Hey guys, this is hydro from x trades and we're gonna go through another Market weekly analysis video and as usual we'll start off with indices. So we'll start off with SPY So let's take a look at the daily chart first SPY had a really good rally last week, right? we got through that 444 resistance level which wasn't very key and Yeah, we got all the way up to that 453 resistance level and on Friday We rejected that level and now we're consolidating. So we've been consolidating for like the last three ish days But more consolidation would be a good thing here. Let's take a look at the weekly chart It's on the weekly chart First major thing that we need to take a note of is that this trend line has been holding really really well So that's a very good positive, right? So the uptrend is still intact for the year this uptrend did get violated, but It's not a big deal because this is the major one. This has been there for almost a year now We're on 10 months 11 months but this is the major turn nine that we were looking at and the uptrend has been holding all year long and we got a really nice balance off it the last two weeks, right and And yeah, and now we're testing that 433 resistance level. We did get above that Couple weeks ago, and then we rejected pretty hard. So we'll see what happens this time but overall this is looking like really healthy action and I think I've been saying this for the last couple weeks But I think there's a great chance that we could just chop around and wait for this trend line to like get tighter and tighter And then eventually see a big move up or down but overall Yeah, the SPY is acting really really well and really good bounce this week Let's take a look at QQQ Start with the weekly chart first So QQQQ same thing now Trent has been holding really well Really nice bounce the last two weeks and this one still has a little bit more room up to 382 It didn't touch that this week, but Yeah, overall really good at really good action. Let's take a look at the daily chart So on the daily does look a little bit extended since it did have like four days in a row basically Friday was down, but just slightly but yeah more consolidation here would be a good thing and You know overall I would say that The QQQ is definitely very bullish here worst case scenario I think we just chop around for a little bit as case scenario. We break out immediately and just continue running But yeah, I think there's a very good chance that we'll just consolidate for a while and wait for this trend line to get tighter and tighter with price and Then eventually break out but overall the indices look really really healthy and yeah really strong action from both this week Now we'll take a look at the big cap tech stocks start off with Apple Apple had a very strong bounce this week and the closed near ties. So that's very bullish sign Let's take a look at the daily chart. Yeah, it formed a really nice flag last week and then this week it just broke out They have really nice action from Apple and it's yeah, it's getting pretty close to filling that gap So should see some resistance around that one ninety one ninety one level, but other than that Apple's acting really well Next up we'll take a look at AMD So AMD finally reclaimed that 107 support level So that's a very good thing and it's been consolidating for almost like three months two months now Yeah, it's been forming this flag here and yeah, it's getting tighter and tighter and Couple more weeks of console or a couple more days consolidation. I could potentially see a big break out It's one had a really nice rally In the start of the year Started off at 64 when all the way up to 130, but it's been consolidating ever since so If this one does break you can see a pretty big move again But yeah, it's forming a pretty nice flag on the weekly and this looks really good Yeah overall and he looks pretty good You just want to see it tighten up a little bit more and this could be ready to go Next up, let's take a look at Amazon So Amazon has been forming a bull flag on the weekly for a couple weeks now tried to break out but rejected Let's take a look at the daily chart watch Yeah, I tried to break out but on Friday it was Contolidated but it did close above that trend line. So that is a good sign. So I think I think Amazon's really simple here. I think next certain resistance levels 143.5. They should be able to hit that pretty soon Yeah, overall Amazon looks good It didn't get much of a rally compared to the other big cap tech sucks this week But overall it's still acting really well, and I think it has room to 143.5 Next up, we'll take a look at Google So Google had a really nice breakout this week, right? it tried to break out last week but rejected and this week it got followed through and Yeah, it thought all the way up to that 136 level. It's really really good action on Google Take a look at the daily chart Doesn't look that great on the daily chart because it looks like it's like a slow grind up but very strong move from the low start or from the start of this week to the end of this week and Yeah, it did close above that 136 level. So that's a very good sign overall Google looks really good here, and I think it can max resistance level is basically all-time highs Have some resistance around that 144 level and then next level is all-time highs, but yeah, Google looks really really good here next up meta So meta lost its uptrend a couple weeks ago and it's getting a bounce now and It looks good, but let's see if we can if it can actually reclaim that trend line But yeah, matter how to insanely strong move this year went from what was $90 to 325 so that's a huge move, right? But yeah, meta looks really good here I think I think it could consolidate for a bit longer just because it had such a big move, right? So I don't I think it would be a good idea if it's consolidate for a couple more weeks But the meta is acting really well Take a look at the daily chart On the daily chart it looks a little bit more choppy But yeah next resistance levels three of five and X support levels 289 So for now it's range bound if it breaks through a five then it's bullish if it breaks 289 then it's bearish And until then it could just chop around for a little bit longer overall good action Next up Microsoft So Microsoft also lost its tongue to her uptrend and Tried to bounce off tried to reclaim it last week and then this week it formed an inside candle So we'll see what happens next week. There's a good chance that I could break out make a bigger move up next week look at the daily chart So on the daily chart it looks pretty simple It looks like resistance at that 344 level and support at that 324 level and it looks range bound just like meta So bullish above 344 and then bearish under 324. Yeah Microsoft looks like it's gonna be consolidating for a while just building a base Which is good action, which is good action since it had such a big move this year. So that's perfectly normal Next up Netflix So Netflix has been forming this base for quite some time now started all the way in Jill in back in June and Yeah, it's been consolidating ever since it's been range bound to It's keeps rejecting around that 448 450 level and it keeps bouncing at that 420 level and They all will see what happens. It's been pretty tight now or it's been consolidating for quite some time now So I think it could be ready for a bigger move up overall really good action on Netflix as well Yeah, very clear resistance level at that 448 So if you can break that then it would be bullish and if it breaks that 419 level and it's bearish as simple as that But yeah, Netflix also does look pretty good and Then we have in video This video has been holding up really well it gapped up on earnings and then it got sold into but got a really nice bounce this week and Currently we're just flagging under that 500 level So that's a very key level Psychological level as well But yeah, I think there's a good chance that we could just consolidate for a little bit more Form some sort of bull flag and then break out So yeah, if we can get more consolidation around this range, then that would be a good thing But overall and video is extremely extremely bullish There's one stock that you want to be bullish on it's in the video for sure Strongest stock in the market right now current market leader but yeah for all this is top quality stock and Her top quality name But yeah, I'm very bullish on it, but you just want to see more consolidation first ideally All right now. Let's oh wait and then we also have Tesla So Tesla got a really nice move Last week but on Friday pulled back in pretty hard So we'll see how it handles that a very clear resistance level at that 259 level So if it can take that out, then I would want to be bullish on it if it loses that 240 level then There's a good chance that I can just be back to chop or it can be bearish again and pull back down to 214 But yeah, these are the key level. So I would only be bullish on Tesla if it can reclaim that 259 level But um, yeah, that's pretty much it for the big cap tech stocks and we'll take a look at a few individual names Have been acting well The first one being a firm From how to really nice rally they had about they had a big gap up with a big volume And ever since then just had a really nice rally. So this one's definitely on watch now Take a look at the weekly chart. It's been building a really nice base for a long time now remove these lines so It's been building the space now and yeah, it's been acting pretty well really nice volume the last two weeks And we'll see if we can get a breakout here This one has a lot of potential because it's once a fast mover and yeah used to be 176, right? And now it's $22 So this one definitely has a lot of potential to run Definitely one they want to keep your eyes on overall really good action and I think it could see a bigger Breakout in a couple weeks in the coming weeks if you can get some consolidation Next up we'll take a look at Karvana So I called this out last week said it was forming a pretty nice bull flag and then I was able to buy on I was able to buy this Monday and I took some profit here because it was it made a pretty big move in a short period of time But this one's acting incredibly well. It's actually finding a little flag again here. It's all dating under that 51.3 level But yeah, this one's acting incredibly well and forming another flag so it could be another buy setup, but Ideally you want to wait for some consolidation. They already had such a big move, but overall really good action on this name And again, it remains to be a top watch for the coming week once again I own Q this doc is One of the best stops in like 2023 this one had an insane run Started all the way from three dollars ish to twenty dollars. So yeah pretty insane move and it's flagging here currently So I'm watching this if it can take that 17 point 17 point like seven five ish level and there's a good chance that this can Take off once again Think yeah, 17.75 ish If it can take that out then there's a good chance that it'll make a move back to twenty dollars But this one's a top watch really really strong name and it definitely keep your eye on this one And then this one as MCI this is also in the same sector as I own Q And this one also had a very very strong run this year Yeah, look at that move right? It was what? Used to be 80 dollars and then Highs of this year through 57 so very very impressive move and this one was looking like it wants to make a break here Resistance at that 283 level. So if it can take that out very good chance to have one first target being 297 and then it could gap to all the way up to 340 but yeah, this one also moves very nicely and it's definitely one that you want to keep your eye on Next up shop So this one had a really nice gap up this week and Yeah, it's it's been forming the space for quite some time now. So we draw the space So there's some resistance here or there was some resistance there that's been forming a Long base, right? So this is all one big base and it's been forming the space for almost four months now So this is good action if you can get if it can start to form some sort of like bull flag I would definitely be keeping my eye on this one, but overall really good action. Take a look at the weekly chart Yeah, it's been consolidating for quite some time now in between this range So if you can break that 70 then 70 resistance double then it could be a pretty nice one overall really good action on Shopify Next up we'll take a look I Think yeah, I think that's pretty much all I got for this for next week. We'll just take a look at here. Okay, okay? Take a look at the daily chart. So this one had a really nice rally this week, right? And it's been holding really strong stuff in a little bit extended here now And you want to see some consolidation? But after that consolidation, I think very good chance that we see that 44.5 level break again And then this one continues to rally hard, but yeah, again, this one is very very beaten down So if you take a look at the weekly chart extremely beating down It's been forming a base for it quite some time now. So this one has a lot of potential as well So if you can take out that 44.5 level next resistance being 50 51 Resistance and then you could see a really big breakout from there But overall this one's acting pretty interactive pretty well this week And they got a nice bounce off that trend line. So good action there but yeah, keep it keep Or keeping this one on watch for next week if it breaks that 44.5 level overall really good action this week and Yeah, a lot of names are starting to set up again. And yeah, I'm very optimistic for upcoming weeks But yeah, that's all I got for you guys. Thank you guys for tuning in


There has been a huge decline in mental health around the world, which is why we're so committed to creating more content than we ever have. Thank you so much for being a part of our journey. Hey Psych2Goers, welcome back to another video to help you gain knowledge and spread awareness on different mental health conditions. Today, we are discussing post-traumatic stress disorder, PTSD. When you hear PTSD, what do you think of? A soldier? A victim of a crime? The American Psychiatric Association defines PTSD as a psychiatric disorder that may occur in people who have experienced or witnessed a traumatic event. But did you know that there are different types of PTSD? Traditional PTSD is when someone experiences a single traumatic event that causes post-traumatic stress. According to medical news today, only 7% of those in U.S. will be affected by traditional PTSD at some point in their lives. Have you heard of complex post-traumatic stress disorder? C-PTSD. The World Health Organization Department of Mental Health and Substance Abuse conducted a study in 2016 that discovered the distinction between PTSD and C-PTSD. Let's jump into five signs it's C-PTSD, not PTSD. Number one, you notice feelings of trauma coming up more frequently. The main differences between PTSD and C-PTSD is how often we feel stress from the traumatic event we experienced. PTSD is typically a one-time traumatic event that will cause stressful feelings that subside within a few days. C-PTSD is either trauma from a series of events or a prolonged event. Let's say you were in a car accident. If you feel trauma after that event and it goes away, we might assume this is traditional PTSD. But what if you feel nervous and anxious about getting into a car a long time after this accident? Even five years after the accident, you still won't drive. This can be categorized as C-PTSD. C-PTSD can also include reliving the event through flashbacks or nightmares, bringing on these stressful feelings. The frequency of these episodes increase can be the main indicator of C-PTSD. Number two, you have difficulty controlling your emotions. When someone has traditional PTSD, the effects are short-lived. But C-PTSD is a diagnosis that involves an extended period of feeling stress and trauma stemming from a series of events. With a longer time frame comes more severe symptoms. On top of feeling the stress of the event, an individual with C-PTSD may also have difficulty controlling their emotions. Let's take that same car accident for example. You may feel stressed even getting into a car, let alone driving the car. If a friend suggests carpooling to lunch, you may react by getting very angry and yelling at them.  These strong emotions paired with a traumatic event can be a sign of C-PTSD. Number three, huh? What? Were you saying something? Have you ever been in the middle of something and completely spaced out? Maybe you were driving home from the store and then bam, all of a sudden you're home. This phenomenon is called dissociation. Dissociation is when our brains lack continuity. You can separate yourself from your thoughts, surroundings and even emotions and it's a common coping mechanism when we have incredibly overwhelming feelings and don't wish to be present to feel them anymore. Dissociation is another symptom specific to C-PTSD due to how long you feel the stress. So let's go back to the example of your friend suggesting to carpool to lunch. When the friend asks, you may begin feeling all of those negative emotions bubbling up. At that point, you may notice that you black out or dissociate to stop feeling like this. If you also take the car ride, you may dissociate during the car ride to keep yourself from having an emotional outburst. Number four, you feel physical symptoms when you are reminded of your past trauma.  The brain is a powerful organ that holds on to a lot of information including what you feel, how you feel and when you feel it. So back to the car example. Say you're recounting your traumatic car accident with a mental health professional. Even though you're safe with the therapist in an office or the comfort of your own home and not in a car, you may start to feel physical symptoms that come with anxiety. These symptoms can include nausea, dizziness or pain in your stomach.  Having these feelings come back up when simply remembering trauma can be a CPTSD sign. And number five, you avoid your trauma triggers at all possible costs. When you know what sets off a mental or physical health concern, most of us are inclined to avoid that trigger. Someone experiencing CPTSD for a length of time may feel so tired of the stress or other symptoms that they're feeling and they may also be sick of letting their emotions get the better of them. So what do they do? They avoid the trigger at all costs. Do cars make you nervous? Okay, you can use public transportation to meet friends or invite them to your home for a friend's night in. Someone asks you to run a quick errand for them. You can politely make an excuse that you are stuck at the office. Someone suffering from CPTSD might feel the need to control their situation to feel like they're in control of themselves. Did any of these signs shock you? Were you surprised at the different types of PTSD? Leave a comment down below to let us know. Experiencing a traumatic event is awful, but reliving it can be just as difficult. If you or a loved one has experienced any of these signs, please reach out to a trusted mental health professional to explore more. If you enjoyed this, please share this video with others who might benefit. As always, the references and studies used are listed in the description below. Until next time, friends, take care and thanks for watching.


Well, good afternoon everybody, thank you for coming along to a PCL seminar this afternoon. I'm delighted to introduce Dr Roger Barker. Roger is Director of Corporate Governing professional standards at the Institute of Directives, where his responsibilities include corporate governance, board effectiveness, risk management, company wall and corporate social responsibility. As well as his IOD position is also Senior Advisor to the Board of Equidad, the European Federation of Directors Associations. He's also Chairman of the EECADY Education Committee. He sits on advisory boards at a number of organisations, including the Institute of Chartered Accountants. And he's a visiting lecturer at a number of institutions, including Seed Business School at Oxford, East Second Paris, UCL and the Ministry of Defense. Dr Barker's offer, the couple of books influential books in Corporate Governance, Corporate Governance Competition and Political Parties, Explaining Corporate Governance Change in Europe, was published by OUP in 2010. Roger's also the co-author with Dr Mevel Bain, of the IOD's main guide to the role of the board, the effective board building individual and board success. In his past life, Dr Barker was an investment banker in London and Zurich. He's also a doctorate. He has a PhD in Corporate Governance from Oxford. And he's also previously been a lecturer at Merthyn College. And I only recently found out he's also a Cambridge alumnus as well, a former Corpus Christi person. I didn't know prior to inviting Roger to this event that he actually had a Cambridge note as well as an Oxford history which he was delighted to hear about. He also has degrees from Southampton and Cardiff as well. Roger's here to speak about one of the most topical issues in certainly corporate governance and in commercial and financial law in practice more generally, which is financial market short-termism and corporate short-termism. Hence the title of Roger's talk this afternoon, short-termism in UK public companies, implications, evidence and policy options. So without further ado, I will ask the full role of Roger. Thank you very much Mark. Thank you. I didn't realise I was that old actually as you were going through that list of other things.  Yes, it was great to see you here today to talk about this topic. And you're probably thinking, what on earth has a marshmallow got to do with the issue of short-termism? Well, you may have heard of this experiment which took place at Stanford University in the late 60s, early 70s, where kids were given the opportunity to delay their gratification in terms of eating marshmallows and then be given additional marshmallows or to just, you know, go for it, immediately gratify their desires and eat the marshmallow. And in a way, what was interesting actually about this particular experiment was that those kids that were able to delay their gratification in subsequent years actually had much more successful outcomes in terms of their careers, in terms of their relationships, in terms of their earning power. So it seemed that there was a relationship, some kind of relationship at the individual level between your ability to take a long-term view and delay gratification of needs and desires and success. And that really, I think, is analogous to the debate that we are going to talk about today which relates to the possible short-termism, or otherwise, of UK public companies, UK companies quoted on stock markets. Is there something about that kind of organisational model which inherently pushes companies towards a short-termism which in some way could be detrimental to their long-term success and to the success actually of the UK economy as a whole? I mean, this is not a new argument. I mean, it really goes back to Max Weber, if there are any budding sociologists out there who actually try to explain economic performance in terms of the ability to delay gratification. So it's a very long-standing argument and it continues to be controversial and what I want to do today is just really to take you through some of the evidence. Some of the evidence I'm going to present is academics or academic studies. Some is more anecdotal evidence, a couple of case studies and survey evidence. I mean, I wish that I could provide the definitive answer to this whole topic in the course of the next hour, but I can't. What I'm going to present to you is to some extent a partial snapshot and ultimately I think you have to make your own mind up as to whether short-termism genuinely is a problem in UK public companies, whether something needs to be done about it, whether it has serious implications for the UK economy or not. So let me just start by asking, why should short-termism in UK public companies matter? Well, in theory, if you're short-term oriented and you are really wanting to extract the maximum of return, that you're really wanting to make your assets wet, get the greatest short-term return out of your company, that is going to have implications for the way you operate your company. You are possibly not going to be very inclined to invest in a lot of research and development, which is something which could only pay off in the very long term, very uncertain. You may be very skeptical and cautious about investing in new products, entering new markets or developing or applying new technologies. You may be also very cautious about recruiting new staff. Why add to your overhead when that could have very negative implications? It also, I think, can affect the attitudes that your staff have for you as an organisation. In the so-called varieties of capitalism literature associated with Hall and Soskis, there's a lot of talk about how, when companies are prepared to take a long-term perspective, the staff, the human capital of companies, is much more inclined to invest in specific skills which are relevant only to that specific company. Because they're willing to do that, that ultimately potentially can enhance the productivity and the success of the company. So, the overall argument as to why short-termism matters is that it can lead to this range, potentially, of adverse behaviour on behalf of organisations which ultimately is going to stand in the way of economic success of the company and of the economy. Now, what evidence actually is out there to suggest that short-termism is actually a problem? You know, maybe it isn't a problem. Well, let me start here just with a survey that the IOD undertook a few years back. We surveyed a number of different groups, we surveyed our own members that are somewhat oriented towards the directors of smaller companies, unlisted companies. We surveyed some business leaders who were board members of major listed companies, intellect members were academics, TUC representatives were people from the trade unions. And we asked them, do you believe that short-termism is a problem in the UK economy with our companies in the UK economy? And as you can see there, there was some spread of views. But surprisingly, actually, most of these stakeholder groups did think that it was either a major issue or a significant issue. So there was a perception from these different groups of stakeholders that it is something that was worthy of concern. I mean, another type of statistic which is often adduced in respect of this debate, and this is something which was presented in the K review, a report published by Professor John K a couple of years ago when he examined the issue of short-termism in equity markets, was the fact that the UK in particular seems to spend amongst its private sector companies a relatively small amount relative to other countries on research and development, particularly compared to countries like Germany and Japan. So again, this is the sort of statistic which has been adduced to suggest, well, is there something about the nature of UK public companies which makes them averse to investing in long-term research and development activity. Another report which looked at this topic which was produced by Sir George Cox a couple of years ago, Sir George Cox is a former director general of the IOD. He gave this particular example of how the UK has a tendency to be very good, actually, in basic scientific research, particularly at the university level, but then is relatively poor in developing that research into commercially applicable and successful outcomes. And the example which he gave in this report was that of a new material called graphene which has been developed at Manchester University about 10 years ago, which won them the Nobel Prize and appears to have a tremendous range of potential applications. It's a very flexible, thin, high-conductivity material which has all sorts of potential applications in mobile phones, solar cells, and a range of other applications. And what he quoted in his report were the number of patents that had been filed in respect of graphene from different countries and different types of organisation. And it was very striking how, for example, Chinese companies appeared, really, to see the potential of this new material and had filed literally thousands of patents, whereas UK companies, the country where this material had been developed, UK companies, only 54 patents. Samsung alone had filed more patents than the UK as a whole. So, again, for Sir George Cox, this added to the impression that somehow the UK, because of the short-term orientation of its public companies, was somehow reluctant to invest in this sort of long-term research and development activity. Let me provide you here with some studies, more academic studies, which have been conducted on this topic. I won't go into them in a huge amount of detail. The first one, King, is actually Mervyn King, the former Governor of the Bank of England, who, earlier on in his career, did a lot of research into this topic and concluded from his research that the sort of discount rates which were being used by UK corporate entities in order to assess investment decisions was incredibly high, which to him was indicative of a pretty short-term perspective in terms of investment activity. There have been various other surveys which have been undertaken by professional services firms, which have asked managers the sort of questions like, if it was a choice between investing in a project which was going to generate a lot of value or alternatively not investing in those projects, but using earnings to smooth the earnings profile of your company so that your shorter-term earnings look more favourable, which of those would you choose? The sort of results which have come out of these surveys is that yes, corporate managers do seem very willing to actually favour this sort of short-term earning-smoothing type activity, even if it's going to be at the expense of long-term value creation. And final study there, Andy Houdang is currently the chief economist at the Bank of England. He's done a lot of research on this, and when he looked at the valuation of the UK and US equity markets, the sort of implicit discount rates which he calculated from the valuations of those markets to him also implied that there was a short-term perspective on behalf of investors in terms of valuing equity markets. Now I will, there's just one study which I think is of particular note, which was published about a year and a half, a couple of years ago, which I think by John Asker and his co-authors, which I think is a particularly interesting study because it's very well-designed and it's trying to actually look at the investment behaviour of public companies versus private companies. And it's quite a sophisticated piece of work because it tries to very much compare like with like. So it looks at companies that are equivalent in terms of their sector operation, their size. The only difference between them is that one is listed and one is a privately held company. And it looks at thousands of companies across the US in these terms and finds that private companies, relative to their peers in the listed sector, appear to invest, have much higher rates of investment. And this is particularly the case actually where investment opportunities arise, that private companies are much faster to actually to respond to these investment opportunities by increasing investment. And this finds this to be a particular issue in comparison with public companies that have very sensitive share prices relative to earnings news in the stock market. So for him, the conclusion of this is that there is something about being a listed company with your shares quoted on the stock market, with your shares actually fluctuating in response to changes in short-term changes in investor sentiments, that really places short-term pressures on you and that makes you, for example, much less likely to invest in long-term uncertain benefits. Now, let me now just move away from the academic studies to just a bit of a case study here. And that's a very recent problem that we've had in the UK with Tesco, our biggest supermarket. I mean, this monolithic entity, which I think has at its peak had about a third of the UK food retailing market, was embroiled last summer in an accounting scandal. It turned out that actually it had overstated its earnings by about 260 million pounds in the first half of last year. And effectively what it had done is it had shifted revenues from the future into that accounting period in order to flatter its earnings picture. And that, you know, there's been a lot of controversy over this. The CEO of a company resigned, although he actually, it actually came to light a few weeks after a new CEO had taken over, but there's been a lot of turmoil at the company. And what seems to have happened is that Tesco appears to have had some pretty bad relationships with its suppliers. And there have been various commercial relationships in place between Tesco and its suppliers. Tesco appears to have been in a position, like other food retailers, to exert a lot of pressure on its suppliers, to move backwards and forwards the revenues that arise from its commercial relationships with suppliers. The new CEO of Tesco has said, look, this was a disaster. It's not going to happen again. We were under a lot of pressure. You know, we're facing a lot of competitive pressure from discounters like Aldi and Lidl, who are really coming into the market and challenging our position. And that what seems to have happened is that managers in Tesco felt under pressure from investors, from financial markets, to come up with the goods, to keep their earnings at a high level. And as a result of that, they succumbed to the temptation of trying to manage their earnings stream and boost their earnings in the short term. Even if that ultimately is not something which can be sustained over the long term. So this appears to be a case of where market pressure is really affecting management behaviour. There are various other points, shall we say, circumstantial evidence, which I just want to very briefly point out to you. Which, although perhaps not direct evidence of short termism, do give one pause for thought and do demand an explanation. And the first thing that I would point to is that we are currently living in a world where large corporations have huge cash piles. And for some reason, even though we're living in a world of record low interest rates and there's been unprecedented monetary stimulus, in the global economy, corporates are not investing. They're sitting on huge piles of cash. Why is that happening? Well, there are various explanations for that. I mean, there are explanations in terms of taxation. You know, a lot of US companies have big piles of cash outside the US, which they don't want to bring back into the US because they'll be penalised by the Internal Revenue Service. But personally, I'm not hugely convinced by that argument. I mean, there was an amnesty about 10 years ago which allowed a lot of US companies to bring back their cash piles. And what did they do with the money? Were they tended to spend it on share buybacks rather than actually invest it? And this actually brings me to the next point. It is actually amazing the level of share buybacks which are going on amongst large companies at the current time. And it's especially amazing actually when you think that it wasn't that long ago when buying back your shares was illegal. And I think even as late as 1998 in Germany it wasn't allowed to buy back your own shares. But yet now share buybacks have conquered the world and it's the mantra almost of any self-respecting management, particularly in the US but also in the UK or any activist shareholder, buy back your shares. But what is that actually achieving? There are good, I think problems with a lot of these things is that there are of course good reasons to buy back your shares. You know, if you haven't got any compelling investment opportunities rather than waste the money, by all means return the money to shareholders. But have management really run out of ideas? I mean, are they really unable to identify the sort of business opportunities and possibilities for value generation to the extent that these cash piles and these sharebacks imply? It to me it's a very unsettling type of activity. Another statistic I would point you to or work that I would point you to is the work which has been undertaken by the OECD who have actually found that public equity markets on a global basis over the last decade or so have not actually raised any net capital for companies. So the capital which has been raised in the form of IPOs and secondary equity issuants has been more than matched by share buybacks and other types of activity which actually reduced the amount of equity in circulation. So what is it meant to be the big advantage of the public company vis-a-vis the private company is that it's a vehicle which is better placed to raise capital. And that is what stock markets ultimately are primarily there to do, to provide a vehicle for capital raising which can be then applied in the economy to generate growth, innovation and so on. But equity markets don't appear to be doing that. And that, to me, is a worrying sign. Why are equity markets not actually fulfilling their true purpose? Why are equity markets just being used as a kind of vehicle of secondary trading to kind of recycle funds from companies back to shareholders back to companies, of course, with all manner of financial intermediary sitting in between these flows and taking their cut of the funds? Another piece of circumstantial evidence which worries me is actually the behaviour of US technology companies which have been listing on the US equity market in recent years. Companies like Facebook, Google, Amazon and so on. And you probably observe that they have been adopting very sharehold, minority shareholder, unfriendly type governance structures. They've effectively been designing a governance structure which insulates either the founders or the management from financial market pressure either by issuing non-voting shares or having multiple share classes. And the rationale for these mechanisms, the rationale which is put forward by Jack Ma or Jeff Bezos or whoever it might be is we can't run a technology company if we are subject to the constant buffeting and short-term demands of financial markets. We need stability in order to make the long-term investments which are going to turn us into a successful technology company. And so they come to the market with these structures and institutional investors have complained and sort of griped about it, but ultimately these are the amazing companies of our age and they've still invested. And something similar was, a similar type of point was made recently just within the last couple of weeks where it was reported that a lot of late stage US technology companies were actually not listing on stock markets. They were preferring to actually remain closely held companies because on the one hand there appears to be ample sources of financing available to them from venture capitalists and the like. And much better to stay private if they can get that sort of funding than expose yourself to financial markets by becoming public. Of course it's a risky thing for investors because these companies are not going through the same due diligence that they would go through, for example, by the ACC if they were listing. But again, to me this is a worrying sign that a lot of the really entrepreneurial dynamic companies out there see the public equity markets as something which isn't actually going to be helpful for their developments. So a source of concern. And here is the man himself, Jack Ma, who actually made what I thought was quite an amazing statement just prior to the flotation of Alibaba in New York last year, the world's largest ever IPO. Blatantly said, look, we put customers first, employees second and shareholders third. We are running this company, we're not running this company for shareholders. Which is a, if you think about it, an amazing thing to say, just immediately prior to launching an IPO. But he, that was what he believed. And something like Jeff Bezos, I think would say exactly the same thing. Now, what are the causes of short-termism? If you accept my argument that there is short-termism in public companies, and I don't want to suggest that I've presented a definitive proof of that, but I think that there are strands of evidence out there which give one cause for concern. What are the, if you buy that argument, what are the potential causes of short-termism? Well, certainly the survey that we did did point the finger at a shareholder pressure. So it's very much an issue for public stock market quoted companies. And I think really the argument here is that, is in two parts. The first part is that financial markets on which listed companies are trading are themselves pretty short-term in terms of their fluctuations and in terms of their sentiment. I mean, I've put there that 70% of stock market turnover is by traders rather than longer-term investors. The average holding period of an equity investor in the UK pretty short of about eight months has come down hugely over the last couple of decades. But so financial markets are relatively volatile. But on the other hand, one could equally say, well, just because financial markets are short-termists and are relatively volatile, that doesn't necessarily mean that companies themselves have to be short-termists. There has to actually be a transmission mechanism from the short-termism of financial markets to company behaviour. And I think that the transmission mechanisms which are generally put forward are first of all the type of executive pay arrangements that exist in major UK companies, but also US companies, which are often designed to align the interests of senior management and the CEO with shareholders. They're kind of a response to the principal agent problem in corporate governments. So they are trying to get managers thinking and behaving like investors, like shareholders. A second transmission mechanism is the threat of hostile takeover, which I would suggest is very specific to the UK, because the UK is quite distinctive in having a very open market for corporate control in contrast to continental Europe or the United States, where poison pills are very prevalent. So the threat of hostile takeover, your share price goes down too far, suddenly you become vulnerable to a takeover from another organisation that potentially can put pressure on you to think short-term. And then a growing source of short-termism, I would argue, are active as shareholders that are becoming incredibly important in the United States. Less importance elsewhere in the UK, for example, and beyond, although it's interesting to see what's happening currently in Japan, where activist shareholders are trying for the first time to put pressure on certain Japanese companies, like Sony, for example, and others. But certainly in the United States, there's a huge amount of money within hedge funds, which is out there pursuing an event-driven activist strategy. And typically the demands of these hedge funds are break up the company, buy back your own shares, undertake a takeover, or all allow us to sit on the board so that we can actually push that through ourselves. It's very much event-driven. And of course, these hedge funds are not homogeneous. They have many different strategies. Some are more long-term than others. But in a lot of cases, it is about, I would argue, it is about getting that pop in the share price through this kind of strategy, which then enables you then to sell out at a profit. So it's quite a straightforward strategy. The difficulty, I suppose, with these transmission mechanisms is that one can actually see them all in a positive light, rather than a negative light. The threat of hostile takeover, it could be seen as a source of discipline for companies rather than the source of short-termism. Activity shareholders could be seen as, again, a source of discipline to shake up companies to make them do the right thing, to think about not their own personal interests, but the interests of shareholders. So that is, I think, that's where the debate is so difficult, just depending on how you see actually the influence of these type of actors and these mechanisms, either in a positive light or as a force for short-termism. Now, I'm just briefly going to run through some potential policy options, which, if one thought short-termism public companies was a problem, the sort of things that one could consider. Some, I think, are more credible than others, but I just wanted to give you a range of options to inform your thinking. I mean, perhaps the most benign and light-touch way of trying to deal with this is through the introduction of the stewardship code, which has been introduced by the Financial Reporting Council here in the UK, which is really a way to cajole and persuade institutional investors to take a longer-term approach to their investments, to be good stewards, to not just be traders of shares, buying and selling, but to be there as longer-term government actors. And that's a related initiative, something called the Investor Forum, which is something which arose from the K-Review, which is trying to also coordinate institutional investors to get them to work together, actually, to exert a more positive influence over companies over the longer term. I have to say my own view of that is I don't see much evidence that that has fundamentally changed investor behaviour. A lot of fund managers and asset owners have signed up to the stewardship code in principle. Has it actually changed behaviour? I'm not so sure. I was just yesterday had a meeting with the head of governance at Standard Life, one of the big UK institutional investors, and he is very pessimistic about the impact that that has had. You could try to nudge, incentivise, or cajole institutional investors to behave in a more long-term manner in terms of their investment philosophy, by, for example, using the tax system. You could, for example, imagine a more favourable rate of capital gains tax for people who hold shares for a longer period of time. The problem with that, of course, is that the majority of people who own UK equities nowadays are based outside the UK. They're not UK investors. A lot of the institutions have their own pretty favourable tax arrangements anyway. So I'm not sure how that is going to have a big impact. Ensure that long-term shareholders only vote on takeovers. So something which I understand is going to go into the Labour Party's manifesto just ahead of the general election is a proposal that if you have joined the shareholder register during the course of a takeover bit, you won't actually get a vote on the takeover. So this is an effort to say, well, it's only longer-term shareholders who will actually have the say in a takeover. This was something that was a very controversial issue in Kraft's takeover of Cadbury a few years ago when the board of Cadbury, Sir Roger Carlaw, Chairman of Cadbury said, look, ultimately the people who were making the final decision here are just a bunch of hedge funds who bought in during the course of the takeover process. Encourage another policy approach. Encourage separate classes of shares with different voting rights. My view is that there's nothing intellectually wrong with that. I personally don't have a great adherence to the kind of one-share, one-vote mantra, but one has to recognise that institutional investors in the UK are completely against different classes of shares. They see that as unfair. They want to have the maximum flexibility and the maximum power. So I think the problem that any company has is getting investors to accept that. And at the end of the day, what investors, what companies tend to care about is are they going to be able to raise the funds that they need from the market? And if there is this huge barrier in the way, that is something which deters them. Encourage companies to grant preferential dividends or enhance voting rights to longer-term shareholders. Well, we just had an interesting case study of this, actually, within the last few weeks, when the Italian government tried to make it... or put forward a proposal to make it easier for companies to actually allow shareholders who were longer-term shareholders, longer than two years, to have a greater voting power in the company. The result was a whole group of institutional investors wrote a letter to the Italian government and the Italian Prime Minister, Mattia Renzi, literally after a couple of days, did a U-turn and said, we don't want to put anything in the way of foreign investment into Italy, so we're not going to do this. The French have done this since 2012. Something along these lines has been in place. But it's not popular with institutional investors. I'm just going to step over that. Implement a Tobin tax. I mean, if you feel that financial markets are too volatile, too focused on trading, rather than ownership, why not introduce some kind of tax on the trading of shares? This is something that a number of countries in the European Union, led by France, still want to do. But it's something which the UK, in particular, is very much against. Luxembourg, as well, because they see as a threat to the financial market activity that takes place in their respective countries. So whether that is something that will come to pass is difficult to say, although, of course, we've had stamp duty in the UK for about a century, which is effectively a Tobin tax, a financial transaction tax. That doesn't appear to have affected our financial markets too much. Another proposal abolished short-term reporting, abolished quarterly reporting of companies. The argument there, which was made in the K review, is that if companies are reporting on a very short-term basis, that encourages a short-term as mentality, both amongst investors and the companies themselves. That proposal is actually being acted on. In fact, in November of last year, across the EU, it no longer became mandatory to report on a quarterly basis. It is now up to the company to decide did they want to report on a quarterly basis. A few UK companies have already decided that they're no longer going to report on a quarterly basis. National Grid, United Utilities, for example, they both announced that. Other companies I would have thought are likely to follow. To me, that is a sensible approach. Allow the company itself to decide does it want to report on a quarterly basis? Is that what is relevant for its particular business model and its investor base? Encourage longer-term remuneration arrangements for executives and non-executives. I think that's a huge issue, a very top, horny, highly political issue. We're just going now this week into the reporting season for the major banks. We had HSBC reporting yesterday, and pay is going to be very, very controversial. Of course, the big part of most executive remuneration at the current time is not their basic salary or their bonus. It's actually their long-term and so-called long-term incentive plans, L-TIPS, which is generally a package of variable pay which executives receive when they achieve certain performance goals. Problem I have with them at the moment is that typically this performance horizon is three years, which doesn't sound to me like a very long-term performance horizon, despite the fact that they're called long-term incentive plans. It's hardly long-term. So, I think what we need to do is actually make them more genuinely long-term. And the other thing, where much they're criticised, is that they tend to actually focus performance on things like earnings per share grow and total shareholder return, which fluctuate on a short-term basis. A lot of people would like to see performance criteria which are much more tied to the long-term strategy of the organisation. But, of course, these are foreign issues. If there were easy answers to these issues, then they would have been undertaken already. We could, of course, allow poison pills, as is undertaken in the US. That is something which would be, I think, anathema here in the UK. Really, the whole framework of takeover regulation in the UK has been developed to really ensure that minority shareholders get a fair deal. Poison pills are seen as something, I think, which entrenches management and entrenches boards. But I suppose, you know, with these other topics, there are two ways of looking at poison pills. Either they're something which entrenches management and boards, or they're something which allow you to take a long-term business approach.  Well, it's not clear who is actually right. And then a final point I would make here is that one could actually get the government involved in determining takeovers and extend the current public interest test for takeovers. I mean, there are certain areas where the government is currently entitled to intervene in a takeover situation and potentially block the takeover. That could be extended. That's something that we at the IOD are not to like the idea of, because we can easily see that the whole takeover process can become highly politicised. You know, you can imagine a situation where a particular group of affected stakeholders from a takeover starts to lobby hard in the media and with government, and then that then leads to decisions about takeovers being taken on political grounds. But it's certainly one way in which one could address the issue. So that's, those I think are a range of policy options which one could use to address this issue of short-termism. But for me, I think, you know, the whole problem would probably go away and would probably be solved if we had more investors like Mr Buffett here who proclaims that his favourite polling period is forever. You know, if we had patient capital, if we had investors that were prepared to sit it out for the long term and conveyed that to boards and to management, that probably would be the ideal solution. So really what I'm saying is somehow can we get to a situation where we have the best of the worlds of a private company with a long term, potentially long term horizon and a public company where there is this great potential to raise capital for future growth? That to me is the challenge of this debate. Can we blend together these two worlds in the best possible way? Thank you very much.


As you all know, my name is Tim and I left my home at the orphanage to go and see Santa Claus. On the way I met Jump Jump, a little elf only three inches tall. I think you'll be excited by what happens today in our adventure with Jump Jump of Holiday House. Things were getting pretty exciting for Merry Holiday. Jump Jump, Archie Pogli, the poet, and Sleepy Slim and myself up at the North Pole. The selfish ice queen, who had already stolen Santa's reindeer, had just whizzed down out of the sky and flown off with a wishing star, which had been the only way we had to ride back to Santa's house. Now what would we do? If you were suddenly out in the vast snow-covered land without a house or a sign of a road in any direction, what would you do? I'll tell you what we did in just a minute. It's so cold, my hair is shivering. Jump up and down.  Wow, jump, jump, up and down. All right, I'll try anything once. Up and down, up and down, up and down. Up and down, up and down, up and down. I never knew it was so hard to talk while you're jumping up and down. Neither do you talk at the same time. You're for him, but it isn't for me. I understand better now why Jump-Jump talks so funny. I don't see how sleepy Slim can sleep with you jumping up and down on him, Jump-Jump, unless it's keeping him warm. It sure is a good way to keep warm, though. I'm starting to feel like a rubber ball myself. Oh, Jump-Jump, I'm afraid I just can't jump anymore. You know, we ought to start looking for our way back to Santa Claus house without the wishing star. If only the ice cream hadn't taken it away. Do you think she'll come back? Tim, for a nice, healthy, good-looking boy, you do have the most unpleasant ideas. Oh, I'm too tired to jump one single more time. We'll just have to find some other way of keeping warm. We only had a fire to take the chill out of our bones. But we have no matches and no wood. I think I know where we could find some wood. As for matches, let me think. Ah, as a great man once said, Eureka! Eureka! What does that mean? Can you rise from backwards? No. What does it mean? Eureka means I've got an idea. Eureka means I've got an idea. All right. What's your idea, Chupagli? You carve things from wood, don't you, Timmy Boy? Yes. And when Jump-Jump touches them, they come to life, so to speak. Yes. Suppose you were to carve a match. A match? And then have Jump-Jump touch it? Yes, that'll work.  But what about wood for the fire, Archipagli? As a great man once said, Mary Holiday, Never do today what it takes a rolling moss to throw stones at tomorrow and vice versa. It doesn't take a minute to carve a matchstick. Gee, I hope it works. Oh, sorry, Archipagli. That's fine. Now, Jump-Jump, my lepaceous leprechaun, Dane to endow this immobile portion of tree bone with your magic touch. In plain words, touch it. Oh, he did it. It did it. It's a match. Look. Yes. Look, everybody, the wooden match has turned into a real match. Yes. Now, Archipagli, what should we do for wood? Because we mustn't strike the match till we find some wood. Elementary, my dear Mary Holiday. As the boys said who went to school, elementary. Now, sleepy Slim the lion is fast asleep as usual. Do you see what he's sleeping on? Yes, his bed. He brought it up with him in the wishing star. Well, he'll never miss it in his dreams.  Gently. Now, you see, he never even woke up. Now, this is made of nice dry wood. I'm not sure that we ought to, but we do need a fire. All right, split it up. Yes. We have some kindling now. I'll have a match. One. We need a match, Jump Jump. Hope everybody, hope it will light. I'm hoping. We're hoping. I'm sure glad sleepy Slim brought along his wooden bed. I hope sleepy Slim will feel the same way when he wakes up. Oh, now, as soon as we're all nice and warm again, I think we'd better move on a bit and try to find our way back to the North Pole. I do wish the poet would come back. He's probably making a poem about a snowdrift that he's found somewhere. Merry holiday. I've been thinking.  It doesn't hurt. Speak for yourself, Archie Potter. Oh, I'm wounded, mortally wounded. As a famous man once said, Ouch! What is your idea, Tim? I was thinking, since we've come this far, why not push on from here and try to get the ice cream's frozen country from here? Then we could rescue the reindeer and ride them back to Santa's house. But Tim, you saw how powerful the ice cream is. I don't like the ice cream. I'm not afraid. Oh, Jump Jump. Jump Jump. You've as much courage as a giant. Say, you know what? What? I'm hungry. What did you expect me to say? We're all hungry. Well, it works on rocking chairs and scooters and matches. Jump Jump's health magic might work on food, too. Don't you think so, Jump Jump? Oh, don't you? I'm to see you carve a bowl of soup. I'll take chicken noodle. Oh, I wouldn't carve soup by cheap ugly, but I can carve an apple or cookie. I'll carve a cookie, Tim. Well, I'll try. There's the cookie circle now. It's a bit lumpy, but... It looks like a good cookie, Tim. Here. There's another one. And here's another one. And now I'll try an apple. Here, Jump Jump. Jump Jump. Touch them. Touch them and change them. Bring them to life. Now? Of course. Now. I'll try an apple. Yes, yes, yes.  Doesn't it, Jump Jump? Wow. Wow. How nice. They're kind of small, but I don't have much wood left. Merry holiday. What are all of those colors in the sky? Why, they look like the colors of my hair. They aren't clouds. Oh, those are called northern lights, Archie Pogli. They're beautiful. All colors leaping up into the sky like rainbow flames. They seem to be getting brighter. You know, I don't like this, Merry holiday. It's getting more colorful here than a carnival on Saturday night. See how the colors are reflected on the snow? Isn't it beautiful? Merry holiday. I didn't hear anything. There it is again. Yes, I hear it now. It sounds like music. Oh, it sounds like that old ice queen again. I'm going to hide. I'm going to jump behind a snowflake or something. I'm afraid. I never saw one like the ice queen. It's a sweet sound. Yes. Yes, like the wind playing on a harp. Oh, Tim. Tim, look at the color. The colors have filled the whole sky. Even the snow is colored like a rainbow. Somebody's coming, Merry holiday. Something or someone has come and poured us out of the colors, Merry holiday. Yes, somebody's coming. But I don't feel frightened or anything like that. They are with great silvery wings. Oh, see, Jump-Jump? He looks like the Christmas angel doll that we had in our Christmas tree last year. I know who she is, Merry holiday. I know who she is. Oh, Jump-Jump. The spirit of Christmas. Oh, you must be right, Jump-Jump. The spirit of Christmas. Listen, she's speaking to us, but I can't understand her. I can't understand her either. Wait. Wait, I think I can. Yes, yes, I can. The spirit of Christmas says she can't save Christmas because she only lives in the human heart. The people who want Christmas must save it. We do, Merry holiday, we do. And the Christmas spirit will guide us and protect us from danger. But it is our faith in the meaning of Christmas that will conquer the selfishness and melt the cold heart of the ice cream. Jump-Jump, the colors are fading. The fairy is going away. Well, I can see now her silvery wings blending into the stars. She smiled at me. She smiled on all of us, Jump-Jump. That means, of course, that we can go on. Me too. But, Merry holiday, how about Jump-Jump going? Didn't the Christmas spirit say that only humans could go and save Christmas? I know. Of course, Jump-Jump may go too. Aren't you Pogli? You don't need to be scared anymore. The Christmas fairy is watching over us. That's how we first saw the spirit of Christmas. The beautiful, good fairy who works through the love and kindness that people show toward one another. We started our trip to the ice queen's country. A lot of exciting things happened to us. Remember to come back and meet me here again Monday at this time. Goodbye!


Hello everyone. Please join us. Please join us. Please come before lunch. Anyone interested? To listen to the software we call NCP, we're gonna talk about sales service, sales managed portal and building software for OpenStack, beyond horizon. Okay? I am Pee Pee Poon. I'm a system analyst and developer of Nipah.Cloud. I'm Apisak Juliya. I'm a CEO of Nipah.Cloud. Okay, so let's start. Let's start. We're gonna talk about a little bit about what is NCP and at the end when Nipon will talk, we do some demo for us. Okay, how you can make use of it. It's very easy to use here. But before that everyone who show up here, we will have a t-shirt for everyone here at the end of our session. So please join. Okay? Yes. Please join. If anyone come here and sit on this thing until the end, we'll give away another t-shirt. It's not this version that we gave away. Okay? We have another version. Okay, can you show us another version of another t-shirt here? Okay, we're gonna give away Hello, okay We made two version of the t-shirt to give away This is another one. Okay. It's the Snow Red We gave away yesterday and today and then this is a new one. Okay, if anyone come and sit here Until the end we'll give away three shirts for free here. Okay. Okay. Let's start Let me introduce you a little bit about Nipah.Cloud. Nipah.Cloud is the open cloud platform using open stack and We provide this public cloud in Thailand for a few years now and We also provide the private cloud as well. We provide cloud storage and AI solution We use the open stack and also Docker container. We get the ISO 27001 and we also get the privilege from a BOI of Thailand. Okay, let's let's look at the Definition of our software we call it NCP. It's Open stack self-service self-managed portal and billing automated software Enable corporate and providers to operate public and private cloud service efficiently. Okay, so here's the You can see how it looks here. I'm gonna talk about what kind of Details we have here. The point is this we want to control the complexity of open stack, you know, how we're gonna do that We want to make it a little bit easier to use otherwise over stack may not be as popular so what we do here is that We know everyone Probably use horizon before right Okay, but horizon is hard to use and user interface or user experience is not good So what what we try to do is we try to replace that Horizon doesn't have customer registration You know, you don't have any email verification OTP verification. We do that when we start writing NCP we want to make sure that we have this kind of feature in there Also, we we want to change the journey of the The user when they use open stack you want to have a better journey So we rewrite that because we want to have a new user journey and when we decide is we Look at the security. It's our number one thing to make sure that this software that we wrote here can give you security higher security and We want to control the complexity of this one and the key is if you want to add features with the horizon It's very hard to you to do that So we need to rewrite this software So we start off with the NCP beta version 0.1 Okay, we start from we start off by using PHP As our beginner but actually when when you do that Okay, as you can see when you have a single user request into NCP portal, which is the PHP command What happened is that it has to call open stack API multi-call and That's slow things down okay, so we we we try it out and it didn't work out so we Switch to node.js as our second attempt and Actually, we put this one in production We put this node.js in production, but node.js is good because it's a synchronized base That's when it can do parallel things Just just like when you try to multi do parallel call with the API and and basically What we do here is also we do it in term of using the micro service architecture to print it out and Also, what we do here is that when we come to node.js we start writing our own library call We call NC open stack library Okay, this library can make it a lot easier to call the open stack API. This is our version 1.0 and It's in production And the library also make the the flexibility to access to open stack version to another version so to just change the Conflict back in is a little bit then you just change the open stack okay, and then When we when we start the production right a lot of people start using it the Complicate complication start getting more. So what happened is? Oh, we also want to add more features Okay to do it and I think we look at node.js. It cannot handle that so we really write now we call it the version 2.0 and We use tight script Okay, this is our third version and now we're still using tight script tight script is more like a Node.js, but with structure Okay, that that's what that's what it's it's good about tight script and also we add the message queue When you add message queue, it's make like a lot easier. Okay the way do the way you can control it and Beyond that we do we add more about the library by doing the unit test Of the library that we write. Okay, every time we create the library We do the unit test What we use is all-in-one Okay, open stack all-in-one test it first before we Put in library and then call this one. So we have improved a lot of things in here Add admin token caching as well Okay You want to add anything here want to add something No, okay. All right. Okay. That's what we talk about is front-end Okay That's for the customer portal now when come to the back end here We look at it as well We want to bring more hidden features from open stack API, you know, actually the Open stack API is very good and In order to be able to pull more features out of it You have to do a lot of writing on that one and and we we did that we Want to make the operation a daily use? Operation is more efficient so we can bring more visual out for example like you know, we we have the SLA monitoring That's mean that if any machine down Okay, it will notify you if you give you whose impact for this note down Okay, so this is a thing that we Provide in in for the back-end portal We do have audit lock as well. That's mean if something goes wrong. We can go back and look at it Can trace back everything. Yeah, we can trace back everything on this one So we rewrite this one as well. We create this back-end portal to make it Easier for operation So our next step is we want to be able to provide a private container registry to do multi regions object storage DNS as a service and then load balance as well as well and We want to be able to integrate Kubernetes and over stack together because as you know container is really Becoming for popular and I think you know to be able to do that We have to contact integrate between Kubernetes and an open stack here Let me summarize for you a little bit about NCP. So we we decide NCP architecture to support Every version of open stack. Okay That's that's our goal. We want to design that and then whichever over stack version come out It will be applicable to it The whole thing when we wrote this software we Use this ISO IEC 2019 1 1 0 to control the whole process. Okay, we have this certify as well to make sure that our software written is You know Within the control the standard of the ISO and have qualities Control the quality as well. Okay Okay to summarize as you can see that we have we call our Service NCP and it's been never get so we we should be able to navigate the Instant the network the volume storage the image and the key pairs Okay, what we have done extra more than horizon here is this Key pair usually for horizon you can do only is a but in in our NCP here you can do more of the SA and ECDC SA and ED to 5519 and it's also support multiple key pairs okay, and We do have a rescue mode Okay, we said we'll show you at the end. What is rescue mode? It's really cool. Okay, and We provide private network as well. So all this is in NCP but any soon navigate here We do have what we call we add marketplace which is the one click app. That's mean we create this beautiful design the whole thing with the UX UI and This is the one click app that we provide Once you launch launch your VM If you click docker will give you the image docker install right away for you All this thing is in there in NCP for you We do have a good feature like I mentioned before rescue mode to boot OS from trouble shooting via our dashboard And also we do have auto backup feature that can be all those Scheduling okay, so that make it life easier for for C Control okay, we do have flavor Okay, when you build when you create lot instant you have flavor we provide that kind of flavor You can select any kind of flavor you want It's a multi-tenant. You can set the price as well. It you can do multiple project resource quota member Okay security increase egress is provided there Capacity planning here is very important if you want to provide Public cow or any private cow. You must know when you need to add your resource, right? Okay, also for the resource pooling. That's mean Let's say if you use for some certain time how much resort you have left and how you're gonna distribute it among your resource that you have Quarter limit housekeeping. Okay, housekeeping is also important Right, you want to know what's happening within your system right here monitor and locking and alert All we have it here and the key one for the NCP I think is very important It's a payment. It's a billing system here And and this billing is fully automated to provide you with easy to manage Prepaid post-paid and payment gateway module. Okay, so it's pay as you go And you can see all the billing the billing history like this one here. Okay You can you can look at the cost estimate If you're a user our system give you the cost estimate that if this this much money you have how much you have I have left and and how much of the pay each month if you use at these Certain level all the time so how long your credit will be last and give you the cost comparison between previous month and then track usage on daily basis and the The cost calculate that we provide to you The minimum unit is per hour Okay, and here's a billing detail of what we we have here Okay So couldn't be the phone will show you a demo here. Okay. Let's switch to demo Okay before we begin if some if anyone here want to join us with a demo just scan the QR code and Play along. I will be your touring guide right here. It's kind of I'll I'll show you how we use the ncp the user portal and the admin portal as well First this is the ncp is the main page and now use as you can see that user can manage their own instant image auto back up key pair volume even network by themselves and They can do everything and this one is our Features that I want to show is an auto back up which we don't have the data in this demo yet, but Our backup can be set by the by the user. They can set the time of the backup by themselves So to make sure that the instant won't be paused when they need it so then they can do the time the quantity of the backup and frequency of the backup by themselves and Next is the key pair as the doctor as Dr. F. Abhisar said We got more than one key pair in the instant for the use case that you work as a team to control the instant More than one people work for sure then you don't have to copy your key pair to another PZ you just Then your own key pair and keep it in here. This is a lunch in stand page. I'll show you You can select your image here the marketplace also here and the flavor which we call it machine type and Cal fiber which is a security group as you know and Keep head as I said and also use a password Then we go to the Rescue mode as he said rescue mode is the function that you can retrieve your data in a broken instant to Do some troubleshooting Which is do by you Mouding oven to OS to your instant This to retrieve your data back so it won't go to waste it so you can be Sure that your data won't go to waste in our ncp system and Next is the billing as you can see this one doesn't have that up because it's a demo, sorry you can see the cost forecast for month It will summarize at how much you have used for this month and at the end of the month Will if what bill is cost and you can see the billing Detail for ease service the billing history here All the data that you need to control your cost and your budget of course Then Here is our star portal In the star portal admin can control almost everything every service in our cloud Such as project in stand for the IP almost everything. I will show you this This is a project so admin can do what admin can do is control the corner of each project and Of course, it's got a default quota and the features Someone was at our booth and see that each project got the different quota and different features Because we can control each project separated so you can Make a super user have a function that the normal user doesn't have The admin can do the refund can block can manage members as well and If you want to know which Sorry, if you want to know what this project have Resort I have what resource in this we can just click in a detail right here as a simple is the instant I'll go to instant Right here and it will show you how many in the standard this project have and you can manage it as well I clicked on the detail Wait a bit Okay, and so you can monitor it console port stop lock rescue Here Okay, that's this all I have if you want to know more about our NCP, please We welcome you our booth is just about there just right the corner there and we have t-shirt for you So get back to it. Okay. One one more thing here. Can you switch back? Okay We can have another session. We're gonna talk about the whole picture of public car how we start building from scratch up until The operation and then this NCP as well The whole shebang here in one in 40 minutes tomorrow at room from Ford floor. No, I think fifth floor. I don't know what happened here But room six on seven the title is built and scale from zero to success the first Thailand opens that public cloud So if you if anyone interest, please join us here. Okay any question any question we Can answer you that Okay, okay, please give away while you if you have any question, let us know but please give away shirts Okay You want to see this any question? Okay, I'll stab will go through you guys and then give away shirts.  I Have to someone our engineer. I have the problem in the full resort controller is Rabbit MQ Stop working. Yeah. I I have a I asked the resource to that memory Yeah, and I Start up this start this start rabbit MQ through the working Yeah, I think Do us how to Okay, and I dream is that you know actually we're using a rabbit MQ in it It all of a sudden it stopped using right what happened is that we found out the controller resource? Yeah, it's gone Ram So we we have to shut down controller. Yeah, okay We have three controllers. So we shut down one by one and then add lamb to it And then once we increase that result it it working back. Okay, not our town. No, no doubt time. Okay So this was with okata origin This you did with okata origin And not wins. No, this is this is okata. Okay We start with okata and then we update to the latest okata. We have not upgrade to the top one You welcome Any other questions any other questions? Okay, I think we did our time. Thank you very much. Thank you. Thank you everyone