Hello and welcome to Mock Warfighter. My name is Jamie Kelly. I'm the Dean of the College of Operational and Strategic Leadership. It's known as COSL here at the Naval War College in Newport, Rhode Island. COSL's mission is to improve the capability of our Navy at the operational level of war, to improve the commanders to lead maritime, joint, and multinational forces, as well as improve the capability of the fleets and the CTF staff members to plan, execute, assess, and to function cohesively as a maritime operations center or Mock. Think education in the necessary skills to lead in our naval profession of arms at the operational level. Now, our COSL faculty is focused on supporting combat readiness at the operational level of war through both in-house courses as well as courses that we take on the road. Our combined force, maritime component commander, and joint force maritime component commander courses are executive-level professional military education for US and international flag and general officers that are designed to prepare them for theater-level combat leadership and the broad perspective of operational and strategic levels of war. The college runs two or three SYFMICs annually with GIFMIC courses just once a year, normally done in Newport, Rhode Island, and the SYFMIC courses within a specific fleet commander's area of responsibility. COSL also connects an executive-level operational level of war course, or ELOC, focused at the senior 06 leadership level. This course ensures that attendees are prepared to effectively participate in the commander's fleet commander's decision-making process and managing the Mock resources. Our maritime staff operators course, or MSOC, provides education and training, planning, execution, and assessment functions, and tasks for Navy leaders that are assigned to a Mock or other operational-level maritime staff. Now, these five-week-long courses are for Navy chiefs and officers that are en route to a Mock or operational-level staff. The student throughput is currently programmed for about 500 students annually. In addition to those courses, we also have an assistant assess team. We partner with fleet commanders and their staffs in order to provide tailored operational-level assistance and education to fleet staffs at their Mock sites, focused on the identification and the sharing of challenges to the maritime command and control, relevant effective practices. And then additionally, the AAT supports the Navy's Mock training continuum, which provides persistent training to our nine Mocks around the globe, while a team also provides assistance to the fleet commanders for jiffmic readiness events. COSL faculty and staff also conduct strategic planning and policy development for leadership and ethics education as they pertain to the college's responsibility a little bit wider for developing operational and strategic-level leaders. In addition to providing educational courses and conducting fleet engagement, COSL's responsible also for assisting in the drafting of several critical maritime operational-level of war publications. Those include the Maritime Component Commanders Guidebook, the Naval Warfare Publication 5-TAC-01, its Navy Planning, Naval Warfare Publication 3-TAC-32, which is the maritime operations at the operational level of war, and finally, the Navy Tactics Techniques and Procedures 3-TAC-32.1 for Maritime Ops Center. And responding to Fleet Demand, we're also in the process of developing a three-month-long Maritime Operational Planners course, or MOPSI, with a pilot version scheduled to begin this July 2013. MOPSI will focus exclusively at the SIFMIC and GIFMIC staff level. It's designed to fulfill and fill critical planner capability gaps between the basic-level Maritime Staff Operators course, MSOC, and the high-end Maritime Advanced Warfighting School, or MAWS, that's on the Navy's professional military education continuum. MOPSI is going to be available to select O3s and O5s and route to Maritime Headquarters in order to build depth and capacity in Maritime Operational Level of War expertise. So today, I'm excited to be here to introduce you to CASEL's latest initiative to enhance the Fleet's ability to command at the operational level of war, Mock Warfighter. Mock Warfighter is an interactive online, we hope it's interactive, online magazine targeted toward naval officers and senior naval enlisted personnel that are serving on the Mock and the CTF staffs, as well as those command agencies, coalition partners, and others who routinely interact with those staffs in order to assist in the development of Fleet MOCs that can efficiently and effectively command, prepare, execute, and assess at the maritime operational level of war. The purpose of Mock Warfighter is three-fold. One, to fulfill the CNO's mandate that officers must possess preeminent expertise and proficiency in planning, organization, and commanding at the operational level of war. Secondly, Mock Warfighter will provide a forum for airing the most recent issues, concerns, and best practices related to the maritime operational level of war. And the third thing is that Mock Warfighter will help contribute to the understanding that Fleet and CTF staffs are in fact critical warfighting enablers that require a cadre of highly trained warfighters that are skilled in this art of warfare. Each edition of Mock Warfighter will include several feature articles written by Mock professionals both here at the Naval War College and out there in the fleet where you are. Design to challenge and stimulate those who are concerned with maritime operational level of war. And one exciting feature of this interactive magazine is that you readers will be able to post comments about the individual articles and you can note either approval or disapproval of both the article and the posted comments. That's my hope that you'll take advantage of this interactive capability of Mock Warfighter as we strive to provide you and all of us a forum for airing the most recent issues, concerns, and again, the best practices that are so key that are related to the maritime operational level of war. We also hope to create a strong feeling of group identity and shared knowledge among maritime professionals at this level of warfare. Another exciting feature of Mock Warfighter, excuse me, is the Commander's Corner which include a video message from military professionals leading in our Navy's operational level of war effort. Think fleet commanders. Recruiting departments will include Mock reservists, Mock senior enlisted, fleet updates, doctrine updates, key Mock reference pubs, Mock best practices, as I've mentioned before, and a Mock staff officer's guide as well as critical links that are required to plan and execute. And in the future, we'll add a Mock Warfighter's toolbox designed to provide you a one-stop shopping location for planners and Mock professionals to access templates, worksheets, sample briefs, and other products that are vital to the success, your success during the planning process. Now as always, we're gonna be looking for fleet input to make this the most effective and value-added online magazine that we possibly can. As mentioned, you readers will have the ability to comment on any article. You can submit also both feature articles and letters to the editor for publication and subsequent issues. Submission guidelines will be included on the website, they are included on the website, and please, please feel free to email our editor-in-chief anytime. As we move forward, our editorial board, which has comprised of seasoned retired senior naval officers, like myself, with hundreds, maybe thousands that combine years, not thousands, a service at both the tactical and operational levels of war. We'll do its utmost to ensure the magazine's content is relevant and value-added to the fleet. And if you like what you see, please share that and share the link for your Facebook feature to a fellow professional. But if you don't like what you see, well, we got no thin skin here and we need that feedback. I hope you enjoy this mock warfighter. It's Kossel's latest effort and War College's latest effort to help the fleet improve its ability to plan and execute at that operational level of war. And thanks for joining us today and for what you are doing to carry out the U.S. Navy's global mission. Be safe out there.


Pray bold prayers, pray big prayers. We often pray based upon what we believe to be reasonable. We often pray considering our own ability and timeline. And sometimes we forget that we're not praying in our ability, we're praying in his ability. So when you approach him, know that you are praying to a God who can do exceedingly, abundantly above all you could ask or even imagine the scripture says. And so when you're praying, come with bold faith.


Hi everyone, Shawn with jaspyscasebrakes.com and jaspys.com where we do all of our personal breaks Doing a 2017 Panini prism football retail personal box break for Matt. He's already picked off his Picked out his box Here it is Now it's just time To find that Pat in my homes Good luck Matt This came out three years ago top-notch this joke and I saw I know you thought Yeah guys send all your good all your good thoughts positive energy Towards these boxes this box and towards Matt See something crazy. I think we could we could will it to happen, right? You can make this happen We got like 30 people between YouTube and Instagram We could make this happen Why not now? Why not today? Why not Matt? Right, of course it is top-notch The one and only that's what I'm hoping for pristine. That's what I'm saying. Why why only why hold out for one? I Here we go guys. Good luck Matt. Let's see something crazy Vance McDonald Marshawn Lattimore Eric Decker T. Y. Hilton Jameson Crowder Derek Henry Richard Sherman Drew Brees Bruce Ellington Cory Davis Eli and Pierre Willie Snead Andy Dalton T's Tabor Ted Ginn Smith Jonathan Allen Green Odell the Con-Treadwall Dan Marino Silver Terrell Gerard Davis Quincy Annunua and Terrell Suggs Jamis Winston Devonte Parker Malachi Dupree rookie Silver Jared Goff Illumination Odell Beckham Antonio and Taylor Gabriel Sanders Walker Instant Impact Juju Smith Schuster Eddie Lacey Isaiah Ford CJ Mosley Green That's the first half Come on second half Luke Keekley Miles Garrett Silver Evan Ingram Silver Jehu Chesson Silver Newton and Hyde With Odell Beckham Illumination again Vaughn Miller CJ Bethard Silver Allen Hearns Green Robbie Anderson Joe Mixon rookie Silver Clowney Ardarius Stewart looks like the Otto John Elway Paul Silver Last part of it good luck Matt see it Marcus May Marquise Lee Jai Jai Leonard Fornette rookie Silver Juju Smith Schuster rookie Green James Connor rookie introduction Silver and still no Patty Mahomes, but You definitely got a lot more of the better rookies this time still no Pat Mahomes, but You had the fornet the juju James Connor Joe Mixon Yeah Oh for two on on Pat Mahomes, so Thanks again Matt And guys that was 2017 Panini prism football Retail personal box break from Matt. I'm Sean with Jaspies case breaks calm and Jaspies calm where you can get personal breaks And we'll see you guys next time


Hello and welcome to the session. Let us discuss the following question. It says the total annual income of Kamal is 96,000 exclusive of HRA. He contributes Rs 500 per month towards his provident fund and pays Rs 5000 as an annual premium for his life insurance policy. Calculate the income tax table by Kamal in the financial year. Now we see that the gross annual income of Kamal is Rs 96,000. Now according to the current financial year, if the taxable income does not exceed Rs 1 lakh, then the rate of tax is hit. And here the gross income of Kamal is 96,000. So there is no tax, so the taxable is nil. So this completes the question and the session by Ferdow take care. Have a good day.


Welcome to video number four in this series and we're now talking about the specification of quality requirements or non-functional requirements. And as we already discussed these address different qualities of the systems. And typical things you have are for instance requirements on the performance of a system, how should be the response time, how should be the capacity, how many users at the same time can it handle and so on. You have requirements on the security, what kind of for example authorization is implemented in the system on a different user roles, do you have to register, how can you access data, is it encrypted and so on. You might have for example reliability, how reliable is the system, also including things such as what happens if there is a fault, if for example the hard drive crashes on the operating system, how do you deal with this, can you anyhow restart and so on. So different things there, usability and I imagine that you have done a lot on that in Marta's course, so how usable is the system. Maintainability, how maintainable is it, is it a modular system, is it testable in a good way and there are more of these. Sometimes you also hear people talk about the illities, so it's all these kind of terms that end on illity, almost all of them. So these are the things we want to look at and they are actually quite hard to address because first of all if you look at development later on it's very difficult to address these in a single part of the system. So it might be that you have a part let's say the software code that writes something to the database, might be very performant, it's very quick but then for example you have implemented the user interface in a way that is quite slow and then suddenly the overall performance of the system is bad and this is an issue we have generally with many of these qualities that it's a cross-cutting concern. You change something in one part of the system and the entire system is affected. That's really difficult to address therefore especially also from a maintenance point of view. If you change something other things might break. So these are a hard thing to deal with but also if we come to the specification how do we specify it is actually not at all easy and I know that in the course you have taken there was one example that says a bad requirement would be to say the system shall be fast. So that would be roughly a performance requirement. The system shall be fast. The problems of course what does this mean? What is fast? Is it fast if it replies to you within an hour? Is it fast if it can handle 10 users? And now the answer might be it's better to say have a average response time smaller 500 milliseconds. So that's already better because you know somehow what is being measured. How does the system respond on average and you know what the limit is? Now there are two issues with that. The first is average over what? Is it enough to measure three times? Is it enough to measure one part of the system? For example is it only things that you enter through the user interface?  So the question is what are you measuring? What are the conditions? So is it the response time when there is only one user? Is it the response time when there are also 20 users at the same time active somewhere else? And why 500 milliseconds? So these are things that are quite difficult to describe. Generally this is already better because it gives you some details but you might want to include some kind of metric and measurement details. So what are you measuring and how do you measure it? What are the experiment conditions basically? And have a good limit and this is indeed in practice probably one of the hardest things. So I've heard stories of companies that said we need to have this limit because everyone writes fast so they just in their tool they just put a default there and say if you don't know what to enter it will be 200 milliseconds and then of course every requirement ended up being 200 milliseconds because no one could decide what this should be. If you have to find a limit there might be different ways to do this. One is for instance to look at literature so maybe there is some kind of study or some kind of material that shows you well 500 milliseconds is roughly the point where users start noticing that something is wrong. They might feel that something is off so that's one way of looking at it. Other requirements I don't have portability here but for example if we talk about mobile phones one source is often to look at what kind of operating systems are people using. There are official statistics that say 98 percent have iOS this version or higher and then you can actually decide okay the limit our system shall be portable or shall be backwards compatible to at least that version or higher. So if you have any kind of literature to base your limits on that can be a good source otherwise you can also do measurements you can test with people and maybe figure out most people thought it was pretty okay at 500 milliseconds if it got more they got really annoyed so then you have an idea. If not it's maybe still better to come up with something if you don't have any idea rather than writing fast but you should keep in mind that this is a cost factor so it might be that 500 milliseconds is double as expensive as one second or 700 milliseconds so then you need to ask yourself the questions is this really what we need can we go any higher because if you can go higher it might be much cheaper but this is definitely the question mark he remains this is not an easy thing to do in practice and in fact many companies do struggle with that if they write down their requirements their quality requirements they you can be pretty sure that they still have problems there sometimes you might also have regulations so depending on your system there might be regulations that tell you what exactly to put in here okay now how do we write them you can have these shallow statements but in fact there are different you can probably find methods for all of these different quality aspects that are specific specific security requirements and so on one method that exists I just want to mention it here is called a language or p language and that's in a way a form-based specification method so it's a language that tells you what kind of feels do you have to have for each quality requirement and things there are for instance fields there is scale that says okay how do you measure this there is metric what is the what is the resulting metric how do we measure for example response time in milliseconds and then there are different there is like a description what is the requirement really about and there are different levels different limits that say okay it must be at least 500 milliseconds we plan to have it less than 300 we wish for less than 200 and so on but then at least you get it you get a range and you can maybe say that okay somewhere in this interval we need to be ideally we're somewhere on this side but if we're here it's still okay so this is something you can look at if you're interested in finding out more about this how do you specify quality requirements that's one method that is fairly popular but other than that as I said there might be different methods in the literature and the general specification techniques still apply okay so this is all I'll talk about specification in general and specifically on quality requirements and we'll now in the next video continue with how to validate that our requirements are actually appropriate thanks for watching


Hey guys, it's Nate A.K. the foot accountant. Welcome back to the channel. Today, I want to take a quick look at the FIFA 21 launch update pitch notes and talk about some of the market impacts that I think we're going to see from this update and from the new information that we found out yesterday from the EA direct communication account through these pitch notes. And I think it's going to affect the market. So I want to talk to you guys about that with the new stuff about icon SBCs with of course the new like EA access is going to look a lot different this year because of objectives and other contents going to be coming out. So there's a lot to talk about and I'm going to get into it fast. I don't want to make this video too long because you guys have already read through this and started to talk about it, but I want to talk about some of the market impacts that we're going to be seeing in the next week and also throughout the course of the year with this stuff related to the launch update with the pitch notes for FIFA 21. Of course, they are made by Yashir, our boy, the lead product manager. Yeah, that's his title GGs. But anyway, let's start off with early access. I'm going to get into this right away because this is going to affect the market a decent amount and it's going to affect what we decide to do with our 10 hours because there's some new objectives in here that we're going to have to decide based on how much it requires and how much time it requires are the rewards good enough and are they worth it for our time during the EA access. First things first, some people ask me is this early access just the October 6 timeframe from the way this reads it says foot 21 kicks off with early access for EA play members starting October 1st and this is called early access. So I'm thinking that everything that is is labeled underneath here is going to come out at some point during the EA access timeframe somewhere between October 1st and October 6th, but it will guarantee to come out October 1st through October 9th. So I'm not entirely sure how these will launch like in terms of if they're all going to drop right away, but it's probably going to be in varying order as we go throughout the game. So first things first pre launch objectives will be a chance to will give you a chance to earn a special early access reward pack which includes an untradable 80 to 84 overall player pick. That's massive. That's actually pretty awesome for the first stage of the game. And if there's other players that are involved with that pack as well, maybe some stadium items that could be kind of cool, but again, it all depends on how much time or what difficulty of the objective it is to complete. If it's just like play a couple of squad battles games and score a goal with a couple players like with to a striker with a three star week footer or better or something like that, then that's a bad example. But that would be easy, right? If it's going to take you a long time to do if it's going to take you multiple games to get that player pick pack, it's not going to be worth it, right?  So that's of course, you know, idea number one that you want to do, but some of these are kind of interesting based on how long it takes, right? Of course, we know team of the week one is going to be out the players that will be in team of the week number one. Those players performances will be this weekend. So today when you watch this video and tomorrow and some of the games that have already been played from a couple of days ago, possibly the league games could be or will be making up team of the week one coming up this next week as we start foot the launch of season one objectives. We're going to have basically more time to get to level 30 experience live friendlies for the first time with a three nation themed live friendly challenge. Again, we'll have to see if there's rewards along with that and the first event Head start and the humans versus machine community event complete the humans machines objectives group to earn an untradable prime electron players pack which I'm pretty sure is 12 players. Six rare. I don't know if you're guaranteed. I think you're guaranteed like a certain amount of golds and a certain amount of like maybe it's four golds, four silvers and four bronzes, but that's a decent pack. So if this humans versus machines objective will take you 20, 30 minutes or two games, I would play two games, maybe even three games to get an untradable prime electron players pack on top of the rewards that I'm already getting. So I don't know how this events is going to shake out what it's going to require, but that's something to think about again. When we're looking at these objectives, we're going to have to kind of make the decision in that first day or so. Is it worth going after based off the rewards that you get because they are untradable, but these are some decent packs prime electron untradable that could help you out of a decent amount and then the 80 to 84 player pick untradable as well. If it's not too much to go out of your way, it might be worth doing now. This is also big market movements from this right here. Once to watch content is actually going to start during early access. The promo itself is not starting until October 9th. We'll read about that in a bit, but there's going to be some OTW content and SBC and a player pick vote. A player pick vote and an SBC are going to be coming out during early access. So technically the very first SBC of FIFA 20 could be a player SBC. Well, the first player SBC of FIFA 20 could be a ones to watch player SBC. Can you invest for this? Yes, I think you're going to be able to invest for it. If you want to check out again, we're going to be looking in that first week or so. Some of the cheapest FIFA 21 players by rating. When they're loaded in here on football, you can see football is ready to go with some of these. I would probably not expect more than an 81 or an 82 rated squad depending on what the player is, but people are addicted to SBCs at any time of the year. If it's a good enough player that the people are is going to think are worth or people in this game are going to think is worth it. They're going to go and do that SBC and you might see some market movement. So that might be kind of an investment that nobody's talking about that you might have to get in on and might possibly be able to get on early on. This first couple days of EA access and then again, it goes and describes the player pick vote. The winner will then get an SBC released during the promo. So down to once to watch. We got three more confirmed players today. Odegaard, Tiago, Hakimi. All right, solid, not bad. They did confirm this is going to be a two week promo just like before last year. They really started to do this two week promo kind of cycle and it looks like they're going to continue with it. So team one is going to be revealed and released on October 9th. So I don't know these guys might not all be in team one. Some might be in team two. We don't know yet. Team two is going to be revealed on October 14th on that Wednesday and then released on October 6th the Friday. So back to back weeks, two weeks in a row with once to watch probably multiple players B. C. He's probably multiple objectives. They're going to want to start the year off strong. So SBC fodder honestly continues to pop back up in my mind is something that might be investable and might be tradable during this period, even though it's so early on in the game, people will still do SBCs if it is a meta popular or just good value player. People will do that. But again, if you pre-ordered the ultimate edition, you're thinking about when do I open my guaranteed ones to watch pack October 9th through 16th when team one is in packs. You'll be able to pack from your pre-order pack just team one players the next week will be just team two. And then if you want to wait till October 21st, which is probably what I'm going to do. We're probably going to have like a once to watch pre-order pack opening on stream link in the description. If you want to join that, we'll have some fun with those and open those packs on October 21st to have a chance to see who we can pull from those packs. It might be worth waiting because also maybe a car that you pull has already gotten an informed. Usually there's one or two OTWs that get an inform in the first two or three weeks just off of especially this year with more ones to watches. It'll be out and released most likely. Then there's a higher chance for that to happen. So that's kind of what I'm thinking with ones to watches. I'm kind of excited. Honestly, for just the amount of sheer content that it looks like is going to be released just so fast and the amount of different areas for content that will have this year. Honestly, for me, it's a bit not scary, but it's honestly a bit crazy to think about all these different areas of content. We could have something new here this day, new here this day and new here on this day and then almost could feel like it might end up being like a cop out for esports at some point, like, hey, oh, we dropped a new a new foot event today, but we didn't drop any SBC. So, you know, maybe some people don't like playing the game or doing the foot events, but they like the SBC. So they might not be happy with that content. So that's just kind of something I feel like we're going to be experiencing throughout the year this year. But let's continue live foot friendlies. They said there's going to be starting with live foot friendlies during a EA access, I guess. So completing certain objectives and live foot friendlies will earn you unique rewards. So that doesn't sound like incredibly tasty off, you know, just reading that, but it could be good. All right, let's go into programs because this is also big before we get into icon SBCs. Meaningful moments, right? Player programs. When I first thought of this, this is what this is what I imagine what player programs were like, and I could be wrong with this. Maybe it's Lee SBCs, but I almost think that these milestone players might be what they're calling a player. Because if you kind of read what they were before, certain player items moments will now reflect real-world footballing moments. No, league players. League players is what I'm thinking might be. Well, yeah, right here, man. This is what it says. Serie A league player, right? So these are the league players that we had last year, these objectives, right? With Poletano, the Bundesliga had Verstraat, we had Shoji, Moigomes, Trossard. I mean, a lot of these like weren't that insane, you know, but hopefully this year they're better. And, you know, looks like there's going to be opportunity for more of those this year with some changes with static permanent upgrades, which is okay, it is what it is. And they're going to be completed throughout live foot friendlies. So again, they're trying to make it not as sweaty, I think, through some of these objectives. And that's number one thing here through these league players experiment with squad building to satisfy the objective requirements. Interesting. Not with a more even playing field. That's what they're trying to do, right? Because people are so mad about all the objectives being in rivals and being sweaty and everything like that. Seems like they're trying to move away from that with this feature here. Flashback errors. This is kind of cool. It almost feels to me like it's like a snapshot in time which is exactly what it is. And then they're going to increase or decrease the rating based on where that player was at that certain point in time. Here's my thing. Why do you have to decrease the player? Why do you have to decrease the stats? Why can't you just leave it the same and then upgrade the sprint speed in this example and upgrade that flashback era item just for that time and maybe leave that defensive stat where it was. Why do you have to decrease it? I know it's everything in FIFA recently. The past couple of years has just been moving more and more and more towards just like in real life and everything is being more realistic and is real and you know what I miss and maybe you guys do too some of the arcadey field to the FIFA gameplay. It seems like they've been moving more realistic with the gameplay as well. And I see that again here like that's one of their goals I think is to make this as most as lifelike as possible in terms of gameplay and even with some of the content they're releasing putting players and their stats matching a point in time. So that is kind of cool but also interesting that they're going to lower stats which is kind of weird and then this is the new meaningful moments that we talked about earlier. We're not entirely sure how this is going to show up and how they're going to be upgrading these cards whether it's going to be like through a team of the week or just promo cards or through objectives but they're going to be able to upgrade an individual stat item. So of course the Trent Alexander Arnold with the dead ball specialist with the free kick attribute they'd be able to raise that without impacting his short and long passing stats. So it just gives EA more chances to upgrade cards. This really wasn't new information. The flashback era is pretty cool. That card design hopefully is dope and we can have some really really neat cards based on that. So I think out of player programs that's the one that I'm more stoked for and again that's more SBCs probably some more objectives as well and that makes the market move because you have cards that are required for SBCs. You know maybe Brazilian players get to score goals with a certain nationality certain league you know and that just makes cards move on the market. So we have to be in tune with that stuff a lot even more than in the years past because objectives are going to make the market move this year more than they ever have with requirements just amount of hype on objectives and stuff like that. So last but definitely not least we're talking about icons and I want us to talk about this forever. I know a lot of you guys already have but icons are sort of the same as last year but also they're different because use me icon SBCs are back all right and I know that's pretty hype but there's a couple asterisk I guess it's like icon SBCs are back don't get super hyped because EA but the base middle and prime versions and moments versions it's going to be the exact same as last year base and middle start off in packs base go out of packs in December middle go out of packs in prime primes come into packs in December and then moments come into packs in February so that's the exact same as last year icon SBCs are back though and again this is awesome for people that just like to grind the menus and like to be able to attain a version of their icon hopefully through an SBC and not having to grind the gameplay and this also means a ton for the market in terms of cards that will rise for SBC requirements SBC fighter might maintain more of a more consistent price this year than last year going all over the place at certain times that's going to be some constant demand for those SBCs that we didn't have as much last year so that's going to be interesting and this honestly to me in terms of SBC fighter and investing is going to look a lot more like could it could look a lot more like FIFA 19 a combination of FIFA 19 and FIFA 20 where inform investing where discard informs were very investable if they were high enough rated because people were turning in those cards for icon SBCs all year long and there was consistent demand taking those cards off of the market when they weren't getting any more supply so right away looking at this discard inform investing I think I might have to dabble in that early on this year we'll see of course they said here the first icon SBC will not be introduced until late November and if you actually take a look back at SBC fighter cards from last year that is when all these cards bang because late November of last year November 20th 21st 23rd I think the day was or maybe the 20 23rd was when we got the repeat the repeatable baby icon SBC last year on this November 23rd time frame so it's basically I would expect this graph for your Reese's new card this year in FIFA 20 to look exactly the same as is graph last year it would it would stay high become SBC fighter get really low and then spike when that icon SBC would come out the first day as long as it is a popular player of course it's not repeatable so there might not be as much demand but it's an icon SBC and people get kind of excited about that now the only issues that I have with this icon SBCs are not available permanently they're only available long term and they can be re-released this is basically just EA covering their backsides and saying hey we are just open we're going to write this sentence in here so that we have the ability to re-release icon SBCs at some point if we want to do that so I guess that's a possibility and a risk that you take if you do an icon SBC early on in the year just kind of have to weigh the value of I'm paying more for it now it might be cheaper later is it worth the amount of games or you know the availability of that card in my club now then just waiting a couple of months to get the SBC card later and that's what basically this means right here the re-release date and stuff like that I highlighted this though specific versions of icons will only be eligible eligible for SBC released after they've been released impacts for a period of time so in November when we had those first SBCs literally the only cards that we will be able to have icon SBCs for will be baby or middle items because those are the only cards that are impacts and here's the other one no specific version of an icon base card prime card SBC will be released again through icon swaps and vice versa so here's a hypothetical example let's say they release a Fernando Torres middle SBC in November first SBC people are hyped Fernando Torres new icon gets an icon SBC Fernando Torres will not be in any more icon SBCs or icon swaps for the rest of the year so it's kind of like how last year if a car was in swaps and it was its baby version you would never see the prime or the moments version later on down the road same thing here but that also includes the SBCs this year as well so if there's one player that you want to get like let's say you want to get Fernando Torres you're going to have only like one option to get that card untradable through either an SBC or through an objective that's the only issue with this that I'm not a huge fan of I wish they would make all the cards readily available at least a couple different chances for a couple different versions of the card throughout the game through an untradable system but speaking to icon SBCs just the last part this is a big one because this again screams FIFA 19 to me we have to be careful with this but you're going to see a lot of people start investing in icons as early as the start of the game there's going to be people that start buying icons and chucking them on their transfer list for that end of November timeframe and especially like with this graph with Hugo Eurise what you're going to see with icons is is they're going to get low they're going to be forgotten about it's just going to be like last year and then people are going to remember towards November timeframe as we get in closer to Black Friday Hey icon SBCs are coming icons might be required now I would expect icons to be required later on in the year maybe in like a January February timeframe around team of the year as you know primes come into packs and if they release any of the top level prime cards you know icons the SBCs that required icons are more the upper tier higher be required they're leaving that option open and I think you're going to hear a lot of people that are going to invest in that and it's going to be very profitable at some point this year for sure so that's icon SBCs they are back but you know they're back right but they're back like they're going to be out in the game so that's hype and GG's EA for that thank you for listening and at least putting those back out even though it may not be the same ways before icon swaps is basically the exact same it's going to start later this year which is interesting for me and there's going to be a greater mix between icon and pack rewards and the pack rewards are going to cost less tokens which is a GG we like that EA sports that's going to allow for just a lot more possibilities for let's say you get 24 icon swap tokens and an icon pack only costs you 8 8 swap tokens instead of 18 like it did in one of the first one or two sets of icon swaps that's just going to allow you to get more icons in your club and one person mentioned to me today and I think is a very good shout you're going to be able to get icon SBCs or do icon swaps and then get an untradable icon and shut that into SBCs so if there's like 24 tokens available and you can get three icons for like you know six seven and eight tokens I don't even know if that math adds up which yeah it does right it's 8 and 7 15 plus 6 23 so yeah you could if there's that option there which EA is probably thinking about already thinking about that through and maybe not going to get all your tokens and then get three untradable players that you then use to an icon SBC that you wanted if the SBC is better than the swaps just something to think about if they're making some other rewards for player token values less all right just something to kind of think about there companion app is coming out on the the web app first September 30th which by the way you can access if you don't have a PC if you have a tablet or a phone you can actually go on the companion the web app you can go on the web app on your phone if you go into an internet browser and view as a desktop you can actually do that so that's just kind of a hack for you guys if you want to do that there's also going to be these competitive game viewership rewards so basically that just means watch the events link your Twitch and their EA accounts and then leave the tab open you don't even have to watch and you'll be able to get these tokens that you can redeem for packs which is the GG last thing put foot pre-season rewards all those packs that we grinded objectives for they're going to be available by October 16th so hopefully they're available right away but they're telling us that at least by October 16th they're going to be giving us a lot of stuff so again really quick wrap up there's a ton in here there is a lot to talk about and honestly the stuff that I'm worried about the most right now is early access and the ones to watch because these two things are going to be affecting us right away off the rip and we're going to be seeing the impact of these new SBCs of these new objectives right away all right so this is what I would focus on right now if I were you guys because I do think this is going to impact the market think through maybe how this might even impact your start to FIFA 21 and as we see these objectives roll out next in the next four or five days as the game is released we'll kind of dissect that stuff then when we have more information but sorry for the long video I just want to give this information out to you guys and hopefully you did enjoy it if you did smash a thumbs up comment down below if you have any questions and subscribe the channel if you're new it's been Nate The Foot Accountant catch you guys later peace out


I read it almost every day. I listen to the podcast. I'm a huge fan. I feel like it's the trusted source. Adweek is definitely a publication that's inspired me in my creative process because I always love to start a creative process with an insight. You have, as you're developing in your career, your sources that you go to for inspiration to see who's doing what, where the best work's happening, what kind of trends are affecting work. I get the information. I get the examples of what great brands are doing. Maybe what they're not doing well. And it makes me think differently about my business. Adweek is a source that you go to to aspire to learn to get educated so understanding trends in the industry, what's happening in the competitive set and also just tangentially in other, you know, other pockets of the industry. So that always is something that I love staying connected with and then using to spark new ideas.  And I also think all marketers and advertisers aspire to be covered by Adweek. It really means your work has made a difference and broken through. I don't know what I'd do without Adweek. From everyone at Diageo, happy 40th anniversary Adweek. Happy birthday, happy anniversary Adweek from the Domino's family. Happy anniversary from Refinery29 to everyone at Adweek.


How's it going lads and ladies? It is Petrifying Pumpkins here and today I am back with a PSV or news video. So not exactly hot off the presses with this, this has been known for a while now. I've got a couple things to talk about. The first thing I'm going to just jump into is something that has me kind of depressed. And the reason I'm somewhat depressed is that for, I want to say over a year now, we've heard about this kind of mystery. Triple A open world virtual reality game that Rockstar Games were working on. Now not actually Rockstar Games, the studio themselves, but they had this kind of satellite studio somewhere in Australia called Video Game Deluxe. I think we'll go into the article about it in a sec and we'll know for sure. But those are the guys who did the LA Noire virtual reality case files. And from what I can tell, they're just, they just do virtual reality stuff for Rockstar Games. And they kind of, well, they didn't officially hint us or tease us. It was just something that people gleamed from job listings that they were working on a triple A open world virtual reality game, which kind of got all of us speculating excited. You know, what was it going to be? Was it going to be an original IP built from the ground up for virtual reality? Was it going to be GTA V Red Dead Redemption 2? Perhaps something like that. Fast forward to last week or so when Mark Zuckerberg and the Facebook gang had their kind of presentation or showcase or whatever you want to call it, where they revealed META was the new title of the company instead of Facebook. So it's the META quest now instead of the Oculus Quest. And they revealed that they had got their little reptilian hands on exclusivity for GTA San Andreas VR. So we didn't know at the time my fingers were crossed that this wasn't the game, that this Australian Rockstar Studio, satellite studio, whatever they were, video game deluxe, that this wasn't what they were talking about when they were making those job listings over a year ago. But Jamie Feltum over here from UploadVR dashed my dreams and my hopes against the wall back on the 1st of November. GTA San Andreas VR is developed by Eleanor VR Studio hiring for multiple projects. So there isn't a kind of a silver line in here. It's not all doom and gloom. We'll talk about that little part at the end as we get to the highlights of the important stuff. So the upcoming virtual reality version of Grand Theft Auto San Andreas for Oculus Quest 2, which by the way didn't show a glimpse of it, not even a screenshot. So we have no idea what that looks like. I'm assuming it's going to be kind of running on the remasters that are coming out soon. It's going to have that kind of a style to it.  We'll wait and see. It's been at least partially developed by the studio that teased the AAA Rockstar Virtual Reality game in mid 2020. So back then they stated that they were gearing up for a new project, a AAA open world title in virtual reality for Rockstar, tantalizing stuff. And then Mr. Zuckerberg did his thing. And since that announcement, they put out a new LinkedIn message saying, and yes, their company name is indeed Video Game Deluxe. So they confirmed that this new version of San Andreas is at least one of their projects it's been working on. So as announced at the Facebook Connect event, we are beavering away on one of the world's best love games for viewer. The post reads, we are heavily recruising for this and other projects. So there is that glimmer of hope that this isn't the only thing. So maybe they're still working on GTA 5 virtual reality on the side. This is just what they're doing for the quest.  Whenever the hell that's going to be revealed, rumors are saying December, we wait and see. The developer is encouraging anyone interested in joining the studio in Sydney to reach out. It's not clear if Video Games Deluxe is the only developer behind the upcoming port, nor if San Andreas viewer is definitely the exact AAA viewers title the studio teased last year. Again, just that little bit of hope.  I'm not sure how many projects they can realistically be running at the same time. Fair enough, you can be developing one game like San Andreas and maybe you can be like working on another title in pre-production, but to have both of them going full steam ahead at the same time, maybe a little bit more unlikely.  You know, it could be a case that they're not the only studio working on us. And if that's the case, there's a, you know, a bigger chance of us seeing GTA 5, Red Dead, something like that on PS4 or 2, 5, viewer, whatever. So that's the first thing I want to talk about. The other thing I wanted to talk about was this event that may or may not be happening in December. Now, this is kind of extremely late. This was at first teased back in, was it September? I can't, yeah, this article is from September. So basically some guy from Redis, given details, apparently he correctly predicted when one of the showcases was going to be. So that's given him some credibility and whatnot. That's not necessarily why I'm listening to him or why I'm kind of intrigued by this is because AJ from, you know, without parole slash PS4 or underground has been teasing this on Twitter. We're not teasing us, but, you know, suggesting that as possible. There's a rumored showcase going to happen in December. And of course, without parole were the ones who leaked all those details about PS4 or 2 slash PS5 viewer, whatever it's going to call. I wish they would have leaked the name of us so I could stop doing that little dance. So it is possible that they know more than they're letting on.  But they might have some kind of information.  In which case it's, you know, something you should definitely take with a bucket of salt. But, you know, if we're looking at this logically, this person has came and that a PSX event is going to return. So PSX events are PlayStation experience, the full title, where these kind of fan events that PlayStation used to do during the PS4 years and then they stopped, but they were very good. They would reveal like really good games like Uncharted 4 was revealed at one of these things, I believe, and lots of cool shit like that. So PS viewer 2 being revealed at something like that seems plausible. You know, it's a big enough kind of event that people will be looking. Boss, keep in mind, it will be kind of competing with Jeff Keely's game awards. So I mean, you have to see how that's all going to work out. I don't know. But yeah, if PS viewer 2 is coming out next year, and I do believe it is. I think most of us kind of agree at this stage. You will be coming out next year. Then surely they're going to reveal this thing soon. I mean, Project Morpheus was revealed, I believe years before the PS viewer 1 came out.  So this isn't something I want to go in too much in detail with and like in terms of reading out this article and going into the sources because I've gone through the sources and it does seem kind of, you know, a little bit like you need an awful lot of salt because this person has a history of also like bullshitting and stuff in the past. Apparently. But just keep in mind that December could be when we'll hear something about PS viewer 2. Fingers crossed. So yeah, and with that, I will end this video. Let me know what you think about this whole Rockstar thing. If you think there's more than one project going on there on the side, maybe Sony have their own exclusive lined up from Rockstar, which would be nice. It seems like there's going to be a big battle between Facebook, well, Mesa and Sony over snatching up kind of exclusives now. Facebook are getting Mesa. I'm going to have to get used to saying that.  I think it's probably the correct term, which is good for Quest fans and whatnot out there. But it's going to have to force Sony to react in kind, I would imagine. And then let me know your thoughts on, you know, when are we going to see this? If it's not if we're not seeing the PS viewer next month, when are we going to see this thing? You know, PS viewer two, I should say the next generation PS viewer headsets. And with that, I end this video. Thank you very much for watching. And in particular, thank you to the Patrons whose names are on the screen as we speak. They are the top tier Patreon supporters, tradition, chrome, Pete Hawkins and Daniel the pumpkin patch kid. Thank you very much for that support. It is greatly appreciated. I know my output has been shockingly poor in the last few months. And I'm going to try and work on picking that up a little bit. So maybe getting some streams and stuff back up as well. So yeah, thanks for the support and I'll see you in the next one. No, I won't because I still have to give more thanks. I just thank Decepticon for letting me use his music in all my videos. Man, I'm all over the place.  And I think with that, I can end this video. And this is where I tell you to stay nice and moist. So stay nice and moist. All right, bye-bye.


Welcome everybody to today's panel. Big thanks to the Columbia MSRED program within the Graduate School of Architecture, Planning and Preservation. Rebecca, thank you for organizing this panel. We have a lot to cover today. The title of the panel is Disrupture. We are talking to some of the top minds right now looking at the future of work, the future of real estate in different and creative ways. We're very excited to have them here. We have a panel that is so august, so respected in our industry. I won't introduce them. They can go around the horn and introduce themselves. Just a few housekeeping issues before we get started. We are going to go around the horn for questions to all our panelists, have a little bit of an open discussion.   My name is Zach Arons. I'm a co-founder and partner at Metaprop. We're an early stage venture capital fund focused on PropTech. I'm also a professor of PropTech at Columbia GSAP in the MSRED program. I'm thrilled to be here. In case you miss the live stream of this, it is being recorded. The recording of this broadcast will then become an NFT and I plan to sell it for a hundred thousand dollars and donate the proceeds of that back to Columbia. So if anybody's interested in that, please DM me afterwards. So anyway, let's get on with it. We have a lot to cover as I mentioned. I will introduce our panelists. We will start with Thomas Hennessy. Thomas, please introduce yourself. Tell us a little bit about who you are and what you do. Pleasure to be here. Thanks to Columbia for inviting me to participate. Thank you as well. And my name is Tom Hennessy. I'm managing partner of growth strategies at Hennessy Capital. And I also serve as co-CEO of a SPAC called PropTech Investment Corporation too. Our organization Hennessy Capital has sponsored eight SPACs about a billion aid of equity over the past nine years. We've been one of the leading independent sponsors of SPACs over that period of time. And I'm really privileged to be here with all of you today to talk a little bit about SPACs and PropTech and public equity markets. Thank you. Thank you so much, Thomas. We're very happy to have you. Next up, we have Noah Greenberger. Noah Jerome, you wanna introduce yourself? Good thing. Pleasure to be speaking here. Noah Greenberger, I work as an investment strategist for my family office, Time Equities. We're primarily in the real estate market, but over the past 10 or 15 years, we've got more involved in the public equity and the hedge fund side. I specifically work in identifying new growth technology markets to invest in. And I've also started my own technology startup called Merge. Thanks very much. Happy to have you, Noah. And last but not least, Ryan Siminetti. Great to be here today. Special thank you to Columbia and the best MC out there, Mr. Zach Arons. Ryan Siminetti co-founder, CEO of Conveen, we're a tech-enabled hospitality brand and services platform that partners with both commercial landlords and also progressive organizations to design what we think are premium places to meet, to work, and to host inspiring events. And we also have a suite of digital technology solutions, primarily to support virtual and hybrid events and conferences like the one we're hosting today. All right, thank you very much, Ryan. So let's get right into the meat and potatoes of the questions. This panel was tasked with investigating the long-term and medium-term impacts of return to work paradigms in our new world. Our new world has been impacted by COVID-19. We're seeing new trends in how people approach their lifestyles, how businesses look to hire, how businesses think about operating and running their own real estate. These things are changing. They're changing very quickly. We've all seen technology adoption accelerate as well. So I'll start with Thomas, an important, he's a humble guy, but it's an important to level set that this gentleman has been in the SPAC game since before it was cool. He's sort of like the Satoshi Nakamoto of SPACs. If you can think about him, if you want to use a crypto analogy. So I want to just get at the heart of the intersection of future work paradigm and what you're looking for, Thomas, as you have a new SPAC in the market, probably looking to make an acquisition, is are some of the trends you've seen that have happened in the past year impacting your decision of what type of company you're looking to buy? Maybe if you can take us through your thinking right now. Yeah, sure. Well, I'm not sure SPACs are cool yet, but nonetheless, it's been a pretty dynamic market over the past year. So just to level set a little bit, we raised our first PropTech SPAC not too long ago, about a year and a half ago in November of 2019. And we closed on our first business combination, SPAC IPO with a company called Port Group, PRCH, which is now traded on NASDAQ. And Portch is a vertical software platform for the home services category. So they provide software, ERP, CRM to inspectors, moving companies, roofers, everyone in and around the home. And the home has become really important over the past year. The tailwinds in the residential category in single family are tremendous. People are spending more time in the home, and I know we'll discuss this later on the panel here, but people are spending more time in the home, they're investing in their homes, they're upgrading homes, they're renovating their homes. Why? Because we're spending more time in our home. And so it's a really important topic today. So as we see what's happening in the SPAC market, the SPAC deals that have gone public, let's say Matterport, which is a 3D visual, spatial technology that allows you to essentially Google maps or Google Earth through real estate, through a physical space, through an office, through a multi-family asset, through apartment leasing. With porch, you have the vertical software platform that allows people to do their jobs easier from home. So increasingly with HIPPO and Latch, smart access, so you don't have to touch the doors, a lot of these deals are going public. State's title, which is now called FILMA is another one. There's some really compelling companies that are going public that are accessing the public markets because there's tremendous tailwinds behind their category. In terms of what we're looking at and what we're focused on, we're looking for category winners. So we're somewhat agnostic, whether it's commercial, residential or construction technology focused. We're looking for businesses that certainly have held up well, demonstrated the KPIs and perhaps tailwinds through the pandemic. And you're increasingly to see some of the businesses that are going public today with some of those tailwinds. All these investor presentations are available for all of you to go look up. So any of these public deals with SPACs, you can type in the investor deck and go to the websites and take a look for yourself. Thank you very much, Thomas. We will circle back to you later on SPACs and some other trends. I wanna pivot the conversation a little bit to Noah. Noah, you have experience investing in hard asset real estate and now more recently running your own company, your own tech media company. From our experience with our portfolio of PropTech startups, almost every CEO is now thinking about how they can leverage labor arbitrages, become a truly global organization even if they're small. Essentially maybe have a team in India, a team in Ukraine, a team in Argentina, figure out how everything's supposed to work from a time zone and culture perspective, but essentially run their business that way where the company's never sleeping. How have you changed or maybe not changed your approach as a CEO due to this new explosion in work from anywhere culture? I was fortunate enough that maybe about a year before the pandemic started when I was first forming Merge, we made a top level decision that we wanted to keep the business as fluid as possible in the event that we wanted to change headquarters cities or anything like that. So we began building it, utilizing all these modern labor tools, things like Upwork and Fiverr from everything from graphic design artists to web development. And even in some instances, I was hiring heads of VC funds as consultants who lived in New York, maybe 10 miles from me and we never met. We worked together for an entire year and this was before the pandemic once again. So I think we're really seeing a new paradigm in employment and in the way that you can create these real and productive connections with people despite distance or even in the case where that's not a factor, it might just be simply more convenient. Very interesting, thank you. So Ryan, you're a CEO, but you're also a provider of physical real estate in the felt world and that's been your business model for many years, for over a decade. So how did you, this new trend that NOAA is alluding to, how did that impact people's desire for a third space, a place to physically congregate and how did that force you to move your business more digital? Yeah, look, I think one, when I think about COVID, I think about it as the great accelerator. I think as NOAA pointed out, this shift towards a more distributed workforce, that was happening pre COVID. The desire for choice, flexibility and experience from a talent perspective, we've been doing research on that for the better part of a decade and that was the same three things that people wanted nine years ago when we did that research. I think it's being accepted at a cultural level within organizations in a way that it never was in the past, including at the most senior levels of an organization, C-suite down. And we were in a war for talent before and we're in a war for talent coming out of this. And if I even look at my company today, while of course we believe deeply in the power of physical space and human to human connections and we do not see technology ever fully replacing that, we've adopted a remote first policy ourselves. I mean, if I look at our team today, our product and engineering team, our company more broadly speaking, we have people working all over the country. This was pre-COVID and has been accelerated during COVID. We built a pretty significant engineering presence in South America, where we've got a team there that's been working closely with us on our new virtual and hybrid technology platform. So thank God for us, we had started this digital transformation about four years ago and we believed at some point the future of work would be hybrid. HQ at home, third space, we believe it would be hybrid in the context of physical and digital. And if anything, all we've done since COVID is dramatically accelerate our capability on the digital side. And I talked a little bit about our virtual and hybrid platform when I kicked off, but since COVID where we built a platform where Zoom and Microsoft team stops from an experiential perspective, we pick up. And we've hosted hundreds of virtual events over the last year since launching that platform. That will be from a dead stop, probably a $15 million revenue business for us this year alone from zero, 12 months ago. We were recently picked as a collaborator with Marriott Hotels, where our virtual and hybrid technology platform will actually be running the hybrid experience in a thousand full service hotels around the world where we now actually get to decouple the convene experience from our physical spaces, which is something we've always aspired to do, but hadn't really figured out the right way to do it. And I feel vindicated to some extent and validated that we've been preaching hybrid for a very long time. And I think we're very well positioned. Obviously the last year has been brutal for anyone in our line of work, but I think we're really uniquely positioned to serve our clients in this new hybrid future with the new capability that we've built. Thank you. So just to clarify, hybrid was sort of always on your product roadmap and the digital component was accelerated with COVID. Dramatically, I mean, we thought we were probably three to five years away pre COVID from true, what I would think about is true adoption of hybrid at a macro level, not early adoption, because it's tough to build a business of scale and with our only early adopters, but now that became reality literally in 12 months. I mean, I think what we thought would happen over five to 10 years has literally happened in less than a year. Very interesting. Thank you. So let's pivot back again to Noah. So with what Ryan's saying, how important is getting together physically for you and your team? And if it doesn't make economic sense anymore to sign a 10-year lease or even a shorter lease, what does it mean do hotels become more important? Do retreats become more important? Do places like convenes become more important? Can you walk us through what you're thinking about providing for the team in the future?  So one of the things I had in mind was actually sending out our top team members virtual reality headsets to do, as you say, a hybrid of in-person and virtual conferencing. We've had really great success using tools like Zoom and screen sharing to do complex segments of the web development process that I always assumed would have to be done in person so that you could go over each piece of minutia in detail, step by step, but really the tools that have been made available in the past year have dramatically changed the digital working ecosystem. And we've had, obviously as a real estate company with massive quantities of square feet of office space, we've had every opportunity to set up an office in several cities, but ultimately, we made the decision that the way that we're doing things appears to be working. Luckily, I'm a bit of a nocturnal person, so the South African engineers, ours don't seem to bother me. Thank you. And putting your sort of real estate acquisitions hat then on for a second, where if you were looking to acquire commercial real estate right now, where would you want to do it? What type of asset, a suburban office now, all of a sudden more appealing is CBD still, is it Gateway City, is it maybe tertiary markets like Boise, what are your thoughts on that? Well, we left the New York market maybe three years ago. We wrapped up on a luxury tower downtown, 50 West Street, and after that, we kind of felt that the luxury market was flattening. And I mean, during COVID we experienced pretty phenomenally bad metrics from a lot of our retail and commercial assets. Commercial office-based did okay, but I think retail was pulling 40% rent rule or something like that. What we've been mainly doing for the past couple of years and our general strategy of approach has always been to look at really devalued markets. So like in the past couple of years, we've been going into the Netherlands recently and buying up considerable amounts of office-based there because they went through essentially a crash and that means that the assets are cheaper and we like cheap bricks at the end of the day. It's hard to lose that gamble. And for the past five years before that, a little bit contrary to my advice personally, we were going around and buying up outlet malls and shopping centers across the Midwest and there was some potential for kind of an office, retail, experiential workplace community centers there because it's the only building for 150 miles or so. Yeah, that was a trend we were seeing. The repositioning, not so much repositioning, it's really re-imagination of the suburban mall and does this become the community center? Does this become the new church, co-working, gym, mall owners for so many years were reluctant to put tenants like gyms in their facilities. They were hesitant to put a convene type of location and now we're seeing an embrace partially because the dry goods retailers have been struggling but also this is sort of the wave of the future and to your point, there aren't necessarily small towns scattered about in the United States in the same way there might be in Europe. Anyway, thank you for that. Pivoting back again to Thomas, how do you view, you were mentioning Porch which is the company that you successfully de-spacked and the amazing tailwinds that are really results of fundamental undersupply of housing, migration patterns, record low mortgage rates and people starting to care about their homes a lot more because they're spending a lot of time in them. We've also seen a phenomenon of people starting to care about their investment portfolios in a way that they maybe never did before. I trust my person. I put the money in an ETF. Now it's become almost like sport and in fact with sports sort of shutting down for many the stock market sort of became and I bring this up because I follow what we call FinTwit on Twitter and the subreddits and whatnot and Porch is actually spoken about very, very favorably in these communities of retail investors. They love the stock. They think it's got a lot of tailwinds and a really great management team. So anyway, long lead up, but in your SPAC practice how do you view the emergence of the newly empowered levered up and organized retail investor and how does that impact some of the decisions you might be making or not for which companies you're looking to do business with? Sure. Short answer, we view it as a very positive trend and absolutely yes, the retail investor it's pretty clear that working from home is fueling retail activity. So mobile app downloads for retail brokers are way up monthly downloads of Robinhood and Webull are well above the old guard like TD Ameritrade, Fidelity E-Trade and Schwab and web traffic for retail brokerages is at an all time high. So Fidelity still leads the pack but Robinhood is now second on a monthly in terms of monthly visitors. And we think the large sophisticated investors as you said, Zach are now following the message boards and following Reddit because retail investors cannot be ignored. There is a real David versus Goliath narrative and I'm not suggesting that there's a bad player, bad actor and a good actor. That's not what I mean. What I mean is that they're small players and large players and we certainly saw that with respect to the GameStop saga but the data is pretty clear. And so just a few stats from Goldman's chief US equity strategist. So they're now following the dollar value of small lot trades, which is a proxy for retail trades and that's risen by about 85% over the past year. Households will represent the largest source of demand for US stocks in 2021. And that's an estimated net purchase of 350 billion. And we don't think it's stopping. No one believes it's stopping. US households have accumulated over 1.5 trillion and excess savings. And that should rise to about 2.4 trillion by the middle of 2021. So how does this affect any public market participant? Well, overall we think more retail participation very positive. As I said, it diversifies shareholding bases that drives more demand. And yes, there will be some volatility as the large and small players kind of come to an equilibrium over time. And certainly the retail activity will likely dissipate as individuals start to go back to the office and they don't have as much free time or perhaps they're not in front of their screen for as many hours. But the activity is tremendous. It certainly is something that everyone should take notice of and try to understand the data as you're investing as an individual in large businesses or small businesses. From our SPAC perspective, it's important to diversify the shareholding base. Primarily we deal with large longterm fundamental institutions that are investing into the likes of porch or any of the other SPAC deals that I mentioned. They're investing because there is a supply demand in balance today. There's a tremendous amount of supply of capital within the public equity markets. And there's not enough, there's a tremendous amount of demand and supply of public equity capital markets but not enough supply of companies. Small, high growth businesses, small cap, medium cap businesses coming to the public markets. There's probably around 5,000 publicly traded companies today and that number has gone down over time as large private equity investors have taken companies private and there's been a lot of consolidation. So the investable universe is smaller and so public equity investors have fewer areas to invest, fewer companies to invest in. And so in part, SPACs are providing that supply, bringing high growth, exciting businesses with high quality management teams to the public markets. And the good news is that retail investors get to participate in that. It's all disclosed, very similar to a traditional IPO. As I mentioned earlier, the investor presentations are all public for you to review. And so you have the opportunity as a retail investor to participate alongside some of these very large institutions and participate in that same type of growth in return profile. Sorry, can you repeat what you said? I didn't catch what you said. I was just on my Robinhood account. Can you just repeat it? I'm just kidding. There was an awkward silence there for a minute back. I think he said he's not a cat. I'm pretty sure I caught that. Thank you very much, Thomas. It's truly fascinating. I think people consistently underestimate the power of these investors. And what I tell people is ignore them at your own peril. And I think your point about the, which is not talked about often enough, the sort of 30-year bull market we've experienced in this country in private equity has taken so many companies private that would have been public and that maybe there is this fundamental supply-demand imbalance. And even if there is an over-correction and the market sort of gets flooded with these SPACs, at the end of the day, we're actually sort of reinvigorating a market that was dormant for a while and we just didn't realize it was dormant. Anyway, I'll go back to my, yeah, go ahead. Sorry to interrupt. There's one more point. I mean, we're always speaking, most of the media is speaking about retail investors who are trading from home, but the truth is that also the large institutions are also trading from home in front of their desks. And when we're going out on our roadshows to either raise capital for our businesses in the form of a pipe, private investment in public entity or raising a new SPAC, we're speaking with some of the largest, most sophisticated and large institutions that are working from home, just like everyone else. And the roadshow, as we knew it, to go around Manhattan or Boston or any other major money market doesn't happen anymore. There's virtual bell-ringings. There are no longer in-person bell-ringings. And so I think we have to acknowledge in the topic of this panel is working from home, but it's not just retail. It's really across the board. And so, and these large hedge funds are terribly efficient, terribly efficient when you're able to work from home and take back-to-back Zoom meetings for 30 minutes at a time and evaluate new investment opportunities, either roadshows or pipe investments and so on and so forth. And so the financial markets are moving more quickly because everyone has become more efficient and that dynamic environment is creating some of the volatility we think in the markets today. Anybody else wanna speak on this topic? I'm just wondering if there's any chance I could get some reduced fees from all that efficiency, Thomas. Yeah, I was an investor in Matterport myself and it was pretty expensive. Well, as markets mature, certainly fees are compressed and you see that across any asset class. And so, yes, I think in any asset class, especially in real estate and all across real estate in brokers, for example, Compass filed their S1, I mean, you go across any category of real estate and I think there will be fee compression as markets become more efficient. I think the biggest thing though that Thomas said is supply and demand, right? And you have a limited supply of great companies and you have a relatively unlimited supply of money in the system today, right? Every government in the world has been printing money for the better part of a decade and in particular the last year. And now is gonna be further accelerated with massive fiscal stimulus on top of the monetary. And that money has to go somewhere, it has to change yield. I think the good thing for the retail investor is for the most part, you've been locked out of the gains in the private markets, right? Most people aren't with UBS's private client group or Goldman Sachs's and don't get invited into Andreessen's fund or, you know, Sequoia's fund. And, you know, I think what I like about the SPAC market is it's democratizing access to late stage venture in a way that was completely controlled within a very small universe of firms and funds and relatively speaking, high net worth individuals and or institutions that had access to those funds. So I'm sure the market can't support as many SPACs that are being launched each week. And I know raising pipes today is a little bit harder than it was 30 days ago. But I personally, you'll see a tremendous amount of value and think this kind of SPAC world is here to stay. And this will be, I think a permanent part of the capital markets and system on a go forward basis. And, you know, hopefully creates a more equitable financial system where individuals get access to things that they would have otherwise not had access to unless they were a qualified investor. Thank you. Anybody else have any comments on this topic before we move into the lightning round? All right, we are now ready. For those of you in the audience, this is the lightning round. This is the part of the program that our August panelists have not prepared for. They are hearing these questions for the very first time in real time. Okay, so we are going to start with my favorite question. What is the title of this is Disrupture? What is the most disruptive technology that is gonna hit the real estate market in this decade? Is it blockchain, robotics, artificial intelligence, computer vision, 3D printing or something else entirely? I will start here with Noah. So I have a bit of a out of the box thesis on that. I think it's actually probably virtual reality because similar to the way that, you know, our auditory experiences were simulated by the early radio and eventually the ability to throw music or a voice across the globe. This is the first time that we managed to essentially redefine the visual cortex for humans. You know, rebuild it, simulate it and control it comprehensively. And as a result, you know, our definition and our understanding of physical space might change dramatically as well and lock step with that technology's growth. All right, Ryan, same question. Aligned with Noah's answer, but I'll mix it up. I think machine learning and the ability to capture, manipulate and use the data to inform a whole lot of things in real estate is going to transform the industry over the next decade. And just for our audience, if they don't know, what is an example of what you mean by machine learning? I'll use this as an example in our own platform. So we've all been to many conferences, right? And it's really tough to connect with people you wanna talk to. Well, one of the beauties of our virtual conferencing platform is, you know, based on algorithm around data, understanding your profile, what company you work for, what your role is, we can suggest to you who you should talk to at a conference as an example. And so you could think about that type of application informing decision-making across every single touch point, both at the asset level and then in the ecosystem that surrounds it. Thank you, Thomas, same question. Most impactful buzzword technology of the next decade. Buzzword technology, I'm gonna go with anything innovating in and around construction. As a former real estate investor, we invested quite a bit in large-scale developments. There's an incredible amount of waste and materials and time in and around development of real estate, all types of real estate. And so if someone, and there's a lot of companies that are focused on prefabrication of steel structural systems or modular or bringing in software to bring a digital thread throughout the construction life cycle. If someone can figure that out, I think there's the productivity loss in the construction industry is tremendous. And there's a lot of ways to capture value and create a much more efficient and safe environment for the development. Thank you, we'll stay on you. Same categories, what is the most over-hyped technology of our current decade as it relates to the real estate market? Thomas, you first. Over-hyped? Okay, well, I think you have to look at some of the categories in the public equity markets today. And I think there's certain categories in around the home, buying homes, selling homes, where you have to look at the fundamentals of a business, the profit margin, the unit economic level and ultimately, yes, there are very large businesses that have been built on operational losses by reinvesting, but that reinvestment at the corporate level requires profit at the unit economic level. So you need to make money on an individual unit in order to continue to invest to create that organization. So I think as anyone evaluates, getting back to the retail topic, some of these large organizations that have gone public recently or are public, dig into the financials, take a look at some of the APIs and profit, the margins in particular, to see if it's over-hyped or not. Yeah, I wanna just focus on that for a second. If you look at, if you talk to people at real experts in the space that say the National Association of Realtors and you ask them what their number one metric they would look for in an S1, they say it is profitability per broker.  And if you look, I'm not gonna name names because I'm not, but if you look across a spectrum at that one metric, the companies that trade at the lowest multiple in the public equity markets have the highest productivity per broker, which shouldn't necessarily make sense. So very good point, Thomas. Ryan Siminetti, same question, most over-hyped technology. So one thing I'm gonna say about valuation is it is in the eye of the beholder and perception is oftentimes reality. So we can't forget that, despite what the metrics say or don't say. I will say, and I agree with Thomas and I've seen this, you know, I'm a pretty active early stage investor myself personally. Not enough talk in this world about unit economics period. And so I think that that's something even for founders out there and teams, management teams, it's something that should always be in the conversation because scale without unit economic profitability is a lot of work for no reason at the end of the day. I would say if I had to pick one, I'd say like blockchain crypto and how fast that really has an impact on the real estate industry. I understand the technology clearly value in accelerating parts of the process from an authentication standpoint, but there's a lot more things I'd be thinking about investing in today that will have a much bigger disruption on the industry and transform the industry and probably make you a ton more money as an investor. Yeah, I would have to agree to that. We've been trying to disrupt real estate and title processes using the blockchain since 2013 and it still hasn't really happened yet. We have successfully transferred title on the blockchain but it was done as more of a novelty and it didn't really save anybody any time and it didn't really increase the productivity of the agents or the lenders or the title folks or the county clerks involved in that transaction. So I definitely agree with you. All right, Noah, same question, most overhypes. The most overhypes. I'd be tempted to probably say the utilization of blockchain technology outside of title again, but I don't wanna repeat what's already been said. From my perspective, I think the most overhype technology in the real estate space right now is one that we've actually relied upon for quite a long time, which is actually our real estate agents. I think they're very rapidly being displaced by some of the product tech that we've seen. I recently passed on investment for complicated valuation reasons, but they were similar to Latch except that their whole premise was that you could go on an app, look at a neighborhood and find an apartment and simply walk into it. And if you liked that apartment, you could lease it on your phone in seven minutes. It didn't matter if it was two in the morning or anything like that. There's no waiting on an agent, there was no communication and ultimately comps can be done by software. So it's hard to justify it now. Very interesting. Yeah, I agree. I saw that same company as well. Very interesting company started by Israeli gentlemen. Yeah, great founders. If you're aspiring venture capitalist out there, if you back people who are in the elite unit of the IDF, they're probably good at technology.  That's a good time for an investment hack right there. We have one final question for the lightning round. Appreciate everyone's patience on this beautiful sunny day. We will start here with Noah. One person, sort of hero of yours in the real estate world can be living, can be dead. Who is that? Who's that North Star for you, whose career you admire? I'm gonna have to be pretty corny and think my dad obviously on this one. 50 years of industry experience and he's really made a way for himself. He started at his own father's accountant at 11 years old. I'm a bit slower to follow in the family footsteps but I'm starting to get there. But always composing yourself with integrity throughout a career of that length is really something to be admired. All right, same question, Ryan Simonetti. I'm gonna have to go with a good friend and mentor of mine who happens to be on our board as well, Mr. Scott Reckler, who I think is as innovative and entrepreneurial as a real estate leader, you will see. And I think has embraced technology and new business model thought and innovation, especially for a firm of that scale faster than probably anyone out there. And not to mention he's a great human that does a tremendous amount for the city and state that probably goes unnoticed and or underappreciated. Same question, Thomas Hennessy. All right, well, I'm originally from Chicago and I did at a point in time work for Sam Zell. And in terms of being an innovator and thought leader going against the mold. And really we were talking about, or at least I was, the bridge from private to public capital markets. And he's often viewed as a father of the reek. And so there's a lot of things to take note of throughout his career, his very long-term career. And the personality as well, I think it's certainly one to smile about when he's on webinars himself. So that's the name and I'm sticking to it. Thank you for that. Well, one cool thing about Sam Zell, every year he would produce an automaton and he would send it to 650 of his friends and investors and it was a functional piece of art that you would crank it up and it would tell a story about the real estate capital markets in that particular year. As some of you know, who've been to our office, PropTech Place in the garment district, we have a little mini real estate museum and my partner, Aaron Block, who's also from Chicago, has recently secured an entire collection of the automatons. We are gonna fix up some of them and when everybody's vaccinated and ready to dance, they will be on display over at PropTech Place on West 39th Street.  That is awesome by the way. I know, come check it out. Maybe we'll lend them to, you know, convene at some point if you're nice to me, Ryan. I will answer mine, you know, we, everybody's talking about, you know, I wanna mention a couple trailblazing, one trailblazing woman in the real estate business who I have a lot of respect for, woman named Joanne Podell. Joanne is one of the top retail brokers in the world at Cushman and Wakefield. She has some of the biggest clients. She went into the business at a time when it was very, very challenging for women to break into the real estate industry, especially at a firm like Cushman. She was also the first person ever to do pedestrian counts. And she used to do pedestrian counts outside the retail locations by hand and all the other brokers thought she was completely insane. And now it would be considered completely insane to not do them. And I've actually invested a lot of money in technology that sort of automates that in a variety of different ways using, you know, cell phone tech and other things like that. So anyway, my answer for today, I rotate them is Joanne. She's inspiring real estate executives. So many, many thanks to our panelists today. Again, big thanks to everybody at Columbia GSAP, Rebecca, Erica, Patrice, Jessica as well. And thank you very much for tuning in today and enjoy the rest of your day.


Hello and welcome to the session I am Deepika here. Let's discuss the question which says integrate the following function under root of form minus x square. Let us first understand a special type of standard integral which is integral of the root of a square minus x square dx is equal to 1 by 2 x into under root of a square minus x square plus a square upon 2 sin inverse x upon a plus c. So this is a key idea behind the question. We will take the help of this key idea to solve the above question. So let's start the solution. Now we have to integrate the function under root of form minus x square. Another key idea we have integral of under root of a square minus x square dx is equal to 1 by 2 x into under root of a square minus x square plus a square upon 2 sin inverse x upon a plus c is equal to 2. Therefore integral of a square minus x square dx is equal to 1 over 2 into x under root of a square which is 2 square minus x square plus 2 square upon 2 sin inverse x upon 2 plus c. And this is equal to 1 by 2 to under root of 4 minus x square plus inverse x upon 2 plus c. The answer for the above question is 1 plus x square plus 2 sin inverse x upon 2 plus c. It is clear to you. Bye and take care.