The stock market is trading hope and the bond market is trading reality. Normally narratives are wrong, but the market wants to trade narratives and it trades narratives in the shorter time horizon. What's up, YouTube? My name is Giovanni. Today with us, Raul Pal, macro investor, CEO and founder at Finest Media Platform Real Vision. How are you today, Raul? I'm great, Giovanni. How's things? I'm also great. You spent most of your career in traditional finance, co-managing hedge funds for Goldman Sachs and then GLG partners. How did you get involved in crypto and Bitcoin? Some of my clients from Global Macro Investor were two hedge fund guys, ex-Goldman, who happened to hear about crypto in the very early days in around 2011, I think. And their office space came with free electricity in New York. So they thought they'd give this Bitcoin mining a go for the fun of it. And they started mining coins and the price of the coins exploded higher. And they started experimenting in this world. It's two guys called the Millwoods and Chad Cascarilla who ended up forming its bits, the exchange, and then went on to do a number of different things. And here was those guys who told me early on, listen, this is something much bigger than you think. And so after that I started digging into it and had an ongoing love affair with it. At some point I kind of fell out of love with it and then fell back in love with it. What was that made you fell off in love with it and then back again? It was 2017 when everybody was forking. So the forking for me was something I thought, I don't know how this is going to go. It either takes away from the main chain and creates less value in the main tokens or it does the opposite. And anything, all of these new ideas get abandoned and so only the strongest survive. And I didn't know which way that was going to go and I don't think anybody did. And I just said, look, I'm not comfortable with this because this feels like a replication of something that was supposed to not be replicable. The good thing is, is the main token survived and everything else fell by the wayside. Sure they may have a role in the future but that got me really nervous at the time. I'd already made 10x as well after that move so I got out very early before the final spike in 2017. We are seeing the global markets coming down a bit as countries are gradually lifting their quarantine restrictions on business. Do you believe this is the start of a v-shaped recovery or it's a kind of a dead cat bounce leading to lower lows? Well, let me ask you, you're an Italian you speak to your friends and family at home what is the probability that they're going to return back to normal? Are they all going to go into restaurants? Well, you know that restaurants are limited by social distancing and you also know that everyone's been cooped up in Italy for so long that yes they want to go out but they're very cautious of other people. So when you do that at the margin you lower the rate of growth of the economy so of course people go back to work and of course people do things but at the margin things change. So we can prove this out so not just you and I chatting about Italy but I can choose this, I can look at this in detail by looking at the tom-tom data of what traffic is doing in Chinese cities. China was about a month and a half ahead of Italy for example so it's giving us a look into the future. Well, guess what happened? People went to work and went home. In the middle of the day down 45% of the traffic because they didn't want to go anywhere. On the weekends down 85% that's in Wuhan, Shanghai, Beijing so it's telling you that it is a much broader, deeper, longer event than people think because people confuse people going back to work with the return to normal but let's say unemployment in the United States is 30 million what does back to work look like in terms of unemployment? 15? 15, 18 million unemployed? 12 million unemployed? Well, that's a huge chunk of consumption out of the economy and if that's the case the trend rate of growth is likely to be negative people don't get this. It's very simple and the bond market is screaming at you as it's starting to trade zero yields and negative yields. So why do you think the stock market is so slow in understanding the situation? Well, the question is is it trading, it's either trading on human emotion because it's a very thin illiquid market, the stock market these days so is it being driven by index funds and a bunch of other stuff? Possibly. And therefore our algorithms picking up that monetary printing should be good and therefore the stock market goes up and maybe it disconnects. That's one argument that most people have. I don't think that's going to be the case but I am fully cognizant that it's possible. I think that the stock market is trading hope and the bond market is trading reality and the bond market will show us where the stock market will go. It usually always works that way. It will be extremely rare for the stock market and the bond market to diverge for so long. So that's what I'm waiting for. I think the bond market will give us our signal. I think it started yesterday as all the yield started breaking down towards zero. I think like in Europe in 2012 DCB weren't at negative rates but the bond market was trading negative. It traded negative on and off for the next 18 months. It would go negative, it would go positive, negative, positive and the ECB rates were zero and eventually the ECB cut to negative and then continues to do so. So it's nothing to do with the Fed. It's what the bond market is picking up about the state of the economy and the state of the recovery. You have a very interesting way to look at investment strategies which is based on the concept of cycles, a sequence of up and downs in the world economies. Can you tell us a bit more about this strategy and how it can be applied to cryptocurrency? Well, firstly I don't know if it can be applied to cryptocurrency but I will tell you how cryptocurrency fits into my framework. And again, I don't use cycles in the kind of voodoo where the moon and Saturn came up on this thing and therefore that. What it basically is, is you take a chart of GDP, you look at that, that's how the economy moves and it goes up and down. We have booms and busts. We have processions and we have good times. So a small child would look at that chart and say, oh yeah, it goes up and down. What's fascinating is economists predict a linear path. They never predict an up and down, right? The business cycle is so obvious and the evidence of the business cycle goes back in all recorded economic data that why not just follow the business cycle?  So you look at that and you can also forecast when the cycle peaks, when the cycle troughs, what it's likely to do. Not with 100% certainty, there's no crystal ball here but it gives you a structured framework of what things could be doing. Then I have a secular cycle which is the big things like demographics. The baby boomers were the big drivers of the stock market and consumption and certain things. That would be a secular cycle or let's say the Middle Eastern countries in India with young populations and low debts. They're probably a different secular cycle. It's kind of the opposite to the West. And one of those big secular cycles is debt. So you have this debt cycle, you have this demographic cycle and then you have the business cycle going lower and then you have something like COVID that comes along and is the accelerant and what happens is you start thinking of, okay, what are the weak parts of this system based on the debt demographics and other issues that we have and one of them would be the financial system. We're not talking about the financial system like 2008. Is this bank going to go bust or that bank? It's the very structure of money itself and how nations around the world deal with it. The problem is we live in a dollar standard world where the dollar is at least 70% of world trade but there aren't enough dollars in the system for all of the borrowers of dollars or the needs for dollars. So it becomes a super constrained system and additionally on top of that there's a huge amount of printing of all currencies, not just dollars but of euros and yen and Aussie dollars and British pounds. So all of that comes together and that would lead you to say, how do you profit or protect yourself in that environment? So secular cycle, business cycle, potential outcomes and that would lead you to a combination, let's say, of gold and Bitcoin. When you mentioned COVID, when you mentioned the problem that we have in the current financial system you mean that you identified a closure of a cycle right now in this period of time? Correct. So we are clearly in the recession. The recession is the bottom of the down cycle. It normally goes on for about 18 months or two years. Longer ones go on for three years. We don't know what this is going to look like. The market is betting that this down cycle will be shorter, six months and I'm thinking it might be three years. So there's a difference of opinion within it. But what we say is this is the largest economic downturn nor recorded history. The Bank of England announced yesterday that this was the largest downturn in the British economy in 300 years. That's the magnitude of what we're dealing with. So what is the probability in something so big that it blows up other things? Things like the monetary system, things like the whole central bank balance sheet system, things like our system of governments. All of these things in an environment like this have a higher probability of change because this is such a destructive event. And out of that destructive event comes new opportunities. So I think the probabilities are high. There was no certainty in this world. But the probability is high that, for example, we have to move to a new financial system and that will probably involve digital currencies in multiple formats and whole digital infrastructure that's being built not just in the crypto land but across everything. So when do you think this scenario is going to actually materialize? What kind of timeframe are we looking at? No, well, it's not clear how long it will take. But if this is a recession or depression, which I think it may well end up morphing into, and it drags on three years, I think three years would be the time horizon where they're going to have to do something because I fear that the dollar is going to rise dramatically over this period of time. And basically that's a wrecking ball to the global economy, the US economy, creating deflation as we go and a whole bunch of other problems. You recently defined the current Bitcoin technicals as a Bitcoin porn and a perfect setup. Can you explain why are you so bullish? So I use technical analysis a lot to give me structure and understanding what a market looks like, what all the participants' behavior has been up until this point, exactly to be in the future. And I look at the chart of Bitcoin and it's a beautiful triangle pattern. That kind of pattern tends to be powerful. It usually means that volatility is contracting and that the asset is changing hands from one group to the other, from weak hands to strong hands. And then normally when it breaks out of that pattern, it's a fear of missing out, BOMO, and you tend to see large explosive moves. When you look at the chart on a log scale, it looks also very extraordinary because how you measure, what's useful about these kind of triangle patterns, like all the wedges, is that usually the size of the pole of the flag is repeated again. Now if you did that, using the log chart, it would take you to a million dollars. In this halving, is that possible?  I think it is. But it wouldn't match the stock-to-flow model which says, you know, it might spike to 250 or something like that. But that setup looks extraordinary. Then the kind of regression setup of the regression channel, that looks extraordinary. The stock-to-flow setup looks extraordinary. The new flow is perfect. It's kind of like it couldn't be a better opportunity. It doesn't mean I'm right, but it means the probability is high. You mentioned you are accumulating as much Bitcoin as you can, since you believe it can go up 50 to 100 times in the next five years. But what are the macroeconomical factors that should be in place for that to happen? I think it's to do with how long this recession, depression goes on for and the strains it puts on the global financial system. We are basically two months into this and we have the largest monetary stimulus in all recorded history by pretty much every nation on Earth. Every country in Europe has expanded their government deficits by 20 to 25% all in one month. We have the Federal Reserve, the ECB, BOJ, Australia, New Zealand, the UK, you name it, all expanding their balance sheets. And at the same time, we have 12 trillion dollars that are borrowed in US dollar terms where they can't get access to funding necessarily, so the weakest people. We're seeing an emerging market crisis with Brazil, Turkey, Argentina, Venezuela, where anybody who's a weaker creditor can't get access to credit. So if I'm right and this plays out longer, we have a large solvency event to deal with which is global revenues are down but global debts are still up. I think we go to a debt deflation. We have a deflationary environment. The price of commodities would suggest that. And this is where people get confused between deflation and inflation. They're like, how can you be a Bitcoin bull if you've got deflation? Paul Tudor Jones mentioned it in very specific terms. Global monetary inflation. We're not talking about global price inflation. They're two different things. So we are inflating or devaluing money. We're not necessarily creating higher prices because maybe the price of goods is falling faster than the price of money. So people don't understand this concept. The inflation you're talking about is about not the increase of prices, just the decrease of the value of money. Correct? And you can see it versus gold because that is the money that has no debt against it. So you see that relative valuation. Now prices are falling faster than the value of money because the oil prices collapsed and the copper prices collapsed and everything else has collapsed. Food commodities have collapsed. So you're not seeing inflation in prices. You're seeing devaluation for the price of money because that's why it's called the global monetary inflation. In that environment, with all of the factors I've talked about, the probability of this digital world being set up, considering that Mark Carney from the Bank of England, Benoit Couret from the ECB, the BOJ, the PBOC, everybody has talked about the need to move off the dollar standard and the need to go to digital currencies.  There's not peg to the dollar at 70% of the whole thing. And you see that there is a very fast movement. We're also, as all of us are seeing, the changes in the decentralized finance world, the payments world, the remittances world, the architecture of the whole financial system from granular detail to macro. It's all happening at the same time. So I would say the probability of in the next five years, considering we're kind of getting to the horizon zone, where this all comes together at one point, I give that a pretty high chance. And so I treat Bitcoin as the option on that horizon. Now, Bitcoin won't be the currency. I'm not saying that. I know many people say it could be and should be. Sure, but I don't think it will be yet, if at all. But its point, its relevance will be extreme, because it'll be a reserve currency for all of us. So basically you're saying that Bitcoin itself might not become the currency, but it will lead the way, it will open a kind of path that eventually will see similar currency, similar digital currency taking a foothold. I don't think you'll ever replicate Bitcoin. So Bitcoin becomes the hardest money. You can't replicate it. Other people will try and do other things like it. But think of it as your own sovereign currency that you can always go to if your government's acting bad. It's kind of how gold works. But it's a digital currency that has a lot of digital abilities, smart contracts, rapid payments, portability, all of the things that were in the Bitcoin stand and as a book, those things make it actually highly adoptable. So forget the argument that people run down is like, we need to adopt Bitcoin as the world. No, no, you just need to be able to have access to it and be able to on-ramp and off-ramp the tax world or the sovereign world that this is your non-sovereign world. It's the same as gold, but with a ton more attributes. It's extremely valuable for people. So I'm curious because some people say that if Bitcoin acquires too much traction, then governments around the world might even crack down on it because they would see it as a threat to their financial monopoly, their monopoly on the financial system. Can't you see a scenario like this playing out? I think people need to understand the size of the financial system. Bitcoin is currently worth around $200 billion. It's noise. It's basically a mid-company in the S&P 500. It's nothing. It's pittance. Until you get to the size of Google, where the governments are starting to think maybe we should do something about their use of data, it's a trillion. So we need to have 5x from here just to even be relevant. But we're talking about an asset class and not a company. So what's the size of the gold as an asset class? It's 10 trillion. And I don't see governments panicking about gold. Sure, they don't really like gold's presence because it has a ability to measure what Bitcoin is doing, but they don't really strictly stop it or do anything like that. So what size do you have to do it? Well, maybe it's a 20 trillion or 30 trillion. So the point being is we're a long way from that. People are very quick to go from A to W in one step. Oh my God, they're going to ban it tomorrow. We've got years before that happens and we don't know what the world looks like by then. But don't forget the thing about Bitcoin is it's pretty transparent. They do know where you are. Sure, there's ways of hiding. So you're not doing it to evade the system. You're doing it to use a different money because it has more value to you. And I don't think that's a huge problem. These kind of problems are too far ahead to be considered relevant today even within your macro vision of economy, right? Correct. Because what you will do is you will not buy Bitcoin. I see this argument come up a lot. So they will not buy Bitcoin and they'll miss a rally to a trillion dollars. That makes sense. Because they've created something that's 10 years in the future as their problem today. And that's wrong. There's a misunderstanding, right? So macro is living in the future. So if you say to me, okay, my future state is that governments around the world are forced to ban Bitcoin. What you're actually saying is in 10 years time Bitcoin is so valuable that they have to ban it. So what does that tell me as an investor by Bitcoin? People are doing the opposite. They're thinking, oh, better not buy it. So living in the future state where that is possible means that Bitcoin has to be a million dollars a coin. That's macro investing. Investors base their decisions on narratives and charts. Often charts reflect the narrative but sometimes they contradict it. So what should the investor do when the chart and the narrative are contradicting each other? Normally narratives are wrong. Narratives tend to be the thing that everybody else talks about. So maybe the harming is the wrong narrative in this situation. Inflation I think is the wrong narrative for the reasons we talked about. But the market wants to trade narratives and it trades narratives in the shorter time horizon. The chart usually tells you what the underlying narrative may be. And it's often the case that I will use charts to give me the guidance of what I think the narrative is. So the narrative right now, sorry, not what the narrative was, what the reality is. So right now there is a narrative, the Fed are printing money, the debt for the US dollars going to collapse. That's the narrative. And I need to buy gold and yeah, this is good for Bitcoin. Inflation is coming. The dollar is going to collapse, right? That is the narrative. V-shaped recovery, all part of the same narrative. But I look at the charts of the dollar, the ADXY, the Asian currency or the R&B or the Euro, and they all look like they're going to collapse. I look at the charts of the long-term commodities markets. And again, I lose a lot of long-term charts. The long-term commodity markets have broken some of the biggest top patterns in history. I look at the interest rates and they look like they're going negative. So I've got a consistent story that all the charts are telling me, but the market is telling me something else. The narrative is, that means I have an opportunity and then it comes down to timing. Doesn't mean I'm definitely going to be right that all of these charts, as I read them, are going to be right, but generally, that's where I find I get the most edge for myself. That's probably where I've done best in my career is these situations. So we're in one of those situations now. So then you're looking for, okay, what is the tipping point? Well, the good thing is I can filter out equities because I can be long Bitcoin, long gold, long bonds and they're all working. And I can be long emerging market, long dollars and that's working. So I can ignore the equity market for now and just wait for the right timing should I feel like doing it. So that's kind of how you look at it because the equity market is the one that's really not playing along right now. But as we talked about earlier in the interview, there were different reasons why it may not. I think it will be wrong. I think people's assumption that it's fed liquidity is probably wrong. Thanks for being with us today, Rahul. That was very insightful. Thank you very much for having me. Really enjoyed it. And you guys, as always, don't forget to like and subscribe. See you next time.


Software development is risky, but 25 years ago, building a program was like gambling at a casino. In 1996, 31% of U.S. development projects failed entirely. 53% were over budget, schedule, or missing functionality, and only 16% met initial expectations. The problem was in the way IT projects were planned. In the 1990s, software development usually looked like this. First, the team of user representatives gathered requirements, development was scheduled and budgeted, then thousands of pages of documentation was handed off to a tech team to begin design and development. Eventually, the system was integrated into existing processes and tested. This was called the waterfall model, as steps were discreet and strictly followed each other. Today, the drawbacks of this approach seem obvious. Planning and documentation could take months. But what if you've made a mistake and the software solves non-existent problems? This would then be revealed only at the end of the cycle, and estimating new features that need deep research was essentially guesswork. An additional headache became evident in enterprises and complex projects. How to translate business requirements to technicians. Project managers and analysts that worked on analysis stages spoke a language completely different from the one engineers spoke. Programmers like solving tech puzzles, not business problems. And this made the gap between planning and coding even deeper. There was a need for someone who'd take the technology leadership, have a high level view on the problem, and suggest a solution expressed in a language accessible to technicians. In 1999, engineers from Rational Software, led by Philipp Kruchin, suggested building software in short iterations, re-evaluating assumptions and results at the end of each development phase. This technique was called the Rational Unified Process. And this partly solved the first problem related to long planning and a feedback cycle. However, today most development teams use other iterative and agile methods like Scrum, Lean, and Kanban. But Rational, by bridging the gaps between requirements and technology, helped address the second problem, communication difference. Later, this practice was dubbed Solution Architecture, and the role of the person leading it, Solution Architect. The term architecture was borrowed from the construction industry to highlight the complexity of problems. These were enterprise systems after all. The term also depicts a vantage point. Architects oversee the big picture without diving into low-level technical details. Today, we know three main roles related to architecture. Enterprise, Solution, and Software Architects. First, there were enterprise architects and software architects. Solution Architects weren't initially recognized either in enterprise architecture frameworks like TOGAF or in software development ones like Rational. But sometime in the mid-2000s, the role emerged as a middle ground between a wide enterprise perspective and a narrow tech perspective. Ultimately, the roles differ in how high their vantage points are. Enterprise architects consider the big picture and oversee the entire corporate tech ecosystem from the business perspective. Solution Architects work with specific products and define how they answer the business questions with technology. Software Architects specify the structure and behavior of a system described by Solution Architecture from a technical perspective only. Any software development starts with gathering requirements from a diverse group of people, stakeholders, user experience specialists, or even end users. Business analysts are in charge. They document requirements in user stories, short descriptions of product behavior from a customer perspective. These are functional requirements. There are also some non-functional ones, the general qualities of software, its speed, maintainability, security, and some others. Besides requirements, any project has its own constraints, a budget, manpower, time, licensing, and risks.  The architect is responsible for converting them into a high-level technical guide. But there's an additional level of complexity. Usually, a product never exists alone. It must fit into the current enterprise architecture other systems a company has been using before. For instance, if you use an old legacy monster, your shiny new admin panel must be able to tame it and communicate with it. So Solution Architect considers existing enterprise architecture to make sure that a new product fits well in the existing ecosystem. If you look at the Amazon Web Services Certification Exam Guide for Solution Architects, you'll get the idea of the problem domains that this person faces. Designing resilient architectures, defining performant architectures, specifying secure architectures, and so on. Too vague, right? Okay, for example, an architect building an AWS-based system may need to decide which Amazon cloud service to use and how if the client's salespeople upload their sales figures daily. They need a durable storage solution for these documents that also protects against users accidentally deleting important documents. The selection of specific technologies isn't limited to cloud services only. An architect decides technology stack, databases, architectural patterns, standards, and more. But where's the architecture? What is that exactly? Construction architects have concepts and plans. Solution architects have diagrams. Now remember rational software. In 1995, they suggested Unified Modeling Language, or UML. UML is a language for visualizing how software works. This is Hello World in Java programming language, and this is Hello World in UML. UML suggested three main building blocks. Things, boxes, circles, and other shapes to show functional objects. Relationships, lines and arrows to connect objects and explain how they interact, and diagrams, combinations of these to capture the big picture. Using this simple logic, you can describe very complex systems with modules, services, databases, flows, or even movies. Here's a recent Netflix, Bandersnatch. In 1997, Object Management Group standardized UML as a general purpose modeling language. It also became ISO Standard in 2005. Now the language is widely used to describe architectures. UML isn't the only way to describe architectures. With the growth of cloud services, their providers also suggest their individual visualization methods. And that's how business needs are first translated into user stories and then into the format that engineers can work with. The ability to win the hearts and minds of our customers while explaining abstract technical concepts as they relate to business value is a must. And this is a quote from the job posting for a solution architect in one of the tech companies. Solution architects do lots of talking. Diagrams look static, but making them reiterating and tweaking entails a lot of communication with different parties. Stakeholders and project managers to capture the business problem and pitch a solution. Business analysts to work over requirements. Enterprise architects to fit a solution into the corporate ecosystem. Engineering team and software architects to break down tech details. Many people, besides that one guy that's always at the coffee machine. But who's qualified for this kind of job? Usually solution architects have engineering backgrounds and a pedigree of complex projects. Framing intricate requirements into an architecture takes top-to-bottom understanding of a product from the client side through languages, operating systems, and virtual machines to an infrastructure. Most likely, a solution architect would understand a domain. There are architects who know the ins and outs of financial systems like healthcare software or travel. You name it. They may also have tech domains. Cloud providers like Amazon Web Services and Microsoft Azure offer architect certifications to demonstrate their proficiency with these ecosystems. So look for that if you plan to hire one. And obviously you want the soft skills that keep all that communication humming. But does it work? In 2009, experts from Camp Gemini and the University of Amsterdam surveyed people from 49 software projects to understand the business value of solution architecture as a practice. They found that the use of solution architecture helps decrease budget overrun by about 19%. It improves customer satisfaction and finds a better technical fit for project results. This doesn't mean, however, that all software projects need solution architects. If you build landing pages, integrate small modules, or make minor iterative improvements, most likely you won't need dedicated solution architecture. As one of the building blocks of enterprise planning, solution architecture remains in the realm of complex projects.


Hello, welcome to SSUnitech, Sushil this site and this is continuation of SQL Server performance training. So today we are going to discuss about physical joints. So in SQL Server we have two types of joints. First is physical joint, second is logical joint. So in logical joint we will have inner joint, outer joint and cross joint. But in physical joint we have three types of joints. Nuster loop joint, merge joint and hash joint. So we will discuss about physical joints in this video. So what is physical joint? So how SQL Server can join two or more than two tables internally? So this is physical joints. So as I told you it has three types of joints. Nuster loop joint, merge joint and hash joint. So today we will discuss about nested loop joint. In next video we will discuss about merge joint. And in our upcoming video we will discuss about hash joint as well. So let's start with nested loop joint. So basically in SQL Server optimizer might choose nested loop joint when one of the joining table is small and other is large. Next condition is small table will be considered as outer table. And last table will be considered as inner table. Next inner table should have proper index on the joining column. This is the criteria for nested loop joint. So first we will have two tables. Second condition first table will be small table and second will be last table. Then last table will have the proper index on the joining column. So this is the condition. So how it will join? So all rows from the inner table will be compared one by one. If matched then include in the output else skip. So what it means? So go to on excel here as you can see this is our small table. And it has the product id and name. And it has last table which has the order id, product id and order quantity. So how join will work between these two? So this is a small table our first condition is satisfied and this is the last table. Second condition we will have the index on this product id column. So we have the index. Second how join will work? So it will pick the first row from the small table and we will try to compare with the last table. So as we can see three and three. So these two values will be matched. So it will be moved to our output. Second here we have four. So it will check for four. So four is matched. So this will also include in output. Then it has five and in a small table again we have five. So this five will be also moved over destination. Then six we have a small table six value. So these six will be moved over output. Then seven and then eight. So all values are available. So all the value will be moved over output. If we will have any value which is not available in the small table. So that value will be skipped. Like we have level and here we have product id 9 and quantity something 200. So this is not in the small table. So we will get only these values. So join will work like this. So here we have type of nested loop joins. First is neo nested loop join. Whole table scan or indexes scan will be happen. Then that would be called as neo nested loop join. Next is index nested loop join. So when searching will be used in existing index to perform the lookup with the table. If this condition will be used in the execution plan. Then that would be called as index nested loop join. Last is temp index nested loop join. So what is this? If optimizer creates temporary index as a part of query. After execution of the query it will automatically drop that index. So that would be called as temp index nested loop join. It has total three types of nested loop joins. So go to all SQL server management studio to see in practical. So here I am going to use adventure works 2k16 database. So let me create two tables. First from the work order table and second from the product table. So let me execute these two queries to create the temporary tables for the work order and product. So we can execute. So as we can see work order temporary table has been created successfully. Now I just want to insert first 100 rows from the product table to product temporary table. So let me execute and it has 100 rows. So here as we can see we just want to get data from these two temporary tables which we have created. And joining condition is on product id. Now let me enable the execution plan to check about the joins. So now we can execute. Go to on execution plan. And here as we can see has match. So it is not going to use as nested loop join. Because our last table does not have any index on the joining column. So let me execute this query to create the index. So as we can see index is created successfully on the product id column. Now let me execute this query and now we want to check about the join. So go to on execution plan. And here as we can see nested loop join. Because our last table has the proper index on the joining column and small table does not have any index that is fine. So this is all about nested loop join. In the next video we will discuss about the merge join. So thank you so much for watching this video. If you like this video please subscribe our channel to get many more videos. Don't forget to press the bell icon to get the notification of our newly uploaded videos. And please share to others. Thank you so much.


So now we know what it's going to do for Kaston. What is it going to do for private property and perhaps elaborate more on just the ordinary consumer shoppers out there? Property is something that, you know, it's a long search process. Finding your home is not instant. We'd like to certainly shorten that cycle, make it more convenient, make it simpler, but it's a highly emotional decision. It's got a key financial component to it. So it's never going to be an easy fix. And I think what's exciting about this relationship and this future that we've got in private property is the ability to drive the property search through multimedia channels. So now it's not just about the digital platform, although that's going to be core to what we do, but it's also about the local paper and what advertising reach can go in there for our real estate partners and how local communities want to interact with that through print. And there's a network and a kind of syndication effect that we've got through the Kaston Media Group. So they own a number of other assets and so you'll start seeing farms pop up and farmers weekly and their website offerings. And so I think this is going to be a greater reach to what we do. And so you as a consumer will have to make less effort to find the property that best suits your