Welcome back to the deal room and we've got a bit of a Christmas treat for you. We're going to finish the year with a two-part kind of episode. So we're going to break it down and it is essentially the top 10 banking themes in review from this year and what Steven's done is really great because actually, I think, if you're just interested in anything that's corporate finance, you'll really like the way he's broken it down. But more so, if you're a student, you've just been busy or you just haven't had time to catch all the previous episodes because probably cumulatively, there's a few hours worth by now. This two 20-minute episodes are going to really compact it, distill it down into what you need to know. And hopefully, even if you are going from zero, you should be pretty competent in terms of your know-how of how things have finished at least 2023 and a couple of things to look out for in 2024. So it's super useful for applications and things like that. If you're a student. So, without further ado, let's get down into this and we're going to do in this episode, spot 10 to number six and then we'll get the countdown from five to one in the next episode. So what do we have, Steven? Number 10 to kick us off in the chart. I'm a little bit disappointed on that. I thought you were going to insert some big over your big sound recording, you know, number 10, coming in at number 10, or maybe you're still going to do it. Yeah. Well, look, coming in at number 10, maybe I can try and do it with my own voice. Coming in at number 10, this is a theme that we've spoken about a lot. The Saudis come to play and they specifically come to play when it comes to sport and culture. If you've been a follower of this podcast for the last six to nine months, I reckon we've probably spoken about Saudi Arabia and say and spoken about their public investment fund, the PIF about $750 billion of capital to deploy, we've spoken about them a lot in a lot of different contexts. But the one that I want to just raise as one of the key top 10 themes of this year, 2023, my gosh, the Saudis have really gone into sports in a significant way. And my stat for this, I'm going to try and give you a stat for each one of these 10, my stat for this, between June 2021 and June 2023, the Saudis have spent about $6.3 billion on sports deals. Now, that's a lot of money. And it's a lot of money when compared to the $1.4 billion they spent between 2015 and 2021. So that is a significant acceleration, a real strategic acceleration that we have seen across football. We've seen across Formula One. We've seen across golf. You know, this has been something that we've really enjoyed speaking about during 2023. So if you were to pick one football player, major headline football player who's not at the moment in Saudi Arabia in 2024, who do you think they're going to go for? Oh, that's a good one. Why don't we go to Neymar's already out there, isn't he? I was going to pick Neymar. Ibrahimovic, you could have picked, but he's now become the sporting director of AC Milan's investment unit that I think you put an article about that out a couple of days ago. This is a tough one. It's a very, very tough one. Who loves the money? Who do you reckon, who loves the money? Well, I don't know. How much did Harry Kane go to Germany? He could make a lot more money out there, surely. And he's not young anymore, is he? He's not young anymore, but I've seen him in his later hosane with a picture of beer. He seemed pretty happy out there. So that's a good point. I don't know. It's a really good question. I'm not going to talk about it. I'll tell you what, I'll tell you what. Well, let's put this out to everyone who listens. Drop us a comment on the show and let us know. Who do you think would be the eye? The prize kind of transfer, if you like, for Saudis to get in 2024? Drop a comment on the podcast. Let us know. Or if you're watching this on YouTube, a comment. All right. Well, look, let's move this move the show on. And let's talk about coming in at number nine. The sports industrial complex enjoys a breakout year. Yeah. So this is actually, I wanted to tie these two together because we've spoken a lot, both obviously about the Saudis and the soft power and the culture washing and the sports washing, quote unquote, that that they've been that they've been doing in 2023. But link to that is this breakout year for what I call the sports industrial complex. So sports as business and the kind of the monetization of sports and sports obviously over the last 20 years have become ever increasing business as investors flock to a scarce asset. You know, there's a degree of scarcity. There's only going to be one Manchester United and, you know, scarcity is mandated in the US professional leagues as well. So scarcity plus the wide range of television rights and merchandise and even turning some of the some of the capital into into NFTs and things like that. So in a bad year for M&A in general, and obviously we'll talk a lot about M&A as a trend, sports deals has been a rare right spot. Now, here is an absolutely killer stat between 2018 and 2023. The combined value of Forbes analysis of the 50 most valuable sports franchises has increased by 90 percent. 90 percent increase in the top 50 global sports franchises. This is becoming big, big business. And do you know what I saw? Something that was super cool, but was a little bit pitching not for 2024, that's for sure. Long term, because this person had this augmented they're watching a basketball game, NBA or college basketball. And they had the the big screen up like a TV in their room. Then they had the augmented court with the players running around on a virtual surface on the table that was mimicking the actual live game. I mean, that that was just phenomenal. I was like, crikey, if they can actually not, I mean, obviously, we're not again talking 2024, but long term, it feels like sports. It's almost a good time with the rise of affluence in China, India, the rest, Africa as a continent. There's so much more to come with sport, it feels like.  There's only so many deposits of these these teams that exist. And thunder and absolutely critically, you're absolutely right. Absolutely critically. It's one of the only things that we now want to watch and need to watch live. So if you think about streaming, it's totally busted the TV model apart from for sports, because I don't want to watch a whole match on repeat, having accidentally already glanced at the score on one of my apps. It really is something that's very scarce and very valuable. And just a couple of things to bring this one to a close. Obviously, we've had the big acquisitions over in the states of the Washington Commanders, six billion dollars. It's one of the biggest ever sports acquisitions, if not the biggest actually. Michael Jordan's selling the Charlotte Hornets for three billion dollars. And this is an interesting one. So Goldman Sachs, we've spoken a lot about Goldman Sachs this year on the podcast, retrenching, pulling back from various different divisions. However, in September, they launched a new sports franchise unit within its investment bank. So as everything else is pulling back, the one thing that's pushing forward from a Goldman Sachs perspective is sports. So again, if you're thinking about your career and your loving sports, it's not a bad place to be. I wonder if you were to map an economic cycle and people's just general degradation in their way of living through a cost of living crisis. I wonder if sport actually becomes more popular because it's like almost like an outer body. Like you're living your dreams through hence the cultural connections to teams like Manchester or Liverpool and things like that, where typically it's a working class man's clubs. I wonder where the sports teams can kind of ride out their kind of economic cycles to some extent and actually from an investment perspective. Yeah. And look, they are they are the the ultimate necessity good for so many sports fans around the world. And they've, you know, from an economics perspective, buying, you know, buying a season ticket to your local football club is a very inelastic good. They can raise the season ticket prices and there'll be some grumbles.  So it's a brilliant business to get involved in. And obviously this is one that's going to going to run and run, I think, you know, through 2024 and beyond. Cool. All right. Well, look, let's move on to the next one.  We've been talking about this these themes so much, but to get the kind of distilled version from you is great. So this one is the mega deals in the oil and gas space coming in at number eight. They feel like they're just nonstop at the moment. Yeah. So this has been more of a Q4 2023 trend, but there has been a wave of mega deals and consolidation in the oil and gas space, especially in the US. And it's actually contributed to a potential slight recovery in the M&A market in Q4 2023. We did a podcast a few months ago about whether we're going to get to that three trillion dollar deal value, which is kind of the lower bar of what we expect to see in terms of M&A. And the oil and gas sector have kind of pulled it out the bag with two absolutely mega deals. So we've spoken about Exxon acquiring Pioneer, $60 billion and Chevron buying Hess for $53 billion. So two deals alone, two of the biggest, if not two, the two biggest in 2023, just a little reminder as to why, why have there been, why has there been this wave of consolidation and wave of mega deals? Well, firstly, these oil super majors like Chevron and Exxon sitting on loads of cash from the good years of 2021 and into 22 in terms of oil prices. Their share prices are quite buoyed by that and by their significant profitability so that they can use their shares in terms of buying another company. There's been a wave of consolidation in order to achieve economies of scale in the Permian Basin in Texas. So a lot of smaller, what, what you would call wildcat drillers have now started to be consolidated by the big players to achieve these economies of scale. And then there's also that last energy security point. All right, you know, if you're thinking about the US government, you're thinking, well, yes, we want to move towards renewables, but we want to make sure that we are totally energy secure. We've seen what's happened in Germany this year, regards to Russia and Ukraine. So let's keep, let's keep the doors open to these oil and gas deals because we want that sector to be really, really well protected. I wonder how many more targets there are in the Permian Basin? I mean, I don't actually know the answer to that question, but presumably, again, it's a natural resource. So there's deposits geographically and there's going to be ownership that exists because there was another deal just this week. Occidental petroleum have agreed to acquire Crown Rock, which again, US private shell oil producer. So yeah, I wonder whether or not that these deals in the year ahead will start to dry up a little bit if the presumably the acquisitions you spoke of are so large, they've probably got so much dominance over that shale that is there much grabs. Yeah, it's quite interesting. And he's also thinking about this in the context of our podcast last week when we spoke about the pharmaceutical industry and pharmaceutical companies, they get value based on what's going on at the moment and their drug pipeline in the future. Oil and gas companies aren't massively different. So oil and gas companies will be valued based on what's going on at the moment and their reserves of oil and gas that they can extract in future years. So this might also be a wave of consolidation to protect the future, the future of these businesses. Yeah, well, if I owned a private smaller shower oil company, I definitely have my for sale sign out the front of my house right now. I might as well cash it in. How should I get to the golf course? All right, well, let's move on. Number seven and surprisingly, number seven, I guess in the in the market trading context, it might have had a little bit of a higher chart position. But in the deal room, number seven, generative AI. So what do we have here? Yeah, it's an interesting one that would be higher. But if you actually think about the grand context of the world of the IBD division and the world of investment banking, what part does generative AI play? Well, from a deal making perspective, extremely, extremely small. So coming in at number seven, generative AI and the new hype cycle. This will definitely be number one across all of the podcasts in terms of them, thematic investments and thematic hype, best represented by open AI, of course. So open AI has recently received a valuation, a private valuation of over 80 billion dollars. That's a 175 percent jump in valuation since April. So just a few months ago. And this is the stat that really landed it to me. So revenue for open AI in twenty twenty two was twenty eight million dollars. Revenue predicted annualized revenue in twenty twenty three to predict to be one point three billion dollars. Now, think about that from a growth rate perspective. And this is why this company, even that is 60 times revenue at an 80 billion dollar valuation. But my gosh, if they're growing it anywhere near, they're not going to be able to grow at that rate in the future. That's quite remarkable, but it's it's staggering. Isn't an 80 billion dollar valuation rather conservative then? Well, I would agree if they managed to capture it. So often in these markets, you end up with two or three big players. I think you see this actually in the crypto space. It's a very different market. But the first movers with a technical moat with the hype around it, they might well be the ones that push on and breach that kind of small, low billion dollar valuation into the into the hundreds of millions and then starting to kind of reach up to those four or five very, very big tech players. Open AI will I think will make it the likes of co here. Anthropic, that's got a twenty to thirty billion dollar valuation. That might be the second one that comes along in terms of this next wave of generative AI, but it's a it's a it's a very frothy industry and business, but very exciting as well. It's a quick final question on this one then. So in 2024, could one of the big mega cap tech names take them out? Just buy them and would regulation permit that type of move? It's a really good question. I don't think regulators would permit one of the big six or seven tech firms to buy any of these promising generative AI startups. And this has kind of been evidenced by Google and Amazon taking a minority state in Anthropic and obviously Microsoft's engagement with open AI. Although that's looking. I love that. What are you? The lawyer for Microsoft is very carefully chosen language there. All right, I was about to say it's an acquisition by any other means. So maybe I'm not not such a lawyer. But yeah, I mean, they will try and get as much of their hands on these types of technologies as they can without being blocked from a regulatory perspective. As we've said in previous podcast, we really do hope that some of these companies in this new industry, you know, a potential addressable market size of 500 billion of one trillion, whatever you want to read, we really do hope that one or two of these companies make it stand alone and can start to bring that next generation of new companies through because we can't, you know, it's not particularly healthy just to have the same companies dominating the markets year in, year out, as we've seen for the last 15 years. OK, final one then, number six in your countdown, what do we have? OK, so this is a bit more kind of industry wide. So number six, down rounds and bankruptcies sweep across venture capital. Now, this was actually one of the stories that we discussed last week, but it's something that really is a massive, massive theme in 2023. As I said last week, 2021 was an absolutely bubble year for startup valuations and for VC funding and for things like that. And then the wheels came off in 2022 as interest rates rose, but it was really 2023 where startups really felt the pain and VCs felt the pain. So a few stats to land this story. So as I said last week, 90 percent of unicorns have seen a decrease in their valuation in 2023. 20 percent of all startups raised money to lower valuation than previously. Bear in mind in 2021, that was just five percent. Two hundred and twelve venture back startups shut their doors in Q3 of 2023 compared to 67 in Q3 of 2021. And in Q2 of 2023, there was twenty nine point four million dollars worth of US backed equity financing, so VC financing. Whereas in Q1 of 2022, there was eighty one point eight billion. So, I mean, all of this lends me to say this has been an absolutely shocking year if you're a startup founder, trying to raise money in the private markets in the VC markets. And it's been a pretty shocking year for VCs as well. Well, you know, experience makers, the person. So if you can survive this episode, then it's probably set you up for certain skills to to innovate and create. Yeah, it's it's it's always the very kind of world trodden saying is that it's the best time to start a business. When times are tough, the best time to start a business. Because what you're doing as an entrepreneur, firstly, you really need to solve a pain point that people are willing to pay for. This is not discretionary stuff. You need to solve a real problem who's, you know, cash is strapped. And then secondly, the way that you operate your business, you're not going to be taking people, you're not going to be taking your team on luxury corporate retreats every quarter and getting in, you know, Beyonce to sing at it. You're going to be batting down the hatches and going into resilience mode. And that is a really well, that's a really good place to start a company. And then maybe the largest can come slightly later in the cycle. That's it. I'm going to have to start Christmas party tomorrow, Stephen. I'm going to have to call Beyonce and tell her she's not welcome. Stephen doesn't want you here. Down to down, down to down. How are you OK? I think that's what we should do. All right. Well, look, just to conclude then, we've done the countdown. We've gone from 10 to six next episode. We go from five to number one. So make sure that you subscribe to the channel, hit the bell icon so you get notified as soon as that final episode of the year on the deal room drops. But to finish, perhaps you can pick out of those just discussed. One of those trends that you think will continue in 2024 and one that you think perhaps won't and that is done. And we can look in the rear view mirror now. Yeah, so I'd say one trend to continue. I think it's got to be the AI hype cycle and often hype cycles flare and then burn out. But this one seems to have a little bit more legs to it. And just taking a look at a little a few of the use cases and taking a look at the way that businesses are engaging with this new form of generative artificial intelligence as a business aid and a marketing tool. It seems like this is number one conversation across every single CEO of every single type of company in the US and in the Western markets. So I just think that this is going to go from strength to strength. And it's going to continue to be a bit of an arms race, you know, US versus China with Europe probably lagging a couple of years behind as it tends to do. And yeah, we might well see the big multi hundred billion dollar companies coming out over the course of 2024 and beyond. And someone else who perhaps has still got plenty in the coffers to go the Saudis, do you think they can continue to push on? Yeah, I don't think the Saudis are going anywhere. This is their strategy. They're very, very focused on this and they're very, very professional about it. There has been a few setbacks with live and with the PGA tour over in the states, although they've just managed to sign John Rahm, one of the most successful golfers of our generation. So yeah, they're not going anywhere. And and I think they're hosting the Olympics in 2032 or something like that as well. So yeah, we're going to be seeing a lot more of them. OK, and then if any of the list that you think that was it 2023 line in the sand, you're done. Yeah, I'm being hopeful here. I think that the the wave of down rounds from a VC perspective, the wave of bankruptcies from a startup perspective, I think that the pain has been felt most acutely in 2023. And I think that 2024 we're actually going to see a recovery in valuations. We're going to see a stabilizing of interest rates, which is kind of what we've already seen towards the back end of 2023. And I think actually 2024 was going to be a really good year to be a startup founder. As confidence recovers and returns to the market. So yeah, I think that's one that's down rounds. They've written their course 2023 bring on 2024. Yeah, I think the combination of the soft landing narrative, which is looking pretty solid at the moment, at least. And the combination of probably the markets a little bit advanced in when they think rate cuts are going to happen. But certainly we've topped out and we're coming down now. So I'd agree with you for sure. All right. Well, look, good episode. And as I said, we'll be back for the countdown from five to one the following week. So stay tuned. Thanks, Steven. Thank you, Anne.


People who were evacuated from their homes in Grindivik in southwestern Iceland, said on November 16, they dreaded the future as the risk of volcanic eruption remains high. Nearly 4,000 people from the fishing town were evacuated on November 11, after seismic activity and underground lava flows intensified on the Reykjanes peninsula near the capital Reykjavik over the weekend. Since then, earthquakes have continued and the risk of an eruption remains high. The town has been deserted beyond the odd car and a handful of locals who have been allowed to go back there to collect their most important belongings. People wanting to go to the town to pick up belongings have had to queue at a roadblock. Some residents had to be driven into Grindivik in emergency responders vehicles while most inhabitants were allowed to drive into Grindivik in their private cars accompanied by emergency personnel. It's like sitting in a very boring movie, but you're stuck there. You can't get out of it. It's unreal. It's hard to digest. Since it didn't start already, you know, I've been, for the last four days, I've been just, when I wake up, kind of bad sleep, you know, it's so worrying. Check the news, check the news. I've been expecting it to start, but I am getting a little bit more hopeful. It's not going to erupt in the town. I hope it starts out in the ocean. It will be great to get a new island and the entrance to the harbour will be better. New fishing grounds. So you have to be optimistic. Yesterday I waited on the other side for five hours just to go home to get some stuff from my house. And I'm not sure about the town. It looks awful. It's very hard to go there and see everything. I hope so. And I think even though half of the town would go under, well, if the harbour will be okay, it's going to build up again. If the harbour goes, I think it's over. My house is okay, but it's on the red area, so it has collapsed, you know, the earth has collapsed about one meter or something. So the lava, you know, is under our house, so I'm not sure. We don't know if we're going to have a home or what, because if it doesn't erupt, we don't know anything. I'm quite sure what I'm going to see. Hopefully my house is okay. Everything we do now since Friday is waiting, so people just wait in a line like this every day. Can I go into my house or the area to pick up some things? Because we have a business there. That place is ruined. Yeah, honestly, I'm not that excited to go back there, because I don't think we'll ever feel safe after knowing what has happened there.


The process of unlevering and levering competitions used to estimate asset risk and equity risk of a company are equally applicable to estimate these risk measures for any project of another company. So, how we can estimate asset beta or equity beta for a given project. The process follows the same steps like at first we need to estimate a comparable company's equity beta or in other terms the levered beta or we can call it as a BL. Then using the capital structure and tax rates of the comparable company we need to estimate the asset beta for that comparable company. At third when we have the unlevered asset beta then we need to use the capital structure marginal tax rates of the particular project in order to calculate its own equity risk or the equity beta which will be known as the project beta. We have an example for understanding this computation of project beta. The example says that a company is planning a project to be financed with that equity ratio of 40% the marginal tax rate for this company and a comparable company is 35% the beta and that equity ratio of the comparable company are 1.2 and 0.125 respectively. The unlevered beta of the comparable company is we are using the model of determining the asset beta of comparable company and the resulting value is 1.1098. Then using this asset beta along with the tax structure and capital structure of the project we can determine the levered beta for the project or the project beta which is 1.3983 or we can say it is 1.40. Now this 1.3983 the beta of project will be used in our CAPM model in order to estimate the project's cost of capital and then we will be using this project's cost of capital in combination with the project's cost of debt in a weighted average form in order to determine the project's overall cost of capital or the project's weight. We have another example where we can learn the beta computation under pure play method. Here the example says for arrow technique SA which is an unlisted company we need to find its levered beta using the given information. The information says that the average levered and average unlevered betas for the comparable companies operating in different European countries are 1.6 and 1.0 respectively. Arrow techniques debt to equity ratio based on the market value is 1.40. Now based on the market value means that in order to determine capital structure of this particular firm the arrow techniques we are not using its book value of the capital rather we are using market values of its capital structure. The company's corporate tax rate is 35%. Now putting these values into the equity risk model we have the equity beta of 1.924 or we can call it as the project beta. We have another example where we can learn to determine the project beta and the usage of this beta in order to determine the VAC for the project. The example says for barren chemicals which is a privately owned German unlisted company we need to find its VAC using the given information. The information is that the nominal risk-free rate is represented by the yield on the long-term 10-year German bond which at valuation date is 4.5%. Assume 5.7% as an average long-term historical ERP in Germany. ERP means the equity risk premium. Barren chemical corporate tax rate is 38%. Barren chemicals target debt equity ratio is 0.70. The company is operating at its target debt to equity ratio. Barren's return on debt or the cost of debt has an estimated spread of 225 basis points or 2.25% over the 10-years bond. Polling is additional information on comparables for barren chemicals. So these are the three comparable companies from three different countries. The companies have different tax rates. The companies have different market capitalization. The companies have different amount of debt. So these three companies have different debt equity ratios and accordingly we have different values of betas for these companies individually. When we average the debt equity ratio of three companies, we have an average debt equity ratio of 1.13 and similarly doing the average of three values of betas for these three companies, we have an average beta of 1.08. So we have an average debt equity ratio of 1.13 and average beta of 1.08 for our comparable companies as an average value. Now how to solve this problem? To compute return on equity, we have comparable company betas that need to be unlevered. And then we need to compute an average for the company with business risk similar to the average of these three companies. We have three betas of the companies earlier now. When we have unlevered these betas, we have certain values for individual company. The average unlevered beta using these three individual betas comes to 0.60. In the next step, now we need to leverage the average unlevered beta for peer group averages. And using the parent company's target debt equity ratio and the marginal tax rate. So we have all these values and using the beta equity model or the levered model for determining the company's equity beta. The equity beta comes to 0.86 or we can say it is the parent company's beta. Now we have computed the value of beta so we can use this value of 0.86 as beta into the CAPM model along with the value of risk-free rate and the market return. We can determine the value of return on equity or the cost of equity for this company, which is 9.4%. Till now we have determined the cost of equity for the company. Now we need to determine the weights of the capital structures component. We have debt capital, we have an equity capital. So when we compute the debt weight, it comes to 0.41 and deducting this 0.41 from the one as a whole capital, the weight of equity comes to 5.9. Now we have also determined the weighted capital. So we need to determine now the cost of debt after tax, which is 4.19%. Till now we have determined the weights of debt and equity capital. We have determined the cost of debt. We have determined the cost of equity. Now we need to determine the parent company's overall cost of capital, which is known as WEK, putting the values of cost of debt after tax, weight of debt, cost of equity and the weight of equity. We come to a value of 7.72, which is the overall cost of capital for the parent's company or we can call it as the company's WEK.


This is Professor Farhad in which we will discuss agreed upon procedure engagement, which is part of the statements on standards for attestation engagement or simply put attestation engagement. Now agreed upon procedure is considered three out of three. What do I mean by three out of three? It means this is the level of service that we provide under the attestation engagement. We discussed the examination, which is was one out of three. We discussed the review engagement two out of three. And in this session we will discuss the agreed upon procedures. Now for the examination, I explained the examination plus showed you a report for the review. I also did the same thing showed it to you explain it plus showed you a report. And for the agreed upon procedure will explain what is agreed upon procedures. Then I will show you in a separate recording a report for it. Let's go ahead and get started. What is agreed upon procedures? Agreed upon procedure engagement is an attestation engagement. That's the first thing we need to understand. And if you don't know what attestation engagement, please go back and view what is attestation engagement in which a practitioner perform specific procedures on subject matter or assertions. Just like we discussed in an examination or a review, we are attesting about a subject matter or an assertion, and we are going to prepare a report and a review. We end up with a conclusion and an examination. We had an opinion for an agreed upon procedures. We're going to have a report and we're going to have a finding. So when we when we discuss agreed upon procedures at the end of the day, we only have finding it's agreed upon between two parties without providing an opinion without providing a conclusion. Once again, conclusion is when we are discussing a review opinion is when we are performing an examination agreed upon procedure examination and reviews, they're all under the attestation standard. Now bear in mind because it's an agreed upon procedures. What does it mean agreed upon procedures? It's agreed upon between different parties. Usually it's two parties could be three parties. The distribution is limited because I am performing work based on what you want me to do. So it appeals to CPAs because you really have no liability in a sense. You're not issuing an opinion. You're not issuing a conclusion. So no opinion, no conclusion for an agreed upon procedure. It's a findings. Now you notice I keep repeating myself about review examination and agreed upon procedures because many questions on the CPA exam deals with which is which. So that's why you need to be familiar with which is which. Before we proceed any further, I have a public announcement about my company, farhatlectures.com. Farhat accounting lectures is a supplemental educational tool that's going to help you with your CPA exam preparation as well as your accounting courses. My CPA material is aligned with your CPA review course such as Becker, Roger, Wiley, Gleam, Miles. My accounting courses are aligned with your accounting courses broken down by chapter and topics. My resources consist of lectures, multiple choice questions, true-false questions, as well as exercises. Go ahead, start your free trial today. No obligation, no credit card required. Do you need an engagement letter? Of course you do, just like with a review, just like with an examination, especially with an agreed upon procedure. I'm agreeing with you. Let's put it down and writing either a formal engagement letter or an alternative form, basically a contract. What should we have in that engagement letter or contract? Well, we are performing an agreed upon procedure, the nature of the work. You specify this. Well, we are either dealing with a subject matter or an assertion. Well, we need to know what are we dealing with, identify it, and who's the responsible party. Identify the criteria. If we are attesting to a subject matter, what criteria are we using, or if we are attesting to an assertion. Who are the parties? Well, who are the intended parties, usually the agreed upon, the party that's engaging us to this engagement. We could also have non-participant can be added. For example, if the engagement party wants another party to be added as the user of this report, those are called non-participants and they can be added. That's fine. The party's acknowledgement of the responsibility of the sufficient of the agreed upon procedures and their goal purpose. So basically, they have to acknowledge that this is what we're doing. This is the agreed upon procedure and this is the purpose, the goal of the agreed upon procedure because that's exactly what we're doing, but we need an acknowledgement of this. We need to know the role of the practitioner. What's the responsibility of the practitioner? Well, to carry on the agreed upon procedures following the AICPA statements on standard for attestation engagement. The engagement will follow the AICPA standards. What procedures are we going to follow? Exactly, spell it out. List any disclaimer. If any disclaimer will are expected in this report. Restrict the report because this is an agreed upon procedure. There should be a restriction clause. If external help or any specialist help is provided, we need to identify them. If materiality is involved, if we have a materiality involved in this engagement, we need to list the materiality. For example, anything above 5,000 or 10,000 or 50,000, it does not matter. Do we need a written assertions? Of course we need. It's an agreed upon procedure. We should request a written assertion about the subject matter from the responsible party. If the engagement party is the same as the responsible party and the responsible party refuses to provide an assertion, the engagement letter should state that. That should not be the case. Think about it. If someone, this is a CPA firm and we have a client, let's assume Lehigh Valley Hospital. It's just a hospital. If they are engaging us to do some work, you would assume that they're giving us written assertions to work with. Well, that's the case. If that's not the case, the engagement letter should state that fact. Now, even if the responsible party was not present or in charge for a period of time covered by the written assertion, nevertheless they are still responsible for the practitioner's report, whatever that report period is. Same with examination and reviews. So they are always responsible for the period in which the report cover, whether they were there at that time or not. And the best example is a change of management. The management changes since, you know, for the first six months of the year, we had a different management. Now we have a new management. It does not matter. The new management is responsible for the old management if the agreed upon procedures cover one year period. Performance, how do we do the work? Proper planning, supervision of the members, apply the procedures agreed by the specified parties we have to do the work. We should not agree to procedures that are vague in meaning or open to interpretation. And the AICPA literature, if you Google AICPA attestation standards, they will show you that some words are unacceptable. For example, you cannot use the word no to review, general review, limited review, evaluate, analyze, check, interpret, verify. You should use more words that are more solid, that you can follow certain procedures like inspect, confirm, compare, agree. Like think of audit related words, trace, inquire, those are the things you should follow and then agree upon procedures. Recalculate, observe, mathematically check. And if you know how to perform an audit, financial statement audit, those are the words that we will use. Can you use the work of a specialist? Well, you should agree with the specified parties in advance. Remember, this is an agreed upon procedure and you should describe the work of the specialist. Internal control, it should not be involved in the work because, again, it's an agreed upon procedures. And if it's involved, it should be spelled out that it should not be involved. Written representation, similar to examination, similar to review. As per the engagement letter, the practitioner request a written representation from the responsible party about the assertion or the subject matter. When the responsible party is at the same time the engagement party and refuses to give us a representation letter, think about it.  Well, guess what? We should withdraw or determine the effect of the report. At the end of the day, we determine the effect of the report. If we're going to go through this, that's fine because it's between us and the engagement party and they refuse to give us a written assertion. But most likely you would withdraw. You don't want to get involved with something like that. If the engagement party is not the responsible party, and what do we mean by this? So there's a CPA firm, there's a hospital, Lehigh Valley Hospital, and there's the state government. Now, maybe the state government engages to report on the billing process of the hospital. Well, the state is the engagement party, the Lehigh Valley Hospital, because we are trying to get an agreed upon procedures about the billing, billing cycle. Well, it's not the responsible party. If the engagement party is not the responsible party, you would request more information from the engagement party. The practitioner also should make inquiries of the responsible party and seek oral responses. If oral responses are satisfactory, we will proceed. If oral responses are not satisfactory, either in writing or orally, for example, the hospital refuses, you would withdraw from the engagement or determine the effect of the report, usually you would withdraw. Bear in mind that the written representation and the practitioner's report, final report, the findings should have the same date, just like with the review, just like with the examination. Documentation, again, very similar to the review, very similar to the documentation. The documentation of an agreed upon procedure should be sufficient to determine that the specified parties agreed on the procedures are performed. Simply put, you can look at the documentation and see that indeed we did the work. And the practitioner, they have to follow professional standards because they are following the AICPA and rules and regulations, of course. What should we do? Who performed the work? Who reviewed the work? The date the work was completed? Any discussion that took place about any significant issues? Document any refusal for providing a written representation or if the written representation is not reliable? Simply put, documentation should stand alone. Simply put, if somebody looked at the documentation, they should exactly know what happened in this agreed upon procedures. It should be sufficiently determined the results of the procedures performed and the evidence was obtained. In the next session, we would look at an agreed upon procedures. I know agreed upon procedures is very unique in a sense that they should not have a standard report, but the AICPA does provide samples, just like they provided samples with examinations and review. And I believe if you look at the report, it will kind of wrap this up, wrap this up in a sense, show you what the end product looked like for an agreed upon procedures reviewing what we did in this session as well. What should you do now? Go to FARHAT lectures and work MCQs, multiple choice questions, true-false questions to help you understand this topic. The statements on standard for attestation engagement or simply put attestation engagement is very important on the CPA exam. In an audit course, it may not be as important, but on the CPA exam, it's important. Good luck, study hard, stay safe.


Trauma is a very disturbing event that can have long-lasting effects on a person's well-being. Trauma can have both physical and mental effects and can be caused by a wide range of events. From a single incident to prolonged exposure to stress or violence. Therapy, medication and support groups are a few of the most common treatments for trauma. Self-care and talking to a mental health professional is also crucial. Trauma can be a hard and complicated issue to go through. But with the right approach, in line with the person's needs. The effects of trauma can be treated. It is also vital for society as a whole to recognize the effect of trauma. And work towards creating a culture that is trauma-informed.


Selling sunset star Crissel Stouse has reason to celebrate as she just closed the deal on a new $3.3 million Hollywood Hills home for herself. After her publicized divorce in 2019, she lived in a rented bachelorette pad, which she's now traded in for the stunning mid-century ranch abode. We'll check out Crissel's new digs as well as a couple of her former homes, even where she once lived with her ex and Encino. We also found the listings. In these videos, we don't reveal any addresses and even though I've done a house tour of my own place, please do not show up at any private residences because it's not safe for anyone. Crissel Stouse is an actress and real estate agent best known for her role on the Netflix reality series Selling Sunset. She also formally started TV soap operas including All My Children and Days of Our Lives. Since Crissel's highly public split from actor Justin Hartley in 2019, she settled into a classy yet modest bachelorette pad for a couple of years. It seems now with her success only growing in an estimated net worth of $5 million or more, Crissel has treated herself to an impressive single-story estate in the Hollywood Hills with beautiful features that will take a look at, such as the sparkling pool and massive great room. Hey guys, it's Carole the Vampire Slayer back with another exclusive house tour here in Famous Entertainment today looking at where Crissel Stouse calls home. Don't forget to like, subscribe and follow me on Instagram to chat. Now let's get into this video. With Crissel's divorce finally finalized earlier this year, the reality star has dropped $3.3 million for home of her own in the Hollywood Hills. While the estate was originally built in 1964, it's been updated recently with a fresh modern look and all the high-tech features we'd expect in 2021. This includes a fancy security system, sonosound system, nest thermostats, LED lighting and much more. A secure and gated entry opens to Crissel's property that's surrounded by lush greenery and the house itself is built in a mid-century ranch style, with a single level spanning 3,352 square feet of space. The exterior of the home offers plenty of stone and windows as well as a glass garage and large wooden front door, while inside you'll find four bedrooms and 4.5 bathrooms. Crissel's home boasts an open floor plan with white interiors and wide plank oak floors, but the main attraction has got to be the eye-catching views of the canyon and city. While the foyer is humble in size, this opens to a large great room that has a sitting area with floor-to-ceiling fireplace and dining area, all of which opens to the poolside patio through a wall of folding glass doors. The indoor-outdoor vibe here is perfect at her California home, and this large space also attaches to the kitchen. The gourmet kitchen has blue cabinets for a splash of color, a center island with a small Eden table, and fancy wolf and sub-zero appliances, including double ovens. One of the dreamy guestrooms opens right up to the pool through a wall of glass, and Crissel's master retreat is even more impressive. The master bedroom has an ensuite marble bath with steam, shower, and soaking tub, and more immediate access to the pool. Elsewhere in the home, Crissel has a cute home office and another den or family room. Moving outside, the grounds got custom-designed landscaping with LED energy-efficient lighting throughout. There's also a heated swimming pool and spa, poolside cabana with bathroom and shower, as well as dual outdoor fireplaces. Not to mention, the yard boasts a handful of private seating areas to relax and unwind and take in those amazing views. Honestly, those views complete Crissel's property. Before purchasing her new digs, Crissel lived in a Hollywood Hills rental for a couple of years post-divorce, which was featured in People Magazine. The soap star turned famous real estate agent, teamed up with TJ Maxx and Marshalls to redecorate her Hollywood home, and we got a glimpse at the newly designed space. Crissel moved into her former bachelorette pad in late 2019 after her shocking split and she said about the place, I found this place and I loved it, but it came furnished, so it was one of those things where it was beautiful already, but I never actually took the time to make it my own. And when Crissel finally did make it her own, the result was impressive. We can see that the rental pad got a feminine vibe decked out in soft blush tones and warm metallic accents. While her kitchen was modestly sized, it was glamorous offering a white marble island with plush bar style seats, as well as chic appliances. Another dining area had a round table with seats for four, as well as a mounted TV for a casual vibe. Crissel's living room also offered a black floor-to-ceiling fireplace and beamed ceilings. While the apartment was much smaller than the home she shared with her ex-husband, Crissel still knew how to make it luxurious. Back in 2019, Crissel and her former husband Justin Hartley had purchased a newly built home in Encino, California for $4.65 million, and I'm sure post-divorce that this stunning space was difficult to part with. Let's take a look. The modern farmhouse style abode spanned a single level encompassing 6,762 square feet of open space. It's out on over half an acre of land which was fully private and gated, perfect for any celebrity couple, and there were high ceilings and exposed wood beams throughout the interior. I'm sure this mini mansion would be any newlyweds dream, and it's a shame they didn't get to stay here long. Crissel's former marital home had an open concept entryway with a formal sitting area to one side boasting a brick fireplace and built-in shelves. There were also six bedrooms and 7.5 bathrooms across the estate. The nearby dining room had a walking glass wine cellar, and there was a laid-back family room with TV-mounted fireplace and media cabinets attached to the kitchen. The gourmet kitchen had two marble islands and all of the bonuses a cook could need including a sunny breakfast nook to eat at and a butler's pantry. Other features inside Crissel's former Encino pad included a cozy state-of-the-art movie theater and a home office with French doors out to the yard. All of the guest rooms here were en suite while the ex-couple shared a master retreat stocked with more than the essentials. Here there was not only a bedroom but a morning bar, fireplace, sitting area, and two walking closets with glass-fronted wardrobes. We also can't forget the spa-worthy en suite with steam shower. Outside there was a beautiful courtyard and large garden with picture-perfect landscaping. The backyard boasted a built-in grilling station with bar-style seats to watch the chef an eye-catching fire feature and undercover patios for that cooler LA evening.  With all these features we can see why it may have been hard for Crissel to downsize to a Bachelorette pad post-divorce. However it seems with her latest home purchase she's on the up and up with a similar style abode to this one. So now we've taken a look at the brand new home of selling sunsets star Crissel Stouts. Well we know she's a pro with finding luxury properties so did her new place make the cut? I think her new Hollywood house is impressive and perfect for a fresh start. After seeing her new home her Bachelorette pad and the Encino abode she once shared with her ex which was your favorite? I personally liked the Encino one but mostly because of the backyard with all the features. Before I wrap things up I've been reading all your comments from previous videos and I'll be shouting a few out. These are from our recent Taylor Swift house tour. Randy Rowe. She has a great eye for beautiful real estate. I totally agree Randy. I love all of her properties especially the Rhode Island mansion. And Sonya Kenny said most of her homes have very conventional styling almost old-fashioned middle age with the Oriental rugs and stave furnishings. I feel the same about Taylor's homes but I really love that look. If you guys want me to show you out don't forget to tell me what you thought of Crissel's homes down in the comments. And if you like this one check out our recent drop on her co-star Heather Rae Young which we'll link to at the end. Thanks for watching. Feel free to follow me on Instagram and I will see you all in the next video. Bye.


Welcome to this introduction on historical network analysis. The goal today is not to enter too deeply into graph theory and old metrics that goes with that and to go into the technical aspects of the application of graph theory and network analysis to historical documents, but more to give some kind of overview on what can be done with network analysis regarding to historical sources and archives and documents and photographs and so on. I will start with a short introduction about the main interest in my view of network analysis for history, which is contextualization or hyper contextualization. Network analysis is a way to broaden our view on a specific subject and to help us dig into archives we have not necessarily identified as an important archive between, I don't know, a specific set of individuals and network will give the context around a specific situation. So let's take a very simple example. Let's say we will study two people writing to each other. The graphical convention to display or to represent this kind of relation would be of this kind, which means two vertices connected by an edge. You've probably seen this kind of representation dots, nodes and links between them and that's something that is completely around us in our representations because we see that for metro maps we see that on posters everywhere and this is also why this kind of representation relates a lot about how we as historians consider our own subjects because we always think our subject has relations between peoples and complex situations where things appear in a specific context and so let's start with these couple of vertices and so elaborate that we are interested in the relation between these two people. So this relation can be, I don't know, 10 letters between these two people at a certain point. Of course, traditional history will look at the content of these 10 letters and we'll try to extract content and meaningful information from that. This is of course something we have to do and network analysis will not get rid of this kind of approach but what will be interesting here is to look at, in example here, the archives of these two persons and see that they also have other relationships with other individuals. These central relations appear in this context and moreover we will realize very soon that some individuals can be the bridges between our two main persons of interest here. They could be linked to both of them which will mean something structural very interesting in the end probably. Of course, these neighbors, these neighbors of the two persons that are interesting to us historians could also have relations together, they can be linked together as well and knowing that people that have also written or received letters from our two individuals also exchanges letters between them is something that will probably be also very meaningful to contextualize the relation of our two individuals here. These neighbors can have also neighbors themselves, people that are not connected to the two people we are focused on in blue here and they can also have secondary neighbors and you can expand the graph as you want, at least as the document availability is still here at least if we have these documents. This very simple example to show you that the interpretation you can make about the relation between these two persons is in a specific context and this context should influence the way you are interpreting this relation and not only the content of these let's say 10 letters and the meaning of this 10 letters relation will probably be very very different if it occurs within a specific group, well constructed group or if it is the bridge between two different groups or if it occurs within a group that is disconnected from others etc. This concept of contextualization, the structural analysis gives to the historian is my relation, are these 10 letters connecting these persons in this context or in this one and you can imagine making hyper contextualization with very very large archives and still be interested in these two persons in the end and you will write your article on these two people but you will have this global overview of all the relations and be able to qualify the relation between these two persons not only with the content of the letter but also who it is connected to the rest of the graph. Let's get to a few basics of graph theory and especially because it's probably what will interest history in the most is the history of the development of this discipline in itself and we'll take as a first step in this history the seven bridges of Königsberg problem by Leonard Euler who developed at the 18th century a mathematical demonstration that lays the basis of graph theory. Imagine the city of Königsberg which is Kaliningrad today a city built on a river and with this specific island in the center and divided in different areas. The question people are supposed to have in Königsberg is is it possible to find a path that goes through all the bridges without coming twice through the same bridge and is it possible to visit all the areas of the city on the Sunday walk so what is interesting is that the problem is reformulated in abstract terms but by Euler in his paper each area of the city is a vertex and each bridge is an edge connecting them other geographical characters you cannot relevant to test the different path in fact you can simply simplify the problem as a mathematical object and Euler observed that except at the end points of the walk of course whenever one enters a vertex by a bridge one leaves the vertex by a bridge so that means that the number of bridges touching every area must be even if you want to be able to go through this area so here all the vertices have an odd number of bridges connecting them so of course two areas can have an odd number of bridges if they are the starting and ending point of the walk but not all of them so here there is no path there is no possible path in this situation so this demonstration is very interesting because it consists in counting connections you see I've written the number of connections here 5333 which is exactly the foundation of graph theory which consists precisely in producing this kind of metrics let's take another example just to have an idea of the applications and the first applications of this kind of theories to realize situations here we have this Moreno sociogram from 1934 so Jacob Moreno and his assistant mapped the relation within classrooms of young children imagine this early semester exercise where we ask all children to name the two people they want to be seated next to and then map these relations on a piece of paper and try to understand do the girls want to be seated next to girls next to boys and same and what is extremely interesting in Moreno's sociograms is the fact that he's already creating new metrics to analyze the situation of these boys and girls in these classrooms he tries to understand where people want to be seated next to each other he tries to understand who are the people that are the stars of this network the very famous or popular boys and girls of these classrooms and also the isolated individuals the people that will probably not find any match in the classroom and what is interesting with Moreno's sociograms is that he designed them by hand and he tries to show the different relationships between boys and girls and how these relationships evolve with age so he shows for a very lower classes that boys are okay to sit next to girls and after that the difference between boys and girls became much more important and divided the graph and he presented his sociogram as the one on the left here where he put the boys as triangle on the side and the girls as circles on the other side and then he presented the relation between them and these representations show very well that there are two relations only two relations between boys and girls in this classroom here these are the two edges that connects the two sides of this sociogram and what is extremely interesting is that if you take exactly the same dataset and you map it with a forest-directed algorithm which is a class of algorithm that is mostly used today for graph visualization you will see that the clusters that are formed are not the same Moreno thoughts the cluster where or the cluster found by Moreno in 34 especially you will see that the groups of the girls is separated here into clusters and not only one which means this little blue group in the center here is not more connected to the other girls than to the boys group and that is an insight we have only with the visualization here it's not something that can be extracted from the data except that you will probably find a community here but you will not be able to say if this community is more connected to the left group or to the right group so that means that the way we visualize networks will also condition our interpretation and will show us things that were not shown if we were visualizing it another way which is why of course graph theory is a lot about metrics and calculation but also visualization if you take this example of all the possible readings you can make of a network you have of course this visual analysis looking at the overall distribution organization of the nodes seeing if you see clusters, spares area, cliques and components that are very strongly connected so that's the visual reading of a graph but of course you will also have local metrics that calculate information about a specific node in the graph and you will probably need to calculate them for all the nodes of the graph to be able to extract this value for each node which could be the number of neighbors we've seen the neighbors concept before which is the degree centrality will have the betweenness centrality which measures how much a node is on the path between the other nodes and so and so so many different local metrics that will help you highlight specific elements of your network to dig a bit more on these kind of individuals if these are individuals like Leather Network also and you also have these global metrics the global density of the graph the global clustering coefficients that will help you compare a graph or compare a different graph compare the same graph revolving over time or so so I will not take any longer on these kind of metrics because here the purpose of this presentation is to discuss how historians use network analysis and visualization and not to dig too much into these specific details but of course the question of how do we translate what these metrics are giving us on a very large spreadsheet how do we translate that to historical interpretation is something that is subject to debate of course how do we do that now let's spend some more time on how do historians use their archives to produce network and especially are there different ways of using this kind of archival data to produce perhaps different types of networks I propose a typology that distinguished three different types of networks that's not something that has to be forever that's more a tool that I offer to try to understand what we are doing when we are analyzing historical networks the first type is the reconstituted network which is a network where you will try to summarize the situation you grab data on different archival documents you will take things from here from here and you will try to make an overview of your subject that is more or less like drawing something in your notebook based on all the archives you've gathered and you will try to make a nice picture about that and a picture that summarize and helps you understand your subject better and helps your reader of course understand your subject better a very nice example about this kind of process is this paper about the main families families in Firenze at the 15th century where the authors tried to recompose the network of these families but of course they know probably much more about the Medici than some other less known families anyway they will try to map all possible relations between them and they have dozens of relations different types of relations are family married together do they have economical relations do they have a political relation are they friends and sharing goods sharing money sharing places and so on and so on so a network where you put everything you find about a specific subject to try to summarize the subject but of course you know that this will never be completely a sound because they will probably be missing data somewhere you will probably have more on this part of the subject than this one and so on which is not really a problem in itself because the only goal here is to summarize and reconstitute everything you have and possibly everything you can have so anyway sometimes you are forced to do that the second type is the extracted or what I call the extracted network which is a network where you have a source that is listing elements especially here you can have all the authors of specific journals and you will list all the authors that published together or that have been published in the same issues and are at the same time in a specific journal or in a few journals or you can have an affiliation graph of charities in the US here where everybody is connected to a specific organization or more than one organization at once and then you will project this graph to try to have this person-to-person relations to see if people were sitting in the same committee at the same time so basically these networks consist in extracting information from a source that is in general a list or something that looks like a list or you will make a list from your archival documents and then you will map them as a network and this is probably the type that is the most used in the historical sciences because it's very convenient and it relates a lot with who our archives are organized in general and then the third type of analysis is the metadata network where you will not be interested in the content anymore but you will be interested in the circulation of this document so you will map letters written from a place to another you will look at these circulations and all these big projects about the Republic of Letters these three years are really projects that made this kind of metadata network analysis popular within the historical sciences there is another way of using networks of course which is not related to the kind of source we use to produce specific networks but it's related to the way we will be using this output for the research which means that you will have all three types of networks in this one which is the network as interface which means now the network is not anymore a way to produce metrics to analyze a specific situation or to produce a visualization to understand the globality and the structure of the situation but the network will be interface the way you will use to look at the data and to dig into the data to come back to the data and of course it's very powerful to have this kind of graph representation of your database which is basically if you have a network database a graph based database and the network will help you go back to the data and click on vertices and click on edges and understand better what your data is about and to come back to the archives now I propose a specific case study which is not only a way to illustrate what has been said before but that is also a way to go a bit further into data modeling for historical networks and especially when you are dealing with very complex situations that are expressed at different levels that needs a temporal dimension and so this short example is a way to address these questions. We will speak here about the International Committee on Intellectual Cooperation which is a specific committee of the League of Nations between the 1920s and 30s so League of Nations which is the ancestor of the current United Nations built this committee and gathered scientists from all over the world to try to make people talk together again after the First World War and especially to show to the scientific and academic world that cooperation was possible and to try to increase the amount of collaboration within all scientific fields so you see on this picture very famous people like you will probably have recognized Albert Einstein at the end of the table or Enric Lorenz many scientists that are at the 8th of their career and they are giving time for intellectual cooperation and what will be interesting here is not necessarily what these people are preparing together around this table but how they shape or reshape scientific exchanges and how they get information from all over the world and spread information and try to coordinate efforts and these documents can be official documents, official minutes of the meetings, they can be letters telegrams, they can be internet notes and all these documents are telling us something about the relation between these persons not necessarily only persons around the table persons around the world and here like of course a note can be written from the secretary to another, a letter can be written by the president to all the members or a telegram can be written by someone outside the League of Nations to this committee to have information and so on so all these documents are tokens of collaboration or tokens of relations and these documents can be represented as a network as a big graph in this example here we work only in a few years to keep that analyzable and here this network this complex network is exactly what we call an hellball which is a network where it is impossible to see the structure globally just by looking at it, you will need to find ways to try to to play with visualization and to play with the metrics to extract information from this kind of object so you have here more than 3000 people connected together around the committee on intellectual cooperation this committee which are the dark blue nodes in this representation what can we do to try to read this network and understand the evolution of the structure of course we can divide the network into time slices like years here and try to make sense from this representation to understand the evolution of the relations so that works very well to understand the evolution of the quantity but to analyze the evolution of the structure we'll need probably to go even further than that because even a specific year here is a bit complicated to be read by DI and of course we'll work with metrics, we'll work here with some global metrics the evolution of density, the evolution of clustering but also local metrics to see the evolution of the position of a certain number of people in the structure here to analyze if they are more or less connected at a certain moment or at another of course another way to analyze these kind of big graphs is to focus on a specific ego network or specific individuals within the networks and here we can select two persons and color there are neighbors in blue for one and yellow for the other and green for the people that are connected to both of these persons and this approach will help us to understand the specific networking practices of certain individuals because here if these individuals are coming from outside the League of Nations what will be extremely interesting here is to see that they are trying to get into this big network and they will write the letters of specific people to try to get involved and to get financed by the institution especially here and we see that these two persons that are working closely together they are connected to very different parts of the graph and that tells us a lot about their own social behavior within this field what we can do as well is to try to find other data sets to complement the one we have so we can work with them together to produce a multi-layer system because what we do have here is quite a flat representation of the relations between individuals and all the letters and documents where they are mentioned or that are connecting them together and this is just one layer of every relations we can imagine about intellectual cooperation within the League of Nations and so to this metadata network we will add another one which is an extracted network another type of network, the network of all the individuals within this organization and how they are affiliated to different bodies or entities of this big very large bureaucratic organization so we will make the link between the individuals and the committees or secretaries or boards and so on and of course at certain point in time people are affiliated to many different organizational structures at the upper level and if we want to play a bit more with new data sets to try to understand this hierarchy and this verticality in the network we can add this network of all the entities of the League of Nations and their relation together especially their hierarchy within the League of Nations and we will work with what is here an organization chart of the League of Nations which is as you see quite a big organization and this information will give us insight about how these committees are connected together and how they are connected to top level organizations which could be the main secretariat of the League of Nations or which could be other organizations that are connected to the League of Nations so that means that here we are developing a model that is developing itself at different level and this level are different graph layers which means that we can connect these layers together and get some kind of multi-layer network analysis and visualization so this is what could be done with this kind of data 3D representation of these different networks connected together where you have top organizations organization entity and individuals so individuals at the bottoms are linked together because they are sharing documents and writing letters connected together because they share officially relations they are supposed to be connected to each other within the hierarchy of the organization and they are connected to a top level organization the League of Nations, the states the different large entities that are working on multilateralism and intellectual cooperation and of course you have these vertical links that could be affiliation links which would be the case here between the organizations and the top organizations so that means they are affiliated to but the individuals they can be affiliated to very different part of the upper level network of course so this is a three-dimensional representation but of course in many cases we want to simplify that to be able to analyze it better because of course 3D is not necessarily easy to read so that means we'll have to use a few visual and statistical tricks to try to flatten the hierarchy and the affiliations at the lower level here and here we have one possible modeling for these kind of situations where you will keep as a basis the metadata network all the letter exchange between these 3,000 people but you will group them according to the upper layer and you will group all the people from the International Committee on Intellectual Cooperation somewhere and it's a curatorial here and it's subcomittees here and all the people from this part and this part and this part of the organization there will be maps on a two-dimensional representation here which I call an organizational topography and one possible process here would be to come back to the metrics of graph theory and to apply them to this graph and to see if they correlate with the organization of the graph now because now the organization or the special organization means something because it's this kind of institutional topography and we'll see very well that the betweenness centrality here is very related to people member of a specific group of the network and so on and of course we'll play and we'll continue to play with our model and to divide this time the graph according to the temporality and to see these relation evolve within this topography or within this grouping and to see that at certain point in time this subcommittee is very important and two years later it is this institute that is important and so so being able to multiply to find a new axis of analysis with our model and we can of course expand our model on another axis, another direction which could be different facets related to different type of relations like relations that are documents speaking about university relations or documents concerning exchange of material or exchange of students or exchange of professors and so on and so on and we'll be able to cut the graph into very very little pieces where things will be more readable and of course where once again we'll be able to run all these metrics to see that specifically on a specific time this committee was more important than this institute if we only take the document concerning university relations for example and then to be able to come back to the specific archival documents that are creating this relation and know to be able to as an historian say that this set of documents here are precisely what makes the relations between Geneva and Paris at this certain moment around this certain group of people and so on so to conclude now let's remember that when we produce a network from our archives we are not doing the Facebook of the past we are mapping our archives the content of the archives the information we can extract from these archives the circulation of these archives that's not the subject in itself that's only an artifact that will be useful for us to get back to the archives network analysis is a tool it's one tool among all the other tools you have in your historian toolbox like every other tool it has to be criticized discussed and of course being able to express your subject as a network does not means that you will find the data to analyze it as a network


When the narcissist regrets losing you Regrets is feelings of sadness remorse and disappointment Over something that one has done or failed to do Narcissists do experience emotional pain But not in the same way as other people The emotional pain a narcissist feels is usually related to underlying selfish needs It's when they feel empty powerless and shameful But they will display it to you as though they regret their actions and decisions as Though they feel bad for you Always though they want to make things right When really they're just trying to assert their control over you They're extracting fuel and they're maintaining their deceptive outward appearance Which is why you may often see their crocodile tears You may see their insincere expressions of sorrow But it isn't real. It's just something they choose to display to you Narcissists cannot feel sadness for other people So they cannot feel regret They cannot feel remorse Because in their minds, they never do anything wrong It's always someone else's fault Because if they really believe that they were deserving of blame and That they were required to justify their actions or decisions That would affect their ability to control and their ability to control is one of the most important things to a narcissist Which is why they don't reflect upon their own behavior They don't understand or share your feelings and they don't admit what they've done or what they feel to do They're never going to reach the verge or brink of doing that They're never going to reach that critical or decisive moment It's just not going to happen for them They're never going to feel or express sincere regret or remorse about their wrongdoing Because they don't think they've done anything wrong But they know how to put on the show They know how to pretend They know how to lie to you They can give you a fake apology They can tell you that they're going to change But it's not genuine So it doesn't last long Because they lack the ability to understand and share your feelings It's just a manipulation tactic It's just something they're using to control you To use you to their own advantage The narcissist may act like they're disappointed with themselves They may act as though they're disappointed With something that they have done or something that they fail to do But that is not possible Because it would affect their ability to control They can be disappointed in other people If they believe that other people fail to do something that needed to be done But they cannot be disappointed in themselves They just see it as though it's your fault. It's your problem. You caused it to happen Even if it was their decision Because they believe that you caused them to do it They will only be disappointed in other people They will never be disappointed in themselves Despite what they may say They're just saying that to make you feel bad Or to get you to feel pity for them as fortune There will never be any genuine acceptance from a narcissist There will never be any disappointment They cannot settle things that way They cannot pursue that particular course of action Instead, they will shift the blame onto you Because they never feel any regret They never feel any sadness for other people Because if they did They would be holding themselves back They would be making it difficult for themselves to achieve something They would be hindering their own progress It would affect their ability to control and they always need to have that control It would also affect their ability to gain fuel and they need to have fuel But they can imitate sadness They can imitate regret Because they've seen other people Authentically experience these emotions So they can give you the impression of it And they can tell you that they feel regret But if you believe it You're just being manipulated again Because the narcissist Will never regret anything Thank you for watching I hope this video resonates with you Please like, comment, share and subscribe If you would like to donate My PayPal link is in the video description Coaching Inquiries You can email me at coaching at Narcify Vertical UK Thank you for watching


I mean, frustrating, obviously, you know, Massa through great and didn't even necessarily think he had his best stuff, but just pitched so well and was able to get us deep into the game and then Otto came in there. Just, you know, getting that early run and just couldn't tack on. So, yeah, frustrating when you lose, you know, a well-played game to that point. But they don't credit, they got to Chappy and that's going to happen. With the injuries you've had, first of all, is Luke Void okay? And then with the injuries you've had, what are you thinking when you see him get hit on the hand?  And then saw where it got him on the hand looked like in probably good spotty, a little mark there. But felt like he was okay. So that was a little bit of a relief, but definitely a hold your breath moment. Do you anticipate him having any issues tomorrow? I don't, but I haven't, in fairness, I haven't checked in, you know, see if he goes in there for ice and stuff like that. But I don't anticipate anything right now. Susan. What was Zimmerman doing that was so tough? Well, I mean, he's got that cutter, the slider, and then changes speeds on the breaking ball, mixing in enough fastballs, you know, he's coming off a really good start in his first one and, you know, did a good job of commanding the ball with all his pitches and was able to keep us off balance with the way he changed speeds with that breaking ball, the cutter and the fastball. So he pitched well. Unfortunately, we couldn't get to him any more than that second inning. And does Chapman have less margin for error now that, you know, that he doesn't throw as hard as he used to? I think it's coming out well.  His stuff's crisp, you know, you know, they just, you know, it was a good swing by that guy to get on a pitch early and put a good, put good barrel on it. But is there less margin, I guess, technically, but he's still an animal out there when even with what he's throwing right now, it's coming out well. Kenny. Aaron, did you consider pinching for Mike in the ninth? Pointing at your next guys? No, we're going on the last two spots there with Gary and Bird, but not with Mike there, no. And obviously, your lineup has been hit hard with the injuries. Any concerns about the viability of what you have here? We think we're capable still. And we expect to go out and do damage tomorrow. And the guys we have in there are certainly capable of scoring runs. We just got to continue to grind away and find a way right now when we are a little depleted. Who else? Anyone else? Okay, thank you.