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SUMMARY: Today we have Natasha Daniels, an OCD specialist, talking all about how to help children and teens with OCD and phobias.  In this conversation, we talk all about how to motivate our children and teens to manage their OCD, phobias, and anxiety using Cognitive Behavioral Therapy (CBT), Exposure and Response Prevention (ERP), and other treatments such as self-compassion, mindfulness, and ACT. We also address what OCD treatment for children entails and what changes need to be made in OCD treatment for teens. In this episode, Natasha and Kimberley share their experiences of parenting children with phobias and OCD. In This Episode: The difference between the treatment of OCD and phobias for children What OCD therapy for kids looks like compared to OCD therapy for adults How to practice exposure and response prevention for kids and teens How to motivate teens and kids to face their fears (using Cognitive Behavioral Therapy Special tricks and tools to help parents support their children with OCD and phobias. Links To Things I Talk About: Natasha's Parenting Survival Online Program www.ATparentingsurvivalschool.com Natasha's instagram @atparentingsurvival ERP School: https://www.cbtschool.com/erp-school-lp Episode Sponsor: This episode of Your Anxiety Toolkit is brought to you by CBTschool.com.  CBTschool.com is a psychoeducation platform that provides courses and other online resources for people with anxiety, OCD, and Body-Focused Repetitive Behaviors.  Go to cbtschool.com to learn more. Spread the love! Everyone needs tools for anxiety... If you like Your Anxiety Toolkit Podcast, visit YOUR ANXIETY TOOLKIT PODCAST to subscribe free and you'll never miss an episode. And if you really like Your Anxiety Toolkit, I'd appreciate you telling a friend (maybe even two). EPISODE TRANSCRIPTION This is Your Anxiety Toolkit - Episode 213. Welcome back everybody. Oh, so happy to be here. How are you? How are you doing? I've been thinking about you all so much lately, reflecting a lot after Thanksgiving, being so grateful for you and this community and for your support. So, thank you, thank you, thank you. I am super thrilled to have the amazing Natasha Daniels on. Natasha is an OCD specialist. She is an amazing therapist who is skilled at treating children with OCD and phobias. She does an incredible, incredible job. So please do check the show notes to learn more about Natasha. But today, she came on to talk about managing anxiety in the kiddos. We don't talk enough about managing anxiety with the kiddos. And the cool thing for me was, it was so synchronistic because the day that she recorded and came on, we were prepping in my family from my daughter to do a really, really, really hard thing. So, I needed to hear what she had to say. Even though I knew a lot and I'd been trained a lot on it, I just needed to hear it as a parent. And if you are a parent of someone who has anxiety, you will just love, love, love this episode. So many amazing tips and tools and skills and concepts. I just cannot tell you how grateful I am to have Natasha come on and talk about these things with us today. Before we go over to that episode, I first want to do the “I did a hard thing segment.” The first one is from Becks, and Becks is saying: “I have been so anxious that I've been carrying COVID without knowing who I'm infecting.” Now I think this is true for a lot of us, myself included. So I think we can all resonate with this story. Becks went on to say, “Recently, I have been doing five to ten lateral flow COVID tests every day to check before leaving the house. I had run out of tests and had planned to eat with a friend with her three-month-old baby. I was so anxious before leaving the house and considered canceling to avoid the doubt of passing COVID unknowingly. But I gave my fear of talking to.” I just love that you did that. “I didn't want to get fear to win this time. I wanted to see my friend and her beautiful new baby. I shared my fear with my friend, and without asking for reassurance, I spent the loveliest day with them. I have been ruminating a little since, but I keep reminding myself to return to my values and not let fear win.” Becks, amazing work. It sounds like you're waiting through some difficult fear and you totally let values win. So, that makes me so, so happy. Great job. I am so in love with you guys when you share your hard thing with us. ***** Okay, let's go over to the episode. Well, thank you again, Natasha, for being on. Before we finish this episode, I wanted to also make sure we highlighted the review of the week. I so appreciate your reviews. This one is from Paulie Bill and they said: “So helpful. I can't describe in words how much this podcast has helped me. Kimberley is so open and accepting even via headphones.” I love that. “She has sent me on the path to recovery in my anxieties. I look forward to do the work.” Thank you so much. I do love your reviews. We are on a mission to get a thousand reviews. If you would go over and leave a review on iTunes, that would be so wonderful, the biggest gift you could give me. It allows us to reach more people. When people open up the app and they see that it's highly reviewed, it means they're more likely to click on and listen. And that means I get to help more people for free with this free resource. So, thank you so much, Paulie Bill, for leaving a review. I love you all. Have a wonderful week and I'll see you here next week. Kimberley: There we go. Well, I am so excited to share the amazing Natasha Daniels. Natasha, I can't wait for you to tell us about you. I'm going to let you explain about your work. You're doing such amazing work. I'm actually so excited for this episode because we're talking about managing OCD and phobias in children. We talk a lot about this stuff, but not specifically around children. So, I'm so happy to have you here. Welcome. Natasha: Yeah. I appreciate you having me. It's always nice to talk to you. Kimberley: Yes. First, tell us about you and the work you're doing. Natasha: Well, I am a child and anxiety child therapist, and I have three kids with anxiety and OCD. So, I get it on both hats. And I provide online resources for parents who are raising kids with anxiety and OCD because we need a lot of support. Kimberley: Right. Your platform is so great. In fact, I've taken one of your training, the SPACE training, and it's so wonderful. So, I can't wait at the end for you to share about that for people and parents who are struggling, but also for clinicians. Really, really helpful. Natasha: Oh, thanks. Kimberley: Yeah. So, I want to talk with you about ERP but also just anxiety management for the kids who are struggling with OCD and phobias. In your experience, is there a difference between how treatment looks for folks who are adults and the children who have OCD and phobias? Natasha: I think on a fundamental level, it's very similar. The whole structure is identical, but then we have to take into consideration a couple of different things. One, I think you have to work on the motivation and incentivizing more than you do with someone who's coming willingly. So, a lot of times we might notice an issue going on with our child, but they're another person. And so, that approach will look different. And also, developmentally, how they can understand ERP. So, how you explain it, how you gamify it. That looks different. I think as well, we want to engage them. If you don't have an engaged child, you don't have ERP. So, that's another aspect. And then I'd say the third one, the last one is developmental aspects of it. So, we're very careful with ERP to not do a lot of education because we worry, maybe if I'm educating them, I'm actually assuring them. But with kids, I find at least with myself and my practice and with my own kids, I have to do a little bit of psychoeducation because they may not even know what's normal versus what's not normal. And so, I think that piece might be a little bit different than when you're working with adults. Kimberley: Right. Yeah. I think that's so true, particularly even, I remember when my son was really young and had a really severe dog phobia. He was around a lot of dogs, and when a dog ran at him, he actually thought they were going to kill him because they're the same size. So, it was really important that we educated him on, “This is a dog, but it's not a lion” kind of thing. So, it was really important for him. Natasha: Yeah, definitely. Kimberley: You mentioned gamifying, and I wanted to just-- can you explain what that means? Natasha: Well, I think we want to offer incentives. And so, because they don't have their-- most kids don't have that intrinsic motivation to realize the bigger picture of, “I don't want OCD. This is going to have huge ramifications in my life.” They just see now. And so, asking them to go, metaphorically, swim with a bunch of sharks, it's just not going to happen, but if we can gamify it and make it fun-- and I use bravery points or the earning stuff, and they can buy things at my bravery store. I use apps, I take-- I actually like the Privilege app. They should pay me because I promote them so much. Because it's a chore app, but it's just really easy for kids to convert it. And then they can have it on their iPad. So, I'm giving my kids points and they can hear the little change going on their iPad, like they just got something. That aspect of it really helps motivate kids to work on and do hard things because they may not philosophically get the benefits. They will long term, and even short term. Once they start doing ERP, they say, “Oh my gosh, it feels so much better.” But that's not enough. And so, gamifying, it actually makes a lot of kids come and ask me, “Can I do another exposure?” My kids always ask, “Can I do another exposure?” if they want something. “What exposures can I do for this?” And that creates a household where we're doing ERP for fun. Kimberley: I love that. You talk about that. I mean, we do live in such an electronic world, and it is an incentive, I know for me, my kids will do anything if there is some kind of electronic reward at the end there, and it's a huge piece. I have a daughter, I mentioned to you before the recording, who is doing her own set of exposures right now, and she doesn't want to do them. Then why would she? So, it's really helpful to gamify it as much as you can. I love that you mentioned that. Natasha: Yeah, it definitely helps. And I think even people who are raw screen fans and they follow the CPS model. I hear that a lot in the parenting world. He's not pro-incentive. And I interviewed him and even he was like, for anxiety and OCD, it can be a very important component, as long as you're constantly, I think, upping the game so you're doing an exposure that's harder and harder. So, they're not just getting A plus B equals C all the time. And then you're pulling back those incentives over time, spreading them out, using intermittently. So, there are ways to pull it back. Kimberley: So good. So, let's say a child at different ages, it could be-- you may even want to distinguish different age groups if that's appropriate, but let's say they have a fear of phobia or an obsession about something. Can you share what it would look to do ERP with a child? Natasha: I think the first part is really getting them to understand what it is, because I think sometimes I have parents that they are ready to go and they forget they have to really educate the child and get the child to meet them where they're at. So, understanding how OCD works, that the more you avoid, the bigger it grows, and then partnering with them, ideally, if your child is in that space. So, sometimes we have to actually work on communication and trust for a long period of time. And that might be your only step for a long time. And parents miss that. They think, “If my child's not willing to do ERP, then all bets are off.” And I say, “No, you're at the beginning of the journey.” So, to educate them and motivate them, work on communication. But then as we progress – I'll just use my kids as an example because it's easy – if they have a phobia or if they have an intrusive thought, we'll say, “Okay, what are some things--” they get the concept of, “I have to walk towards my fear or towards my discomfort.” So, we want to partner with our kids and say, “What things can we do to upset your OCD, to sit in discomfort?” And so, we might just make a list, might brainstorm. My daughter had a two-day period where she had this extreme intrusive thought about blood and it wasn't one of her themes, but it was just-- I'm going to use this as an example. And so, it just went from zero to 60. She had one science experiment. They were online. They had to look at a body with the pathways of the veins and the arteries or whatever, and she couldn't touch anyone because she didn't want to stop their blood. And so, just whatever that is for your child, just sitting at them and saying, “What are some things that we can do?” And she was very resistant. “I don't want to do anything.” And so, I was like, “Could you look at an emoji of a little thing of blood?” So, we started off making a list. And I would say, “You don't have to do all this, but let's just brainstorm some of the things that would upset your OCD right now.” And then some people pick a menu like, “Just pick one today and let's just start with that.” And that's how you begin. It's just baby steps towards learning how to sit in the discomfort. Kimberley: I love that. Now, during the exposure, what does that look like for a child? I'll give you a personal example. We were doing a video exposure with my daughter yesterday, and she was all tense up, leaning back, head in the pillow, grasping, gripping, resisting, all the things, and I educated her. So, what would it look like for a parent? How would they maybe, or in a clinician, how would they coach them through the actual exposure? Natasha: In a perfect really, we want them to take the lead, and it's so hard when they have that response. And I had done needle exposures too with my kids. And so, sometimes when I see that reaction, I'll stop, and I'll just say-- well, actually, my son had to take a COVID test. This is another example. And he wouldn't stick it up his nose. And so then, of course, I got frustrated. So, I was chasing him and I was like, “Give me your nose.” It was not a fine mom moment. And then finally, I stopped and I was like, “How do you want to handle this? What do you want to do? We cannot do it.” And then he's like, “I'll do it.” And so, I just had to walk away. But I think sometimes with exposures, it's just taking that pause and saying, “Where do you want me to poke you?” if we're talking about a poking exposure or “Where's your level of comfort?” Ideally over time, we want them to start doing these things for themselves. And so, we want them to be on automatic pilot that they're doing an exposure and we're sitting back. So, all we're doing at some point is saying, “This is less for a phobia that's situational and obviously more for an ongoing thing.” But with my daughter, with emetophobia, the fear of throwing up, I might say, “What exposure do you want to do? Let me know when you do it, and then I'll give you a brave point.” And then I might hover in the kitchen and just watch her do it, but try to be less involved. Kimberley: Right. I love that. On our end, I had to keep explaining to her that the more you tense and the more you cringe, the more you're reinforcing the fear to try and sit still. She's trying to practice. Again, she doesn't have to act perfect. I always say, “You don't have to take the fear away, but you can't be cringing and hiding behind the pillows and so forth.” That's a big piece of the work. Natasha: Yeah. And I think it's such an important piece that I think a lot of parents miss, is not surviving the exposure. For my son with this anxiety, I'd be like, “Go upstairs to do an exposure. Go get your shoes or whatever.” And this was more anxiety-based, not OCD. And he'd run upstairs like he's avoiding a killer and then he'd run back downstairs. And I'm like, “All you did was teach your brain that you survived. It's going to work.” Kimberley: Yeah. I love that. Okay. So, I love that you've already shared like you didn't have a perfect parent moment, right? Because I think parent is already-- it's hard to be a parent. We have so many expectations on ourselves. Can you give us some ideas of what to say and what not to say or how parents may support their child better in these examples? Natasha: It is really tricky. And I think start, and you're so good at this, the self-compassion piece. And I think parentally, we have to start with self-compassion and say, “You're not going to knock it out of the park all the time.” You're going to say things that you're like, “Oh my gosh, that was the worst thing to say ever.” You might trigger your child inadvertently. So, I think having that compassion first is really important. And that's why I always often share my mistakes because I'm human, we're all human. But I think in a perfect world, the ultimate goal is we're just trying to get our child to be able to sit in discomfort. So, we're not discounting their fears. And I think sometimes parents here, “I'm not supposed to accommodate,” which they, in turn, view as “I'm not supposed to support them.” And that concerns me because I think a little bit of information can be harmful. So, it's not that you can't support them, but you just want to sit and validate. I know this is hard for you. I'll take an example, just so I'm all concrete. Let's go back to emetophobia, the fear of throw up. Sometimes parents will say, “When I say you can't say--” I don't normally talk like that, like you can't say, but it's not helpful to say, “You're not going to throw up,” because you really want them to accept that they may or may not throw up and that they're going to be okay either way. I'm sure they can handle the discomfort. And so, sometimes that confuses parents because then the child's stomach is hurting and they're saying, “I'm worried I'm going to throw up.” And then they can't say anything. So, they're like, “Got to go to school, get your shoes on.” It's like turning into robots, but it's just validating the feelings. “I know this is hard for you. I know that this is really rough and I'm so--” this is how I talk to my kids, “I'm so sorry that OCD is really bothering you right now. And I know that you can handle it, no matter what happens.” And so, giving them that support and validation without the accommodation of “Nothing bad is going to happen to you.” Kimberley: Yeah. It's hard. I mean, it's funny because it's hard to see your child in pain, right? It's hard to watch them struggle. You want to take their pain away. You want to come in. And in some cases, I will even disclose, there's times where-- or maybe I'm not feeling I'm being a good parent in general and I want to rescue them so my kid likes me again. You know what I mean? There's so many components that can suck us into “Let me just rescue this one time.” Where I really am curious to hear, what I really have struggled with my patients, the thing that they're working through is when a compulsion or avoidance is done because they want their kid to go to school. Like, “Well, if I don't do this compulsion for them, they won't go to school, and I need them to go to school,” or “I need them to get their homework done. So, I'm actually going to do this compulsion for them and accommodate them because school is the most important thing at that point.” So, what, what is your advice to parents who get stuck in that accommodation cycle because they're trying to keep the kid functioning in other areas? Natasha: It's definitely a balancing act because we cannot accommodate everything at once. And so, if the ultimate goal is get them to school, and there might be some things that we have to do to get them to school, but then we have to pull back. And it can snowball. It snowballed with me. I'll just throw myself under the bus the entire interview. Why not? I mean, Natasha, it looked really good. But when my daughter was, I think, first grade, she had emetophobia, her throw up in sensorimotor OCD where she thought she was going to pee all the time. So, both of those together was a nightmare. And we just needed to get her to school. She didn't want to go to school. And so, initially, it was just, “I can't go into the cafeteria.” And so, there were accommodations made, “Oh, if it's just lunch, then we'll have you go eat in another classroom.” But OCD is never satisfied. And so, you have to have that awareness. And that was me as a parent. Intellectually, I knew, okay, you have to be careful with this because we're accommodating it. But then it was recess. Then it was PE. And then she was spending half the day in the nurse because we were over accommodating, and then we had to start to scale back and then get her back into the cafeteria. So, I think you just have to be aware that it is a balancing act that, yes, there are some things that you might have to accommodate, but then it's not a permanent thing. You have to start. You have to constantly reassess and pull back those accommodations. Kimberley: Right. And I love that you share it. It's funny because sometimes I shock myself as a clinician. I know exactly what to do and I completely forget to do it with my kids. It's so hard. And I say, I completely forget. I'm not in denial. I actually forget like, “No, no, she's my child. It's my job. I have to protect her or protect him.” So, I think it's important that we talk about that because parents can be really, really hard on themselves and beat themselves up. I know we've talked about that in the past. So, thank you so much for sharing that. Okay. So, what about in the school setting? How do you encourage parents to communicate this with teachers, personnel, or principals, and so forth? How much do you encourage people to disclose? Natasha: I think it's really important to help the school understand your child. And I know that a lot of times parents are worried about stigma or their permanent record. And so, they avoid that. But really, we're setting our kids up for failure and we're setting the teacher up for failure. So, if they're young, especially when they're young, I think it is good to write a little summary of like, these are their issues. But be specific. These are the ways that it will show up in school and these are the ways that you can help. And giving that to the teacher, I always gave that to the teacher. Whenever you'd get that thing in the mail that said, or in their backpack, “Let me get to know your child,” I'd be like, I would staple this whole clinical summary in the back or email them, or I would ask them, “Can I meet with you alone after the parent-teacher conference?” But I wanted them to-- so, sometimes parents will say, “Well, I want them to get to know my child first before they see them as having a disorder.” And I have found over and over again that it only benefited my child when they knew they had anxiety and OCD, that they weren't being a problem child. They weren't trying to go to the bathroom to avoid. They had certain issues that were going to show up. So, I do think it's important. Now, my son and my daughter, my older daughter, both also have anxiety/OCD issues. My daughter's 18. Once she hit an age, I'd ask her, do you want me to notify your teachers? She hit a bump in high school and I offered, “I can go in and talk to the counselor.” And I actually did this past year because we had another issue going on, but there was a respect issue. At that point, that was her life. And my son, who's 12, now I also ask. But when it became an issue, I said, “I need to tell your teachers. Yeah.” And so, you have to decide. Kimberley: Yeah. And now there's no rule, right? And every kid is probably different too. I know for my kids, they're such different little human beings, so my approach is way different with them. Absolutely. Okay. A couple of questions. I know I'm just coming up because I wanted to ask. So, as a parent managing, it's hard to see your kids suffer and it's also hard to see them avoid. I know it's interesting. My first reaction surprisingly was anger, right? It made me angry that this was happening. What might parents do for themselves to manage their own emotional experience when they watch their child suffering? Natasha: It could be very triggering and it could impact your relationship with your partner because you're approaching it differently. It can tap you out because you're spending so much time helping your kids, that you are forgetting to focus on yourself. And so, that cliche statement of putting the oxygen mask on yourself first actually has a lot of validity because, how you view your child, how you take care of yourself, your health, your emotional and physical health, and also how you catastrophize your child's issues will impact your child's ability to have long term success. And so, sometimes I try to get parents to connect their child's success with their own issues because that's the only thing I'll motivate them to focus inward because they're selfless and they want to focus on their child. “Don't worry about me. That's not a front-burner issue. Let me focus on my child.” And I try to get parents to see you're a pivotal point, because when you're catastrophizing and you're seeing a college student in front of you not functioning and they're in kindergarten, that's doing something to how you approach that child. That's creating a lot of anxiety with that. So, self-work is really important. Kimberley: Yeah. It's so important. It is so important. I did some reflecting this week in terms of, we have a dentist appointment that is going to be hard. It's funny, we're talking this week because this is the week that we have a huge procedure happening. And I'm doing my own work and sitting in like, it is what it is. I can support, I can encourage, I can do the exposures. But when I start getting grasping, I'm like, “No, it has to happen. She has to get it. It has to be done. And it has to be done that day.” And that's when I don't show up as the parent I want to be. And it shows up in many areas. It's not just when I'm with them. It's like, I'm angry when I'm typing and I'm frustrated when I'm taking a walk. So, it shows up in so many areas. So, I feel such deep compassion for the parent who is anticipating these upcoming events like vaccinations and Halloween being a big one for some kids. Some parents are dreading these events. Natasha: Yeah, and knowing what your own triggers are. I know what my triggers are. I know I can't handle choking. I know I can't handle-- my husband used to take my kids to get blood work because I have a thing with shots and blood work. And so, if you can tap out and have someone else do it, if it's a trigger for you, that could be helpful. Or knowing how to center yourself, I had to really fake it this past year because there was no help. And they were just sitting on my lap and they can feel my energy. They can. So, I had to authentically do my own work, not fake it because they can feel it. They can feel in your body and just say, they don't get it done. like you said, if they don't get it done, they don't get it done. If they pass out or throw up – because I think that's my phobia, it's like, I don't want them to pass out in front of me because they always do – then it's going to be okay, no matter what. Kimberley: Did you, as a parent, if you don't mind me asking, have to do your own exposures to their exposures? Natasha: Taking them has been an exposure. It's actually not an exposure because it's just happening to me. But I didn't. I actually didn't. I just do my own internal work. I find just telling myself that it doesn't matter if they pass out and they do. And they still do. And it's all still okay. Kimberley: You're amazing. It's really inspiring actually to know you're walking the walk, not just talking the talk. It's really quite impressive. Natasha: Oh, thanks. Kimberley: Yeah. So, what do you do if your child adamantly does not want to engage in treatment? Natasha: It's really important that we get them to enter treatment approaches on their own, because I really feel like we can break their ability to embrace approaches lifelong if we strong-arm them and we force them and we do things. I've had parents say like, “I just take their hand and I make them touch stuff.” And I think that child's never going to do that on their own then because we're always going to dig our heels back. So, I think it's meeting your child where your child is at. And there's always an entry point. It may not be the entry point you want, and I totally get that because my son, he did not want to do anything initially. And that's frustrating when your child's starving to death, but it's not going-- you can't force it. You can't grab the steering wheel and drive for them. And so, what do they need for me to get them to that point? Do they need-- do I just have to work on communication with them? Do I just have to work on them trusting? They say something and I just listen. Can I just get them to watch a bunch of YouTube videos or read a couple of books and give them bravery points for doing that? That's treatment. That's education. So, I think it's just finding out where does your child want to start. Kimberley: Right. I know I took one of your courses, the SPACE training, which was amazing. And I found that really helpful too, is to just catch-- if they don't want to do treatment to catch where the accommodation is happening on the parents end. Did you want to share a little about that? Natasha: Yeah. I think that SPACE Program, Eli Lebowitz's SPACE Program, is huge because it finally empowers parents to do something, even if their children don't want anything to do with it. So, you can work on your trust and communication, but then there are-- OCD is a family affair, we often say, and there's a lot that we can do that OCD wants us to do. And so, working on how we approach it, what kind of family environment do we create in our home? What things do we pull back, our accommodation? There's a lot of work that a parent can do on their own. And that's what the SPACE program does. And I have a study guide because I think some people just want a video of like, “Just break it down for me, Natasha.” Kimberley: That was me. I want the bullet point version. Natasha: Yeah. Kimberley: That's what that does. And it was amazing. Okay. So, thank you so much. This has been so incredibly helpful. I'm wondering if you could give us some major points, things that you really feel that we need to know either as clinicians or parents or loved ones of a child who's struggling with OCD and anxiety. What are some main points or things that you want us to know of before we sign off for the day? Natasha: Well, I think you cover a lot in your podcast with such good information. So, I would just add to that and say, don't forget to make it fun, right? I mean, all this doom and gloom, the kids can feel that. And we can make OCD fun and we can gamify it. So, that's really important. And I think the other part is not forgetting to highlight the superpowers that kids with anxiety and OCD have, letting them know that there are amazing qualities that come with a person who has anxiety or OCD. And my kids get proud of that. They start to feel like, “I'm intuitive,” or “I'm kind-hearted,” or they'll even actually say, “My superpower is...” So, don't forget that part. That piece is important. Kimberley: So important, particularly because with OCD and anxiety comes so many qualities, right? They can have qualities. They're so brave. They're so courageous. They're so resilient. These are things that will serve them for why. Natasha: Totally. Kimberley: Yeah. Well, I thank you so much. Number one, as a human being, thank you, because I needed this this week without even realizing it. Natasha: I'm glad you need it timely. Kimberley: It was such great timing, but also thank you for all the amazing work that you do. I think this is an incredible resource. So, can you tell us where people go to hear more about you? Natasha: Yeah. And thank you for your work. I think that you're just putting such good stuff out there. People can find, if they want to look at my online courses, they can go to atparentingsurvivalschool.com. And I provide online resources for parents and courses to teach you how to help your kids crush anxiety and OCD. They can also listen to my podcast. Kimberley: Great. And I'll have links in the show notes for anyone who wants to access that. I am so grateful to you. Thank you so much for doing such great work. Natasha: Thanks for having me.

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Este PPP Extra es presentado por nuestros patroncitos y patroncitas:  Nuestra comisión del buen gusto de PPP, te recuerda que nuestros patroncitos de Boronea, localizados en el Mall of San, tienen lo último en vestimenta de alta calidad para caballeros con materiales en sus camisas como el 100% algodón y lino, permitiendo que te sientas cómodo y sin calor. Así que ya sabes, dale percha a esa pijama y a esa polo percudida, y pasa por Boronea. Los encuentras en su página de instagra Boroneapr y en su tienda de The Mall of San Juan.  --- COMO TODOS SABEMOS PUERTO RICO ESTÁ ATRAVESANDO POR UNA CRISIS FINANCIERA SIN PRECEDENTES Y EXISTE UNA LEY DE PROTECCIÓN LLAMADA LA LEY FEDERAL DE QUIEBRAS. LA OFICINA DEL LICENCIADO EDGARDO MANGUAL GONZÁLEZ ESTÁ ABIERTA Y ESTÁ ORIENTANDO POR TELEFONO DE FORMA GRATIS Y CONFIDENCIAL SOBRE LA PROTECCIÓN DE LA LEY DE QUIEBRAS LLAMANDO AL 787-753-0055. LA LEY DE QUIEBRAS ES LA ÚNICA LEY QUE OBLIGA A LOS ACREEDORES A DETENER LAS LLAMADAS DE COBRADORES, DETENER EMBARGOS Y REPOSESIONES DE AUTOS, REORGANIZAR DEUDAS Y SALVAR PROPIEDADES. LLAME AL LICENCIADO EDGARDO MANGUAL AL 753-0055 O VISITE LA PÁGINA DE INTERNET QUIEBRAS.NET. LA LEY DE QUIEBRAS ES TU DERECHO DE REORGANIZAR Y SALVAR PROPIEDADES EN ESTA CRISIS ECONÓMICA. LICENCIADO EDGARDO MANGUAL 753-0055, 753-0055, 753-0055 --- Tienes un familiar que sientes que no tiene su memoria como antes? Se le hace dificil recordar nombres de familiares?  Ahora con nuevo Centro de Memoria en Arecibo. Trabajan con personas con Demencias, Alzheimer's o que simplemente deseen mantenerse bien. Los patroncitos Yaelis y Javier están Certificados en Demencias y pueden ayudar a tu ser querido en mantener las funciones de la memoria por más tiempo.    Visitanos en Arecibo a pasos de la Universidad Católica. Para citas u orientación llama al 787-689-4245. Memory Care Center; Tu Centro de Terapias para la Memoria. -- Matrix Patent Agency se dedica a preparar y radicar aplicaciones de Patentes (de Invención diría la RAE), el documento que emite el USPTO y el cual protege sus derechos sobre 'Inventos' en EE. UU. (y extensiones para protección Global). El principal de Matrix se llama Luis Figarella, PE y Agente de Patentes Registrado en el USPTO (Reg. # 58,300).  Los agentes hacemos lo mismo que los abogados de patentes en lo que llamamos el “prosecution” (preparar, radicar y si, ‘negociar' con el Examinador del USPTO). Si ha pensado alguna ves proteger su ‘invento', me deja saber y vemos si se puede hacer algo o no. Desde que Matrix comenzó en el 2006, tengo sobre 115 patentes tramitadas y emitidas para mis clientes, 47 de ellas a clientes en PR. 603.557.8420 (C)  603.821.7400 (O)  -- En este episodio: la renuncia del Cano y todo lo que sabemos sobre su inminente arresto. Trambién, las pistas de patinaje sobre hielo y el Duque del Viaducto.  ¡Los y las suscriptoras de nuestro Patreon escucharon este podcast ayer! Suscríbete en patreon.com/puestospalproblema y disfruta de una gran comunidad y beneficios exclusivos. Con Jonathan Lebrón (@SrLebron) y Luis S. Herrero (@lherrero). Sigue a PPP en Twitter, Facebook e Instagram. ¿Te gusta el podcast? ¡Déjanos 5 estrellas! Nuestro logo y camisetas fueron diseñadas por Gabriel René. Síguelo en @gabrielrodz | https://gabrielrene.com Nuestra música fue compuesta por EFFE CPR. Lo pueden seguir en todas las redes bajo E F F E CPR. Descarga su disco "Sorry por el Delay" en Spotify,Apple Music y Tidal. ¡Riega la voz! Dile a tus amigos que se pongan al día escuchando PPP. Suscríbete a nuestro Patreon y recibe contenido exclusivo, artículos: https://patreon.com/puestospalproblema See omnystudio.com/listener for privacy information.

Contraception 2021 Sep 20;[EPub Ahead of Print], D Grossman, S Raifman, N Morris, A Arena, L Bachrach, J Beaman, MA Biggs, C Hannum, S Ho, EB Schwarz, M GoldSTUDY DESIGNThis is an interim analysis of an ongoing prospective cohort study conducted at five sites. Clinicians assessed patients in clinic and, if they were eligible for medication abortion and ≤63 days' gestation, electronically sent prescriptions for mifepristone 200 mg orally and misoprostol 800 mcg buccally to a mail-order pharmacy, which shipped medications for next-day delivery. Participants completed surveys three and 14 days after enrollment, and we abstracted medical chart data for this interim analysis.  In this prospective cohort study, researchers estimated the effectiveness, feasibility, and acceptability of medication abortion with mifepristone dispensed by a mail-order pharmacy with next-day delivery after in-person clinical assessment. The researchers found that complete medication abortion occurred for 96.9% of participants; 88.4% reported being very satisfied receiving medications by mail, and 89.6% said they would use the mail-order service again if needed. Of the 4.9% who experienced adverse events, none were related to mail-order dispensing. This research suggests that mail-order pharmacy dispensing of mifepristone is effective and acceptable to patients, providing further evidence that the in-person dispensing requirement for this medication should be removed.  IMPLICATIONSThe in-person dispensing requirement for mifepristone, codified in the drug's Risk Evaluation and Mitigation Strategy, should be removed.      Stevens SM et al. Antithrombotic therapy for VTE disease: Second update of the CHEST Guideline and Expert Panel Report. Chest 2021 Aug 2; [e-pub]. (https://doi.org/10.1016/j.chest.2021.07.055)  The ninth edition of the CHEST Clinical Practice Guidelines for managing venous thromboembolism (VTE) — published in 2012 and updated in 2016 — now has a second update, which addresses 14 clinical questions and offers 32 guidance statements for clinicians who manage patients with VTE. The 2012 guideline (Chest 2012; 141:Suppl:e419S and the 2016 update (NEJM JW Emerg Med Feb 2016 and Chest 2016; 149:315) both are publicly available.Key Recommendations Patients with isolated subsegmental pulmonary embolism (PE): Rule out proximal deep venous thrombosis (e.g., with ultrasonography). If risk for recurrent VTE is low, surveillance is recommended over anticoagulation. If risk for recurrent VTE is high, anticoagulation is recommended. (Weak recommendation, low-certainty evidence) Patients with incidentally discovered asymptomatic PE (other than isolated subsegmental PE): Same initial and long-term anticoagulation that patients with symptomatic PE receive should be used. (Weak recommendation, moderate-certainty evidence) Patients with cancer-associated VTE: Direct-acting oral anticoagulants (DOACs; i.e., apixaban, edoxaban, or rivaroxaban) should be used for the treatment phase of therapy (strong recommendation, moderate-certainty evidence). Caveat: for patients with luminal gastrointestinal malignancies, apixaban or low-molecular-weight heparin is preferred to reduce bleeding risk. Patients with antiphospholipid syndrome: Warfarin (target international normalized ratio, 2.5) is recommended over DOAC therapy during the treatment phase for VTE. (Weak recommendation, low-certainty evidence) Catheter-assisted mechanical thrombectomy: Recommended for patients with PE and hypotension who also have high bleeding risk, failed systemic thrombolysis, or shock that is likely to lead to death before systemic thrombolysis can take effect. (Weak recommendation, low-certainty evidence) Initial anticoagulation setting: Outpatient treatment is recommended over hospitalization in patients with low-risk PE, if access to medications and outpatient care is available. (Strong recommendation, low-certainty evidence) Treatment-phase anticoagulants: DOACs are recommended over warfarin. (Strong recommendation, moderate-certainty evidence) Extended-phase therapy (beyond 3 months) for VTE: Extended anticoagulation should be offered to patients with unprovoked VTE — i.e., with no major or minor transient risk factors. Risk for recurrent VTE, risk for bleeding, and patients' values and preferences should be considered in decisions about extended anticoagulation therapy. (Strong recommendation, moderate-certainty evidence) Low-dose apixaban or rivaroxaban is recommended over full doses of these agents. (Weak recommendation, very low-certainty evidence) Aspirin is recommended for patients who are stopping anticoagulation. (Weak recommendation, low-certainty evidence) Ingason AB et al. Rivaroxaban is associated with higher rates of gastrointestinal bleeding than other direct oral anticoagulants: A nationwide propensity score–weighted study. Ann Intern Med 2021 Oct 12; [e-pub]. (https://doi.org/10.7326/M21-1474) The study used icelands National databank to compare GI bleeding among almost 6000 patients receiving  apixaban, dabigatran, and rivaroxaban for the first time.  Patients were followed for 1-1/2 years and GI bleeding was verified by review of the medical records.  Once there was a propensity score analysis it was deemed that rivaroxaban had significantly high rates of minor and major gastrointestinal bleeding compared to apixaban with a number needed to treat of around 40 or 50.  However there was no difference between rivaroxaban and dabigatran.  I think this goes to what we have all seen and that the bleeding risk among most anticoagulate medications is not equal but unfortunately which medication the insurance companies will pay for it is also not equal.  However if your patient is at large risk for GI bleed likely should consider not using rivaroxaban                     Chen R et al. Comparative first-line effectiveness and safety of ACE (angiotensin-converting enzyme) inhibitors and angiotensin receptor blockers: A multinational cohort study. Hypertension 2021 Sep; 78:591. (https://doi.org/10.1161/HYPERTENSIONAHA.120.16667) In this retrospective study of patients who initiated monotherapy for hypertension, researchers used eight large observational databases to compare outcomes for 2.3 million new users of ACE inhibitors and nearly 700,000 new users of ARBs.  Myocardial infarction, stroke, and heart failure occurred with similar frequency in the two groups, after extensive adjustment for demographic and clinical variables. However, cough, angioedema, pancreatitis, and gastrointestinal bleeding occurred significantly more often in ACE-inhibitor users than in ARB users.            Long-Term Risk for Major Bleeding During Extended Oral Anticoagulant Therapy for First Unprovoked Venous Thromboembolism: A Systematic Review and Meta-analysis: Annals of Internal Medicine: Vol 174, No 10 (acpjournals.org) What happens if you extend anticoagulation past the 3 to 6 months for an individual who has a first unprovoked venous thromboembolism.  Often this is a debate in the clinical practice of while you seem low risk so maybe we should discontinue this anticoagulation or well you had his lab value is off to me we should continue anticoagulation.  The scary thing is you do not want to discontinue the anticoagulation and the may have a massive saddle embolism and die!  It is easy to start a medication but it is always so hard to stop the medication.  this study looked at that exact question --it looked at 14 randomized control trials and 13 cohort studies with just over 17,000 patients taking either vitamin K antagonist or DOACs.  The patient had to have received a minimum of at least 9 months of anticoagulation in order to be enrolled in the final analysis and they looked at patients who had had extended anticoagulation up to 5 years.In the end the incidence of major bleeding with warfarin was 1.7 events per year per 100 patients and much lower with the DOACs at 1.12 events per year per 100 people.  While that does not sound like a lot with the newer agents he has remember that is only after 1 year if he looked at the 5-year cumulative incidence of major bleeding for those individuals on either warfarin or a DOAC it was 6.3% which is certainly at significant risk of bleeding especially when you consider that the case fatality rate was 8.3% expirationThat was a whole bunch of numbers but basically I guess with this meta-analysis is really saying is that the current recommendations for anticoagulation after a unprovoked venous thromboembolism are 3 to 6 months and if you are going to extend that out to 9 months or a year or even up to 5 years he better have a darn good reason given that the eventual rates of bleeding are so high and the mortality rate from those bleeds are also so high.  

Psalms and Wisdom: Psalm 119:89–176 Psalm 119:89–176 (Listen) Lamedh 89   Forever, O LORD, your word    is firmly fixed in the heavens.90   Your faithfulness endures to all generations;    you have established the earth, and it stands fast.91   By your appointment they stand this day,    for all things are your servants.92   If your law had not been my delight,    I would have perished in my affliction.93   I will never forget your precepts,    for by them you have given me life.94   I am yours; save me,    for I have sought your precepts.95   The wicked lie in wait to destroy me,    but I consider your testimonies.96   I have seen a limit to all perfection,    but your commandment is exceedingly broad. Mem 97   Oh how I love your law!    It is my meditation all the day.98   Your commandment makes me wiser than my enemies,    for it is ever with me.99   I have more understanding than all my teachers,    for your testimonies are my meditation.100   I understand more than the aged,1    for I keep your precepts.101   I hold back my feet from every evil way,    in order to keep your word.102   I do not turn aside from your rules,    for you have taught me.103   How sweet are your words to my taste,    sweeter than honey to my mouth!104   Through your precepts I get understanding;    therefore I hate every false way. Nun 105   Your word is a lamp to my feet    and a light to my path.106   I have sworn an oath and confirmed it,    to keep your righteous rules.107   I am severely afflicted;    give me life, O LORD, according to your word!108   Accept my freewill offerings of praise, O LORD,    and teach me your rules.109   I hold my life in my hand continually,    but I do not forget your law.110   The wicked have laid a snare for me,    but I do not stray from your precepts.111   Your testimonies are my heritage forever,    for they are the joy of my heart.112   I incline my heart to perform your statutes    forever, to the end.2 Samekh 113   I hate the double-minded,    but I love your law.114   You are my hiding place and my shield;    I hope in your word.115   Depart from me, you evildoers,    that I may keep the commandments of my God.116   Uphold me according to your promise, that I may live,    and let me not be put to shame in my hope!117   Hold me up, that I may be safe    and have regard for your statutes continually!118   You spurn all who go astray from your statutes,    for their cunning is in vain.119   All the wicked of the earth you discard like dross,    therefore I love your testimonies.120   My flesh trembles for fear of you,    and I am afraid of your judgments. Ayin 121   I have done what is just and right;    do not leave me to my oppressors.122   Give your servant a pledge of good;    let not the insolent oppress me.123   My eyes long for your salvation    and for the fulfillment of your righteous promise.124   Deal with your servant according to your steadfast love,    and teach me your statutes.125   I am your servant; give me understanding,    that I may know your testimonies!126   It is time for the LORD to act,    for your law has been broken.127   Therefore I love your commandments    above gold, above fine gold.128   Therefore I consider all your precepts to be right;    I hate every false way. Pe 129   Your testimonies are wonderful;    therefore my soul keeps them.130   The unfolding of your words gives light;    it imparts understanding to the simple.131   I open my mouth and pant,    because I long for your commandments.132   Turn to me and be gracious to me,    as is your way with those who love your name.133   Keep steady my steps according to your promise,    and let no iniquity get dominion over me.134   Redeem me from man's oppression,    that I may keep your precepts.135   Make your face shine upon your servant,    and teach me your statutes.136   My eyes shed streams of tears,    because people do not keep your law. Tsadhe 137   Righteous are you, O LORD,    and right are your rules.138   You have appointed your testimonies in righteousness    and in all faithfulness.139   My zeal consumes me,    because my foes forget your words.140   Your promise is well tried,    and your servant loves it.141   I am small and despised,    yet I do not forget your precepts.142   Your righteousness is righteous forever,    and your law is true.143   Trouble and anguish have found me out,    but your commandments are my delight.144   Your testimonies are righteous forever;    give me understanding that I may live. Qoph 145   With my whole heart I cry; answer me, O LORD!    I will keep your statutes.146   I call to you; save me,    that I may observe your testimonies.147   I rise before dawn and cry for help;    I hope in your words.148   My eyes are awake before the watches of the night,    that I may meditate on your promise.149   Hear my voice according to your steadfast love;    O LORD, according to your justice give me life.150   They draw near who persecute me with evil purpose;    they are far from your law.151   But you are near, O LORD,    and all your commandments are true.152   Long have I known from your testimonies    that you have founded them forever. Resh 153   Look on my affliction and deliver me,    for I do not forget your law.154   Plead my cause and redeem me;    give me life according to your promise!155   Salvation is far from the wicked,    for they do not seek your statutes.156   Great is your mercy, O LORD;    give me life according to your rules.157   Many are my persecutors and my adversaries,    but I do not swerve from your testimonies.158   I look at the faithless with disgust,    because they do not keep your commands.159   Consider how I love your precepts!    Give me life according to your steadfast love.160   The sum of your word is truth,    and every one of your righteous rules endures forever. Sin and Shin 161   Princes persecute me without cause,    but my heart stands in awe of your words.162   I rejoice at your word    like one who finds great spoil.163   I hate and abhor falsehood,    but I love your law.164   Seven times a day I praise you    for your righteous rules.165   Great peace have those who love your law;    nothing can make them stumble.166   I hope for your salvation, O LORD,    and I do your commandments.167   My soul keeps your testimonies;    I love them exceedingly.168   I keep your precepts and testimonies,    for all my ways are before you. Taw 169   Let my cry come before you, O LORD;    give me understanding according to your word!170   Let my plea come before you;    deliver me according to your word.171   My lips will pour forth praise,    for you teach me your statutes.172   My tongue will sing of your word,    for all your commandments are right.173   Let your hand be ready to help me,    for I have chosen your precepts.174   I long for your salvation, O LORD,    and your law is my delight.175   Let my soul live and praise you,    and let your rules help me.176   I have gone astray like a lost sheep; seek your servant,    for I do not forget your commandments. Footnotes [1] 119:100 Or the elders [2] 119:112 Or statutes; the reward is eternal (ESV) Pentateuch and History: Job 2 Job 2 (Listen) Satan Attacks Job's Health 2 Again there was a day when the sons of God came to present themselves before the LORD, and Satan also came among them to present himself before the LORD. 2 And the LORD said to Satan, “From where have you come?” Satan answered the LORD and said, “From going to and fro on the earth, and from walking up and down on it.” 3 And the LORD said to Satan, “Have you considered my servant Job, that there is none like him on the earth, a blameless and upright man, who fears God and turns away from evil? He still holds fast his integrity, although you incited me against him to destroy him without reason.” 4 Then Satan answered the LORD and said, “Skin for skin! All that a man has he will give for his life. 5 But stretch out your hand and touch his bone and his flesh, and he will curse you to your face.” 6 And the LORD said to Satan, “Behold, he is in your hand; only spare his life.” 7 So Satan went out from the presence of the LORD and struck Job with loathsome sores from the sole of his foot to the crown of his head. 8 And he took a piece of broken pottery with which to scrape himself while he sat in the ashes. 9 Then his wife said to him, “Do you still hold fast your integrity? Curse God and die.” 10 But he said to her, “You speak as one of the foolish women would speak. Shall we receive good from God, and shall we not receive evil?”1 In all this Job did not sin with his lips. Job's Three Friends 11 Now when Job's three friends heard of all this evil that had come upon him, they came each from his own place, Eliphaz the Temanite, Bildad the Shuhite, and Zophar the Naamathite. They made an appointment together to come to show him sympathy and comfort him. 12 And when they saw him from a distance, they did not recognize him. And they raised their voices and wept, and they tore their robes and sprinkled dust on their heads toward heaven. 13 And they sat with him on the ground seven days and seven nights, and no one spoke a word to him, for they saw that his suffering was very great. Footnotes [1] 2:10 Or disaster; also verse 11 (ESV) Chronicles and Prophets: Isaiah 23 Isaiah 23 (Listen) An Oracle Concerning Tyre and Sidon 23 The oracle concerning Tyre.   Wail, O ships of Tarshish,    for Tyre is laid waste, without house or harbor!  From the land of Cyprus1    it is revealed to them.2   Be still, O inhabitants of the coast;    the merchants of Sidon, who cross the sea, have filled you.3   And on many waters  your revenue was the grain of Shihor,    the harvest of the Nile;    you were the merchant of the nations.4   Be ashamed, O Sidon, for the sea has spoken,    the stronghold of the sea, saying:  “I have neither labored nor given birth,    I have neither reared young men    nor brought up young women.”5   When the report comes to Egypt,    they will be in anguish2 over the report about Tyre.6   Cross over to Tarshish;    wail, O inhabitants of the coast!7   Is this your exultant city    whose origin is from days of old,  whose feet carried her    to settle far away?8   Who has purposed this    against Tyre, the bestower of crowns,  whose merchants were princes,    whose traders were the honored of the earth?9   The LORD of hosts has purposed it,    to defile the pompous pride of all glory,3    to dishonor all the honored of the earth.10   Cross over your land like the Nile,    O daughter of Tarshish;    there is no restraint anymore.11   He has stretched out his hand over the sea;    he has shaken the kingdoms;  the LORD has given command concerning Canaan    to destroy its strongholds.12   And he said:  “You will no more exult,    O oppressed virgin daughter of Sidon;  arise, cross over to Cyprus,    even there you will have no rest.” 13 Behold the land of the Chaldeans! This is the people that was not;4 Assyria destined it for wild beasts. They erected their siege towers, they stripped her palaces bare, they made her a ruin. 14   Wail, O ships of Tarshish,    for your stronghold is laid waste. 15 In that day Tyre will be forgotten for seventy years, like the days5 of one king. At the end of seventy years, it will happen to Tyre as in the song of the prostitute: 16   “Take a harp;    go about the city,    O forgotten prostitute!  Make sweet melody;   

Jak nie odwlekać w nieskończoność podjęcia decyzji? W jaki sposób dostrzegać możliwości, których na pierwszy rzut oka nie widać? Jak nie dokonywać wyboru pod wpływem emocji? Sztuki podejmowania decyzji można się nauczyć! Jak to zrobić, dowiesz się z tego odcinka podcastu. Gość: Mirosław Brejwo. Pełny opis odcinka MWF 381: https://l.malawielkafirma.pl/p-381 W tym odcinku: 3:52 T. Gilovich, Lee Ross „Najmądrzejszy w pokoju” (recenzja) 9:48 W jaki sposób dostrzegać możliwości, których nie widać na pierwszy rzut oka? 17:30 Czy można poprosić swoją społeczność o pomoc w podjęciu trudnej decyzji biznesowej? 21:11 Jak przejść do działania w sytuacji, gdy w nieskończoność odwlekamy podjęcie decyzji? 28:59 Jak radzić sobie z efektem potwierdzenia (confirmation bias), czyli nieumiejętnością przyjęcia cudzej argumentacji? 35:42 W jaki sposób nie podejmować decyzji pod zbyt dużym wpływem emocji? 40:01 Jak skupić się na faktach, a nie na tym, co nam się wydaje? Posłuchaj też: 359: Jak zmobilizować się do pracy nad dużym projektem https://l.malawielkafirma.pl/p-359 196: Miłosz Brzeziński o osiąganiu celów https://l.malawielkafirma.pl/p-196 223: Czy powinieneś zakładać własną firmę? | Agata Dutkowska https://l.malawielkafirma.pl/p-223 Bądźmy w kontakcie: Instagram: https://l.malawielkafirma.pl/p-instagram Facebook: https://l.malawielkafirma.pl/p-facebook YouTube: https://l.malawielkafirma.pl/p-youtube Zdobądź dostęp do dodatkowych materiałów! Dołącz bezpłatnie do Klubu MWF: https://l.malawielkafirma.pl/p-klub

BIO: Thanawit Ounsakul is a Petroleum Engineer with enthusiasm for business and the people behind it. He is a long-term investor who has been riding the financial wave since 2006 and blogs about his investment views. STORY: Thanawit came across a stock whose valuation seemed ok, and analysts said it would go up drastically. He bought it without further research only to make a 50% loss a year later. There was no hope of the stock rising because demand for the company's commodity had shifted. LEARNING: Don't depend on quantitative analysis only; use qualitative analysis too to value a company. Buy cyclical stocks when PE is expensive and sell when they're cheap.   “Find your investment style and try to turn it from good to great.”Thanawit Ounsakul  Guest profilehttps://www.linkedin.com/in/thanawit-ounsakul-ab57958b/ (Thanawit Ounsakul) is a Petroleum Engineer with enthusiasm for business and the people behind it. He is a long-term investor who has been riding the financial wave since 2006 and blogs about his investment views. Worst investment everIn October 2011, Thanawit came across a commodity stock that went down to $40 from its all-time high of about $60. The valuation looked very cheap, with the price to earnings at less than 10x and debt to equity of less than one. Analysts were saying it would go to $80. Thanawit did some math and figured it would be an outstanding stock to buy. So he bought it at $30, then the price moved up to $45, and he just kept on buying on the way up. A few months later, in March 2012, the price started going down, and it got back to $30, the price he first had bought it at. Thanawit was confident and bought more positions expecting the stock to rebound. But the price kept going down. Thanawit decided to research what was going on with the company—which he should have done before buying the stock. He learned that the demand for that commodity had shifted. Basically, the sales kept dropping quarter after quarter. Because of loss aversion, Thanawit didn't want to sell until November 2012, when he got extremely stressed about it. He spoke to one of his lecturers from university who pointed out that Thanawit's investment was a sunk cost and advised him to look forward, not backward. So he sold his stock making about 50% loss. Lessons learnedBe aware of the value trap that makes you value a company depending on quantitative analysis only without including qualitative analysis as well. Don't evaluate a company based on past earnings only; use future evaluation as well. Let go of the looser stock as soon as you can. Andrew's takeawaysBe careful because investing is a physical activity, and many people go into it not realizing that, and then they lose control of their emotions. Just because someone's an analyst doesn't mean that they're necessarily a great stock picker. Buy cyclical stocks when PE is expensive because that means they're at the bottom of their earnings cycle, and then sell when they're cheap. Actionable adviceTo adopt any principle or repeat a policy throughout your life, you must feel good about it. Find your style and try to turn it from good to great. No. 1 goal for the next 12 monthsThanawit's number one goal for the next 12 months is to publish a well-written investment article as often as he can so that his followers can be at least one inch closer to the investment world. Parting words  “Just enjoy investment.”Thanawit Ounsakul  [spp-transcript]   Connect with Thanawit Ounsakulhttps://www.linkedin.com/in/thanawit-ounsakul-ab57958b/ (LinkedIn) https://www.facebook.com/Investgineer (Facebook) https://twitter.com/InvestgineerX (Twitter) https://investgineerx.medium.com/ (Blog) Andrew's bookshttps://amzn.to/3qrfHjX (How to Start Building Your Wealth Investing in the Stock Market) https://amzn.to/2PDApAo (My Worst Investment Ever) https://amzn.to/3v6ip1Y (9 Valuation Mistakes and How to Avoid Them) https://amzn.to/3emBO8M (Transform...

欢迎收听雪球和喜马拉雅联合出品的财经有深度，雪球，国内领先的集投资交流交易一体的综合财富管理平台，聪明的投资者都在这里。听众朋友们大家好，我是主播匪石-34，今天分享的内容名字叫做侮辱性定价？低估值能不能再跌一半？来自郭荆璞。昨天梳理港股互道那啥的公司，球友们集思广益，合计出了40支股票，我整理出来，做了两个组合，大致计算了一下：港股互道那啥组合的平均市盈率4.5倍，平均市净率0.45，平均ROE在10%左右；港股互道那啥plus组合的平均市盈率4.2倍，平均市净率0.50，平均ROE约12%。所以估值低的股票或者投资组合能不能跌30-50%？能。从现在的估值水平下跌30-50%，大概就是0.2-0.3倍PB和2-3倍的PE，在香港市场一点都不罕见。全部40支股票平均市盈率4.4 倍，平均市净率0.38，平均ROE约8.5%，这大概就是我们很多人觉得很有价值，又很安全的国企央企目前在香港市场的估值水平。球友们列出的股票里，不就有0.2倍PB，2倍PE的中国铁建么？我觉得吧，不要总是说什么”侮辱性定价“，市场先生不是侮辱谁，市场先生是个疯子，我们是来赚钱的，不要试图和疯子讲道理，和疯子讲10000遍”你这是在侮辱我买的股票，侮辱我的智商“也没有用，换不来一分钱。要真正努力研究产业和企业，看好的公司，估值低就多买点。也有球友说，这都是一堆烂公司，既有国企病又有大公司病，ROE低的可怜，负债率高的吓人。没错，估值低的公司肯定有问题，不然怎么会估值低呢？但对过高的资产负债率和较低的ROE，投资者要求折价就可以了，买的便宜总能化解掉很多问题，买贵了才是更大的问题。经验之谈呢，是ROE~15%的公司，如果有可能抓住0.7倍以下PB买的机会，拿个三四年又有可能2倍PB卖掉，投资者可以赚300%，就估值上升赚200%，较高ROE带来利润和净资产增长再乘1.5；ROE低于10%的公司，如果有低于0.3倍PB买的机会，拿个三年五载到接近1倍PB卖出，也一样赚300%。承认估值低的股票，公司可能有不尽如人意的地方，并不是说就承认市场给的估值是合理的，更不可能依靠教育市场让市场给出合理估值。要获得超额收益，就要追求正确的、非共识性的预期。投资者需要做的就是，给出自己独立思考之后的预期，尽一切可能验证预期的准确性，有了充分把握之后与市场预期比较，发现市场的错误定价，环顾四周看看这是不是非共识性的预期，然后利用这样的定价机会获利。不能跟着中远海控的船一起出海，可以去 招商局港口 看看车流嘛，不方便去深圳，还不能去海底捞门口数数人数么？信息的获取是第一位的，但思考，独立思考，却非常难，独立思考之后与市场预期比较并且不受偏见影响，不被自己的仓位迷惑，就更难了。投资者的错误可能有哪些呢？没有独立思考，没有充分验证自己的预期，没有与市场一致预期做比较而误以为自己的预期是独特的，错误认为自己掌握了市场没有发现的事实，认为自己是“掌握真理的少数人”，或者把市场的随机漫步中恰好与自己预期一样的运动当作是自己判断正确的证据，想方设法试图说服别人自己正确来促使股价上涨。这些都是危险的思维方式，是亏损的根源。投资者来股市是来赚钱的，而不是来寻找存在感，寻找认同的。

Today I discuss a few cautionary tales about my experiences as a young, male teacher. I've learned a lot over the years about what to do, and definitely, what not to do. These are very important lessons I learned the hard way. Please listen, and hopefully this might help you think about your surroundings and how you approach certain situations. Email me at dcarney1017@gmail.com I'd love to hear from you! Leave a review: https://podcasts.apple.com/us/podcast/the-supersized-physed-podcast/id1435115135My TPT store with Task cards: https://www.teacherspayteachers.com/Store/SupersizedphysedMy Large Group beginners course: https://coursecraft.net/courses/z9Y3ELarge Group Start from Scratch Course with Bonus PDF's and Grant Writing Files:https://pedave1017.gumroad.com/l/programLarge Group Sport Ed course: https://gum.co/sportedMy website: https://www.supersizedphysed.comFREE E-Book: https://supersizedphysed.us18.list-manage.com/subscribe?u=289486a5abf1f1b55de651a5e&id=4c476cb01

This week, Patricia talks about a couple great backlist titles including an epic fantasy and must-read nonfiction! Follow All the Books! using RSS, Apple Podcasts, Spotify, or Stitcher and never miss a beat book. Sign up for the weekly New Books! newsletter for even more new book news. This content contains affiliate links. When you buy through these links, we may earn an affiliate commission. Books Discussed on the Show: What We Don't Talk About When We Talk About Fat by Aubrey Gordon Black Sun by Rebecca Roanhorse Books Mentioned on the Show: Notable Native People: 50 Indigenous Leaders, Dreamers, and Changemakers from Past and Present by Adrienne Keene, illustrated by Ciara Sana Jenny Mei is Sad by Tracy Subisak Milo Imagines the World by Matt de la Peña, illustrated by Christian Robinson See omnystudio.com/listener for privacy information.

Pe 25 noiembrie 2021, România s-a întors în timp. După șapte decenii are din nou un general prim-ministru. Pe Nicolae Ciucă îl știm de acum. E la a doua desemnare, căci, în ciuda anomaliei de a avea un general șef de guvern pe timp de pace, indignarea societății n-a fost atât de mare cât să-i schimbe președintelui Klaus Iohannis opțiunea. Dar, în spatele generalului, se aliniază în acest guvern politicieni care au stârnit - și nu demult - valuri imense de indignare, în stradă. Acum, și ei au depus jurământul. De peste 20 de ani cu ochii pe politică și pe societate, jurnalistul Liviu Avram, redactor-șef adjunct la „Adevărul”, explică în acest episod „On the Record” cum a ajuns toată puterea din România în mâna unei coaliții în care PNL și PSD stau la aceeași masă, dar și cum mocnește, în plan secund, furia electoratului mințit. On the Record este un podcast săptămânal produs de Recorder și susținut de Banca Transilvania. Partener: Aqua Carpatica.

En este episodio de Croquetas hablamos acerca de vacunas expiradas que pusieron en Peñuelas y de la lamentable muerte del hermano de uno de los iconos más grandes del genero urbano. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Black Friday – okazja do tańszych zakupów – wypada w tym roku w piątek, 26 listopada. Wiele obniżek i rabatów jest jednak dostępnych wcześniej, a promocje trwają często dłużej niż jeden dzień. Zdaję sobie sprawę, że niektóre „obniżki cen” są tylko pozorne. Tuż przed Black Friday ceny idą w górę tylko po to, żeby następnego dnia można je było przekreślić. W przypadku narzędzi internetowych i oprogramowania jest często inaczej. Faktycznie można upolować przydatne aplikacje taniej niż zwykle. W tym bonusowym odcinku MWF rekomenduję narzędzia, które osobiście znam, używam lub używałem i moim zdaniem są warte polecenia. Skupiłem się wyłącznie na produktach online, które mogą przydać się w pracy małym przedsiębiorcom, marketerom lub twórcom treści. Są to (podaję przy okazji linki afiliacyjne): 3:09 AppSumo: https://malawielkafirma.pl/appsumo 7:07 Audio Hero: https://audiohero.com 9:23 Berrycast: https://malawielkafirma.pl/berrycast 13:56 Depositphotos: https://malawielkafirma.pl/depositphotos 16:55 Envato Market: https://malawielkafirma.pl/envato 19:56 NordVPN: https://malawielkafirma.pl/nordvpn 23:16 Riverside: https://malawielkafirma.pl/riverside 26:55 Spreaker: https://malawielkafirma.pl/spreaker 27:44 Uppbeat: https://malawielkafirma.pl/uppbeat 29:42 WishList Member: https://malawielkafirma.pl/wlm 32:02 Camtasia: https://malawielkafirma.pl/camtasia 32:30 Divi: https://malawielkafirma.pl/divi 34:28 ShortPixel: https://malawielkafirma.pl/shortpixel Pełną listę wraz z opisami znajdziesz na stronie https://malawielkafirma.pl/black-friday

Old Testament: Ezekiel 17–18 Ezekiel 17–18 (Listen) Parable of Two Eagles and a Vine 17 The word of the LORD came to me: 2 “Son of man, propound a riddle, and speak a parable to the house of Israel; 3 say, Thus says the Lord GOD: A great eagle with great wings and long pinions, rich in plumage of many colors, came to Lebanon and took the top of the cedar. 4 He broke off the topmost of its young twigs and carried it to a land of trade and set it in a city of merchants. 5 Then he took of the seed of the land and planted it in fertile soil.1 He placed it beside abundant waters. He set it like a willow twig, 6 and it sprouted and became a low spreading vine, and its branches turned toward him, and its roots remained where it stood. So it became a vine and produced branches and put out boughs. 7 “And there was another great eagle with great wings and much plumage, and behold, this vine bent its roots toward him and shot forth its branches toward him from the bed where it was planted, that he might water it. 8 It had been planted on good soil by abundant waters, that it might produce branches and bear fruit and become a noble vine. 9 “Say, Thus says the Lord GOD: Will it thrive? Will he not pull up its roots and cut off its fruit, so that it withers, so that all its fresh sprouting leaves wither? It will not take a strong arm or many people to pull it from its roots. 10 Behold, it is planted; will it thrive? Will it not utterly wither when the east wind strikes it—wither away on the bed where it sprouted?” 11 Then the word of the LORD came to me: 12 “Say now to the rebellious house, Do you not know what these things mean? Tell them, behold, the king of Babylon came to Jerusalem, and took her king and her princes and brought them to him to Babylon. 13 And he took one of the royal offspring2 and made a covenant with him, putting him under oath (the chief men of the land he had taken away), 14 that the kingdom might be humble and not lift itself up, and keep his covenant that it might stand. 15 But he rebelled against him by sending his ambassadors to Egypt, that they might give him horses and a large army. Will he thrive? Can one escape who does such things? Can he break the covenant and yet escape? 16 “As I live, declares the Lord GOD, surely in the place where the king dwells who made him king, whose oath he despised, and whose covenant with him he broke, in Babylon he shall die. 17 Pharaoh with his mighty army and great company will not help him in war, when mounds are cast up and siege walls built to cut off many lives. 18 He despised the oath in breaking the covenant, and behold, he gave his hand and did all these things; he shall not escape. 19 Therefore thus says the Lord GOD: As I live, surely it is my oath that he despised, and my covenant that he broke. I will return it upon his head. 20 I will spread my net over him, and he shall be taken in my snare, and I will bring him to Babylon and enter into judgment with him there for the treachery he has committed against me. 21 And all the pick3 of his troops shall fall by the sword, and the survivors shall be scattered to every wind, and you shall know that I am the LORD; I have spoken.” 22 Thus says the Lord GOD: “I myself will take a sprig from the lofty top of the cedar and will set it out. I will break off from the topmost of its young twigs a tender one, and I myself will plant it on a high and lofty mountain. 23 On the mountain height of Israel will I plant it, that it may bear branches and produce fruit and become a noble cedar. And under it will dwell every kind of bird; in the shade of its branches birds of every sort will nest. 24 And all the trees of the field shall know that I am the LORD; I bring low the high tree, and make high the low tree, dry up the green tree, and make the dry tree flourish. I am the LORD; I have spoken, and I will do it.” The Soul Who Sins Shall Die 18 The word of the LORD came to me: 2 “What do you4 mean by repeating this proverb concerning the land of Israel, ‘The fathers have eaten sour grapes, and the children's teeth are set on edge'? 3 As I live, declares the Lord GOD, this proverb shall no more be used by you in Israel. 4 Behold, all souls are mine; the soul of the father as well as the soul of the son is mine: the soul who sins shall die. 5 “If a man is righteous and does what is just and right—6 if he does not eat upon the mountains or lift up his eyes to the idols of the house of Israel, does not defile his neighbor's wife or approach a woman in her time of menstrual impurity, 7 does not oppress anyone, but restores to the debtor his pledge, commits no robbery, gives his bread to the hungry and covers the naked with a garment, 8 does not lend at interest or take any profit,5 withholds his hand from injustice, executes true justice between man and man, 9 walks in my statutes, and keeps my rules by acting faithfully—he is righteous; he shall surely live, declares the Lord GOD. 10 “If he fathers a son who is violent, a shedder of blood, who does any of these things 11 (though he himself did none of these things), who even eats upon the mountains, defiles his neighbor's wife, 12 oppresses the poor and needy, commits robbery, does not restore the pledge, lifts up his eyes to the idols, commits abomination, 13 lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself. 14 “Now suppose this man fathers a son who sees all the sins that his father has done; he sees, and does not do likewise: 15 he does not eat upon the mountains or lift up his eyes to the idols of the house of Israel, does not defile his neighbor's wife, 16 does not oppress anyone, exacts no pledge, commits no robbery, but gives his bread to the hungry and covers the naked with a garment, 17 withholds his hand from iniquity,6 takes no interest or profit, obeys my rules, and walks in my statutes; he shall not die for his father's iniquity; he shall surely live. 18 As for his father, because he practiced extortion, robbed his brother, and did what is not good among his people, behold, he shall die for his iniquity. 19 “Yet you say, ‘Why should not the son suffer for the iniquity of the father?' When the son has done what is just and right, and has been careful to observe all my statutes, he shall surely live. 20 The soul who sins shall die. The son shall not suffer for the iniquity of the father, nor the father suffer for the iniquity of the son. The righteousness of the righteous shall be upon himself, and the wickedness of the wicked shall be upon himself. 21 “But if a wicked person turns away from all his sins that he has committed and keeps all my statutes and does what is just and right, he shall surely live; he shall not die. 22 None of the transgressions that he has committed shall be remembered against him; for the righteousness that he has done he shall live. 23 Have I any pleasure in the death of the wicked, declares the Lord GOD, and not rather that he should turn from his way and live? 24 But when a righteous person turns away from his righteousness and does injustice and does the same abominations that the wicked person does, shall he live? None of the righteous deeds that he has done shall be remembered; for the treachery of which he is guilty and the sin he has committed, for them he shall die. 25 “Yet you say, ‘The way of the Lord is not just.' Hear now, O house of Israel: Is my way not just? Is it not your ways that are not just? 26 When a righteous person turns away from his righteousness and does injustice, he shall die for it; for the injustice that he has done he shall die. 27 Again, when a wicked person turns away from the wickedness he has committed and does what is just and right, he shall save his life. 28 Because he considered and turned away from all the transgressions that he had committed, he shall surely live; he shall not die. 29 Yet the house of Israel says, ‘The way of the Lord is not just.' O house of Israel, are my ways not just? Is it not your ways that are not just? 30 “Therefore I will judge you, O house of Israel, every one according to his ways, declares the Lord GOD. Repent and turn from all your transgressions, lest iniquity be your ruin.7 31 Cast away from you all the transgressions that you have committed, and make yourselves a new heart and a new spirit! Why will you die, O house of Israel? 32 For I have no pleasure in the death of anyone, declares the Lord GOD; so turn, and live.” Footnotes [1] 17:5 Hebrew in a field of seed [2] 17:13 Hebrew seed [3] 17:21 Some Hebrew manuscripts, Syriac, Targum; most Hebrew manuscripts all the fugitives [4] 18:2 The Hebrew for you is plural [5] 18:8 That is, profit that comes from charging interest to the poor; also verses 13, 17 (compare Leviticus 25:36) [6] 18:17 Septuagint; Hebrew from the poor [7] 18:30 Or lest iniquity be your stumbling block (ESV) Psalm: Psalm 119:129–136 Psalm 119:129–136 (Listen) Pe 129   Your testimonies are wonderful;    therefore my soul keeps them.130   The unfolding of your words gives light;    it imparts understanding to the simple.131   I open my mouth and pant,    because I long for your commandments.132   Turn to me and be gracious to me,    as is your way with those who love your name.133   Keep steady my steps according to your promise,    and let no iniquity get dominion over me.134   Redeem me from man's oppression,    that I may keep your precepts.135   Make your face shine upon your servant,    and teach me your statutes.136   My eyes shed streams of tears,    because people do not keep your law. (ESV) New Testament: Philippians 3–4 Philippians 3–4 (Listen) Righteousness Through Faith in Christ 3 Finally, my brothers,1 rejoice in the Lord. To write the same things to you is no trouble to me and is safe for you. 2 Look out for the dogs, look out for the evildoers, look out for those who mutilate the flesh. 3 For we are the circumcision, who worship by the Spirit of God2 and glory in Christ Jesus and put no confidence in the flesh—4 though I myself have reason for confidence in the flesh also. If anyone else thinks he has reason for confidence in the flesh, I have more: 5 circumcised on the eighth day, of the people of Israel, of the tribe of Benjamin, a Hebrew of Hebrews; as to the law, a Pharisee; 6 as to zeal, a persecutor of the church; as to righteousness under the law,3 blameless. 7 But whatever gain I had, I counted as loss for the sake of Christ. 8 Indeed, I count everything as loss because of the surpassing worth of knowing Christ Jesus my Lord. For his sake I have suffered the loss of all things and count them as rubbish, in order that I may gain Christ 9 and be found in him, not having a righteousness of my own that comes from the law, but that which comes through faith in Christ, the righteousness from God that depends on faith—10 that I may know him and the power of his resurrection, and may share his sufferings, becoming like him in his death, 11 that by any means possible I may attain the resurrection from the dead. Straining Toward the Goal 12 Not that I have already obtained this or am already perfect, but I press on to make it my own, because Christ Jesus has made me his own. 13 Brothers, I do not consider that I have made it my own. But one thing I do: forgetting what lies behind and straining forward to what lies ahead, 14 I press on toward the goal for the prize of the upward call of God in Christ Jesus. 15 Let those of us who are mature think this way, and if in anything you think otherwise, God will reveal that also to you. 16 Only let us hold true to what we have attained. 17 Brothers, join in imitating me, and keep your eyes on those who walk according to the example you have in us. 18 For many, of whom I have often told you and now tell you even with tears, walk as enemies of the cross of Christ. 19 Their end is destruction, their god is their belly, and they glory in their shame, with minds set on earthly things. 20 But our citizenship is in heaven, and from it we await a Savior, the Lord Jesus Christ, 21 who will transform our lowly body to be like his glorious body, by the power that enables him even to subject all things to himself. 4 Therefore, my brothers,4 whom I love and long for, my joy and crown, stand firm thus in the Lord, my beloved. Exhortation, Encouragement, and Prayer 2 I entreat Euodia and I entreat Syntyche to agree in the Lord. 3 Yes, I ask you also, true companion,5 help these women, who have labored6 side by side with me in the gospel together with Clement and the rest of my fellow workers, whose names are in the book of life. 4 Rejoice in the Lord always; again I will say, rejoice. 5 Let your reasonableness7 be known to everyone. The Lord is at hand; 6 do not be anxious about anything, but in everything by prayer and supplication with thanksgiving let your requests be made known to God. 7 And the peace of God, which surpasses all understanding, will guard your hearts and your minds in Christ Jesus. 8 Finally, brothers, whatever is true, whatever is honorable, whatever is just, whatever is pure, whatever is lovely, whatever is commendable, if there is any excellence, if there is anything worthy of praise, think about these things. 9 What you have learned8 and received and heard and seen in me—practice these things, and the God of peace will be with you. God's Provision 10 I rejoiced in the Lord greatly that now at length you have revived your concern for me. You were indeed concerned for me, but you had no opportunity. 11 Not that I am speaking of being in need, for I have learned in whatever situation I am to be content. 12 I know how to be brought low, and I know how to abound. In any and every circumstance, I have learned the secret of facing plenty and hunger, abundance and need. 13 I can do all things through him who strengthens me. 14 Yet it was kind of you to share9 my trouble. 15 And you Philippians yourselves know that in the beginning of the gospel, when I left Macedonia, no church entered into partnership with me in giving and receiving, except you only. 16 Even in Thessalonica you sent me help for my needs once and again. 17 Not that I seek the gift, but I seek the fruit that increases to your credit.10 18 I have received full payment, and more. I am well supplied, having received from Epaphroditus the gifts you sent, a fragrant offering, a sacrifice acceptable and pleasing to God. 19 And my God will supply every need of yours according to his riches in glory in Christ Jesus. 20 To our God and Father be glory forever and ever. Amen. Final Greetings 21 Greet every saint in Christ Jesus. The brothers who are with me greet you. 22 All the saints greet you, especially those of Caesar's household. 23 The grace of the Lord Jesus Christ be with your spirit. Footnotes [1] 3:1 Or brothers and sisters; also verses 13, 17 [2] 3:3 Some manuscripts God in spirit [3] 3:6 Greek in the law [4] 4:1 Or brothers and sisters; also verses 8, 21 [5] 4:3 Or loyal Syzygus; Greek true yokefellow [6] 4:3 Or strived (see 1:27) [7] 4:5 Or gentleness [8] 4:9 Or these things— 9which things you have also learned [9] 4:14 Or have fellowship in [10] 4:17 Or I seek the profit that accrues to your account (ESV)

Old Testament: Ezekiel 17–18 Ezekiel 17–18 (Listen) Parable of Two Eagles and a Vine 17 The word of the LORD came to me: 2 “Son of man, propound a riddle, and speak a parable to the house of Israel; 3 say, Thus says the Lord GOD: A great eagle with great wings and long pinions, rich in plumage of many colors, came to Lebanon and took the top of the cedar. 4 He broke off the topmost of its young twigs and carried it to a land of trade and set it in a city of merchants. 5 Then he took of the seed of the land and planted it in fertile soil.1 He placed it beside abundant waters. He set it like a willow twig, 6 and it sprouted and became a low spreading vine, and its branches turned toward him, and its roots remained where it stood. So it became a vine and produced branches and put out boughs. 7 “And there was another great eagle with great wings and much plumage, and behold, this vine bent its roots toward him and shot forth its branches toward him from the bed where it was planted, that he might water it. 8 It had been planted on good soil by abundant waters, that it might produce branches and bear fruit and become a noble vine. 9 “Say, Thus says the Lord GOD: Will it thrive? Will he not pull up its roots and cut off its fruit, so that it withers, so that all its fresh sprouting leaves wither? It will not take a strong arm or many people to pull it from its roots. 10 Behold, it is planted; will it thrive? Will it not utterly wither when the east wind strikes it—wither away on the bed where it sprouted?” 11 Then the word of the LORD came to me: 12 “Say now to the rebellious house, Do you not know what these things mean? Tell them, behold, the king of Babylon came to Jerusalem, and took her king and her princes and brought them to him to Babylon. 13 And he took one of the royal offspring2 and made a covenant with him, putting him under oath (the chief men of the land he had taken away), 14 that the kingdom might be humble and not lift itself up, and keep his covenant that it might stand. 15 But he rebelled against him by sending his ambassadors to Egypt, that they might give him horses and a large army. Will he thrive? Can one escape who does such things? Can he break the covenant and yet escape? 16 “As I live, declares the Lord GOD, surely in the place where the king dwells who made him king, whose oath he despised, and whose covenant with him he broke, in Babylon he shall die. 17 Pharaoh with his mighty army and great company will not help him in war, when mounds are cast up and siege walls built to cut off many lives. 18 He despised the oath in breaking the covenant, and behold, he gave his hand and did all these things; he shall not escape. 19 Therefore thus says the Lord GOD: As I live, surely it is my oath that he despised, and my covenant that he broke. I will return it upon his head. 20 I will spread my net over him, and he shall be taken in my snare, and I will bring him to Babylon and enter into judgment with him there for the treachery he has committed against me. 21 And all the pick3 of his troops shall fall by the sword, and the survivors shall be scattered to every wind, and you shall know that I am the LORD; I have spoken.” 22 Thus says the Lord GOD: “I myself will take a sprig from the lofty top of the cedar and will set it out. I will break off from the topmost of its young twigs a tender one, and I myself will plant it on a high and lofty mountain. 23 On the mountain height of Israel will I plant it, that it may bear branches and produce fruit and become a noble cedar. And under it will dwell every kind of bird; in the shade of its branches birds of every sort will nest. 24 And all the trees of the field shall know that I am the LORD; I bring low the high tree, and make high the low tree, dry up the green tree, and make the dry tree flourish. I am the LORD; I have spoken, and I will do it.” The Soul Who Sins Shall Die 18 The word of the LORD came to me: 2 “What do you4 mean by repeating this proverb concerning the land of Israel, ‘The fathers have eaten sour grapes, and the children's teeth are set on edge'? 3 As I live, declares the Lord GOD, this proverb shall no more be used by you in Israel. 4 Behold, all souls are mine; the soul of the father as well as the soul of the son is mine: the soul who sins shall die. 5 “If a man is righteous and does what is just and right—6 if he does not eat upon the mountains or lift up his eyes to the idols of the house of Israel, does not defile his neighbor's wife or approach a woman in her time of menstrual impurity, 7 does not oppress anyone, but restores to the debtor his pledge, commits no robbery, gives his bread to the hungry and covers the naked with a garment, 8 does not lend at interest or take any profit,5 withholds his hand from injustice, executes true justice between man and man, 9 walks in my statutes, and keeps my rules by acting faithfully—he is righteous; he shall surely live, declares the Lord GOD. 10 “If he fathers a son who is violent, a shedder of blood, who does any of these things 11 (though he himself did none of these things), who even eats upon the mountains, defiles his neighbor's wife, 12 oppresses the poor and needy, commits robbery, does not restore the pledge, lifts up his eyes to the idols, commits abomination, 13 lends at interest, and takes profit; shall he then live? He shall not live. He has done all these abominations; he shall surely die; his blood shall be upon himself. 14 “Now suppose this man fathers a son who sees all the sins that his father has done; he sees, and does not do likewise: 15 he does not eat upon the mountains or lift up his eyes to the idols of the house of Israel, does not defile his neighbor's wife, 16 does not oppress anyone, exacts no pledge, commits no robbery, but gives his bread to the hungry and covers the naked with a garment, 17 withholds his hand from iniquity,6 takes no interest or profit, obeys my rules, and walks in my statutes; he shall not die for his father's iniquity; he shall surely live. 18 As for his father, because he practiced extortion, robbed his brother, and did what is not good among his people, behold, he shall die for his iniquity. 19 “Yet you say, ‘Why should not the son suffer for the iniquity of the father?' When the son has done what is just and right, and has been careful to observe all my statutes, he shall surely live. 20 The soul who sins shall die. The son shall not suffer for the iniquity of the father, nor the father suffer for the iniquity of the son. The righteousness of the righteous shall be upon himself, and the wickedness of the wicked shall be upon himself. 21 “But if a wicked person turns away from all his sins that he has committed and keeps all my statutes and does what is just and right, he shall surely live; he shall not die. 22 None of the transgressions that he has committed shall be remembered against him; for the righteousness that he has done he shall live. 23 Have I any pleasure in the death of the wicked, declares the Lord GOD, and not rather that he should turn from his way and live? 24 But when a righteous person turns away from his righteousness and does injustice and does the same abominations that the wicked person does, shall he live? None of the righteous deeds that he has done shall be remembered; for the treachery of which he is guilty and the sin he has committed, for them he shall die. 25 “Yet you say, ‘The way of the Lord is not just.' Hear now, O house of Israel: Is my way not just? Is it not your ways that are not just? 26 When a righteous person turns away from his righteousness and does injustice, he shall die for it; for the injustice that he has done he shall die. 27 Again, when a wicked person turns away from the wickedness he has committed and does what is just and right, he shall save his life. 28 Because he considered and turned away from all the transgressions that he had committed, he shall surely live; he shall not die. 29 Yet the house of Israel says, ‘The way of the Lord is not just.' O house of Israel, are my ways not just? Is it not your ways that are not just? 30 “Therefore I will judge you, O house of Israel, every one according to his ways, declares the Lord GOD. Repent and turn from all your transgressions, lest iniquity be your ruin.7 31 Cast away from you all the transgressions that you have committed, and make yourselves a new heart and a new spirit! Why will you die, O house of Israel? 32 For I have no pleasure in the death of anyone, declares the Lord GOD; so turn, and live.” Footnotes [1] 17:5 Hebrew in a field of seed [2] 17:13 Hebrew seed [3] 17:21 Some Hebrew manuscripts, Syriac, Targum; most Hebrew manuscripts all the fugitives [4] 18:2 The Hebrew for you is plural [5] 18:8 That is, profit that comes from charging interest to the poor; also verses 13, 17 (compare Leviticus 25:36) [6] 18:17 Septuagint; Hebrew from the poor [7] 18:30 Or lest iniquity be your stumbling block (ESV) New Testament: Revelation 17 Revelation 17 (Listen) The Great Prostitute and the Beast 17 Then one of the seven angels who had the seven bowls came and said to me, “Come, I will show you the judgment of the great prostitute who is seated on many waters, 2 with whom the kings of the earth have committed sexual immorality, and with the wine of whose sexual immorality the dwellers on earth have become drunk.” 3 And he carried me away in the Spirit into a wilderness, and I saw a woman sitting on a scarlet beast that was full of blasphemous names, and it had seven heads and ten horns. 4 The woman was arrayed in purple and scarlet, and adorned with gold and jewels and pearls, holding in her hand a golden cup full of abominations and the impurities of her sexual immorality. 5 And on her forehead was written a name of mystery: “Babylon the great, mother of prostitutes and of earth's abominations.” 6 And I saw the woman, drunk with the blood of the saints, the blood of the martyrs of Jesus.1 When I saw her, I marveled greatly. 7 But the angel said to me, “Why do you marvel? I will tell you the mystery of the woman, and of the beast with seven heads and ten horns that carries her. 8 The beast that you saw was, and is not, and is about to rise from the bottomless pit2 and go to destruction. And the dwellers on earth whose names have not been written in the book of life from the foundation of the world will marvel to see the beast, because it was and is not and is to come. 9 This calls for a mind with wisdom: the seven heads are seven mountains on which the woman is seated; 10 they are also seven kings, five of whom have fallen, one is, the other has not yet come, and when he does come he must remain only a little while. 11 As for the beast that was and is not, it is an eighth but it belongs to the seven, and it goes to destruction. 12 And the ten horns that you saw are ten kings who have not yet received royal power, but they are to receive authority as kings for one hour, together with the beast. 13 These are of one mind, and they hand over their power and authority to the beast. 14 They will make war on the Lamb, and the Lamb will conquer them, for he is Lord of lords and King of kings, and those with him are called and chosen and faithful.” 15 And the angel3 said to me, “The waters that you saw, where the prostitute is seated, are peoples and multitudes and nations and languages. 16 And the ten horns that you saw, they and the beast will hate the prostitute. They will make her desolate and naked, and devour her flesh and burn her up with fire, 17 for God has put it into their hearts to carry out his purpose by being of one mind and handing over their royal power to the beast, until the words of God are fulfilled. 18 And the woman that you saw is the great city that has dominion over the kings of the earth.” Footnotes [1] 17:6 Greek the witnesses to Jesus [2] 17:8 Greek the abyss [3] 17:15 Greek he (ESV) Psalm: Psalm 119:129–136 Psalm 119:129–136 (Listen) Pe 129   Your testimonies are wonderful;    therefore my soul keeps them.130   The unfolding of your words gives light;    it imparts understanding to the simple.131   I open my mouth and pant,    because I long for your commandments.132   Turn to me and be gracious to me,    as is your way with those who love your name.133   Keep steady my steps according to your promise,    and let no iniquity get dominion over me.134   Redeem me from man's oppression,    that I may keep your precepts.135   Make your face shine upon your servant,    and teach me your statutes.136   My eyes shed streams of tears,    because people do not keep your law. (ESV) Proverb: Proverbs 28:12–13 Proverbs 28:12–13 (Listen) 12   When the righteous triumph, there is great glory,    but when the wicked rise, people hide themselves.13   Whoever conceals his transgressions will not prosper,    but he who confesses and forsakes them will obtain mercy. (ESV)

EP281 - Mark Mahaney, author and top internet analyst  Mark Mahaney is Senior Managing Director at Evercore ISI, Research Division, he's one of the original and longest lasting internet analysts on Wall Street. He recently published “Nothing but Net: 10 Timeless Stock-Picking Lessons from One of Wall Street's Top Tech Analysts.” We cover a variety of fun topics including the beginning of his career with with Mary Meeker. His initial evaluation of EBay. His long positions on Amazon, Netflix, and Priceline, and butting heads with Jim Cramer over Google. We also discuss what's next for Amazon, and where the best investments of the future might be. Episode 281 of the Jason & Scot show was recorded on Thursday, November 18th, 2021 http://jasonandscot.com Join your hosts Jason "Retailgeek" Goldberg, Chief Commerce Strategy Officer at Publicis, and Scot Wingo, CEO of GetSpiffy and Co-Founder of ChannelAdvisor as they discuss the latest news and trends in the world of e-commerce and digital shopper marketing. Transcript Jason: [0:00] Welcome to the Jason and Scot show this is episode 281 being recorded on Thursday November 18 20 21. I'm your host Jason retailgeek Goldberg and as usual I'm here with your co-host Scott Wingo. Scot: [0:16] Hey Jason and welcome back Jason Scott show listeners. Jason as you and the listeners know I am a huge scene in b.c. junkie and you can't turn on CNBC Durning Earth during earning Seasons without seeing Mark mahaney he is one of the top internet analyst. He was actually on recently talking about the artist previously known as Facebook meta Mark has a new book out called quote-unquote Nothing But net and is joining us tonight give listeners an early peek of what is sure to be the best seller in the bookmark covers some of our favorite companies including Amazon Apple Facebook / meta Google Netflix Twitter and Uber Mark welcome to the show. Mark: [0:56] Thanks for having me on guys. Jason: [0:58] Mark we are thrilled the chat with you is you know Scott is a huge Amazon fan boy so I anytime he gets a chance to talk Amazon he's excited. And I'm super excited because after tonight show I'm going to be smart enough to get rich like you and Scott so that's pretty pretty exciting for me. But before we jump into all that we always like to give listeners a little bit of a feel for our guests background and in your case I know I think you're officially the the oldest analysts on Wall Street is that true. Mark: [1:29] Well that's the oldest and longest lasting internet analyst on Wall Street but I don't look the part so how about we do that yes I've been covering Internet stock since 1998 do a series of bank said I started, working with this tremendous analysts her name was Mary Meeker her name is Mary Meeker and started the first Friday I was on Wall Street I got a call from the CFO of this tiny little online auction company that sold Pez dispensers and was looking to see whether any banks would be interested in their IPO that company was eBay so I wasn't there at the beginning of the internet but I was there pretty close to the beginning of the commercial for the public market to internet and it's been a fascinating ride and I thought there were a lot of lessons I could draw both from the successes the market and failures in the market and my personal successes and failures as a stock picker. Scot: [2:20] Cool what's so name some of the firm's so in my recollection you've probably worked at six firms like how many firms have you worked out over or that career. Mark: [2:30] Yeah now I don't want you to think I you know I jump around too much but I started off at Morgan Stanley also worked at Citibank Royal Bank of Canada. A small boot wonderful Boutique called American Technology research and I'm currently at evercore isi but I've been doing nothing but net. Hence the title of the book that's been my email tagline or always online is one of those two it's been my email tagline for 25 years but nothing but net and that's just doing my best to try to stay ahead of these internet stocks the early ones the the eBay's the Amazons the Yahoo excite if you might remember them infoseek. And then and then AOL and then and then later on some of the more Dynamic ones came out ended up with names like uber including most recently one you talked about Warby Parker so it's been a fascinating span and arguably one of the most dynamic. Parts of Wall Street I guess if you were working as an analyst on Wall Street. Or portfolio manager portfolio manager if you could have picked two sectors to be a part of to track over the last 25 years one of them has to have been the internet just how explosive it's been a been plenty of – explosions in there but there's been some wonderful wealth creation the other sector would probably be software just just too wonderful Industries I got lucky I was I was part of the internet. Scot: [3:49] Yeah I'm glad you didn't pick Mall Focus treats that would have been a bad choice. So you know as Jason mentioned there's kind of this auspicious title that you have of the oldest I would say wisest and most longest lasting internet unless. Tell us about some of the as you reflect in the book is kind of got some really good stories and you've been kind of on the front row seat of a lot of cool stuff maybe tell us what was your worst pick and best pick in the span of the career there. Mark: [4:22] Well I had a sale on Google it close to its IPO I was brought on to CNBC show and told by none other than Jim Jim Cramer that I was an analyst with a three-egg omelette on my face because of my cell phone call he was right I was wrong so you know one doesn't pretend one doesn't tend to forget moments like that on public television being told that you know you're pretty much an ass. But it does happen you know there are axes and then there are you know others and so I made plenty of mistakes I had to buy on Blue Apron although the lessons from that turned out to be different than I thought I got the call wrong but the lessons were different than I thought I kind of dissect that a little bit in the book. So those are some of my some of my worst calls I think my to my three best calls have frankly been sticking with a buy on Amazon for pretty much the last 15 years Netflix for the last 12 years and Priceline and now now booking for. [5:18] For a solid 12 years both Netflix of all three of those were really decades-long S&P 500 Best in Class stocks for a variety of different reasons and in the book I try to call out what were those reasons what were the what's that what's the pattern recognition so that you know we as investors can find the next Netflix and the next Amazon doesn't mean and Amazon and Netflix can't perform well from here but what are the things you can see in common that can help you as a stock picker you know kind of see ahead what really kind of started a lot of the the insights the idea of the book was this wonderful book that was written in 1980 called that one up on wall by Peter Lynch kind of a Bible or primer for anybody really looking to invest invest in the market with some wonderful advice and I really had any wrote it based on some wonderful examples of successful stocks and companies of his generation and I thought somebody needed to write one about our generation and you know these phenomenal money-making we know wealth-creating stocks that have. [6:19] That have soared the charts top the charts over the last 20 10 5 and even two years that have been dramatic dramatic winners from the covid crisis to I try to keep it long term in duration and frankly that's one of the big lessons I have in my book is. Is you know long-term I've found stocks do follow fundamentals they just do companies get bigger more Revenue more profits their stocks go higher almost always that's the case if you're a patient long-term investor so you can make money just investing you don't need to day trade and I think that was the last thing that really inspired me to write this book there about 15 million new. [6:53] Trading accounts that have opened up over the last two years you know the mean Traders the Robin Hood accounts and I just wanted to step back and say look you can have very good returns in the markets by buying high quality companies especially Tech and growth companies you don't have to day trade you can sleep better at night I got plenty of examples of companies that created wonderful. Shareholder returns over time and their stories you can take your time and really understand and stick with and anyway that's it this is this book is a little bit of little bit of personal Memoir but really more of a history of the Great. Companies and the ones that failed and then what are the lessons you can draw to apply going forwards. Jason: [7:32] Got it so I know it's not in your coverage area but you would have a buy on GameStop is that what you're saying no. I Nostalgia requires me to ask though I am staring right now at a pets.com. Puppet still in the box that's like sort of a Memento I have on my on my desk like we're you covering like those guys at the at the. Dot-com boom. Mark: [8:00] No no I didn't but I refer to that in the book and I make this I draw the comparison you know pets.com and smoke you know pets.com went public with trailing 12 month month revenues of 5 million I don't know if you heard that right five million dollars. [8:16] Trailing 12 months they had been an operating company for under two years I mean how that thing got out you know in hindsight is is is pretty shocking but wait a second go you know go forward 15 years and what came out. To e.com chewy.com went public with 3 billion in trailing sales and you knows the same sort of basic value proposition to Consumers it's just that the market was a lot bigger it allowed for a lot more scale and a bunch of other things came out o like cell phones smartphones cloud computing which allowed companies to scale up at much lower costs and so the markets really were proved out at that you know the time of pets.com there were three unknowns is there really an internet Market are there really good management teams and other really good business models today the first question is emphatically yes they are huge Market opportunities and they've been proven in in the Internet space advertising retail entertainment a lot of different ways you can cut it and there's some business models have generated enormous amounts of free cash flow and then there are yes of course there's always a few select excellent management teams who find that right combination it can be it's proven to be a great path to making money in stocks and chewy has been a stock that I've really liked since its IPO even though it's the next pets.com and that's the cynicism that people be placed in front of it when they went public. This was a very different puppy. Jason: [9:39] Yeah it does it seems like timing it seems obvious but timing is such a big. Part of all that you referenced Peter Lynch and I know you know there's. There's all the old Netflix stuff I actually started my career at Blockbuster entertainment and so in my in my industry everyone makes fun of Blockbuster that we got Netflix stand and all those sorts of things and I always have to point out. You know we sold Blockbuster for 18 billion dollars in 1995 like five years before Netflix was invented. Then it was a good business with a good exit you know every every business has it it's it's moment and it's time and you know the the railroads aren't the investment that they once were either. Mark: [10:28] Netflix is a fascinating story so let me let me let me jump to it a little bit you know one of the things the punchline of I asked people if you're going to remember one thing for my book I hope you'll still buy it but if you're going to remember one thing from my book it's dhq it's not DQ That's Dairy Queen dhq is dislocated high-quality companies and. You know time you mentioned timing I was thinking in terms of stock timing I thought those were your going to take us I think it's very hard to the time stocks but you know you can clearly see when stocks are dislocated I either traded off twenty Thirty forty percent so that's usually you know time if you think it's high quality asset and it dislocates them they all dislocate from time to time even the best highest quality names. That's when you can kind of Step In add the positions by the stock knowing that you in a way mitigated some of the valuation risk as investors your tries an investor you're trying to do two things mitigate valuation risk and mitigate fundamentals risk you know the chance that Revenue falls off a cliff margins get crushed the way you mitigate that fundamentals. Risk is to focus on companies with large Tam's excellent management teams great product Innovation and superb customer value prop and Netflix screen so well for me on those four things I'll just take this off super quickly if you don't mind. [11:42] The industry Vision so let's see Reed Hastings invented or started Netflix back in 1997 Netflix the name itself sort of implies that somehow we're going to be doing some streaming thing and this is a 1997 when it would have taken you four hours to download the first five minutes of Terminator like there was no streaming Market there but yet. [12:02] That was the premise of the company in 10 years later you know you look at the first initial interviews with Reed Hastings I mean this is where he was going to take the company all along so I was just giving him kudos for industry vision and the fact that he was willing to cannibalize his existing DVD business first dreaming business very few entrepreneurs can do that so management you know checks My Box customer value proposition the best way to tell whether a customer a company has a great value proposition is do they have pricing power will do people love it so much that they'll pay more for starting in 2014 Netflix started increasing pricing just about every other year and there's some ads accelerated that's a compelling that's evidence of compelling value proposition third is this product Innovation and you know they just don't have a lot of things not just streaming but there's a lot of these little tweaks that the side like binge watching you know kudos to Netflix for just rolling out new series all at once I mean practically invented binge-watching and of course you know they sort of invented the streaming thing or the people who founded music really did that but but Reed comes in a close close second on that and then you know I'm finally in terms of Tam's large Tam's total addressable markets. [13:13] You can add it up a couple of different ways but you know home entertainment video consumption it's it's a couple of hundred billion dollars in total you know Market opportunity and then who knows these things come along like smartphones and all of a sudden the majority of usage is on smartphones that tells you that these markets could be a lot bigger than we traditionally thought just like Spotify blew out the market for what really could be music advertising revenue and music subscription Revenue Netflix is did the same thing with me with Video subscription Revenue they blew up the tan they made it a lot bigger so that's right you know I love that story about the stories about Netflix I gave him a tremendous amount of Kudos I think the sometimes people under appreciate just because it's kind of a singular company just you know video video streaming I think they I think they don't get enough credit for what they've done and what they could still do because I think there's still one more one more trick up Reed Hastings sleeve and I think it's gaming and he's reached they've received such so much skepticism about this pivot or missing expansion in the gaming but you know management team to figured out dvd-by-mail streaming original content International expansion mount give them the benefit of the doubt that they can figure out an Innovative new way. To deliver gaming and therefore further increase their value proposition you'd want to stick with a company like that I stick with the stock like that. Scot: [14:34] Ever kind of a random question let's say there was I'll pick something at random a company that was Reinventing Car Care and making it mobile and digital would you call that a dhq. Mark: [14:45] I think that yes yes absolutely. Scot: [14:51] All right leading the witness. I do have to give you Kudos because in the Netflix section you do have a Star Wars reference you talk about the Disney death star which is which is appropriate because they now own the Death Star it's got a part of there is one of their IPs. Mark: [15:09] But by the way that was you know there were a couple of Netflix there's a rocky stock Rocky stock here that's right that's a that's a rocky stock for you it's had there were two times they miss Subs because of uncertainty over the price increases and they got some pushback it was an obvious that they had pricing power but they proved it over time and then they've got this great competitor risk with Disney and I think what the market missed on that this is just kind of leaving aside the book of just talking about stock picks is you know people are going to sign up for multiple streaming services now not now not five six or seven but they'll sign up for two or three if there's original content and they have original content I mean there's some things you will you have to sign up for Disney Plus for if you if people are like use God and you know dramatic. [15:52] Star Wars fans of course you can sign up for Disney plus but you know there's because its original content if you want to watch squid game there's one and one only place you can go for that and you know there's going to be another squid game or you know another show that just kind of breaks through the site-geist and by the way that's where Netflix is so I'll leave Netflix aside but I'm so struck by is this company shapes the Zeitgeist whether they can cause a run on chess board sales worldwide with the Queens Gambit a year ago where they can cause more people start studying Korean on Duolingo a language app which I actually like is the stock because they can you know they've introduced this show squid games like when a company reaches the Zeitgeist when they when they become almost like a lucky lexicon like they become a verb like I'm gonna google that or you know it's the Uber of this that or that you know that's that's something special and those are usually stocks that have gotten very long runways. Scot: [16:44] Yeah and I'm here in North Carolina and we have all these MBA we have all these universities and I was actually speaking earlier this week at MBA class over at Duke. And you know I have this whole little joke track that I do where I talk about my first company was profitable and I learned I could never raise VC because get the TV season that's a your profit we don't invest in property companies so yeah I often joke that I've been doing it wrong and ever since then I haven't made a dime. And I kind of thought it was those funny because you kind of. The internet sector was kind of early before SAS where and you point this out where there's kind of you know what we learned is there is an investor that loves Revenue growth and in a way that the opposite side of that coin is it can actually hurt you if you start to make profits maybe share with listeners that that you know probably many of them come from traditional businesses where that sounds nonsensical maybe maybe explain kind of what happened there. Mark: [17:41] Well I want to be I want to be on to get nuanced here which is you know I that chapter that says the most important thing out there is revenue revenue revenue you know for tech stocks and growth stock. But of course earnings and free cash flow matter it's that sometimes the public market is a lot longer term focused than people give it credit for Netflix is a great example that also is Amazon. I mean those those businesses had if you look at near-term valuation PE metrics price to free cash flow there's no way you would have bought those stocks. But what I think long-term growth investors realized is there's this you know when these get these assets that can grow their Top Line twenty to thirty percent Plus. From scale for multiple years like that can that creates an enormous amount of value over time and it's so rare I came up with something of a 20% rule you know it's one to two percent of the S&P 500 that can consistently grow at from scale their Top Line 20% which is like five times faster or six times faster than Global GDP growth so it's rare for good reasons but those companies dramatically outperformed the market because they're rare and it's not like growth and scale solve everything but geez they solve a lot of things I've yet to see it's got you know you go way back on this I'm sure you had these comments like Amazon will never turn a profit my first year on the street. [19:04] There's a person who's not one of the most influential investors out there put his finger in my chest. And said you know Amazon will never be profitable and you know I guess he must have been writing he was so smart but he was wrong because he didn't realize just what how powerful Amazon could be as it's scaled over time I mean you generate billions and billions in revenue and you can you can run over a lot of your fixed costs as long as you're not selling dollars for 95 cents you know if you're you know if you're selling them for a dollar and two cents and then you get scale against your fixed cost yeah scale will solve just about anything and I look at what happened with Amazon and I've looked at more much more recently its bring it up to up to date to Uber Uber just printed its first free cash flow quarter ever even though it's Rideshare businesses like down 40% since Pre-K covid levels how the heck did they do that because it took a lot of costs out of the business and then they had this delivery business that really scaled so look earnings matter it's just that when we look at tech stocks and growth stocks you know especially early on is IPOs they rarely go public. As profitable businesses the question you have to answer yourself is can they be profitable long-term are there companies that are already you know similar business models that are already are that's one way or their segments of the business that are already profitable. [20:19] Is there a reason that scale can't drive profitability for the company and the fourth what I call profitability Action question that detail this in a book is yo Are there specific steps steps that the management team can take to bring the product the company to profitability so I've yet to see a company. [20:36] And I'm sure there are some but I've yet to see one that hit the public markets that couldn't scale itself to profitability now some blew up. Well you know that's because they couldn't hit the enough scale so that's that's kind of my answer to the question of yes of course earnings and free cash flow matter at the end of the day that's what they're going to be valued on but just watch these companies that they really execute well they can take what looks like really aggressive valuations and overtime those valuations can turn awfully awfully attractive and a lot of times the stock wealth creation goes from point A to point B it doesn't start at point B. Jason: [21:10] Yeah the you know it's you mentioned then the Netflix. Effect on the cultural zygous fun fun stat on Queen's gamut it drove the sale of millions of chessboard and caused hundreds of people to start playing chess. I do one of the things that comes out strongest in in the book to me and that you alluded to upfront is sort of the difference between trading and investing. You know I always have people come up to me and they're like hey you know a lot about these retail companies what's a good investment and I'm like. I have no idea can you can you talk a little bit about sort of what you mean by sort of fundamental investing versus trading. Mark: [21:56] Well I sum it all up in the pithy expression don't play quarters I find playing quarters is almost a Fool's game the number of times I get questions you know what should I buy for the quarter and for little sophisticated institutional investors that could be I've got a position in. [22:15] Amazon or Google or Twitter and you know do I should I be you know heading into the position prior to earnings or you know facing back and adding to it more afterwards okay that's a different setup but if you're just playing a company for that quarter pop the problem is quarterly earnings reactions there's two things that drive them. Fundamentals great get the fundamentals right that it's expectations so the quarter trades are really about expectations you may get the quarter right you may be right that Nvidia or Roblox are going to have super strong quarters because I see how many of my friends kids are all over Roblox you maybe well right on that but you have to know you know what the market is actually expecting and numbers can go Revenue can accelerate but if the bar is higher than that then you're going to see these stocks trade off it happens a lot so I just unless you're unless you're a pro less you're in day in and day out. You know working working these stocks and really have a sense of where the expectations are. I think it's just a Fool's game to play play stocks just four quarters instead you know you want to stick with stocks for the you know you want to find an asset that you think is going to be. [23:29] Materially bigger in two to three years down the road and you think it's high quality based on some of the screens I threw out then stick with that name and don't try to play around the quarters and it's in fact sometimes you can use weakness or strength around the quarter to adjust your position but don't use it too initiator close out a position at the then you fall trap to these expectations game that is very hard to participate in if you're just a regular you know retail investor and you can make just as much money just staying invested in some of these great assets. Jason: [23:59] That is great advice and it's I certainly resonate with the sticking with the Investments I am curious though on the other end of that on the really long Horizon you mentioned you've you've been had a buy on Amazon for like 15 years. Wait. Like are you going to have a buying them for the next 15 years is that how I mean like does there come a point when they achieve their potential and you have to start worrying about them getting on the other side of the Hill. Mark: [24:26] Yeah I think you can I think you can one look for the fundamental towel and so I'm going to I'm going to spin over to another stock I talked about in the book Priceline. Which is actually the single best performing S&P 500 stock for like a 10 year period 2005 to 2015 phenomenal stock travel name everybody knows it William Shatner excetera although they're real secret sauce with what they did in European markets but. But that's a company that you know sustained premium growth like they were growing their bookings in the revenue 40 percent year over year for years and years and years and years and that's what powered that that that stock and when it stopped materially ah performed Market was when the growth rate decelerate it below 20%. [25:10] And so I don't want to you know create a hard and fast rule but I do feel strongly about this twenty percent rule 20 percent you know we're close to it you know don't don't Nick me at 19.8% you know could close to twenty percent is unusual rare growth. [25:23] And the markets usually pay up for that and when you see a company over time either because of Miss execution it happens or Market maturity and their growth rates you know kind of slide below 20% then that's when you reconsider your position that's a simplistic rule as a lot of caveats to that when I see with Amazon here is despite the size of this business I think they're still growing 20% for the next five years so in that if that's the case. [25:48] You know the simple rule of thumb is companies that can grow like. They can I like to see stocks that can double in in three years in order to do that you kind of have to do you know 20 to 25 percent earnings growth that's what a Maps out too. And you know you can double a stock in 3 years your handily beating the market in almost all time periods. And so when I see what it'll change my opinion really on Amazon is if I believe that this company is going to go X growth it's going to go you know well below 20 percent Revenue growth I just don't see that in the next couple of years given how much growth they have in retail in NE ws and cloud computing and in some of these really newer areas that I'm really interested in whether they really can crack the code on groceries and they can that's a large opportunity and business supplies Industrial Supplies I think that's a very underappreciated part of Amazon's business so I don't see myself changing my opinion on Amazon although you don't want things that we talked about this earlier that I love to see your founder LED companies that's no longer the case with with Amazon so that's you know at some level I've got slightly less conviction than the in the by case but I'm going to stick with it as long as the numbers prove out right and long as I can see this path that's consistent 20% Revenue. Scot: [26:59] Yeah and this is kind of breaking out of the book thing but since you brought up Amazon it wouldn't be a Jason Scott show if we didn't kind of double click on that what did any thoughts on the Q2 and Q3 earnings feels like they're slowing down a bit and feeling some of the labor and see what we call Supply pain on the show are you are you getting nervous about it or you think it's just a little one of their little kind of investment phases. Mark: [27:23] I called the six billion dollar kitchen sink that's how much lower their guidance was for operating income in the December quarter then then what the street was looking for like she was looking for close to eight billion and they guided to billions six billion dollar kitchen sink and they threw it all in there wage inflation you know you right you drive that route 95 on the east coast and you'll see Amazon Amazon is hiring Billboards up and down the East Coast Seaboard I did it recently so yeah they're aggressively hiring at higher wages that's impacting their margins there still some covid related cost shipping they're just not able to a sufficiently source and bring in product and so they have to bring in product into the the ports that aren't optimized for their distribution Network so just a lot of. [28:14] Positive blowing up now the question you have to ask yourself as an investor is are those are those cost increases elective structural discretionary temporary it's kind of like which of those are they the more that you can make a determination that the cost bikes are temporary the more you stick with the name if you think there's something structurally changed about Amazon okay that's different I don't think there's anything structurally changed about Amazon and certainly not its competitive position and then the last thing what I really like to see. [28:44] Frankly is this company. I mean the level of investment this company is making its distribution Network you know you talked about Facebook earlier they're dumping 10 billion into the metaverse which I think there's a there there but I don't know Amazon is dumping billions and billions into its own Logistics Network like they're doubling down on their core competency you bet I'll stick with that and what they're going to what's going to come out of that is even faster and faster delivery and they're going to prove out this concept what I call shipping elasticity the faster you ship the more that people are going to use you in a more of their of the more of their wallet and per-share you're going to Amazon's going to get so we're going to actually going to Super up one day delivery and then they're going to Super up super same day delivery and I think they'll be able to just grab more and more and offer more and more products to people so I like those kind of investment initiatives so I think a lot of that margin pressure by the way it was really due to these kind of elective investments in the infrastructure they added more distribution capacity the last two years than Walmart has in its history. That's how aggressive Amazon is being an eye you know my guess is that third we're going to see dramatic market share gains from Amazon in the next 12 months so I like those companies that kind of really lean in bendin and the double down on our core competency that's what the Amazon is doing now. Scot: [30:00] Yeah. The Press is making a lot of noise around Shopify versus Amazon and Shopify is kind of amplifying that with they're arming the rebels and everything. Jason Connor makes our I won't say his thing but he's not a believer in that I think it's kind of interesting in there's definitely no love lost between the company's what what's your take on that is that a real battle or is that just kind of genda by to kind of raise awareness for Shopify. Mark: [30:26] You have a quick point of view on that Scott. Scot: [30:29] I think Shopify becomes a Marketplace adjacent thinks that's crazy Jason what do you what I'll let you state your own opinion. Jason: [30:38] Yeah I mean I think Shopify is a phenomenal company and a good executor so I'm not throwing rocks at Shopify. They're to me they're not a competitor to Amazon they don't acquire customers they have no traffic there there. Piece of infrastructure and a great valuable piece of infrastructure but a piece of infrastructure. Doesn't draw any customers in so I call these people that are like oh man they're like Amazon they have all this aggregated gmv and they could sell ads to it and they can you know recruit more sellers because they have this this audience and all these things will they don't have any of those things they don't have a single b2c marketer. In their company and I would argue that's that's been one of Amazon's Court competencies is they've they use the flywheel to build this this huge audience that they get to sell all the. Their goods and services to so I just I don't think. They compete in any in any meaningful way and I think if Shopify were to try to become a true b2c company like Amazon. It would just be a phenomenal pivot it would be you know. Can't you know obviously they have the resources to fund trying for it but I'm not sure that's the best move for them. Mark: [31:57] Yeah I don't so I Do cover Shopify I've been really impressed with them I don't know them as well as I know Amazon but I've been super impressed. With them and terms of the product development and they are just providing more and more services to small Merchants so I think there's an are now bigger than eBay in terms of GM vo but I can never there's not enough disclosure to figure out so where's that GM D coming because I think some of that probably does come through eBay so a little bit of double counting that goes on in there but it's really impressive what they've pulled together whether they can actually aggregate demand in a way that Amazon has I think that's I think that's unlikely I think that's a very hard thing to do it's possible they do have a shop app I just, yeah I guess that's the action question we often ask ourselves do you think you're going to use the shop app to shop. [32:45] I don't think so I don't think people are going to do that but you know if they can get enough people to do that boy they will have really they will have some really circled it that you know because they got the infrastructure okay they're talking about building out fulfillment and doing fulfillment for people and spending a billion dollars on it sorry my friends you're gonna have to spend a heck of a lot more than a billion if you if you really want to you know compete. Because the bar is getting higher it's not getting lower it's getting higher in terms of funeral the speed of delivery eBay learn this the hard way and so shockfights Memphis spend a lot more than that so anyway there's a lot of wonderful things about Shopify and I don't know whether if you listening to slammed on by if you think they can build up an aggregate an audience I don't think they can so does it make doesn't make it a slam dunk by it's it's you know it's a deep three point shot put it that way. And you're not Steph Curry. Jason: [33:41] I think we're going back to the basketball references in the book. Yeah it you know I tend to agree I'm not I don't think the shop app you know has attracted an audience that uses it for shopping yet it's a shipping trapping tracking app at the moment. But the it is funny like there are lots of companies that facilitate huge amounts of gmv so I think of like. Excuse me and Akamai is a. Is a CDN that's that used by almost every retailer to help help sell stuff right and so if you said well what's the CD the gmv of Akamai well it's bigger than Amazons. Um but that doesn't mean that Akamai can compete with Amazon so yeah I don't know. [34:28] I do want to go back to Amazon earnings just briefly because I you know I think a lot of the Slowdown is kind of a covid blip and I don't know if you ever think of it this way but. They're there their times in history when. It feels like the external factors aren't a big influence and and you know some companies perform really well and other companies struggle so you know there could be a year when you see Home Depot doing really well and lows struggling and you say. There's something special about Home Depot that I might be interested in investing in at the moment it feels like the external environment for retail is having a. [35:07] Sort of a consistent effect on everyone right and so you look at the industry average is you look at all of them is on Spears and they all have sort of the same shape of deceleration. That Amazon has so it's to me it's hard to attribute that to some. Some fundamental flaw in Amazon but there is one thing I noticed this quarter that it was interesting and I wanted to get your opinion about because I know as an investor you like seeing companies that have pricing power. And you know of course Amazon famously raise the price of prime a while back and seems like that was wildly successful this quarter. They've raised the price for grocery delivery there now charging ten dollar delivery fees even for Prime members. And then this week we saw that they made a pretty substantial increase to the cost of f ba which is you know the fundamental service used by almost all marketplace hours and they they just raise the price of that by like five percent and I'm curious do you look at that as a good sign that hey. They have pricing power and they're doing so well that they can command those prices or to me it's a potential warning sign because I feel like Amazon is so. Zealous an advocate of the flywheel in the flywheel is all about driving costs down to get scale up I just was surprised to see some of these like price increases in in you know. Especially grocery which isn't super mature yet. Mark: [36:33] Well I'm not sure really of the answer to your question Jason it's a it's a it's a really good thoughtful question on the on the groceries I think they raised it because the unit economics were just not working for them in terms of grocery delivery that's that's my guess they also you know yet to have that get to really crack the code on the grocery business and so I sort of see that as they tried it and it just can't right size the economics of they got to charge more for it so I read that kind of negatively what did the raising fees to sellers. But my guess is it's a mixture of things but it's largely driven that my guess is that this largely driven off of Just Rising. [37:17] You know Rising infrastructure costs have been rising shipping costs I mean Rising the two costs that they called out specifically on the earnings call my recall is correct is our steel costs because of all of that dish construction they're doing with their fulfillment centers and trucking services and so my guess is that they've they're doing is not necessarily the right size the economics is I think the economics are working but because they want to try to keep their unit economics relatively intact. And that's sort of the way I think they thought about the raising the price of prime it wasn't they did it because they could. It's they did because they sort of had to like the costs are rising it's just that what I found interesting in terms of pricing power is van acceleration in in Prime ads you know post that price increase like that and so does Netflix to me Netflix is essentially raise fees use the fees to you know generate more Revenue by more content is like a flywheel that they've worked with their make the service more bringing more users allows them to get a little bit raised money just a little bit more so it's not so much raising fees to extract excess profits it's raising fees to further accelerate growth and the value proposition is strong enough that they can do that and not lose customers that's that's that that there's this is subtle nuance and maybe it's too salty but but I think it's an important it's important difference it's not it's no it's raising pricing not to raise margins it's raising pricing to fuel growth. [38:46] And when you so either way it's good I happen to think you you want to the the better one is the latter one is a more impressive the latter one is more impressive because you're raising pricing just to Goose your margins you know you just put a Target on your back. Scot: [39:03] Reading the book made me nostalgic and maybe we'll do a little bit of a lightning round but one of the companies you wrote about that I kind of forgot about and those interesting was Zulily I remember when they came on the scene and we were all like. They were all blown away by how fast they could just get product up right they had this thing where they could. They could have most of those kids so they'd get like all these little kid models in there and throw some clothes on them take a picture and then like changed outfit take another so they could do something like you know thousand different products an hour or something. What's your recollection on Zulily. Mark: [39:40] She really is that was one of my calls that didn't work and. So I and I learned some lessons from that I think to me the lesson I drew a to do with value proposition they had wonderful cohort disclosure in their S1 when they went public I mean it was truly impressive. And you know the they also raise kind of an analytical question because the first it's not too dissimilar to stitch fix today the first three or four million customers were extremely happy the question is. Were there another three to four million customers that could be extremely happy and the problem that Zulily faced is that it customer value proposition had one major flaw which is that you couldn't return product if you didn't like it they didn't they didn't accept returns oh I'm sorry there were two problems and there was no Speedy Delivery you know you could get stuff in seven days and 20 days. That was good for the first day of the first three to four million customers who are fine with that you break into the mainstream and you mean I can't return something if I don't like it you mean I gotta wait how many days until I get something like that ended up. [40:45] And it was very hard being the survey you really had to go with gut instinct on that to realize in advance that they were going to hit a wall in their growth. Geez when you saw what happened to their growth rate when they went public it was Triple digits six quarters later they were doing 10 percent Revenue growth they hit the wall because the value proposition. Wasn't strong enough and then they end up going going private that to me was kind of a lesson which is you know the. [41:10] Growth was impressive but that value proposition if it's not if they hadn't they didn't have it nailed down and you knew from the beginning I knew from the beginning what the two Falls were I just I didn't know when it would hit them and hit them earlier than I thought so you know it gives us another reason to really focus on how compelling do you think this value proposition is how many you know will that can the can a customer base double given the existing value prop. And that's one of the big lessons if I spin it a little bit I mean that's to me is and Scott you look through this entire history like you know the first decade of the internet the king of online retail wasn't Amazon it was eBay and they had like six times seven times the market cap of Amazon that's completely changed and why is it change and I think in part it's because of the value prop I mean Amazon just beat him on price selection and convenience year in and year out and that really mattered but a more recent example in my book. [42:02] In literally and figuratively is doordash and GrubHub and that's example many people will will know but grub have that great business model wonderful investor Centric business model High margins and doordash had this you know generating tons of losses but they had the better value prop because they had more restaurants selection and the end of the day that they want and they were able to scale up and generate serve reasonable profits over time that was the case where my quick tag line is you know customer-centric companies. Beat investor Centric companies most of the time in market cap and market share Amazon versus eBay, GrubHub versus doordash those two examples really drilled that less than to me. Jason: [42:48] Yeah I've been fighting those companies because you know there. They're like increasingly overlapping with a lot of my Commerce clients and like you know a big. A big sort of disruption and commerce right now is all these ultra-fast delivery services and you know it seems pretty clear that doordash and Uber are both gonna want to play directly in that space so it seems like some of those those sectors are on a collision course to chase that Tam. Mark: [43:15] I think you're right Jason I also think Amazon I mean you're talking about logistics like that's Amazon's competency so whether you need to. Whether you're going to vertically integrate and do that or whether you going to do that virtually you know Foo you know a gig economy Network. I don't know which which is going to work better long-term but yeah and you know it's going to raise the bar and make it more and more expensive for anybody to operate in that in that segment I have a bias that Amazon in the end wins that but it's big enough of a market it's so early stage that you can have multiple winners for the next five years I don't know that you can have multiple winners for the next 10 years. Jason: [43:56] Yeah there was a funny question in the Amazon earnings call someone asked about ultra-fast delivery in the CFO kind of I thought brilliantly threw some shade on it he's like. He said something to the effect of we like where we are and ultrafast like we have one hour delivery on about 178,000 skews right now and we're you know we're going to continue to scale that and I don't know how many people follow this but all of the competitors in this space are are desperately trying to figure out how to do one hour delivery for like 7000 skus. So so like they're you know they definitely are gonna be able to leverage the infrastructure there and I'm sure they're making some big investments in that space too. Another area that's that's been kind of interesting lately and I know you've been following this little bit is obviously there are all these privacy changes and the depreciation of the third-party cookies and especially the IDF a you know mobile privacy changes. That Apple has instituted and that obviously had a pretty pronounced impact on the value of some companies like Snap recently A View you have a opinion there is that. Is that a blip or is that a systemic change. Mark: [45:08] I think it's a big pothole in the road. But it's not there but the but the it's a big pothole in the road but it's not a bridge that it's not a collapsed bridge that get that mountain out. Yeah so poor that hey yes. Yes it is yeah that's it that's pretty I mean that's a big pothole that idea Fay allowed Facebook to offer amazing attribution to millions and millions and millions of businesses and now that's gone and and and to their credit to Facebook's credit they warned about it for a year two snaps discredit they didn't warn about it ever and so that's why their stock went off you know 22 decline 25 percent whereas Facebook stock even the numbers came in weaker than expected you know kind of fell off to the 3% and by the way then is traded up above where it was at earnings time so what I mean very intrigued by is I think it will be a son of that idea of a. [46:12] You know child of idea say I like I think there's so much at stake here both from the advertising platforms like Facebook you know and Google's to some extent a little bit and Snapchat but also for you know the millions of marketers out there who you don't you were able to thank thanks to Facebook use of people's privacy data you know from right or wrong I mean that's what that's what they they did I mean this help Merchants really know which of their campaigns worked and allow them to you know run creative and that creative could be automatically you know a be tested abcdefgh like 8 times 8 different ways in which ever those creatives work best. You could actually beat successful one of them then you can just pivot all of the dollars behind that one campaign you know campaign h for campaign be your campaign e.e. and that's just a wonderful way to help these small businesses you know really succeed and that's been taken away now you know there's I think there's first a little bit of shock shoot I can't get the attribution I had I'm going to pull a my marketing dollars but marketers got a market. [47:13] And I think you're going to see those dollars come back and my guess is that Facebook and other companies are going to find some way to do. Better targeting they may not quite get to idea that a type of levels but they were going to be able to do some sort of audience targeting they also have a lot of first-party data but they'll be able to do it in a way that doesn't that you know respect people's privacy and yeah you'll see those dollars come back so that's why I referred to as a pothole I it's a big pothole it's but it's not that it's not a bridge that just collapsed you know you're going to be you can they can they got stuck in that pothole more than anybody else but you know the cranes there whatever they're getting a tow trucks they're they're getting out of it they got to do some nobody work they'll fix the car and it'll be back on the road in part because they've got the talent to do it but in part because there are millions of small businesses that are given to going to give them the incentive to do it because they'll get those marketing dollars back once they figure out some of the idea that a. Jason: [48:09] Yeah I always like to remind people that are like The Skys Falling on the advertising industry that you know. It wasn't very long ago that we had much worse targeting than than we have in digital even with idea of a I mean targeting used to be deciding which publication you were going to print your ad in. And they still got a lot of money in the advertising industry so like I kind of suspect that that marketers are going to figure out you know the best ways to invest their money even if it maybe isn't quite as. As real-time as people got used to for a short while. Mark: [48:42] I think you're right Jason. Scot: [48:45] So Mark you in the book you recap kind of this awesome 25-year career and you know one of the things I've learned is if you're in the game of making predictions you know that it's kind of humbling but then you kind of slowly but surely get better at it right you never get to kind of you know a hundred percent but over time you get better and like like for example you learned the lesson of. The companies that are customer focused to do better than investor focused think founder based in that kind of as you as you take those backward 25-year learnings and project them forward what are some of the things that you get excited about looking out the next five or ten years. Mark: [49:23] Well in terms of Trends even the next year or two I think whoever solves. Marketing attribution is going to be worth a lot more in two years than they are today just because there's so many businesses so many marketers that will pay for that. So I you know so that's that's kind of a debt that whoever whoever fills in the pothole that's going to be a very valuable company it's going to be a lot more valuable to years and it is today my guess is that there's gonna be Facebook so I'm interested in that then there's thing this thing called The Medic verse which I don't know this is just virtual reality just renamed do a Google Trends search on metaverse just watch that just spiked up in the last love so you know you kudos to the person who came up with that idea may be excited maybe Jason or Scott maybe was you I. Jason: [50:09] It's just a rebranded second life. Mark: [50:12] Okay and. But but you know the fact that it was two things that kind of struck me there's some pretty big companies throwing a lot of big money at metaverse you know Facebook Microsoft there's a bunch of others and then there's this Roblox generation people young people who are perfectly comfortable living in the meta verse in virtual reality and. [50:38] You know participating in concerts safely and you know and shopping and communicating and entertaining and learning. [50:49] And learning through the metaverse and so you know we knows 8 18 year olds you know get out into the real world you know they're going to be perfectly comfortable in the meadow verse maybe not the way you know not the way that we will naturally be but you know though they'll help us figure it out and so so I'm really intrigued by the metaverse I think it is going to take 5 to 10 years because that to really develop and I'm trying to trying to figure it out who the big winners are but but I'm very intrigued by that. [51:18] Yeah I'm also got one of those oculist you know I've gotten two different versions Generations the it's the iterations of the Oculus Rift and you know i-i've always it's kind of like when I first saw the Kindle you know the first Kindle I ever got was pretty darn kludgy but you know I just love the idea that you could just download any book on the your kludgy device will you know whenever you whenever you were in a Wi-Fi area and and I and you and you just saw how that device got better and better each iteration and so I just think about that with these with these virtual reality headsets I mean they're clumpy their clunky their kludgy it's kind of embarrassing to be have a picture of you taking them but you know just you can imagine already know how much they've improved over the last couple of years and just think ahead is it possible the next five to seven years it's going to be just it's going to be like putting on a pair of sunglasses I think that's what we should be thinking about if you can easily put on a pair of sunglasses and and enter the metaverse and have you know share a virtual you know in presence experience that sounds but that sounds odd or not but you can do that, I think a lot of people will do that and you know the education the work applications around that so I'm very intrigued by that. Jason: [52:28] So you're saying that that could be chewy.com to Google Glasses pets.com. Mark: [52:36] Yes yes I love that yes I hadn't thought about that way yeah and by the way I've got my Google Glass here you know I'm. Got that I got that early version I got the Amazon Fire Phone you know but just be the the early failures sometimes see these I mean they're kind of in the right direction I don't know exactly what there's a there's a backstory to Google Glass that we only partially know but anyway they have the concept is there and and you know the big iterations that these products do get better and as they get better easier cheaper lighter cooler you know like Main Street cooler not Silicon Valley cooler then then markets can appear. Scot: [53:17] I think that's something the three of us have in common I think the three of us are probably the only people that ordered and probably still own an Amazon Fire Phone. Jeff Ellis. Mark: [53:29] And I've Got My Socks.com puppet to it's in my office I put the hits I got it as a warning. Scot: [53:31] I have one of those too yeah we all I guess we all have one of those too. Jason: [53:36] That that puppet ended up being the most valuable asset from pets.com sidenote like I don't know if you followed it but there was there was there was a whole intellectual property fight with Triumph the comedy dog and all that stuff yeah. Unattended value unintended value creation. Scot: [53:53] Mark were you you know we've used up about an hour of your time we really appreciate you coming on the show to tell us about the book when's it come out where can people find it do you do you want them to order from that Seattle bookstore that we've been chatting about. Mark: [54:09] So yeah and thanks Scott Jason I've always enjoyed listening to your show I did tell you it beginning I your analysis recently all birds and Warby Parker I took the heart because I initiated Warby Parker as an analyst but I after after I've seen what your thoughts were on it. So thanks for having me on the show and to talk about the book nothing but Net 10 Timeless stock-picking lessons from one of wall Street's top Tech analyst I just like to nothing but net on a big Hoops fan. And my kids are hoops and that's been my email pack lines there's a lot of meaning for me in that that title it is available wherever fine literature is sold it is available on Amazon it's the it's a top bestseller now and in the business category so I've been I've been just it was just a it was a labor of love for me and throw like a chance to talk with both of you about it because you've lived through the sister just as much as I have and it's fascinating the lessons we can draw from. Jason: [55:01] Well Mark is been entirely our privilege and it's a great sign that you know just halfway through your career you had enough material for an amazing book so I can't wait to read the the sequel after the next half. Mark: [55:13] All right I will talk with will do it again in 25 years. Jason: [55:18] I'm booking it right now. Scot: [55:20] Bring our sock puppet are and pets.com puppets in our Amazon Fire Phone. Mark: [55:24] That's. Jason: [55:25] Yeah everyone else will be living in the metaverse at that point in no one's going to get it but it's cool. But Mark really appreciated your time and until next time happy commercing!

Co-Chief Investment Strategists Emily R. Roland, CIMA, and Matthew D. Miskin, CFA, join the podcast to address valuation worries and why overall market price-to-earnings (P/E) ratios have been steady due to strong earnings growth. The strategists also discuss what retail sales, jobs reports, and other indicators are saying about the health of the U.S. economy. Finally, they weigh in on what higher inflation means for investors and their outlook for lingering supply chain disruptions.

This week's guest is my friend, Kevin Espiritu. Kevin is the founder of Epic Gardening, the world's biggest gardening education platform. We became good friends over the internet--Kevin and I talked about the trend of parasocial relationships and how you can get to know someone despite having little to no in-person interaction.   We talked about how Kevin transitioned from making a living out of playing poker, to building websites, to marketing and blogging, and finally, working full-time on Epic Gardening. This project went on to garner the biggest gardening audiences on YouTube, TikTok, and Instagram and has branched into direct-to-consumer business without any ad spend.   Kevin relates his mistake in scaling the company revenue faster than he built the team, saying he likely left growth on the table. Leveraging people was a challenge at first. He says he thinks of himself more as a content creator and not really as a writer or YouTuber or podcaster, which eventually helped ease the process of trusting new team members to take on such responsibilities as he grew the company.   Kevin is now raising PE money and making an acquisition as an independent entrepreneur. We've had such a wonderful conversation that goes beyond Epic Gardening and into fun stuff like how creators can implement web3 tools, Kevin's short career as a male model, pink pineapple piracy, and so much more.   Additional Resources   Epic Gardening - https://www.epicgardening.com/ Epic Gardening on YouTube - https://www.youtube.com/user/EpicGardening Epic Gardening on Facebook - https://www.facebook.com/epicgardening Epic Gardening on Instagram - https://www.instagram.com/epicgardening/ Epic Gardening on Tik Tok - https://www.tiktok.com/@epicgardening The Epic Gardening Podcast - https://podcasts.apple.com/us/podcast/epic-gardening-daily-growing-tips-and-advice/id1221085548 Scribe Media - https://scribemedia.com/ Missouri Star Quilt Company - https://www.missouriquiltco.com/ The Fish that Ate the Whale by Rich Cohen - https://www.amazon.com/Fish-That-Ate-Whale-Americas/dp/1250033314   Topics   (1:22) - Thoughts on Podcasting & being ‘internet friends' (3:35) - How do you feel about accidentally becoming famous? (4:48) - Kevin's story: Poker, Blogging & Epic Gardening (15:09) - Scaling platforms & building a team (28:07) - Introducing Products (32:36) - Balancing loving gardening and running a business (38:08) - Kevin's Consumption: YouTube, Podcasts, etc. (39:46) - Book writing & publishing (45:41) - Raising capital & compounding patience (54:50) - Kevin's stint as a male model (57:13) - Acquisitions & Plant commerce Logistics (1:00:44) - How does IP work in the agricultural world? (1:04:51) - The opportunity cost of reading (1:06:16) - Web3 & Crypto (1:15:23) - To what extent can we all be growing our own food? (1:22:11) - A return to wholesomeness (1:25:34) - Wrap up   Additional Episodes If You Enjoyed: Jason Hitchcock: Your Guide to Web3 (DeFi, NFTs, and The Metaverse) Nick Huber: How to Build Leverage, Buy Businesses, and Go Viral on Twitter   If you want to support the podcast, here are a few ways you can:  >> Buy a copy of the Navalmanak: www.navalmanack.com/  >> Share the podcast with your friends and on social media  >> Give the podcast a positive review to help us reach new listeners  >> Make a weekly, monthly, or one-time donation: https://app.omella.com/o/9Bufa  >> Follow me on Twitter: @ericjorgenson >> Follow @FirstsFamous on Twitter  >> Learn more and sign up for the “Building a Mountain of Levers” course and community: https://www.ejorgenson.com/leverage  I appreciate your support!     Important quotes from Naval on building wealth and the difference between wealth and money:   How to get rich without getting lucky. - Naval Ravikant   Making money is not a thing you do—it's a skill you learn. - Naval Ravikant   I came up with the principles in my tweetstorm (below) for myself when I was really young, around thirteen or fourteen. I've been carrying them in my head for thirty years, and I've been living them. Over time (sadly or fortunately), the thing I got really good at was looking at businesses and figuring out the point of maximum leverage to actually create wealth and capture some of that created wealth. - Naval Ravikant   Seek wealth, not money or status. - Naval Ravikant   Wealth is having assets that earn while you sleep. - Naval Ravikant   Money is how we transfer time and wealth. - Naval Ravikant   Ignore people playing status games. They gain status by attacking people playing wealth creation games.    You're not going to get rich renting out your time. You must own equity—a piece of a business—to gain your financial freedom.  - Naval Ravikant   The most important skill for getting rich is becoming a perpetual learner. You have to know how to learn anything you want to learn. The old model of making money is going to school for four years, getting your degree, and working as a professional for thirty years. But things change fast now. Now, you have to come up to speed on a new profession within nine months, and it's obsolete four years later. But within those three productive years, you can get very wealthy. - Naval Ravikant     Important quotes from the podcast by Naval on Leverage:   “Give me a lever long enough and a place to stand, and I will move the earth.”  —Archimedes    To get rich, you need leverage. Leverage comes in labor, comes in capital, or it can come through code or media. But most of these, like labor and capital, people have to give to you. For labor, somebody has to follow you. For capital, somebody has to give you money, assets to manage, or machines. - Naval Ravikant   Fortunes require leverage. Business leverage comes from capital, people, and products with no marginal cost of replication (code and media). - Naval Ravikant   Capital and labor are permissioned leverage. Everyone is chasing capital, but someone has to give it to you. Everyone is trying to lead, but someone has to follow you. - Naval Ravikant   Code and media are permissionless leverage. They're the leverage behind the newly rich. You can create software and media that works for you while you sleep. - Naval Ravikant   If you can't code, write books and blogs, record videos and podcasts. - Naval Ravikant   Leverage is a force multiplier for your judgment. - Naval Ravikant   Apply specific knowledge, with leverage, and eventually you will get what you deserve. - Naval Ravikant   “We live in an age of infinite leverage, and the economic rewards for genuine intellectual curiosity have never been higher. Following your genuine intellectual curiosity is a better foundation for a career than following whatever is making money right now.” - Naval Ravikant   Important Quotes from the podcast on Business and Entrepreneurship   There is no skill called “business.” Avoid business magazines and business classes. - Naval Ravikant   You have to work up to the point where you can own equity in a business. You could own equity as a small shareholder where you bought stock. You could also own it as an owner where you started the company. Ownership is really important.     Everybody who really makes money at some point owns a piece of a product, a business, or some IP. That can be through stock options if you work at a tech company. That's a fine way to start.    But usually, the real wealth is created by starting your own companies or even by investing. In an investment firm, they're buying equity. These are the routes to wealth. It doesn't come through the hours. - Naval Ravikant

Entrepreneurs and companies seeking investment may find a family office (FO) a compelling alternative to private equity (PE). According to Preqin, family office deals currently represent 2.5% of total M&A deals, a small share but one that has been steadily increasing since the great financial crisis. The Economist estimates family offices manage assets worth an estimated US$4 trillion, with individual offices averaging $500 million to $1 billion in AUM according to Forbes. Our guest is Katherine Hill Ritchie, Director and Board Member of Nottingham Spirk, a 50-year-old innovation firm with a family office. Katherine has 18 years of finance, investing and family office experience and started her own firm working with family offices and alternative investment funds and companies. Katherine is also an Angel Investor and advisor who supports and invests in female and diverse founded venture capital funds and companies and is on the board of several organizations. She has spoken at over 100 global investment conferences, lectured at universities, and was recently awarded a lifetime achievement award for her family office work. Contact Katherine: KHillRitchie@nottinghamspirk.com 8 things companies should know about FOs: FOs can and do compete with PE for direct investments. FO fund structure, investment thesis, acquisition requirements, portfolio and shareholder mix are frequently opaque. FOs have flexibility to change their focus. FOs are not beholden to a 7-10-year exit timeline. IPO is not always the exit strategy for a FO. FOs don't face the same regulatory requirements as funds. FOs may or may not care about ESG requirements for their investments. Companies must build relationships with FOs to ensure alignment of objectives.

Recollections of my early years as a graffiti writer. Subjects discussed include: High school PE class (1988), Subway Art, Breakin' movie, John aka Tank, Frisco Bus Style, Castoner wildstyle tags, Dan-O (aka Wizdom and Omen), The Frontier restaurant, SHARP Skinheads, exchanging blackbooks, KWS crew, tactics for stealing art supplies, the break-in at Langells, racking with Agree, the Garden Section scheme, milk crate towers, the Escape from Home Depot, 1978 Mercury Zephyr skatemobile, racking fat caps, tossing keys as cover, steaks for guard dogs, leather coats on barbed wire, Grey PVC, the garbage can scheme, IGT by Phase2, Can Control, Skills magazine, Tower Records, bypassing security at Hastings, Cek, losing my shoe to a cop, Doc's fat cap business, coke demon, LA color schemes, cutting back, chrome effects, student loan scheme, malpractice suit, booze options, Christmas Eve mission, Custom Paint, Krylon racks, potential bomb, Writers Meeting at The Frontier, CMF vs MHC battle, Agree's war balloons.

Jak tworzyć lepsze, ciekawsze treści na blog, do newslettera, wideo albo podcastu? W jaki sposób prowadzić swoje działania content marketingowe, żeby treści były intrygujące i ciekawe dla odbiorcy? Poznaj 21 pomysłów na prezentowanie treści, dzięki którym wyróżnisz się wśród konkurencji. Pełny opis odcinka MWF 380: https://l.malawielkafirma.pl/p-380 W tym odcinku: 2:46 Użyteczne informacje 9:13 Dwie strony medalu 13:25 Punkt widzenia 20:25 Własne doświadczenia 27:36 Angażowanie odbiorców 38:10 T. Palak „Internet a prawo – jak się nie potknąć?” (recenzja) Posłuchaj też: 337: Co tracisz, jeżeli nie robisz recyklingu treści? https://l.malawielkafirma.pl/p-337 377: Co zrobić, żeby twój content marketing się przebił | Jacek Kłosiński https://l.malawielkafirma.pl/p-377 323: Czy twój content marketing to marnowanie czasu? | Paweł Tkaczyk https://l.malawielkafirma.pl/p-323 Bądźmy w kontakcie: Instagram: https://l.malawielkafirma.pl/p-instagram Facebook: https://l.malawielkafirma.pl/p-facebook YouTube: https://l.malawielkafirma.pl/p-youtube Zdobądź dostęp do dodatkowych materiałów! Dołącz bezpłatnie do Klubu MWF: https://l.malawielkafirma.pl/p-klub

In this episode of Six Weeks to Fitness, I am joined by Danielle Gray, a multi-passionate entrepreneur Wilhelmina fitness model, speaker, professional athlete, and the founder of Train Like a Gymnast. She's also a certified personal trainer specializing in bodyweight training, nutrition, women's fitness, youth exercise, kettlebells, and pre and postnatal exercise. She was also a former junior Olympic gymnast judge and coach.  During this interview, Danielle will share her fitness journey and how you can train like a gymnast in the comfort of your own home. Vince Ferguson Danielle, where did you grow up and what was your childhood like? Danielle Gray: I grew up in Manhattan Beach, California. So right next to LAX, it's called the South Bay and I'm an only child and then I was raised by a single mom and we were like best friends, you know? we still are, but it's just that kind of tight-knit community, the family was very important and everything, and then I started gymnastics when I was 4 and I dabbled in like ball sports, soccer and basketball, not that level of coordination, which is weird. People think, oh, you're a gymnast. Like you can tumble on a beam, but it's very different when there's like the external thing to manage as well. Danielle Gray: My childhood was great. I also realized I just naturally was entrepreneurial as a child. So meaning when I was in elementary school during recess, I would host little gymnastics classes for my friends down on the playground. Hey, if you want to like take a gymnastic class, I'll teach you like bars and we use like a curve on the edge of the playground for like beam. And I don't know if I was spotting kids. They probably should have said something or if I was just kind of showing off. But you know kids playing around. I was pretty crafty, thanks to my mom too and I would make like little Victoria Secrets bags and people would cut out magazine stuff of like what they wanted and I would like almost paper mache, but just like masking tape around it. And I would sell it for 20 bucks. I was always kind of entrepreneurial throughout my childhood, but I never thought that I would end up as an entrepreneur I don't think because I knew I always had a problem with authority. Danielle Gray: But I always pictured for myself like, oh, I'll have a job in like PR or something and I'll have you know steady desk job and I'll have the typical American dream, the house and the kids by this age and married by this age, life is completely the opposite. Vincent Ferguson: Yes, it is. Danielle Gray: But that's kind of like just my personal background that shaped me into who I am and of course, the gymnastics translates into so many different areas of my life with perfectionism and being a recovering perfectionist and having integrity and taking pride in my work and just my dedication and commitment to anything I set my mind to. Vincent Ferguson: Anything you set your mind to, to do it. Awesome. But now how far did you go with gymnastics? Danielle Gray: Not as far as a lot of people think. So I got to level eight, which is two levels before like collegiate, what you see and above collegiate is Elite, which is what you see in the Olympics. So I didn't make it like crazy incredibly far. People are like, oh, did you go to school for. No, I didn't, but I still was involved and I loved the sport and I had more passion for the sport before I burnt out from it. But I always identified as a gymnast, like Danielle, the gymnast. And then when I retired, I had this crisis of like, am I still a gymnast? What, well, I'm not doing it. So what am I now? And like, what do I do to fill all this free time? And there was a little bit of a crisis there and I got to experiment with different things, but it was, yeah. Danielle Gray: I wish I had gone further, but one, I had problems with authority, two, wasn't in the right environment with my coaches or my teammates, and then, three, I think that this needed to happen. I needed to not go super far because my goals were kind of left open like I didn't reach where I wanted to. So there was always this kind of like, I wish I wanted to do more. I like gymnastics. I was just in the wrong environment and that's what made me start coaching and judging and working for UCLA gymnastics and ultimately open my own company to help people train like a gymnast. Vincent Ferguson: Right. Right. But between that time, I understand you stopped training as a gymnast at the age of 15, right? Danielle Gray: Yes. Vincent Ferguson: Is that correct? Am I telling you to tell me. Danielle Gray: I know. I think it's 15. Okay. 2007. So I had just turned 15. Yeah. Vincent Ferguson: So what did you do between the time that you quit gymnastics and you started your business? What did you do in between all that time? Danielle Gray: Okay. So 2007 through 2016, let's say, wow, 10 years. Pretty much. Okay. So I immediately went into like musical theater, acting, dance, like tap dance, jazz, lyrical, and all that kind of stuff, because I wanted to do acting, but as I got into it and stuff, it was fun. It was good to learn a lot about myself. It was good to have all these different angles to who I am, but when I started auditioning for stuff and I had an agent for acting, I'm an agent for modeling now, that's totally different, I was like, Hmm, I'm not feeling as passionate about acting as other people are. Danielle Gray: And so I almost felt guilty if I were to get a part that someone else really, really wanted. Vincent Ferguson: Yeah. Danielle Gray: And I was like, I'm doing this because it's like fun and I'm just doing it, but some people this is what they want, this is all they want. I started to feel guilty and I was like, okay, this isn't my passion. Let's start to leave this behind as I focused on college and I always did a PE class every semester just to stay in shape and active, because I hadn't done PE since sixth grade because we could write out of it for gymnastics. Vincent Ferguson: Ah, okay. Danielle Gray: So I was just like yoga, weight training, stress management, self-defense. There were so many other things that I did in college and then my friend, Sennon, she was taking a lyra class, which is like the aerial hoop. Vincent Ferguson: Okay. Danielle Gray: She said I want to try pole, would you come with me? And so I went with her, she didn't like it. I loved it. So I ended up starting to train consistently in pole right over there and I ended up competing at a regional and a national level in placing. So I'm technically a professional division pole dancer. I don't compete anymore, but I still train, it's fun. It was a good natural way to kind of use my gymnastics background in a different way for like aerial and circus stuff. Vincent Ferguson: Yeah. Danielle Gray: And then the kind of idea for Train Like a Gymnast came from me having a desk job in online marketing, an online desk job. And I was still gymnastics coaching part-time and then I got my personal trainer certification and I kept forgetting to pick up my checks at the gym and I kept forgetting that I got paid to train people. Vincent Ferguson: Really? Danielle Gray: Yeah. Vincent Ferguson: Why? Because it became like fun. You didn't think about being paid for? Danielle Gray: Right. I was just like, Hmm, well you're forgetting that you make money from this. So this is probably your passion. So you should follow it. It was just, you know, when you forget that you are working for pay, it doesn't feel like work anymore. You know, so that was a realization I had and when they offered me a promotion at my full-time job, I was like, I don't want to lead you on, that this is the direction I want to go. I think I want to follow this passion because at the time I was 24, I think, 23 or 24 and I would rather try going into fitness and falling flat on my face than staying in a steady stable career for 20, 40 years and looking back and being like, what would my life be if I had just tried? Vincent Ferguson: Wow, beautiful. Danielle Gray: I know I can always sell myself. I know I can always make more money. I know I can always get a desk job. Vincent Ferguson: Yes. Danielle Gray: But there are certain things that you have a little window, like fitness modeling, personal training while your body's healthy, whatever it may be. Vincent Ferguson: Yes. Danielle Gray: And at first, I was like, Hmm, okay. Am I going to be homeless? How do I get clients? What is my strategy? I had no strategy. I ended up working at Equinox and I learned through like paid education to just how do you run a business? How do you manage a gym if I ever wanted to have a brick and mortar, all those kinds of things, and I became a much better trainer and I realized I was training people the way I used to train. I was training them like a gymnast, right. Vincent Ferguson: Right good. Danielle Gray: So I was working on their balance, their proprioception, their strength and stability, and doing specific core stuff instead of like, oh, when you do this, you're also working your core. Like I would dedicate and I would make them stretch at the end. It was a whole process and so I kind of came up with this, just a layout of how I always trained my clients. And originally it started as an e-book back in the day. Vincent Ferguson: Oh really. Danielle Gray: A three-month e-book that was it. In 2016, that was like what everyone was doing. And then 2018, it turned into like an app based program with a 28-day challenge. So we'd get people in, they'd see results and then they would continue into a VIP ongoing program. So now we have an app, but it's just a different format. It's super user-friendly and super amazing. I'm just putting like everything we've ever created in there with nutritional guidelines, recipe booklet, like short workouts, long workouts, Instagram replays, and certain like pull up, pistol squat, beginner programs. And I'm super excited. Vincent Ferguson: And that's where you are today. Danielle Gray: Yeah. Vincent Ferguson: Wow. Are these classes virtual and in-house? Danielle Gray: Yeah the app is all virtual. So this can be anybody, anywhere in the world. You can download the app and train. Right. And you can cast it to your computer. You can cast it to your TV. But we also through Train Like a Gymnast host retreats and workshops. Vincent Ferguson: Oh really? Danielle Gray: So if somebody is working on this stuff at home and they're getting stronger, but they want to learn a back walk over a back handspring or a back tuck and they maybe aren't near a gym where they can get a spot. They can come work with us in person. And we do personal development. We do like different excursions with the group that comes with us. Then we rent out a gymnastics gym. We all stay at house where we sort of stay together and five days, four nights, incredible experience. Vincent Ferguson: Really, really. Danielle Gray: Yeah. Yeah. Vincent Ferguson: Where are these events located? Danielle Gray: So we did one in Hawaii last year. We did one in Lake Tahoe. And then this year we did Park City. Next year, I'm thinking I want to do one in a warmer location. So I want to get something to the East Coast, but it's hard to find tropical warm locations that also have gyms, that also have insurance for adults. So I can't be like a yoga retreat that's like, oh let's go to like Tulum or Bali because it's a gymnastics retreat. So I need to have a gym with safe equipment that potentially hit cause for me spotting adults is just, there are different things and a lot of times gyms only insure up to the age of 22 because that's when most people stop. Vincent Ferguson: Is that right? Up until the age of 22. That I did not know. Danielle Gray: Really frustrating. So a lot of gyms in this area will like to have classes for kids and there are no adult classes or adults can't train there because their insurance doesn't allow it. So I even have a hard time with insurance. I have to get around in certain ways and double overlap all of our policies and waivers. Vincent Ferguson: Really. I did not know that, but talking more about those classes. Are these geared more towards women and if so what age group? Danielle Gray: That's who typically ended up being our demographic, but I taught a 6 feet, 4 inches, formal former football player, a back tuck on grass without equipment in and out. And he got it by himself at the end of the day. Yeah. Vincent Ferguson: A former pro football player. Danielle Gray: I'm 5 feet, 4 inches, and he's 6 feet 4 inches and I spotted him on the grass in Hawaii in 2019 and he got it by himself. A couple of them got it by themselves later in the day. It was incredible. So that's kind of what started my one-day workshop thing because people were seeing, oh, I can do this in one day. Vincent Ferguson: Right. Danielle Gray: And then started doing retreats for the longer form stuff. But our demographic is typically women between 25 and 40. That's the demographic that really seems to resonate with this because either they didn't get as far as they wanted to in their gymnastics careers or they always wanted to try gymnastics and they didn't know that this existed or a way to get strong and flexible without having a gym membership. Right. All of the stuff that I film on the app is in my house. Vincent Ferguson: It's in your house? So we can do this at home. Danielle Gray: Yes absolutely. Vincent Ferguson: That's what I'm talking about. Danielle Gray: Yes. Vincent Ferguson: I'm ready. Danielle Gray: You have your body, you have a wall, if you have a chair, a couch, maybe some sliders, like we have a little workout kit that comes in a bag. It has two sliders, five mini bands, and three long bands. So you can do biceps curls, you can do shoulder presses, you can do banded bicycles. You can do mountain climbers with the sliders like there are so many things you can do with just this little kit that barely takes up any space and you can do it on hardwood or on the carpet and that's what we want. Because we want to show people that you can train like a gymnast with very little space because we are not always just doing routines. Right? Like in between our routines, we're lining up, we're on the ground and the coach is like, all right, hollow body rocks, ready? Go for 50. And everyone's just side by side rocking. Like I want to be able to host an event one day where I can rent out a big space or a stadium and people can just come with a yoga mat. Vincent Ferguson: Yeah. Danielle Gray: And just like a gymnast does some mindfulness work, some goal settings, some attention, visualization, work out and then cool down with a stretch. That is my goal. Vincent Ferguson: I can definitely see that. So I know a lot of women who are trying to lose weight and you know the New Year's coming and that's one of their goals. So training like a gymnast helps them to lose weight? Danielle Gray: Hundred percent. You got to be consistent though. Right. So if you go really hard for a week and then life happens and you stop training for three weeks and then you come back and you do another hard one, you're not going to notice a difference. That's why the 28-day challenge was so transformational. We had women in that 28 days, we had some women in their fifties lose like 12 pounds in a month. Vincent Ferguson: Really, it's excellent really in a month. Danielle Gray: And then when they continue into the ongoing program and they just stayed consistent, only talking about like three workouts a week. Vincent Ferguson: That's it? Three. Danielle Gray: Yeah. Vincent Ferguson: Who can't do that, three workouts a week. Come on. Danielle Gray: Yeah. Right. And a lot of people are like, oh my gosh, I can't do like 45-minute workouts or 60 minutes. When you go to the gym, think about how long you end up at the gym. You're probably there for like an hour because you get in, you know whatever, but this is a structure. It's accountability, its structure. You just execute. You can schedule it, get a reminder, whatever it is. But when people got into the ongoing stuff we had again women in their 50s losing 20 pounds and keeping it off. Vincent Ferguson: Really? Danielle Gray: Yeah. Because I do so much holistically. So we work on the mindset, your limiting beliefs. We also help the intermittent fasting. And I don't like to restrict you guys like you can eat what you want, but we're trying to limit and give your body a chance to rest and digest. So intermittent fasting some people like, some people don't like. I try to see it as, okay if you owned a factory and you had a bunch of workers and you made them work all day every day with like no rests or anything, they probably start making mistakes. Vincent Ferguson: Definitely. Danielle Gray: Where one of them will be like, I'm over this. Let's go on strike. And then they stop working. Vincent Ferguson: Exactly. Danielle Gray: Think about that as your like digestive enzymes, if you're constantly feeding, they're never getting a break. So the intermittent fasting is more like a break for your body so it can work more efficiently. Vincent Ferguson: Yes. Danielle Gray: That's ultimately what I'm going for. It's not, oh, don't eat here, stop eating here, limit, restrict. It just has a schedule, work on your time management, work on your willpower. Vincent Ferguson: Definitely. Yes. Danielle Gray: Well I'm not saying you can't eat a cookie after your dinner, just don't eat the whole bag, but you know, try to stay close to your goal, but you just have a window and it can adjust, if you got a dinner that night then scoot your window earlier. It's totally fine. So a lot of people in the program really succeeded and did well with the intermittent fasting. Some days would fall off, but then you just get back on the wagon, you know, or get back on the beat. Vincent Ferguson: Really? Yeah. Danielle Gray: Yeah. Vincent Ferguson: Do you have testimonials from women who have taken the course and leaving it? Danielle Gray: I have over a hundred video testimonials. Vincent Ferguson: No, you don't. I mean. Danielle Gray: So anybody listening, who's an entrepreneur, business strategy. So that 28-day challenge when we first started, it was a "free challenge." People would put a deposit down. They'd basically bet on themselves. So they had to be 18 right. They'd bet on themselves that they could do everything required in the 28 days. If they did, they would get their money back. If they did not complete all of the workouts and log their food, we would keep that deposit. Vincent Ferguson: Really? Danielle Gray: So yeah and then if they wanted to continue, the deposit just got credited towards their continuing program. So that is what was really helpful and then at the end, I had an exit interview. It was like after the 28-day challenge, if you want to continue, cool. If you don't want to continue, this is the final step to complete. And so I would just interview them for like 5 to 10 minutes be like, what did you like? What did you not like? What does it mean to Train Like a Gymnast? What would you say to anybody else who's thinking about it? All of those I have saved and are zoom video testimonials and it's crazy. I need to use them more, but they're on the website. Vincent Ferguson: Excellent. Well, that's awesome though. I'm quite impressed about that. Do they have access to you? Those who join? Danielle Gray: Yeah. So once you download the app, after every workout, it'll ask you to rate it, and then it'll ask you how'd it go? And when you answer how it went, it actually gets sent to me in my messages and I can respond to it. I think it goes through email, but you can always, email the team at Train Like a Gymnast. You can always find me through Instagram at Danielle Gray fit or Train Like a Gymnast. I will respond to you if you are a human, right. I just don't respond to bots. Danielle Gray: I want to help and I want to have a dialogue because I don't believe in it, oh, I have an app if you use it, cool, if you don't, whatever, I am really invested, you guys. I am looking at my numbers every day to see, oh my gosh, we have another person in, I have another person in, I want every single person in the app to have their own personal transformation. And the more I know about you as a person and what you like and what your goals are, the more I can tailor the app to you. But if I have no idea who you are, I'm just throwing stuff out there like, oh, I think this is good. And you might use it. You might not. Vincent Ferguson: Oh, so you tailor the app to the individual's needs. Danielle Gray: Yeah. So like if somebody messages me like, oh, I want more of this. Okay. That week I'll plan. All right, let's do a muffin top workout. Someone actually said that so let's do it. I mean, you can't spot reduce, but if people are giving me feedback, what they want, then I will plan to do that, I'm not set in my ways. I will just create all right, how can I train like a gymnast here, but help them target this or help them with this. If you were super stressed at work and they are like, oh this is great for busy days. All right I know people are busy. So let me add in a couple more meditations where I kind of center them and realign them so they can continue the rest of their day. So I really, really want, I want to talk to people for sure. Vincent Ferguson: Wow. That is awesome though. Now, would you say that Train Like a Gymnast is something that can be done internationally? Danielle Gray: Yes. Yeah, absolutely. So yes. I speak English and yes the follow-along workouts are in English, but the programs that I have are short looping clips. So this is a video, right? Like I can pull it up. Vincent Ferguson: Oh yes.  Danielle Gray: Okay. So in the app, there are certain programs like, cause we're talking about the 28-day challenge. Once you're in the 28-day challenge, let's say you want to do core and upper body that day. It's going to take you about 45 minutes which means when you click start, you've got two circuits. I always give you core and then upper body, core-lower body, core-full body. You have a core workout every single time. Vincent Ferguson: Really. Danielle Gray: Every single time. And then ideally you're going to stretch at the end and cool down, but okay, let's start the core workout, press the button. And it's just looping videos like this. So you can see it and I'm not talking. So you can literally just copy and repeat. Then here, it'll tell you how many reps you got to do. You can swipe up. There we go and it'll tell you the writing of like what you need to do, what you got to focus on, and for a lot of these too, it's kind of like Instagram where you'll just tap to the next thing. But a lot of these will tell you a modification and a progression. So if it's too hard for you or it's too easy, then you just look in the description, and then you change it up and make it fit for you. Vincent Ferguson: Nice. Now how much is this app? Danielle Gray: So it's only a dollar for the first month, so you can give it a try. And then after that, it's only $14.99 a month after or $99.99 for the year. Vincent Ferguson: Oh, $99.99 for the year. Danielle Gray: Yeah so you'll save even more if you do that, but Vincent Ferguson: Yeah. But this is your app. Did you create this? Danielle Gray: So I'm on, also there's another, there's another, but wait, there's more. Yeah. So I'm on a platform, right? So all of my workouts are on this one platform. You'll download my app through that link. You're not going to be able to find the Train Like a Gymnast app in the app store, you have to go Train Like a Gymnast app.com to download it, but once you download it, it'll always bring you to Train Like a Gymnast. If you sign up through my link. But if you click the Discover tab, you will also get access to every other trainer on that platform with all of their workouts too. So you're literally paying $14.99 a month, not just for me, but for some of your other favorite fitness, you know? Vincent Ferguson: Oh really? So you have options to access a ton of them. Danielle Gray: Absolutely. Vincent Ferguson: When we pay for the use of your app, the platform that's hosting it, are they getting paid for that? Danielle Gray: Yes, this is the thing, that's why it's so important to sign up through the Train Like a Gymnast app.com because when you sign up through our app, small business, right. We make a bigger percentage. There's a revenue split. Vincent Ferguson: Okay. Danielle Gray: Somebody goes and downloads the main platform app first and then ends up using our stuff, we have to split with the app store, we have to split with the platform and then we make like a lower cut right. So right. Here's someone who loves to support female-owned businesses, small businesses in general, you're going to want to download through our website. Vincent Ferguson: Most definitely. This is an awesome business structure, format. I love it. And again, with the holidays coming, and then the new year, people are going to be like looking for opportunities in ways to lose weight. But again, it has to be realistic and sustainable. Danielle Gray: Exactly. Vincent Ferguson: This is sustainable. This is real. Okay. This is real. And I think you're going to do very well with this. Danielle Gray: Thank you. Vincent Ferguson: And I'm definitely going to promote it in my circles because I know a lot of people looking for opportunities like this, this is great. Danielle Gray: Right? And you don't have to just stay with mine. Like sure. You are supporting me, but you can go train with like Kevin Hart's trainer or if you want to train with a fashion model like there are so many different trainers on there with their own programs and stuff. So there are yoga people who have like 90-minute meditations. I swear that's real. So it's up to you. You can just kind of discover and experiment, but ultimately you are supporting us. You are giving us a chance if you can stay consistent and then on your other days just kind of check out and around, but I'm really about this sustainability. If you can't picture yourself doing something five years from now, it's not sustainable. Right? Vincent Ferguson: Exactly. Danielle Gray: If you're dieting, not sustainable, intermittent fasting or focusing on portion control is completely sustainable. Vincent Ferguson: Definitely. Danielle Gray: That's what I'm trying to get peoples' minds around, is this is a lifestyle, it's not going to happen overnight, but Train Like a Gymnast is dedication, is consistency, is repetition. Talk about how many times we do one skill to master it. I don't think people realize and that can be "boring" because it's not like a football game where you watch and it's a different team every time and you know, it just happens to call different players, when you watch gymnastics, that one gymnast is doing the same routine at every competition for that entire season. Vincent Ferguson: Yeah. Wow. Danielle Gray: So you are repeating those skills. That's why people are like, oh my gosh, they're so good, because literally a four hour practice, you're doing the same skill like a hundred times. Vincent Ferguson: Yes, exactly. Danielle Gray: So that's how you get strong and you get with your body. So I want people to really work on their core to get strong, but also lengthen their muscles so that they are less prone to injury, they're going to feel better, have less chronic pain. And then of course, if you're consistent and you like training as a gymnast, then you're going to do it more often. You're not going to avoid it and you're going to see results. And then the body that you want is going to become a side effect. Vincent Ferguson: Hmm. Most definitely. Danielle Gray: The thing that I tell a lot of people is, if you did a sport when you were younger, you weren't playing volleyball to have defined legs. You weren't playing soccer to do this. You know, you were doing it because you liked I, it was fun, it didn't feel like working out or you wanted to get better. And that's ultimately what you need to discover as an adult. For some reason, there aren't like a lot of organized adult sports, like it's just not a thing and it blows my mind. And I want to be part of that chain is like, just because you become an adult, doesn't mean you have to just, all right well that's done now I go to a gym to stay fit. A lot of people don't like that. Vincent Ferguson: Exactly. that's what I'm getting at. Where do you see yourself and your company in the next five years? Danielle Gray: Kind of what I was explaining before I want to be able to host big meetups where I can impact more lives in less amount of time. Right. Someone brings a friend and then that grows and that grows and that grows. And I want to be able to hire coaches to teach workshops around the country as well. I want to host these retreats in incredible destinations and help see that transformation and be a part of life change. Cause I've changed people's lives. I've heard from them like just shifting their mentality or realizing that they can do something. If I can learn a backflip in one day, what else can I do? Boom. And it gives them that courage to do more and take more risks. So I just want to continue to impact as many lives as possible. I would love for the app to have over a thousand numbers like that would blow my mind and be amazing. Vincent Ferguson: Thousand members? Danielle Gray: That's just like my minimum goal. I would love at least a thousand members worldwide. Vincent Ferguson: How many members do you have now if I may ask? Danielle Gray: It's funny because I haven't told, my ex and I live together, so he keeps asking me, but I haven't told him. Currently, I think we launched two weeks ago and we're at 61 right now. Okay, its still growing. Vincent Ferguson: Yeah. The app is new. The app is relatively new. Danielle Gray: Yeah and it's not even the new year yet. So I'm very excited because also, I don't know if anybody's heard of Vevobarefoot, they're going to donate a pair of shoes every month for a year for us to do as we please. So starting in January, we're going to do month-long challenges where if you do that month's challenge, you get entered in a raffle to win a pair of Vevobarefoot shoes of your choice. Vincent Ferguson: Wow. Danielle Gray: We're also doing it right now as a signup bonus. So if you sign up before December 24th, you're going to be entered to win a pair of Vevobarefoot shoes. Vincent Ferguson: Really now? Danielle Gray: Yeah. Vincent Ferguson: I can see a lot of sponsors coming to you. I can see you opening. Danielle Gray: We already have a lot and I'm excited. Vincent Ferguson: There you go. Exactly. Exactly. Wow. Where can my audience find out more about Danielle Gray and Train Like a Gymnast? Danielle Gray: So if you want to know about me, Danielle Gray fit on Instagram, on Facebook, on Twitter, I don't use Twitter. And on YouTube, Danielle Gray fit.com is where you can see my fitness modeling portfolio. It's where you can learn more about my stories, see press and interviews and podcast interviews. Then if you're interested in Train Like a Gymnast, whether it be the retreats or the app or anything like that, just go to trainlikeagymnast.com. You can get to our Instagram through my Instagram or through that website. And we have like a couple of freebies. There are a lot of ways that you can Train Like a Gymnast either for free or starting with the one dollar for the first-month app and potentially getting a pair of shoes. So, I hope you guys reach out. Ask questions, send me a DM. I check my requests. I check the comments. I respond to comments, everything like that. So there are so many ways to get a hold of me. Vincent Ferguson: Nice, Danielle Gray, on behalf of Body Sculpting New York and 6 Weeks to Fitness, I want to thank you for coming on my show today. Danielle Gray: Thank you so much for having me. I hope I vomited enough words for your audience. Vincent Ferguson: Ha, ha, to my listeners, I hope this program was inspiring, rewarding, and informative and that you had a wonderful time watching and listening to Danielle Gray and if you have any comments or suggestions for the show, please leave them in the comment section below and don't forget to subscribe, so you don't miss any future episodes. And remember you don't stop exercising because you grow old, you grow old because you stop exercising.

Adding more to Bible section at PreparingYou.com; Zephaniah - the "Revelation" of the Old Testament; Trends of Change; THE truth; Relating to ourselves; Zephaniah = "Yahweh has hidden"; Kyle Rittenhouse trial; Criminals wreaking havoc; Media spin vs facts presented; Vigilantism; Fire story; Sitting in darkness; What can't YOU see?; Why can't some see THE truth?; Tree of Knowledge; Tree of Life; Information filters; Understanding the Gospel of the Kingdom; Loving/strengthening your neighbor; Ex 14:3; Entangled in the land; biet-vav-resh; Confused? Perplexed?; Enmeshment; Hierarchy in the family; Moving targets; Mt 22:15; Moses ruling by reason; Confusion rampant; Cancelling conversations; Unwillingness to see truth; Learning from sheep; Sheep/Christians don't see well in the dark; Guiding with light; Moneychangers and mammon; Debt/Inflation is not OK; Repurposing safe drugs; Gibraltar example; Loving darkness; "Man of the mountain"; Porters of the Temple; Providing for need; Malmonitis - Head of the porters; Man of the mountain of the house; Temple treasury should flow; Rev 16:5; Psalms 134; Following Christ's commands; Forming congregations; Kingdom structure; Thinking "kingdom"; Safety in staying together; Everyone must learn for themselves; Cognitive dissonance; "Believe" in the real Christ; Practicing pure religion; 2 Pe 2:20; Knowing yourself; Making slaves of your brothers; Making yourself merchandise; Coveting what belongs to your neighbor; Banks; Balaam and Nicolaitans; Wages of unrighteousness; Find one another and gather; Scattering the flock; The alternative network; Learn to be a free society.

It's the JournalFeed Podcast for the week of November 15-19, 2021. We cover proactive PE screening for COPD admissions, PECARN in an external cohort, β-lactam or vancomycin first for bacteremia, downstream effects of antibiotic over-prescribing, and hyperbaric timing in CO poisoning.

B + HCE = Our 3rd TWICE episode! This week's game is brought to you by Stephen. Let's Connect: Twitter: @HallyuCanEat Instagram: @HallyuCanEat Email: HallyuCanEat@gmail.com [P/E #49]

Visti Patti's website PattieKaye.com and join her Facebook group, MS Stands for Mindset Shift. Check out the My Immune System Hates Me store! There are clothes, drink ware, bags, and more. Then be sure to tag @myimmunesystempod with photos!Don't forget to rate and review the show!***Any information discussed in this podcast is strictly my opinion and those of my guests and are for informational purposes only. We are speaking from our personal experiences and you should always consult with your doctor or medical team.

Raising fresh capital for portfolio companies in times of financial stress is always a delicate balancing act between attracting new lenders and maintaining the strategic support of existing creditors. The almost instantaneous halt in cash flows and scramble for new capital injections precipitated by the COVID-19 pandemic has significantly changed traditional approaches to collateral — giving rise to new financing opportunities for sponsor-backed deals and businesses. Regardless of debt market buoyancy, these new financing techniques are here to stay, having demonstrated value in overcoming creditor skepticism during times of economic uncertainty and bringing a new way to increase leverage. In this episode of Connected With Latham, London private equity partner Tom Evans speaks with London capital markets partner Francesco Lione about this shift in the debt finance markets and how PE dealmakers can work with legal counsel to take advantage of the opportunities these creative structures present.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022-4834, Phone: 1.212.906.1200

Proper 28 First Psalm: Psalm 101; Psalm 109:1–30 Psalm 101 (Listen) I Will Walk with Integrity A Psalm of David. 101   I will sing of steadfast love and justice;    to you, O LORD, I will make music.2   I will ponder the way that is blameless.    Oh when will you come to me?  I will walk with integrity of heart    within my house;3   I will not set before my eyes    anything that is worthless.  I hate the work of those who fall away;    it shall not cling to me.4   A perverse heart shall be far from me;    I will know nothing of evil. 5   Whoever slanders his neighbor secretly    I will destroy.  Whoever has a haughty look and an arrogant heart    I will not endure. 6   I will look with favor on the faithful in the land,    that they may dwell with me;  he who walks in the way that is blameless    shall minister to me. 7   No one who practices deceit    shall dwell in my house;  no one who utters lies    shall continue before my eyes. 8   Morning by morning I will destroy    all the wicked in the land,  cutting off all the evildoers    from the city of the LORD. (ESV) Psalm 109:1–30 (Listen) Help Me, O Lord My God To the choirmaster. A Psalm of David. 109   Be not silent, O God of my praise!2   For wicked and deceitful mouths are opened against me,    speaking against me with lying tongues.3   They encircle me with words of hate,    and attack me without cause.4   In return for my love they accuse me,    but I give myself to prayer.15   So they reward me evil for good,    and hatred for my love. 6   Appoint a wicked man against him;    let an accuser stand at his right hand.7   When he is tried, let him come forth guilty;    let his prayer be counted as sin!8   May his days be few;    may another take his office!9   May his children be fatherless    and his wife a widow!10   May his children wander about and beg,    seeking food far from the ruins they inhabit!11   May the creditor seize all that he has;    may strangers plunder the fruits of his toil!12   Let there be none to extend kindness to him,    nor any to pity his fatherless children!13   May his posterity be cut off;    may his name be blotted out in the second generation!14   May the iniquity of his fathers be remembered before the LORD,    and let not the sin of his mother be blotted out!15   Let them be before the LORD continually,    that he may cut off the memory of them from the earth! 16   For he did not remember to show kindness,    but pursued the poor and needy    and the brokenhearted, to put them to death.17   He loved to curse; let curses come2 upon him!    He did not delight in blessing; may it be far3 from him!18   He clothed himself with cursing as his coat;    may it soak4 into his body like water,    like oil into his bones!19   May it be like a garment that he wraps around him,    like a belt that he puts on every day!20   May this be the reward of my accusers from the LORD,    of those who speak evil against my life! 21   But you, O GOD my Lord,    deal on my behalf for your name's sake;    because your steadfast love is good, deliver me!22   For I am poor and needy,    and my heart is stricken within me.23   I am gone like a shadow at evening;    I am shaken off like a locust.24   My knees are weak through fasting;    my body has become gaunt, with no fat.25   I am an object of scorn to my accusers;    when they see me, they wag their heads. 26   Help me, O LORD my God!    Save me according to your steadfast love!27   Let them know that this is your hand;    you, O LORD, have done it!28   Let them curse, but you will bless!    They arise and are put to shame, but your servant will be glad!29   May my accusers be clothed with dishonor;    may they be wrapped in their own shame as in a cloak! 30   With my mouth I will give great thanks to the LORD;    I will praise him in the midst of the throng. Footnotes [1] 109:4 Hebrew but I am prayer [2] 109:17 Revocalization; Masoretic Text curses have come [3] 109:17 Revocalization; Masoretic Text it is far [4] 109:18 Revocalization; Masoretic Text it has soaked (ESV) Second Psalm: Psalm 119:121–144 Psalm 119:121–144 (Listen) Ayin 121   I have done what is just and right;    do not leave me to my oppressors.122   Give your servant a pledge of good;    let not the insolent oppress me.123   My eyes long for your salvation    and for the fulfillment of your righteous promise.124   Deal with your servant according to your steadfast love,    and teach me your statutes.125   I am your servant; give me understanding,    that I may know your testimonies!126   It is time for the LORD to act,    for your law has been broken.127   Therefore I love your commandments    above gold, above fine gold.128   Therefore I consider all your precepts to be right;    I hate every false way. Pe 129   Your testimonies are wonderful;    therefore my soul keeps them.130   The unfolding of your words gives light;    it imparts understanding to the simple.131   I open my mouth and pant,    because I long for your commandments.132   Turn to me and be gracious to me,    as is your way with those who love your name.133   Keep steady my steps according to your promise,    and let no iniquity get dominion over me.134   Redeem me from man's oppression,    that I may keep your precepts.135   Make your face shine upon your servant,    and teach me your statutes.136   My eyes shed streams of tears,    because people do not keep your law. Tsadhe 137   Righteous are you, O LORD,    and right are your rules.138   You have appointed your testimonies in righteousness    and in all faithfulness.139   My zeal consumes me,    because my foes forget your words.140   Your promise is well tried,    and your servant loves it.141   I am small and despised,    yet I do not forget your precepts.142   Your righteousness is righteous forever,    and your law is true.143   Trouble and anguish have found me out,    but your commandments are my delight.144   Your testimonies are righteous forever;    give me understanding that I may live. (ESV) Old Testament: 1 Maccabees 3:42-60 New Testament: Revelation 21:9–21 Revelation 21:9–21 (Listen) The New Jerusalem 9 Then came one of the seven angels who had the seven bowls full of the seven last plagues and spoke to me, saying, “Come, I will show you the Bride, the wife of the Lamb.” 10 And he carried me away in the Spirit to a great, high mountain, and showed me the holy city Jerusalem coming down out of heaven from God, 11 having the glory of God, its radiance like a most rare jewel, like a jasper, clear as crystal. 12 It had a great, high wall, with twelve gates, and at the gates twelve angels, and on the gates the names of the twelve tribes of the sons of Israel were inscribed—13 on the east three gates, on the north three gates, on the south three gates, and on the west three gates. 14 And the wall of the city had twelve foundations, and on them were the twelve names of the twelve apostles of the Lamb. 15 And the one who spoke with me had a measuring rod of gold to measure the city and its gates and walls. 16 The city lies foursquare, its length the same as its width. And he measured the city with his rod, 12,000 stadia.1 Its length and width and height are equal. 17 He also measured its wall, 144 cubits2 by human measurement, which is also an angel's measurement. 18 The wall was built of jasper, while the city was pure gold, like clear glass. 19 The foundations of the wall of the city were adorned with every kind of jewel. The first was jasper, the second sapphire, the third agate, the fourth emerald, 20 the fifth onyx, the sixth carnelian, the seventh chrysolite, the eighth beryl, the ninth topaz, the tenth chrysoprase, the eleventh jacinth, the twelfth amethyst. 21 And the twelve gates were twelve pearls, each of the gates made of a single pearl, and the street of the city was pure gold, like transparent glass. Footnotes [1] 21:16 About 1,380 miles; a stadion was about 607 feet or 185 meters [2] 21:17 A cubit was about 18 inches or 45 centimeters (ESV) Gospel: Matthew 17:22–27 Matthew 17:22–27 (Listen) Jesus Again Foretells Death, Resurrection 22 As they were gathering1 in Galilee, Jesus said to them, “The Son of Man is about to be delivered into the hands of men, 23 and they will kill him, and he will be raised on the third day.” And they were greatly distressed. The Temple Tax 24 When they came to Capernaum, the collectors of the two-drachma tax went up to Peter and said, “Does your teacher not pay the tax?” 25 He said, “Yes.” And when he came into the house, Jesus spoke to him first, saying, “What do you think, Simon? From whom do kings of the earth take toll or tax? From their sons or from others?” 26 And when he said, “From others,” Jesus said to him, “Then the sons are free. 27 However, not to give offense to them, go to the sea and cast a hook and take the first fish that comes up, and when you open its mouth you will find a shekel.2 Take that and give it to them for me and for yourself.” Footnotes [1] 17:22 Some manuscripts remained [2] 17:27 Greek stater, a silver coin worth four drachmas or approximately one shekel (ESV)

In this episode I discuss how I play Fowling with grades 2-5. Fowling is football/bowling and a lot of fun! It's a terrific target game with a lot of strategy and tactics to consider. Email me at dcarney1017@gmail.com I'd love to hear from you!Fowling PDF: https://mailchi.mp/afcce2347d7b/fowlingLeave a review: https://podcasts.apple.com/us/podcast/the-supersized-physed-podcast/id1435115135My TPT store with Task cards: https://www.teacherspayteachers.com/Store/SupersizedphysedMy Large Group beginners course: https://coursecraft.net/courses/z9Y3ELarge Group Start from Scratch Course with Bonus PDF's and Grant Writing Files:https://pedave1017.gumroad.com/l/programLarge Group Sport Ed course: https://gum.co/sportedMy website: https://www.supersizedphysed.comFREE E-Book: https://supersizedphysed.us18.list-manage.com/subscribe?u=289486a5abf1f1b55de651a5e&id=4c476cb01

Serving one of the fastest growing cities in the country, Austin Water is faced with increasing demand. Shwetha Pandurangi, PE, CFM joins us to discuss how developers and the public sector can work together to foster positive growth and how water infrastructure is vital for the growing community. We also touch on how recent changes to the development code have impacted the agency. https://www.jonescarter.com/texas-by-design LinkedIn: Jones|Carter Twitter: @JonesCarter Facebook: @jonescarterinc Instagram: @jonescarterinc

Estuvo con nosotros Evaristo González secretario general del Club Atlético Peñarol.

This is the 200th episode of the HPE podcast. I invited past guests and other colleagues to discuss six questions: What is the most influential/best article you've read and why should others read it? What are we not paying attention to now that we'll be kicking ourselves in 10/20yrs for missing? What future research questions should we be considering as a field? What advice would you give to someone who is entering the field for the first time (as a PE teacher or early career researcher)? How do you envision the future of HPE? What good things do you see happening in our field? The episode was recorded Nov 9th, 2021 --- Support this podcast: https://anchor.fm/pwrhpe/support

Megan and Michelle interview the next generation about sweet spots, D & D clubs, taxes, running into walls, Tik Tok, fancy ponytails, erasable sharpies, social anxiety, and dancing in public.

Jakie techniki growth hackingowe będą skuteczne w 2022 roku? W jaki sposób promować swój biznes online, żeby docierać do jak największego grona klientów? Poznaj 10 taktyk polecanych przez doświadczonego growth hackera i zwiększ sprzedaż swoich produktów lub usług. Gość: Mateusz Wyciślik. Pełny opis odcinka MWF 379: https://l.malawielkafirma.pl/p-379 W tym odcinku: 3:21 Czy i jak można zaplanować z wyprzedzeniem skuteczne techniki growth hackingowe? 5:45 Jakie techniki growth hackingowe warto wykorzystać do promocji biznesu? 45:26 G. Raz „Jak zbudowałem firmę” (recenzja) Kup recenzowaną książkę: http://www.mtbiznes.pl/b2805-jak-zbudowalem-firme.htm Posłuchaj też: 324: Jak się reklamować, gdy masz mały budżet | Jakub Biel https://l.malawielkafirma.pl/p-324 135: Myśl jak growth hacker | Marta Krasnodębska https://l.malawielkafirma.pl/p-135 209: Jak szybko podnieść sprzedaż w firmie | Marcin Osman https://l.malawielkafirma.pl/p-209 Bądźmy w kontakcie: Instagram: https://l.malawielkafirma.pl/p-instagram Facebook: https://l.malawielkafirma.pl/p-facebook YouTube: https://l.malawielkafirma.pl/p-youtube Zdobądź dostęp do dodatkowych materiałów! Dołącz bezpłatnie do Klubu MWF: https://l.malawielkafirma.pl/p-klub

Tidigare avsnitt om Uran: #158 och #159. Där förklarades investeringstesen. I detta dubbelavsnitt går vi igenom de största nyheterna inom uransektorn under sista ~3 månaderna samtidigt som sektorn gått från $30B till $45B. Några hållpunkter: *Uransektorn är nu lika stor som Dogecoin *Kan sektorn gå upp till $200B? Hur kan det gå till eller isåfall rättfärdigas med fundamental analys? *Kommer kärnkraft tas med i EUs taxonomi för ESG-investeringar? *5 Länder som ändrat kärnkraftspolicy *Viktiga händelser 2022 och framöver *Varför ett spotpris på över $85/lbs är sannolikt inom 2 år.  *Och varför Life of Mine kan användas som ett ungefärligt P/E-tal En relativvärdering över 15 lovande uranbolag har delats med deltagare av Finanskursen.se

On today's episode I interview my first PE teacher ever! I was home schooled until the 6th grade and joined the local elementary school. I met Ms. B when I was 11 years old. Her kindness and compassion towards all students stood out to me most. I knew you needed to hear from her. We recently reconnected and I discovered she went through one of the scariest things a person can go through- cancer. We talk about it and her methods for protecting her mind and body. Stay all the way to the end to hear about the fun competition going on

It's the Epik return of STECH, Hallyu Can Eat's third sub-unit! Stephen and Chuck take some time to go over the latest release from the group formerly known as "TOO". After a name change to "TO1", Together As 1 come back with their mini EP, "RE:ALIZE". It's six tracks full of high energy and big sounds. Did this 4th gen group stay GOLDEN the whole time? Or is the hype just a MIRAGE. This week's game is brought to you by Chuck. Let's Connect: Twitter: @HallyuCanEat Instagram: @HallyuCanEat Email: HallyuCanEat@gmail.com [P/E #48]

Dear Families of Room F1, We're going to have a great upcoming week. Below is a short description of what's coming up and important links and/or announcements: Watch These Announcements on Video Here Mr. Gray's Class Podcast Class Website Multiplication and Division Facts Practice (Check your student's progress report) Meet the Masters Artwork from Wednesday, November 10, 2021 It is getting colder and the grass is very wet in the morning. We do PE monday morning. Please have kids wear shoes that can get wet on Monday. Nov 16- Our Book Fair Visit Nov 16- Chick-Fil-A Restaurant Night Nov 19- Report Cards Online after 2:00pm Nov 23- Minimum Day Nov 24-26 No School (Thanksgiving) Don't forget to sign up for PTA! Reader's Workshop We will direct our attention for the week on narrative nonfiction and how it compares and contrasts with both nonfiction and fiction. We will visit the book fair on Tuesday! Writer's Workshop The kids will publish their 2nd information book and we may get to host an information fair to celebrate our work! Math What happened to math class? We will continue studying multiplication facts and patterns. We have gotten through all the math facts 1-10 as far as instruction goes. Please keep practicing with the Multiplication and Division Facts Practice. We will begin to look at the connection between Multiplication and Division and start thinking about division as equal groups or equal sharing. Social Studies The students will continue studying the history of early settlement in California and the southwest United States as well as the relationships both good and bad between early settlers and Native Americans. Science The kids will keep looking at forces. We will read about the forces involved in tug-of-war. Thank you, Mr. Gray

Today on the Woody and Wilcox Show: Fun with Basketball Audio; It Happened in Flori-duh; Theo Von talks Mr. Potato Head; Pet blood donations; Square dancing in PE class; Couples watching tv together; More nudist during the pandemic; Pilot calls in UFO; And so much more!

Ramesh Gulati, PE, CMRP, CMRT, CRL, CRE, CAMA is an Asset Management & Reliability Specialist at JACOBS, Asset Management Group in Tullahoma, TN where he is a world-renowned leader in the maintenance, reliability and asset management field and the author of more than four books, including the award-winning “Maintenance and Reliability Best Practices”, now in its third edition. Mike Petrusky asks Ramesh about his perspectives on the world of asset management and they discuss industry trends and inspirational stories for reliability leaders. Ramesh is also known as a “Reliability Sherpa” in the industry, so Mike seeks guidance on his journey to “climb the mountain” of learning all there is to know about asset management! Connect with Ramesh on LinkedIn: https://www.linkedin.com/in/ramesh-gulati-90739a20/ Get Ramesh's book “Maintenance and Reliability Best Practices”: https://www.amazon.com/Maintenance-Reliability-Practices-Ramesh-Gulati/dp/0831136472/ref=tmm_hrd_swatch_0?_encoding=UTF8&qid=&sr= Get the book “10 Rights of Asset Management”: https://reliabilityweb.com/bookstore/book/10-rights-of-asset-management-hardcover Connect with Mike on LinkedIn: https://www.linkedin.com/in/mikepetrusky/ Learn more about the iOFFICE Asset Division and explore more interviews at: https://www.assetchampion.com/ Share your thoughts with Mike via email: podcast@iOFFICECORP.com  

E aiiiiiii Diooooovens!! Hoje falaremos de assunto que talvez (ou quase certeza) causa certo receio em todos, até mesmo em nós católicos, mas descobriremos que nós os católicos não devamos ter medo da morte, e que de certa forma, lembrar da morte realizará que busquemos viver sempre dentro da graça de Deus. ►INSCREVA-SE: https://bit.ly/33rmbGr ►Livraria Santa Carona - Livros com até 40% OFF https://bit.ly/2QzvZLu​ ►Assista o vídeo na íntegra: https://youtu.be/dAJ5cOTdfHQ ► IMPORTANTE Testemunho, dúvidas, sugestões: santazuera.sc@gmail.com Parcerias: https://bit.ly/sc_parcerias​ --- CRÉDITOS Direção-Geral e Roteiro: Maximiliano Dullius Pfutz Apresentação: Guilherme Cadoiss Podcasters: Max Pfütz | Pe. Samuel Campos | Guilherme Cadoiss | Hian Gustavo Produção executiva: Laiza Rosa Transmissão e finalização: MB StudioRoom

This podcast provides a detailed description of the purpose of the dynamicpeasap.com introductory activities. If you enjoyed the podcast, connect with Aaron Beighle on Twitter at @AaronBeighle.  

For more details, visit #DrGPCR​​​ Podcast Episode #55 page https://www.drgpcr.com/episode-55-with-dr-mark-schmeizl/ ------------------------------------------- About Mark Schmeizl Mark leverages 30 years in various life science laboratories & commercial roles with his network of VC & PE contacts to help senior-level life science executives identify new opportunities. He has successfully built numerous global life science, leadership teams, & works closely with both clients & candidates to understand their unique needs & culture. Mark believes professional placement should be about matching talented people with companies where they will thrive, “when the match is right, the results are astonishing.” ------------------------------------------- Imagine a world in which the vast majority of us are healthy. The #DrGPCR Ecosystem is all about dynamic interactions between us who are working towards exploiting the druggability of #GPCR's. We aspire to provide opportunities to connect, share, form trusting partnerships, grow, and thrive together. To build our #GPCR Ecosystem, we created various enabling outlets. For more details, visit our website http://www.DrGPCR.com/Ecosystem/. ------------------------------------------- Are you a #GPCR professional? - Register to become a Virtual Cafe speaker http://www.drgpcr.com/virtual-cafe/ - Subscribe to our Monthly Newsletter http://www.drgpcr.com/newsletter/ - Listen and subscribe to #DrGPCR Podcasts http://www.drgpcr.com/podcast/ - Support #DrGPCR Ecosystem with your Donation. http://www.drgpcr.com/sponsors/ - Reserve your spots for the next #DrGPCR Virtual Cafe http://www.drgpcr.com/virtual-cafe/ - Watch recorded #DRGPCR Virtual Cafe presentations: https://www.youtube.com/channel/UCJvKL3smMEEXBulKdgT_yCw - Bring in a #GPCR Consultant http://www.drgpcr.com/consulting/ - Share your feedback with us: http://www.drgpcr.com/audience-survey/ - Become a #DrGPCR Ecosystem Member http://www.drgpcr.com/membership/

A very special guest joins Jenny on her 50th episode! Jenny chats with her husband and fellow visionary Vince Pe, to share with everyone their story of what came before running multiple successful businesses together. They talk about what brought them together, what pushed them apart, how they overcame their rut and how they built their fitness empire! Jenny and Vince open up and offer us insight into the incredible amount of dedication, focus, ambition and hard work that goes into building a dream and accomplishing your career goals. If you enjoyed this episode, make sure and give us a five star rating  and leave us a review on iTunes, Podcast Addict, Podchaser and Castbox. STRONG Fitness Magazine Subscription Use discount code STRONGGIRLResourcesSTRONG Fitness MagazineSTRONG Fitness Magazine on IGTeam Strong GirlsCoach JVBFollow Jenny on social mediaInstagramFacebookYouTube  

First Draft Episode #331: Oliver Jeffers Oliver Jeffers, visual artist, climate activist, and author and/or illustrator of several New York Times bestselling picture books, including The Day the Crayons Quit, How to Catch a Star, The Fate of Fausto, and Here We Are, joins us to talk about his newest picture book, There's a Ghost In This House. The presenting sponsor for this episode is Sips By, a multi-brand, personalized monthly tea subscription box. Use offer code "draftsips” for 50% off your first Sips By box! Links to Topics Mentioned In This Episode: Hear Oliver's first First Draft interview here TK

The UK has now seen several public listings with dual class share structures, including most the £5.4 billion IPO of The Hut Group, which had a “special” share for the founder. With the UK government keen to increase the marketability of UK listings following Brexit, we anticipate that US dual class deal architecture is likely to be featured on a growing number of London listings — a development that could benefit PE firms and founder managers seeking to retain a greater governance role post-IPO. In this episode of Connected With Latham, London private equity partner Tom Evans speaks with London capital markets partner Chris Horton about the opportunities this trend may present to private equity participants active in the UK.   This podcast is provided as a service of Latham & Watkins LLP. Listening to this podcast does not create an attorney client relationship between you and Latham & Watkins LLP, and you should not send confidential information to Latham & Watkins LLP. While we make every effort to assure that the content of this podcast is accurate, comprehensive, and current, we do not warrant or guarantee any of those things and you may not rely on this podcast as a substitute for legal research and/or consulting a qualified attorney. Listening to this podcast is not a substitute for engaging a lawyer to advise on your individual needs. Should you require legal advice on the issues covered in this podcast, please consult a qualified attorney. Under New York's Code of Professional Responsibility, portions of this communication contain attorney advertising. Prior results do not guarantee a similar outcome. Results depend upon a variety of factors unique to each representation. Please direct all inquiries regarding the conduct of Latham and Watkins attorneys under New York's Disciplinary Rules to Latham & Watkins LLP, 885 Third Avenue, New York, NY 10022-4834, Phone: 1.212.906.1200

The opposite of panicking when the stock market declines is called 'Irrational Exuberance.'  Dr. Susan Laubach says both can be just as bad for your bottom line.  Dr. Laubach says financial advisors will always tell you the good things about  investments, but you should always ask "what can go wrong." You can follow this show on Instagram and on Facebook. And to see what Heather does when she's not talking money, go to her personal Twitter page. Be sure to email Heather your questions and request topics you'd like her to cover here. See omnystudio.com/listener for privacy information.

Reasons for entry vs reasons to stay. Hit me up on IG! @russellbrunson Text Me! 208-231-3797 Join my newsletter at marketingsecrets.com ClubHouseWithRussell.com ---Transcript--- What's up everybody, this is Russell Brunson. Welcome back to the Marketing Secrets podcast. Today I want to share with you guys a little... It's 20 words, maybe 30 words, inside of a secret fax I got from Dan Kennedy. While he has only recently acquired his company and so I've been going through the archives, and there's this fax he sent to the old owners and I'm not allowed to share the whole thing because literally on the front page it says... Let me see what says, it says, "Confidential. Prepared for internal use only." Anyway. But there's this one little paragraph that is so cool and probably going to change some of your guys' lives forever. I don't want you to miss it. We're going to keep things on, come back, I'm going to tell you what it is. I'm going to explain it. And hopefully this is a little marketing secret you guys can use. Okay. Inside of this fax, so this is actually a fax. Bill Glazer, who's my first mentor in this world. Anyway, so Bill Glazer owned Magnetic Marketing. When I was with Bill, on my sixth year of his mastermind group is when he sold it to this PE firm. The PE firm destroyed the company, ran it to the ground and then Adam Witty bought it from them. Adam Witty got this fax from Dan. It was basically, "This is what is wrong with the business. This is how they killed it. Here's how to fix it. Here's what it was supposed to be. Here's the..." It's almost Dan's business plan for business, which is really cool. And so then Adam ran it for three years and then we bought it from Adam. I think there's so much like gold in here. I wish I could do a whole event just on, "Oh, here's a fax that Dan sent showing how to fix his own business from the PE firms who ran it into the ground." Oh, there's so many cool things. But okay, I can't give you it all because I'll get in trouble, but there's a nugget. I'm going to go on a limb for you guys because this nugget is so cool. And I want you just to understand it and to be able to use it. And it's interesting because I saw it last week at our over Inner Circle meetings and I saw the practical application of this again. Okay, you guys ready for this? Get out a pad of paper and a pencil if you want to go deep. In this section he titles the sections, "Reasons for entry versus reasons to stay." And then underneath that it says, "The acquisition versus attachment." We're talking about reasons for entries, how do you get people into your company, into your community, into your world, so that's acquisition. Versus reasons to stay, and that's attachment. So how do you get somebody into your community and then what gets them to actually stay in your community? Those are two different things. And then the next sentence says, "Not the same, not even close." Because a lot of times people think, "Oh yeah, you acquire a customer. They stay because they want to and keep buying your stuff." It's like, no, no, no, no. Acquisition and attachment are two different things. Then what Dan said here is the last sentence I'm going to read to you from the fax. He said, "What brings them in the door initially is almost never what keeps them inside over time." Let me say it one more time. "What brings them in the door initially is almost never what keeps them inside over time." And so for example, most of you guys who are listening to this, you came in based on some front end something, some kind of acquisition. It could have been a lot of things. It might have been one of my free books. It could have been, you heard me on someone's podcast. It could have been, you saw me in an event or you saw a YouTube video. Or there's something that got you and peaked your interest and it acquired you, got you into my world. Acquired you as a customer. Now, if you look... In fact, so the very first time I got this is when we first launched my Inner Circle, as my high ticket at the time was 25 grand that we signed up, I don't know, a dozen or so people. And it was interesting because people came to me, they joined the Inner Circle because they wanted to get closer to me. They all told me like, "Yeah, I joined because I wanted to learn from you." But then it was interesting because I watched these people and they stayed year, after year, after year. In fact, we renamed our Inner Circle, we call it Inner Circle For Life because it's like, we want people to come in to stay there for life. They're not allowed to leave after they come in. They can obviously, but that's concepts of Inner Circle For Life. And so they come in, they stay year, after year, after year. And what's interesting is I noticed that, again, they came because they want to get to know me, but then they stayed for something different. They stayed for the community. They stayed for the other people. They stayed for the group, they stayed for the... They didn't stay for me. If it was just Russell and it was me coming and speaking at them once a year, twice a year for the meetings, they wouldn't have stayed long-term. They stayed because of the community. And so what brings them in the door initially is almost never what keeps them inside over time. And it was interesting because we relaunched the Inner Circle, I talked about this in the last couple of podcast episodes. But what was interesting is initially, especially in the... We had two levels now, the Category Kings. And most of the Category Kings, all but two I think, or maybe three, had been in my Inner Circle before. And so they knew what was happening. But for the Inner Circle For Life program, there was almost 100 people who were brand new. Again, there are some people that had been there before, but for the most part they're all new people. And they came, they joined because they wanted to be in Russell Brunson's Inner Circle. They came because they wanted to get to know me. They came because they wanted learn funnels from Russell. So they came in, but then we facilitated this group and the whole goal of me facilitating the group was not for Russell to be on stage talking, the goal was to get them in this room. It's the room where it happens, the room where the magic happens. The room where these conversations are happening at a higher level. And I told them, initially I was like, "If you guys come here to learn from me, you can learn from me. Go read my books, all the stuff's in there. You don't need to pay me this amount of money to learn from me." I'm like, "Well, the power in this room is not me. It's like I said, I'm going to stand on stage and my goal is to stimulate conversation, and then to send it back to you guys in these rooms to have these conversations amongst each other." That's the whole thing. Even though that we acquire them, the reason for entry, what brought them in the door initially was because they wanted to be in Russell's Inner Circle and be around Russell. But the reasons they stay is to create attachment, and it's what keeps them inside over time is the relationships, the people, the community. And it's just fascinating. If you look at that from... Zooming out, you start looking at that, it's like, "Oh my gosh, this is the power." So many times we think that all the weight is on our own shoulders to run these businesses long-term, especially information businesses, but they're not. It's the community. And so if you're not building a community, if you're not doing things correctly, then that becomes the problem. Then it's always on you, always on you. It's just this hard thing. Why do people keep coming to Funnel Hacking Live? The first time they come to Funnel Hacking Live because they want to learn what's the funnel. If you look at the copy on the page, usually the headline I replicate from theme to theme to theme, is always something tied to, "You want to funnel away, but you don't know which funnel it's going to be. Come to Funnel Hacking Live, I want to show you which funnel that is." That's the acquisition, it gets people and it's like, "I keep hearing Russell talk about funnels. I just don't know which funnel's for me." So they come for that feel, what funnel it is when they come in the room and they have a feeling. They get to know other people, they become part of a community. They feel the energy. All those intangibles is why they come back. Why people come year, after year, after year. It's why most every other events happening in my industry is getting smaller and smaller and smaller every year, and ours gets bigger and bigger and bigger. Because we acquire people. We bring them in the door initially with the thing that they want. And then we create attachment inside the community with the thing that's going to keep them over time. Coming here hearing Russell talk about the next new funnel is not going to keep them over time, that's boring. Eventually they're going to leave. But if you build the reasons for them to stay strong enough, they'll stay and they'll keep coming over and over and over again. The first time I ever saw this in action was interesting. The very first time I went to Dan Kennedy's seminar, and I had been studying him, been learning about him. And for me it was like going to see the guru on the mountain. I was so excited to go and journey that direction and to meet him and to see him and all that kind of stuff. And I remember the time I saw him, he had just gotten in a... Dan, if you know anything about him, he has horses and he races horses and stuff, and he got injured or something. I remember they told us, he's like... At first they thought he wasn't going to come. And he did come, but he's in a wheelchair. And I remember when he came out, they wheeled him out and it was just silence in the room. And no one said a word. And everyone stood up and he came in and I was just like, "This is the coolest thing in the world." And I remember that feeling of him getting wheeled in here and everyone standing and like, the guru has showed up. I was so excited and that's why I came. And then I remember what he said that was interesting is, he asked the audience, he's like, "Who here has been following me for more than a year?" Everyone's hand goes up. "And more than five years? More than 10? More than 15? More than 20? More than 25? More than 30, more than 30?" And he went all the way back 30 or 40 years, I can't remember what it was. And there were still two dozen people standing with their hands raised of this entire room, who've been following him for 30 or 40 years. And I remember he said, he kind laughed and he's like, "You guys, I haven't had anything new to say since the seventies," or something like that. And he's like, "So why do you keep coming back?" And that's when he started talking about the reasons why they stay. The attractive character, the stories, the people, the community. These are the reasons why people stay. And so if you're just building a company on acquisition where you're bringing people in, the problem with that is you have this company that burns and churns where you're always... And I had, my very first supplement company was a burn and churn. People would come in, we had a really good funnel based on media. We'd spend $120 and make 180 back, and it was a good business. We were able to crank things through. But the supplement didn't get people to stick. They didn't keep coming back and reordering and building all these kind of things, they didn't stay. And so it was always this burn and churn business, and we turned off ads, the business stopped. And that was the issue and the problem behind it. And so that's true for a lot of people's businesses. If you're in a transactional business, all you're doing is acquisition. And if you're in acquisition, profitably you're okay. But if you want to scale your company and grow it, where each person goes from being worth, whatever, 180 bucks to four or 5,000, it's this mindset shift to, "Hey, we acquire them one way and then we create attachment, a reason for them to stay. Something that keeps them inside over time, a different way." And so hopefully this gets the thoughts in your head spinning, especially if you've got a retention problem, especially if you're losing people. Especially if you know customers by once from you and you never hear them again. This is the reason, you're good at the entry but you're not good at the reasons for them to stay. And so you, together as your team or whoever's you're working with, think through that. Ask some questions, "Why do people stay with us? What's the reasons? Have we built a culture?" If you need to go deeper on that, go back to Expert Secrets. I have three or four chapters talking about building mass movements and what gets people to stay over time, like identity and all the things. Anyway, there's a bunch of stuff that you can learn from there. But there you go, you guys. So Dan Kennedy, he's brilliant. There's a fax. I think that's, what, 30 words I gave you, but hopefully it's a needle mover. All right, that's it. You guys, appreciate you. Thanks for listening. Don't forget, the reason for entry is different than the reason they stay. And then as Dan said, "They're not the same, they're not even close." Hope it helps you guys. Thanks so much for everything, and I will talk to you soon.

Chris has been SUPER productive these past couple days. We get into some PE horror stories and other gym woes. Jessie gives us the scoop from Jessieland, she went out in Brooklyn and took some shots. We talk about pre nups and marrying for money before the time gets away from us. It's nice when that happens once in awhile, it feels organic. If you need more hit the Patreon, you won't regret!