My name is Taryn Goodman. I am currently with the Nature Conservancy's new investment group NatureVest. As of a week ago, I was formerly with RSF Social Finance. NatureVest works to source opportunities in conservation, many of which that have social aspects, structure deals around them, bring in investors and scale and replicate those models. And a lot of the work that we're doing really builds off of what I did at RSF, where I was focused on shifting our food system and working in sustainable food and agriculture. And this panel came out of what I was seeing in the marketplace of a lot of money flowing to food and ag businesses, which was incredibly exciting. And so in case you were wondering, this is a panel on food and ag investing, I don't remember the exact title, so if you're not here for that, you're in trouble, but you can't leave now, so you're stuck. I want to start by laying some groundwork of what I was seeing. In 2013, there were 26 new private funds focused on food and agriculture that were launched. And investment in the sector grew 33% from 2012. In the first half of 2014, there was 3.9 billion with a B invested into private food tech and media companies through equity raises and acquisitions. So a lot of money flowing here. I am equally as excited to talk about this as I am the panelists that are up here. I'm slightly in awe and while we were waiting, I was picking their brains and trying to learn from them. I'll start with Danielle Gould. Danielle is the founder and CEO of Food and Tech Connect, a media company connecting food and technology innovators with the information and people they need to transform the food industry. Through news and analysis, events and research, she helps organizations use data, cross-disciplinary design and communication to cultivate a better future of food. I feel like I stalked Danielle because I follow her on Twitter and everything because everything she posts is really on point, so I highly recommend that. Next, I'll move to Ali. Ali is an angel investor, startup advisor and serial entrepreneur. His portfolio has included successes as far ranging as Zappos, Facebook, Dropbox and Opower. He is also a co-founder of Computer Education Nonprofit Code.org and an active investor in sustainable food systems, including Farm Ego, Bright Farms and Farmland LP. And Hampton Creek Foods. Samir Kal is a founding general partner at Coastal Ventures where he focuses on sustainability investing, including food and agriculture. I now realize why I didn't mention it, I was trying to create diversity. He has been a leading investor in Hampton Creek Foods, Sandhill Foods, Oscar Health, Sora, Vue and among any others. What's notable about Samir is he is also a Washington Rudskans fan, as am I, and so we're long suffering, long suffering. So I would love for you guys to just kind of, at a very high level, give me a bit about your work. What brought you to this work and why Food and Ag? Sure. My whole career has been in technology, but around four or five years ago I began really feeling that the food system, in particular in America, but really worldwide, the food system is broken and is nowhere near as efficient as it could be or as sustainable as it needs to be. And I began investing and networking and really became passionate about the idea of there's got to be better ways to feed the growing population that are not as wasteful or as inefficient. And I feel like the solutions are there and actually I feel like in many cases there's market-based, capitalism-based solutions that can work. And so I've been very excited about some of those, the ones that were just mentioned. So that's essentially my passion is finding opportunities where the better way of doing things, whether it's more sustainable or more helpful, is also more economical and therefore more profitable. Thanks. So I love food because food is everything. It's history, it's culture, it's finance, it's health, it's community. And so about six years ago I started working for a company called Bright Farm Systems, which designs rooftop greenhouses, at the time we designed rooftop greenhouses. And then four years ago I had this aha moment that where I realized that information technology was going to totally transform food because it would help us understand what was going on. We would have better data about what was going on and if we could harness that data, then we could make better informed decisions. So I started Food Tech Connect as a way to kind of explore these ideas and then started connecting people from the world, from food and technology together offline. And then what I realized, this real driver and the real need was that there is a lack of skills to be able to drive this new food economy forward. So a smarter, more efficient food economy that helps entrepreneurs and helps small businesses be successful and leverage technology to be successful. So my mission has become to educate people on how they can succeed in this new food economy. And I think that that's what is going to change the world because if we have entrepreneurs being successful and they learn how to build robust, profitable businesses, then they can turn around our existing system. Hi. So as many of you might know, coastal ventures, we were big investors early and continue in sustainability, a lot in renewable energy across a lot of the sectors. And investing in food is actually just an extension of that. It's an incredibly, the way food we raise and grow animals today is incredibly bad for the environment. It's got massive health repercussions that there's animal cruelty issues and there's land use issues. So it just seemed a natural extension of what we were doing in energy to bring food to food to the realm. And as investors kind of were, you know, we're prisoners of where the best entrepreneurs and the breast scientists decide to spend their time. And we were noticing about for maybe it was because Ali who had made so much money for himself a dropbox and face Facebook decided to invest, but we started to see that a lot of the best PhDs from MIT, Harvard, Stanford, we're all starting to inquire about food and start spending time in food. And so I think that's what's most exciting about the food area is the quality entrepreneurs that are entering it. Great. Thanks. So I'd love in each of your current purveys, you have fund investor, angel investor, and overall data cruncher, if you will. What are you seeing? What are the trends? What good and bad? What are you seeing? Where is this market going? Well, you're seeing a lot and it's widespread. But I think in the, Ali certainly knows a lot more about the ag space and farm space than I do. But on the food side, you're seeing two types of companies, I think broadly being formed. I think both are valuable and important. The first type are companies that are really going out there and marketing a healthier alternative, going for a really strong brand.  So it's not going to be a big tectonic shift or anything. It's going to be a small percentage. What we're looking for and we're seeing, you know, Hampton Creek, Ali and I are co-investors in and other companies like Impossible Foods that Professor Stanford started with us. What you're seeing there is how could you eliminate animal husbandry altogether so that, you know, why are we using such an inefficient way of delivering proteins to human beings by raising cattle using a third of all the land mass, tons of water, tons of environmental impact to do that, is can you go directly from plants to cheeses, eggs, meats that you otherwise would use out of animal farming and make it taste as good or better and make it cost the same. If you can deliver that, you have a massive shift. And then there, so there are some efforts there with lots of technology, lots of PhD, lots of IP. And that's where we're taking to focus most of our efforts. So since I'm the moderator, I'm going to change it up and just start asking questions. Do you agree with that considering your animal lag investments? I think I would agree that those are big opportunities. I don't feel like those are the only trends or the only opportunities and I'm not sure that's trying to exclude anything else. But I think that there's I have invested certainly in Hampton Creek and therefore believe in the idea of developing formulations that skip the animal altogether and a cookie that didn't involve animals or mayonnaise that didn't involve animals. But I also believe that there are going to be some people who will still want to eat meat and there's much, much better ways of raising animals that are in fact, not only healthier, but also better for the earth and in fact, more economical. And I think animals are actually a important part of the natural cycle and the nitrogen cycle and the various cycles that nutrients go through actually are more efficient if animals are part of it. And so I do think personally that animals still have a place in agriculture, but I would also agree that, you know, if you're going to have an animal, let's use it where it's really most relevant. You know, if someone wants a steak or eggs Benedict, but if you're eating a cookie, you don't really necessarily care whether that involves chickens or not. And so the Hampton Creek cookie, by choosing a single cookie, one cookie by Hampton Creek saves 12 quarts of water versus an ordinary cookie because it does not involve the enormous amount of resource waste on both the chickens and the dairy that went towards producing an ordinary cookie. So nobody, as a consumer, you don't know the difference. You're not choosing it because you want a certain taste. It's virtually indistinguishable to the consumer, but far more sustainable. And by the way, more affordable as a result. Great. Do you want to share what you're saying too, that I hacked it? Well, I mean, I think I did answer it. I guess what I'd say is I feel like there is another trend which is taking the the there's sort of let's call it the Joel Salatin method of farming or the Michael Pollan theory of small, biodiverse farming, where rotation of pasture, rotation of multiple different species, polyculture, those are concepts that are very efficient, but have generally been on a fairly small scale. But I think that there is a real possibility to take those techniques and scale it up. Why shouldn't those techniques be applied to the majority of the world's agricultural land rather than, you know, limited small scale farms. And I think that that's I think of something that I've been asking myself for years, if it's it is actually more profitable, a lot of these small, biodiverse farmers make a lot of profit. If it's more profitable, why isn't everybody doing that? And oftentimes, it's because of lack of access to capital. And to me, that means wow, that's a great opportunity for a capitalist. And so so I think that that's a real trend. There's a fund called Farmland LP that I'm very active with that essentially is formed and is raising money around that proposition exactly. Great. And Danielle, you sit at a high level where you're seeing money flow in both in sustainable businesses and non and kind of what are you seeing there in terms of trends and so a couple of the over the last three years, initially, the money was flowing into ideas, a lot of like restaurant technology. So there's been a lot of money invested in delivery through like across the world, actually. And into some smaller ideas like let me find like help me find the perfect dish for my mood, which is not really solving a huge problem. What's been exciting is that that's changing a lot and people are getting more exposed to what the challenges are with across the food system, and they're starting to tackle them. So just like what I'll take, build off of what Ali was talking about, there are now companies that are creating sensors and different tags to help support grass fed farmers so that they can track their cattle as they're as they're grazing and that they can have a data stream to be able to make projections and be tracking their herd and to be able to do reporting. And so that kind of stuff is awesome. And that wasn't happening three years ago, or maybe it was at the fringes, but those people weren't getting funded. And now these those people are starting to get funded. So I think that that's really exciting. A lot of the trends and food are things that are happening that you're seeing in every other sector, you know, they're coming to food. So, you know, Uber for food, there are a million companies like that. You know, the QuickBooks for farmers or, you know, farm management software, there are a lot of companies like that. But what's really exciting is that they're starting to be capital that's being infused into the space where there wasn't. It used to take entrepreneurs about a year and a half to raise money in the space if they were able to do it. And it was really, really, really hard.  And that's that's starting to shift. Number one, because of Samira was talking about where there's more interest, people are kind of curious about the space because there have been some large exits. And also because you have some bigger funds that are starting to invest in this space. So I think that that's been really, really exciting. And you're getting a lot of great entrepreneurs. And I think that what's going to be really important, some two things that I'm really excited about are more funds that are launching that are specifically investing in food and that are bring have domain expertise, and that they're bringing on great groups of mentors. And they're not just launching funds or launching funds that are combined with accelerator programs to, to really give entrepreneurs this whole, you know, all the support they that they need to be successful. So I think that's, that's an exciting trend. Great. What do investors need to consider? How is this sector similar, different? I mean, you've both compared a bit to technology. So technology, maybe even to, you know, your renewable sector or things of that sort. What, what things do investors need to consider when they're coming in? It's really not too much different than investing in technology. You want large markets, you want the markets to be disrupted by technology that have lots of protection on IP and the like. And you need great entrepreneurs. It's, it's really the same. I think you really want to echo Ali's point, which is if you can provide a healthier, more sustainable product to an end consumer, where they don't have to sacrifice on taste or on cost, you know, it should be a no-brainer. And there are very few industries where it's that simple and clear and cut. And I think that's what's exciting about the food space. Well, certainly, I would say for me, the entrepreneur is the first and foremost most important criteria. So no matter what I'm investing in, the caliber of the people is my first criterion. And, you know, and I think you stole my thunder by saying the caliber of entrepreneurs in the food space has has really improved a lot. I do think that when I look at investing, it's a little different because investing as a VC, you're looking for essentially a certain type of investments with more leveraged impact. Those are very appealing to me, but I also invest for savings, which is, you know, a different type of, you know, I guess part of my money is the high risk, hopefully high yield investments. But there's another angle, which is where do I put my savings? And that's a different kind of investment and enables me to embrace things like farmland where it may not have a fast return. But it's a great vehicle for savings and has a good yield and accomplishes a really great social impact in the process. So I think there's different points on the spectrum of risk versus reward. And there are hopefully some really amazing points of leverage, such as Hampton Creek, for example, but I think there are also places where maybe it won't be quite as fast, maybe not a huge exit, but a very great place for a different type of investing where it's more focused on safety and, you know, capital preservation. Great. And you kind of hit the nail on the head for my next question, that it seems like there's somewhat, I don't want to say attention, but two different paths of this Joel Salatin local slow money, if you will. And then the technology intersecting as well. Are those, do you see those intersecting? Do you see those parallel paths competing? Kind of what, where do you see them fitting together? Well, I would actually call them both technology in the sense that technology stems from the word technique. And the biodiverse Joel Salatin farming is a different technique, which I believe is superior. And, and so it's still in a sense investing in a different technology where it's different is technology investing in the, you know, in the more pure sense, you can have either patents or other type of protection where you can essentially own the technique. And you're the only person who can, who can provide it and therefore you can get scale faster and larger returns, perhaps. I think you'll see a lot of intersection because by definition, if you're going into the space, you want to make money, but you really want to make impact. And I think that the entrepreneurs are going to be much more collegial and cooperative. And, and it could be that, you know, for the companies that are using plant-based proteins to replace animal-based products, they'll, they'll use the farmlands of the world as their supply chain, because it's a much more sustainable way to do it. You know, Ali gave his favorite water stat, which is a Hampton Creek cookie versus another chocolate chip cookie, tastes exactly the same, but 12 quarts of water less. My favorite, and I promise that I did take a shower this morning when I give you this fact, but you know, is that you can save more water by avoiding a pound of meat than you can by not taking a shower for six months. So every pound of meat is actually 2400 gallons of water. It goes into just that one pound of meat. So the other thing as an investor, forget the mission side of it, is think of the opportunity, how much headroom you have to make it better than what it is today. It's like 2400 ice bucket challenges. You're going to have to share your mic. There we go. Did you want to comment? Oh, yeah. I mean, I, what I would say is that, um, I just totally lost my train of thought. Sorry. We can move on. Sorry to bring up the ice bucket. I know. I was going to say that I think that the most successful companies are whether there's an entrepreneur that is actually has the problem and that it's being co-create. Let's say you are a farmer, but you're working with a technologist to come up with a solution, so that it's not that you're actually coming up, you're building technology for technology's sake, you're leveraging technology to, to streamline a process that you're already doing. And, um, and, you know, the same thing for restaurants too. And there aren't enough companies that are like that, but they're starting to be more of them, I think, and that that's really exciting. And the reason why it's starting to happen is because people are getting exposed to technology for so long. Sustainable food, it felt like, you know, you were completely aversive technology because technology was biotechnology, but that's shifting, right? So like, um, I love talking to Nicolette Han-Nyman who loves, actually loves technology, even though she has a farm and, but she loves the idea of social media enabling you to connect with your customers, being able to get feedback from people, being able to share stories, and then thinking about how you can streamline processes on the farm. And so I think that you're going to start to see more of that I certainly have through the work that we're doing, the feedback I've gotten from people. Great. So we've seen technology move into different aspects of the supply chain. Where do we still need to see improvements? And where, where is the opportunity still exist? I guess in the same breath, where do we, where do we see oversaturation? I think it's way too early to say it's oversaturation in any part of the food technology area. You know, maybe these delivery services in these peripheral areas, which I don't, you know, have used a separate, important, but separate sector. We still haven't replaced, you know, we're still using, you know, thousands of gallons of water to make a steak on your plate. There's a lot of headroom. So this is just greenfield. There's lots of opportunity. I think it's just too early to say. I would agree completely. Even in the, I would say the food delivery. Let's put it this way. I think that the first wave people, a lot of people went for what seemed to be the easiest work of, you know, eliminating the middleman by creating software that will automate something, you know, a delivery service to connect the farm to the consumer or so on. So I think that there are fewer companies that have taken on the much bigger, tougher challenges, such as Hampton Creek, for example, where they're rethinking the entire concept of food from the ground up. So, but having said that, I would agree that even the delivery part, I wouldn't say it's saturated. I think there's, there's summer. There's going to be some companies that win and some that lose of the current batch, but there's also room for someone to show up next week who doesn't even exist today that, you know, that may take a leadership position. So, and certainly there's a lot of parts of the country that don't even have services like Farmigo or Good Eggs or others.  There's a lot, there's a lot of opportunity with distribution. Distribution is still, it's really, it's really tough. I don't think that anyone's really nailed that a lot of people are operating on losses right now, so it might seem like they have it, but they don't. And another area, I mean, we're gonna, we have resource constraints.  A lot of small farms aren't as efficient and with resources as, as larger farms are. So, figuring out how to, water is gonna be a huge issue. Figuring out how to grow more food in different places is gonna be huge as we have, you know, growing population. And on that note, and I know, Samir, you've made some ag tech or on farm investments. Do you see that trickling down? I visited a farm in Colorado that was 3,000 acres and run by three people because it was all technology. Do you see that trickling down to the smaller farmer? Is that an opportunity? I think it will. I think, you know, we have a company that's using robotics to do lettuce thinning, for example. Like, I, another fact you learn when you start getting to this, for every head of lettuce that ultimately cultivated, you plant 10. And then right now, you manually have people go pick the best looking head of lettuce and zap every other one. So, it has rooms to grow. And that's something that can easily be replaced with robotics. It brings up another issue.  What are you going to do with all the all the workers that will be displaced? And I'm not sure people have thought that through appropriately. And that was a conversation that we had that day of, wow, we're all the jobs. I want to go back to the cookie that Hampton Creek works. I think there's also tension, or if you will, between providing wages to farmers that are, you know, making sure that the farmers are getting the margins that they need to be sustainable, but also feeding a growing population of people who are on food stamps. Where do you guys find, is that, again, something you can do at the same time? Is that where Hampton Creek can come in? I know they just went into, is it Target that they, or Walmart? Yes. Okay. Target, Walmart, Moscow, Dollar Tree. Oh, that was, that's what I just saw. So, how does that, how did those play in and can they play together? I think it's actually plays much better. So, by using the Hampton Creek cookie, your charge, or the mayo, right, it tastes exactly the same, you know, if not better, and it costs the same, and you get all the benefits of no cholesterol, you know, it's vegan, it's got all the good stuff, and it's done in a humane way. You're not doing animal farming to get to the mayo or using eggs in the mayo. And I think actually for the people on food stamps, if it's the same cost, you're also providing a much healthier alternative. And I don't mean just the no cholesterol, that's important. But, you know, 95% of chickens get infected with E. Coli. You know, so many viruses and sicknesses are, are linked to the way we do food farming right now. All the influenza, I mean even the Spanish influenza of 1918 was caused by avian flu virus. So you're going to provide people much healthier all across the spectrum, same cost, equal product, that they can be proud to serve their, their kids and their families. And people would, you know, I think will benefit greatly from that. I would actually say lower cost. Yeah. I mean, there's so much savings. And it's not by squeezing a farmer. You know, it's not if you don't involve an animal in the production of a cookie. That means it's just way less acreage, way fewer of all inputs or resources are involved. And that means you can have a profitable company and a cheaper product for the consumer without the farmer being squeezed at all. And that's just the direct cost, the indirect health effects of the way we do things now are, are, it's hard to quantify those. Okay, great. I want to get into a bit of an international focus. China was second behind US and funding startups in food and agriculture. And I was wondering if you're seeing the impacts of Chinese investment and also how the Chinese market is potentially influencing the investments that you've made. Both very positive. So I think, you know, in all of the, you know, in renewable energy and sustainability, the Chinese have been very patient, steadfast and, and supportive, much so, more so than the United States, you know, much, which I think is going to be a problem in the long run. And they also are understand the health effects. The avian flu really hurts that population. There's a lot of lactose intolerance in that population. So they've been very aggressively, they've been, we've, we've got Asian investors in, in, in both impossible foods and in Hampton Creek. And then those markets are huge and they're welcoming us in with open arms. And so it's a very exciting market. Danielle, do you want to come on and what you're saying, both China and internationally? Well, in China, I mean, there's a lot of food, there are a lot of food safety concerns and people don't trust the food. So it's a huge market. People are willing to pay so much money for their food or for solutions to be able to trust their food. So I think that there's a lot of innovation that's happening and there's a lot, you're seeing a lot of investment come in.  And a lot of the technologies look similar to what, what's happening here. I was in Italy last year at this very small conference and learned that there were 150 food tech companies there that I'd never heard of. They were just, they're not listed anywhere. They're totally off the map and they're doing all different kinds of e-commerce startups. They have start up ag tech startups. So and you're also seeing a lot of technology that's coming out of Africa and India, which is really interesting for farmers and it's not, doesn't have all the bells and whistles necessarily of technology that's coming out of here. It's not necessarily precision agriculture, but it's more interesting because it's actually solving a lot of their problems. So things like very simple SMS based technologies that will send a farmer there the market prices so they can, when they're talking to the distributor, to the middle men, they can say, actually, this is how much it costs, right? So that's saving people like 30% sending, creating network, farmer networks that are all done by SMS so that people can connect with each other to help identify what certain pests are or to warn people about something that's coming. That's been, that's been huge. Great. So shifting a little bit to the entrepreneur aspect, what do entrepreneurs need to know in the space to be getting investment from you guys? So I, my philosophy might be a little contrarian. I generally, I guess I would say, I largely agree with Danielle that the best companies are the ones where the entrepreneur was solving a problem for themselves where they actually needed a solution and they tried to find one and couldn't find one. So like, damn, I guess I need to fiddle it myself. And because that's an entrepreneur who is driven from, kind of from their heart, they know the market needs it because they're the customer themselves and they're not, they're basically going to have their own compass guiding them. And what I suggest generally to entrepreneurs is follow your own heart, follow your own compass and be patient with finding the investor who shares your vision. I think it's dangerous when an entrepreneur tries to change their vision around in hopes of pleasing this investor or that one because you're, you're never going to find an investor who agrees with everything you do. Or if you, if you change what you do to please one investor, you're going to lose your own internal compass basically. So my advice would be to find the thing that you're passionate about and that solves a real need that you see and then make it more of a search process, process to find the investor who's already out there who shares that vision. I think it's, again, doesn't differ too much from tech. The main thing that entrepreneurs need to find though is that when you get these new areas of venture investment, you have a lot of venture investors that follow the herd. So you're going to see a lot more investment now in the area, but that they're going to be, if things start to get a little rough or less exciting, they'll run for the hills. And so that would be the advice I'd give to entrepreneurs, making sure that the investors that they get are going to be patient and deal with some of the issues they haven't seen before. Thank you. I would also say that having a, having a really great proof of concept and showing traction, very important, same as with a tech startup, and showing that you're really solving a problem, I think is the biggest thing. And, and, and then when you are looking for investors, finding someone who understands the space is really important because building on what Samira was saying that they, there are a lot of investors that think that this is a hot space right now, and so they're putting money into it, but they may not understand the intricacies of how complex it is. And it's a much longer, in many cases, it can be a much longer investment horizon until, you know, you realize your success. And so being able to have those investors who are going to be with you is, and who are, understand that and who can also leverage their network to help you, to help you reach your customers or to develop strategic partnerships is really important. Great. And going back to looking at, you know, across the supply chain and obviously having partners that come in. And we've been talking a bit about Hampton Creek, so I'm going to pick on them again. You know, how much do they, as a company, need to be working across the supply chain and how much do they need to be building infrastructure along the supply chain and is that something that entrepreneurs need to be looking at in the space? So I think for Hampton Creek, it's an ongoing process. You know, they're at the very, very beginning of an enormous, enormous opportunity. And so right now might be a little bit early for building out their own infrastructure, but as they take more and more market share, whether it's in mayonnaise or in cookies or in various other products to come, then I think there'll be economies of scale in owning more of the supply chain themselves. But frankly, even if they didn't do that, there's so much efficiency to be gained, you know, because the raw materials are more affordable to begin with and more efficient than eggs or than dairy or so on that they don't have to do that to succeed. But it's, you know, I think at some point the economies of scale would merit doing so. Yeah, and I know good eggs had to do a bit of a pivot towards more infrastructure. I don't know if you guys have any other companies that you've seen that have had to take into account the fact that the supply chain isn't there fully to support their growth. We haven't seen that. But what we've seen is that companies that are supplying ingredients to the existing food supply chain, no matter how exciting the ingredient is, it just takes a long time. So the food companies, even if you give them something that's healthier or happier or what not, it just takes them a long time to incorporate it. So that's why you're seeing a lot of them become more consumer facing to go direct to the consumer. Great. And so given the different sectors we talk about, precision farming, delivery, replacement foods, who do you guys see as the exits? I know there's been a lot of concern about consolidation within the food arena of, you know, a handful of companies own all of the food businesses now. Do you see that as a benefit, as a negative to this? And who do you see as the big players for exits? Well, big exit was climate, right?  I think in the food space, it's early to tell. And there'll be one, just like in every industry, there's going to be one or two companies that say, you know, we want to stay younger and hit her and on the bleeding edge of technology and they'll move into it. And there'll be ones that kind of laugh it off. And I think you will see a dynamic of Chrysler and GM versus the Tesla where five years after five years too late, boardrooms will say, hey, what are we doing in that area? And couldn't we have bought that company for, you know, one-tenth that's market cap now? I mean, so I'll speak about my own personal investing. It really varies from investment. I generally, if it's a solid team and a solid thesis, personally, I mean, an exit is not even really an important criterion for me. So the farmland fund that I mentioned earlier does provide some element of exit, but it's, you know, the intent there is to buy land, convert it to organic, make it more profitable and hold it basically in perpetuity. And so the exit is more a question of how can an investor who might want to change their allocation of assets sell shares and some other investor buy shares, but for the land itself to remain managed in the same way. So in that case, the straightforward path is for it to ultimately become a public rete and to become publicly traded. And the idea would be that an investor could sell shares in the land and someone else could buy shares in it, but the company itself would remain as an ever-growing landowner that continues what it's doing. At the other end of the spectrum are the, you know, much more sort of tech-oriented type companies, and I'd probably say Hampton Creek is at that end of the spectrum. But even there, I'd say this is a company that can be very successful as a standalone public or private company. It's more about building a long-term business. And if they even accomplish one-tenth of what they're setting out to do, they'll still be an enormously successful company that does not need an exit in order to be a worthwhile investment. My hope is that there are more companies that go public, and that being acquired is not seen as the end goal, which it is, and I mean, it is for a lot of food companies, because it's very hard to scale. But I think that what we're seeing is that there are a lot of investors that are coming in that are kind of surprises, right? So like OpenTable was acquired by PriceLine, right? MicroSwitch does POS systems. They were acquired by Oracle. You have IBM is very interested in food, so is Microsoft, so is GE. You have all these new companies that are coming into this space, and because this is a $6.4 trillion industry globally, which means there's a lot of opportunity. There are 2.2 billion smallholder farmers. It's the opportunity is so huge, so that's very sexy, and everyone's trying to figure out where do I fit in there. So I think that's kind of exciting. You're also gonna see a lot of big companies, right? I get to go and talk to a lot of big companies about what the future is gonna look like and where they fit in, and I always say you don't wanna be blockbuster. So they're scared shitless, and so they're seeing Unilever made a strategic investment in a recipe company called Yumly. They're trying to figure out is that what we should be doing? They're not really sure, so I think you're gonna start to see a little bit more of that too, either as strategic investments, acquisitions for some entrepreneurs that wanna move on to the next thing. And then I think that the major area where we're gonna start to see a lot of acquisitions pretty soon is in online grocery, because you have, everyone's kind of growing. I mean, Amazon Fresh is growing, Peapod, Fresh Direct, and what's kind of cool is that in every region in this country, there is a good eggs. You might not hear about them or read about them, but they all exist, and they all have this local infrastructure of local firms that they've built out and these communities, and so I know that they just all launched an association, and I would imagine that they will either start joining forces or that someone who's smart will start going out and acquiring them, because it's so hard to build out that infrastructure. And that's a really good point because a lot of this is sourcing, and a lot of sourcing is about relationships, particularly on the good egg side. It's about telling the story. It's about having those relationships. How difficult is it for those, how important are those? And are they, I'm guessing they're incredibly attractive to an Amazon who has much more trouble getting in those local relationships? And so I think it'll be very interesting to see what goes on. It will be interesting. I mean, it's kind of fun if you go and look at Amazon Fresh's website and good eggs website and how they're positioning their offering. I mean, even though Amazon sells lots of goods, that maybe they're not selling the same stuff that's on Etsy, and they're not gonna try and do that. But the reality is that those are physical, non-perishable items, so it doesn't really matter, you can compete on price, but food is so different because you do have to deal with perishable goods. And so the more fresh your products are, which means when you're getting them from these farms or when you're getting them locally, it cuts down on the distribution costs, and then it also ensures that people wanna buy from you because you're getting better quality products. So that's, it's very, it's different, but it'll be interesting. Great, well, we've kind of, and the purpose was to cover a ton of stuff up here, and I know we've gone all over the map, and I'm gonna turn it over to the audience and see if there's questions.  Hi, my name is Beth Collins. I'm here representing Catholic Relief Services. I'm just interested if you're doing, if the investors are doing investing in anything, any opportunities in Sub-Saharan Africa, and if not, why not, or what you're looking for in those sort of communities.  We're just not set up to do that. I think I'd say the same thing for me. It's not for lack of opportunities, but I'd say I have also not very much knowledge about it either, and I have always found that I'm most successful and I invest in the things that I know about and that I'm passionate about. So, you know, so when I go outside of that, I've often found myself regretting it, so. I think we've seen, I mean, I'm not definitely incredibly knowledgeable of what's going on in Sub-Saharan Africa, but I think there's incredible opportunities of what we've seen is in information sharing and communication, similar to what we were talking about here, of what's the weather patterns. Other things that I've seen is, what are the prices of the markets? So, if you are in a very rural community and it takes you all day to get to market, how do you know that's a good day to go sell? The other things that we've seen is infrastructure needs. How do you scale up and create infrastructure? You know, milk is a great, and dairy is a great example of, you know, you have a lot of dairy farmers that need to get two hours away to drop their milk off, and in that two hours the milk gets spoiled because you're in a very hot country. So there's a lot of opportunity there. I think, unfortunately, it's outside the purvey of this, but some exciting things going on as well. Yeah, so we are on the money stage here. So let's get back to the money. So we have heard quite a little bit about where you see the investment money going, and I'm equally excited that now some of the brightest minds that used to go to Wall Street and Tech are going into food-related businesses, and some of the investors who tended to invest in tech also going into food. But my question is, what are some trends where who is doing the investment, where the money is coming from? Because we only talked about the traditional investors, VCs and angels, but I'm seeing this onslaught of community. It's now the biggest food, it's now the biggest category on Kickstarter, for example. What do you see in the interplay between traditional investors and community taking ownership of their own food systems? So I think there's a lot of potential there. I think both Kickstarter and Indiegogo are really terrific platforms for whether it's for fully funding a project or for the initial momentum needed to then attract other types of investors. Your own company, Credibles, I think, is equally relevant, and particularly in food. For those who don't know, Credibles allows food merchants to essentially sell the equivalent of digital gift certificates so that somebody can pre-buy $100 or $1,000 worth of food from an artisanal supplier or from a farm or from wherever. And it's a form of funding, but also the consumer is getting that product in the form of a credit. But I think that another vehicle that's also equally relevant is the concept of a direct public offering, which is different from an IPO, which IPOs are federally regulated and very, very expensive and have a lot of baggage. A direct public offering, if you're within a geographically limited area, which a farm or a local company is, is a way to raise money from your local community with much, much less baggage and overhead. And I think there's not enough farmers who are even aware of it because it's a great vehicle for the organic and sustainable farmers who are profitable but need to grow and need capital to grow. It's a great vehicle for them to raise that capital from their existing loyal customer base. I'll just add that another interesting aspect has been Kiva. I was actually with somebody the other day who didn't know that if you lend on Kiva, you're actually lending to the Microfinance Institute, not the individual, and she was so appalled and I was like, where have you been? But Kiva with Kiva Zip has been basically enabling that, and Kiva Zip has a ton of farmers on there, which is really exciting because they need small infusions of capital and it doesn't make any sense for a bank or anybody else to be able to lend $5,000. And so it's a really a way of enabling that and obviously at a decent rate. I hope I got it right, Arno, in my little two-minute summary. So this guy has a question? Oh, sorry. Have you all seen or are you looking for investment opportunities in tree crops, perennial vegetables, no-till or permaculture? I didn't hear all that. Tree crops, horticulture. Tree crops, perennial vegetables, no-till or permaculture. I feel like those are several separate categories, so I've looked at some of those. I mean, tree crops, I'd say, I wouldn't pick any of those and say that this is individually a category of its own that I'm passionate about, but I think each of them has its own strengths. Generally, I think that perennial crops, in general, are more sustainable and so whether it's trees or no-till perennial cropping or no-till cropping of annual crops, soil biology is I think one of the most precious assets, whether it's in terms of the impact on the atmosphere or just the value of the land. And so I think anything that is supportive and or accretive to improving the soil I think makes for an interesting investment. The farmland company I mentioned earlier, their primary ultimate long-term investment is in the soil basically, is to build up soil health and soil carbon and soil biology. So I guess I'd say I'm interested, but I'm not as well versed in the individual categories you mentioned. Thanks. First off, I want to say thank you for investing in food companies. In fact, I think this room should be packed right now because if we're talking about, I mean, your money's worthless without food. As someone who's, I've raised money on Kickstarter, raised money from Kiva Zip and is focused on more of the people space. One thing we haven't talked about much is people. Right now in the U.S., and this number's getting bigger, one farmer's growing food for 150 people here and abroad. What are your thoughts on sort of how do we cultivate the next generation of growers? So I, first of all, I'm not sure if that number counts. I might be wrong, but I don't know whether that counts the farm workers or just the farm owner including those undocumented workers, of course. Go ahead. That number, according to the census, that number is an actual sort of farmer. So anyone that has the actual skills to that owns a farm and runs the farm. Right, so I think not counting the fact that there are lots of undocumented immigrants working on farms, I think that we've, over the past 50 years, American agriculture has moved to an extreme that is highly mechanized and essentially based on a definition of efficiency that may no longer be valid. Essentially it's based on the assumption that land is incredibly scarce and labor is incredibly scarce, but that oil is flowing like water and that water flows like water, I guess. So we end up with the farming methods that are very fuel-intensive and trying to get the most yield out of the land. When in reality I think we would probably have more profitable farms if they took into account the cost of all those different resources. Fuel is actually very, very expensive and as a limited resource and using fuel to generate nitrogen for the land is not necessarily as efficient as the nitrogen cycle that regenerates it by itself. But with respect to people I think, I guess what I'd say is I think that some of the farming methods that are more efficient overall also employ more people, but in the long run actually are more profitable because people are not necessarily as, they're not as expensive as perhaps people assume. I guess I may be referring to like the average age of a farmer in the US is 55 and they're not getting any younger and that age is going up. Who's gonna grow the food in the future? So I would say there's never been more interest in people going back to the farm. The barriers to entry are really high for starting a farm. And so we need to make it more profitable. We also need to make it easier to pass on knowledge and that's where technology actually is awesome because it's capturing knowledge that you wouldn't otherwise be able to capture. And I mean we just need to invest more in education and coming up with new business models for farming. And the other thing is that building, developing a farm, it's not just a farmer. There are all kinds of people that are there. You need someone that's doing the finance, you need someone that's doing the marketing. You need to be thinking about value added products and how you get those to market and all of that stuff. And so just exposing people to all the different options and then creating an infrastructure and making it financially viable which I think is the most important thing to get more people interested. That's where you're gonna start to build out a really robust economy and attract more people. And I'll just add that National Farmers Coalition and the Garry and Trust are also working on these issues. And I think the other biggest barrier to entry is getting farmland.  We're talking about getting people on farmland and that goes to the transfer of farmland, you know, providing somebody with an exit for retirement and also getting people on the farm. And I know Farmland LP is doing some interesting stuff around this, I don't know if you wanna mention it and then close real quick. Sure, sure. So yeah, actually, when you mentioned the idea of the average age of the farmer being, you know, relatively old, I think that to me that more represents the farm owner or the land owner rather than the person necessarily working on it. And in my mind, I think the future might entail somewhat of a separation. It doesn't, the farmer who's actually tilling the land or hopefully not even tilling it but working the land does not necessarily have to also be the owner of the land. Any more than, you know, this conference does not own this warehouse or, you know, most companies don't own their office buildings anymore. It turns out it's actually quite efficient to have the ownership of the real estate be, you know, a different corporate entity that focuses on, you know, managing real estate and to have the people working in it be a different entity. So Farmland LP's model is the real estate owner. They own the land but they provide extremely friendly leases to farmers, including, you know, including young farmers where rather than focusing on upfront cash rent, they presented as a long-term profit share or revenue share and enabling the farmer to get access to land much more affordably. And, you know, the land owner shares the risk but also shares the upside. I think this is a great way to bring new farmers onto the land and it's also a great way to transition from the aging landowners where the, you know, the 65-year-old farmer who wants to retire may find that their own kids don't want to farm but somebody else's kids do and don't have the capital to do so and this kind of greases the wheels for that handover to happen, you know, without and in theory the farmer, the aging farmer will get paid for their land or get shares in the reed and pass that on to their kids rather than passing on the land itself. Great, so I want to thank everybody here. It's been a huge pleasure and I know we've kind of bounced all around and I appreciate you following me with that and just wanted to thank you. It's wonderful and thank everybody else for coming. Have a great night.


Well in this video I'm gonna give you a very practical approach to attracting more money into your life What's up guys Alex Hine here author of the book master the day now in the first link in the description I've put together this free goal-setting worksheet, so it's actually gonna look a lot like this I don't know if you can see that but that first link when you sign up You're gonna get a one-year yearly envisioning planning worksheet And it's the way I structure my goals like this to be able to bring in a huge vision Turn it into rituals and habits and then take action on it So you can check that out the first link in the description So where do we begin in the quest to attract more money into our lives? This is not gonna be a video about thinking and hoping you grow rich. It's gonna be very practical Now for me one of the most practical authors on the topic is my favorite personal development author Earl Nightingale Now in Earl Nightingale's book lead the field. He said something really really fascinating He said that for you to come up with your dream financial life Don't just come up with this pie in the sky number. I want to be a millionaire I want millions of dollars. I want to be a billionaire. Those are all possible But the point is that we're trying to come up with an arbitrary completely random number Without even thinking what is our dream life entail? So the first thing is to think tactically about Specifically how much money do you need to do the things you want in your life? Now when I went through this exercise I realized that essentially for me as a single guy in a okay one bedroom my living expenses are really around 3500 a month that's everything like almost on the dime with a little bit of savings each month But then I thought Consciously what are all the things that I want to do with money? I thought okay? What would make me feel really safe? I want to save a thousand dollars a month Okay, what would be amazing to donate to charity or to help my family another thousand a month? Okay, what would I want to save for reinvesting in note my own personal development thousand a month? So then for me I figured my ultimate financial benchmark right now is probably a salary of 8,000 a month That's six-figure salary. So I figure with a six-figure salary. I can do all the things I want to do I can contribute to helping my family with money. I can have savings I can do all the things I want to do day-to-day and basically take four or five vacations a year No problem as a single dude So the first part of this exercise is to take time to really specifically figure out what your dream life entails financially and just start with like the practical and exciting dream life forget the mansion forget the huge boat forget the private jet like Practically what do you really need with more left over to do life the way you want it now? The second part of Earl's audiobook he talks about once you know this number you then Increase your skills and your value to the world until you have reached that number in revenue or an income Okay, now we'll talk about this if you're an entrepreneur or if you have a job because most of you probably have a job So reflecting in my own life. What does that really look like? So if I'm only taking a salary of three thousand dollars per month, which I am in real life What do I need to do to get to that six-figure salary? Okay, so since I'm a self-employed entrepreneur that means that I need to figure out what are the skills I need to increase Specifically to increase my income. So say for example, we have the skill of better video production I need to figure out how do I get my videos to be better to resonate more and to get twice as many views? Okay, that is an actual tactical skill Another skill is learning how to create better products and services How do I create products that you really want and how do I sell them in a way?  I would love to buy that. That's a skill. I have to improve upon It may mean learning how to bring new things to market as an entrepreneur like creating merch or creating my own courses or coaching Creating and selling those things. Those are specific skills Once you know them at a high level, you'll have a higher income if you are at a job It's really simple. There's probably someone in your very job That's getting paid 30,000 a year and it's probably someone getting paid a hundred thousand a year So you need to sit down and think in five minutes. What is the hundred thousand dollar job in my company? What are they doing? What are the skills? So maybe you're the barista at Starbucks and you're like, well my manager makes like 50 60,000 and I make $12 an hour So what is it the manager is doing? What skill set do they possess that you don't maybe as a barista you just know how to ring up customers and poor coffee To make double the income you may have to learn additional training May have to offer more value in terms of coaching other employees You may have to go to other meetings to get more skills in your company when you figure out What are they doing? What's the $50,000 skill set the hundred thousand dollar skill set versus my current? $30,000 skill set then you have a very clear roadmap You spend the next six months applying and learning those skills and then you can Renegotiate what you're earning if it isn't already self-evident that you're worth that to your employer So this is a manifesting free video on how to increase the amount of money you're attracting into your life It's always about becoming more valuable and skillful in the marketplace and those kind of things will naturally follow you So again, I hope that helps you guys in the bottom there I've included this free kind of yearly envisioning worksheet It's the first link in the description that'll help you figure out how to go about earning more income because you could say That's my vision for this year, and then it'll help you figure out What are the daily habits you have to work on? All right first link in the description box there below Otherwise check out my last two videos right there and right there


Well we're going to get into some bigger trees. We're going to do some of those Appalachian style deciduous trees and we're going to also do some big conifers. And by doing that it's going to save you a lot of time in terms of actually having to model them. Like big conifers, big four round ones? Like ones you couldn't put your arms around. That's the kind. Let's get started. Okay so what we need to think about when we see what's there right now is basically the distant horizon style of mountains and hills and as you come into the foreground you're sort of got the medium distance so now we're dealing with big stuff and to use to build your big trees or like puffballs just like as you I don't know if you traveled down in the North Carolina that you seen the trees there. So to do that what we're going to do is we're going to grab some yellow and some black and we're going to put it in that big round brush that I showed you at the beginning and we're going to create a really interesting effect here. I'm going to push this on an angle okay about 45 degrees into the scene push it in and let go and I'm going to push in and let go push in and let go and you notice the puffballs? Train Masters TV only from Model Railroad Hobbyist magazine.


Hello and welcome back. In the video studying online on the VLC, I discussed the main principles of using the material on our platform, the Virtual Linguistics Campus. I looked at the structure of our classes, I outlined the organization of our learning units, I showed how electronic assessment is integrated into our classes, and I discussed the use of our practical sheets. And of course I also looked at the integration of video. But I did not mention all these additional options that we developed over the years to make e-learning more comfortable for you. For example, did you notice that in all virtual sessions there is an additional menu bar at the bottom? Have you ever clicked on any of its options? Please try and then you will find out for example that we have a glossary of linguistic terms where the explanations are increasingly becoming video based using the micro lectures of our YouTube channel. Or have you ever used the cross search option? This option allows you to move to other VLC sites without having to leave your virtual session. Here is an example. Let's assume you are in the virtual session of the unit Phonology and you are currently studying the content on the screen suprasegmental Phonology. But now you want to find out more than what is presented here. For example, more about tone languages. Well and this is where the cross search option may help. Type in tone and visit the respective site. And a click on the main menu or hitting the back button will lead you back to your original screen. Or try the option that loads our language index, the platform we created for Clarendi in 2013. Here you can access data from more than a thousand language entries, all linked with important linguistic parameters and in most cases with principled audio data. And a final option I would like to mention here may help if you have trouble understanding the exact interpretation of words. A double click on such a word, for example on the word assignment opens our online dictionary and presents you with one or several explanations and optionally synthesizes the pronunciation of the word in American English. Assignment. Of course, some of these options are also available on the web. The VLC options however allow you to stay within your learning environment and thus concentration is kept high and distractions are reduced to a minimum. So I hope that this short video motivates you to dive even further into the virtual linguistics campus and allows you to retrieve the necessary information more efficiently. Thanks for your attention.


A toxic environmental legacy has cast a shadow over life in this remote town in Kyrgyzstan, limiting economic development. But a remarkable example of modern engineering, especially adapted monitoring drone, could help change everything. Welcome to Mailusu. Once Mailusu's identity was masked with the codename Mailbox 200. The reason for this? The town was at the very heart of one of the most important strategic industries of the day. Uranium mining and processing. Uranium production at the time was what we might now call a globalised industry. Or from countries like Bulgaria, Czechoslovakia and East Germany, was transported to Mailusu and other Central Asian towns for further processing. But while the uranium industries have long since closed, those who live in these towns must cope with their legacy today. Many such places in Central Asia share the same fate, but Mailusu is the most prominent example. A key task today is to find unknown radioactive hotspots. Those for which historical records were misplaced or where the waste has shifted after landslides or flooding. Monitoring has usually been done on foot or less frequently by helicopter. In the first case it can be time-consuming and risky. Monitoring by aircraft meanwhile is expensive. Which is why the IAEA has partnered with a research project that could make all the difference. Radiation monitoring by drone. The nice thing about drones is that they can be operated remotely, which means the operator does not have to be on the sides that is investigated by a drone. So it is safer compared to the classical method that is operated on a helicopter. It is cheaper, it is easier to operate, it is easier to get flight licenses. It is also closer to the object of investigation. There are radioactive hotspots, we are now using drones, much better than in the previous years. We know where they are, what the background looks like. It means that we can characterize the radiation situation in large areas. Radionucleides from waste dumps can enter the food chain through the water supply, crop irrigation or the pasturing of animals. If we take part in the half-deadfall of uranium and other native people, it means that we have many thousands of years. It means that we have to monitor, to ensure the safety of our city and our region. There is also a genuine risk of a regional ecological disaster. Of course, for example, in this case, there is a risk of a regional ecological disaster. There is a risk of a regional ecological disaster. If there is a risk of a regional environmental disaster, then there is a risk of a regional environmental disaster in Uzbekistan. Benjamin Wien's Volga German grandfather and great-grandfather both worked at the mines of Milusu. And in a twist of fate, Benjamin is now training locals to use this cutting-edge innovation drone gamma spectrometry to identify the uranium legacy sites. Training Central Asian operators on all aspects of remediation is one of the IAEA's key objectives. And accurate radiation monitoring is an essential first step before the sites can be cleaned up in line with the IAEA's safety standards. Supported by the European Union, such work has successfully begun elsewhere in Central Asia. Dangerous buildings will be demolished and contaminated earth safely removed and replaced with fresh topsoil. It lays the foundation for economic revival and the safe development of tourism in these spectacular landscapes. The tests flights here and in neighbouring countries have clearly shown the drone's potential. There is now hope in Milusu that the threat of the legacy uranium works can be managed and eventually entirely eradicated. Sophia grew up here. Her father worked in the uranium mines. Sophia grew up here. Sophia grew up here. Sophia grew up here. Sophia grew up here. Her father worked in the uranium mines. Sophia grew up here. Sophia grew up here.


This 2016 Dodge Challenger SXT Plus is stock number 11680ZA. We are here at Summit Automotive in Fond du Lac, Wisconsin. You're new and used Dodge and Dodge Challenger headquarters. This 2016 Dodge Challenger SXT Plus has the 3.6L Pentastar V6 motor, which pumps out 305 horsepower. This car has been fully-safetyed and inspected by our service shop. It has a fresh oil and filter change. All the fluids have been checked and topped off. And this car is 100% ready to go. Black clear coat is the color. We shoot all of our videos in 1080p, 60 frames per second. So if you have HD capabilities on your computer, tablet, smartphone, or television, turn them on right now because it is definitely your best way to check out the quality and condition of the car. Before seeing it in person. If you like the video and want to subscribe to our YouTube channel in the lower right-hand part of the screen is a subscribe button. Click that and then click the bell notifications to get updates. Every day we do videos of our great inventory here at Summit Auto. This one comes with the 20-inch painted alloy rims. No scuffs or scrapes on there. And it has Uniroil Tiger Paw 24545ZR20 tires. These front tires have I'd say probably about 60 to 70% of the tread left. Front fender is in excellent condition. No dents or dings on there. Has the projector lamp headlamps, the LED running lights, and the projector lamp fog lamps. Front bumper and lower valance are in excellent shape. Headlight lenses are nice and clear. And the hood is in excellent condition as well. Didn't see any dents or dings on that. Passengers side front fender. No major imperfections there in the passenger side rim. No scuffs or scrapes. As you go down this side of the car take note of how clean the body is, how reflective and mirror-like that paint is. We take these HD videos so if you are far away or even if you're close by just cannot make the trip down but you're still interested in purchasing the car. You can see the car, hear the car, and of confidence in the vehicle that you're looking at before you even get here. So when you do get here there are absolutely no surprises. And you can make a smart buying decision from the comfort of your own home. Very clean on that side. Back rim, excellent condition as well. And the back tires on this car are brand new. We put those on in our safety inspection. Coming around to the back of the vehicle. Rear bumper is absolutely perfect. Does have the backup parking sensors, the LED tail lamps, and the deck lid spoiler. Trunk is very clean. And this one comes with a spare tire and that's where your battery is located. That shuts nice and solidly and as you come around the driver's side just as clean as that passenger side. No dents or dings on the rear quarter. This back tire is brand new as well. And this back rim, no scuffs or scrapes on there. Driver's side door looks really good. Does have heated mirrors, blind spot monitoring, and enter and go system. Inside the SXT Plus package gives you the black leather interior. It's kind of a two tone gray and black interior. No rips, no tears on those seats. Power driver's seat, factory floor mats, auto headlamps, telescopic steering wheel. This one has the premium alpine sound system, power windows, power locks, and power mirrors. Back seats are just as clean as the front seats. No rips or tears back there and it does have the latch child safety system for any child car seats you may want to try and put back there. Carpeting is very nice and clean back there. We'll hop inside, turn the ignition on. This car has 55,224 miles. You get the 7 inch LCD display, range to empty, compass display, and it also has a digital speedometer. You can change those corners to read whatever you want. It's all configurable. Cruise controls on the right, Bluetooth and information center controls on the left, audio controls on the back of the steering wheel. This one does come with the 8.4 3C radio, AM FM and Sirius XM radio capabilities on here. This is also where you can do your heated and cooled seat buttons as well as your heated steering wheel button. Climate controls, you can do them down here or you can do them up on the radio. And then this one does have the 8 speed automatic transmission. Keyless entry with remote start, passenger side format and seat are in excellent condition as well. No rips or tears on there. The headliner is in very nice condition and it does come with the power sunroof. Smells very clean inside this car. I don't think it's ever been smoked in. You get map lights, home link buttons for your garage door security systems and lighting systems and 911 and assist buttons. We'll start it up and then take a quick look under the hood. Starts right up. No check engine lights or anything like that. I would personally like to thank you for checking out the video today. And hopefully from this HD video you'll be able to tell just how clean this car is all the way around inside and out. Under the hood we have the 3.6 liter Pentastar V6 motor. Engine bay is very clean, runs very smooth. Once again this car has been fully safety and inspected by our service shop for the state of Wisconsin inspection process. It has a fresh oil and filter change. All the fluids have been checked and topped off. And this car is 100% ready to go. There's your ignition sticker. There are those HID headlamps, LED running lights. And I would highly recommend this car from a quality and condition standpoint. And to see more pictures of this car, one of our other 450 new and used cars, trucks, SUVs, minivans, Wranglers, challengers, chargers, Mustangs, Camaros, Corvettes. You name it, we got to go to that website right there, www.summitauto.com. Full pictures and descriptions of every single vehicle from two locations all at www.summitauto.com. And if you'd like to check out more HD videos, you can go to www.youtube.com slash www.summitauto.com. Remember to like, subscribe, share, and click those bell notifications. In fact, in a second you will see a link to subscribe to our YouTube channel in the upper left. A link to more challenger videos like this one in the upper right. A link to this vehicle on our website in the lower left. And a link to one of our latest YouTube videos in the lower right. Click those, check us out. And we're super excited to help you with this Ultra Clean 2016 Dodge Challenger SXT Plus in black clear coat. Thanks again for checking out the video and remember to like, subscribe, and share.


Everyone, meet Steve! What up, what up? What up? You remember Steve from the Speed Goat 50K? Oh, yeah. A year ago. Oh, man. Good morning, everyone. How are we doing? How are you? I'm getting a little refill on the coffee. And today is an easy day. That is what I'm talking about. The legs are feeling pretty good. There are no sharp pains, so that's a good sign. Just general tiredness, which is to be expected after the race on Saturday, all the vertical I'm doing. But the massage is, so I get a massage once a week. Someday down the road, I wouldn't mind bumping that up to twice a week when we got a few more pennies to spend. But right now, once a week is helping a lot just to keep everything happy down there. All the major muscles, but also the small muscles as well. So anyway, I got a massage yesterday, but today I'm going easy because tomorrow is the biggest workout of this condensed training block. So this block is about seven to eight weeks because I started July 1st and the race is August 24th. So anyway, I'm just trying to be nimble and patient in understanding what I'm putting my legs through in this condensed training block. So anyway, I'm going to go sip a little more coffee and roll out.  So, okay, here we go. Trigger point. Oh man, although you know what, I need to buy a regular foam roller sooner rather than later. Because this trigger point really gets the triggers and sometimes you just need to warm up on a foam roller that's a little more gentle. If you know what I mean, this does feel good. Before taking out today's shoes, got to put these guys away. Staying organized. The Solomon Supercrosses. We are ready to go. Get this easy run on. And the Sun 2.5 Watch is treat me well. I must say though, I've heard some not so good reviews about wrist heart rate monitors, getting it right from your wrist. And sure enough, it is bouncing all over the place. So I'm not surprised that people are a little, and I guess you can try and fine tune it by placing it in a different spot, placing the watch anyway. I'm not, as you know, I don't train by heart rate, but I'll probably turn that feature off. It's been kind of fun to look at it over the past couple of days up in the mountains, but sometimes it'll be at 183 on the downhill and then it'll be at 160 on the uphill. So I'm like, anyway, that's part of the reason why I just keep it simple. Keep it simple in this world. Alright, let's rock and roll out the door. Don't forget the GoPro and away we go. You know what this means? Oh yeah, recovery recovery. So critical. Nine minute pace. It's my recovery pace. Ah, feels good, feels good. That grass was amazing. Ah, gotta keep at it, keep on those soft surfaces. Back from the pool, feeling good. Even compared to eight hours ago, my legs, after foam rolling, stretching, jogging on the grass, getting in the pool, doing all those little things, they just feel so much better. So that's a good sign for tomorrow's workout on Pike's Peak. Okay, here's the deal. I think we just accomplished, in fact I know we did, accomplished the first successful running shoes scholarship where someone from Nepal, that's right near the Himalayas, someone from Nepal approached me maybe about a month or a month and a half ago and said I need help. And so I sent him an application, asked him to send me photos of his running shoes and yes, here they are on your screen right now. And basically, we talked back and forth on Facebook and at the end of the day, another gentleman on Instagram reached out and said hey, I would love to help someone else get a new pair of running shoes. So basically, we connected them and shout out to Dustin for buying some new shoes and here they are on your screen, sending them, buying them in the States and then getting them shipped all the way to Nepal. It was quite the process and a lot of coordination. Probably a couple hours of back and forth email but we got it done so it's so exciting. This is what YouTube is all about in my humble opinion, getting people out the door, inspired to get out the door and at the end of the day, we need shoes. I know you can run in sandals or barefoot even on grass but if you really want to train, you've got to get some shoes on your feet so it's an exciting day. Again, shout out to Dustin and then the gentleman in Nepal. It's just, I don't know what else to say other than it's happening and in time we'll continue to do this as frankly I get a little more help in the coordination. I just, yeah, time is of the essence if you know what I mean. Okay, I am packing up, getting ready to go to Colorado Springs. I'm going to sleep in Manitou Springs which is at the base of Pike's Peak so I'm just getting coordinated here and yes, I will talk to you about my racing singlet here in a minute. All right, here it is. I can't forget my running shoes for tomorrow. Those are the race day shoes. These are the training shoes. You come on out of there. You come on out of there, yeah. Taking a risk, a little bit of a risk here. So I love this singlet from Rabbit. It's a brand new singlet. However, I do think, I'm not using the right terminology here, I do think that they could reduce a little bit of the fabric on the basically the edges of the singlet.  Just, there's just a little excess and it's not like for weight reduction, it's for comfort and a restriction of arm swing basically. Like when I'm swinging my arms in this singlet I can feel the seams. Again, I'm not using the right terminology but so here we go. Again, taking a little bit of a risk here because I don't know what's going to happen to the fabric but I think it will withstand it. Sorry Rabbit, I'm just trying to perfect the product a little bit. All right, let's do this. That is amazing. It feels so much lighter but more importantly just less restrictive down here without this extra material, like just all that seam and I realize like this is going to drop the durability of the singlet. I guess the life expectancy of the singlet but I'm telling you it just feels so much more free and I love it. That is what I'm talking about. Sorry Rabbit, just trying to lighten the load and be comfortable. Oh my goodness, I love that, I love it. All right, here we go. Hitting the road. Got a banana for the road. Got my water. Gonna stop and get some food on the way and said bye to the family. They're doing pretty good, you know. Sometimes it's ups and downs when you got three little monkeys in the house but the three little monkeys are burning energy as much as we can possibly create entertainment in the backyard. So anyway, we're moving. We're moving. We've made it to Colorado Springs. There is Pike's Peak off in the distance and yes, I'm splurging a little bit. Going to Whole Foods, getting my daily salad and pick up some other fun treats for the big mountain adventure tomorrow. Make sure I'm well fueled for that. So amazing, so delicious. And one of my goals is to always eat, little tip of the day, is to always eat 12 hours before a big workout. So the goal tomorrow is to start running up Pike's Peak by 7 a.m. which is the same time that I will be the start time for the race. And so my goal is always to have dinner in my stomach by 7 p.m. the night before. So it's about 6 p.m. right now and that way I can get all the goodness, the nutrients, everything else down into the body as quick as I can. So anyway, that's mission accomplished. Alright, so we're almost to the destination and real quick before you get to meet Steve, let's see, so today's vlog didn't really have a focus other than I guess maybe doing a little surgery on my singlet and yes, we'll go with singlet for the keyword but question of the day, how is your body feeling? And I'm not asking do you have injuries. I'm asking how does your body feel because guess what? It's prime time for summer running at least in the northern hemisphere so I'm just curious to hear how you're holding up through this summer training. I haven't asked this question in maybe a month or two and it's go time you know and maybe you're in the midst of some pretty big volume getting ready for cross country if you're in high school kind of laying that aerobic base, that foundation so that is the question of the day and I guess I'll just answer it real quick. I feel pretty darn good. I told the lady who gives me a massage once a week that I don't have any sharp pains anywhere. That's a good thing, YouTube family. You don't want sharp pains but I did tell her my legs feel tired and listen, this is part of being a runner, right? So that's how I feel. My legs just feel a little tired so I'm excited once again to continue to taper over the next two and a half weeks. Alright, let's go get Steve. Where is he? Where is he? Come on Steve. Meet Steve. What up, what up? You remember Steve from the Speed Goat 50K? Oh yeah. Year ago. Welcome to the Sea Springs. That's right. Steve and I ran at CU together so we had good old time. Good old time. It's our Airbnb for the night. This is cool, man. Alright, after you. Prep, there it is. Come on. Yeah. Oh man. Keep an eye for 634 on the number one spot. There we go. podium. This is a running YouTube channel, Steve. Running. This is not cycling. Actually, Joseph Barton is running the Cirque series at a basin on Saturday. We're going to call it there here in Colorado Springs because we got to wake up early to train and if you want to dive into, since today's vlog was a little bit of a smorgasbord kind of all over the place, I'm going to pick two. Well actually, here's what I'm going to do. I'm going to pick one old random vlog on the right that is not running related and then a more recent random vlog that is running related on the left. So click on either one of those. I'm going to hand it over to Steve to close it out. Sick beauty. Sick beauty. Work hard. Love each other. See you tomorrow.


Hello and welcome to the session. This is Professor Farhad and this session we would look at taxpayer penalties part 2 of 2 This topic is covered in an income tax course the CPA exam regulation section as well as the enrolled agent exam As always, I would like to remind my viewers to connect with me on LinkedIn if you haven't done so YouTube is where you would need to subscribe. I have 1,600 plus accounting, auditing, tax and finance lectures including hundreds of CPA questions Please like my lecture, share my lecture, put them in the playlist, let the world know about them If they're benefiting you, it means they might benefit other people as well. On my website farhadlectures.com You will have access to additional materials such as PowerPoint slides, true, false, multiple choice exercises, and if you're studying for your CPA exam 2000 plus CPA questions. So if you are serious about your CPA, please take a look Consider investing. It's a great investment in your career So we're talking about taxpayer penalties and we talked about different type of penalties in the prior session In this session, we're going to be looking at failure to pay estimated taxes This is the topic I'm going to be looking at We looked at the other major topic in the prior session and failure to pay estimated penalties is a heavily tested topic on the CPA exam So it's very important that you understand and I'm gonna work both for individuals and for corporation Which has the most common and individuals are tested more than corporation But you have to know both for the CPA exam now failure to pay estimated taxes. Who should worry about this? What's the big picture? Think about it. If you're an employee if you work for a company And that's all your income You don't really have to worry about paying estimated taxes because from your paycheck They may take money out of not not they might they will take money out of your paycheck You'll have to fill out a w4 when you start working and they will determine how much to take based on how you fill out the w4 So you don't have to worry about paying taxes now You could be an employee, but you could have other income such as interest dividend royalty rental You might have a side business like I have a side business. So what's gonna happen?  Okay now bear in mind That you are responsible for Determining how much to pay and we're gonna show you what what are the guidelines a penalty is imposed for a failure to pay Estimated income tax. There is a penalty if you don't pay the penalties apply to individuals Trust certain estate Corporations and it's based on the rate of interest and effect for deficiency assessment So it's the same interest rate that they will charge you based if you have a deficiency assessment It means you did not pay enough taxes now No penalty if the tax do is less than five hundred dollar for corporations or for individuals others Which is I'm gonna say individuals at a thousand simply put if you're an individual and you came short a thousand dollar Don't worry about it. There is no penalty if you are short a thousand dollar if you're a corporation $500 now corporation must pay the the last quarterly payment by the 12th month of the same year So they have to make the quarterly payment before the end of the year Generally the payment when you make payments. It's one fourth One fourth it means every quarter generally the same payment And this is what you fill out and I used to fill a lot of those out I still fill out one or two one for myself and one for my brother, but the point is This is what it looks like for example the first payment the first estimated payment for example, this is for 2019 It's due on just kind of to show you the due date You'll have to fill out this form and send it on April 15th the second voucher payment June 17th the third one September 16th so notice April May and June two months later you have to pay June then you have June July August September September make The end of make the third payment September 16th and the fourth payment which will be due January 15 2020 and today actually January I'm doing this recording on January 18th January 18th 2020 so whoever did not made their last payment for the quarter They're three days late now. I'm gonna talk specifically about the rules for the individuals But also talk the corporation. So so how do we determine the individual under payment of estimated tax? Okay, well, how do we determine this? It's the difference. So we have to find the difference The difference between the estimates or withholding if you had withholding that were paid and the lower of two figures 90% of the current year tax or 100% of the prior year tax Now if your AGI if you're adjusted gross income more than 150 well, you're gonna change this to 110 So that's that's what you do. So once again, and the best way to illustrate this is to work few examples But this that's the rule 90% of the current year P 90% of your current tax or 100% of your of your prior tax and those Choose the lower of these two and compare them to what you pay if what you paid and estimates and withholding more You're in good shape. Now if your AGI is more than 150 This 100 becomes 110 once again the best way to look at these rules is to work an example So let's look at this example. Your prior AGI is your prior year AGI is 75,000 Total amount withholding an estimated tax this year is 800 your current tax liability is 1200 your prior year tax Liability is a thousand first thing you should do especially on the CPA exam is determine if the amount is more than a thousand Why well, I have to pay 1200. I already paid 800. So 1200 minus 800. I'm short 400. Yeah, that's good I'm short less than a thousand. What's the under payment of penalty? Zero nothing. I don't have to Make a payment because I'm short $400 because I'm responsible for 1200 already made 800 worth of payments Let's look at the second example prior year AGI 135 total amount withholding an estimated tax payment 1750 current tax liability 3000 prior year tax liability 2000 first determine if your obligation is more than a thousand 3000 minus 750 equal to 1250. Well, guess what? You know, I have to do something because I'm responsible for more than a thousand. Now. What do I do now now? I'm going to take the lesser of 90 percent of the current year. What is 90 90 percent of the current year. The current year is 3000 I'm going to multiply 3000 by 90 percent Which it should be 2700 and I'm going to take 100 percent of the prior year 2000 times 100 percent is 2000 The lesser of these two is 2000 2000 minus 1750. I was short My the underpayment of penalty is 250 the underpayment of penalty is based on 250 based on 250 Example three prior and current year AGI is 70 total withholding an estimated tax is 1800 current year tax liability is 3000 prior year tax liability is zero now Well What's the difference between three thousand and eight hundred? It's 1200 therefore the thousand Rule doesn't the thousand dollar rule does not apply in a sense. It's not really a rule But if your liability is less than a thousand, there's no underpayment of penalty Well, look the prior year tax liability is zero. What if we take one zero times? Prior year is 90 percent. What do we get? We get zero simply put if your prior tax liability is zero There's no underpayment of penalty. So that's another Another rule where if the prior tax liability is zero, you don't have to worry about underpayment of penalty So the answer will be zero Prior year AGI is 90,000 total amount withholding an estimated tax is 3000 current year tax liability 4500 prior year tax liability 5000 first. Let's see if the thousand dollar thousand dollar Rule apply. What's the difference between 4500 and 3000? It's 1500. Well, I have to do more What does that mean? It means I have to take The lesser of 100% of prior year 100% of the prior year What's the prior year? 5000 So this is one hundred five thousand times 100% Or 4500 times 90% 4000 and 50 which one is the lower of these two? The lower of these two is 4050 minus 3000 underpayment of penalty 1050 Let's take a look at this example Prior year AGI 160 total withholding an estimated tax payment 6000 Now notice here. It's more than 150 than 110 percent will apply So we're going to take the 6000 times not 100. I'm going to change the color here I'm going to do 110 percent. Why did I change the color? Because Prior year AGI is 160. That's 6600 and the current here multiplied by 90 percent And that's going to give us 7600 and 50 the lower of these two is 6600 6600 minus minus 6000 My underpayment is 600. Okay, that's for individuals. Let's look at the rules for corporations just to kind of make sure we are comfortable with this A corporation underpayment of estimated taxes is the difference between the estimates that were paid and the lower of And there is no withholding for corporation. That's why we only have the estimates that were paid and the lower of The current year tax or the prior year tax So we look at the current year tax and the prior year tax now for the prior year tax We have certain rules the prior year alternative We must have a full year obviously because we have to compare apples to apples It has it cannot be zero It cannot be like losses a non-zero tax amount must have generated for that year and If it's a large corporation What's a large corporation if you made a million and if you have a million Of taxable income or more in in any of the prior three years You can use the alternative only for the first installment of the year So you could use the alternative only this method the prior year Number only for the first installment. So let's take a look at Some example to illustrate those three concepts basically two concepts in a sense three and you're going to see why it's three Concepts, so let's take a look at the example. Okay, so we're looking at cold services corporation cold services corporation cold with a k Estimate that it's 2019 taxable income will be half a million That's its subject to a 21 income tax rate and incur 105,000 in liability. So this is current year For each of the following independent cases compute colds 2019 minimum quarterly estimated tax payment that will avoid under payment of penalty So tell me how much I need to pay to avoid under payment of penalty. Okay, so I have the current year 105 For 2018 taxable income was negative negative 200,000 so immediately if it's negative Okay, if it's negative, it means I cannot use the prior year because to use the prior year You have to have a non zero tax amount. You have to have a positive tax amount. Therefore. I can't use the prior year Well, therefore I have to use this year. Well, what what is this year the current year? Well, the current year is 105. I'm going to take 105 divided by four because I cannot use the I don't have a prior here basically and that's going to give me 26,250. So q1 I'll pay 26 to 50 q2 26 to 50 q3 26 to 50 26 to 50 q4 so on and so forth So that's my quarterly payment if I want to avoid under payment of penalty. Okay For 2018 taxable income was positive and tax liability was 94,500 now for b Now we can use a or we can use be the lower of a or b which one is the lower of a and b So this is a this is the current year a and b is the Is the prior year and I call them a and b here. They're not, you know, this is not in the code Just this is my my reference. So I'm going to use the prior year. What does that mean? It means I'm going to go with 94,500 Divided by four and I'm going to have to pay 23,625 per quarter Now notice I'm going to be short at the end of at the end of the four payments. I'm going to be short I'm going to be short 10,500 Okay, because I'm only going to pay in total I'm going to pay in total this much and I'm responsible for 105. So I'm going to be short. So 105 Minus 94 94 500 I'm going to be short 10,500 not a big deal. I'll just write a check and set it with my 1120 for that amount So there's no under payment of penalty. Okay Scenario c um for 2017 taxable income was 2 million And tax liability was 680 for 2018 taxable income was 400,000 and tax liability was 84,000 Now what's special about number c? Number c is we are dealing with a large Corporation large corporation. What is a large corporation means any of the prior three years? We We made more than a million now we can use the prior year tax Return only for the first only for the first Quarter and in estimating the payment. Okay. Um, what does that mean? Well What we have to do here what we have to do here is we have to pay The 105 because we have to pay the 105 right because we're a large corporation. However for the first installment We can use the prior The prior year you we can use the prior year. Let me just erase this and I'm gonna erase this. Okay. So What what are we looking at here? Um, so we're responsible for 105 Okay, however, we can use the prior year which was what's the prior year here. The prior year is 84,000 we can use the prior year. We can say 84,000 for the prior year for the first quarter only times 0.25 and that's going to give us 21,000 So we can use the prior year for the first quarter Now What's going to happen is this we are responsible in total for 105 if we take 105 And divide 105 by four. Let's divide 105 by four It's going to give us a payment of 26,000 26 26 250 and we did this earlier 26 250 26 250 it means we it means in total we in total in total we have to make 105,000 We already made a 21,000 payment now. This this is q1 q2 we have to make it up in q2 We have to make it up. What does that mean? It means the shortage between 21 250 and 21,000 The shortage between those two Let's see what was the short And I doubt that they will ask you questions like this on the CPA exam But you want to know the rules anyway, we were short 5,250. I'm going to add to the second payment plus 26 250 31 500 therefore my second payment is 31,500 Then the third q 26 250 And the last payment 26 250 and I paid in total 105 simply put because I'm a large company the first quarter They allowed me to use the prior quarter now As always I would like to invite you to remind you to go to my website if you're studying for the CPA exam And you are serious subscribe invest in your career You're going to study for your CPA exam once it's a lifetime investment It's worth it if you're an accounting students also it will help you in your courses Which also in a sense you are preparing for the CPA exam and you are investing in your career. Good luck I'm always here to help and study how