Those of you again that joined us for the Chitty Chat Chat, you learned a lot more about our guest today who is a dynamic powerhouse, Jasmine Fain. Thank you so much. Jasmine Joining is joining us today to talk more about creating cash flow without grants. So thank you for joining us today for that topic. We of course want to start by saying thank you, thank you, thank you to our presenting sponsors. We're so grateful to have their continued commitment, dedication, and investment not only to these episodes but to each and every one of you to help move your mission-driven goals forward. So if you haven't yet, please do find them, check them out because they exist to help you do more good. Julia Patrick joins us, CEO of the American Nonprofit Academy, and I'm Jarrett Ransom, her sidekick also known as the non-profit nerd CEO of the Raven Group. And we want to give all of our time and attention to our guest today, again, Jasmine Fain, the non-profit guru jasminefain.com to talk to us more about this creating cash flow without grants. So welcome, Jasmine. Thank you for having me today. I'm excited. I feel like this week has been like a speaking engagement week for me so I'm excited. I have the fire and the energy to speak this week under my belt so I'm excited to be here. Awesome. Great. And as you move forward in your law classes, your law degree, I mean, I didn't realize that that is something that you're pursuing. So first of all, congratulations. And I think that our world will be much better to have you in that space for sure. And you better get used to talking because if I know anything about attorneys, I know they do a lot of that. I love to talk. I love to talk.  I get to talk. I get to represent people because I'm already representing people and non-profits now in the space. So it just takes it up another level now. You know, I love this. And if you joined us for the Chitty Chat Chat, one of the things that Jared said, which I think is really important and bears repeating, and that is if she was pursuing her education and higher education, there was no direction for the discussion of nonprofit management.  But imagine if that education had been more funneled down to nonprofit. And in law, it's the same way. And so this is, I'm like so excited that you're doing this and I want to witness to you, if you ever need a cheerleader, reach out to us because we need more women invested in this type of education and excellence for our entire sector. It's really important.  But the nonprofit guru. Okay, we talked about this. Your work took you to an international place. Share with us your journey to South Africa post grad and then what you were looking at. Yeah. So for me, I remember sitting in one of my literature classes. I was like, I graduated a couple of months. What am I going to do with my life? Because I'm already immersed in my field by this point. I'm grant writing. So for me, it was the, what is the next step? Like how can I elevate my career? And I remember like my thing was I want to work for the UEN. I want to grant write for the UEN. I want to help nonprofit in the UEN. And so eventually I was like, but the UEN, like, it's too governmental, like for me right now. And so I found a program where I was able to just submit my resume. And they found a nonprofit for me to work with them based off my credentials and what I was already providing. And so I ended up working for NGO called the Women's Legal Center in K-Town, South Africa. And it's funny when I got there, because I had, I had done marketing directing work, you know, during my undergraduate days or in nonprofits. But when they got there, their marketing director had like completely left. And so they were like, hey, we know you came here to do litigation work, you know, to help with funding. But like we've seen that you've been a marketing director. So do you want to add that to your plate also? And I was like, might as well. I'm here for the journey. And so I lived there for three months. And I would say it was the most amazing, but eye opening experience because I went during the height of a high political time. And it's funny, we live right down the street from Parliament. So I was able to like look out my window and see Parliament and able to see, you know, President Ramposa's address. But it was crazy because when I got there, three women had been raped and murdered within the span of four days. And so the women had just had enough. And so I remember my second day in the office of our law firm, you know, I'm seeing everybody have their protest stuff on. And I'm like, what is going on? Like, I am new here. And they're like, Jasmine, we're going protesting. And I think there was over like 500,000 people at this protest all in front of Parliament. And it was very eye opening in the sense of, you know, us as Americans realizing the privilege that we have, me as a black woman realizing in an international sense, back in the homeland country, I still had this level of privilege. But I also had the privilege and the resources to represent these women, to hear their cases, the knowledge to be able to afford, you know, Oklahoma State University and to grant right in college. That's just a rare opportunity that everyone doesn't get. And to be able to take my knowledge and apply it to these women lives and help them. So. Amazing. Okay, so I feel like a slug when I hear you. When I hear you. What have we done? No. Yeah, I'm like, I'm going to step it up today. Oh my gosh. Well, I want to talk to you and drill down a little bit about this, the nonprofit cash crunch. I mean, Jared and I hear about this from our viewers and from our guests. Funding is always at the heart. It seems like of every discussion we have, because without money, you can't really pursue your mission. But you can tell us a little different of a strategy. Yeah. Yeah. So, like I said, when I was building my social enterprise startup, I realized going to investors and raising capital that way was so much easier than like my career in writing grants. And so I was like, I'm going to teach nonprofits how to do this. And the thing is we don't realize that grants are only supposed to account for 2% of our overall annual budget. And so technically 60% of the nonprofit industry works from other income sources outside of grants. So this narrative that we spread to people that as soon as you start a 511c3, go get a grant, apply for the grant. At times beg for the grant, it's actually completely opposite of what the industry is actually doing in sustaining. And so once, like I said, got into the tech startup industry and I'm then researching more about the nonprofit industry, I realized we're giving people completely different advice and this is why they're struggling. I will even say the nonprofit industry is very black or white. And not in the census race, but in the sense of wealth and money. So you have the 1% who the 511c3 is a tax break, you know, it's not a solid business structure. And so it was created to give a tax break to wealth. So you have that side of the nonprofit industry where you see the more Cubans and all the Goodwill's and you're like, how do they have millions of dollars? Well, they have tax breaks and wealthy people who need tax breaks. That's how it gets funded. And then you have the black side of the nonprofit industry where you did not come from wealth.  And so therefore creating a solid business structure within your nonprofit, all it is is giving a place for money. It gives like a train for money to move on the tracks to go to a certain position. And that's really all it is. And so with our industry being so like one way or the other, you know, most of the advice that you're hearing is from the top 1%, you know, just give your money, do this, you'll get the tax break. But it doesn't apply to the way you need to fund yourself in the black sense of our nonprofit industry. There's just no gray area, but it's funny, I believe we're moving into a gray area, just pull, well, not really post COVID because we're still in COVID, but the nonprofit industry is moved back up and moving now. But we're moving into a gray area where I know a lot of consultants, a lot of nonprofits are realizing COVID killed, you know, our industry on both sides, you know, especially for, you know, the grant processes because grant foundations were like, hey, we're a nonprofit too. We gotta cut the funding. We can't give out all the money. We have to raise funding just like you. So the grants are limited. The old advice, you know, does not apply anymore and a lot of nonprofits are shifting into the social enterprise space and raising money like tech startups because we have people like YC Combinator that accepts nonprofits 501C3 now. We have programs such as Mass Challenge. Even here in Dallas, the DEC Network has programs in pitch competitions for nonprofits. It's just an easier way to raise capital and it puts the money directly into your hands. You know, one of the things, and I love this, I'm gonna say like you're on your soapbox and preach because I love it and it's so necessary. One of the things that I have seen over decades is the amount of like, I'm gonna call it, asinine questions that nonprofits are asked to not report, but like some foundations now will say, submit this video. We want you to create this video and this now is our grant request. And it's like, we don't do videos. That's not how we are. And so now you're actually asking us to invest and they will say, we don't want you to invest any money. And it's like, well, then how are we making this video? Right? So it's like all of these hoops and hoops and hoops that we're jumping through.  So what I'm hearing you say, Jasmine, is a lot of going through these other revenue availability options, possibilities is much easier, can be much easier than jumping through this, burning hoop of submitting a grant proposal. So I am thrilled to learn more about this because this has been a point of contention for so many of us. Yeah, yeah. And it's funny, I even give an example, I talked to a startup founder by the name of Reuben Harris. We had an IG Live masterclass and he runs Career Karma. And so they're a marketplace, a tech marketplace. And we were having a conversation live on Instagram and he was saying, they were trying to start a nonprofit initiative. And he was like, Jasmine, it was easier for me to go to my initial investors and to re-ask and pitch for money than it was for me to try to fill out one grant application. And that's just like a real life example of just how hard it is.  And then we're like figure out a way to get to the other side. And we're like, I don't even know why is the elephant here? You're asking these questions, why is it on fire? And all of these different things. But the main thing we're creating cash over without grants, I would say is you have to learn that you can make a profit.  Your fundraisers are your revenue. This is why we go back to the core of what exactly is a fundraiser. Oftentimes we think if we're a small to medium-sized grassroots nonprofit, we have to throw the big gala like we see everybody else doing. We gotta do the typical fundraisers. But I'll tell you, fundraisers are any creative way that you can come up to raise funds. I had a client, she called me and she had took my summit and all of that. And she was like, Jasmine, we just made $2,000. And it's been like a couple of weeks and I was like, you made $2,000 already? I was like, well, what did you do with fundraisers? Like, cause that's a pretty quick turnaround. You just took this program. And she was like, well, we took your advice and we gathered the community together and they went to different churches and family members and they gathered old cell phones. And she went to the recycling center and they got there, I think from the community, 13 full boxes of cell phones, took them to the recycling center and got $2,000 off of them. And then followed up with her community, sent surveys, thank you notes. Thank you for donating. This is where your money is going to and raise funds within two weeks that way. And that's the main thing about creating cash flow without grants is raising funds with your community. Community-centric minded fundraisers. And what that means is oftentimes we're used to donor-centric fundraisers, meaning we put the donor, the individual donor first in our minds. So therefore, if I go to the investor, I need to put them first and above my mission at times. So what they say goes because it's their money. But when we switch over to community-centric fundraisers, this means I need to think about the collective good of the community and what they want to do. And if I go with what they want to do, then therefore, of course, is going to quite naturally raise funds. I always tell people, if you ask your community and they say, we want a roller skating party, throw the roller skating party because you're probably gonna get 50 community members and you can charge $10 and you're making revenue that way. Even yesterday when I was doing my presentation, I was like, if you want to do a TikTok tournament for the kids and they're down with that and they're willing to pay like $10 to $20 to sit in a room and watch each other do dances, that's a fundraiser because one, they're gonna pay. And then because it's a trend, it's what they love to do. They're gonna tell their friends and their friends are gonna tell their friends. And before you know it, you have like $3,000 of a TikTok tournament because it's what your community wants to do. But it's also going back to finding creative ways to raise funds. TikTok tournaments are on Google. It's not in your typical nonprofit article that they're saying like, do this to raise funds, but it's what the kids are willing to pay for. And if you make them feel a part of the fundraising process in your community, they're gonna keep coming back. They're gonna show up for your programs when you have scholarship or mentorship programs because you've shown first that you care about them and what they want to do within this community and mission. Interesting. One of the quotes I have in my head is people support that in which they help create, right? People support that in which they help create. And as you were sharing, I had this aha moment because I'm guilty, Jasmine, as a fundraiser, as a nonprofit professional, I have been very donor-centric, right? And so as you say, community-centric, it literally shifts my perspective. We exist, nonprofits exist because there is a community problem. So we are providing a solution to the community problem. Therefore, we should be including the community in that fundraising. And so that to me was a huge aha that was happening like literally as I sat here listening to you. So thank you for bringing this new perspective to all of us. Yeah, no, even in just to go into a further example of that, like I always tell people, you don't wanna end up like the gallows where you see all the big investors there and you don't see the community. You also wanna create fundraisers where they both can meet because that takes the pressure off of you. If you're having a gala and you're continuously walking around throughout the gala and having to pitch or talk about a key that is in this program or create the PowerPoint of the program, it makes it easier if you can find a common ground, a great area in the fundraising process where both the community can participate and the donors can come if they want to. And you don't have to constantly pitch the donor about the community. If they wanna meet them, they can talk to them right there. You know, they can have the conversations and it creates this relationship between the two. So now you're not doing all the work but everybody is in this ecosystem where it just all works together. You know, it's interesting too. I think that when, and I agree with you, Jared, I've kind of been thinking about my own journey and being donor-centric versus community-centric. And I'm super guilty of that. Chasing the dollar is just such a bad thing versus chasing the mission. And that's where I think this is really powerful. It seems to me that if you're strong-arming somebody for a check and you haven't really built that relationship or you're not even thinking that way, that's just not sustainable. But if you put, let's say, to your example, something that deals with youth and you have that investor-donor relationship that is able to witness what a child needs or how they're responding, pretty ding-dang powerful. Yeah. Yeah. No, it is more powerful than any pitch that you could give in the entire world because they're establishing that connection for themselves. And it goes beyond you at this point now. Maybe they went through the same experiences as that kid. So now they become a personal mentor to that kid. You know, they give resources that you could never be able to provide to that child and they're able to have a direct relationship with them. And that's just the beauty of community-centric fundraising, community-centric programs, just keeping the community first. And I would say there is a time and place for donor-centric fundraising, especially when I've talked to NGOs in Nigeria and West Africa, they have to utilize donor-centric because the community is just not at a point to support in any type of way. They are kick-hard in every single area. But because we're here in America and our communities do have some level of privilege in housing and economy, you know, we can utilize community-centric fundraising more. But I do want to point that out, especially in third-world countries and especially we talk about Africa or even Jamaica, donor-centric is the fundraising source that they need and they have to go into the investor realm first before they can even think about doing community-centric. Right. You know, Julia, as I listen to Jasmine and you referenced during Dallas, and I keep thinking, we have had some really amazing talent from the Dallas community and I feel like we need to make it to Dallas at some point and have a gathering. That would be great. We have. We've had very interesting thought leaders. We have. I'm thinking of what you just said and it reminded me I had an opportunity to speak to a board of girls high school. And one of the things that the organizer did before the board meeting, which was so cool, is that she found a video clip of a news piece. It wasn't even something that her school had produced and it was a student that had gone on to do some amazing things. And in her community, this news channel had done a small segment and she ran that segment for the board members. Well, as I was able to look out at their faces, they had like a switch in the hubs moment where they were just like, this is why we are here. We wanna work harder. You know, we talk about the mission moment but you can achieve that even if you can't get maybe something in reality that works together because I was so inspired even as the speaker, I got up and I was like, holy moly, this is why we're here. You know, I think this is that human element that we lose in the nonprofit sector. And it's a shame because it impacts the bottom line. No, it does. And what you're talking about is the videography piece and that's why grant applications have started wanting to see videos and nonprofits are trying to figure out how do I produce a high quality video all of a sudden because especially going into the COVID realm, how do we convey those stories without being able to contact each other physically? Because as a nonprofit industry, we're used to direct, direct talking in your face, like hugging you if you need a hug, we're mom, dad, and mentor to you. And now we can't do that. And so it's like, how do I compensate for that? And that's through the videography piece. I would say that was the biggest thing as a marketing director that I did here in Dallas when I was working with Foro Cliff is like every back to school festival, we created a video to convey the emotion of the community. And we always pick like a central theme song that like all of us in the office felt like this is the theme song of the summer. And we put that in the video and we would choose clips that really conveyed emotion in the face and skin tone so that as you watched it and heard the song, you've really grasped what the community was going through. And so like videography is definitely key in all of this now across all industries. You need some type of video or audio now. Yeah, I would say that is so true. Yeah, very true. You know, and we talk about social media and that was one of the things they added to your responsibility in South Africa was so many people now are watching videos even in mute and so the captions are really important. So having that video, I don't know, it really makes you feel like you're there, you're a part of it. And we have heard Julia from so many of our guests, I'm thinking in particular the Licking County Humane Society, they went into the animal shelter and literally just did like a Facebook live with the pets because nobody could come in. So I don't know if it was the CEO or whom, but someone went in and utilized that video. I think that is a great opportunity. One of the things you talked about Jasmine and maybe you could go a little bit further, in particular when we are supporting initiatives in another location. And I am thinking internationally, how do we bring in some of these revenue generating initiatives that you've talked about if they're not in our local backyard community. I would say that is one of the questions that keeps me up at night and puzzles me. And I just had a conversation with a marketing consultant and she switched into the nonprofit fundraising side, but I met with a client in, you know, I think Uganda, if I remember correctly, I was about to say Nigeria, but Uganda and he's the only NGO near Lake Victoria. And because the need during COVID and the government has cut off a main economic source, like everybody from any neighboring city is coming to him now.  Because the thing where we're dealing with and now that we're talking about the NGO sense is governments and everybody's different regulations for nonprofits here in America and, you know, the UK and majority of Europe, we run on the same nonprofit level. We know that our government provides resources to us to be able to get additional funding. But when we talk about more in Africa, especially Africa and Caribbean islands and those other islands, Indonesian islands that are supporting, you know, these local areas, a lot of governments are different. We know from our government, there's a lot of restrictions and also, like I said, donor centric is needed, but at the same time, there's not donors to ask, you know, there's not just a phone number that we are so used to like Googling and finding their email and just calling them up or sending an email, like it's like a ghost town pretty much. And so me and another consultant, like I said, we're talking and she's actually trying to develop a tech startup to kind of have a database to put them on one spot and to say, if you want to find them like here they are, but I even think that goes back into the mission work of what I'm doing would empower you. And what we do is promote nonprofit programs, really marketing them for less than 1% of your annual budget. And so it was the same problems that I faced even here working, you know, in Oak Cliff, which is where my family's from is Southern Dallas and it's a lower income area. And so people didn't know the resources. They didn't know who to reach out to. They couldn't find the service and programs. I remember spending summers, you know, printing out flyers and driving around in this Texas heat and like handing out flyers to people going to different businesses, you know, spending eight hours a day just driving around all the DFW because there was not a source whether through social media or, you know, any marketing tool where people could just directly find the services and programs. And I think that's just the constant challenge of the evolvedness of our, you know, our industry. We're just now emerging into tech. You know, we're just now figuring out that there's different solutions than like what we're typically used to. But it's also one of the downfalls of our industry is the hindrance towards tech for so long, you know, because it does create easier solutions to the problems that we've been looking for. And then it also provides quicker ways and access for people to find out about us and what we do. But there's plenty, you know, just of platforms, especially donor platform where you can find people, but, you know, to answer your question, to find specific pinpoints of how we can fund these people, there's just besides empower you and like I said, we're still growing. We haven't even touched the international since yet. You know, there's really nothing that I have found. It literally, it puzzles me all the time. But you know, you've been great. And we have really enjoyed our time with you. It's blown by, we wanna make sure that we get Jasmine's information up here for everybody to see. This is a really exciting time. I feel, Jarrett, like you and I are on the cusp of seeing that next generation and witnessing a new voice that's gonna really propel our sector forward. And so it's really an exciting thing. Here's Jasmine's information. You've got a great website, Jasmine. It's really beautiful. And I encourage folks to take a look at it. Again, I'm Julia Patrick, CEO of the American Nonprofit Academy. Been joined today by my partner in crime, Jarrett Ransom, the nonprofit nerd, CEO of the Raven Group. Hey, we wanna thank all of our presenting sponsors and you will see I'm a new sponsor here, Generate Impact. We're gonna be hearing more and more from them. They are a tech-based consultancy that works within the nonprofit sector and they're doing more and more NGO work, figuring out how nonprofits can leverage technology in their operations. A lot of what Jasmine was saying, this is one of these things that we have been so far behind as a sector. And so we wanna welcome Generate Impact to the nonprofit show family. Wow, a really another great episode. I say this a lot, Jarrett, but I'm always inspired by our guests and ready to go on. Well, I'm definitely inspired by you, Jasmine. Thank you so much for sharing your time, your passion, your expertise with all of us that have joined us live. And for those of you that are watching the recording as well, so thank you for joining us. And I hope that all of you will join us again here tomorrow. We will be back with, I'm sure, another amazing guest. So you wanna tune in then. And until then, as we end every episode, we like to say, stay well so you can do well. We'll see you back here tomorrow.


Obviously the economics of farming have to work and that's where you still have to be able to pencil a profit or you hope to pencil a profit when you're putting in your grain and so wheat is borderline, but we've found that we can produce the yields for our wheat that can make it profitable and then by following with a cover crop our corn and our soybeans are more profitable than next year so you can't tie that just that one year's profitability to spring wheat. I mean you've got to take that extra gain you get from corn and beans and attribute that back to your small grain. So yeah Shane told me something like a 50% yield bump behind the wheat, is that correct? Yeah I'd say yes. And that's for corn and soybeans or was that for a particular crop? It's probably both, both in this area. Having that small grain in your rotation you have a lot better weed suppression. We necessarily don't have the weed problems that maybe some neighbors have. Residue from the weed or the small grains creates a nice cover on the soil so your weed seeds aren't even getting in there to germinate.


Hello, welcome to this week's CMC Markets Currency Snapshot with myself Jasper Lawler. We're going to be looking at the euro-pound currency pair. And if you remember, this was something we were looking at just a snapshot or two ago, and we were looking at a possible breakout. As it happened, that breakout completely failed. And we wanted to just have a look back at that potential trade setup and just see how the risk management and the entry-exit techniques within that trade could have really affected the way the trade worked out and the way your final P&L in this theoretical trade could have worked out. Now, just taking a look at the euro-pound daily candlestick chart here. Now, this was very much what we were looking at before. And as you can see, there's this resistance area, as we've indicated on the left-hand side here. And it forms around about 0.7385 with 0.74 being the kind of round number involved. And you can see that we had that breakout. So the day closed above our resistance area was looking good at that point. But then the next couple of days, we've got a bit of a weak follow-through. I mean, it didn't actually follow through higher at all. We've got a couple of lower closes and fairly kind of weak-looking candlesticks. But on that sort of second day following the breakout, we did move higher. And then the third day, we actually got a higher close. So it was looking good at that point. But then you can see here, I've highlighted this as a weak price move and a retest of the breakout area. Now, this is where it starts coming into how do you interpret that price action right there? To some, that would have been enough just to get out of the trade. That's not the kind of strong follow-through that you want on a breakout. Ditch the trade. So that would have been an exit for some people. For others, perhaps just a retest. You can see that this candlestick closed right at the resistance area at this 0.7385. And so theoretically, the trade's still on. Now, the real pain was the following day where we saw that large candlestick lower. And obviously at this point, we know this has been a false breakout. It's not moved to higher prices. We're back into this trading range that we'd been in previously. Now, one possible area to ditch this trade, depending on where you'd placed your initial stop last year, is just to dump the trade after it broke that support on that second day after the breakout. That would have been one area. Now, likelihood is that would have been a loss, but you would cut yourself out at a fairly minimal loss. Another approach here, some might have given this trade a bit more room, perhaps had a stop-loss underneath the bottom of the range. Now, that's a bit more of a kind of longer, you know, that's giving the trade more room to work. And it looked like that was starting to work. You can see the price moved down, held that support area, as I've just highlighted it saying hold support. We've got a bounce back. It was looking a bit more promising there. But then you can see that there was a couple of lower candlesticks and they broke that support again. And again, that would have been a possible area. Had you held on down to the support area, you could have thought maybe at this point, okay, things are not looking good. I've given this a chance to bounce back. It's not doing it. Cut your losses there. Otherwise, should you have held your stop-loss beneath that, that range support, then, you know, eventually this trade would have ended up as most likely a loss down around there where we've broken that final support. And I've just put it in common's final nail in the coffin because there's no real coming back from that. That said, you know, we may not get a lower close today. This is today's candlestick. We may move back into the trading range again. And so you can see just depending on where you had your entries here, where you had your exits, the trade could have been a very different result. It could have been a very small loss. It could have been quite a large loss. That said, in future trades, you could have had a few more smaller losses because you're taking your loss that much quicker. And perhaps in a future trade, a similar setup would have just held the support and gone through to break higher. So it just goes to show that the pattern itself is not enough in the trading. It's really about how you manage it afterwards. So that's it for this week's CMC Markets currency snapshot. A little bit different from usual. Just looking at how a trade sets up and how it follows through and how you manage that risk going afterwards can obviously affect the result, as I mentioned, a good amount. So no fundamentals to talk about this week in terms of the euro-pound, but we'll probably be back with more next week.


Okay, very good morning to you. It is now the 1st of December, so the run into Christmas truly does begin now and to get it up to Speed we're gonna talk about this guy here Jay Powell who obviously spoke yesterday and somewhat shocked the market because of a U-turn He made on some previous Prepared text that had come out on CNBC where he was really talking up the downside risks around Omicron the new Variant and yet he came out yesterday and really started to talk about hot inflation and therefore The need to drop the view of transitory inflation as a description and thus then start to accelerate the tapering process So a very hawkish turn from the what otherwise is normally a pretty consistent Fed share and as I said that court markets off guard a little bit yesterday So we'll have a look at how markets have recovered So far because much of that move has now been taken back and I'll explain perhaps why we're also doing Omicron update We'll also look at crude or infantry's last night. He has some Chinese data and Erdogan The Turkish president continues to defend his policies as well So that's what's on the agenda, but looking at the charts this morning So to refresh your memory, I'll just look at a couple of these charts So here's Euro dollar for example reflecting the moment of which those hawkish power comments came out it Created immediate dollar strength and actually if I was to put up the T-note chart here Alongside it you can see dollar and yield spiking higher on the back of the hawkish comments And thus then Euro dollar popped lower and T-notes did the same as you can see here though in terms of Euro dollar We've probably retraced three quarters off that sell-off T-notes not quite as much, but you can see we have found a bit of a flaw on that initial spike And they're trading still down six ticks overnight, but I've been grinding up in the overnight session Oil reflecting really T-notes in regards to that type of price movement Little bit of a pop in price through a technical point of inflection You can see here if I just put on a rectangle you can see what I'm talking about Here so you can see that these lows that we've been trading from Going back to the 24th to retest and 26th Yesterday and then the breakdown that we saw the break of that on testing the age of pack session Just as Europe has stepped into the market the gold market as well in a future space pretty thin at this time of day Just snapped up higher So no one singular headline more of a just price reaction point of view there and we reside at Pivot So up around $11 obviously reversing a large portion of that move that was seen yesterday And then looking at the lights of the equity space. Here's the Nasdaq 100 You can see pretty much a U-type shape where the power comments hit and where we're trading at the moment So almost a full recovery of sorts So let's just get up to speed then and recap first of all what exactly happened and you know, one of the things that we've seen so far this month is that The CBOE volatility index so the VIX has not just biggest monthly surge since February of 2020 And obviously comes amid two things the twist here we've seen from Powell and also the latest variant that's come out that's also unsettled the market somewhat Overall then what did he say? He said at this point The economy is very strong and inflationary pressures are higher and is therefore appropriate in my view to consider wrapping up the taper of asset purchases And he went on and said perhaps a few months sooner and of course is what people have been in terms of Many US banks like Goldman Sachs for example who are talking about acceleration of doubling down on the the amount from 15 to 30 billion From January and looking to then wrap up taper by an earlier timeline of March But you remember wasn't that long ago when they commenced tapering that they were hinting towards the summer So we've seen a bit of a three-month or so shift in that He added I expect that we'll discuss that at our upcoming meeting and remember This is the final week that the Fed are able to communicate to the market before they go into that traditional blackout period When they're not allowed to speak at risk of then any leaks of their decision and so forth So that means really they've already got a couple more days to really define then Any more management of market expectations and given what's happened here. Certainly one would expect now that There's probably going to be quite a lot of emphasis now on December 15th when that announcement comes out from the final FMC meeting of the year about the acceleration of tapering He also as I said stopped said to stop using the word transitory to describe inflation. So finally That that kind of namesake gets dropped at this point Money markets are now showing a 55 basis point of rate tightening More than two standard quarter point increases then are being priced in by the end of next year And the first full rate hike remains priced for July at this point in time Well, you know contradictory to that though one thing that did come out yesterday was US consumer confidence Slid to a nine-month low in November. Obviously had a bit of a pick up in COVID-19 cases and infection rates Accelerating inflation or weighing on Americans views about the economy Also as far as kind of Black Friday Cyber Monday went the final sales for Cyber Monday fell short of estimates As well. So it's not all kind of positive. Certainly the Fed's emphasis Seems to be here on inflation But the tail risks here for Fed for Powell are large I think for one the most obviously being Omicron the new Varian and at this point in time. I did find yesterday his comments quite quite a surprise because with the lack of real Deflinable scientific information. It's all very much anecdotal evidence about you know, the strength of the Vaccines to hold up against this new variant the types of symptoms that we can expect because there really hasn't been enough people Infected to really make a lot of those judgments and they'll be coming in due course so with the Fed going into a blackout period and then going into the period where We get more information over those coming two weeks ahead of the FMC announcement on Omicron then it's going to be super interesting to see whether Powell was is right to go is what he's he said yesterday or whether or not he Fails to live up to that hawkish now expectation It's going to build into market prices going forward if the COVID developments were to materially worsen Obviously yesterday one of the things that we had was you know, if you look at this chart of the last quarter Monday Or Friday, I should say we had a big sell-off to bounce on Monday the sell-off on Tuesday You know is where we're all in today, but Definitely, it's that's what's really livened up and seen the VIX post its biggest multi-surge since February of 2020 You remember Feb 2020 that was when all the major selling commenced on the transition really from an epidemic to pandemic status When we saw that market low at the end of March in 2020 So yeah for sure and things are pretty pretty jumpy at the moment The ship has steadied as I said much of the power move has been reversed I think actually when you think about yesterday's market reaction I think a lot of it was a function of what market expectations were particularly then framed by those Releasive prepared texts that came out the day before which were could have been interpreted as very dovish talking up the risks Emerging from the new variant and the fact that he did what he did then was so contrast to that It caused quite a knee-jerk reaction, but in the end when you actually listen to his speech yesterday in its entirety he does acknowledge the risks around COVID and so At this point in time Markets have recovered Again, we remain vigilant for updates particularly around the virus at this point in time to really determine now The impact or the the reaction effect of global governments in regards to restrictions That's going to potentially then depending on how severe impede economic activity And as such then will likely dictate a lot of the rationale whether or not Central banks need to take that into account for their policy decisions going forward And so a lot is really hinging on these updates as we go further in time Okay, we're going to talk about the virus now But before I do don't forget and I'll drop a couple of links on the video if you haven't already done it and you are a Student college or university doesn't matter where you are or what you study We are running one of our open public finance accelerator simulations later on today So we need to do is jump on the website go to Amphimee.com and finance accelerator session You'll see a page like this It's a two-hour live simulation with the team And it will basically rotate you through Different roles as a sales trader market maker and asset manager for you to get a real Flavor of what it's like in reality to perform one of those roles at a large financial institution It's absolutely free. So feel free to sign up and take part This is some cool videos and content to consume straight away And you can just book in there as well if you want to join The other thing you get access to then is is the content hub, which looks a little bit like this And this is where we put up our own kind of exclusive market analysis Conversations I have with leaders in industry career sessions And we've also this week initiated our new amplify me discord channel Which would be accessible via the hub so you can check that out on Amphimee.com Right. Well, let's talk about this virus then and what's going on This is one of the articles that came out last night and it was talking about no evidence existing vaccines will not provide some protection Against the Omicron variant according to the University of Oxford Now AstraZeneca, which co-developed that vaccine with the university said At the end of last week for context that it was testing the shots and already conducting research in countries such as Botswana Where the variant has been identified Now the comment in itself from the University of Oxford saying there's no evidence that defeats vaccines so far Again, it's probably a very factual statement But that's because it includes for me so far and the testing hasn't really been concluded yet So there's a lot of these sort of comments coming out, whether it's to the moderna chief Whether it's politicians, whether it's academic studies and so on and so forth I would say it's very difficult to draw any firm conclusions as yet And I know that's a tricky proposition if you're a day trader But I think overall from a directional basis. We've just got to wait another week or so until we get a bit more clarity about the severity of The case rates rising but layered in on the back of that is really how severe Is the overall symptoms that you get on the back of this and also then the effectiveness of vaccines given the number of mutations That this latest variant has so those questions are still yet to be answered really in my mind And so I would say over time markets might become lesser responsive to these types of headlines As people have kind of got over that now Over the course of the last couple of sessions Pfizer as a timeline Will know in the next two to three weeks on how well the vaccine holds up. That's from their company executive So that gives you an idea of a timeline And then as far as the u.s. Is concerned at the moment One of the latest things here has been the u.s plans strict to covet testing and will require Tests for all travelers in the u.s. While the administration officials are also discussing Additional measures including a seven-day quarantine and retesting several days after the arrival Amid these new concerns Um, I read last night the situation might have changed by now But there's still no reported confirmed omicron cases in the u.s But as what I mentioned on monday a lot of the largest sequencing companies that identify then These latest variants they were closed for thanksgiving So I don't think we should necessarily jump the gun here and think that the u.s is going to get Um away with not having some infections I would say it's pretty much guaranteed that they will at this point in time Given the size that we've seen with the spread so far Um, then the other country was china They've detected 91 domestically transmitted covet 19 cases with confirmed symptoms Now 91 sounds incredibly low But we're talking about a country with a zero policy kind of approach to covet and actually 91 confirmed domestic cases in china is the highest in over a month And so we continue to monitor that obviously it's very important for The supply chain disruption Um potential we're not near that at the moment Given the scale of things, but certainly monitoring the chinese situation is quite imperative on that front particularly with the inflation centric kind of mindset of markets at the moment Important to note though that in mainland china all of those cases that have been detected thus far apparently Have not been caused by the omicron variant All right a few other news stories away from that Crude or infantry's last night. I think this is far insignificant at the moment in context of The virus focus what's been happening in the spr the looming delayed opec meeting about well They won't may stick to plan of adding 400k for the month ahead So, yeah, I don't think these are particularly important, but so you're aware The crude drawdown headline seven hundred and forty seven thousand was slightly smaller than the market expectations at 1.6 We did have some chinese data overnight This was the kei shin Manufacturing pmi and it was slightly converse to what we saw with the The official figure yesterday And it came in at 49.9 below the expected 50.5. So this was actually slightly softer than expected So factory activity fell back into contraction in november subdued demand shrinking employment Elevated prices all said to be the rationale behind was weighing on manufacturers in china at this moment in time And then finally to finish things off a little bit of turkey as it's december And yeah, the president erdoğan said he expects 10 percent economic growth this year And they will boost investments employment production and growth achieved by lowering interest rates And again, this is that that very unique approach or view that he has in managing policy He reiterated interest rates are the cause And inflation is the result of some of the economic difficulties They're facing at the moment and stated there was quote no return for turkish new economic policies. So Yeah, the the turkish lira got pounded yesterday at one point obviously triggered by the acceleration jump on the hawkish power comment Into these negative fundamentals for the lira at this point in time But as the markets kind of Recovered somewhat this morning that has come off the boil a little bit, but yeah, we continue to see record lows in the turkish lira, and they're not abating anytime soon by the looks of it In terms of the canada for today This morning, we do have the various Manufacturing PMIs, but these are final readings for the eurozone uk for november So not likely to yield too much in the way of market interest We've then got really a us focus obviously non-farm perils is coming out on friday You've got us adp national employment that comes out at 1 15 this afternoon expecting an excessive 500k once again And then you've got the us ism manufacturing PMI as well coming out at 3 p.m Which should confirm the strength in the economy, but whilst also highlighting with the price is paid component The ongoing price pressures being experienced at the moment And you've got the oil and petries and the Dewey as usual following from the apis last night. That'll be at 3 30 You've got bank of england's governor bailey Who's being fairly vocal of course on on their rate strategy of late? But he's speaking on a kind of unrelated topic of insurance regulation This afternoon, but nonetheless that's 2 p.m. And then feds powell will testify for the house today having done the senate yesterday So we typically get a recycled speech somewhat from yesterday So much less of interest unless he feels the need to come out and kind of redefine and guide the market a little bit if he Was to see that the the reaction effective yesterday was a bit overdone or overinterpreted But given the markets have already steadied. I think there's very little need for that to happen In all honesty. So that's it. I can let you guys get on with the day Feel free to to drop me a message if there's any questions at all on the video comment section Otherwise, yeah, please do like and subscribe To the channel super appreciative If you could help spread the amplify word and I'll see you same time tomorrow. Take care


The ILD is the Institute for Lifecourse Development, which is a new institute based in the Faculty of Education, Health and Human Sciences at the University of Greenwich. So the ILD was created to bring together the strengths within our faculty and also our fantastic partnerships. It's one of the few faculties in the country that integrates education and health. To address some of the bigger complex issues that we have. Particularly the UN Global Goals for Research, with a specific focus on good health, good education and addressing inequalities. The idea behind the ILD is really to draw people together within our faculty, but also thinking about how our research can then translate into real world impact and real world practice. A great opportunity to put us all in a supportive framework and structure that gives more cohesion and direction to the work that we do as well. We have long term ambitions for the growth of research in this university and the reason is that the challenges that we are trying to address and resolve with this research are going to be with society for a very significant period of time. They are not going to go away. Integrated care is about care that is provided that crosses boundaries. So it crosses from hospitals into primary care or it can also include crossing agencies. So crossing the health service into education, into social care. And that's why there's such a good link with integrated care and the institute. The institute is very much about interdisciplinary research. The expertise that the institute has is drawn from the faculty and the faculty has expertise that spans education, social work, psychology, as well as our health provision, including primary care nursing. So the expertise that we have within the faculty is very much aligned with integrated care and the institute to that end is very well placed to respond to the agenda around integrated care. The institute's main goals are to generate bigger impacts. So essentially take research off the shelves and put it into practice. But it doesn't just impact on the practice of an individual profession. It impacts on all the professions working together to solve the problems. So working right from prenatally all the way through to old age with midwives, with early years, professions, health visitors, teachers, social workers, councillors, all working together to try and help those people. So the institute will have six centres. The centre for inequalities, the centre for workforce development, the centre for chronic illness and ageing, the centre for thinking and learning, the centre for mental health and the centre for vulnerable children and families. So one of the important things that the institute will be doing will be launching a series of public lectures to talk about the big issues. We'll be hosting continuing professional development courses for professionals and for academics. So we have fabulous facilities for undertaking research both in Greenwich and on our campus at Avery Hill. We have brilliant neurodevelopmental laboratories at Greenwich. We have observation suites. We have EEG and eye tracking equipment. And in Avery Hill we're investing in a new simulation suite, which will allow all health professions to be trained in the latest techniques. And we're investing 1.6 million in new equipment in those simulation suite laboratories. What we want to do is work with researchers, academics, as well as practitioners and policymakers, so that the research we do translates into the real world and makes a positive societal change. So in the institute and in the centre we have a diverse team of individuals who work closely together in order to tackle these issues. So we have early career researchers as well as PhD students, postgraduate students who, via their research, help us understand in depth some of these issues and create better policies in order to allow us to have real world impact. And it's highly likely, in fact I would expect, that there's overlap across other centres as well, because of the, you know, where there's inequalities, that usually has a detrimental effect on health and education. A partnership between us and people that we work with, so it's not a one-way street where we're just conducting some research. It's about thinking, well, the implications of this research mean that actually there are key issues that we need to address. We're very well placed in terms of having very good connections with organisations and other institutions worldwide. A lot of these areas are areas where the UK has international leadership and we contribute as a university to this international leadership and we want to make sure that not only we are making a difference to our local communities but also that we're making a difference internationally. But most of the real problems that society faces cannot be solved by a single researcher in a given discipline. Very typically a lot of the key challenges will require expertise coming from a variety of different disciplines and we see that, for instance, when dealing with vulnerable children or when dealing with vulnerable people, where you have a combination of problems that relate to health, that relate to mental health, but also that relate to social deprivation, also that relate to education and it's very often important to bring experts from different areas in order to provide real solutions in the real world. We are a university that has a very aspirational outlook for its research. We want to make sure that research in this university continues to grow, not just in terms of quantity but particularly in terms of excellence. But it does so in a way that addresses real challenges that are out there in society. So the institute is part of a bigger picture of developing the research strengths of the university of growing our research capacity. So I think the broadness and inclusiveness that the Institute of Life Course Development is creating is a fantastic opportunity to have all sorts of people involved, whether that's members of the public, students, partners in government, healthcare, education, anyone with a vested interest I think it has a great opportunity for and it's opening up the door for people to bring their own knowledge, skills and experience to the discussions but also to bring their own interests and to help us think about what are the issues that we want to look at within our centres. So we have an extensive range of partners that we currently liaise with and have strong and established links with and we'll continue to work with those partners within the context of the institute and we can work with those partners in terms of exploring with them what their needs are in terms of research and also by sharing with them through seminars, through conferences and working so that they will also share with us what their work is and also through our students as well because our students will be attached to centres within the institute. If we think about it from the point of view that as an individual if we become unwell and we need a health service, healthcare intervention as an individual we are a member of a wider family for example so if we take an older person with dementia or we have a younger child or an adolescent that has specific healthcare needs each of those individuals will be members of a family so when we're looking at providing healthcare and health services to for example an older person with dementia we need to remember that person, that patient has grandchildren, their own children their own children are probably providing care to them and to their children so that these individuals are interacting with a whole range of health services to provide them with support and that can in itself be very very daunting but in terms of a life course perspective I think it's important to consider that within population health we're not just looking at the individual who has a healthcare need we need to look at it in terms of the whole wider family and the services and the sector that surrounds that. I think one of the things that's key is that the different professional groups that work across different sectors understand what each other's roles are and a way to overcome some of those barriers because there are barriers to interprofessional working is interprofessional education and that's where the Institute comes in it can provide a really strong vehicle for interprofessional education again drawing on all our partners and the links that we have we have the ability to bring different key players from different sectors into a room at the same time who can share their knowledge with others but also learn from each other and that's what will be key. What the Institute means for our partners and our potential partners is an opportunity for them to engage with us in the development of new projects but also for them to present us with challenges and things that they want us to help them with and how we can help everybody across generations to fulfil their own lives and help other people around them to have good lives too.


What's going on everyone? Sam here with late in sports cards have been 22 23 elite court contenders NBA or six box NBA mixer number 9 random team style There's a look again at your random results as always you can find those on the website under the results tab As well as the link in chat. Good luck here everybody again just the That's over that's over Just the Kings left now in number 47 just the Kings they're on sale there $20 off as well Brandon taking the Nuggets in that one. So just the Kings available. That is it. Look for some Keegan Murray Oh start with elite that for a second. Am I bugging? Oh, there it is, I see it. I Put it over there.  There's Manu Ginobili title waves That is pretty funny. That is pretty funny. There's this guy on Instagram He's like a big collector of one-of-one prisms spellbound LeBron and Someone in the comments. I sent illegal like cuz he has the Brian Dawkins black finite Yeah, I think illegal the rainbow. He's trying to do and someone in the comments called him the rainbow killer That's like his nickname Damian Lillard orange Power formula. Oh, whoa. Whoa popular is flying now Nicola Yolkic power formulas is Jeremy Grant to 99 Blazers I don't remember his username off the top of my head Christian Brown 10 of 49 for the Nuggets class of 22 auto nice one there congrats Denver How much of a premium? I'm sure a ton. No legal orange Al Horford Spellbound LeBron lay spellbound orange Kendrick Nunn Nunya business. I saw it Lane. I saw it. I saw it Kyle came in and showed it to me Caleb Houston rookie unreal dude. He pulled the He bought a personal hold a chat home grand clear acetate rookie auto jersey number 720 Herbert Jones second year for the pelicans impact impressions. I swung their NOLA dope.cards apparently on Instagram. I don't remember. That's what's illegal said there orange Mike Conley on that one the jazz That is LeBron the rainbow killer. That's so funny like Monk Orange of CJ McCollum Benedict Matherin rookie ex Benedict Cumberbatch Matherin John hates that one Yeah, there's too much going on No, right absolutely Nicola Vustavich glass masters for the bulls acetate Josh Donaldson 101 let's go Spellbound Luca helps the cops again Spellbound and man orange look like a gold, but I think I think that's an orange. I can't really tell my head, but no numbering on it. So yeah, I'm assuming orange spellbound ant-man blue Zion 2 99 yes for the Pels Green Jalen Green three of four nice one there for the Rockets grads H town Erica E And that's a number to the Jersey number three of four Pulled the heart in of that few days ago, which is a 101. It's pretty cool So I'll do it for the first box of elite again guys just the Kings available and no, they're not we're sold out on the first one Thank you there Josh just 12 group break spots left on the night everybody five to go in the number 48 and seven to go in 49 My years back. Yeah box See which ones are available in that one we've got the Nets bowls clippers nicks and Kings five to go guys five to go teams are on sale as well like Nets are thirty dollars off Nicola Yolkich that is Leap deck for the nuggets throttle Kyrie Orange power formulas Jalen Green Star status Jimmy Butler really go bear thirty eight of 99 for the T-wolves the Stifle Tower their basketball on AJ Griffin new breed steal the draft AJ Griffin for the Hawks nice one there Atlanta Orange Moses Moody second year So down there's an orange Dougie McBuckets. It's time. I realize seriously side rookie EJ Liddell for the Pells I'm in Powell Jalen Green clarity for the Rockets Cam Thomas base base base LeBron spellbound lay spellbound Orange lay spellbound. Is that a gold or a blue blue KD star status to 99 Troll with the gold like finish in there But a 49 nice one there Swiss Bank for the Hawks is John Howard for the Wizards nice one there Kratz Washington John Howard orange Fred Van Vleet Zach Levine power formulas Gary Harris orange base and last pack of the leaf Rookie Kennedy Chandler for the Grizzlies and base. All right on to court Kings Full case of this coming up Relatively soon that is sold out already just two group breaks with spots left on the night everybody to prism PYT four boxers KPJ Kevin Porter jr. To 149 for the Rockets on the red you've got to 199 error parent rookie auto Christian Brown again For the Nuggets nice one there Denver Got a Brandon Ingram Art Nouveau that is game use Jersey Pelicans BI Benedict Matherin Keegan Mary Maestros level one Patrick Baldwin level Three is Wendell Moore jr. Number two of court Kings There's a red works in progress of Jalen Durand how you during the 149 Sean hates that one too Jaden Hardy error parent to 49 rookie auto for the Mabs That's a little that you came up with it. He's like great Cut art Nouveau Brandon Ingram again Game use Jersey for the pelicans Okay Maestro's Devin Booker watercolors Kawhi Dyson Daniels level one and level two Walker Kessler. That's on there for the jazz All right now contenders last two box of the break guys Thanks again. Jabari Smith jr. Variation rookie for the Rockets AJ Griffin rookie Sean Marion Scotty Barnes 9 of 25 sophomore contenders. There you go Toronto. I saw in their Raptors grads Raptors Lying to get someone higher on the trash list than you will any result in harsher trash being awarded to you fair To 1 2 49 is Ben Simmons May take it to the hall Luca sweet shots, but he healed Luckily, I don't spend too much of my day thinking about the trash list Luckily Dyson Daniels superstars Zion. We've got a premium Musa Diabatae for the Clippers. Nice one there La Shay Jimmy Butler, but Rudy go bear That is to 1 99 LeBron ticket to the hall Jalen Williams J. Dub rookie Donnie didn't come up with how you during Yeah, yeah, he did He actually did guy. I didn't lie about that Donnie actually came up with that. I was kind of pissed. I didn't think of it first Yeah, no, I legit like set it on stream and say I'm like, oh I know I'm gonna use that Really sold the rights to Sam Kyra Irving nice one there for the Nets That's what I'm saying. So that that makes it illegal go up on the trash list now shade on shark The legal is now higher up on the trash list Congrats the legal on that one being higher up on the trash list than I am Christian Brown permit to dominate case hit or super short print. I should say nice one there Denver Denver killed it with Christian Brown Good Lord, man redemption Isaiah Mowgli rookie season ticket going to the Cavaliers Cavaliers Nice one there for Cleveland base and base up Marcus smart to 75 conference finals ticket ticket to the whole the weight Base last pack here. Let's see what we've got Deontay Murray to 249 base Palo Max Christie variation rookie ticket auto for the Lakers nice one there LA live by it. Yeah, there you go Exactly, you're gonna indirect or directly live but Indirectly right We've got Brandon Ingram Brandon Ingram Max Christie Isaiah Mowgli. It moves to Diabato Scottie Barnes Jaden Hardy Christian Brown Joanne Howard E. J. Griffin Christian Brown and Herbert Jones That's gonna do it for the break guys. Thanks again for the fill next up is a prism


Ladies and gentlemen, please welcome Boris Rensky. Hello everyone and thank you. So, I'm going to go ahead and set this one down right here to keep you a little bit in suspense. Enjoy looking at it. As you guys have heard, at Mirantis, we are nowadays all very excited about managed open cloud. But we're not just excited. We're also a little bit worried. And the reason we're worried is because, before, pretty much everything that we were doing, we referred to as private cloud. And as I've been experiencing lately, private cloud has become a bit of a toxic word in the enterprise. It's a kind of word that if you are in some sort of CIO networking event and you come up to the CIO and you start talking and they're very engaged, and then you muddle the words private cloud, they tend to kind of look away very quickly and look for a more engaging conversation partner. And the reason why this happened is because I think private cloud evolved to become a bit of a marketing term that unfortunately, from time to time, is associated with failure. And the reason it's associated with failure is because really the whole private cloud concept piggybacks on cloud, which has really been evangelized by public cloud. And when public cloud kind of started taking off, it really was based on a very particular prescriptive delivery model. In my view, private cloud has unfortunately violated some of the key principles that were instrumental to the success of public cloud. So at Marentus, we won't manage the open cloud, or some people refer to it private cloud as a service, which we don't want to use the word private there, for something that is identified with success. So that to happen, it's important that we don't really repeat the same private cloud mistakes with managed open cloud. I'd like to spend the next 10 minutes going over some of those mistakes. So we'll start with just a very basic thing of how the clouds are built. How do we typically build a private cloud in the enterprise? The first concept that comes to mind to anybody building a private cloud in enterprise, at least in our experience, is really about self-service and self-service APIs. The idea is we have our enterprise stuff. Let's bring some self-service APIs on top of that, and voila, we got ourselves a private cloud. So OpenStack is a very common fabric for that. OpenStack, it is. We'll start with OpenStack. Now, next step is we need to actually build the underlying components, because OpenStack by itself doesn't really do anything. It's just effectively an API server. So what we'll do is we'll go ahead and pick our enterprise Linux, or not to single anybody out with Linux Enterprise Hypervisor, let's call it, which in case of Linux is the same thing usually. Then we'll have to find our enterprise network, and then we'll have to do our enterprise storage, et cetera, et cetera. And I'm going to use a little bit of black and white terms to illustrate the point, so I do realize that the world actually is a bit gray, so don't take everything completely literally. So if I'm an enterprise hypervisor vendor, or an enterprise Linux vendor, part of being enterprise is really about making sure that my enterprise stuff interoperates well with all of the other enterprise elements of the stack. So I make sure that I certify my stuff on any kind of hardware, all kinds of enterprise storage, all kinds of enterprise SDNs, et cetera, et cetera. And of course, all of that work of interoperability testing and then packaging all of this interoperability with, you know, elegant product marketing collateral costs money. And the same goes for enterprise network, and the same goes for enterprise storage, et cetera, et cetera. Now, if I'm an enterprise systems administrator or an enterprise Linux administrator, this is great because what that means is that I can learn one SDN, for instance, from the top number one vendor that is interoperable with all the other enterprise stuff. I get certifications to put on my resume, and my skill set is applicable across all different enterprise silos and even outside of the place that I work in. So I naturally will push this horizontal design pattern across all of the elements of the stack to build this private cloud. Now, let's switch to this different guy that sits right there up on top. This guy is a guy trying to build a cloud inside the enterprise. You can also think of this guy as the workload or the user of a cloud. So this guy is on the hook to deliver business results, business outcomes. And this guy doesn't really care about whether or not the SDN or the storage will interoperate with all different kinds of things. The most important thing for this guy is that the storage, the SDN, and all of the other elements that go into the stack, they work really well together. That's the only thing that matters. But if I'm this guy inside a traditional enterprise, unfortunately, I can't just say, hey, I'm just going to build my own stuff out of open source that I will find somewhere. I have to deal with the unfortunate enterprise pattern that has been primarily dominated by the notion of selling enterprise software license or enterprise software subscription. So when I build a cloud, my cloud ends up not having optimal ROI. But forget ROI for a second. After all, clouds about agility and making the company get to market faster, et cetera. The other problem I have to deal with is that if I'm building it out of enterprise components, chances are the hypervisor vendor that I'm working with maybe is trying to bring to market a storage solution also. And the enterprise networking vendor I'm working with is also trying to get into the hypervisor business. And the integrations that end up happening within the different elements of the stack actually don't work very well. And my cloud doesn't work very well as a by-product. So not only don't you get an optimal ROI, you also don't get a very stable cloud fabric. Now, the public cloud guys, of course, they figured this out. And AWS is known to be the most successful open-source company, at least it's touted to be that, because they leverage a lot of open-source components. They have a vertically integrated view of a stack. They make sure that all the components work well together. And voila, everybody's happy. So the first takeaway about managed open cloud that I'd like to kind of talk about or that I've talked about is that I think that managed open cloud as we try to make it successful has to be built following a vertical design pattern, at least as much as possible. That's a very important notion, rather than just be opportunistically stitched out of different enterprise software components just because this enterprise is standardized on this stuff. Next, I'd like to talk about how you operate the thing. Because one of the biggest advantages of public cloud is this notion of continuously delivered infrastructure fabric. You get all of these cool features, literally on bi-weekly or monthly release cycles that happen two and three weeks apart and you continuously getting new cool stuff to play with don't have to deal with this rip-and-place upgrade notion. And I'm not going to talk about the importance of properly instrumenting the CI CD delivery pipeline and using the infrastructure as code pattern. That's clear, but I'm going to talk about the importance of open in the cloud. So managed open cloud, open is not just some marketing fud in my view that is trying to piggyback on the scary notion of underlocking. If you want to get to this continuous delivery pattern, you have to make sure that you are able to lifecycle all of the elements of the stack together. So to dive into this just a little bit deeper, let's look at what things would look like if I'm trying to stitch stuff together out of the enterprise stack. So let's say, and this is like real problems that we've been dealing literally at Mirantis regularly, let's say a new version of OpenStack comes out as some important bug fixes and features that we'd like to push to our users. And the user X is using OpenStack with some sort of enterprise network or enterprise storage. Well, the enterprise networking vendor is going to take three months to write the driver for this new release of OpenStack and then another month to build it and test it and then release a certified version. So if I'm using that, I can't push the new OpenStack code. Now, if I'm also having things like some enterprise hypervisor or enterprise storage in the picture, then they will release on a different cycle. There's most likely a waterfall cycle that will take me out another six or 12 or sometimes even 18 months. So when you build your cloud following this horizontal pattern, you're forced into a waterfall release approach and you completely obliterate the value out of our public cloud continuous delivery disruption. So the second takeaway is as we try to make managed OpenCloud something that stands for success, it's important that we make sure that it's continuously delivered on a synchronized cycle with all of the underlying components. Now, finally, I want to talk about the managed piece. So why is managed important? So today, and this is just not an infrastructure industry but everywhere, there's this notion of customer centricity. It's very important to have a company that is super customer centric. Know your customer, blah, blah, blah. It's not because of customer obsessed. But I think that when it comes to the consumer world, it's kind of very easy notion. You buy a t-shirt, you get very good service, it comes quickly, yay, good customer service. When it comes to the enterprise, this notion becomes very hard because being customer obsessed in the enterprise world does not only mean that you have to be customer obsessed, you have to be customer obsessed about the right customer problem. And enterprises are complicated beasts and not all people or groups within the enterprise understand even what is the right problem to take an enterprise forward. And in the cloud world today, as enterprises are transitioning from this pattern of buying software to the pattern of going to a service, there's this mess. And there's a lot of champions that are on the wrong side. Not because they're bad people, but simply because maybe for political or process people, political or process reasons, they're not clear what the right problem is for their organization. There are some right guys also. So it's extremely important that you pick the right problem that you're solving for the customer. And when you're delivering the infrastructure as a service, it kind of becomes a force function to align what you do as a vendor with actually solving the problem for the right customer. So I think it's important for everybody to understand that public cloud is not just a technology disruption. But public cloud is successful because it's a go-to market disruption as well. It's a disruption whereby you're solving the right problem for the customer as opposed to the wrong one. So managed open cloud, in our view, must be delivered as a service to force the focus on solving the right customer problem. Finally, when we said that we're a managed open cloud company now at Marentus, a lot of people came to us and said, well, you guys just service company, right? Like managed services, right? You take all of the standard enterprise stuff and you manage this mess for less. And no. So it's very important to understand that this is not the case. If we are to perpetuate the notion of managed enterprise mess for less via the managed open cloud concept, this is a 100% death and a path to Dr. Locke. What I'd like to ask of everybody is that as we try to succeed with managed open cloud or GN2 cloud, as we call it, or cloud as a service, as some people refer to it, we perpetuate the right concepts. And if we want the future of the data center to be defined by the open innovation, I think it's important that we gather together and we become very prescriptive about how we actually deliver the cloud experience. To close, I wanted to make a very exciting announcement. So everything that I was talking about, you guys can say it's Boris's crazy talk, Miranda's saying some weird stuff. But for us, it's important that it's not just us that embraces this notion and this approach, that the broader ecosystem embraces it. There is no way that we'll succeed otherwise. And what I'd like to do today is announce our global partnership with Fujitsu around managed open cloud. I would like to call Mr. Naka on stage so Mr. Naka runs the platform software division at Fujitsu. So, welcome. Boris, and thank you for the introduction. At Fujitsu, we are very, very excited to partner with Milantis and help bring the managed open cloud model to enter projects around the world. Milantis delivery approach combined with Fujitsu experience will allow our customers to adopt managed open cloud with confidence. Thank you. Thank you. So now, for this thing, we are creating a new tradition. This is the black box that you have seen in the video. And what we're going to do is be token of a big vendor joining the managed open cloud movement. We're going to have Mr. Naka attempt to destroy this black box worth a foot. I don't know if we're going to be successful, it's really well done. But hey, I'll... Milantis got you back if you fail. Come on. Do it again. You will need Milantis in this partnership. Thank you, everybody.