Hello and welcome to the session. This is Professor Farhad in which we would look at option-like securities such as callable bond, convertible securities, warrants, as well as other securities. These topics are covered on the CPA exam as well as the CFA exam and an essential or principle of investment course. As always, I'm going to remind you to connect with me on LinkedIn if you haven't done so. YouTube is where you would need to subscribe. I have 1800 plus accounting, auditing, tax, finance, as well as Excel tutorials. If you like my lectures, please like them and share them. If they benefit you, it means they might benefit other people. Connect with me on Instagram and Facebook. On my website, farhadlectures.com, you will find additional resources to complement and supplement this course as well as your other accounting and finance courses. I strongly suggest you check out the website. Starting with callable bond, it's a form of option-like securities. Now, what are option-like securities? Option-like securities are financial instruments and arrangement that have features that convey some sort of an either implicit or explicit option to one or more parties. Those are option-like. They are not specifically options, but the agreement somehow, like for example, we're going to see in callable bond, convertible bond warrant, as well as other securities. They give one of the holder options to do things, and that's why we call them option-like securities, starting with callable bond. So, for example, when corporate bond are issued with a call provision entitling the issuer. So, it's very important to understand who has the option. When we use the term callable, who has the option? The company, the firm, or the issuer. It means the company that issued the bond will have the right to call it back. Call means buy it, buy it back, to buy the bond back from the bond holder at a specified call price. Now, you might be asking, why would the company do so? Just the first thing, why would the company wants to buy back their own bond? Well, one reason is when they borrowed the money, they needed the money. And at some point in the future, they find out that now they have enough cash flow, so why keep paying interest if we don't need to? Or they issued the bond at 10%. And at that point, their credit rating was triple B. Now, their credit rating is double B. Now, they can issue the same bond for 8%. So, they will call back the old bond, issue the new bond. So, that's basically some of the reasons why the companies would do something like this. Why will they call back or will have a call provision? Now, the company can always buy back their bond. But the risk is, what if the bond went up a lot in price? Then it's going to be cost prohibitive for them to buy it. So, if they include the call provision, then they can buy it at a specified price. Now, well, the natural question is why would bonds go up in price? Why would bonds go up in price? Bonds go up with price because interest rate went down. Interest rate are lower. When interest rate is lower, bonds will go up. So, if you have a bond that's paying 8% and now interest rate is 6% for similar bond, this bond, it's going to go up in value because it's paying 8%. So, that's why the company will be like, well, hold on a second. Now, we can't buy the bond because it's cost prohibitive. But if we can, we can issue it at 6%. So, simply what's happening, the holder of the bond is simply taking a risk of that bond being taken away from them. Okay? So, the exercise price is the price at which the bond can be repurchased. So, they always tell you what the exercise price is and bond are issued as a percentage of the power. For example, if they tell you the price is 105, it means they'll pay you 105% of the face value. They'll pay 5% more than the face value. So, essentially, this type of bonds is a combination of a straight bond held by the investor. So, the investor has a straight bond. However, the company has a call option held by the bond issuing firm, by the company. Well, investor, they must receive a compensation for that option. If I am selling you an option, I want to be compensated for that option because I am giving you this option to buy the back bond from me. If the callable were issued with the same coupon rate as the straight bond, we would expect them to sell at a discount to the straight bond. Of course, if I am going to lend you money, and let's assume there are two bonds. One is a straight bond, let's call it SB, and one is a callable bond. They cannot be of the same price. For you to entice me to buy this callable bond, you either have to lower the interest rate. So, if this bond is paying 10%, the callable bond will have to pay 12% or 13%. So, you have to pay me more of interest rate or if this bond is selling at a thousand, I am only going to pay you 9.50 for this bond, a discounted amount. Otherwise, why would I pay you the same amount for a straight bond if I am buying a callable bond? I am giving you the option for something. Don't make me pay a thousand dollars, give it to me at a discount or increase my interest rate or a combination of the two. So, in other words, callable bond, they have to pay higher interest or they will be sell at a discount. To sell a callable bond at par, firms must issue them with a coupon rate higher than those of the straight debt. And hopefully this makes sense to you. I am not, as a lender, as a buyer of the bond, you know you're giving them a feature, an extra feature. Well, they have to pay for their extra feature by compensating you with higher interest or coupon payment or interest payment. The higher coupon are investors' compensation for the option retained by the firm. So, basically, you have to compensate me. And what happened is the callable features are defined in the initial bond covenant, in the bond agreement. And it all depends on the need of the issuing firm and its perception of the market taste. So, when they sell those callable bond, they determine it's basically, it's a contract between the lender and the holder. And you just have to read the contract to see what the risks you are taking. It could be they cannot buy it until five years from now or 10 years from now, so on and so forth. And this graph kind of shows us what the value of the straight debt, the value of the straight debt could go up. Why would the value of the straight debt could go up the bond? Again, the main reason is interest will go down. So, we can kind of call this why access is the interest. But this is unusual why access because the lower the interest, the lower the interest, the higher the value of the debt, the higher the lower the interest, the lower the interest. So, if this is the lower the interest, so if this is 11, 10, 9, the lower the interest rate, the higher value of the debt. So, what happened is, so if the company wants doesn't want the debt to go up a lot, but they want to retire the debt, what they do is they do a callable price. So, once they have a callable price and the debt value will, you know, they'll pay a certain price for that debt. Once it falls, once there's an interest rate is reached, and they'll pay back the bond. Convertible securities are option like securities, but those they give the holder, not the company, the right to convert their bond or their preferred stock. Who sells convertible securities like Tesla and one of these companies that sell convertible bonds? So, we'll tell you the bond, but you can convert it into stocks. So, convertible bonds and convertible preferred stock can raise options to the holder, to the individual of the security rather than the issuing firm. Okay? A convertible security typically gives the holder the right to exchange each bond or share of preferred stock because that convertible security could be preferred stock for a fixed number of shares of common stock. So, at any point in time, you can go back to the company, you can go back to Tesla, and if you have one bond, you can exchange, for example, one bond for 10 stocks. That would be great, right? Especially with Tesla prices these days. So, this is basically where it is. You give them the bond, they give you 10 stocks in return. Regardless of what the market price is, it doesn't matter. The conversion is one bond for 10 stocks or one bond for 15 stocks or one bond is for 5 stocks. Whatever that conversion is, you as the holder, you have the right to do so. So, let's take a look at some numbers or some example. A bond with a conversion ratio of 2 allows the bond holder to convert one bond, par value $1,000 into 10 shares of stocks. Simply put, what we're saying, the conversion price is $100. So, to receive 10 shares of stock, you will give them $1,000. You'll give them the bond and they'll give you 10 stocks. Simply put, the bond face value is $1,000 and if they're giving you 10 stocks, it means each stocks, the implied price is $100, the implied value is $100, the implied price of the conversion. So, a bond worth $950. So, if you can get your hands at a bond that's worth $950 with a conversion of 10, then what you're doing is you are buying each stock for $95 because now you paid $950. You can convert into 10 stocks. Simply put, you are paying $95 per share. Obviously, if you can buy the stock at $900, have a conversion of 10, then you're buying basically the stock for $90. So, most convertible bonds are issued deep out of the money. So, they don't let you convert upfront. They will make it deep out of the money. So, how did they make it deep? The issuer sets the conversion ratio that the conversion will not be profitable unless there is a substantial increase in the stock price. So, the stock price went up substantially. So, here if they tell you, you can exchange one bond, which is $1,000 into 10 stocks, the implied value is 100. The implied value is 100. Well, if the implied, if the value right now is 150, that's great.  You will exchange your stocks into bonds. But usually what happens is if they give you this conversion, usually the stock price is trading at maybe 60. So, you don't convert now. Why? Because if you convert, you're technically paying $100 per share based on your face value. Now, what happens is if the stock price goes up to 110, then the conversion is worth it because you can buy the stock at 100 and sell it immediately for 110 and pocket the profit. So, when they issue it, initially it's out of the money. So, the stock will be trading at 60. So, then they don't give you any incentive to convert. But when would you have an incentive to convert? Well, for talking about this 10 conversion, 10 stocks conversion ratio, if the stock exceeds 100, then it's worth it. Or if you can buy this, if you can buy the bond at a deep discount. So, if you can buy this bond for $500 and you can convert it into 10 stocks, so you can buy the bond for $500, convert it into 10 stocks, then your cost per share is 50 and the stock is trading at 60, then it's worth it for you. So, usually when they initially issue it, it's out of the money. If that's not the case, think about it. Everybody will be doing the same thing. They will buy the bond and convert, buy the bond and convert, and eventually, they will keep bidding the price up or the price down until we reach market equilibrium. Warrants. Warrants are another type of option-like securities. Warrants are essentially coal options issued by the firm. So, simply put, the option that the firm will sell you the stock at a certain price. That's what the warrants are. But there's a little bit of important differences between calls and warrant. The exercise of the warrant required the firm to issue new shares of stock to satisfy its obligations. So, basically, warrant means, well, we're going to sell you options now. And at some point, you can come back. And if you want stocks, for example, they would say you can buy the stock at $40. So, when you come back for a period of time, for example, you pay for the warrant, like for example, $3 for the warrant. In the next two years, anytime you'd like to, we will sell you the stock at $40. So, they'll have to issue new shares of stocks, which will increase the number of shares outstanding. And there are consequences to that. If you remember, we talked about earnings per share, that's going to reduce your earnings per share. But unlike call options, warrant provide a cash flow to the firm. So, when you come back and pay them $40, well, this $40 goes to the firm. So, it's going to provide cash flow to the firm because you exercise at that price $40. Well, basically, these differences mean warrant value will differ somewhat from the value of the call option with identical terms. So, they're a little bit different because the company is receiving all the money and issuing new stocks. So, the value, how we value this transaction is a little bit different than a straight call option. But like convertible, that warrant terms may be tailored to meet the needs of the firm. So, just like with convertible, that they can write the contract in any way for time period or any conditions they can put on because that's what they want. They want the raise in the money. So, it's an agreement between you and them. Also, like convertible bond, warrants generally are protected against stock split and dividend in that the exercise price and the number of shares are adjusted. So, if they do the stock split, now if you can buy one share and they do two for one, now you can buy two shares. So, they do adjust them. So, you are protected. And warrants are often issues in conjunction with other securities. So, for example, if the company is raising money through that, what they do is say, okay, buy the bond and along the bond will give you some warrant. Those are called sweeteners. So, they want to entice you. They want to entice you to buy the bond. So, what would they do? They'll try to convince you. Well, buy the bond and will give you a warrant with it. So, you buy the bond and you can buy stocks at a certain price for the next two to three years. Okay. Sometimes they're called detachable warrant. Okay. Detachable means the bond, the warrant itself can be sold separately from the bond. So, if you have the bond and the warrant, sometimes they are detachable. Sometimes they are not detachable. And this is what I cover in my intermediate accounting courses. You have to learn how to do accounting, journal entries for transactions such as those. So, here we're going to assume that they are detachable. It means you can sell the warrant and keep the bond or keep the bond and sell the warrant. You could just do whatever you would like to. Issues of warrant and convertible securities create the potential for an increase in outstanding shares, which in turn they might dilute the share and will have, you know, you have to be careful when you value the company because they dilute EPS. So, exercise obviously would affect the financial statistics that are computed on a per share basis. So, annual report must include earnings per share figures under the assumption that all convertible are converted. So, there's something called what if analysis and you'll have to show what if those options like securities are converted. And this is where you would go into basic earnings per share and diluted the earnings per share. So, the company will have to show both basic EPS and it would always show if they have any of those convertible securities, they have to compute diluted EPS assuming it's dilutive and they'll have to report both numbers. Collateralized loan. Basically, what is collateralized loan? You went to borrow money and they ask you for a collateral. Okay? Many loan agreements require that the borrower put up a collateral to guarantee the loan will be paid back. Now, why are these option like securities? We're going to explain why. In the event of the fault, the lender take possession of the collateral. So, in case you default, they will take the house, the car, the warehouse, whatever you put up as collateral. Now, if we have a non-recourse loan, it basically gives the lender no recourse beyond the right of the collateral. So, if the loan is non-recourse, it means all what the borrower would lose is whatever they put up as collateral. Under those circumstances, the lender may not sue the borrower for further payment. Okay? If the collateral turns out not to be valuable enough to repay the loan. So, with this non-recourse loan, well, if the collateral is not that good, guess what?  So, you have to, the lender is very careful when they provide those non-recourse loan because that's all what they can go after. It's that particular asset that you pledge as a collateral. So, basically, the arrangement, in a sense, gives an implicit. Notice here, there is no explicit. There is no right for the for the borrower. But there's an implicit call option. How so? Let's assume the borrower is obligated to pay $100,000 at maturity of the loan. That's the agreement. And now the collateral is worth only $80,000 at maturity. What would you do? Why would I do? I would let them take the collateral. If it's a non-recourse loan, a business loan, and that's all what we agreed on, and, you know, that's the warehouse that I put up, and it's only worth $80,000, and I have to pay $90,000, I will default on the loan. So, okay, take the warehouse and keep the loan. So, the borrower, in a sense, have the option to wait until the loan is due, and repay it only if the collateral is worth more than $100,000. Now, if you have a collateral for $150,000, you don't want to default on the loan because they're going to take your warehouse, that's worth $150,000. But if it's less, you have that option. Obviously, bankers and lenders, they're smart enough to know if they're going to give you a non-recourse loan. They will make sure the value is two or three times the amount of the loan if it's a non-recourse loan. But also, it could be two or three times. I mean, at some point, banks, they were giving line of credit in loans to oil producers. And what happened at that point, they were giving the loan against oil that's already in the ground. And at that point, the barrel of oil was worth $120, $130. And when they wrote those loans, it was based on that value. Then, I'm sure you're following what's happening to the price of oils. I'm not sure it's like what, around $30, $40 now. So if the price of that inventory goes down and you have a loan, you'll tell the bank, look, you can have the barrels of oils yourself. I don't need them. So you have to be very careful, but banks are pretty good at this. Well, yes and no, because also in the financial crisis, many people walked away from their homes because of this option.   So if the collateral is less than $100,000, the borrower might default, discharging the loan, and fortifying the collateral. Another way of describing the loan is to view the borrower as turning over the collateral and instead of the, to pay off the loan. That's what we're doing here. So that's why, in a sense, it's an option like, it's an option like security. We also have leverage, equity and risky debt. Basically, what it means is if you are an investor holding stocks in any company, you are protected by something called limited liability, which means that the maximum you would lose, the maximum you'd lose is the amount that you invested in those stocks. So if the firm cannot pay its debt, the firm creditor may attach only the firm's asset and may not sue the corporation, equity holder for further payments. If you're a stockholder, the maximum you would lose is the amount that you invested. So in effect, anytime the corporation borrows money, the maximum possible collateral is the total assets firm. That's all what you can, that's all what the investors could lose is whatever assets they have inside the company. So if the company declared bankruptcy, well, what does that mean? It means it's an admission that the firm's asset are not sufficient to satisfy the claims against it.  Okay. So the corporation may discharge its obligation by transferring ownership of the firm asset to the creditor. So what you do is you tell them, okay, we can pay off our debt, take the assets, they're not worth that much. It's the same thing as we talked about earlier, collateralized loan. It's like, okay, the loan is not worth it. I'm not going to pay off the loan because I don't have enough asset to, you know, the asset, the collateral that I put up, the assets that I have is worth less than the loan. So you take over the company, you take over the assets. Okay. So just like it's true for non-recourse collateralized loan, the equity holder have a put option to transfer their ownership claim on the firm to the creditors and return for the face value of the firm's debt, whatever they deferred that. Another way to look at this, we can say that the equity holders retaining a call option. In what sense the call option, they have implicitly, again, those are implicit options, implicit transfer their ownership claim to the firm to the creditors, but have retained the right to require it by paying off the loan. If they don't want you to take over, they'll pay off the loan, basically put. So they have the option to give it up and they have the option to keep it. Therefore, the equity holder has an implicit option to buy back the firm for a specified price. And what they would do at this point, they may even negotiate with you if you want to just write off the loan 20-30% and we'll pay it off. This is where valuation will come into place. So the significance of this observation is that analysts can value corporate bond using option-like techniques. So the default premium required of risky asset and principle can be estimated using option valuation model. And for this course, we're not going to cover option valuation because it's beyond the scope of the course, but it's basically, that's the basic idea. In the next session, we'll start to look at the future market and risk management. As always, I'm going to remind you to like this recording, share it, and please visit my website farhatlectures.com if you are looking for additional resources to supplement and complement this course as well as many other courses. Good luck, study hard, and stay safe.


Hi, I've done this conference thing, like I said, for a while, this is my very first time as a presenter. I'm super nervous. I'm going to mess that with bravado and dad jokes. This has been on my bucket list for a while, so it's kind of a cool moment for me. And I want to say thank you to everybody for the opportunity and for hanging out this long and sticking with it. Yeah, I'm Jeremy. I'm the cheerleader in chief of Think Through Math, where we use a bunch of computer what-nots to help kids learn math, like it's super cool. I live in Seattle, just north of here, and most of my team is in Pittsburgh. And before that, I was the technical director at a digital agency where I directed lots of technical things. That wasn't a remote gig, though. Before that, I worked at a startup where we did weird machine learning stuff with Ruby for calendars, and that went kind of bust. But my team was in Providence, and again, I was in Pittsburgh and flew back and forth a bit, so it was pretty remote. Before that, I did interaction design and development for point of sale systems in hair salons. I lived in Pittsburgh, again, and my team was in Alaska, and my client was in Berlin. So that was an interesting time. So there's a lot more to all of it, and to me, of course, but it's probably enough to get us going and for you to see that through some inexplicable reason, I've spent large chunks of my professional career working alone. I'm gonna tell you about why I think and talk so much about working alone and communication in general. I'm gonna tell you about the batteries in my brain and my body and how I figured out how they worked, and I'm gonna tell you how to do more than just cope when you work alone. I'm gonna do my best to distill all of it into four actionable pieces of advice and provide some context where remote work not only feels possible, but desirable and sustainable. Like, truthy and falsely, especially in JavaScript, nothing in life is simple. Intro, extroversion, total false dichotomy, we are mostly endiverts. Even the famous guy who coined those phrases said that a true extrovert would be a sociopath. I had like a quote and stuff, but forget it. When we say we're either an introvert or extrovert, I think what we're saying most of the time is that we have a typical preference on what we do to keep our batteries hot, and I'm gonna come back to batteries in a minute. Identify as an extrovert. And when I say that, I mean I recharge those batteries most of the time via social engagement. Introverts, on the other hand, my understanding, they recharge by more isolated activities and none is any better than the other. It's just all about what works for the person. As an extrovert, though, when I work in an office environment, it's wonderfully fulfilling, it's empowering, and with a good social chemistry amongst my coworkers, which I'm fortunate enough to enjoy, I can stay motivated and motivating, engaged and engaging perpetually. That's not what this talk is about, of course. This talk is about how I survived and eventually thrived working alone. I was a weird kid. I suffered a speech impediment as a child. I stuttered to an extent that speech therapy is a part of my life in varying prevalence from ages six to 18. There I learned to think about what I'm saying. I learned that there's a word road in front of me and there are hazards and holes in that road and I have a special set of skills that helps me maneuver around them. This special attention to words and speaking is net me many benefits, the most important of which is to do exactly what I'm doing right now, which is to speak and be understood. A lifetime of thinking about how I use words blossomed into academic and professional interest and how people communicate with each other. In high school, I lettered in math twice. Thank you. My university education was in the social sciences, liberal arts, and I got my first programming gig in 2004 and it's been what I've been doing since. I bill myself as an interaction engineer. I care very deeply about how people communicate with each other through systems. Most often those systems are web applications. That's what pays the bills, but not always. Like I said, I built point of sale systems, which is a whole different kind of interaction pattern. And this one time, an interaction engineering was literal hack. We took four inches off the base of a podium so that a certain congressman appeared taller than he actually was. So a weird mix, writing, editing, programming, designing, social science, and computer science. In my heart of hearts, I dream of someday being a copy editor or a speech writer. Some context. So, small disclaimer, I can tell you about what's worked for me in my situation. I've done this full time, remote, across time zones and continents, three times in 10 years, so that's what I'm qualified to talk about. I can't tell you for it with any certainty what will work for you, but I'm more than happy to spend some time with you to figure it out. So here's my situation. My team is pretty much local to each other. I'm the odd guy out. We are a product shop as opposed to an agency or an institution. I was privileged to spend some time with my team in person about six months before I shipped out to Seattle, and we use very text-heavy tools to stay in contact. Some, none, all of these may apply to you. I'm hoping at least some. I think there's anything too unusual about this arrangement if you do remote work, but it does should directly affect how you do stuff. Working in a consulting shop versus a product shop may not change your day-to-day programming too much, but it likely includes significantly more interaction with external clients, and that's the kind of consideration that would alter my approach to work. So the following advice will be most applicable to people in situations similar to mine. I hope there's some value in it for everyone. Just remember, of course, your mileage likely varies. Communication is the intentional transmission of messages, and that's it. The rub is what does intentional mean, and we can talk about that all day, and it gets existential and frustrating pretty quickly. So in the name of moving forward, we're going to define intentional as a mostly conscious effort on the part of an individual, and leave it at that. Being in an office, we use all manner of communication. There's words, of course, written and spoken, but equally important, there's gestures, which I use a lot of. I talk with my hands, movements, body positions, verbal cues that aren't words, verbal cues in place of words, and a couple dozen others that I can't remember at the moment. Being remote, I lose all of these. We've all experienced this to some degree. It's essentially impossible without tone and pacing to convey irony or sarcasm on Twitter. That's how you start a lot of fires. The manner in which you alter the delivery of a message is as intentional and crucial as the message itself, even if it happens seemingly semi or unconsciously. Successful remote work requires active communication. That means willful, careful consideration of how you communicate, in addition to what you communicate. As a remote worker, I've got limited channels available. My effectiveness and productivity and ultimately my happiness is tied to how well I can leverage those channels to get messages from my brain and into yours. So voices, your voice has grown, like a garden or muscles. It takes hard work and a little luck and a lot of trial and error. Once you start paying attention to your voice, you begin to see the gardens that other people are cultivating. To talk about my voice, I wanna tell you about my friend, Chris. I've known him for a couple years. We work really well together and we ship features, like a lot of features. We call him CG, it's a clever nickname that's the phonetical pronunciation of his initials, CNG. And I want to tell you a little about working with CG because he really helped me find and cultivate my voice. He calls him like he sees him, right to the heart of matters. He's a self-described introvert who somehow hasn't tired of me. And he's really good at his job and he's a really good friend. When I worked in the office back in Pittsburgh, I would know when CG was frustrated. He clipped his words more, kind of a rattling cadence. It was a stark contrast to his normally very wide and very southern flow. He's from Atlanta. Most times he wasn't frustrated with me, most times. A fact confirmed by his body language and facial expressions.  It's a favorite of his. It's the way he turned his body to me coupled with a small furrow and his brow and a slight smile that I told me that he was commiserating rather than accusing. How would this exchange work in a chat room? How do I or CG or you communicate or commiserate rather than accuse? I don't have tone or cadence or facial expression or body language to help me out. What I really do have are memes, emoticon, emoji, hyperbole, oversharing and poor spelling. And it's with those tools that I've constructed my voice. So all of these sampled in the last week at work. This is just how I talk to people. I'm really sorry guys. They teach you in business English to write like you talk. And then they teach in creative writing to never write like you talk. And even a character's dialogue should be in their voice and not your own. Chatting with coworkers is somewhere in the middle. I mean half the time I'm working but I'm also socializing. I'm explaining and I'm storytelling. I'm professional and I'm casual. It's a blend of fact and fiction and it's a lot of work to keep in balance. In my experience, my coworkers associate long periods of radio silence with mostly negative things like frustration, disengagement and confusion. So I err on the side of over and hyper communication. At times I feel like a caricature of myself. But the voice is there and the result is that I'm more real and more relevant to the people on the other end of the wire. I'm gonna do that thing where I read exactly what's on the slide. Even though everyone says you're not supposed to but this is important and if you write anything down it should probably be this. Cultivate your voice such that you are memorable without being hard to decipher, explanatory without being condescending and inquisitive without being confrontational. These are subjective words. It's gonna take some work. It's gonna take some practice and you're gonna make mistakes. And when you do own them, apologize and promise you'll do better. I'm still learning and working on it. Fran recently asked on Twitter about strategies people employ to help newcomers feel welcome. This was my reply and thinking about it later. It felt like fertile ground for your voice garden. The default pronouncing is something I'm still working on. In fact, I messed up on it about 45 seconds ago. I'll get there and my friends and coworkers are very gracious with my occasional bros and guys and dudes and brothers. Let's talk about batteries. I mentioned them earlier. Let's talk about them in detail. Keep them alive. I've got two batteries. Most people have at least two. You might have more. I think of them as my work and my life battery and I'm holding my hands over my chest because in my mind brain my batteries occupy the same space as my lungs. I don't know what that says about me. My work battery over here on the right side governs my productivity and engagement. My life battery here at the left and conveniently over my heart governs my happiness. It's really that simple. I can be productive of work and not too happy with my life. I can be super happy with my life and not be very productive at work. But being productive and happy is a sweet spot and in that sweet spot I feel like all of my activities draw in balanced measure from those batteries. I can work hard and feel good about using half of my waking hours. I can enjoy a very lazy or a very active Saturday and not stress the upcoming Monday. It's when I get out of balance, that's the problem. I'll sap my life battery to keep my work effort powered and that's crunch time. And the cost is a marked decline in my happiness and the happiness of those around me, I get grumpy. Likewise, if I don't make the effort to keep that life battery charged, I get restless at work and leading to low engagement and high distraction. I'll seesaw between these states until I find a way to get back in balance. So let's talk about balance. My strategy to keeping in balance is rooted firmly in my extraversion. As I said earlier, I think that the approach a person takes to battery management is a really good metric for gauging their placement on the anti-version scale. So here is my surefire strategy to keeping my life battery in good order. I go do stuff where I might maybe talk to people. That's it. But really the optional social component of a non-work activity is the key. It lets me recharge or discharge at will. It's the key is the environment where I can absorb the scene or actively participate with others. Gym, super awesome for this. If I'm overflowing with energy and feel restless, I can put on my headphones and listen to some trashy punk rock and move heavy things into my arms literally fall off and they have to be reattached. If I'm low and I kinda need a boost, I can go to the gym and benefit from some shared focus and shared interest with the gym goer and strike up a conversation and feel that duality of purpose. Concerts are great for this as are farmer markets and street fairs. Extraversion typically manifests in a way that it seems like I can talk to somebody forever, seemingly endless, but that's not true. Being alone in a crowd is a great way to kind of feed off that shared energy and recharge. Managing my work battery though is more challenging. It's about utilizing my not work brain to do work brain things but in a very specific context. Mandatory talky bits are the key. It's the difference between like a meetup and a hack night. It's way too easy to go heads down at a hack night if there's not any emphasis on a social component and that heads down time is so wonderful. It feels so good, but it's 100% out of that work battery. I really need conversation and connection to recharge. A good conversation at a meetup will carry me for a week at work. Two hours hacking quietly in the corner will just kill my motivation to get out of bed the next morning. It's kind of a conundrum. So focusing on activities that have that mandatory component will keep me lively. I surround myself with peeps that do what I do and it makes me better at talking about what I do which is pretty important given that my paycheck is beholded to limited communication mediums on other people's social bandwidth. And if you've got an important message to convey on a limited medium, other people's social bandwidth, gotta make sure you're good at talking about it and you gotta make sure that you're gonna leverage every advantage available to you. So let's talk about tools. Let me be very brief here because this is trial and error and this is where the variability is. You don't have to figure it out alone though. I'll talk to you about stuff that's worked for me. Tell me what you're trying. Talk to other people who work remote. We like to talk about our process. Get you started though. Here are three strategies that work really well for me. Really good tools. I love to pair program. Let's me be chatty and productive at the same time and it helps me submit an understanding and unfamiliar concepts of course. And it's another tool in maintaining relationships with coworkers. It's super fun and if you're gonna pair, by all means, please use Screen Hero. They just came out of beta and they are totally worth all the dollars that they ask for which I believe are nine, nine of your dollars. But only use them if you're a fan of software that works much more often than it doesn't. On the other end of the scale there are things like go to meeting and Google Hangouts. These things are equally terrible and equally necessary. I like being part of a conversation and these are the tools that let me do it. In a pinch they can serve as a pairing platform for remote employees but Screen Hero is so much better. The text communication isn't cutting it. Have an easy way to jump into a voice or video call. Do it enough that it feels normal. Practice, take time to practice transitioning a conversation from a text based format to a video call. It should feel super normal. The last one is called Everybody's Remote and we do this a lot on my team. We get together to chat like a stand up maybe or perhaps a planning meeting or even just a catch up. We do it as if everyone is remote even if everybody but me is sitting in the same room together. Everybody gets on their laptops, they put on their headsets, they log into a Google Hangout and this subjects everyone to the horrors of latency and awkward silence. So it levels that playing field and it kinda helps your coworkers understand the context which is your full time. It's really hard to interact in a group conversation when there's three seconds of latency and I'm nothing but a sweaty forehead on a screen. So continuing with leveraging, you just have to accept that your day to day affairs as a remote worker are different. Your environment is different and that's okay. If you try to force an experience that emulates what you do at the office, you're going to be unhappy. Working at home, you have unparalleled flexibility in your approach and your timing. Early in my remote career, I would go through extraordinary links to recreate the office experience and I seem to forget this every year or so and start doing dumb things. Most recently, this included trying to make stand-up. The stand-up is at 9.15 in Pittsburgh, which is 6.15 in Seattle. That's really early to talk about work, especially if you're accustomed to rolling into work around nine. I did that for a couple of months too last summer and eventually I approached the CTO to discuss alternatives and long story short, putting in those early morning show that I was willing to do the work, that I was willing to be flexible so they were too and we found a compromise and makes things easier and better for me and the other people these days. Stand-up happens at a much more reasonable time for me. It's like 8.30. My team appreciates and I'm coherent and prepared and I appreciate having a work day that feels sane. I still work early. My work day starts at 7 a.m. My friends think I'm crazy but I totally love it. The thing that started as a detriment, these time zone differences has become a really wonderful positive. Took me a while to figure it out but now I start at 7 and I wrap at 3. And when I say a wrap I don't mean just work work. Typically by 3 p.m. I've got my not work work wrapped too. Does anybody do Pomodoro, the tomato timer, right? I'm not super strict with it. The general idea is that for every hour you work you take five or 10 minutes to rest, reset and deal with distractions. At the office for me that usually meant checking Facebook and getting another terrible cup of coffee but at home Pomodoro breaks for me or walking the dog, changing the laundry, loading the dishwasher, checking the mail in all manner of similar activities that eat into my not work time. And but Jeremy, I can hear you thinking, I don't know why you sound like that but you do. But Jeremy, you're taking a break from work by doing more work. Yeah, that's kind of true but it's different work. It's a context switch, right? It's mostly physical, requires little to no brain power and that's what the work breaks are all about. You move around a little bit.  So why not take that time to throw the garbage or empty the dishwasher? Talking a little more about time, commuting is the worst thing ever. If you commute now, stop, quit your job, go find some place you don't have to commute. My worst commute was 90 minutes in a car, each way, every day. I did that for about a year. My commute now is six seconds. 15 if I stop and say hi to the dog. And I don't get that time back just from commuting. Since I work alone, I wear my gym clothes in the morning so I can get a quick workout and at lunch. I live in a building that has a gym in it and that's one of the biggest reasons I live there. So I lose no time to commuting, traveling to and from the gym or for meals since I eat at home almost every day and health and dollar professionals will tell you that's typically a really good thing. So my coffee is better than yours. I mean, almost certainly.  Being at this little ceramic manual burgriner takes 225 rotations to make four cups of coffee. Good coffee's important to me and working at home lets me geek out on that as much as I want and I could do that in an office but it'd be a lot harder. I mean, I have friends that do shout out to Paul. But it's so much easier. There's nothing to transport, right? It's easy to store and retrieve. There's no worries about getting lost or stolen or misplaced or broken. It's just my stuff in my kitchen. So at 3 p.m., maybe four, if I'm dragging that day, my work work is done and I feel good about it. I'm at home as clean, the chores are done. I've been to the gym and I'm ready for my day to begin. That's the big difference. Before I got good at this, when I worked in an office and I commuted every day with the exception of dinner and some laying, I'm sorry, see I did it again with some boring television, my day was pretty much over when I left work. It's different now. I leave work, my day starts. Anyway, the coffee and gym and spending time with my super cute dog are just examples of what working at home lets me do that'd be really much harder in a shared office. But conversely, let's be fair, some things are a lot easier in the shared office. It's not all sunshine and unicorns. There are definitely some things I miss about working shoulder to shoulder with others. The slide here kind of makes light of it but the atomic components of a team culture are comprised of shared experiences and peer validation. That's gossips, jokes and hugs. When you spend time with people, like half your waking hours, five days a week, they become significant in your life and you become significant in theirs. There's a camaraderie there and a relevance that factors into all manner of decisions and actions. Without physically being present, it's very easy for me to lose that relevance and with it, the consideration of my peers. I didn't know how to address this for a long time until I met Carol. Carol's known as the hammer of justice on our team. And if that sounds intimidating, you're half right. But hammers build houses as readily as they knock them down and Carol's a fantastic architect of both software and teams. I explained my growing illies and feelings of irrelevance one afternoon and the next morning I had a calendar invite from her for a new event called the whiskey hangout. Carol and I both enjoy craft whiskey. In fact, the first team bonding event I ever planned at Think Through Math was a tour of a craft distillery in Pittsburgh. If you ever go to Pittsburgh, I recommend you check it out, come talk to me. Anyway, her idea was to recreate the water cooler experience except with whiskey and were 1500 miles apart. Twice a month, she'd work from home and after the workday was over, we'd chat via Google Hangouts and enjoy a whiskey drink. That's it. She fills me in with what's happening in the office in the city and I tell her what's going on with me in Seattle. We cancel when we have to but about six months in we're still going pretty strong. It provides context. I need to understand what's happening in the business and it lets me reconnect with a really good friend. It's rad. Oh, and I get to drink whiskey at three in the afternoon because yay time zones, right? First person ever, time zones are awesome. So what's this all mean? It means that choosing remote work is choosing a different approach. If conducted with significant forethought and consideration it can provide a lifestyle that minimizes the headaches of traditional office jobs and traditional office culture without sacrificing the personal fulfillment of shared labor. I promised you the beginning of all of this. There were four actionable things and we covered them in some manner of detail but to recap, grow a voice, takes practice and work, manage your batteries, figure out the things that keep you going and make sure you give them time, use good tools, screen heroes, like the best thing that's happened to me software-wise in a couple of years and then leverage the positives around you which I do by minimizing the time I have to spend and boring things and minimize those negatives which I do by finding new and innovative ways to drink whiskey with my coworkers. That's it, it's that easy. I really hope this helps you get your feet wet with remote work, with hard work and patience. You can learn to dislike wearing shoes just like I do and I'm always around if you wanna chat. I wanna say thank you again to everybody for this opportunity to share and a special thank you for Ben and Karin for giving me the opportunity to present and for putting together some amazing conference. I've been on the other side of that registration table and it's an obscene amount of work so kudos and cheers. Thank you. Thank you.


It's time to find a coffee and some breakfast. This place we stayed last night is also a cafe We don't have internet at the moment to translate so it was really hard to order anything at the end I was just asking her for some fried eggs, so we will have some fried eggs with some coffee She was bringing out some options from the freezer, and it was all meat It was like some chunks of meat, and we were like, oh no I did some like dumplings with meat inside, and we were like, oh no You can't go wrong with eggs though, can you? You can't go wrong with eggs and bread. I think after this trip I won't eat any eggs and any bread and any cheese any more in my life Yummy. Wow the bread is so delicious because it's really like nice and crusty on the outside.  Exactly, don't interrupt me. Good morning world. Welcome back to our second navigation around the globe by motorcycle We're here in the small town of Koylik in Kazakhstan We had a really nice comfortable night in the hostel called Altay. The owner was just so sweet He was chatting with us the whole time. Of course He was talking in Russian or in Kazakh, and we couldn't understand anything But a little bit with Google Translate Yeah, I think the gist of what he was saying this morning was about the fact that the women here in Kazakhstan Don't have nose piercings like yours, Levy. Yes exactly, but as well the man's don't have any piercings He was kind of looking at us both and we were showing him the piercings and he was like no Kazakhstan no Kazakhstan no Okay, okay. Sorry. Yeah, it was quite funny, but we had a really nice breakfast this morning. Yeah, we filled our bellies For a very crazy day today. Yeah, let me show you guys our route for today So we are here and today we're gonna be taking this road all the way down to Kazakhstan's largest city Almaty Yes, the day has finally arrived where we are reaching or hopefully reaching our big big rest stop of Almaty This day has been coming for a long long long time We've just been go go go go go, but Here in Almaty is where we're really gonna have a proper Reset doing a service on bumblebee changing the suspension We are going to be picking up our two drones Hopefully we had an email from customs weeks ago saying that they've been held as usual And they're not going to be delivered until we come and collect them and probably pay some tax But they are in Almaty. Yeah, they're waiting for us Plus we're going to be doing a lot of editing healing my rib and hopefully Just getting ourselves in tip-top shape ready for the next leg Also will be good time to just process what happened the last two and three months, you know Yeah, I mean we barely stopped all the way through Central America all the way through the US Korea then Russia Mongolia Russia and now here. Yeah Nearly all of that without any significant breaks Yeah, simply because our Russian visa was going to expire and we only got across the border about three days Before it actually expired. So it was really tight. It was really tough But today is the last day of this journey So we can only hope that the road is gonna be like this all the way to Almaty over the last two days We have really struggled with the road condition Okay, I gotta slow down again. I almost just want to jump off and walk. Oh Oh My god, please bumblebee survive the first day especially out of semi was just a nightmare of a day nine ten hours bumping bumping bumping on dirt roads on terrible roads Was a really tough day. Yeah, but today is a new day and I'm excited It's 285 miles to Almaty and Google Maps says it will take us five hours and 30 minutes It's already 9 15. So better hit the road. Let's go Let's get some juice for bumblebee Okay Here's like similar to Russia that I have to go inside actually and then say like for how much money You have to actually give money before we fill up, right?   That's so cheap Wow, okay, so hot on 205 per liter. How much is that 35 pence a liter Whoa So that really is the cheapest country of every country. You've been to so far of all 26 countries We've visited on this round the world trip We should just like Staying Kazakhstan the whole time. We'd save so much money Salam the time Wow He came over and crossed the road just to find out the time Why does he need to know the time? Do you think they bring their herd like to certain pastures at certain times? I thought it was just like go wherever they want He's really skilled hey with a dog with a horse impressive It's so elegant now hey getting better and better every day We've made really good progress so far We've done nearly a hundred miles this morning over a third of the way to Almaty now. We're smashing it Hey, yeah my phone says we have three hours and 35 minutes left to 187 miles Google Maps estimated that we make it 60 miles an hour To the end well we can only hope that that means that the road is going to be Perfect condition all the way to Almaty. Yes Think it's crossed think it's crossed 36,999 9 We just hit 37,000 miles on the road Probably to 30 and we're just coming Into a town called Katz a guy and it's just next to a lake which is also called Lake Katz a guy And it's definitely time for us to take a lunch break. We've done nearly 240 miles already Pretty crazy. Wow my bump is hurting. Yeah, we did a lot. We did absolutely loads and the road has been so good Perfect a nice crisp sandwich and you can't believe it.  So we have about an hour's ride to get there into the city of Almaty. Let's go We are finally here in the city of Almaty and bumblebee didn't break down Congratulation on bumblebee. Yeah, I cannot believe it. We have really the strongest bike in the world Going with the broken suspension for about 1,500 miles probably yeah something like that, but hey look listen to this 12 days in this apartment is just costing us 308 pounds. Can you believe it? That is not a bad price. Yes, it's like 25 pounds a day This apartment just looked so cozy and nice like the bed looks so comfortable Yeah, and I just really want a really comfortable bed. I'm really excited about it. I Like this area here. There's a lot of trees. It looks nice. Oh look, and there's maybe a little park here We must be really close Okay nice Currently it's this one this one here nice. That looks nice. Hey looks nice. I find the entrance Yeah, it looks really new actually this whole development. So I don't know where in this development it is I think let's just should just park in the shade. Yeah, let's just park in the shade here. Okay, and I will Send a message. Okay. Okay. We have word from the house. We're on the wrong side of the building I can see the person. It's probably this person. Yeah. Whoa. Look at this place Hello Hey, Ollie. Nice to meet you. What's your name? Misha, Misha nice to meet you. It's very cool here. I like it motorcycle parking here. It's okay. Thank you Yes Yes Okay, awesome. Thank you At the top, whoa, this lift is crazy. It's like they just delivered it and they didn't even open the packaging. Yeah It is actually the last room of the last building on the last floor, whoa, that's new isn't it? How old is the apartment Yeah 2023, let me see the view Whoa Whoa, that's crazy. Good evening guys. We made it. Happy to live Oh Matty, we are here and this apartment is Amazing, we must be like one of the first guests here. It is so new so nice and we get to spend the next 12 days Pretty crazy. We had already a shower. This apartment is just amazing. I'm so comfortable I mean look at this kitchen, you know, everything is so it's just perfect.  Yeah. Oh my god. Our stuff is so stinky here It's time for a wash. So we have a lot of missions to achieve here in our Matty We're gonna get Bumblebeel fixed up. We're gonna have a good rest We're gonna get our clothes washed and do a lot of editing a lot a lot of editing And that's it for us today. We hope you enjoyed the video If so, please give us a thumbs up subscribe to the channel and share the video with your friends and family Comment below and we will see you next time


On business news, the IKT state governor, Coyote Fiammi, has said that the state needs to introduce measures to reduce expenditure. Fiammi said that this becomes important to the face of the current economic situation in the country, worsened by the inability of government to remove subsidy on petroleum. This was disclosed at a stakeholders engagement on the state of the state's economy held in Adu IKT. Fiammi said the state is considering lots of measures including reduction in some subvention to higher institutions, suspension of consequential adjustment to the minimum wage, and reduction in grants to government ministries, agencies and parastatals. The clear impression is that our situation is going to continue to get worse. With what NNPC has come out to say to us, I think on our part as a state, we have also been postponing the evil day for so long and our alternatives have narrowed down considerably. The first option we have, in order to be able to tackle this in my view, is that we must find a way to increase internally generated revenue significantly. The Chairman, IKT State Council of Traditional Rulers Oba Adibadi Alabi, Chairman, Nigerian Labour Congress Kolakbo Latunde and others who spoke at the forum admonished the state government not to be deterred by the current economic situation but to consider and utilize inherent opportunities. The Consumers, with a great support, so that in the short term, we will be able to get back to you,


The Prophet ﷺ in Madinatul Munawwara in the hadith, literature, hadith that's in the mustadrakah of Imam al-Haqim, Imam al-Bayi al-Haqi also records the hadith, he performed his own haqiqah in Madinah. And Imam Sayyuti says in his fatwa and his fatawa that this was to celebrate his modem. The Prophet ﷺ celebrated his modem, this is the opinion of Jalal al-Dina Sayyuti who is a great, great soler in the Sahihain. Why are you fasting? We know the hadith. This is the day in which I was born and the day in which the Qur'an was revealed to me in the Sunnah of Imam al-Nasa'id, a sound hadith from Abu Sa'id al-Khudri. He says that the Prophet ﷺ, one time came and he saw his sahabah in a halqah, sitting in a halqah and he said, ما أجلسكم, why are you sitting in the circle? What has brought you out here? Why are you sitting in this majlis? And they responded to the Prophet ﷺ. They said, ندع الله ونحمده على ما هدانا للإسلام ومن علينا بكاء. They said to him, we are calling on Allah ﷺ, which is what we are doing here.  So what are the sahabah doing? What we are doing? That's exactly what we are doing. And then the Prophet ﷺ said, I'm not asking you to rebuke you. Rebuke the entire hadith. He said, I'm asking you because I was informed that إن الله تعالى يباهي بكم الملامكة that Allah ﷺ is boasting to the angels about you right now because of what you're doing. So what were the sahabah doing? They were sitting around, they were supplicating to Allah ﷺ, they were praising Allah ﷺ and they were recounting the blessing of Allah, sending them the Prophet ﷺ. So celebration of moded is indispensable. Every Muslim has to celebrate the moded. In other words, every Muslim has to be happy that Allah ﷺ sent the Prophet ﷺ. If you're not happy that Allah sent the Prophet ﷺ, then there's something wrong with your Aqidah. That's an Aqidah issue. On the day in which you do that, that's a fiqh issue. That's not an Aqidah issue. You do it one day, today, in the Masjid, somewhere else, that's not an Aqidah issue. But expressing joy for the birth of the Prophet ﷺ, this is something that is indispensable. This is the hallmark of a Muslim. The Christians say, La ilaha illallah. I've heard them say, Arab Christians, Jews, they say that too. What makes the difference? They say, what makes the difference for us? Muhammad ﷺ is the messenger of God, the final messenger of God.


In the 1920s, 1930s, and 1940s, obviously, during the Depression era, when he was a young man, he had difficulty finding work. This is a poem about that experience, and also it's about growing up with his brother. But he wrote it in the early 1990s, when he was about 60. So his brother would have been gone for a long time by then. He would have come to some knowledge concerning what work is that perhaps didn't happen when he was young. That's the name of the poem, and the book goes from that was what work is. We stand in the rain in a long line waiting at Fort Highland Park for work. You know what work is. If you're old enough to read this, you know what work is, although you may not do it. Forget you. This is about waiting. Shifting from one foot to another. Feeling the light rain falling like mist into your hair, blurring your vision, until you think you see your own brother ahead of you, maybe ten places. You rub your glasses with your fingers, and of course it's someone else's brother, narrower across the shoulder than yours, but with the same sad slouch, the grin that does not hide the stubbornness, the sad refusal to give in to rain, the hours wasted waiting, to the knowledge that somewhere ahead, a man is waiting and will say, No, we're not hiring today for any reason he wants. You love your brother. Now suddenly you can hardly stand to love flooding you for your brother.  He works eight hours a night so he can sing Wagner, the opera you hate most, the worst music ever invented. How long has it been since you told him you loved him? Held his wide shoulders, opened your eyes wide and said those words, maybe kissed his cheek. You've never done something so simple, so obvious. Not because you're too young or too dumb, not because you're jealous or even mean or incapable of crying in the presence of another man. No, just because you don't know what work is. That is right. Double dose of English professors. You can take a nap maybe. What I've got is a little bit of William Blake, who's a poet that I mean I write about, I study, I lecture about, but I have never really in my life ever spent any time reciting. So I just have this opportunity to try to recite a bit of Blake, and it's kind of fun to think about him in a different way than I usually do. This is from The Marriage of Heaven and Hell, one of his illuminated books, which has pictures, so you're going to have to make the pictures in your mind as I'm doing this. But just one bit of a word of how to listen to this, because Blake is weird, and one thing to listen for when you're listening to this is just to be thinking about that he's rewriting, I mean in his mind he's writing the Bible and working his way through a number of books of the Bible, Genesis, certain way to the book of Proverbs all the way through Revelation, but throughout the whole piece echoes commandments. So listen for commandments of various kinds, but it's not the ten commandments he's after. I mean what he's after is the type of commandment that shows up in Genesis, where God says, let there be light, and then there's light. Rintra roars and shakes his fires in the burdened air, hungry clouds sway upon the deep. Once meek and in apparel's path, the just man kept his course along the veil of death. Roses are planted where thorns grow, and on the barren heat sing the hymnbees. Then the apparel's path was planted, and a river and a spring on every cliff and tomb, and on the bleached bones red clay wrought forth. Till the villain left the paths of ease to walk in perilous paths, and drive the just man into barren climbs, now the sneaking serpent walks in mild humility, and the just man rages in the wilds for a lion's throne. Rintra roars and shakes his fires in the burdened air, while the hungry clouds sway upon the deep.  Now is the dominion of Edom, and the return of Adam into paradise. See Isaiah 34 and 35 chapters. Without contraries is no progression. Attraction and repulsion, reason and energy, love and hate are necessary to human existence. From these contraries spring what the religious call good and evil. Good is the passive that obeys energy. Evil is the active springing from energy. Good is heaven, reason is hell, a memorable fancy. As I was walking among the fires of hell, delighting in the enjoyment of genius, which to angels looked like torment and insanity, I collected some of their proverbs, thinking that as the sayings used in a nation mark its character, so the proverbs of hell show the nature of infernal wisdom better than any description of buildings or gardens. When I came home on the abyss of the five senses, where a flat-sided steep frowns over the present world, I saw a mighty devil folded in black clouds, hovering on the sides of the rocks with corroding fires. He wrote the following sentence, now perceived by the minds of men, and read by them on earth, how do you know but every bird that cuts the airy way is an immense world of delight, closed by your senses five? The Proverbs of Hell. In seed time learn, in harvest teach, in winter enjoy. Drive your carp and your plow over the bones of the dead. The road of excess leads to the palace of wisdom. Prudence is a rich, ugly, old maid, courted by incapacity. He who desires but acts not breeds pestilence. The cut worm forgives the plow. Dip him in the river who loves water. The fool sees not the same tree that a wise man sees. Eternity is in love with the productions. The busy bee has no time for sorrow. If the fool would persist in his folly, he would become wise. Prisons are built with stones of law, brothels with the bricks of religion. How do you know what is enough unless you know what is more than enough? Or from the end of the poem is his song of liberty.  Nor their accepted brethren, whom, tyrant, he calls free, lay the bound or build a roof. Nor pale religious letcheries call that virginity that desires but acts not, for everything that lives is holy. That's pretty good. Moving along, it's Anthony Wumatoville. So the poem we are going to recite today is pretty short. It's called Rue 3. It's written by David T.  I care about that. It's a math poem, so it combines poetry and math, which is something that doesn't happen very often. So math people get driven along by their liberal arts friends who might hear this. I fear that I will always be a lonely number, like Rue 3. A 3 is all that's good and right. I must my 3 keep out of sight. Eighth, the vicious square root of sign. I wish instead I were a 9. For 9 could fork this evil trick. With just some quick arithmetic. I know I'll never see the sum as 1.7321, such as my reality, a sad rationality. One heart, what is this I see? Another square root of 3. It's quietly coaxing by. Together now we multiply. To form the number we prefer. Rejoice in it as an integer. With the way of the magic wand, we break free of our mortal bonds. My square root of sign is commonly my love for you as very little. Thank you. And next we've got Jesse's towel. This is a science paper that I lost control of. Thanks for tonight. So I'll just jump in. Legacy of a cosmology. I know that you are interested in that you believe. And I know that the world too was in trouble. Though they will not believe for many years, yes, for many ages, since they cannot understand it. John Carter to Edgar Wright Burroughs, God of Mars, 1918. Who we are and where we come from in the bent of stellar cosmology is a mirror of physics, of little that I'm used to. There is no good fiction. Historical drama and period of pieces are hard months to crack. Often, it is, there are five points in this circle. Tap, tap, tap, tap. And three in this one, squeak, squeak, goes to chalk. You stare at it, write it down, note it, and wait. Stellar cosmology is, in terms of information, as useless as the number of rocks on the surface of Mars, there's nothing I don't disagree with. Hence no conflict. In a period of terms, I couldn't rush to the board and prove fault with the dazzling bit of math. But I've said it was an off-mirror of cosmology as a place looking outward, where looking outward is into the past and the past swings you into the future. We define where we are going by measurements of ancient starlight, the discovery of a battlefield, and other relatives, relics of human habitation, can be analyzed against what we are now. In this, Earthbound Antiquity formulates ideas of who we are today. The past, unlike cosmology, defines the present. The stars have always been our dreams, our portents. We cannot see them without seeing our future. In terms of physics and cosmology, we are extraordinarily nitpicky beings. Imagine a beast, a creature that has no immediate need to, which counts every blade of grass it ever encounters all the days of its life. This creature, if low for a paw, stresses over a single missed one. We gather and gather data. We have no idea if it is important, but gather we do. We stare at the dots on the chalkboard, the millions in sleep on the floor fretting over those dots. They were given to us. They must have meaning. We burn enormous amounts of resources, searching for smaller and smaller things to count. We can't stuff, if we can't stuff our faces in some crowning, we figure out how to shrink our hands. Among the stars we divine the futures of our lives. Predictions coupled with omens until the omens were predictable. In this way, for the Old World, a great deal of the globe is found not only to be missing, but far larger than expected. Future was created, gazing at the past and continues to hold promise. The greater focus of other planets, like Mars, moved the frontier upward. Our beam counting ways paid off. The idea of other Earths has haunted the mind for centuries. Ha ha, as if! The passive chortle ghosted by the glimmer of dream and prophecy like golden stream. We can't freeze, strong a draw, fishing the deep, sheep on the cliff, bows and blades, the moon at noon, fruit on the tree, wolves and weeds. To say there should be shock in our math leads to no mystery for me. Turning a scope to space is as natural as can be. Perfectly suited, the Earth observer is safely free. The sky is large and full of secrets, something we absolutely detest in not solving. We count, gather, and measure the blind whispered by our stellar lover is that she is our mother. Sorting into the fighting is the drama of another. By seeing into the universe past and playing with the unseen, we uncover the cemetery we are comfortable with. Not only is the frontier a promise of range we desperately want to know, is this all there is? After our moonshark, we got a clear view of what terraforming old soul would cost. A species, if this is our only ecosystem, worries about the states, famine and greed. The discovery of so immense a number of galaxies glazed our mind. It was the flash of game in the trees. Having our particle physics begin to meld with astrophysics. In the interim we build weapons of war and fear to use them. Turns the whale by the snout. The warm current brought with it the scent of a new ocean. This news may not have brought the reaction I ought to add, but my impression is that it confirmed our inner suspicions of the present. In an intensely miniscule amount of time, the tangled tumble of elemental tables converted with the wherewithal witnessing interstellar weather. Our solar system, a singular soleus, is not alone in the circumnavigation of our stellar cluster. Brilliant blossoms, bubbles, bubble from our beams below burns, banal becomes Jupiter of a thousand stars, lord of the ancient heavens, jovial worlds we call them and welcome. Our past is our future, and we doodle love from the eye atop the mountain. We yearn to be nurtured by a nature that we both seek to escape and embrace. Who are we? Wayfarers and dawn treaders, we stand on our shores with hymns of grace and faces grim, paddles ready for each limb, between us the sea dog named Jim. Our shot of hadron gun we probe the quantum courtsuit, dim sum, cosmic streams, theories of everything and at the other end a dim foreign sun to lose our place as special sum of a moment when we find a comet this old world we call home. For most others we want another place to build our throne much much too far to phone. On that day many well many may call it a miracle a mark of the sublime evidence of intelligent design for others that recall a past eternal the ember we lit and torched to candle to flame it is just another astrological sign arriving right on time. But who am I to say?  Without humanism none of it matters at all a growing number of us are already asking is there anyone else who wishes to play ball? After understanding our complexity perhaps computing the universe's creation is the easiest thing of all so how long will we last if the universe is so state and vast how long until we fall? Our lives are short our span and quick tick times 10 catastrophe, apocalypse, cataclysm and judgment day on a solar eclipse dog us, beg us to remind us of our sin. But the cloak of pious hesitance steps to stumble below the eyes in the dark can be cast aside there are other events of heaven and earth like equinox like solstice and the turning of the tide perhaps the nights have grown shorter and we approach our longest day a frosted dog-wrong winter has crept from the sea yet we get retired by points on the chalkboard and we draw a star the first star, the morning star is Venus, phosphorus, Lucifer and Jesus it is wisdom, the symbol of David and Solomon, the Arthurian legend it is the five virtues of chivalry, the five wounds of Christ, the star is wood fire, water, earth and air Pythagorean roots gilded with the golden ratio we represent our senses and connect ourselves to the universe and our past patio the base 10 comprehensions of an amalgam of our maxima of counting digits by staring upward the bent mirror impulses this reflection into our gibbons three points on the chalkboard create a triangle the base shape of our Euclidean geometry is a symbol of protection in ancient Germany our muse is nine, the base unit of empire, man, woman, child our fate is three the sizes most utilitarian small, medium and large correspond to the holy trinity good things come in threes bad things come in threes Pythagoras believed in free it is a crown to me everyone must have a beginning, middle and end how many times must you try and try again first do not succeed indeed, three there is a heaven, a hell, a midgard physics is not immune with its electron, proton and neutron balance even even further reign supreme with gauge balsms, quarks and leptons do not be worried, do not be alarmed there is nothing magic or special in the observant observation is made from a tree there are five points in this circle and three in this one, squeak, squeak, squeak and we eat our jellybee what does it mean? it does not matter if it is something unseen and it's a tough enough to crack but that's what it is to be a human being how about Dan Hopper? you want to ask? Dan here? Dan here the song of the mouthwork I'm a homely little bit of tin and bone I'm beloved by the legion of the lost I haven't got a box of humanitone and a dime or two will satisfy the cost I don't attempt your highfalutin flights I am more or less uncertain on the key but I tell you boys there's lots and lots of nights when you've taken mighty comfort up me I weigh an ounce or two and I'm so small you can pack me in the pocket of your vest and when at night so weirdly you crawl into your bunk and stretch your legs to rest you can take me out and play me soft and low the simple songs that trouble your heartstrings the tunes that used to fancy long ago before you made a rotmesse of things then a dreamy look will come into your eyes and you will break off in the middle of a note and then with just the dreariest of sides you drop me in the pocket of your coat but somehow I've bucked you up a bit and as you turn around and face the wall you don't feel quite so spineless and unfit you're not so bad a fellow after all do you recollect the bitter arctic night your camp beside the canyon on the trail your tent to the tiny square of orange light the moon above comes something like a pale your supper cooked your little stove would glow you tired but snug and happy as a child then it was turkey in the straw till your lips were nearly raw and you hurled your bold defiance to the wild do you recollect the flashing lashing pain the gulf of human blackness overhead the lighting making great years of the rain the cattle horns like candles of the dead you're sitting on your bronco there alone in your slicker saddle sore and sick with cold do you think the silent bird did not hear the mockingbird or relish silver threads among the gold do you recollect the wild Magellan coast the headwinds and the icy roaring seas the nights you thought that everything was lost the days you toiled in water to your knees the frozen rat lines shrieking in the gale the hissing steeps and gulfs of livid foam when you cheered your messmates nine with Ben Bolton Clementine and Dixieland at my home let the jammy banjo voice the younger son who waits for his remittance to arrive I represent the grimy gritty one who sweats his bones to keep himself alive who's up against the real thing from his birth whose heritage is hard and bitter toil I voice the weary smeary ones of earth the hellots of the sea and of the soil in any way a strange mischief and mischance I am the stratidarius of black blank defeat in the down world where the devil bleeds the dance I am simply and symbolically me I am the irrepressive spirit of mankind I am the small boy playing knuckle down with death at the end of all things known where God's rubbish heap is thrown I thrill it to it with breath I am a humble little bit of tin and horn I'm a byword I'm a plaything, I'm a jest the virtuoso looks on me with scorn but there's times when I am better than the best ask the stoker and the sailor of the sea ask the mucker and the hewer of the pine ask the herder of the plane ask the gleener of the grain there's a lowly loving kingdom and it's mine so I have my phone on my phone with my smart phone Kimershed a piece of paper and a clutch this is one of my favorite films that I wrote in grade keelers creative poetry we used to go to church together we went to continually build your faith and I went to sit next to you we heard the same words but they meant more to you than they ever did to me this was your community you knew everyone and everyone loved you writing the church's bright red mower you attain the beauty of the earth surrounding your sanctuary you always had the tool they needed an offer to fix everything yourself at least giggle when you sing you loved singing about him but your little old man voice never quitted the right notes I remember one Sunday I was looking forward to singing with you but grandma had been out of town you told me we couldn't go without granny because all the old ladies would flirt with you without her protection I laughed and agreed I'm going to dairy cream instead the last time I visited your church I didn't sit next to you I couldn't or don't think it was allowed instead my brother took your place and held me tight we both listened the room was nearly silent but we didn't want to hear I wish I could remember what was said but maybe it's best I can only remember the sound of your voice maybe like the fine thank you so I'm not from here from Seattle and so I just heard about this yesterday and I wrote this poem last night and finished it this morning and I decided to read it out in America I'm going to call it remembrance there comes a point in time when one remembers their childhood as a whole, as a thing separate from the life they're now living this might be exhilarating a more real side of the maturity we already know we have it might be frightening as we're pushed into a world we've heard stories of our whole life but it's this famous world which we know nothing about allow me to explain the world to whom we now belong provides no safety nets it festers thoughts and feelings that we like to call pleasure there comes a point in time when one remembers their childhood when it becomes a thing of the past something we now may only long for we must build ourselves a fortress and spend our time foraging for sustenance but no when we remember it becomes our time to work pretty good because we've got three bullets left and we've got another time to get them in we keep moving I think next is Orion Orion Thompson did I get that right? begin in the screen the walking movement the waiting movement in the ways warming the stage and no dust okay Jesse Kaiser I'm going to be reading from I'm late to console because I could not stop for death he kindly stopped for me the carriage held with just ourselves and immortality we slowly drove he knew no haste and I put away my labor and my leisure too and my disability we passed the school where children played and lessons scarcely done we passed the fields with gazing grain we passed the setting sun we passed before a house that seemed a swollen ground the roof was scarcely visible the corners spun out since then to centuries but each feel shorter than a day I first termized the horses heads were tore and tendered to you next we've got Jerry Johnson yeah it's me okay welcome back to you thank you to live in Bozeman is to experience weather and I found it interesting a few years I've been here that you can read the paper then you can


Hey, what's going on guys, it's Mark and I thought I'd just give you a quick update if you've seen a couple of my previous videos You know, I've been kind of moving into a bit more forex trading in fact I've actually got a book. Where is it? Here it is. Look, I'll show you. I'll show you wait better me one second Ta-da, I've been I've been reading that a little bit But I just thought I would share with you My kind of forex trades over the past couple of weeks as I've been getting into it So as you can see they've been doing okay with the USD JP Y How many trades do we have so You know, we've got a fair few trades. It looks like it's always been sell You know sale-based trades it would be let me just show you why What pattern I like to see on that? So you can see it's been sent off again All right, cool. So You can see here with what I've already joined him But you can see that it's got this massive resistance around this kind of one 119978 And that's basically what I've been selling off of every time every time it hits this I set a price alert and then it hits it and I hold it until it sells off hits it hold it until it sells off I haven't had any kind of massive success where you can see that it's hit it here And then it's pushed back and it's pushed up here and it's sold off I've not had any kind of massive sell-off. It's literally just been kind of trading like that percent here and You know making a few bucks off of each one Overall the reason that I don't like to hold the sell positions with this is if you have a look It's got kind of this if it's got this like uptrending pattern, right? So you see it's higher high lower high and Higher low sorry and that's pushing up The only thing is that the only thing that makes me feel like it might set off a bit more aggressively It's just how long it's been consolidating along here And then if we have a look at that hourly you see it's been consolidating along this price point for a very long time So I'm just kind of waiting for it to give me some direction before I really get back into that one So yeah, I'm trying to keep this brief though for each one. So let's have a look. Oh, you can see I've got a couple open now US dollar NZD USD and DPP USD Let's go back into my history Right. Oh, so NZD USD you can see I've got a couple of positions that have hit my stop-loss in here But overall just about my scene of our teeth I do have a position open on it right now and which is you know I've got a little bit too keen with the buy but let's have a look so And the reason I bought in as you can see you've got this and support line that is hit pretty consistently so one two three hovered around it there for Four times that are kind of sixty seven one seven And so I've obviously bought in here. It's continued to push down. It's not uncommon for it to kind of push down to this 66666666 level Which is why I'm not awfully wise you can see it's hit here and then it's pushed up again I would like to see obviously we'd like to see it to kind of continue to push this way if it Continues to tread down that we might have to think about kind of losses on this one Unlike stocks or when I trade stocks, obviously providing it's you know a good company. I'm quite happy to As long as the pattern doesn't go outrageously kind of out of tune quite happy to hold onto it and see how it plays out And with for its there's no real obligation for the you know for it to continue to push up Still learn about fundamentals and so on so maybe my opinions on that will change But you can see over the long term right if we look at the one day chart a massive amount of the time It's spent above this level here. So and if you look at one week Yeah, massive amount of time it spent above this level even though it's kind of trending down over the long term But yeah, I'm quite happy to hold on to this the SMA line makes me a bit nervous as well It's pointing down, but the MacD looks good the RSI looks good right MacD curving in RSI curving up So yeah, that's it. So we've got about you know, just under 10% of our account in here probably about 7% of our account Quite happy to see how this plays out And I'll keep you guys updated on that one ad USD Again, this is had you know, how does stop loss here in here? But for the most part looks like we're barely up And I've just been you know, just Using this kind of similar patterns. So this pattern here on the ad USD look how consistent this is right between and 7074 71 79 and then from here it's broken out and look at this pattern It's like incredible and the thing is I was thinking about selling off, but I just I'm a bit more hesitant with Forex So let's have a look so you see it pushes up it sells off massively it has this massive push up Consolidates sells off massive push up Consolidates a little bit sells off and then so it's got this sell off. It's consolidating here. I Was debating on whether to kind of buy in here But the overall kind of just price point just isn't It doesn't make me feel comfortable kind of based on this pattern here The fact that it's you know and and this is the thing you don't have to trade anything But I'm gonna see how this plays out and just keep a close eye on it Just because you can see this ascending pattern that look at the EMA you see how it's you know pushing up High-low pushing up high-low pushing up and then it's kind of circular. So we'll see we'll see we'll see But I just wanted to share that as well What else have we got in here? This is probably our most successful one right? How much have we made? $3 11 33 How much are we invested that and we've invested the least in this off? To you but again, we've got another position in so this is kind of a combination of buyers and sales and Broke even we oh, no, we said we broke even and that's it So this one I've currently got a buy on can you see How every time it hits is kind of one two nine eight two it pushes up Pull back one two nine two pushes up Pushes up the only thing that that makes me a bit nervous. I might want to get out of this kind of ASAP is can you see how Every time it's hitting it the high that it pushes to his lower. All right, you see that so We used to just draw a line in for the sake of it All right, if we just did that not did it not let me do it. Oh, there we go What's it doing? Oh, okay, so Excuse me I'm sure you guys can see it, but now I just want to do our principal So can you see that oh? See how that the highs are getting lower so Even that pushes off here It could kind of continue to rally down and it has really down before and it spent a lot of the time below that price point So might look to get out of this sharpish kind of when the market opens back up But we'll see how it plays out. In fact, let's just have a look at the It's kind of interesting how it holds there Okay, cool something to think about so I might want to close that position when the market opens again on Tuesday Or would it be up with folks open on Monday, I'll have a look I'll find out Okay, USD CAD you're actually down on USD CD we're down on what we're doing here a lot of buying Let's have a look why we've been buying this I'll be interested to take a look so you can see it quite consistently. This is one three two seven Where have I been buying it? What was I thinking? Me look at the price point now. I was buying it.  Let's have a look So I bought there That'll make no sense. I Should have held on to that. Maybe I just pussied out That was one three two eight four and then open one three two eight four huh Interesting so That actually looks like It was maybe I set my stop loss to like two time. It must have been here Yeah, so that would have actually been a goodbye, but I was a bit too bit too sensitive with the yeah That's okay. So my decision-making looks looks okay to me. It's just a bit too scared Which is why I went pear shaped, but yeah, you see this one three two Oh, that's been such a good buy. Why was I so scared? Anyway, so yeah, so you can see I might even sell this position because you can see it's got this resistance here that it's bounced up to and You know support resistance Matty is kind of not really given us indication RSI is pointing down. So that's that Yes, you see the adg I'll try and speed these up right this is all green so on this You can see this has kind of got this resistance level right around here. Let's have a look Look at that resistance right there a lot of these Forex trades have these nice horizontal patterns that you can kind of identify Look at that and it's been trading that way for a little while now kind of for the whole year It's been true in between there. So hopefully we'll see this kind of pull back down This might catch this SMAs of support you can see it's been catching the SMAs of support there But won't want to trade this until you can kind of see some pattern forming there And you're a USD we've only got the one you're a USD so look oh Right, okay, because again, this is like look at this descending pattern. So even though it's got this support Even though it's got that support Kind of one one eight five look at that kind of pattern where it's just descending so aggressively the highs are always lower So really you don't want to buy into something like this I don't want to sell off at this point just because you know, I just don't like trading patterns like that I like nice horizontal consistent patterns and all uptrending patterns But you can see it's been growing that way for a little while But this is like, you know rally up and it's pushing down this all over place. So We'll just see how this one plays out For the time being but anyway, I don't know how constructive that was for you guys I hope that it was helpful kind of so you can just see my thought process As I'm kind of starting to trade Forex you can see that commodities I'm piss poor at that gas gold and oil All in red so we won't be doing that any well I'll be be trying that Playing with that, but you know not dedicated a lot of my account to it. Um, but yes, that's the forex I hope that was helpful If you have any kind of constructive criticism or how you like to trade them then I would be all ears as I say I'm still kind of learning at the moment and Yeah If you enjoyed the video make sure you give it a thumbs up If you you know want to see more let us make sure you subscribe Any comments or anything like that eToro or YouTube I'll get back to everyone on those if you want to have a conversation with me You can always message me on my Instagram at Mark Freeman official as well So thanks for watching guys and I will catch you next time