Welcome back to this channel and if it's your first time to come across this channel, please consider subscribing. Support this channel by subscribing by the way, don't forget to press that notification bell. RRSP, very grateful because it will be the only way you'll be updated when I upload a new videos. For the returning subscribers, thank you so much for coming back to this channel. For the new subscribers, I appreciate. Thank you so much for subscribing to this channel and thank you so much for supporting this channel. Remember we are looking at around 2000 subscribers. Well, right in today's video, there is one of the subscribers just as a question, what is the termination and notice period according to the Oman labor law. Well, what I need to let you know first is that all these Gulf countries have what you call the labor laws and these labor laws will govern the employers, will govern the expatriots, the non expatriots will govern all the employers in those countries. When we talk about the Gulf countries, you definitely know what I'm talking about. We are talking about the UAE, we are talking about Qatar, we are talking about Bahareng, Saudi Arabia, Oman, all these Gulf countries that we're talking about. But in today's video specifically, one of the subscribers was asking what is the termination and the notice period in Oman and remember what we have to talk about. When you look at the terminations, different countries have different contracts or have different agreements and that agreement when you look at the termination itself it will be just governed by the agreement the contract will be assigned with that employer. What rules govern you with that employer in that contract? That is first what you need to know but still when we are talking about the termination something that you don't have to get out of your eyes is the notice period either on the side of your employer or on the side of you yourself either by terminating yourself or being terminated by the employer but most of the time it is normally the employer that get to terminate the employee it may be on given grounds why he may try to terminate you off why it may be either unfair dismissal it may be maybe liquidity of the company company is closing down it may terminate your contract it may be over misconduct by the employer the company may terminate your contract it may be for such kind of reason that you are unfit to work for that company especially after serving what you call the probation period and remember probation periods in different Gulf countries they are all different each Gulf country has its own probation period because each Gulf country has its own labour law that's what you need to understand but remember when we are talking about these labour laws in these Gulf countries it is just the initiative of you the person the employee to understand this some of these labour laws some of these articles in this labour law because when the law gets you it will not know or to not understand that you don't know the law you know when you are just caught up in that law there is no excuse because it is you supposed to be your initiative it's supposed to be your role or your obligation to know some of these articles of the law such in case of any emergence of anything comes in you can partially try to defend yourself you can try to put yourself in the position that you are safe in one or the other so the termination itself it is just governed by but which kind of mutual contract that is signed with that employer and which kind of rules or agreement gets to drive that contractor to sign on what grounds may the employer get to terminate you or your employer get to terminate you or in one or the other and we talk we say that different Gulf countries have their own different termination or their different agreement or contracts agreement that they get to sign with that employer that even still itself it will also get to look back what kind of employment what kind of job you are doing is I think where the contract will be determined in one or the other so but trying to understand that the termination in the Oman termination in Oman it's the employer can terminate you but before that employer gets to terminate you he needs to give what you call sufficient so it means the former sufficient writing why that employer is terminating you will be the ground that will be looked on or during what you call the termination in case you've been this and uh this there is a misunderstanding in any world gather but the notice period or the termination your employer should give you what you call a written formal reasons why he's terminating you and he should give you a notice period of 30 days according to the law in Oman still at the same time remember if he's terminating you or if your employer is terminating you in any one or the other and he has pending dues that is not being paid to you they are supposed to be paid all in full that is be the annual new days that you were not taken and you're not paid for let's be the overtime that is not paid he has to pay all your full salary before he can terminate you and take you off so what I have to let you know that the employer before he terminates you according to the Oman law he has to write to you on a formal with the sufficient reason why he's terminating you and the notice period the notice period should be 30 days it should your employer should give you 30 days of notice period for the termination I think you've taken me right and I think you've got that is exactly the person who ask you that question that is how it is done thank you so much for coming back to this channel thank you so much for subscribing to this channel don't remember it's mechs from the mechs creation see you again in the next video


Okay, we're going to do a Q&A panel here and we have saved 37 minutes we gained seven minutes in there somewhere We're going to use the whole thing. We're going to go all the way to four o'clock. Let's have our four other faculty members come up here Let's put two chairs on each side of me You bet this question is in a lot of stay in the course. I'm approaching retirement 5050 Allocation don't do individual bonds. So most of my bond allocation to be in the vanguard total bond and international bond market Funds saw a CFP off the Garrett Network this summer who recommend taking all that bond money Liquidating it and making a five-year CD ladder as well as put the rest in a short-term bond market fund So I didn't do that. I've ridden my bonds down. Am I doing the right thing staying in the course? Especially in light of what Burton Malkill said about us being in a time of financial repression where bonds going for may not be What they've been in the past? That sounds like a Rick question Okay, thank you for that and a good question and I understand the change and what's going on in your life because you are Going through the most stressful financial part of your life right now Which aside from paying off college loans is Retirement the year before retirement to the year after retirement I don't know what's going to happen to the bond market going forward. I believe that where we are right now is Good for retirees in the long term Interest rates have gone back up now. We can get finally four percent So is now a good time to make that move of selling out of the thing that you Watched go way up over the last couple of years because interest rates drop below 1% and now have gone back to more normal levels I I would not do that I understand the idea of a CD ladder I Just don't think that I would do something like that I mean, I would just take the the dividends and interest from the portfolio and sell off the asset class that Gets me back to my 50 50 every year and I just stay the course that would be my answer In my book there was a chapter called better than bonds that didn't work all that well for a long period of time And it was CDs that had easy early withdrawal penalties now I still earned more than total bond, but I never exercised that put the right to sell it back to the bank At a very low penalty and guess what happened this year. It worked like magic now banks and credit unions Typically lag market rates during the 40 year bull market when rates were falling That the the banks and credit unions had great rates now. It's the other way around. They're lagging So I would argue Treasury bills treasury bonds are playing incredible rates And I just did a back-of-the-envelope Calculation that I shared with Christine and Mike that you could build something close to a tips ladder That would give a guarantee virtually guaranteed 4.23% real after inflation withdrawal rate over 30 years so You know indexing for stocks incredibly important and I own a lot of the total bond index fund But fixed income high credit quality. There are some better alternatives out there Yeah Okay, I just want to talk about one thing and that's the difference between philosophy and strategy and those of you Who have heard some of my lectures before Heard this We are all bogal heads We all have the philosophy of low fee stay the course be diversified all the things you've heard today And so we're all believe that we're all here if I was going to ask you how many of you believe that everybody in this Room would raise the hand if I then said how many of you are implementing that in your portfolio You'd all raise your hands if I said how many of you in this room have the exact same portfolio as another person No one would raise a hand because what works for you works for you It could be a CD ladder. It could be the total bond market. It could be a couple of different bond funds So what we're going to be discussing up here and make it very clear This is not you should do it this way. You should have a CD ladder You shouldn't have a CD ladder. You have should have treasuries. You shouldn't have treasuries. It is That is individual to you it is a strategy that you're using and it's all good because it works for you So whatever works for you is good. It's all under the same philosophy So I wanted to just separate the philosophy discussions from the strategy discussions That all right, we're going to spend all our time on this question Just want to make a quick comment to kind of generalize That my thoughts on retirement decumulation, which I work on a lot I like the idea of using portfolio withdrawals So my cash flow needs from my portfolio is kind of the yardstick To determine how much I would drop into each asset class so in my Kind of model bucket portfolios and I know alan doesn't love this bucket strategy But I hear from a lot of retirees who say that it really Works for them and mentally works for them the idea is that you use your portfolio withdrawals as the measuring stick so I think about like two years worth of portfolio withdrawals in in liquidity like cash Not messing around CDs whatever guaranteed and then another say five to eight years in fixed income Short-term intermediate term and some tips and then anything for beyond that going into a globally diversified equity portfolio That's how I do it. That's I'm not retired, but that's how I think about uh retirement decumulation Mike you want to go after this one? You know who owns the tspg fund raise your hand Yeah, 16 years. I've owned it and finally this year is its day in the sun All right next question. Yeah, my question really is buckets of money I'm retired. I have a cash fund that's getting depleted Right and most of the market is down to most of the asset classes at what point Do you start replenishing your cash fund? And in what priority order? You know so so you can you can have the cash Um Great question. So the way I think about it is That you build kind of next line reserves So you have maybe a couple of years worth of portfolio withdrawals and true cash investments And then within that fixed income portion, which I was talking about Accounting for roughly five to eight years worth of portfolio withdrawals You kind of stair step that portion of the portfolio by risk level So next in line would be short term bonds which have had losses this year, but certainly not In line with intermediate term bonds. They've held up much better So if I needed additional funds my cash reserves were depleted That's where I would turn. I don't think I would preemptively start rating short term bonds I would wait and see what happens there I would only shift more funds into cash at this point If if those liquid reserves were already gone or almost gone Yeah, the whole point of that cat having that cash is to be able to write out years like this You knew it was possible that stocks and bonds could both go down at the same time That's why you have cash in your portfolio Because that's what you're going to take it out of this year and maybe next year and hopefully by then One of those asset classes is recovered somewhat All right, let's take our next question Thanks for being here. Um, I had the opportunity to sell a condo last year to profit I don't have any housing expenses probably for the next 30 years because my spouse is a clergy person So we live in a personage. So I'm curious to know we talked about lump kind of investment What are some recommendations or things I should keep in mind to use with that profit? If I'm not looking to tap into it for a retirement home for 30 years You're not planning on using the money for 30 years.  Yeah All right, Mike, you want to take that? Um, to me, this just feels like it's any other chunk of the retirement portfolio Uh, it doesn't the money doesn't care where it came from, right? And so now we're All we know is we're going to be spending it 30 years from now So face it on that and the other things that determine your personal risk tolerance. That's what it feels like to me And the single lump what we were talking about earlier, that's like better than trying to put it in over several different months Uh, sounds like your question's more lump sum versus dollar cost average. Is that right? All right Thank you. I have a comment about lump sum versus dollar cost average, okay Lump sum you rip the band-aid off all at once it's Painful and you know, you're going to be wrong. It doesn't matter what day you pick the next day the market's going down You know that Could you spend your life trying to figure it out? But lump sum hurts really bad one time Dollar cost averaging hurts really bad Many many many times And here's the problem with it. I find okay, unless it's an automated thing as christine was talking about where it's automated You don't think about it. It comes out of your paycheck. That's great. That's great dollar cost averaging But when you have to physically go in and make a trade every month or every quarter to do your dollar cost averaging A lot of times it never gets done because you got to rip the band-aid off Every single time And it hurts and it's hard to do dollar cost averaging when you have to do it yourself So another reason to do lump sum besides the data that christine Just You know jump off Into the cold water Take your shock And then it's in there and you don't have to worry about it after that I try to get people to do that. It's very hard to do it, but I think that's really the best way to do it Lump sum Mathematically superior dollar cost averaging emotionally superior if you're going to dollar cost average You can only do this with mutual funds not ETFs But do it on an automated basis. You can have vanguard Invest $10,000 in vanguard total stock index fund vtsa x not vti For 18 months and then stop because when people Have to do it either life gets in the way or north korea launches a nuke or there's a tweet or We always come out with excuses Yeah, lump sum investing is definitely my Favorite way of doing it as well. I've said dollar cost averaging is for wimps And there's a lot of truth to that But the truth is I lump sum invest every month I have a certain amount of money to invest some months It's more some months. It's less because I have variable income And but you know what over the 20 or 30 years that I'm accumulating It works out because sometimes you're buying high and sometimes you're buying low But I'm always lump sum investing because I invest the entire amount I have to invest at that particular time and that includes the times when I sell a house and get a lump sum of money next question Hi, I have a friend who's been in a long term relationship with her financial advisor And he's been unfaithful to her. He's been cheating on her with a woman with another woman named mis profit How can I convince or how can my friend rather? How can my friend break up with her unfaithful advisor? Okay. All right, uh, how to fire a financial advisor Christine you want to start with that one? You know, uh, how to fire an advisor? I think, um, you know, it is I will say I've worked with friends about different business models for financial advice It's very hard to get people away from that all in one mainly the invisible hand that comes into their account and takes a percentage of their assets every year. It's um, just sort of this Mental game that makes it very easy for people to put up with Uh, kind of a bad relationship. And so I do think, you know, it's a learning process I've I've worked with friends. In fact, I had a friend who I Uh, spent a lot of time talking to about how to find a financial advisor I said, I think you want to go hourly blah blah blah And he went with some other business model I think it was actually a commission based Broker and then a couple of years later. We're having the same conversation He wasn't happy with the way things were working. So I just feel like it's an educational process You can walk them through the numbers about how much That advisor is subtracting from their portfolio and not adding value And talk about well, if you do need advice, maybe kind of a surgical business model where you're paying for Hourly advice is is the better way to go Yeah, um, I have the worst client retention in the business in that I do a one time plan with the goal of being fired But the client has to fire their Advisor and if they're enjoying it, I'm a little worried about them because they're real people So, you know what I tell Clients you don't try to convince your advisor that they're doing the wrong thing. Just say I've decided to go a different direction Thank you for all the help you've given me And leave it at that That's exactly 100% agree with Alan the the key words are you know, I appreciate everything you did for me I've decided to go a different direction those key words And the advice I've been an advisor for 35 years. I've heard these words But that's when I was a broker not anymore. Okay, uh, but yeah, but here's are you asking about You're trying to convince your friend to fire their advisor. Is that what this question is? Yeah, basically, okay, but they're not ready yet to do it. Correct. Is that what you're saying? Yes, okay. So here's the problem. They haven't heard it enough times This needs to be repeated this message needs to be repeated over and over and over again at least 100 times before they Understand what you're saying And if they're not ready to fire their advisor yet, then they haven't heard it 100 times yet now they're not going to hear it 100 times from you But different places out there in the media they hear about it. They hear they read something about it They see it somewhere else. Somebody else tells them. You don't become a bogelhead.  Okay, but it took about a hundred different impressions on you from various places Before you finally did it and that's what's going on with your friend Is that it's not that you're not you're doing anything wrong because you're not They just haven't been exposed long enough by enough people and eventually at some point they're going to take notice. They are actually going to Look at it and say, what are you actually talking about and look at it? But she or he is just not there yet I think I've helped literally thousands of doctors fire their financial advisors um, the course I put together is called how to fire your financial advisor, but The point I make to them though is it's way easier to fire them once you have a plan of what's going to happen after you fire them So whether you are moving to a better advisor that gives better advice at a better price Or whether you are moving to a do-it-yourself model, there's no rush to fire that advisor Right, you're going to pay a little bit more in fees over the next two or three months while you educate yourself And put a plan together, but get that all in place so you know what you're moving to And then it's really easy. It's just a formality of oh, yeah, I got to let them know I'm not going to use them anymore You know, I've already got the plan and what I'm going to do is I move from one place to another All right, so I think I think that's the key is know where you're going the actual conversations pretty short Is they've eliminated it's not you it's me Exactly exactly. Thank you. Thank you seem to have some experience with conversations in this regard Thank you. All right next question This question is for Mike Piper And he hasn't been getting questions or speaking much so and this is always what I intended from the time I got in line was to ask Mike Piper a question um, and I've read at least one of your books about social security and Seems like the the claiming strategy Still for me, maybe I just didn't get it is a little complicated I've used your calculator as well You know depending on if you're single versus if you have a spouse And then what the other thing is is for the lower income person How you know what age should they claim at? Um, I realized that there's a lot to it. That's why you wrote a book But if you could uh, I've kind of given an overview of this I'd appreciate it Sure. Um, that's one of the primary topics of my talk tomorrow So we've got 15 minutes on on just that so you have another question for No, I'll be back I think Mike's trying to get out of answering questions. That's what I think Oh, hello, my question is for christine. You had mentioned In retirement miss ben said to add some cash to the three fund Miss ben said that in retirement add some cash to the three fund portfolio How much cash two to three years of discretionary income? Question mark and just one one thing for mike mike I never have to answer or consider that question that he asked again I waited until 70 it's done Thanks for that question so, um I like the idea of using your well as a starting point looking at all in port Looking at all in spending including, you know Port portfolio income social security income from every source look at how much you need Subtract out non portfolio income sources like social security pension if you're lucky enough to have one Real estate income that kind of stuff the amount that's left over with is the portfolio withdrawal And then I use that as kind of the measuring stick To determine how much to hold in cash. So I think one to two years Worth of portfolio withdrawals and cash is a good starting point. I think most retirees probably would Rather they had two years this year, you know given how bad the bond market has been But I um would use that as kind of the Measuring stick that I in turn would use to determine how much to invest in the other asset classes I forgot to tell you the reason I answered the question is I'm planning today To retire next june 30th Hopefully between now and then and I'm I'm wanting to wait another year if I have to because of the market coming back But I've never really been able to figure out exactly how much cash do you want to have? So, thank you. Sure. Thank you Thanks for coming Hi, my my question is for everyone basically or whoever was familiar with this topic I was wondering if you've done any studies on the bond 10 light path approach versus the traditional light path Maybe for simplicity. I think this is a newer thing that is recently Instead of using your agent bonds the bond 10 light path suggests that You should hit your maximum bond around retirement And then you should quote unquote die with 100 stocks I find it very counterintuitive, but I like the idea because the claim is to minimize the I think sequence of return risk basically it's like Regardless of when you retire, you're going to be more care using this approach versus the traditional approach And I was wondering if there any like analysis or pros and cons of these two approaches Okay, you know what I'm talking about bond tense, right? For those who don't know what a bond tent is the idea is that you go down in stocks until you get really close to retirement maybe five years before And uh, and that's when you're at your most conservative asset allocation and then for about you know, five years after your retirement date You're still in that conservative allocation And then you actually start increasing your stock to bond Percentage the idea being to reduce your sequence of returns risk Good idea bad idea mic I think it's entirely reasonable. Um Frankly, you're going to have a hard time getting a strong opinion from me about any asset allocation topic Um, sorry to share one analogy that I use a lot of the time. Um My mom is a dietitian My wife's mom is also a dietitian and if you ask them what makes a healthy meal or what is a healthy meal They don't tell you grilled zucchini and something what they tell you is it needs to have You know a reasonable number of calories. It should probably include a vegetable limited amount of sugar They give you characteristics And there's a zillion meals that meet those characteristics That's the same thing with the portfolio, right? There's Characteristics it needs to be diversified. It should have low cost. It should have an allocation that's uh, Roughly in keeping with your risk tolerance And then there's a million and one ways you can design a portfolio that meets all of those requirements So on the topic specifically of a bontent. Yeah, I think that's one reasonable way to do it I think it's also fine to just keep a static allocation. Um, if you're interested in studies though, um So it came from wade fowl and michael kitsis. I'm pretty sure As far as like follow-up research that's been done in the years since i'm not Super sure if they're oh christine great. That was a good punt So, uh, my colleague my former colleague david blanchett did some research on this and Concluded that he liked a more traditional glide path. He found that actually it made very little difference over most market time periods of retirement and Just behaviorally it he felt that it was more attractive to use a traditional trending glide path Which would either stay static or get a little bit more conservative as the person gets close, you know It gets further on into retirement because the net effect of this idea of uh starting retirement with a Really conservative portfolio is that at some point after Armageddon occurs in the equity market You're supposed to be adding to equity exposure. Does that work behaviorally? I think that's a big question mark and I think that's kind of what david's research flagged This is historic because it might be the first time that I've ever sort of disagreed with mike piper um I can't get into the details of it, but there was a flaw in the assumption of that Glide path or increasing Stock study, but even more important as christine just mentioned from a behavioral aspect It is really really hard to get people to rebalance in down markets to get them to take more equity risk in down markets Very very unlikely. I disagree with that And then there's this side I do agree with mike We're talking about what's called a reverse glide path Which means that when you retire you're at the most conservative you're going to be and then over time you're actually increase your Allocation because the it's more of a liability matching your future liabilities Are better matched to the long-term liability? Assets of the portfolio if there's an increasing asset, but there's something else that goes on and depends on how much money You have depends on whether social security is covering all of your expenses or not Or you've got a pension or you've got other income or maybe you're going to get an inheritance Or maybe your kids didn't spend their 529 and it's time for you to take that round the world jet tour, right? But the point is that That it depends on each individual person which works for you. I mean I Clients I work with we do reverse glide paths all the time I just say at some point stop rebalancing Just let it go especially If you're going to put your bonds in your IRA account And you're going to do these Roth conversions and then when the money goes over to the Roth You want it to be in equity because it's tax-free and in the meantime You're not going to be selling stocks in your taxable account because that would just generate taxes And then eventually going to be make RMDs from your IRA or 401k. So you're going to have this natural Increase in equities anyway And if you're okay with that because you're just living off the income from your Your social security and maybe dividends and interest income and maybe eventually the RMD Why not it's better for the kids I always think these questions are kind of funny because they apply to such a small percentage of people You know, most of us either have well more than we need And we don't really have to play around with all this safe withdrawal rate stuff We spend what we want to spend and we'll leave the rest to our heirs or charity or whatever And then there's lots of people that don't have anywhere near what they need And they're trying to maximize it and buy in spias and trying to delay social security if they can and Living on social security eventually only actually a very small percentage of people have just barely enough when they retire And those are the ones who got to pay a lot of attention to these sorts of studies If you just work another year or two, you might not have to pay any attention to them at all Sorry, that's why rules of thumb don't work, you know, your age in bonds minus 10 All this doesn't work if it only applies to a very small number of people, okay What works for you? What strategy works for you is what works for you? Okay, so all the same philosophy do it low cost do it, you know, stay the course and everything we talked about today But the strategy that you're going to implement, whether it's a bond tent, whether it's a decreasing allocation to equity Whether it's an increasing allocation to equity, whatever is going to be unique to you And you have to figure out what that is and hopefully that's what this whole conference is about helping you figure out what that is All right, let's take our next question Hi, good afternoon. Edward Chow from Westport, Connecticut As I've learned about more about index investing, the new money has gone into broadly diversified low-cost index funds I still have a chunk of my retirement accounts in kind of systematic value type of products Which for which I've held and enjoyed 10 years of underperformance Stay the course or time to quit cold turkey. Can you tell us what your investing plan says you're supposed to do? It's I think what we've heard today broadly diversified low-cost Okay, anyone want to take a stab at that one Absolutely stay the course. I mean if you've made a value tilt 10 years ago Now is not the time to change that. I mean you got to stay the course Anybody have a different opinion? Should you bail on a value tilt if you've had it for many years and suffered through it? Like those of us who have one You're not alone. I can tell you that Next question Yeah, exactly Mark Day in Boulder, Colorado So shameless plug for the Economist magazine is just reading the recent Issue and it said that the Fed May never return to 2% as far as a target rate. Maybe it'll be 4% In light of that, what do you guys Think about the bond maybe the stock, but I'm most interested in the fixed asset Treasury tips that part you're talking about a 2% target for inflation Correct that after whatever is going to happen So is your question? How do you think we should invest in bonds today? Is that your question? That's correct. Okay, given given something other than a 2% probably a higher target rate. Okay Um, I think Jason Zweig is in here I think the last I looked there was a study that showed that the top economists have called the direction Up or down of the 10-year treasury bond correct about 35% of the time less than a coin flex Which is tied to inflation and none of us knows what inflation including those economists In fact, if anything, I would probably bet the opposite and again tips You know, I wrote a piece on iBonds Several months ago the best things in sliced bread iBonds are giving a zero real return tips are giving a 1.7 real return You know, I've been talking about inflation for years and years and years and years and nobody ever wants to listen to me And finally it shows up this year. And so it's kind of exciting that way But you know in a lot of ways you you've tilted your you should have considered inflation all along It is the great enemy Of your portfolio. I think I saw bill Bernstein sneak in back there, but he's talked about deep risks, right Inflation and deflation and confiscation and devastation But if you look at how likely each of those are inflation is far more likely than any of the other deep risks The your portfolio faces And so your whole portfolio ought to be geared to deal with this risk And so actually half of my bonds are an inflation index bonds Whether they're in tips or whether they're in iBonds and and uh, you know, I feel like that's actually Not paying off great this year. We're going to talk about that more later in the conference, but um, you know I think you got to think about inflation any time you're designing a portfolio because I think it's Maybe the number one consideration But specifically if the target rate went up, let's just say it never returned to 2% would that change our strategy with a change of suggested strategy So the economist article that you read Speculated that the Fed is now going to change their target rate that they'll never get back to two That's a difference between changing their target rate. I mean if the target rate is two percent That's the target that they'll change it and and it'll never go That they will change it won't come back to two percent. I don't know. They're having a vulgar moment right now and they're pretty Determined to at least get the inflation going the other way in a rapid way and I know that the timing of it On a Presidential cycle thing is right. In other words, it's it's right when they should be doing this I don't know the answer whether or not it's going to go. I don't know what the economist magazine said, but Uh, I I I have some i bonds in my portfolio as well. I mean, I I like them even at a zero percent return, but um Alan has mentioned this a couple times kind of just snuck it in but tips right now 1.7 percent that's Higher than we've seen in a long time Considerably higher. So I mean, I don't necessarily have anything brilliant to say about exactly where inflation is going or Any predictions you can make that are useful in that regard, but as far as bond investing, you know There's better opportunities available right now than there have been in a long time And I don't know if their target did change if I would invest any differently than I invest now Right, I mean, I would expect the markets to adjust to that information Thank you next question. I think probably our last question my question is around what I perceive as Perhaps conflicting advice Even in the boggleheads community And I'll give you two instances that uh, sometimes confound me personally So there's uh, I don't know if this person is a bogglehead or not But he's written a book where he says don't worry about international stocks if you invest in VTS a x van bar van guard total stock market You also get international. So don't need to worry about that. Simplify even further. So that's one instance And today we heard the three portfolio strategy The other one is where I've heard that oh, you should tilt towards small cap Because there is There is evidence statistical evidence that shows over the long run 20 30 years There is a small gain compared to a three fund portfolio. I don't know how much it is 0.5 percent Which does equate to maybe a million or two extra in your retirement portfolio So there's all these nuances and sometimes it gets confusing. So if you would okay, let's do lightning round We'll go across the stage from this side to this side your thoughts on international and your thoughts on a small value tilt Sure, uh, the international is one area where I did disagree with jack bogle. He thought that the us market because most of the us large caps are or many are very Globally diversified that it was fine to hold just us market. I like the idea of young investors using the global market cap As a starting point. I don't understand why you would Say no to that free diversification. And yes, it absolutely has not delivered for investors we've seen a long stretch of underperformance of non us stocks, but there have been periods in my Recent memory where international stocks have outperformed and I believe that will be the case again so Younger investors go with a global market cap older adults who are beginning to spend from their portfolios I would be a little bit more conservative Maybe holding 20 25 percent of equity exposure in non us. I Don't feel strongly about the international tilt. There's certainly some data that shows the outperformance of small cap stocks But I don't feel strongly that investors embed that into their portfolios on an ongoing basis I'm from colorado. I wouldn't only buy companies based in colorado same sort of You know diversification strategy if you had enough International with the total stock index fund you wouldn't see such huge differences in performance With that said jack Bogle has been right even since his passing Regarding small cap, you know, I begged differed the evidence showed that for a long period of time Small cap had outperformed large cap. We don't know what's going to happen going forward I have both a small cap and an international tilt in my portfolio I'm two-thirds us one-third international and and a pretty good small value tilt that has been wrong for my entire investing career Um, I'm expecting it to pay off at some point I I think international is a screaming deal right now and part of that story is a small value story international companies are smaller and more value-e than us companies And so when I think when the pendulum swings, I think both of those are going to do a whole lot better than they have in the recent past So the international market has made up a very different industry groups than the us stock market Which is dominated in the us market by technology and healthcare Internationally, you've got a lot of material stocks industrial stocks oil so forth come out of the type of things In a in a falling interest rate environment those stocks do not outperform the growth stocks the growth stocks take advantage of that Which is what happened in the us market for many years and the us market has outperformed That is over. Okay, at least I think it's over. We're now going to get back to something more neutral So if that's the case this year international stocks have outperformed the us market by 10 Percent Problem is the dollar has increased by 10 percent. So net net they were about equal But it is actually happening that these industry groups that are international are outperforming All right, so where do I fall on this? I don't know what the future is going to be so I'm Like jim about two thirds us one third international And if I was 40 international and 60 u.s Which is the global equity market vt the vanguard world equity fund? I'd be fine with that too as far as small cap I'm not a big believer in small cap But I am a believer in if you're going to do factor investing, which is small cap You might as well just put all these factors together and do a multifactor small cap value fund and a very very intensive one And vanguard doesn't have a very intensive small cap value fund, but you would use an advantage or a A dfa etf or something like that. So you get the really intensive small cap value So I do have some of that in my portfolio um on the topic of small cap value tilting I would enthusiastically decline to have an opinion on the topic of international holdings I think one thing that often gets left out is that in just the original idea of diversification not the asset class correlations stuff But the you know don't have all your eggs in one basket By including an international fund you get to keep the same stock exposure And reduce the exposure to any one individual company. I think that by itself has some degree of value Might international also provide some sort of rebalancing benefit Maybe but for me honestly The significant part of the reason is simply it reduces my exposure to the individual risks related to any one individual company All right, our time is now gone two housekeeping items I want you to be aware of one at 5 30 in this room is the reception So you come back here at 5 30 for the reception do not come back here tomorrow morning This is not where the main conference is going to be that's going to be one floor higher And that way I don't remember what the room's called, but it's not here. So keep that in mind Let's give a big round of our applause to our panel And we're looking forward to a great three days with all of you We'll be around to answer questions and chat with you I think we're all staying the whole conference and look forward to meeting each of you


Russian soldiers do not want to go to war. Russia uses the so-called assault units Z in the temporarily occupied territories of Ukraine. However, these militants are not very willing to go to war and the Russian command is forced to work on them. This was announced by the head of the Joint Press Center of the Turid Defense Forces Alexei Dmitryashkovsky on the air of the telethon. According to him, the enemy has reduced the activity of attacks and their quality is also falling. But the so-called Z assault units appeared, which are staffed by people with a criminal past. Now the conflict between Prigozin and Shoigu is understandable because the latter has actually taken away the opportunity to replenish the tanks of the Wagnerites with prisoners. But now the armed forces of the Russian Federation are being formed by these people with a criminal past Dmitryashkovsky said. He added that 15 Russian military men who were recently taken prisoner near Mariinka were from these assault units. They all say that they have poor security and old weapons but they said that many of these units do not really want to go to war. This is why work is underway among these servicemen so that they go to storm the positions of the armed forces of Ukraine, summed up Dmitryashkovsky.


Good morning and welcome back to Detroit, Michigan. My name is Savannah Peterson, and I'm here on set of theCUBE. My co-host, John Furrier. How are you doing this morning, John? Doing great, feeling fresh. Day two of three days of coverage. Feeling fresh. That is for being in the heat of the conference. I love that attitude. It's going to be a great day today. We'll see you at the end of the day. Yeah, we'll hold them to it. All right, everyone hold them accountable. Very excited to start the day off with an internet legend as well as a CUBE OG. We are joined this morning by Matt Klein. Matt, welcome to the show. Thanks for having me. Good to see you. So what's the vibe? Day two, everyone's buzzing. What's got you excited at the show?  I was saying it's been three years since I've been to a conference. So it's been interesting for me to see what is the same and what is different pre and post COVID, but just really great to see everyone here again and nice to not be sitting in my home by myself.  You were at Lyft, Envoy was contributed and that was really hyped up. And I remember that vividly, it was day zero they called it back then. And you got so much traction, people were solely into it. Now we got a lot of that going on now. A lot of day zero events called co-located events. You got WebAssembly, a lot of other hype out there. What do you see out there that you like? How would you look at some of these other communities that are developing?  Cause Envoy set the table, what is now a standard practice? Yeah, what's been so interesting for me just to come here to the conference is, you know, we open source Envoy in 2016. We donated in 2017. And as you mentioned at that time, Envoy was, you know, everyone wanted to talk about Envoy. And, you know, much to my amazement, Envoy is now pervasive.  It's like never in my wildest dreams would I have imagined that it would be so widely used. And it's almost gotten to the point where it's become boring, you know? It's just assumed that Envoy is everywhere. And now we're hearing a lot about EBPF and WebAssembly and GitOps and, you know, AI and a bunch of other things. So it's actually great. It's made me very happy that it's become so pervasive, but it's also fun as you mentioned to look around at all other stuff. Well, I mean, congratulations. It's just a huge accomplishment. I think it's going to be a historical moment for the industry too. But I like how it progressed. I mean, I don't mind hype cycles as long as there's some vetting. Sure, of course. You know, use cases that are clearly defined. But you got to get that momentum in the community but then you start got to get down to business. So, so to speak, and get it deployed, get traction. What should projects look like? And give us the update on Envoy, because you guys have a great use case of how you got traction. Take us through some of the early days of what made Envoy successful in your opinion. Great question. Yeah, you know, I think Envoy is fairly unique around this conference in the sense that Envoy was developed by Lyft, which is an end user company. And many of the projects in this ecosystem, you know, no judgment for better or worse. They are vendor backed. And I think that's a different delivery mechanism when it's coming from an end user where you're solving a particular business case. So Envoy was really developed for Lyft in a very early scaling days and just trying to help Lyft solve its business problems. So I think when Envoy was developed, we were scaling, we were falling over and actually many other companies were having similar problems. So I think Envoy became very widely deployed because many companies were having similar issues. So Envoy just became pervasive among Lyft peer companies. And then we saw a lot of vendor uptake in the service mesh space and the API gateway space among large internet providers. So I think it's just, it's an interesting case because I think when you're solving real problems on the ground, in some ways it's easier to actually get adoption than if you're trying to develop it from a commercial backing. And that's the class. I mean, it's almost like open source product market fit in its own way because you have a problem. Absolutely, it's neat. Other people have the same problem. It's neat finding too. I mean, it's design thinking from a different perspective. When I talk to people about open source, I like to tell people that I do not think it's any different than starting a company. I actually think it's all the same problems. Finding product market fit, hiring, like finding contributors and maintainers, like doing PR, marketing and yeah, getting a team together. Get traction. Getting funding. I mean, you have to have money to do all these things. So I think a lot of people think of open source as I don't know, you know, this fantastic collaborative effort and it is that but there's a lot more to it. And it's a much more akin to starting a company. Let's just look at that for a second. I think that's a good point. I was having a conversation in the hallway two nights ago on this exact point. If the power dynamics or the startup in the open source as you point out is just different. It's sort of community based. So there are things just got to be mindful of. It's not top down.  It's really consensus based. But it is a startup. All those elements are in play. You need leadership. You got to have debates, alignment.  You got to make adjustments. Build the trajectory. So based on that, I mean, do you see more end user traction? Because we were talking also about Intuit.  Where's the end user contribution these days? Do you feel like it's good, still healthy? I mean, I'm biased. I would like to see more. I think backstage out of Spotify is absolutely fantastic. That's an area just in terms of developer portals and developer efficiency that I think has been very underserved. So seeing backstage come out of Spotify where they've used it for years. And I think we've already seen they had a huge day one event and I think we're going to see a lot more out of that coming forward.  Oh man, I'm scared. If I don't, I'm going to lose my competitive edge. What's the, how do you talk to the Android's out there that might be thinking about putting their project out there for whether it's the benefit of the community, developing talent, developing the product? Sure, yeah. I would say that I would ask everyone to think through all of the pros and cons of doing that because it's not for free. I mean, doing open source is costly. It takes developer time, you know, it takes management time, it takes budgeting dollars, but the benefits if successful can be huge, right? I mean, it can be just in terms of, you know, getting people into your company, getting users, getting more features, all of that. So I would always encourage everyone to take a very pragmatic and realistic view of what is required to make that happen. What was that decision like at Lyft? I'm going to be honest, it was very naive. I think we really, no, just didn't know. I think a lot of us, myself included, had very minimal open source experience and had we known or had I known what would have happened, I still would have done it, but I'm going to be honest, the last seven years have aged me. What I feel like is like 70 or 100. It's been a big road. But like you said, you look out in the landscape, you got to take pride and look at what's happened.  Fantastic. I would not trade it for anything, but it has been a journey. What was the biggest surprise? What was the most eye-opening thing about the journey for you? I think actually just the recognition of all of the non-technical things that go into making these things a success. I think at a conference like this, people think a lot about technology. It is a technology conference, but open source is business. It really is. I mean, it takes money to keep it going. It takes people to keep it going. You got to sell people in the concepts. It takes leadership to keep it going. It takes marketing. So for me, what was most eye-opening is over the last five to seven years, I feel like I actually have not developed very many, if any technical skills, but my general leadership skills, that would be applicable, again, to running a business have applied so well to growing on board. You put it out there, you're driving the ship. It's good to do that. They need that. It really needs it. And the results speak for itself. And congratulations. What's the update on the project? Give us an update, because you're seeing a lot of infrastructure. People are having the same problem, but it's also the environments are a little bit different. Some people have different architectures, different more cloud, less cloud, edges are exploding. Where does Envoy fit into the landscape they've seen? And what's the updates? You've got some new things going on. Give the updates on what's going on with the project, and then how it sits in the ecosystem vis-a-vis what people may use it for. Yeah, so from a core project perspective, honestly, things have matured, things have stabilized a bit. So a lot of what we focus on now are less big bang features, but more table stakes. We spend a lot of time on security, spend a lot of time on software supply chain, a topic that you're probably hearing a lot about at this conference. We have a lot of software supply chain issues. We have shipped Quicken HTTP 3 over the last year. That's generally available. That's a new internet protocol. Still work happening on WebAssembly. We're doing a lot of work on our build and release pipeline. Again, you would think that's boring, but a lot of people want packages for their Fedora or their Ubuntu or their Docker images, and that takes a lot of effort. So a lot of what we're doing now is more table stakes, just realizing that the project is used around the world very widely. The thing that I'm most interested in is we announced in the last six months a project called Envoy Gateway, which is layered on top of Envoy, and the goal of Envoy Gateway is to make it easier for people to run Envoy within Kubernetes, so essentially as an ingress controller.  It's not for everyone, and we want to provide Envoy Gateway as a way of onboarding more users into the Envoy ecosystem and making Envoy the default API gateway or edge proxy within Kubernetes. But in terms of use cases, we see Envoy pervasively with service mesh, API gateway, other types of load balancing cases. I mean, honestly, it's all over the place. I'm curious because you mentioned it's expanded beyond your wildest dreams, and how could you have even imagined what Envoy was going to do. Is there a use case or an application that really surprised you? You know, I've been asked that before, and it's hard for me to answer that. It's more that, I mean, for example, Envoy is used by basically every major internet company in China.  But all the large scale. And it's used in, it's not just even the U.S. So I think the thing that has surprised me more than individual use cases is just the worldwide adoption, that something could be everywhere. And that I think, when I open my phone and I'm opening all of these apps on my phone, 80 or 90% of them are going through Envoy in some form. You know, it's just that pervasive. It does blow your mind a little bit sometimes. That's why you say plumber on your Twitter handle as your title. Because you're working on all these things that are like really important, substrate issues for scale, stability, growth. And you know, I guess the only thing that I would add is my goal for Envoy has always been that it is that boring, transparent piece of technology kind of similar to Linux. Linux is everywhere. But no one really knows that they're using Linux. It's just there. It's like Intel inside. We're not paying attention to it. There's a core group working on it. They have pride. They understand the mission, the importance of it. And their job is to make it invisible. Exactly. And that's really ease of use. What's some of the ease of use ways and simplicity that you're working on, if you can talk about that? Because to be boring, you got to be zippler and easier. Not more complex. A goal to be boring is unique. Complex is not boring. Complex is stressful. I think we approach it in a couple of different ways. One of them is that because we view Envoy as a base technology in the ecosystem, we're starting to see not only vendors, but other open source projects that are being built on top of Envoy. So things like API gateway, sorry, Envoy gateway or projects like Istio or all the other projects that are out there. They use Envoy as a component, but in some sense, Envoy is a transparent piece of that system. So I'm a big believer in the ecosystem that we need to continue to make cloud native easier for end users. I still think it's too complicated. And so I think we're pushing up the stack a bit. Yeah, and that brings up a good point. When you start seeing people building on top of things, that's enabling. So as you look at the enablement of Envoy, what are some of the things you see out in the horizon? If you get the 20 mile stair out, as you check these boring boxes, making them more plumbing, stable, you'll have a disruptive enabling platform. What do you see out there?  I'm a big believer in platforms, in the sense that I really believe in the next 10 to 15 years, developers, they want to provide code.  They want to use PubSub systems. They want to use caches and databases. And honestly, they don't care about container scheduling or networking or load balancing or any of these things. It handles in the OS. They just want it to be part of the operating system. So I really believe that whether it's an open source or in cloud provider package solutions, that we're going to be just moving increasingly towards systems like AWS, Lambda and Fargate and Google Cloud Run and Azure Functions and all those kinds of things. And I think that when you do that, much of the functionality that has historically powered this conference like Kubernetes and Envoy, these become critical but transparent components that people don't, they're not really aware of at that point. And I think that's a great call out because one of the things we're seeing is the market forces of this evolution. What you just said is what has to happen for digital transformation to get to its conclusion, which means that everything doesn't have to serve the business. It is the business, IT in the old days. Engineers, they serve the business. Like what does that even mean? Now developers are the business. So they need that coding environment. So for your statement to happen, that simplicity, invisibility, calling is an invisible OS has to happen. So it brings up the question. In open source, the trend is things always work itself out in the wash, as we say. So when you start having these debates and the alignment has to come at some point, you can't get to those that stay without some sort of de facto or consensus. And even standards, I'm not a big be able to run hardcore standards, but we can all agree and have consensus that will align behind, say, Kubernetes. Is Kubernetes a standard? It's not like an IEEE, but what's your reaction to this? Because this alignment has to come after debate, so all the process contending for, I am the this of that. Yeah, look, I mean, I totally see the value in IEEE standards, and there's a place for that. At the same time, for me personally, as a technologist, as an engineer, I prefer to let the market, as it were, sort out what are the de facto standards. So for example, at least with Envoy, Envoy has an API that we call XDS. XDS is now used beyond Envoy. It's used by GRBC. It's used by proprietary systems. And I'm a big believer that actually Envoy, in its form, is probably going to go away before XDS goes away. So in some ways, XDS has become a de facto standard. It's not an IEEE standard. We have been asked about whether we should do that. But I just, I think- It becomes a component in the- It becomes a component, and then I think people gravitate towards these things that become de facto standards. And I guess I would rather let the people on the show floor decide what are the standards, than have 10 people sitting in the room, and like, trying to figure it out. It's totally, I mean, it says the community defined standards versus organizational and institutional defined standards. And they both have places. And they're social proof in both of them, frankly. And we were saying on theCUBE that we believe that the developers will decide the standards. Because that's what you're basically saying. They're deciding what they do with their code. And over time, as people realize the trade, hey, if everyone's coding this, and makes my life easier to get to that state of Nirvana, and enlightenment, as we would say. Yeah. Starting strong this morning, John. I love this. I'm curious, you mentioned backstage, you talked about the enterprise Spotify wonderful example. Do you think that this is a trend we're going to see with more end users creating open source projects? Like, You know, I hope so. The flip side of that, and as we all know, we're entering an uncertain economic time. And it can be hard to justify the effort that it takes to do it well. And what I typically counsel people when they are about to open source something is don't do it unless you're ready to commit the resources. Because open sourcing something and not supporting it, I actually can be, I think it'd be worse than open sourcing. It's in itself the people you're asking to commit to something. Exactly. You need to have time, you need the money, investment. You got to go all in and push it. So I very much want to see it. And I want to encourage that here, but it's hard for me to look into the crystal ball and know whether it's going to happen more or less. At what point are there too many projects? You know, I mean, but I mean this in a negative way. I mean it more in the way of, you know, you mentioned supply chain. We were riffing on theCUBE about, at some point there's going to be so much code, open source is continuing to thunder away with the value that you're just gluing things, right? I don't need the code, there's code there. Okay, what's in the code? Okay, maybe automation can help out on supply chain. But ultimately, composability is the new... Right, it is, yeah. And I think that's always going to be the case. It is a good thing. And I think that's just the way of things, for sure. So no code will be the thing. I think we're seeing a lot of no code situations that are working great for people. And, but this is actually really no different than my server was arguing from before. Just as a slight digression, I'm building something new right now. And you know, we're using cloud native technologies and all this stuff. And it's still... What are you building? Even as a, I'm going to keep them. I'm going to keep that secret. I don't know, I'm hearing you. We'll find out, we're going to find out. Now that we know it. All right, you open that door. We're going down there and we'll see you in a couple of weeks, front page is still coningal. But I was just going to say that, and I consider myself, you know... You're building something. I see myself as an expert in the cloud native space. It's still difficult to pull together these technologies. And I think that we will continue to make it easier for people. What's the biggest difficulties? Can you give us some examples? Well, just, I mean, we still live in a big mess of YAML, right? There's a lot of YAML out there. And I think just wrangling all of that in these systems, there's still a lot of cobbling together where I think that there can be unified platforms that make it easier for us to focus on our application logic. I got to ask you a question because I've talked to college kids all the time, my son's a junior in CS, and he's coding away. What would you, how does a student or someone who's learning figure out who they are? Because there's now, you know, you're either into the infrastructure under the hood, or you're, because that's coding there. Ops are now coding away. You're interested in people working on, say the boring stuff, so everyone else can have ease of use. And then what is, I want to just code. There's two types of personas. How does someone know who they are? My, when I give people career advice, my biggest piece of advice to them is in the first five to seven to 10 years of their career. I encourage people to do different things, like every, say one to two to three years. And that doesn't mean like quitting companies and changing companies. It could mean, you know, within a company that they join doing different teams, you know, working on front end versus back end. Because honestly, I think people don't know. I think it's actually very, our industry is so broad that I think it's almost impossible to know. You got to get your hands dirty, jump in the water. To know what you like. And for me, in my career, you know, I've dabbled in different areas, but I've always come back to infrastructure. You know, that's what I enjoy the most. You got to taste everything, see what you like. Exactly. All right, last question for you, Matt. It's been three years since you were here. What do you hope that we're able to say next year that we can't say this year? Beyond the secrets of your project, which hopefully we will definitely be discussing then. You know, I don't have anything in particular. I would just say that I would like to see more movement towards projects that are synthesizing and making it easier to use a lot of the existing projects that we have today. So for example, I'm very bullish on backstage. Like I've always said that we need better developer UIs that are not CLIs. Like I know it's a general perception among many people that you're not a real systems engineer unless you type on the command line. I think better user interfaces are better for humans. So just for a project like backstage to be more integrated with the rest of the projects whether that be Envoy or Kubernetes or Argo or Flagr. I just, I think there's tremendous potential for further integration of some of these projects. If there's composability, that makes total sense. You're operating and composing. And there's no reason that user experience can't be better and then more people can create and build. So I think it's awesome. Thank you so much. Thank you. Yeah, this has been fantastic. Be sure and check out Matt on Twitter to find out what that next secret project is. John, thank you for joining me this morning. My name is Savannah Peterson and we'll be here all day live from theCUBE. We hope you'll be joining us throughout the evening until a happy hour today. Thanks for coming. Thanks for coming. Thanks for watching.


Welcome back, Jefferyk here with Silicon Angle Networks. We are at the garden at AT&T Park. I'm here with Daisy Slaughter, the SVP of communications with the San Francisco Giants. So first off, Stacy, welcome. Welcome. Thank you, I'm delighted to be here.  But this is the Kale Garden, a really unique innovation that the Giants put in under the batter's eye, dead center field, probably a space that really wasn't utilized as effectively before. So we're here to get the update on the garden first and foremost. So tell us about it, what are we standing in? Well, we're standing in about 4,300 square feet of garden space. It's an edible garden. We have herbs, obviously we have kale, fruits, vegetables, that we really use as a gathering place for our fans, and also an opportunity to educate the fans about healthy eating and healthy living. So ball parks probably traditionally aren't thought of places that you go for healthy eating. So where does that come from? And why is that important to the fans here at the Giants? Well, really since day one when we opened AT&T Park, we wanted to do things differently. We wanted this to be a ball park that was a community gathering point. And in addition to the traditional ball park fair, we thought, what's more San Francisco than to have really unique food offerings? So we have a crab sandwich, we have sushi here, we have wine tastings, you name it, we have it here. And so the obvious next logical step would to be able to grow some of our own food here and actually serve it as part of the ball park fair. So do they pick a leaf when you order the salad and put it on or is it done ahead of time? Absolutely, we have an herb table where people can pick herbs and sprinkle it on their flatbread. We have kale, we have strawberries. We want people to interact with the food that's growing out here in the garden. And the other interesting thing about this space is it also serves a major purpose for our playing field. Part of the garden actually sits on our sod farm, which is the grass that we harvest to replace divots and other worn areas of the field. And we also have our batting cage that the players use during batting practice, that's stored out here. So this gives fans not only an up close and personal view of the food they're eating here, it also gives them an up close view of some of the behind the scenes things that go on when we're preparing the field to play. I didn't know about the sod farm. You can picnic on the sod farm. Oh, awesome. So my question is very cool, very innovative, great use of space that you weren't missing necessarily even before. Talk a little bit about the culture of innovation here at the Giants. Who came up? Let's talk specifically about the garden first. Who came up with this idea? Was it a low level person, mid level person? And how do they actually get it socialized in the company and actually funded and executed? Can you talk a little bit about that process? It was an interesting story. There were a couple of different conversations going on, one of which was through the Giants Community Fund, which is our nonprofit foundation where we have kids all over Northern California playing baseball for free through our junior Giants program. And the folks who are on that board thought, what a great way to teach kids about healthy eating and living by creating a garden here at the ballpark where we could bring kids here and teach them how to cook healthy food and to entice them with healthy food. At the same time, during the World Series, Hunter Pence was having dinner with our CEO and his wife, Pam Bear, and Fidel Batio, who's the CEO of Bon Appetit Management Company, which is extremely innovative in the sustainable food movement. And they had this idea of creating an edible garden here at AT&T Park. So the planet's aligned and it took us a good year and a half to try to put all the plants together and actually get it under construction. But I think it completely exceeded our expectations about what we were able to do. And then who signs off on it and what was the conversation at that point in time? So Larry Bear, our CEO, thought it was a great idea. Fidel Batio, who's one of our partners here in our food service, thought it was a great idea. And they just came together and pulled together the appropriate staff and said, let's make it happen. And they identified the space and they found the right gardeners and the right aeroponic tower. Right, even these funny towers I've never seen. And he has used much less water and less obviously real estate. So we don't have a lot of space here so we can grow up. And they just came together as two partners to put this together and it's just been phenomenal and the fans absolutely flocked to it. Right, that's great. And how ironic the Hunter Pints is the guy that damages the first kale. Exactly, we'll take it. We'll take it. We need a few more of those. Yeah, we need a few more. Today would be a good day. Today would be a great day. Talk, so now let's just shift to the more general sense in terms of fostering a culture of innovation. How does that work within the giants? How do they continually come up with new and innovative things and really get that from the groundswell from down below? Well, I think it really starts at the top with the leadership from the ownership group that purchased the team back in 1993 to Larry Bearer, CEO and the management team that works with him. There's no bad idea in this organization. Some fail, some succeed, some just kind of keep going. And the nice thing is that people aren't afraid to speak up and say, hey, what do you think about this idea? How can we do this different? And if you look at our organization throughout the business from our ticketing program to our Wi-Fi program, our technology through the garden, our community programs, all of them are things, if they've never been done before, we want to try them. We want to be the first if we can. And not just to be first for a first sake, but really if it's enhancing the overall fan experience and the overall community experience. That's great. Even the innovation continues at the garden. Bill was showing us the little slits in the center field wall so you can get the point of view of Angel McCann when he comes back and roams in center field again. Well Stacey, thanks a lot for coming on. Telling us all about the Kale Garden and the Garden and maybe later we'll fire if they got the fire pits and everything. I feel like I'm at a resort. So Jeff Rick, SiliconANGLE Network, thanks for watching.


Madeline Carroll in This Our Exile, an original radio play on the cavalcade of America sponsored by Dupont. The story of Exile has been with us since the beginning of time, yet it is as pertinent today as it was 2,000 years ago when millions were driven from their homes by the conquering Romans. Throughout the world today people are being torn from their loved ones, children from their mothers, wives from their husbands. The little town of Ledyatse, Czechoslovakia, reminds us of these ravages of total war. This classic story of Exile was suggested by Nathaniel Hawthorne to Henry Wadsworth Longfellow, who wrote the immortal poem, Evangeline. Our play tonight, written by Norman Rostin, is inspired by that poem in memory of that time and our own. Dupont, maker of better things for better living through chemistry, presents Madeline Carroll as Evangeline on the cavalcade of America. I have the following orders for your village. It is decreed that the village be evacuated by all its inhabitants by nightfall. The men of the village will meet in a body of the Northfield past the church. The women will meet at the heart. How long ago have I heard those words? What have I really heard them? Or are they words I remember from a history I never lived? Is it true that such things have happened? Yes, they have all happened. The years have gone by. Everything is real. My long journey has at last come to an end and I can rest. There is time now to rest. I have just come from the room where Gabriel sleeps, my beloved. My lips are still warm with the warmth of his lips and I, Evangeline, can tell the story now. What else is left but the telling? This is the forest primeval. The murmuring pines and the hemlocks faded with moss and in garments green indistinct in the twilight stand like druids of old with voices sad and prophetic. Are you sleeping? Are you sleeping? Come to the fellow's lad and enough of your singing. Oh, no better time, father, than before a man's wedding. You're singing before and be wailing after. No, not with Evangeline. Oh, steady boy, steady. You may be married tomorrow, but today you're shooing horses. Well, the shoe's ready now. Out of the pod. There. Hold it for him now. All right. Listen. Huh? The village bell. Those warships in the harbor. Oh, now, son, they've stopped only to take on provision. I don't like the looks of it. They're riding at anchor for two days. That's time enough to load. Now, if you ask me, it's Evangeline, father. Excuse me. We've got this shoeing to finish, remember? Well, you just tell the horse I won't be for the moment. Gabriel. Evangeline.  We're cleaner. Let's do the kissing and not hands. Oh, how beautiful you are. I have come to remind you, sir, to be prompt tonight at the house, for the priest will be there and the notary with papers to sign. I shall sign away my soul. And I, too. Should you ever want it back? Never. Oh, today is the longest day of my life. The hours are jealous of us, darling. They take so long in class. Gabriel, change the girl off. The horse won't stand forever. Goodbye, my sweet, until tonight. Safer are we unarmed in the midst of our flocks and our cornfields. Safer, within these peaceful dykes besieged by the ocean, then were our fathers in forts besieged by the enemy's cannon. Fear no evil, my friend. And tonight may no shadow of sorrow fall on this house and heart. For this is the night of the contrary. And now, Gabriel, you will sign here, beneath Evangeline's mane. Oh, that looks easy enough. Well, try to unsign it, my lad. Next week can see how easy it is. Do you recall, Bazar, when our children were but learning to walk, how we pledged them to one another? Oh, yes. I was there, too, Benedict. All the village remembers it. And weren't we consulted, father? Yes. I asked you in front of Gabriel. I said, Evangeline, without take Gabriel 15 years hence. And what did she reply to that?  Hold this. The village bells again. Why do they ring, Gabriel? What brings you here, Clammit? And you, Harold? We came to find Basil the blacksmith. We want the man who can make weapons. Weapons? What's happened? The warships in the harbor. They've turned their guns toward the town. The town? What are you saying? Some of them came ashore and posted handbills. We're to hear an edict tomorrow. If they've come for trouble, they shall find high. We've got some men for clip. And plenty of pitchfork. Wait. Let us be calm. We've lived here in peace for generations. And there's nothing to harm us if we remain peaceful. We'd best see how some of the others feel about that. Ready, Harold? Hold on. I'll be with you. We shall all go. It is a matter for all of us. Gabriel, don't go. I must. Things may happen tomorrow. Tomorrow is our day. It belongs to us alone. What if they say otherwise? Nothing will happen, darling. Nothing must happen. Oh, let me hold you close. Gabriel, who would be evil enough to steal it away from us, this one day in a century of days? At this very moment, morning is in preparation, gathering all its brightness for us. And we have nothing to fear, Gabriel. Nothing to fear. Yet were her thoughts of him, and the times of feeling of sadness past all her soul. And as she gazed from the window, she saw serenely the moon pass forth from the folds of a cloud. And one star followed her footsteps. As out of Abraham's tent, young Ishmael wandered with Hager. Evangeline? Yes, Father. It is almost time. I can see them from my window. The villagers are on the green, and children dancing. I will walk to your left, so that I might be nearer to your heart, while longer. You shall always be near my heart. Are you happy, child? Yes, I'm happy. So happy I'm afraid it is a dream, and a loud noise might awaken me. Come, Father. They are waiting. Evangeline? Gabriel. I've never seen you more lovely. Everyone's staring. May I kiss you? You may. Evangeline, will you need the dance for us? We love Gabriel both. Here on the green. It's nice. It looks pretty tuneful. Can you all join in? What's next? Soldiers. Soldiers coming up the hill. What do they want? They've come to read the edict. Get the children away. Friends, friends, be calm. Let us not be moved to panic. Else we will bring only bloodshed. Be quiet and have strong heart. Heart! At ease. Men and women of this village is hereby decreed that your village be evacuated of all its inhabitants by nightfall. For military reasons. That is the order. Those who do not obey or in any manner obstruct will be shot. That is all. Any questions? Where shall we go? Will you drive women and children out into the night? Do you think we're cattle? You, drag him here. Tie him to that tee. Leave him alone. You won't take him. Hold that girl. Let him go to here. Let him go. Silence! Now give him three lashes as a warning. Any more questions? Come away from the window, please. Half the village is burning. They put our village to the torch. The crops, the barns, the horses, everything. Come away. It is dangerous. What is to become of us? It all happened so suddenly. I feel so old. Where can I turn? Who is it? Gabriel? Oh, my dearest, have they hurt you? They shall pay for it. We'll make them pay. Oh, how evil it is to be an old man. If I were young, I would fight with my hands with stones. Where are you going, father? To the barn, to free the horses. I must hide my plow, my new plow. It all happened so suddenly. Today was meant to be for us. There's still a chance to escape. Perhaps we can try. They whipped me, but my hands tied me, smiled. We'll take care of their smiling faces. What are you going to do? Some of the men are slipping off to the hills to fight back. Gabriel, no. You'll be hunted like an animal. You'll be caught. Better to be hunted like an animal than chained like one. There must be another way. There must be. Oh, Gabriel, I fear I shall never see you again. Take me with you. There they are. Try to live near the river. I'll search when the time comes, and I'll find you. I may starve and bleed, but I'll find you, revenge. Gabriel. Goodbye. Teach me patience, dear God, for I do not wish to live. Teach me to know time differently, so that it goes swiftly and does not cause pain. And if he should die, let me enter your kingdom with him. You are listening to Madeline Carroll as Evangeline. In an original radio play, this our exile on the Cavalcade of America, sponsored by DuPont. Many a weary year had passed since the burning. Friendless, homeless, hopeless, they wandered from city to city. From the bleak shores of the sea to the lands where the father of waters seizes the hills in his hands and drags them down to the ocean. Friends, they sought, and homes. And many despairing, heartbroken, asked of the earth but aggrieved. It is nearly evening, and soon you will sleep.  No, Father.  I am too old a tree to take root in a new place. And, uh, are you here? Yes, Benedict. Everything was burned. The crops, the barns, the horses. Evangeline, give me your hand. Best Father, let me fix your pillow. Oh, Gabriel, one day you return to the village and allow again. I have hidden a plow in the well. Let me look there. I, Gabriel, tell him. Father. Evangeline, don't grieve. He will be happier now. Anna, we shall bury him. Then we shall secure a boat and a guide. And the three of us shall journey back upstream. But that is dangerous. I must find Gabriel. I know that somewhere, perhaps this very moment, he is waiting for me in the hills near our village. I need him now more than ever. Gabriel it was who weary with waiting, unhappy and restless, sought in the western wilds oblivion of self and of sorrow. And so, Father, you'll tell the men that I am leaving the hills. I go to find Evangeline. There are not too many of us left. We shall need every man. Have I not fought well? Have I not lost blood in these hills? We'll answer. So have we all fought and bled? Yes. While we fight here, the enemy burns and loots in the south. Evangeline's in danger there. Where are people not in danger? It's only Evangeline I think of now.  Day and night I'll kill. But where, my son? Where do you go? Down the river. I instructed her when she left. She's somewhere in a village to the south. I leave tonight downstream. And I must not fail. Day after day they glided along the turbulent river. Night after night by their blazing fires and camped on its borders. But Evangeline's heart was sustained by a vision that faintly floated before her eyes and beckoned her on through the moonlight. Through those shadowy aisles had Gabriel wandered before her and every stroke of the oar now brought him nearer and nearer. Have you heard of such a man? No, we have not heard of the blacksmith Gabriel. Oh, I am sorry. He is a blacksmith. Gabriel a blacksmith? No. Multitudinous echoes awoke and died in the distance. Over the watery floor and beneath the reverberant branches. But not a voice replied. No answer came from the darkness. And when the echoes had ceased, like a sense of pain was the silence. Ah, it is a bad night with father. We will stop here. How far have we traveled? About 20 miles. We have reached up a stove with stones. Anna, wait. Did you hear anything? Out there on the river. Oh, it is a fisherman perhaps no more. Can you hear there's someone calling out there? I feel he is close. Somewhere on the river nearby. You know Evangeline, it is nothing. You are tired at the end of the day. We'll rest. You need rest. Name is Gabriel. Gabriel a blacksmith. We have a new blacksmith in our village named Basil. Basil? Quickly, where does he live?  He is sharply blowed. Oh, thank you. Thank you. Who is it? Evangeline? Basil, where is he? Tell me. He's gone. Gone? A fortnight ago in search of you. But we'll go after him, child. He's gone downstream. Downstream? Yes. Then it was his voice I heard. Gabriel's voice so close. After all the numberless hours to pass each other in the darkness. Not that day nor the next found a trace of his course in lake or forest or river. So came the autumn and past and the winter. Yet Gabriel came now. Evangeline child, you can't go on this way. It's three years now. Only three? All my loneliness spent such a short time. No, I am older and my heart is in mourning. Evangeline, the young lad who comes to visit you from the village. Yes. He wishes to marry you. He told me so. You must tell him that I am betrothed to Gabriel. My room is prepared.  Evangeline. I will watch the trees take on leaf and lose their leaves over and over each year until he returns.  You cannot. Evangeline, there is news. We've heard from him in a village near the border in a hospital. Hospital? Do you hear what I say, Evangeline? Yes, Anna. I hear. And I am ready. My darling. Who is in the room? Gabriel, it is I. You're Evangeline. Evangeline is gone. She's vanished from the earth.  No, I dare not believe it. Hope I could see you now. To see you. Hold me. Kiss me. Again. Again. I... I tried to find you. I tried. And I too. I should never have left you. Gabriel, what has happened to our world? Our life? You want it so little. We asked only for the little thing. For a house and food and love. We asked only to live on this earth. Murder came to it. And tyranny. I've loved you every moment. A sleep and a wake. All these years. Thought only for you. And now... Gabriel. Gabriel, talk to me. Gabriel. Sleep then. Sleep here in my arms. In darkness you go into darkness. And so my journey ends. In this room far from war. The world shall one day need your blacksmith's sharp Gabriel. And Benedict's plow. And the peace of cities. After hate is swept from the earth forever. And its killers destroyed once and for all time and forever. Then it will be quiet again. Life for lovers. And the brave generations to come. Thank you, Madeleine Carroll. Ladies and gentlemen, in just a moment we will hear from Miss Carroll again. Meanwhile, we have a story about the way chemistry is freeing ships for the transportation of war material. In 1921, government officials listed 42 strategic materials vital to war which had to be imported, either wholly or partially. Thanks in part to chemistry, metallurgy and their related sciences only 15 are on the list now. What this means to us in our battle against the dark powers of the axis might well spell the difference between defeat and victory. To single out one benefit that means everything to us at this time it means a tremendous saving in ships. For instance, a bridge of ships spanning the Atlantic spaced only a trifle over one mile apart would be needed to bring to America in one trip just five of the many vital war products the chemical industry has developed since 1917. The five new products are nitrates for explosives and fertilizers, chemical rubber, dye stuffs for uniforms for military equipment in your clothing, fibers such as nylon and rayon, and last camphor used medicinally and in the manufacture of many chemical products essential to the war. We used to import all of our nitrates while we still import some much of the nitrogen so essential to war and agriculture is taken from the air by chemical methods. Chemical rubber is coming along. Twenty years ago we imported nearly all of our dyes. Today we make nearly all of them. Nylon is demonstrating its superiority and camphor which the Japanese also used to control we manufacture chemically today from pine trees. Take only those five products. To bring them to America from abroad and the quantities we're using this year or the quantities we used to import would call for nearly 2,700 cargo vessels and the distance from New York to an Irish port is roughly 2,800 miles. So if you space ships a little more than a mile apart between the United States and Europe across the entire Atlantic that's the number of cargo vessels chemistry has set free for other vital war uses. And vital as those ships are to the war effort they're only the beginning of the story. For even if we had 2,700 ships to spare today with the single exception of nitrates from Chile we couldn't get those raw materials to fill them because those foreign sources of raw material are no longer available to us. Modern industrial chemistry however gives America a kind of preparedness that is almost infinitely productive and adaptable infinitely broad in scope providing in war weapons for victory and in peace better things for better living through chemistry. And now the star of tonight's cavalcade Miss Madeline Carroll. Thank you ladies and gentlemen. It has been many years since Henry Wadsworth Longfellow wrote the poem Evangeline which served as the inspiration for tonight's cavalcade yet it is a sad and bitter irony that it could be written about today for today is in no other time in history more people are homeless than it exiled and ever before. If in our play tonight you found more than a story if it reminded you that our way of life is worth the many sacrifices we are all being called upon to make then all of us here will bow with with more than a player's gratitude. Thank you. Next week ladies and gentlemen cavalcade will again present Madeline Carroll the play written especially for her is called I Mary Washington a story of a great mother the mother of our first president. Don't forget next week on cavalcade Madeline Carroll in I Mary Washington the orchestra and original score tonight were under the direction of Don Buries this is Clayton Collier sending best wishes from Dupont this program came to you from New York this is the National Broadcasting Company