I don't think I have to explain anything. It says it all up there. OK, Michael, you're here. Sure, sure, sure, sure. Hey, everyone, I'm Michael. I work for the International Human Rights Organization Access. And I'm going to be talking about threats to civil society, but also responses to those threats. And I'm actually going to try to focus a little bit more on the response. In the past, we've done this talk at OM in 2013, for instance, and there's very much on threats, which are always exciting and always changing. But it's become more interesting for me anyway on ways of building response to those threats, groups, organizations working together to have infrastructure to be able to respond to these threats better. So I'm going to be talking about these threats briefly, the rapid response to those threats, and then some of the things that we're looking forward to in 2015. So I probably don't need to go too deep into the threats that are being faced by civil society today, but civil society is always going to be at a disadvantage when compared to corporations or governments in protecting themselves from attack. And some of that is just based on capacity. Some of that is because they're focused, they're non-technical civil society organizations or groups. Maybe they're activists, social, political, or otherwise. And they are not interested, or at least initially not interested, in digital security, but rather their activism or their work. What we see is more and more, and we have been seeing this more in the news as well, that groups such as journalists, especially investigative journalists, independent media websites, all varieties of activists in all sorts of contexts, lawyers and others are getting targeted. And what's also interesting is the groups and organizations and foundations that fund and support these groups are also a potential factor for attack, but also potentially a strong ally in providing this additional capacity for these groups. So the perspective that I'm going to be speaking from, wow, that's washed out, but is through our helpline, what we call, which is three offices around the world that focus on providing this rapid response support, as well as digital security advice to civil society groups. The oldest one is based in Tunis. It's been around since around February of 2013. It's got, most importantly, one shift lead into incident handlers. Then we opened an office in San Jose with a shift lead and incident handler, and most recently in Manila with a shift lead and an incident handler. In addition to those core staff members who are available, we also have various support folks, such as technologists, developers, and a trainer. So why there? Part of it, or a lot of it, is time zone. So what we want to be able to provide is somebody who doesn't have to stay up the whole night and in a very unsustainable way provide digital security support to a group or an organization, regardless of what time zone they're in. So by being in these different time zones, we're able to pass jobs from one office to the other during regular hours, and hopefully that makes it more sustainable for us as a support organization. In addition, it allows us to have language coverage in these different regions, as well as regional expertise, relationships with regional organizations, and all of that. So what type of cases have we seen on our helpline? So through 2013, we had around 12.6 on average cases per month. Up to 2014, we're now averaging 37 cases. So what that basically means is we have more than one new case per day. And to be clear, these are external non-tor-exit node abuse cases. So we also run a number of exit nodes, and we handle the abuse of those as well. So cases are increasing. Our capacity is also increasing. And most importantly, what I think speaks to the increasing case load is that our internal workflows and processes are improving. So because we've dealt with problem X before, we can now have a template for that. And maybe we've created a walkthrough or we found the appropriate resources that are online that are effective for that. And so we're looking forward to further solidifying those workflows, and then also making sure that those are audited with other organizations that do similar things so that we're doing the best practice that we can. Looking at these cases from another way, also kind of splitting it arbitrarily between the two years. We've done cases in more than 60 countries. The countries vary pretty wildly. It's not as interesting data as you would think in terms of the rankings, because there were such a higher number of cases in 2014. You could still have a greater number of Malaysia cases in 2014 as you had in 2013, but it doesn't make it to the top 10, that type of thing. So there are a couple of different contexts that maybe are shared between these different countries that we definitely saw. So presidential elections are definitely a ripe time for the targeting of independent media sites or activists, protestant, civil unrest, for sure. One of the interesting things is the prominence of the United States. So in the US, there are many international organizations that are based there that do work elsewhere in the world. And so a lot of that work is actually helping these organizations, such as advocacy organizations or other do that work in a safe and effective way that's not putting their local partners at risk. And so that also speaks to the lack of depth that we've started categorizing things still. We haven't differentiated those cases within the actual target countries. 2014, you have hacking groups, the targeting of LGBTI communities, and as well as independent media and journalists. I'm going to take a brief look at Vietnam, just because it's the number one country that we worked in for this year. And it represents a case that represents a lot of issues that are faced in a lot of places, and it gets them all. So what's interesting about Vietnam is you actually do have access to Facebook, and you do have access to popular platforms that are censored in Iran or China or other places. But what that means is then you have per regime hacking groups and other folks taking advantage of those platforms to try to target folks. So we get a lot of account recovery or compromised accounts. You get a lot of abuse of abuse mechanisms on these platforms. So one of the classic examples of that is real name policy. So this is something that's especially prevalent with Facebook, and for a time was a significant threat because if enough people reported your profile, then Facebook would ask you for an identity card or information, and this would be likely an individual that's working under a pseudonym. And they would be thinking that they're authenticating themselves to Facebook when in fact they might be authenticating themselves to their entire networks, which means they provide their information to Facebook, then Facebook publishes that new updated information to their profile, basically outing them. So that's obviously something that you want to prevent. In addition, Vietnam is interesting because there's a lot of infrastructure, or potentially infrastructure, attacks. On the website side, websites of independent media and civil society groups get targeted, and so there's a lot of needs regarding updating, hardening, DDoS protection, and there's a lot of existing organizations that we can connect groups with, such as Deflect, Cloud Flare's Project Alaleo, or Google's Project Shield that all provide free DDoS protection to civil society. And then of course there's a host of other secure communications and anonymity concerns there. More generally, in the countries and communities that we've worked in, there's obviously a wide spectrum of need, but maybe some of the ones that are most interesting or most familiar to you guys are secure email. GPG encrypted email is still very tough for a lot of folks, and so mail pile is also obviously something that we're anticipating greatly, but we can't put all of our faith in one tool. Secure file sharing and collaboration, there isn't really one cross-platform solution for that, unfortunately, but there are some very interesting ones, so BitTorrent Sync, for example, on mobile, is very interesting, but it's not FOSS. Website security, there's a lot of targeting of websites because there's a lot of poor practices out there, and people have a lot of difficulty if you're a non-technical organization in keeping those websites up-to-date, let alone kind of hardened or secure, and so one of the big needs for a lot of organizations is Western secure hosting, so basically a hosting provider that will proactively make sure that things are up-to-date and protect against threats that are coming out, and unfortunately that costs a fair bit of money and so are out of reach for a lot of these civil society organizations. And then I already talked about real name policy a little bit. So what are some of the ways that organizations are trying to support this work and try to improve this work? So one piece of this is improving the workflows that we have for responding to these attacks. So a number of organizations such as Digital Defenders Partnership, Circle, EFF, Internews, and others, as well as ourselves, put out a thing called Digital First Aid Kit, which is basically the first step towards trying to audit these workflows and how we respond to these situations. But it's not just for the existing community in order to build some type of general foundation of response, let's say, to targeted malware or whatnot. It's also to make it easier to build additional rapid response groups and communities around the world. Because what's most helpful is it's not one organization doing this, but it's a number of organizations at international and regional and local and community levels doing this work. In terms of improving these processes as well, there's been the recent listing of a civil society cert to try to improve this coordination between the civil society community. And you can check it out. It's not accredited yet as a cert. We're also hoping to go through this same process. And a lot of this is to help audit our workflows and help make sure that all the things that we do are our best practice and are easily shareable publicly so that other groups can also build these types of infrastructure and support mechanisms for a civil society. Hello. So this is kind of zoomed in a bit. But one of the interesting aspects of the helpline work that we do and the response that we have is actually only 50% or 51% of our cases are reactive in the sense that someone is urgently contacting us and they need x, y, or z done. About half of our cases are instead people pinging us, most likely organizations or individuals that we already have a relationship with from working with them in the past that are asking for proactive help to secure communications in some variety or implement or try out some tool or have a training on a particular practice. And so what this does is actually put rapid response organizations in a difficult position because they're nominally focused on this reactive type of support. But in building these relationships with these different organizations or groups, you become involved in these more long-term, basically capacity building. And so some of the ways of helping that is by bridging this gap between the rapid responders and the training community. So the training community are the folks that do this type of capacity building for organizations and individuals. But as of now, there isn't a great interaction between the two communities. And so for instance, a lot of the materials that are created for training are targeting end users rather than targeting folks training other people. So a rapid responder doesn't necessarily have a lot of materials in which that they can learn how to best communicate secure communications issues to a given community. But that's getting filled at least at some level. There's the level up project, which is currently being managed by Internews. And there's also the Safe Tag project, also currently being managed by Internews, that are very exciting. Level up is focused on trainers and Safe Tag on auditors of the security of organizations. So these are ways of filling in these gaps between rapid response and the training of end users and trying to fill in what about organizational level, what about getting more trainers that can kind of work in that spectrum. On the other side, trainers often fall into an issue where they're funded to go to a certain place and do a training for a week or five days or three days with a number of different organizations on a set number of topics. And that's all that they're funded to do. And maybe they're not even an organization, but a number of consultants. And so one way of helping support that initial interaction with digital security tools and practices is to have these rapid responder groups supporting the trainers when they're going to these places and coming out of those trainings so that those organizations can continue to engage on those topics. If they have issues with their Thunderbird and Enigmal installation or something like that, they'll have folks that have the capacity to respond in a meaningful manner and all that type of stuff. So those are kind of my pitches for ways of tying those two threads together. On the other side, you also have rapid responders and developers. So a lot of trainers and rapid responders receive very interesting user feedback on these tools because they're working in high-risk environments with targeted communities. And it's the type of information that a developer hopefully would find valuable. However, they don't really have the capacity or time to be going to a developer and trying to formulate their feedback in a bug report or multiple bug reports, et cetera. And so there's not a lot of capacity currently to kind of connect that loop. And so one project that's an exception to that is OpenITP's secure user practice project, which is actually just one person. So obviously, more capacity there would be awesome. For the developers to trainer side, one of the things that we're looking forward to trying to do in 2015 is interact more with the developers of some of these secure communication tools that are relied on by these communities and trying to, instead of the developers having to provide support for these communities, which is great of them when they're able to do it, but also have rapid responders and trainers supporting them when they're interacting. So we're generally, I hope I kind of spelled out in a general overview, the rapid response community. And going into 2015, kind of the continued standardization and auditing of the existing workflows that we have. And part of that is also trying to get it more publicly available so that more groups at a lower level can be built around this documentation and these workflows, continue to focus on specific communities that are being targeted, improving these different interactions between rapid responders and training groups, as well as these loops with developers. Thank you. Michael, here it is. Wow. We'll be taking questions, please. If you, as this thing is streamed, will you please walk up to the mics? Number one, number two, number three, and number four. Talk into the mic so we got it on the stream. The young man, number three is the first, number one will be the second. Okay. Hello, thank you for the talk. My question would be, are you self as an organization being targeted at times and are you careful about that? Do you have any operational security regarding that? Sure, yeah, that's a really good question. So we certainly try to take a lot of precautions in the infrastructure that we build and the practice that we have. So for instance, on the back end, for ticketing, we use Request Tracker, which can be incorporated GPG so that all of the emails that it sends out to folks are encrypted. We have an encrypted Schluter mailing list where we coordinate stuff. We try to, in order to access the Request Tracker in the first instance, you need to connect to a VPN where you're authenticated via a certificate. Then you go to a website that's not publicly available, that's only available through the VPN where you're authenticated via a certificate. Then you authenticate with your account name and password. So I think that's three factors. So we definitely try to implement practices to protect this type of information and make sure that the trust that people put in us is well placed. Okay, thank you. Number one, please. Okay, so the question is about the partner's need for secure file sharing. So what about on cloud? Because I use it in my organization, it's not a frontline situation, but I know the security audits are badly needed, but have you considered it and did you find it unusable because that was the prerequisite? Sorry, what was the tool? On cloud. Unplugged, I've not played around with it. The on cloud project. Okay, I'll check it out. I mean, so that's one of the great examples of what we need to do is have some type or more capacity to be testing out new tools and then once they reach a certain level of we want to be using them, then have them be security audited by the community and then finally incorporate them into the workflows. Unplugged, cool, thanks. Thanks. Okay, do it sequential, number two, please. Okay, Michael, I mean, thanks a lot for a really nice talk. I mean, thanks a lot for all the work. I mean, maybe I'm not so much informed about access, but I was wondering how do you get your funding? And the other question was, I mean, most of the search around, they are private sector search or governmental search and I was wondering, do you find it easy to work with them? Are there obstacles that, you know, on the top of your list that you would like to see removed or issues? Sure, so on the first ask, so we actually have a web page on our website, sorry, websites accessnow.org and we actually have a funding page. I think it's slash about slash funding and it has our funding policy as well as where we get all of our money from, like specifically for each project, for the help line or for access in general, it's like two-thirds foundation and one-third corporate government and individual donation. But you can see it like further broken down. But yeah, that policy ends up meaning in practice that like we don't accept money from the US government for instance and some other entities. And that just comes out of our history. We originally were providing this type of digital security support to the green movement in Iran in 2009, 2010 and then we expanded and so obviously in the Middle East it's in a lot of communities getting US government funding as a non-starter. And for the second one, for cert, I'm actually a terrible person to ask that question. Rafael, who's sitting in the front would be much better at answering how it is interacting with private certs. I don't know if you wanna like. Okay, Michael, I think your computer is on 10% or something like that. At least that's what it says. Okay, so hello. I work in Luxembourg National Cert there. So that's basically, I'm helping also, I'm trying to help civil society to have to improve our security. So it's not really a problem of the most complex part to deal with other certs is to get the trust and it's all the same problem you will have all the time in such situations. So it's not really more complicated with the cert than with any other organization. As soon as you have the trust, you're fine, yeah. Okay, number three, please. Yeah, I was in the yesterday in room number one, crypto tails from the trenches where the journalists talked a little bit about the whole issue about using crypto tools for communication and they seem to be running into a lot of the same issues that you guys are encountering when you do the work with the people out in the front. Are you connected to each other in a way? Because I like the approach that you are closing the link to the developers and I think it would be very smart that you all sort of join forces now in the next time to come because it seems to be a rather big issue to come up for many people. Yeah, I fully support that and I definitely want that to happen. It's just a little bit slow, but it definitely is happening, yeah. Okay, there's somebody at number one, please. And was that a sign or, yeah, okay. Yeah, it's not working. Talk into the mic, please. It's not working, it's working. Okay, now, thank you. Well, first of all, thank you for your great work. I think it's a tremendous help for many people and I would like to ask a question about this United States on rank two or something. You said it was mainly because they are working abroad, but do you also have, you know, questions about being targeted by Western governments and do you deal with that as well? Yeah, that's a great question and certainly. So communities that are targeted by U.S., so there's journalists, as I mentioned, more generally, lawyers dealing with topics that the U.S. government doesn't enjoy, activists. I think it's not dissimilar from the types of communities that would be targeted in the U.K. or similar. Okay, there's two more questions here and this is Germany, we're trying to keep the timetables. So we'll take a maximum of three. Go ahead. Fabio from GlobalLeaks. I want to ask you if it does happen for the kind of job that you're doing, especially on the preemptive activities that relate to the training and the post-training activity to work with, let's say, project-based initiative. What I mean, with GlobalLeaks, but probably also other software, you end up supporting a group, typically in a vulnerable society, where it's not your main job to do the digital security training, but you end up often working with people that require to have the digital security skills. And okay, we end up doing the training when it's needed, but it's not our job and what you say about the post-training critical points is exactly what we experience in several projects. So my meaning is, does it happen that when there is a project that involves civil society that needs to be planned, there are already a set of partners, you can get engaged for the training, post-training and support for everything that's related to digital security. That's a core component of a project, but maybe who is leading it doesn't have specifically that kind of preparation and especially that kind of organized stuff to do training and post-training, especially. Yeah, so if I get what your question is, we would be more than happy to support like an organization such as yours when you're doing those types of activities, if you want to coordinate beforehand, that's even better. I don't know if any organization has a full map of what they want to be doing for the next five years, so we're more than happy to provide that support as issues come up. So if it's initially localization and it's support on secure communications to talk about global leaks or the da-da-da-da-da, like we're happy to do it as it comes up, but happy to talk more later if I didn't understand your question. Okay, thank you. Last question, hang on. Folks, when you're leaving, please can you keep it quiet for the last two minutes? Go ahead. Do you have a model for letting people volunteer to provide instant handling support, similar to sort of like the Sands Storm Center where folks can be on call to provide detailed triage investigation, that sort of thing? That's a good question. If you're volunteering for a project like a secure communications tool or anonymity tool or some other project, we're more than happy to interact with you with that project. For instance, if you end up getting some type of emergency response that you don't have the capacity for, we don't currently accept volunteers for this type of work just because it's usually rather sensitive and it would require us to implement more, I guess, user control in the whole back end to be able to incorporate that at this stage, at least. Did you want to ask something before? I've seen you, but... Thank you. Keep it short. That's a good question. I just checked your website and I would be curious to know if you have been to South Korea concerning the ITU planetary session and you had this campaign... ITU, yeah. And I would be very highly appreciate if you could tell us more about was it successful? Did you achieve something during this meeting? Sure. So in addition to the technical work that we do, we also have a policy and advocacy team. So that's the ITU internet governance stuff is more on the policy team. So I can't talk to that in particular, but I'd be more than happy to connect you with the policy folks that did go to South Korea and did work on that. Okay, really last question. How do you raise your profile and reach groups? How do they come across you? And of the proactive cases in which civil society actors sought out your help, what percentage of those had previously sought help or support? So for the first one, it's through, I guess, word of mouth currently that folks hear about us and get connected and there is a benefit because there's implicit reference or referral in that. And so that helps us in the vetting process by already having one trusted partner know this organization or individual. But it is an internal discussion about how much more public we wanna make it or have contact form on the website or things like that. But that's kind of an ongoing discussion. For the preventative, that's a really good question. I would say the majority of preventative cases are probably folks that we've already interacted with who might have initially heard about work that we've done from other folks or we've done a reactive rapid response for them. But as you can kind of see in some of the stats, we're still kind of working on analyzing our statistics. So I didn't try to look at that, but I'd be happy to look at that more and be able to share it later. Okay, let's have a final hand for Michael and thank you very much for that talk.


Sorry I had to work and missed the first 35 hours and haven't gotten the drop Here's some money to make up for it. Thanks. Thanks, McDonnell. They give the $5 dude wait It's been 36 hours. That's how long my wrath launch stream was wasn't it? Nice you know what I think that is 36 hours, I have social anxiety Look I suffocated Bonnie. Oh my god I'm gone. Is that a bean bag? Yeah It's a soccer ball Okay, I'm ready. Hey cut scene cut scene everybody pop one three two one go We must press on over there Did not join our ranks as expected erinaga Five on one thank you for the 31 months by the way.  I just asked what is going on? I don't know Question. Oh, he's the first boss leader here.  That is a really good design. I like that. I really like the design of Basically whenever you see like that like one of the bosses that you you get you get to fight later on I do think it's really good design to Show them at some point while you're leveling some point earlier in the game So then you have someone to look up to is like, oh damn. I can't wait to actually see that guy I can't wait to actually fight that guy. I think that's pretty sick. I like that a lot You saw that in vanilla with erin birdie crusade with magma darr, especially. I was so easy. Yeah, I got one big deal You mean like they used to do yeah, they used to do that. I'm glad they're doing that again I actually think they did a pretty damn good job with dragonflight leveling. Yeah, I like dragonflight Yeah, as somebody who's like not really like to retail out for the last like 10 years really It's legit been like 10 years actually more cuz I cuz I I stopped playing wow in 2008 What is this clip? Oh, these are these are holes those rocks. Oh Oh Frick I was trying to turn off my music in the background. Oh, these are these are holes those rocks. Oh, it's so beautiful in here Why do you still have to slip dude? What's your first initial impression of dragonflight compared to Shadowlands in terms of the leveling experience I Think this is the best leveling experience that I've had in maybe the last 10 years of retail. Do you go ahead of Bonnie? No, uh Bonnie got it. Well Bonnie got ahead of me because I slowed down. Okay, it's not cuz Bonnie is faster than me Okay, I basically invented Wow, so I was watching some clips and I got behind they literally made this game because of me Oh Hell yeah, I level did you get that head lair? I'm 68. I guess you got credit for it then if you don't Sick I think what's gonna end up happening. I think the meta is gonna be Retail for PvE and then PvP is gonna be wrath. That's what I think the meta is gonna be I think wrath PvP is gonna be better. Yeah, I think you could argue that retail PvE is flowers PvE is like always better, but I think the system's made it really bad So we'll see I Think I think wrath PvE is just so boring. I know it's the beginning I know it's the first expansion or the first patch I get it. I know all that Big bear, thanks for getting us up to Houdini Alex Herm. Thank you for the two gifted Wait what the proud humans of storm wind led the Alliance to victory in its war against the dreaded Lich King What while successful the campaign in Northrend proved costly and the humans now seek to bolster their Throughout the world under variants dairy leadership Humanity now braces itself for a renewed conflict with its perennial enemy the Horde Familiar threats have once again arisen closer to home It now falls to you to defend the bug and uphold the honor of humanity Wait, what the miss? Happens sometimes That's actually so funny they did that really we must be going wait. Yeah, that's so funny dude Bonnie you are going this quest. I don't know where you are. Did you did you come to and down to normal? You didn't you didn't accept it. You didn't make the next question.  I was so confused, but they're their time walkers. They go back in time After years of imprisonment within the Emerald nightmare I could get back to my books really we must be going Leave me alone. We can play can you play can you play? It's peaceful here. Would you fly away? Pepe laugh Inc. We way it's Pepe laughing. All right. The blue dragon flight is ghost Call it ghost syndrome go saw say it say syndrome go saw No, no syndrome go saw. Oh my god I'm gonna miss the lab Wait, what why is everybody? Why is everybody murlocs King Varian worker girl thrall girl Death wing wait, it's a murloc death wing open the map What Even there's a Can you see me?  I love how dude that is so funny They die super easy, but in the other one the dragons are like all like super badass like super way too strong Yeah, this person's amazing. This is so good.  Oh Wait, wait accepting this quest begins a timer We must act quickly to catch up to the ambassador crew normally And I mean that quite literally zero and I will do what we can to speed our progress Zero and I will do what we can to speed our path through wait. I don't get it. I Will you don't run through here and grab the speed boosts This question on a timer We this is slower than running wait travel form is slower than this body Don't travel for me.  I have 40 seconds left. Where's the timer? It's on the quest bar. Wait. This is way more time than we need War of the shifting sands Thank you for the opening Dude Dude, this is sick Pandaria Mogu overlords and failed skip ahead in the campaign chance are coming.  Is that rag? Oh it is. Why does he have legs? He's fighting myth racks Dude, look, this is like all the old gods This is crazy Wait, what? Where are you? That timing The timing of it saying that It's so funny It knew Wait, have we fought all the old gods in the expansions?  Uh, there is Amia Yeah Wait, this is sick. This was such a good question That was super cool. Really fun Damn, this is a good this is a good zone to do tonight Oh, my dragon ball looks like that I'm a good question Dude, I expect Clementines Wait, is that is that the end of the campaign? Yeah, pretty much. Wait, really? Ask about chromie's name. I picked my visage because it fit me best. Wait, I was right That's also why I kept the name Cronormu. I was joking earlier, but I was right That's so funny, dude. What are the chances? That's actually so funny. Quietly ask chromie if Nostromo is okay That's so funny, dude I made a joke that all the bronze dragons are ormo's And chromie is actually chromormu You have done nothing wrong. You fought valiantly, but Eternus is right My fate is inevitable It's weird thing that was normal as a human Each day that passes The future flows into the present I feel like every storyline character has a trap though Soon, people merge into one And that is when I become my darkest self Murazand And when that day comes to pass I look to you To do what must be done. Wait, what? Yes timeless one I will do exactly what you need me to There is none Please know I am And always have been Proud of you Wait, so Nostromo's gonna die It's crazy how like these these guys have been characters in this game for so long Like even chromie even chromie is like a random side character in vanilla wow But like uh, there's like a secret quest chain In vanilla wow, not a quest chain, but like a secret like turning quest That you go to chromie to do uh to get like really really powerful Like level 60 gear early in the expansion We killed a fragment of his evil self in kata. Oh, I didn't I didn't do kata so I didn't know Okay, look at this. Oh, so okay, we got we got a dragon here, too What? Oh, that's a dragon. Yeah cliffside wilder drink. So we got a dragon for each dragon flight Let's figure that let's go walk Okay, we'll burn through the end of this here because uh It is getting kind of late I didn't realize how late it was


So let's get right into it. As you can tell, I got my cup of tea. Today we're drinking Royal Blend. Because, you know, we're royalty up in here. Girl, that's some good tea. Okay, let's get ready to spill the tea today actually. I want to talk to you guys about some things that I wish I knew before moving to Japan. Things that Owens told me before I moved to Japan. And hopefully this will be helpful for you guys too. Hopefully you guys can manage your expectations. Okay? Because there's a lot of things that people don't really talk about that I wish I would have known, that I wish somebody would have made a video about. So yeah, let's get right into it. Alright, so the first thing I wish somebody would have told me is don't expect one extreme. Now what I mean by that is this. Japan is a country of extremes.  You know, those are the things that you see online when people talk about Japan. But what they don't talk about is the fact that Japan is a country that has two extremes. So on one end, we've got the crazy, the fancy, the huge, the whoop whoop whoop, you know, the really flashy stuff. And then on the other hand, we have completely regular, mundane, day-to-day life stuff. You've got salarymen, you've got housewives, you've got kids who go to school every single day in the same uniform. And you know what? The truth is Japan is not just one of those extremes, it's both.  Manage your expectations and don't just expect one extreme because you're gonna get both. So the next thing I wish somebody would have told me is that Japan is a country that abides by the rules. Right now, for example, we're in a pandemic, right? And everybody in the States is having a huge debate about whether or not to wear masks, you know, and it's like this huge politicized thing. But in Japan, if the rule is wear masks, nobody asks questions, everyone just wears masks. And there's little things to that Japan really likes to enforce rules for. For example, the trash. There are specific rules on the way you need to throw out your trash depending on where you live, and everybody follows those rules. There's other little things too, like the fact that people don't really jaywalk in Japan, like people don't like to break the rules here. And I remember when I first arrived in Japan, I'm the type of person who likes to color outside the lines, okay?  And then it hit me like a ton of breaks that that's actually offensive to Japanese people because they want to protect their country, they want to abide in a society that runs smoothly where everybody is, you know, respected and where everybody can feel safe. So if you're not abiding by the rules, it's kind of like you look bad. If you don't want to make yourself look bad, just come to Japan, learn the rules, try to find out things that you should do, things you shouldn't do beforehand, so you don't just arrive and make a huge embarrassment of yourself, you know? The next thing which kind of follows the last one is that Japan values punctuality. Punctuality, sweetie, okay? Show up on fan. Now when I was in Canada, the buses used to come whenever they wanted to. People would use traffic as an excuse to show up late to work, you know? And you could pretty much get away with being late for a lot of things because, well, it's kind of normalized in our society. But in Japan, you do not have an excuse to be late. The train comes on the second, on the dot. And if you actually show up, let's say the meeting starts at 7 o'clock and you show up at 7, you're going to be the last one in the room, let me tell you. Because for Japanese people, the norm is to show up early. Everybody shows up 10 minutes before they're supposed to meet their friends. Everybody waits at the station for people. They're always trying to be the first ones there. And they want to arrive early because punctuality is just a thing. It's just something that is super normalized here. And so if you're the type of person like me who is just late here, late there, late to work, late to school, late to this, late to that, let me tell you, when you come to Japan, you're going to have to cut that. Okay? Because in Japan, that's not acceptable. In fact, it's kind of rude. And it's a little bit disrespectful because you're basically saying, I don't really care about your time. I'm going to show up on my time. So yeah, you don't want to be that person. So don't do that. The next point is a little bit different. And this is something I wish that somebody would have told me beforehand. But basically just when you come to Japan, be yourself. The fact that you are a foreign person is something that is true and something that's not going to change. So when you arrive, be yourself. For example, when I first came here, I thought that I needed to be like super Kawaii style. And so I tried to be really girly. I tried to like wear all these prints and patterns and things that are totally not my style because I thought that's what I needed to do to like adapt to Japanese culture. And I think for a foreigner, when you come to this country, you can still be yourself. You can still speak the language in a way that represents your personality. You can dress up in a way that still reflects who you are as a person. And of course, yes, when you come here, you're probably going to want to explore, learn new things. But just don't change yourself to become somebody just to please others. And actually, if you guys didn't know, one of the biggest things I did that I still to this day kind of regret is when I came to Japan, I got a straight perm. My hair was super curly. But like I thought coming to Japan made me feel more like empowered and like, yeah, wear your Afro, but I didn't. I let the peer pressure get to me and I decided to straighten my hair and I regretted it ever since. And after that, I cut it all off and it's been short ever since then. But yeah, that was a big mistake that I made.  I'm not saying that that's like not good or whatever. But what I am saying is if that's not something that's authentic to you, if you know that you're doing it just to appease our people, don't do it. Okay, just don't do it. Just forget about it. All right. So the next thing I wish someone would have told me before I came to Japan is don't be afraid to ask questions. Okay? Like when I arrived here, honestly, I wanted to be like, Missing dependent. You know what I'm saying? That's why I love her. Shout out to Nio. But basically I wanted to just do my own thing, be Missing dependent. I wanted to just, you know, navigate Japan by myself, be like, no, no, no, I got this. I don't need to ask nobody. And guess what? That got me in trouble. I got lost. I got like in situations where I just was like struggling for hours by myself. And I could have just gone out to somebody and asked them a simple question. And yes, I know that at the beginning it can be intimidating because maybe you don't speak Japanese that well and like you can't really communicate. But just like going up to somebody and saying, Hey, I need help. It's going to save you so much time. It's going to save you so much money. And you're going to learn way faster than if you just like tried your best to do it in a really like clumsy way. And then you ended up just like, you know, flat on your face, no money, no help in the dark, no trains running. You don't want to be stuck in that kind of a situation. Okay? And that actually brings me to my next point, which is use Japanese as often as you can. Like I don't think people really talk about this a lot. But when you first come to Japan, yes, you're going to be intimidated. Yes, you're not going to know how to ask questions, but just use whatever little tidbits of Japanese you can. If you want to ask somebody, Hey, where is the bathroom? And you don't know how to make that sentence. But you know the word for bathroom is toy day. Just go to somebody and say toy day. I'm sure they're going to know what you're trying to ask and they're going to help you out, you know. And one thing I'm actually really ashamed to say because now that I think back on it on my girl, that's embarrassing. Back in the day when I first came to Japan, I actually remember my listening skills were pretty good and I couldn't understand what people were asking me, but I would reply in English. Do you know how much of a waste that is? Like if you can speak a little bit of Japanese, if you can say a little word here and there, just say it. It doesn't matter if there's a little bit of English in there. Just like, you know, try your best to express yourself because that's going to go a long way to help you feel comfortable in Japan and to also help you communicate your ideas and to just make you a better Japanese speaker in general. Say hello to somebody from time to time. Say a little konnichiwa, say a little ohayou gozaimasu. Say whatever it is that you need to say to start to help you feel comfortable speaking Japanese. Okay, so next up, this one is really important. You do not need to know everything before you come to Japan. Now, when I was planning to come to Japan, I went crazy. I was looking up every single little thing. I was literally trying my best to just know every single little detail about what my experience is going to be like in Japan. But guess what? Let me tell you something. Whatever you're watching and whatever other people's experiences are, it's going to be completely different for you, okay? I think I was like one of those people who just needed to feel comfortable by having so much information in my bag of things to know about Japan. One thing I did that I still think is super embarrassing to this day is I was literally that girl who was sitting in the airplane on the way to Japan for the first time ever and I was learning kanji. I was literally, I had a book of kanji and I was studying kanji all the way from the moment I left Canada to the moment I arrived in Japan. I was literally with my notebook studying all the kanji I possibly could because I just wanted to know everything. I wanted to be like, I arrived and I got this. And guess what? Jokes on me. Because even if I learned to learn kanji, I still couldn't read most of the stuff that was around me. I still had to struggle with the fact that I wasn't perfect in Japanese yet and I still had to learn things by experience. So just don't force it. Take your time. Arrive, learn things as you go. Make things one step at a time and don't push yourself too hard, okay? I wish somebody would have told me this but friendships in Japan can be kind of tough. Now the reason why I say this is because one, as a foreigner obviously I gravitate towards foreign people and most of my friends to this day are also other foreigners but the reality of being friends with other foreigners in Japan is that guess what? Those foreigners are probably going to leave. Some of them will have to go back to their home country for several reasons. Some of them will have to leave for school, leave to meet their family again and guess what? That's completely out of your control. But that doesn't mean that you shouldn't be friends with people. That doesn't mean that you should shy away from being friends with foreigners because some friendships can actually be really meaningful even if they're really short. So I wish somebody would have told me like, hey, it's not a big deal if you make friends and then like four months later those friends are all gone. It's completely normal and the longer you stay in Japan actually the more that's going to become a reality of yours. So just get used to it and still enjoy your friendships for what they are even if they're short term. You never know, maybe that person will come back to Japan one day. So don't take it too personally if people leave all of a sudden because honestly, most of the times it has nothing to do with you. Also, obviously the fact that you're living in Japan means that guess what? With time, once your Japanese gets better and once you feel more comfortable speaking Japanese you're going to make Japanese friends anyways. So yeah, that's it. Those are all the things I wish people would have told me before I moved to Japan. And one thing I want to tell you guys out there if you're planning to move to Japan just be excited for you to experience it yourself. Because there's so many things you're going to learn by yourself. And even when you're watching this video I hope you guys know like this is tips that I'm giving you about me, tips from my own personal experiences. But when you come to Japan your experience can be completely different. So just take everything with a little grain of salt I'm going a little bit of salt bay in there and you know, just have fun look forward to your experience in Japan and know that there's probably a lot of things that are not going to go as planned but that's okay. So thank you for watching this video. If you guys enjoyed it make sure to leave a comment down below let me know what you wish you knew before you came to Japan and maybe a question that you might have for me too like I love answering your questions. And also be sure to check out the two videos that I'll have linked right over here I'll probably going to link the video of 10 reasons why you should study Japan and another video talking about how to convince your parents to let you move to Japan so if you're interested make sure to click on them. Okay bye.


Stevenson gets the 19-12 win here on senior night, Glen Clark with head coach Paul Cantabene. Coach, a little bit of a sloppy first quarter, and I know the end of the second quarter was certainly not what you're looking for. What changed at halftime that got these guys out in in the second half? Well, I think we got to get out of our own way at times, you know? I mean, I thought that kind of started a little sloppy, and they played hard, which we knew they were going to do. And then I thought we got in a great role, got up 83 and we got a lot of really good opportunities. But we weren't putting them away. We thought we did some really silly things and got a little selfish, because guys wanted to do some things, and that hurts us. So we need to play as a team. When we do that and we get in a good flow, that really works well. We can't get into the selfishness and who's going to score the goal, who does. When we let the ball flow and it doesn't matter who scores, that's when we're at our best. And I thought we did that for a little while today. In the third quarter, we came out seventh to one quarter, thought we did a great job with that. But then in the fourth quarter, we kind of back to that a little bit. So we just got to continue to do that and continue to play together. You know, we got some guys in there, and it's always good on senior day to win on senior day. But it's also really tough to win on senior day, you know, to do that, because all the emotions are so high and all that kind of stuff. But we're happy we got the W. But, you know, I think we've got to play better together and not worry about the self-initious much as just getting the job done. Right now, it's, you know, playoff lacrosse. Every possession matters. Every shot matters. And we've got to get into that one possession at a time mentality. You referenced that. I asked Greg there at the end of the broadcast, I said, what's the difference for this team in winning a championship? He said, it's team ball. It's all it kind. If you play team ball, there's as good as anybody in the country. Do you feel like that's the biggest, and this is going to be a tough week, obviously. You got two potentially really good opponents you're going to have to face. Is it as simple as saying you play team ball, you're going to be in good shape. Well, it is. And that's the thing. But that's why I said, you know, we can't have our emotions or who haven't touched the ball as much. Or, you know, you've got to get into that flow. So we're really good at that. We've had so many assisted goals this year. We move so well off the ball. We ride. You know, we do those things really well. When we get outside of that, then I think that gets in trouble. When we start to do the behind the backs or we try to, you know, I want to score here. I'm going to try to do this. And so I just saw that, you know, second quarter for a little while. You know, we could have really gotten eight, nine, ten, twelve, thirteen goals up there early by the way we were playing.  And we gave Widener a couple goals there and give them a little bit of life. And that's what you can't do against good teams with that. And so we have to do a really good job of that against Eastern. We had a great goal, a great goal with them earlier in the year. And we're going to have to play better in their goal. You played great against us when you played them. All right. I want to talk about, you mentioned a couple of guys, D Flurry making that first save when he came in. Man, that was electric. Yeah, it's great.  He goes in there and makes that save. Whole bench blew up. And so happy for Paul to get in there and do that. And so, you know, he hasn't played a lot in his career, but to get that kind of moment for him is really special. And then the polls tonight getting involved offensive. We're going to talk to Nick in a second, but it wasn't just him, Schmidt helping out like the polls were super active offensively tonight. Yeah, I think we got some slick guys, you know, Eddie and Damian and Ryan Quinn runs really well. And Nick's learning to run up the field now, you know, before he used to not do that, but you know, he's so big and athletic and can run so much and run through people. He needs to learn how to use his size and athletic ability to do his advantage a little bit more. But so happy to get his first goal there. But we want our polls to be active. You know, Shell's really active. Eddie's after Damian's active. You know, Quinn runs really well. We want our polls to stay in there and do some really good things because they can be dangerous. You know, we can score in many different ways.  We can keep those guys in there as you see a lot. We keep 45 and 19 and two on the offensive end a lot because they really cause problems. And if we lose it, we already have them on the field. So I think our polls are playing great. But you know, we got to lock down a little bit better and not give us much transition. Coach, congratulations on the win. We'll see you back here Thursday night. Appreciate it.


Hello, and welcome to the session. This is Professor Farhad in which we would look at option contracts and what's going to be a very basic session. Just to teach you about calls and puts, how to calls and puts work. These topics are covered on the CPA exam, BEC section, as well as the CFA exam. This lesson is also covered in an essential or principles of investment course, undergraduate or graduate. As always, I'm going to remind you to connect with me only then. If you haven't done so, YouTube is where you would need to subscribe. I have 1,800 plus accounting, auditing, tax, finance, as well as Excel tutorials. If you like my lectures, please like them, share them, put them in playlist. If they benefit you, it means they might benefit other people. Connect with me on Instagram. On my website, farhadlectures.com, you will find additional resources, the complement and supplement, this course as well as your other courses. Please check out my website. So let's talk about the call option. What is a call option? What's the big idea? Well, let's assume you want to buy a stock. Well, let's assume you want to buy a car or a house or a textbook. Let's start with a textbook. Let's assume you want to buy a textbook for the next semester, and that textbook is called intermediate accounting. That's the course you're going to be taking. Don't take it unless you have to. It's a tough course. Okay. So you want to take intermediate accounting. So what you do is this, the textbook today. If you want to buy the textbook, it's $200. But you don't need it today. You can contact a student that's taken the course now and pay that student a fee.  You pay this student a premium of $5. And this student will guarantee the book for you for $170. You say, don't worry. Once the semester ends, I will sell you the book. If you have two weeks, I will sell you the book for $170 within those two weeks. That's the deal. Okay. So either is you purchase an option, you pay $5 premium and you purchase this option to buy the book. Now this call option, notice it's called an option. Option means if you don't want to buy it, you don't buy it. If you want to buy it, you can buy it. What does that mean? It means within those two weeks between the two semesters, if you can find the book for $150, guess what? You will tell your friend, thank you very much. You can keep the $5 and you will buy the book at $150. If the book rises to $205 or $220 or if the book rises, there's a shortage of the book. Guess what? You're going to tell your friend, look, we promise that within those two weeks, anytime I can come and buy it from you for $170 and I want to exercise my option. And that's basically what the option is. Now let's talk about options when it comes to actual options in the stock market. A call option gives the holder the right. Notice the right, not the obligation. The right means the option right to purchase an asset for a specified price called the exercise price or the strike price. Remember, our strike price was $170 on or before some specified expiration date. So to look at an actual example, we're going to look at this option. This is for Microsoft and this is old because from 2017, now Microsoft is above $200 and who knows where it's going to go. The strike price is $72. So for example, July 7th call option on chairs of Microsoft with exercise price of $72 to purchase Microsoft price at $72 up to including the expiration date. So you can buy it at $72 up to including July 7th. Now, there's always a price to pay. You're going to pay $1.15. Notice here, this is the premium that you have to pay. So the holder of the call is not required. You don't have to buy it at 72, but you have the option from today until that date. Whatever today is, let's assume today is June 1st. The holder would only exercise the option to buy if Microsoft cheer exceeds that price. So when does it make sense to you to buy? It only makes sense to you to exercise the option if it's above the strike price and also you want to cover your fee. So simply put, you want it to be above $73.15 to make net profit, net immediate profit, but we'll talk about the details in a moment. If the share price remains below the strike price, if it's below $72, guess what? You're going to pay $1.15 and actually its options are traded at $100. So it's $1.15 times $100. So you buy options in lots of $100. So this is how much you will pay. You'll pay $115. So if the exercise price never exceeds $72, what's going to happen is you would lose the $115. Now you can buy it maybe at $68. Yeah, right. Again, Microsoft is starting to be above $200. So you would leave it unchecked. If not, exercise before the expiration, a call option simply expires and becomes worthless. So if it does not exceed really $72 or $73.15, if you want a net profit, you just let the option go and you would lose the $115. Therefore, if the stock price is greater than the exercise price on the expiration date, the call value equals the difference between the stock price and the exercise price. So if on the exercise, by the exercise state, the price is $73, $73 minus $72, you have a dollar of profit from the option that, remember, you paid $115. So you're still at a loss. So you really want it to go above $73.15. So the net profit on the call is the value of the option minus the price originally paid to purchase it. And we're going to look at the numbers in a moment. So the purchase price of the option is called the premium. So this $115 is the premium. It's basically you have to pay someone to give you that option. They're not going to give it to you for free. Now, what is the psychology? What's the psychology behind your position and the other party position?  Therefore, you want to lock it in. The seller of the call option is exactly thinking the opposite. The seller thinking Microsoft, it's going to drop below $72.00. Therefore, they will pocket the $115.00 and they will never have to give you the stock. Why? Because it's going to be below the $72.00. So the buy of the call option thinks the stock is going to go up. The seller of the call option thinks the price of that asset will go down. So basically put, we have a pessimist and an optimist. The buyer of the call option is optimist about the stock, thinks the stock is going to go up. The seller thinks the stock price, it's going to go down. So the seller of the call option who are set to write the call receives a premium income as payment against the possibility they will be required at some later date to deliver the asset in return for an exercise price less than the market value. So that's what they, this is the pessimist job. So the pessimist job would write it. The reason I say pessimist because they're hoping that the stock price goes down. That's why they sold you the option because you are never going to exercise it. They're going to keep the premium. If the option is left to expire worthless, the call writer would clear a profit equal to the premium collected. We said if they sold one contract, they made $115. But if the call is exercised, guess what? They have to give the stock to the optimist at 72. Now if they have the stock, it's not a big deal. But if they don't have the stock and the stock right now at 78, they have to buy at 78 and give it to the optimist at 72 who thought the stock price will go up. If the call is exercised, the option writer profit is the premium. Obviously they have $115, but if they have to buy it at 78 and they have to sell it at 72, they have a loss of $6 per stock times 100 shares. They have a loss of 600. Then they made a profit from the premium of 115. They will have a loss of the difference between the two. So the profit is the premium income minus the difference between the value of the stock that must be delivered and the exercise price is paid for those shares. Now if you already have the stock, so what some people do if they have Microsoft stock, so if you have 100 shares of Microsoft, if you have 100 shares and you bought them, for example, I'm sorry, 100 shares of Microsoft, and let's assume you bought them at $50, then it's not a big deal. You would sell this option. You would sell this option. You would sell this option to sell them at 72, and you will get $115 right now, $115, your pocket $115. Well, if the stock price goes up, that's okay. Well, if you bought them at 50, you can sell them at 72. You'd still made $22 in profit plus the $115. But if the stock price goes down, guess what happened? You keep this and you keep your stock, which is still at a profit. But the thing is if you sold the call, if you wrote the contract, and you did not have the stock, that's risky, because the stock could jump to 100 and you have to deliver it at 72. Therefore, you have to buy it at 100, deliver it at 72. If the difference is larger than the initial premium, the writer would incur a loss. So obviously, here in our situation, if you have to buy it at 78, guess what? You are at a loss. Let's take a look at some additional numbers. Consider the July 27 expiration call option with an exercise price of 72 on June 2, selling for $115. Until the expiration date, the call holder may exercise the option to buy the shares of Microsoft. So this is an American option. American versus European. American option, you can exercise this up to any time up to that date. If it's European option, you can only exercise it June 2. European is only have one specific date. Assume the stock price on June 2 is $71.75. It's below the exercise price. So it will not make any sense for the buyer of the option, the person that paid $115 to exercise the option. Why would I exercise it buy it at 72 when I can buy it at $71.15? I already lost the $115, so it will not be exercised. Indeed, if the stock remained below $72 by the expiration date, the call will be left expire worthless because no one's going to buy it for $72 when they can buy it for something else. On the other hand, if Microsoft is selling above $72, the call holder will find it optimal to exercise. Now, what's the most optimal price you wanted to be above $73.15? But let's assume the Microsoft is $73. On July 7, the option will be exercised. It will give the holder the right to buy 72, to pay 72 for a stock that's worth 73. But remember, although you thought you made a profit because you bought it at 72, but it's selling at 73, remember you do have the $115 fee. So basically net profit you made $0.15 because you end up paying a fee. So simply put, to make real net profit on this option, the price of Microsoft has to be $73.15. In other words, you have to count how much you're paying for the stock, which is the exercise price plus the premium. So you have to cover both to make a profit. Okay? Nevertheless, exercise of the call is optimal at the expiration of the stock price, exceeds the exercise price because the exercise price exceeds the proceeds will offset at least part of the purchase price. So the call buyer will clearly profit if Microsoft is above $73.15, as I told you. The net proceeds will just cover the original cost of the call plus the premium. This is what happened. So again, this is the call option. Now let's take a look at the put option. What's the big idea of a put option? So this is basically different than the call option. Put option is when you want to protect against the downside. Let's assume you do have Microsoft stock or you don't. Let's assume you have Microsoft stock. So we're going to talk about covered put option. You have Microsoft stock. You have 100 shares of Microsoft. And here's the fear. You purchase them at $72. All right. Yes, let's assume you purchase them at $55. It doesn't matter what price. That's the price. Your fear is right now, let's assume it's trading at $75. So right now, it's the Microsoft is trading at $75. You purchase them at $55. Now you have a profit of $20. But guess what? You fear that the stock price within the next two months might drop down below $55 or below a certain number. So here's what you do. You would sell a put option. You would sell a put option and you would tell someone, look, I will give you Microsoft stock between now and July 7th for $72. So the strike price is $72. If you pay me $32, I'm sorry. Let's talk about a put option. How does a put option work? The put option, basically you are protecting yourself from a downside and your asset from the downside. So you fear the asset that you have might go down in price. Let's assume you purchase some Microsoft shares at $68. That's your cost. That's your cost. The price right now is $75. But you're not ready to sell. But you fear the stock price might drop to $65. And if it drops to $65, guess what? You are at a loss. So here's what you do. You want to protect this. What you do is you buy July 7th strike price of $72. But it's a put option. What does that mean? It means you pay today for $1.32 per contract times 100 shares. You pay today $132 to someone. And you will tell that someone between now and July 7th, I can shove down your throat or sell you, basically. I'm sorry about the expression. But the point is I can sell Microsoft shares to you at any time between now and July 7th at $72. My 100 shares at $72. And you have to buy them. Now, what is your fear? Your fear is or what is your motivation? Your motivation is if the stock price keeps dropping to $69, $68, you can sell it at $72. You have a peace of mind that you are protected. The other person, what's the other person thinking? What's the other person that got that $132? The other, so here you are a pessimist. Here, when you buy the option, the buyer, the buyer of the put option is a pessimist, is the pessimist. The seller of the put option is optimist. The seller saying, yes, give me $132 and I will buy Microsoft from you for $72 up until July 7th. Now, what is the seller thinking? The seller thinking, look, Microsoft, it's going to go up to $100. I'm never going to see this individual again. So bring it on. Give me $132 and I will sell it to you first. I will buy it from you at $72. So this is the psychology on both ends. So what is a put option? Put option is the right to, the right gives the right to sell an asset for a specified price or strike price on or before the expiration date. Here we're talking strike price of $72, expiration date July 7th, and you have to pay a premium of $1.32. That's the big idea. On July, expiration put on Microsoft an exercise price of $72, entitled the owner to sell Microsoft to the put writer for $72, even if the market drops below that price. Whereas the profit on a call option increases with the asset increases in price. So if you have a call option, you want the stock price to go up because you can buy it at a lower price. And a put option, you want the stock price to go down. Why? Because it goes down. You could still sell it at $72. A put will be exercise only if the price of the underlying asset is less than the strike, less than the exercise price. So if this price went down to $70, you tell them, you need, I can sell it to you for $72. Okay, that's below the exercise price. Now bear in mind, when someone buys a put option, they don't have to own the shares. So they can buy the put option. And what happened, you don't have to own the shares. So upon exercise, what you would say, the investor's broker purchased the necessary shares of Microsoft. Let's assume it's trading at $68. At that point, you will buy it at $68. And you have the right to sell it at $72. You say, you don't have to, you don't have to have the stocks. At the beginning, I told you, you have to, you know, when I explained it, I said, if you have 100 shares, you don't have to have 100 shares. So you can buy a put without having the shares. And basically you'll buy it at $68, sell it at $72. But remember, you paid $132 in profit. So you will make $400 profit, you know, the difference between $68 and $72, $4 times $100. Then you have a premium of $132. So let's take a look at another exercise. Consider the July 27th expiration put option with an exercise price of $72, selling on June 2nd, $4.32. So that's the premium. It entitled the owners to sell Microsoft shares at $72 at any time up until July 7th. So from June till July 7th, if the holder of the put buys the shares and immediately exercise the right to sell it at $72, let's assume they will do that. The exercise proceeds will be 25, 25 cents. Now, obviously no one will do that. You know, an investor who pays $1.32 for the put had no intention of exercising it immediately. It means you want to sell it at $72, okay? So you will not sell it at $71, 25, but that's what it is. If on the other hand, Microsoft is selling for $70, well, that's good. If it's selling for $70, I can sell it for $72. I have a $2 profit under those circumstances. The put will turn out to be a profitable investment if the value at the expiration will be $70. Well, you want it to be below $72. But specifically, I'm sorry, below $72, but really you want it to be below $72. And remember you paid $1.32. So you want it to be even below that because you paid a premium. Okay, so the investor, so you made a profit of $2. Then you have to cover your premium $1.32. So you made 68 cents per share. And if you bought 100 shares, you multiply that by 100. But simply put, that's if you want a percentage wise, this is a holding period of 68 cents by paying $1.32. That's 51% over 35 days. That's pretty good. That's not a bad return at all. Okay, now obviously the other party is not thinking that's what's going to happen. Again, when you have a put option, you think the price will go down. When you have a, yes, when you have a put option. So let's talk about an option. When we say an option is in the money, what does it mean an option in the money? That's good. An option in the money, it means when you exercise it, you would have a positive cash flow. You will have a profit. Positive cash flow means you have a profit. Therefore, a call option in the money, when the asset price exceeds the exercise price. So if you remember the exercise price, x equal to 72, when would that option be in the money, when the price is 72 plus? Any price above 72 is in the money. Well, a call out of the money, it's the exact opposite. So if the exercise price is 72 and the current price is 71 or 70 or any price below 72, we'll say that the option is out of the money. Why? Because if you exercise it, it's not profitable for you. We say the option is at the money. Guess what? When the exercise price, when the exercise price equal to the market price, equal to the market price, to the asset price, to the asset price. When that's the case, we say the option is at the money. Let's take a look at these numbers real quick. What will the proceeds and the net profit to an investor who purchased the July 27 expiration Microsoft call with an exercise price of 72 if the stock price at the expiration is 70? So if you bought a call option, the call option and the call option is at 72 and remember for that you paid $1.15 but the price is 70. You have no profit whatsoever. You have a loss because you will never exercise and you lost $1.15 times $100. You lost $115. Now if the stock price is 74, if the exercise price is 74, guess what? You can buy it at 72, sell it at 74 and you make a profit of $2 then you have to pay your fee. Then you have to cover your fees. Then after covering your fees, what's left is 85 cent and this is your profit. This is your profit, net profit. Well, 85 and you've multiplied by 100 shares if it's a one contract. Now insert part B for an investor who purchased the July expiration put with an exercise price. Again, the same thing here. The exercise price, it's going to be 70 and the exercise price is 74. Here what's going to happen is this. When the exercise price is 70, you make a profit. It's 72 minus 70. Here you make a profit. So you have a profit of $2. Then again, you have to pay $1.32. So what's left to you is 68 pennies, 68 pennies in net profit. If the exercise price is 74, well, guess what? You make no profit if you have a put. Why? Because why would you sell it at 72? If you could sell it at 74. Therefore what you would lose is your $1.32 times 100. So you would lose your premium $132. So notice here, notice here, notice here, this is a loss. So for the call, when the stock price, when the exercise, when the price is 74, sorry, this is the price, exercise price is 72, again, exercise price is 72, exercise price is 72. When it's at 74 for the call, you have a gain. When it's 74, you have a put, you have a loss. The opposite is true. The opposite is true for the put option. The put option, when the call, when the exercise is 72 and the stock price is 70, you have a gain. Here, when the price is 70 at a call and the exercise is 72, you have a loss. You don't do anything. You let the call expire. In the next up, in the next session, we would look at values of options, not of options, of options at expiration. Once again, if you like this recording, please like it, share it. I'm going to remind you again to connect with me on social media and visit my website, farhatlectures.com, where you have additional resources to supplement and complement this course as well as other courses. Good luck, study hard and stay.


In this short video, we'll be looking at a really important aspect of working with longitudinal data, using weights. Survey data sets contain information about a sample taken from a population, but what we really want to do is to use that sample to say something about that population. Data producers calculate weights to make the data more representative of the population it's designed to reflect. A weight and variable assigns a value to each observation in the data to indicate how much they should be represented in the analysis. These weights are an important part of ensuring our analysis represent the population that we're interested in. So why should we weight data? There are a number of factors which can make survey data unrepresentative of the population. Factors such as the sample design or non-response, which we discussed earlier in this section, can lead to certain groups being under or over represented in the data. And this can be a problem because if we don't adjust for these factors our results can be biased or inaccurate. This applies to descriptive statistics as well as estimates from more complex statistical models. Weights allow us to compensate for these factors and most social survey data sets will include weight in variables. So how do these weights work? We can see a very simple example with just two cases here. In unweighted analysis each of these units or cases are counted as one observation. In weighted analyses each case can represent any number of observations and the number of observations the case counts as is given as a weight invariable or weight. So let's have a look at this example. The unweighted mean income for these two cases is calculated like this. However when we apply the weight the first case now counts as two observations rather than one. And so this means that the weighted mean income is calculated as such. The survey weights are typically a combination of several weight and adjustments which aim to compensate for multiple factors. And they allow us to ensure that the sample is representative of the population we're interested in. There are different kinds of weights including design weights which adjust for the unequal selection probability we introduced earlier in this section. These can also be called probability weights. The selection probabilities are known by the survey team and therefore the weights can be calculated by dividing one by the selection probability. Non-response weights are designed to give greater weight to those cases who are underrepresented in the data. Similarly to the design weights the formula is one divided by the response probability. However this probability isn't known so it's estimated based on certain assumptions and the limited information known about those that don't respond from the sample frame. Non-response weights can help to reduce the bias in population estimates. However it's important to remember that they are only estimates and they're based partly on the assumption that within a particular group those who respond are the same as those who do not. So if this assumption doesn't hold true then our results may still be biased. Through non-response or through chance the characteristics of a sample can differ to those of the population. For example the age distribution may differ between the two. Calibration or post stratification weights adjust the sample characteristics to match that of the population and this is done often using information from the census. Calibration weights are derived by defining set groups using socio-demographic variables such as area or sex where the population totals are known. The response rate is then calculated at the population level for these groups and the calibration weight is thus the inverse of the population level response rate. Typically calibration weights are derived using multiple schemes and so they can be very complex. They're very commonly used in surveys that are organized by the Office for National Statistics for example. Now the final type of weights here is the scale or grossing weights. These weights scale the population up to make it represent a much larger sample or in the case of grossing weights to match the population total. Weights are included in many datasets as variables and applied using the functions in statistical packages. Weight and variable names often include the word weight or an abbreviation such as WT so they're easier to spot in a large dataset. For example W1 FIN WT is the design and non-response weight that's included in the first wave of the longitudinal study of young people in England. The best place to find information about the weight and variable in a dataset is in the documentation that accompanies the survey. Most often this information is included in the survey's user guide or technical report. Some datasets will contain more than one weight and variable and this is especially common in complex studies such as longitudinal studies. This is because these studies can be used in a number of different ways. They can be used cross-sectionally or longitudinally and in the case of understanding society for example the data can also be used at the individual level or at the household level. So this is where you should really consult the documentation because this will give you lots of information about what weight and variables are available, what they each reflect and that will really guide you to choose the most appropriate one for your particular analysis. As you can see from the table on the right hand side which comes from the understanding society data there are sometimes a great number of weight and variables to choose from. Statistical packages such as SPSS have functions built in that allow you to apply weights to your data. So once you've chosen the most appropriate weight and you know the name of that variable in SPSS for example you simply use the drop-down menu data and weight cases and in the next section you'll have the opportunity to practice this. In terms of when you need to use weights if you are doing your initial exploratory analysis to have a look at whether the sample size is sufficient for what you need then you shouldn't apply the weights here. This is because the weights may scale the sample size up and give a false impression of the sample size. Once you're happy that your data set has a sufficient sample size and you're ready to get started with your analysis then in most cases you will need to weight the data.


The ECB, for me personally, is a very important institution because it works for the values of Europe, for the European Union, and we do something for the greater good of all the people in Europe. And that's very special working here. What is special about working at the ECB, I think it's twofold. The first thing is this deep sense that you are making a meaningful contribution to something which is an enormous, ultimately historical project. To bring the peoples of Europe together via a single currency. And however small our contribution may be in this, we're all part of this. And that's just something that's very exciting, to be part of something deeply, deeply meaningful and something I personally very strongly believe in. And the second thing is to work with people from so different, many different nationalities, their different styles, their different humours, different, you know, sensitivities.  So that's what makes it very special. I wanted always to work for Europe because I knew about the European institutions in Brussels and in Strasbourg and when I came to the ECB, I didn't really like my job in the beginning. I must admit, but afterwards when I was more involved and I was involved with the press and so on, this was my first task. I realised, oh yes, that's exactly what I wanted to be and to work and to communicate on Europe and I'm happy and proud to be part of the area, Euro, to be, you know, implementing it and communicating on it over the time. But this particularly special for working for the ECB is that I have in a way two worlds fused. I grew up in Frankfurt, maybe one of the fewer ones that really feels very home in this city and at the same time I feel I have Europe every time I enter with my bike this building and then I have the privilege to work with people from all over Europe, from Finland, Italy, Estonia, everywhere. And that combination of being grounded sort of in my hometown and at the same time really building Europe, I think that's fascinating. What I like very much is I like the feeling of being a public good, that I'm at the disposal of European citizens. So this is what I like most.


Navy diver, first class, Sean Dargy. I work for Matsu-2 Company 2-4. So we're doing a DPA mission out here to try and hopefully recover some of the lost bodies of some World War II airmen. Day's work will wake up around 700 in the morning, get everything set up in the day. I'm usually one of the guys making sure that the hats and the system and the diving equipment itself is rigged up, the paperwork is in order, everything is properly set as our life support equipment needs to be. And today I was one of the divers in the water so I had to make sure that all of the stuff was perfectly rigged for me. My preference is because I was gonna be wearing it for a few hours. I made sure all my wetsuits good to go, everything that I need to do to get in the water and go to work is squared away that I don't have to think about it anymore once I get in the water. Once we've done all our operational checks, we'll move out, we'll go to the plane and we'll start picking up where we left off the previous day, either excavating the sand, silt around the different metal parts that we're trying to search through, or we'll try and rig up our baskets to bring up top to search through on deck, the stuff that we've excavated our previous dive. There's an exciting aspect of it because it's very, very, it's a humbling part of our rate that is pretty unique to our rate that we get to do. So it's a great honor to be a part of it and my grandfather was a pilot on bombers, very similar to this. So I feel, I feel honored to be part of the promise of bringing our Sailor Soldiers Airmen home. It feels great to be part of it. My grandfather was a pilot in World War II. He ended up being an instructor during the latter half of it training other pilots for bomber type platforms. So it's the same kind of thing. It's humbling to think that this could have been him. I think he would be very, very proud of it too. He was in the Air Force. I had a few other members of my family in the military and I think he'd be very proud of it. I would absolutely like to do this type of mission again.


Do you know that there are different ways to refresh a web page? Rod here. Welcome to Burn to Learn. In this video we will show you how to refresh a web page in 3 different ways by 1. Using the refresh icon. 2. A keyboard shortcut. And 3. Using the function key. Let's consider them one by one. As we get started, take a second to subscribe to our channel by clicking here. And give us a like by clicking here. And check out our techie t-shirts by clicking on the link in the description below. Refreshing a web page will cause it to reload with the latest version of that page's content. Some site errors, such as the ones encountered when a page doesn't fully load, are also resolved by refreshing it. Let's see how to do it the first way. 1. Using the refresh icon. With the web page you would like to update showing on your screen, click on the refresh icon. It's a circular arrow shaped icon at the top of the browser window, typically found in the upper left side here. Wait a moment for the page to reload. And as simple as that, your web page has been refreshed. Now you can see any new information or changes that have been made. Let's consider another easy way to do that. 2. Using a keyboard shortcut. Once again, while viewing the web page you want to refresh, you can use one of the following shortcuts to refresh your page. If you are using Windows, hold down the control key and press R. If you are using a Mac, hold down the command key and press R. The page will be automatically refreshed. Really useful, right? Now let's see the third way we can refresh a web page. 3. Using the function key. In virtually all internet browsers, pressing the F5 key will cause the currently viewed web page to refresh. Just note that in some Windows computers, you may have to hold down the FN key while pressing F5. And that's it! Your web page has been refreshed and you can continue browsing with the latest content it has to offer. Quite simple, right? If you enjoyed this video, remember to like and subscribe to our channel for more easy to follow video tutorials. Our unique techie t-shirts are just a click away in the description below.  Do you have something you want to learn? Let us know what it is with a comment in the section below. This has been Rod from Burn to Learn. Thanks for watching!


Hello and welcome to the session. In this session, we are going to discuss the following question and the question says that, which is a better investment? 3.5% stock at $91 or 4% stock at $102. What equal sums should be invested in the two stocks so that the difference in the income from these stocks is $10? In the first case, we have 3.5% stock, $91. This means market value of one share is $91. The nominal value or the face value is $100. The dividend is equal to 3.5% which is equal to 7.2%. So the income on $91 is equal to 7.2. Therefore, income on $100 is equal to 7.2 into 1.91 into $100 which is equal to $50 by $13. That is equal to $3.84. Now, in the second case, we have 4% stock $102. Therefore, market value of one share is equal to $102. The nominal or the face value is equal to $100. Dividend is equal to 4%. Income on $100 is equal to 4 upon 102 into $100 which is equal to $200 upon 51. That is $3.92. Now, in the first case, the income on $100 is $3.84 and in the second case, the income on $100 is $3.92. So the second investment is better. Now again, the income on $100 in the first case is $50 upon $13 and in the second case is $200 upon $51. So the difference in the income to stocks equal to $200 upon 51 minus $50 upon $13 which is equal to $200 into $13 minus $50 into $51 upon $663 as $663 is the LCM of $51 and $13. So this is equal to $2600 minus $2550 upon $663. That is equal to $50 upon $663. Now to get the difference of $50 upon $663, investment in each stock is equal to $100. Therefore, to get the difference of $10, investment in each stock is equal to $100 into 663 upon 50 into $10 which is equal to $13,260. Hence, we have that the second investment is better. Equal sums invested is equal to $13,260. This completes our session. Hope you enjoyed the session.


Does your home smell stale? Well, Panasonic's Nano EX technology will actually deodorize and remove unwanted smells from your home. This means a fresher, cleaner indoor environment. And it does it so quietly. I think everyone should have this in their homes.