Podcasts about Coal

On November 20, 1968, there was a massive explosion at the Consol number 9 mine near Farmington, West Virginia. This explosion resulted in the death of scores of miners, including the uncle of a current U. S. senator from West Virginia. It also spurred the passage of mine safety legislation by Congress to lessen the chances of another such mine explosion.Today we tell that story.

Ratan Hemrom, a 33-year-old rice farmer in Birbhum district, says he will lose his home, culture and community if the West Bengal government goes ahead with its coal mine plans. He lives in the Deucha-Pachami-Dewanganj-Harinsingha area which is also home to the largest coal block in Asia, the 2nd largest in the world. Our reporter Suryatapa Mukherjee spoke to him about why the Santhal residents are protesting against Chief Minister Mamata Banerjee's plans. His voice has been dubbed by activist Udvas Das. We also hear from Dr Pradip Swarnakar, founder of the Just Transition research centre at IIT Kanpur, about what this means for India's coal phase down plans. India has a target of zero net carbon emissions by 2070. This year, the Union Ministry of Coal set up a Just Transition division to draft sustainable coal mine closure plans. Additional reading: Deucha Panchami: Mamata Banerjee increases monetary package for tribals - The Economic Times Bengal: Solidarity Platform Formed to Protect Rights of People Hit by Deucha Pachami-Like Projects | NewsClickCoal ministry to have a 'just transition' division; WB to provide $1.1 mn | Business Standard News Target of Coal Ministry is to minimize import of thermal coal and to make the country aatmanirbhar in the sector: Union Coal Minister India's Net Zero strategy: India can be a role model for developing countries | The Financial Express India's largest coal block will displace thousands but may not be viable after all - The Probe See sunoindia.in/privacy-policy for privacy information.

This show was first broadcast on the 12th of August, 2022For more info and tracklisting, visit: https://thefaceradio.com/the-northern-coal-experience/Tune into new broadcasts of The Northern Coal Experience, Friday from 8 – 10 PM EST / 1 - 3 AM GMT (Saturday).Dig this show? Please consider supporting The Face Radio: http://support.thefaceradio.comFacebook: https://www.facebook.com/smooveandturrellInstagram: https://www.instagram.com/smooveturrell/Twitter: https://twitter.com/SmooveTurrellEmail: thenortherncoalexperience@thefaceradio.com Support The Face Radio with PatreonSupport this show http://supporter.acast.com/thefaceradio. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

On This Weekly Wildfire Update: Full Operational Update. A slight lull in US wildfire activity. Drying trend returning. Europe has a very busy week. Nasa Funds a New Drone for Resource Tracking on Wildfires. They want to integrate an Interactive Chat and Video platform that can also predict column movement. Problems With Coal Seam Fires. Whether it's the Dakotas, Montana, or Russia coal seam fires can be problematic or benign. New mapping systems are being requested. A tragedy in Oregon. There was a fatality on the Big Swamp Fire. News that no one wants to get. Plus more. THE HOTSHOT WAKE UP - Thank you to all of our paid subscribers. It allows us to generously donate to firefighter charities and supports all the content we provide. https://thehotshotwakeup.substack.com/

Australia's environment and water minister, Tanya Plibersek, talks to Guardian Australia's political editor, Katharine Murphy, about how Labor will decide which mines get approval and which don't, whether or not the Albanese Labor government will institute a climate trigger — and how do we prepare for an eventual drought in Australia?

We journey to the Little Cities of Black Diamonds, a collection of company towns, villages, mines, and settlements in a region around the borders of Athens, Perry, Morgan, and Hocking County. A region that powered America's industrial revolution and created the environment and foundation for the United Mine Workers, and the modern labor union movement. We learn all about the area from the people who have preserved the histories of this place, the staff and volunteers of the Little Cities of Black Diamonds. We head to San Toy, New Straitsville, Payne's Crossing, Hamburg, Hobo, and everything in between. The episode finishes with an interview with interdisciplinary sound artist Brian Harnetty about his work and its inspirations from Perry County and Shawnee.This episode features music from:Todd Jacops - "Rain Spring"The Peel - "Untitled"Brian Harnetty - "Wayne National Forest"Dead Winds of Summer - "Willow Creek 1"Pete Fosco - "Untitled 1"Powers/Rolin Duo - "Birdhouse"The Peel - "A Cautionary Tale"Weedghost - "Morning 04"Matthew J. Rolin w/ Pete Fosco - "Glacier"Brian Harnetty - "Tecumseh Theater"Todd Jacops - "Lake Orange"Weedghost - "Morning 02"David Colagiovanni - "Adventure Club"Brian Harnetty - "Robinson's Cave"Brian Harnetty - "Boy"Brian Harnetty - "Sigmund"Brian Harnetty - "Jim"Brian Harnetty - "Forest Listening Rooms"Brian Harnetty - "John"Brian Harnetty - "Rock Run"Photo from the Little Cities of Black Diamonds archive, www.lcbdohio.org 

Photo: No known restrictions on publication. @Batchelorshow 2/2:  #Germany: Nuclear and Coal Energy challenge & What is to be done? Judy Dempsey, Carnegie Endowment, Strategic Europe, Berlin https://carnegieeurope.eu/strategiceurope/87531

Photo: No known restrictions on publication. @Batchelorshow 1/2:  #Germany: Nuclear and Coal Energy challenge & What is to be done? Judy Dempsey, Carnegie Endowment, Strategic Europe, Berlin https://carnegieeurope.eu/strategiceurope/87531

Make David Carter's coal raosted aubergine with red miso, feta and toasted cashew following this pause-anytine cook-a-long recipe. Our GDPR privacy policy was updated on August 8, 2022. Visit acast.com/privacy for more information.

Your daily news in under three minutes.

Photo: No known restrictions on publication. @Batchelorshow #Germany: EU: Reopen the coal faces and import coal from Australia. Gregory Copley, Defense & Foreign Affairs https://www.msn.com/en-us/news/world/germany-is-firing-up-old-coal-plants-sparking-fears-climate-goals-will-go-up-in-smoke/ar-AA10aXr9

Photo: No known restrictions on publication. @Batchelorshow #LondonCalling: Nuclear energy and coal stay online in Germany.  @JosephSternberg @WSJOpinion https://www.wsj.com/amp/articles/nuclear-power-plants-could-stay-open-says-germany-11659533181

Earth nearing its eight billionth resident has Bill Maher very concerned. More people means more CO2 and that means catastrophe.  Unconcerned is Alex Epstein, author of the book Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas—Not Less. Alex thinks we should carefully consider the advantages and disadvantages while deciding what to do with fossil fuels. He believes the widespread idea that rising CO2 will make the Earth unlivable is literally impossible and he would like to tell Bill why.  Instead, he tells us.

Alex Epstein is the Author of the book "Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas--Not Less" In this conversation, Alex breaks down the common misconceptions about climate change and energy use that he feels everyone is getting wrong. Whether you agree or disagree about climate change, it's good to listen to another perspective on a commonly held narrative. This audio episode was originally released on May 25, 2022. We are releasing the video on my Youtube page today, so I thought it would be good to release the audio together in case you missed this important conversation. ======================= Exodus is leading the world out of the traditional financial system by building beautiful and user-friendly blockchain products. With its focus on design and user experience, Exodus has become one of the most popular and loved cryptocurrency apps. It's supported on both desktop and mobile, allowing you to sync your wallet across multiple devices so you can have access to your funds anywhere. You can instantly exchange around 100 different cryptocurrencies straight from your wallet. Interactive charts let you view an asset's price history and your portfolio's performance over time. And maybe the best part, Exodus is integrated with the Trezor hardware wallet - making advanced security easy for everyone.  Visit exodus.com/pomp for your free download or search Exodus on the App Store or Playstore. ======================= Compass Mining is the world's first online marketplace for bitcoin mining hardware and hosting. Compass was founded with the goal of making it easy for everyone to mine bitcoin. Visit https://compassmining.io/ to start mining bitcoin today! ======================= Don't miss Mainnet, the most anticipated crypto event of the year, September 21-23 in New York City. Join 4000+ crypto builders and thought leaders for 3-days of can't-be-missed keynotes, fireside chats, demos, networking, and more. Get $300 off of your pass today by visiting https://mainnet.events and entering promo code "POMP" at check out. See you this fall at Mainnet 2022! ======================= LMAX Digital - the market-leading solution for institutional crypto trading & custodial services - offers clients a regulated, transparent and secure trading environment, together with the deepest pool of crypto liquidity. LMAX Digital is also a primary price discovery venue, streaming real-time market data to the industry's leading analytics platforms. LMAX Digital - secure, liquid, trusted. Learn more at LMAXdigital.com/pomp ======================= FTX.US is the safe, regulated way to buy and sell Bitcoin and other digital assets. Trade crypto with up to 85% lower fees than top competitors. There are no fixed minimum fees, no ACH transaction fees, and no withdrawal fees.   FTX.US is also the only leading exchange that supports both Ethereum and Solana NFTs.   Download the FTX App today and use referral code “Pomp” to earn free crypto on every trade over $10. The more you trade, the more you earn.   ======================= If you're trying to grow and preserve your crypto-wealth, optimizing your taxes is just as lucrative as trying to find the next hidden gem.Alto IRA can help you invest in crypto in tax-advantaged ways to help you preserve your hard earned money. There are no setup or account fees, and it's all you need to do to invest in crypto tax free. Let me repeat that again:You can invest in crypto tax free.   So, ready to take your investments to the next level? Diversify like the pros and trade without tax headaches. Open an Alto CryptoIRA to invest in crypto tax-free. Just go to https://altoira.com/pomp =======================

AP correspondent Julie Walker reports on Severe Weather Appalachia-Coal Town

Each Sunday, Laurent and Gerard debrief last week's main news in the Energy Transition. On the menu:- The four horsemen of the Apocalypse (gas, coal, nuclear, hydro) plague the European Grid- Record profits for Big Oil - New coal plant in Turkey, financed by China, running on Russian coal - High integrity carbon principles (IC-VCM)https://icvcm.org/Check this great article on the sorry state of the French nuclear parkhttps://jeromeaparis.substack.com/p/edfs-woes-are-a-bigger-long-term

Europe is stepping up its coal consumption as it tries to reduce reliance on Russian energy. WSJ's Juan Forero and Phred Dvorak explain why Europe needs coal so badly, and what the consequences will be for the continent's transition to cleaner energy. Further Reading:  - Europe's Coal-Buying Frenzy Means Windfall for Producers  - Europe's Energy Crisis Threatens to Slow Green Transition  Further Listening:  - Germany's Difficult Breakup with Russian Energy  - If Russia Invades Ukraine, Can the U.S. Deliver on Sanctions?  Learn more about your ad choices. Visit megaphone.fm/adchoices

Stu Burguiere is joined by Alex Epstein, author of “Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas – Not Less” for an in-depth conversation about the true cost of the Left's lies about climate change and why America needs to embrace the fossil fuel industry to survive, not abandon it. And Kyrsten Sinema is suddenly all in on Biden's Build Back Better 2.0 bill. Stu has the details. Learn more about your ad choices. Visit megaphone.fm/adchoices

Cojo and Quentin are still soaking up summer as they get ready to party at the Untold Festival, from their couches, while podcasting, and listening to afro-latino artist of the year J. Balvin while breaking down a wild run of stories including a peoples champ, the dangerous combination of aphrodisiacs and public parks, a bear mafia, FIRE OF THE WEEK, finding drugs in a village named Drugs, a wild beyond the frontier segment and more!   What is your backend capacity?  Music: JCROW x Pedro Canas - Ratatat TikTok: @WhenInRo Facebook: @WhenInRo Instagram: WhenInRoPodcast ------------------------------------------ J. Balvin (Afro-latino artist of the year) x Xonia (Miss Diaspora 2010) Peoples Champ  Citizens Arrest on Thyself Bear Mafia Apohridiacs and Parks Dont Mix BARGE FIRE OF THE WEEK  MOBILE FIRE OF THE WEEK  Flying Private  Drugs in the village of Drugs  Beyond the Frontier The Final DIY Project Spanish Minsitry of Equality Campaign  Dwarf Bullfighting Backend Breathing

A new package of energy policy is moving through the U.S. Congress after Sen. Joe Manchin, D-W.Va., struck a deal with fellow Democrats. Energy Evolution recently sat down with colleagues from the S&P Global Commodity Insights newsroom to talk about the implications of the legislation. Guests include Molly Christian, Bill Holland and Camellia Moors. Energy Evolution co-hosts Dan Testa, Allison Good and Taylor Kuykendall are veteran journalists with broad expertise covering the utility, oil and gas and mining sectors. Subscribe to Energy Evolution on your favorite platform to catch our latest episodes!

Joe DeMare talks about the cancer epidemic, then interviews Uday Varadarajan about the Rocky Mountain Institutes study that shows many victims of the Prairie State coal power scam could actually come out ahead by cancelling their coal contracts and buying wind and solar power instead. Rebecca Wood tells us about the japanese beetle. Ecological News includes California meeting 100% of its electrical needs with wind and solar for the first time, and fungi that eat PFAS.

After going gangbusters in July, share markets in the US (and SA) took a breather yesterday easing back a few points. On the local market, a trading update from coal producer Thungela Resources revealed a 20x jump in its profits for the six months to end June, supporting a surge from R80 to almost R300 in its share price this year. Also in this episode of the BizNews Breakfast Briefing, China is moving back onto centre stage as its Belt and Road initiative hits major obstacles with some recipients of Beijing's loans needing to expand them just to meet interest commitments. Learn more about your ad choices. Visit megaphone.fm/adchoices

Clowns to the left, jokers to the right but I am nowhere near the middle of all this nonsense https://briandoleary.substack.com/p/clowns-to-the-left-jokers-to-the   Stuck in the Middle with You https://youtu.be/7jFGjC2MpUU Rep. Massie SHOCKS Buttigieg when he shows what'd happen... https://youtu.be/t50MFchtg5E   The Moral Case for Fossil Fuels by Alex Epstein Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas—Not Less Joe Biden looks confused as he appears to shake hands with thin air https://youtu.be/e4b131aHxCs   Dana Carvey Have you noticed that Biden has gotten a LITTLE feisty? BIDEN VS TRUMP 2024! O'Leary Beef Deals   Southside Sausage Slammers, Part 1: The Opening Instagram Twitter  

Hint: it's way more than you think.In today's episode, we let ourselves spin off into the web of race & labor and bring together pieces of history a little bit more clearly — taking us on a journey from today all the way back to the Virginia Slave Codes and then we even manage to bounce back to Joe Manchin before we wrap things up. Just call me the Miss Frizzle of Appalachian History because we're time travelling in this one.Sources for today's episode:- Blizzard, W. C. (2010). When miners march. PM Press.- Flavelle, C., & Tate, J. (2022, March 27). How Joe Manchin Aided Coal, and Earned Millions. The New York Times.- Films Media Group. (2016). The mine wars. Films On Demand. Retrieved July 25, 2022, from https://fod.infobase.com/PortalPlaylists.aspx?wID=103805xtid=151152.Shoutout Tail Light Rebellion for upgrading our sound quality, check out their music here:https://open.spotify.com/artist/6uMlTTOG0kfTlbfII0d6GQ?si=KKmNJ7HlS_6EFLARcbQ1fgSupport and follow the pod:linktr.ee/rednecksrising

You may have heard recent news about a growing list of American universities that are deciding to remove their investments in fossil fuel companies. This was no self-motivated act: students across the US have been charging for divestment for over a decade. In fact, a year ago students from several schools combined efforts to launch legal complaints against their universities for their financial entanglement with the fossil fuel industry. So how did we get here, and what work is left to do within higher education beyond divestment? Join Emory alumni Halle Bradshaw (‘18C, ‘19G) and Tyler Stern (‘16C) as they learn more about student divestment campaigns, their new legal strategy, and a wrinkle in investment practices that leads them back to their alma mater. Interviews with Jade Woods, Alex Mardquat, and Peter Scott Learn more about Climate Defense Project at https://climatedefenseproject.org

Listen to the latest news from Australia, across the globe, and the latest news from the sports world on SBS Sinhala radio news – Monday, 01 August 2022. - ඔස්ට්‍රේලියාවේ නවතම පුවත් මෙන්ම විදෙස් පුවත් සහ ක්‍රීඩා පුවත් රැගත් SBS සිංහල සේවයේ 2022 අගෝස්තු 01 වන දා සඳුදා වැඩසටහනේ ප්‍රවෘත්ති ප්‍රකාශයට සවන් දීමට ඉහත ඡායාරූපය මත ඇති speaker සලකුණ මත click කරන්න.

Feminist Question Time Aus/NZ July's webinar is a presentation by COAL - The Coalition of Activist Lesbians Australia (COAL) was formed in Australia in 1994 to work towards the end of discrimination against lesbians. COAL lobbies the Australian Commonwealth and other state and territory Governments to remove discrimination against lesbians. COAL lobbied at the UN 4th World Conference on Women, Beijing, 1995, and co-hosted the first international lesbian-space tent at the 1995 NGO Forum. Among a number of other organisations, COAL successfully lobbied for the Australian Government to sign the Optional Protocol to the Convention for the Elimination of All Forms of Discrimination Against Women (CEDAW). They are Australia's national lesbian advocacy organisation and the only United Nations accredited lesbian non-government organisation. Women's Declaration International (WDI) Feminist Question Time is our weekly online webinars. It is attended by a global feminist and activist audience of between 200-300. The main focus is how gender ideology is harming the rights of women and girls. You can see recordings of previous panels on our YouTube Channel. WDI is the leading global organisation defending women's sex-based rights against the threats posed by gender identity ideology. There is more information on the website womensdeclaration.com where you will find our Declaration on Women's Sex-based rights, which has been signed by more 30,000 people from 157 countries and is supported by 418 organisations. This week's speakers: Professor Emerita of Transnational Studies Bronwyn Winter, lives on the land of the Gadigal and Wangal peoples of the Eora Nation. She is a long time feminist, lesbian and trade union activist in France, Australia, briefly in the UK, and transnationally. My interdisciplinary academic work has covered various themes, but addressing various forms of violence against women has always been a core preoccupation. Susan Hawthorne is a writer, poet, & political commentator. She is Co-founder & director of independent feminist publisher Spinifex Press Disclaimer: Women's Declaration International (WDI) hosts a range of women from all over the world on Feminist Question Time (FQT) and Radical Feminist Perspectives (RFP) and on webinars hosted by country chapters – all have signed our Declaration or have known histories of feminist activism - but beyond that, we do not know their exact views or activism. WDI does not know in detail what they will say on webinars. The views expressed by speakers in these videos are not necessarily those of WDI and we do not necessarily support views or actions that speakers have expressed or engaged in at other times. As well as the position stated in our Declaration on Women's Sex-based Rights, WDI opposes sexism, racism and anti-semitism. For more information see our Frequently Asked Questions or email info@womensdeclaration.com For more information: www.womensdeclaration.com

While Lachlan is traveling, we were joined by Justin and Matt to recap and re-live our time in beautiful Seattle, Washington. The highlight? 100% meeting Tintino! Sit back and enjoy the show and don't forget to reach out @wayspotters on Twitter! Coal of the week x 2! LIVE ANIMAL! LIVE ANIMAL! LIVE ANIMAL! Wayspot of the week! Get in touch with the Mythical Hitch!! Twitch - http:www.twitch.com/MythicalHitch Twitter - https://twitter.com/MythicalHitch Our Twitter: https://twitter.com/wayspotters/ Niantic Wayfarer Twitter: https://twitter.com/NianticWayfarer Our Website: http://wayspotters.com/ Support Us: https://www.patreon.com/PokemonProfessor Wayfarer Discord: https://discord.gg/niawayfarer Twitch: https://www.twitch.tv/pokemonprofessornetwork Intro Music - Game Over - Danijel Zambo - Music Vine Break Music - Hard Trap Samples, Heavy Trap Drum Loops ... - Loopmasters Outro Music - Itty Bitty 8 Bit - song by Kevin MacLeod - Spotify – Web Player Vocal recording Copyright of Pokémon Professor 2022. Pokémon And All Respective Names are Trademark and © of Nintendo 1996-2022 Pokémon GO is Trademark and © of Niantic, Inc. Wayspottters is not affiliated with Niantic Inc. or The Pokémon Company

The West Bengal government is working on opening a coal mine in the district of Birbhum. The mine in the Deucha Pachami area will be the largest in Asia and the second largest in the world. It will displace around 21,000 people, majority of whom belong to scheduled castes and tribes.  India is one of the governments around the world that have signed the UN Framework Convention of Climate Change. This year, the Union Ministry of Coal set up a Just Transition division for which the World Bank is supposed to provide an aid of $1.15 million. We have committed to net zero carbon emissions by 2070. So why are we increasing coal production while promising to phase it down?  To understand these contradictions, our reporter Suryatapa Mukherjee speaks to Pradip Swarnakar in this episode of The Suno India Show. He is a professor and the founder of the Just Transition research centre at IIT Kanpur. See sunoindia.in/privacy-policy for privacy information.

Hotly contested fossil fuels have been the driving force behind much of the world's flourishing, giving billions of people worldwide access to low-cost, reliable energy.You've heard about the “climate emergency” that's pervasive in the media, but how much of that is accurate? Energy expert Alex Epstein breaks down the facts about oil, coal, and natural gas—the ones you don't hear about in American news—in his latest book, Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas--Not Less.Join us as he sits down with Heritage President Dr. Kevin Roberts to discuss why the benefits of fossil fuels will continue to far outweigh their side effects. See acast.com/privacy for privacy and opt-out information.

An Ohio State team has interviewed miners, power plant employees, and community members. Learn more at https://www.yaleclimateconnections.org/

Mortgage companies and realtors are today's canaries. They're in deep trouble, and so are the rest of us. Original Article: "The Canaries in the Coal Mines Are No Longer Singing" This Audio Mises Wire is generously sponsored by Christopher Condon.

Mortgage companies and realtors are today's canaries. They're in deep trouble, and so are the rest of us. Original Article: "The Canaries in the Coal Mines Are No Longer Singing" This Audio Mises Wire is generously sponsored by Christopher Condon.

celebrate the 100th episode with long-winded electric car talk.

Some people are unhappy about We Energies' plan to delay closing its Oak Creek Power Plant due to “Tight energy supply conditions in the Midwest power market and supply chain issues.” Members of the Clean Power Coalition expressed their concern in front of the utility's downtown headquarters Wednesday.

I finally got to meet up with Alex Coal and we had such a fun chat! She shared a lot about herself and went DEEP about a shitty experience she had on set with a Director. I appreciate her being so real and vulnerable and can't wait til we shoot something together too!See Alex Here- AlexCoalXXX.comSid's Links Want to find Fit Sidney on socials & sites?  Want to help support the show? Check out the links below to see ALL her content!Fit Sids Linktree- https://bit.ly/3cMJ7YVVIP OnlyFans- https://onlyfans.com/FitSidFree OnlyFans- https://onlyfans.com/xxxfitsidFansly- https://fans.ly/r/SidSext Me- SextSid.comSnap- https://www.snapchat.com/add/simplysidneyxoTik Tok- https://www.tiktok.com/@Fit.SidneyYouTube- https://www.youtube.com/c/FitSidTwitter- https://twitter.com/FitSidney Instagram- https://www.instagram.com/stalkingsidney/Website- https://www.fitsid.com

Host: Adam Sommer @Adam_Sommer85Guest: Conor Halbleib @conor_halbleibPicture for me a candidate for US Congress in south-eastern Kentucky. https://conor4kentucky.com/events/https://secure.actblue.com/donate/conorhalbleibforcongressThis part of the state is miles from what you likely know of Kentucky, hours from Louisville, Frankfort, and Lexington. Sandwiched between West Virginia to the North east and Virginia to the direct East, touching Northern Tennessee. It's coal country. No major towns, little access to national highways, with the Cumberland plateau and Cumberland mountains as major features. If you're a Jason Isbell fan you've heard of this area - and my guest for this chat could be a protagonist in an Isbell song himself. Do you have that candidate in your mind? Good. Now here is my chat with Conor Halbleib - a Progressive Democrat running in the Kentucky 5th District https://heartlandpod.com/Twitter: @TheHeartlandPOD"Change The Conversation"

Listen to us talk about Landon's interruptions, Stranger Things season 4 (spoilers), Thor: Love and Thunder (spoilers), shaved eyebrows, The Boys season 3,  and a trivia addendum. Starring David Parker, Mick Parker, Colby Chapman, and Briana Parker. Recorded July 16th, 2022.

Fuel is important in our modern-day life. So, if you're cooking, heating or powering a generator or your vehicle, which fuel is best for those wanting to live a ready life? Articles and Links Mentioned: The Best Types of Fuel for Preppers Sign-Up for the Exclusive Email Group EP. 751 – The Best Types of Fuel for Preppers Podcast Links of Interest: Buy Me Coffee – Top Preparedness Articles Sent to Your Email! Is Preparedness Biblical? – Small Group Video Bible Study Join the Exclusive Email Group Sign-Up for the List and Get the FREE PDF – 25 Handpicked Preparedness Articles You Should Read! 5 Day Build Your Own Prepper Group Challenge Merch and Items of Interest: No Regrets – t-shirt by PW Designs Get “My Prep Journal” Legacy Longterm Food Storage (Affiliate) Check out the new site – Ready Your Future Buy Me a Coffee: https://www.buymeacoffee.com/prepperwebsite See omnystudio.com/listener for privacy information.

On this episode, Will sits down with Energy Expert and Founder of the Center for Industrial Progress, Alex Epstein, to discuss his new book, Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas - Not Less.   Epstein discusses why he believes the mainstream narrative on fossil fuels is fundamentally wrong, and why in order for civilization to flourish as much as possible, near-term reliance on fossil fuels is a must.     Tell Will what you thought about this conversation and what you want to hear more of at willcainpodcast@fox.com   Follow Will on Twitter: @WillCain Learn more about your ad choices. Visit megaphone.fm/adchoices

Solar Cells Are Polluting Our Groundwater The Resurrection of Coal Plans By MIT Latest Cyberattacks Will Elon Musk Beat Twitter? We all want a green world. I can't think of anybody that doesn't want one, but there are people with ulterior motives. That's a different thing, but California has really caused itself a whole lot of non green. Rooftop solar, right? That's gonna be the solution to all of our problems. [Automated transcript follows.] Not the fact that the electric cars, people buy use three times as much electricity as our air conditioners yet. Not the fact that we have rolling blackouts because we don't have enough. Power cuz we've shut down plants before we were actually ready to replace that power. Not that Texas is right now having blackouts as is California having blackouts because of this stupidity. [00:00:52] Of some of these regulators. It's absolutely crazy. You know, we are the greenest country in the world. All of our plants, our coal plants are cleaner than anybody else's anywhere in the world. And California's. Really got itself into a big problem here, because again of shortsightedness, I just don't get it. [00:01:16] You know, maybe it is follow the money, maybe, you know, Nancy Pelosi's husband making millions of dollars and, and, uh, using inside information is, is absolutely true. And, uh, maybe it. To do with that, right? It's not really green it's to enrich the politicians. How can you go to Washington DC on the salary? [00:01:37] Congress has as expensive as it is in Washington, DC and come out a multimillionaire. Uh, there's only one way that can happen. Right. I, I remember the, the trade that Hillary Clinton made, what was it? Beef or something. Right. And she made like $80,000. Well, you know, that sort of tip is a sort of thing. [00:01:58] That'll put Martha Stewart in jail, but not our politicians. It's absolutely crazy. I don't get it. So California, they have been a pioneer in push. For rooftop, solar panels. Now I get it. They're cool. I get it. It's really nice to have the grid buy electricity back from you when there is plenty of sun and when the grid needs it, but the grids aren't really set up for this sort of stuff. [00:02:31] But I, I know a few listeners that really love their solar panels. There's one guy. Who has put a whole bunch of panels up solar panels in a field, and he has some cattle and horses and stuff. And so they, they live with these solar panels in the field and he bought himself a couple of Nissan leaves. [00:02:52] These are these electric cars from Nissan. You might remember them. They've been around for a while and he's just tickled pink that yeah. He had to buy the solar panels. Yeah. He had to install of them. Yeah. He has to keep the snow off of them. Yeah. He has to clean the dust off of them. Yeah. He has to clean, uh, all of the bird stuff off of them, but it's. [00:03:14] Right. Yeah. Okay. So he gets to drive around and he says, you know, I don't usually go much further than the grocery store or maybe a quick under tractor supply. And it, it, it doesn't cost him anything incrementally. So California decided it was going to go green, green, green, green. Right. And what's one of the best ways to do that. [00:03:36] Well, we need more electricity. Let's go for rooftop. Solar in. California decided it would go ahead and subsidize these wonderful solar panels on people's roofs all over the place. Not, not like one big central farm, uh, out in the Mohave desert, that's collecting all of the solar. It can possibly collect and then turn it into electricity that can feed into the grid. [00:04:04] No, it's all decentralizes on all of these rooftops now. We're talking about 20 years later, there are 1.3 million rooftops estimated to have solar cells on them out there in California. And the real bill is coming due. It isn't cleaning the, you know, the bird increment off. Yeah. The real bill in California for the rooftop solar isn't getting the snow off of them. [00:04:32] Keeping them clean. No, it has to. With completely non-green stuff here. 90% of all of these solar cells that were put onto roofs in California that have been taken down 90% of them have ended up in landfills. Yeah, absolutely. Now the lifetime expectant, uh, lifetime of these solar panels is, uh, 25, maybe 30. [00:05:05] As long as they're not damaged, or if you really wanna keep up with the technology because solar panels are increasing in efficiency, as time goes on, might be a lot less, right. Might be like a 10 to 15 years cycle. If you have that much money out there. But many of these are now winding up in landfills. [00:05:25] And the real concern is that they could contam. Groundwater. I've talked about this before. If these solar panels crack, what could happen while they have heavy toxic metals in them such as lead, we know how bad lead is, right. Can't have lead in your house anymore. A selenium cadmium. Right? All things you don't want to have mercury, mercury vapor, you don't want to go anywhere near mercury vapor. [00:05:54] Uh, except for the fact that the federal government forced us to put them into our homes in the form of purely Q light bulbs. Remember those things? Yeah. Highly toxic breaking. One of those light bulbs, a fluorescent light makes your home a toxic waste site. According to EPA regulations. So I'm sure if you ever had a, a fluorescent light bulb break and that includes the bigger ones, right. [00:06:21] You might have in the roof, uh, up on the, the top of your office, uh, you know, wherever it might be, you, you, you must have, um, went out and you, you bought, maybe you even had standing by for you some really wonderful. Plastic that you could put up, you know, tape up so that you can isolate the room that has the toxic waste in it, from breaking that light bulb that the federal government made you buy, because you couldn't buy regular incandescent bulbs that you wanted anymore. [00:06:52] And, uh, they encouraged you and they gave you discounts on it and they subsidize. Yeah. Yeah. Those bulbs. And then, uh, of course you went in with a full respirator and a full suit on that, uh, you know, Tyvec and you taped it up, make sure that tape up around the gloves onto the Tyvec suit so that none of that mercury gets. [00:07:12] Onto your skin. And, and then you obviously used a specialized vacuum cleaner for toxic hazardous waste and, and vacuumed up like the carpet or the floor, maybe it got onto your couch. Right? You, you did all of that. And then you put it all into a sealed, uh, container of some sort, typically like a glass bottle or something. [00:07:36] So it's not gonna be able to. Out right. You, you must have done all of that because I I'm sure everyone knew what was going on with those fluorescent bulbs, those little curly Q bulbs. Right. Does that make sense to you? Yeah. Yeah, exactly. So now, California. has 1.3 million rooftops with rooftops, solar power on them. [00:08:04] Now it isn't like it's out in, as I mentioned a great place, but it out in the Mojave desert, right. They got more sun than they need out there. And so it's all one place and they can take those panels and they can recycle them. No, no, because it's illegal to recycle them in California. Because of the heavy metals, the toxic metals. [00:08:26] So instead of that, people are just dumping them in their trash and taking them to landfills, et cetera, et C. We're talking about truckloads of waste, some of this stuff badly contaminated, and it really shows how short sight, uh, environmental policy can create incredible problems that were easily foresee right though, the industry's supposed to be green, but in reality, According to Sam Vanderhoff, who is a solar industry expert, chief executive recycled PV solar. [00:09:01] He says the reality about this industry. is not that it's green, but in reality, it's all about the money. Wait a minute. Isn't no, there's not what I just said earlier. Yeah, yeah. Yeah. So California came early with solar power. They granted $3.3 billion in subsidies for installing solar panels on rooftops. [00:09:26] And yet, you know, barreling ahead with this renewable energy program, they are now at a point where they have rolling blackouts. They have problems with electricity generation. They have problems with the rooftop, solar, and as it is aged, getting rid of it. Have you seen those pictures of Hawaii with those windmill farm? [00:09:50] that are just sitting there rusting away. Cuz the windmills aren't turning you'd think Hawaii, right? A lot of wind isn't that a great way to do it, but it takes a lot of space kills some birds and uh, it takes a lot of maintenance. They're very expensive to maintain. So they just let some of these, uh, wind farms just totally rested away. [00:10:12] We need to elect people, send them to Washington, DC that don't touch things like this with a 5,000 foot pole. The, the reason is that you look at a great investor, a great business investor. That they make money, right? Oh, wouldn't it be great to be mark Cuban or one of the sharks, right? That are making money, investing money. [00:10:39] Well, yeah, it, it certainly would be, uh, they at best, at best make money out of one out of 10 investments, federal government, it bats pretty close to zero. Zero, right. Oh, oh no, that's not true. Right. Uh, we talked about the millions of dollars that Congress people make. Yeah. Yeah. So they don't bat zero, the Congress and, uh, this political crack class bats, a thousand in their own pocket. [00:11:13] Let's stop this stuff from Washington DC. It's insanity. Thank goodness California did this so we can see how insane these solar rooftop policies are. At least for the near future. [00:11:27] Well, we've talked about solar cells. We've talked about the new nuclear, which is incredible stuff. Well, there is a new MIT spinout that's tapping into a million year energy supply right here. [00:11:44] Government has been terrible about picking winners. It, it kind of reminds me of a quote from Henry Ford where you said, if I had asked people what they wanted, they would've said faster horses, and that's kind of the mentality of government, whatever they're investing in, or their friends, their buddies, their, their voters, their donors are investing in. [00:12:07] That's what they'll push. So we haven't had a fair shake of some of these technologies, really, you know, the hydrogen who knows what else we could be powering our cars with that hasn't come forward because government's been putting just literally trillions of dollars of support into electric cars. Okay. [00:12:29] And electric cars. Great. Don't get me wrong. They're the cool technology. I wouldn't mind owning one of them. The government should not be the one who decides the winners and losers. That's the communist way. That's central planning. Central planning does not work. I, I I'm really on a bit of a rampage today. [00:12:52] It's it? This is just crazy, but this, this is a reason right now. What I'm gonna talk about, why central planning has failed us yet again. Right. Just because it's a big problem. Doesn't mean it's a federal government problem. And the big problem is okay. All of us want green stuff, right? Not this green movement. [00:13:17] That's all about again, central planning, government control, not that stuff, but we want. Clean environment. We want good, healthy food. We want all of this stuff. That's going to make us healthy. The world healthy, the earth, healthy feed the population of the world. Everything everybody does. I don't get it. I don't know why they, well, anyways, we won't get into that. [00:13:44] Right. Here's this here's an example. Government has been moving us directly towards solar panels, which we've talked about and, and how they really can and do hurt the environment very, very badly. We talked about the disposal of them. We've talked before about the manufacturing of solar panels and how it is horrific when it comes to the health of our. [00:14:12] How about this one, this M I T group. These are, it's really kind of cool here. Qua energy is this company that they founded and it is a spin out from MIT. And what they're looking to do is use the power potential that's beneath our feet in order to create a literally a carbon free pollution, free energy source. [00:14:39] Absolutely amazing. Now we've talked about this for a long time. You, you look at some of these countries in the world that have a lot of volcanic activity. I'm particularly thinking about Iceland right now and how they are taking all of this geothermal thermal potential and turning it into electric. [00:15:02] Which is fantastic. Right? And when you look at the stability of geothermal, it is dead on it is there, it is always there. If you're looking at the stability of geothermal, for instance, doesn't think of a volcano. How often do the volcanoes move? It it's pretty solid, pretty long term. Certainly there's tectonic activity and the plates move, but it's at, at just an incredibly slow rate. [00:15:32] You're talking about inches a year. Well, they've looked at a couple of things. One is this abandoned coal power plant in upstate new. And as overall people are looking at it saying, it's just, it's worth nothing. Right? It's a Relic from ages gone by heaven. Forbid we burn coal and I, I would rather not burn coal personally, but get down and think about this. [00:15:57] Now you've got a cold power plant. What is planned? What does that have in it? That might be useful. It still has transmission lines that run to the grid, the power grid, it's a central producer of electricity, which is exactly how our power grid is set up. We're not set up for having every home or, you know, half of them or whatever it is, generating electricity with solar power or having windmills here and there we're set up for having centralized. [00:16:32] Power generation Nicola, Tesla aside, right? That's how we're set up. So this old cow coal power plant has transmission lines. It still has a power turbine. How does a coal plant work? How does a nuclear plant work? It generates heat and that heat creates steam. And that steam is used to drive a tur. Much like what happens at a hydroelectric dam, the water drives a turbine, and then that turbine, ultimately of course drives a massive alternator of some sort, some sort of a, a generator, if you will. [00:17:10] And that's hooked up to our power lines. Now, what's really interesting here. Is their technology. You might have heard about this place. I remember reading about this and all kinds of interesting stories, a about this hole that was drilled in, in Russia. I think it was, and they went down. What was it like 5,000 feet or something? [00:17:37] Um, Uh, and they abandoned it. Right? Cause they were trying to do the whole thing, but here's the interesting part of what the MIT guys are saying that the crust anywhere in the world about it kind of varies a little bit, but basically about, uh, 10 to 20 kilometers deep has the enough geothermal energy. [00:18:09] to drive something like this power plant, this old coal power plant in upstate New York. But the problem is how do you drill that deep? The Russians, a Soviet union had a hard time doing it and they didn't, they didn't reach their ultimate goal, uh, and interesting backs stories on all of that, that we don't have time for today. [00:18:30] what these guys are doing is they have created an approach that vaporizes the rock. So they're not drilling. And if you've ever seen drilling operations, watched it on the discovery channel or something, which I have, it's really cool. You, you realize that when they start hitting hard rock granite bedrock, they stop. [00:18:55] Cuz it becomes so slow. So they use the diamond. Tip drill heads and, and they drill and it's slow, but what's happening right now is they're using gyro trons to heat the material it's been done for years in nuclear fusion experiments, but they're taking that basic technology and using it for new geothermal drilling technique. [00:19:23] That is cool. So these gyal trons, haven't been well known in the general science community fusion researchers know about it, but what they're saying is this is going to give them the ability to drill. These massive holes, you know, depth wise. And right now 400 feet is kind of as far as we can usually drill, but this is gonna let them go kilometers into the earth. [00:19:52] They're gonna be able to tap into that, the energy here, basically, you're talking about what you get out of a volcano, right? That sort of energy, that heat bring it up and then boil the water and run it through that coal power. At least the infrastructure that's in there, the generators and everything else. [00:20:13] So very, very cool. And this is something that's being done right now. They expect within a few years to have an actual functional demonstration of this blasting its way through melt. Rock and some of the hardest rock on the surface of the earth. Hey, you should have received my insider show notes Tuesday morning. [00:20:38] If you didn't, you can get 'em for free. Just go to Craig peterson.com. And if you have any questions, just email me, me, Craig peterson.com. [00:20:53] Do you remember this moment from the fifth element? Old tricks are the best tricks? Eh, yeah. Well, we're talking about attackers right now, cybersecurity and the old tricks are the best tricks. No doubt about that. They're back to the old ways. Yep. Oh, well, [00:21:10] There are a lot of security firms out there. It's just absolutely amazing to me. [00:21:16] I get ads all of the time, as you can imagine, from dozens and dozens of startups and big guys, and I'm looking at a page right now and there was what, six different ads on here for cybersecurity stuff. This is a site called dark reading. It's one. Pay some fairly close attention to, because they are talking about cybersecurity stuff. [00:21:40] So I guess that makes sense. But attackers are doing things every day right now. What are they doing? That's what Robert Lamos is talking about. And he's looking at a report that was produced by yet another security firm called Tetra defense and they analyzed data from the first quarter 2020. Now, when you think about cybersecurity and the problems we have, what do you think about, what do you think of? [00:22:12] Is it ransomware, fishing, maybe? What, what do you think it is? Well, what this Tetra defense found is that 54% more costs. From compromises caused by user actions comes from drum roll. Pete, please. I, I don't know if I said that very, very well. Let me just do that one more time. Okay. Take two. uh, compromises cost victims 54% more. [00:22:47] When we're talking about unpatched servers. And vulnerable remote access systems like Microsoft RDP, remote desktop, 54% more. That is huge, absolutely huge. Who would've thought of that by the way, these unpatched vulnerabilities from the first quarter and exposing risky services, such as remote desktop protocol account for 82%. [00:23:17] Of successful attacks while social engineering employees. And that includes things like fishing accounted for just 18%. Of successful compromises that my friends is a very, very big deal. And as I said, at the very beginning, it is, uh, no trick that they've been up to for a long time. So what I'm trying to get at here, I know I'm kinda wandering a little about a little here mentally, but I'm trying to get at the point that we. [00:23:50] To patch our systems and we have to apply patches ASAP. We have to make sure those patches are in place because it's, it's an absolutely horrible situation out there. I know a lot of companies that use Microsoft's remote desk. Top. And it has been just a horrific battleground when it comes to hackers because of all of the bugs that have been found in there and major vulnerabilities, uh, the log four shell bug. [00:24:21] This is the one that's tying into Java has been reported on a whole lot, but it is used in about 22% of breaches. So that's not bad for one vulnerability. And it's a crazy vulnerability. This is a problem with languages like Java, where you have people writing code that don't realize what's happening in all of these libraries are pulling in, you know, in Java you just say, okay, uh, write this out to a file for me. [00:24:52] And don't realize that the code that's actually doing that is parsing what you send it, and it might have a command in it that you. To it and it'll execute the command and that's the basics of that particular problem. Okay. So we're expecting all of these tactics to continue. There are a finite amount today of vulnerable exchange servers, which is another problem that the attackers have been using to really cause a whole lot of problems for us. [00:25:24] There will be new problems in the future. There's always new software introduced and the new software always has more problems. And there are a lot of people in the cybersecurity business that say, we should just assume that systems are compromised. So instead of trying to protect them as much, let's look for the compromises, which is an interesting way of doing things. [00:25:46] Frankly. So cloud misconfiguration, that's another big one that's out there. And I'm seeing that all of the time right now, we're working with a client. That's using a lot of Microsoft Azure stuff and Microsoft Azure, Amazon. But in fact, Amazon S three buckets, which are a way to store files up in the cloud inside. [00:26:10] Have really been hit hard because of misconfiguration. You see, when it gets very difficult to configure something, people tend to take shortcuts, don't think it through. And in this case they have lost a whole lot, but. It's hard to estimate the damages, but looking at it, we're talking about major cybersecurity in incidents, accounting for about two to 10% of annual revenue cost wise. [00:26:40] So a company that has maybe a hundred million in annual revenue could be looking at as much as 10% of that. In other words, 10 million as a financial impact of a cybersecurity incident. Now it's probably not gonna cost them 10 million to secure everything, but it might cost them a million a year and they just don't do it. [00:27:06] It's just, they don't bother doing it. Look at the huge breaches that we've had from some of these, uh, credit reporting agencies. If you will, that keep all this personal information and data on. that have lost data for 200 million Americans. Right. Really? They cared and yet they, they just rake in money. [00:27:28] They just print money. It's it's absolutely crazy. By the way, there was another report that was released a little earlier this year from crowd strike and it has a report that's based on incident data. And the one they released earlier this year was from 2021. And it's showing the breaches related to ransomware attacks had grown by 82% and the data showed that mal. [00:27:58] Had only been used in 38% of successful intrusions and 45% of attackers were manually conducting the attacks. So if you thought early on, when we started talking here that ransomware was maybe the biggest problem, you're not entirely wrong because ransomware is the biggest growing problem that we're seeing out there right now. [00:28:22] So it's absolutely crazy. The average time to move from an initial compromise. Remember, they're doing these things automated up front to try and find vulnerable systems or to try and get the ransomware out into your hands. That might be through a fishing attack, which by the way, fishing attacks increased 29%, that cent, that, that, um, so from the time they get that initial compromise to the time they're attacking other systems on the network. [00:28:55] It's still about one and a half hours, according to the data that came outta CrowdStrike. Now that is concerning too, because that means you basically have an hour and a half after you've been compromised to detect it and do something about it. And that's why we use automated systems with our clients that really keep a close tab on everything. [00:29:18] Look for various types of compromises, et cetera, et cetera. And I think it's, uh, an important thing to do because if you can't tell if you've been compromised, you just can't defend yourself. Hey, if you sign up for my newsletter, I will send you my most popular. Special reports that includes password special reports, how to use password managers, what the best ones are absolutely free. [00:29:44] Right. I got a couple of others that I'll send you and you will get my weekly show notes that come out Tuesday mornings most weeks. And that will allow you to keep up to date on all of this. Be a little bit ahead, in fact of the radio show, because I'm talking about stuff that was in my insider show notes on Tuesday. [00:30:03] So you get it in. Of everybody else. Just go to Craig peterson.com, sign up right there and you will be well on your way. Hey, stick around, cuz we'll be right back. Any questions me@craigpeterson.com. [00:30:21] We've got a couple of things to talk about right now. We've got Elon. Mokis gotta be worried about this lawsuit. That's coming up and we'll tell you about that. And then also TikTok is in the news here. We've got two different problems with TikTok that talk about today. [00:30:42] Hi, you are not alone. At least when it comes to your security and privacy. Hi, I'm Craig Peter son, and you are listening to news radio, w G a N a M five 60 and FM 98.5. I'd like to invite you to join me Wednesday mornings at 7 34 with Mr. Matt, we'll keep you out to. You know, of course about this whole thing. [00:31:11] Elon Musk said he wanted to buy Twitter for a measly. What was it? 44. Billion dollars, right. Real money. And that's a, you know, a problem, especially when Twitter is alleged to be not worth as much as Twitter appears to be. You see, Twitter has had to file with the securities and exchange commission reports about. [00:31:39] Their income, obviously writing expenses and management, and they have forward looking statements about what they're gonna be doing in the future. And all of that goes into a pot and kind of gets stirred up. And once it's all stirred up the investors, look at it and say, yeah, okay. I, I wanna invest in Twitter. [00:31:59] One of the big variables that goes into the pot has to do with advertising revenue, which is based on eyeballs, how many eyeballs can Twitter attract? And of course that means Twitter wants to keep as many eyeballs as possible on this site at once. Right. And for the longest time possible. So that all makes some sense, but Twitter's been reporting in its public reports that less than 5% of the users slash postings there on Twitter, but less than 5% of the users are actually bots. [00:32:39] These bots are used by. Bad guys, evil companies. And, uh, there are a lot of those out there that are trying to promote themselves. Look at how great we are. Yes. Yes. Look at wow. We're trending on Twitter. You should buy our stuff. And in reality, what they're doing is they are paying people who have bought to post thousands of tweets from different accounts using the company's hashtag it, it makes me ill, frankly, to think about this stuff, but that's what they do. [00:33:17] So. If Twitter has a lot of these bots that are fake and are just trying to drive up the investors' price for some random product, or maybe it's what happened during the last few election cycles where Russia, China were Medling and getting people to vote for Trump against Trump, for Hillary against Hillary Biden, etcetera. [00:33:46] Is it worth as much as investors thought. So I've been worried about what's gonna happen here. Elon Musk. He he's got to be worried if he actually ends up buying it, what's gonna happen. Is the securities and exchange commission going to do an investigation? Are they already doing one? Frankly? Probably are. [00:34:08] And is he going to be liable for it? So Twitter's value has dropped. Now, it, it obviously went up when Musk made that, uh, that generous $44 billion purchase offer, but it has gone down since then. And since there are so many analysts saying, well, there's at least 10% bots, others saying it's 40%, it's 60%. [00:34:34] And, and that kind of is based on the traffic, right? The amount of traffic, the bots are generating versus the number of accounts that are bought accounts. What, what happens? What should they do? How should they do it? What, how should they account for it? And if, if it's that high and there's questions about how high it is, then Twitter stock value is going to go down. [00:34:55] So Musk pulled out of this whole thing and yeah, I can see why he did. However Delaware is where a lot of these public companies ha are incorporated. That's where their, you know, corporate headquarters are, if you will. That's where they get their authority to operate as a company. And the reason a lot of them do that in Delaware is Delaware has laws and taxes that are very favorable to publicly traded companies. [00:35:29] And that says something right there too. Doesn't it? Well, Delaware has this thing called the court of Chancery and the judge that's handling Twitter's lawsuit against Musk. Her name is Kathleen McCormick. She is the chief judge in this case is called the court's chance. Has what Reuters called a no nonsense reputation, as well as the distinction of being one of the few jus who has ever ordered a reluctant buyer to close a us corporate. [00:36:06] Merger. And specifically she ordered last year, an affiliate of a private equity firm to close its $550 million purchase of a holding company that makes cake decorating products. But because of the lockdown, the value of that cake decorating company drop. Pretty dramatically cuz people just weren't going out and buying this stuff to make cakes. [00:36:31] They weren't celebrating, they weren't having parties. They didn't have cake cakes. Right. So she forced them to buy. This other company at the original price, even though the value of the company that holding company had dropped. So this is going to be really rather interesting. If you look at her ruling. [00:36:55] She said the buyers lost their appetite for the deal shortly after signing it as government entities issued, stay at home orders around the country and the weekly sales declined dramatically rather than use reasonable efforts to work around a definitive credit agreement. The buyers called their litigation council and began evaluating ways to get out of the. [00:37:20] Without input from the management, they prepared a draconian reforecast of the projected sales based on uninformed and largely unexplained assumptions that were inconsistent with real time sales data. That's where Elon Musk may have an out. if he's played his card right now, what really kind of confused me about all of this is that they, the guys at Twitter have a pretty solid case because they were able to negotiate as part of this potential purchase or merger, whatever you might wanna call it really it's a purchase. [00:38:01] They have a pretty solid case cuz they got some amazing language into this agreement. I, I just can't believe that Elon Musk and his attorneys allowed it to go in there. Now these cases here in the Delaware court of Chancery are decided by the presiding judge and not a jury. Although a judge can get an advers, uh, advisory, excuse me, jury, to help consult, but the judge's decision can be appealed to the state Supreme court. [00:38:33] And then the decision is final and Twitter proposed a four day trial with a September 19th start. Date and the court, I believe said, we're gonna push it off to October. I'll try and keep an eye on this case, cuz I think it's fascinating to see what happens here as we go forward to our friend, Elon Musk now. [00:38:57] TikTok, Ugh, man, if you didn't get my newsletter this week, which you should have had my insider show notes on Tuesday morning and follow through and read these two articles on TikTok, you really missed something, but I'll, I'll give you a quick summary here. Right now. We spoke. About TikTok and what they have done here with this blackout challenge. [00:39:21] Now it's not TikTok. They, they're not the ones promoting the challenge, but they are making money off of it and they're promoting their site. It's just yet another challenge that to has. well, one of the things that's been happening in Ukraine with this Russian invasion is people have been making TikTok videos and they have been posting them and they include all kinds of stuff. [00:39:47] Uh, I'm sure there's dead soldiers in there. Russian tanks that have been completely blown apart. What a bad design, by the way, and many other things, and TikTok says, Hey, wait, wait a minute. We, we, we, okay. Well, we, we can't keep these, even though they have been asked to preserve the Ukraine content for warm war crime investigations. [00:40:13] What has come out recently, you remember orange man, bad said that, uh, TikTok needed to be shut down. They, they wanted it out. He wanted it out of the, and not just him, but other people, uh, out of the app stores, because it's being used by Chinese intelligence and they're doing all kinds of stuff. Yeah. Yeah. [00:40:34] Well, it turns out that our friends at TikTok have been in fact sending. All of the stuff that you are filming to China now, TikTok is illegal to use in China. So they're not sending it to China to show the Chinese because China is smart enough to not allow people to use TikTok. They're using it for ESP espionage TikTok, even just a few weeks ago, changed its usage. [00:41:06] Uh, document here, right? Terms of use saying, uh, oh, we we're going to use. The video that you submit, uh, we're gonna collect biometric information. We're gonna collect information about things and people in the foreground things and people in the background. In other words, they're now putting together what you might call a social matrix. [00:41:29] So they know who your friends are or what you're doing. They know about you. They're doing facial recognition of you. It goes on and on and on very, very bad, but because it's so popular with these young Ukrainians and even Russian troops who are posting footage of the war, they've got some stuff that would be great for the war crime investigators. [00:41:54] And re remember when president Trump said, oh no, we gotta cut out TikTok. And, and the left, his opposition was saying, no, no, you know, TikTok is great. It's wonderful. Oh. And TikTok said, yeah, we have, uh, us based servers, nothing to worry about here. I don't know what Trump is talking about. The guy an idiot. [00:42:13] Uh, well, as I just mentioned, we found out absolutely that yeah, they're saving it. They're sending it to China. And remember now, The Chinese communist party is a friend of Russia's. They're buying oil for very cheap prices. They're providing Russia with a number of different things. They're being a little cautious about it, but they will not allow war crime investigators to look at TikTok videos that have to do with the war in Ukraine. [00:42:48] Absolutely amazing. Absolutely amazing. Lot of data pulled from your device sent back to China biometrics, face prints, voice prints, keys, stroke patterns, rhythms, search, and browsing history, location information. Do not let your kids go to TikTok. And this week I got an email from a listener saying that one of her close friends. [00:43:14] Child died because of the blackout challenge. If that's not enough. [00:43:20] Facebook's about 18 years old coming on 20 Facebook has a lot of data. How much stuff have you given Facebook? You know, did you fall victim for that? Hey, upload your contacts. We'll find your friends. Well, they don't know where your data is. [00:43:36] This whole thing with Facebook has kind of exploded here lately. [00:43:42] There is an article that had appeared on a line from our friends over at, I think it was, yeah. Let me see here. Yeah. Yeah. Motherboard. I was right. And motherboards reporting that Facebook doesn't know what it does with your data or. It goes now, you know, there's always a lot of rumors about different companies and particularly when they're big company and the, the news headlines are kind of grabbing your attention. [00:44:16] And certainly Facebook can be one of those companies. So where did motherboard get this opinion about Facebook? Just being completely clueless about your personal data? well, it came from a leaked document. Yeah, exactly. So I, we find out a lot of stuff like that. Right. I used to follow a, a website about companies that were going to go under and they posted internal memos. [00:44:49] It basically got sued out of existence, but there's no way that Facebook is gonna be able to Sue this one out of existence because they are describing this as. Internally as a tsunami of privacy regulations all over the world. So of course, if you're older, we used to call those TIAL waves, but think of what the implication there is of a tsunami coming in and just overwhelming everything. [00:45:19] So Facebook internally, they, their engineers are trying to figure out, okay, so how do we deal? People's personal data. It's not categorized in ways that regulators want to control it. Now there's a huge problem right there. You've got third party data. You've got first party data. You've got sensitive categories, data. [00:45:42] They might know what religion you are, what your persuasions are in various different ways. There's a lot of things they might know about you. How are they all CATA categorized? Now we've got the European union. With their gen general data protection regulation. The GDPR we talked about when it came into effect back in 2018, and I've helped a few companies to comply with that. [00:46:07] That's not my specialty. My specialty is the cybersecurity side. But in article five, this European law mandates that personal data must be collected for specified explicit and legitimate purposes and not further processed in a manner that is incompatible with those purposes. So what that means is that every piece of data, like where you are using Facebook or your religious orientation, Can only be collected and used for a specific purpose and not reused for another purpose. [00:46:45] So there's an example here that vice is giving in past Facebook, took the phone number that users provided to protect their accounts with two factor authentication and fed it to its people, you know, feature as well as. Advertisers. Yeah. Interesting. Eh, so Gizmoto with the help of academic researchers caught Facebook doing this, and eventually the company had to stop the practice. [00:47:13] Cuz this goes back to the earlier days where Facebook would say, Hey, find out if your friends are on Facebook, upload your contacts right now. And most people. Right. What did you know back then about trying to keep your data private, to try and stop the proliferation of information about you online and nothing. [00:47:34] Right? I think I probably even uploaded it back then thinking, well, that'd be nice to see if I got friends here. We can start chatting, et cetera. Well, according to legal experts that were interviewed by motherboard who wrote this article and has a copy of the internal me, uh, memo, this European regulation specifically prohibits that kind of repurposing of your phone number of trying to put together the social graph and the leak document shows that Facebook may not even have the ability to limit. [00:48:09] how it handles users data. Now I was on a number of radio stations this week, talking about this and the example I gave, I is just look at an average business from the time it start, you know, Facebook started how right. Well, you scrape in pictures of young women off of Harvard universities. Main catalog, right. [00:48:34] Contact page, and then asking people, well, what do you think of this rate? This person rate that person and off they go, right. Trying to rate them. Yeah, yeah, yeah. All that matters to a woman, at least according to mark Zuckerberg or all that matters about a woman is how she looks. Right. Do I think she's pretty or not ridiculous what he was doing? [00:48:54] I, it just, oh, that's Zuckerberg, right? That's. Who he is not a great guy anyways. So you go from stealing pictures of young ladies asking people to rate them, putting together some class information and stuff there at Harvard, and then moving on to other universities and then opening up even wider and wider. [00:49:19] And of course, that also created demand cuz you can't get on. If you're not at one of the universities that we have set it up for. And then you continue to grow. You're adding these universities, certain you're starting to collect data and you're making more money than God. So what do you do? Well, you don't have to worry about inefficiencies. [00:49:40] I'll tell you that. Right. One thing you don't have to do is worry about, oh, GE we've got a lot of redundant work going on here. We've got a lot of teams working on basically the same thing. No, you've got more money than you can possibly shake a stick at. So now you go ahead and send that, uh, money to this group or that group. [00:50:02] And they put together all of the basic information, right. That, that they want. They are. Pulling it out of this database and that database, and they're doing some correlation writing some really cool sequel queries with some incredible joins and everything else. Right. And now that becomes part of the main code for Facebook. [00:50:24] And then Facebook goes on to the next little project and they do the same thing. Then the next project, then the next project. And then someone comes along and says, uh, Hey, we. This feature, that feature for advertisers and then in that goes, and then along comes candidate Obama. And, uh, they, one of the groups inside Facebook says, yeah, yeah, yeah, here, here we go. [00:50:49] Here's all of the information we have about everybody and it's free. Don't worry about it. Right. And then when Trump actually bought it and hired a company to try and process some of that information he got in trouble. No, no, no, but, but the Obama. The whole campaign could get access to anything they wanted to, again, because the data wasn't controlled, they had no idea who was doing what with the data. [00:51:15] And according to this internal memo, they still don't know. They don't even know if they can possibly, uh, comply with these regulations, not just in Europe, but we have regulations in pretty much all of the 50 states in the us Canada of course, has their own Australia, New Zealand think about all the places. [00:51:38] Facebook makes a lot of money. So here's a quote from that we build systems with open borders. The result of these open systems and open culture is well described with an analogy. Imagine you hold a bottle of ink in your hand, the bottle of ink is a mixture of all kinds of user data. You pour that ink into a lake of water. [00:52:00] Okay. And it flows every. The document red. Right. So how do you put that ink back in the bottle, in the right bottle? How do you organize it again? So that it only flows to the allowed places in the lake? They're totally right about that. Where did they collect it from it? Apparently they don't even know where they got some of this information. [00:52:24] This data from kind of reminds me of the no fly list. Right. You don't know you're on it and you can't get yourself off of it. Right. It is kind of crazy. So this document that we're talking about was written last year by. Privacy engineers on the ad and business product team, whose mission is to make meaningful connections between people and businesses and which quote sits at the center of a monetization strategy monetization strategy. [00:52:51] And is the engine that powers Facebook's growth. interesting, interesting problems. And, and I see this being a problem well into the future for more and more of these companies, look at Twitter as an example that we've all heard about a lot lately. And I've talked about as well along comes Elon Musk and he says, well, wait a minute now. [00:53:13] Now I can make Twitter way more profitable. We're gonna get rid of however many people it's well over a thousand, and then we are going to hire more people. We're gonna start charging. We're gonna be more efficient. You can bet all of these redundancies that are in Facebook are also there on Twitter. and Twitter also has to comply with all of these regulations that Facebook is kind of freaking out about. [00:53:42] Well, it, for really a very good reason. So this document is available to anybody who wants to look at it. I'm looking at it right now, talking about regulatory landscape and the fundamental problems Facebook's data lake. And this is a problem that most companies have not. As bad as Facebook does, but most companies, right. [00:54:06] You grow. I, I have yet to walk into a business that needs help with cybersecurity and find everything in place as it should be, because it grew organically. Right. You, you started out with a little consumer firewall, router and wifi, and then you added to it and you put a switch here and you added another switch behind that and move things around. [00:54:29] This is normal. This is not total incompetence on the part of the management, but my gosh, I don't know. Maybe they need an Elon Musk. Just straighten them out as well. Hey, stick around. I'll be right back and sign up online@craigpeterson.com. [00:54:49] Apparently looting is one of the benefits of being a Russian soldier. And according to the reports coming out of Ukraine, they've been doing it a lot, but there's a tech angle on here that is really turning the tables on these Russian looters. [00:55:06] Thanks for being with me today. I really appreciate it. And I'm honored, frankly, to be in front of this microphone. , this is really something, you know, we, we know in wars, there are people that loot and typically the various militaries try and make sure, at least recently that that looting is kept to an absolute minimum. [00:55:29] Certainly the Americans, the British, even the Nazis during world war II, the, the, uh, the socialists they're in. Germany, uh, they, they tried to stop some of the looting that was going on. I, I think that's probably a very good thing, right. Because what you end up with is just all of these locals that are just totally upset with you. [00:55:57] I found a great article on the guardian and there's a village. Had been occupied for about a month by Russian troops and the people came back, they are just shocked to see what happened. They're giving a few examples of different towns. They found that alcohol was stolen and they left empty bottles behind food rappers, cigarette butts, thrown all over the place in apartments and homes. [00:56:26] Piles of feces blocking the toilets, family photographs torn, thrown around the house. They took away all of the clothes. This is a code from one of the people, literally everything, male and female coats, boots, shirts, jackets, even my dresses and lingerie. This is really, really something. Uh, it, the Soviets didn't do this, but now Russian. [00:56:50] Military apparently does. So over the past couple of weeks, there've been reporting from numerous places where Russian troops had occupied Ukrainian territory and the guardian, which is this UK newspaper collected evidences suggests looting by Russian forces was not merely a case of a few way, word soldiers, but a systematic part of Russian military behavior across multiple towns. [00:57:18] And villages. That's absolutely amazing. Another quote here, people saw the Russian soldiers loading everything onto Euro trucks, everything they could get their hands on a dozen houses on the villages. Main street had been looted as well as the shops. Other villagers reported losing washing machines, food laptops, even as sofa, air conditioners. [00:57:42] Being shipped back, just like, you know, you might use ups here, they have their equivalent over there. A lady here who was the head teacher in the school. She came back in, of course, found her home Lood and in the head teacher's office. she found an open pair of scissors that had been jammed into a plasma screen that was left behind because if they can't steal it, they're gonna destroy it. [00:58:08] They don't only leave anything behind. They found the Russians had taken most of the computers, the projectors and other electronic equipment. It, it, it's incredible. So let's talk about the turnaround here. A little. You might have heard stories about some of these bad guys that have smashed and grabbed their way into apple stores. [00:58:28] So they get into the apple store. They grab laptops on iPads, no longer iPods, cuz they don't make those anymore. And I phones. And they take them and they run with them. Well, nowadays there's not a whole lot of use for those. Now what they have been doing, some of these bad guys is, is they take some parts and use them in stolen equipment. [00:58:55] They sell them on the used market, et cetera. But when you're talking about something specific, like an iPhone that needs specific activation. Completely different problem arises for these guys because that iPhone needs to have a SIM card in order to get onto the cell network. And it also has built in serial numbers. [00:59:17] So what happens in those cases while apple goes ahead and disables them. So as soon as they connect to the internet, let's say they put 'em on wifi. They don't get a SIM card. They don't. service from T-Mobile or Verizon or whoever it might be. So now they disconnect to the wifi and it calls home, cuz it's gonna get updates. [00:59:37] So on download stuff from the app store and they find that it's been bricked. Now you can do that with a lot of mobile device managers that are available for. All kinds of equipment nowadays, but certainly apple equipment where if a phone is lost or stolen or a laptop or other pieces of equipment, you can get on the MDM and disable it, have it remotely erased, et cetera. [01:00:03] Now, police have had some interesting problems with that. Because a bad guy might go ahead and erase a smartphone. That's in the evidence locker at the police station. So they're, they're doing things like putting them into Fairday cages or static bags or other things to try and stop that. So I think we've established here that the higher tech equipment is pretty well protected. [01:00:28] You steal it. It's not gonna do you much. Good. So one of the things the Russian stole when they were in, uh, it's called, uh, I think you pronounce it. Uh, Mela me pole, uh, which is again, a Erian city is they stole all of the equipment from a farm equipment dealership and shipped it to Chenia. Now that's according to a source in, uh, a businessman in the area that CNN is reporting on. [01:01:01] So they shipped this equipment. We're talking about combines harvesters worth 300 grand a piece. They shipped it 700 miles. and the thieves were ultimately unable to use the equipment, cuz it had been locked remotely. So think about agriculture equipment that John Deere, in this case, these pieces of equipment, they, they drive themselves. [01:01:27] It's autonomous. It goes up and down the fields. Goes any pattern that you want to it'll bring itself within a foot or an inch of your boundaries, right. Of your property being very, very efficient the whole time, whether it's planting or harvesting, et cetera. And that's just a phenomenal thing because it saves so much time for the farmer makes it easier to do the companies like John Deere. [01:01:54] Want to sell as many pieces of this equipment as they possibly can. And farming is known to be a, what not terribly profitable business. It certainly isn't like Facebook. So how can they get this expensive equipment into the hands of a lot of farmers? Well, what they do is they lease it. So you can lease the equipment through leasing company or maybe directly from the manufacturer and now you're off and running. [01:02:22] But what happens if the lease isn't paid now? It's one thing. If you don't pay your lease on a $2,000 laptop, right? They're probably not gonna come hunting for you, but when you're talking about a $300,000 harvester, they're more interested. So the leasing company. Has titled to the equipment and the leasing company can shut it off remotely. [01:02:47] Right? You see where I'm going with this so that they can get their equipment in the hands of more farmers cuz the farmers can lease it. It costs them less. They don't have to have a big cash payment. Right? You see how this all works. So when the Russian forces stole this equipment, that's valued. Total value here is about $5 million. [01:03:08] They were able to shut it all. And obviously, if you can't start the engine, because it's all shut off and it's all run by computers nowadays, and you know, there's pros and cons to that. I think there's a lot of cons, but, uh, what are you gonna do? How's that gonna work for you? Well, it. Isn't going to work for you. [01:03:29] And they were able to track it. It had GPS trackers find out exactly where it was. That's how they know it was taken to Chenia and could be controlled remotely. And in this case, how'd they control it. Well, they completely. Shut it off. Even if they sell the harvesters for spare parts, they'll learn some money, but they sure can be able to sell 'em for the 300 grand that they were actually worth. [01:03:56] Hey, stick around. We'll be right back and visit me online@craigpeterson.com. If you sign up there, you'll be able to get my insider show note. And every week I have a quick five. Training right there in your emails, Craig Peter san.com. That's S O N in case you're wondering. [01:04:21] If you've been worried about ransomware, you are right to worry. It's up. It's costly. And we're gonna talk about that right now. What are the stats? What can you do? What happens if you do get hacked? Interesting world. [01:04:37] Ransomware has been a very long running problem. I remember a client of ours, a car dealership who we had gone in. [01:04:48] We had improved all of their systems and their security and one of their. People who was actually a senior manager, ended up downloading a piece of ransomware, one of these encrypted ones and opened it up and his machine, all of a sudden TA, guess what it had ransomware on it. One of those big reds. [01:05:10] Greens that say pay up is send us this much Bitcoin. And here's our address. Right. All of that sort of stuff. And he called us up and said, what what's going on here? What happened? Well, first of all, don't bring your own machine into the office. Secondly, don't open up particularly encrypted files using the password that they gave. [01:05:33] and thirdly, we stopped it automatically. It did not spread. We were able to completely restore his computer. Now let's consider here at the consequences of what happened. So he obviously was scared. Uh, and within a matter of a couple of hours, we actually had him back to where he was and it didn't spread. [01:06:01] So the consequences there, they, they weren't that bad. But how about if it had gotten worse? How about if they ransomware. Also before it started holding his computer ransom, went out and found all of the data about their customers. Right. Would, do you think an auto dealership would love to hear that all of their customer data was stolen and released all of the personal data of all of their customers? [01:06:28] Right? Obviously not. So there's a potential cost there. And then how long do you think it would take a normal company? That thinks they have backups to get back online. Well, I can tell you it'll take quite a while because the biggest problem is most backups don't work. We have yet to go into a business that was actually doing backups that would work to help restore them. [01:06:55] And if you're interested, I can send you, I I've got something. I wrote up. Be glad to email it back to you. Uh, obviously as usual, no charge. and you'll be able to go into that and figure out what you should do. Cause I, I break it down into the different types of backups and why you might want to use them or why you might not want to use them, but ransomware. [01:07:19] Is a kind of a pernicious nasty little thing, particularly nowadays, because it's two, two factor, right. First is they've encrypted your data. You can't get to it. And then the second side of that is okay, well, I can't get to my data and now they're threatening to hold my data ransom or they'll release. So they they'll put it out there. [01:07:43] And of course, if you're in a regulated industry, which actually car dealers are because they deal with financial transactions, leases, loans, that sort of thing, uh, you can lose your license for your business. You can U lose your ability to go ahead and frankly, uh, make loans and work with financial companies and financial instruments. [01:08:08] It could be a very, very big deal. so there are a lot of potential things that can happen all the way from losing your reputation as a business or an individual losing all of the money in your operating account. And we, again, we've got a client that, uh, we picked up afterwards. That, uh, yes, indeed. They lost all of the money in their operating account. [01:08:32] And, uh, then how do you make payroll? How do you do things? Well, there's a new study that came out from checkpoint. Checkpoint is one of the original firewall companies and they had a look at ransomware. What are the costs of ransomware? Now bottom line, I'm looking at some stats here on a couple of different sites. [01:08:53] Uh, one is by the way, KTI, which is a big ransomware gang that also got hacked after they said we are going to attack anyone that. Uh, that doesn't defend Vlad's invasion of Ukraine, and then they got hacked and their information was released, but here's ransomware statistics. This is from cloud words. Uh, first of all, the largest ransom demand is $50 million. [01:09:21] And that was in 2021 to Acer big computer company. Now 37% of businesses were hit by ransomware. In 2021. This is amazing. They're they're expecting by 2031. So in about a decade, ransomware is gonna be costing about $265 billion a year. Now on average, uh, Ransomware costs businesses. 1.8, 5 million to recover from an attack. [01:09:53] Now that's obviously not a one or two person place, but think of the car dealer again, how much money are they going to make over the year or over the life of the business? Right? If you're a car dealer, you have a to print money, right? You you're selling car model or cars from manufacturer X. And now you have the right to do that and they can remove that. [01:10:16] Right? How many tens, hundreds of millions of dollars might that end up costing you? Yeah. Big deal. Total cost of ransomware last year, 20 billion. Now these are the interesting statistics here right now. So pay closer attention to this 32% of ransomware victims paid a ransom demand. So about her third paid ransom demand. [01:10:41] Last. it's it's actually down. Cuz my recollection is it used to be about 50% would pay a ransom. Now on average that one third of victims that paid a ransom only recovered 65% of their data. Now that differs from a number I've been using from the FBI. That's a little bit older that was saying it's it's a little, little better than 50%, but 65% of pain victims recovered their data. [01:11:12] Now isn't that absolutely amazing. Now 57% of companies are able to recover the data using a cloud backup. Now think about the different types of backup cloud backup is something that can work pretty well if you're a home user, but how long did it take for your system to get backed? Probably took weeks, right? [01:11:35] For a, a regular computer over a regular internet line. Now restoring from backup's gonna be faster because your down link is usually faster than your uplink. That's not true for businesses that have real internet service, like, uh, ours. It it's the same bandwidth up as it is down. But it can take again, days or weeks to try and recover your machine. [01:11:58] So it's very, very expensive. And I wish I had more time to go into this, but looking at the costs here and the fact that insurance companies are no longer paying out for a lot of these ransomware attacks, it could be incredibly expensive for you incredibly. So here you. The number one business types by industry for ransomware tax retail. [01:12:32] That makes sense. Doesn't it. Real estate. Electrical contractors, law firms and wholesale building materials. Isn't that interesting? And that's probably because none of these people are really aware, conscious of doing what, of keeping their data secure of having a good it team, a good it department. So there's your bottom line. [01:12:59] Uh, those are the guys that are getting hit. The most, the numbers are increasing dramatically and your costs are not just in the money. You might pay as a ransom. And so, as it turns out in pretty much every case prevention. Is less expensive and much better than the cure of trying to pay ransom or trying to restore from backups. [01:13:26] Hey, you're listening to Craig Peterson. You can get my weekly show notes by just going to Craig peterson.com. And I'll also send you my special report on how to do passwords stick around will be right back. [01:13:44] You know, you and I have talked about passwords before the way to generate them and how important they are. And we we'll go over that again a little bit in just a second, but there is a new standard out there that will eliminate the need for passwords. [01:14:00] Passwords are kind of an, a necessary evil, at least they have been forever. I, I remember, I think the only system I've ever really used that did not require passwords was the IBM 360. [01:14:17] Yeah, 360, you know, you punch up the cards, all of the JCL you feed the card deck in and off it goes. And does this little thing that was a different day, a different era. When I started in college in university, we. We had remote systems, timeshare systems that we could log into. And there weren't much in the line of password requirements in, but you had a username. [01:14:47] You had a simple password. And I remember one of our instructors, his name was Robert, Andrew Lang. And, uh, his password was always some sort of a combination of RA Lang. So it was always easy to guess what his, what his password was. Today, it has gotten a lot worse today. We have devices with us all of the time. [01:15:09] You might be wearing a smart watch. That requires a password. You of course probably have a smart phone. That's also maybe requiring a password, certainly after boots nowadays they use fingerprints or facial recognition, which is handy, but has its own drawbacks. But how about the websites? You're going to the systems you're using when you're at work and logging in, they all require passwords. [01:15:39] And usernames of some sort or another well, apple, Google, and Microsoft have all committed to expanding their support for a standard. That's actually been out there for, for a few years. It's called the Fido standard. And the idea behind this is that you don't have to have a password in order to log. Now that's really kind of an interesting thing, right? [01:16:07] Just looking at it because we're, we're so used to having this password only authentic. And of course the, the thing to do there is make sure you have for your password, multiple words in the password, it should really be a pass phrase. And between the words put in special characters or numbers, maybe mix. [01:16:29] Upper lowercase a little bit. In those words, those are the best passwords, you know, 20 characters, 30 characters long. And then if you have to have a pin, I typically use a 12 digit pin. And how do I remember all of these? Cuz I use a completely different password for every website and right now, Let me pull it up. [01:16:52] I'm using one password dot com's password manager. And my main password for that is about 25 characters long. And I have thirty one hundred and thirty five. Entries here in my password manager, 3,100. That is a whole lot of passwords, right? As well as, um, software licenses and a few other things in there. [01:17:19] That's how we remember them is using a password manager. One password.com is my favorite. Now, obviously I don't make any money by referring you there. I, I really do like that. Uh, some others that I've liked in the past include last pass, but they really messed. With some of their cybersecurity last year and I lost, lost my faith in it. [01:17:41] So now what they're trying to do is make these websites that we go to as well as some apps to have a consistent, secure, and passwordless sign in. and they're gonna make it available to consumers across all kinds of devices and platforms. That's why you've got apple, Google, and Microsoft all committing to it. [01:18:05] And you can bet everybody else is going to follow along because there's hundreds of other companies that have de

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Our guest this week is Larry Siegel. He is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research for the Ford Foundation's investment division for 15 years. Siegel began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and TheJournal of Investing. Siegel is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. He earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago Booth School of Business.BackgroundBioUnknown Knowns: On Economics, Investing, Progress, and Folly, by Laurence SiegelFewer, Richer, Greener: Prospects for Humanity in an Age of Abundance, by Laurence SiegelResearch"Lifetime Financial Advice: Human Capital, Asset Allocation, and Insurance," by Roger Ibbotson, Moshe Arye Milevsky, and Kevin Zhu, ResearchGate, January 2007.Popularity: A Bridge Between Classical and Behavioral Finance, by Roger Ibbotson, Thomas Idzorek, Paul Kaplan, and James Xiong, Jan. 15, 2019."Bursting the Bubble—Rationality in a Seemingly Irrational Market," by David F. DeRosa, SSRN, April 29, 2021."Equity Risk Premium Forum: Don't Bet Against a Bubble?," by Paul McCaffrey, CFA Institute, April 8, 2022.The Myth of Artificial Intelligence: Why Computers Can't Think the Way We Do, by Erik Larson, April 6, 2021."Value Investing: Robots Versus People," by Laurence Siegel, larrysiegel.org, June 30, 2017.Endowments and Investing Lessons"Don't Give Up the Ship: The Future of the Endowment Model," by Laurence Siegel, larrysiegel.org, April 7, 2021."Where's Tobin? Protecting Intergenerational Equity for Endowments: A New Benchmarking Approach," by M. Barton Waring and Laurence Siegel, larrysiegel.org, April 21, 2022."Debunking Nine and a Half Myths of Investing," by Laurence Siegel, larrysiegel.org, March 12, 2020.Inflation"Protecting Portfolios Against Inflation," by Eugene Podkaminer, Wylie Tollette, and Laurence Siegel, The Journal of Investing, April 2022."The Novelty of the Coronavirus: What It Means for Markets," by Laurence Siegel, larrysiegel.com, April 1, 2020."Will Demographic Trends Drive Higher Inflation and Interest Rates?" by Laurence Siegel, larrysiegel.com, Feb. 10, 2021.Other"Cliff Asness: Value Stocks Still Look Like a Bargain," The Long View podcast, Morningstar.com, May 31, 2022."Tom Idzorek: Exploring the Role of Human and Financial Capital in Retirement Planning," The Long View podcast, Morningstar.com, June 7, 2022.TranscriptJeff Ptak: Hi, and welcome to The Long View. I'm Jeff Ptak, chief ratings officer for Morningstar Research Services.Christine Benz: And I'm Christine Benz, director of personal finance and retirement planning for Morningstar.Ptak: Our guest this week is Larry Siegel. Larry is the Gary P. Brinson director of research at the CFA Institute Research Foundation. Prior to that, he was director of research at the Ford Foundation's investment division for 15 years. Larry began his career at Ibbotson Associates in 1979. He specializes in asset management and investment consulting and has served on various boards as both an advisor and a director. He has also served on the editorial board of the Financial Analysts Journal and currently serves on the editorial board of The Journal of Portfolio Management and The Journal of Investing. Larry is a prolific writer and has authored several critically acclaimed books in recent years, including Unknown Knowns: On Economics, Investing, Progress, and Folly as well as Fewer, Richer, Greener: Prospects for Humanity in an Age of Abundance. Larry earned his Bachelor of Arts from the University of Chicago and his MBA in finance at the University of Chicago, Booth School of Business.Larry, welcome to The Long View.Laurence Siegel: Thank you.Ptak: Thank you so much for joining us. We're really excited to chat with you. I wanted to start with your early career. You worked for Roger Ibbotson early in your career. In fact, you were Ibbotson's first employee if I'm not mistaken. Talk about Roger's influence on you and more broadly, the impact he has had on our understanding of markets and investing.Siegel: Roger was not only my first boss, he was my first finance professor at the University of Chicago. So, I got fed the Ibbotson—and to give credit where it's due, to Sinquefield—view of the markets early. I was 21 years old. And I would describe that view as that asset classes are what's important; that security, individual securities, are best viewed as components of asset classes, although when you get involved in the business, you realize that you have to understand the market at the security level, too; and that long-term performance is very strongly in favor of equities. So, at the time, pension funds, who were the main customers for Ibbotson Associates' work, had relatively little in equities, and one of our missions was to improve the returns of those funds and thus for the sponsors and the employees by holding more equities. This was in the early ‘80s. I was hired in 1979. So, you can see that was a good strategy.Benz: So, sticking with your background in your early career, you think young professionals should have a grounding in the humanities and liberal arts. Why is that?Siegel: Well, not every single one needs to, but the ones who are going to rise to the top in the business need a grounding in the common cultural heritage of the human race, and that's given by humanities and social sciences that the liberal arts broadly construed. Investors invest in businesses or governments, but mostly businesses, and businesses exist to serve the needs and wants of people, an ever-changing group of people around the world. So, without a deep understanding of human affairs—in other words, of the why of business—young investment professionals are likely to fall into some intellectual traps: short-termism, geographically narrow thinking, where you only think about your own country, and a bunch of other well-documented behavioral biases—you shouldn't do that.Ptak: Maybe a dumb question to follow up on that: Why doesn't the market do a better job of creating incentives to ensure that younger professionals—let's talk about those who are heading into finance and in investing in particular—that they have a liberal arts background and they're able to better avoid some of those traps? Why haven't those incentives really taken shape and why is it still so typical to see this procession of MBAs and people with the traditional finance background dominating finance and investing?Siegel: Well, if you're as old as me, I'm 68, you have observed that it used to. The market, when I was getting out of school, was in a very different position. There weren't many MBAs. It was an unpopular decision to go to business school. And most of the people who were accepted in business school had an Ivy Plus background where a liberal arts education is required in order to graduate. By Ivy Plus I mean the University of Chicago, Stanford, Northwestern, places like that, plus the Ivy League. So, this staffed the investment business with a fairly broadly educated group of people. What happened in the next 40 years is that business got too big. And the MBA programs mushroomed from a little specialty of a dozen or two dozen schools to something that everybody felt they had to get in order to get a job. So, it just became more of a trade school degree rather than an academic degree. And I'm sorry if I'm offending anybody here, but that's the way I see it. And the investment business became more of a trade. So, the market became less efficient, I think, because it just got so big that it had to pull in a lot of different people, including people who had specialized early because they wanted to be in finance because they were seeing people in finance made a lot of money.Benz: Speaking of specialization, do you think that the only way to truly specialize is to have had a generalist humanistic education first? In other words, are the most successful specialists people who trained as generalists first and is there any evidence for this?Siegel: I think there is among CEOs and maybe CIOs, chief investment officers. The greatest businesspeople in the world have generally had a pretty broad background and a lot of them started, the legend is in the mail room, but they may have started in engineering, accounting. They may have started in sales. Whatever they did, they found their way to the investment business through a kind of evolution over time. An organization needs foxes and hedgehogs. Isaiah Berlin, drawing on an ancient Greek story, said that there are two kinds of people of foxes who know a little about everything and hedgehogs who no one big thing. Einstein, for example, was a hedgehog. He really only cared about physics, and he was very productive. We would have a very different world without him. I am suggesting that you're better off looking for foxes, but you also want to have a few Einsteins in there, and an organization that consists entirely of foxes would be very unfocused and would be more like a college dorm than a business.Ptak: Wanted to shift and talk about something that seems like it's been an awfully short supply lately, which is optimism. You wrote a book called Fewer, Richer, Greener, evincing optimism about the global economy and humanity in general. Have you always been an optimistic person? Or has it gone back and forth or been situation dependent?Siegel: I've always been an optimistic person in terms of my intrinsic biases. I do know enough economic history and regular history to know that living conditions have improved so much in the last 250 years, and actually in the last 50, that you'd be kind of crazy to deny that things have improved. This is a bad year and a bad decade. And it's very easy to become pessimistic when you read the news or check the stock market or look at the world situation with wars and so forth. But underneath the surface of all this chaos and negativity, technology is continuing to advance at an amazing rate of speed. And what we really rely on for economic growth is improvements in technology, where I use the word technology to mean it very broadly. Technology is not just the gadgets or computing power. It's biology. It's social technology—my ability to gather together a bunch of people in a Zoom meeting from all over the world and have a board meeting. And as this technology has grown in the broad sense, we have made our lives much easier; work has gotten easier. We do less of it. The 80-hour work week has now become a specialty of doctors, lawyers, and CEOs. Coal miners—my father-in-law was a coal miner and he worked 80 hours a week in a coal mine when they let him. He would have preferred to work 40, but he needed the money. So, we have an economy in which we produce an awful lot without doing all that much, frankly. We have probably the easiest lives of any population that's ever existed.Benz: Optimism seems like one of those secret weapons in investing, in finance in that if you're optimistic, you're more likely to stick with it, stick with your plan, and markets have tended to reward people who have stuck with it over the longer term. But it's hard to be optimistic about the long term given how unknowable things are. So, is the equity-risk premium compensation for subjecting ourselves to that unknowability?Siegel: Yes. There are two kinds of risks. One is fluctuations in asset prices. We all know what that is. The market just went down 20% or 25%, and we're feeling it. And we might forget this, but it went down 34% in a month in the spring of 2020, which is a profound dislocation in the markets. And a few months later, we forgot it. The other kind of risk is actually more profound, and it's the possibility that our general expectations for assets are wrong. And if you look back, equities have returned about real 7%, 7% plus inflation. Going forward, it's pretty unlikely that they're going to do that over the next 20 or 30 years just because of the high prices. Even if economic growth were as rapid in the future as it was in the past, you want to pay less rather than more for the stocks. So, right now, they're selling at a premium to their historical average. That conventional asset-allocation input of equities generate 6.7% or 7% real is almost certainly too optimistic, and we've got to do what Jack Bogle said, which is budget for it. We can't all earn alpha and earn a higher return, because the net alpha in the market is 0, so we would all be trying to take it away from somebody else. We have to budget for lower returns.When you look at the bond market, it's even worse. Bonds seem to be priced to yield about real 0%  to real 1%. That's much lower than the historical average, about half the historical average.Ptak: You got that right. It looks like real yields across the yield curve 49 to 99 basis points as of yesterday, which would be July 11, so a pretty paltry real yield. I did want to, if I may, stick with the general topic of optimism and its nexus with investing, talk about that in the context of value investing. I sometimes wonder if value investing pays off because it's so repulsive over long stretches that it's almost impossible to be optimistic. That does, though, raise questions about the implications for its practical usability. For instance, if investors are likely to give up on it because they do find it so repulsive when it underperforms growth as it had done until relatively recently, they might miss out on some of that payoff, which can come in bunches. Or do you think that's off base? Do you think that value investing really is usable, you just have to stick with it long enough?Siegel: I think that value investing is usable. But you shouldn't concentrate your whole portfolio in it. What we've seen is that the pendulum has swung between value and growth in very long cycles and large cycles where value does much better or much worse for the entire time that data are available. Fama and French did this back to 1927 and you get these five- to 15-year swings, which is so long that people give up on either value or growth at exactly the wrong time. So, in 2007, value had outperformed massively, and it was a great time to buy growth stocks because we were just about to enter not a tech bubble but a period of tech innovation that produced huge returns for a decade and a half. Anybody who went against the grain, anybody who went against the tide and overweighted growth stocks did much better than the market from 2007 until a year or two ago. Now people are saying, only growth works, so value is disgusting. And the more disgusted you are, the more likely it is to work. I would overweight value right now, but not all the time.Benz: I wanted to ask about intuition. It's something that tends to be greatly valued in everyday life, but it can lead us astray when it comes to investing. For example, in March 2020, which you referenced earlier, few of us expected the great snap back in the markets because intuitively we knew the pandemic would be bad for humanity. Do you think intuition was a better model for investing before markets became so efficient or has it never really worked?Siegel: Well, informed intuition, if you've spent a lifetime in, let's say, engineering and you know something about the way that computers are put together or the internet is put together or something, you might have had the intuition that this was going to be a profound change in the way everybody did everything and you bought those stocks. But the problem is that most people who bought the stocks in the first tech wave, in the 1990s, bought them without knowing anything about the individual companies. They were right about the technology; they were wrong about the companies. So, you would now have a portfolio of AltaVista and Netscape and AOL and a bunch of other companies that had promised but they were just outcompeted by somebody else. So, I would rather hang my hat on analysis than intuition unless you just happen to be one of those people with special inside knowledge but that is obtained legally. But most people who think they have inside knowledge don't. So, I would try to avoid relying on intuition too much.Ptak: Wanted to shift and talk about your role at the CFA Institute. You have a lot of experience assessing research proposals in that role. What are the best pieces of research have in common based on your experience?Siegel: Well, they draw heavily on theory to make practical recommendations that can be implemented in the short to medium term. And going back to Roger Ibbotson, we published a piece in 2007 on lifetime financial advice that came from Roger with several colleagues. We are about to publish, but have not yet received the manuscript, the second installment of that from Paul Kaplan, Tom Idzorek, and a third author whose name I forget, and that will come out later this year or early next year. So, even though they're 15 years apart, the Ibbotson people have an integrated theory of investing insurance, annuities—all these different tools in order to provide people with a lifetime income that's secure and yet has the room for adding value through either asset allocation or security selection alpha. So, that's the kind of research I like most. We sometimes have also done pieces that step outside of the box of the Financial Analysts Journal or the Journal of Portfolio Management -type of research and look at a broader set of issues—for example, geopolitics, demography. There was a beautiful piece by David DeRosa on bubbles. He's against them. I don't know how he can be for or against bubbles. Either bubbles are or bubbles are not. But he takes the position that what we think are bubbles are mostly rational responses to circumstances and then when the circumstances change, the bubble bursts. But it wasn't a bubble; it was rational at the time. I don't know that I buy that 100%, but it sure was interesting reading his logic because he expresses it so well. So, these are the kinds of research I enjoy the most.I've also done some of my own research here. I am compiling for the CFA Institute Research Foundation a book on the equity risk premium, which was a symposium of 11 fairly famous people—Marty Leibowitz, Rob Arnott, Cliff Asness and so forth—which I led. I'm not one of the famous people, but I know them all socially, so I was able to get them to come. And I edited it with a co-editor, Paul McCaffrey, who is producing a book on that as we speak. It could come out in the next month.Ptak: I did want to ask you about what's become the new rage in investing research and portfolio management, which is combining quantitative and human-driven decisions. If you had to draw up a CFA curricula for a bot, how would it differ for the current human-based curricula? And on the flip side, how do you think the current human curricula ought to be reshaped to account for the rise of things like machine learning? Is that something you've given any consideration?Siegel: A little bit. I'm writing a book review right now for Advisor Perspectives, which is an industry newsletter, a very good one. And the review is of a book by Erik Larson that's called The Myth of Artificial Intelligence. I'm giving it a good review, so you can see where I'm going to come out. I believe that machine learning is a real thing. Machines can be programmed to learn, and that's a valuable tool in investment management. But when you step beyond that to the idea of artificial general intelligence, I think it's an illusion caused by very fast computers, very big data and very clever programmers who want to create that illusion. So, we have had 300 million years of evolution—not as human beings obviously but as animals—to develop a set of connections in our brains that actually are intelligent. Yet intelligence in the sense that we are talking about now didn't really emerge until the last 200,000 years. So, it is rare. It is fragile. And we don't know what it is. It's like Justice Potter Stewart said about pornography: We don't know what it is, but we know it when we see it. And to imagine that we're, as human beings, of one level of intelligence, whatever we are, can build a machine in a few decades of those 200,000 years that's more intelligent than we are with all that evolutionary heritage is frankly ridiculous. These machines are going to do what we tell them to do. But if we tell them using instructions that are crafted well enough, it will give the illusion of being intelligent. When I don't know how something works, like everybody else, I tend to think it's magic. I'm driving and there are two or three cars lined up at a red light, it immediately turns green and makes the other traffic stop because it's a smart red light, and all it's doing is counting the number of cars that are waiting for it to turn and changes the cycle, changes the frequency, according to the traffic instead of operating on a fixed time cycle. But it looks like a pretty smart red light when you haven't encountered it before and you say “Gee, that's really amazing.” Well, I think that AI as we're experiencing it now is kind of the same as that. It's just a technology that other people understand because they developed it, but we don't because we don't have the knowledge and so we feel like it's magic or intelligence, whichever you want to call it.Benz: There's been a lot written about the glut of skilled, highly trained professionals in the investing field. Can you talk about the level of competition you see now versus what you saw earlier in your career?Siegel: The industry has become way too big. Every stockbroker has become a financial advisor. Ninety-six percent of them ought to tell people buy, hold, diversify, and rebalance and minimize taxes, and then they have to fill in that outline through implementation. In other words, somebody has to do it; their clients aren't qualified to do it. But they should mostly be telling people to buy index funds and to use premixed asset-allocation decisions that conform to what somebody at the headquarters has decided is optimal. To add value for an individual, what you really need to do is be more like a psychologist and a life counselor who says, “You have too much debt, you're not saving enough; you have too many houses; at some point your assets become a liability.” Or you don't have a house at all, you are a renter—you might want to consider a house as a hedge against inflation. But telling them which securities to buy or micromanaging the list of mutual funds, to me, is a fool's errand for most people.Inside the business, that's the public-facing side. Inside the business there are too many security analysts, too many asset allocators, too many broker/dealers. And I think that competition has become more and more people fighting over fewer and fewer real alpha opportunities, and that's why the competition feels so fierce. It used to be an easy business. And it's not easy anymore because the market is more efficient, I guess.Ptak: Wanted to shift gears and talk about asset allocation, specifically the 60/40 portfolio. And my question for you, which is a question I think many are asking, is the 60/40 debt. It's having one of its worst years ever. But the paradox is that yields are now, albeit they're still paltry, they're now a little bit higher and valuations are a tad lower, which you'd think would boost the 60/40's future prospects. What's your take on the 60/40, Larry?Siegel: I think that it's a pretty good consensus outcome of people buying what's available in the market. If you look at the supply of securities, it has to be somewhere around 60/40 because everybody holds it, and the supply and demand have to equilibrate in the long run. But why do issuers produce that ratio? I think that the underlying reason is that for a very long period of history, bonds were a very good investment. If you didn't have 40% in bonds, you wanted to, because they were producing high real returns. And that period is roughly 1981 to 2007. It's a long time. From 1940 to 1981, bonds did terribly because interest rates were going up and up and up, and we didn't have a lot of 60/40 portfolios, but what we had was mostly 0 or 100. Institutions bought fixed income to fund their pension plans. They bought fixed income to fund if there were insurance companies. The big money was in fixed income and equities were this gravy—you sold some stocks to some rich people. And over time as the stock market went up and the bond market didn't go up, you had greater interest in equities, and the consultants who emerged from this world of pension funds settled on 60/40 as a consensus. And so, you've got what I call the standard model. The allocators picked from a list of active managers in each asset class, usually buy way too many of them, didn't have access to index funds or didn't want to buy them. And so, they compared the performance of their active managers to benchmarks, fired the underperforming ones, gave more money to the outperforming ones, and since these things tend to run in cycles, generally underperform the market. They also had to have an overall asset-allocation policy where 50/50 was the tradition that they'd been coming from, but they moved it up to 60/40 because the stock market was beating the bond market and it just stayed there. Stocks are risky. So, 70/30 or 80/20 seemed like it was too volumed. We're all human, and we do what we see the person next to us doing. I think it's really just consensus-building, although there is a supply aspect to it. You have to buy what's out there. And if we all decided to increase our allocation to equities, we couldn't. But we would just be buying them from each other. This is a point Cliff Asness made. He can usually be counted on for very good thinking.Benz: Our research has found that fund investors tend to do a really poor job of utilizing so-called liquid alternative funds. If you take the illiquidity and gates away from alternatives, do you think they can still work for individual investors in the form of liquid alternatives?Siegel: Well, the term liquid alternatives has changed over time. When I started hearing about liquid alternatives in the early to mid-90s, it meant hedge funds and to some extent managed-futures funds because the stuff they were buying was liquid, and then the illiquid alternatives were venture capital and private equity. Over time, liquid alternatives have come to mean liquid to the investor. And when you securitize an alternative investment, you've removed—so that you can trade it like a stock—you've removed the one thing that has tended to give alternative investments better returns, which is the lockup. If you can lock up somebody's money for a long time, you can take risks that don't necessarily pay off in the short run, but that may pay off in the long run. If you take that away, I would rather just invest in liquid nonalternatives, stocks, bonds, and some real estate. Although some people call real estate an alternative. It's the oldest asset class, so I'm reluctant to put it in the alternatives bucket.Ptak: Wanted to shift and talk about endowments. You spent a good chunk of your career in the endowment world. And as you know, a lot of ink has been spilled concerning debates over the endowment model. Some decried it as costly and complex, others defend it as path-breaking. What are the lessons an advisor or an individual investor should take away from the success of the endowment approach? And conversely, what are the lessons they need to unlearn, so to speak?Siegel: I'll start with the last one because it's so easy. The lesson they need to unlearn is that if David Swensen can do it, so can I. He and the people at other big endowments and foundations have access to the best funds because they come to you, you don't have to go ferret them out. The best people they can afford to hire, outstanding analysts and other chief investment officers who can make millions. And if they do lose money, they have this capability of withstanding some pain. A foundation, in particular, which doesn't have professors to pay, or buildings to maintain, or students to give scholarships to, has to pay out 5% of whatever it has at the time, so if it loses some of the assets, their liabilities go down too in a one-to-one correspondence and so, at some level, they don't care. Of course, they do care because it's always better to have more money to give away than less. But the foundation isn't going to be destroyed by a 20% decline in the market.Endowments are a little trickier because the liabilities are not so flexible. If you start paying your professors less, they will just go to another place that doesn't pay less. Students will do the same thing. But these institutions also have a lot of reserve in their fundraising ability. An ordinary individual investor doesn't have any of this backstop. If I want to raise funds, I have to work harder. I'm already working as hard as I can. And I don't have the option to reduce my liabilities by saying I'm just not going to pay them. So, individuals have to be inherently more conservative. You get older, life becomes a race against diminishing capabilities and your risk level has to go down as you get older. So, there's a lifecycle effect that institutions don't experience. So, I would say that's the main lesson is, endowments and foundations have generally done well, but they have some structural advantages over individuals. Unless you have a rich uncle—a university has a rich uncle—which is the alumni and yet that's not an unlimited resource any more than your rich uncle is. But it is a backstop for bad performance.Benz: One investing paradox is that success demands humility, but humility is a tough sell. What's the humblest thing an investor can do to boost their odds of success while also attracting clients? Is it to have a long time horizon?Siegel: Well, the humblest thing an investor can do is buy index funds. It says to the client, I don't know what stocks are going to do best, but other people collectively as a market make pretty good decisions, so I'm just going to trust them to say the prices are roughly right. And when you buy an index fund, you're making a bet that the prices are roughly right. They're obviously not exactly right. In terms of having a long time horizon, it can be humility, or it could be hubris. I can claim to have a long time horizon, but I don't know what liabilities I'm going to face tomorrow, so I better have a short time horizon with some of my investments and I could also live 30 more years, so I need to have a long time horizon with other parts of my portfolio. But the time horizon issue I don't see so much as humility versus hubris, but it's a planning tool that a lot of people don't use effectively.Ptak: One of your more popular pieces of writing in recent years was an article you wrote on investing myths. If I'm not mistaken, I think you've updated it a few times to this point, the most recent being in 2020. Why'd you write it, and how would you change it if you were to update the piece yet again today?Siegel: I wrote it because somebody in Brazil paid me to come down there and give a talk on Siegel's Nine Myths of Investing. So, when that gave me an outline I had to fill in. Most of the myths have changed over time. I've updated it every two to five years. And what would I change now? Well, first of all, you'd have to go back and look at what the myths are. I don't really think I have time to go over all of them. But the one that I would change today is that stocks and bonds are always negatively correlated, so each is a good hedge against the other. It's not true. It runs in cycles. There was a period where they were positively correlated in the ‘90s and then before that at some other time, and all of a sudden, it's back. So, with stock market down, the bond market is also down, and people say, "Diversification doesn't work." Well, first of all, nobody told you to go out and buy the longest bond. Diversification within the bond market works in the sense of holding some less-volatile, shorter-term securities. They sacrifice some yield in order to get that safety. Secondly, stocks and bonds will again be uncorrelated or negatively correlated someday. But this is not that day. And there are other assets. The one that comes to mind is the original alternative investment: cash. Right now, you're losing money in cash in real terms, because inflation is so high. But, on average, over time cash has paid a percent or so over the inflation rate. And then the other one is real estate. I keep coming back to real estate because it has become the unloved stepchild in the investment world. And other than their house, nobody has any. The last time I heard somebody talking about real estate as an investment was probably in the decade of the 2000s, and probably it was going up a lot. Then there was a crash. And the crash stuck in people's minds while real estate itself turned around and went up again. And there may yet be another crash, but it's just another asset class that should probably be in your toolkit.Other myths—I kind of went out on a limb in the last version of that article and started talking more about social and political issues. One is that we can transition to entirely green energy without disrupting the entire world economy. We can't. We either have to transition slowly, which may not be good enough, but I actually happen to think it is, because energy transitions have taken a half century or so—wood, coal, coal to oil, oil to natural gas, and so forth—and the next transition is not going to be all solar and wind. Nuclear power is going to be a vital and probably the most important part of it. So, if the myth that you're subscribing to is the, let's call it the European version, although that's not quite fair because they have plenty of nuclear power in Europe. It's not going to happen, but we're going to need all the energy we've got, because the world is getting richer fast. Growth rates in China are down to 5%. That's still huge. Indonesia is higher than that, and it's a country of 300 million people that most Americans couldn't find on a map. The energy demands are going to be huge from all these different parts of the world that are growing and becoming middle class. And so that myth is something I spent a little time on in the article and I would write more about it next time.Benz: You more or less predicted the spate of inflation we would have before it happened. In fact, one of the myths you wrote about in 2020 was that the government could borrow all it wanted without sparking inflation. What did you see then and what do you think people should be monitoring to assess how long high inflation will persist into the future?Siegel: My forecast at the time was based on basic economic history from the 1700 and 1800s, which is that when the government borrows more money than it can pay back, it's going to pay it back anyway but in cheaper dollars. And the way that you get cheaper dollars is to have inflation. Inflation is a transfer of resources, of real resources, from savers who are bondholders and cash holders, to borrowers, which in this case is the government itself. So, it's tax. So, when you have a budget—that's how government budgets, it's out of balance by a lot for a long time— you're going to have a lot of inflation, because it's the only way the government is going to be able to make those payments on the bonds. I didn't see anything in the economy other than the budget deficits. And it was so early that you could say, I was wrong. There's not much difference between being a decade and a half early and being outright wrong. So, I'll say I was wrong.What I didn't see was the supply catastrophe that came with COVID and our response to COVID. So, when you get a supply shock like the one we've just been through, prices are going to rise, and you don't even need an unbalanced government budget, you don't need budget deficits for prices to rise when there are shortages of things because by ships not being able to dock and workers not coming to work, we just have never seen anything like this. And so, I think the inflation rate will come down from these astronomical rates to something more normal, 2%, 3%, 4%, 5%, but we're not going to go back to zero to 2, because governments have over-leveraged, and deleveraging is always inflationary.Ptak: What role do you think top-down macro should play in an allocation and investing process? Obviously, it's hard to correctly make a macro bet, though we've just talked about one you did correctly make, but it's even harder to translate that into a successful investment. So, should most people just avoid macro and diversify and call it a day?Siegel: If you mean macro bets to guide your general asset-allocation philosophy, I think you should. In other words, if you believe, as I do, that global economic growth, while slowing, is going to be very large in absolute terms for a very long time. In other words, the absolute terms meaning the number of overall dollars, or whatever your currency is, generated by the world economy that you want to hold equities because bonds don't give you a claim to that growth. And they give you a very indistinct claim I wouldn't bank on it. But international investors say that when a country is growing rapidly, the currency goes up, so you get a little bit of diversification that way. But equities are much more powerful, and international equities are frankly cheap relative to the United States. So, that's a macro bet, and I'm recommending it. But again, I recommended it for a long time. I thought the U.S. was expensive. It hasn't been cheap since the 2007-08-09 period. So, you should make an evaluation of those conditions and implement it through your portfolio.In general, most Americans suffer from home country bias because the U.S. is so big that you can get a pretty diversified portfolio with just the S&P 500 actually, because that's a lot of stocks, and those are all the big caps. If you lived in Belgium, you would not be under the illusion that Belgium was the whole world. It's just you can reach the border in an hour from anywhere in the country. So, you've known since you were a little kid that there's a big world out there. We Americans just don't have that intuition. So, that's why I'm saying that international is a macro bet that is reasonable to make. Now, if by macro bets you think that you act like a hedge fund and you think that the pound is going to crash, and that oil is going to go to $70 and then back to $110. No, individual investors should not do that.Benz: People aren't very good at respectfully disagreeing these days. You're someone who seems unafraid of having a fulsome debate. Besides stepping away from social media and the internet, what are some things we can do to exchange differing views without becoming polarized?Siegel: Well, if I knew I would run for President. People have become dug in—I don't like it at all. Spend a quarter of your reading time reading points of view that you know in advance you're going to disagree with, see how that person expresses themselves and what arguments they make and trying to take their side mentally while you're reading it. Consider maybe I'm wrong, maybe they're right. If I name some names, that would be too obvious where my biases are. But I would read the moderates on the other side, because the extremists are extremists, and they overstate everything. That's about all I can think of other than be nice. If the people you care about and generally respect have different views from you, ask yourself why. It's not because they're crazy or stupid or evil. It's because they've looked at the same data in the broad sense. They've looked at the same world and come up with different conclusions. Try to think about why that might happen, and then picture them doing that to you. That's about all I have to say about that.Ptak: Well, that's great advice and I think a great way to close this conversation, which we very much enjoyed, Larry. Thanks so much for your time and insights. We very much enjoyed having you on The Long View.Siegel: Well, thank you very much.Benz: Thanks so much, Larry.Ptak: Thanks for joining us on The Long View. If you could, please take a minute to subscribe to and rate the podcast on Apple, Spotify, or wherever you get your podcasts.You can follow us on Twitter @Syouth1, which is, S-Y-O-U-T-H and the number 1.Benz: And @Christine_Benz.Ptak: George Castady is our engineer for the podcast and Kari Greczek produces the show notes each week.Finally, we'd love to get your feedback. If you have a comment or a guest idea, please email us at TheLongView@Morningstar.com. Until next time, thanks for joining us.(Disclaimer: This recording is for informational purposes only and should not be considered investment advice. Opinions expressed are as of the date of recording. Such opinions are subject to change. The views and opinions of guests on this program are not necessarily those of Morningstar, Inc. and its affiliates. Morningstar and its affiliates are not affiliated with this guest or his or her business affiliates unless otherwise stated. Morningstar does not guarantee the accuracy, or the completeness of the data presented herein. Jeff Ptak is an employee of Morningstar Research Services LLC. Morningstar Research Services is a subsidiary of Morningstar, Inc. and is registered with and governed by the U.S. Securities and Exchange Commission. 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