Hello and welcome to the session in which you would look at risk premium, risk aversion and the sharpie ratio. These three topics are interrelated so it's very important to cover them all three together. This topic is covered on the CFA exam as well as an essentials or principles of investment course. As always I would like to remind you to connect with me on LinkedIn if you haven't done so. YouTube is where you would need to subscribe. I have 1,700 plus accounting, auditing, tax, finance as well as Excel tutorial. If you like my lectures please like them, share them, put them in playlists. If they benefit you it means they might benefit other people, share the wealth and connect with me on Instagram. On my website farhatlatchers.com you will find additional resources to supplement and complement your course as this course as well as your CPA, CFA, CMA exam as well as your other accounting courses. I strongly suggest you check out my website. We're going to start by looking at risk premium. How do we measure risk premium? So I want you to keep this relationship in mind which is a relationship that makes sense and I hope it makes sense. Let's take a look at risk and return. This is risk on the x-axis and we're going to look at the return at the y-axis. So if I ask you if you take no risk do you expect any return? In other words if you sit home and you don't do anything in your life should you earn anything and the answer is no. You're not risking anything. So if you have let's assume a thousand dollar and that thousand dollar is in your mattress what are you risking? Nothing, nothing therefore you should not earn anything. Now what can you do? Well what you can do is you can take this one thousand dollar and take it to the bank or buy t-bills with it and you're going to see why I said t-bills short term treasury bill. Well if that's if that's the case you're really still not taking any risk whether you have that money in the bank or if you bought a treasury bill basically your risk is zero but you might make maybe I'm just going to say two percent. So if you invest this money you are still taking no risk and you'll be up at two percent here so risk is zero you earn two percent. Now here's what happened your friend might come to you and he or she might tell you look I have this business idea do you want to invest with me? Well guess what that business idea will carry risk or you might want to invest this money in the stock market or you want to buy real estate or you want to buy gold. So here's what's going to happen as you steer away from the bank and from treasure by treasury bill which is once you steer away from safety okay so once you start to take more risk okay what's going to happen as you take more risk logically speaking you want to earn a higher return.  Well you don't know much about his or her business but you want to earn to be on the safe side you're taking more risk as you take more risk you may want to earn ten percent ten percent so your risk is here and ten percent is here or you might want to buy a stock with a with a drug that's unproven yet so a drug under FDA approval well you're taking more risk because it's under FDA approval as you take more risk you expect to be compensated maybe at 15 percent at 15 percent you'll be compensated here so here's what happened here's here's the relationship that I want you to keep in mind as you take more risk you expect more return so risk and return if risk goes up if risk goes up if you take more risk you expect to be compensated and I hope this basic idea makes sense to you because this basic idea is very important for this session so this is the basic idea behind this session the first thing we're going to talk about in the find is something called risk premium and what is the risk premium it's the difference between the expected holding period return hpr on an index fund and the risk free treasury bill that you earn with certainty so if you put your money with the government in a short term treasury bill you might earn let's assume this is two percent well this is risk free because you've really taken no risk you're going to earn this this this percentage but if you invest your money in the stock market you might earn in the stock market 10 percent so this whole thing is 10 percent now guess what the risk premium the risk premium you are taken is let me use a different color here the risk premium you are taken is eight percent so the difference between your expected return your expected holding period return which is 10 percent and your risk free guarantee rate is your risk premium so by undertaking this investment you are you are getting a risk premium of eight percent because if you don't want to you can make guarantee two percent so if the risk free rate and the in the example is four percent and the expected index fund return is ten percent so basically let me just show it to you here in boxes so this is the treasury bill will give you four percent but if you invest in the index stocks you're going to make in total in total ten percent therefore the extra six percent is the risk premium is the risk premium so i just want to make sure you understand this idea because we're this is a powerful idea another term that we use is access return which is the return and access of the risk free rate so anything you earn above the risk free rate which is we're going to be using the risk free rate treasury bill short term treasury bill is called access return so simply put for for my purposes you could use the access return and risk premium interchangeably now from the risk premium we're going to talk about risk aversion what is the risk aversion risk aversion is the reluctance to accept risk as individual we are risk averse in other words we try to avoid risk as much as possible if we want to take risk remember remember if we want to take more risk what do we expect we expect to earn a higher return so yes if we're going to take risk we're going to we're going to expect a higher return but generally speaking we can say we are risk reluctant okay we we reluctant accept risk so risk risk aversion is the degree to which investors are willing to commit funds to stocks depending on the risk aversion how much you're going to invest in stocks what i mean by stocks risky investment it doesn't have to be stocks it can be real state it can be your friend asking you to asking you to invest under under new invention that's that's that's risk it all depends on your risk aversion investors are risk averse in a sense that without positive premium risk premium they would not be willing to invest invest in stocks so what is risk premium positive risk premium positive risk premium is that extra above the treasury bill rate above you remember the four percent treasury bill you only would accept risk if they can if you are compensated for this extra premium so in theory okay there must be always a positive risk premium on risky asset in order to induce risk averse investors to hold the existing supply of the asset otherwise you are a gambler think about it if you don't believe risk and return comes hand in hand why would you invest well the reason you would invest because you are gambler so simply put you would always you want to have you want to have that extra risk premium so again i'm gonna i do this several times but there is a reason for it so if the treasury bill is paying four percent for you to own the stocks you you should expect a return of ten which is an extra six percent so you would only take the extra risk only if the expected return is higher otherwise we will not take that risk okay now to determine an investor optimal portfolio strategy we need to quantify we need to put a number on that risk on the degree of risk aversion so we need to measure the degree of risk aversion so an obvious benchmark is a risk-free asset so basically we look at the risk-free assets which neither have volatility nor have risk premiums if you invest in risk-free asset what is your risk you have no risk whatsoever why because the risk-free asset like the treasury bill or a cd in the back cd in the bank has no no risk premium and it doesn't have any volatility so it pays it pays a certain rate of return if it's a risk-free or an f risk-free risk averse investor will not hold risky asset without the prospect of earning some premium above risk-free rate again back to this idea that you only invest you only invest if the return is worth is is is the return is above the risk-free rate that's the only that's the only reason we infer higher risk aversion if we have demanded higher risk premium for any given level of risk well what does that mean it means if i want to take more risk i want more return that's basically what it means i want a higher risk premium i want a higher risk premium now we're gonna measure this exactly how we measure this this risk an individual degree of risk aversion can be inferred by contrasting two things we're gonna look at the risk premium on the investor's entire wealth so his complete portfolio let's assume you know his a complete portfolio against the variance of the portfolio so simply what we're gonna have we're gonna take the risk free at the risk premium risk premium which is the expected return minus the risk free divide this by the variance and that's how we measure that's how we measure the risk aversion so the ratio of risk premium to variance risk premium to variance means divided by the variance measures the reward demanded per unit or per unit of volatility so for example if an investor whose entire wealth has been invested in portfolio q with an annual risk premium of 10% so that's the numerator 10% is the numerator and a variance of 0.256 0.0256 not 0.256 0.2056 the standard deviation 16 we're not dealing with the standard deviation for now what's going to happen is you're going to have a risk aversion or a risk aversion equal to 3.91 which is the risk premium which is the expected rate of return minus the risk free rate we're not giving the detail which is basically given the numerator is 10% the denominator is the variance and be careful it's the variance not the standard deviation because we're going to look at the standard deviation in a moment so we call this ratio here risk premium to its variance the price of risk or market price risk so this is how we price the risk and this is important so based on this price price of this risk we would allocate wealth between risky and risk free sorry and risk free assets and we're going to see later on when we start to put a portfolio together and this is I'm sorry when we start when we start to put start to put a portfolio together we want to know what's the price of risk and based on that we will determine the allocation also in the real world when you when you are dealing with a client in the real world when you're dealing with a client the first thing is you want to know what's the how how much risk do they tolerate if they tolerate a lot of risk well you're going to have more risky investment than risk free asset if they don't tolerate a lot of risk then we're going to have less risky asset now what does that 3.91 means just give me one second we'll we'll discuss this in a moment with another example right now assume how do you interpret it that's what I'm trying to say assume a complete portfolio represented by the stock market index such as S&P so let's assume we have a portfolio that's representing the S&P 500 call it M the average access return which is the risk premium on the market is 0.08 so this is the numerator and the variance is 0.04 let's compute the risk aversion or the risk aversion well it's it's said the old or the price of risk if we take 0.08 divided by the variance equal to two now remember in the prior example we had 3.91 now we had two so what what does these numbers mean let me just tell you in general what do they do then we'll change the numbers a little bit for it to make sense conventional wisdom holds the plausible estimate for the value of the price of risk a lie in the range of negative 5 to 4 oh what does that mean let me just kind of quick do a quick computation here and show you what it means so this way you'll have an idea how does the price of risk affect the risk premium as well as the variance in the portfolio how does the variance affect the risk premium so let's assume the same the same information except that our risk premium is 10 0.1 so let's compute if we take 0.1 divided by 0.04 variance not 0.4 0.04 that's going to give us an a of 2.5 now let me just so it's point let me let's compare them hand in hand so we we change the risk premium to 0.1 the variance is 0.04 that will give us an answer of 2.5 if you have a choice between those two portfolios which portfolio will you choose of course I will choose this portfolio right here why because I am getting more premium more return I'm taking more risk without a change in my without changing my variance without changing my dispersion therefore 2.5 out I'll prefer a portfolio of 2.5 and let's let's change this let's assume it's 0.08 I'm earning 8% but my volatility is 0.0 let's make it 0.08 to make it the math easy 0.08 divided by 0.08 is one here's what's happening is I am I am my risk premium is 8% but I am I am experiencing a lot of volatility in my portfolio therefore I would prefer this portfolio over this portfolio so hopefully it's start to make sense when we measure the when we measure this this this ratio the price of risk now hopefully it make more sense so this this is pretty good this this is good but again you have to kind of look at it in perspective you have to look at it in perspective another similar ratio is the sharpie ratio the sharpie is the person that created the ratio William Sharpie now what we're going to be looking at is the that's pretty similar and you're going to see it's the ratio of portfolio risk premium to the standard deviation not not not the variance to the standard deviation so risk aversion well we just looked at implied that investors will demand higher reward to accept the higher portfolio volatility which I just showed you this well same thing I mean all what we have to know is if we have a portfolio risk premium we can divide this by the standard deviation of the portfolio access return so rather than the variance we're going to divide it by the standard deviation that's all what it is the risk free asset will have zero premium and a zero standard deviation because when we're dealing with risky free assets they have no deviation they have no risk there is no risk premium so a risk free asset this is the risk free asset risk free asset is basically it does not have any it does not have any standard deviation therefore the sharpie ratio of risky portfolio quantify we're going to kind of quantify the incremental reward the additional reward okay the additional reward for each increase in one percent of the standard portfolio deviation well in other words as we increase the standard deviation how much are we getting in reward I mean the best way to to kind of explain this let me just show you kind of let me just kind of look at certain graphs and just kind of ask you a few questions and hopefully the sharpie ratio will make will make will make more sense this is earning 10 percent and we have this is stock a and this is stock b stock b is also earning 20 percent and this is the deviation those are the deviation here that goes up it goes down there is the deviation if you choose between a and b which which stock would you take definitely will take b why because the risk notice it's almost the same the deviation is the same it goes up and down but the return is higher so guess what I am I am making more return with less risk I'm earning 20 percent and basically those two are the same risk let me show you another let's assume a and b let's assume this is stock a will earn 10 percent this is stock a and this is let me do a different color stock b and let's look at stock b stock b also earns 10 percent if you are presented with those two stocks which stock would you prefer well I'll prefer stock a why because with the same level with less risk I'm earning 10 percent notice stock b the red one has more risk that does that make sense so you don't want stock you don't want stock b because stock b is riskier stock b has more risk and what am I being compensated I'm not being compensated I'm I'm making 10 percent at the end so I may end up with you know maybe five percent I don't know or I may end up with 20 percent but I am taking risk I don't want to I don't want to take that risk if I can make 10 percent with no risk it's better okay let's look at a third third scenario just to kind of show you what this sharp ratio trying to measure let's assume I can make 10 percent with this let me just a little bit of a little bit of fluctuation 10 percent with this stocks or I can make 11 percent with another stock so this is so this is stock a this is stock b now you need to ask yourself I have an additional 1 percent is it worth taking this is it worth taking all this risk for the additional 1 percent so this is what the sharp ratio trying to measure the relationship between your risk premium your portfolio of risk premium to your standard deviation and what do I mean by standard deviation the standard deviation is the fluctuation is the fluctuation in the stock okay so let's take a look at an example the sharp ratio of a portfolio with an annual risk premium of 8 percent and a standard deviation of 20 so in the numerator we're going to have the 8 percent 0.08 and and standard deviation of 0.2 20 percent will give us a sharp ratio of 0.4 or 40 percent what does that mean a higher sharp ratio indicate a better reward per unit of standard deviation of course it does let me show you was let me show you why so we have 0.08 divided by 20 gave us 0.4 let's assume I want I want if I want to get to a higher ratio if I'm making 10 percent you making the same using the same standard deviation the same risk 0.2 my ratio equal to 0.5 so 0.5 I'm making more return given the same risk of 20 percent so this is what the sharp ratio will measure for us so it's it's very similar to the risk aversion very similar but it just kind of basically looking at something else so the standard deviation I just want to make sure you are aware of this is useful risk measure for diversified portfolio it's not for individual securities when we compute the standard deviation it's for the portfolio and the sharp ratio is a valid statistic for ranking portfolios in terms of in terms of risk premium and standard deviation it's not appropriate to to use it to look at individual assets just want to make sure you understand the the limitation of those in the next session what I would do I would work an example illustrating how to compute the risk aversion and sharp ratio hand in hand because it's very important after you learn the concept to kind of practice an exercise to see how this work as always I'm going to ask you to like and share this recording if you like it and don't forget to visit my website farhatlectures.com to look at additional resources for this course as well as your other resources as well as your other courses or if you're studying for CPA, CFA or CMA exam good luck study hard and stay safe


A great deal of philosophy can be resolved simply by understanding what the mind is doing. So many people get confused by the operations of their own minds and they misunderstand the relationship between their minds and the world. Take this example, which is actually pretty sticky. What is the difference between an object in the world and an object in your perception of the world? So I have this funky little red clip here. What is the difference between my perceiving of the red clip and the red clip in itself? You might be tempted to say something like well, if I close my eyes, the perception of the clip goes away, but the clip is still there. That actually halfway works. It certainly works in ordinary language, but when we break things apart philosophically, that starts to get a little shifty. So imagine somebody would come around and say, Steve, what do you mean by the red clip? Now, attempting response is to point to it. I mean that. That is what I mean by the words, the red clip. But check this funkiness out. I can say the red clip. I can point to it, but I can point to multiple different positions and still be pointing at the same thing. Here's what I mean. I could point to it like this. That is what I mean by a red clip. I can also point to it like this and this and this and this. So follow along. I can point to the exact same thing when I'm pointing like this, this, this or this. How's that possible? It's because I'm actually pointing to an object in my visual field, an object within the contents of my perception. Right now, there is a red blob that's in my visual field. It's right here. It's all along right here kind of in this, this general area. This blocks out the red field. It's right behind my hand. This, this red field. But if it's true that I'm actually pointing to an object in my visual field, then when I close my eyes, sure enough, that object goes away. There is no object. My visual field is just blackness. Boom. And now that object returns. Now there are some philosophers who have taken this rather literally and they say essentially when you close your eyes, ordinary objects disappear. There's no such things as objects outside your perception. I don't agree with those particular philosophers. I think we can rescue some notion about ordinary objects. We just have to be really careful. And when we go down this rabbit hole, I think it actually reveals some profound truths about the relationship between the mind and the world. So there's a few ways to try to rescue ourselves from this extreme skepticism of thinking maybe the world goes away when we're not looking at it. One more common sensical way to try to rescue this idea is to say, okay, yes, there is such a thing as the perception of redness. And yes, it does go away when you close your eyes. But the cause of your perception of redness is because there's a red object in the world that you're perceiving. There you go problem solved. I actually don't find this particularly compelling. I don't think color is in the world separate of our minds. I think color is a way to describe a phenomena that we're experiencing. I do think it's the case that the entirety of the redness that I'm referencing disappears when I'm not looking at it. Now you may be looking at it, you may be having a conscious experience of redness that doesn't go away when I close my eyes. Okay, but that's a different phenomena. That's mental phenomena in your mind. It's not mental phenomena in my mind. What I'm talking about sure enough disappears when I'm not looking at it. Now I here's how I rescue the idea of the external world. I would say it is the case. I'm theorizing. I don't claim I know this, but I'm theorizing that there is a spatial world which is occupied by bits of matter that are arranged in particular ways that when your sense organs interact with the way that the world is arranged, it causes the perception of redness in your mind. So you could say this in a more physics terms. You could say if we were to break apart the actual perceiving of red, it's not like red is something that's out there in the object and somehow it gets transmitted through space into your mind. It's that there are wavelengths of light which they don't have colors themselves, but the wavelengths of light impress upon your senses. Your senses represent that impression in your mind as redness. So yes, I think there is an external world. I think it's arranged in a particular way that impresses upon our senses. And yes, even if there were no minds, I still have the belief that there would still be this kind of three dimensional physical space, but without minds, I don't think there would be such a thing as redness because there would be nobody to describe the phenomena that they experience. It's very similar to the age old question. If a tree falls in a forest, does it make a sound? My answer is no, it doesn't because sound is a way to describe a phenomena that a mind experiences. Sound is a representation of the world. You might still have sound waves. If a tree falls, it might still create sound waves, but without any minds to perceive the sound waves, there is no such thing as the phenomena of sound. I think this way of thinking solves a bunch of different philosophical problems that get really sticky when you try to preserve the existence of properties in the world or lots of properties in the world. And I think this is a rather natural way of thinking when you start practicing becoming aware of the contents of your experience. So usually the way that people's minds work, at least in the West, is to say, this is an object out there in the world. They don't take the time to sit back and say, huh, what's going on? What am I actually aware of? Well, I'm aware of colors in my visual field. If you do that enough, if you practice that enough, I think you'll discover the properties we thought were existing in the world are actually properties in our mind. And if we're careful, I don't think this leads to any kind of radical skepticism or solipsism that says the only things that exist are the contents of our perception. I don't buy that either. So what do you guys think? Do you think that when you perceive red, you're seeing redness in the world? Or do you think that you're simply seeing redness in your representation of the world? I submit it's the latter.


The second hands-on for former protection is about protecting the integrity of the former. In this hands-on, we're going to build a project of application with hash verification of the former itself. So for that purpose, we will need to have a binary that includes not only the former code itself, but also the hash digest. So to achieve that, we will run a hostPC2, basically a Windows bed script. You will see how we can do that. And then after we have such kind of binary, we will program it to the board and then we can observe the hash verification result. Then we will make one-bit modification of the existing binary and see what is the impact. This will help you to understand why hash verification can help to guarantee the former integrity. And in the end, we will add the protection to the flash page where hash data is stored. The hardware board and software tool to be required for this hands-on is almost the same as the first one, except that we would require execute crypto library for the hash computation. So please make sure you download it from SD website. And make sure you have downloaded the patch of crypto library, the latest version of this patch package, which is version 3.1.3 because the support of G0 board is included in this package. So for the hands-on, we're still going to use the pre-generated projects. The one to be used for this hands-on will be this one, AppIntProt.zip. The name means its application with integrity and protection. There is another one named AppInt.zip. It's very similar to this one. For the hash verification part, that's the same. The only difference is that this one also includes the activation of write protection of the hash flash page. That's it. So we will use this one. And we will also use some script coming from host tools folder. And we will use postbuild hash.bat. This script will be used to generate the binary with hash. Before we start the practice, let me explain a little bit of the flash layout that we're going to have. So starting from the base address of user flash, there will be the application firmware. And then after that, there will be some padding bytes. Those bytes are just to make sure that the data that is going to be used for the digest computation will be aligned to flash page size. So that the hash value will be put on the standalone flash page after the firmware. If you have everything ready, then we can start. The second hands-on, we're going to practice to have a practice to see how to use hash verification to ensure the firmware integrity. And the project, we're still going to use some project that has been created for you. For this one, we will use project in folder G0 app int prot. That stands for an application with integrity check and some protection of the integrity check values. Be careful about one thing. Here you can see a folder named sdm-solid to cryptographic. This is not there by default when you download a package of the hands-on. You need to make sure you downloaded the crypto library from SD website. And especially, you need to make sure that you have downloaded this patch crypto library. And make sure that you use, you have downloaded the latest version of the patch, which is version 3.1.3. Inside this one, you will be able to find some folders. Definitely there will be one for G0. You can find the G0 folder. And inside the middleware ST, you will find this sdm-solid to cryptographic folder. And you can just copy this one to the project folder that you have. And if you go inside, you will find all the necessary header files and the libraries to be used in the project. Then again, you can still choose the ID that you like or you have. So we can just open any one of them. First, we can take a look at the source code. So it's the same application, but added some additional function calls before running the application procedure itself. So there were two things added here. The first is the hash verification. This function will verify the hash value of the former that is running. And before then, there is also one function to check and apply static protections. This function will actually protect at the right protection to the flash page where the former hash value is stored. And this one, we can take a look, go inside. This function will expect a flash page with hash value stored. And the address is defined by this one. So this function will read the content from flash and make a computation of former hash and compare with the hash value that is located in this address. So in terms of the former to be used for the digest computation, of course, the starting address will be the base address of the user flash. And the size will be a size that is not exactly the former size, but the former size aligned to flash page size. Okay, so if we go to definition of this one, you can see that this is computed from former size, but also aligned to flash page size. And the former size is guided from linker file symbols. In case of KO, there is nothing very special to be added in the linker file because those symbols are there by default. In case of IR, for example, we can open the IR project and have a look. In the linker file, there will be, okay, we will make a build first at the same time. You can also build here, it's the same. And then we will see the ICF file, which is a linker file. So here, we added one block named the firmware and put all the read-only content to former block and then put former block to ROM region. That is how this former end is linked to the linker file, okay. And if you are using IDE, Q by DE, then there will be another symbol added to the linker file to export the symbol to the code. Okay, it's similar. So now you can either build in KO or IR, both should be fine. Then we can first program the binary to the board. I will do a full erase, full chip erase first. Make sure your RDP level is in zero, no write protection, no piece of rub, okay. And then do a full chip erase. And then we can download the binary and we can reset the board and check the print message. So here the software is trying to print the hash value. This is supposed to be the location where the hash value is stored on the flash. Currently we didn't have any same program there, so this is not a valid hash. And this is the hash value computed from the former. And since the comparison didn't match, these two values doesn't match, so the verification fails and it will enter to a fatal error handler, which is for the moment just an endless loop and with this print message. So that means we need to make sure we can generate the hash value for the former. So for that purpose we have something created for that purpose as well. So in the package you should be able to find a folder named hash tools. Here we have some scripts running on the Windows console, command console. So for hash computation we will use this one. We can take a look at the content of this file. So this script expects input parameter, which specifies the binary file that you want to process. And first it will do a padding to make sure the data to be used for digest computation will be the size that is aligned to flash page size. And then it will run an open SSL command using this digest tool to generate the digest. So the hash SHA 256 value for the binary. And then we will combine this digest value to the former binary with padding. That's it. So we can run this script. Post build hash. And we have already built in IR so we can give IR project build. It will be located in this folder. There is one thing you need to make sure that you have converted. So we have, we should have this binary generated. Okay, it's not in this folder. Sorry. It's in, sorry, this folder. So we have this binary generated. And then can run this script. So there will be some print message coming from the script. Showing you the hash value that is computed. And also point out what is the final binary that should be programmed on the board. Okay, so we can do a programming using the cube programmer. Okay, we open this here. See. So out with hash dot bin. This is file to be programmed on the board. Okay. Then we can take a look at the print message once again, reboot the board. So this time verification is successful because the computed value is in line with the value that is read from the flash. Okay. And then let's connect to the board and take a look at the flash content. So here from the print message, you can see that the hash value is located in this address. We can take a look there and read the flash content. So this is the starting address of the firmware and we can go to 0800 and see. So here we have the hash value for the, for this firmware. So we go back a little bit. So here's the hash value. Those are the stuffing bytes, padding bytes. And before that is the former content. So next thing we're going to do. We're trying to modify just one bit of the binary that we have generated program on the board. And then see what is the effect. This will help you to better understand why we can use hash digest to ensure the former integrity. Okay. So I would just change one bit in the padding bytes. For example, I changed it to one here. Okay. So now we have one bit different from the binary that we have previously. All the rest are the same. Okay. Then we disconnect and report for see what happens. Now you see that the hash verification failed. That's because the computed value is different from the values that is read from the flash. And you can see that actually, even though I just modified one bit, the computed digest is totally different from one that we have previously. So it's not just one bit different. Okay. So now you have a better idea of how this hash verification works. And then the next thing we're going to do is to enable the right protection of the flash page where this hash value is stored. Okay. So in this security check.c file, we have a function named the check applies static protections. This one will basically activate the right protection of the flash page where this hash value is stored. That is also one of the reasons why we want to make a padding to the former because we want to put the hash value to a separate flash page following the former binary. Okay. So this code is inside, is inside a definition of a macro. So we need to make sure it is defined. So by default, it's, it's not so I'll comment this line. And we can build again. And then we need to run the same that script to generate the hash value for it. Okay. Then we can program this new binary to the board. So right now, there's no right protection. Okay, then we download again this new binary. Okay. And we will take a look at the print message. So we do a reset. So this time we will see some additional print message coming from the former says it apply the WIP protection to page 10. This is where this hash value is stored on the flash page. And that's all for this sense. Okay. Let's have a recap of this sense. So in this sense on, we have seen how hash verification can be added in the application former to help on the former integrity protection. And we have also seen how to generate a hash value and make a binary with both former and its hash digest. What kind of tool can be used to achieve that? And we have also seen what is the effect in case one bit of the flash content is modified. This will let us better understand why hash verification can help on the former integrity protection. And we also see how we can protect the hash value on the flash using WRP.


What's up everyone? It's your girl Kenty here from Layton sports cards and I am ripping brand new release of 2022 tops Chrome formula one racing hobby six box break number one random teams I will give you a look at the random results again. You can always find these are late and sports cards Com underneath the results tab And the link is also in chat for you Alright, here we go Get this live on tiktok All right, here we go It's a blizzard. Thank you. Thank you super excited to be back All right, here we go first look here at late and sports cards or some F1 We pull in the super in the first box first break. What do you think? Or like us like a red I like the look of the red cards with the chrome for sure All right Here we go. Good luck everyone again, F1 all sold out for the daytime breaks more tonight with Sam We've got a Hamilton and Russell refractor I feel like breaking is kind of like riding a bike. You never really forget how to do it Thankfully, you've got refractor Franz Tost And a gold checkerboard of Ralph Bosch on nice one there 35 out of 50 going to compost racing Nice start there on the gold Again looking for some color of some big names as well as autographs refractor a Sergio Perez for rebel We've got speed demons of Charles Leclerc Pull in there. Come on. Let's see. Let's see red or super. That's really what I want to pull Claire refractor Altari, it's up tiktok My friend's having a great day refractor of Ocon for Alpine Alpine. I always love the look of refractors on the chrome cards This product just looks super clean overall future stars refractor of Duhon Virtuosi Yeah in a mix of f1 and f2 here in this product was Hamilton. They've got refractor pause We've got speed demons Lewis Hamilton, nice one in their seats Another Alphatari refractor That'd be a cool set to build Yeah Looks like we have some color coming up here. We've got rookie refractor alpha Romeo And we've got purple Lance stroll for Ashton Martin. That is gonna be 128 out of 399 Nice purple Smash is asking how much is a personal box of this that we check real quick here for you It is 249 99 so 250 a box For a personal link in the bio if you'd like to check out our website late in sports cards calm Botas and zoop for Romero Alpine refractor and mini diamond max for stopping nice one there 171 out of 299 another one of my favorite parallels is the mini diamonds This is the way it looks in the light very nice Grats on that one at Red Bull Fractor Lewis Hamilton nice Also, hoping I was watching some breaks yesterday night. I didn't see any of the you know the image variation So hopefully we can pull one of those today for someone a Fractor of Coucher on the future stars for Art Grand Prix sup Bronx Again tiktok link in bio. We've got the green and purple parallel of Cordill for Van Amsterdam for future stars Refractor speed demons Yuki Again more f1 breaks available tonight with Sam Sam style half case random teams It is filled up for the daytime Mercedes AMG Raptor last pack of box number one we've got checkerboard future stars of Dar Daru Vala for Prima racing nice one there not number And refractor of Alonso and Ocon All right solid first box. We got we had like one gold and we also had the Purple no auto in the first box again autos are not guaranteed Each box is guaranteed one of the dual color parallels What were the odds for the autographs? So it's like one in every 63 packs or so so every every couple boxes Hopefully All right box to that refractor Sergio Peretz for Red Bull auto Stopping we've got gold and purple Nicholas Latifi for Williams racing nice one there. I like the purple and gold That's nice again. These are not numbered. It is a shorter printed parallel on the purple and gold And speed demons refractor max for stopping Again tiktok link in bio if you'd like to check out the website. We've got some football breaks with spots remaining for the daytime Magnuson for Haas On the refractor we've got two half cases of XR football and then a couple three box breaks of Mosaic football rookie refractor of zoo Ganyu for alpha-ramel nice one there on the rookie refractor You've got Lewis Hamilton refractor Grand Prix runner Grand Prix winner and Another gold checkerboard of Lando Norris nice one there 15 out of 50 grads on that McLaren on the Lando Norris gold checkerboard gold checker flag very nice Yeah, what we're also streaming on YouTube and Twitch as well. There we go. Move that over a little bit for you Lotus and for Alpha Romero refractor of Alpine and Mini-diamonds Sebastian Vettel for Ashton Martin. That is 179 out of 299 Another mini-diamonds for your Russell All right This your for Alpha Romero and refractor auto of Sem Bolupasi for the shrews racing Who's got shrews? That is an F2 team there.  Yeah, an F2 racer there, but it's not numbered base refractor auto Thanks, Andrew. Hope all as well Yeah, no problem would Again tiktok Lincoln bio if you'd like to check out some some breaks later today Just football remaining for the daytime breaks and F1 all filled up more tonight with Sam if you'd like to hop into some more We've got Sergio Perez on the purple for Red Bull. That one is 278 out of 399 Sergio Perez Hamilton glaring refractor speed demons of land stroll refractor Lando Norris There you go McLaren little dimple right there by his right shoulders. You can see All right, 12 teams to go in the first XR break. Thank you, Lane. Drop the link right there for you Be sure to check that out. We've got Jack Duham for virtuosy racing on the F2 for the checker flag X factor and Hamilton and Russell Mercedes Rookie refractor Alpha Romero, and we've got purple Lewis Hamilton on the checkered flag X factor 129 out of 199. There you go Mercedes beautiful card there Ching see you with Mercedes Very nice Hamilton Grants on that one Two packs left in box two Fractal Back here speed demons of Ricardo All right box three so one auto so far one auto so far Quite a bit of a number cards coming out. That's always good to see a couple of golds already some purple I really like the checkered flag what those are cool speaking of checkered flag of Boke bossy for sure use on the F2 again not numbered on that base X factor Shumacher and Magnuson That refractor a mix shoe marker for Haas some really nice photography on these cards to Hamilton refractor of Sebastian Vitell for Ashton Martin driver of the day Monte Carlo 2021 Monzo Ashton Martin refractor and mini diamond Sebastian Vitell for Ashton Martin 32 out of 299 on the mini diamond We've got gold and purple of Alexander Albon for Williams racing This one there there you go Christopher Gold and purple again, not number but shorter printed on the parallel there speed demons of Latifi You've got refractor Williams racing Captain's asking who your favorite driver for F1 So honestly, I don't watch too much F1, but if I had to choose I'd probably say Lewis Hamilton refractor of Carlin, and we've got the purple checkered flag lance stroll for Ashton Martin That one is 122 out of 199 on the purple checker frappe checkered lag X Say that We've got Latifi and Albon for Williams You grew up watching Lewis Hamilton nice captain, so I'm assuming that's probably your favorite driver Lando Norris refractor from McLaren. Oh, it looks like I might have some gold Looks like we might have some gold Vettel refractor and Gold wave for Alpine F1. There you go Nice gold wave. Who's got him? Alpine is John M. There you go John 26 out of 50 very nice Congrats on that one John Gold wave Yeah, Andrew, that's what I was saying we started off Two and six and now we're racing to hopefully make the playoffs. So we got orange y'all Lewis Hamilton refractor We've got orange Auto of Christian Horner for Red Bull. There you go to 25 Red Bull Hilton tee 20 out of 25 Wow Very nice lowest number card we've hit so far and it's an autograph Grats on that Hilton There you go. We'll mag that one for you sweet All right, so two autos so far out of three boxes. Love to see it refractor of Carlos Sainz Steelers bangles his championship game. I don't know if we'll make it to the championship game But one can wish speed demons George Russell. I know Bangles in and Ravens are fighting for it. I'd be happy as long as we make it to the to the playoffs I'd be something to start two and six and make it to the playoffs Mercedes refractor. But yeah, there's three three different stipulations that have to happen in order for us to make it Hoping that we can Ferrari refractor and we've got a purple for Stefan for Red Bull 28 out of 399 Red Bull starting to heat up. There you go Hilton Red Bull heating up here I'm a Steelers fan captain. I am a Steelers fan. Are you a dolphin fan too? Okay, we've got refractor Norris Norris and Ricardo Last pack of box three here We've got a we're stopping refractor a very nice box there for Red Bull. It's pronounced Joe Gotcha. Thanks max for let me know It's like some of these names are like completely opposite of what you would think like it looks like zoo But it's pronounced Joe. All right. I do too Andrew. I do too. I think he's gonna be I don't think he's gonna be anything Outstanding, you know or like all of fame worthy, but I think he's gonna have a decent career Think picket should have a decent career as long as they build around his strengths, you know, and not Oh, absolutely, absolutely All right box four, let's see we get another auto Fractor Marcus Armstrong Chris is asking for a Sargent. Let's see one got speed demon refractors of Lewis Hamilton Yeah, for sure Max, but I appreciate it. Yeah, I appreciate it. Try my best on these pronunciations for sure Got or a Red Bull refractor 1969 there are autos in this product. They are not guaranteed per box though. There are autos refractor Ashton Martin Moses is a Packers fan Talking about Aaron Rodgers right now actually on Sports Center. I got a Ricardo refractor. There you go from McLaren Sounds good, Andrew Sounds good. Thanks for stopping in San high We've got a Caldwell for compost racing an F2 refractor there Captain is also a Packers fan. All right And we've got nice max for stopping for the Red Bull on the checker flag X Fractor Not numbered on that one Cool in there holding up the flag Gasly and Sonoda speed demon refractor Gasly Make a sneak sneak into the play-offs. Yeah Good play they play the Lions this week We've got refractor uh prima racing Everyone F1 for the daytime is all filled up But Sam does have spots remaining for tonight's breaks again same format half casers random team Ashton Martin refractor And purple Jake Hughes for van Amster Fort That is 216 out of 399 all right Again plenty of teams left for the football breaks. We've got after our F1 Now we've got two half cases of XR pick your team and then Two three boxers of mosaic football pick your team. Nice. We've got the jo guanyu on the rookie refractor There you go alpha Romero Base refractor rookie and we've got a kevin magnussan for haas No, he does not have a image variation. It looked like it was almost a variation there Another variation flashier had their helmets on It's a nice looking card. There you go haas Williams racing refractor another numbered car first green coming up here The glare refractor and we've got green charles la claire Nice one there for ferrari On the green jonathan r with ferrari That is 20 out of 99 very nice Grats on that one first green of the day Nice one there came out You don't watch too too much F1 We've got la claire and signs Refractor some more color coming Got louis hamilton refractor And how about another one here for you ferrari another charles la claire. You got to go for the rainbow now You got to jonathan. That is the pink refractor to 75 70 of 75 charles la claire So we got the green and now the pink Nice box here for you ferrari back to back packs too Last pack box four. We've got a green and purple kevin magnuson for haas And speed demons of okan now. They're a very solid box there. All right box number five What's up logan Box number five again sick talk. We like to check out um our website link in the bio F1 is all filled up for the free time. There's more uh tonight with sam also have spots remaining for some football After we get through our couple cases of f1 in the bio Matt's also live over on the lsc baseball channel if anyone wants to hop into some baseball breaks Uh, we've got both chump for compost and we've got gold Botas another hit there for Mercedes four out of 50 on the gold checkered flag You'd go another gold Sorry to heat up with some color here There you go Down to 10 to go 10 teams left in the first half case of xr football actor of lando norris for mclaren lando norris In a variation Somebody's very look like they very well could be a little tricky speed demons of latifi Got mclaren refractor That's your favorite um Your favorite acer Ashton martin refractor Thanks chris Hope all is well nice lewis hamilton on the uh checkered flag Nice one there mercedes not numbered on that one Hope all is well chris and andrea. Thanks for stopping in for stopping in pares Appreciate it. I feel like it's been forever. It's really only been what two and a half three months Vettel for ashton martin on the refractor there gotta double and triple check some of these. I swear they look like image variations Thank you. Yeah, loving loving the mom life for sure. We've got louis hamilton on the refractor Grand pre-winner rock grand pre-winner Round 15 got refractor speed demons la claire ashton martin refractor any big hits lately chris I feel like that's a silly question for you chris is always hitting here. We've got another green coming up Ferrari refractor And green louis hamilton grand pre-winner saudi arabia 2021 There you go mercedes heating up here ching see that is 90 out of 99 on the hamilton Congrats on that one What's up, sarah? I remembered how to do my job I was a little nervous this morning coming in setting everything up Like I hope I remember how to how to rip How to do my job that might be important like tfian album Come on. Let's see an auto It's been about every other block so far for us Refractor of piazzarine for prima racing Caleb is really always pulling me, huh? Trying trying my best here chris Alonso for alpine We've got the purple and green parallel alexander album for williams Nice one there and speed demons refractor george russell haven't seen too much of russell uh In this one a lot of hamilton's more hamilton's for uh mercedes and and him We've got prima racing refractor What's your product of choice over on the gaming side right now chris? helps and williams racing refractor and We've got purple of botas for alfa romero that is 60 out of 3 99 Nice way to end that box Another numbered card congrats on that one alfa romero All right, i'm happy to be back too. I missed it for sure Let's tell people i'm having great withdrawals I feel like going to my wax stash and rip something Super happy to be back though Yeah tiktok linkin bio if you want to check out the website latensportscards.com We got some more group breaks uh for daytime going later all the f1 is filled up You're looking for more f1 breaks sand will be live starting at five tonight The same format do you have some football? Oh Last box mojo we've got gold wave for stopping on the refractor Let's see this card it looks like it was printed a little weird you can see Like the white strip right here. I will go ahead and set uh send a box with red bull Send a box for red bull I think it was just a misprinter. There's something got cut off. All right. What do we have? gold lewis bag this one for you Wow gold hamilton out of the first break of the day Love to see it Love to see it Grats on that. Thanks for the follow monaco We've got uh alban refractor and refractor auto of cordial for van amster fort Another f2 auto here that is going to junk hay There you go junk F2 racer there on the base refractor auto Nice. Yeah, so it seems like we've gotten an auto every other box so far Was it the one where you pulled two one-of-ones? Um Out of what product was that was it capstones refractor of george russell? Did he wake up today? Oh, that's awesome to hear.  So glad to hear that he woke up though Man, it wasn't looking good for a while. I'm so happy to hear that Uh hafs refractor and we've got a visor for alfa romeo that is 73 out of 199 on the purple checkered flag X fractors Star was right under masterworks Nice We've got future stars logan sergeant. There you go for uh carlin There you go. Jung was asking for a sergeant. You got a future stars checkered flag X factor Very nice not numbered And refractor of alonso and alcant We've got there's another one there for you logan sergeant refractor future stars to go with the uh checker fly Fractor lewis hamilton award winners cheese joshua You've been pulling pulling some very nice cards for yourself Uh, howger for prima racing refractor on a little streak there. I love to see it speed demons yuki refractor refractor alfa romeo Fractor art grand prix And we've got purple of alexander alban for williams racing 113 out of 3 99 Nice purple there. I haven't seen a uh image variation yet. Those are pretty short printed though About one in every 500 packs or so they say I didn't see any pulling yesterday either. I was watching some f1 breaks Hopefully we can uh pull one Hamilton and george russell Tinted talk linkin bio if you'd like to hop in some uh breaks all f1 is filled up We do have some football with open spots trozl claire on the refractor for frary Nice base refractor. Oh, we've got another or oh, this is an orange and red parallel uh future stars of uh richard vashor for tridents Nice one there on the orange and red Haven't seen orange and red quite yet No one is not numbered Trident an f2 card there speed demon stars will claire That's one of the more shorter printed parallels. That's the red and orange is one in every uh 100 packs I've got the mcglaren and the most um The shortest printed one is going to be the red and green one in every um 190 packs Got refractor alpine and a mini diamond future stars of Cordill for van amster fort So you end it all for us 124 out of 2 99 There you go All right, let's go ahead and do a quick recap here Um, let's Yeah, let's do like under 99 All right Here we go. We had the lewis hamilton green From Mercedes charge to la claire for raru. We had the gold checker flag of bosham for compost gold checker board of vautas again We have lando norris on the gold checker board for mcglaren The gold wave of alpine to 50 Some autos we had the bolu bossy for charuse racing And the cork deal for van amster fort Let me base refractor autos And we had the gold wave lewis hamilton Beautiful hit there again for Mercedes. Congrats on that one ching 8 out of 50 And then our lowest numbered so far today We have the christian horner for red bull on the autograph to 25 20 of 25 there. All right, that'll do it for number one. We've got another half case coming up in a few minutes. Thanks, everyone


What's up, everyone? My name is Alex. I'm one of the co-founders of MyInvestingClub.com and I want to let you guys know about something special we're doing for our viewers on YouTube. So the most common question we get asked is, you know, how do I start day trading? So what me and my mentor about it is we create a free two-hour mentorship course for the brand new trader. It's going to be available at MyInvestingClub.co. The link is going to be right here. This is a free webinar that reveals our 12 secrets that every single brand new day trader should know before they start. I also want to let you guys know about something that's very unique to MIC. So if you have any questions about trading or you're curious about trading or you don't know if MIC is the right fit for you, now you can text our head mentor, Tosh, whose number is going to be right here and he'll answer all the questions that you have in less than 24 hours. Thank you and enjoy the video. Good morning, guys. It's Tom Diesel here. I hope you guys had a great weekend and today we're going to go over to one of the topics that one of the members mentioned in the after hours. So I thought I could go over it quickly so that you guys have an idea on how to trade them and if they can come around so that you know what to do. So the topics today is how to trade kind of momentum stocks, day one hot check with abnormal volume and how can we you know trade them and take advantage of them. And you know again, before I even start, I just want to kind of warn you guys something that this is not the optimal setup on how to grow account. And also this is not really the setup that I like, but you know sometimes I saw them and I tried to you know take some scalp out of it you know just really small shares. And because it's you know it is very dangerous to trade something like that you know especially when you're new and because you know a lot of liquidity, a lot of you know people interest in that stock each day and for the last week as you can see there's so much you know there's so much volume coming into the market you know with the old Robinhood kind of stuff. And you've seen a lot of tickers that went you know up like 100 or 200% like nothing right. And also you know the amount of volume I'm seeing for the last week is just you know insane and you know I have never experienced something like that before even you know the corona thing it was hard but volume wise it's really you know nothing to compare to this so let's get on to it. I mean I'm gonna pull out the chart. XP was like crazy as well but I think the most recent one was like genius. Yeah something like this I'm sorry for all the wicks you know TOS kind of screwed up you know lately for the last few days I don't know why something wrong with the platform and they couldn't they couldn't you know clear out the noise here with the late print and it is just really frustrating and so I had to use you know trade zero chart next to this one but yeah it is really annoying so on something like genius and we we talk about this in the main chat as well Alex me you know Bao and almost everyone try to warn you guys that you you really want to anticipate the front side you know especially when shorting right you really don't want to be shorting into something like this look at the volume you know the first day when second day the third day is just huge and and you got like the move something like this went to like 11 and then to 4 so how can you trade that usually it is really hard to trade those and especially at the open so what I usually is do is I try to avoid them at the open and I try to kind of look for them kind of in the afternoon and when the actions kind of you know slow down a little bit and there's no not much volume right you know throughout the day and when the volume dries down and and I just wanted you know take advantage of the move you know some some of this just and you know scalp that's all yeah this is the day where it had the most action the second day here so let's have a look at this so in the pre-market no maybe you can see here the trend is really intact right deep below view app reclaim and then you know the holding of your app and made a new high after that thing around like you know zombie time and again deep below here trap some people here reclaim and then base on you know overview app again and it's just kept grinding grinding higher high right so in the next day you know it ran in after hours as well next day try to break this and once this broke the pre-market I mean you can easily tell that momentum is really strong on this one right it broke the previous high or like the pre-market high after hours high yesterday and after that it just went straight to the moon so the best way on how I would trade them it has to be alongside right when you see something like this you know it made a new high in after hours and then kind of not gapping up in the morning but it's like it's it's holding right you try to break this high and once this break you can see here once this break this is the this is the confirmation for long right so you want to be longing into those dips you know into this kind of pre-market high and and and as you can see here it really you know if you are like Harry or I know some of you went long there but again I'm not good at long but when it comes to something like this I want to know because I'm a short buy straighter right so I want to know you know where to not short stock and this is the reason I'm not you know touching it this is the reason why I'm not shorting the stock based on the information that start giving me and also the price action and you can see here it this is you know this is really solid first bounce can tell you look at this I mean you know pre-market high right after open right stock pops you know that's a confirmation broke this high already that's a confirmation to to us right so the you know the the trend is it's really strong the stock broke the you know pre-market high and also the after hours or whatever the high from yesterday and then you know rock through that with authority it's like 4 to 4.5 here and then you want really you know this is this is the great first bounce I think Harry's been talking about this is right here look at this you know pre-market high just you know right on the dot I mean 495 or 5 and also the view app is right here I mean this is perfect even though I'm not a good long buy straighter I mean I didn't take this trade but I mean yeah of course you know it's easy in high time when when you see this but the odds are there for you I mean you know the view app conforms to the pre-market high I mean the more information you got and also it kind of line up you know with with the thesis I mean pre-market high here the view app is here the whole in half dollar mark is here right so this is the best for the first bounce and you know you can base off your race I don't know maybe 20 cents here maybe I know I'm broke under this line or this candle right here so it's like you're risking let's say I know 30 cents right 5 to 470 but instead you could get you know from 5 to not like this but you know you could aim for like at least easily to this line is like 580 so 30 cents versus 80 cents you know that's more than 2 to 1 risk-reward ratio so this is really something I would say that this is the best thing how to trade them on the long side you know and after that as the day goes on you can look for the zombie hours as well look at this here is the zombie and then stop try to try yep so I'm not a good long-bass right but what I would like to see here is after the zombie hours if the stock is still holding view app it's like it needs to hold I want to see the stock base overview app I want to see the stock is you know it could have you know one quick pullback and you know and then reclaim that means even better you know I like those even more because it's like you know trap the shorts you know if the stock pops all the way down here 4.2 and then quickly reclaim right and then just holding holding like this and and if you draw the trend line here this is you know the zombie right you see maybe this is just the wigs from the TOS late prints I think I think it's not a dip to this one yeah so the first bounds in the morning that's a one way to trade them the second way is if you wait for them you know after after zombies alright so 10 30 let's say 10 30 to 11 you want to look for entry here so what I would like to see is the stock the move that I like the most usually is when the stock really you know went through view app kind of trap shorts reclaim and then base overview app it's like grinding higher and higher higher those are the one I like the most and sometimes I even went long on those so yeah guys so I hope it's helpful today and if you still have any questions just let me know hit me DM in the chat and I'll see you on next one take care thank you so much for watching our video you want to see more of our videos please subscribe to our YouTube channel by clicking the button here we do our best to post a new video every single day if you have any questions about MIC or any general trading questions please text Tosh using the number here also stay up to date by watching some of our most recent videos right over here


What's up guys, welcome to today's video. My name is Matt Beck from freestelaneducation.com. Today I've got an awesome makeover for you guys.  So you're gonna see that we're gonna cut it off, we're gonna donate the length, then we're gonna fit him into a trendy style using Mitch products by Paul Mitchell. Super excited to share with you guys this step-by-step technique. Make sure if you like the technique then hit that like button, share this video with your friends and make sure you subscribe to the channel so we've got new videos coming out all the time. Thank you guys so much for watching. Here we go. All right guys, so to start off the technique what I'm gonna do is I'm gonna section off the head. It's really important to just keep everything nice and clean so we work parietal ridge really to that low crown area that separates the top and the bottom of the head and then I'm gonna start working diagonal back partings and really just kind of work that flow following the hairline and allowing the hair to come straight off of the head and that's gonna give me a nice even round kind of balanced feel across the head shape and it's gonna push that weight off of the face and allow the hair to just kind of flow backwards towards the nape. So key things here, bring the hair kind of straight out from where it lives. Don't bring it to the guideline. If you bring it to the guide, what's gonna happen is you're gonna keep building length with every section that you take. What I wanna do is I wanna keep everything nice and even so I bring the guide towards the new section. They kind of meet in the middle and then that's where I cut it and I just keep working the round of the head all the way back and I'm gonna do that same thing on both sides of the head until we finish through. So now this gives us a good profile view of my model and what I want to kind of share with you guys is he's got a pretty flat back of the head. So this happens around the occipital bone some people aren't as prominent as others. So what I like to do is start to build up weight in that low crown area. So that's why sectioned it the way that I did. So as I take this and I work my way towards the back of the head, you'll notice that my elevation is much lower. So I want that weight line to start to build up and then I'm gonna push that weight into that low crown area. So see my elevation, how it's down. On the sides it was up almost 90 degrees out of the head. Now we're working at almost 45 degrees off of the head shape and what that's gonna do is again, push that weight into that low crown area and it'll start to give the illusion that he has more of a rounded shape in the back of his head. So I'll just keep working through it, building up that weight, look at the low elevation here and then you'll start to see that shape kind of forming in the back. So you can see that build up of weight. It just really helps to kind of balance out somebody's head shape. So now this will turn into working into the front. Now I'm gonna be taking pretty much vertical sections across the top and pulling them back, over directing them back. What that'll do is push length towards the front but it'll also give him length to kind of push back off of his face as well. So I really like that kind of combination to create this finished end result. Another thing that you'll notice when I start working with thicker denser sections, I like to switch to point cutting. That gives me a softer line. Just allows that hair to fall a little bit softer when it's in a bulky state. All right, so we do some final detail work around the ears using our scissor and then the finishing touches using Mitch, a steady grip by Paul Mitchell. We're just gonna work that into the hair, add shine and hold. And then when we get the hair dry and kind of in place, then I finalize it using Mitch Construction Paste. I love this product. It's a mesh styler. Has a nice hold to it, a little bit of shine. It just really kind of separates, shows off that texture. You can see our end result. He was super happy, loving the change. I hope you guys like it. Let us know by hitting the like button and also subscribing to the channel. Thank you guys so much for watching. See you on the next video.