Podcasts about rewording

rewording in melodious guile - #3911 (86R22 percent 625 left) by chair house 240829.mp3rewording in melodious guile★チェアハウスのピアノ音楽創作の原点を絵本として記述してみました。小さい頃ピアノの練習が嫌で嫌で放棄した子供が、柔らかくて美しい音楽（実はこれはドビュッシーの「月の光」でしたけど）に触れてピアノが好きになって、そして練習ではなくて、自分でピアノの鍵盤..

#3911 (86.22% 625 left): Aug. 28, 2024: The consciousness (again from W.B.Yeats from Aug. 28, 2024) Today's pure primal piano music here. Happy if this music makes you feel peaceful.. : ) Looking for absolute natural beauty every day for Piano Ten Thousand Leaves. Target number is 4536: This piece may might have good 1/f fluctuation characteristic although I stopped investigating it each piece. My new message: "Does it make sense to preserve it for 1000 years? Today's cover ART is created by #Midjourney (Art Generating #AI), according to my wish. Happy if you like it. spotify playlist 18 hours 449 songs, makes you fully relaxed. https://open.spotify.com/playlist/0RCxA8SaySzoFzpQmTCLfo?si=92c44191513340ff Recent My Weekly Video Magazine of piano ten thousand leaves https://youtu.be/yCCufZCMnDQ?si=pLt98vOleJcioH-m Weekly Piano Ten Thousand Leaves Magazine ; super beautiful video .. https://youtu.be/nn5_M4Nrvhg?si=N7hL_xrnDqc46si_ ====== Piano Ten Thousand Leaves - Tweets Creation Note: An epic story of wandering music creation https://a.co/d/0RN78Ga ( 1.36US$ #amazon #kindle, #Paperback also available: 20.11US$) ====== I'm now making Archive site of Piano Ten Thousand Leaves project by utilizing #wordpress. Basically nice direction I've already gotten.. : ) Currently 1100 pieces already achieved. But this week I need to do something else, so I'm going to stop this task for a bit. ######## NEW 27th SELECTION ALBUM JUST RELEASED ######## "Thousand Years Slumber" - the 27th selection album of piano ten thousand leaves youtube: FULL VIDEO with 20 full songs in very high quality sounds https://youtu.be/iBbCbNpxD3U?si=Hg6WWu4hV6qP1c-D spotify: https://open.spotify.com/album/0cJbK83sUPo0FdsfElwmw8?si=-A46B7V-Qj-zIQWOEh8V-g appleMusic: https://music.apple.com/jp/album/thousand-years-slumber/1756622015 amazonMusic: https://www.amazon.com/music/player/albums/B0D971MC37?&_encoding=UTF8&tag=tcjaz-22&linkCode=ur2&camp=247&creative=1211 all music streaming services: https://linkco.re/FGZDZn9u

Many assume that scammers just target the more mature in age, but they go after everyone. Younger people who may have been manipulated may not have the same amount of money to lose, but that doesn't mean they aren't being targeted.  Today's guest is Kathy Stokes. Kathy is the Director of Fraud Prevention Programs with AARP. She leads the AARP social mission work to educate older adults on the risks that fraud represents to their financial security. She currently serves on the advisory council to the Board of International Association of Financial Crimes Investigators and on the advisory council to the Senior Issues Committee of the North American Securities Administrators Association. Show Notes: [1:02] - Kathy shares her background, what she does at AARP, and what AARP actually is. [3:50] - AARP has had a Fraud Watch Network for a while, but its current form is different from years past. [5:29] - There is a concerted effort to bring the generations together to educate others in the community. [7:26] - It is a common misconception that older people are targeted more often than other age groups. [10:38] - The biggest barrier is something that is beginning to break down. It's the shame and victim blaming. We are at a turning point. [12:50] - Unfortunately, police officers are not able to do much for financial crimes, but it is still important to report them. [16:01] - Most scams are considered “low ticket” items, even if it is several thousand dollars and that's all you have. [18:08] - AARP has a resource for how to talk about scams with family members who have been a victim of a scam. https://www.aarp.org/saythis  [20:50] - Rewording how we talk to and about victims of scams is changing. [24:23] - You have to have a strong and unique password for literally everything. [25:27] - Even just one extra layer of protection in the form of two-factor authentication is helpful. [28:10] - No one will ever ask you for an authentication code over the phone. [30:20] - There's got to be something we can do as a society to help victims with the money they've lost. [32:48] - We cannot trust incoming communication, including calls, emails, and texts. [36:45] - Education and continuing to talk about this will help keep the trend of less victim shaming going. [39:30] - Victims can change the verbiage as well. Report the scam and file a police report. [41:29] - You can and should also report scams you know about even if you did not experience a loss. [43:10] - A number to use to reach the Fraud Watch Network is 877-908-3360. [48:09] - If someone you know has been a victim of a scam, don't get mad at them for “falling for it,” get mad that this was done to them. Thanks for joining us on Easy Prey. Be sure to subscribe to our podcast on iTunes and leave a nice review.  Links and Resources: Podcast Web Page Facebook Page whatismyipaddress.com Easy Prey on Instagram Easy Prey on Twitter Easy Prey on LinkedIn Easy Prey on YouTube Easy Prey on Pinterest AARP: Say This Fraud Watch Network

Frank Brennan has been involved over decades in the big debates in Indigenous affairs. A Jesuit priest and an academic expert on the constitution, Brennan has advocated for recognising First Nations peoples in that document. But he has concerns about the breadth of Anthony Albanese's proposed referendum question, arguing its reference to the Voice making representations to executive government raises the prospect of many legal challenges. This issue of the potential for legal challenges is one that divides legal experts, with a number of authorities maintaining there is no problem. In this podcast, Brennan elaborates on why he believes the referendum question should be reworded and the form he thinks the question should take.

The Light. Hope and Healing Podcast, we talk about why you have stress, anxiety, pain, illness, and how to heal it.   Tracy is a Healing Coach, Energy Healer, Spiritual Mentor, Intuitive, and a Channel. She works with you and your guides to get the best outcome that you and your soul will allow.  For more content like this podcast check out Tracy's You Tube Channel https://www.youtube.com/channel/UC55c8cSkj0iJiZUHw_wlTbwTracy has a membership program Tracy's Sacred Tribe click below to find out more.https://tracygohrick.com/membership-programThere are a variety of ways to work with Tracyhttps://tracygohrick.com/work-with-tracyFor more information check out her website.    https://tracygohrick.com/ Sign up to receive a free healing meditation https://tracygohrick.com/free-meditation-healing#28a81d1f-b293-43ab-9624-3991b26ca096  Email  tracy@tracygohrick.comLink for all of Tracy's social media and contact informationhttps://linktr.ee/tracygohrick Warning this episode contains healing meditation at the end. If you are driving or using heavy equipment while listening please stop the podcast when it gets to the meditation. It is a very powerful energy and could make you sleepy and or lose concentration.      DISCLAIMER: The information on this site is not intended nor implied to be a substitute for professional medical advice, diagnosis, or treatment. All content, including text, graphics, images, and information, contained on or available through this website is for general information purposes only. Please see a medical professional if you need help with depression, illness, or have any concerns whatsoever.   WE DO NOT OFFER MEDICAL ADVICE, COURSE OF TREATMENT, DIAGNOSIS, OR ANY OTHER OPINION on your conditions or treatment options.  SERVICES OR PRODUCTS THAT YOU OBTAIN THROUGH THIS WEBSITE are for information purposes only and not offered as medical or psychological advice, guidance, or treatment.

LFYC | S3 E23 – Obi Abuchi interviews Jamie Dixon | Becoming a Mastery StorytellerOn this week's Leading from Your Core Podcast and Vodcast, Obi Abuchi interviews Jamie Dixon.Jamie is a coach, trainer and author who's worked with ambitious leaders in over 160 multinationalcompanies over the last 10 years.He coaches and trains in English, Mandarin, and also conversational in Japanese. Jamie holdscertifications in Everything DISC, Marshall Goldsmith Stakeholder Centered Coaching, Tiny HabitsCoaching, and IAC accreditation.Additionally, he is the author of the books Overcome and Get It Done, Shaping Paths, How to Design andDeliver PRACTICAL Training, and the soon-to-be-published The Story Habit, all of which are available onAmazon.In his free time, he likes to spend time with his family, read, practice yoga, and engage in calisthenics andmeditation.In this episode:- What is storytelling and does it shape our lives- The significance of comprehending cultural differences in today's world- Recognising contrasting perspectives for inclusive leadership- How to create a story that people will believe- Tips on how leaders might use storytelling to address real issues- How do we deal with the ambiguity and complexities of our own story?- How to identify the right story that empowers effective leadership- Rewording stories to increase their effectiveness and impact- Acknowledging that our stories serve as a map for our journeyYou can find out more about Jamie via the links below:Website: www.shapingpaths.comLinkedIn: https://www.linkedin.com/in/mrjamiedixon/YouTube: https://www.youtube.com/channel/UCaC4ZURQBkkoH5PiMreQemgAmazon Author Page: www.amazon.com/author/jamiedixonConnect with Obi Abuchi and CORE Leaders International on Social Media:LinkedIn - https://www.linkedin.com/in/obiabuchi/Facebook - https://www.facebook.com/CORELeadersInternationalTwitter - @CORELeadersIntInstagram - obiabuchi01Get a copy of Obi's latest book, Leading from Your Core -https://www.amazon.co.uk/Obi-Abuchi/e/B09DYW3P55?ref_=dbs_p_pbk_r00_abau_000000Want to increase your resilience, impact, and effectiveness as a leader? Join our Personal MasteryAcademy and become part of a growing community of purpose-driven leaders committed to personalmastery, transformed lives and a better world. Find out more athttps://www.coreleaders.co.uk/personalmasteryacademy_______________________At CORE Leaders International, through our coaching, training, and keynote solutions, we are committedto creating a dynamic and engaged global community of seasoned and emerging purpose-driven leaderswho are devoted to personal mastery, transformed lives, and a better world.Find out more at https://www.coreleaders.co.uk.

MANA BOMB: Lifeʻs too short to be faking a vibe with anybody, relationships, friends or family FOCUS: Being your most authentic self. ENGAGEMENT: What's the cost for your freedom, your happiness and your joy? - - Rewording consequences and success to responsibility and accountability. There doesn't have to be negatives. How does fear play a huge role in not allowing us to be the person are meant to be? What are you willing to give up, lose, or deal with for your freedom? - - Don't forget to visit their YOUTUBE Channel @manabombspodcast to LIKE and SUBSCRIBE. Be sure to get your DAILY MANA BOMBS on Instagram @pomahinadesigns and @manabombsllc for events and updates, as well as @kulanz.manabombz. Or subscribe to our YOUTUBE channel MANA BOMB PODCAST - - We are FREE and do this with aloha, if you are enjoying our MANA Bombs please feel free to help keep us going and alive by subscribing to our Patreon https://www.patreon.com/manabombs with as little as $5. Get the perks too!! - - As with all of our podcasts, please be aware that we share our stories and experiences, being vulnerable and free to speak we share matters of the heart, body, mind, and soul that may open up triggers. It is never our intention to open wounds, but we hope that our experiences help you heal. --- Send in a voice message: https://anchor.fm/manabombs/message Support this podcast: https://anchor.fm/manabombs/support

How the inner dialogue you speak to yourself can greatly influence your outcomes. We break down how exactly to do this and how to apply it to your life. 100XFollow us on Social Media and be part of the conversation!http://www.facebook.com/zero2heroacademyFollow us on Instagram:@rayraystar1or @niinortey_engmann

Thanks for Hitting Play and then listening to Hit Play. This episode: Songs, Trying to figure out how what was left, and The Fastest Race to Stay Put! Some of the plays may contain sensitive topics. For more specific content warnings, check out the timecodes below. If you like what you hear and want to support the New York Neo-Futurists, subscribe to the show, tell a friend, and leave a review on your listening app of choice. If you want to support in other ways, consider making a donation at nynf.org, or joining our Patreon. And be our friend on Instagram, Twitter, or Facebook. View episode transcription here! 2:32 [CW: swears and sex] - Rewording doja cat's boss bitch to be my own empowerment song because i need it right now. by Shelton Lindsay  5:05 [CW: explicit language] - Park Off: A Parking Play by Anthony Sertel Dean & Mike Puckett feat Shelton Lindsay  12:08 - Incomplete Origin of Loss (interrupted by rains)  by Rob Neill  15:07 [CW: explicit language] - I will write the next Asexual Anthem by Anthony Sertel Dean 15:57 [CW: drug use and explicit language] - Sir Gregolas Radio: Posted by Greg Lakhan   Our logo was designed by Gabriel Drozdov Our sound is designed by Anthony Sertel Dean Hit Play is produced by Anthony Sertel Dean, Hilary Asare, and Shelton Lindsay  Take care!

Today, I'm talking about how the words you say impact your confidence and the four words you need to banish from your vocabulary. I'll give you practical tips on how to retrain your brain to ditch these confidence-destroying words.The words and the language we use play a huge role in how we see ourselves and the world around us. Our brains evolved around language. As a matter of fact, language is so essential that the side of your brain that controls language is considered the dominant half of your brain.The words you use can create a negative self-image. When our brains start down the path of negative thinking, adding negative thoughts perpetuates this negative cycle.Confidence, on the other hand, is an image you develop over time with practice. Taking four words out of your vocabulary can stop the negative thought cycle in your brain and put you on a path to building your self-esteem.Learn which four words you need to take out of your vocabulary, why these words hold power in your life, and why it's essential to talk about mistakes as an action and not as who you are in your daily life.Show Highlights[01:14] How our words play a role in how we see ourselves and the world.[04:07] Failure as an action gives us the opportunity to learn from our mistake.[07:15] Why you need to banish “always” from your vocabulary.[09:48] Never is another word you should take out of your verbiage.[11:17] The third word you can do without is “can't.”[15:35] Eliminate the “shoulds” from your vocabulary.[18:15] Rewording our vocabulary gives us perseverance. Subscribe Today!Apple PodcastSpotifyAndroidStitcherRSSLinks | ResourcesIG: @DrNicoleByersFacebook: Dr. Nicole ByersWebsite: Drnicolebyers.comEmail support@drnicolebyers.comDrnicolebyers.com/quizDrnicolebyers.com/habits

When’s the last time you completed a crossword puzzle? Or, maybe, you've never done one because you believe that it's something for an older generation to complete. Either way, with print media in decline, is the crossword puzzle under threat? And will the crossword ever see the same level of popularity on a computer or tablet screen?To discuss, I connected with English enthusiast and word nerd David Astle, who you may know as the dictionary keeper on the cult SBS game show Letters and Numbers. David has been creating crossword puzzles for The Sydney Morning Herald and The Age for nearly 40 years, and has written a number of books devoted to the black and white grid. We discussed the history of the crossword puzzle, and found that my presumptions about the demise of the crossword might well be wrong.David Astle can be found on Twitter @dontattempt. He can be heard on ABC Melbourne weeknights from 7pm, and his books Cluetopia: The Story of 100 Years of the Crossword, and Rewording the Brain are available now. You can read more about David at his website, davidastle.com.For more of David’s tips on solving cryptic crosswords: ‘Cryptic crosswords too confusing? Decipher them with these seven common clue recipes’ by Simon Leo Brown at ABC Melbourne.Thanks for listening to the show, I'm genuinely thankful that you did. If you enjoyed it, please hit 'subscribe' on Apple Podcasts, or 'follow' on Spotify to get new episodes in your feeds every Tuesday. And leaving a rating and review really does help get the word out, so feel free to do so!Connect with the show:Instagram: @whatshallwedopodFacebook: @whatshallwedopodTwitter: @whatshallwepodEmail: whatshallwedopod@gmail.comWhat Shall We Do About...? is hosted and produced by Sam Robinson, who is on Twitter @samsquareeyes.

David Astle, crossword maker, broadcaster and author of Rewording the Brain, reveals his Desert Island Books in conversation with librarian and host, Natalie Mason.

Rewording my very emotional self on this episode for all my fans in the fight world, and a couple of shout outs. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Happy new year! You’ll meet Fiona McIntosh, author of 'The Pearl Thief' and 'How to Write Your Blockbuster'. Val and Al answer more of your listener questions. Plus, we have 3 copies of ‘Rewording the Brain’ by David Astle to give away.  Read the show notes.  Email Valerie and Allison podcast@writerscentre.com.au. WritersCentre.com.au | AllisonTait.com | ValerieKhoo.com 

Dr. Paul Etchison author of Dental Practice Hero: From Ordinary Practice to Extraordinary Experience and Productive Dentist Academy “Grand Slam” doctor, joins Vicki and Chad today to talk a little bit of everything. With a to do list that never gets down to zero, Dr. Etchison starts the discussion with his “everyday practice”: planning that helps keep him on track and accomplishing everything that needs to happen. In the rest of the episode, Vicki, Chad, and Dr. Etchison cover: The practice of “linking” for case acceptance Creating rapport and conversation with patients based on their interests (a case acceptance game changer) Etchison’s move from clinical C.E. to business centered C.E. to support his practice management The importance of leadership and mentoring of associates Word choice when giving feedback and talking to patients (is it a screw or a man-made titanium root) How Dr. Etchison balances the demands of his work and family life Much more!

In episode six, word nerd and crypto-cruciverbalist David "DA" Astle joins us to discuss our first non-Discworld novel: Dodger! Published in 2012, it's set in Victorian London and is heavily inspired by the work and style of Charles Dickens, and also that of Punch magazine co-founder Henry Mayhew, author of London Labour and the London Poor - both of whom appear as characters! In the first quarter of Queen Victoria's reign, a young woman falls from a carriage during a London storm - followed by two threatening men. Out of a nearby sewer grate springs Dodger, street orphan and accomplished "tosher" (sewer scavenger), who fights them off before Charles Dickens and Henry Mayhew happen by and take the woman to safety. Dickens enlists Dodger's aid in investigating their mysterious charge, who is clearly on the run but refuses to speak of herself or those coming after her. Dodger will need to be sharp as a razor and to have all the luck the Lady of the Sewers can give him in this adventure - but will he be the same Dodger when it's over? In a spot of time travel, we leap forward to one of Pratchett's last books. More serious than many of his other works, though still light in tone and written in a very Dickensian style - including chapters! - Dodger is quite a departure for Pratchett in many ways while still remaining essentially Pratchetty. (Pratchettesque?) What do you think of Dodger? Let us know! Use the hashtag #Pratchat6 on social media to join the conversation. You can find David Astle online at davidastle.com, itself a haven of word puzzles and anagrams, and he's on Twitter as @DontAttempt (a joking translation of his cryptic crossword-maker initials, DA, which some see as proof of difficulty!). His latest work is David Astle's Gargantuan Book of Words, which is available now through publishers Allen & Unwin, but watch out for Rewording the Brain and 101 Weird Words and Three Fakes, appearing in 2018. You can also catch him on the wireless on ABC Melbourne. You can read the full show notes and errata for this episode on our web site. We return to the Discworld for our May 8th episode, though we are going slightly out of order to read Eric, the first illustrated Discworld book! And who better to discuss it than an illustrator? So we'll be joined by Adelaide-based artist and comic book creator, Georgina Chadderton (aka George Rex)! This one is recorded hot on the heels of our April episode, so by the time you read this we may have already asked for your questions, but even if you missed that callout you can still join in on social media with the hashtag #Pratchat7.

For me Alternative Finance is the most exciting sector in Fintech by far in terms of near term impact as competition for the “Old FS” and as choice for both borrowers and lenders. In this episode I am delighted to be joined by Christian Faes CEO of Lendinvest. In the world of Fintech froth that has been 2014 Lendinvest and Christian are the real deal. In this episode we “kick the tyres” of P2P and have an organic conversation exploring some key angles in the sector right now.  There is plenty of “linear” content out there (eg this concise YouTube explaining Lendinvest), and conference panel discussions (eg this LendIt one with Christian on the panel) – and they are all great.  However as usual on the podcast I aim more for the kind of conversation that one might have with the insiders in the bar after the formal conference. This is also a special episode in being rather longer than normal – there is so much to be discussed as the sector is very active right now and the future is busy taking place with lots of seismic shifts happening beneath our feet. We discuss a whole variety of topics as we kick the four tyres around the car – Lendinvest; penetrating the subsector’s opaque/confusing terminology; understanding the risks; and the future of the industry. In editing the podcast (which means I listen to it many times) I progressed my own thoughts on how I see the risk in P2P and how to describe it simply.  So for the avoidance of doubt I put the risk thoughts in a “Postscript” section down below to make it obvious that these are my afterthoughts and language (Christian’s comments are in the podcast).  However I think that the terminology will be helpful in listening to the podcast so it’s not an “unrelated” mini essay Lendinvest In the AltFi awards Lendinvest was ranked as the best UK fintech-real estate platform (which has done over £166m of deals to date). Recently I heard a leading Fintech analyst describe them as the best dark horse bet for London’s first major fintech IPO. They have grown organically from being a “non-digital” real estate lending business to the world’s largest real estate platform. And all of this without raising any VC money. Since 2008 they have returned (in one incarnation or another – more on that in the show) over 6% to investors via secured short-term bridging loans (1mt-1yr) with LTV’s (loan-to-value ratios) of around 60% and no capital losses. More recently they have added a 1-3yr buy-to-let mortgage product. Lendinvest also have a (relatively?) unique twist to their business model in that their (financially separate) fund management company Montello pre-funds/underwrites the deals they list on their platform.  In other words they put their money where their mouth is – if no investor buys that asset Lendinvest’s sister company is left holding it “themselves”. For the borrower this means there is no uncertainty as to whether a loan will be funded (whereas on a typical platform they have to wait to see if it gets funded). For the lender its a whole extra dimension of confidence above and beyond “we rate this X” – rather it’s “our sister company has already bought this asset – that’s how much confidence we have in it”. A recent bank line application led to the bank’s Head of Credit saying that Lendinvest’s credit quality procedures (that the bank audited) were better than the bank’s Towards the end Christian explains more about, not just Lendinvest’s history, but also their direction going forwards – in particular their investment in tech to improve deal origination, credit and the time it takes to offer a buy-to-let mortgage (currently around two weeks, hoping to move it to a matter of days (which is of course tremendous compared to the banks processing time)) Opaque Terminology Shakespeare may have been right about the fragrance of roses for more abstract matters naming is everything – the words we use condition our thinking – a point marketers spend years studying in degree courses. If I said to you “do you want to lend money to dozens of folks you have never met so they can splash out on a new car, have a fancy wedding, get a house extension etc, and you will have no security?”, you might think one thing. If I said to you “do you want a team, who are incredibly motivated to make a success out of your investment, and who have got a brilliant credit track record over a decade, including one of the worst recessions ever, to invest your money in consumer finance and get you a return ten times what you get from a bank?”, you might think another. So words are important. What else do we speak and write with? In LFP010 “The 3,000 feet overview of Alternative Finance”, Rupert Taylor mentioned how he dislikes jargon which serves only to (1) form a barrier between insiders and outsiders and (2) a block to understanding. He also mentioned that there is no commonly agreed definitions in the sector (I am sure I saw the FSA include P2P within crowdfunding recently (?!)). Language also (3) leads to groupthink (which is a factor in many FS risk disasters in the past decades/centuries). Peer-to-peer is originally a tech phrase which describe a de-centralised network (in contrast with client-server architecture all “peers” are both “clients” and “servers”). Napster was really peer-to-peer in this sense. If you look up “P2P” on Wikipedia right now it doesn’t have any reference to Alternative Finance! [Note to P2PFA edit that wiki page?! :-)] As if to make matters worse, following on from using phrases like peer-to-peer, the sector is now taking up the (very tech, very VC) term of “marketplace lending”.  This is in large part a “valuation play” – “marketplaces” are more highly rated and there are billion dollar IPOs coming in the US .. so the #OldFS hype machine is busy. Now once again I don’t feel that this is a widely comprehensible term, nor do I feel it’s accurate – eBay is a marketplace – which to me means that plenty of folks can come and sell their stuff and plenty of folks can come and buy.  We discuss this term – Christian is a fan and I am not.  You can form your own opinion Another term we don’t discuss (but it came to me many times when I was when editing the audio) is “exchange” [and coincidentally today I heard Ron Suber President of Prosper describe themselves as “an online exchange for consumer credit” which I thought clear, simple and with the right implications (after all compare and contrast two exchanges – the London Stock Exchange and AIM – it’s clear which is a more reliable market)]. Most importantly I don’t think any single term can cover the disparate models in P2P right now (see below in the Risk comments).  For investors my advice is both to dig below any label and not to read too much into any label. “Alternative Finance/Online-lending&borrowing” is something that (a) never existed before (hence no vocabulary to fit it) and (b) is evolving over time (hence a label that worked last year might not next). THE FUTURE – Where the P2P Industry is Heading The US model is much more institutional and “marketplacey” – hedge funds for example being well able to make their own credit decisions (assuming they can “see through” to the asset).  The UK has to date been much more of a “savings substitute” design (lower yielding, minimal losses on the top platforms). In the US the market has been heavily regulated (enabling a few platforms to grow very large and their owners very wealthy (sound familiar?)). Lending Club alone is forecast to do perhaps $10bn of business next year – more than the entire UK P2P industry put together. In the UK regulation has been light touch, it’s easy to enter (maybe even “from your bedroom”). Both the government and the London Mayor’s office have been a major part of the 2014 promotion/hype – talking of vocab … take your pick – of Fintech as a whole.  The government has been a heavy supporter not just in terms of considering including P2P assets as viable ISA investments but also in terms of investing tax payers money in deals via some platforms. In the UK there are a lot of players ~150 in the P2P Finance Association – even Christian who is full-time in this sector and attends many conferences doesn’t know many of them. A “Goldilocks” growth curve is very important – not too hot, not too cold. P2P is still a tiny portion of the market (eg the UK mortgage market is £1.6trn) and therefore unlikely to be constrained in terms of quality asset acquisition in the near term. So “external” constraints aren’t that significant right now. However internal constraints are always significant – Fintech is not Tech – you are dealing with people’s money.  There will be a spectrum across P2P of how automated the process can be  – more automatable in consumer-P2P due to big data? less in real estate as one needs “boots on the ground” eg re valuation.  Where there is manual intervention – especially around credit (far more common in the UK than in the US) – you can’t “just add another server” – “adding another person” takes longer to do well. To wrap up the show Christian outlines the rosy scenario, the downside scenario and his central scenario – you’ll have to listen to find out the details but his conclusion is “there is a rough ride ahead but the long-term viability of the concept is very real”. Everyone has an important job in deciding how the market evolves. Platforms; regulators/industry associations; the government and last but not least the investors – caveat emptor – plenty of real opportunities out there for great risk;returns – but be wise! Personal Afterthoughts – Rewording the P2P Risk Debate These comments are all my own – even if all being inspired by listening to our conversation.  Whilst we touch on a number of these topics in the episode these are my afterthoughts. The industry is very focused (correctly) on credit analysis. However personally – as an outsider (mind you if I am an outsider I wonder what the average member of the public is) – I feel it is less easy to ascertain all the risks the investor takes. In a sense this is a question of evolution. Historically the main platforms have done an excellent job of risk management – I don’t wish to question that for one minute. However going forward – especially given the possible ISA flood – can we be certain that all platforms will do as good a job?  My view of FS as a whole is that on the one hand much of #OldFS needs to wake up to an epochal shift.  On the other much/most/all of #NewFS needs to get ever more professional/solid/reliable over time. What happens, post ISA-flood when a hundred or more platforms are listed on a consumer “price comparison website”?  Hard to see how one avoids a whole tsunami of unsophisticated investors being attracted to the biggest headline rates rather than assessing quality. On a price comparison site one could see headline rates and volumes perhaps. But what about the platform risk/quality?  Clearly not all platforms are as strong/good/reliable – you name it – as each other. How would one even assess a simple red/amber/green measure? In LFP006 I discussed this problem over the lack of quality assessment on price comparison sites in the insurance marketplace. Price comparisons websites are just that – they compare the prices of your insurance. They do not compare the quality of the insurance (you only find that out when you claim). That the public is rate-driven we know – witness in 2008 how many people had money with Landsbanki in the UK (as it had had the “best” rates in the market). Few folks are able to assess the risk of banks or platforms.  Even banking analysts don’t have a great record of predicting demises .. just to name a few – Barings, Bankers Trust, Lehmans, Landsbanki were all (as far as I recall) unheralded by the analysts. RISK I/II – Asset Risk (Principal) vs Platform Risk (Agent) What the use of the term P2P is trying to convey is that the investor ends up with a direct exposure to the underlying loans. I get that.  However there are less obscurantist ways of doing that Arguably the “peer-to-peer” phrase itself distracts one from the central role of the platform. To me this is the most important point – vocabulary apart – AltFinance-borrowing&lending is absolutely not “disintermediated”.  The role of the platform as an intermediary/agent is absolutely central, absolutely vital. As Christian says all of the (sensible?) platforms have segregated client bank accounts (and one assumes a settlement mechanism re investing in the loans which means you are not on risk to the platform (not discussed)).  So you shouldn’t have a direct cash-asset risk on the platform. However even though you end up with a principal exposure to the specific loan-asset(s) you also have an agency exposure to the platform. What do I mean by agency exposure? Well let’s assume you have a holiday home abroad which you rarely visit. The general solution is to have some agent looking after it for you. And if they do that well your asset remains in good shape.  However if the agent goes bust or disappears your asset is more exposed to deterioration as any problems that arise aren’t  addressed immediately etc. This agency role is far more vital than say an estate agent – when you buy a house you see it, you decide if you want to buy it and you get an independent survey, valuation etc – so you have little exposure to an estate agent as such (and none post-purchase). All (?) platforms accept their agency responsibilities – and will live or die by their ability to – source quality deals, filter out fraud, service payments flows, chase late payments, work out defaults etc etc etc. Owning assets (secured (0.00001% of 1 Park Lane or unsecured loans (£70 to Mr Bloggs1-100)) is one thing if you have a platform there fulfilling all the agency responsibilities. Even if technically your asset exposure doesn’t change if a platform disappears your asset servicing (“agency”) exposure certainly does. It would become a huuuuuge hassle to start collecting yourself on all those loans etc – in fact in the general case it would be inconceivable (and by definition you couldn’t do it as well as the platform, especially as, in most cases, you would become just one of many many tiny creditors). If we fast forward many years to the first platform to fail, in practice the “book”/”portfolio” would have to be transferred (/sold) to another platform to fulfill the agency duties. Maybe this agency risk is obvious to some of you (it wasn’t to me despite watching a whole host of conference videos!).  However as Christian points out whilst the industry (of course) loves volume figures and does publish loss rates, all too often it doesn’t publish and measures of platform profitability or other measures of financial viability/longevity.  So how can you assess this agency risk? This is clearly key.  Especially now loan terms are increasing (out to 5yrs) I, having worn a number of FS Risk hats, certainly would not invest any money of that term without assessing my agency risk exposure over that time horizon to the platform. And don’t forget these platforms are not covered by the Bank Deposit protection scheme, nor do they have an industry guarantee scheme (unlike eg travel agents and ABTA/ATOL). If you are an investor who is considering investing in all 100++ P2Ps but first you want to select which ones to rule in and rule out, it is essential to measure this “agency risk”. Firstly what is the chance of the platform running into financial problems? I absolutely don’t know myself – but generalising from Fintech as a whole – most Fintech startups are not going to survive. Secondly what is their equivalent of “banks living wills”? That is, in the worst case of the platform falling over, do they have a new agent lined up?  I believe in Lendinvest’s case Montello Capital (a related but separate company with experience of loan servicing/agency duties) would step in as the fallback/”safety net” agent. Based on a quick straw poll of P2P websites I just checked “not everyone” (being polite) has such arrangements.  Some P2Ps merely have vague comments saying the servicing fee should be enough for you to pay for someone else to service your assets. I am not making these points merely to be critical or to throw rocks at other people’s greenhouses. Rather I am: (a) trying to help lenders understand the risks they are taking and flag up due-diligence issues to consider; and (b) trying to help the evolution of Fintech as a whole, but in this case P2P by flagging up my perception of how to make them even more solid and robust than they are right now. RISK II/II – P2P Two Main Subtypes – YOU select your asset(s) or THEY select your assets Revisiting the vocabulary point – no single term right now meaningfully covers all of Fintech hence the subsectors. Nor does any term now cover all the “P2P” subsector. There are many models within P2P.  If we ignore the “shades of grey” and simplify into a black and white schematic we could say that “P2P” (the debt subsector of AltFinance) has bifurcated into two main subgroups. Both approaches are perfectly valid – however they are sufficiently different to explain the fact that no single term fits both. One type of “P2P” is the P2P/You-Select subtype (eg Lendinvest).  They are (somewhat) like a marketplace – or perhaps more like a shop that sources all the things it sells. The platform’s main role re principal risk is, like a stock exchange perhaps, to be a quality control on the individual assets “sold in the shop”. The other main subtype one might call P2P/They-Select. They are (somewhat) like a fund (albeit neither structured nor regulated as such).  In this case your agency exposure is much greater as they are making your principal investment decisions for you. One key difference with a fund is that in some cases there is no transparency – ie you may legally own a bunch of loans (or rather parts-thereof) but you have no knowledge of them, and no auditing that you would get if you invested in a fund. There are further bells and whistles in that some “P2P-They-Select”s may run provision funds, take out insurance, run “rolling 1mt investments”, have “rate promises”. There is a further agency wrinkle that touches on principal (which we don’t go into) around liquidity – how easy is it on various platforms to get your cash back before the term of the asset?  The agency role there gets very close to your principal risk bone if you need to rely on the agent to (effectively) re-sell your asset.  One for another day – and I have written faaaaar too much lol – am sure next to none of you made it this far – but wearing my old bloodhound hat I would want to sniff some of those quite hard to ensure that principal risk on any given platform hasn’t slipped back in. Did anyone read all of this? Say hi if you did