Hello and welcome back to the trading floor and I feel like this is a bit of a prize fight of sorts combined the two heavyweights. The two contenders of the mid and end of week show have met now for the first time squaring off. So he's going to come out triumphant. And any word for me to have the contenders before we begin the the session today. Well, I mean, I think this is where I finally get found out isn't it. What we are the episode 100 and something and finally, this is where the tide goes out and everyone realizes I don't have my swimming trunks on.  We're all about quantitative assessments and numbers and data and analytics and things like that. So you maybe next episode you can you can tell us, you know, which of the two podcasts gets the higher viewership. I would expect Friday because you guys are the incumbents, but I want to see what my trajectory is. I want to see when when I if and when I might kind of crossover.  So it's all about this conversation. And at the end, what we'll do is we'll ask the community to utilize their Q&A function on Spotify and past judgment. It's not up to me. Just to be clear, just to be clear, when when the midweek deal room podcast does rise above this end of week trading for podcasts, I do get to retire then. Right. Yeah, absolutely. Perfect. Friday show. I'll be next week. This is my big finale. And by the way, and you can't refuse yourself from the popularity contest. You've got to do a little LinkedIn poll and and choose your own choose your own numbers by just voting repeatedly for yourself. There's no more hotmail gmals yahoo. Well, let's let's jump straight in and let's talk about the main theme of this conversation, which is the first of the big bank earnings. They've literally just come out in the last hour or so, namely these being JP Morgan city, Wells Fargo, and the world's biggest asset manager black rock. And then perhaps at the end of that, we can talk about the broader picture because it's a buy everything type of week. I'm sure that the peers can shed some color on why that's occurred. But yeah, let's let's kick it off then let's talk about, I guess JP Morgan being the kind of beast that it is that maybe we could start with them. The revenue saw to a record in these Q2 numbers that we've just seen a lot of the press noting the boost coming from the Federal Reserve's interest rate hikes, and this acquisition of first Republic Bank, the EPS for 37 street was expecting about $4 revenues 41.3 billion above expectations of 38.96 so before we look at divisions anything from the top line kind of numbers and also this idea perhaps a bit more color about how interest rate hikes are impacting these results because I know it's not just for JP. Yeah, I think that there's three words that stand out here or that are important. Those are net interest income. So this is about interest rates, it's really the spread between short term rates and long term rates which is ultimately where the, the big lenders of this world, that's where they live. It's it's that spread that's their profit margin so it's the difference between short term deposit rates. So the interest rate you get on your deposit account that's how the bank. That's the source of capital for these banks they got to pay for that, but they're paying low short term rates to depositors and then of course they're taking that capital and they're lending it. For longer periods, a mortgage being the classic example and they're able to charge a lot higher interest rate on those long term loans and as interest rates from the central bank have been, you know, steeply climbing. Then this is get this is like perfect for these banks to exploit the growing gap between those short term and long term rates and that's called the net interest income. Next JP Morgan. That has climbed to 44% sorry it's grow it's up 44% year on year so they've now bagged $21.9 billion in the quarter. Just on their loan book, basically and that's the fifth here's the best bit. And this is all about because we're interested rates have been going up for. I don't even know 18 months no less 15 months is it anyway. This is the fifth straight quarter of double digit growth on that net interest income figure. So yeah 21.9 billion better than the expected 21 billion. I mean it's not a massive surprise but yeah that's the standout line on this report. Here's a bit of a question so this spread is obviously massive, and it's resulted in really really strong performance across all the banks is the spread largest when there are quick and repeated interest rate heights and does it settle down. Once everything flattens out even if that interest rate is at a very that central bank interest rate is at a very high level does that spread shorten and shorten as we you know we get more used to this higher interest rate environment. 100%. Yeah, I mean basically this is remember that this interest rate hiking cycle has been the steepest hiking cycle. Well and you'll correct me if I'm wrong but I believe since the 1980s. Yeah the more rapidly rates go up will then actually, this is where the banks. We talked about this I think a little bit on the last part they're quite sneaky in that they will. So the interest rate on their mortgage loans right as soon as the central bank raises rates like to the second, then the interest rate on your mortgage goes up. Okay so that they're charging more. So they're earning more on that on that loan side of the book but do they do the same for their savers and their depositors. No. So they're very slow to then see you know to tweak up their deposit rate so the faster the interest rate hiking cycle the more they can exploit that lag if you like. And I think actually on top of that I mean because we'll talk about, you can, well Stephen I'll let you dig into some of the the nitty gritty here but if with JP Morgan, one other stat, as an example was their low, sorry their deposits increased by 1% on the quarter to $2.4 trillion. Right now, what's gone on here is that obviously the Silicon Valley bank thing has generally speaking been one catalyst that's led to deposits coming out of the smaller banks where there's perceived higher risk and being moved to bigger banks where there's lower risk right. The other catalyst it for the banking system generally has been the fact that they're slow increasing the rates on savings accounts so you've seen some depositors go you know what screw you I'm not sitting here waiting until you decide to put your rate up whenever that might be I'm pulling my money out, and I'm going to put it into a money market fund, or you know and we'll talk about black rock later they've benefited from this actually but JP Morgan because they're the big boys, so therefore the perceived safest. They've actually seen deposits increase during this time. And I think they're being bullies I mean the smaller banks have they're having to raise their interest rates on their savings accounts to try and stem the outflow. Right so actually if you if you put your money in a smaller bank you're going to get a decent uptick on your savings rate. So if you put your money in a higher safety, then you give up that higher savings rate. And so JP Morgan have really benefited from this Silicon Valley bank shift and the perceived risk around depositors. So yeah this all feeds into that another big double digit growth on their net interest income. I was looking at the other main divisions then on the breakdown so the way that the results come out for JP it's that they've got markets and they've got banking. If you're looking at their like earnings presentation. So on the banking side, they had revenues of 12 and a half billion up 4% year on year. The IB revenue of one and a half billion was up 11% IB fees were down 6%. And to be expected, we're kind of aware of the climate at the moment was there anything in those numbers that surprised you Steven. I guess it's surprised to the upside. These are really not particularly bad numbers considering if you read the average article about deal making deal volumes IPOs investment bank fees. We're talking down 20 30 40% across the board in H1. So the fact that JP Morgan's even, even the cyclical nature even the volatile nature of this of this division. It's not struggling as much as its peers. So, you know, this is the earnings report where everything seems to be falling into place for JP Morgan, you know, it's, it's taking, as you said it's taking deposits from smaller banks and there's a flight to safety. There's massive massive uptick from net interest income, and the very volatile section is is not is not. It's not going down nearly as much as its peers. So you know, I think we're going to talk about city later on but I think it's investment banking fee revenue is down 44% So, you know, IV fees down 6% you can take that. And you just think you know I'm thinking to myself. Alright, what is the perfect conditions for a global bank to make money. Okay, a high interest rate environment without a recession. So there are lots of loan provisions we can talk about that. But there's not a lot of defaults at the moment. The IPO markets opening back up. The M&A markets opening back up. So we're kind of we're almost at this point where you think, Alright, if I was to create the perfect scenario under which JP Morgan can thrive, probably about today is as good as it gets. If they're missing earnings on today, then, you know, you've got you've got to be worrying, but obviously they didn't they smashed it. You got I mean, and also you got to throw in I saw they've benefited from a $1.8 billion gain relating to their first Republic deal. So this is the biggest being the biggest player in the last quarter. Yeah, as you say coupled with the macro scenario and the monetary policy backdrop. Yeah, this is optimum. We spoke about it on the pot of a few weeks ago that that first Republic deal could only go through JP Morgan are allowed to make bank acquisitions because they're too big. Unless there is a distress circumstance. So it's just like how lucky can you be, you know, you pick something up on the cheap and you get a $2 billion kind of kickback. That is going to boost your kind of unadjusted bottom line. So, yeah, look, just maybe just a step back. I was just looking at its price earnings.  Yeah, income side. You're thinking that's kind of tech levels of growth, right, you know, whatever you had double digits, you're thinking price earnings multiples of 3040 times.  Yeah, it's, you know, it's still. Although we've got all of these amazing numbers, it's still a bank, and it's still cyclical, and it's still subject to so many different external forces that it's not going to ever kind of break out of that moderate price earnings level. So, so I've got a question for you. If you were Jamie Diamond. Surely this is where you, this is like the mic drop moment. You just walk out the door into the sunset, don't you and then still time to get in the race for the 2024. That would be the case. You heard it here first. Yeah, he I didn't know a comment that diamond did say he quote said consumer balance sheets remain healthy consumers are spending, albeit a little more slowly in terms of the pace labor markets has softened somewhat but the job growth remains strong. Yeah, I mean that sounds pretty positive to me with hearing him say that so one question then to wrap JP was on the markets side. When you're looking at these percentages, I guess pierce is this more case of, well you've got to look at the world and where we were this time last year. So when you hear market revenues are down 10% year on year fixed income market revenues are down 3% equity market revenues down 20% year on year. Is that because second quarter in the prior was so strong so it's just that it makes this look more difficult. Yeah, this is, this is about trade volumes. I mean, I didn't know the split out I knew that together the fixed income and equity trading divisions together were down 10% year on year. Still a cool $7 billion mine but I didn't realize when you split out the equity side was down 20%. Yeah, this is just, well, there's some kind of tricky year on year comps here because obviously if you go back to the first part of 2022 this is where you know we had some big, big volumes as markets were coming off and coming under pressure and the rate of making cycle had started to really ramp up and inflation was at control. And what that led to was a lot of, what just a lot of trading, right this is where asset managers are going well hang on a minute. We're having a real shift in the cycle here so I need to make major changes to my portfolios, which means selling a load of stuff and buying a load of other stuff and when these big asset managers are doing big kind of portfolio transactions then these big trades are being facilitated through the big investment banks. So this is trade flow. This is how the banks make money they facilitate these trades for their buy side institution clients. So when things settle down and they're calm, dare I say when things are a bit dull, you know, which is the case the last three months, I mean it's you check out the VIX, it is way down right that's a just a volatility index so it's just, it's like what we've been saying for the last what recession just hasn't just hasn't come and isn't coming. And so actually, people are just happy to just let this big tech rally just continue to grind higher and so there's been a lot less trade volumes which equals a lot less revenues for these trading floors so it's not surprising. No, and maybe just back to Steven's point about the banking side. Yeah, these numbers are down but it's like actually not too bad relative to others. So context is key, as ever. And I remember being in a restaurant with you, Piers, maybe about four months ago, maybe longer, maybe this has been all the SVB stuff was going on and I remember in between the main course and dessert there were a few murmurs of the VIX mentioned at the time.  And it was, it's the opposite scenario when it was exploding at the time. That was the off the Silicon Valley Bank news, that was the one big volatility pop of the year and it lasted. And that was the short moment. That's in a week. And then look, we've had, we've had, what, 26, 27 weeks of the year. And for one week, there was a little bit of action on the volatility side and then that's that's it. So when you said that in the restaurant, my point being that's when I went short VIX and now you've just said what you've just said that everything super calm now I'm out of my short so as soon as we're finished I'm out. So moving on to city, because Steven you said earlier there's some kind of parallels but I'd like to know what are the parallels with city and what are the differences. I did read a couple of things as well about them being the second largest credit card issuer and customers are still borrowing but elements in your mind where there's similarities and differences. I think you would probably, you probably look to city group and put them roughly in the same category as big global banks that are too big to fail. If we're going to be as kind of generic as as that but once you scratch beneath the surface I think the difference between JP Morgan and city group becomes really apparent. First things first post 2008 city group have had a really, really rough ride of it, and have been in the process of trying to straighten their strategy, straighten their cost base. And this earnings report is a real reflection of them still trying to figure it out, figure out who they want to be as a bank what they want to be as a bank, where they want to be focusing on. I think it's really important I was just looking at all of the earnings presentations before the call. It's really important to see, not necessarily what said, but the order in which it said for these different banks. And it's interesting that on the earnings presentation for city group. Each one was a bunch of high level financials page two was a load of commentary saying this is how we are working towards our strategic turnaround plan. We talked about things such as redundancies and reorganization and voluntary redundancies and things like that on page two. So they're obviously thinking to themselves all right the market wants to know that we are on track with the longer vision JP Morgan things are all singing, you know and all dancing. So it's in a very very different place. And it's also, you had a pretty bad earnings earnings reports, although it did be to expectations. So net income fell 6%. So net income fell above expectations, revenue fell, but again, above expectations expenses up 9%, driven by severance packages and the costly restructuring of the organization. The reasons you say on the on credit cards and on more of the retail side of banking, but from a investment banking perspective from a global banking and markets perspective, the numbers are way way off. So, if you think about the health and the strength and the certainty of these two big beasts, you've got to look at JP Morgan just crushing it, and city, still fishing around for a little bit of identity. It's not yet found its way post 2008, which is 15 years ago now. So it's a really interesting compare and contrast maybe to JP Morgan. There was an interesting comment from the city CEO who said that markets so commented on both markets and investment banking so on the market side, revenues were down from a strong second quarter last year as clients stood on the sidelines, starting in April while the US debt limit played out. The participants were sitting on the sidelines for a period and that was a lost amount of revenue, and in banking that the long awaited rebound in investment banking is yet to materialize making for a disappointing quarter. So she's on the glass half empty side, Stephen I'm afraid. I mean, CEOs tend to try and massage and maybe talk their own game and say, you know, and try and put those as positive a spin as possible so this is, this is pretty brutal and it's, it's fair that investment banking has been down, but not all investment banking has been down in the world. You know, so if you look to different parts of the world. I was looking at UBS in a pack, and it's deal volume in terms of M&A deal volumes up 172% this year. So, not everyone is feeling quite the pain so if you kind of, if you use the excuse of a, of a cyclical downturn as a reason to not, you know, to not try as an excuse to not perform better than, you know, maybe hard words need to be said in the teams. I don't think she's that well known yet. She has been, I thought she'd been in the job for less. She's been in the job for two years actually. Oh no, March 2021. I thought it had been a shorter period of time than that, but, but anyway, yeah, she's obviously, I think she's, I think I'm right in saying the first female CEO at the big, the big giant financials which is obviously great to see she's Scottish, did you know. But yeah, I mean, the only thing I remember about city like when you were talking about the financial crisis. I mean going back to that moment. I do remember 6th of March 2009, which is when the day that city, I mean literally almost went bankrupt. I mean their share price dropped below $1. And they literally almost ceased to exist.  Now during that period of course JP Morgan fared a lot better and were way stronger I mean they got forced to buy Bear Stearns which was a bit of a. Well, and so, so I guess my point is JP Morgan with the bank the government were going to to make sure other institutions weren't collapsing city group were not on that list because they were basically collapsing themselves. So, yeah, it's interesting that that that that is still impacting them, you know 15 years on. Yeah, she's actually been a city since 2004. So she would have been within the mix over that period. Yeah, 2019 she was named president of city group and CEO of its consumer banking division. And then she came in and set 2020 replacing Michael Corbat part of your alumni, Steven, you have to tap her up and get on the show she's Gertin College and then Harvard Business School. So I didn't I didn't get I didn't get as far as the latter. What CEO city group. Not yet still time. Yeah, just on that just on that point that's just a very it's just quite an interesting one in terms of where banks pick their successors, you know where banks pick their next leaders often says a lot about the direction that the banks board wants to take the business. And if that's ex CEO of the retail bank within city then I think that's a pretty clear move, pretty clear signal that that's where cities going to be focusing your strategic effort over the next few years. Yeah, and just final point in that report, their earnings report, it was their personal banking and their wealth management divisions that probably have everything performed the best both were up about 6% year on year. Coming in at about 6.4 billion. So, yeah. Let's go to, to Wells Fargo. And again you said earlier that, although we've just discussed how different the circumstances are for city to JP, but from a business and proposition I guess from the products the services they're doing fairly similar as well as different then. If someone could elaborate and I know in the mortgages market and so on. How are they different in terms of being a lender, I guess and it's their business more structured around the lending side. It's a bit more of a normal bank isn't it. It's a bit more of a commercial normal non investment bank where net interest income and products related to corporate and commercial banking rule the day. It's a it's a huge huge huge bank, in terms of deposit base in terms of loan book it's it's one of the largest in the world, but it probably doesn't get the headlines that the Goldman Sachs is, albeit smaller from a personnel perspective, but all the investments would get. But it is had Wells Fargo, mainly US based although you know increasingly international has been over the last 15 years. It's had another brilliant quarter. I think because it's so exposed to its loan book, you know net interest income 13.2 billion 29% jump, it's net income 57% up for the quarter. It's not bad is it. It's now 125 $1.25 versus $1.16 smashing earnings estimates 20.53 billion of revenue versus 20 billion expected, you know so this this is again we're talking about the sweet spot. I just want to I just want to call out the CEO's Charlie shafts common. The long net interest income continued to benefit from higher interest rates, and we focus on controlling expenses. As expected, net loan charge offs, or kind of loan write downs, increased in the first quarter, but consumer charge offs continued to deteriorate modestly, we expect commercial charge offs to increase but we haven't seen it yet. I feel like alright you want that situation where your net interest income is flying, but the pain, the pain that is supposed to be felt through rate rises through the economy has not yet happened. And as you, as you said on the pod over the net over the last few weeks, will it happen. So it seems to be again you're making you're making hay when the sun is shining, because these write downs that usually put a drag on your net interest income. Provisions are going up. I, there is the expectation that there will be more in the future, but they're not really getting tapped. So it's it's you know, it's an interesting one at the moment. I think I'm a bit more worried about the forward looking picture for well just because you know being being a more of a traditional bank they are more dependent on those. Well they got more exposure to let's say things like the commercial real estate market. And look, there is a San Francisco based bank.  The reason I just say is San Francisco is thought to be right at the top of that sort of list of regions that most that risk of a like a commercial real estate sort of collapse and obviously there's to there's a double whammy with the commercial real estate side of things where you've got interest rates super high and jumping fast and then also of course the post hybrid working model just meaning naturally demand, you know is is softening as well so yeah I think the going forward with all of these banks really it's the loan provisions or the loan default provisions I should say that's the amount of money they're kind of setting aside now to pay for defaults on loans in the future, and obviously that's a forecast right they're predicting how many defaults they might see and I think what you're going to see is that's going to steadily rise, but back to the original point. Maybe it's not going to be as bad as we thought. And this seems you know some just looking at this quote you know we we have made an additional 949 million increase in the allowance for credit losses, primarily in the commercial real estate space that they're obviously they're obviously kind of factoring this in. Here's you obviously around in in in 08. Does this does this feel very very different in terms of, you know, a normal business cycle slow down and recession as opposed to oh my gosh, there's all of these things happening and we haven't factored them in there's no provisions and you know what I don't know if this feels very it's almost like in slow motion this one and I mean, I mean I guess going back to the crisis in 2008 2009 there was a decent interest rate hiking cycle going into that crisis so thinking about us rates if memory serves me right. US rates went from about 2% to 6% from 2004 to 2007. Okay, so decent increase, but it was much slower. But an increase nonetheless so these banks did have this uptick in net interest income but there was not, there was nothing on the horizon to start preparing for right we weren't back then we weren't going. Oh my God rates are so high and the inflation through the roof inflation wasn't high at all. And so we weren't thinking right let's prepare for recession. We were thinking there isn't going to be a recession and then bang it just we literally fell off a cliff. I think this time it's very much the opposite where we're preparing for a recession that's actually just not coming. So yeah, I think the differences are very stark. And yeah banks are certainly much better prepared. A recession that is not coming famous last words on the pod. We're talking us here. I just wanted to flag baby for you Stephen there was an article that came out in Bloomberg yesterday. And there's been quite a lot of headlines around Wells Fargo being quite aggressive in hiring in the IB space and the article yesterday on Bloomberg was saying that was Fargo hired a couple of M&A bankers from Barclays, and they're pinching them from a group of all places, as well maybe because of as you've described the situation there. But so Tom Drake is one of these people. He's joining the San Fran based bank was Fargo from Barclays as an MD focusing on healthcare services. I guess the sectors might be meaningful here for you healthcare and medical technology deals is what he specializes in. And then the other chap Chris Norman is joining as well for and that he comes from city groups technology M&A group. So it's tech and healthcare they're pinching at the moment. Is that is that meaningful or not. I guess it just makes sense doesn't it and and I think maybe you can tie that into peers is earlier comment if, if you feel like the going is good at the moment but you may be slightly overexposed to a particular part of, you know, a particular loan book within a particular market I commercial real estate, maybe, maybe this is the time to pick up some smart bankers. I mean they're San Francisco basic technology make sense healthcare probably make sense as well, pick up some smart bankers in the space. When other, when other organizations are the banks like Barclays and city which are very heavily exposed to the investment banking downturn need to shift and need to get rid of some people. It's a kind of classic trade, whether whether it works out whether Wells Fargo had the distribution, the network, the institutional expertise and the reputation to nab a bunch of bankers and then suddenly become the go to you know you've got to take on Morgan Stanley and JP Morgan and and Goldman Sachs if you're going to get that. Yeah, so so Drake and Norman they're going to report into a chat called David didn't see you. So they're going to report to him and a person called Jeff Hogan and these two are the co heads of global M&A at Wells Fargo. And whilst Fargo pinched Hogan from MS recently and Tom Lawler has also been hired from Credit Suisse, they picked him up in there in the whole debacle that's happened there, and he's going to focus on real estate gaming and lodging M&A. So it feels like they've been quite aggressive here in this space at the right time I guess. Didn't they move into the top 10 on deal volume. I can't remember was it in quarter one or maybe it was in 2022 overall which was that like the first time they've been in the top 10 of the IBD League. Since I can ever remember but just talking about Credit Suisse there was an article in the FT today actually about 120 Credit Suisse bankers of jump ship for obvious reasons and it's actually Deutsche Bank that have been picking up more than any 40 of the 120 of them to Deutsche Bank, 25 of them went to Jeffries 20 went to Santander fact. One of those 20 is a friend of mine. So I can definitely attest to that direction of travel. Yeah so Santander actually are another sky think in some ways similar to Wells Fargo where they're using this downturn in IBD plus specific cases like Credit Suisse where they're looking to try and pick up some bankers just increase that side of their business, maybe some sector specialization to bring a bit more diversity. What does a bankers in a senior senior part of their career. What does it tend to look like when they move like this. Is it quite common to jump and move from bank to bank what's like the normal time horizon of an of an MD and one of these senior positions. Yeah, I mean, I don't know whether there's a there's a kind of rule book for it, but I guess if you're thinking as these, as these people get more and more senior as they move into the MD realm. Again, the pyramid becomes shorter becomes steeper. There are less places that you can possibly move to, you've made a lot of money. So at this point it's kind of real time and non executive direct to ships. You're not going to kind of continue to move on up into that up into that into the top of the pyramid, making a lateral move but as we know, that's incredibly expensive. That can be incredibly expensive you know so Wells Fargo and not yet I would love to know what they're paying for some of these bankers because it won't be cheap. And also, if you've been at a bank, you know these banks, they have their own institutional memory and their own culture, if you've been and a lot of these bankers would have been with the same bank for 1520 years to take a shift and go from being, you know a belt and braces bank into a more tech focused bank or whatever it might be. It's going to be quite hard when you're relatively ingrained in an institution. So, you know, there's a number of things to consider. There's not as much movement obviously as there would be slightly further down. Okay, well then final one. Let's go to BlackRock markets actually are open now Wall Street so I was just trying to see if I can clock what the percentages are pre market. BlackRock were up about a percent comparative to JP which are up nearly 3%. So the blackrock numbers are always pretty big when you start talking about things like assets under management but from a quick scan of the initial numbers as they came out. Well, just going off the top, the Q2 adjusted EPS $9.28 far exceeded expectations at 846 revenues 4.46 billion that's broadly in line with expectations of 4.47 net inflows topped 80 billion however that was actually short estimates on the street for 81. And they did note that cash management products had inflows of $23 billion as investors flocking to take advantage of this interest rate environment so anything there that really stood out for either of you. I mean, I think it's a bit more straightforward with asset managers, you know, ultimately, their top line revenue really is a well is in large part a function of just how well markets are doing just and that's just because it's about fees generated from assets under management. And as the value of the assets under management change when obviously your fees change your revenues change right and we've obviously had a great first half of the year well. I know we talked about a narrow rally but obviously the big tech giants have just had a storm which has meant their assets under management has gone up and so it's up to 9.4 trillion. You see, they charge the dollar fees for that is more right so that that's one thing. I mean, I do think. And maybe just to add actually, so their revenue overall is still down on so on a year on your basis their revenues negative down 1%. And that's again just a function of where markets are. It's back 12 months and their assets under management was north of 10 trillion. It dropped sharply below 9 trillion and remember where we got to start this year when it kind of bottomed out but now we're back up to 9.4. So, you know, I think on the one hand, it's a bit easier to kind of decipher and forecast I would say these revenues. So, if I'm an investor, if I'm an investor in BlackRock or if I'm an investor in publicly listed asset managers, do I kind of just discount obviously revenue rises in line with assets under management or the increase in the value of the assets that are already under management Do I just discount that as just, you know, it's not it's not necessarily smart. It's not it's kind of it's not necessarily the edge that this asset manager has especially one that is so ETF focused right index focus right you know six and a half million of their 9 trillion celebrating an increase in AUM and fees resulting from that. There's just what they haven't done anything special right. Well, they've got the products for the masses. So you said I haven't done anything special but they've actually nailed the product that has generated the most amount of inflows of any other products on the planet for the last decade which is basically stock ETFs. So, I guess from a product point of view, they were first and they, that first mover advantage has always been in their back pocket. Yeah, yeah, I was just going to add just on that point there was a comment from Larry Fink, who's the CEO and he said specifically what you've just said, which is, because I know you and Larry are pals and so what you came out of the statement earlier today was that our platform as a service strategy, powered by strong performance is leading to clients consolidating more of their portfolios with BlackRock. So yeah, makes makes a lot of sense. I mean what I would say also is obviously on one level it's just all right stock index has gone up more assets under management more revenue, happy days but underneath that they do have this thing called they specifically talked about their Aladdin risk management system, which is then like this is different right these are these are other products and very tech orientated products that you know they've been working on for years and years and years and I'm really starting to build to become you know actually something a bit more meaningful in terms of the proportion of their revenue but that so the Aladdin risk management system revenues and from other technology services that was up 8%. So whilst net overall their revenues down 1%. That part of their business is up 8%. So that clocked in at 359 million. Now, you know which is starting to get pretty interesting. And yeah they said, Larry Fink said their 25 largest clients had given BlackRock a larger share of their spending. Over the last five years on these kind of tech, you know risk management type type products so that their technology arm is really has probably been best in class, because you've seen other asset managers really suffer a lot more, because they're that kind of tech product bit piece if you like just isn't isn't as strong. Yeah. And there was an equity analyst and the FT on the back of this you kind of encapsulated that that thinking. He wrote that they've built a better mouse trap in terms of having better technology and options across all the asset classes. Yeah, I mean, so calling it platform as a service, you know suggest that they are trying to get into the tech speak. I don't know if you've been to BlackRock offices in London recently. But it is it's like it's like a tech startup you know they're all wearing button dash shirts and sipping their lattes it doesn't feel like it doesn't feel like when you go into shoulders or something like that it feels like flatline. Sorry, sorry. Yeah. But, but yeah the last the last thing I want to say about these numbers is just in terms of those inflows of 80 billion you mentioned 23 billion in cash management, they're actually net outflows and equities. So even though fees from assets under management driven by the equity rally have increased. There's been 4.3 billion of outflows and 44 billion of inflows and fixed income. So just in terms of where you know where the money is going. That's quite a quite an interesting kind of signal as to where people see the future. Right and that that's why I mentioned earlier right this is where people with cash in deposit accounts at banks, earning no interest whatsoever. Well this is where it's going. Right they're pulling it out and so this goes back to the point about being the biggest and having a good set of products and a good platform it's easy to kind of just get on board it so yeah if you've got some cash you want to generate a return from, well I'll take it out of my account. Where am I going to put it? Well, BlackRock. Let's start with them. They're the number one and then obviously you start with them and then you probably just end with them as well and you just stick your money there. Very cool. Well let's look to just bring everything together and talk a little bit about the market right now. I mentioned earlier we've just gone through the open on the street. I'm not sure if either of you've got your charts up. But US equities have just popped to the upside through the open. The NASDAQ is. That's ripped. Feeling fine on a Friday here and actually I was just looking at the NASDAQ on a daily chart. I mean it's the highest going back to the beginning of 2022 right now and there's a really, I think Wednesday's just saw the price really break quite a key long level of resistance which was holding the price action for recent weeks but by de facto then this year 2023 and it was capping some of the price activity we had through March and a retest in late March April of last year. So technically looks quite bullish Piz. I mean perhaps we could just also layer in firstly the reasons why and obviously that inflation number was really important this week. Yeah, so this is markets and particularly tech, still leading, but it's about a reducing risk of a bad recession so a hard landing we talk about hard landing and soft landing right which is just a description of how bad a recession is when you're on that downward leg of the cycle. And what's happened because of Wednesday's inflation data, the risks of a hard landing have gone down, and the probability of therefore a soft landing has gone up and I guess you might even want to put in the category of a probability that a recession at all has gone up so this is about the inflation data which is of course has driven everything for the last two years and is the entire reason why the central banks have ramped up interest rates so quickly and the key reading was on the core inflation print for the month of June came in well below expectation and came in at 4.8%. That indicates that inflation not only because, well, I guess it's been trending down for a while right but that downtrends just sped up. So we are accelerating back towards 2% at a faster rate than we thought so it just means that the Fed I think if you look at rate probabilities I think it's still the case that markets are pricing in a rate hike from the last few weeks, 25 basis points, but actually beginning to look like that might be it. So we're like one more hike and done. So, so yeah, the peak of the interest rate hiking cycle being revised down, and then maybe rates don't stay as high for longer if inflation is going to return back to normal fast, then. This is a, this is quite a pivotal moment, perhaps in that whole debate about are we going to get a recession are we not are the Fed going to carry on hiking are they not. So yes add some percentages there so the probability of the hike on the 26th of July next FMC meeting is still 95%. So pretty much hasn't altered at all. However, the probability of end of year, which was priced for another step up as you said, that's now decreased to 18%. And just sitting at the then 25 extra which would take us to five and a quarter to five and a half federal funds rate that's at 62%. So yeah, it's this it's it's the one and done, as far as the market is concerned for now I would say now till December is a lifetime of course. In terms of percentages just just having a look in video is up 12% on the week. The letter is up eight Googles up five. These aren't small companies here so it's definitely got some decent pace to it one question then maybe to wrap the British pound peers. That's that's also well and above through 130 at this point in time, just because I want to talk in your mind about the contrast between some of the data we've seen this week we had GDP was a contraction of 0.1 against 0.3 expected. So the resilience resiliency despite the coronation of King Charles, God bless the King he the economy still going and wages are still going up. It was shown in the latest jobs data this week. So further fueling this idea of UK rates going even higher so anything there that you see with. We're actually signing off on a 6% pay deal for public sector you know all of this stuff feeds into the very clear evidence that the inflation problem in the UK is has definitely not gone away. Like it is doing in the US the US run a great trend here on inflation unfortunately the UK it's still not only is it not coming down it's still going up at a core inflation level. So basically the dollar charts quite extraordinary, like just in in two weeks, less than basically in one week. It's gone from 127 to one to above 131 I mean I can't describe how big a move that is in such a short space of time. Now, a lot of this is dollar related like the dollar is weakening rather than the pound strengthening. So the dollar is devaluing because of that inflation data, indicating the Fed are done. The bank of England they're going to have to carry on hiking for God knows how long here. So you've got all of a sudden quite a divergence again in the interest rate expectations between what the bank of England will do carry on hiking and what the federal do stop. And so that's leading to the pound appreciating and the dollar sort of devaluing so yeah quite an amazing move have to say. Cool, well look, just to wrap two things I wanted to say for one. Yeah, given the breakdown of what's being described for some people might have been quite a lot to absorb. So if you jump on the amplify me YouTube channel, Steven did an awesome series of explainers that are like two to three minute long videos with animations and slides that explains some of these things like, what's the difference between investment bank and a different divisions and so on. And when you see that visual queue, maybe it will help just pull the pieces of the puzzle together for what we've discussed for anyone where you know this is might be a new subject to you so do check that out. And then also what I'll do is I'll post myself on LinkedIn this weekend, some of the earning statements where we've gathered some of this information we've discussed. It's not that it's difficult to find you just got to know where to look. And so I'll give you a little walk through for any curious minded students or investors who want to know how to find these metrics. I'll give you some step by step advice on there as well so feel free to check out and find me and then feel free to connect with all three of us and LinkedIn would love to to speak with you. But thank you very much guys. Thank you. Take care.


Hi guys, let's talk about Abu Dhabi. Tough one, right?  It's been absolutely incredible to watch from those will-to-will actions to those solo wins to those comeback. It has been probably one of the best ever season in Formula One. What we can tell though is after 2020, the change of regulation for 2021 was made to, I won't say to slow down Mercedes, but definitely it did slow down Mercedes. It offered a better competitive package through the championship, so I guess it was kind of done in that aspect and it worked. So we had a great show talking about Abu Dhabi. Decision-wise, I mean, I don't know. Yes, it's very tough luck for one guy, very good luck for the other one. I think it'd be very hard to say that it was only one race that decided the whole championship. It was 21 gone please. Yes, it ended up that they came to the last race with the same amount of points. If we look at the whole championship, I think Max probably had a little bit more tough luck through the championship. Having a punctured back who'd been crashed into an ungrowing. I put maybe Silverstone aside where, yes, it was Louis' fault, but Max could have opened the door at the end of Louis' core points. I really felt for Louis in Abu Dhabi. As a spectator, I thought that his last lap was super exciting. It wasn't fair, but his Formula 1 really fair. I mean, sports should be fair, meaning you all have the same chance. Whereas if you're on a Haas or Williams, you don't have the same chance as a Mercedes or Red Bull. So everyone's saying it's not fair. Well, Formula 1 isn't fair, guys. You know, I've been racing in 10 years from Formula 1 and I've had some really good cars, almost won some races and then in the last few years just had no chance to win anything or to be able to put it. So that's not fair because, you know, you train as hard as everyone else, but you don't have the same tool. So yes, the last race was a bit something. Is there a solution for the decision? Maybe you can close the pit during a safety car, as we do in Indica. And then there's no chance for one guy to get the advantage. Of another one, could be an option. Have you guys got any idea? If you have any ideas, just push a comment. Let us know and I'm more than happy to talk about it, because you know, more we thought about it, more ideas may come up and maybe solutions. I don't want to say, I was quoted saying it's the right decision for Mike and Masi. It's my personal opinion as a fan. I thought it was cool to see. Is it the right decision? I don't know, because obviously if your Mercedes fan or Lewis fan, it was tough and they thought they were going to be world champion for those 99% of the Grand Prix and they deserve to be as did Max. So rather wrong decision. I don't want to go in there. I think what we are is an incredible 2021 season. The first world championship for Max Verstappen, which I felt over 21 Grand Prix, he deserved the best season ever made by Lewis Hamilton. Absolutely incredible. That opens a brilliant 2022. Really opens a brilliant 2022 and I cannot wait to watch the first race. I hope it's the same for you. Again, don't hesitate to write a comment, suggestion of what to speak about, like, subscribe, send your love. Thanks.


Didn't know I was waiting for someone to do it to do an introduction or do I start all right? Okay. That makes it easier I mean ideally people can join from outside, but since this was just approved on Friday, and I just announced it today I think the odds of someone actually watching it are going to be relatively low But yeah, like I said, I mean I poked a few specific people and I announced it, but I you know that was a couple hours ago So it's early enough in North America still the No, no worse All right, so that this is going to be incredibly informal So I have a couple of slides, but the idea behind this is mostly to get some like-minded people in the same room and talk about what we're trying to do and You know hopefully move from there um so Some of this is also around six. We've been trying to a combination of reviving some old SIGs creating some new ones and Because the a lot of the the old AI and short machine learning SIGs were Activity-less So we were trying to revive some of that The There's been a renewed at least a recently a renewed Effort to try and get the more the heterogeneous compute stuff in Fedora in particular There's momentum around the AMD's rock-n-stack There's question of whether that should be the same SIG whether it shouldn't be Sorry because this was just accepted on Friday. I did not have a whole lot of time to prepare um So there's like I said, that's going on is rock-m. We've got several packages Approved I'm not sure we're going to Hit it before I don't think I don't think we're gonna finish before Fedora 39 branches But I mean I'm always up for being surprised in that area One of the targets is to have enough of rock-m so that we can have accelerated pie torch running on Fedora and I think there's some other work being done on particularly blender to try and get blenders functionality for accelerators working with AMD hardware There are some very early plans around trying to get pie torch packaged in Fedora There I mean it's it's early enough that the the few things that need to be done are mostly in Fedora discourse instance Like one thing I wanted to get I don't know if anyone here has feedback for There've been there's been some Discussion on how to do communication I Requested a Matrix channel an IRC Given the number of people who have chatted in that it's either not known or nobody wanted it in the first place I'm unclear. Does anyone have any thoughts on? Is matrix even something something people you know still want? I mean there's no in an IRC either. It's just a it's dead And has been it's we're being recorded. I'll call out Red Hatter's anyways, right? So there are people at Red Hat who have Fedora counselor involved in Fedora Who there's an internal slack AI channel that people post on yeah Where they could just post this stuff on the public one or in either the chat or I have been You know gently nudging For a while. I don't know. I think more gently nudging would yeah, but I mean that's this for the internal stuff I don't think everyone here is right I don't mind there being an internal thing But a lot of that internal stuff could be brought out to there And I think that will help and then once that will make it not feel dead And then people will feel like it's a place to me Yeah, other people who are not red headers. I'm not blaming you if you are a redheader who should be called out here Yeah, I don't but other than the two of us I don't think I see anyone who's been a regular on the AI slack channel But yeah, I will then drop my mic and let somebody else No, it seems like a lot of silence. So it's either people don't care a whole lot or I mean there's no violent objection or One of the things that I've Honestly, I didn't come up with it. I don't remember who did Of fedora being a duocracy, you know It's only gonna happen if you put boots on the ground and actually do it And if no one stops you then it gets done Yeah That that sounds some yeah, that sounds like something I think Robin would say but Yeah, I guess I don't think I remember caring from somewhere, but it's been long enough. I don't remember where so I guess We'll just kind of keep going with that The other one has been a bit around and this is a some of a larger discussion around mailing lists versus discourse They think the current plan is to get rid of the mailing list that isn't being used and just kind of keep things on Discourse because that seems to be the direction things are heading in regardless of What anyone feels about mailing lists? There are practicalities involved That I think is really had really pushed me that direction is just it's the maintenance burden of mailman on the info folks So if there's no Thoughts I there seems to be more activity on discourse than there is in matrix At least within for the AI ML stuff One of the other The other things that the I didn't make a slide for it So how many folks are interested in more of the AI ML stuff? Versus the heterogeneous compute and anyone the other way around more interested in The other the more like the the accelerated blender That kind of stuff Or not just a you know rock M. You know like entails one API would fit into that as well There has been some Question around whether they should be the same sig or different sigs. So I'm just trying to get information for that I Don't know who would lead Who's going to well, there's that's always the question This is who's gonna put the time into into running all of it. I don't think we have an answer for that But the voice is who most wanted to see them separate are not able to be here So that silence in this room does not necessarily make consensus Yeah, I just I don't really care I just don't want there to be two small groups that are never able to find a time where they can both get together Never find enough people to do anything when if everybody would make one combined group there would be better Yeah, and so is there's just more I think a little more discussion to be had because there was one person in particular We wanted to see them separate. I don't think anyone else cared So it's gonna be honestly I think it's gonna be up on him if he wants to lead a separate group Then I'm not gonna stop him See Just more stuff of you know is this is are there other things that folks are interested in these are the things that came to my mind first in terms of You know both the AI machine learning and the the heterogeneous compute Some of the stuff is close to others one API is quite frankly a ways away from being packageable in fedora There's stuff that needs to happen upstream before that's something that could even go into the repose. So that's further out Like I said rock M. Hopefully we will have enough to run pie torch on By the time fedora 40 releases At least at the rate we're going And pie torch is an ongoing Discussion there is quite a bit of work to be done there in terms of dependency packaging in terms of Questions around how we can do it. What we can support You know whether Whether we like it or not Nvidia is the 800 pound gorilla when it comes to the scientific computing But the way they license their software it's not something we can distribute in the fedora repose so You know can we build things in such a way that you could just install part of it from Like rpm fusion or have directions so that you could download and do it yourself There are there are a lot of these questions that have not been answered yet They're kind of on the list of stuff to do for pie torch Do you know how far off their the driver open source driver? They release was supposed to be GPU Computing focused in I yeah, it depends on which part my it's with my experience with working with Nvidia stack for AIML the driver is not the problem The biggest hurdle that I've always had is the the CODNM The the neural network specific stuff that's built on top of CUDA That has the most stringent requirements on you have to have you know some version some range of version of GCC some range version of Glib-C and all that kind of stuff Where I don't think I've ever The times I've looked at it. You can't find those in the same Release of fedora. That's currently supported If that makes any sense so the problem with like pie torch and whatnot on Nvidia is in fedora It's not the driver part. It's the CU it it's the CUDA to a certain extent, but the CUDNM Stuff that's built. That's the neural network specific stuff that's built on top of CUDA. Does that answer your Part of your question Okay, thank you. I some of this stuff is Possible we could ship that here's a container or a container from somewhere someone had drivers probably Yeah, the I mean there's always there are ways Relatively simple ways to people can install the the closed-source drivers on fedora The someone had responded to one of the converse one of the discourse posts recently that Like there used to be a way to do it so basically the something called Nvidia Docker or Docker Nvidia I don't remember which way it was but basically it was a mechanism through which you could expose the GPU to the container And then you could have all the proprietary stuff with all the pinned versions of things you need in the container and Run that on a system that just had the Nvidia binary driver installed We can't really do Docker and fedora anymore, so that stopped working But there is a new project that is more generic that should be able to work with podband as far as I know So that is as far as I know someone is working on it, but I don't know all the details So hopefully that's coming that will be a way to do it Are there other things that fit into AML the heterogeneous compute that people are interested in Other than the stuff that I've kind of been talking about these are the things I know of Which is because I don't know about it doesn't mean it doesn't exist Wait for the can you wait wait for the room Do we have an object you define for the sake or is this the discovery phase of it? more the discovery phase more it's something that like I said the It's a combination of revival and creating The the old SIGs were dead We're trying to create something new that either replaces or Repurposes existing SIGs, so effectively. No, I mean that other than what I've talked about the trying to get Pi torch to the point where at least it can be accelerated on fedora without having to go to binary blobs So getting to start off at least with rock am I Think it will really help if we have an objective that can evolve over a period of time, right? So if we have an objective, then you you can attract more people It need not be Set in stone Can evolve right so that's one thing the other thing that I wanted I was interested I mean this again goes back to the offline conversation that we had about the infrastructure For testing some of these stuff So you want to bring that up or yeah, I mean it's there's Still a lot of questions one of the things that has become pretty obvious as we're working to package rock M is That it needs to be tested in an automated way It's gonna be somewhat fragile enough that Trying to do all of it manually is not going to end well at least not for my sanity So there are there is an open question on how we can test that stuff The weather Technically there is an AMD GPU available in Amazon's cloud that they may or may not allow us access to I Had problems getting to it personally Huh No Okay, I don't know it like I said I had I was very irritated with how difficult it was for me But on my personal account to get access to the the instance with the AMD GPUs And there's still an open question of whether it's good enough for rock out because it's several generations old and isn't on AMD's official support list for rock M I Thought I saw one that was much was newer and just AMD they have brand new Nvidia stuff There was a newer. Oh, yeah, I can't remember which one it was offhand though, and I'm too tired I thought it was like a like the v5 20 is the one that they have I thought which is like no It was not yeah, it was much larger numbers than that, but I don't remember the details But David Duncan is here from Amazon and if anybody can hook us up. It's him Okay, I mean if there's if we can do this cloud that would be much easier than anything else I can think of because the rest of it Because there's there's a lot there are open questions on you know What system we would use to test it my first thought is open QA if we do that is their room you know in the the racks that they use in In in Virginia for for fedora infra, you know Is their funding for the machines that our GPUs would be in can we get the GPUs to test with is this a good way to Out or good route to go There's just there's a lot of open questions that I don't have answers to The other thing for kind of connecting this to your list of what other people think things that people are interested in I note that Matt Hicks is interested in the open-shift data science kubernetes GPU computing thing and so Having fedora provide a good experience that ties in with you know kubernetes in the cloud for doing computing would probably be helpful in terms of Getting positive attention from our large sponsor to us not that everything is about red hat just that that's a Nicely aligned thing right there. Yeah Well, I mean you know peel it Speaking surely from a you know pragmatic point of view. Yes. I do work for red hat I don't know anything more than what we're talking about is you know if you want to get funding for something appeal to a sponsor that has money Going completely the other direction a thing I think is interesting is They like was a microtorch that that Peter Robinson was talking about which is basically building The models that will then run on like ESP 32 or a really tiny microprocessor and I think like that having fedora be an interesting development environment for that would be cool because I I can see cases where I would like like I have a I would like to be able to recognize whether it's a cat or a human going up and down the stairs at night and not turn The light on for the cat because the cat doesn't eat it But the humans do and that's like a that would be kind of a fun little project that probably could fit in that with some sensor data But also is probably also zero interest to red hat, but yeah, it would be cool There's some other interesting things that that Peter brought up on discussion or on discourse About you know some of the open CL stuff And trying to get it to run on new hardware, especially some of the AR 64 things But for I think for the moment like I said, I think the the immediate focus is Rockham because in terms of stuff that we can realistically do in a short period of time that is it You know, it'd be great if open CL stuff works in the future for acceleration It'd be great if we can get Nvidia stuff to work to be great if we can get Intel stuff to work but for in terms of the stuff that is probably Okay license-wise with Fedora that probably works that we can get done in a reasonable amount of time We're looking at Rockham for the acceleration and then probably PyTorch on top of that About the open CL it should be already supported, but I'm not sure how usable that is for like AI and acceleration I was talking specifically about there was a conversation on discourse about an open CL back-end For PyTorch, which there is there was an experimental one. There was some other support, but it's not anything that is There were performance issues. There were maintenance issues. So I Open CL aside. It was that specific back-end for PyTorch. I'm sorry. I didn't elaborate on what I meant Well, I think we only have a couple of minutes left if no one has yeah I'm gonna pass the microphone over to Jeff As far as hardware for Rockham, is it an extensive list of GPUs that are supported? I Wish I had a good answer to that question. So I will answer it with what I know AMD's officially published documentation on the GPUs that support Rockham There are three or four of them all of which are over $2,000 There are other lists. I've seen I know you don't only like that. That's just their list I know one of the other guys who's working on packaging had just got a 7,600 I think it was a set one of the lowest at lowest end of the current gen AMD graphics cards. I know you can run on other stuff. I don't know what the official things are some stuff works Some stuff doesn't so long answer. I don't really know. I wish there was a better list But from what I understand AMD fully intends to have it work on The stuff going forward. So the 7,000 series the current 7,000 series of AMD GPUs and going forward I imagine Rockham will work on In addition to what it already works on, but especially going forward any other questions comments before to wrap up Okay, well if folks are certainly interested in this, please, you know keep an eye on discourse Feel free to ask questions in matrix if you have other questions or want to talk about other things We have a couple more days. Feel free to come talk to me Other than that Yeah, I think that's pretty much it. Thank you all for showing up and adding input


of the Texas Rangers starring Joel McRae as Ranger Jase Pearson. Another authentic re-enactment of a case transcribed from the files of the Texas Rangers. Places in the following story are fictitious for obvious reasons. The events themselves are a matter of record. Tomorrow NBC's 300 Man News staff will once again spring into action to bring you every important news development of the Democratic National Convention in Chicago. Yes, from wherever news is being made, NBC will present it when it happens. Following their comprehensive broadcasts from the Republican National Convention one week ago, NBC received thousands of letters praising their most complete coverage. One teacher from Michigan wrote, quote, Again may I express my gratitude to your network for being on the scene of every important development during the Republican National Convention. I have recorded all of the important speeches, commentary and balloting on my Webster Electric ecotape recorder, and I intend to record all of the Democratic Convention from NBC too, unquote. Well, our teacher friend need not worry, for NBC will have expert radio reporters such as George Hicks, Morgan Beatty and Richard Harkness making it possible for you to attend the Democratic Convention on NBC. Make NBC and this station your convention headquarters. Now, Tales of the Texas Rangers. And now from the files of the Texas Rangers, the case called Round Trip. It is a Thursday evening in May 1946 in the city of Houston, Texas. In a shabby travel agency near the waterfront, several people are sitting on benches ranged around the walls of the poorly lighted room. A little past eight o'clock, a man enters, speaks a few words to the clerk, then walks toward one of the men at the other end of the room. Your name Dave Hobart? Yeah, that's right. You the fellow that's driving up the wiggle? That's right. You got your baggage with you? Yeah, just this one suitcase. Where's the car? On the front. Okay. Do you know where I was beginning to think maybe you weren't coming? No, I got delayed. The truth of the matter is I promised to bring my kid a toy fire engine for his birthday. I forgot all about it until most of the stores were closed. I had an awful time finding that fire engine. But I got it. Hope you didn't mind waiting too much. Not as long as you got here. I don't feel like spending another night in Houston, I tell you. This your car? Yeah. I'll get in this side and slide over. Just throw your suitcase on top of those newspapers in the backseat. All right. Hey, what you doing with all those papers? Oh, I'm a bundle carrier for two papers. Running a regular route between here and Waco. I just take passengers along to pick up a few extra bucks. Oh, a bundle carrier and pay pretty good money? It's a living. Hey, where you going? This isn't the way to the Waco road. Yeah, I know. Got another passenger to pick up down at the end of the block. If he hasn't got tired of waiting and left. Been working down here in Houston? I've been looking for a job. Just got back from Germany a few months ago. Army? Yeah. No good jobs run now. Guys who got back first took them off. I don't recognize the other passenger over there. You the fellow that's going up towards Waco? Yeah. Hey, sure took your time getting here. Where am I to put these two suitcases? Oh, just throw them on top of those newspapers in the back. All right. You know I was going to be so crowded in your car. I'd have waited and taken the train in the morning. We'll get you where you're going. I hope both of you felt like coffee. I usually stop a couple of times on the way. That's okay. Sure. I don't think you don't make too many stops. Been driving this night rock ten years now.  Either you fellas married? Uh-huh. How about you? Nah, I'm in the Merchant Marine. I've seen lots of girls in lots of countries. None of them worth marrying. You could change your mind one of these days. Nothing like it. Having a wife and kid to come home to. You know something? I take passengers on this run almost every night. Make an extra five or six bucks. And every cent of that money goes into a special account. Earmark for sending my boy to college. Is that so? Yep. My wife and me, we made up our minds. He's not going to carry newspapers for a living. We're giving him the best education we can get for him. Well, sometimes even when you've been to school, you got trouble making a living. Not my kid. He's really going to be something. Hold the wheel a second, will you? Okay. I want to show you a picture of him. I got my wallet. Let's get this rubber band off. Here. Oh, all right. I got the wheel now. See if you don't think he's the finest kid you ever set eyes on. Now bring it over closer to the dashboard line. Well, what do you think of him? Good looking boy. Yeah. How y'all, mister? Thanks. You mind holding the wheel again? Every time a wallet gets full, I have trouble getting this picture back in. You shouldn't carry so much money in it. Oh, got to. It's collection day. There we are. I'll take the wheel now. You mean to say you collected all that money just in newspapers? Oh, you'd be surprised how it mounts up. And which was all mine? It's an awful lot of dough. Yeah, it sure is. At 8.20 the next morning, a highway employee cutting grass alongside the road 10 miles south of Colby, Texas, found the body of a man lying in the ditch. There were two bullet wounds in his head. When the sheriff arrived, he immediately recognized the man as Robert Dixon of Waco. The sheriff requested assistance from the Texas Rangers. And at 9.25 Ranger Jase Pearson pulled up in his car. Howdy, Sheriff. Howdy, Jase. The body's right down here. I understand you knew this fella. Yeah, I knew. Bob Dixon was a finer man as you'd want to meet. Here's the body, Jase. How did you happen to know him? He had a newspaper bundle out between Houston and Waco. I used to see him in diners along the road. He was a great coffee drinker, just like me. We got to be pretty good friends, meeting like that every week or so. You located the car he was driving? I thought it was found about 15 minutes ago, but it turned out to be a false alarm. I checked his pockets, Jase. Empty. Cleaned out. Pretty clear case of robbery. The bullet centered his head from the right side. These powder burns means he was shot at close range. Yeah, I figured it was somebody who was riding with him. Was he in the habit of picking up people? Yeah, I had some kind of arrangement with the travel agencies down in Houston. He used to carry a passenger too with him almost every night. Yeah, we'd better check with those agencies. They can tell us who rode with Dixon last night. As far as I know about those places, sometimes they keep a record of customers' names and sometimes they don't. Uh-huh. Right now it's the only lead we've got. That sounds like my call. Better see what they want. You know, Dixon was always talking about his wife and kid. Never seen a man so proud of his family. I'd sure like to get my hands on the one who did this. KTXA. Unit 10 to KTXA. Go ahead, KTXA. By highway patrol near Farm Road 4-2, three miles south of Cody. 10-4, unit 10 clear. KTXA, Austin. I don't want to give you something to go on. Yeah, let's get over there. The highway patrol was waiting for us on Farm Road 42. Dixon's car was about 50 yards from the road, half covered with brush. Sheriff and I walked toward it. It looks like he started to hide in the car and then changed his mind. Help me pull this brush aside, will you, Sheriff? Well, I can't help wondering why he picked this spot to leave it. Seems to me he'd have dished it closer to town or else picked a place where it wouldn't have been found so quick. Well, there's one reason he might have left it here. There's blood on the front seat. You mean because there's so much of it? Yeah, probably got panicky when he got close to town. He decided to walk the rest of the way. That sounds logical, Jase. But it still don't bring as much closer to knowing who did it. We'll bring a lab crew to go over the car for prints. Maybe... Wait a minute. What's the matter? I'll slip a paper above the sun visor here. Anything interesting? Could be. Pick up Dave Hobart at Thomas Travel Agency. Thursday, 8 p.m. Jase, that is something. Yeah. Here is tracks going toward the road. More than life, he'd just hide tail for town as soon as he ditched the car. That's funny. Tracks turn into that brush. Now, why would he go off this way? That don't make...Jase. Next to that rock. Yeah. A leather jacket and a pair of khaki trousers. No doubt about it being his. Look at the blood stains on him. Must have shed these right after he left the car. That means he probably had other clothes with him. Yeah, well, I'll go through the pockets here. I'm doubt if he left anything in them, but you never can tell. Nothing in the trousers. Try the jacket. There's a couple of pennies. Looks like they've been in the pocket for quite a while. Hey, here's a stub of a bus ticket. Kobe to Houston. Any date on the bag? That's kind of blurred. See if I can make it out here. Yeah. May 14th to 46th. Well, that was Tuesday. Sounds like the man we're looking for could live right here in Kobe. The fellow whose name was on that slip of paper in the car. You reckon he's the one that killed Dixon? We won't know that till we find him. We decided that the best way to locate Dave Hobart was to check all post offices in the area. We didn't have to look far. The postmaster at Kobe told us an ex-soldier by that name lived on a farm with his parents 12 miles south of town. The farmhouse was about a mile off the main highway, not far from the spot where Dixon's body had been found. When we arrived at the house, we saw someone chomping wood next to a shed. I reckon he's the fellow we're looking for. Could be. Your name, Dave Hobart? What? Yeah. Something to do, boy. First thing you can do is drop that ex. What's all this about? Drop it. Okay. Were you in Houston last night? Why? We'll ask the questions. Were you in Houston? Yeah.  Tuesday morning.  Huh? How? Paid a man to give me a ride. Through the Thomas travel agency? How'd you know? I told you we'd ask the questions. This man you rode with, did he have newspapers in the back of his car? Well, what if he did? He was robbed and killed last night by somebody riding with him. It was okay when I got out of the car. Besides, there was another guy with him. Who was he? How should I know? You gotta do better than that, Hobart. Do you have a gun? The only gun I ever had was the one Uncle Sam gave me. I was sure glad to give it back to him. Why were you in Houston? Because I was looking for jobs. Did you find one? I had a few offered to him, but it didn't take him. Why not? Because it didn't pay enough.  You look, Sheriff. I didn't kill this guy. You find that other fella in the car and you've got your killer. Hobart, you say you were in the Army? Yeah.  And I reckon you were wrong. It was the only pair I got left. You ever own a leather jacket? No. We'll check and find out if you're telling the truth. Well, go on, check. How'd you get into Houston on Tuesday? Go to Ryan. You sure you didn't take the bus from Colby? Why would I go back there to take it? There's a 12 miles closer to Houston. You might have been in town that morning. Then you'd have got on there. I wasn't in town. And what's taking the bus gotta do with this anyhow? I found a canceled bus ticket from Colby to Houston that we're pretty sure the killer used. It's dated Tuesday, the day you went to Houston. Look, you've got the wrong man, I'm telling you. Maybe so, but you're coming along with us anyhow. Oh, what, too? To the bus station in Colby. Maybe somebody there will remember if they sold you a ticket. We arrived in Colby a little past noon. The bus station was located in a restaurant across from the courthouse. Through the window we could see a heavy-set woman sitting at the cash register eating a large piece of pie. The sheriff said she ran both the restaurant and the bus station. It took Hobart inside. Go on in over there. All right. Buddy, something I can do for you. Howdy, Maggie. Ranger, I'd like to ask you some questions. We don't mind. Oh, I don't mind.  I don't believe so. Oh, it's mighty good.  Not right now, thanks. Only thing I've got to give is raspberries and seeds to keep getting in my teeth. But you fellas want to know. You're the only one who sells the bus tickets here? Yeah. And then somebody takes a notion to buy one. Did you ever see this boy before? Oh, listen. He's kind of shy, ain't he? He left up ahead, sonny. Let me get a look at you. He's a good-looking boy. Yeah, I reckon I've seen him a few times. Did you sell him a bus ticket to Houston on Tuesday? Well, it's past Tuesday. Uh-huh.  Just one of them was to Houston. Did this boy here buy it? Oh, no. I don't reckon he did. You see? I told you already. Just a minute, Hobart. You remember who did buy it, ma'am? Well, let me see. See, I just got to organize myself here a minute. Oh, I always feel sluggish right after I eat. Oh, yeah. Now, I remember it was Jim Mayo bought the ticket. Jim Mayo? Jase, if he's mixed up in this at all, he's our man. Oh, makes you so sure. Well, I've known him ever since he was a kid. Not caught forging checks when he was 15. Been up for everything from vacancy to horse theft. He's still got to be sure the ticket we found was the one that was sold to Mayo. Ma'am, you keep a record of the serial numbers on the tickets you sell? Yeah. I've got them in my audit book on that shelf behind me. Am I looking up the number of that ticket you sold Tuesday? Oh, all right, Ranger. I didn't even know Mayo was back in town. Thought he was in the merchant ream. Could have been between ships. All the fella in the car with me said he was in the merchant ream. Right here. Here we are. Let me see now. You got the ticket, Sheriff. Right in this envelope. Tuesday, May 14th. Kobe to Houston. Ticket number 3544. That's our ticket, Sheriff. Says Mayo's one more after. Look, Jace, 3544. In just a moment, we will continue with tales of the Texas Rangers starring Joel McCray as Ranger Jace Pearson. There are seven million smart people in this country. Are you one of them? Yes, every payday, seven million people save a total of $140 million. Mister, that's a lot of money in anybody's book. Who are these people that save all that dough? Millionaires? Big executives? Nope. They're just average people, but they're smart. They know the only sure way to save is to do it systematically, every payday. And they know there's no safer, better way to do so than by buying United States defense bonds through the payroll savings plan where they work or the bond a month plan where they bank. How those savings steadily mount up, too. Because they go into improved series E defense bonds that now pay 3% interest compounded semi-annually when held to maturity. Why don't you join the millions of smart people building their future now with regular investments in defense bonds? They're now even better. Now the second act of tales of the Texas Rangers. We continue now with tales of the Texas Rangers and our authentic story, round trip. We released Dave Hobart, then went to the house in Colby where Jim Mayo's parents lived. They said he'd gone to Houston Tuesday and had not been home since. We put out an APB on him and stationed a deputy at his house. Then we started checking Seaman's hiring halls in the port cities hoping to pick up a lead on his whereabouts. We worked along the coast from Galveston and on Saturday morning we walked up the stairs of the hiring hall at Corpus Christi. I'm getting discouraged, Jason. Could be he didn't even come near one of these hiring halls. It used to be me shipping out to be the first thing he tried to do. Well, I sure hope this dispatcher can tell us. What's on your mind, Stance? You're not figuring the ship out, are you? We'd like some information from you. Well, if it's about ship, you've got the right man. You remember seeing a man named Jim Mayo in here? I reckon so. When was he in here last? Yesterday. Jason. You happen to know where we can find him? I reckon I do. Mind telling us. I sent him on to the John Duncan yesterday. She's bound through the canal for Honolulu. You make sure of that? Yeah, I'll look it up in my card file here. He's a fireman water tender, you know. Got a lot of calls lately for fireman water tenders. Uh-huh. Oh, here's his card. Wait a minute. What's the matter? I'll give you, Jim, some wrong information. Mayo's not on the John Duncan. Well, that's relief. Glad we don't have to go all the way to Honolulu for him. No, Mayo signed on to the Humphrey victory. She left last night. Where was she bound? Let me see. Yeah, Victoria, Brazil. I called headquarters and informed them that Mayo was on a ship headed for Brazil. It was decided that he should be arrested when his ship arrived in Victoria. Clearance was made with the Brazilian government through the American Embassy in Rio. The sheriff and I were detailed to make the arrest and bring the prisoner back. We boarded a plane and flew to Victoria in the morning of the 2nd of June, not quite three weeks after Robert Dixon was killed, the ship on which Mayo was working dropped anchor for quarantine just outside the Victoria harbor. Together with Lieutenant Delotto, the Brazilian police, the sheriff and I rode out toward the ship in a harbor patrol launch. All be long, Jace. I can make out the faces of the people standing along the rail now. Yeah. It looks like the braid on his hat. I'd say the fellow standing by the gang was Captain Dreyer. You are sure, senor, that all has been prepared for you aboard the ship? We've been in radio contact with the captain. And this is a mile. You are sure he does not have word that you have come? Unless the radio operator is a special friend of his. I won't do him much good if he does know. He's boxed up on there like a maverick at brand and time. I beg your pardon, senor. Now, the sheriff means it'd be hard for Mayo to get off the ship. Oh, well, here we are. Now, let's get aboard. Well, the way this thing's bombing around here. I hope I don't break my neck getting on of those steps. Making it all right, Sheriff? Yeah. And I just soon have come after this guy on a horse. Ranger Pearson? That's right, Captain. Lieutenant Delato and Sheriff Olson. I do. I've got to admit this is a new experience. Having a ranger and sheriff board my ship in a foreign port. He's not exactly running the mill for us, either. No, I suppose not. Well, I followed your instructions, ranger. Mayo doesn't have any idea you're after him. Where is he now? On watching the engine room. Well, maybe it'd be a good idea to clear the other men out of there before we go down after him. They could get hurt if he makes trouble. No, don't worry about that, Sheriff. Chief Engineer tells me Mayo's on Donkey Watch. That means he's down there alone. Would you take us to the engine room entrance? Sure, this way. How'd you get him back to the States? Now, we've already booked passage on the Goodman victory. She's sailing for New Orleans at midnight. Goodman? Well, it's just like this one. She hasn't got a brig. We got one of the cabins set up for Mayo. Oh, here we are. You want me to go down with you? If you don't mind, we'd rather have you and the Lieutenant stay here. We'll pick him up alone. Okay. Well, good luck. Thanks. He'll add heat, Jase. We'll be slashing the face. I don't know how a man can work down here. I reckon you get used to anything. Yeah, there he is. Between those boilers. Got his back to us. He's working on something at that table. He sees us now. Get ready in case he tries to duck behind one of those boilers. Yeah. Well, it isn't my old friend the sheriff.  You fellas a little far from home, ain't you? We've come to get you, Mayo. Me? For what? So we can take you back to the States. You're wanted for the murder of Robert Dixon. I don't even know anybody by that name. You rode with him from Houston to Colby on the night of May 16th. We think you robbed and killed him. You don't know what you're talking about. You're innocent. You have a chance to prove it back in Texas. Come on, Mayo. Don't be crazy. I'm not going anywhere with you. This is Brazil. What's that got to do with it? I know my rights. You got no authority to arrest me here. It's all been taken care of. There's a Brazilian police officer up above with a captain. Now, let's get going. Oh, yeah? Okay. If that's the way you want it. Look out, Jason. It's not a race. Yeah. You think you're going to get me? Drop that rat. I'll get it. That's better. Now, get moving. We've got a long trip ahead of us. We put Mayo aboard the ship that was to take us back to the States and lock him in a cabin. Lieutenant Delado stayed in the passageway outside the cabin to guard him while the sheriff and I went to the dock office to place an overseas call to Austin. I informed headquarters that we had arrested Mayo and were sailing with him that night. It was nearly five in the afternoon when we walked across the dock back to the ship's gangway. Steve Adors were loading the last of the cargo aboard.  I think they understood what I had to say. Well, look at those sacks of coffee going aboard. Huh, hundreds of them. It's no coffee drinker like you happy just to look at them. Well, at least I know we won't run out of it on the trip home. Chief Mate said we should be in New Orleans in 10 days. I'll be glad to see Texas again. Too far away to suit me. It's been a long haul. It's not over yet. See, Lieutenant's fixing himself up real comfortable. Care, newspaper and all. You have made the call ranger Pearson. Yeah, we got through. How's the prisoner? All is quiet, senior. Not a sounder from him. I think maybe he sleeps. Yeah, it must be pretty warm in there with that porthole closed. I reckon we ought to take him out for a while, Jason. Yeah, it's about time for him to have some food anyhow. You have the key, Lieutenant? See, here you are, senior. I'll get him, Jason. I will be sorry to see you go, senior. It has been a pleasure to work with you. Thank you. What's wrong? The porthole's been jimmied open. Mail's gone. Lieutenant Delato immediately notified his headquarters of the prisoner's escape. The Brazilian police threw a cordon around the city. Sheriff and I started checking along the waterfront. Not a trace of Mayo. By 7 that evening, we'd worked well into the center of town, and we're walking down the street toward the first of five or six dimly-lighted cafes. Now I'm beginning to think we're not going to find him in any of these places. And then he might have slipped through the police net and gotten into the jungle. If he has, it's going to be tough finding him again. Well, be easy for Mayo either if he does get into that jungle. Before long he'd be wishing he never got away. Let's check this bar, Sheriff. They don't seem to be in here. No. Let's go on and check. Oh, it's you, Captain. Aren't you and the sheriff sit down and join me? Thank you, but I'm afraid we haven't time. Well, we'll make it again.  For nothing? Well, sure you released your prisoner, didn't you? He escaped, Captain. Escaped? Well, I just saw him walking around town. I thought sure you decided to let him go. When did you see him? Well, it couldn't have been more than five minutes ago.  You remember which way he went? I'm not sure, but I think he went on down the street. Could be in one of those other bars, G. Let's find out. Thanks, Captain. Don't mention it. I hope you catch up with him. Next bar is just a couple of doors down. Mayo sure got a lot of nerve walking around the open like this. But that's the way he always was. Ever since I... Sheriff. Huh? In this cafe toward the bank. How bondy.  Come on. He must have been figured on a big evening. Look at those beer bottles on the table in front of him. I think he sees it. Watch yourself moving in. Yeah. Jase, he's picking up a beer bottle. What? Don't come any closer, Ranger. This bottle I just forget near me. How many yous in on it? Careful, Jase. Yeah. I said keep away.  You all right, Jase? Yeah. If I ever had any doubts about you committing that murder, Mayo, I've lost him now. What are you talking about? I'm innocent. Then why'd you try to escape? Why shouldn't I bust out? I told you I was innocent. I got my constitutional right. Yeah. The Constitution says you're entitled to a trial by jury. And that's just what you're gonna get. Come on. In just a moment, we will tell you the results of the case you have just heard. For the Republicans, it's Eisenhower and Nixon. For the Democrats, it's still a race to see who will come out ahead in party favor. This week is all important for the Democratic Party as they hold the National Convention in Chicago. And you'll want to hear every history-making development direct from the convention beginning tomorrow on this station. NBC's ace news staff and technical crew, more than 300 people, will bring you all of the news as it happens throughout the convention city tomorrow and every day of the convention. So be sure to make this NBC station your convention headquarters. With microphones placed in every strategic location in convention hall, in candidates' headquarters, and in NBC's own special studios high above the convention floor, you can be sure of hearing all of the news. Men like George Hicks, H.V. Cottonborn, Richard Harkness and dozens of others will bring you all the important news developments. So attend the Democratic Convention on NBC. Now the conclusion of Tales of the Texas Rangers. And now, here are the results of the case you have just heard. Jim Mayo was returned to the United States without further incident. Ballistics experts testified that a revolver identified as Mayo's was the one which killed Robert Dixon. Dave Hobart, the ex-soldier in the Newscarrier's car, declared that Mayo was the man who had ridden with him and Dixon. Jim Mayo was found guilty of murder with malice and sentenced to 60 years in Huntsville Penitentiary. Michael McCray and another authentic reenactment of a case from the files of the Texas Rangers. T. Lone Wolf Consolace of the Texas Rangers. This story was transcribed and adapted by Charles E. Israel and the program was produced and directed by Stacey Keech. Tales of the Texas Rangers is heard weekly overseas through the worldwide facilities of the Armed Forces Radio Service. Hell, give me speaking. Wednesday is here the best of Groucho on NBC.


What is productivity? Well, in simplest terms, it's finding a better way, a quicker way, a less costly way to get the job done. Or it's making changes, both big and small, that will improve your work environment and boost your morale. Like better lighting or an upgraded computer, it's working smarter. How do employees feel about being involved in pets? Well, we asked some members about their participation, and this is what they said. It was a nice learning environment for me. Through the pet team, I was able to learn how to solve problems with the other people in my department, and I really enjoyed the group process. The benefit I get from the pet is more a feeling when you're at the meeting and you're talking about the project or whatever. You get this feeling like you're really doing something. It's made me more aware of the overall picture instead of just the little part of the job that I have to do. Launched high above the clouds and filtering atmosphere on February 14, 1980, the Solar Maximum Observatory is a source of very detailed information about the sun. For the first nine months of the planned two-year mission, the satellite collected spectacular new data. Hundreds of scientists gathered at NASA's Goddard Space Flight Center in Greenbelt, Maryland, and had ground observatories around the world to study the sun and solar flares. Scientists made numerous discoveries and raised many new questions about the sun. Then in late 1980, three fuses failed in the Attitude Control Subsystem module. This meant that the satellite could no longer point precisely at the observation areas on the sun. Well, Seppy, what was the influence of Apollo and Shuttle on your program at that time? I think we can best answer that question if we walk up now to the Shuttle Bay trainer and take a look at our latest MMS spacecraft that's been delivered from the production line. Now that we're up here, Dutch, I think I can better explain the impact and the influences of both the Apollo and the Shuttle program had on our spacecraft architecture. Perhaps the most single critical dilemma that was posed to us in the early 70s was the dilemma of having to deal with how to shuttle eyes and make our spacecraft systems serviceable. Servicing and repairing unmanned satellites at space station. Robots constructing colonies for men and women to live and work together on the moon and the planet Mars. These are bold, complex space missions being considered by NASA for the 1990s and well into the 21st century. To support these spell-binding space adventures, NASA is directing an aggressive program in automation and robotics. One of the key NASA centers developing state-of-the-art robotics for space station freedom is NASA's Goddard Space Flight Center just outside of Washington, DC. Goddard will develop the flight tele-robotic servicer called FTS for short for space station freedom. Plans call for the FTS to assist the astronauts in the assembly of space station freedom. While FTS will be limited initially to spacecraft servicing and maintenance tasks, ultimately, it will be able to reach, retrieve, and service unmanned satellites in an unprecedented manner, saving millions of dollars. This slide involves the PIX-K study four, which was a lunar outpost of Mars evolutionary strategy that emphasized using the moon as testing it as a stepping stone in a place that's only three days from Earth and in terms of learning the experience of how to live and learn to work in an extraterrestrial environment and develop that as well as develop the leverage of the extraterrestrial resources. The key thing we looked at here was to what degree would the resources and the experience base of the moon give you capability and leverage your way to explore it onto Mars in contrast to case study two, which is a direct exploration of Mars from Earth. I think it's the first time we've set up a contrasting case on a system. I get excited when I hear John talk about building the ships because that's really what the program is all about. It's about exploration. And consequently, I'm very excited about my new assignment. NASA Update, brought to you by internal communications at NASA headquarters in Washington. Hello and welcome to NASA Update. After having to delay launch for 24 hours because of sheer winds at high altitudes, the space shuttle Atlantis lifted off pad 39B at Kennedy Space Center December 2nd just one minute before its launch window would have closed. And then after a classified four day, nine hour, and five minute mission, the Atlantis glided in for touchdown on runway 17 at Edwards Air Force Base in California at 6.36 PM Eastern Time Tuesday. Atlantis' Commander Hoot Gibson and pilot Guy Gardner tested the shuttle's newly designed brakes and nose wheel steering system during the landing. And finally, on December 5th, NASA celebrated Pioneer Venus II's 10th year circling the planet Venus. At NASA's Ames Research Center in California, there was cake and champagne in honor of the little spacecraft that could. And earlier at a news conference held to discuss the achievements of the Pioneer project, scientists stressed the parallels between the greenhouse effect on Venus, where surface temperatures are reported at 900 degrees, and the Earth. Dr. Donald Huntin said Venus is an allegory of what a future Earth could be. This is not just a chicken little running around and saying the sky is going to fall. It's something real, something we understand, something that can happen, and something that really does happen. And we should not ignore these warnings. There are times when there are chicken littles, of course, in environmental areas and other areas. But these two examples of stratospheric pollution and greenhouse effect are real. Those are not. The sky is falling. And that's it for this edition of NASA Update. I'm Jim Kikowski in Washington. Thanks for watching. See you next week. NASA Update is intended for internal agency use only.


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