Okay, I'd like, it's my great pleasure to introduce our next speaker, Stephen Richard Berger. Mr. Berger is a managing partner of Adamus Partners, which he co-founded in June of 2000 and is in the process of converting into a family investment office. In the past, Mr. Berger served as the director of the Care Group Board of Managers Investment Committee, as a non-trustee advisory member of the Dartmouth College Investment Committee, as chairman of the Father Flanagan's Trust Fund Investment Board for Boys and Girls Town, and a board member of the Princeton University and University of Virginia Investment Management Companies. He is currently a member of the Mises Institute Board of Directors. Mr. Berger graduated from Princeton University in 1976, Magna Cum Laude, with a BA in English Literature, received the JD from the University of Virginia Law School in 1979, and served as a labor law associate at Nutter, McClellan, and Fish from 1980 through 1984. After a year of general law practice at Davis Colfow, in 1987, Mr. Berger graduated from Amos Tuck Graduate School of Business Administration at Dartmouth College as a Tuck scholar. So without further ado, I will introduce Mr. Berger, who will speak to us today on Defending Securities Markets Undefendables. Thank you. The title of my talk, Defending Security Market Undefendables, pays homage to one of my heroes, Walter Block, Professor Block, I think will be at Mises University the rest of the week, and he's one of my heroes because I really consider him the heir apparent along with a few other candidates, including Joe Salerno to Murray Rothbard, who you all have heard a lot about this week. Walter, like Murray, has a great sense of humor. He has an insatiable thirst for knowledge, his publication pace is kind of second to none, although he would claim, as he's told me at many lunches and dinners, that he was embarrassed by how prolific Murray Rothbard's output was, but I think Walter nonetheless holds a great standard in that regard. One of his seminal books, Defending the Undefendable, and I've kind of used that book as a framework for my talk, looked at a lot of so-called dregs of society, whether it was slumlords, insurers, blackmailers, price gougers, and what Walter did in this book was he held the activities of those often maligned economic actors up to the light of libertarian justice. So he was trying to ascertain whether their conduct violated the non-aggression principle and if it didn't, why it didn't, and secondly he went on to examine whether in each of those cases and many others, whether their activities actually had beneficial economic effects, so in many dimensions, their activities could be considered moral as well as legal. Here's a main quote from that book by Walter in which he says, the chief point I wish to make is that there is a crucial difference between the initiation of aggression and all other acts, which while they may displease us, do not involve such aggression. This really was the gravamon of Walter's analysis in each of the cases that he looked at was that in all of these cases, he tried to illustrate why the activities of the alleged economic actors did not violate the libertarian principle of non-aggression. He tried to show why they didn't and in many cases, as I indicated before, he also indicated why their activities could be considered moral, but his main point was that just because an activity is a moral, that does not mean that it should be against the law or considered a crime within a libertarian concept of justice. So let's flip again the page and I wanted to look at some of the rogue's gallery in the investment world of characters who are often maligned, often face insuperable odds of success and in many cases, in my view, are castigated by what I would call the unholy trinity of mainstream media, politician, and entrenched corporate management. So here's a list of some of the so-called bad economic market actors that I'm going to look at. Category one is bears, also known as short-selling. Category two would be vulture investors. Those are investors that are involved in purchasing securities of bankrupt companies, distressed bonds, or distressed assets. Three are corporate raiders involved in either hostile corporate takeovers or accumulating positions that enable them to have an activist influence on a corporate management. Three which I would call kind of cousins of corporate raiders are geckos, Gordon gecko, not the Geico mascot who often act on specialized research or inside information. And then another cousin of the geckos, which would be merger arbitrageurs. I'm going to spend the bulk of my time on the first three categories because I would also like to take a look at what I consider the true rogue in the investment world and then leave time for Q&A. So let's flip to the next slide and look at first category, short sellers. First of all, just to quickly explain what short selling is in case some of you don't know. I'm assuming most of you do, but just quickly a short sell is an investment bet on the decline of a security price. It could be an equity security or a bond security, but at bottom it's a negative bet that an investment asset will decline in value. The way that transaction is implemented, it's actually a debt transaction where the short seller goes out in the open marketplace, borrows the security from a security broker, lends it to him. The short seller then sells that security in the open market, gets cash back and invest the cash in short security instruments, typically T-bill type investments, and he splits the income on those T-bills with the lender, the securities. At some point, the short seller is obligated to close the loan by going back into the open market, buying that security back, and his profit or loss is the difference between what he sold it at on that initial transaction when the short sale was implemented and the point at which he covers the transaction by buying it back. So that's how short selling works. Oddly enough, in most consumer markets, if you consider yourself going to the grocery store, most people seem to prefer lower prices. You would like to go to the grocery store and have a lower price of meat, produce, vegetables, beer, and alcohol. Everyone would like lower gas prices, but oddly enough in the securities market, most participants on the sidelines, most commentators, seem to root for high prices and love bull markets and live in dread of declining prices and deflating markets. Because of that kind of dread of declining markets, the short seller who is betting on a security price to fall is often depicted in very harsh terms. On this page, I show some of the malignant comments hurled the way of short sellers. They've been called icky, kind of probably a polite term. Herbert Hoover presided over the economy as it slid into the crash in Great Depression, called them unpatriotic. Napoleon Bonaparte, who was upset about sovereign debt being shorted, called short sellers treasonous and traitorous. After the 29 crash, the securities and exchange commission was created. And before its creation, there were a number of congressional hearings in which short sellers were blamed for the market crash with Jesse Livermore, a well-known trader getting a lot of the blame. Back in 2008 and 2009, the great financial crisis that plagued the US and the rest of the world for 2008, many other countries had short selling bans that lasted for much longer. Elon Musk, whose stock has actually gone to parabolic heights, has been in a constant battle with short sellers.  And I don't have one on this page, but back in 1999, 1995, excuse me, the finance ministry of Malaysia was so upset about short selling that they actually had proposed, but I don't think enacted, that short sellers be subject to caning. OK, if you flip to the next page, I actually think that short sellers should be considered market heroes instead of market rogues. Short sellers in the process of their research actually have been quite efficient at exposing corporate fraud, fads, failures, and accounting regularities. I list a few of those examples here. Enron, Lehman Brothers back in 2008, Allied Capital, Valiant Pharmaceuticals, and just more recently in the news last month, literally, was Wirecard, a German payment processor that ended up being a gigantic fraud, $2 billion of cash was missing, it's alleged, who have had fictitious accounts and having been involved in money laundering, and interestingly enough, at one point, during the whole Wirecard saga, which lasted for several years, the German regulator Bofen actually at one point banned short selling in Wirecard. And at another point, when the Financial Times investigative journalist raised a number of red flags about Wirecard, the Bafin, which is the German equivalent of the SEC, instead of investigating Wirecard, Wirecard actually launched an investigation into the Financial Times journalist, yet another example of how short sellers fight an uphill battle, but the stock recently crashed to virtually pennies on the dollar, and the company filed for insolvency, and it's been a major embarrassment for the main financial regulator in Germany and a main embarrassment for the German stock market because it's one of the, it had been one of the constituent members of the DAX index, which is the German equivalent of the S&P 500. Other things that short sellers do, they provide buying power at market bottoms because eventually, as I mentioned before, a short seller at some point goes back into the market and covers the security when he thinks it's fallen enough in price. So typically, when a market is crashing, there's all kinds of panic selling and a short seller at that point will often cover his bets, and that provides kind of a floor to the stock market declining, so they actually provide liquidity often at market bottoms. They impart a lot of informational value to long investors. They lower the investment costs for long investors because someone who lends out their security often will split a fee, get a fee for lending those securities out, so they make the cost of investing for a long investor less than it otherwise would be. They also, in my view, face really heavy odds in what they're doing, so I consider them their activity to kind of be heroic because they're likely underdog in the stock market world. Shorting stocks is a very hard and difficult business. When you go long an asset, let's say you buy shares in Amazon, which has been a hot stock. Buy shares in Amazon, the most you can lose is 100%. The stock can literally go to zero if it goes bankrupt, so that's kind of the maximum loss, but if you're long Amazon, the upside is virtually unlimited. You can have close to an infinite return. It can keep going up and up in price. For short selling, the risk reward is totally flipped on its head. The most you can make is 100% if the stock collapses and goes to zero, whereas when you're long something, you can make several hundred percent or even more. You can make 10 baggers, so much higher reward on a long investment. The most you can lose on a long investment is 100%, but for shorting, your loss is actually infinite because the stock can keep going up and up and up and up and you have to buy it back at that super high price and your loss could be close to infinite, so it's kind of an asymmetric risk reward versus being something long, which in my estimation makes someone who does short selling, it's a very bold type of investing that should be applauded. They also are subject to de jure and de facto bans, de jure means a law has been passed prohibiting short selling de facto ban is kind of what's gone on since 2008, which is the Federal Reserve and the other central banks keep printing money. It's called quantitative easing, but round after round quantitative easing inflates markets, inflates securities prices and a short seller who's betting on something declining in price constantly has to wage war against this huge weight of the Federal Reserve behind security prices rising. Okay, let's look at another type of so-called investment in a rogue, vulture investors. A vulture by definition is a contemptible person who prays on or exploits others. In the investment world, a vulture is someone who buys securities and bankrupt companies or other distressed assets or from distressed sellers. He typically is buying those securities that sense on the dollar. A company files for bankruptcy. We can use Hertz as a recent example. It was unable to rent cars during the COVID pandemic, had a big debt load, has really hardly any revenues coming in as no one's traveling, no one's renting cars and Hertz could not pay off its interest on its bonds and filed for Chapter 11 and the prices of its securities collapsed in value. So what a distressed bond or vulture investor does at that point is they come in and they provide a valuable source of liquidity to people holding the bonds. The previous holders tend to be investment grade bondholders, insurance companies, pension funds or in the case of retailers, it could be trade suppliers that are supplying goods and services to the retailer. Those investors typically want their cash back now. That's their time preference. They have very little interest typically in being involved in a protracted bankruptcy proceeding because when you go into bankruptcy, the payment of any interest and principal on bonds is suspended. Everything is held in abeyance and it becomes up to the bankruptcy court through a long process to figure out who gets paid what and how the company will be restructured. So a distressed bond investor actually is taking those people out of their position and even if it's at 20 cents on the dollar, those sellers to the distressed bond investor would prefer that cash now than the uncertainty of a payment. It could be less or more, but after a complex proceeding might take two to three years to get resolved. So as I mentioned on this page, their specialized expertise in refinancing prowess can accelerate the emergence from distressed. And it does that because it's kind of a small community of investors that are involved in bankruptcy bond investing. So you're basically transferring the assets and who holds the bonds from a diverse group of mutual funds, insurance companies and trade claimants, kind of a very diverse group of bondholders with kind of zero knowledge and expertise in this process to a concentrated group of holders that are quite skilled at figuring out how the company can be restructured and put on a sound footing. They too, like the short seller, face lots of hurdles to succeed. As I mentioned here, some of these hurdles include the fact that impaired assets and companies can be difficult to turn around. It's a time-staking process not easy to do. Secondly, intercredit should be complex. The way a distressed bond proceeding works is you have certain holders that are buying up secure debt, certain holders buying up bonds that are junior in security, and then some might even take a stab at the equity of preferred securities. And each of those groups have different opinions on what the company's worth and how it should be restructured. And then finally, the process can involve lots of arcane legal, regulatory, political and environmental issues. A case in point, which has been in the news a lot the last 12 months to two years, has been Pacific Gas and Electric, which was the large utility exposed to the California fires. It filed for bankruptcy. Multiple billions were at stake, and there were numerous parties involved in this, including the senior bondholders, junior bondholders, the group investing the victims of the fires, equity holders. And it was a long drawn-out proceeding, but the company has finally emerged from bankruptcy with the blessing of Governor Newsom in California. Let's look at the final category I think we have time for, which are corporate raiders and takeover artists. The popular image in cinema and in real life are characters like Gordon Gecko and Wall Street. Ivan Boski and Michael Milken, who were famous or infamous during the 1980s for junk bonds, leveraged buyouts, and the whole takeover mania that occurred then. And more recently, Carl Icahn has been quite active in taking over companies, and then another activist investor in the news a lot has been Paul Singer of Elliott Associates, whose firm has been involved in trying to rearrange many companies by accumulating enough shares in the situation to influence corporate management. So the corporate raiders and takeover artists like short sellers and vultures often attract a lot of adverse to media attention. Politicians are often arguing against them. Unions are against them. Regulators, all kinds of constituencies try to paint them as kind of short-termist evil investors looking to make a quick buck. The reality is that the market for corporate control in my judgment, and that of many Austrian economists, is highly advantageous. It's a tonic to corporate management. They're often entrenched in inefficient. The threat of their displacement by corporate raiders can often pressure management tax in the interest of stockholders. Thirdly, corporate management often can excel in kind of business operations decisions, but are often poor at capital allocation decisions, decisions such as making mergers and acquisitions, when to do spin-offs, when to pay a dividend, when to buy back stock. And you'll often find that a activist investor or takeover artist will come in and have a different plan on not only how the company should be run, but how the capital should be allocated, how any cash flow should be dispersed within the corporation. They too, like the vulture investors and short sellers, are often up against tough odds of success. Firstly, they have to pay a rich takeover premium to effectuate taking over a company. The premiums can be anywhere from 30 to 50%. Secondly, they're just trying to be an activist investor to influence the process. It's often painstaking drawn out process to accumulate shares. There are lots of laws on kind of notifying other shareholders when you pass a certain threshold of shares own. So it's a very difficult process to kind of become an activist, to accumulate those shares at kind of a price that will still make sense. And then finally, if you're wrong, which everyone can be, being a corporate raider or activist investor can kind of become like a roach motel. It's kind of easy to get into, but impossible to exit if you're wrong because you are often left holding a large amount of shares that become an overhang on the stock. And so if you change your mind, it can be very difficult to unwind your position. But in spite of kind of all of those obstacles to success, corporate raider, takeover artist, activist investor, that bottom thinks that the ultimate reward of coming in and buying a company that's cheap in price, that has a lot of embedded value, is kind of worth all of these obstacles. Let's flip the slide. I won't spend too much time on this page, but there are a couple of other categories in the investment world that are kind of related to corporate rating activities that also encounter a lot of adverse press and demonstrations from politicians. One would be traders that operate on kind of inside or specialized information. Another would be merger arbitrageurs who are kind of betting on whether a takeover deal will happen and are trying to play that spread. And the questions I pose here, which really would kind of take up an entire lecture in themselves, would be whether any of these activities, especially inside trading, do they violate the non-aggression principle of libertarianism? I would also look at what kind of risk they face and whether their presence kind of enhances market liquidity and the market process of imparting information quickly and efficiently to security prices. Okay, let's look at who I think is the ultimate rogue in the investment world but is often painted as the hero of the investment world. Not surprisingly, in my judgment, the Federal Reserve is the ultimate rogue in the investment world. The media would have you think that they have been the savior, that their activities are bold and innovative, that they've prevented us from sliding into another depression time and time again. When I, in fact, think, which is kind of consistent with about everyone you're going to hear from this week, that what the Federal Reserve does, which is kind of squeezing interest rate lower by their open market activities and printing money through serial quantitative easing really is kind of a crime in a libertarian world. They're either kind of outright, fraudulently printing money, which is kind of the activity of a counterfeiter. They're kind of fraudulently manipulating prices downward in terms of interest rates by manipulating the money supply and not letting honest money circulate on the market. So what their activities have done in the market world and the investment world is actually create some unnatural market creatures, which unlike the short seller or the vulture investor or the corporate raider are kind of creatures that I think are kind of unnatural, if not harmful. And the two I would highlight on this page are zombies and unicorns. A zombie is a company that does not have sufficient revenues to pay its interest. And a unicorn is kind of the opposite side of the coin, not a company that's kind of the walking dead, but kind of a private company that's in a so-called growth and hopeful phase that has attached to it market value in excess of a billion dollars. So it's kind of the hope and dream company that's private. You can think of Dordash Uber at one point before it went public. And ironically, these two kinds of companies, one kind of a company that really has no revenues, no business should be out of business. And the other, which is kind of has kind of the hopes of kind of large growth, large addressable market, but actually doesn't have any current kind of profits or cash flow, kind of totally opposite companies. They both have kind of existed in droves during this last 10 or 11 years of inflation of the Federal Reserve. She will give you kind of a few statistics that kind of highlight just how prevalent they become. A recent Deutsche Bank analysis estimated that now there are one in five publicly traded companies in the world would fit the definition of a zombie, a full 20% of publicly traded companies do not have sufficient revenue to pay their interest expense, yet they still are kind of alive. That number is like double what it was seven years ago in 2013. On unicorns, the numbers there are quite staggering too. From the period 2003 through 2013, there were roughly four unicorns per year. That is four private companies before they went public that had valuations in excess of a billion dollars. That was kind of the valuation of their private financing round. So four per year from 03 to 2013. In 2018, there were 58 companies that attained that status just in the 2018 year. 2019, 66 attained that status. So zombie and unicorn investing has literally gone through the roof. And it's my contention that either of these companies in a truly free market would be far less in occurrence. Zombies would quickly go out of business, would go into bankruptcy instead of being bailed out and perpetually held up. And unicorns would certainly be a lot less prevalent if we did not live in a zero interest rate world that kind of allows price earning multiples, especially on companies with hope for growth to go to kind of infinite multiples. If we had kind of honest rates and higher discount rates, it would be very difficult for a company pre-public that did not have much in the way of revenues or cash flow to achieve a billion dollar market cap. So let me wrap up with conclusions on the final page and then I'll open it up to any Q&A that you might have. As I said at the beginning, it kind of all, for me, it begins and ends with Walter Block. I took his kind of insight that kind of the rogues in the economic world may not be doing anything that's unlawful. And in fact, maybe economic heroes, that was the whole point of his book. And I've tried to take that perspective with a number of so-called investment rogues, showing that even though in some cases their activities have been legally banned like short selling and in many other cases they're kind of castigated and downplayed and remarked upon hostily by the press and management that not only are they not unlawful activities, but in many cases they provide a valuable function to the market process. They speed up imparting information to security prices. They enhance liquidity in the security markets and they often and importantly provide liquidity at market bottoms and security bottoms. So whenever things are most stressed out in either individual securities or the stock market overall, these types of investors actually provide an important countervailing force that can help speed up the market adjustment process. And with that, I will kind of end my prepared remarks and open it up to any questions you all may have. Okay, any questions from Mr. Berger? If it's advantageous for corporate raiders to take over companies and how come companies use poison pill methods and different types of corporate strategies to stop takeovers from happening. And what wouldn't it just be better if they just let their company be taken over seeing that their market value isn't very good and somebody else could run it better? Well, I think that the main issue is kind of an agency theory issue which is this problem that corporate management, especially when they don't own much in stock may not have the financial incentives to kind of let a takeover artist come in because they're usually coming in because they're unsatisfied with current management. They either think their operational decisions are not good or that they're not allocating capital efficiently. So their job is at risk so that they have a vested interest especially if their stock ownership is slight which it is in many companies of keeping the corporate raiders at bay and putting up all kinds of kind of legal and media obstacles to letting someone come in who's obviously gonna put their job at risk. And they also encounter opposition typically from unions because a corporate raider may come in and try to sell off parts of the company that may be unionized or they may try to engage in other activities that can kind of put in a new labor force. They may move part of the operations overseas where there's kind of a new regime of who would be employed. So they're kind of a threat to entrenched interest of a lot of the factions that make up a company. They're typically, it's probably typically rare for a takeover to occur if there is a high degree of stock ownership at the management level and or if the equity incentive package of management is aligned clearly with the shareholder interest and many cases, neither of those conditions occur. Other questions. So Mr. Berger, I'm curious, can you hear me okay? Yeah, yeah. I'm curious if you have an opinion on Overstock, former Overstock CEO Patrick Burns campaign against naked short selling. Yeah, I mean, he had lots of battles with short sellers. I think the act of naked short selling, which I understand it is kind of selling something you don't own does not make any kind of legal sense to me. That to me seems kind of like a fraudulent type transaction to kind of short sell something when you haven't gone out and borrowed the security, which in my view is kind of what naked short selling is. But in other respects, I think his kind of his battle against short selling and that of many management in my view is kind of misplace and it usually ends up being a red flag. It's kind of like suppression of contrary opinion at colleges and universities or shouting down a speaker with unpopular views or not letting an Austrian seminar occur in Ivy League type university. It's usually kind of a red flag when you're not allowing kind of contrary opinion about your company to find its way out. Hello, I was wondering if you could speak more about the Unicorn companies that you spoke. I'm still a little unclear about what the idea is. The idea is there's just been this kind of mania in the venture capital world where companies with very little in the way of profits or cash flow, they might have revenues, have kind of had successive rounds of valuations that are valuing those companies as if they're worth a billion dollars or more. That's kind of the definition of Unicorn. It's a private company whose value is an excess of a billion dollars. And usually just to step back, if you thought something had a worth was valued at a billion dollars in the marketplace and you felt that your return on invested capital should be 10% a year, you would kind of think that that company should kind of have profits of 100 million per year just to kind of give a crude kind of arithmetic example. Most of the Unicorns don't have any profits at all, yet they're kind of achieving these excessive valuations. And my argument is that when you've driven discount rates to zero, that not only kind of raises the valuation of all investment assets, but it seems to have a disproportionate effect on companies that might have growth in the future or perceived as kind of much riskier investments. So it's kind of like the Federal Reserve and lowering rates to zero has kind of pushed investors out onto the risk spectrum. So the way to try to arguably get high return is to kind of invest in the most speculative type of assets. And that's usually what venture capital is. It's kind of what I would call almost lottery ticket investing where your kind of odds of success in venture capital might be that if you make a hundred investments, maybe five are gonna make you 10x your money, 90 are gonna like lose money and five are gonna break even, but you're hoping that the five that kind of make a lot of money are gonna make that whole investment turn out well. And all I'm saying is that kind of this pushing out people on the risk curve has kind of made valuations and venture capital, which is the highest risk form of investing go through the roof. And I think it's just a collateral effect of this prolonged reduction in interest rates and money printing that's been going on. Hi, just to generalize on that last point a little bit, how do you think Austrian economists should think about stock market efficiency as a whole? In the sort of mainstream debates on the one hand, you have the sort of Chicago school of people who believe in perfectly efficient financial markets that the stock price of any company at any moment perfectly incorporates all information that's currently known. On the other hand, you have people who say the stock market is just a giant casino and it's beset by bubbles and manias and it's all about narrative and persuasion. The reason Tesla has such a high market cap for example is because Elon Musk is a good salesman, not because the fundamentals of Tesla are sound. And therefore we should not rely on financial markets to allocate capital. Do you think Austrians occupy a kind of middle ground position or how would you think about a question like that? Yeah, I would say it's just a different ground because I would say that it's kind of all back to the Federal Reserve if you didn't have this kind of backdrop of this one behemoth that's kind of truly manipulating the discount rate and inflating markets. And you had kind of unhamped or unconstrained markets. Examples like Tesla would be far less prevalent. So if you had a true free market without the involvement of a Federal Reserve that's trying to be a price setter and kind of controlling the most important variable in security prices, which is the interest rate and the discount rate, if you didn't have that kind of unnatural anti-market entity in an Austrian world, I would say that security prices would kind of tend towards being efficient or it would be kind of a market process where kind of irregularities were kind of corrected more quickly than they would otherwise be. But prices can never be perfectly efficient because the Austrian concept I think is that all human action takes place under conditions kind of through time under conditions of uncertainty. And so there's a tendency towards correcting those imperfections and the market process works wonders but there's no way that it can be perfectly efficient. That's kind of like a kind of just as unnatural and ideal, I think, is the Federal Reserve involvement in security prices. So I don't know if it's a middle ground but it's certainly a different ground. Mr. Berger, thank you very much for very enlightening talk. Okay.


Hello everybody, welcome back to another Adobe Photoshop CC tutorial guys. I'm in 2020 and it's actually not CC, it's just Adobe Photoshop 2020 now actually.  It's really fast, really easy, simple tutorial for here to come along with. So anyways guys got an image here of Harold, you probably know him from the meme world and here's how we do it. First step, put the image in, open up Photoshop, drop the image in of course. The second step is you take the image and you make a duplicate copy right there. You drop it down on the plus button there on the plus layer and that creates layer zero copy. The third step and this might be the last step guys and it's kind of weird but you'll see is you want to go up here under layers and drop the layers kind or the layer blend mode from normal to let's go with multiply and that could be all you need to do guys. That was like 30 seconds. There are some other steps you can take if you got to dial in a little bit better. For example, you can reduce the opacity. So if you drop it down the opacity part of me, this is blending with the bottom. So if you reduce the opacity and blends with the bottom image. So if you go to 0% there's no blending. If you go to 100% it's full but somewhere around 70% maybe that's the style or the color you're looking for. That's it guys. That really is all there is to it. If you want to go further I'll delete this layer and I'll show you another technique. Well, let's just go ahead and do it again. And now this time I'm going to go ahead and select I'm actually go up here. Let's try this out. Select subject and it's going to go ahead and select him and we just say we want him to get darker but we don't want the background to be impacted for example and again this is just demonstration purposes. So we'll go to select. We selected him. Now we're going to select the inverse. So we've selected what's behind him and now watch this. I'm just going to cut it. So I'm going to go to edit, cut. You still won't see anything but now when I go to layer 0 copy I'm going to click on that here and I'm going to drop it down to we would multiply. You'll notice here that the background still stayed bright. So we only worked on his color here. We worked on his face but not the background. So that's just another option that you guys can try. I'm going to reduce it down to about 70% opacity and there you go guys. We've reduced the brightness of an image with Harold in it in about two minutes time. Thanks for watching. Be back.


It literally says the Earth is not in motion.  It says you can't treat the Earth as if it did not. No, it says you have to. And get rid of a piece of paper that was curved. But I don't. The ice is not in the mouth. Why are they adding an ice wall? How do you read minds? Are you magical or something? The point is, you guys use our maps.  But the overall atmosphere is moving to that speed. You have some parts of the atmosphere that's slowing down. And it looks like it's going in the opposite direction. But it's all traveling in the same direction. Your religion says it's the bending and warping of spacetime, which causes a gravity well. At what point in altitude do you just go up, up, up, and magically pop into space? Like, maybe I should start with apologizing to the globalist Satanists that are shilling for literally 25 Nazis Operation Paperclip that started NASA.  NASA comes from Nazi. That's what you guys are supporting. But number two, my one question is, why on a flight manual?  It literally says the Earth is not in motion.   No, it doesn't say that directly. No. It says you have to fly the plane like the Earth is flat. It absolutely does say that. It says you can't treat the Earth as if it's flat. No, it says you have to. Can you cite a manual that uses the globe? Can you cite the manual directly, quote it directly when it specifically says? It says that we'll use a flat Earth model to be able to map out how to use the plane. Yeah, we can use a flat Earth model to fly between two points.  You guys use, and it's not an ice wall, it's the highest shoreline on Antarctica.  But everything uses our maps. Nobody uses your retard globalist maps. Nobody. No, because it's a two-dimensional. The high reality. You would treat them like logic. So you have to make maps flat so you can read them. But they're approximate. Okay, hold on, hold on, hold on, hold on, hold on. Hold on, you said to have to make, hold on, hold on.  Okay, make it flat, whatever, whatever, whatever. I'll give you that.  You have to make it flat. You have to literally change reality to launch a cruise missile. No, have you seen a book? Like books are flat, right? I've never read a piece of paper that was curved. Like I don't, I'm in the mouth. Okay, I'll check this out. Check this out, I'll give it to you and I'll still win. Let's say that made sense, which you said like you have to make the map flat. Why, then why are they adding an ice wall?  They'll draw it to an ice wall. Huh? What? They'll draw it to an ice wall in the map. Wait, where is Antarctica on the flat maps? Antarctica on the flat map depends on the map, you look at it. No, name one that has is a little. It has a monthly acquisition. The one that airplane uses in the, as the month of August. Where is, where is Antarctica on that map? In many maps, it's on the bottom. It's on the south. How can you have a flat map just sitting there by itself on the bottom? Are you kidding me? What, what is the bottom of a flat? Have you seen like a map where the globe is? You don't even know our model. Yeah, Antarctica goes on the entire bottom of the map, so. In some of them, you're talking about a specific type of map. You are literally embarrassing yourself. Antarctica would be 180 degrees away from north. Just like a compass has one magnetic north, there's no soft snow. Circumnavigate east to west, like a finger on a plate like Christopher Columbus, like the sun. You circumnavigate east to west and the four points of south would be 180 degrees away from north. You're not smart. You're not. How many vaccines did you take? I think it's a, this is irrelevant to the discussion. I think it's a Robinson map or cater maps, right? Where they show this Antarctica on the south side of the map, right? It's not shown as a wall. Where would south be on a flat earth, bro? Where would south be on a flat earth? Well, we're not talking about the, we're talking about maps, they draw a bro. They draw a map and they draw a map and they draw a map. Wait, wait, wait, wait.  What do you mean bottom?  I'm not talking about a flat earth map, bro. That's what we were talking about. We're talking about, hold on, hold on, hold on. Everybody stop, hold on, stop, stop. Ozzy, what are you asking him right now, Ozzy? I'm sorry. We're talking about maps they actually use.  Are you kidding?  Yeah, the whole world, the whole world treats the earth like it's flat. If you wanna make millions and billions of dollars with an airline, you use geocentric maps, flat earth maps. And you fly the plane like the earth is flat and stationary. I just broke that down in my opener. You literally fly the plane like it's just sitting there stationary and it's flat. Like your conscience is telling you you're losing. You know that. And number two, if all of us were in a helicopter, since you guys can read minds, are you magical or something? Yes. So if all of us were in a helicopter, right? Oh, okay.  And let's say we're floating there for 10 hours, would we land on a- You're not coming back probably, I don't know. Would we land? Let's say we're floating in one spot for 10 hours and then we drop back down. Would we land on a different country since the earth is spinning? No. Why? Why, is it Coriolis? Is it Coriolis? The atmosphere, you're moving with the atmosphere. You already have- Oh my God. You already have the acceleration of the earth. So the earth is moving, you go up there. Dude, you're about to get cooked. Dude, you're about to get cooked. It don't get then. No, that was spinning. You're about to get cooked. But you guys still haven't been high enough Hey, does the earth's atmosphere move with the earth? Yes or no? The overall atmosphere, overall moves with the earth. Does it move in lockstep with the earth or is it separate? No, it's- Show me a why. It's like Coriolis. It's like thought of the map or it was separate. So the atmosphere is also rolling. How do planes get anywhere?  Frost and limp.  Dude, do you understand they'd have to account for Coriolis if the earth was spinning separately than the atmosphere? They have to account for Coriolis if the earth was spinning separately from the earth. It's not spinning separately from the atmosphere. You just said it was. So what you're saying it moves in perfect lockstep with the earth now? No, it doesn't work in perfect lockstep. So then it's moving separately. Then it's moving on its own. It's not moving. So the overall atmosphere is moving in lockstep, but you have parts of the atmosphere that are moving in different directions.  But the overall atmosphere is moving to that speed. You have some parts of the atmosphere that's slowing down and it looks like it's going in the opposite direction, but it's all traveling in the same direction. Do you agree the higher up in the atmosphere you go? Wait, wait, wait. You said the same speed. You said the same speed. Do you agree the higher up you go in the atmosphere, that means it had to go a greater speed because that would be a greater radius. So therefore it'd be a greater distance traveled in the same amount of time. Yes. Yeah. Okay, so what gives it the energy needed to increase speed proportionate to altitude in your atmosphere? Pressure of the... What? Wait, wait, wait, wait. The pressure of the atmosphere... Fuel. Hold on, let him lose. Let him lose. You'll have your turn after. Go ahead. Austin. Austin, go ahead. I'm sorry. Austin, go, go. Austin, don't be afraid, go. Where are you going? So you're asking where did they get the energy for the atmosphere to move at the higher altitudes, right? Yeah, faster and faster, yeah. So you got layers of friction with the atmosphere that's moving the whole atmosphere with the Earth. What? Wait, would the layers be consistent? No, like... They'd be moving different, right? Overall it moves at relatively the same speed as the Earth though. Did you just say friction? Angular rotation, angular rotation, right? Yeah, so when drags across air, drags across air, right? You got the ground that's moving, that's dragging the atmosphere with the Earth, right? Bravo. What are you saying? Let him finish it, don't interrupt. No, that's it. I don't know what you're asking. At least it's very simple. So what's very simple? The law of conservation of energy says energy cannot be created nor destroyed, it can only be transferred. Energy's being created there. Buddy, chill out. It can't be created. Dude, you're saying that, bro, calm down, calm down. Law of conservation of energy. So if I go higher, then that means the atmosphere has to travel a greater distance in the same amount of time if it's all moving with the Earth, which means it has to be going faster. In order to go faster, a greater speed, it needs more energy or it would violate the law of conservation of energy and momentum, which are like tenets of physics. So you were just talking about science earlier, right? So see if you understand science.  See, you have the rotation of the Earth that's causing it to move. So you have the energy that's being transferred. How is it causing it to move? Centrifugal force. Centrifugal force is causing the atmosphere to move? Something spins hard enough. Hey, Mark, can I ask you, what is centrifugal force? Vaughn, what is centrifugal force? No, never mind, I'm thinking the gravity. Never mind, I'm thinking the gravity. Gravity's holding the atmosphere to the Earth, so you've got that force of gravity that's contributing. Okay, so if gravity, it's actually not gravity holding it. No, that's nothing still. You call it electrostatic, so I call it gravity. No, your model, your religion says the bending and warping of space-time, which causes a gravity well, and that gravity is the effect of that. Okay, and that would still show you that as you go higher and higher, you're getting further away from the center of mass and you're increasing the radius. Therefore, it's gonna be dragged behind due to fluid mechanics. Like a blender, the outside of the blender moves behind the center of the blender, the further you go out, it's fluid. It eventually catches up, so the outer edge when you spin something. Yes, when you take a blender, right, you turn the blender on, the inside moves at the speed of the blender quicker than the outside of the edge, eventually catches up over a period of time. Why? With the rotation of the inside, because of your transferring force from the center to the outside. Okay, so now you're invoking a solid container around the globe? No, you got gravity, it holds the atmosphere, and we already explained that. You're good. Oh, no. If you wanna call that a solid container, you can call it a solid container. It's not, dude, it's not. We call that gravity. Your model claims that tons of gas goes off into the vacuum anyway. Yes, we lose gas, and we collect gas as we go through the solar system. We lose gas, we gas out, and we sweep it up. Wait, wait, wait. All right, let's say, let's simplify it. I get a sprite, and I open the bottle, and it goes, because it's a pressurized system, and it has a cap, a dome, a firmament. At what point in altitude do you just go up, up, up, and magically pop into space? Like, whoop! Like, at what point do you guys- At what point do you guys- What's a meteor to you then? When do you guys magically pop into space? It's a meteor on Astro, dude, you guys. Since you guys don't have a dome. Where do those pop? You guys don't have a dome. At what point do you magically pop out into space? Because when we use GPS, let's say Google Earth, right? What's a meteor, right? Yo, I know, dude, just hang in there, man. Where is that coming from? Nothing you can say can stop the humidity coming. Just relax. Now look at this, Google Earth was filmed. All the pictures were done by the Google plane and not satellites. And if you go out far enough in Google Earth, when you leave low Earth orbit on Google Earth, it turns computer-generated. It's not a photo anymore because they don't leave low Earth orbit.  We're talking Google Earth is your evidence. Okay, whatever. No, I'm using- Okay, so- Calm down. We can- We arbitrarily call space 200 miles above the surface. I mean, we can set it any- You know who you remind me of, Oslin? Those professors in college- Oslin?  You know what I mean? You remind me of those fake science professors. You know what I mean? You know what I mean? Thank you. It's like most professors are not that smart. You guys just pretend. Thank you. Yeah, well, it's been pretty thoroughly exposed.


Hello and welcome to the Monday market update with me Dave Madden today's date is Monday the 5th of November 2018 And the time was just gone 1250 GMT It's been a fairly quiet beginning to the week to be honest We had a big sell-off in Asia overnight The latest figures the service figures from China the decition survey of Chinese of Chinese services We're actually quite disappointing. It showed lower growth on the month on top of that and actually missed expectations We heard from the Chinese president. You talked about the benefits and was promoting free trade policy or trade this good discussing open and global trade and also argued against the the negatives of protectionist policies that they didn't really kind of a Talk investors around actually buying into the market It is worth pointing out that the the trade swap between the US and China is not very much going on See some the Chinese president was clearly making his point of view very clear That is in favor of trade and opposed to collections policies But until traders actually until traders actually here that we actually have some sort of a green between Washington DC and Beijing We're like it's like it's actually going to remain just like it's likely Investors will remain a bit a bit skeptical of the of the entire situation Has been a fairly quiet morning here in Europe in terms of economic indicators We have some services figures out from the UK which we're disappointing and we also have been disappointing a better confidence surveys from the Eurozone European market abroad the a bit higher and this afternoon are also seen a slightly higher open on the Dow Jones and also on the SP 500 Taking a quick look at the week ahead Week ahead can be found on a website if you go to cmcmarkets.com and under news and analysis And if you scroll down you find this article So on Tuesday, we have a the internet decision from the RPA the Reserve Bank of Australia on Tuesday We've also a raft of PMI PMI reports from a number of countries around the world On Tuesday and also looking at you Thursday over in the US We have the midterms. We also have the Fed meeting on Wednesday We are first-half figures from M&S on Thursday and the early hours of Thursday morning We look trade figures from from China bearing in mind the trades back between Beijing and and also Washington DC These figures could be actually very very important Keep up on Thursday. We have first-half figures from Sainsbury's on Thursday We also have third quarter numbers from Dropbox over in the US on Thursday We also have fourth quarter figures from Walt Disney and on Friday. We have third quarter at UK GDP Take a look now at some of the major markets and see how they're getting on like I was saying The footsie and co were in negative territory, but they're now actually the shown gains on the day I'm starting off on the footsie 100 and I'm looking at a weekly chart because I want to talk about this red line here at the 200 week moving average And also, we're actually back. Well comfortably back above the 20 week moving average and even though It's not even though we're still a long way away from the highs that we saw in May And we still have we still haven't really caught up the ground that we lost in October and September While we hold above the 200 week moving average at that is that that could be a positive sign For the footsie 100. So the footsie the day to the week moving average comes to play 6961 that we're currently on 7125 of the footsie 100. So while we hold above the this red line here The journey week moving average is likely we could see further gains on the footsie 100 If you do like to press on higher from here, we could be looking heading towards this area here Which comes into play at seven thousand two hundred and twenty basically the kind of that the lows of early September So seven thousand seven thousand two hundred twenty seven thousand two hundred fifty That sort of region if you were to kind of push on higher from here If you do though fall back below the 20 the 200 week moving average I'm gonna take off the most recent low here this this this this mark here at six thousand eight hundred and fifty That would suggest we could be head for heading lower We could be heading back down towards the February lows of six thousand eight hundred and thirty nine And if you go below that we could be like we head back down towards the lows of December 2016 at six thousand six hundred and eighty two Take a look now on the the DAX to your market Simulation again. We're starting off looking at the two and a week movie to the weekly chart to keep an eye on this red line Here the two and a week moving average and the DAX wasn't probably we definitely in worship to the footsie 100 Actually, we're now managed to actually hold back above the two and a week movie average Which is a good sign for the DAX But obviously we're still in very much in a downward trend that began in June That's a classic example of lower lows and lower highs But in the near term while we hold above this electric here the turning 200 week moving average We come to the plane just shy to south of eleven thousand five hundred currently on eleven thousand five hundred and thirty five At the moment it can hold above eleven thousand five hundred. They're there they're about We could see further games being made on the on the DAX if you did look to push on higher from here We could be looking heading back towards this area here eleven thousand 692 and if you go beyond that we could be looking up towards the kind of big psychological number of 12,000 and 12,000 isn't a million miles away from this trend line resistance, which is coming to play So if you go beyond 12,000 that the ten line resistance make them into play 12,050 Should we turn lower actually we should move back below the turn of the moving average We could be looking heading back down towards 11,000 Take a look now. What's going over on the S&P 500 in the US? Starting off at the with the wider view if you draw a low trend line between the lows of February 2016 and the lows of November 2016 We get this trend line here, which is actually respected quite nice nicely only last week As you can see here the market trader right down to this trend line here in around the kind of 2600 mark and then I should manage to push higher Let's do a minute now So you can see you can get a better view of what's going on. So the market came down to this trend line sort of pushing higher Notice how there was a decline in negative momentum and actually unless we swing to positive momentum So actually pushing higher so the for the time being the and the upward movies be confirmed by the decline and they get subsequent turn to positive Positive momentum But the area that I said that is privy to be a bit difficult to recapture is this red line here the 200 day moving average at 2736 sharing with beyond that we could be making a back up towards 2800, but if you manage to turn over itself You could be looking at it back back back lower and retesting the 200 day moving average I'm sorry We could be looking at turning turning over I had backed up towards the recent lows and possibly looking at retesting this trend line support, which you can to play just north of 2600 and if you do have a break below 2600 that would would suggest we could be looking at further losses on the S&P 500 Take a look now what's going on on the gold market So with the with the gold market here It's been broadly been pushing higher since mid since mid August It's found it really difficult to kind of really kind of power ahead But nonetheless, it's it's been pushing higher over the last number of months While that holds above this area here at 12 14 It's likely we could see further gains being made on the on the gold market If you look to kind of push it higher from here If you were looking at it heading up towards 12 50 and if you go beyond 12 50 We could look toward this area here at 12 65 If the market turns over on itself and as a fairly size would break below 1200 Sorry below 12 12 14 We could look at it back down towards 1200 and I love and a break below 1200 You take it out towards these loads here in next September at 11 a 3 11 a 4 The oil market is in a spin has been in focus a lot the last the last few weeks Heavy gain sustained on the oil market as of now the United States has a pretty tough sanctions imposed on Iran at the end basically put political pressure on Iran But as of as we found out on Friday, there are eight countries which are excluded from the exemptions So number of countries can continue to purchase oil from around so so as a way of actually not completely having a Shop to the oil supply market and driving the price higher So because of that we actually are seen further be further pressure being kept all the oil market And if you take a look at the the Brent oil market, we can see that after reaching a multi year high in early October It's been a fairly fairly aggressive downward move We've fallen below this red line here at the Trinity moving average which comes into play at 74 spot Oh five and to be honest while we hold south of the Trinity moving average I it's likely we could see further losses on the on the oil market But if you do look to kind of push further lowering again From here, we could be looking any back down towards the August low just north of $70 per barrel and he moves to the upside in breakthrough at all Maybe what resistance in around the 75 dollar barrel mark and if you go beyond that resistance may come into play at this yellow line here Which is the one of them will be average which comes in the play at 76 spot 80 sticking with the Oil theme. Let's take a look now. It's going on on WTI WTI market is actually even in fairly worship Then the then the Brent market. So similarly with WTI which an old time which sorry apologies Reached a multi-year high in October must have been in a fairly aggressive downward move since then Notice how the market actually trade Firmly below the Trinity moving average with this red line here But it bounced when it bounced back up towards the Trinity moving average it managed to act as resistance and I was actually been being pushing lower yet again and Notice how the recent lows here. I should take up actually should take out the lows of mid-June So if you do that, you can put push lower from here We could be looking any back down towards the early all April lows of 61 spots 78 and if you take our 61 spots 78 We could be looking at any back down towards the psychological born $60 per barrel and he was the upside in WTI Maybe a little resistance in around the $65 a barrel mark with the big area to keep on that for will of course be the Trinity moving average at 62 spot 67 spot 64 this this this area here This is actually a good example of how old support can be called new resistance Notice how the Trinity moving average act as a support back in August, but once the market actually Traded firmly below it in October if I had a very difficult to get back up other again So if metric has been important in the past it makes it more likely makes it more likely that will be important again in the future So keep an eye out for the Trinity moving average on WTI Take a look look now at the currency markets Let's take a look at the euro versus the US dollar essentially You're you're the wider trend has been very much of the downside since between April and August Your dollars been very much in a downward trend the euro stage a fairly decent comeback between mid-August and late September But but fortunately the currency that you can be buckled under the pressure of the euro of the US dollar yet again So we're going to heading back down south if you take out the the one 13 area I would point to a point that would be quite negative because because it's the recent lows the August lows and if you take out one 13 Then we'll point the further losses We could really get it back down towards this area here in a one one spot 11 11 Which levels haven't really been seen since June 2017 If you managed to push higher on your dollar the 115 spot got a 115 10 area could could act as resistance It's been a fairly important metric before the last number of months So it could act as a potential barrier to a rally in the euro dollar if you managed to kind of push beyond that I'll then keep an eye out for the one or two moving average this yellow line here Which comes into play at one spot 1584 Take a look now at a finally pound dollar It's this is this has been dragged around largely because the brexit brexit The brexit chatter the economic indicators of the UK have been by and large been positive I know we had some poor service figures out this morning But largely speaking the economic indicators from the UK have been decent But anything positive or negative comments or even chatter about brexit is actually has been the biggest impact on the pound the recent months So Sterling had a bit similar to your dollar had a fairly decisive sell-off between August Sorry between April and August as a Which which a fairly decent comeback since then, but we have seen a fair bit of ground lost And and the positive move that we see out we saw at the back end of last week the gains largely has been held So we're trading just below the 130 mark That's probably going to be it's likely to be a key level if we if you can't get above 130 We can really keep turning over on myself and falling back into the wilder trend It's been in play and back head back down toward the August low of one spot 2661 if you can manage to reclaim 130 and actually build from there We'll give anything any back up towards the one spot one spot 3250 area I also want to talk about a couple of the Couple of webinars and seminars that we have coming up if you go to our website seems in markets calm and under learn And they think about webinars and events. You can say that tonight Monday the 5th of November At 1900 GMT 7 p.m. Here in the UK We have the third development program, which is a webinar which you sign up for We also have the part two of that webinar on Monday the 12th of November We've other also events and webinars both both online webinars and in-person seminars Which are which you are feel free to attend to also if you have any comments made on this video or any of the videos You've been here at CMC. Please feel free to leave a review on bigger base. That's all for this week. Thank you very much


Yeah, Roots. Is that result to take after the way in which you played and pretty much dominated in the first half? Yeah, really disappointing. Like you mentioned, we should have been at least a couple up at half-time. Yeah, away from home, the opposition had two extra days on us, so it was a quick turnaround for us, travelling from Melbourne then all the way to Newcastle. I thought they were fantastic in the first half, but you don't take your chances and you apply pressure on yourself and that's what we just don't do at the moment. We don't apply enough scoreboard pressure on the opposition and it changes habits and behaviours with the opponent and it lifts your own team's morale. And then again, I thought we started broadly in the second half, but we gave away probably their best chance and then we concede and we go down one nil away from home and they kept pushing, they kept fighting. We kept going for it, but really disappointed about the result, really disappointed. Is it a big issue at the moment just finding someone who can finish with some regularity for you and maybe conjure up something out of nothing or put away those chances you are creating? 100%.  I think you've seen a change in playing style and even their behaviours have changed as well. There's more fight about us, but it is frustrating because you can see just how many players have changed in that second half in the front line and you ask them to make a difference and a lot of academy players were given a chance as well and they tried, but there is a gap there. It's a big club, a proud club and I know exactly what needs to be done moving forward because the fans don't deserve it.  The people running the club don't deserve it, but I said this before, I don't care about names, either ship up or shape out. It's as simple as that. I'm not going to take anyone who's just going to go through the motions and just pick up a paycheck because I'm not about that. I made a promise when I came here and I'm going to uphold that promise and there will be changes going forward as well, so you get the opportunity, you take it and you move forward. Is there anyone you think is doing that at the moment? Sorry, is he going through the motions a bit? No, I'm not going to name names. I don't do that. I'll be very clear when I come to the club that names don't bother me. It's purely about performance and coming in with the right attitude and having a bit of pride in yourself and having a bit of pride in this football club because it's a very proud football club. Like I said, I've mentioned the fans, they're very proud and they've got nothing to cheer about and they haven't for a while now and obviously this before for myself, it's personal being a guy from the area, understand what they're about and I'll do everything I can to make sure that I turn things around. Roots, Joey here, when you say you know exactly what you need to do... Yeah, I'm not going to go because it's not for me to tell or speak about. That's an internal discussion that I'm going to have with the bosses. On the subject of finding goals then, Roots, obviously you don't have a window to bring anybody in so what can you do? Is it just a matter of on the training track, working on movement patterns and figuring it out? Is it backing your players? What can you do? Yeah, all of that. We just keep working and like I said, I'd be more unhappy if we weren't creating those chances. We've been creating some really great chances and that's what keeps me positive and that's why I continue to be positive amongst the playing group as well and we played a lot of good football tonight. Some really good stuff, getting away from home against a team that's a lot more fresh than us. We shouldn't have in reality performed the way we did in the first half when you look at all those situations that I spoke about. But Rami, Kenji, these guys are getting to great positions and like I said, we just keep working and keep working and we can't drop our heads and that's one thing that I've seen, I've seen behaviours here where things don't go their way. They drop their heads, they drop their shape. I haven't done that but you've just got to keep going and you've got to stay positive with them and like I said, it would be a lot more disappointing if we weren't creating those big chances. I thought the goal that they called for offside, I'm not sure if you guys can tell me, did you see a replay of that because we saw the replay on the bench and it looked onsite to me but they were very quick to put the flag up and it wasn't even looked at again, particularly after what happened last night. So I was a little bit disappointed with that because we actually did put the ball in the back of the net and on our TV screen in front of us, it looked onsite to us.   They knocked to the head and we take that very seriously but there were no signs at all.  Do you have any other injury concerns coming out of this one or fitness concerns? Yeah, yeah, I think James Trawisi will have a scan tomorrow and he makes it more difficult when you're two of your better players, Rodwell and James Trawisi, you know, are missing football games, you know, when you need those types, particularly when you're in a situation you're in, he just makes it a little bit harder but, you know, it gives an opportunity for somebody else to step up. You're expecting anyone back for the Phoenix game on the weekend? No, no. From what you saw today, that's, and we've got a couple of boys back at home been organising a lot of games to ensure that they get their match minutes and they keep themselves ticking over and topping up as well so when they're called upon they're ready and we'll continue to do that.


So I work for Canonical in the Lexi team, as Stefan mentioned. I'm going to do a demo of a feature that is being worked on. It's not yet a master. It will be released at the end of February. First, let me ask who has no idea what Lexi is. There was a presentation before, but it's container management for system containers. That means your container will look like a virtual machine on the street. So I'm not going to speak about that. I will assume that you know something about it. So I have three beautiful machines here. Each one is running a plain Lexi demo, just fresh from that branch build. As you know, the Lexi demo usually knows only about the containers on the machine it runs on. I will create a cluster of these three demos on these three VMs and they will appear you as one. You can use the regular Lexi API transparently against the cluster. There are also full tolerance features that I will show. The first thing I need to create the cluster that can be done with the init commander. I will ask you if you want to actually create a cluster. Yes, I will ask you some details, but it's just the name of the node, the address. If I'm drawing an existing node, no fresh password. I will create a storage pool just with the default values, which will use that fast pool back by a file. All right, this is the bootstrap node, so this is the first node of your cluster. And you can see it's been successfully configured. I can go and it's empty, so it has no container. I can go to the second node and run again. Let's delete it. Change the name of the machine and the address. I'm drawing an existing cluster now. I have to give it the address of this one. Password for the trust password. And if I set the fingerprint, yes. It will warn me that all data will be lost. And yes, I don't care right now. And asks for storage configuration that has to match the regional node, match the configuration as well. So now, if I run a list, I still have no nodes. But if I run, let's see, cluster list. Yes, well, let me adjust the font here. So you can see there are now two nodes in the cluster, and I'm going to add another one with the same sequence of commands, essentially. Yes, I have set the default address in the cluster. Okay, so this was the third one that I had this out of the first node. Yes, I want to use cluster name, p address, the dynamic system node, the address, the trust password, and the fingerprint node is k. Yes, yes. And the node now has, the cluster now has three nodes. So I can use the Lexi command line transparently across the cluster to spawn nodes, to spawn containers, for example. For example, I can launch Ubuntu 16.04 image, called C1, and I can, .04, thanks. And with this new flag, slash, slash, target, I can choose one of these three nodes. For example, I'm on node 3, .3, .5, actually. I can target, .3, to download the image and start the container over there. And once the container is started, it could be visible from all clusters, all nodes in the clusters. I can launch another one on VM2, perhaps there's, .04, yeah. Thank you. This is still working progress. But in the meantime, I can go to the force node, which is the VM3, and if I list the containers, I can see it's there, even if it was created from the fourth one. C1 already exists, of course. And also from the second node, visible also, this is created, so it's still stopped. But it should be started right now. Yes, both are running.  So it's not there anymore. And I list the containers, I will see that the first container is down. There's an error on C1. And also the list of clusters will show me that this particular node is offline. I can still create a cluster for the nodes that are alive. For example, I can change the configuration of a global cluster, such as the trust password. Well, let me show that it's there. Yes, there is a trust password. I can unset it, for example. It's not there anymore. So the first node doesn't know, of course, about this change. And I can even shut down this third node that I just made this modification on. And restart the first one on VM3. It will be automatically replicated. So if I run a conflict show, you can see that the trust password is not there. So even if the node is down, when it comes up, the state gets replicated. I can list containers. Again, they're still there. The node 2 was up, so it's still running. So the way this is done is by replicating the SQLite right ahead log using raft. So the point is that it's very convenient to operate. You don't need a separate full-time and distributed data storage. So in process, all you need to run is the lexical process. It will take care of failover and replication of your data. You might ask why. Probably cluster management is considered by some solved problem since there's Kubernetes. And I was wondering that myself. Probably at the beginning I asked why don't we just create a CRI plugin for Kubernetes and let people drive a single lexical node managed by Kubernetes in a cluster. And yeah, that is possible. But the drawback is that also Kubernetes is a big and difficult base to drive. So one of the use cases that also Stefan mentioned is systems applications that were not designed with cloud in mind applications that are not cloud native. And the need in often cases expect full systems that can work in a system container but not so well in an application container. So we hope that this feature cluster makes it easier to run those workloads without the operational overhead associated with say Kubernetes or cinema solutions. So that was it. I kept it short if there are questions or anything. I know I went through rather quickly so let me know. Questions? What did this work? Failover for containers. The question is how failover for containers work. If the node you are running on dies, of course your container process dies. In that case, there's nothing you can do. For example, what you could do is use SAP as storage backend for the systems of your containers. In that case, if your container dies on node, you can pick another node and start the game. It could be really the same state as it was because what's written on disk is replicated by SAP. That is an example. But like Lexity, clustering by itself does not manage container failover. That's out of band.  You have options. One is storage application with SAP. There are others. But yeah, this is more or less it. What is the behavior? I'll show you. As I mentioned very briefly, what we've done is to create a little patch to SQLite which replicates the SQLite log using a raft algorithm. In case of a split brain, in order to make a database change, for example, an update SQL query, with this machinery you need to have a quorum of nodes that are knowledge that you wrote that write a log entry. If you don't have a quorum, the regression fails. So in case of split brain, that's just a fail. The trade-off here is that raft in the CAP spectrum, consistency, availability, partitioning, gives you consistency and partitioning, but not availability. In that case, the class is not available anymore, but you won't get inconsistency. It won't work, but it won't do harm. You need to have a better quorum of nodes. The actual quorum is, we call it as, if you type in any database itself. If there's a split brain, they all know exactly what the quorum should be regardless of how many nodes they can see. So they will just hang. You show that you can compute from every node. Is it possible to get a worker node done? Can you repeat the question? To make a worker node that is not in the confidence. So it doesn't configure the whole testing. I'm not sure I understand the question. So you have three nodes. And every node can configure the cluster. Is it possible to have a node that is configured by other nodes, but not configured? Okay. So the design is that each node is... So the question is, can you have just one single node, which is your point of reference and all configuration changes go through that node and other nodes. You don't touch them. You don't use them for changing that configuration. The answer is probably no, because the design is that each node is equal in some sense, with some details. Perhaps in the future, what will you be able to do is to set users and permissions to limit, for example, who can do what. But for now, all nodes are equal. Yeah, so just like the two things that I mentioned there. One of them is... If you've got like a 40 nodes cluster, you only have three database nodes. There's no reason for being more than three, because we get the program and the nodes just get stored and so on and so forth. So we will actually always make sure you've got three of those nodes. That's one thing. So you don't compute lexdenodes that are not active database nodes. But if you don't check on them, just go through the API. You don't actually see a difference. It's an information detail. The other thing that might cover your questions a lot is lexdenode by itself supports copying containers, copying images and all that stuff between lexdenodes even as an active cluster. So you can totally have a non cluster lexdenode and a lexdenode cluster and then copy your containers back and forth. That's perfectly fine. Just like you can have two lexdenode clusters, one for staging and one for production. You can also copy your containers and your images in between the two. So the normal lexdenode API. What will happen when I will create a container without the target? For now it creates the container on the node you are executing the command on. By the release it will pick the node with the least number of containers. Yes, so it tries to have a very simply low balance at the workload. So by default if you don't specify a target it will pick the node with the least number of containers. This is very simplistic scheduling. This is what we will be doing at the start but we'll see how it goes. Thank you.


Everybody Matt here for late in sports cards rip in 2022 23 panini select basketball hobby six box break number 13 pick your team. Let me fix that All right, we have C mark son see who Mavericks T. Wolves Craig s Thunder Edgar B. Nix Edward P Celtics Edward E sixers Eric W. Cavs Eric B Kings for Han a bulls Jeffrey H magic pistons Jeremy D Clippers Justin C wizards pelicans Leo W Spurs Lee Wan Y Lakers mark D Rockets Marvin N Nuggets Matt M Pacers Polaris C Bucks Robert P Blazers Rudy G Grizzlies Sean H Jazz Swarovici and T heat Thomas C Warriors Thomas R Raptors Thomas D Nets Somal C Hawks and Weiming H Hornets Here we go. Good luck. What's up, Rob? Oh great, man pulling some awesome cards today Christian Brown That is rookie red Chet Holmgren thunder That is to 199 There you go. Nice Chet Orange on Bochum Alakai Branham Jabari Smith, Jr. Out of a Mitchell tri-color Christian Brown rookie silver Zion Any Simons and Rockets to 25 rookie patch tie-dye Jabari Smith, Jr. You go Houston Not even through the first stack of the first box but we're up to two mags already There's a David Roddy rookie white and jaden hardy Izzy jade knivey your step snapshots clay Thompson Tri-color and luka and Davis Johnny Davis rookie silver Chet Holmgren Caleb Houston and Nice Rockets gold auto to 10 Akima Lajewan Congrats, Houston Crushing it in this first box already Christian wood tri-color and ant-man Zion silver Jeremy sohan and thunder rookie jersey musman yang Tyrese Halliburton blue die-cut Johnny Davis Oh clay Thompson Chai Baji rookie and tri-color rookie Jeremy sohan I'm not sure I haven't pulled one yet Jason Tatum is this more gold coming there's Zion Yeah, it is. Gee whiz.   So with demigo Palo Ben caro rookie kelton johnson.  It's a great rob zombie song or white zombie song uh fred van vleet light blue ligers breadford skills and magic Jabari smith jr. Rookie sensations Andrew wagon scope jalen williams Tri-color jamal murray Tari eason rookie tri-color Scotty barns. It's a cool card Color wheel All right, it'll have to be in the next box. So I haven't I already opened this. I didn't have a chance to magic it Magic the color wheel into a k. T.  Did we see any color wheels yesterday? I don't remember seeing any in the Reek in the Chair shake on sharp This is blazers to 75 nice jersey auto purple Clyde Drexler Nice Clyde yokich Tri-color. Oh, they did hit one Oh, did they a yokich? The next baseball break, um Have some weird probably monday Next one i'm doing anyway jaden hardy rookie silver. I didn't see that This is nuggets rookie jersey christian brown and mark williams copper plaid with him. Hopefully tartie eason and Oh I saw the magic and I saw the rookie before I saw the player name. That's kato houston rookie court side tydye Kevin durant the magic you did. Oh, I would have I would have asked somebody I would have asked courtes if she could run to like party city or something And get me a crown. I would have won a crown the rest of the day Can just go to your local burger I Sit to top my head majestically. I don't care where it comes from josh giddy and hornets to ten that is rookie auto gold brice mcgallons Go hornets back-to-back breaks with gold rookie autos Jay nivy rookie blue die cut to the 249 pistons nice color match johnny davis keegan murray tyler harrow scope and horsingas No, we're I think we're still four right four blue scope rookie jimari smith jr. 249 keegan murray rookie insert Jalen jalen williams rookie silver scotty barns in flight signatures warriors jonathan kominga silver auto 249 jalen williams rookie tricolor harry eason I will find you something how about a how about a keegan how about a keegan rookie auto or something branded ingram tricolor jalen duran future rookie insert kairi urban tricolor jaden hardy rookie and rookie tricolor chat holmgren yeah that first box is crazy good for the rockets march on bo champ rookie silver pelicans jumbo jersey anthony davis flake wesley rookie white jaden hardy terry eason sensations james hardened silver this is grizzlies rookie auto kennedy chandler white julius randall so your rays haven't won consecutive games since their three game winning streak ending june 16th there's jaden ivy it's all over scope johnny davis rookie yeah we've been playing pretty bad recently luckily we got to win yesterday on a miracle so yeah chag bhaji rookie we couldn't hit exact avies stef curry but who can a lot of people almost every other team on iverson soon move jen subs this is pacers rookie auto blue andrew nemhard this is seven of 49 solid hit for the pacers david roddy rookie tricolor shade on sharp benedict matherin rookie silver and shade on sharp jabari smith sga tricolor and david roddy tie tie luka tricolor jason tatum jeremy sohan scope lorry markenon and brannam jabari smith bam blazers jersey damian lillard and tyrese maxie light green keegan murray hallow bank caro unstoppable rookie insert jail Williams rookie silver max box this is saltix to 199 jersey auto al horford it's um light blue marcus smart john marant snapshots tricolor andrew wiggins jen green scott marcus smart and chat home grin rookie still 8 and 13 on hard to deal with sometimes keegan murray jailen suggs still 8 and 13 on chronicles football those teams are now on sale jimmy butler and pelican 75 rookie jersey auto blue dyson daniels this is walker kessler maroon die cut jazz that's the 175 jailen durin sga scope benedict matherin rookie tricolor j and this is copper plaid jason tatum 49 christian brown hallow bank caro rookie sensations out or i'm sorry a j griffin rookie silver lakers to 99 rookie jersey auto purple max christie marty rosen tricolor chat home grin rookie christian wood brown future scottie barnes silver and oh chai bhaji all right last box feeling strong here kind of had all the heat in the first box so far tricolor david roddy julius randall jade and ivy chai bhaji rookie and bux jersey yannis james harden red and then fuego step curry and some warriors patrick balvin jr rookie silver rookie tricolor jailen durin saltix to 99 next factor jersey auto grant williams purple and rookie blue die cut jade and ivy 249 i think that's the second one of those we've seen in the break jaylen sharp jalen brunson scope of a mitchell jailen durin rookie scope rj light blue lamello family osmond usman diang rookie silver mobley and grizzlies to 199 rookie jersey auto david roddy tricolor jailen green last pack jailen terry bradley biel and palo bang caro rookie here we go all the mags came from box number one we had and fuego step curry um courtside rookie tie died to 25 kaleb houston magic and then we had relics pelicans anthony davis blazer cj mccollom bux yannis blazers damian lilor nuggets christian brown thunder usmond diang pelicans dyson daniels that one was blue autos we had grizzlies rookie jersey auto david roddy warriors and flight signatures jonathan kaminga grizzlies rookie auto kennedy chandler celtics jersey auto al horford lakers rookie jersey auto purple max christie celtics jersey auto purple grant williams blazers jersey auto purple clad drexler pacers rookie auto blue andrew nemhard hornets rookie auto gold brice mcgowan's thunder rookie red chat home grin that was to 199 bucks courtside gold yannis rockets gold auto hakema lajuan and rockets rookie patch tie died 25 jabari smith jr that'll do it for the break thank you everybody number 14's up next


The maps are very important in everyday life. The subject of map making is one of the very important domain in the subject of geography. So these maps are not only used for the calculation of the different land information, but it can be used for even navigation purpose. So today the maps are not only made for the purpose of the environmental pattern, but it has also very important in the in the human pattern also. The maps may be defined as the representation of the earth pattern as a whole or a part of it with conventional signs drawn to a scale and projection. So it means it is not only used for the making of a part of the earth like as a country-wise or as a continent-wise, but also it we can make a map of the world also. So it that's why the maps are not only used for the particular area, but also for the the whole of the area. Now the framework of the map is based on the way how the graticules either the longitudinal and latitudinal network is prepared. This depends on the position of the area on the earth's surface and type of the map. So when we are defining map of a particular area of our region, so each and every point on it corresponds to the actual terrestrial or celestial position. By gradual evolution in the science of map making, it is now possible to picture the earth's pattern more precisely and to compress varied type of necessary information in a single map sheet without any verbose description. This depends on the position of the area on the earth's surface and also on the type of the map. In this slide we have a actual map of the North America, but the globe represents the true picture of the area. But that true picture actually represents when we are representing on the sheet of paper, it can be transferred through the help of certain latitudes and longitudinal extension. So like this is the actual land of the North America, Venezuela. Now this actually piece of paper is giving the true picture. Why? Because it has the same latitudinal and longitudinal zoonation. So that's why each and every point which is actually over the surface of the earth is actually truly transferred on the piece of paper. So like this is the Gulf of Mexico. So here you have the same area which is actually has the same longitude and latitudes. So it means the map is the true picture of the planet. The amount of the information to be represented on the map depends on the map projection, conventional science methods of map making and scale. So these are the basic components of the map making. Without map projection, we cannot draw the map over the piece of paper. So every projection type has its own location over the earth's surface. Like the latitudinal extension are very important here. The cylindrical projection is used for the areas which are closer to the equatorial region, tropical areas, but the conical projection can be used where we have the middle latitudes. So same is the case with the zenithal projection which are used for the polar areas. So map projections with the help of longitudes and latitudes. The area can properly be managed. Same is the case with the conventional science. So these are signs which are actually not only for the physical environment but for the human environment as well. Like the weather symbols are used for the weather maps, the conventional sign which are actually helpful for the making of the human features like the city environment has its own symbols, the mosque, the railway line. So these man-made features have symbols. So these are called the conventional science. The method of map making are very important when we are dealing with the techniques. Like some maps are prepared by the help of a computer. Some are prepared with the help of the aerial photographs. Some maps are prepared with the help of sketching. So these are actually the methods which are used for the map making. So the last component which is very essential for the map making is the scale. So every scale actually gives us the shape of the map. At larger scale level, we are dealing with the large scale map. The smaller scale level we are dealing with the small scale map. So word can be made over a small scale map. Same is the case with the city map which actually are very helpful for the description of the landscape and land uses. So here we have the large scale maps. So it means the scale in map making is very important. Now here we have the major projection which are used for the rent areas. So as we have already discussed, the cylindrical projection is used for the areas which are closer to the equator. So this line is equated. Now around this line, the projection is used which is called the cylindrical projection. Now in zenithal projection, the north and south poles are actually under the main construction of the maps. So here we have only the area which is closer to the poles. But the middle etchutes are actually made by the type which is called the conical projection. So conical projection is used for the middle etchutes or the temperate areas. The need for map projections arises from the fact that an ordinary globe is rendered use less for a small country. It is not possible to make a globe on a very large scale. So when we are dealing with the globe, it actually represents the true picture of the earth, but map actually is the transfer of actual position, which is located over the surface of the earth on the sheet of paper.


When the narcissist meets a real one when they meet an authentic person someone who is genuine Someone who is following their purpose Someone who lives a life of meaning Someone who is self-aware They can recognize their strengths and weaknesses their confidence at in control of their feelings They're self-composed They're calm cool and collected Things don't really bother them that much This is what I would define As a real one an authentic person Now what happens when the narcissist meets a real one? It's interesting Because a real one will show calmness in a crisis Things don't really get to them They don't personalize it Because they're authentic They know who they are They will recognize the situation for what it is They will recognize the narcissist behavior, but they're not going to blame themselves They're not going to question themselves and wonder if it's something they said or did Because they know who they are They know what they're responsible for and what they're not responsible for They don't take on other people's stuff, but that doesn't mean that they've never been involved in a difficult situation They've experienced trauma They've been through a lot of things And that's what made them who they are today They know how to deal with it now But they don't let these experiences change who they are They stay the same Despite what is happening outside of them They don't let it change them Instead they try to remove themselves from the situation at the earliest opportunity As soon as they realize that something is not right They may express how they feel about the situation But they're not worried about being judged They're self-composed They have control over their emotions So when they're around a narcissist It doesn't irritate or upset them They don't fall for the narcissist game Because they're wise They have experience knowledge and good judgment They're aware of what is happening So they know how to respond to it When the narcissist meets a real one They get very frustrated They experience distress and annoyance Because of their inability to manipulate and control them Because they feel like they are being prevented from succeeding in their desired objective The narcissist tricks may have worked well on other people But they won't work as well on a real one They might acknowledge what the narcissist is saying or doing But they won't get angry They won't let it affect them So naturally This puts the narcissist in a very difficult situation Because they can't love bomb someone like this They can't get the validation that they need Because a real one is not going to respond to attention-seeking behavior But they're also not going to shame the narcissist They won't feel the need to put them down They won't put any extra focus on the narcissist They will try to direct the engagement in a more positive and uplifting direction But they will also know where they need to walk away And they won't do it in an offensive way They will leave in a courteous kind and pleasant manner But they also won't be afraid to express how they feel They will say if they felt uncomfortable They're authentic They speak the truth and truth kills the narcissist Narcissists can't deal with the truth They can't deal with reality They have to create a false narrative And try to get everyone else to validate it But when you speak the truth You take away their power You put an end to their game A real one is not going to identify with the narcissist's problems They're going to realize that has nothing to do with them And they're also not going to enable the narcissist's behavior They will leave at the earliest opportunity Rather than listening to the narcissist being the center of attention Admit their crowd of admirers or subordinates But that doesn't mean that they haven't had narcissistic relationships in the past That doesn't mean that they've never been affected by anyone They may have had several narcissistic relationships Until they did the inner work And learnt those lessons And started distancing themselves from the expectations of other people Because fulfilling these expectations Is what enables the narcissist's behavior A real one will walk away before the narcissist is able to exploit them How does the narcissist feel when they are around a real one? While a normal person may admire and respect them for their authenticity The narcissist will have a lot of bad things to say about them They will say that there's something wrong with them Or that they're rude or antisocial They will be very disrespectful and insulting towards the real one They will treat them as if they're beneath their consideration Because it's causing them anxiety and distress to be around an authentic person They know that the real one can see through them They can see through the facade They know what the narcissist is really about And the narcissist does not like it It makes them feel very uncomfortable So they will insult the real one They will try to turn people against them They will make fun of them And then they will do anything they can to avoid them Narcissists are afraid of real ones They are afraid of authentic people So they're not even going to try to manipulate them They're only looking for people who are going to validate the illusion Before they met you They may have tried it with other people and it didn't work They're not going to keep trying To pull a real one back in Because they feel very uncomfortable to even be around them They feel vulnerable They feel exposed The more real and authentic you are The more you will repel the narcissist The more you will push the narcissist away Because the narcissist wants nothing to do with authenticity They want nothing to do with truth or reality When you are involved with a narcissist They demand and expect you to make a choice between them and the truth Between the illusion and reality You can never connect to a narcissist directly And they can never connect to you Everything is filtered through the illusion It is filtered through their fantasy world Thank you for watching I hope this video resonates with you Please like, comment, share and subscribe If you would like to donate My PayPal link is in the video description Coaching inquiries You can email me at coaching.nagciviver.uk Thank you for watching and I'll talk to you soon


International Women's Day is a worldwide call for gender equality. To mark this day, the IAEA brought together a group of women who play a key role in the nuclear power industry. We're here today to celebrate the accomplishments of women in the field of nuclear science and engineering. In the nuclear sector, the workforce is still dominated primarily by men. This is something Mary Alice Hayward is motivated to change at the IAEA. My vision for gender equality is about bringing a greater number of women to the forefront of the nuclear field and tackling cultural stereotypes by showing our peers, leaders, young people, everyone that it's a technical merit that matters the most. If you're very good then it should matter what gender you are. Our attitudes, our collective mindset, what we say and how we act, this is where I see vast potential for transformation. The proportion of women in senior management positions at the IAEA is now higher than it has ever been, at 29 percent. This is a progress, but it is not good enough. My goal in the coming years is to appoint more women to a very senior position in the agency. The IAEA is showing that it's possible to break barriers for the women in the nuclear field, but to achieve gender equality more needs to be done. In Vienna, Austria, this is Alexandra Anapanich reporting for the IAEA.