Coming today, I have the responsibility that you've taken on. You need all your spare time and I'm glad to have a few minutes of it. The role of Vice Chairman for our annual anniversary dinner dance is one not to be taken lightly. The success of this dinner is in your hands. You're to be commended for your commitment of time and resources for such a worthy cause. Although I must admit being one of the dinner honorees, I'm a little biased. That event has grown every year. Under the excellent leadership of Keith Brown, your dinner chairman, Russ Reynolds, 1988 promises to be one of the best ever. Nancy and I are looking forward to an exciting evening on February 2nd. Although I won't be a candidate myself next year, I'm told Frank Ferenkoff, I intend to campaign aggressively for our nominee. And I will too. I don't know how many of you saw the big debate on the air last night. I thought one side was totally demagogic. The other side looked like pretty nice people. Well, making this event is critical for the success of the Republican Party. We need to elect a Republican president to continue our policies and programs and we can only do that if we have the necessary resources. So I really just wanted to say thanks for all you're doing to keep up the good work. And now I'm going to go over here in front of the final place and push somebody aside and be able to thank each one of you personally. Here we go. Thank you very much. Let's get out of the way.  Thank you very much. I'm going to keep it up. See you. Good morning everybody. Michael Isio? See what you want to do. We've got a room in the hall red. Right here sir. President Chancellor John's Ward. Thank you for inviting us to be with you today. I want you to vote Sue Tyler. Our NCAA Fuel Locker Championship team, Sue Tyler. Mr. President, Sue Tyler is also the coach of another national champion in La Crosse. She's probably one of the few people ever that have had two national champions. Well, congratulations again. Ladies and gentlemen, ladies and gentlemen, congratulations to all of you. I think an important part of your arriving at that was beating somebody like North Carolina. Well, I'm sorry, I apologize for being late. We started the day this morning with a meeting with the Congress and I found out that every time early in the day I meet with the Congress, I'm behind schedule for the rest of the week. Oh dear. Well, it's a pleasure to have you here. And I know that I'm supposed to get someplace and have some pictures taken and I'll have an opportunity to greet each of you. But I just wanted to be an old-time athlete myself. I wanted to tell you a little story because of your game. Concerns of men you might have heard of named Canute Rockney, who was one of the all-time great coaches of football, Notre Dame. And back in those days, the Carnegie Commission had been formed and started to find out if there wasn't something wrong with all the emphasis on athletics in our universities and colleges. And the other coaches appealed to Rockney to come and represent the game in football. This was what they were aiming at.  And Rockney said, well, what would you suggest? And the professor said, well, hockey. Rockney's answer was, he said, I know. He said, I once suggested that to the father that is the president of Notre Dame. And he told me that Notre Dame would never endorse a sport that put a stick in the hands of an Irishman. That fits you. President, I think they'd all like to shake your hand. I understand that's the drill from the bosses that be. Yes. Do I move or do they move? I go down the line. President, may I give you a kiss, please? I shaved extra clothes, though. Nice to see you. Hello. How are you? Nice to see you. How do you do? I'm going to take my chance. This is our athletic director as a president. Thank you very much. Lou Perkins. We really appreciate you doing this for us. There's a lot to learn. I'm going to be an important part of the jukebox. And the chance of the whole university in this sport that you've brought now to the championships. I'm how are you doing this? We appreciate this. Thank you. Thank you very much. Thank you very much. Wait, just a minute. Let the skin of mine out. We're okay. All right. Hey, guys. Listen, this is the coach. I'll take ten caps. Thank you. When I told the girls we were coming, every one of them said, Oh my God, it's a no. So we have a few presents. When does it work? Captain, would you like a hat? Well, thank you very much. And there we have it. It's my shirt. And I understand Mrs. Reagan was a hockey player. Yep. And we have a hockey stick with Mrs. Reagan so that she can practice up again. I'm sorry. Well, thank you very much. We have a lot of seniors who might be able to use her now, too. Yes. Well, thank you very much for having us. I'll ask her to show me a little little present. Uh-oh. Uh-huh. And this is Mr. Perkins. Now we have it. Well, thank you. Thank you for having us. Thank you. Oh, hat on. Oh, yeah, I know. This would be good with a ranch. The world has changed enough that I've been denied some things like that. I can remember when the President used to go to the Army Navy game and sit on one side for a few more. There's a little matter of security that says you can't do that. This guy's your attorney. He just told me, I'm just getting behind schedule. Thank you all for the demonstrations. Thank you. Thank you. Thank you. Thank you. Appreciate it. Thank you. It's great to have you all here. This is the, as you know, called the Roosevelt one. And up there, they haven't told you that is theodore Roosevelt's Nobel Prize that he won. That was given to him for settling the Japanese-Russian war. And sometimes when I have political groups in here, I enjoy telling them that he did it in a typical Republican style. He was sitting on a private yacht. Hello, Gene Whiteworth. Hello, there. I'm niece, Katie Whiteworth. My brother, Jeff Whiteworth. My sister-in-law, Mira Whiteworth. Hello, there. My brother, Frank Raiflow. Hello. And my husband, Matt Toss. I think they'd like us all in a family group here in front of the fireplace. You and me get in the middle. Uh-huh. All right. Hey, B.C., I'll come here. You should do it. Chef, one more person on this side. I'll let you decide who you want to go with there. The Nixon bachelor. Oh, yeah, the Nixon bachelor. And just a little bit this way. Yeah, okay, that's perfect. Okay, great. Everybody's looking here. You can smile, too, right? Here. Here. Great, thank you. All right, thanks, B. Thank you, Mr. President, for everything here. I'll see you. I'll see you later in the other room. Thank you. Come on, Daddy. Come on, Daddy. Okay. We have to go home. We're sure you're doing this. I know you're busy. This is my son. Your nice stuff. A little bit. Let's get your pictures here. Hello, there. Nice to see you. Hi. Good to see you again. Hello, there. This is our little girl, Ann. Ann? Hello.  She's been rehearsing when I saw you. Stage points. You others? No. Judge Kinsey. Judge Kinsey. I remember with Bill Smith's, Chief of Staff to you. Yes. My mother, Doc Burnley. Long time Republican activist in the General Assembly in North Carolina when Dad, Jim Burnley, and I'm all the time Republican activist. And my mother-in-law, Wanda Sattie, and ex-Sattie. From Iowa, you can listen to you on the radio out there. I used to have a report in my games. She played basketball. She used to have her quarter games to you. Yes. And I can tell you something. If she has told you about that in Iowa, in the state basketball, basketball tournaments, the girls' basketball always outdrew in a densest sense. Well, she was one of the players. That's what I'm saying. I wanted to ask you one thing. About the picture you used to hang on behind the old moon. I wondered what became of that portion of you. Do you come with a light over it? I don't know whatever's happened, but I'll tell you what I have up the ranch. You know, moonlight doesn't exist anymore. I know that. Well, that little piece of board over the door that burned in it and moonlight in it. Yes. That hangs. Oh, look at that. Moonlight is in the ranch. Someone sent it to us. I used to go there and look up and see that. It went happening. It went on to California. Moonlight would be another story. Probably one of the ones. Okay, good. You want to get over here when you know it's on. Have you all gathered around here? Certainly. You want us over there? Yeah, I did. So everyone. We tried to detect land on the moon. There we go. Tom, we're trying to see. There we go. There we go. There we go. There we go. There we go. We did it. Oh, yeah. Is this a... Okay, that one's the real thing. Can we get everybody to look right here? Smile. They didn't really. They can sort of reorganize. One more. Thank you, sir. Thank you. Thank you. I understand you've been momentarily affected while I'm setting up the work. That's right. That's right. That's right. We're in here. The whole office there. The crowd. The manager. The manager. The manager. The manager. The manager. The manager. The manager. The manager. The manager. Okay. We're going to, a few of Jane and just stage matter per second. We're going to take all the rest of the family in the room She's been rehearsing. I want to say to you about the distance. That's that stage. All the stage together. We did that real quickly. Just the floor. Do I need to close the door? Okay. Do you want the kids? Thank you very much. Well, I think we all go in. Go in together. We're just going to stand. We have landed. Mom is going to carry the landing. Come on.


Today, I have the pleasure of speaking with Amanda LeCasse from Linus. How are you today, Amanda? Good. Thanks, Tracy. So, everyone's talking about the US-China trade wars presently, and of course this affects wearers' front line. Can you tell us what this really means to the overall market? So I think on balance, it's actually doing the market some good, and also not helping the market right now as well. But I think that having major international economies speaking about rare earths is a positive thing. I think that the rare earths market is quite a small market. And so, if you're, for example, the CEO of a car company, you're not going to think about rare earths if you're looking at your bill of materials, and in $25,000 bill of materials, rare earths may only be a couple of hundred dollars. What you are going to do is care about rare earths when you can't get them because you can't put your car on the road. So I think that the discussions that are going on about rare earths, which are precipitated by the trade tensions, is actually good because it causes a focus on our industry. On the other hand, anything that distorts markets is ultimately not good for markets. So it's a bit of a double-edged sword, and we think that the increased interest in rare earths, however, at this time, is probably net positive. And I think that a lot of outside China markets and customers are thinking very seriously about how do they secure their future needs. Of course, the media headlines, Amanda, are rare earths. I'm getting emails nonstop. The views and the traction on our website, for instance, are not reflective of actually the size of the actual industry. So I am assuming that the US government, for instance, would be reaching out to you for advice. Can you confirm that you've had talks with them? So we engage with governments and we engage with customers all over the world. I think the last time that there was a crisis, the famous crisis of 2011, you had interesting responses. In Europe, they set up a research alliance which studied rare earth supply chains. In the US, they launched the legal case in the WTO. In Japan, they funded Linus. And the result of that is that the Japanese rare earths processing market and consumption has increased by about 60% since 2012. And the growth in the market has directly tracked Linus market share growth in Japan. And so I think that what you see is that where you have secure and reliable supply, that you have a strong and growing market. So we talk to governments and customers all over the world, but what we talk about is it's not just about what you dig out of the ground. It's about the whole of the rare earth supply chain. And you need to be thinking about that as you're putting policy settings. Well, I think you've, of course, drawn our audience's attention to a topic we've often covered, which is that there's a lot to rare earths. And the technology for extracting them, of course, is a major component. Would you like to comment on this? Because we're seeing a lot of news media about, of course, speculative rare earth resources that are a far distance away from being extracted from the ground. Sure. Well, we, we often say that in our business, we have three really significant things that set us apart. The first is our Mount World resource, which is recognized as the premier resource throughout the world. And it is so high grade. It is a high, through tier one resource, high grade, long life. It is so high grade that with some of it, we don't even need to put it through the concentrator before we process it. The second thing is that we do have the benefit of being first market. You know, we are the only non-Chinese miner and processor of any scale. But the third and the point that you're making, Tracy, is that you can't just pick up a textbook and start processing rare earths tomorrow. Every resource is different. Every resource has its challenges. And actually, the Chinese who are true experts in rare earths processing are careful not to export their technology. And so for us now, we've been running a rare earth separation plant here in Malaysia for over six years. And we have developed IP within our business with respect to how to separate those materials. So it is not easy. And we have the scars on our back. And it's quite funny. Our operations manager was asked not long ago, well, if you had the chance to do it again, what would you do differently? And he said, I wouldn't do it. So that gives you a sense of the level of complexity and challenge which is involved. And of course, with all of the increased interest in sustainability-related issues, can you tell me whether or not the Americans will be including Australian resources and some of their mandates to have non-Chinese-sourced critical materials like rare earths? I believe so, Tracy. And there's been a number of joint communiques between the Australian and the US governments. And most recently, actually, he's still there at present in the US, our Prime Minister Scott Morrison. And as part of some of the comments which have been made, and particularly in the joint interview that occurred out of the White House with the president and Prime Minister Morrison, they referenced the fact that the two countries would continue to work closely and work even more closely on the supply of critical minerals and rare earths in particular. In addition to that, you will have seen that we announced in May a memorandum of understanding, working with Blue Line in Texas, your home state, for the establishment of a rare earths separation plant there. Initially, that will be focused on heavy rare earths, which are used in even smaller quantities than the light rare earths but which are critical in their various applications. So we've noticed also an increase, of course, in some of the share volumes, but not really the share prices overall. Do you see this actually translating to an increase in rare earths, say like the run-up we had in 2011 and 2012? So we had a small spike in price when the trade tensions first really got a lot of coverage. And after Xi Jinping went to visit the Magnet Factory in southern China, but the prices dropped back. And I guess this is what I would say is the other piece of the trade tensions is whilst it's a good thing that we have focus on rare earths. On the other hand, particularly inside China, it has had an effect on business confidence. And so the Chinese economy has slowed. And I think when we talk to our Chinese friends that I sense a difference in the way that they're thinking from the way that they had before. And so the market demand in China has been relatively flat. And I think there's many months now where the automotive demand in China has actually declined. And so I think that's translating to still relatively soft prices. The good news for us is that demand outside China remains very strong. And so whilst the prices and where we would like it to be, it's certainly still a fair way north of where it was two or three years ago when we were really living hand to mouth in terms of cash. Well, Amanda, thank you so much for providing us with some insight into what's happening with the geopolitical issues on rare earths presently. Thank you. Thanks, Tracy.


Bioimplants should meet important surface integrity criteria, such as improving wear and corrosion resistance properties. To achieve this, a special approach must be taken during the cutting stage. During this research, the impact of cutting parameters on improving the surface integrity of AISI 316L steel was evaluated. The mean roughness, saw, value was found to be in the range of 0.73 to 4.19 microns. An increase in the cutting speed from 150 meters per minute to 200 meters per minute resulted in an average grain size of approximately 31 micrometers. Further increases in cutting speed resulted in an average grain size of approximately 52 micrometers. The austenitic microstructure of AISI 316L steel with typical precipitation of carbides on the grain boundaries was refined at the near surface layer after the machining process. Changing the cutting speed determined the hardness of the treated and near surface layers. The maximum hardness was reached at a depth of 20 micrometers and decreased with the depth of measurement. It was also noted that at a depth of up to. This article was authored by Christoph Swajka, Joanna Ziellinska Swajka, and Tomasz Chusepisinski. We are article.tv, links in the description below.


Minor League Baseball gave us one of the more bizarre box scores you'll ever see. We've got a no-hitter going on in the seventh inning, and it's a seven-inning game. So three more outs, and the game ends, and the no-hitter's intact. We've got a three-oh count, so calm down. Just throw a strike, kid. Strike, there you go. How about another? Uh-oh, ball four. And the crowd's like, whatever. It's not a perfect game. It's a no-hitter. Let's just keep it moving. We want to get going. We want to go home. Ball one. Ball two. Ball three. Come on, kid. There you go. There's a strike, three and one. Ball four. Ooh, what? What? These guys like, uh, yeah. I like that. Next batter, first pitch. Pop up. One out. Two to go. Ball one. Ball two. Ball three. Strike. Ball four. Oh boy, this guy's happy again. Loves the walks. The lady's like, what is that? Oh, what's going on? We want to go home, dude. Come on. He's like, oh my God, one more. And the base is loaded. She's like, haha, I'm paying attention. You don't have to tell me. Pitcher takes a deep breath. First pitch, strike. Good camera work. Next pitch, strike. Next pitch, strike three. You're out. There you go, one more. There you go. Yes. Yes. That guy didn't clap. He scratched himself. Yeah. One more out. No hitter. And they win the game. Woo.  No way. Hey, man. Maybe let's do the strikes. Strike one. See what I'm saying, dude? Strikes. Strike two. One strike away from winning the game. It's over. Oh no, umpire says no. Oh, they thought that was a no hitter. They're cheering like they're gonna see a no hitter. Look at this guy. Here we go. Hey. What? Not a no hitter. The next pitch is hit to center field. Camps under it. There's the no hitter. It's over.  He drops it. And since there were two outs, the base is clear and now they're losing.  That pitcher comes out and he's like, I guess I walked him, but he dropped that pitch. I'll miss that call. Number 20 comes in, says don't worry, guys. I'll hold it here. And they're mine. They're mine. Uh-oh. He hits that guy. So now it's first and second. Oh, the one guy clapping up top left. Come on, dude, be cool about it. He's hurt. Oh, no. First and second, two outs. He goes outside, gets the strike, comes inside, hits the next batter. Oh boy. Bases are loaded again. He's hit the first two batters he's faced. There's a strike and there's another strike. One strike away.  And the fifth run scores. He's hit three batters. She can't believe it.  And he's gone.  Okay. Next. Oh, up and in. Up and in for ball. This batter's just getting the hell out of the way. Hit the first three batters.  Four pitches, walk, another run scores. Coach says, hey, ma'am, let's take what you're doing, flip it, do the opposite. There you go.  That's a wild pitch and another run scores. Seven runs now and we got a two or three, two count and he hits that batter. But that's cool. No problem. Cause first base was open, you know? Who cares? That guy just got up and left the, oh my God. How? This is bad. Oh no, can't believe it. What is going on? The coaches, they're looking exactly how you think they'd look. We have foul ball, 0-1. Okay, another foul ball, 0-2 in the dirt, but we're all good swinging a miss. They get out of it, but they did give up seven runs on no hits. They were one strike away from having a no hitter and winning the game. Instead, they lose the game and the other team celebrates and they put up seven runs and win the game without recording a hit. It's unbelievable, but awesome for us. We get to enjoy it.


the cleanup's begun. That was quite the blizzard last night. That was crazy. That was a pretty bad one. It didn't last that long though thank god. It lasted a few hours but it sure dumped a lot of snow here in Sudbury, Ontario. But they got everything cleared up now. I got my load info sent through to me. Looks like I'm picking up a load of reels. And it's going to Edmonton, Alberta. I'm sure I'll be taking it straight through. We're going to be going right past home. So I'll be home tomorrow. I'll be able to take a reset at home. And then we'll follow on through, deliver it into Edmonton after that. It should work out just perfect for when they want it there. So I've done my pre-trip here. My truck's all ready to go. I'm all ready to go. Just waiting for old blue just to warm up a little bit more yet. I don't like to make it pull anything at all or move it at all until everything is properly warmed up and moving. Parts are too expensive nowadays. I can take the extra 15-20 minutes. It's not that cold outside. It's probably about zero Celsius, 32 Fahrenheit. So it's going to be a good day. Just wants it doesn't snow again. It's going to be a good day. Yesterday was a good day. It wasn't a good evening. All right, everybody. Let's rock and roll. Let's go see how bad it is out there. Nothing's frozen. Fantastic. Trailer brakes engage. Trailer is attached. And trailer brakes release. It's my little checklist every morning. I have to swing wide this way and then go back around because the exit's on the other side. Unless I can get through here. Looks like I can. Okay, we'll go through here then. This was, remember, this was all packed with trucks last night. Oh, one second. I want to get that. Oh, never mind. There it goes. Just wanted to get that ice off my wiper blade. About 17 or 1800 kilometers to home and another 14-1500 to Edmonton from Homes. Turn right on, cross on Culver and then. Albano, Ontario, small town. Sort of just a cluster of people living in the countryside here. Little ways down the road and around the corner is my shipper. I've looked up the location already. Looked up their business on Google and saw a couple of pictures of the kind of freight that they load up there and that they make. It seems like it should be pretty easy. Just big giant circles, big reels.  Are we loading those things? That's not what I was expecting. That's not what I saw on Google either. That can't be it. Oh, see, I think it's those things over there. We're going to talk to them and we'll figure this out. Let's get her done. Edmonton needs some of these reels. We're going to bring it to them. Okay guys, let's take a look at what we're dealing with here. Big steel reels. They're very light and they're all banded together. So they're one piece. Oh, not all of them, but it rolls one piece. We've got, we've got no worries about everything rolling forward because the step is right there plus that big piece of freight which is tied down, right? It's not going to go forward. Keep them in place, keep them in place, keep them in place, keep this guy in place. Now we've got to worry about this guy rolling off the back, right?  Right? Now that's not enough, obviously. You have this guy here just holding everything down and then here you have this strap holding it down. You have this strap as a secondary, just in case this one breaks, this one will hold it on and in case both of those break, I have it chained. So three points of securement here to hold this reel onto the trailer and hold all the freight up there against the step. So this stuff ain't going anywhere. Very light load. I'm happy with it. It's going all the way to Nisquo Alberta, which is just south of Edmonton. It's over 3,000 kilometers or over 2,000 miles. I'll be delivering it there. It took me a little while longer than I wanted to here, but that's the story of my life. Everything takes just a little bit longer than I wanted to or a lot longer. Let's go. I stopped by home on the way. Let's go. See how far we can get today. We're going to be taking Highway 17. It's lightly snowing. Temperatures about minus two Celsius, 30 Fahrenheit, an hour from Sudbury here. We're going to go through Sudbury, so pretty much right back past where we slept. Not even close to being overweight. Don't got to worry about that. It's going to be a good day. Let's see how far we can get. I'm not too sure where we'll make it to yet. We'll plan our trip as we go. It'd be nice to make it to around Thunder Bay or something. Okay, he's turning there. Okay, good. Go for it, bud. Go for it. Ah, I would have gone for it. Okay, you can wait for me if you want. It's a pretty big, big metal working place back in the bush there. Surprised the municipality hasn't given them a bigger road because a lot of heavy trucks come down here, I'm sure. It's like 10 times just in case.  My steer tires just want to push. This whole trip start to finish is 3,133 kilometers. It's what, 200 or 2,100 miles or so. We got enough weight on our trailer that we don't have to worry too much about traction or being blown off the road on the prairies. But we're light enough that I don't got to worry about spending an arm and a leg on fuel getting it there. It's like the perfect load. According to my gauges here, like I'm guessing we're probably about 65,000 pounds gross. Between 65 and 70,000 pounds gross. So I mean, we're not that light. 65, I'm going to say. 55 to 60. I don't know.  All I know is I'm not even close to being overweight and that's all that matters. 200 meters. Turn left on Highway 64. So this town here, this is the town of Albin. This will take us out onto the highway, Highway 11. It is a four lane divided up to the Sudbury area and then it goes two lane divide or not two lane divided, two lane all the way to the Manitoba border with little bits of four lane at Thunder Bay. Long two lane road, especially in this season. You go through gallons of washer fluid. Come on, old blue. You're doing good. Take this stuff to Edmonton. After we deliver an Edmonton, we'll get a load home or, well, who knows where we'll go after Edmonton. But next the following time I'm home, old blue is going to get a full service. Such a messy day out there. Such a messy day. Everything's just slush. It's cold. It's wet. Summertime, beaches, palm trees right there. Warm water right there with no sharks, no critters. Nothing that wants to kill me. Beautiful ocean. That's where I'm imagining myself. Yup. There's a tiki bar over there. Joke's aside, I want to make some food for myself here now. We need to put something in my belly. It's the last of the, what is this, the maple and brown sugar. Really good. Throw that out in a bit. Grab a bowl and then, I don't know what you guys do it, but for me, when I put hot water into one of these like disposable bowls, I always put like a disposable plate underneath it just because my table here is plastic and I don't want to melt it. I probably wouldn't melt it, but hey, now it's definitely not going to melt it. Mr. Quaker, feed me. Starving. All I had was like a, what do you call those things, a fruit cup, like a big fruit cup this morning. What's going on here? Hey, they're not open at all. What's going on? There we go. Two bags. Two bags. I am hardcore. Two bags oatmeal for me. And this is my kettle that I got for Christmas from the wife. Works so good. Heats up a whole liter of water in seriously like 10, 15 minutes. It's breaded boiling. Yeah, like 10 minutes. It also has like a safety feature in it. When it's done heating up the water, it doesn't stay on. It automatically turns itself off, which I like. The other one definitely didn't do that. I use all disposable utensils and cutlery and bowls and stuff. Oops. That's still good. Five second roll. Five second roll. Oh, almost had the changes to the 10 second roll. It's good. All disposable stuff because I don't have a sink in here and I can't wash dishes. I mean, I could probably find a way of doing it, but it would be a lot of extra effort and work. And I don't have anywhere to put that stuff in here. Very small truck, but I like it that way. So we do what we can. Okay. So while that soaks in here, I know that's not going to be enough. So I'm going to have a granola bar too. Crunchy Valley. I'll put you right there. And I'm going to make some coffee. Killing like three birds with one stone here with one kettle, three birds, one kettle. Even my coffee cups are disposable. I have the mugs. I have those heated mugs that I do use sometimes, but it's hard to wash them on the road. And I don't want bacteria growing in there by the end of my trip because I'm not washing it properly.  I don't know. Make my instant coffee. The Nest Cafe. House blend. I usually like a medium blend, but I know some people don't like instant coffee. I actually don't mind it. And it's very handy to have in the truck. It's been working really well for me. This way I don't have to buy coffee. I don't have to buy food. I do all my grocery shopping when I'm at home. Saving a whole ton of money. Like a lot of money. You know what? I'm feeling wild. I'll put another half scoop in there. I'm going to be flying off the walls. We're going home. Partay. See that? And I could make my oatmeal and coffee with one kettle. And I'll still have hot water left over for other activities. Not much, but there's almost a whole kettle. A little bit left in there. We got it. Found it on Amazon. And it just plugs into like a cigarette lighter. This is my stir stick. Behold. What? No, it's not a knife. Why would you think that? It's a stir stick. Look at it. Stirs the coffee. See? And then my cooler down here I have my cream. I don't want to take too much time here because I already took more time than I wanted to to pick up this load. I want to get as far as we legally can today. Yeah, see? Put the little creams in here. Uh-huh. Uh-huh. Uh-huh.  I actually have stir sticks on order. They're coming. But for now, that works just fine. And we got coffee. We got oatmeal. We got a granola bar. We got a load. And we're headed home. Oh, it's a good day. It's a good day. What more could you ask for, right? Yes. Oh, that's so good. Smells so good. And Sioux St. Marie. And yes, I'm fueling in Canada. I don't really have a choice. I'm in Canada. I got a lot of comments on my video the other day saying that I thought I was only going to fuel in the US. No, I never said I would only fuel in the US, or maybe I did. Maybe I misspoke. What I meant anyways was that in the winter season, I would never fuel in the US if at all possible before. But now it's reversed. If at all possible, I'll fuel in the US because I save so much money there. But I can only fuel up at certain travel plazas and certain points around the continent, right? And in Northern Michigan, there was no point for me to fuel up between Thief River and here. We get discounts at certain travel plazas and stuff because of my fuel card. So it's still cheaper to go to the designated or like they don't tell me where to fuel. I just have certain like certain travel plazas where I my cards work. That makes sense. So the fuel here in Sioux St. Marie is astronomical. Remember I was talking to you about how the fuel in Manitoba was $2.06 per liter. It's $2.30 per liter here in Sioux St. Marie. Way off the charts. Way off the really expensive fuel. And if I had any choice right now, I'd be jumping over to Sioux St. Marie, Michigan, just over the border there, quickly go fuel there and come back. However, in a commercial vehicle, that's that's not legal. I can't do that.  Because then you got to clear that freight to go into the states and you got to clear it to come back into Canada. A big headache, big headache just for no one's going to do that. No one's going to do that for me. That would be nice, wouldn't it? Bridge. The one bridge that connects eastern Canada and western Canada. The most critical piece of infrastructure highway wise our country has. In the event of a war, all they'd have to do is take out this bridge and cut the country in half. We'll move our military back and forth. Quite a vulnerable position to be in. But hey, no one seems to care. I'm going to sleep here in Nipagon tonight. I'm going to pull into the petro pass, go straight to sleep, and we'll finish this vlog up in the morning. Found a pretty good parking spot here. I'm at the petro pass in Nipagon, Ontario. This guy knows didn't beside me. That's okay. That's why I chose the spot. Oh, I know no one's trying to like back around me. They can just drive straight in or back straight in. I've had a couple of different neighbors this morning already. Everyone just keeps parking here and running into Timmy's which is behind the pumps over there and grabbing coffee. But we do have to bring this vlog to an end. We drove just over a thousand kilometers or 600 miles. It was a good day. We're going to make it home after this. Have a good reset at home and carry on with this load to Edmonton. Well, Niscue, which is just south of Edmonton. I call it Edmonton because more people know where Edmonton is than where Niscue. It's just south of Edmonton. Make sure to hang it out everybody. It was fun. We'll see you again tomorrow.


Welcome folks, this is Tom O'Brien of TFNN. We have five days a week, we go seven hours a day, we go 24 hours a day on the internet at tfnn.com. Always remember folks, whatever you think about, you bring about whatever you focus on grows. Hope everyone like, having a great day, safe day. It's making a great night, a great week folks. Always do your best but don't overdo. This is a great card, Ben. Always do your best but don't overdo. When you overdo, you deplete your body and you go against yourself and it'll take you longer to accomplish your goal. My good wise, let's take a look at it out here. We have the Dow Industries down 329. NASDAQ up 29, S&Ps off one and a half. Go contract down $9.60 straightened at 19.12 an ounce. We had Silver down 26 cents, 24 dollars, 10 cents an ounce. Lights recruit up 92 cents, 80 dollars, 78 cents a barrel, notes and bonds, a 10 year note. Traiting down two ticks at 1.1422, the 30 year off seven at 1.2925. Let's see, we're yielding a 3.531 right now in the 10. And that 10 year note, that is. King dollar, King dollar's up 145 ticks, trading 102, 350. Euro's at 107, yen's at 128 and the British pound is at 122 to one US dollar. iPhone number's 877, 9276648, give us a call folks. Want to know what's going on in your world and the world of the S&Ps, let's take a look at them. Let's go in the futures, cause we just did the update with the E-mini, with the spy rather. So let's take a look at what these futures look like because the real kicker here is gonna be, can this market get positive at the four o'clock mark? The reason I'm saying that is that we know the contraction of volume is a monster out here today folks, okay? So if it doesn't hold price, that is saying that we're gonna go south tomorrow also. So what we have is this, we take a look at this. So the first, look at this man, this is always gets intriguing. So what time was that? That was it, that was the 10 o'clock. So 10 o'clock this morning, did get the surge higher. That was, what was that, how many, come on? That 80,000 contracts versus 34. Yeah, see it made a, made a, the lunge up had volume, 80,000 contracts. That's when we got to 40, 16, no, 40, 30, 34. But then what ended up happening, the test, watch this drop off, it's huge man. You went from 80 and it was only 20 minutes later, you did 38. Then you come south. Yeah, we're going south on the close. So see this bar right here, this bar right here, the last bar that's 10, 20, 60 minutes ago, that bar has volume, man. The bottom of that bar is a 4012. Well actually, hold on, that's not, oh no, 4088. So that's eight points lower than we are right now. That's in the RSMP. We go to the NQs, we take a look at the NQs. We do the same type of exercise inside of the NQs. So, same setup too, man. Actually, look at, yeah, same setup. So on the NQs, the first bar, big bar, which was a nice one, 27,000 contracts, then we tested with 14,000. And then this is the same deal, sticking out, man. This bar here and the NQs of 11,604 is game, is game for sure, that's, well, nothing's for sure. We know that in the marketplace, so that's a bad word to use. But technically, that's a high volume low, it'll go after that low. And if that's what you have, that's what we get. If we go back to the ETF structures now, what you're gonna have, you're gonna have a high that had a monster contraction of volume. You can see this, the spy, we're at 42, you did 63 Friday, Thursday did 90, while you're going into 117 and 109. So you can see, as we get to higher price, it's losing, well, it's losing power. It's not losing altitude, because what we had done Thursday, Wednesday, Thursday, and Friday we kept going to higher highs, even with the contraction of volume. Today, inside the Qs, now the Qs are gonna be interesting because the Qs seem to very well stay above the 281.21. Now if I follow, let me figure this out, okay, I know how to do this for a second, let me go this way. I'm gonna put this on an intraday chart for a second, okay, so let me see what we have down there. Okay, now we know, we get volume down at the low. 279, 76, 58, no. We're gonna, the Qs and the spy, they're gonna fail on price and volume. The failure on price and volume means that you get over a high, if a contraction, you close underneath it. In this particular case, if that's what we get, it's actually a larger failure because of the fact that the contraction is so heavy. Now that would be the bearish side. The bullish side goes like this. Let me put the spy back up because the bullish side, my ticket will go on low but I wanna show you this bullish side because of the volume that we had on Thursday. See that? The further you get, Thursday we had a high out there of 398, 48. And that grant is only 50 cents above where we are but I'm pointing it out because the fact is is that if it could close above that or just add it and that would be under the close of Friday, that would still be bullish. It doesn't look like that's gonna happen. That's the bottom line because we'd have to come up an additional 60 cents and we brought up the S&Ps as well as the Nasdaq composite. That thing looks like it wants to go south. Gold, we're gonna take a look at the gold contract out here. Now gold went to a higher high and it has volume. Now it's good, it's really tricky with gold, man but I've seen this before. That gold can make highs with volume. See this, 244,000 contracts, it's a monster contract. We also did 200,000 on Thursday and Friday also. Look at this, I mean Thursday was the big day. Thursday did 265, Friday did 248 and we've done 245. Now when that happens, bottom line, now we have a high with volume, okay? So I suspect what's gonna happen is this, is that somehow this is gonna get a pullback going and the real question's gonna be, do I take it from the bottom? If I took this from the bottom and you did a 0.382, that could be it. You're coming into this 1871 or something. And if that's the case, what we will see is that you will see the dollar get off its lows. Now it's really gonna be high for the dollar to break back inside high range. The high range for the dollar is 105,0995. That's a long way where from we are. We'll see. Today you only get a sideways move and you can see there's some selling here just with a sideways move on the dollar. Dow, Dow, Industrial's down at 344, now it's up to 521, S&Ps are down at five, we're coming right back.


Okay, welcome back to the deal room. And there's only one topic to talk about in deals in general right now. And that is ARM, the chip maker owned by Softbank. Just talking to you offline now, Steven. So IPO to be priced today and then trading tomorrow. So literally live deal in the pipes right now. Yeah, it's a very look, if you're into these kind of things, it's a very exciting time. And if you look at the top news stories from all of the financial journalists, there's probably three or four ARM related stories before you get into anything else in the moment. And it's not as if nothing else is going on in the market, right? IPO is a bouncing back. There's other pricing's going on. There's quite a lot of MNA. If anyone likes Everton Football Club, there's a big deal for Everton at the moment, Microsoft and Activision. So we've got so much to talk about.  It's one of those ones that students probably need to know a little bit about. And it gives us a good opportunity to go a little bit deeper into the IPO process, a little bit deeper into Softbank, a little bit deeper into, you know, the economics of chip making and chip licensing and things like that. So yeah, I'm really looking forward to it. Yeah. And I know for students, you always ask like, what is the current deal? I mean, this is the biggest deal and it involves nearly every major financial institution it would seem. So yeah, this will be absolutely perfect, I think, for what we are in, which is now heat of application season. Yeah. And you're going to impress people if you have a nuance and you're going to impress people, you're going to impress people if you have a view that is picked up by evidence. So if you can take some of the stuff that we're talking about today, and then maybe go away and research a little bit more in order to build a view, you know, is this priced appropriately? Has this been a successful process? What does it mean to be over subscribed in an IPO process? Is that a good or a bad thing? You know, hopefully you can delve a little bit deeper after this part. Yeah, we'll kick us off then. So let's talk a little bit about the history and the backstory of ARM. So who are they? What do they do? Yeah, so ARM is a UK based technology company that was founded out of a barn just outside of Cambridge by a bunch of ex Cambridge guys. And I think it was all guys at the time in 1990. And their goal was to, well, their goal transpired to develop the blueprints by which the basically the mobile phone industry took off. So early nineties, obviously we were well before the smartphone. We were still pretty clunky. I can't remember if I had a phone in the early nineties, but I don't think it was very pretty if I did. And they were working with a company called Nokia. You may have heard of it. We certainly have heard of it, right? And they were the apple of the nineties. And it was quite interesting just to do a bit of digging back into this. Europe in the nineties were the by far the leader in mobile phone technology. Stuff in the US was pretty clunky, pretty old school, pretty low battery life, etc. Nokia came along and blew them out the water. I think it was at 6210, which was the kind of breakthrough phone. And it was arms technology and arms chip capability. It's blueprints for the chip manufacturing that ended up going into Nokia that powered phase one of the mobile phone revolution, right? So if you look back and fast forward to 1998, they listed, they did a dual listing in London and in New York. And on the front of their IPO prospectus was a picture of the Nokia 6210. As a representation of how important ARM was to that growing industry and that superstar company as was. So comparable, would it be like thinking in current context, they're like the Nvidia to AI. They were the powering of the chip to the breaking of the first usable mobile phone. Yeah, yeah, absolutely. And I was interested to see which example you would have used because if you had used, let's put an Apple iPhone 15 on the front of the prospectus, that's probably a little old hat. It would be the, what are we powering that is going to be the next generation of growth? And it is definitely the Nvidia powering the chat GPTs, the future of AI. So IPO in 1998, pop 42% on debut. Very exciting company. Remember, 98 lead up to the dotcom bubble. Good time to IPO. And they went on a tear from 98 to 2016. They basically integrated themselves into almost every single mobile phone, smartphone that is manufactured. And quite one of the astounding facts of ARM as we kind of bring this into today. The astounding facts of ARM is that it is used ARM's technology, ARM's chip licensing. They don't manufacture chips. It's chip licensing is used by over 99% of all mobile phones, all smartphones globally. So from that base of 98 Nokia, it has become this kind of necessary, almost utility in this industry that's obviously ubiquitous. Wow, you're making me want you're trying to sell me into this IPO on the day of listing here. I'm trying to sell you into the IPO back in 1998, but that's unfortunately been and gone where we can definitely talk about the 20. Yeah, the IPO that's happening over the next couple of days. I'm not going to be able to speculate as to whether it's going to go up or down, but there's certainly some interesting cases for and against, I think. So whenever people talk about you read about ARM in the press, like the FT, they always talk about soft bank. So what who was soft bank and what's the relationship there and why is that important? Yeah, so a couple of weeks ago, I did a bit of a solo pod. I think I think you might have been on holiday. I did a bit of solo pod on soft bank and its vision funds and its history. So I won't spend too much time on soft bank, but soft bank, the Japanese holding company slash now, basically a tech investor through its vision fund, soft bank acquired ARM in 2016, taking it off the stock market in a kind of take private deal. And it bought the company, it bought ARM post Brexit in 2016 for $32 billion. So it was 2016, $32 billion. And since then, ARM has grown at a compound annual growth rate of about 16, 17%, albeit revenues have been flattening and off flattening off recently. It actually had an offer, soft bank actually had an offer from Nvidia a couple of years ago to buy the whole company to buy ARM from soft bank for $66 billion. This got roundly kiboshed by the Federal Trade Commission, as we'll go on and talk about a little bit later, as I said, ARM is effectively a utility. It is used by so many different organizations that to be owned by one, one amongst many, would be considered to be deeply, deeply anti competitive. So soft bank having had this bid turned down or rejected back in 2020, have been looking to sell this company, or at least looking to sell a small fraction of this company. I said a couple of weeks ago on the pod that soft banks had many failures, and actually declared a $30 plus billion loss last year. So it's looking to kind of rejuvenate and refill the coffers. And what's one of its trophy assets? ARM, sorry. So it's been going through this process of trying to IPO, trying to raise money through an IPO by listing ARM in order to go on what Masayoshi Son says is the counteroffensive. He wants some money in the bank to go off and continue to invest after a few quarters of downbound investing. So you mentioned there, one of the things was they've been growing on compound, but then flat revenues, you said. So how do you construct this pitch book to IPO now if the company's got flat revenues? What are they saying? What's like this North Star that they're promoting to get the value to get some people so into this listing? Yeah, it's super interesting because they are being valued. Well, the price range for the IPO is $47 to $51 a share, which at $51 a share would give the company a $52 billion market cap. And this means that it will, on launch, trade at about 28 times, 25 times trailing 12-month revenue, revenue, not profit, not EBITDA. So it is looking for a pretty chunky valuation under any circumstances. Nvidia is on a 37 times market capitalization to revenue multiple. So that's the North Star. But Nvidia and ARM are very, very different companies. As you said, Nvidia has been growing very quickly.  So they're trying to sell this story of an extremely high technology engine. I think on their prospectus it said that they are the brain of everything, which is a pretty lofty thing to say, isn't it? But they are the brain of everything. They are a powerhouse and the necessary part of the infrastructure of modern technology. So that's a pretty nice sales pitch, but why isn't their revenue growing? Well, the answer to that is in the gift and the curse of having 99% coverage of their major market. So it is lovely to derive revenue from 99% of all smartphones. That's great. And it means that your revenue is probably not going to trail off too much. But where's the growth story? The fact of the matter is they only actually generate a few cents for every chip put into a mobile phone because they're just licensing the blueprint in order for the chip to be manufactured. So it's a good story, kind of monopolistic position, but it's also where's the growth coming from? And I think that's probably what you're getting at. Yeah. And I know that before these things, it's good to beat the drum and get out there and pound the street. And I read a piece about in New York last Thursday on, as they're talking to potential investors, they were talking about cloud computing. And they were talking about the cloud computing market of which it currently only has a 10% share. And they foresee then definite room as that's an area to penetrate that they can expand in. They're expecting to grow an annual rate of 17% through 2025. I mean, 2025, if that's not that far away, either. And they're talking about, again, it's good to drop it in, right? And that's based on the back of the advances in artificial intelligence, of course. And I'd like to know how many AI mentions there are actually in the prospectus when you actually trawl through it. Just to juice up the excitement a little bit. Well, yeah, it's interesting. And I think, again, it's a good bit of advice for any business model that is seeking ubiquity. Effectively, ARM has become so essential that it has become a utility. But because it is a utility, the price is effectively driven down to not very much, a few cents in every single phone. So it's having to figure out, it's actually having to pivot its business model, not only into new markets, generative AI, cloud computing, those would definitely buzzwords in the prospectus. But the CEO who's been touting, Rene Has, has been touting a new way of engaging with clients, which is more of a spoke. We are going to design something that is bespoke for your particular use case, whether it's autonomous driving vehicles, or whether it's your particular smartphone evolution that you want someone to help be the brains behind, the brain of everything. So if you go bespoke, if you go from software as a service to an enterprise model, your fees are much, much higher. Obviously, there's more work. But at the moment, it's a really interesting stat. At the moment, ARM's gross margin, so revenue minus cost of goods sold, ARM's gross margin is 95%. It's basically a utility, right? You just sell licenses. Their model is licenses and royalties. So they can probably afford to do a little bit more bespoke stuff, a little bit more work on the cost of goods sold line to bring that gross margin down in order to drive their revenue. And I think that's probably the growth story that we are, well, maybe that we're buying into. And I read that there's nearly 30 banks on this deal. And I know that when I normally read about the oil flow, it's normally tagged onto the end. There might be two or three advisors on a deal. There's nearly 30. So why so many? And how does that work? What's the hierarchy in that perspective? Yeah, it's very unusual. And I think I put out a post, deal of the week, post a few weeks, trying to understand why there are 28 banks. I mean, first things first, this is a big IPO. They are trying to raise hopefully over $5 billion. That's not an insignificant amount. They're trying to raise from investors across the planet, across the globe. So they are looking at investors that have deep, they are looking at banks that have deep investor networks in the UK, in Europe, in the US, and in Asia as well. So you need a decent amount of banks to cover that spectrum and give a relatively high degree of certainty that that $5 billion, it was actually trying to raise $8 to $10 billion earlier on in the process. And that their ambitions have been slightly scaled back. But even when there is a lot, when there are a lot of banks on a ticket for an IPO, usually there's still only one lead left, lead advisor, lead sponsor. And in this case, there are four, one of which is Mizzouho, which is an interesting one because you've got JP Morgan and Goldman Sachs on the other side of the ticket. So they've got a number of lead banks all splitting the top tier of the fee cake amongst themselves. So Mizzouho, for example, I read an article yesterday, they're looking to get, I think it's probably going to be about a $19 million fee day for them, times that by four lead banks, then you've got to pay the other 24. And we haven't even spoken about, and these are all banks on the IPO ticket, kind of underwriting banks. There's a bank called Rain Bank. I don't know if you've come across these guys, I think we might have spoken about them in the context of Manchester United. They're a boutique US investment bank that are very close to soft bank. They're going to get about $5 million from the advisory side, as opposed to the underwrites side of the deal. So this is a bit of a bonanza for investment bank fee revenue starved. Again, we don't feel too sorry for these guys, but it's a good day if it launches and launches successfully. I've just got a vision of all these bankers out there in the Sahara Desert and it just starts pouring with rain.  We've been saved. Yeah. Yeah. Go to certain members clubs in New York and maybe you'll feel a similar Savannah-esque moment. So I've read about some of the names that are these kind of cornerstone investors or anchor investors. And there's some big names here, Apple, Nvidia, Alphabet, lots of others. So tell me a little bit more about the role that they play. How many do you need? Is there a base requirement? What does that look in reality? Yeah. So anchor investors play a very important role in a large IPO. And there are some examples. You don't have to have an anchor investor, an investor that is putting their name out there and explicitly signing up to take a percentage of the deal in order to make other investors feel a little bit more comfortable about piling into this IPO. You don't need to have one of those anchor investors. It's not a statutory or regulatory thing. But if you don't, the risk is a lot higher. So we talk about whenever we're doing a bit of teaching on IPOs, we talk about Deliveroo, one of the biggest botches of an IPO in history. I mean, they got it wrong on almost every part of the playbook. But they also didn't have an anchor investor. And that anchor investor is usually a large institutional investor. If it's UK listing, it's probably a UK institutional. They didn't have an anchor investor. So there was no tethering, no anchoring, and the deal absolutely, the IPO absolutely bombed. So in this case, what's interesting is that the anchor investors are not institutional investors. They are clients. These are all pretty core customers of ARM. And this is why I keep going back to this kind of monopolistic utility angle. These guys are both so essential to the infrastructure that makes all of these companies that have come in as anchor investors, whether it's Samsung or Alphabet or Apple or Nvidia, that makes them successful. But they've also driven their kind of cost, well, their value to these companies to a few cents in every chip. So these anchor investors, and as you said, I think that there are 10 of them, they've committed to buying $735 million of this IPO. So if this IPO is going to be $5 billion, they're taking about 15% of it. And that's important. 15% is a decent lock-in or lock-up of that IPO. But it's more a signal to say, all right, we are the clients, we care about this company ARM, we are not going to let them, we are going to continue caring about this company ARM, because not only are we the customer, but we're also the investor. So it's that you could talk a little bit about conflicts of interest, but you can also talk about the mutually beneficial nature of ARM growing and these other companies growing and their investment in ARM getting better, but they're also getting a better service from the company. So it should be a good new story for the investors that are looking to pile in after the anchor investors. And just thinking of regulatory alarm bells going off when you were describing that last part in terms of can't make for a healthy, fair level playing field. Well, this is a really interesting thing because obviously the FTC blocked the Nvidia deal. So they consider an acquisition of one to be inappropriate, a controlling state by one client at the detriment to the detriment of all the other clients that work with ARM. But ARM works with hundreds, if not thousands of different companies, it just so happens that the 10 that are piling into the IPO are 10 of the biggest. So what is that going to do? You're actually right, there hasn't been any, there's no challenge because it's minority investments and there's no controlling stake, but is that going to lead to any form of preferential treatment? If I'm selling a chip to Apple who have got in on my IPO versus a company that hasn't, is there going to be a different conversation? I'm not sure, but it's certainly something to think a little bit deeply about. Okay, and then some of these other questions that I have around, I mean, you talked about delivery bombing. What I've heard reading reports, the talk on the street is that this is the complete opposite. It's like 10X over subscribed. When I hear that, I naively think, well, the bankers have got too cautious. I've got, surely I've got it wrong to be that far below price because obviously they want it to be a success. And I'm sure there's some sort of symbolic value of finishing that first day print on Wall Street where it's like, we doubled the share price on something like that. But surely from a revenue generation perspective, they could have squeezed this a bit harder and took a bit more risk. Or is it because of the environment? Or am I missing something? Yeah, there's a number of things here and it's very good to try and unpack this. So the price range that has been set by the banks in consultation with the anchor investors and with SoftBank is $47 to $51 a share. And we are hearing reports almost hourly that the offer at 47 to 51, we don't know where it's going to be priced precisely, the offer has been oversubscribed. I read on my notes from Monday that it's six times oversubscribed. Over the weekend, it was five times oversubscribed. Yesterday, we were hearing it's 10 times oversubscribed. So what does that mean? Well, theoretically, that means that for about $5 billion worth of shares, there is about $50 billion worth of investor interest and subscription to this IPO. Now, that sounds great. That sounds maybe like, gosh, well, certainly it will come out at the top end of the price range, $51, but maybe that price range should have been $52 to $56, which I think is your point. A couple of things here. Firstly, the banks do still have the option to price above the 51. And a lot of reports are talking about them adding an extra dollar onto the top end of the price range so that today, we'll find out today. Today, it prices at $52. But that still goes, well, but still, 10 times oversubscription. The few things to note here, I think the most important is when I subscribe to an IPO as an investor, it's not a legally binding subscription. And often, these institutional investors and hedge funds who actually get hedge funds don't tend to get a massive allocation, possibly because they can go short as well as long. And the long-onings tend to get a bigger piece of the pie. They go in for a massive subscription knowing that A, they're going to be allocated down quite significantly. But B, they want optionality. They want to be able to go at the time. Yeah, I'm in for all of this or not so short. So 10 times oversubscription is just kind of, it's interesting. And it builds up a bit of hype. We don't usually hear so many of these stories coming out on a daily basis. There's obviously a hype merchant in the background sounding the Foghorn that this is the most amazing, hotly anticipated IPO. And we're doing a podcast about it. So we're increasing the hype. But 10 times oversubscription, look, it's interesting, but until we see pricing today and until we see the pop tomorrow or maybe it won't be a pop, maybe it will bomb. I somehow doubt it, but we'll see. Yeah, and I don't want to kind of hold your feet to the fire and talk about the price movement so much for tomorrow, but perhaps more from your side of things, your perspective, at what point, they're watching it on the first day from a banker's perspective. What is success and what's that period look like in terms of the first day, the first week, the first six months? Yeah, it's a really good thing to try and think a little bit more deeply about. So again, we've spoken about, I think, Carver on the podcast a few weeks ago, which popped over 100% on debut, which means that the shares, I think, were priced at $20 a share when the bell was rung. And then by the end of the day, it was at $40 a share. And everyone's going, gosh, did the investment bankers miss a trick here? Did we just woefully underprice? Now, the case might be yes, they have overpriced, but the first day is a very different story to the first six months or the first year. So the first day, kind of anything can happen, Facebook bombed on day one, other companies pop 100%. It's often due to kind of this speculative mania on the long or on the short side, but a lot of these anchor investors and a lot of these investors in the IPO have a lockup period. So they do not get to trade on the price for a number of, well, for 30 days or 60 days after the IPO. So what you actually want to see is not necessarily day one pop, but you want to see price on day one of issuance, price on launch, versus price in two months time. And then you'll see whether how good the pricing has been from an underwriter's perspective. So it probably will pop tomorrow, partly because they saw banks only selling 10% of the company, right? It's not, I know it's five billion dollars, but it's not, you're not trying to get 50 billion dollars away in the market, you're trying to get five billion dollars away in the market. And it has been quite hotly anticipated. So, you know, we'll watch with interest tomorrow, but we won't say either, we won't kind of cast judgments on success or failure until maybe a few months down the line. Oh, it's a banker talk, not trader talk. All right, well, fascinating discussion as always, Stephen, appreciate all the insights. And yeah, anywhere we share this, please do drop a comment. If you have any questions, I'm sure Stephen doesn't mind fielding them, whether that be on LinkedIn or YouTube, wherever it might be. But yeah, hope you enjoyed that. And thank you, Stephen. Thank you everyone for listening. Thank you,


We're here at the IZ Tech X show here with the Helix Cuff and hello, so who are you? Hi, I'm Paula. I'm with the Ashley Chloe company. I do marketing. This is Quincy. I'm with Paula from Ashley Chloe Inc. I'm a marketing team as well. So what is Ashley Chloe? So, who's that? Ashley Chloe is a company name and Helix Cuff is our product name. So Ashley Chloe was founded two years ago in San Matel, San Francisco Bay Area in United States and we started out as a Kickstarter campaign. So we attracted around 2,000 backers from around 165 countries around the world and we shipped the Helix Cuff back in May 2016. So we already shipped out? Already shipped out. You can order it online as well. So we're speeding up the process so we can get all of them out. So what's the functionality? So these are the first Bluetooth headphone wearables headset that you're going to find. So this now works. Essentially this is the control system to it and underneath this you'll find your headphones. Whoa. Yeah. So what you can do with them is you can connect them to different devices both your mobile phone or your laptop and there's a mic here with control and then there's also your pause, play, hang up. Is Bluetooth? Yes, Bluetooth. That's really cool. Yeah. So 2,000 people got it and are people happy? Yeah. They're happy about that. They love it. So we're looking into second generation to see what we can further develop. So did you make this? Yeah. So we make everything in-house. So we have our own industrial designer, our chief designer. He's a very experienced ID designer in the industry and then we have our own team of mechanical engineer. We have our own team of production and operations team and we do go to market in-house as well and then we ship or we do the logistic and inventory fulfillment. And you are showing this at CES this year? Yeah. And this is the drawing, how they designed it? These are the sketches by the industrial designer during their product ideation stage. There's lots of different colors. Yeah. It comes in six different colors. The classic model sells at USD $199 and we have a special 24K play-to-go edition that sells at $299. Which one is that? This one. So $299 with some gold right here. Nice. How long is the battery life? To four hours. Study talk and listening time and then you go ahead and recharge it from here. You see that's in all the way that's because it's sweat proof as well. So if the device oneself of battery you can have it like charge it quickly within 30 minutes by connecting it to the micro USB card. Just connect to micro USB? Yeah and charge it. Any micro USB. Attach it to your laptop for quick charge. So Ashley Chloe is a famous company or? Making what kind of product?  Are you just, this is the first product you have? Yeah this is the first product but we were named as one of the innovation awards Bonneries by CES this past January. And then we actually have a second product coming out in next year. And then we are named. For CES? Yes. So you have a secret product somewhere? We have a secret product. We cannot show it right now. We cannot show it right now. Not yet. But just two months later? Yeah. Less than one, less than two months. Will be a new product? Yes. And we are excited to announce some really big achievements for another first one in the market that will release soon. But is Ashley Chloe, is that a person? No. It's just a name. It's just the name of the brand. So our founder look at some data in U.S. from past decades and we find out that Ashley and Chloe are actually two names. They are most popular among U.S. households. So our founder want to continue this tradition of data driven mindset. So she picked these two names and it makes a nice combination and it makes sense for a brand. And what do you do at the company? We are marketing. You're the marketing? Right. So you reach out to all the media, the bloggers. Bloggers, media. You already did lots of other videos? The Wincers. At CES? We haven't, how many videos have we done? A lot. We got featured in quite a lot of different media and video channels last year from CES. And we're looking forward to more to come this year. Yeah, it's like a, there's a big opportunity I think to do wearables that is, that looks good. Right? It's not just like boring wearables. Right. Yeah. This one. Yeah. But this one's fancier. Yeah. This one is always black. It's like card off. And our product actually goes well with other wearables. We want to create, we want their wearable ecosystem to five. So we actually encourage people to purchase different types of wearables and they can like mix and match based on their different occasions. They can take this to work. They can take this to the gym. They can take it to travel. They can give it as a gift to their family and friends. So. What do you think about this conference, ID Tech X? Oh my God. This conference is really valuable for start-up like us or very established companies due to the fact that they're well-proved together and they provide a lot of connection and access to industry people, to materials company, manufacturer and also like investors or other industry insiders. And there's some really cool stuff around here like some flexible displays and some some smart clothes. Right. It's cool stuff, no? This needs to be the future of, there's a lot of opportunity for startups to do cool products. A lot of the future I think coming out from here we see like clothes that can sense things, floors that can sense things like robots that are coming out. So there's definitely a lot of opportunity to connect with everybody and then also just learn from everybody. There's so many things that I didn't even think that was possible yet and it's coming out and it's sprouting here and it's really cool. And your company can play in that business because you have already first successful, let me go go now, you have a potential to go even bigger for the next one. Yeah, I believe. That's what we're aiming to do. We are very exciting to be part of the participants in this really well-organized event. We feel like it gives us a lot of opportunities to access to even bigger like manufacturers or companies to help us scale up the business. So we're happy that we're part of this and hope to join this again next year.


Well traditionally students in middle school participate in a job shadow by going to a company to shadow an employee. But now students from Forest View Middle School are staying at school while employers come to visit them for this week's Golden Apple. Our Sarah Winkelman takes us to see the first reverse job shadow for the Brainerd School District. 500 students at Forest View Middle School did not even have to leave campus to learn about 16 different career clusters. What that job looks like, what the path of education would look like to get those kinds of jobs and just kind of give them a basic day in the life so that the kids can walk away with a better understanding of what a career in that industry might look like. I'm one year extra. Those folks do a marvelous job of taking what we are doing in the walls of the school and really making it applicable to real life. During an important time of exposure and discovery for the eighth grade students. So we don't expect kids to know what their future is going to hold as a 13 or 14 year old. Most of us as adults know that that's just not realistic. But at the same time we want to give them a better understanding so that when they're going into high school they're not just going in blind. Even though the job shadow took place at school there were still plenty of hands on experiences. We all need to work together to get a bandage on you and then tape it up. I was excited. You can see the light up and they actually get to do it. They see how easy it is and how creative they can be with it so it's kind of a neat drill. Hold it there and just wrap around. I think I would do it in the future if I had the chance to. Students were able to test out many careers with 26 volunteers from a variety of industries. It is very special for us for coming out and showing us what they do for a daily life and giving us a little glimpse of how work fields are. No matter the career cluster the students now know that they have options. It's really nice. It gives me kind of a feeling of knowing more what I'm going to do and it's just easier to do it with your friends than to just kind of like be doing it alone kind of just feeling like you don't know what you're going to do because you can talk about it with your friends. Giving them lots of choices as they soon head to high school and beyond. For this week's Golden Apple in Baxter Sarah Winkleman, Lakeland News. If you enjoyed this segment of Lakeland News, please consider making a tax-deductible contribution to Lakeland PBS.