Okay, hello and welcome to episode 93 of the market maker podcast and I feel very privileged because Pierce Curran has decided to join me this week. He's made some space in his schedule and But sorry, there was I don't think we've heard the story yet about that. I'm now Sat here doing this podcast with a full blown celebrity Ah Yeah, it did well well firstly, you know You're lucky I've managed to fit you in tight schedule and Yeah, just just count yourself lucky basically, but yeah, the yeah, I'm I'm famous And I've got an official measure for what what actually fame is Yep So as I was I was telling you I was in Birmingham last week And I was coming back from but I was at the University of Birmingham fact We run a few kind of modules and stuff there. So I was just up in Birmingham and coming back on the train at night and there was problems with the train and I had to get a connecting train from a lovely place In this country that I'm sure everyone will have been to classic holiday destination none eaten and So I was a connecting train that got so I was on the platform in none eaten and then got on there and someone else got on and anyway I sat down and then yeah, I learned behold someone else like plunks themselves right in front of me And I was about to kind of tuck into some food because I hadn't eaten all day and he plunked himself in front of me goes You that guy off that podcast Which your responses what don't want you talking about no, I'm not me alone Yeah, so being recognized on a train in none eaten is now the official measure Okay of fame. So unless unless that's happened to you. I don't think you're famous. Yeah, well, I mean Hello, and thank you for that person for listening. Yeah, hopefully listening to this episode. Yeah And can he connect with me on LinkedIn? I asked him to he works at Shroders he said he was going to connect. So don't remind a connect with me, please You you haven't followed through on your promise. Anyway Obviously your chats up lines need a bit of work Anti-climax in reality, obviously Another thing that I have seen is Spotify have started doing their year wrapped and if you're a Spotify user, you'll know talking about it basically Auto-generate some quite cool graphics around your most listened to tracks. You must listen to podcasts someone and so forth and shout out to Elliot Rumble. Yes Who? We I think we're there above Morgan Stanley and above the FT pierce. So That's right in terms of Elliot's listening hours. Yeah, I mean quite right So, yeah, I mean if if we do pop up on your feed It would be amazing if you could share it on your on your socials and it would do a great deal I'm sure to just get the word out and can I can I set a challenge because Another shag Steven Steven Barnett obviously amplify He's been on a couple of the podcast going back, but he dropped his in the slack chat this morning, and he's clocked 1762 minutes listening to to us which is But yeah, I mean look if it if that pops up in your feed And you could do like Elliot has done which is share it I guess LinkedIn is kind of the the optimal platform for that sort of stuff if you think people be interested It'd be much appreciated, but look, let's get straight down to it Because I know Given the celebs that you are peers. I've already got you I think for another 15 minutes So we're gonna talk a little bit about a keynote speech from the Fed chair Jerome Powell Which sent equities Rocketing yesterday, so I want you to break that down for a spot with said What are your thoughts where do we go from here and then talk a little bit about oil? Because of the looming OPEC meeting which is coming in a couple of days time and there's been quite a lot of Rumours flying around about what could happen and there's a few different elements. I think that need explaining around What might influence their decisions? So let's start with with Jay Powell. What happened yesterday? Yeah Well, what happened was stocks went sharply higher Of the back of what Jay Powell was saying that just kind of meant lots of headlines fodder for the press So I think the S&P Let me get this right was up three percent. I've lost my stat now I think it was up a three up three odd or three point one percent I think it was on the day the NASDAQ was up four point four percent just meant these indices closed out November in with a positive month and Which meant two months in a row of of gains for US stocks Which is actually the first time they've strung together two months back to back since last year so Yeah, very positive run into the close last night and this comes actually Just weirdly bang on the anniversary. So yesterday was the 30th of November. We're recording this on Thursday the first So yesterday happened to be the anniversary of the Fed pivot The first one because back on the 30th of November 2021 Powell delivered a speech that then With hindsight became to be the turning point in the feds sort of view on inflation And how they were going to tackle it prior to the 30th of November 2021 the Fed were downplaying Inflation they were using that word transitory as you'll remember and that don't worry no big deal blah blah blah On the 30th of November 2021 Powell made a speech and he said look inflation pressures were high and He said it's appropriate in my view to consider wrapping up the tapering of our asset purchases Perhaps a few months sooner because it's weird to believe that 12 months ago The Fed were still pumping their QE program. It's crazy, isn't it? But that moment was the pivot right inflation is higher than we thought it's not transitory We're gonna have to stop QE much faster and that then started this super steep Tightening cycle, right? So that was a the anniversary. That was yesterday. Anyway, just so happens Powell was speaking yesterday And it's yeah quite nice timing because maybe yesterday again is a bit of another pivot although the pivot was kind of preempted with the Fed meeting and the The last Fed meeting and the Fed minutes and maybe the inflation data that we had a few weeks back But what he said last night to make markets rocket higher He said the time for moderating the pace of rate increases may come as soon as the December meeting So there's not there's nothing new there, right markets are kind of already thinking they'll drop To a 50 basis point height in their December meeting having hiked 75 basis points at the previous four meetings So but this is like the clearest evidence yet from the man himself But December will be a 0.5 percent hike So so that's obviously good just to get even more certainty on that He said some interesting stuff like my colleagues and I do not want to over tighten I will simply say that we have more ground to cover History is cautious or history cautions strongly against prematurely loosening policy. So he kind of Contradicted himself a little bit there. So he's basically saying look, we're gonna slow down We don't want to over tighten, but you know, we don't want to prematurely loosen either So those hoping for our interest rate cuts in 2023 Maybe that's a bit ambitious But obviously that will that will the you know play out and it's data dependent, right? So if your view is that inflation is going to come down Pretty quickly next year then even though he said what he said last night, you know, don't expect premature loosening If your view is inflation will drop sharply Then we could well start to see the Fed, you know with that data coming through start to go Well, all right, maybe it is time to start cutting rates So yeah a kind of dovish angle to his speech last night that trade has got a hold of and Ramped up the equity space, you know across the piece See what one thing maybe just to elaborate. He spoke specifically about the labor market So maybe a bit of color on that. He said in order to bring inflation back down He warned that the labor market must become substantially Eventually softer and there would need to be a sustained period of below trend growth. So in layman terms What's what's he telling us there? Well, he's saying that Because for the last because it's not farm payrolls tomorrow, right? So how many jobs were created in November if you take the last three months? So job creation in August September and October then the average for the three is 290,000 jobs created per month, right now You need you'd expect job created like if the labor market was flat and the economy was flat You'd you kind of need a hundred thousand jobs created a month just to absorb the population growth Okay, so that 100,000 a month is like your neutral level. Okay, so 290,000 well, that's a hundred and ninety thousand above neutral jobs being created so he's saying that's still actually super strong and Ultimately, we're gonna need to see the labor market turn and pivot and we're gonna need to see job losses Which then results in that demand destruction Which then leads to price pressures falling. So he's basically saying that look, you know the labor market is still super strong So that's why I don't expect any rate cuts Anytime soon is what he's saying. So the now the fact he's put that job creation thing He's just put that right up at the top of the agenda In terms of incoming data in the future and actually I can point towards evidence of that It just happened nine minutes ago Because you asked me just before we hit record, you know What's happened with stocks this morning because you've been out at a meeting and I was saying well They're basically flat compared to last night So they rallied into the close last night off the back of pal's comments and then they're flat You know US futures trading flat this morning. So just hanging on to those gains, but nothing more until 130 p.m. They've just spiked and ramped higher again because we've just had the challenger job cuts numbers and they have massively gone up so 76,835 jobs cut in November That's the highest number since January 2021. So job cuts Looks like They're beginning and that's not a surprise because we've heard from all the tech big tech firms, you know We're laying off 10,000 here and 10,000 there and Twitter cutting that workforce in half Google thinking about job cuts. You know, what was it 11,000 job cuts at Facebook? All the rest of it. So it's not a surprise but the fact pals put He's put job Job numbers front and centre now I think for the months ahead for us now to gauge not When will they ends the hiking cycle because we think that's now in and it'll end either with the December meeting And being the last hike or maybe one more hike of 25 basis points thereafter. So we're pretty sure where the top of this hiking cycle is so now it's all about Well, when's the start of the cutting cycle? So in terms of like the equity move that we're seeing at the moment most banks on the streets Have been saying like your JP's your ms's and so on that this was a temporary rally And actually we were going to go back down retest print new lows again on the back of valuation multiple still to Decompress or language that they use. Yeah, have they got that wrong now then and actually Couple this with what might be happening in China although there's violent protesting if there is a softening in the COVID protocols Hey, it's very hard. I mean, I think it's it's a super hard one to call right now I think it's really, you know, I think we were talking about the bottom a few weeks ago and Looks like the bottoms in and the feds now saying right, we're gonna hike at a slower rate and and we've had a bounce And so the question is was the bottom a few weeks ago. Was it the bottom of this whole thing? Or not and it's hard to call I think the bottom for the years in so and I think we might have a positive December, you know the Santa rally December's typically a very positive month for stocks and I think, you know, we just need another You know soft inflation number out of the US for December or a really soft non farm payrolls number tomorrow Just to kind of continue that upward trajectory. What happens in 2023? You know, is this another temporary bounce on what? Continues to be an onward going downward longer-term trend. I mean, I think that's hard to call and it's entirely based on The inflation beast and does it come down sharply? It's entirely dependent on the geopolitical factors, you know, which obviously rushes one But then what about China as you're saying, you know, and I think they're really hard to call and predict So I don't know the jury's out on that and I think we'll assess that in a month or so is time I think but but for now, I think we're still pointing pretty positively into year-end I would say Okay, well, look, we've got a couple of minutes left so let's pivot over to pivot over to oil and let's talk a bit about OPEC because there's a Virtual meeting happening on December 4th and actually just by fact of it being virtual Sources to have suggested there might be any policy change Which I can kind of get to a certain extent is that I didn't realize it was virtual then why are they So is that normal or why they didn't it's not well over it? It was it would it wouldn't be normal And they've only recently decided to do that and Reuters sources yesterday were suggesting that that lowers the likelihood of any policy change But why the shifts are virtual, do you know? Well, you know how OPEC works these decisions have really been made Yeah, there's no need for meetings. The other thing of course was that Saudi Arabia So this was two days ago Saudi Arabia and other OPEC members are reportedly considering production increases So everything you've just spoken about in the economic the macro context was about slowdown Rising unemployment Everything that would constitute the opposite normally and for a consumption oil point of view But the Wall Street Journal was reporting that Saudi specifically and others were talking about considering a 500,000 barrel per day increase to production. Yeah, though Well, why are they doing that? And what's the connection with Russia within this in the EU? Yeah, so the something big is just happening. It's just happened today. Well, is it big? We don't know yet. What's happened is today the 1st of December is kind of officially the beginning of the Europe's sort of sanctions on Seaborn Russian crude oil now they made noises about this back in the summer. They said, right, we're gonna stop buying Russian seaborn oil, okay But we're not we're only gonna stop doing that in December to give us a bit of time to Shift and adapt and find alternative supplies. Well, now it's December So the band starts today So EU countries are no longer going to be going to be buying Russian seaborn oil There's a lot of oil being piped Which is a different matter But the the other thing they've gone one further because what Europe are doing their sanction is we will not buy any and We will not ensure any Russian oil tankers that are going to any other country in the world unless the buyer Agrees to not buy crude oil above a certain price now We're not sure what that price is There it's been ranging between like something as low as maybe even $20, but more likely probably something in the $60 range So let's say if India want to buy Russian crude oil They have to pay they have to adhere to the European price cap if Russia want the European insurers to ensure that boat Which is now European insurers is the biggest insurance market They account for all the boats, but not all of them But the point being where you could say well, all right, we'll just do it without insurance Well, India wouldn't do it without insurance But you could say well Russia could ensure it or India could ensure it But the problem is Europe control all the ships So in order for Russia, so we don't know what's going to happen Will India continue to buy Russian oil if so, how are Russia going to get it there and Are there any alternative ships that they can use and the answer is yes, but probably nowhere near enough To maintain their current supply to India So we're not quite sure how this is all going to play out India said well, you know, I'm not going to play ball I'm not Europe. I'm not adhering to your price cap. Thanks, but it's just more a question of logistically How they're going to get it there. So there is a genuine risk that Russian crude oil drops off quite sharply Which is why I think the Saudis are talking. Well, look, we'll increase production to offset that But there's a hell of a lot of unknowns in here So I think in the next month or two, it'll really play out You've got some analysts thinking that oil is going to ramp to 120 bucks here Because Russian supply will drop quite sharply and it won't be able to be the gap won't be able to be filled by Saudi So, yeah, I think we're entering into quite an unusual and an entirely unique period of uncertainty on supply So it'll be interesting to see what OPEC do over the weekend or whether it's a month too early Because they haven't really got any data on how this is all going to play out particularly But Russia will be talking to Saudi on Sunday to say what are their alternative plans for getting oil to India? And to China, of course So we'll see how this plays out just just on that supply side The other issue is if you're thinking about just global supply generally Well, US stockpiles of crude oil because during all this time Biden's been tapping their emergency reserves Because he needs to win a midterm election and he needs to get the petrol price down. So he's been greedily tapping the US Emergency supply to the point where that is now carrying the lowest number of barrels since the year 2000 and actually if they keep going they're not far off having the lowest amount of emergency supply since the 1980s So That's another supply concern if this Russia supply thing if it is worst case and it drops off much sharper than expected Not much US emergency supplies. You could get a bit of a ramp higher in crude prices Into the new year, which of course then what does that mean for the inflation story? Is that now another chapter of? High inflation or so. Yeah There's a lot of mixed it one thing I would say is I don't think people should get too anchored by the idea of having to wait A month for OPEC to observe and respond I think if needs be that they will just do what's necessary. They won't hang about this is OPEC The other thing then is what what about? China there's obviously been quite a few developments happening in China this week namely that of very unusual public protesting against the government's mandate of zero tolerance COVID and usually because of the fear of reprisal from the government so Yeah, any thoughts on that and whether Xi will Move and how so to respond to quell that rise up rising well, I think they've they've moved from they they've kind of Yeah, I think these Let's get a lot of press attention in the West of course and I there's been quite a lot of demonstrations in China this year Which haven't got as much attention. There's a lot of demonstrations around mortgage payments Related to the fact that the property market was crashing and that there were a lot of unfinished departments and Evergrande and the rest of them were perhaps Defaulting and that meant that people were paying mortgages on unfinished departments And so there was a big demonstration around that and you know people Striking and lots of stuff going on around that. I think what's different here is Those those demonstrations earlier were squarely focused on the home builders, right and Evergrande now It's not it's on Xi Jinping himself and indeed I think well, certainly the West were very keen to report the one demonstration was was, you know Shouting calling for the removal of Xi Jinping in a regime change It's hard to say whether that was a general theme across all the demonstrations in all the cities I doubt it, but um, I I don't know. I still think at the moment. It's probably it will blow over Is my sense But it's hard again, it's so hard to predict isn't it and it will be COVID dependent and whether these lockdowns Do ramp up or not? So yes, Xi Jinping's treading him kind of tightrope at the moment So if you are Gonna go one of two ways in terms of the current COVID situation because from a case rate perspective that has gone up Yeah You know in China and so whether or not that requires more lockdowns will see it probably will do to some extent So is that does that? Compound the already negative trend for the Chinese economy in the short term or is it actually a positive In a sense that the government will be forced their hand to make some type of change that that change could be monetary Fiscally it could be in various different forms even in the actual COVID policy in itself So actually does it does COVID reemerging in that way? Force the hand or does it just then make the situation that's already bad bad worse Yeah, I mean maybe that's his out, right? It's look we're maintaining stubbornly with this zero COVID policy, but Look to just calm you lockdown. Here's a wave of fiscal stimulus Hmm, you know, here's a stimmy check You know, I actually wouldn't be surprised if that's the kind of line He takes to keep everyone happy in which which was apples solution to the focus on issue by the way By the way, I think they were throwing 1300 bucks US that each individual So but the problem with the problem with that is it isn't that inflationary again No, because suddenly a massive stimmy check lands on the door mat and well, what are you gonna do? You're gonna spend it, right? So you could get another temporary spike in demand and then you got your supply chain issues still. I mean Yeah Don't know. So that's why that's why I say 2023 even though we're almost there I think it's still super hard to call it because there's so many moving parts So I'm kind of in a wait and see I'm a I'm a relatively positive into year end With then let's set less wait and see till we get there as to what I think about next year Okay, well, we'll end it there. I know, you know, I know you don't like laying George could only wait for lunch So I'll let you go and yeah, we'll speak again next week. Thanks, Piaf. Yeah. Have a good weekend. See you


Hello, this is Hans van der Kwas senior lecturer at IHG Delft Institute for Water Education. In this video I'm going to demonstrate the use of map themes in QGIS. Map themes are presets of combinations of layers. So here we can select several layers and we can click add theme, give it a name and then it becomes a preset. So here we call it sentinel true color where we have this true color sentinel image with the boundary polygon. Now I'm going to uncheck and check other layers and here we have the sentinel false color. I click add theme and I call it sentinel false color. Click OK. That's our second map theme. Now make one for open street map offline, add theme, call it OSM offline for example and I do the same for open street map online. Click add theme again, OSM online. Now let's check if this works. So I can click here and I see the different map themes listed and I can easily switch between them. So that's very useful if you want to show some results. Of course you can work with layer groups but this is another way of simply demonstrating combinations of layers to somebody in an organized way. If you want to see updates of these videos please subscribe to my YouTube channel. For more free materials you can also go to GISOpenCourseWare.org which is the website of the IHC Delft GIS OpenCourseWare.


Welcome to Toffey TV, it is the match preview. Wolves, Wolverhampton Wanderers at home, goodness from park. Sunday, we were recording this before Wolves play in the Europa League second leg against Torino, let's just point that out. But that could have a factor on the game, couldn't it really because Thursday nights, Sunday afternoons, they're not always the best preparation for a Premier League. It'll be a tough game, they'll have to put everything into it. Some teams don't necessarily respond straight away and Wolves have drawn all three Premier League games so far and have looked just a little bit off it from last season. They've obviously started the season a little bit earlier, they've done very well in the Europa League by the way, they've sailed through. They've won the first leg away. They won 3-2, I don't know what. Let's just pretend they've won. But regardless of that, I imagine it's always difficult isn't it, especially when you start at the season earlier than everyone else. I know that people will say well you should be fit and all the rest of it but I don't know, you might find it difficult. These multi-millionaires seem to be sensitive to routine don't they and it's changed. Most who go through that route of struggling with their Premier League form at this phase because then if they get through they don't play for a while do they so they're okay. I think once you get into the group stage and you understand then that it's not a knockout phase and you can play players in some games and maybe play players in other games and you can work the fixtures. I think one of the factors that catches teams up at this point is from one week to the next, I think the last round they had to play, they found out who they were playing and they had a week's notice of having to go deep into the backhouse of Europe. So those things can be difficult, the preparations and once you're in the group stage you settle down and you drink the game. I'd rather have got them after the away leg. I think we just have to start with intensity and put them under the couch. Yeah that's the main thing isn't it? I mean they started the season and they drew away at least, they're very unfortunate they got hit with one of the first VAR decisions. That's right, yeah. The handball. Santo wasn't very happy. Yeah the handball which whether you think it's a good rule or not, that is the rule now. I don't mind that rule, the only thing I don't like about it is if it goes the other way it's not a penalty straight away. So it goes against the attackers and not the defenders. Well that's because of the way it's drafted isn't it? Yeah, like most of these new rules. Basically for a defender you can have accidental handball for an attacker of a goal ensues you can't. And then obviously last week they played Bairnley and drew 1-1, they scored with a 90 plus 7. Which one of that does suggest is that even though they played three days before, they were still going to the end. So it's not going to be an easy game, we obviously didn't beat them last season. Well it was February at home you mean. We didn't beat them away either. 2-2 yeah. 2-2, 2-1 at home. Was it 2-1? 3-1 yeah. It was a horrible game wasn't it? They really did show the class that day. I think what rules are though is that they had a year basically settling together in the championship against lesser opposition and they brought that form into the Premier League last season. This is the season they have to play. Well this is the season, this will be the season that will show how good they are because they've got to balance the Premier League, the Europa League and the squad will get to stretch more and whether those new plays they've brought in. Can adapt to it as well but the basic squad is a very, very good team. And where we are looking at our season going forward, we're thinking whoever the five and six are going to be out of the so-called top six, then we would assume wouldn't we that ourselves, Leicester and Wolves are in that mix. So putting one on them at the weekend and making their start three draws in a defeat actually is quite important. Even at this early stage of the season. If we were to win Sunday, we would have started the season better than we started last season. Last season we started with a win two draws in a defeat so we can have two wins a draw in a defeat and we're through in the league cup. We would have started the season better without necessarily playing any better. And I think Sunday is a game where I still think we're going to have to grind it out. If we win it, it's going to be a lot like the Wofford game. We're going to have to grind it out. Maybe they'll have a little bit more of the continuity but I think it's a game that we've just got to grind out because I always think the season doesn't properly get going to laugh at this international break. I agree. It used to be because of the transfer window. Now it's this. Now it's a lot of the teams. A lot of the teams seem to pre-season. This is pre-season. Exactly. This still feels like pre-season. Which is why it's all about results. It is. We've seen that in the past when you've got quality players like when we had Lukaku and we won like three of the first four games and then we didn't win a game for like one. We won one in ten when everything settled down. This for me is a game we've just got to get through playing a home familiar system. Maybe that's why Dom and Caroline might start again. Surely they will. It's weather the manager. There's a temptation there isn't it?  Dom hasn't scored yet. He hasn't played brilliantly either. Which is more of the factor on whether he starts. He'll work the opposition's defence more than I will. Certainly more than Keane would I think at this stage. He's not going to start a Wobie instead of DCL is he? Or is he? No, I think a Wobie will start. I think he'll start as well but the one at risk that has got to be Bernard isn't it? Definitely. So I think DCL will start, a Wobie will start, Richie will start. He hasn't scored in the league. Last night we'll have done him the world of good. And we need to try and bring forward some confidence in that we can win the game and play with some passion with some pace. I think we need to move the ball a lot quicker than we have been. And I think they're a technically competent team as well. So our defence is going to have to be on the ball too. I think that's where they are good at. They move the ball really well. And one of the things they do really well is they break really quickly. But they have got pace. In triori they've got loads of pace where they start to come off the bench. But it's how fast they move the ball. A tactic that they had, and they did it at Godderson with Jota, is they have plays in the field. It was so good on the ball. They can pick people out with good movements quickly. And it catches the opposition. It's counter-attack football but it's not necessarily... It's more with accurate passing rather than with pace. And I think that can be the thing that has to worry us. Because we're at home. We do like to say it's pressure on people. You don't necessarily play your own game, counter-attack on football. And that's where they could cause us some damage. Sorry, they're not having that natural centre back either. Like Zuma, who can sweep up at the back. We've got to be careful of that. I think that careful bit. And I know we were appalling last week against Villa. But we should have sat off Villa as well. I mean we should be solid. But due to them, you've just said they will do to us. When we do move through the passages or through the phases, whatever the techie phrase is, we do it quickly and insightfully, which means passes of the ball, which means Gomez has got to be on it.  And we want Iwobi and Richard Charleson moving into space and receiving the ball early and in front of them. I think we've got to be more direct. That's what I mean. More direct with the ball. So that means going through the centre of the park and stop going wide all the time because by the time... I'm getting round Dominic quickly. By the time we get the ball, and we've seen this last Friday, is we get the ball on the edge of the box. Clip reset. And we start waking it and they reset. All right, Villa. Every time we put a ball, they had two centre backs, six for four and six for five. Bread and butter to them. These have got Connor Codian, who is, again, he's that kind of centre back. He just wants to header it all day long and we'll do that all day long. We've got to be clever. And we've got to be a bit more switched on. And I think that's where someone like Iwobi is a bit more direct. And hopefully with a bit more in the Charleson's legs and where the Moise King comes off the bench or just that competition between them and them. I think that's a big thing now. And they've got to have that bit. And you know what as well? Just, you know, whisper it quietly. But Cheng Tolson's there as well. And I'm sure he keeps on saying the right things. I want to stay at the club. I want to fight for this club. Who's to say he's not going, I'm going to forget about these two. I want a bit of this as well, especially if the formation changes a little bit. And we start playing maybe a little bit more 4-4-2 at times, which the manager has shown that he might be willing to play. That's where Cheng Tolson comes into it. So I'm not writing Cheng Tolson off if we have players. Cheng Tolson is a kind of player. If you isolate him, he's no good. But if we start playing with players who are going to be more direct, then actually there's an opportunity for Cheng Tolson, obviously coming off the bench from the start. But then saying, well, I want to be part of this. But that comes back to, if it becomes a three when we've got them all up front, they need to be close together. Probably quite narrow. And the 10 or whoever it is, the eight, whatever, needs to be able to pick them out. Because the advantage of, was it Cody, he's scouser, isn't he? Big strapping lad is inevitably, if you turn him, he's going to be less comfortable. So we need to be on top of them. That goes back again. But we need to reset quickly as well. It's about being braver as well. It's about saying we're prepared to sit in your half and try and make proven passes, not safe passes, proven passes, that may see us lead us to lose the ball at times. But if they get through, then we're in fantastic opportunities. And our recovery needs to be quick then. Well, that comes down to having confidence in the players around you. And that's the only worry, is because we don't have a garner. And obviously, Goebbamans is going to be missing back in the November now. We haven't got a player like that in midfield that can be that player. Because so much, when you say the three narrow, then that means your fullbacks have got to be bombing on. Absolutely. Well, not bombing on. The starting positions have to be the halfway now. Which says to one of your... Which is the way silver plays them anyway. Then it's that says to your midfielders or one of your midfielders, you've got to be, you know, the old James McCarthy, what they used to do. One went to right back, one went to left back. Automatically, without thinking. Delpho will know to do that. Yeah, but that's not necessarily his natural role. No, it's not. But he will do that, because he has played left back. And he'll know. Listen, he's been playing for the bravest team in England. Well, some will say forever. Because the Man City team are so brave and the hit passes at each other so hard and so fast that the opposition don't know where they are. But they do allow. This is the thing I would say about the difference between Liverpool and Man City. Liverpool and the machine, they go over the top here. They snowball you. They absolutely just hammer you down. Man City, it's all about finesse and bravery. It's been brave enough to hit that pass that no one else would be willing to do. We wouldn't be willing to do after the passes. It would be just simple, simple, simple. They're rapping into people, but because they've got good players, then those. If you're going to be a good team, you've got to be prepared. How taught them have gone from losing a third of their games last season to get and got to the Champions League final and got back into the Champions League. They lost a third of their games. That's because they play so far on that edge.  I don't know. But when you look at the plays we've got, you've got to start being brave enough. Now, I don't know whether last season that bravery came towards the end of the season because it was where we'd already. We have 40 points. We can be brave now. But you've got to be brave from day one, I think. If you want to get into the top six or even think about getting in the top four. Well, it's an overload approach, isn't it? And it is playing win-lose. It's binary. And that's when, if you look at the way cities play, you say they're brave, but they're hugely disciplined as well. Oh, yeah. You know?  Once you're in the last third, they're totally fluid. Totally fluid. But that means they can end up with four, five, six, God knows how many players in and around the box, which must, which it does, frightens the opposition to death, but they're really at risk of the opposition to then get the ball. And that's where you've got to do the recovery stuff. And I just think to a degree, particularly now, right now, then we haven't got the players who can cope with that. So Sigarton's not mobile enough. Clearly Gomez isn't.   And maybe that will drive the manager's selections. And not just for this weekend, but going forward. Who are we playing? How do they play? What kind of players do I want to put in here? And maybe we'll get a bit more surprises about the guys who don't make it to the 17 because... Well, you've got to start looking. If you've got a player like Sigarton and you're waking out his numbers and you're saying, well, he's not getting the ball, whether you think he's going or not. That's the point he needs to be on the ball. You've got to say to him, well, if we're not getting him on the ball and then he's not getting the ball to the forward, then he's going to have to sit down and someone else is going to have to come in. And that's saying about Delph. Delph, I imagine, past completion will be in the, you know, 92, 93, 94, 95. So you say... I haven't got any stats. I haven't got stats. So that's where you start saying to a player like that, well, you will play because you keep the ball. You keep the ball for us. You know, with Charleston, most of the time when he gets the ball, when he's fit, it ends up with something happening. And that's the kind of... You've got to start playing it by numbers then. And that's where football... That's where football is going. You've got to start playing it. It's sad to a degree, but that's where football is going. I think that bravery is something, particularly at home as well, when we have the atmosphere bouncing and all that good stuff, is that the fans are cool with, you've been brave and you've lost the ball. What really, and it winds me up and no doubt everybody else, is the unforced errors.  And it goes, it misses by a meter. And then they get nervous then and all that sort of stuff. And technically, we've got technical players. There's no reason for that at all. So sometimes you think, what goes on in the dressing room or what goes on, you know, once they get on the field from a leadership point of view. Because the other thing that you see in the better teams, which actually in some ways they get rattled. But you really see city rattled. They just press a reset button. This has worked for us for five years. So we've just conceded a goal even two goals. So press reset and go again. What that is though is, and they've got it as well. It's that idea, it's 100% belief. Yes, totally. In a way they play 100%. There's no middle ground. Totally. And anyone who comes in is just get on with it because that's the manager. That can take years to get that right. That's a manager coming in and going, I play this way and I will drill and drill and drill and drill. And if you don't get it, you don't play in my team. And it doesn't actually matter if you're better than this other kid. And that's why Dom and the Capital Room plays. He gets it and you don't. If you've never seen Take the ball, pass the ball, document with Barcelona, it's unbelievable. And there's a bit in it where they've got a centre back Barcelona on a Russian centre back. Could open a can of beans with his left foot. And he has Latin off front. And this centre back just keeps on pinging the ball to his Latin. He took him off at that time. Even though it's Latin, I think it's scored. That's not how we play here. That's not how we play. He said, that's predictable. We don't play that football. That's what I mean. We don't play that way because it's predictable. Exactly. So we play this style and on reason it and he says, I had to make this dummy run. And 99 times. You're told off as well. We said I had to make this dummy run. 99 times I could do this run. Or 100 times I could do this run. 99 I've never got the ball. But the point being is every time I made that run it meant that Shavi had three options. And if I make that run and someone follows me, then someone drops in and takes the ball. That's how the team works. And that's the principle Pep lives with. You've seen them. They have that. They have that. Wait, it doesn't matter who plays in the three. They come in and they do a job. And that's the difference. It's all the players believing on what the manager does. It's what Pochettino did when he went to space. The first thing he did was said, who's prepared to run through brick walls for me? And who isn't? And Andre Tansen put his hand up and said, I'm not. And Andre Tansen found himself. He probably didn't say that. But he ended up at Newcastle because he just wanted the players. He didn't want anyone who wasn't prepared to be there. It's what Lacarco's done at Man United. Salscar said, who's prepared to run all day for me and Lacarco's gone? I'm not. I'm not prepared to lose way for you and all the rest of it. And Salscar's gone, okay. And he put maybe still making his man the ballpark bit. But you can point fingers at the manager all day if the manager's got a way of playing and the players aren't prepared or I don't do it this that way. I do it my way. It's funny isn't it? You talk about this and you see the stick DCL gets. And I think you said it when we were talking before. Three managers in a row picked the guy. And fans are thinking he's not good enough. He's this, he's that, he's the other. But because he's doing what the manager wants. And that means if the outcomes are not what the manager wants it must be somebody else isn't doing what the manager wants. Now you can always have an upgrade and say well we'll have a different player who does what the manager wants. But that then becomes, when we talked about the fans will love Keane won't they? Because of the type of, you know, he's got a bit of spark about it and so on. But he's not necessarily going to play if he's not doing what the manager wants. So it's a conundrum of they've all got to do it, it's a team game. And that's like to me, that's what Man City are. The manager, as you say, he drills them to death on that first two thirds. And part of it is freedom in the last third. But as soon as the turnover happens you have to go back to the routine again. And that means close, which were to Guero, had to learn the lesson, didn't he?   And you know, when they did that thing on Sky where almost like the masterclass from Pep and I might have said this on your show before but whoever the host guy was says, well, you know, these multimillion pounds players world class one this one that one the other and you've got this work ethic into them. You know, how do you get them to do it? And he just says they don't do it, they don't play. No, that's it. You know, and that's it. You know, full stop. Whether we think, you know, player A is better than player B if B does what the manager says and A doesn't, B plays. That's human nature isn't it? That's clearly why I think Michael Silver likes with Charleston as well is because he understands that the Charleston's got a work ethic and will run through brick walls and when he's not playing well. Okay, he might put the sulky face on whatever but he'll still run round and do and he's prepared to be far and he's prepared to put himself in difficult situations and that's what other players have got to do. That's why he likes Dominic Avalon. He probably says to Dominic Avalon, do this job for me old game and another player might go, I'm not prepared to do that. What run round for 90 minutes and there's zero chance of actually scoring a goal Yeah, that's your job. But you talk about that trust thing, trust in the formation, trust in the process and then trust that the outcomes will come. Yeah. And it is, I guess in some respects, interesting if the outcomes don't come, I guess the coaches who are coaching that say that's because you and you and you didn't do what we should do and so it's not just individuals have to trust and believe all of them do. Yeah. And your audience can decide which one of the start and 11 from Villa or how many of them didn't believe. Yeah, yeah. And it shows in the performance. But then that comes down to the manager. Or believe but can't do it for some reason. That might come down to when the manager picks the team, isn't it? If he picks a, I'm not saying he's going to pick a completely different team but if he picks, there's a couple of players there on Sunday and you go, oof, I didn't see that. Well then it's because they weren't doing their job last week and that led the rest of the side down. It is better or easier if you're pep and you've got 25 players who would all get in a Premier League team and you can only pick 17 of them, then the marginal impact of saying Aguero, you ain't playing mate, is less than if we just decide, well Pickford, you haven't been doing as you're told so we're putting the young lad in. So that's where all the psychology comes in. So what do you think's going to happen now? I'm going to say it's going to be a difficult game. Hopefully you can get the three points. Hopefully. Well listen, it's not a full gone conclusion. Wolves are a very good side but they are a very good, and they've got a bit of that in them now. They are a well drilled, well coached team that have almost got that opposite thing where there's other clubs that've got big squads, they've got a small squad and he's said to them, some of them have come through Wolves through the divisions and some of them have come from outside but what he's done is he's got that idea of we play a same way but as I said at the top of the show the difference with Wolves is, and this is where they've come from it, they had a Premier League team in the championship and they went through a whole season of being able to just do what they want and that's why they're so good. Isn't it interesting though, and this is where the fun starts again. So if you get that drilled, you can get to the point where you're drilled so you can't change. So if you get found out, whatever that means, Wolves will have a second season syndrome because all these coaches have watched them and this, that and the other, but then again they could have seen them in the championship couldn't they, but they have the comfort of saying that it's a lesser league and so on. They'll continue to do the same thing. So disrupt it, you know. Maybe you do, but we don't see them enough as we see our own team to know how do they perform when they're behind.  You know, because the counter-attacking style and the fast passing that they've got. I watched them versus Man United the other night and Man United were very, very comfortable half-time when they looked and what I thought about Wolves was, game finish 1-1, but they're a team that can score out of nothing. They've got plays in the centre of the park. That's where their strength is. Who are fantastic, who can score from nothing. They're not one of these teams who are ever down to us. And I think the other thing they've got as well is you're scoring like 5, 6, 7 minutes into added time. You're going to the end, aren't you? But they've also got this thing as, because they've got a pipeline of being able to buy good players because of the agent who basically is in the hierarchy, they know they're always going to bring in good players and I think that keeps people on their toes. They have got very, very good players. I think not seeing what we've got a hope for, because we can beat them if everything's level. But I'm hoping that if we can take the lead on Sunday and keep going at them, that some of them might just go, you know what, I feel a little bit tired after those games. It's an international weekend. Sometimes you see it with teams, sometimes you don't. Classic case was last season when we played Chelsea. They just basically packed in at home when we went to... Isn't that the point? And that's part, you say, it's about how you brief, one of the phrases, the pep talk that says, let's get at these guys, let's do this, that and the other. Let's see if we can remind them they played a few days ago. Let's put some intensity into it. Let's have a few tackles.  If you get on the book. Let's find out how much Model 5 they've got, where the psychology's at, all those sorts of things. Because I think teams, a bit like City to a lesser, they're allowed to play, aren't they? Yeah. Don't let them play. If you can get on top of a team and you can get a goal and then you're pushing for a second and you get that second, then you, I'm not saying that adapt them, that relies a lot on us, but it's that, you're saying to them, what have you got in the tank? What have you got in the tank from Thursday nights? A lot of plays will just go... I think our captain needs to understand we need to play into the Gladys Street in the first half, not in the second half. What do you say about the park end? Yeah. No, no, but I think it's a case of just trying to wear them down and stay on top of them and we don't do that enough. We let teams off the hook too many times and we've seen that at Lincoln when we were 2-1 up. Keep going, keep, for a better phrase, keep your foot on the throat and keep going at them if there's an opportunity. Cos teams will always have spells in games where it'll be the flip side. They'll have the ball from it. You've got to push teams, and that's where the bravery comes in and saying, are we braving up, go 1-0 up? Are we braving up to go at them, to keep at them? All right, being on the counter, it's fine, but are we braving up to say, we're going to keep going, we've got good players, and that's what we've got to start seeing and hopefully we see that Sunday and get the three points. If we get the three points, it's not the way to start and the way to the season. If we've won a couple of games, drawn one and lost one and we're throwing the league up, it's not the way. And it's keeping that goodness and thing going. Yeah, definitely, yeah. Two home games, two wins. That's what you want. Definitely. Cos again, we're in that bit of we've been the ones with two away, haven't we? Yeah, so. Definitely. There you go, let us know your thoughts in the comments. We're going to be out there then, didn't we? A bit of a tactical discussion without any images as well to back it all up. Let us know your thoughts in the comments, your fanciers this weekend against Wolves. Who would you start? Let us know in the comments. If you liked this video, like, don't forget to subscribe and if you want more great videos, join us on page and big thanks to John for joining us as well. See you later.


Yeah, it's been really wonderful. I'm sort of a newbie and I sit around the edges a lot. That's partly my personality, so it's been fun to see people again that I saw in Milan and I've seen online. And I'm usually not recognizable with my headphones. I don't have my headphones virtually on. So that's been fun. The space is, again, the space is after webinars or the meetings have been fun. And chatting and getting to know people more personally, that's been really special, always so special. And of course the sessions, some of the sessions have blown my mind and really things I'm ready to incorporate.


The design that I came up with for Le Courset is black and white and I think people probably would look at it and be surprised that instead of it being a bold, bright color, you know, that we chose to go with black and white. And I just felt like it was the perfect complement to add to your existing collection of Le Courset. I know because I have all these colorful pots and things in my own kitchens that adding the sort of black and white pattern into that, again, just brings in another layer, another point of interest.


Hello and welcome to the series of video lectures on the subject microprocessor for secondary IT students. I am Dr. Srisail Sharadkarjbar and in this video lecture we are going to study the architecture of 80386 microprocessor. At the end of this session you will be able to write key features of 80386 microprocessor. You will also be able to describe architecture of 80386 microprocessor. Intel 80386 was the first 32bit microprocessor. A major no feature in the 80386 microprocessor was its protected mode. Although the protected mode was also available in 80286 microprocessor, the protected mode in this microprocessor case is very advanced. The protected mode in this microprocessor fixed many shortcomings that existed in 80286 microprocessor and its protected mode. Let us see some features of 80386 microprocessor. The 80386 included complete set of 32bit registers and 32bit instructions queue. It has 32bit address and 32bit data bus. These buses are not multiplexed unlike its predecessor microprocessors that is 80386 has dedicated address and data bus. Since it has got 32bit address bus it can address 2 raise to 32 that is 4GB of physical memory and 64TB of virtual memory space. Apart from memory segment architecture 80386 microprocessor introduced one more memory architecture namely the paging system. The memory management unit provides virtual memory, paging and 4 levels of protection. The concept of paging enables it to organize available physical memory in terms of pages of 4k size under segmented memory. It became possible to switch from protected mode to real mode without resetting the processor. The 80386 has a family of scale modes which is a special kind of addressing mode. And in case of scale modes any of the index register values can be multiplied by a scale factor 1, 2, 4 and 8 to obtain the displacement. It introduces 2 or more segment registers namely FS register and GES register. Now pause the video for 2 minutes and write down the answer of the given question. I hope you have written the answer. The answer is 4GB of physical memory and 64TB of virtual memory can be addressed by 80386 microprocessor. Now let us see the architecture of 80386 microprocessor. The architecture of this microprocessor contains 3 main units namely the first unit is the central processing unit, the second unit is memory management unit and the third unit is bus interface unit. Now let us see each processing unit in detail. Let us first see the details of central processing unit. Central processing unit internally consists of 2 main parts namely execution unit and instruction unit. The execution unit performs the arithmetic and logical operations. It consists of 8 general purpose and 8 special purpose registers which are used for handling data and calculating offset addresses. The instruction unit decodes the opcode bytes received from the 16 byte instruction code queue and arranges them in a 3 byte instruction decoded instruction queue. After decoding the instructions it passes them to the control section for generating the necessary control signals. The barrel shifter increases the speed of all shifts and rotate operations. The next unit is memory management unit. The memory management unit consists of a segmentation unit and a paging unit. The segmentation unit allows segments of size 4GB at maximum. Segmentation provides a mechanism of isolating individual code, data and stack modules so that the multiple programs or tasks can run on the same processor without interfering with each other. When operating in protected mode some form of segmentation must be used. Segmentation gives a mechanism for dividing the processor's linear address space into smaller protected address spaces called segments. Segments are used to hold code, data and stack for a program and to hold system data structures. Each program running on a processor is assigned its own set of segments. The processor enforces the limits between segments and ensures that one program does not interfere with the execution of the other program. The segmentation unit provides a four level protection mechanism for protecting and isolating the system code and data from those of the application program. Paging provides a mechanism for implementing a conventional demand-paced virtual memory system where sections of a program execution environment are mapped into physical memory as needed. Paging can also be used to provide isolation between multiple tasks. The segmentation scheme may divide the physical memory into a variable size segment but the paging divides the memory into a fixed size page. The paging unit organizes the physical memory in terms of pages of 4KB size each. Paging unit works under the control of the segmentation unit that is each segment is further divided into pages. The virtual memory is also organized in terms of segments and pages by the memory management unit. Paging unit converts linear addresses into physical addresses. The control and attribute programmable logical array that is PLA check the privileges at the page level. Each of the pages maintains the paging information of the task. The limit and attribute PLA check segment limits and attributes at the segment level to avoid invalid accesses to the code and data in memory segments. Each of the pages maintains the paging information of the task. The limit and attribute PLA check segment limits and the attributes at the segment level to avoid invalid accesses to code and data in memory segments. These two mechanisms that is segmentation and paging can be configured to support simple single program systems, multi-tasking systems or multi-processor systems which can be used with the shared memory concept. Now let us see the bus interface unit. The bus interface unit has a priority resolver to resolve the priority of various bus requests. This controls the access of the bus. The address driver drives the bus enable signals that is B0 bar to B3 bar and address signals A2 to A31. The pipeline and dynamic bus sizing unit handles the related control signals. The data buffers interface the internal data bus with the system bus. The bus controller generates various control signals such as read bar, write bar and ADS bar that is address status signal etc. The cache control unit is used to provide the controls for internal cache. These are the references. Thank you very much.


Mark Bailey is joining us now from FIG Securities. Mark, good morning to you. It certainly appears as if there's nothing to bring the US Fed out from under their rock, at least when it comes to September. What are the chances now for a December hike? Yeah, good morning, and Dean, as you kind of summarized there, lots of negative or weaker than expected US data out on Friday. And in terms of that prospect of a hike in December, that's decreased from around about 49% to 41%. So you've got to go all the way out to March 2017 when the market is pricing in a better than 50-50 chance of a Fed hike. And again, the Fed has consistently said it's always going to be data dependent. The Fed has always kind of positioned the market to expect that hike going forward and then pulling back and not hike. And I think that's exactly the right way. I think this economic data confirms that September, as is priced in terms of the market, expectations is really off the table now. And we're looking towards the back end of this year and even into March 2017 before there's a real chance of a hike. Let's just take a quick listen to what John Noonan from Thompson Reuters is expecting now when it comes to the US Fed. My belief all along was the Fed would find and excuse not to do it. And they're going to be very, very careful. So I think that caution that the Fed has had up until now and that's why even though at the beginning of the year they said they were going to raise rates four times, they haven't done any. And I think that caution will continue until they're really confident that the US economy is really standing on its own two feet and doing really well. And or inflation starts to show that it's coming through. As I said, the PPI numbers suggesting that inflation pressures still just aren't there. So Mark, do you think that there's going to be a credibility problem with the US Fed or an increased credibility problem with the US Fed if we don't see a hike come this year? No, I don't indeed. And they've, as I said before, they've always said it's going to be data dependent. And in terms of that inflation that John just talked about, we're going to get CPI this week, industrial production, capacity utilization, which feeds into the GDP figures, a leading index. So again, another pretty data heavy week for the US and the Fed. But I don't think in terms of the credibility, yes, it has been a bit more, I guess, hawkish than the market has expected. But again, as I said before, I think the Fed has done a really good job in terms of positioning that market to expect a hike and then not delivering rather than the other way around, which was really spooking the market and investors in particular. So I think it's done a very good job. And I don't think it's got a credibility issue. You know, it's just dependent on the data. Yeah. And when you talk data, I mean, one thing that the US Fed has been very clear about is that while it's not, you know, it's obviously making policy for the US economy, it has used these global events as an excuse or a reason not to hike. First was Brexit. Now you sort of get the sense that we need to keep a good eye on China because we had a bunch of weak data last week, import, export, as well as fixed asset investment, as well as industrial production on Friday. We have the IMF saying that it sees Chinese economic growth can slow to as much as 6% in the next four years. So we're definitely on China watch, aren't we? That's right. And to add to that, you had retail sales and very weak credit growth as well. In addition, you know, in terms of that lower for longer thing that we've been talking about for a long time, you know, Chinese 10 year bond yields, they dropped to 266%, which I think is the lowest in around about 10 years. And you know, that, you know, back drops nicely into the IMF's kind of forecast for Chinese growth around about 6% over the next few years. And you know, I think that's kind of ballpark where most people expected to be six to six and a half percent, you know, whether we believe the Chinese data or not. I mean, I think that's still a pretty good figure in terms of global comparisons and a lot of governments and a lot of countries would be more than happy with 6% growth. And China, it seems to be managing that transition to the new economy very well. You know, it's got the regulatory authorities that are not only capable and willing to support and lend a kind of a steady hand to that transition as well as we become more rational in terms of the allocation of capital within the Chinese economy, more default rates coming through in the corporate bond market, which is an unnatural progression to a more open, more broad-based economy. And I think they're doing a pretty good job. Okay, but there's no getting beyond the fact that we have seen weak data points as of late from China, from the US. So how does this all fit in with, I guess, the markets that you're operating in? I mean, we continue to see equities hitting all-time record highs, but as this global hunt for yield continues. That's right. And I mean, I think a really good kind of synopsis of what's actually happening in the bond market is what happened when the Bank of England tried to repurchase some guilt, some longer data guilt. It couldn't find sufficient demand and it actually had the first failed kind of tender for bonds since it started QE way back in 2009 because both investors and the banks were unwilling to sell their bonds because there seems to be a scarcity around investors chasing yield. And that's why you're seeing, you know, guilt yield hit record lows and record lows in Spanish yields and generally very, very low yield around the global economy for sovereign debt as investors not only chase yield, but also a safe haven asset in these times. And that's kind of a huge difference in terms of market outlook from equities, as you say, are hitting all time highs in the bond market, which is very, very conservative and very scared about low growth, low inflation, low inflation coming through in terms of those forecasts. And they're not seeing that growth going forward. So it's a very different views in terms of their outlooks for 2017 and beyond whereas equities seeing a lot of blue sky in the bond market is much more conservative. Okay, so as far as events that you're watching this week, what is looming the largest on your horizon as far as its impact likely on global bond markets? I think we've got to look at the US data. I mean, obviously there's gonna be some critical data out of the UK and the post-Brexit kind of first prints in terms of CPI on employment. I think there'll be a key in terms of assessing the impact of Brexit going forward. Also, speaking in the UK, there was a Sunday Times article now saying that the UK will probably not leave the European Union until 2019. The government departments don't have the necessary people into start negotiating those contracts in terms of the exit. So they're probably not gonna invoke article 50 until the best part of 2017, the latter part of 2017. So in terms of those points, I think the UK and obviously always the US information and the data that comes through there is gonna be key. Leaning index, as we've talked about before, industrial production, capacity utilization, and also the CPI print will be pretty key for US data and bond points and more global markets more broadly. Okay, well, we'll chat with you about it later in the week, Mark. Thank you. Thanks, Nadine, have a good one. Mark Bailey there from FAKE Securities. Well, we'll pick up on that economics.