Coming up on DTNS, good news for the VR market, why your Apple card cost your grocery store more money than other cards, and Jack Dorsey's plan to decentralize Twitter. This is the Daily Tech News for Wednesday, December 11th, 2019 in Los Angeles. I'm Tom Merritt. And from Studio Redwood, I'm Sarah Lane. In Salt Lake City, I'm Scott Johnson. And I'm the show's producer, Roger Chang. We were just discussing gin and Peloton ads and non-controversial subjects like Chick-fil-A versus Popeyes and more on Good Day Internet. You got to get that conversation by becoming a member at patreon.com.dtns. I solved one of my laptop dock problems today. Thanks to a listener. Get the tips, patreon.com.dtns. Let's start with a few tech things you should know. Chrome 79 is out for Windows, Mac, Linux, Chrome OS, Android, and iOS. Among the new features are the integrated password checkup tool that checks hashes of your Chrome stored passwords against lists of leaked passwords, real-time black lusting of malicious sites, predictive phishing protections for all, no mixed content on HTTPS, tab freezing, which unloads all tabs inactive for more than five minutes, and back and forth button caching so you don't reload a site every time you use the back or forward button. Well, before this tab gets uncached, let me tell you the next story. Google released Android 10 for Android TV with mostly security and performance improvements. That's what you're looking for. That's what you're going to get at the time. Or at the same time, Google released the ADT-3 HDMI 2.1 dongle for developers. It's a full Android TV platform with a quad-core ARM Cortex A53 CPU, 2GB of DDR3 memory, and a 4K HDR at 60 frames per second. The device might be used in white-label devices for TV services or provide a platform for a new Google-made Android TV device in 2020. The New York Post and Reuters report that the U.S. Department of Justice will investigate Google's proposed acquisition of Fitbit as part of its wider antitrust investigation. Justice Department antitrust chief Mekhan Delrahim has previously said that privacy concerns can play a part in antitrust analysis. Sources tell Bloomberg that private equity firm Francisco Partners Management has partnered with Hedge Fund Elliott Management in a bid to take log man private for more than $4 billion. Sources say the deal could be announced in the coming weeks. Let's talk a little bit about YouTube's new anti-harassment policy. Why not indeed? YouTube announces expanding its anti-harassment policy, as Tom alluded to. The policy now bans implied threats, as well as direct threats like holding a knife while criticizing someone. YouTube will not take into account a pattern of insults, even if one insult doesn't meet the criteria for banning insult based on race, gender expression, or sexual orientation, are banned against anyone, and not just creators or other creators, I should say. Machine learning identification of comments to be reviewed by creators will be expanded as well. Well, yeah, if you're threatening somebody while holding a knife, it doesn't look good for you. But, you know, all this sort of, I don't know, kidding aside, if you can kid about anything in this realm, this is good. This is good on YouTube. It is good that YouTube is saying it's not just creator versus creator because we've seen some of this, and a lot of that stuff gets a lot of attention and kind of turns into a new item of its own. But if anybody is targeted in the means that YouTube is laying out, it is wrong, and it shouldn't happen. I'd like to make a prediction I don't think is actually going to come true, but I'm going to make it anyway. Call this ass, Tom, a little bit of one. One day YouTube will ban prank videos. And I know that some people are going to go, no, they never will or no, that's not a problem. I can't stand them. To me, they are a form of harassment and they so you think they're going to ban them because you don't like them? Yes.  A costing people in a public place and making those people feel like their lives are in danger. I see. Yeah. No more Japanese television. Well, here's the problem. Here's the problem though. And we're going to talk about this when we talk about Twitter. There's disagreement about where the line is. And what we're seeing is YouTube going, well, okay, we had a line here, but then some people were doing some things. We don't think we're okay. Cause they were brandishing a knife. So we're going to put the line over here, but now you're going to get more false positives with people getting banned saying I was wasn't brandishing the knife threateningly. I was doing a cooking bit. You know, it was a joke, et cetera, et cetera, et cetera. So where do you set that line? We might actually have an answer to that in our Twitter discussion coming up. For now, let's talk about workers and the best place to work Facebook and Google both dropped out of the top 10 best places to work in the US. This is according to glass doors, annual rankings released on Tuesday, which uses employee reviews on areas such as compensation, benefits, culture, senior management, HubSpot, a cloud computing software company in the Silicon Valley, grabbed the number one ranking, DocuSign, and ultimate software were three and eight, respectively. Now you might say, okay, well, we're the big guys Facebook, which has been rated as the best place to work three times in the past 10 years. Now ranked 23rd, which is quite a drop from being ranked seventh just last year. Google was ranked 84th, so it was not even in the running. Amazon didn't make the list at all either. Microsoft, though, moved to number 21 from number 34 just a year ago. Just to be clear, Amazon never makes the list. So that's not a surprise that it didn't make the list. It has never made the list. Apple used to be much higher up, though, like you said, Facebook, because one Google has won this list. It is now 11th. So it is quite a change in the tech landscape where niche companies like HubSpot, kind of the best kept secret as a place to work. DocuSign, getting the props from the Glassdoor users, that's great. Yeah, nice to see In-N-Out still up in that list. Every time I go there, I always get the impression that those employees are either alien zombies or they really love being there. And I think this list maybe indicates it. I think the secret with In-N-Out is they over-employ. It always looks like they have 20 more people than they need back there. But it's the only way to deal with those lines. And it means they're going to be happier because they don't feel like they're overworked because they got all this help around them. I guess so. They're just so efficient and so into it. We could learn something from those people. I don't know what it is exactly, but I fear that it's something in the water or something in the drinks. There's something's going on to make them the most aggressively responsible 16 to 19-year-olds I've ever met in my life. Well, they're no HubSpot, but they're OK. Well, yeah. And something like In-N-Out, working for In-N-Out and working for HubSpot are going to be two very different, very different roles. But I thought it was interesting that, you know, compensation clearly kind of the number one thing.  But then benefits and culture and senior management and even on GDI before the show, we're talking about, you know, fun snacks that companies might, you know, give you. All of that stuff does play into your quality of life. Well, one day maybe ByteDance will become one of these companies. They're launching a new music app separate from Doyin and a TikTok. Rezo has been installed 27,000 times through the end of November, according to senior or excuse me, Sensor Tower. Rezo is being tested in India and Indonesia shows lyrics in real time while it plays music and lets users comment on songs. Users can also make gifts and videos with the music. Sounds a lot like TikTok, actually. Users who pay 119 rupees can download the songs from, or excuse me, for offline play and listen ad free. Rezo has deals with T-Series and Times Musics in India, but not yet the big three Warner, Universal or Sony names in there. Yeah. And in this Bloomberg story, they quote a guy named Michael Norris, who's a research and strategy manager at a Shanghai consultancy called Agency China. And I think he nails it. He says the dilemma for all of these companies is how to monetize a price sensitive user base with low relative income. So if you're wondering like, well, wait a minute, why isn't TikTok catching on in India? Different market. And that's the thing. One app, it's very difficult for one app to meet the needs of the entire world. Facebook's very unusual in being popular worldwide. Netflix, very unusual in being a popular worldwide. And this is a bite dance saying, you know what, there's particular price sensitivity and feature requests from these markets that maybe we don't want to change TikTok to adapt to. Maybe we just need a whole new app. It's interesting. This is absolutely anecdotal, but I I'm a semi usual regular TikTok follower. I like there's a lot of artists and animators I follow on there. And that takes forever, by the way, to get down to the to finding all of those because the algorithm makes it sort of hard to find what you want. But once you do, it's not bad. And I have noticed again, anecdotal, a big uptick lately in my feet. Anyway, of content coming out of India. And I don't know why that is, but I guess I'm not. I guess what I'm saying is I'm not saying that that counters what they're saying about what's working in India. But I'm sure seeing a lot of content by creative Indian folks. And I don't know why that would be. I'm curious if there is a cross pipeline, if they're taking Resso created videos and pushing them into TikTok and vice versa. Oh, maybe I don't know that that's the case. But I wonder if that might be one explanation for what you're seeing. Yeah, it's it's interesting, though. That app is enormous and the the idea that they you would start to see companies behind apps this big, you start to branch out to other things like a music app or a service like that makes perfect sense to me. And like, why wouldn't they do that? Well, I'll say that the Indian market, I mean, in India, the amount of languages spoken is is is vast, right? So the idea of Resso being at essentially, I think, if I understand this right, an app that is showing you lyrics kind of, you know, as if you're kind of doing karaoke real time, playing music, and then everybody kind of talks about it afterwards. That probably plays into the Indian market in a way that maybe the rest of us don't understand all that well. All right, let's get into something you didn't understand about your Apple card. Bloomberg reports that the Apple card is what you would call an elite card. Apple card, of course, the one that you get inside of iOS. So any iPhone user can get it. Now, an elite card or a premium card gets higher fees for merchants. The idea is they want to make more money off these cards to provide those rewards, your cashback rewards, your frequent miles like like your Capital One type of stuff. So to do that, they make the merchants pay them a higher fee than they would for a regular card. And the justification to the merchant has always been, well, folks with these elite cards spend more money.  Well, there's a backlash against that. Payment processor, RX says the average purchase made with a premium Visa card was $50 higher than regular cards across the entire landscape of retail. But it's not always true at grocery stores. Food is inelastic in demand.  So Kroger temporarily stopped taking Visa cards in a lot of its locations as they renegotiated the fee on these premium cards from Visa like Signature and Infinite. Online use generally also carries higher fees than in a store as well. And going back to the Apple card, the Apple card is a lot easier for people to get.  And if your credit history isn't too bad, you're going to get one. And when you use it, now it's going to cost the company you're shopping with more than if you had used just your regular Visa card. So why are the companies partnering with Apple on this? If it's so bad for them? Well, they're not. There's no partnership involved. If they have to take Mastercard, they take Mastercard. The Apple card is a Mastercard, so they have to take it. But now a bunch of people are using elite cards that might not have had these premium or elite cards in the past. Well, that makes you feel guilty. Now, if I go, OK, admission time, I'm a big Apple guy like iPhones. I have an iPhone, just got an 11, blah, blah, blah. I went and signed up for the card. I got approved for it immediately. And I haven't done a damn thing with it.  I'm not using it at all. But now I don't even know if I should like that. See, I feel I don't want to. I don't want to ding my favorite place to shop if they're feeling the heat. Yeah. And this is the reason a lot of people will use a debit card at a mom and pop shop instead of an actual credit card because the fees on a debit card are lower for the for the shop to take it. But yeah, you can't say I won't take Apple cards because Mastercard is going to say, well, if you won't take our Apple card, you can't take any Mastercards like it's all or nothing. Right. Yeah. Wow. That's why Kroger had to just stop taking Visa in order to renegotiate. They had to play hardball. Well, that's the important thing about this, right? So this isn't just an Apple problem, obviously. It's a it's a premier card problem or potentially one. And yeah, if they had to shut down over Visa, maybe somebody will do it over Mastercard. Who knows? Facebook's Oculus Quest is helping to bolster the VR industry's overall hardware spending by 31 percent this year, according to Nielsen's super data research. Quest sales have risen to two point one billion dollars from one point six billion dollars last year. Facebook bought Oculus for more than two billion dollars back in 2014, you might recall. And at the time, Facebook CEO Mark Zuckerberg said, beyond gaming, Oculus would remake education, medicine, communications and the tech industry itself. Scott, Scott, how's that happened? I believe he's correct that it will eventually potentially lead to those things. I don't think he didn't really say this or quantify it, but I don't think that meant right away. I think right now it's more, hey, games are the kind of the edge of this. And then we'll see how things go as we get better at things like full hand tracking and smaller form factors and more reliable or wireless powerful systems and blah, blah, blah. But the quest itself has been a pretty by all VR standards, a pretty big success for them and for VR in general. The only real downside to the quest has been it's made a few people mad who invested in their other options. So if you bought an Oculus Go some year or so before the quest was released, then you ended up with a very underpowered, sort of not great solution. If you really wanted a good VR headset moving forward with lots of software support. The last year when they sold the quest, I guess this year, they also the same day launched the Oculus Rift S, which was their follow up to the Rift from their previous generation. It featured inside out tracking, which meant you could create room scale without a bunch of towers and wires everywhere, which is a huge thing. But it was still tethered to your PC and is the quest was a wireless solution with a lot more power than the go and inside out tracking and all the full functionality you expect from a Rift S, except now you're by yourself in any room you want to be in running autonomously on this thing, but it meant it was a closed system and there are other ups and downs to that sort of thing. Then they announced the link, which is an upcoming free update, which is now out, by the way, in full beta that let you plug in a USB C cable that carries power and data. And it turns your quest into not only a quest, but now a quest that behaves like a Rift S, which a lot of people bought and they don't have that swap swap that we do now. So if you bought a quest, you're in fat city, it's awesome. You got I think the best one moving forward as things currently stand. But if you got as you're probably a little ticked, because you spent the exact same amount of money and you're not getting any additional benefits, although you are getting hand tracking this week along with the other. So they seem to be going all in on the hand tracking stuff. So anyway, there's a lot more to say about it, but I think that these numbers are great for VR in general. And I also think that speaks volumes about how people want VR moving into the future. They want wireless, easy, not hard to set up things you don't have to fudge with and fidget with all day to get we're working right. This so far is the one product that seems to have that that in mind the best. Thirty one percent sales rise. Very good. Two point one billion in sales is equal to what Google wants to buy pay for Fitbit. So you could you could essentially say they made one Fitbit of revenue last year and and also it's it's worth pointing out that just the wearable health care market next year, not the entire wearable market, just the wearable health care market is predicted to be 41 billion in 2020. So ways, ways to go, ways to go. But we were seeing these kinds of numbers for the entire wearable market, you know, five, six years ago. So this is this is a sign that maybe we're finally starting to see that slow takeoff here that we saw with wearables as well. If you want to get all the tech headlines each day in about five minutes, be sure to subscribe to DailyTechHeadlines.com. All right, Twitter CEO, Jack Dorsey, announced the company will fund an independent project called Blue Sky on one word to develop an open and decentralized standard for social media. He gave credit to Stephen Wolfram and Tech Dirt's Mike Masnik for a couple of posts that inspired him about emphasizing protocols over platforms and using algorithms in a responsible way to help provide choice for moderation of the social media you see as a user. Twitter CTO Parag Agrawal will find a lead with experience to run Project Blue Sky in blockchain. He will then let that lead put together a team. So this has to be a leader with experience in blockchain. Dorsey says Twitter's only direction for the project will be to either take an existing decentralized standard and help move it forward, figure out which one is the best out there. And there's a bunch. They're solid from Tim Berners-Lee's company. There's there's also Mastodon. There's a ton of them. So either do that or create one from scratch. And then, of course, Twitter would become a client of Blue Sky standard. Now, why would you do this? One of the things Dorsey said was that centralized enforcement of global policy to address abuse and mislead information is unlikely to scale over the long term. The more users you get, the more posts you have to manage, the harder and harder this problem gets. It doesn't scale. Also, the value of social media is shifting from hosting the content like Twitter does to directing your attention to quality content. People aren't just saying, yeah, I want a place to post my thoughts. People are saying, I want to be able to see the best thoughts out there and not the crappy ones. And he says, blockchain points to a series of decentralized solutions for open and durable hosting, governance and, of course, monetization. Dorsey says, quote, it will allow us to access and contribute to a much larger corpus of public conversation, focus our efforts on building open recommendation algorithms, which promote healthy conversation and force us to be far more innovative than in the past. Now, the CTO, who's finding the lead of this project, Blue Sky, posted some of the challenges they'll have. He said, first of all, a standard that lets consumers choose between a lot of data intensive algorithms while protecting privacy might struggle to compete on quality. Also, viable and sustainable incentives and business models need to be found to make people want to create products on an open standard like this and the traditionally slow and deliberate consensus building approach to evolving standards might not keep up with the rapidly changing ecosystem and consumer needs that we've seen happen in social media. Masnik and Wolfram are really worth reading because both of those posts talk about using a platform in a way that lets you choose your where your data is stored. So kind of like Tim Bernalese Lee's solid, like in other words, Twitter wouldn't store your data. You would store your data with a third party service that you trust and allow access to it. And then most importantly, the interface would be created by multiple parties. So even though you wouldn't be on Twitter anymore, you'd be on a particular interface. And this goes back to the early days of Twitter with Tweetbot and Tweetdeck and all of those different interfaces into Twitter, except instead of being interfaces into a centralized company, they'd be interfaces into a decentralized standard. And the most intriguing thing that Wolfram and Masnik both talk about here is choosing your algorithm for moderation. Wolfram has a lot of ideas about how you can make an algorithm that doesn't keep you in a bubble, that understands where the line is. Because the problem isn't making an algorithm to moderate. The problem is telling the algorithm what should be allowed and what shouldn't. And both Wolfram and Masnik say, what if you had multiple companies marketing different algorithms that say, our algorithm will show you a more libertarian side of thing. Our algorithm will show you a more conservative side of thing. Our algorithm is a more socialist side of things. Now you may say that's a bubble and Masnik has some answers to that. But the idea is that instead of people complaining that Twitter took down my post, you would say, well, you're available. You're just not available in that particular interface because that algorithm doesn't like it. And you as a user would be able to move to algorithms that show you the people and types of posts that you want. EFF, ACLU, Cato Institute, those all could be examples of places that might provide third party nonprofit type of algorithms for you to choose what kind of moderation you want instead of having a monolithic company like Twitter or Facebook do it. In the Masnik article, I really liked that read because there was a whole bunch of stuff in there that resonated with me because of how long I've been around for this internet stuff. And he made some interesting comparisons, talked about the early days of the web and the internet when it was very decentralized. Let's like before the World Wide Web at all, use net groups, that sort of stuff. And it was so decentralized that it was kind of chaotic and not great. So some centralization starts to eek in and starts to happen. As comparisons he used were use net forums way back in the day and something modern like Reddit. And in a lot of ways, those those two things are very close cousins. But one has a, you know, a fully fleshed out sort of interface and and flow and sort of workflow and that sort of thing happening over over at Reddit, where it was very Wild West in the old days. And so it didn't it didn't strike me that what he was saying. Well, it was well, all of the decentralization is is what we want. Nor do we want to have everybody be centralized that there's a place here in the center in the middle somewhere where we can figure out a way to take everything we've learned from both extremes and come up with a better solution. And it really resonated with me. It was a great article. I know you get I like this point about email being an open protocol that succeeded where people can make lots of businesses on email, even though it's an open standard. Right. And without even really knowing that we did it, we did it. And that's fascinating, like because you don't think of it in that way. Right. And some of this we just stumble upon, but I think this is about attitudes. And if Twitter, even just at a very basic level, if Twitter got back to a place where I could go to more third party, even just apps and services that let me access the API, that's still better than where we've ended up, which was so far from those early days and to a place where I cannot stand the official app. And I'm always afraid my favorite secondary apps, which are fewer and far between these days, is going to get pulled any minute or lose core functionality because Twitter decides one day, and we don't want to have access to this or that. So I want everything about this. It still feels like it's very much in the, Hey, we're talking about philosophical stage. And sometimes Jack can make it seem even more philosophical than maybe even is. But I have really high hopes for, for this thing. The story got a lot of attention today, you know, partly because Twitter, but also because it's sort of like, huh, all right, let's rethink this social networking conundrum that many of us kind of sit here and think, Hey, there are a lot of good things about it, but a lot of bad things as well. How long, let's say this works. Let's say this works for Twitter. How long until Facebook, Reddit, you know, other social networks, big social networks adopt the same strategy? Now, that's the question. I mean, Dorsey himself said this is going to take years to even get going, to get rolling. So the answer is more than years because Facebook certainly not going to jump in on Twitter's thing. They're going to come up with their own thing first. So this is just like you say, the very earliest days of this, but it's starting to look like a swing back towards decentralization from a more powerful company, right? Twitter's not the biggest company, but it's a big company to be doing something like this and pushing something like this forward. And it's smart because Twitter has a hard time competing with Facebook in a way. And this is if you decentralize the platform, that's good for Twitter. Might not ever be good for Facebook at the size that they're at. Hey, thanks to everybody who participates in our sub Reddit Twitter stories, always welcome as are others. You can submit the stories that you care about and vote on others at dailytechnewshow.reddit.com. You can also join in the conversation in our Discord. It's a lively bunch, everybody. Join by linking to a Patreon account at patreon.com slash DTNS. Let's check out the mailbag. Oh, let's. Laurent wrote in about DTNS 3674. That was yesterday's show. Laurent says you were asking for a use case with the new kind of cool AR glasses with a heads up display. Well, the ones from North, the vocals. Yeah. Yeah. Yeah. Laurent says picture this, a guitar, a bad memory, some lyrics, voice recognition.   I've been dreaming of something like this forever. You could actually teach me to play guitar, I guess. Yeah. Yeah.  All of a sudden, we have the tech to do exactly what he's asking for. Like, we could just do this now. Why not make it happen? Just need the money in the right company. Well, I'm not guaranteeing it's not already out there. Scott might actually be. I haven't looked. Yeah, you just. Well, you put on the glasses. That that's the rounds point. Put on the glasses. You're good to go. It's like, all right, who's ready to rock? This is true. I've been playing campfire. I've been doing a new workout app on the quest that's a boxing thing, basically. And I was in there so long the other day, I was so sweaty and messed up by the time I took it off. I took it off and I was shocked what room I was in because I'd forgotten where I started doing this and that kind of presence is the future. I really think that. So what he's describing is a kind of presence and here we go.  See, there you go.  Well, all right, we're there, people. And if you if you have other ideas, please do let us know. Feedback and deadly tech new show dot com. Shout out to our patrons at our master and grandmaster levels, including Kevin S. Morgan, Dan Dorado, Hankins and John Johnston. Also, thanks to Scott Johnson for being with us. This fine hump day of ours. Scott, what's been going on in your world? Well, lots of stuff and they can all check it out at frogpants.com. But what I'd like to do today is defer my my promotion to one. Justin Robert Young, he put out a second episode of his Raise the Dead podcast, which is really, really, really good. And I can't recommend it enough if you've got a moment to go check out any of your podcast players or directories where you get your podcast, just search for Raise the Dead and you will find it and you will not be. Sorry that you did. It's very, very good. That, again, is Raise the Dead and you can find it at RaiseTheDeadpodcast.com. Folks, if you'd like to hear your name on the show and get a mug with a special six year anniversary DTNS logo, just become a master or grandmaster at patreon.com slash DTNS and stick around for three months. We're going to be adding some grandmaster benefits as we go along here in the year as well.  The more you give the more thanks we can give like the mugs and the T-shirts and the stickers, it's all at patreon.com slash DTNS. I mentioned sending us email earlier in the show. We love your email. Our email address is feedback at dailytechnewshow.com. If you can join us live or live Monday through Friday for 30 p.m. Eastern, that's 2130 UTC and you can find out more at dailytechnewshow.com slash live. Back tomorrow with Justin Robert Young. Talk to you then. This show is part of the Frog Pants Network. Get more at frogpants.com. Diamond Club hopes you have enjoyed this program.


Growing up in war-torn Sierra Leone, Mikhail Kalon has survived more trauma than most people can imagine. 10, 15 years ago I never believed I would actually be in an educational environment where there's no gunshot. I'm not running out of class because of somebody shooting or something. Since arriving on a humanitarian visa in 2000, Mikhail says Australia has allowed him to achieve all of his dreams. I love my job. That makes everyday special for me in this place because you don't get that much. Mikhail works at the Beverly Hills Intensive English Centre, helping children who've just arrived in Australia to feel at home. He gives such positive encouragement and such good messages to our kids about the value of study and the value of working hard even when it's a bit boring sometimes to get a better life in the long run. That positive can do attitude clearly rubbing off. They helped me improve my English and they prepared me so well for high school which gave me confidence to cope with my assignment and go to high school as well. Yeah, I really enjoyed it. I have many friends now. In fact, I'm even playing basketball. I enjoyed it really. It's good. It's fantastic. Mikhail is now planning a trip to Sierra Leone at the end of 2009 to take educational equipment to children in need. He says it's his life in Australia that gives him inspiration for the ambitious project. I loved Australia. I adore Australia. I tell ya, I've been in Australia for eight years. I have been blessed. Meanwhile, in Melbourne, another youth worker is making a real difference. Sudanese humanitarian entrant Mathur Machar teaches sports like basketball and soccer to children from all over the world. What I like about working with young people is the fact that it's rewarding and you see young people making changes and seeing young person coming to tell you thank you for the direction you have shown me really is what is fulfilling about the job and that's what I love it most. In 2002, Mathur arrived in Australia after surviving 10 years in a refugee camp. Since then, he's completed a tertiary degree and started a traineeship program in youth work at the City of Greater Dandenong Council. That's what is good about Australia. It's a land of, you know, it has paid chances and everyone has an opportunity to do what they want to do. Mathur's hard work receiving some well-deserved recognition in 2008 when he was named Australian Apprentice Trainee of the Year. The award funding a joyful and emotional trip to Sudan. Everyone back home after 20 years was really different. I went back home, everyone was waiting for me and I met my mom after a long time.


Now at the time Cabela's was a relatively healthy company. It was posting nearly two billion dollars a year in gross profits It was well. Why was a stock price 50% lower? Because it was at real risk Because of the changing Retail industry because of online businesses again the stock market does not reflect your performance today The stock price reflects your expected performance in the future Tucker you need a 101 finance class, and I have just the professor for you me So anytime I'm available to teach you just a little bit of finance because it would be helpful given that you're commenting on stuff in Finance I got my PhD in this. I know this stuff. All right Tucker's not listening Maybe one of his producers would maybe you could forward this link to one of Tucker's producers Of four billion. That's America thrift stores and methadone clinics. That's America community after community Desiccated empty husks with nothing left huge swaths the United States look like that now. I Mean none of that would stand up to any kind of statistic and none of that is true and of course Ever been to ghost town ever been to ghost town You know like in the 19th century where they mine for gold or mine for copper mine for something and then a copper ran out And everybody left and moved on I mean if you drive along roots was it root 69 root 66 The route that goes kind of from the Midwest all the way to California before the highway systems you drive through lots of ghost towns Industry shut down, but the people didn't die Americans don't shrivel up and die when a factory closes Americans get up off their butt climb on to the horse and ride Ride to where the jobs are Today, it's a lot easier today. You can get into your automobile You can take a plane you can ride in a train and go to where the jobs are if America is the way Tucker Carson is describing it it's because Some Americans are not willing to take responsibility for their own lives because people like Tucker Carson have told them They should not and instead they sit around wait around For stuff to happen to them That's not America. That's not what the American spirit is Create your own destiny. That's what America is about It only gets worse from here guys So what happened well a lot of things happen some of them are complicated and hard to change But one of the big factors in this slow-moving disaster is the utter Transformation of the way our leaders think about the American economy So it's other transformation of the way our leaders think about the American economy and what is that transformation? It used to be that our leaders cared about the people and now They're ruthlessly capitalist He doesn't say that but that's exactly what he means During the last gilded age 125 years ago America's ruling class may have been ostentatiously rich and they were go to Newport, Rhode Island for proof if you like But it was still a recognizably American class Tycoons accumulated fortunes, but they also felt some obligation to the country around them So accumulating fortunes is not enough. This is typical left this point Accumulating fortune doesn't count which matters is what you give back and in the 19th century Tucker's gonna say the tycoons gave back They were real Americans Today the tycoons are here it is He doesn't say it but what he means is globalist. They don't care about America. So they don't give back And that's the problem really Ben and I would rip Tucker Carlson to anybody in a real debate Tucker Carlson does it have a chance. He knows absolutely nothing about Economics about the economy about America about how jobs are created About what's really going on in this country. He has a mouthpiece. He's a propaganda mouthpiece And by the way for those of you who wonder I've debated dozens of people. I've done dozens of debates So steel kite tycoon Andrew Carnegie famously built stone libraries around the country. Yeah, that's what makes him good He built libraries rather than He actually reshaped the steel industry in this country created millions and millions of jobs. I Mean thousands and thousands of jobs and created built this country by building its industry That's what makes Carnegie special. Not the libraries libraries are nice Edification of people beneath him John D. Rockefeller and many others so-called Robert Barons set aside huge portions of their wealth And in some cases their property to make this country better. That's what makes them good guys This is this is the complete and utter bankruptcy of conservatives That they think for a minute They think for a minute that what makes the so-called Robert Barons good guys And and the idea that You know, they didn't shut down factories. They didn't shut down towns they didn't Now they were the good guys they only created jobs and they were socially responsible. He sounds like Bernie Sanders in the old days The rubber Barons were socially responsible. The problem today is they're not socially responsible enough Hey All right Stone Acadia National Park, etc. Oh, yeah, we got most significantly in January of 1914 Henry Ford more than doubled the prevailing factory wage to a then remarkable five dollars for an eight-hour day Ford didn't have to do that, but his company was succeeding and he thought he should really. Oh my god I mean, this is the kind of fake history not just fake news Tucker Carlson engages in but fake history that he is providing us Why did Ford double wages to five dollars a day in 1914 What was he trying to do was he try was he was he thinking? I mean, I don't know if you've read a little bit about Ford But it was for thinking oh, we're doing well. So we should share some of our prosperity with our workers Is that what he was doing? No What Ford actually did was raise wages to five dollars an hour fire his most unproductive workers and Attracted to himself because he doubled wages the best most productive workers in the entire auto industry what he did was Raise wages so he could make more money what he did is raise wages so you can attract the best most productive people In an incredibly competitive market in an incredibly competitive market for labor what Ford did Was maintain his best people Attract the best people and fired the people who couldn't live up to five dollars an hour a day Sorry five dollars a day So it's just nuttiness To present. Oh, the robber barons weren't robber barons really they were good guys because they did philanthropy And they paid their weight work as well I mean if you've read how Carnegie and many of these guys treated their workers Some of it is embarrassing to defend of capitalism like me.  Why at the end of the day the reason is Because they don't support Donald Trump Some historians trace the creation of the American no-class to that decision Either way, it is nearly impossible to imagine a big company doing anything like that today Attitudes are just too different. Really. No big company today would raise wages Amazon did not raise wages to $15 an hour minimum wage. They did They raised them for all workers $15 minimum wage at Amazon. They did that recently Walmart has done it other companies in technology. It's done all the time the idea that somehow Today because they're focused on let Tucker Carlson tell you which finance mogul looks at workers Merely is cost to be reduced or eliminated entirely Which is funny When you think about what some of the what some of the great industrialists of the 19th century did and how they treated workers today corporations these businesses today's financiers today's capitalists Far more far more worker friendly Far more worker friendly Than they were in the 19th century. I mean it's such a joke.  This is purposeful lying purposeful Deception purposeful Misrepresentation of the truth. This is worse as bad as the New York Times at its worst He isn't building a lot of public libraries these days instead the model really all those philanthropists are not building anything They're not contributing. I mean American Billionaires don't contribute anything. Where do you live Tucker? Which America? I mean you you are spending too much time in New York, I think but if you go by the way if you go in New York to the I don't know to the Ballet now ballet, you know highfalutin stuff, but it's it's the ballet who built that ballet Well, it's got a big sign on the front of the ballet. I love it because all those New York leftists They have to pass They have to pass through this and see this but right on the New York ballet. It says in big type Donated by David Coke From the coke brothers all those leftists have to go and see the ballet Knowing that it is made possible From a donation by David Coke the man they hate more than anything else Hey, Tucker, you don't live in America.  That's called economic progress. That's called re-assigning capital to its more productive use that's called job creation. That's called job creation because by Dismantling capital that's inefficient by dismantling and destroying jobs. They do not produce one frees up the capital to create jobs elsewhere and That's why there are more jobs today than ever before. That's why unemployment is so low today in America now because of Trump or or or Tech of Carlson, but because capitalists are deploying capital more and more and more efficiently and that's why there were jobs in the 80s as The rest of the belt was shutting down jobs disappearing going away Exactly the process. He just described All of that happening and at the same time jobs appeared elsewhere many many more jobs because unemployment was declining throughout By the way, anybody really interested in Understanding what I'm going to be talking about today and understanding why the fallacy the complete and utter garbage that is Everything that Tucker is is just said and is going to say for the rest of the show. There's a movie. I recommend and In the movie depicts exactly this restructuring of America and the movie actually represents What is really going on? amazingly effectively It's a little funny Can't be a little vulgar here and there and it hero the hero of the movie purposefully is Played purposefully in the sense that they put the guy if they put this actor there on purpose to make you want to ridicule it Now now Wall Street Wall Street is the opposite Wall Street depicts the opposite Wall Street is a complete misunderstanding of what this process is The movie is other people's money One of the maybe the best movie ever made about finance It is a great movie About finance not qua movie. I don't know if it's great, but qua finance It's a great movie. This speech is there brilliant Danny DeVito's character is brilliant And of course the bad guy in the movie is Gregory Peck so the good guy is DeVito the bad guy is Gregory Peck the bad guy who represents tucker Carlson The good guy is me represents me my arguments about finance and If you see that movie you see why sometimes Businesses have to be shut down workers have to be fired assets need to be sold to the highest bidder and Why the existence of financiers that can do this the existence of financiers That engage in this kind of activity is essential crucial to a thriving economy essential crucial to capitalism all right Let's keep going with tucker. We're only two minutes in this still eight minutes eight minutes of lying in misrepresentation Asia it's happened around the country. It has made a small number of people phenomenally rich Yeah, good one of them is a New York based hedge fund manager called Paul singer Paul singer is a massive contributor to the Republican Party and I Think from what I read a never Trumpa That is his real sin According to Forbes has amassed a personal fortune of more than three billion dollars. How was singer made that money? We made a lot of it by purchasing sovereign debt from financially distressed countries countries that were in trouble Usually at a massive discount once a country's economy were gained some stability Singer would bombard us government with lawsuits from a massive public relations campaign originating here in Washington sometimes Until he made his money back with interest the practice is called vulture capitalism now notice That he's saying all this with a smoke and is horrible He buys the stress debts of countries that get into trouble somehow they get into trouble What Paul singer is known for doing Particularly famous for the Argentinian debt is buying debt of countries that have collapsed economically and buying them for pennies on a dollar Because they become socialist countries and the economy's collapsed and they won't pay or The market fear they won't pay and what Peter singer does is He Forces them to pay. He uses the legal system. He uses the courts not thugs not gangsters the courts the rule of law to force countries That take on too much debt and then can't pay it Forced them Through means legal means to pay their debts. I mean Peter singer is a hero a hero By forcing countries governments to live up to their obligations But forcing countries governments who are irresponsible to pay the debts that they've accumulated. I Mean Grease needed a Peter singer to go after them I don't think he did it because I don't think the rule of law would have applied in quite the same way in Europe But he did go after Argentina and he made a fortune doing it because while everybody else had given up on Argentina ever paying back its debt Peter singer forced them By using American courts by freezing Argentinian assets in America to pay the debts that they took on But TECA Carson doesn't see it that way. This is vulture capitalism This is people taking advantage of all those weak countries the weak countries that are borrowed money from people and won't pay it back I mean it really is disgusting. I mean singer is Actually forcing government to live up to their obligations good for him and he's done this in country after country after country and they know now They know that if they Threaten not to pay their debts If they threaten to default on their obligations People like Peter singer and other hedge fund managers hedge fund managers Well enter the market buy up the debt and use legal resources Use the rule of law to go after them and force them to do it indeed in Argentina He was basically responsible for Ultimately The conviction of a president Christina, she's now the vice president. She came back, but she was convicted of fraud Partially related to these bonds Because she took out debt and then refused to pay That's wrong And we should be defending people who call it out as wrong But no the new conservative the nationalist conservative the Donald Trump conservatives of today God forbid We should stand out for an entrepreneur capitalist Never we're gonna go with governments all the way even the corrupt Socialist ones Feeding off the carcass of a dying nation carcass of a dying nation. How disgusting is that? In some ways, it's not so different from what singer and his firm Elliott management have done in this country and to this country Now we get to the past couple of decades Elliott management has been billions by buying large stakes in American companies Then firing workers driving up short-term share prices and in some cases taking government bailouts insult to injury Now, how do you how is it that by firing workers you raise short-term? short-term stock prices Doesn't work that way If you fire workers and by doing so sacrifice a long term Profitability of the country company then stock prices will go down stock prices reflect in a price today The expectations about future profits of the company So if you just firing workers to raise profitability right now at the expense of the future your stock price will go down There are lots of examples in history lots of examples of companies cutting workers and the stock price going down not up Why going down? Because they've sacrificed long-term profits for short-term accounting gain But again Taka doesn't understand how stock markets work.  I mean he's a socialist a Leftist at least if not a socialist Bloomberg News once described singer as quote the world's most feared investor. He is he is because When he invests in your company You better be on top of it You better be efficient. You better be productive. You better be in a position to make money Making money is a good thing making money is a sign of Value creation making money is what creates the capital That employs people Ultimately, but it's not about employment Lots of companies shrink to make more money by buying robots for example It's about making money and the more wealthy create the more jobs are created in the economy even if not in your company Again, it's such bogus economics Somebody says conservatives are such boomers What is what it boomers become this amazing insult now? I Don't think Tucker's a boomer. I am I guess I'm at the tail end of the boomer generation Tells you a lot. No one's even pretending Paul singers tactics are good for anyone, but Paul singer not true I'm pretending. Hey Paul singers tactics are good for America the Paul singers of the world or what keep America competitive It's the Paul singers of the world Is what move the world forward? It's what make innovation possible It's what frees up the capital For all the goodies for all the things that makes your life possible Tucker Carlson His fund Consider the case of Delphi the automotive parts supplier During the last financial crisis a consortium of hedge funds including singers Elliott management purchased Delphi Now notice what he doesn't say Notice what he doesn't say he says you're in the financial crisis 2008 2009 a consortium of hedge funds led by Paul singer purchase Delphi now How did they do that did they buy it stuck on the market, how did they do that while he's missing an important piece here Delphi was bankrupt Delphi was an auto parts maker I'm gonna give you the whole story rather than just the pieces The Tucker Carlson wants to give you because that's what I do I kind of try to be objective try to give you facts Rather than fake false biased partial news Delphi was an auto parts manufacturer and until 1999 it was basically a part of GM GM used it to make all the auto parts for its cars in 1999 General Motors spun Delphi out with the idea of one raised capital by selling it into the public it it raised money and Secondly with the idea that Delphi could now Manufacture parts for lots of other car companies and therefore Diversify and maybe become a more profitable and successful company not just dependent on General Motors Well, it didn't work out quite that way One of the things that was spun out with Delphi was the pension plans of the Union and all the Union wages and all the Union problems That have crippled for decades the American auto industry And in 2005 six years after was spun out and well before the financial crisis. I might know Six years after was spun out from General Motors. It filed for bankruptcy bankruptcy In 2008 it was still bankrupt as the financial crisis it and auto sales plummeted and The biggest crisis in American auto industry in history occurred Delphi Was on the verge of liquidation on the verge of selling all its asset Firing all its workers and Shutting down completely the only thing that was keeping it alive What payments from General Motors? Small payments But by 2008 2009 GM couldn't afford to do that. So the company was in bankruptcy At which point Paul Singer bought its debt took over that debt In bankruptcy and in a sense took control over the debt proceedings at that time I'll tell you the rest of the story following Tucker Singer and the other funds at the helm the company took billions of dollars in government bailouts paid I'll get to the government bailout for by you Obama's autos are compared those tactics to extortion But they continued anyway Thomas autos are was the one who gave the bailout now Delphi did not take as far as I can tell did not take a direct payment From the bailout of the auto industry. So here's the story You've got Delphi bankrupt You've got GM paying it a little bit of money, but GM running out of money having no money Pausing and a bunch of hedge funds by its debt for pennies on the dollar just like with those foreign countries the government in 2009 under Obama sets up a If you remember, what was it called? It was like there the save the auto industry committee of government officials actually Obama appointed a former private equity fund manager to run this this entity in Charge of bailing out the auto industry and they came in and they took over basically took over General motors and started managing general motors They created Let me just see I've got I've got part of this history written down here Let's see Yeah, so GM is is on the verge of bankruptcy Delphi is basically on the verge of liquidation. I And you know Bush in 2008 it spent 17.4 billion dollars to rescue GM and Chrysler with loans and then Obama assembled this task force led by a Wall Street Private equity guy by the name of Stephen Ratner To oversee the bailout of the auto industry to poor meant much more money in there, right? At some point in March of 2009 GM was supposed to give 150 million dollars to Delphi based on just keeping it alive and the reason GM wanted to keep Delphi alive It's because the auto parts Without Delphi GM was dead it would have no auto parts so GM was about to make a Payment of 150 million dollars to Delphi and the task force said no so within a few couple of months again, this is on the verge of liquidation a private equity firm by the name of platinum equity a Group that I actually know I know the I know the founders and I've I've been I've been a platinum equity Very very successful private equity firm actually bids to buy the assets So they're gonna buy the assets of Delphi but Nothing here can happen without the Treasury Department without Obama's Commission approving it and in addition Peter Singer and the other hedge funds say wait a minute platinum is buying this company way too cheap way too cheap So they come in and they make a higher offer they bid more money for the company and Basically right they offer to exchange the debt The loans that they have for equity for control over the company and in July 2009 They cut a deal with GM That they will take over the company and will not be sold to platinum Now GM provided financing at this point to this new company that's coming out of bankruptcy Right Delphi comes out of bankruptcy Steered by these hedge funds and GM provides them with financing $1.7 billion of a direct investment in its equity they get shares for the 1.7 Billion dollars now where does GM get 1.7 billion dollars because GM is on the verge of bankruptcy GM gets the 1.7 billion dollars from The 20 billion I think or however much it was how much did they you know from the massive pool of Money that the Treasury gave them So Treasury lends money to GM GM makes an investment with that money in Delphi an investment that they got back With massive returns a few years later when Delphi goes public now Peter Singer in the story is a hero He sales saves Delphi he actually Pays the debt holders more than what they would have got a platinum of taking that over Yes, he gets government subsidized money But the problem is not The hedge funds of Peter Singer the problem is that the government subsidized money was going to GM To bail them out the government should have never bailed them out Anyway, I don't know if now at this point. I'm boring you with all the details But I just want to give you I just a glimpse into the complexity involved here now. It's true The Delphi in order to stay competitive In order to actually become a competitive company and Delphi exists today Delphi is thriving It just split into two companies of auto parts manufacturers Delphi did a few things one It changed its officials place of incorporation to the UK In order to take advantage of lower taxes Second Second It fired a lot of people it moved the assembly of some of the parts to China or to the UK or to other parts of the world Indeed Delphi today has factories assemblies Officers in 24 countries around the world it employs hundred and fifty thousand people of which It's hard to tell that I couldn't quite find the numbers, but about ten thousand in America Maybe more It's headquarters is in the US in Michigan It's the one they still run the company from Michigan even though they pay UK taxes Now Elliot I mean Elliot which is the fund put posting his fund They made a fortune off of this. They made a lot of money Because they bought a cheap and then they ran it. Well, and they took it public And we have an auto parts manufacturer Who's selling parts to GM who helped ultimately GM survive now? Granted GM should have been allowed to go bankrupt and Delphi probably would have gone bankrupt with it But to pull out Paul Singer was subsidized by US bailout is again dishonest partial information Dropping all context Just an attempt to slur and condemn somebody for what? for what? to go after somebody who is funding People who are never trumpers by the way, I get no money from Paul Singer The Iron Man Institute has never gotten any money from Paul Singer although I tried but I never managed to get a meeting with him So I have no love for Paul Singer because he supports me or anything like that I would tell you if he did Because I don't mind being supported by people like Paul Singer. It's just in this case. It's just not true I happen to love what he does. I happen to love The kind of capitalist he is I haven't a love the process that is capitalism not They kind of wishy-washy touchy feely Nationalist socialism of Tucker. I'm talking about capitalism the beauty of change The beauty of people using their minds to figure out solutions to reallocate capital to its most productive use To save companies to destroy companies when they need to be destroyed Watch other people's money Tucker Carlson should watch other people's money He could learn a lot from that movie. Tell me the value of selfishness Use another word self-esteem The value of selfishness is that you esteem yourself as a value that you leave according to your nature Which means by the judgment of your own mind and you respect your own mind Respect your own ability to do the right thing.  Oh, yes Who hasn't heard it and that's the trouble let's aim at the day when people will not hear it anymore Because it isn't true. It isn't justifiable in the first Question you would have to ask is why? Why is it good to want others to be happy but not yourself? And I suppose you will be told that well, but they will work for your happiness and not their own Well, it's like an exchange of Christmas presents that neither party wants But that you have to exchange presents and you're not allowed morally to do something for yourself Whereas what I say You can make others happy when and if those others mean something to you Selfishly if you love them then you want to make them happy fine if you don't love them That's not a moral crime. You don't have to love everybody. You cannot love everybody because the meaningless expression you can love only those whom you value and If they contribute to your happiness you contribute to theirs, that's fine But each one of you has to be selfish about it Supposing somebody were in love with you and said I love you because you're so bad So I sacrifice myself and I'm going to love you. Would you accept that or no man? No, sir, I wouldn't either that's the most insulting thing anyone could have said to you and yet That's what altruism would demand and there is a great Russian writer who tried to practice it the Staysky Who did marry a poor? Stupid little Simstress who whom he didn't love at all out of the desire to make her happy The end of it was she committed suicide now that is an altruist practice That's what altruism leads to how about it's more blessed to give than to receive well, that's obviously the welfare state. That's a clearly motivated slogan to please Give me something and you'll be blessed But I will keep your your material good using the super chat and I noticed yesterday when I appealed for support for the show many of you step forward and actually Supported the show for the first time. So I'll do it again. Maybe we'll get some more today If you like what you're hearing if you appreciate what I'm doing, then I appreciate your support Those of you who don't yet support the show, please take this opportunity. Go to your own book show calm slash support or go to subscribe star calm your own book show and And and make a kind of a monthly contribution to keep this to keep this going I'm not sure when the next


Gold, gold contract down $5.60 trading at $18.05 an ounce, we had Silver down $0.26, $22.84 an ounce, Light Sweet Crude up $0.49, $76.47 a barrel, notes and bonds. The 10-year down 14 ticks trading $130.05, the 30-year off 1 full point plus 16 ticks at $159.02 and King Dollar, oh that's a good move, I like this, King Dollar is getting lower. We're down $308 at $95.84, the euro is at $113, the yen is at $114.98 and the average pound is at $134 to $1 US, we get over and we take a look at the S&P, we have with the S&P folks bottom line, you get to a higher price, you get a sideways move, this one's higher price, you're up $0.61, you have $4.77, $500 a game, that's how this is shaking out. We're going to take a look at the, yeah, let's go take a look at the Dow Industries because we do have an all-time closing high and that actually hit an all-time high, the last closing high was $36,432, $36,489, we also hit a brand new high which is $36,396, no, no, $36,571, the last high was $565, so we did six points over the last high and now the way the Dow is set up, okay, bottom line, this is a consolidation, if this thing rips higher like next Monday or Tuesday and has volume behind it, oh man, it's going topside big time. Gold contract, what the gold contract did out here today folks is it rejected lower price, you had the gold down $15 to $20 in the morning, that being said, you had most of these gold equities up 20 or 30 cents when gold was down. What do we do with the gold market, you rejected lower price at $17.89, you were going against the strength, gold did have an expansion of volume, that said though, you were basically going against much more volume, we were going against 168,000 contracts and we did 134. Have a great night folks, have a safe night, come back and visit Tommy DeMar, kicks us off 9am, great show, have a great one folks, have a safe one.


The human genome project also produced other advances, not expected to be accomplished until much later. These included an advanced draft of the mouse genome and an initial draft of the rat genome. Medical researchers did not wait to use data from the human genome project. When the project began in 1990, fewer than 100 human disease genes had been identified. At the project's conclusion in 2003, the number of identified disease genes had risen to more than 1,400. The human genome project focused on the DNA sequence of an individual. The next step was to analyze DNA sequences from different populations. This catalog of human genetic variation was called the HAPMAP. Completed in 2005, the HAPMAP used single nucleotide polymorphisms called SNPs to identify large blocks of DNA sequence called haplotypes that tend to be inherited together. To use the data, researchers compare haplotypes between people with and without a disease. Haplotypes shared by people with the disease are then examined in detail to look for associated genes. Already, scientists have used its data to identify a gene associated with age-related macular degeneration, a disease responsible for blindness among the elderly. It is expected that the HAPMAP will play an important role in identifying many more disease genes in the future.


Hey everyone, this is Dan with another episode of my Moderna and BioNTech videos. The prices of Moderna and BioNTech have increased a lot in the last few days. Some people are saying that Moderna and BioNTech are looking more and more like Tesla. I actually did a comparison among the three stocks and found something very interesting. Let's get into the details. First let me review my price target from my last video that was published on July 29. At that time I set Moderna to be at $360BioNTech at $330B at the end of October 2021. On that day Moderna closed at $345BioNTech at $312BioNTech and certainly the prices moved a lot closer to my target actually already exceeded my target. As of yesterday, Moderna was at $386BioNTech and BioNTech was at $351BioNTech and this morning Moderna went up even more and same with BioNTech. Then yesterday around noontime I increased the target from Moderna to $400BioNTech to $370BioNTech. Am I going to set new targets for these two stocks in light of the Tesla phenomenon? I will explain more. Let's look at this chart. This is a chart that nobody has done before. None of the stock analysts. What I did was that back in January I predicted that the price trajectory of Moderna and BioNTech will follow the trajectory of two very well-known pharmaceutical companies and they are Regeneron and MGen. I predicted that the trajectory will follow this shape which is based on the number of days after the FDA approval of the blockbuster drugs of these companies. Back in January Moderna and BioNTech were right at this point pretty much down on the bottom. Since then it has gone up to this point and looks like my prediction is still pretty much true and if the prices continue to follow this trajectory within about 15 months the prices of Moderna and BioNTech will at least double or probably even triple. And that's certainly a very exciting possibility. At this point if you are interested in what I've been saying I'd like to encourage you to click the like subscribe and notification button so that you'll be notified when I publish my next video and it will also encourage me to make more videos like this in the future. Thank you very much. Let's continue. Let's talk about a Tesla phenomenon. If you look at the chart for Moderna this is the weekly chart for the last two years. Certainly the price has been going up and up and it's gone parabolic in the last few days. If you look at the relative strength ratio it's at 87 extremely high. Typically at this level you would say that the stock is overboard but this is Moderna and it's not an ordinary stock. Same with BioNTech it's been going up and up gone parabolic in the last few days and the RSI is 86 almost as high as Moderna. And as of this morning they've gone in the highest RSI at this point is probably closer to 90. Now if you look at the general market the ETF SPY reflecting the price movement of the S&P 500 the highest it has ever been for RSI in the last two years was 79 and that was right before the pandemic crash and then the price after that crashed about 30 percent. Certainly it never went as high as where Moderna and BioNTech are today. How about Tesla? Here's Tesla. In the last two years the RSI for Tesla went as high as 94 and then subsequently that it went to 84 before this dip which is relatively small and then it went to 83 before this drop which caused Tesla to lose about 30 percent of its value. Therefore it is not going to be surprising if in the next few days we see a drop from Moderna and BioNTech. But for now as long as it's still going up I'm setting my trailing stop limit orders so I'm enjoying the ride as long as it's still going up and hopefully the limit orders will trigger at the right moment to protect me from a potential 30 percent drop or more. Now if you say from a fundamental perspective are Moderna and BioNTech any better or worse than Tesla I looked at the P ratios quickly. Of course all three companies have been losing money for quite a while and then they only started to make money in the last few quarters therefore it's not easy to calculate their price or earning ratios. I used the latest quarter for Moderna, BioNTech and Tesla and then look at the current market cap and based on that I calculated this version of the P ratio and it turned out that Moderna is at only 34, BioNTech only 20 whereas Tesla 156. From these numbers I would say that Moderna and BioNTech are probably on even more solid foodings than Tesla and of course Moderna and BioNTech some say have a relatively short runway because they are really just benefiting from the COVID vaccine but then of course Moderna has a very strong drug pipeline. BioNTech the pipeline is not as strong as Moderna but I'm pretty sure they will come up with something really good and the new drugs will be generating good revenues for them within the next two three years. So I'm very very bullish on Moderna and BioNTech at this point. All the discussions about a Tesla phenomenon I think that's a distinct possibility and that's why it has influenced the way I've evaluated Moderna and BioNTech. I'll talk a little bit more about that in the next few minutes. At this point I'd like to remind you that I'm not a financial advisor. I share my stock trading strategies and analyses for educational purpose only. If you want to sell by stocks you should make your own decisions and you should definitely consult with their financial advisors before you do so. Let's continue. Let's look at some of the important recent events. On August 3rd that was yesterday Moderna received the FDA fast-track destination for one of the new products they're developing which is a vaccine to help people against the RSV virus. This virus particularly affects the infant and older adult and could lead to death if it's not properly prevented or treated and currently this vaccine is in phase one study with this fast-track destination I would say probably it would get at least the interim approval hopefully within a couple years because it took Moderna only one year to fast-track from phase one to interim approval so I would say two years is probably a very conservative very reasonable timeframe for this RSV vaccine. Once that's approved by FDA of course then it will generate a steady revenue stream for Moderna. President Joe Biden said yesterday that US has already delivered 110 million vaccine doses to 65 countries by way of donation overall based on the World Health Organization 11 billion vaccines will be needed to vaccinate 70% of the world population that's why there's still a huge demand out there for more and more COVID vaccines and I explained in my previous videos that comparing with all the other vaccines the BioNTech vaccine and Moderna vaccine are the most effective ones against the new variants especially the Delta variant that's why a lot of new orders are converging to Moderna and BioNTech and they are conquering a lot of market shares from the other vaccine makers and that's great news for investors for BioNTech and Moderna. This is a list of the various vaccines already donated by US I won't go through each item basically the US has been donating millions and millions of doses of BioNTech and Moderna vaccine so US is not trying to pinch penny US is not trying to buy any cheaper vaccines for donation they are going for the best and that's good business for both companies. The FDA is expected to give full approval to the Pfizer vaccine by Labor Day and similarly it'll be the same for Moderna. Recently Taiwan ordered 36 million Moderna vaccine doses and you probably already heard that Thailand also ordered Pfizer vaccine same with UAE and Bahrain basically at this point many countries are ordering the best vaccines available which are BioNTech and Moderna instead of going for the less expensive vaccines because of the consideration of effectiveness against the new variants and that's again good business for Moderna and BioNTech. As of August 1 it was reported that Pfizer and Moderna have actually increased their prices for the vaccine sold to the EU and that's great news because that means Moderna and BioNTech really have the pricing power at this point because of the effectiveness of their vaccines. We have some other recent developments for example China plan to use the BioNTech vaccine as a booster shot to complement the vaccines developed by China UAE and Bahrain they are offering Pfizer BioNTech as booster shots and United States already bought additional 200 million doses of BioNTech vaccines the US government also bought 200 million more doses of Moderna vaccine and of course as of July 21 Moderna joined the S&P 500 index which caused a major jump in stock price for Moderna and as of July 15 it was reported that the FDA expects to approve COVID vaccines for kids under 12 years old by mid-winter. Let's look at the analyst opinions I'm comparing the analyst opinions today with the opinions back about a month ago on July 8 2021 I've highlighted the changes with yellow background first of all yesterday's closing price was 386 for Moderna my target was 360 my new target is TPD I'll talk about that in the next few minutes Yahoo has not changed anything lose Nevalier the same rating overall an A rating which is very favorable tip ranks are calm still a moderate buy rating and they increase the high target from 246 to 353 increase the average target from 192 to 218 and keeping the low target at 100 and CN money increased the high target from 246 to 353 that's quite a jump it's quite a jump also for tip ranks calm do look at BioNTech yesterday closing price was 351 Yahoo same buy rating increased the high target from 238 to 255 average target also increased from 194 to 200 low target from 107 to 108 small increases tip ranks calm actually they downgraded BioNTech from moderate buy to hold but the high target went from 240 to 400 quite a jump and the average target went from 184 to 217 and then CN money keeping the whole rating the high target went from 238 to 400 and the medium target 199 to 201 overall we see the increases in targets for both Moderna and BioNTech let's look at my own valuation of the companies this is the chart I showed in the video that I published on July 29 in that video I came to the conclusion of a new target of $370 a share to be achieved by the end of October 2021 and I mentioned that I use a conservative number for the total number of doses produced for 2022 I used two billion doses when a company said they're planning for three billion doses and the net margin I use 33% whereas a quarterly report was pointing something towards more like 50% or higher so today what I'm going to do is I'm going to revise some of these assumptions first of all I will increase my net margin from 33 to 50% why that's because based on the most recent quality earnings reports Moderna has achieved a net margin ratio of actually 63% whereas BioNTech has a net margin ratio of 55% so I'm plugging in the 50% still conservative compared to the actual net margins also I increased the number of doses from two billion to three billion for 2022 and also increased a little bit the number of doses 2021 and 2023 I adjusted the prices based on the pricing strength of Moderna and from these new numbers I arrived at the following stock prices for 2021 22 and 23 and from this range I decided to select the price of 250 for my new target for now to be achieved by the end of October 2021 as you can see 450 is a very low number compared to this range and that's why it is still a very conservative number as the price gets higher I will most likely revise my target upwards so stay tuned to my Twitter messages and I will update you as I revise my targets either I will publish a new video or I will send a Twitter message to alert my subscribers let's look at BioNTech this is what I showed in my July 29th video and I came to the conclusion of $330 for new target back then today similar to what I did with Moderna I'm revising some of the assumptions with the net margin assumption of 50% and 2022 production of four billion doses as well as increase in doses for 2021 and 2023 and the new prices that I assume I arrive at the following prices for 2021 2022 and 2023 and from this price range I decided to set a new target of $420 share to be achieved by the end of October 2021 again a surprise goes up I will most likely revise my target upwards let me recap my target Moderna at 450 BioNTech and 420 to be achieved by the end of October 2021 if you compare my new targets to the targets set by the analysts you can see that from Moderna my target being 450 is higher than everybody's targets with BioNTech 430 it's also higher than everybody's targets do I worry about it no I don't worry about it because this would not be the first time that I'm ahead of the professional analysts I'm confident about my targets because I've done the calculations I've studied it I've done the research I think these two targets are going to be imminently achievable so if you already bought Moderna and BioNTech just enjoy the ride I'd like to remind you to subscribe to my Twitter account which is d-a-n market l in addition to subscribing to my youtube channel for example yesterday I tweeted my subscriber saying that I'm raising my target from Moderna to 400 BioNTech to 370 of course today I raised the targets even more and on July 29th I tweeted that I bought additional shares of Moderna and BioNTech I'd like to remind you to click the like subscribe and notification button if you like what you've seen so far as usual I will very much welcome your comments suggestions and questions thank you very much this wraps up my video for now I will chat with you again in the next few days in the meanwhile I'd like to wish you the very best of luck with your financial investments have a wonderful day


Alright, so in this video I'm going to show you how to make a slideshow presentation in LaTeX. A lot of people have been asking for this, LaTeX has this very nice package, a really document class called Beamer. And Beamer is very sweet. You can use the extensionality and syntax of LaTeX to make presentations. It's super easy. Let's go ahead and get into the basics. So here's a totally basic LaTeX article, just has a title, you know, your document tag, stuff like that. In order to make a Beamer presentation, all you have to do is declare your document class to be Beamer. And then we'll watch, oops, flip that around. You will have your first slide if you have a make title command. So the general logic of Beamer is that Beamer is divided into what they call frames, which is usually what people think of as being called slides, but you know, it doesn't matter, it's all semantics. So to add different slides or frames, you are going to use the begin and in frame commands. So there's a frame environment. And of course, when you put in a begin and end frame command, you will have a new frame in your document, a new page, and that is your new slide. Of course, there's nothing in here. Let's say we want a frame title, which normal people will want. We just say frame title, we'll name it roadmap, because it's a roadmap of what we're going to talk about. And of course, the normal body syntax of Beamer is exactly the same as LaTeX, so you can use any command you want. Let's say I'll have an unordered list, let's say, so what are the things we're going to talk about? We're going to talk about frames, we're going to talk about Beamer themes, we're going to talk about pauses and slides, we're going to talk about, I spelt pauses wrong. What else are we going to do? So probably sections. And of course, people like putting images in their documents. And you've got to have some columns sometime. So that's the stuff that we're going to talk about here. And of course, you'll see that this works just like any normal LaTeX document. We have our itemize command or whatever for an unordered list. But anyway, let's add another frame just to be super clear on it. So you just have your begin and end frame commands. So Baba will just call this da, da, da. And put some random text in there, it doesn't really matter what it is. But that's the basic logic of how to add different frames. Now you might be looking at this preview here and you're thinking, ah, this is sort of ugly, look at sort of basic bland colors. Well the nice thing about LaTeX is, as you see in this second bullet point, is that Beamer has themes that you can use. You can just call them and they're very easy to use and actually modify if you want to. In order to call a theme, you just say use theme. And then I'm going to give you a link to all the different themes that come by default in Beamer. And here's a brief gallery of them. Let's use the Frankfurt theme here. So we'll say use theme Frankfurt. And that will give us this basic, it looks pretty enough. So this is what we're going to use here. So anyway, now we have a theme, now it looks a little better. What else can you do with just the basics of Beamer? So you might want to notice that all of these bullet points come in at one time. So when I'm on this slide and I press to go to the next, all of them pop up. You might want them to appear gradually and that's super easy to do. All you have to do is add the pause command. So if I put pause after frames here, that means that once LaTeX gets to frames, it's going to pause and it's not going to make any more. Now if I press down again, everything else will appear. Now if I want them all to be gradually, I can just put pause between each and every one of them. Besides the last one, you don't need it there because you don't want to pause at the very end of the document because one's already there. But you can see they now all appear gradually. So very nice, very convenient. So that's now some terminology I should say. Now in LaTeX documentation, the different frames that we have, the things that you traditionally think of as being slides, those are called frames. Now notice that when we're moving up and down here, technically these are different pages in the PDF we're compiling. These are the things that LaTeX refers to as slides. So just be careful. I might use the terms a little fuzzily, but just know that terminological differences. Our document so far has three frames, but it has a lot of slides because I put in all of these pauses. So just be aware of that. Now in addition, there are actually other ways to divide your document. Now when you're doing some kind of presentation, you generally divide it into like an introduction or like an argument or data or something like that. And if we want, we can actually add section headings. Now the section headings aren't going to appear in the actual document, but they'll appear as sort of peripherals depending on the different themes you have. Let me show you how that's going to look. So let's see, before our first slide here, I'm going to add a section and we're going to call it introduction. And you will see that introduction actually appears up here. Now let's say before our other slide, we'll add another section saying data, something like that. So data is going to appear up here. And of course you can add more sections and more frames. So let's say we add a section and just name it whatever, put a frame in it. So technically there's something in there. And of course it will appear. And you'll notice that these words up here are actually clickable. So if you click on each one of them, it actually goes straight to whatever slide that we're looking for. And if you have a very keen eye, you'll also see down here that there are other things that you can click on to move to different slides in the document or move to different sections. These are very convenient if you want to move around nice and quick. Now each one of them does something different. I never use them, but they're there and you might want to play around with them, get used to them. And they can help you navigate your document sort of on the go. But anyway, that's the basic logic of sections and frames and different stuff. Now one thing that a lot of people have some trouble with sometimes, because it can be a little confusing in LaTeX, is implementing images in your document, which can be something a little confusing. But of course, generally they work the same way as any other LaTeX document. Let me go down to where I am right now. So let's say images in Beamer. I'll just put some text there. Let's scroll down here. So images in Beamer, how do we do them? Now, just like any other LaTeX packages or formats, you can call images with the GraphicX command. So GraphicX, so make sure to put use package GraphicX in there. And once you do that, you can use the includeGraphics command to add some kind of graphics into your slides. So I'm going to do that. I have a photo in my home directory named pic.jpg. It's actually a picture of me. And bam, it appears. And of course, in typical LaTeX style, it appears in its native size. So of course, we're going to want to change it. And we can change it to, we'll change the height to text height. Now, if you want more info, of course, you can check out my video on images in LaTeX. The same logic applies to Beamer slides, of course. Now, actually, I want this a little smaller, we'll say 0.85 of text height. OK, that's a little better. So images in Beamer, they're nice and simple. They work exactly how you'd expect to be working. You can put centering tags around them, stuff like that. All of that works fine. But let's say you want to have an image over here and text on the other side. That's something that people often do. So it's nice to know how to do it. And how you do that is with columns. So let me actually make a new frame for this, so columns. And I'll do it one time without the image and one time with it, just to be super sure. So if you want to have columns in your document, it's very easy. You just say begin columns, end columns. Now, nothing's going to happen so far. So the general idea is in this environment, you can add, you can call the column command.  So we want, let's say we want two columns here. So we want one column to be half of the slide width and the other one to be the other half. So we'll say 0.5 of text width. And then we'll put some text in here. Just fill it up with a bunch of text. So you'll notice that we have one column and it's automatically centered. But you'll notice that it is only half of the width. So if we want another column, we can just say column 0.5 text width. Now we have yet another one and it goes on the other side of the document. So that works out nice and fine. So this is usually how you can easily do, easily divide your slides or your frames into different columns. And of course, if I want to take this picture and move it down here, just throw it in there and bam, there we go. So that's, oops, why do I still have the, yeah, okay, there we go. Right, so that's about it. That's all the basics to doing a Beamer presentation. I might do a little more later, but just as a reminder, right? So we have different frames. We just have the begin and end frame command. We can have, we have all the basic syntax of LaTeX and you can use pauses to divide your frames into little slides. And of course, you have different sections that you can click on, depending on your theme, and they work differently. And you can play around with that. And of course, the logic of images and other stuff is the same. And you can divide your frames into different columns with the column command. So anyway, I'm going to put a link to these themes in the video description. Hope you enjoyed it. Hope this is a good intro. But anyway, see you guys next time.