Hey everyone, this is Dan. After the last two FOMC meetings, the Fed confirmed their plan to reduce total assets by $47.5 billion each month for the months of June, July and August. That will be part of the quantitative tightening process, or QT, for the Fed to control inflation. June just ended a few days ago. Just like the Fed reduced total assets by only about $1.5 billion for the month of June, which is way short of the $47.5 billion target. What happened? Has the Fed given up and decided to go back to quantitative easing instead of doing quantitative tightening? How would a Fed's QT action, or lack of QT action, affect our investments? After digging into a lot of data, I found something very interesting. Let's get into the details. This is a table showing the weekly Fed total asset levels in the last 2-3 months. The numbers are published by the St. Louis Fed on a weekly basis. As we mentioned a minute ago, that the Fed's plan is to reduce total assets by $47.5 billion a month for the months of June, July and August. And also as of June 15, FOMC increased the Fed funds rate by 0.75%. That's all part of the quantitative tightening process. If you look at the Fed assets for the week ending June 29, it was at $8.913 trillion level. As of June 1, it was at $8.915 trillion. That means the reduction for almost the entire month of June was only $1.497 billion, which is very much short of the $47.5 billion target. What happened? Did the Fed give up on QT? I believe I found the answers from this chart, which is a daily chart for the ETF SPY, as you might know SPY represents the daily movement of the S&P 500. If you look at this particular weekly period ending June 15, the Fed injected a lot of money into the market by increasing total assets to the tune of $14.166 billion. Why did the Fed inject so much money into the market during that week? Now if you find June 15 on this candlestick chart for SPY, it's right here, this little green candlestick. The five days before June 15, we see five consecutive red candlesticks and definitely that was a very bearish sign, especially if you consider these two huge gaps. During the five-day period, the market dropped by about 11%. If you look at this chart ending one day before June 15, you would think that the market was heading for a free fall and I believe that was what the Fed governors saw as well. And I believe that's why the Fed jumped in and injected money into the market to prevent the market from continuing this free fall. And then sure enough after the money was injected, a couple days later the market started to recover and then finally the Fed felt comfortable enough for the week ending June 29 to pull out $20.79 billion. June 29 corresponds to this red candlestick here on the chart and sure enough when the Fed started to pull money out of the market, the market started to drop a little bit. Does that mean the Fed has given up doing quantitative tightening? No I don't think so. I believe what happened here during the month of June only indicates that the Fed is concerned about a potential free fall of the stock market even though the Fed is going to be tightening the monetary policy which will cool down the stock market. In other words what the Fed will be doing will be to bring down the stock market but I believe the Fed wants to bring down the stock market in a more controlled fashion rather than triggering a major market crash and that's why they injected money during part of June instead of pulling out $47.5 billion dollars. But I believe long term unless inflation gets within acceptable range the market will continue to go down because the Fed will continue to do quantitative tightening. If you look at year today, SPY representing S&P 500 has already come down by 20.19%, QQQ representing the movement of NASDAQ 100 has downed even more at 29.76%. Certainly the market has been going down as the Fed continue to increase interest rates and reduce Fed total assets. So how far would the market drop? I believe we can find some of the answers from this monthly chart for SPY. The RSI indicator is also plotted below this chart. Also last Friday the RSI value was at 46.7%. In the past 30 years covered by this chart only three out of points in history when we had monthly RSI value lower than today's RSI value. They were in 2001, 2008 and 2020 and of course you might recognize that in 2001 that's right after the dot-com crash 2008. That was a great recession triggered by the collapse of the CDO market and certainly 2020 was a pandemic crash. Now if you look at the unemployment rates during those three periods they were at 6.2%, 9.9% and 14.7%. What's an employment rate today? It's at only 3.6% and that's why I believe the Fed will continue to let the market go down in a control fashion rather than in a quick crash in order to control inflation and as long as the unemployment rate is within acceptable range the Fed will continue to engineer these market drops every once in a while until the inflation is within acceptable range. So when will the market recover? Of course when the Fed stops raising interest rates and stops quantitative tightening the market will recover but when will the Fed do those? First of all I believe CPI has to be less than 5% even though the goal for CPI according to the Fed is 2% but as long as CPI can get within 5% the Fed will declare short-term victory and think that there is enough downward momentum on a CPI that they will then ease up on quantitative tightening then the market will have the chance to recover or the other scenario which is not very desirable is if the unemployment rate is higher than 6% because with a high unemployment rate the Fed will be worried that in order to solve one problem which is related to inflation they might have triggered another problem which is high unemployment. At that point with high unemployment rate the Fed will certainly slow down the tightening process in order to increase employment in the economy and then after employment gets within a reasonable range then the Fed might continue to tighten if the inflation is still very high at that point. Overall I believe the market will continue to trend down in the next 2-3 months because inflation is still nowhere near the target range yet. The other possibility is that if the Ukraine war can come to an end in the next few months then certainly there will be a recovery of the stock market but it might be brief especially if after a couple months if the inflation rate is still very high then of course the Fed will still have to continue to tighten in order to bring down inflation but at least at the end of the Ukraine war we can see a brief rebound of the stock market. If you want to read more details about my analysis on this topic please refer to the video I posted on June 20th which you can find on my YouTube channel. At this point I'd like to remind you to also subscribe to my Twitter account which is DanMarketL with my Twitter account I share almost on a daily basis some of my trades with my subscribers for example on June 7th I tweeted that I bought SQQQQ the inverse ETF paid to the nest at 100 and three days later I sold half of the SQQQQ share at 14% gain. If you like what you've seen so far I'd like to encourage you to click the like subscribe and notification button that'll allow you to receive notification when I post my next video it'll also encourage me to make more videos like this in the future. As usual I very much welcome your comments questions and suggestions. I like to remind you that I'm not a financial advisor I share my stock trading strategies and analysis for educational and entertainment purposes only if you want to buy or sell stocks you should make your own decisions and you should definitely consult with your financial advisors before you do so. This wraps up my video for now I will chat with you again in the next few days. In the meanwhile I'd like to wish you the very best of luck with your financial investments.


And that was the start of the Franklin Elks 5K road race and walk here on Saturday, May 11th in Franklin Maths. Fundraise are benefiting the food pantry and the Wounded Warriors Project. This recording is by Franklin Matters. Thank you for watching and listening. Hopefully we'll have some finished photos for you later.


We came down to Puerto Rico, Camp Santiago to conduct Mustang Challenge, which consists of several different events. Primarily the communications piece where soldiers take their equipment out into the field and set up comms, nipper-sipper, data and voice. And they're doing that in an unfamiliar environment. They were actually infilled via UH-60. I have this opportunity to be the jump master on board, the UH. This is the first time, first-hand experience for me because in Singapore we don't have the UH as a jump platform. We have the Chinook, we have the C-130. The drills are quite similar. But for the UH, this is the first time I disped. Jumper in a sitting position and I myself have an opportunity to participate in the jump. It's a great opportunity as well as a good experience. This exercise is an excellent opportunity for myself and my soldiers to learn not only TTPs, working alongside American counterparts, but also allows us to conduct interoperability on our CIS capabilities, enabling us to be able to perform together in operational environments. It's all about best practice. It's about getting the right people, learning from each other, taking away what you do well and for you guys to take away what we do well, how we interoperate as well. The last 18 months has been very difficult for the wider world with Covid and this is a great opportunity to reinforce our values together and rebuild those relationships. The actual task we were mainly focused on was communications, primarily centered around early entry, denied environment type training with the battlefield switching from asymmetric warfare and coin to more force on force doctrine. The potential for these teams to insert into a hot area and be immediately called upon by critical communications to command and control elements as they move through the battlefield is absolutely essential. Ultimately at the end of the day pulling off something you wouldn't normally do allows you to get a lot of TTPs to lean forward and work in a better process for the future and I think we've really accomplished that here.


So, and then this day came to an end. And yeah, we really want to thank you for being here and spending the day with us. We really hope that you liked it. If you're not already involved in the community, go check out this link. There's ways to be involved. There's also multiple ways of contributing. Like in the previous talk mentioned, you can also do a talk. Preferably at backstagecon, hopefully, the next one. But also, there's community sessions, there's newsletters, there's the Discord. Yeah, we can all help each other out here. And if you are thinking, well, maybe I could contribute to an open source project, well, it's Hacktoberfest at this moment. And during Hacktoberfest, we are extra, extra welcoming, new contributors. And when your pull request gets accepted, you get a very special holo pin, which is a sort of virtual sticker to put on your GitHub profile or basically anywhere. So you can check that out, that link, to get started. And after this event, you will get a survey in your mailbox. For us, it's really, really important to get your feedback. How did we do? How did you like this conference? Did you not like it? What did you not like it? We want to improve and give you the best experience in the future. So it's much appreciated if you fill out the survey. It will just cost you a little bit of time, and it will make a real difference. And of course, a massive, massive thank you to our sponsors for making this day possible without them. There would be, well, basically, we wouldn't probably be here. So, and also to the organizing team, to the CNCF for organizing this event, and also the program committee for selecting these great talks. At least, well, I had a blast, and I hope you had too. So yeah, thank you, and hope to see you again at one of the other events and or the community sessions. So thank you.


From DailyDoseOfWeirdNews.com, I'm Darren Marlar and this is your Daily Dose of Weird News. If you're already an official weirdo, please share this video on Facebook, Twitter, Reddit, and other social media to help get the word out. If you'd like to become an official weirdo, just click that subscribe button and while you're at it, click that like button to let the world know that you are a weirdo. The survey says young Instagrammers use the app 32 minutes a day. 32 minutes a day snapping selfies. Well, I guess future generations won't have any problem finding documentary evidence for why society collapsed. Walt Disney Studios is developing a reboot of the 1991 action-inventure movie The Rocketeer. The project in the early development stages is considered a sequel reboot and, in a modern day twist, will be headlined by a black female character. Yes, because the gender swap idea was so successful in Ghostbusters. 21% of U.S. broadband households use wellness, fitness, or diet apps. I'm not saying those apps actually work for anybody, but people do have them. Less Virginia's governor, Jim Justice, is switching from being a Democrat to becoming a Republican. And no need to worry, though. It won't really matter much because both parties now have the same goal of destroying the country. 65-year-old Tom Wopat, the actor who played Luke Duke in the 1980s television show The Dukes of Hazard, is facing indecent assault and battery and drug charges. You see what happens now when you take the Confederate flag away from the southern boys? They get all rowdy. Why can't the system just leave those Duke boys alone, huh? Some people are born to be wild. Others are born to mope. A study from the University of Michigan states we have identified a blue marker that is linked to an increased risk of major depression. Brain scans reveal that people who react strongly to negative experiences have drastically lower levels of a brain molecule called neuropeptide Y, and in response to negative words, says the study, the lower NPY group showed strong activation in the prefrontal cortex, which is involved with the processing of emotion, while subjects with higher NPY demonstrated a much smaller response. The researchers are hoping this discovery will lead to better treatments for people with severe depression. In the meantime, if you always see the glasses half empty, then just grab it with gusto, drink a toast to your genes, and accept the fact that you are a born pessimist. Dunkin Donuts is experimenting with a new name in California, calling itself just Dunkin. It's a pretty good move, you know, with today's ever-decreasing attention span. In a decade from now, Dunkin Donuts will just be named Dunk, and then eventually Duh. Trump aide Kellyanne Conway says the president's low approval rating is because people want to see progress on his agenda. Personally, I just think the low approval ratings are fake news. Former FBI Director James Comey has inked a book deal. Because of course he did. Live a day is not enough. To add years to your life, eat 10 daily servings of fruits and vegetables, say British researchers, who have found that packing our diet with everything from apples to zucchini lowers our risk of heart attack, stroke, cancer and early death. 10 a day is such a powerful recipe for good health and longevity that the team from Imperial College London estimates that if everyone around the globe did this, a staggering 7.8 million premature deaths worldwide would be avoided every year. To arrive at this conclusion, the Imperial College London scientists analyzed 95 previous research studies that included almost 2 million people. How much is 10 servings a day? It's about 800 grams of produce, and that translates to 10 small bananas or apples or 30 tablespoons of cooked spinach, peas, broccoli or cauliflower. Whoa, 10 small bananas or apples per day. 10? Forget it, that ain't going to happen. So I guess I'm dying prematurely. Nike re-released the Air Max shoes on Friday, two decades after they were first unveiled. Man, two decades, I hope they use some odor-eaters and febries on those things. An Alabama Islamic organization is asking for an investigation after a Muslim family sat in McDonald's, purposely served them bacon. Yeah, it was done on purpose, because McDonald's ultra-successful business model is based on offending as many people as possible. The number of U.S. wineries is now almost up to 10,000. If you spend a half hour watching the news, you'll know why Americans are drinking more. Shaquille O'Neal says he blames God for his bad free-throw shooting as a way of keeping him humble. Apparently, that didn't work. Humility is not blaming somebody else for your problems. The Chinese man claims his beer-drinking pet duck can understand him. The man takes his duck for a walk every day and claims it will sit or fly on command. He feeds the duck mainly peanuts, but also enjoys seafood and beer. It actually prefers to drink cold duck, but the man thought that was a bit inappropriate. Driverless bus services have been launched in Estonia. Now you get an unfeeling cold robot insisting on exact change. Hey, if you recently deposited a bag of cocaine along with your cash at an ATM machine in Bradenton, Florida, the police would like a word with you. A technician was called to check out a jammed ATM at a Suncoast Credit Union branch and he quickly discovered the cause, a small, clear baggie containing a white powdery substance. The technician concluded that the substance was possibly with the cash of the last person who made the deposit, causing the malfunction. Police got the name on the bank account of the last deposit made and are now looking for that person. The powdery substance tested positive for cocaine. Even if you have a safety deposit box at the banking institution, you can't make a deposit into it via the ATM. But then, if your brain wasn't on cocaine, you probably would have known that. Scientists say with the moon moving farther away, the last solar eclipse visible on Earth will be in 600 million years.  You don't know how many more you're going to get before they're gone forever.  Half of the candidates for mayor in the city of Detroit are convicted felons. This is outrageous, I mean, you expect that in Chicago, but in Michigan? According to a new study, cats may have more potential than dogs to sniff out bombs. Which may be true, but they just won't care enough to do it. So you think you can dance winner Joshua Allen has been sentenced to a year in jail on domestic violence charges. Just wait until his fellow inmates find out his claim to fame as being a dancer. A new CNN poll finds that only 24% of those surveyed trust the information coming out of the White House. But then that news came from CNN, so it might not be accurate at all. In Tucson, Arizona, Little Caesars Pizza is experimenting with a pizza vending machine called a Pizza Portal. When you would walk into their store, pick out a pizza and have it served up by the machine, never talking with a human. It's a pizza created by the caring, loving hands of a terminator. The survey says millennials would rather save money for travel or retirement than buy clothes. So they might be better off financially at retirement age, but they'll be naked. Did you know GM is already selling a $5,000 electric car in China? China purchases 40% of the electric cars produced in the world. Not only does cheap stuff get made in China, it gets sent there too, apparently.  Two Chinese tourists were arrested in Berlin after police spotted them taking pictures of each other giving the Hitler salute outside the Reichstag. This is pretty serious stuff thanks to a post-1945 law that makes flags, insignia, uniforms, slogans and forms of greeting of unconstitutional organizations like the Nazis very illegal. The two men, aged 36 and 49, now face up to three years in prison, or a day trip to Auschwitz, whichever they prefer. A Minnesota man is facing his ninth DWI-related charge after he allegedly was caught driving a lawnmower while intoxicated. Well, haven't yard work and beer always gone together? Study says five new brain disorders have been created by digital obsession. Well, I'm sorry I didn't make that six. Now there's a disorder for looking for disorders. Four Dallas police officers who responded to a noise complaint Saturday night ended up dancing at the wedding that was causing the noise. In a video shared on social media, the officers can be seen dancing with bridesmaids, with the bride and other attendants. Plus, the bride got her something blue. It had been over two weeks since anyone had heard from Jamie Tull. That's because the 33-year-old former kindergarten teacher crashed her car in a ditch in rural central California on July 17th. Rescuers found her emaciated, dehydrated and severely sunburned. They called it a miracle that they had even spotted her lying in a field two week to walk.  Rescuer Robert Carpenter said anyone who could survive out here for 17 days is an amazing gal to me. Friends and family had been searching for Tull in a desolate cattle ranching area near La Grande since her car was found in a ditch. Searchers were set to scale back the effort when they spotted her less than a mile from the crash site in Tull Grass. Ben Garber was one of the searchers who found Tull and says Tull told them she had been praying throughout her ordeal and was glad to be found. However, Mercedcaddy Sheriff Vern Warnke tells things a little bit differently, saying Tull asked for food and water, but then told searchers to leave her. She hunkered down. She didn't want to be found, says Warnke. Tull's family told reporters she suffers from bipolar disorder but stopped taking her medication at the urging of a pastor and his wife who associated the pills with demons. She's recovering at a burn unit at Fresno Hospital. OK, word of advice here, from a born-again Christian which I am, if your pastor tells you that you're taking medication and it's associated with demons, you need to find a different church. The people in charge of the rules of golf made some sweeping changes to the game recently, hoping to make it more appealing to the masses. Among the changes, you can now leave the flag in the hole when you putt. You can legally pull your ball out of the sand and take a penalty stroke, and the time allowed to search for a missing ball has been cut from 5 minutes to 3. And instead of yelling 4, you're also now allowed to yell INCOMING! L'Oreal is predicting that soon there will be male cosmetic counters popping up in stores. OK, that's it, I'm starting a GoFundMe campaign to raise enough money to buy an island so I can get away from these creeps. Here's to the campaign, you get to come with me. 57% of American adults and a whopping 73% of young people ages 12 to 17 use Facebook. And most of us visit the site at least once a day. Half of all adult Facebook users have more than 200 friends in their network, but only 15% have more than 500 friends. 12% of Facebook users say that somebody else has asked them to unfriend a person in their network, and younger users are more likely to have experienced this than older users, while 44% of Facebook users like their friends' content and comment on photos at least once a day. Only 10% change or update their own status on Facebook daily. 25% say they never change or update their Facebook status. If you'd like to read all of that for yourself, I'll post it to Facebook. YouTube gets 4.1 million views every minute. Which I'm not seeing any of, Dagnabbit. Somebody watch my videos, youtube.com. Today's Daily Dose of Weird News is brought to you by The Children's Audiobook, The Adventures of Mr. Teapot, by Tatiana Matina, narrated by yours truly. Ear-free sample and support Marlar House by downloading the audiobook for yourself at dailydoseofweirdnews.com. Be sure to like this video and subscribe to the channel if you want to see more. Be sure to click that notification bell too so you'll know when I post new videos. Find even more weird news that I didn't have time for at dailydoseofweirdnews.com. I'm Darren Marlar and I'll see you next time, Weirdos.


Hey guys, this is rich from rich to be live and Aurora cannabis has some news that is breaking today Aurora cannabis announces key changes to its board of directors This is news that is breaking today from Edmonton where they're located Edmonton, Alberta, Canada Aurora cannabis ink on the New York Stock Exchange and the TSX under the symbol ACB and Frankfurt, Germany under the symbol a1c4wm Announced today that Michael Singer previously chairman of the board has been appointed executive chairman of the board of directors the company also announced that independent director Ronald Funk has been named lead independent director and Margaret Sean Atkins has been appointed as a new independent director and chair of the audit community Diane Jang who served on the company's board since November 2017 has voluntarily resigned her position as director of Aurora Here is the breakdown as Aurora continues to mature into one of the world's largest and leading cannabis companies It is important that our board continues to examine its composition to ensure that its Experience and expertise aligns with the company's strategic direction Said Michael Singer executive chairman the changes announced today ensure that our board is well equipped to continue To provide that guidance and strong oversight to the company in my new role I will continue to work closely with the CEO Terry Booth and the rest of our senior executive team on all matters pertaining to strategic direction Execution and finance Ron with his exceptional senior leadership track record and expert experience has been a valuable contributor as an independent director and is now positioned to play a more critical role as our lead independent director He will closely he will work closely with Norma Beauchamp chair of the governance committee to continue to advance and further enhance our corporate governance practices appointment of Shan Atkins the company also appoints Appointed Shan Atkins as a new independent director and chair of the audit community mr. Atkins brings Deep experience in public company governance and leadership in global retail and health care companies such as shoppers drug Mart Tim Hortons and Sears Robuck and company her expertise in overseeing public company reporting for both Large Canadian and US listed companies will prove an important asset for Aurora Which is dual listed on the TSX and the New York Stock Exchange Ronald Funk lead independent director added Shans Expertise on the boards of both Canadian and US public companies further strengthens the governance function at Aurora Additionally her track record in industry verticals with great relevance to Aurora provides tremendous value as the company develops and we look forward to welcoming her on the board as an independent member and head of her audit committee Shan Atkins Miss Atkins brings over 20 years of corporate leadership of experience to Aurora a certified public accountant She spent 14 years at Bain and company where she became a partner and leader in the firm's global consumer and retail practice She also maintained a secondary practice in health care working in Rx and OTC pharmaceuticals and in the hospitality industry Miss Atkins also served as executive VP of Sears Robuck and company USA and since 1999 She has served as an independent director on 10 public and private corporate boards in the US and Canada She is currently on the boards of Darden, New York Stock Exchange DRI Spartan Nash NASD SPTN Sanopta NASD STL KL TSX SOI and LSC communications LKSD on the New York Stock Exchange Previously Miss Atkins served on the boards of shoppers drug Mart Tim Horan's and the pep boys She is a graduate of Queens University and the Harvard School of Business Resignation of Diane Jang Diane Jang CEO of Hemco food and fiber Hemco has voluntarily resigned from her position as Aurora's board of directors Miss Jang was appointed to the company's board in November 2017 and made important Contributions in the development of the company's hemp strategy Mr. Singer added we wish to thank Deanne Diane for her important contributions toward establishing Aurora's strong position in the domestic and international hemp business Which will remain her focus going forward as CEO of Hemco in which we have a controlling ownership interest Options and DSU Grant the company has awarded a director of the company 28,000 options pursuant to the company stock option plan Exercisable at a price of 943 per common share the options shall vest over a period of three years in Equal annual installments Additionally the company has granted 5,000 deferred share units Vesting over 12 months in equal quarterly installments about Aurora headquartered in Edmonton, Alberta, Canada with funded capacity and access of 500,000 kgs per annum and sales and operations in 23 countries across five continents Aurora is one of the world's largest and leading cannabis companies. Aurora is vertically integrated and horizontally diversified across Every key segment of the value chain from facility engineering and designed to cannabis breeding and genetics research Cannabis and hemp production derivatives high value ad product development home cultivation wholesale and retail distribution Highly differentiated from its peers Aurora has established a uniquely advanced consistent and efficient production strategy based on purpose-built facilities that integrate leading edge technologies across all processes Defined by extensive automation and customization Resulting in the massive scale production of high quality product at low cost intended to be recalable and scalable globally our Production facilities are designed to produce cannabis at significant scale with high quality industry leading yields and low per gram production costs each of Aurora's facilities is built to meet EU GMP standards and its first production facility the recent required med relief mark-and-facility and its wholly owned European medical cannabis distributor Aurora Deutschland have achieved this level of certification in addition to the company's rapid growing growth and strong execution on strategic M&A which the date includes 15 wholly owned subsidiary companies med relief canvas Rx Peloton pharmaceutical Aurora, Deutschland H2 biopharma urban cultivator BC northern lights Larson greenhouses cannon met therapeutics and Anandia labs hot house consulting med columbia aggro pro Borrella and ICC labs Aurora is distinguished by its reputation as a partner and employer of choice in the global cannabis sector having invested in and established strategic partnerships with a range of leading innovators including radiant technologies ink RTI on the TSX venture hemp go food and fiber ink HEMP can group limited CAN in the Australian exchange micron waste technologies MWM Chum holding CHOO Capsium, which is a private company Evo beauty beauty group private company Wagner DMAZ private CTT pharmaceutical CCTH on the OTCC and Alcana ink Celiq What do you think about this news now? Remember rich TV live is strictly for education entertainment purposes always do your due diligence always do your research Before you invest in anything that we talked about here rich TV live Aurora has always been one of my top picks they continue to make moves. What do you think about this news? What do you think about this moves? Do you think that this makes a difference? Do you think this helps the company? Do you think this hurts the company? Love to know what you guys think comment down below smash the like button share the video everywhere Aurora cannabis Announces key changes to its board of directors. It's true and you heard it here first from your boy rich If you're not winning you're probably not watching we bring you the winners. We bring them to you first.


The long-lasting conflict and recurrent natural calamities such as drought and floods have eroded the resilience of the civilian population. Over one million people do not have enough to eat today in Somalia, and many of those were forced to move to the camps for the displaced people. In a recent assessment that Asia Sea has conducted in Bellatwini in central Somalia, over 840 women were found to be severely acutely malnourished. Many of those were raising children on their own, and I can remember one of those ladies who is walking as a porter lifting heavy weights, which is a job that's usually reserved for men at the market, and she's doing that to feed her children, and that tells us the situation is really bad. In rural areas of Somalia, the ICRC is supporting the farmers to increase their crop production. We recently donated tractors and irrigation systems to many communities in Somalia, and in those areas we are seeing an increase in crop production. For example, a mother who is raising nine children on her own who could not utilize her land and was cultivating only one hectare is now cultivating five hectares, and the surplus crop she has produced was sold at the local market. She used that money to send her children to school, and if we continue supporting these farmers, we can go a long way to reducing the recurrent food shortages in Somalia. The ICRC assists the population with the basic necessities of life, such as food and shelter, but we also try to help the people to recover and to make their own living. In the ADB camps of Mogdishu and Beladwena and Kismaya and many other towns in Somalia, we are now training young men and women who are unskilled to gain new life skills that enable them to walk. For example, a young man who has been trained by the ICRC as an electrician recently is now self-employed and is earning a good living to feed his family.


Because of coronavirus, I'm working on my smile from home. I sell home on my board, so I eat in my sweets and my soft drink while I watch in bedflicks. These things will give you cavities. You need to eat healthy foods and snacks, and drink plenty water. Avoid all that snacking or your dental health will suffer. Social distancing.  Always use soft bristles, and change your brush every three months or earlier if the bristles become worn. Never share your toothbrush. Floss at least once a day, especially at nights. If you don't take care of your teeth and gums, you will get gingivitis or halitosis. Hally what? It's another name for bad breath. I don't care. I go wear a mask. But keep in mind, good dental hygiene is necessary for preventing and controlling other diseases like diabetes, high blood pressure, and even heart disease. These things serious boys seem like I have some work to do. Gotta let me go and brush my teeth.


So welcome, welcome, everyone, to this launch of our latest book, Building Resilient Organizations. I'm Tairo Asan, the director of Brightline at the Project Management Institute, PMI. We are really thrilled today to have collaborated with Finkerstutti on our six book, starting with strategy at work that we released in 2017. And then we move on to the Chief Strategy Officer and the Transformation Playbook, Transformation Beyond the Crisis. The one from last year was Perpetual Transformation, and this year we have Building Resilient Organizations. We are really thankful to all authors who generously contributed and shared their insight there. Without them, this book won't be. And we also want to say big thank you, of course, to the amazing team who worked tirelessly on making the book reality. And as you will see over the coming months and years, we seek opportunities to have many authors running as in interactive sessions like the one today. And as noted in the forward by Pierre LeMond, our president and CEO at the Project Management Institute, coach in the ever evolving work of work. Understanding and achieving resilience has never been more important. We hope that Building Resilient Organizations will enable you to embed transformation and resilience in your organization and of course. So for today's session, I'm really pleased to welcome Stuart Crainer, co-founder of Fingers 50, who will moderate this session. We will line up of four distinguished speakers, experts, executives and book contributors. Stuart, whenever you are ready, the floor is yours. Thank you and thank you to Brightline for working with Fingers 50 over the last few years. We're really delighted to finish the sixth book in the series, Building Resilient Organizations. And thank you, first of all, to everybody for joining us today from throughout the world. It just shows you what a riveting and important subject resilience is and how multifaceted it is. I think that will be really brought to the fore today in our discussion, because we have four of the contributors to the book and there are 21 contributors to the book. So thank you to all of those. And I see some of them have joined this session as well. So we have four great contributors to the book joining us today. And our emphasis will be on practical application of their ideas. How can you really make resilience a reality in your organization? So today we are joined by Chris Clearfield. Chris is the co-author of Meltdown. His contributions to the book was entitled Building Resilience by Leading Change. So welcome to Chris. We are joined by Gudrun Johns-Dottir, who's the Chief Strategy Officer of Recuvik Energy. Gudrun's fantastic contribution to the book focused on organizations as resilient living systems. We are joined by Susie Kennedy from the UK, who's a leadership coach, founder of KBA Solutions, an expert on change leadership and leadership development. Her contribution to the book was entitled Resilient Leadership. And finally, but not least, we have Carsten Lins. Carsten is the founder and CEO of Blue Gain and the author of Radical Business Model Transformation. Carsten's contribution to the book was about why learning organizations are resilient. So what I'm going to do now is go to each of the four contributors today to just get their basic take on resilience, what it means to them. So first of all, let's do it in alphabetical order and let's go to Chris Clearfield. Chris is the co-author, as I said, of Meltdown, a really excellent book, winner of the Finkus 50 Strategy Award in 2017, or is it 2019? I think it was 2019. I think it was... Sorry, Chris, I have lost track of time. There's a brilliant quote at the start of your contribution to the book. You say, resiliency is the ability to change course in response to pressure and potential catastrophe. It's not a single strategy. They're shifting attitude and capabilities. It requires a willingness to change even in the face of great success. I mean, it seems you're saying it's multifaceted, but it's actually working against human nature and human nature is not to do when you're successful, not to do a great deal more. Right. And I think when you're successful, it's to recognize that whatever you're doing right now contributes to your success. So whatever strategy you're doing right now has worked to get you to this moment in time. And so I think for me, there's kind of two implications of that. I mean, one is that paradoxically, we get to start change by actually appreciating even if we want to go in a new direction, appreciating so deeply just what is now and the value that that provides for us because it's gotten us to where we are. But then the flip side of that, of course, is that even though we've survived to this moment, that's not a guarantee that as conditions change, as crises happen, as the world changes, it's not a guarantee that we're well set up for the next step in the next moment. And so to me, that's where resilience as a spectrum of things that comes into play with really change at the center of it, as you said. There's a line you use. You talk about moving from solving technical problems to solving sociotechnical problems. Can you unpack that for me? Yeah. So, you know, I think a lot of leaders, a lot of leaders that I work with and I tend to work with people in more technical, you know, finance, engineering, even safety, law. So these are folks that have a deep technical expertise in their field. But then as you get promoted in your leadership journey, the problems you have to solve, they're no longer technical problems. I mean, they might have a technical element of them or a technical component of them, but really, they are problems that are kind of, you know, people, process and technology. And so if you are in a situation where you would like to lead, you know, create a meaningful change in your organization or even in your team, changing to doing things in a different way that is supportive of the new environment that you're in, you really have to start by letting go of some of those tools of expertise and problem solving in order to be able to actually have the impact and to influence stakeholders beyond the kind of, you know, the narrow sphere of what you ultimately control, which, you know, your ability to control people can get compliance, but that sort of decays very quickly in space and time. So you've really got to learn to lead people on a journey and think of yourself more as a guide than as somebody who's providing solutions. You talk about creating possibilities rather than imposing answers. Yes, because look, the problems that are left are all complex problems, right? And this is kind of what we, where we start meltdown with. But the problems that are left are complex problems. They're not problems that have easy answers. And so if you show up with your kind of, you know, your hammer and your answer tool belt, then you're just going to keep reproducing the same conditions that lead to whatever challenge you're facing now. And so I think that, you know, the age of the kind of monolithic solution where leaders at the top of an organization come up with a plan, come up with a strategy and push it out. I think those days are really, they're numbered, if not over. And so I think the opportunity, again, is to think, OK, well, what do we want to try so we can go out and try things at a scale that's appropriate, knowing that we're going to fail, but knowing that our goal is really to learn something and to use that learning as, you know, information to take to inform the next step in our journey. In your article in the book, you mentioned the British poet, John Keats, the romantic poet and his notion of negative capability. Yeah, can you tell me how John Keats negative capability applies to the 21st century organization? Right, it's not an obvious connection, is it? But it's it's really the ability to. I mean, so Keats is brilliant, right? And Keats talks about it in the sense of the ability to sit with the discomfort of not knowing in order to let things emerge, basically. And Keats' argument is that this is what Shakespeare did so brilliantly. This is what, you know, the kind of brilliant, and I think he put the brilliant men of letters do. They're able to be with the problem and sit with it and feel it and be with the discomfort of it without immediately having to kind of break the symmetry and get to an answer. And I think that, you know, we spend our whole.  Now come up with an answer and sort of produce that answer, right? And we get rewarded when we get that answer right. So that habit is very, very strong enough. But again, if if if you you believe that the problems of today are kind of beyond the ken of any single person to answer, then a lot of what we have to do is sit with the discomfort of not knowing the answer and sort of as leaders, hold ourselves back as our as our teams as we shepherd everybody through the process of discovery and experimentation. And so so much of what we do. And I know some of the other folks we have on the panel today have written about this and think about this. But so much of I think what's important to being resilient and to leading change is the ability to manage your own discomfort and the ability to manage your own reactivity. And because if you if you show up with your reactivity, then that gets in the way of building relationships and influencing people and finding out what what's up for others and being curious about others' experiences. And so it's kind of, you know, it's it's I think remarkably important, but also something that that we don't necessarily spend a lot of time on as leaders, we don't necessarily spend a lot of time kind of building our our, you know, we a lot of us self manage very well. But but we do that sometimes by suppressing our feelings rather than being able to be with them and to be with that discomfort. So it's the relationship between personal and organisational resilience is really interesting. Yeah. Because I think the assumption and my assumption, I think the association of resilience has been in the business sphere has been about organisations rather than individual resilience. Right. And I think, yeah. And also, I think some of the way we talk about resiliency in an organisational sense is, you know, the ability to, I don't know, withstand a shock with standard disruption to bounce back. And that is certainly part of it. But I think there's a kind of a foundational element that is just, you know, even as an organisation, being able to admit to people that you don't know the answer, being able to admit, you know, to have a senior leader come out and say, we're going to, you know, we're going to try this, but we don't know if it's going to work. I mean, that's a very, that's a very powerful stance if it's also married with the ability to get input from people and co create and create psychological safety and, you know, all of these kind of fundamental things that are part of the work of creative problem solving. But but it also really starts with that. Our ability to manage ourselves as leaders and to not not jump to conclusions and not kind of push on, you know, just push on answers. Chris, thank you. Thank you. We'll come back to you in a minute. Just a reminder, please send in your questions. I don't see the questions are starting to come in. We'll come we'll come around. I'll come around to those shortly. But next, I'd like to introduce Goodran, John's Dante, who's the chief strategy officer of recubic energy in Iceland. She's also just about to finish a PhD on ownership strategy. And Goodran's got some a couple of slides to share with us to give her take on on resilience. Goodran, over to you. Thank you. It's such a pleasure to be here with you today. Like you mentioned, I am a chief strategy officer at Reykjavik Energy and I'm also a chairwoman for Vader utilities, which is the largest utility company in Iceland. And with my experience, it comes that I have strong opinions on how a clear vision and a strategy can create resilience. If you take a look at the next slide, I'm very fond of a very fond of this because in the Chinese language, the word crisis is composed of those two characters and where one represents danger and the other opportunity. But in order to turn a threat into an opportunity, organizations need resilience. I actually I have defined or read about resilience as being the ability to recover from or adjust easily to misfortune or change. But I think that thinking about it in this way, it implies reactive thinking. And it is my belief that organizations must put focus on constantly adapting through resilience and being proactive. So that means to constantly challenge the equilibrium because no challenges that means stagnation and it can contribute to the decline of innovative ideas. But this, of course, it requires a culture that embraces challenges and strong leadership is required to implement the thinking and the behavior to perceive crisis as an opportunity. And if we take a look at the next slide, it's just a beautiful picture that we have from Regivik Energy. So the focus at Regivik Energy, it has been on applying governance to support the strategy execution management and the process that we have implemented and we've named it strategic corporate governance. It entails continuous revision of strategy policies, our objectives and goals. So it entails appointing a one person responsible for each policy that is in effect within Regivik Energy. And this person is responsible for abiding to a yearly revision plan, revising the policy, its objectives and goals, while being also accountable for the outcome. And this party meets with the board of directors yearly to go through the revision and it rests with the board, of course, to confirm the revision. But with this focus on corporate strategic management, the organization is able to respond quickly to changes in the external as well as the internal environment through its strategies and policies and therefore to adapt the strategy execution plan towards the vision of the organization. And this has made Regivik Energy adaptable and flexible. So responding quickly to change and challenges. And this has indeed contributed to the resilience of the company. Thank you. Thank you. Thank you, Gudrun. It seems to me what you're doing at Regivik Energy is kind of trying to achieve a balance between flexibility and control. And governance is normally seen as all about control. But what you're creating is kind of dynamic governance. Yes, definitely. Is that a fair understanding? It is a fair understanding. And I think that, of course, flexibility is really important, but with some degree of control. But the flexibility is very important. And like I said, the disruption of the equilibrium, because we are going to be stagnant if we don't if we don't embrace challenges. I mean, historically, resilience has been associated with equilibrium. And I've already said that there is a human desire for equilibrium. Yes. Which makes your approach difficult. Yes, that's true. It makes it difficult, but that means, of course, that you have to work with the culture of the company. That's really important. And you need leadership that, like Chris said, is able to say that they don't know the answer and that is able to get all of the employees with him as a leader in order to create new ideas, embracing those challenges. And it's a cultural change. And what stage are you at with the strategic corporate governance? Where is it in its evolution? I would say that we are at the point of challenging the equilibrium. We are at the point of challenging stagnation. And we are at the point that we are disrupting, like I said, the equilibrium and constantly trying to do that through this strategic corporate governance. We are constantly challenging what we are doing and where we are going. Does that make Reykjavik energy an uncomfortable place to work? That's a great question. But no, I wouldn't say so because we have a very strong leadership at Reykjavik energy and we have a very strong leader that does, in fact, does, in fact, say that he doesn't really know the answer. But he gets the people around him working with him on finding the solutions. So he is able to admit that he's wrong and he doesn't know the answer. So that's a very strong leadership, in my opinion. Yeah. So is leadership built around creating long term resilience but willing to upset the apple cart and disturb the equilibrium along the way? Yes.  How does that complicate things? Actually, it makes things easier. If you're intent on implementing an ownership strategy, it has actually helped us with the governance part because we have to abide to the rules or the vision of the ownership strategy. And with the implementation comes this strong long term focus. But with the processes that are accompanied, the implementation of the ownership strategy, the process of constantly challenging all of those strategies, but always within the long term vision and the corporate governance that comes from the ownership strategy. Thank you, Gudrun. It's always good to get a practitioner's viewpoint of these issues because it can be mean resilience is a theoretical issue. So it's really good getting your view. So thank you, Gudrun. Our next contributor is Susie Kennedy. Susie is a leadership coach, founder of KBA Solutions, expert on change leadership and leadership development and her contribution to the book is about resilience leadership. Well, welcome, Susie. So resilience, I mean, you argue that resilience is a strength that leaders can develop. Indeed, Stuart. In fact, my piece is really all about the very practical side if you like the behavioural side of building resilience. And so when I talk about resilient leadership, by that, I mean the ability to develop one's own resilience. To prepare for future crisis and to help teams thrive in these challenging conditions. And so our approach in terms of putting together the piece was to draw on the research which we've been conducting for the whole of the Covid period in the UK local government senior managers to establish how they had dealt with with with with the crisis and also to take lessons from professional but country ski guide and author Rob Coppolillo on how in leading and high uncertain high consequence environments, how they build resilience for crisis. Well, let's let's take those in order. Talk about it. Well, let's let's talk about the ski guide manual. So so it's a ski guide manual. I mean, basically what you're taking, interpreting as a kind of a guide to to resilience. Well, actually, what was very interesting and all happened kind of by mistake, falling over the ski guide manual. But what what amazed me was when I looked at the early chapters, the actual reason why I was interested in this was because Rob Coppolillo had quoted Amy Edmondson and the importance of psychological safety among teams, Carmen for decision making. So there was a real connection, if you like, between our world business and, you know, this guy that takes people up mountains and skis and down the other side. But what was particularly important from a resilience point of view, of course, that preparation is absolutely critical because it can be a life or death situation, notwithstanding the fact that it's recreational. But they have a particular risk management framework that they use for preparation. And it was really when I when I read through the preparation and the thought process, I thought, well, this is exactly what our leaders will be doing and should be doing in preparation for the next crisis in order to build up resilience. Yeah, I thought it's worth quoting what the the the advice was. So stay fit and healthy, track the seasons, conditions, practice, rescue, learn about avalanches, become an expert navigator, investigate route options, find compatible partners and get your gear ready. And I quite like to get your gear ready as advice to all organizations. Actually, but very interesting. What he goes on to say a little bit later on is that, you know, we often spend more time selecting on new pair of skis than we do building and focusing on the skill that we need to be able to keep ourselves alive. And, you know, it's a it's a more interesting thing to do. So I thought those lessons were particularly particularly important. I mean, there are a number of little gems there as well. He tells a story about one of the guys, a guy called Tom Murphy, who says by way of building psychological safety in the group, they have this kind of rule, which is everyone has a voice. Everyone has a veto, which means basically if somebody at the back calls it when they're half way up a mountain, they have to actually agree that they all go down. So that allows people that very simple rule allows the shy person at the back that doesn't think they can ski terribly well to actually say, I'm really uncomfortable. So I like that very simple explanation of how they're doing little things to build psychological safety in an uncertain dangerous environment. And you quote Peter, this is Peter Drucker quote in your piece about a person can perform only from strength. And the emphasis of your work is is about developing those personal strengths to create organisational strength. Yeah, absolutely. You know, so I suggest the starting point in building resilient leadership is to actually do a little audit of, you know, what is my resilient strength? How well do I cope with crisis? And I kind of went to Jared Diamond for some advice on this in his latest book, Upheaval, how nations cope with crisis and change. He describes 12 factors, which crisis therapists, according to crisis therapists, make it more or less likely that a person will deal with and be successful in coping with with with with crisis. And he goes on to talk about how nations cope against those trial factors, but they're relevant for all leaders. For example, Diamond says that of one of the factors experienced of previous personal crisis, if a person has coped successfully with the previous crisis, they will have greater confidence to cope with the next one. That's exactly what we find in our research in local government too. So, so, you know, there's a neat kind of trial factors that that we could use as leaders to look at that and think, well, you know, how well am I coping on that front? How flexible am I personally? Have I done a, you know, a kind of proper, honest, self appraisal of where I'm at as far as coping with with crisis and it goes on. So I think that's particularly that's particularly important as a starting point in the journey. So it's a question of capturing those experiences within the organisational culture to build resilience. Yeah, and you know, I think, I think within the organisational culture, then those issues of psychological safety, of course, which can make it easier or easier or more difficult to be able to build that resilience. But there's other practical things that can happen, I think. Like, you know, creating a flexible and adaptable workforce, thinking, well, how can we more easily redeploy people? Are we recruiting people in for individual skills when actually we should be recruiting for a learning mindset? And are we building the skills of curiosity and creativity and just tapping into what Chris was talking about a little earlier on about being uncomfortable with discomfort? You know, for me, that's the cure, increasing curiosity bandwidth, especially on deprivation sensitivity, so we can feel, you know, appreciate that we need to feel uncomfortable. So I think the greater the psychological safety in the organisation, then we have a greater chance as well of being able to create flexibility and adaptability. Thank you, Susie. Your mention of learning leads me perfectly on to our final guest this afternoon, who is Carsten Lins. Carsten's contribution to the book was why learning organisations are resilient. So Carsten puts learning centre stage in the creation of resilience. Carsten, welcome. And let me pick out some important things that I kind of saw in your article. First one was treating resilience as a means rather than an outcome. Can you explain what you mean by that? Yeah, thanks, George. And thanks for giving me the opportunity to contribute to the book, first of all, and now sharing a bit of the thoughts behind, you know, the contribution. I mean, let's put ourselves into the shoes of a leader. So we see a world of nested crisis. We, if you look at the economic uncertainty index, which is constantly above 300. So we live in a world where the severity, the frequency of changes and the persistence of these abnormal crisis situation is steadily increasing. So this leads us, of course, to the topic of resilience. But what does that now mean for a leader? Many leaders we're working with, Susie is working with me, it's now, now I have to work on resilience, right? That's a natural, you know, now I have to work on resilience, I have to do something with resilience. But then easily we can misinterpret that and mean, you know, resilience is a mean, but resilience is the outcome. It's been like agility, you know, that I'm very much into leveraging digital technology for the sake of driving business or social impact at scale. And agility has the same connotation. Agility is an outcome, but you can only reach it over a certain period of time, a longer journey, when you basically by relatively rigid principles, and this leads to agility, it's counterintuitive. And the same holds true for resilience, we were talking today about it. It's the question is, you know, what are the means to drive that, but not to misunderstand resilience as a means because this has quite a downside. And we love to talk about resilience in a positive way, you know, it's the major competence of the day. Everyone is longing for resilience. But what does it mean? If we treat resilience as means, we can easily end up with toughness. So that has two downsides, you know, from an integral perspective, it means like we're much too tolerant for adversity. So we stay too long in the toxic environment as an employee, for example, with the boss that you don't want to have, or for an organization, we're stretching organization beyond what is really feasible, what is really, really doable, we're burning out organizations. So once again, if you treat resilience as mean, you run into substantial risk of reducing both leadership, but also organization effectiveness. And this is why I would strongly argue that resilience must be an outcome to be regarded as an outcome that we can reach after a certain period of time after going through a journey. And I would suggest four elements that we could use as a means to reach this outcome of resilience. The first one is exactly to your point, you already said during the introduction, it's about leading and learning with an infinite mindset. So it's really like treating business as it is an infinite game and not a finite game. So not focusing on competition, not saying, you know, I want a benchmark because you never get better than a benchmark. If you over overly focus on on your competition, you defocus innovation for your customers. I think Jeff Bezos said that wonderfully all the day. So but if we treat it think in the long term, think business treated as as it is, it's an infinite game. It's not a finite game. The ideas to stay in the game. Then we have a very good mental model to to as a lever one to to drive resilience forward. The second one, I think it's think in terms of strategic options. So my PhD thesis I really looked into the concept of real options. So kind of building flexibility, building flexibility, strategic options by hatching a portfolio of strategic options or real options. And the good thing is there is an asymmetry. On the one inside, you basically can create profits. But but at the same time, you're also basically reducing the losses. But as you don't have to execute these flexibility options, you have an asymmetry. So you're ending up in a better shape. If you're basically hatching your portfolio right, nevertheless, you should not have too many of these flexibility options because they mean organizational slacks, so to speak. And because otherwise you're running out of resources sooner or later. So there's also a trick to hatch not too many of these strategic option beds. Then we looked very much along the lines of our theoretical business model transformation into the option of transforming into more resilient business models and a clear outcome of our research is if the more you move into what we call inclusive business models, be platform business models orchestrating digital ecosystem, big solution or outcome based business model, they add up and they pay towards the goal of building resilience. And last but not least, we feel like if we want to basically drive our organization towards the goal of, you know, also sensing organizations, which is an important prerequisite of reaching this outcome of resilience, then digital means can help quite substantially if we're literally artificial intelligence, for example, graph based networks, this does not only apply to sensing organization along the supply chain where I think it's more state of the art already today. But if we extend that and basically we build a sensing organization in all aspects of the value chain or network, I think we have four levers which help us to drive and hopefully reach this ultimate goal. I would say it's the goal that we're aiming for for resilience. So kind of in a nutshell, I would say we have to look at the means that drive us to resilience, but we should not basically mix it up and say resilience is a means, but it's an outcome. This is why learning organizations is a pivotal. At a practical level, Carsten, when you go into organizations and talk to them, what are the things you advise them to start doing to build their resilience? What can organizations start doing a very practical level to build their resilience? From a business model and an operation model perspective, it's quite easy because typically organizations run their business models as a portfolio of business models. So in a few cases, you really have one business model in which the entire organization follows. So fundamentally, you're managing a portfolio of business model, business model types. And we would suggest that you have a certain level of your business models which are more resilient than others. And we have clearly laid out which are those and platforms, distribution, outcome-based business models, definitely with their recurring revenue streams, with their stickiness in the customer engagement, they have been proven, they've proven to be also during the COVID-19 crisis more resilient. We've seen that. So shifting your business model strategically, your business model portfolio, sorry, strategic towards more, these inclusive business models definitely pays towards the goal of reaching more resilient, more resilient, more resilient, more resilient business models. And that's one of the most important things that you can do for yourself in your organization. In the operations models, that's interesting. I mean, we all apply already today what is really good for resilience.  We say, you know, we have a small team, you know, they're well networked in the organization. They're executive leaders, you know, they can make decisions. We do everything right. It's not doable in the long term. It's it's not doable because you overcome it for a crisis situation, but it's not a sustainable approach. But if you now bring in digital technologies and basically have sensing with the help of AI sensing operating models, you can basically take the idea of such a crisis model with a small central team and basically embedded and make it an integral part of your operating model of the organization. So these are two examples of what you could do specifically. Thanks. Thanks, Carsten. So please send in your questions for our four experts we have gathered together today. We've got a question from Ferdinando. How can we measure resilience in an organization? Chris, would you like to have a go with that? Is it a good idea to measure resilience? Can you measure resilience? Is my question no, that's my answer. My answer is I don't know. You know, there's certainly narrow places where like I think of my background in finance, right? I mean, there was a movement after the financial crisis to make less bad assumptions about how bank balance sheet and assets would respond to shocks and do a better job of kind of modeling that. And so that's sort of a way of maybe modeling resilience, but that's also just such a narrow slice of things. You know, when we wrote Meltdown, András Tilček is my co-author and I, we really decided very explicitly not to take a kind of quantitative measurement-based approach because part of the nature of complexity is that the whole point of it is that it's in the details and that you can never know all the details. And so part of me wonders if resilience is the same thing here. I mean to build off what Carson said a moment ago, I mean, in a sense the organization's results what it's doing every day over the long term. I mean, that's the ultimate measure of resiliency in some sense. But I don't know if that's satisfying for Fernando because it's kind of, I just elaborated on, I don't know. Yeah. But I think that's the difficulty with resilience, isn't it? That you want to you want to know that you're seven out of ten on some resilience quotient and therefore you're reassured about the future. But I think Gudrun's point from her work at Reykjavík Energy is that it's got to be, it's dynamic and happening all the time. There's no, there's no single measure. Gudrun, did I represent your views accurately there? It is a measure of resilience useful or possible? I would think that no, it's not feasible to have some kind of measurement for resilience because it's so, it's on many levels, like we've been going through here. We have leadership resilience, we have organizational resilience, etc. So I think that if you're going to measure it, you're going to have to have a lot of measurements measuring different things. So I don't think that a quantitative measurement is no, not feasible. Sagan has made a point. Could there be a way to understand where an organization is on the journey? And that seems to me a more realistic take on it. Instead of a definitive measure, you've got some sense of where you are in making sense of these issues. I mean it goes back again to the question is it a means or is it basically an outcome? So the question initially asks the question about an outcome KPI or OKR, which I would say is quite difficult as also the other panelists said, I think basically measuring progress on the way towards this ultimate goal of resilience. I think it's more feasible. So kind of what is your percentage of recurring revenue streams in your portfolio of business model, for example, you know, are you hatching strategic bets? Are you building R&D partnerships? I think it's something at least you can qualitatively assess and help also the organization to guide it in the right direction because ultimately we still remember the days where we said organizational slack is a bad thing. Just think about this statement in the context of resilience. It's just wrong, right? You will never get towards resilience if we say organization slack is a bad thing. But we had a time where it said there should not be any organization slack in an organization because we're super 100% efficiency driven. So I think just having an indication what is right, what is wrong I think gives good guidance to an organization and in times of extreme uncertainty in times of nested crisis I think this guidance is definitely needed from our perspective. I think I hope it's all Susie. Yeah, no, I think just out into that about measuring on the journey I think it would be possible to create some indicators that would and there would be indicators that would let you understand how resilient the organization was and where it could move towards and there might be soft behavior indicators if you look at people you might have some measure of the extent to which you feel your workforce is adaptable and flexible you might have some indication as to how clear the organization is directionally and with purpose might be other simple indicators around how leaders are behaving are they looking after themselves are there strong networks happening within the organization are teams functioning well or is there total burnout some of these things I think it would be possible I'm also applying towards the Jared Diamond approach of what he's done is look at the what crisis therapists say or the factors that influence of course an individual's ability to cope with stress but that has applied that to nations so in the same way that he's applied that concept to nations you could apply the same to organizations I'd say I want to throw my lot in with Susie there and just say I'm kind of with you when I think about it it's like I'm thinking about oh are you a logically safe organization is it an organization that provides support to its leaders and its leadership team do leaders have coaches all of these things are they taught to be curious is curiosity and questioning supported or is it squashed I think there's this whole it's almost like if you want to think about resilience the way to do it is to focus on the process the kind of superstructure rather than sort of thinking that you're going to be able to measure the outcome of resilience because even that it's like well what are you resilient to what kind of shocks are you resilient to but I really like where you're going and I think I share your sort of human centered focus on that how are people behaving I think we need to get together Chris incredible thank you to Charles Summerin for his comment Charles says in a VUCA world the dynamics of resilience is an outcome of human behavior I think is an outcome of existential trust inherent in organizations about it no resilience can occur I think we're coming to an agreement with that or am I wrong Chris I just have a little trouble just parsing it I think it's probably just me I guess I'm not quite sure what the existential trust bit means but I think the idea that there are certainly kind of human behavioral prerequisites to building a resilient adaptable system is part of thing Sir Gunn says maybe we need a resilience maturity guide or model something that's not overly prescriptive Goodrun that sounds a little bit like what you're trying to achieve Yes it definitely sounds like this question is actually related to the book chapter that I wrote and I do think that trust I agree I don't exactly understand the existential trust or is it just the level of trust within the organization that exists at that point in time but I think the resilience is an outcome of human behavior and like Susie was talking about you need strong leadership but are you working with the employees are you working with the leaders do they have some mentors do they have someone coaching them etc so yes trust is very important but it's never inherent in organizations trust is not it's not a constant and it's also we're unable to measure trust and the constancy thing is an interesting element in I think it goes back to what Susie said something about capturing people's experience and knowledge because people leave organizations and so how does that impact the resilience integral to an organization there's a comment from somebody in the Q&A box what could be some of the possible leading and lagging indicators related to organizational resilience Karsten I think you've kind of talked about that to some extent yeah before that if I may I can because it my brain is ticking so with the trust thing I'm struggling with that a bit to be honest potentially I'm the only one because I mean for me if you have psychological safety you have a very good foundation to build a resilient organization also learning organization which the point I tried to make earlier trust and especially existential trust for me sometimes has this connotation of being a family we all trust each other we're all together in this and so on this sometimes stands in the way of really having contradictory views and viewpoints and this is definitely negative for building a resilient organization an organization that is resilient basically is really good in dealing with the contradiction it's just the opposite so when the existential especially underlining the existential trust stands in the way of dealing with contradictions then I would not agree so this is just kind of food for thought for now you're asked about kind of leading and lagging indicators now I have the easy question right I mean I tried working on that I know I tried elaborating a bit on that I mean it's I mean I would always say you know on the personal level I think what Susie said I would would fully subscribe I think we can extend on that a bit in more dimensions on the organizational level I think it's slightly different from my perspective is very much going into the dimension of you know making sure the organization is learning that has something to do with this failure culture things are not focusing on the failure so it's really not moving forward what we always thought it's really about learning fast so the winning organizations are learning fast as a core and meta competence and how to basically bake that into OKR so KPIs leading and lagging indicators I leave that to others same with the business models where I started elaborating a bit on the you know portions of the revenue coming from recovering revenue streams for example that would be even a leading indicator not only lagging one I think we have to think that through more thoroughly but I would assume potentially it's a good opportunity for the next book I don't know that might be something to further elaborate on because the collective wisdom of this group I think should be able to bake something together Hadja makes a point should be focus on organizational culture to assure organizational resilience and I think we're in agreement with that aren't we Susie you're on mute Susie most popular words in the last two years right wait you double clicked you're back on mute sorry I'll say this quickly in case I mute myself again I was looking at the Q&A from say again as you were just talking can you repeat again should be focused on organizational culture to assure ourselves of organizational resilience one in the same I think absolutely absolutely so the organization culture will enable the organization to be resilient otherwise you know thinking about organization culture which you know is extremely supportive helps people to reflect on how well they're coping with particular challenges you know organization culture that for example does a team diagnostic to understand the extent to which the conditions are available for the team to be a high-performing team and then invest in that all of those things will certainly make up to the kind of measures thing that's going to make an organization more resilient versus the organization which has people working from eight in the morning to three and four in the morning sometimes I have a daughter in investment banking and you do wonder you know how much resilience is there if people are working in that way so culture and resilience I think culture drives the resilience and probably some vice versa Michael McCann makes a point isn't resiliency boiled down to the organization's ability to continuously monitor and assess and other external internal factors which will trigger changes to the defined strategy and key objectives to offer organizations don't treat changes or trends as impactful to the current outcomes organization yeah I just got a jump because that's kind of going back to the question about the ski guide you know in the same way that the guys prepare they'll track the conditions to be able to assess what the other one on Swiss is going to be later in the season and in the same way certainly one of my recommendations is that people should be conducting doing a pest and scenario analysis just knowing what's coming up at them but I think it's not just doing it it's the way they do it if you do it with all stakeholders and with diverse thinking styles you're going to be in a much better place to plan and prepare for what's coming at you so I agree very much thank you but I want to I just want to add something to that because I think that and I think about this a lot in my work like leaders and I'm where the time starts I'll keep this short I think leaders in general are under supported in their ability to say I don't know they're under supported in their ability to lead with curiosity and I think there's a there's a real need for that there's a real need for organizations to embrace the not knowing is fascinating there's a real need for organizations to embrace that and to support their leaders in being able to embrace that kind of all up and down the line we're running out of time so it'd be good to get a final word from you all about what you what people really need to understand about the resilience what do people misunderstand what they really need to know in a few lines Carsten? Yeah, treat resilience and as an outcome not as a means and I think along the lines of what we just discussed it's really along the lines of the idea of HECL in the 80s but now the digital capabilities are in place to achieve that build an organization which is sensing responding adapting and then I think we're on a good journey towards a more resilient organization Goodran what do people need to understand about resilience do you think? I think it's a little bit like we have mentioned before I think it's the culture that includes leadership so I think that should be a strong focus Suzy final word Building on that I think individuals should remember that they can strengthen their own resilience as a starting point And Chris you get the final word you can quote from Keats if you want What should people take away about resilience? Well, I guess I'd like to say that I think if you want to start in a place curiosity is a great place to start and it's one of my favorite parts of my work which is teaching leaders and working with leaders to support them as they shift from this answers mindset to a curiosity mindset Chris, thank you very much thank you Goodran, thank you Suzy thank you Karsten, really appreciate you joining us today the four contributors are all contributors to the new book from Brightline and Finkus 50 called Building Resilient Organizations it doesn't provide every single answer you need to know about resilience we're going to take a smorgasbord of inspiration practice and great ideas to start you thinking about resilience thank you everyone for joining us today a final word to you Tairou thank you so much and thank you all for a great session that we just had I mean it was amazing hearing from you and thank you also to attendees who shared questions and comment and so on getting there is resilience really doesn't happen overnight so it will require strategizing resilience actually in the face of challenges organization may have to reimagine organization will have to go through crisis and understanding how to withstand the crisis and we heard culture leadership people I mean the notion of curiosity coming in and what I would add is the numbers though are very dire like about 70% of transformations are still failing and we know we cannot rest on our laurels we cannot just leave it and just stand still and that's why PMI for Brightline will continue to bring to the forefront cutting edge insight as well as sharing best practices as well and as we go through transformations really it is and it became perpetual it is our hope that the insight that are in the book and the generosity that we got from many of the contributors people will be able to take them and be able to apply them and be able to create organizations that are delivering value and organizations that are resilient so thank you so much for that and I want to also reinforce that you can secure a copy of the book for the link we provided the book is available in PMI bookstore it is also available on Amazon and Bands and Nobles and there will be also available in the hard copies as well so please stay tuned stay tuned because we will continue to bring more sessions to you for the Brightline Transformation Talks until then until next time yeah really appreciate it have a great one