Hello hello everyone, my name is Laura. This is my channel Laura's Little Library and welcome to today's video which is my December TBR. I feel like TBR is coming to the end of the year always are chaotic because you're trying to finish up all the reads that you meant to read this year and didn't or you're trying to get ahead on like the winter season reads which is kind of what I'm doing. But first before I dive into the books that I will be talking about I'm wearing the wrong glasses. Let me switch my glasses here a minute. Okay that's fine. Fun fact these glasses are the exact same frame they're just in two different colors. I have the silver and I have the rose gold and it's the little things like the rose gold goes better with like the brown and the red at this outfit than the silver does. That's okay let's continue. A couple things to note about December is that of course there are readathons going on so I will be participating in at least two. There are two month long ones I'm going to participate in. I'm not sure if I'm going to add on the third one I kind of don't want to unless it's one that I've done before or is a shorter one. Anything kind of Christmas themed I'm probably not going to add on with what I already have. So let me just quick say the two readathons that I will participate in this December. The first one is Slavicathon and this is hosted by Sasha over at the Wild Sasha. I will have the announcement linked down below and Sasha is doing this really cool thing where she is releasing the prompts one little video at a time and giving us little bits of the story as she goes because the Slavic readathon is amazing in that way. So as of filming this her second prompt just came out and I just watched that video. So as the prompts are just being released I am not able to form my TBR until a little bit closer and I'm so excited. And then the second readathon I will be participating in is the reindeer readathon and this is by Evan over at Break Even Books, Break Even Books. So I again will have that linked down below. I participated in it last year and I had so much fun and may I just say I bought the bookmark last year and I loved it and now I can't find it and I'm really annoyed. And they're coming out with a new bookmark this year so I'm like I either have to find the one from last year or I just have to buy them both this year. Anyway that's just a little side note that has zero importance to this video. But I have been assigned my team already for that. I will be on team Mistletoe but this December TBR is not necessarily going to be focused on those readathons per se. I think some of these books are going to overlap or I'm going to figure out how they can overlap but these are just books I want to read in December. So this TBR is going to be chaotic and it's going to be very very casual and very chill because I have a stack of books next to me that I would like to read but I've also got my good reads up so that I can look and see what other books I have or I don't have that I want to read because I know there are a lot. I am such a mood reader so I figure I will set a big TBR for myself and then I will choose the books that do fit the prompts for both of these readathons and what I'm actually in the mood to read and not feel pressured to read all of them just the ones I'm in the mood for which is not something I've ever done with TBRs before like I always create these huge TBRs for the months and then I never read all the books on it and I always feel this pressure to do so but I think this month I'm going to create a big TBR and just mood read my way through it and not necessarily pressure myself to read all of them especially because December is going to be interesting because we will be heading back home partway through the month and so I can only take so many books with me but it's for half of the month so anyway I also it is still technically November obviously so I don't know yet what books I will buy in December because I do get a monthly book allowance for those of you who don't know so generally around the first couple of days of the month I will head to the bookstore and buy some books so this is not include whatever I will buy for December but yeah anyway I'm going on and on it's gonna be chaotic and chill but it'll be fun so first couple books I'm gonna mention also some of the books here are going to be featured in a haul coming up kind of more towards the end of the year when I do have all of my December books so just just bear that in mind like these first two they kind of represent a whole genre so Very Mary Bromance by Alyssa K Adams and Kisser Once For Me by Alison Cochin and so these kind of represent the fact that I will want to read all of the holiday rom-coms mostly Christmas because I do celebrate Christmas but also if I can get my hands on other holidays that are in the wintertime I will definitely want to so these just kind of symbolize that I will be reading these kinds of books I'm gonna read whatever I can get my hands on that sounds interesting another one that I will say I'm going to read is Window Shopping by Tessa Bailey I actually ordered this book and it is at my parents house right now so as soon as I go home it will be available for me to read I'm so excited I like to test a Bailey's other book but this was the book that I had first heard of Tessa Bailey through and was interested in so I'm excited to read that next I want to read Kingdom of the Wicked by Carrie Menescalco I just finished Carrie Menescalco's other series The Stocking Jack the Ripper and I loved them I wanted to finish that series before I started this one I don't know why I just kind of did but this will be a winter fantasy read that I really want to get my hands on the rest of the series for but kind of make my way through this sweater is so big it's taking up like all of the rug space around me which is why I have the book so I'm constantly trying to like move the sweater off the TBR and then move it off with the stack of books I already talked about this is fun also like I'm speeding I'm speeding through these I'm not really given much of a description and I'm sorry I also want to read Legends and Lattes by Travis Baldry this seems a little bit more of an autumnal read but I think it will also work in the winter it's kind of my transition book and I might read it kind of end of November early December for me winter starts December 1st and we can start propping for Christmas immediately after Thanksgiving but I won't really be in the mood until December but because there's already snow on the ground it's kind of already winter like the fact that I've already driven my car and slid on the road it's winter um but this seems like an an adorable cozy like warm coffee and a baked good treat um I will be using this in the Slavicathon although I do actually want to read some Slavic folklore books as well this seems like such a short comfort read that I just want to cozy up with this December next up I have two books that I have put on TBRs previously and have not gotten to them so we'll see if I get to them in December this first one I really hope I do it's Daisy Darker by Alice Feeney I really want to get to this one because it is everybody who's trapped on this island the wealthy grandma dies and now maybe other people are dying maybe they're not I'm not quite sure it seems like kind of an isolation thriller so I like those during the winter so I really want to read this I read the first chapter I loved it so this is this is my thriller for the winter season we're gonna move on to the books that I don't have that I am tentatively putting on the TBR if I can get the audiobook or if I can get them from the library that's what I'm gonna do I get all of my audiobooks from the library but I will be switching over to Libby because that's what my current app is telling me I need to do because everybody is apparently switching to Libby so my current app is going to be no more in 2023 anyway again not the point some books I would like to read would be the bear and the nightingale by Catherine Arden I'm pretty sure this is kind of a Slavic folklore book yes because it takes place in Russia and it is off of a Russian fairy tale it's the first book in a trilogy and I am intrigued by it I also want to read The Huntress by Kate Quinn this is a historical fiction yeah it's it's still like world war like soviet union and nazis and you know world war so I do still want to read it and I think it'll be good for winter but we'll see ooh middle game by Seanan McGuire I would like to read although I do also need to make more progress in the Wayward Children series but we'll see if that happens the coldest girl in cold town by Holly Black has cold written all over it literally more historical fiction more historical fiction oh the winter duke by Claire Eliza Bartlett that sounds like a good winter fantasy I have a list of winter books that I have yet to read and that's kind of what I'm just scrolling through and seeing what catches my eye which is why none of these books are very thoroughly researched and I'm sorry but sometimes it's just kind of fun to like throw things out there and just be intrigued and then if I have the time or means I'll pick it up oh Spinning Silver by Naomi Novik I really want to read that one so I loved the Skola Man's trilogy by Naomi Novik but I did not like Uprooted by Naomi Novik and I believe Uprooted and Spinning Silver they're not related but their covers are very similar but Spinning Silver has a much more of a wintery cover and it has like a Rumpelstiltskin style retelling I believe so yeah I'm pretty yeah it's like Rumpelstiltskin kind of tax payery um so I really am gonna try and put in an effort to read that one all the rest of these I'm probably just gonna put on my winter tbr and go from there so lots and lots and lots of books that I want to read in December but again above all else I'm probably gonna just prioritize the holiday contemporaries so just be warned of that anyway that's it for this video thank you all so much for watching sorry for the chaos of it but honestly I liked the chaos of it but it's not for everybody I understand comment down below what you want to read this December feel free to give this video a thumbs up if you liked it I do have bookish social media linked down below so if you're intrigued and actually want to see what books I do end up reading this December you can follow me on like Instagram, TikTok, Twitter all that and you can get updates on what I'm reading and my thoughts on it otherwise subscribe because I make videos and I post them twice a week and they're all bookish content so if you like it you should subscribe and I will be making a lot of extra videos because December I tend to do all of like the end of the year wrap up like my favorite books my least favorite books goals for the next year how I'm gonna run my channel lots of other various things so because of that I will be posting bonus videos so you should subscribe and hit the bell so that you're notified when extra videos go up and you don't miss that content anyway that's everything from me thank you all very much for watching again and until I see you all in the next video I wish you happy reading


Like what advice would you recommend to like other short sellers who like read the report? Like would you say like they should just go short right away? Like if they read your report or they shouldn't go off your report at all Because like when you release them like sometimes he stops tank, right? So Would you recommend someone just slam the bid after they reach your report or her? Yeah, everyone watching could just slam the bid whenever All day long for the next couple days That would be great for me What's going on everybody we're here with a very special episode of the after-hours podcast today, we have some Who works with Kerasdale capital Kerasdale capitals and investment management firm? And specifically focused on I believe short activism So we're really excited to have you on in and thank you so much for taking the time cool Thanks for having me of course of course So I want to start off with a very basic question something we always ask but how did you get yourself involved in? markets equities and all that stuff I Used to want to be a journalist. So I During college I worked for my college paper and then I got a summer job at a newspaper up in Canada the National Post So for the business section up there. That was after junior year after senior year. I then got a job at the Globe and Mail and You know, I wanted to write for the business sections because I thought it would be Interesting and became an economics major was sort of interesting that but I mainly want to be a journalist and then I read The Warren Buffett biography by Roger Lohenstein and they're ready to invest or so, you know, I thought to myself Hey, if this journalism thing doesn't work out Investing doesn't seem too hard. So the journalism thing didn't work out I moved down to New York got a massive banking job and then Went to a hedge fund and then started my fund That's really cool. Did you have like ever any dreams of like I don't say day trading or like actually Trading the stocks intraday and all that stuff or was it always the idea of I want to be a long-term investor Slow and steady like Ben Graham says Yeah, long-term investor. That's very cool. Very cool. And then how how will do you when you started at Carisdale? I launched Carisale when I was 29 That's really cool. So How'd you take that step from? Working at a hedge fund to now starting your own thing Like was that jump like super super difficult or was that jump kind of like a bit easier for you?   You have less to lose right if it doesn't work out Whatever you go get another job and I've seen a number of funds Just start out when when the manager is very young with very little assets and You know, they've grown nicely. So I think it's doable How how when you when you when you went from the hedge fund you launched carousel? what What guided you into selecting these companies that you decide to research and Especially the ones that you consider overvalued. Sure. So Initially, I mean I launched with three hundred thousand dollars. So very little money And I thought to myself well, you know, one of the ways I can get my name out there is by writing Reports on some of the stocks that I owned Or just you know providing this research for free, you know, Twitter wasn't really a thing then seeking alpha Didn't really have the sort of sophisticated articles. It has now there wasn't this concept of sharing ideas on the internet Hedge funds doing so wasn't really a thing now it is, you know Substack is replacing a lot of sell side research just in terms of quality of contact short activists are You know very present in the marketplace people sharing ideas all the time the idea sharing websites are You know great ways to source ideas this stuff didn't really exist back in 2009 and so You know, my idea was to start this email list share the research more broadly and get my name out there And so I started doing that in 2009 when I launched and then One of the areas I started looking at were these Initially, it was SPACs that were buying Chinese companies. And so that was sort of my first introduction to I Their misaligned incentives for SPAC sponsors Because basically SPACs were acquiring Chinese companies at like two times PE, but there was no company. There were fake companies and so You know, you'd think to yourself. Well, why would a seller sell his company at two times PE? Well, if he was making all the numbers up So the one times P is like it's right, right? And so So I started looking at these SPACs and After about six to eight months of researching I realized there was a lot of fraud But they were making up their numbers so you couldn't just sort of short the stocks you had to actively expose them So I began exposing them and you know a lot of modern days not a short activism developed out of that You know before People exposed the Chinese companies. It was just Andrew left of Citron research with his blog Money Waters came out with the first ever real full-length report in April 2010 on Orient paper I wrote on a company China American food under a pseudonym like Chinese company analyst on Seeking Alpha and Then I sort of came out with the cares I did everything under care still in November of that year Citron came out with something on China biotics a month later and you know short actors really developed out of that So it wasn't originally I wasn't intending to share research on shorts But once I figured out that all these companies were just making up their numbers You know there's a great way to to to generate some P&L And so you know I started using the research and sort of the platform on the short side And then investors came you know came to us and said hey You know this is pretty interesting and they started giving us capital for short activism So I became a short activist, but it wasn't really the intention when I launched the fund I wanted to just go long stocks like or Damn that is actually crazy you're kind of like a like a pioneer for this type of stuff You know like like you are just kind of like It just kind of like happened but like you're kind of one of the first people like once the internet like was really happening that like You know that were like that were like out like doing this activism, you know So when you kind of like launch a report, how would you? Like what advice would you recommend to like other short sellers who like to read their report? Like would you say like they should just go short right away like if they read your report or they shouldn't go off your report at all? Because like when you release them like sometimes these stocks tank, right? So Would you recommend someone just slam the bid after they reach your report or her? Yes, everyone watching could just slam the bid whenever we're gonna All day long for the next couple days Now we'd be great for me My recommendation to all of your listeners You know, so we've done probably a hundred campaigns hundred shorts, you know, I have a lot of experience in this We've gotten things wrong other people get things wrong You know, we try to take pains to do very high quality research I think one of the things that carry stale is look we can control whether these stocks go up or down or what happens What's happening with the market? You know It's like you release a research. You hope you create a dialogue people care, but sometimes they don't sometimes You know mean stocks are in favor and the market is rallying But at the end of the day we try to do very high quality research We can control the research. We can't necessarily control what's happening in the market and you know, I think Hey, I think we've gotten better over the years in terms of the quality of our research Um, and then be, you know, I think we're seeing we've been seeing a lot of success over the past couple years um, and it's a function of The marketplace recognizing the care stale does do high quality research And I think as long as that's the case. We'll hopefully get a lot of things right, but we don't and you know As practitioners or short activism, we know that you know, people get things wrong and so We look at opportunities where other short activists have published a report, but they're wrong Those can be great opportunities on the long side. Um, so Uh, I don't know if I have a recommendation, but people should just read the research You know, see if they they agree with it and it's an attractive short then it's an attractive short Um, and if they do slam the bid You know, if they decide to just slam the bid About it One thing that was kind of spread all over twitter was after you released and I don't know if you can talk about this or not And if you can't that's fine, but one thing was that that uh, like lawsuit that you got hit with after you released the the ai short report um Was that was because I just read it on twitter was that like real at all Like was that like a real like actual like lawsuit that you guys got hit with? Yeah, we're we're in the middle of it now. We have um You know, I think it's a frivolous lawsuit Um, it was actually a lawsuit filed against the letter we wrote, you know the six page letter So you can read that six page letter yourself and um, you know come to your own conclusion on Whether we'd be liable for anything under this letter that we sent to deloie You know Pointing out issues we see with the company's accounting and then encouraging them to take their audits seriously I don't know where the liability and in such a letter You know, so I think it's a frivolous lawsuit. Um, but we have you know, we're going through the court process And we follow the motions and I think uh, right now it's a bit of a waiting game. Um, the the ball is in the judges court Um And you know, they'll review it some of these systems are slow, but Yeah, it was real and I I've never seen a class action lawsuit against a short activist me either Me either That's why I thought it was made up. I thought that it was like completely made up So then when I saw you at that well when I heard that we could have you on I was like, damn I gotta ask about this Yeah, you know when I saw it too, I hadn't been served yet. So I'm like This is no So as as a trader or investor, like we know that Using confidence and having confidence in your own ideas is so important When you get hit with like negative reaction from the companies that you're you're suing or people that are companies that you're shorting or Investors in that company that are that are upset You know, does that ever is that hard for you to then maintain the course and like get like keep going on your idea? Or do you ever get like stressed out or frustrated by the reaction you receive? I don't think so. I Yeah, I've just been doing this for a long time and It's been a lot of negative comments me Personally about my fund, you know, so I think we get a lot of angry voicemails emails I've gotten your facebook messages about facebook dms From upset investors. So, you know, I've pretty much seen it all. I don't know if it really You know impacts my conviction, but we just on the fundamentals You know, we're we're interested in hearing what what others have to say and You know, a lot of people just like call me names, but uh, people who post on twitter, you know genuine counter-arguments Um, you know, we look at those and Um, you know, if we if we if it changed our mind will we usually don't sort of like You know, right about how it impacts our thinking. We just sort of left the original report to sort of stand on some Um, but you know, we can close the position out if if we feel that we're wrong But that happens very rarely. Um, you know, I think most of the time when we get trades wrong It's because of stuff that happens with the market, you know, like carvana for instance, that's not carvana and ai I think those stocks ultimately doubled a month or two after publication At this point, I think um ai has retraced all the way back down, but come on on its way down. Um But you know, I think we're right about our original thesis. Uh, But um, you know, we'll look at what people have to say And and sometimes respond to it be usually just sort of like use it To sharpen our own thinking on the stock and our did you guys take a loss on ai and carvana? Or was it more like breakeven or did you guys like cover right away or like how did that work? ai was profitable carvana was lost when you target these stocks as a potential short selling position like i'm gonna I'm considering a short on this what is One or several of the things that actually puts that stock on your in your radar puts it in your sites What exactly do you see in the beginning that makes you go hold the phone folks? You know, so the fundamentals are important. Um, and so we want to come up with ideas where we're right about the short Um to the extent we can find ideas where we don't think the company is going to be around six or seven years from now You know their terminal zeros Those can be a little bit more interesting than just valuation shorts although we've published on valuation shorts in the past Um, and then we want to we want to have a discussion on the marketplace. So there are some ideas that Where the thesis can be a little bit too complex where we've started moving away from those types of names So we used to write a decent amount in biotech and health care Uh, if you look at our reports in 2017 1819, you know, we would publish on some of these stocks and I think by and large We got the arguments right on the vast majority of them but Sometimes the arguments were so complicated that it was hard to change The market's opinion change sell size opinion. Um, and so, you know, we've stopped doing things in health care Just the arguments are too complex. Um And so we've gravitated towards names where You know, we think that if we share our research, um, you know, it'll They'll be talk. They'll be discussion. Um as a result of it and and people will engage with our reports And and we can impact what people's thinking around these stocks are Yeah, I know I know a while back citron. I had mentioned that they were going to stop. I think publishing They're short letters and especially online because they just didn't want to deal I think a lot with the retail, uh, like Attacks and everything that came after that, you know, how do you see the future of short selling? Especially with this giant increase in in retail trading and you know, Become very popular to trade stocks and try to squeeze folks So how do you see the future of this kind of this game for you? You know, I think the market continues to be a healthy for short activists You know, we published on tillray a couple weeks ago I think we were able to trigger debate on that on that stock And you know, we've seen good engagement on most of our reports over the past year You know, I think other short activists are experiencing sort of similar trends it depends on the quality of the activists work and You know, there's there's a range there. There are some short access to do better work than others You know, we try to do we try to be You know in the top tier there And I think for the top tier providers, they're having a lot of success. I mean look at hindenburg this year, right? I mean Carl icon Giant company in india He's getting plenty of traction with his ideas. So I don't know if short activism Is doing too bad right now Um So So far it's promising Yeah, um, I'm sure that you follow kind of like the gme amc wall street bet situation Um, if there's any apes listening, uh, what would you what would you say? I mean, I don't think the idea of like trying to gang up and squeeze short activists really works Um We've had we've had situations because we monitor twitter and the reddit boards.  There's like things in the market in the market structure on that day That causes these squeezes It's not like a bunch of people getting together and like deciding to squeeze someone like I remember the, um the, uh Twitter spaces that You know codes and others used to organize on amc like trying to engineer squeezes Whenever they do it like the stock go down So will you be a uh, uh, uh, will you actually go watch dumb money or have you seen it already? Uh, what's that? Is that it? Is that a? No, I was like any documentary it's It's more of a Dramatization of the actual event where you know everybody is represented by a an actor and you know There's big people like seth rogan who plays one of the fund managers and stuff like that and so, uh We have a we have a friend of a friend that was uh familiar with uh with roaring kitty and Uh and he said it was actually pretty accurate to what happened on their side of things from what they understand And so Yeah, it'd be interesting speaking of amc and gme. I just wanted to know. Yeah, I'll definitely watch it When's it when's it coming out? It's out right now. It just came out. Yeah, it just came out like last week or something like that Yeah, I will yeah So of these stocks that you're looking at for one most One that's most familiar to me is pl tr and Of those particular stocks, you know, we're most of our audience is day traders. These are people that are in and out and Don't really pay a lot of attention to the fundamentals, but they can get really Sucked into it and that can bias their decisions on Whatever their whatever trade they're trying to make Is there any particular red flags or telltale signs that you would tell a day trader? This is something you should really pay attention to on a particular stock before you start getting Uh a bias position whether it be long or short. Well, so we're very fundamentally focused At the end of the day, you know every company's with the present value this future discounting cash flows and we go long stocks that You know where the market price is is below What you know DCF would spit out and we're short where the stocks are You know like a capture enterprise values are higher than What the DCS would spit out? See my only like real contribution to trading and thinking trading about around trading is just You know try to find what consensus thinking is what's crowded And If you can take the other side of that Or if you're sort of joining the crowd, you know Think very carefully about whether you agree with the fundamentals. So my you know All I can tell anyone on trading is just You know don't get sucked into What the crowd is thinking yeah one of my favorite tools that i've talked about here before is the um I don't remember what what it was rob robin robin tracker. Was that it? Yeah, it was like uh, it was a popular tool It was one of my favorite and this was back, you know in the hype of you know when tesla in 2018 Was running to a thousand for the first time Man, you could hop on robin robin tracker And just whatever whatever ticker reached the number one number two position Let it sit there for a day or two and Dude, it would inevitably crash hardcore And that kind of plays off of that crowd hype Uh mentality that once everybody kind of joins that it dies off right once the hype is dead It dies really hard. Are there any specific tools or resources that you use today that kind of assistant finding that crowd hype? Um, nothing too sophisticated. Uh, you know, I just sort of track What People are saying on twitter where people are saying a reddit and then you know the hedge fund community where people are talking about in In sort of the hedge fund world. So Occasionally you get these ideas where a bunch of hedge funds start talking about it They get presented out at idea dinners And you know, we just keep hearing about it from like other managers or the professional investors Because there's the idea sharing websites, you know value investors club and some zero you see ideas You know get pasted get posted three or four times in a two or three year period You know, those are the crowded names and if you come up with an idea That's not getting posted on the idea sharing websites. No one's talking about the idea dinners Um, you know, you don't see a whole bunch of people pitching it and telling you to look at it. Um, You know, that's just probably not crowded If you don't see a bunch of hedge funds from the holders list And then if you don't see it anywhere on twitter, if you don't see it anywhere on reddit, you know, those are uncrowded names and You know, I find Those are my favorite opportunities Um, ultimately the fundamentals are what matter again. So I'm not a trader. So No, it's really applicable to your view to your listeners But um, but when I agree with the fundamentals and no one else is talking about it And it's not crowded, you know, I find those to be My favorite trades my favorite investments Um, and then there are times where I like the fundamentals of the story Um, and I'll even if it's crowded and a bunch of people are talking about it, you know all by the stock and You know, I'll just like deal with the volatility and regret my decision at some point usually They're also linked right if if everyone's talking about a stock And posting on it and yeah, you go to value investors club and they're they're you know There are four or five posts in the past couple years like usually it's not the best stock, you know, if you do your sort of genuine fundamental analysis unbiased objective Analysis into the stock you'll come away You know less optimistic typically because if everyone is talking about it Then you know the story is out there if it's such an attractive stock the price would probably reflect it Whereas stocks that nobody is talking about um, you know, I think that's where you can find real opportunities And then You know for us, we have a platform. So if we really like something we're at a report send it out there Um, and and hope that discussion revalues it higher on the long side and then we call them the the unknowns that are just hanging out there that you know The best opportunity is right there the best opportunity is not always the hot chick. It's not always the most talked about stock Hey, it's the it's hard to do original work But if if anyone's out there doing it, you know, that's sort of the best way to make money Yeah, I had a question on risk now. Have you ever been stopped out of a short? um And then ultimately been proven wrong and kind of missed the move that that later came or have you Have you never really had to deal with that yourself? Oh all the time Yeah, I mean if you like if you stick to your guns on shorting Is that fun? You'll be out of business as a trader. You'll lose all your money You know shorting is not anywhere. It's not the place. You want to be a hero? Correct.   I can't even I can't even You know a list of the number of times I've been stopped out and then like been right about the thesis I find we're typically right about the thesis, but Uh, that doesn't necessarily mean the trades are profitable. Yeah, I have as a fund manager How do you determine risk on on certain trades like that? Are you like do you have an a is it like an a plus set up to you? Right like that kind of idea or is it like, you know each different time you attack a company You're going to increase your risk depending on your how certain you are that it's going to go down kind of thing How do you determine that? Yeah Um, yeah, so some ideas, you know, we like better some ideas You know, we believe in the fundamentals, but from a risk management standpoint You know, you make those positions smaller Um There's a lot that goes into it. You know the quality of the idea Um, the market environment, you know April 2021 you're probably sizing things differently than um You know middle of 22 for instance, um, I remember Hindenburg came out with a report back then I think it was like February 21 and he like came out with a report and he's like we don't have a position The Market environment definitely impacted his position sizing there and that he had no position Like had the report then so he came out with a report. Um Well, all this work went into this research, so I guess I'm just gonna put it out there, but I'm not And I think that was within weeks where citron Announced that he was no longer shorting And that was like the top of the market, you know, yep Destroyed over the next 18 months Refugees like it's obvious But um, yeah, you know, so mark environment will impact our position sizing. Yeah, there's a there's a lot You know, we've we've just done this a lot over for many years. Um, and so You know, I think we have a sophisticated perspective on how to go about the strategy Absolutely That's uh, that's super cool. Um Recently like about in the past six months. We had this sector where there were tons of like china junk stocks Just going like to the moon um Did those ever hit your radar to maybe do some like activism on or maybe you did some I think all of those are just too small for us You know, we want at least like 10 15 million dollars 80 v and and and borrow available and I think a lot of those like China was like, I don't know. I don't know what that stuff is right like who's doing it and treating it like we watch it. Um, but It's it's just too like a lot of that stuff's just too small for us to trade so Our focus isn't there versus Stocks where we can build sort of more meaningful positions and get borrow and stuff Yeah, and uh, also recently you uh, did the whole short report on tillray Maybe you could kind of explain How you went about that process to our viewers? Yeah, so, you know, we like stocks that are on shorts where management is constantly diluting shareholders and um You know, I think on the short side We like situations where you know, the crowd Is has gone into the stock and sort of, you know, the long long side gets crowded but the thesis is wrong and so What's happened what happened with the marijuana stocks is that the legislation the progress on legislation in the us Um, is good for most weed stocks like the msos But it doesn't it doesn't really help the canadian licensed producers and yet they participated in the rally partly because You know, they've been heavily shorted and the stocks have done so badly and um, and so You know tillray benefited from that so it was up a lot on the marijuana news, but really wasn't benefiting from the legislation um, and then You know, those canadian players are just continued just to be in a world of hurt because they're they're really competing with you know Individual private farmers and much smaller companies and it's an over saturated market Supply and demand is not in their favor. They're not generating profit tillray has been trying to diversify Into other lines of business. They bought and has a bush craft craft beer business We think that that acquisition doesn't make a whole lot of sense and won't be successful and Will go better than beer and weed Yeah If it was I think just for them You know that craft craft beer is it's a very local market, you know, so acquiring all these sort of like craft beer brands that in has a bush wants to get rid of It's probably not gonna be very successful seems kind of like a Just a guilty pleasure of someone in On the board or in very far upper management You know what I want a craft brewery Yeah, we talk about this in the report, but I think you know the CEO or urban simon has a prior track record, you know, he sort of When hain and the stock went up a lot and then it went down a lot and We have this sense that he just likes to acquire things and like make deals, but like The whole thing doesn't really make a whole lot much sense and hain Um, was a good example of that where he was just acquiring a bunch of stuff, but Um, you know, those acquisitions didn't play out Um as originally anticipated and the stock has done pretty badly hain's done pretty badly And he's sort of doing the same thing with torii in our opinion and and um You know, I think when you acquire stuff you have to have Um, you know a sound basis for doing so and it should be a creative I'm not really sure that's what he goes for his track record. I'm not really Um, so you mentioned these these these particular CEOs that kind of have a Have a habit of going off of the rails Is there kind of like a a little list like a black list of if these particular CEOs Take take a role in a company. You immediately target that company as a potential short later on Are you following any of these people? Um In what they do professionally. No, there are there are actually some that we do follow. Yeah habitual offenders Yeah Yeah, I find I don't know if it's like our it's not like our number one screening tool. Um, you know, we have a team, right? So, um You know some of the investment professionals Probably use that as more of a sourcing tool than others Uh For the most part You know our team's pretty experienced and so I let them source ideas, you know, how they think is best Um versus sort of super posing some process on on what they do. Um, and and I'm sure Um, you know, they do look at the players, but We like situations where, you know, the stock has done well and people have crowded into a name and we can publish on it And so sometimes we're reacting to things that have gone parabolic Um areas of the market that have gotten hyped up and then we do research on it and we say, oh Well, there's that there's that ceo that we saw before or that um You know pipe fund and their capital structure or whatever the case may be, you know, whatever sort of Some of these players that we've seen before and and we like to take the other side of I remember when we were doing the chinese fraud trade there was one fund that if they were Invested, you know, we sort of for a while for a couple months. We just went after all the names in there And Now one of the analysts from them like we're really good friends, but They thought that the companies were were real Um, and then as the short activism came out, you know, they sort of realized that they weren't real And so then they started shorting the stocks themselves I mean as day traders that's a side of fundamentals that we can really appreciate is There are those particular funds that just have a tendency to do that really toxic financing and you know If they're involved, there's some shiesty business going on and They're going to offer it some ridiculous price based on these warrants or this or that or anything And you mentioned pipes as well. There's There's um, there's a twitter guy aspects research That is he wrote this huge back in the day of when twit longer was a thing He wrote this huge thing about, uh The the habitual offenders on the pipe on the pipe list and uh, I think that's one that day traders can really appreciate is Yeah, we um, we actually wrote a report on a ffie fair day future Oh, cool And we had the report and we're sort of sitting on it and you know, we started seeing these pipe funds in there and I'm like You know what? We won't issue the report. It's like I don't want this trade to be crowded This is just gonna be the gift that keeps on giving so we're just short of the talk going down and then Like every time it would pop. I'm like, should we come up with a report? I'm like, no like short Bar costs is still below temperatures. I was just like short Short more and I didn't make that choice sort of like actually didn't put out the report because it's sort of like Rather than getting the name credit because part of the problem with our reports is, you know We get some of these names crowded. I mean the look at what happened with AI etc You know, like is part of that squeeze because carousel came out with the report, right? um, and so The case can be made In that situation where now you have that knowledge. Are there any situations where you are? Uh in terms of like protecting risk profiles and things like that. Are there strategies that you've put in place? that you know when you put this short report out you need to put it out but The the herbs of the retail world are probably gonna try to run this up Do you do anything as a fund to protect against that and maybe hedge that position? Yeah, so I don't I actually was saying I think that it's it's I think one of the impacts of the increased participation by retail In the stock market is actually there's a lot more people shorting stocks, right? You sort of don't talk about you talk about you you hear about the apes and you know people buying AMC and Robin Hood, but as retail has got like most Most investors aren't like buying AMC stock on the long side You know like some of them talk about it and they put out eight means but like Most people don't want to lose money in the market, right? They want to make money in the markets You're like clear to have your sort of typical retail investor actually be short AMC then be long AMC People don't really talk about this, but like it's sort of intuitive, right? Like AMC is It's been a short for a long time, you know like the lever and these these uh movie theaters aren't gonna Generate enough cash flow to cover their debt, right? And so you sort of do you know, they get heavily shorted and people think it's just hedge funds shorting the stock I'm not sure that's true. I think it's a lot of retail shorting these stocks.  I think it's a lot of retail shorting the stocks That's making uh, that's making it a crowded short Causing those high short interest then causing those squeeze and is it funds that are just trying to make a market That see that kind of that aggressive shorting, you know, because most of them they're not trying to add liquidity They're just whacking a bid or they're just going in at the market. Do you think that that is Something that's that's guiding it to be pushed up just based on the fact that Market makers are trying to keep liquidity in that base and it's not physical people probably inside an algorithm or something like that Yeah, I think there is some of that going on and then just when you're looking at the market and then just when a lot of people are short of stock and You know, they all go to cover because the Nasdaq's up 2%, you know, it's going to squeeze, right? So You know again, like what are the crowded trades and you know, do you want to be there trying to take the other side? I think You know on some of these some of these shorts there's not that many people you know There's a lot more people short them or you know, then Then we think I'm not really sounding very intelligent We never do here, so it's okay. Yeah The bar is real low here Shorts are just going to squeeze because all these shorts are going to cover when it's so obvious that the stock is a short All right. I think that's when you see squeezes and then yeah, there are probably quant funds um that prey on that and and extend the squeezes and there's stuff going on in the derivatives market um But you know, I'm not an expert on market structure. That's that's pretty complicated You mentioned kind of that you mentioned about citron and you mentioned about hindenburg and you mentioned about some other hedge funds and stuff like that Do you ever talk to like citron or hindenburg or do you ever like talk to a hedge fund and say I'm going to put this report out Are you guys just all independent and you don't want to share any information at all? I think everyone's pretty independent we don't We don't talk to them and share our research with them. We don't want other people short on names um, you know to the extent You know if other people know about our reports and they short the stock then when they cover um, that can cause issues so We do our own thing um And don't really work with others and I think It's the case with with most people. I mean Uh, but I don't know. I mean there are I think there are also short activists to do more collaboration There's guys out there that provide capital to Some of these anonymous short activists or some of these smaller players that don't necessarily have a fund You know, there's folks that they give them capital and You know, we just don't That world doesn't make a whole lot. You we don't really participate in in in in that world because we have our own capital We have our own brand name. Um, so we just sort of do our own work and build our own positions and share our research and it's a lot cleaner But it also just makes sense For us, I also like just for me. I just think we do better research than the vast majority of the short activists So we don't need other people's research. We don't need other people's brands, you know If we have a good idea I'd rather have carousel share the research and rely on our credibility and do things the way we you know, we've learned to do things versus You know work with or rely on People who are less skilled at the strategy than I think Um, I am and we are so we just sort of do everything ourselves But I do talk to them, you know, I I I think angel is a Legend in this business. He's been doing this forever. He's very entertaining to talk to He's always got fun things to say. So I love talking to him. He's a great guy. Um, and then I've known Nate and Hindenburg long before, you know, he launched Hindenburg Oh I uh, you know, I know most of these players Especially when we were all exposing chinese frauds and and everybody was little Um and didn't have much capital It was more collaborative back then But then as we got bigger it just sort of didn't make sense for us to Share ideas or talk talk about ideas with anyone else and just do everything ourselves And I think so that's been the case for more than 10 years now What would you say your daily routine is like from right when you wake up to right when you go to bed I know that there's like a lot that kind of like goes into probably a day for you But I think a lot of people would be interested in kind of hearing Um, you know, so we have a list of stocks that we like and uh on the long side and shorts And so, you know, we'll have positions on if you look at our 13 f we're a bit more diversified than other funds Um, and then our watch list is even bigger. And so, um, you know any given day Stuff's happening in the market, you know, some stocks are up or down 15 20 percent and you know Already done the research on those names and and we'll sort of add to those positions throughout the day And so over the course of any day, you know, I'm sort of trading maybe like Five to 15 stocks just based on the price moves. Um, and then you know So that's sort of what the trading looks like And then we're always just trying to do research on new names on interesting situations. And so I'm working with the team Um to make further progress on research on individual names and come up with more stocks that we like or Um, you know build new positions or on the short side You know find more shorts to add to our Basket of shorts that were passively short as well as to come up with names where we can engage in the short activism on So Those are some of the things that you on Where are you, uh, where are you kind of like located? I think I saw like miami. Maybe miami Yeah, new york miami New york miami. Do you like the nightlife in miami? Do you ever go to a party? Chill? um For any investors that's listening Yeah, I mean miami's a fun city. He's like I enjoy a casual coffee at 7 a.m That's pretty much it He'll find me at 5 a.m I had uh, I had a question that this is something that alex always always ask and you know, unfortunately couldn't be here But um outside of trading, um stocks, you know, how do you diversify?  Do you like real estate anything like that? um It's mainly I mainly uh My my capital is in just sort of like ETFs and then my fund Um, you know, I can't I don't do personal trading outside of the fund. Nobody at the firm can buy individual stocks outside of ETFs If they're employed by the fund and then that applies to myself and um, you know, so I have a lot of capital in the fund and then just to diversify I just I just like buy the spy um or ETFs like I did a little bit of the rsp which is equal weighted the equal weighted spy as opposed to you know, in case like Fang underperforms over the next 10 years, but I'm mainly in ETFs and my fund and then um real estate just just just my residences was I don't really invest in I don't do much sophisticated outside of the fund just because You know, I'm really focused on the fund if the fund does well And generates returns um that's that's Has a lot of impact on On my income and so, you know, all my focus is yeah How do you manage stress with investors and you know just overall markets and how do you pull yourself out of that? You know when you're at home, you know with family and everything is is it easy for you to to kind of separate the two Yeah, with investors, you know, I enjoy that part of the business speaking with investors helping investors understand the story Helping investors just understand the markets, you know, the reality is um, even when it comes to professional investors, um You know, there's a lot that Is countertuitive in this business counterintuitive in the markets and you know to be a good trader to be a good investor um You know, it's a sophisticated enterprise that we're all engaged in and so I feel like I can work with my investors to understand, you know, how I think through things and You know help them think through Their exposures to the equity markets Based on what I know, so You know, I enjoy that process and and working with investors My investors, um and then Uh, just in terms of the markets. Yeah, I mean I get stressed out like everybody else and sometimes The best course of action is just to step away, you know And do what you can to not get caught up in the daily price moves because if you're What I find is if I'm watching every tick on something or if I'm just really focused on You know, how my portfolio is performing or You know, my positions are moving You know, I just get too short-term focused and I get sucked into the market psychology gets sucked into like the current sentiment and You know, that's it usually has negative outcomes, right? You want to try to be able to take a step back and and recognize that How people are thinking about the markets or your stock or Whatever they keep the market environment, you know, that can that can change You know in any day and suddenly you go from really bearish sentiment to really bullish sentiment um the overall market and the sector and a given stock and Ultimately the fundamentals went out, you know In my opinion and so it's important to, you know, be able to take a step back and so When I when I start getting a little stressed, you know, I'll just take a day off, you know Honestly, it it works. I think if you don't take days off and you're sort of doing it five days a week I don't know. I wouldn't be able to do it. Um, I would just start being too short-term And in my thinking yeah, um When you uh, when you first kind of uh, I guess like quote-unquote made it Did you make any like big purchases or anything like that or you just kind of stayed low key? I remember in 2010, um, I Yeah, so I launched with $300,000 like not much um and uh, you know I think it was sort of in the first quarter of 2010 so like a couple quarters in Where I had a picture or maybe it was mid 2010 I called my ad Chinese shorts worked out And so I was in New York And I'm like, you know what this is awesome.  What the hearts and like You know went to surf lodge back in 2011 You know long talk And my news in my like seabring weekend weekend rental I Do you have any hobbies so excited trading or is it more just always focused on the market? Um You know, yeah, I don't have too many hobbies. I'm just I've never I don't think I've like developed a skill in the past 20 years I have no new skills You know no, I No, I guess I don't I'm just going to restaurants them. What's your favorite spot? Miami or New York either one Alex and I are big steak guys and so is James. So I mean we love we love all the spots that you know Yeah, it's uh, it's been pretty eventful. Yeah, I did in Miami. Whatever anyone is visiting. I like to take them to I think it's like Los Fuentes the or continue restaurant at at baena I think there's like three good restaurants in Miami like mandolin boy a day and Maybe it's just too right Right new york new york the culinary experience is is a little bit better So I'd say my favorite restaurant in new york I don't know I mean you can go top three. You don't have to come on. She was pretty good. I haven't been there in a while but um, that was good italian um That's all I got. I don't know Stomped you on that one Yeah, we went to uh, james, what was that place that we went to alex and uh, everybody we went to uh The it was like a sushi slash steak house. It was like really pot In the uh, in the in the meat packer district. What I why am I blanking out right now to new place? In new york. Yeah I've only been I've been to lugers with alex and then um Keens I can't remember. Oh, um, oh That it's like, yeah, I don't know. I'm like, oh my god. Anyway, there we go catch There's the steak house that they just opened. It's fantastic. It's the most ridiculously amazing thing I've had in my entire they're actually opening up a catch in my amy. Oh, wow Yeah, they're opening up a catch in um South fifth area. Yeah, so This is gonna be bumping Yeah, we yeah when we went we did the uh, it was basically like the wagyu tour where you know You have the emperor and the black olive and everything like that, you know, I'm a huge foodie man So all we my best friend from high school is an executive chef at a at a place in louisville And so it's just like dude, this is just we taught we start talking food. This could go for another two hours, but Well, uh, saw him anything last any words of wisdom for the day traders of the community watching if any uh In the to you know, maybe let them capitalize on some market inefficiencies that you see Lasting words of wisdom on the short side Don't lose all your money Market need to be rational much Uh much longer Then you can stay solvent, right, right, right here on the short side and the long side, you know Try not to invest in things that can go to zero, right? So watch watch leverage in your holds on holding them alongside um, you know things like customer diversification product diversification If you can find a business that like just can't go down You know it can only go down so much. Um, you can always leg into it as it goes down further and Yeah, those are my two pieces of wisdom You know, I find those to be a little bit better than something that like where you know Part of every business plan doesn't go well, you know, but the stock disappears Yeah, you just keep buying it all the way down and then you know Is it there's a lot more money then you're married? Yeah. Yeah Is there any particular things that that uh that carousels doing right now? in this market environment that Maybe the retail world hasn't really seen Blatantly such as you know, everybody right now is like, oh, that's going to capitulate. We're all dead you know, we're gonna Turn into a bunch of zombies or whatever it is Nanites in the air But uh, is there any particular outlook on the market that that you think People would really need to hear Um, well, I think one of the reasons I've been a successful short seller Um and still in business, you know after 14 years is because I'm not a pessimist Um, you know, I'm an optimist. I think the market goes up and and companies with pricing power and competitive advantages You know, they'll get bigger year after year Um, and you know in this day and age Uh, there's going to be a bid for those companies and those stocks. Um, because Um, as the market gets more efficient, you know, I think you you're just going to see Um, you know potentially less periods of just sort of irrational panic and so So, you know, uh, I think every time you sort of like you see all that news flow about the world ending or this That or the other, um If it triggers, you know, severe price declines and companies you own, you know, I think I think those stocks can be good buys and The dangers of shorting is just sometimes people are really, um all about doom and doom and gloom and just pessimistic on the macro and past pessimistic markets and and you know, they It tends not to work well. Um, if you just sort of Keep that bearish attitude even when you know Stocks become fundamentally attractive, but you know, then there's those stocks where you've got the the guy the pipe guys that are like Polluting shareholders increasing their share count by a factor of 10 every week and those stocks will just keep going to 99 percent every 12 months Uh Yeah, we all know the tickers It's going on good companies and yeah Fantastic, man. Well som, thank you so much. This has been truly enlightening, man It's uh, it's an it's an honor to speak to somebody so experienced in the market and uh, thank you so much Thank you. Thank you for having me Of course, man. Thank you


Hello, I'm Didier Stavens. I'm going to show you some more things you can do with the GNU radio companion and without any dedicated hardware like an SDR. Here we are going to look at some simple filters and we are going to do that with audio frequencies so that we can also listen in. So a new schema. I'm going to change this to the WX GUI widgets and here the sample rate I'm going to put this at 48 kHz because we are going to connect this to the speaker of my computer audio sync. So as a source here I'm going to generate some noise with a noise source. Double click here. You can see it's blue so the output is complex. I'm going to change that to floating point numbers like this. Then I'm taking an audio sync and we connect the two save filters and now I can run this and now when I run this you will hear the noise. Here is the noise. Let me stop this. So this is random noise that is generated here and it sounds like static on a radio that is not tuned to any radio station. We can also visualize this with instrumentation widgets here WX and here for example I can use the fast Fourier transformations sync so that you can see the spectrum of frequencies. This here. It's blue so complex. I want it to float. I can connect this and then I can run this and now here you can see the frequencies and the power for the different frequencies going from 0 Hz all the way up to 24000 Hz or 24 kHz. Let me stop this and I'm going to add another display. A waterfall sync. It's similar to this output but here you also get a history. Let me change this to float like this. So what you see here again from 0 to 24 and the color gives the intensity. So here we are between minus 30 and minus 40 dB and you can see here that between 30 and 40 we are in the green and that's what you see here. And this is the time parameter, the scale. So here we are already running this for 14 seconds and you can see this moving on like this. I can stop this.  So this is blue. I'm going to change this to floating point.  It's also a frequency. So these are in red. These are required. So I'm going to put this let's say at 10000 Hz and the transition width I'm going to put this at 100 like this. And then let me remove all these connectors and then reroute this. So from the noise generator to the filter and then from the filter to the sync and the FFT and the waterfall like this. And when we run this you see now that here at 10 kHz we no longer have a signal and the signal drops down and we have this. So that's what a low pass filter does. It lets all the frequencies until 10 kHz pass and the rest it blocks. Now filters like this are actually implementations of analog filters and the cutoff frequency is not precise at 10 kHz itself. It's also the transition width that makes how steep this cutoff is. So let me stop this. So let me change this to a much wider transition width. So instead of having 100 Hz let's put in 5 kHz or 5000 like this. And if I run this you see here that the cutoff here is not so steep. That it slowly goes down until here 14. So let's stop this. So that was a low pass filter. Now let's take a high pass filter here. So float, float, 10100 and as you can guess now it's the higher frequencies that will pass and the lower frequencies that will be blocked like this. And here you see the opposite. And that's also what you see here in the waterfall plot. Here we have some noise while here in the dark blue this is filtered out. You can also combine a high pass filter and a low pass filter to make a band pass filter. And this is actually also a component that exists here, a band pass filter. So float, float. And now you have to give in two frequencies. And what I'm going to do is from 300 Hz to 3000 Hz and let's say transition width of 10. And I'm choosing these numbers because from 300 Hz to 3000 Hz that's about the frequency range that you would hear on the telephone landline. A plain old telephone system like this. And here you can see the pass here is a bit of blue. And it also sounds different. It sounds like this is static coming out of a handset. And then the last one that I want to show is a notch filter. So the opposite of a band pass filter here, a band reject filter. So float, float. I'm going to say 3000 this time to 6000 and a transition width of 100. And let's connect all these things. And we can run this. And here you can see now that frequencies up till 3000 Hz stay pass. Then the rest is blocked until 6000 Hz here. And then we resume. And that's what you can also see here in the waterfall plot. That was an illustration of the different filters that you can use in GNU radio companion. And as you can see of course there are much more filters than the one that I showed you. So you have some more things to explore.


I'm Calvin. I wrote the work library I was talking about back a long time ago before, but it's kind of pointless if you don't have access to the, if you can actually work in, you know, explore. So, if you want to follow on at home, this is the URL. There's quite a few links in here that on that page to help you follow along. I make web maps primarily. I mainly do backend stuff and node. So, I think my talk title ended up just being Chris Helm looking at my GitHub like history and like picking two things that I'd recently done. So, it's called pouchTV and SQL down. I understand the TV and the SQL. Yeah. So, or when Postgres is too much. So, Postgres is hands down the best database. It's the best SQL one and it's the best JSON database if you have to do queries. Like, it is head and shoulders faster, better in every possible way than Mongo and, you know, pouch is good for, I mean, pouchTV is good for some very specific stuff but Postgres, if you have to do complex queries, don't bother. Just use Postgres. But sometimes Postgres is, you know, a little much. If you just want to do, you know, store stuff locally, you know, do something you can use in the browser. And something that I really, really helpful is level up which is a wrapper around, I think called levelTV which is a simple key value database with just lexically, alphabetically ordered strings for the keys and it's just super simple. But you can build something. So, indexTV and Chrome is built with levelTV. PouchTV which is a JavaScript port of pouchTV is built in on node with levelTV. So it's dat which Max Ogden who's done a lot of good stuff. It's his get for data thing which is pretty exciting. That's all at levelTV. And you can have backends besides level, the default level down which is just the C levelTV library. You can sub in other backends like everyone called SQL down which you can use Postgres or SQL Play or MySQL or WebSQL in the browser at the back end. And somebody wrote, Max Ogden actually, not just somebody, wrote one for indexTV which means that you can browser find code with levelTV and use it in the browser. And use it in node and use it both places with the exact same code if you need to store data locally which is just really helpful when you have, you know, large amounts of data. You know, I know somebody is doing tiles and you can do tiles when, you know, the download to cache and you can do a lot of really cool stuff in the browser. So this is just Geo. So we've got some Geo stuff with it. So the first thing people did to try and store, do Geo stuff with levelTV is Geohashes. If anybody doesn't know what Geohashes is, it sort of divides up the world into quadrants. So basically it says A, B, C, D inside of them. A, B, C, D. And just so that you have followed AA and that's A, B. So that sort of turning your tile URLs into just a string of letters. If people are giving me blank stares, I cannot actually read anything on either screen. So we'll just pretend that you understood what I was saying. And just, so it's basically, it really works well with levelTV because it basically means that adjacent tiles are alphabetically next to each other. So you could just do ranges of them. So, but one of the big things about them is what's called a Hilbert Curve, which is fancy talk for this one. I do have a link somewhere. So it's basically saying, making sure that all adjacent things are next to each other. So in a Geohash basically, A, B, C, D, AA, A, B, C, A, D. But with a Hilbert Curve you basically go, instead of over here you go, you know, like that. So they're all next to each other. So the tile that is adjacent in the naming scheme is always adjacent in real life. And it means that you can just do queries on the ranges really easily. So that was the first way people were going to do it. There are like several plugins for levelTV that people have written with quantities, though without Hilbert Curves. And then I decided to talk about doing a ternary one with a Hilbertish Curve. That one actually, called MelEntree, I just published it. I just pulled it out and published it about a couple weeks ago. But that one, if you want for some reason to do that kind of thing, that one's pretty good. The main problem with Geohashes of any sort is that a Geohash is really good for finding things that are smaller. So if you have a bounding box, you can find things that are totally inside the bounding box. So finding points. If you're doing a big box and finding the points inside, a very small polygons or stuff. It does not work at all if you need to find, you know, if you have a point and you want to find what the state is, it does not work. Well, you can make it work, but it is not actually efficient in any way, and you should not do that. So if you do something like that, you need an R-tree of some sort. So Watterer has one called Rbush. There's one that somebody else wrote called Rtree that I now maintain. Don't use Rtree. I started maintaining it before Rbush, and if you need to serialize and deserialize your tree, that's the only time Rtree is so much better than Rbush, because Rbush just does values by reference. But unless you have that very specific thing, so I wrote a... But they're all synchronous, so they're great if you're just in memory, but if you need to serialize its of it and don't want it entirely in memory, they're not going to work. So I wrote an async R-tree. It is pretty much just a port of Rbush, but async, which actually makes it somewhat easier to write because when things are asynchronous in JavaScript, you don't have to care about recursion or anything because the only thing that's wrong with recursion in JavaScript is that the stack can get so big you'll run out of memory. But if things are async, they do not capture their stack, so you can be totally just recursive. So yeah, so I wrote an async R-tree documentation. The other thing was that you have to optimize it somewhat differently because... Well, optimizing it somewhat different because the thing that actually takes a lot of time is all the data lookups. So you end up wanting very broad shallow trees instead of deep trees that are in memory ones. But yeah, I wrote that and then went to do stuff with it. So other than this, I went to use my address. I was definitely operating and I got false as well because all our trees care about is bounding boxes. And you know what I'm excited? The Boston bounding box, because it's a giant convex polygon. So that's all the way up to there.  So I had to write a library for bbox testing. It's basically the, because it turns out there is not really any good libraries for, does this bbox intercept this georgiasm and do it well. And I have another slide here. Did I forget to polish? So, and also the weird corner case you have to hit. So like this one is not actually hitting any of the points and that was inside of the ring and that, you know... Oh yeah, and all this stuff is dimensionally agnostic. So it'll work in my 40. I haven't really tested that as much as I'd like, but... Yeah, what's going on down here? It's just redoing it. It's retiling it. You should have gotten used to this. I'm the eighth person that used this presentation library today. Yeah, so, and then I wrapped it all together with Level Up to make Level Tree, which is just an R tree in Level where you can do, you know, the sort of geo queries. And then also PowerCBC can do syncing. So that's sort of it. I can... Is there like a trick for getting it to not look like weirdness? Anybody know? This is Steve's Linux laptop. Was it not stretch-up? Is it like the stretching thingy that people were doing with? What? On your keyboard command minus. So we can... What kind of scenarios are you kind of chaining towards with this kind of disconnected scenario? Yeah, so if Steve was still here asking me about what's the next big thing, it could be offline. Offline first. So saving data and then querying the VBOX of what large amounts of data that when you don't have connection to some big fancy server. That's like the Google presentation. Give me a web map, even when the web's not on. Yeah, so I mentioned pouch earlier. I'm going to talk much more about that in my presentation tomorrow that you're all invited to. There's no GIS and no JS. But that's about syncing and then using it offline and then syncing when you get it data again. And so that's going to be something that we're probably going to do a lot more of where people are like, oh, but I want this to work on my phone when I'm in the subway.  So that's going to be the thing that your clients are going to be bothering you about going forward. They already are. Yeah. By short ends, who's doing kind of home cooked, home brewed by offline data collection with some sort of synchronization once the connection is. Yeah, so it's out there. I get the request all the time and it's a difficult knot to figure out. I know somebody is doing storing tiles in pouch so they can sync it over. He's also doing that in like IE 10. So binary data in IE 10 in index TV, like the offline storage and web browsers are terrible. Like you have two databases and they're both sort of competing with each other which can have the weirdest API and like the worst documentation. So you have... So it is not a very fun thing to have to deal with of like I need index TV except when I'm on Safari or old Android. We're going to use a weird port of web SQL that has really nothing documented about how to deal with JavaScript objects. So, because who would want to know about that in JavaScript? You guys, run out of time? Yeah, so that's the state of that. There's an index TV 2 coming out soon. I suppose it's going to be even more complex and less usable if trends hold. Okay, if you're employed. Questions? Yeah. Questions for the audience? Anyone? Yes? Yeah, so I'm really intrigued by Couch. I've played with Couch a lot. I've always wanted to build off one of my big geodesic applications. It sounds like... I mean, Couch certainly has a very specific scenario where you want to use it. Have you experimented with using Couch on the client and then being able to somehow synchronize with those threads? Or is that just way too much work? So... It seems like the synchronization to get from Couch and how to appropriate the hardware you're with, right? Yeah. So, Postgres, no. I mean, it's got its... You could write some sort of client that would do that, but you sort of store your data in a very specific way in Couch so that you can do... Because Couch and Patch can deal with, you know, multiple people editing the document when they're offline or when they're both online, instead of dealing with that. So you end up having to sort of store revisions. So it's... You're not syncing up with Postgres, but what you could do is there's a... You can run... You can sync up with this PatchDB in Node and PatchDB in the browser and use that to then update a Postgres database if you wanted. You know, if I'm using Postgres, there's often, like... Yeah, that's not something we do, but it's something that... So when we have the time to actually bother to do it, it might be possible. Right? Yeah. The... Watch it now. Yeah, actually, not a question, but just a comment. If anybody's looking just to steal a bunch of code, we've got a project on Azure that they have called Offline Editor. JS was looking at it here, and it just uses local browser cache, but it has the whole model of being able to go offline. And it also does tile fetching, too.  So you may not be interested in all the code, but it may be something there that's... It's easy to reuse. Yeah, I use it on projects, like for building a trail out. So if you want to go hiking and take some pictures and stuff like that, you might cookie-cuts stuff out, and then go up and pick pictures, get back online and it goes to the data store, and then it goes... Just something to keep up. Right? Yeah, one of the... It turns out one thing that's really hard to do in a browser is to figure out if you're online or not. There's no... There's online and offline events, and they just... they do nothing. It's... you have to... It's far harder than it should be. So any code that... I feel it's already written that, just take it, like, and run with it. Care for it? Yeah. And you're going to find yourself doing that a lot more. Other handover? Yeah? This is another one of these I could use if not really a comment, comments, questions. For browsers, storage stuff. Riley Ru wrote Lawn Share. Yes. Which does a amazing job of abstracting away all the weird, like, is it Web SQL? Is it indexed to be easy? Yeah. And that's Lawn Share? Yeah, Lawn Share. Yeah. So if you just, like, say, I have this wall of data I want to store it somewhere. So there has actually been some talk about using that in Pouch. The problem with that about really any abstraction is that when you have... when you then need to, like, do... ask questions and do queries on it, you end up having a giant form of it. So that... So PouchCV has built-in adapters for indexed CV Web SQL and level... level up. Each of them has totally different ways of, like, iterating totally different ways of, you know, getting glimpsed stuff.  Database. There was a guy in Nolan who did all this work on Web SQL and indexed CV. I honestly, if my life depended on having to put some data in indexed CV, I might not be able to do it because I just, like, focused on all the other parts. But, yeah, if you have to do something less complex and just storing key value stuff, Lawn chair is a great one. There's also one called local forage. It's sort of like local storage, but it's not as bad as local storage because, you know, it's async. Well, local storage is really slow. So indexed CV and Web SQL are much faster. Ironically, even though Web SQL is depreciated and probably going to be taken out of Chrome at some point, in a really, probably distant future, is a lot faster than indexed CV because it's just S2 Lite 3 with a small, tiny little wrapper around it. So you can get some pretty fast stuff there, but only as far in Chrome. We have time for one more question slash comment, masquerading question. Observation. Yeah, I have a really good question about workers. So what's the deal with transferable objects on IE? I learned that there are many sources that say that you can transfer one object at a time if you use this. So transferable objects refers to, you can do, there's a thing in workers where you can just sort of like copy in a ray buffer over and then you are not able to use it. So you basically send it from one side to the other and after you send it, you then can't touch it. It's gone from the side that sent it. The thing that's never really documented anywhere is that it's not just ray buffers that you can do that with. It's also port objects. So that you can actually send a message port over to a worker. So a message port is basically like a telephone in that you put stuff into one end and it comes out of the events come out in the other end. So you can send that to a worker. And that's the thing that, so that IE, you can have a message port in the second position to transfer over. But if you give it an array, which is what everything else takes, they take an array of array buffers, it will just explode and throw an error. Why would they be helpful or anything? So that's what you can do in IE, is just transfer a port, a message port. It means that you, it's not very useful. Because the main way that that is useful is in places that don't have sub-workers. You could, you can take, since you can't basically create a worker from inside another worker, you could sort of simulate that by creating a second worker and then just transferring a port object to both of them so that you can sort of pretend that this worker created this one, even though it's just in a different one. I have no idea why you'd want to use that otherwise. It just seems not very helpful. What's one array buffer and it will transfer it? No, it doesn't work. No. It's not, it's not, so IE, it doesn't work. Everything else that does work. But it does have to be an array. When is this in the end of the course? So no, you can pass an array first and you can transfer them and then it works just like it says in the end. I think this is what you said earlier. But yeah, it works just like it says in the end and then on the main thread or whatever, transfer that object, that object is no longer useful at all. So instead of having to copy or use structured cloning, it just takes it and takes the pointer and gives it to the other thread. The one on the thread that passed it, that pointer system should, it's pointing to null. It's pointing to nothing. So they didn't have to, the message just passed the pointer. But that doesn't work in IE. You can do, you can put a different thing there because you can also transfer that port, so that's where it's often very confusing. If anybody wants to just edit that MDN article like right now and make that more clear, that would be cool. It's also where it's targeted to transfer it off. Those are, structured clone is, is the one where you don't transfer it. Operation, but no, if you clone a transferable object which includes message port, find in the, well that you don't clone it, right? Structured clone, yeah. Structured clone is the technical term for the way you pass JSON because JSON likes things because you can't actually stringify with JSON something that's got circular references or anything. So they use something called structured clone, which it turned out, recently, that they're, that's a recursive algorithm, both of them, both JSON and stringify and structured clone are both recursive in most browsers and will throw a call stack seeded error if you have something that's too deeply nested. Let's clap it up a thousand times.