I'm going to start out with a couple of central American questions and see how I do. Are you happy with the things you got from the house today? Not completely happy. The cup's half full. We need the full cup and we will go back for more. On the Senate side, I understand they didn't ask the full 60 that we'd asked for. I think a lot of Americans wonder if you are getting us into another Vietnam. I think that is the general glory there. Something that's secret and quietly slipped in before we realized we were there. Are we? No. And there is no comparison whatsoever in this situation in Vietnam. And I will be speaking more about this tomorrow night to the Congress. But there is no and never has been any thought or discussion of sending troops any place here in the Americas, nor are they asked for it or wanted it. And three-fourths or more of all the aid that has gone down there has been the economic aid. And less than one-fourth of it has been military aid. But Vietnam started similarly in that country saying that we had no intention of sending any troops there. We weren't going to get into it. And because of all the debate over secret operations, I think there's a great concern. Do you think there's a point where you can tell Americans more about what we're doing in Nicaragua, for example? Well, no. Look what we had in Vietnam. We had a place that wasn't even named that. It was named French Indochina. And it was part of the decolonizing that began after World War II. And at a meeting of the leading nations in the Western world in Geneva, it was decided that there would be a North Vietnam and a South Vietnam. And two companies were, countries were created. All sorts of provisions were made as to how they could determine where they wanted to go and so forth. And the people of one country or the other were supposed to be allowed to change if they wanted to. North Vietnam, when a million people crossed over into South Vietnam, preferring that to the communist rule that existed under Ho Chi Minh and North Vietnam, they shut the borders contrary to the agreement and so forth. But you had there an assault on one country by another. But the advisors that were in there were in there because it was a new country, South Vietnam. They were for the first time going to have-to-have things like their own defense, their own military and so forth. And we were simply in there trying to help them establish all the things that go with being an independent state. And the invasion from North Vietnam really started while most people portrayed it as a-as a-a Viet Cong, a domestic revolution. It wasn't at all. We know now that they were sent in deliberately. They were North Vietnamese forces. But the whole thing was on a totally different basis to say nothing of being 10,000 miles away than the situation here of a duly elected government that is being attacked by guerrilla forces that are sponsored by outside countries. But it's the situation in Nicaragua that I think right now is causing so much concern because of the secrecy of what's going on there. Do you think there's a tomorrow night or some point where you can describe more fully what we're doing there beyond the trying to intercept the allies? What I think I will point out is that the difference between San Salvador and Nicaragua is that Nicaragua is a revolutionary government that by force took over the governing of Nicaragua. But then you had the internal fight in which many of the revolutionaries were cast aside and the promises that had been made as being the goals of the revolution were never carried out. Our country had tried to do and been trying to get along, negotiate with Nicaragua. But our interest there is because the arms and the training and even the direction of guerrilla military movements are all centered in Nicaragua. The arms are coming into El Salvador in the way of Nicaragua. We know that the operations of the Salvadoran guerrillas are directed by radio from the capital of, near the capital of Nicaragua. Well, you said in your last press conference that we wouldn't do anything to violate the Bowman Amendment. How would you feel if the guerrillas themselves said that their intentions are to overthrow the government? Well, we can't control what they're saying. What we're interested in is preventing this continued military supply and training. Well, can't we control what they're doing with our arms, then? With what? Can't we control what... If they're saying that they're trying to overthrow the government, can't we control that? Well, as I say, we're interested in making it more difficult, in fact impossible, for Nicaragua to continue to arm the guerrillas in El Salvador. Jump from it to taxes, another of your favorite subjects. Howard Baker said yesterday that, or I think it was earlier today, that he thought that the Republicans would have to go for about $8 billion to $10 billion in new taxes in order to save the third year of your tax cut and your indexing. If they structured that in such a way that it wasn't an income tax, do you think you could buy it? I just have to say that I think that right now, with this recovery, at the stage it has reached, no one should be talking increased taxes. This would be a good way to set back or cancel out the recovery. But if both Democrats and Republicans are, and you've got the choice between what the Democrats are trying to do with $30 billion, which could mean no third year tax cut, no indexing, wouldn't you accept something to save that? If they attempted it, I would veto that. No amount at all, not a cent, not a nickel? No. Mr. President, could I ask you about your commission on educational accidents? Today I made a report saying that there was a tide of mediocrity sweeping American schools and implicit in what they said, I think there would have to be more money spent for longer class hours, better paid teachers and so forth. Would you be inclined to support more federal aid to education if that's what it took to have the kind of crash program that you're talking about? Yes, we've talked about that, but providing there would not be any increase in federal administration of those funds. We think there's a parallel between the federal involvement in education and the decline in quality over recent years. But what is more needed than just throwing money at education? We're right now spending more money than any other country in the world. We're spending $215 billion on education in this country. We think has happened, as well, the report speaks for itself, that we have let up. We are not actually taking the students to the limit of their ability. We think we need more required courses. This is what the commission has come up with. I know that today the question was asked of David Gardner as to the one thing that was lacking in the report was the demand for a big federal program. I thought his answer explained it very well when he said, no, we are trying to improve the quality of education. That doesn't take a big federal program. You don't think there's any need for additional federal aid, excluding administrative costs? I have not had a chance to read the full report yet, but no, I don't see any need for it. Mr. President, in connection with your visit with the newspaper publishers tomorrow, yesterday Senator Moynihan told the publishers they should roll like a title, I believe he told them, over press restraints on coverage by Congress and the administration. Do you think the press has anything to do all about in terms of covering Washington and your administration? Well, now, how did he just mean that, that they're to roar like a lion? He said that there was a montage of restraint, no major problems, but he referred to the Secret Agents Act. He referred to the power of the Supreme Court. He referred to several incidents and he said there is a montage of restraint and the press should be more vigorous and noisy about protecting its ability to cover. I don't see that, and I don't think so. I think the press is free to print those things that should be printed. I think to suggest that we should declassify things that, in regard to national security, would be ridiculous. I think the press would feel that way too. Do you think the public has anything to complain about in terms of what it is getting in a way that moves out of Washington and your administration? Yeah, I'd like to see the press complain about that they're getting too many leaks. I guess that's your complaint about that. You've said before, frequently, that one of the reasons that you're not getting as much support as you should on some of your policies is because the public doesn't understand them. Do you think the public is not getting full economy? Well, I'm trying to think of a specific here in what we're... I think defense was the problem. I think it was the defense build-up that the most recently was complaining about. Well, yes, I think there has been a perpetuation of an image of a perception that somehow defences the cornucopia from which you can get all the revenues you need for anything else that you want to do, and that it doesn't have any bearing on our national security. And people have been led to believe that, well, it's just larded with fat, and so you wouldn't really be hurting the muscle fiber of our security if you took more money away. And what I guess I suggested recently was that to talk about defense spending, the defense budget, and to talk about, well, let's take 5 billion off, or let's take 10 billion off of the budget, there is no way that you can budget militarily that way. Those of us who are responsible for security, we don't go at how much we want to spend. We go at what do we need to meet the strategic plan that we have that we believe is necessary for our security? And then you add up, what is that going to cost? Now, the only way that you can look at the defense budget is not by way of just counting dollars. The man who says let's reduce the budget by 10 billion dollars should be made to come in and look at that defense plan, and then we say to him, okay, where do you think? What would you do away with there that would save 10 billion dollars? And how much does that increase the insecurity of our country if you do that? Do you think that the public generally just doesn't understand this process? Because the polls still show that even though you gained some back in recent weeks on this defense spending issue, the polls still show that people believe that they want a defense builder, but not necessarily as much as a defense builder. When you told that over and over again, you realized that when I was campaigning during the campaign, it was exactly the opposite. Everyone in this country was prepared to believe and did believe that our defenses had, as they have, been neglected and that we were in a very risky situation. In fact, much of it was obvious. When ships couldn't sail naval vessels because they didn't have enough crew or didn't have spare parts for their machinery, the public knew something was wrong. Since that time, I think the constant drumbeat about charging that there is excessive spending has the thing that has turned the public around. They've been told over and over again that there is waste and extravagance. By Republicans or by the press or by Democrats? Who's trying on that? Well, you're set a budget committee run by your Republicans. Think that the point has come where we have to go for a little bit less of an increase. Not a decrease, I understand that, but less of an increase than you want. Well, except that even including the chairman of that committee are going to wage a fight on the floor for more money. They knew they could not, in the committee, they could not get majority vote. Turning to a topic that is a little less complex, what about Senator Doe's comment yesterday? He doesn't think the public understands the issue with the bankers over withholding tax. Well, I think there that there was a perception built among millions of people that this was a new tax, that somehow something that had never been levied against them was going to be levied. They did not understand how many of them, the great majority of them, that wouldn't even be touched by this, that they would be exempt on the basis of their income or the size of their savings accounts.  The way it's structured now, for your delay, would you veto that the way you would veto? Well, I'm going to wait before I make any comment of that kind of veto or not till I see what eventually arrives out of the legislature. But the plain truth of the matter is this is not a new tax. It's a tax that people are presently paying. And all that we wanted to do, the same as we do with wages, with withholding, was to be able to head off several millions of people who are cheating on their income tax and are escaping payment by not paying on dividend and interest earnings. Do you think the process failed to explain this? Or do you think it's the fact that the public doesn't want to understand it? Well, I don't know that I've seen that carried very much. I think I've seen the news carried of the lobbying, the news carried of the resentment of this, but I've never really seen an explanation of it. The editorial writers were with you. I don't think I read an editorial anywhere in this country that was not on your side on this. I know the editorials, but then as we all know, only 10% of the readers read the editorial. 90% were reading something else in the same papers. No, I was surprised at many of the papers that normally don't editorialize in my favor, but we're in this one. Could I ask you a couple of questions about 84 without expecting you to announce while we're sitting here? But you can if you want. One of the State Chairman who was having lunch with you last Thursday, when he left the White House, he told some friends at the Republican National Committee that during the lunch you had leaned over and said to him, don't worry, I'm going to go again. And I was just wondering if he was telling the truth. Have you told anybody that? I did not tell anyone. You haven't told anyone? No.  I haven't said that to anyone, really. You've been Nancy? Not even Nancy. Secondly, one of your sort of supporters, Terry Dolan from NICPAC, occasional supporters, I don't know if you've heard about this or not, but they are running television commercials now saying that the press is slinging mud at you and is trying to drive you out of running for a second term. And they are actually collecting money and they're asking for contributions to NICPAC on your behalf for running for reelection. Are you aware of this and do you condone or encourage this kind of back? This is the first that I'd ever heard of it. And no, I couldn't condone it because the election models are very strict about that sort of thing. Do you feel that the press is trying to get you out of the campaign for running for reelection? No. I just think you wouldn't have all those things to pick on if I weren't here. That connection, Mr. Brown, it was common that there's an imbalance of bad news over good news. Lately, since the economic news has been brightening, I haven't sensed that feeling quite as much. Do you feel that the news has gotten better or the coverage has gotten better? Well, for one thing, the news has gotten better. But I think I was probably speaking more of the media, the TV news that I think sometimes is interested in. Well, you know, show business is based on the audience having an emotional experience. And so the sad stories were appealing and so forth. There seemed to be a great emphasis on this. But, for example, just the other day, though, the use of non-use of figures, the other day there was a little note, and I can't recall, so I'll be honest, I can't recall whether it was a columnist or whether it was a news story, to the effect that someplace or record that we're setting a record of 500 businesses going belly up every year. And this year there will be 500 and so forth. But no mention was made of the fact that new businesses are setting records in starting. But in the same period when several thousand businesses were reported as closing, I guess in the year 1982, 600,000 businesses started up. And the same was true for a long time. Every week, faithfully reported, was how many people left or how many people signed up for unemployment insurance. But each week the same source of information gives the number of people that go off unemployment insurance. Now, admittedly, maybe not all of those go back to work. Maybe they just come to the end of their term. But for many weeks the number of people leaving unemployment insurance has been greater than the number of people going on. Speaking of good economic news, some experts think that part of the beginning of the recovery is due to Paul Volcker loosening up a little bit on the money supply. Why do you want to get rid of him now? The way you ask that question, you can't get a yes or no answer to that. There's never been any discussion over here of this. I know that's an appointment that comes up down the road of ways. There's never been any talk here about... You mean when you're saying here you mean yourself, not your senior aides, or are you including your senior aides on that? There certainly has never been any involving me or no one has ever brought this subject to me. So if they're saying that as I've seen reported that they're almost unanimous and thinking you should get your own man in that job, that's their opinion and not necessarily yours. That would be their opinion. Speaking of the aides, just one more. Do you intend to do anything about the feuding that's going on among some of the senior levels on your staff? Yes, I'm disturbed about it and I think there again this comes under the subject generally of leaks. And I think it's time to put a stop to what I think is incorrect information. If leaks are more honest, that's one thing but incorrect information is added to this whole atmosphere. How are you going to do that? Well, I've thought of the guillotine. But I'll stop short of that. Is it incorrect the reports that Clark and Weinberger, or Clark and Weinberger and Baker, or is it incorrect that for instance the defense people and Jim Baker and his staff are not communicating as well as they should? Well, whether someone in the lower down echelons thinks they're doing a service for their own shop in putting out this kind of talk or not, that's what I aim to find out. But no, I think some of the attacks that I have seen recently both ways are reprehensible and do not portray the situation. So they're not free? No, any time that maybe some of this comes from the way I chose to do business. It's the way I did it in California for eight years. I understand that in the past cabinets, for example, each person had his own turf and no one else in the cabinet would talk about a decision affecting the turf of that one cabinet. I don't do business that way. Ours is more like board of directors. I want all the input because there are very few issues that don't lap over into other areas. Can you talk about farm exports without being involved with the Department of Commerce and the Treasury Department so forth? So I want everybody's input. I want to hear all the views and all the input. And then I make the decisions. The only thing different from the board of directors is I don't take a vote. I know that I have to make the decision. Well, one of the problems is that there was a feeling that you could have gotten a better deal out of the Budget Committee if the issue of what your negotiating position was going to be as an old negotiator you didn't want to say too soon. Well, it appears that it may have come too late. No, what really happened was we had asked, I had asked for more time, to see if, number one, if the Commission was studying the MX and all. They had not come in. Whether what they came in with might change the figure that we had put in the Budget. Also, the swift drop in inflation, we thought, had made some changes. And it takes time. There again we come back to, you can't just discuss money. You've got to discuss what are we talking about? What are we talking about doing away with or that won't cost as much and so forth. And frankly, I had asked for time because I believe that we could have some flexibility, that our original figure could be changed. And the Committee was in Marka and meeting and I asked for more time again and they wouldn't give more time. And the only reason I was asking for more time was it took longer than we thought. They were working on it over the Pentagon and they came in with a figure and it was a lower and a compromise figure. But it was too late. They had passed their figure. Now we're going to try to get our figure which isn't as low as theirs. We're now going to try to get it considered. The 75. The 7.5%. Mr. President, you mentioned a showbiz and emotional experience. Does that suggest that you distinguish between the coverage you get in print and on television? Well, I think I'd be courting an awful lot of newspapers if I said that there is a flavor of showbizness more to TV news than there is to the front page of a newspaper. Does that bother you? What? Does that bother you? Not when it's in my favor. If I could get back to Mr. Volcker just for a minute. I think it was the Chairman General Motors who said yesterday that this thing shouldn't be left hanging. That it could have a powerful effect on the Wall Street. You know, the way they perceive what's going to happen here at the Federal Reserve. Most people assume that nothing around here happens by accident. Was it an accident that some of your aides set the tone for perhaps pushing Mr. Volcker out? Does that concern you? If they did, and if those leaks, they actually were leaking this, then it had to be. As a matter of fact, I told Mr. Volcker just the other day after all of this flurry appeared that there had been no decision made or no conversation of any kind carried on here in the administration about this. And I hope he won't mind my telling you his answer. His answer was to laugh and say I've been around to Washington a long time. Don't worry. Well, you see, as Donald was saying, it's because you're trying it out in the public. I mean, you know, there's leaks and there are leaks, and some of them are helping you because you get policies across. This one wasn't one of these. Believe me, these would not have been what you're talking about are leaks of trial balloons. Yeah, okay. No, there were no trial trial balloons because if it was a trial balloon, I would have had to know about it. Yeah, I want to get one more. Mr. President, I'd like to make a pitch that you and your associates consider sending your message on leaks and news coverage to the Convention of the Marvel Society newspaper. As I expected, I want to visit with two newspaper groups in two weeks. We hope somebody from your administration can visit with us, and I'll leave this with Mr. Speaks. Oh, all right. Yeah. All right. Thank you. Thank you very much. You're welcome. Are you all ready for your speech? I hope.


Hey, this is Brett and this 2017 Jeep Cherokee Latitude 75th Anniversary is stock number 22J43A. We are here at Summit Automotive in Fond du Lac, Wisconsin. Your new and used Jeep and Jeep Cherokee headquarters. This 2017 Jeep Cherokee has the 2.4-liter four-cylinder engine, puts out 184 horsepower. This vehicle has been fully-safetyed and inspected by our service shop. Per the state of Wisconsin inspection process, it has a fresh oil and filter change. All the fluids have been checked and topped off and this Jeep is 100% ready to go. We're going to go all the way around on this vehicle, inside, start it up and take a look under the hood. Billet Silver is the color and we shoot all of our videos in 4K, so if you have HD capabilities on your computer, tablet, smartphone or television, I highly recommend turning them on right now because it is your best way to check out the quality, condition, options, and cleanliness of the vehicle before seeing it in person. If you like the video and how we do things here at Summit Automotive, consider clicking the subscribe button in the lower right hand part of the screen and then click the bell notifications of the updates every time we do the videos of our new and used inventory here at Summit Auto. This one comes with the 18-inch kind of bronze-ish painted alloy rims and that is part of the 75th anniversary package. It has brand new Tiger Paw unoroyal tires, or unoroyal Tiger Paw as I should say, and these are, I'm trying to find the size on them, 225, 60, R18s. They are brand new. We put them on in our safety inspection, you can still see the little wear nub from it being brand new and the little dots on there, so we put four brand new tires on this vehicle. You do get the 1941-75 years badge right there and you get the Cherokee emblem outlined in orange as well as the Jeep logo on the front. As we come around to the front, front bumper is in pretty nice shape. It does have HID headlamps, LED running lights. You get that bronze, seven-slotted grille and the orange outlined Jeep. Only thing I saw is there's one little divot on the front bumper. Other than that, this thing is pretty clean all the way around. The hood is in excellent shape. I didn't see any dents or dings on there. Then the passenger side front fender is in excellent condition as well. Passenger side rim, no scuffs or scrapes. That tire is brand new as well and billet silver has got a lot of metal flake to it. Get it out in the sunlight and it really sparkles. Really good looking color. As you go down this side of this Cherokee, actually one thing I wanted to point out, it does have the cold weather groups so that you get the heated windshield on here as well as the heated seats and steering wheel. That's a really nice package. But as you go down this side of this 2017 Jeep Cherokee Latitude 75th Anniversary, take note of how clean that 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 vehicle, you can see the Jeep here, the Jeep, and have confidence in the vehicle that you're looking at before you even get here. So when you do get here, there's absolutely no surprises and you can make a smart and informed buying decision from wherever you're at. And if this video helps you make that decision, let your salesman know you saw the video, it was helpful and Brett sent you. Okay, back tires, brand new as well. Back rimmed in CAE scuffs or scrapes, very clean down that side of the vehicle. I didn't see any dents or dings coming around to the back. You get the LED tail lamps. The rear gate is in pretty nice shape. The rear bumper is in very nice shape. And the only thing I saw on the rear bumper or the rear gate is just one tiny little ding on there, nothing too bad. Coming around to the back here inside, you get the nice storage area. It's very clean back here. Comes with another storage bin.  Those seats do fold on for extra storage and you get these little grocery bag holders back here as well. You can see the shocks are doing a nice job holding that gate up. This is a manual raised gate. The 4x4 is bronze-dote as well. And coming around the driver's side, just as clean as that passenger side. I didn't see any dents or dings on the rear quarter. And for full disclosure, this back rim is in pretty nice shape as well. Going down the rest of this side of the Jeep, doors look really good. You get the heated power mirrors inside. The 75th anniversary latitude package gives you the black cloth interior. There are no rips or tears on the seats. You get the white and orange stitching, power driver C with lumbar. And you get the all-weather floor mats, also part of that cold weather group. Auto headlamps, telescopic steering wheel, power windows, power locks, power mirrors. And you do get the woodgrain trim on the doors, as well as the white and orange stitching on there. As we hop inside, we'll check out the miles radio and everything that this Jeep has to offer in the interior. Get the Jeep animation there. This one has 43,510 miles. You do get the digital speedometer compass and outside temperature display. Instrument cluster is very nice and clean. You can see that steering wheel telescopes nicely. Has the heated leather-wrapped steering wheel, cruise controls on the right, Bluetooth and information center controls on the left and audio controls on the back. This one comes with the 8.4 3C radio, AM, FM and Sirius XM radio capabilities on here. You also have your heated seats and heated steering wheel right there. This is also where your backup camera shows up and you can see that that is working nicely. You have all your different apps that you can do and you can do your climate controls on here as well. And you can see you can change it up there. And if you don't like using the radio, you can use it down here. Here's your active drive one system auto snow, sport, sand and mud on your select terrain. You do get a USB, AUG and SD card slot right there. And that is your nine speed automatic transmission. Passengers side format is in excellent condition as is the passengers side seat. Didn't see any grips or tears on there. Smells very clean inside this Cherokee. I don't think it's ever been smoked in. And you do get the panoramic second row fixed glass, front row power sunroof, sliding sunroof in here, which is a really nice feature. I think they came on all the 75th anniversaries and you also get 911 and assist buttons right here. There are your sunroof and sunshade controls. We'll take a quick look at the back seats and then we'll start it up and take a look under the hood. The back seats are just as clean as those front seats, no rips or tears back here. It does have the latch child safety system for any child car seats you may have. And those seats are in excellent shape. Cherokees have like 10 airbags in them. That carpeting is in very nice shape as well. So very safe vehicles, 115 bolt, 150 watt plug in. And they do have knee bolster airbags back here as well.  Back doors have child safety locks on them and the bottoms of the doors all look really good on this Cherokee. We'll start it up and take a look under the hood. Starts right up. No check engine lights or anything like that. I would personally like to thank you for checking out the video today. And hopefully from this HD video you will be able to verify the quality and condition and options of this vehicle inside and out. You've got those HID headlamps, the factory fog lights, and then the LED running lights. Under the hood we have the 2.4 liter four cylinder multi-air engine. 184 horsepower engine base, very clean, runs very smooth. Once again this Jeep has been fully safety 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 Jeep is 100% ready to go. There's your emission sticker. You can see the shocks are doing a nice job holding that hood up. And like I said this one is 100% ready to go. I would highly recommend this Jeep Cherokee from a quality and condition standpoint. And to see more pictures of this Jeep, 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. Cherokees, grand Cherokees, Wranglers. Check us out, we got a new Jeep showroom coming up. And we're going to be having a lot of Jeeps here. And to see more videos you can go to youtube.com slash summitautom. Remember to like, subscribe, and share on this video and all the videos that you see there. Click the bell notifications and you'll get updates on the videos we do each and every day here at Summit Automotive. In fact in a second you will see a link to subscribe to our YouTube channel on the upper left. I'll link to more Cherokee videos like this one, the upper right. I'll link to this vehicle on our website on the lower left. And I'll link to one of our latest YouTube videos on the lower right. Click those, check us out. And we're super excited to help you with this Ultra Clean 2017 Jeep Cherokee Latitude 75th Anniversary Edition in Billet Silver Metallic. Thanks again for checking out the video. Remember to like, subscribe, and share. I really appreciate it.


Modigliani and Miller showed that the leverage does not affect the cost of capital of any firm, but how this phenomena can be reconciled because the cost of capital differ for every security. So then what is the relationship between leverage and the cost of capital or particularly the cost of levered equity. MM1 proposition says that the market value of securities that is the market value of debt and equity is equal to the market values of the underlying assets. This means that the market value of equity and market value of debt and for an unlevered firm is equal to the market value of its assets. This means that the market value of levered firm is equal to the market value of its assets. Whether the firm is levered or it is unlevered. Now we see that the portfolio return is equal to the weighted average returns of the securities involved in it. This means that the relationship between returns of levered equity debt and unlevered equity is basically a model that can be said that the return of unlevered equity is the sum of proportional return of its debt and the proportional return of its equity and the proportional return means the proportion of debt and equity. Now if we solve for the return on unlevered equity using the earlier model we have a simply a little change in the model that says that return on unlevered equity or RE is equal to return on levered equity plus the proportion between debt and equity multiplied by the difference between return on unlevered equity and the return on debt. So this means that the return of unlevered equity is the sum of return on unlevered equity and the additional risk the firm takes due to the leverage. Now this additional risk that the firm takes due to the leverage is termed as the kick. Now this extra effect of this particular kick pushes the return on equity of the levered firm upward if the firm performs well which means that the return on unlevered equity is greater than the return of debt and if the return on unlevered equity is lesser than the return on debt the firm is performing bad this means that the kick is not pushing the return on levered equity upward rather it is pulling down. Now a particular note is that the additional kick or the additional risk that the firm is taking by taking the leverage is subject to the leverage ratio that is measured using the market values of the debt and equity of the firm. So now what the proposition 2 says it says that the cost of levered equity increases with the firm's debt equity ratio or it is the leverage that increases the firm's cost of equity. It means that it's according to this proposition the return on return on levered equity is equal to the sum of unlevered return on equity and the additional risk that the firm takes due to the leverage multiplied by the debt equity ratio. Now how this proposition works let's see an example we see that in our example the money is borrowed for 200 dollars return on unlevered equity is 15 percent as the cash flows are used as collateral so that that is risk free this risk free interest rate is 5 percent the assets market value have 1000 dollars this means the market value of equity will be equal to 800 dollars so in that particular case what is the return on levered equity. So the return on levered equity using the model can be computed at 17.5 percent so this proposition is proving true that the leverage increases the cost of equity for us in this example the unlevered cost of equity was 15 percent in our earlier examples whereas with the increase of leverage into the firm's capital structure the cost of levered equity is 17.5 percent now now what is capital budgeting and wake what is the relationship between these two. M.A. model also allows to check the effect on of leverage on a firm's cost of capital for its new investments or projects. These investments or projects can be financed using the both sources of capital that is the equity and the debt so this means that the riskiness of the assets will be in line or it should be in line with the riskiness of the portfolio of the securities that are used to finance the purchase of these assets or finance this a particular project. Now the overall cost of capital for the firm's assets is the weighted average of its equity and debt cost of capital this means the return on unlevered equity which is also equal to the pre-tax VAC and it is equal to the proportional returns of equity and the proportional return of debt. Now in the perfect capital market as we assume there is no taxes this means that the firm's weighted average cost of capital and its unlevered cost of capital should be equal to each other and similarly the weighted average cost of capital of an unlevered firm should be equal to the return earned by the firm's underlying assets. Now we have a graphics to see the relationship between return on equity return on debt and VAC in the presence of the leverage we see that where we have no debt the firm's VAC is equal to its unlevered cost of equity and that is here 15 percent. Now with the addition of the low cost debt the firm's return on equity is starting increasing due to the fact that return on equity of this levered firm is now equal to unlevered return on equity plus the additional risk in proportion to the firm's leverage. So we see that the net effect on the firm's VAC is also nil. Now we see that as the debt is getting higher it exposes a firm to the default and this raises its debt cost that we see it is going from 5 percent to 15 percent. Now if the firm is using 100 percent debt this means that firm's assets will be equally risky. So the higher leverage raises return on debt and return of unlevered equity both because the more weight is put on the low cost debt but the VAC remains the same. To understand this we have a table here where the debt equity from 1000 to 100 and correspondingly debt from 0 to 900. The return on equity is also increasing from 15 percent to 75 percent because with the addition of the debt the firm is getting riskier so the cost of equity is getting accordingly higher but the return on debt is getting increasing accordingly but at a slower rate. The effect of this combination is that the low cost debt although a low cost but it has no effect on the overall cost of capital of the firm and the VAC in this case remains the same.


What is up you guys welcome back to another one. If you are new to the channel I am Goldpony that is me on the screen right there but wanted to do a little bit different of a comparison that you don't usually see quite often the 2021 Kia Seltos brand new vehicle for this year versus the 2020 Volkswagen Tiguan and so both of these two are very popular compact SUVs. Seltos being all new from Kia for 2021 Tiguan is already a legend in its own right first introduced back in 2007 and so in this video if you're new to my comparison videos I'll be going over the top 10 key differences between the two with a very clear winner at the end but at the very least hopefully at least this video will give you a clear understanding as to the differences between these two and better help you make a decision for you and your own family so let's go ahead and get started with number 10 on the list and work our way to number one. So the first comparison is going to be the price of course 2021 Kia Seltos starts at a price of $21,990 2020 Volkswagen Tiguan is going to start at $24,945 then going up to the top trim levels of both of these the Seltos SX Turbo starts at $27,890 Tiguan SEL premium R line starts at $38,795 so if you were comparing the two base trim levels the Seltos is going to be $2,955 less if you were comparing the top of the line trims for each SUV the Seltos once again is going to be less expensive but this time by $10,905 so therefore Seltos wins our first comparison being price let's move on to the next one. And so for this next comparison I of course have to compare the power differences so the main difference between these two is the Seltos actually gives you two engine setups whereas the Tiguan gives you one. Seltos base engine setup is going to be a two-liter naturally aspirated inline four cylinder producing 146 horsepower 132 pound feet of torque giving you zero to 60 time approximately 8.5 seconds then the other engine setup for the Seltos is going to be a more powerful 1.6 liter turbocharged inline four cylinder that one puts out 175 horsepower 195 pound feet of torque zero to 60 time has been tested by Motor Trend coming in at 7.3 seconds which quite honestly is very impressive for a compact SUV then on the other hand when it comes to the Volkswagen Tiguan that engine setup is going to be a two-liter turbocharged inline four cylinder 184 horsepower 221 pound feet of torque sounds like a good bit honestly but when you take into account the weight of the Tiguan along with the gearing ratios of the Tiguan zero to 60 actually comes in at 8.6 seconds according to Motor Trend so with substantial difference even the base engine of the Seltos will get you to 60 before the Tiguan will so for that reason Kia Seltos wins once again it is now two to nothing Kia Seltos let's move on to number eight it's it for my number eight comparison I have to compare the miles per gallon between the two the Kia Seltos front wheel drive configuration with the two-liter comes in at 29mpg in the city 34 on the highway when it comes to the all-wheel drive 1.6-liter turbocharged setup 25 city 30 on the highway and so on the other side of things taking a look at the Tiguan the front wheel drive configuration comes in at 22 city 29 highway all-wheel drive configuration 20 in the city 27 on the highway Seltos wins whether you're looking for the front wheel drive setup or all-wheel drive both of them take 87 octane by the way in case anybody was curious that's the cheap stuff the regular unleaded but that leads us at three to nothing Seltos is still in the lead all right so far our number seven comparison as I mentioned earlier the Tiguan is going to be a little bit bigger than the Seltos so for number seven we are going to compare cargo space when it comes to the Seltos 26.6 cubic feet behind that second row 62.8 cubic feet with the rear seats folded down it's a decent amount for the segment then take a look at the Tiguan the Tiguan actually offers a third row configuration that's optional so behind that third row it's 12 cubic feet behind the second row with a three row configuration at least it's 33 cubic feet with all rows folded 65.7 cubic feet but here's the kicker if you go with the two row configuration with the Tiguan you actually get more cubic feet for instance behind that second row 37.6 cubic feet and with all rows folded 73.5 compared to the 62.8 in the Seltos therefore Tiguan is most definitely going to win this comparison that now puts us at three one Seltos in the lead number six on the list is going to be rear legroom Seltos comes in an even 38 inches for that second row when it comes to the Tiguan if you go with the three row configuration at least in the second row it's going to come in at 36.5 inches with the two row configuration comparing apples to apples there 38.7 inches so once again with the Tiguan being a larger compact SUV it is going to win this comparison as well so that puts us at now three to two Seltos in the lead still next on my list I wanted to compare the exterior differences and so I don't want to compare styling because styling is of course subjective it's going to mean something different to everybody and quite honestly they both look good in my opinion so we'll call that part a tie at least but what I want to do with the exterior is to compare the standard features for both of those SUVs so for instance roof rails come standard with the Seltos S for $21,990 roof rails on the Tiguan is going to come in on the S trim level for $24,945 LED headlights coming standard on the top trim levels of both obviously Seltos is going to be less expensive if you want to get those LED headlights LED tail lights with the Seltos S coming in at $21,990 Tiguan S coming in at $24,945 so overall since the Seltos provides more exterior features for less money I gotta give this point to the Seltos once again which puts us at a four to two ballgame Seltos still in the lead then for our number four comparison I have to review safety and this is kind of a tough one because typically in the US we go by NHTSA and also IIHS but with the Kia Seltos being such a new compact SUV neither of those two groups have actually tested the Seltos yet but so there's a little known country in the world called Australia and they have NCAP or ANCAP crash tester ratings so we're going to be comparing these two using those ratings because they have been tested by them and so ultimately both scored a five out of five crash test ratings by this ANCAP rating organization but they actually go further to break down their ratings comparing things like adult occupant protection child occupant protection pedestrian detection and safety assist systems so when it comes to adult occupant protection Tiguan scored 96 percent obviously the higher the percentage the better Seltos scored 85 percent when it comes to child occupant protection Tiguan comes in at 80 percent Seltos 83 percent pedestrian detection comes in at 68 percent for the Tiguan 61 for the Seltos and safety assist systems the Tiguan is going to come in at 68 percent Seltos 70 percent which actually puts us at a tie so each one two different categories and with both of them being a five star crash test rating ultimately I have to overall give this one as a tie since they are completely even there which keeps our score remaining at four to two Seltos in the lead it's a number three on the comparison list here is going to be interior quality both offer leather or leather at seating both offer a leather wrap steering wheel heated steering wheel you can only get with the Tiguan not the Seltos digital gauges you can only get with the Tiguan and I'm talking about a full digital gauge cluster not the digital gauge cluster in the middle with the two analog ones on the sides there so Tiguan takes the digital gauges as well power sunroof comes on the Seltos panoramic sunroof comes on the Tiguan it's going to be a larger one of course ambient lighting does come on both and when it comes to the tech displays eight-inch color touchscreen display is the good one for the Tiguan 10 and a quarter-inch color touchscreen display is the upgraded one for the Seltos so the Seltos if you're looking for something tacky the Seltos is definitely going to be the way to go there but since the Tiguan on the interior offers more features than the Seltos like the heated steering wheel digital gauges and panoramic sunroof Tiguan is going to win our interior comparison for those reasons putting our score at four to three Seltos barely in the lead then for our number two comparison a very important one comparing the braking between these two it's a braking of course is important if you have kids in the car or if you are using these vehicles as possibly a commuter car in rush hour traffic you have to come to a quick stop you got to know you have good brakes and so the way I judge that is by 60 to zero stopping distance so let me start with the Seltos here 11 inch ventilated front disc for the na engine 12 inch ventilated front disc for the turbocharged engine in the back 10.3 inch solid rear disc for the na engine and 11.2 inch solid rear disc for the turbocharged engine on the other hand when it comes to the Tiguan 13.4 inch ventilated front disc 11.8 inch solid rear disc so obviously the Tiguan does have bigger brakes but that is to be expected with it being a larger vehicle so really again when it comes down to is the 60 to zero stopping distance in terms of feet and so when you look at the Seltos that actually comes in at 120 feet even tested by motor trend and then on the other hand again by motor trend Volkswagen Tiguan comes in at 134 feet and so that is a very substantial difference between those two so once again because of that 60 to zero stopping distance this one is going to go to the Seltos 5 to 3 Seltos in the lead and so for our last comparison it is going to be reliability and although you guys already know the Seltos one my particular comparison reliability is definitely an important comparison that I had to note as well and even with the Seltos being a brand new vehicle as far as predictor reliability goes it is extremely easy to predict the reliability of that and I'll explain why in a second here and so taking a look at consumer reports when it comes to the Volkswagen Tiguan it is rated at a below average reliability the way consumer reports does their reliability rankings there's well below average, below average, average, above average, and well above average so that will be the breakdown as far as the way they do things there but and when it comes to the Kia Seltos like I was saying there is no reliability reports yet because it literally just came out so what I can tell you is the Seltos uses the same engine options as the Hyundai Kona also the same transmission options as the Hyundai Kona as well being a CVT where seven-speed automatic and so for those of you who don't know Hyundai and Kia are kind of like brother and sister companies Hyundai purchased Kia a while ago and since then Kia has been using a lot of Hyundai's research and development and their engines and transmissions and so on that is why they are so often compared basically but I can tell you when it comes to the Hyundai Kona according to consumer reports it is a well above average reliability rating the very highest and since the Kia Seltos uses essentially all the same stuff that's in the Hyundai Kona you can probably come to the conclusion that the Kia Seltos is going to be a very reliable vehicle perhaps just like the Hyundai Kona since they all use the same stuff it should be well above average for that particular reason so all in all putting all of that together Kia Seltos wins my particular comparison here six to three in the end but it will say ultimately before you go here although the Seltos won my comparison that doesn't necessarily mean that it is the right compact SUV for you for example if you were looking for a third row more cargo space or more rear legroom obviously the Volkswagen Tiguan is going to be the better choice for you but ultimately let me know which ones you guys would pick in the comment section below do appreciate you guys watching feel free to follow me on social media at the bottom of the screen there if you like be sure to hit the subscribe and the bell notification button if you haven't already if you're in the new car reviews and I will see you guys in the next video stay gold


We're being asked to trade in our freedom and look what we're offered in return It's about bread and circuses, isn't it bread and circuses for the for the little people the the political class say to us You needn't worry about sovereignty or any of that stuff You're going to get better mobile phone rates, and that's the good news and you're going to get Slightly cheaper holidays and those are the things that really matter to you aren't they because you're one of the little people I mean would you really trade in your national identity for cheaper mobile phone calls when you're abroad? They're treating us like natives in the 18th century with caption cook lands on the shore And he starts handing out these these beads and trinkets, and we're going to be happy with that And we're going to sell them our country for just shows Autocontempt for what they think people are like because they really do believe that these little trinkets are going to buy us off In the referendum we will be asked to choose Do we want to be governed by an organization which we don't understand run by people? We don't know and haven't elected who have the power to impose on us laws that we haven't debated and have a little or no Chance of blocking or repeal it We need to regain the right for British people to make British laws If people believe that the best way to strengthen the United Kingdom is to hand over every year more money more power To an unaccountable bureaucratic elite in Brussels then what they should do is campaign to stay in the European Union It comes down to the essential issue The working man and woman of this country Against people who think we have a better plan and a better mind than you And if you don't like it What are you going to do and the answer is we're gonna vote leave so There are a number of issues where I believe that we should be leaving This is people versus the establishment people versus the elite. I just hope that the Mass of people who may not go around being interviewed much may never get a look in on any of the media or television Come June the 23rd. We'll be out there saying this is our chance to get our own back Give us back control of our own country with general elections It doesn't really matter who you vote for conservative or Labour because you know that in four years time You can change your mind this time. You can't change your mind. This time is for keeps this referendum is the most important political acts That has happened in my lifetime This is about our future our freedom our democracy our right to govern ourselves What really matters is that you should have the power to remove the people who govern you the reason why the suffragettes Went to all that trouble to get the vote was because they wanted to they themselves Retreated his grown-ups and decide their own destiny if I was told I would be stewing grass to feed my family in five years time If we left the European Union, I would still do it It's time to regain our freedom and independence the right to decide ourselves how we live our lives There's a lot at stake here. What we want is democracy We the people should determine our own destiny We have the capacity to shape our own futures. So my question is what price freedom?


Hello Columbia and welcome to This Week in the City! Highlights brought to you from the Public Relations, Media Relations and Marketing Department with the City of Columbia. This week in the City, join us on Tuesday, December 10th for the Board of Zoning Appeals meeting which will begin at 10 a.m. in Council Chambers at City Hall. If you cannot attend the meeting you'll be able to live stream and watch us on our website at columbiasc.gov. For agenda items you can also visit our website at columbiasc.gov to view those agenda items. As we move through the week please know that you are extended an invitation to the at-large holiday drop-in hosted by at-large council members Tamika Isaac Devine and Howard DeVall. That event will be held on Wednesday, December 11th beginning at 5 p.m. and ending at 7 p.m. at the Busby Street Community Center. You do not need an appointment. This is an open event free to the public and everyone is invited to join council members at large, Councilwoman Devine and Councilman Howard DeVall for the at-large holiday drop-in again this Wednesday from 5 to 7 at Busby Street Community Center. If you have any questions about the event call 545-3061. As we move through the week the Design Development Review Commission will be meeting on Thursday. The meeting will begin at 4 p.m. and Council Chambers. Again live streaming will be available on our website at columbiasc.gov and you can also visit that website for agenda items. As we roll into the weekend don't forget about the Fall Harvest Festival sponsored by Parks and Recreation at Riverfront Park. That festival will begin at 12 30 p.m. on Saturday and end at 5 30 p.m. For more weekend events please follow us on our social media platforms and check out Destination Hometown and City Vibes to tell you more about what's happening this weekend. This is going to be a busy week in the city and we hope you have a great one.


Hey, it's Anfa. This is my director's cut video of the Sonoy 2019 presentation about Matt Titl's Vital Synthesizer. This was an exclusive world premiere demonstration of a beta version in October 2019. If you're watching this in the future, Vital might be already released, so go to Vital.audio to check that.  Now, are you ready? I am ready. Okay, so light. Cool. Yeah, then let's go. Thanks. Nice to see you for the third time. I'm glad we are like packing full. I'm Anfa. You probably know me if you've been here before, because I'm presenting for the third time. If you don't know me, I make electronic music with Linux and open source software. I also make videos aiming to share my knowledge, experience, and passion with the community, tell about the tools I know and I use and how you can use it effectively them. I'm growing on YouTube and on Patreon, etc. Yeah, these numbers were much smaller, two times, two years ago, and even one year ago. So I guess that's fun, whatever. But this talk, this talk is about Vital, which is a new synthesizer that's not yet published. Do you recognize this synthesizer? Please raise your hands. Like 80% seems to undo. So this is Helm, of course, if you don't know. Helm is, I think it's one of the better-known open source synthesizers in the world. And I think what contributed to that a lot is that it looks really good. And the look of it gets you inspired. And also it shows you what's happening. If you, you know, you can drag these automation Helms and attach them to different things and it all starts moving and it's exciting and you understand what the synthesizer is doing, which is not as easy as you might think it is. Like many synthesizers fail to communicate what they're doing very well. But Matt decided to make a new synthesizer. And this is a and this is his first blog post in February 2018. And I've read that and I was like, ah, that sounds cool. And create the most popular synthesizer in the world. That's his goal. Well, I think he's pretty close in achieving that, knowing what the synth is like right now. So I read that and later he also on his GitHub, I was, you know, just asking for some features for Helm or checking some bugs. And he mentioned that synth that, oh, yeah, that feature is going to be in the new synth I'm making. So I was like, hell, I want to know more. So I emailed him. Hey, Matt, I wonder if you'd like to tell me something more about your new synthesizer. I've read on GitHub that you were working on it and I'm very excited to find out more. And he actually let me just try it and he sent me the binary and I opened it up and I actually wondered if I should play you the video I recorded for him when I first used the synthesizers because it was like I was so excited because and I'm still very excited because I'm going to show it to you today. And it's like the best thing that has ever been created in the open source audio, I think. So as you might see, Matt on his first blog post says that this new synthesizer will be open source and pay what you want just like Helm. He didn't make like an official announcement about this since the synthesizer was named Vital and since he created the Vital website because he's kind of like keeping people in the dark and like making people wonder what's going to be. So to probably just to build excitement and appreciation, not appreciation, apprehension, whatever, words are hard. And I'd like to play you a completely unrelated video clip just totally completely unrelated. So now let's have a look at doing the same thing inside of very well known and very modern digital sounding synth Serum. Now this is Steve Duda's masterpiece, if you ask me. It's just it's become almost vital for all producers to have this in store. Almost vital, almost vital, almost vital. Building up the pipe. Yeah, so that's just jokes aside. Well, they could have not known what this is going to be. So this was an excerpt from a video totally unrelated video when where James Wiltshire was showing how to make analog sounding sounds with digital synthesizers. And I just thought that line was very funny in this context. Please, absolutely. So I want to introduce Vital. It's a modern wave table synthesizer. If you've heard about Serum, it's it's similar. People who used Serum and used Vital and the beta testing, they said they some some of them said that some parts of Vital are actually better than in Serum. And well, that's quite a testimony because Serum is it indeed is the industry standard. So Matt Titl, the maker of Helm, he's making it for Linux Mac and Windows. It's working in standalone Lv2 VST and IU plugins on the website is announced to come in 2020. I don't know if it's going to be January or December, but I don't care. I'm super hyped anyway. And I know and I can tell you it will be released as free software, but it's kind of secret. So hush. Now, this is not just any presentation. Only a small group of people who are better testing this synth has actually seen the whole interface. The rest of the world only saw some little little pieces that Matt has decided to publish. And this is an exclusive world premiere. So get excited. And I wasn't even sure if I will be able to give this talk. For a long time I was like hanging on the verge and I didn't want to if I will be able to present on vital or not. So I was researching other topics. But finally, Matt agreed to for me to make this presentation under under one condition. And that is to make absolutely sure that you understand that this is not finished yet. There are some things that are rough. Some features might be missing. So this is by no means the final look or functionality of vital. But it's even despite that, it's perfectly usable already. So it's time for the big reveal.  Wow. It's amazing how the simplest things become so difficult when you're doing this live. This is vital. Developers, developers, developers. Developers, developers, developers. No, sorry. I don't know what that was. So as you can see, we have two wave table oscillators. We have a sub oscillator which is providing us with some simpler waves forms. Usually you just use this with a sine wave to give yourself some more base. We have a sampler which usually is used as a noise source. I wasn't sure if this is a good idea. I was like actually I was involved in the development process because when I saw that first post and I asked Matt, I was constantly back and forth and testing his progress and giving him ideas and my feedback. And I'm really glad because many of the ideas we share and discuss together are implemented and this is just very exciting. So I wasn't sure if sampler is a good idea, but I think it's a very good idea because it's very flexible. You can use this just as a noise source and with the long enough sample and there's an option to shuffle. So every time you press a note, it starts at a different part. So you don't have this machine gun effect where if I disable the oscillator and just press... Oh, we have sub oscillator. This sounds repeated. This doesn't. So it perfectly suits the need for a noise generator, but it can do much more. You can just drag and drop any audio file here and play it and you can tune it to the note pitch and use it as just a musical sampler. Of course, this is pretty limited for a musical sampler. We don't have loop regions, etc., but it's just an addendum to this whole synth. So after the oscillators, the sound sources, we have two filters which you can root signal into with these buttons there. You can, by default, oscillator 1 feeds sound to filter 1 and oscillator 2 feeds sound to filter 2. But you can swap it around. If you disable some source on both filters, it just goes through unaffected. So, for example, if I have just one filter, oscillator 1, if I disable the filter, the filter is still there, but the signal from the oscillator goes through unaffected. But I can also root the same signal to two filters. And now I can set them differently. And they are mixing and because filters impose phase offsets, phase distortions, we can get some nice, really funky effects. So, first I want to give you a rough overview. Maybe we'll go into detail about the oscillators, the filters. So, on the right side we have the envelopes. There are six envelopes total, but only after you assign four of them, the rest shows up to not just clutter the UI too much. And also there are eight envelopes, sorry, eight LFO units, which also, when you assign the fourth one, the fifth one appears six, seven, then the eighth. And below that we have lots of modulation sources. We have note pitch, which is the MIDI note from 0 to 127, but on a scale from 0 to 1, the note velocity, aftertouch, I don't know what this is even. This is the opposite of velocity, it's the speed at which you lift your key, so you can have different release times, for example. I tested this, but I wasn't able to figure out what it does, because you have portamento here. It's the glide function, and you can set up it to always glide. Let's demonstrate that. Probably key tracking through a filter that slows it down. I don't know, maybe. I gotta ask Matt for that. So we have glide, if I enable it. We can also make it always glide, so it will... By default it only enables the glide when you overlap two notes. Okay, so we also have four macros. You can assign this to anything, and then you have a single knob that you can just move or automate. I've done quite some work with actually music with the synthesizer over the past year, and I just automate the macros. I don't use any other things, because you can automate all the things, but the list of parameters is very long, so I just use the macros. It also helps me fix things when a new version comes out, and the order of the parameters is changed anyway. You're not going to have to worry about that, because it's going to be cemented when the synth is released. So with macros, we can, for example, can drag a macro to the filter cutoff, and now I move the macro knob, and it modulates the filter cutoff. I can change the amount by dragging this point here, but I can assign this macro to some other things. For example, maybe the type of the filter. So it goes from low pass to band pass to high pass, as it changes the frequency, or we can reverse that, so I can make it go the opposite direction. It doesn't sound as cool though. Alrighty, we have also some extra modulation sources. There's the mod wheel, of course, the pitch wheel, and there's random, which gives you a random value for every note. I use this mostly when I make some pad instruments, and I want, for example, each note in accord to have a different setting for the filter or the wave table, which we're going to get into. There's also a source called parallel noise, which is wiggly stuff, and stereo, and there is stereo modulation, because a very weird thing, but very cool thing, about this synth is that the whole signal path right from the oscillators is completely stereo. In most synthesizers, you have a mono signal path, and then at some point it gets split, usually at the effects, or maybe in some mixer unit, and if you recall, maybe Helm was also completely mono. You didn't really have any stereo options, unless you did a hack with multiple instances in Ardor, and yeah, I showed that in one video. The weird thing is you can just use this stereo source to, for example, modulate the pitch, and this goes like, let me disable the filter. Yeah, that's very surreal, but basically we can change different parameters between left and right channel with this source, which is very cool because you can use it, well, on this pitch it's really obnoxious and bad, but if we use it on the filter, it gets interesting, and we can create very interesting ways to define the stereo field of our sound. It's going to be hard to hear on the speakers, probably, because it's not as pronounced. We can also automate this with, or modulate this with an LFO, and such other things. Okay, so what else do we have? We have a keyboard, we can click on it with the mouse, or it shows the notes I play, usual stuff. We have the voices switch by default. It's eight voices. For bass lines and drums, I usually drop this to one voice, so it's monophonic. Oh, that's great. I love that. We can also change the pitch-band wheel arrange by default. It's two semitones, so one whole tone, and you can go up to 48, which is four octaves. I believe this is four octaves up and down, so you can actually spend eight octaves, so this is pretty much the call-audible range of human hearing. I don't know if we need that, but we can have it. There's also velocity tracking. By default, Vital does not use the velocity, so I can hit it very slightly or very hard. It makes no difference, so we need to enable the velocity tracking. Now I can actually play softly. So usually it makes things quieter, so we need to compensate to make our dynamic range higher. Still not that high. And here we have this place for the pitch-band and mod-wheel. Now this makes sense when you connect a keyboard that has more than just this, that there's no, I don't know, I think I disconnected my MIDI keyboard, of course. Is that what you do? Yeah, that was a mistake. Okay. All right, so that's pretty much the main interface. There are some other things like settings for the glide option. We can also bend the glide function, and there's legato, which makes the envelopes continue throughout notes that overlap. So if we make a very long now, I just have to enable this now. To be asked a question. Yes. Can you use the velocity to track or to modify any other parameters? So for example, to turn soft when you hit it softly and more aggressive when you hit it harder? Yes, with this velocity modulation source here. This only affects the volume of the of the synth. Amplitude modulation probably, like how velocity affects the loudness of the sound. But also we have velocity modulation source here. So we can make the filter, for example, respond to note velocity. Or we can have the velocity change how much of an envelope we have applied. So now I apply an envelope. Let's give it a decay. And now I can go to the modulation matrix, which shows we have 32 slots to assign different things. And when you drag stuff like, you know, drag the macro to LFO frequency, it creates a new entry. We could create all the assignments manually here, but it's tedious. So dragging is way easier and faster. I can also right click to disconnect it from different things. And we have removed the modulation assignments. And I can, for example, use the note velocity to modulate the amount of other modulations. So now, if I play softly, the envelope has minimal effect on the filter. But if I play out, it has a lot of effect on the filter. Yeah, if you also, if you move your mouse over something, it highlights what is modulated. So I'm now hovering my mouse over the filter cutoff and it highlights the envelope too, because that one is modulating it. So it's very helpful to figure out what's affecting this parameter. And I can also change the range. But yeah, now changing this range doesn't even have effect because what's controlling the amount of change is this. I hope that answers your question. It's weird because you can have like, you know, higher notes be more stereo or have more reverb because despite, because apart from the modulation matrix, we also have effects. And we have a rack of things we can do. We can have a chorus. And we can have a compressor, which is highly inspired by the OTT compressor, which is a very well-known among electronic music producers and overused. It produces very loud and intense sounds. And so free band compressor, but it compresses in two stages. In one stage it turns down the things that are too loud. But in the other stage, it turns up things that are too quiet. And with this interface, you can drag up and down on these parts to change the ratio of the compression. So now I'm making the peaks compressed more. So nothing gets through. But with this, if I drag it up, I also make the quiet stuff being turned up. So it's very, very squashed. We can also have attack and release. Now it sounds like you're recording it in a bathroom or in your toilet. Perfect. That's just what we want. There's also a delay unit. Are the effects always at the end of the chain? Or can you apply them to each oscillator also somewhere else in the busser sing? No, right now the effects are like a separate chain. Everything that happens here, in this stage, oscillators and filters gets mixed down to stereo and that is sent to the effect rack. So it's like a single rack. You can split signals right now in there. The delay is pretty fun because it has a bandpass filter. So our delay voices are more and more bandpassed, which is cool. And we can also modulate this with an LFO, for example. The cool thing is also if we change the type of how we determine time, by default all the time-syncing options like the LFOs, they are all synced to musical time, which is related to the beats per second information that Vital gets from the host, if you run it as a plugin, or from Jack, if you run it as a standalone. But you can change that to something completely independent, like seconds. And now we have a quarter second. I'm going to disable this. And because delay is what it is, we can do some really funky stuff by modulating the time. We can even actually scratch the whole thing if we set the feedback to zero. I'm going to enter a value of zero to make sure it's not anything else. Make the mix all the way right, so it's 100% wet. There's no original signal at all. I'm playing, and it's like scratching a vinyl tape, vinyl record, sorry. Vinyl tape, my god, that's an abomination. Vinyl tape! Oh no, I want vinyl tape. Give me vinyl tape! I think I know what the next t-shirt is going to be. Vinyl tape! I think I even have an idea for the design. It's like a compact cassette with two vinyl records inside, if you never mind. Yes? So is it also possible to modulate, for example, delay effects, frequency with things like velocity? Yes, absolutely. You can use the velocity to, for example, modulate the time of the delay. Let's make it pretty much small, and we need feedback. I actually do. I also need to disable the LFO modulation because it mixes things up. We can bypass the modulations. I think the range is a bit too low. I can see the UI is not super polished yet. If I hit harder, you can see the delay set is set to shorter. If I hit softer, it's weird because it resets to zero when I release the note, so it messes up the effect a bit. Yeah, we can play with that.  Yeah, we can have fun all day with this delay unit. It's really cool. We also have the ping pong and mono ping pong effects. So that's for some extra stereo thingness. So we also have a distortion unit. We're making really crazy sounds here. You know what? I'm going to initialize the patch, make something more predictable. So we have distortion, pretty straightforward. We have various functions to choose from. And of course we can modulate this if you want. So now we're making this saw wave, this wonky FM sounding thing, just with the distortion. And the cool thing is also there's a built-in filter. So we can use a pre. Now we're low passing the signal before it hits the distortion, which also can be modulated. Yeah, this would be a miracle in the early 2000s. A dubstep age. No, this is fun. It's really cool. We also have an EQ, which is a freeband EQ. By default, these are shelving filters. We can turn them into hybrids and low pass filters. And they also can be automated with anything. So you also have a peak filter here. We could use that to get more obnoxious noise and such. And I'm going to initialize the patch again, because we made a mess. There's also an extra filter unit, because better testers said that they really would like to have an extra filter after the effect. So we can have the distortion before. Let's ignore that the distortion has a filter in it. And also we can rearrange the effects. Just drag and drop. And the whole thing works backwards. You can also turn things down with the distortion. There's also a flanger, a phaser, and a reverb. Oh, I forgot to start my timer. What time it is, Nails? Yes. Awesome. All right. So let's talk about the oscillators. The oscillators are wavetable oscillators. So we can click here and edit them. We can draw here. We can also draw in the harmonics view. If you want to make a sine wave, you can just clear everything. Right click, clear. Make a sine wave. Just remove the DC offset. Below that, we have a timeline.  So you can have a saw wave that morphs into a square wave, that morphs into something else. And right here in the middle, we have the type of blending that is done. By default, it's spectral blend. So it checks the harmonic content of each keyframe and it interpolates that and produces the waveform from the harmonics. But we can go around the other way and use the waveform blend, which then interpolates the shape of the waveform and produces the harmonics from that. So it's the other way around. There's also two smoothed versions. You can see the harmonic decays pretty differently. And we have a weird jump here. So we can draw things. And now this is just one source. This is called the wave source. Let's remove that. And we have more sources. We have a line source, for example. And line source is like vector graphics. We have points. You can move them around. And we can animate this. So it can make a perfect pulse width modulation wave table. Which is pretty useful because who doesn't like pulse width modulation? Freaking nobody. It's the... Okay. We can also use audio files as sources. There's an audio file source. We can drag and drop any file here and then scan it. There's some very weird use case. If we right click here on the drop down for the presets, there's an option text to wave table. Let's do that. Look what you've got. Look what we've got. And now I'm going to add an envelope to this. So it will scan the whole wave table. Let's reset this. Let's make this last, I said, three seconds. Is that enough to say that? Let's play it. It's a bit high-pitched. Let's go to three octaves down. Welcome to Sonoi Convention. Okay. Welcome to Sonoi Convention. That works. You can scratch with this. Yeah. Oh, yeah. I can right click, learn media assignment. And what does it look like then? What just happened? Oh, I have to see if we have a question. Maybe if you'd like to talk first before I ask a question. There will be a part for questions in the end. Sure. Do you want to hold your question because there will be a part for questions near the end? Maybe that's better, yeah. Okay. Keep it in mind then. Now what just happened? Well, Vital uses text-to-speech, some text-to-speech service online and it just sends a text. We can also set the language. It gets the audio back and then it uses that as an audio source here and we get, you know, all this stuff. Now, this waveform doesn't display properly. There should be a waveform of this file being just scanned, you know. This is what we hear and there are some other options to interpret that. For example, we can affect the phase of the signal. Without that, we can get some clicks because the phase is going to not match between the windows so they're clear. This is a very weird sound for code. There's also way to blend the spectral content of the each window instead of just the raw samples, etc. We can have this fading between the there's lots of stuff we can do and also, like, if you just don't want to use the whole thing, let's say we just want this sonoi. Welcome to... I think I changed the blending. I can't understand it anymore. Oh, I changed the settings. Oh yes. All right. So, now I have selected this keyframe and I'm setting the position. Now I can set the other keyframe and you can see it's to the right. So, now this will scan. Ah, good enough. There's also an option to normalize and this will maximize the volume of each frame. No. We can make a sick bass out of this. Let's just play around with maybe not too loud. Let's maybe use an LFO to modulate this. Let's add a bass oscillator. Make it lower. We can also use frequency modulation. Which is really cool because you can use an oscillator to modulate another oscillator. But we can also use the sub-oscillator and the sampler as FM modulation sources or ring modulation too. So, I can, for example, FM modulate this with the sub-oscillator. Let's disable everything else. Not disable, but make it quiet. Now, I'm doing frequency modulation with this triangle wave on top of the wavetable synthesizer. Maybe if I pitch this up it would be a better result. A pretty ear splitting. Perfect. Which is, of course, possible to modulate this with an LFO. Or we can change this to a sine wave. I think we have too much of this modulation. Yeah, this is brutal. Let's shift it around a bit. That's better. But the FM modulation is just one type of modulation. We can have various things happening here. Let's disconnect this. Spectrum is like a very sharp high-pass filter. And there's other things to squish the sounds. The wavetables. Yeah, that sounds very weird. Like it. Let's add an LFO to it. And make it longer. Longer, I said. We can also add the sub-bass too. Why not have a notch filter? So, ah, the filters. So we have a few types of filters. The first type is analog. We can, of course, have 12 and 24 decibels. But there's also some weird things like notch blend. We blend from high-pass to notch to low-pass. Which sounds pretty cool. There's also notch spread. Which goes from band-pass to two notches to one notch. There's also band-pass peak notch. So, I think the peak sounds the best on this. That's another LFO to that. Also, the LFOs, you can do anything with them. There's also an alternative mode of a different type of interpolation between the points. And this way we can go from, we can also paint with different shapes enough. We can use this as a step sequencer. You can have up to 32 steps and just make the sample and hold noise. It sounds like it's speaking to us. Speaking of speaking, there is formant filters too. I think I'm going to disable this oscillator and go for a simple saw wave. It's going to be easier to hear the filters. That's one formant filter. There's another alternative one. That was a lot of fun with these. I'm going to go back to the analog filter and disable the LFO. And just use a simple... Now, I like this because there's many different types of filters, which different sound. You can also distort this filter itself, which gives pretty fat sound. Most of the filters also self-oslate. Yes. You can have lots of it. That's not even the maximum. Yay. We have many different types of filters. I believe this is a mog filter. I also like to add some noise to such sounds to make them sound even more analog and warm. Now, we can use the stereo modulation to, for example, vary the filter cutoff. I can't really tell right now, but it should be audible. In the stream, probably it's the best. All right. Well, there's even more things we can do with the oscillators. There's modifiers. We can phase the shift to the phase. For harmonics, separately. There's a lot of things. Now, playing with phase is very cool because if we distort the thing, it's really changing the character of the sound. There's many more things we can do. There's even a frequency filter in here. We can, like, lop us our wave table directly inside of this. Let me do that for a while. So we can, for example, do a filter sweep in our wave table. So there's many things to remove harmonics from our signal in the wave table here with the spectrum distortion type with the filters and the effects. We have also the advanced tab. I should have said, but wait, there's more. There's even more. Yes, by default, the oscillators have random phase. We can disable that, which is pretty important for a unison. If I go back to the voice tab, we can enable unison. Now, I disabled the random phase, so all of the voices start in sync and then they drift apart. But I can make this voice, the phase completely random, which gives us a bit more... expected result, I would say. I think the compressor really helps with the things. A bit loud. I think I'm going to show you some patches that I made before because there's more information and more ideas to make sounds. For example, we have a combo filter. Let me show you this. You see, I'm not using any oscillators. I'm using filters. So how this works is we have this noise source, which is... You can see the amplitude is... We're just producing a very short... Let's disable the filters too. The effects make it down. So I'm creating a very short spike of noise. A very short burst. And that is meant to simulate when you pluck a string. You just create a wide band energy pulse. And I then route it to the filter 2 to just remove some of the harmonics, make it a little bit more toned down. And then I send this to the filter 1, which is using a comp filter. And the comp filter has key tracking enabled. Now I disabled it. No matter what key I press, it's going to sound the same. But if I enable the key tracking, it plays the pitch that I press on my keyboard. There are two types of the comp filters. A comp filter is, in a sense, a delay line with a feedback delay line. It's just delaying the signal, but because it's implemented as a filter, we can precisely tune the comp filter, like define the delay in hertz, rather than in milliseconds, which makes it usable for musical purposes, because we can have stuff like that. And we can just produce some signals or do weird things with this input impulse. And this is basically physical modeling. It's pretty fun. I've also made a different patch for using filters. I'm sorry. So this is using two resonant bypass filters, bandpass filters, sorry, on the noise source. Let me mute all that. So I'm just feeding noise, which simulates the air going through the pipe organ. And then the pipes resonate. And I use an envelope to make the resonance go up in time. So that the resonance is building up. So that gives a little bit of a before the note, which sounds pretty tactile. I don't know about you, but to me, this sounds like a real thing. I think you just need like a brass controller, like the one with the three axis, and then put all the different modulations, like on modding forward, sidewards, and then you have almost all the areas of flexibility. Yeah, I think something could be done. That's what when you do a distortion on that, it's kind of tunes down, which is funny. Interesting. I also enabled a second filter, which is like a second set of pipes. And when I use the macro, I use the modulation matrix to set precise values, so I can tune the second set to the first one. I'm going to show you this because it's actually a pretty cool feature. So you've seen that the envelopes, sorry, that the LFOs can do everything, but also we have such a function here. And you see the macro here has a function defined. So this position gives me an octave. And some other intervals. Beautiful. And unison. Fun stuff. You can also make drums with this, of course. This uses a single sine wave oscillator with a fixed phase, which is a bit offset to give it a click. And then also a noise source with a filter. And then it's distorted, compressed, and acute in the end. And it's pretty freaking kickass. You can also make snares. There's your typical EDM snare. You're going to hear it in action later. I also made this patch to play around with ambient sounds. There's a lot of things happening here. We have two wave table oscillators scanning along with different speeds, with some distortion functions here being applied. Here's a band function. Here's FM modulation with the sub oscillator. And two filters going on. Got some noise. Chorus. And here's a comp filter. Also modulated with some weird LFOs. And you can see we have eight LFOs active here. With some weird functions slowly scanning through to create something that feels random. So I'm using second values, which are very stringent. Low, or slow, like 45 seconds here. Five seconds here. I can go on and on. And we're using... Yeah, I have five minutes left. It just made me look at the clock. I'm using 32 modulation slots, so I asked Matt if he can add more because I run out of them. He said, maybe. Oh, there's many more. But you know what? I want to show you some older stuff because that was all using the single synthesizer.  Yay! Music! Music! I think I need to... Oh yeah, here it is. Okay. You're probably gonna recognize this. Oh, wait a second. I have X runs. That is no good. You know what I'm gonna do? I'm going to increase the jack buffer size. Is it gonna be good? So this is all vital. You can see in the mixer, there's only vital plug-in inserted, nothing else. The only other plug-in is the limit. So there are drums synthesized as the bass is detuning itself. So it sounds like an old analog synth. That was the goal of this. And I will fade out the piece. There's actually more. Someone mentioned drum and bass. Can I play one more track? I couldn't play this on my laptop, so I made a screencast and recorded it. Oh, but of course MPV doesn't play sound. Give me VLC. You might have heard this on my SoundCloud. So this is all made with vital, but also some other open source effect plug-ins. I'm not gonna play the whole track because it's too long. There's lots of automation happening. So if you want to hear the whole thing, you can just go to my SoundCloud or YouTube because I uploaded it recently as a demo of what vital can do when you sit down and make a proper track. All righty, I'm all over time. Yes. So I actually got two questions which are related. Can you use effect plug-ins in vital, so external effect plug-ins perhaps in vital in the chain of vital effects? No, it's not a host for other effects. Just assuming there are some effects which vital cannot do, but from what I saw that's probably not very relevant. The other thing would be can I use vital as an effect plug-in for another synths by sending the output of another synthesizer plug-in into vital to then use all the LFOs and effects and all the stuff. Yes, right now there's a second plugin called VitalFX which just gets the audio, processes it through the effects. It also gets MIDI and I think you can trigger envelopes and LFOs with the MIDI input, but it doesn't have the oscillators or the filters, the main filters, just the effect stack. So you can use it to process other sounds. Sounds great. So you could play a guitar and really to make it your effects pedal basically. Yes? I have a question from IRC. What's his name? Audio Frankie asked if it's going to be multi-timbral or you just supposed like you did just did to have multiple instances? I don't think it's going to be multi-timbral because there's quite a lot of things happening already in the one instance. So no, I don't think so. I think it's going to be like single voice or single instrument in one instance. Okay, and I have a remark. You should name your pipe organ, preset vital organ. That's a good one. I actually... Speaking of presets, there was one called brain damage. Why is that? Let's just see. Maybe we shouldn't hear it. It's testing how much vital can take. Everything is happening here. All the envelopes, all the LFOs, all the effects. Oh wait, this is muted. All the modulation sounds the same. You can make a very weird and complex sound with it. It's fun or very simple and effective ones too. Two questions. One, how CPU hungry is it? I think it's not that CPU hungry actually. I didn't have much trouble using it. Like my experience so far was that it's pretty well behaved. That there is oversampling by default. It's two times oversampled. Oh yeah, sure. Oh so you didn't see the patch probably. Oh man, yeah. So by default it's two times oversampling and you can drop it down to one but then you can hear some aliasing especially with distortion. But you can also bump it up to four times and eight times oversampling. I tried that. I never had it bogged down my CPU. But again I tested it on a 16 thread CPU mostly and later on this laptop. So I think it's pretty well optimized but that's probably gonna go up later because once the whole design is finished then Matt is gonna probably optimize it to maximum. Okay. I see a question there too. I had a second one. On the first song you played I'm pretty sure and I heard a cowbell. Could you please find that patch and show? Can you hear it? I think it was in this track. This one. Do you mean this sound? Is it that? Oh yeah. It could be because... Snap. Is that sound? This is the one you meant, Bent? Maybe. Okay. Let's see if how it's made. Well I used two oscillators and I just generated random harmonics and phases for them and then Ring modulated them against the sub oscillator and set their pitches to different ones so that it's like inharmonic and I added some extra noise and used its deceased filters too. Oh no, that's brain damage. The filters also increase resonance with the envelope to get more clang. And there's also a lot of effects. Delay reverb. Compressor and EQ to just get rid of the low end. I didn't even try all these notes. They sound fine. Nice. I'm gonna submit all these patches to Matt actually. So hopefully some of that will end up in the final release. I need to call this one vital organ, yeah for sure. That was great. Very quick one. You mentioned cross-platform capabilities for this guy. I have noticed taking a look at the UI it looks already pretty touch-friendly. So any plans in the direction for mobile OSes? I have no idea, honestly. If there's any plans for mobile devices like Android or iOS devices. Matt didn't mention this anywhere, but... I don't know, maybe it's a hint. Maybe that's an idea. So I guess he has pretty lots of work to work on this. But if the UI is really touch-friendly, well then it shouldn't be that much work, right? Got no idea, but it could be a really good one. Yes? Is it possible to load an arbitrary WAV file and then slice it and then use it as a base for the WAV table? Yes. Let's do that. I've recorded something. That's brain damage. Let's remove the brain damage and start over. Oh, no, it's 2019. This always gets me. Oh, no, it's 2019. Yeah, so now we can... You can see the waveform is displayed correctly. We can change this too for code. Oh, no, it's 2019. And this is my voice recorded. I can just play the file if nothing breaks. Because, you know, things break. Oh, no, MPV doesn't do that. Ah, never mind. VOC or Audacity. No, let's try Audacity. Okay, no. That's the sample I recorded and we slice it as a WAV table. We can also load it into the sampler and just play it. Sonoi 2019. Of course. But we can use also this to like modulate an oscillator. For example, let's make this a sine wave. Sine wave ish and FM Sonoi 2019. Well, that's robotic. Yeah, we can do weird stuff with WAV files. Any more questions? Okay. I think we're not as badly over time as I thought. Wait, you planned for this? No, wait. Thank you very much. You can get more of my stuff. You can get more of Vital's stuff. Get the handles. I'm super excited for this synth. Let's just wait and see when it's released, I guess. Thanks for watching. If you've lasted this far, you'll probably want to subscribe as I'll be making vital tutorials once it goes public. I also want to thank all the fine people who support my work financially. Because of them, I was able to attend Sonoi and make this video. If you'd like to join them and help me make more videos in the future, please go to patreon.com slash alpha or liberapay.com slash alpha. Now go and make some music.