sonal resumes and employment applications think about the amount of data that's on your personal resumes sensitive data there's you know even over 45 days this is almost uh uh yeah almost one a day um password reset links loan applications and service contracts tenant notifications personal medical information x-rays all kinds of information you know people's private health data lease documents um I got a completed security clearance application form complete with passport photo and 10 years of personal history um and finally the most impressive one I received was uh I don't want to reveal too much but it's one of the largest labor unions in the country they're in the middle of a draft negotiation with the government and I got an early version an early look at the contract uh before before anybody else basically except for the lawyers so some idea of what can be accomplished and collected and again just 45 days just 12 domains so let's talk about the exploit opportunities here they're basically endless um identity theft comes to mind extortion social engineering I can gather personal information that people may not be you know aware is out and available to others doxing I can do a account in credential theft financial theft um impersonation I didn't I didn't claim any e transfers I don't know if that would work I'm not interested in trying um impersonation you know once I know enough about a target I can pretend to be them and finally I'm in the army I've personally seen people send things over a gmail account I've seen them send things over hotmail accounts is there a national security threat here maybe so how common is it um I was curious to look around I only registered 12 domains but there's a lot of squatted variants of these things so I looked at three examples it's by you know not not anywhere near exhaustive but as some examples if you look at gmail.com and you start looking at typosquatted variants you'll find that there's 155 adjacent domains registered and about 70 of them have active mx records on the domain outlook.com similar stats yahoo I guess it's been around longer more highly targeted um that's a lot of potential for theft right there and we don't know who's behind these domains and I can tell you when I looked at them many of them share the same IP address so one has to wonder who's listening who's receiving those emails um well one thing that's interesting about this and this is an example of what you can do against a public email service but what about against an enterprise you know what what about um against a company domain or an enterprise domain can we do the same type of attack and part of what inspired me on this talk was uh was one that I saw at the rsa conference um where they used this as a red teaming technique and and one of the researchers said hey you know what for 12 bucks let's register the domain and just see what we get and they got the keys to the kingdom by like day six of the engagement they they received a mistyped password reset for their most sensitive database they were able to change the password and log in with admin rights to the thing that the company most wanted to protect if you want to see the talk I highly recommend it um I'll share the slides afterwards I guess through north sec I can probably do that um this link will take you right to the interesting part of the talk um okay so how can we defend against this the first thing I want to talk about is I alluded to it earlier as encryption I wouldn't have really learned anything or at least not anything meaningful if these emails were encrypted they were all in clear text and I could read them however I wanted there was no as my certificates and use I didn't I didn't detect a single encrypted email and what I gathered awareness training is a really big one so I was digging for stats because I started to ask myself well what about digital literacy do people understand that this is possible for me it's shocking but what about for other people um stats can the the most recent most recent stats I could pull were from 2018 where they were looking at student digital digital literacy ratings um so in this case 15 year old students um only only like in Quebec I think kind of a wide 38% in Quebec we're actually the lowest in the country 30% of students reported being taught how to identify phishing or spam emails you know that that's a pretty big problem um I think awareness training across the board maybe in school all the way up into the enterprise is really important um and then finally DNS solutions I think solve a lot of these problems so monitor your DNS take a look at what requests are happening uh there's DNS firewalls DNS filtering out there uh passive DNS is another interesting tool to detect things like newly registered domain names there's a lot of research out there that shows if a domain name is new enough it's probably malicious with a high degree of confidence so don't resolve new domains um there's a lot of tools for this farset security domain tools um there was uh there's a few vendors here today flare systems was there they have a really neat platform that looks at a lot of this kind of thing uh and then finally um if you talk to dr paul vixie the guy who wrote bind and maintains bind for for many many years or the father of the the DNS um they'll tell you to run your own DNS resolver it's really easy to set up I know it's really easy to go and and say hey you know what get get your domains from or your IP addresses from <IP_ADDRESS>.8 or you know what cloud flare wherever you want to resolve your DNS but take control back it's actually quite easy uh you can throw it up on a raspberry pi play with it and you can use things that are called DNS response policy zones so if you detect domains that are targeting um your enterprise domain you can set up a response policy zone that says hey if somebody asks for gmail.com well send them to gmail.com give them the result for that instead you can set that up and you can do it in response to the things that you're seeing on your network maybe specific to your domain or the types of traffic that that's happening on your network um so DNS big one and then finally some food for thought you know the question is this brought up for me it was it was quite shocking the first one was is email an essential service or a critical infrastructure you know for the the importance that it has in our lives is it considered critical infrastructure and if so who's responsible for protecting it does this fall on the public email service providers does it fall on us as individuals or maybe the root root root authorities in the domain name system uh the second question I had is can I automate the analysis you know I started getting a little bit uncomfortable looking at some of this data and um tried to remove myself from it as much as possible so can we can we do this kind of research in a more automated way um that that generates meaningful threat intelligence but also respects privacy and finally can we use similar approaches exploiting typosquadding against other services there's really interesting research done um regarding ntp bit flips uh some of you may have seen that research the researcher that um basically realized that every I think it's every day every 24 hours a windows machine checks in with time.microsoft.com and he knew that bit flips were a thing and they were theorized but he wanted to measure the rate that they happened at and uh he registered time dot some bit flipped version of microsoft.com he got millions of of of uh ntp requests to his server um in a very short amount of time uh and then finally uh man in the middle excuse me monster in the middle uh we'll make that a standard uh or you know reverse proxying against web pages and popular web portals you know that could be another abuse that's interesting to look at thank you working okay it works um thanks and good job for your first talk honestly very good great results uh so guys again if you can ask questions on slido i'm gonna take care of them right after one talk left we probably start in five minutes thank you right ladies and gentlemen welcome back to our panel on of uh red team block so i'm gonna start with a few questions dedicated to our two speakers and then i'm gonna go more to general red team questions if we have time so i will start with you olivier um we had some questions about rdp of course rdp is very well used in the industry is built in on windows you can use it on linux you can use it on mac uh the question was are there better alternatives to rdp um i would say wrap rdp in an ssh tunnel but that that might not be convenient that might be a bit of a troll no i think so i think this is the standard it's it's really efficient so there are some proprietary alternatives uh and if you the problem is you need to control the server and the client you need the flexibility you need the deployment so it kind of makes sense that it is in microsoft's control um so it's a difficult question and i think it relies on a lot of things but like let's say i would be i don't know i i i i just don't i control all my computing i don't i don't care about anyone and i don't need to because let's say i'm csc something like that right there are a secret service then okay just use something else and enforce it and make sure you audited it properly because rdp has been audited a lot right but if you are anyone else then secret service i mean you must pretty much use rdp and using something else uh it might not have been scrutinized as well as rdp so no i think my advice to this still holds is wrap it in something else wrap it in vpn um keep monitoring it and maybe uh maybe you know speak with the evolution and i i don't know i'm plugging a vendor here but they really understand it and look at at what they're trying to do to make sure that it's secure and if if you can't do vpn or if it's too conky too complicated but there are also other vendors doing that but if you want to avoid additional costs i think just vpn and making sure that nothing is exposed uh is a good step and keep patching keep patching all right thank you for voila do you have insights on which type of domains like big tech large orgs brands that you got the most amount of emails from i don't want to single out any single provider but i will say that in general um it's a it's a it's a game of it's a numbers game so the more key strokes and the more attempts i guess to communicate with the domain name system the more likely you're going to land on a typo squat um so the longer the domain the more likely it is that there's a typo in it and the more in this case emails are being sent uh the more likely it is one of those is going to be a typo um so i would say think about the big providers that have millions and millions of emails going through every every second every minute uh and typically the longer the domain the more likely it is there's going to be a typo in it cool um next one for olivia um and you researched it i don't know if you read about ms remote desktop services which encapsulate rdp into htps uh do you know if it resolved many of the problems you presented today i honestly thought that this was rd gateway so uh i had i i think it is rd gateway does the person who has the question still here because if it is rd gateway then it was in my future work slide so if it was not if it's not already gateway then i want to hear about it but uh no honestly i think this is uh the the so the remote desktop services you can enable a gateway which encapsulated in htps and so for that the uh mtlm attack it means yes but now how have they implemented it if they have implemented it by just layering htp on top of it then as soon as i get to implement that in priority p i'll have access and if they haven't changed anything and they have no reason to have changed the underlying protocol it's just another encapsulation uh i believe that our attack would still work but right now it doesn't because we need to do that htps decapsulation and to be honest that code is so complex the guy are are they still here that code is so complex and hard to maintain that i if i ever keep up with it i might attack it but i i or i i'll need other interns to do it for me because i'm i'm not that bright okay it's sad but i'm aging so next question would be for rola um so you mentioned how to do typosquatting but let's say you are being typosquatted so what would you recommend to blue teamers in the room sure yeah that's a really good question um i think the first thing is to be aware that it's happening it's really easy to look around dns there's lots of good tools out there dns come dns twist comes to mind it's a free python uh script on on github you can find it for free there's a lot of web implementations of it as well if you're not into running python um so just being aware that it's happening to your domain is is interesting enough um and then you can start filtering for it and looking for instances of it uh you can use tools like dig ns look up and just see what what what kind of records are on that domain name um if there's an mx record uh that's a red flag just being aware that it's there and you can do a lot to protect yourself and your users from reaching out to that domain but it's really hard to to to police everybody on the internet from looking for that domain um so i guess the next best thing is depending on who you are and how much leverage you have and where the domain is is registered uh you could you could try to do a takedown request if it's a brand infringement um i think the key is first understanding if if somebody's doing it simply uh you know i would i would recommend looking at the tool like dns twist um it's probably a good place to start may may i uh add an additional question do you know if they are provisioned to like so we know that you can't purchase like uh nestly uh because it's a brand that is a trademark right but do you know if typo squatting kind of falls under the trademark uh infringement stuff um i'll say that from what i've seen there are definitely efforts out there to police it but i think it's on a registered by registered basis i think it's going to depend on the tld um there's a lot of factors at play but generally um if it is being policed it's not being policed very well i think it's incumbent on the trademark owner to actually fight to go and have that domain revoked and they do have a lot of power there's a lot of levers in place for for brands to protect their their trademark that way um i think it's a mixed bag about whether or not you'll be allowed to register at the first place but so you sorry martin you type of squat pretty big uh names right yes and you got nothing you like no one kicked your door or you know not yet after the talk maybe we'll see what happens but um no not yet for 45 days so uh i'll say that i'll say that those domains have been registered and active for a lot longer than what i started working with them okay um but there's a lot of conversations now about what do we do what's the responsible thing to do with the domains um so i'm open to discussions if anybody has ideas i have ideas about it as well but um yeah so far uh got away okay i'm gonna jump i had some i had a pocket question about uh you know legal legal concern of of your research so i'm gonna i i'm not i'm just gonna jump on i am on this question um so are there legal concerns about doing typo squatting uh on a specific company is it considered as attacking this company uh yeah that's a really good question and i've lost a lot of sleep over it recently especially knowing that i'm going to present it in a very public forum um i think yes i think depending on what you're doing with it i don't think owning the domain is necessarily enough to to call it a criminal act or an illegal act i think depending on what you do with it and how you use it maybe um is it illegal to steal mail from somebody's mailbox is this the same thing uh i think there's a lot of questions about it i think intent is important but i mean if i'm in front of a judge and saying hello i really wanted those e transfers that's one thing but if it's for security research i would like to think anyway that we have a society that um wants us and encourages us to point these things out and try to correct them so i mean in my case it's a risk i'm willing to take i'm not going to share data with anybody i'm not going to talk about personal information uh and i would discourage anybody from trying this it's already been proven you can do it you don't need to do it at home um in the case of a red team engagement a great tool um i think awareness is probably key so i think yeah it should be illegal but how do you enforce it how do you police it those are the bigger questions i agree and audio would like to add on this uh no no thanks for asking though but it was very a very good question and it's it's very difficult situation i agree i agree too okay uh i work a lot with the cyber threat intel team and most of the companies are based their security prioritization based on threat actors with documented activities so i was wondering if you have for your both research used such intel have you seen attacks like that been made by for example ransomware or publicly known groups uh in their campaign in their ttp wanna go first yeah so recently the octa breach which we heard about was rdp so yeah i removed that from the slide unfortunately but i mean it was just a screenshot saying hey rdp is important octa but uh yeah no so rdp is attacked and uh there's a lot of ip's out there and some of this some of them are my honeypots so you know i'm increasing the number of exposed rdp systems but uh it's used then it's a low hanging fruit and it's brute forcible so of course and and you know the ransomware groups they're going after a low hanging fruit um but in the octa case they purchased credentials on a forum and then you leverage them and there's a they are rdp credentials for sale on forums so yeah yes it's real it's used and it's it's not gonna go away but uh i mean stop exposing rdp in my case of what i can say for sure is that there are a lot of i mean they spoke about it a little bit in my slides just from the three sample domains i looked at i think it was over 400 different domains with active mx records that were nonsense domains that don't have real services that i'm aware of behind them the bigger question is who's behind them and what are they using them for i think the part of my talk that was most interesting and i think impactful for me is that it's a passive technique i can stand up a mail server uh completely anonymously on a vps anywhere in the world and i can receive these emails what i do with them i think you know um as an attacker i think that's something that needs to be researched maybe canary tokens and sending things out to these these addresses and just seeing what happens i'm really curious about that question as well um and i don't know who's behind them it would be interesting to see i don't know of any known cases other than other research i've seen on the subject but i don't doubt that it's happening um would be my take on it okay thank you a quick question for olivia about rdp did you did you do you know if two factor authentication or multiple factor authentication would mitigate uh or will mitigate what you just presented this afternoon so i think it depends on how it's implemented uh and i haven't looked at implementations i would be interested in knowing popular free ones because i don't want to pay for service to just attack it um but um i let's let's assume that it's a pin added at the end of your password uh then the net ntlm capture would work but the hash would potentially be harder to crack unless you know that is the nip appended and then you add that to your cracking rules so this would still work but is this how the implement um two factor for rdp i don't know i'm sorry i don't know but i mean i needed to ask but uh it's fair i think it's a fair answer now we're gonna talk about honeypots um because it's a field that is growing in the cybersecurity industry and there are some companies that dedicate they really make products that make it easy to deploy honeypots so i think by rdp is a great project to build honeypots uh probably there will be probably something to do with with uh with your work uh but uh do you think it would be a great idea to to use pyro dp for honeypots and literally have uh let's say uh sophisticated actors with breadcrumbs with you put some hints you put some password on the network and have them reach your server and monitor it what do you think about that i think this is what i'm doing right now no but the the problem is that uh like lately we we had um we had actor interact with our honeypots and i i we some of the attacks they kind of stopped doing them and then i was like why is so and at looking at the replay i was like okay they're transferring a large amount of files so um i i reproduced it and uh it turns out we have a bug so the the transfer really slows down uh i'm not sure quite what this is but i think that we're so eagerly fetching client-side files that even on a stat system call so the equivalent of a stat system call but like i want to know the size of the file and i want to know the the permissions for example we are grabbing the file so if the person mounts a drive with a lot of stuff on it and then drops uh with thousands of files you know drops uh folder well explorer.exe will do a stat on all these files in order to just show how long the transfer will be but pyrtp in the middle is doing just like i want all of them and so i we have issues to work on regarding that so unfortunately i haven't caught but we know so we've seen the minor crypto miner stuff being transferred and stuff like that but we do have um scalability things to look at also uh for example like on a on a typical week we'll have like 17 000 replay files to look at so i really have a triage problem the problem with those replay files is that they are all unique and binary but because they are all unique and even if you hash them they're all unique because they are timestamp in that protocol so i need to find a way and and uh lisandro was working on that actually not so long ago but we need a way to uh factor out all of the time stamping and the the bits of the protocol we don't care about and then focus on the interesting things because the only the other thing i want to do with those on it but more so than finding threat actors is finding also uh attacks like potential zero days or you know blue keep and stuff like that we do have blue keep detections and we do have detection for a couple of them built in but but um but like why did the protocol fail or who is this what tool is this guy using that is creating this kind of interaction uh at the protocol level so we're all looking at that but it's a shit ton of work and i'm have a small team and we're not making money with any of this so this is why it's slow make sense uh all right i'm gonna jump into more high level questions about red teaming the field in general just do your best guys i think it's gonna be fun so my first question would be based on your work what do you think is the cyber security industry's best next move uh that's yeah that's that's a really kind of big question i think um the next best move for the cyber security industry i think is train more people uh i think there's there's a lot of uh meat in cyber security and not necessarily experts of a super high caliber but um there's a lot of work in this front work that goes into research whether it's going through honeypot files or uh looking at stats and email collection and there's a lot of work that can be done and i think there's a lot of interest in the field and i think uh hire more people is probably the the first thing i would say is the next best thing we can do train more people i'm glad you finished but with train because hiring more people is stuff right now okay i'll try this this is super accurate and good uh i'll try to do it's go in a different direction um okay so during the pandemic something i was not doing a lot that i started doing again is play dnd dungeon and dragons and i'll i'll link it with cyber security so one of the first things uh not the first one of the latest offerings of my company is uh tabletop exercises for threat simulation and so the um what i like when i heard that is that we are now in a state where we are assuming breach we we we no longer think we're gonna protect them we are assuming breach but now we are testing you how are you gonna react and you know what's the drill do you have plans and this can be done in a simulated way without much cost and and what's interesting is that you can go deeper and then validate it one day will you know we'll have red teamers validate the plans but for most organizations and we deal with medium-sized company and smaller companies but for most of them sitting down with smart people who you know play some corporate dnd you know okay let's simulate like oh you this user received the email and clicked on that link what's your visibility uh what it was downloaded what do you have on your endpoint you know and then you just go through this mental exercise and then eventually you say like oh the computer is getting encrypted what are the map drives that are you know accessible to that computer and you just you know played you know you even could roll some dice if you want you know uh like oh this the the n drive was encrypted i had eight you know i i'm making this shit up i know i don't and i'm not doing the service that probably doesn't look like that at all but to me it sounds like interesting and then you can uh you know this is very effective and low cost because it's just a long half hour half day meeting of simulation and then imagine the client has a long list of stuff to look at he was like i couldn't answer half of the questions and so then you come back and then you iterate so i think we we are at the maturity level where we can get a lot done and effectively done to get better by by knowing how long to spend and then buying the things that will protect us you know but not not buy first because you have capex you know use humans to buy intelligently products instead and i think this is where we should go awesome awesome answer i was gonna talk about purple teaming i think the industry really needs uh purple team exercise they shouldn't pay for big red teams just for you know having a surprise and a big report that show them that they have some mistakes uh but i i really like your answer i would love to be invited to such a dungeon and dragon game so another question not an easy one but uh anyway what's the best way to use a red team for companies uh again based on your work if if you can uh like should it be to shake to to rattle the company's cage to show the secret that security is important should it be to ramp up the technology the process the humans uh how do you see red teaming in the industry um it's a really good question and i think a lot of times the red teaming penetration testing is misplaced um it's the sexy thing to do right we're gonna hire some hackers and they're gonna show us how they broke in um i think it's often mistimed or maybe not conducted in the right frame of mind in the right context um you know if i did we used an analogy earlier if i take my five-year-old and bring her to the to the taekwondo arena and i say tester you know what's the result going to be um i don't know if it's a very productive exercise to just do red team engagements without first taking the the baby steps before you're ready for it um i think purple teaming is a great use of red team assets to to work alongside and train blue teams uh train against each other um and i think that red teams are a great validation tool and i think when you reach a certain maturity in your security organization that's when a red team is is really valuable um but i think you can start with basics um and not necessarily need a red team to to introduce you to the basic best security practices all the time would be i guess my opinion on that thank you and it's also a kind of a bloated term right now like everyone's a red teamer big i don't know man i'm sure you're not and the if you have a scope are you really a red teamer you know type stuff but i think this is the the definitions and i and we don't have do we have a standard bodies that defines like what are these or we're just like the problem is that there are many definitions if you follow spectra they have their own definition of red team if you read someone else it's something else i think it's a language abuse so red team is usually used for offensive security or just pentesting ethical hacking uh in my opinion red team is really about uh you know training uh technology process humans i follow more the spectra of definition so it's about simulating threat actor based uh by using several ttps to create training opportunities for a blue team but in the industry it's used for anything you're right um yeah good answer about no but i just want this to be clear right that he is the one who should answer those questions so this guy manages a red team at a large institution and he like i am a director of research and what about you i didn't read you i like red teaming stuff but i'm not a red teamer either i'm i'm interested in it but i'm i'm definitely not at the caliber of either of these guys but i don't need to be to pull off an effective attack either which is sort of what i was getting at is we don't need the best hacker in the world to prove that you're fundamentally insecure so i think there's a time and a place to to conduct these exercises and again you know my white belt five-year-old is not going to stand a chance in a sparring session against uh Mike Tyson yeah exactly there you go so i i think context matters and time and place and asking yourself why are we hiring a red team for what to embarrass us are we doing it to actually improve our security culture i think that's what comes down to me all right that's gonna be the next red team questions goes to martin's directly you want me to read it uh okay i'm gonna try but we'll have like us and then you that's nice i think well i was gonna say it's my last question we have just a few minutes left uh but i will try to answer it uh and it's i like the it's the worst question because i know it will it will raise a debate but uh nice it's about red team uh the rt ost debate so red team open source tools so a lot of people uh care about sharing they they say that sharing is caring you should publish your open source tools you both have very awesome research uh it can be good it can be good use for the good but also for the bad and uh so what do you think about publishing all your work you said ralain before that you wouldn't publish your data but maybe you will publish tools to accelerate your this work uh so what do you think about this debate and would you publish your your job um i'm a little bit biased because i'm a net beneficiary of open source tools i'm not i'm not a net contributor um i think there's a lot of value in open source and but i do i do respect the fact that people will spend a lot of time developing techniques and and developing tools for themselves um personally i'm on the side of open source i think if you discover a vulnerability you should disclose it and do course i think putting tools out there that people can take advantage of they're great learning tools as you say i tend to be on the open source side of things um but again i'm biased because i haven't spent hundreds of hours developing a tool uh that may be obsolete three days after i release it thanks you want me to answer first oh man i'm i'm a kind of a philosopher in my times and i think i think we lack perspective like pirate re existed and was authorized or you know or happened without no one doing anything against because it was you know all countries were separated but then eventually the pirates did so much damage that the countries had to get together and create this international zone and then fucking kill them you know get rid of them because they were losing so much money so i think we're at the era like basically we're we're creating firearms okay i wouldn't like uh this is not gozegir's opinion of anything this is my own here okay i think we're creating firearms and uh i don't think you're allowed to create firearms right now right i i don't know i to be honest i don't know i know people try to pre-treaty print them maybe we're allowed and and in canada and the u.s it's probably different but i think that we lack this perspective so for now we're doing it we're having fun but eventually a hundred years for now if climate change didn't kill all of us uh we will look at this and be like these guys were crazy like they were allowed to create destructive tools and put them online whereas the defenders were not sharing right that that's the asymmetry of it right now and now the blue team folks now are sharing you know twitter accounts with iocs automated and stuff like that and and there's a lot of blue team talks good blue team talks now when i started that didn't exist blue team were kind of like uh this must suck you look at ids all day i'm bugging the pentas badass you know now blue team is sexy and which is good which is very important which is part of education that is going on but they still have sharing problems because the organizations that they are in don't understand that they should share it's not the fault of the blue teamers themselves it's the fault of their organizations and so this asymmetry is not helping them and so the red team they collaborate they create patreons they have tools you can now have like paid for offensive tooling that eventually becomes free like the porchetta industries guys which are very good they're actually like really really good with rdp right now and following all that stuff um and at at one point maybe will be like you know what like and it will be an incident like something will get hacked that it's so fucking bad that will be like okay you know what it was a bad idea the whole thing of like because they'll use fucking cobalt strike and stuff like that and so and sorry if i'm talking against you you'll have time you'll have you'll be retired by then but i i i i i don't think it makes sense if you think of it from far enough and last thing i'm i told you i was a philosopher okay so think about this at one point fire protection you had to pay for it okay you had a badge on your house it was like up in with money and if you didn't have that the fireman would come and water the house that had the little badge but the other house would burn right so eventually it became so much of an issue that it was nationalized or municipal allies i'm not sure which but like it's it's part of the things that we need as a society and so i think eventually government will be so pissed off that it costs so much money to so much companies that there will be like you know avi and you know isp protection and security in general will be mandatory like built in the things and which means that and if it's regularized it will mean like anything trying to be against that will be outlawed maybe i don't know i'm just a philosopher i should write a book we would just need to finish on that that was an amazing question so thank you everyone i hope you enjoyed i wish you a lot of flags this weekend pray with me for a windows track maybe it would be fun and that's it thank you everyone test this okay so just before you quit we do have a feedback survey so if you want to give comments to the conference uh yeah uh go go to me or just go to the survey we have the link there thank you very much we'll send it through our social


Hey guys, welcome back to my YouTube channel. This is Daniel Rossell here. Came to my attention this morning that a number of days have elapsed without me talking on YouTube about my beloved M-Discs. So I figured I'd have to fix that situation. I'm just kidding, of course, but I do thoroughly believe in the M-Disc as an amazing technology, incredible form of archival storage. And if you're really thinking about investing in M-Disc, as I am thinking about for the next, you know, probably five or ten years from my video back up, you might have seen mentioned on Reddit or the other forums where people talk about this form of super geeky optical media that, well, M-Discs are more expensive than Blu-rays and they are more expensive, but I wanted to figure out exactly how much more expensive. So that's what today's video is going to be about. It's a cost comparison between the M-Disc and Blu-ray. So I'm just going to firstly grab some data. And I'm showing the workings just to show that everything is transparent on the recording date, which is you can see popped up on my calendar here, the 14th of June 22. That's when I'm recording this. So we're going to take as our benchmark for the price of M-Discs at the time of writing this product. It's slightly more expensive than the ones that it's slightly more expensive than the ones that you can print on for some reason. And it's $65 for a 25 pack of 25 gigs. So I'm just going to put this screen down here. This is all done manually in OBS. I'm going to make this big. This is where I'm going to be plucking in the figures here. So it's 25 M-Discs and 25 gigs per disc. So our total capacity equals A2 times B2, which is 625 gigs. That 625 gigs cost $64.99 USD. And we can get the price per gigabyte by dividing the price. So that's going to be equal to D2, the price over the capacity over C2. And that comes out to, and I'm just going to zoom in so all these numbers are a bit easier to see, this comes out to 10 cent per gigabyte, which sounds about right to me. You can reverse that if you want to just check that figure. 625 gigabytes, we said, multiplied by 0.103 rounding. And that comes to 64.375, which is very, very close. I didn't do the last three decimal places. So it's not exact, but it's, yeah, so that's correct. So it's 10 cents, 10.3 cents to be exact per gigabyte for M-Discs. And now let's go back to our Amazon page here and let's find a Blu-ray. So I'm just going to type in Blu-ray. And again, I'm not going to look for the cheapest ones. I'm going to go blank because I'm going to, it seems like I'm not getting the right thing here. So there's optical quantum. I'm going to do verbatim just to compare like was like. And these Blu-rays tend to come in bigger packs. So you can see this is a 50 pack. It's a 50 pack of 25 gigabytes. And it comes in at 40 bucks. So we can already see that it's going to be quite a bit cheaper. But let's see exactly how much cheaper. So we're going to be getting here 50 discs in the spindle. Actually, let's do the 25 spindle as our comparison. That brings the cost down to, wow, $19.22, $19.99. That's quite substantially discounted. But so is the 50 pack. So we'll go ahead with this price point. So we're getting 25 discs. The capacity per disc is 25. So that's going to be getting us 625 again. But the price here is $19.99. So our cost per gigabyte is going to be equals D3 over C3. And the figure we're going to get is 3 cents per gigabyte. So 10.3 cents per 10 points. I'm going to do two decimal places actually. So it's 10. This is U1, 10.3 cents per gigabyte for the M discs. And it is 3.2 cents per gigabyte for the blue rays. And we can actually calculate the exact number here or the exact difference by dividing equals E2 over E3. So it's 3.2511. It's three times more expensive. 3.25 times is the multiple or 325% the M disc. So over three times more expensive to purchase M discs for storing your data on versus storing versus just using regular blue rays. Now, in terms of working, as I'm going to show you a few workings, data pool and we're going to have here M disc blue ray and difference. So I'm just going to give you a few different scenarios depending how much data you're storing. So if you're storing 500 gigabytes of data, let's do one terabyte of data. That's going to be 1,000 gigs of course. And let's then take five terabytes or really, really big data pool. So if you're doing 500 gigs of data storing those on M disc. So that's going to be equals 500 multiplied by the price per gigabyte of M disc, which is 0.104 rounding. That's going to be $52. And for blue ray, it's going to be equals 500 times 0.032. And that's going to come in at $16. And the price difference is going to be equals 52 minus 16. So if you're storing 500 gigs of data, again, there might be a couple of rounding errors in these numbers. I'm pretty sure I did those. That math is correct, but it's not a huge difference. It's 36 gigs more expensive to store on M disc. And obviously, this is going to be this difference is going to get bigger as we continue the multiplication sum. So one terabyte, and I can actually be a little bit smarter here equals 1000 times may as well get the exact exact price per price per gigabyte. And that was for equals E two. So be 103. I'm just going to write myself a note. This is M disc. This is a blue ray. So 103 or $104 is rounding off here. We'll round off these figures to the nearest dollar for the M disc. And it's going to be 1000 times E three for the blue ray. That's going to come out to $32 rounding. And the difference here is going to be 104 minus 32. So if you're storing a terabyte data pool, it's a $72 difference, $72 more expensive to go for M discs. And let's now extend that to five terabytes. Well, we can just, it's pretty, we'll just multiply this to keep there just to keep things simple. So I have 360. So you can see as your data pool expands, the differential of M disc over blue rays going to expand as well. Well, I would contend that it's not really that big per terabyte. It's a $72 investment. If you're only storing 500 gigs, it's 32, $36. I'm sorry. I would contend that it's not really a huge difference if you have a, you know, consumer sized data pool, $72 extra per terabyte to get it on a, what should be a superior form of optical storage that will outlast regular blue rays, which are not designed for cold storage and archival. So personally, from my perspective, if you're investing in good data protection and good, good archiving, I don't think that that differential is unreasonable. I think it's worthwhile. I'm personally planning on using M discs over blue ray because I just don't think it's worth skimping on these figures, 36 and 72. But of course, everyone's situation is different. But those are what the numbers come out to. Anyway, hope these mathematics or sums were useful if you're in the market for archiving your data on optical media and you're not sure whether M discs or blue rays are the way to go. You've heard that M discs are more expensive. You're not sure how much just to reiterate the main data points here. M disc is judging by today's Amazon price price as a surrogate for the market price. M disc is about 3.25 or 325% more expensive than the regular blue rays. And those differences over in a data data pool of 500 gigs, it's going to work out to be a $36 difference, a terabyte 72 bucks. And if you're up to five terabytes, it's going to be 360. We may as well do the petabytes. So that's going to be 1000 times just for the sake of it. That's going to be seven just want to make sure I got all the zeros right there are 72,000 dollars if you're up to the petabyte scale. So I've never heard of anyone using optical media for storage on that kind of massive volume. But it just shows you how the differences are pretty manageable when you're in consumer land. But as you get as you start getting up to enterprise grade, storage is suddenly we go from a difference of, you know, 36 bucks if you're storing 500 gigs to a price difference of $72,000 almost as almost a six figure sum if you're storing at the petabyte level of scale. Thanks for watching guys, more videos coming soon. Have a great day.


One of the mistakes is thinking that I've got so much on my plate today, I don't have the time to look ahead into the future. And I think what we're talking about here is creating an opportunity, not just for the push of the future, but the pull of the future, creating your future, not just being a victim to the external environment and all of the pressures that we do see in our external world around us. So the three step framework is this. I truly believe that a strategic planning program needs to be vital. And what I mean by vital is life giving for the organization and life changing, believe it or not, for the participants. Now, whoever thought that strategic planning and being involved in a strategic planning program could be life changing. But when you bring together great minds, including your board of directors, your top leadership team, maybe some other up-and-coming leaders in your organization you want to mentor, that can be such an engaging experience. So the three step framework is this. First and foremost, the strategic planning workshop or series of meetings to get the people together, get the great minds together, look at the external and internal trends to develop those strategic goals together. And I call that the shared experience. Second, the second part of the framework is the written strategic plan. And I call that the shared story. And then the third part of the framework is actually two pieces put together, the system for tracking results or those strategic goals. So a tracking system and communicating the results both internally within the organization so that we have cause for celebration and externally to the the the publics that we want to reach.


Hey everyone, welcome back for more Exo's Heroes content. In today's video, we're going to talk about Dorka, her hero profile, stats, strengths and weaknesses, her skills, playability, recommended garden stones, synergy with other heroes, her overall rating, and my final thoughts. But before that, if you want to see more Exo's Heroes content, please hit the subscribe button down below. Here we are at Dorka's profile, so Dorka hails from the nation brun, her element is machine and position is chaos and attack type is physical, Dorka is a bit kinda on the young side for age 29 as well. As for Dorka's stats, she has above average attack, she has high hit, she has high dodge, high attack speed. Her weaknesses are, she has low HP, low defense, low block, below average critical hit. So to sum it up, Dorka is a very fast attacker, she doesn't deal that much damage but she gives a lot of status effects to the enemies. She is also squishy, so she needs to share health and provoke from her team as well. But on the flip side, she does have a good healing when it comes to survivability. So let's discuss her skills. So Dorka stands out because of her passive, because of Solban. So grants allies with less attack than self, with Solban, mark, and heals 30% of missing health every turn, reduces magic damage taken by 30%. So as per my experience with Dorka, when I'm playing PvP, she is very hard to kill if equipped or if she's in a group of heroes that protects her. I've seen a team with Garf and Annie, FC Annie, it's really hard to kill her. So and also Solban keeps her alive as well as her team. So this skill is a very good utility skill, it makes your team better, it gives you an overall survivability and let's look at her S1. S1 deals 50% damage to all enemies, Flicks target with Bleed dealing 39% damage every turn for 2 turns. This is actually a very good utility spell, especially with her speed because she gets to deal damage first and she gets to put Bleed as soon as possible. S2 is 367% piercing damage to an enemy. This is a very good finishing skill because Pierce ignores your defense. It gives you a little bit of oomph in terms of your damage and for me I think Dorka skills as a chaos hero and she's a support for me. She is more valued as a support, she is more valued as a healer and she is more valued as a disruptor in terms of your offense.  And by the way guys don't forget to subscribe and click the subscribe button down below. So as for Dorka's playability, she is very good as your main hero in PvP and she is also good in your tag teams for PvP. I've seen Dorka again in some of my PvP matches and she is very tanky as long as you put the right heroes around her. The one team that I've seen was Shufraken, Garf, Annie, Bathory and the other one is I think Iris. So it's a very tanky team that protects her that much and she also helps her team to gain that much health. As for PvP, I don't really have a lot of complaints about where to put her, where to play her. She plays well in your chapters, she plays well in your squadron battle, she plays well in your UPS labyrinth as well and most especially she is wonderful in the holy dragon grounds because of her passive, soul bond and grace of mana. So imagine your holy dragon grounds team being given mana and it's being continually healed every time. So Dorka for her recommended garden stones. I would only recommend two colors for this one. So the first one would be frost so that you'll be given a block, additional block for equipment set effect but for awaken you'll be able to increase her defense but my preference is really red because she already has a damage reduction of 30% for magical attacks so why not give her additional damage reduction. So anyway if you set her as equip set effects for fire you'll be giving her additional damage reduction but for the awaken set effect you'll be giving her additional HP. So these are the two sets that I would recommend for her kit. So as you've seen in my screen guys, so in terms of synergy with other heroes I would recommend building your Dorka around these characters if you have them. I've seen this team in battle and this makes her pretty much tanky enough to survive and for her team to deal significant amount of damage. So again to summarize, Dorka needs heroes with provoke. She needs to have a teammate with provoke to lure attacks from her. The other type of heroes she is good with is sharing health, particularly Garth or if you have other heroes that share health I think you could also use Naomi for this one. Share health is very important for her as well and the other one is if you have heroes who have or who can increase her HP or defense that would be good as well and she works well with high damage AOE or single target damage attackers because she will act as your sweeper. She will act as your last line of offense in terms of finishing off what is left of the opposing team. So again for synergy with other heroes she works best with basically defenders. Her sharing health provoking that is her bread and butter in terms of survivability in our current meta. My overall rating of Dorka, this is a rating out of 5 so 5 being the highest so we'll start off with her stats. So her stats out of 5 I think she deserves a 4 mainly because she has very extreme high stats especially her attack, her high hit, high dodge and high attack speed. So even though she also has extremely low stats which is low HP, low defense, low block and low average critical hit, her weakness actually or her low stats can be augmented again by the team that she or you surround her with. So you have to make sure that you mask out her weaknesses and it can be done I've seen it done so that is why I'm giving her a 4 because she helps your team a lot she makes your team better and she is very versatile that is what I like about her kit. With our number 2 rating I would rate her playability at a 4 because she can be played in almost any content of the game. I don't see any drawback in usuring her in some of the content but I think she's an all around character which helps you a lot in all of the content. The last rating that we'll have is Synergy so her Synergy I would rate her as a 4 so she compliments other here as well. That's it, she makes other here survive well, she makes herself survive well, she gives mana, she disrupts the defenders of the other team so I would give her a 4 for this one. So whenever she gets her FC I'm sure she'll be one of the best heroes in EXO heroes. For now she's already very good but I'm sure once she has her FC she'll be god tier. So last my final thoughts, so again she is a very well rounded character. You cannot go wrong with her, she has very good hero support with her passive skills. The next is she can hold her own with little health. She needs more health for survivability but on her own she can survive pretty much well. Next would be she can compliment her team well, compliment their skills, compliment the offense especially and you can put out any team with her. I've tested her out with high offense teams she can actually still hold her own and what I like about her is she has very fast attack speed. In terms of stats she has higher speed than Rera but Rera has a passive to increase more of her speed that is why Rera is still at number one and she's not number two. So anyway guys that is my take on Dorca, I just got her recently about two days ago. I hope to test her more out in terms of PvP because I think she will shine there the most. So that concludes my video, let me know what you think, is this take on Dorca worth it? Is it do you agree with it, do you disagree with it, what do you think are the things that I left out in this video and again guys you all stay safe and I'll see you in the next video, warden out.


proudly we hail from New York City where the American stage begins here is another program with a cast of outstanding players public service time has been made available by this station for your army and your Air Force to bring you this story as proudly we hail a great American general Stonewall Jackson our story is entitled lightning on horseback the tale about general Stonewall Jackson the great Confederate general who fought so courageously in the war between the states our first that curtain will rise in just a moment but first today your rapidly expanding United States Army needs intelligent young men with ability and ambition men intelligent enough to recognize the vital need for a strong armed force men with ability enough to be trained in a necessary job men with ambition enough to secure the future for themselves and their loved ones does this description fit you can you qualify for full information on how you can fit in with the finest check with your nearest United States Army and United States Air Force recruiting station now remember the United States Army the senior service of our armed forces needs you and now your army and your Air Force present the proudly we hail production lightning on horseback he was quite a guy Stonewall Jackson who moved so fast with his whole army during the war between the states that nobody ever knew where he turned up next why he'd pick off a section of the enemy and swallow them up whole people got to calling him lightning on horseback even when he was a young fellow he learned how to travel fast and light that was back in 1841 hey I sure wish I had my gun along gun what for dick look over yonder on that fence Tom three squirrels run along playing his daylight wouldn't do you no good around business no time for hunting got to take some time for fun everybody does every time for fun when we get these horses of Uncle Cummins delivered no argument there what you're gonna be after a while Tom what do you mean most fellas are gonna be farmer doctor something what about you a man can be whatever he resolves to be that don't answer the question well you know that examination for West Point Academy I took a while back you didn't do so good on that no but the fellow that did best is leaving there I'm going up to Washington to see congressman Hayes I know I have the energy and I think I have the mind for it Washington is pretty far from West Virginia West points further but I'll get to Washington at any rate better speed up these horses we want to be in Parkersburg for sundown your Thomas Jonathan Jackson are you son yes and Mr. Hayes you want to be a soldier seems likely to be a good profession son a lot of hard work involved I've been working since I was six and yeah you keep at it I think you'll do that's what I mean to do sim now that I got this farm we're young man they have a good name anybody West Point insults you crashing well and just send the bill to me thank you sir can I offer you any entertainment while you in Washington no thank you sir I just thought I'd climb the Capitol dome and have a look at Washington sir before I go north new plebe coming in today Hill I asked Maury he keeps track of such things another virginian gentleman what would West Point be without plebs and gentlemen from Virginia whereabouts is this one from the hill country picket almost a back woodsman I don't doubt well if that's your man it's back woods all right look at that homespun suit notice the walk one foot in front of the other like an Indian something hard said about that jaw though gentlemen I think my friends at yonder lower classmen has come to West Point stay it's all just too exciting graduation week at West Point and all not only graduation week every one of us is going right into action you mean that war with Mexico I never did understand what it was all about it Warren huh is that serious boy with a burning eyes that's old Jack old Jack correct full name Thomas Jonathan Jackson strange sort of land why do you call him strange he's different from the rest of you he's a mountaineer from Virginia was almost last man of the class at the end of the first year I never saw anyone work as hard as he has he's graduated 17th and he'll be an artillery lieutenant he doesn't look as if he ever had much fun maybe not but if we stayed here another year he'd be at the head of the class slow but sure that's old Jack Jackson sir yes sergeant runner approaching sir very well haven't report to me yes sir message from the commanding general sir thank you lieutenant Jackson sir your battery will move forward at once in support of the fourth infantry now storming the hell of shoulder pack signed worth forward men follow me the enemy fires too strong the men are breaking sir give me a hand with this gun carry sergeant we'll drag it over the ditch ourselves ready sergeant a heap to serve this gun ourselves yes sir load that battery out on the flag so exposed they were sent in support of the fourth infantry sir go to their relief at once sir yes sir probably sir you would have retired once we're holding them Captain McCullough we're holding them give me 50 men who are veterans and I'll take support a pack take your spirit lieutenant gave us victory on the hill of chipotle pack it is doubtless according to his will that we are now in Mexico City a place that contains mirth beauty fine manners variety and in fine all that man can reasonably want I can report to you that under fire my only fear was that I should not meet danger enough to make my conduct conspicuous it is doubtful now whether I shall relinquish that military profession as I am very partial to it what's this I hear Tom you becoming a professor yes I have accepted the post at Virginia Military Institute BMR I see well what are you teaching I shall be professor of natural and experimental philosophy and I am expected to teach optics mechanics astronomy and artillery tactics do you hear what happened old Ramrod Jackson that's all over the campus I know he was a particular sort as far as we're concerned you know strict attention no dismissal until the word of command and all that but he actually makes himself behave that way too well get to it Bob what happened well yesterday evening the superintendent asked him to wait a moment in the outer office you mean the place where we wait when we're up for breaking rules right well major Jackson if you please sat down at a wait for the super the super promptly forgot he was there and went out another way and so and so our major of artillery one Thomas J. Jackson sat in that office all night until a superintendent of the Institute came back this morning to dismiss one thing about major Jackson with him orders are orders things like this shouldn't happen to anyone not even the major Jackson no not even to him I know I couldn't stand it well if you're gonna be a soldier you have to stand a lot of things what's losing your wife after you've been married only a year got to do with been a soldier and the new baby too that's really rough going you got to be a man to go through something like that without cracking major Jackson's a man all right beloved sister Laura it is now three years since my dear Eleanor passed away I do not feel that it is right in the eyes of the Lord for a man to remain alone too long I have written you before of miss Anna Morris in South Carolina I have been to visit with her and she has graciously consented to become my wife yes my dear Thomas I'm frightened were there really be war between the states I don't know I really don't know but South Carolina and all the other states I know Mr. Lincoln intends to preserve the union yes but Jefferson Davis says that unions only a Federation of sovereign states that any state has the right to leave that Federation if it's so wishes and mr. Lincoln says that's not true what do you think Tom I think the northern people love the union and that they will prove it to us when they realize that we are in earnest about leaving the union if they do not do us justice what will you do my dear I wish to make every effort to preserve peace but if Virginia is invaded Virginia must be defended with a terrific resistance you are listening to the proudly we hail production of lightning on horseback we'll return to our story in just a moment after this important announcement young man let's talk about your future and America's future they're important to each other you know today your United States Army is charged with a vital responsibility you need only to glance at your local newspaper to realize how vital and to meet this responsibility the Army is rapidly expanding its forces they have a job for you a job that must be done by men of courage you can get full details of how you may best serve your future and your country's future by a visit to your nearest United States Army and United States Air Force recruiting station today join the United States Army now you are listening to proudly we hail and now we present the second act of lightning on horseback Thomas oh Thomas it's calm Virginia has cc'd it from the union if I know myself all I am and all I have is at the service of Virginia gentlemen these are my orders the cadets of the Virginia Military Institute will entrain for Richmond at 1 a.m. shop you may stand at ease 1 a.m. here we are already to go why don't we march major said one o'clock didn't he right enough is it one yet no but why not make use of a few extra minutes when major Jackson says one he means one not a minute before or after you'll see all right I'll see regiment where's general Jackson leading us Bill I hear it's a stream called bull run Johnny the Yankees are on the other side help from the noise they're crossing over right enough watch a couple of lads like us got to think about it for the general know what's right to do yeah after two months of doing nothing it's time this brigade got into a fight look there John top of the hill we'll have fighting soon enough now hey those are lads the Yankees got him on the run general Jackson they're beating us back and so we'll give them the bay in it first brigade deploy in skirmishing order if you think so sir you'd better not say anything about it keep your eyes open the cloud of dust behind us is creepy Smith's brigade if they reach here in time we'll be all right you hear that if they reach here in time the Yankees are coming closer John we're ready for them reserve your fire like you said it's the waitin that's a hard is won't be much longer now beloved wife my esposita I write to you from my tent near the field of battle for I must tell you that the glory of yesterday belongs to God alone he made my brigade more instrumental than any other in repulsing the main attack this is for your information alone let others speak praise not myself you say you think the newspapers ought to say more about your husband my dear my brigade is not a brigade of newspaper correspondence so they made old stonewall a major general and so Johnny we lose it yeah stonewall brigade won't be the same without him there will still be in his army of the Shenandoah Valley I think they call us now yeah but it won't be the same any how the general wants to talk to us forget I am not here to make a speech but simply to say farewell in the army of the Shenandoah you were the first brigade in the army of the Potomac you were the first brigade in the second corps of the army you are the first brigade you are the first brigade in the affections of your general and I hope by your future deeds and bearing you will be handed down to posterity as the first brigade in this our second war of independence farewell general Taylor Yankees and the general banks are at Strasburg in considerable force there are now 17,000 men under my command in the army of the Valley we shall move north at once and cross the mountains to the Loray Valley but general Jackson I have just brought my brigade from there to join you over here that doesn't make sense nevertheless that is an order general there you go sir if I can deceive my friends I can make sure of deceiving the enemy war department Washington DC Stonewall Jackson is still at Harrisonburg in the Shenandoah Valley signed banks war department Washington DC there is no danger of attack here at Strasburg certainly none on my main base at Winchester Jackson will never leave the valley signed banks May 22nd 1862 to the war department I regarded as certain that Jackson will move north only as far as Newmarket there is no cause for alarm signed banks dispatch this message at once to general Robert E. Lee at Richmond sir tonight my men have completed a forced march of 60 miles in four days I stand overlooking the town of front royal well in the rear of the Yankees and the general banks tomorrow morning at dawn I shall attack I do not believe that banks has any idea of my whereabouts signed TJ Jackson federal Congress you can help me sir anything you ask general go to Richmond ask for reinforcements for me I have retaken Winchester but I am nearly surrounded by a superior force there is one chance of escape while you are on your way to Richmond I shall try it don't repeat what I have said to anyone where is Jackson signs stand from Secretary of War Jackson has been reinforced to 35,000 men Jackson has 60,000 men he's at Port Republic June 19th Jackson is moving down the Shenandoah Valley June 28 I'm expecting an attack by Jackson any moment from the south of the Shenandoah signed banks general Lee reports that on June 28th general Jackson had been fighting McClellan before Richmond for two days and contributed greatly to the relief of that city would you say the name of this place is Chancellor's Bill don't you know anything all I know is this was some fight when you joined old Jackson army you wanted fighting didn't you saw him today yes see yeah about six o'clock tonight just before we jump cool as you please sitting on his little horse looking at his watch last thing that Yankee general was expecting was first to hop on him from the rear he was sitting there watching generally in front thought the whole line was over there and we strung around behind and hit him you sure know how general Jackson works I should I've been with him since 61 man these two years sure have gone by fast I've been all over with him valley Richmond Fredericksburg the mountains now here I sure hope I'm with him a long time too well in war you never can tell take Bill now he is with me till those seven days in front of Richmond never knowing war what's that oh just some of the boys shooting at chatters ain't a Yankee within a Marley you two there huh can you keep your mouth shut well I rang so and come with me another word someone's been hurt yes Johnny it's the general I told you son you never know in war my dear you must cheer up I love brightness in a secret there's there's a message from General Lee shall I shall I read it to you yes please I should have chosen for the good of the country to have been disabled in your state I congratulate you upon the victory of Chancellor'sville which is due to your skill and energy General Lee is very kind but he should give the praise to God let us give him the glory let us cross over the river and rest in the shade of the trees I fought for him while he lived and afterwards too after he passed along hurt to death and the black of the night by his own men in the wilderness near Chancellor'sville perhaps if he'd lived but that's all no matter now we're all one country all fighting for the same ideals today for liberty for freedom for the right to live our lives in our own way and somehow I can't help but believe that Stonewall Jackson brilliant general lightning on horseback that he was striking at the least expected moment in the most unlooked-for place was fighting in his way for those same ideals how can he help but take his place along with Grant and Lee Longstreet and me Sheridan and Stewart as another American hero here's a special message for the young men of our country the United States Army the senior service of our armed forces is expanding rapidly and needs your help by enlisting in the United States Army you'll not only get the finest training in the world but you'll have the special pride that goes with wearing a United States Army uniform and the Army trains its men in such interesting career fields as radio radar electronics mechanics meteorology and many others why not get full details today visit your local United States Army and United States Air Force recruiting station enlist now this has been another program on proudly we hail presented transcribed in cooperation with this station by the United States Army and the United States Air Force recruiting service this is Kenneth Banghart speaking and inviting you to tune in this same station next week for another interesting story on proudly we hail


In modern day corporate world, significant discussion on stock price valuation concentrates on price earning multiples or the price earning ratio. Now this price earning ratio is the ratio between a stock's market price and the company's earning per share. Let's see why financial analysts focus more on price earning multiples. Let's see the relationship between price earning and the growth opportunities. The price earning multiple is a useful indicator of expectations of growth opportunities. Let's see how. We have price earning ratio of Firm A and Firm B. For Firm A it is a times and Firm B it is 11.4 times. So apparently Firm B have more growth opportunities than the Firm A. We know that the price is equal to value of the firm with no growth opportunities plus the present value of growth opportunities. If we put the value, quantify this equation we can see that P0 is equal to 1 plus K 1 over K plus present value of growth opportunities. If we rearrange this equation, we get present price earning ratio to reflect growth opportunities. Now we see the model which is that the price earning ratio is equal to 1 over K into 1 plus present value of growth opportunities over E divided by K. Now this equation shows the relationship between growth opportunities of the firm and its assets in place. A high price earning multiple indicates ample growth opportunities for the firm and price earning multiples vary with growth prospects. Price earning multiples reflect the market's expectations on the firm's growth prospects. Analysts decision must not be subject to the market multiples in buying recommendations to their clients. Now what these insights can be quantified? Let's see. We have constant growth dividend discount model formula which says that P0 is equal to D1 over K divided by G. K minus G. If dividend equals earnings then D1 is equal to E1 into 1 minus B which is a flowing back ratio. D1 is equal to E1. In this particular case where dividend is equal to earnings, B is equal to 0, D1 is equal to E1. Dividend and earnings are equal to each other. We also know that growth rate or G is equal to return on equity R or E multiplied by P. So we can substitute these for the D1 and G, we will get P0 is equal to E1 into 1 minus B over K minus R oE into B. So our D1 is replaced with E1 into 1 minus B and our G is replaced with R oE into B. So we implying the price earning ratio, we can say that P0 over E1 or price earning ratio is equal to 1 minus B over K minus R oE multiplied by B. We see that price earning ratio increases with R oE because higher R oE projects give a firm good growth opportunities. Price earning ratio also increases for higher B as long as the return on equity exceeds K. So if return on equity is greater than K then the price earning ratio will be higher than the flowing bag ratio. When R oE is less than K the investors don't like retention, the firm value will be fall and the flowing bag will be on decline. When E expected return on equity is greater than K the firm will be offering pretty reinvestment opportunities to its owners, firm value will be increased owing to the increased flowing bag of the earnings. And where the return on equity is equal to the cost of capital or the K then the firm offers its break even reinvestment opportunities both inside and outside the firm to its shareholders. This means that there will be no change in the firm's stock price and it will remain unaffected. So conclusion here is that higher flowing bag may yield higher growth rate but higher flowing bag may not yield higher flowing price earning ratio for the firm. So now see what is the relationship between price earning and the growth rates? There is a Wall Street rule of thumb that says that growth rate ought to be roughly equal to price earning ratio. This means that price earning to growth or known as peg ratio should be equal to 1. Now how it is equal to 1? Let's see we have RF or risk rate of 8% market return of 6% flowing bag or B of 40% beta of the firm equal to 1 and K is equal to we assume that K is equal to return on equity of the firm which is equal to 16%. So computing the value of G we have G equal to 6.4% and when we put these values to determine the price earning multiples we have an amount equal to 6.26%. So we see that our growth rate is 6.4 whereas our price earning ratio is equal to 6.23 a 6.26 or 6.3 which is nearest to the growth rate. So price earning ratio in this case equals the growth rate that we have computed using our assumptions. But remember that this rule of thumb may not work under certain cases. For that purpose let's say another example now assume that long term T bonds have yield of 2.5% and we assume that K is equal to ROE which is equal to risk pre rate plus market risk premium and that comes to in total of 10.5%. So our G will be equal to 4.2% and putting these values into our price earning model the value come to 9.5%. So we have growth of 4.2% and the price earning multiple of 9.5 times this means that price earning ratio and G are now diverging and the peg ratio is 2.3 that we have determined by dividing the price earning over the growth rate. So this means that while valuing a company primarily through the growth opportunities such type of values can be very sensitive to the reassessment of the growth prospects. Now see the relationship between price earning ratios and the stock riskiness remember that high risk firm will have lower price earning ratio holding all else equal. This means that P0 over P1 or the price earning multiple is equal to 1 minus B over K minus ROE into B. The resulting value is equal to 1 minus B over K minus G here G is replaced with ROE into B. This shows that riskier firm will have higher K the price earning multiple will be lower because the value of the K goes higher the price earning multiple due to this high value will go down. So due to this the lower present value of the expected earnings and the expected dividends for the riskier firm will be there and ultimately the current stock price of such firm and the price earning ratio will also be lower. But there is an exception and that says that a small and risky startup company may have very price earning multiples due to higher growth opportunities and market expectations of this higher growth opportunities during their earlier phase.


How many of you have to ride horses down the road? So let me explain that. That's probably the most dangerous of a situation you're going to find yourself getting into with your horses riding down the road. And horses have a hard time seeing things that are down low. So sometimes what happens is the ditch is down low. And if you've ever noticed that when you ride on the road, what happens is they look at the ditch, so they bend to the outside. Well, what does that do to their ribcage? Puts it right towards the center of the road, doesn't it? So what happens is people end up going down the road, and their horse is veering into the middle of the road. Another problem with that, your horse can't see cars coming up behind. So you're going down the road, and he's looking out to the right, to the outside. He's not seeing a car coming to his left. And wherever their ribcage is pointed, that is the direction they're going to spook. So if their ribcage is to the left and they spook, they're following because their feet are right there. So the ribs tell you where they're about to go and where the horse's legs are about to go. So what I like to do is this. Once again, it's up to me to be situationally aware of what's going on around me. I'm the brains and he's the feet, hopefully. That's the plan. So when we ride down the road, it goes something like this. If I'm riding down the road, and I'm on the right side, last time I checked, we drive on the right side here. When a car comes up behind me, what I do is I get in time with that ribcage swing, and I ask him to step his ribcage to the outside, and I just slightly squeeze and release that inside rain. And so I tell him, notice the ear. I'll ride that ear back. So he goes, hey, there's a car back there. So not only do I show him the car, that the car is coming, but I set it up so if he spooks, we're going in the ditch and we're not gonna go in the center of the road. Does that make sense? Now that's just one little example of how a little bit of dressage work could go a long way on the trail to keep us from getting in trouble. So let's work on leg yield at the trot now. And leg yield would be this. Leg yield would be a lateral movement, but you're going forward and sideways at the same time. Now, when I do this, I will slightly, it's post into my outside stirrup. As I rise up, this is the tricky part. If I need a little inside leg, it'll be as I'm out of the saddle, not when I'm sitting. It's so common that people apply the leg aid when they're sitting and we call that frogging.  So what I do is I think about applying my inside leg aid when I'm out of the saddle. So get going with the trot and think to yourself, this trot, trot. Every time I rise up, I think trot, trot, trot. So I start to establish a nice rhythm. And then what I do is as I'm out of the saddle, I might apply a little inside squeeze with my inside rain and leg slight and I step slightly into my outside stirrup. We're gonna reverse direction. So now I'm starting to squeeze my right rain and right leg and as I'm up, that's when I leg him to move over when you're out of the saddle. You might find that that's a little bit tricky at first. If you're sitting, so let's say you don't post that much. Well, let's talk about sitting. I don't want you to think about sitting down.  It's if the trick to sitting in a saddle and not bouncing is to think about sitting up, lift your sternum. So think about your head going up, up, up. So if I encourage my horse to lift his back, I'm still in the saddle. I have three points of contact but I'm thinking about sitting up, lifting. You see that? So when I lift, now we can step over. We can leg yield. It's the same timing as if you were posting, only now we're sitting. So as I go up, I just think about stepping them over. See? Or go back the other way.  Canter work. Somebody have a question? All right. Say that again. Gated horses. So something about gated horses would be you're still receiving the horses back and I don't want to get myself in trouble. That happens sometimes. But one thing about gated horses is you don't necessarily need to have a chair seat. And we can, I won't spend a whole lot of time on that. What I can tell you is this, the proof is in what you see and what you observe. And when I watch people ride, I get a lot of gated horses in for training.  Now with gating, you still have up. They're still in up. I know it's a little, it can be flatter, but you still have an aspect of I don't want to sit heavy on their back and hollow them. I want to sit in a way that encourages lift. So all those stretches, Paula, my wife, wrote a really nice stretching book and she taught, and so the idea behind the stretches is to get us to lift the sternum.  We're still using focus. All that will apply.


Hello, thank you for joining me. I'm standing by the middle of Mainline at Air's End Lane, which is between St Albans and Harpenden. I come here quite a lot to watch trains, especially at the moment, because the HSTs on this line haven't got much longer to go only a few more weeks at the time of filming, but between the trains there's a very nice area to walk around. It's called Hartwood Forest. It's got some newly planted forests, we've got some older forests, so what if I do, I'm just going to show you around some of these forestry areas while I wait to see an HST, and then I'll put the shots of the HSTs at the end of the video. It's not really a video about trains, but it will start, it started with a train, it will end with a train. There's just so many different walks you can do here. It's known as Air's End Lane, that's the lane which runs basically along the horizon, along there. So I quite often park the car there, I'll walk around these fields, see the trains, I've done various videos from here before on the trains, but then, as I said, I'll walk around this newly planted forest and I thought it's such a nice place, and it would make such a nice walk. Now what I'm hoping is by the time we get into those woods, the bluebells would have come out. It was one of the last kind of a few weeks ago, you could see the bluebells would be coming out soon, but they hadn't quite come out. So what I'm hoping is to find a nice blue carpet across the woods, and then we'll go and have a look on the other side of this woodland. There's another forest, maybe a bit like this, called the Magical Wood. I saw that on the map and I'm really intrigued to see what they've done. So it's all woodland, trust, land, it's a very pleasant place to come. As I say, I park at Air's End Lane. Sometimes I walk to Sandridge, which is a very pleasant village just north of St Albans. I can get coffee there, there's toilets there. You could also park at Sandridge and walk out into the forest this way. So there's just so many walks you can do, and also not far from here is Wheat Hampstead, which is another very pleasant village somewhere I have gone to for walks in the past. Well actually if you want to see one of my visits to Wheat Hampstead in the past, I've looked at link on screen now, that shows the old railway station at Wheat Hampstead, but right now I'm just going to continue on to this bridal way here, and then I'm going to follow it on up towards the forest. And as for views of railways, there's various different cameos you can get of trains. That's another quite a nice view. If a train came along, maybe I'll make and see an HST here at the end of the video. But let's go across to Hartwood Forest and then I'm really looking forward to seeing the blue bells, seeing them all out. So when you get to here, come through this gateway. It says Hartwood Forest, Woodland Trust, they've even got leaflets. So you can pick up this leaflet, it's got a very nice map. But let's just go and see another train, because another template train. There you go. A good timing to come on one go. Right, I'm going to go up here and find the entrance to the woodland with all the blue bells. So up the bridal way I go and let's go and see the blue bells. I've now come along the bridal way, it came over a little summit, opened out and each side of us is newly planted woodland. That woodland there, that is what I said about is the magical woodland. We're going to go in that afterwards. But first we're going to go in here. This is the blue bell woodland. We did the woodland we saw down there as I walked up the bridal way and looked through the trees. I could see lots of blue bells. So it all looks very, very nice. So we're going to go in here. There is currently a one-way system in place, because they probably are expecting a lot of people and because it's obviously the current times, I don't want people getting too close, but here we are. This is called Langley wood, this one. This is where the best of the blue bells should be found. So yeah, let's welcome to Langley wood. Wow, and look at this. The camera's picking up, I can also hear a train. So never far from the railway. Wow, look at that. There's that carpet of blue and ceiling of green. I'm not sure if their best is yet to come. And it looks so vivid. When I look that way, it looks really vivid, but the camera, maybe it's not quite so vivid on camera. But still, it's a very pleasant walk. I'm just going to stop talking for a moment, let you hear the sounds of the birds and the view of the walk. It seems the majority of the trees in this woodland are hornbeams. Have a closer look. I think pretty much every tree in this woodland is a hornbeam. If I see any others that aren't hornbeam, I'll point them out, but it's a very, very attractive woodland. So I'm just going to let you see a bit more of the view ahead. And then when we get to here, there's a bit of a junction. So I'll see which way. It's said one way along here, whether it's you've got to go on a one-way system and the whole woodland. I'm not entirely sure, but let's see what we see. So there's a clear crossroads here. There's another path coming from down there. You get to hear the woodland changes a bit. We've got a few caliphress trees and I just tripped over the tree stump. And then the hornbeam woodland or Langley Woods on that side. Here we have another oak tree. So we're just going to follow our way down here. Once we get down here, we're going to be back near the railway line again. So my plan is not yet to go to the railway, just to follow right around back to where we came in, and then we're going to go and do the magical woodland. So let's just keep going through the blue belt. I'm continuing to follow this circuit around the woodlands. I just come to these trees though. These are really quite cool looking. Look at these. Always nice to see something a bit different. I'm trying to think back to what causes this, whether it's growth within the tree or it's like a bug that's caused it. But if you know why the trees are like this, I think they will look quite cool, but whether it's good for the tree or not. I'm not sure if anyone knows more about why these trees have gone like this. Then do please comment and tell me. I'm now just going to continue to follow the path and soon I'll be back to where I came into Langley Woods, where all the blue bells are. And then let's go and see what that magical woodland has. I somehow think it's going to be very, very different to the hornbeams and the blue bells we have in this woodland. And the blue bells and Langley Woods are behind. This is where we came into Langley Woods. So this is that bridal track.  So like I said, it's worth going down there if you want a coffee or want to use a toilet. I want to park your car if you don't want to park your eggs in there. We're now going into the magical woodland. Now this is going to be interesting because we're, as you can see, this is it. It's a newer plantation and the cherry blossom looks nice on those trees. It says it's planted by the Disney store, so I'm not going to find. So magical woodland and behind us, that's Langley Wood, where we saw the blue bells. So let's go through this new woodland. You can see it looks like during the lockdown, a lot of people from Harpendon's and Albans and Sandridge probably walk along here because it was on their doorstep. And if I lived here, I'd probably spent my lockdown walking around these woodlands. Let's just see where this goes. What's in the middle of this magical woodland? It's all new trees. You can see a lot of hawthorns have been planted various other plants and shrubs. Some young oak trees have been planted. So quite a nice range of different trees and shrubs have been planted. We've got some willows up here. So from looking on a map, it looked like there's like a centerpiece in the middle, which I'm not quite sure how close we are to the middle or not. Hazel, coming and get some hazelnuts. Maybe they probably won't have hazelnuts on them just yet, but obviously we'll be in the future. That's like an unofficial path going off down there. It looks quite nice. There's a lot of more cherry trees down there, so you'll be able to come here and get hazelnuts and cherries in the future. It'd be a great place if you were a squirrel, because I imagine all the squirrels eating all the nuts here. We have another type of willow. So yeah, a real range of different plants. They seem to be probably one of the highest points of the forest. I'm not going to go over there today, but if you go further over, you can actually see as far as Hatfield House from another visit when I parked over at Sandridge. What's this? What did I say about squirrels? Eating nuts. Well, there we go. We have a squirrel eating a nut. Oh, let's see. There's something. I can see some sort of something in the middle, like there's a centerpiece of the, in the middle of the woodland, the new woodland. Look at that. There's the blossom on a young cherry tree. There's some some picnic tables up here. It's interesting looking. It looks as though it's one giant picnic table, if you could have like a banquet here in the middle of the magical wood. Look at that. Interesting idea. Ah, now there's one of my favorite things to find when I go to these woodland places. Sometimes I've seen them at National Trust properties before. A willow tunnel. I've always enjoyed going through willow tunnels. There is, that way, there's like a centerpiece entrance to the magical woodland. So what I'm going to do, I want to get back to the railway to see the HST, so I'm going to put the picture in now. That was what I took on an earlier visit when I just walked past it and actually walked through the magical woodland. So I'm going to continue on now and head on back towards the railway line. As I walked back down towards Air Zenn Lane, I saw this other nice hornbeam woodland. So I came off the bridleway, which runs just to the edge of the woodland along there. I thought I'd walk down through here. So I'm going to go back to the fields now, see a couple of HSTs and then go home. So it's just out here. Basically, I'm getting back to where I started the video. So I'm going to go down there and wait for an HST to come along.


Hi, good morning and welcome to these products in focus. So we've been able to see there that the U.S. there is he has hovered just below potential resistance at 18,112 which also coincides that 21 period SMA. Retail sales came out quite good in the U.S. so we're getting some decent data that's getting a little bit of support for the U.S. dollar and we're still waiting to see what's happening with Greece with the IMF leaving in negotiations yesterday unexpectedly and that having a bit of a knock-on effect against the against the euro with Germany giving basically Germany and the IMF basically saying that Greece needs to get real about the negotiations and apparently drawing up plans for bankrupt sale of the country so things are getting a little more serious in that aspect but it's not holding back many of the European borrowers this morning that are still moving that little bit higher and the Germany 30 had a decent recovery yesterday as well so that's where we currently sit with the U.S. 30 just below potential resistance could if we managed to get a little bit of extra and later on today with the PPI and the Consumer Sentiment Michigan Survey in the U.S. that could be the catalyst that we need but we also have the Eurozone industrial output as well so we're treating you a dollar Germany 30 that type of stuff that will be impacted by those macro data events so looking at the UK 100 and burning months in the commodity market have come off a little bit very volatile session yesterday we were down as low as about 6,800 we were as high as 68 almost 6,870 and we can reverse course ever so slightly this morning off the session lows but certainly not as strong as you would have liked US 30 maybe looking a little bit better but so close to potential resistance so Japan 25 had a good day yesterday trading above that 21 pure SMA dollar yen creeping up again to 123.60 on the retail sales yesterday and that's giving a little bit of extra and for the Japan 225 as well moving on to dollar yen you'll be able to see the was actually much higher at one point yesterday stopping just side potential resistance 124.42 before getting squeezed back down again but slowly creeping higher and it looks to be the 21 pure SMA is adding short-term potential support as well so moving on to cruise more news from Saudi Arabia increasing output potentially that added a little bit of pressure on prices you're still probably looking at 5950 as a potential support level now and it's just creeping down a little bit lower to that the other technical undercares are gonna flattening out to be honest so that's where we currently sit with them then moving on to gold gold as approaching potential resistance at 1186 volatile session again yesterday off the session low still just that this level is to be strategically important as people begin to build up their positions either the next move down to 1137 or for a break above 1186 challenge 1218 and certainly any positive US data you would have thought we've had more of a negative impact on gold so it's very interesting to see that it's whether in the storm a little bit better than what I had them so your dollar creeping lower not able to break the pattern of lower highs here one spot 11's next potential support which also would be the 21 pure SMA other technicals are neutral the MACD histogram slowly moving down and taking a change momentum which isn't that surprising because it does seem to be following over there slightly moving on and finishing with GBP USD we actually have an interesting candle formation here is in it sold off quite aggressively earlier on in the session yesterday only to finish up pretty much where it closed so if those are the bottom of the downtrend that'd be a hammer formation very interesting I think a Harami they call that very interesting to have that the top end of an uptrend who's obviously been bit the sell-off due to the fundamentals only for sterling to recover a lot of lost ground by the end of the session now it's not doing a huge amount first thing this morning but one spot 56 is the next potential resistance we're not that far away they're trading above 20 period SMA we got a bullish cross on the MACD and not a huge amount elsewhere so as I mentioned already we do of course have a number of economic announcements due today the industrial production is at 10 a.m. UK time PPL night at 130 UK time and the University of Michigan segment survey data due at 330 and then if we fast forward on to the Monday there not huge amount and then Tuesday we do have CPI and Germany CPI and the UK PPI and UK and their retail sales retail price index sorry and the UK ZDW business report huge amount of stuff on there anyway so that will give you a bit of an idea of what to expect so Tuesday's gonna be a big day as well so as ever keep you on the chart forum make insights partly later going forward and join me again on Monday to find out what happened next