So thank you all so much for joining us. We want to welcome you this afternoon and thank you so much for spending your time with us. This is a session on achieving true racial equity and asset management and deployment spaces. As I was reflecting on our session on how best to really sum up the reality of our sector. I remember that during this so cap alone. Rachel one of my colleagues here has actually been on two panels. And another buddy of ours has been on three panels. What does that actually say about our sector and their willingness to open up these spaces to folks of color. For the four of us this topic is not only critical to this moment but it's absolutely critical to the impact and success that we all speak about. But no society can no society can experience real impact success or change if it continues to silence or eliminate or disregard a majority. A major sector of that society. And as a result of our lack of equity in this space not only do we set ourselves up to fail our very lofty missions and visions. We miss out on the brilliance and the talent needed to tackle the global societies to tackle global societies are local societies most entrenched challenges. I'm going to look at some of the speakers today including myself or managing capital deployment. Today we're going to look at the entire ecosystem of investment and how each of us are critical to its ultimate success. We'll take a look at traditional philanthropy, such as grants, but also impact and mission investment. Who's allowed to oversee influence and deploy philanthropic money. We'll look at asset management and how those philanthropic dollars are actually being invested. It actually undermines the mission and vision of a foundation and who's actually managing the funds in which we invest our dollars. Finally, as we are we as investors even asking or consciously considering who our fund managers and owners are and what is their motivation and intent. The common denominator the vein of influence management and deployment is highly underrepresented. The most challenging aspect, I think is the issue of power and dare I say fear, as it continues to fail at opening these spaces up to experts of color. So I'm going to turn to our speakers for their perspective, then I'll pose a few questions of my own, and then we'll open up the conversation so we can actually hear from you. And I would encourage you to begin putting your questions in the chat now we'll capture those and we'll do have some Q&A toward the end of our session. I want to introduce our amazing speakers. Rachel Robichodi is the founder and CEO of Odyssey in a capital asset, social capital and asset management firm committed to bridging financial markets and social justice. Ada Williams Prince is the senior advisor program strategy investment at pivotal ventures and LLC who invest via traditional philanthropic tools, as well as using impact investment as a tool for change. I hear Robinson CEO and founder of VC include is a national platform that connects female and diverse fund managers to LPs that care about impact inclusion and innovation. And I'm your moderator, even more, the founder and managing director of more philanthropy and president of more impact. We're an advisory firm working with donors of wealth and means on maximizing their philanthropic investment both in and for communities. And now I'm excited to actually introduce you are actually I'll stop talking and let so that you can hear from each of these very talented and fierce women. They're going to each take a few minutes to share their critical points before we begin our discussion. So Rachel I'll begin with you. Thanks so much. Rachel. I was going to. Thank you. Appreciate it. Dave on said, I'm Rachel Robichetti. I'm the founder and CEO of Addison a social capital, and we're an investment and financial activism firm. I live in San Francisco, but I was born and raised in a poor and segregated lot community in rural northern California. Over my lifetime, I've had three different family members murdered by the police without repercussion. Fortunately, within my community I was born with above average intelligence. I graded graduated from high school when I was 15. I started my own financial firm at 25. And we've now been in existence for 16 years, but I never forgot where I came from despite now having an investment management firm that manages over 150 million and assets. Very broadly speaking to tell you about the company we are an investment product company in the ESG SRI or impact universe. And we say that there's a kind of in any one of those because what we really do is what we call social justice investing, which is not simply creating portfolios but as even said in the introduction serving as a bridge between public markets and social justice and so the products we create have an intersectional focus on racial, gender, economic and climate justice. And we do that work for individuals, families, foundations and other institutions. And the ways that we work with social justice movements that are deeply embedded in impacted communities is that we work with them to build our investment criteria. And we also in addition to having a very diverse team from non traditional backgrounds and finance in partnering with the social justice movements. We are also doing industry campaigns and extensive industry education if you've heard of the race and finance series that's something that that we've been putting out in finance to help advance these movements for social justice. And I can tell you a little bit more about some of our offerings we have both a public equity strategy and an index that will be out shortly the Addisonia social justice index I hope to have good news for you about other things that will be coming our way in the near future but I'm really just happy to be here and explore this particular topic. Excited to hear about everything you have to share everyone. Okay, so I'll let you go next. Okay, I'm not on mute. Hi. Thanks for having me. I am super excited and honored to be on a panel with these brilliant folks, not exactly sure how I finagled myself on to the panel but here I am to talk to you a little bit about where I where I sit. I am at pivotal ventures which is an investment in incubation company created by Melinda Gates to advance social progress in the US enabling better lives for more people. What that means is we support partners who are advancing progress for women and families in the US we use both philanthropic and investment capital to fund transformational transformational ideas people and organizations. That means we're finding big bold ideas to help accelerate the progress for women in the US by expanding their power and influence. We want more women, particularly women of color in positions to make decisions control resources and shape policies and perspectives in their homes workplaces communities in the world. Specifically what I work on is increasing the power and influence of women and girls of color to the benefit of all women. Why would I do that, you may ask. Not just because I was born this way but also because women and girls of color are doing invisible work holding up the economy and society. They make up 20% of the population and are still 58% of the formal caregiving workforce and 30% of the health care and social assistance workforce. They're on the front lines of the coronavirus pandemic including my aunt Jean who was a nurse they're at greater risk to themselves and their families. The vast majority of women of color or mothers, including 81% of black mothers who are the breadwinners for their families that includes me. And despite that inherent power and influence of women and girls of color. They're experiencing the disproportionate intersectional harms of racism and sexism. Since I'm in philanthropy I can tell you that they receive very little investment that centers them of the nearly $70 billion in foundation giving in the US, only 0.5% is specifically dedicated to supporting women and girls of color. Only 0.5% is specifically dedicated to supporting women and girls of color. I know I'm not on mute so I know you heard that because I said it twice because it's quite important. That's $5.48 per year for every woman and girl of color in the United States. The average grant that foundations give to organizations that work with women and girls of color is $15,000. Some people here at this conference probably make that in an hour or so. I think it's important to remember, even when we're talking about philanthropic giving, one of the biggest issues women and girls of color face is that we're not in control of capital. Investing in women and girls of color as founders and leaders and expanding access to capital for them is the most critical way to expand their economic power. And I'm sure you all have heard this number before, but less than 1% of VC funding goes to black female founders. And if Tracy Gray is in the audience right now, she is standing up saying I told you that 50 times. So hopefully we will remember that number. But thanks. Thanks for having me. Thanks for listening. I'm excited. I'm excited by you. Please share your thoughts. And a big shout out to Tracy. I know that I remember as well. So great. Well, thank you guys for having me. I'm by he is mean Robinson. Leader founder CEO of VC include. And to be seen include as a solution kind of backwards, meaning I started working with social entrepreneurs. And a consulting role. And ultra high net worth individuals on their portfolios in the 2000s and then really started focusing on building ecosystem ecosystem and infrastructure with African startups. And their first wave in the early 2000s 2010s. I don't know what the term for that is, but in 2010, I started focusing on Africa social enterprise and by 2012, I was deploying capital and partnership with the World Bank and State Department. Investing in the first generation of tech entrepreneurs across the continent. And 1 of the things I learned in that both in that exercise was, you know, when you're looking at a, any demographic or any region that is, you know, underserved and. Got where the infrastructure is, and if there is none, you have to build it right. So there was no literal or figure figure infrastructure in Africa. So we went to not only just make the investments, but also build the ecosystem and build the infrastructure that was necessary for it to continue to grow into and beyond where it is now. So we had 1 of the 1st tech hubs on the continent 1 of the 1st 6 and proud to say that we built a network of hubs and now there are over 600 with that kind of stuff really looking at how do you scale innovation technology and investment while you look at infrastructure and ecosystem. So I started to do that I pivoted a bit, came back to the US and I was working on a project, actually around Ebola, another global health crisis, and it was supposed to be in New York for just a few months and I realized there that New York had been transformed by the administration at the time, but it looked very much like Silicon Valley it was white men doing, you know, making a lot of money. Well networked with each other but women and women of color were being completely left out I had a number of high growth high potential founders that I was working with. And again I asked where is the infrastructure and ecosystem to support these best in class founders did not find it so went to help several corporations and conferences and folks to create that infrastructure. Well by 2017 I started working with funds and what I realized in that 1st year was that when you would go to even find our source GP with track record that was a woman. I mean it basically didn't exist and it's a long 8 months down the line I finally found 1 woman with track record I mean 8 months of trying to find a GP with experience to work on a fund and I realized that there was a big gap in the market and a huge market opportunity. I continue to poke around a bit and was asking a whole bunch of different managers about the pipeline that I was seeing on the ground of these these innovators, and they were all still fundraising. And so by 2018 I said well who's helping the fund managers fundraise and where is the ecosystem and infrastructure to actually support asset managers because if the asset managers aren't the supply chain of capital is broken if asset managers aren't capitalized to invest in the the solutions and the companies on the ground, especially if they know, you know their own demographic and community needs, then it's never going to. You're never going to be able to grow those companies, whether you scale them as a VC, you know with a VC model, whether it's an impact, you know social enterprise, really no matter what it is, you're not going to be able to get through without some support from an asset manager that understands your value proposition and understands the the challenge or solution that you have. And so started working to build this platform and went in early 2018 launch it officially in June and for the last several years have been working to build a few things one is a platform of best in class managers, making sure that you know we support fund one fund two and fund three women led and BIPOC fund managers through the life cycles of their of their funds. So we work with fund twos and we want to see them get to four or five right we work with first time managers and we're actually launching a BIPOC first time manager program here. Very exciting because there's so many, there's so much new product and new managers in the space that really need to understand and be educated on how to structure support and grow their own fund and then connect with the right LPs and so there's a lot of work to do but we're really in the business of ecosystem building will be you know creating a vehicle at the right time as well but this is all real infrastructure work. We're coming back to you because we want to hear more about those all that yummy stuff is going on, but actually you actually this is a perfect segue because one of the first questions I want to ask each of you to kind of flesh out just a little bit. A little bit more is the current state of investment, whether you know investment asset management whether it's philanthropic hybrid. Or impact investing, just kind of tell us a little bit more about the state of it. We'll continue to talk about the challenges so yeah Rachel I'll start with you you all are doing some amazing things but I know that. I know that I've learned a lot from you and just how the sector looks and how you navigate it so yeah I'll just I'll ask you to go first. It's kind of the state of the field if you will. Sure, I think the best way to talk about the state of the field and you know I'm a public equities manager so I'll kind of just keep talking about that and the best way to talk about it is really in terms of movement. I believe that this summer changed lots of things. And I believe that for for the first time in my career, there's very real and active intent from asset owners about actually moving money and moving money to the black community to BIPOC managers. And what we're running into now is what we heard of the word that we heard and I said this in another session this week but the word that we heard other than racism was systemic right this this summer. We're starting to run headlong into the system. And so I see a lot of asset owner interest intention, even making like statements and mandates. And we're just running into some of that same old piping inside of finance that has traditionally locked us out and that if anything has become more hardened than it was. I don't know if we're getting farther along in the process or if it is a response to more of us coming back at the door. But that's how I feel like that's what I feel like the state of asset management is for for folks like us. You actually began talking a little bit about the lack of deployment but um yeah if you would talk a little bit about the state of the field and actually, you know I think about how few folks of color there are in philanthropy. And so therefore not influencing those dollars but yeah share a little bit more if you would. Right, I mean it's it's it's a little bit about what I said in the opening statement is there's so little investment. And it's actually what Rachel said is true in this climate right now it's almost, you know, it's almost bad taste to not talk about equity and what you're doing about it right like oh that's you know you have to be in the now. I think what what what happens is talking about it and then actually putting BIPOC folks in charge of things is different. You can say all day that you're interested in investing in BIPOC communities, but when you get down into the weeds right the money that is promised. If it's not actually given if it's not controlled or the decisions that are being made are not people of color, then it continues to do the same it goes into the same cycle that it always does. I'll tell you one of the things that's super familiar and very aligned both with philanthropy and investment BC investment is that you have organizations that are set up to help smaller organizations get through all the financial red tape. So you have fiscal sponsors. So you could have for example I'm going to I'm going to shout out the collective future fund, which is a collaborative fund centering survivors and women of color. They, they needed a fiscal sponsor and they went to the Rockefeller Brothers Foundation, which is a great, wonderful shop for what they do. But when you look behind the scenes you find out that their board of directors are all white men except for a couple of women. So you find out that that money is going back into the system to continue to perpetuate upholding inequitable systemic issues. So I think it's important to recognize that you can say all of these things, right. We are committed. We have so much interest. And what you said earlier, Yvonne about like, there are five people who are on the same panels, all throughout this conference and other conferences that I've been to it can be investment, it could be philanthropy, it could be, we're all the same five people. So, I think it's the difference between what you do and what you say. And that's the state, I think, things is everybody is saying it. Oh, one thing I'll also mention is that everybody is saying it and they're committing dollars to it who controls those dollars. Then when you say racial justice, it is almost a given that you're talking about black men being killed. It is not a given that you're talking about women of color and girls of color, who are systematically disproportionately affected by state sponsored violence and violence period around the world. So this is not just in the United States. So when that happens, the only other thing you have to go to is women's rights and women's organizations, but that means white feminism. So where do we go? Where is the where is the investment in this work for women and girls of color? And that's the philanthropic state of things. We still don't have the pieces that the doing part. I'm rolling my, I'm rolling my, no, and it's actually it's the reality that we have to face and I'm, I'm rolling my eyes because I do I think about it is Rockefeller philanthropy advises, I don't want brothers getting mad at us. It's our PA who's actually holding that fund and, you know, with respect, it's actually frustrating when you're talking about investing in communities of color, but the partners that you find the physical sponsors or however you know, they're not actually going to people who have a shared value or shared mission. Nor are you going to people who actually look like the communities that you're trying to serve. When you bring in race you bring in class but the reality is that there's no demonstrated right I have no problem with white partners I have a problem when you don't share my values. Right when you don't share their values and mission by did you want to contribute anything because I definitely want to talk more about behavior but please go ahead. Yeah, I mean I can add you know the the private markets and private capital markets kind of perspective in terms of numbers and they're all the same it feels like it's all one two or 3% or less or point to so. You know around 1% of asset managers controlling and managing the 7069 70 trillion dollars of assets under management just in the US. There are women and people of color right so it's all kind of a lumped in and when you start breaking it out particularly in the VC world. You know the reason why a lot of black women do not receive venture capital I think when I was really focused on it. I had helped a couple out of 30 black women 23.5 million black women they're about 30 that had raised more than a million dollars like a few years ago and even if that number is 100 now it's 100 out of right 23 billion. And so when you start to wonder why that those numbers exist it's not just because of the 1% at the total asset manager level in terms of public and private markets it's also that in VC there's only 0.2% of women investors. You know with power in venture capital and so you start saying 0.02% of black women are receiving capital and 0.2% of women are even black women or women of color. Actually this specific point to is for black women are even in positions of power to invest. And so again it's kind of core there's a correlation there. You know I think the partnership piece is really is really important. This is systemic and I think everyone from the asset manager and allocator level is looking I mean we get you know calls every day about we need to hire another you know investor for our team now this is all in the last six to seven months two years ago we were nice to have now it's like this avalanche of we want to partner with you we would like love to work with you we know if this is needed you know we see these challenges. But the problem is that a lot of the training and education for those types of roles have been you know been excluded or been barriers to entry for you know black women up until now so there's this juggernaut now we need team we need partners we need and there's not a lot of of folks that have the expertise. I'll give one more one last example so we do a lot of programming you know we do our platform. Programming with managers across asset class to really unpack a lot of this stuff and we did Rachel was on the panel a few weeks ago black voices and sustainable investing my my company BC I mentioned and curated that and I put a tweet out I said how many black women asset managers and allocators do you know and I love to challenge everyone on this that's watching us to think like really on what how many are going to take an investment. I'll tell you that we've gotten to hopefully three sessions of about four black voices and sustainability specifically for that. That lens, and that's I mean this is what I do all day right this has been years and years of sourcing managers and I've only been able to get a few handfuls. So these things need to change it's a lot but we you know we are the ones that are that have the the knowledge share and the resources to actually support and partner with some of the larger asset allocators to really unpack a lot of this and to also be solutions focused. You know my you actually started answering this questions. So we're all doing great work work the sector is actually asking for so why is the commitment and investment to people of color so low. So I feel a truly what has changed is that for the first time the asset owners really get it I think social justice movements have really done a great job connecting with the public and with everyday human beings and the people who actually own the assets what happens is that they're fighting with their financial advisors and the asset allocators, or their program officers that's fighting with their investment committee, or a CEO that's fighting with the investment committee. I mean basically what's happening is that we have these outdated, biased and overly onerous due diligence processes that orient everything in the institutions toward the idea of risk, and no one's kind of looked up and looked around the world that we're in and like, Oh, those systems that we had for managing risk. Those didn't really work out so well, because nobody here is really happy. And I just think it's important to notice that we've had these like, very, you know, important, solid, unquestionable systems for managing risks that have resulted in the world that we have now so if we want a different world we're actually going to have to create different systems. And I believe that due diligence and fiduciary responsibility are extremely important when you're taking care of somebody else's money but we are suffering from a severe lack of imagination and creativity.  So, I think that we're used to that being the sacred cow, you know due diligence and the fiduciary responsibility, and it's time to slaughter the safe group cow. I love the way you put that it's so true. Yeah, don't even get me started on due diligence. Yeah, I love the cow, by the way, be clear. Yeah, that's not yeah. But the proverbial. Ada Baia, please. Why is the commitment to us, people of color. Why is it so low there are plenty of talented folks in the system in the, in the sector rather, in the ecosystem. Why. I'm a little bit hungry now because Rachel started talking about slaughtering cows but I will say that. I mean I want them to be cooked. I do want to be cooked. I will say this, I think it's very similar in philanthropy in the sense that, you know, in response to deep generational and continuous damage being done to black and brown women and just families in this country. It is really not a leap of faith to place our strategies for achieving equity into the hands of black and brown women. And I think when you talk about risk. It feels like the risk is, it's such an active courage right to, to give up control of assets, or positions to allow for control of, of money and capital to go to black and brown women and for me it's, it's, it's our best chance of eliminating all forms of direct or indirect in exclusion, right, even as we strive forward together. We continue to leave women of color on the outside looking in. And so for me, I think it's about how, how we, exactly what Rachel said, how we assess risk, it's, it's, there's, there's, there's nothing risky about this. Economics and the control of capital is a key seat of change. And so when you're investing in women of color leaders and founders, and investing in expanding their access and access to and control over capital, it's one of the most fundamental things that you can do. And I think, yeah, about risk. And I guess the other thing I would say in philanthropy, one of the, one of the things that you end up even if, even if foundations get it, as Rachel said, there's always a barrier. There's always another thing, another way to get over another barrier to get over. This is all fine, but then you're, you're putting money into the hands of fiscal sponsors that are not aligned. Okay, we'll give you the money, but then we will build the strategy for you. And then you can comment at the end and call it participatory grant making. I mean, one of the things that we've tried to do at Pivotal is actually assemble a body of experts with lived experience and deep, deep expertise. And we're essentially bringing not just vital voices, but vital insight and expertise into building the strategy for philanthropy for the deployment of funds, so that you are at the beginning in the design. It's like, it's like bias in AI, for example, when, when you don't have somebody in there that isn't part of a group, right? If you're only designing with one person, you're designing for that person, it just happens to be white men, which is why you have a lot of great work, young black women who are working on facial recognition that didn't recognize women's faces. It's the same with philanthropy. It's the same with philanthropy. If you aren't actually using the expertise of women of color in your strategy, then you're not really getting at the root of the problem, which means that we just continue to put band-aids over it. There's really, we have data and evidence of how not risky it is to work with women and girls of color. There's data and evidence out there. But that's what that's where we are, I think. Yes, please, please. Because, you know, I mean, we talk about these things, and obviously there's, especially at this point, we have so much data. I think when I started in 2015, that 2% of women, you know, women were getting venture capital data point, which is coming out. And since then, if someone asked me where's the data, then I know that they're not really doing the work and they're not really engaged because there's so much data out there. So that's 1. I think if we take a step back and really look at the 2 pieces, they're the 2 words or the 2 parts of this discussion that are really, really integral is value and values. I think where, you know, when an allocator or even a manager will come to me and let's just stick with an allocator and say that they're looking to diversify their portfolio, looking for new market opportunities, looking to generate alpha. Maybe this is not a philanthropic to more of a market rate, you know, investment that they're looking for. Again, if they don't have any people of color on their team, then I know that the values is not aligned or not. They are not aligned. And, you know, I think that again, some of this is changing. I think people are looking at their values and also looking at the fact that allocators of undervalued women and people of color as asset managers for a very long time. And that is creating a huge, you know, a lot of leakage in the in the marketplace. I don't know if you guys have seen the last Bloomberg article of the woman that left city group and she's an economist and she. She had there was a number to the 16 trillion dollars of value that's been leaked over the last, you know, decade or so of, you know, black. Of 16 trillion dollars of value that was not captured by black communities just through a number of different, you know, financial product product services, etc. And so I think that the values and the value that folks are seeing have to be a lot. The value chain of their organizations of their investment committee of the trustees kind of all the way across the value chain of their organizations. I think that's really important. Um, you actually started talking about creation. So there's so many things you are doing that I want to share because it's just. I mean, yet another example of the brilliance that we bring to the sector. You know, Ada, I want you to talk more about the women's design council. I know I'm biased. Rachel, I want to you all to talk.  I know that there are SEC rules involved, so I won't know. I don't want to get in trouble, but I'd love for you each to talk about the things that you're creating is just proof positive that the brilliance that the sector needs is happening, and folks are just not paying attention to it so I'll let you all. Rachel, you want to begin. So we have a public equities strategy, the index will be released soon, and the strategy is entirely built on the idea that the social justice movements should be saying what the impact should be rather than financial analysts or other folks, maybe even academics. We're not against academics, but they shouldn't be the single source neither them nor financial analysts. So for example, what that would mean is that while, while diversity, equity and inclusion are really wonderful and we can find ways to measure for that. And publicly traded companies what the movement for black lives one of our social justice partners tells us is that we really need to be focusing on mass incarceration. And that before we start awarding points for diversity, equity and inclusion before any efforts go there, really, you know, how are the different companies we're investing in contributing to or supporting the system of mass incarceration everything from private prisons on down to surveillance. So it's just that matter of changing like who has control as it has been talking about, like who has control, and it took a firm by a black woman to look around and say wait a minute. When they're talking about, you know, in the me to and the me to movement they're talking about serial sex or harassment, why is the industry creating gender lens funds that are all based on how many women are on the boards that those two things don't have anything to do with one another. I think sitting outside of the traditional power structures gives me and other women of color an opportunity to kind of just look very clearly at what's not working and come up with more interesting solutions on the bond side of things. We have a new, we call it a fiscal justice strategy that really is about directly investing in black communities across the United States via the municipal bond markets and working directly with black communities on certain measures of fiscal justice. I wanted to come to ensure that like if you're investing in these municipal bonds that it's actually doing something to improve, like the health and wealth outcomes of the black people directly in that community and again, people have wanted to do something about racial justice for a really long time but an all black portfolio management team comes up with something that has a real impalpable impact, and something that's never been done before. You're muted I think she's calling a new be here. I wanted to find out if you wanted to share more forgot I was muted. Sure. Yeah, about me. Yeah, no problem. Yeah. Absolutely. So again, you know, we're, we're really in the business of creating, you know, infrastructure and you support and grow best in class. We have a lot of talk and women led fund managers, starting, we call the sustainability and innovation cap starts with BC and impact investments. And so we've worked with 30 funds in those two spaces and those two asset classes, representing over a billion dollars and a U. M. just to date in the last couple of years. We have a pipeline of 5 billion more in capital with and want to expand our pipeline and our platform to be able to connect those asset managers to LPs and asset allocators that are ready to write checks and deploy capital to some of those funds. So, so there's a platform piece and then there's kind of the training and education piece. And as I mentioned about the BIPOC first time fund manager, we're excited to to work with our partners to launch that in Q one. And that's going to provide training and education to first time managers kind of infrastructure, you know, back office, etc. Training and education and insight so that they can build their first time funds in a way that's attractive and insurers long term growth over the life cycle of their funds. And then the last piece that you asked about is the vehicle that we are exploring with the number of LPs to then be able to deploy capital to some of the managers that we have already sourced and screened. Because what we're seeing is again this kind of juggernaut between a lot of asset allocators that don't have the internal capacity. Don't have any representation of a lot of these BIPOC or women like investors in their investment committees or on their boards. And so, you know, there's a lot of we want to do this stuff. But as Rachel and everyone else on the panel has mentioned, you know, there's not either sign off or they have to figure out what the strategy is then hire for it. And then so now you're thinking about that's a year or two out or maybe even three years out. And even with the accelerated timeline that's still we're in COVID right we're in. We are in a pandemic and there are funds now that are fundraising that for the fund twos and fund threes on our platform on the platform side already have top four Tyler top desktop return profile so they're already ready to deploy capital have already identified portfolio that are, you know, looking to grow now and so we're really trying to create efficiencies in the market. And that's it's through those three strategies. This is so exciting. And Ada so I'm not to put you on the spot but I'm I guess I'm putting everybody on the spot. So, I've been in philanthropy for 21 years and direct services before that and I think Ada understands how powerful the work that she's doing is I think she's engaging women of color around a woman of color strategy, who would think it. What an idea to actually talk to the people with whom to whom you want to serve, but she's doing it on the front end. So if you would share as much as you can about the design council, you know, actually involving people in your giving strategy that will be impacted by that strategy. I'm actually very specifically focused on the women power and influence strategy that pivotal ventures and Malinda Gates launched last year in September where it talks about how, how do you get to gender parity if you're not willing to get in the curve on all of the different ways that women and particularly women of color are on this plot. And if we keep doing what we've been doing we will not get to gender parity for 208 years. I don't know about you but I really don't have that kind of time, especially right now during the pandemic. So, what we decided to do because we know that 40% of all women in the United States are women of color. We realized that you actually have to have a strategy that is both unique and targeted towards women and girls of color in order to have an impact. And so we built the women of color design council and it's comprised of expert philanthropist social change and activist and investment leaders charged with shaping pivotal strategy for advancing women's power and influence by eliminating barriers for women of colors full participation and infusing total equity into the fields we are aiming to disrupt. So that means we got these folks together and these are the best, the best minds Yvonne is included as she is my co-chair. And we decided that actually we can build pathways to the power and influence for women of color through philanthropic investment and incubation. So we're bringing those voices in from the outside to help infuse our strategy, right? And these are all two solutions and systemic problems that we're trying to address. But I will say that it's a hard thing for philanthropy to do. There are all different kinds of like community foundations actually do this work when they work with communities to figure out like different committees on how they should be deploying funds. But in private philanthropy, this is the first kind of thing where you actually have a group of women of color who are directly involved or just basically a part of the problem and really concerned with building a solution. I don't know of a place right now where you have a foundation that will give up power or share power with women of color to build their strategy and then say, we will deploy the money in the way that you suggest. So I think the work of this council can be kind of like falsely seen as this internal audit or like this public facing statement project aimed at conveying our commitment to racial equity, but that would be a mistake. This design council actually represents a bold innovation by a uniquely unrestrained and agile organization. So we're acknowledging our blind spots and establishing a structure free from the constraints of our institutional power structure, but endowed with this access and authority built to eliminate them. So this is a real like moment I think for us to try this out. And when it's fully integrated into the whole organization, it has the potential to not only add a powerful new dimension to Pivotal Pivotal's work and Melinda's legacy, but as a test model, and as a great way for other powerful players in philanthropy and movement and social change leadership to actually build from. So I'm hoping that what you sense from this panel and this brilliance that's both tactical and practical that you see that what we're doing is not disruption. It is the natural order of how things should be. It's not risky. It is what it should be because we're missing out on design innovation. We're missing out on more money. We're missing out on more access. We're missing out on a better economy if we aren't doing things like this. So that's the hardest part of driving meaningful systemic change, especially when it comes to dismantling racism is asking those with power to relinquish it and to work together and to, you know, not just power in the sense of wielding resources or leverage but power in the sense of planning and decision making. So, I'll stop there. Also, I want to apologize for several animals coming into my screen. It does not have zoom. So background, I just have to apologize for my bedspread. I just want to put that out. I don't even know why people worry anymore. It's like we're not or 10 months in. We are working from home and actually release from the pressure the puppy dog. Yeah, you know what I their judgment free zone. So that's actually a perfect setup for my last question because we've got some good questions from an audience I want to get to them in a few minutes. But that was a good segue Ada and you keep setting up. Thank you. So what are ways this community philanthropy investment impact investment asset management can lead the way. Right. So, and this is not something you all haven't already talked about. Talk to folks about how their daily practices might actually be contributing to the problem, because I think sometimes people think, well we do this and we do that, but actually that's a problem. So maybe something that folks. Yeah, Rachel, please. I would love that I have two suggestions. And I know I love to put suggestions out there that are like the moonshot and you know, people can do something less than that but still get us on our way. I don't want to abolish the RFP, or at least the RFP or RFI is something that you expect us to fill out, because I have a 12 person team it takes everyone on our team to fill out the 300 question 28 page RFI or RFP in order to be included and that inherently has right this structural piece built in that means like I could only do so many of those and actually get the work done in the world that we're up to. So that's what I think that's a very specific idea or self complete them or come to these panels and understand what it is that we're working on. Right. And definitely do the due diligence, but take on more of that burden yourselves if you're in an asset allocation position. And I believe that that is only appropriate because we are no longer in a situation where there are many people offering the solution to what you're seeking. There are a few institutions and lots of asset managers if you're looking for women of color, specifically BIPOC folks, and they're actually focused on justice and sustainability there's a handful of us and we do not have time to go through these processes. If we're actually out there doing that particular work. So I think where there are resources and time for that onus to switch back in the other direction specifically because an application process is intended to have us compete to have like the different people who would offer the service compete against one another and that's not actually what you want from us we actually want more of us in the field. I also would say stop using assets under management as a proxy for financial stability and institutional sustainability. It requires that you already have personal networks family money or are basically 150 by the time if you're a black person to have like the adequate assets under management, because in the end the true risk, for example, if you're a public equities manager is that the individual assets the individual get distributed to the asset owners. Right if we go under you still have those particular securities it's very similar in an LP situation where it may be an administrative burden, and you might lose some of like the technical assistance, right to the underlying portfolio companies but the economic ownership would actually shift. And so I just want to get us back to like what is it we're really trying to solve for and how are there these very specific ways that we've institutionally kept folks out who don't historically have the assets and resources to effectively compete. How are folks contributing to the problem or some. Rachel did a good job by he as well I think that that there's a lot of suggestions in what we've been saying but one of the key ones is this idea of honor multiple ways of knowing right. There is there is not one way of knowing and I think if you center the one way that one way will be white supremacy and white dominant culture and racism and sexism and all the systems that that that plague our system right now. So I think listening actually listening but then doing right. We incorporate data into we're planning to incorporate data into our strategy but we're also there's limitations to the data that is available on women and girls of color and their experiences. So we're prioritizing lived experience to guide us on what we focus on first. The other thing I think it's particularly important to hear is that when we're working around communities of color, there are both interconnected issues that cannot be tackled in silos. We do not live single issue lives. Therefore, what we tackle cannot be single issue is okay that somebody who works on economics can also work on housing or something else there. There's there's not one way it actually contributes to the barriers in our day to day and never actually getting to the root causes and the solution. So those are the two things I would say on our multiple ways of knowing deep listening than doing not just listening and then recognizing that nothing is a single issue when we're talking about communities of color because we've all had to manage. So we've all figured out how to do intersectional work. And that's all we know how to do. So those are the things I would say, and also that hop in should get backgrounds. Another solution. Virtual background. If no one understood that, and someone loves seeing your dog aida just so you know, they made a comment by go ahead. Sure. Yeah, I mean just to keep on the solutions track. And I'll be very, very specific here obviously we're broad structure and ecosystem but, you know, two really powerful ways that asset allocators could make an, you know, incredible progress in the space is to invest and anchor black women asset managers and to invest and anchor black women impact investors.  I know the number and you know it's less than this. But, but, you know, challenge yourself to think about what that can look like. And, and, you know, feel free to reach out to us to support you in the journey but, you know, I think we have enough solutions that we've offered that that folks just need to, you know, take action. This is so great. Okay, we've got a few questions. Oh, Dr. Marcel, I saw her just pop in. So here's the first question I heard earlier in the week that 95% or more of capital investment is deployed to white folks in this country. And I'm from the south so I say folks they said people. How can we change that solutions for that. Oh, see I'm so stressed about the questions. Everybody, I hope everyone heard that. I hope everyone heard that. Yeah, yeah. I mean, I think they're saying here that investing in investing and anchoring, putting capital that's actual capital into the hands of women of color is what will change. Exactly. What you could walk away here and do. Absolutely. You could do it right now. I'm sure you could go and do it right now. So I think that is like the central theme of this panel that I didn't know I should be on. But I think I now see central theme here is capital. Clearly and I just had a double because that was my question wasn't it. Okay, so I'm guilty of being a little bit nervous. Actually, Rachel someone had a question and I know that you've been trying to respond in the chat. I had a question. No, actually, you've been doing pretty good. Someone had a question about your thoughts on the prison free fund screen that you've developed it did you. Yeah, as you so developed it but they used a lot that we had a lot of input in that and I also put in the chat. I also put in the chat our racial justice exclusion list which has been covered in the New York Times Bloomberg Financial Times, and has wide adoption across the industry, because it reflects the views of so many communities of color. Okay, cool. Now Rachel. So again you've been active in the chat, which I'm highly impressed that you. This is the question about shareholder advocacy because that's actually one of the things that came up yesterday actually the conversation that dairy Walker had with Sir Richard Cohen. Was that share as shareholders investors who I'm pretty sure that all of us are ourselves. We're actually not active shareholders. And so one of the questions that came up. Rachel it's also true that social the social justice movement has had a strong voice in the shareholder advocacy work for decades. So how do you see our equity and bond strategies coordinate with these existing coalitions part to how do you see innovating and moving beyond them. So we already, we are the primary staffers of the racial justice investing coalition which is a multi billion dollar coalition, mostly in the public equities market, and we work with closely with a lot of the members there. One of the founders is actually on staff at our firm. We really believe in shareholder advocacy. It does have inherently a limitation and you are. And I think it was Lisa Cooper you're correct that there's a lot of coordination with social justice movements, the folks that are doing that work. But when we get down to the actual like what is it that we are saying as a data point is a proxy for a good workplace for women. What is it as a data point that we are saying is a proxy in terms of what's good for black folks. When we get to those levels that's when we start impacting portfolios that are well beyond whatever is happening right in our particular strategy. When we get down to like the impact metric and the data level, and we start organizing other investors. So it really allows the scope to go beyond one's own portfolio to truly become large and systemic which are the kinds of solutions that we need at this point. And so I mean what that means is that we're working on companies, even like we actually care, if, right, if Exxon who would never necessarily be in our portfolio has a forced arbitration for sexual harassment clause, like we actually care and do work in that area to because we're trying to affect large scale systemic change for those who are most impacted by these issues. So, I think that we are moving beyond them and also coordinating with them because we have to push on these companies at all sides. Yes, the shareholders have to do the work but also, you know when people are evaluating whether a company is good for women or good for black folks, like we need to make sure they're evaluating the right data point. Excellent okay. I'm going to read this question out it's it's it's Tracy Gray. Did you see that one by. Okay, I'll jump in really quickly and we have two minutes but yeah and let her know let them know what the question was to and you can just respond to it. Tracy's question was, have I or have we, I think it was for me experience allocators telling fund managers that BIPOC fund managers should do racial equity investing, or asking what the racial strategy is. So, I definitely, particularly after right after George Ford, it's continuing to happen but I've kind of pushed some people off of this topic, which is, you know, well you have all these diverse managers on this platform, but are they just focused on diversity. And it's really a, it's a, you know, I would say to be harsh disrespectful but I think it's, I think it's because again, eyes are open and it's like, oh, every black or brown or Latin X or woman investor. Must be only investing, you know, for racial equity and what I'll tell you is that all of our diverse managers, whether they're women, black, Latin X managers naturally have at the minimum 30 to 50% of their portfolio companies are diverse or have diverse teams, including people that look like them on the co founders or the executive teams. But to insist that a BIPOC fund manager only invest in BIPOC portfolio companies is just, it's a little bit insulting. So one thing that we probably shouldn't do is ask those questions. I think a deeper deeper dive. Now there are some BIPOC fund managers that have a strategy that's specific to a particular demographic and those are all needed. The thing is that the whole spectrum is needed. You can't just say it's only this what we're talking about is the system, and is making sure that the whole system is nourished, and that everyone's generating alpha and generating GDP and growing and evolving the economy, because we're including voices and folks that are creating value in the world. All right, 20 seconds each of you what what do you want folks to leave with. Ada. Don't forget this one thing. Change philanthropy by investing in women and girls of color. Rachel. Get involved in your investment committee or due diligence process for coming to sessions like this in those spaces and usually they are not overlapping. But yeah. Empower BIPOC asset allocators and invest and anchor into BIPOC fund managers. Excellent. I would encourage you all to go to the biz bow and find these ladies their profiles their work. Email me if you can get a hold of them and thank you all so so very much for joining us thanks to my beautiful beautiful panel. Thank you. Thank you. Thank you. Bye bye. Okay, bye bye.


He's come to a place where nobody asks him how far he can throw a football. Joe Milton, quarterback from Tennessee. Aren't you thankful for that? Now it's all about your play. Ma'am, sorry, but they just asked me that question. Who just asked you? Washington Commander's interviewer. He just asked me that question, literally, before I got over it. I'm not going to ask you, though, because I know you could throw it along. Yeah, I can't actually, yeah. But it's about a lot of other skills this week. What are the things Joe Milton is concentrating on? Recall, commander of the huddle. Other than that, ma'am, just being me, showing my personality every day, just being blessed, showing how blessed I am. What's it like working with that quarterback room of guys who are really all-star caliber players? It's great.  And also, they're going to push you to be great. So you've got to be great at all times because they're going to come with it. As you meet with teams and as you discuss things, what do they want to know about Joe Milton? Not how far you can throw the ball. They know that answer already. But personality, my homestyle life, how I grew up, who's in my inner circle. Other than that, how smart I am. They actually want to see me talk ball, see how good my recall is. And you spent a lot of time talking ball. You and Hinden Hooker, obviously very close. Josh Hypel, thanks to the world of you. The entire Tennessee offensive staff has been in your corner from day one. How far has your football IQ come since you arrived at the University of Tennessee? Man, Wade, I can say that it's a lot stronger than people actually think. Based off our offense, people think that we don't read coverages or we don't know how to read coverages. But just because we go by tempo and go so fast, things like that. But man, wish that we had a QB school in the summer. They're actually going over QB school right now. I talk with Niko pretty much every other day. And I got time. But they're going over QB school right now and going over coverages. So teams that don't think that we study coverages or study how to operate against the defense, they'll be wrong. Joe, what are you most excited about through the rest of this process leading up to the draft in Detroit? Being able to talk to coaches. There's a lot of great coaches in the league. But also, man, just keep showing my personality so coaches can stay connected with me. You could throw the football a long way. We don't need to talk about that anymore. We know what he can do. Joe Milton, quarterback, University of Tennessee with us at the recent senior bowl.


Alright, so we have an understanding of what a heat engine is. A heat engine is a process that converts heat into work, specifically by absorbing some amount of heat from a hot temperature reservoir, using some of that heat to do work, and having some leftover heat that it rejects to a cold temperature reservoir. Several times when talking about heat engines, we've talked about the need for those processes to be reversible. So if in fact they're reversible, let's think about what happens if we actually reverse them. And if we change the direction of each of these arrows. So remember that the arrows indicate whether energy is flowing into the system, or absorbing heat, or whether it's flowing out of the system, we're rejecting heat, or we're doing work. So if I redraw this figure, just reversing each of these arrows, the hot heat process is flowing from the system to the surroundings. The work is being done on the system rather than by the system. And at the cold temperature, heat is flowing out of the surroundings into the system. I've just reversed all those arrows. Let's think about what that means. If this process involves absorbing some heat at a hot temperature, using some of it to do work, and letting the rest of it flow down to the cold temperature, let me point out that it's no accident that I've drawn this figure with the hot temperature on top and the cold temperature on bottom. It's a very natural process for heat to flow from the hot temperature to the cold temperature. In fact, when Carnot came up with this idea of heat engines and this way to describe them, he was thinking of something like a waterfall, where it's very natural for water to flow from a high position to a low position, and you can make use of the natural tendency for water to flow downhill to turn a water wheel, to get some work out of the process as water flows from high to low. Same thing here. Heat will naturally flow from a hot temperature to a cold temperature. We can make use of that natural tendency to do some work along the way. When we reverse the process, what these arrows describe is we're absorbing some amount of heat from a cold body, from a cold reservoir. We're going to put some amount of heat up into a hotter temperature. So I've got a net amount of heat flow from a cold temperature to a hot temperature. That's not a natural thing to happen. It doesn't normally happen that heat flows from a cold thing to a hot thing. So we have to actually do some work. It costs us some energy in order to pump the heat from the cold temperature up to the hot temperature just as it would cost us some energy to pump water from a low level up to a high level. So in analogy with that statement, this process is called a heat pump. And it's just the exact reverse of a heat engine. Some examples of heat pumps would be things like a refrigerator. So that's exactly what we expect a refrigerator to do. We think of a refrigerator as a way to cool down our food, but we have a cold inside a refrigerator and we need to remove some heat from that cold place and we end up putting that heat in a hotter place. So when you bring your groceries home and you put them in the refrigerator, you want to remove some of the heat that's keeping those groceries at room temperature. You want to cool them down. So you're removing heat from the cold surroundings, costs you some electricity to do that, and then you dump that excess heat out the back of the refrigerator. So that's exactly what a refrigerator is doing. It's also exactly what an air conditioner does. If you have a window air conditioner in the window of a room, it's removing heat from the cool inside of your house, cooling it down further and dumping that excess heat out the window to a place that's probably warmer. Another example, and this one is perhaps the one to keep in your mind for the rest of this video because it's the best illustration and also the most confusing illustration of this idea of a heat pump. So it's worth getting the details correct. What we call a heat pump in a central air HVAC system for a house, for example, is an example of a heat pump. In the summer, your heat pump works the same way as an air conditioner. It's hot outside, it's cool inside, you want to keep it cool so you want to remove some heat from the inside and dump it out to the warmer outside. So that's exactly what this heat pump is doing.  So the way the heat pump works in the winter is it uses exactly this process. It extracts some heat from the outdoors, from the cold winter outdoor air. It extracts some heat from the cold air and dumps it into your house.  So heat pump, when you run it in the winter time, it's removing heat from the outdoors, dumping it into your house. So heat pumps, what we want to say about heat pumps is, oh yes, their efficiency. How do we talk about the efficiency of a heat pump? Efficiency of a heat engine we've talked about before. It's related to this ratio of temperatures, T cold to T hot. The efficiency of a heat pump, we don't actually end up calling it efficiency. So we're going to use a different term. We're going to use beta. This term beta, we call it coefficient of performance, and it will become clear in just a minute why I'm not going to call that an efficiency. The coefficient of performance or COP for heat pump, that's still philosophically going to be the amount of benefit energetically we get from the heat pump relative to how much it costs us to run the heat pump. The definition of what the benefit is, what the cost is, depends on whether we're using it to heat something up or cool something down, but the basic idea is still the same. So let's think about, let's say first, when we're using the heat pump to heat something up, when we're running this heat pump in the winter and our benefit is the heating effect that we get from the heat pump. You're using your heat pump to heat your house. So the benefit you get from this heat pump is you pay some electricity to do some work to pump in this unnatural direction, remove some heat from the cold outdoors, and pump it into your warmer house. So the benefit you're getting is this Q sub H. The cost doesn't cost you anything to remove the heat from the outside. The cost to you is the amount of work that you have to do. The electricity you have to pay to make this heat pump run. So that's the cost. Let me make sure I have my signs right. Q H is a negative number, so I want to make that negative on top. So the benefit to us is a positive amount of heat, so that's negative of this negative quantity. And work is already a positive number, so I'm going to leave that just the way it is. So the way I can make sense out of this is the same thing we did before. Whether I look at this diagram or whether I look at this diagram, the net change in energy of the system has to be zero if I combine all these arrows together. So if I add up total amount of heat and total amount of work, that has to be zero. So that, let's say, W is going to be minus Q H minus Q C. So that's what I'll put in the denominator here. We've got minus Q H on top, minus Q H minus Q C on bottom. And that's too many negative signs, so let me just get rid of all of them at the same time. So Q H over Q H plus Q C. I want eventually to turn those Q's into temperatures the way we did when we were talking about the energy, I mean the efficiency of a heat pump. Remember, we used the fact that the ratio of the heats is the negative of the ratio of the temperatures. So maybe not the shortest, but the way I can guarantee I won't make any mistakes. Let's divide through top and bottom by Q sub H. So Q H becomes one, Q H becomes one, Q C becomes Q C over Q H. Then I've got this ratio of Q C over Q H, which I can write as negative T C over T H. And now that I've done that, I don't like the way it looks with the fraction inside a fraction. So let me go through and re-multiply by T H in this case. And what I'll get is, so one becomes T H, one becomes T H, and T C over T H becomes T C. So the efficiency, sorry not the efficiency, the coefficient of performance for a heat pump being run in heating mode is this ratio, hot temperature divided by hot minus cold. So similar to efficiency of a heat engine in the sense that it involves just the ratio of temperatures or difference in temperatures, but it's a different combination of those. We'll plug some numbers in in just a minute and see what kind of values we get for this coefficient of performance. But before we do that, let's run through the same calculation real quick. If we're using our heat pump in cooling mode rather than in heating mode. So if we're using heat pump as an air conditioner, as a refrigerator, where the benefit we get to us is how much heat it removes from the inside of the refrigerator or the inside of the house when we're using our air conditioner or our heat pump. So in this case, the benefit that we get isn't the amount of waste heat that's dumped out the back of the refrigerator or outside the house when you're cooling your house. The benefit we get is how much heat we extract from the inside of the house. So the benefit we get is Qc, which is a positive number. I want to divide that by the electricity cost or the amount of work I have to do in order to pump that heat uphill to the higher temperature reservoir. So again, the algebra is going to be almost the same, but not quite. The work in the denominator is minus Qh minus Qc. Let's again flip the signs. I'm going to make these positive and that one becomes negative. So I've got, if I divide through in this case, again by Qh, I'll get minus Qc over Qh over 1 plus Qc over Qh. Now I can use the fact that the ratio of heats is equal to the negative the ratio of the temperatures. So that'll be negative becomes positive Qc over Qh. The denominator I've got 1 minus Qc over Qh. And then if I get rid of the fractions inside the fractions, multiplying by Qh gives me Qc over Qh minus Qc. Notice that this result for cooling is not the same as this result for heating. Heating the coefficient of performance is hot temperature over the difference in temperatures. When I'm cooling, the coefficient of performance is cold temperature over the difference in temperatures. So slightly different equations depending on whether we're heating or we're cooling. Just to make sure that concept sticks a little better, let's work an example. Let's say we are using a heat pump in the winter to heat up our house. So let's say the outdoor temperature in the winter is 5 degrees Celsius or if you prefer Fahrenheit, that's 41 degrees Fahrenheit. So 273 plus 5 is 278 Kelvin. And we're keeping the inside of our house at a comfortable 68 Fahrenheit or 20 Celsius. So 293 Kelvin. And we'd like to know how efficient we can expect a heat pump to be under those circumstances. So we're using the heat pump in heating mode so the equation we need is hot temperature over the difference in temperatures. So our hot temperature is 293 Kelvin, temperature inside our house. The cold temperature is hot minus cold, 293 minus 78. So that's 293 divided by 15 Kelvin. And mathematically that works out to be 19.5. So our coefficient of performance for a heat pump run on a day with these temperatures is 19.5. So the first thing we notice here explains why I didn't want to call this an efficiency. This coefficient of performance is typically very often larger than one for a heat pump. So if we were calling it efficiency, if we said the efficiency was greater than 100%, that wouldn't be wrong. It's just a little bit confusing. It's not what we think of efficiency as being. If heat's flowing downhill and we siphon off a little bit of that to do work, the efficiency is just how much of it we can manage to siphon off. In this case, the amount of energy we have to supply to pump energy uphill to get it from the cold temperature to the hot temperature in the form of heat. Turns out that's a pretty nice ratio. So I want to dump 19.5 joules worth of heat into my house. I've only got to pay for one joule worth of electricity and that will be enough to pay to suck 18.5 joules out of the outside and dump it into my house. So coefficient of performance is commonly greater than one because heat engines are inefficient and the consequence of that fact is heat pumps tend to be quite efficient. What that means is if you've ever paid much attention to the energy efficiency of your heat pump, you may know that heat pumps are a much more energy efficient way to heat your house than a heater, a gas heater, an electric heater. If you run a gas heater or more specifically an electric heater, every joule of energy you supply in the form of gas or in the form of electricity gets turned into heat. So that electric heater may be 100% efficient. You might turn all the electricity into heat, but it can't compete with a heat pump, which is generating 20 times as much heat in this case as the amount of electricity that you provide for it. So that's an interesting fact to know about heat pumps from an everyday point of view, but from a thermodynamic point of view, really the important thing we've learned is that a heat pump is really just the reverse of a heat engine. Instead of letting heat flow downhill and using that to do some work, we're pumping heat uphill and supplying work in order to do that.


Now it's promised the epidemiology of acute appendicitis now in some units It is the most common acute surgical condition certainly here with us It's number two, but still very very common up to one in a thousand people Even more can suffer from acute appendicitis. There is a male predominance Leaving a male with a lifetime risk of about 8.6% and a female with a lifetime risk of about 6.7% There is definitely a high incidence in younger patients teens and twenties That's where we see acute appendicitis Now that doesn't mean it's the only people who get acute appendicitis We still we still definitely see it throughout the age groups The baby's total is very young We think they relatively protected in as much as they have Draw the base of the appendix If you postulate that obstruction might play a part in the pathogenesis of acute appendicitis They'll have better drainage In the older age group we might see that acute appendicitis is underreported But Sydney there's other conditions become more predominant It's not to say though that any age group cannot get appendicitis Always maintain that in your differential diagnosis As far as the geographical areas are concerned Sydney less common in underdeveloped areas We think that diet may play a part in that Diet with a higher fiber content might be slightly protective Now even in this day and age you can still die from acute appendicitis It can be as low as 2 per million patients Even lower than that But there's certainly high incidence of mortality in underdeveloped areas These patients have a delay in presentation Takes longer for them to get to healthcare When they get to healthcare there might be delays in diagnosis Delays on getting on the theatre bed Resources as far as antimicrobial drugs are concerned So definitely higher mortality rate there Also higher at the extremes of age There's definitely physiological reserve issues at the extremes of age And if we think about the older patients Obviously comorbid conditions In the very young and very old There might also be delays due to problems with diagnosis So the messages always think of acute appendicitis and abdominal pain No matter what patient you see


Hello and welcome to part five of the ticker game and visual script in tutorial I have a little surprise because I already got the first Animation for the game. I have here the necromancer, which is gonna be in the center of the screen It's gonna be replacing my amazing drawing, but okay when you have an animation with a lot of frames like I have here what you can do is create a new Note which is going to be an animated sprite This will take a lot of textures and animate them when you create it you have here a warning because we don't have any frame or any Inventions selected. So let's go ahead and Create a new sprite frames Now when you create it you click it and it opens a new menu here with all the frames that you want inside this No, I'm gonna move all these brights to my product folder and I drag the folder here. Let's create a new one Sprites And inside sprites a new folder Necromancer, okay Let's paste this animation here when you add files into your project folder and you select go out It will import all the assets that you have there and you will be able to use them here I have all the frames. So I Select them all press shift to select them all and I drag and drop them to the animation so now we have all the frames and Here in the animation node Which is selected I can press on playing and you will see the animation Playing in-game I Want to I want it to be a little bit faster. You can modify the speed here. Let's go with 20 maybe Maybe it's too much 15 Yeah, 15 seems about right. I see that there are like a few frames maybe extra at the end You can order the frames here and and delete them move them. See if I remove the last one It's like this one and press here Maybe another one Yeah, this seems more smooth okay, I can place it in the middle of the screen and Yeah, maybe a little bit slower. Let's go with 10 12 Yeah, 12 seems about right Okay, let's save it. Let's try it out And yeah, we are starting to have a game. I want to have different animations for this but I need to Ask my brother to make them Do you want to check he has a YouTube channel you can check the link in the description It's really really really interesting if you check it out next is going to be Translating some of the code that we have on the game I want to do a quick demonstration of how it will look like to translate some existing visual scripting code into Just regular script. So since the Main script, I feel it's the most basic one. I'm gonna do that one Right now You don't have three variables and two functions So let's create a new script here. Maybe Yeah, right-click new script and let's create the new script but instead of selecting the visual script Let's go with GD script New script that GD. Okay Let's rename it. Sorry, let's call it main Now we have Main GD main vs. Okay, so let's open it we can delete everything and And start with the first one this one on boot and press this is a signal So we need to connect the signal again to this script and to do that I'm going to select the main node which currently has the main script that vs selected you can either press here and select a new one which will delete it or load a new script and Select a new main that GD Now that we have the main that GD we select the button which was this one The one that when you press it it gets one more And here's the signal we had let's disconnect it And select it again connect again to the main node So now inside this main script we have the button press Which is the same as this function What else do we need? We need the process function. The process function is a function that you have pre-made You don't have to connect any signal to it. So we can just type it underscore process Delta Okay So we have both functions now and how many variables we have we have three variables Two ints and a float auto clicker count and second so We create here our auto clicker Which are the values zero zero and 0.01 I don't think we're using the seconds anymore, right? This is from Something we already deleted. So we're not gonna move that one to the new one We are using count. So let's go and count Okay Let's check more properties here. Are they an exported variable? No, they're not and count Yes count it is exported Let's see How how do you export a variable here in the same way that you click there? Remember export variables are the ones that you can edit here from the inspector To export a variable you just type export in front of it And that's it. You don't need to do anything else That way when we select count we see here that it's zero well Now since I'm using visual scripting in other places and I feel like I'm getting the the count Yes on a different scene I'm not sure if I if this node will work Uh, if it doesn't work, we're gonna have to also translate all of this But first let's continue with this translation What we did in the process function was updating the label This label which is the one that displays how many points we already have So we need to get the count Make it a string and set the text of that node To do that we can use the get underscore node and type what node we want to Select this case is the label one Or we can use the dollar sign And type the name of the node that we want Now the function to set the text is called the same as in visual scripting set text But here is all in lowercase like this or You can even set the variable text And equals whatever you like This case we want to transform the count. Remember it was like a number. We want to make it a string We do as str and Count which is the name of the variable we want to translate So This line Would be doing the same as all these three boxes in visual scripting Now for on button press What we did was Let's see We add one and we updated the label as well We don't really need to do this because updating the label is something we do on every step of the process Like this function will be running constantly as the game is running. So we can just on button press Count Plus equals this will add to the existing value of one And that's it. That would be the same functionality we had in visual scripting, but with regular gd script Let's save it. Let's try it out. I'm sure it's not gonna work Oh, well. Yeah, it is working. I'm not sure if the references are working Yes references seem to keep working Well, that's good news because That means that you can translate only part of your program and it will still be working Now let's go and close This visual script we don't need it anymore Let's delete it to make sure we don't have any any additional file around and we need to translate the auto clickers. This seems a bit more complicated But in reality is quite simple. We should be able to do this in a couple lines, of course Let's see what we have in total. We have Few variables And three functions So let's start with the same Let's open up the auto clicker Here we have it The button the labels and everything. Let's remove the script We don't want it anymore You can press here on clear or the button there Now that we don't have the script we create a new one It's going to be a gd script auto clickers in that gd We create it We delete everything So now we need to connect the signals. We have one signal for the timer one signal for the button Let's disconnect it and connect it again to the auto clickers node And for the timer the timeout function, let's disconnect it and connect it again to the main node Okay, we also have the process function. Let's create it Now variables we have The amount increment price price string and ups I remember I wanted to replace this price string stuff So I'm not going to copy that one. Let's do amount increment price and ups Which was units per second, I guess. Yeah amount is zero then two then five then one zero two five And zero again, I guess units per second One, okay Now which of these variables were being exported amount? No Increment no price. It's been exported And units per seconds are exported. So Okay, these are all exported Now in the process function, we have all these things timer timeout, okay and button press Let's start with the timeout Let's see. What do we have here on timeout? We get the count We get the units per second. We multiply them Okay, so amounts per Units per second and we set it to count. So we know that we want to set count So on timeout count will be at sequel and This count is the one that we have on the root node on the main scene. So get the tree and then get node And the name of that node Is main With capital letters, okay Let's see if this is working. Let's print it out Oh, I forgot about here. We also need to get root Okay, this should be right. Let's try it out again Yeah, yeah, it's it's working now. It should be one. Yes Okay so We can actually Store all this reference In a variable so we don't have to call it every time Let's create a new variable, which is going to be main node And in in a new function, which is going to be called at the beginning Of the game which is ready I'm going to assign the main node to this So now I can reference the main node by just using main node that count This is I feel the only thing that it's a bit more complicated than the drag and drop that we did before to get the count variable But if you know a better way of doing it, please leave a comment It's not as complicated as having all that mess of boxes around. Uh, let's continue We already have the count. So we needed to get the amount and the units per second amount multiplied per units per second and Added to The count that we had so instead of just Saying this is going to be equal. We just want to add it Amount with a t.  Let's see what we have here Okay, let's go part by part We start the program here We get a condition Okay, what is the condition? If the price is bigger or equal than The the amount the count that we have on the program so If the price is bigger or equal than the main node count So we already have all this covered Let's see if it is true we add No, we subtract the price. So yeah In the main node Count minus equal price Okay So we have this done Then we continue to set amount So we get the amount and we add one Okay So amount We add one So what we're doing with these two Now We set the text Okay It's going to be this text, right? or Yeah units per second or this label Uh, okay Okay, we set the text the label text, okay So remember the dollar sign label Text is going to be The amount Okay, pretty simple We transform it to string And we update that label What else do we do here? We continue to price Now we get the amount and the increment and we multiply it together So Price We get the amount Multiply per the increment And that result we multiply it by the price Okay, so let's add some parentheses So we know that this is going to be multiplied by the price And that's going to be the new price Okay, so this should be all done I hope I didn't make any mistake, but this seems about right We check if the price is bigger or equal than the currency that we have We subtract it We add that we have a new one We update the label To display that we already have one And we augment the price By multiplying how many we have by the increment And by the price So we already have button press Timer timeout And now let's go for process Let's see what we do here in process Okay, we have a first First a conditional To set disable the button or not Okay, what are we checking? We're checking the count If the count is bigger or equal than the price So let's go If the main node Count is bigger or equal than the price So let's go If the main node Count is bigger Count is bigger Or equal than the price We select the button And Disable Is equal to false Because that means that we have money to buy it And we want to make the button available Then If it's not We disable it Else Button disable it True Okay We have all this part ready All this Yeah Goodbye Now we need to set the text Which text? Let's see the price text we are modifying So we get the string We get the Weird part that we We can make it better But okay Let's see We set the price It was still one Right, yeah, okay So We select the price Node, which is the label We set the text equal to Price Equal to space And now we add The price Value Okay After updating the price We update the units per second Which is The HP contact value Okay, this node Now HPost Here For container value Text equal to the UPS Yes, UPS Units per second And that is the process function There I don't think there's anything else I should be updating Right, let's save it Let's open this main scene Let's save it again I'm not sure if these values are being, yeah Yeah, okay This is the script Let's remove this one just in case I don't want to have it Going around Autoclickers.vs Delete And the moment of truth Let's try it out Okay, we have here Value, yeah, I forgot To transform this into a string My bad Okay, let's go again And yeah, we have different prices Let's see When I have This is if I cannot buy it If I have this Price went up I'm getting one unit per second Yeah Oh, I cannot buy this one Okay, so there are Some problems Here and there That I must fix The first one is that The prices are not updated properly And maybe this number is not Being Let's see what I did wrong Let's go again Through all of it Let's see Oh, yeah, yeah, here I'm checking if the price is bigger Than the amount we have This should be like here If the count is bigger Than the Price of this item itself Okay, this should fix Everything Let's go And Let's buy this one We're generating units by units per second Now I can buy all the upgrades Yeah, okay So Now we have the program With no visual scripting So From now on This is going to be Only working with GD script And I'm going to make I'm not sure if I'm going to keep making Many, many more videos Because my brother is very busy And the rest for this Game would be adding More graphics and effects Things like that And I need him to make these amazing Graphics that we have here But on my next video I think I can make A better style for the buttons And Designing it a little bit better So when, you know, like the style Of the buttons and How the information is laid out I think I can make a quick update On that Okay, that's it for today If you want to help me make more of these videos There's a link to my Patreon on the description And I want to really thank my Patreons For everything You guys are amazing And for everyone that has been Comments on the comments Or on Twitter or Reddit Please keep them coming I'd like to know what you guys want to learn And yeah, that's it Bye