So this canal has everything from couches, to cars, to who knows, maybe even dead bodies. I've been living in Brooklyn for the past four years and a half and finding out about these two creeks and canals was really shocking to me because this is happening in our backyards. Here in the Guiness Canal it's been going on for 130 years. One of the biggest causes of pollution here in these two waterways is the raw sewage overflow, as well as oil that has been accumulating over the years. What really contrasts the new town to the Guiness are the toilet smells that we can smell right here in the Guiness.  A lot of the pollution that we experienced was not very visible by the Naked Eye.  This plastic problem is happening everywhere around the world so the bros decided to go on a cleanup and switch our expedition around. We have plastic bags, a lot of plastic bags, we have chips, wrappers, I have no idea what this is. Look at that! This is the second condom! I didn't use that one but uh... They're durable! They're pretty durable. We are on a countdown. In 30 years, things might not look as pretty as they do now if we don't take action today.


When adopting Agile and DevOps, Epyx are a helpful way to organize your work and create a hierarchy. GitLab helps companies by organizing larger tasks through Epyx and issues. For their upcoming release, AwesomeCo wants to have a 1.0 launch for their flagship products. In order to do that, they have to collaborate and have work delivered from each of the different value streams. For example, an Epyx has been created here, as well as a mobile app interface within the consumer products team, a web app interface sub-Epyx, which is a capability within the consumer products group, as well as infrastructure and APIs that the service group needs to deliver. These can further be decomposed down into features. The account flow needs to be created. Within that, some web user app settings need to be managed. Let's say that you want to decouple web app user settings from Create Account Flow. You can drag and drop your Epyx to re-parent them right within this view. You can also drag and drop Epyx to reorganize them, visualize them differently, sequence things out in a different way, or change the paired construction. In this view, you can also add new issues and create new Epyx. Let's say a team member missed some scope and needs to add something to the logistics group. You can select a group that you want to create the Epyx in, add some reporting for the supply chain and create that Epyx. GitLab will create this Epyx nested under the 1.0 launch. A logistics group was created, so the Epyx is visible there, but it's also automatically pulled up into this higher-level one-volume launch. Epyx can be managed and scheduled in two different ways. You can set some fixed dates, setting the start date and do dates manually, or Epyx have something called inherited dates. Inherited dates work like this. GitLab will scan all of this Epyx issues down to the lowest level, determining their tasks, maintenance items, bugs, and stories. It then picks an early start date based on the issues assigned do dates, iterations, and milestones and that milestone start date. GitLab then looks at the latest start date it can find across all those time ranges and dynamically keeps us up to date. In terms of planning breakdown, you start with your scope and decide what you need to call this complete. As the team starts to break this down and plan it into releases and iterations, you can see exactly which items need to be completed based on the team's estimates and scheduling. This is a great way to signal upstream if you need to cut scope or negotiate trade-offs, depending on if you're on a fixed schedule or a fixed scope basis. You can set Epyx as confidential to ensure they won't be visible downstream. And you have a rich audit history for every change to the Epyx, who changed it, and what they did. Epyx also have discussions. You can have threaded discussions directly within the Epyx and see changes in the description as you edit over time. Anytime there's a change, it will show up as a note within this block. A practical driver for most Agile and DevOps teams, GitLab Epyx and Issues help you organize your work.


Okay, welcome back everyone, this is Angles the Cube. Welcome to San Francisco Live, this is Silicon Angles the Cube, our flagship program, we go out to the events and expect you to see them for the noise. I'm John Furrier, the founder of Silicon Angle, we're live at the Amazon Summit. This is not the big show for Amazon, this is really about opening the kimono on product features and also targeting developers and business folks about Amazon solutions. John Furrier, the host with Jeff Frick, my co-host this week, Dave Vellante is on a plane. Jeff, something in for Dave Vellante. Yeah, trying to keep the seat warm John, but Dave and I were here last year at AWS Summit in San Francisco, so I'm curious to talk to our guest today, kind of what's changed in that year. We just watched the keynote, Andy Jassy was up there, really killing it, I've got some great notes that this is the eighth year, they said the eight years young for Amazon AWS services and it's interesting, there's a lot of new announcements going on in the marketplace. Cisco just announced their cloud offering, they've been at it for a while and some really great items out of the keynote, just the relentless pace of innovation, the relentless pace, I think he said there's 42nd cost reduction since they've been getting at it, it's pretty exciting. Yeah, I mean folks, this is a really big show for many reasons, one it's kind of a mellow, it's not a big fanfare, there's some marketing stuff being sprinkled around, but Andy Jassy, the senior vice president, the leader of Amazon has put this team together eight years ago, basically a startup and then a startup, essentially like a series A fund and they got a bunch of people, I'm getting some confirmation what those exact numbers are, but since then they built a platform from scratch for themselves, for the market, at that time Jeff was a dot com bubble burst, they were really at the beginning, present at creation of this new agile mindset, this is the DevOps culture, this is a massive sea change and what cloud computing is doing is changing the game as the printing press for the modern era is changing the game on business, how business is structured, how they're organizing their value activities, everything about a business is completely changing because of cloud computing and Amazon is by far the leader in public cloud, they are just continuing to put on the features and really it's about how much market will they take in the enterprise, right now they own the public cloud, all developers use Amazon, now the clouds are emerging, you see IBM, you see Rackspace and Overstack, you see Cisco launching a billion dollar cloud, all these guys have been forced to make a move, HP's got a cloud, IBM, Cisco's now throwing a billion dollars to cloud, Jeff, this is absolutely a real force, Amazon is the tidal wave that's hitting the beach and the question is how much of that beach will they take in the enterprise and modern business, is going to be a function of how fast the competition, the incumbents can put up a seawall and block that and there are a lot of issues, so Amazon is truly not ready for the enterprise but what you're hearing today and you're going to hear more and more from Amazon is completely incremental improvement on enterprise features, you're hearing the number three software vendor came for the exorbitant Zach Phillips announcing support, Amazon is marching, just moving the ball down the field as we use the football analogies, moving the chains, first and ten and throw the ball, they run the ball, mixing up their plays but one thing is clear, they are rolling out new stuff, they're talking about stuff, little features, new product introductions and iterations, so Amazon's strategy is clear, pedal to the metal, keep the competition in the rear view mirror and take as much territory as possible in the enterprise. Yeah, what's interesting too, John, a couple things from the keynote is they really use kind of the DevOps way of doing things that are bringing that into the enterprise in a way that you couldn't do before, I think Andy Jassy said that traditionally it would take eight to ten weeks to get a new server spun up to do an experiment and in a world of really experimentation, A-B testing, trying things out to be able to spin up more resource and try things and use data, the connection with big data, John, I think is great because we often separate the two but business is really running in an agile way based on data, doing experimentation, doing A-B testing and then taking things down that don't work. Their NASCAR slide was impressive, hundreds of thousands of customers, I think he said in just under 200 countries, they're coming out with new revs of some of the earlier instances with higher computing and then they're coming up now with specialty flavors of their core services, specialized around IO, specialized around memory, specialized around storage. So they just continue this relentless pace of innovation, both with their own services and really trying to enable that in the enterprise to do things in a way that they could never do it before, really tying in data, experimenting, spinning things up, spinning things down, really being agile in the way they serve their customers as well as the way Amazon is agile in the way they deliver their services. Well this is theCUBE, this is season five for theCUBE, we've interviewed over 3,000 people live, 3,200 people live here inside theCUBE. Again our fifth season, Jeff, continuing span, we're going to do much more shows this year, all the Amazon shows, all the cloud shows, we're trying to get the Microsoft TechEd folks to jump on board, that would give us the full cloud circuit, they're the only ones kind of left standing, we haven't gotten to bring theCUBE to yet, but this is really about what we do, we want to bring action to you, we want to go where the action is, no stories too small, no interviews too big or small, we'll go where the action is, that's what we do, this is what theCUBE is, we're here live at the San Francisco, Moscone Center at the Amazon Summit, kind of all about learning the cloud, this is about business people, geeks, tinkering under the hood, building out the new cloud apps, and we have theCUBE here, also go to crowdchat.net slash aws summit, we have a live crowd chat, which is a social chat for LinkedIn, Facebook and Twitter users, kind of like a tweet chat, share your thoughts on crowdchat.net slash aws summit, we're going to be documenting that, some great tweets are already coming in on the crowd chat, Jeff, one was a quote that said, friends don't let friends build data centers, kind of playing on the don't friends drive drunk. I actually like that soundbite, but it's totally bullshit, I mean, come on, data centers are not going away, I talked with George Sleshman at IO data centers in Arizona, the folks at Switch, and I'm telling you right now that what you're seeing is a cloud integration to the data center, Amazon is a data center connector, the data center with all the flare, hey, killing the data center, not going to happen, you can't have a software defined data center without a data center, and I think what you're going to see, Jeff, is a changing of what a data center looks like. It's going to look differently, it's going to have different components, but at the end of the day, it's going to be powering the facility of where the workers are. Now, yeah, certainly cloud will be bigger, but the data center's not going away, so that's good rhetoric and good fodder for Amazon to throw out there, there's some red meat around their disruption, but really it's also the innovation. Amazon is disrupting and innovating at the same time, this is why they're an important company to watch, they are the modern era, the catalyst of change, the disruption, they're commoditizing lower in cost, but at the same time, they're disrupting and innovating. It's very rare in the computer revolution business cycles that I've seen live that you've seen, Jeff, companies do both. So that's really the story, we're going to be covering it live. The guests are here, let's get ready to jump to our first segment, so we'll be right back with our first guest, live from Moscone Center, Amazon Summit, San Francisco, 2014, we'll be right back.


You are off and streaming. Hello everyone. Today we're gonna go over size management using Market State. And before we get into it, I wanna just go through a disclaimer. The information and opinions expressed in this presentation are solely for educational purposes only and do not constitute investment or financial or trading advice. All participants and viewers should conduct their own independent research analysis before making any investment or trading decisions. Trading and investing in financial instruments carries inherent risk. Potential investors and traders should only utilize funds designated as risk capital and funds that can be lost without jeopardizing one's financial security or lifestyle. It's so important to trade with risk capital so it kind of helps to remove that emotional factor from your trading. So it's a great rule of thumb. I'm John Slazas from Dharma Capital Trading. I've been involved in trading since the 1980s and former Chicago Mercantile Exchange member got involved trading crypto in 2013 and kind of transitioned full-time to crypto in 2017. And I've got an analytics business that we provide fact-based trading and fact-based trading involves making decisions based on objective data and analysis to reduce speculation and subjective biases. So more statistical facts and no subjective analytics. So we strive to stay away from technical analysis which can be too subjective and stick to things that are more if-then-based. And today we're gonna go over size management. As I mentioned in our agenda, we'll go through a little bit more about fact-based trading, talk about market state, go deep into market state, showing, defining the structure of those states and the strategies that are inherent in certain market states and then we'll jump into some live practical application. So fact-based trading involves making decisions based on objective data analysis rather than subjective or emotional opinions. And I love this quote, the illusion of validity. Everything makes sense in hindsight. The illusion that we understand the past fosters our overconfidence in our ability to predict the future from the sound Tali from the black swan.  This is easy, this is simple. And it's not. Where are you at that moment? What decisions do you make at that moment? And so this is one of the seductions of the subjective analytics. It just feeds that overconfidence that this is something that doesn't have to be as respected. The problem is the simplicity of the bylaws sell high proposition. This creates an illusion that trading is easy. And this is supported by subjective technical analysis tools which clearly explain in hindsight how to achieve trading success. Consequence traders become disillusioned, constantly searching for new ideas, their performance suffers, trade flows inconsistent, not sustainable. And either the subjective analytic complexities create trading paralysis or the account flows up. Intuition versus formulas. We live our life on intuition, making decisions left and right. But research suggests that to maximize predictive accuracy, final decisions should be left to formulas, especially in low validity environments like trading. So your intuition is key. And the whole idea of fact-based trading is to provide you with a statistical foundation to align your intuitive flow. So we wanna get you into intuitive flow, but we wanna get you in there with some facts. And the more facts you have, the easier it is for your body to trust the truth. And when you're trading off of subjective opinions, that's where you get a lot of anxiety because your body actually knows that those aren't truths. So the more truths you have, the better foundation you have, the more clearly you can see what's true that helps you get into your flow. And that's what it's all about. That's how we beat the machines. So to improve trader success, the solution is a statistical outside view provides the traders with a fact-based benchmark. And this offers a reality check to the probabilities of what's most likely to occur based on quantitative results independent of any subjective bias. And that's always a key thing. When you're in a trade or you're doing something, what is more likely to occur? And are your decisions based in alignment with that or against it? And the result of having this benchmark is traders who have a statistical baseline focus on the facts and mark a truth. Less thinking, fearing, hoping, trying and more knowing, self-trust, confidence and doing. The result is more effective consistently applied sustainable approach. So the solution, a statistical outside view to assist traders in making informed decisions of what is more likely to occur independent of any subjective bias. That's what we're all about. And our analytics, that's what we provide. We provide a quantitative multi-market strategy solution as a statistical baseline. And we streamline structured trading across all timeframes, asset classes and trading styles. And so I'm gonna get into some of our work and I'm gonna use our playbook tool. But all the concepts that we're going over here are just factual things that you need to incorporate into your trading no matter what. If we're working together, we're not. You need to have these understandings. And by having these truths and understanding, it's gonna help you with your size management. And when in trading, size management's key. That's the difference between making it or not. You can't come out with the same size in every trade. You have to trade bigger when it's in your favor and trade smaller when it's not. Go for shorter durations when the things are unclear or when the market's just telling you it's not gonna be producing big moves. And when the market's in a state that produces big moves, you wanna extend your duration. You gotta just be patient with those trades. And other trades, when you're out of alignment and you're trading something that's not as likely to occur then that's when you wanna treat it like a hot potato. So I'm gonna talk a little bit about market color and our market state analytics. Get into that a little bit. And so our market color state analytics define the baseline state which acts as a statistical benchmark to make the regularities of trading environment more predictable. And we do that by defining the market state characteristics which will improve your awareness and provide a basis to standardize a trade plan by executing trading tactics in conditions that complement trading methods. So in this example, if we're looking at a bull trend state and so when you're doing your work and you're looking into market, what is a bull trend? Well, a bull trend's a market that's making higher move highs, higher move lows. We have a positive trending market. That's a fact. You have to market stops making higher move lows. It's no longer a bull trend. It's something else. So you can't hope that it's gonna be a bull trend. Markets are always transitioning from one state to the next. Sometimes they'll stay in a sustained trend, but then you can look at the dynamics of that trend as well. So they're absolutely, you're gonna have trading sessions when the market's in a bull trend, they just go straight down. And they're violent negative corrections. And those are opportunities. Those are opportunities to get in alignment with the bigger move. But, and when the market is trading at a lower ebb on a bull trend, these are the areas that that's where your size management is increased. When the market is moving to the ups, breaking out to the upside and you miss this move and you're getting in at the end of it, what's really left? How much risk do you wanna put out there? And that's what we're talking about today. The other part is, when you talk about the market states is, does a market state have good momentum? Well, bull trend does. What's the volatility expectation? That's the other thing to consider when you're defining these trends, when you're defining these states. With our work, we get involved in, yeah, markets can be in a bull trend, but they can also be in a bull trend digestion. And when a market's in a bull trend digestion, the expectation is more sideways versus trending higher. Or if the market's in a bull trend acceleration, the expectation is that this pullback's gonna be smaller and things are just gonna scale. No, the market's in a bull trend correction, the expectation, the market's going south, but we're gonna look for the market to stabilize and jump on that and get on the, ideally the lower ebb of the next transition higher. So really, most people look at, market states is, we're either trending or non-trending. Bull trend, bear trend, or we're going sideways, we're in neutral, but there's more nuances to that. There's accelerating trends, there's digestive trends, corrective trends, markets go to get to extremes. So these are different environments and you really need to own all these environments.   And so that's a big part of size management is just understanding what is the trend that we're in? What are the expectations? What are the volatility expectations? Markets that may require reduced position sizes due to increased volatility when things get more unpredictable. So those are other conditions that we want to adjust our size. And the key takeaways are, the effective size management is gonna ensure resilience, sustainability and the growth in your trading. And the right size management to make the difference between a short-lived trading stint and a long-term prosperous trading career. You have to bet bigger when the odds are in your favor. And so we're gonna go into some practical application now, but before we do, just going through the size management side of the market state, understanding and owning that environment is key. Recognizing these favorable conditions to optimize your tactics to make every trade count. You know, and from the market state, what we're gonna go through as well is the parameters that define the state, the structure. So we can, and we can use that structure to standardize our size management. By accurately defining the price boundaries across the straits and time frames that ensure that we're able to control our risk and make clear decisions. So where do those states change? That's where we're gonna, we're going to look to identify the optimal opportunities because that's where our risk is defined. If we are able to define a markets in a neutral digestion and we're able to identify the price extremes of that digestion, well, that's where the lowest risk is. And if we're getting a trade signal on our system or just, you know, we just get this feeling that we want to get long or short and we're trading in the middle in a neutral digestive state, it's hard to define that risk. So if it's hard to define your risk, you need to lower your size. And when you're at a structure point, that's when you need to increase your size. And it becomes really simple. You just, you know, if you're not at structure, then you trade this size unit. I like to look at trading in terms of units. So, and ideally you trade in three units to five units.  So if you're trading, you know, one unit is one, you trade two units, you know, it's two. If you trade it 10 lots, then it's, you know, every unit's 10. And then when you're doing a two unit trade, it's a 20 lot. But, you know, whatever your size is, you throw it in there, but you have situations where, okay, I'm gonna accept every trade and it's least gonna be one. And if it's at structure, it's gonna be two. And if it's at the sentiment bias, which is a number that we identify every day for every timeframe, you know, it's a three unit trade. So, you know, the more, where you can define your risk the best and then what's more likely to occur. And so another part of that on the market state and the condition and the structure of it, you know, when you combine those two, there's obvious things that you wanna do. You know, when you're in a bold trend, it's the best opportunities are gonna be by dips off the lower troughs. That's gonna be the optimal thing to do. Just like a bear trend, you're gonna wanna sell peaks. That's the optimal thing to do. And so that's where you identify those areas of where you, that's where I'm gonna place my big bets. And no matter what you feel, if the market is not at that area, you can't trade that big. Simple as that. And when it is at that area, you have to force yourself to trade bigger. And sometimes you don't want to, but you have to trade bigger when the market is at those points. And typically those are the situations where it is difficult to trade big because that's when the market's putting a lot of fear in everyone. It's just a function of the market. And you can use those emotions as well to your favor, especially when you have the facts. So when you have the facts and you're able to identify what's true, you know, when the market is at those optimal situations, you have got confidence versus fear. And so we're gonna take a look at some strategy of, you know, kind of if then statement if the market's in a specific market state with a specific structure, and then this is what we do. And by applying this if then method, you're able to align your trading actions with what the dominant strategy themes that are inherent in the state and structure. All right, let's jump into the markets and apply some of this stuff. So we're gonna take a look at Bitcoin first and we'll just go through, this is the playbook.  So, you know, quickly you can see, you know, what, you know, what tokens are in a neutral state, you know, which would work better with digestive bots, which ones are accelerating state, which would work better with trend following. Have a lot of blue here of positive trending markets. And so really getting into and owning these conditions. What, you know, and I'll word, and this is a notebook you can keep for yourself too.  This is my plan in accelerating bull trends. This is my plan in neutral states. This is my plan, understanding these conditions. You know, if market's a neutral volatility is going to get crushed. If you're an options trader, it's a great opportunity to sell vol. Where do you want to sell it? You want to sell it when the market's making a surge into the extremes. And then when it gets, you know, when it's making a hard break and vol's getting pumped up and it's in a neutral digestion, it's a great opportunity to come in and sell premium there. So, you know, dissect what's the environment and that's all we've done here. If we've gone through what's neutral digestion, what does that really mean? What, how do we want it, what's the, what are the nuances of that environment? And then we want to look at, you know, what's the structure of it? So it just kind of, you know, you're going from the big picture to now, okay, now we're going to identify, okay, what's the structure of this market? Let me go back to our example here. So we're looking at Bitcoin. We got a market's in a bull trend state, positive trend. That's all good. We know the environment. Are we on this part of the trend? Are we on this part of the trend? You know, where are we in this picture? And so, you know, we can take a look at the structure of it. And so for, for Bitcoin, we've identified, and this is published at 715 p.m. central standard time the evening before. And so this is our daily structure and Bitcoin's daily structure is coming in at 68 K 500 basically, remove some of this stuff and we'll just kind of build it up as we go. Because we're talking, you know, as we come into the market here, we're identifying the markets that is in a bull trend. So positive trending market. Other things we like to look at it for fact-based tools are just time frames. So I'm looking at the previous day's high, previous day's low, previous day's close, previous day's midpoint. Another great tool, you know, you understand, you know, understanding what the context is, context is bull trend, market opens up.  Markets in a positive trend, what should it be? It should be above the previous day's close, period. That's just the most basic thing you can look at.  I'm gonna get long on my buddy said this so I read that and you get anchored on this opinion. When you come in and the market's trading below the previous day's close, that's a fact. That's a benchmark to kind of gauge your enthusiasm.  Another thing I like to look at is the previous, the midpoint, because that's just a general momentum level. You know, we had this yesterday's range. Is it gonna break out of that range? Is it gonna move towards the previous day's high, previous day's low? Well, if it's above the midpoint, it's more likely it's gonna make a play for the previous day's high, but low, it's gonna make a play for the previous day's low. Simple as that. And then you can use the dynamics between the previous day's close and the midpoint to gauge and here, today, you had this rotational trade within the previous day's close and previous day's midpoint and once the market told you it was soft here and we know we're in a bull trend and you know that if market's in a bull trend, it should just continue to scale higher and this is telling us that there's a problem. So we talked about the market-state structure and so the main part of any day and any timeframe is the sentiment bias and where's that line in the sand? Do you just, you draw this line and above there were buyers, below there were sellers and that's what we call our reversal level or our R level. And so when we come into the market today, we know that 68,542, which is also what we, is our critical range negative extreme is our sentiment bias. So we know this is the over and under number for this trading session. So we're buying breaks above here, we're selling rallies below here. Market's in a bull trend, there's issues here. The other thing that we identify is the critical range, which is the upside pivot and downside pivot. This is kind of the hard structure of the market and this identifies the breakout point for a new bull trend. So like basically 73K 200 is the upside breakout and then the R level is the downside and the DIR stands for directional is the pivotal midpoint. So this is the kind of the rotational trade area. If we can stabilize above here, we should rotate up to top of the critical range, stabilize below here, we should rotate down to the R level, which is what occurred today. So this is our classic, this is a classic pivot point. So this is all defining the bull trend. And so currently at this price, we are at the lower ebb of the positive trend, we're here. Are we gonna hold structure and rally for a new extension higher or are we gonna break structure and transition? And so if we look at, we'll get into the live market in a second or book map in a second, but when you have, you've got a market that's in a bull trend state with structures, sentiments below the market. So that defines the structure of the market there and different bull trends will have different structures. So like waves is a bull trend, but sentiments balanced at the midpoint, that's gonna be a different trade. That's gonna be a different expectation. So where the sentiment is defines the structure bias. And because we're in the bull trend state with the structure bias below the market, these are the optimal and hedge strategy themes. So when we started out the session, the market broke structure here that traded below the directional and generated this cell signal here. It's called a cell DIR breakout. Putting the market into a hedge theme, targeting sentiment, which it did today. So the market told us that we're in this hedge theme, which is setting up a potential buy opportunity. And so as a trader, you're always looking to identify what theme is the market in? And at this point here, it wasn't clear. At this point, it's clear. So here we get clarity that we're in a hedge theme and our trade vision is the market's coming here. Now we've come to this level. Are we stepping in front of this thing and buying it? So here's where you can use some price structure analytics. And just looking at going through, when you're making a decision, what are the facts? Let's look at the facts. So fact is we're below the previous days low. Fact is this market is working some pretty aggressive negative price structure. So this is the lower M, but we've also taken out what we call our metric boundary to the downside, which is negative. If this is a reversal and we are gonna turn around, this market should not look back and we should get a straight move up. And we should price qualify above what we call our downside pivot metric boundary. And if we don't, that's a tell that this negative structure that we've been building is gonna continue. And especially if we get the market trading below here. So after we, so based on our size management, this is a big, this trade is a two-unit trade, right? Because it's in the kind of the midpoint, this is a major strategy theme. So it's bigger than a one. And it would be, it's not a three because it's not sentiment. So if the R level was here, it would have been a three-unit trade. So now we're coming in here and we're covering this, we're covering our shorts. And are we rolling long? The market hasn't validated this, our buy opportunity to confirm that we are returning to the bull trend. And the fact that we're below the previous day's low point is telling us that we're still in this hedge theme and we need to be careful. And this is where I like to use book map. So basically this just, all this stuff sets the foundation. So this is all the macro picture. So again, we're just building clarity. You don't want to put capital at risk until you have clarity. And now once we get clarity, we can take a look at the order book and see what in the microstructure, we can look at the microstructure and see what's going on. So having this, the sharp moves, sharp moves, and then getting this intensity of trade here at the lower end of the our level metric boundary is classic capitulation. And typically when the market is, typically the market would turn here, it would actually stabilize in front of this figure.  The fact that we haven't done that is more concerning. And so we do have some resting liquidity here that wants to sell this stuff. I do like to look at the VWAP as well. So kind of transitioning above the VWAP.  My expectation would be that if we did break structure, it's gonna be more going sideways. And if anything, a rally to sell against this area here, but as long as we're, you know, kind of working this negative structure and we're below the previous days low point, there's concern.  So what for this market to, you know, this market should just build this positive structure. There shouldn't be any break in structure and it should just go.  And if there's any break in structure, it's a tell that this is not over and this thing could get slammed into the close. And one of the, one of the initiation points for, you know, one, we break this price low here, take out this liquid resting paper here, and then these sellers kind of shift down and they defend this area. And so if that situation occurs, that's a tell that we could see a new move low, which would bring us down to at least, you know, 67, 600. And if they, and if they unwind down to 65, 743, that would really be the target for the session. So understanding the condition is key to your size management. So Bitcoin is pretty clear, it's bull trend, broke structure here, we're in a hedge theme. The market's maintaining negative price structure, which is telling us we're still in that hedge theme. We wanna be really careful with what we're, you know, if we're buying it here, because it hasn't validated, we are below the previous days low point, the validation comes if we trade on a reversal signal, we trade back above this price here. So let's say 69, 800, we trade above here, that would shift us into buying depths. Until then, we're still more in a hedge theme. All right, so let's take a quickly take a look. Any questions you can post them in the chat. I'm gonna take a look at Ether, just to show you kind of the power of the method, and you can apply this to any market, any timeframe. So with Ether, we're in a similar situation where we are in a bull trend state. Let me clean this up, go through the same method. You're coming into the trading session here, you had this really dramatic rally, everyone's all excited, what's gonna happen, we identify the structure of that state, and we can see one, you're coming in here, you got the previous days high, previous days close, you got this cluster, and then your lows way down here, we got the midpoint here, and basically any time you get a market that closes near it's high or near it's low, it's a good, the market should just go. This should be the base for a new extension, and then you just continue this aggressive momentum, and if they can't do that, that's a tell that we could see, at least a pullback to the midpoint. And then sentiment comes into play is where's sentiment in that picture? So if sentiment is far below the market, that kind of becomes sometimes a magnet for corrective trades. And then if we look at the critical range, and we look at our minor structure points within the critical range, so these are kind of validation points to a move up to the upside pivot, or here a validation point to a move lower. And so the Bitcoin is in a similar situation where the market started up firm, so we're all good on the bull trend, everything, you know, as long as we're above the directional, we're positive, the buy opportunities for the optimal theme though are way down here. So it's a fade into this area, or it's a reversal where the market takes this area, this level out, and then trades back above it, that's the other buy signal. So these are the big unit trades for the buys. There's no big unit trades higher. It's a valid buy opportunity, it's just you can't trade big basically. You're above the directional, that's positive, this market should continue to perform like a bull trend. And that's what, when you go back to just the basics of what is the environment, that's what's key, right?  Well, yesterday definitely was. Well, how about now? Well, now we just broke structure here. We broke price structure. And we validated below that, you know, we have two, you know, the market made new high, new low, new high, new low, new high. So you got two, you broke your second price structure right here. That was the tell to setting up a corrective move, at least this digestive action. So you're not performing to a bull trend here. It's not trending higher. And then when you fail underneath the directional, this validates that no, we're not. And then what that does, it generates a cell breakout signal and tells us we're in a hedge theme. And so here you have clarity. And definitely on this flush, this validates that clarity to say that we're selling rallies against here. The market always tells you what it wants to do. That's the beauty of it. So we define the state condition, okay, we're a positive trend. What's the structure of that? That gives us some guidance to, okay, where's that stake in a transition? And then we have our strategy themes. And it's always doing three things. It's either performing optimally like a bull trend, or it's transitioning in a hedge theme. Or it has a non-event. It's one of those terrible linear sideways days. And so if the market breaks structure, it tells us that this is not true. So it makes it easier for us. This is not true because it's broken structure.  So it's either gonna be a hedge strategy theme or it's gonna be one of those sideways days. It's just terrible. And so here the market breaks structure, we're in a hedge theme. And so now we know it's either gonna do this for the rest of the day, and kind of just gyrate sideways, or we're gonna follow through. So as long as it's holding negative structure, this is true, that's our story we're sticking to it. Where can it go? It can go to sentiment. So until it makes a play for sentiment, that's, we've got that clarity. What's our risk? The market shouldn't trade, the market shouldn't break this negative structure. Because if it breaks this negative structure, that tells us we're in a non-event. So we shouldn't expect this or this, and we should just do something else, or if it happens early enough in the session, sell some premium. Because we were expecting a sideways trade. But if it's holding negative structure, we're in a hedge strategy theme, that's what it is. There's no hoping. Markets in transition, is it gonna follow through or not? Maybe, maybe not. And today it does. And so it's still maintaining negative structure. As we approach this structure low points, we need to be, that's when we can tighten up our whatever we've sold. But on our size management, this is a one unit trade if you're buying it. When we transition below here, this is a two unit trade. And we can look at kind of if you're in profit targets, it's, we look at what we call average price map distance. And so it's a distance between two major price map levels. So you could look at this as one segment, two segment. So here's your one segment move, your two segment move. So you could, if you're having on two units, you can take one off and take one off. And then this is a, this is a not, this would be a three unit trade if we get a break in structure here. So if the market comes up here, trades back up to the previous day's midpoint and breaks this structure.  It's telling us we're kind of in a non-event, but it's because we've broken, we've broken structure twice, but it's now it's, this is the low point, the low expectation point, and we've got our previous days low. So we could load up here with the ex, not the expectation that we're gonna get this again, but at least we're gonna get a bounce. But as of now, we're still on a hedge thing. We're still holding negative price structure. So we have to respect that. So, you know, identifying the market state, understanding the condition, what strategy are you trading? Are you trading a deviation strategy, trading a trend strategy?   Yeah, you're all good. Now, you know, and, and even, you know, the best thing to do if you're in it, you have a deviation strategy in a trend market is don't trade it. You know, so then you identify states that you wanna execute that strategy in and you find the non-trend states or, you know, because even when you're in a trend state, on the market break structure, it can get these trending moves. So you'll get, you'll get run over on both sides. So identifying, you know, that's, that's kind of step one on your size management. And if you have to, if you're in a situation where you have to accept every signal, well, then that's your smallest trade size.  All right, and are we able to enter at sentiment? Okay, well, then that's gonna be our biggest opportunities. And if we're getting by signals away from sentiment, we have to trade small, no matter what we feel, no matter how emotional we feel that this is, this market, at this point here, the market's gonna break out to the upside and we're gonna scale and we're gonna have another one of these rallies. And you, and you just know it. And they take out that, that by a penny.  And it doesn't go. That's, you can do that trade. We don't, you know, you know, so let's just, let's take a look at our minor structure. This would even make sense. So for us, it doesn't make any sense because we haven't taken out the previous days high to do that trade. But let's just say it went up above this by a penny.   You have to, you just, that's your risk overly. It keeps it really simple. You know, identifying where sentiment is, that's where you load up. It's a bull trend. It's a lower ebb. It's away from it. Got to trade small.  To trade it, you know, a two-unit trade. So think in terms of one, two, and three units. And then standardize your execution based on those units. And use the market state. You're just identifying a market state with our stuff. We break it all down for you. State structure and strategy themes. And to really help you standardize your trading. And so let's just take a look at ether real time here. So the market didn't come all the way into the area. It doesn't need to. Just needs to make a play for it. It did make a play for it. You know, looking at the market structure, you know, we have this peak here. So, and we definitely have the previous days midpoint. We can use the, this 34.91 area as a momentum area. So basically it's similar to Bitcoin, although it's a little weaker here because we're below the VWAP. But we're looking for the market to kind of, you know, the buyers to build some structure here and push up. So seeing, you know, seeing this liquidity continue to push up and, you know, basically defend the 34.80 level. And start, and just, it should, and basically if the market's going to get back on the bull trend, it should perform like a bull trend. So you should see no breaking structure. And, you know, that's the tell for the balance of the day for ether. This market should just, you know, you just look at this as that's the low, stick into it, and this market should build positive price structure. And if it doesn't, it breaks structure at all, there's a problem. And if you see liquidity start, the sellers start to defend this area here, this, what, 3,500? Yeah, just use 3,500. So 3,500, the market is struggling.  That's a tell that we're gonna go make new more lows and at least go make a play for the previous day's low point. And if they continue to defend this 34.90 area, and you see this liquidity start to build up here and support this and we hold positive structure, what can we do? We can pull, the market can pull back to, you know, at least back up to 35.50 back to the previous day's midpoint. And then this will be the key momentum level. So the expectation would be then the market is either going to, you know, reject here for another press of the 34.31 our level in the previous day's low or that's it for this break and we're back.  So that's what our, that's is our method.  I'm a big fan of Daniel Kahneman's book, Thinking Fast and Slow. You know, the outside view offers a more accurate prediction than the inside view.  Yes, no, this, you know, we're not thinking. We're just, you know, we're just making decisions. In trading, we've got capital at risk and we need to know the facts. So we need to slow that down. We need to, you know, kind of check those subjective, cognitive biases. You know, what are, what is the, what's that benchmark? What's that truth? You know, let's pace ourselves. Absolutely, when everything's in alignment and your intuition is in alignment with the facts, that's just gonna give you more confidence to go for it. And not only that, it's gonna give you more confidence to hang on to those good trades. And when your bias is against, what's more likely to occur, there's only so many times you can say, you know, this, you know, this one time, it's gonna be different. You know, it's more likely the market's gonna break, but this one time, cause I'm long, it's gonna be different. And there's only so many times you can say that to yourself. And then you just stop. And then you just change.  You start getting out. You start lightening up. And the more you practice that, the easier it is to get on the right side of the market. And then when you do that, the easier it is to really start to get into flow with the market. And the sooner you get into flow, the better you're gonna do. And then when you apply proper size management to those opportunities, that's when the game changes. That's when you're just not, you know, making some, losing some, you know, you're not in the spin cycle. And all of a sudden you're really starting to build on a trend on your account. So I recommend picking up that book. And I recommend coming visiting us at dharmacapital.trade. And like this, if you appreciated this video. I wanna thank Bookmap for hosting this. I think it's such a fantastic product. Really, you know, we like the synergy with all of our macro outlook and then having the ability to have that micro insight. It's invaluable. Any questions, feel free to email us directly at info at dharmacapital.trade and enjoy the volatility. Good luck. Cheers.


Live from Las Vegas, it's theCUBE, covering Dell Technologies World 2018. Brought to you by Dell EMC and its ecosystem partners. We're back at Dell Technologies World, the inaugural Dell Technologies World, you're watching theCUBE, the leader in live tech coverage. My name is Dave Vellante, and I'm really excited to have Sanjay Poonanon, CEO of VMware, a longtime CUBE alum. Great to see you, my friend. Thanks so much for making time. I know you're in and out. But things are good, we had Pat on on Monday. You guys made the call early on. You said to the street, you know, I think the industry analysts, the forecaster, maybe a little conservative, we're seeing great demand. We love our business right now, and it's coming true. Data center's booming, VMware's kicking butt, it's going great. You know, it's been obviously a very good couple of years since the Dell EMC merger, and it's really helped us. And, you know, when we think about our partnerships, we put this in a very special place. In the last two years, partnerships like Dell and EWS have been really instrumental, built on top of many of the partnerships we've had for many years. And our core principles at VMware have not changed. We're really focused on software defining the data center. Why? Because it makes you more agile, removes cost, reduces complexity, makes the planet more green. We think we've got a long way to go and just building that private cloud, making the data center feel like a cloud. That's priority number one. Priority number two, extending to the hybrid cloud. Last time we talked was at AWS re-invent. That's very important. We're going to work there, AWS and many other clouds. End user computing, making sure every one of these type of devices are secure and managed, whether it's Apple device, Google or Microsoft. Those two priorities have still stayed the same. And now Dell's coming to give us a lot more of that sort of draft to help us do that inside the Dell EMC customer base too. Yeah, and you guys are doing it again. I mean, the whole NSX obviously is- Big launch this week. Is booming. You know, it's funny. The whole software defined networking thing, everybody flocked to it, VCs flocked to it. And then you guys changed the game with that NYSERA acquisition. I mean, could you imagine? I mean, I guess you did imagine what it was going to become. I mean, it's really taken off in a big way. Bold move. I got to give credit to the VMware. I wasn't at the company at the time. But I got to tell you, I saw that I was stunned. Paying $1.2 billion for a company that didn't have much revenue. What? But here we are.  We were zero customers five years ago when we did the acquisition. And what we've really defined is that the future of networking is going to be software defined clearly. And it's much the same way a Tesla is transforming the automotive industry, right? What's the value of a Tesla? It's not just the hardware, but the software that's changing the way in which you drive, park, all of the mapping, all of that stuff. We believe the same way the networking industry is going to go through a mighty revolution. We think the data center gets more efficient and driven through software. The path into the public cloud and the path in the branch. And that's what we, as we launched our virtual cloud networking. It's extremely differentiated in the industry. We're the only ones really pioneering that. And we think it's extremely visionary. And we're excited to take our customers on this journey. It was a big launch for us this week. And we think NSX is just getting started. 45% of customers is about 1% of our roughly 500,000 customers of eSphere. Every one of them should be looking at NSX. Big opportunity ahead of us. Huge. And the cloud play, we talked about this at VMworld last summer. The clarity now that your customers have, they can now make bets for a couple of cycles anyway, really having confidence in your cloud strategy. You've seen that I'm sure in your customer base, right? We have. So it started off by telling the world that the 4,000 service providers that have built their stack on VMware, VMware cloud providers, VCPP, are all going to be very special to us as they build out their clouds. Often in many specialized country that have country specific cloud requirements. But then we were going to take the public clouds and systematically start working with them. IBM cloud was the first, when they acquired software, we had a strong relationship with them, announced them two, three years ago. And then I think the world was shocked. It was almost as I've described on the media, a Berlin wall moment when AWS and VMware came together. Because it sort of felt like the United States and Soviet Union in 1987, okay? And you know, here we have these two companies really working, that's worked out very well for us. And then we've done systematic other things with Azure, Google, and so on. So we'll see how the public cloud plays out. But we think that that hybrid cloud bridge, we're going to be probably the only company who can really play a very pivotal role in the world moving from private cloud to public cloud cloud. And there's going to be balance on both sides of that divide. So you really essentially are trying to become the infrastructure for the digital world now, aren't you? Talk about that a little bit. You're seeing new workloads, obviously AI's all the buzz. You guys are doing some work in blockchains. It's going to take a while for that to pick up. But really it's the, and containers is the other thing. Everybody thought, oh, containers, that's the end of VMs. And Pat at the time said, you guys don't understand, let me explain it. Sort of laid it out. You seem to be embracing that again, embracing change. I got to tell you that one for me because I tell you when I first joined the company four and a half years ago, I was at SAP, I asked Pat two questions. I said, the public cloud's going to, I mean, probably take out VMware. Aren't you concerned about Amazon? Here we got taking that headwind and making a tailwind. The second is like, everyone's talking about Docker.  And that one wasn't as clear to us at the time. But we were patient. And what happened, we started to notice in the last few years, we began to notice on GitHub, tremendous amount of activity around Kubernetes. And here comes Google, almost taking the top off a lot of parts of Docker too. Docker, Swarm, Enterprise. Docker still remains a very good container format, but the orchestration layer has become a Google-based project called Kubernetes. And I think our waiting allowed us and Pivotal to embrace Google in the partnership we announced last year. And we plan to become the de facto Enterprise container platform. If VMs became the VM and VMware, and we have 500,000 customers, tens of millions of VMs, we think you can multiply those VMs by some number to get number of containers. VMware has its rightful place, a birthright to become the de facto Enterprise container platform. We're just getting started, both between us and Pivotal, the Kubernetes investment, big deal. And we're going to do it in partnership with companies like Google. I want to ask you about Pivotal. When Joe Tucci was at a swan song EMC world, he came out, it was an endless meeting, and we asked him, if he had a mulligan, what would you do over again? He said, you know, we're going to answer it this way. He said, I wished I had done more to bring together the family, the Federation. We laid that vision out, and I probably, he said personally, I probably could have done more. I feel like Michael has taken this on. I almost feel like Joe, when he left, said Michael, why one piece of advice is, do a better job than I did with that integration, and it seems like Michael's taken that on as an outsider. What can you tell us about the relationship between all the companies, particularly Pivotal? Yeah, Joe's a very special man as our chairman, and Joe and Pat are the reasons I joined VMware. So I have tremendous respect for him, and he's stayed on as an advisor to Michael Dell. And I think Michael Dell just took a lot of those things and improved on it. I wouldn't say that anything was dramatically bad, but he tightened up much of the places where we could work together. One material change was having the Dell EMC reps. Kerry Quota, for example, VMware, they're incentivized. That's been a huge difference to allow us to have our sales forces completely aligned together. Big, big huge difference. I mean, sales people care about a product when they're compensated. Kerry Quota on it and drive it. The second aspect was in many of these places where Dell and VMware or VMware and Pivotal just take obstacles out of the way. And I don't think Pivotal would have been really successful if it had stayed within VMware four or five years ago. So Paul Moritz leaving the genius of that whole move, which Joe orchestrated, and allowing them to flourish. Here they are four or five years, they've gone public, they're having tremendous amount of traction. And then last year, we began to see that Kubernetes is coming back, allowed us to get closer to them. We didn't need to do that by necessarily saying Pivotal needs to be part of VMware. We just needed to build a joint engineering effort on Kubernetes and make that enormously successful. So you get the best of both worlds. We're an investor, obviously, in Pivotal. We're proud of their success in the public markets. We benefit some from that IPO process. But at the same time, we want to make sure this Kubernetes effort and the broader app platform on Cloud Foundry is enormously successful. And every one of our customers who have VMs starts to look at containers. Well, I always said Pivotal was formed with a bunch of misfit toys. They just didn't quite fit into VMware. It's come a long way. And you took that, but it was smart, because you took it and said, okay, here it is. Morets, start figuring that out. Who better to do that than Paul? And it's really come together and obviously a very successful. John, Rob, me, Scott, Yara, Bill Cook, many of that team there. They're passionate about developers. We understand the infrastructure world very well. But when you can get Dev and Ops together in a way where they collaborate. So we're excited about it. And we have a key part for us. We have a very simple mission. To make the container platform just very secure. What's the differentiation between us and other companies trying to build container platforms with VKS, NSX? So our contribution into that is to take Kubernetes, bash for some of the management capabilities, and then add NSX to it, highly differentiated. And now all of a sudden customers say, this is the reason why, because every container brings a place where the port could be insecure. NSX makes that secure. And we think that that's another key part to what's made NSX to launch this week, extremely special, is it's stories that relates to cloud and containers. Those two C's, I would say, cloud and containers, we've taken what were headwinds to us, VMware over the last four or five years and made them tailwinds. And for us that's been a tremendous learning lesson, not just I would say in our own technology roadmap, but in leadership and management. And that's important for us as business leaders too. And I got to give some love to my friends in the VSAN world, Yan Bing, and those guys. Obviously, VSAN doing very well. Give us the update there. I mean, you're doing exactly what you said. We're going to do to networking in storage what we did to compute. I mean, again, you know, when we start things off, if you remember three, four years ago, we were confused between EMC and VMware. Evo, Rails, some of those things, we just had to clean that up. And as Dell EMC came together and VMware, we said, listen, we're going to do software-defined storage really well because it has a very close synergy point to the hypervisor. I mean, we know a lot about storage because it's very closely connected to compute. And if we could do that better than anybody else, in the meantime, all these startups, whether it's, you know, we're doing reasonably well. Simplicity, Nutanix, Pivot3, so on and so forth, but there's no reason that we don't have our act together. We could build the best software-defined storage and then engineer a system together with Dell that has the hardware, and that's what VxRail has become. So a few false tubs of the toll when we started off, you know, three, four years ago, but we've come a long way. Pat talked about over 10,000 customers at the revenue run rate that we announced last year and a 600 million run rate at the end of Q4. We believe we are for just the software piece, we are the de-factor leader and we have to continue to make customers happy and to drive, you know, this as the future of hyper-converged infrastructure because Converge had its place and now the coming together of compute, storage, overtime networking with a layer of management, that's the future of the data center. Yeah, yeah, we're watching some good, interesting, you know, maneuvering going on in the marketplace. A lot of fun for a company like ours to watch. I want to talk about leadership. There's a great, you got to go to Sanjay's LinkedIn profile. There's an awesome video on there. It's like a, it's like a little mini TED talk that some of your folks mashed up and put out there. It's only about eight minutes, but I want to touch on some of the things that I learned from that video. Your background, I mean, I knew you came from India. You came over at 18 years old, right? I was very fortunate. I grew up in a poor home in India and I came here only because I got a scholarship to go to Dartmouth College. And I think I might've been one of the few brown-skinned guys in New Hampshire, Hanover, New Hampshire, you've been there. There's not many. There's not much going on there. But I'm very fortunate. And this country is a very special country to immigrants if you work hard and if you're willing to apply yourself. And I'm a product of that hard work. And now as an Indian American, now living in California. So I feel very fortunate for all that both the country and people who invested in me over the last many decades have helped me become who I am. You were into scholarship to Dartmouth. Yes, that's right. As a student in India. So obviously an accomplished student in India.  I had the glasses, right? Somebody once told me, Dave, don't peek in high school. That's good advice, right? So it was funny to hear you tell that story because I see you as such a charismatic, dynamic leader.  We were always geeks at one point in time. But one of the things my mother and dad always taught me, especially my mom, my tremendous influence in my life and as my hero, is listen, don't worry what people say about you, okay? Your home is always going to feel a safety and a fortress to us. And I appreciate the fact that, irrespective of what happened on the playground if I was bullied at home, I knew it was secure. And I seek to have that same attitude towards my children and to everybody to consider my extended family, people at work and so on and so forth. But once you've done that, you don't build your identity just through what people say about you. You're going to build your identity through what's done over a long period of time, okay? With, of course, if everybody in the world hates you, that's a tough place. That's happened to a few people in the world, but I wasn't in that state at all. And as I came to this country, I just got tougher because I was a minority on the place. But many of those lessons I learned as a young boy, helped me as an 18-year-old as I came here and I'm very thankful for that. And you came here with no money, right? It's a scholarship pocket. A scholarship pocket, yeah. Right, well, and- Maybe 50 bucks in the pocket. Maybe 50 bucks in an opportunity. Yeah. And made the most of it. And then, obviously, you did very well at Dartmouth. You graduated from Harvard, right? I did my MBA at Harvard. MBA at Harvard. Probably met some interesting people there. Andy Jackson being one of them. I know Andy's a friend of yours. Sam Bird, who's the head of the client business, is also a classmate of mine at HBS. The 97th class of HBS had some accomplished people. Chris Kaptensky is running McDonald's. He's president of the U.S. So very fortunate to have some good classmates there. What did you do? Did you go right to Harvard from- No, I spent four years working at Apple. Okay, so you were at Apple? Apple, and then went back to do my business school. And then what did you do after that? I came back to Silicon Valley to be at a startup. I was one of the founding product managers at Alpha Blocks, then went to Informatica. And bulk of my life was time was at SAP. And most of my life was in the analytics big data business. What we call big data today at the time. That's where we first met at SAP. Analytics, FBI. And then when Joe and Pat called me for the end user computing role at VMware, four and a half years ago, that's when I came to VMware. Yeah, and then that was a huge coup for VMware. We knew you from SAP, and that business was struggling. You always give credit to your team, of course. Awesome, which is what a good leader does. The other thing I wanted to touch on before we break is, you talked about leadership and how important it is to embrace change. You said you have three choices when change hits you. What are those three choices? You either embrace it, okay? You either stand on the sidelines or you leave. And that's typical what happens, any kind of change. Whether it's change at work, change in families, change in other kinds of religious settings. I mean, it's the time, the whole principle. And you want to let the people who are not on board with it leave if they want to leave. The people who are staying in the middle and not yet convinced, you hope they'll do, but they cannot throw the grenades, because then they're just going to be. And then you want to take that nucleus of people who are with you in the change as the change is to help you get the people who sit in the sidelines in. And to me, when I joined VMware, the end user computing team had the highest attrition and the lowest satisfaction. And I found the same thing. There were people who were leaving in droves. Some people sitting on the sidelines, but a core group of people. I love that, were willing to really work with me, because I didn't know a lot about it. I mean, the smarter people were in the team and some people that we hired in. We had to take that group and become the change agents. And when that happens, it's a beautiful thing. Because from within starts to form this thing that's the phoenix rising out of the ashes. And the company, and then these people who were sideliners start to get involved. New people want to join. Now everybody wants to be part of the end user computing team at VMware, because we're a winner. But it wasn't that way four and a half years ago. Same thing in cloud. How are we going to transform this cloud business to be one where we cloud air? We're being made fun of. Like, how are you ever going to compete with Amazon? We had to go through our own catharsis. We divested that business. But out of that pain point came a fundamental change. Some people left, some people stayed. But I'm just grateful to all of this that we learned tremendous amount. I think change is the most definitive thing that happens to every company. And you have to embrace it. If you embrace change, it's going to make you a much stronger leader. I'll tell you, the Mandarin word for crisis is two symbols. One that shows disaster and one that shows opportunity. I choose the opportunity path. You choose, right? Yeah. And that's, everyone makes that choice. Right? And if you make the right path, it could be a beautiful learning experience. So, Jay, words to live by. Definitely check out that video on Sunday's content profile. Really fabulous always to sit down and talk to you. I'd love always to bless you, Dave. Our conversation. Congratulations on all your success. Thank you. Really appreciate your support. All right, everybody, that's it from Dell Technologies World 2018. You can hear the music behind us. Next week, big week, we got Red Hat Summit. I'll be at Service Now Knowledge. We got a couple of other shows and tons of shows coming up. And I don't know, you were at Veeam on last year. I don't know if you're going to be there this year. Maybe, maybe not. We'll see. Well, we got a big one coming up here We'll be there. We got Veeam World coming up at the end of August early September, which is back at Moscone this year. It's in Las Vegas still. One more year. And then we'll be back at Moscone after the construction's over. So, go to thecube.net, check out all the shows. Thanks for watching, everybody. We'll see you next time.