Now, we are going to see that by what we mean by convex function we defined we stated it in the last class that a convex function is the one which at any given point I can get a lower bound on it right ah ah basically that lower bound came from a tangent which has to be any given point and that tangent was defined in terms of the sub gradients at that point w that you are interested in. So, that function the tangent function that was like a lower bound it was to my function all the time, but now if we allow ourselves bit more flexibility that the gap between that convex function and my linear function if it is like slightly good big enough it grows well then we will have a better control over regret ok. So, let us first define then what is that strongly convex functions. So, we are going to say so, this is the definition of my convex function strongly convex function with parameter sigma. So, you see that this is the part which you have already defined we know that a convex function this part already holds right. If you have a convex function f in fact, we have said that function f is convex depend only if this part holds where z is the sub gradient of your function f computed at point w and this part here this is basically a a tangent which is passing through your point w ok. But now what we are saying is yes this was my initially my lower bound on the function, but in addition to this if I if I add this extra factor to this that is I have increased my lower bound by this much amount then also this entire thing continues to hold be a lower bound on my function f and notice that what is this this part here. So, this is your this is at point w you are computing the tangent if you look into if you increase u that is if you are moving away from omega this guy is only increasing.  So, in a way what we are doing is suppose like let us say this is my convex function and if I had taken some w.  You see that this gap between this function and this at any point let us take. So, let us say this is w this is w and you take any other point at some point let us say this is to be u if you now look into the difference of your function this is let us say f of u and this is like f of w. So, now look into the difference between f of u minus f of w f of minus w earlier that difference was only this much then it was simply a convex function. Now, it is also growing by this much. So, if you are going to take u away from omega. So, you expect this gap to be also be enlarging right. So, in a way in that in this case the separation between this and this line. So, maybe I just do not want this if you just take this line. So, this gap is also kind of growing very fast and growing means at least by this amount ok and this has to be. So, this is f and this is any point w. So, this kind of this portion is like norm of u minus w square ok. This is I am not saying like whatever the norm you have given I want this to be take that and square it ok. So, this is whatever the norm this is defined with respect to some norm and I want the square of that norm and this is what it is right. So, what we basically by bringing this sigma strong convexity we are basically wanting this separation to be growing much faster. In this way it will become easier for us to kind of possibly to identify these functions ok. So, now, let us have some more properties of this strongly convex function ok. First thing is what we call. So, if you another lemma I am going to call it as now let instead of taking some every point w let us take a specific point w which is like a minimizer of this convex function. Then for all u equals to s we have this u of s minus f of w is going to be sigma by 2 times norm of u. So, what we are now saying that instead of looking at this omega where is let us say this function is getting minimized here ok take this point and now look at the tangent which is basically passing through this let us say like this ok. Now, we are saying that if you are going to look at the difference of your function like let us say this basically this difference that f of u minus f of w this is growing like this. This will be at least this difference is going to be at least this amount right. So, if so, this property is one thing because at any when we are going to deal with our kind of minimize at every point when we are finding w t in my algorithm right we will be looking at the minimization of some convex function ok. So, there this may be result will be useful like when I am going to look at this point how it is how was the value of the other points going to differ with respect to this value ok fine. Again I am so, just to argue so, here we really do not need to assume that this result holds for a function f that is differentiable this function need not be differentiable at any point ok, but let us try to understand this why this statement holds for the case where my function is differentiable ok at all the point. So, what we know about this suppose if w is my minimum value of my function f what will be the gradient at this point it is going to be 0 right. So, then in that case if I take this w to be the minimum value and in that case this is a just like gradient at that point right and that will be 0. So, in that case this z is a 0 vector. So, if you just plug in 0 what will be left it only this term which is like a lower bound in this case ok, but as I said it need not be just true for the case where my function is differentiable when it is not differentiable if when only my sub gradients are there this is fine ok fine what is the how to check that my function is then strongly convex ok fine. What is how do you how do you check my your function is convex that is the definition ok you can directly see whether the definition holds then you can check your are there any test for convexity yeah second derivative if it is a real function I mean if its arguments is real then you can differentiate with respect to that argument and see whether its second derivative is positive or not. But here we are talking about convex function which was taking vectors as inputs right here what is your test yeah Hessian right and what is that what should be the property of that Hessian right. So, whatever like what you want it should we want it to be positive semi-definite positive semi-definite or right. So, if it is strict fine otherwise let us say we all we need is my Hessian should be positive semi-definite or positive definite whatever you want. Now, is there an analog test for this what is the test? So, the test for that is take the Hessian. So, take the Hessian at omega and then if it is going to be greater than or equals to sigma times this then you can verify that your function is sigma strongly convex with respect to this norm. So, here I have defined this f this this is with respect to some norm right if it satisfies this property with respect to some norm then we are going to be ok and this is like a test in that case we know that this definition holds because of that it is sigma strongly convex with respect to that norm ok. Now, let us see I think earlier I made a mistake with respect to that Euclidean regularization ok. Now, let us see whether this property holds for Euclidean regularizer. So, what is our Euclidean regularizer? We said that R of omega is 1 by 2 and I am just keeping the eta term here it is the Euclidean regularizer. So, now, let us try to work out what will be it is second Hessian looks like. What is it second Hessian? So, what this matrix look like? So, this is delta 2 R omega delta omega 1 delta omega 2 like this right. So, then this is delta 2 R omega. So, maybe I will fix W 1. So, this is sorry this is W 1 and this is W 2 all the way up to delta omega 1 up to and delta let us say there are d components in this this is like this. And the last one is going to be delta R omega times delta omega d delta omega 1 all the way up to delta square. So, can you tell me if compute like if I if I take this R omega to be like this what is this values are going to be? So, 2 is getting knocked off here right it is just going to be identity function ok. Now, identity times a matrix it is going to be x itself right and now x into x and now I am interested in how already specified this function R with respect to Euclidean that is L 2 norm right. So, I would now see that with what whether this guy is again going to satisfy this property with some Euclidean sorry L 2 norm. So, in this case what I am going to get? This I am going to get x comma x and what is x comma x in a product? It is it is going to be my Euclidean regularizer here is strongly convex, but that is not a complete description right it is strongly convex what sigma. So, it is what we have shown is R w is strongly convex with respect to L 2 norm. So, if I have shown it to be strongly convex one strongly convex maybe we messed up when we tried to see that this guy was Lipschitz or it should be still fine. So, anyway please do verify whether still like we have left it we said that this is Lipschitz, but we did not complete that right. So, just go and verify this whether this is a Lipschitz if S with what value of L ok fine. So, at least now we know that this guy is anyway convex, but it is more than that it is strictly convex with respect to the L 2 norm ok. This is one regularizer we have I am going to discuss with you today one more regularizers called entropy regularizer. So, how many of you heard about entropy function? You heard it where differential learning is there a difference between entropy and cross entropy? We are talking about cross entropy not entropy right, what is self entropy ok. So, we will revisit this a bit later, but let me write it cross entropy ok or and you are also using the word KL divergence. So, you are just throwing in many random terms or you know about them ok we will discuss this later, but just like to be KL it is called take KL divergence or like you also want to call it cross entropy ok. Before I write it, the way we are updating this W's right W's are what? They are coming from my set U because I am trying to minimize my function over U right. Suppose let us say that is a convex function, when I consider this linear function when my losses are linear what was my W? T happened to be every time it was just like a average of all the W's sorry it was average of all the gradients right right. If we are if I assume that these gradients are coming from a convex set. So, their average is also it is also some convex valued right, but what are the W's? What are the probability vector? The W's the weights I am getting in every round Wt how did I obtain up Wt was like ok. So, after simplification all the things Wt plus 1 was Wt minus eta Zt right. So, Zt was not in my control that was chosen by the environment or the adversary. So, here Wt plus 1 is can you guarantee it to be a probability vector? It need not be right why why it has to be it can be any value ok, but to if I want to cover the cases where my W's has to be kind of probability vector right then maybe like if I am going to use such an update rule this Wt will not be probability vector continue to be probability vector, but if you are now recall go back and recall your your prediction with expert advice what were Wt's there in every round? They were probability vectors right you actually derive you made them to be probability vector in every round. So, if you have this kind of regularizer which yielded in such kind of updates you are not going to get probability vectors in each round and because of that you will not be able to generalize or recover the prediction with expert setting with this convex functions. So, you remember how we are getting all this we we just pitched this convex online optimization as a generalization of all the prediction with expert advice right. So, this online convex optimization that way should also cater to the case with prediction with expert advice algorithm setting is recovered, but in so far we are not able to do that because these Wt's are not there, but suppose you want to restrict your Wt's to be always to be probability vector then what kind of regularizers you will be interested in applying? Then comes all this scale divergence cross entropy because these are all make sense when you are dealing with probability vectors right ok. Now, let us let us say this is between two vector two probabilities I am going to call this as p and q. So, p is one probability vector and q is another probability vector both defined on the same spam sample space ok. Then I am going to define this to be p i log p i divided by q i. Let us say my some pulse space has some n elements in it or maybe not n maybe we will use some some k elements in this that is fine and then if you simplify this I can write it as. So, can I simplify this in terms of this? So, notice that this part here only depends on the p i distribution whereas, this part depends on both p i and q i here ok. So, this part here that is p i log 1 p i this part without this minus 1 we are going to call this function as entropy and we will discuss this later this is kind of how much information is contained when you generate a symbol according to this distribution ok. So, that is fine. Now, you are interested in this kind of regularizers ok and that is what I mean by entropy function entropy in regularizers. So, I am going to define my r of omega to be w i log of simply w i. Let us say it is over some d number of rocks is another one. So, right now I have not said this w has to be a probability vector, but let us say this is any vector w then I am going to define my entropy functions to be like this ok. So, now, let us say now we want to see is this what kind of function is this? Is this r of w? Is it a is this strongly convex if s with what sigma and with what norm ok. So, can we see that, but now let us say I am taking this omegas to be coming from all my x in r d such that my x i's are positive for all i 1 to d and my summation of x i is equals to 1. What now I have made is what is this? Ok, let me call this omega coming from along into s which is defined like this. So, what is this s? It is a semi semicircle. Is this a semicircle? I am what I am saying all the I take a if I take a vector all its components are positive and they sum to 1. It is a simplex right it is a probability simplex right. So, more generally what I can write instead of defining like this? Probability simplex. Yeah probability space or what you just call it probability ok if you do not want let us call ok. So, I want to just generalize this instead of like this I am going to define s to be all x all x i components are positive that the L 1 norm of this is bounded by b. So, what what I have done this is like special case of this when I said b equals to 1 and what is L 1 norm of this? L 1 norm of x is what? Summation of x i's, but it is not simply summation of x i's it is summation of mod of x i's, but you have already ensured that x i's are positive. So, I do not need to put my mod there. Now, if I am going to define my r of omegas like this and where my omegas are coming from this space now what about this? Is it any strongly convex function for some parameters ok. So, it so happens that r is 1 by b strongly convex. So, I have specified what is sigma then what what is the norm it is going to be strongly convex with respect to L 1 norm I will leave this you to check this. So, how you are going to do this? Again you just go and compute the Hessian and see whether this guy is going to be greater than or equals to 1 by b times L 1 norm squared ok fine. So, we have basically now defined two regularizers which are both strongly convex, but in two with respect to two different norms your Euclidean regularizer is strongly convex in L 2 norm your entropy regularizer is strongly convex in L 1 norm ok. So, that is fine we will see how considering these regularizers in different with respect to regularizers which are strongly convex in with respect to different norms how does this affect. So, fine let us come back to just regularize having a strong convex functions ok. Now, what we will show is and also we will be interested in functions which are lip sheets now ok. Now, what we were interested in follow the regularized leaders with strongly convex functions ok. We have just state the result and we will look into this proof in the next time. So, this if we have this if you are going to apply my follow the regularized leader the strongly convex functions this is what we will get. So, I am now just stating that what is the role of strong convexity of my regularizers in the bounds we are going to get when I going to apply my follow the regularized leader algorithm right. So, remember we had terms like this when we had follow the regularized regret we needed to bound the difference of the function f t in round t at the point w t and w t plus 1. Now, if my function f t is already lip sheets this holds already right, but now further we are going to say that if my regularizer R is strongly convex this can be upper further bounded as a L t square by sigma sorry this is also L t here is also L t here. So, this part is obvious the first one the second one is coming from the strong convexity of my ok. So, just what is the statement we are saying you take a regular a function R which is strictly convex function for with respect to some norm and now take assume that this f t is to be lip sheets and that lip sheet constant is L t for function t again with respect to the same norm ok. So, you have to because we need to specify the norm we are saying that these are specified with respect to same norm and if your algorithm is predicting this w 1, w 2 then this is the bound. So, in the next one we will show this and see that how this helps in getting the bounds for both kind of regularizers.


So here is the 1-13-30, right? Here's the 1-13-30, 1-13 level. Traded all the way down, you know, traded all the way down into the 11s. I think it's coming into a very, very important level, very, very shortly on the 50-day moving average. Welcome to Access to Trader, the number one community for those who are committed to taking control of their trading in order to achieve success, profitability, and longevity. Thank you for joining us. Here's Dan Shapiro to help you find your edge, master your process, and own your future. Hey guys, good evening, everybody. Welcome to another edition of the Access to Trader.com weekend update show. Happy hump day, everybody. Hope everybody is doing well. Amazing how this week is actually really flying by. A lot of times you get really, really slow and methodical weeks. And again, it doesn't really talk about the good nature of the action. It's just some week's dragon. This one I looked up, it's already Thursday. Maybe it's just the idea that football is here. You have something to look forward to. Mondays and Thursdays, it kind of passes the time, which is actually really cool. So let's talk about the tape today. Very, very aggressive action at the open today. A lot of value literally at the open. We identified a lot of the beta names that did very, very well. But again, we'll talk about the pivots in a second. But I want to give everybody a very clean indication of what is happening right here at the close. So number one, today was a Fed Day. Again, very, very aggressive blitz at the open. A lot of beta names. Market dried up. Everybody was waiting for the Fed. Nothing really earth-shattering. Again, I'm not going to sit here and try to dissect every single line of the Fed statement. Again, 30 million sites for that. But the moral of the story is, again, they sold off the market. The more important in that is where the levels they sold off from. So for the last several days, we've been talking about this 34, 25 level on the S&P, right? This was a triple top until today. We try to get through it, again, rejected at the same level. And again, every single time that we get rejected at the same level, next day follows some pretty aggressive selling. So it's something that we need to put in your mind. Again, is this something that you should turn around listening to this broadcast, after hours, of course not? Absolutely not. It's not the way the market works. But again, it's something for us to be really, really conscious for tomorrow. And if you look at the QQQs, you're kind of looking at the same thing. Although they didn't get rejected at the top of the channel here, they did get rejected at the 10-day moving average. Again, why is the 10-day moving average important? Well, the 5-day moving average, at least for me, is a short-term sentiment. If you've watched this broadcast kind of over and over and followed throughout the years, you kind of know that's the shortest-term sentiment. The green, right? This little green candle, a green line where we see, that's the 10-day. The 10-day for me is the birth of the trade. So sentiment on the 5, birth of the trade at the 10. So if we get rejected at the 10 and start rolling over, that is a problem. So you couple that with the S&P rejection at the top of the channel. And now we're sitting right on the 5-day. And again, if you believe in the theory that the 5-day moving average, the shortest-term sentiment, well, again, tomorrow, again, we have to be aware of what's happening. This area here, this double bottom for now, right? This 274.5, 274 level. This is kind of a very, very small line in the sand. Why is that important? Well, because if we lose the 5-day moving average, then we will test the bottom of the channel. Again, stocks just don't stop randomly. They trade from supply to supply to supply to supply and demand to demand to demand to demand to demand. And if you guys remember last week when we lost the 50-day moving average, again, we had this really aggressive sell-off, really aggressive sell-off towards lunchtime. And it's very, very rare that you see a $4, $5 sell-off on the Qs, but that's exactly what we happen for. So again, we're not trying to put the fear of God anybody. It's not what it's about. It's not fear of mongering. I have no agenda. The market has no bias. The market goes up, the market goes down. We say this all the time, don't fall in love with your individual stocks. They don't love you back. Their individual vehicles, when they're strong and technicals get confirmed to the upside, they go higher, the same stocks, they do the opposite. When demand zones get attacked and they hold and then they confirm later, they will go lower just again, just so you can see on every single area of any random chart that you push up. So tomorrow is gonna be very, very important to the bulls. What's even more important than that, okay? And again, I'm very, very, it's pretty obvious which way there's a bias for tomorrow. But even more important than that is the non-participation, a lot of the beta names that we've been talking about now for weeks, okay? Amazon has really not participated, okay? This is for a very long time. Facebook for the majority time has not participated. NVIDIA, even when it's really strong aggressive run-up, okay? After they came out with the soft bank news, the stock was sold. Apple after the event, again, nothing earth-shattering, it's coming up to a big line in the sand. So far and so far and so far. So again, it's very, very important to understand. These are speculation money flow. They represent the feel-good stocks, the investor sentiment. So if they started going lower before the index is cracked, there are gonna be the ones that are gonna be aggressively impacted if we start taking out technical damage and that's very, very important. Again, we're not talking about Armageddon. I want, because I understand there's a lot of newer traders who lead this broadcast, shut up, Dan. My stock is invincible. It'll never go down, okay? You're dying your dance floor. But the reality is when technicals do confirm, usually bad things are gonna happen. So before we jump out of the airplane and before we start calling everybody names, let's look at it realistically, okay? Stocks trade from supply to supply, demand to demand. We have curtain levels that we have to hold if you are a permable. The 74 level on the Qs is a must. Any close under 271 on the Qs is very, very bearish. Any confirmation below 277 on the Qs, you have a superior probability that we'll test the bottom of this channel here, 262. So those are the levels, right? Again, it's not about being right. We could turn around tomorrow, have a gap and go day, and everything that we're talking about is complete mood point. But again, you deserve to know the levels. You deserve to be prepared because if these levels do get violated, bad things are going to happen. Again, your stock is not Teflon. You could own the greatest stock in the world, the greatest technology in the world. It solves cure-ness. It cures blindness. It makes you better looking, right? It gives you three inches on your penis, all that good stuff. But if it gets confirmed to the downside, it's not going to be a left alone.  So again, it's not about being right or wrong. It's being prepared. And if you don't watch those levels or completely just say, ah, I don't care what this guy says, that's fine. But you have to also understand what could be happening next. So again, pretty clean sign of what I think is going to happen. Again, I am not anticipating this move tomorrow. There's very, very specific levels. And we'll talk about the Twitter feed in a second, some of the pivots in a second, what's kind of setting up for tomorrow. But you can see if these things do get confirmed tomorrow, right, if the bottom channels do get confirmed, we're going to get lower prices. Again, there's just certain things in trading. There is no room for anticipation. You could have an argument with somebody on social media to your head falls off. A company's good, a company's bad. Again, price action is all that matters.    We're just trying to figure out the safest way to operate when technical channels get confirmed. So let's talk about the channels for today. Again, really aggressive action at the open. Okay, a lot of these names we talked about last night in the video, Bidu. We talked about DDOG getting upgraded and 95 calls very, very aggressively. So we started seeing very, very aggressive action right at the open. Roku as well. Big moves, like really, really big open and things started going quiet for the next two hours, around 11, 11, 30. Everybody was waiting for the Fed. Fed didn't really say a whole lot. Market went up, market went down, market went up, market went down and things started getting interesting. So let's talk about this now. So Bidu, I traded some Bidu. Again, not a big move, 126 needs to build. I thought it was going to be a bigger move and did, unfortunately, it only ran up like 75 cents or so. So here's the opening channel, right? So here's the opening channel right over here, right? This whole opening channel here at 126. So it gets above 26, I mean, it traded to 27, but nothing spectacular. It never made that really, really aggressive move that a lot of these beta names go and we'll talk about Roku and BYND in a second. But again, Bidu's really started, really been a lackluster animal for now a couple of years. It's really not on my radar, but again, I really liked that setup from yesterday. I took the trade, made some money, but again, nothing big, nothing big at all there.  We talked about last night on the video. Remember yesterday we talked about stopped 70 and a half twice, right? So it stopped 70 and a half twice, right? So here was 70 and a half we talked about last night. 70 and a half, 70 and a half. It broke that 71 area, went right to 74. I still like it. Like if the market holds up, obviously there's a lot of airspace left, but again, don't be fooled. Again, the strongest stocks, they will get pulled if everything gets pulled. Remember, these things trade as a tribe. If one goes down, they all go down. So be very, very conscious of that. But again, big move on Roku, BYND again continues to be just an absolute monster. 150 needs to reclaim. Here was BYND, right? So here was BYND, takes out the 150, a big, big move here to the 158, 60 area. Again, big aggressive call buyers coming in for the weeklies, 160s. We saw the October 180s being traded as well. So again, they like by doing it again. It's not that far away from its 52 week highs. So again, they love those meatless meatballs, baby. They love those meatless meatballs. That's what she said. DDOG, this was actually my first trade of the day. DDOG, again, we highlighted this last night. October call buyers coming in for the 95s. They got upgraded last night, 90, 80, 91 needs to build. I actually got long this thing at 90. And the reason why they opened it up, excuse me, they opened it below $90. And this is the macro number right here, this 89, 50 level. So when it confirmed that 90, I got long. It went to almost 93, a really nice move there. I was actually very, very surprised how fluid it moved. But really nice move on DDOG. So again, here's the first area here. We put this on the feed. APPS monster move. I missed this trade. I was looking at other things, but APPS was actually a huge move here. 29, 75, 30 needs to build. Congratulations for all you guys who did catch this thing. I did not trade this thing. It took out this 29, 75, 30 level, literally traded at the high of the day, 32 and a half. So really, really aggressive move on APPS. So again, big open, really, really big open. Here was Baidu 127 on deck, big monster move on BYND. I still like Tesla. I don't think Tesla will, I don't think Tesla will do one thing or another until closer to the battery event. It's a very, very aggressive event. Again, a lot of people are loving this potential for the battery and that's cool. That's really, really cool. But again, I like the fact that it pretty much, even though it was down eight bucks today, it was a rest day. It was an inside day. It didn't take out the low. It didn't take out the high. And if you look at the 60 minute view, if you look at the 60 minute view, it's kind of trapped in this channel here. It got rejected twice off this 458 level. But the moral of the story is they just couldn't push it down. So if you could get one more day, if you could get one more day of consolidation, I have to believe that closer to the event, especially Friday, we continuously seeing 475, 480, 490, 500 weekly call buyers coming in. So if they could just not give up this rising wedge for the next day or so, we might get some sort of activity to the upside by Friday, especially during weekly expiration. So I still definitely watching this channel here. It just has to clear out this top of the channel for the next leg up. So I definitely want to keep an eye on that. And then things got very, very, you could see it in the names, you could see names that got very, very tired. Okay. Apple again, got sold off because of the event yesterday. Again, there wasn't anything really earth shattering. A lot of cool things. They talked about a lot of health gadgets, blah, blah, blah. All right, that's cool. Everybody has an iPhone. Everybody has an iPad. Everybody has a back book. Okay, cool. Moral of the story is, again, it got sold off. So Apple 113, 30, 113, if it builds below can flush. Again, the size buyers were coming in this morning in the October 1250s. And then we started seeing weekly 110 put buyers, which was very, very important. So here was Apple. You know, it held up initially, right? It held up initially. Again, I apologize. The Apple, Apple and Tesla charts for some reason on the 60 minute have not adjusted for e-signal after the split, so I apologize. It's a little annoying for me as well. So here is the 113, 30, right? Here's the 113, 30, 113 level. Traded all the way down, you know, traded all the way down into the 11s. I think it's coming into a very, very important level very, very shortly on the 50 day moving average. That will be the line of the sand that we have to watch for the next couple of days. And then things started getting really, really weak and it was more important on names like shop and Amazon. They lost not only the day's ranges, they lost last week's ranges, which is very, very negative macro-wise. If you look at shop 895, 894, if it builds below, can flush. Here was shop, right? So it lost, right? So it lost the 895, 894 level. Traded pretty much at the low of the day, closer than 50 cents of the low of the day at 885. If this rising wedge gets lost tomorrow, there's a lot of room down, guys. So be very, very careful if you are long, if you are a long shop and obviously for all you guys who are taking it to the other side of the equation, there's a definitely pivot to the downside. Same thing with Amazon. I actually have been tweeting this out for weeks now.  And I even joke around. I go, this Amazon of COVID has been sick for weeks. Again, here was the pivot, right? Here was the pivot this afternoon, 3107, if it builds below, can flush. So not only did it take out the 3107, it took out the previous week's low of 3083 and it closed right at 3078, guys. If this thing starts to confirm down and there's an aggressive macro rug pull tomorrow, guys, look how much room you have. You have room initially to 3033 and then you have room to 2977. Again, these are the facts. I'm not saying anything bad about the company. Stocks go up, stocks go down. Amazon and Apple, the greatest two stocks in the world. They control the universe. But again, if you're on the wrong side of the pivot when it confirms price actions is all that matters, so definitely keep an eye on that. Too low is actually a pretty decent move. I didn't trade this thing. It was a little too thin for me. 231.80, 232 needs to build. Way too thin, way too thin of a trader for me. But it gave a nice little pop, right? Gave a nice little pop. Here was the 32. It popped right to the 34.5 level and again, got rejected to 10 day moving average just the same way the Qs did. And that's it, and that's it. So, and here was kind of the option flow for the day. So again, my plan for tomorrow, obviously anything that is at the bottom of the range, I definitely want to keep an eye out. Preferably I would love to see a gap up in these stocks, especially names like Apple and Amazon and the video and shop because if they do get stuffed at supply tomorrow and they start going green to red, those ranges are gonna be really, really tested very, very quickly. So guys, have a great night everybody. God bless and I'll see you all tomorrow. Take care.


We want to talk about Arizona, because you look at the Diamondbacks, they're in control in the West coming in, they had a five game league, they did the best record. Are they the best team as we stand today in the National League? I believe that they're the most complete team from top to bottom. They have a perfect combination of speed and power. Anybody can steal a base on you, anyone can ambush you and hit the ball over the fence. Even with the loss of Walker in their rotation, I think there's still to have enough in that rotation to get them to the postseason. As long as Greenkey pitches better than where we saw the light. But again, I like this ball club and they have no pressure in Arizona, so it's a plus for them. But I love their athleticism and they're the nicest team in all of baseball.  So I'm a big fan of Arizona. And I'm going to a game too, so don't put that even on me. The nicest team in the world, you're just going to a game. The nicest team in the world. They're the nicest, I don't want nice guys. They're winning though.  This is my kind of team. They might drink milk. AJ was also once known as the nicest player in the world. He's known of a lot of things. He's known of the nicest player, but yeah, he's known a lot. But do you agree? No, I don't.  I'm looking, I still, and gosh, this hurts to say for me to say, but the Cubs, it's still the Cubs for me. Until someone knocks him off the pestle, I know the Dodgers beat him last year, but I'll still take the Cubs. They're pitching, their bullpen's been through it, their lineup is just as young, just as athletic, and just as good as the Diamondbacks. You have Lester with the experience. Hendricks has done it. The back end of their bullpen's done it. It's still the Cubs for me. Still worried about you, Darvish, though. Still worried about you, Darvish. I'll say this about you, Darvish. I caught him, I wouldn't want him in a big game. I wouldn't take him to a big game. Well, that's a problem if the Cubs are going to do it. We saw it in the play-out. We saw it a couple of times in the World Series last year. Game seven last year, he didn't look like, he wanted to be anywhere but on the mound in game seven. That's interesting. I'll say this about the Diamondbacks. Best DRA in the National League. Gracie's actually been their worst starter. Exactly. Which is kind of great. Now, they lost to Tywin Walker for the year. They got to figure that out, but they're in a pretty good place. We'll see how they keep it going. The Angels lose today, but they did win the series. And am I overstating this? They got their clocks clean by the Red Sox last week. And I felt this was kind of a, they had to show up this series. Did you agree and do you think this was good for them, what they did here? Oh, they needed this. After getting, like you said, they got smashed by the Red Sox. I mean, hitting, pitching, everything got smashed by the Red Sox. So they went on the road to Houston, a place where they're not expected to win. They win the first two. Granted, they're getting Verlander on Wednesday. You got to win one of the first two. They win the first one they weren't expected to. Oh, Taney didn't pitch great. And they figured out a way with Simmons and the two home runs to win game two. The game three was just like, if we get this one, man, what a trip. But Verlander's just too good. They couldn't do anything. Melbourne had the great. Especially with that ball club. Yeah, I mean, that club, they just, and Tropeano was walking guys, hitting guys, loading bases for them. Altuve finally hit a home run. So this game was just meant, but the Angels are positive. Cause hey, we won two out of three. We're coming back home. But guess who's waiting for him? The Yankees. This is some stretch for them. Yeah, this is a tough nine game stretch. You get the Red Sox and you get the Astros. Now you got the Yankees coming to town. So strap it on Angels. Welcome to Major League Baseball. This lineup is built to combat the Houston Astros and their productivity in the offense. They're second in homers, seventh in slugging and all of baseball. They did a great job of getting some pieces and making some moves, especially with just an up and contract and restructuring that. So this lineup can hit with anybody. Is this about the rotation, being able to keep the ball in the ballpark and they didn't do a good job of that.  That's exactly what happened today. But I love this lineup. I think they're gonna battle in the West and I think they're gonna be there all year long. Richards, Richards is the key for me. Yeah. Gotta stay healthy. Gotta stay healthy. He's a true ace. The one true ace they probably have other than Ohtani who has the potential. But Richards is proven that he can do it. So if he stays healthy, he's the one guy that can get him deep into games, save some bullpen, because they're gonna use their bullpen. Max Osh is just wearing a path out. They've already used it. Yeah, he's wearing a path out. So these guys are gonna be tired. So they need Richards healthy. They need him to go. Give them six, seven innings every time out. And that's the thing about their rotation for the Angels. There's a lot of question marks how if they do get to the postseason, who's gonna be their front three to co-op against the actual front four basically with that rotation. So they have some keys to work out with that. But hopefully the offense can carry them until they get settled. Tyler Skaggs was great the other night. That was a good sign. But to your point, the Angels relievers have the most innings in baseball. It's a problem. They gotta get more length from their starters. But hey, should be a good race. So Acunia, fun tonight. Braves get a win. Dodgers still trying to figure it out. Kenley Jansen pitching in a kind of a pop-up situation. Weird, weird things going on with the Dodgers right now. But we'll talk about that tomorrow night at 11. That's when MLB whip around. We'll be back, A.J. Brzezinski. Detray, Dantro Willis. I'm Kevin Burkhard. Thanks for watching.


Internal Revenue Service IRS tax news, understanding taxpayer rights, every taxpayer has the right to privacy, understanding taxpayer rights. You know at the last IRS audit the IRS agent informed me that I have the right to remain silent and I was like yeah I understand IRS auditor but you currently have your hand in my pocket and the IRS agent just informed me again more loudly, more forcefully. You have the right to remain silent and I was like yeah but honestly the situation with your hands in my pockets it's making me really uncomfortable. What about my right to privacy and the IRS agent then informed me that I do have a right to privacy. I have the right, the obligation even to keep it just between us but first an attempt at a joke. When I didn't pay my taxes on time the IRS agent spoke actual daggers at me. Which I thought was terrifying. That's going to be terrifying, it should be terrifying. That is until I discovered an even more horrific thing, a celebrity speaking pro-downs at me. Everybody's got a fear of something. Everybody.  This IRS tax tip 2022-127 August 18th 2022. The privacy of America's taxpayers is paramount to the IRS. The right to privacy is one of the ten rights the taxpayer bill of rights gives to all taxpayers. Taxpayers have the right to expect that any IRS inquiry examination or enforcement action will comply with the law and be no more intrusive than necessary. Taxpayers can also expect that the IRS will respect all due process rights including search and seizure protections and will provide where applicable a collection due process hearing. Let's hope this is the case because the last bill that was passed is going to increase the number of IRS agents greatly. So let's hope that they follow due process and so on and so forth as we've seen in all endeavors thus far lately in government processing. But in any case, where are a few more details about what a taxpayer's rights to privacy means? Here's a few more details. The IRS cannot see certain personal items such as school books, clothing and undelivered mail. The IRS cannot see a personal residence without first getting court approval and the agency must show there is no reasonable alternative for collecting the tax debt. So putting someone out of their home is kind of like a last resort for the IRS thankfully I guess. And sometimes taxpayers submit offers to settle their tax debt that relate only to how much they owe. This is formally known as a debt as to liability offer in compromise. So you got the offer in compromise taxpayers who make the offer do not need to submit any financial documentation. So during an audit if the IRS finds no reasonable indication that a taxpayer has unreported income the agency will not seek intrusive and extraneous information about the taxpayers lifestyle. So obviously one of the ways you would think that if someone was under reporting or something like that is you could say hey you live in a mansion or something like that but then obviously that goes down the road of taking tactics that are more intrusive in nature from the IRS. So you can kind of go back and forth on how good or bad that kind of thing is a taxpayer can't expect that the IRS collection actions are no more intrusive than necessary during a collection due process hearing the Office of Appeals must balance that expectation with the IRS proposed collection action and the overall need for efficient tax collection. You can find more information down below at the taxpayer Advocate Service IRS Privacy Policy Private Act of 1974 there's links to that stuff here there'll be links to all this stuff and there'll be a link to this in the description.


He'd run her over and was taking his twisted frustration out on her while she was dying. Dogs. Our most faithful companions, they give unconditional love and loyalty. We feel responsible to speak for those that can't speak for themselves, and sometimes words can't sufficiently tell the pain we feel after somebody did our dog wrong, so some resort to vengeful acts like nuclear revenge. Grab your furry friend and enjoy.   Naturally, viewer discretion is advised. These revenge acts might be disturbing to snowflakes. I have three dogs, Tiki, Scruffy, and Bailey, which my family has rescued from the streets and uncaring neighbors who couldn't care if the animal died. I also have two cats, Halo and Snowflake, both of which I adopted from the SPCA. I have Tourette's, Ad and OCD, and the ticks from my Tourette's made me a prime target for bullying. At that point in my life I was the shy weird kid in the class that never spoke, I had no friends and my companions were the only reason I woke up in the morning. One kid named Andrew, his real name Cus Frickham, loved to feel strong so he picked on me.   One day my mom brought one of my dogs, Tiki, to school so we could take her to the vet without driving back home because the closest vet was 50 kilometers away and Tiki needed a heart scan. My mom needed the toilet so she left Tiki with me, straight after she left Andrew and two of his goons show up. Andrew started saying, what's this spaz, got a new toy for us to play with? I replied, Andrew please she's very sick, I'm begging you please leave her alone. Andrew, oh but where's the fun in that? He then proceeds to then pick Tiki up and toss her to his friends. Tiki had surgery and steel bars placed on a few of her bones, so it hurts her a lot if you don't pick her up properly. Because of the pain she is in she snaps at Andrew and bites his hand.  Andrew then proceeds to throw Tiki a solid five meters where she hits the ground on her side. I begin to scream and my mom starts to run from the bathroom after hearing my scream. Andrew and his gang then run, laughing. My mom and I scoop Tiki up who's wheezing and bleeding from her mouth and take her to the vet while I tell my mom what happened on the way there.  Scruffy waited at the front door of my house for two days waiting for Tiki to come home. Waiting. I tried to tell the staff what happened but Andrew was the popular kid and his parents were very close friends with the principal, so nothing was done to get justice. This whole ordeal caused me to become immensely depressed but in the end I was left a festering vessel of rage. No more quiet shy kid, no more little weak boy, no more. I devised a plan. I went to the gym for every morning at 4.30, then I would get dressed and go to school. This boosted my self-confidence and I soon gained a few friends who are still my friends to this day. I became a teacher's pet. I made the whole school think I was a loyal goody two shoes teacher's pet, all according to plan. After three years I was seen by the staff as the epitome of a good and innocent student. No one would suspect me to harm anyone else. Andrew had a scholarship to my school for playing sports and it was his passion in life, would be a shame if someone were to end that. I told some people who I knew would take action, what he did to my dog and how I knew some people that would pay generously for the service. Next week everyone is chatting in class. You hear what happened to Andrew, yeah I heard someone mugged him and bust up his leg. A comminuted leg bone was what was left. The assailant smashed Andrew's leg with a hammer so many times that the bone broke into more than five pieces. The leg was unsalvageable and had to be amputated. Bye-bye scholarship and all his favorite things to do in life. No one suspected me, the outgoing kind teacher's pet who never held grudges, yes, definitely not me.  This happened when I was around 12-13, seven years ago, so the details might be a little skewed. Most of my childhood the house right next to ours has been condemned and abandoned. The property owners were willing to sell the land for $200. That's how bad it was. My family didn't buy it because the land tax in our area is high. Eventually someone bought it and threw a manufactured home on it to replace the condemned home. Soon a nice old man moved in next door, and we didn't pay to close attention because he kept to himself. That was until his daughter moved in with him. Soon our quiet little neighborhood turned into an episode of white trash in trouble. The daughter would fight with her spouse about every little thing and keep my family and neighbors up half the night. Their kids were the worst part of all. We never knew how many kids lived in that house because so many different children and adults were in and out of there all the time. Me and my siblings tried to become friends with them because there are not too many kids our age in the town. We ended up being more of their babysitters than just a friendly neighbor kid. They would come over to our house and each of my siblings had a group of three to four kids each to watch over. These kids would walk in uninvited into our house while we would play with their sibling in the yard. Then steal toys and games from our rooms. They would either take it for themselves or throw it in our backyard river. They did that a lot if we made them mad for taking back our stuff. They would constantly run in and out of our house. Even if no one was with them. They would steal all of the fruit in the basket my mom left out for us. My mom didn't kick them out immediately because she never wanted to deny a kid food if they needed.  The parents refused to apologize for their behavior, saying stuff like, if you loved it so much you wouldn't have let them take it or don't parent my kid. One thing they would specifically do to me, is pulling my hair all the time. I'm a tomboy, and they would just call me a boy in a wig because girls can't play with skateboards and girls can't play with ninja action figures or any other gender stereotype. They would constantly bombard me because they truly didn't know girls were allowed to play with anything they wanted. One of their heavier children stole my skateboard and jumped on it breaking it in half. Similar to that so no head vine. Then they said I shouldn't have been playing with one anyway. There are plenty more examples, but I think you get the point. The neighbors decided that because our house was nicer, that they had permission to run an electrical line from our backyard plugs to their house. Which in itself is a bad thing, but they decided to run off our electric bill to triple the cost of our original. We were lower middle class, below poverty level. So we couldn't afford that kind of bill. The rule in our house is if you're not using it, it is turned off. That's why my parents were awfully surprised to see an $800 electric bill. Eventually a person from our electric company came out to our house to see what was happening. They found an extension cord running to their house. The electrician simply unplug it, then warned the neighbors of the legal reasons why they can't do that. Then said that should be then end of that problem. My mom politely but sternly went to the neighbors to emphasize that this was not okay. The neighbor had a small adult tantrum about it and cussed my mom out, but eventually come back into her home to de-escalate the situation any further. Our neighbors tried one or two more times to run the line from our house to theirs. They would move it at night so we wouldn't see them move it. Each time when we unplugged it, they would cuss us out and send their kids over to destroy something else in our home. Eventually mom straight up told them she would call the police and press charges, if they are there come on our property again. We could still be friends with their kids, but they weren't allowed on our land. The neighbors decided that because we won't let them use our electricity. That the next best option was to steal our dog from the backyard and claim our dog attacked her kids. Even though our dog was harmless and cowers at everything due to bad owners before us.  The pound came and took our puppy away. By the time my brothers and I got home, she was already gone. We just assumed she ran off to our grandmothers who lived down the street. She would do this often because my grandma spoils her. When my parents came home, they about lost it, learning our dog was missing. We obviously looked for her but couldn't find her. After two days, we found her at the dog pound. She was impounded. The officer said it was obvious that our dog didn't hurt their kids but they still had to take her in for an evaluation. My parents had to spend $200 to get her out. The pound told us why the dog was taken and my mom had enough. It was time for revenge.  He was still friends with some of them at the time. My brother became a little spy that day. His job was to look around their house and report anything that could be suspicious. We learned from him that they were sitting three kids to a twin bed. The entire house was cramped and dirty. The old man that lived there was hardly home because he couldn't stand his adult daughter that lived there, but he didn't want to evict her from the home and leave his grandkids homeless. All around the kids were being neglected. With the information my brother gathered my mom called Child Protective Services on the home. Within the month all of the children minus one, who the old man cared for, were removed from the home. While I agree the foster system is bad. It was definitely better than what they were going through in that house. The mother of the children started to fight with their father on everything. Because her kids were no longer there as a distraction. The old man was to be her next victim. The old man eventually was fed up with her and kicked her out of the home. All that was left in the home was the old man and the grandson he was fostering. They are both very kind and amazing neighbors. I had this cabin in the woods high up on the mountainside. When I bought the property, we were able to buy all the land near the cabin except for one parcel. The previous owner of the entire set of properties had a spoiled son who liked to get drunk and gamble away everything he earned. So we got all but one parcel. He managed to scrape up enough cash to get one parcel right below our cabin. His parcel was entirely surrounded by mine. There's a road going up and over the mountain that first passes by the cabin and continues on through his parcel finally ending at a pond below that. When he decided to build on the parcel I granted him an easement for power, water, and road access which I had my lawyer write up because I was busy in the city. I was trying to be a good neighbor. Throw him a bone. I only went up on weekends, so I didn't have too many problems. We managed just fine for a few years. I didn't like him much, but we kept to ourselves, though he had a weird habit of sneering at me when he drove by in his girlfriend's car. The police came out a few times because he was fighting with his girlfriend, but he left me alone until one day during a particularly hot August. His girlfriend left him, but he wanted the tracks. He bought a new truck. He liked his new truck. He drove his new truck past my cabin all weekend long back and forth, non-stop. I was trying to get the last part of a rather difficult book finished and didn't need a Mario Andretti want to be tearing up my peace of mind. But, it was a private road, so any traffic problems had to be settled without the help of law enforcement. I had a sweet cocker spaniel named Mindy who stayed inside most of the time and only went outside to do her business. She was terrified of the big dodge as he went up and down the mountain throwing gravel any mud everywhere. When I went outside to tell him to stop, he flipped me off, called me a few special words and threatened to run me over if I didn't get out of his way. I just shook my head, and one inside, resolving to settle his problem with a lawyer, instead of fighting him. I didn't want to accidentally kill him. He wasn't a very big guy at all mouth anyways. I figured it was the liquor talking. So I walked Mindy and kept her inside that weekend. I had to wear headphones to tune out his act, while living in a cabin in the woods.  He told my solicitor all of this when he wrote up the easement. My lawyer informed me of this when I contacted him about the dangerous Dodge Dirtbag. He continued driving up and down the mountain like a maniac for the next four weekends. He did not stop even in the dead of night. He just went on and on and won, and I locked my doors hoping he wasn't so deranged that he would set my cabin on fire. Fortunately, the second weekend my lawyer told me to get video and pictures if possible, but not to confront him. So I set up a camera and hunting camera by the corner of my house about five yards from the road. I have groceries delivered once a month to the cabin, by the local supermarket in town. The delivery person has instructions to leave the bags on the back porch. I didn't hear her knocking on the fifth weekend and so she let herself in and put the bags on the kitchen counter. While she was leaving Mindy slipped outside to do her business but couldn't get back in.  I ran outside and he's standing over her cursing Mindy. He'd run her over and was taking his twisted frustration out on her while she was dying.  I then raced into town to see the vet. By the time I got to town she was cold, and I knew it was too late. So I limped back home broke and hearted and angry.  On Tuesday, I took the footage and gave them to my lawyer. The pictures on the hunting camera were on film, so it took a couple days to get them developed, but the VCR tape told the whole story. He'd seen her beside the cabin and had veered off the road to run her down. The evil grin on red face looked demonic. I asked my lawyer if I could sue him. He said I couldn't we had plenty of evidence to cause him serious harm, but in the meantime he'd still be living there and things would only escalate. At the time, dogs were considered property and didn't have anything in the way of rights. Still don't, which is a pity. But I wanted a fight, and my lawyer knew that if he didn't throw me a bone I'd go back up that mountain and beat the dirtbag to death with his own wrenched-off arm. My lawyer calmed me down and took out the lease agreement. In it was a standard maintenance clause. But there was also a stipulation in the easement that prohibited acts that might disturb the peace and harmony of the owner. It had a quick clause that automatically rescinded his easement should he persist in such acts for a month or more. My lawyer had sent him a letter to the effect the second week and didn't get a reply. The mail was registered and he had to sign for it in town at the post office. I had my lawyer serve him with a quit notice. In that state a notice to quit an easement doesn't have the same level of difficulty as a notice to quit tenancy, which can drag out for six months or more. If you are in violation of an easement rights and are ordered to quit it by the owner, you can appeal, but in the interim you must by law stay off the easement, and any utilities passing through can be cut off at the owner's pleasure unless doing so can cause a life-threatening situation. But I didn't cut off his water and power right away. We didn't start proceedings on the suit until later. He continued to drive on the road after the order to quit, only faster and with more profanity. I got it all on tape. I told him so, and he said he didn't care.  So I decided to stay away until the suit was initiated. So, a month later I had workers on the mount and put in a nice gate, solid construction and three feet of concrete. I could open and close it with a garage door opener. I had barbed wire fence around the whole property. So the only way in or out was via the gate. I had a pedestrian gate put in beside the road and left that unlocked. It was about a quarter mile to the cabin and half that again to his own place. A fairly long walk for a raging alcoholic. I got good pictures of him on the game camera that weekend. Dirtbag driving up to the gate in his big truck. Dirtbag trying to jimmy the lock. Dirtbag leaving and returning with a hacksaw to try to cut lock. Dirtbag leaving in frustration. Dirtbag returning with his truck. Dirtbag leaving again. Dirtbag ramming the gate uphill at full speed. Finally Dirtbag through windshield laying on hood his smashed truck rolls back down the mountain. The gate didn't even bend. The truck sure did. He lived, still not as ugly as me, but we can't get everything we want. 20 odd shots and more than enough proof to show to the judge to get a protection order and since it was a small town, the same judge wasn't too pleasant with him when we took his last penny during the lawsuit. We even got his parcel and his flea infested shack. We let him keep his busted up dodge. I have a male Kelpie named Max. Max would often bark at strangers because he is protective. Max loved to go parks. Seeing him running around happily makes me smile. One day, me and my dad took Max to the park but we weren't alone.  He was a scumbag bully.  My dad hated him too so we tried our best to avoid him, he noticed and does the most evilest thing I've seen in my life. He threw a big rock at my Max. He hit him and this causes Max to get knocked down. Me and my dad were furious as we saw him at his friends laughing like psychopaths. We took Max to the vet, thankfully he was okay but he had one broken rib and Max had to have surgery. The doctor said to us that if the rock broke more ribs, the lungs could have collapsed and Max would have died. After being treated, Max is now scared and doesn't want to go to parks anymore, we then get a knock on the door. Dad checked who it was and it was the neighbor that lived across the park, he explained that Antonio dropped his phone and had recorded the whole thing. I went up to the man and said, I'll take it as evidence. And the man gave me the phone, but what I found was far worse than scarring my dog, he also took pictures of girls in the shower. And one of the girls was a friend of mine. He also pulled horrible pranks on homeless people. I went into Godzilla mode and I emailed it to the principal, his parents, and the police. Then I smashed his phone, luckily I emailed the whole montage. It was Monday and I was ready for one thing, not school, the result. As I enter school, Antonio and his friends often hung out in the halls, but they were nowhere to be found. I then overheard two guys talking, one of the guys said, guess what happened to that shithead Antonio. I stopped and decided to listen to the whole thing. Him and his friends were expelled and arrested for animal cruelty and harassment, they were also banned from another school so their parents have to homeschool them, the risk got normal punishments but Antonio's was the worst. Apparently his laptop, pop funk collection, and his Nintendo switch were destroyed by his mom and dad who were livid with him, forgot to mention that Antonio and his friends are also banned from going outside. But what about the phone you ask? Well, we were having lunch when Antonio's dad walked up to us and apologized about his son's actions, dad said it was fine and I said, he got himself into this but I forgave him too. But that didn't end here, I also gave Antonio's dad his son's now smashed phone, I told him, tell him that karma did this and he did just that. Although he refused to go to parks, Max was back to being happy. Thank you for enjoying this episode, which was made with artificial love. Subscribe or give me some sugar by smashing the like button. Royal AI, would love to hear your experience or what you think of these stories in the comment section.


things started here. I think just a very brief welcome on behalf of the World Economic Forum. We're very happy to have this session here today. The circular economy concept is something that we hold very much kind of to heart in terms of really driving the objective of supporting a sustainable transition. I think we all know that we have an incredible natural resource challenge in front of us in terms of the scale of natural resource demand, but we also see that there's quite a lot of interesting innovations that are emerging. I think one case in point is just outside this room. We have Francis Solano a social entrepreneur with us at the forum from the Philippines who is creating trash and sort of art out of waste materials. The question for us here today is really how do we scale these kinds of solutions and how do we really drive this agenda at a very global level and that's really what we're here to discuss and I'll pass it over to Sharon who will lead us through the conversation. Thank you very much. Thank you Antonio and Antonio always sets one of the most ambitious sessions so we're really going to be held to task on this one. But those of you who were there in January at Davos know that this was a very exciting session and indeed this platform for accelerating the circular economy. I don't think could have come at a better time because if we don't create a circular economy alongside our challenge for a net zero future then we're not going to make the challenge of saving a planet for future generation so or at least saving it for human beings so we did challenge you in January the 100-day challenge we said okay if everyone's serious how far can we get in a hundred days well guess what for those of you who are there you're back and we're going to do some accounting on that question but we'll also use this session to further advance progress helping to actually bring to bring to the forefront collaborative projects that we can take forward and focus on the priority issues. So having launched it in January the Phillips CEO who's with us today actually Fran stepped up and said Phillips will lead this and of course we have the head of the global environment facility with Naoki here and with the Ellen MacArthur Foundation Accenture Strategy in the World Economic Forum they've formed a team but for those of you who are new think about this problem in Western economies all all about three quarters of everything we buy becomes waste within just one year three quarters of everything we purchase and then of course we know that resource consumption is becoming less efficient people thought technology would move us away but in fact you've seen a recoupling and we're now consuming more resources per unit of GDP than you could have imagined in fact if it continues the estimate is that we'll consume three times more resources annually by 2050 you know that's unsustainable it's unsustainable now that's just a horror movie and we've got to turn it around the circular economy provides us with an opportunity not just to deal with an imperative but actually to decouple economic progress from resource natural resources and resource consumption and indeed I see Bill in the room and he's always talking about resource productivity and I tell union leaders that that's the bargaining chip of the future so if we can make this happen we drive new businesses we actually drive new jobs but indeed we get a sustainable planet so I don't have to tell you that it's it'll help achieve the objectives of the SDGs particularly goal 12 and and indeed we've already touched on some of the opportunities and you'll do a bit more about that so without any further ado I'm gonna make you work in a minute but first of all I want to actually ask the panel a few questions so we can refocus on why we need this platform for accelerating the circular economy France. Franz Van Houten is the CEO of Royal Phillips he's taken an incredible responsibility as a leader in this area with the WEF and other partners why is this a priority for Phillips what are the priorities of the platform that you think bring participants not just to be gathered in this room but indeed the focus that you want to drive business towards. Well I believe that all companies need to take responsibility to to take part in creating a sustainable future if I look at our own journey then we started 15-20 years ago in basically becoming aware of our own footprint and then we started to deal with that and now we can say that by 2020 we will be carbon neutral but for us that's not enough right because you still have the raw material consumption and you still create waste and we said that we need to push the transition from linear to circular and not see it as a chore but rather see it as an opportunity to further our own business so I don't see this as a kind of a negative that you need to take on the agenda and be seen as a good corporate social responsible company actually I'd like to use the opportunity to inspire companies to say you can make this part of your business model and you will be a better company you can grow faster you can appeal to more people and you can actually completely reconcile it with the goal of share all the value creation and in the Netherlands there are several companies who help each other with best practice sharing and we call it the Dutch Sustainable Growth Coalition and it is interesting because if you share best practices you can actually learn a lot and you can go a lot faster with the Ellen MacArthur Foundation and where we had the plastics initiative and actually we were able together to achieve something and then it gets momentum and then it can drive itself but in the beginning it needed you know a push and a little bit of hand holding and I think it's the same with the circular economy thinking so the reason why we step up as a company is because first of all we believe that in this global environment and climate change we really now need to step up and we cannot progress procrastinate anymore but secondly I fundamentally believe that sharing the best practices on what we call the pace platform the platform for accelerating the circular economy is a great opportunity that will all make us richer I will all make us wiser the goals of the platform are as follows you know we want to foster the adoption of circular economy but specifically we also believe there are some system changes required to help make this progress for example blended finance models for circular economy projects that allow more widespread adoption and replication if you look at the way especially governments buy then they look at the initial price but not maybe a total cost of ownership right so we need to start making people aware that these things need to be changed and take down these so-called systemic barriers for adoption and then finally we think that by bringing private and public sectors into collaboration we can scale impact faster and it is not an easy journey I'm glad that you are all here because we need you to stand up to be part of it and spread the word today we will talk about best practices and learn from each other because we think that the example will be critical to scale this moreover we had great examples where we could help each other and we have solved problems and thereby we've got success so for me if we achieve that this afternoon to have a few more projects where we collaborate we will gain altitude and we'll go faster so well there's the motivation for success and I'm reminded of a young entrepreneur who you may recall I can't remember his name I'm embarrassed to say but was in the room in this in January and he looked at his old peers around the table and he said I don't understand the issues he said if you can't reuse it or recycle it don't deploy it in the first place such sense from such a young brain and a leader in a manufacturing startup that I have got no doubt will grow with that kind of courage but the blended finance issue that Franz raised Naoki this is your area of course and you've been trying to think through these partnerships particularly for scaling up efforts in developing countries so you know what what do funding organisations like the GF need to do to help accelerate investment that will support this transition thank you the GF is actually the co-partner with and the CEO of this pace platform initiative to accelerate the circular economy and we were super excited for two reasons and because the circular economy is an fundamental solution to this global commons challenge without system change we can't really keep the global commons kept the global commons into safe operating space but second point that we can't really do it without actually partnership or without platform because all systems are so complex we really need to work together under the shared platform that's the second reason why the GF is here and very much interested in working together with you then in terms of that question that what exactly I think we that the GF kind of institution can do actually in the past there are a kind of project in this domain for instance we actually partnership with the Ellen MacArthur Foundation in terms of the marine plastic and we work with some agency to work with the cities to how to stop or reduce the plastic going to the ocean we worked with some African countries about waste management but we really need to bring this kind of small initiative everywhere in the world to scale and that's why we need to work together so going forward that we are actually that now have an opportunity for next four years GF and investment cycles if seven we put the circular economy as one of the funding proposal and we are basically waiting for us together to create a much stronger pipeline and there I think there are two things two opportunities are concrete opportunities I am looking for one is that then it's not the before blended finance we need to work with the government working in the industry or association to create a better standard by creating the better standard for industries we create more economic opportunity the market opportunities we were doing this for instance that the building we are doing with the lighting we were doing that the air conditioner so how we could create a better regulation better policy framework and that the GF is very much interested in working with the government and industrial association to create a kind of you know set standard setting standard that's a number one thing but the second thing is actually the blended finance we were kind of a risk lover and we can really take the maybe biggest risk along this and the ladder and here that then you can use us as a equity or guarantee to take the risks that the feature maybe private sector are not really willing to take so create a kind of project or the program to think about how you private sector can do but how you can use as the risk lover to take what the risk you are a project and program that's a second entry point for us to be useful to this and to this platform and actually with co-chair with chair we agree that we need to strengthen or build up the pipeline for us to move forward and create the more results on the ground so I likewise I really hope that the today's session can give us that there are some better way going forward with very very tangible results so thank you so much. Thank you Naoki so there's the kind of you know capacity to drive the resource base that's necessary well Minister McCann and you come at it from a different perspective but your government the government of Finland of course has been a leader not just in thinking through this in the context of your country but indeed driving it internationally so what are your priorities and what do you think this platform can help with that as priority priorities to solve the problem of those of associated challenges. Yeah well thank you and obviously we are not the only government trying to solve these issues but probably in certain segments quite much core of the edge actor and I would put it by introducing three main drivers and putting also also a policy measure for each of them. First of all if starting with an example of Neste which is a leading oil refinery in Finland with a revenue above 10 billion euros. 10 years ago everything came from refining Russian oil now 80% of their operating profit comes already from biofuels they started with palm oil but now already more than 80% of the resources come actually from waste and residues and why Neste has been one of the first companies if comparing to Shell or others I think that it's actually the driver is empowering by lack of resources and that's been a part of the Finland's circular economy success story that we don't have fossil resources so if you don't have you are not sitting on your own oil feeds then you start to develop something else and traditionally of course being a forest industry country will we have forests but that's a renewable source then you always have to think that okay if I cut these trees I need new trees next year we have to grow them again and that's been backbone of the old-school circular thinking in the Finland and that's also the backbone of the chemical industry which now can be seen for example in the history's largest investment to pulp factory in Finland above 1 billion euro ticket by Metzagroup which is a new pulp factory which actually is net positive in its energy usage it adds about 2 percentage points to the share of renewable energy in Finnish energy mix though it's one of the largest users at the same time but it produces more than than consumes so empowering by lack of resource is very important part but then of course another like necessary thing is that we have reliable institutions and there is the problem for Nestek currently the largest problem is how to get reliable sourcing partners for wastes and residues especially in developing countries and as we all know when thinking about especially waste processing and landfill projects the problem is that in most part of the world that business is very gray even in hands of mafia and that's actually one bottleneck for all circular economy that the material flows when something is called waste then it's usually managed with something not so normal business ethics and and that's actually something that that is necessary to break especially in let's say 50 largest cities in the world otherwise we won't get those materials back then another driver is that I think as an economist that the core must always lie in relative prices that the price of wasting materials is way too cheap still in most cases and we must use regulation was it taxing or was it other kinds for example one thing that we are still missing too much in Finland as well that we waste animal feces animal manure in agriculture so that it goes to reverse and see and our Baltic Sea gets out of electrification too heavily and there we must for example hopefully within EU regulation put the blending obligation for organic fertilizers and that would immediately create a market for animal manure to be processed to get the biogas and make energy to get the processed part of the organic fertilizer and use that in in industrial way and this is a way to influence the price relative prices when the farmer thinks what to do with animal feces for example but the third thing is of course an innovation river circular economy and that's why we are probably here that we also need investment especially in new kind of innovation to share the risk of making something new and here of course also we are having for example true Fin fund which we are now accelerating by investing about half a billion of euros to our Fin fund in investment type developing support and it for example in Vietnam we have a project where waste processing plant and a biogas plant is financed by Fin fund and we hope that that will be a showcase for that region that this technology works and then it will be multiplied in other cities already without public finance with with commercial finance so that's definitely something which is important and I think that the positive thing is that now the mobile networks make many things easier than before we don't need so many vehicles if we manage to get mobility as a service working in cities we wouldn't have any traffic problems here in New York if people would not own cars but just use them when they are really needed and that's something that 10 years 15 years ago was a totally stupid idea but nowadays true like mobile operators one can share things as we see from Airbnb and such things it's already working or some taxi operator type mobile things as well and I think that this will shape quite much in a new way all the service industry and the service industry will need much less materials and physical resources to serve people in the old way and this is probably something where we hopefully are innovative enough in our legislation not hindering the development but fostering it it forward thanks well there you go necessities the mother of invention so this has driven Finland to be a leader amongst others but there's two things there one is of course the challenge of what do we do with waste if we're not going to if we're going to eliminate landfill critical huge challenge but secondly how do you make sure it's not just in Finland but the partnerships are there that Naoki was talking about that actually make it possible for everybody to work to share in the benefits and therefore all of us in terms of sustainability so thank you were for both leadership at the leadership minister but also for the challenge of what the platform can do to accelerate these ideas and proven technologies by way of partnership well of course for Sundo Garret and you also are a member of Congress in Argentina so but you have a particular history because you were an entrepreneur where you probably still are an entrepreneur but now you're in government and indeed you know that a lot of the innovations come from small social entrepreneurs and we're not seeing the scale that we need to make these not just the viable businesses that will see greater employment and greater but greater sustainability in the sense that they will become part and parcel of our economic landscape and not just a novelty so what do we have to do to get that scale that's a good point I mean in Latin America we have a long way to go talking about circular economy we are working at three different levels the first one as an entrepreneur I got involved with an NGO that is called Sistema B B system and with Sistema B we are promoting a different kind of business model in Latin America so with Sistema B we were being helping different countries and talking with the different Parliament and Congress around Latin America to promote this kind of a new business model thinking rethinking the operating system you know and with Sistema B we have been promoting laws in the different Congress so but also it's not about the promoting a new kind of business model also it's about to promote to generate this kind of entrepreneurs so five or six years ago we started with a social lab that is a platform that is developing this kind of entrepreneur and helping this kind of entrepreneurs that are focusing in in different kind of business model but they are double or triple impact entrepreneurs and they are doing a great job there in Latin America they are in around six countries they invested in around 70 companies in Latin America because in Latin America we have a great entrepreneurs but the problem is that they are focusing for for profit just for profit and they don't think about new kind of business model so with social lab we have been helping to promote that so we have a lot of entrepreneurs now that they are trying to solve the big problem of the world and thinking about this circular economy and not about just for profit so but it's not just about that we have to scale up this as you mentioned those entrepreneurs that are focusing in Argentina or in Chile or Colombia to have something big we have to change the system and in the Congress we have been working a lot about that and we are creating a new kind of organization new kind of company with a new law for example in Argentina this year we will have this law that's called a big that it's we are creating a new kind of companies it's something similar than the big corpse here in the States but in some ways different because they are thinking about the object of the of the society it's about circular economy so we are promoting this kind of bills around the different Parliament in Latin America and that's great because it's the only way to have this context to scale up all these kind of ventures also in the Congress a few weeks ago we passed a bill about creating an observatory about the SDG so I think that we have to put all these concepts in the big perspective and the only way to do that is using those kind of institutions like the Congress Parliament executive power but from that we we are now in the 21st century using tools institutions that are from the 19th century like the Congress and we are using tools from this 15th century like the print the system so we have to start to think about a new kind of model and maybe I don't know if you top down or from the bottom to top so there's the challenge how to you know drive through five centuries of tools to actually get to where we need to be but I thought the notion of harnessing the energy of the entrepreneurs to solve the big problems of the world and in the context providing the scaffolding from government for scale up I mean if you can get those two challenges in sync then you are going to drive a different level of thinking if the circular economy is at the centre of that that set of demands so the panellists give them a big hand they're pretty inspirational I think when you've got people like this stepping up and saying the circular economy is the economy imperative and we've got to figure out how to make it happen then the rest of you need to support them so now it's your turn what we're actually going to do is ask you to in a minute to move to the back of the room but with two objectives the first is that we've got a series of people who'll introduce themselves as the kind of project or thought leaders around a project they're engaged in and they're going to take just a few minutes to tell you about that but then instead of discussing that with them we want to capture your responses what are your ideas for the policy measures that need collaborative thought and indeed whether you're working on them or you just think they're important get them on a post-it note get your name and your organisation and your contact details on it and then we're going to put them up and cluster them before we try to talk about some of those other things because we actually want to capture the thoughts of everybody in the room so that we can help to assess those in terms of the the the platform going forward but is there anything I missed is somebody sitting there with a burning thought in their brain a little bit because we should not fall into a complaining session therefore these breakouts should not be what other people need to do but rather what we can do and what you can do and maybe with the help of other people here that is also how as a platform we have been solving challenges already and I think that is what is going to be setting the example for the rest of the world so that we actually put our action where our mouth is I think that's right friends and in fact you should be the moderator really because that's the challenge not to say it's someone else's problem but to say what what projects do I think are critical what am I working on or what do I want to work on and how can this platform assist so let's take a seat imagine there are tables but sit in the chairs at the back and can I ask the discussion leaders those engaged in a project already to introduce yourself and kick it off as quickly as possible don't let them stand around and talk just let's get at it


Can buy my dad his groceries for him now on Amazon on Whole Foods and get it delivered to his door like that day Oh, that's awesome. It's so cool. That's awesome. Yeah, like he can send me a list of his stuff I just order it it gets delivered and like within five hours from my ordering it He's got what he needs in New York.  I'm Corbin I'm Stephanie or David S. Pumpkins. David S. Pumpkins. Yes I'm Rick and we are on to episode thrice of Maiden Heaven. This episode is called It's never too late to cheat on your spine. I'm kidding It's never too late and People on patreon have gotten upset with us. They're like guys we get it you don't like people cheating I think they just want us to they're like just expect it and then appreciate the show for What it is not? No, you know, you don't want to know Because theater in all of its forms whether it be movie theater or television shows is Storytelling and stories have morals to them and so the morals of the story is don't cheat Don't betray people But that this story is tell it well Technically the the the rule the moral of the story might be that in the show It's just they go through the the the the process of doing what they the moral is Not wait, wait, hold on. I'm you know what I'm you know what I'm trying to say Anyways, I'm I'm prepared for this episode Anyways, I think it's I think it's been a really good series so far. I'm enjoying it a lot Then I appreciate what zoe is doing because it's very brave to make a show where Not one person is like the one that you can attach to outside of jazz currently of Being a really good person that all of them are just really really great characters, which is which is a great Super interesting thing to do. I feel like I feel like we're gonna figure out some stuff about the cameraman I feel like the guy that keeps commentating. Oh, also the the girl that we were like, who what is she from? She's she finally Shah's daughter in daily crimes So so just so we can figure that anyways if you are watching this on YouTube Just so you know I can only use five minutes of very cut-up footage from each episode Doesn't mean the reactions gonna be five minutes, but I can only use five minutes of picture-in-picture So if you don't like to see cut-up reactions head over to patreon We got the full uncut reactions all on patreon.  We love you Dogs stop fighting, please All right, you ready? Yep Three two one Oh once again, I don't have to count look at those trees cheating on each other I'm sorry about your father don't get used to it and if you want to find me I'll be hurt about all I feel like y'all are getting too attached Have you not watched the first two episodes They could do their wedding and they could be in love y'all are naive This is like assuming somebody in Game of Thrones that you like won't die Wait, that wasn't Zoya. That was somebody else. No, that's not correct You're not serious She's the bride it has to be a deal for favorite things yet my kids to attend Now marrying him That's not really our business and with all due respect. It's not yours either Excuse me. I'm sorry. He didn't mean that. I know this may have come as a shock to you But they are so happy support her everybody will she's too old and it's embarrassing No, that's right. She can just see him privately if she wants, right? It's super interesting though because before we had the parents Dictating what the kids do now we have the kids trying to take care what the parents do What is all done should we really go through it? I don't know how difficult this has been the wrangle. I mean you always say I never spend the night I know your family must be thrilled. No wait till you meet him. You will be shocked. Oh, yeah. Why because he's mad at me. Oh God, is it him?  It's her first wedding How do you know it's my first wedding? Is she your favorite character? Yeah She's been trying for a while. She's stupping you. The Kamasutra timetable. I'm familiar That was all over the girls of Kamasutra. Remember that? That's true That's how we learned about it The bar might be low, but we're getting a moral compass Rick Side note I've liked all her outfits. Thanks for sharing She's dressed really well in this show doesn't this feel right to you Clearly not she's crying I hate anyone at this stage of my life. She's adorable. Just wait. I did That's that's parking up the wrong tree Anyone you're sometimes lucky to stumble on a moment that is perfect A minute where life is just right and magic exists However crazy your family's escape Hopefully a world according to Garth moment is about to happen. You're like my little stolen moment Trying to read I was thinking that they were like you were saying they were Mike gonna die But now they're gonna have to explain why they were both her in an accident together Exactly I was hoping it was going to be a world according to Garth moment Do you know what I'm referring to when I say that? No, what? Yeah, oh There's a there's a scene in the world according to garb where Somebody is going down on somebody else in a car and they get hit from behind and the person bites off their Man would Yeah, yeah, so they're gonna have to explain that which will be fun Uh, yeah, my favorite episode so far episode three I enjoyed that one. We actually had kind of a happy ending there at the end Uh, I was I was I was shocked that uh, we didn't find anything suspicious out about the lovely older couple And we had some people actually Like challenged by their moral reprehensibility mm-hmm A lot actually I think most that had that stuff was challenged in that like obviously the our main lead And uh, she's not really at she's going to be going through some stuff obviously coming up here No, no, um our lead our lead actress Oh, oh, I forget her name. I mean the one who's getting cheated on By the colky and the the other I should know they're all their names. I should have their M2Bs built up here But I thought yeah, I thought it was a really great episode. What y'all think? I like that there was actually love Yes, they were a great couple. They were clearly in love I was very moved by her children actually coming I teared up a little bit and I'm gonna lie It's the mom and me. I very much enjoyed this episode. Yeah, this is my favorite episode so far as well and I I um You know for any of you bothered by our Um being bothered by the moral reprehensibility You know the only reason it bothers us is because this is so well done If we didn't care about these human beings And the consequences for their actions like if I wouldn't believe these people were really in these circumstances I wouldn't be invested the fact that it bothers me so much as evidence that They've gotten me invested in these people in these stories Yeah Yeah um, yeah, sorry, sorry Leland whom is supposed to be Dead asleep right now Uh, he's uh, he's awake. He's awake and he shouldn't be right now. So that's weird Um, but yeah, I liked it. I liked it a lot. I liked uh jazz I like her character a lot. I like the cameraman a lot I think they're I don't know if they're gonna end up being in a relationship, but they have good chemistry together I like the character development. I like the character development of our main guy too um of basically Um Finding I don't know if he's gonna find I mean, obviously he lives a certain way he He he lives his life and he doesn't want to be tied down to anybody and he's just gonna He's probably I'm guessing dealing with some stuff and that's why he likes to kind of sleep around and just Uh get a get a new guy every night or every whenever he And wants wants a little sex um and I don't think that's gonna change but like um all the other stuff where he was kind of like more willing to like investigate this person or or or Possibly sleep with this person that was Possibly marrying his best friend So he's getting a little bit more of a more of a moral compass Which is uh nice to see so You know one of the things this will help you stupid babies understand where we're coming from in terms of the surprises we have and the assessments we make Of certain things like an example when the girl said We needed to be a bit ornate and they said we'll do gold because the rationale was They're gonna think we didn't spend enough money that whole idea of Meeting to do a wedding a certain way for other people Like what are the jones is going to say if we don't do this is so completely foreign to my entire world my whole life like growing up Weddings were always about the couple and what they wanted and if they wanted a full blown regalia high level service Or they just wanted to go all open vegas or they wanted to go do it at the beach Whatever it was gonna be the only thing that mattered was what does the couple want? and I've had a daughter get married and the only thing that mattered was what is actually an harrell want I don't care what other people think. I don't care if they think I spent so much money I don't care if they like what we're doing What matters to me is the only thing that matters is the couple and that's been Every wedding i've ever been around and every person i've ever known Yeah, same But it's it's great to see how all these different different indian weddings take place and and the different dynamics like this one was Child dynamics thinking about what people say and the previous ones was parents What will people say it's all about what people will say and so it's but it's super interesting And we've already kind of known this because we've been in the indian world for the past few years now But it's it's it's cool to see the different weddings and very very beautiful So I love that my favorite episode looking forward to the next one I was just gonna say one last thing vicki pointed this out one of the huge differences That makes it that way Is um, it's it's what they said here in this at the end. He said the families Yeah It's it's not it's in india. Whether you think it's good bad or indifferent Marriages aren't just about the couple. It's about the families. Yeah, and that's one of the big differences of I mean that happens here But it's not I mean it's like a foregone conclusion There's no escaping the prevalence of the importance of what the families are going to say do and feel Yeah well And on that note On to the next episode