Hi everyone, my name is Jacob Rodgers. This is our presentation on Wikimedia legal history I'm a legal director in the Wikimedia foundations legal department Where I have been for a little over six years and I helped deal with the foundations Litigation and various other legal issues that come up related to the Wikimedia projects And hi everyone, I'm Steven LePorte. I am also a legal director. I'm an attorney for Wikimedia I have been at the Wikimedia foundation on the legal team for nine and a half years Before joining Wikimedia legal I contributed a little bit to English Wikipedia and English wiki source when I was in law school So I am a volunteer enthusiast about Wikimedia in addition to my role as a lawyer All right, so we are going to be talking about the start of the Wikimedia movement the legal landscape and Sort of where things have been where they are going and Some of the trends and changes that we have seen So go ahead and go to the next slide Steve. So past practice and future trends where we started Next slide so I think many of you have heard the story of how Jimmy Wales originally was working on new pedia and they opened up new pedia to Everybody's user-generated content type edits and We got Wikipedia out of just everyone contributing to articles rather than having a bunch of experts vetting all of the original content This was I think a really significant change because Wikipedia is one of the earliest websites that had just this mass Open public kind of discussion Contributions and ability for everybody to contribute and I think even from that very early stage people were Surprised and very pleasantly surprised at how successful that was And I think there are a few things that went into that so Steven next slide Yeah, one of the things I really appreciated about the early days of Wikipedia and sort of the founding of Wikimedia Was how important legal principles were to how the site was designed when you look at this this old screenshot from new pedia, you'll notice that there is a Discussion along the bottom of the definition of free and the free encyclopedia So from the very beginning this notion of free and open was actually something that was built with a lot of Intentionality and a lot of care for some of the legal principles that undergird the encyclopedia and I think that these things sort of carried through Wikipedia's legal history Wikipedia did not start on the Creative Commons license, but it was around Under an open license before Creative Commons Version 3.0 was originally adopted There was a Conversation on Wikipedia that moved the projects over from the original GNU free document license to the Creative Commons license and this Early conversation about Wikipedia and its goals with licensing was really foundational for determining the principles that Wikipedia was built on top of This was a time in the internet when Lawrence Lessig was writing about the the goals of the free and open communities when there was activism about free access to information and this activism was Sort of something that was much broader than Wikipedia, but also motivating people to contribute to projects like Wikipedia Yeah, it is worth noting as well that before These free licenses both the GNU free document license and the Creative Commons licenses The default was that anybody who developed knowledge projects like an encyclopedia Had them locked up under an all rights reserved copyright license and that was how it worked almost everywhere And so it was a really kind of radical new idea as part of the early internet to create a structure Where everyone was giving away their work for free to be reused and remixed by everyone else I think that contributed a lot to the early success of Wikipedia and still contributes to people's interest and willingness to Volunteer their time to contribute to the world's knowledge Next slide the other thing that was happening early on in the creation of Wikipedia was the early years of Structures around intermediary liability protections So in the 1990s there were Not anything quite like websites and online forums and there were some early legal cases in the United States that Treated online forums essentially like publishers if people were coming onto a website and submitting content The people on the forum were monitoring it They became liable and so it was very difficult to have an open discussion forum unless you left it completely Unmoderated because you would be in a situation where any effort that you took to deal with spam or off-topic Conversations could make you liable for Everything that everyone contributed to the forum There was an attempt by the US Congress to solve this and they tried to do this in a Comprehensive way actually with an aim towards censorship, which is why they passed the communications decency act CDA and the Communications decency act was a law that tried to offer many opportunities to protect websites that Wanted to censor content or keep it family friendly or otherwise limited in different ways But one of the things was a protection from liability section 230 That meant that if you were engaging in good faith moderation efforts if you were Hosting a website with user-generated content. You were not liable for what was being posted and in fact, you were not treated as the publisher So even aside from your moderation or your good faith it was just that each person was the publisher of what they wrote and The hosting website was not the publisher and therefore was not liable For what the users were writing After this law was passed it actually turned out that most of the censorship parts of it were Unconstitutional in the United States meaning that they were struck down by the US courts and so through kind of a coincidence of legal structures and Unanticipated Law writing by Congress We ended up with a situation where the rules around censorship were gone, but the protection for Companies that hosted websites with user-generated content was still there and that really enabled the growth of many websites including Wikipedia because the the company's hosting the website didn't have to worry about checking or vetting everything that every user was doing all right, so That was the structure of the early Internet we're now going to talk about a few milestones Yeah, I think if you look at the first decade of Wikipedia, it was built on these sort of early Internet principles That were really founded on this the protections provided under the communications decency act section 230 But there was still some tension over what should be taken down or what should be left up on On on the Internet Originally there was a lot of focus on copyright infringement a lot of concern about some of the revolutions that file-sharing were enabling that allowed people to get more access to creative material and for People to bypass some of the traditional ways that creative material was distributed So out of concern for copyright infringement Congress considered passing a build that would give new powers to To various bodies to remove content to block access to content and specifically to go after Payment processors that were allegedly involved in copyright infringement We in the Wikimedia universe as well as many other free free culture advocates were concerned that the SOPA and PIPA bills were not carefully crafted and could be used to Really upset this balance that it existed for the decade prior. So there was a massive protest online and this led to a The bill ultimately being withdrawn Wikipedia had blacked out for a short period. This wasn't the first time that Wikipedia had protested around a law that was pending There was a protest on Italian Wikipedia and Russian Wikipedia before English Wikipedia's protest on SOPA PIPA But because of the scale of the technical aspect of the SOPA PIPA protest the foundation the foundation legal department foundation technical teams were deeply involved in facilitating this conversation and We're very interested in some of the conversation that came out of this There's a real recognition that the things that were happening in Congress and in legislatures around the world would affect our ability to achieve the Wikimedia mission and if we wanted to achieve the Wikimedia mission Wikimedia needed to be part of those conversations and thanks to the power of the contributors to Wikimedia Perhaps we could steer some of these conversations in a more productive direction for free knowledge alright Another development that I think really changed the nature of the internet and how people think about the internet was the Google Spain decision also called the Casteja case Which occurred in 2014 and which was then followed by the passage of the general data privacy regulation the GDPR in the European Union This was the first time that people really made Individual privacy a major focus of the internet and this was a major change For a very long time in the development of the early internet There was an assumption that information would be freely available forever And that society was being made better by information being free and organized and easily found And the Google Spain case in which an individual's Personal bankruptcy from many years prior was easily found to that person's detriment Led to I think a very serious reconsideration of that principle And that was followed by a very comprehensive law being passed in the European Union that gives Individuals the right to have certain control over their data Particularly to know how their personal data is being used by companies As well as to correct errors and in some cases to ask for their data to be deleted or hidden in various ways And so that has been a really major change since 2014 and how people have thought about the internet and information on the internet It is also I think worth noting that the Google Spain decision and then subsequently the GDPR represents something of a shift in What region of the world has led in regulation? As you heard from the early presentation a lot of focus of the early internet was on the United States Both United States courts and the United States Congress in terms of what legislation they passed And that was in large part due to where many companies were located that were part of the early internet but as some of these things changed and as political trends changed around the world the European Union started to become much more prominent and Has I think in many ways taken the lead on regulating the internet in a number of different ways Next slide So I'm going to talk briefly about where things are now and first let me offer a note of congratulations The movement has become incredible on copyright. It is Humongous we have 35 million articles in all these different languages, but next slide We also have almost no copyright complaints This is our transparency report data from the last few years going back 2018 2019 and early 2020 The Wikimedia Foundation received an incredibly small number of DMCA complaints and as a reminder DMCA is the Digital Millennium Copyright Act, which is the US regulation that obligates hosting companies to remove Material that violates copyright when we receive an appropriate formal legal notice The number of notices that we receive annually of this sort is between 10 and 20 with Or rather every six months is between 10 and 20 And many of those notices are themselves improper So you can see that we had a couple periods where we didn't grant any DMCA's at all And in the other times we granted fewer than five And so this has been incredible work I think on the part of our volunteer communities the policies on the various Wikimedia projects that Enable free culture content that allow people to monitor uploads that ensure that what is on wikipedia is vetted properly By users and is good quality Are very clearly working And you can compare that to The number from google, uh, which did not give the exact date range, but their most recent transparency reports, which I checked yesterday lists well over 5 billion DMCA requests received by them and so the number is Just not even comparable Even though our our websites among the wikimedia projects do receive a really large quantity of internet traffic That's even was there more you wanted to add to that No, these numbers are just Tremendous and a good illustration of how easy it is to get sort of bad content removed from the wikimedia projects You don't need to come through the wikimedia legal department to get stuff removed people can make edits themselves And uh, the other admins on the projects can verify content, uh, that you know It needs to be removed for copyright reasons and these programs are incredibly effective and you see that reflected in the numbers here all right Where we are seeing as the foundation's legal department the most activity Is in two areas privacy and defamation And I want to point to a couple of of things under each With privacy wikimedia is getting older Uh, and as we were mentioning with the gdpr and the casteja case People don't feel the same about the internet today as they did 20 years ago Uh, and so the foundation has begun seeing uh complaints sent to us that are legal complaints or sometimes legal threats um Where people are pointing to old wikipedia articles that might have been written more than a decade ago and saying This information is true. This information is accurate But it's so old now that it's no longer notable or important to the public and it shouldn't be out there anymore and for at least some people they feel that Uh personal information about their past acts is harmful to them either because they Want to withdraw from public life for for one reason or another they want to retire or perhaps they want to Just not have their past misdeeds haunt them for the rest of their lives We are also seeing more complaints of defamation. I think this is also related to disinformation efforts There are just way more people on the internet and many people are worried about insults disinformation And they are taking conversation on the internet much more seriously than it was taken in the past because everybody lives their lives All right next slide All right, so this is the future steven. Uh start us off Yeah, the first area where I think we are going to need to spend more time having conversations is around the human rights standards that we can hold ourselves to as a movement and as well as as an organization As we make decisions about the future of The wikimedia projects looking individually at national laws is going to be a challenge because of these conflicts between various requirements And because of our need to reflect sort of global projects rather than different projects Reflecting different laws around the world So we as well as other advocates in our space are increasingly using human rights frameworks for decision making and for accountability Online, so I think there's going to be some really interesting conversations for us to have About where our projects policies and where our legal processes can be updated to better enable human rights And lastly As we spoke about in the very beginning The early internet was shaped by standards around Intermediary liability and the ability of companies to host projects where all users are able to contribute without the company being liable for them Those rules are changing and they are changing around the world in different ways Um, we have seen proposals for change in the european union india indonesia brazil and the united states among other countries The general direction of those proposals is towards making companies more liable for things Or making them be required to create some kind of corporate process to remove content and to give people the ability to Lodge formal legal complaints That's something that we're going to be paying attention to and are going to try as hard as we can to help shape the Law to support the wikimedia movement and the communities So thank you so much for your time And we will be able to take some questions maybe in the conversation after this presentation


Well, strange times. Six months ago, back in March, I was beginning to think about this address when, in the space of a week, everything changed. I went from a jolly weekend in Norfolk through a jittery site meeting in Kent Midweek to lockdown in Strawberry Hill by the end of it, with the anniversary meeting unavoidably postponed. The society's staff coped magnificently, giving the appearance to me and especially to the outside world of a seamless transition to home working, which continues to the extent that their work cannot reasonably be done from home. We lost the remainder of the spring events programme to the pestilence, but the experience has not been entirely negative. Indeed, it is shown us how to accelerate our capacity for outreach going forward, as you will hear. This afternoon, I will, as is customary, summarise our activities in 2019-20. I will also address matters of consequence for the society, which have emerged over the past six months, and I look forward to some of the issues that we must address going forward in 2021 and beyond. Turning first to the national picture, last year I reflected on the retrenchment in the organisations and institutions that are responsible for the conservation and study of England's material heritage. The desirability of rethinking the organisation of development-led archaeology to make best use of resources and focus beyond data gathering to the public benefit of increasing knowledge of the past. During the year, with much assistance from my past president, Jill Andrews, who is here, we developed a draft paper, The Future of Archaeology in England, which was circulated widely through the Archaeology Forum and has been intended as a contribution to ongoing reflection on these issues. It would be fair to say that it was not universally well received across a sector understandably concerned with survival and inclined to support, therefore, the status quo, with the consequences of the pestilence emerging as an additional and major concern. On 12 March, the Ministry of Housing, Communities and Local Government published a white paper, Planning for the Future, the title page on the screen, which sets out, albeit at a very general level, radical proposals for the reinvention and simplification of spatial planning in England, rather than further tinkering with a system that originated in 1947 and has become ever more complex since. Coupled with central government encouragement, that's the right word, towards fewer larger single-tier local authorities, this makes change to the present structure for managing the historic environment in general and the archaeological resource in particular inevitable. Beware of what you wish for, goes the saying, especially since the word archaeology appears nowhere in the paper. But our emerging view, based on the thinking we did last year, is that this reform actually presents an opportunity to improve the structural provision for archaeology in the planning system. Our response to the white paper consultation is being formulated on those lines, while our own paper, as refined, will be put formally into wider circulation shortly. Turning perhaps next to our own activities. During the year, we offered just over £150,000 in research and travel grants, including that generous donation from Edward Harris. This represents a considerable increase, as you can see, over our preceding five-year average. The range of disciplines is, as ever, wide, but with archaeology almost inevitably predominant. A significant proportion of our grants for projects are for those outside the United Kingdom, particularly in Oman, where the Ducati plants are now being fully taken up. And all periods are represented from the Paleolithic to the Victorian. We're a very broad church. Morris grants for the conservation of decorative or non-structural elements of churches continue to be oversubscribed and were applied to a wide range of items. In summary, our grants awarded last year totaled over £180,000. We all wish that it could be more, but the low return climate for investments is getting worse rather than better. In terms of dissemination, the meetings in 2019 all seem a long time ago now in a different world. We held a record number of public and participatory events through the year, doubling attendance of public lectures and events to over 4,000. Thanks, Danielle. No time to cover all of it, but a few highlights. Our annual research programme was showcased, as usual, grant recipients setting out their stall in this room and engaging directly with fellows and the public. People were enticed in from the courtyard, fascinated by our curious ways, and indeed our furniture, my chair proving quite popular with some. This event, again, coincided with the Burlington House courtyard leats, where we all get together, the six-learned societies including the academy around the courtyard. This year, the theme was exploring the elements, being the anniversary of the periodic table. We had an engrossing evening in the Academy Lecture Theatre. One particularly archaeological paper was on lipids in pots and what one can learn from them. Put over in a way that he engaged people who might otherwise have thought it was an obscure subject. Our postgraduate open day is now a key event in the calendar, or was before the pestilence. Here our director, Chris Skull, introduces the potential of some of our collections. In June 2019, we hosted jointly with the Arts and Humanities Research Council, a lecture by Chris Skidmore, MP FSA, on the value of the humanities to universities and contemporary society. At the time, he was Minister of State for Universities, Science, Research and Innovation, but last year ministers came and went with disconcerting speed. Closer to home, perhaps, the Staffordshire Horde colloquium, organised by Leslie Webster, Tanya Dickinson and Sam Lucy, was the culmination of a decade-long research project. Coincided with the publication, The Staffordshire Horde and Anglo-Saxon Treasure, which is already in reprint, a rare thing for an archaeological monograph. That was our aethioth research report, and we've already followed it by two more this year on Vale of York landscapes and Roman Albra. We now have 37 titles available online open access through Open and the ADS, and we're continuing the programme of making our backlist accessible in this way. In March of this year, we held a seminar to mark International Women's Day and to celebrate the anniversary of the Society admitting female fellows. The centenary, I should have said, perhaps. The day, 100 years of female antiquaries, with speakers highlighting the role of women within the society past and present, was indeed our last before lockdown. This is the first meeting to be held in this room since. And where we are embracing the virtual world. Over the past few months, as a matter of necessity, we've learnt much about how to operate in this new virtual world. Heather Sabir gave our first live-streamed public lecture on the 19th of June, Stonehenge AD 2020 Summer Solstice. And we had about 180 participants, almost twice the normal capacity of this room. All able to put questions via the chat function, which many of them did. And nothing can ever really take the place of being in the room with the speaker. But not everyone can be now, or indeed in normal conditions. So in future, we will be live-streaming all our lectures, both fellows' lectures and public lectures, with, I hope, rather better production values than our historic kit allowed. And giving real opportunity for virtual participation, extending our reach beyond the room, and indeed beyond this country. Our next public lecture by Michael Wood already has 230 bookings, so it wasn't the Stonehenge effect entirely. There is a mark is out there, the potential to expand our reach. Turning to our collections, painful there it has been for many of us deprived of the library, despite the postal loan service. Sysatio of normal work did enable our staff, led by Dunia, to achieve a rapid transition of data to the new library collections platform. And search engine. Now this has been close to my heart since I became president, and I hope will be welcomed and is being used already by all fellows. We are now able to offer limited personal access to the library. And thanks to the fortitude of our staff, we will maintain this unless instructed by government to close for business. But it's vital now, and I've said this before, that we follow through with updating catalogs to modern standards, including more and better images online. As the nature of running a library changes following this investment, we're considering ways to expand and improve the way we manage and catalogue our records, our archives, particularly our own archives. We're rightly proud of our collections as a resource, and these are major steps towards making them better known and above all better accessible to researchers. Which brings me to the fellowships. Sorry, I'm checking the slides. Yes, right. I'm grateful for the overwhelming support for the statute changes reflected in the vote today. This will bring the society into line with current good practice, appropriate and practical for an organisation that now numbers some 3,000 fellows worldwide. But numbers are not everything. We lack diversity. As an ancient white male, I'm conscious that I represent the very antithesis of it. So a sample from our updated fellows database generates this graph or chart of our age profile and illustrates one of our problems all too clearly. In case you can't read the numbers at the bottom, the tallest column says 60 to 70 and the next tallest 70 to 80. And I'm in the first of those. No, I'm in the second of those. So it seems to reflect a situation or the inheritance from a time around the turn of the present century. When election tended not to follow, for example, the publication of a helpful excavation report or post thesis book, as it did when I was election. It was expected in the 1980s, but rather towards the honorific equivalent of a gold watch. Recent elections and admissions now do better reflect society, particularly in the agenda of violence. But change is slow as fellows we naturally tend to propose people very like ourselves. Recent events, and I won't go into detail, have prompted a wider reflection on the sources and human cost of the wealth of our predecessors and have brought into focus the desirability within, of course, our charter remit of excellence in our respective fields. Greater diversity and inclusivity among our membership as there is among our staff. We should, I believe, astew superficial transient or token gestures, but the long term health of the society depends on our diversity, at least reflecting that of the academic and professional sectors which we represent. And not just in the British Isles, but around the world, admittedly, mostly the Anglo foam world where our fellowship is represented. And where in Australia, Australasia and the Americans, we've long had established regional groups. I recently had the pleasure of participating in a Zoom meeting, if Zoom meetings are ever pleasurable, with our Australasian fellows where we discussed how to grow the group and its influence. We recently set up a diversity and inclusivity working group, chaired by Natalie Cohen, to consider the issue of the lack of diversity among our fellowship and what we can do about it. They have a maximum of three years to produce final recommendations and hopefully interim ones along the way. But, of course, this is just one aspect of the need to grow the fellowship if we are to address a structural deficit of 150,000 per annum and rising. So I urge, as I have before, all fellows to put forward suitable candidates for election, not least because we have had precious few candidates put forward since the onset of the pestilence. Please be reassured by the vote that we can now hold ballots despite the restrictions on physical meetings. Turning to Kelmscott, I spoke last year of the work, the proposals there in celebratory tone, I think, with the fundraising for the major investment all but complete, the consent for the project in place, and our staff and the architect rearing to go. We let the contract for the work in November. It was always going well, apart from some low-level winter flooding of the site, until the pestilence struck. After lockdown, work resumed on the 11th of May by our excellent contractor, Ken Biggs, but using fewer socially distanced workers, about two-thirds of their previous capacity. You can see in these slides the new education building on the site of and inspired by a cattle shelter along the side of the yard nearest the road. The south barn in the background taking shape with a quite beautiful thatched roof. Another example, the south barn itself, the roof repaired, and those nice new doors in place of the rather utilitarian old ones, and defunct old ones. So the quality of work remains high, and delay of itself has not added to contract costs. But it has added a year to the programme, limiting the opening of the house without contents, and the exhibition of treasures from Kelmscott here at Burlington House, both supposed to take place during this year, both now pushed back to 2021. And in pessimistic mode, I must add that neither may happen if this gross retestly misnamed new normal, or worse, still prevails through next summer. The first full year of opening will now be 2022, but the sector view seems to be that visitor levels generally will not return to pre-COVID levels until around 2024. So the reopening bounce in visitor numbers that we had anticipated will be missing. The main financial consequence of all this is a year's loss of income. We're reworking the business plan. We've already secured some assistance towards the extra costs involved, and further applications are pending. But meanwhile, two opportunities have arisen. It will be possible within the extended contract to undertake full rather than temporary repairs to this wonderful little building, the field barn and the paddock behind the house, providing we can raise the extra funding. And we really do need to, because the barn has been shown to be in a rather poorer structural state than was envisaged a couple of years ago. So we're hoping to do that within the extended contract period, and Dominic is currently raising funds for the extra cost. Another opportunity has arisen to purchase from the church commissioners the whole 10 acre field in which our car park stands for £150,000. They are selling the entire farm to the north, the home farm, which they bought in 1905 from the farmer, one of whose account books we were quite coincidentally given earlier this year and which I mentioned. This will give us long term security. It will save annual rent and provide future opportunities to add to our offer. It also protects the setting of Kelmscott Church. Since the National Trust already owned the field behind it to the north, we now own the field to the east of that, to the right on the map, which is very helpful. And over lunch we actually sealed the contract, literally with a long fashion seal. Less good perhaps is the state of the society's finances. I mentioned the loss of income at Kelmscott, but organisations in the sector, heavily dependent on visitor income, have mostly been much worse hit with major staff redundancies, including professional and curatorial. The National Trust has been in the news in that regard, but others like historic royal panaces are in a much worse position. We're relatively fortunate. The most serious consequence of the pestilence for us is the loss of the almost over £100,000 a year income, which comes from the letting of rooms in these apartments. And mainly, of course, to kindred organisations. Yola manages this very well. It's very disappointing this year that Forsbydger has intervened. The value of our investments and income from them, as I've noticed, has fallen, though both should recover over time. But one black cloud that has drifted over us is that society is faced with unprecedented potential financial liabilities arising from the university's superannuation scheme, which provides pensions for most of our staff. Some of you have probably noticed this in the paper, but not necessarily connected it to us. Market and interest rate movements have dramatically worsened the deficit in the scheme. To keep it afloat, the scheme's trustees are proposing further increases in the employer contributions that are quite simply unaffordable, as well as a lock that will prevent participating organisations from buying themselves out of the scheme. Even if we could afford to do so, which our treasurer assures me, we can't. We continue to take professional advice on this, but the options to mitigate these risks are very limited. We're a tiny organisation among the many who participate in the scheme, and therefore bluntly have very little say in decisions by the trustees. I'm going to end on Burlington House. This is the existential threat that has faced us for years and can no longer be ignored. Last year I explained the background to the problem of our tenure, and particularly the rapidly escalating rent under the terms of our lease from the Ministry of Housing, Communities and Local Government as our landlord. The consequence, uncertainty since 2012, which had prevented us from investing in Burlington House or making strategic plans about the society's future in so far as they were and are dependent on our remaining there. The graph shows that our blue line, the rent increases. The last two years of the current year and the previous year, current year is based on the previous year carrying forward, and it may well be rather more. Now, confidential, constructive discussions with governments were in progress when I spoke to you last, which we hoped would secure our future and that of the other courtyard societies at Burlington House. They did not, and I now feel free to summarise the sequence of events. The societies approached the then minister with the proposition that we wished to negotiate a long lease at a nominal, a peppercorn rent on a best value basis, which recognised the public value of the societies in their historic central London home. The then minister proposed instead that we be given such a lease as a grant if we demonstrated our public value through a report from PricewaterhouseCoopers following treasury guidelines for such things. We did so, but eventually it became clear that the minister had been overruled by his officials. Our rent last year was reduced partly to reflect the consultancy costs, hence the, hang on, what have I done? Right, hence the slight dip. And a new minister offered, with official backing this time, to peg our rental increases to 8% compound for five years. The potential impact of rises at 8% compound is shown in the little inset graph going on upwards. And I think, John, you worked out it would double in eight, was it eight years? Eight to ten, yeah. Clearly not much helped to us. The society is then countered with an offer to purchase such a lease for the current fair value of the property in the ministry's books. Ie, a value that assumed that our right to an 80 year tenure would run its course. Our share of the cost of that would be five and a half million. We further suggested that part of that sum might be met by the transfer of ownership of a very few objects to the national collections in which they have been on loan and display for decades. Though that aspect was not critical to the proposal. The offer was, as we originally intended, grounded in the concept of best value, taking into account our public value to the nation. It was rejected on the basis, essentially, or in terms, as the lawyers would say, that it was artificially low. And that because of the escalating rent, the ministry could soon foresee having vacant possession, which would allow them to realise an open market value of 110 to 120 million, whether by sale or proportionate rent. That sum refers to the new Burlington House courtyard as a whole. The suggestion regarding the objects was dismissed on the grounds of not wanting to set a precedent, despite transfer of objects being a common way to settle inheritance tax liabilities, and was indeed suggested by our fellow Patrick Cormac, Lord Cormac. So, council has decided that we should make one final attempt to persuade government that they should take into account our 5.4 million per annum in public value, this time through a public campaign. We have engaged April 6, especially this communication and campaigns agency, to help us in this, and we will be finalising the details in the next couple of weeks. We know that the society has a strong case and evidence to present through the economic analysis of our public contribution. For good reasons, the government built these apartments for the society 150 years ago to replace those that it had previously provided at Somerset House, and those reasons have not fundamentally changed. The cost of an affordable Easter government is nominal compared to the value of the activities, programmes, events and research which take place here. The government's desire to force what they say is market rent is based on a flawed assessment, which would raise an only nominal sum of money while sacrificing a unique arrangement which has shown demonstrable benefit to the nation. In coming weeks, we will ask and explain how you, the fellowship, can help the campaign to exert pressure on current ministers, with the belief that an arrangement acceptable to both the society and government can be found. We are not looking here for something for nothing, but an equitable and publicly defensible arrangement. I hope you will step up to protect our magnificent collections and make this building accessible not just to us, but to all in the coming decades. We could have done a great deal more over the past few years, but of course it would not have been wise to invest in upgrading the building or devise, for example, the membership scheme I mentioned last year based on being in Burlington House, when we could obviously not guarantee that would go forward. If we do not succeed, the society will have to face leaving Burlington House and seeking a congenial birth elsewhere, which in the market sense is most unlikely to be in central London, possibly not in London at all. We are rich in assets, both scholarly and market terms, but we are cash poor. There lies the dilemma we must face, but I for one would be saddened not to see our flag flying over these apartments, which have borne our name over the door for such a very long time. Thank you. Not quite finished. I must finally end by thanking our officers, Stephen Dunmore, Chris Skull, Heather Sabir, who's just run for a train, members of council, committee members, General Secretary John Lewis, and above all our staff and volunteers, both here and at Kilmscott. Their unfailing hard work, especially in the exceptional circumstances of the past six months, has been impeccable. So, I really have finished that. Questions, I'm happy to take and answer as far as I can.


This study has demonstrated that interferon-gamma, IFN, is a potential therapy for immunosuppression of sepsis, promoting glycolysis to restore metabolic defects in monocytes, and the mechanism of treatment is unclear. This study has shown that IFN promotes the Warburg effect through the PI3K ActMTOR pathway to reverse the immunosuppression caused by sepsis. This provides a new target for the treatment of sepsis. This article was authored by Xu Zhifu and Yu Wang.


looks good. We have a couple minutes until your official start time. Do you want to go ahead and start or do you want to wait a couple minutes? We can wing it. We can go with it. Okay, great. The people who are here can listen early. Whoever comes late, they come late. Yeah. All right. Sounds good. Yeah. Good to have no breaks. Well, thank you so much for having me today, David. Thank you for being here. Yeah. So, you're welcome to go ahead and get started now. Well, today we're talking about options. That's the topic. Everyone's discussing their favorite option strategies. It's interesting. When I started trading back in 2008, I wasn't doing options. I had no intention of doing options. I was doing equity trading, day trading, which I still do, but I started doing options actually about seven, eight years ago now. And the reason I decided to do options is really to capture overnight moves and stocks because you can get big lose overnight. And when you're in an options trade, you have a fixed risk in an overnight move versus swing trading. If you take a swing trade and you're in it and the market goes against you or the stock goes against you overnight, you can lose an unlimited amount. In an option, if you have one contract or 10 contracts, the most that you can lose is the full position, even if it goes way against you. You will only ever lose the amount that you have at risk. So that's like the insurance, you know, to have the protection to take an overnight position. So I really actually enjoy doing options. And I'm seeing here the chat. Let me just put this off to the side in case I get questions here. I'll answer them as we go along. Okay. So today, we're going to talk about options. We're going to talk about volatility. And again, if you have questions, let me know, put it in the chat. We're going to talk about how you can make money trading options in a volatile and bearish market. So it's been a very interesting year this year, 2022. And again, we're almost halfway through the year. It's hard to believe. I can't believe July 4th is next weekend, but it's true. We're getting to the point where it's almost going to be the holidays. And look where we've been this year. Look where the market's gone. Everyone said inflation was going to be temporary. And now people are talking about it being here for the next couple of years in a recession. So all of this has affected the overall market and many stocks as well. If you have questions, you can call me at 929-3200-GAP. You can follow me at Twitter, at Stock Swish, or Facebook, or YouTube. And you can also email me if you have questions today at Melissa, thestockswish.com. I, like I said, I've been trading since 2008. I run a live daily trading room, but that room is not an options room. It is for day trades. I have an options newsletter that's separate where I do the options. And we are going to talk about last week's options trades today in today's lecture. But again, like I was saying, 2022 is halfway over. And I think this is a good time, especially around the holiday week, where you can take a break from trading, take a couple of days off, take the long weekend, next weekend, and really evaluate where you are for the year. Are you on track to meet your financial trading goals for this year? Or are you not? Okay. If you're not, then you need to change what you're doing. If you continue doing the same thing for the next six months that you've been doing for the first six months of the year, you're not going to see any different results. And I think 2021, because it was such a bullish year in the market, people went long, every dip in the market, strong stocks and weak stocks, and it worked last year in 2021 actually, even stuff that was weak rallied. And again, this was after the COVID rally from 2020 into 2021, market was very bullish last year. That's not the case this year. So a lot of people are having a very difficult year. How do I know that? Because strangers email me, find me, people from YouTube and wherever they happen to find me and are telling me that they're down for the year, they're not doing well. So you got to stop what you're doing if you're not having a good first six months of the year so they can change what you're doing to have a great last six months of the year. You still have time to actually not only recoup your losses from this year, but actually move forward, move ahead into the next year 2023 with a positive attitude and maybe doing something different. So sometimes when people start to trade and I started trading in 2008, it wasn't like I started making money like that. I didn't know what I was doing. I took one class. I didn't figure out how to make money in that class, but I learned a very good foundation that helped me develop my own system that took me about three and a half years, which I do today and I've done it ever since. And now I teach people how to do it. This is a process. Trading is a process. Making money is a process. Learning anything new is a process. And again, people always say, well, what's the learning curve if I come and learn what you do? I don't know what your learning curve is. I don't know how fast you'll pick it up. That's up to you. But as long as you're going up and you're making progress and you're moving forward and you're making money overall over the week, over the month, over the year, that means you're getting somewhere.  Trading is one of these things you may take six steps up and two steps back and then three steps up and one step back. But as long as you're continuing to move forward and go up, that's where you want to be. But again, this year has created a downturn for many people's trading accounts, retirement accounts, and all kinds of things that it's put them in a negative position. They're just falling down the stairs. They're not going up the stairs at all and they're not making any progress. And that's where I'm telling people my advice today is take a step back from what you're doing because you don't want to dig yourself into a deeper hole into the end of this calendar year. So again, I have a business. I run a business. I teach people how to trade besides doing it myself and really trading is a skill. It's a skill that you learn over time. I do technical analysis. We're going to talk today about a little bit of what I do in relationship to options, but it's a skill. Like juggling, it's something that you learn and the more that you do it, you get better over time. That's the way trading is supposed to be. It turns out that's not the way it is for a lot of people. But when you think about it, conceptually, you're like, okay, well, this makes sense if I played a sport and I did it every day for hours and hours a day for years and years and years, I would be a lot better now than I would have been when I started whenever that was. But trading for people isn't always that way. They tend to do worse over time or at the very least don't get better. It's not supposed to be that way. Common sense says you do something for a long time. You're supposed to make more money. You're supposed to get better. The problem is that people never do because they never really stick with one thing and develop the skill that is necessary to do it. It's something that I've done and this is, again, tip of the day, stick with one thing and do it very well. That is all that you need. One trade a day, even one option a day is all that you need to do it. It's not about trading for six and a half hours a day every single second the market is open. So for me and for you, really think about the success that you want to have tomorrow. The preparation that you make today will help you into the rest of the calendar year 2022. So sometimes, like I said, there's steps that you need to take to prepare. You may not be at your goal yet, but if you take the right steps, the goal is going to happen. You're going to get to the destination that you want, which is of course profit, trading success, and having way more wins than losses. And again, many people are having more losses than wins this year, which is why I'm telling people to take a break and kind of step back. And the holiday week is a good time to do that. So today we're going to talk about trading options. There's really a lot of different types of traders out there. You have to think what kind of trading do you want to do? Do you want to do swing trading? Do you want to do equity trading? Do you want to do options? How much money do you have to trade? Do you only have your retirement account? You can trade options in an IRA. You have to talk to your broker about this and setting it up, but it is something that you can do. It's important for you to know which category you fit into, what are your goals, and then to set the proper expectations for yourself. Before you even begin to risk any money in the market at all, you should have a strategy that you follow. What is the reason that you're taking the trade? Why are you taking the trade? In what direction and what time frame are you taking the trade in? Now for me, with the options, I do the weekly. So I'm taking short time frames really for options. I do not do leaps or long-term options. I like the fast trades and by fast I mean within a week. Now this is a holiday week. I didn't do anything new today, but if I did, I probably would call it out till the following Friday next week, but of course next week is a holiday week too. So I probably wouldn't do a trade today that expires this Friday, but I'm normally doing the weeklies. It is important, I think, to have a mentor where you don't need one. I do think it's helpful. And again, if you decide to come and learn from me, you can ask me questions, you can sign up for the options newsletter, ask me questions about the trades or trades that you're in. So let's talk a little bit more about the market here and volatility.  It actually is good and it really is good for options straightings. Why? Because options are like a balloon. The air gets blown up in the balloon and it gets really big and then it pops. And that's when the trade is over, which is when you want to get out. When the balloon's getting blown up, that's when you're up all the money and the options chain is going, going, going, going, going. And that's actually volatility, something that's happening. Volatility doesn't necessarily mean selling, which we've seen in the market since it began this year. Volatility is something happening that's unexpected. You're sure to have seen that today with the rally we had in the market this morning. Now I didn't look where we're at since before I jumped on here in the last hour to do the webinar today, but we were up this morning. And again, bullish moves can actually be volatile too. So volatility doesn't necessarily mean selling, it could mean buying, it could mean selling. It means something happens that's unexpected. So as a trader, as an active trader, as someone, if you want to do options, you can use that volatility to your advantage. And we've seen that this year in many cases. Again, both bullish and bearish. So I clip this from yesterday. This is a chart of the QQQs. This is an overall chart of the market going back the last couple of months. So you can see here how the market has rallying multiple times. Let's just go back to like a little bit more than a month ago. This was May. Today is June 21. Market rallied up here in May, failed, dropped, rallied up again. Look like it was going to go somewhere. Look like it was going to take off like a rocket, rallied for three days straight. And then fell off a cliff. This was last week, actually. With the following week into the last week. And then we had a three-day weekend with the holiday, federal holiday yesterday. Today is Tuesday. Market rallied Friday before the holiday. So what I look at when I'm making options decisions is I want to find the opportunity in the volatility to take the train. And I'm doing that by looking for the gap. So what is the gap? A gap is a difference between the close and the open. Where can you see a gap? You can see a gap in a daily chart. This is a daily chart of the QQQs. So a gap is when the stock or the market, I'm saying the market here because I have the Qs up, closes at one price here at four o'clock and opens at another price here at 9.30. That is a gap. In this case here, this was the 10th to the 13th. It was Friday to Monday. This was a gap down. So there are gap downs. Then there are gap ups. Here was a gap up. This was the Fed decision day. They raised interest rates, 75 basis points. What happened here from Tuesday to Wednesday? The market gapped up, closed here at one price, open at a higher price rally. That was last Wednesday. We had a green bar. So theoretically, you could have gone long here and you could have shorted here. We didn't go long there, but we did short here. Okay. So I'm looking for the gap. Then I'm making a determination if I want to go long or short. Could be in anything. Could be the market. Could be stocks. Right now, it's at the tail end of earning season, full-on, busy season for earning season doesn't start until July, mid-July. But there are still opportunities to trade gaps most every single day. And again, I'm watching the market every day because the market is actually really great to trade because of the volatility that happens and then the big moves that happen in it. Okay. So any questions, just plop it in the chat and I will see them. So getting back to what type of account do you need to trade options? Okay. You can trade options with a cash account. You don't need a margin account. Now, if you want to set up your options account as a margin account, fine. But you can actually set it up as a cash account. So you can open up an options account with as little as $2,000. While you have to watch your risk if you only have $2,000 in the account, you can't risk $2,000 in a trade, the fact is that you can trade with a small account. And that is something that people find very advantageous because if you want to open up a margin account at a retail broker, you will need a minimum of $25,000 if you want to actively day trade. So lots of people like to do options instead of doing equity trading because they can do it with less money. Okay. They can do it with a cash account and then also like I was saying earlier, you can capture the overnight moves. So going back to this here, what I was saying here, this is what I mean by an overnight move. Again, we're going to talk about some of these trades in a minute here, but this is a big move overnight for the market. We fell, actually remember this was, I said Friday, it's like two weeks ago in the 10th, we closed down here around $289 and changed $288, whatever it was, and we opened on a Monday like it under $280. So again, if you were in a put, which is a short, okay, we're talking about that in a minute, you would have made all of this money without doing anything at all. You were just in the trade and went, and it went like that. So that is where you're looking to capture that overnight move. Okay. Because the markets closed in the weekend, markets closed at four o'clock. Someone is asking about a referral for a broker, David, I don't know if you want to, you or I can want to give Henry a referral if you want to. Anyways, you can trade options from home, which is nice. You can also trade options from your office. I have a guy that's trading options on the options newsletter, who's actually working, he's a delivery driver, he trades on his phone in his truck. I don't know how he's doing that, but he is. He's doing it on his full-time job on his route. He places the trades when he gets the newsletters and then puts a sell order, I guess, or looks at his fund is super the prices. It's pretty funny. So he's working full-time as a truck driver, active out and about delivering packages and then trading options in between. So this is much, much different than active day trading where you've got to be in and out sometimes in five minutes, 10 minutes, 15 minutes. This isn't like holding it down in the mouche of seconds with options trading. Because again, we're doing it over a course of a number of days, not necessarily where I'm in and out of the trade in five minutes. So with all these advantages to do options, why is that people find trading options so hard? Okay? Is it because the market is volatile? Is that why they find it hard? Well, maybe part of it, part of it, okay? But you know, you got to get the direction right in your trading matter if you're doing an option, a swing trader, a day trade anyways.  If you're short of the market's rallying, you're going to lose. So you always got to get the direction right no matter what type of trade you take option or otherwise. So really, it's neither here nor there. And the volatility of what we're seeing here in the last six months of the year is not going to go away anytime soon. And actually it could last well into 2023 and actually into 2024. I'm saying that because the conditions, many of the conditions that are creating the high levels of inflation and recession actually have nothing to do with interest rates have to do with decisions right now being made political decisions in the administration and things that are happening geopolitically across the world. So those things may not resolve themselves by raising interest rates. In fact, I think it's going to make it worse, which is what the Fed's doing. And I think it's going to actually push us into a recession. But the fact is this volatility we're seeing could last until the next presidential election cycle, which is until the end of 2024, we could be in a situation of high inflation, high interest rates, high cost for things or possibility of a recession, high oil prices well into the next two years, two and a half years. So look for the volatility continue. And this is shocking to people. This is very shocking to people. Okay. But you can capitalize on it is what I'm saying. If you learn how to do it instead of wasting the time doing things in the wrong direction and not understanding why this is happening, wishing it wasn't happening or doing the same thing that you did last year, which clearly is not working this year. But, you know, there are many reasons why people find trading options hard. One is a lack of focus, a lack of clarity, trade or second guess themselves. This is common in any type of way that people trade. You really need conviction to trade well and make money. It's important in anything you do. And you have to have conviction to have great results. The conviction comes from the knowledge because without that, you won't be successful anyways. Okay. So I focus on the knowledge. I focus on conviction. And this is again, something that I teach people to. So what do I focus on? I focus on the gap. This was a nice chart. We did a bunch of trades in this. This was target. Again, I'm going to show you here what is a gap. The stock closed here. This is back May now closed up here. Boom. Gap down here in the morning. Boom. This was on earnings. Okay. This was an earnings gap and targeted. It happened late. Happened the night in here. Came down here in the morning on the 18th. Or maybe it was in the morning. Oh, maybe it was a night. I don't remember. I don't remember if this was post market or pre-market earnings, but I know it was earnings. That was like a month ago. We did a put. It worked, fell, dropped. When you're doing a put, you're basically betting that the stock price is going to go down. So we buy puts and then we sell them. And we buy calls and we sell them. But this case here was a put. Okay. Now, I didn't look at what this is doing or right before I got on, but this is probably backing up today with the market. This is a nice chart though. A nice chart with, again, a nice gap. Here is the spy. Similar to the queues. Closed here, gap down, fell. Rallied the day of the Fed. Closed here, gap down, fell. Then we had Friday. And now it's up today with the overall market. This is a spy. So a gap is the difference between the close and the open. This was a bullish gap here. Tuesday we closed, open higher, rallied. You could have bought a call here, and then you could have sold it and made money. You would have had to do that. Otherwise, you would have lost because we fell the next day. Okay. So again, we're buying calls. We're buying puts. A call is a long. Down over here, back a month ago, what happened here? Market closed, gapped up, rallied. You could have bought a call in here in the market. You could have bought the 400 calls, got the lift, boom, got out. Made money. Okay. Now, I want to point out that not every bullish gap is a long and not every bearish gap is a short. Here's an example here. What happened this day? Market closed here, gapped up, fell. You bought a call here. It wouldn't have worked. It would have lost. Here's another example of one that flipped. Market closed here, gapped down. If you would have shorted it, it would have lost. It flipped, rallied, went up. So you can't always look at the gap, take the gap in the direction of the gap as an option. I developed a system and a strategy to look at criteria to determine if this gap that I'm seeing in the chart, whatever it is, a spy target, whatever, is going to go down or going to go up. Because again, with options, you have to get the direction right. I also think people are only concerned about timing and options. If something's going to work, it's going to work. What do I mean? The momentum's going to come in pretty quickly, which is why I'm doing things for the week. I'm not going to pay out for four weeks to do something a month away, because if the money isn't going to come in, whether it's buying or selling pretty quick, I don't want to be in it. I don't want to pay out for it. I don't care. Okay. Any questions here so far? So what I decided to do, since we're talking about options today, and we're talking about current market conditions, was to go over the trades from last week that expired the week of June 17th, which was again the end of the last week. So the win ratio for the options newsletter was 100%. I called 10 trades every single one worked. There were no losers. This is again me using my system, applying the system to make the picks. We're going to go over all the trades here and the charts. You can see them. And the reason that I'm putting in here a beginner trader risk is because I want people to understand they do not have to risk a lot of money in order to make money doing options, but they got to be accurate. And this is again where people just aren't, but they aren't in many things that they do swing trades, equity trades, anything either. So average risk of all these trades is 1000 beginner trader. Okay. If you did all the trades here, except for one you couldn't do, which, which I don't have in the totals. The beginner trader profits was 21,850. Some of the trades you would have had to be in at the same time as others will discuss that. And the average return investment overall for the week of the 10 trades was 210% return investment, which is great. Do we get that every week? No. No, we do have some trades that lose on average year to date. My win ratio for the options newsletter is 79%, which is amazing. Okay. So that means you figure 10 trades, two we're going to lose, eight are going to work and just have that in your head when you size yourself at the risk. So let's talk about this was last week. So on Thursday, the ninth, I called before the open 912. If you want to sign up, you'd be on the list. You get the trade. You can't do it to the open. I called the Walmart 120 put six fired the following Friday. Again, I'm doing the weeklings. So what was this trade? How much did it cost? It was cheap 75 cents for one contract. So if you set your risk, when do 1000 fine, 2005, 5000 fine, you set it. So you risk in this, if you took 15 contracts would have been $1,125, sold it to 50, an exit of 614. I'm going to show you the Walmart chart in a minute profit $2,625 on this particular trade that ROI was 233%. So this was the 120 puts. Let's look. So I called that on the ninth. So yeah, it was early in the morning, the pre-market, when I send out a lot of trains, this probably doesn't even look like much to people. You're like, really? This was a nice trade because we got it at the right timing at the right placement. And it continued and it fell and it dropped. Boom. So you take it and you could have got out. And actually it continued even further. Not that you would have wanted to stay in it, but I just want to show you here the very last day, not that anyone should hold it any last day, but the very last day, you were still even up on this. I didn't look at the close price. It was still way under the strike of 118 and change on the very last day of the expiration on the 17th. So you could have got out actually any of these days in here last week. Over 200% return investment, minimal risk. It cost 75 cents you could have taken, 10, 1, with 750 bucks. It's a nice trade. Again, you can open up an options account as a cash account. You don't have to have 25 grand in an account to do these trades. That was a nice, nice move. And if you look at it, you might say, well, this doesn't look like much, but this was profit. This was profit. Okay. Now this was a really good call. That same day, a little bit after the open, I called at 946 a.m. I sent out, again, this goes to your email, the spy 409 puts that expired on 617. This was a great trade. One contract cost $5.75. If you want to keep your risk at a thousand, every trade has to be close to that. Two would have cost you $1,150, sold at $36. Now I get this question a lot. Is this the best exit you could have gotten? No. And I'm going to show you in a minute. This was an exit on 613. It kept going. The best exit was actually Friday the 17th. Again, I don't tend to hold trades that are up a lot into the last day. There would have to be a reason for me to do that. The profit on a risk of $1,150 was $6,050. A 526% return on investment in a trade that wasn't even the best exit in the trade. Here was the chart. How did this go so big? Because of what we were talking about at the beginning was volatility in the first place. So on the day I called it, here's the ninth. It fell, closed, gapped down, fell. So remember, we did it up in here. We did the 409s. A put is a short. A put is a short. It's a short. You buy the put, fell, boom, fell. You could have got out here. You could have got out here. You could have got out here, which is what I thought was a good exit. But I want to show you, it kept going. I don't even know what this was. I didn't even go back and look at it.  Could have even been a 1,000% return investment. I don't know. It didn't quite get down to 360. It was almost $50 through the strike on the last day. It didn't quite get down. Here's the 17. But you couldn't have lost in this. This is one of these trades that I call, you can't have screwed this up. The only way you would have screwed this up is if you didn't do it. Even the day we rallied here, that trade was up. I mean, it was trading at 380. It was the 409 puts. It's $30 through the strike there. So I mean, again, these are not always, I don't, I don't always get perfect exits. I don't, that's not like what I try to think about every time. I do the best I can and then I try to make money and that's what I do. So I'm evaluated and looking at everything. The goal is to make money and to get the direction right, the pick right, and the timing of the entry right. There's many times I get out of trades and they keep going. It's neither here nor there. That's very difficult to time. And when you're up this kind of money, you're, you know, you have to take profits. You have to take profits. Okay. But again, with the beginner risk, you could have taken $1,100 and changed and made six grant in one trade. So when people say, well, I don't have money to do it. I don't have that money. I have to do this much. I have to risk a lot. No, you don't. No, you don't. People think they have to risk $2,000, $3,000, $5,000 to make any money in a trade. That's not true. The reason they think that is because they're basically scalping positions where they're only making 10, 25, 50 cents. They're not making a lot because they're not taking the trades correctly and getting the momentum. And again, getting back to momentum. This is momentum to the downside people. This was momentum to the upside. This is momentum to the downside. The advantage to doing options is getting momentum and particularly overnight moves. In this case here, that is what happened. And this is what makes it very advantageous to be in these positions. If it had gone against me, what would have happened? Again, if you took a $1,150 risk, what was the most you would have lost? That's it. That's it. If the market had gapped up to 450 and you would have lost, it would have never made it all the way down. Probably. This is what you would have lost. That's it. Okay. Any questions here? Now, the next one we did was Thursday in the afternoon. I don't always do trades in the afternoon, but I saw it. We did the Target 155s. It expired the 17, 2, 218 in the afternoon. I emailed it out. Cost was $2.60. Four contracts. Again, you got to stick within the risk that you set. You set it. I'm not setting it. You set it. You can ask me what I think. So I'm using an average of a thousand. This is not an exact science. It's close to it. 1,040 sold at 13 profit, 4,160 return investment. Again, a huge trade, 400%. You had the market with this, this fell. Again, could you have made more in this? Yes, I'll show you in a minute. Exit was 614. Joan is asking about alerts. So the newsletter format is this, Joan. I forget if I sent you what one of the newsletters looks like or not. I don't have that in here, but the newsletter has targets on it. Number targets. Number targets. You do not have to use the number targets. Again, remember I was telling you the truck driver story. I don't know what he does. He might just buy target and then put a sell order at target as soon as he gets in it because he's delivering packages. He might put a sell order at five. Okay. Something like that. That would almost be 100% out. You don't have to hold any trade to a target. And if you can't watch the chart, you can't do that. So I don't send alerts out when I get out for the very reason that different people decide to get out of different places. Some people get out of every trade the day that I do it. If it goes that day before four, why? They have a small account. They want to book the money.  They just want to get out and have the money to use for another trade the next day because they don't want to be in too many things at once. You follow me and it's an active letter. I mean, you're seeing this was 10 trades in one week. The other reason I don't is why. I don't want people coming back at me and saying, but you got out of it and we kept going again with another 30 points. Look, if I told people to get out of this and send an alert on the spy on the 13th, look where it went. I'm not going to deal with that nuttiness. You decide where you want to get out. This fell further. It went another 20 points. So I'm fully telling you that I do not get the best exit. I do the best I can and that's all you can do. That's all that you can do. For me, it's it's even seeing on June 9th that we even could do something like this before it even happens. After the fact, everyone's like, Oh, of course it went there. It's the fact that I can predict where it's going to go, which is based on my class, the big class of rating system, you know, that I can determine that and determine that so early in the morning, you know, in the pre market, when did I send that out? Well, 946, I sent it out. The fact that I can see that's going to occur before it does, which is the selling momentum, is a genius in my system. You know, I have, I have not perfected where I get out of every trade at the best exit. And so that's something that you will have to come to terms with yourself. And I think that you should do the best you can where you're setting targets and you can live with the fact that you made 100%. And if it keeps going, you just move off of it, you do the next trade. It's chunking it out.  And you're not like somebody that is 2000 and they're trying to get up to 10 or 25, even if you have 100 grand, you can chunk it out to try to get 200 grand. Holding everything for the last second, you know, is not always the best idea. One, when you're in a trade, it can always go against you, something could happen, look at what happened with the war in Ukraine, no one expected that this year. Two, you, I'm calling other trades, the money you have invested in this trade, you can't use to take another trade or the profit until you exit it and pull it out. And when you close a position, then the next day to get up, the money's back in there with the profit.  This is a different mentality than buying and holding forever. This is, you know what I'm saying? So like people have to kind of get their head on straight about what active participation is, like this is an active newsletter, we're doing options, we're in, we're out, we're in, we're out, we're in, we're out. Okay, does this make sense? I understand everyone's like buy and hold it forever, but that's really long term investment or even swing trading. And even people that are doing that right now, to be honest with you, are getting killed because they went along the market, they haven't sold the market, they haven't exited it and they're down. Well, what if we drop another 20% or 10%, they're going to just keep letting themselves be down and down and down. So you're better off taking profits in my opinion. Let's go back to the chart here, where was I? What day was that? I think that was the 9th too. Here, snuggled a bug, I called this one here, got the drop, boom. Boom, there it is. But I want to point out where this one was the last day where you could have had more of an exit too. And again, we talk about the trades in the trading room, we talk about the market, but this is where it went. So this is another one where it's just 155, it was at 139 and change. I think it was at 138 actually Friday because we did a day trade in it. I think it went to 138 Friday. It's crazy because I didn't hold it till there. The days that I see trades, Bob is saying do I send trades every day before the market open? No, I didn't send any today. I said that earlier. I don't know if you were here. There were no gaps that rated per my criteria today. Therefore, we didn't do anything today. We actually didn't do any day trades today or options. Today was a day to just sit on your hands and wait this out and see where we go. So no, there are days if I don't get any gaps that rate per my criteria, we may not do anything. However, there may be days like on this particular day where I call several trades. So it all evens out, but there are some days when there isn't anything to do. Then on Friday at 8.50 in the morning, I call the 295 QQQs. It expired the 17th, which was another one too. These were pricing. These are pricey, but you still could have done one at a $1,000 risk for 700 sold at 20. $1,300 profit is still 186%. Is this the best exit? No. Again, this went until the last day too. This fell on Friday more, but this was another nice entry, but it was a different day. So we did this on here, the 10th. Okay. So again, sending out of the morning fell, boom. Gap down Monday morning dropped. We do stocks. We do ETFs. We do both. We do things with volume. We do things that are good options to trade. There are some things that don't make any sense to do as options because they're too cheap or don't have enough volume or they just don't make any sense. So we have to do trades that are sent as that have volume. And they're all companies that you know. Companies you know the market ETFs. They go out by email. There's no text alerts if that's what you mean. But everyone has phones and email connected to their phone nowadays. So it hasn't been an issue like I was mentioning the guy that's on the road. The diamonds 320 strikes we did on the 10th in the morning too. Sent this out. Again, you can't do the trade to the open. This was another put. A put is a short. It's a short. So I was predicting the market would fall, would drop. It did. Cost was 620. Two contracts. Risk was 1240. Sold at 16. Profit $1,960. Don't tell me you need a lot of money in an account to trade. You don't. You can do it. You have to be good, but you gotta be good if you have a lot of money. If you had a million dollars in your trading account and you don't know what you're doing, guess what? It ain't gonna last. You're gonna lose it. That $1 million is gonna be $500,000. And that's just as painful as having a $2,000 account and losing the whole darn thing. You have to know what you're doing to trade. It's one of the reasons why I encourage people to sign up for my class and learn how to trade before they do it. Some people want to. Some people don't. Some people just want to sign up for the options newsletter and get the trades. That's fine. There's no prerequisites. You don't have to learn my system to be on the newsletter. You don't. I think it helps though if you learn it. And eventually what ends up happening is most people then end up doing the class anyways. They're signing up for the newsletter, see the system works, realize it, make money, and then they do the class after the fact. But if you just want to sign up for the newsletter, you can. Return and investment in this was 158%. This was a diamonds. For some reason, this was, this would have gone a lot bigger. For some reason, BA just wouldn't fall, wouldn't fall, wouldn't fall, finally fell. That's a big portion of the Dow and desk. And again, we do this sometimes. We don't do this all the time, but this was the 320s that I called here on the Friday fell, fell like everything else. Okay. I think the spy was the bigger move in this and it's been weaker than a lot of things overall. And BA kind of held this up from buying. Sometimes I do them at the money. Sometimes I do them away from the money. It's whatever I see that I want to do in the cost of it that I think makes sense. When we did the Netflix ones on Friday early in the morning, I sent the trade out the 180 puts expired on the 17th. It was Netflix. This was another good one too. 520 cost two contracts. Risk was a 1040. Again, beginner risk. Set it the same. 2000, 2000, 1000, 1000, get it close enough. You can't send literally a thousand dollars a trade and then do something that costs 5,000 like a Google. You can't do that. Then you got to take five trades to come back, break even if that one loses. If it means you can't do that one, then you can't do that one. Okay. Should have 1575 profit, 2,110 return and investment, 203%. And again, this was on the 10th. So here was this guy here. Doesn't look like much, does it? But it fell. Boom. Dropped. This is Netflix. My, actually my win ratio is pretty consistent. I've been doing this now for 10 years. Well, the options, I'm sorry, the options we've been doing for like I said for seven, but my system itself for equity trades or day trades is all the same system. It's the way that I decide to take the trade, if that makes sense. But as far as this year in particular, Bobby's asking, how, you know, we're doing really good this year, there's been a lot of weeks this year that we've had trades like this. Get back to this one here. So, well, that one, 400% and this one. So the difference between my win ratio has been consistently around 80% ever since I figured out my 26 points in the system and taught the class, whether it's day trading or options, however you do it. The difference for 2022 is that we are getting massive movers, massive momentum and massive winners. So again, a winner is a winner. If it's up 50% to me, that's a good place to start watching to see if you want to look out. This year, we're getting such big moves and so much volatility and so much momentum that the percentage of return and investment this year in a lot of the trades has been jimungous. That is not the case every year. Does that make sense? Now, again, people say, well, you're shorting here the market. That's true. Am I ever going to go on the market again? Of course, yes. You know, I've done calls in the market. In fact, I think we did some even at the end of last year, at the beginning of this year. I remember the last time we did. I do calls too. I'm showing you this one week. But yes, I do go long. I prefer to short. Will I do calls in the market again? Yes. Yes, I will. I'm not in any right now though, despite the fact the market is rallying today. So it's more about the massive movements that we're seeing this year that has made such a difference of these huge return and investments for people, which helps everyone. It helps the people that have small accounts to turn them into bigger accounts. And it helps the people that have big accounts to turn them into even bigger accounts. So that's really where the benefit of 2022 volatility has been. And like I said, it's going to continue the rest of this year. And I think there's a large possibility it could continue until the next election cycle where we hear Netflix, Netflix, Netflix, Netflix, Amazon. You're new to options. You find it difficult to understand options, terminologies. I don't think I talk about a lot of strange words or difficult words in terminologies. You're just, if you want to do this, you take the train. There it is. You buy the 109 Amazon puts. There's not, there's no, what's the terminology there? There's not a lot to know about it. What do you mean show them how to set it up? What do you mean set it up? If I send a train at 1111, boom, take it, get it, buy it, get in. I don't know what you mean by that. If you have a certain broker and you don't know how to actually execute the orders, if that's what you're talking about, whoever asked that question, you do have to learn that from your broker. I'm not a broker. They will walk you through how to do it. But this is very self-explanatory here, I think. Then we did the Amazon 109 puts that cost you 70, four contracts, risk was 1,080, sold at 750, profit was 1,920, 178% of an investment. This was after the split in Amazon. Remember, the price is different now. And the cost of these is different now. They used to be very, very, very expensive. Here's the Amazon chart. So it's nice that people can do these now because they're so well-priced. So this closed here, this gap down fell. So this was the 10th. Then it fell in here. Then it got the drop. So you can see in here how we did it and how I called it. And again, it varies what price and strike I decide to do it. If you think it's too pricey for you to do one of the strikes, you could do one of the below the strikes. It's going to work if it goes in your favor. If you want to pay less for it, that's fine. Okay. Then we did the 380s on Monday. I did the 380s, 846 in the morning. I mean, these work too. 775, one contract, $775 sold at $179.25 as a profit. This was an exit on Thursday. And here's what happened to this trade. So I called the trade in the morning. Then it fell. This moved a little bit in here. You could have got out theoretically here or here with profit. I didn't. I didn't think it moved enough. Then it was down. Then it was down. Then it was down on Wednesday. Okay. Expires Friday. That's why this could have not worked. I believe that it would. In fact, I said in the morning on the room of the FOMC day, even if we rally, even if we rally, even if we have a positive reaction to the Fed and announcement, even if they raise it, more than expected, which is exactly what they did. Even if we rally, it's not going to last long. I said, I don't know when we're going to lose the rally. Could be a day, could be an hour, could be whatever. It's going to lose it soon. It lasted nothing. It lasted barely the morning, the overnight. It lost it the next day, the second that the market opened. Then it was up. This was actually up more the last day. You could have stated this one the last day. I called the 380s. Again, it came down in here to 360 something. Then I called the 280 queues on that same Monday, early in the morning, 903. Costs was $6.00. Two cost $1,200. I don't have a problem if you want to take $1,200 versus $1,000. If you want to get two in, that's okay. The idea is taking 10 and risking six if you're supposed to be risking 1,000. That's when people can't go off the rails. Sold at 10, profit 800. Again, nice trade. You said, well, this isn't 100%. No, some trades aren't 100%. It's up. It's the day before the expiration. You don't know what it's going to do Friday. It's up. It's up more than half. Get out. Again, here was this one here. Here I called. It was up, up, down, boom, fell. You get out. You get out into the momentum in it. You don't know what's, you don't wait till the last day if it's up because you don't know what can happen here. Now, as this turns out, this was up and down and up and down and wiggled and jiggled on the last day. But the day before is probably when I'd be looking to get out of something like this, especially if I was down the day before because it went over the strike here. This was the one, if you had a small risk, the 650 Teslas called this on Monday, 942, you couldn't have done it. You would have said, X can't do it. It cost $22 for one. You could have made money selling it or did whatever, but the bottom line is that you wouldn't have done it.  So I'm just showing you who this trade here worked to, but you would not have done it because of the fact that it was outside your parameters. So that's the whole bugaboo about sticking to your goals and deciding what you want to do. Again, here's where I called it, push back with the market drop fell. Here's the day you would have exited if you wanted to. No, that's my whole point. I watch for the targets, Bobby. I don't always get out of every trade at 50%. No, why? If it still looks good and it's going, I have plenty of time left, I'll stay in it. I'm looking for targets. I'm looking for the chart, but if you're busy, if you're working, if you're running around delivering packages and you can't watch what's going on here on any given day, then you do have to decide, I'm going to just put a sell order.  If it doesn't hit you and get out before four, whether you put it at 50% or 10, I mean 100%, either way, it'll cancel out and you'll be in the trade overnight until the next day. So again, 10 trades, all winners. You didn't do the Tesla. Trader profits are the ones in here that you did do. This did not include the Tesla. It was 21,850 and with an average risk of 1,000. Some were a little bit less, some a little bit more. It all evens out. It was a very profitable week. Again, answering the questions before, I've been at an 80% win ratio for years since I've created a system, but the difference with this year is 21,000 some dollars almost 22 grand in one week. With this type of risk is a result of the volatility we're seeing and the massive momentum we're seeing in the direction we're doing the trades. In the case of this week, it was puts. So I will do calls too, but when you have the market with you, everything works and the reality isn't very good at reading the market. So the big moves are happening this year, which helps people make money and that's what you want anyways. That's the whole point of doing this. So again, someone was asking about exits and this, that the other thing. This is income producing. It's not, again, long-term investing. You want the momentum. You want the fast move. You want the move. You're better off getting out so you can get in and do another trade. Then that trade is that money. Then you get out of that one. Then the next day you take another trade. Then that one moves. Then you get out of it. Then you take another trade. It's book it, book it, book it. It's chunking it out. It's not long-term investing. If that's your mindset, you're going to have to make some shifts in your head and you'll see that as we go along and as we do this. Okay. This is not buying and holding till the end of time. You can't. You can't. Every option has a time associated with it.  I might hold the last day if I'm down to see if it turns around and goes in my favor, but I'm probably not holding the last day if I'm up unless it's so far through it and even then I probably will be out because I'm up so much money. How relevant are fundamentals to taking entries? Not for me at all. Is it possible to succeed trade options based on technical charts only? Yes. That's exactly what I do. Does every trade work? No. No. It's about high odds. You can put the odds in your favor. You put the risk on that you can afford and you take the trade and you up in the trade and you get out. You have to put the odds in your favor. Again, one of the reasons I think people are not successful trading options is they're not good at reading momentum and they're very overly concerned about time value and things like that. While that is something that you have to be aware of, that's I'm not making decisions based on those things. I'm looking at the gap. I'm looking at the momentum. If you decide you want to trade and just do options as an income stream, that's fine. You can trade options from home, like I said, just like day training. But overall, today is one of these things in this world. People just want extra money for stuff. You can do this on the side part time. You can trade with small account. You can trade in a non-margin account. You can get big overnight moves and stocks in the market, which is beneficial. And you can also trade expensive stocks like Tessa, which is $650 or whatever share for $22 for one or $2,200 for one. You need a lot more money to take a position and that is an equity trade, whether you did it as a swing trade or a day trade. So you can trade expensive stocks like Tessa at reasonable prices, and that makes it advantageous too. So you can trade options with less money, and that's why people like to do it, plus capturing the overnight moves. But again, getting back to what I was saying at the beginning of the lecture today, you have to change what you're doing if you're not making money. I think what happens is people dig themselves a hole, taking classes and also doing trades, and they're not where they want to be with this thing, and that it makes it very difficult for them to keep pressing forward to be successful doing something else. But you've got to do something else if you want to be successful. What you're doing isn't working. I mean, that's common sense, basic sense. You know, it's never that you just relet a bet and all of a sudden you're successful trading. It takes time. Remember the stairs. Sins would be good. You don't have to watch email every day. You set a ding, you put an alert from my alerts to come out and do it. But it's really not a big deal, Robert, because I don't send trades all day long. So I'd say 80%, 85% of the trades are set in the pre-market. So you check your email in the morning before they open at 9.30. And if you miss one that I send out at 2.30 or one that I send out at 11am once in a while in a blue moon, then you don't do those trades. I'm not sending trades all day, every day, by no means am I doing that. Most of the trades are sent in the pre-market. So you check your email before they open. You take the trades in the morning, and that's it. I don't know what your question is there, Bobby, what you're asking me. Let me get through this here. I'm looking at the time. So if you want to learn my system, I measure gaps by rating them in the daily chart to find stocks to trade that have a high probability of directional bias for the entire day, big move in the day, early confirmation of the bias and the move early, and precise entries with follow-through and a good risk to reward. The function of how much you risk is based on the size of your cash account. And again, you can use my system for options or day trades. I'd like to do both. It's up to you. Today we were discussing options, and I think this was a good lecture day to show a whole week of trades. So my system is called the Golden Gap System. It's a 26-point professional bearish gap rating system. The purpose of the system is to help you evaluate which gap to trade each morning using a checklist. I'm looking for the short side first, always. This checklist tells you what to trade when and in what direction. The 26-point checklist predicts directional bias in a stock. When I'm looking for the downside first, I'm always looking for that because I find that a lot of people do not know how to short. It gives me an edge to know how to do that, and you can get fast moves and big moves to the downside. Again, that's one of the reasons we've had such huge return on investments in options trades this year, and day trades too. But the key is to know what you're doing. What I'm doing in the philosophy is I'm reading institutional money and price patterns in the gap. We talked about that in the charts, and that's it. You could do it as an option. You could do it as a day trade, whatever works for you, okay? And you chunk it out. It's great to say, I want to make 100 any year doing this. I want to make 200 any year doing this. I'm going to do this. That can be overwhelming. Number one, some trades aren't going to work.  So you've got to stay focused. You've got to chunk it out. You've got to take profits when you're up in trades. 100% is good. And some of these are just huge. I mean, to hold on the last day, it just doesn't make sense, people, okay? Some trades you will have fabulous exits. You'll be like, oh my God, I had a perfect exit in that. Sometimes I say that too, but it's not all the time. It's not every week. It's not every trade by far, okay? No, I did say that earlier. I did say that earlier that we do calls too. It depends on the market conditions. This week that I showed you here, we did puts. It depends on market conditions when I'm looking at why, because overall, I sometimes I'm looking for the help of the market. Okay? If we time here at the end, I don't think I will, but I can look at the market, but how many trades per day? Again, it depends. I'd look at a week. Probably on an average week, it could be five to 20. So a slow week would be five. A busy week could be 20 trades. So far this week, I haven't called anything today. Yesterday, the market was closed. So I'm reading the market. Are we going to rally? Are we going to fall? And that's helping me make some of these decisions here with things that I'm doing. But earning season, like I said, is in a couple of weeks in July. Then I will be looking at specific earnings and I don't need the market for that. We're just not in earning season right now, but there's opportunities. So we're still trading. So again, I'm focused on gaps. I'm focused on one strategy. If you want to learn my system, I teach it in a class called the Golden Gap Course. I'm doing a summer sale for the class that's this weekend. So if you want to do the class, you have an opportunity to do it Saturday and Sunday this weekend. It's a two-day course. Normally I charge $69.99 for the class. It's January 25th of January. I just realized I put January there. Oh my God, my mind is in 2023. Isn't that funny? My assistant didn't even notice it. It's June 25th and 26th. Not January. How funny. You can see where my head is into 2023. The class is $69.99. The class is online and the, I put January, 24th of November. If you sign up by Friday, you'll save $1,000. The class is only $59.99 this week and you get one month free in the live trading room. I am laughing that neither me nor my assistant saw that. How funny. If you want to sign up for the options newsletter, it's $69.99 for 12 months and six months is $49.99. These are the subscriptions. I don't have anything less than that. So to get six months, if you sign up now, take you to the end of the year. 12 months, I'll take you into 2023. No prerequisites, no trials for this. If you don't want to learn, you just sign up. You get the trades. June is too hot. Switch back to January. It's just so funny that me and my assistant both looked at this and we neither one of us noticed it. This is a testimonial from someone. I'm looking at the time. Any last minute questions here? Let me just say something about a basket. I look at, I have a scanner and I look on my scanner and then I rate the gap. So I'll have things that I look at every day like the market. But other than that, I don't really have like a basket. Listen, thank you so much. Thank you so much for having me.