Are you okay? Are you okay? Say hi. Assalamualaikum. Hello guys. Here is Shincheon station. So now I'm going to do a date. Oh my god. Today's topic is What if a Korean guy meet a Malay girl? So that means Yeah, I'm gonna meet Malay girl in here. I'm nervous. This place is really fancy. It looks really good. There are so many cafes, so many street performance, many restaurants. So I think it's a really good place to date. Actually. Okay, let's go. Hello, nice to meet you. Okay. Did you wait a lot? No. Ah, okay. Hello. So your name is? Farah. Nice to meet you. Nice to meet you. My name is Jae Kim. Kim Jae Han. When did you come to Korea? Around June. So you study in Ihwa University? Yeah, for the language. To enter the degree in Korean USB. Ah, that's interesting. So how old are you? Korean age, I'm 20 years old. International age, I'm 19. What? You're 19? Korean age, I'm 20 years old. Oh my God. I think I go foolish. Do you know how old am I? 28. 28? Yes. So international, it's 27. Wow, I'm so old. But I got a lot of older brothers. Who has this English. So I'm quite comfortable. Okay, so you're used to it. Thanks, guys. Do you like bingsu? Bingsu? Yes. I do like them very much. Okay. Then after that, let's go surfing or somewhere. So... Hello. Okay, so... I like your skirt. Skirt, yeah. It looks like tradition thing. I don't know, maybe. Matching style is flower. I like your links too. It matches your video style. Yeah, I like to wear matching things. Wow, fashion, fashionista. Oh, it matches my color too. Yeah, I was surprised to see that. I think you look a little bit... Do you know Lisa? Like police? Yes, yes, yes. Everything is fine, that's the first time, right? Really? Yeah. I think I'm a blink. Blink? Yes. Do you like any K-pop? Well, I'm more to second generation. Who? You are 19. How did you know like second generation K-pop group? I like K-pop. Since I was 10 years old. 2010. Yes. I like them. Because the Gigi, baby Gigi. Gigi, Gigi, baby. Baby, baby, baby. Yeah, I like them since then. Do you have any ideal type, guy? Like personality or appearance, anything? I don't really have specific ideal type of guy. Oh, really? But I'm more to sincere guy. Sincere? Like honest guy? Yeah, honest. Like if I found out that guy is lying. Yes.   Trust. No. I get it. Diligent guy. Yes. Okay. Just tell me everything things. Don't work. And animal lover. That's me. Dog or cat? Cat. Cat? I like cat. I have 15 cats. 15? In Malaysia? Yeah, in Malaysia. My mom is taking care of them right now. That's a lot. Maybe I can take one of them. Have you ever met Korean guy before? You lived in three months. So, did you? Like a date? Date once? Once. It doesn't work well? Not that it doesn't work well. It's busy. Korean are busy. Pile, pile, pile. I'm really curious that there are many Muslim people in Malaysia. So, I heard Muslim girls usually don't date before marriage. But... I don't know. Is it true? This date? A lot of people date. Because when you date, you get to know each other. So, they date. Is it like a secret to their parents? Or it's okay? Yeah, it's okay. This day they are more open minded. You are Malay too, right? Yeah, I'm Malay too. Because I thought you look different. Yeah, they said I don't have Malay features. You have more Arab? Yeah, I look Arab. Even when I moved to school, they asked me from Arabian. I was like, no, I'm Malay. I can speak Malay. Then I will buy you soybean. Soybean? Yes. Back. Are you living in Kuala Lumpur in Malaysia? Yeah, in Siberia. The heaven of food? Yes, I heard. Every food is very delicious. It's delicious. It's delicious. It's delicious? It's soft. It's soft. It's delicious. Maybe it's a celebrity thing. The second one is... Can I have a check? I'm so curious. Go. Irving. This is my favorite dessert cafe in Korea. Really? Yes, yes. I will... Try it once. Because it was very hot. So, who are they? Jannabi? No. Oh, Paul Kim? Oh, it's Paul Kim. Wow. There are so many people here. Do you know Paul Kim? Yeah, Paul Kim. Anyway, we should order first. How to say have a good meal in Malaysia? We just like... Makan sedap sedap. Makan sedap? Makan. Makan sedap. Makan sedap. Makan sedap. This is... Chapsal tteok. It looks like your chick. Really nice. Do you like this? Makan. Really? Wow. I have one more question. In Korea, I got dating culture. They skinship a lot in the street, you know? A lot. Like, even they do... Everything. Yeah, they do everything. Yeah, I saw a lot. So, how is in Malaysia today? Many things in the street? Not for kissing and such thing.  But most of them hold hands. Just the basic thing. Basic thing. But like in Korea? In Korea, you like... To kiss or... Yeah, everything. Like they hold... Yeah, like that. Everything. To passionate stuff. But in Malaysia, they just hold hands. Okay, so it's a big difference. Oh, I love this. It's working. He's seen a lot of drama, OSTs. Yeah, right. Malaysia is famous too. So many OSTs.  Or in the drama, like... Loot. Like there is a standard. How is in Malaysia? I think similar, like they most go to watching a movie. Russia? Watching a movie. Martin? Watching a movie. Watching a movie. Watching a movie. Ah, watching a movie. And eating dinner, stuff. Most of them go to the shopping mall and do stuff together. But not really. Similar? Not really. Some of them do, but not really. How about go to the karaoke today? I'm not good at singing. Okay, I'll sing, I'll sing. Do you like ice cream? Ice cream. Actually, I graduated school already. I went to army and fitness school. I'm an old man. No, I'm not an old man. I think it's still considered as oppa. Really? Still oppa? Okay, you can call me oppa. Oppa? Oppa? No. Just call me James. I don't know. Foreigners call me oppa. It feels like... Cool. Like gringy. Maybe. It's okay, but... Even Malay boy oppa? Oppa? How often do you take the test in your school? Because my friends who study Korean and get in Korea, they're too busy every day. Really? Maybe they don't want to meet me. So I always say, I'm busy, I'm busy. In this life. It's just learning Korean language. So... I can help you. Starting Korean. My dream was teaching Korean language. Korean teacher. Can you speak Korean? What do you mean? No, I'm still a settler. Oh, you're good. What's your name? I'm Harara. Harara? Where did you come from? I came from Asia. Saibuja. Saibuja? There are a lot of Koreans there. Really? There is a school in Korea. I want to go there. Really? We met there. I love you. I'm still a settler. I have one more question.  Do you think Malay girls like Korean guys? Of course they do. Really? I think so now this day we go out. In a drama? Yeah, drama and the influence of K-pop. Korean oppa. What's wrong with you? Korean oppa. I like Malay too. Malay people are so beautiful. Yeah. You are beautiful too. I think so. So we are waiting in here. So you like honest guy, right? Yeah. Then how about the appearance? Appearance? What do you prefer? The manly type. Manly type? Manly type? Badong type? Not too manly. That's too much. Yoon Doo Joon. Okay, I see. It's just ideal type, right? Yeah, it's just ideal type. My ideal type is Lisa. But it's just ideal type. I like guys who can be manly. But I say cute at the same time. Cute? But usually manly and cool. Kim Woo Bin. So you like manly and sometimes cute and cool and sincere and handsome like Kim Woo Bin and Thor. Okay, I see. It's a far away from me. We came to Coen Dorei Bang. It's a very famous dating course in Korea. It is. It is? Maybe. Yeah. What song do you like? We saw Pork Kim in the street. So I will sing the Pork Kim. Yeah, sure. 98 points. You were so good. Do you know Crush? Beautiful. It's the famous song of Goblin. Goblin. This was good. Thank you. Very good singer. Bagus. Bagus? Bagus. I saw many arcades in department store in Indonesia. How is it in Malaysia? Or there are many arcades? Yeah, many arcades in department store. Can we go here? I like this but I have no talent. So I will not try. I don't waste on my money. Well, there are many coppers everywhere. Right? Yeah, there's a lot. And I saw them. They skin shift like... Yeah, they did very affectionately.  Oh my god.  Yeah, so passionate. Is it Malaysia? No. Just holding hands. Holding hands. Blackpink. Yeah. Lisa? Goodbye, bye. How was your day? It was fun. Got to hear you singing. Oh yeah, right. And got to meet the one of the families. You know? No.  It was fun. I was really fun too. I really want to go Malaysia but I don't have many Malaysian friends. So I think it's really good time. So this is your second date with the Korean guy. Second date? I'm kidding. This is my first time date with the Malay. Really? Yes. How was the day? Very good. Okay, so it was really fun and maybe we can meet again. Yeah, if we have time we can meet. Please don't block me, okay? No, I won't block you. It was really fun and see you with another content next time. So, bye bye. See you later. See you later. Okay, bye bye. Bye bye. See you later. See you later. Okay, I'm really good. Bye bye. See you later. Bye.


So I have four of the most popular types of coffee here and the first one is a simple black coffee with little bit of fresh milk and this is what my dad ordered and this is your regular black coffee with little milk. So I just give this to him before it gets cold. The second coffee which I am going to try is this one and I think this is the coconut one. So this is the guy downstairs told me their most popular coffee and this is called coconut coffee. What it has is basically it is like a coconut smoothie with coffee in it. So there is coconut pulp, there is milk and there is coffee to cook. Let's see. Coffee is really creamy. The next coffee is the most interesting one and this is yogurt coffee. It is yogurt and coffee together. So one of the reasons why they have different substitutes for milk is because fresh milk was not very easily available here. So they found different substitutes for milk.  So this basically has yogurt, your regular coffee detoxions. I am going to just mix it up first. Not my cup of coffee. So according to my sister this is basically like glassy with coffee in it and I think she is right. This is exactly what it tastes like. And the last cup of coffee I have here is the most basic Vietnamese coffee. So this has condensed milk and you have coffee on top with ice. Now this you can either get it hot or cold. And I prefer the iced version so that's what I have here today. And again I am going to just mix it up nicely. Condensed milk.  This is my favorite. This is my favorite and the entire time I have been in Hanoi which is what I have been having almost every day. And the interesting thing is it comes, most of the cold iced coffee has come with a small spoon. So I have seen the local people here actually sip coffee with a spoon and enjoy it.


Good afternoon ladies and gentlemen. Welcome to this week's US employment report coverage for June with me Michael Houston. This this week's, well this week's, this month's payrolls report certainly comes against an interesting backdrop, I think, or a market backdrop given the strong payrolls, ADP payrolls number we saw yesterday. I think we really exploded into life this week yesterday in the wake of obviously the short working week for the US, the Independence Day, bank holiday and what have you. And it certainly set us up, I think, for an interesting, an interesting set of numbers. I think one thing I would say is that this particular report is probably not going to change the debate about what the Fed does later this month. You know, that's pretty much priced in. I think what we're looking at is very much a case of a 25 basis points rate hike from the Fed, the Fed Minutes this week. It's pretty much set that in stone, it was very much a skip. In fact, if I could take anything away from this week's Fed Minutes, it was the fact that how very keen a number of US policymakers were, were there not to be a pause and for them to carry on, for them to carry on hiking. And when you look at the ADP payrolls report yesterday, you can sort of understand why they wanted to hike in June. I mean, if anything, the July pause would have probably been more sensible. But then again, it would also have been much harder to articulate given what we've seen so far this week. We're looking at the jobless claims numbers. They're still fairly, they're still fairly decent, you know, 245, 246. Yes, they're higher than what they were. But if you actually look at the continuing claims numbers, they've actually been falling for the last few weeks. So there is no question that the US labor market is proving to be extremely resilient. You look at the number of job openings, the jolts report. That's fallen back under 10 million, 10 million job vacancies. When you consider that the number of vacancies pre pandemic was trending around about six or seven million. There is still an awful lot of vacancies out there that US employers aren't able to fill. One thing that I did note about the ADP report was the number of services jobs that were added during the month in travel, hospitality, leisure. So jobs that generally tend to fetch or reach a lower salary, an average lower salary than say, for example, manufacturing. I mean, when you look at the manufacturing numbers, pretty much across the globe, they're diabolical. The divergence between the two is quite notable. But I think one of the things that I have noted over the course of the past few weeks is how even though services is outperforming, services activity is also starting to slow down as well. And if you actually look at PPI, PPI inflation is pretty much non-existent. And in China and in Europe, it's a negative territory. So I think yesterday's market reaction was, I don't know, it was just a little bit overdone, I think, in terms of what rates were doing. So what we're looking at here is the US two-year. And very briefly yesterday, it's highest level since 2007, taking out the highs that we saw just prior to the banking crisis in March. What was particularly interesting was it was unable to hang on for the peaks of 5.11%. What was more interesting, however, was the fact that five and 10-year rates started to go higher as well. So the inversion of the yield curve between the 10s and 2s actually got less by about 10 and 15 basis points by virtue of the fact that the five and 10-years actually went up faster than the two-year. What does that mean? Well, essentially, it means that markets are pricing in higher rates for longer, or they think rates will stay higher for a lot longer, which is ideally what the Fed wants the markets to think. However, for the Fed to suggest that they're going to carry on hiking until something breaks again, is probably pushing your luck a little bit. And today's payrolls numbers probably aren't going to tell us anything that we don't already know about the US economy, particularly the labor market, and that remains fairly resilient. These are the numbers down the right-hand side. This is what's being expected, 225 to 235. I've got a 235 estimate for payrolls. Some whisper numbers are coming in around about 275, 280. I know Citigroup has suggested that we could see a 170 or 180, which would be on the lower end of expectations. I think one thing we can say is that not many people have a clear idea of what or how the US economy is performing, and that's me included. The data is all over the place. But what we can say, and I think what I can say with some degree of certainty is that inflation is slowing down. This time last year, US CPI was at 9.1%. Next week, US CPI should fall to 3.1% on the headline number. So that suggests that the pace of inflation is going in the right direction. It is slowing. Core price is slightly higher, 5.3%, 5.5%. So obviously that's not ideal. But a large part of the reason for that is because of the fact that employers are having to pay more money to their staff. Therefore, they're having to raise prices, and that's basically getting embedded in core. Core prices are now well above headline inflation. We're seeing the same sort of trends in Europe as well. So I think for me, I think while yesterday's ADP number was a real big blowout, I'm not sure that it means that the Fed needs to hike by another two or three times between now and the end of the year, which suggests that perhaps the market could be wrong when it's assigning a terminal rate of potentially 6% for the Fed funds rate and 6.5% for the Bank of England. Because whatever you say about the Fed for the Bank of England, it equally is true given the fact the Bank of England or UK monetary policy and UK inflation acts with a bit of a lag. It is lagging behind the US and Europe. So what are we expecting? Well, factors for a strong report today are obviously the ADP numbers yesterday. The services ISM numbers yesterday were also fairly positive. Headline number, employment was back above 50. But what was notable was that prices paid came in at its lowest levels since late 2020. So again, inflation is calling. So the bigger question that I'm having to weigh up when I look ahead and try and figure out what this market is going to do is how many more Fed rate hikes have we got left coming along? Now, I could be having this discussion with you a week from now. And we could be having a completely different discussion, particularly if US CPI on Tuesday comes in below expectations. So far from blowing off to the top side on rates, we could be coming straight back down again. I think we do have to get used to the idea of it. And when I think about what we were talking about in March and February and March of this year, the markets were still pricing rate cuts for this year back in February, March. They're no longer doing that. So in terms of what the Fed was hoping to achieve with respect to its minutes, it's job done. The market is no longer pricing rate cuts this year. So now it's really about managing expectations over and above what comes next. So obviously, we've got today's payrolls numbers, paying particular attention to the average earnings numbers, which are still around about 4.3. When I looked at the ADP numbers yesterday, the average wage numbers were around about 6.3, which again was lower than it was two or three months ago when it was around seven and a half. So wage growth is slowing. Energy prices have come down quite a bit. The biggest risk, I think, for inflation going forward is the oil prices. And other commodity prices start to go back up again. What's helped, I think, in the past 12 months is we've seen the prices of general commodities come down, supply chain disruptions have eased, container shipping prices have come down quite a lot. So again, input prices at the lowest levels for quite some time, which means that companies aren't feeling compelled to pass them on into the final cost of their goods and services. So that's the US2, yeah. So it'll be interesting to see where that goes. It's currently 5%. I'm going to change that to a one-day chart. Actually, before I do that, let me just show you the UK2 year, because that's just eye-wateringly horrible when we look at that. I mean, there's the October highs there, the old Kuateng budget. And this is what they've done since March. So they've gone from 3% to nearly 5.5% in the space of a quarter. Fortunately, an awful lot of that, all these hikes in borrowing costs, haven't been passed down to mortgage holders yet. And I think that's probably the one silver lining that I think you can take away from this recent move that we've seen in guilt yields. Savors have benefited from higher rates, albeit somewhat belatedly. If you're on a fixed rate mortgage and you've got some savings, hopefully you've got some extra cash to squirrel away in anticipation of when your mortgage rate does go up. And I think the same applies in the US, because ultimately, if you look at new home sales, over the course of the past year, they've been negative every month bar one. And that's because US rates are fixed rate when it comes to mortgages. No one wants to move because they're going to have to pay a higher rate. So where does that leave us in terms of what the markets are doing? Well, let's quickly blast through them because we've got four minutes. FTSE 100, really key support level here, around about 7,200. It's a 61.8 debonacci retracement level of the entire up move from the October lows to the all time highs in February. So we're at a really big level here on the FTSE. And I would suggest that, given the fact that we haven't seen a breakout on any of the other indexes, perhaps there's a fairly decent area of support here. What does worry me is the fact that the FTSE has been unable to rally above its previous highs. So there is significant weakness being manifested in the FTSE chart. The DAX. We've broken below this key support level here, around about 15,660. That bothers me slightly because that suggests we could see further weakness in the short to medium term. Maybe today, we could see a bit of a rally back to it because we've had a horrible week this week, worse week since March. So you'd have to wonder how much, if we get particularly negative number, how much more downside there is in the short to medium term, given the fact that we've potentially got a little bit of support coming in slightly higher up. What's been particularly notable is a lack of reaction when it comes to the S&P 500 and the NASDAQ. We still remain very much in an uptrend on both the S&P and the NASDAQ. So in terms of the numbers that we've seen this week, I'm not expecting to see too much of a reaction in response to today's payrolls reports. One thing I would say is that there was a very limited dollar reaction to yesterday's numbers. We saw big spike in bond yields, but the dollar didn't really go anywhere. And if anything, the dollar's weaker against the yen, which suggests that perhaps we could see a little bit of dollar weakness in the short to medium term, having failed to crack that 145. Now, the next support for dollar yen for me is 142.50. Why? Because we've got this move here. It's 61.8 Fibonacci retracement level. We've broken above it. We haven't been back through it. So that could be a key support level in the event of a disappointing payrolls number, which could see yields come down. So certainly, I think in terms of dollar yen, I'd be looking to see a move back to 142.50. I think now that we've broken back below 144, which was a key support. Let me quickly show you that again. That 144 level was a nice area of support. We broke below it. We've gone back through it. And now we could see a move to 142.50. So I think there's certainly potential for more dollar weakness against the yen. Euro dollar is pretty uninteresting. I'm not really expecting too much from that. What is interesting is that the rallies off this series of lows here at around about 108.20.30 keeps running out of steam. So the euro is looking a little bit sickly at the moment. But again, it's not really doing that much. It's in a range. And I would expect that to continue going forward. Gold prices obviously have been suffering a little bit from the rise in yields. And they're currently above a very key support level at around about 18.95. But again, lower highs. So that does suggest that in the short to medium term, we could will see gold continue to drift lower. So all in all, I think I pretty much covered everything on one last thing, cable. Decent support on this chart here from this trend line from the lows back in March. Decent support in and around the 50 day moving average. I still expect cable to go higher and potentially test 130 in the short to medium term. Okay, I'm going to be quiet for now and allow you guys to digest the numbers. As I say, 225 also expecting the Canada jobs report as well. Canada is a good one. Good jobs report 209 on the non farms. So pretty much in line, not much to see there in terms of the headline number. So pretty much as you were, let's look at the unemployment rates fall into 3.6% and wage growth is slightly firmer 4.4. And it's very interesting actually that the previous month for wages has also been revised higher as well. So that is it's a fairly neutral report. Let's looking at dollar Canada. Let me just drop that out of the way. Solid jobs report on dollar CAD. So we should see that drop down away from the 50 day moving average here. And that's precisely what is happening. And let me just send a quick news alert on the payrolls numbers so that everyone can get that because my PC just broke. So that was disappointing. Okay, that's gone out. Okay, so 209 not really much to see here. The Canada is the big, the big number. So we could well see dollar CAD slide back. That's exactly what we are seeing there. Fairly decent number. Does that mean we're probably going to get another rate hike from the Bank of Canada next week? Well, I think there's a decent chance we may well see that. Certainly as a leading indicator for what the Fed is likely to do just over a week from now. So decent set of jobs numbers out of Canada, decent set of numbers really I think out of the US and fairly decent wage growth on the wages numbers. We are the initial reaction has been a slightly weaker dollar, which I suppose is not really surprising when you consider what we've seen this week. Yields are lower. US two year is down now to 4.9248. Let me just bring that over so you can see. There we go. So initial reaction knee jerk is even though wage growth is slightly more resilient, was revised up in May and 4.4 and has remained unchanged at 4.4. The general consensus of the opinion is that all those concerns about a more aggressive Fed probably going to come off the table after yesterday's move. I think what you can say is probably as you were and that the ADP was a little bit of an outlier and maybe more sensible heads will prevail. Because if you think about it, what's in it for the Fed to hike by another two or three 25 basis points rate hikes if they push the US economy into a hard landing as opposed to a soft landing. You cannot react on the basis of one piece of really positive data in the same way that you can't really react negatively on the basis of one piece of negative data. It's a journey. And for me, I cannot see the Federal Reserve hiking more than so one or two more times 25 or 50 basis points. We'll definitely get 25 in July. And then really it's a question of what the data is like between now and September. And then of course we've got to look at Jackson Hole as well. So we could get some signals in Jackson Hole at the end of August. It's always a very key arbiter of where the Fed could go when it comes to its September decision. But for me, I think the terminal rate for the Fed is around about five and a half, maybe 5.75. I certainly don't think the terminal rate for the Bank of England is six and a half percent. I just can't see that. I mean, yeah, the Bank of England could hike to six and a half percent if they were so inclined. But they'd turn the UK economy into a dumpster fire. And I don't think they'd want to risk crushing the housing market. So I think inflation will come down fairly quickly. We'll continue to come down. The only question I think really central bankers need to ask themselves is they need to be a bit more patient in getting it back to 2% because I think the new baseline, it's not 2%. It's going to take a long time to get back to 2%. It could take years. I think we're looking at a baseline of around about three and a half, 4% for headline inflation over the course of the next 12 months, simply on the basis of the fact that food prices aren't going to return to pre-pandemic levels. Neither are energy prices. We're in a new normal whereby we've got the energy transition at zero and all that sort of stuff. And that is going to mean that prices are likely to remain high for quite some time to come, which means that central banks need to be sensible about how they try and meet their inflation target. They will probably need to meet it over a much longer term because I think in trying to meet it within a 12 month period, they run the risk of doing more harm than good. Right. Quick questions for you all. Are there any? Do you have any questions for me now that we've had time to digest those numbers? Because to me, that's a fairly neutral report. It reduces the possibility of the Fed, I think, overreacting or central banks overreacting when it comes to tightening monetary policy. And I think it should bring to a close a rather turbulent 24 to 48 hours. I think when you react on the basis of fairly decent ADP and a fairly decent ISM, sometimes you need to see a bit more data. And I think today's payrolls report is just the type of, it's just the sort of numbers that I think we really needed to see. To say, yeah, the US economy is doing okay. It certainly doesn't need more aggressive rate hikes. It probably needs one more. Okay. So where to for yields and equities? Yeah, I think for me, the key data point is CPI next week. I've outlined, when I post my week ahead, you'll be able to read my thoughts on it. But if I could summarize them fairly briefly, it's heading in the right direction. We're at a two year low for US CPI. That was at 4% in May. Obviously, a year ago, we were at 9.1. We are predicted to slide back further or slow down further in the June numbers to 3.1 or 3%. We could at a pinch even slip under 3%. They won't change the argument about another rate hike this month. But I think if they come in line with expectations, say 3.1%, the stuff of what will happen is that markets could start to go a little bit cooler on the idea of another rate hike in September. We could get another pause. And I think that's what central banks really do need to do now. They need to pause. I think taking a jackhammer to rates and jacking them up is going to do more harm than good. We do not know how much of the rate hikes that we've seen over the past 12 to 18 months has filtered through into the wider economy because of the amount of fixed rate deals that there are out there. So I think for me, a little bit of neutral or soft data will do the world of good when it comes to tempering the rise in yields that we've seen over the course of the past few weeks. Certainly, I think some of the air needs to be taken out of the rally that we've seen in yields and only the data can do that. So USCPI certainly is a key data point, but I'd go a step further. I look at PPI because PPI is a day after producer prices and last month US final demand PPI went negative. So that tends to be a leading indicator or what's coming down the pipe for CPI. If you look at the China's PPI numbers, they've been negative since November. In the European Union, Germany's PPI numbers on a month-on-month basis have been negative every month this year. So there is disinflation coming down through the pipe, and I think that's been reflected in the way manufacturing has been behaving over the course of the past few months. Manufacturing has been in recession for the past six months, that's been reflected in PPI. What's causing the stickiness of inflation right now is services, and even there we are starting to see evidence of that coming down. So the next three months will be very important in the overall context of the rate debate. And for me, I think as long as the direction of travel continues, we may find that USCPI for June is probably the low point and we'll start to flatline into August and September in and around that 3% level. I don't think it's going to fall in a straight line, but certainly I think CPI inflation of 3% going into September is much more preferable to the numbers that we saw at the start of this year. And if PPI can continue to look soft, then that will eventually feed in, and the UK inflation will also fall off quite significantly from the 8.7% that we're currently seeing now. But we won't start to see the effects of that until August when the July CPI print comes out and includes the lowering of the energy price gap. And it's the energy price gap that's keeping UK CPI elevated. Let's have a quick look at that very briefly. That looks as if it could be topping out. And it's quite interesting that Canada yen, actually, because if we look at this top through here, 110, there's a very big barrier there. So let me just get rid of that line. We don't need that superfluous to requirements. As is that, it is looking a little bit toppy in around 110. So certainly there's potential for yen crosses if dollar yen continues to look softer to come off. I think the key barrier, as I pointed out earlier in dollar yen was one of the key support level it was in dollar yen is at 142.50. So it'd be interesting to see how it reacts around there. But Canada yen at the moment does look as if it's found a short term peak, and could we'll start to roll over. So it's interesting to see how that plays out. Okay, another question. Do you think that a less aggressive outlook for the Fed might be bullish for gold in the coming months or will the downtrend in gold continue? I certainly think lower yields will help it. If I was looking to pick up gold, I'd certainly be looking for a little bit of a continued consolidation in and around these sorts of levels through here. But overall, I probably wouldn't be looking to get in until it was probably come back to revisit the 1850, 1860 area or the 200 day moving average. Gold has suffered quite a bit obviously on the back of the rising yields. While yields remain high, gold is probably not somewhere I'd want to be. But if we do start to see evidence of a topping out in yields, then certainly gold will benefit from that. I think the trick will be in timing that. And that's always the challenge at any given time. So let's see how the data comes over the course of the next month or so bearing in mind that we are in the summer. Gold does sometimes have a seasonal factor, a number of seasonal factors involved. But certainly I think we are approaching a level where it could well start to see a little bit of a turn and a move back towards $2,000. It's just trying to time that that could be problematic. Because I think it's quite interesting if we look at this particular chart here, is that it's really struggled to get back through 1935, 1940 over the course of the past few days. So that I think that's going to be a very key level for gold going forward. If we look at this support and resistance line through here, there's a bit of a barrier there. So it looks well supported around about 1895, 1900. But there's quite a few offers around about 1935, 1940. Any other questions, ladies and gents? Let's quickly look at the Aussie dollar after the RBA's pause earlier this week. I do think the RBA's probably got another hike left in it. Nice little trend line coming in there on the Aussie. Also got one coming in through the highs as well. There's a nice little bit of price action shaping up there on the Aussie dollar. Let's have a quick look at Brent Crude. That's pretty, I mean, to be quite honest, that's pretty uninteresting. When you consider the Saudis, the Saudi Arabians and the Russians have been cutting output for several months now. And gold, just gold, oil just does not want to go up. And that suggests to me that the demand, the market is very pessimistic about demand going forward. I think an awful lot will depend on whether or not China implements some new stimulus measures. But for the time being, crude oil is stuck in a range. Solid support just below these lows here. And to be honest, I don't think crude oil prices are going to go much lower than the lows that we've seen over the course of the past three months. And the reason for that is that there's a steady buyer last resort in terms of the Biden administration who said they want to refill the strategic petroleum reserve. So anytime it gets anywhere near $70 a barrel, you're going to get traders basically buying crude oil in anticipation that there's going to be a steady buyer on the dip, a Biden put or a Brent put, if you like, for crude oil prices. So looking at that, Brent crude looks very much a range trade, similarly for WTI and through here. Curious to see what your thoughts are on the New Zealand. Did you mean the Australian and New Zealand economy? Oh, the New Zealand dollar and the New Zealand economy got you. I think the RBNZ is done. So for the Kiwi, I would suggest that perhaps the line of least resistance is probably lower. When your rates are at 5.5%, you've got to think that there's not much left in the way of upside. And the next moving rates is likely to be lower. So I think for me, looking at the Kiwi, I think the likelihood is that we will probably see a little bit of weakness in the short to medium term. We might see a retest of these highs through here. But this little pattern here tells me that we're getting for a period of consolidation before we start to drift lower again. Certainly that does appear to be the way of it with this channel here. We're getting lower lows. We're getting lower highs. We've seen a little bit of a pull back there, but that appears to be a consolidation for the next move up or down. So I think it's probably building up for a breakout. The Kiwi is really just a question of which way we go next. Anything else anyone wants to ask me about a specific market? Okay, so if that's it, ladies and gentlemen, I think I'll wrap this up. Once again, thank you very much for listening. Just a quick reminder of what's coming up next week. We've got a Bank of Canada rate decision on the 12th. So given today's Canadian jobs report, we might see another 25 basis points hike there. It'd be interesting to see what they do there. We've also got UK wages and unemployment numbers for May, for the three months to May. Just as a reminder, wage growth came in at 7.2% for the three months to April. So it'll be interesting to see whether or not we see a dip back below 7%. And obviously, we've got US CPI and US PPI, US CPI on the 12th, US PPI on the 13th. We've got China trade for June also next week. And we've also got the start of earning season, bank earning season, US bank. So we've got the numbers, Q2 numbers from JP Morgan Chase, Citigroup and Wells Fargo. And as far as they are concerned, I'll be very interested to see whether or not they've hung onto those deposits that they got. JP Morgan got 50 billion of new deposits when it reported its numbers in Q1 because of the collapse of Silicon Valley Bank and Signature Bank, whether or not they've been able to hold on to those deposits or whether those deposits have gone elsewhere. What's the outlook for the US economy? Jamie Dimon was, he painted an upbeat outlook for the US economy in the last set of numbers. He said that consumer spending remained healthy. Be interested to see whether or not he still holds that view. So that's on Friday, a trifecta of earnings numbers from Wells Fargo, JP Morgan Chase and Citigroup. So keep an eye out for that, because they could actually introduce quite a bit of volatility as well. So thank you very much, ladies and gentlemen. I hope you all have a great weekend and I will speak to you same time, same place next month. Thanks very much for listening and have a great weekend.


In today's video, we're opening a first edition hobby magic ruler box from 2002. What's up guys? We are down to the final three openings of the 11 days of Yu-Gi-Oh. They've been pretty good so far and there's no need to keep talking. Let's just go right to the video. We're going to be breaking up the first box of 11. We're opening 11 boxes today. It's going to be amazing. So let's open this magic ruler first edition box with these magic ruler. We're getting started Jarvis Johnson with the first pack. Let's go. We have broken open the box from 2002. Let's go. Oh, what an epic, epic time. Epic, epic time. Here we go. First edition magic ruler. We have 24 packs right now. All right. We got to shuffle these up. This is the third set to ever release. Yes. This came out in sometime in 2002, probably like September October. I know. I think it was June for Metal Raider. So yeah, probably sometime around then. I would guess September 2002. Let's make sure we're on the right spot here. Here we go. Chase cards that we're looking for out of here will be the Blue Eyes Toon Dragon because this is a hobby box. We're also looking for things like Toon Summon Skull, Toon Mermaid, Delinquent Duo, Accident of Spirits. A lot of really cool cards in here. Toon World is the super rare we want. Let's see what we can get. Let's see if we can pull it one, two, three, four. That's the number one goal. Jarvis, he's had some poor luck in the past with certain cards and like trying to get stuff out of box breaks, et cetera. So I would love for him to pull something great right here. Not only because he's a friend of mine, but also because we just want to give him something good. Okay, we have Lavraith Wall. We've got the Liquid Beast, House of Adhesive Tape, the Raiuran, Final Destiny, Penguin Knight, Eekaboo. We've got a Queen Bird. And finally, will we get something crazy in the first pack of 11 boxes? First edition, where it's like a 60K opening, guys. It's crazy. Let's see what we can get. Aha, the Arkansas Razorbacks right off the bat. Jarvis, one day I'm going to pull you something amazing and I'm going to feel really good about it. I'm just saying right now, it's going to happen at some point. Hope you guys are enjoying the video. If you are, we're giving away a 25th anniversary Spell Roller Booster Box. Just like the video, be subscribed, turn on notifications. Let me know down below. If you're enjoying this video, I don't know why you have to enjoy it to win the giveaway. You don't actually, you just have to do those things I just said. You can actually not be enjoying the video and get the giveaway, which I'm sure some of you are. Hopefully most of you guys are enjoying these old school openings though. Let's go to number two. Pack Numero Nose. Alfeo, congrats on the next pack. You will be getting our second pack of the stream. I feel like it should be right here, but it's right here. Okay. Next pack magic. We're going to say not last pack, not first pack. Next pack magic. Let's go. Okay. Jiggin' Bucketman. Here we go. Flash the sail. Let's get something crazy out here. Blue-Eyes Tune Dragon. Turtle Oath. We got the Twin Long Rods, number two. Whiptail Crow. He's whipping that tail. Performance of Sword. Okay. The performance of Sword is here. We have Giant Turtle who feeds on flames.  There's one more card. Whoa. I thought I was like, wait, that's just a common. Almost ruined it. Ah, Heel Zenru. All right. Heel Zenru. Another rare. So we are now 0 for two. We're starting 0 for two. Okay. Pack number three. It was won by Resi. Resi. Here we go. Can we get an Ultra? Can we get a Super? How many boxes do you think we will have guys with three Ultras in them? Or how many boxes will we pull a secret? It'll be interesting to see after we're done with the stream. Like if we get like four secrets, we get like 10 secrets, we get like a couple of boxes with three Ultras, maybe one with one, hopefully not. But there's a lot of potential for stuff like that. Okay. Ceremonial Bell. No secrets is possible technically. Koto Dama. Oktober. So we got Hungry Berber. Dark Zebra. Red Archery Girl. Malevolent Nuzla. We have Ancient One of the Deep Forest. Can we get our first foil of the day? Yes, we can. A Confiscation. Super rare. You love to see that. Confiscation. That is really beautiful. Check that out. First foil of the entire day. Oh no. The voice. You got to hang on. We got a long way to go. Ruxen 68 just won a pack. So all right, Ruxen 68. I'm guessing that is EX Gamer in the chat. Here we go. Pack number four. One, two, three, four. Can we get the Blue Eyes Tune Dragon? We have Horn of Light. Sonic Bird. Tyhome number two. Electric Snake. We've got Final Destiny. Penguin Knight. Inkaboon. Queen Bird. And finally we have Will it Be the Blue Eyes Tune? We have one Super so far. That's it. All right. UFO Turtle. All right. That's not a Blue Eyes Tune Dragon. All right. That's fine. That's fine. We'll get there. Maddie Wilde. Congrats on the next pack. Here we go. Next pack for Maddie Wilde. This is my biggest break ever. Oh yeah, definitely. Yeah, we've never done anything close to this big. It's pretty crazy. We got the Hungry Burger. Commencement Dance. Hungry Burger, by the way. Metal Fish. Eternal Rest. Darth Maul. More Soldier. Hamburger recipe. We got Psychic Kappa. Griggle. And Mother Grizzly. All right. We shuffled a lot of the foils to the end it seems like. Which is, I mean, what's new? That happens like every other time basically. All right. William Javier is up top right now. What shall we pull? One, two, three, four. Can we get another foil? We have Reliable Guardian. Spear Creighton. Weather Report. Upstart Goblin. Crab Turtle. Snake Fang. Peacock. It's like the streaming service. We have Wall Shadow and Will it Be the Blue Eyes Tune? I thought that was something. Amoeba. Wow. Okay. What is going on? I thought that was totally a foil. What do we want for? What is that one for? What number are we on? Eight one for six. Okay. Slow start for sure. Okay. Chris Clinton won this one. All right, Chris. You got one pack magic here. First edition magic ruler. One, two, three, four. Here we go. We have Course of Sanctuary. Mechanical Snail. Guardian of the Throne Room. We have a Labyrinth Wall. Dark Zebra. Illuminous Spark. Red Archery Girl. Malevolent Nuzzler. And is this it? A Nimble Mamonga. Oh my goodness. We are off to a, off like a herd of turtles as they say. Not, not a great start. Chris Clinton, thank you. But man, we are not having great luck so far. That just means these next packs are going to be even better. Okay. Jarvis won. Jarvis. I'm blessing this pack right now. This one's for you. This one's for you, Jarvis. Right here. For the man. This will be in honor of Pokemon Go. Let's see what we can get. Magic ruler. One, two, three, four. Bluestune. Come on. We have Minar. Flash of Salient. We have Turtle Oath. Twin Long Rounds. Number two. Stone Ogre Grotto. Chain Energy. High Tide Yogen. Boar Soldier. Is this it? Come on. Oh my goodness. How do we not have a foil? We have one. We have Confiscation. One foil. Ah, so mad. This is quite the start. Okay. Russian Cowboy Pack Number Nine. Let's see that Blue-Eyes Tune Dragon. Let's go, guys. Hungry Burger because some are not sold out yet. Commencement Dance. Metal Fish with the codle fin. Horn of Light. We have Ancient One of the Deforested. Firecracking. Dark Witch. Crab Turtle. Oh, and a Super Rare. We got another one. Messenger of Peace. Finally, another foil. We are now two for, two for nine. Okay. We're two for nine. Messenger of Peace. Another foil. Still not a high end one, though. Not like an Ultra or a Secret or anything. So it's a nice pull, but it's at least proven we have foils in here. Magic ruler. Let's go. This is the official 10th back. You know it says 12. One, two, three, four. Can we get another foil? We have two out of ten. So, or two out of nine, I guess. Upstart. We have Ceremonial Bell. Koto Dama. Octo Bursar. Grotto. We have Fickle. Chain Energy. High Tide Yosin. Oh, and a flying Kamekiri. Number one. Just another. Another flying Kamekiri. Number one is added again, unfortunately. Shady Peach. Okay. Shady Peach. Let's go. Shady Peach is up next. One, two, three, four. What can we get? Well, yeah. Of course, a Sanctuary. Cannibal Snail. Slot Machine. Where's his little bro? Oh, there he is. Little brother. Hamburger Recipe. Psyche Kappa. Fairy's Hand Mirror. We've got Griggle, and oh, yeah. Shady Peach with the first big hit of the day. Relinquished. Oh, man. That's a good one. That is a great start to this opening, guys. And look at that centering. That thing may be... Oh, how's the centering? It's a little bit to the left, but it's still maybe PSA 10 potential. Shady Peach congrats on the huge hit. That is one of the best cards you can get in Magic Ruler. All right, Yamisk. You got the next one. Very nice. That was a heck of a pull. That was a heck of a pull. The Link which is insane. That was nice. Yami SK.  Why are we not pulling a secret? Here we go. Let's do it right now. Tyho number two. We're halfway after this. Electric Snake Minar, which makes sense. One Ultra, two Supers. We're on pace. Peacock, Wall Shadow, Stone Ogre Grotto. Can we get another foil? Shining Angel. Okay, nothing on that one. That's okay. We ended up with perfect pace here. Okay, G-Pool 3. You related to Jordan Pool because you might want to tell him to stop taking crazy shots. No, I'm just kidding. Okay. All right, let's go. G-Pool 3. Let's see what you can get. All right. One, two, three, four. We have the Libel Guardian. Spear Creighton. Let's get some crazy out of Magic Ruler. It's been amazing so far. Upstart Goblin. We have Whip Tail Crow. Performance of Sword. Giant Turtle who feeds on flames. Magical Labyrinth. And we have another Super and Invader of the Throne. So we now have three Supers. One Ultra, no secrets. That's a good pace we're on so far. We're getting some good cards. G-Pool, congrats on the pool. All right. Des... Desnutes. One, two, three, four. All right. Desnutes. Here we go. Let's see what we can do. One, two, three. Desnutes. Good luck. Good luck. We have Minar. Flash of Salem. Will he get the luck? Turtle of... What a feat the guy failed on his payment, and then this is the blue. I see it. That would feel bad. Grave Keeper Servant. We have Whip Tail Crow. Performance of Sword. Giant Turtle who feeds on flames. And... Hero Shadow Scout. Okay. Hero Shadow Scout. It's a card. It is not a card that we are necessarily looking for right now, but it is a card. That makes it all the more likely to get something better, though, after this. Kevin K. Here we go. One pack magic for you, Kevin. Let's see what we can get. Kevin K. 46762. Let's see if we can bless you with something epic. All right. One, two, three, four. Let's see what we can do. We have Ceremonial Bell. Darkness Approaches. Koto Dama. Octobercer. Dark Zebra. Luminous Spark. A Red Archery Girl. Malevolent Nuzlar. And... Ooh, a Senju. So these last packs, we only have four pulls right now. Last pack's a lot of potential for a blue-eyes tune if there's one in here. Really hoping there is. Redrum 721. Another pack has been purchased. Here we go. Simply popping off right now. He just grabbed a legacy of darkness as well. He said, I'm not letting you guys buy any. You better beat him to it. All right. Here we go. Four from the back. Redrum. Good luck. Labrador out on the wall. We have Liquid Beast. No blue-eyes tune just yet. We have the tape. Ryurin. DeForce. Firecracking. Dark Witch. Molten Destruction. And we have... Is this the blue-eyes? No. Oh, Cyberjar. That's pretty cool. I bet a PSA-10 is actually pretty decent in this. I would guess it's at least $100 for a 10 of a Cyberjar, right? I mean, probably not the craziest card. MRL is like where it starts declining for common value. Like MRD is crazy. MRL not so much, but there are a few nice ones like Cyberjar. Not a common, it's rare, but good stuff. Good stuff. We still have a lot of potential in this box, guys. Secret is not guaranteed in old-school boxes. No, not guaranteed, but there is about a one and two chance, I would say. All right. Is it going to be a Heyman17? Wanting to get that blue-eyes tune dragon in here. Here we go. One, two, three, four. Blue-eyes tune. Make it happen. We need that Ruxen special. We got Jig and Bakkenon. Flash of Salem. Turtle Oath. Twin Long Rods, number two. Guy Power. Chain Energy. High Tige Ocean. Boar Soldier. And who a tune summons Skull. Ultra Rare. Our second ultra of the box. This is turned into a good box, guys. Tune summons Skull and Relinquish. That is very good. Oh my goodness. This is turned into an absolutely incredible box. Wow. That is incredible. It's hard to top that unless you get that blue-eyes tune. If we get a blue-eyes tune, this will be like the best magic ruler box. Besides, we want Tune World Super. We don't have that yet, so we could get that. Scare in one, four, five, two. Congrats. The Cursed Pack has finally been sold. Here we go. All right. We have Ceremonial Bell. We have Darkness Approaches. Koto Dama. Octoburcer. Sono Grigrado. Chain Energy. High Tige Ocean. We got a Boar Soldier. Here we go. Can we get... If this has a tune in it, this is going to be insane. Okay, it didn't. It didn't have a tune. It has a horn of the unicorn. Okay. All right. Unfortunate. I was like, man, that would be kind of crazy if it had a tune right there. All right. Here we go, guys. If you're enjoying the stream, don't forget to like it on YouTube. Don't forget to come over to whatnot. Use your $50 free. One, two, three, four. Here we go. Of course, Sanctuary. Mechanical Snail. Slot Machine. We have Guardian, his little brother. We have Magical Labyrinth. Dark Zebra. Red Archery Girl. We'll level in Nuzzler. And we have Karate Man. Different guy. Not Chop Man, but he is a Hyah type guy. Mark, thank you very much for being in it. We are still looking for that tune, Dragon guys. We are still looking for it. One, two, three, four. Okay. Course of Sanctuary. Let's see what we can get. Blue Eyes Tune. Mechanical Snail. Guardian Throne Room. Labyrinth Wall. Hamburger Recipe. We have Psychic Kappa. Griggle. Final Destiny. And the Blue Eyes Tune Dragon. Oh my goodness. We got it, Chad. Right when I can't talk. We get the Blue Eyes Tune Dragon. What a box. What a box. Oh my goodness. Oh my gosh. What a pull. I want to get so wiped right now, but I can't. Ah, it's the worst time. This is the worst time for this. Red Room. Congrats on the pull, dude. What a good pull. Secret Rare. That's an amazing pull. This is a great start to our opening, guys. Cool, cool, cool. Let's do this. Okay. Hungry Burger. Commencement Dance. Let's see if we can get Tune Room. Metal Fish or a Third Ultra would be crazy. Hamburger Recipe. Psychic Kappa. Fairy's Hand Mirror. Griggle. Mangoraiuran. All right. Unfortunately, no foil there, but you did get a cheaper price. So that's nice. Some of those, it's like Mangoraiuran potential. It's a great, like if it's a 10, that's probably pretty decent because of, you know, just collectability and stuff. All right. Three packs left, guys. Still looking for Tune World. We're looking for a Third Ultra. That's what we're looking for right now. Okay. Liquid Beast. We have House of Adhesive Tape. Raiuran. Toll. Penguin Knight. Igabood. Queen Bird. Mystic Plasma Zone. Black Illusion Ritual. Okay. That is nice. Okay. There's another foil. Okay. So that is the seventh foil. That means that these next two, if you would like, we can keep them sealed if you would. So we have a Black Illusion Ritual. That's one of the, that's one of the good ones. This is a really good box, guys. Black Illusion Ritual and Relinquished. Really good box. That was one of the best MRL boxes you can ask for. Shout out to Toll Info Show, Daxter, Puffins of Doom, Renesto D'Anna, America Doidster, Leo Gwine, 62, Brad KK Beats, Ananda Taisho, Ian Musa, Junior Barting, Robert F. Thomas McLean, Changolang, and Joey Castle. Thank you guys for supporting the channel. I'll see you guys in the next one. Peace.


Hello Aces, welcome back to module three, lesson 1.2. We're gonna be talking about the four cost saving things that you can negotiate for aside from free rent. And these are the items that you should actually be aware of. So then that way when you go into the negotiation process, when you don't get what you're asked for, you can ask for multiple different things. If you haven't already done so, make sure you go back to the previous lesson and understand the mindset that you need to have, the framework that you need to actually possess in order for you to negotiate properly. And also, how do you do your homework? All in the lesson previously. So definitely go back to the previous lesson if you haven't already done so. Otherwise, let's dive right in. What can you ask for? Lower rent than proposed. Something that you need to ask for is an actually achieve and get from your broker or from you actually doing the research are the comps. Comps are the comparables, comparable of the price per square footage around your area. Oftentimes they may be a little bit lower or they might be a little bit higher. So when you're doing your comps, choose the ones that are lower. And oftentimes the reason why they're lower is because they haven't adjusted their rates yet or they have signed at least many years ago, maybe like three years or like two years ago. And then the rates were a little bit still behind. Then bring those comps to the negotiation process.  Everyone else is offering at $40 per square footage and you're offering and you're proposing $45 per square footage. That is a good reason for your landlord to be like, you know what, I understand that they're cheaper and I wanna work with you, I love you as a tenant. You know what? I'll decrease the price per square footage to 42. And that itself is substantial savings over the long term. So definitely ask for lower rent than proposed if you can, but don't just ask for it. That's the tip.   I'm like, what do you mean everyone else is cheaper? Yeah, there's just cheaper. Give me free rent, give me lower rent. I'll be like, no, that's not how it works, my friend. Do your homework, guys. Go into the negotiation process with a win-win situation, with a win-win mentality. Be genuine. But at the end of the day, make sure you always do your homework and actually have your statistics to back up why you think this place warrants a lower rent. Second thing is free rent for X months. May, a lot of times, the reason why you can ask for free rent is because of the high build-out costs. A lot of times when it's a unit that is, I would say brand new. When it's brand new, if you wanna build, let's say a restaurant in that area, then you need to fix, let's say build a washroom. Building a washroom is $10,000. And usually for a empty unit that hasn't had any renovation, it is just a brand new unit. They don't have a washroom build-out. You need to do all the piping, the plumbing, the HVAC and everything, and that itself can cause hundreds of thousands of dollars. And when you do invest into a renovation like that, your landlord will work with you and provide you with free rents in the future. And the reason why they would do that is because the building itself, after you vacate, the renovation they own it, the washroom they own it, the piping and the HVAC, everything they own it, which is the reason why it's a lot of incentive. If you, as a tenant, is willing to invest in this building, in this unit, they're gonna be able to work with you. So definitely ask for free rent because of the high build-out costs. Knowing the fact, once again, what substantiates your request is key in this process. Same thing, like what I was talking about, the splitting the build-out costs. It is so, so, so, so common as a practice for your landlords to split the build-out costs with you. Given the fact that it is a brand new unit, I'm not talking about, hey, I wanna do this rental, this place is already a restaurant itself, and now I wanna redo it just because I'm changing the concept. That's a different story. I'm talking about a brand new gutted unit that has no washrooms, no nothing, just brand new. You need to build everything out from scratch. That is a time when you can actually go and negotiate to split the build-out costs with your landlord. Because once again, it increases the value of the unit after you have invested in the renovations. Next up is not increasing rent. A lot of landlords still work in rent increases for future years, so for example, the first three years, no rent increase, but the following year, 10%, following year, 15%. It is something that you can actually negotiate for, maybe they're lowering that. Or actually, I do recommend that when you're talking about subsequent increases in rent to not go with percentage. The reason why I don't like going with percentage is because it's a very ambiguous amount, and oftentimes the number is higher than what you expect. So go with a fixed amount. And what I mean by that is, hey, you know what? $40 first year. The third year, $42. The fifth year, $45. You know exactly how you can budget, and you know exactly the amount that you need to pay. Although the numbers might work out to be the same, it definitely helps you with your budgeting. So actually something that you can negotiate for is in the subsequent years to not increase the rent. It is even more easier for you to do that right now during the COVID, during this whole pandemic, because of the fact that we just want a good tenant, right? So we just want to be able to rent out our unit. So if you're asking for these things, most likely I will say yes with my own unit. So definitely know what you can ask for. Today, I also want to be, I want you to meet Amor. Amor is a student of ours, and she was beginning her whole food process, and this just happened last month. We're talking about August, August of 2020. She just got one and a half months of free rent. That's equivalent to more than $3,000. And on top of that, the monthly rent went from $9.75 to $8.50 for one year. More than $3,000 in savings, guys. And incredible results by Amor. And it's just something that I want to show you that it is possible even during this process. This acts as a great inspiration for you that, hey, someone has already done that. So you too can achieve the same thing. Your turn. Do your homework on your locations, identify what you can ask for in the negotiation process, understand the framework of what you need to be in in order for you to enter through this whole process. Download in the link of the worksheet so then that way you can go along with the whole process. In this lesson, we talked about the four cost saving things you can ask for when negotiating things aside from free rent. In the next lesson, we're gonna be talking about how you can assemble your build out team to complete your restaurant on time and on budget. I'll see you guys in the next lesson.


Welcome all of you to this evening's discussion about health care. This evening we come together in recognition of a great medical leader and an outstanding humanitarian, the late Dr. Frank Bryant. He was a dynamic force in the San Antonio community and especially in the African American community and we're proud to honor his legacy with this lecture every year. Dr. Bryant believed in giving back to his community and that such giving was really the purpose and the privilege of the education he received. He graduated from the University of Texas Medical Branch in Galveston in 1956 and he was only the third African American to receive a medical degree in Texas. He was the first African American intern and physician at the Robert B. Green Memorial Hospital and after a few years in the Army he opened up a family practice on the east side of San Antonio. He was known in those parts and in many parts of San Antonio as the father of medicine in San Antonio. And tonight we're especially honored to have with us his wife, Ms. Gloria Bryant. She's here with a number of members of her family and Gloria, on behalf of all of us, we would very much like to thank you for the privilege you've allowed us to have in honoring Dr. Bryant's legacy. Would you stand so we can recognize you please? Gloria Bryant. Now events like this happen because of a lot of people contributing to them and we are most grateful to the law firm of Fulbright and Jaworski for their generous sponsorship of the event. I'm pleased to welcome George Schofield who's the managing partner of the firm who is here tonight with many of his colleagues and many guests from the firm. For so many years the firm has contributed in an extraordinary way to this community and we're thankful. George would you and your colleagues please stand so we could honor you. Thank you very much for doing this. You know when this event was planned in April, Dr. Bergen and I talked about this. We had thought that the health care bill would have been voted out by the committee and voted on by the entire congress signed by the president into law and so this debate was planned as more or less a post mortem on the health care bill. Well as they say timing is everything and it turns out we're in the epicenter of this debate as we convene in mid-October to discuss this. We're privileged to have with us Dr. Kanshine, the executive vice chancellor for health affairs at the UT system and all of our experts on the panel. Stuart Altman professor of national health policy at Brandeis and economists focused on federal and state health policy from Massachusetts. David Hunt the chief medical officer in the office of health IT adoption for the office of the national coordinator of health information technology from Washington. Dr. Jeremy Lazarus, speaker of the American Medical Association House of Delegates from Denver and Anna Malano, associate professor of pediatrics from Baylor College of Medicine in Houston and she will be giving her perspective. So thanks to each of you for traveling to San Antonio tonight to be part of this great event. So my last official duty is to welcome to the podium Dr. Ruth Bergram, our director of center for the medical humanities and ethics. Ruth with the support of Dr. Glenn Hough, the interim dean of the School of Medicine and the advisory board and her staff has shaped the center into a first class organization and this event I know will meet that standard. Please welcome Dr. Ruth Bergram. Thank you Dr. Henrich. Quick housekeeping details. I have a question and answer period at the end of the presentation. We've handed out note cards like this with your program. Please print your questions legibly and hand them along to the end of your row during the final presentation and these will be collected by our student ushers and they'll bring them forward to me. Now your feedback is very important to us so please complete this pink evaluation form and return it before you leave today. And finally, a requirement of continuing medical education with our strict guidelines are that I must make a verbal disclosure. Our moderator today, Dr. Ken Shine, has disclosed that he is a board member of United Health Group and now I'd like to recognize the community partners that have made tonight's event possible. This series was actually, although it's the Frank Bryant lecture, it's the second in a series called Conversations about Ethics and it was created in partnership with our friends at the Ecumenical Center for Religion and Health and Methodist Healthcare Ministries. On behalf of my colleagues there, let me say that we are all delighted to be on the planning team for this unique event through which we hope to further the dialogue about health reform in our community and our country. How we train doctors and shape their professional and personal codes of ethics is one of the most important considerations for health reform, one that is largely unaddressed by the congressional bills being considered. Over half of Americans are confused about what Congress is considering and yet this legislation has been described as the most consequential social policy debate since the creation of Medicare 44 years ago. Health reform embodies the intersection between economics, politics, philosophy and ethics. As such it becomes critical for the medical profession to educate and nurture its students to be empathic and ethical health professionals as well as knowledgeable ones. And that is the role of the Center for Medical Humanities and Ethics and tonight's an example of our many enrichment programs intended to fill this need. So I thank you very much for participating in this conversation about ethics. And now it's my great pleasure to introduce Dr. Kenneth Schein. Dr. Schein is the Executive Vice Chancellor for Health Affairs at the University of Texas System. He was in the Institute of Medicine from 1992 to 2002. Under his leadership that institute played an important and visible role in addressing key issues in medicine and healthcare. Its reports on quality and patient safety heightened national awareness of these issues. Dr. Schein is a Professor of Medicine Emeritus at UCLA School of Medicine, a cardiologist and physiologist. He received his MD from Harvard Medical School in 1961. Dr. Schein is the moderator for today's scholarship, credibility and expertise of the group of panelists and their moderator is worthy of national attention at a time when confusion and discord reign across the nation whenever the topic of healthcare or health reform is addressed. Tonight we hope to listen, to educate and to shine a light of clarity on health reform that will resonate across the country. Please welcome Dr. Schein. Thank you Dr. Bergen. It's entirely appropriate that this conversation about health reform be conducted by a center concerned about ethics. Over 35 years ago at Alma Anna, the nations of the developed world and many developing nations concluded that healthcare was a right. The United States has never subscribed to that notion and we still as a country have not accepted the notion that healthcare is a right for every one of its citizens. Therein lies a substantial conundrum with regard to what and how we behave. The title of this panel is healthcare is broken, how do we fix it? In your brochure I call your attention to the bios of our speakers and point out that Jim Rohack is in Washington working on health care reform and we're very pleased that Jeremy Lazarus has replaced him but I will not provide a lot of detail about the bios of each of our speakers in the interest of time and refer you to the material. I also refer you to the other issues with regard to disclosures related to myself and Dr. Altman as well as the importance of getting your CME credit. Is healthcare broken? The United States has the most expensive non-system of healthcare in the world. That non-system is associated not only with costs which are almost twice the amount spent in other developing countries but also with quality which ranks us regularly in the high teens, parameters that might be mentioned whether it's life expectancy, infant mortality, a variety of other parameters. As a country we don't do well and as a matter of fact even for our insured citizens the work of Beth Maglenn and others has shown that only 55% of meetings between physician and patient result in optimal treatment for the patient. That is extraordinary in terms of the value of what we pay for. In Texas 25% of our population is uninsured and we rank 51st in the country in terms of that parameter. We recently made a lot of progress but children Arizona has more uninsured children than we do. It used to be we compared ourselves to Mississippi and Louisiana. And if you look at quality in Texas only Louisiana and Mississippi in fact show lower quality parameters in spite of the fact that we have the number one cancer hospital in the country, the Texas Medical Center, great centers such as this. We also know that we have among the highest cost per capita of any state in the nation and that we are a state of small businesses only 37% of whom offer insurance to their employees. If that isn't broken I don't know what is. You pay a lot and on average you're not getting very much. You either access or quality. And so tonight's discussion is how do we fix it and hope that rather than repetitions of the doom and gloom that in fact we can look at some positive proposals.