Good day, fellow investors. Today we're going to discuss the recent Nobel Prize winner Richard Taller and his contribution to investing through his work in behavioral finance. Behavioral finance looks for irrationalities and says we are all humans, thus irrational. Therefore, all the economic theory cannot be applied to what's going on in the economy, what we do, what are our actions and especially in financial markets. We're going to go through Taller's concepts and I'm going to ask you seven questions that are supposed to make you think about how much are you influenced by behavioral finance as I think you're all human. Perhaps there is a computer watching but I don't know if I can communicate with him. So if you're human, if you're watching, look at the subjects, write down your answers, it would be great if you could write down your answers in the comments so that we can see how we think differently, how we approach things differently because after all, I think we are all humans and we are all different. Thus, we differently perceive whatever is going on in the financial markets. So Taller's work based on behavioral finance really dissolves the economic assumption that we are all rational, that we are all selfish and that whatever we do, we do with the goal of maximizing our future return. That has been shown wrong by behavioral finance because there are a lot of things that affect us that shift us from the rationality. Let's go through the concepts of behavioral finance and through the questions that I hope you'll find interesting to answer. All right, the first interesting concept is the endowment effect. We tend to attach more value to something we own than to something we don't own. So for investing that's related to, we tend to attach much more value to a stock that we own than to a stock that we don't own. Similarly, an out-of-the-pocket loss. So if you take $100 out of the ATM and you lose 20, that's a disaster. However, when you look it's just 20 bucks, what's that? A lunch. So losing 20 is very painful. However, an opportunity cost when you lost thousands of dollars is not even close to as painful as losing $20 out of your pocket. So what we own, what we have, we tend to protect it and value it extremely high. The question is, is there something that you own that you think is extremely valuable or you know it's not valuable but somewhere inside you think it's valuable and you are not maximizing your profit. The same repercussions can also be in the stock market where you hold to something that you know it's not that valuable but you think it's better to hold on because everybody else is doing so. Second Stuller's concept is mental accounting. We are wired to simplify things. We always try to find the simplest way to reach a solution and that's something that we have been learning how to do over the past two million years due to evolution. However, when you're investing, if you start simplifying, you are omitting the risks and looking just at what you want to see. For example, those who invest in the SAP 500 thinking that stocks could only go up are really simplifying everything. They are not looking beyond the last eight years. They are just looking at the last few years it goes up, it will go up. So that's a very important question to think about whether you are also doing that. Secondly, we all have budgets in life in our financial lives and do you have different portfolios for different things? That's also mental accounting. So you have a safe portfolio, a value portfolio, a low risk, a high risk, a highly speculative portfolio. So if you have such baskets, that's also part of mental accounting because if I lose the money in the speculative portfolio, it's okay. However, when things go wrong in the safe portfolio, high dividend or secure dividend portfolio, then you get to trouble and all those baskets get destroyed and people tend to make irrational decisions then. So also a question is, do you have portfolio baskets with different risk reward attachments to them? A rational investor would calculate exactly the risk and reward over his whole portfolio and find a diversified balance, not have diversified baskets of risk reward. The third principle in mental accounting is loss aversion. So we, as I said, don't like losses and a loss is the most painful thing in investing.  So usually people are inclined to selling the winners easy, taking the gain, but they have really problems in selling the losses. Usually what they do, they accumulate more and more of those losses and at the end you have a portfolio of just three losses that have accumulated in time, which is not that good. So the question is, are you a victim of mental accounting and do you hold on to the losers more than you hold on to the winners? That's very normal in human nature. I'm a victim of that. So I have to say that the second concept is hyperbolic discounting. We tend to prefer immediate gratification to long-term gratification, even if the benefit to our lives would be much larger if we wait for the longer gratification. For example, somebody is completely focused on dividends and is chasing the 2-3% dividend no matter what, just if I get the dividend, I'm happy, 2-3%. However, he's losing, he's not interested in investing in companies that will do 10-15% over the very long-term. A simple company that we discussed here was Shenier Energy, owned by Seth Klarman, where I have calculated a long-term return of 12-15% in the next 10 years. So Seth Klarman buys the value, he gets the return he wants, but people are hugely discounting Shenier when compared to the market. The market will lead to 4% returns, Shenier to 12-15% probably, I think the same risk. So Klarman is buying Shenier because he thinks in the long-term, the majority, 98% of people, are buying the average market index. Huge difference, hyperbolic discounting. Long-term, huge discounting, short-term, give me immediate gratification. So are you also victim of hyperbolic discounting? Do you prefer the short-term in comparison to the long-term? Continuing on Tyler's work, it focuses on two fields in the financial market, that is asset pricing and investor psychology, how psychology affects prices, and general mispricing and the law of one price. Rational markets, something should be always valued at the same price everywhere, however that's not usually the case. Starting with investor psychology and asset pricing, Tyler's theory and what he proved scientifically, he wouldn't get the Nobel Prize for nothing, is that investors tend to overreact especially to bad news and especially in the small cap world. And that's why he owns two investment funds where he uses these behavioral activities to find value and over and under reactions in the small cap world. Nevertheless, also in the large cap, you can always find overreactions. One overreaction that was illogical was the recent video I made on El Dorado Gold, where I calculated the sum of parts, then there was some bad news on one mine, which my value was maximum $1 for that mine per share, negative news lower the price for off $1 immediately. So they completely discounted everything that there was valuable in that mine. So that was very, very interesting to see how the markets I think overreacted in this case, we'll see who's right. So the fifth question is, how do you react to news? Do you overreact? Do you tend to immediately sell? Or do you really analyze the situation? Look if it's overreacting the market or underreacting. The second thing Taller research in financial markets is mispricing. So for example, closed end fund is usually discounted in relation to the assets it owns. Spinoffs are also valued much less than they were when they were in the huge company. And also liquidity is also heavily discounted. So those are irrationalities that are pretty common in financial markets and that we can take advantage of. The question is, do you prefer buying at a discount? Then what's the real intrinsic value? Or do you prefer chasing companies that are trendy, that are in a strong trend and that are well perceived by the market? When something is at a discount is usually not perceived well by the market. Let me just apply Taller's work on a current example. Amazon jumped 13% on the earnings release data and that's because Amazon really beat estimates. However, going back to Taller, analysts like every other human person likes to anchor their future projections to past projections. And Amazon is definitely not a company where you can expect future earnings per share to be linked to past earnings per share because the environment is that disruptive, that fastly changing, that that's impossible to do. And that's why Amazon is constantly beating estimates and we have a price like here shown on this chart. So it's very important to understand that anchoring past numbers lead us to skewed forecasts of the future. Very interesting and very tempting to learn more about it because the more you know, the more you can take advantage of what's going on in the market or not make behavioral mistakes. Another example of behavioral finance is anchoring to someone you like, somewhere that's very positive, very energetic, happy and gives you a good feeling. The same thing investors and many other retail investors did with Snapchat. Even Spiegel said about himself, I'm young, white, educated male. I got really, really lucky and life isn't fair. He's very charismatic. We cannot say nothing about that. And he managed to bring Snapchat public and everybody was so excited about the company and even really pushed up the IPO price. However, the CEO of Snapchat sold a lot of stocks. He got an 800 million bonus for bringing the company public and here we can see the result. I don't know if Snapchat will ever recover as Facebook did, but another forcing on the subject of anchoring, if a Victoria secret model that looks like this chooses even Spiegel, then also the company and the investment must be a great investment. Unfortunately for those who believe that back in the Snapchat IPO, that didn't turn out that well yet. Also many Snapchat investors anchor themselves now to what happened to Facebook in the past. We also had a decline with Facebook stocks and then a shoot up later. Will it happen? I don't know. Snapchat is a completely different company. To finish on the anchoring, Taylor is against setting a target price for purchase. So you're buying a stock and most of us set a target price. And as an analyst, I always have to set a target price. If I want to publish an article or report, I need to have a target price on that report. If not, it's not a good report. Nevertheless, if you set a target price, you're anchoring whatever happens in the future, all the information overreaction, underreaction to that target price. As you're anchoring yourself to the value, what the prices you paid. So you're really limiting yourself into two prices. We should really train to avoid having targets or avoid thinking about the price you paid, or avoid thinking about the price the stock was seven days ago. Should I buy now or not because the change is 1% higher. So the seventh question is, do you have price targets? And do you really look at the stock price before buying? Or are you looking at fundamentals, rational and irrational activity? These questions really give a lot of food for thought. I'm looking forward to your comments. I'm learning from your comments a lot. So please share them. Let's learn together in order to create a community of low risk, high reward, irrational, rational investor doesn't matter as long as we are very profitable. Thank you and I'll see you in the next video.


Good morning, ladies and gentlemen, and welcome to the Wright State Nutter Center in Fairbourn, Ohio. This area is also home to Wright-Patterson Air Force Base, which encompasses the National Air and Space Intelligence Center, and soon we will add the National Space Intelligence Center. Thank you for joining us today to witness this momentous occasion. The ceremony celebrates another great milestone in the United States Space Force. On behalf of the Commander of Space Operations Command, Lieutenant General Stephen Whiting and the Acting Senior Enlisted Leader of Space Operations Command, Chief Master Sergeant Kelby LeJoy, I extend a warm welcome to everyone attending in person and virtually. I am Senior Master Sergeant Joshua Heyman, and I will guide you through today's event. As a reminder, this ceremony is an indoor ceremony, and indoor protocols will be followed. During the playing of ruffles and flourishes, military members in uniform will come to attention and face the individual being honored. During the singing of the National Anthem, military members will stand at attention, while civilian attendees place their hands over their heart. And finally, during the playing of the Space Force March, military members will come to attention. Ladies and gentlemen, please stand for the arrival of the official party. The playing of ruffles and flourishes in honor of the highest-ranking Department of Defense member in attendance today, the Under Secretary of the Air Force Gina Ortiz-Jones, the posting of the colors, and the singing of the National Anthem followed by the invocation. Oh, say can you see, by the dawn's early light, what so proud at the twilight's last gleaming, whose broad stripes and bright stars through the fight o'er the... Please join me for the invocation. Almighty, we are honored to celebrate this historic accomplishment of the activation of the Space Delta 18 National Space Intelligence Center. While many of us view today as the beginning of this grand project, we only get to celebrate this milestone because men and women have invested immense time, energy, and expertise in the development of this organization. Thank you for the lasting impact they will make on the capability of the United States Space Force and the continued security of our great nation. In this time of celebration, we pause to acknowledge the significance of the work that will take place here. The women and men on assignment to this center tackled a critical mission of providing top-tier products to advance the security of our nation at the very highest levels. While executing mission essential work that will save lives and empower our warfighters to successfully dominate the battle space. Because space will be the front line of the future battlefield, the work done by our guardians here cannot be overstated. We are grateful for the pioneering leadership that has provided effective vision and direction for this project. It is my hope that all who have contributed to this endeavor know their dedication will help defend that which we hold most dear for generations to come. Finally, I ask for blessing and protection on Colonel Marcus Randall and Chief Master Sergeant Melissa Owens, along with every guardian, airman, and civilian patriot that will call INSIC home. May their work be successful, their future bright, and their efforts serve as a beacon of pride for our nation. Amen. Thank you, Spirit of Freedom, Honor Guard, Ms. Stephanie Huber, and Chaplain Mullen. Ladies and gentlemen, please be seated. We are fortunate to have a number of distinguished and special guests with us today. Please hold your applause until each group has been recognized. The spouse of the incoming Commander of Space Delta 18, Mrs. Tamara Randall. Also in attendance are Colonel and Mrs. Randall's daughter, Daly. Colonel Randall's mother, Mary Randall. Colonel Randall's father, Ben Randall, and his wife, Deloas. Also joining us are Colonel Randall's brother, Adrian, and his two children, Wayne and Deanna, as well as Colonel Randall's sister, Nikki Jones, her husband, Darius, and their two children, Micah and McKinley. And close friend and confidant, Major Tiny Bowman, Staff Judge Advocate, Air Force Recruiting Service. Additionally, please welcome the Governor of Ohio, Governor Mike DeWine, Director of National Intelligence, Director Avril Haynes, Representative of Ohio's 10th District and Ranking Member of the House Permanent Select Committee on Intelligence, Congressman Michael Turner, Undersecretary of the Air Force, Gina Ortiz-Jones, Commander, Space Operations Command, Lieutenant General Stephen Whiting, Mayor of the City of Fairborn, Ohio, Mayor Paul Keller, Mayor of Riverside, Ohio, Mayor Pete Williams, Mayor of Beaver Creek, Ohio, Mayor Robert Stone, Chief Master Sergeant of the Space Force, Chief Master Sergeant Roger Toberman, Director of National Intelligence's Advisor for Military Affairs, Lieutenant General Jeffrey Cruz, Performing the Duties of the Deputy Undersecretary of Defense for Intelligence and Security, Mr. David Taylor, Director of Intelligence, Surveillance and Reconnaissance, Headquarters Space Force, Major General Leah Lauterback. A special welcome goes out to all of our community leaders and partners in attendance today. Our continued support is greatly appreciated. And we also extend a warm welcome to all other General Officers, Senior Executive Service Members, Commanders, Senior Enlisted Leaders, Joint Combined Allied and Interagency Representatives, Community Leaders, Military Personnel, Family and Friends with us in person and virtually today. We have a fantastic lineup of speakers for you today. To begin the event, we have a very special guest representing the great State of Ohio and his storied contributions to the aerospace community. Ohio's sons and daughters are the beginning of aerospace history, and that tradition continues today and into the future. Therefore, it is my honor and privilege to bring up our first speaker, the Governor of this wonderful land, Governor Mike DeWine. Good morning, everyone. Director Haynes, Undersecretary Ortiz Jones, Distinguished Guest. This is a banner day, a banner day for the United States Space Force, for Wright-Patterson Air Force Base, and a banner day for the State of Ohio. Congressman Turner, thank you for your leadership on the House Intelligence Committee. I served on the Senate Intelligence Committee for a few years. I know the importance of the committee. We're proud of you. We're proud you're there. Not only representing Ohio, but the job you do for our great country. We're very proud that the National Intelligence Community and the Department of Defense have chosen Wright-Patterson Air Force Base as the home of our newest intelligence organization, the National Space Intelligence Center, which will be operated by Delta 18. You know, about 10 miles from here, the Wright brothers worked, dreamed in their bicycle shop, dreamed of flight. And much closer than 10 miles, not very far at all from here, is Huffman Prairie, where of course the Wright brothers practiced and really, really learned how to fly. And from humble Ohio beginnings, men such as John Glenn, Neil Armstrong, and more rose to greatness as space pioneers. Today, once again, we're celebrating an Ohio benchmark with the founding of this center. And this is something that we're so happy, so happy to celebrate today. You know, it may sound futuristic and is focused on emerging issues in space, but this organization finds its roots in the National Air and Space Intelligence Center. Ohio has long hosted this vital organization, and the connection between the two intelligent superstars is vital to our nation's military capabilities. The establishment of the new center follows the long tradition and the legacy of the foreign technology division at Wright-Patterson. And it benefits from Ohio's innovative strength and outstanding military and civilian workforce. Ohio supports its defense workforce, both military and civilian, as well as their families. We aim to be the most military and defense-friendly state in the union, and we work at that every single day. This workforce and their families are embedded in the very fabric of our great state. Our efforts to support them will continue. Under Secretary Ortiz Jones, we can confidently, confidently place this new mission in Ohio because we are here to support it and to support the great workforce. This mission, this so very important mission, simply does not happen without the people. So again, congratulations on the establishment of the National Space Intelligence Center in Delta 18. You all make us proud. Thank you. Thank you for protecting us. Thank you for protecting this country. Thank you, Governor Dwine. Our next speaker is uniquely qualified for this particular event. She is a former commander of the National Air and Space Intelligence Center and the current Space Force Director of Intelligence Surveillance and Reconnaissance and has been confirmed as the next Air Force Deputy Chief of Staff for Intelligence Surveillance and Reconnaissance and Cyber Effects Operations. Additionally, she was born and raised in Beaver Creek while her father worked as an analyst at the predecessor organization of NACIC. Please welcome to the stage Major General Leah Lauterback. Good morning, everyone. Thank you so much for being here. Ladies and gentlemen, teammates, this has been a long day coming. I know for my staff, we've worked on this for two solid years, and I think that there are people in the audience that have been probably waiting for this and working on this for much longer than that. I am super excited. I'm going to try not to cry while we have the ceremony, but I might do it later this evening. The Intelligence and Department of Defense leadership, they gave us a direction about 18 months ago to stand up the Service Intelligence Center for the Space Force. So the event today is a culmination of a lot of hard work by not just the Wright Patterson team, but by our team out in Colorado Springs. The staffs in D.C., that's the ODNI staff, the USDI NS staff, our Air Force staff, and the Space Force staff. So I have to thank all of them, and I do want to call out just one person, and that's Roger Wortman. I don't know where Roger is this morning, but there he is. He is our lead AO from the Space Force staff and has put in countless hours to not just make this day happen, but where it is that we want this National Space Intelligence Center to go in the future. So his job is not yet done, but he has done a fabulous job so far. So thank you, everyone, to get us across the line today. This Service Intelligence Center is not just for the Space Force, and it won't just benefit the Space Force. It's going to benefit every combatant command, the greater Department of Defense, the intelligence community, and our countless policymakers, the hipsy, the sissy, the hask, the sask, all of the committees depend on the analysis that comes out of the National Space Intelligence Center. So I am expecting great things from you. Governor DeWine, thank you, sir, very much for your comments this morning, more so your leadership and the partnership that you just described in your comments, and really for taking care of our airmen and our guardians over the last number of years, but specifically over the last couple of years. Thank you very much, sir. We are indebted to you. And I can say exactly the same for Congressman Turner and the mayors that are here with us today, Mayor Keller, Mayor Williams, and Mayor Stone. I will say the advocacy and the partnership, and I'm going to characterize it as love that you have for our airmen and guardians here at Wright Pat is truly remarkable and we cannot thank you enough for your support. I know why you do it, too. It's because you love national defense. Who doesn't love national defense and national security? And these professionals, both at NACIC and now at INSIC, they are the best at what they do. So the folks that we have from the counterspace as well as the space analysis squadrons that will be renamed today, they are the best in the business and they are consistently sought after for their analysis within the Department of Defense and the intelligence community. I truly count my father as one of those professionals as he was here with the Foreign Technology Division a number of years ago, but he remarks to this day about his time there at FTD, the family, the family here in the community as well. And of course, it's all positive comments. During my time here at NACIC, 2014 to 2016, I came to find out just how important the family is here at Wright Pat, both at NACIC, now at INSIC, and then the community at large. The family, NACIC was a family then, NACIC is a family now. We're presenting INSIC as a brother or sister, a co-equal to NACIC, and so we are introducing a new family. These two families, however, are intertwined. They cannot exist without one another. They will rely on each other for analysis of some of the workforce, they will be supporting each other. And therefore, those are a couple of the reasons that we chose Wright Pat and to stay co-located with NACIC where we wanted to put the National Space Intelligence Center. I do not see that changing at any time. It begs the question, I think, as to, well, why do we need to stand up a National Space Intelligence Center? And the truth is that we needed a sharper focus on the space threat that is there today. The guardians, those civilian and military folks that are in the audience today and virtually, they have the expertise today, but we need to continue with that expertise in the future. So as you'll also hear, I think, from the speakers behind me, INSIC was the right decision, the location is the right decision, and it's based off of that threat and the expertise that we need to provide. So congratulations, Colonel Marcus Randall, on your command today. First commander of the Space Delta 18 National Space Intelligence Center, really to the entire family here. Congratulations, you should be very proud. We are expecting great things in the couple of coming years. So today I have the privilege of introducing two incredible professionals. As the director of intelligence surveillance and reconnaissance, I wear a few hats at the Pentagon. One of those hats is as a space force senior intelligence officer, and so I serve the secretary of the Air Force, the under secretary of the Air Force, as well as the chief of space operations. A second hat that I wear is as the head of the intelligence community element, and thus I serve, and we serve, director of national intelligence, director Haynes as well. I consider both of these professionals to be my bosses, and that's why I wanted the opportunity to actually introduce them today. So first, I'd like to introduce honorable Gina Ortiz-Jones as our secretary of the Air Force, Under Secretary Jones is responsible for the affairs of the Department of the Air Force comprised of Air and Space Forces, the welfare of approximately 700,000 members and their families. A unique bit about Under Secretary Jones is that she served as an intelligence officer within the Air Force, the defense intelligency, and a few other postings. I can tell you that she reads what you write, analyst out there, and she listens intently to your briefings, and oftentimes I see Under Secretary Jones as the toughest and providing the more thought-provoking questions for our analysts. She is always trying to make us better. Under Secretary Jones, ma'am, thank you for your remarks today and your leadership. All right, well good morning. Welcome on behalf of Secretary Kendall, I wanna congratulate the entire team that made today possible.  It's a historic day for the Department of the Air Force, for the Space Force, as well as for the intelligence community, and I can feel it, General Lauterbach. But this day is, it's finally here, I can feel the enthusiasm. I first also wanna thank Wright State University for hosting us today. Thank you for being so generous in allowing us to celebrate here today. I also wanna recognize some of our VIPs with us today. Governor DeWine, thank you. Thank you to the community as well, show our airmen and our guardians and their families. As the birthplace of aviation, Ohio has a special place in history, and we are grateful for your continued leadership, support, and dedication to our Department of the Air Force. Representative Turner, thank you as well for your steadfast support to the Department of the Air Force, and for your advocacy for our intelligence community. My senior military assistant, Space Force Brigadier General Select, Kristin Panzenhagen, was previously assigned here, and she said she would see you so often, she would bet money that you could recite the mission brief. So I think when you show up, speaks a lot to what you care about, so thank you, sir, for your continued support. And certainly, Director Haynes, thank you for your outstanding leadership over the entire intelligence community and your attendance today demonstrates the important role space will continue to play in the future of the IC. It's also a really special time for the Space Force. I am here with you today. General Raymond was just in San Antonio celebrating and speaking to the first 71 guardians to graduate BMT under a unique space-centric curriculum in conjunction with Air Force basic training. So we are so proud of the progress that Space Force has made in such a short amount of time, and we know that's due in large part to leaders like Toby, the Chief Mass Sergeant of the Air Force that's here today. So today we are taking a step forward in enabling the Space Force's motto of Semper Supra always above. By organizing and aligning our space intelligence efforts under this new center, we are bringing together the brightest minds and unmatched experts on space capabilities. This activation will ensure our continued access to space and maintain our space superiority. The National Space Intelligence Center will provide the intelligence community with a profound understanding of space capabilities and underscore the indispensable ability of space operations. The simple fact is space is decisive. Space superiority will be decisive in our ability to address the pacing challenge, the threat posed by China. This center is more important than ever as China and Russia continue to field intelligence surveillance and reconnaissance as well as field counter space capabilities with an intent to undermine both U.S. and allied military advantages. It is essential that we fully understand and address these advancing threats now while preparing for the future where space operations and those capabilities provided from space will play a decisive role for our joint force. All of that work starts with a clear right understanding of our adversary's intentions and capabilities. As this audience knows well, intelligence operations require foundational understanding of foreign intentions, doctrine, development, and ultimately the implication posed to our four fighters. On an even larger stage, this effort requires providing policymakers with options which require sound, timely intelligence. Having accurate and timely intelligence allows the department of the Air Force and our intelligence community partners to synchronize our modernization efforts and best prepare for the future fight. One of the department of the Air Force's top priorities is the work we are doing to define and resource, Representative Turner, that's for you, resource, a resilient and effective space architecture. As many of you may be aware, Secretary Kindle shortly after arriving charged us with seven operational imperatives and those are really those operational problems we need to solve in order to maintain air and space superiority. And with an understanding that space is decisive, it should surprise no one that the very first operational imperative upon which the rest rely is the operational imperative that says, define an effective and resilient space-based order of battle, right? This is the very first one. All of our success depends on our ability to get that right. Given the joint forces rely, excuse me, on the capabilities provided from space, the space force has a no-fail mission and we're building an architecture to ensure just that. In collaboration with our partners in the intelligence community, the Department of the Air Force will continue to provide joint solutions to deter and if needed, win our nation's wars. This is what our warfighters, allies, and partners expect. This is what the pacing challenge demands and this is what we must deliver. So make no mistake, space is a warfighting domain today and an ever increasingly contested one at that. The U.S. cannot project power militarily if our space-based operations, which enable the entire joint force, are absent or incapable of enduring while under attack. Likewise, we place our joint and allied forces at risk on the battlefield if our adversary's space-based systems are able to operate with impunity. The National Space Intelligence Center is here to ensure that day never comes. The guardians and airmen assembled here today are well aware of the outsized role space operations play in our national security. Maintaining our ability to project power requires an intelligence community capable of characterizing, anticipating, and communicating threats at the tactical, operational, and strategic levels and I have no doubt that the center is up to that demanding challenge. So with its establishment today, the National Space Intelligence Center becomes the newest member of the intelligence community. And Secretary Kendall and I stand ready to support NSIC as it works to accomplish the IC's mission. As General Lauterbach said, this family, this team is going to continue the legacy of NSIC by producing the highest quality intelligence to our senior leaders, acquisition professionals, and warfighters. The NSIC team has set the foundation for today and thank all of you for what you can continue to do. Lastly, a word of thanks to the team and one special leader who has made today's standup a reality. General Lauterbach, thank you for your vision, your insight, and your persistence in establishing this center. Colonel Randall and to your team, the whole team, Tamara, Daley, I'm sorry that Darrington couldn't be here.  That's how my family rolls. So I appreciate that. And, you know, it certainly takes the whole team to, that is behind each of our successes. I want to congratulate you on your role at this historic moment and the trust that we have placed in you to lead our guardians, our space intelligence professionals at this time, and we know that you will lead them well. Director Haynes, thank you again for your leadership and thanks again for your support in standing up this center. We are so pleased that you were able to join us today and your presence again demonstrates the importance of the establishment of this center. And finally, I want to speak to the men and women doing the mission. Thank you for what you are doing. Thank you. Our analysts, our scientists, our collectors, our analytical leads, thank you. You've done great work. Secretary Kindle and I see that as we start each morning with an intelligence briefing. No kidding, eight o'clock just as Leah mentioned. And I can say for a fact that your analysis is directly impacting our investment decisions as we speak. No kidding, as we speak, we are finalizing what we will invest in for the fiscal year 2024 to 2028. And that's largely based on how well you've articulated the threats we face in and from space. That's not a joke. Direct impact, so thank you. And I know you'll continue to provide the highest quality of analysis needed to keep our country safe. Thank you for allowing me a little bit of time today to celebrate with you, to congratulate with you. And again, on behalf of Secretary Kindle, the entire Department of the Air Force, thank you. Congratulations, Semper Supra and one team, one fight. Thank you, Under Secretary Jones. Very inspiring. Next, I'd like to introduce the honorable Avril Haines as the Director of National Intelligence. So Director Haines likewise has a deep national security experience serving the National Security Council. She was the Deputy Director of the CIA and a variety of other roles. Director Haines has both a law degree and a degree in physics. And so when she is reading your reports, she's looking at them both from a very scientific view and a policy view, a very methodical view as well. Director Haines is not only an incredible national security professional, but she's also a team builder. And she has welcomed the space force into the intelligence community with open arms over the last couple of years. And I am thankful for her leadership and her partnership. Thank you, ma'am, for your remarks and being here today. Thank you so much. Leia, your, frankly, leadership in this area has been absolutely extraordinary. All of you, Colonel Randall in particular, thank you, and all your command personnel on the standup of the National Space Intelligence Center. And thank you also to Governor DeWine, Under Secretary Jones, Lieutenant General Whiting, Congressman Turner, all of our distinguished visitors today and their families. I know we would not be here without your support. And it is truly an honor for me to be here representing the intelligence community for this ceremony. I cannot stress enough how important space force intelligence is to our national security. And the establishment of this service intelligence center is a critical step to shape the future of the space force, improve acquisitions and drive innovation across the community. And there is no doubt that the transfer of these NACIC units to NACIC better aligns our nation's intelligence resources to focus analysis and production for an ever-evolving space mission. As a service intelligence center for the US Space Force, NACIC will be well-positioned to support US and allied space decision makers at an absolutely critical moment in the history of space development. The opportunities for our nation in space are extraordinary. Already, it is critical to our communications infrastructure for early warning systems, for protecting our planet, our environment, for our national security, our intelligence and our prosperity. And the secure development of space serves all of mankind, yet states such as China and Russia, the Under Secretary mentions others will, are developing, testing and fielding an array of counter space weapons to monitor, to target US and allied satellites. And thus, our capacity to understand what is happening in the space domain is crucial to our ability to operate in space. In the years ahead, the environment will only become more contested. And so we move forward, and as we move forward, NACIC will be relied upon to produce and analyze scientific and technical intelligence related to space for the entire nation. This could not be more important, for if NACIC does its job well, as I know they will under Colonel Randall's gifted leadership, we and our allies will make better decisions about space. I know the women and men of the space force are up to the challenge with NACIC leading the way. And congratulations again. I really look forward to working with all of you as you begin your mission. And I know so many of the leaders here that will support that work going forward. And we could not be prouder the folks who will be doing it. Thank you so much. Thank you, Director Haynes. Our next speaker is also the presiding official for this ceremony. He oversees the preponderance of U.S. space capabilities, and under his charge, he generates, presents, and sustains combat-ready intelligence, cyber, and space, and combat support forces. With the activation of Space Delta 18, this will be the 11th Delta under his command. I am proud to introduce the commander of Space Operations Command, Lieutenant General Stephen Whiting. Governor DeWine, Director Haynes, Congressman Turner, Undersecretary of the Air Force Jones, Mayor Keller, Mayor Williams, Mayor Stone, Chief Toberman, Lieutenant General Cruz, Mr. Taylor, Major General Lauderback, Mission Partners, Civic Community Leaders, and most importantly, the men and women of Space Delta 18. Good morning, and thank you all for being here today. I am truly honored to be here on this great day in Ohio as we make history for the United States Space Force, Space Operations Command, Space Delta 18, and the intelligence community. And it's always a treat for me to be back at Wright-Patterson Air Force Base because this was where I was born many years ago. Well, my parents were stationed here as my father was attending the Air Force Institute of Technology as a young Air Force officer. Thank you to the Dayton community for all you do to embrace military personnel who call Wright-Patt home like my family so many decades ago and like Delta 18 today. So here we are to witness the activation of Space Delta 18 along with the establishment of the National Space Intelligence Center while welcoming its first ever commander, Colonel Marcus Randall. From the creation of our new service, the U.S. Space Force just two and a half years ago, our focus has been on deterring a conflict from starting in or extending into space while being prepared to defend American and allied interests in space when called upon. As you have heard it said before, space is now a war-fighting domain. Because of the threats we see, spaces become, threats have now started on the earth, they're in cyber and they're on orbit. And all of these threats have driven a cultural shift that has resulted in our new service, a new combatant command, new ways of organizing and operating, and new ways of determining how capable these threats are so that we can execute our space mission successfully. And that brings us to the importance of today's ceremony. Today we will establish the National Space Intelligence Center and activate Space Delta 18. Now INSIC and Delta 18 are the same organization, but both names will be important. One, the National Space Intelligence Center will highlight your critical role as a service intelligence center. The second Space Delta 18 will highlight that you are a U.S. Space Force Delta, our kernel-led level of organization and fully equivalent to our other deltas, which are the war-fighting units of the U.S. Space Force. Additionally, we will transfer two units, the space analysis and counter space analysis squadrons, which are being renamed to the first space analysis and the second space analysis squadrons, respectively, from the National Air and Space Intelligence Center to INSIC. NACIC is up until this very moment and has been the service intelligence center for both the Space Force and the Air Force and has provided unparalleled intelligence to the nation and our allies for over 100 years. With a century of deep analysis and comprehension of adversary capabilities, NACIC has driven Space Force's understanding of threats as well as our war-fighting concepts and multi-domain operations across the Joint Force. The transfer of these NACIC units and stand-up of INSIC will align these resources directly under the Space Force as we continue to transform every facet of our space missions. NACIC's vision has been to empower intelligence experts to employ game-changing capabilities to deliver war-winning results. The integration of NACIC's innovative techniques to exploit information about our potential adversaries is exactly the foundation we need to build from in INSIC as we move towards unlocking space power's full potential. The activation of Space Delta 18 and the establishment of a separate National Space Intel Center strengthens our ability to deliver appropriate, game-changing, foundational intelligence unique to the space domain. As the service intelligence center for the US Space Force, this center will be an independent organization capable of supporting US and allied space decision-makers by providing quality intelligence support informing space system acquisitions and national defense policy. With national level responsibilities, INSIC will be essential to the formulation and implementation of national policy and strategy driving the pursuit of critical DOD and intelligence community capabilities. In SPOC, our number one priority is to prepare combat-ready, intelligence-led, cyber-secure space and combat support forces. And I have no doubt we are taking a significant leap forward in our ability to lead our operations using intelligence with the stand-up of Delta 18. And let us be clear. There is no other place we would want INSIC to be than Wright-Patterson Air Force Base, fully partnered with NACIC going forward. So on behalf of all of us in Space Operations Command, I want to thank Colonel Ariel Batung-Bakal for a job very well done by NACIC. Colonel Batung-Bakal, I understand that you just took command earlier this month, but I want you to know how much we truly appreciate all that NACIC has done and will continue to do for INSIC and the entire Space Force. Major General Lauterback, thanks to you and your staff for your leadership to get us to this moment. You have led the charge on INSIC, including specifically in the DCAOR, and we have been so blessed to have an airman of your caliber embrace our mission and lead inside the US Space Force as you have done, as our Deputy Chief of Space Operations for Intelligence. As a previous NACIC commander, I know you are immensely proud of both of these great organizations and all that they have accomplished and all that they will accomplish. To do the hard work which will result in these future accomplishments, Space Delta 18 will be comprised of 345 guardians and airmen, military and civilians alike. With a mission so critical to our service and our nation, this unit requires a proficient, intellectual, and mission-focused leader. Colonel Marcus Randall is the perfect fit for this challenge and the right leader at the right time for Space Delta 18. Colonel Randall has an intriguing background and a story that has well prepared him for command, a story filled with overcoming challenges, perseverance, and resilience. Growing up, Colonel Randall was fascinated by the military. His father, Corporal Randall, was a cook in the United States Army and his uncle served in Vietnam, so Marcus knew he wanted to serve as well. Marcus told me that his father gave him some advice about which service to join, and I quote Colonel Randall. Remember, I'm quoting, not editorializing. Colonel Randall told me that his dad said, quote, you're too smart for the Army, so Marcus joined the Air Force. Colonel Randall told me that he recalls meeting with his counselor during his high school 10th grade year and when asked what college he wanted to attend, the counselor began suggesting colleges for him, all local Mississippi colleges, which is the state I grew up in, by the way, as well. With the assumption that Marcus would not go beyond the state, but Colonel Randall told her, I want to attend the U.S. Air Force Academy, and that is exactly what he did. Overcoming the odds, he was the only African-American student from his hometown at that time that attended a service academy, and while attending the academy, Marcus also met his wife, Tamara. Having been there from the start of his career, I know Tamara has been essential to his resilience and success. Marcus graduated from the Air Force Academy in May 1997 with a degree in behavioral science, and in a very unique assignment, he was afforded the opportunity to use his degree as an aggressor psychological operations officer for the Air Force Information Warfare Center in San Antonio. A standout among his peers, Colonel Randall was sent to the Army PSYOP officers course, where he graduated with distinguished honors and number one in his class. After this assignment, the Randalls moved to the front range of Colorado, where Marcus was assigned to the previous instantiation of US Space Command, J2, as a target development officer at what was then Peterson Air Force Base. Like you, Marcus, I also arrived at that previous version of US Space Command in the summer of 2002, right before it was announced that it was being disestablished in the wake of the 9-11 attacks, with its space missions being transferred to US Strategic Command in Omaha. And during this time, Colonel Randall and Tamara became parents to daughter Daly and son Darrington. After just one short year at Peterson, the Randall family made their way to off at Air Force Base, Nebraska, where Marcus served on the US Strategic Command staff as the chief of the regional intelligence team before being pulled up to be a special assistant to the US StratCom commander. Following their time in Nebraska, Colonel Randall and family made their way back to the front range, this time to what was then known as Schriever Air Force Base, where Colonel Randall became the director of operations for the 595th Operation Support Squadron. After this assignment, Colonel Randall moved to what was then Vandenberg Air Force Base as the director of operations for the 18th Intelligence Squadron. Interestingly, that is today's 73rd ISR Squadron, which is a Space Force unit headquartered right here at Wright-Patterson. Colonel Randall deployed during this time to Afghanistan with duties at the Combined Forces Special Operations Command, where his intel experience was key to several life-saving missions. After just a year and a half at Vandenberg, Colonel Randall was selected for intermediate development education at the National Defense Intelligence College, earning his Masters of Science in Strategic Intelligence. Following school, Colonel Randall went to the Pentagon, where he was assigned to the headquarters Air Force A2 staff as the operations officer for the ISR Task Force. Two years in DC and the Air Force knew it was time to give this gifted officer an opportunity to command. Colonel Randall took off to Goodfellow Air Force Base in Texas, where he took command of the 17th Training Support Squadron. And I'll be the first to tell you that every command has its challenges. However, a true reflection of character is how you deal with and overcome these challenges. Marcus overcame many challenges faced during and after his command. And as stated by a famous Greek philosopher whose name I can't pronounce, the content of your character is your choice. Day by day, what you choose, what you think and what you do is who you become. Who Marcus Randall became after such a challenging command is the reason we are all here today, witnessing him taking command of Space Delta 18. His resilience and strength to keep leading when faced with adversity has allowed for his continued service and accomplishments. And I am honored that we get to witness such a confident leader take command today. Following this command, Colonel Randall completed several staff tours. His staff time included Air Force Global Strike Command from which he deployed to Kabul, Afghanistan, and was awarded the first ever Air Force level deployed intelligence officer of the year award. From there, he headed to U.S. Cyber Command at Fort Mean, Maryland before heading back to D.C., where he began his most recent position as chief of the Intelligence Surveillance and Reconnaissance Resources and Requirements Division for headquarters U.S. Space Force working for Major General Otterback. Marcus, you have had both a notable and inspiring career highlighted by several achievements. As I look in the audience today, I am positive that you would say none of this would be possible without the tremendous support and influence of your family. I want to thank Tamara, Daly, and Darrington. You have stood by your husband and father during long work hours, challenging times, and many, many deployments. You too have paid a significant and often unacknowledged toll as you have been asked to adjust to new environments, schools, jobs, and friends. I want to also recognize Colonel Randall's mother, Mary. Thank you, ma'am, for your faithful support to Marcus. I know you are proud of the person he is today. Father and stepmother, Benny and Dolores, thank you for your encouragement to Marcus throughout all these years as well. And, Benny, I want to thank you for your service to our nation and also thank you for telling Colonel Randall not to join the Army. This worked out great for the United States Air Force, and now we get the opportunity to use his talents in the U.S. Space Force as well. Additionally, I want to recognize Marcus's brother, Adrian, and his two children, DeWayne and Deanna, and his sister, Nikki, her husband, Darius, and their two kids, Mitch and McKinley. Sergeant Darius Jones, thank you for your service as a transportation specialist in the Army Reserves, and thank you all for your dedicated support to Marcus over the years. I want to also take a moment to thank Major Tiny Bowman, longtime wingman of Colonel Randall, for being here today. He speaks very highly of you and your time as a counselor to him, and so thank you for that continued support to Colonel Randall. Marcus, I have every confidence that you will serve Space Delta 18, the National Space Intelligence Center, Space Operations Command, the U.S. Space Force, and our nation well in your new job. You are the right leader at the right time to continue the development of our foundational space intelligence missions. Congratulations on taking command, and I look forward to watching the successes of Space Delta 18 on your watch. Now let's get on with the squadron redesignations, stand up of Delta 18 and the assumption of command and make all of this official. Thank you and Semper Supra. Thank you, Lieutenant General Whiting. The first step in the organizational changes that you're about to witness is the redesignation of the Space Analysis Squadron and the Counter Space Analysis Squadron as they transition to first Space Analysis Squadron and second Space Analysis Squadron. As the United States Space Force, Space Operations Command, embarks on this new chapter in standing up Space Delta 18, it is important to understand where we came from. We will now pay tribute to the history and heritage of the Space Analysis and Counter Space Analysis Squadrons. In the 1950s, the Space Intelligence Mission was conducted by the U.S. Air Force's Air Technical Intelligence Center, or ATIC, serving as one of the Defense Department's sources of information on the birth of the Russian space program. As the space race continued, it was clear that ATIC's role in space related analysis was crucial for national security. As such, the air portion was changed and the unit redesignated as the Aerospace Technical Intelligence Center. Expanding its portfolio to include Chinese trends in offensive missiles and Soviet human space flight, ATIC solidified its place as a leader in intelligence for space. In 1961, ATIC became the Foreign Technology Division, or FTD. From the 1960s through the 1980s, FTD demonstrated its leadership and space intelligence through advances in trajectory and signature analysis and forward deploying teams to collect Soviet space debris worldwide. In 1993, FTD became the National Air Intelligence Center, or NAIC, where it continued to provide space intelligence support during a period of rapid expansion of space capabilities across the globe. In 2003, NAIC was redesignated as the National Air and Space Intelligence Center, where it continues to carry out world-class support in the space intelligence arena. In 2008, the Air Force created its first Space and Missiles Analysis Group, including the Space Analysis Squadron and the Counter Space Analysis Squadron, the two squadrons that you've seen before you today. With the creation of the US Space Force, portions of the National Air and Space Intelligence Center, including these two squadrons were identified to stand up as the National Space Intelligence Center at Wright-Patterson Air Force Base, Ohio. Now the colors of the two squadrons are furled, and the illustrious space lineage and honors of this organization are returned to the United States Air Force. Although the flags are furled, the men and women who have served in the Space Analysis Squadron and Counter Space Analysis Squadron will forever hold the bold legacy of the space wombats and the space cowboys within their hearts, as the space history remains within Space Delta 18 National Space Intelligence Center at Wright-Patterson Air Force Base. The redesignation of Space Analysis Squadron as the first Space Analysis Squadron and the Counter Space Analysis Squadron as the second Space Analysis Squadron represents the continued evolution of the space intelligence community. Today, we will witness the activation of the National Space Intelligence Center. In keeping with tradition, the guide on was entrusted to the senior enlisted leader. Chief Master Sergeant Owens stands proudly with Lieutenant General Whiting and Colonel Randall expressing the special trust and responsibility bestowed upon the enlisted force. We will now commence with the activation and assumption of command for Space Delta 18 National Space Intelligence Center. Lieutenant General Whiting, Colonel Randall, and Chief Master Sergeant Owens, please come forward. Ladies and gentlemen, please stand. By order of the Secretary of the Air Force, Space Delta 18 National Space Intelligence Center, Wright-Patterson Air Force Base is hereby activated. Furthermore, the Space Analysis Squadron Wright-Patterson Air Force Base is redesignated to first Space Analysis Squadron and the Counter Space Analysis Squadron is redesignated to second Space Analysis Squadron effective 24 June 2022. Colonel Marcus Randall has been entrusted to assume command of Space Delta 18 National Space Intelligence Center. Thank you, Lieutenant General Whiting, Colonel Randall, and Chief Master Sergeant Owens. Ladies and gentlemen, please be seated. Formation, all in. It is with great excitement and anticipation that I now present for the first time the official emblem of Space Delta 18 National Space Intelligence Center. The elements in the new emblem are drawn from traditional iconography, both in the space and intelligence communities. The design of the proposed NSIC emblem incorporates elements that recall the organization's NASA heritage while simultaneously looking towards the future that spurred its formation. Platinum is the distinctive color of Space Operations Command. This represents the strength of Spock's guardians and civilians, the rarity of its calling and the nobility of its mission. The majestic sphinx, an ancient symbol of wisdom, knowledge, and the challenges that NSIC analysts will solve is invoked out of pride in an organization that traces its roots to the earliest days of aerospace intelligence. It sits omnipresent over the world, just as the domain that the analysts of NSIC will monitor and help to protect and defend and gazes upwards, drawing the viewer's eye from the past to the future and the blackness of space. In that blackness, a northern star is prominently displayed. Its eight points symbolize the points of accomplice, displaying how NSIC's intelligence professionals will analyze and assess to guide the United States' acquisitions, policymakers, and warfighter communities through this new frontier. It is now my privilege to present for the first time the commander of Space Delta 18 National Space Intelligence Center, Colonel Marcus D. Randall. Good morning, everyone. And General Lagerbeck, I promise I won't cry, but I'll try to maintain my composure. All right. First, I must give honor where honors do. I thank God for this opportunity. For those of you who know my journey here, know that it was only by His grace that I stand here today. To Director Haynes, Undersecretary Jones, Mr. Taylor, and all the senior leaders here, I want to say thank you for commemorating and celebrating this momentous occasion with us. To General Whiting, for taking on the establishment of this center as a Delta under your command and for entrusting me to lead it. And to General Lagerbeck, ma'am, for your tireless advocacy and efforts to see from the very beginning to see this idea we call the National Space Intelligence Center come to fruition. And also, ma'am, for believing in me. Governor DeWine, Representative Turner, local and civic leaders, thank you for the support you have given our men and women and our mission. And I look forward to that continued relationship. This past weekend, we were visiting the Caroline Historical Park. And I realized that I unknowingly had ties to Ohio. My grandmother worked and retired from a plant back home that made electrical components for GM cars. That plant was packet electric, later Delphi, which actually started here in Ohio. And for me personally, I'm a huge fan of late 60s and 70s, 80s funk music. So to be in the stumping grounds of the Ohio players and one of the baddest bands in the land, with hits like Love, Roller Coaster, Skin Tight, and Fire, boom, boom, boom, I mean. And Cincinnati right down the street, the home of legendary guitarists, Bootsy, Bootsylla Collins, I mean, for me, what better place to be. To my family and friends, I know it hasn't been easy. By my count, this is our 13th move in 25 years. By my Mississippi math, math with the F, that's on average a move literally just short of once every two years. To Major Tiny Bowman, ma'am, you are truly and literally the reason I am standing here today. And thank you. Thank you very much. To my man, Roger Wortman, Captain Kwa, AKA Dr. Klaw, and the entire team, some of you who have been involved in this from the very beginning, simply put, exhale, breathe now, take a bow, job well done.  She said, we ain't going to stay here forever and stand here forever, so. And you obviously can see the relationship that I'm going to have for the next two years. But Chief, ma'am, please allow me for a few additional minutes to tell you all about Marcus Randall, on whose birth certificate, Colonel, just like Lieutenant, Captain, Major, and Lieutenant Colonel, does not appear. To the men and women of Space Delta 18 Inc. Insighting to Marcus Randall helps you understand what makes Colonel Randall. What I expect of myself, what I will expect of you, what you will expect of each other, and just as important, what I expect you to expect of me. So Chief, are we good? Can I take those from you? Thank you, ma'am. All right. So as stated, I was born and bred and grew up in a single-parent home in one of three black neighborhoods, or hoods, frankly, and what is now a small town, just a small city just outside Jackson, Mississippi. To be frank, I didn't grow up in this New Age Mississippi, the one with the Magnolia flag. I grew up in what I call the old Mississippi, the real Mississippi, the one with the Confederate flag in the corner, the one that spelled with cricket letters and humpbacks, the one that, for those of us who grew up in it, a textually and proudly referred to is growing up in the sip. So when you're bored and you just want something to do, come chat with me. Because like all good Mississippians, we have plenty of good stories. Like in the third grade, being divided up into reading groups, which was just a euphemistic way to organize us based on, frankly, socioeconomic demographics. In the sixth and seventh grade, being recruited to join Black Gangster Disciples Folk Nation. And for those of you who don't know, it's a major Chicago gang that found its way to the south. Or having your academic counselor. Totally dismissed the fact that you told her, I want to go to the United States Air Force Academy. And she said, what about Jackson State or All-Coin? Two of the three HBCUs in Mississippi, only to open your record and go, wow, which are great. So we might be able to get you into Mississippi State or even Ole Miss. How did I defy the odds of growing up in that not Mississippi, or as it's pronounced, Mississippi? My mother, who worked at one time three jobs in order to take care of two knuckleheaded boys. From whom I learned commitment, work ethic, persistence, and perseverance. My dad and uncles, whose tough love taught me that true manliness is my ability and willingness to hold my own, stand my ground, stand up for myself and my beliefs. And when those times come, and yes they will come, fight figuratively and when necessarily, literally.  A grandfather who didn't even finish the sixth grade was still provided for his family. One of his favorite shows was a Ducal Hazard. You know, just two good old boys, never meaning no harm, been in trouble with the laws since the day they were born. A grandmother in her sixties and retired from Delphi, out of her own determination and with the help of my cousin a pharmacist got her GED. And great grandparents who proudly owned the land upon which they were once sharecroppers. And one set of those great grandparents on that same land, their folks were in fact slaves. From time to time I reflect on their stories. Every day I carried me the values and lessons they taught us, which we internalized after some backside reinforcement. One being that don't expect or seek pity from others, much less indulge in self-pity, to get over myself and press forward. That only through my own sweat equity was I to earn the same outcome as others. As such, my choices and my efforts determined who and what I became. And that the standards are indeed the standards, neither for themselves nor for me, were they to be changed and definitely not lowered. See, they kept telling me time and time and time and time again that I was going to show, as they say, that I can get my lesson just as good as they can. And without excuses, period. That was my responsibility and my responsibility alone and for which I and only I am accountable. So why do I share this with you? Well, in his strategic leaders need vision address, General George Casey, United States Army retired, stated, leaders with strong values build strong organizations and what more appropriate than this occasion today.  A building is only strong as a foundation and we will build this center and propel it forward through the symbiosis of strong values and unmatched space intelligence and expertise. Critical to the ever increasing importance of space to our nation and its allies and in the face of current and future threats and challenges. The insect mission and vision which I'm proud to say you all crafted and adopted will demand it and we will deliver. Our national leaders, joint war fighters, acquisition professionals and allies, they will depend upon it and we will not fail them. There are reasons why I adopted the Lobo as a center's mascot. I mean, if for nothing else, just calling ourselves wolves doesn't sound cool. It's like wolves, okay? But Lobos are masters of what they do and are always honing their skills. So are and shall we. Each and every Lobo has a role, purpose and function and the pack itself is founded in structure and in order. The pack is only as strong as each individual Lobo and the success of the pack truly hinges upon each and every Lobo embracing its role, selflessly fulfilling its purpose and expertly executing its function. That's why the Lobos guard their pack, ensuring the wellbeing, safety and security of each member. But it is also why they are so guarded of their pack. Starting with the alpha, they hold each other accountable and determine who becomes and who remains a member of that pack. Unmatched skills and expertise, high standards, dependability, accountability, structure, order and success. The very essence of the pack represents the very essence of the National Space Intelligence Center.  Collectively, we, to include your families, we are the pack. I, Colonel Randall, am honored to be your commander. I, Lobo One, am proud to be your alpha. You all are all my pack. Thank you. Thank you, Colonel Randall. Space Delta 18 will now report for duty and render their first salute to Colonel Marcus Randall. Colonel Randall will now come forward for a special presentation.  Roger Wardman, front and center. You did pretty well for old spec 4E8 center stage. I guess I need to stay a little bit closer to my... Can everybody hear me? Good. All right, for those of you don't know, Mr. Wardman has done God's work, nothing short thereof. When this idea called INSIC first started was Nicole Usery and Brian Pedrodi, who started carrying the football. Then Mr. Wardman picked up that football and did his best impression of Forrest Gump. He just didn't take it over the line. He started running through the stadium and everybody had to say stop, but as General Latterback said, you still have some more running to do. So, I know you didn't want to be embarrassed, but this is more than appropriate. Because of all your efforts and making this happen from the beginning and we're nowhere close again to those things too coming. Is that his mother? We asked that on behalf of the low votes, we consider you a plank on it. And that you accept this token of being a plank on it. Even more so, I got a few more of these to give out today. But there was, when we started designing this, I told Chief that very first person I wanted to give the Chief and Commander a Chief point to Mr. Rodgers. Because without the Chief, I'm done with this. And we're only served, this has 001. So, you are receiving the fact of the very first Chief Commander of the Chief. I would be crippling at the time of this if you would please accept this. Absolutely. Thank you, Colonel Randall and Mr. Wirtman. Ladies and gentlemen, on behalf of the men and women of Space Operations Command and Space Delta 18 National Space Intelligence Center, thank you all for joining us in celebrating this momentous event. We extend our congratulations to Colonel Randall and his family. Colonel and Mrs. Randall and Chief Master Sergeant Owens will host a brief receiving line to my left in front of the stage and a reception following on the backside of the stage. Please take a moment to sign the National Space Intelligence Center Historical Board as you go through the receiving line. This concludes today's ceremony. In keeping with tradition, please stand for the playing of the Space Force March and for the departure of the official party of a wonderful Space Force Day, Semper Supra.


there's many other things that happen as it's in a Khadija's life. Because what happens from this point on, we talked about until she got to 65, a 55 rather, she doesn't actually live that much longer after this. But she goes through some really difficult things. Like not only were the people saying terrible things about her family, but her daughters ended up being divorced because of it too. Her daughters, two of them were married to two sons of Abu Lahab. And they forced the sons to divorce their wives. And another woman would have said, no, no, no, no, no. Up until here, I draw my line. I don't want my daughters divorced, right? But she said, Allah will replace something better. And sure enough, that happened. Right? Because it's in a Ruqayyah, for example, ends up marrying, who? Aathman, bin Aathman, so much better than the sons of Abu Lahab, right? Things are not always what they seem. This is a message that shows up over the years.


Hi and welcome to the session. Today we will learn about circles. Here we have a circle with center O. Now let's see what is the radius and diameter of the circle. This stands from the center to any point on the circle that is the boundary of the circle is the radius of the circle and is denoted by R. Now diameter is twice of radius. So this is the diameter of the circle that is the length of the line segment joining two points on the boundary of the circle and passing through the center and we denoted by D. Now let's see what is the circumference of a circle. Circumference of a circle is the distance around a circular region or we can say that the perimeter of the circle is called its circumference. So here in this circle if we start from the point A and we move along the boundary of the circle and then we come back at the point A then the distance covered is the circumference of this circle. Circumference of the circle is denoted by C. Now let's see the relationship between the circumference and the diameter of the circle. The ratio of the circumference to the diameter that is C upon D is a constant that is pi whose approximate value is equal to 222 by 7 or 3.14. Thus we can find out the circumference of the circle using the formula circumference is equal to 2 pi R that is 2 into pi into radius of the circle. Let's take an example for this. Suppose we are given that the circumference of the circle is 26.4 centimeters and we need to find the diameter of the circle. Now we know that circumference of the circle is given by 2 pi R. Now we are given the value of circumference as 26.4 centimeters. So let us substitute the values. We have 26.4 centimeters is equal to 2 into 22 by 7 that is pi into R. So from this we get radius R is equal to 26.4 into 7 upon 2 into 22 centimeters which will be equal to 4.2 centimeters. Now we need to find the value of diameter and diameter is equal to 2 into R. So this will be equal to 2 into 4.2 centimeters that is 8.4 centimeters. Now let's move on to area of a circle. Area of a circle is given by pi R square. We will take an example for this also. We are given that a circular flat bed is surrounded by a path 4 meter wide. This is the path so that means its width is 4 meters. The diameter of the flat bed is 66 meters and we need to find the area of this path. Now to find area of the path what we will do is we will subtract the area of the inner circle from the area of the outer circle. Then we will get the area of this path. So we have area of path is equal to area of outer circle minus area of inner circle. Now for inner circle we are given that the diameter is equal to 66 meters that means radius will be equal to 66 upon 2 meters that is 33 meters. So area of inner circle will be equal to pi R square that is pi into 33 square meters square. Now radius of the inner circle is 33 meters and width of the path is 4 meters. So radius of the outer circle will be radius of inner circle plus width of the path that means for outer circle radius R will be equal to radius of the inner circle plus width of the path this will be equal to 33 meters plus 4 meters which is equal to 37 meters. Now let's find out the area of outer circle this will be equal to pi R square which is equal to pi into 37 square meters square. Thus area of the path will be equal to area of outer circle that is pi into 37 square meters square minus area of inner circle pi into 33 square meters square. Which will be equal to 3.14 into 37 square minus 3.14 into 33 square meters square as the value of pi is 3.14 and on simplifying this gives 879.20 meters square approximately. So area of the path is equal to 879.20 meters square. Thus in this session we have learnt about perimeter and area of a circle. With this we finished this session hope you must have enjoyed it. Goodbye take care and keep smiling.