This year, in our 10th anniversary, we decided that we needed to make the tent even bigger and that there was an opportunity to invite some guest curators to curate content at SoCAP that was central to the work that they do. Perhaps they host another conference like VLab, like Mission Investors Exchange. Some of these curators have their own robust community that's having these conversations with many like-minded thinkers, people in their own sector, and we want to continue to bridge across those silos and make sure that all of those conversations have a place here at SoCAP. So, you're going to hear from two of our guest curators here in the plenary. First, we have Mission Investors Exchange, which is an amazing network of mission-aligned foundations that are aligning their assets with their mission. And to speak more about the work that Mission Investors Exchange does and highlight some amazing work from this Foundation community, I want to welcome Matt Onick to the stage. Thank you, Lindsay, and congratulations to you and SoCAP on 10 incredible years. My name is Matt Onick, and I am the CEO of Mission Investors Exchange. We're the leading network of foundations engaged in impact investing with over 200 members in the United States. It's an honor to be here with you today as one of SoCAP's five guest curators and to present a series of sessions throughout the day that highlight our members and the role of foundations. So we're here to talk about foundations. Some of you might wonder where foundations fit in the impact investing ecosystem. The answer is simple, right at the heart. Consider that SoCAP's purpose is to bring together money and meaning. Well, that's our sweet spot. It's what foundations have been doing since their inception, long before the term impact investing was coined. Let me be clear, though, this is not your grandfather's philanthropy. There is an important evolution occurring, and philanthropy is at the forefront. Foundations are now developing innovative investment models that can catalyze the entire impact investing marketplace. They are providing flexible and patient capital that de-risk individual transactions and even whole markets. These foundations are opening the door for more mainstream investors and capital to come into the impact investing sector. In Detroit, for example, loans and guarantees from the Kresge and Ford Foundations have helped bring local banks back into the home mortgage market to lift up that city's decimated housing stock. In another example, the McKnight Foundation could not find the kinds of investments that aligned with its climate-oriented mission, so they helped seed a new public equities fund with Mellon Capital so that investors like them could support companies that are indeed reducing carbon emissions. Now we all know that the field is growing faster than ever, and that's great news. We need more participants, we need more capital if we're gonna make progress against our society's biggest challenges. But as the field evolves, foundations have another special role to play. They must help serve as the champions of impact. As we like to say, they need to make sure that we are keeping the impact in impact investing. These are all concepts that you'll hear about in detail in our sessions today, with real and actionable examples from foundations like the two you're about to hear from and their partners, all of you in this room. I'm thrilled now to introduce two of the leaders, two true innovators having outsized impact today. Dr. Emmett Carson is the founding CEO of Silicon Valley Community Foundation, the world's largest community foundation with more than $8 billion in assets. Emmett's work is at the epicenter of technology and innovation in the US and indeed around the world. And he is using philanthropy, impact investing, and a range of other tools to literally reimagine what community means. And Herron Foundation president, Clara Miller, is known for coining or co-opting many of the key mantras of our field, like know what you own, or all investing is impact investing. Well, at Herron, these aren't just phrases. This year, the foundation reached an important milestone. They have invested 100% of their assets into their mission of helping people in places out of poverty. As Clara will explain though, 100% is really just the beginning for Herron and others like them. I am confident the next two leaders will leave you asking, what are we waiting for, and what more can we do together? Please welcome Emmett Carson. Good morning. That's not too bad. Good morning. All right, thanks for those kind words. It is wonderful to be here with Clara Miller. You saw her name up there? Just say Clara Miller, hero. Leave off the end. She's really been a champion in foundations for this work, and so it is an honor for me to be on this stage with her. So, you know, Matt was overly generous for me. I look at the work the Silicon Valley Community Foundation is doing as a beginning, as a starting point, while relatively we may be ahead of where some of my colleagues are among community foundations. We aren't anywhere near where we need to be and where I hope we will be. So, this is my first SOCAP. I hope it's not my last SOCAP so that you can hold me accountable for doing more in the future. So, I wanna talk about three things very quickly. One, I wanna talk about what the Community Foundation is doing with our corpus, that funds our unrestricted assets. Secondly, I wanna talk about how we are working with our donor advisors. And third, I wanna talk about who's investing the money. So, quickly, a primer on community foundations. We raise money and we give money. We have money that we have complete control of with our board. We have other monies that donors recommend through us to nonprofits. So, we have two pots of money, if you will. Two very broad pots. I wanna talk about both of those pots. To put it in perspective, we have $8.3 billion in assets under management. Of that amount, $586 million or so are in the social responsible space or impact investing. As I said, that's a lot in that space relatively. It's not anywhere near where I hope we will be able to go. Of that amount, $135 million are what are in traditional investments. We're in CDFIs, insured interest bearing accounts. We're maxed out in that space. So, as a result, we started to think about, well, can we start to make investments to these CDFIs that are non-insured interest bearing? And understand we have a long-term commitment to the community. We worry about fiduciary responsibility. And after thinking about this, we said there were criteria that we could come up with around default rates, around liquidity, several other things, peer benchmark those institutions. And based on that, we said, yes, we are willing to make non-insured interest bearing deposits. We have allocated up to $40 million in that space as our first step. We've made our first grant of $8 million to the self-help federal credit union. So that's just started. We're gonna be doing more in that space. And I think that's a role for community foundations to get beyond just the insured space. If self-help put all of that money into one of its product lines, that would mean 60 home mortgages, 665 car loans, or 3,700 personal loans. So okay, let me go now to what we're doing with our donor advisor. So of that $586 million or so, $360 million are funds that donors have opted to put in socially responsive investments. And that's, again, traditional funds that are in the impact investing space. But what's fun and what's special is the $82 million of additional money that we are working with individual donors to do PRIs and MRIs, in addition to that 360 million. And now understand donor advice funds are the fastest growing space in philanthropy in the United States. So if you can tap into those donor interests around impact investing around specific projects, either locally, nationally, or globally, there's tremendous opportunity. So we have a donor, I'm gonna give you one example. We have one of our donors who is very concerned about the issue of blindness. 80% of blindness is curable or preventable. The major challenge to blindness in developing countries is the inability to scale facilities. So this donor was, we connected this donor with a group called the I-Fund. And the I-Fund said we want to leverage scaling hospitals in these other countries to expand the services for medical services for blindness. This donor put up an investment of $500,000. They were willing to take a reduced 2% rate of interest and they were willing to say, and this was critical, the first losses would come out of their fund. So they said, look, you all will put our money up, we'll take the first losses. That was in 2010. I'm pleased to say that that $500,000 investment leveraged $14 million from traditional investors. Now what happened? They found three hospitals, China, Nigeria, and Paraguay, and they just repaid $17.7 million back so the loans are completed. But what was the impact of just those three hospitals able to expand their operations? This is the increase in the numbers that they were able to produce over what they did before the expansion. 280,000 cataract surgeries performed, 3 million outpatient procedures performed, 44% of the surgeries were at low or no cost. That's what got leveraged for people because of a donor being willing to take a subordinate position and being willing to take a reduced rate of interest. We have a lot of other examples of that work, but I think that is the next frontier for community foundations. Lastly and very quickly, and someone on the previous panel mentioned this, we do have to spend more time and attention about the composition of the people who are managing the resources. And I mean by that people of color and women. We are looking at that across the investment managers that we work with, whether they're in the impact investing space or not, but that it is not acceptable for those of us who champion, how is the money being used not to ask the question, are we being equally mindful? Are we creating opportunities for the people who are managing that money? Thank you very much. Thank you so much, Emmett, for your kind words. It's just, it's terrific to be here and good morning, everybody. Am I getting feedback? Yes. I'm often asked, we were kidding around before the show, and I'm often asked, what percentage of foundations are putting 100% of their assets into impact investing? And I always say the same thing. I always say all of them are, they just don't know whether the impact is good or bad. So, but there is some glimmering of progress and I think the kind of thing that Emmett's doing at the Silicon Valley Community Foundation is exemplary. We've got private foundations such, moving along that path, doing more and more and actually making allocations from their endowments. Am I not, oh, okay. All right. Sorry. We wait another couple minutes. There's gonna be somebody else coming out from behind. Foundation's making large allocations from their endowments and others are starting to look at ways to invest a range of assets consciously. Private foundations are contributing to the infrastructure of impact investing as they have for years, actually. Whether it's sustainability accounting, standards board, the GEN, B-Corps, CECP, there's a whole range of organizations that are coming up that are very important to making sure that impact investing retains its integrity. And in particular, I think, and Emmett exemplifies this, community foundations are increasingly front and center on very creative ways of doing connective investing in place, whether it's in place here in the US or in place globally, deploying donor advised funds, social capital similar to revitalize people in communities. But there's a long way to go. We've got work to do. And we've, especially from the point of view of private foundation, very far to go before our performance catches up with our rhetoric. And we're talking about being risk capital for society. We're talking about being innovation engines. And we're not, in my opinion, yet fulfilling our fiduciary responsibility of obedience to mission, which applies to all our assets. We have a range of what I call deadly perils and saving graces. And we have a choice as foundations of what path we wanna walk down now. You know, Heron has 100% of its assets aligned for mission. But as Matt alluded to, it's a false summit. We have three bigger imperatives. We wanna optimize for finance and mission together continually, this doesn't stop now, we don't eat bonbons. We wanna be and build networks and infrastructure to influence others outside our little terrarium of grantees, of investees, our own assets. Because foundations are less than 1% of assets globally. And we wanna do, as we say, connective investing. So we start to understand how our money actually affects people in their world to rebuild, essentially rebuild an economic ecology in this country for Heron and elsewhere in the world. What are the deadly perils for foundations? First of all, imagining that mission and money are actually separate that they ever were, I call it kind of believing our own business model. We're institutions that are better suited with this notion of having grants over here and having investing over here to address bounded problems in the 19th century, not the systemic ills in real time we have now. We are facing or probably avoiding the philosophical and practical limits of our own business models. Thus inadvertently as we go forward with this separation of investing from giving, reinforcing the convenient misconception that financial return and social benefits are somehow opposites. I know I'm preaching to the choir here, but the choir is still too small. And at foundations, it's a very strongly held belief that we must separate money from mission, that those things don't exist in the unit together in the universe naturally. Deadly peril number two, we will lose the moral high ground if we don't connect money and mission. We must make sure that our rhetoric about urgency, reconnection, perceived risk guides our real activities. We're philanthropic institutions, not everyday investment managers. We have a duty to challenge ourselves to be moral leaders, not only in our own world, in our foundation world, but in the larger economy, in the larger community. Deadly peril number three for the foundations with conventional business models, we become irrelevant. There are foundations being created every day that do not have the kind of business model where 100% of the assets are essentially conventionally invested, and a small amount of grant money and PRI money is made available for the mission separately. Omidyar, Skoll, Emerson Collective, Zuckerberg, Chan, I think I could probably go on, and especially in San Francisco, this is becoming business as usual. Foundations, private foundations, we're making ourselves irrelevant. We're being called legacies foundations, that tells you something right there. So, saving graces and future opportunity, first we know that all of us, all owners of capital, investors, managers, managers of enterprises, everybody has a stake in the state of the world, period. We all are in one world. We cannot, there is no place to go that we'll have a fresh start and no problems. We foundations, if we want to embrace it, have a unique position and vantage point to try to match our performance and our rhetoric, which we have not yet done. Here are some possibilities. We can be the change we want by advocating for and unifying the investment and mission function in our operations and in our actions and in the way we think about the world. It creates a huge explosion of possibilities as far as what we need to do in the world today. We can stand, we can be influential investors beyond our walls, where our nonprofit institutional status gives us standing to encourage others by example and to not have a dog necessarily in the commercial hunt. We have that vantage point and it's there for the taking. And finally, we can stand vigil for mission and impact at the intersection of money and mission. There's a lot of, as we see big players come into the pool, there's more of a threat that we are going to be undermined by impact wrapping and green wrapping and all of the other kinds of fraudulent behaviors. We are fit to make sure that we make the accounting and the metrics available to stand guard. To do so, we've got to impart the urgency that is today real to be the change ourselves. Philanthropy is a way of life. It's not an afterthought, it's not separate from, it's not somehow a kind of a thing you do after you have your regular business life. It is a built-in personal and institutional imperative. Thank you.


beautiful natural morning at Cape Cod. But if you turn to the sea, you can see that the evening revelers were there. I've been to the beaches of Greenland, I've been to the beaches of Antarctica, and everywhere I've been, the flotsam and jetsam of humanity are on the beach. Oceanographers have traced the currents of the Pacific using shoes and rubber ducks that fell off of ships. More importantly, we have probably taken ninety percent of the big fish out of the ocean.  We've changed the thing. We put so much fertilizer into the ocean in places from runoff, from farming, and pollution, and sewers that we cause huge poison blooms that essentially kill the life when they rot. And taking care of the ocean is a big deal.


This is stock number 11179A. We are here at Summit Automotive in Fond du Lac, Wisconsin. You're new and used car headquarters. Today we are checking out this super clean 2013 Honda Accord Sport. This vehicle has the 2.4 liter four cylinder motor. It has been fully saved and inspected by our service shop. It has a fresh oil and filter change. All the fluids have been checked and topped off. And this car is 100% ready to go. White Orchid Pearl is the color we shoot all of our videos in 1080p, 60 frames per second. So if you have HD capabilities on your computer, tablet, or smartphone device, turn them on right now because it is definitely your best way to check out the quality and condition of the car before seeing it in person. And if you want to check out more photos of this car in the upper right hand part of the screen is a link to our website. Click that and check us out there. This one comes with the painted and polished aluminum rims. And it has hand-cooked Kinner G GT tires. These are 235, 45 R18 tires on here. And they have a very good amount of tread left on them. I would say maybe 80-90%. Tires look really new and good. This is a one-owner vehicle out of Florida and Wisconsin. It was originally owned in Florida up until 2019. And then it came to Wisconsin. The owner moved here. Front bumper is in really nice shape. Headlight lenses are nice and clear. You do get the LED running lights and projector lamp headlamps. The hood is in nice shape as well. Passengers side front fender. No major dents or dings on there. And the passenger side rim. Pretty nice shape. Just a couple little scuffs. But I think for the miles on this car this thing is an amazing condition. As you go down this side of the car, take note of how clean the body is, how reflective and mirror-like that paint is. We take these HD videos so if you are far away or even if you're close by and just cannot make the trip down, but you're still interested in purchasing the car, you can see the car, hear the car, and have confidence in the vehicle that you're looking at before you even get here. So that when you do get here there's absolutely no surprises. Especially with a little bit of a higher mileage vehicle like this one, you want to make sure that you're coming on a high quality vehicle. Those lower rockers all look really good on this car. Back rim is in nice shape as well. And the back tires have just as much tread as the front tires. In fact, those tires look to be almost new on there. You can see the little wear knob. It goes all the way up to there, but I don't think they're brand new, but they're very new. As we come around to the back, the rear bumper is in great shape. I didn't see any major dents or dings on that. It does have a deck lid spoiler and the deck lid is in nice shape as well. The back storage area is very nice and clean and you do get the spare tire and jack tools back here. The back seats do fold down. You do need two hands for that to work to show you those seats folding down, but they do fold down to give you extra space if you're hauling stuff. And down the driver's side, just as clean as that passenger's side, I didn't want to point out it does have the chrome tipped rear exhaust, the dual rear exhaust. Driver's side quarter looks really good. And for full disclosure, this back rim is in really nice shape, probably the nicest of them all. Down the rest of the side of the car looks really good. Didn't see any dents or dings on the doors and it does have power mirrors. Inside the Sport package gives you the black cloth interior. There are no rips, there are no tears on the seats. They're in really nice shape. Power driver's seat. Factory floor mats does have a little bit of a wear and hold there, but it's got 160-some thousand miles on it. Power windows, power locks, power mirrors. You get the carbon fiber door trim and that goes all the way up onto the dash. You also have stability control on this car. Take a look at the instrument cluster here. And you can see that this car has 165,697 miles. You do get a compass display. Instrument cluster is very nice and clean. And a miles per gallon and all that good stuff. You do get the leather wrapped steering wheel. Cruise controls on the right. Bluetooth and information center controls on the left. It does come with AM FM and it does have a CD player as well.  This is also where your backup camera shows up and that works nicely. And you do have Bluetooth audio controls as well.  Automatic transmission, passenger side, format and seat are in excellent condition. No rips or tears on there. And the headliner is in really nice shape on this car. No rips or tears. Do you get map lights up there? I didn't see any chips or anything on the windshield. And we'll take a quick look at the back seats and then we'll start it up.  No rips, no tears back here. It does have the latch child safety system for any child car seats you may have. And like I said, those seats do fold down. Factory floor mats back here as well. And you do get child safety locks on the back doors. We'll start it up and take a quick look under the hood. It starts right up. It does have auto headlamps as well. I would personally like to thank you for checking out the video today. And hopefully from this HD video you'll be able to tell just how nice this car is all the way around inside and out. Under the hood we have a 2.4 liter 4-cylinder motor. Under the 85 horsepower engine day is very clean. Runs very smooth. Once again this car has been fully safety and inspected by the city shop. Has a fresh oil and filter change. All the fluids have been checked and topped off. And it has light new tires on it. And this car is 100%. Ready to go. You can see those projector lamp headlamps. They're really nice and safe. Bob lights work nicely. And to see more pictures of this car or one of our other 450 new and used cars, trucks, SUVs, minivans, Wranglers, half tons, three quarter tons, one tons, you name it, we got it. Go to that website right there www.SummitAuto.com. Full pictures and descriptions of every single vehicle from two locations all at SummitAuto.com. And if you'd like to check out more HD videos you can definitely do that. In fact in a second you'll see a link to subscribe to our YouTube channel on your left. A link to more Honda Accord videos like this one on your right. And if you have not been to our website on the bottom link to this vehicle on our website, click those, check us out. And we really look forward to helping with this super clean 2013 Honda Accord Sport and White Orchid Pearl. Thanks again for checking out the video.


Ballistics is an increasingly important and complex science that deals with the technical problems involved in hitting a given target in the field and getting the desired tactical results. Sometimes the ammunition we need to do a particular job can be carried to the target or placed in the target's path. Sometimes it can be dropped on the target. But in most cases it has to be fired or propelled. This involves the solution of three different kinds of problems which are covered by three closely related divisions of ballistics. Interior ballistics is concerned with the launching of the ammunition. Exterior ballistics is concerned with its behavior in flight and terminal ballistics deals with the action of the ammunition at the target. Let's look first at the problems involved in launching our ammunition with launching devices that are complex precision-made instruments but which operate on a principle as simple as that employed in a P-shooter. When the pressure behind the projectile becomes strong enough, the projectile will move. In any gun, howitzer, mortar or small arms weapon, the pressure behind the projectile is caused by the burning of the propelling charge or propellant which forms a tremendous amount of gas in the chamber. This pressure is measured in thousands of pounds per square inch and is exerted equally on all surrounding surfaces but with different results. The forces represented by the vertical arrows have no effect on the projectile. The pressure or force to the right is against the projectile, the most readily movable of the surrounding surfaces, and sends it out of the bore. At the same time, the force to the left is against the gun which moves in recoil. By making a few changes in our simplified gun, we can see what happens when we launch a rocket. In effect, the lightweight rocket replaces the gun and the lightweight gas replaces the projectile. The pressure inside, being equal in all directions, forces the gas out of the chamber at an extremely high velocity. At the same time, the pressure exerts an equal force to the left to propel the rocket. Military rockets operate on exactly the same principle as the 4th of July variety. The bazooka also uses the rocket principle, while the recoilless rifle is a combination of gun and rocket. The propellant used in guns and most rockets is some form of nitrocellulose, commonly called powder. Modern powder is made in grains. The grains taking many different forms to get the various pressures needed in the many different modern weapons. Apart from chemical composition, grain size is the most important single factor in determining how rapidly a powder charge will burn.  When small rapidly burning grains are used, the propelling effect is that of a sharp, sudden thrust. The effect we get from large grains is that of a sustained push. But grain design also affects the rate of burning. In general, there are three types of grain. A large grain with seven holes, a medium sized grain with one hole, and a small solid grain called a degressive grain. When ignited inside a gun, it burns fast and the pressure rises rapidly. As the burning surface decreases, pressure is generated at a slower rate. Here's a graph to show pressure action during burning. The degressive grain produces a very high pressure quickly, but the movement of the projectile tends to let the pressure drop off rapidly. The medium sized grain with a single hole is called a neutral grain. In this form of grain, the burning is slower at first, but the burning surface remains constant during the burning period. Thus, the maximum pressure is not as high as with the degressive type, nor does the pressure drop off as sharply when the projectile moves. The large grain with the seven lengthwise holes is called a progressive grain. Here, the burning surface increases due to the number of holes. The pressure produced is not as high as with the others, but it falls off even less rapidly as the projectile moves. This grain is preferred in modern high velocity weapons, because it gives the projectile a steady push, produces higher muzzle velocities, and has a lower maximum pressure than is possible with other types of grains. There are many other grain designs, the fast burning powder sheets for mortars, for example. Neutral tube shaped grains for certain types of rockets, as well as a variety of other kinds, each designed to provide the particular burning characteristics best suited to the weapon concerned. Now let's see what kind of pressure action we need for different guns. When we burn a suitable charge of progressive grains, the pressure is moderate and sustained, sending the projectile out of the bore with a continuous push. This kind of pressure action is just what we need to get high velocity in long barreled artillery. But now we'll see what happens when we use the same charge in a short barreled weapon. There's considerable muzzle flash, and the powder continues burning even after the projectile has left the bore, indicating that energy is being wasted. For a short barreled weapon, a small, aggressive grain should be used. This builds up maximum pressure quickly to accelerate the projectile in a short space without undue burning afterward. This kind of pressure action is just what we want for low velocity weapons, such as mortars or pistols. But if we use aggressive grains in a long barreled gun, there's a chance that the higher maximum pressure produced will blow it up. For a rocket, we need a low, steady pressure, so we use a special neutral grain. The low pressure will not burst the lightweight rocket, yet give smooth acceleration. For the V-2 and other large rockets, it's better to use certain liquid propellants, mixing them at a constant rate to assure constant burning. In all cases, the propellant must suit a particular tactical purpose. That means providing the desired velocity with a minimum of smoke, flash, and wear on the weapon. Interior ballistics is a highly complicated science, and what you've seen isn't the whole story by any means. But you do know what an important part pressure plays in launching the projectiles. You know something of the effects of grain size and design on gas pressure, and you know the relative burning action of the degressive and other types of grain. In other words, you've got a good idea of why and how a projectile leaves home. Now you're ready to consider exterior ballistics. Exterior ballistics is concerned with the behavior of projectiles in flight. If we could fire a cannonball influenced by no outside forces, it would continue forever in its original direction at its original velocity. If we add the force of gravity, the cannonball follows this sort of path or trajectory. By adding air resistance, we get this result, and the range is shortened still more. To overcome air resistance and get greater range, we might streamline our cannonball, stretching it into a projectile. But look what happens. Our projectile tumbles, and the range is shorter than ever. We need something to stabilize our projectile in flight. One solution is to equip the projectile with fins. The use of fins solves the problem very effectively for mortars and some types of rockets, and the result is much greater range. Having the projectile spin is another solution to the tumbling problem. This, however, causes the projectile to swerve from a straight course, drifting to one side according to the direction of the spin. That isn't as bad as it might seem because we know it's going to happen, and we allow for the drift in aiming. To get the required spin, spiral grooves are cut in the bore of the gun, and a soft rotating band put around the projectile. The band engages the grooves, and the projectile rotates or spins. Although there are many forces affecting the projectile, the most important to remember are gravity, which pulls the projectile down, and drag due to air resistance, which slows the projectile. There's nothing we can do about gravity, but we can overcome the effects of drag to some extent in the design of our projectiles, for instance, by the streamlined windshield on this one. Vote tailing, another method of streamlining, also helps to reduce drag. For long-range fire, we must consider, in addition to gravity and drag, the effects of varying density of the air, the temperature of the air, winds over the trajectory, and the rotation of the earth. The basic problem of the exterior ballastition is always the same. To study, improve, and predict the behavior of projectiles or missiles in flight. Solution of the problem involves the knowledge of many complex forces, the application of many scientific principles, the use of many ingenious lightning-fast computing machines, the ultimate purpose of all this is to design projectiles and compute firing tables, both of such accuracy that our combat units get the maximum number of direct hits, and that is where terminal ballistics comes in. In terminal ballistics, we are concerned with what happens at the target, with the problem of getting the type of action we want for each different kind of target by the most economical, practicable means. Our projectiles, bombs, warheads, mines, grenades, and so forth are designed to provide different basic effects. By using a large amount of high explosive, we get an effect called blast, making use of violently expanding gases under tremendous pressure. Blast shatters brittle masonry or concrete. It will also twist and tear the metal construction of buildings and vehicles. If penetration is the important thing, we can use a high velocity projectile with a tough nose and little or no explosive. This sort of projectile will penetrate wood, stone, and up to several inches of steel. By using certain proportions between the weight of the explosive and the thickness of the projectile, we can get fragmentation. Our projectile or bomb breaks up into hundreds of flying fragments. They penetrate like bullets, but leave more jagged, irregular holes. Fragments from bursting shells can do severe damage to personnel and to light structures, such as this plane. Finally, by using incendiary projectiles or bomb clusters, we can start fires to cause great damage in a city or in a structure or area where large quantities of supplies are stored. Generally speaking, each type of action will be effective against one particular type of target, but a combination will be even more effective. So our projectiles and bombs are usually designed with such a combination in mind. Now to time or control the action of the projectile at the target, we use different types of fuses. Some of our fuses act on impact, either instantly or after a short delay. Time fuses act to set time after launching. Proximity fuses when they get near the target. Fuse location is also important. In certain cases, we'll get the best results by placing the fuse at the front end of the projectile. In other cases, it works better in the base. Bomb fuses are sometimes placed on the side, and in the larger bombs, more than one fuse is necessary. The fuse type and fuse location determine to a large extent the type of action we get at the target. Now let's consider a typical application of these fundamentals of terminal ballistics in dealing with an enemy plane. Fragmentation is the effect we want. Besides endangering personnel in the plane, flying fragments can wreck the engines, weaken structural members, and may penetrate the fuel tanks, generating enough heat to start a fire. The shell to do this particular job must carry enough high explosive to shatter the shell case and produce high velocity fragments of the most effective size. Now what about the fuse for this job? We might use a time fuse, but our best bet will be a fuse of the proximity type, one that will go off automatically when it's near the target. If we're dealing with an armored target or one of reinforced concrete, the first problem is to penetrate. So we need a tough-nosed armor-piercing projectile that will be strong enough to withstand impact, one that will penetrate without breaking up. Fragmentation is effective after penetration, so a small explosive charge is added. In this case, the fuse must be placed in the base of the projectile and should have a short delay action after impact. The combined effect of penetration and fragmentation gets both the pillbox and its occupant. If we don't have high velocity, we can get penetration by sharply focusing the force of the explosion. This is done by the proper shaping of the high explosive charge. It's up to the terminal ballistician to determine from his experience and his experiments which combination of effects will be the most destructive for each kind of target. And there are other elements to be considered by the terminal ballistician. In all cases, the ammunition he prescribes must be suitable for mass production. It must also be safe to handle, transport, and store. Technically, it must present no impossible problems in any phase of ballistics. The first concern of the interior ballistician is the safe and successful launching of the ammunition. The important point to the exterior ballistician is predicting its behavior in flight. By means of firing tables, this information is passed on to the appropriate using units. They in turn must launch the ammunition with full confidence that the terminal ballistician has provided it with the proper destructive potentialities at the target.


Hi, this is Salvatore Bogones and I'm excited to tell you about my latest article on Forbes. This is an article on China's 2017 Provincial GDP Statistics which were quietly released Monday, February 12th with no fanfare as far as I can tell. No news organization even noticed they were out. But I noticed and I quickly wrote up the statistics for Forbes. You can find this article on my Forbes site or the Forbes Asia site and if you have a look at it you'll find that I've broken down China's GDP per capita and real GDP growth rate figures for 2017 by province. This is the first provincial level analysis available anywhere in English. The interesting number is down here at the bottom right where if you add up all of China's province's GDP statistics you find an 8.1% growth rate for China for 2017 but if you look at the data given for the country as a whole it's only a 6.9% growth rate. So the provinces are overstating their growth rates as historically they have. Also if you add up the provincial numbers for GDP per capita you get a GDP per capita of China of $9,794 it converted into US dollars versus $9,311 based on the national data. Now that's no surprise for several years China's provincial GDP statistics have overstated the national figure and the country has made a commitment to bringing those back into line over the next few years. Here you can see I've also produced a map of GDP growth rates by province and the interesting thing here are two of the standout provinces in the western fringe of eastern China and that is Guizhou province kind of in the backyard of Guangdong and Shanxi province kind of in the backyard of Beijing. These two provinces are the only two to grow at greater than 12%. Now even if those statistics are not quite true it does show some of the western Chinese regions growing at faster rates than the eastern coastal cities. Of course other far western Chinese regions like Gansu and Shanghai are growing much more slowly. Notice also that Inner Mongolia has a negative 15% growth rate and that's not a real number that's because it restated its GDP statistics due to accounting irregularities in the past years. Also note the extremely slow growth rates in the Dongbei region of northeastern China that's Liaoning province, Jilin province and Heilongjiang province. North Korea is over here and Russia is here. So these are the provinces that border North Korea and Russia and no surprise that with neighbors like that they have very little opportunity for cross border trade and for growing by connecting to value chains in neighboring countries. The fast growth continues to be in eastern China where in fact the fastest I'm sorry the richest provinces in China are. So these are the Chinese provinces by GDP per capita and you can see the richest places in China are Beijing and Tianshan in the capital region of China surrounded by the much poorer Hubei province. Also the area around Shanghai the Yangtze River Delta and the Pro River Delta Guangdong province near Hong Kong. So these three regions Pro River Delta Yangtze River Delta and now we're starting to call it Jing Jing Ji around the capital region. These three areas are by far the richest areas of China and continue to outpace the rest of China. They're growing at either a similar rate or a faster rate to the country as a whole. Now the overall conclusion I think you can take away from this article is that as GDP growth slows in China it's becoming more and more difficult for those western provinces to catch up to the east. Eastern China is already at a level of GDP per capita that's somewhat similar to that of Taiwan or South Korea or poorer areas of Japan but western China is not catching up to those leading eastern provinces and that's a real problem. We're starting to see the emergence of two China's a set of eastern provinces that are closely integrated into the world economy and northern and western provinces that are really left behind. Now if you'd like to see more of my writing about the Asia Pacific and the world in general you can go to my website at SalvatoreBuglonis.com where you can also sign up for my global Asia newsletter. It's free, it comes out about once a month and it contains a summary of my writing. Of course right now you're on my YouTube channel and I would love for you to subscribe to my YouTube channel where you can also get my weekly live stream show Midnight in America. Hope you'll subscribe and thanks for listening.


What made him so tough. I think he was just utilizing his off speed and being able to throw when he needed it. You know when he needed to make a bit pitch he was able to execute that. So I know that's I think that's what made it mostly effective to today but yeah we just got to go around the stick. What's concerned do you think there's around here with the slump of late 11 losses in 19 games? I don't think there's really no sense of urgency or whatever that you just said. I don't know what no one thinks out here in this club house. You know we know we got to take care of business. I just haven't really done that lately but hey I mean we just got to keep keep our heads up and get ready for you know the Red Sox when they come in so I got I don't know how many games we got left but just got to finish finish strong so you know but we just got to keep taking care of business and taking day by day. The amount of talent in this room is a little surprising to you that you guys haven't been able to find that level of consistency. I mean you know in this game it happens you know I always said you know this is the craziest game it's so unpredictable you know I had a game where I got on base five times in a row the next day I strike out four times I'm like man this is the weirdest game ever you know you know I just sit there and just shake your head sometimes and that's just the way that it is and it can be but you know we don't accept that but at the same time we know that what we're capable of doing and what we're capable of doing every day so you know it's it's just one of those things man it just happens it comes you know we lost today we just got show Tuesday ready to go.


I think you and I are supposed to go out there and look at the new minister. President, the latest Gallup poll shows that Mondale's pool is even with you. Is that possible, sir? Okay, for the covert aid. You want to know how we're going to get the covert aid? How we're going to get the support? To Europe, I must say that we're, we are, I have this opportunity to tell you how successful the trip here was. To our Congress, you made things very easy, much easier for us. Now, if on this trip you'd like to kind of stress the importance of us also helping the anti-Santonistas and after that we'll be very pleased. Well, last day, I guess the issue of today is the problem of the legal housing situation. As I said a moment ago, Secretary of State, they are making mistakes and took advantage of one mistake, they made Europe. Ortega made his speech and said that he will continue to support and be a saver of the real. And so I sent a table to my country presenting an official product. President, this is the mayor of Gatlinburg, Tennessee. Yes, that's the president. Nice to meet you, sir. It's nice to see you. Thank you. He has a presentation he wants to make. Yes, sir. Of course, this is our 50th anniversary celebration. I hope you could make it down, but as you didn't, we have two statues of Sally who is the martyr of the Cherokee tribe, who exemplified all the good things about the Great Smoky Mountains. I'd like to present those to you to go on permanent display in the National Park. Well, I can't tell you how much I've been looking forward to seeing these items. And yes, very pleased to have them there on this 50th anniversary. I think it's just wonderful and you honor me greatly by having them come through me. Well, we appreciate it, sir. We really do. Thank you very much. More than pleased. Thank you. That's also in wood, yes. No one ever took a picture or did a drawing of Sally, so no one really knows what he looked like.  Does this go on exhibit also? Yes, sir. This one will be in North Carolina and that one will be in Tennessee at the two visitor centers for the park. And as we celebrate our 50th anniversary, it's a great thank for us. Mr. President, thank you very much, sir. We appreciate your time. Right. Yes, sir. We do thank you for your time very much. Please. Thank you, sir. Thank you, Senator Baker. We appreciate it. Thank you very much.