Thank you. Thank you so much This paper is about road infrastructure and enterprise development in Ethiopia And it is co-authored with Mount Soderbaum and Iroh Salim Siva who are just in the other conference room presenting papers and chairing a session and Get in at Alamu from Addis Ababa University And we would like also to acknowledge financial support for this project by the International Growth Center so We have already heard from yesterday's keynote speech that Infrastructure is of course one of the critical Constraints for economic growth in low-income countries. So these countries have Very low infrastructure capital The quality of service is typically low and of course it's very expensive and you have this combination of things Which make it difficult for businesses What's really interesting is the fact that there is some heterogeneity in the impact of infrastructure when we look across sectors So in fact is manufacturing which seems to suffer the most from poor infrastructure in these countries and this is because of the Transactions intensive nature of manufacturing because it has more Backward and forward linkages per unit of value added as compared to other economic activities There are some other authors who also try to relate the firm size distribution of manufacturing with infrastructure So the market for manufactured goods is very low in aggregate terms in developing countries or especially in low-income countries, but it's also highly fragmented into very localized markets because of poor infrastructure so the The market size the firm size in this condition would be typically very low because they are kind of targeting Very small localized markets and when we look at this Description it actually fits very well what we see in sub-Saharan Africa in the sense that the manufacturing sector is still At an incipient stage and it is typically dominated by Small- and micro enterprises now we can turn this argument around and say that if we increase investment in Infrastructure we should be able to witness some strong response from the manufacturing sector because it is a one which has been suffering from poor infrastructure services and Again from yesterday's keynote speech. We have seen this increasing tendency in African countries to invest now in Infrastructure in a very unprecedented way But when we look at the literature there is actually no Strong evidence which kind of investigates or the study which investigates the relationship between you know the distribution and performance of manufacturing firms with Infrastructure services most of the evidence that we have actually comes from developed countries and there is a very excellent review Paper by Aroso and his colleagues in 2010 summarizing this this literature There are few studies coming from developing countries but almost all of them are kind of addressing issues in emerging and semi-industrialized countries like you know Brazil China India and semi-station countries, so We don't really have you know systematic empirical studies on the relationship between infrastructure and manufacturing performance In the case of sub-Saharan Africa there are a few studies of course in Africa, but they seem to be focusing again on The performance and outcomes for rural households like Stefan Birken on Ethiopia and Renko and his colleagues on Kenyan farmers So this is a case study on or an empirical study using Ethiopia as a case country and It's we're kind of excited about this because Ethiopia The situation of infrastructure in Ethiopia is typical of that what we see in sub-Saharan Africa The country has become landlocked since the cessation of Eritrea from Ethiopia in 1993 so all Ethiopian trade now goes through the smaller port of Djibouti and For all practical purposes Ethiopia doesn't have any railway systems or water transport systems So it is heavily dependent on road infrastructure both for public and freight transports And until very recently the road networks were very very poor and The good thing is the Ethiopian government has made road infrastructure one of its top priorities in the last 15 years And the government has implemented three road sector development programs during the period 1997 to 2010 and The total cost of this program has been about seven billion dollars Which was partly funded by international donors, but most of it again coming from domestic revenue sources and This investment has already started to make a big difference both in the quantity and quality of infrastructure in Ethiopia This is the latest report from the Ethiopian roads authority Showing that for instance the proportion of asphalt roads Which are in good and serviceable condition has increased from less than 20 percent to more about 75 percent in 2011 And the quantity of roads in terms of you know road density per thousand kilometers has increased from 24 kilometers to about 50 kilometers So it's significant increase as I said both in terms of quantity and quality of infrastructure So the basic question we ask in this paper is what has been the response of manufacturing firms to this massive investment in road infrastructure by the Ethiopian government and we have two specific questions the first one asking You know, what is the impact on the distribution of firms across different locations? So does you know better road networks make towns more attractive for manufacturing firms And the second question is what is the impact on the startup size of manufacturing firms? We know that the industrial landscape in sub-Saharan Africa is heavily dominated by small and micro enterprises Now we want to see what is the effect on the startup size because the keynote speaker Today has already indicated that if you want really to succeed in manufacturing You need like mid-sized firms to to be active in the manufacturing sector. So those are the two questions We would like to address This is a preliminary evidence showing, you know, the effect of well not the effect But that's that some evidence showing the change in the distribution of Manufacturing firms in Ethiopia So the blue line for instance shows you the decline in the share of the capital city Addis Ababa in terms of you know Manufacturing firms does decline from about 65 percent in 1996 to just about 40 percent in 2009 and the share of the top five towns in general has also dropped very significantly what this means is essentially That towns which have never been very important for manufacturing now are kind of attracting manufacturing firms And the concentration of manufacturing is kind of declining over time so We have a very Interesting and very exciting data sets which we can brag about We're basically combining two data sources one of them is a GIS based town level panel data on Road accessibility. So this is using geographic information system and it is as I said Sound level indicator and we also have firm level panel data on Ethiopian Manufacturing coming from our collected by the Ethiopian statistical agency This GIS data is very interesting because it starts off from geo-coded project level information Provided by the Ethiopian roads authority So we have information not only in terms of you know the quantity of roads But we also have you know the pavement type and the condition of the roads themselves. So And we use two GIS analytical tools the so-called you know accessibility analysis which Has two parts in it the service coverage analysis and the origin destination analysis So instead of just simply reporting how much government has spent on road infrastructure or what is the quantity of roads? We're kind of looking into what is the impact on you know road accessibility. So it's more of a quality indicator if you like than simple Crude indicators that has been used in previous studies. So based on this GIS tools we have three indicators of road accessibility The first one is area accessible as you see which is simply the total land area that can be accessed by road During a one-hour travel from the towns from the center of the town So we just basically looking into a five kilometer buffer zone on both sides of the road and looking into you know How much? area you can access In a one-hour travel so that is one of our indicators the other one is travel distance again looking into how far you can Travel in one hour again from the center of the city Using all the roads that serve a particular town. So that is the second indicator The third one is what we call the travel time to major economic destination. So we have identified about 15 economic centers 10 of which are capital cities of regional states and we have a few commercial centers So we're basically saying you know what the physical distance of course to this major economic destinations is a fixed Factor it doesn't change but the travel time could change as a result of road accessibility. So those are the three Indicators we have and this is the time trend of these three variables Which would be easier if I show you in this graphical form The green line at the top shows you the decline in travel time to major economic destinations It has been declining by about five hours per annum The red line tells you the travel distance so you can now travel like you know 46 kilometers more in 2009 as compared to 1996 and The blue line shows you the area accessible which again has increased significantly over the study period So this is for instance one One of the GIS tools which allows us to calculate the area accessible. So it's just using you know buffered on Analysis which is which is really exciting The firm level data as I already indicated comes from The annual census of manufacturing carried out by the Ethiopian statistical agency It covers all manufacturing firms that employ at least 10 workers So it basically looking at formal sector manufacturing firms So that is that's our database for manufacturing firms and It has also geographic indicators So we know in which town and in which region each firm is located So we kind of combine these two data sources using these geographic indicators This is our basic Econometric model on the left hand side is the logarithm of the number of manufacturing firms the total number of manufacturing firms I Identifies the town T identifies time Rn is our indicator for road networks and x is a bunch of control variables Now if you apply ordinary list squares to this model the coefficients are of course going to be biased and inconsistent This is simply because The information which is used by government to assign red road projects has a lot of overlap With the information used by manufacturing firms to choose their location So it would be very difficult to identify Whether firms are locating in that particular area because of you know roads or is it because you know economic potential Which the government also uses to assign road projects So we try different estimation methods to overcome this endogeneity of road placement The first one is using the fixed effects estimator Which would be excellent if these road assignment criteria by government are time invariant fixed effects Okay, so you just difference that out and that would be One way to resolve the endogeneity problem But the problem with this With an estimator is that it doesn't capture the agglomeration the dynamic agglomeration effect, which is quite important for manufacturing firms So what we did was we used the Blunderland bond system gmm estimator Which kind of includes the lagged number of firms on the right hand side of the equation And also uses instrumental variables to resolve the endogeneity problem So we can discuss the technicalities of this This model the other approach we used is the so-called proxy variable approach. So if We are we convince ourselves that you know road assignment by the Ethiopian road authority is based on Observable characteristics Then we can include those characteristics directly into the econometric model So x in this model could be expanded to include the the criteria with the Ethiopian government uses to allocate roads So that's one way by which you can you can resolve this So when we ask the Ethiopian road authority on what criteria they use to assign roads The first thing is we didn't find any publicly available information So we really have to ask, you know the managers to tease out What exactly they do and most of the time they they told us they assigned 20 percent for economic development potential another 20 percent for Roads that go to food surplus or cash production Areas basically looking into agricultural potential and connectivity of roads So the problem with this Criteria is we don't really know how exactly they operationalize these indicators. So how do you measure economic potential? How exactly do you capture food surplus? Production so we have to come up with our own proxy for The criteria which the road authority told us Are used to assign roads the first one is agricultural potential We identify regions or districts which have been served or included in the public safety nets program This is a joint a donor funded Program, which is also led by the Ethiopian government. I should say To provide support for regions which are suffering from chronic food shortages So if you are part of this psmb You would be of course located in a low agricultural potential area If you are not included in this program then you must be either food self-sufficient or food self surplus producer And then we also try to control for initial conditions by including the average number of firms during the period 1996 to 1998 And then we have of course population which is also indicated as another as one of the indicators and regional fixed effects Now to the results. So I'll first show you a simple ordinary list of squares estimates Of the previous model, but averaging the total number of firms during the period 1999 to 2009 And okay, and and also for the average for the Road accessibility indicators as well So this is the result The first column shows you The coefficient on road accessibility. That is the logarithm of SEC means area accessible during the period 1999 to 2009 The coefficient is very high if you don't include any control variables Once we include Approxies for road assignment criteria the coefficient declines significantly to about 0.47 This essentially shows you that you really have to be very careful about Indogenous assignment of road projects. So that's one of the lessons we learn And of course the coefficient of lan n 96 99 that is a number of the initial number of manufacturing firms. It's also very significant and Positive showing you that there is of course some persistence in the number of manufacturing firms This is again the same oil less model using travel distance as Indicator then again, we see some positive and significant impact Now let's subject our model to a more strict estimation method. That is a panel fixed effects So you see that the coefficient right here On sec lan sec is positive and significant the same with travel distance at 0.348 And tt or d travel time to from origin to destination has a negative coefficient Suggesting that you know reducing travel time actually leads to an increase in the number of manufacturing firms That's exactly what we expect to see From this kind of analysis So we're very confident that this thing is capturing a very interesting relationship between infrastructure and number of firms And then we subject our model again using the system gmm estimator again, what you see is travel distance And area accessible have a positive and significant impact on the number of manufacturing firms And travel distance as negative, but the coefficient has become less precise in this in this in this specification And the lagged dependent variable This is the lagged number of manufacturing firms again has positive and significant the coefficients telling you again The agglomeration effects But of course the coefficient is less than one which means Places which have never been important for manufacturing before are now Experiencing a faster increase in the number of firms Now the previous three results basically tell you the net change in the number of firms Which is of course the result of entry and exit So what we want to do now is focus entirely on the total number of entrants. So that's gross entry and This is usually a very small number usually the average number of entrants is about three and Most towns actually have or a large proportion of towns have zero number of entrants So usually you would use what we call count data models the poisson model But you have to kind of take into account The fact that most towns have zero entrance. So we used what we call zero inflated negative binomial model And the results shows again a very positive and statistically significant effect of road accessibility Both in terms of you know area accessible and travel distance But we don't see any significant impact on the total number of firms as a result of you know reducing travel time to major economic destinations The last Specification or the last research question we have is the effect of Road infrastructure on startup size. So the dependent variable in this case Is the size in terms of number of workers of a startup firm K in town i at time t as a function of road networks and a bunch of control variables and The results are what you see here A positive and significant impact when we look into area accessible and travel distance And of course reducing Travel time to major economic destinations also increases the startup size of manufacturing firms, which is really really very interesting And these two variables right here in terms of you know, the logarithm of district level population also has a positive and significant impact showing you that demand plays A very important role This specification includes the initial number of firms as one of the control variables And you can see that Although the initial number of firms Has a positive and significant association with the total number of firms The startup size is actually lower If you locate in You know in dense or highly intensive activities Towns with intensive manufacturing activities. So it's an indication of the intensity Of competition if you locate yourself in major centers of manufacturing And then we used the two-stage list of squares Estimator i'm done. Thank you This is you know just to Take into account the indogeneity of road placement again Our instrument in this case is road density in 1990 As instrument for road networks after 1999 So this should affect firm entry The size of entrance Through road networks, but not directly. Okay, so this is because it's an individual Entrepreneur's decision. So it doesn't have to do with The indogeneity issue So we have seen that the road sector development program has made a significant improvement In the quality and quantity of road networks in Ethiopia And of course the number of manufacturing firms has increased during the sample period But we see significant difference across towns In the sense that towns which have never been important for manufacturing purposes have now Become attractive for investors because they are now well connected With the country's road networks now historical centers of manufacturing still are very competitive and attractive for manufacturing firms So as a result of what we have seen the concentration the geographic concentration of manufacturing has has started to decline So this is very important and of course the startup size Is higher in For firms which locate in towns with better road networks I'll leave it there and thank you. Thank you. Thank you very much. Um, Admasi. Yeah


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Welcome to All Hands Update. Here's what's happening around your Navy. Future Independence Class Latoral Combat Ship USS Gabriel Giffords successfully completed its acceptance trials. Acceptance trials are the last significant milestone before delivery of the ship to the Navy. Royal Navy Commodore Andrew Burns, commander of amphibious task group, took command of U.S. Naval Forces Central Commands at Task Force 50 in the Arabian Gulf. This marks the first time a Royal Navy officer has led a U.S. task force in the Middle East and demonstrates a significant step in combined maritime operations. Senior Chief Petty Officer Scott Cooper Dayton, assigned to Explosive Ordinance Disposal Mobile Unit 2, died November 24 from wounds sustained in an improvised explosive device blast in northern Syria. Keep our shipmate and his family in your thoughts throughout this difficult time. You can read more about what's happening around your Navy at Navy.mil.


Hi and how are you all today? The question says if PAB is a secant to the circle, intersecting the circle at A and B and PT is the tangent segment proves that PAB into PB is equal to PT square. Using the above theorem, prove the following. Two circles intersect each other at PNQ. From point R on PQ produced two tangents RB and RC are drawn to the circle, to the two circles touching them at B and C. Then we need to prove that RB is equal to RC. So let us first start with the solution by proving the theorem which is given to us. My hair we are given PAB is the secant to a circle, center O, tangent to the circle. A into PB is equal to PT square. We need to join O to the midpoint that is of AB also B and T. We have joined O to M, A, B and T. This is a line from the center to the midpoint of a chord that means it is perpendicular to the chord. So let us start with our proof. O is the center of the circle, midpoint of the chord AB. So therefore we can write that OM is perpendicular on AB because center to the midpoint of the chord, perpendicular to the also we have PA is equal to minus AM but we know that AM is equal to MB because M is the midpoint. Therefore PB is equal to PM plus this be the first equation. Let this be the second equation. Now on multiplying first equation and the second equation we get. Left hand sides will get multiplied by left hand side. So we have PA into PB equal to PM minus AM into PM plus AM. So here A minus B equals B can be written as A square minus B square. Now we know that OM is perpendicular to the chord. So therefore in this triangle we can write that PM square is equal to OP square minus OM square that is by Pythagoras. AM square is equal to OA square minus OM square that is again by Pythagoras theorem thus we can write PA into PB is equal to in place of PM square now we can write OP square minus OM square and now in place of AM square we can write OA square minus OM square. On solving it has OP square minus OM square minus OA square plus OM square these two will get cancelled. So OP square minus OA square which can be written as OP square minus OT square as OA is equal to OT which is the radius of the circle OA and OT. So in place of OA we can write OT and OP square minus OT square will give us sorry OT square will give us PT square right and this will be by again Pythagoras theorem. Right so we can say that therefore A into PB is equal to PT square and this we have proved. This completes the first part of the solution. Now in the second part to prove E is equal to RC. Let me repeat the question once again here we are given that two circles are intersecting at P and Q from a point R on PB which is produced two tangents RB and RC are drawn to the two circles touching at B and C respectively. We need to prove that RB is equal to RC. So let us proceed with our proof. Here we are given that RB is the tangent to the circle is a C ket right. So using the above theorem which we have proved just now we can say that RB square is equal to RQ into RP that is proved by the given theorem. Now similarly RC is also tangent so RC square will be equal to RQ into RP. This is again by using the above term which we have proved just now. So from one and two from this equation and this equation we get that RB square is equal to RC square since right in size of both these equations are same to each other. So when square of two are equal then we can say that RB is equal to R, C and hence we have proved the second part also. So hope you understood the whole question well and using the above theorem which we have proved just now we can prove the second part easily. So have a nice day ahead.


A fiery horse with a speed of light, a cloud of dust and a hearty hyosilver, the lone ranger. With his faithful Indian companion, Tuttle, the daring and resourceful masked writer of the plains led the fight for law and order in the early western United States. Nowhere in the pages of history can one find a greater champion of justice. Return with us now to those thrilling days of yesteryear. From out of the past come the thundering hoofbeats of the great horse, Silver. The lone ranger rides again. To Red Carson, notorious outlaw gang leader, the law meant little and the rights and lives of the settlers in the far western territory meant less. Carson and his men didn't ride into a town with guns blazing as other gangs had done, nor did they stop a train in a lonely spot by obstructing the rails. The Carson gang had a different way of accomplishing their purpose. At Rock Hill, for instance, his men had infiltrated into town one by one, and the pleasure-seeking crowd in the cafe had no idea that the trouble was at hand until the tall figure of Red Carson quietly entered and stood near the door. All right, you embrace, quiet down. Hey, who's he thinking you? Throw him out. That redhead thinks he's tough. I said quiet down. Look, he drew a gun. Ah, let's run him out of here. This is a holdup. All right, man, line him up and get busy. We're ready, ready. Line up like you said. Hey, look, several owners pull guns. It's Red Carson and he's gang. Good guessing. All right, get their valuables, man. Make it fast. Another time, a train carrying gold in the express car had just puffed out of dry rock. A tall redheaded figure entered the passenger car behind the conductor. Take it, please. Never mind the tickets. Just get out your valuables. This is a holdup. Can you hear you?  Some of you mentioned back in the express car. You ever start gathering up what you get from the folks in here? Come on now, hurry up. Even when Red Carson decided to rustle cattle, the method he and his gang used was unique. Well, Ted, looks like we'll soon have this herd to the stockyards. Yep. The right neighborly have you to come along on a drive with us, Frank. But these cow folks of mine could handle things just as well without either of us. Some of them are new hands, aren't they? Yeah. I got six cowhands in this drive. Four of the six I hired at one time or another during the past few weeks. They're the best ones I have, too. Look, here comes somebody. Oh, boy. Howdy, mister. Nice hurt you got there. Yep, sure is. Me and my men will take over from here on. Hey, what is this? Put up that gun, mister, and use sense. My cow folks... The two ombres right in point were the only ones you could really call yours, mister. And they can't help nobody now. The four new hands you took on are helping me now. Take them away, Lloyd. Here we go, Red. Those of Red Carson's gang and their methods had spread throughout the territory. But no one knew when or where they'd strike next. When the stories about Red Carson reached the lone ranger and his Indian companion, Toto, they set out from Pecos and rode southwest into the territory where the raids and killings had taken place. One afternoon, the two men rode the trail that led to dry galt. The last we heard about Carson's gang, they took over a herd of cattle near the border south of here. Isn't that right? Carson's gang have plenty smart leaders, seem like. Yes, Toto, and a ruthless one. Red Carson is notorious as a killer, even throughout Arizona and New Mexico territory. No one ever knows when the gang is going to strike until Red appears, and it's too late. Isn't that right? Well, they're a good place to make camp for night, Kimusabi. Over to left. Yes, a plump of cottonwoods. There's water there, too. We can stand the rest, and so can Silver and Scout. Ah, we pitch camp and then we go get supplies at Store and Dry Gouch. All right, Toto. Come on, son, get them up to Scout. After simple preparations had been made at the campsite, Toto mounted Scout and rode into the nearby town of Dry Gouch to the general store. Come on, Miss Baker. I think you'll be able to get all that stuff out to your buckboard, ma'am. When I'm not able, I'll ask for help. I reckon some of the left open that door for me, though. I only got two hands. Well, here, hand me open the door. I seem like I saw you someplace before, Indian. Me not, no. Me get to many places. Thanks. There's a woman who's almost as tough as a man. Ain't any wonder, though, her husband was a tough outlaw and killer from up there, Azunaway. Oh, that's so? Yep, he was known as Blacky Baker. Got caught near here a while back and got hanged. Oh, that's not good. No, it isn't. Not if you're on the under-open, anyways. Well, the wife, that's a woman who just went out, bought up a little place about three miles out on the South Trail. She's been living there alone ever since. Believe me, Mamie Baker's independence is all get-out. I've seen plenty tough. Yep, she is. Funny thing, too. She never bought much here until his past week.  Well, Baker woman not have help at place? Very one. Of course, it isn't for me to fret when she buys so much. It means that much more money in the till. What do you want to get in here? Oh, here. Let me give you a small list. Let me come back later. Just a minute in here. I can get this little bit together in a minute for you. Let me come back later. Adios. Let me go have a look at Baker woman's place. Easy scouts. Easy, fella. Get him a scout. Some time later, Mamie Baker turned in at the road that led to her small homestead. But instead of stopping at the house, she drove the buck-board a short distance beyond to a dilapidated-looking bunkhouse in back. There, she pulled up. Send a couple of zombies out to get the supplies in the buck-board. Yeah. Yo, Spike. Get the stuff Mamie brought. All right, sure.  All right. Where's Reid? Out someplace looking things over. Said he'd be back in time for supper. He's got to give me more money. I had to dig my own purse to pay for part of the stuff I got. Don't worry, Mamie. You'll be well-paid for hiding us out here. Reid'll give you more money for supplies when he comes in. He's going to use the gang for anything. He'd better do it soon, Louis. Why? Getting tired of putting us up here? You know that's not the reason. Ed was Blackie's best friend, and I'm glad to do him favors for a price. But with me buying so much stuff, that storekeeper's beginning to wonder. You mean you think he's suspicious? Here's the stuff.  Put it on the table where it belongs. You didn't answer my question, Mamie. Do you think that storekeeper... I heard you the first time. No, no, I don't think that.  It's risky for Red and the gang, that's all. Hey, one of you armbars rustle up some killin' and some water. I'll have everything ready when Red walks in, and then we'll all eat. Meantime, Tonto had followed the tracks of the buckboard out to the Baker Place. It was dusk when he arrived, and as he rode up the entrance road, he noticed that the house was dark. That's strange. An old lighten house. Me wonder if... Oh, me see, lighten, low building and back a house. Easy scum, easy. Me tie you here at Hitchrack, and me go find out who in building it back. Quiet scum, quiet fella. Me not be long. We come back soon. Maybe then we have something to tell Lone Ranger. A few minutes later, Red Carson approached the place along a back trail. Red was always cautious, and this time was no exception. He pulled up a short distance back from the bunkhouse near a clump of trees. Oh, hold on. Tying his horse to a low limb, he approached the bunkhouse on foot, moving quietly and carefully to draw his gun at an instant's notice. Meanwhile, Tato silently moved up to a window of the bunkhouse and looked in cautiously. Seeing Mamie Baker and the outlaws inside, he was about to turn away and head back to the front of the house to get scout. When his sharp ears caught the soft pad of a footstep behind him, Tato swung around and stared into the barrel of Red Carson's gun. Don't move, Indian. Me not move. What are you doing here? Bunkhouse window. Let me look in. Nosey, red skin, aren't you? Satisfied with what you saw inside? Let me see woman fixin' supper for ranch hands. Hmm.  Well, me not no place. Me come long way, village, not near here. Maybe. But no Indian I ever met up with was local enough to think there were ranch hands on a place that shows it hasn't been work for years. Notice. Oh, me go now. Not one trouble. If you weren't looking for trouble, why'd you come snooping around here? You're not leaving here yet, Indian. Well, what you do?  I get going around to the door. All right, go on inside. Ah, me go. Hey, where'd you get the red skin? Why you got your gun on him, Red? I found this sneakin' coyote snooping at the window that came along. Thought I'd better bring him in so we can look him over. That's the Indian I saw at the store late this afternoon. That's right.  Make him tell while he came here, Red. Well, me tell him already. Me not say more. You'll say plenty before we're through with you. Yeah, we got ways to make him talk, all right. Me not say more. Take his gun, Louis. Sure. I got it. The nice gun, too. Too nice for an Indian. Maybe he stole it somewhere. No, gun mine. We not steal it. Now, Red, make him talk and tell us why. Wait a minute. What's the matter, Mamie? He doesn't have to talk. I've been racking my brain since this afternoon wondering where I saw that Indian before. Now, I remember. You do? Where did you see him before? At Blackie's trial. What? He was with a tall master umbrella who helped the Lord get Blackie. Well, that's it. You know who's Indian. You know who we are. Me know. You see, I tell you, Red is dangerous. We can't let that Red skin get away from here alive. The curtain falls on the first act of our lone ranger story. Before the next exciting scenes, please permit us to pause for just a few moments. All to continue our story. At Mamie's words, Tonto tensed, waiting for whatever might happen next. Then, Red Carson spoke. Before we get Red, we've got to get him to talk. He might have been sent to trailers by that mask man you spoke of, Mamie. Well, speak up, Indian. Were you? He'll not talk. You'll talk all right. Do that if he'll not have guns. Let him alone for now, Louis. Joe, you and Spike tie him up. Throw him in one of the bunks. We'll eat supper and then we'll get him a going over until he tells us what we want to know. As the evening wore on and Tonto didn't return from town, the lone ranger became anxious. Removing his mask, he went to a nearby stream and fixed a suitable disguise. Then, mounting silver, he set out for town. Come on, Silver. I sent an Indian after some supplies late this afternoon. Did he come in here? Well, there was only one Indian coming in here this afternoon. Tall, muscular looking, dressed in buckskin. Well, he gave me a small list and told me to get the stuff ready and he'd be glad for it. But he hasn't showed up yet. Oh, that's strange. It sure is. I told him it'd only take a few minutes to get the stuff ready. But after listening to what I told him about Mamie Baker, he seemed anxious to leave for some reason. The stuff's ready there in the county. You mentioned Mamie Baker. Yep, Blacky Baker's widow. She has a small place about three miles out, the South Trail. Oh, what was it you were telling my Indian friend about her? It was nothing to get excited about. Just that I was wondering why all of a sudden she started to buy so much stuff. Seen as how she's living alone and all. I told him she bought so much, but he thinks she had a bunch of cowpokes out there. I see. Thanks a lot. Hey, how about the packages? One of us will come back for them later. Adios. We'll run onto something easy to look for. Come on, celebrate. At the bunkhouse, Mamie Baker with Red Carson and his men ate a hasty supper while Tonto lay tied and seemingly forgotten on one of the bunks. After supper, however, Tonto once more became the topic of conversation. Ah, you've done good cook, Mamie. Yeah, thanks, Red. Now, let's get back to discussing that Red's story. All right. You say he was with a mask man that helped the law catch Blacky. Yep, that's what I said. What I didn't say up to now was who that masked man is, Red. Well, that's right. You didn't. You know who he is? After Blacky left in Arizona we began to hear about that masked man. I reckon you'll know who he is, too. When I tell you he's no one here about says the Lone Ranger. The Lone Ranger? Hey, I've heard of that hombre. Yeah, he works with the law. He never gives up, either. I don't like to think he's after us now. We ought to take that Indian right now. Hold on, Louis. I've been thinking of a plan that might work. Plan? What do you mean? Yeah, what's on your mind, Mamie. If you could get that masked hombre to come out here alone thinking that the Indian had a line on you and the gang you could trap him. I, for one, had liked that. How are we going to do it, Mamie? Well, Blacky told me this Indian got a line on him and trailed him. When the Indian got near the hideout he tied a note onto his horse. Big paint. And then he set the horse loose. That masked man got the note and backtracked on the paint's trail. What's that got to do with your idea now? Just this. Make the Indian print a note saying he's got a line on you and the gang and he don't want to leave. And for that masked man to come here to this old bunkhouse, you get it? Yeah, I get the idea. The masked man don't know we already got the Indian. So he comes here, we jump him and then we got him both. Sounds like a good idea, all right. You can make the Indian write the note and if his horse is still around. Well, it must be around someplace. Spike, go look for it. Right. In the meantime, we'll get the red skin to print a note like we tell him to. If he don't, we'll drill him and be done with it. A short time later, after Spike had reported that Scout was tied at the hitch-rack in front of the house, Carson had Tatto print the note. There. There, note what you want. Hey, what's that at the end of it? Well, that name written in Indian language. Hey, that's good, Red. The masked man will know it isn't a fake with that Indian name at the end of it. Yeah, that's so. All right, Indian, now we'll take you outside and have you put that note on your horse and send him for that lone ranger. Leaving the store in town, the lone ranger rode along the south trail toward the Baker Homestead. The moon was bright, and as he rounded a bend, he saw a riderless horse coming toward him. In a moment, he recognized the horse as Scout. There's Scout in that tunnel. Oh, Scout! Oh, Scout! Oh, Scout! Recognizing the lone ranger and Silver, Scout readily stopped and came close to them. The lone ranger immediately noticed the note attached to the pommel of the saddle and, leaning over, took it. A note from Tatto. I think the moonlight's bright enough for me to make it out. Kimosabi. We find signs that show Carson and gang hiding near here. Not good me leave now. You come alone to Old Bunkhouse and find your place on the south trail. Me, wait there. He signed an Indian word at the end. Let's see. Mean sheriff. Easy, Silver. I wonder if he'd come alone. Yet that word sheriff thought I must have been forced to write this note. That's his way of telling me to bring the lawman. I go tell the sheriff to get some men together. And I'll ride out there ahead of them and see what the situation is. All right, come on, Silver.  Later, arriving at the Baker Place, the lone ranger dismounted and tied Silver and Scout at the hitch-rack in front. Moving quietly, he went to the back and approached the Bunkhouse. The Bunkhouse was in darkness and the lone ranger, knowing he'd be a perfect target in the bright moonlight, carefully kept to the shadows as he moved forward. Once he stopped and put his mask on over the disguise he wore, then soundlessly, and like a shadow, he reached the closed door. He stood for a moment, looking around and listening. Then, with guns and readiness, he lifted his heel and sent it crashing against the door, springing aside as it flew open. The masked man stood listening intently, but he heard no sound to indicate that Toto was inside. He had gone to the Bunkhouse with the knowledge that he was probably in the dark. Yet he was startled when he suddenly heard a low chuckle behind him. Don't turn around, mister. Just stand still where you are. I didn't hear you. I was on the porch roof right over your head. When you kicked open the door, I dropped down behind you. Smart, huh? You learn Red Carson knows his way around. I admit that, Carson. Hey, somebody inside there, light the lamp. I'll have it lit in a second, Red. This move means a bullet in this gun at your back. Get going. All right. Here he is, Mamie. Walked right into our trap. I always wanted to see this. I'll break closed out. Watch out. Don't get too close. Or you'll pull a trick or something, Mamie. We'll take that mask off of him when we don't have those guns handy. You see my Indian friend, tied and gagged on a bunk over there. We knew he'd call out to warn you. We didn't fix it, so he couldn't. There's guns on the table there, Mr. Remember, there's more than one gun pointed at you now. I'll remember. Hey, what was that? His horse, I reckon. Left his horse and the Indians just around the house at the hitch-rack.  All right, Carson. As the Lone Ranger walked slowly toward the table in the center of the bunkhouse, thoughts ran rapidly through his mind. He had recognized Silver Swinney and he felt sure it was because other horses were approaching. As he noticed the lamp burning on the table, a quick plan came into his head, one which involved great risk, but would serve to give him the chance he needed. Go on, lay those guns on the table. I'm going, too. As Carson, Mamie and the others watched, the Lone Ranger slowly put down one gun. Then he reached forward as if to put down the other. But instead, with a sudden sweep of his arm, he swung it crashing against the glowing oil lamp. Hey, what are you not doing? It's dark. Swing the lamp toward the table. As the lamp fell, the Lone Ranger ducked to one side in the momentary darkness and, retrieving his guns, he crawled across the floor to the bunk upon which Tonto lay, suddenly a small flame flickered on the floor. Then the oil from the broken lamp burst into flames. The oil had gone fire. The man smeared his land over by the bunk. Well, it must have hit him.  Let's get out of here quick. Hey, man, come back. The man's getting up. I've got him again. Tonto, you've got to hurry. I'll cut your cords. There. Let the gag loose while I cut the cords on your ankles. That's got it. No, we can talk. Me think them shoot you when we see you laying on the floor near bunk. Good thing they thought so too. That fire's getting bad. Let's get out of here fast. Now, the sheriff may as well arrive. We'll have to use the window to get out. The flames are coming the door. Not good. First time, hurry. The air feels good. There's one of them, Matt. Look out. Thanks, Sheriff. Well, I guess we got them all, Miss. Right from that burnt bunkhouse held two. They came running out of air into our arms almost. Let's go over and make sure they caught Carson. He was wounded in the shoulder. You haven't got anything on me, Sheriff.  Her keep outlaw's here in Bunker. I don't see how the sheriff got to find out. You and Mamie Baker aren't as smart as you thought, Carson. I don't trick you with that note. Indian name, me put on at the end of the note, was word for sheriff. That's right. There was enough to let me know he was in trouble. He did plenty of help. That mess down for his two dog on smart. Yep, smart enough to take care of you, Mamie. And Carson, too. Well, we got them all, Sheriff. Good enough. You have enough men to take care of them, Sheriff. Adios. Come on.  He hadn't got near that lamp and knocked it over. I reckon he would have found some other way, Mamie. He's like that, you know. Why, he even fooled me when he come to get me without his mask on. I thought he was somebody the mask man had sent. You mean you saw him without his mask? Yeah, sure did. But he fooled me once before like that. In both times, his face was different. I guess nobody will ever see his real face. Is he Carson? It takes a much smarter man than you to put one over on the Lone Ranger. This is a feature of the Lone Ranger Incorporated, created and produced by George W. Trendle, directed by Charles D. Livingston, and edited by Fran Stryker. The part of the Lone Ranger is played by Brace Beamer.


Good morning, everyone. So we're going to switch topic pretty drastically. I think one of the cool things about Slush is the diversity and the type of things that are brought here. And so going from sustainable food production to video games. Really excited to be here and shed some light on this vertical. So before we start, I just want to ask the audience, how many people here play games, like consider themselves a gamer? How many play PC games, mobile games? Any League of Legends players or e-sport fans? You are? OK. What about Fortnite? Well, not a lot of gamers. What about Candy Crush? OK. Cool. So I guess using that as a start off point, I wanted to ask you, Dan, very high level. What are the platforms, geographies that are most exciting to you and Tencent right now? Sure. Can I check? Thank you. Sure. Thanks. Great to be here back at Slush. Thanks for everybody joining us today, Jason. You know, honestly, I'm kind of playing to the crowd, but the Nordics is obviously one of the most exciting geographies for gaming globally. This is my fifth Slush and 20th or 30th trip to Finland in the past couple of years, and it's always impressive what comes out of not just Finland, but the rest of the Nordics as well. Europe in general is very exciting for games. America is also where we spend a lot of our time and focus. I think as a Chinese company, of course, we've been very lucky to be in the Chinese market, which has been growing very rapidly over the past few years. We're seeing some strong growth in other regions as well, but it seems like for us, at least, the US, China, Europe, sort of the main territories for games that we play in, we've less experienced some of the other territories, but that's a lot of fun. Got it. And so one of the first, I guess, trends that is on a lot of people's mind is this idea of gaming becoming more mainstream. It seems like more and more people are engaging actively with gaming content, playing games themselves. How do you see that kind of playing out? Yeah, I think I'm a little bit older than the average crowd, I suppose, but when I was growing up, it still wasn't really cool to play games in America.  And one of the interesting things, I think, for kids these days is it is cool to be a gamer, and it's not something that you have to hide. And as nerd culture has taken over, being a dungeon master in D&D is now something that's cool. And so as the comic culture extends through Western society, just a lot more people end up playing into games. And you ask people to self-identify as a gamer, and we've got a lot of gamers here, and that's great, but there's a lot of people who won't raise their hand and say, I'm a gamer. But then if you ask them, if you look at their screen time for what they've been playing on their phone, what's been on their phone open or what's on their PC? And yeah, they've spent six hours or 12 hours in the last week playing this game, but they don't consider themselves a gamer. And so I think that's been good for the whole industry, is it gets more mainstream, you get a lot more people dropping into it, and you get a lot more sort of innovation emerging as it becomes more common for people. Yeah, and I think to your point, it does seem like it's not just a subculture anymore in different parts of the world, especially China, for example. I think League of Legends was actually the most watched sport of any kind. So more hours viewed last year than the NBA and then professional football. And so it's becoming more and more a part of people's lives outside of the actual in-game experience. I mean, just to add to that, I mean, we're very happy. This year, for the first time ever, Chinese team won the World Championships with League, and it was a cultural event in China. It wasn't quite like the train stop and everybody goes on the streets and celebrates, like if you win the World Cup, but it was an event. It was a major occurrence. And I think the West is also becoming, it's becoming more mainstream for those types of events when you have major streamers, television shows, the Fortnite phenomenon that's occurred recently. It's interesting to see how the new generation is so excited by all that. I think it's really good for the industry overall. Yeah, and to that point around these games that have really large global audience, the games like Fortnite League of Legends, it seems like it's becoming ever more important for companies to kind of build and engage communities as like a core strategy for launching games and running games. Like how do you see kind of the importance of communities impacting games going forward? Yeah, so we've always believed that, especially for a game as a service, or a game that's gone for a long time, the strength of communities is really strong and League is really, you know, Riot is really one of the preeminent examples of that. But we also see it in a lot of other areas where a community comes together and finds themselves online or offline in the old days. And they gravitate towards a certain experience and a shared social experience, and while League was a huge example, I mean, there's lots of other smaller examples, I mean, or more niche examples, I should say. There's a company in New Zealand called Grinding Gear Game to make a game called Path of Exile. I don't know if anybody here play Path of Exile. It's not a huge game, but those who play it are really hardcore. So thank you. So it drops a new season every quarter and when they drop a new season, they share it to their Reddit forum and Reddit at the front page of the internet and not every time, but every other time maybe, it makes it to the number one post on all of Reddit because it's kind of a small community of, I don't know, tens or hundreds of thousands of members in the Reddit sub-forum, but they're so excited about them and their game drops a new season that it becomes the most popular thing on the internet overall that day. And so it's really impressive to see sort of like the strength of these strong communities in the number of years that they will stay together and form friends and meet up offline and have gatherings. I mean, sorry, another example closer to home is, I don't know if everybody here's from Stockholm who plays Paradox games, but Paradox Interactive makes some really deep grand strategy games that are super popular amongst grand strategy fans. Very complex, very deep experiences that go for years and they have a gathering every summer in Stockholm. I think this year's actually in Berlin in October for PDXCon and it's great to see the offline support that comes from these communities that play the game for a long time online, but then will also gather offline and become real world friends, et cetera. Yeah, I think to that point, this idea of people playing games, becoming not necessarily just something they do in their off time or something they do behind closed doors, but it's something that becomes part of people's identity and extends outside of like when they're actually sitting in front of their computer or on their phone screen playing the games, they're actually using it as a way to connect with other people with obviously similar interests and yeah, seeing how it's driving a lot of different types of content and different forms of entertainment outside of the game itself. I think one other recent trend is this idea of operating game as a service, so no longer are companies just launching a product at retail with a big bang and then hoping that people will stick. How do you see this kind of shift in strategy impacting how game companies go moving forward? Yeah, I think this is a really good cross pollination that's kind of occurred between East and West. I must confess, I'm not actually a gamer.  I played some games growing up but I'm not a super hardcore gamer, so I won't even doing this for a few years, but when I started, when I joined the company five years ago and started interacting with more and more games companies, I noticed that in China and Korea and Asian games companies tended to be these free to play but operated for a very long time, live operations or games as a service, whereas the Western gaming market, mobile free to play was just sort of beginning, PC had a little bit of free play, not too much and console really didn't have much of anything at that time. And if you fast forward to today over the past five years, all of the Western sort of console and or mobile and or PC, there's still a great paid game ecosystem that exists, but on top of that has now been layered a great free to play games as a service, live operations type of business model that has allowed the Western gaming companies to just enjoy a tremendous success, continued success and greater success in recent years. And that cross-pollination sort of from East to West has worked very well. There's lots of things we've taken from West to East as well, but that's a great example of something that I saw sort of Western companies discover a new business model that can do really well for them there. Yeah, and along those lines, you see a lot of developers used to trust and trust third-party publishers with the ability to launch games because they had relationships at retail distribution, et cetera. And I think you see more and more Western developers considered self-publishing, building their own infrastructure to directly connect with gamers. And I think you see that now most obviously with like Blizzard for Overwatch, Riot for League of Legends and Epic for Fortnite. So let's talk a bit about a couple of the genres that have kind of blown up the past few years and then look forward to like what areas there might be opportunity for new gaming startups. I would say the last couple years was marked by a lot of people trying to create MOBA games to piggyback off of the engagement around League of Legends. I think last year saw a huge rise in the number of Battle Royale style games both on PC and then on mobile. How do you view these type of trends? Like what can you do to spot them and kind of what are you looking at going forward? Yeah, this is a tough one. And just so it's not too much inside baseball, but I assume the gamers in the audience all know, but for those who are not, like me, not as familiar with games, MOBA is a multiplayer online battle arena. Genre that League of Legends or Dota, these types of games, sort of emerged in the late O's I guess and really became super popular in the mid-teens I suppose. And it's been going strong for a decade and it's a great new genre. And then this new Battle Royale, which came out of a Japanese movie from the 1980s, I believe originally, and Hunger Games popularized as well. Hundred people drop onto an island and last man standing wins. Type of gameplay came out, there was Arma and then there was King of the Kill and then became PUBG player in Battle Grounds and then Fortnite and has now emerged as this huge new genre of growth. So one of the things that we look out for as a company and we think about is gaming to a non-gamer, it seems like one industry, but within the gaming industry, if you play MMOs, you don't necessarily play shooters. And if you play shooters, you don't necessarily play MOBAs. If you play MOBAs, you don't necessarily play match three. And so each of these genres is kind of distinct. They're almost like distinctive, interactive entertainment genres. And so when a new one gets created, actually layers on a whole new group of players come and drop into the industry, a whole new burst of revenue comes into the industry as well, all new burst of creativity comes into the industry. And so what we've seen over the years is as you layer on new types of genres into different platforms, you actually grow the pie exponentially because you have both new platforms, new geos and new genres coming out. So one of the things that we're really impressed by, or we see the health of the, a good indicator of the health of the ecosystem is that you do have these massive new genres like PUBG or Fortnite Battle Royale emerging and bringing a lot of new sort of players into the industry. The million dollar question that you're always, as an investor, you're always looking for, a billion dollar question is, what's that next new genre going to be? Or what innovations can you do within an existing genre to sort of emerge? And that's hard to answer. If I knew that, I'd be doing my own games company probably, but kudos to all the founders who are going after that. For sure. And I think one thing based on these last couple of trends is there's a lot of popularity around taking these existing game modes and trying to like port them to new platforms. So like taking a League of Legends, putting on style gameplay, putting on mobile, taking Battle Royale, putting on mobile. And I think one thing that game companies should be kind of cautious of is like, who is the target audience? What games are they playing? And like what experiences do they actually, like do they find fun? And I think in a lot of markets like people who'd play League of Legends on PC, it's tough to get them to switch to play the game on mobile. That doesn't mean there isn't an entirely different audience of people who would be interested in playing a mobile game on mobile as evidenced by Honor of Kings in China. And so I think thinking really carefully about the audience and what they're currently playing and what they find fun is important for developers. So taking a step back from the games themselves, we talked a little bit about a platform. So PC, mobile, like new app stores, et cetera. How do you look at kind of new platforms emerging as a potential opportunity or a potential challenge? Yeah, so when you think about platforms usually for distribution, after consoles, there's PCs. And after PCs, there's web games. And after web, there was mobile. And now there's a lot of talk around AR, VR. And I think the web gaming emergence in the West allowed it was a nice bump. But it paled in comparison to the growth of what happened when mobile games emerged in the emergence of the iOS and Android platforms. And when a new platform emerges, you actually have new emergent gameplay, because different controls, different habits. And that's when you have like small teams, like six guys in Helsinki can create a Supercell. Or a small team in Stockholm can create Candy Crush. Or these huge new companies that emerged, they all came out around when the mobile gaming platform came out. So when a new platform emerges, you have this great opportunity and a lot of innovation. And then as the platform gets bigger and bigger, sometimes it can be harder to get distribution. And so the channel becomes more important. And so I think 10 years ago, there were teams, 15 years ago, gamers would say, I want to build a console game. But then AAA became so expensive, you need $100 million to do the graphics right, and to do a AAA quality console game. And so web and then mobile immersion. So these small teams that didn't have $100 million, they wanted to try something new. If you're spending $100 million, you're probably not going to try some radically new concept and innovate some radically new idea. And so you have these smaller teams that are more willing to try new things. And they experiment and they come up with things. And then you have Clash of Clans emerges or something of that. But then now, if you fast forward to today, mobile has become a very difficult place to get distribution. It's very hard to break through. Finland has a small giant as one of the exceptions, approves the rule, recently emerged into the top-grossing mobile games. Kudos to them, they do a great job. But they are the exception, approves the rule.  And in the past few years, a lot of people have dropped back into PC with Steam democratizing sort of the ability for a small team to make a game and publish it themselves and not have to buy a ton of traffic. Then that allows five or 10 or 15 smaller teams to break out and try new innovative things. We've seen a sort of renaissance in the PC gaming era. So I'm not so sure about VRAR right now. There's some really cool experiences out there but that maybe the distribution hasn't quite gotten to the scale. But there's some really new opportunities that emerge when you have a new platform coming out. And so whenever that time comes, it's a great time for new companies to emerge. Yeah, that actually dovetails nicely with one of the questions we got from the audience. What needs to happen for location-based or AR games to become mainstream? And I think that's an interesting one because if you think about it, one of the most played games in the world already is Pokemon Go. I think since Apple included Screen Time and iOS, people are realizing how much time they spend walking around catching Pokemon. But in your view, how do you look at kind of like AR as in addition to the mobile gaming experience or just that platform in general? Yeah, I think for location-based, obviously Pokemon's a cultural phenomenon and has encouraged a lot of people to get out and walk around in the real world. And that's a very successful example of location-based games. I think for AR, in a near term, there needs to be more distribution. So I assume that the major distribution platforms in the West would be looking at ways to get more ARs to be mentioned to Apple and there's several others that could get behind us in a really big way and really drive a lot of sort of adoption. I personally was fairly down on VR, AR, just because I'm not a gamer, so my opinion doesn't really matter, but it kind of made me dizzy and I wasn't sure I'd like to carry the headset. But then I heard Tim Sweeney from Epic gave a talk one time about sort of what their Unreal Engine can do and rendering in real time near perfect virtual reality and how that could be integrated into sort of mixed reality and augmented reality. And I came out, this is two or three years ago, he said it, and I don't know if it's five years or 10 years or 20 years or 30 years away, but it feels like, I think the catch phrase that we were joking about saying, matrix is coming, and it feels like in our lifetimes that will probably occur. I'm not sure it's going to be in the next couple of years, so if you're a startup who only has 18 months of runway, I'm not sure it's a great use of resources right now, but I think definitely in the next half decade, decade, a couple of decades it's gonna be huge. Yeah, and I think AR presents this unique opportunity where anybody who has a phone has the ability to be a gamer and a lot of these developers who, especially if you have IP that a lot of people recognize, like Niantic obviously with Pokemon and then Harry Potter, you can integrate AR experiences into any app and use game mechanics to turn people who think they're just playing something, like getting information on their phone into an actual gaming experience. And I think there's a really unique opportunity for generally app developers, not just game developers, to create gaming-like experiences within their environment through augmented reality. Well, I think we have time for one more question. It'll be an extension to what we talked about, the platforms. So Epic Games recently announced in Launcher Store and then Discord also has gone into using their platform to distribute new games. What do you think of, do you think it's a good thing, a bad thing for there to be like fragmentation in terms of like where people find games and how they develop and deliver games, et cetera? Yeah, I think it's a good thing to have more competition and I think it's a good thing. At the end of the day, I think that gamers will go where the really good content is going to be and if they have a game that they really want to play, they're going to, you know, I remember being on a 14.4 dial-up modem and having to leave things on overnight in order to download the game that you wanted to play. So you'll go through pretty, you'll jump through a lot of hoops in order to get to the content you want. And I'm reminded of, I think I was reading the Jaws biography and I remember when the iPhone came out, the introduction of a 30% commission was I think a drastic lowering of sort of what the distributors were able to be taking at the time. And now if you have more channels of distribution, you have some competition in that area, even publishers, people who are on their own platform but people who take other people's games and publish them, such as ourselves in China, we have kind of advantage in publishing games to China, but even in the West you have other developers, you have to work harder to prove that you're valuable if developers have the option to sort of go direct. And so I feel like whether it's for publishers or for platforms, you know, everybody having to work harder to sort of do a good job of distributing a developer's game, getting it to the right community, providing advice and or marketing support and or operation support. I feel like that's all a good thing for the upstream developers because it allows people who work harder to get more games, more interactive content into more people's hands, helps the illness to grow, helps, you know, all sorts of good things happen. Yeah, cool. Well, that's all the time we have this morning. Thank you guys very much for being here this early and listening to us talk about video games.


There's like a weird, addicting- Let's try one. Let's try one. Let's try one. You need to give it a couple attempts. I like it already. I'm not sure my dizziness is gonna like this, but oh. I'm not gonna lie, I was very hesitant because I don't really like candy, but. Ooh. It actually, well done. Yeah, well done. It's not super spicy, so for all the listeners. It's not super spicy. Yeah, it's like mild flavoring, yeah. Two or three out of 10 because we don't wanna alienate someone. But the thing about this is like, I'll go from flavor to flavor. So starting off, I didn't love the watermelon, now it's one of my favorites. That's pretty delicious, actually. Yeah. That's way better than I thought it was gonna be. Yeah. Oh yeah? Yeah.


news update. Happy Friday everybody I'm Tommy O'Brien coming to you live from TFNN Friday afternoon coming into the long weekend and we got markets right now barely in the red little bit of volatility this morning in both directions you make it up to 3810 in the S&Ps quite a little sell-off we go from a price point in the S&Ps of 3816 you trade down to 3753 you're talking about what is that 4757 63 S&P points to the downside since then we're up a bit S&Ps right now 410s percent in the red Nasdaq a little bit lower your negative by about 810s percent you were as high as about 11600 you're trading right now kind of near session lows 11,439 the Dow is off 122 points that's 410s percent Russell negative seven points at 1700 crude coming into the weekend we were as high as almost 109 on two occasions earlier this morning and also at about 1230 right now you're at 108 on crude you're still up $2 and 26 cents on the session gold's pulling back recently you accelerate from 8 a.m. at 1782 you were above 1800 just under that level now to 1799 you jump over to no 10 bonds and you're talking about a yield right now where are we let me pull it up you're talking about a yield of 2.9 percent on the dot we were as high as 1204 on the 10-year and just like that you pull back almost a full point 2.9 percent the yield on the 10-year you were far below that level you take a look at the 10-year on a daily I was talking about it on my program this morning we have had a few bounces in this 10-year the bounce we had back in early March the bounce we had from the lows of May 9th to May 25th this is a daily chart we have up here this bounce you got as high as 1204 you're talking about almost six full points from the lows that we made back on June 14th and 15th but since then you pulled back a whole point in almost just a few hours trading on the 10-year we jump over to the VIX coming in to July 4th holiday and even with the market that's negative 13 points right now that's a daily the VIX waning in a big way as we come into the weekend look at that drop off from 29 to 2763 as we've clawed back some of the losses that we had in this market and what do we have going on folks manufacturing growth weakening not many economic numbers out today but this one out there in ISM falling to 53 you're talking about the lowest level since May of 2020 pretty startling when you put it that way and don't forget folks this is the last weekend for tiger dollars check it out double dollar bonus of bonuses up to a 40% bonus on your purchase on the front page of TFNN that runs through Tuesday July 5th stay tuned folks we got our man Dave White coming up live at 2 o'clock Tom O'Brien my dad wraps up the weekend


Hello and welcome back to the craft box. My name is Brenton today. We're in episode 168 of the Wizard 101 death walkthrough last episode if you haven't checked it out already We made it up to twin giants and finished off the floating mountains Hello That helps ease my pain somewhat at least enough that I can think clearly again I see you are no cousin at all, but the shape-changing magician tell me your story quickly I Will help you against the shadow to follow the umbra legion you must pass to the amber giant Adornment volcano the shadow queen left the corrupt moon skull in the cave near the great doors Defeat Malinky tears of night for the amber king. Okay so in between episodes I had to defeat five of those grim clacker and They are annoying. Oh, let me tell you that they have lots of health So I need to really get sharpen blade ASAP so I will probably I know that like I need to do that like soon But like I'm gonna do it even more soon than soon. Maybe Yeah, maybe I don't know we'll see we'll see how much free time I have But yeah, they they have like four thousand health so Oh Not suffering. Let me turn you into something. I'm dead Okay, of course, you're dead. Okay, of course, you're dead Hmm hmm I want to get as much damage on the grim calakka as possible. So I might Put in a You have like an extra blade or something that would be cool with sharpen blade TC. I Don't really want to use that though So let's not Don't think we do Unless we just use a one of these ones Where is it? Where is it? Where is it? Where is it? Where is it? Yeah, put in those again. Well, you start using this again, I suppose I just don't like taking all the damage, you know, but we'll deal with it. It'll be fine Okay, well, we got that straight off the bat. That's why it's nice and A reshuffle as well. So yeah, they have like nearly five thousand health Like here's more health than me like the minion has more health than me like how's that there? Who knows? Yeah, so Hello avenging fossil also need to get this soon Yeah, that's a thing Okay job Okay Yeah, they crit a lot as well these guys and this is annoying. I will tell you that Why not Why not we will get this we will probably heal just before we put up a blade, maybe The only problem with death is that if you're gonna use death kills you can't be blading and That is annoying and I really dislike it, but that's cool As long as he doesn't get too many perps he can create a helifant ice helifant and it does a lot of damage and Let me tell you if he crits with traps it does like nearly two thousand and ouch Um Let's do that. Sure. Why not? Why not? Okay, nearly four half again. That's cool We will stop letting us both since we can do that Blades we have them so that's was good and discard you and draw one of Anything really? Okay. We will do this blade here dark pack first You don't thank you See a dark pack first then we'll get all the other ones. They can't remove blades or I don't think the minion can You can do anything suspicious last time like storm spells or myth spells. So I'm just assuming you can't and Pretty sure that the boss won't He is I said though apparently so that's interesting He did not give it to our shield. Oh, hello. They crit this all the time. It was like a thousand. It's like what? It's like, oh, please game stop. Oh My god, don't say we're just gonna get twice on with the same spell Please don't trip Thank you Far less like 500 Okay Not that bad, but still quite a lot of damage. We're nearly dead already. Good job Yes, we need to blade We might die which would not be good Not good at all Hmm, we don't even have a hurt we might have to hit the boss first Cuz I don't want to die because that would be bad really Wow, okay That's cool not Not in the mood for this. Okay. I'll be back in just a bit Okay, I am back.  If not, we can always scarecrow So yeah, I don't have like full blades only have four but he's got a faint anna Converts, so I thought we'd do decent damage and really I just needed health. So yeah Here's how So, yeah, we'll do this blade I'm thinking a scarecrow probably I might actually try and faint both of them just because they have a lot of health Yeah, it sounds like a good idea faint both of them and then we will hit with a crow Probably sounds good Lee. Oh There's a long lucky. Okay Thank you Hopefully we can find another fight. Okay. Hello. Hello. Hello there What do you want what you want? Yeah, what do you want them? Me to not heal or something. Who knows?  That was rude Very very rude Super rude.  You shouldn't be able to tower shield Stop tower sharing if I don't tell showed you shouldn't tower shield Okay Do you understand me? I mean we could play it again Let's do that Let's just make this battle Ridiculously long for no reason that makes complete sense Okay, that's a lot.   Oh My gosh, this game hates me Please stop stop. Don't you dare if this kills me If this kills me if this is a shield It's about to say I was gonna ever cadabra Ever cadabra this was Didn't even crew it why can they couldn't I can't it's kind of unfair I know I have like no crit chance, but like still It would be nice sometimes Okay, that's it like nothing.   Oh He's also dead. I didn't hit a prism up. So I mean it's probably just as well But still That actually do a lot considering here to be I didn't have a prism up I'm proud of myself now. I thought it wasn't actually too bad. I would have done quite a bit if there was no tower shield Okay, we will put you up. I Don't think we can faint again So that's always a thing What do we have inside?  Oh, please do not tower shield I'm so done with this boss. Honestly.   I'm gonna be here for ever. Just as well. I have reshuffle The spell takes forever And it is bad Very very bad. And now you have my house.  Thanks guys. I'm great I am triggered very very triggered One word to describe me right now triggered Super triggered Please die Well, if I crit he would have dead, but no, you're not no crit no dead, you know how it works No crit no dead And he no dead so Okay, we need a reshuffle now we need to save for reshuffle, okay Yay, my favorite job to save for reshuffle. I love reshuffle and how many pips it costs I really wish it costed zero, but I mean that is kind of okay, but I mean it makes sense Literally just can't do anything for like forever, so that's great. Good job game Just making me skip more battles later. That's cool. Ha ha ha ha make this episode really long with just one boss Okay, that makes complete sense Reshuffle finally Okay, where there we go. We have cards now Thank you and Okay, thank you no TC's that's unfortunate How does your natural attack do so much like what the hell? He's on steroids seriously So rude really rude actually I don't approve of this doing so much. We don't need you We're gonna discard you because we can and we're gonna do you It may run out by who cares Stop tower shielding.   I think it's um too reliant on tower shield This is gonna do so much stop. I am so triggered so triggered So triggered Like there's no one more triggered than me Yeah That is a true statement. Okay, we can hit the X. Yay Scarecrow here we go. It's about to say if you tower shielded. No, I Would not be happy. Oh That's a sign it's telling me we need more power But if you tell us shields, I am going to be So stupidly annoyed like so triggered Thank you if I die, I'm gonna be so triggered Why do you just spam that like what the hell? What's your obsession with that natural attack? Seriously? It's not even good.  I don't like it anymore It's rigged It's rigged. It's rigged. We're not even full health. What is this? Geez this game's so rigged Hello, I'm back. I know I hope you gave her a hurting. She's not likely to forget I hope so because she shielded so much Use the amber key to open the door that leads through the amber giant find the winged tooth village They are distant relations to the Aztec or source my people and the winged tooth are not friendly We compete in the high places still they are infinitely superior to the umbra legion I hope the winged tooth survived Okay, that's this one here. Yes You examine these enormous doors. There's no way this tiny amber key could possibly unlock these monstrosities Better ask we Connie Okay, good job Good job. Good job. Okay Knock doors great doors. I don't even know how to open them or what's behind them No, use the small hidden door. Let me tell you exactly where yes, you've got it It will lead you into the dormant volcano the amber giant go through the amber giant to the winged tooth village You need to find their leader, but you may have to settle the winged tooth nights down first Okay, just repeat your information. That's cool Okay, hello this door here Okay, cool. There we go. Fantastic next part of this area. Yay Slowly making it away. Okay. Well, I'll be back once I've defeated six of these guys. Okay. I am back finished defeating those guys Yes Outsider you wish to help us our village was assaulted by the Ombran age They kidnapped our Queen Chosca down on the hour, but you could take who shakes the earth our most renowned warrior Let a raiding party into black tooth gorge to fetch her back But now the raiding party is missing. Can you search for the lost winged tooth nights in black tooth gorge? Okay, then Those guys were annoying they they love their earthquake like seriously Gotta love that earthquake But yeah, they span that a lot so be careful of that one Yeah, and basically that's about it. They're just annoying They're just honestly annoying They have quite a bit of health and they're just annoying.  I'm kind of getting sick of it as take a like seriously just want to get into Chrysalis So yeah, just saying just saying Greetings wizard the shadow queen is about to find Huracan and then the horn will call It's not too late to enlist in the umbra legion now would be a perfect time to join up I'd even get a bonus for convincing you. No, I understand The winning side is not for everyone as a consolation. You are welcome to my prisoner He bores me too. Please free me if you have honor Yeah, I kind of have honor Thank you for freeing me I hypnotized the flying frog Patrick Kutik kill the wizard.  I am back just hopefully killing First time I tried this I died Not gonna lie, but hopefully this time we we critters both times. That's good So this battle every hit that I've done which is to I've crit, so that's always nice Yeah, you did bye did so much holy Holy moly Okay, they are post Nope My head is finally clearing. Thank you wizard. I will meet you outside this place of darkness. Okey-dokey See you that wasn't too bad I went for the fire first just because I don't want to be effrated and like Oh, I don't know what to do because I've put feints on everybody. Why can I not leave? Thank you See I went for fire first. He has more health by 1,000 so yeah I Crit both times all the time though. I'm gonna change realms because I was getting a lot of lag for some reason I'll let us go back to home Let's go home Scarecrow So yeah, it wasn't too bad I managed to do it. So I mean there's always good I mean if I managed to do it, I'm pretty sure anybody else could manage to do it themselves We tried to rescue Queen Chaska from the Om religion, but we were overpowered. Can you help us? That speeder has set up camp at the base of the Malachite giant below the pyramid of the falling star They have closed the gap behind them and nearby cave holds the dawn of Deus if you fetch it we can open the way Okay, so I think I'm gonna end off the episode here Just because I've been recording for a long time and I need to get this video up because I started it kind of late So it's all my fault just blame me But yeah, thank you for watching remember to leave a like and subscribe next time We will continue on with the twin giants get closer and closer to Shaboba So yeah, remember to leave a like subscribe if you haven't and remember craft outside the box


Hello and welcome to the session. In this session we will learn about rationalization f in rational numbers. In rational numbers root 2 root 3 and so on are also called radicals or cells. As they cannot be written as squares of any rational number. Now let us discuss some properties, operations and radicals. Now property number 1 is addition, fraction or radicals. Now root 3 plus root q is not equal to root p plus q, but root p plus root p is equal to root p. That is, like radicals can be added, like radicals cannot be added. Now the same property will hold subtraction also. root p minus root q is not equal to root p minus q, but root p minus root p is equal to 0. That the like terms can be added or subtracted, but unlike terms cannot be added or subtracted. Now the second property, the multiplication of radicals. Now root p into root q is equal to root p into q or root p q and if a rational number is multiplied then we obtain into root q is equal to p root q. Now the third property, now here root p root q is equal to root p over q. Now let us discuss, we obtain the number, rational number is equal to root 14 which is an irrational number. root 2 into root 32 is equal to root 64 which is equal to 8 is a rational number. Therefore, we obtain rational numbers. For example, we are getting a rational number. Therefore, these two irrational numbers are the factors of each other. A rationalizing factor root 2 is equal to root 16 which is equal to 4 rational numbers and we are getting a rational number. Therefore, these two irrational numbers are rationalizing factors of each other. Now the definition of rationalization is the process of rational number. Now the rationalized rational denominator is when denominator numerator to denominator. Now let us discuss one example for this. Now here solution for this. Now here the rationalized root 3 we will multiply and divide it will be root 3 into root 3 by root 3 root 3 over root 3 into root 3. Now here 3 is a rational number. So we obtain a rational denominator. The denominator multiply the denominators that is q3 and conjugate but we are changing the sign in the middle. Let us discuss one example for this which is rationalize. Now we will start with the solution of this. Now here the conjugate 4 minus root 3. Now multiply root 3 by root over 4 plus root 3 into 4 minus root 3 over 4 minus root 3. Now this is equal to 3 into 4 minus root 3 the whole, whole upon 4 plus root 3 the whole into 4 minus root 3 the whole which is further equal to 12 minus 3 root 3 whole upon. Now using the formula of a plus b the whole into a minus b the whole it will be a square minus b square. So it will be 4 square minus root 3 square which is further equal to 12 minus 3 root 3 whole upon 30. The denominator is 13 which is a rational number therefore we have learned about rationalization of irrational numbers. This completes the session by this session.