Hello, everyone. I'm Tiny Shibuya Robinson. And I am so thrilled to be able to moderate this discussion. I can't wait to talk to this powerhouse panel. But I wanted to share just a little bit about us and give some context for the discussion. So first of all, I'm the president and CEO of CappyQ. CappyQ is an impact investing and advisory firm. And we have worked with investors and companies to embed equitable impact into their day-to-day practice. So what that means is it's the intersection of ESG and diversity, equity, and inclusion. So we do that two ways. First, we have a behavior change practice, which is really working directly with investors and businesses. But we also have a systems change practice. And that's when we see the root cause of a problem is so big that one institution or organization can't solve it by themselves. And part of why I'm here today is because one of the systems change efforts that we're working on is a national effort to fuel black business growth called PATH to 1555. So PATH to 1555 is based on research that if just one black business owner for 15% hires one employee, it will result in $55 billion to the economy and 600,000 jobs. We're so grateful that actually the first funding for that effort came at SOCAP in 2019. And that was through the Serna Foundation. So Patrice might be in the audience if she isn't, I just want to give her a shout out anyway. But also that SOCAP had been committed to that work for a while, even before George Floyd. So this work started in 2019. And we're so grateful that this organization, this community has been focused on this. So when you step back and you look at what are the key performance indicators that keep not just black businesses, but businesses of color from being able to achieve economic parity with some of their non-of color peers. One of the barriers is a lack of trust. Another one of the barriers is a lack of access to capital. We have biases and our processes. We have policies that are against us. Frankly, when you're a business owner and you're of color, all of the chips are often stacked against you. But business ownership, particularly in the black community, if you care about closing racial wealth gaps is an important tool. And there are a couple of reasons why. First of all, black business owners are 12 times wealthier than their non-business owner peers.  We see these trends actually very common across other businesses of color. So while they have such huge impact on their communities, they are often still, even in times of crisis, underfunded and underappreciated. Brookings Institution is one of our research partners, and every year we release the State of Black Business Report. Now, you may know that 95% of black-owned businesses are actually sole proprietorship. It means it's one person's income, one person's business. If you think about COVID relief and the outpouring of money from PPP, you might have heard that many businesses led of people of color, especially in low-income communities, did not get access to PPP funding. But here's a nuance that you might not have known. That PPP funding only went to employer firms, which means that 95% of black-owned businesses could not even access that capital. That's just one stark challenge that we see in this work. And so while there are many different facets in areas and levers that actually affect the growth of BIPOC businesses, today we're not here to talk about problems. We always talk about the problems. We are going to talk about all the innovative things in capital because of this amazing powerhouse panel that's actually working to fuel business growth amongst BIPOC communities. This really is a very important and personal topic for me as a black business owner myself, as a business led by a woman. And so I can't keep you from this wonderful group of intellectual powerhouses any longer. I'm gonna share with you each person and their name and their organization. So first, we have Arfi Saari Rajan from the BlackRock Impact Opportunities Fund. We also have Valerie King Bailey from Onshore Technology Group who is in the Founders First portfolio. And last but definitely not least, we have Todd Leverett from APIS and Heritage Capital Partners. So I would never do their work justice on my own even though I'm a huge fan of it. So I'm gonna let them share a little bit about their organizations. But first, since it's I'm the moderator, I'm gonna call prerogative and call Valerie first because we should hear from the people on the ground doing the work and Valerie has already grown a very successful organization. So Valerie, let's start with you. Thank you so much. Good afternoon everyone and welcome to SoCAP. I'm Valerie King Bailey, CEO of Onshore Technology Group. Onshore is an independent validation and verification firm that's a fancy word for us doing software testing for life sciences companies. We're based in Chicago and some of our clients are blue chip companies like Moderna, Insulate Corporation that makes the Omnipod for Diabetics, NicePak who are the inventors of the WetNap and many other pharmaceutical medical device and biotech companies. I founded Onshore in 2004. All throughout my corporate career, I'm a civil engineer by degree with an MBA. All throughout my corporate career, I had a lot of ideas and I formerly worked for Abbott Laboratories and I came up with this concept for a system that would automate the validation process. I tried to get my managers to go along with that and thank God they didn't because I'm making millions with the system now. I had this idea and in 2004, I wrote a business plan and I presented it to several banks and a couple of venture capital firms and I remember one guy, he took the business plan and I handed it to him and I said, yeah, you know, I've worked for companies, blah, blah, blah. And he said, I don't think this is ready yet. And I go, what, doesn't weigh enough because he was just looking at me like that. So I funded Onshore with $2,500 of my own money and I had a laptop and a mouse and that was kind of it and the rest, as they say, is history. Right now, Onshore is a global company. Since being with Founders First, we have been listed twice on the Inc. 5000 list. This year, I was listed as one of the top 100 female founders in Inc. 5000. So thank you so much. So to say that access to capital, and this is why I came here to tell you this, to tell you that access to capital matters, it matters. I'm the poster child for that. In 2000, just to give you a feel, right at the beginning of the pandemic, I was in need of capital because while all the other businesses were going like this, my business was actually going like this because a lot of the companies I was talking to about automating the validation process in life sciences, they all started calling me because they're socially distanced and they're saying, hey, do you still have that system? So I started selling. Well, you would think that's the good news. That was the bad news because I didn't have enough staff. Interfounders First. When Founders First came along, I presented my plan to them. They actually did understand the first time what I did and they provided me with the capital to grow my staff. So I had a staff of pretty much about one and a half validation engineers. I have now a huge staff, now 12, and I'm growing. Now we have up to another eight or nine consultants. So it's a total of almost 20 people that we've done. My resources are not cheap. These are engineers that I'm hiring. So the access to capital, to say that it made a difference, it made all the difference in the world. And I'm truly grateful for the Founders First team and their belief in me. And I have much more to tell you, but I know that Ty is like, looking at me, gosh. I was not thinking that. I was thinking, ooh, it's getting juicy, but I am gonna follow up with you. Now, we have heard from Valerie the importance of ownership, but there are multiple ways to do ownership. So I'd love to hear Todd a little bit about your organization and how you are tackling ownership. Thank you so much, Ty. Thank you for everybody being here. My name is Todd Leverette. I'm co-founding partners of Apes and Heritage Capital Partners. We're a private equity sponsor that just closed on our first fund, Legacy Fund One. And the mission and the purpose of Apes and Heritage and Legacy Fund One is to address the racial wealth gap and to provide competitive returns for our investors by investing in workforces of color using employee ownership. So what does that mean? We essentially find small, lower middle market businesses with founders that are looking for exits and they may be looking towards traditional private equity. They may be looking at strategic or in many cases with the baby boomer founder generation. A lot of times they don't have exits. So they are looking at possibly shutting their business down, causing huge disruption to their workers and their communities. And we come in with our capital and we help those business owners sell their businesses to their employees. And we focus on workforces or companies that have large black and brown employee bases. So at least a third of their workforce being black and brown workers. And for us, this is a solution on multiple levels. A founder is able to maintain their legacy. Our first fund is called Legacy Fund One. Workers often who would not have an opportunity for wealth building through any sort of entrepreneurial activity, you know, you say it's not always reasonable for everybody to quit their job and go out and start a new venture. It's a lot of folks can do it, but a lot of folks can't. How can we give the entrepreneurial opportunity, asset building, wealth building for folks to come, you know, who come and show up to work and help their business thrive? So we use a model called Esoprative. So we transform the companies into ESOPs and we bring in the principles of cooperatives into the business, democratic governance, open book management and a lot of these practices that really make for really strong, powerful businesses. And again, the goal is to address the racial wealth gap in a real and scalable way. So happy to be here with you all today and share. Thank you, Todd. And it's almost like we practiced because you said scalable. And when I think scale, I think of BlackRock. So BlackRock Impact Opportunities Fund. Tell me a little bit more about that, Arthi. Sure, thanks, Ty. Thanks everyone for being here. It's wonderful to join you. My name is Arthi Sarirajan. I'm a senior portfolio manager with the BlackRock Impact Opportunities Fund or BIO as we call it for short. And BIO is a private market, multi-alternative strategy focused on investing through a racial equity lens. So what we mean by that is we invest in businesses that are founded, led or managed by under-capitalized people of color or we invest in investments and projects that serve historically under-capitalized communities of color across the United States. We're focused on addressing the Black, Latinx and Native American communities across the United States and focus on addressing several themes within our portfolio, primarily across education, healthcare, workforce housing, financial inclusion, digital connectivity and inclusive or just transition. We are a multi-alternative strategy and so what that means is we have the flexibility and the ability to invest in private equity, private credit, real estate, infrastructure and up and down the capital stack. And I think this really differentiates us as a capital provider and investor in businesses because we can provide flexibility in investment vehicles and we can really meet founders and companies where they are. So we're not forcing companies into a certain box. We want to ensure that overall what we're trying to drive towards is both a financial objective for our investors but also an impact objective. And that impact objective is very much aligned with BlackRock's mission, which is to allow more and more people to achieve financial wellbeing. And that's what we wanna do for historically under-capitalized communities of color in the United States. We've been around for about a year. We've completed six transactions so far, just a little over $175 million of capital that's been invested and allocated into great businesses across the US. And so far we're addressing themes like education, healthcare, housing and financial inclusion and really excited about the work we're doing. We're a small but mighty team. Even though BlackRock is huge, our dedicated portfolio manager team is a team of six. Though we sit within a group called the Alternatives Solutions Group which is a broader team. And really we sit at the crux of the Alternatives Platform for BlackRock which enables us to leverage the breadth and depth of the BlackRock platform. So happy to give a quick example of one of the most recent investments that we just did just to bring that to life a little bit. We last month closed on an investment in a company called Ocelero Learning. This is an early childhood education business that leverages the federal Head Start funding program. And this is a funding program that's been around since the 1960s and was created and formed primarily to address the effects of poverty on education for low income families across the US. So the business that we invested in Ocelero, they have been doing this work for 20 years. They operate 54 direct operating centers across the country where they're teaching students, helping families engaged in their communities. They've also organically grown a training and technical assistance business as well which is helping other Head Start programs whether they're mom and pops or municipalities or school districts develop their own Head Start programs ensure that they're in compliance with all the various regulatory needs that the program requires and that they qualify for re-competition as you have to apply annually for this funding. So this team has been together, been doing this work together for 20 years. So we loved the management team highly experienced, highly dedicated, mission oriented management team, much of whom have been working together for 10 plus years. We also thought that the impact that they're providing on the communities that they're focused on was huge. It was also measurable, which is really important for us and for our clients. So we looked at test scores. We looked at the ways in which they're engaging with families, the way that they help employees across their organization grow through the system as well as just the way they're proliferating the early education system. The market is largely unmet and so we really find that this group is doing this work, this great work at a significant scale and really excited about it. So that's just one little teaser of the work we're doing. Wow, I know everyone wants to hear a little bit more about each of these. I was gonna pull up the slide really quickly but it's not showing up. But since that's not showing up, what I would like to say is that even before we get into the depth of each one of these examples, it's an ecosystem. And it's an ecosystem that but for funding from the Kellogg Foundation, both from this event but also in many ways partnerships with each one of us on this stage, you wouldn't get to see the interconnectedness of this work. So I'm pulled up the quick key performance indicator slide and actually it's not showing so. There's an example of how each one of these things interconnect and but for really digging into, well, what are the specifics? So when you step back and you say, oh, we don't have access to capital. Well, BIPOC businesses are not a monolith. The type of capital is needed, it's different. How you build and grow wealth is different. Scale looks different. So let's dig into the example of employee ownership from a wealth building opportunity. I got really excited when you were talking about employer ownership, employee ownership. Tell me more about how that works. Well, employee ownership, this cooperative economics as a legal structure has actually existed for a really long time in the United States. If you talk co-ops or if you talk about the ESOP model which has been in the US for over 50 years. But if you talk about it just as a practice in communities, shared ownership of enterprises and businesses has been a part of indigenous black communities across the world for centuries for generations. One of the oldest things out there. And really what that opportunity is is an opportunity for people out of place to share the risk and share the reward of the work that they're doing. One thing that the pandemic I think made very clear is how workers at a firm, we all talk about risk and reward, sharing and taking with owners of firms or entrepreneurs but also recognizing that workers at firms also share in a tremendous amount of risk in the business but are oftentimes not able to take part of the reward. So what we see employee ownership whether it's using a ESOP and essentially what we'll do is we'll finance the movement of equity from an exiting founder over to a trust and ESOP trust that holds those shares on behalf of the workers and functionally serves as a retirement like account. So as the workers stay with the firm they earn more shares as the value of the firm goes up the value of those shares become more valuable and when they exit they're allowed to essentially put those shares back to the company and receive a payout for it. We believe this is part of the story of how we create that balance, that proper balance between risk and reward of being a worker and being an owner and sharing the risk and rewards of the business. So to date for example, so we've invested in two companies thus far one about 150 person landscaping firm, another about a 60 person plumbing company, one in Denver, one in El Paso and these 200 workers and these 200 families the idea of being able to build long-term wealth and to have their interests as a person aligned with the interests of the business that they were working for apart from going to work and receiving a paycheck is the opportunity that we're trying to create and what the data and research shows is that you end up getting better businesses which when you think about it makes a lot of sense. When everybody at the firm recognizes the alignment of interests you're gonna get better companies. Thank you, Todd. And one of the things I love about Todd's model is CAPEQ, one of the groups that we work with is private equity and oftentimes private equity is a fuel for inequity, human inequity and we partner really closely with those organizations not just to make sure that the worker and the employee base are treated well but also to create these shared ownership models and so I raise that because Todd your fund is doing so great and also even if you have what an air coach traditional portfolio is you can still hold the standard high to ensure that wealth building opportunities exist in your investment portfolio. Now, Arthi, I'm gonna just tell you something that I hear all the time whenever we talk about BIPOC businesses. There are no opportunities to scale. There's no opportunities out there to invest in things that actually drive BIPOC-led growth. Has that been your experience as you've been doing the BioFund and do you have examples of how, whether or not that's true? I have so many examples of why that's not true. I will say, let me just start with a stat. We've, I've been with the firm now for about a year and a half doing this work. We've screened over 450 deals that meet one of our two kind of main criteria, threshold criteria, which is either they are businesses that are founded, led, managed or have a employee base that is largely people of color or they're an investment that focus on serving under-capitalized communities of color. So over 450 deals that we have looked at and screened that meet those criteria, we've closed on six, so we maintain a very low selection rate. And I will say that the intentionality behind our fund, I think, is really driving that sourcing channel. We also have the advantage of sitting, as I said before, in the center of our BlackRock alternatives platform. And what that means is we have advocates and partners across the firm that are bringing us opportunities as well. One thing I will say, BIO, the BIO fund has resonated far and wide with BlackRock employees across the firm horizontally, but also top down. So we're seeing in-bounds coming in from everywhere across the organization. But also because we have this intentional focus that calls out the demographics that we are focused on serving and helping, we are seeing a lot of inbound opportunities. Now, we can't always execute on all of them, of course. We are squarely kind of in the area for to help businesses in their growth stage. We can't make early stage investments and we're not investing in other funds. However, we have found that the conversation and the partnership that we developed with some of these early stage businesses is super helpful. We're learning, I think our entire team would say we're really humble about where we fall in this ecosystem and the role that we play. And we're learning a lot from founders, from other folks who are like-minded like us and want to continue to put more capital towards the ecosystem. Our hope is that this sector continues to grow and that we're just at the tipping point right now of what is possible. Well, BlackRock, you have so much influence and you really taking a stake in the ground on that will affect a lot of folks. Tell me also about how the money is structured. Is it equity? Is it debt? How does that work? Yeah, I think that's one of the most differentiated pieces about our fund. So we're a multi-asset, multi-strategy fund and that means we have the ability to invest in equity, in private credit, in real estate equity, infrastructure equity, in real estate debt as well. So we can invest up and down the capital stack and our investors and our clients who've signed up to as LPs in our fund, they really like that because it gives them portfolio diversification across the asset classes. It gives us the ability to really have authentic conversations with founders and figure out what they need. It also gives us the ability to adapt and be nimble in market conditions that, you know, one, it may not make sense to make an equity investment. We can pivot and kind of think about other ways to allocate our capital. So we're building out a diverse portfolio across asset classes, across the themes that I mentioned earlier and across diverse geographically as well across the United States. We wanna make sure we're hitting on communities across the US that really truly need the capital. You know, one of the things that that raises for me is in general, when we look at the research, we often see that people have really strict forms of capital. And, you know, they like to say, well, this is just the way this works. Or objectively, you didn't meet our screens or our criteria. But honestly, when you think about communities who have had their land stolen, who have not had access to capital, who have actually basically been paid lower wages over generations, the traditional processes for capital and screening often aren't meeting their needs. And one of the things that capital providers have to do is think about how do you find flexible ways to say yes, to have the financing meet you and say yes.  And how did that work? And how did you get the funding that you needed? That's right. In the early days of onshore, after my $2,500 worth of funding that I did, I actually went to my local bank, BMO Harris Bank. I presented my business plan to them. I was able to secure 100,000 in capital to get the company started. But since then, I have used a combination of receivables financing, the bank financing, and then just growing the company organically and reinvesting the operating capital back into the business. That's how onshore went on and on since we started back in 2004. But it was very difficult to access capital, larger amounts of capital that would have helped to accelerate the business. One of the things is that a lot of capital providers just don't take a lot of women-owned businesses seriously and that's got to change. I mean, it's 2022, we've got to change that paradigm. But it was challenging, if you will, to get capital. And that's why I used some of the more expensive methods of capitalizing the business at the beginning. But yeah, it was not easy getting the capital that we needed to grow the business. One other thing I would say is the system that I developed, I was sitting on top of a platform, but the platform provider was changing directions of the platform, so I needed to actually acquire the IP. That was a little bit like rocket science to try to figure out how do you acquire the IP? It's not cheap by any means and that's where founders first came in. I'm happy to report today that I own all of the intellectual property now for Validation Master because of that. And instead of being just having a valuation that is single, now our valuation is multiple and that makes a difference. And as Todd was saying about growing wealth and that kind of thing, my business is not a lifestyle business. It is a sustainable growth business. And that's what founders first actually recognized about us is that we're trying to create jobs. We're trying to not only grow our business but contribute back to the community. And without having that access to capital, that was challenging in the beginning. So if you look at my firm, we're 18 years old but we grew organically at the beginning. We did not take in oodles of capital, as I said. We only got 100,000. And for those of you who are on a business, you know that that's not a ton of money when it comes to growing a business, especially one like mine with very expensive labor. It was very difficult at the beginning but thank God for founders. Well, and founders first has an interesting model. Tell me more about revenue-based financing. What does that mean? Yes, it's interesting. Revenue-based financing is financing where the payback of the investment follows your revenue. So if you have a month where you make no money, you pay no money. Now this is interesting because I had a loan with on-deck capital and many of you know on-deck capital that's a daily pull out of your account. So if you run out of money, you're kind of hosed with on-deck capital because they still take the money out or attempt to take the money out of your bank account. It's unlike, and by the way, it's expensive capital. I think it's 16 or 18% on the capital. Founders is only 4%. So if you think about that, that was actually better than my local bank. My local bank was charging six and a half percent. So when you think about the access and the cost of capital, that's one thing. But here was the big thing about revenue-based financing. Unlike venture capital, they don't take an equity stake in the company. And that was very important to me. I am an MBE, DBE, and WBE firm. For those of you who don't know that alphabet soup, that's a disadvantaged business enterprise, a minority business enterprise, and a woman business enterprise. So I'm a triple threat. And so the problem is that state and federal organizations require you to at least maintain 51% of the ownership in the company. So some of the VCs that I've talked to over the years, they were looking for anywhere between 10 and say 30% of the company. When you're an MBE, DBE, and WBE firm, they kind of look at you a little different if you don't own a majority of the company. Even though technically on paper they say 51%, they really want you to own more of the percentage. So revenue-based financing gave me the opportunity to actually retain 100% ownership of onshore while accessing the capital that I needed to run the business. It was the perfect business model for onshore technology group. Thank you, Valerie. And Valerie's example is something that we're seeing across, whether it's equity or debt, just really having to look back at the processes and the due diligence processes. So when you think about let's take debt, for instance, traditional character process like five Cs, credit, collateral, character, each one of those five Cs that seem to be really objective actually end up being an additional barrier. So when you think about Valerie's example, she had to take more expensive capital and it took longer to grow because you had to do it all yourself. This is what's happening to founders of color. Because we can't get access to capital, we are figuring it out because we have assets and we're brilliant. And why come the capital can't meet us where we are? Because a two-time Inc. 5000 winner was an investment that a lot of people are probably wishing that they were part of. So I just wanted to call that out, Valerie, and it's just inspiring that your leadership there. Now, when we think about Valerie, you've given us, been really vulnerable in sharing some of the ways you've had to figure things out as you go, which leads to what kind of support do you need when you're providing capital in a different way? And maybe both Arthur, you and Todd can explain or share some of the wrap-around supports or capacity-building you do as your support organizations. So as we're saying earlier, we see employee ownership not just as a tool for impact, but as a, there's a business case for it, a very real business case. Again, all the metrics of business success and growth, when you break them down and look at employee-owned companies versus their peers, they're just better companies. But the caveat to that is that only happens in employee-owned companies where they're actually building a culture of worker ownership, of helping your workforce to start to think like owners. And what that requires is a lot of time, energy, education, training, and input costs that we see as an investment that's gonna pay itself back. So specifically, when we look at the firms that we convert to employee ownership, we work closely with our TA partner, the Democracy at Work Institute, which is actually the national nonprofit that incubated the funds. This actually came out of the Democracy at Work Institute's goal to provide employee ownership opportunities for more people of color, more folks who haven't had traditional access to the economy through employee ownership. But what the Democracy at Work does in partnership with our team and all of our firms is we go in and we start to implement these best practices and tools that really come a lot from the world of cooperative business enterprises. So open book management, what does it mean to sit with everybody in the workforce and start to train them to help them understand at varying levels what the financials of the company looks like and more specifically how their job impacts the financials of the company. How is what you come to do, come to work and do every day, how does that make the company better and thus how does that make your balance sheet better through your employee ownership? Democratic governance. So actually having workers sit on the boards of the companies where they work, which is a model that's more common in Europe and other parts of places in the world. But how do we create that feedback loop between governance management and workers is something that you can't just drop in and say now you're part of the governance process, there has to be training, there has to be education, there has to be support. We're gonna do every worker's gonna vote for some representation on the board. We have to be there to support that work. And then there's also traditional, these are successful businesses that we wanna grow. So coming in and doing a lot of the things that traditional investment firms that are looking to grow and sustain firms are gonna do. So coming in and providing, helping see where there are gaps in the finance function or the biz-deff function and providing that support and giving them the contacts and relationships that they may need as a small business. And so all those things are a part of it. When we built our model, our investment model, we've already built those costs into the model. We always say if somebody's talking about employee ownership and they don't have those line items for that training, that education, that support, along with the other sorts of business supports there, then you may wanna look twice and tell them to add those lines because it's important. Thank you, Todd. And when Cappy Q works with organizations, one of the things that we see, which I love about your example is, people want equity, diversity, equity, inclusion, supporting small businesses, supporting businesses of color, to be a side hustle, a side dish. They want it to be bolted on and it's really about being built in and having a really specific set of tools and levers that you're pulling. And so we even captured that in my most recent book, The Social Impact Advantage, because you have to actually get down to the how you make your money, how you spend your money, how you invest in your people and build it into every lever of what you do. It is not just a side program for people on the side. It really has to be core to your operations. What kind of support do you provide, Arthur, through bio? Absolutely. So when we look at investments in businesses, we are really looking for alignment in terms of community engagement and we want to help support what the management team might already be doing through our capital. But we also want to be more than just financial partners. We really want to be strategic partners. We want to help these businesses grow. We have obviously the platform behind us, BlackRock. There is a sector expert, a thematic expert, financial ninjas, strategy experts across the firm. And one of the great things while working at a place like BlackRock is we have the ability to leverage all those skill sets. And I will say there is so much energy and excitement about what we're doing across the firm that everyone's really willing and able and happy to help us not only bio be successful but also help our portfolio companies grow and thrive. But one thing that you said really resonated, we really focus on trying to think about ways in which our investment can multiply. So when we talk to the businesses we're working, we're investing in, we look at their supply chain, we look at their vendors, and we really encourage them and think through ways in which we can provide ability for them to diversify that supplier base more. Several, all the businesses we've invested in have already have that ethos as well, which is what makes such a great partnership for us. But we love seeing that thing, thinking about ways in which our investment dollar can go further, can multiply through the ecosystem. So we've encouraged that, we've brought our partners to the table in several different cases. We've introduced minority depository institutes, institutions to the equation and they've now become part of the business plan. And it gives them the ability to participate in a part of the capital stack that they otherwise wouldn't have been able to participate or otherwise weren't invited to participate in. So we're really thinking about creative ways to bring in more organizations who are doing great work on the ground and to build out that ecosystem by leveraging the breadth and depth of our platform. Another example of embedding as opposed to building our, oh my gosh, we're gonna have to close soon but before I thank everyone, I just want to say to everyone here, particularly if you are managing a capital manager, asset manager, asset owner, people understand capital and they understand the concept of compounding interest. And we really have to wrestle with the fact that capital has been the fuel for compounding and equity. And the moment we are in right now is not about savings rates. It's not about preserving our capital. The amount of capital that has driven and fueled an equity over generations requires outsized returns. And so I want to congratulate and thank everyone in this room who is trying to figure out how to make their capital land more equitably. And I want to challenge you to make sure that the way that capital is growing is meeting the scale of the brilliance in the assets in the BIPOC community. Thank you for all of you who are here. Thank you for my panel and enjoy SoCAP.


Thank you Professor Orgel for the nice introduction and the welcome. I would also like to welcome you here in Berlin at BAM I'm very happy that we have all made it here and It's a little bit of closing the circle. We are at a location where it started and I would like to refer to the submission of the proposal for this cost action in 2013 this was Still here at BAM where I was still here mainly employed in BAM before I then also Started to work at the Technical University of Denmark and The topic somehow came out of As one part of the PhD thesis I was writing here At BAM which I later defended then at ETH Zurich. Of course, this was only one building stone it very much goes back to the awareness of the scientific community of the methods of for quantifying the value of information and the Bayesian decision theory so With PhD thesis this was a starting point which then could be and Was further developed so that we had an approach for this cost action Yeah, well I defended at the 3rd of March 2011 the PhD thesis and And We all have experienced and know from history that ideas somehow came Or come up at Different locations people with people working independently and this was also the case here So Matthew Potsy and Amandek Reagan published four days later. Sorry for For being picky about the dates this can be also be debated, but a very similar approach for the Quantification of the value of information for structural health monitoring we have strived To improve the decision basis in a broader context for the design and operation and life in the end life cycle and charity management of infrastructures With the focus on quantifying the value of structural health monitoring using the most powerful tools we have the Bayesian preposterior decision analyzers to Yeah Assess the value of information before it is implemented Before any information strategy strategy information requirements strategy is implemented and before We implement any measures We were happy to receive the funding for this project by cost We started late 2014 we have got an extension so it's It has become a four and a half years project With a temporary extension, but also a budget extension so this action is very appreciated by cost and and We had a very critical and Yeah significant contribution here of the joint committee on structural safety especially in the starting phase and Continuously later by contributions to this topic many of the joint committee of structural safety members are also members of this cost action I Should also say contributing members of this cost action. We have formed over the last years a network comprising around hundred and thirty participants from 29 European countries researchers mainly but This is very critical for us That we also have in this network engineering consultants representatives from industrial enterprises and also representatives from infrastructure operators and authorities such a network Is difficult to handle to my experience but it has It has been a challenge, but it was also a great pleasure to work with many very very many of you Always trying to adjust to the individual working styles some Used to work in large projects some are Working primarily individually Achieving significant research results. So and then there's of course different mentalities around Europe so yeah, this was This was difficult, but it was also a pleasure to do We have anchored the network of the cost action internationally mainly with the professors on The right side marks you are from University of Newcastle Australia professor Dargang Lu Harbin Institute of Technology China Michael Todd University of California, San Diego US. These are the three we have been Working in the later phase very closely with in the beginning. We had support from James Beck Professor James Beck from California Institute of Technology US and Armand their Coragian So what did we do? This is a map of activities. We have been doing across our network we have workshop locations and we have here A training school location Cardenabia and here's another training school location talk here from last year and Yeah But a little more numbers on what we did So by the number of the dots You may have noticed the order of the workshops we had So far 16 workshops and conferences two smaller ones are to come We have organized training schools to training schools from the from The point of view now. This was too few training schools Surely there's lessons learned here Yeah, from us. We have also lessons learned so training school activities. I think it's something which really needs to be continued and even intensified we Will have or we will reach around 21 or 22 scientific missions so this was the most or the best tool for activating research Resources when some researcher went to another country to an institution to work on a specific topic there We have been organizing We have been organizing special sessions in conferences mainly in Europe, but also There will be one in in Asia We have been to Canada. This was actually the first Special session we organized It was a small session. It would maybe may have been five papers This has changed significantly Here Throughout the years and especially in 2018. We have been organizing four Special sessions all well attended with significantly more papers than five as we had in the beginning We are preparing special journal issues. There's one outs to our Actually in the process and one is in preparation for the structural safety. This is in preparation. We hope that Yeah, we will also have this one in preparation is an engineering structures Special issue focusing on the case studies and a structural health monitoring special issue with the With the anchor in the structural health monitoring Community and actually the idea here of the structure safety is that there is an anchor in the community of the structural risk and reliability analyzes community we had a production of 60 plus conference and Journal publication. This will significantly increase with the special issues. We are preparing and Yes, there's much more activities and we tried to go to document many many of our activities especially of the workshops with audio and video recording with the presentations and with workshop reports for the larger workshops so To give an introduction to the coming presentations. I Will would like to point at Achievements, which I find particularly important and the first one is that we have provided the scientific evidence of Tremendous economic life safety benefits due to the utilization of shm. We have found this in the literature review until 2001 There it was stated, but it was not quantified. We have done and we have done this In different on different levels with with the framework with Models methods tools for the quantification of the value of structural health monitoring with case studies even here with guides with a guide for scientists where we Summarize the framework. We have been developing and give also an example for the utilization of the methods and tools and Basically the main outcomes of this cost action. So you will hear much more and in much In a more comprehensive way in the next presentation throughout the day and We have I think this is the third point also very important We have prepared the industrial utilization of value of shm analyzes with the case studies a case study portfolio we have and further guides for practicing engineers and for infrastructure operators to be issued also in the Joint Committee on structural safety as part of their guidelines and documents, but there's Something even more important. I'm very proud of and For this I would like to go back to a slide from the first workshop in May 2015 in Copenhagen where I cited Henry Ford so Well in 2015 May 2015 we have come together We had the tool of keeping together But for me the most important thing is we have really worked in these four four and a half years Thank you very much


You know Been in the game for a while. You know I'm saying Started out with my boy ox from Jamaica RP ox from the movie belly. Don't you ever bring scared business to me You're looking at the toughest Rascals in the United States of America.  We've been getting all that hold on For the story, I don't know my story I got a movie this is the dope thing You know a lot of people love the music part of it or whatever but for me personally I can't speak for nobody else I need to know you as a person That's what I need to know before I even fall in love with any artist as a you know as the personality Right, so I want to know You know, what was it like growing up as a young kid in Alabama in Alabama? That's country man.  Why does it have to be like I'm tired of hearing He had to do he had to do he in my life now. I mean she you know some of my kids I don't get to see maybe it was because my mom maybe him and her had You know a situation where she kept him away from him, but we good now But as a kid you didn't understand it because most children don't understand it cuz parents don't explain that to kids No, you know as a kid it was like I really didn't want to go around them too much anyway It was a lot my dad, you know, it was a gangsta. So, you know saying my granddad was a gangsta It was a lot going on with that. So, you know, so did you ready for the story? So did you fall into that category because you know if it comes down to the line I know that not everybody can fall into that some people choose to be different Sometimes you fall into that trap.   I ain't no killer, but don't push me That's almost everybody though.  You had no you looked in the You had no food in there. I mean Jamaica. Oh man, I'm from Jamaica When you said that I was like, at least you started off good


The Trader's Edge with Steve Rhodes toll-free at 1-877-927-6648 or internationally at<PHONE_NUMBER>. The Trader's Edge now Steve Rhodes. Good afternoon folks welcome to the September 27th magical magnificent Monday edition of today's Trader's Zed Show. I'm your host Stevie Perseverance Rhodes who absolutely knows that each of us should always be pioneers of our future versus prisoners of our past. Hope everyone out there is having a great day. Hey let's make sure we have an extraordinary one and the easiest way to do that is always remember that life is happening for us not to us. That's right we need to make that one little two by four shift. Well it means we can find the gift in every set of circumstances that life is going to toss at us. Now today you and I we're going to go check out the circumstance of these markets. We'll go figure out what those bulls and bears with those buyers and sellers are communicating to you and I just passed one o'clock in the afternoon. I want you to know I'm absolutely grateful for your presence here but much more important than that and that's this during this next 60 minutes I'm here to serve you so feel free to pick up that phone you can dial on in<PHONE_NUMBER> if you can't dial in we've got you covered there too you can always go ahead and send me an email send it to steve at tfnn.com inside the subject heading please put radio show question and in our Tigers Den any and every ping will do so let's go ahead and get this show started on magical Monday. Of course this is Tiger Financial News Network I'm Steve Rhodes welcome to let's show a mixed bag out here you got the Dow 117 points 35 34 915 is the print while the S&P is down 11 NASDAQ's off 148 Russell's up 35 points some eyes are down 11 tranny's up 231 New York Stock exchange is up 77 while the Wilchers off 61 points you got the gold is basically flat trade in 1752 and Silver's up 28 cents that's up about one and a quarter percent she's trading at 22 71 lights recruit up 27 pennies as well 70 56 is the print there natural gas big move up 40 cents trading out at five 54 30 your treasury is back five ticks right now lane the charge dollar wise the upside you've got SVB financial 21 bucks Tesla 19 Boston beer Sam Adams is up 16 and signature bank up 13 to the downside Mercado Libre Yikes down 77 or 4% Chipotle off two and a half percent 48 Amazon 46 1% HubSpot down 41 there's some big shakers to the downside IDEX laboratories down 37 so plenty to look at of course I want to look at what you want to look at let's begin I hope everyone had a great weekend hope for all of you golfers out there you how could you not enjoy well you would not enjoy it if you were European but if you're from the US that was just simply spectacular spectacular play for three solid days out there and it was great to see teamwork and that's what we're about here teamwork you and me we're going to go try to figure out what these markets are doing so we'd love to hear from you<PHONE_NUMBER> in the meantime let's take a look at the weekend to see out here the weekend to see is the NDX 100 let's do it via the it's TAS market profiles let's begin by taking a look at the daily and weekly which I should have up on this screen here we'll just expand this chart out so what do we know about the NQ well what we know about the NQ is this formed a TD9 count top and from there price went ahead and went all the way back and tested the bottom of its weekly profile that's at the 14802 level that is the area where price needed to close below on a weekly basis in order to generate a change in trend signal otherwise you know what it is it's a buy the you fill in the blank dip level that's what it is now that was the buy the dip level and then on the trading session of September 22nd these three candle sessions right here that created the three river morning star that completed a currently buy pattern and now we have price inside its daily profile as long as price stays above 15097 we may see a run to the 15532 if price closes below 15097 we may see a run back down to the bottom of that weekly profile 14802 oh great stevo you can't be more specific than that well let's go take a look it's not really me it's just the charts out here all I can do is I'm just relaying the information to you got a confirmed daily currently buy pattern let's switch over to my eight panel chart here give me a moment to do that and here you've got the weekly the monthly the daily and you've got intraday time periods for the NASDAQ equity future contract so let's take a look at the daily let's just stick with the daily for them for the moment I'll expand this chart out and here I'll give an expanded a little bit more because I get stuff so here you can see your three river morning star also a bullish and golfing candle session your a to b equals cd if you if that would that created that garterly buy pattern here's the road's momentum indicator top along with a td9 count top so it had a little bit of everything now even though we have the bullish signal that was generated by that garterly buy pattern what price must do is close above that green oscillator and changeline in order to get to its bullish ways that becomes resistance we can take a look at today's price action price gets up there tags it moves all the way back down to the bottom of daily profile the bottom of the daily profile is not shown here but you do see the td9 breakout level 15076 so what it's really generated for us right now is a neutral signal and remember we are in a consolidation pattern across the board all four of the equity future contracts out here which can become difficult markets to trade from a swing standpoint but from an interday period that's a whole different element but what you're going to be watching for at day's end whether today or tomorrow is does price take out the low of this bullish pattern if it does that could signal a change in trend or does price in the nq specifically get above 15389 not get above close above that oscillator and changeline but what do we know right now we know we have a valid bottom price moves higher and it's just simply testing support folks that's bullish action not bearish action but still again price must close above this oscillator and changeline so that's the daily message out here what's the weekly message well the weekly message this does not show this is this chart right here i'll expand this up this does not show this is the continuous contract for the nq this does not show the bottom of its weekly profile but we looked at that chart together before we came over to this white background chart so price just simply creates a roadsman to mitigate our top and all price is supposed to do is pulled back to test support in fact that's what it did it pulled back and tested support which held so that is somewhat bullish of course in order to really get bullish here price has to close above 15612 that's the current reading on its oscillator and changeline the monthly chart this has a 89 count pattern that is going to go ahead and complete i'm assuming it's going to complete by i think the end of the trading week is went i'm not weak but uh count september is wednesday wednesday or thursday out here but prices above its oscillator and changeline 14622 so it's really kind of a neutral signal so you got neutral on the monthly the weekly says hey all the action is done at this stage here price got back tested support rejected it you know the idea can't bust them down price will try to bust them up the bust them up doesn't get confirmed until we see a close above the daily oscillator and changeline and then we can take a look at the intraday charts out here uh for signals do i see anything of significance the only thing i see is on the two-hour chart we had a td9 count top that went ahead and started price pulling back you blew through the td9 breakdown level it's first level 15205 typically you crew you cruise through one you go to the next and in fact that's exactly what the nq did at 15 090 25 do i have some kind of bottoming pattern on the two-hour time frame chart i do not on the 60 minute we've got a td9 count bottom we have a td9 count bottom on the 240 um i don't see anything specifically on the five-hour chart and on the 30 minute chart uh the 30 minute chart would say hey folks price right now what is it doing it's taking on its oscillator and changeline so let's come back here and let's open up this chart take a look at it so what do we know i couldn't really legitimately draw an a to b equal cd to the downside so we don't have that kind of a bottoming signal out here what would indicate that this may have bothered we'll be right back we'll talk about that soon we get back to the screen steve rhodes started his trading career as a student almost 20 years ago and the student has now become the master steve won the prestigious timer of the year award in 2018 and barely missed that mark again in 2019 finishing at number two for the year an amazing accomplishment steve rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his mastering probability newsletter steve's award-winning newsletter mastering probability is delivered every trading day with updates throughout the afternoon sign up for steve's market newsletter mastering probability and you'll receive access to seven of steve's 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educating investors call now toll free at 1-877-927-6648 internationally at<PHONE_NUMBER> welcome back folks so we were taking a look at the nq the 30-minute time frame chart that's what's up on our screen right now and although we don't have any kind of bottoming pattern uh such as an a to b equal cd down a td9 count a seventh wave move uh nothing what we do have though is we can see that the oscillator and change line has been a resistance theory and price right now in this session which has another 12 minutes so we can't confirm uh at this stage here that we're going to see a breakout but if price does close about 15173 that at least suggests a bounce up to the top of the profile of 15238 and if price can close about 15238 what the signal what even though we don't have the bottoming pattern per se uh we're just taking a look at where prices fighting support and resistance areas and so as we take a look at 15238 if price closes above that that would generate a signal of a move up to about the 15377 area out there so that's what the nq that's what the 30-minute time frame chart is showing us let's go back to a time frame that does have a valid bottoming signal that would be the 60-minute chart so let's go see what it's communicating to us so on the 60-minute chart here we can see that as price was pulling back early in the morning that formed a td9 count pattern so what does this suggest to us well we can see on the 60-minute may be difficult for you to see but i'll describe it to you there is a profile that formed about an hour ago it's bearish in structure the top is at 15238 the center is at 15212 and the bottom is down at 15109 so what is this telling us well this tells us you have significant resistance between 15212 and 15238 and the if price can close above 15238 or price should run to is the 15399 level so where should this rally stop but this is just some kind of counter trend move and that there's a larger trend to the downside well the answer is going to be in that 15238 or below that level out there so that's what's going on with the nq and good to spend time really take a look at what it is communicating to us since it is the of the four equity future contracts it is the one that is trading that is the weakest out here so let's maybe we'll come back to the equity futures charts i do have one only one question at this stage and this was from david and well so we'll stay on this screen here i think i had already started as uh david wrote in quite a bit earlier this morning i think i still have it up yeah right here so let me get david's question is hey steve uh yeah yeah yeah yeah yeah yeah yeah you've got uh 230 puts expiration this friday on ticker symbol c o i n and uh and david is from the is from panama city and there are beautiful beaches there that is for sure now coin c o i n i don't have a ton of data so when we take a look at monthly and weekly charts out there not really a ton of information but what does the daily time frame chart i tell us right now so let's expand this out and this is showing us boy not even a ton of data here so i've got no bottoming signals or anything along those lines i think what i'm going to do here for roberto coin well first let's just take a look at the intraday chart say 15 minute chart has a bottoming signal but price ran right in resistance 229 uh i don't have a bottoming signal on the 30 nothing could for what you if this and the 65 minute chart if we have one take close to the upside you'd have a roads moment of indicator bottom so you may have some intraday strength here but on a daily base i'm going to switch from here i just simply because not providing us with a ton of information let's go switch to my black background charts it will just whoops it'll just show up uh i think well i don't know what it will show up let me just simply do this so c o i n and it is a coin based global so the only profile that we have out here uh david is the daily profile in on friday price closed below the bottom 233 today it is below that level and uh only bar number five on a td9 count so you know price is likely pulling back into the swing points from uh july 20th and the july 19th level out there so i i don't see more than that i wish i had more data to really do an analysis out here um but it does look like it wants to head lower out there so thanks so much for writing in and best of luck to you on that trade uh the russell 2000 so we we just spent some time taking a look at the week uh index let's go take a look at the strong index you've got the russell 2000 up 38 points let's expand our daily and weekly profiles get a feel for what's going on here now of course the bigger picture inside the russell 2000 is the consolidation pattern that is in play we probably could uh fix up the bottom of this up pattern here it should be a little bit lower but i'm not going to worry about that at the moment what is price doing well price right now is trading inside its barestructured profile and that's between a range of 22 96 at the top and 22 75 so let me switch my other charts let me get my other charts we'll switch panels out here and we'll get to the russell 2000 we'll take a look at that quad series do i have it up yeah i do okay let's uh change screens out here you know mr bill my wingman is making sure that i do what i'm supposed to be doing here thank you for that so now we've got our quad screens our quad we've got our eight panel screen here of the russell 2000 so where do we want to begin let's begin by the monthly chart long term what do we have we've got the td9 count all that did was push price back to the oscillator and change line therefore its pattern is neutral to bullish russell 2000 we see just that sideways consolidation you and i were looking at that on the daily timeframe out there but you can clearly see it on a weekly basis if we take a look at the daily chart td9 count takes price right back to where to its breakout level nothing broken there prices above a green oscillator and change line that suggests that price is going to go target its highs but we do know there's significant resistance at 22 96 and then at 2307 short term timeframe charts rogement of indicator top on the 60 nothing on the well i don't know the 30th population looks populated but let me just repopulate it make sure yet nothing on the 30 nothing on the 120 of confirmation or the 240 or the five hour timeframe chart so actually russell 2000 still looks to be bullish and that may be signaling to move up into that 22 96 area let's go out to brent in martinez california brent thanks for calling thanks for holding how was your weekend how are you doing today oh my weekend was great do you have a couple years was uh another one as well it was it was absolutely it was great and uh good to hear you uh what uh what is it that you'd like us to take a look at today you kind of beat me to the punch i was uh interested in having to take a look at the iwm just because it seems to be acting fairly well if that's indicating anything to you i know you look at the patterns and some of the different levels to be watching but if it seems like it's there could be a little bit of a rotation happening and that's that's you know starting to back off some of the big cap names are starting to have a pause which is you know understandable and and then also if you get a chance to look at the six because i know it's hovering around that 50 day ema so there's nothing that nobody could take a look at absolutely so with regard to the russell 2000 brent i would just simply first just say in the bigger picture we try to understand the message of the markets at least from last week's perspective where last monday we had that uh significant push lower all that really was taking place was a consolidation was just setting up uh the consolidation pattern that is in play out here and those are the four rectangles that are uh that i've got on my screen out there and yes i had the same thought as you did maybe there's just simply rotation out of the nasdaq into the russell but the reality is we just have this consolidation pattern and until price either breaks to the upside or to the downside um i don't know that we're going to get a ton of information released to us but brent we're just about to go to a break out here if you'd be kind enough to hold through that break we'll come back we'll take a look at this we'll put the i w m charts up on the screen just take a look at those and then anything else that you'd like so steve roge with brent in martinis california we'll be back in about three minutes having fun trading the markets but having trouble finding like-minded individuals to discuss your trading and investment ideas with become an apex predator in the trading markets and join the tiger's den trading room only at tfnn.com the tiger's den is an exclusive trading room where successful traders from around the world come to 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trade charts is designed to help you when scouring the markets for stocks just beginning to form the trading patterns that many investors spend weeks or even months searching to find and right now we're offering licenses available at only $79 a month we are so confident that you're gonna love this new charting software that will even give you a 30-day unconditional money back guarantee don't miss out on this incredible new piece of software get your copy of the art of timing the trade charts today by visiting tfnn.com this segment is brought to you by think or swim for more information just click the think or swim banner on the front page of tfnn.com welcome back up folks so we're on the line with brenton martinez california and brent wanted to take a look at the iwm the russell 2000 out here and so those are the charts we have up on our screen you've got daily weekly and monthly charts now what brent and i and you now know is that prices trading into a resistance zone if we take a look at the daily time frame chart those blue horizontal lines show us the profile level so when the center is closer in proximity to the top or the bottom in this case here it's closer to the top then we refer to this as a bearish structured profile so significant resistance their sellers are reside at 22681 there's also buyers we'll just call that 50-50 but all the sellers are also hanging out at the 228 level now that's on a daily basis brent the top of the weekly profile in it too is a bearish structured profile is at 233 233 64 to be exact and on the monthly it's 234 53 so we know in this 235 we'll just call it rounded up here area that's a significant resistance level that if price can close above then that will turn the eight they'll turn the gertley buy pattern and that's what formed inside the iwm it's what's formed inside the russell 2000 equity future contract out here you can see the a to b equal cd pattern now folks i want you to realize that here's the one-to-one level than the one-to-one point two seven two the one-to-one point six one eight this pattern did not complete or confirm until this day right here september 22nd that was a bullish reversal candle that was a bull separating candle so now you have a confirmed by the d-point gertley buy pattern uh but we know that price is trading into resistance hey brent any questions so far about the resistance levels or or anything else that i i've uh mentioned no i think that's great see that's helpful that that gives us an area that we could get about that that would be of course pretty bullish if it stalls there then that gives us an area you know on the downside potential that it could find support and that's what i'm looking for okay so let's take a look folks there are excellent thank you for for for that brent if we take a look at the just simply retracement levels so we know that price is pulled back into the top of its bearish structure daily profile we could also see that price at the point seven eight six retracement so on any gertley pattern folks there's basically five different outcomes the very first outcome is the point three eight two retracement well price got through that with that uh bull separating candle it just simply proceeded to get up to the point six one eight level that would be outcome number two before price pulled back now we're at outcome number three the point seven eight six area outcome number four is going to be getting into that 229 area and if price can clear that swing point that swing point by the way has volume about 22 million shares then that could set up the outcome number five and that would be an a to b equal cd to the upside is that what i'm calling no but what there are folks is there are five different outcomes for every gertley pattern and at this stage here we don't have really any indication that outcome number three the point seven eight six retracement is the end of it look the a to b equal cd pattern inside the i w m the one to one level only takes you to 233 38 which is basically getting you back to the uh it's all-time highs from back in june of no that wasn't i think the all-time highs were back in may yeah they were i'm going to go back here so it's back in uh so really what price would be doing is taking us back into the march sorry march 15th 2021 that's its swing point high out there so those are the patterns that i see in play right now uh brent what we know at this moment at 1 33 in the afternoon this price in the out russell 2000 is traded into a resistance zone as to any questions before i move on to the spot no no i think that's it okay so if we take a look at the spot volatility index out here friday price closed below the 50 day expense moving average and that was um while the current 50 day expense moving average is 1859 and price is traded 1845 so brent if we can get a second consecutive closing below that 50 day that's a signal that we should see the es mini go at least target the top of its profile it's not substantially higher from where we're at that's at the 44 83 level of course closing above that would be a bullish outcome so the spot volatility right now if you were to ask me what is the signaling to us i'm not sure because it's pretty much sitting right there on the 50 day expense moving average we just have to wait to see what what day what what the end of the day brings to us the only other thing that we could do would be to you know take a look at the es mini as an example and see if there's some kind of uh bottoming signal out here on some of the short term time frame charts the i only have the daily on this this little package here i only got the the daily so here folks we take a look at the daily this too also has a garly bi pattern and where price is running the resistance is that oscillator and changeline that's currently printed at 44 46 so brent and everybody that's listening that's the level that if the es mini closes above very likely the spot volatility will be below the 50 day expense moving average and then that says price should get to that 44 83 level and above that back to its all-time highs if i look at the short term time frame chart the short term time frame chart or the 30 minute chart does have a confirmed rose momentum indicator bottom it did that's done that a couple different times out here but price has been unable to take out resistance and resistance is both its oscillator and changeline but more importantly it's at 44 45 75 that is the top of the current profile that price is trading in but what we clearly know is that the buyers are trying to flex their muscles the first rogement indicator signal of a bottom took place at 12 30 the next one took place as we came into the 130 time slot both with bullish engulfing candles what hasn't taken place is a close above that oscillator and changeline but more importantly it closed above real resistance which is 44 45 so brent that's what i would be watching during the day out there if we see it close above the 44 45 level then odds favor back to the daily we get up to the 44 83 zone does that create some questions no i really appreciate you i'm actually be taking a little break from the markets for go up and do some fishing around tahoe for tomorrow and wednesday there's the bigger pretty good hike it's about a five mile hike to the best country lake and do a little trout fishing and relax and kind of detach myself from the markets for a little while oh that well that sounds like a very peaceful thing to do now is it is it what kind of trout run there there is a rainbow trout that run there is it uh something else yeah well the one that we're hiking into my oldest son and he lives up in Tahoe so we're going to have an opportunity to go with him which should be a lot of fun and we're having a time together and kind of year you know or like in the fall what we're in right now is a good time if they start to come in and of course forwards for the winter time so you should pretty often then and doing a fair amount of feeding so we'll see yeah and there is a rainbow this particular lake has kind of special it has a cutthroat trout in it it has a brook trout in it and it has rainbow trout in it so cutthroat trout i've never heard of a cutthroat trout trout what is uh what why the name do you know or or or how's it different it's a pretty special fish it's only present in i don't think i've heard of pure mid-lake it's out in nevada okay i have an erupting that looks a little a little bit like mono lake and has a puff of piles and it's kind of a pretty stark landscape but it's on the indian reservation out there and it's okay i believe it's uh is it the truckie yeah i think it's the truckie the only one that runs actually east and so it goes that's what it's closed into it ends up in that lake and so it has their their lohattan cutthroat trout and so it's kind of and i think they just took some of that uh species or that variety okay the strain of trout and they put those into that lake i'm going to so there's not a lot of those around as well as she used to place their their present well i i hope you and your son catch a cutthroat as well as everything else out there it sounds like a great time and uh you know just have a peaceful time enjoy the time with your son i'm sure you will and uh we look forward to your fishing stories when you get back we don't want to hear about the one that got away we want to hear about the one that you hauled in yeah i'll try not to exaggerate too much just have a have a great week i'll talk to you when i get back sounds great friend thanks so much for calling to be safe out there that was brent from artinas california stebro's with tfnn would be back in just a few are you in the market for buying or selling real estate in the bay area including the surrounding st petersburg tampa and clear water markets tiger real estate llc is a firm that has extensive experience in the tampa bay whether you're looking to sell your current property for maximum value or you're in the market for a second home or investment property tiger realty has the experience across all areas of real estate in the tampa bay area to help buyers and sellers make the most informed decisions across all price levels from the price you should be paying per square foot in certain up and coming areas to the type of cash flow investment properties are capable of creating tiger real estate can help you make the best decision when it comes to all areas of the market before you make one of the biggest decisions of your financial future call tiger real estate llc today at seven two seven three two nine eighty three twenty two or email us at tiger at tfnn.com that's seven two seven three two nine eighty three twenty two call us today the technology around us is changing every day with so much happening it can seem impossible to keep up with all the information paper whites investment newsletter the technology insider is designed to give you all the information you need to understand the technology that shapes today's markets and tomorrow's future david white has made his living staying on the cutting edge of technology his weekly newsletter will give you specific recommendations for value tech stocks as well as entry prices target prices and stops to set for each trade date delivers his weekly newsletters every friday with updates throughout the week you can get the technology insider at tfnn.com for only thirty seven dollars and fifty cents sign up for david's newsletter the technology insider and get an inside look at everything the technology sector has to offer try it risk-free today with our 30-day meet back guarantee tfnn educating investors biotech is booming but for how long whether you think the biotech bull has room to run or has run its course trade labu or labd directions daily s and p biotech three times bull and bear etfs visit direction investments dot com slash biotech today an investor should consider the investment objectives risks charges and expenses of the direction shares carefully before investing the prospectus and summary prospectus contain this and other information about direction shares to obtain a prospectus or summary prospectus please contact direction shares at eight six six four seven six seven five two three the prospectus or summary prospectus should be read carefully before investing an investment in the funds is subject to risk including the possible loss of principle the funds are designed to be utilized only by sophisticated investors such as traders and active investors distributor four side fund services llc don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv the trout up on our screen here so interesting that this article was from one year ago october 2 of 2020 this is a i mean quite a gigantic fish this one is this is a 31 inch yellowstone cutthroat trout out there so hopefully brent we're we're all sending you uh whatever kind of light it is we need to hopefully uh we'll just say and look here's a picture out there we can just simply paste your face in there if you'd like but now we want to catch the real thing but that is a that's a big trout and if you catch that please put that back away just take some pictures and put that back even though it'd probably be good eating that guy gets that big he needs to hang around for a while and then even uh no questions by phone no questions by email no questions i see inside the tiger's den so let's go uh just simply surf around what additional information do we need to look at as far as the equity markets are concerned let's take a look at new york stock exchange having a good day so remember this has come from that oversold level of minus 150 that is panel number two that's the advanced decline oscillator that is nothing more than the advanced decline line but we take a look at the difference between its 39 and 19 period exponential moving average that's what creates this line out here when price is above the zero threshold level right now it's at 37 that tells us that buyers are the ones that are in control of the markets well we should test that theory out our buyers in control of the markets out here let's go find out the easy way for us to go find out is let's go see what market breadth looks like perfect excellent idea stevo so now let's open up our market breadth charts those are the ETFs and sectors inside the s and p 500 but we're interested in just seeing what does the s and p 500 look like and boom voila there you go you're looking at the speed dials those are up top you can see the weekly the daily the 240 and the 60 they are all set in bullish configuration what does that mean well as an example i'll open up the chart here and on a daily timeframe let me get rid of that middle box so you've got your crossover a crossover is a bullish crossover when the red line goes above the the green line goes above the red line bearish crossover is the exact opposite so what we know as we speak right now is 201 instruments inside the s and p 500 are trading with inside their profiles 177 above the top of their box that's bullish and 125 below the bottom of the box and that's why we have this bullish crossover so the preponderance of evidence right now we even know you've got the es many pulling back is from a market breast standpoint and it's market breadth bullish let's go take a look at the nasdaq 100 the nq which is the weak link out here today and as we take a look at it the daily time frame the 240 the 60 and the weekly they're all set in the red zone out here so we've got conflicting signals but what we do we've already done you and i we've already taken apart the nq and those bottoming signals such as the garly by patterns those are going to form before we typically see crossovers in these time frames but nonetheless this is weak the nq that is when i say this is weak so we've got conflicting signals out here but generally speaking for the general markets the message at 145 in the afternoon for the new york stock exchange is bullish anticipating a continued move higher now that bullishness will get a larger signal if that spot ball until next does close below 1859 currently traded 1848 okay what else do we want to look at out here let's look at gold silver and the us dollar index so a gold silver us dollar index let's get to the right tab oh steve okay so what do we know about gold first of all gold confirmed a garly by pattern how did it do that it formed a a to b equal cd to the downside our a point out here was back at the high at september 3rd the b point was out here on september the 14th and that also was our c point for the a to b equal cd to the downside this makes a 1 to 1.272 and the reason why it's a confirmed garly by pattern is because of the trading session on the trading day of september 20th that folks was a key reversal bar and that says that the low of that pattern which is 1742 30 is the key level that price needs to hold well that was tested last week it was tested on thursday it was tested on friday so support is held we could see prices trading with inside its daily profile out here hasn't really gotten a ton of traction but just consolidating but it does have a valid bottom how about silver silver is going to generate the same kind of patterns today the a to b equal cd pattern out here um well actually let's let's do this because more important than that let me get this going on this chart silver december uh because what i'll show you is the rogement of indicator signal that is being confirmed today so i'll pull over this white background chart the reason it's being confirmed much like when we took a look at the i w m with brent you now have a bullish reversal candle a green body candle is not a bullish reversal candle nor is a red body candle they just tell us we're price open and price closed that's all they do but what you and i are looking for our bullish and bearish reversal candles to confirm patterns in this case here we can see that silver has pushed lower stretch and generate that rogement of indicator signal and now today you may get don't know if we will at day's end but at 147 the afternoon you now have a confirmed bottom inside of silver now resistance is at 23 23 bucks that's the top of its daily profile but you now will have bottoming patterns inside of silver and inside of gold well the us dollar index generated a sell the d-point here is its a to be equal cd pattern so the eight point inside the us dollar index that's down here on the low of september third the b-point out here is going to be the high on the trading day of september 13 and the following day september 14 was the c-point we can see this made a one to one or a little bit more than a one to one we knew that it was confirmed because of that bearish and golfing candle that formed on september 23rd now does it mean that it's bearish and it's getting a crusher it's going to crash or anything along those lines in fact right now until we get the us dollar index below 93 15 the signal is somewhat neutralized so it's really a neutral type signal out here as prices consolidates with inside the pattern but what we do have and this is really what i wanted to share with you to sum it up you've got a valid garly by pattern inside of gold you've got a road's meant to mitigate or it looks like you'll have a road's meant to mitigate or bottom inside of silver and you have a solid d-point pattern inside of the us dollar so things should be ripe for the precious metals to move higher of course as i say that i'm sure somebody's typing on their computer right now getting ready to send me an email and say well well what's the gdx doing okay so i'm going to anticipate that i'm going to front run that question out there or really just stay in the metals area and as we take a look at the gdx do we have a bottoming pattern the answer is we don't we don't have one just yet now if price we're able to close above its oscillator and change line that's at about 30 33 then we would get a different signal but that's not what we have right now so maybe everything is set up maybe we see something that takes place tomorrow maybe not but everything is set up and ripe for metals to take off to the upside for the us dollar index to move lower and for the gdx at least to generate some kind of a bottoming signal so i do see we do have a question that came in this is from david h and top ball texas and he wants to take a look at aurora borealis acb no aurora cannabis out here so let's go to our three time frame channel out here our three time frame of task market profiles acb is the ticker symbol the stock is having a good day today and it's forming a bullish engulfing on a weekly chart where's a good entry point well the problem is we don't know on a weekly chart we don't know if it's going to be a bullish reversal candle or not until friday but nonetheless let's take a look at the daily time frame data and you're right this is a nice candle with some volume and prices above the top of its daily profile excuse me 629 is that key level let's pull over the daily chart out here the daily chart shows a rose momentum indicator bottom that's being formed and confirmed for a second time so it does look like acb aurora cannabis does have a valid bottom we come back from this break let's go pull apart the short term time frame charts and see what we can find sharpening your skills as an investor is like getting better at playing a musical instrument you have to practice sure but you also need excellent instruction from experts at tfnn you'll get advice and guidance from the authority and technical market analysis and it's not just dry tedious text either tfnn airs live financial content streamed live on tfnn.com and tfnn's youtube channel with tiger tv live every market day from 8 30 a.m. to 4 p.m. eastern for free each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world from the moment the market opens until the closing bell sounds tiger tv has eight different shows with expert hosts to help you make the right moves with your money watch online at tfnn.com or on tfnn's youtube channel and become the investor you were born to be tfnn educating investors markets can rise and fall like the tides subscribe to basal chatman's newsletter the opening call and you too can ride the wave basal chatman is an authority in technical analysis his chatman wave trading system has been helping traders identify trends and capitalize on momentum in the markets since 1984 tfnn invites you to test basal's proprietary chatman wave trading methodology with a monthly subscription to the opening call newsletter for only $149 your subscription to the 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mortgage program pays 7 per year paid monthly for more information you can call<PHONE_NUMBER> that's<PHONE_NUMBER> don't forget you can listen to tfnn live on your mobile device 24 hours per day go to tfnn.com then hit watch tiger tv that's tfnn.com then hit watch tiger tv welcome back folks so we're taking a look at aurora cannabis acb's a ticker symbol for david in tom ball texas tom ball is outside of houston i believe i just looked it up on the map and then i think david i've been out i think in the 90s i played in a golf tournament in the woodlands i know i played in the golf tournament there's a couple of courses in that area so a nice area for sure but with regard to the weekly time frame what we don't have here on a weekly time frame yes we right now we have what appears to be a bull sash candle it's only monday can't confirm that until friday but i don't have a bottoming pattern to go with it we don't really need that because we've got that bottoming pattern on the daily time frame that's the rose mint dominicator signal now as we look at a 15-minute chart out here this is suggesting to us that price is going to continue to move higher because it's negated as td9 count top creates a td9 count top price pulls back inside its bare structured profile find support at the center of that level and has taken up but the 30-minute chart says maybe not so fast i know you're looking for an entry point this is bar number nine right now as price gets up to its td9 breakdown level at the 641 area so i'm going to suggest right now that you hold off on just jumping on this train bar number 10 would complete at 230 and whatever the high is at that stage if price closes above that high that this is a freight train moving north and we talk about a strong moment to move to the upside and at that stage here because you're just coming off the bottom i'd say now would be a time to start otherwise perhaps this td9 on the 30-minute chart amounts for something and you see price pull back into about the 625 level price right now is about 643 so i hope that helps you out with regard to a bottom signal here you definitely have spotted a nice bottom it appears inside of the pot marketplace aurora cannabis being one of the holdings there so thanks much for writing in and folks stay tuned we've got two more great hours left your favorite polar bear david white he's up next after that tom o brian he'll take us on home i'll be back with you tomorrow on terrific tuesday have a magical marvellous monday folks and we'll see you tomorrow building wealth trading in the stock market seems impossible