Steve, what happened at halftime that led to such a good defensive performance in the third quarter? You guys forced nine turnovers, held over 21 points and got back in the game. Yeah, more activity. You know, we, Randall was putting so much pressure on us in the half court and the full court. You know, we were defensively too stagnant, sitting and watching him and it was comfortable for them. They were all comfortable making shots, so we tried to speed it up. We tried to show more support when you tried to, you know, throw in the double team or blitz and just up the pace of that and try to make them uncomfortable. So our guys played harder in the second half and held them to 45 points, which was considerable considering their first half outage. Malinka Andrews?  His scan was clean as we reported. His strength tests when he came back in the locker room were normal. So it's just something where we have to protect him. We have to trust him. Very frustrating for James, but, you know, we can't risk it if we can afford not to. And so that depends on trust between us and James and making sure that he feels comfortable in the decision. And I thought tonight the right decision was to not take any risks with him. So, you know, who knows? This may linger. It may be all behind us like we thought it was before the game, but it's just one of those things where the scan is clean, his strength tests are clean, but he feels something. So we're going to err on the side of caution. Right in line with the New York Post. Steve, just following up on it, just so I understand this. The strength test, he took more strength tests today, not obviously not new scans today, but just more strength tests in the locker room. Yeah, when he went back, they tested his strength. You know, they, I'm sure they pushed and prodded and the report was that they couldn't declare there is anything. But, you know, he's feeling something and we believe him. It's frustrating. But we don't have any indicator that this is a long-term thing or that he's done any damage to it. And, you know, like we said, the scan was clear. His strength is still there. So we just have to proceed day by day and monitor it. And hopefully it's a very short-term thing. Alex Schiffer with the Athletic. Hey, Steve, what did you think of your guys' execution down the stretch outside of that one turnover by Kyrie? It seems like you guys got what you were looking for out of most of those possessions. Yeah, I thought we did a really good job. You know, we got our signals crossed a little bit on the one turnover. Other than that, you know, great experience for our guys to see, you know, again, similar to some of our other games recently. We haven't had guys that would typically beat in there at the end of the game. And so they're getting experience and reps in different looks. And tonight they were running a second defender at Kyrie. And, you know, for the most part, we handled all the situations quite well in the turnover. And, you know, just incredibly proud of the guys, the way they played in the second half. Christian Winfield with the New York Daily News. Hey, Coach, it just seems like every other day it's one person that goes down, somebody else goes down, somebody else might come back and then somebody else goes down. How do you keep the team level?  Yeah, I mean, it's a group effort. The players have to buy in to their roles. The Stay Ready group is important. I mean, look at tonight, Cheese got in and contributed. Alize was outstanding. TLC played extended minutes. Guys that have been in the Stay Ready group recently. So, you know, proud of the amount of guys who contributed. You know, we have a positive attitude in our locker room. We have a winning mentality and regardless of who's out there or not, we're going to go for it. We're going to find a way to come together and push and try to win. You can't win every night, but you can try to figure it out and solve problems every night. And our guys were terrific tonight again, finding the way. Bruce Beck with NBC New York. Steve, that winning mentality emerges late in ball games. I just wanted to know what it means to you to be able to win another close game and come from behind fashion. Yeah, it's great for a number of reasons. Obviously, a win is important. Having a poor first half and finding a way to turn the game in our favor. It took guts. It took a lot of hustle. It took a lot of fight. And it also took a lot of guys who normally aren't in that position to step up and play and play well. So proud of the group. It was an excellent win. All things considered. These are the wins that you kind of remember because so many guys contributed. It was a game where we were in totally different rotations for the first time once again, seemingly. And we figured it out. We stuck with it and we really won the game with our mentality and effort.


I'll let you know how it feels in a little bit. I'm off to the rec center. I Can't resist I said this Five days ago, and I really do believe on Sunday I wouldn't be surprised if the podiatrist on Wednesday tells me get off the crutches and then get out of the boot in A week from now a meaning like ten days from when you're watching this, but that's right Today when you're watching this Sunday is the Cleveland Marathon. I'm not in Cleveland. I'm in Denver, Colorado but I did kind of predict based on the trend line that I would be essentially pain-free and Right now walking for ten minutes in a running shoe walking Pain-free pain-free. So this is Exciting I know that I made the right call not going to Cleveland. I'm glad so glad I did not go to Cleveland It's hard, but this is Ridiculously exciting All right lunch break Filming filming this guy Filming this guy Again have this camera. Oh, it looks so good little little board lunch boom Bada bing bada boom Okay, thank you. I am not exactly sure what I filmed today I know I went to Home Depot and then anyway, it was a long day getting a lot done here at the house Just all over the place. So anyway, if the storyline of today's daily vlog did not make sense I do apologize, but hey now we're here in the studio time to talk about some more running shoes That's right. I ordered more running shoes and yes keyword is RWY for running warehouse Okay, I had a change of heart, you know, I remember I said this about two weeks ago What is gonna be behind door number one The new balance fresh foam more that is right the new balance fresh foam more It's got a four millimeter drop weighs ten point two ounces has a huge Midsole huge midsole lots of EVA foam through that midsole. It's that patented fresh foam Oh that so I was pretty excited about the new balance of fresh foam more But then they and this is where the YouTube family really comes in and thank you Basically, it was not one comment or two comments. It was at least I would say at least ten comments from all of you saying whoa Be careful with the fresh foam more because even though the midsole is pretty cushioned. It's still a harder landing Anyway, the reviews from all of you and then I went and did a little more research. We're not good And so I appreciate your your feedback for the fresh foam more I did not pull the trigger today on running warehouse instead Oh, and also I was looking at the 1080 v9 from new balance decided against that shoe as well Mostly because of the price I felt like was too high considering the shoe came out six months ago and then also why else? Oh, yeah, I'm saving some money for the new balance beacon v2. That's right It's supposedly July 1st the second iteration of the new balance beacon will be releasing so that is very exciting So I thought ah, I'm just gonna I'm not gonna buy the 1080 v9 today and probably never Maybe the v10 down the road and you might be wondering wait a minute Seth Why are you buying running shoes from running warehouse when you're always telling us to go support the local running shoe shops? Well, I look at this opportunity in the boot as a perfect moment to buy running shoes online Because if I went to the running shoe store, it's not like I'd be able to go jog around if you know what I mean So therefore I decided to buy the first shoe from running warehouse the Ultra paradigm 4.5 that's right a brand new iteration of the paradigm lineup. It's a very it's a 30 millimeter stack height I remember yesterday. We talked about maximalist shoes versus minimalist shoes. Go check it out upper right hand corner So this is definitely I would say in the maximalist shoe category high cushioned Road shoe from ultra it is and it does have a little bit of stability Built into the shoe and usually I'm all about neutral running shoes But I do have a little bit of overpronation and so I'm just interested to see what this shoe does for me And okay, I should have mentioned this at the beginning I'm gonna be using this shoe the ultra paradigm 4.5 to replace The ultra torrent 3.5 So this has been as many of you know my easy-day shoe Bop it along shoe along with the new balance beacon basically why I love the zero drop feel on Any when my volume of training gets above 70 miles a week My legs start barking at me and that is when I really start to look Forward to running in a zero drop shoe to help stretch it Why to help stretch out my calf my soleus keep my Achilles tendon happy and so anyway I love ultra for that purpose and I've been running a lot of my easy-day runs in the torrent And so the paradigm 4.5 will repeat replace the torrent in the easy-day lineup So I cannot wait for this shoe to arrive and again 30 millimeter stack height Zero drop pretty heavy pretty heavy. So over 10 and a half ounces So it's a heavy shoe and I'm okay with that for a daily trainer I'm not afraid of heavier shoes for daily training and the second shoe. Okay I know many of you out there are not convinced that Skechers can create a running shoe, but I'm not giving up on Skechers In fact, I think the razor 3 really treated me well in the last four months I'm just gonna say it and the only problem with the razor 3 for me was the upper Felt like it was a little cheap It wasn't made really really well But so the second shoe that I bought today from running warehouse is the Skechers go run 7 hyper Skechers go run 7 hyper a very lightweight Neutral daily trainer. We're talking 7 ounces. So this is on par with the night It's it's lighter than the Nike Pegasus 35 turbo and just a little heavier than the new balance beacon And so I cannot wait. I'm excited and again I know Skechers is like can they pull off a running shoe? I think the only issue with Skechers for me at this point is durability I have found that that my razor 3 that I have is Starting to wear out just after like a hundred miles through the outsole Some people would disagree with me on that because I've seen pictures of other people's razor 3 pictures razor 3 running shoes and their outsole's after 250 miles are still holding up. So we will see I'll keep you posted once these two shoes arrive the ultra paradigm 4.5 and the Skechers go run 7 hyper cannot wait and yes, I did have a change of heart. I haven't forgotten about the Brooks Cascadia 14 and then also. Yeah, the ultra Vanish XC cross-country spike for kind of an up-tempo Grass training shoe for some 1k repeats on grass at some point down the road And there you have it that is today's a daily running vlog and yes My next walking session will be on Monday. So stay tuned for that. There's late There's light. There's light at the end of that tunnel no matter how dark your injury tunnel might be There's always light just like it's out there, but you got to keep treading forward ever so patiently and slowly okay question of the day What was the last piece of running gear that you ordered online? So not from a not from a running shoe store, but online any piece of running gear doesn't have to be a running shoe Can you go back and remember what it was? I'll be curious to hear because guess what it's summer training season That means you might be needing to buy some I don't know some some new hydration bottles or some a new hat New sunglass who knows what you're buying these days, but let us know down in the comments. I'd appreciate it Thanks for being here. Thanks for watching. Thanks for the support. It's inspiring and man Getting exciting. It's getting exciting. See beauty work hard Whoo, our W


oh that's an angry heart kernel robot so hello so who are you hi I'm Bo I'm from Ameridroid hard kernels North American distributor and you you distribute these hard Odroid these hard kernel development boards right right what is this one this is the Odroid XU4 it's an octa core big little amlogic sorry Samsung processor so this is the Samsung octa core 32 bits right quad a 15 quad a 7 with USB 3 right USB 3 and gigabit ethernet and USB 2.0 port there as well a boot selector switch for going between emm-c and micro SD nice so this is a high performance big little is it in here no these are running C1's so this is a C1 this is a C1 plus this one was just released as well and so this is amlogic right normally this comes with the heatsink installed but we removed it so you can see the chip and the memory so it's 805 quad core ARM Cortex 89 right yes I believe so and with HDMI all this stuff HDMI what kind of prices do you have on these boards so the this one is about $37 and this one is about $75 all right the $75 one includes power supply this one power supply you can use the standard one or right this can use a micro USB like your smartphone or 2.5 millimeter barrel connector 5 volts 2 amps you need 2 amps micro USB and it powers it right right well that's so you can handle a number of unpowered USB device so what are we looking at here what are these robots and you're connecting to what is this so here we have a bo core micro router that's running a railing system on a chip so basically this is a single board computer as well but we're just using it right now for Wi-Fi and both this Linux laptop and those three robots are all connected to that Wi-Fi access point and this is just a web interface we can use to control it and you you push a code into there and then it sends it over to the robot push one of the buttons and see if you look at the yellow robot I'm gonna push this button that says banana okay okay banana whoa what is it a banana move what is that can you do it again cool and there's some other stuff okay so here's the hokey pokey awesome this is awesome so what components are we looking at here okay so on the robot is the Odroid C1 of course the C1 plus will work as well we have the UPS 2 from hard kernel what is that it's a basically an uninterruptible power source there's a battery with 3000 mAh LiPo battery we have that's connected to the Odroid C1 through this barrel connector and then we have Wi-Fi antenna that comes from Odroid as well and this is a stack that includes the USB audio adapter plus an amplifier plus a speaker and then on the sandwich between the screen and the C1 is a chroma C1 servo board that does a channels and then on the front of that we have the SPI touchscreen display this is 4.3 inch or something 3.2 3.2 nice so you can so what is the target is kids kids anybody who's interested in robotics anybody who wants to work on developing a desktop bot let's try and make some other moves that you can show so let's do Rosie that's the the purple one over there so it's just three tabs in the browser yeah one for each robot sometimes this throws a balance up and connected so we'll just connect that how long is battery life about one to two hours so is that another fruit or is that like an apple or sometimes it's it's kind of a move that it does okay yeah sometimes the balance isn't quite right it doesn't make it that's okay because they can handle falling nice is this some kind of accelerometer and stuff it does not yet have an accelerometer but that's a module we'll probably be adding on in the future cool so is it available how soon we're hoping that released here before then in November for the Christmas shopping season so this is how much it's a kid it's going to be between $150 and $200 including the plastic parts to assemble it and the software we're changeable like extra parts just in case so right now it's pretty 3d printed or yes 3d printed but you'll have mass production on these parts we're not sure yet on the first batch so right to wait and see otherwise you have to run the 3d printers for yeah we might have to do a fulfillment house all right and let's look at some of the other stuff here you showing the booth so what are you showing all right so this right here is a LCD display that is going to be released here shortly it's a seven inch touchscreen and this has a Odroid C1 plus hooked on the back so you can use this to make a development tablet how about these boards are they are they 96 boards they're not no they're not 96 boards they're a little bit too big or what's the but it's nearly that the maker who makes the banana pro makes also some 96 boards like I'm trying to remember the name of them right now the guitar piano I think you know yeah the guitar is actually a Marudroid who distributes the hard kernel products also distributes the maker products right and when do you do that kind of distribution a little over a year yeah right so this community of developers using developing boards is exploding no yeah lots of people want to develop an arm-part boards right but the the trick is to bring them to market inexpensively and also with a lot of performance and a lot of community support support is important right people want it to do all kinds of awesome stuff right so right here it's a this is a touchscreen module this screen is going to be somewhere around $55 nice plus 37 or so for the Odroid C1 and you already have a pretty nice tablet better than most $100 tablets you can kind of power that you can connect the battery yeah this one over here is the 8 inch screen with the case this will be available in December as you can see it has batteries in it already and the Odroid C1 here with accessible ports which is hard to find on a tablet right you can't get a tablet ethernet or full-size USB ports nice so actually people can take a Odroid and do advanced stuff right right yeah people use them for rocket control rocket yeah flying drones robots hello hey so what is this this is the same as the 8 inch tablet we saw over there running what is this Linux Ubuntu Ubuntu yeah you name a there's three dot ten dot zero eight right so people use it for Ubuntu what is this right this is these right here called the cloud shell the cloud shell is the case with the screen the controller board and a SATA controller for a hard drive like this nice and of course again you have your HDMI and other ports accessible and the the SATA drive is controlled through the USB 3.0 connection here but this board it's showing display information about the status of the system so these are really nice small self-contained server systems it's like a NAS right right this could be as a NAS a file server a web server or multiple nice is this available yes these are available these are from hard kernel as well so what's what's the price for one of these the cloud shell is around $39 for the whole little shell so that's that's the the controller board the shell not the display yeah includes a display oh yeah but it does not include the xe4 or the hard drive all right so you just add any hard drive or SSD right and then you cloud connect it yes and you run any of the hard kernel boards only some specific one well this one is designed for the xe4 so that's the Samsung card right right and one of these yeah this one's running diet pie and this one's running a different distribution but there's a lot of distributions for cloud connected storage what is that diet pie you say what is that diet pie is an operating system that is optimized to be lightweight and to be used as network storage or cloud storage or access to your files so many so it's not only for Raspberry Pi it's for any board right diet pie originally came out for Raspberry Pi but they've ported it to other boards as well nice what is going on here okay here we have a self-contained weather station so if you just look at that yeah we have the odd right show to which is about $26 the weather board to this has seven environmental sensors on it this little board there yes it's a little tiny board here what what is less than $20 what's on it it has an SI 1132 chip and a BME 280 chip and those are the seven different sensors that it does UV index visible light infrared temperature pressure humidity and altitude and we have a little 750 mAh battery connection to run the board so this runs all by itself this is standalone how long does it run on the battery a long time I'm not sure exactly but you can also power up the display the display this is actually just sending telemetry back to another odroid C1 connected to a 7-inch touchscreen display so you can see historical weather information nice but yeah you could run this off-solar or whatever so at the hard kernel enjoyed a lot of stuffs happening right now and what are we looking at here okay this is a combination product between hard kernel and with robot with robot is a with robots they're a company that makes accessories for single board computers so what this is here is a three-channel camera board so three cameras connect to it one USB 3.0 connection going to an odroid XU4 so this is used to to do things like read barcodes off of boxes in commercial environments let's say box is going down conveyor belt and you don't know which side the barcode is going to be on you can mount three cameras and get like the top bottom and side or top and two sides nice this is be something that FedEx uses to scan boxes that are going down so this is is not just for testing it's not just for demonstration it could potentially be well I believe this is actually in use in commercial environments right that's the goal right you want people to actually make real stuff out of all this right and over here we have a camera developed for robotic vision 5 megapixel interchangeable lenses it's got the M12 lens format so you can change to different focal lengths or or what is that kind of vision is that like a special robot vision open CV is what's running on on the screen right now open CV so what can it measure distance with special recognition it does yeah a number of different things there's quite a bit you can do open CV all right so you're busy right there's lots of stuff coming out always stuff coming out and people can just buy it and they participate in the community in English speaking in other languages or yes the the the official forum is in English and it is at forum dot odroid.com you can go to odroid.com for an odroid is spelled OD or OID you can go there for software releases product information a wiki community forums and then also the distributor pages I'm with the meridroid.com which is the North American distributor for hard kernel all right and I guess a hard kernel is very busy making the next ones to yes 64-bit stuff they're constantly yeah anything announced or nothing yet all right but it's probably gonna come more performance more different stuff yeah the if you look back historically speaking odroid constantly come out with new boards and they're always pushing the limits of price and performance


Welcome to toffee TV. It is the start of the 11 show Manchester United versus Everton at all Trafford very very difficult game Everton have still got a lot of injury problems to overcome But obviously we've got an international break coming up which hopefully May mean that we get some of our players back for the next game But that's going to make it very very tough for this game. So let's get into it in goal Jordan Pickford obviously being in Being in good form this season Obviously missed a couple of games recent himself, but was back last week and very common presence And obviously is our number one right back. I had to think about this because Obviously it's an issue Seamus Coleman still out. We've had Ben Godfrey in there and we'll be up against You know fast wingers against Manchester United. They like to play on the counter attack But I'll be honest. I'm not convinced by Ben Godfrey at right back. I think in both games He struggled. I think he struggled last week. And it's not It's not obviously with pace. Although I still don't think he's up to the level that he was last season due to You know, haven't the covert situation. I think he struggles positionally playing at right back and For that reason I've brought Mason Hoggating to right back because I just feel like We need somebody knows how to play in the position for a game like this. Somebody knows how to defend and I'm sure The manager may feel differently, but I just look at his position and I just think he's not It's not figured out really how to play right back because he is in a right back where it's Mason Hoggates Got lots of experience playing at right back And I know the manager wants to get Ben Godfrey in the team because obviously he wants to get him You know at something back playing centre back probably alongside Jerry Mina And but I just think for the mean I just think Mason Hoggates Just fits it better and it might just be a game where he comes in and plays that role I left back obviously Luca Dean start at left back. I thought he was much better last week Playing against Norwich, but yeah, you'll have to be on it this week obviously that makes means that the two centre backs are Michael Keane and Jerry Mina and obviously They they all it's odd because they do generally look like our safest pair Although obviously we've seen that Michael Keane's had a couple of mistakes in him this season They're gonna have to deal with a lot of movement and a lot of pace and obviously renal though playing off-front is gonna It's gonna obviously you offer a lot of problems, but anything in the air They should be able to deal with but it's you know, it's it's all the other stuff that Manchester United like all that And obviously did you play a lot on the counter attack? and Which might mean that the manager might look at it might try and put Ben go free in there and and for his pace But obviously that right with that right back situation as it is It is it is difficult to figure out exactly what what we're gonna do back there But I'm sure Rafa Benitez will look for a A solution just you know the best offensive solution, you know I don't think he'd be worrying too much about the off our own offensive side certainly from the full back situations And in midfield I've made a change I'm not sure many people like it, but I've brought on Davis into the side because I think we need to be I Think we need to be Compact in the center of park. That's where the ball gets, you know That's where the ball gets one and for a counter-attack inside like Manchester United That's where they spring and I think we need an extra player in there. I will be apparently struggling Gomez struggling, you know, there's only really good Batman who's back, but he's not ready to play in a game like this I think Tom Davis has got the experience to play in there alongside Alan and alongside the court Hey, you will continue doing what that they do. I just feel like for me. It's That's gonna be such an important area of the park because that's where the ball is gonna be one and lost and They'll be looking to bring to win that ball in the middle of the park and then break on as fast as they can so for me, that's gonna be the real danger area and That's why I've put Tom Davis in there for this game And as I said, you know when you look at the players, we've got available to us. There aren't many at all so I just can't I Just can't I can only see someone like a woby spit saying he's not fit being You know a big partner game like this where you need someone who's gonna be in there all the time So that's why I've gone with Davis Alan and decorate on the right hand side and just town's end Obviously another goal from last week Or two goals last week in the games against knowledge and QPR. It's been fantastic so far work rate goals assists Let's hope he keeps it going in this game and on the other side the Mardi Gras Again, he's been excellent this season for us They hopefully will be will allow us to counter attack But they're also gonna have to be work back defend and you know If an opportunity does come They're gonna have to be on it straight away. I know front that leaves round on who hopefully I mean I think I've said this for last couple of games is hopefully No, the fitness is a bit more there now the manager said he's been working out and training He's gonna he's gonna be important because he's gonna have to make the ball stick It's as simple as that. He's gonna have to make the ball stick the ball goes up to him He's gotta make something happen. He's gotta make it stick.  So it's you know, it's up to him to just Make that ball stick and then see what happens But it's gonna be a very very tough game But obviously these are the games where you really do miss your best players when you go into games like this You've got to have your top talents with Charleston. I'm gonna carve on living, you know a proper right back So yeah, let's see what happens anyway, this is my side It's not the most terrifying on paper, but there you go. We'll see what happens So let me know your thoughts in the comments you agree to disagree on my team Let me know what your team would be and we'll see what happens at half 11 tomorrow when the team is announced They go give this video a like subscribe if you haven't already if you want more great videos Join us over on page and the link is in the description. See you later


Switzerland has one of the highest COVID-19 cases per capita in the world and undetected SARS-CoV-2 infection is likely due to limited testing capabilities. Testing alone cannot stop the spread of the virus, and a combination of rapid diagnosis, isolation of cases, and contact tracing is recommended by the World Health Organization to control COVID-19. This article was authored by Marcel Salathy, Christian L. Althaus, Richard Nair, and others.


What's up everybody? Jason here for jaspyscasebreak.com. This is a Super Bowl square break and a brand new release Happy new release day for 2021 Panini Immaculate football. Remember, this is a six box casebreak picket jeans number one So at the end of the break guys for the customers that bought in straight up So all the customers that bought in straight up will take minus all the R&B spots will randomize the customer names and One person will get a Super Bowl square as a promo And then I go of course we did have a couple R&B's which are right there right there. And again, this is a six box case break fresh case Alrighty, so thank you guys to everybody that bought in straight up There are the names with the teams Now here's one of the first random number blocks that sold out Or they both saw at the same time I should say but Jacksonville, Kansas City Dallas and Philly. There's a customer names Actually, put one of those over here And then here is Chicago TV Green Bay and Giants New York Giants All right, and then here is the case Immaculate football and I really do love these Immaculate boxes this time around Love the green. I might keep one for myself there you go guys Good luck first one is for the Giants and that is 71 out of 75 St. Juan Barclay, so that's already part of the random number block Giants 71 Spot one going to Adam Coverman. Whoa, is that a Gatorade towel? I think it is Giants again five out of 15 and that is a sideline towel. That's kind of cool five out of 15 Cadarius Tony and That is spot five going to mark We have a two out of five Frank Clark two out of five nice three-color patches right there and That's another round of number block there for the Kansas City R&B to go in a Matthew Hey, go man Three straight R&B hits though. How about that? Kyle pits on card introductions 39 out of 49 and That is going to the Atlanta Falcons and Brody Very nice, and we got a DeAndre Swift that looks like a rookie update. He's actually a rookie in 2020 So that is an update nice lines That is a 18 out of 57 was the Detroit Lions Nick towel.  It is premium rookie patch autographs card number 20 Elijah more there you go Which I believe that's the Elijah more than the Jets, right? I was gonna always try to get him confused Yes Rondeo and Elijah All right, so that is New York Jets Jets Jets Jets Where's my pen? I'm covering all right next one. All right next box Start us off with little Jerry Judy 34 to 75 for the Denver Broncos going to Derek We have a is that a piece of Jersey in the park? I think it is Canada game. Well, that is a clearly immaculate piece of the Jersey for the Eagles Fly goes fly. That's part of the R&B for the Eagles, which is to my right That's 24 spot for going to Paul Morton. There you go And we have another Little clearly patch one out of 25 Jerome Betis Steela is going to David B. And we have a Michael Carter for the Jets That is 86 out of 99. I black two-color patch and autograph Another one for Adam and the New York Jets There we go Is that George Jordy Nelson nice 70 out of 75? Green Bay Packers that is also part of the R&B Green Bay Packers This one over here 70 spot zero going to mark and last way. Oh How beautiful is that one two three four color patch on card Devonte Smith for my Eagles spot for Going to Paul Norton very nice solid We have a four to 25 Keenan Allen to start us off Chargers that's going to Hymn. We have a Jalen Darden 35 out of 49 book and ears 35 bucks Mark the spot five Whoa, is that a randomizer? No No, it's not actually all for the San Francisco 49ers Monuments Little Mount Rushmore maybe for them That is Jerry Rife's Joe Montana Ronnie lot and Steve young numbered one out of 49 49ers going to Jay straight up We have a Aaron Jones 88 out of 99. This is a update from 2020 88 spot eight Robert uncle on the board, buddy. There you go We have a deami brown little single-color patch and autograph six out of 25 That is Washington football team winner Nicholas On the board with me already nick and I think the last one is also redemption Yep Immaculate number rookie patch autographs premium edition. So this must be numbered to the jersey Part number 29 Trace sermon, which I believe is for the 49ers If anybody asks Complaints are being filed as you speak. So, okay They're not picking up, but they're saying they've picked up Okay Hear that guys you guys get DHL DHL saying they picked up from our store, but they have not Very nice trace sermon though Another one for Jay Halfway through guys We have 19 out of 25. That is Brian and Ayuk another one for the 49ers We have a Dual past and present. Houston Oilers and Tennessee Titans, which of course will still be for the same team Uh, that looks like Derek Henry and Earl Campbell Tennessee Titans going to Aaron We have a T Higgins triple relic and autograph 12 out of 99 for the bangles going to gale Backpatch autograph. Nice break for the 49ers 22 out of 25 Jerry Rice Jay Gracks are the 49ers going to upset the Rams And beat them what for the third time this year Five out of five Joe Thomas triple relic Players collection for the Browns Steven flat. There you go And wow another Kyle Pitts two-color patch and autograph 30 out of 99 Atlanta Falcons that is going to Brody. Alrighty guys Two more boxes box mojo. All right next box. We have for the Patriots the fun Gilmore Patriots straight-out shot matter Whoa Immaculate logos Dallas Cowboys seven out of 10 This is enclosed player worn used material I don't know if that's like a piece of the jersey or something, but it's a logo Why has to be in a slider box as well? So that's seven out of 10 Dallas Cowboys r&b Seven that's going to alex Yeah 49ers are rich just destroying this break so far Dan Feltz 26 out of 49 We have for the Rams eye black. That's Robert Woods 22 out of 99 Rams going to Patrick. I think we have one more or actually two more cards. It looks like Nick Bolton 38 out of 99 Kansas City 38 KC eight that's going to guy And last one is a redemption guys. That's our third redemption already. Come on guys. Got to sign your autographs We have Immaculate signature patch rookie Car number two Zach Wilson what a break for the Jets as well Immaculate signature patch patches rookie Why why does that one say patches rookie? What's the difference? Let's see. Is that Immaculate rookie patches? That's the case that might be out of 11 Use card number two on there Immaculate signature patches rookies Immaculate rookie patches Yeah, you know what that that's out of 11 Wow, that's a nice one right there. All right, there you go, Adam. Worst that was live But there you go Well, Adam now you can pay a fraction of the price and get into one of the r&bs with the Jets And maybe you can still get some more Jets plus other teams All right, this box feels really heavy compared to all the other ones. This one has a massive hidden here probably And by massive I just mean something thick Either that or has an extra card This thing is really heavy So that has to be something in here There's something thick right there Good luck guys. Last box Travis Kalsy 63 at a 75 For the Kansas City Chiefs 63 spot three is going to mark We have a Tylen wallets one out of 49 Ravens going to Aaron Can't see what that is but Let's find out right now. Here's a thick card Here's a thick card It's a Michael Thomas two out of four logos That looks like a glove, right?   There you go. I gotta go get another slider box. I'll just put that over here to the side For now, I like this kind of party all-time greats for the burrs 81 out of 99 Mike singletary And that's 81 Bears Adam cupperman.  That is 13 out of 25 A little rpa for the Carolina Panthers Jeremy with the panthers straight up And last one here is a 2 2 at well 1 2 3 color patch at the top 76 out of 99 for the rams That's patrick davis Alrighty, well, I mean, I would have loved to see that Zach Wilson live But obviously that was the big quarterback per se in this case But all in all, I mean rmb's actually didn't do too bad This was a part of one rmb right here And then this was the other rmb Right here Cowboys logo devance smith, of course, was really nice Frank Clark had a five and then these were of course the hit that we're going straight up to teams There's that wilson We did have a two cow pits, which is not bad Jerry rice Trace serman diamond brown There's michael carter great break for the jets in 49ers though. I feel like they had the best breaks So now let's give away that super bowl square so I'm gonna say one super bowl square So remember it's only going to be the customers that bought in straight up. So you're actually you're also going to be a little bit better I'm gonna take out all the rmb teams right now Full 12. Wow. All right. That's a big randomizer right there full 12 one two three four five six seven eight nine 10 11 And 12 in final time Boom 12 times Sean maddock, there you go super bowl square coming your way And I know Sean I think you also have the patres in here not too much for the patres But hey, you did get a super bowl square and uh, I think I don't know if Joe got rid of the tab I'm gonna re-change this up now and uh, we'll get rid of all this and uh I think all we're gonna need is just I think a hundred. I think not 120 So that's actually deletes 101 through 120 do that and Because you'll be the first name there And uh, we'll call it maculet nfo And let's actually rename it to Super bowl square So cool, there you go Sean appreciate it And again, uh, the next picker team is on the website. I don't know if people have grabbed spots in it yet or not, but uh 30 left there and then we have the Rmb's there for number two guys. So appreciate it guys. Jasper's case breaks.com


I am giving you hours and I will never get back. And when I leave, you'll replace me or you'll eliminate the job. What do you think your time is worth in exchange for money, right? Keep watching to find out what book I'm talking about today. I'm Kyla Denigno and you're watching Kyla's Reading Day. So today we're talking about the book, Work Won't Love You Back. This book is written by Sarah Jaffe. The book is in the genre of nonfiction and the theme of the book is business history. So there's a really important quote in the book that I'm going to jump right into. And this really sets the theme for me. And that quote is, labor is us, messy, desiring, lonely, frustrating human beings. That quote is important to me because there are so many things that were broken down in this book that I had not thought of, right? So work has always, always been really important to me. I'm the person that gets obsessed with my colleagues. I'm celebrating your birthday, right? I'm sending you flowers if you're getting married. But work doesn't always love you back. I have a video out there where I talk about 15 things to do when you're unemployed. And that's because I lost my job in December 2021. And losing my job really rocked me. It really did because I had never been laid off before. And I was working in a small firm. I was working remotely, right? I was doing tasks at the moment. And then I'm contacted to say, hey, your services are no longer needed. I really feel like the rug was pulled out from under me. And I was like, OK, I'm part of the labor force. What can I do? Right? So thankfully, I was able to file for unemployment and get paid because I was, you know, let go without any kind of warning. But labor is us. Frustrating, desiring, messy human beings. I'm part of the labor force, at least I was, right? Doing YouTube videos is a kind of labor. But all of it is work. All of it is giving your time, giving your energy, giving your effort to another person or corporation in exchange for money, right? So the book goes through a long history of how, you know, the automotive industry was and child labor and how women were being proactive to say, hey, I'm going to leave the house. I am going to get a job. And it is like, wait, but now you still need someone to cook. You still need someone to clean for you. Now you're paying to have someone come in and watch your kids as a nanny or clean up the house as a housekeeper.  And now you're actually hiring other people because that work still has to be done. And so there's a whole section of the book that talks about the wages of housework movement, which I had never heard about. Never, never, never. And there was this movement where housewives were like, I'm cleaning. I'm cooking. I'm caring for the child. I'm buying groceries. I'm taking care of your laundry. I'm doing this. I'm organizing the house. I'm keeping all these things afloat. I'm working as a project manager. I'm working as a corporate organizer. I'm managing the budget or I'm stretching the five dollars to make sure it last. Right? I'm putting together packed lunches. I'm doing all of this stuff. And if I was in a business, I would be paid for this work. So I want some wages. And I had no idea that that existed, right? I had no idea that women were like, no, this is legit work. Somebody needs to recognize it. And that was really important to me because I have been able to look for jobs, haven't been able to get anything full time, but I've been doing consulting on the side and then I've been able to, you know, stay on my husband's insurance while I'm not full time employee. And even that is a privilege, right? This book talked about how your health insurance and most life insurance are attached to work benefits. And that's certainly still the case here. You can pay for your own private account, but typically it's going to be really, really expensive, right? And so you're reading the book and you're like, why is all this stuff still the same way, right? From when the first car was invented back in the 1800s, we're still tying so many things to our employment.  We're still doing that. So the historical aspect of the book was really, really important to me because I thought this was going to be work is terrible. Make sure you have work-life balance. Make sure that you can prioritize the stuff that's important because nothing else is going to really matter. And instead I was sitting here like, I'll never get that time back. This time I'm spending recording, I'll never get back. The time I spent working, I'll never get back. And you exchange that for money. So no wonder people want to make a decent wage. I am giving you hours and I will never get back. And when I leave, you'll replace me or you'll eliminate the job, right?  Of course, why are we even fighting about this, right? And so the book had me a little bit radicalized for a little bit. I was like, yeah, man, I'm getting a job again. So I've had the conversation with my husband where I'm like, did I really go to law school to become a housewife? He's like, of course you didn't. You went to law school to learn this and that and this and that. And to be able to create a life that makes you flexible enough to where you are able to stay at home. I'm like, yeah, that's true. But also, man, like this book makes you really want to be like, if all that really matters is making sure that you are able to pay for your bills so that you can go out and do things so that you can buy food so that you can do whatever. Really think about where you are spending your time. Really think about or how it feels. What do you think your time is worth, right? And that's a really big part. If you're still here, thank you for watching. Please like this video. That really does help YouTube share the video with other people. Get them to come aboard and see what fiction and nonfiction books I'm reading and get my take on them. Okay. So thank you for sitting with me as we discuss the book. Work Won't Love You Back. Until next time, I'm Kyla Denigam. And thanks for watching Kyla's Reading Day. Bye.


So just today I'm giving a presentation, it draws on a huge amount of work and not just mine and particularly that of Steve Krimp and Udai who helped put this presentation together. And I'll be focusing not so much on the climate variability that Joel just talked about, but sort of more adapting to the changing climate so that's variability on a slightly longer scale than the seasonal type of scale. So when we sort of look back at why we sort of do studies which investigate adaptation to that sort of climate change or changing climate, back in 2007 I put out a paper in PNAS which is a pretty prestigious journal and I basically said that there's two main reasons why we actually want to do adaptation studies. Now the first one is so that it actually informs the mitigation agenda, the sorts of things that were discussed in Paris. And the basic rationale here is that if you actually have systems which you can adapt to extremely well, the impact of climate change is effectively zero. So the rationale for engaging strongly in mitigation is reduced. But if in fact you have adaptation that only can partially offset negative impacts of climate change, then the rationale for mitigation is enhanced. And what we're actually increasingly seeing in work done across the world that that's the case is that the climate is changing, that we do have adaptation options, but these aren't able to fully offset those negative impacts and the other side of the coin, the positives, aren't as big as those negatives that you otherwise occur. Now when you actually do these sorts of studies, typically they're focused on long time scales, 2050, 2100, and they're very much a science activity. So they don't have a lot of stakeholder engagement in them. So they're done largely as a science activity to inform policy or hopefully inform policy. The other way we actually approach adaptation is quite different. It's actually to try to inform investments and management and policy decisions that are being made now, not in the mitigation domain, but in all the other domains associated with sustainable development. So when we do that, typically it's for a period somewhere like between one year and 20 years ahead and it's not a science activity, it's fundamentally done in partnership with those people who are interested in that information for their decisions in better risk management, the sorts of things that Joel talked about on that seasonal scale. So when people do this, it's actually them who usually integrate that information. They take that sort of adaptation information, worked up with the science agencies and then implement it in their decision making process. So it's a very different type of activity. And what we saw in Paris with essentially commitments globally to that mitigation agenda, the focus should now move to that second sort of area of work, which is actually about how adaptation can better inform management and policy and investments. And critical part of that is how can we actually engage with decision makers to actually give them the evidence base that changing what they do now is actually desirable, whether it's feasible and whether it's manageable. So those are the things that I'm going to be covering briefly in this presentation. And the basic theory or concept sitting behind my presentation is that if we actually don't respond to those changes that are already happening, then we will either underperform or we will incur increasing risk.  You don't want to underperform, nor do you actually incur unnecessary risk. So just a few slides on what's happening in terms of climate. So much of this many people will know, but I think it's important just to go and look at that evidence base as to why people may want to change their activities right now. So this is looking at temperature across southern Australia, drawn straight from the BOM website last night or night before. And that shows temperature, the black line as the 10-year moving average. And as you can see, that's going up and up and up. There is no slowdown in temperature increase in Australia. There is no slowdown in temperature increase across the world. Last year was the hottest year on record by a long way. So and if you look at the top of those curves, the last couple of years, not last year, but the years before that in southern Australia were record temperatures. And they were way, way above those temperatures that agriculture practices had actually developed in the last several decades. So if you look back the 1950s, there's a really big difference in that record. Such a difference that the minimum temperatures, annual temperatures we're experiencing now, are around about the same temperature as the hottest years experienced by people who are farming in the 1950s or 60s. So we're already going outside that envelope of previous temperature experience. And not unexpectedly, this is starting to impact on agriculture. So this is work by Bangu Zhang and colleagues looking at the first day of the year where you actually get hot weather, like that's temperatures greater than 35 Celsius, across the cropping zones in Australia, looking at the previous century versus those years in the current century up to 2009. And what we're seeing is in the north, that first hot day, which can seriously impact on yield potential, is coming three weeks earlier. In the southern part of Australia, southeast part of Australia, it's one week earlier and in the west little change. But that itself is actually a really significant potential impact on agriculture which needs to be included in things like varietal selection and planting dates. But even though the temperature on average has gone up across southern Australia, paradoxically somewhat, the frost risk is actually increasing. This is work by Steve Krimpin colleagues. And so across significant parts of southern Australia, particularly the southeast, frosts are coming earlier and they're also coming later. So the frost window has increased, the number of frosts has increased and the frost risk for agriculture has particularly increased as a combination, both of those late frosts, which are the killer frosts, which really impact on economic values, things like grapevines really get nailed by those. But also because it is on average warmer, the internal clock of those plants is actually accelerating. So crops ripen earlier, bringing them into that frost risk period and grapevines and similar things bud burst earlier, bringing them into that frost risk period. So you've got a double whammy of increased frost risk associated with the climatology and increased frost risk associated with the biology and combined actually make quite a problematic situation for a lot of people. Now it's not just temperature. These are graphs that actually came out just last week from the Australian Export Grains Innovation Centre, now David Stevens and colleagues, showing how the seasonality of rainfall, looking back some decades compared with now, so that's historical versus the last few years, what everything's moved south basically, which is sort of not unexpected given climate change, effectively in a sense the subtropics are moving into the temperate zone, etc. So what was fundamentally a uniform rainfall environment now actually may become somewhat dominated. What used to be a winter dominate is actually now more uniform. So those zones are moving south in Australia. They have significant impacts in terms of agriculture and it's not just the seasonality, but it's also rainfall amounts. So if we look in Southeast Australia, we sort of lost about 15% of our rainfall in the last 10 years or so. If you go across to the west, it's closer to 25% of rainfall in the growing season. So not only has those seasonality of rainfall changed, but the amounts of rainfall have also changed. Significant impacts already happening right now. So there's a whole stack of responses that are in a sense in the bag that can be used to manage these sorts of changes and we've gone out and worked with farmers and farmer groups to explore how they'd respond if things get hotter or if the extremes are greater or if the rainfall is reduced. There's a whole raft of different responses that can be brought in to bear for each scenario. So I won't go into the detail here, but it's important to actually recognise that there's a lot that can be done in terms of manipulating existing systems. So it's what we call incremental change for existing systems that we can already start to implement. And those are really critical to actually do as the first step is to actually make sure we are at best practice in terms of climate risk management. But just to demonstrate one point in terms of why it's so critical, this is again looking at that frost issue, which I think is pretty interesting. So the graph on the right-hand side is essentially a frost risk sort of diagram. On the bottom it is the screen minimum temperature going from minus 2, which is over on the left-hand side. You can't really see that thing. But over here it's minus 2, which is a really hard frost, and 2 degrees, which is a light frost in between. And up here is the date of the year of the last frost. So if you look in this case at Wagga, the last frost is experienced around about the third week of August. That's historically in the 1950s. And that was around a light frost. And you got the last sort of moderate frost, one degree screen temperature sort of in the middle of the year. Now if we actually step through decade by decade that change, so in the 1960s that had changed. So the frosts are a bit more severe. In the 70s it was not that much different. 80s again a little bit later and it's more severe. The 90s getting a bit later again and the last decade. So not only as the degree of frost, we've got a lot more hard frosts, but the lateness of the frost has changed. So instead of being the third week of August, the last frost is now coming around about the first week of October. And that has huge implications in terms of frost risk in these places. And so we actually did some studies in Wagga and I'd done a study in Emerald in North Queensland where the frost risk is reducing rather than increasing. I did that about 12 years ago. But if we, and I'm just comparing those two studies. So the strategy that we took is what happens if you ignore frost risk when you're planting reed? What happens if you take a 100 year view of frost risk which is sort of in a sense what's previously been seen as industry best practice? Or what happens if you take a 10 year rolling window of that frost risk? So you look only at the last 10 years as an estimate of your risk factor. And so gross margins in Wagga as your baseline which is just ignoring frost risk of about 119 per hectare. If you take a 100 year view of frost risk you increase by about $8 which is still useful money in the bag. But if you take an adaptive, a decade by decade view you actually are significantly better off than if you take that 100 year sort of view. And in Emerald, the numbers are different cause different situation, different time and so different prices. But $34 is your baseline, if you ignore it you're worse off if you take a 100 year view because you're particularly underperforming in the early part of the record that you're actually way better off if you take an adaptive view. So the message here is that by sensible changes in practice by taking an adaptive view of climate change so actually moving with that change you can actually make significant money compared with the alternative. So this is an important part of what we call the climate adaptation journey. So when we go out and work with farmers and farmer groups first up the focus of those farmer groups is really agronomic changes. So changes in planting date changes and cultivation practices and things like that. But as we go through that same farmer group over several years and engage with them continuously about what makes sense to do in terms of climate change as their understanding of the issue increases as they start to think about climate change in terms of their whole business the focus turns almost entirely onto strategic business management. So it's no longer about the agronomy it's actually thinking about strategic business management. So this is really important. So if you're actually starting to think about policy and industry programs it really is about upping that strategic business management capability that ability to make really good sensible long-term decisions about business risk about balancing work life and family balancing sort of different enterprises and the risk involved in those different enterprises. So for example, DAF some years ago ran that pilot the drought pilot in West Australia which focused on strategic business management and it was exactly the right thing to do. And if we're actually thinking about that it's really important to think comprehensively about adaptation. So the first cab off the rank in a sense is actually incremental change to existing systems. So if you farm wheat or you farm rice you think about doing that better. But if we do that there is actually a risk of locking ourselves in to practices which actually are not the best option for you as a business manager or in a regional development sense. So actually if you do that you can actually not only incur additional risk which I've mentioned before but you might miss out on opportunities from changing your practices by thinking more broadly. So we need to think about systemic change which is bringing new elements into your enterprise or transformational change which is really significant changes to your enterprise, changes in location, significant changes in what you do. And the reason why I think this is important is illustrated by this graph which comes from the work of Zvi Hockman and colleagues down in the Wimmer with the Birchup cropping group and others. And this graph shows what we call the yield gap. So it's observed yields in farmer's paddocks versus what could have been achieved in that farm paddock in terms of crop yield. And so when that yield gap is high it's bad because there's significant underperformance. As it gets lower there's actually you're actually approaching the potential yield in that particular paddock for that particular year. So if we look over time that yield gap back a few decades was sitting around on average across these farms was about three tonnes per hectare. But over time as our ground line practices get better and better that yield gap is starting to close. So it's now a trend is round about to one tonne a hectare. So clearly with this trend and with that sort of enterprise there's only so much you can do. Now as this trend goes down to zero you've got no more room to move if you're going to stick doing what you've done in the past. So at that point you need to think or right now you probably need to think about more than incremental change you need to think about systemic or transformational change because that's the way you're actually going to improve and continue to increase your productivity. And farmers are already doing this. So this is a survey by Imogen Schwartz and colleagues going back a couple of years. Two periods they did one survey in the middle of the millennium drought and then another survey in the wet years that followed. And they looked at farmers considering change or doing changes of different degrees in their practices. So at the top it's what you'd think of is that incremental change you know changing your business, changing your management and more than around about half of the farmers were thinking about doing that as a function of climate change. When you're looking at changing enterprise mix and starting new enterprises that's the more systemic sort of changes and you see still around about one in three farmers is thinking about doing that. And for the new enterprise and buying land moving your activities which is the more transformational change we're actually seeing around about 10% of farmers thinking about that. So these things, these sort of systemic and transformational changes aren't left field they're not sort of way out of the mainstream. These are things that people are already thinking about or already doing in various cases. So that sort of broader consideration of the adaptation options is really important and as we can see it's already starting to happen. Now just a couple of more slides just in this case on social networks. So this is work done by Ann Marie Dowd and colleagues and just emphasizing that the needs of different and the modes of operation of different adaptation levels are very, very different. So what this shows on the left is the social networks of incremental adapters versus the social networks of transformational adapters. So these are in the farming community. And what they found was that those incremental adapters so people who are just making small changes their existing systems had very intense social networks and often very localized social networks so they were very strong in the location where they lived. Whereas those transformational adapters had very weak social networks or relatively weak ones and often at a distance so that the people they were connected with were in Queensland or in West Australia or in Chile or somewhere else. But the information networks for these people were exactly the opposite. So those incremental adapters were largely happy with what they knew and what they were doing. Whereas those transformational adapters who were looking at making really complex and risky decisions were sponges for information and they were getting it everywhere. So if you're thinking about policy or if you're thinking about knowledge needs then the needs for these different groups are fundamentally different. So how you actually encourage those incremental adapters and facilitate that best practice is very different from how you actually would support transformational adaptation which I think is probably going to become more and more needed over the next decades. And the last slide here is just to remember to think beyond the farm gate when you're thinking about adaptation. So work by Lily Limca Matcha and colleagues just as looking at how you can adapt value chain systems to climate change, climate disruptions. So thinking about doing work with these big companies some of the very biggest corporations around about what their current climate impacts are how these are likely to change or already changing and how they can better manage that. And so this sort of work on value chains I think is going to become increasingly important because we can't treat what happens on farm in isolation from what happens in these value chains. And importantly, as we go down this pathway more and more, climate issues will be integrated with all the other business issues that these companies deal with. They can't treat climate in isolation. It has to be integrated to come to sensible decisions. So just in summary, a few points. Firstly, what I've tried to put up here is a case that the climate is already changing and it's already impacting on agricultural systems. There are a whole raft of things that we can do to manage those changes. They're incremental changes to existing systems. We know pretty much how to do those. We're not always doing them well as well as we could. There's a case to be made, I think, for thinking much more broadly about systemic and transformational change but this has new knowledge needs, new information needs, new institutional needs which we're not responding to as yet. And lastly, we actually need to think broadly about what are the social networks that support change? What are those which hold back change? So that dense social network that I showed you up before is very normative. It actually restrains, it restricts people from thinking out of the box and doing something new, doing something adventurous and possibly doing something better. And lastly, we actually need to think, as I said before, about value chains because by integrating what happens on farms with value chains is where a lot of the best information is going to have a lot of the value from adapting to climate change is going to occur. Thank you.


What's the deepest negative backroom's level? Well, it's kind of hard to explain because the backroom's is literally an infinite, ever-changing hellscape of little spaces, but yeah, I got a few negative ones. The main one is level negative 1,000. This is the deepest level that comes to mind and the deepest one that's catalogued and it's a strange expanse of tall, medieval hallways that get glitchier and glitchier the deeper you go. The halls lead to other strange rooms full of chairs and the level itself is so glitchy that you can actually access the void level from it. That's the deepest catalogued one, but there are even deeper ones. You can check out my full video on the deepest levels if you're interested. Shameless plug.


In the domain of bond management, another passive strategy is the immunization strategy. In immunization strategy, actions are taken to mitigate the risk of interest rate changes on the bond portfolio. So in these strategies, the bond portfolio have no effect of riskiness of the interest rate changes. So immunization is a way to mitigate interest rate risk used by financial institutions like banks, pension funds and insurance companies. We know that there is a natural mismatch between bank assets and its liabilities, maturities because the bank has short-term and low-duration deposits which are the bank's liabilities. On the other hand, the bank has interest rate sensitive long-term advances which are treated as the bank's assets. Now the rising interest rates may erode the bank's net worth. This means the value of the bank assets may go down substantially. On the other hand, the value of the liabilities may go up substantially. Fall in interest rates may grow speedily the liabilities than the assets of pension funds that is also with the pension fund like the case of bank. Immunization requires deep understanding of duration and convexity of a bond portfolio by the portfolio manager. Immunize portfolio by matching the interest rate risk of assets and liabilities. Now how to do it? We need to first match the duration of the assets and liabilities, then we need to determine the price risk and reinvestment risk because these two cancel out for small interest rate changes. So the lesson here is that the value of assets will track the value of liabilities whether the interest rate falls or it gets a rise. To understand this we have an example where an insurance company issues a $10,000 investment contract for five years maturity at 8% guaranteed interest rate. So the payment in five years would be equal to $10,000 multiplied by 1.085 that comes to $14,693.28. Suppose the company chooses to fund this obligation with same amount of 8% annual coupon bond selling at the par value with the maturity of six years. Now we see that the obligation has a maturity of five years where is the investment plan has the maturity of six years. If the market interest rate stays at 8% the obligation has been fully funded. Now how these data will work? We have a table that shows the terminal value of a bond portfolio after five years assuming that we reinvest all of the proceeds. Now if we see on the left panel of the screen we see the rate used by 8% then the if the rate falls to 7% or if the rate increases to 9%. So we have three scenarios where the one is the scenario of 8% other is the scenario with 7% that is fall in the rate and the third scenario is 9% that is increase in the rate. You see that at 8% the accumulated funds from the bonds grow equal to the same value of obligation that is $14,693.28 because we have reinvested the coupon income of $800 at 8%. So we reinvested all of our coupon bonds and this way the bond will sell for par value that is the $10,000. This is because that the coupon interest rate is equal to the market interest rate and that is 10%. Now come to the second scenario where the interest rate falls to 7%. If it falls to 7% we see that now the fund will grow to $14,694.05. So in this way the fund is providing a little surplus of $0.77 what will happen if interest rate increases to 9% and we see that with the increase to 9% the fund grows to $14,696.02. Again the fund is giving a small surplus of $2.74. So how duration matching balances can be there? We see that these balances between accumulated value of the coupon payments and the sale value of the bond that is the price risk. So we need to have a balance between the reinvestment rate risk and the price risk and if interest rate falls the coupons grow less than the base case but the bond's higher value offsets this and if interest rate rise the bond value will also rise because the coupon more than makeup for the loss but because of the reinvested at the higher rate. So how rebalancing can be done for the immunized portfolio? We see on the right side of the screen where we can see that the solid line in below that is the curved line that represents the bonds accumulated value of the interest rate remains at 8%. But what about the dashed curved line in black color? That shows value if the interest rate increases. Initially there is a capital loss but eventually it is offset by the new faster growth rate of the reinvested fund and at the 5 year horizon date it is equal to the bonds duration. The two effects just cancel leaving the company able to satisfy its obligation at the accumulated proceeds from the bond. So what is cash flow matching and the dedication strategy? By cash flow matching it is the automatically immunize the portfolio from the interest rate risk because cash flows from the bonds and the obligations exactly offset each other. Cash flow matching is also sometimes called as the dedicating strategy. Here a manager selects either zero or coupon bonds with the total cash flows in each period that matches a series of obligations. Once for all approach to eliminate interest rate risk and that approach is used in this dedication strategy because once the cash flows are matched there is no need for rebalancing the cash flows.


Hello and welcome to CMC Markets on Tuesday the 5th of August and the weekly market update. It's certainly been an interesting few days. We've seen significant declines in equity markets. The German DAX in particular has been hammered quite hard. But so far we're still managing to hold above some very key support levels. And it's really in that context that I'll be looking at the S&P 500 because I think the direction of equity markets overall will be determined, I think, by what the S&P 500 does over the course of the next couple of weeks or so. There's a key support coming in around just between 1900 and 1910. But I think there's also a little bit of a resistance around 1950. So we'll look at the key levels on that. Last week we saw US employment report which was a little bit disappointing. Nonetheless, inflationary pressures within average wage growth actually offset inflationary concerns that were brought about by a significant jump in the employment cost index for the second quarter. And we have seen some very mixed US economic data over the past week or so. We've seen a very good Q2 GDP number coming in at an annualised 4%. But on the flip side we saw an absolutely appalling Chicago PMI, absolutely created for July, coming in at 52.6%. So there's still a lot of conflicting evidence as to the strength of the US recovery. And in that context I'm going to look at the US two-year treasury. And I'm also going to be looking at the US dollar's performance, particularly against the pound, given the fact that it's going to be a fairly big week for the pound here in the UK. So we've seen some significant declines in equity markets over the past week or so. And European markets in particular have been significantly softer than the US counterparts. And I think in this context I think it's useful to look at the S&P 500. Now those of you who listened to my non-farm payrolls webinar on Friday, will know that I identified a key level. That aside, there is a recording for that webinar on YouTube which can be found on the YouTube channel, youtube.com. The key levels on this daily chart are outlined by a sloping upward trend line from the lows in May. And that currently comes in around about 1910. We also have a significant support level through the April highs around about 1900 level. So again, keep an eye on that. And on the top side, there's the July lows or the mid-July lows around about 1950, which now we're under those levels, I think really needs to act as a significant resistance to keep the current downward momentum intact. If we get back above the 1950 area, then I think we could see a little bit of short-term stabilization and we could start to slowly edge back higher again. So to recap, the key levels on the S&P 500 are around about the 1910 level on the downside and 1950 on the top side. We've heard an awful lot of speculation about when we're going to get a dollar rebound over the past couple of years. And so far, we've yet to see any evidence of it. And I think really the speculation is really surrounded on when the Fed will look to tighten. Now if we look at this two-year treasury chart, we can see that since 2012, we've had significant attempts to move lower in treasury prices. But as yet, they've been unsustainable, they've bounced back quite strongly. Now, when you get a move lower in treasury prices, you get a spike higher in yields. And we can see in 2012, we've got some very long lower shadows on the weekly candles. We've also got them on 2013 on at least two occasions. And last week, we got a similar sort of move. So the key question, I think when you're looking at charts and you're looking at technical analysis, is you look at the past to try and get an indication of what will happen in the future. So based on the history of that chart and the fact that we weren't able to sustain the down move that we saw in treasury prices and the move higher in yields, the likelihood is we could well see further consolidation. Despite the concerns about higher inflation in the US, the bond markets at the moment don't appear to be pricing it in despite last week's little spike higher in yields. And I think it's in this context we need to look at speculation about when the Fed is going to raise interest rates. Look at the two-year chart. Look at the two-year yield until we get a significant extension of the move through these lows on the support on the weekly candle chart. And a move through 2.55, I mean 0.55% in two-year yields, 0.55%, not 2.55, that's a 10-year. 0.5% on the two-year. Then the likelihood is we're going to continue to see dollar range trading. Okay, so what does this mean for cable? Because over the past few months speculation has been rife that the Bank of England could well raise rates sometime this year. Now I've been fairly insistent in my belief that I do not think that will happen. So really begs the question, who's going to raise rates first? Is it going to be the Federal Reserve or is it going to be the Bank of England? Well, we've had some economic data out this week. Services PMI and construction PMI which would seem to suggest or would tilt the balance of probabilities towards a potential rate hike by the end of this year. Again, I maintain that's highly unlikely. We have seen some sterling weakness over the course of the past week or so. And I think this week's manufacturing and industrial production data could well reinforce the mixed picture that we're seeing about the UK economy. In May we saw some very weak industrial production and manufacturing production figures for the UK. Now the numbers out tomorrow could reverse that or they could reinforce that. So I think have a look at those numbers, have a look at the trade figures later this week. Bank of England meeting on Thursday. I think we're going to get the status quo with respect to that. Will we find out whether there's any dissent? We won't find that out for two weeks. So as far as the Bank of England meeting is concerned, it's likely to be a non-event. What does that mean for Cable? Well, let's look at the four-year chart on your screen right now. And as you can see from the July highs, we're trading in a slow downward trend with trend line resistance around about 169.20. So we need to get back above 169.20 to argue for a move towards 170. Let's move on and look at the daily chart. We can see on the daily chart that there's a potential reversal. If we look at the number of downward or down days on the daily chart, we can see that there's 13 out of the possible 14 down days. That's a significant rate of decline. You've got to think we're going to get some form of bounce back there. So once again, key level 169.20. Also, the oscillator is starting to potentially turn higher. Let's look at the weekly chart on the candlestick chart. And we can see again that maybe we're starting to get some form of head and shoulders reversal. If that's the case, then I think the limit of any downside move is likely to be around about that 167 weekly support on the weekly candle. On the top side, then resistance will be on the potential left shoulder around about 170. But above all else, it's all about the data. It's all about US data. It's all about UK data. And the differentials between UK two-year yields, US two-year yields, UK guilt yields and US 10-year bond yields. Those differentials, if they move in the UK's favour, will be positive for the pound. If they move in the US's favour, we could see downward pressure be brought to bear on the pound. So that's it for this week's weekly market update. It just remains for me to say we have our monthly traders network this Friday between 10-2. It's open for active clients only. If you have any questions for me about any of the things that I've discussed in this update, then just contact me on the Twitter handle below. Otherwise, thanks very much for listening. This is Michael Houston talking to you from CMC Markets.