Good afternoon. Howard Wigg, Code Green, Think Tech, Hawaii on a sunny Monday, October 24th, 2022. I hope that everybody here likes grubbing in the soil because that's exactly what we'll be talking about. Monique Schaefer, who I'll introduce momentarily, and I belong to the Hawaii State Energy Office, and our Kuliana is 100% clean energy. That's the goal we started out articulating. Incidentally, we were the first state in the nation to articulate that goal. And then it became more and more and more sophisticated. And lately, the buzzword is decarbonization. Get that gosh darn carbon or some of it out of the atmosphere. And into other places like the soil because the CO2 carbon dioxide is serving as a blanket in our atmosphere and trapping the heat. And that's what global warming is all about. So how in the world do we extract or get carbon out of the atmosphere into the soil? That's what we're all about today. And before I bring on the star of the show, please be introduced to Ms. Monique Schaefer of the Energy Office. She is rapidly becoming Ms. Carbon of the Energy Office. She's already done quite a bit of work in the field, and this is going to expand her horizons. So welcome, Monique. Thank you for co-hosting with me. And now we bring on the grand star, Dr. Susan Crow of University of Hawaii, specialist in, it's not geophysics, it's geochemistry. And she has written a whole lot about improving the quality of soil. And that also includes bringing more nutrients and more carbon into the soil. We've got so much to talk about. Please, we're honored to have you, Dr. Crow. Please take it away. Thank you so much, Howard. And good to see you and meet you, Monique. I really appreciate the opportunity to come and share the carbon side of the story that comes from biology, biogeochemistry. Don't forget the biology. I'm so happy to join Natural and Working Lands and Energy in the carbon conversation because to achieve decarbonization, it's all hands on deck and we need every component to be there. Dr. first question, I forgot to mention, you are the recipient of a grant from the U.S. Department of Agriculture. And is that grant for teeny little Hawaii $40 million? Well, 40 is a lot of millions. And yes, we were just announced as having received a USDA NRCS, Natural Resources Conservation Service grant for up to $40 million. Now, we actually propose $70 million. That's how much interest there is for here. And even in our teeny tiny state that we had a proposal go in. So we're in kind of a holding pattern here, waiting for that negotiation phase, but we're thrilled at the investment coming to Hawaii to study, make the investment infrastructure markets specific to climate smart agriculture here in the islands. From there, yeah, what is climate smart?  And so I'll just sort of use that as a way to kind of launch into this discussion here today. And what is climate smart anyway, really? Often the words describing agriculture thrown around that maybe people have heard are sustainable regenerative conservation, organic and climate smart is just one of those options. They all have overlapping principles and practices and improving soil health as an outcome is one commonality across all of them. And so big picture players like Google even have recognized a regenerative agriculture play where adaptable, scalable agriculture, and it emphasizes improvement for everyone along a continuum of practices. And that's something that's really resonates here in Hawaii. And our University of Hawaii soil health research group also has been thinking along the same lines and developed parameters for our systems and soils here in Hawaii designed to assist managers to improve across the continuum of soils and ecosystems here in our islands. And so it's really consistent that soil health sort of is a central component. Often when I when I launch into a soil health discussion, even when I've been asked to talk about carbon and climate, I'm asked why are we bringing up soil health when we're discussing carbon and climate. And that is because of the connection, as you mentioned through nutrients and organic matter and carbon. And so the health of soil comes from biological, chemical and physical properties that support diverse soil processes that are critical to productive and resilient sustainable landscapes. Soil organic matter is central to soil health and carbon comprises about half of soil organic matter. And so, as you already mentioned, Howard, carbon is the currency of climate change. And so that's the connection. And for Hawaii, climate readiness is tied to both mitigation and adaptation. And so soil health, in my opinion, is central to the conversation. So soil carbon is part of that broader discussion. Because soil carbon is a heterogeneous mixture of soil organic matter and minerals. So people don't always know soil is comprised of organic matter, which contains carbon and also minerals. And it's in a continuous state of turnover. So we need some of the carbon to turn over very quickly so that it releases nutrients. And sometimes that's tied more to the adaptation side of climate. Whereas the more mineral dominated component of soil tends to cling on to carbon for a very long period of time. And so that stabilizes carbon against loss. And so often we think of that as the mitigation component. So in our lab, we can actually take whole soil and we fractionate it physically into multiple carbon pools. And then you can make measurements that give you some indication of how long that carbon may stay. So fast carbon may stay for a couple of years. We have intermediate amounts of carbon that may stay for 100, 130 years. And then that slow carbon pool may stay for hundreds, if not thousands of years. And this is why soil carbon is so important. So to get back to the climate change mitigation component, thinking about not just soil, but the whole ecosystem and all ecosystems, which are inclusive of all of the greenery that you can see above ground, but all of the stuff that you can't see below ground, soil carbon capture. So using our natural systems to capture that carbon dioxide in the atmosphere and get it below ground for long periods of time is the critical component. And so it depends not only on the amount of carbon, but how long those carbon inputs remain below ground. So that timeframe is really critical. When I talk to the policy crowd often this issue of how long does carbon stay below ground, or permanence is something that comes up a lot. And so that aspect of time is something that's very important, fast versus slow, and also the vulnerability of that carbon that goes below ground to losses. And this is something that people see in fires, right above ground, okay, but something like fire also affects the below ground, but maybe not as much. Because as you can see fires come through and may devastate the above ground. Within days, a fire will go through take out all of the above ground biomass, but because the roots and everything below ground remain intact. It can support a very rapid regeneration of those losses above ground. And so investing in trees sometimes can be thought of like volatile stocks. They come, they go, they're vulnerable. Cryptocurrency is another example, and the soil is your municipal bond, like kind of slow and steady has ups and downs, but is there for you in the long term. Photosynthesis is that biochemical reaction that fixes carbon from the atmosphere. It can be shunted below ground into that root system and out into the soil where it binds with minerals. And soil contains more carbon than the atmosphere and plant biomass combined. And so that is why I focus on the potential for soil carbon to be a critical component in climate readiness and decarbonization in Hawaii. To detangle this challenge a little bit more, colleague and I, Carla Sierra at Moxplank in Germany, have started using Hawaii and Sweden as a good example of how two very, very different ecosystems can track sort of changes in the amount and transit time of carbon through not only the above ground system, but the soil system, the fast and slow pools represented by two boxes sometimes, and then the arrows between them. And by doing this side by side comparison of what people know to be very different, right, tropical perennial grasses in biofuel, forage or feedstock here in Hawaii versus boreal, cold and temperate in Sweden, very, very different. And so if you think about one unit of carbon coming into those very different systems and moving through on a 20 year time period, we actually found that about the same amount of carbon sequestration occurs. When you don't think just about one unit of carbon, but we have higher productivity here in Hawaii. And so over longer periods of time based on actual productivity, you can see that Hawaii's system sequestered more carbon about twice as much on a 20 year time frame. So very different systems. Okay, but carbon sequestration is just an amount of carbon over time. It's not actually directly comparable to warming. So how do you make that connection between carbon sequestration in soil and systems in actual warming? And that's the trick. And so the cool thing is that you can think about how our natural systems and our agronomic systems can interact with the climate system, not only in an ecosystem sense, but also in a complex food and energy sense, because now you can compare one unit of emission and the warming it causes to a unit of sequestration and the warming benefit therein. We can stop here and take questions if you want. We have a couple more bigger pictures, but I know Monique is dying to jump in. So why don't you guys go ahead and we can go. Yeah, super fascinating. Thank you Dr. Crow. So as you know right now, the state inventory, it indicates that the ag, the forestry and land use sectors are right now in net sync for carbon dioxide. Is there a chance that this sector could switch and become a source in the future? And if so, you know, how do we preserve that sync moving forward? Yeah, there's been a lot of conversation and kind of dire warning about the forest within that sector, right? Currently being a sync and potentially becoming a source. And that's because of the vulnerability that they're facing to wildfires in other places more than year deforestation and also the warming of itself as the climate warms, decomposition increases. And so that can ultimately, you know, increase those fluxes to the point where you're losing more carbon than you're actually fixing and stabilizing through photosynthesis. And so there is a, there is that risk, right? And a big one here is also invasive species. So that just contributes to sort of the degradation of that carbon cycle in a healthy undisturbed system, unaffected system that will remain a sync. Now our agricultural lands in particular with an intensive land use history are already considered through that inventory analysis sources. But currently we have very, very little intensive agriculture on a large scale because of the collapse of plantation style agriculture. And so one of the areas where we have a lot of potential benefit is in altering the trajectory of those ecosystems. We know there are ways that we as humans can make decisions to care for the land to make sure that they not only stop becoming sources, but can can become sinks over time. That's awesome. It's so great to hear. Thank you. Thanks. And so if we want to continue on, Howard, unless you have a question as well, we can continue. Yeah. So the issue that I talk a lot about here in Hawaii is stop, stop warming and preserve the environment for future generations. And that really centers a lot of the conversations with the energy office and with policy makers. And so that absolute global warming potential of CO2 is much larger for emissions than sequestration. Emissions reduction remains paramount. We never want to distract from reducing emissions as far as we possibly can. But where this sector can come in and nature based solutions and natural working lands can fill the gap is where we run out of those low hanging fruits within the energy and transportation sectors. There will always be remnant, non-renewable, unavoidable, non-renewable emissions. And so what we can do is help prioritize actions on our landscape that actually do have a climate benefit that are close to or on par on a per unit basis of emissions. And that's how we can start with this new computation of the climate benefit of sequestration in the same units as the warming from emissions. Now we can start working through some of our options to figure out some of those lowest hanging fruits for highest impact. And so one unit of carbon emission was about an order of magnitude greater in those example soil systems just to kind of give it a platform. But we can think about how to choose climate actions within the sector that gets it up to approximately the same order of magnitude. And Hawaii has some really, really key characteristics that allow us to sort of set the bar equal within an energy or food system to think about what actions we can take where we actually get a warming benefit on par with emissions avoidance. And that's how we're assessing our really, really high impact projects. And so we have high productivity as we talked through in the last example. We have deep soils that can store carbon for very long amounts of time. We have large areas of degraded soils that are available in that post intensive agricultural period, right? So that's a low hanging fruit because we can target those currently, you know, non active non productive lands that have been degraded in the recent past. We also have volcanic ash soils, which has an extraordinarily high capacity to store carbon and keep it there for very long periods of time. And so we have a lot of interest as well as evidenced by that 70 million dollar proposal we just put in with 50 plus producers coming to the table across all of the natural and working lands, agricultural sectors, forest, ranching, agroforestry and food production, who said we're ready to implement management strategies that will maximize our climate benefit. And so what we can do is target projects that protect and restore high carbon ecosystems, incentivize agricultural practices that provide direct warming mitigation and avoid emissions. And so by this computational structure allows us to make that calculation together, right? Now not just warming benefit from direct sequestration and GHG emissions avoidance, but also within that like imports of fossil based fertilizer, importing food. Okay. And also a key thing is diverting waste streams. Anytime you can take some aspect of our circular economy that would go into a landfill and trap it and stabilize it or convert it into a soil amendment such as compost or biochar that would then go back into our agricultural landscapes. That's where we're going to have maximized climate benefits as a result of what we invest in here in Hawaii. And so when I talk to people about what those critical component of climate solutions portfolio might be, it's really across these areas, providing quantifiable warming mitigation and co-benefits to the environment. So back to soil health. Carbon that comes along with building climate smart agriculture will also build health and resilience into landscapes through building health into our soils. And so a key component of sustainable food and energy systems is a component of restoration of these biocultural landscapes. And any given initiative put forward is only one component of a larger integrated approach. And that's where hooking up with you folks in the energy office and talking about decarbonization in conversations like that is so critical. The main thing we want to do is tear down barriers for people implementing these climate smart agricultural practices in the context of much broader decarbonization conversations because it's going to take an entire portfolio to achieve decarbonization. Wow, you've just given us a whole semester's worth of work here in 20 minutes, Dr. I know Monique is bursting with questions, but let me ask some more down to earth type questions. You apparently have 50 partners in this endeavor in Little Old Hawaii. You're located 50 people or 50 organizations to earn farmers, ranchers, whatever. Yeah, we actually have more than 50. I mean the list is amazing. What the 50 was was just at the proposal phase, which was a very rapid phase. These are 50 plus farmers, ranchers, producers, so not the producer organizations, not the universities that pitched in, not the agencies, just the producers who came together and pulled like a fully developed budget and project that they are ready to implement within the first year. Now we know that we didn't reach everybody who has interest, right? So we actually built into our proposal a second phase where we reach more people. We know there are more people out there, and so we built that into the proposal. But just at the proposal stage over 50, isn't that incredible in Little Hawaii? That is truly incredible. Can you just briefly list the type of who are these 50 plus entities out there? They're just in groups. Yeah, so we took the approach for this proposal very different than other places. We took the approach of doing this for the good of Hawaii to achieve Hawaii at the state levels of decarbonization and climate goals. And so we wanted to build a diverse portfolio of projects. And so we very actively sought people across the agricultural sector to find very broadly as inclusive of forest projects. So we have foresters who are interested in large-scale coa reforestation. We have ranchers who are some of whom are already doing great work and who have neighbors and partners who are interested in implementing some of the same practices that they've seen are ranching stewards. So those are diversified forage, improved forage, fencing projects to keep out those invasive species and keep in, keep out the animals that they don't want, keep in the animals they do want. Silver pasture, we also have agroforestry. We have all kinds of crop production across the board, all of the things that we can grow here in Hawaii. People don't even realize how many people are growing things, how many people want to grow a diversity of crops. And so there's a whole list of food producers who signed on for big and small projects alike. Well, and as you point out, this is going to result in more local food production, which equals more jobs and maybe not the best paying jobs in the world, but these people are doing what they love doing, plus that will result in fresher produce for us, the fresher, the better, the higher the nutrient content. And question, something we are looking at is, I think it's called solar farming, where you put up solar panels, say eight or 10 feet above the ground, and then you free on agricultural land, and then the crops that don't need much sun at all are growing under that. Have you looked into that at all? I thought about it and really it goes to that principle of anything that compounds all of these climate benefits. And I love that one because it crosses directly the energy and food production sectors. And so that's just another area as a perfect example of how this computational structure can actually put your emissions avoidance together in the same computational structure. And so you, as the carbon sequestration food production, so you layer on all of those added climate benefits to a full view of what a warming mitigation you're actually achieving within that, within that production system. And final question, then I'll turn it over to Monique. It sounds like little old Hawaii is a Petri dish for this type of research. So as you are progressing, you are publishing in national and international journals. Yes, yeah, that's the idea. So instead of a Petri dish, I like to think of it as a model system as like a perfect example of how we can implement these practices, use this computational structure, and people are watching right all across the world to see how you can better account for carbon and better compute the warming benefits you actually achieve. And I think Hawaii is in a great position to be an exemplar of alternative ways to do it that have meaningful benefits to the climate system. Wow. And finally, it sounds like this is also exciting that it may convince young people to stay in Hawaii and do good work instead of toodling off to Las Vegas. Well, there's a lot of training opportunities in this, right? And these can't, they don't have to be low paying jobs, right? So there's a tech side to this, it's data rich that we have the need for people to make the measurements and to reach out to the community. And so there's a lot of opportunity for diversified workforce and high tech training to feed into these market systems and verification of climate benefits. And that's all part of this big grant is to make sure that these actions can be sustained beyond the life of the project. And through our young people and educational pathways and building up these tech driven sectors that can help people really regain that relationship to the land, to the earth here in Hawaii and benefit all of us is is definitely a big picture goal of the project. Yeah, sounds like it's going to lend itself to tours. Yeah, young people, all stripes, too, when the time is ready. But we have just a couple of minutes. And Monique is just about to explode with more questions. Thanks, Howard. Yeah, so if you're open to it, you talk market. And one of the big questions I always have is how do we make it sustainable from an economic perspective? I would love to get some of your thoughts on sort of carbon credit and offset market, what are the benefits? What are the concerns? And is there a way to do it? Do it meaningfully there in Hawaii? Yeah, that is that is an area, you know, of great conversation and debate. And so, you know, for me, what I would like to see is the formation of some form of local market, you know, entering into a market offset market certainly financially benefits the holder of those resources. Because this is a resource, right? The carbon is not a commodity per se in our grants, but carbon as a commodity is what you can then trade into a market. And so I know that there's a desire for that. And so if somebody wants to enter into that financial transaction, then that's good, right? And we need a buyer. And my preference would be that that buyer would be available locally. And right now there's no form of Hawaii based carbon market. And so to me, if we want to keep our carbon and all the benefits that climate benefits that are quantifiable and come along with that for us to use here in Hawaii towards our decarbonization goals, then there has to be a local market so that people have access to that financial benefit that comes via a market. If we sell Hawaii's carbon resources to polluters off island, then you can't double dip on accounting for that climate value when it comes time for us here in Hawaii to start thinking about whether we've achieved decarbonization. And so that's where my brain kind of goes. And I don't have a solution, but definitely an area of active conversation. Well, if I know Monique, she's going to follow up on this. I hope she does. And we don't have, haven't been given a time warning, but my clock on the wall says we're just about to wrap up Monique. Any short, sweet, simple question to bring us on our way? Oh, the pressure's on. I think I'm done with short, simple, sweet questions. It's a very complex topic. And I think it deserves a lot more attention. So thank you, Dr. Crow. Yeah, thank you for telling me the complexity. Yeah. Well, I have on my calendar, Dr, about a year from now, going to re invite you because by then so much will have occurred. This is just just incredible. And you may be able to bring some of your co-conspirators on board also to describe what they are doing. This is exciting stuff, Dr. And on that very cheery note, we must bid fond of you to Code Green Think Tech, Hawaii, October 24, 2022. Thank you, audience. This will be archived. If you have questions, please feed them in and we'll see you in two weeks. Aloha.


Hey this Jonathan here. I want to give you an honest review of a will-call-de-crige Not sure if his name spelled correctly retargeting machine Course is this is basically an info product. It's a very small and short info product right here. Okay. Oh, by the way on bald Okay, anyway Okay, so I'm gonna give you what if you do actually go and get this info product What you're actually gonna go and get within this if you buy retargeting machine So I think it launches on August 27 and it's like 37 retails or $37 and then in here basically once you come into the portal Right, you'll be locked in here with connect or IO. So connect IO is like a suite of Applications and softwares that will go actually creates by himself and so that these software Has a lot to do it very very well integrated with Facebook advertising So this is one of the info products that he launches a retargeting machine to actually help people who are actually already Advertising on Facebook like really learn a lot more about the platform and how to actually utilize it to maximize it Basically squeeze lifetime value of your customers and the warm traffic that you have Okay So this specific product here retargeting machine is talking about that and so let me just go into first What are things that I don't like and what are things that I like about this product after going through all the courses and content as well So if you can see here, right? It's very much like a training portal So you can see there's like module 1 module 2 module 3 module 4 creating ads bonus and these are the bonuses That I think you'll get it when you buy it at launch as well I'm not so sure whether they will pull these bonuses, but they're basically all here, right? So I guess the first thing that I don't like is definitely you could definitely We'll go definitely can put more case studies on the type of different retargeting campaigns because I know for facts Like especially when you are the owner of the sets, right? You see industries across different platforms, right? He could definitely use a lot more case studies in in the actual modules itself to actually show people the type of ads to run Right, so you can see here, right? They actually provide some and not not many people actually do this, but it's great that he does this But I think definitely can give a lot more case studies of hey Do we spend this amount to get this amount to get the type of RoS and the type of ROI from our campaigns? I think that's a very very useful insight for people who are not at that level yet, right? So because he sees data across industries I think that could definitely be used to improve the product over time as well. Okay, also Yeah, as I said, the second thing would be so much data and different ad scenarios. So What I like is that he actually shows this this case study, right? But he doesn't actually give context about what the product is about and stuff like that So I think just giving more insight and more in depth upon what product that advertising what the expected returns How can we maximize RoS that way would be deaf definitely something that I don't like at the moment But I think can definitely will be improved in the future. Okay, so what I like is that he actually shows the type of ads that he runs So he actually goes through some of the past as that he has created and then he actually says that hey This is the top at this the engagement and this is the traffic that we got and this is the funnel that we use I think that's very very important for for marketers to understand what the type of funnels that he runs to get the results That he gets right, okay So I think I like that part. Okay, then the second thing is like I like I guess it's the most valuable part valuable part of the course if you actually do get it where you can see here Right over this tab. He gives 10 retargeting ad templates So you can literally pass this to your what's the call to your copywriter? Or if you are the one writing a copyright, you can literally just copy copy and paste whatever his stuff is right And because he literally gives a template and he gives examples as well So you can just plug and play into into whenever you write a copy so that you do have to think so much as well I think that's extremely valuable and this is probably the best thing about the course Okay. Yeah, so that's the second thing I like and then the last thing will probably be Yeah, the top ads that worked well for him in the past So he shows his setup He shows the back end how he films his videos and stuff and how he actually cuts and produces that content So if I'm not wrong, it's under creating your ads Where yes, there we go under audience building can see under Content creation right he he goes into specifically what kind of content you want to be producing and what are angles and the hooks That you could try in your ads as well to get to become more profitable in a sense. Okay. Yep So this is pretty much it for my review of retargeting machine. Yeah So if you if you're interested, you can click the link below and it goes to the retargeting machine audience Eventually, right? For example, I will go try to educate you about this product stuff And eventually he definitely wants you to go and get Connect retarget which is the software that allows you to do the micro Micro targeting of audiences inside Facebook business manager. Okay, so just keep that in mind And however, like that the scope the information here definitely can be applied to anywhere as well And I definitely think like this. This is definitely worth more than the entire cost itself itself. Okay. Yeah, okay So this pretty much it I'll just go through the pick the modules one more time So you can take a look for yourself if you're interested in getting retargeting machine So in module one, there's a seven day execution plan So you can go through every single thing what you're gonna be learning and how you're gonna execute it The afterwards he talks about the pixel how to install the pixel and then this power pixel thing is specific to It's basically a software. Okay, so it's I won't say it's biased But it's basically to unlock that feature to unlock the power of retargeting You kind of need the power pixel and it shows a case study of what are the different things they can do when you set up Okay, the afterwards when you set up preparing for the ads six key factors is here as well He talks about Robert Chaldini and this type of psychological factors that you can do especially when you're retargeting, right? So what are the different emotional plays and stuff like that where you are doing to maximize the value of the ads? Okay, then afterwards the ad templates So is what you saw just now those the ad copy those those stuff templates and stuff, right? And then he has a video for each one of them then he does creating your ads So this is like very great Like really in the trenches where it's like showing you a Facebook business manager what to set up and stuff like that How to optimize the campaign, you know, yep, and then bonus email retargeting So case study step by step and stuff audience building I like I like this module a lot and then this one bonus 15 ROI boosters So I think it's about an hour long worth of content right here. Yeah Okay, so if you're interested to pick up, you can check out the link below. Yep And that's basically it for my review of retarget machine. Okay Let me know what what you think and also let me know what kind of videos you want to see in the future as well Okay, but yeah, that's pretty much it. Thanks


Hey, this is Brett and this 2021 Audi Q5 Prestige Quattro is stock number 23J85A. I am here at Summit Automotive in Fond du Lac, Wisconsin. You're new and used SUV headquarters. This 2021 Audi Q5 has the 2.0-liter turbocharged 4-cylinder engine. It is the 45 TSFI engine and it puts out 261 horsepower, 273 foot-pounds of torque. It's paired up with a 7-speed automatic transmission. This vehicle has been fully safety and inspected by our service shop. It has a fresh oil and filter change per the state of Wisconsin inspection process. All the fluids have been checked and topped off and it is 100% ready to go. I'm going to go all the way around in this video. Inside, start it up, take a look under the hood and show you all the options and give you the most accurate representation that I can of the vehicle. Manhattan gray metallic color. I shoot all my videos in 4K. If you like the video, you can subscribe to my YouTube channel, which is YouTube.com slash Simitato. Click the bell notifications. You'll get updates on the videos I do each and every day as well as having access to one of the largest and unique catalogs of vehicle walkarounds on YouTube. This one comes with the 20-inch silver painted alloy wheels and it has continental cross LX sport tires. These are 255, 45R20s and I would say they have right around half the tread left on them. Front fender is in fantastic condition. You didn't see any denser dings in there. You do get the front bumper parking sensors, the LED headlamps, running lights, and like I said, the front bumper parking sensors. It also has the 360 camera and we'll check all that out in just a little bit. The hood is absolutely perfect. No major denser dings on there. Looks really good. Get the chrome trimmed grille. Passengers side front fender is in great shape as well and the passengers side front wheel. No major scuffs or scrapes on there. Manhattan gray metallic. It's got a lot of metal flake in it. It has some pinks and purples and blues and greens. Really a cool color on there. As you go down this side of this 2021, Q5, take note of how clean that body is, how reflective and mirror like that paint is. I take these HD videos so if you are far away or even if you're close by and you just cannot make the trip down, but you're still interested in purchasing the vehicle, you can see the vehicle, hear the vehicle, and have confidence in what you're looking at before you even get here. So when you do get here, there's absolutely no surprises or if you're on the fence about making a trip that you can see that is a very nice vehicle and worth the trip. If this video helps you make any of those decisions like your salesman know that you saw the video that was helpful and that brought it to you. Back wheel is absolutely perfect and back tires have just as much tried as those front tires. Coming around to the back of the vehicle, you can do get the LED tail lamps through backup parking sensors, rear bumpers in great shape. No scuffs or scrapes on there. The rear gate is in fantastic condition as well. It is a power raise gate. Back storage area is in really nice shape. Does have the sun shade, which is really nice. Keeps your valuables out of sight, out of mind or if you've got groceries, keeps the milk out of the sun. There is your, it's kind of a spare tire and jack tools. Back area is very nice and clean and to get this gate down there's a button right here. Just press that and it goes down like so. Going down the driver's side just as clean as that passenger's side. No dents or dings on the rear quarter or door and for full disclosure, this back wheel is in really nice condition as well. In fact, the only imperfection I saw in the whole vehicle is one little scratch right there. But other than that, very nice. Down the rest side, doors look great. Does have heated mirrors built in directional signals.  No rips or tears on those seats. They are in fantastic condition. Both of these front seats are heated and cooled. You get all weather formats, auto headlamps, power telescopic and tilt steering wheel. See that works nicely. Power windows, locks and mirrors. These mirrors do power fold in. Not sure how to get them to fold in. Probably ignition has to be on. Memory driver's seat, wood grain trim on the doors. Has the bang and Olufsen sound system in it as well. Back seats are just as clean as the front seats. They are heated on the outboard side. You get the latch child safety system. No rips or tears on those seats. Smells very clean inside this vehicle. I don't think it's ever been smoked in. They're your heated seat buttons, two USBs and a 12 volt power point. These seats do fold down like so. And they go down pretty nice and flat to a whole extra stuff. All weather formats back there. You also get sunshades on the back windows which are really nice. Put those in like so. Great for your passengers. And wood grain trim on the back doors. Child safety locks there inside and bottoms of the doors all look fantastic. We'll hop inside, check out the miles, the radio and everything that this vehicle has to offer on the interior. So you can see this car has 39,059 miles. Instrument cluster is very nice and clean. You get the outside temperature display, digital speedometer, time and miles to empty. And that instrument cluster is very nice and clean. Comes with the leather-wrapped heated steering wheel, Bluetooth and heated steering wheel controls on the right, information center controls on the left. You get your paddle shifters there. And let's turn it back on so we can check out the radio. And you can see that this one does have the factory navigation system on it. And there's Highway 41, so that is working nicely. You also have AM, FM and... Three to four 45 with WIXX. Engagement ring questions, Feldsteins.com. If you need a look. All right, sorry about that. AM, FM and Sirius XM radio capabilities. I don't know if it'll let me, we'll have to turn it on to check out all the cameras and stuff. But you got to also your home screen and just all the stuff that you can do on here as well as your settings, vehicle, apps, messages, calendar, users, all that good stuff. And it's really intuitive and easy to use and the touchscreen works nicely. So all that good stuff, you can see it has the ambient lighting there as well. The wood grain trim, heated and cooled seat buttons, dual climate controls. There's your seven speed automatic transmission. It's kind of an electronic shift. Push button start, USB. There's your control for your volume and tune. It does have heated and cooled cup holders, keyless entry right here. And the passenger side, floor mat and seat are in fantastic condition as well. Once again, smells very clean inside this vehicle. There is your panoramic sunroof with the sunshade. Second row fixed power sunroof in the front. Up here you get SOS buttons, map lights and sunroof and sunshade controls. You also have your compass display up there. In the mirror, we'll start it up and check out those backup cameras. Starts right up, no check engine lights or anything like that. And so there's your 360 cam. That's the backup camera. So what's kind of cool is when you put it in the drive, now there's your front camera. So you can kind of see and make sure that you're not gonna hit anything in front of you. Put it in park there. Down here is your start stop capabilities, your stability control. This is for your parallel parking and downhill assist control parking sensors. And then you can turn the screen off, I guess if you want on there. You also have your select drive. But anyways, everything's very nice and clean in this vehicle, works nicely. And we'll take a quick look under the hood. Also check out all those lights in front. I'll see if I can put those fog lights on as well. I would personally like to thank you for checking out the video today. And hopefully from this HD video, you've been able to verify the quality condition and options of this vehicle inside and out. There are those LED headlamps, LED running lights. I apologize, this does not have fog lights. Under the hood, we have the two liter turbocharged four cylinder engine. The 45 TSFI. 263 horsepower, 261 horsepower. Engine base very clean, runs very smooth. Once again, this vehicle has been fully safety that inspected by our service shop has a fresh oil and filter change. All the fluids have been checked and topped off and it is 100% ready to go. There's the emission sticker. And really a nice vehicle from what I remember, it's a one owner, clean title history, clean car facts, all that good stuff. And whoever's gonna get it's gonna love it. I'd ship this one to California, New York, Texas, Florida, wherever, whoever's gonna get it's gonna love it. And to see more pictures of this vehicle or one of our other 550 new news cars, trucks, SUVs, minivans, wranglers, you name it, we gotta go to that website right there at summitauto.com, full pictures and descriptions of every single vehicle, all at summitauto.com. And if you'd like to check out more HD videos, you can go to youtube.com slash summit auto, click the bell notifications, you'll get updates on the videos I do each and every day, as well as having to access one of the largest catalogs of vehicle walkarounds on YouTube. In fact, in a second, you will see a link to subscribe to my YouTube channel on the upper left, a link to more Audi Q5 vehicles like this one in the upper right. Link to this vehicle on our website in the lower left, a link to one of our latest YouTube videos in the lower right. Quick, though, check us out. We're super excited to help you with this Ultra Clean 2021, Audi Q5 Prestige Quattro in Manhattan, gray metallic. Thanks again for checking out the video. Remember to like, subscribe, and share on the YouTube channel. I really appreciate it. Thanks again.


Hi everyone, Joe for jasperjase.com. We did it. We knocked out the New Orleans Pelicans random number of blocks So let's do that randomizer now. This is for pick your team number two brand new immaculate basketball That's the instructions on how these number block work if you're new to it big Thanks to these folks right here. I messed up in the the chronicles 355 video I thought it was only the top two that win spots. No, it's the top four No one no one was paying attention and pointed that out to me until much later until Robert pointed out He had a stake in it. That's why Alright, so it was the top four so impact 355 and I made the correction in the description of the video But the top four impact 355 are in so congrats again to the winners right here Thanks to the people who bought their spots straight up right there There are the numbers here and let's roll it and randomize it six and a four ten times for each list one Two three four five six seven And tenth and final time After ten we got two men down to Matt six and a four ten times for that and Tenth and final time after ten times. We got four down to five All right, so for the pelicans and pick your team number two zoom in you have four Liza Chen three Robert ronkel seven and zero you'll get any and all redemptions for the pelicans Including one of one redemptions, but we see how ten you'll still get live one of ones Matt with two Sean with nine Matt with eight Matt L with eight Robert with six and Matt H with five Let's sort this by column B by number and in a separate video will be the break itself So get into it Jasper's case breaks.com actually I have one more number blog to do get into that on jasper's case breaks comment A different video will be the full case break. See you next time


Hello and welcome to episode 28 of The Market Watch. It's Friday, the 30th of July and it's been a super busy week in markets. So I'm actually quite glad to have half an hour out to just have a chat with Piers away from the cold face for a moment. But Piers, you're away last week. How was that? Yeah, kid. Bit of sunshine, staycation down in Cornwall. Beautiful part of the That's something that's come out of COVID for me. I've discovered my own country. I haven't never been to Cornwall. Basically, I think I've been there, I don't know, like three or four times now in the last five months and I love it. But I listened in on last week's part where you got Tim on. I thought it was fantastic, really interesting. So anybody who hasn't listened to that, go back and check it out if you're interested in crypto. One thing I was quite upset about, I'm not sure I've recovered from it yet, but right at the start of that podcast, you said, we've got Tim on this week. We've upgraded and implying that Tim's an upgrade from me. That was like an arrow through my heart. I thought we were tight, but obviously you've moved on. I thought we were Batman and Robin, but we split ways. My goal here as the host is to make my guest speaker feel great, so they deliver a great podcast. So Piers, of course you're the man. Okay, good. I feel good, man. Okay, with that, let's go. So before we begin, just to give a front run to the content we're going to cover, it's going to be two main sections. Going to talk about the tech, mega cap tech earnings. You've had all of them this week, and right on cue, Amazon has come in last night, and they're down 7.5% in aftermarket trade, but we'll talk about that. And then the other big thing is what's happening in China. That's a real seesaw price movement. Really got hammered at the beginning of the week. I think I read at 1.10 cent, one of the largest technology names. It's down about almost 25% in the month alone, but they have rallied back a good 7-10% I think in the last 48 hours after the government has come out and looked to intervene to some respect, but there are two topics we're going to go into. So I'm going to kick it off with the tech earnings, and I'll give you a bit of an overview to set the scene, because I'm conscious of not everyone's looking at these numbers maybe as closely as we do. So let's talk about Facebook. Facebook actually dropped about 4% after their earnings. They're daily and monthly active users with below expectations. They said they expect increased ad targeting headwinds in 2021 from regulatory and platform changes. Notably, I think we talked about this in a previous podcast episode about Apple's iOS updates and how that could have an impact on the firm. So Facebook generally were down. I'm talking about the immediate reactions here and the main headlines. Apple guided Q4 revenue growth of double digits, but below the Q3 growth of 36%, and they expect supply constraints in Q4 actually to be greater than Q3, which will primarily impact their kryptonite product, which is so important for them, their iPhone and iPads, although they've done a pretty decent job about diversifying out some of their other revenue streams in recent years. Then Alphabet was actually the real winner. They came out and moved up about 4% after their earnings early in the week. Their advertising business rebounded, buoyed by marketers spending more on search to convince consumers to travel, shop in stores again.  People with businesses trying to get back into gear again. And then three more, Microsoft. Microsoft actually was a negative response after they came out. Investor optimism tempered by concerns about slowing growth in their Azure cloud computing division. Steep competition, of course, their AWS, they're the big boy in town. They dominate that space. And then also Google, another key competitor, I think they're way back in third spot, but they're really pumping and investing a lot of money into that division, which is obviously making a few people a bit apprehensive on Microsoft having another key competitor in that space. And then Tesla, another one, first time in history, profitable with the exclusion of regulatory credits for the firm. So that was Tesla and then Amazon last night. So Amazon smashed EPS revenues, though missed. And what was so interesting, we're talking about revenue in a quarter of plus $100 billion and the shares sink. So they actually had a revenue figure of 113.1 billion. The street was hungry for more. They were looking for 115. And then the big point here was their outlook. And this really leads us into our discussion and good to get your take on their outlook for Q3 was for a range of 106 to 112 billion previously, or the street was looking for 119. So that outlook is bad. The CFO said Cesar stepped down in revenue growth continuing for the next quarters with an S. So not singular for the next quarter due to lapping growth and pandemic and additional mobility among customers returning, meaning that they're just out doing other stuff instead of just looking at Amazon and buying everything under the sun through that one app. So I guess, yeah, quite a mixed bag overall. One thing for context from a price reaction point of view before we all panic about Amazon. Amazon have actually only retraced the last pretty much five weeks of gains that they've had. So in retrospect, on a higher time frame, they're still way up there. Seven and a half percent. It's a big figure, but they've rallied a lot recently. So what's your take? And they obviously, a lot of these companies you've just mentioned, they all benefited Amazon in particular hugely during the pandemic. But where do we go from here as economy starts to reopen and behavioral patterns start to somewhat normalize? Yeah, I think it's interesting when all these tech giants report their earnings. And I don't know if the listeners have really delved into it. I think it's always a good measure. Well, firstly, just to see how big these things are, but actually also to remember that they're different businesses in many respects, although they are competing in certain elements like that, AWS versus Azure kind of thing. But they are very different businesses at heart. And so therefore, you're definitely going to have some of them doing well and geared towards let's say COVID like Amazon and actually some not like Google, perhaps may well have been hurt initially from COVID as advertising sort of budgets got slashed, you know, as companies got massively hit by that initial kind of wave and the first lockdowns. But it's quite interesting. I think just looking at revenues before we discuss the details, Amazon over 100 billion in one quarter is just quite extraordinary. I mean, that is, I know it was wasn't expected, but 113 billion in three months, that actually puts it easily the biggest revenue generator out of these tech giants, Apple 81.4 billion. Then actually when you step down, Google is then 61.8 billion and actually little old Microsoft only clocking only clocking in at 46 bill. I mean, what have they been doing? So, you know, Amazon, it's not far off three times that kind of revenue. Of course, that's just looking at top line sales.  So all of that big cash coming in doesn't necessarily translate through to the same profits that some of these other big texts are producing. But but yeah, it was a mixed bag when you're looking through. I mean, I think if we take Amazon then, you know, I think there was a, as you say, these earnings is funny. And actually, I got asked yesterday, I think it was always at the day before by some of the students on our summer analyst program. And they were asking, hang on a minute, a lot of this was before Amazon result. Okay, so looking at all the others and they were like, hang on a minute, or everyone's beaten their revenue expectations, everyone's beaten their earnings per share revenues. And yet the share prices went down. The stat is actually 90% of the S&P 500 has exceeded on EPS and revenues. 90%. Wow. Okay. Yeah, that's much higher than what's the average. The average is pretty high looking back over quarterly earnings, mid 70s, mid 70s. Okay. So 90s. Yeah, that's sure. It's a great earnings season from the point of view of beating expectations. Obviously, Amazon has bucked that trend here. We'll talk about that in a sec. But yeah, that whole point around, how does the share price go down in response to top line and bottom line numbers, revenue and profit numbers beating expectation? And the point here is two things. Firstly, investors are buying into these stocks in advance of the earnings announcements. And I mean, days, weeks, obviously, sometimes also months beforehand. And so we often say, buy the rumor, sell the facts. This is about buying the stock because you think their earnings will beat expectations. And so you see the share prices rally ahead of the actual earnings announcement. So actually, the rally on good news has already happened. And then the announcement comes out. And yeah, it's good news. But I bought on that basis a few days ago. So now I'm selling and booking profit. So it's profit taking off the good news event. And so this is why you get that sort of counterintuitive response where share prices drop even though their numbers beat. That's the first point. But actually, the second point is perhaps more important. And that is when that earnings report is hitting the newswires, we're not, you know, yes, that historical data is definitely important and interesting. That historical data being how much money did you make in the quarter that's now ended? But it's actually the future that we're more interested in when it comes to right, where's the share price going to go now? Where's it going to go over the next few months? And this is where we're looking at then their guidance. So these companies will release their guidance.  So they're updating their revenue and their profit forecast for quarter three and let's say full year 2021 as well. And often the share price reaction of these earnings results will be more based on what those forecasts look like. And that I think was particularly notable for Amazon last night where their forecasts were particularly bad, bad relative to what was expected. So I think on their revenue side, we were expecting basically $119 billion for quarter three. But actually Amazon's forecast updated was they think they're going to deliver between $106 billion and $112 billion. So they've basically revised down their Q3 forecast. So this is kind of what's hit their kind of share price. And that's why there's been some profit taking off what's been a huge rally. And look, it kind of makes sense, doesn't it, for Amazon that they, whilst they benefited going into COVID will obviously naturally then they're not going to benefit when economies unlock. And so, you know, clearly it makes sense right now.  Where's that data? It's on your Amazon account. Go and have a look at your order book.   For me, and I'm sure it's the case for you, I've ordered up, there's a downward trend on stuff I've been ordering on Amazon over the last few months, compared to 2020. And so if that's the case for you, well, most likely that's going to be the case for everyone else as well. So you've actually got data that you can access here to kind of make decisions on Amazon. I think Amazon perhaps are the only one out of these big guns that you can kind of do that. I mean, I think if you think about Facebook or Google, well, obviously their revenues are coming from businesses paying to advertise. So unless you run a business and you have an advertising budget, then of course, as a consumer, you're not going to have that access to some actual meaningful data on that front. So what's interesting then is, I absolutely agree, there is a downward trend. I know, certainly speaking for myself, that is the case, but the inversion of that graphic would be the total amount of employees at Amazon, which is now clocking in at near 1.4 million. It literally jumped. They've employed really since the onset of the pandemic, probably an extra, just looking at the graphics now, half a million people and they're operating margins and free cashflowers looking at in some of the graphics this morning or charts. What should what should take on that? Is that just a matter of they had to make these changes? I remember we were sat here a year ago having a conversation and people were worrying about the amount that they were spending to realize the potential of the opportunity that the pandemic brought. And so isn't this just expected when you look at some of these charts about squeezed on margins and things like that? Yeah, I think that's an amazing stat that Amazon employ nearly 1.4 million people. That's crazy. And as you say, it's gone from about 800,000 before the pandemic. So obviously their cost base has massively increased in order, as you say, to take advantage of the COVID situation that saw their sales go through the roof and obviously all these purchases required delivering and the logistics that goes behind that. For you clicking a button and then the doorbell rings, that's great convenience. And that's why it's such an amazing life changing business and products. But obviously the logistics behind that are huge. And so the logistical costs for Amazon have gone up massively. And I'd say that they're building their platform. It's always been Amazon's model to have a low margin. They've purposely been a very low margin business because it's always been about plowing it back, plowing the money back in to make that service to your consumer even better. And that's things like speed of delivery, getting warehouse facilities close to the high population areas, where real estate is expensive, but they've invested in this infrastructure, which makes them so powerful. And look, we'll talk about it in a minute when we get onto China.  That is on the hand, on one hand, that's a real negative and we're going to talk about it. But actually, there are counter arguments to reining in these giant tech firms. And that is just on that point, they employ 1.4 million people. If you start reining them in and chopping them up, well, then how many of those 1.4 million people are going to lose their job? Well, probably quite a lot. And actually, for all that's bad about giant tech and market domination, and for all that's bad, it brings massive benefit. And also as well, the decision makers on Capitol Hill, there's also the implication the value of the data, surely, that these companies possess for national security, for example. And so breaking them up and making them a lesser effective does have other knock-on subsequent effects, I feel, as well. Yeah, absolutely. But yeah, I mean, yeah, sorry. You go first. And I've got a good summary here from the CEO of Microsoft, who I think summed it up quite nicely. Okay.  And that's not going to change. I mean, whilst you're getting short-term some volatility, yeah, Amazon's share price down 7%, but it's doubled since COVID started. So it's like, it's just a small little blip. And obviously, Amazon are here to stay and they'll continue, I'm sure, in the long term, they'll continue their growth trajectory, for sure, until the regulators come in and break them up whenever that might be. But until that moment, these guys are super safe in terms of investments, and you're going to see their revenue growths continue, I'd say. Well, actually, and maybe a quick word on this point, I'm pretty sure I saw Apple come to market straight away this week, offering a whole new batch of bonds to the marketplace. Right. Exactly what Amazon did last quarter as well. Yeah. Signed at the time. Well, it's free money, isn't it? It's free money. And then whilst this is the irony, Apple have $200 billion cash, and yet they raise capital through the bond markets. And a lot of that is because a lot of that cash is offshore. And if they bring it back, they're going to get taxed on it. So it's actually cheaper for them to raise capital via the bond markets rather than to borrow money, even though they've got a load of cash sat over there. So it's a very strange world that we find ourselves in. Well, look, this is what the Microsoft chief exec said. So Satyan Adela predicted this week that the growth in consumer demand for technology after getting a one-off lift would normalize. Makes sense. But he also claimed that the massive dislocation from the pandemic has made all companies realize that they need to overhaul their operations to make them more resilient in the future. And if that is right, then the tech boom has got a lot further to run. And that personally, I think he's right on the money with that latter statement. If anything, it's almost like, what do we learn in all walks of markets, but in general as a society, it takes a crisis to readjust and learn and be better for the future, right? And as much as I'm not belittling the situation, it's obviously a horrendous humanitarian crisis we've had. But in terms of the ways of which are hopefully businesses set up is to be more robust because there's always the threat of this reoccurring in the future, isn't there? Yeah. And it's a crisis, a crisis forces change, doesn't it? It forces you to change. And then once you've changed, you're like, ah, okay, why didn't we do this before? And the benefits are so then amazing. You're like, okay, great. Well, obviously, let's maintain this change. And yeah, of course, the tech, the kind of long-term secular technology boom has definitely not, is definitely not coming to an end, obviously. And there's years left in that story. Yeah. So these lot will be fine, you know, even though of Microsoft, only 46 billion. Yeah, they'll be all right. Cool. Well, look, let's move on and let's talk about China because I know talking offline, you've got some interesting and interesting take about the longer term implications that have been happening. So short term, what we've seen is, to summarize it, China are not happy about how big some of these firms are getting. And particularly because a lot of them are technology oriented and then is evolving around data and the accumulation of data. And data is, as we know, is the commodity of kind of power in many respects. And so China don't want that going to private companies. And so they've been doing this big crackdown in technology. And this week, the introduction of education and also the property sector was under pressure midweek. Until then, obviously it destabilizes markets to the point where they then come out. And it's almost what we refer to in markets as slang terms, as the plunge protection team get the green light to come out in force. And really China do not mess about when they wanted to really turn the tide on a market move. The state run media comes out and starts basically publishing a series of articles talking about the route is overdone, you know, the government will do what is necessary. Some analysts also speculated that there was government linked funds who actually were physically intervening in the market to prop it up as well. So just your take really on this. And I know there's a short term and long term way to look at this. So good to get your take. Yeah. The plunge protection team, that's got to be the best name for a team. I want to be in that team. We only get called upon every now and again, though, with the hit squad. I think this is, yeah, I guess it's there's so many elements to this story, you know, the general story of China, the Chinese Communist Party, beginning to kind of slap down tech. And as you said, now education, there's so many different angles to it. But I think maybe to start with, it's, it's interesting to compare the situation of China and the US in one way, because in one respect, both have the same problem. And that is that there's a handful of tech giants in each company, sorry, country, different tech giants, I mean, as you got your US ones, and then your China checked out giants, but they've both got like four or five tech giants that have become monsters. They're so huge. And they've become so huge. And they've got so much power and they've got so much data that, you know, governments are sitting up and going, hang on a minute. This is unhealthy long term. We're going to need to start thinking about dealing with this problem. Okay. So they both got the same problem. It's just really interesting to see how a communist regime versus a democratic economy and society and government, it's really fascinating to see how they approach it differently. And I think in the short term, China's got the advantage, because they can just do whatever they want, whenever they want. And that means they can address the problem way faster compared to the US, right? But actually, I think in the long term, it's actually really negative for China. But so really, this is China, basically saying, no more like devolution of power, right? We're the Communist Party. We are in control. We need to be in control of our economy, of our country, of our, you know, you know, the distribution of content and controlling the media and people's data, we're in control. And hang on a minute, you lot, you tech lot, you're getting too big. You now have too much control, get back into line. And they're just, you know, waving their stick and beginning to address this issue where they now think they've lot, they don't have the control that they need to do what they want. So it's basically taking operational control back of data, of, you know, these big sectors. And basically, they're saying that we, as in the Communist Party, we will control how money is made. And we will control who makes that money. We are in control of wealth creation. And it's going to happen, you know, under the terms that we define. Okay, so this is their message. And, you know, that that's happened. And you've seen that I don't think it's necessarily a surprise on one hand, because that risk has always been there. We know that they're a Communist Party. And they've done other stuff where they can just do what they want when they want. And that's how it works. And so we know that risk has always been there for investors. It's just that people have, I think, had forgotten about it, or just put it under the carpet and ignored it. Well, now it's here and now it's back. And so it is a massive wake-up call for international investors. When you start investing in Chinese companies, it's a huge wake-up call to say there is a very big risk that you can't control that can happen at any moment. Yeah, because it kind of felt like over recent years, at least, perhaps somewhat destabilized through the Trump era. But China had been really making a conscious effort to improve their global kind of PR. I remember seeing, I think it might have been Davos several years ago. And President Xi was headlining about environmental change. And in France, didn't attend. I was like, what is going on? Have I woken up in a parallel universe? Or something? And obviously, China has, as people know, this kind of longer-term ambition with being this global dominant economic force. And with that being the de facto lead trade partner in the world to, you know, long-term see the transition of power from America to China. But I mean, how do you navigate them trying to fulfill the objectives of the Communist Party, but at the same time, have that ability, have foreign investors feel confident to invest and to trade with this nation? Yeah. I mean, I think one long-term, yeah, okay, the Communist Party long-term, fine.  And I think that over the, I think 10 years ago, people's opinion on that was, yeah, that's going to happen. It's inevitable. 10 years ago. I actually think now, the chances of that happening have reduced. And I think this is all due to the demographics of that country and the demographics crisis. And this is their one child policy from back in the 70s that has now meant that they've got an aging population with a really low retirement age, by the way, which is in the 50s, which is a big problem, plus a birth rate that's 1.3. So that means each female is on average giving birth to 1.3 babies on average, obviously. But of course, you need a male to have a baby with a female. So that means for every couple, for every two people, you're getting 1.3 produced. So that production rate means that the population has peaked. And it's interesting because they issued their census data. They do a census once a decade. And so the census data for between 2010 and 2020, right? So in 2020, they measured the population and it came in at 1.41 billion. It's the official figures. And that compares to 1.34 billion in 2010. So the population has grown. There's definitely speculation that they've massaged these numbers and they're not right. But let's just leave that for a second. So that's a 5.38% population growth rate in that decade, which is the slowest growth rate that we've seen ever since we've been measuring the size of the Chinese economy. So it's slowing. And I would say it's going, the size of their population will peak this decade. It might already have peaked. Now, the problem is that they're not, even though they've scrapped the one child policy now, they scrapped that a few years ago. They scrapped it way too late. But anyway, at least they scrapped it. But the problem is, even though they've scrapped it, that people aren't having children. And that's because it's super expensive. And this ties in, by the way, to what's happened this week on education. I'll come to that. It's so expensive to have children. And actually, it's quadrupled, they reckon, on average, the cost of having a child has quadrupled in the last 10 years for Chinese couples.  So there's a real problem here, because, fine, scrapped the one child policy, it hasn't worked in terms of getting that birth rate, they need the birth rate back above two, and it's at 1.3, which is as bad as Japan, by the way, which has the worst demographics on the planet. So they've got a real problem here. And what, and if it carries on, I mean, here's a great stat, right? So they got 1.4 billion people, if the demographics don't improve in terms of birth rates and so on, by the end of this century, their population would have dropped to 700 million. Wow. Okay, so that's crazy. Yeah. So this now, this is, this is a big problem for the Communist Party in their objective of trying to become the biggest and best, because they've got an aging population. And how are they going to afford to maintain this aging population? And I think what's happened in the last few months and what's happening in this week with China slapping down big tech, now it's on to education. On the one hand, I think it's the very beginning of what will be a, you know, a long-term project, which will essentially be to renationalize their economy, take back control, because they're going to need all of the profits that these amazing businesses that have been built, these profits they're generating, they need it to actually afford to finance this, this economy that's evolving. Secondly, with that child, with the fertility rate problem, why do you think they've, yeah, tech has, that's the number one, right? They've taken down tech or taking down tech. Education is number two. Well, why do you think? Because education is so expensive. It's so competitive. Everyone in China is spending loads of money for private tutoring for their children in school, because basically it's your end of school results that determine what university you get to. What university you get to definitely then determines what type of job you can get. There's, you know, we have a similar but much more diluted problem in the West. You know, if you went to Cambridge, great, you might have better opportunities to get jobs at Goldman Sachs. But actually, Goldman Sachs are now employing people from, you know, no disrespect, but Banger University, right? Which isn't as good as Cambridge. But actually, you can still, you can still make it, right? But in China, you can't. So they're spending so much money on tutoring their kids. This is what's led to the cost of having a child being so astronomical, which is preventing people or deterring people from having children. So it's kind of all tied in. Well, you know, being half Chinese, I can only produce quarter Chinese children. So I'm going to have to knock out eight of these. Is that what you're telling me? To just help the national national team out? Absolutely. Plunge, plunge protection. Okay. After this podcast, then I'll tell my wife, we need to have another seven children, by the way, just because to do our part. But I'd like to see that her reaction to that. But I think that I think there's a short term and a long term thing here from an investor's point of view, short term, just highlights the massive risk that China, the Chinese government can do whatever they want, whenever they want. And if it happens to be involving the companies or the sector that you're invested in, you know, you mentioned 10 cent, I mean, dropped whatever, what was it, 100 billion in market cap or something? 150. 150 billion. Well, there's a company called Gao two, which is one of the education giants. Their share price went from $142 to $3. Ouch. If you think the 10 cent share price drop is big. Well, that's just nothing, right? But then this is all short term stuff, right? I mean, I think long term, this is about renationalization.  So we used to have offshoring where companies would like Apple would go, well, hang on, why are we messing about manufacturing our products here in the US paying US salaries? Let's, let's manufacture in China, where we can pay Chinese salaries that are a fraction of the cost, right? Offshoring. Well, now it's reversing and reshoring is the thing. And if you like here, China are doing the same thing. They're reshoring with all these this clamp down on tech firms IPOing on the New York Stock Exchange.  It's a source of kind of social problems. So they're like reshoring their, their IPO process, right? And they want companies in China to IPO in China. It's almost like it's a decoupling, if you like, it's the start of a decoupling between these two financial systems, not that they coupled particularly well, but, you know, in the last couple of decades, it's all have been about China opening up, Chinese markets opening up. And I think now we've seen the end of that and we'll see them march it back. And I think in the long term, this is really bad for China, because if everything goes nationalized, well, you're going to, you know, you're going to kill innovation. You know, what's, what's the point in being an entrepreneur in China, if, you know, in the end, you're not going to benefit from it. And I think it will suppress innovation in the long term. And I think actually ironically, then this will mean they're less likely to achieve their goal of having the best and biggest economy, right? Because if you re-nationalize it, you're going to, you get a stifle innovation. And in the end, that's, that's, that'll come back to haunt them. But they're forced into it because of the demographic crisis. Yeah, I mean, it's fascinating to think of how multi-layered this, this is. And I guess bringing it back to the six months ahead, because this incorporates some of the questions that we've had in our community, which is, you know, people, for a lot of people, this has just come out of nowhere, because there's a lot of new market participants, they're like, wow, what's happening in China? And they see these dramatic falls. But is there any risk of implication of, of Fed normalizing over the period of the next six to 12 months, I guess the initiation of tapering and timing around that? Or is this just a, you know, it's just a very short-term episode that we look back on that was the first of this process you're describing and actually know this isn't really going to be a global issue to confront in the short term. Yeah, I don't think it's a global issue to confront in the short term. I don't think this will have any impact on the Fed's taper timing. What's way more important for the Fed will be, well, the fact the GDP figure that got announced yesterday was quite a bit lower than expected, you know, they're hoping inflation's transitory and it's going to start to come back down. And, you know, that's why I think markets in a way, well, you know, you still got the S&P made a new all-time high yesterday. And that's because, you know, there's the, we're starting to now see beyond the, that initial sharp post-COVID rebound when I was seeing beyond that transitory inflation spike. And what we can see is that actually growth rates are going to slow here. Growth rates have 100% peaked. Now they're going to slow. So actually the Fed may well have to just keep going a little bit longer. And so they, you know, if anything tapering will be delayed because of those economic factors in the U.S. I don't think at this point anything the Chinese government are doing will have any impact on the timing of the Fed. Yep. And on that point then, I think that's a good way to conclude with that matter of fact statement. That's what we like from the head of trading. But let's wrap it up there. I hope you enjoyed that episode. I don't normally ask this, but if you're listening and you made it through to the end, thanks for sticking with us. But it would be really great if you could leave us a rating, if you're listening on Apple, a review, if it's Spotify, then just hit the follow or subscribe button. It's slightly different on each platform, depending on where you listen. But, you know, we'd really love and appreciate if you could do that and get the channel out. So as many people as possible, our aim is to help you guys. And so feel free to get in contact, you know, we're on Twitter or other social media. If you have any requests of content, things like that, we're absolutely happy to tackle stuff you guys want to hear. So with that, Piers, thank you as ever, and have a good weekend, everyone. Yep. Thanks, guys. Bye.