Wins to squawk like a bird just to let our team is no we're open Jimmy Lee in Africa off and running nine two Here's Rollison pocket kick and the layup good Jimmy Lee Rollison pull up pop. Yes, Rollison if you're gonna leave the ball in his hand You have to put web up there. I think you can play some pick and roll Situations on steel Rollison Ladies in we got a time ball game at the left now on a 13 of three run 10 seconds left in the quarter Another loose ball Martina the same The finish a quarter and he flexes Martinez keeping it alive It's the West with a two-point lead three minutes until the half two-point lead for the West Rollison I ain't with five point five three down two blocks. Here comes the steel Jimmy Lee Such a great finisher we've seen some phenomenal finishers all week Jimmy Lee now with 20 seconds Deep three But there's nothing else like this Here's your goreville from deep Jimmy Lee Let him know you're there. No one's stepping up to take a charge. I mean he he took off He started off just over half for the goreville. Give me three balls Let's start before that going for the steel in the backcourt. It's only second year doing that as well No, 21 years in the Gala, so it's been it's been great, man Gorville and Martinez and a lead that was for all of a sudden now has just ballooned up to 10 Crossover drives baseline kick out Martinez But here's the thing that's that's that's the greatness of this team a world championship They win it by nine And the left side is the best side when it comes to young hoopers the US West boys out of Los Angeles Are the 2019 junior NBA? global champion as the commissioner just so eloquently said going up against a very formidable Opponent a team that had been here before. How was your team able to pull this off today, man? Look at these guys They play hard all week. We've been coming back all week We did what we had to do we came here. This is our dream. This is the last year for all these guys So at the end of the day, we're gonna have to come new be coming back next year, too I remember I can't get out, but we'd be here next year Actions do speak louder than words and what you guys did out there was a tremendous team effort And we have talked all week long about this being more than just basketball what your team did out in the community What they learned about themselves the importance of teamwork What would you say has been you know aside from the championship the best part of this overall experience make experiences beautiful I always so I told everybody last year. I'm like I gotta go back It's the best experience you could go through and at the end of the day This is what it is man.  So it's all good Did you guys have a good time? Does it feel even better that you're walking out of here with the trophy? All right, without further ado guys, you will you do me the honors and and put that underneath the junior NBA global boys champions West


And those personal relationships, both with the root server operators and with the TLD delegate operators, and it was actually extremely unfortunate, it was a formative event also when he passed, because he didn't get the chance, even though that was the plan, he didn't get the chance to do the personal work of turning his personal relationships into institutional ones. And there was a great deal of trouble and discomfort and distrust that followed from the fact that he wasn't able to be part of that process, because there was a certain amount of, I can, what's that? And you guys, who are you and why should I listen to you? So let me ask a kind of provocative question here. So it's extremely unfortunate, no question, that John passed away sort of on the eve of the formal start of ICANN. So that's an event heard around the world and everybody knows that that's not good.


Hello and welcome to this session. In this session we will choose the level of accuracy at which you use two limitations on measurement when we purchase quantities. First of all, let us discuss accuracy. Now accuracy is how much is the measured value to the actual measure or true value. For example, if you throw four dots and all the four hit the bull's eye, then this is called accuracy. Now let us discuss precision. It is a measure of measurement to be consistently reproduced and precise measurements are close to each other. For example, if you throw four dots and all the four hit the same spot, then this is called precision. Now let us see one example to find accuracy and precision. Now suppose actual temperature is 38 degrees Fahrenheit outside the room. Now when we measured the temperature in degrees Fahrenheit 10 times, we found the following readings and the readings are 38.0, 38.0, 37.8, 38.1, 38.0, 37.9, 38.0, 38.2, 38.0 and 37.9. Now all these readings are in degrees Fahrenheit. Now see, all the readings show a tendency toward a particular value. So there is consistency in the readings and hence there is high precision and also all the values are very near to the actual temperature each time. So there is high accuracy. So here we have high precision and high accuracy. Now we shall see how to determine which measurement is more precise. Now you ask two friends for the time. My view says it's about 315 p.m. and Geo says it is 313 and 22 seconds. Then we say that Geo gives more precise measurement of the time because Geo gives the time to the nearest second. Thus we see that precision is the level of detail that an instrument can measure. In a similar way a ruler marked in millimeters is more precise than the ruler marked in centimeters because millimeter smaller unit than centimeter monitors discuss value of significant digits in precision. Now the precision of the measurement depends on the unit of measure being used. The digits you record when the measure are called significant digits and these digits indicate the precision of the measurement like 3.1415 is more precise than 3.14 because 3.14 has only 3 significant digits and 3.1315 has 5 significant digits. Now let us discuss the latest possible error. Now see the following diagram. A block of wood is placed along the edge of a ruler that is marked in touch of an edge. Now friend we might say that block of wood is 3.7 inches long. Let's put our measurement exact. This measurement is approximate. Now when we say length of block of wood is 3.7 inches we mean it is 2.7 inches long which is 2.6 inches or 2.8 inches therefore 3 measure of block of wood is between 2.65 inches and 2.75 inches. In other words the 3 measure is less than 0.05 inches from 2.7 and is greater than 0.05 inches from 3.7 and when we written as 2.7 plus minus 0.05 inches the value 0.05 is called greatest possible error of measurement and is half of the place value of last digit and we can say that the greatest possible error is one half the place value of the last significant digit. As you can see in 2.7 last significant digit is 7 which is at tenth space so greatest possible error is half of 1 by 10 that is 0.05. Now in measurement of 4,500 feet last significant digit is 5 which is at hundred space so greatest possible error is equal to half of hundred that is equal to 50 and we write the measurement as 1,500 plus minus 50 feet normal. Out of 3 numbers having 3 units of measurement remember having least error is not precise for example in 3 centimeters and 3.7 centimeters error in 3 is 0.5 and error in 3.7 is 0.05. Now the least error is in 3.7 centimeters that is 0.05 so it is not precise measurement. Now out of 3 numbers having same units of measurement number having more significant digits is not accurate. Precision also depends on the units of measurement if the units of measurement are different in 2 different numbers like 3 centimeters and 3.8 centimeters then smaller unit is more precise unit of measurement so here 3 centimeters is more precise unit of measurement as centimeters is smaller unit. Now let us see how to calculate values which give more accurate results. When we add or multiply 2 given numbers then the obtained answer should have as many significant digits as in the number having least significant digits from the given numbers it means answer should be no more precise than the least precise measurement. Now let us discuss an example. Now let us find area of rectangle whose dimensions are 12.3 centimeters by 16.86 centimeters. Now see area of rectangle will be equal to length into width so this is equal to 12.3 centimeters into 16.86 centimeters which is equal to 207.378 centimeters square. Now here we can see in the answer we have 6 significant digits but least number of significant digits are in 12.3 that is 3 it means 12.3 is least precise number our answer should also contain 3 significant digits it should be no more precise than the least precise measurement. So that is the given answer to 3 significant digits so we have area is equal to 207 centimeters square. Now here we have rounded it off to 3 significant digits so in this session we have discussed about accuracy and precision of measurement and this completes our session. Hope you all have enjoyed this session.


Welcome everybody back to the Independent Investor Channel. Very, very important to move out of 2022 and understand the progress that's been made by Aduro Clean Technologies. Before we get started, I'd like to invite you to the disclosures in the description. Aduro has entered into an agreement with the Independent Investor Channel to provide awareness content and compensate me for my time. The details of those disclaimers are in the description below. And before we get started, I want everybody to understand that 2022 was the year that Aduro Clean Technologies was introduced to me. I've taken a long share ownership in the company. Right now it sits at about 17,500 shares and I will be looking to increase my position. This is not financial advice. These videos are made to introduce companies that you may have never come across without the referral or some type of an awareness piece like this to potentially provide you some insight on where the company is, what it's doing, and more importantly, where it is going into the future. Aduro Clean Technologies is really focused on three verticals. The one that we're most intimate with at the current time frame is their plastic upcycling with their hydrochemaletic technology that they have complete ownership and intellectual property rights over. Aduro Clean Technology is looking to solve one of the major problems on the earth right now. And that is the recycling of hard-to-recycle plastics, our polypropylene, polystyrene, and polyzyrene plastics, which historically have ended up going into landfills or shipped to other companies for a premium for them to dispose and build up their landfills. And that needs to stop and it will stop with some of the coming mandates that are on the horizon here for 2025. There has just been some rigorous discussion on an international scale with regard to entering into treaties and agreements with companies and the amount of plastics being produced by those companies and putting a cap on historical production and then a potential tax and requirements for due diligence going forward in ensuring that a process is in place. And my friends, before I was introduced to the Aduro Clean Technology opportunity, I was under an impression that I think a lot of people out there were under the same impression in that when your plastics go to the garbage, some of us are guilty about maybe throwing plastics into the trash and expecting that to go to the separating facility and actually end up being recycled into making new products, guys, that could not be further from the truth. And when I learned about this, learned about the problem, learned about the amount to being produced, 320 million tons of plastic being produced every single year or being created. And with no place to put it, it's super important for us to take this problem head on. Now, paralysis is the current process and it has been used for a while and that is in short the process of introducing high amounts of heat to deconstruct the molecule in a destructive fashion with the expectation that you can render some usable material on the back end. Where Aduro sets itself apart is that the renderings that they're able to achieve on the material that's being produced is close to 85 and in some cases above 90%. Usable product that can be used whereas paralysis is seeking renderings of about just over 50%, sometimes in some cases 60%. So Aduro almost 100% more efficient in the application of their technology. Very, very exciting times. But I wanted to share with you guys a couple pieces of news releases that has just been made, really with the intention of number one, introducing their R2 reactor, which is complete. You're going to get to see it. I'm going to show this video to you guys and have Anil Jawar, who's the Chief Scientist with Aduro Clean Technologies, kind of run us through a quick two minute tutorial on the R2 reactor that's just been completed by Aduro Clean Technologies. Hi, I'm Anil Jawar, Chief Scientist at Aduro Clean Technologies. At Aduro, we are working on development of platform technology for chemical recycling of plastic called hydrochemical technology. It's a simple water-based process which is capable of upcycling plastic into high value feedstock and platform chemicals to enable circularity. It's a unique chemical conversion process which could be achieved using conventional processing equipments. This is our continuous reactor system for upcycling of plastic into high value feedstock and platform chemicals. In tank one, we have water and catalyst. In tank two, we have bio-based renewable in situ reducing equipment source. They are co-fed into the reactor using a high-pressure pump. This is an auger to fill the hopper for the extruder. We can feed in polyethylene, polypropylene, polystyrene or mixed plastic using this auger into the hopper and they are fed into the extruder. The extruder is used like a pump here. We increase the temperature of the plastic and push the material into the reactor system. In the reactor, the plastic come in contact with our co-feed and depending on the process conditions which we can adjust by adjusting the temperature or pressure or even the space time and depending on the process condition we get different quality of the product. Once the reaction is complete, the material leaves the reactor system and flows into this twin separators where we can maintain different temperature to get the fraction desired fraction. So depending on the process condition, we can get high molecular weight waxes or we can also get low molecular weight hydrocarbons which are suitable for NAFTA cracker feed. The non-condensable gases leaves top of the second separators and are collected. So this is in short our complete hydrochymalytic process. So exciting times at Aduro and as we move into 2023, the R2 reactor is going to pay dividends in its ability to demonstrate what has been a bench technology. Third-party verified technology from Aduro Clean Technologies through their hydrochymalytic conversion process using lower than normal processes of heat to deconstruct the molecules in a productive, more efficient manner and Anil has just done a fantastic job of introducing you guys to the R2 reactor that's going to be brought home to the newly expanded facility in Canada. They've got more space there. That expansion project took place over 2022 and is now complete and is going to pay off immensely when customer interactions kick off in 2023 when they're looking to showcase this technology using the R2 reactor which is a step up in volume and showing the difference in what needs to go into the monitoring of the process but more importantly the ability to kind of tweak the chemistry and allow for different renderings on the back end. Anil did a great job of explaining that how the different adjustments can be made to actually produce the desired product on the back end. Now I thought Ofer Vicus who's the CEO of Aduro Clean Technologies took us out of 2022 in a fantastic way and he set up the stage here for 2023 and what to expect going forward and these will be the points of emphasis that I will be earmarking because if you go back to 2022 this company basically says what they're going to do and more importantly they do what it is they say they're going to do. They have had marked progress here and this company Aduro is an unknown company. Ask yourself if you've ever heard of them before. This is a revolutionary company that the company when they come out with announcements it is important and you need to listen because they don't come out, they don't hype their company, they're very busy. Ofer talks about working around the clock right now with all the initiatives that they have going on. It's very very exciting times and as they ramp up and get closer to those milestones of bringing on the pre-commercial ready version of the R3 in 2023 it's going to be absolutely critical for us to continue to monitor this story. So I'm going to drop you into the final comments of 2023 from the CEO Ofer Vaikus and let him explain the exciting developments in 2022 and what's to expect here coming in 2023. Hi my name is Ofer Vaikus and I'm the CEO of Aduro Clean Technologies and I'm here to give you some updates about our exciting news and then talk to you about plans going forward. So Aduro developed a technology chemical platform and it can be applied in different sectors and so what we do is basically taking long heavy molecular chains and making them shorter and basically increasing their values. So our first application is taking renewable oil and transforming them into renewable fuels, advanced chemicals and our second application is improving the properties of B2 man and heavy oil and the last application that we are currently working on is of course upscaling of waste plastic. Basically we're taking low value waste of plastic it could be either a single stream or a mixture of streams and when we finish with it what comes out is a material that is very light and worth quite a lot. The process that we have developed I can do it in a lower energy mode and it can take a little bit more contamination and the value of the product is much higher so that gives you a little bit of ability to perform well in comparison to our peers or competitors. So at the beginning of 2022 we promised to our investors to first and foremost put machine in the ground and second bring some partners to help us develop and continue the commercialization so we're here at the end of 2022 and as you can see behind me the machines are nearly complete as for our partners we just announced that we've been selected to the Shell Game Changer program we're super excited about it. We basically have the opportunity to demonstrate Shell the technologies capabilities in addition we also took a massive project to increase our lab size so the lab is due to be ready and basically the first quarter of 2023 and with that milestone we are basically good to go and initiate our customer engagement program. If 2022 was basically building the building blocks of our operation where we have developed the demonstration unit for the plastic and the demonstration unit for the bitumen and the flush drum that is required for both units to sustain both units so 2023 is basically the integration of those building blocks and moving forward and our intention is basically to host more customers run more experiments and really expand our process towards the commercialization phase 2023 is also dedicated for our pilot system is for ton per day unit so those will be more of the semi-commercial unit and we are working around the clock not just on the design of the unit but demonstration technologies to customers that will help us to facilitate it working around relevant grants basically simplifying everything that we've been doing in 2022. So our duo has been recently awarded 1.14 million dollars by MITAC and NSERC both government organizations towards a research project with the western university and the goal there is really to deal with contaminated material and this is part of our commercialization program but maybe more importantly it's a great way to meet new skills young scientists that will join the program the program will eventually host about 18 research scientists all of them will work on site with the key investigator professor at the university and at the end of the day the way we adduro see it is that all of them are basically potential candidate as employees going forward for adduro so the length of the project is three years and you can see how on that section we are really planning our growth through that program so we're looking forward to meet those guys and to execute this project so we're also growing our team substantially and we have a really fantastic team that works through all this year 24-7 to design build and execute those projects and basically our team is really hungry and super ready to towards 2023 and so for adduro what a great way to finish 2022 with our partners our press release really an exciting way to start 2023. So we've just heard from the CEO Ofer and we'll continue to engage with adduro as the story and the company do evolve in 2023 they mentioned the partnership with western I think that's fantastic he talked about that being a kind of a talent draw for adduro just imagine how difficult it is to get these highly skilled positions and here they are partnered with the very research and development that's going to be happening in conjunction with the adduro technology it just very exciting times as they work both angles of this and this is just the one vertical that we're covering right now with adduro we do have plans to cover the other renewable oils and the bitumen upgrading as well adduro is a multi-faceted company here but there's too much to focus on in the short term and there's just been a lot of developments on the plastic upcycling and recycling with their latest announcements that they've been accepted into the shell game changer program I would be absolutely certain that 2023 is going to be dominated with their research and development and engagement with the shell oil team we will be intimately involved in the developments that occur over 2023 and beyond as we're looking to take this project into the future and really look to help share the message in the mission and solution that adduro clean technologies brings to bear for the world and for the recycling industry as a whole guys I want to thank you for tuning in to this message I want to invite you to subscribe to the channel leave your comments at the bottom of this video one thing that you guys need to understand is that there are multi-million dollar investors that are engaged in this company as we speak and if you comment on these videos specifically those investors monitor the comments threads and if you have a specific question for me I'm glad to answer it if you have a specific comment or question for those individuals that don't get answered by the content that's coming through YouTube just no problem ask those and those will be answered by those groups these are serious company owned 50% by insiders so you guys are in a very very rare position here with the stock trading at about 66 to 70 cents on any given day we are on the ground floor of a company right now that's owned 50% by the insiders looking to do the right thing in bringing this solution to mass commercialization just in the coming years here in 2023 is going to be an incredible catalyst year for adduro clean technologies guys thank you so much for tuning into the message and good luck in your investment future


So let's just talk about, you know, we had a great conversation about transformation, we had a great conversation about how that's disrupting workflow and different skill sets required and transient teams moving perhaps even across companies and work changing across the globe.  And we're spending a lot of time obviously thinking about that. You know, starting with you, Professor, what would be the four or five pieces of advice that you would give this audience and me as I think about how PMI is going to stay relevant in the future? Got it. Let me engage the audience and ask the following question. How many of you in the past three years have worked on a change project in the organization currently is working on a change project or in the next few years expect to work on a project that requires substantial amount of change? Please raise your hand. So you see about 90, almost 99% of the audience, right? Another question I have is how many of you in the audience consider yourself as middle-level manager? Raise your hand. Not you. So about 50%. All right, so let me just share with you. I've spent the last 25 years spending seven. Those people who know me, this is my passion, is really the field of change and transformation. I want to start with some bad news if I may, and then later I'll give you some good news. The bad news is 70% of these transformations fail. Every study that we've done. Number two, another bad news is global surveys of a Gallup poll around the world shows that 85% of employees around the world are completely disengaged. They're either sleepwalking at work or they are sabotaging the work. So only 15% are really inspired. Now the numbers are better in the US is about 25, 30% really engaged. But still, this is really bad. If this doesn't shock you, I don't know what would. Number one issue in the mind of CO's, a Wall Street Journal article, it says that it's transformation. Nearly $900 billion was wasted in transformation last year, especially digital transformation. So this is not good for our organization and this is also not good for humanity. I would like to talk about how as program managers, you can actually become change agents and become really a leader in your organization to make sure your transformation succeeds. And let me just tell you, based on a thousand transformations that I've studied, also hundreds of companies that have coached in the past 25 years, what really works. What really works is that just about every great transformation that I have studied, they put employee engagement at the center of what they do. So it's time that we work on transformation and have employee as the center of the transformation. Rather than armies of outsiders coming to the organization and trying to change, we want you guys, we want armies of volunteers, we want armies of change agents within the organization to be the author of change. And so the biggest lever, if you will, the person who has the central nervous system of the organization that often helps me in this transformation is a program management, director of program management, and people like you, which I rely on heavily. Secondly, those of you who are middle-level managers, I really believe it is a global treasure for innovation. And I've written an article in Harvard Business Review about how we can actually help middle-level managers to reach their full potential because some of the issues Vikram is talking about, it's really salient. And middle-level managers are going through a lot of pressure, both getting pressure from the bottom and also pressure from the top and so forth. So this is a huge opportunity, if you will, to get involved. I really believe that this is where it could be a personal journey, a personal transformation journey. And I like to suggest that all of you think about how can you become a better agent of change in your organization through your own personal transformation, through connecting the outside of the world and ecosystem and customer into the organization and what's important in your insight to where the organization is going. I believe through that you will reach, not only you reach your full potential, but there is no limit in terms of the fulfillment that you will achieve in this journey. Wow, fantastic. Very well done.


Everybody for a stripping 2022 playbook football hobby eight box half case number 13 random team style You can find the results on screen anytime at late and sports cards calm. Let's go ahead and get started y'all Yeah, magic at the bulls pick Although just have that whatever odds that spot is now. There we go. There we go. All right. Here we go eight boxes half case Let's see what we got here, buddy Giants up first mammoth material jersey to 1.99 is rookie one Dale Robinson a lot of tape for this breakthrough Romeo doves hot routes patched to 75 Packers and for Darian Mathis rookie auto for the commanders. They have an 8% chance to keep their pick That's things We need to get like we need them to get like five There's an imagine get in the top five with hairs. That's what we need. That'd be insane and Falcons first hit rookie playbook Jersey auto of Drake London Todd G with the Falcons. There you go So 35 out of 249 odd G as in Great hits Okay, the dust is definitely getting me. I constantly have to like a sneeze Like I don't have to Stinks deal and save the day man Patch card to 25 Michael Pittman jr. Colts and so we start bringing more cases one out of the filler from upper deck To 1.99 mammoth material Jersey Sam Howell commanders rookie William's rookie auto for the Rams to 99 and Breeze Hall, look at that green rookie playbook Jersey auto 14 of 25 That one's great. Congrats Jets Mad G Get my lip really hard. I'm Ari Cooper patch to 99 hot routes for the Browns Yeah, this is this seems a lot nicer than last year like the quality is a little better dual Jersey to 199 double moves Colts Jonathan Taylor With a cowboys, I did not know that he was on the checklist Raheem rocket ish mail cowboys auto to 75 hash marks auto That is a that that that is a card right there. That's crazy. Do rocket ish mail Trayvon Walker rookie playbook Jersey auto to 99 for the Jaguar speaking a really good half case so far three boxes in That's cry. I'd not expect to see him in this usually you see him in like community like collegiate stuff like Nt flawless iMac. Oh, yeah, you got a little bit of ESPN now, Jake. I know you're not doing anything. So Texans jumbo patch at 25 rookie John Meachie the third Cooper Cup Rams Jersey card to 199 They should honestly Vaughn she did a play in tournament and one location Like all this year the play in tournament is in Las Vegas, and it's like yeah All eight teams in the play-in are there on the big cat T a rookie auto Falcons to 15 But I guess being a higher seed you get home home court. Just a cool thought And what is this now? Deedis? Rookie patch auto book James Cook what a five cookbook Holy cow Buffalo Bills John M a Deedis cookbook Very gross that is insane That is insane way. Yeah, sorry You hit a Joe Montana six what Joe Montana The Joe Montana apparently Got DeAndre swift dual patch lions to 75 Yeah, legal. Why not? Givante Williams auto to 99 Broncos Bobby trees auto to 25 for the Titans Robert Woods and Jamo to 99 rookie patch auto lions on the book.  I feel like we're hitting really really well here Grats lions on that one nice Jamo. Yeah, man. Congrats. I'll have to check it I'll probably see it tomorrow. Honestly six if I'm being I don't really go on any social media one of that work Not that I'm like not necessarily like allowed to there's just no time to Patch card is 75 down and dirty Mike Williams chargers Down and dirty is game used also Sometimes it'll even say the game. There's like game day. Oh, no game it would show something else But there's a game day material in the pinning the product somewhere where it has the actual game It was one Tyler Algier rookie auto for the Falcons. I will check that out for sure six for shod penny Auto Seahawks Eagles legend Rashad penny and Titans now to 99 Hassan Haskins rookie patch auto book Each two nice another division spot came into visions is down to three eminence still at five Everybody patch card hot routes to 75 Texans Brandon Titans Jumbo Jersey to 199 a mammoth materials Hassan Haskins Kyle Phillips rookie auto for the Titans Yeah, illegal is definitely trustworthy you guys can you guys can try you guys can believe him Look at this thing Kenny Pickett's 12 of 49 RPA book Was every break today like this we've hit a lot of very nice books here. What the heck? Kenny Pickett Steelers great signature 12 of 49. Yeah, holy moly. Holy guacamole Patch card to one 99 hot routes Browns Amari Cooper Cave on tip-a-doh rookie auto for the Giants cave on tip-a-doh Cave on tip-a-doh Niko Collins auto Texan sir 99 Nasty Niko Sam would probably say at this point in time and a 49 Lions rookie jumbo dual patch book That's pretty dope James and Williams again. Okay. That's the 49. All right. We'll do a real quick recap I'm gonna show these take picture real quick. We'll start with the Kenny pick I'm gonna take picture of these put them and you get over the Jake so we can put them away heaven like slider boxes Get the camera and then the Adidas one of five James Cook book That's right. Bill's one of five cookbook The only books all read are these that and Star Wars books. I'm a nerd All right, relics. We got Amari Cooper Cooper cup Cooper Cooper Jonathan Taylor Sam Howell Hassan Haskins Wanda Robinson Coupe again Brandon cooks Mike Williams DeAndre Swift Hey, have a good one Charles. Thanks again man Romeo Dobbs Michael Pittman Jr. John Mechie the third autos now Rashad Penny Kyle Phillips Tyler Algear cave on tip-a-doh Fadarian Mathis Nico Collins Javante Williams Kyron Williams Rocket Ishmael Bobby trees are the kids yeah Then the rest of the books here. This is just dual patchbook James Williams. So non auto book there Then all the other ones are RPA books. Yeah, Drake London Draven Walker Hassan Haskins James and Williams and green to 25 as a breeze. Oh, that was a really nice one too. Thanks again everybody We are on to number 14


Welcome back to Tennis Talk, my name is Cam Williams and Novak Djokovic is in the draw for Indian Wells. However, he is waiting for the CDC to let him into America before he can play at Indian Wells. Indian Wells came out with a statement talking about this, so let's go have a read. This is what Indian Wells had to say just before the draw was announced for this year's tournament. Novak Djokovic is on the tournament entry list and therefore is placed into the draw today. We are currently in communication with his team. However, it has not been determined if he will participate in the event by getting CDC approval to enter the country. It actually says on the CDC website that if you are not a resident or you are not an American citizen, you and you're coming to the country as like a traveler or on a working visa, which is what Djokovic should be doing, you have to be fully vaccinated otherwise you will not gain entry into the country, which is exactly what happened sort of in Australia as well. So the rules are there, will they get changed or will Djokovic be able to get through them? Because medical exemptions, we all know that could be a thing, it might not be a thing. So there you go, Indian Wells, even though they do have a policy that says that unvaccinated people are not allowed to be at the tournament, they're going to make the exception for Djokovic and of course they would. He's the best player on the planet, maybe second best after Medvedev now, but I still think he's the best player on the planet. They're going to make every exception they can to get him playing their tournament. Let me know down in the comments below, what do you think is going to happen? You think he's going to play? We've got a lot of American subscribers on the channel.  Is he going to get into the country? Tennis Sangren who's unvaccinated is playing Indian Wells, but he's an American. So he can play in America, but is Djokovic allowed to get into America? Therefore, playing Indian Wells.


All right, so this talk is going to be on this title, The Seen, the Unseen, and the Unrealized. So I'm going to start by asking, how many of you have heard of The Seen and the Unseen before? Raise your hands. Okay, so I have about one-third of my talk left, because you know the first two-thirds already. Okay, so seriously though, this is based off of my book from 2016, one of the two from 2016. The Seen, the Unseen, and the Unrealized, how regulations affect our everyday lives. I don't have a copy, because the store had a shipping snafu. But we do have these a little here and there. So if you want to order a copy, you can order it using this QR code. And the best prize in the world is from the Mises store. Okay, so I'm going to go through The Seen and the Unseen a little quickly, since you know the stuff already. And then we're going to move on to see where my analysis and my addition to this sort of differs from the standard take, and how I add to it. Okay, so this starts with Frédéric Bastiat, and you know him from mid-19th century, right? He's the liberal economist, the French guy who was a master on economic rhetoric. And he says, between a good and a bad economist, this constitutes the whole difference. The one takes account of the visible effect, the other takes account both of the effects which are seen, and also of those which it is necessary to foresee. Now this difference is enormous, for it almost always happens that when the immediate consequence is favorable, the ultimate consequences are fatal and the converse. Hence it follows that the bad economist, that's not me, pursues a small present good, which will be followed by great evil to come while the true economist, that would be more like me, pursues a great good to come at the risk of small present evil. So you can see how important this is, right? To not only look at what is going on, but also look at what would have happened otherwise. Okay, so he tells the story about the broken window, and when you hear broken window you probably think of Paul Krugman, and that's pretty accurate. So he tells the story about the broken window and how the shopkeeper's son breaks the window, and a number of people gather and at first they don't really... I think the shopkeeper's son has done something bad, something naughty, right? And then they realize, wait a minute, this is actually a pretty good thing because this means the shopkeeper needs to buy a new window pane. So it's more business for the glazer, which is a good thing, right? Because there's more spending in the economy and the wheels start turning and all this stuff. And as all students we don't really believe in wheels, but let's get to that. Okay, what it means is that every downside has an upside and vice versa, just like in Bastiat's quote before. And it's not really a zero-sum game, right? It's not really a game to destroy something either, right? So this is a story about opportunity cost. If you've read, not Bastiat, Henry Haslitz's economics in one lesson, you know that he's basically copying, plagiarizing, if you will, Bastiat, talking about the opportunity cost. And the one lesson is like 35 lessons in one and all of them are about this other side of the story that we have to consider because economics is all about the trade-off. It's about figuring out what is the true cost of something. And the opportunity cost we know that is what we could have done but didn't because we chose this other thing, right? And that's how we evaluate any situation, any choice that we make. Okay, so in this case, the Glacier's gain gains because the shopkeeper loses the window, right? That's what we see. What we do not see is that the shopkeeper would probably have done something with that money if he did not have to buy a new window. And in Bastiat's story, it's a, he would buy a shoe or a couple of shoes, I guess, a pair of shoes. You didn't get that one, did you? Okay, next time. In Haslitz's story, it's buying a coat or something like that instead. But that's what we do not see, right? He buys the window instead of buying what he otherwise would have bought. So you can't really say it is a gain that the Glacier gets to sell a window because at the same time the shoemaker does not get to sell a pair of shoes assuming that costs about the same. Okay, so we need to consider both. And if we do, it becomes obvious that this is not really a gain and it's not really zero sum either. It's a loss, right? Because the shoemaker gets to, does not get to sell. The Glacier gets to sell. That's plus minus zero, we can say. But the shopkeeper loses a window. So it's a net negative. Okay, so what is fascinating about this tail and how Bastia sets this up, let's look at this a little bit. Because what he says here is really that we maintain a sort of free market situation where the choice is voluntary, where the exchanges are voluntary and for mutual gain. Okay, which means he is pursuing what is highest on his value scale. So the reason he buys a window instead of the shoes is because that's higher on his value scale. He didn't need one before, but after he loses the window and there's a big hole in it, then he values that much higher than the shoes he would otherwise have gotten. So he's still following his preferences even though he lost the window. It's really a static view. It's a static view of that choice, that choice situation which is either with a window or without a window and how he would choose considering his son's rocks and playing with rocks. So it's an either or analysis. It's pretty standard. It's pretty mainstream even. Even in mainstream economics courses we teach opportunity cost and hopefully economics professors would teach you opportunity cost day one in the principles of economics course that you took, econ 101. Okay, so what we have then from an Austrian perspective is the value scale where the shopkeeper already has the window pane. That's what the check mark means. He already has that. That is satisfied already. So next on his list is a pair of shoes. He doesn't have that yet, but he's going to buy it. And then of course if he loses the window, then he's still going to go for what his highest unsatisfied wants on his value scale. So in that sense he's still just acting normally. No problem. Okay, now let's aggregate this or blow this up into a bigger example and I've chosen to just drop a few bombs in the city and I chose one at random to turn out to be addressed in Germany. Maybe in this crowd I should have chosen like Washington DC or something. But anyway, so here we have the same thing but on an aggregate level where you smash the whole city with bombs akin to breaking the window. No one dies. No one is harmed other than we lose this property. Okay, nothing really changes. After we lose the buildings, we sort of need a shelter. We need somewhere to live. So we will focus our energy on rebuilding the city rather than doing what else we would have done. Maybe we would have met up with friends in coffee shops or planned our vacation or whatever. But those things are not as important anymore. They're lower on the value scale, right? So after the bombs over Dresden, we're focusing on this unsatisfied want which is higher on our value scale. Of course we get really busy doing this because this is really high on our value scale. So not having a place to live then we would not consider leisure to be all that important anymore. So you would probably invest more of our time, more of our efforts, more of our savings, assuming we have any, and so forth into rebuilding the city. So there will be a whole lot more activity because we want just roof over our heads. This new activity is what Paul Krugman would call economic growth. We would not. This is simply a choice considering the opportunity cost. In this case, leisure is simply not very high on our value scale anymore. We don't have a home. So what does this mean then? Well, it means that our demand for construction materials goes up quite a bit. We have a whole city to rebuild. This means that we are willing to pay a higher price and build construction materials from the whole region. Well, I mean they can make money off of shifting their resources and transporting them into the rest for us to rebuild. Higher profits, hey, why not? Supply chains, they start pumping out even more goods and so forth. And all of this, of course, we see in economic statistics. This is not very strange, right? This is a pretty standard economic story. This is what we would expect. The market works. It directs resources to where they are most highly valued, which in this case is dressed in and reconstructing the city. There would also be, of course, disaster relief from all kinds of organizations, maybe even the government will help people out and so forth. This is the same story, right? They've suffered a loss, but they're still focusing on whatever is highest unattained value on their value scales. I think we can all agree on that, right? So the action is still, their voluntary action is, they're still following whatever it is that they value most highly, subjectively speaking, even on an aggregate level. So the economics of this, of course, is that, yeah, we have a temporary loss. We have a temporary setback. We lost wealth. It's the window or it's the city. One of the two, right? Prices suggest people's actions. They adjust them to. They shift their resources to where they do most good, which is where they have the highest value and so forth. This is a standard story for any economist, right? This is what we would expect. But let's look at something different. Let's look at, what about a regulation? Which is what my book is about. It's different. So far we talked about destruction. We don't have to talk about how that happened or anything, but what about regulations? Well, any regulation is really a restriction on how you may act or how someone may act, okay? It's a prohibition on specific actions. I think you agree with me. A lot of people on Twitter do not agree with this. So it can also be that you're prohibiting an action unless you fulfill certain criteria. But it's still a prohibition, right? You can't do unless you, either you can't do it all or you can do if you are licensed and you check all these boxes and what have you, right? That's a regulation, okay? So what this means is of course that a regulation is effective if it is an action that could have taken place. And this goes back a little bit to what Professor Engelhardt was talking about last lecture, right? Minimum wage, a minimum wage that is set much lower than the market wage doesn't really have an impact at all. So any regulation of course needs to regulate something that people would choose to do otherwise or it's ineffective. It doesn't have any effect, okay? So it must be something that is formally, physically and economically feasible for actors, okay? Well, that means that the regulation itself is not a destruction because it is a prohibition, it's a ban, but it's still destructive and let's look at what that means, okay? So let's assume that the CDC, and we all know what the organization that is now, let's say that they issue a ban on touchscreens because people touch-touchscreens, this is pretty obvious, and they have germs on their fingers so there's a risk for spreading disease. So it's within the CDC's competence. So here we have Dr. Anthony Ipad Fauci. I'm pretty proud of this actually. So they issue this ban on touchscreens. So what is the effect then of this regulation? Well, let's assume that this is a user's value scale, the table down here. With new regulation, at the top of their list, they wanted to get an iPod touch. This might be before your time, I don't know. And as alternatives, they could get a Walkman, you might not know what that is, but that's sort of a portable cassette player, and a cassette was sort of a, well, never. Okay, so, or even lesser value is a portable radio. So those are my options because I want to carry music with me. And if I would be able to choose freely and let's assume that they cost the same and whatnot else, I would pick the iPod touch. Well, with CDC's ban, I can no longer pick the iPod touch because it has a touch screen. The other ones do not, okay? Which means that option is taken away from me, correct? It's not destroyed, it's not impossible. I didn't lose the window or the city. We didn't lose touchscreens immediately necessarily. We have the knowledge, we have the production facilities and everything, right? So this is not really a one-time loss, right? Reality is the same. Reality didn't change. Not like in the other examples where the window broke or Dresden broke. Here it's all the same. The only thing that is different is that a ban has been issued. So we can no longer use touchscreens. No one can use touchscreens because of the risk for disease. Which means an option is lost to us, right? But it's not destroyed. It means that someone who wants to replace their device or someone who wants to upgrade the device or someone like me who didn't have before but want to have music in my pocket, I can't get what is highest on my list anymore, correct? Which makes this different because I can no longer pursue the highest-valued attainable want on my list. Because I'm not allowed. That's different. And it means every time I purchase things that thing is still on my value scale, correct? Because I know it's possible and it was there yesterday which means every time I make a choice I lose that option. I have to go for something that is further down on my value scale.  I didn't lose anything, I lost the option so I lost the difference to the next highest-valued end, okay? Now, this is still fairly static but the economy is not, right? So the only thing we've done now is said well, with the regulation, yeah, the option is taken away from us so every time we make the choice we're gonna lose a little bit instead of with destruction when in one situation we lost a bunch of wealth or a bunch of capital, okay? The economy is different. Destruction doesn't repeat itself unless it's by a Keynesian. But the choices, we make choices every day. A lot of them. So unless we update our value scales we're gonna have this tiny little loss over and over and over again. But there's more to it because it's not about consumption. Consumption is not the economy, right? The economy is production. It's different. So producers are prohibited from selling touchscreens so producers of touchscreens they will either exit the market completely they will pull the plug on their businesses or they will reinvest in something else do something similar but there's not a touchscreen maybe they could have like a point screen that you point at from an inches distance or something like that but it still means that they will need to invest money and resources into changing the products because they can't sell the touchscreen anymore. Okay, well this means that we get more of other types of goods because that's where the resources go we of course get less touchscreens because they're not allowed to produce those so we get overproduction of other goods underproduction of the goods that we could have bought yesterday but can no longer. So the production structure is distorted. It goes away from what entrepreneurs had already figured out that consumers wanted to some secondary choice that entrepreneurs think that they might want. So that's a distortion because usually they would go for whatever consumers value the most. This is not a big surprise. This is sort of simple analysis. Yeah, regulations distort the production structure. Duh, tell me something I don't know. As Austrians we understand this mainstream is lost already. So we lose those options what is the unrealized then? What does this mean? Well there's something more to it since the market economy is a process and not a static state especially not a number of static states after each other. The problem is on the production side because innovation is not it does not come from nowhere at all like that and whoops a completely new thing. It is pretty evolutionary even though it's innovative and seems really revolutionary especially after the fact it's really a process itself with entrepreneurs building off of ideas from each other and borrowing ideas from other parts of the economy and using whatever knowledge they have from other areas and combining those bits and pieces and go whoa this is a possibility I'll try this. So here you have the evolution of the touchscreen devices in this case is the world of Apple brought to you by the world of hair. Again? Okay. Whatever. I won't try again. So Apple invented the iPod and the iPod Touch where you could have 10,000 songs in your pocket. Then they invented the iPhone which was basically the 10,000 songs with an internet connection. You place a phone call on it which led into becoming the iPad and now we're back to Anthony iPad Fauci. Okay. Well they're learning, right? They keep developing these products, keep innovating, keep developing new solutions and they learn in each generation they learn how to do it better and they figure out how to produce better things. It's not the case that suddenly someone was like you know smartphone. No. Because you had all these other products first and some of you might have heard of the Newton and things like that that Apple had way before the iPod too and they tried all these things and eventually they will figure out a product that actually is of value to consumers. Okay. So if we then apply our Austrian process perspective on this and realize that the market economy is an unfolding process that is uncertain, that is unpreneurially driven where whatever seems to work is where the resources are directed but they're still aiming for another point in the future still. Let's look at what this means then. Okay. So if there is a touch screen ban nothing will happen after the iPod and the iPhone is not possible because it has this touch screen. Imagine a smartphone without a touch screen. What the heck is that? It's just a big phone. It's not very useful, right? So you need to figure something else out, something completely different. You also would not have a tablet because it's also built off of what they learned from producing the smartphone. Instead, we get resources allocated into something else producing something that entrepreneurs think this is at least allowed to produce but without a touch screen. So we would get something different. That's true. But we will not get the knowledge necessary and the experience necessary to produce these other goods, those goods that we all have in our pockets pretty much. The smartphones and the tablets and whatever comes next. I have no idea what that is, but something glorious. Okay. This means also then that we don't get the jobs. We don't develop the expertise. We don't even get the organizations, the firms, the production facilities, the technology. None of that happens because of the ban on touch screens because there's no use in investing in all this stuff. Okay. So all of this stuff never happens. It never sees the light of day. All these business firms, maybe this new market niche, this industry never happens. Okay. So now we get to the issue of the unrealized. It's not the scene. It's not the unseen because that's static in the now, in the present, or maybe tomorrow. But over time, what happens, it's what does not happen that would have happened without regulations. Okay. So think about that. You need to be an Austrian to understand this because the market unfolds and is cumulative. Right. What is being produced for tomorrow is based off of what we learned producing for today. In the aggregate. Okay. So the market structurally from a consumer satisfaction point of view is very different. The whole economy is different. Correct. It's not simply, oh yeah, Apple is doing something differently. No. We just said that this affects the whole supply chain of touch screens. All the products that are made and could be made from touch screens. All the suppliers to these businesses, the jobs, the knowledge, the expertise, the technologies that come with it, they're not developed. Instead, we have these resources invested somewhere else. And that somewhere else is necessarily aiming for something that entrepreneurs think are lower on consumers' value scales than what they otherwise would have chosen. Right. Because of course they're going to aim for the highest value that they can imagine. That's pretty obvious. Right. So the whole economy is on a different value-creative trajectory. So it's aiming up here. But now with the ban, oops, no. It's down here instead. Which means we're going to get different type of growth, a different type of market. And we're going to be poorer. We're going to be less well off as a result. And we're going to get completely different goods, completely different careers for people. Right. So we have a choice situation when going to college, say, or when we graduate from college and we get out in the job market. Because of this ban on touchscreens, the jobs are different. The careers are different. Maybe it serves me personally, because I have the type of expertise and interest that fits with where the market is at now. But there's no way of saying, right? You don't even know what you lost. This ban was enforced maybe years ago, and then you had generations of investments all over the place. And the whole economy is different, structurally speaking. OK. So how do we use this then? Any ideas? This is probably where I should say, this is the end of my talk by my book. Thank you. But let's move on a little bit. OK. Let's talk about the sweatshop. Because I think that is a good example of this type of analysis. And why is that? Well, because it's usually discussed in terms of the scene and the unseen. But the unrealized is what's really important here. OK. So this is a page from my book on the sweatshop. Now, we all know what a sweatshop is. These factories or production facilities in the developing world where people are working in what to us seems like horrendous work conditions. It's hot. They work long hours. It's terrible. Well, we would never pick a job like that. If they offered that type of job to you, you would definitely go for the Biden stimulus money instead. Well, that's the scene, right? That's how most leftists argue when they argue the sweatshop. It's terrible conditions. They should have higher pay. They should have more paid vacation. They should have all this stuff. Well, very often we would remind them that no, no, no, there's also the unseen. What would they do if there was no sweatshop there? Very often we know that the people working in sweatshops, they chose to. And very often when Western companies open a new sweatshop in these countries, people line up and they stand in line just as much as we do for the next Apple product. They do for the job in the sweatshop. And why? Because it usually pays a lot better. It's a much better job, better work conditions than the alternatives. So it makes them better off overall. That's usually where this analysis ends. But it shouldn't end here because we're still in the world of Milton Friedman and those static analysis types. Because what can we say? If there is a sweatshop actually created in one of these countries, it means that the economy can support sweatshops. Because they can build the building. There's enough logistics to and fro. The workers are there. The machines are available. All of this stuff. Then the question is why is there only one?   They compete for workers. How do they compete for workers? Well, they improve working conditions. They raise wages. They provide more health care benefits and paid vacation and stuff like that. Then the option that people have when they choose a job in the sweatshop, which tends to be toiling in the field, starving to death, prostitution, and all those nice options. The option is not that. The option they should have had is another job in a sweatshop. So they should be able to choose between two different jobs into different sweatshops where they're competing for their work and their time and their expertise or at least their manual labor. This is a very different situation. And we know the economy can provide this type of job because it does. But it only does in a few pretty rare sweatshops. Why not a whole lot more? It's not like Nike says, ooh, we can only have one sweatshop for Nike sneakers because Americans don't like to wear sneakers. They can sell billions of sneakers. So they can have another couple of sweatshops or Reebok and have one next door and whatever else they call the sneakers, companies. There could be competition for this labor in this type of production facilities because we already know empirically we can see that the sweatshop works and they can offer a much higher pay than any other alternative in this area. Right? So something is wrong and what is wrong? Well, here's how I describe it in the book. I say that the fact that there are no economic limitations means the market is mature enough to support this type of production, meaning simply that there is a sweatshop so obviously there can be a sweatshop that's the level of my imagination. We can therefore conclude that the standard of living in the village where the guy we're following in this example would likely have been at par with the standard of living you get when working in sweatshop. But the reason he chose that job is that he did not have a standard of living at that level. He had a standard of living that was much lower which was why his choice to work there was obvious because it was so much better than his alternative. In other words, the poverty experienced by the villagers is to a significant extent artificial. There's only one sweatshop and all the alternatives are so much worse means something is stopping sweatshops from being established because the economy can support this and obviously the company who has this sweatshop is making a lot of money too even at this much higher wages. So why aren't there more? And why didn't this happen before? Because it's not a technological breakthrough, right? It's artificial. So in this choice situation when it chooses between the comparatively high-paying job in the sweatshop and the other alternative toiling in the fields or waving baskets it's artificial. It's caused by something. It's not because the economy is in a certain state the economy is in that certain state for a reason and it's artificial. It's created. Something is limiting it. Well, what limits the economy? What limits the economy from getting to its potential? Regulations. Those are restrictions imposed on this and these might not be regulations imposed on just having a sweatshop in this village. This might be regulations somewhere else that distort the whole economy and make it impossible or very costly for entrepreneurs to pursue starting a new sweatshop or maybe the villagers to go get together and start their own sweatshop to compete with the one that already exists. See where I'm going with this? This poverty is not natural. This poverty does not come out of the market or the market economy. It's created because a limitation is imposed on the market. And that limitation might be anywhere because we said before that just banning touch screens has distortions all over the place and it changes the options for people basically all over the world because other careers, the careers that would have been there are no longer there. The lines of production that would have been there are no longer there. So the whole economy, the structure of the economy, the production structure is out of whack from the point of view of consumer value. Even worse because consumer value, we know that that is sort of uncertain what consumers actually want to buy. It's out of whack with where entrepreneurs would invest their money where they imagine that they would get the highest return. So if entrepreneurs are not maximizing, given their imagination of what might happen and what they're able to do, well, obviously something has impacted them. So why would they choose, oh, there are very few entrepreneurs who reason like this. So I could make a ton of money over here and just a little money over here, a little money. That's not how you reason. That's not how you choose. You don't go, ooh, I value these things in this order. I'm going to pick the lowest one or the one in the middle. No, you're going to pick the one of highest value. So the reason they're not pursuing these things is that they're not allowed or that the market does not support it. So which one is it? If the market does not support it, well, that's an argument, that's a free market argument. I have iPhones in 1850. You have no knowledge, you have no machinery, you have no nothing to produce those things at that time. But if you can't do it in 2021, something is stopping you from doing that. Those are two different causes that could lead to the same result or similar results. So if we look at the unrealized, the effect on the entrepreneurs is really important here, right? Because they cannot pursue producing the goods that they think would be of greatest value to consumers. And that's how they make their money. That's how they, that's their whole function in the economy. That's the role of the entrepreneur. They're the driving force of the market process. And they can't really do that the way they want to. They have to pick something else other entrepreneurs will pursue opportunities. Because the entrepreneurs who otherwise would have, they imagine things that are not allowed. They're not possible. So they cannot invest in where they get, expect the highest return. Some choose not to invest at all and others choose to invest in other places where they might not have enough or as good expertise and knowledge. So in either case they're going to distort the economic structure, the structure of the market. This of course means lower standard of living for everyone pretty much, unless you're really lucky because there are fewer and worse options for consumers than what the entrepreneurs as a class if you will would have pursued otherwise. This means that they are creating fewer and lower paying jobs for workers. Why? Well because they're pursuing a lower value so obviously they can't pay as high salaries anymore. So workers are worse off too and then overall the economy, the structure of the economy is no longer aligned with where entrepreneurs think that the highest value for consumers is at. Which means we have a whole bunch of goods and services and fantastic opportunities all over the marketplace that simply never happened. That we're not going to see because of this regulation that stopped a bunch of entrepreneurs in some place. And I think you can see now that the problem is not as we usually analyze this stuff, saying that oh we regulate this space, well then that's they're going to be effects in this space. Well because it distorts the structure of the market economy overall. The investments are going elsewhere well those are investments that should not, if you want to be normative that should not take place because that's not to the best satisfaction of consumers, at least according to entrepreneurs. So there's a problem here. A regulation way over here will have effects way over here and vice versa. So there will be ripple effects throughout the economy, basically in a sense production based Cantillon effects if you will. Changing and distorting everything because everything is connected one way or the other in the economy. So more of this in this line of production means less over here and vice versa. That's going to affect where workers go how workers educate themselves and so forth. So regulations as I say in if you want to google this and a few of my talks I say that even libertarians don't understand how destructive regulations are because most libertarians are Chicago school economists. They look at the static picture so they say oh yeah the scene and the unseen well you're missing the big cost of regulation which is the supportive effect of the economy. The economy is completely out of whack with the value creation that is possible. That's the unrealized. That's the major cost of regulations. And I think we need to think about that and use that more in our analysis and when we talk about this of course it's a hard case to make when you're arguing with someone on Twitter but we need to realize that there's a whole lot more than simply the scene and the unseen. And you need the process perspective as we do have as Austrians to realize no pun intended the problems with regulations and those types of restrictions added on the economy imposed on the economy in a limited way because it's going to have impact on the whole economy. So I'll leave you with just a book cover in case you're interested and I'll be happy to find it the next time we meet. Thank you.


How a beginner can become a successful affiliate marketer with no experience part two of two Okay guys, we're gonna continue on this training on affiliate marketing and if you haven't watched video one I suggest you go back and watch video one right after this They don't necessarily have to be done in order But it does make more sense and you'll find a link to that in the description below So check that out. Also, don't forget to subscribe if you haven't done so if that button down there is red It's trying to tell you something. It's trying to say you haven't subscribed So you need to click that button turn a gray and turn on all bell notifications So you're notified every single time I do a new video now Let's get into this affiliate marketing stuff more in the previous videos I was talking about different types of products you can sell in this video I want to talk about informational products. These are awesome products. I've created some myself I've marketed other people's who have informational products and they're incredibly profitable and people love to buy them Now what are informational products with their generally products that teach something? Okay, maybe a marketer does them or maybe a blogger does them or maybe some authority somebody with you know Some type of background doesn't I've done quite a few informational products Because I sell products online I've sold millions of dollars of both digital and physical products and in doing so I learned stuff when I learned stuff I put it into a course if we sell that course So they're pretty cool, but there's a lot of reasons why they're cool the first reason you're really gonna like They're usually higher price, you know, I've got some courses that are two three thousand dollars. Okay, very expensive But that means your commissions are going to be much higher when you promote these things, too Generally these types of products have a personality behind them So when you sell let's say Facebook ads university or digital cash Academy It is my training from my experience So that makes the product a lot easier to sell because it has a personality behind them Now generally if they're done by somebody like me and you're promoting my products They're gonna have a lot of emails that come behind it. It's gonna be a full funnel behind it So it gives you more of an opportunity to actually make the sale because it was done by a marketer just like myself And the last thing I really like I think this is the most important thing is informational products They generally solve a problem. They take away pain. They know the pain points and they fix them for people So that's another cool reason why you'd want to sell now I will tell you it's a little bit more difficult to become a marketer of digital products Because the creator of the course is more cautious about who they let promote their products They don't want people making some grandiose claims about, you know, their course or anything They want you to stick to a strict way of promoting that product But I think that's actually a good thing and the cool thing is the profits. I mean the profits are amazing They're generally anywhere from 30 to 50 percent. So let's say you're selling one of my courses for 997 We'll say a thousand dollars. You're gonna get 300 to 500 dollars when you sell one of those courses That's pretty good. You don't have to sell too many of those a day, you know You sell two courses a day at 500 bucks. You're making a thousand dollars a day. That's not bad money Some of these products are also recurring So people get billed every single month a set amount of money, for example, TubeBuddy TubeBuddy is a great tool. You need it if you have a YouTube channel And I do have a link my affiliate link in the description below There's a free version of it you can get by clicking that link down there If you decide that you want to go for the paid version, I can save you 30 percent, which is pretty cool deal You get a good deal, but keep in mind every single month that you pay I get a recurring payment of 20 percent, which is very very nice I like those recurring payments now I want to share with you three of the companies. I really do recommend the first one is clickbank Clickbank is a great place to find informational products digital products all kinds of courses They have some physical products, but primarily it's digital and they're going to pay you anywhere from 10 to a hundred percent Commission, so that's a pretty darn good commission. That's a great place to go find products They usually vet the products first. They make sure they're not garbage They make sure you know they they stand behind what they say they're going to do in that particular course So that's a great place another place to Really have a good affiliate relationship is through Bluehost Bluehost is one of the preferred vendors for hosting a website a lot of people have websites Bluehost has an affiliate program. You can get in on that affiliate program. That's really awesome program I like that a lot next one is share a sale You can go to share a sale and they have tons of affiliate offers in there Matter of fact our survival food products are also on share a sale and you could promote those products through there And lastly if you're marketing on the internet Cartra Cartra Cartra Cartra is amazing. They have a great affiliate program if you look down in the description There's a link to Cartra. I would suggest you click it and watch the video It doesn't cost you anything. You don't need a credit card Don't even need to put your email address in However, if you decide you want to get Cartra, you can use my link and get a trial for only $1 But those are four of the top affiliate areas. I think you should go to right in the beginning Immediately get into those programs a lot of people like to put banners over their websites That is a good way to do affiliate marketing and you can make money The problem with that is it kind of clutters up your website It doesn't make it look that attractive So there are other ways you can go about doing affiliate marketing without having all those banners on your website I think one of the best ways is just to have links Especially if you have a blog or if you have YouTube videos like I do I have links below a lot of them are Affiliate links when you have a blog and you have links and then you're talking about a particular thing Let's say I was talking about Cartra and what a great marketing tool it is The word Cartra would actually be a link that would take you to Cartra where you could purchase it And I could actually earn a commission on it Besides that if you put just links throughout your blog or down below in the description of your videos It doesn't clutter things up now You can't put banners on YouTube unless you're actually buying ads But on your website you could you could you know put Google ads all down the side all these things are flashing and moving Very irritating to the person reading the article though So using these affiliate links works really great And you can make a lot of money without cluttering up your website now Let's talk about some of those kinds of blogs you would have where you would use affiliate marketing a Resource guide so if you if you put the words resource guide. This is this is a high SEO Keyword so if you put resource guide for Canon camera equipment or resource guide For shooting YouTube videos that get views people go to that page and they use it as a resource guide Where they actually go through it you can put all kinds of different affiliate links in there It's extremely helpful to the reader and also it's gonna be helpful to you because they're gonna be clicking on your links The next thing I would say is affiliate marketing with product reviews now product reviews can be done in a blog You can talk about you know the four different kinds of vacuum cleaners Or you could also do a video on YouTube and you could talk about the four different kinds of vacuum cleaners You could compare them back and forth and then you could give your opinion of the best one and then for all the vacuum cleaners You could have four different links down there So they could go and buy that particular vacuum cleaner of which they're gonna be your affiliate links now If you want these to be really effective try to give a story about how you actually use that product Be very clear and concise and at the end of your product reviews Give your honest opinion about which one you think would be best a lot of videos that are you know Cartra software versus infusion soft software or keep they call it now, which is better People love videos like that. They love blogs like that and you're gonna get a lot of traffic Just by the nature of the type of comparison it is and of course, you know email marketing email marketing works great If you go to clickbank You're gonna find that most of the top offers already have the emails written for you All you have to do is insert your name You have to insert what your affiliate link is and you're off to the races and a lot of people say Well, I don't have hundreds of thousands of people or millions of people on my list You really don't need that many I mean if you have a list of a thousand people or more you can you can send out some emails and make some Money seeing people do it It just depends on the relationship you have with your list if you haven't mailed them in six months And then you send them an offer you won't do as well as if you're sending them content every single week And you're keeping them warm and they're open in your emails It is important if you have an email list to email them, you know, I used to think well I don't want to email my list because people will unsubscribe Well, there's no point in having subscribers if you don't send an email. There's just no point So I finally learned that started emailing a whole lot more than started making more money kind of makes sense, right?  What is their history if you go to clickbank you can go to the gravity of a product and you can see exactly how well that Product's doing you may want to talk to the creator and ask him about their click-through rate Their earnings per click that type of thing So don't send out offers that don't convert well because if you send out offers to your list that don't convert Well, they're not going to convert well for you So number one you've wasted your time, but number two it may even get unsubscribed because it's a bad offer So be real cautious about that. Now if you don't use like a clickbank a link You're gonna want to probably use a link shortener. I like to use bitly Because the actual link is really really long for most affiliate links.  So what we want to do is have a bitly link a much shorter link that looks nice and clean and you can actually Customize a bitly link where you can put, you know, whatever customized name you want at the end of it And those do tend to convert better than one that just have a bunch of numbers and your letters and that type of thing Now I remember when I got started I really didn't even know what affiliate marketing was it took me a while to wrap my head around it And I wish I wish I had done it in the beginning because you know, I did start over a decade ago If I had been doing affiliate links back then and I was getting reoccurring payments now It would have built up over 10 years and I would have a lot more money, but that's okay The question is when do you start doing it and I will tell you today start doing it today Start using affiliate links today, especially if it's recurring payments I mean imagine if you you know, you have 10 people paying you one month and then the next year You have a hundred the next year you have a thousand and then 10,000 even if you're getting five or six bucks You get five bucks. You get 10,000 people paying on it You're making 50 $60,000 a month just an affiliate money and that may seem kind of far-fetched to you now But that stuff builds up even on this YouTube channel, which we we got it monetized last year It's already building up and it's building up really nice and it's it's producing money for me And when it produces money for me, it produces money for YouTube and it's a great relationship Because YouTube lets me do videos for free. That's pretty darn cool They say here's a platform and we're gonna put you know hundreds of millions of people on it And we're gonna let you do videos for free and if people like them will pay you I mean what the heck that's pretty good deal, right?  I have a course that's $97, but you can get it now absolutely free All you have to do is click and learn I would also suggest that you go to my channel the actual channel go to the search bar and type in Affiliate you're gonna find other videos on affiliate marketing that are really gonna help you out I would highly suggest you do that. Don't miss out on some free education. I'm also giving you that free education Don't forget if you haven't done so make sure you subscribe make sure you ring the bell Turn on all bell notifications so you're notified every single time I do a video give you a thumbs up Get that thumbs up down there smash the thumbs up lock in that subscription with a thumbs up super important that you do that So that what I get some distribution people will see my videos and on top of that You'll also be notified when you turn on the bell when I go live or when I upload a new video I really appreciate you watching this. Don't forget you may have some questions still about this affiliate marketing thing Put those in the comments below any questions you may have or anything about starting running and growing your own business Question of the day. Have you tried affiliate marketing? Where did you try it and what happened when you did try it? I want to hear your story. Thanks so much for watching this video guys, and I'll see you in the next one


In Hong Kong, students and young people are protesting for democracy in the streets and through media. Here at Cal, students are doing the same. On October 1st, UC Berkeley students gather on campus to show their support for the protest for democracy. The students rally down Sproul Plaza and join in on the free speech movements 50 anniversary celebrations. As some rally, others distributed flyers and yellow ribbons. Yellow ribbon is the symbol used by the Umbrella Revolution in Hong Kong. Many people have switched their profile pictures in social media to the yellow ribbon in Hong Kong. So we're just trying to give out yellow ribbons just to reinforce the symbol and hope that everyone will understand what we are doing. Not only Hong Kong natives are engaged in the protest, but students from all over the world are also showing their support by posting encouraging pictures and messages on to social media. I sort of have a personal voted for being so passionate. I have plenty of relatives in Hong Kong. I care about Hong Kong policies a lot, Hong Kong politics, Hong Kong issues. I'm actually hoping to live there sometime in the future. So of course, these events are going to impact my future, my family's future. In addition, I feel like those of us who are born here in America, we tend to take democracy for granted. We believe that democracy is something that everyone gets to enjoy when in fact that's not the case at all. On the other hand, the long demonstrations are testing the resilience of young protesters. For instance, the movement is now being called the Umbrella Revolution as students are using umbrellas to shield themselves from tear gas and pepper spray. Also, the yellow orchid has come to represent a new spirit of independence. The color yellow symbolizes solidarity and freedom. The international tribute to Hong Kong's fight for independence on our campus demonstrates students' global awareness and social activism, two values intrinsic to UC Berkeley. Reporting for CalTV, I'm Nivia Ribeiro.


This course could thoroughly be called an introduction to contemporary artistic practices via Spanish examples. We are going to consider music, censorship, the limits of creative expression, and the course also has an emphasis on gender, featuring representations of masculinity and femininity. And yeah, I almost forgot. Make sure to bring a good pair of sneakers, because our course is structured around four field trips. We're going to visit different art centers and cultural centers here in Barcelona. So join us next January for a very exciting course.


My name is Bernard Giraud. I am the president of LiveUds Venture, which is the organization that runs two investment funds. One is LiveUds Carbon Fund and the second is LiveUds Fund for Family Farming that was created recently by two corporations, Danone and Mars. I have had a career in the corporate sector. My last position was Vice President's Sustainability for Group Danone and now I'm more involved in the development of those two funds. Basically, if we consider the LiveUds Fund for Family Farming, it's a fund that starts from the needs of corporations in their supply chain. What we observe is that increasingly large corporations that are sourcing raw material from agriculture in different parts of the world and many of those communities come from small holders are engaging in how to increase, to improve sustainable farming with small holders. So we started from these needs and we realized that what is at stake today is how to make it happen. There is a quite clear understanding that we do what we need, that companies need to do something. The question is with what type of tool, financial tool, what type of technical platform, what type of methodology, of measurement, and LiveUds Fund for Family Farming is trying to bring that to corporations. So in a way, it's a fund that we'll invest in a large-scale project with small farmers, but it will be also a platform to accumulate the expertise, the experience we will learn from the projects in order that companies can capitalize and replicate, scale up those projects in their own business. I think we have learned from the first carbon fund we invested 40 million euros in about 10 large-scale projects. So we have learned on how to design large-scale projects with local organization. So far this fund works well. We have implemented large-scale restoration of mongrels, for example, in Senegal, in India, in Indonesia. We have a large-scale agroforestry project in Africa. In Latin America. And we have also a rural energy project. So through those projects, we have really accumulated some experience on how to design, manage, and monitor a project, select the right partners to make it happen. So we are talking about 5,000, 10,000, 20,000, maximum 30,000 small farmers. We are not talking about huge scale, but significant scale. This is an investment fund. So the fund needs a return. It's not a foundation. We are not delivering grants. What we do is we pre-finance, so we take the risk to pre-finance the project. So very concretely, we pay for the expenses that are necessary for planting millions of trees or training farmers or installing cooling tanks for milk and this type of thing. So this is upfront investment. The fund will get its return through what we call off-takers. So for example, in a project like the one we are launching at the moment in Kenya, there will be 30,000 farmers. We will invest between 3 and 4 million euros. The return to the fund will come through three types of revenue. One is the milk because this project will generate a lot of milk productivity, so more volumes and more quality. So there is a dairy company that is very much interested and contractually they will commit to buy the milk they need, the whole production of milk, at a fair price and they will also provide the technical expertise to the project. But there will be also a sequestration of carbon through soil fertility. The total sequestration of carbon on 10 years will be 1 million tons from the soil and from the methane emission of the cows, the improvement of productivity. And there will be also, so the carbon has a market value, and there will be also water revenue because this project will have a very important impact on the water share, stopping erosion, deforestation and so on. And then local governments are interested to in fact pay on results. So we will invest, the farmers will get more revenue, more more production, more crops, but the fund will get some returns. For the companies like Danone or Mars, the expectation is not the highest financial return. This is not the purpose. It's an investment fund, but for them it's more a strategic approach to their supply chain. So for example for Mars, I don't know, cocoa, vanilla, rice, sugar are very important raw materials. So how this fund will help them improve their supply chain with small holders is the key expectation, same with Danone. But at the same time, we will do it through a model that is in a way more efficient and less costly for corporations. And because the reason today why corporations are doing little things through CSR money is because it's at the end of the day, it can be very costly when you go to scale. So this model will allow to decrease the cost because there is a return. But at the same time, the main reason is not the financial return. The main reason is how we can secure in the future good sourcing, investing up to the farm level, which is really new for corporations to invest up to the farm level, especially when it comes to small farmers.