Podcasts about 3Q

Though a 3Q setback is possible thanks to the reimposition of Phase 2-HA restrictions, the Singapore economy is still expected to bounce back this year, from a macro perspective. But on a micro scale, what costs are the vulnerable sectors possibly bearing? Song Seng Wun, Economist at CIMB Private Banking, joined us on Prime Time to discuss. See omnystudio.com/listener for privacy information.

Perma-Fix Environmental Services Inc (NASDAQ:PESI) (FRA:PFX1) CEO Mark Duff tells Proactive the group is entering 3Q with 'optimism and momentum' as it adds $15M in backlog contract wins. Duff says most recently, it has been awarded a multi-million dollar service contract for the Tritium Systems Demolition and Disposal (TSDD) project, which is expected to be completed over the next 18 months.

關於今日(2021-06-18)紓困案相關表決，許多鄉民與朋友關心，在此為大家釋疑，歡迎來了解立院運作的真實狀況。 FB直播轉載，原始影片連結： https://www.facebook.com/3Q.PehUi/videos/515262603046170

In the 90 minute extravaganza, DRK reacts to Steph's huge 3Q's of basketball in OKC, and look ahead to Warriors-Cavs tonight  See omnystudio.com/listener for privacy information.

Outlook Therapeutics, Inc (NASDAQ:OTLK) Lawrence Kenyon updated Proactive on the Monmouth, New Jersey-based biotech group's recent clinical advances. Kenyon says the group, who recently reported a positive safety profile in its NORSE THREE open-label safety study to treat wet AMD, says the group is almost complete with its pivotal Phase 3 NORSE TWO trial, expected to report that data in 3Q of 2021. Later within the year, it will then submit a BLA filing.

00:00​ 白沙屯媽祖比牛仔更忙！交通安全、神明溝通…凡事「親力親為」 12:35​ 白沙屯媽才是幕後導演？楊麗音曝光與「粉紅超跑」神奇經驗… 16:09​ 冥冥中注定？電影拍攝過程竟處處有「貴人相助」 媽祖奇蹟不斷 23:54​ 官將首「扮相」禁忌多！開臉出陣禁講話？會被「它」抓走？ 29:31​ 畫臉「對拜」不是誰都可以？沒有領旨接駕…下場竟是？ 32:05​ 「刪Q結局」跌破眼鏡？48%民眾同意罷免3Q哥…挫咧等？ 37:36​ 媽祖「踹開」兩岸交流大門？「媽祖之光」背後藏中國的影子？ 40:47​ 廟門內外皆江湖？政治人物靠宮廟「引路」混進地方政治圈？ 42:11​ 命案露曙光？女中3刀慘死 託夢「借身體」認真凶？媽祖顯靈說… --- Send in a voice message: https://anchor.fm/ettvamerica/message

On today's show: Sean Miller out at Arizona (5:20), Depressing March Madness story (12:20), Grizz impressive against the Heat, Dillon's 3Q explosion, JV, SLOWMO, + the remaining schedule (15:51), Zion + KD's return (1:02:30) and we're one day away from The Masters (1:12:48). Watch LIVE at noon, weekdays on YouTube and the Grizzlies App: bit.ly/MemGrizzApp Watch today's full show at: youtube.com/grindcitymedia

Mike Gallagher brings you up to speed on the most important topics in the National Basketball Association on Wednesday April 7th.   Editor's note: The Establish The Run NBA In-Season Package is now live! Visit https://establishtherun.com/subscribe-nba/ for more information.   Here's the rundown:   NEWS 0:30 - KD back, Harden out 2:28 -  Magic-Wizards huge injury report 3:43 -  Dejounte questionable   BALL 4:05 - Myles Turner goes down 5:12 - Zion returns, Hawks go off in 3Q 6:27 - 76ers destroy Celtics 7:04 - Raptors still shorthanded 7:48 - Dillon Brooks’ 23-point 3Q 8:38 - Denver keeps cruising   ADDS 9:10 - The Add Page   You can also watch NBA 3 Ball on the Establish The Run NBA YouTube channel: https://www.youtube.com/c/EstablishTheRunNBA

QB for Broncos to maximize 2021, Harrison Wind on NBA Trade Deadline, mock drafts, Nuggets in 3Q, Peyton Manning

因應全民國防從全民做起，我盡可能問答，由你判斷是非。 FB直播轉載，原始出處： https://www.facebook.com/3Q.PehUi/videos/903862977062986

主持人：陳揮文 中華民國110年3月15日，2021-0315，週一 飛碟晚餐陳揮文時間 ◎節目內容大綱： 第一段： 一，歡迎大陸聽友微信 暢談兩岸關係 二，汪洋：主動權主導權 在大陸這邊 三，馬：鄧小平1982的一國兩制死亡 四，港2019反送中 豈是鄧小平能預知 五，綠委：一國兩制翻臉 何況九二共識 六，綠委：馬英九應該向全國人民道歉 七，綠委：九二共識核心就是「一國」 八，楊憲宏：馬英九怎能坐視香港之死 九，馬：一國兩制與九二共識 兩回事 十，美國務卿#StandWithHongKong 第二段： 一，日媒：高雄鄉下 福原愛離婚導火線 二，日媒：高雄台南 日本年輕女性絕望 三，同一日本記者 2019批韓「遲刻魔」 四，日本政客永不遲到 聯繫從未失誤？ 五，日本記者明顯偏見 根本不值一提 六，陳柏惟：得罪欺負台灣的人與共產黨 七，罷3Q 難道等於欺負台灣？共產黨？ 八，陳柏惟：跟藍一起沒資格叫公民團體 九，立委好大 陳柏惟：無法尊重假公民 十，陳柏惟建議顏葛格 退出中國政黨 第三段： 每日一句2021-0315 我賴品妤一天在東北角 就不會讓核四重啟 狗吠火車2021-0315-299-1敗選檢討會之5 媒體挑撥 藍天王未戰先亂成一團 沒媒體不進校園 藍2024能贏嗎 不分區推薦內幕 排名順序誰決定 飛碟電台全球叩應專線 02-2363-9955 ▶ Android https://reurl.cc/j78ZKm ▶ iOS https://reurl.cc/ZOG3LA ▶ 飛碟聯播網 http://bit.ly/2Pz4Qmo ▶ 飛碟晚餐陳揮文時間 http://bit.ly/2JOoLMg ▶ 飛碟聯播網FB粉絲團 https://www.facebook.com/ufonetwork921/ ▶ 網路線上收聽 http://www.uforadio.com.tw/stream/stream.html ▶ Podcast SoundOn : https://bit.ly/30Ia8Ti Apple Podcasts : https://apple.co/3jFpP6x Spotify : https://spoti.fi/2CPzneD Google 播客：https://bit.ly/3gCTb3G KKBOX：https://reurl.cc/MZR0K4 #日本 #福原愛 #馬英九

主持人：陳揮文 中華民國110年3月10日，2021-0310，週三 飛碟晚餐陳揮文時間 ◎節目內容大綱： 第一段： 一，歡迎大陸聽友微信 暢談兩岸關係 二，汪洋：主動權主導權 在大陸這邊 三，蘋果日報標題 美「強勢」回應王毅 四，白宮發言人老調重彈 完全不強勢 五，苗博雅：習近平沒給各自表述空間 六，陸「沒承認也沒否認」一中各表 七，綠老毛病 把習近平的話奉為圭臬 八，瞎掰 苗：ECFA有合約到期的問題 九，不否認進出口數字 苗：陸依賴台 十，類似的817一堆 少康單挑辯3Q？ 第二段： 一，自由：藍想拔陳以信只有蔡正元 二，自由：陳移送考紀會也只是過場 三，「我們很感動」 蘇大讚陳以信獻花 四，讓閣揆感動 立委浪擲總質詢機會 五，以信路1 再當三年 政治生命句點？ 六，以信路2 主動請辭 選議員重新來？ 七，對國民黨貢獻 若謝龍介比陳以信大 八，請問當不分區立委 為何是陳不是謝 九，各黨不分區之亂 國民黨沒卡高尚 十，獻花草草了事？ 下次選舉還投藍？ 第三段： 每日一句2021-0310 若能訪台 龐培歐：很棒很享受 狗吠火車2021-0310-298-3敗選檢討會之2 只有韓能贏 不後悔支持韓選總統 堅持非韓不投 讓藍大老知難而退 韓選情開高走低 問題到底出在哪 不檢討不面對 藍2024再輸一次？ 飛碟電台全球叩應專線 02-2363-9955 ▶ Android https://reurl.cc/j78ZKm ▶ iOS https://reurl.cc/ZOG3LA ▶ 飛碟聯播網 http://bit.ly/2Pz4Qmo ▶ 飛碟晚餐陳揮文時間 http://bit.ly/2JOoLMg ▶ 飛碟聯播網FB粉絲團 https://www.facebook.com/ufonetwork921/ ▶ 網路線上收聽 http://www.uforadio.com.tw/stream/stream.html ▶ Podcast SoundOn : https://bit.ly/30Ia8Ti Apple Podcasts : https://apple.co/3jFpP6x Spotify : https://spoti.fi/2CPzneD Google 播客：https://bit.ly/3gCTb3G KKBOX：https://reurl.cc/MZR0K4 #韓國瑜 #苗博雅 #陳以信

拉攏中間選民?蔣萬安選北市切割蔣家包袱? 玩真? 趙少康選總統? 辦公室團隊在哪? 馬江趙新北市同框 吳國棟:侯沒出現有文章! 不演了!馬堅持要中國疫苗! 3Q怒嗆"台灣內賊" 中國疫苗未成為候選 阿中:技術性資料不完備!? 馬要蔡政府別再用"武漢肺炎" 飼老鼠咬布袋?! 印度南亞打"疫苗外交戰"只剩巴基斯坦用中疫苗? 蔡總統談話促兩岸和解 馬:她要先伸出手來!? 【主持人】 何文堯 【節目來賓】 民進黨台北市議員 簡舒培 陸軍備役少將 于北辰 政治評論員 汪潔民 資深媒體人 吳國棟 資深媒體人 邱明玉 資深媒體人 王時齊 【收看資訊】(每週一至六晚上8點) 民視新聞台53台 無線數位頻道第9台 中華電信MOD第507台 Youtube影片頻道：https://goo.gl/Jznypa Youtube直播頻道：http://ppt.cc/AClv Facebook粉絲專頁: https://bit.ly/2QgKKhP #蔣萬安 #陳時中 #趙少康 民視Youtube新聞網: https://www.youtube.com/user/ftvCP 民視Youtube讚夯: https://www.youtube.com/user/ftvnp 民視Youtube綜藝: https://www.youtube.com/user/FTVPLAY 民視Youtube戲劇: https://www.youtube.com/user/FTVDRAMA Powered by Firstory Hosting

Credentials include: ISLAND Records, Warner Records, Liz Rosenberg Media, MTV. Currently CEO + Founder of Nadia Ali PR. Full Nadia Ali bio below: Founded in 2018, Nadia Ali PR is a full-service entertainment public relations firm dedicated to developing up and coming and established artists and talent via results-driven and carefully tailored press campaigns. Founder and CEO, Nadia Ali is a seasoned music and lifestyle publicist from New York. Nadia most recently contributed her skills, creativity and passion for music to her work as an in house publicist at Island Records, helping to break such artists as Tove Lo, Mike Posner, Bishop Briggs, Sigrid, and Astrid S. Previously holding prominent positions at MTV, Warner Bros. Records, The Door, and Liz Rosenberg Media, Nadia has over 14 years of experience working on strategic press campaigns for high profile artists including Madonna, Cher, Fleetwood Mac, and Stevie Nicks and talent including Gigi Hadid and Eden Grinshpan. You can follow Nadia on Instagram @nadiaalipr! https://www.nadiaalipr.com/ Artists mentioned: UPSAHL: https://open.spotify.com/artist/1294QqYm1VuxxjRiL9M0h9?si=fLZTYG_2QwSdJLvGDeA8Mg Bishop Briggs: https://open.spotify.com/artist/0yb46jwm7gqbZXVXZQ8Z1e?si=K6Iq0-VUT9aWonPaizI36g LOVA: https://open.spotify.com/artist/1l2NYhptmHjo64MDOcej1x?si=ys9WNC_JTTe2OM_q1i2_3Q

Sanjesh and Tim are back to provide their takeaways after Sacramento's loss to the Philadelphia 76ers: De'Aaron Fox continues to ascend into an All-Star Can MB3 maintain the consistency from a promising 3Q? Harrison Barnes regressing offensively against better competition Shallow bench depth besides Tyrese Haliburton All that and more on this episode of Watching the Tape, a Be Heard podcast. See omnystudio.com/listener for privacy information.

暗号資産（仮想通貨）・ブロックチェーンに特化した幻冬舎のメディア「あたらしい経済 https://www.neweconomy.jp/ 」がおくる、ラジオ番組です。毎日最新ニュース解説とコラムをお届けします。 ・米国証券保管振替機構（DTCC）の株式精算のためのブロックチェーンプラットフォームが2022年3Qにローンチか ・PayPalが2月後半に送金アプリVenmoでの暗号資産取引開始予定など、今後の方針を説明（2020年度第4四半期の決算説明会にて） ・コインチェックがメタップスアルファを完全子会社へ ・ふくおかFG傘下のチャレンジャーバンク「みんなの銀行」がカードレス決済が可能の 「みんなの銀行デビットカード」を2021年5月下旬に提供開始 ・GMOコインが暗号資産（仮想通貨）クアンタム（QTUM）を取り扱い開始 ・SBI VCトレードが貸暗号資産サービス「VCTRADE LENDING」においてXRPの取り扱い開始 ・ファッション業界向けブロックチェーン企業リトレイスド（Retraced）がシードラウンドで100万ユーロ（約1億円）の資金調達 ニュースの詳細や、アーカイブやその他の記事はこちらから https://www.neweconomy.jp/

中廣新聞網 週一~週五 18:00～18:57 掌握台灣大小事＆全球重點新聞＆最新天氣預測 主播：黃麗鳳 ●AZ疫苗最快2月抵台，到貨一週開打 ●拜登上任以來第一次。國軍證實，美軍驅逐艦馬侃號穿越台灣海峽 ●外交突破，台灣決定在南美洲的蓋亞那設立「台灣辦公室」，是全球惟一有台灣名稱的外館 ●趙少康重返國民黨，指控黨內有內奸，爆料江啟臣承諾給中評委聘書，卻反悔改口「壓力很大」 ●罷捷之夜國民黨「美女立委」站台，3Q哥南下助捷 ●香港富商向華強申請來台依親，陸委會：還沒做最後決定 ●部桃群聚疫情趨穩，連續第5天本土加零 ●國內首見英國變種病毒死亡，1名來台探親的英國70多歲男子肺出血不治，累計9死 ●邊境封鎖無法出國蜜月，勞動部放寬婚假，指揮中心解散後1年內休完都可以 ●0-6歲國家一起養，蘇貞昌拍板，育兒津貼8月增加為3500元 ●威州10.5代面板廠落空，美地產商控鴻海違約 ～YOUTUBE～ *中廣新聞網 點閱收看「中廣新聞宴」重要新聞不漏網 ～TELEGRAM～ t.me/BCC_news

【FB直播】2021-01-20, https://www.facebook.com/3Q.PehUi/videos/1657027731172731

It was a tough night for your Nuggets in the Big Apple tonight as Denver blew a big 3Q lead to Brooklyn. Josh Dover analyzes what went wrong in another episode of In the Paint. P.S. Does JaMychael Green look like Jaleel White?

Jaqueline wraps up the last two limbs of Yogic Philosophy.Instagram: @soulspielpodcastResources:https://artoflivingretreatcenter.org/blog/pratyahara-yogas-forgotten-limb/?utm_source=Google&utm_medium=Search&utm_term=&utm_campaign=Google_Search_DSA&utm_content=3Q&gclid=CjwKCAiA25v_BRBNEiwAZb4-ZeZOdgpyFP2uVloCxP3Niai3f7MElmXiTwj-MH53DY8N2n4EHRIFixoC164QAvD_BwEhttps://www.yogajournal.com/philosophy/return-stillness/https://www.doyou.com/dharana-the-6th-limb-of-yoga-explained-38938/https://chopra.com/articles/dharana-the-sixth-limb-of-yoga

本次世界母語日活動由《牽囡仔ê手來聽囡仔古 》及SoundOn主辦 集結數十個節目共同串連而成，期待讓大家聽見台灣豐富且多元的文化底蘊 更多精彩節目請搜尋「母語日」 大叔野球543Q陳柏惟 本集與3Q哥暢聊母語、暢聊運動、暢聊台灣歷史 讓大家知道台語的美與迷人所在 #大叔野球543Q陳柏惟 #全新單元 #世界母語日 #立法委員 #3Q哥陳柏惟 #2021年元旦上線 ．世界母語日~立法委員 3Q哥陳柏惟 這是一個主要聊台灣棒球的Podcast節目，我們沒有精闢的解說，也沒有專業的數據，就是幾個愛棒球的大叔和聽眾們一同喇賽、一同嘴砲~~ 大家可以在相關的 Podcast APP 收聽我們的節目，希望大家可以介紹給喜愛棒球的朋友們。 如果喜歡我們的節目，也希望大家可以在 Apple Podcast 專區給我們五顆星。 有興趣合作的廠商歡迎私訊或email聊聊 email：baseballuncle543@outlook.com IG：baseballuncle543 FB：大叔野球543

今年 12 月 31 日下午司法院大法官即將針對「性侵犯強制治療」宣示解釋是否違憲，無論釋憲結果如何，我希望相關部會都已做好相應的準備。而因為本次釋憲的結果也和未來保安處分修法的方向有關，我也想在此就現行監護處分的執行，討論一下實務上會遇到的困難。 保安處放的制度需要通盤檢討 一般來說，精神病患者不論有無犯罪，理論上都要接受治療，但病患要接受治療到什麼程度，那治療病患究竟是誰的責任？聽到病人多數人都會覺得是醫生，但如果他有犯罪的狀況，主管機關應該是法務部、或者是法院。 過去曾發生過的案例，包括患者在強制就醫過程中攻擊警察、或在火車上和列車長爭執，結果警察被刺傷過世，對社會大眾來說這都會覺得很不公平、很不捨。除了牢獄的處分外，患者應該也要接受保安的處分，但現行保安處分的執行上也遇到一些困難。 像高雄凱旋醫院是台灣第一個有司法精神病床的醫院，收治很多病患，但曾發生醫事人員遭受恐嚇，甚至轉院的病患寫信威脅醫生、或是在院內發生衝突的，也有的評估報告建議病患不能繼續留在這裡，但最後無法變更執行處所，只能繼續留在那裡治療。 責任都在醫事人員身上 這等於我們把入監服刑的壓力，包含醫療的責任，全部放在醫事人員這方身上，部分犯罪者，也因為無法負擔醫療費用，變成醫院自己想辦法負擔。 我在這會期也提出了《保安處分執行法》的修正草案，希望未來的條文能包含幾個重點 : 1) 提供執行彈性：檢察機關成立評估小組，經評估、鑑定後由檢察官按受處分人情形，指定其中一款或數款執行方式。比如這間醫院真的不適合患者了，是否有個評估的機制，能讓患者轉換。 2) 評估續執行否：由評估小組每年鑑定、評估繼續執行或變更受處分人監護處分執行方式之必要。 3) 復歸社區銜接：檢察機關應於監護處分執行結束前 2 個月，召集受處分人戶籍所在地網絡單位，召開社區處遇銜接會議。 4) 補足戒護人力：由法務部於監護處分執行機構派駐戒護人力；另由檢察機關監視受處分者之社區行動。這某種程度來說，已進入民防或社區鄰里之間的守望相助了，當然最重要的是把戒護的人力補足。 5) 執行所需費用：執行監護處分所需費用，由法務部編列預算支應。支付項目及支付標準，由法務部會同衛生福利部定之。以及包括健保還有住院所需的相關費用，希望可以透過立法，讓行政部門一起來補全這個部分。 希望未來類似狀況的新聞可以越來越少，減緩社會大眾的焦慮，補全我們的社會安全網！3Q！ 2020-12-22，總質詢，行政院 蘇貞昌院長，法務部 蔡清祥部長。

軍中訂報恐成滲透破口 金防部位於前線作戰位置，辦公室接獲民眾陳情金防部有訂閱《金門時報》，但經查閱，金門時報的報導內容和圖片，簡直就是統戰的滲透破口，像《金門時報》9 月 8 日的報導，引用自「中國台灣網」，而「中國台灣網」是「國務院台灣事務辦公室」管理的新聞網站，去年「中國台灣網」也被國安局列為「常見爭議資訊來源」，其發文內容也被國安單位監控。同日另一則報導則來自「中青網」，而中青網全稱「中國青少年計算機信息服務網」，是由中國共青團中央主辦、中共中央宣傳部主管的網站。 前線官兵作戰壓力已經不小，訂閱這類經常引用統媒訊息的報紙，閱讀這些統戰訊息，對部隊官兵毫無增加閱報的興致與知識。這類訊息在地方上影響輿情，我們已抱持高度的疑慮，再帶進軍中我很難接受。 我們一直說，除了平時的訓練之外，還要強化國軍的「心防」，但卻有這類直接轉載中國官媒新聞的「傳聲筒」報紙，還是說這是訂來「研究敵情」的？若是研究敵情，那怎麼只有金門單位訂閱，應該全台灣各軍種都來訂閱研究一下。 我請單位必須全面通盤檢討這樣的狀況，並掌握訂閱的理由，是否是有心人刻意為之，或者只是沒有留意到而做出的決定。單位回覆我，會即刻通盤檢討，並做出合理的處置。 色弱者軍中服役與升遷 辦公室接獲國軍官兵陳情，表示現已任職下士，也到了可以升中士的時間、單位也有職缺可以晉升，但因為本身有「色弱」的問題，導致體位判定標準不符無法晉升。當事人質疑，為何當初可以晉任士官階，卻無法在士官階內再升。 像這樣個案狀況，簡章雖然有明文規定，但國防部相關單位在甄選志願士兵時，是否有充分告知、弭平雙方的資訊落差？此外，可以當下士但不能當士官，這件事情本身是否存在衝突跟矛盾？ 當初我們在招募志願士兵的時候，確實色弱、色盲是可以進來的，但是軍官士官，就不能有色弱或色盲，如果說進入軍官士官，有色弱或色盲就只能保留位階。希望可以重新檢討，比如色弱或色盲者，需要在招募時說明清楚，只能做志願役士兵，再確認願意與否。再來是否考慮色弱、色盲者的錄取資格。第三就是已錄取進來的色弱者，佔比率大概是百分之四，這些已進來的人，可找出未來有沒有適合的工作，盡量減少影響。 立法委員最重要的事情，就是把特例變通例，碰到這樣的案例，我們該修正辦法與規定，讓他回到他該有的位置，這些都是為了整個制度，去建立更完善的系統。相關單位允諾我會持續了解、溝通並改善。 要塞堡壘地帶法進度如何 再提到要塞堡壘地帶法，前次修正已經是 2002 年，在 2015 年發生航特部 601 旅「阿帕契事件」，引發營區究竟算不算「軍事要塞」的爭議，因此行政院院會也曾在 2015 年 11 月通過修正案，擬將《要塞堡壘地帶法》改名為《戰略要域管制法》。今年 3 月國防部亦曾預告修正《要塞堡壘地帶法》版本。 據我們了解，像是民眾飛到金門不能夠拍軍區照片、近年也常見民眾於軍事設備、區域周遭遭驅趕，卻因法規無明確規範而引起爭議。而考量近期國際局勢發展，中國擴張意圖顯著、科技進步等因素，現行《要塞堡壘地帶法》相關法規，包含執行狀況、規範、劃設範圍是否周延等，實在有重新檢討、盡速修訂的必要。希望能盡快開啟討論，給大家更詳盡且明確的規範，也請相關單位保持聯繫並給辦公室答覆。 軍隊職務意外慰助補償 一個禮拜前國軍 205 兵工廠閃燃意外發生後，我們就接到家屬的來訊，大致是表示該政戰主任及長官們其實很認真，國防部長也親自到現場訪視慰問，然而也有一些需要再被釐清的地方，希望趁這次跟軍備局來進一步了解。 像這次閃燃意外，裡面有兩個是軍人身份，其中還有一個是聘僱人員，我們有哪一些補償的規定？哪些保護措施？除了保險之外，國軍還會做哪一些盡量讓家屬安心？這些都該主動跟家屬說明，以安家屬惶惶不安的心。 相關單位回覆我，會另外請業管部門，親自到家屬講解後續關懷照顧的做法，以及該有的權益。 此外，這次事發的單位職務是裝填飛彈推進燃料，當然單位認為它有沒有危險加給，這是單位的專業判斷，但我希望不要老是出事了才加給，這也呼應我在院會總質詢裡面提到，我們是不是有機會做一次通盤的檢討，包含高風險、外島、第一線接戰人員，這些因情勢緊張或情勢需要，在戰訓勤務增加的情況下，除了用加班費的方式，他們本身的勤務專業加給，是不是有檢討的空間？希望相關單位能通盤檢討並報告。要激勵國軍士氣、留任、招聘人才，就需要靠相應的誘因，一起討論努力， 3Q。 2020-12-16，外交及國防委員會，國防部 張哲平副部長，陸軍司令部 陳忠文參謀長，國防部法律事務司 沈世偉司長。 https://youtu.be/hHxwwyeFb_0

輔導就業的效能怎麼看？ 過去還沒當立委的時候，我就很關心退除役官兵的就業問題，我們退輔會對就業的方案，我特別留意到，從 2017 開始針對退除役官兵的軍中／民間專長轉換和證照取得，原先預計採「一訓多能」，後來則是以「技能專精」的方式來施訓，想請問為何有這樣的轉變？ 退輔會就業處處長回覆，因為隨著就業的需求和產業的發展趨勢，由一訓多能轉變到技能專精。當初的一訓多能，是在受一個訓練的過程中，能取得多張證照，比如我們職訓中心的公共管線班為例，結訓的時候，可以取得7張證照，包含水匠、電匠、以及氣體導管等。隨著職場的用人慢慢朝著專精化，因此我們希望讓結訓學員取得較高級的證照，比如說原來是丙級證照，能提升到乙級證照，乃至於甲級證照。 但我也想提醒，現在企業也不少是需要斜槓的。那提到技能專精，我留意到專長轉換到民間職業的部分，我們是否有追蹤？比如說多少人從這個專長退伍，又有多少人真的進入民間相關職業？ 因為一個計畫好不好、成不成功，是否真的有幫助，要看轉換率才知道。比如100個人出來，若只有5個人進入相關行業，那就代表這個計畫有待調整。另外，我也想了解，這些人考了哪些證照，才知道輔導考照單位的輔導成效。希望相關單位能提供給辦公室相關的數據與資料，讓就業輔導這工作，更能切中市場的需求。 期望優先補足軍中心輔能量 另外提到心理輔導士，之前質詢時，有說到軍中的心輔官不足，我想建議單位，如果有心輔專長的退除役官兵，是不是能優先接觸邀請？比如邀請考證照、邀請回役，像是政治作戰士、心理作戰士、心理輔導士等等，未來可以做心理師、社會工作師，那既然軍中就是需要這類專長，結果他們退伍的時候才去考這些證照，結果現任的考照率卻很低。既然退輔會有這樣的業務需求，是否能跟國防部合作，先把軍中的缺額補齊。單位允諾會跟國防部協調，我希望這件事能落實下去。 使用醫療資源的引導 再說到今年的武漢肺炎，因為大家會盡量避免上醫院，所以分級醫療政策實施以來，歷史上數據最漂亮的就是今年。但我們發現榮總的數據，仍有可以更精進的空間，包含急診的件數中，檢傷分類第四級、第五級的案件量佔比還是相對較高一點。而「急診轉住院暫留急診超過 48 小時」的案件比率，北榮、中榮、高榮三所醫院的院所指標值都高於全國指標值，只有高雄榮總在今年院所指標相對低，但低的原因多多少少也是跟武漢肺炎有關係，所以我們看第一季、第二季的數據，表現都相對比較好。 我希望能未來盡量引導民眾轉診的就醫習慣，減少醫院輕症住院情形。或許不用在入院的時候直接處理，但至少在出院的時候可以趁機輔導，引導對方基層還有其他醫療資源可選擇，希望未來能達到實際的改善。相關單位也允諾，會持續精進、盡可能引導民眾。我期望未來醫療資源，都能用在刀口上，3Q！ 2020-12-14，外交及國防委員會，退輔會 呂嘉凱副主委，退輔會就學就業處 秦文臺處長。 https://youtu.be/VGDDQvXb-3c

我們自己對台灣熟悉嗎？ 這幾日網路有個迴響不小的發文，是這樣提問的：台灣擁有近380個鄉鎮，那哪一個最東？哪個最南？哪個最西？哪個最北？結果很多人答不出來。到底是西螺更西邊？還是線西在更西邊？大家很猶豫。 我想看懂阿公的履歷表 今年三月份時，有一個網友把自己阿祖的履歷表放在網路上，這位網友的長輩的履歷表寫民國前五年三月五日生，讀過台灣公立國民學校。因為這篇文章，引起我的興趣，我也去找出我阿公的履歷表，我的阿公的履歷表上記載他就讀過右同庄國文書房，但我去問澎湖縣政府、澎湖地方的人士，怎樣也找不到這間右同庄國文書房的資料或訊息。我請教教育部長，我阿公這時就讀的「國文書房」，到底是漢文還是日文？部長回應我，這個還需要查證，才能確認這一段的歷史。 此外，我也留意到一些很可愛的細節，像是履歷表寫「渡台灣台南州北港街」，可以看到北港曾經在台南州裡，當然因為行政政府部門，歷經日本時代、國民黨時代，到現在是民主的台灣，有不少記載資料的變更或消失，對我來說，會覺得很可惜，這是我阿公的資料，這不是陌生人，但我連自己阿公在哪邊讀書，也無法確認。 我想請教部長，看到我上面說的這些故事，是怎樣的心情，我們實在應該讓下一代多了解台灣歷史發展的痕跡，以及自己在地的事務。部長回應我，相關單位也在努力推動本土語言文化，是很重要的的政策方向。 教材設計貼近生活與土地就會很有趣 我想要在此表達的是，過去我們讀書可能只在意考高分，但其實讀書是很有趣的事情，像我在台中，讀那邊的歷史，研究當地的地理環境，會覺得津津有味，因為這是我們自己的事情、是我們生活的土地，所以讀起來格外認同。 像是台中有一個區，本來可以升做縣轄市，但後來沒有升，那個區是霧峰。而嘉義太保，是台灣最小的市，是因為縣治駐地而改制升格為市，其他地區如新竹縣竹北市也是這樣的例子。還有台灣第一個本土歷史政權在大肚，平埔族建立的大肚王國，那時還有外國人跟大肚王國往來貿易。像我認為台中交通最重要的區域是烏日，因為他有高速公路、鐵路、高鐵，烏日之於台中，就像南港板橋之於台北和新北，也像左營之於高雄。但這些素材在課本裡的比重很小，或幾乎沒有。 認識自己是誰 這類關於台灣的教材，過去1997年李登輝總統執政，在推出「認識台灣」的時候，就一路承受外界非議到現在，但我的訴求其實很簡單，就是讓我看得懂阿公的履歷表，看得懂高雄市山下町到底在哪裡？看得懂那時的高雄市鹽埕區慶雲藥行，現在到底在哪？ 我想要認識我的根、想認識我的土地，希望可以拜託教育部，針對校定課綱的部分，鼓勵各校多說一些地方的事。這些不只是文化問題，就算要發展經濟、要發大財，要做產業、要發展地方創生，也要讓人知道生長的地方是種什麼作物，家鄉的工業是在做什麼？是和世界哪個國家在做貿易？哪一種產品？定位又是什麼？ 才不會年輕人就只能往北部跑，我們教這些地理歷史，才能夠真真正正把人留在地方，盡量鼓勵校定課綱的部分多一些區域性和地方性，讓人了解生活的土地有什麼樣的事情。 部長回應我，這是一個很好的方向。我拜託部長，這是教育部和部長的責任，請幫助台灣和台灣的下一代，3Q！ 2020-12-14，教育及文化委員會，教育部 潘文忠部長。 https://youtu.be/ITqpuO_VOdM

In this podcast, the latest Dealer Sentiments report shows a net 54% of dealers report their new equipment inventory is too low, the highest since 2011 when we first started gathering this data. In the Technology Corner we take a look at Raven's new Autonomous AutoCart. Also in this episode, Titan Machinery reports 3Q ag revenues were up 3%, Deere's FY20 ag sales were down 6%, and a look at how the election impacted farmer sentiment.

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台美ＭＯＵ投資審查怎麼做？ 開放中資來台之後，台灣發生許多「假外資真中資」的案件。這次台美簽定了MOU，我想了解經濟部的投資審查部分，像是如何增進美國海外投資委員會與經濟部在投資審查工作的交流合作？實務上經濟部打算怎麼加強我國對於中資來台的審查？如何改善現在許多「形式審查」的問題？ 台美經濟繁榮夥伴對話MOU，其中第六項是投資的審查，我請教相關單位，這一塊有哪些內容？單位回覆我，投資的審查會成立工作小組，會就兩邊怎麼去審投資做交流，特別是外來投資會怎麼審查的部分。 中資審查是否流於形式？ 而我特別關注國安的審查，目前對中資跟外資是分成兩個管制方式。我要提醒相關單位，要特別注意中國對我們的市場、投資產生的危害。我上禮拜也開了一個記者會，這個案例是雖然有19%是中資、又有兩席的董事看起來就是中國人，卻說法律都沒有問題，形式上都可以通過審查，這樣就引起我的好奇，有些狀況明明一看就是中國的資金，但為什麼我們審查不出來。 我想請問經濟部對現在我們自己的審查是有信心？普通？還是很差？ 相關單位回覆我，現行法規規定要綜合持股佔30% ，才會認為是中資，但如果結構為多個層級後，就可能難以審查，不被認定是中資。但目前已經著手修改法規， 只要每一層持股超過30%，或者有發現中資對其有實質控制力，就會再做討論，依中資審查認定。不過我也提醒經濟部，我們認為「重大影響力」來定義中資是必要的，未來也希望可以和經濟部討論中資該怎麼定義。 雙重國籍怎麼辦？ 但是我要問一下，這裡有一個例子，雖然中國的法律規定人不能有雙重國籍，但實際上如果他是中國人跑去國外拿到國籍，也有可能是雙重國籍，更何況中國不是法治國家。所以中國人不能有雙重國籍的規定很可能只是形式，比如華為公主孟晚舟不是只有中國籍，很可能也有加拿大國籍，那碰到這種雙重國籍，那要怎麼算呢？現在中資若來台灣來設立子公司，子公司的股東登記外國人的護照，到到底是審外國人的護照，還是審中國人的身分？ 相關單位回覆我，假設有雙重身分的時候，會去跨部會討論，看相關的單位來給意見，如果有這疑慮的話，會跨部會來討論。我提醒相關單位這些的確有檢討的空間，具體會送些案例給經濟部，再來討論看看如何修正，再請部會一起討論未來如何防堵。希望既然台美已經簽署MOU，台灣和美國進行相關管制方式的討論，更積極地提出加強中資管制的政策方向！3Q！ 2020-11-30，經濟委員會，經濟部 王美花部長。 https://youtu.be/urkEikMkLhk

免費心理諮詢活動，務必事先電話預約 －高雄市 黃捷 議員服務處 12月4號晚上19點至21點 https://www.facebook.com/FongshanHuangjie/posts/2774374846223581 －台中市 知心心理諮商所 每週一兩個時段 https://realizingcounseling.com/20201128-2/ －各地區衛生所 －《心靈角落》粉專私訊 https://www.facebook.com/encounterwithlove/ 江湖術士共同特點： －通常有強大的社群或經營獨立網站 －大量的個案感謝文或療癒日記 －通常都會有不明所以的國際證照、各種認證，輔以宗教、玄學、靈性等等用詞 －以個人或工作室名義開講座、開課、接個案 從事助人工作，需要擁有專業知能、恪守專業倫理 因為他們跟每個求助者一樣，都是人 你的錢值得成為更適合照顧你的形狀 心理健康議題友善民意代表： 高雄市議員 黃捷 立法委員 王婉諭 立法委員 陳柏惟 3Q哥 留言給雞蛋糕 https://open.firstory.me/story/cki3q9em18sc40898f6vn1n6y?m=comment 節目網站 - https://wwhowbuhow.firstory.io 可在網站直接收聽或連結到各大收聽平台 也可以對單集留言、打星噢 或贊助一杯蜂蜜紅茶，讓我未來有機會可以做出更好的Podcast https://pay.firstory.me/user/wwhowbuhow 主要收聽平台：KKBOX/ Apple Podcast/ Google Podcast/ Spotify/ YouTube 萬用收聽連結 - https://link.chtbl.com/wwhowbuhow 現在加入Firstory Hosting成為Podcaster 輸入雞蛋糕專屬代碼「GCAKE」 新節目開張或成功搬家，就可以得到Firstory給我們雙方啟動金50元噢！ 一起加入Podcaster的行列，說出你的專業、你的故事、你的日常吧~ 《Podcaster雞蛋糕的碎碎唸》 https://medium.com/gcake-podcast-tutorial mail: ww.howbuhow@gmail.com #喂喂你還好不好 #小鬱好不好 #說書好不好 #開槓好不好 #雞蛋糕愛看冊 #我是雞蛋糕，謝謝你收聽我的節目 #中文podcast #臺灣podcast #台灣podcast #taiwanpodcast #taiwanpodcasters #宅錄 #鐵三角MB3K #MB3K #ZoomH6 #XLRmic #Audacity Powered by Firstory Hosting

鐵道觀光體質怎麼改善？ 一個人想要坐火車，通常第一個是要通勤，另外就是觀光旅遊。 如果要發展鐵路觀光，觀光客要感受三個東西 一是沿途的風景。 二是我可以在停靠站的站點來遊玩。比如說我們有一些車站旁邊有溫泉，遊客可能就會坐火車來這邊泡溫泉。 第三是車內的內裝以及搭車的體驗。 第一項和第二項多少需要天時地利人和，但第三項是我們可以主動加強的方向。 以九州的鐵路觀光來說，車子的內裝是用當地的素材，窗框是竹子、椅子則是當地的木工製作。另外可以看到車款選單4X4=16，這16種車剛好變成16個行程，等於說是和觀光一起做包裝。 部長回覆我，他認同這個理念，特別是台鐵的5條支線、南迴鐵路，過去滿多限制，但我們來努力。那我也建議可以不要只是支線，部長覺得可以後續來討論看看。 台灣特色很重要。 我留意到明年初推動的「鳴日號」列車，但我期待可以有更多台灣特色元素的加入。我們也看到有時候，有些東西設計了，但花一花預算，品牌或活動時間到了，就要拆掉。我希望未來我們能繼續加強台灣本土的文化，讓它留在車上，旅客可以在車站裡面感受到台灣的文化跟歷史。 現在有些運作的困境，不是說我們本身不夠用心，像我們在做台鐵，結果最紅的變成是台鐵便當，被網民說我們是台鐵便當附設台鐵公司，當然大家知道這是講笑話。那如果我們有些東西，比如車體的改造，可以給他更大的空間，或者是鐵路的國家隊，未來的車廂可以如何自己的公司來設計、自己的公司來打造，或者是類似工務局的土地開發公司，可以把半外包出去，因為我們的鐵路是大眾運輸，有社會的責任，我也不完全同意一定要民營化，但可以某種程度把觀光的概念，以及TOD的概念，假使車站有百貨公司，在商業壓力的訴求時，對於這個地方的努力一定會更用心。 講到鐵路，像我的選區，大肚、追分、烏日這邊，過去其實是通勤量、交通運輸載貨的需求很大的的地區，但大肚調度場離開之後就比較不受重視。在地我們有追分車站、成功車站，但我在這兩個車站看不到任何追分成功的元素，比如說成功站是為了搭到成功嶺，是不是可以結合迷彩或軍事元素？可以參考看看。 鐵路高架化問題 車站整體規劃問題 另外有個很重要的，我們選區有兩個大問題： 第一、烏日成功嶺學田路的平交道。我自己騎摩托車去坐高鐵的時候，就會經過這裡，希望具體來解決。 位於烏日區的學田路與成功嶺前鐵路平交道，每到上下班時間一定大塞車，經常沒隔幾分鐘就有列車通過，民眾若想通過平交道一等就是10多分鐘，造成車流堵塞，民眾抱怨連連，希望交通部能研究將台中鐵路高架化繼續往南延伸之可能，並督促台中市政府盡快規劃送案至中央，才能徹底解決平交道塞車問題。 部長回覆我，鐵路高架化必須地方政府要提出，中央才有辦法幫忙。我也在此跟台中市政府拜託，好好處理這個問題。 第二、 大肚、追分、成功 車站 ，這是長期的問題了，新聞媒體也有報導。幾個火車站站體設施老舊需維護更新等問題，希望交通部在發展鐵道觀光的同時，做好各地火車站的設施維護及更新，尤其大肚、追分、成功等幾個車站都有豐富的歷史與特色，很適合發展觀光，希望交通部可以協助帶動這幾個站的發展。 我們應該可以規劃全台灣的站體，不只是一二三級跟運輸量，可以先從哪一個長期照顧？如何照顧？哪一個要用完全新的計畫？還是要用特色站體、TOD等等，應該要先分類，並定期追蹤。 如此一來，我們的車站就不用民意代表一個一個說，你要照顧我的、你要照顧他的，應該要有一個整體的計畫，這樣我相信大家都會信服！3Q！ 2020-11-26，交通委員會，交通部 林佳龍部長。 https://youtu.be/TM3J7zrduho

氣候變遷造成的問題有超前部署嗎？ 氣候變遷的主要現象包含氣溫上升、降雨型態改變、海平面上升、極端氣候事件發生等。特別是氣候變遷對海洋的國家台灣而言，應該跟國家安全一樣重要，極端氣候的衝擊，我們應該不僅只是對應災害，更須留意如何對應、盡快復原。應該要有全面而通盤性的計畫，目前我們政府機關有一個國家氣候變遷調適行動方案 我請教了交通部，氣候變遷對交通部的影響如何，單位回覆我影響很大，因為運輸系統這類基礎設施，若因為氣候變遷，像是高溫、洪水，會造成運輸系統的損害，會對安全造成很大的影響。 我也查閱了交通部2014年時，發布的維生基礎設施領域行動方案，內容有港口、鐵道、道路等基礎交通建設，但再對照國家氣候變遷調適行動方案，其中2018年至2021年，裡面跟交通部相關的只有八項。 以對社會穩定、民眾安全的出發底來看，我覺得應該超前部署。交通部應該要以自己專業的高度，不只是寫計畫，應要進一步要求實際演練的方案。 比如說，某一個港口因為海平面上升被淹沒，那我們要怎麼做調整？有沒有可能移到其他港口作業？此外，基礎交通如何快速復原，畢竟台灣還是仰賴進口。像這樣的應變計畫，有沒有做模擬或實際演習，而不只是紙上計畫，這是希望交通部可以落實的部分。 交通部回覆我，在國家氣候變遷調適方案，有21個方案在裡面，不只是書面作業。我這邊希望，能落實實際演練，特別留意救災的部分。因為過去這些計畫是四年為一期，我們這四年目前只多了8項，未來是不是有可能，每年重新檢討跟更新，一年一次滾動式檢討。 交通部表示有在動態檢討，那我也希望可以收到最新的進度跟報告。 電動車政策 國際上有不少國家決定，在2035年時要全面性只銷售電動車，像是歐美各國為了氣候變遷的原因要實施這個制策。 我想請教交通部，2035年的電動車方案，台灣現在決定堅持要繼續嗎？交通部回覆現在沒有，主要因為影響的層面太大了，像是賣車、維修，而我們的機車行，很多無法維修電動機車，目前的轉型過渡是讓機車變七期環保，讓污染符合環保的標準，現在的大致走向是這樣。 扶持電動車 無須打壓市場的另外一種選擇 我想建議提升電動車的服務，會比打壓燃油車轉型更能對社會有幫助。比如英國政府投入1200萬英鎊，希望實現平均6分鐘的充電能量，因此電池產業的人才訓練，會開始慢慢移到電動車。這個核心的概念是，補助對的人、對的方向，將電動車扶持起來，沒有必要去打壓市場的另外一種選擇，這才是應該要去努力的方向。 交通部表示，現在方向就是如此，鼓勵補助電動車的發展，像是電動公車交通部就有補助。 電動公車補助誰？ 有補助台灣產業嗎？ 說到電動公車，我就想到了一則新聞，是不肖業者竟將車身拆成5大部件，包括前圍、後圍、左右側圍、走道平台圍、天花板圍，進口後在台灣組裝，爽領交通部補助。 我想請教次長該如何應對？ 次長表示，目前在我們電動公車的補助辦法，準備 要防堵這類狀況。 我期許未來不要再看到這種新聞，我們台灣發展國機國造國艦國造，我們的電動車輛也該國車國造！事實上台灣本就能做電動大車，真的沒必要去補助外國買進來的車，沒必要補助外國的產業，希望交通部未來一定要來努力！3Q！ 2020-11-25，交通委員會，交通部 王國材次長。 https://youtu.be/GD3ZlRr616U

抽砂船氾濫 我在上禮拜去了馬祖海關及馬防部，以馬祖丘陵地形往海面看，抽砂船的畫面的確很驚悚。目前我們首要之務，應當要解決民眾的驚恐，我問主委對於對馬祖抽砂船這件事情的嚴重性，主委也表示，這嚴重性若以一到十分來看，可以說已達十分的程度。 我詢問主委有何因應方法？ 主委回應：第一會努力強勢執法。 第二是驅離，抽砂破壞生態，且破壞我們的國土。 第三個要去做的是兩岸之間的協同的執法。金門就是一個很好的例子，金門以前抽砂的狀況也很嚴重，因為兩岸的協同執法，現在都比較沒有抽砂船。 第四個，要把法的刑責提高，抓到了查扣他了以後，馬上可以處理掉，相信就會產生一些效果出來。 我回應主委，我對於共同執法這件事情沒什麼意見，但可以想看看，有兩個人住在相鄰的隔壁社區，結果其他社區的小偷，他們社區警察不抓，是我們的警察在抓，這時你跟我說，要去跟他們的警察談，實在讓人很難相信他們會做到什麼程度，這是出自於對這個國家政權本質上的質疑，但我還是肯定相關單位的持續努力。 智慧執法 精準打擊 獎勵前線 擴大查緝能量 我在此也具體提出四個建議： 第一個擴大查緝能量包含智慧執法，譬如說我們能夠評估六公里航行的範圍時間大概有多久？ 目前馬祖海域的海上偵蒐，受限於雷達覆蓋角度，小型目標偵測力、以及目標識別能力等問題，不一定能馬上發現匪船侵入，怎麼樣透過科技升級，例如強化對海岸防雷達、熱成像、光學成像等偵蒐能力，甚至搭配UAV，以及對光學影像一定的自動辨識能力，了解到是否有人正在這個禁止限制海域作業，有這類科技設備，一定會比一直在外面巡邏來得有效率，這叫精準打擊，智慧執法能夠增加查緝的能量。 此外，我們現在我知道有幾艘500噸級以上的艦艇，是從本島派過去的，包含連江艦、新北艦都有去過。未來是不是可能跟連江縣政府商量，有沒有辦法停泊這類船艦，想辦法在執勤上，不是單方面增加出勤數量跟時間，並因此擴大查緝的能量。另外是，希望可以減少執法的時間，從本島過去來來回回，都算在公務出勤上面，會造成非常大的心理壓力。 再來，這些被扣押的船隻，處理方法非常的繁複而且時間耗時很長，要拍賣什麼的，在我和馬祖當地的民眾的座談，也有民眾表示，他們認為這艘船如果拍賣回去，是不是又再出來抽。所以是否可以考慮一些嚇阻的作為，比如擊沉當魚礁，甚至在六公里處演習，此類比較明顯的嚇阻作為，可以考慮看看。 第三就是要獎勵前線的弟兄姐妹，這裏可以說是距離最短最近的地方，如何編列預算，或給予實質獎勵，讓他們能夠安心執法、無後顧之憂，這個是可以要研究的方向。 當然最後一個就是提高罰則。我們立法委員同仁會去努力，也希望行政部會，給予專業的建議，有哪些可以具體更精進的地方，大家可一起討論。 我希望能徹底解決馬祖抽砂船問題，不要讓馬祖同胞活在恐懼之中，我提出具體要求：擴大查緝能量、減少執法時間、精準打擊、獎勵前線、提高罰則。希望海委會能夠針對這些建議，提供相關的計畫規劃給辦公室，3Q！ 2020-11-18，內政委員會，海洋委員會 李仲威主委。 https://youtu.be/54JYcGhGJkc

Andy & John welcome special guest Matt Bonney (Charter Communications) to the podcast to talk FTTH/OLTs, the career path of technicians, and fly fishing. Andy & John also cover the latest in telecom news including Starlink, 3Q reports from major cable providers, and the 5G Fund for Rural America.

In Podcast 35, David and Mike take a dive into the 3Q trends and analysis based on their thoughts and predictions they made at the beginning of the quarter. This is an episode of HawkPodcast, datacenterHawk's viewpoints on the data center industry. If you enjoyed this episode, you can check them all out on our blog. If you'd like to know when we release future episodes, you can subscribe here. You can also click here if you want to read our 3Q 2020 data center overview for North America and Europe. 3Q has wrapped up, you can read more about it on our 3Q 2020 data center market overview. Below are our biggest takeaways and the points we discuss in the podcast above. The biggest takeaway from the last quarter We think this will be a record-setting year for the data center industry even with the challenges that have come with the pandemic. We saw demand spread across all of the primary US markets in the third quarter. Looking back at the second quarter, the Northern Virginia market was responsible for about 70% of the US demand and in third quarter that demand dropped to around 50% of the total US market demand. We saw markets like Chicago, Dallas, Atlanta and others contribute more to the total demand in 3Q. What surprised us in the third quarter In the early 2010's there was a lot of demand specifically from the financial industry in the Northern New Jersey market. Since that time there hasn't been that amount of large demand in the market. Then in the first and second quarters of 2020 we saw a lot of those financial companies that had large demand in the past wanting to mature their footprint and bring that demand back into the market. We expected this demand to continue in the third quarter, but instead there was a bit of a pause. This pause could be attributed to the possibility of the state legislature levying taxes on financial trades, which may cause companies to consider moving their IT infrastructure to a more tax-friendly market such as Chicago or Dallas. Looking forward to next quarter At the end of 2020, we will likely be wrapping up the largest demand year ever in the US. What's more remarkable about that is understanding what took place in 2020 and how the world was turned upside down. So for the data center space to be recording its largest year ever is truly a feat to acknowledge. When looking back at the fourth quarter in 2019, we saw a lighter amount of demand than the previous quarters in 2019. We're on the side of believing that 4Q 2020 will not follow this trend, but instead be a strong demand quarter to close out the year. Don't forget to check out the rest of our HawkPodcasts and don't miss out on our latest release of market data for the data center industry.

This survey and inforamtion comes from Cleveland Research Company. Business Performance & Profitability: Online channels continue to drive better than expected demand with 70% of respondents indicating their Amazon sales trended ahead of plan in 3Q. Profitability, however, is a growing concern for many manufacturers, with 46% citing they expect their profit margins to decline with their largest omnichannel customers next year. As we covered throughout the Summit, the margin pressure at omnichannel customers is likely to result in a range of asks, including greater investment into media programs, higher co-ops, and funds to offset increased shipping costs. We expect this trend to be most evident with omnichannel customers as margins at pureplay eTailers have improved as a result of growing volume during the pandemic. Commerce Marketing Focus: Nearly every company polled indicated they are participating in advertising on Amazon, and there is growth occurring with the number of brands participating in similar digital activations on sites like Walmart.com and Target.com. Almost two-thirds of brands, however, reported not having enough quality access to data and reporting to efficiently refine and optimize their commerce marketing efforts. Retailer Paid Search: Manufacturers continue to be drawn to paid search advertising activations across different customers. 71% of those responding indicated they spend 75% or more of their ad budget on Amazon within paid search activations. In addition, investing more and refining paid search strategies on Walmart.com was the top area of focus cited by brands selling on the site. The Instacart panel discussion also highlighted that manufacturers are primarily focused on maximizing the paid search opportunity on that platform before moving onto other digital activations like coupons or delivery promotions. Retailer Programmatic: Many companies are looking to layer in DSP spend on Amazon to help reach consumers across the sales funnel, citing the targeting improvements Amazon has developed as a key rationale for increased spend. 60% of manufacturers are looking to increase their investment in this area in 2021 (vs. 33% maintaining investment level and 6% reducing). Amazon’s retail rivals do not yet appear to have as robust of offerings on the programmatic side and brands seem less focused on upper-funnel spend with these retailers. Analytics Focus: Similar to what CRC presented in its opening session, the polling data suggests manufacturers have a major need to build out their analytics capabilities. To do so will take a combination of headcount and technology, something which nearly half of respondents indicated characterize their investment plans for next year. 42% of companies indicated they currently lack the headcount needed to action eCommerce data, and only 13% indicated they actively leverage eCommerce data into their product development needs.Marketplace Control: Approximately one-third of companies report having a distribution strategy that recognizes the dynamics around marketplaces, and nearly half report working on this initiative currently. MAP policies can be one part of this strategy, although, only 19% reported having a MAP policy in place that they are actively enforcing.Support the show (https://www.paypal.com/paypalme/myamazonguy)

【FB直播】2020-10-14, https://www.facebook.com/3Q.PehUi/videos/1283357038679410

For complete show notes and for the full premium experience with video, visit our YouTube channel at CryptoNewsAlerts.net Bloomberg Intelligence commodity strategist Mike McGlone says the Bitcoin price could be en route to $100,000, but BTC investors will have to wait. In a new edition of the Bloomberg Crypto Outlook, McGlone says that Bitcoin is on track to breach key resistance at $14,000 as indicators show that investors are flocking into the number one cryptocurrency. “Our chart depicts the market cap of the Grayscale Bitcoin Trust (GBTC) approaching Bitcoin equivalent holdings of 500,000. A year ago, this direct indicator of investor demand held less than half that amount. Inflows in GBTC, the largest exchange traded product, absorbed about 70% of new Bitcoin supply in 3Q, we calculate. Also featured in our graphic is the 30-day average of Bitcoin active addresses from Coinmetrics. This strong price companion points to the crypto closer to $15,000 vs. about $10,500 on Oct. 2. Addresses plunged with prices in 2018 and were a leading indicator of the Bitcoin recovery in 2019.” McGlone also highlights Bitcoin’s unique property in that price does not influence supply, which leaves adoption as the number one metric to measure value. According to McGlone, Bitcoin’s valuation will rise on the back of rising adoption rates, and BTC’s historical price history suggests $100,000 could happen by 2025. “Still in hangover mode from the 2017 rally, we don’t know what specific catalyst might launch Bitcoin to new highs, but demand vs. supply metrics remain price-positive. If the crypto echoes its past gains, with some maturation, about double the time period it took to add a zero to $1,000 could get its price to $100,000 in 2025.”

Durham Candles Extinguished? Maria Bartiromo "sources" saying no Durham indictments before the election. Senator Ron Johnson brings a fiery response to the news. Cold Anger, if true. But no discouragement allowed. What will AG Barr do? Onward with a week of major SpyGate Developments. Former FBI Agent William Barnett comes clean, blasts Mueller and the entire "problematic" set up investigation of General Flynn. A 7th Floor operation. Steamrolling Judge Sullivan. Newly released FBI text messages reveal Coup Plotters seeking malpractice insurance. They knew they were doing wrong. Notes on Steele's Russian Spy Subsource, Igor Danchenko. Expecting major "declassifications" soon. Plus, more details about Amy Coney Barrett, nominee for the Supreme Court. We sample Judge Barrett's promising remarks at her nomination ceremony. Democrats will initiate another massacre, no doubt, but Republicans have the votes to confirm. Historical precedent is clearly on the GOP's side. Da Nang Dick. Atlanta Fed predicts an astonishing 32% growth rate in 3Q. Numbers to be released October 29th. Our critique of the Big Media Polls. Reverend Franklin Graham brings thousands to the nation's capitol for the Prayer March 2020. With Listener Calls & Music via Christone Kingfish Ingram and Fleetwood Mac. Sacred Song from Cageless Birds and Molly Skaggs. See omnystudio.com/listener for privacy information.

主持人：陳揮文 飛碟晚餐陳揮文時間，2020-0917，週四 節目時間：週一至週五 18:00-19:00 ◎節目內容大綱： 第一段： 一，路透：美政府一口氣售台七武器 二，路透：要讓台灣像「刺蝟」難攻 三，制衡陸 美推「台灣堡壘」計畫 四，部分軍售台提一年 美現在同意 五，選前賣軍火 兩岸洞悉川普伎倆？ 六，美軍售FTA霸道 各國敢怒不敢言 七，大逆轉？ 美次卿專程悼念李登輝？ 八，不談BTA、TIFA？ 何必開放美豬 九，對等尊嚴只限陸 對美就卑躬屈膝？ 十，AIT請吃飯 國民黨立委左右為難？ 第二段： 一，央視主播嘴沒說 但標題下「求和」 二，剪接？改稿？ 央視製播難辭其咎 三，烏龍1 央視：蔡英文已約見王金平 四，烏龍2 央視：王是民進黨當局信使 五，北京看台北 台北看北京 霧裡看花 六，央視主播道歉聲明？ 國台辦否認 七，李乾龍：事情過了 我們不回應了 八，有就有 沒有就沒有 真相這麼難？ 九，許忠信：ECFA十年大限是假議題 十，國台辦：兩岸和平 協議才能順利 第三段： 每日一句2020-0917 陳時中：溝通有問題 王美花：有點小抱歉 狗吠火車2020-0917-273-4民進黨禮讓 立院修憲 民進黨讓林昶佐陳柏惟 陳柏惟嗆 3Q參戰確定 委員會見 陪民進黨修憲？ 國民黨在想什麼 飛碟電台全球叩應專線 02-2363-9955 ▶ Android https://reurl.cc/j78ZKm ▶ iOS https://reurl.cc/ZOG3LA ▶ 飛碟聯播網 http://bit.ly/2Pz4Qmo ▶ 飛碟晚餐陳揮文時間 http://bit.ly/2JOoLMg ▶ 飛碟聯播網FB粉絲團 https://www.facebook.com/ufonetwork921/ ▶ 網路線上收聽 http://www.uforadio.com.tw/stream/stream.html ▶ Podcast SoundOn : https://bit.ly/30Ia8Ti Apple Podcasts : https://apple.co/3jFpP6x Spotify : https://spoti.fi/2CPzneD Google 播客：https://bit.ly/3gCTb3G

捷克議長來台灣，在國會發表演說喊出「我是台灣人」。 讓中國森七七，讓台灣人好感心。 那捷克到底是一個怎麼樣的國家？又，捷克議長是什麼來頭？ 今天晚上，我和第一位也是目前唯一一位，榮獲捷克外交部頒布「國家之友獎」(Gratias Agit)的高嵩明老師，要跟我說說捷克的故事。 疫情出不了國？沒關係，我和高老師帶大家線上去捷克旅行！ 捷克班機，起飛囉，趕快登機！ FB直播轉載，原始出處：https://www.facebook.com/3Q.PehUi/videos/2579077675686947

Though celebrating the milestone 35th Anniversary of the Stellar Gospel Music Awards has been delayed due to the ongoing global health crisis and pandemic of COVID-19, Central City Productions announced plans to produce the “Greatest Night in Gospel Music" as a two-hour virtual awards telecast that will air in 3Q of this year. Replacing the live taping previously rescheduled for August in Las Vegas, the new show format will harness the power of technology and creative television production honoring the best in Gospel music. The virtual production will acknowledge all winners of the Stellar Awards pre-show and main show, with select categories being presented in the broadcast. The broadcast will also feature inspirational performances from Gospel music’s most celebrated artists, and special tributes to first responder heroes on the front lines of the battle against the Coronavirus pandemic. Joining previously announced first time co-hosts Jonathan McReynolds and Koryn Hawthorne is Stellar Awards veteran host Kirk Franklin. The superstar trio will work together to keep the virtual television praise party lifted and flowing seamlessly throughout the evening. Confirmed performers include James Fortune, J.J. Hairston & Youthful Praise, Travis Greene, Pastor Mike Jr., Kierra Sheard, The Walls Group, and Doe, with more to be announced.

Though celebrating the milestone 35th Anniversary of the Stellar Gospel Music Awards has been delayed due to the ongoing global health crisis and pandemic of COVID-19, Central City Productions announced plans to produce the “Greatest Night in Gospel Music" as a two-hour virtual awards telecast that will air in 3Q of this year. Replacing the live taping previously rescheduled for August in Las Vegas, the new show format will harness the power of technology and creative television production honoring the best in Gospel music. The virtual production will acknowledge all winners of the Stellar Awards pre-show and main show, with select categories being presented in the broadcast. The broadcast will also feature inspirational performances from Gospel music’s most celebrated artists, and special tributes to first responder heroes on the front lines of the battle against the Coronavirus pandemic. Joining previously announced first time co-hosts Jonathan McReynolds and Koryn Hawthorne is Stellar Awards veteran host Kirk Franklin. The superstar trio will work together to keep the virtual television praise party lifted and flowing seamlessly throughout the evening. Confirmed performers include James Fortune, J.J. Hairston & Youthful Praise, Travis Greene, Pastor Mike Jr., Kierra Sheard, The Walls Group, and Doe, with more to be announced.

台灣需要好的反對黨【3Q台語直播台】2020-08-03影片來源：https://www.facebook.com/3Q.PehUi/videos/890355831473672

In Podcast 31, David and Mike take a quick look back at the first half of 2020 and also take a look forward to discuss what the second half will look like for the data center market. This is an episode of HawkPodcast, datacenterHawk's viewpoints on the data center industry. If you enjoyed this episode, you can check them all out on our blog. If you'd like to know when we release future episodes, you can subscribe to our newsletter on our site. 2Q has wrapped up, you can read more about it on our 2Q 2020 data center market overview, but we've started to look forward to the 2nd half of 2020. Below are a few of the points we discuss in the podcast above. Big demand in 2nd half of 2020 We think the 2nd half of 2020 will look similar to the 1st in that demand will continue to be pushed forward by big buyers all across the industry. The enterprise sector of the data center industry took a bigger hit from COVID-19, but we expect to see those businesses rebound with increased demand in 3Q and 4Q. Markets that will be active in 2nd half of 2020 After seeing the trends from 2Q, we think that there a few markets primed for activity in the 2nd half of 2020: Portland – Though only a handful of providers have a Portland presence, it continues to see healthy growth due to the attractive power costs and connectivity to subsea cables. Chicago – Tax incentives passed in 2019 were a factor in winning opportunities in 2Q. Given the large population and need for companies to be near their users, we expect growth to continue through the second half of 2020. Northern New Jersey – This market had a strong absorption quarter and continues to surprise in 2020 after it's been quiet in recent years. Northern New Jersey had a lot of activity back in 2011-2013, so we think that there may have been some long term contracts in place that are now starting to expire, and naturally, some companies will be making decisions that could cause activity and movement in this market. Data center growth in Europe The European data center industry has different challenges than the US does, a main one being that the growth is happening in different countries. Even with those challenges, we expect to see hyperscale maturity in the major European markets. This growth should trickle down to the secondary European markets as well. Other things we talked about: • Our 2Q 2020 Data Center Market Overview • HawkTalk 45 with Andy Cvengros about the Chicago market • HawkPodcast 30 with our lead European analyst, Dan Scarbrough Don't forget to check out the rest of our HawkPodcasts and don't miss out on our latest release of market data for the data center industry.

On this episode, I chat with a childhood friend, Seth C’de Baca. We’ve been friends since second grade! We reminisce about our middle school years and how disability played a role in our friendship. Seth played soccer collegiately at Georgetown and professionally with the Pittsburgh Riverhounds. He currently is a digital marketer for 3Q digital in San Diego.Before our conversation, I tell you WHY you should listen to this podcast and why I decided not to discuss politics on this podcast. Enjoy!

3Q千辛萬苦選上了立法委員，每天立法院跟地方兩邊跑。可是他的網路支持者卻開始質疑3Q是不是忘記初衷、在質詢上沒有以前的衝勁？KK來問他是不是進立法院後就變了呢？ 百靈果與 VEVE合作的新節目，#網紅nofilter 帶你看看instagram上人氣網美網帥真實的樣貌 https://hyperurl.co/3urb3s 想要支持我們，看幕後花絮、NG片段，請加入Youtube 會員： www.youtube.com/channel/UCD2KoUc0…v2Bz0mbOah8g/join 每週二、四、日晚上9點更新 我們的網站上線了：bailingguonews.wixsite.com/bailingguo 訂閱百靈果News／無料福利社 頻道：bit.ly/25wWa2h 歡迎來到百靈果News 這裏是華語界最自由的雙語國際新聞 Welcome to Bailingguo News The FREEst International News Podcast in the Chinese Speaking World 百靈果News的Podcast： 蘋果：goo.gl/k9qXxb 安卓：@cafreeteria Spotify : goo.gl/QZ1u6j 也可以到Instagram 追蹤我們喔： Instagram：www.instagram.com/bailingguo_news

《大麻煩不煩》訂閱集資中，我們需要各位的贊助支持：https://www.zeczec.com/projects/ghostislandme?r=26a30112a4 你知道「勒戒」跟「戒癮治療」有什麼差別嗎？ 本集節目特別邀請到，親身經歷恐怖勒戒的91同學，現身說法，來跟我們一一揭開「勒戒所」裡面的驚人真相。勒戒真的不是在開玩笑，墜機就趕快申請「戒癮治療」，錯過黃金時機連律師都救不了你！ 最後，乾爹乾媽，咱們來向您們請安啦！（第一波嘖嘖感謝名單，唱名囉～） 段落摘要： 00:40 勒戒 vs. 戒癮治療 01:25 如果當時沒去勒戒，就沒有大麻遊行 - 大來賓：91 02:02 為什麼被抓去勒戒？ 02:25 勒戒所就是監獄啊！ 03:23 所內是「受刑人」在管？！ 03:50 進去前「體檢」 05:04 勒戒所的日常，開始～ 05:50 狗都吃得比人好就算了，還配 … 「賽」？ 06:50 上個課吧 07:35 8瓢水看你怎麼洗 08:40 按「年資」排床位 09:30 牢房的「格局」 09:56 房內休息嚴禁大動作和裸露上身？ 11:03 來消業障囉 ～  12:16 抽大麻的根本超邊緣 12:55 勒戒還要排隊？ 13:27 根本不是「戒毒中心」？ 15:20 老師說：止痛用大麻？打海洛因比較快啦～ 17:33 從施用變毒梟：勒戒所就是毒品加速器？ 19:40 專業打針的「小護士」 21:30 年輕人快速升級？ 22:45 勒戒的實質幫助：沒有！ 24:00 最可怕的是：受刑人管勒戒人 25:00 戒癮制度需要好好重新檢視 25:50 墜機就趕快申請「戒癮治療」 27:30 還是有「同理心」的檢察官和法官啦 28:15 驚奇律師不要鬧喔！ 28:35 「台麻一號」裡面真的沒藏大麻，ok? 冷靜點！ 29:43 3Q～來啦～ 31:12 乾爹乾媽，咱們來向您們請安啦！（嘖嘖感謝名單） 再強調一次：墜機就趕快申請「戒癮治療」，不要跟自己過不去，OK？ ---  節目聲明：大麻雖有神奇療效，過度使用還是會讓你腦袋壞掉。  ---  鬼島之音 Ghost Island Media 出品  Facebook | Instagram | 嘖嘖集資 製作團隊：  主持 - 李菁琪律師 (有麻煩 Better Call Zoe)  製作人 - 凱西 Cathy Hsu 剪接混音 - 湯瑪仕 聽眾信箱：web@ghostisland.media  捐款支持節目: https://www.zeczec.com/projects/ghostislandme?r=099df59f11 See omnystudio.com/listener for privacy information.

EP214 - Stifel Managing Director Scott Devitt on Covid-19  Episode 214 is an interview with Scott Devitt, Managing Director of Internet Equity Research at Stifel, in which we discuss the potential economic impacts of Covid-19. In this interview, we discuss the travel, hospitality, and e-commerce industries, with a deep dive into some of the factors that will impact Amazon. To receive Scotts research and analysis, send an email to him devitts@stifel.com and ask to be added to his distribution list. Don’t forget to like our facebook page, and if you enjoyed this episode please write us a review on itunes. Episode 214 of the Jason & Scot show was recorded live on Thursday, April 2nd, 2020. http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:24] Welcome to the Jason and Scott show this is episode 214 being recorded on Thursday April 2nd 2020 I’m your host Jason retailgeek Goldberg and as usual I’m here with your co-host Scot Wingo. Scot W: [0:38] Hey Jason and welcome back Jason Scot show listeners hopefully everyone is surviving their quarantining and shelter in place and Jason and Times of Crisis like this I find I get really down in the weeds it’s kind of just pulled out plow through everyday grind it out but sometimes it’s helpful to talk to folks that work at a higher level they’re seeing a broader spectrum of not only companies but Industries and then the macro environment and the best place to look for that is Wall Street So to that end we are excited to have one of the top internet analysts on the show Scot debit Scot is managing director of Internet equity research at stifel welcome to the show Scott. Scott D: [1:21] Hey guys thanks for having me. Jason: [1:23] We are thrilled to have you Scott other than the fact that I am now feeling outnumbered to Scotts to only one Jason. Scot W: [1:30] Yes the between the three of us we have two of us we have three teas. Jason: [1:34] Yes the S is are also popular so it’s got a tradition on the show we always like to start getting a little background about the guests so could you tell us a little bit about your background and then what your your area of focus or your role is its default. Scott D: [1:47] Sure sell-side analysts and cover the consumer internet sector. Mostly u.s. space companies and the sub sectors include e-commerce you know so Amazon that’s see Peloton the real Railway fare Stitch fix but we also cover Alibaba and JD in China and then their digital names include Netflix and alphabet we also Cover online travel and the ride-sharing companies as well. Jason: [2:20] That’s awesome and have you always been a cell size analyst or how did you how did you come to the veal. Scott D: [2:27] Sure I worked in industry for a few years mostly at Dell after graduate school and then for the better part of the past 20 years I’ve been I’ve been in this role started out as an associate analyst working for a senior analyst back in 2000 and then it kind of worked my way into the into the role shortly thereafter we cover my team covers about 35 companies in total us internet. Scot W: [2:56] Pickle so your Universe for kind of folks on the phone so on the e-commerce side you have Amazon Ali Baba at see everywhere you put Peloton there’s that e-commerce you think of it I guess I think of it as a digital native brand. Real real Wayfarer Stitch fix and then you also cover Netflix you mentioned all that Google. JD JD on your list. Scott D: [3:21] GD GD booking Expedia Uber Lyft yes. Scot W: [3:25] Yep and we’re looking cool let’s start at the big picture and then we’ll kind of peel the onion as we go as it were. So clearly this pandemic were as a recording this the jobless claims came out six million new jobless we’re going to clearly, but the economy into a bit of a tailspin here what’s y’all’s big picture on kind of the how this plays out is this a v-shaped recovery is this 18 one thing a six-month and give us give us an overview of kind of the the big picture. Scott D: [3:54] Yeah I can. I can give you my personal view of that from just a macro overlay standpoint I mean I think I track the data every day as does everybody else and it’s pretty rough out there right now but you know but hopefully we do kind of get to the other side of the virus and you know the underpinnings of the economy going into this we’re quite strong their stimulus behind us so you know I think my base case you know that then influences my coverage and and modeling of internet companies would be something between like a V and a U-shaped recovery on the back of this and in as it relates to. [4:42] Internet specifically we expect the advertising business to be down ten to fifteen percent that’s roughly in line with what it was down in the o89 crisis certainly at the bottom you know it could be worse but but that’s a good starting point until we start to hear these companies actually talk about current conditions e-commerce interestingly right now is running above Trend because of the mix shift the Staples and groceries so overall recently Trends have accelerated according third-party services like Adobe data today to 20% plus but you have certain categories that are down as much as fifty percent in grocery that’s up as much as a hundred percent so very much depends on the products that one is selling within travel. [5:32] And and and ride sharing which is tied to travel you know conditions are quite weak down 50% or more very much tied to the the airline and hotel industry so that gives you a broad kind of picture of like the base case it’s now built into our models if I had to guess you know I would guess are numbers you know probably going down further before they go up. Scot W: [5:58] Yeah yeah and so if we can think about how this will play out people report q1. The quarter just ended so we’re going to have kind of 45 days of that and then you know they’re only going to have kind of a 15 to 20 day view of how things were right well the time they report that may be able to shed some more color so just feels like we’re gonna have a lot you’re probably three to six months of bad news before we can kind of get to the good news of if I think through the way that all plays out. Scott D: [6:27] It’s probably in the best interest of companies to just remove you know any any formal guidance for remained other year and you know potentially give qualitative assessments of current conditions but beyond that just wait until more information is available and I think that’s probably the the best approach that corporate could take right now and some companies have begun to do that Twitter. Twitter data at the few other companies did it outside of our my coverage universe but you know a simple related company Shopify did it overnight so I assumed that any company that does within my coverage give guidance is probably going to pull it back when they report. Scot W: [7:09] Yeah absolutely so let’s start at the the most heavily hits this travel industry you know I saw something that said like Travelers or down 92% Jason’s are most frequent traveler and I have he hasn’t traveled in like four weeks so he must be just chomping at the bit. Jason: [7:26] The I did something last week that I haven’t done in about 4 years I put my suitcase suitcase away. I mean it sounds silly but it felt very weird. Scot W: [7:40] So so for that to come back Scott what do you think they have two you think we’re going to like change the configuration of planes so that we’re six feet apart going forward or like what what do you think it takes to kind of build confidence back in that industry. Scott D: [7:55] I think it will be a slow rebuild it’s hard to kind of determine. [8:00] You know consumer Behavior coming coming back out of this and you know how corporations like say the airline industry you know will need to operate for a period of time it’s probably too early to guess but but but spaces in between seats is an option initially that’s not something you know that’s in place now but the flights are so empty that it doesn’t really matter and you know I think I think in the end. [8:34] The airplane configurations will likely be consistent with what they were historically but as we come out of this and consumers you know again we gain confidence and things like traveling you know that you could have instances like that and you know our expectations for the online business which is you know directly tied to Airline bookings and hotel stays is not down you know as low as like the occupancy levels that you hear some of the hoteliers talk about what your 10 yeah roughly 10 15 percent but that’s just because we have built-in expectations of you know recovery starting you know this summer which may prove to be optimistic so are you know the bottom of our estimates get down to you know closer to fifty percent versus the 80% because month by month we actually begin to assume that things recover and that’s like I said a few minutes ago you know in many cases I think as we update things you know our expectations will slowly grind lower you know as we get more information. Scot W: [9:34] Yeah I haven’t been I’ve been so focused on my own stuff I haven’t really looked at the ride sharing group have they been hit as hard as the travel industry or people still using ride-sharing in a pandemic scenario. Scott D: [9:48] No it’s about the same. And it’s it’s very much tied to that but even even with the lockdowns that are occurring you know where you don’t have trips that are directly tied to travel you know those are down meaningfully like like in some cases close to a hundred percent our estimate for to queue for ride sharing is down 50. And and if the lockdowns hold through June you know then that will prove to be. And aggressive estimate numbers will be lower than that. So you have to look at these companies you know to the extent that your your listeners focus on things like this you have to look at these companies and look at balance sheet you know and things of that nature because some of these companies are going through a period right now where if they don’t have solid balance sheets they could run into some considerable troubles. Scot W: [10:41] Yeah absolutely yeah it’s a lot of people didn’t have Pandemic in their crisis planning. So you talked about within e-commerce obviously grocery is kind of over indexing and whatnot and then he said some categories are down as much as 50% what are what are some of the categories that aren’t doing well in e-commerce. Scott D: [11:02] Let’s see fashion down 51 percent according to one of the data sources that we look at. Luxury retail down over a third e-commerce you know in aggregate outside of Staples and grocery down almost 50% so anything that is. Really consumer discretionary with a few exceptions or down because you have you know offsetting that you have some of the stay-at-home benefit like things like fitness equipment and you know other categories that are holding up better because PCS are doing quite well because people are rebuilding offices at home and you know but the biggest driver right now of this growth this kind of 20th percent growth is just a mix shift to grocery which is you know lower margin category but from a volume standpoint you can definitely see it in like Amazon’s hiring plans. Jason: [12:07] Yeah you know it’s been funny like there’s there’s categories that that are up that are intuitively obvious like you mentioned that you know everyone’s buying the equipment for their work at home setups or their teach at home setups I’m always fascinated by the sort of. Less obvious trends that start to emerge so across a bunch of my clients a product category that’s wildly up that makes sense but I would have never thought of is adult puzzles. You know step stuff I got his people. Scott D: [12:37] That doesn’t make sense after you bring it up. Jason: [12:39] Yeah once you see it you’re like oh yeah of course but those are the kinds of things and and you know what we’re starting to see what we didn’t see in the first two weeks but we’re starting to see now is all the at home. Beauty care right so you know set everyone realize they’re not going to get to their salon and have their hair recolored or their nails done or their haircut and so suddenly everyone’s on YouTube learning how to trim their own hair with clippers and everyone’s buying. Clippers and at-home hair kits and things like that. Scott D: [13:10] Yeah what’s most interesting you know that I found in going through other other down Cycles whether it was you know mm or 108 o9 is that some you know is monitoring these changes in consumer habits and. And trying to assess those that don’t revert bat because from an investor standpoint you know I think the internet generally speaking tends to be a a significant market share Gainer on the back end of down periods and and those consumer habits that change to something that is better than what they were doing before under normal conditions consumers are very slow to change but in periods like this they have to out of necessity and so that tends to drive you know significant kind of investment opportunities when you do get to the other side that benefit names like. Amazon and an alphabet and and and and maybe even a Facebook but also something like a Peloton you know that a cover where there is an underlying Trend underway to Fitness in the home that you know potentially is accelerated by this and it really doesn’t slow down on the back end of it. Jason: [14:25] Yeah it that that is fascinating and difficult to figure out right because there’s some categories where you go it’s pretty obvious it’s not going to revert so if you bought a Peloton your. You’re probably not joining the gym in three months or at least your you’re less likely to because you have that. Capex now that you’ve invested in at home fitness but if you were having your groceries delivered. [14:53] It’s a completely open question whether you’ll keep having your grocery delivered after the pandemic or whether you’ll go back to. To shopping in the grocery store and I bring up the grocery one in particular because they’re it feels like there’s any even extra Paradox there like obviously with everyone Sheltering and home we’ve got. Way more people trying at home grocery delivery or trips had grocery delivery than ever before which which the digital groceries are thrilled with. But the experience that’s being delivered is the worst possible version right so. You know every delivery is late every delivery is missing a bunch of items and has a bunch of you know weird inappropriate substitutions and then all these things and so there. You know amongst the folks I’m talking to it’s a super open question like they’re getting way more Trials of their service than they ever had and could ever imagine but many of those customers aren’t having a great experience and are using it out of necessity so once. Once this sort of pandemic a baits like it feels like a really unknown. How much are those those behaviors stick or how many of those customers they lose because the experience was some up you have any like how do you even think about that but. Scott D: [16:04] Well you know everything is a hypothesis right now and. Giving given where we are you know my with I totally agree with it with everything that you said in terms of it’s not necessarily a better experience you know groceries been slow to transition for reasons Beyond just consumer the pace of consumer habit change because going to the grocery store is actually still quite convenient what may come of this is I think in the case of grocery you will you will very likely get a reversion back to going to the store to get groceries because it’s still quite efficient and cost-effective but that you may have consumers more willing to, supplement the experience with you know certain. Categories whether it’s whether its buying the dishwashing detergent and things that hadn’t come to mind that that the consumers now realized that is readily available to get delivered to the home that could have an impact on overall trips but you know it’s a it’s not one where I think you’re going to have a full-scale transition over to direct distribution of grocery they’ll be some benefit it won’t be near what you’re seeing at the moment. Jason: [17:19] Yeah I wanted to go back to something else you had said earlier like obviously you know they’re all these categories that are. Wildly down and you know they’re mostly implementing austerity measures and trying to you know figure out how they can weather this and and you know we’re all trying to figure out. How whether it’s a v-shaped recovery or a U-shaped recovering what that looks like. I wonder if there’s a difference though like some of the categories you’re talking about like airlines are hotels I know I know there’s an occasional debate but like I think in general. It’s known that there are nominally profitable models or at least the unit economics are favorable and they you know Airlines and hotels have demonstrated that they can deliver their services profitably and so. When when they’re thinking about a recovery they’re trying to get back to where they were before but you know there’s a bunch of these businesses like Rideshare and Uber where. Like nobody’s demonstrated that the unit Economics work so when they like lose all their revenue it just means they’re burning through their investor were War chest faster than ever before. Like is it our those companies are less likely to have a recovery than companies that have a viable unit economic model or or. You know do you feel like that Uber is going to be in the same shape afterwards that they would have that they were in before. Scott D: [18:43] It’s a great question on one hand Uber and Lyft or much less levered, but they’re not they weren’t profitable businesses going in the way that the Airlines and hotels were but they’re certainly much less levered then the airline industry so if you were to this is something that boobers said publicly if you were to run bookings down 60 to 80% for the rest of the year, Uber still ends the year with four billion dollars of cash and and access to a two billion dollar revolver left in fact doesn’t have any debt so you know there they you know that seems like a pretty close to a worst-case scenario in terms of that we stay down here for the rest of the year so I’m comfortable thinking that neither of those companies has balance sheet risk but to your question whereas in the airline industry certainly without the the. The federal government providing funds that whole industry potentially you know would go away before the end of. 3Q if not to Q because of the leverage in the model and. [19:53] And so I think you know we still have to prove the unit economics of ride sharing any other side but to the extent that travel does recover you know I think that both companies sit in. In relatively strong positions and the question for everyone involved in that industry hoteliers. Airlines in ride-sharing is what do volumes look like Under The New Normal on the other side to Scotts earlier question of what have Airline configurations look like how do people travel what a conferences look like and how many are done virtually Etc all those things that we don’t yet know yet we’re going to have you know potential long-term ramifications on on the trends across that industry I’m you know of the view that we will get back to normal at some point in terms of people traveling the way that they once did but that could be much longer than other Industries in their past back to normality. Jason: [20:51] Yeah so one other question I know Scott super eager to get to Amazon and I promise we will in a second but one other question to benefit all the CEOs listening to the show this week a pre-pandemic a common conversation I would have with a retail CEO is. This challenge around making strategic Investments because there’s lots of strategic Investments that like the CEO knows that they need to implement for the long-term benefit of their company but many of them have adverse effects on short-term revenue and profitability and you know frankly like most CEOs feel very locked into. Performing against their comps and so while there’s a ton of negative stuff about this pandemic. Like I have a hypothesis that like one small Silver Lining is like a lot of businesses are going to be off the hook for comping this year and they’re like they’re they’re me you know maybe a one time opportunity for. Companies to sort of reset expectations with their investors and make some more forward-looking Investments since. Like for most businesses there’s just there’s no hope that they’re going to favorably comp against last year given this like. Am I thinking about that right or is that is that just Whimsical thinking on my part. Scott D: [22:12] I think it depends on the depends on the the impact you know. Current conditions at any individual business in terms of like the first thing to address our current conditions to the extent that one can address current conditions and still have the flexibility to think about strategic, options that are deeper into the future and have a capital position which they can deploy Capital then I think your your scenario in a makes sense because no one’s really going to be looking at at numbers in the near term in terms of profitability outside just flat-out solvency so I think every situation is quite unique to what that Corporation is dealing with. Scot W: [23:00] Coppola wouldn’t be adjacent Scott show if we didn’t dig into Amazon a little bit what’s your what’s your macro thoughts on the impact of the corner virus on Amazon. Scott D: [23:11] Well from an e-commerce standpoint you know I think that Amazon is is. Doing quite well you know mix shift certainly to cpg grocery, you know could have margin implications I’m sure there’s costs Logistics wise and hiring wives to deal with this you know that. [23:40] Could have impacts on profitability they’re seeing a mix shift you know away from FBA right now because of the way that they prioritize Essentials and that has a negative impact on 3pf be a yes so there’s there’s Justice kind of the minutiae if you will that you know has a net negative impact on the margin profile of the business but I think the power the strength of this company within e-commerce is more evident today than it’s ever been and Amazon’s of pure example of when we do come out of this a company that will be in a stronger position because if the government doesn’t seem to be focused anyway on saving the retail industry and so you had a companies that were on potentially week paths before this which those paths have been accelerated on you know Macy’s in is an example that’s been in the news in the past week and that happened during the oh 809 crisis and a lot of that share gets reallocated among the strong company is the same thing will happen again so e-commerce wise I think never been stronger really and and this is the shines a light on I think the power of Amazon’s model within their Cloud business you know you’ve seen some data points out of Microsoft that also showed that the way that the economy has transitioned you know in some ways at least is beneficial to the cloud business Amazon’s like. [25:03] Spin as it relates to investment ideas probably the most Rock Solid company in fact it’s the off the checklist but I think it may be the only company that I cover that was up. Year-to-date through 1q the stock is actually up in 1q. Scot W: [25:20] So the cloud I could almost argue that they could have some challenges are because it’s a lot of startups using the cloud and we’re gonna probably have less the failure of startups is going to spike for sure and less new starts but the same time you could argue these larger companies are going their workloads are all going to continue to move to the cloud I guess do you think Amazon’s delivery. Capability I was thinking through this someone’s so that there is they did that one day walk out and then they fired that guy, and they said he wouldn’t keep social distancing and I’ve been doing Amazon warehouse before and people are like shoulder-to-shoulder at some of these pick lines I wonder if it’s reduced their Cape their capacity just having to do implement social distancing and procedures like that at the warehouses have you seen any data on that. Scott D: [26:11] I’ve not but I but I think that is. That is likely yeah that may have an impact on overall efficiency yeah I mean. Scot W: [26:21] To your margin point. Scott D: [26:23] Yeah that you know have an impact on margin and of course you’re seeing you’re seeing I’m sure in your personal life changes in delivery times and things of that nature but that’s more related to this favoring of Essentials than anything else but as it relates to efficiency I’d be surprised if it’s not down. Scot W: [26:40] Yeah it’s interesting when I talk to Merchants you know to your FB a point there there actually, you know a lot of people have a hybrid model where they’ll have some stuff in FBA and some stuff out there for the first time ever the stuff that’s not an FBA is getting much higher pull through than the stuffs an FBA because it seems like Amazon is putting these really long delivery times on the the non-essential FBA stuff so then I think we’re also seeing that spill over into the other e-commerce providers that people normally. Wouldn’t start out like a Walmart or Target I know they’re not in your coverage University think you think they take a little share from Amazon here or, the share is really the way to think about it is the Commerce guys take a ton from the offline guys that are closed and that’s how to think about it. Scott D: [27:27] And and you’re speaking to like Walmart’s Marketplace business or just Walmart in general. Scot W: [27:34] Just just I guess more their e-commerce business you know I’m seeing more people online anecdotally saying you know gosh I’m ordering from Walmart and Target now because the delivery times on Amazon of gotten so long. Scott D: [27:45] Yeah yeah certainly I think that Walmart. Costco come to mind less familiar with the activity at Target right now but I would assume they’re getting a bump in their business as well so. [28:02] All four of those companies I don’t cover three of them but it’s safe to assume they’re all seeing lifting their business as it relates to like share shift within e-commerce you know potentially there could be some of that because of the way that Amazon’s D emphasizing FBA but but I think they’re probably doing well. Holding their own and you know and doing quite well in terms of delivery guarantees on the essential side which is where all the growth is right now I’ve just anecdotally you know we I think we’ve probably had 15 Costco boxes in the last you know two weeks show up and you know it started out on time then before you knew it you know the delivery times were backed up a good five days we had a Wegmans order you know that it took five days to wait to go pick it up at the Wegmans by the time that 5th day came up they canceled the order so I think you know many companies are we’re having issues you know and I think Amazon’s probably relatively well positioned versus even those bigger traditional General merchandisers as well but you know we’ll see I mean earning season it’s going to be the craziest earnings season since you know I’ve been doing this in 20 years and probably I think some that have been doing this even longer than that I’m not sure how far you have to go back to to have something that’s comparable you know to this but we have a lot more information within the next two to four weeks as companies speak for the first time about current conditions. Scot W: [29:31] You know I feel like Amazon’s investment in their own delivery network is they obviously didn’t know this was coming but it was very very smart because now they don’t have to fight over that one FedEx truck that’s making it to my neighborhood every week they have six Prime vans. Spin around and doing that so I think that’s been a huge Advantage for them to own the full vertical ization of that supply chain. Scott D: [29:57] I totally agree and having so many different distribution centers as well I mean they haven’t been impacted in the way that some of them my smaller coverage has like like the real real as an example they have to fulfillment centers in the US they both been shut down for different reasons you know so so the fact that Amazon is so distribute in the way that they are there haven’t been any noticeable issues that have made it into the media but even to the extent that they do run into issues at certain places they can reroute you know and still deliver to the consumer. Scot W: [30:31] Are you in the camp that Amazon ultimately competes with FedEx ups with her fulfillment or do you think they keep it as an internal capability primarily. Scott D: [30:42] I’ve I’ve always had the view that their competition with FedEx and UPS is more about pulling. Product off of that grid and into their ecosystem so effectively FBA. And in combination with an increasing percentage of the fleet being Amazon trucks is the way that they. Ultimately compete with UPS and FedEx versus the more think creative out-of-the-box thought that they that they ultimately provide similar services to those I think they’re already having an impact in terms of just simply the way that the. That the size of Amazon’s network is growing that it’s pulling product outside of UPS and FedEx and that’s kind of been my. My base case for the direction that they’re heading that’s all that they’ve shown to the outside world you know to date and if that changes you get more visibility to something more distinct than you know change my view there but I’m not I’m not over the view that they’re building UPS and FedEx internally. Jason: [31:49] Are you following and worried at all about what happens to USPS and all this because it like is you probably know. The post office is Amazon second. Biggest delivery partner after themselves and for most of the rest of e-commerce it’s the biggest delivery partner and they’re in serious financial distress they you know weren’t included in the stimulus package so it’s it seems like their future is uncertain. Scott D: [32:18] That’s a problem, I did see that they weren’t included in the package and and you know there have been other rumors around as well in terms of their operations during this crisis so I mean that’s just going to be something. The monitor. It’s an important partner of Amazon so you know it’s definitely going to be something that could be a problem to the extent that their activities you know slow during this period or or even you know beyond this period that the Postal Service struggles to operate I again in this area My Views been that. The government will ultimately keep the Postal Service. Running because it’s necessary you’ve seen some political. Kind of calisthenics around this topic and that Amazon is not paying enough but but without Amazon them in the you the Postal Service would be an even worse position so it’s kind of an interesting debate and one that will continue on but but I don’t think the Postal Service you know we’ll just we’ll just go away it will get funding even if it comes at the last minute. Jason: [33:30] Yep yeah I certainly hope so it’s hard to imagine a world without it what one thing you know you talked about. E-commerce in the mix being you know shifting much more to Essentials and so there’s there’s sort of winners and losers in that. One thing that I imagine is a bit of a bummer for even the winners is it feels like this new mix is fundamentally less profitable right so you know I know you don’t follow Target but like targets an example where they’re ordinary mix with skewed heavily towards non grocery Grocery was a much smaller piece of their total mix than Walmart or Costco. And so now that you know they’re mix is skewing heavily towards grocery that. Grocery is systemically less profitable and then the way that all these guys are having to deliver grocery right now all the extra hoops and supply chain challenges. It feels like it’s less profitable than ever. Scott D: [34:25] I agree the only one that doesn’t have quite the same impact so that would that would have an impact on the Amazon Walmart and Target left so Costco because of their markup model Costco you know Garner’s a higher margin on their Kirkland brand you know which is probably not doing well at the moment relatively speaking in terms of product mix so that they have a little bit of a wait there but they’re markups across their business outside of Kirkland or quite consistent so they’d be the only one I’d say that that wouldn’t see a meaningful margin impact outside of Kirkland mix the other three certainly you know will have a lower margin impact benefit of mix but but the downside is percentage margin. Jason: [35:13] Yeah and that you the those retail exclusive Brands is another interesting one on following pretty closely because. There was already a strong Trend consumer preference with shifting to these exclusive Brands and they are better for the retailer and there’s a lot of good economics attached to them. But my hypothesis is another secondary impact of this pandemic is. Consumers are much more open to substitution and they’re trying many more new brands than ever before so if you were super loyal to Charmin toilet paper. Right now you’re just thrilled to get any toilet paper right so the toilet paper you get is Presto brand from Amazon. How many consumers will decide that Presto is good enough and not go back to Sharma. Scott D: [35:57] Time will tell and you know the throw another wrench into things when you get when we do get to the other side of this you know, if one thought that China supply chain. Was you know a risk to retailers prior to this I’d have to think that these things are only going to get more difficult on the other side without going into into depth in that area a you know I do think that the possibilities of nationalism protectionism and things like that certainly could emerge out of this and have impacts on the retail industry. Jason: [36:39] Yeah so like thinking specifically about some of these ecomp layers that you follow argue you mentioned Stitch fix real real. You know what is going to happen with those I think of Stitch fix in particular is like. The largely been the the direct to Consumer internet darling but then you know their last earnings were slightly soft and now they’re in this category apparel that’s that you know has a ton of potential head winds as a result of the pandemic. Scott D: [37:13] Yeah so let me quickly hit on the others for that stand out that are you know kind of that small mid-cap e-commerce company Stitch fix is on that list and the Stitch fix customer one of the. More meaningful use cases for the product is. Dressing for work it’s not many people you know are doing at the moment other than those that have cameras in their house and are on news channels and so I think that you know Stitch fix his business while it’s one that certainly has the potential. [37:48] And and I think was was executing on becoming a leader in in soft lines in this new world of distribution there they indicated you know some potential weakness in the coming quarter and I would imagine that that. [38:04] Is is likely happening if not even worse the real real I mentioned you know which is used luxury items they long-term I think their business model is sound short term they are not shipping product out of their facilities now because of not being an essential business in California New Jersey where where those states are on lockdown so you know they’re operating but they’re not they’re not currently shipping out of the facilities wafer is in the furniture and Home Goods business wafer is not a profitable business and it’s one that it tapped been tapping the debt markets and so you know that lack of profitability is something that concerns investors especially when one has Leverage. [38:51] You’re comfortable thinking that that they will be that their brand will resonate you know similar on the way out of this as it did on the way in but I think that’s a company that in terms of the stock itself it trades more like a leopard business like an airline you know than it does an e-commerce company at the moment because it’s the one that has the most that of these names in the final one would be at Sea which is just a discretionary item Marketplace business which there operating at a very high level but I would assume demand for their products is down considerably right now so you know their numbers will likely be week as well and I put them on one side of the grid is Staples and Grocery and and the other side is everything else you know at see each one of these companies falls in the other everything else which is down 2250. Scot W: [39:42] That’s how I could almost talked myself into a contrarian view because you know Jason talked about adult gaming and playing puzzles and stuff you can almost think if people are stuck at home it may be a good time to pick up a craft and maybe they benefit from that some degree but I guess the macroeconomic would probably swamp that. Scott D: [40:00] Yeah well I yeah I I could talk myself into anything right now and I think that’s the it’s certainly. Certainly possible and I think you know they will probably whether it better than you know than eBay across their broad set of categories for that reason you know but, I just don’t know you know there’s not a data source that I can point to that that fully confirms that but I think that anecdotally you know I’ve heard similar things in that category. Scot W: [40:32] Let’s talk a little bit about eBay I actually. Jason: [40:35] Before we go to eBay Scott one other thing I was just curious on Etsy like the so it does seem like in the short term they might get more sellers right as people get laid off and. Turn to Etsy but I like another long-term potential benefit for Etsy is I’m growing increasingly concerned about what holiday is going to look like for everyone because of supply chain disruptions right so ordinarily. The big retailers would be planning and executing their holiday supply chain right now which you know is much more difficult and. Like basically a hundred percent of the toys that everyone buys for holiday come from a Chinese supply chain that’s pretty heavily disrupted like there’s a there’s a contrarian view of my mind that. People might be getting a lot more Etsy gifts for Holiday than ever before because the traditional options might be diminished. Scott D: [41:28] That’s possible offsetting that they have you know a good bit of business that’s event-driven. Weddings and things like that and so you know it’s hard to tell but I think you know I. That’s it to me is a very Sound business it’s well-managed it’s not levered you know and as a Securities analyst you’re thinking of stocks like that’s the type of business that. I would want to be building a position in knowing that at some point we’re going to get to the other side but I probably wouldn’t be building a full position with the amount of uncertainty with where we are in the process right now if that makes sense. Scot W: [42:04] Makes sense so on eBay I haven’t been following very closely in the last two years I know I know the CEO left and kind of a prompt manner what’s going on with eBay these days. Scott D: [42:20] Well I mean the closest StubHub deal that was a in hindsight a Herculean effort business effectively. Shut down shortly thereafter in terms of business operations and so the fact that they were able to get that deal done was Quite a feat I wouldn’t feel good to be on the other side of that transaction you know at the moment but um but as it relates to that’s just you know financials and gives them access to Capital to continue to buy back stock over time as they’ve been doing you know the underlying kind of fundamentals of the business. [42:57] I think can before covid-19 through and on the other side and continue to be week I mean I think it best. EBay gmv is a GDP plus a couple points you know business and and at worst it’s GDP or point less and that isn’t is not something that I think is hugely problematic for the stock because it’s kind of priced for that. As the way they you know we all tend to think of the world in terms of growth assets it’s just it’s not a growth asset and more and I think that’s the way that you think of it in terms of the way it’s impacting them right now given the categories that they’re in in the fact that they’re not in the areas that have all the growth is that their numbers will be weaker than that that Trend you know near-term and more consistent with, with overall e-commerce Trends and then when we get back to run Ray you know this business will be growing two three four. Best case five percent again and that’s eBay. Scot W: [44:06] Yeah yeah do you think they get acquired or they just kind of muddle along it kind of to 3% for the first syllable teacher. Scott D: [44:15] Well the list of buyers isn’t particularly long but. You know so so Ali Baba doing something and. Even before this with the current Administration was near impossible to the extent that they ever even had an interest you know the one that’s most stood out to me. In terms of not saying it would be a fitness area but in terms of the perception that it would be a fit would be Walmart you know but but you know outside of that like I said I mean list isn’t particularly long and you know I don’t have a strong view in that area in terms of whether they get consolidate or just kind of slowly but surely privatize the company through generating cash and buying back stock. Scot W: [45:05] One other thing you mentioned at the top of the show that you know you’re going to you just paying a fair amount of softness on the advertising side in my day-to-day it spiffy we do a relatively. For us a large amount but it’s very small compared to other folks but the efficacy has gotten way better on digital advertising Jason may have a point of view on this to because it just seems like there’s a lot less competition out there for which you know it’s an auction so it drives the bidding so so we’re actually seeing very positive things on Google and Facebook for example what say little bit more about what your hear what you’re thinking about Google and Facebook and how they’re going to fare through the next three to six months. Scott D: [45:49] Yeah well that’s great I mean I think that one thing to consider with the advertising you know marketplaces is travel as is you know roughly fifteen percent of the industry and so if that’s down 50 to 80 you know you get as much as 10 percentage points of drag just alone from travel and then you have. You know the the mix shift in terms of towards Grocery and Staples that really I think right now. Those that are Distributing those products have less of a need to actively market and then you have everything else which I think is you know where you’re talking about whereas if you have product that selling the efficiency of the advertising right now is probably higher then it’s been since going back to Oedo 9 when news of what smaller businesses if you had a product that was selling but everything else you know that’s down their ad budgets are down commensurate with their revenue so the fashion industry fashion e-commerce you know down 50 they’re not spending on on advertising and so there’s a whole like mix of underneath the aggregate advertising industry numbers and that’s why in aggregate you get these numbers that are down 10 you know worst-case down as much as 20 but if you have a product that sells. You know right now I would imagine that your rates are as effective as they’ve been in years. Jason: [47:14] Yeah. It’s interesting it’s I think you’ve hit the nail on the head it’s complicated because there are like Windows of opportunity there but there’s some you know pretty big scary macro Trends as well. Someone that whose salary is largely paid from advertising on I’m trying to follow it closely but I have no idea how it’s going to play out. I want to do sort of. Pivot to thinking about the big picture long-term just a little bit as we kind of get close to wrapping up here the first thing that strikes me in a bunch of these segments even if the segments down are the categories down it seems like we’re. There’s a lot of acceleration of winners and losers so I know you mentioned a perils heavily down there’s a ton of challenges in a pair at all. Nikes probably better position than a lot of their competitors to whether that down Ness and emerge with. Greater share versus their competition for example right and Walmart and Costco my you know are likely to emerge from the retail category stronger than some of their traditional competitors like. Big picture does that does that just eat mean consolidation and to fewer stronger Brands and retailers and as like. You know does that create investment opportunities or is that like fundamentally bad at like you see it playing out like that. Scott D: [48:37] I absolutely do I mean I think that to try and put it succinctly Darwinism you know is accelerated during times like now and so. You more so than ever want to own leaders and leaders will win on the other side I mean this is a horrible period in human history but but humans are resilient and you know it’s highly likely we’re going to get to the other side of this hopefully sooner rather than later and you know this is why companies the best companies do the best through all environments and you mentioned Nike there’s a good list of very high quality Brands retailers and otherwise that when we do start coming up will be significant share gainers unfortunately, either either in a very weak. [49:31] Categories in terms of like department stores where the world is just moving away from that generally you can still be a great operator but it’s the power of the the industry that’s dragging you know the business down or you could just not have a great business those won’t recover and you know and I think you saw to know 809 you’re going to see it again here if you’re building a portfolio of Securities you know and your and you think about the safety of, of your positions versus being lever to recovery I think a lot of those blue Championship names are the names that you want to be building positions in right now Amazon you know on that list and certainly at the top of it but Google you know as well you mentioned you know others that that I don’t cover but there’s a long list of other names as well. I bet Mike you would wish that they were maybe selling through Amazon at the moment but that’s a different different topic maybe maybe they will. Some resolution there although I doubt it that would be interesting because that would help for the time being. Jason: [50:34] So you know what’s funny about that so. I do want to double click on that one because it is it’s coming up a ton I have a feeling there’s a lot of people that weren’t selling on Amazon that wish they were and you just hit Nike but the. It is also interesting there are a lot of people that were single sourced on Amazon so they looked at Amazon as their primary path to Market. Um and a bunch of those sellers. Are really taking it in the shorts right now particularly their non-essential category so if you are a business that was built exclusively on Amazon FBA. You are and you think you’re going to have a future at all you are right now planning a future where you’re no longer a single Source on Amazon right so you’re either talking to Walmart about being on their Marketplace or at the very least your. You’re thinking about applying for you no vendor fulfilled. Prime or you know augmenting Amazon with some 3pl services like is there like clearly the macro Trends are going to favor Amazon but I wonder if they lose a little bit of Market please share as as their Partners try to diversify themselves a little bit. Scott D: [51:45] It could happen under the service is so strong when tied in with prime under 99.99% of operating conditions you know excluding this moment in time that I think that you may have you know vendors that build emergency capabilities in or being able to Source themselves or even layering in additional marketplaces but for the most part FBA will you know what will likely go back to right where it was when this ends I mean that’s just that’s my view because of the power of the product but but in the meantime I think what you’re saying is you know is absolutely accurate in terms of that there going to be contingency plans put in place it’s just a matter of how active those will be once we get through this. Jason: [52:38] Yeah and how it isn’t Heather if they’re economically meaningful at all that farpoint like is prime certainly is very strong hey so let’s let’s wrap up on a slightly more positive question like appropriately like there’s a lot of Doom and Gloom right now totally get it but when I’ve been looking through history at some of the. The the near analogies to this situation like a the first thing is there is no Perfect Analogy to this situation. But when you look at something like SARS and and its impact in China One of the interesting things to me is you mentioned you follow Ali Baba and JD. Arguable that JD.com was founded because of SARS and for sure. Ali Baba was dramatically accelerated as a result of SARS and today you know those are two of the biggest e-commerce players of all time. Like is our when we look back on covid-19 and we’re telling our grandkids about this this time when we had to home-school them are they are we going to be talking about some new companies we’re not even thinking about today that. Become giant players because of this sort of disruption. Scott D: [53:49] Very possible it certainly we’re going to be talking about the strength of existing companies you know that are that are beneficiaries of this no doubt and and then I do. I believe that it’s very possible that you have a whole new grouping of companies that emerge from this as well and you know if you look at we have been through as a global Society various crises over many many decades if you just simply pull up an S&P 500 chart you know that goes back to the year 1900 I mean I think you can comfortably without getting into the weeds of the our current crisis assume that this too shall pass you know the questions that remain are more around depth. And duration at some point there will be treatment for this at some point there will be a vaccine for this you know it’s just a matter of how long do we have to bridge to get to the other side and I’m as optimistic as I’ve ever been in terms of that good companies will prosper you know on the back end of this we have a period of a month to you know a number of months to see where we bought them before we get there and I think we’re at the still towards the front end of that as has been indicated by you know by the government and the various stay-at-home initiatives are in place in the US. Jason: [55:08] Yeah that that that is very well said and that’s a great place to leave its God because it’s happened again we’ve used up our allotted time but really appreciate the conversation and you’re inside thing I know it’s crazy right now so thank you very much for taking the time to sit down and talk with us. Scott D: [55:26] Thanks so much Jason and Scott really appreciate it. Scot W: [55:28] If folks want to follow you online is there a centralized place where where you publish or anything like that. Scott D: [55:35] We don’t publish actively online but you can follow me on LinkedIn you can also email me at Devitt sdev itts, stifel.com STI Fel and we can add you to our distribution list. Scot W: [55:51] Yeah I strongly recommend that so I read pretty much everything Scott puts out its really good read and you can tell he gets kind of punny with some of the subjects it’s always fun to try to decode what is puns are on those. Scott D: [56:04] Thanks a lot guys. Jason: [56:07] Awesome and if folks enjoyed the show we love a five star review if you’re sitting at home with nothing to do great time to write the review if you’re trying to home-school a toddler don’t stress it don’t bother reading review just survive the next few weeks. And so with that thanks again Scott and Scott and until next time happy commercing.

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