The signal oil program The whistler whistle is your signal for the signal oil program The whistler I'm the whistler and I know many things for I walk by night I know many strange tales hidden in the hearts of men and women who have stepped into the shadow Yes, I know the nameless terrors of which they dare not speak Yes friends, it's time for the signal oil program the whistler Rated by independent research the most popular West Coast program in the history of radio In gasoline, you know it takes extra quality to go farther and signal is the famous go farther gasoline So look for the signal circle sign in yellow and black that identifies signal service stations from Canada to Mexico And now the whistler strange story The lady and the knife It was only three in the afternoon But the hotel cocktail lounge near the railroad depot and Omaha was buzzing with customers caught there between trains In the darkness of a corner booth Morley Carr sat with a portly gentleman in the salt and pepper suit His name was Sam Ryan and he loved to talk Morley on the other hand loved to listen Yeah, in his kind of business He often found it profitable to strike up an acquaintance ship with an overindulgent stranger in a bar And the minute he saw the man in the salt and pepper suit Morley smelled money Do I know China Listen, mr. I know China like the palm of my hand from Beijing to Hong Kong Spent a lot of time there Sam six years Been fired off every English-speaking newspaper in the audience. Yeah, gentlemen. That's all one. Ah great Tell them to get working on two more. That'll be a dollar 20. Oh here. Let me get This is my party. Here you are waiter. Keep the change. Oh, thank you sir. Oh, you shouldn't have done that Sam It was my ride I Like you pal.  I thought so I could pick that check out of Times Square in the rush Tell me what are your plans from now on Sam? Oh, what are your plans now? Retire oh well that takes money. Yeah, I got it right here in my pocket Funny isn't it? I beat my brains out for 20 years in the newspaper business never made a dime Then bingo my card comes up And old Sam has the key to a quarter million bucks in his pocket Quarter million Just like this song. Hey, let me see how does it go? I don't feel so hot. Oh, you're okay That's that Um waiter. Yes, sir. Let me get mr. Ryan upstairs to his room. Looks like the party's over It sounds a little fantastic, doesn't it morally but it's worth looking into a quarter of a million dollars He said and something about the key to it in his pocket The waiter helps you carry him to his room lay him on the bed and you walk down the hall a few doors to your own room Already thinking of the approach you're going to use on your newfound friend Sam when he comes around tomorrow Ten minutes later you hear a noise down the hall that brings you to your door you open it quiet No, I sounded like it was from Sam's room. Oh A girl leaves Sam's room passes close to you as she hurries down the hall You get a good look at her black hair a pretty face, but hard As soon as she turns the corner you run down the hall Sam's door is still unlocked He's still on the bed morally right where you left him But now there's a knife in his back a second later you see the reason His inside coat pocket the one he patted when he talked about the key to the quarter million is empty Dormant yes, sir. I'm looking for a young lady black hair in a fur jacket. Did you see her leave? Well, yes, sir. She got into a taxi only minute ago. Taxi on which one do you know the driver? I don't know his name, but this is a regular station. He ought to be back in a few minutes. Thanks back here demon a fur jacket That's right.  Maybe this will help Thanks. Yeah. Yes matter of fact, I do remember now Took her to a hotel on the other side of town picked up a baggage and then brought her back to the station She got on a 706 for San Francisco pulled out about a half hour ago. You've got a good memory I'll be back in five minutes wait here for me right where to the airport With the prologue of the lady and the knife the signal oil company is bringing you another strange story by the whistler But now since this spring marks the 25th anniversary of the founding of signal oil I've looked up some facts, which I think will surprise you as much as they did me Did you know the 25 years ago here in Southern, California regular gasoline sold for 23 cents per gallon without any taxes on? the other hand in 1940 Regular gasoline sold for only 18 cents per gallon and that price included four and a half cents per gallon of taxes Which had gradually been added So the price of the gasoline itself without the taxes had actually gone down almost one half Alright now. What about today's prices? Since 1940 items in the cost of living have climbed 53 percent get that 53 percent Compared with an increase of only 13 percent in the retail price of gasoline since 1940 And I might add the gallon of signal that you buy today is a vastly superior product The finest gasoline ever offered to motorists without extra cost So when you drive into your signal gasoline station and say fill her up Remember, you're not only getting the tops in gasoline quality You're also getting one of the most remarkable values that your dollars still buy today Now back to the whistler if there were any doubts in your mind about the key to the quarter million Sam Ryan was prattling about they're gone now His body lying on the bed in that Omaha hotel That empty pocket in his coat and above all the lady with the knife all tell you that it's real That if you play it smart part of that quarter million is yours That's why you're standing in the terminal in San Francisco now as the passengers from the 706 from Omaha come down the ramp a Minute later you see her follow her to a cab and hear a direct the driver to a hotel on Eddie Street Yes, sir, pardon me. I heard a friend of mine was registered here names Bradley Bradley Yeah, I'll check the register. Oh, don't bother. I look I Guess he's not here. Thanks not at all Lucille Lacey room 402 the last name on the register Lucille Lacey the lady and the knife Directly across the street. There's another hotel a small one a little ragged at the edges You get a room at the front of the building where you can keep an eye on the entrance of the Brighton across the street And during the next few days you follow Lucille Lacey everywhere But it's not until the fourth day that she makes a move that means something a Pawn shop on Third Street run by a man.  Oh, no, I'm here on business Big yeah When I don't know yet Can you take care of me? Maybe I ought to know more about it. Maybe I'll leave it there for the time being. Oh, so long Cardoza Don't take any wooden diamonds Well Marley, you know a great deal more than you did before Cardoza's main stock in trade is jewelry and this time it's 175 thousand dollars worth at least that was the figure Cardoza was doodling on his scratch pad It's the biggest thing you've ever run across You're really careful with Miss Lacey now watch her like a hawk and the next day You follow her to a shabby office south of Market Street You watch the entrance until she comes out and then hurry across the street and up a flight of stairs Faded guilt lettering on a frosted glass door tells you who Lucille was calling on this time Zach Chambers private Investigation looking for somebody mister. I'd like to talk to mr. Chambers the boss. He isn't in just now You won't leave your name. Oh, no, no, it's all right I Was supposed to meet a young lady here. I miss Lacey if she comes in Lacey. Oh, yeah She was just in coming back at three o'clock. Oh you think chambers will be back before then he better I haven't been to lunch yet. I see Say look if you don't mind I'd like to wait. I haven't anything else to do go ahead find a chair in his office Thanks. There's some magazines on the desk kind of tired ones, but if you haven't already seen that I'll make out I'm sure you will handsome Mr. Chambers, that's right. My secretary tells me you've been waiting a couple hours Uh-huh. I was beginning to think you might not get back in time for what? We've got about 20 minutes. Mr. Chambers. I'll get right to the point. I Want you to do me a favor. No, I'm not exactly in the head. Well, there'll be a fee in it for you Of course a good one. Yeah, you've got an appointment with a girl at three o'clock I have your secretary told me she talks too much. That's all right I've been following this girl for some time. Whoa. Oh, no, no, no, it's nothing like that See, I'm a friend of her husband. She ran out on him. That happens every day Why don't you stay out of it? No, no, this is different. She really loves the guy. She's just well mixed up Yeah, aren't they all I promised him I'd talk to her so far. I haven't found the opportunity doesn't she know you No, no, that's what gave me the idea You're way ahead of me pal. I'd I'd like to take your place, Mr. Chambers. When she comes here to talk to you. Oh now way There's nothing really wrong You know how people pour their hearts off the strangers Well, I figured it'd give me a perfect chance to talk her into going back just friendly advice from a disinterested party Well What do you say? Well, I can see your point and it seems like a neat way to get to her What was it you said about money? What's your usual fee? 20 a day and expenses only, uh, this is a rather unusual case. Shall we make it 50? Yeah What do I do? Where's your secretary at the lunch? All right keep her out and stay away yourself for a couple of hours Oh, uh, what can I hang my coat that closet in the corner? 50 bucks for doing nothing. That's not bad Of course, there isn't a chance. I won't you come back at five I'll give you your money then that is if she keeps the appointment. Okay, pal. Oh One more thing.  Oh, I know miss Lacey. I've been expecting you have a chair Thank you like cigarette. No, thank you Mr. Chambers, I'm worried. I don't know exactly how to explain it Well, the first thing to do is relax miss Lacey certainly nothing can happen to you here I'm not so sure There's someone following me. Mr. Chambers a man been following me for days. Oh any idea why not the slightest You know of course miss Lacey for me to be of any real help You will have to take me into your confidence. I'm telling you all I know Did you get a close look at him? No been too careful, but he's tall But your bill was a checked overcoat. Mm-hmm. Well, that should help Just what do you want me to do if if you could find out his name where he's staying? That's all you want That's all Okay, I'll see what I can find out miss Lacey. Where can I reach you? I'm staying at the Brighton check You suppose you could have something on this by tonight possibly will you be in all evening? Oh, uh, how much will you want? Oh, yes, the feet. Well, I usually get 20 a day in expenses, but you're asking me to work pretty fast I'm aware of that. Okay, miss Lacey. Let's say $50, huh that ought to cover everything Oh Okay, pal all here How'd you make out? Oh, we had a nice talk. It's like I told you she's just a confused girl. Oh sure Well, I'll be running along Thanks for the cooperation. Thanks for the fee. Hey, well, wait a minute. You forgot your overcoat. Oh, yeah Say you like that coat Zach. That's a knockout. All right. It's yours, huh? The lady she doesn't like it on me Chambers, you're sure it was the right man. How could I miss with that checked overcoat? Well, anyway, I didn't have to look very far Came up to my office right after you left. He followed me there. That's right Who is he? He's a pretty big guy miss Lacey names Morley Carr ever hear of him Molley car No How do you mean he's big? Oh international jewel thief anything that comes along that has money in it big money You know I I'm beginning to think that $50 deal. I made with you is too cheap. You may need some help miss Lacey I'm not asking for help. What's he after and I'm not paying you to ask questions. Oh look lady After all I'm on your side remember What did he want? He tried to sound me out about you or rather tried to buy me out He offered me a deal Where does that leave us? Oh, I figured I'd talk to you first of course. He's coming back I'll have to tell him something you can tell him you're not for sale. Oh, but I am You don't have to tell me how big this is with car in it I know it's big too big for anyone to handle alone. You might as well admit that to yourself right now Maybe you're right. Yeah We got a deal Well, he has to be done about car. Why don't you leave that for me? No? I'll just give me some time. I've got to think when's he coming back tomorrow night Gotta go one way or the other before Thursday morning. Why never mind why I Think you better go now. I'll get in touch with you. Okay. Oh Mind if I take this paper along. I haven't read it. I'm through with it. Okay. Thanks Well so long boss You're playing it close Morley, but you're in the home stretch now the newspaper from Lucille's room Folded open at the page covering steamship arrivals with a check mark opposite the entry SS president grant pier 37 Thursday a.m. It's important to stay close to Lucille now and there's a way to do that. Isn't there Morley? It's brazen, but it's sure Early Thursday morning you call it Miss Lacey. Yeah, Zach Chambers. What do you want? I just called to tell you not to think too hard I took care of the man in the checked overcoat Just that so don't worry about him anymore. What did you hello? Hello operator. I was talking to Somebody cut in on us. Did you hear what I was saying? Who's going to know I said never mind sure thing boss. That's all I wanted to hear I Couldn't have been so careless on the telephone mr. Chambers. Why not who'd have any idea what I meant I might have been talking about a fuller brush man, but you weren't. Oh, let's forget it Well going somewhere Why oh the bags all packed I Just decided to move at all checked out yet. Not too morning. Mm-hmm What about our deal you decided anything I? Guess you're right Too much for me to handle alone.  Isn't it baby always? For a minute you stand there trembling staring at the knife on the floor where you dropped it Then you slowly walk over to the desk pick up Sam's wallet and the baggage check SS president Grant B102 38 You have it now Morley the key to the whole thing a Baggage check marked with a number in the name of a ship One more thing now as you let yourself out of Lucille's room you hang a sign on the door now Do not disturb 15 minutes later you're waiting at the baggage window at pier 37 The clerk looks at the baggage claim check walk slowly past the row of bins Finally settles on a small black box just came in on the ground one portable typewriter type typewriter It's yours isn't it? Let me look at that check again B102 38. Yeah, that's that's right. Thanks very much Seabrook Hotel That's on Eddie Street in it. That's right driver You can't wait any longer. Can you Morley as the taxi cab weaves through traffic? You open the portable typewriter on the floor with a driver Nothing here. Wait a minute. You get out your pocket knife poke at the lining of the case The point of the knife suddenly finds a soft place Here we are the paper lining comes off Revealing a cotton pad underneath You pluck it out and the bottom of the box The flame The whistler will return in just a moment with a strange ending to tonight's story Meantime a word about your car's health if the faithful chariot has been feeling a bit And you'd like for it to feel more The chances are all it needs is that famous spring tonic a signal spring changeover The first ingredient in the prescription is a motor drain and a refill with signal premium motor oil the new type lubricant That actually keeps motor six times cleaner and reduces cylinder where one third That's your guarantee of a sweeter running motor Next ingredient is a signal double-check lubrication to take out winter squeaks and groans And the third ingredient is fresh new gear lube for your differential and transmission Yes, this is just the tonic to put the spring back into driving and where to get it Why just drive into any service station displaying the familiar signal circle sign in yellow and black and Say to the friendly signal gasoline dealer. I want a signal spring changeover And now back to the whistler Well it began with a hunch didn't it more lay with a solid sure feeling that the man in the salt and pepper suit back in that bar in Omaha had money and It paid off on a dock in San Francisco When a baggage clerk put a fortune and smuggle diamonds into your hand As the cab pulls up in front of your hotel You know the important thing now is time that you have to be out of town before Lucille Lacey's body is discovered in her hotel room across the street The lobby is almost deserted when you enter a tired-looking gentleman is reading the paper in a chair near the window And the clerk as usual is wrapped up in his true detective magazine 308 please. Hmm. Oh, yes. Oh say get my bill ready. I'm checking out in 10 minutes Just a minute Brady. Yeah, this is the man 308. Huh? What are you hands on the counter? Take a look buddy headquarters. Oh, I don't know what this is all this is the guy who made the call He scared the operator out of a witch. I had to send her home operator that telephone call He made a couple of hours ago that kind of gabby. Didn't you something about taking care of the guy in the checked overcoat.  I I was kidding her. You see you got a queer sense of humor Zach Chambers was found in an alley this morning. What with a knife in his back Know anything about it a knife Say now what he was wearing a checked overcoat The papers hit the streets an hour ago. Now listen officer. I don't know anything about it. Well when I called her I was kidding. Don't you see who are you kidding a lady that brightened across the street room 402 Made a note of it right here in the register. Oh now. Listen. You got to let me explain I had nothing to do with it. I'll get to that later Later. Yeah At the moment I want to see how your girlfriend took the joke about the guy in the checked overcoat Oh now wait a minute. You come on mister Let's go over and talk to the lady in 402 Let that whistle be your signal for the signal oil program the whistler each Monday at 9 Brought to you by the signal oil company makers of signal gasoline and motor oil and fine quality automotive accessories Signal has asked me to remind you to get the most driving pleasure drive at sensible speeds be courteous and obey traffic regulations It may save a life Possibly your own Featured in tonight's story were Joseph Kearns and Betty Lou Gerson The whistler was produced by George W. Allen with story by Joel Malone and Harold Swanton Music by Wilbur hatch and was transmitted to our troops overseas by the armed forces radio service This is Marvin Miller speaking for the signal oil company. This is CBS the Columbia broadcasting system


Hey YouTube, John Hammond, Pico CTF 2018. Buffer overflow one. Okay, now you're cooking. This time you can overflow the buffer and return the flag function in this program, sweet. We're giving the program and the source code, we can download it, I've already W get it, but we'll have to run on the shell server so we can actually receive their flag file just as we've done before. So let's go check out what we've downloaded here. We have the source file, so let's go vol.c, check it out, it will define some macros here to kind of have a buffer size and flag size. We have a win function that we'll just print out the flag file, okay, looks like that's how we get the flag. And the bone function is just running gets, which we know is a very dangerous function. We can check out man gets if we wanted to, man gets. And it says never use this function because it has significant security problems. So that's a buffer up, raises our privileges so we can run on the server and get the flag and then it runs the vulnerable function. So it'll jump to an address and that's pretty cool. You can see this gets return address thing. So that's neat. Let's go ahead and try and run this function and see if we can work with it. Let's mark it as executable, vol, please enter your string, awesome. And it says, okay, time to return and it will jump back to where it expected to return to in the program.   So if you didn't have this output, you can run D message and then actually get the very last couple of lines of it and you can see where your site fault is happening and how much you've actually overflowed EIP or the instruction pointer. So you're overflowing the return address as you've seen on the stack, we break through the local variables that we're receiving, we're going to end up overriding EPP and we're gonna end up overriding the return address. So EPP plus four on the stack and on the stack frame. So once we have a return address controllable, that way we can jump to whatever function we want. Let's go ahead and try and return to the win function. So first we need to know where that function is and I'm going to use readElf tack S to just view symbols on this binary here and we can see we do have a function called a win and it's at this location. So just as you saw when we ran it, when we ran Vuln without anything big, we'll just jump to a location back to main or location where we were in main, we can also jump to the very start of win and that's exact same kind of style of where the constant is in the binary. So we can just set that in little ending in format and then go ahead and try to actually jump to it. But we need it in little ending format, right? So you can do this with Python or you could just kind of do it by hand, but Python with the struct module, which is installed by default, you can use struct.pack with a little endian, so less than sign and a capital I for injure and then you'll supply this as a hex number and you'll get some information like that looks kind of random when you have it displayed in the terminal, but that's because it's just hex byte. So if I print out the representation of it with repper, you can see it's the backslash X and location in hex. So that's cool, right? Let's go ahead and try and find where our offset is or where we can go ahead and overflow this and actually run the win function. So we would go ahead and Python taxi, where is that print statement? Let's also do print a times, let's say we know our buffer is like 32, so let's go maybe like 36 or 40 and let's add on that string and let's pipe that into vuln and it says, okay, we're jumping to this location, maybe we didn't override it just enough, 44 and we jumped straight to the location that we wanted to and we know that because it's trying to cat out the flag file. Is since we're testing locally, if we wanted to, we could create our own fake flag and I do this a lot. I'll be like, John, please subscribe or like John wins or like John got the challenge or whatever and we will print out our local fake flag. So that's a cool way to do it. Now that we know we have this payload that will work, let's go ahead and try and connect to the server. So what I'm going to do is actually create a simple SSH script that will get me to where I want to be every time and I won't have to try and like SSH the same command every time. I just want 2018 Pico shell and let's create in the above directory, just an SSH dot SSH script. I still want to be able to enter my password. Whoa, I didn't want that. I wanted this SSH, John, Hammond, YouTube there and let's keep this back in our clipboard. Mark that as executable and now that we can connect to it, we'll enter our password, we're logged in. Let's get this just kind of in our directory or just output. So when I go back to get to the actual problems page, I can copy and paste it pretty easily. Let's get to buffer overflow one and we'll get to this location on the file system we'll just copy and paste it. So let's CD over there, right? Now let's run the same command that we had. It says, okay, time to return fingers crossed. We have overflowed and we've told the return address to overflow and instead be our win function and it pumps out the flag because we've called the win function just like that. Addresses are easy, slick. Let's do that, nano flag dot text, save it. Let's remove our cheesy please subscribe file. Let's remove our cheesy please subscribe file. Submit it and that challenge is now complete. What a win. Let's mark that as complete. Offer flow one, complete. Sweet. I am just gonna solve the next challenge because it's pretty simple. It's the identical same thing like same solution as the last Hertz challenge. Hertz is another substitution cipher, right? Just as we saw in the last one. So let's make directory Hertz two go ahead and neck back to it, get this string and we can again just slap this and quip quip and it works just fine for us. We will get the flag pretty easily. Substitution ciphers are easy. If you want it to, we can get every other part of it and mark though that and like say what that is and then it should know the rest of that string. It should be able to figure out what those question marks are because the clues will allow us to just say Pico CTF substitution ciphers are too easy. Let's solve it now. And then now that it's able to figure out all those letters it can get the rest of the flag. Kind of a cool trick to stop refreshing so I can actually highlight this. Oh my goodness. I hope you guys are having fun.  That's all. All right, let's do nano flag that text save it as we're good. Hertz two complete and that's that. Thanks so much for watching guys. Hope you enjoyed a little bit of buffer overflow, some cool stuff. I've done those a lot before in Ryan CTF, Ryan Nicholson CTF and other competitions. So there are plenty of videos on it but that's how we could just run through it for Pico CTF. All right, quick shout out for the people that support me on Patreon. Thank you guys so much. I can't say it enough. $1 a month on Patreon will give you a special shout out just like this at the end of every video. $5 or more on Patreon will give you early access, everything that are released on YouTube before it goes live. Thanks so much for watching. If you did like this video, please do like, comment and subscribe. Join our Discord server, link in the description. It's a cool community full of CTF players, programs and hackers. Hang out with me, a bunch of other cool people, learn a lot of stuff and just kind of get engaged in the scene and the community. Thanks. Love you guys. Hope to see you in the next video. Hope to see you on Patreon. Take it easy.


I'm Sassos McCullough. I'm here on the island of Uta and we're participating in ball tops. Today we're doing amphibious operations on the island of Uta to build interoperability and share some of the tactics and trainings that the Swedish military have and the US military have to build a cohesive force for future operations for our allied nations.


So I was thinking about how awesome it is I get to spend the holidays with my kids Because I've spent some holidays in the past totally alone, and it's not the best so I Wanted to do something for the people who are in that position now who are on their own on the holidays Now I've been working on this video game and presuming you're watching this You hopefully have a computer that has buttons, and you can play this video game if you would like I Haven't shown it yet because I didn't want to show anyone and get any feedback Until I got a decent amount of it done. You know what it's like anyway I'm gonna give you a quick demo of it here, and I hope you enjoy it and if you are with your family Don't go play it right now. I'm gonna leave it off leave it up So you could you can check it out, you know after you hang out with your family and stuff But yeah for anyone who's on your own go invent some stuff build some stuff go save the world Sorry, I don't have fancy screen capture set up here so this is kind of a last-minute thing let's go to a new game over here and When you start a new game you see that if you step on these little notes They give you messages, and it tells you okay and close this note by doing that and the notes Tell you basically how to play the game like all the buttons to use and So the note says one of four that means you can go back to the note Read it four times and get different messages, and then it just cycles back to the beginning and What these notes tell you first is how to build a robot on in here You get some food talk to someone there's lots of people to talk to And you build stuff by hammering stuff together pretty much. I kind of know exactly how to build everything because you know I made it Now I'm not gonna build too much right now because that's for you to do I Don't want to wreck the surprises This is a 3d game.


Welcome to ThinkTech on Spectrum OC-16, Hawaii's weekly newscast on things in matter-to-tech and to Hawaii. I'm Jay Fiedel. And I'm Elise Anderson. In our show this time, ThinkTech's Ian Davidson showcases more of the stories our volunteer hosts are covering on the street. We'll hear what people are saying about the efforts to remove the Pacific Paradise shipwrecked in Waikiki. Senator Daniel Kaka shares stories that helped shape his career and will take a peek at what may be the only coffee tree growing right in the middle of downtown Honolulu. So here we go, back on the street with Ian Davidson. Thanks guys and thank you for tuning in. I'm Ian Davidson. One of the great things about working here at ThinkTech is working with our volunteer hosts. They come in, they tell us that they want to produce a story and we go out and help them do that. This week we've got a few of those stories to share with you. We're really excited about them. Thanks for tuning in. Enjoy. I'm Matt Blutter and our company is Madre Chocolate and we're the first bean to bar chocolate company on Oahu. So that means we take these cacao beans and turn them into chocolate bars that are now winning multiple international awards. So tell us now, I just discovered, as you were saying, that this is the, that comes from the tree? Yeah, this is the cacao fruit. They grow on the tree. We actually have a few in our backyard here in Chinatown. So we're growing Chinatown cacao. And we get most of our cacao from North Shore of Oahu, Windward Side, and Big Island. And we or the farmer will take these fruit, crack them open, take out all the delicious lychee tasting pulp that surrounds the seeds, and ferment those for about a week, which is the most important part of the process that no one ever hears about. And then, and then we'll dry them, age them, roast them, crack, winnow, conch, temper and wrap them. So it's only 12 steps in two months from this fruit to a finished chocolate bar. How long have you been doing this? I've been making chocolate for about 10 years and Madre Chocolate is almost seven years old now. This seems like, well, everybody eats chocolate and uses chocolate for any number of things. How did you come with this special Madre Chocolate that's winning awards and so much better than everybody else's? How did that happen? A big part of it is understanding and respecting the history of chocolate from where it was invented in Latin America and working really closely with the farmers in Hawaii and around the world for that fact. So since the farmer is usually doing the ferment and that contributes about three quarters of the flavor to the final chocolate bar, we need to work with the farmers to make sure it goes the best way possible. And in Hawaii, cacao has only been grown for about 20 years in any large scale. So no one can learn from their ancestors how to do the ferment. So we've gone to Mexico, Belize, Guatemala, Peru, Bolivia, Ecuador and studied how it's traditionally fermented and brought that knowledge back here. You said the history, how long have mankind been making chocolate? The earliest record we have now is about 4,000 years ago in Honduras by the, even before the Maya or the Olmec, probably their predecessors. So it's pretty old and so since the people in Central America have been working with chocolate for 4,000 years, we think they probably know what flavors to combine with it that work well. So we do a lot of those traditional flavors like chili chocolate and we use another fruit called a jaguar cacao that's traditionally mixed with chocolate in Central America. On first Fridays and other special events, we do drinking chocolate and I'm about to go to the Northwest Chocolate Festival in Seattle and give a talk on traditional drinking chocolate because that's how chocolate was originally conceived as a drink, not as a bar. Well they don't grow any cacao in Europe so when you say European chocolate that means it's just made there, the beans always come from the tropics. So up until recently it's been difficult to make chocolate where the cacao grows. So Hawaii is one of the first places that's happening where we have the cacao farmers and the chocolate makers right next to each other. So that can never happen in Europe so you don't get this closed feedback loop that we have here for really improving the cacao very quickly. My name is Dante Tanner and you're watching Think Tech on Spectrum OC16. Hi, Carol Cox here down at Waikiki Kaimana Beach going to talk to people about the recent sinking of the Pacific Paradise, a long line fishing boat that ran aground here some weeks ago and is presenting a very serious health problem, environmental problem, busting up the reef, introducing oil. We don't know when the boat is going to be removed so we're going to ask some questions and get some comments from the public so come on and join us. So I'm down here for 50 years and for two days I smelled oil in the water but that's gone away and it might have been because the waves were going over the boat and sloshing what oil was inside. My opinion, like everyone has one, about how they should handle it, I swim here every day is the first day I was here, which was the first day I was on the reef, the boat was just teetering there, it wasn't stuck badly but the waves came in and drove it further up under the coral reef, this is what I figured out. I would have been there the first day with three or four tugboats. Tugboats, not light boats, something with torque. I would have had three or four tugboats and pulled it off right there and they had their chance because I don't think there was a hole in it, I'm just guessing, that's my opinion. So do you think, in your honest opinion, do you think this matter was handled properly or efficiently? We'll say that, we won't be critical, efficiently or they could have done better? All I could say is they should have had three or four tugs the first day there and they didn't. And so do you think that this poses a risk to the coral reef there and anything else that's in here as it sits now? I don't, maybe we're sitting but I don't see how it's going to destroy anything else, it's just the coral upon, it's the coral upon which the ship sits, the boat's only 70 feet long. And by the way, what was the purpose of this boat and its voyage, have you heard anything about it? I've heard conflicting stories, one that they were bringing fishermen here from Samoa and they in turn came from the Philippines and Indonesia and Vietnam and I also heard that they were transporting illegal so there's been two stories in the newspaper, nobody knows what's happening on that score.  But yeah, it's a shame, it's right on a nice reef where there's a surf break and you know. So you have any concerns that by laying there now it might break up in the future and then present a problem for the coral, the surfing, do you think it'll impact the break? I think so. Is it having an influence on it now you think? I know Kent might know the lifeguard here but it's a solid metal hole so I don't think it's going to break up anytime soon but the coral being much softer is going to take the brunt of the toll, you know, every time there's a storm or a cone of winds it's going to move around and crush the coral heads even worse so it's great if they get it out of there. What are some of the rumors you hear about of it being here? Just rumors, I've heard a number of them, what have you heard? Um, I don't, well I don't know if you call them rumors but just what I've been reading in the paper, you know, 20 guys on board, sleeps 10 and came back from, you know, the south but with no fish and all that so I don't know just a lot of sort of unanswered questions. Maybe even toss some of our legislators or even toss the suspicion that it was human trafficking and slave labor. Have you seen anything indicate that? I don't know, that's, you know, the immigration ISE would know more about that but I don't know. I do, I understand it's probably more difficult than we might imagine to remove it from the reef, it's quite an operation I guess but yeah I was just out there, I could taste diesel fuel in the water, who knows, you know, the damage that's happening to the environment in the reef. So they say an estimated 1500 gallons still remains on the boat, that was as of last week. So you today tasted oil, diesel as it's surfing. I most certainly did, actually first time I was curious and sort of pouted up close to check it out and there's a strong taste of smell and taste of diesel in the water. Well I think it needs to be handled as a tourist, like now knowing that it's kind of concerning to go in the water but and like the fact that it's affecting the marine life as well I think that the ship needs to be dealt with and shouldn't just stay out there. And this is beautiful, why keep it clean? Oh it's stunning, it's absolutely beautiful, even with the bad impression. I know, yeah, I knowing what's on the boat, yeah, that's concerning to me, yeah, for sure. It is a really negative environment in a pack, if they got the oil out they could leave the boat but other than that if there's the oil on the boat I suggest that you get it out here as soon as they can.  But you already agree with that this is no place for a sunken boat right up. No, because it's just going to make a mess, it's just going to make a bigger mess when it breaks up. Like 40 yards away you can really start smelling it but smelling like it's more of just like where everything's been burned, just the smell of burnt plastic. Burned plastics and diesel oil. Did you feel it on your skin or anything when you come out? No. So one gentleman said he was out there surfing and he'd actually case it and swallow some of it and then someone else say about a half mile down. Try not drinking the water, so.  I mean, I imagine they've done all that they could do. We've kind of watched it, after I flew the drone over you could see the whole front end submerged in the water. So it's kind of, we actually saw the fire actually about a week or two after the fact. I personally don't think that they have made the best effort that they could because we've had multiple days where they could have made an attempt to remove it. We called the fire department one night because there was a fire on board and we could literally see the flames from our room and they let it burn all night instead of, I don't know, trying to put it out. The manager said that the fire department said it's a Coast Guard issue so they don't even report or aren't following up after that point. And then like the next day they came out with a helicopter to put the fire out when I feel like they could have done that the night before and then attempted to remove the boat the next day. I don't know, it just, it's not, it doesn't seem like it's been the best effort to pull the boat out to me and to protect the environment because I know they've taken off fuel and stuff like that which is, I mean, thank God for that but with the fire and everything it just doesn't seem like they've done enough. They've done enough. Yeah. We're standing back of the Outrigger canoe club and you're looking out over my shoulder there, you'll see the Pacific Paradise, a vessel that ran aground more than two weeks ago and we're down here just to try and gather some information what people saw and what they know and what do they think. I'm asking the questions, did the state health department, the state land and natural resources of the United States Coast Guard do enough, quick enough to have prevented this? I'm Anne Kobayashi and you're watching Think Tech Hawaii on Spectrum OC 16. I feel really blessed because I had a father who was Chinese and Hawaiian. His father came from China, from Fukien and this was in 1800s. Now he's one of the early Chinese and he came to Hawaii and of course got married to a Hawaiian girl and that's where it came from. My mother was a pure Hawaiian and she came from the area in Pearl City and those two parents were very devout, relatively soft-spoken, treated us with love. As a matter of fact my mother's tombstone has aloha kea kua and in Hawaiian means God is love and so in a way that was the basis of our family. When I came along I was the eighth child of the family and I would say that my brothers and siblings did real well for themselves including the person of Reverend Akaka. Reverend Abraham Akaka. Yeah, Abraham Akaka who was minister of Kauau Church. Brother Abe, again, taking the family spirit really made differences with people and I always considered him the quiet rebel because he was one that didn't scream or yell or he spoke softly but his ideas were rebel ideas that brought changes to Hawaii. The late 1950s and 60s I was at Ever Beach Elementary School and it had opened a new school because the population was growing out there and so I had a part in a growing community. As a matter of fact the school that's there that's called Pua Kea is the school that I opened. I was vice principal at Ever Beach Elementary and after spending their three years under three different principals I was asked to be a principal and that there would be a need of a new school out there and so I accepted it and so what I did was I selected a name and I talked to my dad about this and I always thought of education as a means of enlightenment, seeing a new light and so I selected a name Poha Kea and in Hawaiian Poha means to break forth and care is light so when you put it together it's enlightenment and believe that the process of education enlightens people's lives and so basically that was how I felt about education. Governor Burns called me and said I want you to work for me and I hesitated and I even told him no that I was doing something in communities that I think will be helpful and he said that's why I'm asking you he said I want to offer you opportunities to help more people than you're helping now. I couldn't refuse that so I left education and I worked for Governor Burns and he was the one that the one day called me in and he said you must run for office you know now when we go back to that and when I first got there as a freshman somehow mom mom came back to me and and all and I said and so I vowed that I would be and and work up there and be an example of Aloha and so I would tell you I I I worked at that all the years I was there and so Aloha meant so much to me in my work but you know I I must tell you that that I've discovered Aloha has really powerful it makes differences it makes things happen it brings people together to help you it brings a kind of relationship that's trustful and so so many things come out of that and and so the the power of Aloha and there's lots more on the street too on think tech check it out at think tech Hawaii.com and now let's take a look at our think tech schedule of events going forward think tech broadcasts talk shows live on the internet from 11am to 5pm on weekdays then we broadcast our earlier shows all night long and on the weekends and some people listen to them all night long and on the weekends if you missed the show or if you want to replay or share any of our shows they're all archives on demand on think tech Hawaii.com and YouTube for our audio stream go to think tech Hawaii.com slash audio and we post all our shows as podcasts on iTunes visit think tech Hawaii.com for our weekly calendar and live stream and YouTube links or better yet sign up on our email list and get our daily email advisory for the daily docket of our movies and shows think tech has a high tech green screen studio at Pioneer Plaza if you want to see it and be part of our live audience or if you want to participate in our programs contact shows at think tech Hawaii.com if you want to pose a question or make a comment call<PHONE_NUMBER> and help us raise public awareness on think tech. 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We want to stay in touch with you and we want you to stay in touch with us. Let's think together. We'll be right back to wrap up this week's edition of think tech. But first we want to thank our underwriters grateful thanks to our underwriters the Annie Sinclair Newtson Memorial Fund, the Atherton Family Foundation, the Bernice and Conrad von Ham fund, Castle Cook Hawaii, the Center for Microbial Oceanography Research and Education collateral analytics, the Cook Foundation, the Hawaii Community Foundation, the Hawaii Council of Associations of Apartment Owners, Hawaii Energy, the Hawaii Energy Policy Forum, the Hawaii Institute of Geophysics and Planetology Hawaiian Electric Companies, Gail and Ho of BAE Systems, integrated security technologies, Kamehameha schools, Carol Mon Lee and the Friends of Think Tech, MW Group, the Omediar Ohana Fund, the Shidler Family Foundation, the Sydney Stern Memorial Trust, Volo Foundation, Eureko J's to Imora, thanks also to our viewers like you. Okay, Elise, that wraps up this week's edition of Think Tech. Remember, you can watch Think Tech on Spectrum OC16 several times every week. Can't get enough of it, just like Elise does. For additional times, check out OC16.TV. For lots more Think Tech videos and for underwriting and sponsorship opportunities on Think Tech, visit thinktechhawaii.com. Be a guest or a host, a producer or an intern and help us reach and have an impact on Hawaii. Thanks for being part of our Think Tech family and supporting our open discussion of tech, energy, diversification and global awareness in Hawaii. And of course, the ongoing search for innovation wherever we can find it. You can watch this show throughout the week and tune in next Sunday evening for our next important weekly episode. I'm Jay Fiedel and I'm Elise Anderson. Aloha everyone.


In other news, eight military mountain climbers have reached the summit of America's highest peak. Five paratroopers with the 4th Infantry Brigade Combat Team, two soldiers with Vermont's National Guard, and one soldier with the Army's Northern Warfare Training Center successfully climbed Mount McKinley in Alaska, reaching the top on June 15th. McKinley is just over 20,000 feet high, and has some of the most extreme weather conditions on Earth. It took them 16 days to reach the top.


After devastating flooding swept through Eastern Kentucky, Samaritan's Purse jumped into action to assist Kentuckians in the recovery process. Samaritan's Purse not only assists in the removal of debris, but offers spiritual support to flood survivors. So we're here from the flooding as we're responding. We set up at some local churches because we do this with the local church and we have put out the call for our volunteers here locally and around the country and we asked them to come help and so we're we're even here today at this house. We're looking to do mudouts and also clean debris out and help people just get back on their feet. We help with the physical piece but we also are here for the spiritual as well. We have our Billy Graham Rapid Response Team here from the Billy Graham Evangelistic Association and they're here to just pray with people and to show them the love of Jesus and to share the gospel with them as well. We want them to know that Jesus loves them even from the storm that God loves them and there there is hope. Experienced heart specialist and subspecialist collaborating for the benefit of your care. Top 10% national hospital rankings for patient safety and heart attack and heart failure treatment. The technology is skilled to perform extraordinary complex minimally invasive cardiac, electrophysiology, interventional and structural heart surgeries. This is a heart and vascular institute at Pikeville Medical Center. When it comes to your heart place your care in our hands. Samaritan's Purse has two disaster site areas located in Floyd and Brethat County. Samaritan's Purse began disaster relief over 20 years ago and responded to flooding in Brethat March of 2021. Just last year we in March of 2021 we responded to the flooding there and helped over 65 homeowners from from that flooding as well so we're here and we have two disaster site areas and we have volunteers coming from all over the the area and the country. We follow where there's the greatest need so if there's a disaster we're going to run to the storm and we're going to see where we can we can help help people. If you would like to volunteer with Samaritan's Purse call<PHONE_NUMBER>. To request assistance with debris removal call<PHONE_NUMBER>. For Mountain Top News I'm Brianna Robinson.


This is CSert, the community CA, and we want to talk about client certificates, the old new thing. This is really a story about authentication. In the beginning, everybody was trusted on the net. We're talking the 1980s, and they didn't last long. Then they got stuck into passwords, usernames, and so forth. In the 1990s, we were all talking about single sign-on, the ability to manage all of our assets on the net, connect everywhere with just one password, and followed in the early 2000s, we were talking about federation, which is this idea of going through one particular company or service to manage all that. What actually went wrong? We talked about it for a long, long time, and we did lots of stuff, but we never really got it going. In the beginning, it just didn't work out because everybody wasn't trusted. The passwords came along and solved that problem, but we hit the explosion of complexity. With too many websites and too many services, users were faced with remembering too many passwords, and consequently, this became complex for them, which caused support problems, and eventually the whole thing looked rather insecure. Single sign-on was invented conceptually to solve that problem. This problem was that every particular website out there wanted to choose a method, but it looked across at all the users who weren't choosing those methods. All the users would look at the websites who hadn't chosen the methods, and in the end, you have this chicken and egg problem. Chicken meets egg, nobody does anything. Federation was a similar variation where you've got your different companies and services managing and intermediating, but users didn't really like it because the company would hold all the data. It turns out that companies really didn't like it either because they were worried about customer data being held outside their site. You'd think that because we've done all this computer stuff and internet stuff, we would know how to do this by now, and we do know how to do it. Why didn't it work out? Well, we have the stuff to do it, and it's called client certificates.   Technically, simplicity-wise, you can think about these things as super passwords, they're crypto passwords, they're much stronger than passwords, but other than that, there isn't really much except a lot of blah, blah. Every browser's got them, every website's got them, why didn't they work out? It's not the problem with the software, it's not the problem with the distribution. It isn't your data that's at risk, the data that we need to deliver to a CA is so small that it's not really worth worrying about. Companies don't care about their customer data being lost. The problem was every person needed one of these certificates, and getting the certificate turned out to be a lot more complicated, a real hassle, and it just dragged the system so in the end, the problem was nobody had the egg. So the chickens didn't get laid. Why not? Well, the best way to think about that is don't ask. However, CO-Cert accidentally found itself solving the problem. Now, we got into this egg business, the idea of giving everybody a client certificate by a roundabout route, and that's what this story is about. Technically speaking, certificates are about your identity, or that's what they want to tell you. And to check your identity, we need a thing called assurance. We do that with something like 3,000 of our people around the world. Many of whom are in the audience today or at FOSSTEM. We check your identity, and that means you can get a certificate.  CO-Cert had a problem. It needed to get audited to get into the browsers. And the audit looks at this thing called the Web of Trust and says, how the hell do you audit a Web of Trust? It's such an informal thing. Well, the classical answer is the same as always. You do some documentation. You set some standards. You test that the standards have been met. And that's what we did at CO-Cert. We invented this CO-Cert automated testing system called CATS. We just needed a name. It's simple. It's 25 multiple choice questions in a PHP website, very boring. Anybody can knock it up within a couple of weeks. We insisted that all assurers go through the little challenge. And they did. This is where we had a bit of an inspiration. We then decided that CO-Cert would insist all CATS access would be via client certificates. No passwords. It just isn't there. So did we do this because we're a CA? Probably. We could also do this because we want our assurers to know about certificates. But that's a bit controversial. Maybe we want to look cool. And it's really not about high access. Why did we do it? Well, maybe it's because we wanted this story to happen. CATS was very successful for us. We turned it on in 2008. 2009, we made it compulsory by putting in this switch that stopped all assurances from working unless you have gone through your challenge and done your 25 questions. We started out with something like 10,000 assurers around the world. And then it nosedived down to the low hundreds and gradually climbed up. Today, it is 3,339. This is a week out of date assurers, which is about right. If you take any community and then put a big test on it, it'll drop down to about a third because you've got about a third who are serious and then two thirds who are just coming in to check it out. Today, our community is much stronger because we've done this. But what it does mean is every assurer in the CA cert world has got a certificate, which means we can now go across to all of the websites that CA cert runs, which is about 20 and growing. We have a lot of different little services everywhere. And we can insist that they all use certificate access. So that's what we're doing. We've done WordPress. We've done Simpar. We have a board voting tool which only takes certificate access, so we do all our little governance tasks in the board just using client certificates. It's now standard practice for all of our system administrators of whom we've got about 30 in different areas to put all their software into client certificate mode because we know we've all got the client certificates. Let's talk about the blog. This is just one example of how successful it was for us. With the blog, we've now got the situation where you don't need to control the account. There is no administrative step required. You just get your client certificate, go there, and start writing your article. It's a public blog, but we don't care about spammers because spammers don't have client certificates. We just let you all come in. If you've got the client certificate, you're in. Which means our administrator is not hassling with lost accounts and lost passwords and people phoning up in the middle of the night saying I must have a password now because I've got to get my blog article out. The administrator is now doing other things and the users are now getting more articles written. It worked for us, but there are some problems and we're getting the experience of how to navigate this minefield. The first problem, the gotcha, is Firefox isn't good at multiple certificates and of course, our assurers muck around with certificates quite a bit. With Firefox, if you use a certificate at one site and then want to use a different certificate at another site, it gets a bit confused. The bottom line is we're waiting for Firefox developers to do white listings such that the user can manage different certificates for different websites. It's unfortunate, but we just have to wait. The second gotcha is the crazy interaction between the server and the browser. What happens is the server will drop the connection because it doesn't like the certificate. But instead of giving some detailed information across to the browser, what it'll do is send back a protocol error. The protocol error is then given to the user via the browser and of course, the user has no clue what's going on. The user then says, well, basically, this doesn't work and goes off somewhere else. This is going to keep going on because the problem is that the browser and the servers, that the browser developers and the server developers don't communicate very well together and they both point at the other guy to say, this is where the problem is, we're doing the right thing. Well, it'll get fixed when more people are using client certificates and more pressure goes on these guys to sit down and work out the differences. How do we do this? It's now getting to the point where we can see the strategies. The first strategy is simply that the, we set up client certificates alongside passwords, allow both of them to go in. This is the sort of obvious thing that people do, but it's not really a good idea because it's a bit too much like the problem with HTTP versus HTTPS, you end up with phishing because there's a gap between them and there's no difference for the user, so the user doesn't know what's going on. You're better off going to the second strategy which is to use client certificates only and forget about passwords completely. Only SSL, only certificates, always certificates. And then you've got a choice. You can do your processing of the certificate inside Apache because it does have the facility to look at the certificate and do some parsing of it and give you some control, but it sort of does too much and too little. It's not quite right. So the other alternative is to just read the information from Apache through the PHP variables straight into your code and do it inside your application. And it turns out this is the best way to do it. Make Apache dumb, don't give it any control, just do it all in the application. Talking about that a bit more, one of the problems is that certificates will change when they expire. So you want to be able to give the user this seamless experience where that doesn't cause a heartache for anybody. What you do then is read the certificate information straight into your database and use that information to index across to the accounts. So when a new certificate turns up, you can scan that certificate and then go searching the database for matching information. You can match on the email address which is in the cert or you can match on the name that's in the cert. This is okay, it's a bit of a clutch, but if you do it carefully, you can basically manage the process. If the user goes and changes too much, like the entire name and email, then you've got to do something else. Conclusion, for us certificates really did work internally. We got a lot of benefit. We got a lot of advantage for the system administrators who had to do less work and lots of advantage for the users who found a much nicer way to get access to the service. We're saving time and effort. We've got to compare it against other methods. The big contender out there is OpenID. That's pretty good, but it's actually not good for high security stuff whereas certificates are good for high security stuff. It solves the problem across a much broader scope. Then there are lots of other single sign-on methods out there, federation methods and so forth, but they're not as available. They face this check and an egg problem which the certificates in theory do not. As long as you can figure out how to get everybody to use client certificates. And that's your challenge to go where we've already gone and got all our people across the client certificates. How do you do that? Well, what we did was the second of those, the bullet point there, we just built a site. We built the cat site. We said it's going to be certificates only and it's up to you guys to sort it out. And they did. Well, that's kind of easy because we're a CA. The top strategy is another one which I do over at Little Association where we run a bunch of CIS admins. We've simply set a rule. All of our CIS admins must be CA people. Half of them are. The other half can be fairly quickly and they will be. Once they are CA cert people, they can get their client certificate and get access to our new servers, which we're putting up. So it's simple. We just set a rule. You've got to be a CA cert person and away you go. The third thing you can do is you can create an internal CA using various pieces of software and start creating factory certificates for your people and push them out. That's another thing. It's a strategy. It's a way of getting into this certificate business. That's the end of my slides. I don't know what my time is looking like. I guess it's time for questions. It's kind of out of scope of what I'm talking about here. But yes, TLS renegotiation. Yeah, what happens with TLS and renegotiation? There's a bug in the protocol which caused Firefox to put in a patch to drop certain accesses for TLS. Client certificates still work. TLS still works. But if you're using renegotiation features, yes, you're going to have a problem. And this is one of those things going back to... That's... Hold on. Right. Yeah. The problem that occurs is when you are using Apache to do your processing and you're just essentially following Apache's rules and setting up multiple directories which cause the triggering of renegotiation. If you just use straight forward connections and don't do any trickery in Apache, I gather, I'm told, there is no problem. So you don't need a renegotiation. You're probably using .htaccess files in lots of different directories. And that's where you get into trouble. So hence, this is why I recommend that the Apache should be turned to dumb and the application should do all the processing because the application can be patched far more easily than the SSL protocol. But this is a very complicated area and I can't possibly answer that in one question. Anybody else? I'm afraid that the end of the time...


Good day, fellow investors. Now I mentioned in the recent video that Russia is the cheapest global market, the cheapest emerging market from a fundamental perspective. The price earnings ratio was about 7, the K-pracier was low and dividend yield is high. So let's dig a little bit deeper into what Russia offers as an investment opportunity. First look at the economics. We can see that Russian GDP growth with higher oil prices, with higher commodity prices, is benefiting and we see huge growth, much better than it was the case two years ago. Also what's very important, even if Russia doubled its debt-to-GDP ratio in the last 10 years, it is still just 17%. So it doesn't create a great burden on Russia's future growth. However, there are always risks with Russia and that's very important to notify. Political risk. Russia is even more corrupt than Brazil and China. You never know what will happen in Russia. Political freedom, not that much. You go to jail if you say something against Putin and there are always the geopolitical global issues in Syria, in Ukraine that can always burst something happening in the world with sanctions and things like that. Nevertheless, there is always value in Russia. However, the question is, will that be a trap or not? Let's dig a little bit deeper into the ETFs. How did Russian stocks move and into a bit singular stocks by looking at bear bonds? So the Russian ETF, E-Rus, since exception, is still below its starting price in 2010. And we can see that in 2014, 2015, at the beginning of 2015, it was almost close to $4,000. Now it is double. So those who invested in the worst period in Russia have now already made 100% on their investment. So that's the problem with emerging markets. You have to expect huge volatility and you never know where will the bottom be. And on the upside, you never know how much it's going to go higher. So you have to always look at the earnings. But given the volatility, what kind of returns should you expect from Russia? From my point of view, if you invest in Russia, you should expect immediate earnings returns of 20%, thus a PE ratio of 5 or lower, and a dividend yield of 7, 8, 9, 10% or higher. Because that justifies the risk the volatility that emerging markets show. The current ETF price earnings ratio is 7.3. The price to book value is 0.78, which is much better than anything else in the world. However, the dividend is just 3%. Now, still Russia, low debt to GDP, growth is a good investor, but it isn't any more a great investment like it was a year, two years ago when the ETF was at 4,000. Now we are at 8,000. And as risk is the function of the price you're paying for something, then the higher the price, the higher is the risk. Remember that. Let's look a little bit at Bearbank. You can trade it on the over-the-counter market or in London or in Moscow, of course. It's the biggest weight in the ETF, has 20% of the Russian ETF, so you are really exposed to this company if you invest in a Russian ETF. 50% plus one share owned by the government and 45.6% owned by institutional investors. The price to earnings ratio is 7 and the dividend yield is 2.4% as the company is heavily investing in future growth in Russia. For example, in Russia, the mortgages are just 5% of GDP while it's 50% in the US. So if Russia ever becomes a more stable financial economy and those mortgages, those banking, those financial systems develop and reach a developed world, there is still plenty of room for growth for Bearbank. However, there is always the risk. Now, Bearbank's stock price is above 16. However, it was at 3.71 just in January 2015 and then it was very low for the whole 2015 till January 2016. And this shows what can happen if there will be turmoil in Russia. As soon as there is turmoil, those 45% of institutional global owners of Russian stocks, they start selling like crazy and they need best confirmation in prices in political stability to invest. So they invest after good news. If you really want to take advantage of situations in emerging markets, you have to invest when there is a lot of bad news and when there is the probability of more good news coming than bad news. It is volatile, you have to invest in stages, but investing now in Russia or Bearbank carries much more risk than investing a year or two years ago. Even if the bad news were terrible then and the news are good now, Gazprom just announced a 100% increase in earnings for this quarter, which is good news, more liquidity, more money. However, that's always the question. Do you want to invest after good news at higher prices or after bad news but at much, much lower prices? As said, risk equals price. The higher you pay, the higher is the risk. Just a look at the ETF, a lot of energy, financials, Bearbank, 20%. Just one telecommunication company. So the ETF really depends on oil prices and gas prices and in this case a little bit on nickel and copper prices for Norov. So personally, I find Russia a good investment, but with emerging markets, I prefer amazing investment where what I can lose is limited, but my upside is very, very big. In this case, what I can lose by investing in Russia is pretty much and the upside is also pretty large. So we have an equal risk reward position, not something that I prefer investing. However, there are always individual companies in Russia that have lower price to earnings ratio, good dividend yields and exposed to things that are not related to Russia but cheap because those are in Russia, like Norilsk. So check out my Norilsk video to check how that fits your portfolio. I'll be looking more at Russia if somebody has some ideas that are traded on the London Stock Exchange or over the counter in the US. Please share with us, explain what is why and what's the rationale so that if interested, I can look deeper into it and then make a video and share it around the world to see perhaps maybe there will be more interest as the situation is getting better in Russia and the trend is still strong. So if you want to invest in the trend, then I would take advantage of the trend, but from just opening up position for long-term investment, it is a little bit too risky now. Thank you for watching. Looking forward to your comments. Of course, this is just my opinion. I might be right. I might be wrong. So see how that fits your portfolio. I'll see you in the next video.


So my name is Jan Bulas and my co-authors is Magdalena Końska and Piotr Kotowicz, me and Magda we are from Jagiellonian University Cracow and Piotr is from Historical Museum of Sanok, the name of the mountain is Wrocław, and okay so let's start. I will be talking today about what we think is really fascinating and interesting place located in the southeast of Poland. It's called Wrocław Mountain again, it is located in the upper sun river basin and I will just start from few preliminary information because before the start of this decade we knew only one metal deposit from the whole region, dated to the Bronze Age. However due to the very intensified metal detector ring, illegal metal detector ring in the region, now we have much more metal deposits from the region of different dating and there is a good and a bad news, the bad news is that we don't know how many of them just disappeared from our record. The good news is that thanks to the very active role of my colleague Piotr, we are able sometimes to excavate those finds in situ and retrieve them from their original locations. So I won't be talking about all of those deposits in the mountains because the talk is too short. However just to give you the impression there is really a lot of metal deposits dating to the Bronze Age and the Iron Age. From this region right now they share a few common characteristics, they often have bronze wires, bracelets, necklaces, axes and very often parts of agricultural tools and they are in most cases located high on the mountain, not as high as 2000 meters, the mountains are not so high but close to the peak of the mountains. So here you see the examples of those metal deposits, this is the earliest Iron Age deposit we know from that region, dated to the Harstad period. But in this talk we will concentrate on what we think is the most important, at least in the current state of research. The most important place, the Vrotchen mountain, 498 meters high and as you can see it is really a lonely mountain. It has completely different shape than other mountains in the region. And what is important to say, it is located on the border of different geographical regions. To the southeast we have the Swanne mountains, which are ranges of mountains. To the north there is Bukovsky uphill, to the south we have Bukovsky uphill, to the north we have Dinovsky uphill. Also different characteristics, different landscapes and to the west we have flat basins. So the Vrotchen mountain is really well visible from the very distant areas and it is a very important landmark in the landscape. And why it is important, the reason for that is that it is the only place we can see continuing tradition of depositing metal objects through the prehistory. This is the earliest known deposit from the mountain, dating to the early Harstad. And again it consists the bracelets, necklaces, eggs and agricultural tools. This is another one, you will see the overview. Unfortunately it is not in our hands yet. The fragments of golden wire and close by also the sickles were found. What is important to say is that all of those deposits are very, they were located very shallow. The metal detectorists in most cases did not have to dig deep, they were just in the top soil. So excavations and sondash excavations that we made afterwards did not give us any context of any features of any kind. And this is not a deposit of different metals but also an important find that it gives us the information about dating of people activity on the mountain because it is fusturable in dating to the Harstad D. But what is most interesting on the site are Latin period deposits. And here to just give you some, a little bit of background, we don't really know a lot about settlement chronology in this region. There are really little, not that much finds that gives us a good overview that would say what is the continuity of settlement from the Harstad period to the Latin period and later to the Roman period. So actually those metal finds are basically 90% of all metal finds from the whole region. So it's not like we have different settlements where we have, I don't know, brutes or different chronologically distinctive finds that allows us to show the continuity very well in the whole region. So it's important place not only for us from the point of view of importance of the mountain but for a whole understanding of the whole settlement structure in the region. So in this deposit you can see the Dornberg type knife and also agricultural tools and some axes. And most probable it was the same deposit as the, it was originally the same deposit with the two uncles also very good dating evidence for third century before Christ. And this is one of the earliest evidence of for Latin period people in this region. However, there is a problem the Latin period deposits are located on the really steep slope and we really don't know if, and we don't know if those two deposits was originally one because it is quite possible that it eroded from the upper parts of the of the mountain. And this is the second Latin period deposit consisting again agricultural tools and some iron fragments of the horse harshness. And right now you can see the pattern that continues from the bronze age to the Latin period that we have those the same objects in in those deposits arm rings agricultural tools fragments of horse harshnesses. And there are the same type of objects all the time. And what is, if you, I won't elaborate more about those finds but the Latin period finds were already published you can find those publications is in the Internet if you would like to have close information about the Latin period finds. You can find them published by my colleagues Tomor Bohnak and Piotr Kotowicz as well as Zanopielowska. And we have one very interesting and important analogy for our mountain which would be only second such an important site related to the religious or ritual practices. It is a famous site in the Schlencher Mountain in the western Poland. You will hear more about it in the next paper I believe so I won't tell you more right now, but it is considered to be one of the most important religious sites for the prehistory in whole region and very important landmark as well. However, the story of the mountain doesn't ends on the Latin period. There is more however the history of the metal deposits ends, which is very interesting because we don't know how it relates to the changes of population in that region. And as you can see which I didn't mention before all of those deposits are again located high on the mountain. There is one find which is most ambiguous for us because we are not sure how to date it and we know really not a lot about this find. It can be a Roman period which would be really strange, but it can be also a medieval period so just to show you that there are some mysteries for us still. However, the main story relates to the Roman period which is one of the most important settlement periods in that region as we know many sites from that time in the area. We think that in this period of time the region was very densely populated in comparison with previous periods and also with later periods. However, from that period of time we do not know any deposits on any mountains so we can see a change of attitude towards those mountains and surroundings. However, just last year we finished excavating a very small burial ground just on the foot of the mountain, on the slopes on the foot of the mountain, which was also quite remarkable. I won't be talking about each graves, I'm just showing you for the impression. We had 10 graves, half of them were very richly furnished with weaponry, Roman imports, and actually we do not know if the location of the burial ground is actually connected with the importance of the mountain, or is it just in connection with the fact that we have also two important settlements, or interesting, we don't know how important they were, but we have two settlements from that period just nearby. And the problem is we do not have any good context, it is only the second burial ground from the whole southeastern Polish region, so we do not know what were the practices and what was the typical practice of setting the burial grounds in that period in that region. However, it is still very interesting because usually the preverse culture, which is the culture occupying this region in the Roman period, is the most rich in weaponry in graves from all European barbaricum, and still half of the graves being furnished so richly is quite remarkable. So just to post a few questions to the end, there are much more of course, but I think the first one is quite obvious and we can answer them that yes, we think that the mountain was a really important place from the Bronze Age to the Latin period as a place of ritual activities may be connected with the agricultural calendar. Especially we do not have a St. Patrick's seat and the rolling sun, so we cannot actually say anything more about it right now, but it's quite possible that it is connected with the agricultural calendar and the other questions are important as well. For me, one of the most interesting is that if the religious system changed between the Latin period and the Roman period, as we have a new population, preverse culture population came from the north from the lowlands, so it is a question if just the attitude to the mountains changed with the traditions brought from the other type of landscape. So thank you for your attention.