the resource estimate in the ground? We're getting paid 14 cents, the price of nickel is 12 bucks. Talamels, which would be the number one company in the space, like in our comparables, who would like to be when we grow up? They're getting paid about 40. So they're getting paid 10 times because they're commercial. So when we get paid, when we go commercial, we're going to get a 10-bagger left in my view. So that's coming to my view in addition to finding a whole lot more nickel. So you're going to be commercial, your target time for being commercials, when? I would think probably, it's ultimately the market that decides when they think you're going to be commercial. But 10 million tons is the big number. So I would expect we'd get to 10 million tons by the end of our next drill program. But so not this 5,000 meter one, I think that'll get us close, but probably the next one for sure. So I would say Q1 of 2023. Well, we appreciate that. And while you're incredibly humble and understated with your accomplishments, very few junior companies can attract the interest of hedge funds. And you've actually attracted the interest of two. Can you tell me how you did that? Personal relationships, really. At this stage, one of the small companies, it's all about that. People got to know you to trust you to know that you're going to put the money in the ground and spend it wisely. They've seen a lot of the Mark Twain stories in junior mining. You know, so they're looking for people that they've done business with before. And so that was really how we were able to get to these guys. And we appreciate their support. And we think we're going to reward them with a big victory.  And on that note, Terry, thank you so much for an update on Power Nickel. We hope you will join us regularly as we march towards your commercialization. Thanks, Tracy. We look forward to it. Cheers for now.